View original document

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

APRIL 1939

SURVEY
OF

CURRENT

SINESS

UNITED STATES
DEPARTMENT OF COMMERCE
BUREAU OF FOREIGN AND DOMESTIC COMMERCE




WASHINGTON
VOLUME

IS

NUMBER 4




Professional Incomes
• The estimates of income in the professional
fields, as part of the Department's study of the
National Income, require the collection of original basic data by the Bureau of Foreign and
Domestic Commerce. The returns received in
the questionnaire surveys conducted for this
purpose yield interesting data with regard to
incomes of the various professions.
• Summary findings based on questionnaire
returns received by the Department of Commerce from almost 8,000 dentists and 1,500
osteopathic physicians are presented in the
article on page 7. The movements of average
incomes in these professions are traced from
1929 through 1937, and data are also presented
with regard to the shifts in the distribution of
income. Size of income is related to type of
practice, location, age, and years of practice.
• Detailed statistics, together with an analysis
of the data, are given in the article.

Number 4

Volume 19
UNITED STATES DEPARTMENT OF COMMERCE
HARRY L. HOPKINS, Secretary

BUREAU OF FOREIGN AND DOMESTIC COMMERCE
N. H. ENGLE, Acting

Director

SURVEY OF
CURRENT BUSINESS
APRIL 1939
A publication of the

DIVISION OF BUSINESS REVIEW
M. JOSEPH MEEHAN, Chief

TABLE OF CONTENTS
Business situation summarized
Incomes of dentists and osteopathic physicians

Page
3
7

CHARTS
Figure 1.—Monthly business indicators, 1929-39
2
Figure 2.—Volume of manufacturing production and imports of crude
materials, 1929-39
3
Figure 3.—Selected indicators of changes in industrial activity
4
Figure 4.—Commercial insolvencies, 1929-39
5
Figure 5.—Cumulative percentage distribution of dentists according
to total net income by years
8
Figure 6.-—Cumulative percentage distribution of dentists according to
total net income by type of practice, 1937
8
Figure 7.—Cumulative percentage distribution of dentists according to
total net income by type of income recipient, 1937
9
Figure 8.—Average income of dentists by years of practice, 1937
9
Figure 9.—Cumulative percentage distribution of osteopathic physicians according to total net income by years
11
Figure 10.—Cumulative percentage distribution of osteopathic physicians according to total net income by type of practice, 1937
12

CHARTS—Continued

_
Page
Figure 11.—Cumulative percentage distribution of osteopathic physicians according to total net income by type of income recipient,
1937
12
STATISTICAL DATA
New or revised series:
Table 19. Exports by grand divisions and countries, economic
classes, and commodities, revised statistics for 1937.. 14
Table 20. Imports by grand divisions and countries, economic
classes, and commodities, revised statistics for 1937.. 15
Table 21. Federal debt, interest and non-interest bearing debt
1916-39, and special issues to government agencies and
trust funds 1925-39
16
Table 22. Federal expenditures including recovery and relief,
1931-38
17
Table 23. Federal receipts, total, 1931-38
17
Table 24. Stock price indexes, companies producing capital goods
and consumers goods, 1926-38
18
Table 25. Corporation profits, 1932-38
18
Monthly business statistics
19
General index
Inside back cover

Subscription price of the monthly and weekly issues of the SURVEY OF CURRENT BUSINESS is #2 a year. Single-copy price: Monthly, 15 cents; weekly, 5 cents.
Foreign subscriptions, 33.50 Price of the 1938 Supplement is 40 cents. Make remittances only to
Superintendent of Documents, Washington, D. C.
136180-39
1
1




SURVEY OF CURRENT BUSINESS

April 1939

Monthly Business Indicators, 1929-39
INDUSTRIAL PRODUCTION
140

INCOME PAYMENTS AND CASH FARM INCOME

vo LUME (1923- 25=100)

120

MONTHLY INCOME PAYMENTS ( 1 9 2 9 - 1 0 0 )
CASH FARM INCOME ( 1 9 2 4 M 9 2 9 - 1 0 0 )

130

110

120

110
\

100
\

90

V

80
70

A\

j

/

l\

100
•MONTHLY

V

/A/COME

PAYMENTS

90
80

/
/

70
60

V

50
'CASH INCOME FROM FARM
MARKETINGS
^EXCLUSIVE OF RENTAL & BENEFIT PAYMENTS)

40

V

f
1929

1930

1931

1932

1933

1934

1935

1936

1937

1938

1959

1929

1930

1931

1932

CONSTRUCTION CONTRACTS AWARDED**
140

1933

1934

1935

1936

1937

1938

1939

FOREIGN TRADE *

VALUE (1923-25=100)

140

VALUE (1923-2J>=ioo)

120

120

y-EX

100
80

X

\

60

°ORTS, 1NCLULING R EEXPOE TS
100

rh

Gt:NERAL IMPOf

80

^

60
A

40

40

Vr

20

20

0
1929

1930

1931

1932

1933

1934

1935

1936

1937

1938

1939

1929

FACTORY EMPLOYMENT AND PAYROLLS
140
120

80

[I

1933

1934

1935

\

/"V

1937

1938 1939

1

110

j

100

sV "^

90

1

i

V J"

20

1936

LIVING

^FACTORY PAYROLLS
(UNADJUSTED)

40

1932

WHOLESALE PRICES AND COST OF LIVING

i

^k. FACTORY EMPLOYMlzNT-^
iSsJ
(ADJUSTED)

60

1931

(1923-25=100)

(1923-25* 100 )

100

1930

80

.A

~\

70
WHOLESALE P

60
50

1

0
1929

1930

1931

1932

1933

1934

1935

RETAIL SALES
175

1936

1937

1938

1939

1929

1930

1931

1932

1933

1934

1935

1936

1937

1938

1939

STOCK PRICES

#•

350

AUTOMOBILE SALES (l929~31»100)
DEPARTMENT STORE SALES (1923-25=100)

150

300

125

250

100

200

75

150

50

100

25

50

NEW PASSENGER AUTOMOBILE SALES

0
1929




1930

1931

1932

1933

1934

1935

1936

1937

1938

1939

1929

* A D J U S T E D FOR S E A S O N A L VARIATION

Figure 1.

•

1930

1931

1932

1933

1934

1935

1936

THREE-MONTH MOVING AVERAGE

1937

1938

1939

SUEVEY OF CURKENT BUSINESS

April 1939

Business Situation Summarized
activity during March showed little variBUSINESS
ation from the February level. The general situation was characterized by minor fluctuations on the
plateau reached following the upswing during the latter
half of 1938. Seasonally corrected indicators of industrial activity have moved lower during the first quarter, reflecting in the main an absence of the seasonal
rise for which allowance is made at this period. National
income payments have also declined slightly on a seasonally corrected basis. During March, seasonal gains occurred in some of the manufacturing industries, in retail
trade, and in construction operations. The figures for
private residential construction contracts awarded indicate a relatively favorable trend in this area; the volume
of contracts for public projects has receded further from
the temporarily high rate attained at the end of last
year. Contracts placed to date, however, will afford
a strong impetus to the building industry in the second
quarter.
With the midmonth crisis in Europe, stock prices
turned downward and by the end of March the "averages" had dropped to a 1939 low. Commodity prices
held steady throughout the month, with purchasing
generally on a cautious basis. New orders show improvement over the figures of a year ago in line with the
larger volume of consumption. Programs of private
capital expansion have not been initiated on a large
scale, though there have been evidences of increased
outlays in some areas. New capital raised through the
flotations of new issues has remained small, and there
has been no material expansion in commercial loans.

In February, the independent stores reporting to the
Department showed a 3-percent gain over February a
year ago.
Wholesale trade, according to sample reports from
more than 3,000 concerns, was up 4 percent in dollar
volume from February 1938. This was approximately
the same margin of gain from last year as that recorded
in January. Changes from a year ago for individual
lines varied widely, with the largest relative increases
reported for chemicals, electrical goods, industrial
supplies, and jewelry and optical goods.
Monthly Income Payments.

The general stability of business activity and prices
in recent months has been mirrored in the relatively
even movement of income payments. Income payments for February were 2 percent larger than last
year in dollar volume, In terms of purchasing power,
this increase was relatively larger since the cost of
living is lower today than a year ago.
19 23-25=100
150
\

K

125

'' \ ^

V\
100

1 PORTS OFCRO0£
MATERIALS-^

t

\ A

"
•

\




/

75

V

Consumer Purchasing Steady.

Retail trade in March expanded in the usual seasonal
move and sales were substantially higher than a year
ago. The volume of general merchandise sales, that is,
dollar sales adjusted for price changes, has been as
high recently as in the early part of 1937. Sales of
automobiles and like products, which require a large
initial outlay and/or the assumption of an installment
contract, are still below the level reached at that time,
though showing a marked advance as compared with
the early months of last year.
Deliveries of new passenger cars in February were
almost 40 percent higher than in 1938 and early reports
for March indicate a larger margin of gain. Department store sales in the 4 weeks ended March 25 were
4 percent higher than a year earlier as compared
with a 2 percent reduction in February. However,
the earlier Easter season this year is a factor in the
year-to-year advance. Sales of general merchandise
in small towns and rural areas have made a better
comparative showing than department store trade.

.

r'

iX

V

MANUFACTUR ING
-PRODUCT! 01" •

50
0

f , •,
1929

1930

1931

1932

1933

1934

1935

1936

1937

1938

- - .1

1939 1
D D. 9991

Figure 2.—Indexes of the Volume of Manufacturing Production and of the
Quantity of Crude Materials Imported, by Quarters, 1929-39 (Production,
Board of Governors of the Federal Reserve System; Imports, Bureau of
Foreign and Domestic Commerce).
NOTE.—The import index is based on general imports through 1933 and imports
for consumption thereafter; first quarter of 1939 is partly estimated. The indexes
are not adjusted for seasonal variations.

Cash farm income in February receded on a seasonally adjusted basis reflecting in part the heavy movement of 1938 crops into loan stocks during previous
months. The placing of large quantities of staple
commodities under Government loan during the fourth
quarter of 1938 has reduced the supplies which normally
would have been sold this year. The Department of
Agriculture states that it is probable that income from
marketings will not decline more than seasonally
during March and April.
Payments for work relief and unemployment compensation benefits have remained relatively high in

SURVEY OF CURRENT BUSINESS

RELATIVES, JAN.fr FEB. 1929 =100

I 50

125

I••=1937

M
-

I

50

1
W/.

25
0

•1

Wy

L
1

PREPARED
ROOFING
SHIPMENTS
r^

^\

^ \

^• i i

I—1

i / ^

W/
W/,

1 50
125

_

100

-

75

-

50

-

25
0

EXPLOSIVES
SHIPMENTS

150

75
50

• •

i—»

25

••

my.

0

1
I

i—|

•

ft? 1

•1 •1
W/,

FOUNDRY
STEEL
PIG IRON
EQUIPMENT
INGOT
PRODUCTION
ORDERS
PRODUCTION

1
1
•^

• 1

MACHINE
TOOL
ORDERS

1
1
•^

-

125

-

100

-

75
50

—

-

25
0

LEAD
ZINC
PRODUCTION PRODUCTION

150
-

10 0

mm

75

H

1

W/.

Wy
CIGARETTES*

15 0
12 5

1

75
50

W
iKTAX-PA/D

W/.

ELECTRIC
/ ; A C A | IMC
UM^ULI iMt
POWER
DQnni
iPTinKi
rnUl/UU 1 IVJIN PRODUCTION

•1

100

1

1
1 11 11
I
M |

50

0

PAINT+
SALES+

1

-

I 00 -

25

M

1 1
P
1
1
1 1

CEMENT
LUMBER
PLATE GLASS
PRODUCTION PRODUCTION PRODUCTION

25
0

CZZH939

i—

75

15 0
1 25

ESN S38

SILK
COTTON
WOOL
HOSIERY
BOOT&SHOE
RUBBER
CONSUMPTION DELIVERIES CONSUMPTION S H I P M E N T S PRODUCTION CONSUMPTION
—

10 0

1 50
125

April 1939

IW/
WITHDRAWALS

I
IWy

WA

Imy

-

125

-

100

-

75

-

50

-

25
0

AUTOBITUMINOUS ANTHRACITE
COAL
COAL
MOBILE
PRODUCTION PRODUCTION P R O D U C T I O N

•

1
1
mZ

I

w
Wy

% MAN UFA CTU&ERS' SALES

1
1
W/.

-

150
125

-

100

-

75
50

-

25
0

AD 9990

Figure 3.—Selected Indicators of Changes in Industrial Activity, January and February Totals Compared with January and February 1929.



NOTE.—February 1939 estimated for some items.

April 1939

SURVEY OF CURRENT BUSINESS

recent months. The volume of nonagricultural employment was little changed from mid-January to
mid-February. The February total was only slightly
larger than a year ago, but those at work received larger
incomes. Compensation of employees this year was
almost 5 percent higher than in February 1938.
Industrial Operations Little Changed.

Seasonal improvement was evident in a number of
manufacturing industries during March, and preliminary data indicate that the seasonally adjusted
volume of production was but little changed from that
in February. The Federal Reserve adjusted index of industrial production for February was 98 (1923-25—100)
as compared with 101 in January and 104 for December.
Automobile assemblies were stepped up in March to
meet the seasonal expansion in sales, though the
advance was less than usual. Automobile dealers
have been supplied with large stocks of new passenger
cars; during January and February there was an
apparent increase of some 140,000 units in field stocks.
Consequently, assemblies are expected to be held to
close alinement with sales. In the steel industry, the
production of ingots averaged about 56 percent of
capacity as compared with 54 percent in February;
this gain was below seasonal expectations. There
was apparently little change in steel purchasing during
the month. Other industrial data for March do not
indicate marked changes from February though
operations in a number of lines experienced a seasonal
acceleration.
While the expansion in manufacturing production has
not been carried forward into the early months of 1939,
aggregate manufacturing output during the first quarter
of this year was the largest for this period of any year
since 1930—except 1937. Compared with the first
quarter of 1938 the volume of manufacturing production
increased nearly one-third, though remaining about
one-sixth smaller than in the first quarter of 1937 when
output was close to the 1929 level. Production of
durable goods was much larger than in 1938, though onefourth less than in the comparable period of 1937; the
aggregate was one-third lower than in 1929. Output
of nondurable goods so far this year has averaged only
7 percent less than in the early months of 1937 and 1929.
Indications of the comparative rate of operations in a
number of the major manufacturing industries may be
observed in Figure 3. In this chart, data for the initial
2 months of 1937, 1938, and 1939, have been expressed
as a percentage of the totals for January and February
1929. It will be observed that activity in several of the
nondurable goods industries was higher than in 1929.
Factory consumption of rubber and wool, hosiery shipments, and the production of boots and shoes, gasoline,
and cigarettes were all at a higher rate in January and
February of this year than in 1929. In the industries
whose operations are closely related to the volume of
construction, the 1929 level of activity in general was



not attained in 1937 and, moreover, the rate of operations this year has not come up to the 1937 level. In
other heavy industries the rate of operations this year
also has been lower than in 1937. Automobile production for the 2 months was within 14 percent of the output in 1937—this comparison, however, does not give
a picture of the relative position because labor disputes
reduced the output in the earlier period below what it
would otherwise have been.
Foreign Trade Movements.

The larger volume of manufacturing production in
recent months has increased domestic requirements for
crude materials produced abroad. Figure 2 reveals the
correspondence between changes in manufacturing
production and the importation of crude materials.
The quarterly data plotted on this chart (with the first
quarter of 1939 partly estimated) show a substantial rise
ANNUAL RATE OF FAILURES,

PER 10,000 ENTERPRISES

1 75

V

i o e

/I

{-Seel Vote
1
\

1

y

1 ftrt

\

\

75

, A

?!

\
\

50

25

0

U929 1930

1931

1932 1933 1934 1935 1936 193711938 I939J
c•O

9993

Figure 4.—Commercial Insolvencies, 1929-39 (Dun and Bradstreet, Inc.).
NOTE—The insolvency index is the ratio of actual failures to firms in business
expressed as an annual rate for each 10,000 commercial enterprises. The index is
adjusted for the number of working days in the month and for seasonal variations.
Beginning with January 1933 the data are not strictly comparable with the earlier
figures owing to the exclusion of real estate and insurance brokers, holding and finance
companies, shipping agents, tourist companies, transportation terminals, amusement places, from the failure record. The 1933 annual average on the old basis is
102.6 and on the new basis is 100.3.

in imports of crude materials since the second quarter
of 1938. For the past 6 months the quantity of crude
materials imported has averaged about one-fourth more
than in the second quarter of 1938 though remaining
one-third smaller than in the first half of 1937.
The rise in imports of crude materials has been a
major factor in the increase in import trade since the
second quarter of 1938, although imports of finished
manufactured goods have also tended upward in response to the betterment in domestic purchasing power.
After having moved upward at a fairly steady rate since
last summer to reach a figure, in January, 4 percent above
the total in the corresponding month of 1938, total
imports of merchandise decreased during February.
Compared wath February 1938, imports were 3 percent
lower in value.

6

SURVEY OF CURRENT BUSINESS

Export trade in February was marked by a change
that differed from the general downward movement of
recent months. The value of exports increased contraseasonally from January, though the total was 17 percent less than in February of last year. Exports
exceeded merchandise imports by 61 million dollars in
February, as compared with 35 million dollars in January and the abnormally large monthly average of around
100 million dollars in the early months of last year.
The advance in export trade as compared with January
resulted mainly from heavier shipments of automobiles,
aircraft, metal-working machinery, and unmanufactured tobacco.
Security Price Movements Irregular.

The dismemberment of Czechoslovakia in the third
week of March was accompanied by declining quotations on domestic and foreign security markets, by a
heavy movement of capital from Europe, and by
unsettled foreign exchanges. The disappearance of the
Czechoslovakian State resulted in a precipitous drop
in quotations of its external bonds. Dollar bonds of
other central and north European countries also experienced sizable price declines. On the London market,
prices of industrial shares declined after the first week
of March, and most of the substantial rise in the preceding 5 weeks was canceled.
Foreign funds flowed to New York at an accelerated
rate. Despite the tension abroad and the flight of
funds from Europe, spot quotations for the leading

April 1939

European currencies in New York were held within
relatively narrow limits, but the pressuie on forward
rates resulted in widening discounts in terms of the
dollar. In the fourth week of March the monetary
gold stock of the United States moved above 15 billion
dollars.
On the New York market, securities of domestic corporations recorded sharp price declines after midMarch and the sizable gains of the 3 preceding weeks
were erased. The Dow-Jones' average of industrial
shares fell from 151 on March 14 to 141 a week later,
and by the end of the month was down to 132.
Improvement in general business conditions over the
past 9 months, with the concomitant improvement in
collections and general financial conditions, finds reflection in the decline in the number of business failure?
The trend of failures, according to the seasonally corrected data charted in Figure 4, has turned downward
in recent months reversing the tendency in evidence
after the third quarter of 1937. So far this year,
the number of commercial failures as reported by Dun
& Bradstreet, Inc., has been about 10 percent smaller
than in the first quarter of last year. Failures were,
however, much more numerous than in the early
months of 1937. The index of commercial failures
reveals the general tendency of this curve to move
inversely with the curve of general business, but also
that the 1937-38 rise was a comparatively minor movement when compared with the situation following tho
1929 collapse.

MONTHLY BUSINESS INDEXES
Monthly income
payments

Factory employment
and
pay rolls

Cash farm
income 2

Industrial
production,
adjusted 1

Freight-car Retail sales, Foreign
trade,
loadings,
value, advalue,
adjusted 1
justed i
adjusted ]

Total payments

I!
5?

Year and m o n t h
C-3

It

it
Monthly average
1929 = 100
1929: February
1933: February
1934: February
1935: February
1936: February
1937: February
1938:
January
February
March
April
May
June
July
August
September
October
November
December
1939:
January
February




8
Monthly av- Monthly average 1923erage 192425 = 100
29 = 100
105.0 110.8
85.5 101.0
41.4
65.0
30. 5
37.0
62.9
83.9
54.0
45.5
90.0
72.6
47.5
56. 5
92.8
76. 6 53.0
63. 0
99.7
106.0
59.5
70.5

79. 2

98.2
56.9
65.5
69. 6
75.9
86.4

97.7
55.7
66.3
69.8
77.4
87.2

83.7
76.0
81.4
81.6
76.7
82.3
81.0
76.1
83.5
86.3
80.9
90.9

83.5
82.6
82.7
81.4
80.4
80.7
80.7
81. 5
82 0
82.3
83.5
84.4

82.4
81.4
81.0
80.1
79.5
79.4
79.8
81.4
82.5
83.1
84.5
86.2

90.0
88.9
87.4
85.4
83.7
82.4
82.9
84.9
86.9
87.5
90.0
91.6

75.0
76.9
77.1
74.6
72.9
70.8
70.6
76.9
81.0
83.8
84. 1
86.6

71.5
54.0
60.5
58. 0
60.5
61.0
72.0
72.5
85. 0
91.5
78.0
72.5

69. 5
62. 5
67.0
70.5
67. 5
72.0
82.5
72.0
72.5
67.5
69.5
68.0

84.1
77.7

84.2
83.9

85.5
85.0

91.7
91.3

83.2
85.3

68.5
51.0

67. 5
60.0

93. 3
53. 8
62. 8
06. 2

H

© es

3 8

i Adjusted for seasonal variations.

192931 = 100

Monthly average 1923-25 = 100
118
63
81
90
94
116

118
61
80
88
92
116

119
80
92
97
111
116

109
52
65
66
71
82

104
66
67
65
62
68

110
62
73
77
83
95

136. 5
33.0
54. 5
86.5
89.5
139. 5

80

108
103
103
101
91
92
93
95
97
99
102
109

65
62
60
57
58
58
61
62
64
68
69
69

61
62
61
60
60
59
60
60
61
62
61
61

90

104

76
75
75
73
73
74
82
87
89
95
103
104

88
86
83
78
82
83
83
86
84
89
89

65.0
74.0
61.0
60.0
57.0
50.5
56.5
54.5
60.0
85.0
100.0
92.5

101
98

100
97

110
109

69
67

62
62

88
87

91.0
98.5

79
79
77
76

77
83
88
91
96
103

* From farm marketings.

Monthly
Monthly average
average
1923-25 = 100
1926 = 100
95.4
I2S
116
118 124. 1
29
19
52.7
26
59.8
47
44
59.7
42
73.6
66.5
47
79.5
48
28
79.9
53
80. 6
52
60
89.4
86.3
67
62
87
75
76

72
76
72
69
68
66
62
60
58

52
51
48
46
45

47
47
53
55
54
55

67

54

55
63

55
49

52
51
46
52
51
54
59
66
78
82
96
96

89.3
74.2
88.1
84.1
81.2
87.0
84.5
81.2
83.3
91.7
86.1
106.7

80.9
79.8
79.7
78.7
78.1
78.3
78.8
78.1
78.3
77.6
77.5
77.0

86

90.3

76.9

76

76.6

76.9

SURVEY OF CURRENT BUSINESS

April 1939

Incomes of Dentists and Osteopathic
Physicians
By HERMAN LASKEN, National Income Section, Division of Economic Research

T

HIS article presents in summary form the results
of a Nation-wide survey * of the incomes of practicing dentists and osteopathic physicians conducted
by the National Income Section of the Bureau of
Foreign and Domestic Commerce with the cooperation
of the American Dental Association and the American
Osteopathic Association and the assistance of the Works
Progress Administration. The complete survey will
contain additional data, including comparisons of
average income by type of income, type of practice,
and education. Cross-tabulations of income by years
and employment and pay of professional and nonprofessional employees of independent practitioners will
also be presented.

1
Questionnaires were addressed to 71,692 dentists, of whom 43,711 were members
of the American Dental Association. The addresses of dentists who were not members of the association were obtained from sources approved by the American Dental
Association. Usable returns were received from 6,163 members of the association
and 1,800 nonmembers.
Questionnaires were addressed to 9,143 osteopathic physicians, of whom 5,205 were
members of the American Osteopathic Association. The entire mailing list was
provided by the association. Usable returns were received from 1,072 members of
the association and 400 nonmembers.
The various measures presented in this article have been weighted to take account
of the different proportions of returns from members and nonmembers of the associations. However, the figures presented in the tables as the "number in sample"
for the various categories are simply the aggregate number of returns received from
both members and nonmembers of the associations. The methods used in making
the combinations of returns from association members and nonmembers will be
presented in a more detailed report to be published in the near future.

The income data presented refer exclusively to income from professional services, including income from
independent practice and from salaried employment in
professional work, and excluding earnings from other
sources, as well as dividends, interest, and other property income. Except where otherwise indicated, the
term "income" refers to net income from professional
services only.
Incomes of Dentists

The average net income from professional services,
including professional salaries, of practicing dentists in
the United States in 1937 was $2,914. This compares
with averages of $4,273 in 1929 and $2,251 in 1933.
The corresponding medians, representing the income
levels above and below which an equal number of cases
occur, are shown in table 1 to be $2,485 in 1937, $3,676
in 1929, and $1,880 in 1933.
The extent of variation among incomes of different
members of the profession, as well as differences in the
distributions themselves from year to year, are shown
in table 1 and figure 5. The differences between the
averages and the corresponding medians reflect the existence of a number of high incomes. These high incomes have a marked effect on the averages, but have
little effect on the medians, so that an excess of the

Table 1.—Cumulative Percentage Distribution of Dentists According to Total Net Income from Professional Services
By years
1929

Percentage of total reporting net income of
less than:
$0

1933

1935

By type of income recipient, 1937

By type of practice, 1937

Item
1930

1937

General

Partly
specialized

Wholly
specialized

Nonsalaried

Part
salaried

100 percent
salaried

0.4

1.6

1.3

1. 1

1.0

1.0

1.5

1.2

1.1

0.4

0.0

2.2
5.1
10.2
18.6
37.5

6.9
20.3
37.1
53.6
66.8
76.7

6.1
15.5
30.4
45.2
59. 1
69.9

5.2
13.9
25.9
39.9
53.5
64.6

4.5
13.0
24.9
37.1
50.4
61.8

4.6
13.4
21.5
38.0
51.5
63.2

3.8
9.5
17.6
28.1
39.5
49.8

2.0
5.2
8.8
13.8
22.3
28. 1

4.7
13.5
25.6
37.9
51.0
62.4

2.8
9.1
20.1
33.0
44.8
56.2

1.2
10.0
17.6
38. 1
50.4

56.0
70.6
80.6
86.6
90.4
93.4
95.2

88.5
93.5
96. 1
97.6
98.5
99.0
99.4

84.6
91.4
95.1
97. 1
98. 1
98.9
99.3

80.4
88. 9
93.3
96.0
97. 6
98.5
99.0

78. 1
87.2
92. 1
95.2
97.0
98.1
98.7

79.6
88.7
93.3
96.1
97.7
98.7
99. 1

65.5
75.3
81.9
89.8
92.1
94.7
96.3

41.5
58.9
66.9
74.3
79.9
86.0
90.0

78.5
87.3
92.2
95.4
97. 1
98.2

71.9
84.0
89.0
92.2
93.4
95.9
96.8

76.6
89.4
94.1
96.6
98.4
98.4
98.8

$20,000...

99.6

i 100. 0

99.9

99.9

99.9

99.9

100. 0

98.4

100.0

$50,000-

100.0

100. 0

100.0

100.0

100.0

100.0

$4, 273
$3, 676

$2, 251
$1, 880

$2, 546
$2,173

$2, 769
$2, 371

$2, 914
$2, 485

4,967

6,185

7, 028

7, 455

7, 963

$2, 809
$2, 444
91.6
6,876

$500-...
$1,000. _
$l,500._.
$2,000—.
$2,500. _,
$3,000...
$4,000__
$5,000-_
$6,000
$7,000..
$8,000$9,000..
$10,000-

Average income
Median income
Percent of total
Number in sample..
1

Less than ^ o of 1 percent of the returns reported $20,000 or more.




$3, 671
$3, 011
5.9
472

99.9

99.6

100.0

100.0

100.0

$5, 451
$4, 489
2.5
231

$2, 883
$1, 962
92.5
7,345

$3, 386
$2, 228
4.8
388

$3,178
$2, 484
230

SURVEY OF CURRENT BUSINESS
averages over the medians may be taken as a general
indication of the extent to which high incomes occur in
excess of correspondingly low incomes.
The depression's effect on incomes in dentistry may
be noted from table 1, which shows that less than
one-fifth of the returns reported incomes of less than
$2,000 in 1929, while more than half were below that
level in 1933, and 37 percent were still below that level
in 1937. Whereas only 5 percent reported incomes
below $1,000 in 1929, 20 percent were below that figure
in 1933. Considering the higher levels of income, only
6.5 percent of the total reported incomes in excess of
$5,000 in 1933, as compared with almost 30 percent in
1929. Incomes in excess of $10,000 were reported by
only six-tenths of 1 percent in 1933, as compared with
almost 5 percent in 1929.
in
••<
, —

> .—1935-

^-193 7

A"
''//
/
if

y

1933—-

^-—1929

/

Iff' /
ill ,/
/
I.OOO

2,000

3,000

4-.000

5,000

6,000

7,000

8.OOO

April 1939

one-fifth of the general practitioners had incomes of
less than $1,500 in 1937, less than one-tenth of the
wholly specialized dentists reported incomes below that
level. More than half of the dentists reporting a general practice had incomes below $2,500 as compared
with two-fifths and one-fifth of the partly and wholly
specialized dentists, respectively, whose incomes fell
below that level. While 25 percent of the wholly specialized and 10 percent of the partly specialized dentists
reported incomes in excess of $7,000, less than 4 percent
of the general practitioners reported incomes over
$7,000. Less than 1 percent of the general practitioners, as compared with 3.7 percent of the partly
specialized and 10 percent of the wholly specialized
dentists, reported incomes of $10,000 or more. Data
showing the extent to which these differences are occasioned by the greater proportion of new entrants to
the profession going into general practice will be presented in a final release.
A consideration of the 90-percent level in figure 6
shows that the lower limit of income of the upper 10
percent was $10,000, $7,100, and $5,300 in 1937 for the
wholly specialized, partly specialized, and general practitioners, respectively. The more favorable position of
the specializing; groups, evidenced generally by the
lower position of the curves, is brought out rather
sharply at the 30-percent level, with that percentage
of the general practitioners receiving an income of less
than $1,750, as compared with more than $2,000 for
the partial specialists and over $3,100 for the wholly
specialized dentists.

9,000 10,000

NET INCOME IN DOLLARS




o c

~—

o o

/

"

y
S^PARTL Y
SPECIALS
1

o o

' / /
/
/
/
V
/
1/ /
/

o

cENERAL-

/

WHOLLY
ECIALIZB
_ J

o

o

/

o

The upper level of income of the lower 10 percent of
returns fell from $1,500 in 1929 to almost $600 in 1933,
and rose again to over $800 in 1937 (see fig. 5). The
upper 10 percent of the returns showed a minimum
income of $7,900 in 1929, of $4,300 in 1933, and of
$5,500 in 1937. A similar consideration of the lower
and upper 25-percent levels shows that the top income
of the dentists in the lower quarter fell from $2,350 in
1929 to $1,150 in 1933, while the bottom income of the
upper quarter declined from $5,450 to almost $2,900
during the corresponding years.
The distribution of returns by type of practice shows
that the 2.5 percent of the practicing dentists who were
wholly specialized received an average income of $5,451
in 1937, which was almost 50 percent more than the
average income reported by the 5.9 percent of dentists
who were partly specialized, and almost double that of
the general practitioners who represent 91.6 percent of
the total number of active dentists. The relatively
higher incomes of the partly and wholly specialized
dentists are evident from a consideration of the distribution of returns by size of income. Whereas more than

PERCENT REPORTING LESS
THAN SPECIFIED AMOUNTS

o

Figure 5.—Cumulative Percentage Distribution of Dentists According to
Total Net Income, by Years.

0

1,000

2,000

3,000

4,000

NET

5,000

6,000

7,000

8,000

9,000

10,000

NCOME IN DOLLARS
009969

Figure 6.—Cumulative Percentage Distribution of Dentists According to
Total Net Income, by Type of Practice, 1937.

The distribution by type of income recipient shows
that the spread of incomes among the 100-percentsalaried dentists was less than that of either the partsalaried or nonsalaried dentists. While the average
income of the wholly salaried group was less than that
of the part-salaried group, the median was higher.
More than 13 percent of the wholly independent practitioners reported incomes below $1,000, as compared

9

SUKVEY OF CURRENT BUSINESS

April 1939

with less than 10 percent of the part-salaried and only
slightly more than 1 percent of the dentists who worked
exclusively for a salary. An income of less than $1,500
was reported by one-fourth of the nonsalaried, one-fifth
of the part-salaried, and one-tenth of the 100-percentsalaried dentists. While the wholly salaried dentists
reported a relatively small number in the very low
classes of income, they did not report any incomes

age incomes of those dentists reported employed.
Although the average income of the 100-percent-salaried dentists was the lowest of the three groups considered in 1929, the drop in the average for nonsalaried
dentists was such as to place them in the lowest position
Table 3.—Average Income and Percentage Distribution of Dentists, by
Years of Practice and by Age, 1937
Percent
of
total

Number in
sample

Item

Average
income

Item

Number in
sample

Percent
of
total

93

1.2

$1,139

105
119
202

1.5
1.5
2.7

1,368
1,682
1,794

Average
income

00
-

^

(B) AGE

(A) YEARS OF
PRACTICE

90

24 and under
1 and under

80
ART-SALA R/ED

2
3
4
5
6 _
7

70
A/6 N-SALAR

/

/

60

//
50

///
/f
A' !

40

^-/oo %

//

20
10
0

/

/

i

''

/ /

/

1,000

269
234
252
209
183
206

_ _

10-14
15-19
20-24
25-29
30-34
35-39
40-44

3,000

4,000

5,000

Figure 7.—Cumulative Percentage Distribution of Dentists According to
Total Net Income, by Type of Income Recipient, 1937.

above $20,000, as did the nonsalaried and part-salaried
groups. The 100-percent-salaried dentists reported the
smallest percentages of total at all income levels below
$3,000 and at all income levels above $5,000, indicating
a higher concentration of numbers at thecentral values.
Table 2.—Average Income and Percentage Distribution of Dentists, by
Type of Income Recipient, by Years
Type of income recipient
Total
Average income:
1929
1933
1935
1936
.
1937
[ndex of average income (1929=100):
1929
1933
1935
1936
_
1937
Percentage of total number:
1929
1933
1935
1936
1937
N u m b e r in sample:
1929
1933
_ .
1935
1936
1937

3.6
3.1
3.4
2.7
2.4
2.6

1,770
1,984
2,276
2,394
2,865
3,142

452

6.2

3,183

16 9
14. S
12.7
7.9
7.3
2.8

3, 503
3,473
3,371
3,119
2,629
2,412
2,128

117

1.7

1,731

25
26
27._

_

.

28-29
30-34
35-39.
40-44
45-49
50-54
55-59
60-64 __
65-69

. .

70 and over

467

6.3

2,179

1,141
1,130
1,176
893
625
600
502
269

15.2
14.7
15.8
11.9
8.6
8.2
6.9
3 8

3, 030
3, 658
3,477
3, 392
2, 967
2,639
2,270
1, 835

118

1.7

1, 448

6,000

NET INCOME IN DOLLARS

Item and year

$1,160

1,271
1,097
935
600
577
532
202

45 and over
2,000

3.5

251

8-9

SALARIEL

A

30

_.

Nonsalaried

Part
salaried

100 percent
salaried

$4,273
2,251
2,546
2,769
2,914

$4,267
2,188
2,485
2,726
2,883

$5, 404
3,235
3,651
3,593
3.386

$3, 589
2,937
2,950
2,981
3,178

100.0
52 7
59.6
64.8
68.2

100.0
51.3
58.2
63.9
67.6

100.0
59.9
67.6
66.5
62.7

100.0
81.8
82.2
83. 1
88.5

100.0
100.0
100.0
100.6
100.0

93.3
93.0
92.8
92.9
92.5

2.8
3,5
3.9
4. 1
4.8

3.9
3.5
3.3
3.0
2.7

4,967
6,185
7,028
7,455
7,963

4,622
5,730
6,511
6,907
7,345

144
224
272
313
388

201
231
245
235
230

for all the other years studied. While the part-salaried
dentists maintained the highest average in all years
under consideration, the degree to which their income
exceeded that of the other two groups diminished during the last 2 years. No definite statement can be made
as to the cause of that decline, but it is highly probable
that it was the result of the combination of a shift of
dentists, as evidenced by the percentages of total,
from both of the other two groups and of the greater
proportion of new members of the profession going
into part-salaried employment.
AVERAGE INCOME IN DOLLARS
4,000

y
3,000

— —

1
/

M

16-2 3 4 5 6 7 8-9 10-14
UNDER

15-19
20-24
25-29
YEARS OF PRACTICE

30-34

40-44

45 AND
OVER

Figure 8.—Average Income of Dentists, by Years of Practice, 1937.

The data presented in table 2 show that the average
income of dentists employed either in part or in whole
in salaried work did not fall so low during the depression, either absolutely or in relative terms, as did that
of the nonsalaried practitioners. However, no data
are available to show the incidence of unemployment
on salaried dentists, the figures being simply the aver-


136180—39
2


Average incomes show a rapid increase during the
first 7 years of practice, then level off to a maximum
during the second decade of practice and decline slowly
thereafter (see table 3 andfig.8). The data indicate
that during the period from the seventh to the twentyninth years of practice average incomes exceed the average for the profession as a whole. The averages shown

10

SURVEY OF CURRENT BUSINESS

April 1939

in section (B) of this table follow a pattern similar to
that above, passing the average of the profession at 30
years of age, continuing upward until the late thirties,
falling below the profession average at about 55, and
continuing to decline thereafter. Such differences as
occur between the two sections of the table are occasioned by differences in the entrance age of the various
members of the profession.
A definite tendency toward salaried work by the
newer entrants into the dental profession is evidenced
by the data shown in table 4, which relate type of income received to years of practice. Although certain
irregularities occur in the pattern of the data, there is
distinct evidence that the proportion of dentists in sal-

tion of incomes placed this region second in terms of
the median income reported. While data with regard
to average income by size of place will not be available
until the final report is released, it may be noted that
the average incomes for States within the various regions tend to be highest in the States with the greater

Table 4.—Percentage Distribution of Dentists According to Type of Income
Recipient, by Years of Practice, 1937

Middle Atlantic .
New York
New Jersey _.
Pennsylvania.

Percentage of total
Years of practice

Number
in s a m p l e

Total

salaNonsalaried Part
ried

100 percent
salaried

1 and under

251

100.0

81.2

13.7

5.1

2

269
234
252
209
183
206

100.0
100.0
100.0
100.0
100.0
100.0

86.4
85.6
87.6
87.5
89.6
90.4

8.7
9.6
7.9
9.4
8.7
6.7

4.9
4.8
4.5
3.1
1.7
2 9

3 .
4
5
6 _
7

_

8-9
10-14
15-19
20-24.
25-29
30-34
35-39
40-44

45 and over

_ .

452

100.0

87. 5

7.6

4 9

1,271
1,097
935
600
577
532
202

100.0
100.0
100.0
100.0
100.0
100.0
100.0

92.5
94.6
94.0
94.4
96.8
97.8
96.4

4.9
4.2
3.4
3.6
1.7
1.3
3.2

2.6
1.2
2.6
2.0
1.5
.9
.4

117

100.0

96.7

2.0

1.3

aried positions is greatest among those who have entered
the profession during more recent years. A possible
explanation of the relatively high percentage in partsalaried work in the group with 1 year or less of practice
is that a number of these dentists may have been in salaried work with dental schools during the first half of
the year and then entered independent practice, thus
showing both types of income during the year, although
not necessarily receiving them simultaneously. The
sudden jumps in the percentages for the salaried classifications in the group with 8 to 9 years of practice may
perhaps be explainable on the basis that those men who
took salaried positions in 1928 and 1929 (thus showing
8 to 9 years of practice in 1937) tended to hold their
positions through the depression rather than attempt to
go into independent practice.
Highest average and median incomes were reported
by dentists in the Pacific States (see table 5). The
Middle Atlantic group reported average incomes almost
equal to those of the Pacific group, but their median
income ranked fourth among the geographic divisions,
indicating a higher dispersion of individual incomes in
that group of States. New England dentists ranked
fourth in average income, but the more uniform distribu


Table 5.—Average and Median Net Income of Dentists, by Geographic
Divisions and by Selected States, 1937

Geographic division or State

Number
in sample

Net income from professional services
Average

New England
Massachusetts
Other
-

. .

519
277
242

$3,155

_- . .

3,212
3,090

$2, 722
2, 640
2,806

-

2,042
1,121
313
608

3, 209
3 393
3,159
2,844

2, 6yO
2 821
2,522
2,419

1,844
435
187
617
329
276

2,818
2,908
2, 541
2,752
3,291
2,491

2,476
2,575
2,309
2,366
3,105
2,187

1,166
321
226
281
338

2,240
2, 688
2,257
1,932
2,111

1,981
2,497
1,982
1,679
1,899

467
57
73
125
212

3,158
3,527
2,431
3,609
3,043

2,716
3,348
2,184
2,970
2,600

208

2,496

2,268

369
203
166

2,768
3,030
2,364

2,476
2,749
2,009

.
_

East North Central
Ohio
Indiana .
Illinois
Michigan
Wisconsin _

.
_-_
.

West North Central
Minnesota
Iowa
Missouri . _
Other

_

South Atlantic
District of Columbia.
.
North and South Carolina
Georgia and Florida
__ _.
Other
East South Central
West South Central
Texas
Other
-

___
-.

Mountain
Pacific
_
Washington
Oregon
California

Median

. . .
_ _

263

2,642

2,324

986
180
102
704

3,214
2,633
2,410
3,426

2,777
2,492
2,332
2,950

proportions of urban population. Thus, Massachusetts
has an average income higher than that of the rest of
the New England States, and New York and California
each lead their respective regions in average income
received. States for which averages are shown were
selected on the basis of the size of the sample for the
State and the difference between the State and regional
averages. While the samples for some of the States
shown may be too small to warrant definite statements
as to the absolute levels of income, the direction of the
difference between their averages and those of the regions may be taken as significant. Thus, whereas the
average of $3,609 reported for Georgia and Florida may
be too high, being based on only 125 returns, there can
be little doubt that their relative position in the South
Atlantic region is above the average for the region as a
whole.
Independent practicing dentists retained 56 percent
of their gross income as net income in 1937 (see table 6).
The effects of the fixed costs of practice (such as rent,
and depreciation on equipment) can be seen from the
low ratios of net income to gross income in the lower

income brackets. Thus, the dentists reporting gross
incomes of less than $500 showed an average net loss
for the year; those whose gross incomes were between
$500 and $999 showed an average ratio of net to gross
of about one-third. There is a further sharp increase
Table 6.—Ratio of Net Income to Gross Income, by Gross Income Groups,
Nonsalaried Dentists, 1937

Gross income

Total

Num- Ratio of net
ber in income to
sample
income
6, 935
45
101
262
374
459
516

$0-$499
$500-$999
$l,000-$l,499_
$l,500-$l,999
$2,000-$2,499
$2,500-$2,999
$3,000-$3,999
$4,000-$4,999

11

SURVEY OF CURRENT BUSINESS

April 1939

0. 56
(i)

33
. 50
.54
.57
.58
.59
.59

1,145
966

Num- Ratio of net
ber in income to
gross
sample
income

Gross income

$5,000-$5,999
$6,000-$G.999
$7 ()nn $7 QOQ

$g 000-$8 999
$9,000-$9,999

752
631
445
332
220

0 57
.57
56
56
.57

$10,000-$14,999
$15,000-$19,999
$20,000-$24,999

511
114
36

.58
.56
.52

$25,000 and over...

responding medians, representing the income levels
above and below which an equal number of cases occur,
are shown in table 7 to be $2,037 in 1937, $3,067 in
1929, and $1,521 in 1933.
The extent of variation among incomes of different
members of the profession, as well as differences in the
distributions themselves, from year to year, among different types of practitioners and among different types
of income recipients, are shown in table 7 and in
PERCENT REPORTING LESS
THAN SPECIFIED AMOUNTS
IOO
.—•

90

^-"

80

"TV

70

\

60

20

50

* Net income negative.
0.46, exclusive of one return. Because of the small size of the sample in this group,
the inclusion of this return, the validity of which appears doubtful, lowers the ratio

•

Jit /

40

2

30

to 0.24.

20

¥V

ZL

/

/

to
in the ratio for the gross income group of $1,000 to
o
$1,499, with their net averaging half of their gross
D
1,000 2 000 3,000 4,000
5,000 6,000 7,000 8,000 9,000 10,000
N E T INCOME IN DOLLARS
income. From this point forward on the gross-income
scale, the ratio of net to gross increases slowly to a Figure 9.—Cumulative Percentage Distribution of Osteopathic Physicians
According to Total Net Income, by Years.
maximum of 0.59 between $3,000 and $5,000. There
is little variation in the ratio after this level is reached, figures 9,10, and 11. The differences between the averexpenses increasing in about the same proportion as ages and the corresponding medians reflect the existence
gross income.
of a number of high income returns, a condition to
which reference was previously made in the case of
Incomes of Osteopathic Physicians
dentists and which is common to most distributions of
The average net income from professional services, income by size.
including professional salaries, of practicing osteopathic
Less than one-fifth of the returns reported incomes of
physicians in 1937 was $2,584, as compared with aver- less than $1,500 in 1929, but almost half were below that
ages of $3,620 in 1929 and $1,943 in 1933. The cor- figure in 1933. Considering the higher income group,
D.O.99-+6

Table 7.—Cumulative Percentage Distribution of Osteopathic Physicians According t o Total N e t Income from Professional Services
By years

By type of practice, 1937

By type of income recipient, 1937

Item
1929

1933

1935

1936

1937

General

Partly
Wholly
specialized specialized

Nonsalaried

Part salaried

100 percent
salaried

Percentage of total reporting net incomes of
less than:
$0
$500 ._
$1,000
$1,500
$2,000
$2,500
$3,000

_

$4,000
$5,000. _.
$6,000
$7,000
$8,000...
$9,000
$10,000
$15 000
$20,000
$25,000
$50.000

Average income...
Median income.
Percent of total
Number in sample

1.0

2.6

2.3

2.8

1.8

2.3

0.5

00

1.9

0.0

0.0

4.9
11.7
19.2
30.5
39.5
48.9

12.3
30.9
49.4
63.7
74.1
80.9

10.5
27.0
42.7
56.9
67.5
76.3

10.2
24.3
37.8
51.5
63.3
71.5

9.5
21.3
33.9
49.1
61.4
68.9

10.6
23.9
37.1
54.2
65.9
73.7

7.4
16.3
26.8
38.1
50.7
56.9

0.0
2.3
9.1
15.9
34.1
38.6

9.8
21.5
34.1
49.2
61.6
68.8

2.?
15.1
30.1
45.4
55.0
65.9

10.6
27.7
38.3
55.4
70.4
81.0

65.3
76.9
84.6
90.1
93.5
95.7
96.5

89.8
94.1
96.9
98.2
98.8
99.2
99.7

87.3
92.2
95.4
96.9
98.1
98.9
99.2

84.2
91.0
94.1
96.3
97.7
98.2
98.8

82.5
89.1
92.9
95.4
96.7
97.9
98.6

85.1
91.8
94.7
96.7
97.7
98.3
98.9

74.6
81.9
89.3
92.7
95.0
97.2
98.9

56.8
70.5
70.5
79.6
81.8
88.7
88.7

82.2
89.3
93.1
95.6
96.9
98.1
98.9

81.0
83.7
87.8
91.9
93.2
96.0
97.3

85.3
95.8
95.8
97.9
97.9
97.9
97.9

99.3
99 8
100.0

100.0

100.0

99.7
99.9
99.2

99.9
99.9
99.9

99.9
99.9
100.0

100.0

97.7
97.7
97.7

99.9
99.9
99.9

100.0

100.0

100.0

100.0

100.0

100.0

$3, 620
$3, 067

$1,943
$1, 521

$2,190
$1, 757

$2, 425
$1, 945

$2, 584
$2, 037

704

873

1,088

1,240

1,472

$2, 348
$1,877
73.1
1,018

$3, 058
$2,472
24.4
349

$5, 309
$3, 626
2.5
38

$2, 579
$2,032
93.6
1,374

$2, 943
$2, 240
3.9
61

$2, 147
$1,842
2.5

.

_




.._

37

12

SURVEY OF CURRENT BUSINESS

by reading across the 90-percent level of figure 9, we
find that 10 percent of the total number received more
than approximately $7,000 in 1929, $4,000 in 1933, and
$5,200 in 1937. Correspondingly, 90 percent of the
total number received less than these amounts in the
respective years. Similar comparisons may be drawn
at the various income and percentage levels.

April 1939

-

M

l

///

/oo%

t
-NON-SAL AX/£D

_

GE

NERAL
^
\

X

/

SP£C/AL/ZED S
J
1^"

YxX
/
/

/

SPt

!

/

/A ,'
•'/

1,000

3000

4-.000

j

i

5,000

6,000

7,000

8,000

9,000 10,000

NET INCOME IN DOLLARS
Fig ure 10.—Cumulative Percentage Distribution of Osteopathic Physician

According to Total Net Income, by Type of Practice, 1937.

A typical reading from table 7 shows that almost
two-thirds of the general practitioners had incomes of
less than $2,500 in 1937, while only slightly more than
half of those partly specialized and but slightly more
than one-third of the wholly specialized osteopathic
physicians were below that income level. A consideration of the same income level according to the type of
income recipient indicates that of those osteopathic
physicians relying entirely on independent practice for
their professional income, 62 percent had incomes of
less than $2,500 in 1937, while only 55 percent of those
receiving both independent and salaried incomes were
below this figure.

Average income:
$3, 620
1929
1,943
19332,190
1935
2,425
1936
2,584
1937 --- Index of average income (1929=100):
1929 .
- - 100.0
53.7
1933. . . __
60.5
1935
67.0
1936
1937_ - 71.4
Percentage of total number:
100.0
1929 .
100.0
19331935
100.0
1936..
100.0
100.0
1937-.
Number in sample:
704
1929 .
1933..
. _.
...
873
1.088
1935
1.240
1936
1,472
1937.




5.000

6.000

7,000

8,000

9,000 10,000

Table 9.—Average and Median Net Income of Osteopathic Physicians by
Years of Practice and Age, 1937

Item

Nonsalaried

Part
salaried

Number in
sample

Net income
from
professional
service
Average

Type of income recipient
Total

4,000

Variations in relative positions with respect to
average incomes of the three types of income recipients
are indicated in table 8. Thus, part-salaried osteopathic physicians reported the highest average income
of the three groups in 1929 and the second highest in
1933. The average reported for the wholly salaried
group was the lowest of the three in 1929, but by reasor
of a relatively small decline, it was the highest in 1933
Decreases in the averages for the part or wholly salaried
groups in the latest years studied may possibly be
explained on the basis of the entrance into these fields
of the newer members of the profession whose average
incomes are relatively low.
The data in table 9, relating income to years of
practice, show a rapid rise of income during the early
years of practice to a peak in the twentieth to twentyfourth year of practice, and a decline thereafter.
Similar data related to age show a maximum level of

Table 8.—Average Income and Percentage Distribution of Osteopathic
Physicians, by Type of Income Recipient, by Years

Item and year

3,000

Figure 11.—Cumulative Percentage Distribution of Osteopathic Physicians
According to Total Net Income, by Type of Income Recipient, 1937.

i

2 000

2.000

NET INCOME IN DOLLARS

WHOLLY
C/ALIZEO

/

<A
1000

f

• • - *•

\

100-percent
salaried

$3,598
1,908
2,170
2,406
2,580

$4,560
2, 462
2,747
3,049
2,950

$3 485
2,827
2,305
2 264
2,150

100.0
53.0
60.3
66.9
71.7

100.0
54.0
60.2
66.9
64.7

100.0
81.1
66.1
65. 0
61.7

95.1
95.1
94.9
94.4
93.6

2.6
2.8
3.1
3.5
3.9

2 3
2.1
2.0
2.1
2.5

668
831
1,031
1,169
1,374

19
25
35
45
61

17
17
22
26
37

3-4

. _._ --

5-6

7-9
10-14
15-19
20-24
25-29 .
30 and over

Number in
sample

Median

(A) YEARS OF
PRACTICE

1 and under
2

Item

Net income
from
professional
service
Aver- Mediage
an

(B) AGE

141 $1,084
75 1,508
155 2,095
97 2,491
144 2,914
225 3,185
121 3,292
149 3,393
93 2,676
202 2,390

$821
1,214
1,848
2,009
2,323
2,639
2,952
2,479
1,961
1,924

25 and under
26-27.
28-29
30-34
35-39
__..
40-49
50-59
60 and over..

$599
76
111

1,525
1,928

1,360
1,740

240
191

2,376
3,173

2,080
2,626

275
254

3,413
2,836
2,029

2,810
2,239

184

1,602

income in the forties. While there is a high degree of
correlation between age and years of practice in osteopathy, differences existing between the two sections of
the table are accounted for by reason of the variation
in the entrance age of the various members of the
profession.

13

SURVEY OF CURRENT BUSINESS

April 1939

Highest average incomes were realized in the Pacific
States in 1937 (see table 10). Next highest were the
Middle Atlantic States, while the lowest average incomes were received in the West North Central and
Mountain States. Although the New England States
ranked fifth in average income received, the median
Table 10.—Average and Median Net Income of Osteopathic Physicians,
by Geographic Divisions, 1937

Number in
sample

Geographic division

Net income from professional service*
Median

Average
New England
Middle Atlantic. . .
East North CentralWest North Central
South Atlantic
_._
South Central
Mountain
Pacific

105
221
323
284
73
121
67
255

__

$2,185
2, 098
2,167
1,740
2, 075
1,912
1,720
2,393

$2, 495
2, 737
2,640
2, 300
2,597
2, 394
2,291
2,990

income for this area ranked second because of a more
uniform distribution of income in that group of States.
A ranking of average incomes by the size of place
from which the returns were received (see table 11)
shows that throughout the years covered in this study,
osteopathic physicians in places with populations of
1,000 and under and of 1,000 to 2,500 received the
lowest and the second lowest average incomes respectively, while the lowest 5 were consistently in groups of
places with Jess than 25,000 population. While there
are too few returns in some of the larger cities to afford
valid comparisons, the differences in rank from year to
year indicate that above the 25,000 population level
there was little relationship between size of city and
average income. Los Angeles showed a constant gain
in relative ranking, rising from a position of seventh in
1929 to second in 1937.

Table 11.—Average Net Income of Osteopathic Physicians, by Size of Place and by Years
1929

1933

N u m b e r Average
in sample

N u m b e r Average
in sample income

Indexes of average, income (1929=100)

1936

1937

Number Average
in sample income

Number Average
in sample1

Size of place group

Under 1,000..
1,000-2,499....
2,500-4,999....
5,000-9,999....
10,000-24,999 .

N u m b e r Average
in sample

1929

1933

1935

1936

1937

$1, 919
2,603
3,043
3, 521
2,971

37
59
51
94
129

$1,151
1,453
1,858
1, 967
1,744

72
118
156

$1, 234
1, 696
2,046
2,060
1, 916

69
88
88
132
179

$1, 552
1,942
2, 390
2 221
2, 076

90
109
109
151
211

$1, 540
1.962
2,380
2,381
2, 289

100.0
100.0
100. 0
100. 0
100.0

60.0
55.8
61.1
55.9
58.7

64.3
65.2
67.2
58. 5
64.5

80.9
74.6
78.5
63. 1
69. 9

80.3
75.4
78.2
67. 6
77. 0

25,000-49,999
50,000-99,999
100,000-249,999...
250,000-499,999...
500,000-999,999...

3,956
3, 865
4,253
3, 777
4,151

81
81
86
89
37

2,032
2,120
2,028
2,130
2,424

96
97
103
107
49

2, 529
2, 325
2,405
2,410
2, 729

106
108
117
117
55

2,783
2,767
2, 492
2, 651
3, 073

118
121
141
137
63

2,894
3,214
2, 656
2,854
3,125

100.0
100.0
100.0
100.0
100.0

51.4
54.9
47.7
56. 4
58.4

63. 9
60. 2
56.5
63. 8
65.7

70. 3
71.6
58. 6
70. 2
74.0

73. 2
83.2
62. 5
75.6
75.3

Los Angeles
Detroit
Philadelphia
Chicago
New York C i t y .

3,962

2,116

60

2,589

2,896

65.3

73.1

86.1

2, 656
2,833
2,645

2,720
3, 089
2,756

3,410
3, 537
2,458
2,853
3,163

53. 4

2,495
2,326
3,651

80
16
31
36
28

100.0

4,726
5,446
4, 319

100.0
100.0
100. 0

52.8
42.7
84.5

56.2
52.0
61.2

57.6
56.7
63. 8

52.0
52.4
73.2




14

SURVEY OF CURRENT BUSINESS

April 1939

NEW OR REVISED SERIES
Table 19.—EXPORTS BY GRAND DIVISIONS AND COUNTRIES, ECONOMIC CLASSES, AND
COMMODITIES x
[Revised statistics for 1937]

January

FebruMarch
ary

of doL.

222, 665

233,125

do—
do
do
do—
do
do
do_._
do
do
do
do
do—
do
do—
do_._
do___.

10, 265
49, 287
22,363
89, 535
13,492
7,395
6,633
35, 257
31, 678
31, 289
22,113
7,031
19, 788
5,336
4,162
1,668

10, 756
49, 920
24,847
95,943
13,080
9,214
6,071
38,883
31,926
31, 643
24,589
7,877
19,990
5,928
3,977
1,453

219,063
60, 636
37,461
13,107
3,598
9,510
4,263
2,980
1,894
34, 281
111, 039
27, 544
6,515
31,533

Item
Total, including reexports
thous.
By grand divisions and countries:
Africa
Asia and Oceania
Japan
Europe
France
Germany
Italy
United Kingdom
North America, northern
Canada
North America, southern
Mexico
South America
Argentina
Brazil
Chile

By economic classes (United States merchandise only):
Total
thous. of dol_.
Crude materials
do
Cotton, unmanufactured
do
Foodstuffs, total
do
Foodstuffs, crude
do_._.
Foodstuffs and beverages, manufactures
thous. of dol_.
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...

May

June

July

August

256, 566

268,945

289,922

265, 341

268,184

277,031

296, 579

332,710

314,697

323,403

3, 349,167

10, 040
61, 726
30,109
97,157
12,440
9,526
6,979
34,133
38, 265
37, 630
26, 543
9,404
22, 834
5,839
5,319
1,537

13, 569
57, 795
26,939
99, 342
12,170
12, 300
7,501
29,905
46, 012
45,145
28, 233
10,616
23, 994
6,656
4,770
2,002

13,468
68, 902
36,186
101,934
12,470
7,254
6,325
35,477
51,995
51,129
27,178
8,875
26, 445
7,785
5,927
1,839

12,169
55, 453
25,194
98,908
11,221
8,935
6,953
34,037
47, 837
46,936
26, 039
9,968
24,934
8,313
4,764
1,903

14,952
63, 070
26, 535
86,791
9,918
7,857
4,749
32,050
46, 254
45,119
28, 288
11,008
28,828
8,164
5,947
2,439

13, 328
56, 446
24,638
104, 358
10,713
11,095
5,498
42, 354
48,418
47,566
26, 891
9,094
27,589
9,239
5,627
2,174

13, 537
49, 647
16,769
135, 484
17, 601
11,901
7,594
60,731
45,948
45,174
25, 701
9,149
26, 261
7,422
5,697
1,698

11, 682
55,180
20,128
148,806
16,940
14, 285
5,970
65,891
52,827
51, 667
29, 548
8,463
34,668
10,377
7,747
2,531

12, 633
56, 504
18,241
144,814
16, 535
12, 668
5,995
63,110
44,388
43, 500
27, 287
8,382
29, 072
8,097
6,814
2,382

15,759
54, 989
16,610
156, 537
17,949
13,913
6, 562
64,659
33, 509
32, 519
28,659
9,583
33,950
11,027
7,879
2,370

152,158
678, 919
288, 558
1,359,610
164,528
126, 343
76, 830
536,490
519,058
509, 316
321,068
109,450
318,354
94,183
68,631
23,997

229,6.1
54, 389
34,066
22, 525
3,522

252,443
52,146
34, 272
17, 453
4,101

264,627
50, 367
28, 571
16,489
4,150

285,081
51,978
24, 643
16, 340
3,583

256,481
42,003
16,835
15,970
4,425

264,613
34, 340
9,356
17,412
5,925

273, 561
46, 045
15,903
27,362
13,125

293, 374
80,909
38,961
26,738
9,984

329,373
88,256
44,989
38,874
17,617

311, 212
84, 885
43, 679
32,918
15,158

319,431
75, 909
39,923
37,062
19,319

3, 298,929
721,863
368,660
282, 250
104, 506

19,003
9,903
2,624
1,815
38,057
114,700
26, 019
6,279
31, 434

13, 352
5,510
3,151
1,927
53,118
129,726
28,819
5,954
36, 948

12, 339
4,959
3,320
2,199
56,093
141,679
30, 791
6,167
43, 332

12, 757
3,724
3,995
2,618
71,772
144,992
33,219
7,539
42, 246

11,545
4,225
3,269
2,645
63,319
135,188
29,721
7,455
40, 790

11,487
3,776
3,162
4,531
68,885
143, 977
29, 414
7,024
46, 097

14, 238
6,978
2,994
8,885
67,217
132,936
23,149
9,349
40, 774

16, 754
7,766
2,993
5,364
55, 377
130, 349
23, 296
10,510
38,968

21,258
12,680
4,588
10, 314
58, 686
143,557
25, 405
9,031
44, 570

17, 760
8,871
4,707
9,072
56,967
136,443
29, 802
9,462
37, 737

17, 743
7,352
4,774
12, 714
54,497
151,963
39,708
5,669
44,634

177,744
80, 008
42,559
63,978
678, 268
1,616,548
346,887
90,956
479, 061

33,763
22, 634
11,129
488, 731

35,082
22, 827
12, 255
481, 994

38,274
23,447
14,827
510,571

33,587
18, 408
15,179
474,183

34,415
19, 268
15,147
405, 768

28, 838
12, 086
16, 752
428,888

21,404
6,181
15, 223
510, 590

25, 679
17, 348
8,331
520, 371

36,110
24, 645
11,465
354,755

50,340
27, 590
22, 750
538, 786

397,649
231, 482
166,167
5, 667, 363

128
474
24

263
871
29

172
1.320
41

136
1,388
38

103
1,462
49

68
1,350
55

118
1,332
49

174
1,252
45

165
1,191
56

1.52
360
31

1,709
11.736
470

By individual commodities:
Automobiles assembled, total
number.
32,626
27, 531
Passenger cars
do. _ _
20, 034
17,014
Trucks
do__.
12, 592
10, 517
Cigarettes
thousands. 463,017 489, 709
Coal:
Anthracite
thous. of long tons.
107
122
392
Bituminous
do.. _
344
26
Coke
do-_Copper, refined and manufactures,
22, 044
29, 099
short tons.
486
538
Cotton (excluding linters)_thous. of bales.
14, 426
15, 872
Cotton cloth
thous. of sq. yd321
Cottonseed cake and menl
short tons.
461
Fertilizers, total
long tons..
66,772
61,001
8, 006
15, 289
Nitrogenous
do...
Phosphate materials
do. _.
49, 340
48,020
122
Prepared fertilizers
do _ _ _
172
Fir, Douglas, lumber
M ft. b . m .
1,723
12, 750
Fir, Douglas, timber
-_do__52
8,522
2,629
2,369
Gasoline
thous. of bbL
11
Gold
thous. of dol.
(3)
1,780
1,689
Grains, incl. flour and meaL-thous. of b u .
144
8
Barley, including malt
do.-37
42
Corn, including meal
do__64
78
Oats, including oatmeal
do._3
3
(
)
Kye, including
flour
do__()
1,522
1, 576
Wheat, including
flour
do-__
38
33
Wheat only
do___
316
328
Wheat
flour
thous. of bbl_
290,
986
201,703
Iron and steel, total
long tons.
72, 849 151, 271
Scrap
do_._
805
619
Kerosene
thous. of bbL
82
76
Leather, sole
thous. of l b .
6,
245
6.494
Leather, upper
thous. of sq. ft.
40, 766
37! 681
Linseed cake and meal
thous. o f l b .
16
21
Locomotives, railway, total
number.
13
17
Electric
do._.
3
4
Steam
do.__
84, 644
63,169
Lumber, all types
M.ft.b.m.
Meats:
1,071
879
Beef and veal
thous. of lb.
9,161
12, 377
Pork, including lard
do__.
4, 456
8, 304
Lard
do__.
55, 891 205,156
Methanol, refined
gallons.
Milk:
174
261
Condensed (sweetened)
thous. of lb.
2,010
1,886
Evaporated (unsweetened)
do_ _.
2S2
216
Powdered
do...
99, 654 121, 996
Rice
packets (1001b.).
76
142
Shoes, leather
thons. of pairs.
2,112
1,811
Silver
thous. of doL
32,184
25,
265
Southern pine, lumber
M ft. b. m.
5, 035
Southern pine, timber
do__.
5,196
6,137
Sugar, refined, incl. maple
long tons.
4, 567
24, 050
Tobacco leaf, incl. scrap
thous. of lb.
35, 921
2,841
Vegetable oils, total
do...
2, 527
1

See footnote on p. 15.
2 Less than $500.
3
Less than 500 bushels.




Sep- October NoDevember cember
tember

April

31, 728
468
20, 305
181
106,297
23,430
77,396
224
31, 700
19,811
2,190
39
2,262
574
47
75
1
1,565
61
320
570, 551
362, 249
403
70
6,119
61,741
6
4
2
113,110

26, 884
373
16, 244
185
122,863
15, 444
97, 380
476
31, 248
11,042
2,322
13
2,271
513
20
61
1
1, 676
137
328
683, 590
427, 886
762
62
5, 875
61, 781
21
10
11
99,521

1, 497
12, 487
7,324
30,149

1,528
13, 737
8.245
202, 809

1,008
20, 055
13,565
72, 540

828
14,915
9,826
114,023

226
1, 968
326
33,610
161
1, 546
25, 813
7,015
6, 664
26, 732
2,609

124
2,019
412
29, 593
169
1, 668
27, 751
7,072
5, 680
24, 001
3, 651

457
1,946
272
21,428
124
1,841
32,813
7,038
7 736
29! 103
3,595

1,331
1,595
248
84, 407
96
1,144
26, 823
5, 629
4, 034
24,034
2,940

34, 436
25, 927
324
230
15, 523
17, 361
1
146
166,233 120, 301
12, 792
15, 562
84, 654
142,037
420
247
49, 339
39, 959
37, 529
39, 477
2,623
2,771
4
81
2,494
2,499
105
93
30
35
82
79
186
59
2,108
2,217
395
770
364
308
969, 211 826, 634
638,108 519,737
652
608
87
72
5,148
4,185
74, 209
70,715
18
7
15
5
2
3
127, 815 107, 661

Total

32, 741
32, 219
26,521
25,142
124
220
799
617
17,491
14, 360
25, 767
16,367
75
154
9,126
19,917
150,583 150,204 109,401 178,734
16,758
24, 755
18, 001
28, 962
116,651 125, 208
72, 404 145, 242
303
320
907
127
33, 761
42, 446
21, 636
21,371
42,146
35, 773
12, 721
9,925
2, 542
3,130
2, 969
3,668
208
169
129
232
14, 833
4,081
9, 365
11,175
2, 962
265
2,118
1, 737
29
188
35
32
103
761
2, 825
942
721
754
293
1,031
7,233
4,712
9, 330
3, 385
7, 104
2, 145
5, 453
2,678
264
379
433
473
889, 478 886, 448 543, 636 522,611
425, 303 478, 296 256,191 185.618
1,084
956
759
681
75
82
100
93
4, 557
5, 343
4,103
5, 376
56,184
67. 032
50. 747
55, 586
22
23
29
32
12
25
18
29
3
4
4
93, 751 102, 620
77, 042
73, 523

28, 499
797
24,054
10, 043
152, 388
24, 965
111,848
331
19, 605
8,897
2,958
30, 084
14, 236
2, 270
1, 750
1,031
589
8,597
6,388
470
556, 591
255,311
679
56
3,494
56, 822
16
15
1
79, 260

30,988
751
21,631
13,587
135,173
11,065
117, 236
102
20,257
7.564
1,872
15,052
18,753
863
3,895
1,510
627
11,857
9, 645
471
626, 408
319,771
656
91
4, 083
53, 827
23
18
5
73,131

346,229
5,728
219,401
54,197
1,520,950
215,029
1,187, 416
3,751
325, 795
233, 459
32,044
46.020
85, 439
11,651
6,139
7,611
4,262
55, 776
34, 84S
4, 453
7, 567, 847
4, 092, 590
8. 664
'947
61,021
687,091
234
181
53
1,095,247

889
23 397
18, 597
41,198

705
26, 260
18,314
19, 656

991
29, 552
22, 181
43, 970

12, 666
200, 011
135, 950
876,156

137
1,458
2,037
1,918
517
571
322
276,142 277, 547 363, 309
127
132
119
236
380
527
17, 095
21,407
17,521
6,026
5, 747
2.808
4 R99
5, 757
5, 675
55. 981
59, 974
60,464
3, 262
4,024
5, 219

7, 972
22, 874
4,242
2, 040, 878
1, 532
12,042
291,644
6fi,314
62 671
434,796
41.717

n

1,064
13, 222
7,746
12,113

1,179
11,831
7,175
68, 421

1,026
13, 016
9,717
10, 230

1,221
701
741
2, 265
1, 819
1, 539
409
301
366
160,129 247, 858 325, 205
126
118
141
285
214
278
21, 105
21,264
22.603
3, Pf>7
7,738
3,043
4, 265
3,907
3, 550
25, 322
53, 226
15,988
3,098
3, 595
4,355

1.142

li 874

15

SURVEY OF CURRENT BUSINESS

April 1939

Table 20.—IMPORTS BY GRAND DIVISIONS AND COUNTRIES, ECONOMIC CLASSES, AND
COMMODITIES1
[Revised statistics for 1937]

Janu- FebruMarch
ary
ary

Item
Total, general imports
thous.
By grand divisions and countries:
Africa
Asia and Oceania
Japan
Europe
France.
_
Gcrmany
Italy
United Kingdom
North America, northern
Canada
North America, southern.
Mexico
South America
Argentina
Brazil...
Chile

April

May

June

July

DeSep- October NoAugust tember
vember cember

Total

of doL

240,444

277, 709

307, 474

286, 837

284, 735

286, 224

265, 214

245, 668

233,142

224, 299

223,090

208, 833

3,083, 668

do...
do...
do__.
do._.
do_..
do___
do._do___
do_._
do___
do...
do
do.__
do
do
do

7,576
76, 835
17, 683
67, 260
5, 852
7,737

9,350
92, 014
18, 382
73,074

11,391
95, 840
17, 653
81, 345
7,559
7,988
3,878
21, 428
37, 616
37, 087
35,106

9,228
100, 353
18,240
72, 225
6,245
7,620
4,370
17, 960
36, 888
36, 478
29, 273
5,139
36, 768
13, 732
8,181
5, 489

8,470
98, 018
18, 637
69,044
5,545
7, 575
3,595
18, 017
39,113
38, 350
27, 521
5,611
44, 057
18,059
10, 642
5,648

7,394
85, 858
16, 443
70,152
6,100
8,229
3,332
15, 229
36, 675
35, 689
25, 561
4,457
39, 573
17, 320
9,693
2,626

6,145
82, 934
16, 303
67, 906
5,675
8,649
3,476
15, 902
34, 520
33,161
21, 360
4,793
32, 803
11,188
10, 799
2.976

6,137
79, 485
15, 983
67, 062
5,518
7,373
3,183
14. 779
34, 845
33, 355
15, 336
3,928
30, 277
9,410
10, 478
1,612

4,673
73, 927
15, 420
74, 243
7,593
8,194
4,337
16, 509
32,430
31,995
13, 698

46,176
18,166
10, 545
5,110

12, 553
02, 011
20, 428
73, 859
6,591
7,505
4,329
17. 372
35, 327
35.198
34, 765
7,039
38, 321
11, 408
10, 003
7,439

4,893
81,074
17,190
66, 984
6,027
8,156
4,175
15, 802
29, 355
28, 631
14, 049
3,939
26, 735
5,585
9,898
2,314

4, 339
77, 341
11,840
60,173
6.104
7,037
5,045
12, 237
26, 255
25, 089
16, 226
3,954
24, 499
3,857
9,177
2,803

92,148
1,035, 689
204, 201
843, 329
75, 609
92, 468
48,170
202, 691
407, 431
39S, 309
283, 045
60,120
422, 026
138, 940
120, 638
46, 668

260, 047 295, 705
90, 588 91, 366
41, 399 45, 251

280, 899
88, 214
39, 541

278,118
91, 440
37,195

278, 300
92,125
41, 618

262, 919
77, 964
37, 750

248, 730
79, 606
34, 018

233,959
75, 988
28, 531

226, 470 212, 382
71, 673 67, 494
23, 610 23, 858

203, 644
67, 618
21, 814

3, 009, 852
971,061
413,312
440, 05
634,17
551, 25

By economic classes (imports for consumption):
Total
thous. of dol.
Crude materials
do
Foodstuffs, crude
do...
Foodstuffs and beverages, manufactures
thous. of doL
Manufactures, semido
Manufactures, finished
do
By individual commodities:
Aluminum (bauxite)
long tons._
Asphalt
short tons..
Cheese
thous. of lbs._
Cocoa
long tons_.
Coconut or copra oil
thous. oflbs..
Coffee
thous. of bags..
Copper, total
short tons..
For smelting, refining, and export..do
Product of Cuba and Philippine Islands
short tons
All other
do
Copra
do
Cotton (excluding linters).thous. of bales..
Cotton cloth
thous. of sq. y d . .
Fertilizer, total
long tons_.
Nitrogenous, total
do
Nitrate of soda
do
Phosphates
do
Potash
do
Flaxseed
thous. of bu__
Gold
thous. of dol..
Gypsum, crude
short tons..
Hides and skins, total
thous. of lbs..
Calf and kip skins
do
Cattle hides
do
Goat skins
do
Sheep and lamb skins
do
Irqn and steel, total
long tons..
Scrap
do
Iron ore
thous. of long tons__
Lead, total except manufactures (lead content)
short tons..
Manganese ore (manganese content)
thous. of longtons..
Newsprint
short tons..
Petroleum, crude
thous. of bbl__
Rayon
thous. of lb._
Rice
(pockets 1001b.)__
Rubber, crude, incl. latex
long tons..
Silk, raw
thous. of lb__
Silver
thous. of doL_
Sugar, raw
long tons..
Sugar, refined, receipts:
From Cuba
do
From Philippine Islands
do
Tea
thous. of lb__
Tin, bars, blocks, etc
long tons..
Tobacco leaf, unmanufactured.-thous. of lb__
Vegetable oils, total
do
Paint oils
do
All other vegetable oils
do
Woodpulp, chemical
short tons..
Woodpulp, ground wood
do
Wool, unmanufactured
thous. of lb__

4,288
18,412
33, 775
32,889
22, 362
5,089
32, 636
8,655
11, 551
2,898

228, 680
76, 984
38, 726

6,406
4,162
19,044
30,631
30, 388
27, 787
5,500
44, 853
16, 380
10, 999
5,255

3,675
25, 328
5,180
8,671
2, 497

29, 648
46, 618
36, 703

34, 818
52, 366
40,875

52,181
57, 857
49, 051

51,190
54, 392
47, 563

47,109
55, 860
46, 514

38, 462
58, 871
47, 225

39, 774
59, 032
48, 399

32, 984
54, 807
47, 315

28, 408
52, 561
48,471

29, 369
51, 888
49, 930

27, 605
46, 387
47, 038

28, 508
43, 535
42, 168

28,363
439
5,022
28, 788
39, 352
1,370
7,135
5,994

41, 603
4,987
4, 697
26, 500
21, 466
1,563
21, 952
18, 358

43, 016
5,074
6,347
34, 337
17, 667
1,365
14, 553
12, 905

35, 250
1,231
5,365
33,181
33, 937
1,138
14, 547
11, 336

29, 570
4,000
3,958
22,165
24, 282
925
13, 281
10, 717

35, 734
3,270
4,808
17, 557
32, 677
1,032
19, 657
15, 942

51, 026
2,406
3,490
18,130
24, 340
865
31, 735
29,161

32, 857
704
3,677
27, 633
31, 637
733
22, 946
20,867

6,161
104
4,811
25, 247
26, 742
843
15, 591
15, 341

55,179
3,017
7,536
12, 665
19,011
874
18, 866
15, 541

51,141
3,119
6,206
17, 438
31,415
1,040
20, 547
18, 828

57, 523
311
4,733
12, 720
34, 850
1,110
26, 672
23, 175

507, 423
28, 662
60, 650
276, 361
337, 376
12, 857
227,481
198,165

2,133
46
1,602
1,460
41, 966 15.192
45
23
19, 278 22, 257
233, 207 260, 223
191, 428 181, 213
113,166 97, 979
4,164
15, 752
34, 772 55.193
3,727
4,084
120, 326 154, 371
3,264
7,859
27, 500 41,087
1,725
2, 345
11,622
17,147
7,143
10, 746
4,291
7,205
40, 728 51, 805
2,471
1,907
215
210

2,071
1,139
4, 669
28
23, 932
253, 005
201, 420
137,008
7,869
32, 951
2,280
215, 825
68,177
33, 628
1,600
15, 981
8,642
4,845
68,197
11,713
197

41
2,523
17, 899
31
15, 090
178,118
128,116
85,121
12, 972
13, 992
3, 662
155,366
95, 215
28, 865
2,450
7,130
9, 560
7,274
49, 050
9,173
215

2,538
1,508
1,177
1,067
25, 822 20,141
36
19
10,743
10,576
122, 483 80, 947
92, 469 41,514
52, 578
2,766
13, 687
8,784
9,646 28, 532
2,661
2,063
262,103 175, 624
136,264 99, 439
29,833
27, 895
1,196
1,540
10, 413
9,810
11,323
8,389
4,842
6,443
44,771
47, 012
5,072
5,824
198
231

1, 967
112
41, 955
8
7,896
115, 961
37, 238
1,865
4,135
69, 094
1,254
105, 013
102, 859
21,515
1,232
9,038
5,502
4,150
61, 489
23,110
207

50
200
24, 991
5
5, 560
141, 744
41,102
5,475
8,545
87, 673
2,009
145, 623
104, 374
22, 047
1,363
9,898
5,026
4,159
37, 071
8, 566

1,995
1,331
14, 987
9
5,903
155, 999
40, 561
2,871
19, 590
93, 961
1,707
90, 709
93, 111
21,310
1,489
8,662
6,923
3,171
37,186
7,684
256

109
1, 610
23, 335
9
5,363
153, 863
68, 463
21, 398
9,392
69, 840
1,774
52,194
90,983
18,857
1,077
8,173
5,452
2,430
26, 996
3,011
159

1,951
1,545
29, 019
9
5,131
198, 447
97, 673
53,734
3,329
95, 546
1,672
33,033
80, 521
16,138
1,015
6,206
5, 080
2, 333
25, 792
688
181

14, 435
14, 880
268, 876
236
147, 321
2, 093, 309
1, 201, 710
626, 594
113, 799
703,129
28, 032
1, 631, 523
897,485
312, 038
18, 606
124, 633
89, 579
53, 518
533,160
81,640
2,442

315

874

1,730

1,597

1,445

1,482

2,107

4,795

16, 757

263, 620
2,512
2, 771
188,107
43,061
5,742
2,821
411,035

55
281, 091
2,621
2,917
205, 853
48, 898
5,148
3,165
326, 885

33
60
288, 290 302, 981
2,635
3,148
2,389
1,788
192, 870 178, 072
49, 635 43,414
5,521
4,015
6,025
4,476
219, 935 293, 422

50
260,158
2,771
1,954
176, 431
49, 820
5,174
4,964
246, 556

25
303, 350
2,560
1, 573
152, 366
57, 024
4, 958
8,427
154, 535

48
298, 559
2,180
1,323
83, 924
53, 129
5,054
5,701
132, 584

19
299, 561
2,511
228
80, 991
54,043
5, 865
10. 633
136, 471

38
305, 802
2, 624
581
56, 558
69, 810
3, 781
23,151
134, 217

465
3, 317, 022
27, 310
21, 580
1, 825, 591
597, 786
64,169
91,877
2, 853, 507

42, 401
8, 041
6,787
6,430
6,913
163, 380
22, 921
140, 460
108, 569
19, 669
38, 202

47, 817
13, 383
6,693
6, 557
6,317
181, 296
17, 553
163, 744
187,818
21, 484
29, 990

30, 950 11,519
7,905
5,763
7,373
7, 044
6,344
6, 558
6,716
6,329
194, 222 153,828

28, 776
3,248
6,487
6,312
6, 050
150, 839
25, 462
125, 376
201,019
15, 504
21,116

5,415
1,286
8,008
6,158
6,033
117. 096
26,170
90, 926
187, 225
15, 300
16, 896

3
580
7,789
8,179
5,545
80, 994
10, 282
70, 711
184,140
17, 732
14,213

957
1,988
9.177
7,338
4,925
99, 816
9,164
90, 651
188, 271
19, 351
10,147

3,240
135
8,980
8,023
6,502
84, 096
6,680
77,416
161, 576
15, 645
6,045

289,640
49, 435
94, 817
88,115
71,703
1, 600, 222
218, 877
1,381,345
2,176,183
218,422
326, 035

27
1,115
8,900
15
15, 591
199, 312
80, 513
52, 633
5,580
111,929
1,139
121,336
15, 419
23, 363
1,575
10, 554
5,791
2, 375
43, 063
2,421
186
309

410

815

32
238,443
945
1,494
207, 492
43, 339
7,413
2,846
189, 647

17
41
204, 689 270,478
606
2,199
2,095
2,467
125, 935 176, 992
44, 715 40, 898
6,472
5.026
14, 080
5,589
221, 661 386, 560

10,834
590
7,544
8,509
5,738
102, 428
4,246
98,182
172,132
18, 513
46, 890

16, 583 91,145
1,893
4,623
9,370
9,567
7,238
10,468
5, 570
5,065
130, 477 141, 751
20, 405 22, 363
110,072 119,388
191, 278 151, 820
15, 262
46, 292

15, 443
48, 462

877

26,
167,
240,
19,
28,

898
324
411
611
480

26, 732
127,096
201, 924
24, 908
19,302

i C o m p i l e d b y t h e U. S. Department of Commerce, Bureau of Foreign and Domestic Commerce.
D a t a represent t h e final revision for t h e year 1937 of all series of i m p o r t s
a n d exports w h i c h appeared in t h e 1938 S u p p l e m e n t a n d in t h e m o n t h l y S u r v e y s . All of t h e d a t a h a v e n o t been revised, b ua tt t h e ccomplete
t a b- u -l a t-i o-n , - b y m o n t -h s , is presented
here for convenience of the users of t h e statistics. Revisions in exports are s h o w n on p . 14.




16

SURVEY OF CURRENT BUSINESS
Table 21.—FEDERAL DEBT

April 1939

1

[Millions of dollars]

Interest-bearing debt—Public issues
Month
1916

January
February._
March
April
May
June
July
August
September.
October
November.
December..

January...
February.
March
April
May
June
July
August
September
October. __
November
December.

1917

1918

1919

1920

1921

1922

1923

1924

1925

1926

8,196
9,324
10,164
11,112
12, 579
11,986
13,179
14, 356
15, 633
18, 335
19,151
20, 821

22, 954
24,219
23,959
24, 577
25, 669
25, 234
25,556
26, 349
25, 939
25, 970
25, 877
25, 595

25,424
25,161
24, 455
24, 707
24, 736
24,061
23,985
24,091
23, 853
23, 825
23, 939
23, 745

23, 756
23, 820
23, 741
23, 760
23,710
23, 737
23,534
23, 680
23, 675
23,199
23,364
23,188

23,152
23,239
22, 904
22, 955
22,900
22, 711
22, 717
22, 796
22, 564
22, 826
22, 709
22, 483

22, 359
22, 368
22, 390
22, 327
22, 186
22, 008
21,959
21,902
21, 834
21,801
21, 779
21, 643

21, 574
21, 521
21,357
21, 354
21, 287
20, 982
20,991
20,981
20, 983
20. 978
20, 951
20,712

20, 689
20, 558
20, 509
20,508
20, 506
20,115
20,105
20, 073
20, 052
20, 051
20, 051
19, 894

19, 880
19, 876
19, 606
19, 602
19, 599
19.180
19,155
19,078
19, 008
18, 962
18, 933
18, 618

1929

1930

1931

1932

1933

1934

1935

1936

1937

1938

16, 471
16,445
16, 338
16, 303
16,278
16,032
15,916
15, 896
15, 802
15, 794
15, 793
15, 401

15, 402
15,441
15, 362
15, 374
15, 383
15,157
15,134
15,149
15,041
15,143
15, 151
14,993

14,995
15,082
15, 491
15, 921
15,917
16, 229
16, 232
16,312
16,793
16,793
16,819
17,135

17,142
J 7. 458
17, 858
17, 967
18,418
18. 852
18, 890
19, 375
19, 923
20,119
20,117
20,097

20,103
20, 236
20.660
20, 762
21,148
21, 834
21, 849
22, 337
22, 290
22, 290
22, 785
23,079

24, 350
25, 341
25, 336
25, 238
25, 232
26,084
26,140
26.034
26,169
26,190
26, 300
27, 386

27, 391
27, 413
27, 490
27,191
27,146
27, 012
27,154
27,198
27, 724
27, 675
27, 885
28, 868

28, 884
28, 910
29,858
29, 868
30, 093
32,130
32,029
31,990
32,459
32, 458
32, 464
33, 067

33,139
33,164
33, ?63
33,416
33, 633
34,245
34,418
34, 638
34,361
34,377
34, 395
34,489

34, 579
34,603
34, 486
34, 465
34, 291
33,903
33, 834
34,112
34,920
34,950
34, 981
35, 743

1924

1925

1926

973
973
1,023
1,288
1,692
2,713
2,503
3,447
4.026
5,533
7,643
7,116

972
972
972
972
972
972
972

17, 268
17,178
17,172
17,085
17,003
16, 855
16, 765
16, 893
16, 436
16, 706
16, 681
16, 510

1927
18, 593
18, 577
18, 367
18,316
18, 252
17,892
17,849
17, 775
17,863
17, 770
17, 434
17, 348

1939
35, 882
35, 934

Non-interest-bearing debt—Public issues
1917

1916

January
February..,
March
April
May
June
July
August
September.
October
November.
December..

253
249
258
255
252
263
266
247
244
243
255
242

253
250
247
246
246
251
254
1928

January
February...
March
April
May
June
July
August
September.
October
November.
December..

240
240
239
238
296
258
242
256
252
441
287
255

1930

1929

321
311
303
300
291
286
278
273
450
357
330
319

1919

1918

299
291
290
285
282
293
285
278
288
274

261
259
268
258
257
264
257
255
256
253
252
252

1920

242
240
241
236
234
237
235
231
234
234
234
233

285
249
249
244
248
247
248
246
254
240
237
239

1931

1921

250
251
302
288
282
282
279
278
273
263
270
297

236
241
241
236
237
253
242
245
254
251
256
513

233
230
238
235
239
239
236
242
248
257
253
250

1933

1932

300
305
317
309
308
326
314
309
315
328
331
357

1923

1922

1935

1934

348
350
371
354
385
381
371
376
379
381
373
364

373
349
333
319
446
342
312
299
292
281
276
273

351
348
460
520
568
572
584
585
564
545
538
536

268
323
324
308
297
305
289
281
274
267
263
266

271
262
268
261
258
269
263
265
271
263
262
267

1936

524
557
782
904
902
1, 056
1,200
1,076
989
1,081
1,017
961

264
261
269
261
260
259
255
253
261
254
251
252

250
248
282
266
262
260
256
253
269
256
399
350
1939

1937

681
675
664
646
622
625
602
595
611
591
582
571

874
868
825
814
789
765
757
745
749
706
707

1927

565
553
556
546
551
589
549
541
543
526
535
528

534
533

Special issues to Government agencies and trust funds
25

January...
February..
March
April
May
June
July
August
September
October...
November.
December.

100
100
99
98

97
95
94
93
92
90
89
88

1926

141
139
208
206
205
204
203
203
203
204
205
205

1927

328
329
359
359
359
359
357
352
346
343
341
338

1928

461
461
462
462
461
462
482
482
481
482
481
481

1929

609
609
609
608
608
607
631
630
630
630
629
628

1930

760
760
760
760
760
764
785
784
784

784
782
781

1931

917
897
790
447
328
291
290
274
255
236
221
393

1932

372
362
332
320
311
309
407
384
373
366
359
351

1933

351
348
331
325
320
323
390
385
381
378
375
371

1934

371
367
363
360
356
396
464
461
458
453
461
558

1935

561
557
553

575
592
633
770
757
709
705
732
728

1936

733
736
733
732
729
626
642
630
627
623
621
632

1937

1938

683
762
806
882
959
1,558
1,699
1,815
1,905
1,991
2,118
2,227

2,314
2,481
2,518
2,501
2,582
2, 676
2,810
2,943
2,933
2,949
3.090
3.156

3 215
3J392

i New series. This table gives the complete record for the break-down of total public debt (Federal), which wasfirstpresented in the November 1938 issue of the Survey.
The data are compiled by the U. S. Treasury Department and are on the basis of the revised daily Treasury statements. Public issues—interest-bearing includes bonds, Treasury
notes, certificates of indebtedness and Treasury bills; Public issues—noninterest-bearing includes matured debt on which interest has ceased, United States notes (less gold
reserve), deposits for retirement of national bank and Federal Reserve bank notes, and other debt bearing no interest; Special issues to Government agencies and trust funds
(interest-bearing) includes notes or certificates of the following: Retirement funds, unemployment trust fund, old-age reserve account, adjusted service certificate fund, Postal
Savings System, Federal Deposit Insurance Corporation, and Government Life insurance fund.
NOTE.—Annual figures shown for total public debt in the 1938 supi lement to the Survey are notfiscalyear averages as stated but arefiguresas of the end of each fiscal
year.




April 1939

17

SURVEY OF CURRENT BUSINESS
Table 22.—FEDERAL EXPENDITURES, INCLUDING RECOVERY AND RELIEF >
[Thousands of dollars]
1931

1932

1933

1936

1935

1934

1937

1938

1931

1934

1933

1932

1935

1936

1937

1938

218,079
198,723
342,049
300,164
256,819
394,465
249,386
283, 702
392, 822
363,772
274,841
407, 360

289,131
307, 746
504,103
426, 355
297, 479
500, 393
337, 380
309, 593
445,989
376,393
302, 831
438,216

326,049
289, 654
476,320
411,504
343,959
602, 762
405,740
386,401
453, 422
453,731
373,861
500, 024

Month
General

Total
January
February
March
April
May
June
July
August
September
October
November
December

321, 566
313,655,
348,585!
405, 689'
282,837
861,898

Fiscal year, total

223,665
357, 686
371,638
2
532, 553
2 435, 448
2 492, 557
352, 201
240, 087
257,998
371, 037
259,141
786, 271

273,465
247, 667
341, 089
414,980
339, 380
441,832
290, 760
291,941
342, 426
536,501
376,339
530, 049

I

716,991
634, 203
573,117
943,687
493,633
641, 301
606, 393
559, 246
543, 246
789, 863
601, 428
646,923

t, 947, 777 4, 325, 150 0.\ 370, 947

Fiscal
year,
monthly average-

412,315

530,912

360, 429

487, 210 535,906
529, 606 488,929
573, 012 644, 212
785, 737 647, 542
603, 366 694,241
857,403 2, 438,342
615,175 661, 559
439, 076 593,062
588,016 682,485
804, 227 680, 576
537, 072 568, 946
636,148 726, 424

587, 322
613, 648
815,096
756, 929
563,874
296,459
679,999
557,88:
703,479
611,442
495, 818
680,130

533,709
528,329
751, 953
642, 924
568,613
937, 004
762, 69:
682,823
764, 50!
770,311
678,588
870,278

300, 501
313,655
348, 585
405, 689
257,119
332, 298

583,434 9,068, 8868, 546, 380 7, 691, 287

631, 953

755, 740

640, 941

223, 658
227, 342
275,152
343, 680
246,!
352, 668
229,789
236,517
251, 622
357,674
235, 433
297, 316

226,151
200, 251
273,370
337,723
249, 028
388, 414
118,195
174, 582
245, 633
397, 950
204, 219
223,255

0
130,
96,
188,
158,
50,

339
458
867
579
756

1
3, 853
10, 221
18, 240
20, 495
29, 338

Fiscal year, total

625,000

Fiscal year,
monthly average-

52,083

41,751
44, 623
64, 733
42, 580
61, 574
47, 780
91, 780
100, 491
91, 243
111,405
156,198
200, 504

461, 326
343, 055
398, 376
298, 036
250, 833
260, 047
322, 659
274, 905
242, 248
288,906
298,177
291, 623

254, 011
251, 666
280,132
257, 024
273, 467
333,713
205,809
253,003
247, 878
275, 091
263, 803
305,919

302, 268 273, 607 223,415

230,275

280,711

297, 351
287, 802
297, 564
298,516
392, 321
316,097
302, 859
269,194
263, 505
296,,--271, 892
294, 377

231,111
214,872
246, 751
245,837
204, 839
231, 588
199, 440
173,971
157, 327
165,687
154,511
169, 474

146,654
152, 608
195, 597
201.841
206, 408
314, 044
216, 406
236,179
242, 693
261, 606
248, 587
307, 241

286,763

256,115

186,464

0
0
0
0

21, 065
0
0
0
0
200, 000

Fiscal year.
Fiscal year monthly
average

0
0
0
0
0
0

0
0
0
0
0
0

0
0
0
0
0
0

121,266

71,143

71, 009

140, 662

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

221, 065

121, 266

71,143

18, 422

10,106

5,929

9, 347
97,480
92,166
22,958
29,757
10,456
7, 836
37, 643
61,142
43, 624
60, 530
29, 974
44,911
21,437
43, 668 -86, 470
32, 231
585
17,532
15,483
-1,210
30,118
15, 854 -46, 527

01,867
1,146
-283
-3,851
-4,876
3,213
6, 966

3.518
2,788
?, 986
34,678
21,883
5, 637
9, 640
16,867
5, 549
27,146
10, 735
83,832

61, 867

73, 804

495, 668

345, 329

5,156

6,150

41,306

28,777

20
2

Transfers to Trust Accounts
January
February.-.
March
April
May
June
July
August
September. .
October
November..
December_-

268, 75] 283, 277 358,091

388, 387

Revolving Funds—Net 4

385,187 2, 763, 295 3, 368, 530 3, 441,154 3, 073, 383 2, 237, 564

32,099

217,627
252,134
258,770
335, 320
199, 444
328,425
192, 394
258, 967
321, 879
340, 943
228, 246
346, 596

2, 680, 9773, 225, 0073, 399, 3264, 297, 0894,660,648
3, 627, 215 3, 283, 28'

Recovery and Eelief
January
February...
March
April
May
June
July
August
September.
October
November..
December._

133,491
198,981
164, 280
308, 006
191,757
320, 627
167,812
240,668
268, 765
394,054
233,848
328,140

3, 806
18, 394
— 6 , 245
24, 348
- 3 , 606
15, 300
22,362
31,880
38,194
11,025
43, 684
21,971
27, 424
17,893
12, 439
13,323
10,983
15, 891
12,164
8,707
14,719 -17,846
12,407
7, 352
11,011

3,820
16, 852
18,172
8,790
15, 514
12,484
5,308
12, 743
10,249
9,703
6,895
5,827

203, 536

120, 953

918

16, 961

10, 079

16, 669
8,648
8,204
16, 983
6,908
10, 604
5,039
18,089
6,624
3,969
4, 556
11,718

3,675
21, 572
3,930
17, 365
5,207
2,226

1,186
13,215
3,864
1, 385
532
6, 914
137
0
13,645
1,772
745
8, 685

Debt Retirements

0
0
0
0
0
0 1, 673,

0
0
0
0
0

8
4
29
6

2,045

24, 695

5
0
0

0
5

30,000
27, 266

6,896

563

45, 011
45,110
45, 013
45, 009
45, 324
540, 280
125, 255
6i, 000
55, 000
55, 000
55, 000
63,000

56,000
56, 000
58,000
19, 403
2,200
800
0
135,107
0
47, 500
0
44, 500
0
43, 500
48,500
25, 719
48, 500 329, 599

452, 651

5,187
22, 458

89, 371
39, 286
11,307

6, 226
2,849
4,353
185, 557
69, 313
165, 291
54, 873
13, 576
17, 674
172, 710
46, 232
30,160

71, 009 1,814,155

868,401

606, 658

412, 630

461, 605

359, 864

573, 558

403, 240

103, 971

65, 465

151,180

72, 367

50, 555

34, 386

38, 467

29, 989

47, 797

33, 603

8, &'A

5,455

5,917

493
76, 851
9,637
8, 551
4,113
2,938

0
0
7
0
0

300, 001
7,420

1
4
0
0
0

96
1
4
2

31
0
29, 272
5,655
1,321
2,088

1
New series. Data are compiled by the U. S. Treasury Department and reported in the unrevised daily Treasury statement. The monthly data beginning with July
1931 have been revised to conform with the present Treasury classification. Earlier data are not available on the new basis. The figures shown here are for the general and
special accounts and exclude trust accounts, increment on gold, etc. The General account includes departmental expenses; Recovery and relief includes agricultural aid, relief,
public works (including work relief), aid to homeowners, and other miscellaneous relief items; Revolving funds (net) includes agricultural aid through the Farm Credit Administration, loans and grants to States, municipalities, etc., and loans to railroads; Transfers to trust accounts includes transfers to retirement funds and old-age reserve accounts;
Debt retirement includes purchases and redemptions for the cumulative sinking fund, purchases and redemptions of specified bonds from cash repayments of principal and
interest b y foreign governments under ratified debt "—™™^+" ^^A ~ ^ ^ — ^ ; — „<• ^^^^.-^^^ ^ — i
;„„,* <•
+„+„ ±—„ «-,^ *—^:4..,— - • " - -•<-2
June figure includes some crop production loai
3 T h e $625,000,000 total for the fiscal year 1932 cc
tion to the capital stock of the Federal land banks.
4
M i n u s sign (—) indicates excess of receipts.

Table 23.—FEDERAL RECEIPTS, TOTAL ]
[Thousands of dollars]
Month
January
February
March
April
May
June
July
August
September
October

1933

! 1931

120,5.31
114,802
3(50, 079
119,486

96,582
89,201
267,372
83,73:
84,603
235,456
87, 764
101,114
248,273
129,732

115,620
111,697
272,036
113,711
157,317
286,429
163,214
187,788
320,999
255,642

1935

210,954
205,750
420,103
182, 278
23fi,564
391,007
218,189
286,266
449. 445
259,884

202,801
214,128
600,748
227, 857
246,117
463,733
278,909
298, 745
420,811
235,435

1936

1937

227, 961 283,826
218,307 274, 577
751,698 1 ,011,740
230, 645 363,049
256,117 334,642
529.215 867,7uO
293,887 409.161
343,015 453,458
499,014 788, 072
272,172 332, 760

1938

334,709
349, 362
959, 404
272,629
375, 396
773,948
311,092
487,487
710, 603
331,965

Month

1931

1932

1933

1934

1935

1936

1937

1938

98,670 114,010 208,861 246,607 234,297 232, 774 327,130 381,644
November
335,191 341,992 332, 394 384,691 433,813 517,443 865, 633 704, 494
December
F i s c a l year,
total
2005,725 2079,69- 3115,554 3,800,467 4,115,95' 5293,840 6241,661

Fiscal year,
monthly average

167,144 173,308 259,630 316,706 342,996 441,153 520,138

1
Revised series. Data are compiled by the U. S. Treasury Department and are on the basis of the unrevised daily Treasury statements. The figures comprise internal
revenue, customs, and miscellaneous receipts but do not include trust accunts, increment on gold, etc. These latter items were included in the series shown in the 1938 Supplement to the Survey.
136180—39
3




18

SURVEY OF CURRENT BUSINESS

April 1939

Table 24.—STOCK PRICE INDEXES, COMPANIES PRODUCING CAPITAL GOODS AND
CONSUMERS' GOODS 1
[Monthly average 1926=100]
1926

1927

1928

1930

1929

1931

1932

1934

1933

1935

1937

1938

Month

Capital Goods (107)
January
February...
March
April
May
June
July
August
SeptemberOctober
November_
December..
M o n t h l y average.

99.7
101.7
95.4
92.7
92.7
97.1
101.0
104.6
104.3
101.3
103.4
106.2

106.1
108.6
111.1
114.1
116.7
118.1
122.0
127.7
135.0
130.6
133. 6
141.1

143.1
139.9
143.7
150.7
154.2
147.6
147.4
153.5
165.1
170.3
186.5
189.8

217.5
225.1
231.3
224.3
228.5
233.7
258.7
274.6
281.7
249.2
180.3
184.1

192.9
207.2
213.0
219.6
198.7
176.1
169.7
167.9
170.4
141.5
129.5
121.3

120.0
129.9
133.0
118.4
98.6
93.8
98.6
&2.1
82.4
65.1
68.0
53.7

51.6
49.6
51.2
38.6
32.9
28.6
29.9
48.4
56.6
48.1
43.4
41.4

43.8
40.4
39.8
47.4
65.9
79.5
88.9
83.6
85.6
78.2
79.4
81.8

87.4
93.1
89.2
92.5
81.6
82.3
80.3
75.5
75.2
75.8
76.9
80.1

83.4
81.3
76.4
80.0
87.8
89.4
95.1
101.3
108.0
109.5
119.2
122.8

127.8
138.1
144.4
146.6
134.0
141.4
144.8
154.5
157.6
165.1
176.5
176.9

183.9
193.6
198.1
186.6
173.1
171.9
180.4
186.4
161.2
131.9
115.2
119.7

119.5
117.7
113.9
99.6
104. 0
101.4
127.8
129.3
126.1
136.7
142.6
139.4

100.0

122.1

157.7

232.4

175.7

96.1

43.4

67.9

82.5

96.2

150.6

166.8

121.5

Consumers' Goods (194)
January
February
March
April
May
June
July
August
September
October
November
December
Monthly average.

103.5
103.9
95.6
90.2
89.5
94.9
97.6
103.8
105.6
103.2
104.5
107.5

106.9
108.6
111.3
115.1
119.5
120.8
123.1
129.6
138.3
138.1
141.9
146.8

149.1
147.1
156.2
166.3
170.7
164.0
164.1
170.8
183. 5
188.5
197.7
193.6

203.5
199.0
199.4
195.0
192.2
186.7
193. 5
195.2
198.4
175.3
130. 6
132.1

132.6
139.4
143.8
148.7
142.9
129.0
126. 7
126.4
128.7
111.3
103.9
99.9

101.9
111.2
115.3
108.9
99.2
95.4
98.5
97.2
87.5
70.8
74.1
61.8

61.7
60.9
62.2
49.7
42.7
36.6
37.0
52.7
58.2
52.1
48.3
46.8

48.5
44.8
44.0
50.1
67.0
76.8
84.5
81.0
81.7
75.2
73.7
76.3

80.4
87.0
82.8
86.5
78.2
79.1
78.2
74.8
75.2
77.7
79.7
82.6

83.1
81.3
78.1
79.4
83.6
85.7
91.4
95.5
98.1
99.7
108.0
107.9

112.1
116.6
118.7
119.6
112.7
117.3
120.8
121.9
123.8
128.4
135.0
130.3

129.6
132.7
131.3
126.4
118.4
114.0
116.5
121. 0
108.3
94.3
85.4
80.6

80.5
81.5
79.4
73.9
76.3
76.5
92.2
97.0
94.0
98.7
102.1
98.5

100.0

125.0

171. 0

183.4

127.8

93.5

50.7

67.0

80.2

91.0

121.4

113.2

87.6

1

New series. Compiled by Standard Statistics Co., Inc. Data represent a break-down of the Standard Statistics' industrial stock price index, shown regularly on p. 36 of
the Survey. The indexes are based on 107 common stocks representing capital goods, and 194 representing consumer goods. Prices used are the closing prices for each Wednesday, averaged to obtain the monthly figures. Prior to April 1930 they were based on quotations for a different day each week, the selection of the day depending on the publication ^requirements of the compiler's weekly service. For further details regarding the Standard Statistics' stock price indexes, see the 1938 Biennial Supplement.

Table 25.—CORPORATION PROFITS, STANDARD STATISTICS CO., INC. 1
[1926=100]

With adjustment for seasonal variations

Without adjustment for seasonal variations
Quarter
1932

1933

1935

1934

1938

1937

1938

1932

1933

1934

1935

1936

1937

1938

Combined index
Atarch
June
December..
Quarterly average

...

18.4
12.6
3 9
3.5

'3. 7
34. 0
1
35. 0

38. 8
50. 7
34 t\
28. 2

43. 4
55. 2
50 2
78.8

64.0
92.5
84 4
115. 1

93. 9
110. 4
98.4
78. 7

32. 8
36. 8
38 5
72.5

9.6

29. 4

38. 1

56. 9

89. 0

95. 4

45.2

18.3
12.9
4.2
3.7

'2.5
32.0
50.9
36.3

39.3
46.6
34.2
29. 2

45.1
50.6
49 5
85.4

66.2
84.4
81 7
124.0

97. ?
101. 0
95
85. 4

'43.8
'3.5
29.7
12. 8

'7.0
'4.2
*9.0
2.5

'19.9
' 10. 1
'4.0
34. 3

' 12.8
3.0
31.0
68.5

13. 1
13. 8
19. 2
9. 0

35. ?,
34. 6
38 4
4

11ailroads (Class I)

March
June
September
December
Quarterly average

'32.3
Ml. 9
'23.1
8.3

' 50. 4
'3. 8
38. 1
14. 0

'22.3

d20

0
f>
3

7

' 25 7
'10.9
'2.8
37.5

' 16. 4
2.7
39.7
74.8

9.1
12.5
24. 6
9.8

' 63. 0
'44.5
2.0
34.1

'4. 3

'.5

25. 2

14.0

' 17. (J

'9.
'4.
'6.
2

' 25.0
' 38. 7
' 32. 7
7.6

'49
'41
1
31

0
0
5
2

i Revised series. Compiled by Standard Statistics Co. Inc. The quarterly index of railroad earnings has been revised beginning with 1932 to include all Class I roads. The
series prior to 1932 remains unchanged and is based on the earnings of 26 companies. In order to obtain comparability for the entire series thefiguresfor all Class I roads have
been adjusted downward to the level of the 26 roads. The adjustment is based on the ratio of the 26 companies to all Class I roads for the period 1932-38. The combined index
lias here been revised to conform with the changes in the railroad composite.
' Deficit.




19

SURVEY OF CURRENT BUSINESS

April 1939

Monthly Business Statistics
The data here are a continuation of the statistical series published in the 1938 Supplement to the Survey of
Current Business. That volume contains monthly data for the years 1934 to 1937, 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 1934. The 1938 supplement may be secured from the Superintendent of
Documents, Government Printing Office, Washington, D. C , for 40 cents per copy.
A few series have been added or revised since the 1938 Supplement went to press. These are indicated by
an asterisk (*) for the new 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
variations. Data subsequent to February will be found in the Weekly Supplement to the SURVEY.
Monthly statistics through December 1937, to- 1939
gether with explanatory notes and references
to the sources of the data may be found in the Febru1938 Supplement to the Survey
ary

1938
February

March

April

May

June

July

1939
August

Novem- DecemSepber
tember October
ber

January

BUSINESS INDEXES
INCOME PAYMENTS
Adjusted index
1929 = 100-.
Unadjusted index
do._.
Total
mil. of doL
Compensation of employees:
Adjusted index..,
1929 = 100Total
mil. of doL.
Mfg., mining, and construction
do
Transportation and utilities
.do
Trade and
finance
__do
Government, service, and other
do
Work relief
do
Dividends and interest
do
Entrepreneurial withdrawals and net rents
and royalties
mil. of doL.
Direct and other relief.,
do-.._.
Benefit payments under social Security Act
mil. of dol_.
INDUSTRIAL PRODUCTION

83.9
77.7
5,090

82.6
76.0
4,975

82.7
81.4
5,331

81.4
81.6
5,342

80.4
76.7
5,020

80.7
82.3
5,388

80.7
81.0
5,304

81.5
76.1
4,985

82.0
83.5
5,465

82.3
86.3
5,651

' 84. 4
90.9
' 5, 953

85.0
3,574
1,145
357
628
1, 254
190
420

81.4
3,420
1,071
355
632
1,216
146
442

81.0
3,448
1,064
369
630
1,221
164
720

80.1
3,457
1,035
359
644
1,239
180
752

79.5
3,456
1,022
359
635
1,251
189
440

79.4
3,458
1,006
360
629
1, 266
197
800

79.8
3,357
1,002
366
625
1,175
189
788

81.4
3,418
1,056
373
619
1,173
197
412

82.5
3,570
1,102
374
632
1,265
197
692

83.1
3,675
1,137
386
641
1,305
206
739

' 86. 2 '85.5
'3,716 ' 3, 582
1, 166 ' 1,125
'374
'368
683
'638
1,290 ' 1, 258
203
' 193
'779
1, 079

957
94

991
95

1,014
97
52

995
92

992
85

993

1,025

1,015
85

1,067
84

1,108

46

47

49

48

65

52

45

79
76
62
34
35
53
104
195
'55
85
84
143
98
57
68

80
77
63
46
44
55
107
191
'60
78
83
152
95
56
58

78
76
66
65
46
55
102
196
'62
76
76
146
91
47
52

168
104
97
79
75
62
57
35
50
102
195
••55
86
79
157
103
53
64

65
170
106
92
79
75
54
65
42
49
104
191
'60
83
81
160
103
68
58

73
170
96
83
77
73
54
67
42
50
104
197
'62
84
74
159
101
45
74
170
96

77
75
52
86
72
46
87
192
'70
80
83
169
91
62
51
67
65
156
89
68
77
74
46
69
80
46
90
193
'70
81
87
154
92
71
57
34
64
153
91
70

81
79
45
87
69
58
101
199
81
79
90
167
92
39
55
78
52
165
84
64
83
82
43
71
77
62
103
200
'81
83
97
154
93
47
60
38
54
161
99
69

87
85
26
87
89
69
120
203
'90
77
103
172
97
38
62
76
44
170
104
69
88
87
45
67

64
172

77
75
59
82
47
51
96
197
'64
82
77
165
90
64
49
28
59
158
89
80
76
73
49
69
44
47
105
198
'64
84
77
163
91
64
57
19
60
156
92

91
89
26
86
107
75
119
206
'95
90
104
177
102
50
76
78
48
163
97
71
91
89
46
69
107
76
102
206
'95
98
103
160
97
50
71
4J
50
158
102
75

97
95
63
91
155
88
111
209
'99
94
103
161
106
63
79
86
52
163
101
78
96
95
84
80
155
90
101
208
'99
95
100
150
99
49
72
50
50
161
102
80

1,055
85
37

1,030
92
36

' 1, 014
95

(Federal Reserve)

Combined index, unadjusted
1923-25=100.
Manufactures, unadjusted
..do...
Automobiles
.
_do._.
Oement
do...
Glass, plate
do.__
Iron and steel
..do...
Leather and products
do.__
Petroleum refining!
do._.
Rubber tires and tubesf
„
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
Petroleum, crude....
do
Silver
do
Zinc
do....
Combined index, adjusted
do
Manufactures, adjusted
do
Automobiles
do....
Cement
do
Glass, plate
do
Iron and steel
do....
Leather and products
.
do
Petroleum reflningf
--do
Rubber tires and tubesf
__do
Slaughtering and meat packing
..do
Textiles
do
Tobacco manufactures
do
Minerals, adjusted
do
Anthracite
do
Bituminous coal
do
Iron-ore shipments.__
do
Lead
do
Petroleum, crude
_
.do
Silver.
._
do
Zinc.
do....
MARKETINGS
Agricultural products (quantity):
C o m b i n e d index...
1923-25=100.-

*>99
P98

98
48
133
91

83
115
147
v 104
v 66
75

» 164
93
98
80
133
87
9 122
109
83
109
162
P109

73
168
87

171
96
90

87

203
'90
89
110
161
95
38
64
37
46
167
105
74

103
103

56
64
72
72
77
73
92
92
117
131
Animal p r o d u c t s .
do
64
63
75
79
93
90
85
89
83
D a i r y products
_
.do
94
86
101
106
134
156
136
153
137
114
Livestock
_
do
56
57
63
59
66
62
60
72
75
85
P o u l t r y and eggs
_.do
70
66
97
116
119
102
79
73
68
76
Wool
do
50
42
46
106
303
333
487
317
76
139
Crops.
..do
46
65
69
64
61
56
100
96
152
174
Cotton
do
34
69
60
42
22
19
19
61
235
267
Fruits
_
do
78
79
88
93
88
77
81
80
90
113
Grains
_
do....
38
48
59
63
72
68
205
155
110
128
Vegetables
_.
do
78
86
111
107
117
116
63
46
87
86
' Revised.
v Preliminary.
tRevised series. Petroleum refining, unadjusted and adjusted, revised beginning 1934; revisions not given on p . 59 of the February 1939 issue will appear in a subsequent
for
FRASER
Survey.
R u b b e r tires and tubes, unadjusted and adjusted, revised beginning 1936; revisions not given here will appear in a subsequent issue.

Digitized


20

SUKVEY OF CURRENT BUSINESS

Monthly statistics through December 1937, to- 1939
gether with explanatory notes and references
to the sources of the data may be found in the Febru1938 Supplement to the Survey
ary

April 1939

1938
February

March

April

May

June

July

1939
August

September

DecemOctober November
ber

January

BUSINESS INDEXES—Continued
M ARKETIN GS—Continued

Agricultural products, cash income from farm
marketings:
Crops and livestock, combined index:
Unadjusted....
1924-29=100.
Adjusted
do__.
Crops
do__.
Livestock and products
do...
Dairy products
do...
Meat animals...
do.._
Poultry and eggs
.do...

51.0
60.0
44.5
76.5
85. 5
77.5
50. 5

54.0
62.5
49.0
76.5
95.5
75.0
54.0

60.5
67.0
55.0
79.5
92.5
77.5
66.0

58.0
70.5
60.0
81.5
88.5
75.0
68.0

60.5
67.5
58.0
77.5
84.5
71.5
75.5

61.0
72.0
66.5
77.0
80.5
76.5
76.0

72.0
82.5
86.5
78.5
82.0
80.0
75.0

72.5
72.0
63.0
81.0
84.5
82.0
75.5

85.0
72.5
61.0
84.5
86.5
87.0
75.5

'91.5
67.5
55.5
80.0
86.0
77.5
77.5

78.0
69.5
55.5
84.0
85.5
83.5
83.5

72.5
68.0
55.0
82.0
89. 5
78.0
81.0

182
204
307
168
191
117
88
111

188
214
319
172
194
108
96
109

193
226
326
171
199
101
100
108

196
240
320
185
202
102
94
99

204
259
324
192
199
107
92
103

222
287
323
184
218
115
102
129

223
281
316
168
221
118
104
146

208
241
309
172
195
119
105
163

202
217
305
179
199
126
105
169

194
202
297
172
188
129
102
169

191
201
269
164
192
127
105
167

WORLD STOCKS t
C o m b i n e d index ( q u a n t i t y )
C o t t o n , adjusted-_.
Rubber, a d j u s t e d .
Silk, adjusted
Sugar, adjusted
T e a , adjusted
Tin, unadjusted..
Wheat, adjusted.

1923-25= loo

126

20^
28^
14'
18<

II
161

COMMODITY PRICES
i

COST O F LIVING
(National

Industrial

Combined index
Clothinsr
Food
Fuel and light
Housing
Sundries
.

Conference

Board)

-

.

1923=100..
do
do
- -do
do
do

85. 1
72.4
78.4
86.9
86.1
96.7

86.7
76.0
80.1
86. 3
87.8
97.5

86.7
75.5
80.3
86.2
87.5
97.8

86.8
75. 1
81.1
85.7
87.2
97.6

86.5
74.5
80.8
83.7
87.0
97.6

86.7
73.9
81.9
83.7
86.7
97.5

86.5
73.5
81.7
84.1
86.6
97.4

85.9
73.4
80.1
84.4
86.6
96.9

85.9
73.3
80.4
85.0
86.6
96.8

85.8
73 2
79.8
85.6
86.6
96.8

85.6
73.2
79.5
85.9
86.4
96.8

85.8
73 0
80.3
86.0
86.2
96.8

85.4
72 7
79.2
85.9
86.2
96. 8

92
91
70
107
78
66
116
108
92

97
94
68
121
68
89
110
111
97

96
93
70
117
69
85
117
101
89

94
93
71
110
68
82
114
98
86

92
98
71
103
77
79
111
88
82

92
99
68
98
73
77
116
92
84

95
103
71
101
79
72
123
99
87

92
105
69
102
78
62
115
92
99

95
118
69
104
75
63
117
107
98

95
124
72
107
70
60
111
107
107

94
131
73
109
71
60
111
102
95

96
127
70
112
73
63
109
108
108

94
97
71
105

76.8

78.4

80.5
91.0
78.6

79.4

79.1

75.7
86.4
80.2

80.0

78.4

78.4
88.0
78.7

78.1

77.8

81.8
89 3
78.6

77. £

89.1

91.2

90.6

90.2

89.5

89.2

89.0

89.0

89.0

89.0

88.9

88.9

89. 1

96.2
88.5
88.9
90.5
84.3

97.1
90.7
92.2
94.6
86.1

97.1
90.2
91.4
94.2
85.6

97.1
89.9
90.8
93.5
85,4

97.0
89.6
89.9
92.7
84.9

96.9
89.4
89.3
91.9
84.9

96.8
88.9
89.0
91.5
84.8

96.6
89.0
89.4
91.3
84.5

96.5
88.7
89.4
91.1
84.5

96.4
88.7
89.4
90 9
84.5

96.4
88.7
89.2
90.4
84.4

96.3
88.7
89 0
90 4
84.3

9G. [
88 "
89 (
90 ..
84.J

PRICES RECEIVED BY FARMERS§
(17. «S. Department

of

Agriculture)

Combined index
1909-14=100..
Chickens and eggs
do
Cotton and cottonseed
do
Dairy products
_ _ -do
Fruits
-- --do
Grains
do
Meat animals
_. _
do
Truck crops .
do
Miscellaneous
do

7e

6f
115
9(
10?

RETAIL PRICES
U. S. Department of Labor indexes:
Coal:
Anthracite
- 1923-25= 100..
Bituminous
do
Food
-- - - do . . .
Fairchild's index:
Combined index
Dec. 31, 1930=100..
Apparel:
Infants' wear _
.
do
Men's
do
Women's
..do
Home furnishings
do
Piece goods
_
do
WHOLESALE PRICES
U. S. Department of Labor indexes:
78.8
76.9
78.7
78. 1
79.7
78.3
78. 1
77.6
Combined index (813 quotations).. 1926= 100..
79.8
78.3
77.5
76. (
77.0
Economic classes:
82.1
80.2
82.5
80 9
83.4
82.7
82.2
81.8
81.1
Finished products —
__do
81.8
80 (
83.3
80.5
70.7
72.3
70.9
73.2
71.3
71.4
71.4
Raw materials
do
73.6
70.9
72.0
71.5
70. <
70.9
74.3
75.3
75.4
74.4
75.6
74.1
74.4
74.7
Semimanufactures
do
76.1
75.9
76.2
74. (
69.4
68.4
67.5
67. 2
68.1
69.8
70.3
68.7
67.3
67'6
66.8
67.8
Farm products
do..
67
54.7
66.0
62.3
58.3
Grains
do
69.0
53.4
73.0
62.7
50.8
53.0
50.9
54.4
m. •
79.3
79.2
82.7
77.9
84.4
80.2
Livestock and poultry
do
78.1
80.6
81.0
76.2
75.2
74.4
78. (
,i
72.3
73 5
71 5
72 1
73 1
74 3
Foods
do
73 5
73 0
74 5
74 1
73 1
73 5
69.1
69.5
76.7
71.7
Dairy products
do
71.6
78.3
68.5
71.1
71.6
68.8
72.5
71.
73.9
58.7
56.8
56.4
Fruits and vegetables
do
62.1
56.5
56.8
61.7
55.5
57.5
57.3
63.0
60. 4
82.1
83.2
82.2
Meats
__
do
89.7
78.4
81.6
84.5
87.3
83.3
81.9
86.0
79.9
81.
Commodities other than farm products and
80.2
81.4
foods
1926=100 82.6
82.0
81.6
81.4
83.0
81.3
81.3
81. 1
80.6
80
80 3
89.0
91.2
90.4
89.2
91.5
Building materials..
...do
91.1
89.4
89.7
89.2
89.5
89.8
89.4
89..
92.4
90.4
91.1
90.5
90.7
91.5
90.6
Brick and tile. . .
do .
90.6
91.5
90.9
91.1
91.5
92.'
95.5
95.5
95.5
Cement
do
95.5
95.5
95.5
95.5
95.5
95.5
95.5
95.5
95. 5
91 '
92.6
91.1
91.3
91.0
90 2
89.3
88.8
90 2
Lumber
do
88.7
90 4
90 a
90 3
76.3
79.1
77.5
76.8
Chemicals and drugs.. _
.
do
78.7
76.3
77.7
77.7
77.3
76.6
77.1
76.7
79.4
83.6
81.9
81.2
83.2
80.6
81.7
Chemicals
do
81.4
81.0
80.2
80.5
80.0
79 r
73.8
72.8
72.7
73.9
73.8
71.9
74.8
Drugs and Pharmaceuticals
do
74.8
74.8
73.6
74.9
73.5
73'(
70.1
69.6
Fertilizer materials
_
do
71.8
69.5
66.9
69.3
72.3
67.3
67.2
67.7
67.5
68.6
70.
p
Revised,
§Data for Mar. 15,1939: Total 91, chickens and eggs 88, cotton and cottonseed 71, dairy products 100, fruits 81, grains 66, meat animals 116, truck crops 114, miscellaneous 83*
fRevised series. Combined index of world stocks revised beginning January 1920; see table 5, p. 17 of the January 1939 Survey.




(•,{). (

21

SURVEY OF CURRENT BUSINESS

April 1939

Monthly statistics through December 1937, to- 1939
gether with explanatory notes and references
to the sources of the data may be found in the Febru1938 Supplement to the Survey
ary

1939

1938
February

March

April

May

June

July

August

September

DecemOctober November
ber

January

COMMODITY PRICES—Continued
WHOLESALE PRICES-Continued
(T. S. Department of Labor indexes—Contd.
Commodities other than farm products and
foods—Continued
Fuel and lighting materials
1926=100..
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=100..
Textile 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 tubes
do
Paper and pulp
do
World prices, foodstuffs and raw materials:
Combined indexf
1923-25=100
Cotton .
do
Rubber. . . .
do
Silk
do _
Sugarf
do
Tea
do
Tin . .
do
Wheat
do .
Wholesale prices, actual. (See under respective commodities.)

87.7
83.7
91.6
96.0
99.4
71.6

76.8
87.0
85.2
57.5
92.1
104.5
62.6
82.2
87.3
83.6
90.9
96.3
100.4
70.7

76.2
86.4
88.3
56.4
91.3
102.5
63.4
82.1
87.2
83.6
90.8
96.7
101.8
68.8

76.4
85.0
90.4
56.3
90.1
101.8
62.3
81.6
87.1
83.5
90.7
96.1
100.9
67.2

76.8
84.7
91.0
56.8
91.5
101.2
70.8
82.5
86.4
82.2
90.5
95.2
97.2
71.8

76.8
81.6
88.1
56.7
91.9
100.8
75.6
82.1
86.4
82.2
90.5
95.4
97.3
72.9

76.6
81.8
88.7
56.4
92.0
100.8
75.7
82 4
86 2
82 1
90 2
95.5
97.3
73 5

75.4
81.8
87.1
53.8
93.4
100.3
82.1
84 6
85.7
82.1
89 3
95.3
96.9
76.2

73.7
81.8
84.6
51.5
94.6
100 4
85.5
86 9
85.8
81.9
89 7
94.9
96.9
77 6

73.2
82.7
81.6
50.9
93.1
100.6
78.8
85.9
86.0
81.6
90.3
94.6
96.8
76.8

82.2
50.4
93.1
101.2
78.4
85.0
85.4
80.5
90.1
94.4
96.4
76.7

79.6
68.6
85.8
67.6
60.9
28.5
81.0
74.8
57.4
89.7

78.9
68.2
84.6
67.5
60.3
28.8
80.2
74.4
57.4
88.8

77.2
67.2
84.6
65.7
60.6
28.9
77.1
73.4
57.4
87.5

77.2
66.1
82.2
65.0
60.5
28.4
76.0
73.1
57.4
86.9

77.2
65.5
82.2
63.9
59.7
27.6
75.6
72.9
57.4
85.5

79.5
66.1
81.7
65.1
59.8
29.9
75.9
72.7
57.4
82.8

79.2
65.9
81.7
64.4
59.8
29.2
76.3
72.4
57.4
82.4

78.5
65.8
81 6
64 1
59.9
29 5
76.3
72 4
57.4
81 9

78.5
66.2
81 6
64.6
59.9
30.9
76.3
72 6
57.4
81 7

78.7
66.2
81 6
65.1
59.9
30 3
76.4
73 0
58.8
81 5

78.7
65.8
81.6
64.6
59.3
30.8
74.8
73.1
58.8
80.9

78.7
65.9
81.5
64.3
59.1
32. 1
74.5
73.2
58.8
81.0

37.8
33.1
37.3
29.5
30.9
67.0
90.8
41.1

45.2
32 7
34.5
22.2
28.3
77.4
82.1
82.5

41.9
32.7
31.7
22.8
27.1
76.0
81.9
69.6

40.7
32.4
27.7
22.6
26.0
76.9
76.3
68.5

38.8
30.9
27.1
22.4
26.2
75.3
73.3
62.9

39.6
30 9
29.4
22.5
27.1
70.9
80 3
64.0

41.2
32 7
36.0
25.3
28.2
70.5
86.3
62.4

39.1
30 9
37.7
24.3
28 1
76.3
86.1
53.9

38
29
37
25
28
78
86
50

3
8
8
2
9
4
3
2

37.8
31 6
39 6
25 9
26 8
72 9
90 0
46 7

37
33
38
25
28
66
92
42

5
5
0
2
8
0
0
3

36. 5
32 0
37.6
25.3
30 4
67.2
91 9
38 1

37.2
32 7
36 9
26.5
31 3
66.7
92 3
39 3

130.9
130.2
159. 7
119.5

126.2
127.6
151.5
117.2

126.4
127.2
153.1
117.2

128.0
125.9
156.5
117.2

128.9
126.4
159.7
117.5

128.6
124.7
159.7
117.2

127.8
125.0
154.8
117.5

128.9
127.6
159.7
118.3

128.6
127 1
154.8
118.3

129.8
128 0
154.8
118.5

129.9
128 5
156 5
118.8

130.8
127 2
153.1
118.5

130.9
129 0
156.5
119.0

73.0
50.7
91.9
101.1
72.8
84.2
85.2
80.5
89.8
94.3
96.1
76.5

78.5
89.6
82.9
58.0
94.7
104.6
74.6
84.4
88.0
83.7
92.2
96.0
99.3
72.1

77.7
86.8
83.4
57.9
93.6
104.6
69.5

79.2
66.1
81.5
63.7
58.8
34.7
74.7
73.5
59.7
81.1

72.8

PURCHASING POWER OF THE
DOLLAR
Wholesale prices
Retail food prices
. .
Prices received by farmers
Cost of living..

1923-25=100
do _ .
do

_

do

CONSTRUCTION AND REAL ESTATE
CONTRACT AWARDS, PERMITS, AND
DWELLING UNITS PROVIDED
Value of contracts awarded (F. R. indexes):
62
44
65
61
46
59
63
Total, unadjusted
1923-25=100..
85
79
70
49
28
49
44
35
43
46
Residential, unadjusted..
do
54
56
52
45
56
71
59
51
46
52
Total, adjusted
do
51
54
96
78
66
82
86
96
49
37
33
37
55
42
Residential, adjusted
do
32
56
56
53
55
57
57
F. W. Dodge Corporation (37 States):
17, 648 18, 770 16,926
14, 533 15,058
17, 565 18,194
9,261
Total projects.
_
..number.. 13,015
19, 664 17,772
16,027
13, 281
Total valuation
thous. of dol_. 220,197 118,945 226,918 222,016 283,156 251,006 239,799 313,141 300,900 357, 698 301,679 389,439 251, 673
110,975
51,054 94,597 99,219 143, 700 107,777 97,838 171, 099 160,125 203, 359 178, 948 279,403 147,916
Public ownership
_do
109,220
Private ownership
do
67,891 132,321 122, 797 139,456 143, 229 141,961 142,042 140, 775 154, 339 122, 731 110,036 103, 757
Nonresidential buildings:
3,499
3,368
2,348
3,344
3,188
2,965
Projects
number..
2,303
3,416
3, 585
3,594
3,495
3,363
2,456
13,713
14, 429 11,579
Floor area
thous. of sq. ft.. 12,783
8,436
13, 578 13,787
14,744
25, 503 14,351
15, 599 23, 223 21,515
77, 771 81,803
72, 563 87,316 91,997 131,020 116,008 139,513
Valuation
thous. of doL. 69, 544 48,440 87,823 80,435
84,999
Residential buildings, all types:
6,266
10, 554 12,209
12, 757 13,488 11, 600 13,907
12,673
Projects
number..' 9,669
12, 515 10,413
9,750
21, 579 23, 574 21, 781 27,177
Floor area
_
thous. of sq. ft.. 19,176
10, 350 20,069
18, 732 20, 550 21,275
23, 405 22, 720 19,981
85, 682 87,978 99,732 99, 574 112, 673 95, 253 91, 539 80, 163
Valuation..
thous. of dol_. 79,020
79, 396 74, 577 83,153
40,023
Public utilities:
118
151
213
273
171
197
Projects
number..
274
335
330
288
258
500
43,699
5,149
10, 694
Valuation
thous. of dol_. 18, 518
9,373
29, 509
13, 431 37,980 26,167 21,176
19, 726 44,312
Public works:
574
1,552
1,775
1,342
1,827
Projects
number..
725
1,080
1,592
1,342
1,619
1,675
817
1,828
78,533
Valuation.,
thous. of dol_. 53,115
74,832
25, 333 49,005
57,631
65,827 88,113 83,162 92, 829 70, 692 114,075
57, 002
Building permits issued in 1,728 cities:<?
Total buildings
__
number.. 37,078
56,264
34,731
60,878 61,974 61,292 56,695
64,462 63,173
52, 641 37, 586 38, 225
68.543
Total estimated cost
thous. of doL. 146,065
99, 523 118,134 133,845 117,382 139,568 161,340 156,984 158, 083 158,083 142,907 143,336 151, 362
New residential:
Buildings
...number.. 11, 152
12,302
13,766
14,427
11,750
13,720
15,545
14,535
15, 204 13, 638 10,719
11,276
54, 939 60, 652 63,260
Estimated cost.__
thous. of dol_. 87,808
32,090
87,538 87,188 78, 295 74, 693 63,863
71, 974
70, 851 91,186
New nonresidential:
10,875
Buildings
number..
5,669
9,677
10,974
9,671
5,753
10,745
11,818
12,137 13,169
10, 548
7,067
6,533
28,071
44,491
Estimated cost
thpus. of doL. 34, 778 43,242
36, 626 42,596
41,349
42,889 45, 978 52,184 47, 436 59,010
56, 827
Additions, alterations, and repairs:
34,844
Buildings
number.. 20, 221 22,081
37,632 37, 331 36,136
33,317
37,115
36. 558 40, 250 28, 578 19, 890 20,487
Estimated cost-,
thous. of dol_. 24, 628 24,126
26, 900 30, 935 26,882
26, 651 27,477 25, 801 27, 942 21. 236 20, 620 22, 888
27,877
r
Revised.
fRevised series. Data on world prices revised beginning 1920; see table 4, p. 17, of the January 1939 issue.
(?Data through December 1937 based on reports from 1,728 identical cities having populations of 2,500 or more. Subsequent figures are based on reports of a slightly
smaller number of cities in the same size group, but comparability is maintained through the use of link relatives. These data supersede those shown in the 1938 Supplement, which were for approximately 1,500 cities. Data for 1936 and 1937 appear in table 11, p. 16, of the March 1939 issue.




22

SURVEY OF CURRENT BUSINESS

Monthly statistics through December 1937, to- 1939
gether with explanatory notes and references
to the sources of the data may be found in the Febru1938 Supplement to the Survey
ary

April 1939

1938
Februhry

March

April

May

June

July

1939
August

September

DecemOctober November
ary

January

CONSTRUCTION AND REAL ESTATE—Continued
CONTRACT AWARDS, PERMITS, AND
DWELLING UNITS PROVIDED—Con.
Estimated number of new dwelling units provided in all urban areast:
Total
.
_. number 1-family dwellings
_ __ do._ _
2-family dwellings
do
Multi-family dwellings
do Engineering construction:
Contract awards (E. N. R.)1--thous. of dol._ 203,84b

11,015
7,989
799
2,227

17, 676
13,460
1,330
2,886

18,931
14,102
1,309
3,520

19, 699
15, 611
1,213
2,875

20,977
16,063
1,253
3,661

26,064
15, 506
1,046
9,512

25, 913
17,342
1,412
7,159

25, 808
16, 214
1,156
8,438

23,648
16,857
1,290
5,501

22 064
14, 781
1,042
6,241

18 355
11,517
796
6,042

209,481

255,018

193,374

183,806

223,066

223,333

236, 271

289, 725

235,898

217,023

339,250

311,693

1,231
741
490

2,559
1,630
928

4,284
3,039
1,245

5,306
4,543
763

8,432
6,201
2,231

5,194
3,511
1,682

7,247
4,548
2,699

5,064
3,213
1,851

4,671
2,871
1,800

4,583
2,001
2,582

4, 270
2, 765
1,505

3. 190
2, 085
1,105

3,178
41,407

3,198
40,636

4,031
44,072

5,011
51,158

5,002
51,299

4,728
53,137

4,109
48,958

3,463
43, 373

3,337
38,572

3,122
36, 231

3,390
37,677

3 306
36, 294

6,276
106,645
194,162

6,923
113,842
208,018

7,667
123,958
227,012

8,031
129,160
236,044

8,991
135,164
254, 869

9,278
134,900
257,078

9,521
135,158
260, 494

9,418
133,337
256, 592

8,872
130,841
252,852

7,968
120, 453
234, 256

7,514
113,828
29] goo

7, 540
113,466
218,965

11,392
11,928

13, 577
14,465

12,419
13,384

10,690
11,674

12,090
12, 782

12,836
13, 676

11,416
12,136

12, 561
13, 370

12,112
12,877

13,930
15, 159

12, 794
13,867

13,572
14 587

44,758
46, 389

43, 369
44, 885

45, 275
46, 832

45,162
46, 755

42,452
43, 594

41,031
42,058

40, 399
41, 298

37, 676
38, 567

35,451
36,387

35,883
36, 808

35. 023
36. 026

36, 440
37 932

183
169
192
167
185

183
172
194
164
188

183
171
193
164
188

182
168
193
163
187

182
168
193
162
186

181
168
192
162
184

181
168
191
164
184

181
167
191
164
184

181
167
191
164
184

182
167
192
166
184

182
169
192
166
184

182
109
192
166
184

183
169
192
167
185

188

191

189

189

189

188

188

188

188

188

188

188

188

95.2
130.1
117. 6
119.1

96.0
127.4
114.8
118.8

96.0
126.5
114.6
118.8

95.9
126.5
114.6
118.8

95.8
127.0
116.1
118.7

96.4
129.2
116.1
118.6

96.4
128.2
116.0
118.3

96.1
129. 8
115.9
118.5

96.1
129.9
116.0
118.5

96.2
129.7
115.9
118.7

96.5
130.1
115.9
119.1

96. 1
130. 1
116.0
119. 1

95.3
130.0
117.6
139 1

97.5
132 7
122.3
120.1

98.2
128.7
118.8
122.8

98 2
127. 6
118.7
122.8

97.9
127.6
118,7
122.8

97.9
128.4
121.0
122.8

98.5
131.4
121.0
119.9

98.5
130. 3
120. 9
119.6

98.2
132.7
120.9
119.8

98.2
332 7
121.0
119.8

98.2
132 4
120.9
119.8

98.4
132 8
120.9
120.1

98 (!
132 8
121.6
120. 1

13>;> 6
122. 3
120. 1

96. 2
117.7
120. 4

97.5
127.9
115.4
121.3

97.5
127.2
115.1
121. 3

97.5
127.2
115.1
121. 3

97.5
127.5
116.8
121.5

98.1
129.6
116.8
120.8

97.8
128.1
116.2
119.4

96.7
128.9
115.6
119.8

96.7
129 0
116.2
119.8

96.8
128.9
115.6
120.1

96.5
129 3
115.6
120.5

96 ?
129 3
116.2
120.5

85. 7
122,2
106. 6
110.7

84.8
121.8
106.3
108.2

84.8
120.7
104.9
108.2

83.7
120.7
104.9
108.2

83.2
121. 0
105.3
108.0

84.3
121.3
105.3
106.9

85.3
121.1
105.4
107.4

85.6
122.3
105.4
108.8

85.6
122.8
105.4
108.8

86.0
122.6
105.4
109.9

87.4
122.4
105. 4
111.0

86. 3
122.4
105.4
111.0

85. 0
122.5
1(16. 6
110.7

82.5
121. 1
98.7
107.7

81.4
118. 7
99.5
103.1

81.4
118.1
97.7
103.1

81.1
118.1
97.7
103.1

80.4
118.3
97.4
102.8

80.9
118.8
97.4
102.8

82.2
119.3
97.5
103.3

82.3
120.0
97.5
105.1

82.3
120.5
97.5
105.1

82.8
120.4
97.5
106. 5

84.6
121.2
97.5
108.1

83.1
121.2
97. 5
108.1

81.6
121.3
98. 7
107. 7

234.3

239.0

238.8

238.0

236.8

236.9

232.3

232.4

232.7

234.3

234.4

234. 9

234. 7

HIGHWAY CONSTRUCTION
Concrete pavement contract awards:
1,245
Total
thous. sq. yd..
686
Roads
__
__
do_560
Streets and alleysc?
do
Status of highway and grade crossing projects
administered by the U. S. Bureau of Public
Roads:
Highways:
Approved for construction:
3,177
Mileage
no. of miles _
Federal funds
__ thous. of dol__ 35,968
Under construction:
7,721
Mileage
__ ..no. of miles _
Federal funds..
-thous. of dol._ 114,185
221,046
Estimated cost
do
Grade crossings:
Approved for construction:
13,613
Federal funds
_
_ do
14, 285
Estimated cost
do
Under construction:
37, 930
Federal funds
do
39, 777
Estimated cost
do
CONSTRUCTION COST INDEXES
Aberthaw (industrial building)
1914 = 100. _
American Appraisal Co.:
Average, 30 cities
1913 = 100
Atlanta
do
New York
_
.
do.. .
San Francisco
do
St Louis
_
...
do _
Associated General Contractors (all types)
1913=100..
E. H. Boeckh and Associates, Inc.:
Apartments, hotels, and office buildings:
Brick and concrete:
Atlanta
U. 8. av., 1926-29 = 100...
New York
_
__ do
San Francisco..
_ do.. .
St. Louis
do
Commercial and factory buildings:
Brick and concrete:
Atlanta
. do .
New York
do
San Francisco
_
._ d o .
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
Engineering News Record (all types) §
1913 = 100..
REAL ESTATE

194

192

]gq

189

97.4

120 4

117.7
120.4

Federal Housing Administration, home mortgage insurance:
Gross mortgages accepted for insurance
61,775
74,191
18, 866
39, 903
63, 267
60,419
64, 627
58, 250
67,878
68, 344
51,058
42, 218
thous. of doL. 41, 224
Premium paying mortgages (cumulative)-do.. 1,400,212 880 35^ 902. 634 928, 433 958,471 997, 850 1,038.627 1,082,454 1,131,404 1,189,823 1,244,141 1,300,446 1,355,829
§Index as of Mar. 1, 1939, is 234.4.
JData for March. June, September, and December 1938 are for 5 weeks: other months, 4 weeks.
cf Data for streets and alleys, formerly shown separately, are available in total only subsequent to December 1938.
JData in process of revision and will be shown when available.




23

SURVEY OF CURRENT BUSINESS

April 1939

Monthly statistics through December 1937, to- 1939
gether with explanatory notes and references
to the sources of the data may be found in the Febru1938 Supplement to the Survey
ary

1938
February

March

April

May

June

July

1939
August

September

October

Novem- December
ber

January

CONSTRUCTION AND REAL ESTATE—Continued
REAL ESTATE-Continued
Estimated new mortgage loans by all savings
and loan associations:!
72,931
72,279
65, 218
64,070
63,934
Total loans
thous. of dol_. 58,309
74, 709
50,093
73,307
73,067
67,639
71,647
Loans classified according to purpose:
Mortgage loans on homes:
22,099
16, 648
19,892
16,027
19,400
19,096
16, 099
Construction.
do
11,669
17,710
22,575
18,627
19,152
21,018
24,677
21,056
24,123
25,636
19,118
21, 924
17, 503
16,117
25,494
23,833
21,205
20, 826
Home purchase
do
25,698
12,913
15, 281
14,391
13,885
13,194
11,749
11, 293
15, 772
14,701
12,182
12, 805
Refinancing
do._._ 12, 551
12,416
5,727
5,416
4,953
5,211
3,593
5,397
3,662
5,683
5,528
4,821
4, 025
3, 889
Reconditioning
do
4,791
8,059
7,515
8,170
8,443
7,020
8,028
7,352
8,648
8,072
7,235
7,126
0, 827
Loans for all other purposes
do
7,724
Loans classified according to type of association:
26, 534
24,721
23,356
26,310
26,107
20, 894
17, 520
23,823
24, 220
Federal.
thous. of doL. 22, 298
26,858
25, 650
25,019
30, 546
31,196
27,835
30,350
23, 071
22,073
30, 238
28,973
26,115
29,506
29,255
26, 504
State members
_.do..._ 24,191
15,851
16,362
11,602
10,500
14,027
16,407
14,843
13, 735
16,962
18,345
16, 742
11.820
Nonmembers
_-.
do
12,411
Loans outstanding of agencies under the Federal
Home Loan Bank Board:
Federal Savings and Loan Associations, estimated total mortgages outstanding
thous. of doL. 1,051,109 874,800 895,300 919, 700 830,300 947,500 961, 300 976,074 994, 218 1,011,087 1,020,873 1,034,162 1,040,770
Federal Home Loan Banks, outstanding advances to member institutions
thous. of doL. 170, 614 187,498 183,105 183,747 186, 507 196,222 191,889 189,415 189, 548 189,217 189,685 198,840 178, 852
Home Owners' Loan Corporation, balance of
loans outstanding
.thous. of dol— 2,134,263 2,348,025 2,323,995 2,301,894 2,281,884 2,265,153 2,248,982 2,234,899 2,221,417 2,203,896 2,186,170 2,168,920 2,149,038
Foreclosures:
154
195
189
161
172
194
153
191
169
169
165
159
154
Nonfarm real estate
1926=100..
176
177
138
157
181
153
142
161
177
157
155
151
Metropolitan communities..
do..-.
145
29,051
19,474
26,473
22,918
24, 798
25,615
20,435
20,821
32. 758
23, 373
28,659
Fire losses
thous. of dol._ 29, 304
27,615

DOMESTIC TRADE
ADVERTISING
Printers' Ink indexes (with adjustment for seasonal variations):
Combined index
1928-32=100..
Farm papers.
_
do
Magazines
__
do
Newspapers
do
Outdoor
do
Radio
_
do
Radio advertising:
Cost of facilities, total
thous. of doL.
Automobiles and accessories
do
Clothing
do.....
Electric household equipment
do
Financial.
do
Foods, food beverages, confections
do
House furnishings, e t c . . . . . . .
do
Soap, cleansers, etc...
..do
Office furnishings, supplies..
do
Smoking materials
...do
Toilet goods, medical supplies.._
do
All other
do
Magazine advertising:
Cost, total...
do....
Automobiles and accessories
..do
Clothing
„
....-do
Electric household equipment
-do
Financial
do
Foods, food beverages, confections
do
House furnishings, etc
do
Soap, cleansers, etc
do
Office furnishings, supplies
do
Smoking materials
_
do
Toilet goods, medical supplies.
do
All other
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

265. 6

81.2
67.4
82.1
75.7
72.5
260.9

83.7
59.8
81.5
77.8
91.5
253.2

82.4
69.6
79.9
76.7
91.3
226.5

80.0
67.2
75.0
74.7
85.0
250. 5

79.5
66.8
73.0
74.8
76.6
281.0

77.4
55.8
74.7
72.5
74.7
261.0

80.3
79.3
74.5
75.2
77.0
274.7

82.1
58.8
73.5
78.9
76.9
260.0

78.4
64.7
73.6
73.8
77.7
242.3

6, 567
617
33
0
53
2,194
39
691
0
796
1,859
285

6,432
813
23
64
48
2,083
2
600
0
687
1,738
375

7,074
850
23
71
54
2,408
2
682
0
797
1,849
337

5,924
682
19
90
36
2,107
1
626
0
674
1,489
252

6,051
639
56
87
22
2,122
0
662
0
724
1,482
257

5,524
557
34
72
27
1,949
0
647
0
678
1,374
187

4,493
374
33
10
22
1,434
0
580
0
616
1,236
188

4,530
352
37
0
27
1,380
0
624
0
672
1,242
195

4,781
447
30
0
21
1,543
0
611
0
655
1,308
166

6,509
626
18
0
19
2,103
48
626
0
853
1,851
365

6,713
600
18
0

11,536
1, 475
495
195
376
2. 099
'377
500
148
591
2, 183
3,096
2, 294

11, 465
1,125
441
239
484
1, 937
370
529
182
685
2,476
2,998
2,144

14,136
1,716
738
493
423
2,339
684
433
216
853
2,685
3,557
2,404

15, 733
2,272
977
839
392
2,254
877
440
211
818
2,550
4.104
2,628

14,564
1,968
898
657
410
2,035
954
396
206
914
2,173
3,953
2, 658

11,316
1,474
706
365
356
1,657
560
418
122
777
1,894
2,987
2,202

8,411
1, 268
257
98
311
1,654
217
284
41
651
1,540
2,090
1,602

7,380
888
341
19
266
1,353
130
275
116
705
1,344
1,943
1,472

0,846
769
822
136
341
1,516
599
355
228
734
1,642
2,703
2,112

13, 668
1,630
1,022
342
444
2,073
862
398
223
889
2,261
3,524
2,318

13, 412
2,142
689
312
426
2,143
679
363
225
829
2,210
3,394
2,251

11,529
1, 295
531
470
299
1, 931
509
234
266
1, 815
3, 424
1, 658

r 8. 023
1,186
272
67
320
' 1, 457
194
'211
122
654
1, 266
r
2, 274
1, 929

86, 651
18,318
68, 333
3, 458
1,403
14, 024
49, 448

88,457 108,919 109,917 109,906
19,187
23, 404 22,646
22, 695
69, 270 85, 514 87, 271 87,211
4,347
2,611
5,081
5,676
1,459
1,493
1,918
1,396
15,273
17, 544 17, 505 18, 310
63.960 61, 830
49, 892 60,971

98,519
21, 331
77,188
4,340
1,556
16, 253
55, 039

83,653
20,301
63,352
3,031
1,869
13,028
45, 421

86,102
20,808
65,293
2,623
1,201
12,175
49,295

103,869
21,376
82,493
2,366
1,209
15,888
63,031

113,558 113,457
22,411 20, 233
91,147 93,314
4?932
6,608
1, 732
1,449
18,411
18, 749
66, 073 66,509

118,096
20, 372
97, 723
3,581
1, 574
14,028
78, 540

87,418
19, 556
67, 861
2, 446
2,301
12,771
50, 343

69.3

18.2

68.4

19.3

59.9
78.4
74.2

65.7
82.0
79.9
65.9
257.6

2,157
39
674
0
861
1,990
349

88.0
70.3
78.8
86.0
71.0
261.7

76.4
57.6
72.6
71.5
72.2
273. 6

6, 754
626
10
0
21
2, 301
39
653
0
853
1,977
273

7,023
647
25
0
41
2,318
49
714
0
836
2,045
348
r

GOODS IN WAREHOUSES
Space occupied, merchandise in public warehouses
percent of total..

69.!

69.7

69.9

70.9

NEW INCORPORATIONS
Business incorporations (4 States)
number..
1,821
1,787
2,094
1,910
1,940
1,877
1,774
1,818
1,614
1,723
1,793 1,943
r
Revised.
fRevised series. For revised data on estimated new mortgage loans by all savings and loan associations, 1936-37, see table 12, p. 16, of the March 1939 Survey.




2,210

24

SUKVEY OF CURKENT BUSINESS

Monthly statistics through December 1937, together with explanatory notes and references
to the sources of the data may be found in the
1938 Supplement to the Survey

1938

1939
February

April 1939

February

March

April

May

June

July

1939
August September

October

Novem- December
ber

January

DOMESTIC TRADE—Continued
POSTAL BUSINESS
Air mail:
Pound-mile Derformance
millions
Money orders:
Domestic, issued (50 cities):
thousands
Number_. - - thous. of dol.Value
_
Domestic, paid (50 cities):
Number
._ . .thousands..
thous. of dol..
Value
..
. do
Foreign, issued—value
Receipts, postal:
50 selected cities _
thous. of dol .
do
50 industrial cities

1,057

1,279

1,156

1,303

1,255

1,199

1,273

1,235

1,299

1,252

1,431

4,140
36, 900

4,030
37, 555

4,515
42, 566

4,168
40,039

4,002
38, 111

3,956
37,450

3,720
35,862

3,842
37,238

3,775
36,651

4,170
39,485

4,067
37, 996

4,654
42, 202

4,234
39, 227

12, 371
88, 734

11,932
89,070
2,167

14.697
111, 332
3,163

13,312
100,887
2,556

12, 789
97, 283
2,070

13,366
100, 250
2,220

11,975
92, 785
2,151

12, 543
98,006
2,097

12,846
99, 470
2,606

13,989
107,933
1,985

14,028
106,097
2,280

15,793
113,841
7,717

12, 939
94,176
2,142

27, 710
3,493

27,046
' 3,360

31, 792
3,881

29, 564
3,641

28,247
3,485

28,007
3,500

24,602
3,303

26,609
3,446

29, 517
3,472

30,850
3,728

31, 426
3,568

42, 470
5, 154

28, 537
3,667

RETAIL TRADE*
Automobiles:
New passenger automobile sales:
r
49.2
'99.1
65.0
61.4
'96.1
37.1
'55.1
71. 1
76.0
80.5
75.5
53.6
Unadjusted
1929-31 = 100.. v 71.4
50.5
54.5
' 100. 0
56.5
'85.0
P98.5
61.0
60.0
57.0
60.0
' 91.0
74.0
Adjusted . . .
.. .
do
' 92. 5
Chain-store sales:
Chain Store Age index:
Combined index (20 chains)
r
106.3
106.0
108.1
109.5
112.9
108.0
103.3
105.0
107. 5
108.8
103.3
109.4
106.4
av. same month 1929-31 = 100..
121.2
109.7
116.0
120.0
116.0
120.0
127.0
112.8
109.4
122.0
112.7
Apparel chains
_^ _ _. do
108.8
118.0
Grocery chain-store sales:
93.6
89.2
88.5
96.7
98.4
94.4
101.1
94.1
93.0
93.2
95.6
95.0
94.9
Unadjusted
1929-31 = 100..
92.2
92.2
91.0
96.7
96.1
91.7
94.4
97.9
94.7
93.6
94.9
Adjusted
. do
93.6
98. 1
Variety-store sales:
Combined sales of 7 chains:
102.2
90.9
85.2
88.0
94.1
193.6
73.6
79.2
81.7
95.2
90.7
98.2
Unadjusted
78.6
do .
95.7
100.2
98.9
96.3
104.9
92.9
96.7
98.7
do...
94.8
94.1
97.2
90.7
98.5
Adjusted
H. L. Green Co., Inc.:
2,496
2,819
2,366
2,315
5,952
1,998
1, 959
2,156
2,787
2,383
2,513
2,833
Sales
1,780
thous. of dol
133
133
133
133
133
132
132
132
133
133
132
133
131
Stores operated
number
S. S. Kresge Co.:
11,972
10, 643
10,004
24, 114
10,179
8,801
11,125
12, 353
9,058
10,053
11,965
10, 253
8,914
Sales
thous of dol
680
681
682
686
687
680
685
681
681
685
681
681
681
Stores operated
number
S. H. Kress & Co.:
6,235
6,613
14,429
5,822
6,336
6,827
5,055
6,671
5, 163
6,054
6,507
6,179
5,358
Sales..
thous. of dol. .
239
239
238
238
238
238
236
239
234
236
238
238
238
Stores operated
number
McCrory Stores Corp.:
3,186
3,200
2,946
2,960
7,003
3,294
2,
535
3,005
2,909
2,641
3,493
2,955
2,738
Sales
thous. of dol..
200
200
199
200
202
200
201
200
200
202
201
201
201
Stores operated
number
G. C. Murphy Co.:
3,294
3,594
3,301
2, 685
3,087
3,811
'7,223
2,752
2,782
2,489
3,652
3,160
3,308
Sales
thous. of dol. .
201
201
201
201
201
201
number
201
201
200
201
201
'200
201
Stores operated
F. W. Woolworth Co.:
22, 733
23,149
25,295
50, 379
19, 653
22,566
23,491
26, 774
22,055
25,926
22, 714
Sales
thous. of dol_. 20, 686 20,054
2,010
2,018
2,010
2,014
2,011
2,017
2,012
2,017
2,012
2,011
Stores operated
nnmbftr
2,011
2,007
2,013
Restaurant chains (3 chains):
3,054
3,017
3,275
3,193
3,460
3,269
3,384
3,324
3,081
3,246
Sales
thous of dol
343
343
336
338
341
340
337
342
340
Stores operated
343
number.,
Other chains:
W. T. Grant & Co.:
6,971
5,531
6,834
8,635
17, 996
7,608
8,970
8,061
7,214
5,748
6,530
7,658
' 5, 522
Sales
thous. of dol
484
489
491
489
483
484
487
484
nnmhflr
489
481
481
480
481
Stores operated
J. C. Penney Co.:
18, 258
16, 523
20, 322
38,928
26,820
27,196
17,043
19,068
22,381
18,853
20, 371
Sales
thous. of dol.. 14, 613 '13,438
i 1,539
1,539
1,531
1,530
1,539
1,538
1,533
1,528
1,540
1,526
1,527
Stores operated
. . . _ . number
1,524
1,537
Department stores:
Collections:
Installment accounts
17.2
16.4
14.9
17.0
15.4
15.9
17.0
15.8
percent of accounts receivable..
16.8
16.1
15.7
15.3
47. 1
43.5
42.4
47.1
46.4
45.2
46.6
Open accounts
_
do 45.1
44.9
45.2
42.0
42.8
69
99
79
58
65
91
156
92
69
77
86
80
70
Sales, total U. S., unadjusted—1923-25=100..
91
79
126
203
94
100
126
101
101
110
107
120
Atlanta
rfn
99
86
138
' 64
74
46
55
55
73
67
67
86
78
Boston
54
do
60
72
96
157
69
82
87
80
96
91
67
86
Chicago
do
68
67
59
93
75
65
89
152
71
79
76
89
87
doCleveland
_
70
87
72
118
182
90
83
97
103
117
113
89
91
100
Dallas . .
do
67
61
89
74
151
72
84
92
64
86
79
88
Kansas City
66
1925—100
75
68
81
96
147
92
93
97
85
109
64
107
63
Minneapolis
__ . . . .1929-31 = 100
62
164
68
85
64
106
94
98
71
74
77
88
81
New York
1923-25=100
r
49
82
46
127
63
48
59
61
75
' 54
66
67
52
Philadelphia
do
81
72
118
' 77
103
209
97
110
99
110
127
74
76
Richmond
do
58
143
69
95
69
63
92
78
85
77
93
69
St. Louis
do
73
102
80
77
81
86
162
90
87
82
91
San Francisco
76
78
. .
do
83
89
82
83
89
88
86
83
84
78
86
do....
88
Sales, total U. S., adjusted
87
111
1 to
119
104
109
105
113
128
106
106
115
112
127
Atlanta
-do
91
86
83
88
84
87
95
82
82
79
93
do..
85
84
Chicago
74
88
88
93
78
78
79
86
82
87
85
88
78
Cleveland
do
103
105
101
105
114
104
99
108
105
Dallas
do_
103
100
107
105
91
96
97
96
93
93
98
82
92
88
98
Minneapolis
1929-31 = 100..
87
86
89
92
90
90
84
New York
1923-25=100
89
91
86
86
88
89
86
85
r
65
68
70
63
68
62
69
61
61
65
68
68
Philadelphia
do
82
85
87
75
70
84
82
83
81
77
87
St. Louis
.- _do
81
do
89
96
9")
'94
89
91
90
90
90
San Francisco
88
93
90
79
Installment sales, New England dept. stores
o r
9.4
10.3
7. 1
11.6
7.3
14.7
11. 1
percent of total sales._
9.3
8.6
11.S
11.5
11.2
Stocks, total U. S., end of month:
78
6'J
60
Unadjusted
1923-25 = 100
65
61
65
71
71
74
71
70
67
67
6(5
67
67
69
67
70
69
68
67
67
do....
Adjusted70
' Revised.
p Preliminary.
•The following reports, showing percentage change? in sales, are available at the Washington, D. C , office of the Bureau of Foreign and Domestic Commerce, or at
any of its District Offices: (1) Chain drug scores find chain ;nens wear stores, (2; Independent stores in 27 States and 4 cities, by kinds of business, (3) Wholesalers' sales,
by kinds of business, (4) Manufacturers' sales, by kinds of business.




25

SURVEY OF CURRENT BUSINESS

April 1939

Monthly statistics through December 1937, to- 1939
gether with explanatory notes and references
to the sources of the data may be found in the February
1938 Supplement to the Survey

1939

1938
February

March

April

May

June

July

DecemOctober NovemAugust September
ber
ber

January

DOMESTIC TRADE—Continued
RETAIL TRADE-Continued
Mail-order and store sales:
Total sales, 2 companies
thous. of doL_
Montgomery Ward & Co
__.do
Sears, Roebuck & Co.
_ do _
Rural sales of general merchandise:
Total U. S., unadjusted
Middle West
East
South

1929-31 = 100..
do
do
do

Far West

do

Total U. S., adjusted—
Middle West

East

do
do

.

South
Far West

do
_„

do
do

59, 865
24, 964
34,901

52, 214
21,765
30,449

71,868
30, 7D7
41,071

81, 920
37, 063
44, 857

79, 613
36,150
43, 463

79, 565
35, 745
43, 820

65, 392
29. 075
36, 316

72, 783
32,849
39, 934

87,722
38, 556
49,167

100,012
46, 667
53, 345

93, 510
42, 295
51, 215

125,706
57,085
68,622

58,320
24,769
33,551

100.1
89.1
97.9
134,8
105.7
110.6
103.0
107.0
134.8
133.8

90.4
8J 6
91.5
118 3
91.2
99.9
94.3
100.0
118 3
115.4

98.4
89 8
102.8
120. 4
100. 8
105. 8
99 8
109, 4
129 4
115.2

107.9
99 2
114. 6
121 6
116.2
112.3
100 8
115. 2
131.4
125. 6

103. 5
96 1
104. 7
113 7
119. 3
110.1
99 1
107.4
127.8
132. 5

106.2
99 4
107. 5
112 0
125. 8
112.4
101.9
110. 2
130. 2
133.1

84.8
77.7
82.2
92.9
105. 8
110.2
99. 6
104.7
133. 7
127.4

98.2
90.0
95.0
104.1
125. 7
114.2
102.9
107.4
136.9
136.6

121.1
107.9
117.6
148.9
141.6
122.4
108. 4
125. 8
145. 3
121.0

140.9
123.3
139.8
189.3
153.4
115.5
104.0
118.0
137.7
131.1

147.2
135.7
144.1
177.8
161.5
119.7
110.4
125.9
133.7
134.0

183.6
166.4
195.9
202.8
211.0
129.3
117.2
137.5
146.9
138.3

91.3
84.1
87.8
111.3
100.2
110.0
102.6
104.5
134.1
134.5

88.8
75.3

89.5
79.0

90.5
82.1

91.2
83.1

'89.5
'81.6

EMPLOYMENT CONDITIONS AND WAGES
EMPLOYMENT
Factory, unadjusted (U. S. Department of
Labor) t - —
.1923-25=100..
Durable goods
.
do
Iron and steel and their products, not incl.
machinery
1923-25=100
Blast furnaces, steel works, and rolling
mills
1923-25—100

Hardware.-- ._
do
Structural and ornamental metalwork

1923-25=100..

Tin cans and other tinware
Lumber and allied products
Furniture. _.
Lumber, sawmills

.do
do
do
do

Machinery, not incl. transportation equipment
1923-25=100
Agricultural implements (including tractors)
1923-25-100
Electrical machinery, apparatus, and
supplies
1923-25«=100
Engines, turbines, water wheels, and
windmills
1923-25=100__

90.7
82.6

88.2
80.1

87.7
79.3

85.7
77.0

83.4
75.0

81.6
72.4

81.9
70.3

85.7
71.7

87.2

85.3

84.4

82.3

80.7

77.8

76.7

79.4

81.7

83.9

86.5

87.4

'85.9

91.5
82.9

92.7
71,8

90.9
70.5

88.2
64.9

85.8
63.5

82.3
61.3

'82.2
56.5

••83.8
60.6

'84.7
66.9

86.1
79.5

89.8
84.4

91.1
86.3

'90.9
'84.7

63.8
83.8
62.3
78.7
48.9

63.7
86.9
60.6
74.8
48.3

62.0
88.3
62.3
74.6
61.0

61.2
88.7
61.6
71.8
51.0

59.7
87.5
61.0
70.0
51.1

58.3
88.9
60.7
70.8
50.1

59.1
91.4
60.7
71.2
49.8

59.8
99.5
64.0
76.0
52.4

60.5
97.6
65.8
79.0
53.5

61.1
86.2
65.7
79.7
53.1

60.7
84.6
65.2
79.5
52.3

61.9
84.1
64.1
79.8
50.9

'61.7
'82.8
'61.9
76.3
'49.1

93.4

99.7

96.9

89.7

86.1

82.9

84.1

85.5

87.2

89.5

91.8

91.5

119.9

152.8

150.3

147.8

133. 8

125.2

100.6

99.8

90.3

93.7

96.6

105.0

110.9

83.8

89.9

86.5

81.6

78.1

75.3

73.0

74.0

77.4

80.7

83.2

'83.9

'82.3

90.9

91.4

89.4

92.4

90.1

85.5

82,1

82.6

83.1

83.4

83.5

85.3

87.1

83.3
103.2
93.5
98.8
66.5
48.0
89.7
96. 5
105.2
98.4
112.2
116.1
112.3
116.4
319.1
111.3
141. 6
94.4
96.6
97 2
105.9
106.3
81.3
65.8
100. 9
91.9
119.4
62.7
91.3
83.4

89.1
84.4
88.0
91.2
63.0
42.9
85.4
79.9
82.1
95.9
115.1
117.3
112.2
121.7
307. 3
113.3
141.9
97.0
93.5
96.0
106.1
106.0
74.1
63.1
94.7
83.1
119.8
63.2
88.9
81.0

87.1
76.1
86.9
90.5
63.7
43.8
83.5
77.4
79.3
95.8
115.1
113.4
113.5
121.2
312.1
112.0
141.7
93.0
94.2
97.2
105. 3
105.4
72.9
61.7
95.0
82.2
122.7
63.8
87.4
79.0

83.5
77.9
84.2
88.8
65.4
47.0
81.6
71.9
72.9
94.0
112.4
111.4
114. 2
121.3
283.0
112.6
141.8
91. 5
92.1
95.0
104.6
104.3
72.7
61.2
91.8
79.5
118.5
63.4
85.4
76.2

81.0
76.3
81. 8
87.3
66. 0
48.4
80.7
68. 2
68.6
91.5
108.8
109. 6
114.9
120. 9
283. 8
113.6
141.8
91.9
86.0
87.6
103.4
102,9
71.4
60.4
87.4
78.0
107.2
63. 8
83.7
74.1

77.4
81.6
79.8
85.7
65.8
48. 3
79.3
62.4
61.5
90. 3
105. 2
109.7
113.0
121.1
265. 4
119. 4
144.2
93.5
81.8
82.5
101.9
101. 9
70. 6
60.4
84.6
77.2
99.7
64.8
82.4
71.9

75.8
81.6
79.1
86.1
64.6
48.8
74.7
55. 5
53.1
92.9
105.0
107.8
110. 8
121.8
270. 5
128. 6
145.0
94.7
89.3
91.4
101.5
101.6
68.7
60.7
86.6
80.4
98.9
61.5
82.9
70.7

77.1
88.9
83.0
89.0
66.3
49.9
78.7
51.0
48.0
99.0
108.1
110.3
110.6
121.9
293.9
138.3
144. 5
94.2
92.7
94.6
102.7
102.8
72.5
60.6
95.1
85.1
116.3
64.3
84.9
72.0

77.7
93.5
87.9
92.7
67.8
51. 2
82.1
63.7
64.9
' 101. 7
113.0
112.5
112.5
121.0
315. 2
142.7
145.6
95.5
92.3
93.8
104. 3
104.0
75.9
61.9
97.9
86.6
122.1
66.3
86.9
75.7

77.5
108.0
92.2
96.4
70.1
52.0
87.5
79.4
86.3
99.4
113.4
114.8
112.9
119.5
314.4
128.8
144.3
97.4
89.6
89.9
105.5
104.8
77.7
63.5
97.5
87.2
119.6
66.3
87.5
'77.9

78.9
118.8
95.4
100.5
71.6
52.4
92.1
91.6
101.9
'98.4
113.0
117.2
112.4
118.9
312.8
123.4
144.6
100.7
84.8
83.3
107.0
105.9
82.4
66.1
96.9
89.5
112.0
66.9
90.0
'81.3

81.7
118.0
'95.0
100.2
70.5
51.3
93.0
96.1
r 106. 8
98.8
112.7
116.9
112.4
118.1
311.3
120.1
143.5
102.4
88.6
87.6
108.0
106.3
83.6
67.2
98.6
91.8
112.2
65.2
91.6
83.2

'81.8
' 108. 4
'92.4
'98.3
'66.4
'48.9
'89.6
'95.8
' 106.2
'97.0
'111.9
115.5
'111.8
117.1
' 313. 2
' 113.7
' 140. 3
'99.8
'92.9
'92.7
' 105.7
' 105. 5
'81.1
67.1
'97.5
'90.8
'111.0
'59.2
'91.7
'83.6

machinery
_.
1923-25 = 100
Blast furnaces, steel works, and rolling
mills
__. 1923-25 = 100..
Hardware
._
do

87.6

85.7

83.8

81.6.

80.2

77.8

'77.3

79.4

'80.9

'83.1

'86.2

88.1

'87.7

91
82

92
71

90
70

87
64

85
63

83
61

83
57

84
62

85
67

'86
79

90
84

92
86

92
85

1923-25 = 100Tin cans and other tinware
do
Lumber and allied products
do
Furniture.
do
Lumber, sawmills
do
Machinery, not incl. transportation equipment
1923-25 = 100..
Agricultural implements (including tractors)
1923-25=100.,
Electrical machinery, apparatus, and
supplies
1923-25 = 100

66
90
65.3
80
52

66
93
63.6
76
52

64
93
63.4
76
52

62
92
61.9
74
50

60
89
60.9
73
50

58
87
59.9
73
48

58
86
60.2
73
49

58
90
61.9
75
50

58
89
63. 2
76
51

60
84
62.9
75
51

60
87
'64.5
76
53

63
88
65.3
79
53

63
'89
'66.3
79
'54

93.9

100.0

96.9

92.8

89.1

86.0

83.3

84.7

'85.2

86.8

89.1

91.6

92.2

116

148

142

139

130

124

103

106

96

99

99

105

109

84

90

87

82

78

75

73

74

77

80

83

84

83

92

92

88

88

86

82

81

83

83

86

88

88

93

83
117
93.9
99
71.4
55
90
92.5
99

89
96
88.4
91
67.6
49
85
77.0
77

87
91
86.5
90
65.7
48
82
73.3
74

83
93
84.5
88
64.9
47
81
68.3
69

80
87
82.4
86
63.4
46
80
65.1
65

77
83
81.3
86
63.2
45
78
61.1
60

76
82
82.0
87
63.4
46
76
56.9
65

77
82
84.4
90
64,0
46
79
55.9
55

78
81
86.7
93
65.4
48
82
'74.2
79

78
89
89.0
95
67.8
49
87
' 81. 5
'89

79
106
'92.3
101
71.1
52
92
89.9
'99

82
111
93.3
100
72.0
53
93
93.9
104

82
'114
'94.0
99
'73.6
57
94
'03.3
102

93 2

Foundry and machine-shop products
Radios and phonographs

1923-25=100_.
do

Metals, nonferrous, and products
do
Brass, bronze, and copper products.do
Stone, clay, and glass products
do
Brick, tile, and terra cotta
,„_do
Glass
. _
do
Transportation equipment
do __
Automobiles
_do
Nondurable goods
do
Chemicals and petroleum refining
do
Chemicals
do
Paints end varnishes
.do
Petroleum refining
do _
Rayon and allied products
do
Food and kindred products
do
Baking . . . _
do
Slaughtering and meat packing
do
Leather and its manufactures
do
Boots and shoes
_
do „
Paper and printing
,
do
Paper and pulp..
do
Rubber products
do
Rubber tires and inner tubes
do
Textiles and their products
do
Fabrics
_
do
Wearing apparel
do
Tobacco manufactures
do
Factory, adjusted (Federal Reserve)!
do
Durable goods
do
Iron and steel and their products, not inch

Structural and ornamental metalwork

Engines,

turbines, water wheels, and

windmills

1923-25=100—

Foundry and machine-shop products
1923-25 = 100—
Radios and phonographs
do
Metals, nonferrous, and products
do
Brass, bronze, and copper products-do
Stone, clay, and glass products
do
Brick, tile, and terra cotta
do
Glass
do

Transportation equipment
do
Automobiles
do
' Revised.
fRevised series. Data on factory employment, unadjusted (U. S. Department of Labor) revised beginning 1933: see table 76 on p.13 of the November 1938 Issue and
table 1, p. 15 of the December 1938 issue. Factory employment, adjusted (Federal Reserve), revised in its entirety; data not shown in table 76, p. 13 of the November 1938

Survey,
or in table 1, p. 15, of the December 1938 issue are available upon request.
136180—39
8
http://fraser.stlouisfed.org/

Federal Reserve Bank of St. Louis

26

SURVEY OF CURRENT BUSINESS

Monthly statistics through December 1937, to- 1939
gether with explanatory notes and references
to the sources of the data may be found in the Febru1938 Supplement to the Survey
ary

April 1939
1939

1938
February

March

April

May

June

July

DecemOctober NovemAugust September
ber
ber

January

EMPLOYMENT CONDITIONS AND WAGES—Continued
EMPLOYMENT—Continued
Factory, adj. (Federal Reserve)t— Continued.
95.4
96.4
94.1
92,4
97.6
' 96. 7
Nondurable goods
1923-25=10092.9
94.5
'97.2
08. 8
••98.3
99. 5
'99.4
111.4
Chemicals and petroleum refining do_—.
114.4
112.7
110.2
108.4
111.0
110.9
108.3
111.2
111.8
11J. 7
112.3
• 112.3
111
119
113
Chemicals
-do
115
112
110
110
106
110
117
118
117
117
114
114
113
113
113
110
109
113
Paints and varnishes
do
114
113
114
115
no
120
123
Petroleum refining
-do
122
122
122
120
121
121
118
119
118
118
118
312
272
292
307
274
Rayon and allied products..
-do.—.
303
290
310
289
313
314
310
310
r
122.2
124.2
122.4
120. 4
120.0
121.2
122.2
123.0
Food and kindred products...
..do
119. 2
]?2 8
121.8
124. 2
' 124.2
143
144
144
143
142
144
143
143
142
143
Baking
do
144
144
143
96
97
95
94
93
94
95
95
97
99
Slaughtering and meat packing
do
94
99
' 96
91.3
89.9
90.8
91.4
Leather and its manufactures
do
89.9
89.8
87.1
84.4
88.4
89.6
92.8
92.1
' 92. 8
92
92
90
91
92
92
89
85
91
92
Boots and shoes—
.
do
93
92
93
104.0
106.1
104. 3
105. 4
Paper and printing
_
do
105. 6
103. 7
103.0
103.0
103.7
105.0
105. 9
106.0
' 100.0
104
J02
103
105
103
102
106
106
104
105
Paper and pulp
do.
10G
1»T)
' 106
76.0
81.7
74.1
72.4
72.2
71.3
71.3
§9.5
73.4
Rubber products
do
76.8
81.2
83. 2
'81.3
61
62
62
61
Rubber tires and inner tubes.
do
63
61
60
60
64
66
60
67
67
97.0
91.4
92.1
96.4
Textiles and their products
do
92.2
87.6
87.4
95.6
r 96. 7
89. 4
98.2
98.9
r 9$ 4
81.1
'87.1
86.3
' 88. 6
80.3
78.9
78.6
79.3
83.4
87.2
Fabrics
—do
89.6
90 3
' 90. 0
115.7
116.2
104.1
109. 8
117.9
115.4
115. 2
112.2
106.6
113.6
Wearing apparel
-.-.do
115.9
116.4
' 116.0
64.2
64.3
63.2
64.6
64.8
65.2
61.9
62.9
64.9
63.7
Tobacco manufactures_.
.
do.
63.9
64. 2
' 64. 5
Factory, unadjusted, by cities and States:
City or industrial area:
86.8
85.1
87.2
87.4
83.6
89.3
86.5
89.5
84.5
Baltimore
.1929-31=100—
88.8
87.2
87.2
' 84. 8
68.7
67.2
71.5
67.5
64.7
65.4
69.6
74.2
69.4
65.7
Chicago . _
.1925-27=100—
70.4
70. 6
69.7
79.4
76.9
70.0
74.0
80.6
80.2
76.7
72.3
72.5
Cleveland
.1923-25=100.
75.5
81.8
82. 3
81.8
88.0
72.1
47.8
56.8
97.6
74.3
70.5
58.5
54.9
68.4
Detroit—
do...
99. 3
102. 9
100. 8
85.6
93.9
84.6
90.0
85.6
86.2
89.3
93.3
88.9
Milwaukee—
-1925-27-100.
91.8
92. 7
90.8
88.3
73.1
81.7
82.4
87.7
83.0
77.2
86.1
74.6
New York
_
do._.
81.8
86.9
89. 1
85.4
86.1
-91.2
84.4
80.7
82.9
88.1
90.3
82.5
80.0
Philadelphia
1923-25=10087.2
90.9
90. 9
' 89. 6
64.4
69.2
62.1
65. 9
Pittsburgh.
_
do...
67.9
63.0
59.3
59. 8
60.8
64.8
66.4
66. 0
' e>:,. 3
81.0
81.7
78.8
76.4
77.6
79.7
76.3
82.2
76.8
Wilmington
do__
77.3
86. 9
89.2
r 87. 7
State:
87.7
99.5
94.2
82.6
83.7
86.6
85.1
84.0
87.8
86.8
Delaware
do...
94.1
91.9
'92.7
74.4
73.7
77.6
73.1
71.4
70.0
72.0
75.3
79.8
75.7
Illinois
1925-27=100
76. 1
76.8
75. 2
130.5
126.9
123.9
125.1
124.0
126.2
126.2
123.0
127.9
127.9
Iowaf
1923-25=100
131.0
128.0
127.6
91.3
9
91.9
91.6
90.8
88.1
90.0
90.8
91.8
91.6
88.7
Maryland
.1929-31=10091.6
9 7
'
8
9.4
72.4
71.8
72.6
69.5
68.7
65.7
62.3
63.2
70.0
67.0
Massachusetts
1925-27=100.
73. 8
74. 6
73.0
75.2
75.7
72.5
74.7
76.9
75.8
72.5
72.9
74.5
New Jersey
1923-25=100..
73.2
77.6
76.7
80. 8
80.3
80.3
77.5
77.3
72.8
71.5
72.2
76.4
75.5
New York.
.1925-27=100.
81.8
80.0
81.'3
82.0
81.0
78.0
75,0
78.0
85.0
84.1
83. 2
80.7
76.0
Ohio
.1926=100.
85.0
86.0
86. 0
74.4
73.4
75.4
75.2
74.7
72.9
70.3
68.9
69.2
Pennsylvania...
.1923-25=100.
71.7
76.2
76.2
'
74. 6
81.4
83.1
91.3
81.5
84.7
84.5
82.4
81.7
Wisconsin!.
1925-27=100..
83.3
86.0
82.4
80.3
Nonmanufacturlng, unadjusted (U. S. Department of Labor):
Mining:
52.4
37.6
46.4
56.0
44.6
59.3
52.8
51.0
Anthracite
1929=10060.0
57.0
S8. 8
51.3
' 50. 0
87.2
83.4
82.2
78.5
93.2
80.2
Bituminous coal
do.
95.5
88. (
85.8
80.1
61.2
89. 3
' 8S. 8
57.9
55.2
63. 6
62. 3
58.8
56.0
49.7
61.9
Metalliferous
do.
61.6
51.4
66.4
62.7
'61.4
69.5
71.5
72.3
73.2
73.6
72.8
68.3
Petroleum, crude, producing
do
74.2
73.8
72.4
67. 0
67.7
44.4
44.6
38.9
43.7
43.6
44.1
44.4
Quarrying and nonmetallic
do....
37.8
41.7
44.6
' 38. 5
I
41.4
Public utilities:
Electric light and power, and manufactured
89.6
91.4
' 90 0
92.5
92.7
92.5
92.3
92.2
92.0
91.7
92.6
91.9
gas
„
1929=10091.8
69.4
' 69. 4
' 69. 2
69.9
69.3
70.8
70.6
70.4
70.1
71.2
71.1
Electric railroads, etc
do
69.5
69.5
72.6
' 74. 1
74.7
74.9
74.9
75.7
74.9
75.0
74.8
Telephone and telegraph—
do
74.8
74.4
74.8
Services:
92.1
97.9
94.2
106.8
105.0
107.8
108.8
98.5
109.9
102.5
95.6
Dyeing and cleaning
do
111.8
110.8
92.5
93.4
' 93. 3
94.4
9fi. 5
96.2
97.8
93.7
94.8
96.6
95.7
S5.4
Laundries—
do—_
97.5
92.4
91.9
92.
9
91.8
92.5
93.4
93.5
93.7
92.2
90.7
Year-round hotels
...do.
94.5
91.8
90.4
Trade:
81.4
' 82. 2
'98.1
'35.9
80.0
' 84. 7
81.1
83.0
' 86. 9
82.4
83.8
83.6
88.2
Retail, total
_
do.
' 90. 7
' 144.1
88.8
'97.0
'99.4
' 104. 5
90.5
92.4
91.9
87.9
86.4
101.0
General merchandising
do.
88.8
Other than general merchandising
86.
0
79.
4
'
80.0
82.
3
78.3
79.3
81.5
82.3
81.5
81.4
81.0
80.7
84.9
1929=100r
88. 2
89.1
87.6
89.8
90.4
89.1
87.3
87.2
86.8
87.6
88.5
Wholesale
do.
90. 0
88.5
Miscellaneous employment data:
35.0
' 29. 0
36.0
35.0
37.0
38.8
37.0
36.6
36.9
37.7
Construction employment, Ohio..-.1920=100..
32. 0
36.0
Hired farm employees, average per 100 farms
110
0)
109
108
0)
74
93
86
71
79
number. _
83 |
106
Federal and State highway employment:
177,675 179,420 213,802 272,316 294, 240 322,508 323, 650 337. 638 350. 090 341,832 266,029 210.851
Total
number— 191,900
76, 305
(\7, 831 61,965
62, 608
81,902 115,853 134, 248 153, 602 153,509 1«4, 444 164,666 138,512 103.491
Construction (Federal and State)..do
124,069 115, 710 116,812 131,900 156,463 159,992 168,906 170,141 173,194 185, 394 203, 320 163,138
Maintenance (State)
do
Federal civilian employees:
807,636 814,577 824,133 838,965 855,131 864,944 872,527 872, 525 873,694 869, 256 91S, 861
United States
do...
113,111 112,711 113,778 114, 519 115,562 116,159 116,971 118,079 118,343 118, 985 120,604
District of Columbia..
do...
Railway employees:
Class I steam railways:
948
992
901
945
955
979
943
930
920
955
929
Total
-thousands.
Index:
52. 1
52. 8
54.7
5° 7
52.1
52.6
51.2
53.9
53.8
51.9
51.1
50.7
52.6
Unadjusted.
„ 1923-25=100..
54.3
53.2
52.9
.53. 4
54.6
53.4
50.1
50.1
51.3
50.8
51.5
51. 8
Adjusted
„
do
Trade-union members employed:
84
84
85
81
81
82
83
79
79
80
All trades
_,percent of total—
65
65
68
61
63
64
64
68
57
56
Building
_
do
78
73
79
75
75
74
76
75
75
75
Metal—
..do.
88
88
88 i
89
84
88
88
87
87
87
Printing
do.
Sfl
88
86
88
85
85
89 |
84 !
85
85
All other
_
do.
65
62
62
63
66 j
58 1
58
59
60
On full time (all trades)
do.
' Revised.
1
Discontinued by reporting source.
T-ttevisea series. iowa employment revised beginning July 1937; revisions are shown on p. 20 of the March 1939 issue. Wisconsin employment and pay rolls have been
adjusted, beginning 1929, to trends indicated by census data. Indexes not shown on p. 26 of the November 1938 Survey will appear in a subsequent issue. Data on factory
employment, adjusted, Federal Reserve, revised; see footnote marked with a "f" on p. 25.




27

SURVEY OF CUEEENT BUSINESS

April 1939

Mfonthly statistics through December 1937, to- 1939
gether with explanatory notes and references
to the sources of the data may be found in the Febru1938 Supplement to the Survey
ary

1938
February

March

April

May

JllD8

July

1939
DecemOctober NovemAugust September
ber
ber

January

EMPLOYMENT CONDITIONS AND WAGES—Continued
LABOR CONDITIONS
Average weekly hours per worker in factories:
National Industrial Conference Board (25 industries)
hours
U. 8. Department of Labor (87 industries)5
hours
Industrial disputes (strikes and lockouts):
Beginning in month
number
In progress during month
do
Workers involved in strikes:
Beginning in month..
thousands..
In progress during month _
do
Man-days idle during month_
do
Employment Service, United States:
Applications:
Active
file
do
New
_
do
Placement, total
do
Private
do
Ratio of private placements to active file
percent „
Labor turn-over in mfg. establishments:
Accession rate-_.mo. rate per 100 employees..
Separation rate:
Total
„
do
Discharge
„
do
Lay-off.
do
Quit do

33.4

33.3

32.9

32.7

33.1

33.8

35. 2

36.2

36.7

36.9

36.6

34.3

34.5

34.2

34.4

34.4

34.7

36.3

36.9

37.4

36.5

37.1

' 189
'312

' 251
'383

'257
••420

'266
'448

'197
'376

'182
'335

'224
'374

'187
'337

'216
'344

'169
'311

' 136
' 246

p 255

"53

P600

'510

56
' 105
' 759

' 110
'830

81
'123
' 1, 158

52
'94
'850

48
'83 1
'756

46
'78
'809

'95
' 132
' 980

' 52
' 111
'831

38
'70
'519

'34
'54
'425

v 525

7,199
489
181
126

6,763
750
132
91

6,784
806
177
129

7,259
667
218
154

7,525
677
239
159

7,831
803
246
164

8,119
623
271
190

7.966
523
281
203

7,743
565
292
208

7,529
503
251
178

7,216
477
230
161

' 7, 434
'644
200
130

36.8

v 185
v 285
?' 55
v 70

8,088
705
228
156

36.6

v 171
^50
*f>5

1.8

1.4

1.9

2.1

2.1

2.1

1.9

2.3

2.5

2.7

2.4

2.2

'1.7

3.06

3.13

3.13

2.58

2.84

3.44

4.81

5.29

4.51

5.19

4.24

3.22

4.09

2.61
.10
1.87
.64

4.39
.11
3.79
.49

4.46
.11
3.74
.61

4.54
.10
3.85
.59

4.57
.13
3.82
.62

4.41
.11
3.69
.61

3.81
.09
3.13
.59

3.08
.10
2.33
.65

3.56
.12
2.62
.82

3.30
.12
2.40
.78

3.14
.10
2.44
.60

3.88
.09
3.21
.58

3.19
. 10
2.24
.85

85.3
78.3

76.9
67.2

77.1
67.4

74.6
65.6

72.9
64.2

70.8
61.7

70.6
58.6

76.9
63.7

81.0
68.7

83.8
75.2

84.1
78.3

86.5
'80.3

83 2
'76. 4

PAY BOLLS
Factorv, unadjusted (U. S. Department of
Labor)f
1923-25=100
Durable goods...
do
Iron and steel and their products, not incl.
machinery ._
. . 1923 25=100
Blast furnaces, steel works, and rolling
mills
1923-25-100..
Hardware. . . . .
_ . _ _ d o .
Structural and ornamental metalwork
1923-25=100..
Tin cans and other tinware
do
Lumber and allied products _
do
Furniture-.
.
. do
Lumber, sawmills
do
Machinery, not incl. transportation equipment. __„
1923-25=100._
Agricultural implements (including tractors)
1923-25=100..
Electrical machinery, apparatus, and supplies
_
1923-25=100
Engines, turbines, water wheels, and windmills—
1923-25=100
Foundry and machine-shop products
1923-25=100..
Radios and phonographs . _
do . . .
Metals, nonferrous, and products
do
Brass, bronze, and copper products, do
Stone, clay, and glass products
do
Brick, tile, and terra cotta
_ do
Glass
do
Transportation equipment
do
Automobiles _ ._
„
do .
Nondurable goods
do
Chemicals and petroleum, refining..do
Chemicals.
_. do
Paints and varnishes
do
Petroleum refining
...
_ do.__
R a y o n and allied products
do
Food and kindred products.
do
Baking
do
Slaughtering and meat packing
do

Leather and its manufactures
do
Boots and shoes
__ do . .
Paper and printing .
do
Paper and pulp
_. do
Rubber products .
do
Rubber tires and inner tubes
do
Textiles and their products
do
Fabrics._ _
.
do
Wearing apparel
do
Tobacco manufactures
do
Factory, unadjusted, by cities and States:
City or industrial area:
Baltimore
1929-31 = 100
Chicago
Milwaukee
N e w York
Philadelphia
Pittsburgh

.

Wilmington
State:
Delaware __
Illinois
Maryland
Massachusetts
N e w Jersey _
New York.... .
Pennsylvania
Wisconsint

_ 1925-27 - 1 0 0 . .
do
do
1923-25=100 .
_. do

do
_

.
-

._ do
1925-27=100..
1929-31*= 100
1925-27=100..
.__1923-25«100__
1925-27=100..
1923-25=100..
1925-27=100..

79.8

63.2

64.3

63.3

62.7

69.1

67.4

65.3

68.6

74.9

79.1

80.8

' 77. 7

83.4
78.4

63.7
59.3

64.5
56.4

64.3
51.8

62.9
53.2

58.1
52.4

56.8
48.3

65.3
57.6

87.6
65.7

73.9
86.3

81.9
93.2

83.2
90.1

'82.1
'81.8

54.7
85.7
52.8
66.1
40.7

52.0
89.6
48.0
56.3
39.3

50.6
92.9
51.8
56.8
44.5

49.4
91.2
50.1
51.9
44.4

48.8
91.8
50. 5
50.4
45.4

46.7
92.6
51.2
52.4
45.4

48.8
94.4
48.7
51.3
41.6

51.2
107.0
58.1
62.5
60.2

40.7
103.0
60.0
68.1
50.6

50.5
89.2
60.0
68.4
50.4

50.1
87.5
56.2
64.9
46.4

53.2
87.9
56. 1
67.8
44.9

51.8
' 86. 8
'52.0
60.3
M2.4

91.6

91.1

88.0

83.6

80.6

76.4

72.7

76.1

78.6

81.9

83.9

'89.3

'87.4

129.4

161.8

160.7

152.8

137.2

124.1

98.6

95.6

87.1

92.4

95.0

113.5

'111.8

83.9

80.9

77.4

72.0

68.4

66.6

64.1

67.7

73.0

78.0

80.4

'82.7

107.2

99.2

100.8

101.7

97.1

89.4

85.9

89.9

90.0

90.4

91.6

98.0

77.8
89.1
87.8
96.4

77.5
68.3
74.4
75.8
51.3
28 2
80.7
65.9
62.7
87.8
117.3
123. 6
108.1
138.2
265.8
114.2
137.3
105. 0
77.0
76.5
101.2
101.4
58.9
49. 0
77.9
69.0
92.8
52.6

75.2
57.9
74.3
77.5
53.0
28.8
81.4
65.1
62.3
87.9
117.3
118. 5
110.8
136.5
281.7
113. 3
137. 7
100.7
76.6
76.5
101.3
101.8
60.9
51.5
78.0
67.6
95. 8
54.7

71.4
65.8
69.0
74.5
54.3
32 3
77.6
64.9
63.3
84.7
114.3
117.4
114.1
134.9
244. 2
114. 1
137.5
100.8
70.6
69.9
99.4
98.4
61.9
53. 7
71.6
63.3
85.6
53.2

70.0
66.8
69.0
76.0
57,7
35.7
79.1
59.5
56. 8
82 fi
115.7
116.8
119. 5
139. 6
257.9
117.3
139. 5
103.6
60.9
57.6
98.5
97.2
63.3
56.1
66.3
62.0
72.5
56.6

65.7
71.6
66.3
72.5
56.4
36.0
77.6
57.4
54.4
80.9
112.8
118.1
116. 6
137.8
242.1
121.7
141.9
104.7
57.5
52.8
96.0
94.9
63. 5
57. 5
62.4
61.2
62.6
59.4

63.7
72.4
67.0
77.9
53.1
35.4
69. 1
51.0
47.4
84.1
111.1
114,5
111.0
135.3
249. 5
12*. 5
142.8
107.9
69.4
67.0
95.9
96.9
64. 1
60.0
66. 6
65. 7
66.0
57.1

67.2
75. 5
74.1
83.4
66.5
37.2
78.6
49.9
47.0
91.7
116.9
121.0
111.2
138.1
289.0
131.1
139.8
104.8
70.0
75.1
98.0
101.9
69.5
60.6
80.0
73.4
90.4
59.0

68.1
83.5
81.4
89.1
68.3
3S. 6
S2. 6
64.7
66.3
94.9
118.9
121.4
114.5
134. 6
308.2
136. 7
143. 5
108.7
74.0
70.9
101.1
101. 6
76.7
67.3
84.0
74.7
99.5
61.0

69.4
97.9
88.5
96.2
63.0
40. 6
92.9
83.8
91.3
93.4
120. 1
128. 1
116. 3
132.8
302. 6
127.0
139. 5
110.0
69.6
64.5
103. 7
106. 5
79. 7
69.1
83.1
76.5
93.0
60.7

70.6
106. 9
90.2
99.8
63.8
39. 0
98. 6
95.9
107. 6
90.6
119.1
128.1
113.8
133.6
302.7
122.4
139.7
110.0
62.4
54.4
103.3
102. 9
85. 2
75.3
78.4
77.3
78.0
59.8

75.9
107.6
' 90. 3
98. 9
63. 5
39.4
99. 4
' 97. 9
'107.4
' 93. 4
120. 1
129. 8
115.4
134. 1
302. 4
120.9
138. 2
112.5
70. 0
63. 3
107.3
103.4
89. 0
79.0
83. 3
81. 1
' 84. 6
59.6

'74.8
' 96. 8
'84.7
93.0
'56.8
' 36. 7
' 92. 0
' 91. 9
' 100.6
' 90. 9
' 119.7
127. 9
' 113.1
' 134.5
' 309.5
' 115 2
' 136. 1
' 111.1
' 77. 5
' 72. 6
' 102.2
' 102. 6
' 83. 9
' 76. 2
' 80. 8
'78.7
'82.4
'49.7

96.2
58.3
87.2
76.3
85.5
72.2
77.2

94.8
56.5
86.8
77.4
84.3
70.8
76.8

92.2
54.4
84.3
74.3
79.3
68.5
71.9

89.1
52.9
81.4
68.5
76.1
67.6
73.1

87.2
50.8
81.7
66.6
74.7
62.2
72.3

87.1
50.8
78.8
66. 7
76.1
58.0
72.9

92.3
52.2
84.1
75.5
79.3
66.4
74.1

94.0
54.0
80.9
83.6
82.7
66.7
75.4

96.7
55.2
84.5
80.6
83.8
73.6
75.9

96.8
55.9
89.7
76.0
84.5
78.6
76.4

99.4
58. 5
92. 6
79. 0
89. 6
80.0
84. 2

' 96. 0
57 1
88.6
77.6
88.0
'79.1
' 84. 9

72.1
64.4
96.8
62.9
71.9
70.6
67,8
82.1

71.7
63.0
96.0
62.0
70.5
70.6
R8.5
81.9

67.5
60.9
93.6
59.1
68.2
67.4
65. 7
79.6

69.1
58. 4
91 3
57.8
68.7
64.2
64.8
77.4

68.3
56.6
89.1
55.3
68.3
63.5
62.1
77.0

70.2
55.9
89.0
57.1
68.4
64.8
61.3
81.3

74.7
58.9
93.9
64.5
70.9
69.8
66.9
80.3

74.4
60.3
95.7
67.1
72.6
75.3
68.9
77.7

71.7
62.2
98.7
67.6
74.6
75.0
72.3
80.9

71.6
62.6
98.7
66.3
75.0
72 9
73.3
81.6

78.5
64. 9
101. 9
69. 5
77.8
75. 8
75. 6
83.8

' 79. 0
63 2
'97.9
68. 3
75. 9
74.4
73.4
79.6

35." 5
98. 4
91. 6
97. 0
93. 1
119.9
129.7
115.6
132. 2
314. 4
112.2
136.7
100. 7
83. 1
79.4
102. 5
105. 5
82.4
72.2
87 2
80.9
96. 6
51.2
99.8
57.3
82.0
89. 7
82.7
85.6
79. 5
65. 1
102. 5
70.9
77.2
76.7
76.4

' 80. 6
'98.4

•• Revised.
v Preliminary.
tRevised series. Data on factory pay rolls (U. S. Dept. of Labor) revised beginning 1933; see table 77 on p. 17 of the November 1938 Survey and table 2, p. 16 of the
December 1938 Issue. For Wisconsin pay rolls, see footnote marked with a " t " on p. 26.
\ Current figures are not strictly comparable with those prior to July 1938; revised series will be shown when available.




28

SURVEY OF CURRENT BUSINESS

Monthly statistics through December 1937, to- 1939
gether with explanatory notes and references
to the sources of the data, may be found in the Febru1938 Supplement to the Survey
ary

February

March

April

May

June

April 1939

1938

1939

July

Decem- JanuAugust SeptemOctober November
ber
ber
ary

EMPLOYMENT CONDITIONS AND WAGES—Continued
PAY ROLLS-Contlnued
Nonmanufacturing, unadjusted (U. S. Department of Labor):
Mining:
Anthracite
1929=100Bituminous coal
do
Metalliferous
do.—
Petroleum, crude, producing
do
Quarrying and nonmetallic
do—
Public utilities:
Electric light and power, and manufactured
gas
..,.-1929= 100Electric railroads, etc
do—
Telephone and telegraph
do—
Services:
Dyeing and cleaning
do—
Laundries
—do—
Year-round hotels
do—
Trade:
Retail, total _
do_...
General merchandising
do__,.
Other than general merchandising..do
Wholesale
do....

44.9
81.5
52.6
62.0
29.4

46.1
74.0
55.8
69.6
28.8

47.3
68.4
56.3
68.0
30.2

39.0
56.3
53.3
68.0
33.9

38.3
55.3
51.2
66.7
38.3

49.7
57.0
46.1
67.6
37.3

20.2
56.8
38.0
66.7
37.0

20.0
64.2
43.7
66.8
39.2

29.4
71.9
46.1
66.5
38.4

43.4
78.3
49.2
63.7
39.2

36.2
81.4
52.3
63.3
37.2

96.8
70.0
91.3

98.5
70.2
89.9

98.6
69.9
92.6

97.6
70.0
91.6

97.4
71.2
91.3

98.6
69.7
90.9

98.3
69.0
90.9

98.9
69.5
91.3

98.4
68.4
92.6

99.9
68.9
95.3

98.6
68.8
93.0

98.2
69.5
92.7

63.4
78.5
82.1

65.2
79.1
83.6

68.2
78.6
80.9

87.2
80.6
80.5

80.7
80.9
80.5

83.3
81.8
79.6

77.5
83.0
77.4

74.3
83.1
77.4

81.7
81.4
78.9

78.0
79.5
80.8

73.9
79.3
81.3

68.3
80.0
81.1

68.1
80.9
65.5
74.1

68.4
81.5
65.7
75.3

68.6
82.2
65.8
74.7

72.2
89.4
68.6
74.6

70.0
84.4
67.0
75.1

69.5
84.3
66.4
73.8

68.1
80.4
65.6
73.6

66.8
78.8
64.3
73.7

'69.4
'85.3
66.1
74.3

'70.8
'88.3
67.2
75.1

71.5
'91.8
67.3
75.4

23.63

23.53

23.38

23.74

23.93

24.93

25.73

26.14

26.32

26.02

22.46
24.05

22.28
24.16

22.43
24.29

22.30
24.22

22.06
23.53

22.90
24.98

23.32
25.80

23.95
26,95

23.82
27.11

' 24. 30
' 27. 34

22.11

22.44

22.75

22.17

21.91

24.11

24.59

25.94

26.64

28.90

22.28
19.47

22.91
19.42

23.08
20.37

22.21
20.77

21.70
20.77

24.70
23.06

25.25
23.86

26.79
26.32

28.48
26.79

28. 49
25.31

25. 63
23.92
19.34
18.87
19.33

25.41
22. 42
18.91
17.92
19.17

25. 77
22.89
19.21
17.89
19.42

25.26
22.62
19.52
18.42
19.76

26.01
22.44
18.64
17.87
18.29

26.94
23.40
21.02
20.43
20.90

25.93
22.85
21.31
21.50
20.88

26.12
22.50
21.09
20.77
20.94

26.07
22.50
19.91
' 19. 75
19.57

27.18
22.76
20.14
20.60
19.27

25.34

24.94

24.96

24.68

24.34

25.08

25. 57

26.07

26.04

' 26.98

29.54

28.61

28.37

27.36

27.05

26.43

26.55

27.11

27.08

29.76

24.73

24.42

24.27

24.49

24.33

25.28

26.07

26.71

26.69

' 27. 26

29.85

28. 94

27.78

26.98

27.05

28.13

28.00

28.01

28.35

29.73

24.72
18.78
22.97
23.44
21.95
17. 24
23.31
27.05
26.10
20. 94
27.43
29. 23
26. 70
34. 89
22. 19
21. 78
25. 42
27. 2(5
18.90
18. 04
27.71
23. 73
22. OS
24. 02
10.37
15. 66
18. 12
15.79

24.47
20.91
22.15

24.74
21. 64
22.55

24. 30
22.07
22.20

23. 99
22. 11
22.93

24.87
21.20
24.14

25.02
22.21
25.14

25.54
22.53
26.06

25.51
22.40
25.70

26.48
22. 62
' 25. 81

22. 95
22. 00
17. 89
22.88
28. 94
28.83
20. 52
27. 32
29. 42
27. 11
34. 47
21.21
24. 89
25. 36
27.73
17.81
16.90
27. 30
23. 16
22.47
25.21
15.60
15. 16
16. 69
15.54

23.78
23. 12
19.17
23.44
28.14
27. 65
20. 64
28. 50
29. 63
28. 17
35. 78
22. 34
25. 40
25.84
28.38
16. 66
15. 12
27.41
23. 20
23. 39
26. 67
15.23
15.12
15.52
16.31

23. 14
22. 77
19.43
23.48
29.64
29. 49
20. 52
28.80
29. 90
27. 79
35. 26
22. 42
24.98
25. 76

24. 74
21. 90
18. 83
22. 15
29. 43
29. 56
20.83
28. 48
29.40
27. 38
34.60
22.68
24. 53
25. 79

28. 19
16. 30
14.71
27.04
22. 89
23.75
27. 35
15. 03
15. 29
14.31
16.91

28. 63
18.51
17.48
27.10
23.37
24.84
28.43
15. 67
15.72
15.50
17.18

25.63
22.77
19.56
23.95
31.22
32.33
21. 25
29. 02
30.39
27.39
35.25
24.16
23. 18
25. 33
27.93
19.80
18.85
27.48
24.26
25.39
28.73
16.87
16.56
17.68
16.89

26.32
23. 00
19.77
24.13
32.64
33.81
21.33
28.36
29.90
27.70
34.58
24.02
23.43
25.86
28. 66
18.98
17.87
27.91
23.92
26.91
31.27
17.03
16.43
18. 68
16.96

27.28
23.96
20.37
25.47
33.88
34.98
21.35
28.41
30. 88
27.83
34.45
23. 63
24.11
25.30
28.51
18.32
16.97
28.14
24.85
27.27
31.25
17.00
16. 65
18.01
16.84

27.14
23.82
19.46
25. 68
33. 64
34.89
20.85
28.26
30.22
27.34
34.86
23.74
24.22
25.21
27.54
17.22
15.41
27. 58
23.78
27.58
32. 77
16.35
16.35
16. 35
16.55

26.92
24.03
20.06
25.76
32. 72
33. 22
21. 53
28.52
30.72
27.80
35. 30
23.80
24. 75
25. 26
27. 69
18.62
17.11
28. 61
23.85
28.40
33.80
16.99
16.80
17.61
16.92

WAGES
Factory average weekly earnings:
National Industrial Conference Board (25
26.11
23.53
industries)
dollars..
U. S. Department of Labor (87 industries) t
22.30
dollars—
23.80
Durable goods
do__.
Iron and steel and their products, not in
21.54
eluding machinery
dollars.Blast furnaces, steel works, and rolling
21.60
mills.
dollars-20.07
Hardware
do...
Structural and ornamental metal work
25. 74
dollars,22.46
Tin cans and other tinware
_do
18.69
Lumber and allied products
...do
18.56
Furniture
-do
18.40
Lumber, sawmills
do
Machinery, not including transportation
25.48
equipment
dollarsAgricultural implements (including
29.28
tractors)
—-dollarsElectrical machinery, apparatus, and
24.88
supplies
dollars-.
Engines, turbines, water wheels, and
28.72
windmills
dollarsFoundry and machine-shop products
24. 85
dollars19.99
Radios and phonographs
do
22.64
Metals, nonferrous, and products—do__.
Brass, bronae, and copper products
22.77
dollars .
21.47
Stone, clay, and glass products do...
17. 26
Brick, tile, and terra cotta
do
22. 56
Glass
do
26.86
Transportation equipment
..do
25. 34
Automobiles
do—
20. 86
Nondurable goods...
do
27.51
Chemicals and petroleum refining-do—
29.45
Chemicals
do
2(5. 26
Paints and varnishes
.do—
35. 23
Petroleum refining
.do
21.26
Rayon and allied products
do
24. 74
Food and kindred products
do—
25. 30
Baking
do
27. 32
Slaughtering and meat packing___do
19. 09
Leather and its manufactures
do
18. 21
Boots and shoes
.,
do—
27.40
Paper and printing
.do—
23.51
Paper and pulp
...do
20. 97
Rubber products
do
22. 33
Rubber tires and inner tubes
do
16.41
Textiles and their products
do
15.82
Fabrics
.do
17.94
Wearing apparel
do...
15.32
Tobacco manufactures
do..,.
Factory average hourly earnings:
National Industrial Conference Board (25
.710
industries)
dollars.
U. S. Department of Labor (87 industries) f
. 657
dollars .
.724
Durable goods
-.-do...
Iron and steel and their products, not in.760
cluding machinery
dollarsBlast furnaces, steel works, and rolling
mills
dollars.666
Hardware
-do..Structural and ornamental metal work
.720
dollars.
.613
Tin cans and other tinware -_.do___
.515
Lumber and allied products.
.do...
.534
Furniture
do
.497
Lumber, sawmills.
do__.
' Revised
t Revised series. See note marked with a " f on p. 29,




42.5
80.9
'54.1
62.5
33.7

r

r

'
'
'

'
'

79.4
122. 9
70.3
75.6

.717

.718

.719

.713

.711

.714

.714

.714

.713

. 655
.724

.652
.722

.650
.721

.648
.718

.635
.704

.629
.702

.632
.708

'.637
.710

.645
.724

.648
.726

.759

.762

.763

.763

.753

.753

.753

.753

.757

.826
.651

.832
. 646

.837
.649

.841
.653

.840
.652

.835
.657

.839
.658

.839
.680

.842

.842
.667

.715
.614
.527
.538
.516

.718
.611
.535
.544
.528

.722
.610
.531
.543
.518

.728
.602
.531
.531
.527

.728
.589
.511
.522
.502

.731
.597
.523
.522
.519

.726
.599
.526
.524
.525

.720
.606
.520
.518
.620

.725
.607
.533
.524
.537

.727
.608
.532
r.526
.533

29

SURVEY OF CURRENT BUSINESS

April 1939

Monthly statistics through December 1937, to- 1939
gether with explanatory notes and references
to the sources of the data may be found in the Febru1938 Supplement to the Survey
ary

1938
February

Mar oh

April

June

May

1939

August

July

Septem- October Novem- December
ber
ber

January

EMPLOYMENT CONDITIONS AND WAGES—Continued
WAGES-Continued
Factory average hourly earnings—Continued:
U. S. Department of Labor (87 industries) t—
Continued:
Durable goods—Continued:
Machinery, not including transportation
equipment.
dollarsAgricultural implements (including
tractors)
dollars..
Electrical machinery, apparatus, and
supplies
dollars..
Engines, turbines, water wheels, and
windmills
dollars..
Foundry and machine-shop products
dollars
Radios and phonographs
__ do ._
Metals, nonferrous, and products __ do
Brass, bronze, and copper products
dollars
Stone, clay, and glass products
do
Brick, tile, and terra cotta
do
Glass
.
do. __
Transportation equipment _
do
Automobiles
„
do
Nondurable goods
do
Chemicals and petroleum refining-_do
Chemicals
do
Paints and varnishes
do
Petroleum refining
do
Rayon and allied products
do....
Food and kindred products
do
Baking
do
Slaughtering and meat packing. _do
Leather and its manufactures
do
Boots and shoes
do
Paper and printing
do
Paper and pulp
do
Rubber products
do
Rubber tires and inner tubes
do
Textiles and their products
do
Fabrics
_
do
Wearing apparel
do
Tobacco manufactures
do
Factory average weekly earnings, by States:
Delaware1923-25=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) f
dol. per month—
Railway wages (average, class I)
dol. per hour..
Road-building wages, common labor:
United States, average
dol per hour
East North Central—
do
East South Central
do
Middle Atlantic
do
Mountain
do
New England
do
Pacific
_ _
do
South Atlantic
do
West North Central
do
West South Central
do

0.730

0. 730

0.730

0.729

0.727

0.724

0.720

0.721

0.717

0.720

0.721

.724

.800

.795

.795

.796

.781

.781

.768

.771

.777

.794

.802

.794

.745

.749

.746

.749

.747

.742

.738

.737

.732

.730

'.736

.740

.787

.795

.788

.776

.783

.785

.787

.788

.785

.786

.793

.788

.712
.628
.670

.712
.616
.672

.712
.626
.666

.713
.607
.663

.714
.599
.660

.710
.610
.668

.709
.595
.666

.710
.594
.661

.709
.577
.659

'.713
.582
.662

.712
.582
.667

.713
.591
.668

.743
.649
.535
.699
.886
.916
.594
.742
.790
.697
.976
. .653
.609
.606
.689
.526
.603
.759
.624
.773
.938
.510
.485
.557
.460

.743
.644
.624
.697
.886
.919
.593
.737
.790
.697
.970
.647
.621
.608
.693
.523
.500
.764
.622
.761
.949
.506
.482
.549
.464

.720
.638
.516
.691
.885
.920
.590
.742
.795
.690
.968
.650
.621
.610
.691
.513
.487
.765
.620
.767
.946
.495
.480
.521
.466

.714
.640
.518
.698
.885
.920
.588
.757
.789
.693
.975
.640
.624
.615
.688
.522
.484
.769
.623
.769
.950
.479
.473
.491
.462

.709
.641
.518
.705
.889
.925
.587
.770
.793
.697
.978
.648
.614
.613
.690
.514
.486
.774
. 625
.770
.945
.479
.473
.489
.457

.714
.633
.511
.704
.883
.930
.583
.773
.787
.707
.988
.645
.599
.612
.691
.515
.492
.767
.619
.774
.945
.482
.468
.508
.460

.715
.634
.511
.712
.883
.936
.578
.763
.785
.700
.986
.639
.586
.615
.689
.516
.493
.760
.617
.760
.941
.489
.464
.531
.462

.713
.632
.616
.707
.897
.933
.577
.744
.781
.699
.984
.638
.576
.610
.686
.524
.501
.765
.613
.758
.946
.492
.462
.539
.458

709
.640
.526
.716
878
.906
579
.736
.775
694
.976
.639
.598
609
.685
.530
.506
.764
613
.756
.944
.486
.459
531
.456

.710
.645
.531
.722
.906
.932
.580
.744
.776
.695
.979
.641
.612
.611
.685
.533
.508
.762
.612
.756
.952
.478
.460
.510
.462

'.707
.651
.537
.723
.898
'.924
.584
.743
.781
.699
.974
.641
.619
'.615
' . 679
.526
'.499
. 771
.613
.764
.963
.482
.461
.521
.469

.701
.651
.540
.728
.899
.923
.685
.744
.780
.699
.980
.637
.628
.617
.683
.525
.498
. 765
. 616
.768
.957
.484
.462
.525
.481

92.0
95.3
110.8
93.7
100.5

86.9
87.5
90.6
105.8
91.0
88.9
93.1

88.2
88.3
90.3
105.6
91.4
80.9
92.8

85.4
87.4
88.3
104.1
89.3
88.6
91.4

86.3
86.8
88.0
106.0
88.2
90.2
90.6

85.0
85.9
88.8
104.8
88.7
88.8
89.3

84.7
86.7
90.4
105.4
89.7
86.7
85.2

78.4
88.7
92.3
105.9
91.4
91.9
89.3

82.5
88.9
93.6
106.9
93.8
92.5
89.5

85.5
90.7
93.5
110.5
92.8
96.0
95.1

85.2
90.1
91.5
108.6
90.7
96.7
95.8

89.2
92.6
94.3
111.5
93.3
98.8
97.4

89.0
91.3
93.8
110.2
93.0
'98.1

.680
1.43

.675
1.39

.675
1.40

.677
1.40

.673
1.40

.677
1.42

.677
1.43

.677
1.43

.677
1.43

.682
1.43

.682
1.43

. 682
1.43

.682
1.43

88.2

33.82

37.28

34.92

36.09

.740

.751

.724

.729

.729

.722

.726

.714

.727

.725

.735

.735

.33
.60
.27
.52
.53
.46
.62
'.26
.41
.36

.33
.61
.27
.53
.55
.52
.64
.26
.39
.36

.35
.58
.27
.49
.56
.45
.65
.27
.41
.36

.40
.59
.28
.48
.56
.45
.66
.27
.45
.36

.41
.58
.28
.49
.56
.44
.66
.28
.46
.37

.42
.62
.28
.49
.55
.44
.66
.27
.46
.37

.43
.62
.28
.49
.55
.44
.66
.27
.47
.39

.42
.59
.28
.50
.55
.45
.66
.27
.46
.38

.41
.59
.28
.50
.54
.46
.68
.28
.47
.36

.40
.59
.29
.50
.55
.47
.70
.27
.46
.36

.38
.63
.27
.51
.53
.50
.60
.26
.43
.36

'246

'263

'274

'284

'295

'299

'307

'311

'320

'326

' 325

315

41
47

41
48

41
41

42
38

42
37

43
36

43
36

43
35

44
35

44
36

'45
41

46
43

2

3

2

2

2

1

1

1

1

2

2

2

ALL PUBLIC BELIEF
Total, exclusive of transient care and administrative expense t
mil. of dol_.
Obligations incurred for:
Special types of public assistance
do
General relief
do
Subsistence payments certified by the Farm
Securitv Administration
mil of dol
Earnings of persons employed on Federal
work programs:
Civilian Conservation Corps mil. of dol__
Works Progress Administration:
Operated by W P A f
do
O perated by other Federal agencies f do
National Youth Administration:
Student aid
do
Work projects f
do
Other Federal work and construction
projects f
mil. of dol_.

19

18

18

18

17

20

20

19

20

21

19

21

'103

'120

'131

'138

'146

'151
4

'163
5

'165
5

'171
5

'172
5

'168
5

'156
5

2
'3

2
'3

2
'3

3

2
'4

0
'4

C)

O)

'4

2
' 4

2
4

2
4

2
4

28

29

34

41

46

40

39

38

39

37

35

'4
35

' Revised.
• Less than $500,000.
Construction wage rates as of March 1, 1939, common labor $0,680, skilled labor $1.44.
fRevised series. Industry classifications have been revised as follows: "Tractors" have been transferred from "engines, turbines, water-wheels, and windmills," to
"agricultural implements"; data for these two groups prior to January 1938 will be shown when available. Beginning July 1938, "stamped and enameled ware" (not shown
separately in the Survey) has been transferred from "nonferrous metals" to "iron and steel products" and "railroad repair shops" have been dropped from the Department
of Labor's tabulation. Revisions in the affected group averages prior to July 1938 will be shown when available. In addition to these changes, which affect both average
weekly earnings and average hourly earnings, the latter figures for the 87 manufacturing industries combined and for the manufacturing groups are in the process of revision
for all months prior to July 1938; revisions, whichi n most instances are small, will be shown when available. Farm wages revised beginning 1913; data not shown in February
1939 Survey will appear in a subsequent issue. Figures are reported as of Jan. 1, Apr. 1, July 1, and Oct. 1; they are here shown as of the end of March, June, September, and
December. Data on all public relief revised beginning with January 1933; figures not shown above will appear in a subsequent issue. The revised series differ from those
previously published in that they include, in addition to earnings of persons certified as in need of relief, the earnings of all other persons employed on work or construction
projects financed in whole or in part from Federal funds.




30

SURVEY OF CURRENT BUSINESS

Monthly statistics through December 1937. together with explanatory notes and references
to the sources of the data may be found in the
1938 Supplement to the Survey

1938

1939
February

April 1939

February

March

May

April

June

1939
DecemOctober NovemAugust September
ber
ber

July

FINANCE
BANKING
Acceptances and com'l paper outstanding:
Bankers' acceptances, total
mil. of doL.
Held by Federal Reserve banks:
For own account
do
For foreign correspondents
do
Held by group of accepting banks:
Total.
_mil. of doL.
Own bills
do
Purchased bills
„
do
Held by others
—do
Commercial paper outstanding
do
Agricultural loan? outstanding of agencies supervised by the Farm Credit Administration:
Grand total
mil. of doL.
Farm mortgage loans, total
do
Federal land banks
do
Land Bank Commissioner
do
Loans to cooperatives, total •
do
Bank for cooperatives incl. Central
Bank
_mil, of doL.
Agricultural Marketing Act revolving
fund
mil. of dol_.
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 cooperatives c?
mil. of doLOther financing institutions
do
Production credit ass'ns.._„
do
Regional agr. credit corps
do
Emergency crop loans
do
Drought relief loans
do
Joint Stock Land Banks in liquidation..do
Bank debits, total
mil. of doL.
New York City
do
Outside New York City
do
Federal Reserve banks, condition, end of mo.:
Assets (resources) total
mil. of dol—
Reserve bank credit outstanding, total
mil. of dol—
Bills bought.
do.
Bills discounted
do.
United States securities
do
Reserves, total
do.
Gold certificates
__
._do_
Liabilities, total.,
—do
Deposits, total
do.
Member bank reserve balances, total
mil.ofdoL.
Excess reserves (estimated)
do
Federal Reserve notes in circulation.^do
Reserve ratio
pereent.Federal Reserve reporting member banks,
condition, Wednesday nearest end of month:
Deposits:
Demand, adjusted
—mil. of doL.
Time
do.
Domestic interbank
do_
Investments, total f
do
TJ. S. Government direct obligations__do
Obligations fully guaranteed by TJ. S.
Government
mil. of dol—
Other securities t
do
Loans, total 1
do
Commercial, industrial, and agricultural
loans 1
.mil, of doL.
Open market paper
do.
To brokers and dealers in securities
mil. of doL.
Other loans for purchasing or carrying securities
mil. of doL.
Real estate loans...
_
do
Loans to banks
do
Other loans 1.
do.
Money and interest rates:
Bank rates to customers:
In New York City
..percent—
In eight other northern and eastern cities
percent._
In twenty-seven southern and western cities
percent—
Bond yields (Moody's):
Aaa
_—do_
Baa
_
do
Discount rate (N. Y. F. R. Bank)
do
Federal land bank loans
do
Federal intermediate credit bank loans.do
Open market rates, N. Y. 0.:
Acceptances, prime, bankers
do
Call loans, renewal (N. Y. S. E.)
do....
Commercial paper, prime (4-6 months)
percentTime loans, 90 days (N. Y. S. E.)~~do.—
Treasury bills, 91 days (yield)
do
Treasury notes, 3-5 years (yield)
do.

307

293

0
1

3,178
2, 710
1, 969
741
98

279

268

0
1

264

265

261

270

273

270

0
2

0
1

0

0

0

0

217
133
84
47
211

216
129
87
42
209

221
129
92
40
212

223
130
93
46
213

222
124
98
51
206

212
121
91
58
187

3,319
2.795
2,014

3,307
2,786
2,009
777
102

3,290
2,776
2,004
772
110

3,257
2,764
1,998
767
116

3,229
2,751
1,990
760
112

3 210
2,735
1,982
753
112

246
140
106
61
293

236
143
93
57
297

229
141
89
48
271

218
139
48
251

210
135
76
52
225

3,321
2,834
2,030
804
116

3,328
2,824
2,026
799
111

3,337
2,818
2,023
795
107

3,335
2,811
2,020
791
104

3, 336
2,804
2,018
786
106

782
100

(8)

(*)

87

82

80

78

81

75

76

83

87

86

87

24
370

28
371

27
393

26
412

25
420

25
426

25
424

26
420

27
404

28
377

25
366

24
363

167
34
155
11
116
54
85
27, 490
12,380
15,110

173
39
148
15
113
57
100
25. 547
10, 915
14, 633

186
40
163
15
119
56
98
32,120
14,746
17, 373

196
41
173
15
127
56
97
31,169
14, 572
16, 597

202
41
180
15
128
56
96
28,841
12,828
16, 013

208
43
184
15
128
56
94
32, 797
15, 637
17,160

199
43
184
14
127
56
93
30, 505
13,828
16, 677

197
43
181
14
126
56
92
28, 270
12.247
16,023

190
41
171
13
123
56
91
29, 525
13. 085
16,440

175
36
155
12
119
55
90
33, 235
15,140
18,096

167
35
148
12
117
55
89
29,406
12,425
16, 981

168
34
148
11
116
55
87
39,930
18,879
21,050

15, 862

12, 796

12,925

14, 322

14,179

14, 214

14, 285

14, 261

14, 573

14,861

15, 293

15, 581

2,598
1
4
2, 564
12, 561
12,125
15, 862
10,571

2,590
1
10
2,564
9,637
9,183
12, 796
7,850

2,611
1
13
2,580
9,690
9,223
12, 925
7,917

2,594
1
9
2,564
11.091
10, 650
14, 322
9,298

2,582
1
9
2,564
11,030
10,648
14,179
9,212

2,596
1
8
2,564
11,041
10, 645
14, 214
9,247

2,589
1
7
2.564
11, 049
10, 642
14, 285
9,270

2,585
1

2,600
1
8
9 5fi3

2, 586
1
7

2,601
1
4
2, c64
12,166
11,798
15,581
10,088

8, 936
3, 387
4, 353
84.2

7,248
1,415
4,139
80.4

7,287
1,546
4,142
80.3

7,623
2,548
4,148
82.5

7,665
2,568
4,157
82.5

8,024
2, 875
4,149
82.4

8,164
3,022
4,135
82.4

15,965
5, 202
6, 414
13,408
8,143

14, 381
5, 260
5, 384
12, 298
8,137

14, 268
5,221
5, 080
12, 039
7, 778

14, 598
5, 230
5, 632
12, 257
7,987

14, 589
5,216
5, 832
12, 202
7,844

15, 036
5,239
5, 780
12, 240
7,770

2,019
3, 246
8,186

1, 159
3,002
8,933

1,156
3,105
8,771

1,199
3,071
8,587

1,411
2,947
8,334

3,773
313

4, 357
431

4,299
418

4,187
393

769

523
1, 136

616
1,158
82
1,520

605
1,150
96
1,523

2.24

2.34

2.40

3.33

3.29

3.25

4.09

4.09

3.00
5.05
1.00
4.00
1.92

3.20
5.97
1.00
4.00
2.00
Me
1.00

1,550

9,212

11,295
10, 918
14, 573
9,406

11,639 !
11,272 !
14,861 j
9,672 |

2,584
1
7
2, 564
11,970
11,613
15,293
9,935

8,179
2,941
4,169
82.4

8,198
2.869
4,253
82.7

8,713 '
3,227
4,315
83.2

8,876
3,383
4,385
83.6

8,724
3, 205
4,452
83.7

14,951
5,193
5,927
12, 395
7,655

15,388
5,210
5.958
12, 591
7, 789

15, 508
5,180
5,799
12, 999
8, 111

15, 766
5,155
6,219
13, 081
8,132

16,013
5,124
6,212
13,008
8,106

15, 986
5,160
6,061
13, 219
8,266

1,488
2,982
8,321

1,646
3, 094
8,165

1, 655
3,147
8,270

1, 675
3,213
8, 241

1,686
3,263
8,327

1, 682
3, 220
8,317

1,732
3, 221
8, 430

3,992
365

3,936
340

3,865
336

3,886
339

3,891
344

3,892
347

3, 866
338

3, 843
328

652

603

652

602

690

728

712

848

591
1,149
104
1,511

583
1,156
114
1,521

583
1,160
113
1,537

574
1,161
111
1,516

579
1,160
109
I, 507

571
1,164
110
1, 515

572
1,169
117
1,543

560
1,169
115
1,567

2.564
11,026
10, 640
14, 261

576
1,161
118
1,502

9 ZP.A.

2.40

2.36

2.27

2.16

2.25

2.29

2.33

2.33

3.26

3.27

3.38

3.28

3.26

3.30

3.37

3.28

3.47

4.15

4.13

4.13

4.14

4.12

4.12

4.07

4.06

4.05

4.04

3.22
6.30
1.00
4.00
2.00

3.30
6.47
1.00
4.00
2.00

3.22
6.06
1.00
4.00
2.00

3.26
6.25
1.00
4.00
2.00

3.22
5.63
1.00
4.00
2.00

3.18
5.49
1.00
4.00
2.00

3.21
5.65
1.00
4.00
2.00

3.15
5.36
1.00
4.00
2.00

3.10
5.23
1.00
4.00
2.00

3.08
5.27
1.00
4.00
2.00

Me
1.00

Me
1.00

Me
1.00

1.00

1.00

M

Me
1.00

Me
1.00

Me
1.00

1.00

H-l

H-l
iH

H-l

94-1

m

%

H-H

Me

Me
1.00
5

/8

1M
1M
.06
.04
. 03
. 03
.07
.05
.09
.67
.71
.71
.63
1.09
.08
.05
.70
.68
.94
.08
.05
1.01
.77
.82
avoid duplication, these loans are excluded
from t h e totals
* Less t h a n $500,000.
• I n c l u d e s a small amount of Federal intermediate credit bank loans (direct) not shown separately.
jBeginning Feb. 8, 1939, amounts previously classified as loans or securities b u t indirectly representing bank premises or other real estate owned are classified as "other
assets" (not shown above). These amounts on Feb. 8, 1939 (the only week for which overlapping data are available), were $47,000,000 for loans, mostly real-estate loans, and
$53,000,000 for securities. There was also a transfer on that date of a small a m o u n t of loans formerly classified as "Commercial, industrial, and agricultural" to "other loans."




m

m

m

m

m

31

SURVEY OF CURRENT BUSINESS

April 1939

Monthly statistics through December 1987, to- 1939
gether with explanatory notes and references
to the sources of the data may be found in the Febru1938 Supplement to the Survey
ary

1939

1938
February

March

April

May

June

July

August

Septem- October Novem- December
ber
ber

January

FIN AN CE—Continued
BANKING—Continued
Savings deposits:
Savings banks in New York State:
Amount due depositors
__mil. of dol__
U. S. Postal Savings:
Balance to credit of depositors
do
Balance on deposit in banks
do

5, 431

5,297

5,329

5,303

5,307

5,336

5,329

5,332

5,362

5,363

5,359

5,405

5,417

1,263
78

1,271
124

1,268
121

1,262
119

1,255
116

1,252
115

1, 252
101

1,252
99

1,248
98

1, 250
96

1,250
87

1, 252
84

1, 259
80

963
32
45
177

1,149
67
54
211
5
35
15
3
14
5
12
18
4
61
4
35
705
112
21,028
967
762
10,139
17
784
329
1, 840
2,094
84
357
595
466
2,384
63
1,126
6, 622
2,538

1,167
50
55
241
8
47
16
4
13
8
18
22
7
58
5
35
696
125
40, 325
809
955
27, 065
633
1, 962
308
15, 104
2,208
145
960
1,781
155
2,722
154
933
7,612
3,884

1,172
50
40
210
11
34
29
7
14
4
9
11
10
50
3
28
748
124
21,147
2,701
1,195
7, 535
168
1, 200
1,025
523
973
442
243
114
454
1,806
120
467
7,055
2,661

1,123
47
60
217
12
39
15
4
15
11
7
19
10
50
5
30
690
109
19,139
1, 196
757
6,860
222
717
464
155
573
480
668
328
416
1,382
510
945
7,879
2,447

1,073
47
59
198
2
24
19
8
15
7
8
16
4
62
6
27
665
104
15,918
841
1,234
5,939
11
1,522
395
265
196
94
280
304
152
1,157
166
1, 397
6, 520
1,384

1,038
51
45
210
7
32
24
2
14
7
13
20
6
58
3
24
629
103
14, 761
617
378
5, 957
100
2,143
389
295
258
221
291
293
350
991
150
476
5, 385
2,426

1,015
34
57
173
c©
37
12
2
11
6
12
9
7
41
6
22
629
122
16,382
344
1,128
6,147
91
747
370
76
764
62
256
434
549
2, 254
340
204
5,903
2,860

866
33
49
184
6
31
14
8
11
6
18
18
9
33
4
26
528
72
14,341
347
782
5,227
65
1, 606
480
696
204
57
261
415
124
981
77
361
6,450
1,535

997
47
43
172
10
38
14
4
8
5
12
16
7
30
7
21
627
108
13, 219
575
607
4,110
245
1,031
478
316
81
54
206
604
305
341
106
343
5, 251
2,676

984
48
55
196
6
44
13
0
10
10
12
15
7
51
8
20
586
99
12, 302
1,158
713
4,434
90
703
909
0
429
92
162
333
270
892
149
405
4,513
1,484

875
37
48
175
11
33
3
8
5
11
8
4
44
3
24
527
88
36, 528
1,628
797
,285
185
1,,743
489
156
524
169
704
89
116
540
1, 206
364
4,142
23, 676

1,263
54
54
218
7
43
17
9
12
12
17
15
8
41
3
34
802
135
19,122
1,912
615
6, 803
81
1, 636
387
357
1,090
575
713
267
335
650
26
686
7,731
2,061

21, 705
4,217
673
3, 544
1,775
2,643

21,772
4,236
674
3,562
1,773
2,649

21,851
4,240
672
3,568
1,780
2,659

21,943
4,256
672
3,584
1,784
2,663

22, 057
4,276
672
3,604
1,797
2,667

22, 209
4, 291
672
3,619
1,800
2,665

22, 302
4,313
670
3,643
1,801
2,663

22,413
4,334
674
3, 660
1,792
2,663

22,520
4, 350
674
3,676
1,790
2,659

22, 620
4,361
673
3,688
1,790
2, 650

22, 729
4,381
670
3,711
1,751
2,636

11, 999
5,470
2, 668
2,720
1, 141
712
359

12,053
5,493
2,685
2,730
1,145
737
324

12,120
5, 490
2,713
2,761
1,147
731
321

12,159
5,510
2,730
2,764
1,155
759
322

12,199
5,486
2,760
2,756
1,197
785
333

12, 349
5, 560
2, 789
2, 752
1,248
774
330

12,388
5, 507
2,847
2, 754
1,280
803
334

12, 553
5, 598
2, 885
2,754
1,316
732
339

12,658
5,603
2,954
2,752
1,349
727
336

12, 629
5,603
2,950
2,726
1,350
821
369

12, 869
5, 794
3,004
2,649
1, 422
635
457

766
25
577
164
589,407
41,671
174, 092
373,644
246, 708
23, 354
10, 643
58, 314
154, 397

878
20
656
202
672,142
33,050
198, 025
441, 067
274, 277
24, 894
12, 656
58, 003
178, 724

833
16
643
175
617,475
37,815
193,131
386, 529
255, 403
21, 665
11,603
66, 589
155, 546

892
24
648
220
618, 807
43, 076
191,648
384, 083
254, 629
21, 662
10, 840
61,021
161,106

784
720
30
12
580
511
174
197
597, 773 528, 452
45,076 I 18,659
170, 312 153,392
382, 385 356,401
258, 072 287,110
26, 369
66, 779
11, 048
10, 423
56, 103
56, 737
164, 552 153,171

712
18
518
176
550, 960
33,443
156, 304
361, 213
245, 298
22, 652
10,608
60, 073
151, 965

760
16
582
161
519, 932
24, 924
173, 641
321,367
237, 697
19, 366
10, 408
60, 695
147, 228

822
24
598
200
592, 432
32,288
179, 553
380,591
234,120
20,905
9,980
57,253
145,982

865
34
608
223
671, 262
43, 754
182, 690
444,818
248,595
28, 515
10,001
55,034
155, 045

1,089
71
755
264
974, 920
91, 294
226, 085
657,541
355, 003
50, 208
12.148
96, 493
196,754

488, 703
36, 267
137,311
107, 443
50, 268
44, 810
18, 874
40, 522
13, 296
39,912

568,473
43, 357
155, 737
122,416
57, 612
53, 553
24, 658
48, 484
16,140
46, 516

499, 656
37, 527
138, 973
105, 226
51, 809
47, 631
21, 061
40, 355
14, 413
42, 661

490, 658
34, 758
133, 471
101,865
51, 575
48,159
20, 424
43, 622
13, 928
42, 856

502, 588
34, 880
137,997
106, 665
52, 342
48, 060
20, 865
42, 829
14, 856
44, 094
111

470,917 428, 482
28,648
30, 887
123,610 I 112.049
90, 542
97,453
45, 864
53,082
42, 111
46, 830
19, 504
18,834
36, 175
41, 235
13, 428
14,850
40,161
44,136

35,105
139,695
103,323
49,986
46,365
18,941
40, 218
13,504
41, 819

570, 648
44, 547
170,752
120, 493
56, 665
51, 957
23,548
40, 575
14,934
47,177

897, 886 729, 766
65, 390
58, 827
279,319 194,457
187, 742 174,370
93, 672
76, 498
79, 4(53 63, 300
34,198
27,101
62, 032
53,202
22, 075
17,806
73,995
64, 205

COMMERCIAL FAILURES f
Grand total.
„.__
number..
Commercial service, total
,
do
Construction, total
...do.___
Manufacturing, total.—
do
Chemicals and drugs
„
do
Foods
_
do
Forest products
do
Fuels.
„
-_-.
do
Iron and steel
do
Leather and leather products
do
Machinery
do.»._
Paper, printing, and publishing
do
Stone, clay, glass and products.
do
Textiles
....do
Transportation equipment
do____
Miscellaneous
do
Retail trade, total—
__._..do
Wholesale trade, total
_
_._
do
Liabilities: Grand total
thous. of dol_.
Commercial service, total
do
Construction, total
.do
Manufacturing, total
do
Chemicals and drugs...
do___.
Foods
.
do
Forest products
do
Fuels
do
Iron and steel
do....
Leather and leather products
do
Machinery
„
..do
Paper, printing, and publishing
do
Stone, clay, glass and products
do____
Textiles
.
do___.
Transportation equipment
do
Miscellaneous
__._
...do
Retail trade, total
do
Wholesale trade, total

do.___

42
18
6
9
9
11
16
4
31
0
19
618
91
12,778
262
968
4, 985
125
1,482
306
118
255
512
112
1, 055
0
528
5, 251
1,322

LIFE INSURANCE
(Association of Life Insurance Presidents)
Assets, admitted, totalj..—,
mil. of dol..
Mortgage loans, total
_>__..__do
Farm
_
do
Other
do
Real estate holdings
do
Policy loans and premium notes
do
Bonds and stocks held (book value.) total
mil. of dol__
Government (domestic and foreign)___do
Public utility
_„
......do...Railroad...
„
do
Other
do
Cash
Other admitted assets.._
.do
do.
Insurance written :£f}
Policies and certificates, total number
675
thousands.
Group
do__.
39'
Industrial
„
_-___.__.do__
Ordinary
do___
Value, total
thous. of dol_ 570.448
40,322
Group
__do
Industrial
do
I 109,871
Ordinary
do
I 420. 255
Premium collections, total
do
j—
Annuities
do
iGroup
do
Industrial.
_
do
Ordinary
_
...do

648
30
357
262
729, 954
51, 899
99, 363
578,692
277,860
35, 905
12,914
65,146
163, 895

(Life Insurance Sales Research Bureau)
Insurance written, ordinary, total.thous. of dol__
New England
do~__
Middle A t l a n t i c .
do____.
East North Central
do
West North Central
do_._.
South Atlantic
„_
__.
do
East South C e n t r a l .
do
West South Central
do
Mountain
do .
Pacific
„
do . . .
Lapse rates
_1925-26=*100__

I

457, 224
31, 795
118,748
99, 159
51, 227
42, 860
17, 586
41, 694
13,990
40,165

t Revised series. Data revised beginning June 1934; see table 3. pp. 17-18 of the December 1938 issue.
t 37 companies having 82 percent of total assets of all United States legal reserve companies,
© 40 companies having 82 percent of total life insurance outstanding in all United Stai s legal reserve companies,




32

SURVEY OF CURRENT BUSINESS

Monthly statistics through December 1937, to- 1939
gether with explanatory notes and references
to the sources of the data may be found in the February
1988 Supplement to the Survey

April 1939
1939

1938
February

March

April

May

June

July

August

Septem- October Novem- December
ber
ber

January

FINANCE—Continued
MONETARY STATISTICS
Foreign exchange rates:
0.332
0.312
0.335
0.332
Argentina
dol. per paper peso__
.169
.170
.169
.169
Belgium
_
_.dol. per belga__
.059
.058
.059
.059
Brazil
_
-dol. per milreis..
. 350
.379
.376
.374
British India
dol. perrupee..
.995
.997
.994
1.000
Canada
dol. per Canadian dol..
.052
.052
.052
.052
Chile
dol. per peso..
.026
.031
.031
.033
France.__
dol. per franc.
.401
.402
.402
.404
Germany.
_dol. per reichsmark..
.053
.053
.053
.053
Italy
_
dol. per lira..
.273
.289
.290
.290
Japan
_
dol. per yen..
.536
.556
.556
.560
Netherlands
_
___dol. per guilder..
.058
.058
.061
Spain
_p
__dol. per p t
p
0)
.257
.257
.259
S
d
d
l dol. per krona..
Sweden
.241
4.984
4.981
5.018
United Kingdom
dol. per £._
4.686
.656
.655
.660
Uruguay
dol. per peso..
.616
Gold:
12,768
12,778
12, 829
Monetary stock, U. S._
mil. of dol_. 14, 778
Movement, foreign:
-614 -1,199
Net release from earmark^—.thous. of doL. - 4 8 , 553 -18,179
174
20
145
15
Exports
__
-.do
8,211 52, 947 71, 236
223, 296
Imports
_
-do
Production:
929, 264 ,014,830 981,463
Union of South Africa, total fine ounces..
857,077 931,457 903,010
Witwatersrand (Rand)
do
195, 780 174, 792 204, 278 190,201
Eeceipts at mint, domestic (unrefined)-.do
6,697
6,319
6,338
6,337
Currency in circulation, total
mil. of dol_.
Silver:
2, 054
233
191
250
Exports §
thous- of dol_9,927
15, 488 14, 440 15, 757
Im ports
do
.444
.448
.428
.428
Price at New York
dol. perfineoz__
24,128
21,465
21,197
Production, world
thous. offineoz._
1,729
1,735
1,430
Canada
do
8,803
7,144
7,153
Mexico
do
5,752
5,083
5,044
United States
do
Stocks, refinery, end of month:
6,302
4,120
5,708
United States
—do
903
800
579
Canada
do
CORPORATION PROFITS
(Quarterly)
Federal Reserve Bank of New York:
Industrial corporations, total (167 cos.)
mil. of dol_.
Autos, parts, and accessories (28 cos.) d o —
Chemicals (13 cos.)
Food and beverages (19 cos.)__.mil. of dol..
Machinery and machine manufacturing
(17 cos.)
mil. of dol..
Metals and mining (12 cos.)
_do
Petroleum (12 cos.)
do.—.
Steel (11 cos.)
do.—.
Miscellaneous (55 cos.)
do—
Telephones (91 cos.) (net op. in come) •_ do
Other public utilities (net income) (52 cos.)t
mil. of dolRailways, class I (net income)
do___
Standard Statistics Co.. Inc. (earnings):
Combined index, unadjusted*!
1926=100Industrials (119 cos.)
_
__do___
Railroads (class l)*f
do___
Utilities (13 cos.)
do...
Combined index, adjusted*!
do—.
Industrials (119 cos.)
do—
Railroads (class l)*f
do...
Utilities (13 cos.)
_do_—

0.331
.168
.059
.371
.992
.052
.028
.402
.053
.289
.554
.058
.256
4.967
.654

0.331
.170
.059
.367
.989
.052
.028
.403
.053
.289
.553
.058
.256
4.958
.652

0.329
.169
.059
.368
.994
.052
.028
.402
.053
.287
.550
.057
.254
4.929
.649

0. 325
.169
.058
.364
.996
.052
.027
.401
.053
.284
.546
.057
.252
4.881
.642

0.320
.169
.059
.358
.994
.052
.027
.400
.053
.280
.539
.052
.248
4.804
.632

12,891

12,946

12,985

13,057

13,441

-53,947 -15,490 -20,942 -28, 785 -13,255
11
212
17
131
65
52, 987 55, 438 63,880 165, 990 520,907
[,022,678 ,014,533 ,034,928
940,341 933, 929 952,995
227, 621 197, 528 305,487
6,415
6,464
6,433

14,162

14,416

14, 599

401
4,985
.428
25,619
2,528
9,224
5,596

1,463
24,098
.428
20, 064
2,202
4,486
5,073

1,259
25,072
.428
20,154
2,400
4,160
5,441

823
24, 987
.428
19, 307
2,023
5,929
2,879

1,344
21, 533
.428
19, 565
1, 552
5, 000
4,624

1,671
10, 328
.428

6,939
495

7,212
470

7,843
355

7,887
488

6,396
552

6,824
611

4,492
633

2,409
698

4,075
676

12.9
50.0

5.3
1.0
11.1
<<6.7
13.0
52.8

4.1
1.5
10.7
'7.3
14.9
50.5

47.7
* 106.3

44.8
'74.9

42.1
3.4

32.8

'36.!
40.4
44. 5
102.5
'34.6
35.8
"M1.0
104.0

'38.5
34.4

38.7
* 49. 0
102.0

13,940

110,177 - 7 , 375 -62, 387 14,106
16
16
14
81
562, 382 177, 782 240, 542 156,427

193
18, 326
.428
24,071
2,112
9,019
4,530

7.7
1.9
13.6

112. 1

0.311
.169
.059
.349
.992
.052
.026
.401
.053
.272
.542
.046
.240
4. 669
.614

254
19, 186
.428
22, 490
1,603
8,417
4,679

24.2
20.0

• 35.2

0.311
.168
.059
.349
.991
.052
.026
.401
.053
.272
.544
.050
.241
4.670
.615

317
17,952
.428
20, 440
1,509
6,244
4,813

84.8
22.7
19.2
19.2

36.1

0.314
.169
.059
.352
.992
.052
.026
.400
.053
.274
.543
.051
.243
4.708
.620

,046,338 ,035,341 ,041,394 :,024,057 ,028,774
962, 757 952,602 960, 561 944, 035 946,895
286, 493 301, 593 277, 500 333, 027 235, 337 233, 806
6,482
6,712
6, 570
6, 668
6,888
6,750

74.0
4.6
19.1
16.0

M.8

0.318
.169
.058
.356
.991
.052
.027
.400
.053
.278
.544
.051
.246
4.768

••2.0

1.7
'38.4
32.2
' 1.5
104.8

1,575
~4~669

P72.5
P34. 1
v 114. 5
4
*80.7
p 31. 2
v 105. 9

PUBLIC FINANCE (FEDERAL)
37,424 37,167 37,194 37,596 38,395
38,426
38, 607 39, 427 39,631
Debt, gross, end of mo
mil. of dol
37,636 37, 560 37,513
39,859
Public issues:
34, 291 33, 903 33,834 34,112 34,920 34, 950 34, 981 35, 743 35, 882
35,934
34,
603
34,486
34,465
Interest bearing*
_
_.do
533
526
553
549
541
534
543
Noninterest bearing*
do
556
535
551
589
546
528
Special issues to gov't agencies and trust
3,392
2,582
2,933
2,949
2,501
2,810
3,215
2,676
funds*
_
mil. of dol.
3.156
2,481
2,518
2,943
3,090
Obligations fully guaranteed by the U. S.
government:^
Amount outstanding by agencies, total.
5,410
4,852
5,064
5,001
4,853
4,987
4,646
4.646
4,647
5,015
4,992
5,009
4,993
mil. of doL.
1,381
1,410
1,410
1,395
1,410
1,383
1,410
1,410
1,410
1,404
1,
1,410
1,388
Federal Farm Mortgage Corporation.do
2, 888
2,937
2,937
2,937
2, 937
2,937
2,888
2,888
2, 937
2,888
2,888
Home Owners Loan Corporation
do
2,
819
299
299
510
299
299
299
511
511
509
511
511
Reconstruction Finance Corporation.do
509
Expenditures, total, including recovery and
relief f
thous. of dol_ 662, 464 528, 329 751.953 642, 924 568, 613 937, 004 762, 697 682,823 764, 509 770,311 678,588 870, 278 693,385
347, 849 289, 654 476, 320 411,504 343,959 602, 762 405,740 386,401 453, 422 453, 731 373,861 500,024 391,451
General*
_
_.do
Recovery and relief*
d o — 254,122 152, 608 195,597 201,841 206, 408 314,044 216, 406 236,179 242, 693 261,606 248, 587 307, 241 256, 746
10, 365 16,852
18, 172
5,308
9,703
8, 790 15, 514 12, 484
6,062
12, 743 10, 249
6,895
5,827
Revolving funds, net*
do
2,200
800 135,107 47, 500 44, 500 43, 500 48, 500 48, 500 38, 500
Transfers to trust accounts*
d o — 50, 000 56, 000 58, 000 19, 403
127
532
1,772
13, 215
3,864
1,385
6,914
137
626
0
8,685
13,645
745
Debt retirements*
-.do
417, 349 349, 362 959, 404 272, 629 375,396 773, 948 311,092 487,487 710,603 331,965 381,644 704,494 308,152
Receipts, totalf
do
22, 336 21, 950 23, 101 28, 673 28, 590 30, 797 27, 338 25,121
24,318
Customs
d o — 22. 301 24, 203 26. 307 24,430
333,518 280, 601 916,945 302, 476 277. 765 747, 295 350, 426 362,286 682,544 315, 061 304, 572 662, 252 315,845
Internal revenue
do
40, 699 541,900 41, 606 33,978 487,132 41,078
35,912 473, 804 50,764
Income taxes
_
do— 50, 872 67, 586 706, 735 45,931
125, 870 72,036
3,470 91, 283 73, 859
4,927
77,707
85, 736
2,864 81, 508 81, 979
2,939 98, 992
Social security taxes*
do
d
'1 Revised.
Deficit.
* Preliminary.
1Or increase in earmarked gold (—).
•Number of companies included varies slightly.
Quotations not available after Jan. 24, 1939.
*New series. New items for Federal gross debt beginning July 1916 appear in table 21, p. 16, and for Federal expenditures beginning July 1931 in table 22, p. 17, of this issue.
tRevised series. The Standard Statistics Co. index of railroad earnings and the combined index have been revised beginning 1932; see table 25, p. 18, of this issue. Total
Federal expenditures and receipts revised beginning July 1931; see tables 22 and 23, p. 17, of this issue.
§Revised series. Data revised for 1937, see table 19, p. 14 of this issue.
cf By an act of Congress dated March 8, 1938 (Public, No. 442), the Commodity Credit Corporation was given authority to issue fully guaranteed obligations. The first
such issue, to the amount of $206,174,000, was in May 1938, and is here included in "total amount outstanding, by agencies." Also included in the total is a small amount of
 guaranteed debentures of the Federal Housing Administrator, and in Feb. 1939, $114,146,000 for the U. S. Housing Authority.
http://fraser.stlouisfed.org/t As a result of a consolidation, number of companies reduced from 53 to 52 beginning June 1938.

Federal Reserve Bank of St. Louis

April 1939
Monthly statistics through December 1937, together with explanatory notes and references
to the sources of the data may be found in the
1938 Supplement to the Survey.

33

SURVEY OF CURRENT BUSINESS
1939
February

1939

1938
February

March

April

May

June

July

DecemOctober NovemAugust September
ber
ber

January

FINANCE—Continued
PUBLIC FINANCE (FEDERAL)-Contd.
Receipts, total—Continued.
Internal revenue—Continued.
Taxes from:
Admissions to theaters, etc. .thous. of dol_.
Capital stock transfers, etc
do
Sales of radio sets, etc
_do__
Government corporations and credit agencies:!
Assets, other than interagency, total
mil. of dol_.
Loans and preferred stock, total
do
Loans to financial institutions (incl. preferred stock)
mil. of dol_.
Loans to railroads
do
Home and housing mortgage loans.do
Farm mortgage and other agricultural
loans
...mil. of dol_.
All other
do
U. S. obligations direct and fully guaranteed
mil. of doL.
Business property
do_
Property held for sale
do.
All other assets
do.
Liabilities, other than interagency, totaLdo
Bonds, notes, and debentures:
Guaranteed by the U. S
do
Other...
do
Other liabilities incl. reserves
do
Privately owned interests
do
Proprietary interests of the U. S. Government
..mil. of doL.
Reconstruction Finance Corporation, loans outstanding, end of month:f
Grand total
..thous. of dol_.
Section 5 as amended, total
do
Banks and trust companies, including
receivers
thous. of dol_Building and loan associations
do
Insurance companies
do
Mortgage loan companies
..do
Railroads, incl. receivers
do
All other under Section 5
do
Emergency Relief and Construction Act,
total, as amended
thous. of dol_.
Self-liquidating projects (including financing repairs)
.thous. of dol..
Financing of exports of agricultural surpluses
thous. of doL_
Financing of agricultural commodities and
livestock
..thous. of dol_.
Direct loans to business (incl. participations)
thous. of dol_.
Total Bank Conservation Act, as amended
thous of doL.
Other loans and authorizations
do

1,503
1,394
404

1,660
1,514
261

1,773
940
249

1,542
1,413
231

1,395
1,155
197

1,624
937
449

1,619
1,429
305

1,425
2,052
400

1,669
1,021
345

1,596
1,188
466

1,985
2,226
568

2,020
1,754

1,564
1,650
576

11,039
8,477
1,350
440
2,429

11,078
8,485

11,130
8,503

11,167
8,524

11, 365
8,452

11, 359
8,507

11, 335
8,502

11,451
8,562

11,515
8,527

1,358
447
2,385

1,358
468
2,368

1,357
475
2,346

11,317
8,476
1,333
491
2,340

11,319
8,496

1,342
446
2,405

11, 389
8,514
1,363
471
2,357

1,329
495
2,335

1,327
502
2,330

1,321
503
2,326

1,344
511
2,335

512
2,329

3,449
810

3,479
833

3,484
847

3,467
856

3,466
807

3,491
821

3,499
837

3,494
854

3,486
865

3,486

820
398
655
689
6,613

3,465
827
821
403
668
700
6,618

822
408
685
714
6,610

814
413
698
717
6,773

809
430
733
903
6,941

834
432
670
979
7,229

837
438
666
901
7,129

843
447
667
866
7,112

844
451
673
883
7,075

845
"•452

855
456

856
7,016

7,048

460
698
961
7,117

4,646
1,374
592
367

4,646
1,384
587
372

4,647
1,391
572
376

4,852
1,346
575
379

4,853
1,346
743
370

5,064
1,378
786
372

5,001
1,372
755
374

5,010
1,365
737
377

5,001
1,352
722
379

4,994
1,323
700
382

4,992
1,317
739
381

4,987
1,327
757
383

4,059

4,088

4,144

4,014

4,078

3,764

3,815

3,830

3,905

3,936

4,022

4,015

679

1,314

3,469
902

,769,382 •1,787,310 1,802,193 1,820,233 1,711,652 '•1,717,719 1,671,575 1,690,171 1,710,379 1,738,298 1,754.152 1,814,364 1,781,297
665,040 "651, 470 •655, 940 653, 541 641,831 '642,167 647, 034 652, 527 662,155 679, 677 690, 546 710,084 671, 534
116, 791 146,124 143, 674 141,466 •135,785
1,930
2,251
2,376
2,372
2,323
2,926
3,549
2,547
2,582
2,560
101, 438 •126,222 126,840 126,762 r 98, 237
436,139 361,949 368, 431 369, 378 390, 233
11,651
5,816
12, 222 12, 111 11,138
242, 807
205, 625 320, 735 331,142 340,767
241, 850
181, 840 231, 737 235,162 238, 531
47
23,047
47
47
47
910
738
95, 934 102,188
88,951
73, 616
110, 664
72, 590 72,882
73,053
578,032 563,677 561, 964
564, 305
210,021 178,375 180,558 •565, 656 189,093

'•133,613
r 2, 288
3,530
98, 256
10, 781
-238, 025
237, 079
47

132,072 •129,707
r 2, 218 r 2,194
3,526 r 3, 510
100,232 ' 96, 287
398, 304 414,928
r 10, 681
'186,838
135,893
47

r 5, 901

127, 783
2,133
3,494
103,339
419,364
r 6, 042

198, 309

199, 691

187,365

188, 748

10,047

10,047

899

-897

' 76, 093

;0, 897 r 84,887

-•561,257
-200,177

127, 257
2,098
3,471
114,925
426,046
5,880
205,916
190,154
15, 047
715

92,137

98,224

554,925 553. 503 * 553, 307 551, 637
•201, 882 200, 945 203, 089 202,844

125,153
2,036
3,052
126, 534
428.041
5,730
205,851
190,108
15,047
696
103, 598
550,104
204,053

121,611
1,975
2,997
141,221
436,094

6,186
201, 633
180,890
20,047
696
107, 747
588, 835
206,065

118, 832
1,967
2,976
103,978
437, 789
5,992
208,067
182, 265
25, 047
755
109, 419
584, 551
207, 726

•187,388

CAPITAL FLOTATIONS
New Security Registrations 1
(Securities and Exchange Commission)
New securities effectively registered under the
93, 634 272, 448 223, 897 394,433 125,207 411,878 303, 280 144, 625 139, 672
69, 212 97, 371
Securities Act of 1933, total
thous. of dol__ 21, 676
Estimated gross proceeds (total registrations,
less securities reserved for conversion)
85, 276 231,123 222,595 315,968 106, 767 405,063 249, 989 140, 709 139,075
total
thous. of dol_- 21, 366 186, 650 68,334 96,931
Type of security:
9, 645 64, 701 37, 316 22,090
20,932
13, 470 12,092
19, 443 26, 477
23,124
5,927
14,423
51, 526
Common stock
do
2,707
3,225
7,697
2,481
2,962
4,557
18, 566
38, 762
2,028
3,854
4,438
21,441
Preferred stock
do
3, 875 53, 284 13,160
8,992
23,038
7,595
22, 694
51,510
18,431
12,968
22,573
8,179
10,354
Certificates of participation, etc
do
5,139
350 267,093
3,715
57, 413
56, 488
46,865
900
8,532
18, 215 33, 955 64,181 169,262
Secured bonds
do
0
54,750 110,930 119, 804
84, 500 97,240
16,061
10,150
5,473
61,050
70,913
7,500 172,859
Debentures and short-term notes
do
Type of registrant:
6,341
1,074
417
523
0
1,450
563
0
377
8,281
815
4,548
1,451
Extractive industries
do
59,681
4,537
31,964 101,158 117, 693 38, 319
57,226
31,981
11,096
7,200
6,821
8,605
35, 514
Manufacturing industries.
do
39,944
42, 528
70, 787
36, 639
22, 390
6,660
Financial and investment
do
81, 500 49,050 20, 754 31,094
8,528 68, 253 29,956
0
0
0
0
4,239
0
0
1,827
2,115
4,990
Transportation and communications-do
0
30,555
29,978
Electric light and power, gas, and water
0 275,173 103, 219
5,090 67, 308
64,514
21,145
84,919
3, 255 243,412
82, 280 108, 512
0
thous. of dol.3,864
2,414
969
5,402
1,500
0
3,415
63, 475
450
Other
do
7,749
Securities not presently intended to be offered
for cash sale for account of registrants:
5,992
9,604
4,278
1,672
7,334
10, 2.15
3,135
2,345
10, 622
Registered for account of others.thous. of dol.971
5,516
1,447
310
Registered for options and for other subse56
quent issuance
thous. of doL23,114
0
23,931
34,199
7,406
0
0
83
4,389
420
2,288
Other securities not intended for cash
169
5
204
1,302
1,247
270
45, 311
sale
thous. of doL. 3,615
43
25, 590
0
13
0
The total includes $12,576,000 of face amount installment certificates.
' Revised.
ISeries differ from current presentation of the Securities and Exchange Commission, due to a reclassification of certain items, but data as shown here are comparable
throughout. When earlier data are available on the new basis, they will be presented in the Survey.
t Revised series. Data on Government corporations and credit agencies have been revised beginning June 1937 due to changes in the underlying U . S . Treasury Department compilations and are not comparable with the series shown in the 1938 Supplement. Several new series on loans and assets have been brought out, but no changes have
been made in the series on liabilities. Data not shown on p. 33 of the November 1938 Survey will appear in a subsequent issue. For Reconstruction Finance Corporation
loans outstanding, minor revisions prior to these shown above will appear in a subsequent issue.




34

SURVEY OF CURRENT BUSINESS

Monthly statistics through December 1937, together with explanatory notes and references
to the sources of the data may ba found in the
1988 Supplement to the Survey

1939
February

April 1939

1938
February

March

May

April

June

July

1939
August September

October

Novem- December
ber

January

FIN AN CE—Continued
CAPITAL FLOTATIONS-Contd.
New Security Registrations—Contd. 1
(Securities and Exchange Commission)
Estimated gross proceeds (total registrations
less securities reserved for conversion)—Con.
Selling and distributing expenses:
Commissions and discounts,-thous of doL.
Other selling and distributing expenses
thous. of doL.
Estimated cash proceeds to be used for:
Total
_do_.
Organization development
do —
Purchase of:
Plant and equipment*...
.-do
Other assets
do
Securities for investment
do
Securities for affiliation—..
do
Increase of working capital
__.do
Retirement of preferred stock
do
Repayment of bonds and notes
do
Repayment of other indebtedness..do
Miscellaneous
do

1,190

6,856

4,531

3,356

2,164

4,378

7,761

6,675

215

824

356

891

557

1,175

1,051

2,088

14,956
201

132,847
153

' 58, 917

87,041
429

51,129
226

208,291

211,172
26

279,808
65

94, 257
490

3,510
0
18,632
20
1,741
119
61,838
675
79

9,851
1,472
1,105
0
9,050
0
19,937
9,470
20

105,144
232
6,497
119
16,423
0
55, 477
24,385

108,238
8
62,979
0
5,503
25,053
1,505
7,860
0

42, 330
0
27, 241
40
5,029
13,819
175,812
15, 436
37

220, 277
158, 843
158,781
' 37, 412

10
4,036

3, 453
13
2,416
0
4,239
0
3,303
1,331
2

0
64,829
899
1,259
0
62,084
2,524
291

0

44,143

0

' 3,642

0

6.566
'358

161

8,293

6,287

4,387

2,016

1,180

681

904

347, 770
90

211,052
858

125,424
1,920

131,022
291

50,306
667
31, 654
123
5,625
0
180
5,012
200

10,139
0
21,745
0
8,716
447
270, 494
36,139
0

38,017
0
38, 375
798
2,997
18,168
88, 743
36
23,060

10,142
180
27, 669
0
8.400
10,494
64, 567
2, 036
16

1,915
0
20,399
0
1,675
35.523
69,058
3,161
0

513,132
348, 765
345, 879
202, 316

469,697
417,618
238,318
390,633
181,968
145, 983
390,133 • 181, 518 145,983
130, 276 • 126, 696

765,188
166,908
166,908
63, 922

394,787
220, 016
195, 016

'19,568
2,000
15, 650
194

192,534
' 600
9,308
474

127, 826
0
0
1,850

33,150
88,219
63
63
0
0
r
61,434
' 61,434
25, 692

13,550
130,013
2,886
0
0
2,886
164, 367
164,367
r
98,791

216.450
0
'•43,407 ' 54,822
450
500
0
0
0
0
450
500
•
235,
650
' 79, 064
' 79, 064 "235,650
' 55, 545 211,141

5,412

4,013

Securities Issued
(Commercial and Financial Chronicle) f
Securities issued, by type of security, total (new
capital and refunding)....
thous. of doL.
New capital, total
do
Domestic, total
do
Corporate, total
do
Bonds and notes:
Long term
do
Short term
...do
Preferred stocks
do
Common stocks
do
Farm loan and other government agencies
thous. of doLMunicipal, States, etc
do
Foreiern, total
do....
Corporate
do
Government
do
United States possessions
do
Refunding, total.._
do
Domestic, total
_do
Corporate, total
.
.do
Bonds and notes:
Long term.
do
Short term
do
Preferred stocks..
do
Common stocks
do
Farm loan and other government npeneies
thous. of doL.
Municipal, States, etc
do
Foreign, total
_._do
Corporate
do
Goyernment
do
United States possessions
do
Securities issued by type of corporate borrower:
total
thous. of doL_
New capital, total
-do
Industrial
do
Investment trusts, trading, holding, etc.
thous. of doL.
Land, buildings, etc
do
Public utilities
do
Railroads
do
Miscellaneous
do
Refunding, total
do
Industrial
.
do
Investment trusts, trading, holding, etc.
thous. of dol._
Land, buildings, etc
do
Public utilities
do
Railroads
do
Miscellaneous
..
do

!
540,723
377,550
377, 550
23, 571
16, 722
0
1,278
5,571
310,090
43, 890
0
0
0
0

200, 519
83,380
' 81,980
' 40,852
r

r

40, 747
30
0
75

' 244,997 '352,212
'•126.079 '196, 483
' 126, 079 ' 196,483
23,995 '11,683
22,335
289
1,215
156

' 10,940
0
' 70
'673

8.700 140,000
* 93, 384 ' 44, 799
0
0
0
0
0
0
0
0
118,918 '"155,729
118,918 '155,729
57, 643 r 66, 750

163,173
163,173
136.115

0
'41,128
1,400
0
0
1. 400
117,139
117,139
62, 225

101,286
0
34,829
0

62,105
120
0
0

57,432
211
0
0

17,050
10, 008
0
0
0
0

32. 450
22, 464
0
0
0
0

44,800
16,475
0
0

159,680
23, 571
20,171

103,077
' 40, S52
105

81,638
23,995
8,660

78, 433
' 11,683
6,139

0
375
2, 475
0
550
136,115
12

0
527
' 40, 220
0
0
62, 225
215

400
40
12, 300
2,235
360
57, 643
45, 211

0
'0
' 1,870
3,540
134
' 66, 750
6,000

0
86
111.029
12. 000
1,500

0
ISO
61,830
0
0

0
277
1,265
10,000
890

0
' 250
60,500
0
0

51,837
169, 380

62, 669
66, 266

' 172, 755
184,642

r

o0

r

66, 750
0
0
0

25, 692 ' 98,041
0
750
0
0
0
0

83, 725
' 5, 254
0
0
0
0

30,810
51,500
' 4, 932 ' 14,076
0
0
0
0
0
0
0
0

r

r
r

63, lfifi
37, 4 7 5

18, 405

301,107
203,316
143,261

123, 304
0
3,143
249

• 83, 049
0
820
1,018

61,484
300
1,950
188

r

42, 644

' 36, 829
40
1,344
' 4,431

479,112 • 276, 689
240,931
220,131
240, 931 200,131
' 59,474
5, 427
r

43.925
0
'11,752
3. 798

1,900
2, 600
0
927

55, 000
120, 457
(I
0

118,146
' 76,557
20,000
0
20,000
0
56, 559
56, 559
10,136

8,400
0
• 52, 696 ' 102, 986
0
0
0
0
0
0
0
0
' 92,335 598, 280
" 92, 335 598, 280
' 65,136 273, 237

0
152,373
25, 000
0
25, 000
0
174, 770
134,770
107, 558

' 64, 956
0
180
0

272, '06
0
0
531

'85,122
r
4, 000
18, 435
0

189, 520
0
10, 974

4, 950
5, 000
0
186

20, 250
13, 500
' 3, 269 ' 11,009
0
0
0
0
0
0
0
0

5,600
21, 599
0
0
0
0

322, 862

21, 700
' 5,513
40,000
0
40, 000
0

20, 250
14,813
2,625
0

19,250
27,172
0
0
0

r

150, 023
' 84, 887
'80,838

211,141
0
0
0

• 5 5 , i45
J
0
0
0

185,821
130,276
120, 365

r

337, 837
126, 696
'69,232

' 2,181
0
0
0
0

0
238. 1S1
235,of6
200, 493

2,625 !

337,159 150,201
63,922 ' 42, 644 ' 59, 474
40, 561 '17,963 '48,801

15,563
5, 427
1.027

0
' 600
3, 000
0
500
100
0
0
0
r
725
350
1, 350
747
107
630
240
394
1,420
r
49,965
2, 562
16, 805 '51,775
' 9, 704
770
'
20,
729
6, 391 1
20, 441
0
3,148
740
6,330
(
'
.
0
0
0
0
0
0
2,
500
' 1,540
3,712
0
0
'
3,
888
1,500
10,136
25, 692 ' 98,791 ' 55, 545 211,141 '65, 136 273, 237 '107,558 2G0, 493
r
41, 659 ' 16, 180
' 5, 500
2,002
4, 507
3, 986
14, 458 44, 656 ' 6, 404
0
120
23,570
0
0

0
0
94,284
0
0

0
4,000
46,045
0
0

0
100
169, 382
0
0

0
7,132
41,824
0
0

' 47. 670 ' 149,915
18,414
38, 340

173,906
112, 525

'50,649
142, 760

' 67,279
' 53, 684

• 86, 988
89, 347

0
0
120
0
258, 659 ' 62, 902
0
0
0
0

0
416
139,795
46, 378
7, 500

132, 271
154,875

155,066
43, 764

0
850
300
5,000
0

(Bond Buyer)
State and municipal issues:
Permanent (long term)
Temporary (short term).

thous of dol__
do

169, 757
47,031

104,583
' 88, 656

COMMODITY MARKETS
Volume of trading in grain futures:
572
892
577
512
400
725
764
701
168
380
.mil. of b u .
Wheat108
71
71
115
125
180
206
139
133
Corn.
do—.
111
r
Revised.
•Includes reimbursement of corporate treasuries lor capital expenditures.
1 See footnote marked *T' cm P- 33.
f Revised series. Data revised beginning Jan. 1937; figures not shown above will appear in a subsequent issue




336
147

325
' 138

300
104

35

SURVEY OF CURRENT BUSINESS

April 1939
Monthly statistics through December 1937, together with explanatory notes and references
to the sources of the data may be found in the
1988 Supplement to the Survey

February

1939

1938

1939
February

March

April

May

June

July

August

Septem- October Novem- December
ber
ber

January

FINANCE—Continued
SECURITY MARKETS
Brokers Balances (N. Y. S. E. members
carrying margin accounts)
Customers' debit balances (net)
Cash on hand and in banks
Money borrowed __
. __
Customers' free credit balances

mil. of dol_do
_ do _
do

_

967
168
709

937
207
628

831
215
576

763
203
485

760
208
482

774
215
495

843
209
528

864
200
571

823
213
559

905
196
617

939
189
662

991
190
754

971
192
713

222

280

239

248

243

258

284

272

257

270

252

247

235

89.48
92.44
62.73

85.71
88.71
58.27

87.82
90.84
59.91

87.78
90.81
59.64

88.98
91.97
60.54

90.19
93.32
60.76

89.40
92.53
59.89

89.08
92.10
59.72

90.67
93.70
61.20

90.34
93. 33
61.02

91.27
94.35
60.11

91.03
94.25
58.55

72.31
98.81
93.61
93.52
41.97

66.70
98.26
93.48
78.90
37.85

63.62
97.63
93.24
73.38
35.37

67.09
101.70
97.06
75.31
38.16

60.36
104.88
97.68
72.55
30.55

68.72
107.75
99.65
75.10
39.09

65.68
109.37
99.05
74.14
35.47

0)
0)
(0
0)
0)

0)
0)
0)
0)
0)

0)
0)
0)
0)

0)
0)
0)
0)
(0

(0
0)
0)
0)

79.3
80.6
92.2
65.0

76.0
79.5
91.2
57.3

73.8
77.8
90.2
53.5

76.5
80.4
94.0
55.1

75.3
80.0
94.0
52.0

80.8
85.0
97.3
60.2

81.3
85.7
98.1
60.0

78.7
84.2
96.3
55.7

81.8
86.8
98.6
59.9

82.1
86.9
99.3
60.2

81.1
86.0
98.7
58.6

81.9
86.2
99.7
59.7

112.2
102.4

112.2
102.5

111.6
102.7

113.6
104.0

113.6
103.9

114.2
103.8

115.2
104.0

111.7
103.0

115.2
104.3

116.6
104.0

116.5
104.1

117.3
104.4

112,786 139,041
157, 513 201,181

128,938
180, 796

116,394
161,697

119,899
169,072

157, 370
232,147

117,162
161, 552

110, 826 166,812 139, 760 146,188
148,992 237, 245 207, 719 259, 364

157,278
224, 622

94, 784
134,016

115,972
170,871

108, 296
152, 817

89, 587
127,972

96, 606
140,524

127,133
194,877

93, 667
130,647

92, 923 133, 469
126, 207 195, 775

107, 389 116,550
169,415 221,469

119,160
178,731

127, 593
11,014

169,432
15,125

139, 715
18, 832

121,156
6,844

144, 821
9,729

178, 265
7,518

120,363
6,161

133,954
17,163

155, 868 217, 609 159,611
6, 535
4,419
7, 581

116,579
96,374
20,205

154,307
126,037
28, 270

120,883
102,133
18, 750

114,312
96,654
17,658

135,092
118,695
16, 397

170, 747
152,580
18,167

114.202
96, 692
17, 510

116, 791 177,506
94,417 155,698
22,374
21,808

47,895
43,124
4,770
42, 855
39, 862
2,992

48, 360
43,601
4,760
41, 450
38, 677
2,773

48,279
43,559
4,720
42,399
39, 571
2,828

48,244
43,551
4,693
42,347
39, 548
2,799

49,177
44, 489
4,687
43.757
40,919
2,838

49,409
44,657
4,752
44,561
41, 674
2,887

49,424
44,676
4,748
44,183
41,339
2,844

50,331
45, 649
4,682
44,837
42,041
2,796

3.05

3.19

3.08

3.05

3.00

3.01

2.88

2.98

4.23

4.36

4.50

4.28

4.40

4.17

4.09

4.17

3.20
3.51
4.24
5.97

3.22
3.56
4.34
6.30

3.30
3.73
4.49
6.47

3.22
3.56
4.28
6.06

3.26
3.68
4.41
6.25

3.22
3.62
4.21
5.63

3.18
3.57
4.13
5.49

3.21
3.60
4.20
5.65

3.57
4.07
5.06

3.58
4.05
5.44

3.64
4.11
5.75

3.51
3.90
5.44

3.55
3.90
5.75

3.48
3.79
5.25

3.43
3.76
5.09

2.99
2.64

2.99
2.64

3.03
2.62

2.91
2.51

2.91
2.52

2.87
2.52

2.82
2.51

Bonds

Prices:
Average price of all listed bonds (N. Y. S. E.)
91.85
dollars..
95.01
Domestic
do
Foreign
_ _
_ _ _ do _ 59.68
Dow-Jones & Co., Inc. (40 bonds)
percent of par 4% bond_0)
Industrials (10 bonds)
do
0)
Public utilities (10 bonds)
do
0)
Rails, high grade (10 bonds)
do
0)
Rails, second grade (10 bonds)
do...
Standard Statistics Co., Inc. (60 bonds)
82.1
dol. per $100 bond..
86.4
Industrial (20 bonds)
.do
100.7
Public utilities (20 bonds) .
. _ do
Rails (20 bonds)
do
59.0
Domestic governmental issues:
Municipals (15 bonds) ._ .
do _ 117.3
U. S. Treasury!
do
104.7
Sales (Securities and Exchange Commission):
Total on all exchanges:
Market value
. _ --thous. of dol 126, 687
166,855
Par value
. . .
do
On New York Stock Exchange:
86,903
Market value
thous. of dol
121,222
Par value
do
Sales on N.Y.S. E.. exclusive of stopped
sales (N. Y. S. E.) par value:
Total
thous. of dol. 118,993
4,871
U. S. Government.
do
Other than U. S. Government:
114,122
Total
do
96, 722
Domestic
do
Foreign
_ do
17,400
Value, issues listed on N. Y. S. E.:
51,466
Par value, all issues
mil. of dol
Domestic issues
..do _ 46, 862
Foreign issues _
_ _. _ .
do
4,604
Market value, all issues
do
47,271
44, 524
Domestic issues
do
Foreign issues... _ _ .
do
2,748
Yields:
Bond Buyer:
2.80
Domestic municipals (20 bonds) percentMoody's:
3.81
Domestic (120 bonds)
.
do
By ratings:
3.00
Aaa (30 bonds)
.
do
3.26
Aa (30 bonds)
. do. .
A (30 bonds)
do
3.94
5.05
Baa (30 bonds)
do
By groups:
3.29
Industrials (40 bonds) . . .
do. _
3.52
Public utilities (40 bonds)
..do
Rails (40 bonds)
do
4.63
Standard Statistics Co., Inc.:
2.70
Domestic municipals (15 bonds). . . d o _
U. S. Treasury bondst.
do
2.44
Stocks

185,179
7,673

151,449
130,133
21,316

211,074
185,528
25, 546

152,030
131,490
20, 540

50, 301
45, 640
4,661
45,442
42, 597
2,844

51, 554
46,920
4, 634
47,053
44, 268
2,785

51, 587
46,933
4,654
46,958
44, 233
2,725

2.90

2.83

2.78

2.76

4.03

3.95

3.95

3.86

3.15
3.53
4.08
5.36

3.10
3.46
4.02
5.23

3.08
3.42
4. 02
5.27

3.01
3.32
3.97
5.12

3.50
3.82
5.18

3.43
3.73
4.94

3.39
3.65
4.83

3.40
3. 63
4.82

3.31
3.57
4.70

3.02
2.58

2.82
2.48

2.74
2.50

2. 75
2.49

2.70
2. 47

50, 225
45, 546
4,679
45, 539
42, 675
2,864

Cash dividend payments and rates (Moody's):
Annual payments at current rates (600 companies)
_
mil. of dol 1, 329. 91 1, 510. 79 1, 457. 60 1, 443.85 1,328.37 1, 287.10 1, 288.80 1,295. 20 1, 293. 92 1,203.59 1,328.16 1,315.04 1.310.25
935.03
929.10
929.00
929.10
929.10
929.10
929.10
929.10
929.10
929.10
929.10
935.03 935.03
Number of shares, adjusted
millions
Dividend rate per share (weighted average)
1.57
1.39
1.43
1.41
1.63
1.55
1.39
1.39
1.39
1.43
(600 cos.)
dollars
1.42
1.39
1.41
3.01
3.07
3.07
3.07
3.07
3.00
3.00
3.00
3.00
3.00
3.00
3.01
3.01
Banks (21)
do _
Industrials (492 cos.)
do
1.30
1.49
1.42
1.41
1.27
1.22
1.23
1.24
1.24
1.24
1.29
1.28
1.28
Insurance (21 cos.).
do...
2.31
2.38
2.38
2.38
2.37
2.22
2.24
2.24
2.24
2.24
2.24
2.31
2.31
Public utilities (30 cos.)
. .
do
1.91
2.02
1.97
1.93
1.91
1.94
1.94
1.94
1.93
1.93
1.94
1.92
1.91
.90
.85
.90
Rails (36 cos )
do
1.54
1.54
1.54
1.29
1.18
1.09
1.09
1.09
1.09
1.05
Dividend declarations (N. Y. Times):
303,839 304,053 171,979 152, 753 366,435 222,001 167,170 240,965 185, 428 180, 506 509,160 247,569 194,118
Total—
thous. of dol
289,412 277,143 166,012 147,052 353, 652 207, 374 157,175 230,994 182, 735 169,901 486. 396 229,916 181,480
Industrials and misc
do
14, 427 26,910
5,967
9,970
2,693
10, 605 22, 765 17, 653 12, 638
5,701
12, 783 14, 627
9,995
Railroads
do
Prices:
Average price of all listed stocks (N. Y. S. E.)
62.6
64.4
60.6
65.4
66.2
57.3
44.2
58.3
60.6
49.8
48.1
62.2
64.1
Dec. 31, 1924=100
Dow-Jones & Co., Inc.: (65 stocks)
43.98
49.64
49.32
49.13
48.68
40.92
36.38
38.73
46.13
50.32
37.86
35.57
46.05
dol. per share137.04
150. 36 151. 96 150.12
146. 87
144.60
126.08
114. 20 118.79
139. 47 140.97
Industrials (30 stocks)
__do
119. 07 112.85
24.94
22.92
22.00
19.38
21.64
20.01
18.49
21.94
23.30
19.23
17.96
17.76
23.35
Public utilities (15 stocks)
do . .
30.62
21.82
28.49
25.62
30.52
30.31
19.09
Rails (20 stocks)
.do. .
24.63
21.52
31.29
31.20
28.16
28.81
1
Discontinued by the reporting source.
tRevised series. Revised data for U. S. Treasury bond prices beginning 1931, and TJ. S. Treasury bond yields beginning 1919, appear in tables 17 and 16, p. 18 of the March
1939 Survey.




36

SURVEY OF CURRENT BUSINESS

Monthly statistics through December 1937, together with explanatory notes and references
to the sources of the data may be found in the
1938 Supplement to the Survey

1939
February

April 1939

1938
February

March

April

May

June

July

1939

A u g u s t ) ^ ™ - October

Novem- December
ber

January

FINANCE—Continued
SECURITY MARKETS—Continued
Stocks—Continued
Prices—Continued:
New York Times (50 stocks)__dol. per share.
Industrials (25 stocks)
do
Railroads (25 stocks)
do
Standard Statistics Co., Inc.:
Combined index (420 stocks)
1926=100__
Industrials (348 stocks)
_ do
Public utilities (40 stocks)
_.do__.
Rails (32 stocks)
- do
Other issues:
Banks, N. Y. C. (19 stocks)
do
Fire and Marine insurance (18 stocks) .do. _
Sales (Securities and Exchange Commission):
Total on all exchanges:
Market value
mil. of dol
Shares sold
thousands
On New York Stock Exchange:
Market value
mil. of dol
Shares sold
_ _ _ . thousands
Exclusive of odd lot and stopped sales
(N. Y. Times)
thousands..
Shares listed, N. Y. S. E.:
Market value, all listed shares
mil. of doL.
Number of shares listed
.millions..
Yields:
Moody's, common stocks (200)
percent..
Banks (15 stocks)
_
do
Industrials (125 stocks)
—
do
Insurance (10 stocks)
do
Public utilities (25 stocks)
. do
Rails (25 stocks) __
___
do
Standard Statistics Co., Inc., preferred stocks:
Industrials, high grade (20 stocks).percent.-

102. 22
181.21
23.24

89.73
157.18
22.28

83.14
148.12
18.17

81.92
146. 70
17.13

80.47
143.93
17.01

85.70
153. 92
17.49

98.90
175. 95
21.85

99.74
177.53
21.95

95.68
171. 70
19.68

106. 81
189. 69
23.95

105.29
186. 99
23.59

105. 36
186.99
23.74

102. 73
181.82
23.64

90.1
106.3
83.8
28.0

80.7
95.7
71.2
28.3

77.9
92.7
68.5
25.5

70.7
84.2
64.0
20.9

73.9
87.4
69.5
21.8

73.1
86.4
69.2
20.5

88.0
105.3
76.5
27.3

89.5
108.0
75.0
27.8

86.0
103.9
72.2
25.5

91.1
109.6
77.4
28.1

94.7
113.6
80.9
30.0

92.0
110.6
77.9
28.8

91.8
109.3
81.2
29.8

51.1
85.7

51.8
77.8

49.3
73.2

48.0
70.8

48.3
74.5

47.2
77.5

51.2
85.5

49.9
85.5

46.7
82.8

51.0
87.0

49.6
87.4

47.7
85.3

50.0
86.1

655
26,057

681
28,558

885
42, 656

751
35, 759

566
26, 635

842
39,875

1,621
70, 651

988
40, 515

943
40, 542

1,573
67,924

1,306
53,496

1,225
52,913

1,129
47, 393

561
19, 538

608
21, 749

789
32, 524

679
28,151

499
20,153

752
30,198

1,474
57, 636

891
32,151

850
32,035

1,397
54, 625

1,157
41,923

1,065
39, 954

986
37,051

13, 877

14, 525

23,000

17,120

14,008

24, 364

38, 762

20,723

23, 826

41, 561

27, 923

27, 490

25,186

46, 271
1,426

41,173
1,423

31, 858
1,427

35, 865
1,426

34, 585
1,424

41,962
1,427

44,784
1,427

43, 526
1,425

43, 527
1,425

47,002
1,426

46,081
1,427

47, 491
1,424

44,884
1,425

3.7
4.6
3.3
4.0
5.3
3.2

4.6
4.7
4.0
4.3
6.5
5.6

5.9
5.7
5.2
5.5
8.1
8.8

5.1
5.1
4.6
4.7
7.0
7.8

4.9
5.4
4.3
4.8
6.8
6.9

3.9
4.8
3.3
4.0
6.2
5.0

3.7
4.7
3.1
4.0
6.1
4.1

3.8
4.9
3.3
4.0
6.2
4.4

3.8
5.0
3.2
4.1
6.2
4.5

3.6
4.8
3.0
3.9
5.7
3.9

3.8
5.0
3.3
3.9
5.9
3.6

3.6
4.8
3.1
4.1
5.7
2.9

3.8
4.8
3.4
4.1
5.6
3.5

4.94

5.25

5.30

5.47

5.32

5.29

5.17

5.07

5.08

4.99

4.92

4.94

4.94

Stockholders ( C o m m o n Stock)
645, 222
7,137
216, 726
2,942
168 509
3,140
23.70

American Tel & Tel Co total
number
Foreign
do
Pennsylvania Railroad Co., total
_ do
Foreign
do
U S Steel Corporation total
do
Foreign _
. _
.
do
Shares held by brokers
percent of total

646, 671
7,173
214, 532
2,874
168, 399
3,084
24.89

648, 056
7,180
216, 847
2,928
171,198
3,09§
23 65

649,117
7,187
217, 748
2,953
172, 219
3,166
22 54

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
[mports:
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, q u a n t i t y :
Total:
Unadjusted
1910-14 = 100
Adjusted,
_
do
Total, excluding cotton:
Unadjusted
.do
Adjusted
do

58
63

69
76

73
72

72
76

68
72

61
69

60
68

61
66

65
62

73
60

66
58

71
67

ot
5t

92
58
63

103
70
68

108
73
67

110
73
66

105
68
65

95
62
65

94
60
64

96
61
64

102
65
64

116
74
63

107
67
63

111
71
64

91
5f
6.

49
49

50
51

54
48

50
46

46
45

45
47

44
47

51
53

52
55

55
54

55
55

53
54

5.
ot

89
48
54

87
49
56

97
54
56

88
49
55

81
46
55

87
46
53

88
46
53

102
54
53

102
54
53

104
56
54

99
54
54

99
52
53

1(X
f>;

61
66

79
85

78
79

79
93

74
89

57
74

62
86

61
76

71
66

83
62

81
62

68
54

6$
61

87
95

103
113

93
94

108
116

133
140

95
106

102
113

101
102

87
81

101
87

90
83

84
78

%
9>

Exports, incl. reexports
thous. of d o l . . 218,559
B y grand divisions and countries:
Africa
do
8, 523
46, 406
Asia and Oceania _ _
do
Japan
do
17. 484
95,445
Europe
.
do
France. . __
do._
10, 653
Germany
do
5,176
Italy,
. .do _
3,889
38, 678
United Kingdom
do
26. 25S
North America, northern _
_ do
Canada
do
25, 764
North America, southern
do
20, 453
Mexico _ _ _ _ _ .
_ .do
5.928
21, 472
South America
do
4,067
Argentina .
. d o
Brazil
. . d o . . 5,120
Chile
do....
1,480

262, 733

275,711

274, 482

257,177

232, 686

227, 780

230, 621

246, 321

277, 928

252, 231

268, 756

212, 90S

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

10, 955
59, 461
22,696
115,569
12,839
8,161
5,225
40, 600
36, 207
35, 510
25, 492
6,132
28,027
8,217
4,788
2,842

9,928
61,933
28,837
105, 725
12,312
9,169
5,101
34,900
46, 591
45,926
21,909
3,938
28, 396
9,466
5,428
2,387

7,456
47, 052
18,074
100,418
10,073
7, 280
4,686
35, 325
55,214
54, 506
19, 999
4,066
27, 039
9,121
5,207
1,813

8,622
47, 586
15,485
87, 835
8,859
6,330
4,246
30, 223
45, 303
44, 732
20,094
4,966
23,247
6,569
4,394
1.500

9, 194
43,118
13,938
90. 265
9.473
5,620
4, 931
32,231
43, 489
42, 769
17, 967
3,606
23, 746
6,408
4.953
2.117

7,271
40, 579
13, 607
102,995
8.381
10,270
3,621
41,432
39,545
38,829
20, 034
4,136
20,196
4,318
4,222
2,072

7,890
45,107
19, 806
112, 702
11, 235
12, 057
4,132
50, 737
36, 752
36,170
21,156
4,465
22, 755
5,944
4.849
1.913

10, 308
50, 990
19, 502
127,710
12, 322
10, 166
5,385
56,140
42, 971
41,895
23, 285
4,501
22, 664
6,034
5.382
2, 123

9,767
48, 494
19,104
110,192
13,788
8,620
5,091
43,238
38,992
38,513
21,473
5,239
23,314
6, 796
5,143
1,741

13,185
61,591
28, 528
112,672
11,134
8,317
5,141
46, 825
29,067
28, 458
23, 705
5,829
28, 538
7,736
0, 749
2. 139

8,07.
42, 44,
17, 69S
95, 83(
10, 81*
6,39,
4,381
42, 46.
27, 061
26, 68^
20,80
5.58
18, 69,
3,11'
4.96*
1,73

5:

VALUE §

.Revised scries.




Data revised for 1937; see tables 19 and 20, pp. 14 and 15 of this issue.

37

SURVEY OF CURRENT BUSINESS

April 1939
Monthly statistics through December 1937, together with explanatory notes and references
to the sources of the data may be found in the
1938 Supplement to the Survey

1938

1939

February

February

March

April

May

June

July

1939
August

September

Novem- DecemOctober
ber
ber

January

FOREIGN TRADE—Continued
VALUE—Continued §
Exports incl. reexports—Continued.
By economic classes (II. S, mdse. only):
Total
thous.ofdol
Crude materials
do
Cotton unmanufactured
do
Foodstuffs, total
do
Foodstuff? prude
do
Foodstuffs and beverages, mfgs...do
FruHs and preparations
do.. .
Meat? and fats
do
Wheat and
flour
do
Manufactures, semi.
do
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.ofdol
Crude materials
do
Foodstuffs, crude
do_
Foodstuff? and beverages, mfgs
do
Manufactures, semido
Manufactures, finished
do

216,036
36,485
13,732
26, 553
11,402
15,151
6, 404
4,145
7,403
34,868
118,128
25, 335
6,367
34,605
158,035

259,958
48,212
21,162
39, 441
26, 076
13,365
5,629
3,753
11,438
41,720
130,585
28,088
7,819
41,412
163,085

270, 837
47,028
23,148
35, 530
20,833
14, 697
6,322
4,289
11,337
46,170
142,111
28,791
7,666
46,067
173,405

271,499
44, 487
20,137
38,557
25, 562
12,995
6,267
3,776
8,405
46,284
142,171
26, 370
9,861
45, 635
159, 907

253,615
34,770
10,403
48,169
34,140
14, 029
7,195
4,431
13, 241
42,849
128,028
20, 563
8,732
42, 382
148,260

229,£15
34, 498
9,442
34, 556
20,988
13,668
4,296
4,202
8,226
37,015
123, 447
17,202
8,811
41,545
145, 898

225,111
32,809
10,460
38,029
24,556
13, 473
5,914
4,049
11,436
37,270
117,003
17,469
9,042
39,719
140,836

228,143
43,789
10, 689
35,826
22,164
13,662
7,519
3,150
9,064
35,615
112,912
12,299
9,572
39,461
165, 540

243, 621
59,605
20,511
31, 391
14,254
17,137
10, 365
3,944
4,038
40,159
112, 465
14,171
8,370
36,626
167,651

274, 319
72,132
24, 056
33, 290
12, 509
20,781
13, 253
4,110
4,030
44,454
124,443
17, 303
9,085
38, 653
177,979

249,694
59,867
25,016
29,474
12,045
17,429
10,116
4,113
4,473
39, 955
120, 399
25, 417
8, 516
34, 550
176,181

266,171
49, 376
19,048
28,422
11,170
17, 252
10,000
4,204
4,588
50,499
137,874
29,161
12,292
40, 908
171,474

210,258
36, 391
14,975
31,051
16,443
14,608
7,227
4, 596
8,201
35,452
107,365
21,396
7,449
31,217
178,201

6,479
42, 780
7,896
47,722
5, 234
4,930
2, 669
10, 995
20,302
20,129
18,650
5, 270
22,102
6,086
7, 667
2,272

4,200
63, *07
8,926
44,407
3,981
4,119
2, 612
£,024
16, 600
16,449
20,238
4,242
24,134
4,733
9,064
2,834

6,137
53,246
9,893
44, 342
4,859
4,374
3,808
8,679
20,266
19,922
24,405
5,045
25,011
3,743
8,645
4,129

5,689
49,937
10, 519
41, 014
4,007
4,614
4, 394
7, 567
20, 240
19,673
22, 621
5,941
20,407
3,055
7,096
3.500

4,811
42, 868
7,020
40, 682
3, 584
4,829
3,172
8,693
20,968
20,487
19,305
4,184
19,626
3,441
7,004
2,522

3,047
45,716
10, 688
40,109
3,24S
4, 534
4,184
7, 889
19,829
19,027
17,910
4,215
19,287
1,909
6,686
2, 310

4,416
36,909
8, 5£4
39.781
3, 589
4,393
2,587
7,262
22,803
21,973
17,964
4, 606
18,963
1,689
7,564
1,171

5, 851
44,394
10,103
49, 366
4,357
5,627
2,824
10,143
23,899
23, 334
21, 329
3,295
20, 701
2,835
7,432
1,571

3,799
46,899
11,839
52,150
5,397
5,794
3,170
10,445
24,186
23, 500
17,924
2,440
22, 693
3,882
8, 820
1,681

5,081
49,131
11,678
58,714
5,992
7,289
4,520
13,801
27, 049
26, 249
16,183
3,134
21,821
3,631
8, 536
1,648

4,069
56, 033
14,053
54,623
5,191
6, 923
3, 656
12,898
25,839
25, 232
12, 566
3, 084
23, 051
3, 566
9,150
1,567

4,145
52,130
12.020
53, CC9
5, 586
6, 256
3.397
12,251
24,3C0
23, 554
12, 753
4,748
24, 538
4, 252
9,191
2, 457

3,741
51,818
11,285
51,273
4,703
5, 231
?., 266
11,331
26,136
25, 222
17,924
5, 429
27,309
6, 633
8, 420
3,277

152,528
48, 07,3
22,947
18,635
34,047
28,827

155,941
46,704
22,482
24, 570
29,700
32, 486

173,328
51,173
25, 001
30, 508
32,141
34, 505

155,501
43,805
21,059
28,436
28, 564
33,637

147,243
40, 248
19, 555
26,177
27,846
33, 418

147,938
38,003
20, 485
26,657
30, 360
32,432

147,797
43, 236
20,344
23,711
29,607
30,899

171,053
49,498
21,663
27,829
35, 030
37,033

172,947
52, 377
20,473
28,639
33, 591
37, 868

178, 460
53, 708
21,120
27, 240
35, 753
40,639

171,652
52, 355
23,788
22,995
35,172
37, 342

155,522
53,465
23,093
20,887
35, 265
32,812

169,323
53 890
26, 774
16, 638
37 158
34,864

8,409
123

9,497
115

9,404
127

9,240
131

11,338
&/20

7.889
7.889
789, 695 775,461
56, 582 55 2

7.888
838, 707
60,028

7.888
790,120
56,869

63
76
64
37
71
40
59
22
65
69
67
55
42
79
41
62
102
76
2,302
515
30
103
129
53
561
33
878
218
106
67

TRANSPORTATION AND COMMUNICATIONS
TRANSPORTATION
Express Operations
Operating revenue
thous. of dol__
Operating income
do
Electric Street Railways
Fares, average, cash rate
Passengers carried t
Operating revenues

_..

7,873
cents..
thousands.. 737,164
thous. of doL.

8,725
214

9,169
137

9,202
131

9,165
124

124

7.884
731,313
52, 560

7.878
821,984
58,233

7.878
785, 798
56, 557

7.909
773,674
55,650

7. 909
737, 235
53,241

7.889
680, 255
49,615

7.889
700, 569
51,132

7.889
729,663
52, 229

57
49
34
36
69
37
60
37
64
58
57
35
35
77
42
60
26
61

49
34
37
80
32
59
62
64
58
58
37
35
82
39
59
36
62

62
52
36
37
123
34
59
60
66
61
62
43
37
89
39
60
32
65

63
56
38
41
101
37
61
63
68
62
63
46
40
84
37
60
34
67

71
71
49
43
83
50
64
72
78
64
68
51
40
74
39
61
41
69

75
76
50
43
95
62
65
71
82
68
69
50
42
95
44
62
48
72

70
76
58
39
76
53
41
76
69
70
58
40
81
44
61
74
74

64
78
58
37
72
40
59
23
67
69
69
53
43
83
41
61
92
74

2,186
344
16
105
130
51
697
f5
887
328
152
133

2,760
432
20
132
186
53
717
118
1,101
316
141
132

2,273
353
17
104
223
44
563
90
879
256
105
112

2,392
382
18
120
191
49
598
98
936
229
100
92

2, 553
468
22
120
148
63
604
106
1,022
169
86
49

3,542
6fi8
31
159
221
102
799
141
1,422
144
68
42

2, 530
511
26
109
137
69
594
65
1,018
175
85
51

2,949
664
35
131
163
67
708
44
1,138
221
106
71

8,251

Class I Steam Railways
Freight-carloadings (Federal Reserve):
Combined index, u n a d j u s t e d . . _ 1923-25=100..
Coal
do
Coke
do
Forest products
do
Grains and grain products
do
Livestock
do
Merchandise, 1. c. 1
do
Ore
do
Miscellaneous
do
Combined index, adjusted.
do
Coal
do
Coke_.
do
Forest products
do
Grains a n d grain products
do
Livestock _-_
do___
Merchandise, I. c. 1
do
Ore
do
Miscellaneous
do
Freight-carloadings (A. A. R.).*1
Total cars
thousands..
Coal
do
Coke
...do
Forest products
do
Grains a n d grain products
do
Livestock..
do
Merchandise, 1. c. 1
do
Ore
do
Miscellaneous
do
Freight-car surplus, t o t a l . .
_
do
Box cars
...do
Coal cars
.do

62
76
62
35
64
31
60
22
64
67
65
46
36
70
38
62
93
75

57
63
47
37
69
34
60
19
59
62
54
35
38
76
41
62
78
69

2,297
529
30
99
116
42
577
34
870
209
102
63

2,156
442
23
105
127
45
577
29
809
321
144
131

2, 223
381
20
108
133
44
606
31
900
312
133
134

2,650
405
20
122
160
58
754
40
1,092
317
138
137

f
Revised.
t F o r comparable m o n t h l y figures, J a n u a r y 1929-December 1936, see table 10, p . 15 of the M a r c h 1939 Survey. D a t a shown in t h a t table beginning J a n u a r y 1937 have been
revised, w i t h 203 companies reporting as compared w i t h 206 in the earlier period. Comparability of the data is affected t o only a slight degree. Revisions n o t shown above
are as follows (thousands): 1937, J a n . , 803,300; F e b . , 761,615; M a r . , 866,977; Apr., 830,488; M a y , 825,510; J u n e , 784,250; July, 734,657; Aug., 724,661; Sept 755,261- Oct 815 780N o v . , 788,962; D e c , 846,262; 1938, J a n . , 797,296.
'
'
'
^Revised series. D a t a revised for 1937; see tables 19 a n d 20, p p . 14 a n d 15 of this issue.
I D a t a for April, J u n e , October, a n d December 1938, are for 5 weeks; other m o n t h s , 4 weeks.




38

SURVEY OF CURRENT BUSINESS

Monthly statistics through December 1937, to- 1939
gether with explanatory notes and references
to the sources of the data may be found in the Febru1938 Supplement to the Survey
ary

April 1939

1938
February

March

April

May

June

July

1939
DecemAugust SeptemOctober November
ber
ber

January

TRANSPORTATION AND COMMUNICATIONS—Continued
TRANSPORTATION—Continued
Class I Steam Railways—Continued
Financial operations:
Operating revenues, total
thous. of dol. 276, 904 251,037 283,075 268, 269 272,665
Freight
.__
do._. 224, 819 198, 375 227,084 211,438 217,875
30, 237 ' 31, 254 31,038
31,845 30,869
Passenger
do...
354 229,065 219,543 217,113
220, 619 215,
Operating expenses
do
d
18, 591 ' l, 909 d 14, 470
9,237
16, 497
Net railway operating income
do_._
* 44, 567 28,212 d 33,483 * 25,503
Net income
do...
Operating results:
23,182 26,030 22, 789 23,706
Freight carried 1 mile
mil. of tons.
.961
1.020
.940
1.012
Revenue per ton-mile
cents.
1,649
1,712
1,648
1,683
Passengers carried 1 mile
millionsWaterway Traffic
Canals:
243
252
334
303
Cape Cod
thous. of short tons_
0
0
0
341
466
New York State.
do...
2,269
2,279
2,207
1,999
2,309
Panama, total
thous. of long tons.
814
689
629
747
804
In U. S. vessels
.
do...
0
0
0
0
1,512
St. Lawrence
thous. of short tons.
0
0
971
0
3,365
Sault Ste. Marie
. do__.
2,
225
2,707
2,437
2,355
Suez
thous. of metric tons.
0
0
0
0
1,740
Welland
thous. of short tons.
Rivers:
151
110
135
110
156
Allegheny
do...
185
186
155
217
,125
Mississippi (Government barges only).do
1,184
1,226
1,083
1,040
1,557
Monongahela
-.
do
735
788
679
Ohio (Pittsburgh district)
do...
Clearances, vessels in foreign trade:
5,004
4,734
5,620
5,911
6,218
Total
..thous. of net tons.
4,095
4,409
3,648
3,607
4,526
Foreign
do
1,502
1,525
1,692
1,358
1,127
United States.._
do...
Travel
Operations on scheduled airlines:
Passenger-miles
flown
thous. of rniles..
Passengers carried.
number..
Express
pounds_.
Miles flown „_-thous. of miles..
Hotels:
Average sale per occupied room
dollars..
Rooms occupied
percent of total..
Restaurant sales index
1929 = 100_.
Foreign travel:
Arrivals, U. S. citizens
number.,
Departures, U. S. citizens....
do
Emigrants
do
Immigrants
do
Passports issued
„
do
National Paries:
Visitors
.
do
Automobiles
do
Pullman Co.:*
Revenue passenger-miles
thousands..
Passenger revenues.._..,.
thous. of doL.

3.28
63
86

4,865;

282,140 299,641 315, 387 322, 595 353, 441 319,682 318, 336
222, 718 238,146 253, 592 261,303 293,762 264,135 251, 320
36, 330 34, 427 31,459
34,988 38,036
30, 211 37, 913
218,192 222, 224 229,632 232, 040 242, 409 231,257 232, 704
25,001
38, 387 45, 377 50, 362
49, 665 49, 373
' 15,954 ' 3,955
1,097
6,277 24,068
7,422 22, 225
23,886
1.020
1,889

26, 312
.998
2,118

25, 236
1. 003
1,976

29,110
.977
1,825

32, 757
.977
1,662

28,471
1.004
1,564

28,133
.981
1,928

285
671
2,122
709
1,184
5,364
2,213
1,461

270
524
2,026
810
1,178
5,552
2,508
1,529

263
697
2,172
810
1,215
6,237
2,482
1,588

278
480
1,998
779
1,296
6,624
2,248
1,786

328
684
2,360
888
1,429
7,141
2,460
2,030

327
845
2,224
789
1,065
4,466
2,270
1,651

348
0
2, 374
807
5
323
2.422
182

208
195
1,027
704

246
226
1,141
755

263
256
1,279
886

223
224
1,422
967

249
190
1,595
1,055

244
215
1,710
991

180
171
1,798
1,074

6,445
4,812
1,634

6,731
4,901
1,830

6,958
5,208
1,749

6,516
4,816
1,700

5,769
4,103
1,666

5,678
4,037
1,641

5, 0fi2
3,813
1, 249

56, 828 46,090
143,993 113,621
855,151 685,389
6,302
5,776

41, 594
99,119
761,090
5, COS

56, 405 54, 806
47, 515 50,859
115, 255 127, 590 143, 488 139, 297
558, 710 541, 348 623, 770 877, 564
6, 360
6,137
6,271
6,151

34, 388 43, 549
73, 563 94,112
421, 326 558,113
5,549
4,561

44,413
104, 661
497, 225
5,622

48,813
119,293
499,980
6,278

3.35
66
91

3.21
64
82

3.30
63

3.14
61

3.18
60
93

3.19
55
82

3.29
57

3.28
61
85

3.32
65
89

3.47
60
94

3. 26
54
88

28,156
28, 985
1,280
4,332
5,959

30, 778
25,896
1,670
4,845
11,168

27,032
21,277
1,427
5. 439
17,002

20, 754
23, 381
2,177
6,057
24,979

22,943
31,792
2, 405
5,748
25, 752

32, 414
55, 528
2,616
6,385
13,094

58,906
51, 646
2,286
7,357
9,059

58,027
31, 848
2,227
8,228
5,138

31,710
19,931
2,081
8,825
5,122

15,649
16,103
2,157
6,844
5,589

16,614
18,705
2, 663
8,042
5, 181

74, 785
20, 710

82, 298
24,445

163,564 250,568 462,038
47, 334 72, 475 132, 460

857, 931
238,139

811, 209 428, 827
226,102 125,436

236,771
71, 416

77,750
23,783

57, 677
16, 798

683,322
4,405

702,894
4,485

664,745
4,137

604, 886
3,779

720,803
4,418

739, 390 683, 593 715, 529 651, 851 585, 289
4, 409
4,555
4,407
3,912
4,239

687, 369
4, 488

92, 297
62,132
21, 589
63, 906
15, 634
17,262

97,138
63, 961
24, 649
66,614
17,557
17, 302

95,912
63, 694
23,849
65, 379
17, 651
17, 336

96, 289
63, 741
24,132
66, 323
17, 426
17, 366

96, 305
63, 296
24,577
65, 696
17, 752
17,344

94,954
61, 587
24,800
65, 505
16, 458
17, 335

96, 482
62, 029
25,984
66. 289
17, 261
17, 373

96, 725
62, 850
25, 428
67, 030
16, 791
17, 465

99, 608
65, 105
25, 929
67, 634
18,637
17, 528

98,531
64,897
24,959
67,434
18,946
17,593

101, 552
06, 188
26,591
f,9, 444
18,835
17, 704

9,928
8,384

11, 536
9,770

10,905
9,345

10,889
9,346

11,185
9,597

10,618
9, 049

11,092
9,524

11, 550
9,851

11,156
9,491

10, 751
9,114

12,408
10, 553

447
765
779
9,335
* 102
'965

539
855
911
9,984
813

459
749
810
9,970
210
'561

485
793
749
10,077
84
4
755

499
803
785
9,909
550
'186

529
809
760
9,861
39
d
764

485
791
777
9,935
481
d
408

586
9,899
953
199

569
861
804
9,903
558
d
3 of)

7,648
7,846
1,416

9,124
9,181
1,466

11.188
11,101
1,364

10,309
10,195
1,233

10,433
5, 500
1,285

COMMUNICATIONS
Telephones:
Operating revenues
thous. of doL_
Station revenues
do
Tolls, message....
do
Operating expenses
.
do....
N e t operating income
do....
Phones in service end of m o n t h . - thousands. _
Telegraph, cable, and radio-telegraph carriers:
Operating revenue, total
thous. of d o L .
Telegraph carriers, total
do
Western Union Telegraph Co., revenues
from cable operations
thous. of d o l . .
Cable carriers
do.__
Radiotelegraph carriers.
do
Operating expenses
do
Operating income
do
N e t income
do

COO

830
807
9,991
69
«* 774

570
976
879
10, 756
1,041
291

CHEMICALS AND ALLIED PRODUCTS
CHEMICALS
Alcohol, denatured:
Consumption
thous. of wine gal._
Production
do
Stocks, end of month
do
Alcohol, ethyl:
Production
-_..thous. of proof gal..
Stocks, warehoused, end of month
do.
Withdrawn for denaturing
do
Withdrawn, tax paid
.do
Methanol:
Exports, refined §
gallons. _
Price, refined, wholesale (N. Y . ) . dol. per gal__
Production:
Crude (wood distilled)
thous. of gal..
Synthetic.
do..__
r

6, 567
6,454
1, 260

4,996
5,088
1,179

6,168
6,207
1,213

6,364
6,287
1,127

6,072
6,092
1,137

7,812
7,869
1,192

14, 671
26, 072
11,198
1,350

16, 765
r 27, 585
8,874
1,503

18, 329
32,879
10,140
2,202

12,817
33, 076
10, 481
2,135

14, 253
33, 867
10,615
2,340

16, 395
32,047
14, 400
3,506

16,
33,
12,
1,

370
727
350
684

17, 284
35,176
14, 483
1, 590

15, 800
32, 736
16,072
1,639

17,017
28,319
18,986
2,111

15,164
23,277
17, 249
2,439

16, 772
20, 895
17, 389
1,841

26, 359
.36

5,117
.36

21,753
.36

15,889
.36

24,198
.36

10, 525
.36

10,609
.36

7,743
.36

22, 716
.36

[8,431
.36

12,648
.36

25,990
.36

336
2,267

409
2,291

433
2,344

315
1,976

331
1,860

293
1,630

309
1,450

282
1,898

303
1,930

335
12, 295

344
2,618

357
2,844

6,725
6,711
1,170

Revised.
'Deficit.
*> Preliminary
•New Series. Data for Pullman Co. revenue passenger miles beginning 1915 and passenger revenues beginning 1913 are given in table 7, p . 18, of the January 1939 issue
§Revised series. Data revised for 1937; see table 19, p. 14, of this issue.




39

SURVEY OF CURRENT BUSINESS

April 1939
Monthly statistics through December 1937, together with explanatory notes and references
to the sources of the data may be found in the
1938 Supplement to the Survey

February

1939

1938

1939
February

March

April

May

June

July

August

Septem-

October

Novem- December
ber

January

CHEMICALS AND ALLIED PRODUCTS—Continued
CHEMICALS-Contlnued
Explosives, shipments
_thous. of lb_. 26, 592
Sulphur production (quarterly):
Louisiana
long tons__
Texas
do
Sulphuric acid (fertilizer manufactures):
Consumed in production of fertilizer
short tons.. 138,273
Price, wholesale, 66°, at works
16.50
dol. per short ton._
Production.
short tons.. 169,769
Purchases:
18, 751
From fertilizer manufacturers
do
23, 778
From others
...do
Shipments:
39,167
To fertilizer manufacturers
do
35, 545
To others
_
do

24,607

23,425

22,961

24,904

25,445

23,136

27,663

80, 545
522,108

106,440
503,028

30, 443

32,151

29, 385

28,415

29, 258

68,900
478, 774

72,520
472,988

125,294

129,233

110,498

119,218

102, 228

92,189

128,312

126,974

151,083

147, 592

148, 289

142, 451

16.50
159,659

16.50
154,379

16.50
143,469

16.50
137, 764

16. 50
114,199

16.50
109,969

16.50
131,106

16.50
133,266

16.50
161,285

16.50
171,106

16.50
176,923

16.50
181,386

20,983
15.569

19,474
29,989

14,261
15, 564

15,733
20, 778

15,937
21,977

18,498
24,249

30,388
25,097

38, 531
18, 560

40,284
21, 564

31,182
18,494

20,604
27, 515

20, 418
22, 343

32,152
38.570

38,128
33,019

28,405
34,218

24,337
37,004

19,400
34,323

22,312
33,112

27,422
33,462

26,032
34,973

28,971
40,904

37,752
38,447

33, 080
40,915

38, 085
40, 850

1,039
158, 717
8.981
137,625
452
162,357
143,309
96, 688
2,902
6,561

276
127,496
26, 744
103,930
1,407
128,498
101,416
73,025
2,547
1,669

116
99,717
3,848
92, 764
213
88,938
75,311
55,063
1,234
6,403

137
116,828
24,047
87,824

60, 235
36,833
8,969
738
19,414

44
146, 636
27, 504
108, 665
169
79, 652
48,977
24,450
1,827
27,908

131,407
75, 849
20,829
8.276
42, 407

121
134,929
20, 271
93,058
261
158,140
82, 576
32,971
9,337
64,124

146
147. 587
20, 207
123,339
413
116,298
50, 231
4,851
6,046
58, 730

217
133, 295
25,119
101,186
72
149, 7P8
78,124
32, 336
3,421
66,897

436
85, 542
11,317
71, 045
83
141,898
118,159
63, 854
903
20,186

1.450

1.450

1.450

1.450

1.450

1.450

1.450

1,450

1.450

FERTILIZERS
Consumption, Southern States
692
627
1, 520
thous, of short tons__
Exports, total§.
_
long tons_. 85,095 109,336 172,296
15, 645
19, 739
4,917
Nitrogenous§_
do
66,552
95,012 144,287
Phosphate materials§.._
do
340
144
228
Prepared fertilizers§
__._
do
109, 932 145,233 191,449
Imports, total§__
do
Nitrogenous, total§
_.do.__. 101, 396 117,664 159,462
54, 552
91,426
61,388
Nitrate of soda§
_.
do
969
3,986
4,263
Phosphates§
__do
22,322
20,120
6,795
Potash§
do
Price, wholesale, nitrate of soda, 95 percent
1.450
1.450
1.450
(N. Y.)—
--dol. per cwt.J
Superphosphate (bulk):
314, 727 322,335
Production
_
short tons..
68, 224 192,888
Shipments to consumers..
do
1,331,912 1,139,794
Stocks, end of month
do

1.450
278,520
239,942
915,979

112,944
3,378
103,228
497

369

283.189 235,986 219,936 283,015 279, 381 314,359 326, 794 343, 204 322,211
6,592
21, 340 108, 470
46,980
17,147
29, 340
117,258
23,393
17,717
949,442 1,054,545 1,058,452 1,057,215 1,160,299 1,249,272 1,322,306 1,361,127 1,298,883

NAVAL STORES
Pine oil, production...
gallons._
Rosin, gum:
Price, wholesale " H " (Savannah)
5.21
dol. per bbl. (280 lbs.)..
Receipts, net, 3 ports
._—bbl. (500 lbs.)_- 13, 757
642, 825
Stocks, 3 ports, end of month. _
do
Rosin, wood:
0)
Production
do
Stocks, end of month
.....do
(0
Turpentine, gum, spirits of:
.32
Price, wholesale (Savannah) _._ dol. per gal_.
1,908
Receipts, net, 3 ports.
_.bbl. (50 gal.)-118,954
Stocks, 3 ports, end of month.._
_.do
Turpentine, wood:
Production
do
(
Stocks, end of month.
_
do
0)

275, 719

(0

4.34
115,113
243,463

4.44
123,026
323,280

4.61
121,396
402,121

4.48
121,505
475,130

4.14
119, 818
542,161

5.12
87,935
588,870

4.89
97, 664
660, 252

4.34
48, 095
678, 731

50,597
183,823

44,468
184,735

40,866
174, 575

0)
0)

0)
0)

0)
0)

0)
0)

0)
0)

0)
0)

0)
0)

.26
8,034
56,349

.23
20,156
64,409

.23
27,485
75,607

.23
29,824
87,077

.23
28,877
104,147

.23
29, 480
116,859

.21
31, 745
130, 897

.22
17, 670
128, 334

.29
18, 364
134, 460

.28
10, 593
133,921

.31
2, 390
123, 584

7,586
16,752

8,007
15,947

6,944
12,889

6,594
9,620

0)
0)

0)
(0

0)
0)

0)
0)

0)
0)

0)
0)

0)
0)

273, 455

321,217

356, 217

5.38
20,793
148,111

4.77
44,394
139,444

4.73
82,395
178,362

48,161
194,809

50,102
185,347

.26
2,557
58, 705
7,141
20,150

0)

0)

4.90
20, 473
657, 839

O I L S , F A T S , AND B Y P R O D U C T S
A n i m a l F a t s a n d B y p r o d u c t s a n d Fish
Oils (Quarterly)
Animal fats:
Consumption, factory
.thous. of lb...
Production..
do
Stocks, end of quarter
do
Greases:
Consumption, factory
do
Production
.do
Stocks, end of quarter
do
Shortenings and compounds:
Production
_do
Stocks, end of quarter
do
Fish oils:
Consumption, factory
do
Production
__do
Stocks, end of quarter
do

186,401
454, 766
361,006

204,950
419,460
374,375

238, 802
395, 795
296,157

222,460
505,816
312, 725

41, 732
80,484
68, 780

47, 745
80,158
62, 557

48, 656
79, 787
56, 400

44,480
87, 253
61, 276

433,473
50,760

322,437

44,697

411,949
45, 270

370, 759
55, 662

50,497
39,447
185, 277

46,179
3,346
159,386

51, 950
97, 753
206,906

71,664
102,193
256, 352

Vegetable Oils a n d Products
Vegetable oils, total:
Consumption, crude, factory (quarterly)
mil.oflb..
Exports...
_
..thous. of lb_.
Imports, total.§_
do
Paint oils§
.
_do
All other vegetable oils§
do
Production (quarterly)
mil. of lb__
Stocks, end of quarter:
Crude—.
do
Refined
do
Oopra:
Consumption, factory (quarterly)
short tons.Imports
do
Stocks, end of quarter
do

4,136
85,466
8.169
77,298

1,761
70, 219
8,726
61,493

1,097
3,411
101,782
83,244
963

4,320
88,335
13,189
75,145

4,619
71,138
64,308

949
645

17, 491

27,248

59,436
12,843
41, 601

2,359
89,048
14, 779
74,268

1,824
84, 636
11, 850
72, 786

738
662

20,825

27,908

* Discontinued by the reporting source.
§Revised series. Data for 1937 revised; see tables 19 and 20, pp. 14 and 15 of this issue.




827
3,984
98,419
9,589
88,830
527

55, 541
14,642
64,018

694
3,027
80, 424
11, 303
69,121
580

3,798
90,189
9,372
80,817

2, 204
94,982
15,414
79,568

17,927

54,083
20,092
44,953

2,815
91, 692
11,414
80, 278

870
668

714
494

24,305

997
2,656
92, 613
10, 525
82,089
977

23,105

15, 437

58,414
26, 745
36, 525

20, 967

40

SURVEY OF CURRENT BUSINESS

Monthly statistics through December 1937, to- 1939
gether with explanatory notes and references
to the sources of the data may be found in the Febru1938 Supplement to the Survey
ary

April 1939

1938
February

March

April

May

June

1939

July

August September

DecemOctober November
ber

January

CHEMICALS AND ALLIED PRODUCTS—Continued
OILS, FATS, AND BYPRODUCTS—Con.
Vegetable Oils and Products—Continued
Coconut or copra oil:
Consumption, factory:
In oleomargarine
Imports§
Production (quarterly):
Crude

__

Stocks, end of quarter:
Crndp

do __
_ . do

29,122

6,431
26, 448

122,113
63,433
9,555
32, 796

8,981
28, 612

7,759
23,821

150,793
72,943
7,433
32,139

6,331
31,186

7,282
22,052

154 327
77, 365
8,711
32, 579

8,420
26, 824

7,023
39, 792

150,922
78, 573
7,204
34, 725

do

74, 656
70, 288

70, 477
79, 790

68, 033
82 506

73,685
8 9 743

(Jo

197,130
12,392

194,145
13,493

184, 342
13,001

202, 301
13,332

Cottonseed:
Consumption (crush)-., thous. of short tons.Receipts at mills
do
Stocks at mills, end of mo
do
Cottonseed cake and meal:
Exports
short tons
Production
- do
Stocks at mills, end of mo
do
Cottonseed oil, crude:
Production
thous. of lb—
Stocks end of month
do
Cottonseed oil, refined:

7,244
23,101

367
95
782

635
361
1,161

543
226
844

336
87
595

206
83
472

155
78
394

127
70
337

223
262
371

576
1,274
1,069

665
1,155
1,559

630
631
1,560

1, 353

4.51
152
1,054

189
169,766
245, 221

10, 707
283,087
251, 789

2,492
243,104
275, 381

766
151.248
284, 820

815
97, 927
280,848

7, 520
74,185
259,002

4,422
56, 630
214, 611

1,727
99,884
216,879

3,745
256,390
259, 659

2,200
294, 408
295, 380

1,235
284,458
313, 538

4, 468
237,933
313,348

407
205,494
289, 286

116,438
180,666

197, 775
203, 901

175,142
166,624

109,455
133,293

70, 252
87, 882

52,345
46, 481

41,843
33,834

67,603
46, 382

178. 632
111,708

203, 746
151,570

195,809
168,457

163,635
17,5, 377

145,077
178,203

In oleomargarine
do
Price, summer, yellow, prime (N. Y.)
.067
dol. per lb__
110,492
Production
thous. of lb
Stocks, end of month
_ do _ 633, 329
Flaxseed:
2,248
Imports§
thous. of bu_
Minneapolis:
38
Receipts
- do __
30
Shipments
do
452
Stocks
do
Duluth:
1
Receipts
do
0
Shipments
— do __
111
Stocks
do
Oil mills (quarterly):

lfi, 792

455,021
16, 327

11, 422

9,958

351, 969
9,502

8,181

9,086

350 990
10, 246

10, 381

10, 807

301, 398
10,577

9,884

.079
188. 978
514, 703

.082
193.361
563, 577

.082
130,536
602, 212

.081
107,008
599,176

.080
79, 740
566,450

.086
53, 829
487, 928

.081
63,996
409,781

.078
92,352
397, 382

.076
161,768
446, 739

.074
162,361
503,890

. 074
143, 8J23
563, 794

.071
138,022
f-09,950

1,799

1,463

1,024

876

763

927

1,288

1,346

1,381

1,565

1,474

2.111

1,286
76
1,499

450
87
1.416

205
152
732

136
80
637

107
47
524

Price, wholesale, No. 1 (Mpls.)._dol. per bu__
Linseed cake and meal:
Exports§
thous. oflb—
Shipments from Minneapolis
do
Linseed oil:
Consumption, factory (quarterly)
thous. of lb—
Price, wholesale (N. Y.)
dol. per lb_.
Production fnnnrterlv)
thous oflb
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. per lb
Production
- . thous. of lb._
Vegetable shortenings:
Price, wholesale, tierces (Chicago)
dol. per lb_-

183
46
530

225
11
536

70
27
468

1,961
221
795

0
20

1
11
10

74
73
10

14
0
24

357
128
253

833
416
670

241
324
586

152
620
152

1
8
112

6,461
2,142
2.06

1.99

1.86

3,989
1,472
1.81

1.83

1.73

5 043
3,019
1.79

1.84

1.84

7,200
2,389
1.90
/8,171

43,104
3,820

33,004
4,784

23, 518
4,482

24, 322
5,380

27, 216
6,032

28,692
6,776

41,577
11,679

44, 746
11,670

47, 302
7,913

51,820
9,760

.087

.083

6~867"

4,771

118
41
729

64
66
678

5
8
18

2
0
20

1.92

2.14

50,180
5,720

54,459
5,355

.085

.100

3, 900

3,642

77
64
631

(0

81,892
63 875
.092
.095
.087
.098
.086
77,513
125, 587
7,261 ~~~6~589"
4,973 ~"~7,~ 602" "~"7,~193"
145 909
223 109

.084
5,436

80 736
.084
98,407
8, 263
113 012

72,419
.085
139,106
3,209
141 785

0)

2
110

1.99
50,734
8,320

.085
3,960

36, 297

39, 686

33,139

28, 774

27, 890

25, 671

28,371

32, 000

31, 824

29,812

29, 991

30,350

.140

145
36, 208

.145
40, 974

.145
32, 662

.138
28, 516

.134
28,146

.145
25, 512

.158
28, 718

.155
32, 38?

. 153
31,092

.150
30, 221

.143
30, 373

.140
30,319

.091

.114

105

.104

102

.103

.106

.108

.103

.100

.098

.096

.093

33

33

46

44

45

43

43

44

42

47

34

30

32

184
236
286

166
203
243

148
225
213

159
244
242

162
219
282

156
253
245

115
190
226

113
1G9
222

211
126
235

PAINT SALES
Plastic paints, cold water paints, and calcimines:
Plastic paints
_ thous. of dol
Cold water paints:
In dry form
do
Tn paste form
do
Calcimines
do
Paints, varnish, lacquer, and fillers:
Total
_--do -.
Clissiflpd total
do
Trade
Unclassified

-

do
do

m

144
219
251

138
193
243

223
273
312

188
294
305

24,415
17,395
7, 982
9,413
7,021

21, 657
15, 326
6,085
9,241
6,331

29, 449
20, 721
7,938
12, 783
8,728

33, 286
23,143
7,946
15,197
10,143

35, 294
24,115
7, 823
16, 492
11,179

32, 390
22, 386
7,418
14, 968
10, 003

26, 730
18, 512
6, 603
11,909
8,218

28,821
19, 747
7,249
12,499
9,074

29, 769
20,114
7,879
12,235
9, 655

28, 773
20, 486
8,481
12,006
8,287

25, 280
18,367
8,397
9,970
6, 914

20, .515
15,036
7,417
7,619
5, 478

24, 229
17, 828
8,180
9, 648
6, 401

1.049
977

675
716

754
944

691
778

668
755

612
722

634
731

977
1,017

974
1,030

1,051
1,124

1.018
1,008

7S9
937

923
956

989
1,014

338
289

168
203

249
259

258
253

288
323

658
602

546
530

592
616

945
1,048

1,332
1,251

1,112
1, 032

896
856

1,410
374
391
645

2, 288 .
491
562
1,235

4, 526
1,014
1,142
2,370

2,968
679
1,009
1,280

2,192
604
859
730

2,436
682
862
892

2,404
699
811
894

3,212
900
1,075
1,237

4,012
1,130
1,265
1,617

4,095
1,062
1,401
1,632

2,583
630
836
1,117

2, 07G
515
527
1,035

1,439
359
358
721

CELLULOSE PLASTIC PRODUCTS
Nitro-cellulose, sheets, rods, and tubes:
Production
thous. oflb
Shipmentscf
- do
Cellulose-acetate, sheets, rods, and tubes:
Production
thous. of lb_
Shipmentsc?
- do. _
ROOFING
Prepared roofing, shipments:
Total
thous. of squares Grit roll
do
Shingles (all tvpes)
do
Smooth roll
do
1

Less than 500 bushels.
f Dec. 1 estimate.
cf Includes consumption in reporting company plants; data for this item beginning 1935 are shown separately in table 15, p. 18, of the March 1939 issue.
§Revised series. Data for 1937 revised; see tables 19 and 20, pp. 14 and 15 of this issue.




41

SURVEY OF CURRENT BUSINESS

April 1939

Monthly statistics through December 1937, to- 1939
gether with explanatory notes and references
to the sources of the data may be found in the Febru1938 Supplement to the Survey
ary

1939

1938
February

March

April

May

June

July

DecemOctober NovemAugust September
ber
ber

January

ELECTRIC POWER AND GAS
ELECTRIC POWER
Production, total
mil. of kw.-hr..
By source:
Fuel.._
do....
Water power...
_
do
By type of producer:
Privately and municipally owned
do
Other producersdo
Sales to ultimate consumers, total (Edison
Electric Institute)
.mil. of kw.-hr_.
Residential or domestic
.do
Commercial and industrial
__.do
Public street and highway ltg
do
Other public authorities—.
do
Sales to railroads and railways
do
All other sales
do
Revenues from sales to ultimate consumers
(Edison Electric Institute)
thous. of dol.-

9,655

8,709

9,468

8,924

9,082

9,197

9,523

10,180

9,838

10,210

10, 244

5,830
3.825

5,179
3,530

5,534
3,934

4,907
4,017

5,252
3,830

5,519
3,678

5,878
3,645

6,397
3,783

6,376
3,462

6,868
3,342

6, 760
3,484

10, 882 "10,641
6,976
3,906

8,900
755

8,156
553

8,929
539

8,404
520

8,571
511

9,314
524

9,669
541

9,690
554

7,469
1,590
5,006
166
180
483
44

7,355
1,571
4,981
148
164
445
45

7,231
1,465
4,972
136
189
428
41

9,019
504
7,562
1,502
5,296
130
189
410
36

9,650
531

7,432
1,667
4,905
175
176
464
46

8,710
487
7,437
1,481
5,185
125
193
414
39

8,093
1,527
5,773
144
199
413
36

8,190
1,611
5,786
156
194
407
37

8,335
1,638
5,835
178
196
449
38

8,475
1,723
5,849
197
194
479
34

10,332
550
8,779
1,843
5,940
206
205
547
38

181,207

176,919

176,418

170,983

174,271

176,099

182,380

185,948

188,019

192,178

198, 991

9,919
9,254
194
462
32, 085
16,476
6,976
8,423

9,875
9,211
183
489
32, 368
17,052
6,113
8,992

9,880
9,208
190
471
31,189
16, 595
4,529
9,884

9,970
9,299
194
467
29, 682
16,587
3,353
9,564

9,922
9,261
186
464
28,264
17,224
1,707
9,179

9,930
9,277
177
465
25,650
15,999
856
8,613

9,943
9,288
181
464
24, 356
14, 663
684
8,872

10,029
9,362
197
462
26,864
16, 502
900
9,299

10,019
9,342
213
454
29,809
17,754
2,152
9,696

10, 008
9,318
222
460
31, 095
16,114
4,861
9,908

10,030
9,331
228
461
35, 344
16, 342
8,328
10, 421

31,485
20, 599
4,674
6,081

31,920
21, 391
4,168
6,201

30, 786
21.633
2,887
6,126

30,409
22,418
1,935
5,926

29,820
22,688
1,284
5,744

27, 732
21,500
699
5,431

26,120
20, 011
590
5,409

28, 614
21,930
820
5,757

30,834
23,024
1,660
6,022

31,133
21. 946
2, 795
6,259

33, 590
22,073
4,772
6,597

6,979
6,447
531
122,302
45,967
74,832

7,002
6,463
537
115,334
41,414
72,420

6,978
6,447
529
105,608
34, 324
70, 516

6,981
6,462
516
91,721
25,693
64,514

6,942
6,451
489
82,497
19,648
61,702

6,926
6,443
481
79, 488
16, 270
62,019

6,955
6,469
484
80, 697
14, 510
64, 829

7,002
6,514
486
85, 624
15, 671
68, 554

7,064
7,202
7,176
6,554
6,621
6,638
507
553
561
94,403 109,128 128,012
19, 683 29, 457 43, 333
73,348 78, 903 83,170

46, 320
29,658
16,406

42, 689
27,000
15, 420

38,006
23, 243
14.634

31,874
18,577
13, 057

27,069
15,131
11,766

24, 986
12,878
11,910

24,003
11,875
11,922

25,144
12, 269
12, 675

28,929
14,849
13,883

36, 086
20, 250
15, 691

45, 448
27,726
17,483

5,748
5,337
8,540

4,428
4,313
8,242

4,134
3,595
7,570

3,774
3,731
7,367

3,669
3,537
7,081

5,672
5,732
7,491
4,313
4,226
5,837
5,692
6,095
9,294
3,915
4,217
4,997
496, 903 496, 012 495,163
470,401 469,451 468,480

10,203
8,173
18,923
8,119
495,003
466,376

'6,899
r
3, 742
r

9, 853
••788

GAS

Manufactured gas:
Customers, total
thousands..
Domestic
do .
House heating...
do
Industrial and commercial
do
Sales to consumers
...mil. 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
Customers, total
thousands..
Domestic
_
_do__
Industrial and commercial
do_.
Sales to consumers
mil. of cu. ft
Domestic
_
___do_.
Industrial and commercial
do__
Revenues from sales to consumers
thous. of dol
Domestic.
do..
Industrial and commercial
do._

FOODSTUFFS AND TOBACCO
BEVERAGES
Fermented malt liquors:
Consumption (tax-paid withdrawals)
thous. of bbl.
Production
__.do.._
Stocks, end of month
do...
Distilled spirits:
Consumption, total (tax-paid withdrawals)
thous. of tax gal.
Whiskey
do
Production, total
.do
Whiskey
_do___
Stocks, total, end of month
do. _
Whiskey
_
do.__.
Rectified spirits, and wines, production
thous. of proof gal..
DAIRY PRODUCTS

3,247
3,673
7,759

4,015
5,022
8,559

4,164
4,968
9,161

5,367
7,255
4,382
5,648
12,991
12,283
10, 254
9,886
489,436 492,840
464, 525 467,423

10,116
8,244
495,992
470,446

2,423

3,545

6,386

2,959

4,561
5,199
9,590

5,204
5,511
9,661

6,443
6,592
5.111
5,175
9,658
6,857
7, 653
4,721
498, 067 497,528
472,162 471,160
3,122

3,311

6,387
5,135
9,189

2,983

2,772

3,504

4,480

3,103
3,642
7,467

9,724
6,246
11,745
9,571
7, 693
5,008
22,147
16,956
11,829
10, 562 10, 780
9,193
501, 207 505, 670 510,194
466,176 466, 809 470,251
5,362

4,774

2,973

Butter:
Consumption, apparent _.
.thcus. of lb_. 139,535 '122,714 135,551 142,846 165,893 139, 741 132, 413 138,602 140, 216 152,408 150,192 153,152 145,603
Price, wholesale 92-score (N. Y.)
dol. per lb_.
.28
.31
.30
.26
.26
.26
.26
.26
.28
.26
Production, creamery (factory) t-thous. of lb_. 121,065 112,399 128,816 147, 960 200,985 205, 599 184,778 167, 215 149,914 136,132 116,042 121,790 128,303
Receipts, 5 marketst-do...
53,955
55,887
48,343
60, 869 78,992 90, 433 77, 740 89, 250 78,843 64,457
49, 862 52, 352 55, 705
Stocks, cold storage, creamery, end of month
thous. of 1b.
92,800
21, 033 14, 387 19,574
54, 594 120,351 172, 622 201,252 210, 703 194,285 159, 254
111,354
Cheese:
Consumption, apparent
do__.
53,154
57,101
65, 351 67, 870 75, 756 72, 251 64,174
57,838 68,200 69,203
52, 088 50, 428 56, 702
Imports
do
4,425
3,666
4,376
4,233
4,309
4,042
3,881
4,445
5,925
4,083
4,001
5,264
7,018
Price, wholesale, No. 1 Amer. (N. Y.)
dol. per 1b.
.14
.17
.16
.15
.15
.15
.14
.15
.15
. 13
.14
.15
.14
Production, total (factory) t
thous. of lb_. 37,692 41,750
52, 500 62,000
86, 500 91, 700 80,000
69,800
54. 400 53,877
41, 407 38, 728 39,168
American whole milk
do
27,175 r 29,814 37,842 48,458
70, 240 71, 247 63,065
55,830
42, 791 41,267
30, 251 27,899
28,171
Receipts, 5 markets..
.do
11,492
12, 223 15. 572 11,918
12,465
16, 461 16,880
15, 764 10, 537 10,998
14,718
16,345
10, 753
Stocks, cold storage, end of month
do
91, 625 85,656
76,289
91,160 114,788 134, 351 150,248 140, 755 132, 326 127,440 120,174 106,411
77,042
American whole milk
do
77, 274 73,815
66, 361 65, 767 79,345
99,676 114,607 127,862 121, 423 115,351 109, 738 102, 563 r 90,401
f
Revised.
t Revised series. Total production of cheese has been revised beginning 1920 to exclude cottage, pot and baker s cheese; revisions not shown on p. 41 of the December 1938
Survey will appear in a subsequent Issue.
JFor comparable monthly figures beginning 1919, see table 14, p. 17, of the March 1939 issue.




42

SURVEY OF CURRENT BUSINESS

Monthly statistics through December 1937, to- 1939
gether with explanatory notes and references
to the sources of the data may be found in the Febru1938 Supplement to the Survey
ary

April 1939
1939

1938
February

March

April

May

June

July

DecemOctober NovemAugust September
ber
ber

FOODSTUFFS AND TOBACCO—Continued
DAIRY PRODUCTS—Continued
Condensed and evaporated milk:
Exports:
91
Condensed (sweetened)
thous. of lb>_
2,007
Evaporated (unsweetened)
do
Prices, wholesale (N. Y):
5.00
Condensed (sweetened)
dol. per case..
2.90
Evaporated (unsweetened)
do
Production:
Condensed (sweetened):
Bulk goods
.thous. of lb__ 11, 505
3,036
Case goods
..do
137,882
Evaporated (unsweetened)
do
Stocks, manufacturers' end of month:
Condensed (sweetened):
7,075
Bulk goods
_
thous. of lb__
4,985
Case goods
do
Evaporated (unsweetened), case goods
thous. of lb— 120,397
Fluid milk:
Consumption in oleomargarine
do
Production (Minneapolis and St. Paul)
thous. of lb..
Receipts:
Boston (incl. cream)
__thous. of qt_.
112,501
Oreater New York (milk only)
do
Powdered milk:
519
Exports§
thous. of Jb._
22, 580
Production |
do
32,172
Stocks, mfrs., end of mo.t
do
FRUITS AND VEGETABLES
Apples:
Production (crop estimate)
thous. of bu__
Shipments, carlot
no. of carloads. Stocks, cold storage, end of month
thous. of bbl_.
Citrus fruits, carlot shipments_.no. of carloads. Onions, carlot shipments..
...do
Potatoes, white:
Price, wholesale (N. Y.)_
dol. per 100 lb_.
Production (crop estimate)
thous. of bu_.
Shipments, carlot
no. of carloads..

312
1,209

932
2,154

1,366
1,414

572
1,983

220
1.862

1,922

279
2,380

356
2,335

259
2,034

355
2,198

5.00
3.25

5.00
3.21

5.00
3.00

5.00
3.00

5.00
3.00

5.00
3.00

5.00
2.90

5.00
2.90

5.00
2.90

5.00
2.90

5.00
2.90

11,463
3,358
130,077

17, 916
4,212
169, 247

19, 769
4,974
206,214

30,147
4,753
279,741

23, 662
3,197
276, 652

17,129
3,289
224,681

14, 752
3,238
188, 507

14,178
3,210
146,679

14, 684
3,050
122, 885

11,296
3,529
100, 723

11,922
3,210
119,614

4,037

5,319
4,827

7,118
5,601

15, 907
9,052

19, 538
9,434

21, 850
10, 249

20,119
9,932

17, 777
9,278

15, 248
8,521

11,701

4,574

9,235
7,139

132,663

123,801

151, 669

261, 703

350, 790

392, 641

419,142

398, 287

344, 316

6,063

5,509

5,292

4,787

5,483

6,216

6,247

42,062

45, 610

40,746

34,641

29, 659

25,320

26, 377

472

6,949

7,605

284,375
5,838

205, 073
5,830
32,002

36, 412
14, 566
109, 203

42,771
16, 483
121, 241

15, 796
115,020

16, 090
119,365

15,988
121,643

16,579
120,412

17,727
128,952

12, 291
115,943

14, 936
120, 748

26,700
15,327
118,582

14,342
118, 277

1,295
23,933
32,174

788
30,503
35, 509

36,089
41,594

820
43,808
53,520

1,058
41,955

1,396
35, 562
59, 764

1,036
27,350
55,459

786
26,871
52,602

751
25, 095
41,204

673
20,419
37,194

549
21,532
33, 259

4,776

6,180

5,490

3,931

2,059

877

1,120

5,664

12,950

7,359

/131,!
6,667

5,003
18,400
2,139

6,513
17,029
2,062

4,015
19,008
2,052

1,926
19,278
2,797

18,586
3,968

14,223
1,626

11,385
1,158

10, 221
1,371

2,893
9,768
3,211

10, 090
12,780
2,953

10,272
14,391
2,341

8,736
18,770
2,065

.770

1.095

1.519

1.294

1.475

1.494

1.515

1.619

1.144

17,196

20, 245

23,870

21,061

22,940

~23,~452"

14,503

GRAINS AND GRAIN PRODUCTS
Exports, principal grains, including flour and
28,441
24, 752
mea]§_—
-thous. of bu_. 15,521
21,331
31,219
43,357
Barley:
724
1,303
Exports, including malt
do
791
1,973
1,619
Prices, wholesale, No. 2 (Mpls.):
.55
.82
.72
.76
.57
Straight
...dol. per bu_.
.68
.55
.84
.61
Malting
_
do
.80
.78
.77
Production (crop estimate)
thous. of bu_3,846
5,814
4,263
Receipts, principal markets
do
2,978
"Km
Stocks, commercial, domestic, end of mo.
thous. of bu_. 12, 253
7,998
5,247
5,771
11, 524
9,819
Corn:
2,721
9,042
13,375
Exports, including meal
do
16, 170
20, 698
25,446
4, 628
Grindings
do
5,943
5,638
5,510
5,669
5,784
Prices, wholesale:
.46
.53
No. 3, yellow (Kansas City)—-dol. per bu_.
.55
.54
.55
.57
.51
No. 3, white (Chicago)
do
.57
.59
.58
.58
.58
Production (crop estimate)
mil. of bu__
28,104
Receipts, principal markets
thous. of bu._ 10, 216
17,971
29,948
31,867
23,558
5,398
Shipments, principal markets
do
11, 760
12,921
24, 367
27,987
38, 706
Stocks, commercial, domestic, end of mo.
23, 674
thous. of bu_. 49,181
39,000
40, 704
43,227
25,916
Oats:
130
Exports, Including oatmeal
do
462
378
480
1,130
2,100
Price, wholesale, No. 3, white (Chicago)
.30
.32
.33
.28
dol. per bu__
.31
.29
Production (crop estimate)
mil. of bu._
4, 304
Receipts, principal markets
thous. of bu-~
3,933
5,267
4,730
4,381
3,609
Stocks, commercial, domestic, end of mo.
thous. of bu_. 14,958
21,141
23, 822
9,483
6,825
15, 547
Rice:
Exports§
pockets (100 lb.).. 302, 302
86, 473 163,858 152,916 278, 979 325,820
41,296
Imports!
do
26,987
56,394
64, 407
51,259
60,756
Price, wholesale, head, clean (New Orleans)
.033
dol. per l b . .
.034
.033
.033
.033
.033
Production (crop estimate)
thous. of bu__
Southern States (La., Tex., Ark., and Tenn.):
Receipts, rough, at mills
thous. of bbl. (1621b ) . .
922
531
1,007
676
770
Shipments from mills, milled rice
1,063
thous. of pockets (100 lb.)_.
902
970
1,190
967
1,008
Stocks, domestic, rough and cleaned (in
terms of cleaned rice) end of month
3,586
thous. of pockets (100 lb.)..
1,434
2,299
1,940
1,841
2,188
California:
Receipts, domestic rough
bags (100 lb.)._ 169,184 385, 282 217,229
57,908
87,859 186, 353
Shipments from mills, milled rice
do
118,478 211,597 191,798
94, 592
65,445
65,547
Stocks, rough and cleaned
(in terms of
cleaned rice), end of mo...bags (100 lb.).__ 205, 052 385, 474 303, 300 265,989 241,164 231, 374
Rye:
(a)
Exports, including
flour.
thous. of bu_.
524
502
286
607
395
.45
Price, wholesale, No. 2 (Mpls.).-dol. per bu._
.74
.56
.67
.61
Production (crop estimate)
thous. of bu__
511
Receipts, principal markets
..do
706
787
445
419
Stocks, commercial, domestic, end of mo.
7,724
tbous. of bu__
4,044
3,413
2,627
1,000
••Revised.
« No quotation.
/ Dec. 1 estimate.
I For comparable monthly figures
<* Less than 500 bushels.

§Revised series. Data revised for 1937; see tables 19 and 20, pp.14 and 15 of this issue.



7,854

14,279

14,8

12,397

1.456
369,297
12, 253

15,111

11,495

736

649

.931

1.100

30,022

28,323

15,749

12, 545

861

2,744

1,954

1,749

.48
.54

.47
.56

.53
.56

.50
.54

.52
.57
/ 252,139
5,846
5,764
.50
.56

2,900

16,817

12, 335

10, 522

7,885

15,096

17, 025

18, 924

16,187

15, 015

15,664
5,289

12, 674
6,079

7,898
6,564

4,119
r 6, 915

6,032
' 6,547

3,729
' 6,724

.53

.44
.45

.46
.47

17, 240
9,942

45,157
18,994

32,698
16,356

.54
/ 2, 542
20, 262
10, 969

(0

.55
.59
26,573
27, 617

17,419
18, 061

15,004

10, 489

23, 081

46,645

52, 644

616

1,349

256

650

1,405

147

.24

.27

.25

.26

24, 669

10,128

7,707

4,199

.29
/ 1,054
5,658

9,703
6,837

20, 597

22, 026

22, 609

17,676

16,919

322, 270
40, 452

309, 896
50, 561

215, 914
46, 483

351, 826
39, 355

223, 534
34,816

298, 935
39, 991

.034

.034

.034

.033

.033

.033
/ 52,303

270

485

1,625

3,191

1,458

911

611

839

1,437

1,158

978

1,027

854

1,685

3,568

165,480
119,712

269, 219
135,853

260, 721
118,298

477, 536
161,184

444,297
182,438

212, 534
136,365

190, 500

177,142

179, 446

301, 531

382,460

366,012

116
.48

58
.41

283
.41

307
.41

21
.40

1,147

6,785

3,452

2,199

(
.43
/ 55,039
1,248

1,195

6,825

7,761

8,340

8,102

8,369

3,979

beginning 1919, see table 13, p. 17 of the March 1939 issue.

January

43

SURVEY OF CURRENT BUSINESS

April 1939

February

1939

1938

1939

Monthly statistics through December 1937, together with explanatory notes and references
to the sources of the data may be found in the
1938 Supplement to the Survey

February

April

March

May

June

July

August

September

October

Novem- December
ber

January

FOODSTUFFS AND TOBACCO—Continued
GRAINS AND GRAIN PRODUCTSContlnued

Wheat:
Exports:
Wheat, including flour §.
thous. of bu._ 11,946
Wheat only §
do
8,782
Prices, wholesale:
No. 1, dark, northern spring,
Minneapolis
dol. per bu_.
No. 2, red, winter (St. Louis)
-do
No. 2, hard, winter (K. C.)
do....
Weighted av., 6 markets, all grades..do
Production (crop est.), total
mil. of bu._
Spring wheat
do
Winter wheat
do
9,512
Receipts, principal markets
thous. of bu_.
9,251
Shipments, principal markets
..do
Stocks, end of month, world estimated
thous. of bu__
144,817
Canada (Canadian wheat)
do
100,119
United States (domestic wheat)
do
Held by mills (end of quarter)
__do
Wheat flour:
Consumption (computed by Russell's)
thous. of bbl.
673
Exports§
do...
Grindings of wheat..
thous. of bu_.
Prices, wholesale:
4.95
Standard patents (Mpls.)
dol. per bbl_.
3.66
Winter, straight (Kansas City)
do....
Production:
Flour, actual (Census)
thous. of bbl_.
Operations, percent of capacity
Flour (computed by Russell)
thous. of bbl .
Offal (Census)
_
..thous. of lb..
Stocks, total, end of month (computed by
Russell)
.thous. of bbL.
Held by mills (incl. wheat) (Census)..do....

12, 764
10,844

11,498
9,623

5,358
3,483

5,720
3,104

6,917
4,893

6,970
4,430

12, 613
10, 217

.78
.66

.76
.67

.73

.73

.65
.65

.63
.65

.77
.70
.67
.68
/931
/244
/687
14, 892
18, 252

.80
.73
.71
.73

10, 578
8,754

10, 565
8,510

7,693
5,724

13, 335
11,041

9,010
7,059

1.25
.99
1.00

1.19
.92
.91

1.10
.85
.85

1.05
.77

1.05
.75
.77
.81

.70
.68

.69

16,984
14, 277

101,195
26, 726

61,080
25, 258

38,477
23,291

176, 500 260, 620
25,065
18, 726
28,333
96, 389
84, 501

65,457
133,725

420,110
150,665
139, 273
185,095

27,345
23, 797

11,900
12, 758

8,542
10, 395

10, 642
10,458

10,875
13, 778

14,274
17,090

302, 690
45, 528
66,467

273,470
43,399
54, 426
114, 796

239, 440
41,029
43,191

190, 520
28,921
33, 816

7,135
388
34, 924

7,746
437
39, 589

7,918
419
36,085

7,909
488
35, 784

8,779
415
39,165

8,630
409
39, 290

9,450
399
42,098

9,239
399
44, 234

9,737
557
43, 896

9,250
431
40,324

540
38, 357

510
38,755

5.91
5.51

5.50
4.93

5.35
4.51

5.21
4.15

5.88
4.53

5.43
4.25

4.97
4.01

4.91
3.91

4.81
3,79

4.91
3.80

5.06
3.84

5.10
3.82

7,572
53.2

8,600
51.5

7,834
48.7

7,739
49.9

8,474
52.6

8,507
55.0

9,160
54.8

63.0

9,634
60.5

8,838
59.2

8,416
54.0

8,476
57.2

7,727
631,061

8,793
710,240

8,321
650, 595

8,177
646, 817

8,656
707,364

9,573
702, 336

10,094
743,993

10, 548
770,077

10, 484
9,286
765, 608 704,995

672,015

681, 624

5,900

5,510
4,152

5,536

5,316

4,866
3,508

5,808

6,049

6,560
4,314

6,750

19,110
21, 696

437, 340 439,820 484,150 467, 360
173, 542 162, 375 161,161 154, 325
141,914 136,204 128, 748 112, 303
163, 097

6,600
~~4~317

LIVESTOCK
Cattle and calves:
Receipts, principal markets.thous. of animals..
Disposition:
Local slaughter
do.
Shipments, total
_.do_
Stocker and feeder
_
..do
Prices, wholesale (Chicago):
Cattle, corn fed
dol. per 100 lb_.
Calves, vealers
do...
Hogs:
Receipts, principal markets.thous. of animals.
Disposition:
Local slaughter..
do___
Shipments, total
do___
Stocker and feeder
_.do___
Price, wholesale, heavy (Chicago)
dol. per 1001b. _
Sheep and lambs:
Receipts, principal markets.thous. of animals..
Disposition:
Local slaughter
__
do.
Shipments, total
do
Stocker and feeder
do.
Prices, wholesale (Chicago):
Ewes__
dol. per 100 lb_.
Lambs.
..do.

1,294

1,310

1,626

1,502

1,681

1,605

1,630

1,946

2,017

2,306

1,900

1,465

1,635

807
496
213

863
443
137

1,013
605
231

920
576
201

1,021
632
218

995
615
215

952
659
242

1,103
821
335

1,061
950

1,122
1,120
594

989
927
473

843
632
309

975
608
259

11.38
11.19

9.10
10.53

9.57

9.31
9.50

9.13

8.78

11.01
9.25

10.91
10.20

11.11
10.84

10.88
10.70

10.75
10.29

11.60
9.63

11.59
10.38

1,971

1,962

1,724

1,890

1,757

1,570

1,797

1,881

2,255

2,607

2,570

2,699

1,398
566
38

1,331
626

1,334
557
47

1,206
517
35

1,333
548
31

1,249
500
38

1,122
444

1,323
465
35

1,397
479
26

1,660
587

1,903
691
33

1,848
726
43

1,928
754
41

7.66

8.25

9.13

8.27

8.17

8.69

32
1,546

1,713

1,739

1,938

2,409

1,929

953
595
82

1,058
666
82

1,067
670
79

1,079
853
90

1,274
1,129
187

1,080
862
171

4.38
8.54

4.08
7.38

4.84
8.70

4.94
8.04

3.62
7.76

3.16
8.84

944
838
78

961
789
70

958
671
62

999
982
642
62

403, 981 •464, 861 •442, 329 452,674
1,046
944
1,279
913

456, 814
1,029

MEATS
Total meats:
Consumption, apparent
mil. of lb_.
927
Production (inspected slaughter)
do
Stocks, cold storage, end of month
do
785
Miscellaneous meats
do
Beef and veal:
Consumption, apparent
thous. of lb_. 377, 040
Exports§
do
841
Price, wholesale, beef, fresh, native steers
(Chicago)
dol. per lb__
Production (inspected slaughter)
thous. of lb_. 368, 125
46, 727
Stocks, cold storage, end of m o . . . .
do.
Lamb and mutton:
Consumption, apparent
do.
58, 567
68, 452
Production (inspected slaughter)
do
2,764
Stocks, cold storage, end of month
do.
Pork (including lard):
462,
483
Consumption, apparent.
do
32, 727
Exports, total §
___do
24,483
Lard§
do.
Prices, wholesale:
.200
Hams, smoked (Chicago)
dol. per lb_.
Lard, in tierces:
.073
Prime, contract (N. Y.)
do
Refinsd (Chicago)
_..do
.081
Production (inspecied slaughter) total
thous. of lb. 500, 769
Lard
.
do
90, 038
Stocks, cold storage, end of month
do.__ 668,175
Fresh and cured..
d o . . . 542, 803
125, 372
Lard
..do
»• Revised.
IRevised series. Data revised for 1937; see table 19 p.




8.45

8.96

8.08

7.65

7.17

7.18

2,664

2,986

2,805

1,945

1,552

1,746

1,146
1,495
438

1,174
1,786
621

1,124
1,673
856

415

890
673
155

1,063
677
113

3.19

3.27
7.93

3.28
7.56

3.35
7.68

3.73

3.78
8.59

3.97
8.63

965
937
601
61

1,017
972
548

1,070
1,005
459
53

1,097
1,073
413
50

1,092
1,177
484
54

1,040
1,227
671
72

r 1,058
1,202
••791
76

449, 240 468,355
1,194
1,082

498, 910
1,261

479, 588 461, 485 415, 788
1,795
1,248
1,192

434,239
1,105

8.94

953
729
64

1,964
979
992
177

.126

.141

.150

.158

.174

.170

.170

399, 062
57, 023

453, 600
50, 501

423, 753
40, 145

437,167
33,601

449, 569
33, 730

444, 617
35, 925

462,160
34,467

495,838
36, 943

59, 305
59, 573
3,523

60,659
60, 094
2,901

58, 982
58, 253
2,121

61, 691
61, 732
2,125

56,240
56, 321
2,148

55, 536
55, 392
1,972

62,186
62,112
1,861

65, 392
65, 880
2,318

63, 276
63, 588
2,606

56, 375
56, 997
3,171

419, 431
23,085
16, 284

463, 597
24, 911
16, 047

451, 294
22, 471
15, 508

481, 847
29, 711
20, 340

486, 067
25, 635
17,179

460, 647 486,157
22,187
17, 329
12, 881
10, 842

506,164
25, 493
18, 790

554, 066
28, 332
21, 071

574,142
27,075
16,009

.214

.216

.214

.212

.222

.226

.242

.248

.200

.200

.200

.086

.083
.097

.080
.092

.077
.090

.074

.073

.097

.095
.106

531,753 651, 636
89, 716 105, 533
319,312 373, 641
251,645 299,142
67, 667
74, 499

756, 532
134, 776
537, 525
430,104
107,421

715,179
158,533
658,489
526,411
132,078

.093
.104

.094
.103

485, 475
82, 645
699, 633
582, 654
116.979

447, 360
77, 715
665, 263
543, 947
121,316

.087
425, 797
74, 908
622, 454
500, 564
121,890

458, 701
81, 023
574,097
450, 516
123, 581

/ Dec. 1 estimate.
14 of this issue.

476, 552
80, 365
543, 770
417, 704
126, 066

436, 978 448,180 443, 756
72, 938
74,192
75, 838
502, 658 451, 397 367,177
378, 981 334, 777 277, 231
123, 677 116, 620 89, 946

.174

.172

.172

477, 452 467, 980 416,041
41, 218
52, 637 58,187
54,281
54, 684
3,541

425, 605
r
53,126
r

61, 709
61,123
' 2, 925

570,273 •561,329
27, 258
36, 966
19,198
28, 520

44

SURVEY OF CURRENT BUSINESS

1939
Monthly statistics through December 1937, together with explanatory notes and references
to the sources of the data may be found in the Febru1038 Supplement to the Survey
ary

April 1 939

1938
February

March

April

May

June

July

1939
August

Septem- October Novem- December
ber
ber

January

FOODSTUFFS AND TOBACCO—Continued
POULTRY AND EGGS
Poultry:
Receipts, 6 markets
_.thous. ofIb.. 16, 744
Stocks, cold storage, end of month
d o — 116,300
Eggs:
Receipts, 5 markets
thous. of cases..
Stocks, cold storage, end of month:
164
Case
thous. of cases..
Frozen
thous. of lb__ 44, 478
TROPICAL PRODUCTS
Cocoa:
Imports
long tons.
Price, spot, Accra (N. Y.)
dol. per lb.
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..
Visible supply, total, excl. interior of Brazil
thous. of bags..
United States
do...
Sugar:
Raw sugar:
Cuba:
Stocks, total, end of month
thous. of Spanish tons.
United States:
Meltings, 8 ports
long tons
Price, wholesale, 96° centrifugal (N. Y.)
dol. per lh_.
Receipts:
From Hawaii and Puerto Rico
long tons..
Imports§
do
Stocks at refineries, end of month..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 Kingdom..thous. of lb..

14, 369
100, 493

12,364
78,819
1,639

13,997
60,053
1,978

1,916

281
88, 754

1,303
96,475

3,204
115,874

5,100
130,872

33, 297
. 0460

15,954
.0605

27, 515

12,936
.0520

5,795
.0467

1,222
697
1,086

1,365
676
1,404

1,463
743
1,415

1,490
709
1,206

.052
1,033

.054
1,704

.054
1,470

7,740
860

7,266
687

1,407

1,341

247,112

290,170

.028

.032

122, 989 62,287
116,014 231,923
241, 039 169,882
5. 344
.049
.042

74,302
118,088

65, 855
139,108

716

36, 763
77,692
646

4,765
110, 244

3.244
94,305

1,439
78,091

302
62,903

12,117
.0499

8,930
.0480

15. 887
. 0462

1,591
819
1,145

18, 147
.0524
1,526
818
1,189

1,598
861
1,147

1,218
775
1,386

1,451
785
1,325

.049
1,214

.054
1,624

.056
1,792

.055
1,615

.055
1,421

.053
1,700

727

7,276
701

7,621
858

7,468
721

7,409
858

7,836
914

2,037

1,894

1,554

1,316

1,014

374,511

382,948

21,697
53,432

22 960
52^ 640

1,509

1,035

23, 747
54,941

26, 965
59, 942

6,255
6,411
138, 510 135,329

5,942
125,018

.0470

21,180
.0526

40, 630
.0532

1,439
690
1,183

1,622
783
1,232

1,305
683
1,190

.048
1,619

.048
1,525

.049
1,401

7,340
736

7,388
764

7,388
813

7,215
796

2,401

2,545

2,407

300, 583 343, 685 343,093

.027

.028

.031

.029

19,121
52,049

.027

173, 722 163, 517 205,469 141, 731 158,276
271, 605 254, 278 236,888 226,003 211,077
299, 360 353, 230 429, 495 345,274 282,876

391, 543

425, 588 375, 935

.028

.031

.030

113, 822 142. 271 116,173
347, 381 311, 574 213,840
334, 246 308, 086 269,978

784
292, 036
.030

750
247,

226
.029

56,139
111, 170
215, 388

98,038
46,066
194, 732

5, 625
.049
.046

5,003
.050
.045

4,472
.050
.044

5,134
.050
.043

6,428
.049
.045
1,335

1,208

1,339

9,479

40,084

59,872
6,563

328
987

6,253

2,293
4,287
7,959

0
2,528

5,270

I1, 791
2,995
7,528

8,404

7,603

.280
165, 658 170,197

.280
182, 558

.280
189, 983

.280
214,017

.280
231, 628

.280
243, 223

13, 053

22, 945

21,401

23, 656

21, 243

26, 508 37, 588 42, 769 46, 543 38, 963 39, 238 46,890
36, S29 40, 275
427,917 587, 392 259,361 411,041 518,885 653,102 814,883 1,112,465 899, 579

34, 666
539,699

27,112
716,458

4,034
.051
.044

3,607
.053
.047

4,603
.053
.046

4,687
.052
.045

17, 734

16,446

26,116

20,066

2,485

13,017

2,908

5,187
2,223

29,454
179

33,086
6,677

25, 559
2,975

32, 712
3,621

34,121
5,676

7,931

7,319

7,138

6,829

5,004

5,697

.280

.280
217,914

3,844
.051
.046

.280
168, 201 162,841

4,958
.050
.044

MISCELLANEOUS FOOD PRODUCTS
Candy, sales by manufacturerst-thous. of dol.
Fish: Landings, fresh fish, prin. ports.thous. of lb..
Salmon,canned, shipments
cases..
Stocks, cold storage, total, 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—

18,195
25, 652

17,387

17, 856

15, 785

13,307

12, 695

10, 359

62,109

62,184

45,694

37,367

45,981

55,039

66,716

75,882

84, 537

85,665

93, 024

90,711

1,437
1, 335
5,948

1,453
1,325
6,631

1,534
1,400
6,766

1,594
1,467
6,893

1,698
1,666
6,925

1,621
1,593
6,953

1,063
1,400
6,615

1, 056
1,994
6,014

924
1,397
5,542

1,082
1,445
5,179

1,364
1,226
5,317

1,518
1.242
5, 593

6,305

6,147
9,914

3,909
7,956

5,234
8,004

TOBACCO
Leaf:

Exports§
_
thous. of lb_. 37,502
35,113
21, 396 21,425
36, 624 28,987
5,492
4,752
Imports, incl. scrap§
..do
5,793
3,703
4,373
Production (crop estimate)..
mil. of lb.
Stocks, total, incl. imported types, end of
2,433
2,178
quarter
mil. of lb_.
1,726
1,958
Flue-cured, fire-cured, and air-cured, .do
359
371
Cigar types
..do
Manufactured products:
Consumption (tax-paid withdrawals):
] 1,782 11, 492 13,728
12, 527 14, 324 14,717
Small cigarettes
.millions.
Large cigars
thousands.. 361, 233 338,887 431, 691 384,918 417,144 477,443
Manufactured tobacco and snuff
28,921
30,180
thous. of lb.. 25, 425 25,077 30, 767 27,509
Exports, cigarettes§
thousands.. 623, 889 551, 625 604,307 534,085 487, 675 598,716
Production, manufactured tobacco:
Total
thous. of lb..
22, 740 27, 248 24,962 25, 766 27,184
Fine cut chewing
do
502
366
394
427
335
Plug
do....
4,615
5,037
4,587
4,806
4,375
Scrap chewing
do
4,142
3,551
3,105
3,373
3,493
Smoking
do
14, 262 18,155
16, 363 16, 772 17,118
Twist
do
451
434
460
412
Prices, wholesale:
5. 513
5.513
5.513
5.513
Cigarettes
dol. per 1,000
5.513
5.513
46.056
46.056
46.056
46.056
46.056
46.056
Cigars
do
r

13, 467
10, 435

35, 219
6,284

60, 379
5,324

82,

034

55,167
5,641

2,227
1,822
323

54. 217
4,797
/ 1, 456
2,343
1, 946
298

13, 784 15, 892 14,711
13, 264
420, 510 477,596 486, 482 525,662

13, 506
515, 859

12, 656
333,982

27, 544
466, 561

30, 473
502, 491

30, 577
420, 493

27, 869
631, 023

30,940
518,943

27,126
576, 210

24,954
378
4,701
5,443
14,005
426

27,756
409
5,140
3,709
17,962
537

27, 327
403
5,023
3,655
17, 812
433

24,969
358
4,344
2,151
17, 671
444

28,111
363
4,266
4,563
18, 503
415

24, 825
382
4,290
4,133
15, 580
440

5.513
46. 056

5,513
46. 056

fi, 513 5. 513
46 056 46. 056

5.513
46.056

5.513
46.056

Revised.
/Dec. 1 estimate.
JFor monthly data beginning 1928, corresponding with monthly averages for 1928-33 shown in the 1938 Supplement, see table 6, p. 17, of the January 1939 issue.
§Revised series. Data revised for 1937; see tables 19 and 20, pp. 14 and 15 of this issue.




45

SURVEY OF CURRENT BUSINESS

April 1939

Monthly statistics through December 1937, to- 1939
gether with explanatory notes and references
to the sources of the data may be found in the Febru1938 Supplement to the Survey
ary

1938
February

March

April

May

June

July

1939

DecemAugust Septem- October November
ber

January

FUELS AND BYPRODUCTS
COAL
Anthracite:
Exports§.
thous. of long tons.
Prices, composite, chestnut:
Retail
dol. per short tonWholesale
..doProduction
thous. of short tons. P4, 111
3,382
Shipments
_.do
Stocks, end of month:
In producers' storage yards
.do
In selected retail dealers' yards
number of days' supply..
25
Bituminous:
282
Exports§
thous. of long tons..
Industrial consumption, total
thous. of short tons.. 24,204
111
Beehive coke ovens
do...
Byproduct coke ovens
do...
4,346
Cement mills
_
do...
244
Coal-gas retorts
do
137
Electric power utilities
do...
3,056
ys (class
( c s I))
Railways
do
6,561
S t l andd rolling
Steel
lli mills...
i
l
l
ddo
759
Other industrial.
_
do
8,990
Other consumption:
92
Vessels (bunker)
thous. of long tons..
Coal mine fuel
thous. of short tons_.
249
Prices:
Retail, composite, 38 cities
dol. per short ton
Wholesale:
Mine run, composite
do
4.286
Prepared sizes, composite
do
4.520
Production
thous. of short tons_. '33,910
Stocks, industrial and retail dealers, end of
month, total
thous. of short tons.. 39, 670
Industrial, total
do
33, 870
Byproduct coke ovens
do
7, 373
Cement mills
do
403
Coal-gas retorts
_
_
do
220
Electric power utilities
do
8,456
Railways (class I)
do
6, 719
Steel and rolling mills
do
879
Other industrial
do
9,820
Retail dealers, total
do
5,800

128

121

9.631
3,539
3,057

11.31
9.564
4,015
3,467

9.199
3,138

8.946
4,255
3,821

1,413

1,265

1,272

1,390

26

25

58

271

279

673

22,423
165
3,539
169
138
2,888
6,169
725
8,630

23,160
154
3,795
228
144
3,015
6,427
787
8,610

110
225

101
223

4.440
4.784
27,440
38,484
32, 284
5,823
320
253
8,565
6,174
919
10,230
6,200

107

222

197

112

127

143

9.605
4,165
3,519

"97713
3,728
3,167

11.49
9.706
4,471
3,849

9.731
4,953
4,047

2,121

1,917

1,901

1,458

1,046

44

63

51

37

29

1,093

1,032

1,107

1,092

489

277

20,346
79
3,534
478
128
3,315
5,662
660
6,490

21,116
88
3,770
430
130
3,338
5,938
652
6,770

23, 734
100
4,360
486
134
3,575
6,663
736
7,680

24, 921
110
4,622
441
138
3,530
6,597
803
8,680

26,533
123
4,742
342
144
3,684
7,161
837
9, 500

" 26,185
121
4,751
r
212
149
r
3, 595
7,149
858
9,350

95
237

112
258

129
265

81
266

68
261

4.299
4. 524
32, 286

4.299
4.576
'34,989

4.299
4.565
' 35, 925

4.298
4.557
' 36, 541

4. 290
4.544
35, 530

36, 507
29, 377
5,952
313
263
8,029
4,672
638
9,510
7,130

39, 024
31,324
6,459
330
258
8,195
5,052
620
10, 410
7,700

40, 821
33,321
7,173
346
264
8,413
5,315
650
11,160
7,500

40, 720
33, 670
7, 462
349
252
8,491
5,629
687
10, 800
7, 050

• 39, 720
33, 270
r
7, 374
-350
'236
r
8, 379
r
5, 819
742
10, 370
6,450

38

27

25

3.750

3.750

3. 750

3.750

3.750
77
3,367
126

100

129

9.231
2,571
2,361

9.431
2,729
2,336

11.02
9.602
3,337
2,888

1,764

1,757

1,924

57

58

63

929

1,148

956

20,653
118
3,457
327
136
2,675
5,801
649
7,490

19,574
92
3,236
434
137
2,803
5,609
603
6,660

18,596
82
2,931
451
130
2,846
5,298
588
6,270

18,862
69
3,085
478
127
3,038
5,482
583
6,000

164

113
156

98
165

100
172

4.359
4.544
26,745

4.301
4.378
22,671

4.303
4.391
21,321

4.294
4.404
22,507

4.297
4.434
23,367

4.296
4.469
28,665

35, 359
30,259
5,231
347
235
8,479
5,860
837
9,270
5,100

34,102
28,952
4,935
299
227
8,404
5,548
779
8,760
5,150

33,158
27, 748
4,867
309
253
8,201
4,996
722
8,400
5,410

33, 452
27,612
5,000
311
271
8,067
4,827
716
8,420
5,840

33,615
27,265
5,364
275
277
7,905
4,532
652
8,260
6,350

34, 579
27,719
5,540
299
279
7,834
4,556
651
8,560

10.63
9.030
4,291

8.38

$.83

149

8.54

8.68

COKE
Exports
thous. of long tons..
Price, beehive, Connellsville (fu/nace)
dol. per short ton..
Production:
Beehive
thous. of short tons..
Byproduct
do
Petroleum coke
_
da
s'tocks, end of month:
Byproduct plants, total
do
At furnace plants
do
At merchant plants.do
Petroleum coke
do

23

22

19

28

45

60

3.750

4.250

4.250

4.250

4.250

3.875

3.750

71
3,078

105
2,494
122
2,474
1,196
1,279
419

97
2,675
114

75
2,436
127
3,134
1,348
1,786
522

58
2,283
138
3,275
1,376
1,899
562

52
2,067
137
3,375
1,411
1,964
574

44
2,177
138

50
2,494
148

56
2,675
111

63
3,093
147

70
3,278
153

79
3,363
142

3,564
1,460
2,104
610

3,709
1,453
2,256
651

3,675
1,392
2,283
623

3,716
1,334
2,382
654

3,745
1,307
2,438

3,610
1,291
2,319

101,352
1,720
1.160
106,165
80

96, 990
1,584
1.160
98, 661
79

100, 787
2,647
1.040
101, 830
79

97, 309
2,308
.960
98, 567
79

97, 964
2,678
.960
102, 287
77

99, 614
1,371
.960
102, 490
78

85,132 86, 705
33, 548 33, 975
243,952 240, 251
42, 724 42,979
201, 228 197, 272
1,601
1,648

87, 222
34,999
233, 463
41,131
192, 332
1,715

87,399
36,064
228, 741
40, 386
188, 355
1,572

87, 222
37,193
229,140
41, 221
187, 919
1,419

87, 595
36, 927
227,134
42, 540
184, 594
1,385

1,205
3,898
2,916
.925

1,090
3,815
2,925
.925

1,101
4,199
2,788
.925

1,193
4,010
2,771
.925

1,243
4,111
2,925
.925

~~2,~ 587
.895

24,232
12,691

24, 552
13.074

25, 487
13, 820

24, 573
12, 793

25,197
13, 873

25,800
14,135

32, 874
28,841

33, 661
30, 860

33, 344
33, 017

30, 935
32, 069

26, 991
27, 873

24, 309
24,650

50,459
3,998

46,058
3,068

46, 272
3,572

44, 991
3,205

41, 649
4,607

37, 847
2,764

.124
.055
.140

.124
.051
.138

.124
.046
.134

.124
.046
.133

.119
.043

3,036
1,161
1,874

2,777
1,305
1,472
469

55

r

3, 330
' 1, 241
2,089
717

PETROLEUM AND PRODUCTS f
Crude petroleum:
Consumption (runs to stills)._.thous. of bbl.
88,179 95,885 95, 675 99, 238 93,880 99,856
Imports!
_do
1,343
2,045
2,130
2,017
1,923
2,405
2,669
Price (Kansas-Okla.) at wells..-dol. per bbl
1.160
.960
1.160
1.160
1.160
1.160
1.160
Production.
thous. of bbl..
94, 662 106, 524 102, 702
94, 277 102,898
Refinery operations
pet. of capacity..
78
79
79
77
77
79
Stocks, end of month:
California:
Heavy crude and fuelthous. of bbl.
74, 461 77,008 79,965 81,822 82,833 84, 724
Light crude.
___ do
31,188
31, 504 31, 624 33,151
33,138
31,669
East of California, total
do...
267, 345 269,638 267,942 259, 259 251,213 247, 361
Refineries
do
45, 228 45,822 45,975
45,101 44, 314 43, 674
Tank farms and pipe lines
..do...
222,117 223,816 221,967 214,158 206,899 203,687
Wells completed.
_..number1,441
1,606
1,776
1,656
1,539
1,707
Refined petroleum products:
Gas and fuel oils:
Consumption:
1, 112
Electric power plants
thous. of bbl_.
1,184
928
879
934
1,018
1,205
Railways (class I)
do
3,675
3,708
3,729
3,678
3,964
3,811
2,904
yessels (bunker)..
do
2,813
3,249
3,219
3,169
3,393
Price, fuel oil (Oklahoma)
dol. per bbl..
.850
.875
.925
.925
.925
.925
Production:
Residual fuel oil
.thous. of bbl.
23,866 25,328 24,833 24,392 22, 761 23, 547
Gas oil and distillate fuels, total d o . . .
12,144
12,294
10, 784 12,688
11, 577 12,160
Stocks, end of month:
Residual fuel oil, east of California
thous. of bbl..
26,855 25,981
27,815 29,284 30,282 32,285
Gas oil and distillate fuels, total- do
19,885
19, 972 22,385
18,882
24,699 26,620
Gasoline:
Consumption, domestic
thous. of bbl
31,861
43, 254 44,911
48,293 47,474
41,259
Exports§
do....
2,569
3,100
3,742
3,029
3,603
3,517
3,597
Price, wholesale:
Tank wagon, delivered (New York)
dol. per gal..
.119
.130
.130
.130
.130
.130
.127
Refinery (Oklahoma)
do
.042
.049
.051
.053
.051
.053
.055
Price, retail, service stations, 50 cities.do."
.140
.141
.141
.141
.141
.141
' Revised.
v Preliminary.
tRevised series. Petroleum and products revised for 1937; see table 9, p. 15 of the March 1939 issue.
§Revised series. Data for 1937 revised; see tables 19 and 20, pp. 14 and 15 of this issue.




r

1,236

.119
.041

46

SUEVEY OF CUREENT BUSINESS

Monthly statistics through December 1937, to- 1939
gether with explanatory notes and references
to the sources of the data may be found in the Febru1938 Supplement to the Survey
ary

April 1939

1938
February

March

April

May

June

July

1939
DecemAugust SeptemOctober November
ber
ber

January

FUELS AND BYPRODUCTS—Continued
PETROLEUM AND PRODUCTSf-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
mil. of gal...
Stocks, end of month:
Finished gasoline, total
thous. of bbl_.
At refineries
do
Natural gasoline
do
Kerosene:
Consumption, domestic
__do
Exports §
do
Price, wholesale, water white 47, refinery
(Pennsylvania)
_
dol. per gal..
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 §
short tons..
Production
-do
Stocks, refinery, end of month
__do
Wax:
Production
thous. of lb_.
Stocks, refinery, end of month.
—do

516
.052

3,889

4,326

4,171

4,196

4,001

4,127

4,226

4,081

4,375

4,244

4,345

4,264

40,469

18, 267
19,474
2,728
1,366

44,116
19, 769
21,114
3,233
1,688

44,582
20,040
21,686
2,856
1,732

46, 645
20,804
23,042
2,799
1,850

44, 247
19,735
21, 877
2,635
1,926

47,607
21,020
23, 652
2,935
1,982

48, 662
21,524
24,188
2,950
2,087

47,312
20,934
23,049
3,329
1,911

49,677
21, 383
23,862
4,432
1,889

47,998
20, 397
23, 379
4,222
1,761

47,780
20, 794
22, 701
4,285
1,749

48, 308
21,125
23, 546
3,637

85,018
58,945
5,017

85,035
60,043
5,531

82,684
57,660
6,179

80,987
54,010
6,548

73,725
47,159
6,951

70,224
43,091
7,614

64, 599
40,137
8,022

63,163
38,819
8,159

63, 542
38, 739
6,771

64, 083
39,376
5,742

65, 949
41,805
4,830

73, 847
49,419
4,567

5,017
654

6,150
535

3,637
745

3,257
381

3,752
210

4,292
697

4,187
797

5,185

5,368
323

.054
5,798
6,093

.052
5,649
7,627

.053
5,235
9,202

.053
4,889
10,112

.052
4,933
10,149

.051
5,348
10,497

.051
5,320
9,949

.050
5,419
9,676

6,813
783
.049
5,739
7,799

5,980
776

.056
5,167
5,986

4,333
788
.053
6,445
6,394

.049
5,702
6,711

1,311

2,195

1, 591

1,730

1,606

1,844

2,002

2,127

1,805

1,735

1,831

1,609

.105

.110
2,468
8,363

.110
2,697
8,210

.110
2,530
8,290

.110
2,595
8,255

.110
2,378
8,114

.106
2,631
8,194

.105
2,676
7,969

.105
2,615
7,605

.105
2,632
7,718

.105
2,535
7,817

.105
2,384
7,695

.105
2,527
7,762

9,662

1,276
191,600
620,400

1,208
1,902
1,578
1,727
2,335
278,900 334,000 450,000 445,600 475,800
633,200 663,700 710,700 669,300 633,200

3,461
2,869
2,844
1,923
1,649
2,078
614,400 456,300 464,900 322, 700 242,400 244,000
566,400 471,100 442, 200 447, 600 480, 900 532,000

34,720
148,823

39, 760 31,640
150,465 144,626

31,920
134,103

36,400
129,018

42,000 37,520 36,120 35, 280
128, 926 131, 772 129, 340 128,627

35,560
140,826

37,800
138,260

30,240
135,911

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 lambskins §
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 leather§
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-.
8tocks of cattle hides and leather, end of month:
Total
thous. of equiv. hides-.In process and
finished
do
Raw
_. _
__ _
do .

28,189
2,809
13, 200
6,189
3,975

9,567
981
3,071
3,404
1,508

9,251
916
3,158
2,634
1,995

7,759
1,289
1,046
2,570
2,056

11,561
1,337
2,737
4,733
1,902

12,242
1,429
2,058
4,176
3,942

14, 903
2,144
5,393
4,795

J,941

16,266
3,175
2,716
5,223
4,341

16,897
2,133
5,670
5,498
2,282

19, 803
2,116
7,527
4,945
3,641

24, 399
3,440
10, 725
6,122
2,685

25, 657
3,972
9,588
6,075
4,468

32, 826
3.563
13, 528
6,317
7,901

385
653
2,890
1,361

398
716
2,833
1,424

506
809
2,610
1,428

502
749
2,462
1,425

500
772
2,585
1,550

475
816
2,533
1,485

436
820
2,254
1,461

457
848
2,467
1,603

453
917
2,671
1,694

470
884
3,311
1,638

457
858
3,913
1,453

417
758
4,346
1,347

415
761
4,043
1,456

.104
. 154

.124
.118

.109
.123

.099
.113

.095
.123

.093
.114

.111
.139

.119
.145

.120
.143

.134
.161

.141
.163

.123
.157

.121
.163

14
3,492

209
4,780

52
4,567

58
4,563

109
4,169

97
3,623

49
3,669

60
3,738

41
3,709

49
4,651

42
3,420

26
3,689

6
3,097

1,000
1,471
2,638
2,195

1,127
1,617
2,831
2,125

870
1,381
2,506
1,827

865
1,409
2,371
2,010

1,032
1,457
2,675
2,184

1,222
1,407
2,394
2,308

1,349
1,764
2,755
3,226

1,066
1,717
2,336
2,716

1,100
1,755
2,525
2,822

1,138
1,786
2,634
2,872

r 1, 277
r 1, 882
3,245
2,899

1,315
1,931
3,185
2,795

.303

.314

.305

.305

.305

.305

.315

.318

.320

.320

.324

.318

.315

.390

.381

.378

.365

.366

.366

.377

.378

.378

.385

.392

.390

.393

15,118
10,968
4,150

14, 576
10,589
3,987

14,052
10,308
3,744

13,874
10,193
3,681

13,967
10,223
3,744

13,865
10,014
3,851

13,331
9,666
3,665

13,244
9,540
3,704

13,440
9,665
3,775

13, 885
10, 074
3,811

r 13,996
r 10, 301
r 3, 695

14, 031
10, 289
3,742

104,668
61, 742
42,926

122,385
69,028
53, 357

109,081
55,084
53,997

116,492
63,953
52, 539

145,710
85,185
60,525

150,480
92, 255
58,225

181, 791
112,736
69,055

173,882
106,761
67,121

183, 667
115,942
67,725

162, 797
102,725
60,072

135, 759
74, 065
61,694

119, 257
63,177
56, 080

LEATHER MANUFACTURES
Gloves and mittens:
Production (cut), total
dozen pairs
Dress and semidress . . .
.do __.
Work
do
Shoes:
Exports
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
thous. 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 housewear
thous. of pairs..
All other footwear .
do
r

Revised.

195

182

203

171

127

116

136

164

191

200

138

113

108

5.75
4.75
3.00

6.00
5.00
3.35

6.00
5.00
3.35

6.00
5.00
3.35

5.75
4.75
3.23

5.75
4.75
3.00

5.75
4.75
3.00

6.76
4.75
3.00

5.75
4.75
3.00

5.75
4.75
3.00

5.75
4.75
3.00

5.75
4.75
3.00

5.75
4.75
3.00

30, 331
131
1.287
1,900
24, 920
1,122
1,616
2,892
7 086
12, 203

37, 543
204
1,303
1,314
31, 636
1,349
2,039
3,663
8,442
16,143

33, 468
180
1,036
889
28,044
1,221
2,079
3,414
7 360
13, 970

30, 473
169
961
729
24,998
1,221
1 817
3,394
6 829
11 738

26, 897
225
459
192
22, 491
1,361
1,681
3,008
7 314
9,128

30,742
187
314
202
26, 546
1,426
1,576
3,314
7 027
13, 204

42, 252
295
291
405
36, 247
1,958
1,845
4,090
10,067
18, 287

38, 280
263
319
331
31,987
1,803
1,818
3,859
9,568
14, 940

35,012
282
303
315
27, 799
1,638
1,878
3,583
9,250
11,451

30, 054
304
305
354
22, 556
1,553
1,886
3,132
8,691
7,295

29, 988
331
355
476
24, 359
1,426
1,775
3,399
8,403
9,355

33, 527
260
457
659
30,108
1,412
1,988
3,741
8,875
14, 091

1,486
608

2,279
806

2,361
958

2,676
941

2,837
692

3,108
384

4,692
322

5,115
264

6,078

6,422
114

4,297
170

1,695
348

+See footnote marked with a " t " on p 45.

§Revised series. Data revised for 1937, see tables 19 and 20, pp. 14 and 15 of this issue.



236

47

SUEVEY OF CURRENT BUSINESS

April 1939

1939

1938

Monthly statistics through December 1937, to- 1939
gether with explanatory notes and references
to the sources of the data may be found in the Febru1938 Supplement to the Survey
ary

February

March

April

May

June

July

DecemOctober NovemAugust September
ber
ber

January

LUMBER AND MANUFACTURES
LUMBER-ALL TYPES
Exports (boards, planks, etc.) §
M ft. b. m__
National Lumber Mfrs. Assn.:
Production, total
mil. ft. b. m__
Hardwoods
do
Softwoods
_
. .
doShipments, total
do
Hardwoods
do
Softwoods
do
Stocks, gross, end of month, total
do. .
Hardwoods
do
do
Softwoods
Retail movement (yard):
Ninth Federal Reserve district:
Sales
M ft. b. m
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
do
Stocks, end of month
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:
Newt
jnil. ft. b. m__
Unfilled, end of month
do
Price, wholesale, flooring
dol. per M ft. b. m__
Production!
mil. ft. b. m__
Shipments!do
Stocks, end of month
doWestern pine:
Orders:
New
do
Unfilled, end of month..
Price, wholesale, Ponderosa pine, 1x8, no. 2,
common (f. o. b. mills).dol. per M ft. b. m__
Production...
mil. ft. b. m__
Shipments
.
do
8tocks, end of month
do
West Coast woods:!
Orders:
New
do .
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
„
doShipments
do
do
Stocks, end of month

52,902

62,400

61,572

69,945

63,735

64,857

61,517

67,998

68,107

56, 729

79, 697

58, 817

1,275
249
1,026
1,389
221
1,168
8,710
2,313
6,397

1,698
296
1,402
1,748
238
1,511
8,647
2,354
6,293

1,473
219
1,254
1,489
225
1,264
8,625
2,348
6,278

1,550
208
1,342
1,531
222
1,308
8,648
2,332
6,316

1,696
211
1,485
1,684
230
1,454
8,672
2,318
6,354

1,606
204
1,402
1,775
267
1,508
8,511
2,259
6,252

1,998
222
1,776
2,033
283
1,750
8,481
2,200
6,281

1,901
237
1,664
1,843
293
1,550
8,560
2,155
6,405

1,790
239
1,552
1,847
295
1,552
8,506
2,099
6,407

1,675
246
1,429
1,789
311
1,478
8,442
2,058
6,384

1,505
233
1,271
1,593
263
1,330
8,373
2,069
6,304

1,582
295
1,287
1, 662
308
1,355
8,309
2,055
6,253

3,189
84, 258

4,695
83,286

8,058
86,244

9,553
83,915

11,747
81,515

11,568
80,797

13, 504
80,238

12, 637
76,062

16, 282
69, 666

5,900
9,900
4,400
4,900
24,250

7,050
9,650
6,250
6,900
23,600

6,350
9,800
5,400
6,100
23,350

5,050
8,700
5,450
5,850
23,100

7,000
8,000
5,600
7,000
21,000

7,900
9,600
5,400
6,400
20,000

7,450
9,850
7,000
7,250
19,950

5,400
8,800
6,3C0
5,950
20, 350

7,000
10, 600
5,400
5, 200
21, 000

6,200
11, 200
6,100
5,500
21, 600

6,500
13, 000
6,200
4,900
23, 350

7,450
14, 700
6,000
5,900
23, 800

26,910
56,482
27, 640
27, 308
94, 730

33,651
32, 355
24,399
24, 490
85,240

38,105
34,805
32, 272
35,655
81,857

24,643
32,464
29,694
26,984
84,567

29,186
33,364
29,059
28,286
85,340

34,248
37,379
28, 783
30,233
83,890

58,516
59,906
30,762
35,989
78,663

36,943
55,338
62,468
41,511
79,620

26,575
47, 416
39,035
34,497
84,158

41,133
56, 393
36,188
32,156
88,190

30,891
55, 724
35,139
31, 560
91, 769

26, 659
52, 697
31, 720
27, 686
94,181

36, 868
60, 649
28,463
26,916
95, 228

20, 276
5,696

19,776
8,480

18,775
6,235

17,820
3,382

21,860
20,149

15,497
13,368

18,211
8,636

13,448
2,222

15, 712
4,365

19, 284
5,322

13, 608
4,961

21, 083
9,015

18, 625
5,929

18. 620

17.640

17. 640

17.640

17. 640

17. 640

17. 640

17.640

17.640

17.640

17. 640

18. 008

18. 424

36.260

35.770

' 35. 280

35. 280

35. 280

60, 351

0)
(i)

a
6

17, 280
62, 948

0)
0)

36. 000

36. 995

36. 260

36. 260

36. 260

35. 893

35. 770

36.260

13, 787
4,709

17,170
4,924

20,156
5,570

20,120
4,228

21, 777
7,215

20, 513
5,083

19,087
4,245

21,280
4,632

21, 282
4,197

21,933
4,527

16, 976
5,190

22, 652
4,012

15, 283
4,326

495
309

555
264

496
264

497
239

584
286

724
343

622
304

612
296

710
364

539
323

473
307

557
330

41.97
527
520
2,241

41.19
615
600
2,256

41.05
524
496
2,284

39.67
553
522
2,315

40.63
520
537
2,298

40.78
570
667
2,201

41.41
630
661
2,170

41.46
639
620
2,189

41.22
578
642
2,125

42.09
530
580
2,075

41.01
508
489
2,094

40.76
540
534
2,100

266
215

311
191

284
184

324
189

336
187

442
276

399
253

333
201

347
190

386
255

391
283

279
247

24.65
108
239
1,889

24.77
219
323
1,785

24.15
275
278
1,782

23.31
359
315
1,826

22.50
456
358
1,924

21.32
432
374
1,982

22.49
536
475
2,037

22.17
488
411
2,109

21.91
430
388
2,139

22.04
305
335
2,104

22.92
238
322
2,014

24.30
181
299
1,896

411
354
333
372
1,059

524
342
510
536
1,033

350
280
398
412
1,019

388
265
371
403
988

516
270
440
512
935

524
381
354
413
895

537
334
578
584
905

411
282
466
463
920

444
264
471
471
935

555
324
518
495
986

451
361
416
414
988

445
388
446
413
1,021

22,992
37,991
23,734
13,949
308,008

24,483
43,765
20,574
17,825
309,437

24,926
33, 302
23,944
37,091
292,203

23,887
24,770
24,518
31,255
282,953

22,874
22,120
30,336
28,145
279,415

26,978
25,116
26,665
23,333
282,291

29,218
26,599
34,229
27,885
287,243

23,409
23, 322
34,838
28,026
296,177

25,350
25, 111
30, 722
24, 427
299, 367

25, 939
24, 694
33,106
25,028
304,859

22,134
25, 310
27, 284
19, 961
313, 047

34, 270
34,562
25, 261
23,811
309, 310

42 0

42 0

43.0

41 0

42.0

47.0

53.0

58.0

60.0

57.0

58.0

56.0

6 0
14
23
46 0
12

8 0
13
17
49 0
14

8 0
10
15
43.0
11

12 0
12
16
41 0
10

5.0
11
16
43.0
10

5.0
21
26
46.0
12

3 5
21
27
50 0
16

4.0
20
23
55.0
18

5.0
20
20
60.0
16

6.0
19
18
61.0
15

7.0
12
13
62.0
13

4.0
19
21
58.0
12

82 1
102.3
87.6
87.2

82 1
102.3
87.6
87.2

82 1
102.3
87.6
87.2

82 1
102.3
87.6
87.2

82 1
102.3
87.6
87.2

80 3
102.3
87.6
87.2

80 3
102.3
87.6
87.2

80.4
102.3
87.6
87.2

80.4
102.3
87.6
87.2

79.3
102.3
87.6
87.2

77.6
102.3
87.6
87.2

77.6
102.3
88.1

39.86

25.24

FURNITURE
All districts:
Plant operations __ _ percent of normal
Grand Rapids district:
Orders:
Canceled
percent of new orders
New
no of days'pro^lio^irkTi
Unfilled, end of month
do
Plant operations
percent of normal
Shipments
no of davs'Droduction
Prices, wholesale:
Beds, wooden
1926—100
Dining-room chairs, set of 6
do-.II
Kitchen cabinets
do
Living-room davenports
"'.do'."'.
Steel furniture (see Iron and Steel Section).

77 6
102.3
88.1

r
1

Revised.
Discontinued. Data as currently reported are comparable with the corresponding month of the preceding year, but not with the preceding cmonth in the same year.
• Total for November and December; data not reported separately for the two months.
» As of December 31.
No quotation.
IData for March, June, August, and November 1938 are for 5 weeks; other months, 4 weeks.
tRevised series. Production, shipments, and new orders of southern pine lumber for 1937-38 and production, shipments and stocks of western pine, 1937-38, have been
available.
§Revised series. Data revised for 1937; see table 19, p. 14 of this issue.




48

SURVEY OF CURRENT BUSINESS

April 1939

1938

Monthly statistics through December 1987, to- 1939
gether with explanatory notes and references
to the sources of the data may be found in the Febru1938 Supplement to the Survey
ary

February

March

April

May

June

July

1939

DecemAugust SeptemOctober November
ber
ber

January

METALS AND MANUFACTURES
IRON AND STEEL
Foreign trade:
Exports (domestic) total§
long tons.. 359, 690
224,913
Scrap
do
Imports, total§
. . d o . . . . 19,149
1,413
Scrap
do—
Price, wholesale, iron and steel, composite
36.37
dol. per long ton..
Ore
iron ore:
Lake Superior district:
Consumption by furnaces
thous. of long tons_.
Shipments from upper lake ports
do
Stocks, end of month, total—
--do—
At furnaces
..do
Lake Erie docks
do
Imports, totally
-do—
Manganese ore, imports (manganese content) §
thous. of long tons..

489, 202 540, 639 312,021
309,952 374,320 162,066
21, 237 20,814
15,887
12
395
314

263,699 242,139
126, 423 108,029
14, 728 20,041
634
1,637

346, 068 425,421 469, 596 490,095
149, 673 223,954 273,440 323, 691
27, 958 26, 445 27, 627 28, 767
4,749
6,519
5,524
4,218

460, 640
256, 790
19,589
0

11,827
227

38.90

38.80

38.61

38.50

38.41

36.32

36.50

36.48

36.48

36.39

36.37

36.36

1,727
0
37,167
31,392
5,775
152

1,980
0
35, 223
29, 736
5,487
101

1,854
261
33,676
28,281
5,396
168

1,711
1,181
33,012
27,768
5,244
186

1,472
2,838
34,329
29,160
5,170
170

1,675
3,268
35,846
30,656
5,190
206

2,077
3,326
37, 050
31, 759
5,292
172

2,314
3,285
37, 874
32, 516
5,358
188

2,781
3,624
38, 594
33, i73
5,421
226

3,150
1,481
37, 546
32,166
5,290
198

3,041
0
34, 579
29, 456
5,123
187

2,927
0
31, 689
26, 646
5,043
ISO

13

16

12

19

21

31

35

15

26

30

10

19,557
19,252
23.5
20, 596

20, 556
21,902
26.0
22,962

19, 724
18,680
22.7
23,045

17,564
17,097
20.8
20,560

18,143
18,077
21.7
21,673

16,905
16, 630
20.2
17,500

25, 752
25, 799
31.3
21,102

29, 061
29, 460
34.8
26, 941

32, 770
29, 970
36.4
28, 7i7

36, 643
35, 351
43.0
35, 563

35, 633
38, 802
46.0
36, 434

38,105
35, 372
43.5
36, 403

47,045
91

46,480
90

42,310
79

37, 225
72

34,385
70

51,370

57, 625
96

70, 690
115

75, 795
121

71,315
117

70,235
118

23.50
24.11

23.50
24.11

23.50
24.13

23.50
24.15

22.50
23.59

41,400
77
19.50
20.15

19.50
20.15

19.75
20.29

20 50
21. 14

20.50
21.15

20. 50
21.15

20. 50
21.15

25.89
1,298

25.89
1,452

25.89
1,376

25.89
1,255

24.89
1,062

21.89
1,202

21.89
1,494

22.14
1,680

22.89
2,052

22.89
2,270

22.89
2,211

22.89
2,175

502
1,215
19,994

1,063
1,131
19,929

931
1,181
19,709

1,224
1,297
19, 707

2,478
1,400
20,758

2,135
2,015
20, 677

2,227
2,287
20,619

2,391
4,078
18,925

3,561
4,803
17, 701

2,233
3,083
16, 877

1,338
2,182
16,114

1,573
1,642
15,986

10,380
8,417
119,846

12,931
9,209
123, 711

14, 681 20, 367 25, 336 22, 851
17, 841 17,804 30, 852 34,108
122,860 125,446 119, 841 108,445

15, 388
20, 027
104, 021

10,128
15, 081
98? 831

12,881
12, 276
99,128

285

326

409

619

604

656

498

442

2,753
2,571
27, 576

3,071
2,715
27,850

2,794
3,692
26,999

3,752
5,008
25,637

5,240
4,423
26,451

4,958
5,219
26, 216

6,023
5,214
27, 098

7,199
6,387
28,003

6,907
7,679
27, 268

4,765
5,697
26, 394

3,955
4,815
25, 624

4,896
3,814
28 279

49,318
17,724
47, 640
48,079
33,004

71,414
17,191
72,378
71,947
33, 435

68,013
19,101
63,040
66,103
30,372

56,976
15,205
60,497
60,872
29,997

65,902
16,153
64,185
62,928
31,254

50,377
14,279
51,900
52,251
30,903

57,721
15,414
56, 595
56, 586
30,912

68, 337 108, 427
18, 016 46,882
65, 622 77, 563
65, 735 79, 561
30, 799 28, 677

70, 862
37,170
83, 716
80, 574
31,819

47, 882
20. 626
70, 232
64,426
37, 625

61, 003
15,026
64,094
66, 603
35, 317

2,963
3,858

3,738
4,478

4,008

3,194
5,069

4,229
6,067

3,596
4,525

5,022
5,434

5,144

2,157
2,692

2,636
2,977

2,229
2,994

2,759
3,310

2,967

2,991
3,039

3,518
3,217

3,094

3,385

30,863
27.6
11,107
27, 436
24.5
7,498

28,096
25.1
6,888
30,793
27.5
7,312

21,869
19.5
2,498
25,150
22.5
4,290

20,636
18.4
2,697
22,127
19.8
3,892

21, 419
19.1
4,907
24, 111
21.5
4,479

36,641
32.7
16, 589
22,988
20.5
6,111

24,814
22.2
4,411
36,454
32.5
12,983

25, 565
22.8
5, 462
28, 478
25.4
8,353

25,418
22.7
4,127
28,109
25.1

30, 428
27.2
7,128
29,994
26.8
7,207

38, 342
34.2
14, 749
36,130
32.3
11,282

42, 024
37.5
12,606
38, 928
34.8
12, 804

2,955
54

1,704

2,012

1,925
33

1,807
31

1,638

1,982
35

2,547
42

2,658
45

3,118
53

3,572
61

3,143
54

3,187
54

38, 571

17,590

21,185

19,882

18,262

18,234

18,166

28,327

30, 903

35,106

37,673

36,315

39, 648

.0268

.0289

.0289

.0289

.0268

.0266

.0268

.0268

.0268

34.00
.0210
14.06

37.00
.0225
12.69

37.00
.0225
12.15

37.00
.0225
11.38

37.00
.0225
10.95

34.00
.0210
13. 50

34.00
.0210
12.88

34.00
.0210
14.20

34.00
.0210
13. 75

34. 0G
.021(1
13. 8£

678

475

502

465

663

680

362,
227,
27,
3,

672
884
664
333

Pig Iron and Iron Manufactures
Castings, malleable:
Orders, new
short tons.. 33. 234
34, 786
Production
do
42.9
Percent of capacity.—
Shipments
short tons.. 34, 698
Pig iron:
Furnaces in blast, end of month:
Capacity
long tons per day.. 74, 285
121
Number
_
_
Prices, wholesale:
20. 50
Basic (valley furnace)
dol. per long ton..
21.15
Composite
do
Foundry, No. 2, northern (Pitts.)
22.89
dol. per long ton_.
2,060
Production—
—thous. of long tons..
Cast-iron boilers and radiators:
Boilers, round:
1,807
Production
—thous. of lb_.
1,447
Shipments
_do
16, 420
Stocks, end of month
do
Boilers, square:
13,801
Production
do
9,246
Shipments
.
do
104, 303
Stocks, end of month
-do
Radiators:
Convection type:
Sales, incl. heating elements, cabinets,
305
and grilles-thous. sq. ft. heating surfaceOrdinary type:
4,711
Production.
_do.._
2,950
Shipments
do._.
30, 800
Stocks, end of month.
do
Boilers, range, galvanized:
Orders:
50, 876
New
number of boilers.
12, 604
Unfilled, end of month, total
do...
56, 476
Production
do___
53, 298
Shipments
__do
38, 495
Stocks, end of month
__do.__
Boiler and pipe fittings:
Cast iron:
Production
short tons_
0)
Shipments
do...
0)
Malleable:
0)
Production
do.__
Shipments
_do__.
0)

10, 219 13, 560 16,705
12, 798 14,123
10,557
123,440 124,291 125,805

703

614

0)

0)

6,737

0)

0)
0)

0)

0)
0)

0)
(0
0)
0)

0)
0)
0)
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:
Production
-thous. of long tons..
Percent of capacity
Bars, steel, cold finished, carbon, shipments
short tons..
Prices, wholesale:
Composite, finished steel
dol. per lb_.
Steel billets, rerolling (Pittsburgh)
dol. per long ton.
Structural steel (Pittsburgh)
dol. per lb.
Steel scrap (Chicago)
dol. per gross ton..
U. S. Steel Corporation:
Earnings, net
thous. of dol.
Shipments, finished steel products
thous. of long tons.

.0286

discontinued by the reporting source.
§Revised series. Data revised for 1937; see tables 19 and 20, pp. 14 and 15 of this issue.




34.00
.0210
12.00

34.00
.0210
13.75

478

19,792

10.026

9,692

10,104
572

36.25
.0221
10.38

559

578

694

781

49

SURVEY OF CUREENT BUSINESS

April 1939

Monthly statistics through December 1937, to- 1939
gether with explanatory notes and references
to the sources of the data may be found in the Febru1938 Supplement to the Survey
ary

1939

1938
February

March

April

May

June

July

DecemOctober NovemAugust September
ber
ber

January

METALS AND MANUFACTURES—Continued
IRON AND STEEL-Contlniicd
Steel, Manufactured Products
Barrels and drums, steel, heavy type:
Orders, unfilled, end of month
number..
Production.
__
do
Percent of capacity
Shipments
number..
Stocks, end of month
do
Boilers, steel, new orders:
Area
thous. of sq. ft..
Quantity
number..
Furniture, steel:
Office furniture:
Orders:
New..
__
thous. of dol_.
Unfilled, end of month
do.
Shipments
do.
Shelving:
Orders:
New
_
do.
Unfilled, end of month
do.
Shipments
do.
Plate, fabricated steel, new orders:*
Total..
short tons..
Oil storage tanks
__do
Plumbing and heating equipment, wholesale
price (8 items)
dollars..
Porcelain enameled products, shipments!
thous. of dol__
Spring washers, shipments
do._.
Steel products, production for sale (quarterly):
Merchant bars
thous. of long tons..
Pipe and tube
do
Plates
do . .
Rails
do
Sheets, total
.do
Percent of capacity
Strip:
Cold rolled
thous. of long tons..
Hot rolled.
do
Structural shapes, heavy
do
Tin plate
do
Wire and wire products
do
Track work, shipments
..short tons..

421, 037 484,965 498,917
552,189 529, 566 773,570
35.0
47.8
35.0
556, 069 533, 715 771,313
28,770
30, 586 26,799

448, 567 399,085 448,176 361,750
678,191 696,264
629,448
41.9
43.3
39.1
43.3
680,180 696, 738 685, 453 622,155
25,474
34,089
41,287
23,118
691
894

1,063

579
1,124

717
1,125

635
947

892
1,012

M,120
'I, 261

1,689
1,128
1,591

1,554
1,202
1,480

1,538
1,063
1,677

1,630
1,026
1,667

1,650
958
1,718

1,813
1,064
1,707

1,852
977
1,982

1,966
1,132
1,813

305
321

292
227
353

321
302
247

292
378

411
386
317

318
362
342

335
255
442

315
205
357

368
253
318

21,958
4,797

25,141
11,425

20,044
5,813

27, 773
15,382

22,069
3,646

18, 551
3,623

21, 793
5,379

20, 213
3,629

28, 218
5,950

20, 511
4,081

226. 71

227.12

227.10

226.89

235.42

235.03

234. 01

233.88

233.97

233. 97

233. 99

313
138"

703
119

648
115

709
101

626
84

749
123

736
137

796
164

675
186

645
177

610
185

817
892

435
489

739
663

475
585

734
7C0

547

1,782
1,140
1,775

1,680
1,105
1,849

1,822
958
1,969

1,444
976
1,426

1,290
974
1,293

388
292
349

413
298
418

442
276
464

346
324

22, 903
7,401

17, 827
1,673

38,052
14,635

229.31
606
114

234. 64
"""180

4,250

3,014

378,675 445, 310 374.454 248,376 519,375 438, 746
766,374 783, 592 841,653 788,040 830, 979 749, 070
52.3
47.6
48.7
49.0
51.7
47.5
771, 283 759,188 865, 572 799, 678 822, 746 746, 510
60,160 36,241
35,756
24, 603 32, 696 34, 717

354
488
312
215
788
30.4

351
491
310
176
781
29.9

434
564
384
116
1,131
43.1

616
611
452
105
1,812
69.0

62
171
308
356
402
r 4,822

65
166
318
383
463
3,177

214
367
331
528

160
384
395
374
617
2,840

r 4, 150

T

2, 959

* 2, 395 r 3, 036

r 2, 514

!,909

NONFERROUS METALS AND
PRODUCTS
Metals
Aluminum:
34,522
34,446
18. 855 36, 204 26, 795 33, 737 41,060 33, 660
29,110
Imports, bauxite§
long tons.. 35, 397 44,058
69,097
36,361
Price, wholesale, scrap, castings (N. Y.)
.0736
.0492
.0813
.0584
.0813
.0800
.0663
.0750
.0784
dol. per lb__
.0713
.0634
.0870
Babbitt metal (white-base antifriction bearing
metals):
1,474
1,596
1,606
1,225
1,538
1,714
1,106
1,305
Consumption and shipments,total.thous. of lb_
1,449
1,234
1,177
1,510
453
508
597
648
345
509
644
370
329
468
359
233
390
Consumed in own plants
do
1.021
958
1,030
863
881
1,070
776
1,090
944
Shipments
do.
1,120
857
Copper:
Exports, refined and manufactures §
40, 441 40,915
31, 285 40, 741
25, 503
33,102
42, 369 36,984
44, 555 29,385
29,503
short tons.. 23, 807 27,883
10, 439 16,154 22, 132 18, 551
12, 976 13,192
19,818
22,166
18, 578 15,241
11, 634 16,004
19,187
Imports, total§—
do
12, 402
9,408
15, 568 21,731
18, 076
15, 591 12, 575 18, 634 19, 549 11,673
16,631
For smelting, refining, and export§._.do
10, 509 13,163
Product of Cuba and Philippine Islands
172
156
42
91
77
100
1,974
1,976
2,001
146
1,978
1,995
short tons__
244
954
413
1,260
700
374
616
1,014
1,148
690
979
561
Allother§
do . .
Price, wholesale, electrolytic (N. Y.)
.1076
.1103
.0990
.1103
.1103
.0878
.1003
.0938
.1103
.0978
dol. per lb__
.0978
Production:
Mine or smelter (incl. custom intake)
r
72, 622 69,012
72,963
49, 316 69,630
50,941
49,125
38,200
31,155
56,199
44,558
short tons.. 60, 504 50,704
66, 746 67, 947 66,182
45,808
56,824
59, 225 59,393
55, 749 47, 300 32, 465 35, 596
61,117
Refinery
do
67,919
82, 605 64, 557 47, 680 54, 827
51,377
43,303
54, 597 62,832
32, 282 44, 576 42,871
33,154
Deliveries, refined, total
I.do
51, 297 38, 853 51, 059
53,637
48,071
48, 067 27, 389 33,434
31,684
32,863
41,249
69,827
28,044
Domestic
__
do
13, 260
3, 768
14,282
8,827
3,310
11,187
10,440
13, 348 14,761
4,893
11,142
12,778
5,110
Export
do
269,488
289, 755 301,110
308, 958 326,244 342, 785 355, 663 369,809 358,971 339,970 315,191
267,299
Stocks, refined, end of month
do
Lead:
Imports, total, except manufactures (lead con4,482
1,692
11,998
4,241
4,034
2,727
1,726
tent^
...short tons.. 15, 485
3,263
4,476
4,443
1,486
1,401
Ore:
34, 716 35, 885 45, 280
25,941
27, 605 28,193
Receipts, lead content of domestic ore.do...
30, 726 27. 584 25,269
31,908
30, 645 34,890
6,052
9,695
3,911
3,576
3,744
5,113
1,902
6,432
4,330
4,108
Shipments, Joplin district*
do
5,052
5,427
6,314
Refined:
Price, wholesale, pig, desilverized (N. Y.)
.0484
.0509
.0483
.0500
.0510
.0490
.0415
.0450
.0488
. 0481
.0440
dol. per lb._
.0463
.0450
30, 988 38, 299
35,958
24,994
27,968
23,723
27,976
Production from domestic ore ..short tons_. 36, 391 33, 555 35,129
37,997
31, 918 33,992
45, 726 42, 005 33, 908 40,189
38, 343 39,026
40,409
Shipments (reported)
do
34, 421 30,135
35,048
25, 952 25,098
31,052
Stocks, end of month..
do
122,112 138,134 143, 511 156, 715 164, 636 164, 554 155,631 142,868 131, 353 117, 476 115,134 115,902 117,214
Tin:
Consumption of primary tin in manufactures
4,330
4,160
4,550
4,060
4,100
3,930
3,770
3,950
4,350
4,120
4,000
4,370
long tons..
3,535
3,400
4,330
4,960
4,465
3,775
3,775
4,205
3,745
4,105
4,275
4,420
4,555
Deliveries
do...
4,448
3,971
3,555
4,643
3,895
3,685
4,561
3,583
5,097
3,628
5,054
4,266
Imports, bars, blocks, etc
do
.4623
.4638
.4522
.4618
.3834
.4035
.4337
.4326
.4562
.4127
.4115
Price, wholesale, Straits (N. Y.)~dol. per lb.~
Stocks, end of month:
29,061
35, 245 25,261
30, 606 27,909
31, 097 32, 251 32, 476 31, 539 30,598 30, 554 34, 240
29,125
World, visible supply
long tons
4,624
5,060
5,157
4,500
5,232
4,247
4,573
4. 071
3,679
4,447
5,486
5,116
4,458
United States
do
' Revised.
lAs reported by 21 manufacturers through December 1938; subsequently, 2 of these ceased operations. Forr 11937 and 1938, data are availlable from the reports of the Bureau
of the Census for 34 additional establishments and, beginning January 1939, for 57 additional establishments.
•Data are for 46 identical manufacturers: beginning January 1838 data are available from the reports of the Bureau of the Census for 26 additional small establishments.
JData for Aprii, July, October, and December 1938 are for 5 weeks; other months, 4 weeks.
§Revised series. Data revised for 1937; see tables 19 and 20, pp. 14 and 15 of this issue.




50

SURVEY OF CURRENT BUSINESS

Monthly statistics through December 1937, to- 1939
gether with explanatory notes and references
to the sources of the data may be found in the Febru1938 Supplement to the Survey.
ary

April 1939
1939

1938
February

March

April

May

June

July

I) pcemOctober NovemAugust September
ber
ber

January

METALS AND MANUFACTURES—Continued
NONFERROUS METALS AND
PRODUCTS-Contlnued
Metals—Continued
Zinc:
Ore, Joplln district:
Shipments 1
.short tons..
Stocks, end of month J
do
Price, wnolesale, prime, western (St. L.)
dol. per R^Production, slab, at primary smelters
short tons,.
Retorts in operation, end of mo
number..
Shipments, total...
short tons-.
Domestic
_
_do
Stocks, refinery, end of mo
do

33, 220
8,400

32,994
13, 954

.0450

.0481

.0442

.0414

39,512
41,146
39,263
39, 267
39,723
22,097
39,723
22,097
128, 009 108,138

43, 399
36, 466
33,528
33, 528
118,009

38, 035
34, 691
20,806
20,806
135, 238

2,756
11,935

3,305
10,488

2,734
9,703

970

1,360

1,297

30,749
19,401

34,716
21,949

22,923
23,431

18,079
27, 430

28,065
25,292

38,014
13,149

31, 894
14,895

39,014
18,745

34,827
17,299

42,237
12,251

27,452
12, 301

.0404

.0413

.0475

.0475

.0485

.0501

.0492

.0450

.0450

37, 510 30, 799 30, 362 32, 296 32, 328 36, 740 40,343 44,878 44,142
25, 596 29,767 31, 555 32,427 36, 243 38, 693 39, 404
31, 525 26,437
36, 507 43, 582 43,355 43,693 39,052 42, 526
24, 628 29, 248 33,825
43, 582 43, 355 43, 693 39,052 42, 526
29,248 33, 825 36,507
24,628
141,997
148,120 149, 671 146, 208
130, 743 124,128 120,778 126, 604 128,220

Miscellaneous Products
Brass and bronze (ingots and billets):
Deliveries
short tons,.
Orders, unfilled, end 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, and
grilles.
thous. of sq. ft. heating surf..
Sheets, brass, wholesale price, mill.dol. per lb._
Wire cloth (brass, bronze, and alloy):
Orders, new
thous. of sq. ft_.
Orders, unfilled, end of mo.
do
Shipments
do
Stocks, end of month
do

4,662
8,161

2,782
8,745
1,323

3,800
15,864

3,936
17,466

5,018
14,237

1,347

1,373

1,538

4,487
16, 267

5,159
17,019

4,759
13,740

1,446

1,359

4,926
9,240

1,218

1,391

26

18

25

26

52

46

60

65

58

110

109

418
.173

173
166

256
.165

259
. 164

309
.161

343
.156

417
.164

565
.168

495
.168

494
.173

570
.175

491
.174

410
.173

352
805
404
504

320
642
302
647

334
660
331
652

272
617
307
673

308
591
328
642

378
623
345
645

363
657
322
611

470
712
407
590

538
712
439
511

497
822

360
752
392
450

505

505

419
780
458
446

3,660
2,079
974
608

3,785
2,071
1,091
623

4,459
2,966
991
502

3,791
2,189
1,170
431

3,759
1,948
1,282
529

3,237
1.484
1,276
477

3,221
1,293
1,285
642

3,055
1,270
977
808

3,436
1,228
984
1,225

2,958
819
911
1,228

3,304
1,112
963
1,228

321
2,429
916

175
1,739
834

611
2,035
316

150
1,929
256

289
1,588
630

156
1,246

144
1,147
243

113
1,017
243

171
1,080
108

179
1,052
207

377
1,171
257

168
1,173
166

90.8
157.1
80.9

114.7
172.3
99.4

79.3
158.2
93.4

90.6
157. 5
91.3

62.2
140.2
78.5

75.3
108 6
105.8

83.4
102.8
89.1

78.7
97.3
84.2

87.9
91.8
93.4

89.7
87.0
94.5

141.9
126.0
102.8

122.5
151. 4
96.3

5,413
1,965
5, 538
23, 770
13

8, 519
2,617
7,867
24, 624
8

7,387
2,686
7,318
25,100
7

9,025
2,979
8,732
26, 866

9,278
2,707
9,550
27, 366
13

11,121
3,139
10, 689
27, 096
18

15, 622
3,388
15,373
26,638
18

26, 403
3,386
26, 405
23, 705

20,346
2,673
21,059
22, 556

11,409
2,564
11,518
21, 421
12

8,435
2,155
8,824
21,326
19

9, 616
3,033
8,738
21,885
16

2,390

3,776

3,522

4,831

5,894

8,825

12, 555

20,126

17,339

7,689

4, 752

3,398

112
24, 666

106
28,254

106
23, 756

138
26, 172

194
30, 662

236
42, 265

304
44,190

326
45,030

342
59,920

228
34, 533

219
40,117

189
34, 909

75.7

107.0

90.3

66.7

702

89.6

120.9

26, 870
827
10, 780

34, 711
1,144
14,641

32, 533
1,064
15,460

31, 832
989
18,099

34, 709
1,057
16,228

32, 426
931
15, 240

43,533
908
17,196

35, 803
928
17, 205

25, 556
997
13, 934

26, 572
893
12,803

24,889
865
10, 402

41,191
464
14, 738

657
5, 657

1,507
9,197

908
10, 156

852
11,771

484
9,077

663
9,198

690
8,702

632
7,752

8,412

649
7,652

740
5,858

11,508
2,008

14. 564
3,443

13,175
3,279

11, 834
3,298

632
11, 822
12,982
3,314

10, 257
2,333

10, 420
2,934

9,632
2,075

12,246
1,729

14, 653
2,367

10,708
1,480

10,297
2,071

1,110

1,302

927

952

1,034

2,006

1,462

1,449

970

1,155

1,204

881

1,064

871

922

1,090

822

1,244

1,078

1,191

1,038

1,077

1,108

3
315
807

C)
283
672

4
283
593

3
327
580

17
271
581

18
365
640

14
337
665

4
340
656

13
363
863

158
359

169
336

144
253

150
289

3
456
720
172
388

4
612
910

193
418

1
381
714
205
332

236
418

190
397

388
478

MACHINERY AND APPARATUS
Air-conditioning systems and equipment:
Orders, new:
Totalf
thous. of dol.Air-conditioning group
do
Fan-groupf
do
Unit-heater group
___
do
Electric overhead cranes:
Orders:
201
New
do
1,131
Unfilled, end of month
do
244
Shipments
do
Electrical equipment.
Exports, machinery. (See Foreign trade.)
Foundry equipment:
Orders:
New
1922-24=» 100...
Unfilled, end of month..
do
Shipments
do
Fuel equipment:
Oil burners:
Orders:
7,981
New
..number..
3,310
Unfilled, end of month.
do
7, 674
Shipments
do
Stocks, end of month
do . . . 22, 850
10
Pulverizers, orders, new...
do
Mechanical stokers, sales:
Classes 1, 2, and 3
do
Classes 4 and 5:
Number
Horsepower
Machine tools, orders, new
167.1
av. mo. shipments 1926=100..
Pumps and water systems, domestic, shipments:
Pitcher, other hand, and windmill pumps
units.. 31, 485
740
Power pumps, horizontal type
do
14, 259
Water systems, incl. pumps
do
Pumps, measuring and dispensing, shipments:
Gasoline:
Hand-operated
units..
Power
do
Oil, grease, and other:
Hand-operated
.do
Power
do
Pumps, steam, power, centrifugal, and rotary:
Orders, new
thous. of dol_. 1,282
Water-softening apparatus, domestic, ship1,082
ments
units. _
Woodworking machinery:
Orders:
Canceled.
.-.thous. of doL.
New
•
do...
Unfilled, end of month
do...
Shipments:
Quantity.
Value.._

number of machines
___thous. of dol—

146
404

118.1

165
394

146.5

• Less than $500.
tRevised series. Data for "driving mechanisms for general fan use" have been removed from the fan group beginning January 1936. Revisions not shown here will appear
in a subsequent issue. Beginning January 1939, data on air conditioning systems and equipment are available for 230 manufacturers; figures shown here are for 125 of these
whose orders in January amounted to 87.1 percent of the total for 230 manufacturers.
^ D t f April, July. October, and December 1938 are for 5 weeks; other months, 4 weeks.




51

SURVEY OF CURRENT BUSINESS

April 1939

Monthly statistics through December 1937, to- 1939
gether with explanatory notes and references
to the sources of the data may be found in the Febru1938 Supplement to the Survey
ary

1938
February

March

April

May

June

July

1939
August September

October

Novem- December
ber

January

METALS AND MANUFACTURES—Continued
ELECTRICAL EQUIPMENT
Furnaces, electric, industrial, sales:
Unit
kilowatts
Value
thous. of dol._
Electrical goods, new orders (quarterly)
thous of dol
Laminated products, shipments
do
Motors (1-200 hp.):
Billings (shipments):
A. C
do
D. C__
do
Orders, new:
A. C
_
do
D. C
do
Power cable, paper insulated, shipments:
Unit
_._
thous. of ft

812

353
Value
thous. of d o L .
312
Power switching equipment, new orders:
Indoor
dollars
Outdoor
_
do
Ranges, billed sales .
_ thous. of dol
2,103
Refrigerators, household, sales
n u m b e r . . «197, 648
Vacuum cleaners, shipments:
Floor
do
87,140
Hand-type.
.
do
25,182
Vulcanized fiber:
Consumption of fiber paper
thous. of l b _ .
1, 561
Shipmentsf
_
thous. of dol__
470

1,118
85

2,320
144

1,507
127

612
30

988
74

488
35

1,914
144

829
58

1,324
78

1,176
67

2,356
110

3,147
195

594

154 154
626

579

682

157, 315
587

521

635

158, 959
800

838

851

160,374
876

838

1,722
474

2,041
483

1,864
458

1,704
438

1,778
476

1, 750
296

1,738
458

1,742
325

1,538
300

1,506
305

1,713
446

1,436
330

1,755
344

2,011
478

1,811
372

1,710
368

1,927
549

1,539
453

1,695
358

1,733
472

1,641
347

1,605
651

1,733
659

1,574
540

501
515

781
756

560
629

497
630

528
765

515
565

660
657

763
764

587
555

603
588

476
502

271
273

139, 523
158, 552
1,692
145. 094

81,964
141, 620
» 5, 420
174. 332

77,493
274,115
1,999
212. 884

93,838
261,799
1,825
179,189

68, 418
213,144
1,610
104, 796

195, 487
221, 862
1,476
88,772

118,938
190, 306
1,367
92, 956

121, 481
120, 784
1,272
62,148

55,331
128, 450
1,257
34,345

55, 627
124,927
1,047
32,103

77,867
22,545

102, 954
32, 589

84,926
27,174

74,238
20,428

68. 975
16,943

55,022
13,633

73,309
17, 248

79,180
22,834

95, 684
24,121

89, 772
29, 734

95, 521
30, 632

78,753
23, 846

1,282
277

1,486
304

1,470
299

1,328
287

1,152
286

1,073
306

1,450
350

1,189
380

1,495
372

1,565
422

1,385
383

1,410
458

428, 283 450, 541 503,181

495,097

525,085

51,124
91, 720
138,840 109, 799
1,006
2,230
47, 599 ' 150,108

PAPER AND PRINTING
WOOD PULP
Consumption and shipments:^
Total, all grades
short tons.
Chemical:
8ulphate
do
Sulphite, total
do....
Bleached
do
Unbleached
do
Soda
__
do
Groundwood
do
Imports:
Chemicai§
d o . . . 103,504
7,312
Ground wood §
do
Production:
Total, all grades
do....
Chemical:
Sulphate
do
Sulphite, total
do....
Bleached
do
Unbleached
.do
Soda
do
Ground wood _._
do
Stocks, end of month:
Total, all grades
do
Chemical:
Sulphate
do
Sulphite, total.
do....
Bleached
do
Unbleached
do
Soda
do...
Groundwood
do
Price, sulphite unbleached
dol. per 100 lb_
2.00

522, 863 539, 061

416, 683

464,306

154,086
133, 299
86, 301
46,998
28,388
100,910

177, 707 169, 264 173,986 175, 258 200, 282 216, 739 211, 591 227, 063 214, 796 211,884
140, 243 129,487 126,089 125,313 125, 749 144, 320 146,614 151,056 151, 635 174,546
81,148
75, 252 75, 240 73,113
86. 403 88,885 91, 575 90,486 115,442
88,074
52,636
59,104
50,073
61,149
48, 339 50.837
57, 917 57, 729 59,481
52,169
30, 370 27 425 26, 630 25, 546 30, 617 31,118 31, 505 32, 575 31, 996
33,985
112, 371 99,147 103 961 101,082 98,964 111,505 105, 774 115,461 123, 857 120,635

118, 641
12, 598
428,893

428, 268 431,461

114,881

130,181
14,377

121,919
12,544

478, 380 437, 603 438,157

422,193

429, 651 485, 830 475,356

83,834
10,614

65,992
12,656

159,990 142, 407 142,188
14, 957 20, 576 15,175

166, 091
17,491

171, 520 150,510
17, 366 20,076

522, 825 533, 423 522, 220

157, 765 175, 908 167,113 177,140 176, 254 200,930 217,004 212, 664 231, 804 217,896 212, 884
135,475 148, 596 128, 622 123,874 123, 389 115,733 138, 457 139, 022 154,210 157,724 152, 498
78, 826 82,373 94, 729 93, 783 95, 845
85,253
93, 352 80, 283 78, 677 74,350 69,146
50,222
55, 244 48, 339 45,197 49, 039 46, 587 59, 631 56, 649 59, 481 63, 942 56, 653
28, 290 34,166
31,136
26, 965 26, 695 24, 701 30, 718 30, 995 31, 625 32, 632 31, 917
99, 651 92, 675 105,186 125,171 124,921
107, 363 119,710 110, 732 110,178 95, 855 88.187

25, 701
125,132
81,207
43,925
5,041
69,893
2.88

255. 874 249, 784 228, 794 211,443

191,702

200,002

183,161

26,549
23,902
26, 814 27, 887 32, 628 35, 728
21, 751 24,905 25,901
133, 485 132, 620 130,405 128, 481 118,465 112, 602 105,010 108,164 114, 253
76, 611 70,099 73, 253 76, 549
86, 485 85, 620 89,045 88,155 84.188
41, 360 40, 326 34, 277 35, 991 34, 911 34, 911 37, 704
47.000
47,000
4,750
4, 905
5,530
5,595
4.851
4.728
5,223
5,989
4,848
67,176
54, 077 43,802 45,116
95,034 89, 807 79,030
77, 232 88,817
2.29
2.07
2.53
2.38
2.20
2.00
2.60
2.02
2.79

36, 728
92, 205
56, 952
35, 253
4, 826
49, 402
2. 00

2.00

225, 767 239, 842 249,177

189,442

PAPER

Total paper:
Paper, incl. newsprint and paperboard:
Production
short tons..
728, 269 853,128 769, 308 743, 921 806, 949 790, 379 954,659
Paper, exc!. newsprint and paperboard:
383, 488 461,497 399,846 388, 466 441,468 443, 677 521,567
Orders, new
short tons..
384, 664 466, 712 407, 399 389, 346 444, 607 420, 758 528,246
Production
do
386, 775 462, 874 402. 568 378. 438 443. 796 428,130 529,198
Shipments
do
Book paper:
Coatftd paper:
15, 430 1 16, 295 14, 227 ; 13, 355 ' 13,013 ' 14, 467 ' 16,608
17,911
Orders, new
do
' 2, 899 ' 2,921
2,493
2,194 ' 2. 559 ' 2, 571 ' 3, 076
Orders, unfilled, end of month
do
3,552
14, 544 16,
774 15,031 r 13, 766 r 13,718 ' 14, 730 ' 16, 836
Production
do
17,796
1
' 55. 1 ' 58. 5
57.4 ' 52. 1 '48.9
Percent of potential capacity
71.6
' 61.2
'47.6
15, 497 16, 656 15, 629 ' 14, 264 ' 12, 751 ' 14, 526 ' 16,138
Shipments
short tons.. 17, 642
13, 498 12, 708 12,186 r 11, 688 ' 12, 655 ' 12, 830 ' 13, 528
Stocks, end of month
___do___. 12, 472
Uncoated paper:
81, 407 94. 300 ' 78, 577 ' 75, 323 ' 72, 837 ' 80,101 ' 88, 265
88, 218
Orders, new
do
32, 771 35, 156 ' 31, 440 ' 30, 976 ' 30, 888 ' 34, 573 ' 34, 542
36, 931
Orders, unfilled, end of month
do
Price, wholesale, " B " grade, English fin6.00
5.45
5.45
6.00
6.00
6.00
6.00
5.45
ish, white, f. o. b. mills..dol. per 100 lb._
78, 869 94, 356 ' 87, 997 ' 79,152 ' 75, 038 ' 74, 919 '91,791
90,589
Production^
short tons,
' 68. 1
'71.3
'66.7
Percent of potential capacity
' 73. 4 ' 63. 6 ' 60. 9 '58.9
81.1
Shipments
short tons.. 89,377
79. 263 93, 624 ' 83. 908 ' 76, 574 ' 73, 939 ' 76, 558 ' 89, 862
Stocks, end of month
_
do
107, 602
99, 641 • 99, 558 103, 833 106, 345 107, 436 107, 360 110,267
Fine paper:
39,103
Orders, new
do
28, 877 36,133
29, 553 27, 532 31,983 30,904
9,927 11,717
Orders, unfilled, end of month
do
8,408
8,113
9,787
9,561
9,315
40,691
Production
do
29,913 34,102 28,069
29,341
36, 861 30,355
29,603 39, 418
Shipments
do
28,728 32,935
31,024
38, 147 29,843
72, 813
Stocks, end of month
do
73,272 71,383
71, 723 70, 480 70, 664 72,449
c
'Revised.
Estimated.
a
Cumulative for the 3 months January-March, and includes figures for 2 companies not reporting prior to March.
fRevised series. Data revised beginning 1934. Revisions not shown on p. 51 of the January 1939 Survey will appear in
• Comprises pulp used in the producing mills and shipments to the market.
§Revised series. Data revised for 1937: see table 20, p. 15 of this issue.




r

874,263

926,616

955, 326 '848,410

841,144

467,455
454,897
456,235

479,970 512, 575 435, 851
482, 812 532,491 443,374
475,850 530,549 439, 917

434,753
440. 486
356, 269

' 17, 687
' 3,160
' 17, 441
' 64. 7
' 18, 194
' 13, 691

' 15, 769
' 2, 714
' 17, 096
' 57.7
' 17, 563
' 12,776

' 16,961
3,071
16, 845
63.3
17,319
12, 076

' 91, 466 ' 89, 878 ' 87, 923 ' 86. 840
' 36,141 ' 35,123 ' 33,730 ' 34, 958

94,160
40, 314

5.45
5.45
5.45
5.45
' 88, 518 ' 92, 758 ' 92,187 ' 85, 779
'
72.0
'70.4
' 69. 6
' 76.2
' 90.435 ' 92, 345 ' 89, 321 ' 86, 076
106, 230 107, 281 109, 975 109, 604

5.45
89, 642
72.5
91, 667
107, 518

32, 522 ' 34, 268 rr 48, 225 32, 750
11,157
11, 587 16,174 ' 12, 692
32, 457 36, 551 ' 45, 149 37,813
33, 565 34, 677 rr 46, 526 ' 35,158
71, 948 ' 74, 378
71,169
73,166

34,808
11,090
36, 953
36, 201
66, 615

'r 16, 029
2, 767
' 17, 445
' 61.0
' 16, 883
' 14,144

' 16, 612
3,410
' 17,057
' 60. 8
' 16, 730
' 14,018

a subsequent issue.

52
Monthly statistics through December 1937, together with explanatory notes and references
to the sources of the data may be found in the
1938 Supplement to the Survey

SURVEY OF CURRENT BUSINESS
1938

1939

February

April 1939

February

March

April

May

June

July

1939
DecemAugust SeptemOctober November
ber
ber

January

PAPER AND PRINTING—Continued
PAPEE—Continued
Wrapping paper:
Orders, new..
short tons..
Orders, unfilled, end of mo
_
do
Production
do
Shipments..
do
Stocks, end of month
do
Newsprint:
Canada:
Exports
short tons..
Production
__
do
Shipments from mills.__
do
Stocks, at mills, end of mo
do
United States:
Consumption by publishers
do
Import?!-.-do—
Price, wholesale, rolls, contract, destination
(N. Y. basis)
dol. per short tonProduction
short tons.
Shipments from mills
.do
Stocks, end of month:
At mills
do...
At publishersf.
do...
In transit to publishers! _
do—
Paperboard:
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
Coated abrasive paper and cloth:
Shipments
—
reams.
Paperboard shipping boxes:
Shipments, total
mil. of sq. ft.
Corrugated
do...
Solid
fiber
do.._
PRINTING
Book publication, total
..no. of editions..
New books
do
New editions
do...
Continuous form stationery
thous. ofsets.
Operations (productive activity)
1923=100.
Sales books, new orders
thous. of books.

159,520
47,458
159, 596
161, 506
122, 613

129,967
47,468
131,176
132,176
122,098

131, 532
51,479
131,683
129,019
124, 856

175, 729
64,100
164,305
164,498
126,094

162,193
70, 610
154,273
157,102
125,022

191, 380
67, 336
195, 253
195,822
122,122

152,437
200, 631
178,236
190,363

139, 734
202, 601
162,906
146, 089

203, 729
224, 604
182, 687
188,006

186, 727
200, 794
214,182
174,618

209,069
207,678
193, 288
189,008

194,521
201, 694
208, 476
182,226

200, 837
202, 546
205,490
179,282

219,611
220, 303
204, 668
194,917

153,346
144, 308

15.6,475
123,289

174,971
152, 507

173,638
195, 750

176,600
210,521

159,199
172,525

151, 875 151,324 162,457
175,441 190, 344 200,144

50.00
70, 868
71, 926

50.00
61, 357
62,480

50.00
67, 864
66,138

50.00
58, 836
57, 318

50.00
68,001
66,197

50.00
65, 382
66,204

21, 822
251, 071
13, 449

24, 801
463, 302
' 38, 937

26, 527
405, 491
' 32, 238

28,015
378,217
' 29, 206

29, 819
342,015
' 34, 912

28,997
324,098
' 24, 624

247, 710
338,030
112,801
338, 803
67.8

215,047
273,651
72,832
282, 248
59.8

243, 571
317, 472
74,137
318, 552

224, 715
302,921
75, 296
303,073
58.7

210,117
281,401
76, 701
286, 574
57.4

22, 557 23,987
17.966
18, 590 20, 702
316, 635 314,586 303, 067 288,408 291,477
' 26, 262 ' 34, 696 ' 32, 653 ' 47, 570 ' 44, 628
218,652 221, 218 264, 418 254, 024 267,193 243, 924
298,845 322,948 361,323 367,200 370, 453 327,168
76, 693
93,637
96, 635 109,288 107, 235 89, 586
296,960 306, 343 358,977 351,051 370, 977 344, 445
66.3
55.0
68.5
72.4
59.7
67.3

262, 344

325,166

333,218

319, 816

318, 698

312,684

300,917

296,070

284,239

77, 477

53, 389

67, 764

68,125

62,530

58,896

61,220

71,085

82,091

79,007

72,029

1,909
1,768
141

2,272
2,117
156

2,004
1,870
134

2,041
1,891
150

2,244
2,075
169

2,193
1,982
211

2,708
2,466
243

2,589
2,372
217

2,639
2,430
209

2,547
2,385
163

895
751
144
90,496
93
13,742

960
841
119
103, 696
92
14,972

1,036
884
152
102, 684
88
14, 221

778
652
126
104, 537
87
16,220

697
583
114
102,344
81
16,285

829
686
143
78, 393
78
14,578

787
635
152
89,385
77
16,995

107, 557
"" 16," 286'

50.00
63, 278
69, 718

50.00
67, 436
66, 006

149,372 159,243
66,278 66,181
152,063 161,933
152,281 '161.271
122,107 123,360

189,530
69,322
191,105
189,695
124,683

122,169
48,614
125,371
125, 569
123, 581

195, 586
231,940
230,346
196, 511

50.00
68, 315
74,336

248,068
254.872
255,100
196,283

245,813
245, 295
264, 421
177,157

142, 220
68,956
151, 076
149, 033
126, 365

150, 618
71, 531
151, 525
148, 977
126, 726

211,452
209, 753
225, 472
161, 438

193,624
208, 382
201, 852
167, 968

r

187,450 176,322 177,134 160,916
230, 278 229, 284 209, 782 183, 050
50.00
72,827
72,203

50.00
78,390
76, 278

50.00
75, 855
77, 974

50. 00
77, 264
72, 967

18, 583 22, 880
284, 661 267, 375
30, 615 36, 872

r

221,768
334,711
94,411
329,181
60.1

233,311
342, 408
109,099
323, 394
61.2

275, 746 274, 951 290, 648 282, 095

81,867
2,222
2,075
146

2,239
2,081
158

900
659
1,118
800
1,196
790
602
961
720
1,074
110
57
157
80
122
119,903
111,211
125,811
113,132 116,140
84
89
87
81
80
15, 522 16, 280 16, 256 14, 788 15, 998

RUBBER AND RUBBER PRODUCTS
CRUDE AND SCRAP RUBBER
Crude:
Consumption, total
long tons.
For tires and tubes
..do..Imports, total, including latex§
do...
Price, smoked sheets (N. Y.)
dol. per lb_
Shipments, world
long tons.
Stocks, world, end of month
do...
Afloat, total
do...
For United States
do...
London and Liverpool
do
British Malaya
do...
United States
do...
Reclaimed rubber:
Consumption
do...
Production
do
Stocks, end of month
do...
Scrap rubber:
Consumption by reclaimers (quar.)
do
TIRES AND TUBES
Pneumatic casings:!
Production
thousandsShipments, total
do
Stocks, end of month
do
Inner tubes :f
Production
do
Shipments, total
do
Stocks, end of month
...do
Raw material consumed:
Crude rubber. (See Crude rubber.)
Fabrics (quarterly)
thous. of lb_
RUBBER AND CANVAS FOOTWEAR
Production, total
thous. of pairs.
Shipments, total
do
Stocks, total, end of month
do...

42,365
30, 826
.159
77,000
504,837
106,000
55, 814
75,096
87,968
235, 773
12, 626
13,093
21, 390

30, 487 27,984
28,947
30,629 32,209
55,614
58,993
41,064 42, 571 31,932 28,108 26, 677 22, 405
.136
.126
.154
.116
.118
.146
79,000
81,000 81,000 86,000 68,000 71,000
569, 242 591,968 593, 340 577,063 583,952 593, 481
92, 000 105,000
108,000 109,000 114,000 94,000
41,882 39,071
32,079
40,400
32,859
47,459
76,617 82, 754 87, 215 92, 312 95,252
71,516
94,028 97,617
94,250 99,287 85, 636
295,476 307,064 310,950 309, 812 305, 612 295, 612
7,238
6,012
26, 431

8,471
6,875
25, 432

7,480
6,597
23, 339

8,009
6,866
22, 275

8,274
7,584
21,040

8,273
7,109
18,832

40, 333

46,169

31, 674
.166
74, 000
580, 489
101, 000
47, 772
99,614
90,939

37. 823
79, 928
35,066
.161
70,000
568,902
96,000
48, 927
98,140
89, 213
285, 549

34,325
.169
75, 000
560.948
99,000
51,062
93, 272
89, 630
279, 046

32,924
.163
68,000
535,048
92,000
51,114
90,073
87, 531
265,444

45,315
92, 021
37,294
.163
58,000
508, 532
80, 000
45,105
86, 853
84,499
257,180

10, 732
10,472
17,892

11,281
12,016
18,127

11,803
13, 558
19, 090

12,668
13,995
19,823

12, 269
14,712
21, 769

38,170

18,923

17, 218

46, 234
36, 857
.158
86, 000
523, 345
105, 000
48, 210
80, 643
90,142
247, 560
(
13, 0C0
13, 763
21,960

36, 218

25, 044

4,344
3,739
9,573

r
2,156 ' 2. 680 ' 2, 660 ' 2, 663 ' 3, 036 ' 3, 287
' 2. 291 r 2, 795 ' 3,143 ' 3, 291 ' 3, 929 ' 3, 870
10, 559 • 10, 521 • 10,141 ' 9, 521 ' 8, 470 ' 8, 041

' 4, 038
' 3, 991
' 8, 217

'3.916
' 3, 888
' 8, 022

r
4,
r

183
4 , 126
' 8 , 237

' 4,139
r 4, 405
' 7, 924

' 4, 729
'4,154
' 8, 451

3,681
3,335
8,415

'2.216 r 2, 582 ' 2, 258 r 2, 325 ' 2, 797 ' 2, 936
r 2, 216 ' 2, 645 ' 2, 860 ' 2, 974 r 3, 730 ' 3 , 5 1 9
10, 579 • 10, 547 '9,917 ' 9, 265 ' 8, 337 ' 7, 723

' 4,026
' 3. 744
' 8, 029

' 3. 832
' 3, 980
r 7, 859

r

3 , 980
' 4 , 101
r
7, 746

' 4, 029
'4,138
7, 665

'4,351
'3,859
'8,166

4,098
' 3. 936

5,067
4,991
16,321

5,513
6,139
15, 695

5, 523
5,035
16,183

4,807
4,778
16,157

37,064

35,132

4,953
4,629
16,582

3,639
3,212
20, 296

4,453
4,197
20,558

3,566
3,837
20,400

3,811
3,648
20, 563

3,970
3,742
20,791

r

4. 581
4,163
8, 932

8,069

9, 441

2,719
4,041
19,469

4,254
5,803
17,897

4, 709
6,360
16, 246

'"Revised.
§ Revised series. Data revised for 1937; see table 20, p. 15 of this issue.
fRevised series. Data for pneumatic casings and inner tubes revised for years 1936,1937, and 1938. Revisions not shown above will appear in a subsequent issue. Stocks
of newsprint, at publishers and in transit to publishers, revised for 1937 and 1938. Revisions not shown above will appear in a subsequent issue.



April 1939

53

SURVEY OF CURRENT BUSINESS

Monthly statistics through December 1937, to- 1939
gether with explanatory notes and references
to the sources of the data may be found in the Febru1938 Supplement to the Survey
ary

1939

1938
February

March

April

May

June

July

DeemOctober NovemAugust September
ber
ber

January

STONE, CLAY, AND GLASS PRODUCTS
PORTLAND CEMENT
Price, wholesale, composite
dol. per bbl_.
Production
thous. of bbL.
Percent of capacity
.--thous. of bblShipments -_
_
do
Stocks, finished, end of month
Stocks, clinker, end of month
do—

1.667
5,506
27.9
5,043
24,080
5,989

1.667
3,916
19.8
4,575
24,361
6,732

1.667
5,879
26.9
7,259
22,979
6,623

1.667
7,983
37.7
8,691
22,262
6,497

1.667
10,361
47.4
9,752
22,875
6,326

1.667
10, 535
49.8
10,943
22,467
6,218

1.667
10,968
50.2
10,164
23, 286
6,089

1.667
11,007
50.4
11,823
22, 534
5,902

1.667
10, 559
49.9
11,716
21, 374
5,506

1.667
11, 556
52.9
12, 357
20, 569
4,927

1.667
10,184
48.2
8,573
22,179
4,963

1.667
8,066
36.9
6,281
23, 954
5,282

1.667
5, 301
24.3
5,640
r
23,618
' 5, 559

728
673
321

651
607
290

802
787
268

577
709
252

710
668
250

788
784
240

778
751
243

1,063
1,015
200

862
841
215

1,119
1,130
193

1,189
1,070
195

953
891
219

831
795
255

12.341

12. 074
74,978
486, 950

12. 047
114,909
445, 379

12. 050
129,509
419, 200

12. 007
130,728
428,843

11. 927
145,476
431,900

11. 972
129, 338
430,168

11. 902
148,809
428, 780

11.895
142,900
454, 393

11. 925
166,471
482,830

12. 039
12. 046
151,568 ' 133,184
482,032 ' 478, 260

12. 360
103, 933
473, 658

23, 327
298,041

38,801
288, 644

45,902
281, 651

49,155
277,009

50,069
271,477

46,512
271, 488

51,915
267,844

47,828
268, 583

52, 402
267,016

45, 701 r 37, 307
272,200 r 283,017

34, 240
290,440

2,087
56,433

3,811
55,484

5,243
55,170

7,900
54,274

9,079
56,849

11,418
55,689

10, 778
55,423

8,046
54, 396

9,591
52,999

7,191
48,127

4,254
48, 552

35, 631
355, 270

59,035
345, 214

61, 312
332,721

62,296
333,979

64, 631
344, 368

55,489
350, 782

62,186
349,271

58,998
345,089

62,410
333,782

54,762 r 46, 815
335, 707 r 347,147

50,044
342, 365

3,389
55.7
3,323
8,192

2,995
54.3
2,893
9,318

3,637
58.6
3,616
9,265

3,647
61.0
3,645
9,215

3,837
66.8
3,902
9,088

3,583
60.0
3,858
8,750

3,506
61.0
3,847
8,354

4,031
65.0
4,178
8,149

3,653
63.6
3,971
7,641

3,866
64.7
3,954
7,493

3 709
64.6
3 491
7, 643

3,515
58.8
3,042
8,029

3,589
55.8
3,473
8,179

357
185
107
65
10,165

372
151
133
88
2,664

437
185
147
105
3,802

421
165
142
113
3,820

391
160
129
103
3,866

383
167
115
102
5,956

357
154
130
72
5,506

421
200
141
80
7,676

507
266
148
93
8,873

551
285
153
113
12,869

532
288
133
111
12,883

443
227
125
91
12, 691

443
217
130
97
12, 209

809
49.8

537
'39.5

528
32.5

341
21.0

360
22.2

344
21.3

330
20.3

434
26.7

522
32.1

641
39.5

883
54.4

1,003
61.7

943
58.1

CLAY PRODUCTS
Bathroom accessories:
Production
thons. of nieces..
do
Shipments
Stocks, end of month
..do-.
Common brick:
Price, wholesale, composite, f. o. b. plant
dol. per thous-thous. of brick.
Shipments
Stocks end of month
do
Face brick:
do
Shipments
Stocks, end" of month
Vitrified paving brick:
do
Shipments
do
Stocks, end of month
Hollow building tile:
short tons.Shipments.
Stocks, end of month

7.206
51, 323

GLASS PRODUCTS
Glass containers:
Production
thons. of erross
Percent of capacity .
thous. of gross
Shipments
do
Stocks, end of month
Illuminating glassware:
Shipments, total
thous. of dol..
Residential
do
do
Commercial
do
Miscellaneous
Plate glass, polished, production.thous. of sq. ft..
Window glass:
Production
- thons. of boxes
Percent of capacity
GYPSUM AND PRODUCTS
Crude:
Imports
-short tons
do
Production
Calcined production
do
Gypsum products sold or used •
Uncalcined
_
_ __1
doCalcined:
Lath
_thous. of sq. ft
Wallboard
do
short tons..
Keene's cement
All building plasters
do
..do .
For manufacturing uses..
-thous. of sq. ft..
Tile

6,348
453,420
447,049

222, 282
727, 777
588,788

313, 120
806 957
650,804

108,304

212,716

228,375 :

137,812
94,261
6,921
294,175
31,510
4,434

200,444
100 704
5,126
390,059
25,246
5,704

251,764
89 994
6,591
432,779
34, 523
4,991

247 673
683 127
534, 415
:

:

192, 931
214 151
89 678
4,884
333, 730
36 517
4 885

TEXTILE PRODUCTS
CLOTHING
Hosiery:
Production
thous. of dozen pairs.
Shipments
do
Stocks, end of month
do...

9,481
10,109
21,499

10,995
12,077
20,574

9,840
10, 593
19,919

10,038
10,096
19,995

10, 368
9,660
20, 827

8,848
8,538
21,289

11,304
11,712
21,033

11,146
12,440
19,891

11,848
11,957
19, 933

COTTON
Consumption
bales. - 562, 293 426, ?66 512, 626 413.169 426,149 443,043 448,453 561, 406 534, 037 542,778
Exports (excluding linters)§
thous. of bales..
264
426
176
399
193
377
196
201
465
389
Imports (excluding linters)§
do
14
20
15
19
19
25
18
11
11
Prices:
.082
Received by farmers
dol. per lb..
.084
.084
.084
.081
.084
.081
.082
.085
Wholesale, middling (New York)
do.-_
.090
.084
.089
.084
.084
.089
.081
Production:
Ginnings, (running bales)* thous. of bales._ 11,621
18, 252
158
1,332
10,125
6,578
Crop estimate, equivalent 5uO-lb. bales..do
Receipts into sight
do
670
255
726
497
213
211
674
2,953
2,500
Stocks, end of month:
15, 628
Domestic total.
_
.do
12, 710
13, 283
11,633
12,187
11,138
10. 908
10,878
14,121
16,820
Mills
-do—
1,559
1,768
1,808
1,581
1,412
1,700
1,263
1,053
1,107
1,507
Warehouses
—
do
14,069
10,942
9,726
11,475
10,052
10,487
9,646
9,826
13,013
15,313
World visible supply, total
do
9,247
8,142
9,025
9,183
8,490
8,796
7,893
7,643
8,726
9,802
American cotton
do
6,945
5,772
6,881
7,271
6,071
6,509
5,491
5,479
7,750
' Revised.
° Total crop.
'Total ginnings to end of month indicated; February 1939 figure is the total crop for 1938.
§Revised series. Data revised for 1937, see tables 19 and 20, pp. 14 and 15 of this issue.




11,731
11,973
19,843

10,863
10, 641
20,217

11,235
10,211
21, 242

596,289
4S1
14

565, 307
361
11

591,991
290
12

085
.091

.083
11,414
> 11,942
864

11, 558

1,712
17, 292
1,714
15, 578
9, 757
7, 790

17,028
1,697
15, 331
9,652
7, 478

16,409
1,627
14,782
9,361
7,050

417

54

SURVEY OF CUREEN TBUSINESS

Monthly statistics through December 1937, to- 1939
gether with explanatory notes and references
to the sources of the data may be found in the Febru1938 Supplement to the Survey
ary

April 1939
1939

1938
February

March

April

May

June

July

DecemAugust SeptemOctober November
ber
ber

January

TEXTILE PRODUCTS—Continued
COTTON MANUFACTURES
Cotton cloth:
Exports§.
thous. of sq. yd..
Imports§
do—
Prices, wholesale:
Print cloth, 64 x 60
dol. per yd..
Sheeting, brown, 4 x 4
do—
Finished cotton cloth: J
Production:
Bleached, plain
thous. of yd-.
Dyed, colors
do—
Dyed, black
do—
Printed
...do....
Spindle activity:
Active spindles
thousands..
Active spindle hrs., total
mil. of hrs.
Average per spindle in place
hours.
Operations!
pet. of capacity..
Cotton yarn:
Prices, wholesale:
22/1, cones (Boston)
dol. per lb..
40/s, southern, spinning
do..-.
RAYON AND SILK
Rayon:
Deliveries, unadjusted!—
1923-25=100-.
Imports!
--__.thous. of lb,.
Price, wholesale, 150 denier, first quality
(N. Y.)
dol. per lb_.
Stocks, end of m o . ' . . .
mil. of lb_.
Silk:
Deliveries (consumption)
bales..
Imports, raw
-thous. of lb..
Price, wholesale, raw, Japanese, 13-15 (N. Y.)
dol. perlb..
Stocks, end of month:
Total visible supply
bales,.
United States (warehouses)
..do—

27,394
9,210

23,882
4,667

33,613
4,700

27,793
3,923

24,713
4,092

20,444
4,503

20,097
4,301

21,154
5,089

24, 493
4,981

26, 781
5,818

25, 978
4,912

28, 271

20,468
8,534

.042
.050

.048
.055

.047
.055

.046
.054

.045
.053

.051

.047
.055

.044
.054

.043
.053

.045
.054

.045
.054

.043
.051

.043
.050

116,995
75, 223
3,895
91,892

127,643
89,182
4,183
104,594

113, 340
86,273
4,047
92,795

109,748
79,044
3,833
82,876

102,327
68,513
3,434
78,538

110, 568
74, 656
5,022
80,588

130, 498
88,362
6,741
96, 417

128, 642
88, 619
5,877
89, 396

134, 929
95, 372
6,379
102,278

134, 661
100, 200
6,617
109,136

141, 266
102, 504
6,369
118,926

127,165
91,115
4,909
107,960

22, 525
7,171
277
87.8

22, 347
5,587
210

22, 291
6,508
245
66.6

21, 773
5,264
198
59.5

21, 342
5,459
206
59.4

21,142
5,668
214
60.8

21,915
5,925
225
70.2

22,153
7,375
280
76.2

22,189
6,613
252
76.1

22,114
7,118
273
81.9

22,449
7,575
291
83.6

22,445
7,187
211
82.3

22, 440
7,641
295
85.7

.224
.335

.235
.369

.234

.230
.369

.225
.369

.219
.348

.230

.223
.335

.223
.335

.230
.337

.240
.341

.225
.338

.220
.335

739
3,395

483

462
1,088

448
1,825

445
1,435

477
1,633

877
2,074

929
4,409

910
3,145

704
3,147

595
2,031

691
1,781

'745
2,877

.51
39.5

.54
61.1

.54
64.4

.54
65.9

.52
67.8

.49
67.0

.49
53.6

.51
41.1

.51
34.6

.51
36.1

.51
40.0

.51
39.5

.51
'39.4

33, 219
3,040

30,260
3,359

34,884
4,182

33,381
4,833

28,687
3,433

31,492
5,271

32, 593
4,073

38,504
4,975

38,844
5,524

35, 631
5,417

41, 599
6,437

35, 204
5,542

40,816
5,039

1.634

1.619

L600

1.609

'L834

r

134,426
36,326

130,955
41,455

135,616
37,016

133,157
44,457

138,105
42,305

149, 77!
53, 27!

124,354
48, 554

98,078
38,178

136,934
43,834

1.729

«• 1.759

1.854

1.801

135,847
39, 747

142,511
40, 711

151, 311
43,811

150, 718
46,218

1.900

WOOL
Imports (unmanufactured)§
thous. of lb_- 17, 274
Consumption (scoured basis): 1
Apparel class
d o — 22,449
Carpet class
--do—
8,776
Operations, machinery activity (weekly average): 1
Looms:
Woolen and worsted:
1,942
Broad
thous. of active hours..
78
Narrow
do—
209
Carpet and rug
do—
Spinning spindles:
Woolen...
do_— 73.130
Worsted
do.... 82. 226
137
Worsted combs
do—
Prices, wholesale:
.73
Raw, territory, fine, scoured.
dol. per lb..
.32
Raw, Ohio and Penn.
fleeces
do—
Suiting, unfinished worsted, 13 oz. (at factory)
dol. per yd-.
1.646
Women's dress goods, French serge, 54" (at
1.015
mill)
dol. per yd-.
Worsted yarn, 32's, crossbred stock (Boston)
1.13
dol. per lb_.
11, 820
Receipts at Boston, total
thous. of lb_
6,660
Domestic
do—
5,160
Foreign
--do—
Stocks, scoured basis, end of quarter, total
thous. of lb.
Woolen wools, total
do—
Domestic
do—
Foreign..
do—
Worsted wools, total
do—
Domestic
...do...
Foreign..
do—

3,675

3,621

3,660

4,029

5,847

7,104

9,727

12,281

15, 373

16, 302

18,162

21, 938

12,090
3,982

10,412
4,328

12,623
3,329

12,944
3,036

15,467
3,313

22,746
4,996

23,136
6,025

19,619

24, 619

23, 512
7,716

29, 688
9,501

25, 941
9,784

1,224
80
122

945
79
128

693
52
123

876
64
94

1,099
54
95

1,174
68
106

1.499
80
143

1,339
77
164

1,335
86
167

1,529
89
171

1,759
81
177

1,924
79
186

56, 245
40,012
67

41,824
29,763
56

33,211
33,505
64

39,901
45, 718
84

48,020
55,134
101

67,438
55, 663
119

74,710
69, 644
145

66,022
62,851
117

66,840
70, 205
120

71,110
85, 954
146

73,277
97,019
149

73, 480
87. 770
129

.26

.26

.65
.26

.29

.71
.80

.70
.29

.71
.31

.74
.32

.73
.31

.73
.31

.70
.27
1.832

1.772

1.535

1.535

1.535

L535

1.535

1.535

1.535

1.624

1.634

1.634

1.139

1.139

1.114

1.040

1.040

1.040

1.040

1.040

1.040

1.040

1.015

1.015

1.08
6,529
5,504
1,025

1.05
6,798
6,159
639

1.05
14,821
14,090
730

1.05
40,900
40,198
702

1.01
44,989
44,181

1.03
65,322
64, 582
740

1.05
44,506
42,069
2,437

1.05
16,047
10,021
6,026

1.06
22, 222
18,487
3,735

1.12
24, 341
21, 239
3,103

1.11
13, 678
9,009
4,670

1.10
15, 539
5,374
10,164

109,487
48,064
38, 823
9,241
61, 423
46,825
14, 598

139, 260
46, 509
37,830
8,679
92, 751
79,520
13,231

147, 597
48, 276
40, 224
8,052
99, 321
84, 383
14,938

115,389
46, 494
36,888
9,606
68, 895
52, 604
16, 291

MISCELLANEOUS PRODUCTS
Buttons, fresh-water pearl:
Production
pet. of capacityStocks, end of month
thous. of gross.
Fur, sales by d e a l e r s . . .
thous. of dol.
Pyroxylin-coated textiles (artificial leather) :f
Orders, unfilled, end of mo.-thous. linear y d .
Pyroxylin spread
thous. of lb...
Shipments, billed
thous. linear yd_.
p

Revised.

39.2
6,507
1, 613

27.2
7,287
2,822

27.3
7,226
2,674

28.4
7,216
2,089

24.7
7,123
2,316

27.0
7,073
3,314

22.4
6,853
4,839

' 1, 981
' 4,118
r 4,026

' 1,878
' 4,831
r 4,688

r 1, 593
r
4, 318
' 4, 256

r 1,564
T
4,129
r 4,087

'1,711
r
3,341
r
3, 464

r 1,835
r
3,882
' 3, 785

32.2
6,910
4,631
' 1,890
4, 849
' 4, 429
T

41.3
7,037
1,465

37.8
7,155
1,515

2.196
' 4. 998
r
4, 389

r 1, 908
«• 4,922
' 4, 516

r

36.3
7,229
1,242
r
r
r

1,917
4, 289
4,168

30.4
7,188
' 1, 230

23.0
6,480
' 1, 676

' 2,145
4, 692
r
4, 551

2,451
5,270
4,785

r

• N e w series; d a t a on r a y o n y a r n stocks, p o u n d a g e basis, have been s u b s t i t u t e d for t h e series formerly shown, which was on basis of n u m b e r of m o n t h s ' s u p p l y . Figures
beginning January 1930 not shown on p. 94 of the February 1939 issue will appear in a subsequent issue of the Survey.
f Revised data. Cotton spindle activity revised beginning August 1933; see table 18, p. 18, of the March 1939 issue. Data on rayon deliveries revised beginning January
1936; revisions not given on p. 94 of the February 1939 Survey will appear in a subsequent issue. Data on pyroxylin-coated textiles revised beginning January 1938 to include
figures for 2 small establishments not previously reporting and to exclude those of one establishment not currently reporting; data for January 1938 not shown above are: Unfilled orders, 1,931,000 linear yards; pyroxylin spread, 3,542,000 pounds; shipments, 3,266,000 linear yards.
t As explained in the 1938 supplement, these data have been raised to industry totals. In January 1939 the compilers of the underlying data made available revised annual
estimates of total yardage finished, 1934-38, but as the revisions in most instances were small, the adjustments have not been carried through to the monthly figures shown
here.
\ Revised series. Data revised for 1937; see tables, 19 and 20, pp. 14 and 15 of this issue.
[ Data for April, July, and October, 1938, and January 1939 are for 5 weeks; other months, 4 weeks.




55

SURVEY OF CURRENT BUSINESS

April 1939

Monthly statistics through December 1937, to- 1939
gether with explanatory notes and references
to the sources of the data may be found in the Febru1938 Supplement to the Survey
ary

February

March

April

May

June

1938

1939

July

Decem- JanuOctober NovemAugust Septemary
ber
ber
ber

TRANSPORTATION EQUIPMENT
AIRPLANES
Production, total.
number.
Commercial (licensed)
do
Military (deliveries).
do._.
For export
do...
AUTOMOBILES
Exports:
Canada:
Assembled, total
number.
Passenger cars
do
United States:
Assembled, total§_
do
Passenger cars§
do
Tmcks§.
ao...
Financing:
Retail purchasers, total
thous. of dol.
New cars
do
Used cars__
.do
Unclassified
do
Wholesale (mfrs. to dealers)
.do
Fire-extinguishing equipment, shipments:
Motor-vehicle apparatus
number.
Hand-type
do
Production:
Automobiles:
Canada, total..
do
Passenger cars
do
United States factory sales), totaL_.do_...
Passenger cars
do
Trucks..
do
Automobile rims
thous. of rims..
Registrations:
New passenger cars
number..
New commercial cars
do
Sales (General Motors Corporation):
To consumers in U. 8__,
do
To dealers, total. _
„
do
To U. S. dealers.do
Accessories and parts, shipments:
Combined index.
Jan. 1925«=100..
Original equipment to vehicle manufacturers__
Jan. 1925=100..
Accessories to wholesalers
do
Service parts to wholesalers
do
Service equipment to wholesalers
do

68

309
120
128
61

411
190
149
72

6,043
4,222

7,282
4,875

7,609
5,416

4,095
3,014

27, 351
16,193
11,158

29,586
17,305
12,281

30,492
16,809
13,683

65,214
32,913
31,895
405
70.384
51
30,208

234
67

29,878
14, 300
10, 914
297,841
239, 983
57,858
1,443

325
133
99

306
149
85
72

310
176
81
53

291
143
84
64

5,253

6,795
4,433

4,760
3,376

3,460
2,399

2,946
1,753

2,747
2,406

5, 024
3,835

8,499
5,806

25,680
15,757
9,923

19,579
12,127
7,452

16,605
9,564
7,041

16,443
9,222
7,221

3,912
2,558
11,142
5,347
5,795

10,888
2,808

17,024
10,930
6,094

29,043
20,172
8,871

34, 978
21, 322
13, 656

23,958
15,126
8.832

90,673
45,251
44,874
548
87,726

88,177
47, 520
40,060
597
92,661

88,906
46,617
41,699
590
82,781

86,930
44,388
42,014
528
71, 323

77,039
39,160
37,386
493
58,951

80, 847
40, 347
39,927
572
40,037

62,561
29,174
32,948
439
26,769

62,385
30, 344
31,613
428
61,359

86,047
51, 266
34, 260
521
126,650

93, 452
54, 933
37,955
564
158,289

76, 390
40, 694
35, 281
415
134,150

67
33,259

76
29,532

73
30,077

70
30,991

77
29,122

64
32,321

57
32,124

62
30,816

44
28,509

73
27, 479

44
30, 649

16,066
16,802 18,819
11, 753 12,276
14,033
186,531 221,795 219,310
139,380 174,065 176,078
47, 730 43,232
47,151
854
478
971

18,115
13,641
192,059
154,958
37,101
706

14,732
9,007
11,014
6,273
174,670 141,443
136, 531 106,841
38,139 34,602
527
410

6,452
3,063
90,494
68,624
31,870
468

6,089
4,290
83,534
65,159
18, 375
819

6,774
5,412
209,512
187,494
22,018
1,312

17,992
15, 423
372,413
320,344
52,069
1,723

18, 670
15, 518
388,346
326,006
62, 340
1,818

14, 794
11,404
339,152
280,040
59,112
1,714

120,359 181,222
27, 551 37,264
83, 251
153,886
115,890

62,831
94,449
63,771

182
103
103

192, 241 178,052
35,682 32,937

156, 384
30,649

33,476

127,954
34,231

26,570

119,053
19,589

200,853
23,943

226,973
31,474

203, 212
37,715

100, 022 103, 534 92, 593 76,071
109,555 109,659 104,115 101,908
76,142 78,525 71,676 72,596

78,758
90,030
61,826

64,925
55, 431
34,752

40,796
36,335
16,469

68,896
123, 835
92,890

131,387
200,256
159,573

118,888
187,909
150, 005

88,865
152, 746
116,964

136

138

148

150
126
142

157
129
121
83

160
131
129
91

88

103

101

99
107
92

87
118
117
108

94
116
119
112

170,010
1,720

169,780
1,717

200
11.9
5,558
1,632
3,926

202
11.9
5,825
2,052
3,773

3,121

0)
(0

2,155
43,228

2,156
43, 210

2,153
43,185

8

6,911
16.0
101
83
18

7,162
16.6
84

7,443
17.2
61
48
13

159
156
56
100
16
5
11

119
109
35
74
48
22
26

100
92
84
8
21
18
3

67
62

102
101

84

75

79

104

74
99
119
90

60
100
125

58
104
143
98

91
136
161
91

169,538
1,714

169,002
1,708

1,705

<)
1,701

1,691

0)

0)

1,690

1,686

211
12.5
4,867
1,746

229
13.6
5,071
1,541
3,530

241
14.3
10,234

238
14.2
8,892

231
13.8
7,459

(0
0)

233
13.9
4,335

8

0)
0)

235
14.1
5,153

2,155
43,124

0)
0)

0)
0)

0)
0)

8,108
18.9
14

8,075
18.9
14

82
102
108
101

129
133
167

RAILWAY EQUIPMENT
(Association of American

Railroads)

Freight cars owned and on order, end of mo.:
Owned:
Capacity
_
_mil.of ib.
Number
thousands..
Undergoing or awaiting classified repairs
thousands..
Percent of total on line
Orders, unfilled
cars..
Equipment manufacturers
do
In railroad shops
...do
Locomotives owned and on order, end of mo.:
Owned:
Tractive effort
mil. o/lb__
Number
Undergoing or awaiting Classified repairs
number..
Percent of total on line
Orders, unfilled
number..
Equipment manufacturers
do
In railroad shops
do

(U. S. Bureau of the Census)
Locomotives:
Orders, unfilled, end of mo., total...numbet..
Domestic, total
_
do
Electric
do
Steam
do
Shipments, domestic, total..
...do
Electric
-do
Steam
do
Industrial electric (quarterly):
Shipments, total
do
For mining use
do

0)
1,668
225
13.7
6,788

0)
(0
I1)

0)
8,053
19.1
63

(0
0)

116
106
61
45
15
15
0

13.4
4,484

7,719
17.9
56

8

7,875
18.3
37
26
11

0)

7,984
18.6
26

8

(0
0)

0)

(0
0)

0)
0)

8,155
19.1
7

0)
(0

166,707
1,682

(0

1,672

0)
0)

231
14.0
5,080
4,426
654

0)
0)

0)
0)

2,130
42, 467

0)
0)

8,133
19.1
17

0)
0)

7,881
18.6
30
5
25

225
13.7
6,637

8,084
19.1
25

0)
0)

91
79
74
5
23
20
3

(American Railway Car Institute)

Shipments:
Freight cars, total.
number.. 1,917
108
Domestic
do
1,917
108
Passenger cars, total
do
23
0
Domestic
do
23
0
1
Semiaimually only, subsequent to April 1938.
§Iievised series. Data revised for 1937; see table 19, p. 14 of this issue.




260
10
0
0

194
188
10
10

362
354
1
1

407
407

573
550
22
22

2,336
2,308
19
19

1,662
1,655
3
3

1,136
1,023
0
0

1,198
1,198
0
0

1,148
1,148
0
0

56

SURVEY OF CURRENT BUSINESS

Monthly statistics through December 1937, to- 1939
gether with explanatory notes and references
to the sources of the data may be found in the Febru1938 Supplement to the Survey
ary

April 1939

1938

February

March

April

May

June

July

1939

Decem- JanuOctober NovemAugust September
ber
ber
ary

TRANSPORTATION EQUIPMENT—Continued
RAILWAY EQUIPMENT—Continued
(U. S.Bureau ofForeign and Domestic Commerce)
Wrnnrtq of locomotives total§

siiimber .

11
9
2

16
11
5

22
20
2

20
19
1

12
10
2

22
12
10

14
13
1

15
7
8

6
4
2

23
22
1

3
3
0

19
18
1

1
1
C

numberdo—
do....

53
53
0

06
79
17

115
74
41

71
67
14

78
63
15

39
30
9

41
40
1

69
58
11

60
51
9

42
33
9

46
36
10

75
62
13

50
47
3

368
316
52
11,190

384
320
63
10,357

369
310
59
17,015

423
379
44
22, 232

462
420
43
23,016

440
397
43
30,817

465
423
43
846

466
404
62
22, 218

467
404
63
1,450

519
448
70
1,166

550
461
89
22,629

3,000
500
7,690
11,190

7,654
0
2,703
10, 357

10,972
113
5,930
16,902

19,050
700
2,482
22, 232

17,696
2,642
2,678
11,885

15,539
12,412
2,866
30, 605

0
316
530
846

12,000
8,750
1,468
22 218

350
161
939
1,450

350
0
816
1 166

19 900
0
2 729
22 629

do—.
_
do....
INDUSTRIAL ELECTRIC TRUCKS
AND TRACTORS

Electric^

Shipments total
Domestic

_

SHIPBUILDING
United States:
Vessels under construction, all types
thous. eross tons _
Steam and motor
do....
Unrigged
do—.
Vessels launched, all types
gross tons
Powered:
do—.
Steam
do....
Motor
-Unrigged
do—
do....
gteel
World (quarterly):
Launched:
ships..
Number
Tonnage
thous. gross tons..
Under construction:
ships
Tonnage
thous gross tons

235
626

302
848

254
807

249
705

827
2,895

801
2,827

685
2,712

704
2 669

CANADIAN STATISTICS
Physical volume of business:
Combined index
Industrial production:
Combined index
Construction t
Electric power
Manufacturing __.
Forestry
Mining
Distribution:
Combined index
Carloadings
Exports (volume)
Imports (volume)
Trade employment
Agricultural marketings:
Combined index
Grain
Livestock
Commodity prices:
Cost of living
Wholesale prices
Employment (first of month):
Combined index

1926=100..
do
do
do
do
do
do
do
do
do
do
do
do
do
- do
do
do
do

Construction and maintenance
do
Manufacturing
do—
Mining
do
Service
do
Trade
do
Transportation
do
Finance:
Banking:
Bank debits
mil. of dol—
Commercial failures*
number.Life insurance sales, new paid for ordinary
thous. of dol—
Security issues and prices:
New bond issues, total
do
Bond yields
_
1926=100Common stock prices
..
do
Foreign trade:
Exports, total
thous. of dol—
Wheat
-thous. of bu._
W heat
flour
- thous. of bbl—
Imports
do
Railways:
Carloading
thous. of cars.Financial results:
Operating expenses . . .
do
Operating income
- . . . do
Operating results:
Freight carried 1 mile
mil. of tons..
Passeneers carried 1 mile
mil. of Dass
Production:
Electrical energy, central stations
mil. of kw-hr._
Pig iron
thous. of long tons
Steel ingots and castings
do
Wheat
flour
thous. of bbl..

106.7

108.8

112.4

110.7

108.4

109.1

110.5

119.2

118.6

123.4

115 6

113 C

107.4
'36.1
215.9
101.3
111.3
188.8

110.2
'52.8
222.5
101.8
103.2
195.7

114.2
'56.8
212.6
103.2
100.4
212.7

112.5
'48.9
210.2
104.7
91.9
199.4

109.3
'49.7
209.8
103.5
96.7
176.6

109.8
'50.6
212.3
101.3
101.4
192.1

110.8
'52.5
'218.3
100.9
102.2
198.6

120.7
'52.8
223.6
114.2
110.2
202.1

121.1
'61.7
220.9
113.2
107.1
201.4

128 3
48 4
226.4
125.3
112.8
206.6

118.1
' 62 7
221 6
111.3
111 7
183.1

114
40
230
111
120
176

1
3
0
1
7
8

104.5
75.0
80.4
79.6
130.4

104.7
75.0
80.3
79.1
130.9

107.2
71.4
97.8
88.2
133.3

105.5
71.8
86.4
81.7
132.8

105.7
68.7
100.1
79.8
133.4

107.0
71.5
104.3
79.8
133.7

109.5
76.3
127.1
82.8
131.9

114.9
81.0
162.6
84.4
134.0

111.5
76.0
132.0
89.1
133.7

109.2
74.2
122 7
85.7
132.5

108.6
73 7
100 0
75 8
137.0

109
70
141
77
133

3
7
2
6
8

25.7
14.0
77.8

29.7
17.4
84.5

38.3
31.0
70.7

41.1
34.1
72.5

20.6
8.2
75.9

40.3
29.7
87.3

89.2
91.9
77.0

123.9
135.1
74.0

145.6
162.7
69.0

101.6
106.6
79.1

So. 7
88 4
73.6

82.9
73.2

83.9
83.6

84.2
83.1

84.2
82.3

84.1
80.3

84.0
80.1

84.1
78.6

84.8
76.0

84.0
74.5

83.8
74.1

83.7
73.5

83.5
'73 2

106.5
89.4
106.0
160.5
129.5
131.0
79.4

110.4
71.6
110.3
154.3
128.4
127.9
79.6

107.8
71.4
110.5
153.9
127.1
126.0
79.0

105.0
71.6
110.8
151.3
129.8
127.1
78.5

107.4
88.2
110.6
149.7
131.9
131.3
83.9

111.9
114.5
112.3
153.3
135.3
131.5
84.9

113.5
124.9
111.8
154.5
146.1
133.3
86.3

112.1
128.0
110.0
153.6
143.5
132.1
86.9

115.1
133.8
113.8
157.4
146.7
131.0
88.7

116.7
143.5
112.5
160.8
136.1
134 5
90.1

114.6
122.5
110.9
163.4
132.8
135 6
87.9

114.0
112.8
110. 1
163.3
131.7
85. C

108 1
96.4
104.3
160 4
131 7
144 8
7() 9

121

2,176
99

2,371
101

2,401
47

2,462
93

2,731
92

2,466
72

2,371
102

2,655
81

2,976
92

2,965
122

2,005
71

2, 512
120

30, 879

31,204

32, 796

29, 981

30, 342

35,120

30, 126

27, 996

27, 442

31, 854

36, 611

35, 827

30,434

61.9
104.1

73,561
65.4
107.1

58, 128
64.7
99.2

65,642
63.7
97.9

198,461
61.7
99.7

77,746
61.8
100.0

98,451
62.7
106.9

51,399
62.7
105.2

51,474
65.3
98.6

108, 958
63.2
109.7

104, 930
61.5
110.4

86 142
61 8
106.8

139 515
62 1
102.9

62, 399
5,746
291
40, 380

60,981
2,839
272
46, 952

75,112
3,487
302
65,056

56, 253
1,618
185
48,895

72, 791
3,371
297
67,123

78, 308
7,275
300
58,947

78, 720
7,248
283
55,823

86, 538
6,266
286
57,026

108, 542
12, 615
320
56, 412

102, 719
24, 579
529
63,909

94, 075
21, 704
478
63, 304

70, 452
15, 983
365
44, 286

81, 773
7,879
380
' 43, 743
171

41
77

180

200

185

190

187

183

213

250

257

219

178

23,316
23,442
* 1,305

25,925
25,165

25, 192
24,112
d
136

25, 445
24,186
96

24, 577
23,816
<*490

25, 773
24,515
'12

28, 439
26,103
1,095

34, 504
26, 919
6,375

37, 609
25, 681
10,684

30, 431
22, 661
6,502

27, 521
22,633
3,597

1,976
137

2,235
148

1,841
138

1,798
128

1,525
160

1,689
192

2,063
172

3,389
153

3,924
119

2,668
101

2,100
166

2,058
61
99
849

2,258
66
119
999

2,064
66
116
794

2,082
72
115
978

1,973
64
109
969

1,988
51
84
929

'2,076
49
83
1,103

2,164
50
74
1,639

2,329
51
76
1,906

'2,376
46
90
1,606

2,350
53
79
1,052

52 0
46 3
77.9
r

83 1
73 2

2,387
58
78
1,098

d
' Revised.
Deficit.
*New series. Data compiled by Dun and Bradstreet, Inc., have been substituted for those compiled by the Dominion Bureau of Statistics; data beginning January 1934
will appear in a subsequent issue.
tData revised for 1938. Index for January 1938 is 48.0.
§Revised series. Data revised for 1937; see table 19, p. 14 of this issue.



INDEX TO MONTHLY BUSINESS STATISTICS
CLASSIFICATION, BY SECTIONS
Monthly business statistics:
Page
Business indexes..
19
Commodity prices
20
Construction and real estate
21
Domestic trade
__-_
23
Employment
conditions
and
wages___
.
.
25
Finance
30
Foreign trade
36
Transportation and communications
37
Statistics on individual industries:
Chemicals and allied products. _
38
Electric power and gas
41
Foodstuffs and tobacco
41
Fuels and byproducts
45
Leather and products
46
Lumber and manufactures
47
Metals and manufactures:
Iron and steel
48
Nonferrous metala and products
__
49
Machinery and apparatus
50
Paper and printing
51
Rubber and products
52
Stone, clay, and glass products. _
53
Textile products
53
Transportation equipment
55
Canadian statistics
56

CLASSIFICATION, BY INDIVIDUAL
SERIES
Page
Abrasive paper and cloth (coated)
52
Acceptances
__
.
30
Accessories—Automobile
55
Advertising
25
Agricultural products, cash income received
from marketings of
20
Agricultural wages, loans
— 29,30
Air-conditioning equipment
50
Air mail
.
_24
Airplanes
.
38, 55
Alcohol, denatured, ethyl, xnethanol
38
Aluminum
.
49
Animal fats, greases__
39
Anthracite mining
_ 19, 26, 28,45
Apparel, wearing.....
20, 24, 25, 26,27, 28,53
Asphalt
46
Automobiles
19,24, 25, 27,28,29,55
Babbitt metal
„
49
Barley
.
42
Bathroom accessories
_ _,
53
Beef and veal
43
Beverages, fermented malt liquors and distilled spirits.
41
Bituminous coal
19, 20, 26, 28, 45
Boilers
49
Bond3, prices, sales, value, yields
30,35
Book publication
52
Boxes, paper
___
52
Brass
50
Brick
___
__
53
Brokers' loans
30
Bronze
_
50
Building contracts awarded
21,22
Building costs
22
Building materials
____
20,47, 53
Building permits issued
_
„__
21, 22
Butter
41
Canadian statistics
56
Canal traffic
33
Candy
_
44
Capital
flotations
33, 34
Carloadings
37
Cattle and calves
43
Cellulose plastic products
„_
40
Cement
19,53
Chain-store sales
.
_
24
Cheese
41
Cigars and cigarettes
.
44
Civil-service employees
26
Clay products.. _.
25,27,28,29,53
Clothing
20, 24, 25, 26,27, 28,29,53
Coal
„
19, 20, 26, 28,45
Cocoa
.__
44
Coffee
.
44
Coke
45
Collections, department stores
24
Commercial failures
_
31
Commercial paper
30
Construction:
Contracts awarded, indexes
21
Costs
22
Highways
22
Wage rates
29
Copper
49
Copra and coconut oil
39, 40
Cost-of-living index
20
Cotton, raw and manufactures
19, 20, 21, 53, 54




Page
Cottonseed, cake and meal, oil
_40
Crops
_
19, 20, 42, 43, 53
Currency in circulation
_,
32
Dairy products
19,20,41,42
Debits, bank
.
30
Debt, United States Government
32
Delaware, employment, pay rolls
25,27
Department-store sales and stocks.-.
24
Deposits, bank
_.
31
Disputes, industrial
27
Dividend payments
—
35
Earnings, factory, average weekly and
hourly __
________ 28,29
Eggs...
____..
__ 19,20,44
Electrical equipment
,____
51
Electric power, production, sales, revenues. _
41
Electric, street railways
_
_37
Employment:
Cities and States._ _
26
Nonmanufacturhig__.
_
_
26
Emigration
38
Enameled ware
_
49
Engineering construction
__
22
Exchange rates, foreign
32
Expenditures, United States Government. _
32
Explosives
39
Exports
36,37
Factory employment, pay roUs______ 25, 26, 27, 28
Fairchild's retail price index
„__
20
Fares, street railways
,
...
37
Farm employees
„
26
Farm prices, index..
...___
"'"" 20
Federal Government, finances
32,33
Federal-aid highways
__
22, 29
Federal Reserve banks, condition of
30
Federal Reserve reporting member bank
statistics
.
.
30
Fertilizers
.
39
Fire-extinguishing equipment
55
Fire losses
.
.
23
Fish oils and
fish
39,44
Flaxseed
...
40
Flooring, oak, maple, beech, and birch
47
Flour, wheat
__
43
Food products
20,25,26,27,28,29,41
Footwear
,____„ 46, 52
Foreclosures, real estate
23
Foundry equipment
„
50
Freight cars (equipment)
55
Freight carloadings, cars, indexes....
37
Freight-car surplus
37
Fruits
__„
19,20,42
Fuel equipment_ _ _.
_„__
50
Fuels
45,46
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
19, 25, 27, 28, 29, 53
Gloves and mittens
,
46
Gold
32
Goods in warehouses. _.
.
23
Grains
19, 20,34, 42, 43
Gypsum
^
,
53
Hides and skins,
21, 46
Hogs____
.
„„
43
Home loan banks, loans outstanding.
23
Home mortgage insurance.
__
23
Hosiery
.
53
Hotels
25,28,38
Housing____
20,22,23
Illinois, employees, factory earnings
, _ 26, 27, 29
Imports
-._
36,37
Income-tax receipts
.
32
Income payments_,
19
Incorporations, business
__..
23
Industrial production, indexes
19
Installment sales, New England
III
24
Insurance, life
31
Interest and money rates
30
Iron ore, crude, manufactures
___ 19,48
Kerosene
.
„
46
Labor tarn-over, disputes
27
Lamb and mutton____._
43
Lard
43
Lead
__.._
19,49
Leather
19, 21, 25, 26, 27, 28,29,46
Leather, artificial
54
Linseed oil, cake, and meal
40
Livestock
19, 20,43
Loans, agricultural, brokers', real estate. _ 23,30,31
Locomotives
55,56
Looms, woolen, activity
54
Lubricants
46
Lumber
20,25,27,28,47
Lumber yard sales and stocks
.
47
Machine activity, cotton, wool
54
Machine tools, orders
50
Machinery
25,27,28,50,69
Magazine advertising
23
Manufacturing indexes
19
Marketings, agricultural
19,20
Maryland, employment, pay rolls
26,27
Massachusetts, employment, pay rolls
26,27
Meats
19,20,43
Metals
19,21,25,27,28,29,48,49,50
Methanol
38
Mexico, silver production
,
32
Milk
42
Minerals
19, 26, 28,45, 50

Page
Naval stores
„.
39
Netherlands, exchange rates
32
New Jersey, employment, pay r o l l s . . . - .
26,27
Newsprint
...
St.
New York, employment, pay rolls, canal
traffic
26,27,38
New York Stock Exchange
3$
Oats
_
42
Ohio, employment
26
Ohio River traffic
38
Oils and fate..
- - - - 39,40
Oleomargarine
40
Paint sales
40
Paper and pulp
21, 25,25,27, 28,29,51,52
Passenger-car sales index_.
24
Passengers carried, street railways
37
Passports issued
.
38
Pay rolls:
Factory
27,28
Factory, by cities and States
;
27
Nonmanufacturing industries._.
28
Pennsylvania, employment, pay rolls
26,2/
Petroleum and products._ _.
19,
21,25,26,27,23,29,45,46
Pig iron
48
Porcelain enameled products
,
49
Pork
43
Postal busineas______.
24
Postal savings
. .
31
Poultry
__„„____„
19,20,44
Prices:
Retail indexes
20
World, foodstuffs and raw material
21
Printing.25, 26, 27, 28, 29, 52
Profits, corporation
--_32
Public relief
29
Public utilities.
31,32,35,36
Pullman Co
_
-38
Pumps
50
Purchasing power of the dollar
___> .
21
Radiators
48,50
Radio advertising
23
Railways; operations, equipment, financial
statistics
____ 37,38,55, 56
Railways, street
____.
.-._.
37
Ranges, electric
_____„
,
51
Rayon
,
54
Reconstruction Finance Corporation, loans
outstanding
„
33
Refrigerators, electric, household
_-_51
Registrations, automobiles
55
Rents (housing), index
20
Retail trade:
Automobiles, new, passenger,
___.„
24
Chain stores:
5-and-10 (variety).
_
24
Grocery.
24
Department stores
„__
.
24
Mail order.
25
Rural general merchandise
25
Rice_
42
Roofing
.
40
Rubber, crude, scrap, clothing, footwear,
tires
19,20, 25,26,27,28,29,52
Savings deposits
31
Sheep and lambs..
43
Shipbuilding
.
56
Shoes
_.
21,25,26,27,28,29,46
Silk
20,21,54
Silver
19,32
Skins
46
;
Slaughtering and meat packing. 19,25, 26, 27, 28, 29
Spindle activity, cotton
54
Steel, crude, manufactures
19, 25, 27, 28, 48,49
Steel, scrap, exports and imports
48
Stockholders
.
36.
Stock indexes, world__
20
Stocks, department stores
24
Stocks, issues, prices, sales
-__
- 35,36
Stone, clay, and glass products
25, 27, 28,29, 53
Sugar.
_.
20,21,44
Sulphur
39
m
Sulphuric acid
.
39
Superphosphate
,
«.
,__39
Tea
20,21,44
Telephone, telegraph, cable, and radiotelegraph carriers
38
Textile products
»
54
Tile, hollow building
53
Tin
___
20,21,49
Tobacco
19,25,20,27,28,29,44
Tools, machine
50
Trade unions, employment
26
Travel
38
Trucks and tractors, industrial, electric
56
United States Government bonds
35
United States Steel Corporation
36,48
Utilities
31,32,35,36
Vacuum cleaners
51
Variety-store sales index
24
Vegetable oils
__.
39,40
Vegetables
19, 43
Wages
._._
28,29
Warehouses, space occupied
23
Waterway traffic
38
Wholesale prices..
20, 21
Wire cloth..
50
Wisconsin, employment, pay rolls, and
wage3___
__
_
26,27, 29
Wood pulp
51
Wool
__.
54
Zinc
19,50

FOREIGN COMMERCE AND
NAVIGATION OF THE
UNITED STATES FOR THE
CALENDAR YEAR 1937

TREND OF
UNITED STATES FOREIGN
TRADE

Price $2.25 (buckram)

Price $1 per year

Tfae basic source of data on our foreign trade in 1937
if now ready for distribution,, The present report
contains complete tables showing the quantities and
values of exports and imports; a record of the number,
tonnage, and nationality of vessels entered and cleared
in foreign trade.

This statement shows total United States exports and
imports from the world and the distribution of exports
and imports by economic classes and by commodities,
and by geographical regions and countries. It is
issued on a cumulative monthly basis and shows in
addition to the trade figures ratios of change in the
current year from other recent years. It also shows
indexes of the changes in volume and price of exports
and imports. This trend statement is intended to
supplement the data published in the annual bulletins
of United States foreign trade and to provide a convenient source of current information on United States
foreign trade for businessmen, economists, statisticians and students. The statement is available at
$1 per year. Subscription orders, accompanied
by remittance, check or money order, payable to the
Bureau of Foreign and Domestic Commerce, may be
sent directly to the Bureau in Washington, or through
any of the Bureau's district offices located in commercial centers throughout the United States. This
statement is not available from the Government
Printing Office.

STATISTICAL CLASSIFICATION OF DOMESTIC
COMMODITIES EXPORTED
FROM THE
UNITED STATES
SCHEDULE B: 1939 Edition

Price 2 5 cents
SCHEDULE B, 1939 EDITION, became effective January li 1939. Customs officers have been instructed
that export declarations submitted must comply with
the regulations and new classifications as shown by
Schedule B, effective January 1, 1939. A high pro
portion of errors in export statistics are directly
traceable to carelessness and disregard of regulations
on the part of shippers. During 1939 every reasonable effort is being made to increase the accuracy
d export statistics. This cannot be accomplished
Without the active recognition of exporters of their
obligation to furnish accurate information on their
export declarations.
Therefore, it is important that all shippers provide
themselves with a copy of the new 1939 edition of
Schedule B so that the Bureau may render accurate
reports. Statistical classification of domestic commodities exported from the United States. SCHEDULE
B: (1939 Edition). Price 25 cents.
For copies of either of the above two publications orders should be sent to the Government Printing Office,
Washington, D. C.f accompanied by remittance,
check or money order, payable to the Superintendent
dh (Documents. Or orders and remittance may be
sent through any District Office of the Bureau of
 Foreign and Domestic Commerce.


(MONTHLY)

FOREIGH TRADE
STATISTICAL
STATEMENTS
Most statements $1 per year

These are a series of over 200 similar commodity
statements issued monthly showing tables of United
States imports or exports of important articles by
countries. These statements, issued at the request of
groups of exporters and importers, contain preliminary
figures released as soon as possible after the close of
the month covered, generally within 30 days. The
statements are designed to be of the greatest practical
use to importers and exporters and others interested
in following the current volume and trend in particular
commodities. For a complete list of these commodity
statements, which are available on a subscription
basis, usually at $1 per year, write to the Bureau of
Foreign and Domestic Commerce, Department of
Commerce, Washington, D. C , and request a copy of
List of Available Publications.