Full text of Survey of Current Business : April 1940
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APRIL 1940 SURVEY OF CURRENT BUSINESS UNITED STATES DEPARTMENT OF COMMERCE BUREAU OF FOREIGN AND DOMESTIC COMMERCE WASHINGTON VOLUME 20 NUMBER 4 Number 4 Volume 20 UNITED STATES DEPARTMENT OF COMMERCE HARRY L. HOPKINS, Secretary BUREAU OF FOREIGN AND DOMESTIC COMMERCE JAMES W. YOUNG, Director SURVEY OF CURRENT BUSINESS APRIL 1940 A publication of the DIVISION OF BUSINESS REVIEW M. JOSEPH MEEHAN, Chief MILTON GTLBERT, Editor TABLE OF CONTENTS SUMMARIES T h e business situation New orders continued restricted Production declining Security prices Export d e m a n d m a i n t a i n e d Free sterling restricted SPECIAL ARTICLE I n c o m e p a y m e n t s t o individuals, by States, 1929-38 CHARTS Figure 1.—Monthly business indicators, 1936-40 Figure 2.—Domestic c o n s u m p t i o n of raw cotton for seven m o n t h s , A u g u s t - F e b r u a r y 1924-25 t h r o u g h 1939-40 Figure 3.—Indexes of production of iron a n d steel a n d automobiles, adjusted, 1937-40 Page 3 3 5 5 6 7 CHARTS—Continued Figure 4.—Value of exports of U. S. merchandise, 1938-40 Figure 5.—Per capita income p a y m e n t s by regions, 1929-38 STATISTICAL DATA New or revised series: Table 18.—Indicated expenditures for building construction (based o n building permits), 1929-39 16 Table 19.—Employment a n d pay rolls i n n o n m a n u f a c t u r i n g 17 industries, 1929-39 18 Table 20.—Wholesale price of corn, No. 3, yellow, Chicago, 1913-39. Table 21.—Shipments of rolled a n d finished steel products— U. S. Steel Corporation, 1902-39 18 18 Table 22.—Rayon stocks, 1930-39 18 Table 23.—Wholesale price of Portland c e m e n t , 1926-39 19 Monthly business statistics General index Inside back cover Subscription price of the monthly and weekly issues of the SURVEY OF CURRENT BUSINESS is 32 a year. Single-copy price: Monthly, 15 cents; weekly, 5 cents. Foreign subscriptions, £3.50. Price of the 1938 Supplement is 40 cents* Make remittances only to Superintendent of Documents, Washington, D. C 218750°—40 1 i Page 6 9 SURVEY OF CUREENT BUSINESS April 1940 Monthly Business Indicators, 1936-40 INCOME PAYMENTS INDUSTRIAL PRODUCTION 100 140 120 J (VOLUME, 1923 - 25 = 100) A l\ J \ 100 J \ 6 0 M I II I I I I I I I I I I II I I I I I I I I 11 I I II I I 1936 1937 1938 1111)1)111) 1I 1 I I 1II 60 1939 1940 CASH INCOME FROM FARM MARKETINGS* 100 70 60 1 1936 1937 i ,1 M M . I . I . 1938 , . I M I M I I 1939 DEPARTMENT STORE i 1940 SALES 100 / \ J w 1 1 1 1 1 1 1 II 1 1 1936 1937 / / VA/ V M1111111M 1938 1939 80 M 1111 M i I I 1940 1936 FACTORY EMPLOYMENT AND PAYROLLS 140 11111111111 I 10 (1924-29 = 100 ) 90 80 A/ \ 80 70 * 1937 1938 1939 1940 CONSTRUCTION CONTRACTS AWARDED' (1923- 25 = 100) (VALUE, 192 3 - 2 5 = 1 0 0 3-MONTH MOVING AVERAGE) 120 TOTAL CONSTRUCT/ON FACTORY EMPLOYMENT (ADJUSTED) 100 80 FACTORY PAYROLLS RESIDENTIAL BUILDINGS ( UNADJUSTED) 60 i i i i i I I 1936 1937 1938 1939 1940 1936 160 (1926 = 100) 90 140 80 120 70 100 60 I I 1 1 1 tI !I I1 i , in!n I 1936 1937 1938 1937 1938 i i i i i i i i 11 II i II I i 1939 1940 PRICES OF 3 5 0 INDUSTRIAL STOCKS WHOLESALE PRICES 100 i i i i i i II i II i II 80 1 1 1 1 1 I 1 1IIII111111 1 1 1 1 1939 1940 (I92P =100) I,.M 1 1 II 1 1 1 1 1 I1I 1M 1936 * ADJUSTED FOR SEASONAL VARIATIONS Figure 1 1937 1 1 1 1 1 1 1 1938 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 ! I 1 1 ! 1 1939 1940 OD 40-/44 April 1940 SURVEY OF CURRENT BUSINESS The Business Situation For wholesalers the increase in January was 5.0 percent and in February 1.6 percent. With the further reducAlthough the rate of decline, especially in manufac- tion of output in March it is, therefore, probable that turing industries, was less rapid than in the first 2 the over-all net inventory change in that month was months of the year the drop during the month on a very small regardless of whether the direction of the seasonally adjusted basis was substantial. At the movement was slightly up or slightly down. Hence, if the present volume of inventories is mainclose of the month the movement of the few business statistics available on a weekly basis was still toward tained, as it may well be to provide a safeguard against lower levels with little indication of an early reversal future war developments, a sidewise movement of industrial activity over the near-term with fluctuations of trend. The contraction in industrial activity during the within a narrow range is probable. Any tendency for first quarter of this year has erased the spectacular business to let inventories run off, however, would gains made in the 4 months following the outbreak of result in a deepening of the recession. Liquidation to the European war. The Federal Reserve index of the extent of say a fourth or a half of the holdings acindustrial production, corrected for seasonal move- cumulated since September, involving a disinvestment of ments, was down to 109 in February, and preliminary upwards of $400,000,000 could hardly be offset by such data indicate a drop of 4 points for March. Aggregate increases in other types of investment as are likely to manufacturing output was about 5 percent larger than be realized. a year earlier, almost entirely as a result of the higher MILLIONS Oh BALES 5 operations in the durable goods industries. The volume of output in March was approximately the same as that of last August. A few durable goods Aindustries are in an exceptional position either by virtue of a continuing flow of orders resulting from the war 3 or because of previously accumulated backlogs. But apart from these exceptions, the gain in the September2 December production spurt has been canceled by the even more rapid January-March decline. With the volume of activity now about on a par with that of 1 August, the industrial situation differs from that of 7 months ago in one important respect; the trend was O 1924193419291939then up, whereas it is now down. 25 30 35 4-0 The recent slowing in the rate of decline does not Figure 2.—-Domestic consumption of Raw Cotton for Seven Months, August-February, 1924-25 through 1939-40 (U. S. Department of Comnecessarily presage a reversal in the curve of business merce, Bureau of the Census). during the spring months. Expectations of a general upturn are based upon improvement in the rate of New Orders Continue Restricted. investment outlays not apparent at this time, or upon The sluggishness of business purchasing suggests that a change in the character of the war which would some inventory liquidation is a decided possibility at further expand our export trade. A significantly higher the present juncture; the time has just about been volume of productive activity is not implicit in the reached when buying must advance if a reduction in present volume of consumption expenditures and export holdings is to be avoided. Retailers appear to have trade, or in the prospective volume of expenditures for adopted a waiting policy in the face of the recent investment goods as revealed by new-order data for hesitancy shown in retail trade. If allowance is made plant and equipment. for the increase in prices as compared with a year ago Insofar as the business outlook can be previewed, the and for the earlier date of the pre-Easter season, dekey to developments over the next few months lies in partment store sales in March did not make a favorable the inventory situation—as has been the case since record. September. The decline in industrial activity so far The latest report by the National Association of this year has resulted from a decline in the rate of Purchasing Agents reveals that a cautious attitude preinventory accumulation. During February, the latest vails in industrial purchasing, with expectations of month for which data are available, the increase in further price weakness. New-order data now available, manufacturers7 stocks was slightly less than 1 percent relating mostly to February business, do not indicate as compared with the January increase of 2.5 percent. improvement and, even in the few exceptions, such as in business activity, in evidence since R ECESSION the end of December 1939, continued during March. SURVEY OF CURRENT BUSINESS April 1940 paper, new business is still below current output. by Ward's Automotive Reports and it is evident that New furniture business in February was about a third consumer takings will have to be better than in early under January and only a shade higher than a year March if output is not to decline. earlier. Orders in the steel and textile industries are INDEX NUMBERS, 1923-25 = 100 200 reported by the trade to be well below production with backlogs declining. As may be seen in figure 2, /RON AND STEEL^j> mill consumption of cotton since August has established 150 a new record for that period; a maintenance of this AUTOMOBILES rate for the remainder of the cotton year appears improbable under present general business conditions. *s. J 1 100 The monthly survey of manufacturers recently initiated by the Bureau of Foreign and Domestic Commerce showed a further decline in new orders from January to 50 February. The February total of new business, reports for which are restricted very largely to durable goods producers, was only 6.0 percent above a year earlier 1937 1940 1938 1939 when orders were at a rather low ebb. Figure 3.—Indexes of Production of Iron and Steel and Automobiles, The automobile industry has been looked to as a Adjusted for Seasonal Variations, 1937-40 (Board of Governors of the Federal Reserve System). major support to the sagging business structure. NOTE.—Data for March are estimates of the U. S. Department of Commerce, Retail sales of passenger cars in the first 2 months of Bureau of Foreign and Domestic Commerce. the year were unusually good, the average increase over The preliminary data for March show that automothe previous year being more than 35 percent. The bile production did not rise by the usual seasonal increreturns for the early part of March were less favorable, ment in that month from the high volume of assemblies although they picked up as the month wore on. Stock- in January and February. March output of about ing of dealers has proceeded at a rapid pace, however, 425,000 units was, however, 15 percent higher than a so that field stocks are now high—in the neighborhood year earlier and the first quarter total was up 24 perof a half million cars. Under these circumstances the cent. Production in the automobile industry, thereusual seasonal increase in assemblies is not anticipated fore, has held up in recent months much better than in MONTHLY BUSINESS INDEXES Monthly income payments, ad justed i 1 Year and month h £ Monthly average, 1929=100 1929: February. 1932: February.. 1933: February. 1937: February, 193&: February _ 1939: January February.. _ March April May June July August September. October November.. December.. 1940: January February.. 1 98.9 67.4 55.5 87.6 81.8 66.5 54.0 83.3 83.0 84.1 83.0 83.4 84.1 83.7 85.4 86.8 88.0 88.5 89.5 82.3 82.0 82.1 81.0 81.4 82,8 82.8 84.0 84.5 86.6 87.3 87.7 89.5 88.4 87.2 86.9 78.4 Freight-car Retail sales, Foreign trade, loadings, value, advalue, adjusted l justed 1 adjusted 1 Industrial production, adjusted * Is if r + ft C Z 33 1? 11 f §* P Monthly av- Monthly average, 1923- erage, 192425 = 100 192931 = 100 Monthly average, 1923-25=100 29=100 98.5 70.1 57.7 87.5 82.5 105.0 71.4 65.0 108.4 91.9 110.8 55.4 41.4 100.1 77.5 57.5 54.0 84.4 84.4 84.8 83.8 84.3 85'. 4 85.5 86.7 87.0 88.8 89.5 94.6 94.3 94.0 93.8 93.3 94.3 95.3 95.9 97.5 101.2 103.4 104.6 83.7 86.0 87.6 85.5 85.0 86.5 84,4 89.7 93.8 101.6 101.6 103.7 66.0 52.5 57.5 53.5 5910 59.5 67.5 75.5 93.0 107.0 90.0 79.0 79.5 78.5 76.5 73.0 72.5 68.0 70.5 63. 5 63.0 66.5 73.5 76.5 76.5 79.0 103.9 102.2 98.3 97.8 69.0 60.0 79.0 83.0 118 69 63 116 79 118 68 61 116 75 119 78 80 116 103 109 60 52 82 62 104 78 66 68 62 101 99 98 92 92 98 101 103 111 121 124 128 100 97 96 92 91 97 100 104 111 121 124 129 110 110 110 95 98 104 106 91 114 121 124 120 69 67 66 60 62 67 69 70 77 80 82 78 62 62 62 61 61 61 62 62 63 62 63 62 119 118 108 125 121 78 73 62 61 109 Adjusted for seasonal variations; monthly arerages, except income payments, are based on unadjusted indexes. $2 II 3 o Z Factory employment Cash farm income 2 and pay rolls 110 Monthly average, 1923-25=100 Monthly average, 1926=100 136.5 44.0 33.0 139.5 74.0 128 45 29 67 76 116 41 26 87 51 118 27 19 62 51 124.1 65.2 52.7 89.4 74.2 95.4 66.3 59.8 86.3 91.0 96.0 88.0 79.5 79.0 55 63 70 64 70 70 69 72 72 72 67 91 55 49 53 53 61 58 57 57 59 65 73 77 86 73 69 67 63 63 67 73 73 76 83 86 90.5 77.1 92.3 85.3 90.0 94.7 89.6 88.7 93.9 96.5 94.5 113.5 76.9 95 100 74 62 75 62 101. 3 87.9 79.4 78.7 7.9.0 80.5 76.5 83.5 93.7 102.8 108.5 124.0 2 From farm marketings. 76.9 76.7 76.2 76.2 75.6 75.4 75.0 79.1 79.4 79.2 79.2 April 1940 SURVEY OF CURRENT BUSINESS industry generally, although it is characteristically subject to wider cyclical swings. This is one of the major points of difference between the 1937 collapse and the current recession thus far, a point which is well illustrated by figure 3. In 1937 assemblies declined very promptly with iron and steel output and by relatively the same amount. But they have not done so during the first quarter of 1940. It is to be noted, however, that steel rose much above the 1937 peak in the final months of 1939 so that the lack of similarity with 1937 is not decisive. The essential question is whether consumer demand for automobiles can be maintained despite the decline in income which is occurring. While income payments had fallen only slightly in January, the February drop was 1.1 points in the adjusted index to 88.4, and a movement of similar size is likely for March. This is a rate of decline comparable with the September-December rate of increase. and consumption of raw wool, according to preliminary figures, was more than 5 percent below the rate of the preceding year. Shoe production for February, although increasing seasonally from January, was slightly smaller than in February of last year. In the paper and paperboard industries, the preliminary weekly reports for March suggest that the decline was not very large during the month. Production in both these lines was at about the August position. Among the fuel industries there was a further decline in bituminous coal output, the result of seasonal influences and the lowered rate of industrial demands. Crude petroleum production in. March increased to another new record. Because refinery operations were unusually high, there was but a slight increase in stocks of crude oil. As a result, stocks of gasoline rose above the 100,000,000-barrel mark to a record total; at the end of March they were almost one-fifth larger than a year ago. Although domestic gasoline demand for March was estimated by the Bureau of Mines to be Production Declining. For the last week of March steel-ingot production about 6 percent above that of March 1939, the position was down to 61 percent of capacity, or 5 points lower of stocks relative to consumption remains much higher than at the beginning of the month. Several of the than in recent years. The continued weakness of commodity and security major industries that consume steel have apparently quotations reflects the decline in general business; held operations up at a better rate than steel output, price movements, likewise, have not been indicative of and throughout the war period the use of steel has a business upturn in the near future. March was not fluctuated to the extent of the changes in steel characterized by minor declines in quotations of several production. Some producers of fabricated steel prodof the more sensitive industrial commodities. Print ucts, on the contrary, have reduced operations sharply. cloth, lead, tin, wool, silk, cotton, and hides were The accompanying tabulation for steel barrels (heavy fractionally lower at the end of March than a month type) reveals wide swings since last summer. February earlier. Wholesale price indexes for farm products production, back to the summer level was only half as and foods averaged slightly lower than in February, large as at the fall peak. according to the weekly data. Although prices of Steel Barrels and Drums most industrial products, both finished and semi[Thousands] finished, have held at the higher figures established last year, the general level of industrial commodity prices Orders ShipNew unfilled ProducMonth has been lowered—mainly as a result of the changes in ments at end of orders tion month quotations of raw and semifinished materials. Thus, the comprehensive index of over 600 price series for 1939: 785 July . 750 757 236 commodities other than farm products and foods 862 850 851 August 248 1,731 1,207 September. ._ _ _ .__ _. 1,204 772 compiled by the Department of Labor, has declined 1,953 1,577 1,612 1,148 October 1,472 1,653 967 November . __ _ ___ 1,636 from the 1939 peak of 84.4 (1926=100) to 82.0 in the 1,259 1,457 1,469 December. 768 1940: last week of March. During the first 8 months of 1939, Januarv 841 1,138 1,158 450 694 803 February 809 335 this index had averaged 80.5. Security Prices. Among the nondurable goods industries, the moderate ecession of the first 2 months of the year was extended into March. Preliminary indications are that production of these goods, as measured by the Federal Reserve index, was no higher than in March of last year. For the entire first quarter the gain over a year ago was only about 2 to 3 percent. The cotton-textile industry, although showing some decline, has continued to produce at an exceptionally high rate. Woolen-mill activity recorded a moderate decline from January to February The uncertainty that characterized commodity markets was also the dominant note in the security exchanges during March. Stock price movements were largely confined to the narrow ranges of January and February. The Standard Statistics index of 350 industrial share quotations averaged fractionally above 107 (1926 = 100) during March; about 7 points below the peak last fall. The March level, however, was 12 points or more above the low point reached in April of last year following the European crisis of that period. SURVEY OF CURRENT BUSINESS Prices of corporate bonds also were little changed during March after the slight decline during January and February. The new-issues market for corporate securities continued relatively inactive during the month. Aside from' the unusually large industrial issues for refunding purposes the flotation of corporate securities so far this year has been mainly confined to utility refunding. There was an increase in commercial loans during March though of such small proportions as to be of no material significance. A Treasury refunding was effected at a low interest rate in March. Five-year %-percent notes were offered in exchange for a called issue of 5-year 1 ^-percent notes. Quotations of long-term Government issues strengthened during March; yields on these securities declined to a point but moderately below the record figure reached in June 1939. Reflecting the substantial improvement in corporate and individual incomes last year, the income taxes due on March 15 recorded a marked increase over those of a year earlier which were based upon 1938 earnings. For the month of March, income tax collections (Daily Treasury Statement) totaled $665,000,000, an increase of 31 percent over the collections in the comparable period of 1939. Collections w^ere smaller than those of March 1938. Export Demand Maintained. February's export returns revealed a decline in foreign shipments of 5.6 percent to $339,000,000 from the January figure of $359,000,000, a reduction that is accounted for by the shorter month. A decline no greater than this amount is indicative of a well-maintained demand from abroad. On the other hand, in those recent years when the trend was rising, in 1937 and 1939, exports in February exceeded the January totals. The detailed figures show that the contraction was limited to a few commodities and a few countries, further indicating demand in general to be continuing at the high December-January level. Cotton shipments alone declined $15.6 millions from the high January total of $59,900,000. Nonferrous metals, aircraft, and cotton exports combined declined $26,300,000; hence, shipments of all other commodities on balance showed some increase. Part of this increase is accounted for by the sale of 16 merchant ships for $6,100,000. A decrease of more than $13,000,000 in shipments to Japan was the outstanding change in the country classification. It follows the abrogation of the United States-Japanese trade treaty in January and several months of very high exports to that country which probably were partly an anticipation of that event. The only other declines of significance were those to the United Kingdom accounted for by cotton; to the U. S. S. R. because of the drop in copper shipments; and to the Netherlands, largely resulting from declines in cotton and petroleum. The decline in exports to April 1940 these four markets was almost $32,000,000 and was therefore partly offset by an increase in shipments to all other countries. A fact of some importance in assessing the significance of the increase in exports in recent months is brought out in figure 4. The rise has been highly concentrated among very few types of goods, namely, iron and steelmill products, metalworking machinery, nonferrous metals, aircraft, industrial chemicals, and unmanufactured cotton. In February, for example, these six items showed an increase compared with a year earlier MILLIONS 8 MILLIONS OF DOLLARS I INDUSTRIAL CHEMICALS OF DOLLARS COTTON, UNMANUFACTURED I 0 200 150 100 1938 1939 1940 1938 1940 Figure 4.—Value of Exports of U. S. Merchandise, 1938-40 (U. S. Department of Commerce, Bureau of Foreign and Domestic Commerce). of 169 percent, whereas all other commodities had risen only 21 percent. Out of an increase in total exports of $122,000,000 they accounted for over $87,000,000. As the chart demonstrates, the increase in exports since August would not be large but for the rise in shipments of a few products. From the kind of goods involved it is apparent that the war has been the factor behind our expanding trade—whether to belligerents or neutrals. It suggests that the maintenance of the current volume of trade is dependent upon the continuation of the war. For this reason the stimulus to the domestic economy from the increase in exports is likely to be less than would be the case if it were more diffused and considered to be of a more permanent character. The reluctance to expand plants is evident even in those instances where the backlog is very large and demand is pressing capacity. SURVEY OF CURRENT BUSINESS April 1940 FREE STERLING RESTRICTED the authorities in allowing transfers of sterling from domestic to foreign accounts are not known, but it is Following the announcement by the British authorprobable that the prevention of capital exports is a ities of regulations which will reduce the demand for primary purpose. The restriction of the supply of free free sterling, quotations for sterling in New York sterling, resulting from these measures, in conjunction dropped during March to new lows since the beginning with the reputed depletion of pre-war foreign balances of the war. The new regulations, effective March 25, in London, was followed by a firm tendency in the require that exporters of rubber, tin, jute, and jute market for free sterling. The rate weakened in Februmanufactures, whisky, and furs from the United Kingary under the pressure of reported offerings by European dom; rubber, jute, and jute manufactures from India; and South American holders of sterling balances; and, and rubber and tin from the producing colonies to speci7 in March, the New York quotation reached new warfied countries must secure paj ment in dollars and other designated currencies rather than in sterling as was time lows with the appearance of the regulations designed to reduce the demand for free sterling. previously the general practice. The effect of British exchange regulations is to admit The importance of this limitation on the demand for free sterling may be judged by the fact that United or force certain transactions into the official market States imports of the affected commodities in 1939 were and to exclude others, which are permitted to clear valued at approximately $250,000,000. Under the new through the unofficial or "free" market. The exarrangements, the British authorities will receive the istence and the extent of a free market for sterling are proceeds of selected British and Empire exports in the thus subject to the control of the British authorities, form of dollars and other freely disposable currencies even though no attempt is made to influence day-to-day and by the same means insure payment for these exports fluctuations in rates. Transactions through the free at the official rate. It is significant that British coun- market have facilitated the liquidation of sterling tries are important or principal suppliers of rubber, tin, balances by persons outside the United Kingdom, whisky, and jute among the products which must be although at some loss as compared with the rate for paid for in foreign currencies beginning on March 25. officially approved transfers. At the same time there Other more competitive exports from the United King- has been a further depreciation of sterling and a condom and sterling countries may still be paid for with sequent cheapening of British and Empire exports to sterling acquired in the free market at the lower rates foreign purchasers, on the one hand, and a further there prevailing. increase in the sterling cost of British and Empire The relative magnitude of transactions carried out in imports for which foreign exchange is not made availthe market for free sterling is not precisely known. able at the official rate, on the other. The need for dollar exchange on the part of the Nevertheless, the unrestricted option of persons wanting sterling to cover their requirements outside the official British authorities is reflected in the continued heavy market must have resulted in a substantial volume of shipment of gold to the United States. Imports of business so long as offerings by holders of free sterling gold from the United Kingdom and other British were sufficient to meet this demand at a price below countries (including Canada) aggregated more than the Bank of England's selling rate. $1,000,000,000 during the 6 months ended with FebruThe major sources of supply of free sterling have ary. Receipts from the United Kingdom fell to relabeen, on the one hand, pre-war foreign sterling balances tively small proportions after September and accounted not eligible for conversion into foreign currencies at the for less than a fourth of the total. Shipments from official rate and, on the other, sterling balances arising Canada, consisting in large part of gold previously from the payment by British importers for goods placed under earmark there for British account, exinvoiced in sterling. In December and January, ceeded $600,000,000. Unusually large imports came transfers of sterling from resident to nonresident also from British India, Australia, and Hong Kong, and accounts in British banks were placed under the same there were substantial direct shipments from South restrictions as the conversion of sterling into foreign Africa. The extent to which these receipts of gold from currencies, that is, were made subject to the permission British sources may have been placed under earmark of the exchange authorities upon presentation of docu- in this country for British account rather than used mentary evidence of the specific transactions for which immediately to obtain dollar exchange is not dispermits were required. The precise criteria used by closed. SUEVEY OF CURKENT BUSINESS 8 April 1940 Income Payments to Individuals, by States, 1929-38 CAPITA income payments in the United States benefits, workmen's compensation, pension payments, P ER in 1938 amounted to 515 dollars, with a variation and related items), entrepreneurial withdrawals (the incomes of self-employed persons), and capital return By John L. Martin, National Income Division on a State basis from 205 dollars in Mississippi to 822 dollars in New York. Per capita income was above the national average in nineteen States and the District of Columbia, and below it in twenty-nine. Twenty-six States had per capita incomes of more than 400 dollars but less than 600 dollars. Table 1.—Number of States * With Per Capita I n c o m e P a y m e n t s at Different Levels», 1929-38 Per capita income $1 000 and over $900 to $999 $800 to $899 $700 to $799 • $600 to $699 $500 to $599 $400 to $499 . $300 to $399 $200 to $299 $100 to $199 National, per capita . (dividends, interest, and net rents and royalties). These concepts are identical to those used in the national figures on income payments. Table 3.—Number of States With Types of Income at Indicated Percentages of Total Payments, 1938 Salaries and wages Percentage of total income payments 1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 2 1 2 5 4 10 9 7 7 2 1 4 3 8 12 5 7 7 1 1 5 2 8 13 8 6 4 4 3 7 9 12 8 5 1 3 3 15 11 6 9 $679 $610 $515 $399 $376 $432 $465 $536 $566 $515 1 3 4 7 13 11 9 5 6 15 12 8 1 4 3 14 13 10 3 2 5 11 12 9 2 3 2 9 8 11 7 8 i 48 States. District of Columbia excluded. See text. Not only does income in any year vary among States, but there is considerable variation in the year-to-year movements. From 1929 to 1933 per capita incomes fell substantially in all States, with declines of less than 40 percent in nine States and of more than 50 percent in seven States. During the period from 1933 through 1937, per capita income payments rose more than 70 percent in nine States and less than 40 percent in ten States, an improvement ranging from 28 percent in Massachusetts to 97 percent in Michigan. From 1937 to 1938 declines were again both universal and uneven. 70 to 74.9 65 to 69.9 60 to 64.9 55 to 59.9 50 to 54.9 45 to 49 9 40 to 44.9 35 to 39.9 30 to 34.9 . . 25 to 29.9 20 to 24 9 15 to 19.9 10 to 14.9 5 to 9.9 . . . . 0 to 4 9 I 1 2 14 17 8 5 . . . Percentages from national totals Dividends, Other Entrepreinterest, nurial labor and net withincome drawals rents and royalties 2 j ! 4 42 3 59.1 7.2 4 4 8 13 8 10 2 5 11 20 12 17.6 16.1 1 Salaries and wages were the most important type of payment in every State in 1938 and accounted for nearly three-fifths of total income payments for the Nation. In 3 States more than 65 percent of total payments w^ere received as salaries and wages, but residents of 7 States derived less than 50 percent of their income from this source. Other labor income provided more than 7 percent of total income payments for the country as a whole, and between 5 and 10 percent of total payments in 42 States. Entrepreneurial Table 2.—Number of States Showing Indicated Percentage Changes in Per Capita Income Payments, Selected Periods, 1929-1938 withdrawals accounted for a little more than one-sixth of total income payments for the Nation in 1938, while 1929-33 1933-37 1937-38 slightly less than one-sixth appeared in the form of capNumNumNumital return, with the relative importance of payments Percent change ber of Percent change ber of ber of Percent change States States States of these types varying widely among the States. Withdrawals, ranging from 8 percent in the District of 1 -30.1 to - 3 2 . 5 . . . . 1 75.1 and up 5 0 -32.6 to -35.0 2 . . 70.1 to 75.0 4 - . 1 to - 2 . 5 . _ _ Columbia to 40 percent in Mississippi, provided more -35.1 to - 3 7 . 5 . . . . 65.1 to 70.0 5 4 - 2 . 6 to - 5 . 0 -37.6 to -40.0 3 60.1 to 65.0 15 8 - 5 . 1 to - 7 . 5 than 25 percent of total payments in 16 States and -40.1 to -42.5 10 55.1 to 60.0 14 7 - 7 . 6 to —10.0.__ -42.6 to - 4 5 . 0 . . . . 8 50.1 to 55.0 4 —10.1 to - 1 2 . 5 . . . 8 less than 15 percent in 12 States. Capital return con-45.1 to -47.5 . 10 45.1 to 50.0 6 -12.6 to - 1 5 . 0 . - 2 -47.6 to - 5 0 . 0 . . . . 5 40.1 to 45.0 1 -15.1 to -17.5-__ tributed more than one-fifth of total income payments -50.1 to - 5 2 . 5 . . . . 3 35.1 to 40.0 __ 4 - 5 ? . 6 t o -55.0 3 30.1 to 35.0 5 in 6 States and less than one-tenth in 12 States. -55.1 to -57.5 1 25.1 to 30.0 1 The differences in averages, composition, and trends National percentNational perNational percent-44.6 age. centage. .- -. 50.5 -9.0 age of income payments, as indicated in part in tables 1, 2, and 3, give significance to the data for individual Income payments as classified in the State estimates States. Income payments reflect comprehensively the are of four major types: Salaries and wages, other labor functioning of the economic organization in the different income (direct and work relief and unemployment States and provide a background for better analyses of SURVEY OF CURRENT BUSINESS April 1940 other statistical and financial data relating more directly to the behavior of specific segments of the economy. An analysis of these differences is here presented only in broad outline. But to the businessman concerned with problems of sales control and marketing PERCENT 100 •• PERCENT — • 100 CONTINENTAL UNITED STATES 9 development, and to Government units determining policy in social and fiscal matters, differences between the economies of particular areas as reflected in the pattern of income payments and variations in trends over a period of time are both significant factors, and the detailed figures given in tables 4 and 7 will permit more specialized analysis in approaching specific problems. Per Capita Income Payments. 160 160 140 PERCENT OF NATIONAL PER CAPITA- 14-0 120 120 NORTHEASTERN STATES J00 100 80 60 120 NORTH CENTRAL-INDUSTRIAL STATES N. CENTRAL-INDUSTRIAL 8c AGRICULTURAL STATES NORTH CENTRAL-AGRICULTURAL STATES SOUTHEASTERN STATES SOUTH CENTRAL STATES 120 ( • !20 • 100 100 1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 Figure 5.—Per Capita Income Payments By Regions, 1929-38 (U. S. Department of Commerce. 218750—40 2 Although total income payments in particular States have definite significance, average or per capita incomes may be more useful measures for many analytical purposes. Income payments are primarily general measures of the ability of individuals to command goods and services, and the number of persons participating in a given quantitative demand is an important conditioning factor in determining the nature of the goods and services required. Per capita income is derived by dividing an estimate of total income payments by an estimate of population. Both estimates are developed carefully and are based upon a wide variety of primary data, but source material is of such a nature that some margin of error must be recognized. Further, it is usually feasible only to assign salary and wage income to the State in which it is earned, and that is not always the State in which the recipient resides. Since there are areas where large cities located at or near State boundaries attract to employment the residents of bordering States, population data and income estimates are not strictly comparable. In such cases, per capita payments in the given State are too high and in the neighboringState too low. Computed per capita incomes for the District of Columbia are considerably inflated because of the high proportion of persons who work in Washington, D. C , but live in Virginia or Maryland, and average income in those States is computed at too low a level, although the bias in the State figures is less significant because of the larger area and population of the adjoining States. The general cyclical swings of per capita income payments were similar in all States, but table 4 reveals that individual variations were often rather extreme. Per capita income in Massachusetts fell 30 percent from 1929 to 1932, less than the decline in any other State. In North Dakota, heavily influenced by poor years in agriculture, the drop was almost twice as severe, with average income per person in 1932 at only 41 percent of the 1929 figure. Recovery from 1933 to 1937 tended to be either modest or extreme as the preceding decline had been small or large. Per capita incomes in both New Jersey and Mississippi were both at about 80 percent of their respective 1929 averages in 1937, but stood at only 47 percent of the 1929 figure in Mississippi in 1933 in contrast with 59 percent in New Jersey. 10 SURVEY OF CURRENT BUSINESS April 1940 Table 4.—Per Capita Income Payments by States, 1929-38 Amount Ratio to National Per Capita Percent of 1929 State Continental United States Alabama Arizona _ ._ Arkansas California Colorado- . Connecticut... _ Delaware District of Columbia l - _ . . Florida Georgia Idaho Illinois . . Indiana Iowa Kansas _ _ Kentucky Louisiana Maine Maryland.- _ Massachusetts Michigan Minnesota _ Mississippi-. _ Missouri Montana . . Nebraska _ Nevada New Hampshire . New Jersey _ New Mexico New York North Carolina _. North Dakota Ohio Oklahoma, Oregon..- _ _. Pennsylvania Rhode Island South Carolina South Dakota Tennessee Texas.. Utah Vermont _ _ Virginia Washington West Virginia Wisconsin _. _ Wyoming 1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 679 610 515 399 376 432 465 536 566 515 323 601 300 981 624 242 512 221 894 603 188 426 175 764 505 155 325 155 602 374 142 319 141 566 364 191 400 180 628 411 200 449 191 690 450 239 518 225 819 537 244 587 227 864 587 225 543 216 794 531 48.0 54.1 51.7 61.4 59.9 926 573 739 848 1,065 835 919 638 1,291 1,294 1,207 1,046 392 515 455 310 332 231 190 277 540 608 895 286 186 737 645 794 601 698 890 754 765 892 689 976 1,043 1,193 1,238 1,199 347 379 451 454 487 232 252 290 296 279 1932 1938 1933 1936 1937 1938 1929 1932 1933 1936 1937 55.4 78.9 83.4 75.8 1.00 1.00 1.00 1.00 1.00 1.00 44.0 53.1 47.0 57.7 58.3 74.0 86.2 75.0 83.5 86.1 75.5 97.7 75.7 88.1 94.1 69.7 90.3 72.0 80.9 85.1 .48 .89 .44 1.44 .92 .39 .81 39 1.51 .94 .38 .85 .38 1.51 .97 .45 .97 .42 1.53 1.00 .43 1.04 .40 1.53 1.04 .44 1.05 .42 1.54 1.03 61.9 59.9 81.0 60.2 57.2 58.3 57.1 69.3 55.5 56.0 79.6 83.6 92.4 87.6 87.3 85.7 83.8 95.9 94.6 89.2 75.4 70.8 92.9 88 2 84.0 1.36 1.57 1.90 .76 .49 1.44 1.60 2.62 .78 .48 1.44 1.62 2.38 .76 .49 1.38 1.66 2.23 .84 .54 1.40 1.58 2.19 .86 .52 1.36 1.46 2.33 .88 .54 58.8 533 890 590 554 551 479 770 510 538 509 373 616 422 425 416 269 458 315 285 297 290 429 305 299 298 354 487 362 340 348 391 528 397 385 375 457 620 477 456 430 499 668 513 448 454 438 599 454 443 414 50.5 51.5 53.4 51.4 53.9 54.4 48.2 51.7 54.0 54.1 85.7 69.7 80.8 82.3 78.0 93.6 75.1 86.9 80.9 82.4 82.2 67.3 76 9 80.0 75.1 .78 1.31 .87 .82 .81 .67 1.15 .79 .71 .74 .77 1.14 .81 .80 .79 .85 1.16 .89 .85 .80 .88 1.18 .91 .79 .80 .85 1.16 .88 .86 .80 369 415 582 687 872 314 362 567 656 818 258 315 497 579 739 209 249 391 474 607 189 235 374 442 554 233 284 407 496 601 252 306 438 529 626 293 356 486 599 687 306 380 501 650 711 280 376 453 592 656 56.6 60.0 67.2 69.0 69.6 51.2 56.6 64.3 64.3 63.5 79.4 85.8 83.5 87.2 78.8 82.9 91.6 86.1 94.6 81.5 75.9 90 6 77.8 86.2 75.2 .54 .61 .86 1.01 1.28 .52 .62 .98 1.19 1.52 .50 .63 .99 1.18 1.47 .55 .66 .91 1.12 1.28 .54 .67 .89 1.15 1.26 .54 .73 .88 1.15 1.27 759 573 268 617 650 634 538 202 566 533 524 464 144 474 448 401 348 131 364 324 353 337 126 338 344 462 389 165 377 465 528 432 177 401 544 624 516 226 456 602 695 535 215 467 606 576 506 205 434 518 52.8 60.7 48.9 59.0 49.8 46.5 58.8 47.0 54.8 52.9 82.2 90.1 84.3 73.9 92.6 91.6 93.4 80.2 75.7 93.2 75 9 88.3 76.5 70.3 79.7 1.12 .84 .39 .91 .96 1.01 .87 .33 .91 .81 .94 .90 .34 .90 .91 1.16 .96 .42 .85 1.12 1.23 .95 .38 .83 1.07 1.12 .98 .40 .84 1.01 575 863 655 818 386 576 801 608 772 348 481 716 548 674 300 298 540 428 537 230 330 505 414 479 239 383 589 464 523 306 385 694 479 548 338 464 784 511 615 408 441 897 539 647 429 400 799 501 599 409 51.8 62.6 65.3 65.6 59.6 57.4 58.5 63.2 58.6 61.9 80.7 76.7 90.8 103.9 78.0 82.3 75.2 79.1 105. 7 111.1 69.6 92 6 76.5 73.2 106.0 .85 1.27 .96 1.20 .57 .75 1.35 1.07 1.35 .58 .88 1.34 1.10 1.27 .64 .87 1.46 .95 1.15 .76 .78 1.58 .95 1.14 .76 .78 1.55 .97 1.16 .79 1,130 317 442 750 464 1,061 260 363 656 368 915 221 259 551 287 720 179 182 411 227 665 191 215 396 230 732 243 246 469 253 766 254 273 517 280 854 287 319 613 315 889 304 332 664 340 822 282 296 577 314 63.7 56.5 41.2 54.8 48.9 58.8 60.3 48.6 52.8 49.6 75.6 90.5 72.2 81.7 67.9 78.7 95.9 75.1 88.5 73.3 72.7 89.0 67.0 76.9 67.7 1.66 .47 .65 1.10 .68 1.80 .45 .46 1.03 .57 1.77 .51 .57 1.05 .61 1.59 .54 .60 1.14 .59 1.57 .54 .59 1.17 .60 1.60 .55 .57 1.12 .61 677 750 842 274 458 586 687 773 226 440 490 575 703 192 359 377 433 574 158 195 354 403 534 167 229 421 460 578 209 273 470 490 623 220 294 568 564 688 256 363 598 599 725 266 329 553 525 656 249 329 55.7 57.7 68.2 57.7 42.6 52.3 53.7 63.4 60.9 50.0 83.9 75.2 81.7 93.4 79.3 88.3 79.9 86.1 97.1 71.8 81.7 70.0 77.9 90.9 71.8 1.00 1.10 1.24 .40 .67 .94 1.09 1.44 .40 .49 .94 1.07 1.42 .44 .61 1.06 1.05 1.28 .48 .68 1.06 1.06 1.28 .47 .58 1.07 1.02 1.27 .48 .64 353 466 556 605 412 293 394 498 554 365 239 327 416 484 317 193 267 307 382 266 184 264 307 356 243 238 308 352 389 289 254 329 398 418 311 292 384 459 473 355 304 427 498 473 370 279 399 471 437 347 54.7 57.3 55 2 63. 1 64.6 52.1 56.7 55 2 58.8 59.0 82.7 82.4 82 6 78.2 86.2 86.1 91.6 89 6 78.2 89.8 79.0 85.6 84.7 72.2 84.2 .52 .69 .82 .89 .61 .48 .67 .77 .96 .67 .49 .70 .82 .95 .65 .54 .72 .86 .88 .66 .54 .75 .88 .84 .65 .54 .77 .91 .85 .67 730 463 653 699 655 405 573 633 531 344 474 534 407 267 363 397 389 260 346 407 451 319 400 482 492 339 455 536 603 398 539 619 623 412 569 637 593 362 514 593 55.8 57.7 55.6 56.8 53.3 56.2 53.0 58.2 82.6 86.0 82.5 88.6 85.3 89.0 87.1 91.1 81.2 78.2 78.7 84.8 1.08 .68 .96 1.03 1.02 .67 .91 .99 1.03 .69 .92 1.08 1.13 .74 1.01 1.15 1.10 .73 1.01 1.13 1.15 .70 1.00 1.15 i Data subject to limitations. See text. funds rather than directly to individuals (as, for instance, employee contributions under social security plans) is excluded from these estimates. Relatively minor amounts of payments in kind are included as salaries and wages in those industries where such payment is common—agriculture, water transportation, and domestic service. There are also a number of other forms of income flowing primarily to labor but not related to services currently rendered, and these have been designated as Composition and Sources. "other labor income." This classification encompasses The nature of income payments can be more readily pension payments to individuals under independent understood by a closer examination of the four major plans sponsored by private employers, compensation types of payments mentioned above. Salaries and payments to individuals on account of industrial injuwages, including commissions, fees, and bonuses, are ries, adjusted service certificate disbursements, direct paid regularly by private and public employers of all relief payments, benefits under social security programs, types to individuals as a return for personal services and similar items. Work relief wages are included in currently rendered. As far as data permit, that por- other labor income, because they cannot be separated tion of salary and wage items which flows into reserve i from direct relief payments in the earlier years, but Per capita incomes in Arizona, Florida, Idaho, Maryland, Minnesota, Montana, New Mexico, and North and South Carolina for 1937 were either above or approached the 1929 figure. The "real" income per person, i. e., dollar income adjusted for living costs, for these States in the later year was higher than in 1929. On the other hand, Alabama, Arkansas, Illinois, Missouri, Nebraska, North and South Dakota, and Oklahoma had returned by 1937 only to levels between 68 percent and 77 percent of their 1929 averages. SURVEY OF CURRENT BUSINESS April 1940 most of the other items are related directly or indirectly to services rendered in the past. The remaining two types of income payments are characterized by an element of return on invested capital. Entrepreneurial withdrawals are the sums taken by self-employed individuals who are owners and operators of unincorporated enterprises. These withdrawals include the earnings of the individual for his labor and management, as well as return on invested capital. The bulk of this item comes from farming and the practice of service professions, and in these fields withdrawals are held equivalent to net incomes; in other lines the greater importance of working capital requirements in the conduct of business tends to make withdrawals greater than net income in poorer years and less than net income in better years. Dividends, interest, and net rents and royalties are various forms of return on invested capital arising from equity and creditor participation and direct ownership. Rent and royalty returns are net after deduction for expenses of ownership, and interest items represent payments on long-term obligations only. Basic data have been drawn from a large number of sources. Reports of the Bureau of the Census cover about half of the salary and wage items in 1 or more years, and pay-roll indexes prepared by the United States Bureau of Labor Statistics are used extensively for interpolation and extrapolation. Questionnaire surveys conducted by the National Income Division and data from the Bureau of Agricultural Economics, Office of Education, Bureau of Internal Revenue, Civil Service Commission, and many other public and private 11 organizations were utilized in making these estimates. In general, these State estimates are based upon national total figures developed over a period of years in the preparation of official estimates of national income.1 Income payments differ from national income primarily by the inclusion only in national income of certain items which are not actual payments received by individuals and the inclusion only in payments of items which do not represent returns for labor or capital services currently rendered. Principal items of income payments not included in national income are direct relief, veterans' pensions and adjusted service benefits, and benefit payments under Social Security legislation. Items covered in national income but not in income payments include business savings (which were positive only in 1929) and contributions by both employees and employers under social security legislation. Income Payments by Regions. An examination of table 6 and figure 1 shows at once a relationship between urbanization and income level, and regional variations in income trends, averages, and composition. Analysis by regions is based upon homogeneity of a degree and is particularly dictated by space limitations in this article, but the general approach may be applied profitably in examining the characteristics and development of particular States either singly or in other groups. Groupings here employed are based upon general similarity rather than any single specific criterion. Variation within regions 1 For a discussion of sources and methods beyond the scope of this article, see Notional Income in the United States, 1929-85. The concept of income payments is discussed at length in Monthly Income Payments in the United States, 1929-40. Table 5.—Income Payments in the Continental United States, 1929-38 Item Total income payments millions of dollars Net salaries and wages do... Other labor income do-.. Entrepreneurial withdrawals do_-. Dividends, interest, and net rents and royalties.. do... Population. ,__ thousands. Per capita payments 1929 1930 1931 1932 1933 1934 1935 1936 1937 82,494 52, 347 1,042 14,195 14,910 75,095 47,642 1,137 11,979 14,337 63,880 39,997 2,257 9,410 12,216 49, 843 31,008 1,757 7,255 9,823 47,267 28,483 2,272 7,751 8,761 54,645 32, 334 3,169 9,501 9,641 59, 240 35,203 3,433 10,709 9,895 39, 226 5,584 12,213 11,873 73,133 43, 543 3,904 12,969 12,717 67,027 39, 603 4,861 11,788 10, 775 121,526 $679 123,091 $610 124,113 $515 124,974 $399 125, 770 $376 126,626 $432 127,521 $465 128,429 $536 129,257 $566 130,215 $515 1938 Percentages of 1929 Total income payments Net salaries and wages Other labor income Entrepreneurial withdrawals Dividends, interest, and net rents and royalties Population Per capita payments ___ _. 100.0 100.0 100.0 100.0 100.0 91.0 91.0 109.1 84.4 96.2 77.4 76.4 216.6 66.3 81.9 60.4 59.2 168.6 51.1 65.9 57.3 54.4 218.0 54.6 58.8 66.2 61.8 304.1 66.9 64.7 71.8 67.2 329.5 75.4 66.4 83.5 74.9 535.9 86.0 79.6 88.7 83.2 374.7 91.4 85.3 81.3 75.7 466.5 83.0 72.3 100.0 100.0 101.3 89.8 102.1 75.8 102.8 58.8 103.5 55.4 104.2 63.6 104.9 68.5 105.7 78.9 106.4 83.4 107.1 75.8 57.0 59.6 Percentages of total income payments Net salaries and wages Other labor income Entrepreneurial withdrawals Dividends, interest, and net rents and royalties Salaries and wages and other labor income _ 62.2 63.4 1.5 3.5 3.5 4.8 5.8 5.8 8.1 5.3 16.0 19.1 14.8 19.1 14.6 19.7 16.4 18.5 17.4 17.6 18.1 16.7 17.7 17.2 17.7 17.4 59.1 7.2 17.6 16.1 64.8 64.9 66.1 65.7 65.1 65.0 65.2 65.1 64.9 66.3 62.6 60.3 59.2 59.4 63.5 1.3 17.2 18.0 12 SUEVEY OF CURRENT BUSINESS April 1940 1 Table 6.—Analysis of Income Payments by Regions, Selected Years In the Period 1929-38 1930 Population Region 1 Ratio of per capita pay- Income composition, 1938: PerRange of ments: region to nation cent distribution State per capita income payments DiviSala- Other Entrer i- dends, 1938 in 1938 1929 1933 1937 1938 ries and labor prenu al withinterest, wages income drawals etc. Indexes of per capita income payments, 1929—100 Per capita income Percent Total in cities pay(mil25,000 ments 1932 lions) of and up (dollars) 1933 1936 1937 Total continental United States- _ - 122.8 40.1 610 58.8 55.4 78.9 83.4 Northeastern States . North central—industrial States North central—industrial and agricultural States . _. North central—agricultural States Southeastern States South Central States Western States 27.2 20.9 63.8 47.9 910 696 65.5 55.3 60.1 51.5 77.6 72.6 81.1 77.1 20.2 7.1 13.4 22.1 11.9 45.3 17.3 17.6 19.3 41.3 600 511 318 316 725 54.8 50.3 59.1 54.3 59.3 51.6 53.6 58.1 52.2 56.8 82.6 79.1 88.4 79.3 85.1 2 205-822 1.00 1.00 1.00 1.00 59.1 7.2 17.6 16.1 74.7 2 437-822 434-599 68.8 89.1 78.0 454-577 78.6 74.3 296-443 92.5 85.8 249-454 84.2 78.8 205-399 90. C 82.9 409-799 1.43 1.15 1.55 1.07 1.39 1.06 1.40 1.04 60.7 61.6 6.5 7.9 12.1 14.1 20.7 16.4 1.02 .80 .55 .57 1.18 .95 3.77 .57 .54 1.21 1.09 <.75 .61 .58 1.27 1.04 .78 .62 .59 1.29 61.4 48.0 58.9 53.0 57.6 8.4 7.4 6.7 7.2 7.2 17.2 34.6 22.4 26.5 20.0 13.0 10.0 12.0 13.3 15.2 75.8 1 Northeastern States: Maine, New Hampshire, Vermont, Massachusetts, Rhode Island, Connecticut, New York, New Jersey, Delaware, Maryland, and District of Columbia. North central—industrial States: Pennsylvania, Illinois, Missouri. North central—industrial and agricultural States: Ohio, Indiana, Michigan, Wisconsin, Minnesota. North central—agricultural States: Iowa, North Dakota, South Dakota, Nebraska, Kansas. Southeastern States: Virginia, West Virginia, North Carolina, South Carolina, Georgia, Florida. South Central States: Kentucky, Tennessee, Alabama, Mississippi, Arkansas, Louisiana, Oklahoma, Texas. Western States: Montana, Idaho, Wyoming, Colorado, New Mexico, Arizona, Utah, Nevada, Washington, Oregon, California 2 Per capita for District of Columbia is $1,199. See text. 31932 ratio is 0.6S. * 1936 ratio is 0.80. is often significant and some indication of the extent thereof is given in the column specifying ranges of per capita incomes in 1938. The Northeastern States are characterized by a high level of per capita income and high urbanization. Other labor income tends to be a lower percentage of total payments than in any other region, entrepreneurial withdrawals are relatively less important than elsewhere, and return on capital is a higher proportion of the total. Year-to-year changes in payments volume are less marked than for the Nation as a wThole. The pattern and behavior of income payments reflect the stage of economic development in the region. Such factors as specialization and the ownership of capital employed both within the region and elsewiiere contribute heavily to high urbanization and high per capita income in the Northeastern States. Other labor income is a lower percentage of total payments because the region fared better in the poorer years of the period, and the low proportion of total payments appearing in the form of entrepreneurial withdrawals measures principally the fact that the farmer is a less important producer in the economy of this region. The North Central industrial States 2 exhibit average income levels and moderately high urbanization. Salaries and wages and other labor income are more important as sources of income payments and entrepreneurial withdrawals are less important than the proportion for the Nation. There is a definite tendency for this area to claim a declining proportion of total income payments for the country as a whole, but this declining proportion may be primarily a reflection of more rapid development in other regions. * The line of demarcation between this group and those identified as the North Central industrial and agricultural States is less marked than the recognizable differences between other regions, but income patterns in Ohio and Michigan, for instance, are sufficiently different from those in Missouri to validate the grouping here employed. Note in table 4 that the ratio of per capita income in the States to the national figure is higher in 1937 in every State in the "industrial and agricultural" group than the figures expressing this relationship for 1929 where it is lower for each State in the "industrial" group. Income levels and urbanization for the North Central industrial and agricultural States are of about the same magnitude as in the more industrialized States in this portion of the country, and salary and wage payments and other labor income are here also more important than for all States combined, but capital return items are below the national level. The position of the region relative to all other regions seems to be improving gradually, since per capita income moved from 102 percent of the national average in 1929 to 109 percent in 1937. The so-called heavy industries are more important here than in the Northeastern States, and agriculture plays a greater part in the economy of this region. These two factors combine to produce the greater fluctuations noted for this area in table 6 in comparison with variations in the Northeastern States. Urbanization in the North Central agricultural States is low, and per capita income is well under the average. Entrepreneurial withdrawals are of nearly twice their average importance because of the dominance of agriculture. Salaries and wages and capital return are lower relative to total payments than in any of the other areas. Cyclical changes were more violent than those displayed in the national pattern and timing was somewhat different; per capita income was cut in half between 1929 and 1932, improved between 1933 and 1936, and declined in the last 2 years of the period. The record of the region is largely the record of agriculture, and it was heavily influenced by the wide fluctuations in the prices of agricultural commodities, drought conditions, and Government crop-control programs which characterized all or part of the 10-year period. Per capita incomes in the Southeastern and South Central States were the lowest of all the regions. Total income payments in both areas had a relatively low capital return content, and high proportions of entrepreneurial withdrawals reflect again the importance of the farmer. Both areas exhibited some tendency to improve relative to the national levels. This trend is particularly 13 SURVEY OF CURRENT BUSINESS April 1940 apparent in the Southeastern States, where per capita payments moved from 55 percent of the average for all regions in 1929 to 61 percent in 1937 and 62 percent in 1938. Both regions are in a period of industrial development which will undoubtedly push per capita incomes to higher levels in the future. In the Western States, per capita income tends to be high, although urbanization is below average except in California. Income composition follows the national pattern rather closely. This region also appears to be improving relative to the country as a whole; per capita income was only 18 percent above the national level in 1929 but advanced to 29 percent above the average for all regions in 1938. This brief review indicates but a few of the major points of difference between regions, and incorporates only the concept of urbanization from among all of the important factors related to the levels, composition, and trends of income payments. Such population characteristics as age and racial distributions are also important. Of the total population of the State of New York in 1930, 61 percent were between 20 and 64 years of age, whereas the comparable figure for South Carolina was only 46 percent. These may be presumed to be the years of greatest income-earning capacity and some of the difference between the per capita incomes in the two States undoubtedly reflects the difference in age distributions of the inhabitants. Similarly, native white population in Indiana was 92 percent of total population in 1930, and the difference between average income in that State and per capita income in Alabama, for example, where the comparable figure was 64 percent, may trace in some measure to differences in racial composition. Such qualitative factors are important in any analysis of differences in levels, trends, and composition of income payments. One further consideration is important where these data are to be used for marketing control or similar studies of primarily a fiscal nature: the relative market for luxury items is probably not measured directly by the relationship of total income payments in two different States. Necessities tend to have a prior claim against income payments, and luxuries would be purchasable only after requirements for necessities have been met, so that a greater proportion of total income payments would probably be used in the purchase of luxury goods by residents of States with higher per capita incomes. Determination of what might be termed the relative necessity—luxury characteristics of a particular item will control the per capita amount of income to which there are prior or more important claims. Table 7.—Income Payments , by Type of Payment and by States, 1929-38 Millions of dollars] 1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 Type of payment Arizona Alabama Total Salaries and wages Other labor income Entrepreneurial withdrawals Dividends, interest, etc 848 642 507 423 393 536 566 685 708 659 257 222 182 136 132 162 182 211 242 227 511 13 246 78 441 14 117 70 349 28 72 58 264 21 97 41 251 30 74 38 299 44 150 43 318 41 162 45 373 64 192 56 414 43 187 64 376 57 169 57 173 5 52 27 149 5 43 25 121 9 31 21 93 7 22 14 83 11 25 13 95 19 32 16 108 18 38 18 122 26 40 23 146 18 51 27 130 22 51 24 Arkansas Total--. Salaries a n d w a g e s . .__ O t h e r labor income _ _ Entrepreneurial withdrawals Dividends, interest, etc__ California 555 412 332 298 275 355 381 455 465 450 5,406 5,095 4,405 3,506 3,326 3,731 4,141 4,962 5,317 4,956 290 15 201 49 254 16 104 38 198 33 71 30 153 30 92 23 144 27 80 24 164 37 124 30 175 39 137 30 194 57 166 38 208 42 174 41 198 3,222 3,077 2,619 2,117 1,920 2,104 2,325 2,648 2,957 66 178 234 72 142 107 132 260 46 354 930 720 811 879 732 587 623 170 954 1,038 729 771 1,006 1,062 912 695 651 36 1,188 1,067 2,826 311 909 910 Connecticut Colorado Total Salaries and wages Other labor income . _ _ Entrepreneurial withdrawals Dividends, interest, etc 642 626 528 393 383 435 477 573 629 572 1,473 385 11 146 100 353 11 166 96 299 22 124 83 240 17 68 68 215 23 86 59 235 36 96 68 252 41 110 74 289 64 124 96 321 51 157 100 300 53 135 84 968 14 129 362 1,369 1,211 951 907 1,023 858 15 121 375 733 29 109 340 566 22 87 276 547 29 83 248 Total Total . . . 1,279 1,382 1,218 684 45 103 275 767 72 117 323 867 48 128 339 754 68 122 274 253 220 203 158 152 174 196 231 233 198 624 637 615 550 486 546 620 738 776 760' 134 2 23 94 123 2 20 75 108 4 17 74 87 3 14 54 82 5 12 53 91 5 17 61 97 4 21 74 112 8 24 87 107 5 25 96 95 6 24 73 442 11 61 110 444 12 60 121 435 21 54 105 390 17 46 97 335 19 43 89 373 27 45 101 438 28 48 106 501 40 55 142 546 30 61 139 543 34 61 122 Georgia Florida Salaries and wages Other labor income _ ______ Entrepreneurial withdrawals Dividends, interest, etc 1,107 District of Columbia Delaware Salaries and wages Other labor income . _ _ _ _ Entrepreneurial withdrawals Dividends, interest, etc 617 41 96 269 737 672 590 475 447 551 612 741 813 773 965 807 680 564 556 699 765 889 914 870 453 11 146 127 407 11 142 112 349 23 127 91 287 17 95 76 260 27 91 69 310 38 117 86 344 34 130 104 393 58 150 140 436 41 165 171 427 52 150 144 595 15 262 93 538 16 166 87 463 34 105 78 366 23 110 65 354 30 110 62 405 47 176 71 441 49 199 76 488 74 227 100 536 47 223 108 505 59 216 90 14 SURVEY OF CURRENT BUSINESS April 1940 Table 7.—Income Payments, by Type of Payment and by States, 1929-38—Continued 1929 1930 1931 1932 1933 1934 1935 1936 1937 1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 Type of payment Idaho Total Salaries and wages Other labor income Entrepreneurial withdrawal: Dividends, interest, etc 237 214 169 134 121 3 76 14 99 124 135 Illinois 167 187 222 246 220 716 5,885 4,742 3,542 3,326 3,793 4,127 4,864 5,260 4,747 108 23 75 16 123 14 92 17 118 16 71 15 3,858 3,122 2,338 2,130 2,427 2,651 2,949 3,305 148 74 143 221 169 218 376 270 795 623 562 463 637 528 726 777 583 598 621 1,158 849 499 813 908 2,948 317 715 767 Indiana Total Salaries and wages Other labor income Entrepreneurial withdrawals Dividends, interest, etc Iowa 1,896 1,659 1,389 1,050 1,027 1, 230 1,361 1,306 1,122 33 35 340 293 217 209 918 66 233 172 682 53 180 135 648 56 204 119 766 75 253 136 849 79 288 145 1,650 1,782 1.584 991 1,134 137 95 334 353 188 200 953 139 319 173 366 1,332 1,060 714 752 859 975 1,158 1,144 642 21 522 147 438 29 157 90 377 34 268 73 414 44 310 91 450 44 388 93 492 86 460 120 529 54 442 119 677 19 513 157 554 42 348 116 1,032 957 781 557 534 19 350 129 491 20 341 105 418 36 239 335 24 131 67 557 29 169 61 651 705 811 847 325 39 341 45 238 81 372 73 262 104 408 48 278 113 78 771 961 826 692 568 522 654 717 846 893 51 219 102 560 18 256 127 505 20 179 122 420 41 132 99 322 31 131 84 308 36 101 77 349 41 176 88 389 46 191 91 437 79 223 107 473 57 255 108 441 62 234 93 Louisiana Total Salaries and wages Other labor income Entrepreneurial withdrawals Dividends, interest, etc Maine 864 762 666 526 498 602 648 756 811 807 463 453 403 320 310 341 370 414 429 389 531 13 196 124 499 14 133 116 420 31 113 102 327 26 92 81 306 34 91 67 343 42 134 83 371 41 148 88 405 65 174 112 467 46 169 129 464 57 172 114 285 9 84 85 270 10 87 86 240 17 62 84 192 13 47 68 184 15 49 62 204 19 53 65 216 21 67 66 234 33 73 74 256 19 77 77 231 27 65 999 681 3,483 3,164 2,606 2,389 2,599 2,740 3,040 3,148 2,906 53 129 209 2,207 1,950 1,547 1,423 1,542 1,664 1,798 1,933 145 168 254 52 60 112 98 110 183 244 265 287 345 317 286 238 219 306 643 701 875 723 637 726 816 1,765 140 293 608 Maryland Total Salaries and wages Other labor income Entrepreneurial withdrawals Dividends, interest, etc Massachusetts 1,112 1,073 953 783 732 825 883 1,003 706 13 136 257 659 14 120 280 575 29 106 243 463 23 88 209 429 28 91 184 479 42 106 198 524 38 117 204 586 63 133 221 1,092 661 42 142 247 Michigan Total. Salaries and wages Other labor income Entrepreneurial withdrawals Dividends, interest, etc. 3,610 3,061 Minnesota 2,507 1,903 1,665 2,163 2,497 2,986 3,355 2,808 2,498 2,111 1,676 1,313 1,155 1,489 1 732 1,971 2,346 1,824 243 40 45 101 77 92 125 122 196 123 375 436 374 305 246 242 303 347 405 447 636 531 425 267 176 246 296 414 439 461 1,381 1,201 904 879 1,019 1,135 1,359 1,417 819 22 357 183 578 34 162 130 511 41 211 116 857 20 390 194 717 50 268 166 Total Salaries and wages Other labor income Entrepreneurial withdrawals .Dividends, interest, etc 688 139 365 167 770 99 378 170 745 119 346 146 1,741 407 290 263 253 332 356 453 435 417 2,228 2,065 1,756 1,370 1,289 1,457 1,568 1,807 1,865 257 9 226 10 133 38 178 22 62 28 140 17 83 23 126 21 86 20 142 30 134 26 151 30 148 27 175 49 196 33 191 36 172 36 178 1,420 1,315 1,115 39 30 67 167 453 386 299 33 325 331 275 46 48 231 222 785 52 257 195 863 75 299 220 916 1,004 1,084 84 152 104 335 365 377 233 286 300 1,028 122 339 252 Nebraska 350 286 240 173 183 247 289 320 327 282 789 793 662 408 451 522 525 633 601 546 213 5 101 31 181 5 73 27 151 10 56 23 118 8 29 18 105 12 49 17 126 21 79 21 150 21 98 20 170 34 91 25 185 26 89 27 164 30 64 24 370 10 316 93 354 10 347 82 313 22 254 73 248 14 95 51 218 15 171 47 240 26 202 54 247 31 190 57 267 53 248 65 279 40 217 65 273 43 173 57 New Hampshire Nevada Total Salaries and wages Other labor income Entrepreneurial withdrawals... Dividends, interest, etc 620 82 300 133 535 Montana Total. Salaries and wages Other labor income _... Entrepreneurial withdrawals Dividends, interest, etc 565 77 245 132 Missouri Mississippi Total. Salaries and wages Other labor income Entrepreneurial withdrawals Dividends, interest, etc 513 65 453 105 Kentucky Kansas Total Salaries and wages Other labor income Entrepreneurial withdrawals Dividends, interest, etc 1,138 78 73 67 51 49 58 69 78 91 304 285 261 207 202 230 240 260 275 256 51 1 17 9 48 1 15 9 43 2 12 10 37 1 6 7 32 2 9 6 37 4 10 7 41 4 13 11 46 6 14 12 56 4 16 15 206 5 36 57 191 5 31 58 169 9 27 56 127 7 23 50 126 8 22 46 142 12 27 49 151 11 30 48 153 20 33 54 168 14 34 59 154 18 33 51 New Jersey 3,254 3,133 New Mexico 2, 812 2,604 162 147 127 97 101 129 143 172 181 173 1,450 1,592 1,766 1,638 162 117 197 142 325 275 313 332 479 508 559 572 93 3 52 14 87 3 43 14 77 7 30 13 63 5 19 10 59 6 27 9 65 14 40 10 74 16 40 13 86 23 48 15 93 15 55 18 89 16 52 16 2,770 2,235 2,013 2,222 2, 350 2,661 2,173 2, 033 1, 734 1,380 1,219 1,355 34 37 75 55 73 111 366 349 302 245 238 258 681 714 659 555 483 498 15 SURVEY OF CURRENT BUSINESS April 1940 Table 7.—Income Payments, by Type of Payment and by States, 1929-38—Continued 1930 1931 1932 1933 1934 1935 1936 1937 1938 1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 Type of payment New York Total Salaries and wages Other labor income Entrepreneurial withdrawals Dividends, interest, etc 14,038 13,391 11,617 9,176 8,766 145 1,711 3,416 8,291 162 1,579 3, 359 North Carolina 8,502 9,398 9,871 7,059 5, 386 4,875 5,451 5,805 246 349 549 295 485 993 1,102 1,222 1,349 1,060 2,914 2,484 2,285 2,360 2,295 11,043 11,515 10,684 992 828 714 589 637 822 870 993 1,063 994 6,361 675 1,376 2,272 595 11 283 103 550 13 167 98 466 31 129 88 367 21 128 73 376 29 157 75 432 39 263 88 469 39 268 94 526 67 282 118 583 40 313 127 556 56 275 107 6,296 827 1,369 2,551 6,766 589 1,445 2,715 North Dakota Total Salaries and wages __ Other labor income Entrepreneurial withdrawals Dividends, interest, etc Ohio 300 248 178 126 149 171 191 225 234 210 4,940 4 369 3,678 2,751 2,653 3,142 3,470 4,115 4,468 3,902 135 4 145 16 122 4 107 15 105 9 50 14 86 7 21 12 74 8 56 11 80 22 58 11 86 20 74 11 91 35 86 13 97 28 96 13 97 3,474 3 004 2,457 1,811 1,750 2,045 2,269 2,595 2 929 26 71 74 132 99 142 187 197 336 227 75 528 444 353 353 448 516 587 641 614 12 781 763 645 488 408 462 488 597 671 2, 419 310 568 575 Oregon Oklahoma Total , Salaries and wages __ Other labor income Entrepreneurial withdrawals Dividends, interest, etc 1,098 884 697 556 569 630 613 15 313 157 542 17 186 139 422 40 143 92 331 36 117 72 304 35 159 71 331 47 162 90 701 797 867 637 561 475 370 351 420 474 578 614 574 350 48 210 93 379 91 207 120 422 70 237 138 411 9 151 66 377 10 112 62 316 21 87 51 244 15 71 40 222 20 70 39 254 28 98 40 288 28 116 42 331 51 141 55 375 33 145 61 357 42 122 53 74 212 124 Pennsylvania Total Salaries and wages Other labor income Entrepreneurial withdrawals Dividends, interest, etc Rhode Island 7,177 6,638 5,612 4,258 3,999 4,603 4,934 5,716 6,092 5,358 573 531 482 394 365 394 424 468 494 448 4,906 4,476 3,663 2,744 2,556 2,966 3,149 3,539 3,950 82 763 86 676 164 568 1,426 1,400 1,217 3,322 493 621 922 389 8 48 128 348 9 44 130 299 19 38 126 231 19 32 112 223 13 29 100 242 14 32 106 270 18 35 101 288 32 39 109 314 24 42 114 278 37 39 94 114 453 947 191 416 836 263 489 885 366 330 507 677 550 615 905 1,055 1,099 South Carolina Total.. Salaries and wages Other labor income Entrepreneurial withdrawals Dividends, interest, etc South Dakota 475 394 339 282 301 380 406 477 499 471 315 305 249 135 159 189 203 251 227 228 287 7 149 32 267 8 85 34 229 18 62 30 186 11 61 24 189 23 65 24 218 28 106 28 233 26 118 29 263 48 129 37 294 31 135 39 275 39 122 35 134 4 157 20 129 5 151 20 112 11 109 17 91 7 24 13 79 12 56 12 82 29 65 13 91 22 76 14 98 36 102 15 103 29 80 15 106 29 2,491 Tennessee Total.... Salaries and wages Other labor income Entrepreneurial withdrawals Dividends, interest, etc Texas 916 772 639 522 505 664 717 838 880 819 2,672 2,303 1,922 1,587 1,585 1,857 2,004 2,348 2,637 571 16 229 100 523 18 136 95 424 36 101 78 326 28 108 60 327 29 92 57 394 41 160 69 428 42 174 73 477 71 199 91 524 46 213 97 485 1,494 1,392 1,176 58 32 34 79 194 750 518 381 82 396 359 286 947 55 349 236 Utah Total Salaries and wages.. Other labor income Entrepreneurial withdrawals Dividends, interest, etc Total 280 253 212 157 158 181 205 237 259 246 217 200 176 141 132 145 158 180 181 169 184 3 61 32 162 3 55 33 134 7 42 29 104 6 26 21 95 11 33 19 108 17 36 20 125 18 42 20 137 24 49 27 158 17 56 28 147 23 51 25 129 3 48 37 118 4 40 38 102 6 33 35 79 5 28 29 73 6 27 26 77 8 33 27 87 7 38 26 96 14 41 29 104 8 38 31 94 11 36 Washington 994 889 787 672 622 754 820 949 1,001 952 1,130 645 14 227 108 606 16 153 114 530 35 116 106 433 22 126 91 406 25 107 84 458 36 162 98 498 38 180 104 550 70 203 126 583 49 198 122 606 42 210 143 749 15 220 146 1,027 841 650 626 731 803 990 1,032 993 432 25 113 80 392 35 125 74 444 45 158 84 496 49 174 84 572 635 618 15 190 134 557 33 144 107 203 119 203 128 182 113 1,683 1,389 1,061 1,010 1,164 1,323 1,567 1,664 ,519 West Virginia Total --___. Salaries and wages _ Other labor income Entrepreneurial withdrawals Dividends, interest, etc Wisconsin 792 702 604 472 464 575 615 728 768 687 1,906 582 10 114 86 529 11 78 84 443 23 69 69 335 16 67 54 331 32 54 47 400 37 82 56 427 37 92 59 480 67 104 77 528 43 112 85 450 1,197 1,048 61 24 26 105 411 349 71 274 260 Wyoming Total Salaries and wages Other labor income Entrepreneurial withdrawals Dividends, interest, etc 964 1,034 1,165 1,331 1,319 132 100 103 180 122 612 490 550 584 698 428 303 317 419 486 Vermont Virginia Salaries and wages.._ Other labor income Entrepreneurial withdrawals Dividends, interest, etc 863 69 418 235 156 143 122 91 94 111 124 144 150 141 98 2 44 12 91 2 39 11 75 6 31 10 60 3 19 9 53 4 27 10 59 8 34 10 68 7 38 11 74 15 42 13 79 10 46 15 78 9 41 13 865 54 263 207 661 44 184 172 599 64 205 142 681 87 242 154 771 88 ?93 171 862 141 356 208 983 98 364 219 123 317 186 16 SUEVEY OF CURKENT BUSINESS April 1940 NEW OR REVISED SERIES Table 18.—INDICATED EXPENDITURES FOR BUILDING CONSTRUCTION (BASED ON BUILDING PERMITS)l [Monthly average 1929 = 100] Year and month January February.-. March April May June July August September-. October November-. December.. I Residential Total i : New nonresibuilding New ber con- Nofu mfamdential struc- ilies pro- residenbuildtial tion ings buildvided ings for Additions, alterations, and repairs for 1929 Monthly average.. 1930 Year and month Residential AddiTotal New tions, building Number New nonresi- alteracondential tions, struc- of fam- residen- buildand ilies protial tion ings repairs vided build- 73.7 85.7 68.1 51.7 70.2 64.4 51.7 35.9 63.7 61.6 44.8 30.2 81.3 107.9 89.6 74.3 95.0 115.2 95.2 66.1 2 69.8 2 55.6 2 50.1 2 88.3 2 92.9 ings 1934—Continued August . September. October November.. December.. 14.1 12.3 16.0 13.7 9.3 7.6 7.4 9.9 8.2 5.4 5.4 5.7 6.8 5.9 4.0 17.0 12.6 16.4 16.1 10.2 34.1 32.0 43.5 31.2 23.2 Monthly average.. 12.5 7.3 5.3 14.0 31.2 10.9 12.3 18.8 21.0 21.0 23.5 23.4 27.5 23.2 27.3 24.3 23.8 7.2 8.4 5.1 5.6 16.4 18.6 19.8 20.7 20.8 20.8 19.2 24.6 22.6 15.6 11.3 12.7 13.9 15.8 15.1 15.3 14.1 18.9 16.6 12.7 11.0 13.4 18.2 20.5 17.9 23.0 20.9 30.2 23.6 26.0 25.3 31.3 27.9 29.6 40.6 44.5 46.7 42.6 50.0 54.1 46.3 50.0 39.0 35.5 January February... March April May June July August September.. October November.. December.. 1935 January 34.2 29.4 64.3 55.1 43.0 34.7 51.8 57.5 February- _. 57.1 47.2 87.1 77.5 March 62.0 51.0 100.1 81.8 April 59.6 48.5 90.7 84.5 May 54.4 45.1 82.5 74.6 June 49.9 44.1 86.7 77.4 Monthly average.. July 21.4 13.1 42.2 17.9 21.8 48.7 43.4 67.2 58.6 August 1936 51.3 44.4 73.8 64.2 September.. 16.2 24.4 24.0 19.0 40.8 58.3 44.9 53.5 58.1 January October 21.0 21.6 36.1 17.9 15.4 52.9 42.5 54.4 37.8 February November.. March 39.0 48.1 34.7 29.1 23.3 45.0 37.6 64.3 53.5 December.. April 54.5 28.5 32.4 31.6 25.2 51.4 73.0 59.3 Monthly average.. 57.2 42.7 65.1 May 25.4 32.0 32.5 25.6 62.7 35.3 42.5 June 47.5 36.5 1931 64.1 25.7 42.0 51.6 41.8 43.4 55.5 July 39.1 30.8 January 70.3 27.7 38.8 40.8 33.4 43.8 48.6 August 40.3 30.3 37.9 February 59.0 25.1 34.0 September 38.1 29.4 76.4 58.0 October... 53.4 40.7 57.1 March 60.6 26.4 34.9 37.6 29.5 73.9 65.2 November 64.6 48.6 60.6 April 46.8 21.3 30.1 35.8 27.9 58.5 53.0 51.7 39.8 48.8 May 42.3 27.8 32.3 35.0 28.3 41.7 56.5 December 43.4 33.4 39.4 June 53.7 57.8 Monthly average.. 35.8 27.6 41.7 27.3 34.7 27.7 33.3 53.7 July 63.9 48.3 36.6 33.5 47.3 August 1937 41.8 41.0 30.1 24.8 33.5 September 24.9 46.2 26.2 20.1 27.2 January 34.8 39.8 33. 7 25.4 30.8 October 25.6 60.3 34.5 38.1 29.2 32.7 33.6 February 23.8 19.0 26.2 November 37.1 65.1 46.0 March 51.4 40.3 32.9 27.3 April 14.7 11.8 22.3 December 34.7 76.1 47.2 52.0 41.6 31.0 69.2 39.5 49.8 48.7 May 38.9 30.5 40.4 Monthly average.. 39.5 32.2 29.8 74.9 40.9 June 41.2 34.1 1932 30.8 69.1 35.8 July 31.8 25.7 10.2 25.8 August 14.4 25.0 January 34.0 73.3 37.7 33.3 25.9 9.1 26.7 September 16.5 13.0 February 30.0 64.6 34.8 32.7 25.7 27.0 October 18.1 15.4 10.7 March 36.5 51,7 33.4 28.7 21.7 32.0 November 25.0 9.7 13.4 April 22.9 47.2 26.8 26.2 20.4 27.3 39.3 7.9 11.3 May 40.8 55.4 40.1 December 37.9 29.5 28.2 24.6 7.9 10.6 June 22.8 Monthly average.. 16.1 31.5 5.6 62.8 36.6 28.9 37.0 8.2 July 24.9 15.7 6.8 9.7 August 1938 21.7 11.4 7.5 10.8 September 36.3 48.8 45.3 69.8 46.5 22.8 January 12.6 6.6 9.5 October 29.1 49.5 26.7 23.1 15.5 14.9 February 21.8 4.9 6.4 November 25.4 54.7 32.3 March 36.5 26.7 13.7 17.3 3.6 5.0 December 29.0 63.3 36.1 April 39.4 28.9 20.4 54.7 32.1 May 20.3 24.0 7.5 10.6 41.2 30.1 Monthly average.. 28.0 56.5 37.2 June 43.9 33.3 1933 29.3 54.8 42.4 55.1 41.9 26.8 16.2 July 3.4 4.9 January 28.0 56.5 41.4 August 55.0 40.7 8.9 14.2 September 4.6 5.6 February 30.5 52.9 41.2 55.2 39.3 6.9 20.9 October 4.2 7.2 March 36.4 59.6 42.7 49.9 36.2 9.9 22.6 November 4.6 7.4 April 33.4 45.9 38.7 47.6 34.2 33.8 29.8 December 8.1 11.9 May 40.9 44.2 38.5 39.8 29.0 11.5 33.3 8.8 12.3 June 53.5 30.6 33.4 46.4 38.0 10.9 26.7 Monthly average.. 8.0 10.2 July 29.4 7.1 10.4 8.9 August 1939 25.5 J a n u a r y . . 8.6 12.8 11.8 September 39.7 49.5 32.7 49.0 40.9 30.1 February 5.2 6.5 13.1 October 24.4 52.7 39.3 59.4 39.6 18.3 March 8.6 12.1 10.3 November 34.2 61.8 46.6 62.1 43.6 23.5 April 4.6 6.7 13.8 December 29.0 68.0 43.5 57.1 40.4 32.7 67.6 53.8 May 77.8 55.7 24.2 14.1 6.3 8.8 Monthly average.. 46.0 63.6 54.0 June 66.6 47.9 1934 38.7 58.6 49.5 July 64.3 46.2 24.2 August 10.5 3.7 January 31.7 65.5 53.2 77.6 55.9 22 2 September 10.3 3.2 3.8 February 41.2 57.4 47.9 59.0 42.1 27'. 0 October 10.9 5.7 7.2 March.. 33.9 58.6 46.3 59.4 44.1 30.1 November 13.6 9.0 6.7 April 30.1 46.5 46.8 73. 6 50.4 36.4 December 20.4 10.2 7.3 May 24.9 38.5 40.5 67.0 44.8 34.4 12.6 7.2 5.3 June 57.4 33.9 45.3 64.4 46.9 35.8 Monthly average. 16.8 5.3 7.8 July 1 Compiled by the U S. Department of Labor, Bureau of Labor Statistics. At a later date, these indexes will be substituted for the data relating to building permits (number of buildings and value for new residential and new nonresidential buildings, and additions, alterations, and repairs) in 1,790 cities which are currently shown in the SURVEY on p 21. The indexes offer a somewhat more satisfactory basis for the analysis of trends, in that they are available over a longer period; the discontinued series were available onlv since 1936. and historical analysis required the linking of the statistics to earlier data for a smaller number of cities. m # m 'The indexes are based on cities varying in number from 257 in 1929 to over 2,000 in 1939. Prior to 1933, only cities with populations of 25,000 or more were included; in 1933 the 10,000-25,000 population group was added, in 1936 cities having population of 2,500 or more were included, and beginning 1938, a small group having populations of from 1,000 to 2,500 was added. In 1938, the aggregate coverage was about 90 percent. . . The 1929 base is derived from annual totals for 257 cities; monthly figures are available only beginning in September of that year. The indexes are derived by the linkrelative method to overcome the limitations of a shifting sample. Basic data from which the indexes are derived appear each month in "Building Construction," a publication of the Bureau of Labor Statistics. 2 Average for 4 months, September-December. April 1940 17 SURVEY OF CURRENT BUSINESS Table 19.—EMPLOYMENT AND PAY ROLLS IN NONMANUFACTURING INDUSTRIES 1 [Monthly average 1929 = 100] 1929 1930 1931 1933 1934 1935 1936 1937 1938 19391929 1930 I 1931 1932 1933 1935 1936 1937 1938 1939 Pay rolls Employment Month 1934 Total retail trade i January February.-. March April May June July August September.. October November.. December.. 99.0 96.4 97 5 98.6 99 4 100.0 98.1 98.7 99.9 101.4 102.3 108.9 96.5 94.3 94 4 95.2 95.0 93.5 91.4 89.6 91.8 92.7 93.1 98.7 89.2 86.7 86.4 87.8 87.6 87.3 84.0 81.2 82.5 84. C 83.4 89.2 79.1 77.3 77.2 77.0 75.7 74.6 71.6 70.3 72.4 74.1 73.1 78.5 69.6 68.3 67.0 71.2 70.2 71.3 70.1 73.7 78.7 81.0 81.5 87.4 78.0 77.9 79.7 80.9 82.0 82.1 79.4 78.6 82.3 83.3 84.7 92.2 80.6 83.3 88.8 87.5 85.4 80.6 82.9 88.7 86.1 84.9 81.7 84.7 91.6 86.5 86.9 85.0 87.9 92.0 91.0 88.5 83.9 87 9 93.0 87.0 88 8 84.1 88.3 93.5 86.8 89.4 82.0 86.6 91.3 84.6 87.2 81.0 86.0 90.0 83.6 86.3 84.5 89.8 94.0 87.6 90.5 86.3 91.6 95.3 88.7 91.7 87.2 93.0 94.9 89.8 93.3 95.6 102.6 103.9 100.9 104.2 97.6 95.5 97.2 99.1 99 6 101.1 100.4 99.0 101.2 102.4 100.9 106.1 95.0 93.4 93 6 94.4 Q4 4 94.3 90.6 87.2 88.8 89.3 88.4 91.7 84.2 82.5 82.9 83.1 82.8 82.4 79.4 76.1 76.4 76.6 75.8 78.3 69.8 67.2 66.8 65.8 63.8 61.1 57.8 55.7 57.1 58.1 56.9 59.0 53.3 51.1 48.7 51.4 51.3 52.3 52.0 55.2 59.1 61.4 61.4 64.6 59.6 59.7 60.9 62.8 63.7 64.3 63.4 62.0 64.6 66.1 66.4 71.2 64.8 65.0 66.3 68.7 68.4 69.2 67.7 66.8 70.1 70.9 71.2 77.1 69.1 68.8 70.8 72.8 73.5 74.2 72.9 72.4 74.7 76.6 78.6 84.6 76.4 76.3 79.3 80.9 82.8 83.6 82.2 81.7 83.7 85.3 84.4 89.9 78.6 76.8 77.0 80.5 78.5 77.8 76.3 74.9 77.2 78.8 79.4 87.4 77.6 76.5 77.7 79.6 79.9 81.1 79.5 78.0 80.9 83.2 83.6 91.8 Monthly average- 100.0 93.9 85.8 75.1 74.2 81.8 84.4 100.0 91.8 80.0 61.6 55.2 63.7 68.9 74.1 82.2 78.6 80.8 97.6 96.4 90.8 94.8 93.1 87.5 96.1 92.7 88.6 95.7 95.3 89.3 96.7 94.2 89.0 97.6 93.7 88.4 Qfi 8 88.0 82.7 93.7 84.1 79.1 98.1 89.3 84.4 102.5 92.9 85.8 105.6 95.0 87.4 124. 7 109.2 101.3 78.5 73.5 73.5 72.6 70.8 67.9 61.5 58.7 64.5 67.8 67.9 79.3 61.4 57.6 54.1 61.7 59.8 60.8 57.1 61.9 71.6 74.7 75.1 89.1 69.6 69.8 72.4 79.6 80.7 67.5 68.9 70.1 78.7 77.9 69.7 70.6 73.3 83.5 78.6 72.0 74.6 77.3 84.9 86.3 72.7 72.8 76.8 87.2 80.9 72.1 73.3 77.5 88.3 80.9 67.8 69.0 73.9 83.9 77.5 65.3 66.7 73.0 82.2 76.0 71.7 73 6 78 8 88 3 81.9 74.7 76.1 83.0 91.7 84.7 77.1 78.3 86.9 92.6 88.0 95.4 100.1 111.4 118.8 118.6 80.7 78.1 80.3 83.5 83.6 85.1 81.3 78.6 85.3 88.5 92.4 125.8 100.0 87.9 69.7 65.4 73.0 74.5 79.5 88.3 84.3 86.9 102.6 99.9 102.6 100.9 105.4 103.7 104.8 98.6 106.2 99.5 109.2 98.8 108.5 98.5 108.6 96.8 107.9 95.1 106.5 94.4 105.1 94.6 107.9 93.2 89.9 87.8 87.1 83.9 85.1 80.8 79.1 76.5 75.1 74.5 73.5 73.3 73.1 71.8 72.3 69.6 70.1 69.8 70.0 70.5 71.3 75.5 73.7 73.9 72.9 73.0 74.4 75.6 76.0 76.1 79.1 78.1 77.6 78.4 77.7 77.9 77.9 78.0 79.3 78.5 79.3 79.6 81.2 82.6 84.2 84.0 83.2 86.2 85.4 84.4 85.7 86.3 87.2 88.2 90.0 89.9 91.7 92.7 92.1 94.3 93.3 94.3 96.0 96.4 98.7 101.2 103.5 104.1 105.4 106.1 104.8 103.6 100.4 99.9 100.0 98.9 98.7 99.8 99.4 100.0 99.3 100.9 99.6 99.4 97.3 97.7 98.2 98.3 99.9 101.2 101 i 102*2 102*2 102.0 102 5 102.4 97.8 80.6 71.8 76.4 81.2 89.0 100.6 99.7 100.4 88.7 93.1 88.3 89.8 Retail trade, general merchandise January February... March April May June July August September.. October November.. December. . 98.7 95.6 92.0 84.8 76.3 83.8 82.6 83.5 90.0 87.0 86.6 94.7 91.9 89.2 81.2 73.7 81.9 81.6 81.0 89.3 84.9 85.2 96.3 91.7 90.7 82.6 71.6 86.2 84.0 86.3 95.4 86.5 89.1 95.7 95.6 92.9 82.8 82.7 87.4 90.7 92.9 94.7 98.2 92.7 97.2 94.2 92.6 82.3 79.2 88.9 86.8 90.6 97.3 88.4 92.8 96.6 91.3 91 ? 80.3 80.6 88.1 86.5 91.4 97.9 88.0 93.3 92 ?, 85.9 84.5 74.2 75.9 80.7 81.3 86.3 91.6 84.4 88.2 91.5 82.3 81.5 71.7 78.1 78.8 78.9 85.1 89.5 82.9 86.3 96.4 89.5 88.6 78.8 88.0 88.3 87.5 93 8 98.7 92.7 95.8 101.6 93.9 92.1 83.6 92.2 90.9 92.2 98.6 102.6 95.2 98.9 107.7 97.2 94.1 84.6 95.0 96.7 96.5 103.6 104.1 100.1 105.9 131.4 117.9 116.1 104.4 117.6 125.2 126.9 137.9 140.4 139.5 146.4 Monthly average. 100.0 93.9 92.1 82.6 84.2 89.7 89.6 94.3 99.3 94.0 96.8 93.7 Electric light and power January February..... March. April. May June July August September October November. December 94.3 94.2 94.1 97.1 99.2 99.9 102.0 104.3 104.2 104.0 103.5 103.3 Monthly average 100.0 105.0 102.3 100.9 101.8 99.3 102.6 98.0 103.6 97.8 105.3 98.1 106.4 97.5 107.7 97.1 108.2 96.2 106.9 95.1 105.6 93.6 104.9 92.2 104.5 91.3 90.4 88.2 86.6 85.3 84.1 82.8 81.6 80.8 80.5 78.9 78.1 77.4 77.1 76.7 76.1 76.0 76.2 76.0 76.2 76.5 78.1 79.5 79.7 79.8 78.7 77.9 78.1 78.6 79.2 79.8 80.6 81.3 81.3 81.0 80.8 80.2 79.6 79.2 79.4 79.4 79.9 80.4 81.3 83.0 83.3 83.5 84.0 83.4 82.7 82.6 83.1 84.4 85.3 86.4 87.8 89.0 89.7 89.9 89.7 89.8 88.9 89.1 89.4 89.9 91.3 93.0 94.4 95.1 95.5 95.0 94.0 92.9 91.1 90.1 89.5 89.1 89.0 89.4 89.3 89.7 89.4 89.4 88.9 88.5 87.4 86.9 87.0 87.7 88.2 89.2 90.0 90.6 90.6 90.4 90.3 90.1 93.1 92.8 96.0 96.8 98.8 99.7 101.3 103.0 105.0 104.1 102.9 106.4 96.4 82.9 77.3 79.8 81.4 86.7 92.4 89.5 89.0 100.0 106.3 Street railways and busses January February.. March April May... June July August September October..November December.- 99.1 95.6 97.8 94.9 98.6 95.6 100.5 95.4 100.7 94.9 102.0 95.0 102.0 92.8 101.0 91.8 100.4 91.0 L5 89.6 i.3 88.7 97.4 86.9 86.7 86.5 86.8 85.9 85.1 85.1 84.1 83.4 82.2 81.1 79.7 79.1 78.5 77.2 77.5 76.4 76.1 75.3 73.8 73.3 72.2 72.0 71.8 71.1 71.1 70.6 70.3 70.2 70.3 70.4 70.7 70.9 72.0 72.6 72.6 72.3 73.0 73.7 74.4 74.8 75.5 75.6 75.5 75.2 75.1 74.9 74.4 74.7 74.7 75.0 75.3 75.6 75.8 75.7 75.6 75.5 75.7 75.8 75.5 75.8 76.8 76.6 76.8 77.2 77.5 78.2 78.3 78.9 79.4 79.4 79.2 79.2 79.3 79.8 80.0 80.4 80.4 80.7 80.7 81.0 80.8 80.5 80.3 79.6 78.4 78.1 78.3 77.8 77.3 77.0 76.3 76.0 76.8 76.3 76.2 76.0 76.1 76.3 75.9 76.3 76.8 76.5 76.6 76.6 77.0 76.8 76.4 98.5 97.6 98.5 99.6 101.1 101.4 .101. 5 101.7 101.2 100.1 98.7 100.0 98.0 96.0 96.0 97.5 96.3 97.1 95.1 91.8 90.2 88.8 87.8 88.2 85.2 86.7 87.8 86.2 84.7 84.2 82.4 80.7 79.9 78.1 79.0 77.3 74.8 73.9 73.0 71.3 71.3 69.3 65.5 62.9 61.6 60.5 60.8 61.3 60.2 59.8 58.8 57.3 57.6 57.1 56.4 57.2 56.7 58.7 58.6 58.8 58.3 59.2 61.3 62.0 62.1 62.4 62.8 61.8 61.3 61.8 60.9 61.4 61.7 62.2 62.6 62.4 62.7 62.7 62.3 62.3 62.9 63.1 62.8 65.1 63.9 67.1 66.8 65.0 65.2 65.7 65.3 65.3 65.2 66.6 68.5 68.5 66.9 67.6 68.3 68.5 69.0 70.0 69.8 72.0 70.5 70.4 70.8 71.0 69.7 69.4 69.2 69.2 70.1 68.6 67.8 68.4 67.1 67.5 67.4 68.6 70.0 68.7 69.3 68.4 68.9 70.0 69.4 69.8 69.2 71.2 69.4 69.6 Monthly average. 100.0 93.6 84.5 75.3 71.1 74.5 75.4 77.8 80.3 77.3 76.4 100.0 93.6 82.7 67.2 58.1 61.3 62.7 66.1 69.6 68.6 69.5 Telephone and telegraph January February March April May.. June July... August September October November. December--. 94.3 101.6 95.3 100.2 96.5 99.4 97.8 98.9 100.4 99.7 101.5 99.8 102.6 100.0 103.7 98.8 102.5 96.8 101.9 94.5 01.9 93.0 101.8 91.6 90.5 89.2 88.6 88.1 87.4 86.9 86.6 85.9 85.0 84.1 83.5 83.1 83.0 82.0 81.7 81.2 80.6 79.9 79.1 78.1 77.4 76.2 75.6 74.9 74.7 74.0 73.3 72.4 70.3 69.4 68.7 68.3 68.5 69.0 69.2 69.7 70.5 70.1 70.4 70.6 70.6 70.8 71.4 71.5 71.4 70.8 70.4 70.2 71.1 70.6 70.4 70.3 70.6 70.9 71.0 71.2 71.1 70.7 70.6 70.4 70.9 70.7 71.0 71.7 72.5 73.0 74.0 74.4 74.7 74.8 74.7 74.6 75.4 75.8 76.5 77.7 78.8 79.6 80.8 80.9 80.9 80.7 80.0 79.1 78.9 76.8 76.0 75.9 76.1 75.9 76.0 75.9 76.0 75.8 75.4 75.3 75.1 74.3 74.4 75.1 75.8 76.4 76.5 76.6 76.4 76.5 76.1 75.8 94.5 93.0 98.7 98.3 99.4 100.0 104.1 101.8 100.4 105.1 101.2 103.9 105.1 101.9 105. 8 103.4 103.2 103.4 106.6 102.5 102.2 100.9 97.9 101.3 96.3 94.8 97.9 95.0 94.1 95.0 93.3 92.3 92.1 91.6 89.7 92.7 89.0 89.5 88.1 83.3 82.8 82.1 79.6 79.1 75.9 75.8 74.4 73.6 71.9 69.6 74.9 76.4 72.1 68.5 73.9 77.6 71.8 71.0 76.3 78.6 68.1 69.5 74.2 77.5 68.8 72.1 74.8 80.0 66.9 72.0 75.5 78.9 67.1 73.1 76.9 81.5 66.5 74.8 76.7 82.8 65.0 73.0 75.0 80.4 67.5 75.8 76.2 84.8 68.2 73.1 76.2 83.3 68.2 74.1 76.9 84.1 85.4 95.7 84.0 91.8 89.0 94.6 88.2 93.5 91.4 93.2 90.5 92.8 94.0 92.8 94.0 93.2 94.3 94.6 96.9 97.3 93.4 95.0 96.7 94.5 96.9 97.2 96.4 97.4 Monthly average 97.9 100.0 97.9 86.6 79.1 70.6 70.7 70.7 73.1 78.9 76.2 75.8 100.0 102.9 93.7 81.1 68.5 91.5 95.6 72.2 75.6 80.5 94.1 93.6 93.8 94.0 95.7 95.7 1 Revised series. Compiled by the U. S. Department of Labor, Bureau of Labor Statistics. The retail trade indexes have been adjusted to conform in general with the levels indicated by the censuses of retail distribution of 1929, 1933, and 1935. At the same time, the method of weighting the subgroups which make up the totals was revised. Data for the 3 public utilities have been adjusted to conform in general with the censuses of electrical industries for 1932 and 1937. In the electric light and power and street railway industries, revisions resulted from changes in the composition of the sample used, in addition to the adjustments to census data. A complete description of the revisions, together with data for other retail trade groups, is available upon request to the Bureau of Labor Statistics. 18 SURVEY OF CURRENT BUSINESS April 1940 Table 20.—WHOLESALE PRICE OF CORN, NO. 3, YELLOW, CHICAGOl [Dollars per bushel] 1913 January February March April May June July August September October November December 1914 1915 1916 i 1917 1918 ! 1919 1920 1921 1922 I 1923 ! 1924 1925 i 1926 .. M o n t h l y average January. _ _ February.. March April May June July August September October November December. Monthly avera; .55 .50 i New series. Compiled by the U. S. Department of Agriculture, Bureau of Agricultural Economics. The selling price is weighted by the number of carlots sold at each price as reported in the Chicago Daily Trade Bulletin. The annual average is an unweighted average of the monthly data. This series replaces the data for No. 3 yellow, Kansas City, formerly shown in the SURVEY. The Kansas City market is decreasing in importance and there are many months in which no transactions take place in the discontinued grade. Table 21.—SHIPMENTS OF ROLLED AND FINISHED STEEL PRODUCTS—U. S. STEEL CORPORATION1 [Thousands of short tons] Year 1902 1903 1904 1905 1906 1907 1908 1909 1910 1911 1912 1913 1914 1915 - -- Total Monthly average 8 913 8 129 7 325 10,142 11 254 11 511 6 820 10 612 11 777 10 340 13 771 13,387 9,935 12 826 743 677 610 845 938 959 568 884 981 862 1,148 1,116 828 1 069 Total Monthly average Year 1916 1917 1918 1919 1920 1921 1922 1923 1924 1925 1926 1927 1928 . . _ - 17 105 16 919 15,570 13, 470 15 534 8 758 13 127 15 870 12 705 14 753 15 771 14, 310 15, 400 Month January February March April May June 1 425 1,410 1,297 1,123 1,294 730 1,094 1 322 1,059 1 229 1,314 1,112 1, 283 - . -. July Auaust September. __. - . . October .. November December.. . . . . . Total Monthly average... 1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 1,365 1,388 1,606 1,617 1,702 1,529 1,480 1.500 1,263 1,333 1,110 932 1,218 1,262 1,367 1,310 1,326 1,083 1,041 1,044 954 861 740 636 879 835 993 957 837 717 652 626 532 520 474 383 465 449 422 430 370 356 295 316 341 337 299 250 313 302 279 366 498 663 772 735 634 633 473 656 366 426 650 710 823 1,086 407 414 405 375 401 460 587 643 733 650 659 636 603 687 676 756 752 730 795 747 864 1,081 1,087 978 1,050 1,020 1,061 1,109 974 1,179 1,264 1,253 1,563 1,485 1,443 1,405 1,315 1,226 1,161 876 649 540 570 522 627 551 510 525 485 616 636 730 749 766 16,813 12, 798 8,399 4,324 6,354 6,501 700 360 529 542 1,401 1,066 8,086 11,905 14, 098 674 992 1939 871 747 845 772 796 808 745 886 1,087 1,346 1,406 1,444 7,316 11, 707 1,175 610 976 1 Revised series. These data represent shipments of rolled and finished steel products of the U. S. Steel Corporation in terms of net tons. Data formerly shown on a gross tonnage basis have been converted to net tons in conformity with management operating statistics as they are now regularly compiled by the Corporation. 2 Totals 1929-39 include year-end adjustments not contained in monthly figures. Table 22.—RAYON STOCKS1 Table 23.—WHOLESALE PRICE OF PORTLAND CEMENT x [Millions of pounds] [Monthly average 1926=100] Month 1939 1930 1931 1932 1933 1931 1935 1936 1937 1938 January . . February March April May June July August September . October .._ November December 21.1 22.7 24.3 26.5 27.7 28.5 31.0 31.5 29.7 28.7 31.4 33.0 32.7 29.3 26.6 21.6 19.6 19.8 19.3 19.1 20.1 23.5 25.9 28.0 29.5 30.5 31.1 33.7 37.4 36.9 32.0 21.4 13.9 10.4 9.8 10.2 12.4 16.5 24.0 21.4 14.1 9.7 6.4 4.8 4.1 4.5 7.5 11.6 11.9 11.9 15.5 19.1 21.4 21.4 21.9 24.2 26.6 25.3 25.4 22.7 17.9 20.1 28.3 35.1 37.1 37.5 35.9 30.8 25.8 25.1 26.4 25.4 26.1 25.9 27.5 28.2 29.9 27.7 21.7 15.1 13.3 11.8 8.5 3.9 4.0 3.5 3.5 3.5 3.2 3.3 4.6 6.9 13.9 28.4 44.5 56.8 59.9 61.1 64.4 65.9 67.8 67.0 53.6 41.1 34.6 36.1 40.0 39.5 39,5 39.6 41.4 43.4 41.7 33.3 26.4 19.3 13.1 9.4 7.7 6.4 Monthly av 28.0 23.8 24.7 11.4 20.6 28.8 20.0 14.7 52.6 26.8 i New series. Compiled by the Textile Economics Bureau, Inc., and published in the Rayon Organon. Rayon stocks represent stocks of all finished rayon yarn, including viscose, cuproammonium, introcellulose and acetate (partially estimated) held by producers. This poundage series replaces the data previously shown, which were based on number of months supply. Data are based on reports from approximately 90 percent of the industry, with the remaining 10 percent estimated. Year Index 1926 1927 1928 1929 1930 1931 1932 100.0 95.4 92.5 89.0 89.8 74.8 74.3 Month 1933 1934 1935 1936 1937 January February.-. March April May June July August September.. October NovemberDecember-. 83.2 83.5 83.7 83.8 83.5 83.4 90.7 93.5 93.5 92.7 92.9 93.0 93.4 93.4 93.3 92.5 92.4 93.2 93.2 93.2 93.2 93.2 93.2 93.2 93.0 92.7 92.8 93.0 93.2 93.0 93.0 93.0 92.3 92.1 92.4 92.3 92.5 92.4 92.4 92.4 92.4 92.4 92.4 92.4 92.4 92.4 92.1 90.3 89.3 89.3 89.1 89.1 89.1 89.0 88.9 88.8 88.6 88.3 88.8 89.7 90.1 89.9 91.0 91.0 90.7 90.7 90.6 90.6 M o n t h l y av 88.1 '3.1 92.7 92.2 89.0 90.3 I 91.3 1938 1939 90.6 91.2 91.5 91.5 91.5 91.5 91.5 91.3 91.3 91.3 91.3 91.3 1 Revised series. Compiled by the U. S. Department of Labor, Bureau of Labor Statistics, and is based on wholesale prices of Portland cement, delivered at 48 cities. This index replaces the former series shown on p. — which was based on an average of maximum mill prices at 6 plants. The series is calculated from prices to dealers as reported by manufacturers. Prices are per barrel, gross in cloth, with the cost of the package and trade and cash discounts excluded, and are in carlot quantities, f. o. b. car's destination. In constructing the index the price at each city was weighted by the estimated consumption of cement in the area considered to be represented by the price at that city. 19 SURVEY OF CURRENT BUSINESS April 1940 Monthly Business Statistics The data here are a continuation of the statistical series published in the 1938 supplement to the SURVEY OF 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. 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 1940 February February March April May June 1940 July August September Decem- JanuOctober November ary ber BUSINESS INDEXES INCOME PAYMENTS! Adjusted index 1929=100 Total mil. of doL. Salaries and wages: Adjusted index 1929=100 Total mil. of dol. Commodity-producing industries..do Distributive industries do Service industries do Government doWork-relief wages doDirect and other relief do Social-security benefits and other labor income mil. of dol. _ Dividends and interest do Entrepreneurial income and net rents and royalties mil. of doL. Total nonagricultural income do Adjusted index of nonagricultural in come ..1929=100. p 5, 554 P86. 0 v 3, 682 v 1, 325 P870 P,831 P514 v 142 v 147 P455 v 1,175 p 5, 071 83.0 5,247 83.0 5,654 83.4 5,432 84.1 5,918 83.7 5,695 85.4 5,400 6,010 88.0 6,195 88.5 5,804 '89.5 ' 6, 888 '89.5 6,065 81.0 3,550 1,212 849 799 510 180 90 81.4 3,598 1,235 862 806 520 175 87 82.8 3,665 1,281 874 815 530 165 85 82.8 3,516 1,271 868 810 422 145 85 84.0 3,560 1,318 871 813 423 135 87 84.5 3,692 1,357 892 821 507 115 87 86.6 3,858 1,434 922 835 539 128 87.3 3,834 1,421 911 839 531 132 87 ' 3, 878 1,413 942 851 '534 138 87 '87.2 ' 3, 721 ' 1, 337 892 837 '517 '138 94 139 471 145 920 136 849 145 451 135 805 129 496 1,137 4,943 1,103 5,453 1,109 5,222 1,291 5,364 84.3 85.4 85.5 1,157 4,887 86.7 128 783 1,338 5,510 82.0 3,522 1,215 826 796 503 182 93 84.1 5,727 82.1 3,575 1,235 850 797 506 187 95 133 433 148 772 1,066 4,848 84.4 1,137 5,256 133 760 1,121 5,192 84.8 83.8 87.0 1,258 5,217 143 855 1,252 1,277 ' 6, 306 ' 5, 516 132 1,514 '89.9 '89.8 INDUSTRIAL PRODUCTION {Federal Reserve) Combined index, unadjusted 1923-25 = 100.P110 99 95 100 112 97 124 120 124 117 v 109 Manufactures, unadjusted do 99 100 110 95 96 121 122 97 123 116 v 104 85 84 99 83 Durable goods* do 129 123 85 84 86 125 117 28 127 100 59 66 142 91 Automobiles do 105 93 106 108 128 98 98 100 98 43 48 Cement do 65 79 99 49 90 75 121 165 78 112 165 133 93 Glass, plate... do 138 222 91 200 191 232 103 120 93 89 79 92 116 152 Iron and steel do 93 87 152 138 155 111 119 108 107 111 v 114 122 Nondurable goods* do 111 114 '106 106 116 122 ' 131 '121 '105 '106 '•127 v 121 ' 120 Leather and products do 103 '114 '111 110 '126 r 113 217 221 215 211 202 233 Petroleum refiningf do 222 211 214 229 201 208 122 123 112 102 109 126 110 111 Rubber tires and tubesf do 118 118 115 114 104 80 91 86 92 118 84 83 102 Slaughtering and meat packing do 97 111 119 84 81 112 121 105 104 117 103 115 Textiles do v 114 129 131 119 112 100 180 181 186 172 151 171 147 Tobacco manufactures do 155 179 175 158 156 151 96 123 105 97 113 107 105 v 116 Minerals, unadjusted do 132 127 ' 120 102 88 53 72 51 73 44 P54 66 Anthracite do 74 62 81 58 50 83 75 90 63 40 68 '84 P93 Bituminous coal ...do 104 102 ' 101 88 77 26 159 187 132 82 150 0 Iron-ore shipments do 0 218 130 0 0 0 0 68 67 71 80 65 75 Lead do 81 72 86 79 88 70 70 129 179 173 177 178 166 Petroleum, crude do P189 183 185 184 171 '181 174 78 98 105 69 59 108 Silver do 90 106 98 94 90 102 87 93 87 90 84 124 93 Zinc do 106 123 117 96 94 121 103 111 98 92 101 99 Combined index, adjusted do P109 121 128 124 92 119 104 111 97 91 100 v 108 97 Manufactures, adjusted do 121 129 124 92 118 92 103 82 71 88 Durable goods* .do 84 p 103 80 123 141 76 130 122 89 85 81 73 87 100 Automobiles ...do 91 P127 78 127 87 90 128 76 78 79 75 82 80 90 71 Cement do 87 96 81 91 80 121 165 124 89 87 133 131 Glass, plate do 165 222 232 83 191 200 105 121 89 73 100 83 111 88 Iron and steel do 157 173 79 167 143 115 117 110 108 110 Nondurable goods* _ do v 111 109 110 119 120 '105 118 114 ' 118 '105 '110 '115 '115 v 119 Leather and products do ' 109 '121 ' 125 ' 123 '115 '120 ' 116 218 221 215 211 212 Petroleum refiningf do 232 221 228 214 201 202 209 122 123 112 102 111 Rubber tires and tubesf do 126 118 110 118 115 109 114 104 92 100 87 94 89 Slaughtering and meat packing do 100 99 99 100 100 83 89 90 120 121 111 104 111 Textiles do 108 125 123 126 114 109 110 97 168 164 170 170 158 Tobacco manufactures do 166 170 186 172 167 162 164 91 164 114 104 98 106 121 Minerals, adjusted _..do v 121 120 124 '125 110 110 53 71 95 59 73 53 Anthracite do P51 58 59 60 75 61 61 77 84 71 80 46 75 Bituminous coal do ?87 94 83 91 ' 91 79 77 78 97 67 31 55 74 Iron-ore shipments do 0 128 0 155 0 0 0 71 71 70 82 0 68 Lead do 78 70 78 83 87 73 69 127 174 170 175 71 174 Petroleum, crude do p 193 181 189 187 '189 169 79 173 104 107 71 174 70 Silver do 91 105 91 89 93 100 86 90 101 91 Zinc do 110 116 121 117 114 87 90 91 * Revised. p Preliminary. *New series. For indexes of durable and nondurable goods production beginning 1919, see table 8, p. 14, of the March 1939 Survey. fRevised series. Petroleum refining, revised beginning 1934, and rubber tires and tubes, beginning 1936; see table 36, p. 17, of the August 1939 Survey. For revised Income payments beginning 1929, see table 41; pp. 15 and 16 of the October 1939 issue. 20 SUEVEY OF CUREENT BUSINESS Monthly statistics through December 1937, to- 1940 gether with explanatory notes and references to the sources of the data may be found in the Febru1938 Supplement to the Survey ary April 1940 1939 February March April May June July 1940 August September DecemOctober November ber January BUSINESS INDEXES—Continued AGRICULTURAL MARKETINGS Quantities marketed: Combined index 1923-25=100. Animal products. do... Dairy products do... Livestock... do._. Poultry and eggs __do_._ Wool do___ Crops do... Cotton do... Fruits ._ ...do... Grains do... Vegetables.. _..do.__ 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... *60.0 *83.0 81.0 *85.0 »92.0 *80.0 80.0 78 104 65 104 45 57 35 93 50 107 65 81 103 62 123 77 50 22 95 50 89 81 99 135 72 145 193 63 23 92 80 109 82 93 145 62 114 387 71 26 81 101 112 133 66 91 386 101 46 78 184 49 85 84 122 70 79 266 87 75 80 116 41 120 82 100 78 75 144 159 251 79 120 72 125 87 90 90 75 90 163 278 95 94 82 104 90 80 81 126 42 119 200 75 52.5 73.0 64.0 81.0 83.5 81.0 75.0 57.5 72.5 63.0 81.0 78.0 83.5 73.0 53.5 68.0 59.0 76.0 76.5 78.0 69.0 59.0 70.5 59.5 80.5 75.0 89.5 66.0 59.5 63.5 50.5 75.5 75.5 78.5 65.0 67.5 63.0 51.5 74.0 77.0 75.0 66.5 75.5 66.5 58.5 74.0 82.0 71.0 64.5 93.0 73.5 64.5 82.0 84.0 84.5 67.0 107.0 76.5 68.5 83.5 89.0 87.0 66.5 90.0 76.5 66.0 ' 86.5 91.0 87.0 73.5 183 204 258 120 187 126 126 151 181 201 248 111 191 118 12? 151 182 205 241 101 187 110 129 162 182 211 239 84 184 106 119 166 190 223 226 88 185 105 115 186 0) 0) 0) 0) 87 80 75 132 35 90 133 74 59 61 78 85 95 85 87 31 71 94 78 42 79 79.0 79.0 74.0 84.0 91.5 82.0 70.5 '69.0 '79.0 72.5 ••85.0 '95.0 '84.5 65.5 0) C1) WORLD STOCKS Combined index (quantity)f Cotton, adjusted Rubber, adjusted f Silk, adjusted Sugar, adjusted.. Tea, adjusted.._ Tin, unadjusted Wheat, adjusted - 1923-25=100. do._. ..do..-. • ..do... ...do... do.__ do... do... 0) ~"lO2 245 228 98 194 108 115 241 216 101 216 107 225 105 219 105 20.8 120 ' 101 102 110 153 139 123 123 241 COMMODITY PRICES COST OF LIVING (National Industrial Conference Board) Combined index Clothing Food Fuel and light Housing - - - - 1923=100.. -- do a*0 - - - - - do do Sundries do... PRICES RECEIVED BY FARMERS§ 85.8 73.2 79.8 86.0 86.6 96.9 85.1 72.4 78.4 85.9 86.1 96.7 84.9 72.3 78.0 85.8 86.1 96.7 85.0 72.2 78.2 85.2 86.2 96.7 84.8 72.1 78.1 84.0 86.2 96.6 84.7 72.0 77.9 83.4 86.0 96.6 84.9 71.9 78.1 83.8 86.3 96.9 84.5 71.9 76.7 84.0 86.3 96.9 85.9 72.2 80.7 84.4 86.5 97.0 85.8 72.6 80.1 85.2 86.6 96.8 85.7 72.9 79.6 85.6 86.7 96.8 85.3 72.9 78.5 85.6 86.6 96.8 85.4 73.0 78.8 85.8 86.6 96.9 101 98 85 118 76 91 101 168 107 92 91 70 107 78 66 116 105 92 91 88 71 100 81 66 116 110 83 89 87 70 95 82 67 114 95 86 90 85 72 92 85 72 112 88 83 89 83 73 94 93 73 107 105 81 89 89 73 96 80 66 107 99 89 88 90 71 100 70 64 101 99 100 98 102 76 107 73 83 117 117 98 97 108 74 112 73 77 112 128 94 97 117 75 117 66 79 107 123 98 96 97 82 118 65 87 101 96 104 99 91 85 119 66 90 103 117 113 78.1 76.8 80.8 89.4 76.4 76.6 76.5 75.1 85.2 76.3 76.5 75.1 75.7 86.9 79.0 78.4 77.9 77.1 89 2 76.9 77.1 92.6 89.1 89.1 89.1 89.1 89.1 89.3 89.5 90.2 91.2 91.9 92.0 92.3 96.6 88.8 91.8 94.1 85.9 96.2 88.5 88.9 90.5 84.3 96.2 88.4 88.8 90.5 84.3 96.0 88.4 88.8 90.5 84.1 95.9 88.4 88.8 90.5 84.1 95.9 88.4 88.9 90.6 84.0 95.9 88.4 88.9 90.6 84.1 96.0 88.4 89.0 90.7 84.1 96.1 88.6 89.5 91.7 84.3 96.3 88.7 90.4 92.7 84.7 96.4 88.7 90.9 93.5 85.0 96.4 88.7 91.0 93.5 85.3 96.6 88.8 91.4 93.7 85.5 (17. S. Department of Agriculture) Combined index Chickens and eggs Cotton and cottonseed Dairy products Fruits Grains Meat animals . Truck crops Miscellaneous . - 1909-14= 100 do do _ -do -do - - - - do do - -do do RETAIL PRICES U. S. Department of Labor indexes: Coal: A n thracite 1923-25 —100 "RitnTniTioiis do Food do Fairchild's index: Combined index ...Dec. 31,1930= 100._ Apparel: Infants' do Men's do Women's do Home furnishings do Piece goods do WHOLESALE PRICES U. 8. Department of Labor indexes: Combined index (813 quotations). .1926= 100. Economic classes: Finished products . do Raw materials .do__ Semimanufactures do __ Farm products - do Grains do Livestock and poultry do__ Foods .. do T)airv Dro ducts do Fruits and vegetables do__ Meats . do Commodities other than farm products and 78.7 76.9 76.7 76.2 76.2 75.6 75.4 75.0 79.1 79.4 79.2 79.2 79.4 81.4 72.7 79.9 68.7 72.8 65.6 71.1 80.0 58.7 68.4 80.2 70.9 74.4 67.2 54.7 79.2 71.5 71.6 62.1 83.2 80.2 70.1 74.6 65.8 54.5 78.2 70.2 64.8 63.2 82.5 80.1 68.5 74.4 63.7 55.2 75.5 68.6 58.1 64.3 81.0 79.9 68.9 74.3 63.7 59.6 73.2 68.2 58.6 63.8 78.6 79.6 67.7 74.1 62.4 58.2 69.4 67.6 60.0 62.5 75.7 79.2 67.8 74.4 62.6 52.3 69.7 67.5 64.6 62.0 75.3 79.1 66.5 74.5 61.0 51.5 66.0 67.2 67.9 58.5 73.7 81.9 '72.6 81.8 68.7 65.1 76.3 75.1 74.5 62.8 81.0 82.3 72.3 83.1 67.1 61.6 70.5 73.3 78.9 60.2 74.9 82.0 72.4 82.1 67.3 64.1 66.1 72.3 80.1 61.2 71.2 81.7 73.3 82.0 67.6 71.6 63.8 71.9 81.3 63.0 69.1 81.7 73.8 81.7 69.1 73.5 67.2 71.7 81.9 60.3 69.9 80.5 80.6 80.2 80.4 80.2 80.2 80.1 82.1 84.0 83.2 83.8 83.9 83.9 93.2 89.6 89.8 89.6 89.5 89.5 89.7 89.6 90.9 92.8 93.0 93.0 93.4 91.7 91.2 92.4 92.5 93.0 91.1 90.6 90.5 91.0 91.5 91.6 91.6 91.6 _ . 91.5 91.4 91.2 91.5 91.5 91.5 91.5 91.3 91.3 91.3 91.3 91.3 91.4 91.2 98.0 97.6 92.6 92.1 91.5 90.7 91.8 91.8 93.7 98.3 97.8 97.6 ' Revised. Preliminary. i Temporarily discontinued; for several of the series, European stocks have not been available since the outbreak of war. t Revised series. Cash income from farm marketings revised; data not shown above will appear in a subsequent issue. Combined index of world stocks revised beginning January 1920; see table 5, p. 17, of the January 1939 Survey. For subsequent 1938 revisions in the combined world stocks index and in the rubber component, see p . 20 of the June 1939 Issue. Cement price index revised beginning 1926, see table 23 p. 18, of this issue; the building-materials group and the combined index of all commodities have not been revised, as the effect of the change in cement prices on these indexes is small. §Datafor Mar. 15, 1940: Total 97, chickens and eggs 83, cotton and cottonseed 83, dairy products 114, fruits 73, grains 92, meat animals 102, truck crops 128, miscelhttp://fraser.stlouisfed.org/ laneous 101. foods Building materials Brick and tile . Cementf Lumber Federal Reserve Bank of St. Louis 1926= 100 do do._ -do do p 21 SUEVEY OF CUEEENT BUSINESS April 1940 Monthly statistics through December 1937, to- 1940 gether with explanatory notes and references to the sources of the data, maybe found in the Febru1938 Supplement to the Survey ary 1940 1939 February March April May June July August September DecemOctober November ber January COMMODITY PRICES—Continued WHOLESALE PRICES—Continued U. S. Department of Labor indexes—Contd. Commodities other than farm products and foods—Continued. Chemicals and drugs. 1926=100.. Chemicals do Drugs and Pharmaceuticals do Fertilizer materials do Fuel and lighting materials do____ Electricity ..do Gas do.... Petroleum products do__. Hides and leather products... ...do Shoes do____ Hides and skins do Leather do House-furnishing goods. ...do Furniture do Furnishings do Metals and metal products do Iron and steel ...do Metals, nonferrous do Plumbing and heating equipment 1926=100.. Textile products _..do.._. Clothing do.... Cotton goods... do Hosiery and underwear do Silk and rayon do Woolen and worsted goods do Miscellaneous ...do Automob ile tires an d tubes do Paper and pulp do World prices, foodstuffs and raw materials: Combined indexf 1923-25=100.. Cotton do.... Rubber do.... Silk .do.... Sugart.. do.__. Tea do.... Tin .do Wheat do.... Wholesale prices, actual. (See under respective commodities.) 78.1 81.0 76.8 72.9 72.4 50.9 102.4 108.2 97.0 94.2 88.2 81.9 94.2 95.3 96.3 79.2 79.1 75.4 84.9 73.6 64.5' (2) V 87.2 77.3 55.6 89.5 (0 40.8 44.1 42.8 43.6 91.4 76.3 79.4 72.7 69.3 73.0 82.8 81.8 50.7 91.9' 101.1 72.8 84.2 85.2 80.5 89.8 94.3 96.1 76.5 76.5 79.9 72.2 69.7 73.1 80.3 82.2 50.9 91.8 101.2 73.8 82.7 85.2 80.5 89.7 94.3 96.1 76.6 76.0 79.3 71.9 69.6 73.4 81.4 84.1 51.9 90.9 101.2 68.3 82.8 85.4 81.0 89.6 94.0 96.1 74.7 75.9 79.4 71.9 69.7 73.9 79.3 86.0 52.5 91.6 101.3 72.1 83.1 85.5 81.0 89.8 93.5 95.7 73.1 75.7 79.2 71.9 69.5 73.0 77.8 88.9 52.5 92.3 101.3 75.3 83.8 85.6 81.0 90.0 93.2 95.2 72,9 75.0 78.2 7L8 67.5 72.8 78.1 89.0 52.2 92,5 100.8 76.9 84.1 85.6 81.0 90.0 93.2 95.1 73.3 74.6 77.5 71.7 67.2 72.6 75.8 86.7 51.7 92.7 100.8 77.2 84.0 85.6 81.1 90.0 93.2 95.1 74.6 77.3 81.2 72.8 69.2 72.8 77.5 87.2 53.3 98.5 101.8 97.4 92.0 86.6 81.3 91.7 94.8 95.5 84.7 78.1 82.1 74.4 70.6 73.9 75.4 84.4 54.0 104.6 105.7 112.4 97.8 87.8 81.7 93.7 95.8 96.0 85.3 78.0 81.4 75.0 73.0 74.1 76.5 82.2 53.9 104.0 107.2 104.3 97.8 88.4 82.3 94.2 96.0 96.0 85.1 78.1 81.1 75.6 74.5 72.8 77.7 80.4 52.5 103.7 107.5 105.2 95.2 88.5 82.4 94.4 96.0 96.1 84.6 79.2 66.1 81.5 63.7 58.8 34.7 74.7 73.5 59.7 81.1 79.3 66.6 81.5 63.7 59.9 36.1 75.1 74.1 60.5 81.3 79.3 66.9 81.6 63.4 60.2 37.8 75.2 74.4 60.5 81.1 79.3 67.5 81.7 63.3 60.2 40.7 75.4 74.2 60.5 80.4 79.3 67.3 81.7 64.1 60.1 39.1 75.6 73.8 60.5 79.9 79.3 67.6 81.2 65.1 60.2 40.2 75.4 73.4 60.5 79.9 79.3 67.8 81.5 65.5 61.5 39.5 75.5 73.3 60.5 80.0 79.3 71.7 81.7 70.4 62.8 43.4 84.0 76.6 60.5 81.8 79.3 75.5 83.2 74.3 63.5 46.2 91.3 77.6 60.5 86.3 79.3 76.4 83.8 74.8 64.8 47.7 90.5 77.0 55.6 88.0 79.3 78.0 84.2 75.2 66.0 55.0 90.3 77.4 55.6 89.0 79.3 77.9 84.5 75.4 68.4 (a) 90.4 77.7 55.6 37.8 33.1 37.3 29.5 30.9 67.0 90.8 41.1 37.3 33.1 38.1 31.0 31.9 66.6 91.9 38.4 32.4 37.2 33.4 35.2 69.6 93.9 38.5 41.3 35.3 37.6 37.6 40.5 68.9 97.5 40.4 41.0 36.4 38.3 35.4 37.4 68.8 97.2 40.8 35.7 38.7 37.0 37.7 67.5 96.5 34.3 38.0 34.6 39.0 36.9 32.7 74.3 97.0 32.4 0) 34.2 49.7 41.8 59.7 0) 34.2 46.6 45.7 49.4 0) 36.0 47.3 47.4 40.8 40.4 46.9 54.8 43.4 0) 40.8 44.6 51.5 42.4 126.3 109.9 103.9 100.7 92.9 130.9 130.2 159.7 119.5 131.3 130.9 161.6 119.8 132.1 130.5 165.3 119.6 132.1 130.7 163.4 119.9 133.2 131.1 165.3 120.0 133.5 130.7 165.3 119.8 134.2 133.2 166.9 120.3 127.3 126.6 149.9 118.3 126.8 127.6 151.5 118.5 127.2 128.4 151.5 118.6 127.2 130.0 153.1 119.2 126.8 129.7 148.6 119.0 r44 78.1 80.9 76.5 74.0 72.7 51.7 103.6 107.8 102.6 96.0 87.9 81.4 94.0 95.8 96.3 82.6 PUHCHASING POWER OF THE DOLLAR Wholesale prices. ._ Retail food prices Prices received by farmers Cost of living .1923-25=100.. do.... do do 128.0 128.0 145.6 118.5 CONSTRUCTION AND REAL. ESTATE CONTRACT AWARDS, PERMITS, AND DWELLING UNITS PROVIDED Value of contracts awarded (F. R. indexes): Total, unadjusted 1923-25=100-. Residential, unadjusted do Total, adjusted do Residential, adjusted do F. W. Dodge Corporation (37 States) :f Total projects number.. Total valuation thous. of dol._ Public ownership do Private ownership do Nonresidential buildings ' Projects number... Floor area thous. of sq. ft._ Valuation thous. of dol._ Residential buildings, all types: Projects number.. Floor area... tbous. of sq. ft.. Valuation thous. of doL. Public utilities: Projects „ number.. Valuation--. thous. of doL. Public works: Projects number.. Valuationthous. of dol__ Building permits issued in 1,790 cities:f Total buildings number.. Total estimated cost thous. of dol.. New residential: Buildings number.. Estimated cost thous. of dol.. New nonresidential: Buildings '.. number.Estimated cost.thous. of doL. Additions, alterations, and repairs: Buildings number.. Estimated cost. thous. of dol._ P62 P 55 63 51 73 58 69 58 69 55 76 68 67 58 75 65 63 55 73 64 63 58 73 63 67 62 76 66 73 67 73 68 73 68 72 66 76 68 74 59 83 61 69 51 86 60 75 '53 15, 595 200, 574 81, 666 118, 908 13,015 220,197 110, 975 109, 220 20, 233 300,661 127, 776 172,885 22, 282 330,030 159, 656 170, 374 23, 244 308,487 134, 757 173,730 21, 701 288, 316 127, 595 160, 721 21, 806 299, 883 136, 543 163,340 23, 270 312, 328 158,459 153,869 22,984 323, 227 144, 216 179,011 22,402 261,796 91,604 170,192 22,323 299,847 143. 647 156, 200 18, 831 354,098 225, 095 129,003 13,517 196,191 92, 532 103, 659 2,852 12, 356 70, 565 2,348 12,783 69, 544 3,592 17,944 97,786 3,400 16, 563 94, 656 3,457 12, 700 76, 749 4,052 15, 418 92,845 3,823 17, 691 88, 501 3,453 12, 268 69,882 3,650 16, 490 82,466 3,749 15, 494 72,684 3,242 15, 418 77, 769 2,711 11,675 57, 757 2,453 9,109 52, 532 11, 807 19,107 74, 858 9,669 19,176 79,020 15,438 30, 725 125, 225 17,387 28,382 114, 405 18, 262 32, 602 133, 818 15,942 27,502 111,896 16, 287 27,181 109, 330 18,003 31,165 127,163 17, 589 32,977 129, 680 17,136 29,371 118,303 17, 756 31,009 116, 588 14, 899 22, 584 88, 681 10,132 19, 082 77, 400 174 12, 222 273 18, 518 259 19, 640 323 35, 336 251 21,779 234 9,968 254 23, 092 328 20,113 356 39,663 294 20,450 350 23,906 330 26, 977 202 18, 398 762 42, 929 725 53,115 944 58,010 1,172 85, 633 1,274 76,141 1,473 73,607 1,442 78,960 1,486 95,170 1, 389 71, 418 1, 223 50, 359 975 81, 584 891 180, 683 730 47, 861 42,624 137, 798 37, 721 149, 572 62, 303 177f903 65, 775 165,978 77,913 204, 437 71,040 202,429 64.537 73,318 185,019 •197,937 67,618 179, 605 73,921 173, 649 60, 373 174, 501 44, 016 152, 727 35, 538 114, 211 14, 202 76,195 11, 476 85, 719 18,635 94,374 17, 697 87,441 20,961 119, 600 19, 224 99, 775 17,884 96,114 19,697 116, 260 16,818 87,308 19, 571 91,921 17,559 105, 400 15, 083 95,677 10,850 GO, 515 6,420 38.519 5,690 37, 730 10, 496 52,886 11, 520 44,830 13, 711 51,162 12, 085 70,974 11,214 59,794 13,037 49,096 13,053 63,702 14, 521 52, 745 11,915 46,123 7,960 38,004 5,267 33, 925 22,002 23,084 20,555 26.123 33,172 30, 643 36, 558 33, 706 43,241 33, 674 39, 731 31,680 35, 439 29, 111 40, 584 32. 580 37, 747 28, 595 39, 829 28,983 30,899 22,978 20,973 19,045 19, 421 19, 771 v 54 »49 61 * Revised v Preliminary. 1 Temporarily discontinued; for several of the series, data have not been available since the outbreak of war. fRevised series. Data on world prices revised beginning 1920; see table 4, p. 17, of the January 1939 issue. For construction contract awards, see note marked with a " t " on p. 21 of the July 1939 issue. The data on building permits are based on reports from 1,790 identical cities having populations of 2,500 or more, and supersede those shown in the Survey through the issue of May 1939 which were for 1,728 cities in the same size group. The present series include data for 62 additional cities, but tho total estimated cost 2of permits issued was increased by only 0.2 percent in 1937. Data beginning January 1936 will appear in a subsequent issue of the Survey. Temporarily discontinued; separate data for "silk" and for "rayon" will be substituted in a near future issue of the Survey. 22 SURVEY OF CURRENT BUSINESS Monthly statistics through December 1937. to- 1940 gether with explanatory notes and references to the sources of the data may be found in the Febru1938 Supplement to the Survey ary April 1940 1939 February March April May June 1940 July DecemAugust SeptemOctober November ber ber January CONSTRUCTION AND REAL ESTATE—Continued j CONTRACT AWARDS, PERMITS, AND DWELLING UNITS PROVIDED—Con. Estimated number of new dwelling units provided in all urban areasrf Total number.. 1-family dwellings do 2-family dwellings do Multifamily dwellings do Engineering construction: Contract awards (E. N. R.)1___thous. of dol.. 270,928 20, 505 <- 28, 527 ' 27,067 12, 324 r 19.654 r 19, 452 r 1,383 *• 1, 222 1,432 * 7, 490 r 6,183 ' 6,959 r 36,583 r 25, 960 r 1,931 r 8. 692 ' 30, 278 r 28,495 '21,878 r 21, 804 r 1,472 r 1, 248 ' 6, 928 r 5, 443 r 34,198 ' 23, 543 r 1,472 r 9, 183 r 26, 852 * 18. 808 '1.616 T 6, 428 285, 566 240, 735 252,992 268, 395 181, 469 311,222 203, 843 27, 159 21, 362 1, 591 4, 206 30,890 21, 623 1,247 8,020 209,337 245, 062 302, 215 696 052 111 533 190,327 ! 191,977 HIGHWAY CONSTRUCTION Concrete pavement contract awards: 3,122 Total thous. sq. y d . . 2,297 Roads do 825 Streets and alleys c? dp Status of highway and grade crossing projects administered by the U. S. Bureau of Public Roads: Highways: Approved for construction: 4, 264 Mileage no. of miles.. Federal funds thous. of dol._ 46, 677 Under construction: 5.966 Mileage no. of miles.. Federal funds thous. of dol.. 96,864 185, 954 Estimated cost do Grade crossings: Approved for construction: 12, 617 Federal funds do 13,193 Estimated cost do Under construction: 31,167 Federal funds do 32, 775 Estimated cost do 1,245 686 560 2,143 860 1,283 3,385 2,081 1,304 4,458 2,179 2,280 6,855 4,232 2,623 5,713 3,820 1,893 6,161 3,907 2,254 4,465 3,058 1,407 2,655 1,067 1,588 3,718 2,491 1,228 4,951 3, 260 1,691 2,597 1,730 3,177 35,968 3,081 34,969 3,081 35, 600 3,615 40, 769 3,867 41, 024 3,701 37,802 3,130 34, 254 2,723 30, 821 2,824 30, 750 3,100 35, 315 3,528 40,132 3,880 45,616 7, 855 8,301 115,212 120, 505 222, 630 232, 772 8,463 122, 758 238,636 8,570 123, 554 240, 218 8.522 124,975 244,860 8,554 123, 044 242,924 8,386 119,472 237, 214 7,473 110, 543 222,062 6,746 101, 855 205,183 7,721 114,185 221,046 5, 984 5, 837 91, 429 ! r 90, 220 184,441 i 180,686 13, 613 14, 285 12,906 13, 374 12,107 12, 529 10, 224 10, 583 11,312 12,191 11, 504 12,414 10, 654 11,437 9,888 10, 581 10, 283 10,909 10,180 11,060 37,930 39, 777 38,817 40, 747 40, 654 42, 654 43, 771 45, 723 42, 299 44, 094 40, 336 42, 052 38,579 40, 505 37,919 39,756 35, 435 37,190 35,112 36, 577 183 169 192 167 185 182 168 193 169 185 182 168 193 169 185 182 168 193 169 185 182 168 193 169 185 183 168 195 169 184 184 171 195 171 185 185 173 196 173 188 185 173 196 173 188 185 174 196 188 188 188 187 187 187 188 188 188 188 11.428 11,986 30,528 32, 258 12, 447 13,075 30,410 32, 077 CONSTRUCTION COST INDEXES Aberthaw (industrial building) 1914=100. American Appraisal Co.:J 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. S. 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 do... St. Louis do... Brick and steel: Atlanta do._. New York do. _. San Francisco do _.. St. Louis do._Residences: Brick: Atlanta do_._ New York do. _. San Francisco do. St. Louis do... Frame: Atlanta do... New York do... San Francisco do... St. Louis do___ Engineering News Record (all types) § 1913 = 100. Federal Home Loan Bank Board:* Standard 6-room frame house: Combined index 1936=100. Materials do... Labor do.... 188 183 169 192 167 185 187 191 187 185 JUZ 188 188 96.0 131.1 118.0 118.9 95.2 130.1 117.6 119.1 95.3 130.0 117.6 119.1 95.3 130.0 117.6 119.1 95.3 130.6 117.0 118.6 95.4 130.6 116.9 118.5 94.8 130.9 116.8 118.3 94.8 130.8 116.8 118.4 94.6 130.8 116.8 118.4 94.8 130.8 117.8 118.6 94.9 130.9 117.9 118.7 95.3 131.4 118.2 119.0 96.0 131.1 118.0 118.9 133.7 122.7 119.9 97.5 132.7 122.3 120.1 97.4 132.7 122.3 120.1 97.4 132.7 122.3 120.1 97.6 133.4 121.4 119.7 97.6 133.4 121.3 119.7 97.2 133.8 121.2 119.6 97.2 133.7 121.2 119.6 97.0 133.7 121.2 119.6 97.2 133.7 122.0 119.7 97.2 133.7 122.5 119.8 97.5 134.0 122.6 120.0 98.2 133.7 122.7 119.9 96.9 130.4 118.1 118.7 96.2 129.2 117. 7 120.4 96.0 129.4 117.7 120.6 96.0 129.5 117.7 120.6 95.6 129.8 115.3 118.5 95.7 129.9 114.7 118.5 93.3 130.2 114. 4 118.2 93.2 130.2 114.4 118.3 93.0 130.2 114.4 118.3 93.2 130.5 117.5 118.5 93.3 130.6 118.0 118.7 93.8 131.0 118.2 118.9 96.8 130.4 118.1 118.7 88.4 125.1 105.8 110.5 85.7 122.2 106.6 110.7 85.0 122.2 106.6 110.3 85.0 122.5 106.6 110.3 86.1 123.1 104.7 110.3 86.8 123.1 104.7 110.0 86.5 123. 6 104. 7 108.9 86.1 123.5 104.7 109.3 85.4 123.5 104.7 109.3 86.0 123.9 105.4 110.3 86.8 124.3 106.1 110.9 88.1 125.5 107.0 111.1 88.3 125.1 105.8 110.4 85.7 124.5 100.2 107.4 82.5 121.1 98.7 107.7 81.6 121.0 98.7 107.2 81.6 121.4 98.7 107.2 82.8 121.9 98.7 107.2 83.7 121.9 98.7 106.8 83.3 122.1 98.7 105.4 82.8 122.0 98.7 105.9 81.9 122.0 98.7 105.9 82.8 122.8 99.8 107.2 83.7 123.3 100. 5 107.9 85.3 124.8 101.6 108.1 85.5 124.5 100.2 107.2 238.3 234.3 234.4 234.9 234.7 235.0 234.9 234.9 235.0 236.9 238.2 238.2 238.3 106.5 104.5 110. 5 106.0 103.0 112.2 106.1 103.0 112.4 105.9 102.9 111.9 105.6 102.7 111.5 105.4 102.5 111.3 105. 3 102.4 111.3 105.2 102.3 111.2 105.7 102.9 111.2 106.1 103.6 111.1 106.5 104.4 110.8 106.6 104.5 110. 6 106.4 104.4 110.2 REAL ESTATE Federal Housing Administration, home mort gage insurance: Gross mortgages accepted for insurance 82, 322 62, 269 62,008 thous. of doL. 44, 980 52,603 74, 216 65, 013 64,895 73, 701 41, 224 53, 200 48,831 Premium-paying mortgages (cumulative) thous. of dol._ 2,086,518 1,400,212 1,450,575 1,496,794 1,546,237 1,607,147 1,658,306 1,723,357 1,776,784 1,837,923 1,905,071 1.969,862 2,034,920 'Revised. §Index as of March 1, 1940, is 238.3. *New series. For data beginning 1936, see table 30, p . 17 of the June 1939 Survey. tRevised series. Data on number of dwelling units provided revised beginning January 1937; the more significant revisions, covering the period October 1937 to June 1939, were shown in the footnote on p. 22 of the September 1939 Survey; data are also revised for 1939; figures not shown above are as follows: January—Total, 22,082; 1-family, 13,231; 2-family,l,210; multi-family, 7,641. cf Data for streets and alleys, formerly shown separately, are available in total only subsequent to December 1938. ^[Data for March, June, August, and November, 1939, and February 1940, are for 5 weeks; other months, 4 weeks. {Beginning January 1940 the American Appraisal Co. has revised the basis on which the indexes are prepared to include in addition to material and labor prices formerly used, provisions for overhead and profit allowances. The composite 30-city index on the new basis for January is 203 as compared with 185 on the old basis (1913=100). Indexes for individual cities beginning January 1940, and annual indexes for the composite beginning 1913, on the new basis, will be shown in a subsequent issue. 23 SURVEY OF CURRENT BUSINESS April 1940 Monthly statistics through December 1937, to- 1940 gether with explanatory notes and references to the sources of the data may be found in the Febru1938 Supplement to the Survey ary 1940 1939 February- March April May June July August September DecemOctober November ber January CONSTRUCTION AND REAL ESTATE—Continued REAL E S T A T E - C o n t i n u e d Estimated new mortgage loans by all savings and loan associations:f 66, 944 94,154 Total loans_ _ . thous. of doL. 71,522 85,172 16, 076 83,112 95, 038 89, 732 93,297 58,309 83,425 73, 378 •9,123 Loans classified according to purpose: Mortgage loans on homes: 19, 488 27,854 29, 255 26,923 21,254 26,607 Construction thous. of doL- 20,152 16,027 26, 646 29, 919 29, 863 23, 727 22, 039 33,383 27, 779 25,389 31,367 30,434 Home purchase do 19,118 24, 705 31,289 32, 228 32, 282 29, 903 29,638 13,999 15, 835 15, 001 15,445 Refinancing do 14, 590 12, 551 15,687 17,123 16,021 14, 871 15,384 15, 353 17,005 3,435 5,784 4,335 4,720 3,593 6,069 5,802 Reconditionin g do 3,437 4,974 5,133 5,909 5,544 4,211 7,963 9,040 9,074 8,870 7,020 9,432 9,082 9,437 Loans for all other purposes do 7,954 8,946 8,337 8,183 9,979 Loans classified according to type of association28, 008 34, 785 37,854 34,053 37, 090 Federal thous. of dol — 29, 786 36, 358 39,094 34, 055 40, 645 22, 298 33,400 29,811 25, 737 37, 847 34,671 33, 209 36, 465 36, 989 State members do 35, 426 34,146 37, 340 28,941 24,191 32, 562 30,124 13,199 18, 595 17, 596 15, 850 15, 653 16, 620 Nonmembers. do. - . _ 12, 795 17, 339 16, 971 17, 053 11,820 17, 463 13, 443 Loans outstanding of agencies under the Federal Home Loan Bank Board: Federal Savings and Loan Associations, estimated total mortgages outstanding thous. of doL. 1,296,464 1,051,109 1,067,887 1,089,879 1,117,228 1,136,289 1,157,536 1,186,784 1,206,887 1,231,685 1,252,559 1,271,161 1,280,200 Federal Home Loan Banks, outstanding advances to member institutions thous. of dol . 144,515 170, 614 161,614 157,176 157,911 168, 962 161, 537 159,470 163, 687 168, 654 168,822 181, 313 156, 788 Home Owners' Loan Corporation, balance of loans outstanding thous. of doL. 2,026,614 2,134,261 2,117,598 2,105,824 2,091,324 2,080,512 2,067,844 2,059,792 2,054,865 2,049,421 2,043,288 2,038,186 2,031,341 Foreclosures: 114 126 185 131 136 164 167 147 156 157 150 103 171 Nonfarm real estate 1926=100.. 108 Metropolitan communities do 121 165 120 129 141 161 136 138 152 146 99 157 Fire losses thous. of dol _. 34, 410 36, 261 27, 959 27,032 24, 301 27, 248 27, 062 24,191 22, 837 29,304 22, 468 22, 792 30,082 DOMESTIC TRADE ADVERTISING Printers' Ink indexes (with adjustment for seasonal variations): Combined index 1928-32=100... Farmpapers ...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 e q u i p m e n t do Financial... do — Foods, food beverages, c o n f e c t i o n s — . d o . . . . House furnishings, etc do — Soap, cleansers, etc do Office furnishings, supplies do.... S m o k i n g materials do .. Toilet goods, medical supplies do . . Allother do . . Magazine advertising: Cost, total .do... Automobiles and accessories do Clothing do... Electric household equipment do Financial do _ Foods, food beverages, c o n f e c t i o n s — d o . . . _ House furnishings, etc do.... Soap, cleansers, etc do _. Office furnishings, supplies do.... Smoking materials do . . . Toilet goods, medical supplies _ . do Allother do^___ Linage, total thous. of lines.Newspaper advertising: Linage, total (52 cities) do..— Classified do . Display, t o t a l . . . . ..... do.... Automotive do Financial do General . do.— Retail do 82.7 60.7 80.0 77.1 77.2 306.2 79.5 59.9 78.4 74.2 73.8 265.6 84.4 56.4 80.4 79.8 82.0 262.7 82.2 66.2 80.6 76.0 89.0 253.3 84.4 69.0 80.3 78.0 90.5 290.8 85.5 65.0 82.0 79.8 76.6 329.7 81.7 61.8 80.0 74.0 89.8 337.7 84.8 70.1 78.5 79.1 76.6 355.6 82.6 66.1 72.8 77.4 83.5 333.7 82.8 65.8 78.1 77.7 75.8 298.4 84.0 69.3 82.0 79.9 60.6 312.6 89.4 70.9 80.4 84.3 88.3 318.5 79.4 57.8 74.8 73.4 78.9 '325.6 7,800 634 32 7,404 747 50 0 64 2,501 38 818 0 885 2,020 281 6,678 657 25 0 54 2,241 39 746 0 870 1,781 264 7,034 745 66 0 74 2,277 65 857 0 921 1,844 186 6,471 640 37 0 129 2,101 18 792 0 887 1,718 148 5,813 496 32 0 97 1,669 23 771 0 1,000 1,583 141 5,859 520 58 6,089 558 75 8,014 648 72 1,119 2,084 220 6,567 617 33 0 53 2,194 39 691 0 796 1,859 285 8,036 641 34 0 98 2,729 45 925 0 1,153 2,163 247 8,127 636 41 0 92 2,769 49 915 0 1,134 2,225 265 '8,299 683 30 0 85 -2,740 50 942 0 1,219 2.328 221 12,318 1,616 595 239 364 2,130 480 478 166 598 2,396 3,256 2,343 11,562 1,475 495 195 376 2,124 377 500 148 592 2,183 3,096 2,294 14,277 2,153 829 395 431 2,285 637 423 220 744 2,537 3,622 2,591 16,818 2,997 1,020 808 508 2,180 1,026 468 202 684 2,508 4,419 2,715 15,717 2,854 921 757 435 2,015 1,036 471 233 692 2,249 4,054 2,356 13,279 2,216 710 603 486 1,893 760 454 100 636 2,187 3,235 1,796 10,131 1,635 246 170 337 2,072 266 311 64 622 1,902 2,507 1,625 13,821 2,159 755 337 400 2,103 874 382 203 704 2,474 3,429 2,255 12,262 1,300 555 406 318 1,771 681 209 303 647 2,219 3,794 1,711 '8,274 1,318 '271 88 376 1,271 255 217 119 620 1,422 '2,317 1,973 93,240 19,295 73,945 4,224 1,494 15,740 52,487 86,651 18,318 68,333 3,458 1,403 14,024 49,448 111,815 22,147 89,669 4,768 1,695 17,414 65,792 70.4 70.4 70.2 1,821 2,226 1,221 4,140 36,900 59 2,663 87 902 111,160 112,377 22,824 22,692 88,335 89,685 6,055 6,075 2,105 1,615 17,655 18,538 62,520 63,456 0 0 109 1,657 23 818 0 0 102 1,860 48 812 0 0 1,048 1,498 128 969 1,538 126 8,387 1,033 405 58 245 1,695 215 370 123 431 1,558 2,253 1,784 11,814 1,322 989 213 352 1,744 628 411 327 593 2,029 3,207 2,182 105,086 21,785 83,301 5,345 1,663 17,408 58,886 85,407 20,570 64,838 3,496 2,120 13,999 45,222 90,526 101,937 21,115 20,884 69,410 81,053 3,512 3,067 1,349 1,278 12,527 15,045 52,022 61,663 70.4 70.7 70.2 69.9 1,874 2,190 1,712 1,724 1,447 1,356 1,435 1,427 4,662 41,891 4,171 38,119 4,248 39,229 4,170 38,165 0 107 2,608 62 923 0 1,170 2,150 273 14,925 2,312 1,136 392 414 2,206 1,086 403 204 665 2,422 3,685 2,378 119,612 22,393 97,220 6,436 1,767 19,824 69,192 113,457 20,194 93,264 4,537 1,376 18,470 68,880 118,103 20,246 97,857 3,482 1,637 14,183 78,555 88.033 19,075 68,958 3,854 2,278 12,433 50,393 69.4 70.4 72.3 73.9 72.8 1,718 1,471 1,787 1,850 1,901 2,361 1,386 1,486 1,421 1,509 1,473 3,907 36,858 3,906 37,098 3,907 37,262 4,288 39,723 4,150 38,553 4,554 41,190 4,702 41,876 GOODS I N WAREHOUSES Space occupied, merchandise in public warehouses percent of total.. NEW I N C O R P O R A T I O N S Business incorporations (4 States) number... 1,966 POSTAL BUSINESS * Pound'milesperformed Money orders: Domestic, issued (59 cities): Number Value .* Revised. fRevised series. millions.. thousands.. 4,246 thous. of dol..1 39,065 For revised data on estimated new mortgage loans b y all savings and loan assocations, 1936-37, see table 12, p . If, of the March 1939 Survey. 24 SURVEY OF CURRENT BUSINESS Monthly statistics through December 1937, to- 1940 gether with explanatory notes and references to the sources of the data may be found in the February 1938 Supplement to the Survey April 1940 1939 February March April May June July 1940 August September October November December January DOMESTIC TRADE—Continued POSTAL BUSINESS—Continued Money orders—Continued. Domestic, paid (50 cities): Number Value Foreign, issued—value Receipts, postal: 50 selected cities 50 industrial cities thousands.. thous. of dol.. do 12,945 95,124 12,371 88,734 2,027 15, 307 109,980 3,170 13,164 95,899 2,079 13,724 99,757 2,066 13,918 101,345 2,210 12,142 91, 709 2,069 13,130 99,498 2,205 12, 624 97,376 1,895 14,152 109,016 1,833 14,385 108,449 1,773 15, 285 111,851 3,926 13,608 100,455 1,604 do .. . do . . . 29,737 3,665 27,710 3,493 33,478 3,979 29, 830 3,618 30,922 3,687 29,791 3,687 25, 464 3,271 28,233 3,540 30,038 3,413 31,960 3,788 32,446 3,658 42,938 5,117 30,380 3,791 RETAIL TRADE* Automobiles: Value of new passenger automobile sales: 101.2 63.7 110.8 71.2 107.1 87.5 106.7 106.3 56.5 Unadjusted 1929-31=100-. v 100.4 96.5 '96.7 107.9 r 79.0 76.5 108.5 79.0 80.5 Adjusted do _ v 135.6 96.0 88.0 83.5 122.6 79.5 93.7 102.8 Chain-store sales: Chain-Store Age Index: Combined index (20 chains) 114.0 113.0 110.0 111.0 113.0 120.0 av. same month. 1929-31=100.. 108.8 114.5 113.5 109.8 110.0 113.3 117.0 119.0 118.0 Apparel chains do 126.0 124.0 119.0 142.0 112.7 130.0 127.0 120.0 117.6 125.0 132.0 Grocery chain-store sales: 99.0 112.1 100.8 97.6 102.9 107.2 106.9 98.7 100.5 ' 105.4 102.0 109.0 Unadjusted . . do 99.3 103.1 101.4 99.6 108.8 » 111. 7 109.4 106.4 ' 108.7 98.2 99.5 Adjusted _ do 99.0 109.0 Variety-store sales: Combined sales of 7 chains: *>83.0 206.6 95.8 91.3 89.5 r 75. 1 96.3 96.1 85.0 102.9 Unadjusted do .. 79.7 97.6 108.4 112.0 100.8 102.6 96.3 101.1 100.6 101.4 ' 100.7 95.5 98.8 97.1 Adjusted do _._ *>99.4 106.8 H. L. Green Co., Inc.: 2,093 2,712 6,228 2,502 2,446 2,125 2,442 2,733 2,785 2,855 1,959 2,869 3,066 Sales thous. of dol . 132 132 132 133 133 133 132 133 133 133 132 133 133 Stores operated . number S. S. Kresge Co.: 9,543 11, 293 24, 406 11,401 10, 369 10, 578 9,042 11,513 10, 606 11,938 9,058 11, 940 12, 356 Sales thous. of dol 686 683 683 682 685 675 683 682 675 683 681 683 685 Stores operated number.. S. H. Kress & Co.: 6,406 6,490 15, 232 6,225 5,300 5,969 6,818 6,596 7,286 5,603 5,163 6,315 7,295 Sales thous. of dol . 239 240 240 240 239 240 240 240 239 238 239 240 238 Stores operated number.. McCrory Stores Corp.: 3,420 3,136 3,354 7,655 2,767 3,300 3,158 ' 3,431 3,196 2,998 2,738 3,622 3,648 Sales . . thous. of dol . 201 202 202 201 200 200 200 202 201 202 200 202 201 Stores operated number G. C. Murphy Co.: 3,134 3,564 3,741 3,758 3,470 3,789 8,163 3,083 4,090 2,752 3,205 4,219 3,848 Sales thous. of dol-_ 202 201 202 202 201 202 201 201 201 201 202 201 201 Stores operated -- number . F. W. Woolworth Co.: 24,123 52,333 24, 662 24, 340 26, 530 20, 512 24, 725 25, 810 23,104 26,952 20, 686 25, 919 Sales thous. of dol. - 22,117 2,013 2,015 2,014 2,020 2,017 2,005 2,015 2,018 2,011 2,012 2,019 2,008 Stores operated number. 2,015 Restaurant chains (3 chains): 0) Sales thous. of dol.. 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) Stores oDerated number 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) Other chains: W. T. Grant Co.: 6,109 18, 868 8,733 ' 8, 385 7,298 7,210 r 8, 497 8,235 ' 7,163 r 8, 377 5,931 5,748 Sales thous. of dol._ 9,316 492 491 492 494 493 493 495 495 494 491 489 489 489 Stores operated . -. .number J. C. Penney Co.: 43,216 19, 504 18,292 28, 722 22, 237 20, 679 26,143 22, 232 28, 215 18, 733 21,314 14, 614 Sales thous. of dol. _ 16,032 1,554 1,553 1,554 1,544 1,552 1,557 1,554 1,543 1,542 1, 544 1,540 1,548 Stores operated number._ 1,545 Department stores: Collections: Installment accounts 18.0 16.0 17.2 17.7 17.0 16.7 16.8 17.7 17.3 18.6 17.2 16.2 percent of accounts receivable 44.5 48.2 45.3 43.6 47.0 46.8 44.0 46.9 46.6 48.7 45.3 43.9 Open accounts do 72 99 168 83 60 69 72 97 106 82 87 69 88 Sales, total U.S., unadjusted... -19~23-25 = 100_. 230 138 93 133 142 108 114 111 116 119 118 101 88 Atlanta - do 54 76 49 55 83 85 140 69 75 88 54 68 75 Boston - do 61 102 98 164 75 89 77 99 74 92 89 89 67 Chicago do 73 82 63 73 96 107 98 171 70 82 89 92 71 Cleveland - - - do.. 72 83 115 116 195 86 91 90 117 99 104 105 89 Dallas do 70 86 74 61 79 90 88 94 154 67 64 87 • 82 Kansas City - 1925= 100._ 70 94 95 69 89 116 97 116 160 81 97 63 97 Minneapolis 1929-31=100.. 63 104 172 74 87 67 97 69 115 80 86 85 71 New York . — 1923-25=100.. P53 65 46 50 74 95 80 139 52 65 70 52 67 Philadelphia! - - - do... 105 73 86 131 132 217 ••84 82 118 115 105 102 75 Richmond do 73 82 86 75 62 70 98 102 96 156 69 89 68 St Louis - .do 93 88 81 94 98 105 103 179 80 89 83 96 San Franciscof - - do 86 89 91 90 96 92 86 85 95 90 88 87 88 Sales total U S adjusted do . . 116 135 ••118 126 119 146 142 125 116 126 125 115 115 Atlanta - - - do_. 91 85 95 98 90 89 98 94 92 86 84 98 88 Chicasfo do - _ 94 100 93 84 92 86 88 100 93 83 90 87 90 Cleveland! - - do 101 103 107 104 104 103 113 113 104 105 107 105 105 Dallas do 94 95 97 102 104 94 97 105 102 97 96 95 87 Minneapolis! 1929-31= 100 __ 91 95 94 89 93 90 90 91 97 86 89 87 88 New York 1923-25=100.. P 70 67 67 74 69 76 72 66 78 70 71 68 68 Philadelphia! do 94 85 87 90 94 92 82 87 85 86 86 79 88 St Louis - do 99 104 98 99 95 100 97 100 99 97 99 98 San Francisco! do Installment sales, New England dept. stores 12.4 6.6 10.4 9.5 15.5 11.1 7.7 10.2 8.5 11.1 9.0 11.9 11.8 percent of total sales. _ Stocks, total U. S., end of month: 77 64 82 61 64 60 65 71 69 69 68 65 Unadjusted _ 1923-25=100.. p 71 66 67 67 67 68 71 69 68 6£ 68 67 68 Adjusted do Mail-order and store sales: 70, 532 77, 393 87, 257 107,493 122,191 108,095 148,447 98,070 92, 831 101, 936 59, 865 85, 497 Total sales, 2 companies thous. of doL. 71,366 47, 764 44. 743 66,020 41,302 33, 452 38,998 42, 323 24, 904 35, 730 41, 595 54, 945 29,984 30, 530 M^ontgomcrv T\^ard & Co do 60, 330 67, 246 82,427 43, 941 48, 259 40,548 62, 751 56, 768 34, 901 59, 613 49, 768 51,236 40,836 Sears, Roebuck & Co do r p Revised. Preliminary. i Discontinued pending receipt of revised data from one cooperator. , • Reports showing percentage changes in sales of chain drug stores and chain men's wear stores are available from the Washington, D. C. office of the Bureau of Foreign and Domestic Commerce. The Bureau of the Census has available percentage changes for (1) Independent stores in 34 States and 4 cities, by kinds of business, (2) Wholesalers' sales, by kinds of business, (3) Manufacturers' sales by kinds of business. . t Revised series Indexes of department store sales in San Francisco area revised beginning 1919; see table 3, p. 18 of the January 1940 issue. Seasonally adjusted indexes of department store'sales revised beginning 1929 for the Cleveland district and beginning 1934 for the Minneapolis district; see tables 4 and 5, p. 18 of the January 1940 issue. Indexes of department store sales in Philadelphia revised 1923-39; see table 7, p. 10 of the March 1940 issue. 25 SURVEY OF CURRENT BUSINESS April 1940 Monthly statistics through December 1937, to- 1940 gether with explanatory notes and references to the sources of the data may be found in the Febru1938 Supplement to the Survey ary 1940 1939 February March April May June July August September 107.2 99.1 105.8 111.7 134.6 131.1 120.1 132.7 155. 0 146.1 132.6 116.3 126.4 165.6 162.3 125.4 113.5 128.6 150.0 138.7 Decem- JanuOctober Novemary ber ber DOMESTIC TRADE—Continued RETAIL TRADE—Continued Rural sales of general merchandise: Total U. 8., unadjusted 1929-31 = 100.. Middle West do.— East do South do Far West do... Total U. S., adjustedf do Middle Westf do . Eastt do South f do Far Westt. . do... 107.0 95.2 103.0 133.1 113.7 132.3 119.8 126. 0 145.9 153.7 100.1 89.1 97.9 134.8 105.7 123.7 112.1 119.6 147.8 142.9 115.0 105.2 118.6 141.5 118.5 131.0 118.7 132.0 156.6 144.0 120.2 110.2 116.6 144.8 125.8 130.8 118.0 122.4 164.3 140.9 120.5 113.3 118.8 137.6 131.8 131.2 119.6 129.1 162. 2 146.6 120.0 109.9 122.8 133.3 137.3 131.7 116.4 133.8 165.8 144.1 91.1 81.8 88.3 103.8 115.2 124.8 110.9 124.1 152.8 140.5 160.3 143.9 155.4 215.4 166. 5 123.4 113.3 120.7 145.4 138.7 159.7 142.8 167.0 208.2 164.7 122.7 108.9 129.5 151. 6 135.8 211.7 190.1 229.2 236.4 242.8 132.4 121.9 137. 7 157.4 148. 8 102.3 '96.6 99.2 '120.7 108. 4 134. 5 ' 126. 3 130.6 ' 152. 6 '147.5 EMPLOYMENT CONDITIONS AND WAGES EMPLOYMENT I Factory, unadjusted (U. S. Department of Labor)f 1923-25 = 100.. 101.4 93.6 94.3 94.1 93.0 93.4 93.5 96.3 100.2 103.6 103.8 104.1 '101.5 Durable goods do 96.6 83.3 84.1 84.8 84.0 84.6 83.0 83.9 89.8 96.1 98.2 100.1 '97.4 Iron and steel and their products, not including machinery 1923-25 = 100-106.7 90.0 91.3 91.3 90.2 90.4 89.7 92.3 97.2 106.8 '111.1 111.4 '108.3 Blast furnaces, steel works, and rolling mills 1923-25 = 100-117.4 94.8 95.6 95.7 94.6 95.7 95.3 97.0 101.1 115.1 121.8 123.3 '120.9 Hardware do 100.8 87.6 87.4 85.0 80.1 72.1 69.0 75.6 94.2 99.7 106.4 105.6 ' 103.5 Structural and ornamental metal work 1923-25 = 100.. 71.6 63.4 65.6 66.3 66.5 67.1 68.8 71.5 73.8 76.3 76.0 '75.4 73.4 T i n cans and other tinware do 93.0 87.9 89.8 92.7 93.6 97.7 100.2 107.4 107.0 105.7 '100.6 '95.4 '93.6 Lumber and allied products do 66.7 62.0 62.1 63.9 65.0 66.3 66.7 68.7 70.0 72.4 73.0 71.1 ' 6 7 . 3 Furniture do.— 88.9 83.3 83.4 82.4 81.4 83.2 84.3 87.5 90.7 94.6 96.8 94.8 ' 9 0 . 3 Lumber, sawmills do 59.2 55.0 55.0 58.0 60.2 60.9 61.1 62.7 63.4 65.5 65.5 63.3 ' 5 9 . 5 Machinery, not including transportation equipment 1923-25 = 100-. 112.8 93.5 94.6 95.0 94.9 95.6 95.7 96.8 100.3 106.6 111.0 113.1 '112.4 Agricultural implements (including tractors) 1923-25 = 100, _ 141.1 127.0 130.5 129.4 122.8 118.7 113.0 114.4 116.1 117.8 124.6 130.9 '135.2 Electrical machinery, apparatus, and supplies 1923-25 = 100.. 101.4 84.3 85.9 86.8 86.6 86.5 86.8 87.8 92.2 97.3 100.4 102.6 '101.7 Engines, turbines, water wheels, and windmills 1923-25 = 100-. .133.1 90.0 93.2 95.7 97.4 99.0 96.2 96.8 99.2 105.2 109.8 119.8 '125.3 Foundry and machine-shop products 1923-25 = 100.. 97.3 80.9 81.6 82.0 82.1 82.6 82.6 84.1 85.8 91.2 95.4 97.2 -"97.2 Eadios and phonographs do 124.6 113.2 109.3 104.5 106.5 119.9 129.6 135.9 150.1 176.5 179.7 162.3 '136.2 Metals, nonferrous, and products do 109.0 93.1 93.8 92.9 92.0 91.3 91.3 94.7 100.3 110.4 113.5 112.9 '109.7 Brass, bronze, and copper products.do 128.1 104.4 104.8 103.9 104.7 104.2 104.0 107.7 115.2 131.1 137.4 137.7 135.7 Stone, clay, and glass products do 75.4 72.1 75.1 78.5 78.5 80.5 79.7 80.8 81.7 84.8 85.5 '83.6 77.7 Brick, tile, and terra cotta do 52.7 51.7 53.4 57.6 57.6 61.3 61.5 61.8 63.2 64.8 64.7 62.6 ' 5 7 . 0 Glass do 102.3 95.2 96.4 97.8 97.4 99.0 96.3 98.5 100.9 106.9 109.3 108.5 105.6 Transportation equipment do 115.5 96.8 96.5 96.1 91.2 90.8 79.9 75.2 97.0 105.3 102.9 '116.5 '115.5 Automobiles do 114.1 104.4 103.8 101.8 93.3 91.6 76.4 70.4 98.7 107.8 102.3 '118.1 '115.8 Nondurable goods do 106.0 103.5 104.0 103.0 101.6 101.8 103.5 108.1 110.2 110.8 109.2 '108.0 '105.3 Chemical, petroleum, and coal products 1923-25 = 100.. 121.0 113.4 116.0 116.6 112.9 109.8 110.4 109.2 118.0 122.3 '122.6 122.3 '121.0 Chemicals do 135.2 118.1 118.6 117.0 116.5 116.5 117.1 119.1 123.6 133.6 137.7 '137.6 '135.8 Paints and varnishes do 123.3 117.2 119.7 122.5 123.4 124.3 122.2 122.1 122.1 125.1 125.1 124.2 123.5 Petroleum refining do 120.8 117.5 117.4 117.2 118.1 120.5 121.8 122.7 123.1 122.7 123.7 122.3 ' 1 2 1 6 Kayon and allied products do 313.3 305.9 303.8 302.4 295.7 286.2 297.0 255.1 300.2 310.2 313.4 312.2 '313.5 Food and kindred products do 118.4 114.2 115.4 117.6 120.5 127.2 135.0 147.0 150.7 137.7 '129.8 '126.0 '119.fi Baking do 142.1 142.2 142.8 142.7 146.1 147.4 147.8 146.9 148.0 148.0 146.5 144.8 '141.4 Slaughtering and meat packing do 107.0 96.1 94.0 93.3 96.9 99.4 100.7 100.2 101.3 102.7 107.9 112.1 '111.8 Leather and its manufactures do 99.1 103.0 103.9 100.2 92.5 94.1 99.7 100.7 97.8 96.2 91.9 93.2 97.4 Boots and shoes do 98.1 102.4 103.8 99.6 91.0 92.5 99.1 100.3 96.5 94.1 89.0 90.8 ' 9 5 . 8 Paper and printing do 114.7 111.0 111.1 111.1 111.2 109.8 110.1 110.9 113.2 116.5 117.5 118.5 '115.1 Paper and pulp do 113.2 106.3 105.9 106.3 106.7 106.1 105.8 107.0 108.8 113.6 115.2 115.1 '114.1 Rubber products do 88.2 81.5 82.8 82.1 81.2 80.1 78.7 82.6 86.0 92.4 93.9 93.0 90 0 Rubber tires and inner tubes do 73.0 65.6 66.7 66.7 66.7 66.2 66.6 68.3 70.0 73.6 74.5 74.7 ' 7 3 . 6 Textiles and their products do 105.6 104.6 104.9 101.9 99.4 98.0 98.1 103.5 104.5 108.3 107.9 105.8 103 7 Fabrics do 95.8 94.1 93.1 90.7 90.3 89.6 91.1 93.1 93.5 98.8 100.9 98.7 96.1 Wearing apparel do 123.0 123.9 127.0 122.8 115.6 112.6 109.5 122.1 124.8 124.7 118.7 116.9 '116.1 Tobacco manufactures do 61.7 63.7 60.9 63.1 64.2 65.2 65.4 66.6 66.4 66.7 66.4 65.8 ' 5 9 . 0 Factory, adjusted (Federal Reserve)! do 102.2 94.3 94.0 93.8 93.3 94.3 95.3 95.9 97.5 101.2 103.4 104 6 ' 1 0 3 9 Durable goods do 97.5 84.2 83.7 83.9 82.9 83.9 84.7 85.3 88.9 94.6 97.3 100.0 ' 9 9 . 7 Iron and steel and their products, not including machinery 1923-25 = 100-107.1 90.4 90.7 90.5 89.6 90.3 90.6 92.5 96.4 105.9 '110.8 112.2 '110.4 Blast furnaces, steel works, and rolling mills 1923-25 = 100-117 94 94 95 94 96 96 97 101 115 122 124 122 Hardware do 100 87 87 84 80 72 70 78 95 99 106 106 103 Structural a n d ornamental metal work 1923-25 = 100.. 75 66 67 67 67 66 67 69 71 75 76 76 75 T i n cans and other tinware do 100 95 95 96 95 95 95 98 97 103 '104 101 '101 L u m b e r a n d allied products do 70.0 65.1 63.2 64.2 64.8 65.3 66.0 66.4 67.4 69.4 72.2 72.4 '72 0 Furniture do 91 85 85 85 84 85 86 86 87 89 93 93 '94 L u m b e r , sawmills do..63 59 56 57 59 59 60 60 61 63 66 66 65 Machinery, n o t including transportation \ equipment 1923-25 = 100.113.4 94.0 94.8 94.9 94.4 95.4 96.1 97.3 99.8 105.7 110.6 112.9 ' 1 1 3 . 4 Agricultural implements (including tractors) 1923-25 = 100-137 123 124 122 119 118 115 121 123 125 128 131 133 Electrical machinery, apparatus, and supplies 1923-25 = 100.102 85 86 87 86 87 87 88 92 97 100 103 '103 Engines, turbines, water wheels, a n d windmills 1923-25 = 100-. 134 91 91 91 93 95 95 97 99 108 116 124 '133 F o u n d r y a n d machine-shop products 1923-25 = 100.. 97 81 82 82 81 83 83 85 86 91 95 97 '98 Radios and phonographs do 142 129 130 124 121 122 131 126 129 145 160 153 ' 143 Metals, nonferrous, and products do 107.4 93.4 93.4 93.2 92.8 92.8 94.6 96.3 99.2 107.0 110.0 111.3 ' 1 1 1 6 Brass, bronze, and copper products.do 128 104 104 103 104 105 106 109 115 130 137 138 137 Stone, clay, and glass products do 80.8 77.4 77.4 77.9 75.4 77.5 78.4 78.1 79.0 81.9 '85.0 85.4 85.8 Brick, tile, and terra cotta do 61 59 58 58 55 57 58 57 59 61 64 65 66 Glass do 102 95 95 97 96 98 98 99 100 106 '109 109 112 Transportation equipment do 111.4 92.9 91.2 91.1 87.2 88.9 90.0 88.3 99.5 105.6 '101.3 112 8 '113 1 Automobiles do 108 98 97 96 89 89 90 88 102 108 100 113 '111 ' Revised. fRevised series. Rural sales of general merchandise adjusted for seasonal variations revised beginning J a n u a r y 1934: see table 37, p . 17, of the August 1939 issue. D a t a for employment a n d p a y rolls without adjustment for seasonal variations beginning 1933 a n d for all series o n ' e m p l o y m e n t adjusted for seasonal variations have been corrected to the trends indicated b y the Census of Manufactures for 1935 a n d 1937. For total, durable, and nondurable goods indexes, see table 42, p . 17, of the October 1939 issue a n d tables 1 a n d 2, p p . 15-16, of the December 1938 Survey. For individual industries a n d industrial groups, data from 1935 to date are available upon request. Earlier are correct as shown in tables 76 a n d 77, p p . 13-18, of the November 1938 issue. for figures FRASER Digitized 218750—41 26 SURVEY OF CUERENT 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 1940 February April 1940 1940 1939 February March April May- June July August September DecemOctober November ber January EMPLOYMENT CONDITIONS AND WAGES—Continued EMPLOYMENT—Continued Factory, adj. (Federal Reserve)!—Continued Nondurable goods 1923-25 = 100.. Chemical, petroleum, and coal products 1923-5=100— 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, unadjusted, by cities and States: City or industrial area: Baltimore 1929-31 = 100-. Chicago 1925-27=100. Cleveland 1923-25 = 100-. Detroit do Milwaukee 1925-27=100. New York _ do Philadelphia! 1923-25 = 100. Pittsburghf do—. Wilmingtonf do— " State: Delaware! do Illinois 1925-27=100. Iowaf 1923-25 = 100Maryland 1929-31 = 100Massachusetts 1925-27=100. New Jersey! 1923-25=100New York 1925-27=100. Ohio 1926=100. Pennsylvania! 1923-25=100. Wisconsin! 1925-27=100. Nonmanufacturing, unadjusted (U. S. Department of Labor): Mining: Anthracite 1929 = 100. B ituminous coal do Metalliferous do— Petroleum, crude, producing do— Quarrying and nonmetallic -___do— Public utilities: Electric light and power! do— Street railways and busses! do... Telephone and telegraph! do— Services: Dyeing and cleaning do._. Laundries do Year-round hotels do— Trade: Retail, t o t a l ! do— General merchandising! do Lumber and building* do Wholesale do Miscellaneous employment data: Construction employment, Ohio.-1926=100 Federal and State highway employment: Total number. Construction (Federal and State)..do Maintenance (State) do Federal civilian employees: United States do.... District of Columbia do Railway employees (class I steam railways): Total thousands. Unadjusted 1923-25=100 Adjusted do— Trades-union members employed: All trades percent of totalBuilding do.-.. Metal do— Printing do— All other do... On full time (all trades) do— 106.6 103.9 103.8 103.3 103.3 104.2 105.3 105.9 105.7 107.6 109.2 108.9 ' 108. 0 120.6 137 125 122 309 130.4 144 107 95. 3 94 114.8 113 88. 1 73 102.8 93.4 119.3 62.7 112.9 120 118 119 301 125.7 144 96 99.0 98 111.1 106 81.4 66 101.8 91.7 120.2 113.4 120 120 119 299 127.3 144 96 99.2 98 111.4 106 82.2 67 101.0 91.0 119.2 61.4 114.2 118 121 118 309 127.0 144 96 97.7 97 111.5 106 81.3 67 99.6 90.2 116.4 64.5 114.4 117 119 119 302 128.4 146 98 93.7 92 111.5 107 81.1 67 99.8 91.0 115.2 65.1 113.1 117 120 120 295 129.4 147 100 97.1 96 111.1 106 80.8 66 101.2 92.0 117.5 65.5 113.7 115 122 121 298 127.9 147 101 98.7 98 111.8 106 79.7 67 104.1 94.5 121.1 65.7 111.9 119 125 122 254 129.7 146 101 97.4 96 112.0 107 83.6 68 104.9 95.4 121.4 65.2 116.4 122 123 122 297 128.1 146 102 96.8 95 112.8 109 86.1 70 103.6 94.1 120.4 64.4 H9.9 132 125 122 309 r 126.9 Li 4 6 U03 97.4 96 115.0 114 91.2 74 106.2 97.8 120.4 63.5 121.2 137 126 123 310 129.5 145 106 99.1 98 115.7 115 93.1 75 107.7 r 99.9 120.5 63.1 121.8 138 126 122 311 131.3 145 108 96.9 96 116.4 115 92.4 75 106.1 97.1 121.6 64.7 121.4 138 127 122 '310 r 130. 7 144 108 -97.3 96 '115.4 114 ' 90. 2 74 104.7 95.3 121.2 r 64. 2 89.2 70.6 82.3 97.7 94.8 90.5 81.1 72.6 83.0 90.3 69.8 82.2 96.0 94.5 88.0 •81.0 73.1 84.4 91.7 70.0 81.8 62.4 92.9 85.5 80.1 71.7 83.9 91.7 70.5 81.4 86.7 94.3 83.6 81.1 73.6 81.0 92.6 70.9 80.3 59.5 92.2 83.1 81.9 73.4 78.1 93.8 72.2 82.8 89.4 94.3 91.1 83.1 76.4 75.6 74.3 90.0 107.1 98.0 95.3 83.7 79.2 79.9 101.0 78.5 93.3 102.4 96.2 97.8 88.1 87.9 86.9 101.8 80.3 95.7 105.9 102.7 95.9 87.7 92.1 89.6 102.6 80.4 94.9 112. 1 104. 0 95.1 86.9 93.4 90.0 101. 3 78.4 94.6 104. 9 101.6 92.1 ' 85. 5 •• 92.0 89.0 100.8 78.1 94.6 110.7 97.2 95.9 86.6 89.8 88.0 70.4 81.8 99.3 93.6 89.1 81.5 71.9 81.8 96.1 85.9 135. 7 104.0 80.7 103. 5 90.9 95.0 88.3 89.5 90.5 76.8 128.0 92.4 74.6 93.8 81.9 86.0 r 80.4 82.7 91.4 77.8 129.0 94.5 74.8 94.2 82.7 87.1 80.4 93.1 77.6 131.1 95.5 73.1 93.7 82.0 86.6 80.1 83.7 92.8 77.6 131.9 95.8 71.6 94.3 80.4 85.2 78.8 84.5 90.0 78.1 133.2 95.8 71.2 95.4 80.9 85.5 79.7 89.0 78.3 129.2 96.7 73.3 94.4 80.6 84.7 81.0 89.2 93.7 80.7 129.3 90.5 75.5 97.7 84.0 87.2 82.5 90.0 82.3 129.4 101.5 76.8 100.1 87.5 91.1 83.7 90.9 98.6 86.0 132.4 104.8 80.2 105.0 90.6 95.7 90.0 89.4 98.2 87.7 137.0 105.5 80.5 107.4 91.3 97.0 91.7 92.1 98.4 87.8 140.4 105. 8 79.6 106.2 91.4 97.8 91.4 92.9 97.1 86.0 136.2 104.4 78. 5 103.4 89.7 ' 95.6 ' 88.9 91.0 52.0 91.8 66.1 63.1 38.1 52.2 88.6 66.4 37.9 51.7 87.4 61.0 66.2 40.1 53.0 25.9 61.5 65.8 43.0 52.6 47.9 61.9 66.1 45.6 51.2 78.3 61.6 67.0 47.3 44.7 79.4 60.4 67.3 47.5 48.5 81.4 60.4 66.7 48.1 49.4 85.4 62.9 65.0 47.9 51.9 93.0 65.3 64.3 48.0 51.3 94.9 66.5 63.8 47.1 51.0 92.6 67.3 63.8 44.0 51.5 91.7 66.6 63.1 37.5 89.4 76.6 75.8 76.1 74.3 87.0 76.3 74.4 87.7 75.9 75.1 88.2 76.3 75.8 89.2 76.8 76.4 90.0 76.5 76.5 90.6 76.6 76.6 90.6 76.6 76.4 90.4 77.0 76.5 90.3 76.8 76.1 90.1 76.4 75.8 93. 6 95.7 93.0 92.1 92.8 92.6 95.4 92.9 92.7 102.2 93.5 93.2 107.0 95.5 93.9 110.1 98.7 92.8 106. 5 100.0 90.3 102.7 99.1 105.2 97.8 91.3 105.1 96.0 92.9 97.8 95.6 91.8 97.4 95.6 90.8 93.9 95.8 91.4 87.1 88.1 69.2 90.3 84.9 85.2 68.1 87.9 89.1 69.1 88.5 92.7 70.5 87.3 92.8 72.1 87.2 89.4 93.3 73.4 88.1 87.2 88.2 72.2 86.3 86.3 74.3 89.0 90.5 95.8 75.2 90.5 91.7 98.9 76.3 92.4 93.3 105.9 75.1 92.1 104.2 146.4 73.4 92.2 88.3 90.7 69.6 90.5 31.2 r 89. 0 75.9 76.2 28.6 32.4 35.0 43.0 43.6 50.0 48.0 48.0 44.2 41.3 31.6 176, 079 58,815 117, 264 169,155 58, 622 110,533 187, 523 78, 394 109,129 220, 923 104,804 116,119 252, 316 130, 743 121, 573 264, 502 138, 345 126,157 274, 949 142, 788 132,161 277, 703 142,868 134, 835 202, 760 133,904 128,856 227, 233 112,816 114,417 185, 661 81, 845 103, 816 145, 707 42, 960 102, 747 875, 541 120, 445 879,504 120, 873 885.766 122, 003 903,112 122, 792 925, 982 123, 541 928,195 124,015 933,386 124, 634 940,130 125, 902 937,576 126,502 932, 641 126, 277 986, 742 127, 406 936, 689 127,418 1,010 1,019 1,022 1,039 1,075 1,058 1,029 1,008 53.2 53.6 53.6 53.0 55.6 54.4 56.1 54.7 56.3 54.9 57.1 56.0 59.1 57.5 58.2 57.7 56. 5 57.9 55.4 '57.7 89 ' 74 88 ' 90 " 93 72 88 72 88 91 92 70 958 966 52.7 54.8 53.1 54.6 85 66 79 86 68 82 89 91 67 0) 0) 0) 0) 0) 0) LABOR CONDITIONS Average weekly hours per worker in factories: National Industrial Conference Board (25 industries)! hours. U. S. Department of Labor (87 industries)! hours... r 36.8 36.9 36.8 36.5 37.1 37.1 37.9 38.2 39.0 39.1 39.1 38.7 37.1 37.3 36.7 36.9 37.3 36.7 38.0 38.0 39.1 38.5 38.6 37.4 l Revised. Discontinued by reporting source. *New series. Data for employment by lumber and building material dealers not shown on p. 26 of the March 1940 Survey will appear in a subsequent issue. !Revised series. Iowa employment revised beginning July 1937; revisions are shown on p. 26 of the March 1939 Survey. Wisconsin employment and pay rolls have been adjusted, beginning 1929, to trends indicated by Census data. Indexes not show^n on p. 26 of the November 1938 Survey will appear in a subsequent issue. Other State and city employment indexes revised beginning with the year specified: Philadelphia, 1932; Pittsburgh, 1932; Wilmington, 1931; Delaware. 1931; New Jersey, 1931; and Pennsylvania, 1932; data appear in table 12, p. 14 of the March 1940 issue. For data on factory employment, adjusted (Federal Reserve) revised, see footnote marked with a " ! " on p. 25. For U. S. Department of Labor average weekly hours per worker in factories, see note marked with a " f on p. 29. For revised data on indicated nonmanufacturing employment series, see footnote marked with a " t " on p. 28. National Industrial Conference Board data relating to factory weekly and hourly earnings and to weekly hours per worker have been revised beginning 1934;see table 2, p. 18 of the January 1940 issue. 27 SURVEY OF CURKENT BUSINESS April 1940 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 1940 1939 1940 February March April May June July August September DecemOctober November ber January EMPLOYMENT CONDITIONS AND WAGES—Continued LABOR CONDITIONS-Continued Industrial disputes (strikes and lockouts): Beginning in m o n t h number. I n progress during month do - _ Workers involved in strikes: Beginning in m o n t h thousands. I n progress during month do.-, Man-days idle during month do.,, Employment operations (Social Security Board): Applications: Active file „ thousands. New do_-_ Placemcnts, total do-._ Privato 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.._ 140 I>275 '251 '403 '176 '340 '184 '323 '60 '283 '88 ' 187 »190 ' 175 '211 1,164 '78 r Hg ' 1, 099 '36 '103 '884 '105 '138 ' 1,498 '42 128 ' 1, 643 '11 '34 '350 *>200 6,283 570 344 251 6,101 494 286 213 5,790 558 336 254 5,682 5,466 5,629 0) 0) 0) 4.0 3.5 4.4 5.1 '208 ••347 '280 '428 ' 256 '430 '239 '399 ••552 43 T)5 ••617 396 '426 4,900 95 '457 * 3, 546 62 127 '956 7,080 483 181 126 6,749 500 254 185 6,545 478 270 195 6,382 516 333 242 1.8 2.7 3.0 3.8 3.06 3.34 2 93 3.29 r 222 '356 ••203 •"342 3.92 r 4.16 5.06 352 287 6.17 366 308 5.6 5.89 289 249 4.4 4.10 2.61 .10 1.87 .64 3.18 .13 2.23 .82 3.46 .10 2.60 .76 3.48 .13 2.67 .68 3.31 .12 2.46 3.36 .12 2.54 .70 3.01 .14 2.05 .82 2.79 .14 1.58 1.07 2.91 .17 1.81 .93 2.95 .15 1.97 .83 97.8 96.7 86.0 77.7 87.6 79.4 85.5 79.5 85.0 78.8 86.5 80.7 84.4 76.0 89.7 81.5 93.8 87.8 101.6 99.6 101.6 100.9 101.0 81.7 83.6 82.0 80.2 82.6 78.6 88.0 92.8 112.1 114.7 *>25 5,746 C1) 265 235 6,066 0) 221 196 4.1 3.2 2.84 '3.74 3.46 .12 2.65 .69 3.43 .14 2.55 .74 PAY ROLLS Factory, unadjusted (U. S. Department of Laborjf 1923-25=100.. Durable goods d o . _. Iron and steel and their products, not including machinery 1923-35=100, Blast furnaces, steel works, and rolling mills 1923-25=100, Hardware do Structural and ornamental metal work 1923-25 = 100,. Tin cans and other tinware do Lumber and allied products do Furniture do Lumber, sawmills do Machinery, not including 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. F o u n d r y 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 c o t t a . . . do Glass do Transportation equipment do Automobiles do,_. Nondurable goods do _ _. Chemical, "petroleum, and coal products 1923-25=100,.. 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, unadjusted, b y cities and States: City or industrial area: Baltimore 1929-31 = 100.. Chicago 1925-27=100.. Milwaukee do New York do .__ Philadelphia! 1923-25=100.Pittsburghf do Wilmingtonf do . . . State: Delaware! do,_. Illinois 1925-27 = 300.. Maryland 1929-31 = 100._ Massachusetts 1925-27=100.. New Jersey! 1923-25=100.. New York 1925-27=100.. Pennsylvania! 1923-25=100.. Wisconsin! 1925-27=100. _ 110.1 100.4 85.9 81. 6 87.3 84.7 85.2 79.3 82.3 77. 6 85.9 73.8 82.0 65.4 92.7 80.1 95.3 113.9 123.6 109.6 127.3 118.6 61.3 92.5 59.8 76.7 51.8 53.0 87.1 52.7 69.6 44.3 55.9 94.0 53.6 69.8 45.7 57.7 95.4 55.4 67.0 49.9 57.3 98.2 58.0 66.6 54.2 58.8 103.2 60.1 68.5 55.9 58.7 102.8 56.4 68.0 50.5 63.9 114.9 62.9 75.5 56.8 63.3 117.4 63.5 78.1 56.5 68.3 111.3 68.7 84.9 61.6 67.1 105.4 68.8 86.2 60.8 119.2 90.8 93.4 92.8 94.0 95.4 94.0 96.9 100.9 111.0 117.1 163.8 141.2 111.2 171.5 104.0 ' 103. 7 ' 104. 6 '115.3 ' 106. 3 129.2 117.0 119.3 67.7 100 4 65 2 85 5 55 4 '62.6 96.9 '58.8 '74.6 '51.1 122.1 r 151.5 '155.8 119.1 146.4 144.5 134.9 127.3 122.7 124.0 125.0 131.3 140.5 90.1 89.2 90.6 91.6 91.0 93.4 98.4 105.7 109.6 114.2 '112.4 139.1 ' 156. 6 '161.4 '95.2 ' 122.2 ' 108. 7 150.3 '66.9 '43.4 r 113.1 -118.3 110.9 98.5 109.0 111.9 114.0 114.3 110.2 113.5 116.2 129.2 93.0 74.8 113. 6 82.4 103.9 65.9 46.4 91.5 76.6 72.9 93.7 78.4 122.8 88.7 110.5 71.6 50.1 102. 5 78.3 75.0 99.0 80.2 139.0 96.5 122.8 71.7 50.4 105.0 99.5 102.9 100.5 89.5 169.6 113.6 154.1 80.3 56.6 121.2 109.9 113. 3 102.9 94.3 170. 3 115.4 157.0 78.9 54.3 121.0 ' 105. 6 ' 106.0 102.4 98.6 148.8 116. 5 158.9 76.4 51. 6 118.9 r 124.1 ' 127. 9 102.8 118.7 131. 5 128.9 134.4 271.8 123.8 138.1 10«. 7 74.6 70.4 103.5 104.5 82.1 74.8 79.6 75.6 82.3 61.5 117.9 130.8 124.0 131.5 283.2 128.6 139.1 109.2 83.6 81.9 102.0 101.2 81.5 77.1 79.3 76.6 79.7 61.8 119.0 136.3 125.6 135.9 246.6 135.1 135. 3 105. 8 84.6 82.9 103.7 107.7 86.3 78.9 88.2 80.2 98.3 62.7 124.6 139.7 127.5 134.8 286.4 139.7 138.8 107.9 76.6 72.4 109.3 113.4 91.0 82.7 86.6 81.0 92.1 62.9 133.3 157. 9 134.6 140. 0 303.0 130.0 136.6 107.7 76.5 71.1 113.8 125.6 101.9 90.6 93.7 88.0 98.7 63.4 ' 133.1 ' 161. 5 131.5 137.9 310.4 ' 125.3 136.9 112.7 71.1 64.6 114.2 124.6 99.8 85.9 92.9 91.7 89.2 62.9 ' 133. 4 ' 162. 3 130.5 137.6 314.0 124.4 134.1 121.5 75.4 70.2 116.8 122.5 100.5 89.9 91.8 89.5 '90.2 62.3 131.0 • 159.8 ' 128. 5 133.5 • 320.4 '117.1 • 131.1 "118.9 '82.3 '79.1 110.0 •117.6 94.6 '85.1 '87.6 '84.8 '87.4 '52.9 107.2 57.8 92.8 77.7 73.6 62.4 76.4 110.5 58.7 96.5 76.9 76.5 66.5 75.8 110.6 59.1 92.4 76.3 77.6 62.4 71.4 114.0 61.3 98.1 85.5 79.1 72.0 67.7 118.3 62.8 96.4 86.4 79.7 72.6 73.7 126.2 67.4 103.4 90.1 85.6 92.7 81.7 128.2 67.5 109.4 87.4 85.6 96.1 83.7 128.1 69.4 110.6 88.7 86.0 98.7 '85.7 '124.2 66.9 104.3 84.5 '83.8 '92.3 82.3 85.3 66.4 107.0 67.0 87.3 74.4 67.5 86.3 85.0 67.3 110.4 67.5 89.2 75.9 70.4 89.2 81.1 66.6 110.4 70.1 87.7 75.8 69.2 86.6 79.7 70.3 110. 2 72.1 91.8 80.2 74.2 91.6 86.7 71.7 117. 5 74.2 94.2 82.4 74.9 90.1 92.1 77.9 126.9 77.4 104. 3 87.4 88.7 96.2 92.9 77.8 127.8 78.9 106.4 87.8 89.7 99.4 94.9 79.1 127.7 79.6 105.7 89.3 '90.1 100.1 91.1 75.7 • 123.8 77.7 100.6 86.2 '84.4 94.7 94.1 113.1 103.2 136.3 65.4 39.4 108.3 119.3 119.9 99.0 72. S 96.3 85.3 100.4 61.6 38.6 97.9 91.6 97.3 95.3 74.2 93.4 86.2 102.7 65.5 40.4 100.0 91.7 97.0 96.7 73.5 88.7 83.2 99.9 66.4 43.0 93.8 94.2 99.5 92.2 75.0 92.3 84.0 103.5 67.7 43.8 96.3 87.3 88.0 91.9 76.9 104.5 84.0 103.1 70.6 50.1 100.8 131.3 158.2 129.3 134.7 321.3 115.4 132.2 109.1 82.3 79.8 108.8 117.3 88.3 80.3 91.1 84.2 98.8 54.0 118.9 132.0 117.9 132.5 287.8 110.0 130.0 98.5 89. 5 87.8 103.6 105.2 81.0 71.0 90.3 82.5 99.6 52.7 120.6 133.3 122.7 131.6 286.9 111.8 131.3 97.8 89.4 88.3 105.4 105.6 83.2 74.1 91.4 80.6 106.8 53.3 119.5 130. 2 ]25.6 128.6 278.6 112.1 129.1 96.7 79.8 77.3 104.5 104.7 81.0 71.7 82.0 74.9 90.5 55.0 119.6 131.3 129.8 132.2 273.0 118.8 136. 5 104.7 68.6 63.8 105.1 105. 6 80.0 71.6 79.9 75.3 83.5 57.7 122.8 66.1 100.1 87.8 83.6 87.1 82.6 99.5 57.3 95.4 82.0 75.1 64.7 73.6 103.2 59.0 97.0 86.9 75.9 65.2 75.6 102.5 57.3 94.7 79.5 72.6 63.4 77.1 91.6 75.8 122.1 74.4 100.0 86.7 81.8 94.7 82.5 65.1 102.2 70.9 86.1 76.8 70.0 85.7 84.7 67.3 105.3 71.2 88.1 79.4 70.8 86.7 86.5 66.2 104. 5 68.2 86.0 76.4 67.8 85.3 l ' Revised. v Preliminary. JTitle changed from U. S. Employment Service. Discontinued by original source. !Revised series. For data on factory pay rolls (U. S. Dept. of Labor), see footnote marked with a "f" on p. 25. For Wisconsin pay rolls, see footnote marked with a " t " on p. 26. Other State and city pay-roll indexes revised beginning with the year specified: Philadelphia, 1932; Pittsburgh, 1928; Wilmington, 1930; Delaware, 1932; New Jersey, 1932; and Pennsylvania, 1932; data appear in table 12, p. 14 of the March 1940 issue. 28 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 1940 February April 1940 1940 1939 February March April May June July August September DecemOctober November ber January EMPLOYMENT CONDITIONS AND WAGES—Continued PAY EOLLS—Continued Nonmanufacturing, unadjusted (U. S. Department of Labor): Mining: Anthracite 1929=100_. Bituminous coal do Metalliferous do Petroleum, crude, producing do— Quarrying and nonmetallic do Public utilities: Electric light and powerf do— Street railways and bussest do Telephone and telegraph f do Services: Dyeing and cleaning do Laundries do Year-round hotels do— Trade: Ketail, totalt do.... General merchandisingf do— Lumber and building* do Wholesale do 32.9 88.0 63.8 58.7 30.9 45.2 81.2 53.4 62.7 29.7 34.2 77.8 53.6 61.3 33.1 43.4 17.6 52.6 60.8 35.9 57.0 20.4 54.1 61.2 39.7 36.1 66.5 53.8 62.5 41.7 25.2 64.5 48.5 61.9 40.9 33.8 74.6 53.0 62.0 42.9 40.1 80.2 55.1 60.8 42.7 52.2 97.6 63.4 58.8 45.6 42.0 96.3 63.9 59.6 42.9 26.6 84.3 65.0 59.2 39.2 52.5 90.8 63.1 58.4 29.8 102.5 71.9 95.5 97.7 68.7 93.6 98.2 69.3 93.8 98.3 68.4 94.0 99.9 68.9 95.7 101.2 70.0 95.7 101.1 69.4 96.6 102.2 69.8 96.3 102.2 69.2 96.9 102.0 71.2 97.2 102.5 69.4 96.4 102.4 69.6 97.4 101.1 69.3 98.6 64.3 82.9 82.9 63.2 78.6 82.8 67.7 79.3 81.1 73.3 79.9 81.9 83.0 83.9 82.4 84.2 86.9 82.0 77.1 88.0 79.1 73.0 85.9 79.2 78.3 84.5 80.4 77.3 83.9 82.2 70.8 82.9 81.8 69.9 83.7 81.1 65.8 83.3 81.0 79.1 80.6 63.9 76.8 76.5 78.1 62.0 74.6 77.7 80.3 63.0 74.7 79.6 83.5 64.8 74.8 79.9 83.6 67.1 74.9 81.1 85.1 69.0 75. 8 79. 5 81.3 67.6 75. 8 78.0 78.6 69.6 76.2 80.9 85.3 70.5 78.0 83.2 88.5 72.6 80.3 83.6 92.4 70.7 79.0 91.8 125.8 69.2 79.1 84.3 64.4 77.3 WAGES Factory average weekly earnings: National Industrial Conference Board (25 27.61 28.49 28.24 26.11 26.64 27.29 26.19 26.67 28.09 26.25 26.27 27.58 28.49 industries)! dollars.. 25.73 24.01 23.79 23.84 24.17 23. 64 24.52 25.81 r 26. 26 25.51 24.18 24.72 U. S. Department of Laborf do— 26. 92 ' 29.41 r 30. 04 26. 78 26.82 27. 26 28.96 27.02 26. 31 27. 92 28.18 29.71 Durable goods do— Iron and steel and their products, not in31.09 r 30.55 26. 70 28.17 ' 30. 71 29.07 cluding machinery dollars . 26.89 26.17 Blast furnaces, steel works, and rolling 33.08 31.25 28.47 33.19 mills dollars30.13 33.91 28.30 27 12 28.81 28.07 27.40 27.44 26.01 Hardware do.. _ 23.04 25. 21 26.10 23. 93 23. 05 23*38 29. 85 27.58 27.13 23.87 Structural and ornamental metal work 28.52 r 28. 74 27. 65 dollars. 28.74 28.87 26.93 28.06 28.13 27.42 27.62 27.54 27.71 r 23. 82 23. 46 24.20 23.86 r 23. 70 Tin cans and other tinware do-._ 22. 33 23. 19 23.82 23.12 23.57 23.66 24.86 19.10 20.18 Lumber and allied products do-__ 20.14 20. 80 19.04 ' 20. 63 19. 18 19.95 18. 61 19.19 19.72 19.95 19. 95 21.87 20.90 21.72 20.26 Furniture do___ 19. 74 19.91 19.47 21. 63 20.20 19. 86 20.95 17.73 18.11 18. 76 19.45 Lumber, sawmills do.. _ 17.18 18.04 19.21 17.08 18.95 18.39 19.20 17. 57 Machinery, not including transportation 29.74 30. 25 equipment dollars _ 29.20 27.27 28.07 28. 23 27.45 27. 86 27.97 27. 55 29.51 27. 67 Agricultural implements (including 30.91 31.07 tractors) dollars __ 29.96 29.92 30.00 29.56 28.85 29.20 29.11 28.91 30.27 30.19 Electrical machinery, apparatus, and 29.67 29.89 supplies dollars _ 29.24 28.11 28.42 28.05 28.50 28.71 29.34 28.09 Engines, turbines, water wheels, and ' 34.49 34.10 windmills dollars30.95 30.57 30.36 32.48 31.01 30.97 30.50 30.94 33.46 30.92 Foundry and machine-shop products 30.35 29.27 dollars. _ 29.43 26.69 29.27 27.02 26. 70 27.71 26.95 27.78 27.86 27.23 22.71 22.22 23.47 Radios and phonographs do. 21.15 23.79 21.63 22.38 22.92 21.14 21.19 21.73 21.71 28.67 27.37 28.26 Metals, nonferrous, and products. _. do 25.48 25.52 25.98 26.69 28.58 25.60 24.90 25.38 25.11 Brass, bronze, and copper products 30.28 31.63 dollars. . 26.42 32.21 31. 39 26.98 26. 43 27.32 27.53 28.00 29.15 27.18 23.58 25.01 Stone, clay, and glass products do ' 25. 24 23.43 25.98 23. 72 23.94 24.26 24.03 22.96 23.47 22. 58 19. 52 21.18 21.58 Brick, tile, and terra cotta do 22.51 19.47 19. 59 21.25 21.17 20.52 19. 46 19.91 19.58 26.27 26.78 27.71 27.06 Glass do 25.04 25. 30 24.86 25.45 25.43 23.37 24.15 23.26 33.23 ' 34. 51 33.82 Transportation equipment do ' 33.26 30.69 30.81 31.73 33.25 31.80 31.04 31.06 33. 71 34.28 r 35.81 34.75 Automobiles do r 34.25 30.80 30.87 31.94 34.41 32. 33 31.18 31. 50 35.15 21.87 ' 22. 30 22.02 Nondurable goods do. _ _. r 22.03 21.47 21.58 21.31 21.54 20. 89 21.09 21. 25 21.58 Chemical, petroleum, and coal products 29.54 r 29.49 29.22 28.38 29.49 ' 29. 61 dollars. _ 28.14 27.63 28.85 28.74 29.23 28.60 31.82 32.51 ' 32.07 30.89 Chemicals do 31.08 30.66 30.74 31.48 31.08 '31.86 31.00 31.07 28.44 29.46 28.75 27.84 Paints and varnishes do. 28.30 28. 24 28.14 28.47 28. 65 28.72 29.12 28.62 34.42 35. 27 35.77 35. 23 Petroleum refining do_ 35.20 34. 39 33.91 34.38 34.94 34. 76 35.10 34. 99 26.24 25.82 25.03 24.15 Rayon and allied products do.... 24.24 24.47 24.49 25.42 23. 64 24.81 23.70 24.38 25.32 r 25. 48 24.34 24.83 Food and kindred products do 25. 00 24.61 24.19 r 24.80 24. 57 25.48 23. 95 25.13 25.84 25. 83 25.65 25.40 Baking do._. 25. 52 26. 05 26.00 25.97 25. 11 25. 91 25.49 25.96 27.94 28.51 27.60 26.98 Slaughtering and meat packing._do_,_ 27.32 28.54 27.99 27.45 27.23 27.77 28. 39 28.25 19.89 19.09 18.74 20.19 Leather and its manufactures do._. 20.12 19.72 18.45 18.20 18.73 19.78 17.43 18.65 18.78 17.62 17.20 19.13 Boots and shoes do___ 19.17 18.74 17.04 16.46 17.58 18.74 15.93 17.28 28.66 29.51 29.40 27.89 Paper and printing do__. 27.57 28.89 ' 29. 26 2«. 08 28.04 28. 37 28.22 28.10 25. 35 26.19 27.19 24.16 Paper and pulp do 25.64 26.61 24.11 24.43 24. 25 24.13 24. 65 23. 40 28.54 29. 50 30.11 27.11 Rubber products do_ 28.93 28. 95 27.00 27.40 26.78 27.88 28. 52 28.22 34.08 35.11 35. 91 31.68 Rubber tires and inner tubes do_ 34.55 33.64 31.48 32. 54 31.46 33. 06 33.77 33.84 17.26 ' 17. 72 17. 58 17.35 Textiles and their products do 16.91 17.68 10,36 17.38 16.36 16. 51 17.20 16.46 r 17.07 17. 54 17.21 16. 81 Fabrics do 16.73 17.64 1 -. 86 16.02 16. 56 16.20 16. 63 16. 23 17.85 ' 18. 26 18.63 19.03 17. 40 Wearing apparel do 17.81 17.84 19.91 17.43 17.46 18.77 17.14 16.52 17.55 17.47 15.19 17.44 17.50 Tobacco manufactures do 16.08 16.22 16.60 17.19 17.43 17.48 Factory average hourly earnings: National Industrial Conference Board (25 .729 .727 .713 .727 industries)! dollars. _ .715 .721 .721 .724 .717 .720 .720 .722 .728 . 662 .663 U. S. Department of Laborf do .643 .653 .645 .637 .646 .642 .643 .642 .634 .638 '.727 .727 Durable goods do .709 .715 .711 .702 .713 .710 .707 .708 .709 Iron and steel and their products, not in.772 cluding machinery dollars.. .753 .752 .767 .752 .759 .764 .756 .761 Blast furnaces, steel works, and rolling .841 .851 mills dollars.835 .835 .835 .835 .849 .845 .847 .843 .848 .670 Hardware do .651 .722 .655 . 655 .651 .669 .676 .685 .655 .625 Structural and ornamental metal work dollars. .729 .731 .731 .727 .721 .722 .726 .721 .725 .725 '.731 .727 Tin cans and other tinware do .610 .611 .609 .604 .605 .608 .608 .615 .610 .614 .619 .619 Lumber and allied products do .498 .502 . 504 .498 .502 .487 .492 .501 .502 .514 .513 .512 Furniture do . 532 . 530 .527 .528 .529 . 523 .527 . 530 .527 .536 .544 .538 Lumber, sawmills do .471 .481 .484 .473 .481 .452 .460 .479 .483 .497 .489 .491 r Revised. •New sorbs. Data not shown on p. 2^ of the March 1940 issue for pay rolls of lumber and building material dealers will appear in a subsequent issue. tRevised series. For revisions in National Industrial Conference Board factory weekly and hourly earnings, see note marked with a " f on p. 26; for revisions in the U. S. Department of Labor data on tho same subject, see note marked with a " t " on p. 29. The indicated nonmanufacturing employment and pay-roll series have been revised beginning with 1929 except for the telephone and telegraph series for which revisions becjin in 1932; revised data not shown on p. 28 of the March 1940 issue will appear in a subsequent Survey. 29 SUEVEY OF CUEKENT BUSINESS April 1940 Monthly statistics through December 1937, to- 1940 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 June May 1939 1940 July Sep- October Novem- Decem- JanuAugust tember ary ber ber EMPLOYMENT CONDITIONS AND WAGES—Continued WAGES—Continued Factory average hourly earnings—Continued. U. S. Dept. of Laborf—Continued. Durable goods—Continued: Machinery, not including transportation equipment dollars Agricultural 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 Chemical, petroleum, and coal products dollars 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: Delaware 1923-25=100.. Illinois 1925-27=100.. Massachusetts ._ do New Jersey. 1923-25-100 New York 1925-27=100.. Pennsylvania _ 1923-25=100 Wisconsinf... . 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 .725 .728 .726 .725 .725 .724 .721 .722 .721 .723 .732 .804 .803 .795 .787 .780 .785 .781 .778 .782 .787 .793 .796 .743 .745 .742 .744 .744 .743 .737 .740 .733 .731 .742 .749 .735 .787 .788 .792 .787 .782 .779 .778 .787 .794 .799 '.805 .804 .711 .577 .666 .715 .578 .667 .714 .586 .670 .710 .589 .673 .716 .583 .671 .715 .576 .672 .714 .576 .668 .715 .577 .674 .718 .573 .691 .720 .583 .690 .727 .590 .703 .726 .598 .701 .704 .649 .542 .720 .897 .924 .591 .705 .652 .544 .716 .900 .926 .591 .704 .648 .535 .707 .897 .928 .588 .708 .644 .534 .706 .894 .931 .592 .707 .647 .538 .711 .895 .933 .590 .715 .646 .531 .716 .886 .928 .587 .710 .646 .539 .714 .888 .935 .585 .714 .647 .540 .718 .895 .934 .583 .757 .654 .551 .730 .891 .922 .590 .753 .657 .556 .734 '.886 '.922 .599 .758 .660 .558 .737 '.901 '.940 .605 .752 .664 .553 .748 .894 .934 .607 .738 .780 .697 .970 .640 .632 .615 .684 .522 .496 .768 .611 .761 .953 .488 .461 .538 .473 .728 .780 .698 .973 .643 .629 .615 .689 .524 .500 .771 .614 .763 .957 .489 .459 .541 .474 .721 .777 .697 .973 .647 .627 .613 .694 .524 .501 .772 .612 .760 .947 .480 .458 .518 .474 .740 .776 .701 .970 .647 .631 .617 .689 .528 .504 .774 .616 .760 .944 .478 .460 .511 .472 .757 .777 .697 .972 .643 .622 .618 .691 .529 .505 .776 .618 .765 .947 .473 .459 .499 .474 .766 .783 .704 .985 .639 .613 .624 .687 .522 .498 .772 .616 .772 .956 .472 .460 .496 .476 .766 .785 .707 .975 .643 .596 .624 .688 .526 .502 .768 .618 .770 .956 .483 .460 .523 .472 .741 .781 .704 .969 • .646 .585 .620 .686 .532 .508 .774 .620 .768 .959 .482 .461 .519 .475 .738 .789 .712 .974 .646 .608 .623 .685 .532 .508 .773 .629 .769 .961 .486 .464 .527 .474 r.751 '.792 .715 .972 .659 .625 .627 .684 .539 .514 '.774 .627 .768 .961 .493 .477 .525 .479 '.751 '.796 .714 .972 .665 '.633 .633 .678 .537 .511 '.783 . 631 .776 .974 .497 .479 .533 .489 .756 .800 .718 .974 .676 .641 .635 .677 .534 .508 .784 .635 .776 .965 .499 .481 .533 .496 92.1 95.8 95.9 116.4 95.4 105.4 105.7 88.3 92.0 95.3 110.8 93.7 100.3 103.6 89.6 93.9 95.4 112.8 95.9 101.2 103.7 89.8 92.5 93.4 110.7 93.1 96.9 101.9 88.9 92.8 93.5 111.8 92.6 97.5 102.2 91.4 93.4 94.9 113.0 93.8 101.0 102.7 88. 2 92.3 95.8 112.1 94.0 97.3 97.2 82.4 94.6 95.6 113.3 95.4 103.0 101.7 83.9 94.5 96.7 113.5 94.1 101.5 99.1 90.3 98.2 96.6 119.7 96.4 111.1 107.6 91.5 96.3 98.0 119.5 96.1 110.8 107.9 93.3 97.9 100.0 120.0 97.7 111.9 107.6 90.7 95.7 98.9 117.2 96.1 107. 8 104.0 .685 1.47 .680 1.43 .680 1.44 .683 1.44 .682 1.44 .684 1.44 .684 1.44 .685 1.44 .685 1.44 .685 1.44 .685 1.46 .685 1.46 .750 .726 .732 .720 .719 .724 .714 .731 .729 .739 .743 .742 .35 .60 .28 .56 .51 .48 .67 .27 .41 .38 .35 .60 .27 .57 .54 .50 .65 .27 .40 .37 .39 .62 .30 .54 .55 .57 .67 .28 .42 .37 .40 .60 .28 .51 .55 .52 .63 .28 .45 .37 .41 .63 .29 .51 .56 .49 .65 .28 .45 .37 .43 .60 .29 .52 .56 .49 .65 .29 .47 .35 .43 .61 .30 .51 .57 .47 .64 .30 .46 .37 .43 .60 .30 .53 .58 .45 .64 .30 .46 .37 .43 .59 .31 .51 .57 .48 ,64 .30 .47 .38 .44 .59 .32 .53 .56 .49 '.66 .32 .46 .38 .42 .63 .35 .56 .56 .48 .66 .32 .44 .38 .41 .59 .31 .57 .55 .50 .71 .32 .52 .39 310 318 309 308 305 279 r277 258 ••269 272 273 270 46 45 46 47 46 41 46 39 47 37 48 36 48 38 48 39 48 39 48 38 49 39 51 42 2 2 2 2 1 1 1 1 1 1 2 2 35 42 .43 .62 .33 .62 .59 .50 .72 .32 .50 .39 36.13 36.26 r .685 1.47 35.27 ALL PUBLIC RELIEF Total, exclusive of cost of administration, material, etc.f mil. of dol._ Obligations incurred for: • Special types of public assistance do General relief- . . . _ _ do Subsistence payments certified by the Farm Security Administration mil. of doL. Earnings of persons employed on Federal work programs: Civilian Conservation Corps mil of dol Work Projects Administration: Operated bv W. P. A.t do Operated by other Federal agenciesf mil of dol National Youth Administration: Student aid do Work pro}ectsf do Other Federal work and construction projectsf mil. of dol 21 18 20 20 19 19 19 17 19 19 18 19 150 158 146 141 133 120 108 89 98 102 108 106 '4 4 4 4 4 2 4 3 5 3 5 3 6 53 51 47 37 4 5 6 7 7 3 2 4 2 4 2 4 2 4 2 4 0 3 34 35 40 46 54 51 3 (°) 4 54 (°) 56 ' Revised. « Less than $500,000. §Construction wage rates as of Mar. 1, 1940; common labor $0,685, skilled labor $1.47. be obtained from the most recent Social Security Bulletin together with the issue for February 1940. 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. Wisconsin weekly earnings revised beginning January 1929; data not shown in the December 1939 Survey will appear in a subsequent issue. 30 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 1940 February April 1940 1940 1939 February March April May June July Sep- October Novem- Decem- JanuAugust tember ber ary ber 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 _ do Own bills do ... Purchased bills do Held by others . do Commercial paper outstanding do . Agricultural loans outstanding of agencies supervised by the Farm Credit Adm.: Grand total mil. of dol Farm mortgage loans, total do Federal land banks . do.__ Land Bank Commissioner do Loans to cooperatives, total* do Banks for cooperatives inch Central Bank . . mil. ofdol__ 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 cooperativescf mil. of doL Otherfinancinginstitutions 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 (141 cities) „ do__ 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. of doL. Excess reserves (estimated) do Federal Reserve notes in circulation..do Reserve ratio percent Federal Reserve reporting member banks, condition, Wednesday nearest end of month: Deposits: Demand, adjusted mil. of dol Time do Domestic interbank. __. __do. . Investments, totals do U. S. Government direct obligations-do Obligations fully guaranteed by U. S. Government mil. of dol Other securities^ . . do Loans, total t do Commercial, industrial, and agricultural loansf mil. of dol Open market paper do To brokers and dealers in securities do _ Other loans for purchasing or carrying securities mil of dol Real estate loans do Loans to banks _.. _ _ _ do Other loans! _ _ do _. Money and interest rates: Bank rates to customers:f In New York City percent-.._ In seven other northern and eastern cities 233 248 245 238 247 245 236 235 216 221 223 233 229 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 188 198 192 191 188 123 65 45 191 189 117 74 54 118 72 49 124 68 55 122 69 53 119 69 48 177 115 62 39 179 111 67 42 172 175 122 76 50 191 128 63 44 226 195 191 192 189 181 194 201 209 205 214 210 179 111 68 50 219 3,046 2,580 1,897 3,178 2,710 1,969 3,173 2,694 1,960 3,172 2,683 1,955 3,166 2,671 1,948 3,158 2,658 1,941 3,148 2,647 1,934 3,134 2,637 1,928 3,109 2,626 1,923 3,085 2,616 1,916 3,067 2,605 1,910 3,057 2,596 1, 905 3,045 2,588 1,900 94 98 91 86 84 83 85 84 88 93 95 99 72 74 66 61 60 60 62 61 65 70 73 76 73 20 372 24 370 23 389 23 403 23 411 23 417 22 417 22 414 22 395 22 376 21 366 21 363 20 362 165 35 160 8 117 52 167 34 155 11 116 54 175 35 168 10 121 54 183 36 178 10 125 54 187 38 183 10 125 54 190 40 188 10 125 54 189 41 188 10 125 54 188 42 185 10 124 54 180 38 174 9 121 54 170 34 163 8 118 53 165 33 157 8 116 53 165 33 154 8 115 53 162 34 154 8 115 52 684 Treasury notes, 3-5 years (yield). ._.do 734 728 723 718 713 708 704 699 695 105 70 57 691 687 95 62 29, 482 12,138 17,344 85 27, 581 12, 380 15, 201 83 34, 486 16, 274 18, 211 82 30,143 13,311 16, 832 80 31,928 14,165 17, 763 79 33, 988 15, 312 18, 676 77 30, 477 12, 794 17, 683 76 30, 613 13,118 17, 496 75 33, 664 15,138 18, 526 73 32, 711 13, 683 19, 029 70 31, 676 13, 041 18, 636 66 40,019 17,633 22, 386 63 34, 717 14, 739 19,978 19,497 15,862 16,186 16, 766 16, 922 17,172 17, 348 17, 823 18, 602 18, 779 18, 740 2,598 1 2,587 1 2,595 1 2,573 1 2,579 1 2,486 1 2,446 1 2,879 1 2,801 0 2,650 0 19,027 2,593 0 19, 223 2,547 0 7 4 4 3 4 5 5 5 6 6 8 7 7 2,477 16,181 15, 813 19, 497 13,630 12, 328 5,692 4.872 87.5 2,564 12, 561 12,125 15, 862 10, 571 2,564 12, 951 12, 553 16,186 10,919 2,571 13, 476 13,103 16, 766 11, 376 2,564 13, 673 13, 326 16, 922 11, 535 2,551 13,874 13, 524 17,172 11, 701 2,426 14, 661 14, 321 17, 823 12, 247 9,157 3,559 4,380 84.7 9,900 4,098 4,458 85.1 10, 029 4,218 4,477 85.4 10, 018 4,140 4,511 85.6 10, 918 4,758 4,631 86.9 2,804 15, 013 14, 679 18,602 12,953 11, 655 5,352 4,720 85.0 2,736 15,178 14,838 18, 779 12, 988 11,973 5,553 4,773 85.5 2,552 15, 295 14, 976 18, 740 12,865 8,936 3,387 4,353 84.2 2,488 14, 230 13, 878 17, 348 11, 952 10, 507 4,553 4, 530 86.3 11,628 5,160 4,862 86.3 2,484 15, 524 15, 209 19,027 12,941 11,653 5,209 4,959 86.7 2,477 15, 975 15, 561 19,223 13,422 12,150 r 5, 559 4,832 87.5 19, 414 5,290 8,085 14, 740 8,851 15,965 5,202 6,414 13, 408 8,143 15,991 5,217 6,466 13, 388 8,096 16, 660 5,248 6,627 13, 714 8,341 16,965 5,235 6,675 13, 554 8,237 17, 462 5,243 7,012 14, 078 8,515 18, 096 5,247 7,167 14, 233 8,565 18, 333 5,231 7,667 14, 069 8,437 18, 556 5,249 7,954 14, 207 8,684 18,972 5,232 7,894 14, 503 8,713 18, 566 5,276 8,190 14,413 8, 703 19,199 5, 257 8,029 14, 675 8,877 2,421 3,468 8,528 2,019 3,246 8,186 2,026 3,266 8,191 4,324 3,773 3,814 2,026 3,347 8,071 3,841 2,055 3,262 8,126 3,822 17, 220 5,237 6,747 13, 862 8,423 2,148 3,291 8,089 3,833 2,241 3,322 8,166 3,887 2,286 3,382 8,209 3,996 2,232 3,400 8,350 4,229 2,232 3,291 8,521 4,310 2,408 3,382 8,656 4,381 2,412 3,298 8,674 4,353 2,414 3,384 8,499 4,295 332 609 313 799 305 764 302 648 308 721 303 648 313 655 317 608 316 533 317 603 312 660 315 700 321 614 2,503 0 478 523 531 539 539 543 526 519 510 512 499 504 485 1,185 1,136 1,140 1,148 1,156 1,161 1,168 1,174 1,180 1,184 1,189 1,188 1,183 1,548 1,550 1,543 1,533 1,521 1,550 1,543 1,546 1,547 1,559 1,579 1,564 1,547 52 In eleven southern and western cities 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. C: Acceptances, prime, bankers _ do __ Call loans, renewal (N. Y. S. E.) do Commercial paper, prime (4-6 months) percent.. Time loans, 90 days (N. Y. S. E.)__. do Treasury bills, 91 days (vield) do 741 103 69 51 0 92 94 60 59 51 74 49 35 36 36 50 1.70 2.13 2 15 2.04 1.96 2 69 3 05 3.05 2.78 2.59 3.62 54 3.32 3.31 3 26 3 77 2.86 4.83 1.00 4.00 1.50 3.00 5.05 1.00 4.00 1.92 2.99 4.89 1.00 4.00 1.50 3.02 5.15 1.00 4.00 1.50 2.97 5.07 1.00 4.00 1.50 2.92 4.91 1.00 4.00 1.50 2.89 4.84 1.00 4.00 1.50 2.93 4.85 1.00 4.00 1.50 3.25 5.00 1.00 4.00 1.50 3.15 4.88 1.00 4.00 1.50 3.00 4.85 1.00 4.00 1.50 2.94 4.92 1.00 4.00 1.50 2.88 4.86 1.00 4.00 1.50 Me 1.00 Me 1.00 Me 1.00 1.00 1.00 Me 1.00 Me 1.00 Me 1.00 Me 1.00 Me 1.00 Me 1.00 Me 1.00 1.00 lit VA .05 .64 .04 .51 m VA .02 .46 VA .03 .63 H-H VA .03 .51 VA .03 .50 7 VA ' VA .03 .42 .03 .39 tt-% VA .04 .45 lU .05 .48 lit n-u .14 VA .05 1.07 .77 .01 .47 1 d"To avoid duplication, these loans are excluded from the totals. Less than $500,000. fRevised series.' For data beginning 1928 see table 16, page 17 of the March 1940 issue. Quarterlyfiguresbeginning March 1939 are not strictly comparable with earlier data. •Includes a small amount of Federal intermediate credit bank loans (direct) not shown separately. ISee note marked with a "T' on p. 30 of the July 1939 issue. April 1940 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 31 SUEVEY OF CURRENT BUSINESS February 1940 1939 1940 February March April May June July Decem- JanuSepOctober Noven> August tember ary ber ber FINANCE—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_.. COMMERCIAL FAILURES! 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 LIFE INSURANCE 5,632 5,431 5,478 5,463 5,471 5,514 5, 519 5,529 5,557 5,552 5,547 5,599 5,616 1,297 50 1,263 81 1,266 80 1,264 76 1,262 73 1,262 68 1,268 58 1,271 56 1,267 55 1,271 54 1,275 54 1,279 54 1,290 51 1,042 48 66 204 7 56 17 4 6 13 11 19 6 38 1 26 622 102 13,472 575 1,655 4,939 290 1,167 427 249 30 247 548 856 112 453 214 346 4,440 1,863 1,202 42 47 234 12 48 24 6 11 13 11 22 4 48 1 34 770 109 13, 582 331 973 5,258 125 1, 513 247 306 263 137 255 553 112 1,207 1 539 5,626 1,394 1,322 64 56 267 8 56 26 3 14 11 17 18 8 72 4 30 792 143 19, 002 1,152 1,232 8,264 56 3,302 771 755 315 115 344 194 155 1,767 145 345 6,081 2,273 1,331 57 52 272 7 70 19 12 14 10 20 24 2 53 2 39 790 160 18, 579 553 746 8, 647 106 1,475 346 1,171 388 1,841 586 737 14 1,131 388 464 6,086 2,547 1,334 48 71 263 7 68 25 1 14 7 10 14 9 79 6 23 800 152 15, 897 895 1,194 5,207 113 1,909 547 100 339 49 286 436 218 916 53 241 6,553 2,048 1,119 66 52 209 9 45 13 5 14 12 11 15 6 45 4 30 687 105 12, 581 541 1,159 4,789 112 1,079 222 341 315 204 372 236 85 1,203 45 575 4,397 1,695 1,153 28 40 242 3 58 16 6 8 7 lfi 24 8 57 1 38 729 114 14,999 343 382 6,907 32 2,398 217 1,017 62 224 787 291 277 1,196 58 348 5,219 2,148 1,126 51 52 210 7 50 20 1 9 13 8 17 3 52 2 28 696 117 12, 637 530 790 4, 453 60 1,709 538 40 345 323 71 296 20 684 21 346 5,175 1,689 1,043 48 51 187 9 44 20 4 4 7 11 16 7 37 4 24 652 105 10, 545 522 945 3, 466 138 611 442 816 28 46 216 99 105 435 95 435 4,443 1,169 1,234 43 55 235 14 46 18 3 10 12 12 28 9 44 4 35 772 129 17, 464 790 1,129 6,959 135 1,500 1,411 111 274 327 1,455 484 172 579 134 377 5,378 3,208 1,184 49 50 263 11 64 16 4 9 13 9 29 10 53 4 41 697 125 13, 201 587 765 4,606 132 1,286 168 72 321 96 220 185 227 565 129 1,205 5,156 2,087 1,153 57 59 239 9 37 16 6 16 4 14 24 7 63 3 40 690 108 13, 243 760 1,094 5,129 78 1,481 167 304 162 26 859 310 279 969 168 326 4,940 1,320 1,237 44 69 223 8 52 17 1 11 11 8 14 5 56 4 36 789 112 15, 279 614 1,509 4,942 76 2,142 208 5 105 204 40 335 75 595 157 1, 000 5,617 2,597 Assets, admitted, total:t mil. of doL 24,130 4,543 Mortgage loans, total do 659 Farm do _ Other do 3,884 Real estate holdings do 1,720 2,496 Policy loans and premium notes do Bonds and stocks held (book value) total 13,986 mil. of doL 6,373 Government (domestic and foreign).. do Public utility do 3,464 2,655 Railroad __ _ __do_ Other do 1,494 Cash do__921 464 Other admitted assets do Insurance written:© Policies and certificates, total number 697 thousands. 25 Group do 439 Industrial do 232 Ordinary do Value, total thous. of doL 561, 638 Group do 38,120 Industrial do 125, 226 Ordinary do 398,292 Premium collections, total do 263,077 Annuities do 25, 562 Group do 12,451 Industrial do 56,154 168,910 Ordinary do 22, 929 4,403 669 3,734 1,740 2,621 23,018 4,410 667 3,743 1,738 2,611 23,100 4,416 667 3,749 1,743 2,605 23,199 4,424 666 3,758 1,746 2,598 23, 275 4,435 664 3,771 1,745 2,585 23, 398 4,442 659 3,783 1,747 2,573 23, 489 4,460 663 3,797 1,750 2,564 23, 608 4,472 662 3,810 1,751 2,557 23, 711 4,486 662 3,824 1,753 2,547 23, 815 4,499 662 3,837 1,754 2,534 23,917 4,528 660 3,868 1,720 2,520 24,042 4,533 658 3,875 1,722 2,507 12, 950 5,895 2,974 2,657 1,424 759 456 12, 999 5,903 2,995 2,671 1,430 810 450 13, 065 5,952 3,003 2,675 1,435 827 444 13,127 5,977 3,007 2,684 1,459 858 446 13, 358 6,057 3,139 2,699 1,463 727 425 13, 428 6,079 3,163 2,702 1,484 780 428 13, 485 6,123 3,202 2,705 1,455 809 421 13, 553 6,110 3,259 2,697 1,487 837 438 13, 687 6,097 3,401 2,697 1,492 800 438 13, 714 6,181 3,382 2,684 1,467 823 491 13,906 6,353 3,428 2,642 1,483 763 480 13,928 6,370 3,449 2,644 1,465 890 462 675 23 399 252 491 365 871 255 374 491 667 981 235 842 33 499 310 019 205 396 418 539 817 019 960 743 716 20 464 232 666 981 051 634 414 838 450 263 863 812 33 496 283 445 278 073 094 965 809 302 846 008 841 134 461 245 729, 749 194, 223 128, 568 406, 958 268, 472 25, 496 11, 528 61, 255 170,193 687 26 427 234 380 862 218 300 077 712 497 554 314 942 261 431 250 595 901 068 626 706 472 292 271 671 642 24 417 200 509, 897 59, 401 115, 935 334, 561 234, 418 18, 248 11, 320 59,970 144, 880 790 51 484 255 675 929 769 977 492 879 781 055 777 724 728 41 59 443 455 225 228 587, 498 r 646,550 44, 027 105,030 128,121 124, 662 415, 350 r 416,858 247, 397 355, 983 23, 412 50,082 10, 854 13, 270 52, 800 106. 662 160, 331 185, 969 659 32 400 226 653,156 134, 507 113,111 405, 538 286, 934 42,185 15,848 63, 512 165, 389 (Association of Life Insurance Presidents) 570, 40, 109, 420, 250, 22, 11, 56, 159, 645, 45, 138, 461, 287, 25, 13, 62, 185, 550, 35, 129, 385, 243, 19, 10, 61, 151. 604, 43, 137, 424, 257, 22, 11, 59, 164, 506, 23, 118, 364, 248, 27, 10, 55, 154, 584, 83, 119, 381, 244, 23, 11, 54, 155, 637, 75, 135, 425, 238, 20, 10, 57, 149, (Life Insurance Sales Research Bureau) f Insurance written, ordinary, totaL thous. of dol__ 506, 212 532,032 577, 203 495, 650 532, 089 524, 925 462, 423 479, 794 442, 597 543, 991 537, 951 567, 212 517,622 39.633 43, 632 44,852 34, 364 41, 323 37, 658 40, 608 41, 314 36, 030 33,493 43,136 41, 938 39, 378 New England do 144, 717 140, 911 159, 747 140,175 148, 804 142, 293 124, 598 123, 012 118, 743 152, 548 150, 742 148, 888 151, 309 Middle Atlantic .do 120, 473 122, 242 130, 647 109, 638 117,143 116, 689 102, 981 107, 019 95, 351 122,888 122, 522 126, 840 121, 339 East North Central do 47, 560 West North Central do 46,661 54,148 55, 913 49, 272 53, 372 53, 078 48, 575 51, 080 45, 611 54, 339 54, 246 59, 043 48, 294 47,164 48,038 53, 050 45, 771 50,104 51,134 42, 233 48, 480 52, 598 56,672 43, 595 51,003 South Atlantic do 17,829 17,657 20, 386 22, 845 19, 070 21, 059 21,811 18, 277 19, 729 19, 741 19,413 20,133 24, 223 East South Central do 38, 470 36,141 42, 233 42, 221 45,996 45, 997 38, 401 40, 791 38, 831 40, 088 37, 658 36, 567 40, 588 West South Central do 12, 496 12, 761 13, 677 15, 848 13, 663 14, 406 14, 935 13, 659 14, 842 12, 756 14, 743 14,043 17, 347 Mountain do 39.002 41. 005 42, 002 48, 304 44, 372 38,412 46, 765 42, 880 42,437 44, 238 48,825 Pacific do 36,740 42, 736 91 93 Lapse rates 1925-26=100.. T Revised. tRevised series. Data for insurance written, ordinary (Life Insurance Sales Research Bureau) revised for the period 1936-38 to include a small amount of intermediate insurance omitted from the original compilation; revised data not shown on p. 31 of the November 1939 Survey will appear in a subsequent issue. Data beginning 1939 for commercial failures are now presented on a new basis and cannot be used in conjunction with the former series. The new series shown above include voluntary discontinuances with loss to creditors, and small concerns forced out of business with insufficient assets to cover all claims, in addition to failures included in the former series. For the year 1939 the number of failures was 14,768 with liabilities of $182,520,000, on the new basis; on the old basis, the number was 11,408 and the amount $168,204,000. J37 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 States legal reserve companies. 32 SURVEY OF CURRENT BUSINESS Monthly statistics through December 1937, to- 1940 gether with explanatory notes and references to the sources of the data may be found in the Febru1938 Supplement to the Survey ary April 1940 1939 February March April May June July 1940 DecemAugust SeptemOctober November ber ber January FINANCE—Continued MONETARY STATISTICS Foreign exchange rates: 0.298 Argentina dol. per paper peso.169 Belgium dol. per belga__ .061 Brazil, official dol. per milreis.. .302 British India dol. per rupee.. .867 Canada dol. per Canadian dol... .052 Chile dol. per peso... .022 France dol. per franc... .401 Germany dol. per reichsmark... .050 Italy..dol. per lira... .234 Japan dol. per yen.. .531 Netherlands dol. per guilder... .100 Spain dol. per peseta... .238 Sweden dol. per krona. _ 3.963 United Kingdom dol. per £_. .658 "Uruguay dol. per peso,. Gold: Monetary stock, U. S mil. of dol__ 18, 061 Movement, foreign: Net release from earmarkl__ .thous. of doL. 36,954 53 Exports do 197, 482 Imports do Production: Union of South Africa, total__.fine ounces. . Witwatersrand (Rand) do 179, 559 Receipts at mint, domestic (unrefined).do 7,426 Currency in circulation, total mil. of dol__ Silver: 298 Exports§ thous. of doL. 4,070 Imports do .348 Price at New York dol. perfineoz__ Production, world thous. offineoz._ Canada do Mexico. do United States do Stocks, refinery, end of month: United States do Canada do 0.312 .169 .059 .350 .995 .052 .026 .401 .053 .273 .536 (l) .241 4.686 .616 14,778 -48,553 15 223, 296 910,084 195, 780 6,697 2,054 9,927 .428 21, 822 1,454 6,794 5,268 4,806 652 CORPORATION PROFITS (Quarterly) Federal Reserve Bank of New York: Industrial corporations, total (168 cos.)t mil. of dol._ Autos, parts, and accessories (28 cos.).do Chemicals (13 cos.)t do Food and beverages (19 cos.) do Machinery and machine manufacturing (17 cos.) mil. of dol— Metals and mining (13 cos.) do Petroleum (13 cos.) do Steel (11 cos.) do Miscellaneous (55 cos.) do Telephones (net op. income) (91 cos.)_ .do Other public utilities (net income) (52 cos.) mil. of dol._ Interstate Commerce Commission: Railways, class I (net income) do Standard Statistics Co., Inc. (earnings): Combined index, unadjusted •t---1926=100_. Industrials (119 cos.) do Railroads (class 1) • f do Utilities (13 cos.) do Combined index, adjusted « t do Industrials (119 cos.) do Railroads (class l ) » f do Utilities (13 cos.) do.... 0.312 .170 .061 .349 .996 .052 .026 .401 .053 .273 .536 .110 .241 4.681 .616 0.312 .170 .061 .349 .998 .052 .026 .401 .053 .273 .532 .110 .241 4.682 .616 0.312 .170 .061 .349 .998 .052 .026 .401 .053 .273 .533 .110 .241 4.681 .616 0.311 .170 .061 .344 .995 .052 .026 .399 .053 .269 .535 .110 .240 4.611 .607 () 0.170 .061 .299 .913 .052 .023 .399 .051 .235 .532 .105 .238 3.995 0.298 .167 .061 .303 .893 .052 .023 .401 .050 .235 .531 .101 .238 4.011 15, 878 16, 028 16,182 16, 390 16, 823 17, 002 •114, 842 •251, 579 10, 720 231 36 53 606, 027 429, 440 365, 436 1,017,508 1,084,859 1,073,084 938,961 1,000,181 989, 974 227, 642 219,161 209, 778 6,867 6,919 6,764 1,923 611 2,054 7,207 6,152 7,143 .428 .428 .428 20, 070 17, 469 18,197 1,637 1,411 1,559 4,906 2,515 4,586 5,067 5,336 3,701 •102, 596 19 240, 450 -166, 212 9 278, 645 152,125 13 259,934 2,836 15 326, 089 79, 516 15 69, 740 0.312 .168 .059 .351 .996 .052 .026 .401 .053 .273 .531 0) .241 4.685 .617 15, 014 7,432 615 0.312 .168 .060 .350 .995 .052 .026 .401 .053 .273 .531 0) .241 4.681 .616 15,509 8,669 255 9,903 167 () 0.298 .165 .061 .301 .878 .052 .022 .401 .050 .234 .531 .100 .238 3.925 .658 0.298 .166 .061 .300 .876 .052 .022 .401 .050 .234 .531 .100 .238 3.930 .658 0.298 .168 .061 .301 .880 .052 .022 .401 .050 .234 .532 .100 .238 3.964 .658 17, 217 17, 518 17,804 90, 873 -200,811 10 11 167, 991 451,183 40,034 22 236,413 1,058,989 1,084,334 1,099,816 1,080,474 1,098,842 1,102,862 1,100,958 977, 752 998,800 1,015,643 997, 012 1,014,593 1,013,649 1,010,693 201, 111 281, 317 282,130 362, 866 421, 796 274,843 241,879 7,051 7,249 7,098 7,328 7, 413 7,609 257,116 7,433 303 14, 770 .420 26,122 1,766 10, 274 5,493 640 5,531 .349 21,878 2,099 8,004 3,200 937 4,365 .360 22, 522 2,703 6,971 4,226 1,292 4,639 .370 23, 634 2,679 6,857 5,145 1,773 7,268 .357 24, 426 2,913 7,931 4,874 487 4,183 .348 22,193 1,898 6. 539 5,113 887 3,795 .350 22,491 1,920 6,210 5,716 "4,852 4,935 316 6,348 250 4,180 5,461 530 3,589 715 4,638 756 3,533 736 2,469 513 146.9 .5 24.2 15.1 158.1 64.1 26.4 20.3 6.2 2.1 5.6 6.2 17.3 56.4 5.4 2.7 7.6 7.4 24.2 60.4 22.1 *28. 6 60.1 54.5 51.3 48.6 M3.6 '48.2 57.7 126.1 60.4 65.0 62.0 69.8 <*28. 5 114.9 57.0 62.1 <*26.9 118.1 63.5 34.2 116.7 p 113.8 p 118.0 P74.2 P134.9 124.7 62.4 68.7 <*19.8 113.4 P 452 5,799 .348 1,483 140. 6 P13.0 32.5 *>22.2 7.0 3.3 61.8 PUBLIC FINANCE (FEDERAL) Debt, gross, end of mo mil. of doL. Public issues: Interest bearing* do Noninterest bearing* do Special issues to gov't agencies and trust funds* mil. of doL. Obligations fully guaranteed by the U. S. Government: d71 Amount outstanding by agencies, total. mil. of dol. . Federal Farm Mortgage Corporation-do Home Owners' Loan Corporation do Reconstruction Finance Corporation, do Expenditures, total, including recovery and relief! thous. of dol General (including recovery and relief)* Jdo Revolving funds, net* do Transfers to trust accounts* do Debt retirements* do. Receipts, totalf do Customs do. Internal revenue do. Income taxes do_ Social security taxes* do_ 39, 864 39,990 40, 068 40, 286 40,445 40,666 40,896 40, 861 41, 040 41, 310 ' 41, 961 42,110 37,484 526 35,949 533 35,994 543 36,038 538 36,089 531 36,122 554 36,200 548 36, 261 540 36, 282 516 36, 421 510 36, 517 499 37, 346 509 4,356 3,382 3,454 3,492 3,666 3,770 3,918 4,094 4,063 5,674 1,269 2,784 1,096 5,410 1,381 2,888 819 5,410 1,381 2,888 819 5,410 1,380 2,888 819 5,409 1 379 5,450 1,379 2,928 820 5,480 1,379 2,958 820 5,583 1,379 2,858 5,455 1,279 2,830 668,376 654,170 3,812 10,000 394 443,830 25, 651 385,012 70, 309 147, 282 662, 464 601,971 10, 365 50, 000 127 417, 349 22, 361 333, 518 56, 872 125,870 42, 365 820 5,448 1,279 2,823 820 ' 37, 234 '496 4,295 4,231 4,256 5,707 1,269 2,817 1,096 5,703 1,269 2,813 1,096 5,699 1,269 2,809 1,096 822,049 793, 302 764, 458 691, 006 889,329 712,994 745, 269 728,837 701, 893 632, 573 822, 858 713,225 -543 5,066 5,264 10, 679 8,785 3,979 58,000 50,150 53, 000 53, 000 -5,000 66,100 367 9,013 0 9,051 779 790 419,980 718, 790 321, 511 406,967 569,136 314, 549 27,814 27, 213 35, 595 32, 418 29, 049 35, 788 397, 421 624, 254 292, 241 339,615 498,993 306, 304 31, 777 329, 093 35, 482 33, 721 316, 280 45, 634 97,447 12, 308 68, 578 113,177 11,110 89, 645 d Deficit. ' Revised. p Preliminary. \ Or increase ID earmarked gold (—). • Number of companies included varies slightly. 1 Quotations not available J a n u a r y 25-May 14, 1939. 2 Quotations not available August 26-October 16, 1939. 3 Previously published figures based on incorrect quotations; quotations not available September 1 through November 28, 1939. 4 Indexes are in t h e process of revision. * New series. New items for Federal gross debt beginning June 1916 appear in table 21, p. 16, and for Federal expenditures beginning July 1931 in table 22, p . 17, of t h e April 1939 Survey. D a t a on receipts from social security taxes beginning June 1936 will appear in a subsequent issue. t Revised series. T h e Standard Statistics Co. index of railroad earnings and the combined index have been revised beginning 1932; see table 25, p . 18, of t h e April 1939 Survey. Total Federal expenditures and receipts revised beginning July 1931; see tables 22 and 23, p . 17, of the April 1939 Survey. For revised data beginning 1928 for t h e Federal Reserve Bank of New York corporation profits, industrial total and chemicals, see table 9, p . 12 of the March 1940 issue. § Revised series. D a t a revised for 1937; see table 19, p . 14 of the April 1939 Survey. cf Included in t h e total b u t n o t shown separately are guaranteed debentures of certain other Federal agencies. ^ ' G e n e r a l " and "recovery and relief" not reported separately in Daily Treasury Statement since June 1939. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 879, 300 796,139 5,599 68, 000 9, 562 737, 391 29, 266 691, 401 495,906 3,855 786, 517 744,5 722, 342 7,992 7,451 55,000 50, 094 1,182 530 268,343 396, 781 29, 437 25,318 279,987 315,037 38, 832 43, 533 69, 684 93,044 972, 569 807, 325 639,232 856 8,474 56,004 167,103 21, 235 134 612, 522 307, 846 24, 517 25, 528 568, 646 300,091 351,958 43, 230 16, 252 72, 754 33 SURVEY OF CURRENT BUSINESS April 1940 Monthly statistics through December 1937, to- 1940 gether with explanatory notes and references to the sources of the data may be found in the Febru1938 Supplement to the Survey ary Febru- March April May June 1939 1940 July Novem- Decem- | Januber j ary ber Octob August FINANCE—Continued PUBLIC FINANCE (FEDERAL)—Con. Receipts, total—Continued. Internal revenue—Continued. Taxes from: Admissions to theaters, etcthous. of dol_. 1,853 1,852 1,487 1,728 1,975 1,534 2,118 1,503 1,385 1,513 1,607 1,491 1,043 1,087 Capital stock transfers, etc do 813 1,012 1,394 1,124 2,806 1,275 1,259 1,210 1,083 1,273 735 Sales of radio sets, etc do 633 292 402 744 678 404 578 287 467 353 279 258 Government corporations and credit agencies:! Assets, other than interagency, total 12,062 12,064 mil. of doL. 12,063 11,967 12,105 11,650 11,696 11,706 11,823 12,017 11,688 11, 703 Loans and preferred stock, total do 8,951 8,920 8,956 8,936 8,900 8,923 8,509 8,523 8,497 8,465 8,861 8,511 Loans to financial institutions (incl. pre1,232 ferred stock) mil. of dol._ 1,292 1,272 1,272 1,247 1,260 1,273 1,291 1,299 1,278 1,297 1,311 500 504 Loans to railroads do 492 492 497 509 493 489 508 505 501 493 2,365 2,376 2,332 2,358 Home and housing mortgage loans .do 2,363 2,324 2,323 2,337 2,347 2,327 2,325 2,331 Farm mortgage and other agricultural 3,721 loans mil. of dol_. 3,726 3,709 3,744 3,738 3,459 3,731 3,765 3,460 3,456 3,438 3,447 1,112 1,100 All other do.-. 892 1,068 1,093 1,100 923 913 1,007 960 941 ir~ U. S. obligations direct and fully guaran 874 900 879 teed mil. of dol. 874 876 879 849 871 885 850 853 549 542 543 553 Business property do... 465 535 472 483 531 468 476 481 678 661 652 Property held for sale do... 708 695 689 712 712 709 704 713 708 1,033 1,013 1,038 All other assets do... 1,095 934 1,039 900 1,008 1,108 1,157 1,151 1,199 8,064 Liabilities, other than interagency, totaLdo.. . 7,588 7,845 8,048 8,059 7,507 7,592 7,!"" 7,592 7,651 7,7 7,581 Bonds, notes, and debentures: 5,708 5,704 5,700 5,356 Guaranteed by the U. S do... 5,291 5,489 5,449 5,410 5,410 5,410 5,471 5,410 1,352 1,340 1,348 Other do... 1,349 1,345 1,357 1,357 1,374 1,379 1,389 1,004 1,019 Other liabilities including reserves do... 1,052 1,054 1,039 995 867 803 791 '790 395 397 397 Privately owned interests do 390 393 391 387 387 Proprietary interests of the U. S. Government 3,602 mil. of doL. 3,866 3,617 3,607 3,709 3,732 3,739 3,718 3,668 3,678 Reconstruction Finance Corporation, loans outstanding, end of month:f Grand total thous. of doL. 1, 767, 262 1,764,888 1, 769,810 1,718, 501 1, 723,167 1, 747,482 1, 766, 222 1, 768,904 1, 783,404 1, 787, 4341, 762,0941, 756, 354 1,742,729 AQ7 One; 70'^,038 fV}ft Section 5 as amended, total do 706,458 664,117 673,385 682, 524 676,434 677,933 677,463 677,408 677,916 679, 064 689, 603 697, Banks and trust companies, including 94, 872 116,121 112,926 110,657 108, 220 104, 387 103, 405 102,121 101,187 102,126 100, 773 100,007 96,477 receivers thous. of doL. 3,647 3,342 3,506 3,375 Building and loan associations do--_ 3,433 3,262 1,921 3,321 3,405 3,487 2,942 1, 3,027 2,457 2,571 2, 506 2,478 2,615 Insurance companies do - _ _ 2,787 2,652 2,915 2,869 2,817 2,662 2,887 2,836 142, 876 101, 225 110,392 117,084 120, 745 124, 550 125, 573 126,842 127, 647 130,167 134, 432 138, 595 142,464 Mortgage loan companies do... 458, 841 436,139 439, 560 443, 840 436, 612 439,199 438,863 438,837 438, 835 436, 650 444, 314 448, 792 454,194 Railroads, including receivers do-_. 4,138 3,919 3,963 All other under Section 5 do--_ 3,765 4,073 5,797 3,573 4,109 5,660 4,994 3,658 3,541 5,131 Emergency Relief and Construction Act, 43, 478 39,114 39,030 39,024 205, 598 total, as amended thous. of doL. 62,801 62,152 197, 466 131, 349 134, 495 63, 682 61, 577 62, 209 Self-liquidating projects (including financ42, 679 42, 664 38, 258 38, 232 ing repairs) ' thous. of doL. 38, 230 181,814 40,108 173, 682 108, 995 39,441 40,835 41, 586 107, 538 Financing of exports of agricultural sur47 47 pluses thous. of dol.. 105 19,371 63 23, 047 21, 290 23,047 24,737 23,480 19,989 23,047 19,871 Financing of agricultural commodities 747 751 and livestock thous. of dol__ 751 751 751 738 75: 754 737 764 760 752 764 Direct loans to business (including participations) thous. of dol__ 131,919 110,43: 125, 753 126,862 130,026 130,625 130, 377 121, 364 111, 343 114,141 116, 639 122,859 112,162 Total Bank Conservation Act, as amended thous. of doL. 554, 240 574, 791 572, 975 576, 969 577, 723 577,498 570, 654 566, 919 566, 534 564, 556 541, 423 539,936 535, 376 83,874 Drainage, levee, irrigation, etc.* do. 83, 333 82, 63f 83, 433 83, 502 83, 482 83, 750 83, 998 83, 814 82,461 82, 950 83,048 83,042 251, 747 127, 489 132,008 132, 547 137,326 228, 688 251, 256 256, 708 267,490 270, 669 273,814 265, 476 251,094 Other loans do^ CAPITAL FLOTATIONS New Security Registrations (Securities and Exchange Commission) New securities effectively registered under the Securities Act of 1933, total thous. of dol__ 247,002 1,088 Registered for account of others do 245,914 Registered for account of issuers, total f..do 14, 601 N o t proposed for sale t do- _ Proposed for sale: Issuing and distributing expense: Compensation to underwriters, etc. 5,547 thous. of dol._ 1,454 Other doN e t proceeds to be used for: 224, 312 Total do 17,125 N e w money 1 f do Purchase of: 10,832 Securities for investment do 0 Securities for affiliation do. 0 Other assets do 180, 630 R e p a y m e n t of bonds and notes, do 5,420 Repayment of other debt do Retirement of preferred stock.-do Organization expense f do Miscellaneous t do ' 30, 636 114,924 3,578 27,059 114, 1,916 13,550 21,676 971 20, 705 4,345 86,286 4, ' " " 81,423 19,143 307, 754 11,525 296, 229 60, 562 57,062 3,777 53, 285 22,05" 275,410 13, 549 261,861 8,950 232,712 1,999 230, 713 42, 631 298, 571 11,870 286,701 9,214 35,181 1,448 33,733 8,91r 1,190 210 2,767 627 4,679 l,44f 2,128 235 6,678 1,621 5,006 94 r 6,031 1,249 2,053 128 1,247 202 14, 961 7,891 58, 886 19,404 229, 546 72, 729 3,881 244, 611 31,"" 182,134 21,846 270, 206 16,039 22, 635 3,570 12,060 6,492 2,416 0 13 3,303 1,331 0 1 6 1,965 500 3 36, 531 267 191 15 10 3,629 0 24 147,471 4,629 1,034 2 29 15, 278 46 92 8,641 561 239 0 126 11, 756 194 32 187,648 5,047 100 9 8,741 19,058 898 0 122,061 13,697 4,562 0 13 2,495 123 110 217,818 1,807 2,417 1 29, 396 11,914 148 1,586 4,789 609 0 0 19 158,470 145,182 1,300 3,640 154, 830 143,882 5,288 41, 507 3,414 1,190 4,027 701 107, 407 144,938 8,480 4,922 2,632 37, 518 0 200 379 0 190 0 235 53, 970 126,208 6,461 7,384 1, 223 3,391 3,214 43 15 4 2 97,646 17,133 4,092 654 2,370 25 ro 73, 531 4,558 0 2 27 «Less than $500. ' Revised. •New series. Data for drainage, levee, irrigation, and similar districts beginning December 1933 will appear in a subsequent issue of the Survey; this series was formerly included with "Other loans." tRevised series. Details for assets of 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 other assets have been brought out. 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 beginning August 1934 not shown on p. 33 of the January 1940 Survey will appear in a subsequent issue. For indicated items on new securities effectively registered, revised data not shown in the March 1940 Survey will appear in a subsequent issue. f Includes plant and equipment, working capital, reimbursement of corporate treasuries for capital expenditures and "other" new money purposes. 34 SUEVEY OF CURRENT BUSINESS Monthly statistics through December 1937, to- 1940 gether with explanatory notes and references to the sources of the data may be found in the Febru1938 Supplement to the Survey ary April 1940 1940 1939 February March April August September 55, 588 271, 720 227, 545 293, 650 26, 888 June May July DecemOctober November ber January FINANCE—Continued CAPITAL FLOTATIONS-Con. New Security Registrations—Con. (Securities and Exchange Commission) Estimated gross proceeds (total registration, less securities reserved for conversion), total thous. of doL 240,277 Type of security: Common stock do _. _ 23, 309 17, 209 Preferred stock do, - 536 Certificates of participation, etc do_-_ Secured bonds do.-_ 153, 522 45, 700 Debentures and short-term notes do_-_ Type of registrant: 2,375 Extractive industries do__. Manuf acturing industries do. _ - 121,453 12, 282 Financial and investment do.,_ 18, 504 Transportation and communications..do.._ Electric light and power, gas and water 85,413 thous. of doL 250 Other do.-_ 21, 366 69, 242 277, 657 28, 461 113,994 153,367 8,076 8.710 143, 542 12,172 1,936 800 10, 380 1,600 11,317 2,200 1,000 13, 444 500 33, 443 3,391 12,645 46,815 17,700 125,681 i 10,900 | 24, 303 40. 679 0 47, 289 31, 270 2,747 33, 440 3,894 4,548 1,582 3,485 19, 444 380 1,523 8,818 2,927 1,750 0 9,929 40,776 7,823 6, 160 23, 517 224 1,401 323 20, 293 4.999 2,184 82, 914 217,149 1,992 31, 870 0 1,997 11,194 2,250 54, 955 511 119, 176 2,891 107, 300 2, 444 ,313,005 585, 583 590, 429 460, 667 179,919 740,453 41, 669 336, 243 116,874 273, 350 318,016 112,031 116,874 264,100 318,016 82, 031 41, 669 336, 243 21, 740 30, 241 50, 139 25, 895 16, 019 18, 200 218,145 88, 687 88, 687 21, 408 329. 94! 94, 26, 279, 90, 90, 32, 9,645 2,707 3,875 5,139 0 12, 393 1,741 4,008 28, 488 22, 613 47, 438 27, 900 1,766 116,991 83, 562 18, 749 20, 473 29, 307 16.385 22, 200 12, 675 48, 305 11,628 3,406 10, 586 10, 759 0 9,449 144, 872 39, 675 163,101 0 74, 279 112,421 100,172 0 6,821 6,660 1,827 280 35, 763 4,758 0 342 146, 450 6,271 5,305 234 3,779 17, 024 250 5,090 969 27, 506 935 117,712 1,577 31, 605 124, 971 2,696 15, 500 12, 290 93, 097 21,941 3,921 702 88, 942 24,162 28, 834 0 I Securities Issued (Commercial and Financial Chronicle) t Securities issued, by type of security, total (new capital and refunding) thous. of doL- 450, 801 103, 959 New capital, total do 45, 404 Domestic, total do 45, 404 Corporate, total do Bonds and notes: 32, 746 Long term do 10, 000 Short term do 1.590 Preferred stocks do 1,069 Common stocks do Farm loan and other Government agencies 800 thous. of doL57, 755 Municipal, States, etc do 0 Foreign, total do 0 Corporate do 0 Government do 0 United States possessions do 346,842 Refunding, total do 210, 842 Domestic, total do 210, 842 Corporate, total do Bonds and notes: Long term do . . . 196,370 0 Short term do 14, 472 Preferred stocks do Common stocks do 0 Farm loan and other Government agencies thous. of dol.~ 21, 695 114, 305 Municipal, States, etc do 0 Foreign, total do 0 Corporate do 0 Government do 0 United States possessions do Securities issued by type of corporate borrower, total thous. of doL- 256, 246 45, 404 New capital, total do Industrial do 5, 249 Investment trusts, trading, and holding 1,000 companies, etc thous. of doL_ 450 Land, buildings, etc -_do 7,015 Public utilities do 900 Railroads do 30, 730 Shipping and miscellaneous do 210. 842 Refunding, total do 115, 000 Industrial do Investment trusts, trading, and holding 0 companies, etc thous. of doLLand, buildings, etc do 575 Public utilities do 89, 897 Railroads do 0 5,370 Shipping and miscellaneous do 341 974 974 979 358,117 144, 258 143, 808 78,160 16, 722 0 1,278 5, 571 42, 809 0 891 9,279 47, 533 0 1,020 29, 607 18, 428 0 2,220 1,092 21, 128 450 5,579 3,084 310, 090 43, 792 0 0 0 0 163,173 163,173 136,115 4, 325 104, 670 0 0 0 0 79, 367 76, 367 46, 689 1,950 63, 698 450 0 0 450 213, 860 161, 360 129, 249 1, 550 93, 584 0 0 0 0 ,196,131 ,180,381 151, 002 0 233, 859 9,250 0 9,250 0 312, 234 312,234 251, 798 101, 286 0 34, 829 0 46, 366 0 200 123 105, 17, 050 10, 008 0 0 0 0 15, 023 14, 655 3,000 0 3,000 0 159, 686 23, 571 20,171 540, 377, 377, 23, 625 452 452 571 241, 161, 161, 52, 40, 340 0 4,908 4,891 14, 320 0 500 1,199 968 804 804 971 459 901 901 055 21,191 18, 483 0 ! 0 3, 545 j 2, 284 2.236 I 11,288 13, 786 0 3,107 1,307 15,186 0 816 5,406 202, 553 9,950 275, 866 0 65, 323 56,137 15, 700 42,177 0 0 0 30, 000 0 0 0 0 0 0 0 30,000 0 0 0 0 272, 413 348, 636 138, 249 404, 210 272, 413 332,136 138. 249 402, 710 180, 438 300, 963 79,096 157, 314 0 67, 280 0 0 0 0 129, 458 129, 458 90, 792 25, 796 157, 271 0 53, 300 43 0 0 0 88, 235 0 2,558 0 20, 750 11,360 52, 500 52, 500 0 0 126,102 249, 463 133, 586 291, 677 9,000 0 4,500 500 2,336 37, 852 8,730 20, 400 0 0 56 0 ,021,414 20, 950 74,050 18, 250 7,965 39, 485 17, 925 12, 923 0 0 15, 750 16, 500 0 0 10, 500 16, 500 0 0 5,250 0 0 0 0 0 50, 850 235, 093 8,303 10, 303 1,500 0 0 0 0 0 0 1,500 25, 850 12,816 0 0 0 0 18, 600 22. 223 0 0 0 0 28, 800 26, 299 0 0 0 0 99, 668 52, 979 18, 572 259,909 78,160 75, 981 183,242 282, 039 230, 577 343, 357 25, 895 21, 740 30, 241 50,139 10,339 17,045 12,198 3,987 95,115 175, 514 16, 019 18, 200 1,099 5,957 112, 200 21, 408 7,658 221, 252 26, 971 14,088 105, 515 32, 055 12,213 0 375 2,475 0 550 136,115 11, 500 0 0 4,202 30,135 71 46, 689 15, 301 500 1,100 579 0 0 181, 749 60,175 0 0 500 500 1,186 100 0 250 403 12, 666 25, 892 1,930 12, 435 1,500 400 2,700 288 5,770 15, 250 2,677 161, 502 251, 798 180, 438 317,463 20,123 2,000 79, 810 96,124 0 0 130 81 125 1,505 9,200 13, 065 1,600 1,457 79, 096 157,314 600 3,443 0 728 1,975 9,525 1, 523 90, 792 12, 000 0 0 5,360 5, 998 1, 525 194, 281 15, 215 0 0 17, 534 31 2.277 133, 460 0 0 86 111,029 12, 000 1, 500 0 0 31, 388 0 0 12, 755 720 106, 500 1,600 0 0 0 202 830 154, 400 160,185 9,438 4,900 1,536 0 0 0 51 2,505 80, 788 250, 835 0 7,000 3,475 37, 000 0 6,250 230 569 23, 866 147, 052 0 700 0 53, 700 0 1,952 76, 840 0 0 0 0 118,050 60, 000 1.036 0 0 101, 368 20, 494 11,598 60, 422 170, 769 49, 297 92, 355 77, 461 105,332 107,174 649 50 168 71 202 81 326 106 721 137 556 133 669 183 637 151 716 187 504 104 417 102 1,054 170 731 94 893 195 616 253 967 168 709 222 953 174 699 225 831 190 579 236 183 561 230 834 178 570 230 839 183 589 238 792 202 556 235 856 217 520 305 200 577 289 914 195 623 272 906 207 637 266 886 198 602 262 913 0 23, 336 0 21, 403 1, 460 2,010 1,021 0 67, 893 0 0 0 0 235, 104 235, 104 194, 281 0 58, 846 0 0 0 0 188, 559 133, 460 133, 460 187, 771 97, 898 0 ! 0 4, 900 35, 562 1,610 0 (Bond Buyer) State and municipal issues: Permanent (long term) Temporary (short term) thous. of dol.. 173, 024 do 117,889 110,110 206, 269 133, 376 80, 673 65, 820 62,150 154,809 30, 554 • 55, 065 64, 931 22,018 207,413 103, 946 r 62, 022 '64,025 k 160,278 COMMODITY MARKETS Volume of trading in grain futures: Wheat mil. of bu__ Corn do SECURITY MARKETS Brokers' Balances (N. Y. S. E. members carrying margin accounts) Customers' debit balances (net) mil. of dol.-Cash on hand and in banks do. Money borrowed do Customers' free credit balances do. ' Revised. tRevised series. Data revised for 1937; see table 26 on pp. 15 and 16 of the May 1939 Survey. SURVEY OF CURRENT BUSINESS April 1940 Monthly statistics through December 1937, to- 1940 gether with explanatory notes and references to the sources of the data may be found in the Febru1938 Supplement to the Survey ary 35 1940 1939 February March April May June July August Septem- October Novem- December ber ber January FINANCE—Continued SECURITY MARKETS—Continued Bonds Prices: Average price of all listed bonds (N. Y. S. E.) dollars.. Domestic do Foreign do Standard Statistics Co., Inc. (60 bonds) dol. per $100 bond.. Industrial (20 bonds) do Public utilities (20 bonds) do Rails (20 bonds) do... Domestic municipals (15 bonds) do CJ. S. Treasury bondsf do Sales (Securities and Exchange Commission): Total on all registered exchanges: Market value thous. of dol.. Face value do On New York Stock Exchange: Market value do Face value do Sales on N. Y. S. E., exclusive of stopped sales (N. Y. S. E.) par value: Total thous. of dol.. U. S. Government do Other than U. S. Government: Total do Domestic do Foreign do Value, issues listed on N. Y. S. E.: Face value, all issues ..mil. of dol.. Domestic issues do Foreign issues do Market value, all issues do Domestic issues do Foreign issues do Yields: Bond Buyer: Domestic municipals (20 bonds)..percent-Moody's: Domestic (120 bonds) do By ratings: Aaa (30 bonds) do Aa (30 bonds) do A (30 bonds) do Baa (30 bonds) do By groups: Industrials (40 bonds) ..do Public utilities (40 bonds) do Rails (40 bonds) do Standard Statistics Co., Inc.: Domestic municipals (15 bonds) do U. S. Treasury bondsf do 91.97 95.68 51.58 91.85 95.01 59.68 91.80 94.99 58.43 91.56 94.83 57.40 92.92 96.09 59.73 92.08 95.34 57.79 93.15 96.46 58.46 90.59 94.05 54.50 88.50 92.41 47.29 90.79 94.59 50.55 91.24 95.05 51.23 92.33 90. 02 52.23 92.02 95. 70 52.00 82.2 87.3 101. 6 57.8 119. 1 106. G 82.1 86.4 100.7 59.0 117.3 104.8 83.1 87.1 101.3 60.9 117.9 106.0 79.4 83.8 99.7 54.5 116.4 106.6 80.2 84.8 101.0 54.8 118.1 108.3 81.4 86.2 101.6 56.2 118.6 109.1 81.6 86.3 102.1 56.4 118.3 108.9 81.0 85.8 101.7 55.5 116. 5 108.2 80.9 85.0 98.6 59.0 107.1 101.9 82.9 86.4 100.5 61.6 110.7 102.6 83.0 87.0 101.8 60.2 117.5 104.6 82.1 86.8 101. 6 58.0 119.9 106. 1 82.4 87.3 101.8 58. 2 120.2 106. 8 126,687 166, 855 179,440 245,123 119, 057 165,925 125, 737 167, 691 127, 703 169, 641 121, 420 162, 425 122,908 159, 770 417, 429 498,100 162, 275 229, 653 135, 515 193, 891 125,631 134,462 206, 047 208, 518 81,807 86,903 127, 344 121, 222 137, 021 195, 394 92, 210 133, 554 93, 060 130, 243 91, 785 129, 260 87, 837 123,949 89,189 121,165 384,237 459,821 131,901 194, 212 105,994 159,374 98, 662 101,179 173,971 166,112 120,384 118,993 2, 365 4,871 185, 513 11,889 122, 804 7,459 123,104 7,390 126, 570 6,821 119, 431 5,137 111, 394 8,730 480, 789 227,101 170,089 14,203 151, 685 5,628 176,100 4,322 118,019 114,122 99,176 96, 722 18, 843 17, 400 173, 624 139,909 33, 715 115, 345 93, 396 21,949 115,714 98, 423 17, 291 119,749 102,189 17, 560 114,294 100, 622 13,672 102, 664 85,001 17, 663 253, 688 227,997 25, 691 155, 886 134,816 21, 070 146, 057 123, 230 22, 827 51, 466 46, 862 4,604 47, 271 44, 524 2,748 52, 670 48,071 4,599 48, 352 45, 865 2,687 52, 564 47,975 4,589 48,128 45, 493 2.634 52, 647 48, 056 4,591 48,921 46,179 2,742 52,751 48,166 4,585 48, 571 45,921 2,649 52, 610 48, 032 4,578 49,007 46, 331 2,676 52, 209 47, 642 4, 567 47, 297 44, 808 2,489 52,466 47,917 4,549 46, 431 44, 279 2,151 52,452 47,922 4,531 47, 621 45, 331 2,290 52, 435 47, 869 4,566 47, 839 45, 500 2,339 2.70 2.80 2.72 2.78 2.66 2.66 2.67 3.21 3.30 2.93 3.60 3.81 3.74 3.84 3.78 3.71 3.66 3.67 3.95 3.83 2.86 3.05 3.68 4.83 3.00 3.26 3.94 5.05 2.99 3.22 3.87 4.89 3.02 3.22 3.97 5.15 2.97 3.16 3.92 5.07 2.92 3.13 3.86 4.91 2.89 3.07 3.83 4.84 2.93 3.11 3.80 4.85 3.25 3.49 4.05 5.00 3.12 3.33 4.37 3.29 3.52 4.63 3.29 3.48 4.46 3.35 3.51 4.66 3.30 3.45 4.60 3.23 3.42 4.47 3.17 3.39 4.42 3.21 3.40 4.41 2.60 2.3 2 2.70 2.44 2.67 2.34 2.75 2.30 2.66 2.17 2.63 2.13 2.65 2.16 2.75 2.21 103,351 153,589 53, 937 49, 400 4, 537 49, 605 47. 265 2,340 144.917 3, 760 171,778 141,157 146,192 120, 903 25, 586 20, 254 54, 067 49. 512 4, 554 49, 920 47, 541 2,379 53, 988 49, 440 4, 548 49, 679 47, 314 2, 365 2.72 2.59 2.63 3.70 3.69 3.63 3.15 3.35 3.94 4.88 3.00 3.16 3.78 4.85 2.94 3.14 3.74 4.92 2.88 3.08 3.69 4.86 3.57 3.70 4.58 3.43 3.57 4.51 3.25 3.41 4.44 3.21 3.38 4.47 3.14 3.35 4.39 3.29 2.65 3.08 2.60 2.69 2.46 2.56 2.35 2.54 2.30 Stocks Cash dividend payments and rates (Moody's): Annual payments at current rates (600 companies) mil. of doL- 1,618. CO 1,329.91 1, 334.15 1, 337. 76 1, 339. 27 1,382. 43 1, 391. 46 1,422.99 1,423. 82 1,442. 45 1, 573. 05 1, 589.37 1, 597. 25 936. 43 936.43 Number of shares, adjusted millions.. 936. 43 935. 03 935.03 935. 03 935.03 935.03 935.03 935.03 935. 03 935.03 935.03 Dividend rate per share (weighted average) 1.71 1.73 1.70 (600 cos.) dollars.. 1.54 1.68 1.52 1.52 1.49 1.48 1.42 1.43 1.43 1.43 3.01 3.01 3.01 3.01 3.01 Banks (21) do 3.01 3.01 3.01 3.01 3.01 3.01 3.01 3.01 1.63 1.67 1.63 Industrials (492 cos.) do 1.45 1.61 1.42 1.42 1.38 1.31 1.37 1.30 1.31 1.30 2.64 2.64 2.53 Insurance (21 cos.) do 2.39 2.39 2.39 2.39 2.33 2.39 2.39 2.31 2.33 2.31 1.95 1.95 1.95 Public utilities (30 cos.) do 1.95 1.95 1.92 1.94 1.95 1.94 1.94 1.91 1.92 1.92 1.26 1.26 1.25 Rails (36 cos.) do .90 .90 1.25 .90 .90 .87 .90 .90 .90 .90 Dividend declarations (N. Y. Times): Total thous. of dol.. 338,366 303,839 186, 095 154,076 377, 394 220,175 181,033 310,284 193, 698 199,969 659, 512 330, 592 231, 651 323, 201 289,412 182, 522 147, 635 358,417 200, 698 167,167 296,168 191, 364 192,915 608,149 311,996 215,588 Industrials and misc do 15,165 18, 596 16,064 51, 362 7,053 Railroads do 13,866 2,334 14,116 14, 427 6,440 18,976 19,477 3,573 Prices: Average price of all listed stocks (N. Y. S. E.) 63.0 64.4 63.2 65.8 Dec. 31, 1924=100.63.6 62.2 65.9 60.2 57.9 64.4 56.6 57.0 57.0 Dow Jones & Co., Inc. (65 stocks) 49.72 50.01 49.44 51.01 dol. per share. . 46.82 51.80 50.47 42.68 44.43 45.66 46.47 48.68 48.99 148. 54 147.60 147. 29 144.60 149.98 Industrials (30 stocks) do 139. 26 152.15 150. 72 127. 73 132. 56 136. 52 137.89 145. 06 25.44 25. 00 24. 87 25. 68 Public utilities (15 stocks) do 24.96 25. 64 24.36 22.05 23.05 23.66 25.68 24.94 24.84 31.09 31.63 33.38 30.83 Rails (20 stocks) do 28.29 34.27 31.97 25.75 27.02 27.59 27.67 30.31 31.07 109. 01 107.40 108.59 107. 83 102. 22 99.74 110. 33 New York Times (50 stocks) do 110. 38 90.46 94.19 96.95 99.44 100. 59 191.78 194.21 192. 28 178.03 194. 82 Industrials (25 stocks) do 192. 67 181.21 195. 86 161. 51 167. 73 173.12 178. 21 178.01 24.90 23.03 23.82 21.45 25.84 Railroads (25 stocks) do 24.91 22.98 19.41 20.67 20.79 20.68 23.24 23.18 Standard Statistics Co., Inc.: 92.7 94.2 91.8 91.5 Combined index (420 stocks) 1926=100-. 92.4 95.3 86.3 86.0 86.1 81.9 83.1 91.7 90.1 108.8 110.9 107.9 Industrials (350 stocks) do 107.3 112.7 100.5 109.4 100.5 100.6 95.9 97.0 108.0 106.3 137.2 132.7 133.8 141.9 Capital goods (107 stocks)* do 130.1 121.5 120.0 120.9 138.1 115.4 115.5 133.3 130.9 102.0 102. 5 101.6 100. 6 Consumer's goods (194 stocks)*..-do 96.9 102.2 95.4 96.2 91.5 98.3 96.5 98.7 88.7 87.3 88.4 86.0 87.0 86.7 Public utilities (40 stocks) do 84.7 84.9 87.6 82.4 84.3 85.8 80.0 83.8 31.6 32.9 29. 6 25.4 Rails (30 stocks) do 25.9 25.7 29.6 25.0 28.7 29.7 24.8 29.7 28.0 Other issues: 59.3 59.9 58.7 58.3 Banks, N. Y. C. (19 stocks) do.... 55.2 50.4 54.0 59.3 55.0 58.7 53.5 53.7 51.1 Fire and marine insurance (18 stocks) 95. 3 88.2 91.9 87.6 94.0 89.3 90.7 1926=100.. 96.4 84.3 89.8 87.0 81.0 85.7 Sales (Securities and Exchange Commission): Total on all registered exchanges: 844 774 774 769 556 2,205 1,185 Market value mil. of dol_. 882 767 584 1,058 603 654 92, 464 Sbares sold thousands.. 26,093 21,916 31, 454 31, 391 43,440 35,426 31, 446 31,710 42,622 40, 384 23,131 26,059 *New series. For data beginning 1926 see table 24, p. 18, of the April 1939 Survey. t Revised series. Revised data for U. S. Treasury bond prices beginning 1931, and U. 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, to- 1940 gether with explanatory notes and references to the sources of the data may be found in the February 1938 Supplement to the Survey April 1940 1939 February March April May June July 1940 SepDecem- JanuAugust tember October November ber ary FINANCE—Continued SECURITY MARKETS—Continued Stocks—Continued Sales (S. E. C.)—Continued Total, on all registered exchanges—Con. 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.. 19,367 560 19,538 916 31,150 779 33, 783 523 17,897 473 16, 435 677 25,016 669 24,554 1,970 75,192 1,045 35,029 723 27, 516 23,175 653 24,141 13,466 13,877 24,565 20,247 12,933 11,967 18,066 17,372 57,081 23,734 19,220 17,769 15,991 46,058 1,441 46,271 1,426 40,921 1,427 40,673 1,427 43, 230 1,427 41,005 1,429 44, 762 1,430 41,653 1,430 47,440 1,431 47,374 1,431 45, 505 1,432 46,468 1,435 45,637 1,441 4.6 4.0 4.5 4.3 5.3 4.7 3.7 4.6 3.3 4.0 5.3 3.2 4.2 4.8 3.8 4.3 5.8 3.9 4.2 4.8 3.9 4.4 5.7 4.0 4.0 4.4 3.7 4.1 5.4 3.7 4.4 4.5 4.1 4.2 5.7 4.1 4.1 4.4 3.8 4.0 5.2 3.5 4.5 4.6 4.2 4.3 5.5 4.1 3.9 3.9 3.6 4.1 5.4 2.8 4.0 4.0 3.7 4.0 5.3 3.0 4.5 4.2 4.4 3.9 5.3 4.6 4.5 4.2 4.3 4.1 5.3 4.5 4.6 4.1 4.4 4.3 5.3 4.90 4.94 4.92 4.94 4.87 4.92 5.14 5.09 4.95 4.90 Stockholders (Common Stock) 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.. 642, 293 104 212, 358 2,832 169,079 3,288 25.54 645, 033 7,153 213,143 2,853 167, 650 2,"" 24.78 639,019 7,003 211,014 2,807 168,176 3,286 26.00 4.8 636,884 6,787 209,346 2,752 164, 822 3,191 28.03 FOREIGN TRADE INDEXES Exports: Total value, unadjusted 1923-25=100_. Total value, adjusted do U. S. merchandise, unadjusted: Quantity do Value do Unit value do Imports: Total value, unadjusted do Total value, adjusted do Imports for consumption, unadjusted: Quantity 1923-25=100.. Value do Unit value do Exports of agricultural products, quantity: Unadjusted Adjusted Total, excluding cotton: Unadjusted Adjusted 1910-14=100-. do do do 91 100 58 63 61 64 66 70 62 66 72 76 72 77 70 60 69 87 70 72 67 97 91 130 91 70 92 58 63 113 71 63 98 61 62 107 66 62 101 63 62 99 61 62 108 67 62 117 76 65 131 87 66 116 77 67 140 96 69 62 62 49 49 59 53 58 53 63 61 55 58 52 57 54 57 56 59 67 65 73 73 76 77 99 59 60 89 48 54 112 60 54 107 58 54 111 61 55 102 56 55 98 53 55 102 56 55 112 63 56 116 65 56 119 67 57 127 73 58 75 74 124 73 59 96 104 61 66 68 69 47 55 52 62 35 46 36 51 51 63 88 81 111 82 73 56 95 75 118 105 71 77 87 95 92 92 72 78 91 95 56 63 60 66 69 71 66 83 72 57 52 63 70 58 71 70 229, 628 250,839 288,573 332,079 292, 582 367,819 368, 584 10, 270 43,866 12, 551 87, 787 14,894 5,406 3,721 33, 452 41,008 40,074 21,850 5,565 24,847 6,268 6,242 1,596 8,376 43, 360 12,126 113,954 22, 269 6 868 3'027 47, 434 43,162 42, 332 20,120 4,606 21,867 4,675 5,135 1,818 8,959 50, 632 19, 347 121, 301 12,132 607 4,834 60, 339 53,165 52,156 29,116 5,781 25, 401 4,942 5,997 2,020 10,385 62, 780 23, 367 127, 690 12, 555 39 6,301 52,924 62,847 61,715 33,102 8,579 32,960 6,989 8,609 2,667 8,997 58, 577 25, 243 104, 399 13, 239 11, 342 78,120 27, 556 157, 340 36, 645 11, 276 76, 061 28, 247 172, 640 38, 508 6,029 31, 485 52,113 51, 262 29, 510 8,700 38, 986 9,887 10, 608 3,625 8,623 50,395 44,477 43, 878 32, 311 9,926 44, 227 10, 791 10, 483 3,908 8,300 67,143 42,282 41, 647 27, 758 8,046 38,566 10,157 9,216 3,259 226, 737 29, 667 5,970 19, 719 4,671 15, 048 4,423 5,221 3,837 45, 994 131, 357 18, 520 7,628 43, 654 168, 925 248,148 36, 499 11,869 24, 329 8,384 15,945 7,199 4,036 5,465 53, 504 133, 817 14,893 8,746 43, 611 175, 756 284,041 66,847 35, 661 28,786 7, 477 21, 309 9,014 4,434 4,270 58, 993 129,415 12,457 9,728 40,143 181,461 323,168 78,449 47, 254 37,760 10, 213 27, 547 13, 777 4,876 3,604 64, 537 142,422 18, 900 9,256 42, 316 215, 281 286,891 58, 318 30, 563 22, 656 5,386 17, 270 5,738 4,057 3,078 63,200 142, 716 19,870 7,524 38, 637 235, 402 357, 450 64, 264 43, 741 24, 342 7,784 16,558 4,099 5,133 1,978 75, 661 193,183 24, 826 9,638 48,100 246, 903 359,098 82,193 59,884 27, 705 7,257 20,448 4,316 7,154 2,259 75, 362 173,838 23, 736 6,412 44,173 241,897 4,497 53,040 8,716 5,702 54, 339 13,171 3,341 60, 511 19,520 5,229 64,197 20,438 9,033 77,695 18,985 9,955 91,005 18,915 8,030 100,107 22.196 71 VALUE § Exports, incl. reexports thous. of dol._ 346, 779 218, 559 268, 364 230, 947 249, 259 236,058 By grand divisions and countries; 10,789 8,530 9,996 10,101 8,523 11, 560 Africa do 61, 520 46,406 60, 565 49, 243 54,165 49,971 Asia and Oceania do 15,193 16,147 21, 394 14, 769 23, 573 17, 484 Japan do 165, 741 95,445 108,143 88,809 97, 955 85, 711 Europe do 39,277 12, 944 10, 807 12, 614 12,468 10,653 France do 4 a AAR A Oflfi 6 294 5 299 Germany do O, 1 /O 0, 440 1, 5UD 9,598 4^263 4,' 460 Italy do 3,889 5,056 4,130 58, 534 34, 311 37, 410 36, 604 41,874 38, 678 United Kingdom do 43, 671 40, 452 43,583 35,055 33,092 26, 258 North America, northern do 43,131 32, 298 34, 535 42, 637 39, 874 25, 764 Canada do 28,065 23, 358 23,462 22, 356 27, 598 20, 453 North America, southern do 7,522 7,991 6,320 6,296 7,922 5,928 * Mexico do 36,993 24,277 22, 669 26, 571 T21,472 27,407 South America do 9,147 5,281 4,068 4,918 6,113 4, 067 Argentina do 10,116 5,193 5,417 6,007 6,664 5,120 Brazil . . . _do 1,621 2,651 1,479 1,480 2,188 Chile do.— 3,418 By economic classes (U. S. mdse. only): Total thous. of doL. 338, 639 216,036 264, 578 227, 597 245,913 233, 359 61,113 26,016 30,243 25, 713 40,072 36, 485 Crude materials do 44, 283 7,458 6,157 9,185 13, 732 16, 958 Cotton, unmanufactured do 19, 521 31, 222 23, 621 26,927 27,966 26, 553 Foodstuffs, total do 8,752 9,810 10, 808 6,026 11,402 12,287 Foodstuffs, crude. do 22, 470 15, 679 13,811 16,119 13, 495 15,151 Foodstuffs and beverages, mfrs.-.do 5,554 5,844 3,523 6,656 6,404 7,017 Fruits and preparations do 6,889 3.698 4,851 4, 997 4,724 4,145 Meats and fats do 3,340 4, 079 7,601 5,459 6,406 7,403 Wheat and flour do 71,355 48, 462 41,008 48, 247 45, 658 34,868 Manufactures, semido 174, 950 118,128 150,882 136, 951 140, 495 139, 664 Manufactures, finished do 23, 835 24, 921 23, 753 20, 387 28,504 25, 335 Autos and parts do 5,534 10,119 9,453 6,813 8,378 6,367 Gasoline do 42,191 45, 235 43, 882 44, 401 49, 390 34, 605 Machinery do 199, 775 158,035 190, 437 186,195 202, 502 178, 953 General imports, total do By grand divisions and countries: 4,469 8,640 8,571 6,964 6,479 10, 481 Africa do 59, 952 51,162 59, 454 57,080 42, 780 65, 789 Asia and Oceania : ...do 11, 237 10, 747 10, 607 9,707 7,896 Japan.. __.do 7,998 0 Less than $500. § Revised series. Data revised for 1937; see tables 19 and 20, pp. 14 and 15 of the April 1939 Survey. 97 95 37 SURVEY OF CURRENT BUSINESS April 1940 Monthly statistics through December 1937, to- 1940 gether with explanatory notes and references to the sources of the data may be found in the February 1938 Supplement to the Survey 1940 1939 Febru- March April I May July June August tember DecemOctober November ber January FOREIGN TRADE—Continued VALUE § —Continued General imports—Continued. By grand divisions and countries—Continued. Europe... thous. of dol_ France do Germany do Italy do United Kingdom .do North America, northern .do Canada do___ North America, southern __do Mexico do South America do Argentina do Brazil do___ Chile do.... By economic classes (imports for consumption): Total thous. of doL Crude materials do__. Foodstuffs, crude do._FoodstufTs and beverages, mfrs do Manufactures, semido... Manufactures, finished. do 38,039 4,786 2,613 8,945 26,963 26,279 23, 270 6,733 35,234 10,819 8,067 4,593 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 52, 298 5,692 5,171 3,976 11,971 23, 559 23,128 22, 732 6,326 24,932 5,460 9,421 2,583 57, 574 5,411 13, 829 3, 289 11,572 26,163 25, 671 19, 406 4,442 23,319 4,357 7,867 3,813 58, 946 7,122 2,885 3,289 15,192 28,850 28, 323 22,178 3,995 24, 434 4,355 7,420 2,750 46, 009 4,903 3,349 2,711 11,664 26,964 26, 533 19, 299 4,365 25,132 3,952 9,160 2,468 44, 496 5,146 3,975 2,264 11, 081 26, 993 25, 557 18, 530 3,627 21, 370 3,207 6,657 1,822 48,150 5,708 3,797 2,080 10, 990 26, 681 25,970 18, 490 3,534 22, 394 4,787 8,281 1,691 41, 516 3,851 1,815 2,401 10,967 34, 233 33,125 19, 655 3,460 22,206 3,803 8,351 1,813 53, 853 2,994 1,557 5,123 14, 605 40,426 39,827 22, 029 4,379 29, 548 5,055 11,390 3,728 60,344 6,313 2,656 4,965 13, 577 36,109 34,833 15,166 5,352 37, 053 6,689 12, 395 6,629 57,333 5.303 3; 383 3,895 15, 719 33, 215 32,012 17, 111 5,912 38,285 8,363 10, 215 7,879 52,024 7,313 1,591 2,563 14,191 30,164 28,877 20,002 5,958 189, 824 70,420 23,838 23,138 42,860 29, 567 152, 528 48, 073 22, 947 18,635 34, 047 28,827 191, 226 59, 507 28, 205 26, 296 38,822 38,396 185,800 54, 940 24,053 25, 036 37,936 43,836 194,193 62, 277 25,886 26, 062 39,857 40, 411 178,405 54, 725 22, 518 27, 725 38, 633 34,804 170,451 50, 041 21, 759 27, 799 36,912 33,939 180, 379 60,962 20, 778 27, 605 35, 651 35, 383 199,483 67,606 19,465 38,412 38, 275 35, 725 207,140 70, 500 24,898 27, 722 45,416 38, 604 214, 454 75, 386 27,881 21, 777 48, 614 40, 795 232, 738 86, 770 25, 665 29, 7S6 55, 619 34,898 234, 634 95,714 24, 793 23,316 53, 732 37,079 9,560 74 9,525 76 11,007 74 924 31, 570 9,663 7,871 2,480 TRANSPORTATION AND COMMUNICATIONS TRANSPORTATION Express Operations Operating revenue Operating income thous. of dol do 8,499 72 9,107 76 9,165 67 9,454 59 9,374 69 8,899 68 9,105 63 9,696 62 Local Transit Lines Fares, average, cash rate Passengers carried! Operating revenues _. 7.864 7.873 7.864 7.864 7,839 7.873 - cents thousands._ 767, 688 ' 731, 828 '829,806 '783,279 '807,157 '760,636 55, 383 59, 702 56, 628 58, 222 53, 361 thous. of dol.. r 7.864 7.864 7.864 7.864 7,839 7,839 7.864 705, 587 '718,852 '740,887 '810,731 '784,590 '825,903 '811,787 59, 309 51,907 52,699 54, 561 57,174 60, 649 58, 950 Class I Steam Railways Freight-carloadings (Federal Reserve): 68 Combined index, unadjusted... 1923-25 = 100_. 80 Coal do 88 Coke _ do 43 Forest products do 69 Grains and grain products . do 33 Livestock do 59 Merchandise, 1. c. 1 do 26 Ore ... do._. 71 Miscellaneous do 73 Combined index, adjusted do Coal __ do _. 68 65 Coke do 44 Forest products do 75 Grains and grain products do 40 Livestock do 61 Merchandise, 1. c. 1 do __ 107 Ore do 83 Miscellaneous __ . . . d o Freight-carloadings (A. A. R.):^ 2,487 Total cars thousands 571 CoaL ..do 43 Coke _. do 121 Forest products . do . 123 Grains and grain products do 43 Livestock do 571 Merchandise, 1. c. 1 . do 39 Ore do 974 Miscellaneous ._ _ _ do 178 Freight-car surplus, total do 69 Box cars _ do 75 Coal cars do Financial operations: Operating revenues, total thous. of dol._ 313,475 257, 630 Freight do 31,945 Passenger . __ _ do 240, 519 Operating expenses do 32, 618 Net railway operating income do Net income do Operating results: Freight carried 1 mile mil. of tons Revenue per ton-mile cents Passengers carried 1 mile millions.. 62 76 62 35 64 31 60 22 64 67 65 46 36 70 38 62 93 75 63 66 57 36 67 32 62 21 70 66 62 55 36 73 40 62 86 73 58 36 47 39 68 37 62 31 72 60 43 56 38 76 40 61 75 70 62 44 40 41 73 36 61 81 73 62 51 42 40 81 40 61 58 70 67 58 47 42 89 30 61 108 74 67 68 51 40 90 36 61 64 71 70 64 52 43 111 34 61 112 74 69 76 62 43 80 39 62 59 72 71 69 57 44 90 37 62 125 75 70 78 69 42 75 37 62 67 74 85 89 78 49 99 57 65 149 92 77 85 82 45 88 45 63 85 82 89 96 95 52 87 62 65 160 97 80 87 95 50 87 44 62 108 86 83 87 100 50 83 50 64 105 91 82 80 100 51 88 41 63 191 89 73 79 101 44 75 39 60 29 81 78 71 92 51 87 40 62 116 89 72 95 106 41 66 38 58 25 74 78 83 90 47 73 39 62 114 86 2,283 515 30 99 116 42 577 34 870 209 102 63 2,390 478 29 105 125 42 612 33 967 202 95 67 2,832 350 29 140 159 61 775 58 1,261 265 86 146 2,372 297 19 121 137 49 612 121 1,016 211 90 87 3,149 503 28 151 202 50 744 209 1,261 175 79 65 2,549 429 24 118 200 44 583 167 983 166 79 53 2,689 476 27 126 170 48 615 192 1,034 131 70 34 3,844 740 45 171 219 90 780 277 1,523 70 33 16 3,375 676 46 152 165 84 640 253 1,358 68 34 15 3,040 601 47 142 148 67 616 182 1,236 108 47 35 3,262 671 59 155 171 63 716 55 1,371 160 58 69 2,555 643 50 115 117 50 554 38 989 126 59 36 302, 618 321, 617 243, 641 255, 763 31, 758 38,436 237,411 241, 786 25,101 39,095 <* 18, 594 * 1, 685 332,436 265,086 41, 269 241,962 49, 012 6,578 344,400 276, 707 39,821 247,622 54, 586 10,053 381,118 314,400 37,146 251,167 86,435 41,078 419, 717 355,104 33, 367 271, 538 101, 616 56, 521 368, 027 310,434 29,289 256,170 70,346 33,004 345,247 276, 272 37, 816 249,013 60, 953 36, 622 345,498 283,107 36,079 257, 341 45, 567 29, 824 .971 2,355 31, 389 .962 2,283 36,115 .941 2,097 40, 066 .951 1,866 35,131 .953 1,591 31,460 .961 2,020 32, 502 276,904 224,819 30, 237 220, 620 ' 1 8 , 638 * 24, 364 315,091 257,469 31, 201 240, 359 34, 317 <* 10, 505 282,118 224, 588 31, 791 227,622 15, 258 •* 27,896 25, 553 .972 1,555 28,831 .988 1,618 23,983 L035 1,681 25, 737 1.045 1,725 28, 465 .987 2,075 Waterway Traffic Canals: 362 317 434 363 396 414 434 326 369 513 485 661 566 Cape Cod . thous. of short tons__ 0 101 0 735 586 687 615 717 0 0 538 709 0 New York State ..do 2,473 2,124 2,664 2,539 2,437 2,385 2,446 2,386 2,207 2,318 2,473 2,461 2,338 Panama, total thous. of long tons 1,022 892 921 905 971 1,034 1,037 873 806 1,031 689 1,047 1, 066 In U. S. Vessels.. do d ' Revised. Deficit. tData for April, June, September and December, 1939 are for 5 weeks; other months, 4 weeks. tfFor comparable monthly figures, January 1929-December 1936, see table 10, p. 15 of the March 1939 Survey. For 1937 revisions see p. 37 of the April 1939 Survey. Data for 1938 and 1939 have also been revised, with 196 companies reporting as compared with 203 companies since January 1937. Comparability of the data is affected to only a slight degree. Revisions not shown above are as follows (thousands); 1938, Jan. 792,728; Feb. 726,652; Mar. 816,893; Apr. 780,392; May, 768,828; June, 735,175; July, 674,503; Aug. 695,310; Sept. 724,338; Oct. 784,285; Nov. 771,486; Dec. 833,583; 1939, Jan. 785,094. § Revised series. Data revised for 1937; see tables 19 and 20, pp. 14 and 15 of the April 1939 Survey. 38 SURVEY OF CURRENT BUSINESS Monthly statistics through December 1937, to- 1940 gether with explanatory notes and references to the sources of the data may be found in the Febru1938 Supplement to the Survey ary April 1940 1939 February March April May June July 1940 August September DecemOctober November ber January TRANSPORTATION AND COMMUNICATIONS—Continued TRANSPORTATION-Continued Waterway Traffic—Continued Canals—Continued St. Lawrence thous. of short tons.. Sault St. Marie do Suez thous. of metric tons_. Welland thous. of short tons._ Rivers: Allegheny do Mississippi (Government barges only) _.do Monongahela do Ohio (Pittsburgh district) do Clearances, vessels in foreign trade: Total, U. S. ports _.__thous. of net tons.. Foreign do United States do 0) 0 125 80 1,615 836 0 0 2,277 0 0 0 2,561 0 50 43 2, 569 200 1,189 5,799 2,476 1,324 1,161 8,622 2,220 1,580 1,119 9,598 2,406 1, 659 1,284 10, 552 2, 329 1,713 1,216 11, 493 986 1,564 1,215 12, 353 1,373 1,748 135 124 1, 557 880 199 136 1,742 1,114 101 169 348 469 136 67 661 655 230 145 1,688 1,265 242 191 1, 704 1,400 234 228 1,949 1,411 279 150 2,077 1,355 320 181 2,457 1, 443 4, 734 3,607 1,127 5,424 4,160 1, 263 5,280 4,038 1,242 6,241 4,766 1,475 6,667 4,971 1,696 7,082 5, 280 1,802 7,280 5,551 1,729 6,306 4,537 1,769 5,974 4,285 1,689 1,073 10,438 33 953 0) 0) 404 1,535 303 192 2,494 1,427 6, 071 4,196 1,875 (0 0 214 128 2, 658 1,443 60 83 1,281 315 4, 536 3,215 1,321 4, 356 3, 034 1,322 Travel Operations on scheduled airlines: Passenger-miles flown thous. of miles.. 58, 937 Passengers carried number... 139, 816 Express pounds... 697, 385 Miles flown thous. of miles... 6,673 Hotels: Average sale per occupied room dollars.. 3.25 Rooms occupied percent of total. _ 66 Restaurant sales index 1929=100.. 91 Foreign travel: Arrivals, U. S. citizens... number.. Departures, U. S. citizens do Emigrants do Immigrants do Passports issued do 1,870 National Parks: Visitors do Automobiles do Pullman Co.:* Revenue passenger-miles thousands. _ Passenger revenues thous. of dol.. 35,002 81,131 564, 928 5,032 49,445 53,483 63, 361 70,199 72, 918 75,145 75, 800 77, 468 67,031 71, 530 61, 355 117,071 133, 469 162, 682 179, 055 185, 643 194,418 192, 544 194, 216 171, 557 175, 263 150,102 685, 274 663, 884 725, 061 824, 630 725, 922 933, 965 981, 462 948, 501 844,413 1,038,278 817,633 6,125 6,268 7,122 7,541 7,639 7,183 7,442 7,626 7,408 7,716 7,271 63 86 3.15 64 84 3.37 63 3.20 63 90 3.34 62 95 3.29 57 84 3.39 61 93 3.35 64 3.39 67 93 3.44 61 3.29 54 90 3.21 66 92 25, 590 28, 224 1,479 5,959 4,865 31, 909 21,673 1,702 8,076 8,383 25, 374 21, 575 1, 851 7, 063 8,839 19,800 19,011 2,077 6,049 16, 080 20, 889 24, 788 3,168 4,512 21,013 29, 872 42, 246 3,163 4, 694 10, 393 44, 501 38, 573 2,950 7,006 7,444 40, 295 26, 656 2, 301 5,518 1,843 19, 700 10,033 1,996 5,492 1,759 10,129 7,984 1,607 5,861 1,641 11, 565 7,099 1,714 7,673 1,633 13, 367 15, 785 1,530 3,876 r 1,912 62,848 17, 618 72, 280 164, 736 248, 075 471, 624 916,175 875, 682 433,014 21, 779 48, 892 73,402 136, 576 249, 905 238, 296 131,631 247,149 74, 366 83, 966 27, 081 63, 486 19, 740 68, 774 19, 470 654,896 4,473 715,420 4,769 684,444 4,447 631, 529 769, 819 801, 514 764, 706 736, 325 696,186 4,842 4,147 4,855 4,990 4,679 4,467 562, 047 675, 284 795, 095 3,704 5,254 4,367 COMMUNICATIONS Telephone: Operating revenues. .thous. of dol_. Station revenues do Tolls, message do Operating expenses do Net operating income do Phones in service, end of month..thousands... Telegraph, cable, and radiotelegraph carriers: Operating revenue, total thous. of dol__. Telegraph carriers, total do Western Union Telegraph Co., revenues from cable operations thous. of dol.. Cable carriers do Radiotelegraph carriers do 0 perating expenses do Operating income do Net income do 96, 064 101,610 66,491 64,504 22, 954 26,498 68,456 64,155 19,479 18,438 17, 808 17,897 100,083 102, 646 102,119 66,162 66, 875 66, 521 26, 923 25, 275 27,101 68,184 65, 683 20, 576 19, 832 20, 027 17, 974 18, 055 18, 072 99, 824 101, 793 103,843 105, 520 103, 403 105, 125 106,144 64, 690 65,060 65, 696 68, 453 68, 394 69, 026 70, 023 26,383 27,942 29, 361 28, 318 26, 265 27,188 27, 322 67, 738 68, 650 67, 210 69,157 70,052 70, 568 70, 329 18, 398 19, 268 22, 386 22, 240 19, 406 20,119 20, 973 18,102 18,160 18, 203 18, 357 18, 447 18, 537 18, 710 9,987 8,436 11, 577 9,717 11,012 9,383 11, 735 10,065 11, 721 10,113 10, 676 9,189 11, 583 9,887 14,117 11,079 463 756 795 9,319 *17 <*934 588 901 960 10,031 814 502 768 861 9,809 512 <*387 514 790 880 10,289 699 <*229 501 774 834 10,142 886 43 451 707 780 10,028 <*77 <*951 542 802 893 10,146 695 <*222 900 1,417 1,622 10, 548 2,683 1,877 12, 350 1,092 1,263 10,147 1,413 503 11, 465 9, 324 13,183 10, 822 658 1,103 1,258 10, 847 1,533 604 610 989 1,152 10,027 667 I CHEMICALS AND ALLIED PRODUCTS CHEMICALS Alcohol, denatured: 9,202 7,523 7,944 7,395 6, 558 7,578 8,203 12, 848 15, 453 13,068 8,505 11, 434 10,147 Consumption.._ thous. of wine gal._ 9,190 7,719 8,490 8,166 7,437 6,446 7,616 12, 625 15,181 13,060 8,460 11,158 10, 398 Production do 1,766 1,485 1,982 2,015 2,007 1,260 1,294 1,776 1,479 1,496 1,173 1,366 1,417 Stocks, end of month ..do Alcohol, ethyl: 17, 857 18, 655 16, 838 17, 643 18, 539 18,104 20, 965 21, 787 22, 080 20, 656 Production thous. of proof gal.. 20, 381 14, 650 17,438 31, 078 30, 860 32, 232 32,919 25, 913 17, 974 14,168 14, 614 15, 279 18, 773 26,072 27, 741 29,625 Stocks, warehoused, end of month do 15,029 13,823 13, 202 13, 253 15,031 16,050 22, 315 22,944 26,033 19, 524 18, 386 Withdrawn for denaturing do I 14, 697 11,198 2,074 2,009 1,780 1,851 1,765 1,363 2,187 1, 504 2,248 1,640 1,729 2,282 1,858 Withdrawn, tax paid__ do Methanol: 10,806 18,441 108,084 195,034 28,373 26,359 24,195 28,337 263, 588 123,995 228, 357 368, 246 369, 290 Exports, refined § gallons._ .36 .36 .36 .36 .36 .36 .36 .36 .36 .36 .36 Price, refined, wholesale (N. Y.)_dol per gal.. Production: 365 389 354 344 378 336 405 463 480 434 457 Crude (wood distilled) _.thous. of gal_. 2,679 2,407 2,276 1,779 2,295 2,267 2,495 2,640 4,158 4,612 4,184 3,453 Synthetic do 26, 592 27,801 26, 341 29, 315 30, 210 27, 652 32, 700 35, 933 40, 612 35,477 30, 580 34, 690 Explosives, shipments. thous. of lb_. 31,035 Sulphur production (quarterly): 105, 895 83, 260 106, 795 126, 650 Louisiana long tons.. 405, 263 372, 655 357,819 530, 047 Texas do Sulphuric acid (fertilizer manufactures): Consumed in production of fertilizer 106,137 104, 378 115,119 134,287 175,338 176,860 172, 332 182,160 138,273 119,081 112, 593 short tons._ Price, wholesale, 66°, at works 16.50 16.50 16.50 16.50 16.50 16.50 16.50 16.50 16.50 16.50 16.50 16.50 16.50 dol. per short ton._ 169,769 169,952 145,689 155, 902 140, 580 139, 248 161,791 153,897 205,024 208,461 219, 838 235, 023 Production short tons.. Purchases: 8,853 15, 021 10, 535 18,635 19,252 18, 751 11,951 30,040 31,774 37,562 32,885 26, 699 From fertilizer manufacturers do 16,542 20,771 25,614 17,067 15,568 23,778 17,508 33,590 40,049 32,784 26, 826 From others do Shipments: 33,202 38,123 36, 966 25,804 45,396 37,574 39,167 35,100 42, 835 44,979 47, 623 39, 636 To fertilizer manufacturers do 35, 545 42,864 35, 528 38,835 43, 369 45,376 43,346 44,089 57,410 58,318 59,870 Toothers .58, 335 d ' Revised. » Discontinued by reporting source since the outbreak of war. Deficit. « Less than $500. *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 Survey. §Revised series. Data revised for 1937, see table 19, p. 14, of the April 1939 Survey. 39 SURVEY OF CURRENT BUSINESS April 1940 Monthly statistics through December 1937, to- 1940 gether with explanatory notes and references to the sources of the data may be found in the Febru1938 Supplement to the Survey ary 1939 February March April May June July 1940 August September DecemOctober November ber January CHEMICALS AND ALLIED PRODUCTS—Continued FERTILIZERS Consumption, Southern States thous. of short tons.. Exports, total§ long tons.. Nitrogenous § do Phosphate materials! do Prepared fertilizers§ do Imports, total§ do Nitrogenous, total§ do Nitrate of soda§ do Phosphates! do Potash§ do price, wholesale, nitrate of soda, 95 percent (N. Y.) dol. per cwt.. Potash deliveries* short tons. _ Superphosphate (bulk): Production do Shipments to consumers do Stocks, end of month do 1,476 675 627 53, 398 85, 095 123, 687 28, 902 15, 645 6,723 19, 717 66, 552 97,983 476 800 340 140, 544 109,932 138, 782 73, 792 101, 396 116, 806 26, 506 54, 552 42,920 3,599 969 406 17, 235 6,795 65, 486 1.450 10,106 1.450 2,632 1.450 5,250 1,271 312 48 43 148 190 136, 328 148, 095 136, 016 154,800 141,171 123, 792 112, 699 5,365 12, 655 8,067 26,618 27,157 18, 974 12,142 123, 270 112, 773 105,934 137, 446 106,607 76,904 78, 418 302 268 447 349 697 1,921 343 191,057 145, 432 109,737 90,102 76, 002 88,276 110,046 45,632 45, 795 71, 447 91,431 167, 558 99, 074 90,541 9,481 10, 445 42, 204 115,188 62, 010 59, 332 18, 479 594 2,321 408 2,549 392 7,033 1,462 16,425 41, 234 29,087 15,877 14, 571 16, 580 10,415 1.450 8,379 312, 284 301,694 286,747 54, 893 161, 202 216,671 1,288,536 1,106,679 815,911 1.450 8,674 1.450 17, 337 1.450 26, 632 1.450 38, 956 1.450 54, 762 1.450 72,622 108 79, 270 7,538 55, 009 486 109,670 101,335 66,407 2,799 4,214 187 70, 905 18, 629 43, 474 489 126, 952 106, 510 59, 518 705 18,161 379 56, 602 27,164 27, 099 278 146, 012 103, 281 56, 627 693 41, 798 1.450 70, 952 1.450 62, 635 1.450 r 54, 944 277, 437 243, 402 243, 356 279,107 305, 538 406, 809 417,410 405,199 430, 820 139, 648 34, 263 13,496 28, 277 109, 223 67,143 19,225 24, 368 30, 335 778, 758 871,109 924,045 963, 431 1,012,067 1,122,492 1,228,028 1,233,297 1,256,690 NAVAL STORES Rosin, gum: Price, wholesale " H " (Savannah) 5.48 5.44 5.21 4.94 4.96 5.05 5.65 5.19 4.86 5.46 dol. perbbl. (280 lbs.).. 57, 640 60, 289 54, 574 13, 757 19, 367 43, 810 57, 079 61, 744 61,096 6,764 Receipts, net, 3 ports bbl. (500 lbs.) __ Stocks, 3 ports, end of month do 570, 403 642, 825 609, 502 615, 381 625,138 639,914 659, 878 672, 880 679,127 630, 926 Turpentine, gum, spirits of: .24 .24 .26 .24 .24 .24 .26 .29 .27 .33 Price, wholesale (Savannah) dol. per gaL_ 15, 884 14, 692 13, 754 16, 369 14, 605 1,908 3,256 9,799 14,638 Receipts, net, 3 ports bbl. (50gal.)_. 611 Stocks, 3 ports, end of month do 66, 532 118,954 109,626 107, 339 104,759 102, 941 102,126 102,285 101,111 93, 317 5.34 43,736 643, 443 5.24 51, 032 642, 234 5.37 11, 630 605, 046 10, 945 98, 986 .27 10, 202 94, 677 .30 1,487 76, 664 OILS, FATS, AND BYPRODUCTS Animal Fats and Byproducts and 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 233,456 501,165 346, 321 217,899 503, 947 403, 809 254,196 480,143 318,481 255, 751 628,700 417,333 48,182 6,419 54,170 47, 438 92, 964 54, 943 54,120 93, 578 52, 799 61,010 107, 355 60, 316 354,692 51,163 300,076 55, 350 66,138 8,983 180, 364 405,331 36, 539 330, 816 56, 621 68,022 68, 402 221,405 79,894 111,628 245,155 66, 512 47, 713 242, 725 Vegetable Oils and Products Vegetable oils, total: Consumption, crude, factory (quarterly) 712 mil. of lb. 816 952 1,019 7,908 12,091 3,994 3,673 3,865 24, 745 Exports thous. oflb 4,202 4,136 4,314 2,559 16,022 10, 499 17, 436 51, 620 64,593 66, 579 Imports, total § do... 85, 466 98,010 60,455 97, 275 91,633 79, 467 86,413 80, 975 80, 731 81, 674 7,580 10, 292 11,277 12,402 Paint oils § do _.. 16, 733 8,159 10,708 12,136 9,841 20, 527 9,382 10. 755 6,943 64, 242 All other vegetable oils§ do.-. 58,999 77, 298 87, 302 48, 319 87,894 80, 878 69, 625 76,121 40,343 52,191 60,183 74, 731 Production (quarterly) mil. oflb 583 832 593 1,062 Stocks, end of quarter: 732 661 860 Crude do.. 783 Refined do... 523 760 759 653 Copra: Consumption, factory (quarterly) .short tons 52,114 59,473 49, 469 55,482 Imports do.-. 22, 449 17,491 22,630 7,533 17,222 28, 658 48, 863 19, 928 3,773 31, 790 20,880 12.514 Stocks, end of quarter do... 35,816 13,881 36,081 35,160 Coconut or copra oil: Consumption, factory: 154, 408 143, 265 Crude (quarterly) thous. oflb 137, 891 150,528 Refined (quarterly) do._. 64,957 53, 074 52, 359 58, 660 1,841 In oleomargarine do 5,295 4,729 2,129 3,113 3,428 2,167 2,154 2,964 1,559 1,763 2,051 1,972 26, 240 29,122 41, 370 22, 889 38,450 37, 556 21, 215 32,898 10, 988 Imports§ do. 34,744 34, 899 26, 686 17, 774 Production (quarterly): 61, 949 Crude do. 75, 457 66, 388 69, 478 Refined do. 75,064 70,338 68, 213 73, 725 Stocks, end of quarter: 202, 322 197, 485 Crude do. 226, 894 178, 382 Refined do. 13,735 12,315 12,100 11, 883 Cottonseed: 425 372 Consumption (crush)...thous. of short tons_. 524 100 712 389 258 70 151 203 643 521 509 150 103 Receipts at mills do 76 46 1,141 1,165 118 60 51 227 664 384 155 522 Stocks at mills, end of month do 337 194 139 1,266 789 519 121 196 813 1,287 1,162 796 Cottonseed cake and meal: 141 189 506 2,335 Exports short tons.. 389 675 1,318 81 124 46 1,403 343 216 Production do 194, 046 172, 401 177,171 120, 555 94,441 45, 329 33,119 68, 229 232, 352 320, 927 288,050 228, 458 235, 367 Stocks at mills, end of month do 124,374 119,718 197,618 206,931 219, 794 200,173 244, 479 195, 092 175, 454 172,968 150, 846 97, 085 216, 565 Cottonseed oil, crude: Production thous. of lb_. 139, 443 117,924 126, 679 85, 240 68, 522 34, 328 22, 622 45, 355 162,480 220, 362 201, 656 159, 870 166,038 201, 233 179,569 171,279 155, 524 137, 822 89, 096 72,067 62,000 110, 701 156, 874 184,062 181, 235 200,881 Stocks, end of month do Cottonseed oil, refined: 285, 230 272, 970 354,226 Consumption, factory (quarterly) do 334, 392 9,678 9,034 8,689 9,701 In oleomargarine do 10, 200 9,412 7,484 6,781 5,522 6,986 10,077 8,779 6,708 Price, summer, yellow, prime (N. Y.) .069 .067 dol. per lb_. .066 .065 .061 .066 .055 .071 .065 .069 .069 Production thous. oflb.. 126,190 113, 379 127, 358 98, 577 82,476 78, 548 41,107 54,666 93,924 163,315 163,052 157, 221 140,379 627, 482 637, 636 642, 349 658,956 641,031 616, 859 560,035 494,718 411, 791 433,637 490, 215 553,176 586, 632 Stocks, end of month do r Revised. *New series. Data are on basis of potassium oxide content; figures beginning 1928 not shown on p. 39 of the August 1939 Survey will appear in a subsequent issue. §Revised series. Data for 1937 revised, see tables 19 and 20; pp. 14 and 15, of the April 1939 Survey. 40 SURVEY OF CURRENT BUSINESS Monthly statistics through December 1937, to- 1940 gether with explanatory notes and references to the sources of the data may be found in the Febru1938 Supplement to the Survey ary April 1940 1939 February March April June May July 1940 August September October November December January CHEMICALS AND ALLIED PRODUCTS—Continued OILS, FATS, AND BYPRODUCTS—Con. Vegetable Oils a n d Products—Continued Flaxsecd: .thous. of bu_ Imports^ Minneapolis: Receipts do Shipments do— Stocks do Duluth: Receipts do Shipments do Stocks do___. Oil mills (quarterly): Consumption -do Stocks, end of quarter do Price, wholesale No. 1 (Mpls.) dol. per bu_. Production (crop est.) thous. of bu_. Linseed cake and meal: Exports§ do— Shipments from Minneapolis... do___. Linseed oil: Consumption, factory (quarterly) do Price, wholesale (N. Y.) dol. per lb_. Production (quarterly) thous. of lb_. Shipments from Minneapolis do___. Stocks at factory, end of quarter do.... Oleomargarine: Consumption (tax-paid withdrawals)._.do Price, wholesale, standard, uncolored (Chicago) dol. perlb_. Production thous. of lb.._ Vegetable shortenings: Price, wholesale, tierces (Chi.)...dol. per lb.. PAINT SALES Plastic paints, cold-water paints, and calcimines: Plastic paints thous. of dol.. Cold-water paints: In dry form... do— In paste form do— Calcimines do— Paints, varnish, lacquer, and fillers: Total do.... Classified, total do.... Industrial do.... Trade do.... Unclassified do— 2,248 2,031 1, 416 1,155 i 139 119 2,151 30 452 62 64 319 35 58 283 61 38 280 2 12 31 1 0 111 1 82 29 1 29 2 2.14 1.92 7,112 2,521 1.97 50,068 14, 200 50,180 5,720 .102 .085 1,763 17, 219 7,920 76,674 .088 139, 209 7,200 161, 251 1,802 1,123 1,511 452 875 682 623 1,058 67 28 231 8.100 389 2,659 2,709 648 5,456 679 367 5,154 318 428 4,059 269 104 3,616 153 130 2,720 58 2 801 144 659 2,032 1,170 1,521 948 1,360 1,109 541 566 1,084 145 1,178 51 26 35 42 1.57 1.54 6,814 6,383 1.75 44, 589 6,360 50,163 16,400 40, 600 23, 280 .090 .086 73 20 225 41 59 6,207 1,958 1.81 50,396 8,280 40,849 7,280 .089 .089 '"9," 780" "6,"4§6" 48, 733 7,000 91,360 .093 124, 823 6,360 130,310 0) 88,397 .099 134,326 14, 700 112, 475 8,736 1.84 14,529 19, 720 30,914 21,480 .102 .098 b 2.07 20, 330 2.18 52, 765 21,320 18,453 21,440 88,768 .102 166,150 8,820 142,643 .107 "16," §66" ~3~966' 28,474 27,774 29,032 23, 622 22, 827 20, 745 20,114 21,206 27,918 23, 676 27,719 25,737 29,409 .120 29,474 .140 27, 701 .140 29,417 .140 23, 325 .135 22, 699 .135 21,111 .135 19, 262 .135 21, 608 .124 28,105 .123 23, 785 .128 27,886 .120 25, 587 .120 29,354 .100 .091 .095 .093 .093 .090 .090 .089 .104 .104 .099 .099 .100 "§,"166" "I5,"666" ~I6,~680~ "l6~38O 42 33 44 46 45 43 46 49 40 133 264 186 144 219 251 187 316 280 210 317 282 230 338 305 206 309 281 156 227 206 154 287 255 171 289 279 179 270 233 153 206 213 159 277 203 140 252 205 25, 536 18,806 8,920 9,887 6,729 24,415 17,395 7,982 9,413 7,021 31, 555 23,003 9,626 13, 377 8,551 32,666 23, 830 9,469 14, 360 8,836 40,138 28, 546 9,611 18,935 11, 592 36, 886 26,197 9,781 16,416 10, 690 29, 472 20, 769 8,199 12, 569 8,703 33,087 23,413 9,309 14,104 9,674 36,960 25, 515 10,420 15,095 11,445 34, 540 24,995 10,976 14,020 9,544 29,396 21, 772 10, 234 11,538 7,624 25,934 19, 333 9,409 9,924 6,602 27, 665 20,456 9,991 10,465 7,210 186 1,016 918 257 1,049 977 342 1,315 1,171 287 1,116 950 249 1,036 940 297 957 1,000 221 979 847 326 1,069 1,065 328 1,164 1,156 311 1,315 1,232 346 1,361 1,244 271 1,089 1,199 271 1,239 1,081 7 637 655 1,014 14 1,078 1,029 12 508 522 10 491 509 446 378 561 537 7 1,041 815 7 706 677 14 713 684 10 725 793 14 987 1,030 857 751 972 878 871 770 963 810 736 600 782 704 795 703 645 604 1,034 967 1,312 1,153 1,410 1,333 1,199 1,119 1,183 1,135 1,177 1,024 1,410 374 391 645 2,910 692 891 1,327 3,289 785 1,150 1,355 2,714 720 1,057 938 2,887 831 1,058 2,633 737 926 970 3,923 1,115 1,176 1,632 3,867 1,125 1,289 1,453 4,611 1,291 1,520 1,800 2,486 632 810 1,044 1,546 408 447 691 1,137 314 285 538 32 CELLULOSE PLASTIC PRODUCTS Nitro-cellulose, sheets, rods, and tubes: Consumption* thous. oflb. Production 1 do... Shipments d .. do... Cellulose-acetate sheets, rods, and tubes: Consumption* thous. oflb. Production.. .._. do... Shipmentsd" do... Moulding composition:* Production do... Shipments^ do... ROOFING Asphalt prepared roofing, shipments: Total thous. of squares. Oritroll do... Shingles (all types) do... Smooth roll do... ELECTRIC POWER AND GAS ELECTRIC POWER 9,654 10, 341 10, 529 10,651 10,567 9,955 11,864 Production, totalj. mil. of kw.-hr__ 11,107 11, 228 11,659 12,077 12,252 11,116 By source: 7,179 7,922 5,562 5,828 6,116 6,176 6,743 7,701 7,997 8,727 8,455 8,891 '9,065 Fuel u° 3,185 3,472 3,786 3,826 4,450 4,393 4,165 3,527 3,204 3,138 3,187 '3,186 3,118 Water power. do By type of producer: Privately and municipally owned public 9,321 9,820 9,846 10,329 9,900 9,043 10,260 10,974 10, 736 11,151 11,262 utilities mil. of kw.-hr__ 10, 258 709 611 634 667 655 900 856 890 922 926 '990 Other producers do Sales to ultimate consumers, totalf (Edison 8,324 8,240 8,282 8,577 8,583 8,953 9,274 9,640 8,398 9,678 9,760 Electric Institute) mil. of kw.-hr_. 1,604 1,700 1,627 1,620 1,815 1,620 1,719 1,782 1,755 1,890 2,000 Residential or domestic do 5,867 6,169 6,187 5, 704 6,526 5,615 5,751 6,951 6,876 6,669 6,786 Commercial and industrial do 134 121 111 166 115 159 128 169 149 188 203 Public street and highway ltg do 194 194 192 197 193 202 202 229 224 201 205 Other public authorities. do 441 461 433 524 473 493 443 479 492 446 Sales to railroads and railways do 532 36 41 39 35 32 42 35 30 32 Interdepartmental. --. do 32 33 J h ' Kevised. Less than 500 bushels. December 1 estimate. •New series. For data on nitro-cellulose consumption, cellulose-acetate consumption and molding compositions beginning 1935, see table 15, p. 18, of the March 1939 Survey. fRevised series. For electric power sales, see note marked with a "f" on p. 41 of the July 1939 Survey. §Revised series. Data for 1937 revised; see tables 19 and 20, pp. 14 and 15 of the April 1939 Survey. cflncludes consumption in reporting company plants. ^Excludes consumption in reporting company plants. IFor electric power production, see note marked with a ll1[" on p. 41 of the July 1939 Survey. Revised data on production "by type of producer," referred to therein, are shown beginning June 1938 on p. 40 of the August 1939 Survey; data beginning 1920 will be published when available. 41 SURVEY OF CURRENT BUSINESS April 1940 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 1940 February February- March April May June 1940 July August September DecemOctober November ber January ELECTRIC POWER AND GAS—Continued ELECTRIC POWER—Continued Revenues from sales to ultimate consumers (Edison Electric Institute) thous. of doL. 190, 219 186, 714 185, 987 183,112 186,166 186, 600 189, 225 198, 947 201, 709 204, 974 208, 514 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___ Indl., coml., and elec. generation do-.. Revenues from sales to consumers thous. of doL Domestic do... IndL, coml., and elec. generation do__. 9,914 9,225 219 461 33, 662 16, 687 8,004 8,785 9,907 9,218 210 467 33, 600 16, 647 7,122 9,641 9,894 9,197 218 467 32, 626 16, 242 6,074 10,144 9,285 224 466 30, 303 15, 755 4,421 9,969 9,979 9,290 214 465 27,917 16, 600 1,587 9,606 9,995 9,316 202 466 25, 652 15, 541 948 9,007 10, 016 9,336 206 464 24, 879 14, 702 756 9,305 10,081 9,388 221 463 26,828 16, 367 876 9,461 10, 090 9,383 244 453 29, 893 17,116 2,389 10, 227 10,078 9,363 256 450 33, 002 15, 352 6,948 10, 520 32, 811 21,038 5,429 6,227 32,450 21, 054 4,902 31, 586 21, 252 3,840 6,368 30, 707 21,845 2,519 6,231 29, 561 22, 253 1,232 5,990 27, 662 21,105 788 5,683 26, 606 20,121 663 5,731 28, 615 21, 786 837 5,909 30, 786 22, 513 1,848 6,318 32, 230 21, 566 3,863 7,163 7,194 7,178 7,190 6,615 6,626 6,655 6,636 549 533 546 555 134, 515 127, 377 113, 379 101, 438 51, 291 46, 791 36, 510 27, 415 81, 770 79, 303 75, 485 72, 5S1 7,163 6,650 510 87, 413 18,862 67, 378 7,152 6,651 499 86, 376 16,013 69, 210 7,191 501 88, 739 15,015 72, 233 7,232 7,298 7,424 7,468 6,767 6,727 6,850 6,882 529 572 503 584 92, 700 102, 572 116, 966 128, 587 15, 491 19, 414 30, 679 41, 075 75,835 81, 748 84, 689 86, 215 28, 559 15,197 13,193 26, 235 13,011 13,035 26, 278 12, 465 13, 597 26,855 12,433 14, 221 31,066 14,967 15, 895 39, 022 21, 217 17, 563 45, 923 26, 927 18, 777 3,685 3,826 7,696 3,588 3,916 7,191 51,197 32, 619 18, 331 47,979 30, 218 17, 520 41, 034 24,845 15,958 34, 644 19, 873 14, 550 10,116 9,390 266 451 35, 544 15, 747 8,822 10, 750 33, 781 21, 698 5,136 6,812 FOODSTUFFS AND TOBACCO ALCOHOLIC BEVERAGES Fermented malt liquors: Production thous. of bbl__ 3,478 Tax-paid withdrawals do 3,238 8,000 Stocks do Distilled spirits: Production thous. of tax gal.. 11, 846 Tax-paid withdrawals do 7,928 Imports* thous. of proof gaL. 623 Stocks thous. of tax gaL. 514, 505 Whisky: 9,599 Production do 6,616 Tax-paid withdrawals do 534 Imports* thous. of proof gaL _ Stocks thous. of tax gaL. 470, 519 Rectified spirits and wines, production, total thous. of proof gal.. Whisky* do.._. Indicated consumption for beverage purposes: All spirits*! thous. of proof gal__ Whisky*t do.— Still wines: Production* thous. of wine gal.. Tax-paid withdrawals* .do 233 Imports* do Stocks* do Sparkling wines: Production* do Tax-paid withdrawals* do 24 Imports* do Stocks* do 3,482 3,031 7,774 4,497 3,822 8,265 4,641 3,985 8, 746 5,651 5,079 6,271 5,656 9,447 5,637 5,538 9,330 5,450 5,715 4,392 4,921 8,112 4,237 4,169 7,994 10, 700 6,112 676 513,462 13,022 8,566 831 516, 755 10,940 7,593 776 519,162 10, 756 845 521, 251 8,304 6,456 772 522,058 5,381 5,605 632 520,429 6,390 6,663 710 518,487 10,244 8,772 1,843 514,433 17,946 11,066 1,113 510,606 14, 921 11, 553 12, 506 13, 485 9,400 6,517 1,058 1,501 716 506, 894 508, 205 512, 394 8,724 4,996 582 472,934 9,993 6,791 706 475,150 8,513 5,728 678 477,136 7,972 4,866 730 478, 741 5,774 4,885 666 478,900 3,711 4,343 534 477,149 4,392 4,985 5,098 6,793 612 1,599 475, 371 472,499 7,074 8,550 959 469,173 8,946 8, 033 10, 021 10, 385 7,704 5,500 912 1,298 582 465,934 465, 018 469, 004 2,683 2,192 3,817 3,078 3,670 2,800 3,425 2,496 1,977 2,930 2,014 3,189 2,332 4,005 3,258 5,202 4,329 7,743 6,816 10, 771 9,357 9,775 8,122 9,137 7,142 8,699 6,767 7,570 6,131 8,709 7,104 11,959 10, 309 13, 703 12,007 1,678 5,022 194 117,060 1,026 5,883 292 111, 279 1,003 5,171 310 105, 754 1,103 4,994 229 100,941 677 4,684 207 94, 842 914 4,247 154 91,048 5,211 5,053 152 87,127 9 11 19 546 25 13 22 558 43 13 26 587 70 17 37 639 25 36 647 19 20 20 646 16 21 26 639 21 34 84 625 27 50 59 597 6,341 5,532 4,002 3,249 3,788 2, 930 7,926 2,679 2, 078 16, 266 12, 390 8,378 7,243 14, 508 10, 870 8,134 44, 293 105, 599 35, 895 2,773 8,011 9,109 6,195 8,624 5,912 370 420 379 424 304 99, 817 139,099 142, 721 133, 916 127, 936 36 56 80 576 48 101 130 511 31 25 34 512 DAIRY PRODUCTS Butter: Consumption, apparent! thous. of l b . . 136,093 139,525 153,186 152,961 180,150 152,862 145, 612 157, 235 152, 571 147,955 150, 337 152, 706 152,152 .23 .24 .26 .24 .24 .28 .29 .30 .32 .30 .24 .24 .30 Price, wholesale 92-score (N. Y.)..dol. per lb_. Production, creamery (factory)f.thous. of lb._ 124,265 121,065 139, 331 145,123 193, 701 200,135 179, 275 164,960 134, 515 121, 595 112, 285 118, 430 126, 040 69,674 49, 357 51, 276 84, 566 45,197 53,955 77,966 55, 208 45, 775 53, 743 60,091 77, 460 Receipts, 5 markets^ do Stocks, cold storage, creamery, end of month r 55, 462 172,825 154, 594 92, 780 70,909 131, 609 165,183 128, 111 89, 783 29,189 18, 278 78,909 84,437 thous. of lb._ Cheese: 57 401 r 57,879 70,249 47, 990 58, 360 62, 356 64,704 77, 595 57, 671 61, 789 71,492 67, 744 51,037 Consumption, apparent! do 3,435 6,344 3,478 3,927 4,353 3,781 5,762 11, 637 3,339 2,959 4,425 4,881 3,134 Imports do Price, wholesale, No. 1 Amer. (N. Y.) .18 .14 .15 .15 .18 .18 .18 .14 .14 .14 .17 .15 .18 dol. per lb._ 54, 600 65,920 40, 660 41, 200 37,992 47, 775 77, 300 86,170 57,400 54,400 73,400 42,300 Production, total (factory) f thous. of lb_. 43,000 41,145 52,420 45, 075 41,310 28, 600 30, 440 34, 281 60, 640 68, 320 58,400 32,780 27,175 30,145 American whole milkf do 11,157 9,981 11, 960 14,402 14, 322 13, 786 14, 579 16, 527 15,145 10, 866 13, 261 11,492 10, 614 Receipts, 5 markets do 81, 653 79, 272 98,850 117, 598 125,019 116, 561 114, 736 112, 217 108, 241 r 94, 295 82, 684 75, 345 91, 485 Stocks, cold storage, end of month do 103, 594 93, 987 86, 805 68,812 64, 750 81, 262 97, 530 97,448 66, 594 ' 75,181 90, 219 77, 270 American whole milk do Condensed and evaporated milk: Exports: 142 195 121 91 148 194 364 145 154 353 306 215 276 Condensed (sweetened) thous. of lb_. 1,799 1,710 2,508 2,338 1,976 3,715 1,876 2,809 1,785 3,414 2,501 2,007 2,615 Evaporated (unsweetened) _ _. do Prices, wholesale (N. Y.): 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 Condensed (sweetened) dol. per case._ 2.90 3.10 2.90 2.90 2.90 3.10 2.90 2.90 2.90 3.10 3.10 3.10 2.90 Evaporated (unsweetened) do. r Revised. §See note marked with a "t" on p. 41 of the June 1939 Survey. *New series. Earlier data for the new series on alcoholic beverages appear in tables 2-8, pp. 15-18 of the July 1939 Survey. fRevised series. For 1937 revisions in consumption and production of butter, consumption of cheese and production of American cheese, see p. 41 of the December 1938 issue; 1938 revisions not shown in the December 1939 Survey will appear in a subsequent issue. For total production of cheese see table 50, p. 17 of November 1939 issue; figures shown there are correct except for 1938 revisions shown in the footnote indicated by a "f" on p. 41 of the December 1939 Survey. Data for production and consumption of butter and cheese are preliminary for 1938-39. Total indicated consumption for beverage purposes of all spirits and whisky revised in their entirety; revisions not shown, on p. 41 of the October 1939 Survey will appear in a subsequent issue. JFor comparable monthly figures beginning 1919, see table 14, p. 17, of the March 1939 Survey. 42 SURVEY OF CUEEENT 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 1940 February April 1940 February March April May June July 1940 August January September DecemOctober November ber 0) 0) 0) 3,479 143, 988 2,354 125, 529 2,228 135. 530 2,817 158, 656 0) FOODSTUFFS AND TOBACCO—Continued DAIBY PRODUCTS—Continued Condensed and evaporated milk—Continued. Production:! Condensed (sweetened): Bulk goods thous. of lb-_ 0) Case goods do 3,370 Evaporated (unsweetened) do 170, 397 Stocks, manufacturers' end of month: Condensed (sweetened): Bulk goods thous. of lb._ 0) 4,579 Case goods do Evaporated (unsweetened), case goods thous. of lb-_ 150, 458 Fluid milk: 5,761 Consumption in oleomargarine do 2.25 Price, dealers', standard grade* dol. per 100 l b . . Production (Minneapolis and St. Paul) thous. of lb._ Receipts: Boston (incl. cream) thous. of qt_. 116,518 Greater New York (milk only) do Powdered milk: 158 Exports§___ thous. of lb._ 26,463 Productiont do 23, 967 Stocks, mfrs., end of mo.J do 11,505 3,036 137,882 15, 408 3,075 181, 094 15, 420 3,283 202, 090 22, 007 2,899 262, 957 21,059 2,755 265, 586 16, 615 2,894 223, 953 16,817 2,461 194,162 15,170 4,398 159, 880 7,202 4,985 5,809 4,959 6,135 4,608 7,910 6,437 11,416 7,764 12, 504 8,570 10, 986 8,001 7,741 6,039 0) 0) 0) 0) 6,312 5,990 5,627 4,702 120, 397 109,882 134, 625 209, 044 292, 393 341, 686 355, 071 135,135 5,422 2.21 5,861 2.20 4,561 2.15 4,498 2.11 4,112 2.10 3,870 2.10 4,315 2.12 5,297 2.15 175, 646 4,538 2.19 188, 290 5,337 2.22 186, 081 4, 988 2.25 5,696 2.25 34,829 40, 237 39,031 44,144 41,873 34, 051 28, 599 25, 226 26, 043 28, 215 33, 548 37, 624 12,681 112, 501 13, 906 125, 570 13, 322 121, 682 14, 648 132, 670 13, 897 134, 712 14, 947 129,851 15, 375 127,178 13, 258 122, 715 13, 883 128, 697 13, 858 121, 848 12,889 123, 192 12, 999 121, 550 519 22,890 32, 318 28, 233 30,972 31,190 32,102 1,069 38, 877 31, 982 739 38, 572 25, 861 637 29, 079 27, 613 798 23, 566 18, 298 823 22, 432 11, 963 798 20, 782 8,449 544 20, 225 7,548 573 24, 544 11,044 4,912 4,785 4,848 3,055 2,053 976 1,007 971 4,833 10, 216 7,794 MOO 234 5, 057 4,799 14, 334 1.814 5,079 18, 444 2,184 3,046 22, 939 2,380 1,569 20, 387 3,094 555 17, 683 3,383 0 16, 426 2,147 0 10, 853 1,111 0 9,154 1,668 3,366 7,203 3, 343 10,102 11,852 3,132 10, 329 13, 718 1,988 8,733 17, 508 1,612 1.875 1.519 1.375 1.800 1.680 1.575 1.813 1.295 1.588 1.700 1.806 17, 979 17, 343 25, 317 18, 983 22, 833 23, 930 11, 541 7,658 12,171 15,118 12, 441 1.850 '350, 992 12, 095 18,615 10, 204 15, 521 15, 435 11, 368 16,372 6,600 8,389 10, 830 8,372 11, 281 5,709 8, 374 8,332 358 724 436 124 614 206 265 713 709 153 399 248 .55 .57 .55 .55 .54 .56 .51 .57 .55 .56 .53 .60 .45 .47 .46 .48 .55 .58 .53 .55 .52 .54 5,645 16,079 3,846 11, 726 5,967 10,182 4,579 8,874 4,474 5,745 3,793 6,210 4, 831 8, 253 20, 062 16,904 13, 546 19, 421 8,744 20, 398 6,732 20,106 .55 .58 '276, 298 7,307 18, 614 7,161 17, 333 5,796 5,815 2,721 5,256 3,798 5,780 1,663 5,798 1,207 6,510 267 5,945 1,121 4,929 1,855 8,094 5, 580 '8, 583 1,266 '6, 695 5, 324 6, 3S6 5,274 5,994 .59 .66 .46 .51 .46 .51 .47 .52 .57 .50 .59 .53 .60 .56 .62 .59 .67 .57 2,619,137 21, 923 9,469 45, 851 12,611 8,125 42, 307 156, 253 r r 492 27, 870 17, 946 FRUITS AND VEGETABLES Apples: Production (crop estimate) thous. of bu__ Shipments, carlotf no. of carloads.. Stocks, cold storage, end of month thous. of bbL. Citrus fruits, carlot shipmentsf-no. of carloads._ Onions, carlot shipments! do Potatoes, white: Price, wholesale (N. Y.)dol. per 1001b_. Production (crop estimate) thous. of bu_. Shipments, carlott no. of carloads_. 4,933 <• 6, 769 18, 850 2, 453 1.925 GRAINS AND GRAIN PRODUCTS Exports, principal grains, incl. flour and meal§ thous. of bu._ Barley: Exports, including malt do Prices, wholesale, No. 2 (Mpls.): Straight dol. per bu__ Malting do Production (crop estimate) thous. of bu_. Receipts, principal markets _do Stocks, commercial, end of mo do Corn: Exports, including meal do Grindings do Prices, wholesale: No. 3, yellow (Chicago)* dol. per bu._ No. 3, white (Chicago) do Weighted average, 5 markets, all grades* dol. per bu._ Production (crop estimate) thous. of bu-_ Receipts, principal markets do Shipments, principal markets do Stocks, commercial, end of mo do Oats: Exports, including oatmeal do Price, wholesale, No. 3, white (Chicago) dol. per bu-. Production (crop estimate) thous. of bu._ Receipts, principal markets do Stocks, commercial, end of mo do Rice: Exports§ pockets (1001b.).. Imports! do Price, wholesale, head, clean (New Orleans) dol. per R^Production (crop estimate) thous. of b u . . Southern States (La., Tex., Ark., and Tenn.): Receipts, rough, at mills thous. of bbl. (1621b.).. Shipments from mills, milled rice thous. of pockets (100 lb.) . Stocks, domestic, rough and cleaned (in terms of cleaned rice) end of month thous. of pockets (100 lb.).. California: Receipts, domestic rough bags (100 lb.)._ Shipments from mills, milled rice do Stocks, rough and cleaned (in terms of cleaned rice), end of mo. _ .bags (1001b.)-Rye: Exports, including flour thous. of bu._ Price, wholesale, No. 2 (Mpls.)..dol. per bu._ Production (crop estimate) thous. of bu._ Receipts, principal markets.. do Stocks, commercial, end of mo do r (c) .50 ) .55 .58 .47 .47 .49 .52 .51 .46 .56 .50 .51 13,126 7,777 40, 575 10, 216 5,398 47, 489 13, 085 8,473 43, 745 12, 562 8,656 39, 262 23, 333 20,170 34, 568 17, 381 17, 042 30, 880 11,864 12,759 23,145 12, 077 14,192 22, 655 11, 584 14,947 31, 609 13,135 27, 541 26, 723 15,893 38, 202 154 130 b .59 114 112 61 133 162 117 81 72 .31 .32 .34 .34 .29 .30 .36 .35 .39 .42 93 4.926 7,867 4.304 14, 649 5,769 12, 601 4,461 10, 312 6,303 6,784 4,540 5,695 6,673 5,551 18, 625 14, 681 12, 528 16,104 6,261 14, 552 5,632 13,199 .41 >937, 215 4,756 12,054 316, 774 23, 636 302, 302 41, 296 302,102 67, 608 274,893 90,116 283, 341 84,857 241, 755 75, 647 220, 315 83, 257 216, 072 70, 691 381, 765 37, 528 304, 543 8,568 58,365 107,179 32,127 247,142 19,072 .039 .033 .033 .033 .033 .033 .033 .033 .040 .038 .037 .038 52, 306 .039 545 428 681 180 390 1,805 2,360 1,375 679 1,064 938 802 1,024 912 758 972 1,146 1,122 1,083 857 982 1,108 6 4,327 1,129 3,017 3,586 3,244 2,894 2,595 2,092 1,552 1,706 3,029 3,410 3,282 3,079 154, 940 91, 480 169,184 118,478 229, 760 143, 617 160, 345 136, 287 203, 447 144, 414 197, 332 97, 767 270,965 130, 025 486, 207 174, 422 497, 338 224, 541 354, 776 123, 603 167, 793 65, 521 89. 892 68, 417 97, 273 140,976 437, 830 375, 056 350, 435 301, 497 264, 633 258, 494 268, 269 389, 027 466,045 544, 057 574, 503 545, 331 458, 505 a a (a) .43 0 .42 ( ) .53 1 .52 0 .51 88 .70 1,470 7,708 3,455 9,246 3,160 9,857 85 .67 39, 249 2,070 10, 540 79 .67 ) .45 1,455 10,120 7,637 b ( ) .43 ( ) .43 1,241 7, 630 795 7,153 1, 045 6,813 1, 955 7,384 c a 2,053 I 10,577 I 1,295 9,954 b 1, 768 10, 212 Revised. ° Less t h a n 500 bushels. December 1 estimate. No quotation. ' D i s c o n t i n u e d b y r e p o r t i n g source. * R e p r e s e n t s commercial p r o d u c t i o n o n l y ; total p r o d u c t i o n is n o t available. JFor c o m p a r a b l e m o n t h l y figures beginning 1918, see t a b l e 13, p . 17 of t h e M a r c h 1939 issue. *New series. D a t a for price of m i l k b e g i n n i n g 1922 a n d average price of corn beginning 1918 a p p e a r in tables 38 a n d 39, p . 18 of t h e A u g u s t 1939 S u r v e y . D a t a on wholesale price of corn, Chicago, are s h o w n in t a b l e 20, p . 18 of t h i s issue. fRevised series. F o r revisions in condensed a n d e v a p o r a t e d m i l k p r o d u c t i o n in 1937, see p . 41 of t h e D e c e m b e r 1938 S u r v e y ; 1938 revisions n o t s h o w n in t h e D e c e m b e r 1939 S u r v e y will a p p e a r in a s u b s e q u e n t issue. Revisions for 1938 for carlot s h i p m e n t s n o t s h o w n in t h e D e c e m b e r 1939 S u r v e y will a p p e a r in a s u b s e q u e n t issue. § Revised series. D a t a revised for 1937; see tables 19 a n d 20, p p . 14 a n d 15 of t h e April 1939 issue. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 43 SUEVEY OF CUERENT BUSINESS April 1940 Monthly statistics through December 1937, to- 1940 gether with explanatory notes and references to the sources of the data may be found in the Febru1933 Supplement to the Survey ary February March April May June 1939 1940 July Decem- JanuSepOctober NovemAugust tember ber ary ber FOODSTUFFS AND TOBACCO—Continued GRAINS AND GRAIN PRODUCTS- Continued Wheat: Exports: Wheat, including flour§ _thous. of bu_. Wheat only§ do 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 thous. of bu_. Spring wheat _ do Winter wheat do Receipts, principal markets do Shipments, principal markets do Stocks, end of mo. world est do Canada (Candian wheat) do United States, total* do Commercial do Country mills and elevators* do Merchant mills* do On farms* do Wheat flour: Consumption (Russell-Pearsall) thous. of bbl_. Exports§ do Grindings of wheat thous. of bu_. Prices, wholesale: Standard patents (Mpls.) dol. per bbl_. Winter, straight (Kansas City) do Production: Flour, actual (Census) thous. of bbl.. Operations, percent of capacity Flour (Russell-Pearsall) thous. of bbl.. Offal (Census) thous. of lb_. Stocks, total, end of month (Russell-Pearsall) thous. of bbl.. Held by mills (Census) do 3,816 1,430 11, 946 8,782 1.04 1.06 .99 1.01 .78 .73 11,423 7,403 292,090 9,512 9,251 412, 390 143, 045 110,761 95,474 508 36, 400 9,089 673 35,447 5.66 4.73 4.95 3.66 8,025 56.4 7,757 57.0 8,512 625, 888 0) 630,066 .71 5,300 11,087 8,487 .771 .731 .71 9,468 5,874 14,489 10,672 6,033 3,929 7,414 2,977 8,935 5,903 5,675 2,530 .78 .76 .70 .72 .84 .73 .71 .75 .78 .69 .67 .76 .93 .83 .76 44,016 14,423 318,340 r 97,835 295,026 81, 334 38, 291 85,029 90, 372 99,006 30,840 13, 748 16,000 11,113 11,174 379,820 359, 730 139,065 134,085 445,422 82,687 74,851 91,846 82, 481 188,408 25, 525 16, 851 319,890 112,987 553 41,068 8,201 765 37, 698 8,549 812 39,066 4.79 3.54 4.87 3.47 8,951 8.244 56.0 1 55.7 9,142 8,916 730, 612 665,468 5,200 3,865 5,150 .65 .72 .90 43, 924 22, 791 38,995 24,495 4,629 1,701 4,173 1,452 2,485 597 2,650 608 .91 1.03 1.04 1.05 1.05 1.01 1.02 .83 19, 799 16,856 (0 12,190 14,936 1.00 '754,971 191, 540 '563, 431 11, 510 13,086 9,390 8,834 0) 89, 281 0) 135,793 0) 335, 367 316, 296 149, 372 166, 289 274,841 800, 519 161, 987 162, 542 137,332 151,015 141,986 8,783 448 38,927 8,003 944 38,833 9,552 645 43, 746 11,279 669 51,101 9,946 623 43,025 7,944 579 37, 770 6,074 402 36,848 434 39,323 5.23 3.60 5.16 3.58 4.74 3.41 4.90 3.36 5.76 4.36 5.58 4.20 5.70 4.28 6.17 5.01 6.02 4.80 8,516 55.4 9,311 693, 372 8,440 55.0 9,293 699, 737 8,432 57.4 9,063 689, 557 9,522 60.3 10, 347 772, 787 11,191 75.9 12,148 890, 697 9,428 61.5 10, 779 752,851 56.3 8,929 655,454 8,119 55.0 8,523 635,415 8,649 56.3 9,243 682, 637 5,100 5,000 3,641 5,150 5,300 5,500 4,058 5,710 5,625 64,178 0) (0 0) 310,855 614, 904 132,842 128,846 114, 231 238,985 301,434 119,001 6,475 5,165 LIVESTOCK Cattle and calves: 1,912 1,404 1,764 2,117 2,438 1,476 1,667 Receipts, principal markets-thous. of animals.. 1,247 1,737 1,565 1,294 1,467 1,542 Disposition: 972 1,019 1,124 963 833 934 Local slaughter do_. 952 1,068 971 869 997 810 807 795 1,074 1,270 973 572 664 Shipments, total do_. 647 546 579 548 433 496 581 242 743 549 273 375 546 Stocker and feeder do._ 240 187 200 163 213 253 233 Prices, wholesale (Chicago): 9.22 10.23 9.87 9.63 9.68 9.30 9.09 9.59 Beef steers* dol. per 1001b 10.29 10.02 9.46 10.17 10.68 10.07 9.86 9.66 9.26 10.00 Steers, corn fed do__ 10.59 9.53 10.53 11.44 10.44 11.36 11.22 11.09 10.78 9.75 10.03 9.66 9.13 Calves, vealers do.. 9.68 11.50 11.19 10.34 10.47 9.56 2,458 1,995 2,847 3,331 Receipts, principal markets, thous. of animals.. 2,922 2,105 2,007 3,772 2,410 1,948 2,205 1,996 1,971 Disposition: 1,825 2,177 2,482 Local slaughter do. 1,822 1,535 1,451 1,458 2,074 1,509 1,394 2,753 1,654 1,398 617 665 Shipments, total do. 575 560 550 534 849 546 841 547 485 566 1,007 40 Stocker and feeder do. 43 36 39 37 35 45 43 38 44 47 48 Prices: 6.39 7.54 6.97 5.95 5.15 Wholesale, heavy (Chi.)....dol. per 100 lb__ 6.03 5.75 4.93 6.91 5.25 7.30 7.66 6.68 Hog-corn ratio* 12.5 10.0 bu. of corn per cwt. of live hogs.. 11.9 12.0 12.6 13.7 14.5 13.1 16.0 9.1 16.4 9.7 13.2 Sheep and lambs: 1,907 1,514 Receipts, principal markets, thous. of animals.. 1,424 2,392 2,607 1,993 1,711 2,042 2,625 1,766 1,546 1,728 1,951 Disposition: 1,075 944 Local slaughter do 1,070 913 983 968 1,064 863 1,046 900 1,071 953 984 884 Shipments, total do... 559 804 653 595 720 671 1,520 1,040 1,419 1,564 1,082 429 141 84 235 119 Stocker and feeder do 82 110 167 693 261 504 613 251 Prices, wholesale (Chicago): 4.39 3.59 3.85 2.97 3.17 3.38 4.60 4.60 5.09 4.78 5.66 Ewes dol. per 1001b. 4.38 9.00 9.25 7.93 9.07 9.38 8.60 8.60 Lambs do... 8.54 8.66 9.36 8.84 8.85 MEATS Total meats: 1,132 1,169 1,157 1,073 1,138 r 1, 273 1,105 1,053 1,156 Consumption, apparent mil. of lb. 1,055 1,064 943 40 37 31 42 43 39 48 64 61 39 Exports* do 30 37 42 1,285 1,162 1,083 1,065 1,214 1,127 1,033 1,037 1,482 955 Production (inspected slaughter) do 927 1,067 1,410 562 749 452 1,092 761 699 573 478 977 784 758 758 Stocks, cold storage, end of month do 808 68 65 69 66 104 106 59 58 63 63 Miscellaneous meats do 95 Beef and veal: Consumption, apparent thous. of lb. 424,204 377, 363 450,183 402,876 479,125 452, 721 452,940 476, 716 503,357 494, 208 457, 231 438,167 481,410 2,042 1,546 1,269 1,531 1,114 1,525 1,767 1,036 1,401 1,325 710 841 1,047 Exports§ do... Price, wholesale, beef, fresh, native steers .150 .162 .159 .151 .166 .152 .166 .150 .166 .156 .173 .177 (Chicago) dol. per lb. .168 Production (inspected slaughter), thous. of lb. 415,207 368,125 439, 576 390, 623 466, 306 444, 337 445, 800 469, 534 495. 867 499,306 472, 202 445,234 475, 578 67,672 49, 242 76,974 ' 78, 573 34, 650 33, 591 33,456 33.027 36,917 Stocks, beef, cold storage, end of mo do 46, 404 40, 970 74, 678 Lamb and mutton: 55, 539 53,193 56.028 62,517 61, 608 58, 391 56, 791 r 67, 387 Consumption, apparent do 53,010 56,147 51,198 58, 558 63, 777 62,147 59,088 Production (inspected slaughter) do 55, 398 53,238 56, 599 63,030 56,281 50, 790 53,073 57, 555 67,132 58,452 63,451 3,499 4,187 Stocks, cold storage, end of month d o . . . 1,837 4,465 2,412 1,791 2,459 2,965 2,773 1,956 1,893 4,803 '4,412 Pork (including lard): 570,476 566, 926 547,518 605, 525 566, 582 613, 248 641,838 660,957 723,992 Consumption, apparent do.._ 574,285 463, 239 550, 289 Exports, total ..do... 52, 815 32, 727 33,022 25, 591 36,990 37,403 42,223 33,028 33,848 25, 700 33,008 36, 308 56, 576 Lardf d o . . . 25,133 24,483 22,157 17, 531 25, 303 22, 682 25,339 22,848 24,693 19,091 25, 706 18, 917 27,988 Prices, wholesale: .206 .203 .203 .209 .185 Hams, smoked (Chicago) dol. per lb. .203 .207 .206 .176 .173 .200 .171 .200 Lard, in tierces: .069 .065 .071 .070 Prime, contract (N. Y.) do... .067 .061 .060 .083 .067 .066 .067 .073 .070 .079 Refined (Chicago) do_._ .075 .071 .075 .083 .073 .072 .081 .104 .078 .077 .081 .077 b 'Revised. December 1 estimate. i Temporarily discontinued; data not available since the outbreak of war. *New series. For data on United States wheat stocks beginning 1923, see table 29, p. 17 of the June 1939 Survey. For data on hog-corn ratio beginning 1913, see table 33, p. 18 of the June 1939 Survey. Data on exports of meats beginning 1913 appear in table 46. p. 16 of the November 1939 issue. For price of beef steers beginning 1913, see table Digitized for 40, FRASER page 18 of the August 1939 issue. tRevised series. Data on exports of lard revised for period 1913-37 to include neutral lard; revisions are shown in table 47, p. 16 of the November 1939 issue, http://fraser.stlouisfed.org/ series. Data revised for 1937; see table 19, p. 14 of the April 1939 Survey. Federal Reserve Bank of St. Louis 44 SUEVEY OF CURRENT BUSINESS 1940 Monthly statistics through December 1937, together with explanatory notes and references to the sources of the data may be found in the Febru1938 Supplement to the Survey. ary April 1940 1939 February March April May June July 1940 Novem- Decem- JanuAugust September October ber ary ber FOODSTUFFS AND TOBACCO—Continued MEATS—Continued Pork (including lard)—Continued. Production (inspected slaughter) total thous. of l b . Lard do... Stocks, cold storage, end of month do.__ Fresh and cured do... Lard do... POULTRY AND EGGS Poultry: Receipts, 5 markets thous. of l b . Stocks, cold storage, end of month do... Eggs: Receipts, 5 markets thous. of cases. Stocks, cold storage, end of month: Shell thous. of cases. Frozen thous. of lb. TROPICAL PRODUCTS Cocoa: Imports long tons.. Price, spot, Accra (N. Y.) dol. per lb.. Coffee: Clearances from Brazil, total—thous. 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 lb_. Receipts: From Hawaii and Puerto Rico long tons.. Importsf do Stocks at refineries, end of months.do Refined sugar (United States): Exports do Price, retail, gran. (N. Y.) dol. per lb_. Price, wholesale, gran. (N. Y.) do Receipts: From Hawaii & Puerto Rico__long tons... Imports* do From Cubaf do From Philippine Islandsf do— Tea: Imports thous. of lb_. Price, wholesale, Formosa, fine (N. Y.) dol. per l b . . Stocks in the United Kingdom._thous. of lb_. MISCELLANEOUS FOOD PRODUCTS Candy, sales by manufacturers^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 l b . . Gelatin, edible: Monthly report for 7 companies: Production do Shipments do Stocks do Quarterly report for 11 companies: Production do Stocks do 906, 254 648, 225 258, 029 500, 769 90, 038 667, 419 542,138 125, 281 &63, 699 99, 442 652, 456 523, 204 129, 252 513,160 91, 858 656, 746 527, 213 129, 533 605, 478 106, 945 659, 587 520, 251 139/, 336 585, 804 106, 218 645, 173 496. 796 148, 377 534, 284 94, 453 594, 581 454, 766 139, 8i5 22, 671 144,743 16. 744 116, 229 17, 825 90, 987 16, 217 70, 568 24, 427 66, 796 28, 494 67, 470 27, 712 64, 918 25, 429 62, 870 2,065 2,311 1,589 1,161 967 1,017 1,649 510, 693 506, 341 600, 505 91, 676 88,611 102, 914 471, 310 379, 020 341, 393 360, 932 300, 226 272, 655 110, 378 78, 794 68, 738 29, 985 63,164 165 44, 476 1.105 60, 465 5,880 3. 357 88, 867 117,900 30,917 .0538 33, 297 .0460 43, 792 .0468 32, 052 .0448 28, 889 .0446 14,130 .0436 16, 093 .0433 23, 311 . 0438 13, 707 .0610 1,384 668 1,228 1,222 697 1,086 1,305 694 1,497 1,232 610 1, 017 1, 563 774 1,302 1,217 724 1,055 1,357 731 1,056 .056 1,319 .052 1, 033 .051 1,279 .051 1,341 1,638 767 1,187 .052 1,498 .053 1,290 .051 1,616 7,740 860 7,757 867 805 8,249 800 7,960 944 8,079 781 2,580 2,621 2,263 2,038 1,846 1,183 ' 1, 347 247,112 .029 .028 117, 576 208, 979 445, 039 6,977 7,024 6,598 5,430 3,519 141, 456 144, 359 135, 928 121, 471 104, 282 371, 979 401, 523 328, 213 304, 631 362,129 .028 .029 .029 .029 .029 906, 801 174,546 631, 564 469, 459 162,105 939,102 182,039 '790, 776 r 588, 601 -•202,175 37,224 81,135 77, 731 32, 937 79, 228 127, 649 167, 643 '166, 962 619 81 37, 474 289, 291 753, 588 137, 724 421, 227 332, 272 88, 955 803 1,580 87, 802 532 72, 279 27, 215 .0537 28, 366 .0517 1,632 917 1,095 2,088 1,317 1,469 1,596 862 1,560 17, 032 . 0588 990 485 1,511 .051 1,267 .052 1,523 .054 1,712 .052 1,265 .055 949 8,017 846 7,918 643 .053 2,058 8,334 8,163 930 8, 059 1,213 7,662 994 1,570 1,294 804 624 526 1,082 ' 57 • 56, 249 22 951 .0561 1,156 573 1,225 349, 987 376, 814 337, 292 247, 328 266, 456 285, C .029 .037 .034 .030 .030 .029 122, 969 183, 880 184, 440 137,011 127, 764 115, 750 84,140 163, 801 137, 264 122, 525 91,612 29, 892 107, 931 205, 908 180, 469 152, 564 217, 426 281, 731 250, 265 306, 639 171, 338 65,188 232, 668 111,620 241, 039 236, 666 271, 306 357, 250 382,443 351, 005 293, 908 280, 086 305,164 365, 491 378, 089 413,074 13, 631 .051 .044 5,344 .049 .042 5, 532 .049 .044 3,641 .049 .044 14, 529 .050 .044 6,557 .050 .044 8,723 .050 .043 3,778 .050 .043 .064 .056 18, 995 .060 .052 13, 469 .056 .048 17, 627 .054 .046 14,213 .052 .045 25, 790 24, 452 22, 275 2,176 17, 734 8,083 5,223 2,786 16, 662 22, 782 18, 922 3,690 18, 076 19,615 10, 706 8,829 23, 352 31, 799 19, 384 11,015 9,799 38, 839 25, 303 11,192 3,846 34,511 32, 855 1,557 2,527 41, 251 36, 430 4,482 10, 726 63, 979 59,120 4,710 3,550 16, 045 12, 696 3,288 1,284 18, 5,88 13, 948 4,153 8,499 63, 229 62,175 915 15,418 13, 968 13, 072 893 8,863 7,931 8,576 6,866 8,785 6,724 7,499 7,307 7,653 9,953 11,954 11,927 0) 0) 0) 0) 0) 0) 0) (0 11,185 15, 256 24, 242 23, 442 24, 966 20, 297 18,612 25, 652 30, 983 41, 554 43, 546 38, 323 41, 665 487, 357 525, 662 524, 393 257, 564 221, 785 211, 672 62, 253 40, 423 29, 756 35,295 46, 965 59, 940 45, 789 39, 208 38, 406 35, 848 32, 050 26,166 0) (0 0) 72, 765 79, 383 83, 296 84, 571 92, 431 • 78, 563 832 1,441 5,488 978 1,387 5,080 1,400 1,509 4,970 1,558 1,194 5,335 1,811 1,531 5,616 1,976 1,559 6,033 0) 0) 19, 338 0) 62, 391 1,924 1,571 6,385 .280 .280 .280 .280 .280 .280 234, 468 205, 084 182, 681 168, 308 161, 255 158,739 18,195 1,437 1,335 5,948 18, 886 1,538 1,557 5,929 6,340 16, 223 1,546 1,178 6,296 15,169 1,641 1,418 6, 520 12, 696 1,444 1,468 6,323 9,478 953 1,353 0) 4,114 7,974 0) 0) 0) 0) 0) 6,356 8,844 TOBACCO Leaf: Exports§ thous. of lb__ 18, 408 37, 502 44, 333 21, 777 24, 502 17,146 15, 940 33, 773 45, 576 28, 532 30, 457 31, 260 36, 687 5,285 5,492 6,592 Imports, incl. scrap§ do 4,783 7,765 7,541 6,174 6,865 6,463 6,491 6,724 8,425 9,478 Production (crop estimate) mil. of lb__ » 1, 770 Stocks, total, incl. imported types, end of 2,137 quarter^ mil. of l b . . 2,367 2,217 2,719 Flue-cured, fire-cured, and air-cured..do 1,705 1,819 2,319 i,9ir Cigar types do— 334 319 290 266 Manufactured products: Consumption (tax paid withdrawals): 11, 782 14, 244 12, 269 15, 445 16, 595 14, 260 16, 571 14, 790 15, 384 14, 461 12, 803 14, 568 Small cigarettes millions,. 13,163 Large cigars thousands.. 375, 824 361, 233 437, 584 403, 042 470, 580 486, 721 427, 533 500, 807 486, 865 551, 230 505, 098 331, 204 388, 085 Manufactured tobacco and snuff thous. of lb_. 26, 857 25, 425 29, 594 25, 628 30, 499 30,107 26, 246 33, 291 30, 361 30, 239 28, 436 24, 057 26, 742 641, 931 714, 576 433, 967 607, 719 616, 661 Exports, cigarettes! thousands.. 576, 914 623, 889 562, 225 424, 857 592, 851 593, 218 Production, manufactured tobacco: 22, 571 26,052 22, 895 27,150 27, 493 23, 450 29, 823 26, 326 28, 749 25, 614 22,152 Total thous. of lb_. 23,260 325 423 395 319 461 400 408 Fine cut chewing do 348 366 323 373 372 4,145 4,322 4,076 4,974 4,652 4,294 Plug do 4,471 3,851 5,153 4,370 3,763 3,419 2,924 3,023 3,501 3, 365 3,917 Scrap chewing. do 3, 089 3,521 4,346 3,827 3,415 3,196 3,419 14, 711 17, 451 15, 045 17, 747 17, 979 15, 261 19, 357 17, 503 19, 660 17, 467 14, 421 15,650 Smoking do 471 426 534 484 491 | 405 Twist do 482 560 518 515 449 400 r b l Revised. December 1 estimate. Temporarily discontinued; data not available since the outbreak of war. fRevised series. Data on imports of raw and refined sugar revised beginning 1913; data not shown on p. 44 of the November 1939 Survey will appear in a subsequent issue. JFor monthly data beginning 1928 corresponding with monthly averages for 1928-33 shown in the 1938 Supplement, see table 7, p. 17, of the January 1939 issue. §Revised series. Data revised for 1937; see tables 19 and 20, pp. 14 and 15 of the April 1939 issue. http://fraser.stlouisfed.org/ *New series. Data on total imports of refined sugar beginning 1913 not shown on p. 44 of the December 1939 Survey will appear in a subsequent issue. Federal Reserve Bank of St. Louis 45 SUEVEY OF CURRENT BUSINESS April 1940 Monthly statistics through December 1937, to- 1940 gether with explanatory notes and references to the sources of the data may be found in the Febru1938 Supplement to the Survey ary 1940 1939 February March April May June July August September DecemOctober November ber January FOODSTUFFS AND TOBACCO—Continued TOBACCO—Continued Manufactured products—Continued. Prices, wholesale: Cigarettes dol. per 1,000.. Cigars do 5.513 46.056 5. 513 46. 056 5.513 46.056 5.513 46.056 5.513 46. 056 5.513 46. 056 5.513 46. 056 5.513 46.056 5.513 46. 056 5. 513 46.056 5.513 46. 056 5. 513 46.056 5.513 46.056 400 261 126 104 149 9,501 5,622 4,762 FUELS AND BYPRODUCTS COAL Anthracite: Exports§.thous. of long tons.. Prices, composite, chestnut: Retail __dol. per short ton__ Wholesale do Production... thous. of short tons.. Shipments do Stocks, end of month: In producers' storage yards do In selected retail dealers' yards number of days' supply.. Bituminous: Exports! thous. of long tons,. Industrial consumption, total thous. of short tons.. Beehive coke ovens do Byproduct coke ovens do Cement mills do Coal-gas retorts do Electric power utilities do Railways (class I) do Steel and rolling mills do Other industrial do Other consumption: Vessels (bunker) thous. of longtons.. Coal mine fuel thous. of short tons Prices: Retail, composite, 38 cities dol. per short ton.. Wholesale: Mine run, composite do Prepared sizes, composite do Production _ .thous. of short tons.. Stocks, industrial and retail dealers, end of month, total ..thous. of short tons.. Industrial, total do. Byproduct coke ovens do. Cement mills do. Coal-gas retorts do. Electric power utilities do. Railways (class I).. : do. Steel and rolling mills do_ Other industrial do. Retail dealers, total do. 114 9.576 3,544 154 143 137 336 | 194 160 130 8.601 3,832 3, 147 10.64 8.649 4,776 4,287 9.031 4,919 4,333 9.160 3,936 3,329 10.83 9,156 3.862 3, 435 716 1,129 1,172 1,219 1,365 994 61 47 47 57 58 37 512 33,183 372 6,654 308 155 4,902 8, 436 1,106 11, 250 10.55 9.698 4,114 3,382 11,35 9.642 3, 604 3,232 9.078 5,296 4,842 9.154 5,073 4,206 9.148 3,530 2,959 8.667 2,912 2, 611 761 408 86 238 559 25 22 35 250 984 1,192 1,209 1,525 1,746 1,715 C14 20, 518 39 3,383 416 125 3,032 5,915 678 6,930 21, 521 81 4, 361 530 123 3, 317 5,748 671 6,690 21 772 72 4,748 559 124 3, 541 5,903 665 6,160 23,437 69 5,177 547 128 3,842 6,075 719 6, 880 24,980 117 5,517 503 130 4, 025 6,492 766 7,430 29, 519 399 6, 400 531 138 4, 501 7, 450 980 9,120 30, 243 540 6,457 493 140 4, 406 7, 322 1, 055 9,830 31, 031 489 6, 668 425 146 4,683 7,461 1,029 10,130 88 74 79 122 99 191 97 200 92 238 140 261 158 315 178 293 111 I 255 4.421 4.345 10, 747 4. 464 4.300 17, 880 4.246 4.238 27, 900 4. 243 4. 275 29,135 4. 246 4.306 34, 688 4.271 4. 362 38,150 4.332 4.436 45, 950 4.333 4. 428 42, 835 40, 505 35, 225 7,222 414 217 8,760 7, 603 1,029 9, 9R0 5,280 31,746 28, 226 4,434 321 179 7, 642 6, 387 803 8,460 3,520 25, 413 22, 613 2, 598 275 129 6, 740 5, 196 545 7,130 2,800 26, 991 22, 761 3,548 286 170 6, 695 4,484 518 7,060 4,230 29, 725 24, 665 4, 535 342 192 7,002 4,242 512 7,840 5,060 33,624 27, 424 5,632 357 229 7, 500 4,224 542 8, 940 6, 200 36,943 30, 243 6,220 399 250 7,923 4, 338 573 10,540 6, 700 41,919 34. 270 7, 250 442 278 8,370 5, 050 640 12, 240 7,750 45, 542 44, 571 • 40, 222 33, 592 37, 402 37,121 7,993 6,496 8,115 444 425 472 264 '239 271 9,119 9,069 8, 858 5, 529 4,992 5,341 692 651 fifi5 11, 720 13, 680 13,080 7,450 6, 630 8, 140 21 18 510 282 348 28, 771 242 5,676 246 142 4,209 7,326 900 10, 030 25,786 107 4, 855 368 143 3,168 6,970 805 9,370 110 269 24,183 111 4, 346 244 137 3,051 6, 545 759 8,990 92 249 4.318 4.457 39, 270 4. 286 4.520 '34,134 4.2S3 4.491 35, 290 39,126 32,626 5,875 556 235 9,051 5, 269 650 10,990 6,500 39, 887 34, 087 7,373 403 220 8, 456 6,736 879 10, 020 5,800 39 23 105 259 207 22,390 31 4,114 402 131 2,827 6,042 823 8,020 8.29 i.68 129 '308 i.68 .45 4.322 4.404 37, 283 4.320 4.425 44, 940 COKE Exports thous. of long tons_. Price, beehive, Connellsville (furnace) dol. per short ton.. Production: Beehivef thous. of short tons._ Byproduct! do. Petroleum coke do. Stocks, end of month: Byproduct plants, total ..do. At furnace plants do. At merchant plants do_ Petroleum coke do. 52 37 28 5.125 5. 250 5.000 4.813 256 4,527 165 2,600 806 1,794 652 346 4, 567 159 2,607 836 1,771 647 314 4,718 155 2,561 896 1, 665 666 238 4,707 116 83 104,687 3,279 .960 104, 607 85 106, 899 107, 632 105, 505 110,980 3,061 2,942 3,235 3,093 .960 .885 .960 .960 110,937 80, 865 108,168 114,198 84 84 85 104,916 2,848 .960 111,887 83 86, 075 85, 580 39,699 39, 878 230, 926 230, 279 40,180 40, 445 190, 746 189, 834 1,419 1,656 85, 049 38, 902 226, 462 41, 463 184,999 1,608 85, 655 84, 039 82,927 82, 718 81,112 80, 223 79, 380 35. 478 35, 567 38, 427 38, 072 37, 372 35, 533 35,129 223, 558 192, 985 189,341 187, 579 191,164 195, 836 196, 407 41,817 37, 441 35, 781 36, 922 39,427 40, 033 39,162 181, 741 155, 544 153, 560 150, 657 151, 737 155, 803 157, 245 1,892 1,641 1,561 1,595 1,652 1,786 1,820 37 43 39 95 71 4.550 3.750 3.750 3.750 3.750 3. 750 3.750 3.750 3.750 155 4,017 71 3,078 117 69 3,439 128 20 2, 915 142 25 2,396 132 52 3,090 142 44 3, 666 143 75 3,904 111 3,116 1,242 1,874 705 3,037 1,198 1,839 694 2,967 1.091 1,876 734 2, 751 951 1,800 716 2,657 931 1,726 710 46 3,365 145 2,772 945 1,827 733 2,921 916 2, 005 682 2,812 868 1,945 668 87, 797 1,343 .960 93, 475 76 98, 917 1,736 .960 106, 768 77 99, 303 105, 755 4,186 2,788 .960 .960 105, 510 110, 541 87, 002 38, 323 227, 098 41, 777 185, 321 1,338 86, 294 39, 383 229, 079 41,154 187, 925 1,252 1,116 3,640 2,904 .850 1,134 4,033 3,076 .850 1,242 3,890 3,341 .850 1,346 3,870 3,520 .850 1,354 3,999 3,343 .850 1,557 4,050 3,207 .850 1,668 4,014 3,026 .850 1,650 4,205 3,061 1 1,720 4,650 2,254 1 C) 1,598 4,240 3,083 0) 1,727 4,328 3,406 21, 476 12, 797 25, 040 13, 539 24, 750 13, 301 27, 022 12, 353 24, 836 13, 530 25, 644 12, 688 25, 299 13, 246 26, 302 12, 975 27,594 15,017 26, 088 13, 757 26, 944 14, 433 784 922 842 1,166 628 PETROLEUM AND PRODUCTSf Crude petroleum: Consumption (runs to stills)...thous. of bbl._ Imports§ do Price (Kansas-Okla.) at wells...dol. per bbl._ Production thous. of b b l . . Refinery operations pet. of capacity.. Stocks, end of m o n t h : California: Heavy crude and fuel thous. of b b l . . Light crude do East of California, total do Refineries do T a n k farms and pipelines do Wells completed number. _ Refined petroleum products: Gas and fuel oils: Consumption: Electric power plantsf thous. of b b l . . Railways (class I) do Vessels (bunker) do __ Price, fuel oil (Oklahoma) dol. per b b l . . Production: Residual fuel oil thous. of bbl—. Gas oil and distillate fuels, total do 2,244 3,082 0) C) 105, 835 106, 530 2, 651 1,948 .960 .960 114, 810 113,140 81 81 0) 1,950 4,502 3.497 0) 28,082 16, 548 r Revised. i Discontinued by reporting source; a new series will be substituted in a later issue. fRevised series. Petroleum and products revised for 1937; see table 9, p. 15 of the March 1939 Survey. Revisions for 1938, which are minor, will appear in the 1940 Supplement. Beehive and by-product coke production revised for 1937; see p. 45 of the December 1938 Survey. Gas and fuel oil consumption in electric power plants, revised for 1938; see p. 45 of the June 1939 Survey. §Revised series. Data for 1937 revised; see tables 19 and 20, pp. 14 and 15 of the April 1939 Survey. 46 SURVEY OF CURRENT BUSINESS Monthly statistics through December 1937, to- 1940 gether with explanatory notes and references to the sources of the data may be found in the Febru1938 Supplement to the Survey ary April 1940 1939 February March April May June July 1940 August September DecemOctober November ber January FUELS AND BYPRODUCTS—Continued PETROLEUM AND PRODUCTS!—Con. Refined petroleum products—Continued. Gas and fuel oils—Continued. Stocks, end of month: Residual fuel oil, east of California thous. of bbl._ Gas oil and distillate fuels, total do Motor fuel :1[ Demand, domestic thous. of bbl_. Production, total do Benzol do Straight run gasoline do Cracked gasoline. do Natural gasoline .do Natural gasoline blended do Exports do Gasoline.-f Price, wholesale, tank wagon (N. Y.) dol. per gal.. Price, wholesale, refining (Okla.) do Price, retail, service stations, 60 cities.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 1b. Stocks, refinery, end of month do.__ 1,716 .127 .044 279 .050 1,876 26, 111 29,282 26, 249 30,018 26,109 30,951 24,018 30,179 20, 881 26, 374 18, 764 21,057 49,812 50,861 174 21, 782 24,810 4,095 2,682 3,884 25,025 27,581 50, 508 51,896 191 22,502 25,028 4,175 2,909 2,987 53,828 52,161 210 22,371 26,180 3,400 3,092 3,580 49,347 51,890 225 21,833 25, 700 4,132 3,237 3,609 49,687 54,974 259 23,611 26, 623 4,481 4,358 2,967 47,275 52, 691 267 22, 415 25,621 4,388 4,286 2,348 43,694 52,351 275 22,017 25, 589 4,470 4,018 2,895 40,370 50, 243 272 21, 709 23,991 4,271 3,285 1,744 .118 .049 .133 2,006 .111 .050 .135 2,055 .107 .050 .134 2,112 .107 .051 .135 2,183 .114 .053 .134 2,001 .124 .053 .136 1,925 .125 .052 .134 1, 862 .127 .050 .134 1,815 .127 .047 81,623 55,172 5,484 78, 342 52,076 6,212 74, 395 47,972 6,749 71, 824 44,196 7,123 66,448 41,046 6,624 65, 498 41, 423 5,891 68,116 43, 516 5,140 71. 619 46, 898 4,579 77, 301 51, 920 4,421 84, 863 60, 420 4,271 5,201 523 5,042 691 4,368 631 3,570 460 3,710 753 4,436 802 4,638 560 5,019 1,089 6,023 563 6,613 631 7,842 356 .052 5,174 5,452 .053 5,900 5,605 .053 5,813 5,663 .053 5,909 6,551 .053 5,439 7,949 .051 5,390 8,855 .050 5,783 9,361 .050 5,806 9,952 .050 6,141 9,967 .050 5,642 9,019 .048 5,822 7,576 .048 5,375 4,918 1,653 1,987 1,770 2,132 1,902 1,982 1,963 2,207 2,656 1,927 1,825 2,054 .105 2,522 7,951 .105 2,664 7,800 .105 2,672 7,886 .105 2,856 7,630 .105 2,800 7,427 .105 2,755 7,179 .105 3,056 7,069 .134 2,854 6,704 .166 3,575 .168 3,277 6,799 .184 3,478 7,142 .208 3,308 7,328 9,662 189, 300 572,000 3,232 308,200 650,000 1,521 374.900 688,000 2,505 477,800 672,000 4,150 1,742 3,024 1,726 1,670 485, 800 509,400 577, 300 550, 400 541,800 642, 000 596, 000 529, 500 475, 000 472,000 3,455 391,400 497,000 8,622 303,700 550,000 4,619 207, 200 593,000 33, 320 117,711 44,800 117, 537 35,000 119,301 34,440 113,925 39,480 111,604 21,952 21, 731 19,288 20,115 19, 534 21,058 21, 397 22,088 22, 480 25,659 34, 595 43,409 170 18, 455 21,037 3,747 3,229 2,569 42, 520 48,367 192 20,663 23,280 4,232 3,243 3,523 43,977 48,837 162 20,922 23, 521 4,232 2,983 2,900 49,547 51, 384 130 22, 767 24,207 4,280 2,646 3,915 .119 .042 .130 1,427 .118 .045 .131 1,734 .114 .047 .132 1,796 79,691 54, 569 4,708 81,189 55,464 4,721 5,901 516 28, 840 31,080 109, 322 108,173 40,320 89,584 45,080 81,147 48,440 81, 369 48,440 75, 648 48,440 74, 575 LEATHER AND PRODUCTS HIDES AND SKINS Imports, total hides and skins§ thous. of lb._ Calf and kip skins § _ , do Cattle hides § do Goatskins§.._ . . . __ ._ do Sheep and lamb skins§ __do Livestock (federally inspected slaughter): Calves thous. of animals Cattle . .. .do Hogs do Sheep and lambs . . . do Prices, wholesale (Chicago): Hides,packers',heavy,native steers.dol.per lb__ Calfskins, packers', 8 to 15 1b 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__ Chrome, calf, B grade, composite! dol. persq. ft.. Stocks of cattle hides and leather, end of month: Total thous. of equiv. hides.. In process and finished do Raw do 32, 421 1,055 16, 221 9,017 4,071 28,189 2,809 13, 200 6,189 3,975 29,196 2,380 11, 771 6,769 4,436 25,454 2,505 11, 374 5,260 4,858 27, 026 1,939 10, 388 6,332 5,189 22, 563 2,302 8,034 5,214 4,385 22, 682 2,685 7,128 5,236 4,619 25,093 1,867 9,308 5,362 5,370 24, 578 1,585 10, 611 4,013 4,807 21, 348 1,503 8,873 5,025 4,517 31, 360 1,980 13,062 4,576 8,586 33,197 1,461 16, 828 5,821 5,114 30, 383 1,348 14,178 6,094 5,153 378 715 4,277 1,313 385 653 2,890 1,361 478 774 3,229 1,473 457 677 2,931 1,224 509 814 3,416 1,392 448 778 3,185 1,401 417 782 2,778 1,399 414 823 2,792 1,457 427 880 2,885 1,635 482 893 3,545 1,585 450 837 4,437 1,469 381 773 5,236 1,389 416 827 5,356 1,598 .129 .214 .104 .154 .107 .154 .097 .145 .105 .156 .110 .164 .115 .161 .116 .160 .146 .211 .165 .240 .146 .214 .144 .222 .140 .223 773 3,214 14 3,492 92 4,197 46 3,585 82 3,816 47 3,640 53 3,428 65 2,905 54 4,839 226 5,757 446 4,623 274 4,109 259 3,685 1,326 1,943 3,170 3,236 1,329 1,955 3,623 3,115 1,168 1,672 3,463 2,774 1,187 1,736 3,473 3,015 1,227 1,715 3,666 3,066 1,064 1,619 3,323 3,096 1,155 1,949 3,397 4,205 1,074 1,811 3,065 3,770 1,156 1,928 3,697 3,938 1,038 1,952 3,354 3,428 '954 ' 1,858 3,167 r 2,950 1,101 1,978 3,639 2,977 .348 .303 .291 .290 .290 .294 .305 .305 .348 .374 .368 .355 .358 .455 .392 .390 .390 .391 .392 .392 .392 .419 .463 .453 .452 .456 13,375 9,699 3,676 13,009 9,229 3,780 12,813 9,026 3,787 12,905 9,078 3,827 12, 976 9,151 3,825 12,899 9,059 3,840 12, 606 8,876 3,730 12, 509 8,694 3,815 12,406 8,666 3,740 12, 575 8,840 3,735 ' 12,862 r 9, 091 ' 3, 771 12,996 9,273 3,723 LEATHER MANUFACTURES Gloves and mittens: 153,409 174,937 148,420 149,591 184,099 161,643 206,134 201,356 209,026 202,008 144, 489 125,954 Production (cut), total dozen pairs 81, 484 70.321 88,480 111,927 104,988 130,500 130,109 133, 362 125, 360 81,850 93,123 103, 739 Dress and semi-dress do 75, 664 76, 648 71, 247 56,655 75,634 63,005 55,633 72,172 61,111 66, 570 Work . do 60,286 71,198 r Revised. fFor petroleum and petroleum products, see note marked with a "f" on p. 45. Retail distribution of gasoline revised for 1937-38; data not shown on p. 46 of the June 1939 Survey will appear in a subsequent issue. Wholesale price of chrome, calf, B grade leather revised beginning January 1938; data not shown on p. 46 of the January 1940 Survey will appear in a subsequent issue. IThe gasoline statistics in the above table have been rearranged and data on the production of benzol have been added. With this series included, it is possible to derive figures of total production of motor fuels, as shown here. Data for benzol production beginning 1925 appear in table 52, p. 18, of the November 1939 issue. §Revised series. Data revised for 1937; see tables 19 and 20, pp. 14 and 15 of the April 1939 SurveyJ 47 SURVEY OF CURRENT BUSINESS April 1940 Monthly statistics through December 1937, to- 1940 gether with explanatory notes and references to the sources of the data may be found in the Febru1938 Supplement to the Survey ary 1940 1939 February March April May June July August September Novem- DecemOctober ber ber January LEATHER AND PRODUCTS—Continued LEATHER MANUFACTURES— Continued Shoes: Exports thous. of pairs.. Prices, wholesale, factory: Men's black calf blucher dol. per pair.. Men's black calf oxfordt do Women's colored, elk blucher ...do Production, boots, shoes, and slippers: Total 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 316 195 310 223 304 176 184 234 205 169 426 161 196 6.00 5.05 3.30 5.75 4.70 3.00 5.75 4.70 3.00 5.75 4.70 3.00 5.75 4.70 3.00 5.75 4.70 3.00 5.75 4.70 3.00 5.75 4.70 3.00 5.75 4.70 3.00 5.75 4.85 3.10 6.00 5.05 3.13 6.00 5.05 3.15 6.00 5.05 3.21 35, 573 285 465 1,299 31, 304 1,178 1,894 3,816 9,076 15,341 35,457 237 530 778 31,400 1,302 1,940 3,711 8,645 15,801 42,375 281 760 832 37,131 1,545 2,256 4,505 9,930 18,894 32,578 275 591 641 27,842 1,407 1,951 3,122 7,680 13,683 32, 222 307 526 355 27,161 1,404 1,825 3,435 7,739 12,757 31,776 295 454 291 26,326 1,390 1,971 3,579 7,888 11,498 33, 618 268 257 380 28,802 1,439 1,836 3,401 7,628 14,497 43,581 358 247 567 36,913 1,894 2,131 4,240 10,065 18,583 36,379 359 277 530 29,659 1,502 1,967 3,681 8,572 13,936 37, 073 440 334 676 29,247 1,476 2,171 3,783 9,568 12, 248 32,056 383 241 564 24, 688 1,172 1,923 3,228 9,036 9,328 28,412 321 301 849 23,465 1,085 1,627 3,262 7,928 9,563 ' 33,885 274 414 r 1, 291 ' 30,298 1,169 ' 1,838 3,903 r 8,985 • 14,403 1,875 345 1,983 530 2,651 721 2,464 765 3,002 871 3,702 708 3,600 310 5,185 311 5,303 251 6,093 283 5,839 340 3,237 239 ' 1,253 355 LUMBER AND MANUFACTURES LUMBER-ALL TYPES Exports, total sawmill products* M bd. ft-. Sawed timber*... do Boards, planks, scantlings, etcf-.. do Imports, total sawmill products* ...do National Lumber Mfrs. Assn.if Production, total _ mil. bd. ft.. Hardwoods do Softwoods ...do Shipments, total.. ..do Hardwoods. do Softwoods do Stocks, gross, end of month, total do Hardwoods ..do Softwoods do 59, 734 13, 217 41,197 45, 373 70, 727 10,879 59, 228 47,803 92,980 21, 766 65, 505 62,591 82,956 16,586 61, 726 58,292 98,932 18,819 73,430 48,941 112,130 17,984 89, 254 54,692 115, 264 19,698 92, 051 53, 021 124,021 20, 256 99,156 54, 222 100,834 14, 491 82,164 59,406 84, 326 5,928 73,918 102, 606 73,669 6,563 60,088 73,935 84, 832 17,063 62,104 53, 253 77, 513 18, 278 49,416 53, 650 1,824 354 1,469 1,843 348 1,495 7,621 1,823 5,798 1,637 325 1,312 1,709 308 1,401 8,273 2,109 6,164 1,923 336 1,587 2,091 358 1,733 8,103 2,086 6,017 1,968 296 1,672 2,012 326 1,687 8,067 2,057 6,010 2,235 302 1,933 2,205 325 1,880 8,098 2,033 6,065 2,252 301 1,951 2,262 348 1,914 8,095 1,985 6,110 2,143 303 1,841 2,157 354 1,803 8,082 1,940 6,142 2,401 352 2,049 2,534 392 2,143 7,956 1,904 6,052 2,303 359 1,944 2,552 431 2,121 7,705 1,842 5,863 2,363 377 1,986 2,616 470 2,146 7,440 1,759 5,681 2,250 382 1,869 2,208 414 1,793 7,474 1,729 5,745 2,002 359 1,642 1,848 306 1,542 7,665 1,807 5,858 1,817 338 1,480 1,846 329 1,516 7,610 1,817 5,793 6,200 11,250 6,600 6,100 20, 700 5,400 15, 200 5,580 4,850 24,350 6,550 14,000 5,300 7,400 22,600 8,100 14, 000 5,600 7,200 21, 000 7,550 14,200 5,650 7,600 18,850 6,850 12,400 7,400 8,200 18,400 8,100 11,900 6,200 8,300 16,600 8,250 10,950 8,150 9,150 15,900 11,900 14,400 8,600 8,700 16,000 8,650 14,150 9,000 8,800 16,600 6,200 13,000 8,150 7,050 18, 050 4,800 11,575 7,000 6,000 19,125 5,800 11,125 7,150 6,050 20,125 42,338 66,205 33,435 33,312 81,012 26,910 56,482 27,640 27,308 94, 730 28,144 51,675 29,639 31,951 92,445 26,128 47,199 28,565 30,604 87,191 32,937 41,137 35,447 37,999 83,635 36, 058 39,793 34, 268 37, 401 79,503 36, 713 39,523 34,126 36,985 76,165 47,117 46,191 41,180 44,666 72,679 58,230 64, 773 39,835 44,816 65,647 38,729 59,699 44, 750 43,739 66,397 21,890 47,191 42,497 35,626 71, 603 25,692 42,285 36,046 30, 599 77,066 44,622 56,980 35,252 29,850 81,295 25,704 8,424 17, 280 25,972 5,696 20, 276 34,545 14,950 19,595 29,486 11,485 18, 001 36,570 12,193 24,377 45,028 10,992 34,036 48,105 11,507 36,598 55, 755 14,546 41,209 34,280 8,972 25,288 23,416 1,982 21,434 23, 298 4,114 19,184 38,971 12, 619 26,352 34,959 14, 556 20,403 20.090 18. 620 18.620 18.620 18.620 18. 620 18.620 19.110 19.845 20.874 21.070 21.070 20,482 39.690 36.000 34.300 35. 280 35. 280 36.505 37.240 37.828 39.445 41. 552 42.140 42.140 40. 964 14, 747 4,518 10,229 503 357 41.798 545 480 2,014 18,496 4,709 13, 787 534 327 39.855 538 537 2,101 25,314 6,706 18,608 670 343 40.303 645 654 2,092 20,857 4,954 15,903 618 360 39.968 608 601 2,099 24,740 6,168 18, 572 675 346 40.298 681 689 2,091 23, 476 6,668 16,808 673 347 38.998 637 672 2,056 30,028 7,916 22,112 624 341 39.383 626 630 2,052 18,821 5,529 13,292 760 378 40.568 689 723 2,018 28,664 5,287 23, 377 894 536 40.560 625 736 1,907 24,221 3,659 20, 562 661 431 42.998 670 766 1,811 23,332 2,258 21,074 545 343 42. 393 647 633 1,825 19,063 4,017 15,046 480 306 41.875 611 517 1,919 15,144 3,489 11,655 513 334 41. 500 515 485 1,949 300 282 239 197 317 198 366 225 402 222 443 238 454 272 509 298 600 415 470 377 302 254 329 262 325 279 28.86 212 297 1,744 25.24 153 268 1,781 25.13 233 317 1,697 24.81 349 340 1. 706 24.90 498 409 1,795 25.08 520 432 1,863 25.42 484 423 1,939 25.65 551 489 1,965 26.81 501 489 1,977 28.61 492 514 1,954 29.64 430 431 1,953 28.99 291 321 1,923 28.77 215 309 1,829 522 513 508 516 961 426 383 434 431 1,024 602 373 507 551 982 513 376 519 549 970 660 402 528 549 955 572 437 566 580 950 547 487 519 537 946 772 483 580 673 869 674 570 577 632 838 514 521 600 609 839 513 444 579 519 908 463 452 516 487 930 656 507 535 521 953 FLOORING Maple, beech, and birch: Orders, new _ Orders, unfilled, end of month Production Shipments Stocks, end of month Oak: Orders, new Orders, unfilled, end of month Production Shipments Stocks, end of month M bd. ft.. do .do do _do _do do do do ..do SOFTWOODS Douglas Fir: Exports, total sawmill products*._.M bd. ft.. Sawed timber do Boards, planks, scantlings, etc ..do Prices, wholesale: No. 1, common boards.-dol. per M bd. ft.. Flooring, 1x4, " B " and better, V. Q. dol. perM bd. ft-Southern Pine: Exports, total sawmill products*._.M bd. ft.. Sawed timber .do Boards, planks, scantlings, etc do Orders, newf. mil. bd. ft_. Orders, unfilled, end of month do Price, wholesale, flooring..dol. per M bd. ft.. Productionfmil. bd. ft.. Shipmentst do Stocks, end of month do Western Pine: Orders, newf do Orders, unfilled, end of montht do Price, wholesale, Ponderosa Pine, 1 x 8, no. 2, common (f. o. b. mills)..dol. per M bd. ft.. Production! mil. bd. ft._ Shipments do Stocks, end of month do West Coast Woods: Orders, new do Orders, unfilled, end of month ...do Production f do Shipments! do Stocks, end of month do I ' Revised. *New series. For the new series on exports of sawed timber and imports of sawmill products data beginning 1913 appear in tables 44 and 45, p . 18 of the October 1939 Survey. The new series on exports of total sawmill Droducts, 1913-39, are shown in table 17, p . 18 of the March 1940 Survey. For Douglas fir and southern pine, the new series on total exports represent a total of the items regularly shown. Note that the more definitive title "boards, planks, and scantlings, etc." has been substituted for "lumber." t Revised series. Wholesale prices of men's black calf oxfords revised beginning January 1938 because of style change with price of slightly different type substituted at that time. Revised data for 1938 are shown on p . 47 of the September 1939 Survey. For revisions in lumber, all types, southern pine, western pine, and west coast woods see the note marked with a " t " on p . 47 of the March 1940 Survey. Revised data for total exports of boards, planks, scantlings, etc., 1913-39, are shown in table 17, p. 18 of the March 1940 Survey. 48 SURVEY OF CURRENT BUSINESS Monthly statistics through December 1937, to- 1940 gether with explanatory notes and references to the sources of the data may be found in the Febru1938 Supplement to the Survey ary April 1940 1940 1939 February March April May June July DecemAugust SeptemOctober November ber ber January LUMBER AND MANUFACTURES—Continued SOFTWOODS—Continued Redwood, California: Orders, new Orders, unfilled, end of month Production Shipments Stocks, end of month M bd. ft. do,._ do. _. do._do-__ 098 485 585 822 378 26, 387 29, 676 27, 930 28, 096 298, 052 26, 846 28,181 31,614 27, 806 299,887 24, 498 24, 563 28, 262 27,469 295, 551 23,168 28, 377 25, 421 23, 497 296, 426 32,085 28, 404 32,989 32, 405 298, 707 39, 727 41, 027 30, 295 26, 772 299, 358 30, 782 39,092 33, 358 32, 603 296, 462 22, 005 31, 445 31, 204 28, 019 298, 397 17, 749 28, 678 27,883 20, 802 297, 976 25, 331 26, 517 27, 239 23, 793 296, 026 56.0 57.0 53.0 53.0 50.0 51.0 59.0 63.0 66.0 67.0 65.0 60.0 8.0 16 30 65.0 16 5.0 14 19 53.0 13 5.0 14 16 53.0 15 6.0 10 13 42.0 12 7.0 11 13 47.0 11 2.0 25 28 47.0 13 4.0 16 30 50.0 13 3.0 20 30 56.0 18 3.0 23 31 56.0 19 5.0 26 35 63.0 21 7.0 23 35 65.0 20 8.0 13 26 67.0 16 5.0 23 33 63.0 16 77.9 102.3 88.1 87.2 77.6 102. 3 88.1 87.2 77.6 102.3 88.1 87.2 77.6 102.3 88.1 87.2 77.6 102. 3 88.1 87.2 77.6 102.3 88.1 87.2 77.6 102.3 88.1 87.2 78.1 102.3 88.1 87.2 78.1 102.3 88.1 87.2 77.9 102.3 88.1 87.2 77.9 102.3 88.1 87.2 77.9 102.3 88.1 87.2 77.9 102.3 88.1 87.2 575, 613 591, 856 605, 555 330, 680 336, 775 272 656 29, 874 19,189 216 3,216 2,305 837 600, 437 206, 402 14, 709 1,267 583, 521 187, 457 8,274 442 37.18 37.09 5, 538 21, 544 26, 416 29,105 21,957 301,176 20, 875 30, 647 26, 272 24, 243 307, 494 63.0 32, 32, 28, 30, 300, FURNITURE All districts: Plant operations percent of normal.. Grand Rapids district: Orders: Canceled percent of new orders,. New no. of days' production.. Unfilled, end of month do Plant operations percent of normal _. Shipments no. of days' production. _ Prices, wholesale: Beds, wooden 1926=100.. Dining-room chairs, set of 6 do Kitchen cabinets do Living-room davenports do Steel furniture (see Iron and Steel Section). METALS AND MANUFACTURES IRON AND STEEL I Foreign trade: Exports (domestic) total § long tons.. 671,301 359, 690 474, 360 394, 008 532, 641 588, 856 234, 710 224, 913 312,262 240,124 384. 881 398, 888 Scrap do 6,740 19,149 25. 369 44, 083 28,142 32, 587 Imports, total § do 273 2, 537 1, 413 2,769 3,971 780 Scrap do Price, wholesale, iron and steel, composite 36.34 36.37 36.40 35.80 35.69 36.97 dol. per long ton-. Ore i Iron ore: ! Lake Superior district: j Consumption by furnaces j 2,830 2,853 2,246 3,317 2,800 thous. of long tons._!I 4,242 0 5,573 0 3,601 0 57 Shipments from upper lake ports do 25,967 28, 840 25. 872 22, 791 23, 071 25, 861 Stocks, end of month, total do 22 087 23, 912 21,054 IS, 306 18, 835 21,610 At furnaces do 4, 251 3, 880 4,928 4,818 4,485 4,236 Lake Erie docks do 189 162 237 179 203 217 Imports, total § do Manganese ore, imports (manganese content) § j 11 15 17 43 21 thous. of long tons.. | 513, 664 350, 066 30. 851 3,335 477, 078 291, 896 28, 328 3,729 35.82 35.95 36.67 37.62 37.50 3,143 6,310 28, 507 24,196 4,311 222 3,775 6, 955 32,714 28, 365 4,349 213 4,185 7,865 35, 853 31, 203 4,650 179 5.271 9,201 39, 005 33, 944 5,121 203 5,440 40, 732 35, 516 5,216 304 0 35, 440 30, 805 4, 635 163 5,289 0 30.1S9 25, 901 4,288 209 24 18 43 57 27 54 39 64, 732 41, 427 50.5 39, 215 63, 835 54, 263 66.3 49, 807 51, 778 59,143 69.6 54. 038 45, 978 53, 663 65.2 53, 753 40, 438 53, 372 64.2 52, 088 5, 478 Pig Iron and Iron Manufactures Castings, malleable: Orders, new short tons.. Production do Percent of capacity Shipments short tons.. Pig iron: Furnaces in blast, end of month: Capacity long tons per day... Number Prices, wholesale: Basic (valley furnace) dol. per long ton.. Composite do Foundry, No. 2, northern (Pitts.) dol. per long ton.. Production thous. of long tons.. Cast-iron boilers and radiators: L Boilers, round: Production thous. of 1b... Shipments do Stocks, end of month do Boilers, square: Production do Shipments do Stocks, end of month do Radiators: Convection type: Sales, incl. heating elements, cabinets, and grilles...thous. sq. ft. heating surface,. Ordinary type: Production do Shipments do Stocks, end of month do Boilers, range, galvanized: Orders: New number of boilers.. Unfilled, end of month, total do Production do Shipments do Stocks, end of month do 34, 901 42, 163 43, 935 33, 234 34, 786 42.9 34, 698 35, 997 39. 615 47.5 39, 807 29,183 31, 640 38.8 33. 666 27, 702 30, 840 37.8 32, 657 29, 041 30, 781 37.0 32, 566 29, 892 28, 836 35.3 26,169 40, 005 40, 212 47.9 33, 289 94, 679 157 74, 285 121 77, 460 123 60,160 102 60, 515 107 72, 495 118 79, 765 130 87, 715 138 22.50 23.15 20. 50 21.15 20.50 21.15 20.50 21.15 20.50 21.15 20.50 21.15 20.50 21.15 20.50 21.15 21. 50 22.35 22.50 23.15 22.50 23.15 22.50 23.15 22.50 23.15 24.89 2, 957 22.89 2,060 22.89 2,395 22.89 2,056 22.89 1,718 22.89 2,118 22.89 2,356 22.89 2,660 23.89 2,879 24.89 3, 628 24.89 3,720 24.89 3,768 24.89 3,600 1,648 1, 207 11,935 1,807 1,376 16, 491 2,198 1,113 17, 579 1,916 1,203 18, 301 1,930 1,051 19, 084 1,950 1,427 19, 421 1, 387 1,749 19, 056 1,946 2,537 18, 463 2,181 4,634 16, 010 5,445 13, 264 1,418 1,740 12, 002 1,456 2,117 11,487 20,616 13, 801 19, 960 15, 339 16, 429 16,194 11,214 9,448 11,744 14, 577 9,246 10, 406 88, 593 104,303 114, 878 119, 839 124, 462 126,130 15, 284 16, 807 124, 581 21, 442 25, 360 120, 651 20, 696 35. 593 105, 757 20, 925 39, 869 2,233 2,882 11, 905 17, 273 23, 751 80, 391 14,816 16, 227 77,878 16, 525 15,443 79,128 5, 647 4,474 5,166 7,824 21, 424 21, 653 4,735 4,173 21, 767 69, 407 36, 086 79, 565 77, 534 36, 794 105, 525 120, 565 124, 085 122, 055 110, 705 191 177 169 191 188 390 305 340 476 556 729 811 1,106 915 792 5,530 3,135 24, 222 4,711 2, 950 30, 800 5, 593 2,887 33, 612 4,350 3,103 34, 875 4, 276 4,207 34, 963 4,655 4,730 34, 975 4,187 5, 280 33, 902 5,299 7.234 32, 007 5,299 9,209 28,133 6,754 10, 387 24, 543 55,026 24, 532 66,039 66, 580 36, 253 50, 876 12, 604 56, 476 53, 298 38, 495 57, 928 10,145 60, 421 60, 387 38, 463 69, 772 19, 442 53, 454 60, 475 31, 442 68,191 20, 638 67, 610 66, 995 32, 057 59, 16, 62, 63, 31, 277 245 996 670 472 53, 914 19, 671 47.894 50', 488 28, 878 66, 082 16, 694 69, 656 69,059 29, 475 133, 384 98, 692 61, 494 51, 226 86, 069 110, 988 88, 584 108, 960 26, 960 80, 265 48, 999 84,181 82,492 30, 677 72, 380 44, 213 81, 252 77,166 34, 763 37, 774 32.3 11,872 40, 272 34.4 11,060 34, 804 29.7 7,721 34,168 29.2 8,498 39, 698 33.9 6,912 42, 428 36.3 10, 229 96, 687 119, 687 102.3 82.6 42, 213 58, 530 43, 590 72, 096 61.6 37.2 12, 449 26, 391 99,899 85.4 52,146 85, 755 73.3 36, 615 64,143 43,121 54. 8 36. 8 28, 262 8, 302 79, 732 80,146 68.1 68. 5 33. 146 I 34,019 660 566 Steel, Crude and Semimanufactured Castings, steel: 31, 223 42,139 34, 388 41, 660 Orders, new, total short tons.. 40,913 35.0 26.7 36.0 29.4 35.6 Percent of capacity 6,848 11,125 12, 621 9,6f? Railway specialties short tons.. 10,472 67, 454 37, 646 41,067 36, 232 41, 359 Production, total do 57.6 35.3 32.2 35.1 31.0 Percent of capacity 12, 506 10,060 10, 173 9,751 Railway specialties short tons.. 28,506 ^Revised series. Data revised for 1937; see tables 19 and 20, pp. 14-15 of the April 1939 issue. SUKVEY OF CUREENT BUSINESS April 1940 Monthly statistics through December 1937, to- 1 9 4 0 gether with explanatory notes and references to the sources of the data, may be found in the Febru1938 Supplement to the Survey ary 49 1940 1939 February March April May June July August September Novem- DecemOctober ber ber January METALS AND MANUFACTURES—Continued IRON AND STEEL—Continued Steel, Crude and Semimanufactured— ^ , Continued Ingots, steel: 3,906 Production thous. of long tons - . 68 Percent of capacity Bars, steel, cold-finished, carbon, shipments 46,277 short tons.. Prices, wholesale: .0265 Composite, finished steel dol. per lb_. Steel billets, rerolling (Pittsburgh) 34.00 dol. per long ton.. .0210 Structural steel (Pittsburgh) dol. per lb_. 15.75 Steel scrap (Chicago) dol. per gross ton.. U. S. Steel Corporation: Shipments, of rolled andfinishedsteel products! 1,009 thous. of short tons.Steel, Manufactured Products Barrels and drums, steel, heavy type: Orders, unfilled, end of month number.. 335,183 Production ___ __.do 45.1 Percent of capacity Shipments number.. 808, 635 36,033 Stocks, end of month do Boilers, steel, new orders: 558 Area thous. of sq. ft._ 414 Quantity .number.. Furniture, steel: Office furniture: Orders: New thous. of dol.2,200 Unfilled, end of month do 1,286 Shipments do 2,264 Shelving: Orders: New do 481 Unfilled, end of month. do 444 Shipments . .do 479 Plate, fabricated steel, new orders: • Total .short tons.. 25,824 Oil storage tanks do 5,254 Plumbing and heating equipment, wholesale price (8 items) dollars.. 234. 38 Porcelain enameled products, shipments! thous. of doL . Spring washers, shipments do 195 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 do Hot rolled do Structural shapes, heavy do Tin plate do.... Wire and wire products do Track work, shipments short tons.. 2,989 54 3,405 55 2,974 52 2,923 47 3,125 53 3,163 55 3,763 61 4,231 71 5,394 91 5.463 92 5,164 90 5,018 81 38,571 42,808 36,287 34, 287 35, 615 32,809 42,895 55, 495 67, 599 67, 977 61, 591 57, 232 .0264 .0262 .0261 .0261 .0261 .0263 .0263 .0265 .0265 34.00 .0210 13.56 34.00 .0210 13.56 34.00 .0210 13.88 34.00 .0210 16.22 34.00 .0210 19.05 34.00 .0210 17.66 34.00 .0210 16.56 34.00 .0210 16.38 886 1,087 1,346 1,406 1,444 1,146 .0268 34.00 .0210 14.06 421,037 597, 953 36.0 600,411 34,008 34.00 .0210 14.25 34.00 .0210 13.38 34.00 .0210 12.80 845 772 796 351,203 737,155 45.0 742,491 28, 672 277, 719 257, 961 208,000 837,079 846, 322 861,102 51.1 52.8 51." 837, 320 845, 517 850, 513 29,050 28,431 39, 639 235, 772 750, 276 46.0 756,890 33,025 247, 729 771, 714 1,147,918 966, 519 767, 591 450,032 851,087 1,203,820 1,612,384 1,636,273 1,468963 1,137,543 92.3 92.4 73.8 64.0 52.2 82.9 849, 697 1,207,335 1,576,690 1,653,078 1,457,472 1,158,345 66, 586 49,781 61,251 41, 708 34,407 30,892 1,032 1,098 772 1,033 890 1,175 1,752 1,380 1,089 997 659 554 477 525 483 1,769 989 1,712 1,932 1,179 1,745 1,774 1,361 1,596 1,855 1,285 1,932 2,097 1,334 2,048 2,181 1,365 2,150 2,120 1,299 2,187 2,095 1,247 2,160 2,367 1,350 2,264 385 255 379 501 323 425 293 460 407 291 366 411 263 440 421 266 418 526 335 456 668 511 493 540 494 534 504 443 556 29,784 7,723 35,844 5,429 34,036 10, 976 33, 959 13, 481 31, 364 8,188 21,828 8,229 39, 751 11,498 37, 766 10,991 26,020 9,107 23, 627 6,665 33,804 9,781 234. 64 234.82 234.82 234. 77 234.71 234.87 235.19 235. 33 236. 33 236.40 236. 26 2,162 180 2,611 215 2,154 184 2,438 171 '2,462 149 3,047 184 2,778 233 3,153 262 2,752 234 2,632 221 2,696 266 817 892 617 660 765 834 877 1,763 1,144 1,748 1,760 1,038 1,866 1,590 932 1,684 383 224 350 483 249 458 22,903 7,401 2.420 183 672 595 491 293 1,654 60.1 595 620 505 386 1,492 52.7 65.6 1,198 1,057 943 282 2, 716 95.5 4,250 125 243 459 422 674 1,481 6,819 6,658 110 210 474 556 650 6,832 5,330 5,402 152 292 561 587 745 4,916 5,658 6,640 221 465 776 22 981 6,768 6,762 35, 397 40, 309 38, 288 51,027 43, 629 44,805 40,644 33,133 45,660 54, 801 58,826 50, 456 .0713 .0713 .0703 .0688 .0702 .0713 .0713 .0950 .0950 .0948 1,460 359 1,101 1,783 531 1,252 1,380 338 1,042 1,602 425 1,177 1,749 611 1,137 1,613 517 1,096 1,999 629 1,370 3,133 741 2,392 2,635 789 1,846 2,456 794 1,661 2,034 634 1,400 2,322 672 1,650 23, 807 11, 634 10,509 27, 364 19, 365 18,450 28,162 20, 651 19, 728 36, 303 19,040 18,128 39, 350 23, 248 21, 992 35,168 21,123 18,646 45,840 16,176 15, 582 35,696 17,015 16, 664 26,806 15, 360 13,012 41,049 19, 937 17,451 62, 505 29,545 27,672 63, 775 31,558 29,869 146 979 105 810 180 742 903 184 1,072 135 2,342 136 459 128 224 1,464 885 1, 364 1,122 1,395 478 1 .1103 .1103 .1027 .0983 .0978 .1026 .1164 .1222 .1228 . 1228 .1195 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 763 814 565 188 NONFERROUS METALS AND PRODUCTS Metals Aluminum: Imports, bauxite§ long tons.. 54,651 Price, wholesale, scrap, castings (N. Y.) dol. per lb_. .0925 Babbitt metal (white-base antifriction bearing metals): Consumption and shipments, total thous. of l b . . 1,749 Consumed in own plants do 429 Shipments do 1,321 Copper: Exports, refined and manufactures § 40, 745 short tons.. Imports, total § do 30, 538 For smelting, refining and exports§..do Product of Cuba and Philippine Islands 1,026 short tons.. 814 All other § do Price, wholesale, electrolytic (N. Y.) .1115 dol. per lb.. Production: Mine or smelter (incl. custom intake) 76,194 short tons.. 82,761 Refinery do 72, 809 Deliveries refined, total do 63,215 Domestic do 9,594 Export do 145, 393 Stocks, refined, end of month do Lead: Imports, total, except manufactures (lead content) § short tons.. 2,958 Ore: 35,937 Receipts, lead content of domestic ore. do Shipments, Joplin districts do 3,110 r 60,707 61, 752 58,600 62, 548 59, 452 66, 718 68, 536 58, 368 51, 577 55,025 46, 667 63,894 48,267 50,803 51, 225 42,484 3,310 4,222 12, 669 4,183 309,119 320, 812 332, 513 337,155 15,485 31, 593 6,314 13, 257 31,748 3,926 16, 593 30,614 3,734 10, 961 33, 589 4,692 5,179 32 300 4^ 104 3,864 31, 268 3,491 r2 408, 775 2379,841 r 80,501 2536,899 •104,545 2457, 315 91,428 2 79,584 r 13, 117 3 159, 485 135.441 3,019 4,391 4,063 2,762 4,164 4,496 35,063 4,484 35, 612 3,415 35, 936 4,380 37,057 6,355 38,835 4,234 37, 649 3,710 3 Revised. i Monthly data not available. Total for August-December. End of December. • Data are for 46 identical manufacturers; beginning January 1938 data are available from the reports of the Bureau of the Census for 26 additional small establishments. JData for March, May, August, November 1939, and January 1940 are for 5 weeks; other months, 4 weeks. §Revised series. Data revised for 1937; see tables 19 and 20, pp. 14 and 15 of the April 1939 Survey. fsteel shipments have been changed from a gross to net tonnage basis; monthly data beginning 1929 appear in table 21, p. 18 of this issue. Data lor porcelain enamel products beginning 1937 are for 55 identical manufacturers and replace the series lor 19 manufacturers formerly shown. Beginning January 1939 the Census reports contain for FRASER data for 44 additional establishments. Data on the series for 55 manufacturers not shown on p . 49 of the March 1940 Survey will appear in a subsequent is<uic. Digitized 2 59, 672 54,850 61,719 57, 339 63,862 75, 808 53, 573 59, 681 10, 289 16,127 335,012 316, 543 50 SURVEY OF CURRENT BUSINESS Monthly statistics through December 1937, to- 1940 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 1940 1939 1940 July SepNovem- Decem- January tember October ber ber August METALS AND MANUFACTURES—Continued NONFERROUS METALS AND PRODUCTS—Continued Metals—C ontinued Lead—Continued. Refined: Price, wholesale, pig, desilverized (N. Y.) dol. perlb_. 0.508 Production from domestic ore,.short tons.. 40, 564 39,176 Shipments (reported) do 72, 658 Stocks, end of month do Tin: Consumption of primary tin in manufactures long tons.. 6,600 Deliveries do 6,499 Imports, bars, block, etc do Price, wholesale, Straits (N. Y.).dol. perlb.. .4594 33,148 Visible supply, world, end of mo.f-long tons.. 2, 078 United States (excluding afloat) do Zinc: Ore, Joplin district:! Shipments short tons.. 28, 026 3,551 Stocks, end of month do Price, wholesale, prime,western (St. L.) dol. per Re- .0553 production, slab, at primary smelters short tons.. 54, 532 Retorts in operation, end of mo number.. 47, 188 Shipments, total short tons.. 53, 048 67,086 Stocks, refinery, end of mo do 0. 0481 36,391 34,421 122,112 0.0482 37,790 40,871 122,035 0. 0478 36, 704 37, 903 123, 394 0.0475 43, 026 40,124 129, 270 0.0480 37,237 38, 710 129,636 0.0485 34,926 42,636 124, 017 0.0504 36,556 45,025 117,985 0. 0545 35, 086 59,889 97,473 0.0550 38,903 66, 060 73,963 0. 0550 44,748 64,365 58, 061 0. 0550 42, 547 44, 881 58, 777 0. 0547 47,149 39, 875 68, 539 4,410 4,105 5,097 .4562 40,035 5,486 5,270 4,755 5,208 .4621 37, 788 5,806 5,190 5,980 3,814 .4720 37, 224 3,385 5,920 5,905 5,118 .4902 33, 715 3,387 5,780 4,925 6,020 .4885 30, 039 4,388 5,240 5,275 6,179 .4852 29, 615 5,339 5,900 6,295 4,735 .4876 26,338 3,613 6,570 5,050 4,427 .6350 31,168 3,413 7,630 6,040 5,247 .5525 38, 206 3,536 7,540 7,870 7,629 .5224 38,035 3,283 6,940 11,366 12,518 .5064 38, 280 3,302 6,380 9,780 8, 851 .4672 35, 573 1,749 33,220 8,652 35,189 10, 503 31, 049 9,294 39,733 7,851 31,212 6,749 26, 248 7,601 35, 748 9,503 30, 285 9,958 36, 734 7,204 41,663 9,701 28,163 13, 548 35,611 4,097 .0450 .0450 .0452 .0472 .0610 .0650 .0650 .0598 .0564 39,450 42, 302 36,291 36, 331 37, 284 39, 607 133, 075 3135,241 39, 669 35,491 43,128 131,782 40,960 34,443 49,928 122,814 42,225 37,729 69,424 95,615 50,117 43,109 73,327 72, 405 53, 524 46,867 64,407 61,522 57, 941 48,159 53, 468 65, 995 57,158 47, 287 57,551 65, 602 .0450 .0450 .0450 39,613 39,459 39,828 128,192 45, 084 38, 251 45, 291 127,985 43, 036 38, 763 40,841 130,380 4,662 8,161 5,818 14,571 4,657 14,037 4,543 12,688 5,026 11, 065 5,035 14,625 6,006 15,542 7,539 22,499 8,993 17,878 8,497 13,459 5, 521 11, 436 5, 851 8,214 1,419 1,505 1,330 1,554 1,577 1,532 1,721 2,109 1,992 1,820 1, 514 1,668 Miscellaneous Products Brass and bronze (ingots and billets): Deliveries short tons _. 5,799 17, 500 Orders, unfilled, end of month do Plumbing fixtures, brass, shipments thous. of pieces.. 1,735 Radiators, convection type, sales: Heating elements only, without cabinets or 30 grilles thous. of sq. ft. heating surface-. Including heating elements, cabinets, and 392 grilles thous. of sq. ft. heating surface.. .183 Sheets, brass, wholesale price, mill -dol. per lb__ Wire cloth (brass, bronze, and alloy): 363 Orders, new thous. of sq. ft.. 1,216 Orders, unfilled, end of month do 476 Shipments do 627 Stocks, end of month do 26 47 62 101 138 125 68 105 80 94 75 418 .173 497 .173 546 .170 717 .165 814 .165 657 .167 787 .168 986 .183 891 .190 870 .191 591 .193 450 .191 352 805 404 504 484 853 427 532 347 768 422 549 481 830 413 560 366 750 444 582 468 823 392 624 413 793 439 637 1,270 1,513 547 593 1,178 2,125 564 638 329 1,829 616 612 343 1 593 '567 616 391 1,343 637 585 MACHINERY AND APPARATUS Air-conditioning systems and equipment:! Orders, new: 2,674 4,803 4,691 Total thous. of dol._ 4,527 4,979 6,121 5,931 4,657 5,743 4,954 4,493 0) 0) 1,205 2,865 Air-conditioning group do 3,014 3,322 2,818 3,193 3,901 2,631 3,328 2,498 2,702 0) 0) 821 1,073 955 1,387 Fan-group do 1,509 1,336 1,422 1,327 1,318 1,310 980 (22) (2) 864 648 558 1,412 Unit-heater group do 521 690 993 546 1,146 468 811 () Electric overhead cranes: Orders: 250 201 New do 284 823 844 274 438 434 569 383 445 414 400 1,743 1,131 993 1,504 2,414 Unfilled, end of month do 1,755 1,813 1,917 2,474 2,665 2,390 2,368 2,172 679 244 270 312 Shipments do 174 347 280 215 719 375 378 435 593 Exports, machinery. (See Foreign trade.) Foundry equipment: Orders: 179.4 135.5 146.6 146.2 134.9 New 1922-24=100^. 108.9 131.6 184.4 220.6 114.0 203.6 165. 3 197.9 226. 5 175.1 193.6 Unfilled, end of month do 208.6 173.1 159.2 123.1 174.9 135.6 224.7 257.8 222.4 231. 2 181.2 112.2 Shipments do 128.1 144.3 143.8 131.0 148.5 135.5 132.6 170.1 200.1 170.7 193.2 Fuel equipment: Oil burners: Orders: 7,981 11, 806 17,901 22, 748 New number.. 11, 239 11,346 15,284 17,838 36, 279 33,657 18, 758 12, 566 13,10S 2,767 3,340 4,475 Unfilled, end of month.. do 5,181 5,456 6,451 5,040 6,952 5,967 4,966 3,639 3,050 2, 905 11, 522 7.674 10,671 Shipments do 10,640 15,009 17, 337 16,906 24, 660 35,352 34, 658 20,085 12, 963 13,300 15, 547 21, 790 Stocks, end of month do 22,850 21,619 20, 214 18,854 16,460 16,675 19,947 19,642 18,165 17,144 16, 764 20 33 23 11 Pulverizers, orders, new do 10 53 38 8 17 14 45 11 6 Mechanical stokers, sales: 3,307 2,426 3,733 3,473 Classes 1, 2, and 3 do 5,078 7,676 14,833 9,335 20,161 18,040 8,225 4,762 3,931 Classes 4 and 5: 149 186 Number 168 164 267 439 279 215 376 376 266 128 207 38,932 34,811 Horsepower 32, 540 56,419 63,899 49,255 63, 264 51,673 28, 591 86, 714 51,735 25, 515 39, 038 Machine tools orders, newt 167.1 185.4 av. mo. shipments 1926=100-. 230.9 155.6 211.6 206.5 219.8 0) 0) 0) 0) 0) 0) Pumps and water systems, domestic, shipments: Pitcher, other hand, and windmill pumps u n i t s . . 38,540 42, 693 31,485 38,468 44, 216 55, 048 52, 336 52,897 47,439 43,908 35,961 29, 441 40, 292 662 740 732 Power pumps, horizontal type do 1,463 731 953 964 1,138 860 949 792 976 1,396 14, 718 14, 259 16, 222 16,889 Water systems, incl. pumps do 20, 773 23, 067 19,029 19,890 18,452 17,444 16,993 13, 389 • 17, 469 Pumps, measuring and dispensing, shipments: Gasoline: 1,070 Hand-operated units 1,005 1,582 1,129 1,346 875 1,601 736 962 768 741 612 776 6,304 Power _ _-do.6,156 9,419 9,637 12,017 11,430 9,275 7,624 8,611 8,878 8,751 5,775 8,693 Oil, grease, and other: 10,578 11,982 13,078 13, 919 Hand-operated do_. 15, 612 17, 085 14, 053 12,468 12, 554 14, 785 16, 086 9,659 14,417 3,106 2,981 3,544 2,449 Power do-. 4,305 3,332 3,186 2,011 2,384 1,914 3,244 1,349 2,703 •• Revised. »Discontinued by reporting source. 2 Data are available only on a quarterly basis. tRevised series. Air-conditioning data have been revised in their entirety, to exclude chiefly data on air-conditioning systems primarily for winter use. Data on the fan and unit-heater groups will be available on a quarterly basis in the future. Data for summer and year-round air-conditioning will be shown in a subsequent issue. World visible supply of tin revised beginning January 1935 to include stocks of refined tin at all European smelters; data not shown on p. 50 of the November 1939 Survey will appear in a subsequent issue. IData for March, May, August, November 1939, and January 1940 are for 5 weeks; other months, 4 weeks. %A new series based on the operations of manufacturers accounting for about 60 percent of the total dollar sales of machine tools has been compiled beginning January 1939. Available data are as follows (percent of capacity): 1939—Jan., 52.5; Feb., 56.1; Mar., 58.7; Apr., 61.2; May, 63.6; June, 65.5; July 65.8; Aug., 72.6; Sept., 74.6* Oct, 84 9* Nov , 91.2; D e c , 93.3; 1940—Jan., 93.3; Feb., 92.9. 51 SURVEY OF CURRENT BUSINESS April 1940 Monthly statistics through December 1937, to- 1940 gether with explanatory notes and references to the sources of the data may be found in the Febru1938 Supplement to the Survey ary 1940 1939 February March April May June July August September DecemOctober November ber January METALS AND MANUFACTURES—Continued MACHINERY AND APPARATUS-Con. Pumps, steam, power, centrifugal, and rotary: Orders, new thous. of doL. 1,147 Water-softening apparatus: Shipments, domestic... units.. 1,159 Woodworking machinery: Orders: Canceled thous. of doL. New _ do Unfilled, end of month do Shipments: Quantity ...number of machines.. Value thous. of doL. ELECTRICAL EQUIPMENT Battery sales (replacement only):* Unadjusted 1934-36=100.. Adjusted do Electrical products:* Industrial materials, sales billed...1936= 100.. Motors and generators, orders received. .do Transmission and distribution equipment, orders received 1936=100.. Furnaces, electric, industrial, sales: Unit kilowatts.. 5,634 Value thous. of dol.. 324 Electrical goods, new orders (quarterly) thous. of dol.. Ironers, household, shipments* units.. 10,183 Laminated products, shipments..thous. of dol . 1,173 Motors (1-2001 tip.): Billings (shipments), A. C do Billings (shipments), D. C do New orders, A. C do New orders, D. C do Power cable, paper insulated, shipments: 561 Unit thous. of ft_. 641 Value ..thous. of dol.. Power switching equipment, new orders: Indoor dollars.. 0) Outdoor do 0) Ranges, billed sales thous. of dol.. 2,510 Refrigerators, household, sales number.. '230, 928 Vacuum cleaners, shipments: 116,049 Floor do 28, 324 Hand-type do Vulcanized fiber: 2,356 Consumption offiberpaper thous. of lb.. 589 Shipments! thous. ofdoL. Washers, household, shipments * units . 142, 318 1,282 1,258 1,230 1,236 1,673 1,090 1,585 1,469 1,809 1,339 1, 049 1,011 1,082 1,698 1,122 1,217 1,282 1,306 1,236 1,512 1,450 1,481 1,201 1,154 14 410 836 1 445 5 393 923 ) 484 898 ) 417 905 5 438 980 29 432 948 5 620 1,145 1 571 1,206 652 1,346 518 1,364 216 422 209 384 152 360 216 510 224 411 157 357 269 435 218 418 288 509 232 505 261 492 78 122 73 121 72 132 84 151 111 163 133 139 176 132 239 154 219 129 165 118 99 87 90.8 99.3 80.5 77.5 84.1 77.5 86.6 87.8 91.6 94.3 98.5 116.4 123.0 136.5 132.0 125.1 ' 121.9 161.7 ' 122. 5 '97.7 r 111.2 '97.8 115.3 ' 103.2 ' 146.5 151. 6 137.3 123.6 121.3 4,681 215 1,934 161 2,789 194 3,228 213 1,332 97 1,921 182 3,279 291 6,103 438 4,153 368 9, 587 480 2,084 167 9,047 830 8,433 849 205, 567 7,216 901 7,741 805 11,386 212,001 10, 565 1,019 11,161 1,296 9,990 1,348 254, 302 11,854 1,306 10, 373 1,257 2,053 519 2,319 428 2,410 574 2,504 549 2,053 538 2,128 406 2,398 524 2,595 569 2,361 474 2,725 1,102 2,535 555 3,151 1,403 2,730 677 3,276 1,047 3,103 797 3,472 1, 867 2,733 582 2,417 813 752 656 655 731 554 721 79.2 67.8 ' 102. 7 1,235 ' 9,601 812 197, 654 11, 607 78.2 76.0 r r () 488 1,449 188 402 122.6 97.3 1,508 449 1,762 404 2,050 557 2,356 739 1,986 534 2,062 546 353 312 637 700 696 566 674 652 718 716 773 783 860 676 781 1,074 824 47, 458 223, 286 2,103 198, 528 87,019 197,175 2,263 251, 644 75,161 279,093 1,939 260, 204 89,809 346, 530 2,395 273,966 92, 347 217, 846 2,025 268, 848 90, 302 283, 614 1,428 164, 211 67, 963 259, 436 1,799 94, 734 71, 449 240, 535 1, 891 73,149 88,485 321,761 1,714 62,055 126, 480 355,056 1,442 55,113 64,153 272, 658 1,019 92, 479 2,832 234, 662 87,140 25,182 122, 785 29, 470 100, 487 24, 539 91, 055 23,322 80, 660 19,014 61, 492 15,197 74, 333 22, 268 93,851 26, 857 106, 539 31, 362 108, 338 32, 728 118,730 36, 471 92, 806 27, 362 1,561 470 129, 835 2,070 528 152, 725 1,575 466 116,199 1,749 458 105, 266 1,735 441 120,076 1,725 437 104, 817 1,971 528 132, 297 2,284 548 138, 992 2,722 660 830 2,594 748 102,990 2,492 854 77, 270 2,808 660 119,228 142, 0) 0) PAPER AND PRINTING WOOD PULP Consumption and shipments: • f Total, all grades short tons. Chemical: Sulphate do... Sulphite, total. do... Bleached do._. Unbleached do... Soda do._. Groundwood _do... Imports: Chemical do... Groundwood do___ Production: f Total, all grades do.._ Chemical: Sulphate do... Sulphite, total do._. Bleached do... Unbleached do... Soda do... Groundwood do... Stocks, end of month: f Total, all grades do... Chemical: Sulphate do... Sulphite, total do... Bleached do... Unbleached do._. Soda do._. Groundwood do.._ Price, sulphite, unbleached dol. per 1001b. PAPER Total paper:f Paper incl. newprint and paperboard: Production short tons. Paper, excl. newsprint and paperboard:f Orders, new.. .short tons. Production _.do--. Shipments. do... 502,100 566, 500 545, 000 541,000 519, 500 513, 000 572, 300 615, 300 683, 900 680, 300 677, 300 219, 300 250,900 241, 400 223, 400 221, 300 228, 200 256, 800 262, 900 136, 600 155, 500 148, 300 152, 000 146, 800 143, 300 154,100 187, 500 96,300 119, 000 91,100 90,600 84, 600 96, 300 92, 900 93,800 52,000 56, 200 52, 200 57, 800 68, 500 59, 200 55, 400 58,100 34, 800 38, 300 36, 300 37,100 33, 200 31, 200 36, 300 39,900 111,300 121, 800 118, 900 128, 500 118, 200 110, 300 125, 200 125, 000 144,104 14, 723 296, 700 207, 200 130, 700 76, 500 47,100 133, 000 292,100 207,800 130, 200 77, 600 47,300 133, 000 301, 500 198, 900 124, 300 74, 600 48, 600 128, 300 140,131 152, 719 137, 431 130,920 136,843 194, 615 249, 886 204,993 242,972 19, 694 19, 649 23, 574 21, 527 22,163 30, 465 19,199 18, 562 17,403 501, 879 563, 029 538, 867 551, 778 524, 521 490, 111 554, 811 576, 225 673, 634 672, 813 678, 521 103, 504 117, 800 7,312 17,326 78,534 9,867 219, 838 250, 907 232, 760 132, 640 148, 614 141, 941 79, 212 92, 004 87, 699 53, 428 56, 610 54, 242 34, 271 36,131 115,130 125, 425 128,035 213, 500 210,000 47, 600 100,800 61,700 39,100 4,400 60, 700 2.00 47,600 93,900 57,400 36,500 4,200 64, 300 1.95 220, 440 220,435 226, 482 254, 379 161. 362 153, 288 132, 410 158,172 96, 678 102, 828 96, 678 82,164 56, 610 50, 246 61, 494 58,534 38, 316 34, 363 29, 574 36, 410 131, 660 116, 435 101, 645 105, 850 294,912 205, 394 129, 396 75, 998 46, 453 126, 875 203, 900 214, 700 219, 700 196, 800 179, 300 140, 200 129,900 39,000 87, 500 52, 200 35, 300 4,000 73, 400 1.95 35,100 36,000 96, 900 103, 400 61.200 67, 300 35, 800 36,100 5,200 6,400 76,600 74, 800 1.95 1.95 '872, 883 ! °l,035,675 «912, 264'959, 841 '467,624 «463,212 459,080 256, 731 171,090 108, 486 62, 604 39, 944 108, 460 33,400 92,500 58,400 34,100 4,800 66,100 1.95 31, 000 96,600 58,800 37, 800 4,900 46, 800 1.95 24, 800 80, 200 48,300 31, 800 4,900 30, 300 2.13 23,000 78,400 47,000 31,400 4,300 24, 200 2.28 290, 920 207, 339 130,749 76, 590 47, 244 127, 310 297,182 198, 575 124, 353 74, 222 48, 639 134,125 122, 400 123, 600 21,800 77, 900 47, 500 30, 400 4,200 18, 500 2.28 17,500 77,600 47, 600 29, 900 4,200 24,300 2.51 '8, 307 '861, 310 '1,046,459 1,027,542 1,073, 9611,046, 687 971,482 2.83 992, 359 426, 342 416,102 419, 814 484, 993 464, 540 477, 338 487, 467 463, 241 454, 950 Not comparable with current data. »542, 328 '436, 418 477, 034 '454,900 "429,745 '535, 601 >737,095 506, 885 >534,170 •461, 887 «498,197 '441,236 a419, 773 '523, 233 *504, 846 488, 904 *541, 722 •447, 565 °479,108 •449,987 "437,246 *519, 276 '532, 220 1 b •Pulp used in the producing mills and shipments to the market. ' Revised. Less than $500. 0) Data discontinued by reporting source. *New series. Data on battery sales beginning 1934 appear in table 35, p. 17 of the August 1939 issue. Shipments of household washers and ironers beginning 1929 appear in table 43, p. 17 of the October 1939 issue. For data on electrical products beginning 1934, see table 32, p. 18, of the June 1939 Survey; data are furnished by both member and Qonmember companies rather than member companies alone as therein stated. t Revised series. Data on vulcanized fibre shipments revised beginning 1934; data not shown on p. 51 of the January 1939 Survey will appear in a subsequent issue. Data on total paper, and paper, excluding newsprint and paperboard revised beginning 1934. Previously reported data were distributed into months of 4 and 5 weeks. In the new series, the overlapping weeks have been prorated between the two months involved. These data also have been revised to exclude data on kraft board (previously reported in both paper totals) since it is already included in the data for paiwboard. Revisions prior to October 1939 will be shown when available. Wood pulp data have been revised beginniug 1937. Revisions not shown above will appear in a subsequent issue. 52 SURVEY OF CUEEENT BUSINESS April 1940 1940 1939 Monthly statistics through December 1937, to- 1940 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 August September DecemOctober November ber January PAPER AND PRINTING—Continued PAPER—Continued Book paper :f Coated paper: Orders, new short tons,-. Orders, unfilled, end of month do Production do Percent of potential capacity Shipments .short tons.. Stocks, end of month.. do Uncoated paper: Orders, new do Orders, unfilled, end of month do Price, wholesale, " B " grade, English finish, white, f. o. b. mills_.dol. per 100 lb_. Production short tons.. Percent of potential capacity Shipments short tons.. Stocks, end of month J do Fine paper:f Orders, new do Orders, unfilled, end of month do Production do Shipments ..do Stocks, end of month do Wrapping paper:f Orders, new do Orders, unfilled, end of month do Production do Shipments do Stocks, end of month do Newsprint: Canada: Exports do Production do Shipments from mills do Stocks, at mills, end of month do United States: Consumption by publishers! do Imports^ do_.._ Price,rolls (N. Y.) dol.per short ton. Production 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 month do... Production do Percent of capacity _.. Waste paper stocks, at mills short tons. 15,105 4,084 14, 925 55.5 15, 667 15, 966 17, 911 3,851 17, 796 71.6 17, 642 12, 472 19, 553 4,060 20,028 71.7 19,893 12, 581 16,305 3,238 17, 764 68.6 17, 885 12, 433 17,126 2,861 18, 579 66.5 17, 409 13,762 15,920 3,205 17, 425 64.8 15,946 15, 213 16,098 3,866 14, 471 55.9 15, 282 14, 265 17, 281 3,846 19,663 70.4 18,226 15, 661 33,887 12,862 19,401 75.0 20,440 13,807 85, 546 41, 760 90, 926 38,138 103,952 37,394 93.841 39, 237 85, 786 28,184 92,637 33, 393 81, 359 29, 978 110,930 41,211 5.95 100, 090 83.1 95, 403 59, 876 5.45 93,212 80.7 92, 963 5.45 103,808 79.8 105,256 5.45 91,571 77. 1 90, 376 5.45 98,364 76.9 91,523 59, 431 5.45 90, 662 73.4 87, 680 61,913 5.45 81,972 68.0 84, 655 58,976 34, 896 11,748 30, 427 a 3i5,5l7 58, 655 « 48, 207 * 14, 928 <* 44, 541 « 45, 671 « 57, 527 o 33, 882 »12, 280 « 37, 991 a 36, 935 a 59, 443 « 37, 294 « 9, 523 " 43, 043 a 41, 166 « 61, 504 « 31, 538 « 8, 796 a 33, 491 a 32, 216 " 62, 669 a 163, 622 71, 599 '161,510 159,334 '129, 835 '186,433 « 62, 718 *194, 280 '195,555 l 126, 936 '145, 740 « 5.8, 629 459, 353 '152, 265 '132, 148 al86, 710 " 64, 050 «184, 727 *180, 344 «136, 617 187,990 231, 823 211, 322 196, 762 152, 437 200, 631 178,236 190,363 217, 651 162, 352 220,648 220, 843 205,099 214,255 205,912 212, 500 14, 532 4,154 20, 938 80.9 20, 898 16, 151 14,998 3,757 16, 227 56.4 16, 136 16, 665 154, 604 79, 436 125, 564 101,097 102, 430 84,515 68, 694 61, 368 91, 400 47, 479 5.45 102,037 78.4 100, 339 60, 729 5.45 104,068 86.4 111,409 50,827 5.65 122,283 97.6 122,901 50,797 5.70 117,290 93.6 117,079 51,010 5.95 5.89 110,731 109, 936 91.9 84.4 110,950 103, 999 51, 783 55, 249 » 30, 967 «10, 827 a 29, 342 « 29, 691 a 60, 539 « 40, 831 a10, 470 « 43,122 « 42, 448 °61 132 « 74,053 a 41, 103 a 40, 941 a 42, 303 a 59, 739 47, 507 40, 802 48, 000 50, 035 57, 752 37.131 28, 444 48, 824 47, 534 58, 878 35, 057 38, 2S2 22,011 16.430 44,850 | 45,516 42, 757 43, 357 61,110 62,462 °146, 404 « 64,100 al40,193 «147, 601 "128, 990 al40, 746 " 59, 354 «135, 976 al42,166 "115,283 "195, 375 a 67, 038 al87, 921 "191,030 "112, 542 "265, 252 "151,552 "109, 259 "178, 678 "111, 603 178,743 142, 261 174.809 180, 657 91, 201 155,156 150,064 i 147,507 108. 704 93,528 I 77,850 176, 037 165,575 j 173,923 183, 087 168,305 I 103,709 80, 603 78,219 j 86,656 244, 400 250,015 274, 635 187, 880 244, 655 240, 545 232, 261 196,164 200,174 227, 630 221, 743 202,051 235,487 236,975 224, 367 214, 659 228,163 253,230 267,005 200,884 270, 493 280,985 289. 260 192, 609 253,997 288, 726 287,869 193, 466 216, 095 181, 344 50.00 81, 455 79, 972 200,314 I 231,746 238,113 231, 788 144,308 189,360 209,597 250,668 50.00 50.00 50. 00 50.00 70,868 79, 929 77, 393 85, 872 71, 926 81,616 77,463 84, 443 224.240 216', 580 50.00 80, 502 84, 628 198,438 201,991 50.00 74,932 75, 354 206,108 195, 644 50.00 80,000 79,060 238,667 250,005 50.00 77, 309 78, 559 257, 578 240,571 254, 781 218,488 282, 581 261,667 230. 094 198, 760 50.00 50.00 50.00 50.00 78, 591 78, 886 77, 836 84, 126 78, 283 80, 959 79, 304 81,410 17, 602 278, 306 38, 061 20,065 21, 822 20,135 21, 494 251,041 223, 469 206,744 229,142 13, 623 32, 580 37, 253 39, 251 17.428 231,105 47, 737 17,006 252. 625 43,459 17. 946 277, 624 41,484 16,696 283,315 47,815 12, 952 15, 923 13,399 285, 333 295, 075 284, 283 50,073 50, 704 43, 948 16, 119 285,776 42, 760 265, 066 367,897 115, 266 399, 970 70.8 241, 242 247,710 292, 474 262, 918 338,030 429, 545 347, 575 112,801 124, 420 97, 340 338, 803 421, 576 372. 984 69.1 67.8 73.4 262, 344 248, 595 255, 354 264,348 372, 893 93,643 375, 772 64.2 259, 423 259,996 383,371 95, 058 376, 509 00.6 255, 677 255,830 382, 682 108, 427 366, 605 63.9 257, 889 314,316 454, 817 119, 502 443, 226 72.4 246, 219 320,073 628, 272 290, 467 445, 387 75.5 214, 352 365,396 497, 834 285, 935 506,466 85.6 218,649 339, 335 414,224 204, 8C0 482, 808 81.8 215,850 283, 228 393,123 173,212 429, 106 72.6 247, 393 280, 033 398, 125 140, 269 430, 895 72.1 237, 490 a 24,108 12,971 24, 573 91.3 24, 516 13, 897 15, 754 8,853 24,464 90.9 22, 864 16,134 255, 259 240, 656 264, 620 169, 502 225, 752 251, 032 244, 273 176, 261 PAPER PRODUCTS Coated abrasive paper and cloth: Shipments reams, Paperboard shipping boxes: Shipments, total mil. of sq. ft. Corrugated do... Solid fiber do.._ 86, 712 77, 477 85, 778 85, 267 80, 246 80,115 76, 903 86, 401 94,993 102,186 87, 504 74, 389 90, 003 2,304 2.145 159 2,827 2, 640 187 2,395 2,218 177 2,627 2,430 197 2,624 2,388 236 2,444 2,242 202 2,635 2,911 276 2,815 3,059 244 3,414 3,171 243 2,997 2,820 177 2,552 2,370 183 2,615 2,444 171 876 691 185 945 803 142 1,222 1,043 179 835 708 127 636 537 99 798 669 129 746 619 127 1,204 966 238 882 772 110 885 786 99 952 819 133 681 569 112 107, 557 128, 508 108, 597 116,935 87 92 86 84 16,041 16, 286 16,889 16, 498 128,583 81 16, 406 112,194 76 16, 549 126, 552 78 17,414 137, 299 78 18,947 162, 230 144, 291 134, 664 82 , 77 19,387 15,596 20,284 PRINTING Book publications, total no. of editions. New books do... New editions do... Continuous form stationery, new orders thous. of sets. Operations (productive activity) 1923 = 100. Sales books, new orders thous. of books_ 1,023 805 218 129,162 140, 463 18, 361 RUBBER AND PRODUCTS CRUDE AND SCRAP RUBBER Crude: Consumption, total long tons... 49, 832 For tires and tubes (quarterly) do 43, C Imports, total, including latexf do .188 Price, smoked sheets (N. Y.) dol. per lb_. Shipments, worldf long tons_. Stocks, world, end of month ..do Afloat, total do 112, 257 For United States do London and Liverpool do 86,223 British Malaya do 148, 776 United States do Reclaimed rubber: 17, 019 Consumption __do 19, 060 Production do 27, 019 Stocks, end of month. do Scrap rubber: Consumption by reclaimers (quar.) do r 42, 365 50,165 99,039 45,725 .163 76, 932 461,000 102,000 55,981 72, 235 81, 274 205, 214 44,166 44,377 50,481 54, 322 45, 886 .166 70, 750 430,000 96,000 54,046 66,020< 74, 308 193, 651 37, 372 .165 84,378 419,000 105,000 52, 990 57, 234 83,010 173, 395 38, 586 .167 92,000 397,000 120,000 66.717 44, 917 71,195 161, 233 50,150 102, 646 37, 642 .213 88,000 397,000 134,000 68,310 39, 359 76,228 147, 280 55, 764 32,031 .159 73,742 438,000 99,000 57, 918 68, 931 77,683 192, 638 47.259 96,033 34, 363 .164 64, 298 408,000 88,000 51, 274 63, 878 75,419 180,343 43,880 31,038 .159 77,473 480,000 106,000 55, 814 75, 517 87,968 210,093 45, 622 .199 115,000 413,000 173,000 100.500 37,361 71,662 131,251 42, 586 .202 86.000 395,000 171,000 114,044 36, 671 69,139 118,407 12, 626 13,093 21,390 15, 322 14, 528 19,955 13,391 14, 527 22, 628 13, 517 14, 769 22, 771 14.870 15.871 23,058 13, 542 12, 588 21,339 16, 846 17, 214 20, 645 16,953 17, 990 21,185 18,955 20,896 21,829 18,006 20,755 22, 362 36, 496 34, 204 48, 428 54, 978 115, 695 71, 395 ""72," 496 .196 .200 88, 000 108, 000 393, 000 448, 000 152, 000 175, 000 90, 285 91, 095 20, 000 31, 000 70,214 96, 478 140, 281 156, 822 15, 575 19, 249 25, 427 17. 596 20. 447 25, 530 38, 321 a Revised. § D a t a revised for 1937; see table 20, p . 15, of the April 1939 Survey. N o t comparable with current data. JChange in inventory due to physical check-up. Figures shown in earlier issues for m o n t h s prior t o M a y 1939 are not comparable with present data. {Revised series. F o r book paper, see note m a r k e d with a " t " on p . 51 of t h e J u l y 1939 Survey. Stocks of newsprint at publishers, a n d in transit to publishers, revised for 1937 a n d 1.938; revisions n o t shown on p . 52 of t h e April 1939 Survey will appear in a subsequent issue. C r u d e r u b b e r i m p o r t s revised beginning 1913 to include guayule rubber a n d world shipments of rubber revised beginning J a n u a r y 1938; Revisions not shown on p. 91 of t h e F e b r u a r y 1940 Survey will appear in a subsequent issue. Newsprint consumption has been revised to cover reports from 431 newspapers through 1939 a n d beginning 1940, 421 newspapers, replacing t h e series for 422 newspapers formerly shown. Earlier m o n t h l y d a t a are shown i n table 6, p . 10 of t h e M a r c h 1940 Survey. D a t a for fine a n d wrapping papers have been revised beginning 1934 to change d a t a from 4- a n d 5-week totals to calendar-month figures b y prorating t h e overlapping weeks. Wrapping paper has also been revised beginning 1934 to exclude d a t a for specialty paper a n d boardsfrom this classification. These data are still included in total paper excluding newsprint a n d paperboard. Revisions prior to October 1939 will be shown when available. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 53 SURVEY OF CURRENT BUSINESS April 1940 Monthly statistics through December 1937, to- 1940 gether with explanatory notes and references to the sources of the data may be found in the Febru1938 Supplement to the Survey ary 1940 1939 February March April May June July August September DecemOctober November ber January RUBBER AND PRODUCTS—Continued TIRES AND TUBES Pneumatic casings :f Production thousands.. Shipments, total do Original equipment* do Replacement equipment* do Exports* ___do Stocks, end of month do Inner tubes :f Production do Shipments, total do Exports* do Stocks, end of month do Raw material consumed: Crude rubber. (See Crude rubber.) Fabrics (quarterly) thous. of lb_. 4,911 4,118 1,974 2,043 101 10,157 ' 4,233 r 3, 640 r 1,474 * 2,055 111 9,573 5,137 4,583 1,747 2,723 113 10,109 4,211 4,356 1,529 2,719 108 4,418 4,753 1,415 3,239 100 9,919 4,870 5,750 1,370 4,267 113 8,909 4,510 5,056 809 4,162 85 8,300 5,492 4,919 611 4,205 103 5,007 5,621 1,249 4,227 146 8,364 5,431 5,188 1,805 3,237 146 8,657 4,867 4,244 1,823 2,273 148 9,244 4,479 4,740 2,618 1,987 135 4,977 4,277 1,805 2,367 105 9,389 4 211 3,810 71 7,897 rr 3, 733 3, 392 65 8,415 4,470 4,015 74 8,901 3,841 3,927 82 8,837 3,848 4,154 67 8,840 4,320 5,123 66 8,044 4,043 4,285 62 7,819 4,918 4,432 65 8,238 4,512 5,025 98 7,846 5,073 5,012 108 7,717 4,51 I 3,940 127 8,214 3,824 4,443 92 7,174 4,289 3,827 76 7,634 5,332 5,916 14, 619 5,473 15,195 5,376 4,185 16,388 5,044 6,389 15,018 62, 737 62, 969 67.877 RUBBER AND CANVAS FOOTWEAR Production, total Shipments, total Stocks, total, end of month thous. of pairs. do... do... 5,062 4, 761 15, 319 4,953 4,629 16, 582 5,897 5,214 17, 281 5,216 4,414 18,083 5,033 4,017 19,055 4,866 4,192 19, 729 3,280 4,894 18,115 5,090 6,213 16,956 4,713 6,452 15, 218 STONE, CLAY, AND GLASS PRODUCTS PORTLAND CEMENT Price, wholesale, composite Production Percent of capacity Shipments Stocks, finished, end of month Stocks, clinker, end of month dol. per bbl. thous. of bbl. thous. of bbl. do... do... C1) 0) 0) 1.667 5, 505 ••26.9 5,044 24,092 5,986 0) 0) 0) 0) 0) 5.041 24.7 4,905 25,895 6,298 8,171 37.4 8,467 23, 786 6,447 9,674 45.7 9,654 23, 837 6,568 11,185 50.9 12,748 22, 251 5,728 11, 953 56.5 12, 715 21, 477 5,797 12, 644 57.9 11, 757 22, 361 5,928 12 369 56.6 13, 401 21, 326 5,727 11,937 56.3 13,104 20,160 5,254 12, 539 57.3 12, 829 19, 870 4,854 11, 053 52.2 10,147 20, 761 4,824 9,488 '42.9 * 6, 785 23, 449 5,165 6,205 28. 5 3,889 25, 759 ' 5, 602 749 710 271 806 720 350 583 552 374 762 792 377 814 819 382 1,027 673 321 1,168 1,213 376 1,148 1,160 397 1,282 1,215 1,022 958 375 1,043 877 268 833 788 281 12. 024 12. 032 95,920 166, 380 455,859 397,838 12.026 178, 903 374, 572 12.077 209, 716 351,155 12.118 199,945 361, 264 12.059 177,165 393, 393 12.038 189, 287 416,302 12.036 167, 348 451, 390 12. 043 183, 201 466,150 12. 083 167, 329 468, 357 12. 080 129,252 483,173 12.112 58,868 504, 599 28, 785 57, 624 300, 546 290, 906 62, 982 277, 291 79, 349 256, 825 69, 489 252, 395 62, 658 248, 673 66,906 245, 967 62, 527 241, 785 64, 278 236, 784 54,127 243, 491 r 37, 645 257,469 15, 398 283,049 0) 0) 0) 0) CLAY PRODUCTS Bathroom accessories: Production thous. of pieces. Shipments do._. Stocks, end of month do_._ Common brick: Price, wholesale, composite, f. o. b. plant dol. per thous. Shipments thous. of brick. Stocks, end of month.... do... Face brick: Shipments do._. Stocks, end of month do... Floor and wall tile shipments:* Quantity.. thous. of sq. ft. Value .thous. of dol. Vitrifled paving brick: Shipments thous. of brick. Stocks, end of month. do... Hollow building tile: Shipments short tons. Rfwks, end of month do... 12.126 3,441 940 4,816 1,262 4,639 1, 208 4,692 1,274 5,103 1,413 4,899 1,337 6,172 1,635 5,439 1,473 5,511 1,478 4,868 1,337 4,271 1,173 4,028 1,092 2,007 48, 585 3,994 47, 336 3,612 45, 761 6,647 43, 002 6,844 44, 079 6,386 44, 214 9,038 44,169 8,149 43, 719 8,947 42,192 5,885 42, 261 r 2, 654 r 43, 384 1,098 42, 367 43, 643 72, 546 348, 792 340, 348 81, 994 327,847 105,173 307, 810 306, 435 95,180 305, 242 107, 771 319, 464 90,184 316, 376 89, 700 324,886 88, 422 339,038 ' 67,659 362,492 38, 748 359, 274 4,071 65.4 3,978 8 ; 336 4,516 69.7 4,485 8,293 4,662 72.0 4,618 8,209 4,593 73.8 4,158 8,572 4,802 71.4 4,766 8,548 4,250 68.3 4,979 7,739 4,891 75.5 4,471 8,061 4,300 69.1 3,884 8,374 4,046 65.0 3,114 9,237 4,263 61.6 3,726 9,601 () () GLASS PRODUCTS Glass containers:f Production .thous. of gross... Percent of capacity Shipments thous. of gross.. Stocks, end of month do lluminating glassware: Shipments, total thous. of doL. Residential do Commercial do Miscellaneous do Plate glass, polished, production.thous. of sq. ft Window glass: Production __thous. of boxes.. Percent of capacity GYPSUM AND PRODUCTS Crude: Imports short tons,. Production do Calcined production do Gypsum products sold or used: Uncalcined .do Calcined: Lath thous. of sq. ft.. Wallboard do Keene's cement short tons.. All building plasters do For manufacturing uses do Tile thous. of sq. ft.. 4,123 64.3 3,831 9,807 3,386 56.6 3,320 8,192 4.125 61.3 3,931 8,316 13,175 357 185 107 65 10,165 396 201 116 79 11, 790 1,099 67.7 809 49.8 912 56.1 () (2) 740 45.6 () 8,036 9,289 6,212 10,450 729 44.8 720 44.3 690 42.6 867 53.4 8 18, 369 15, 812 18, 477 17, 257 13, 663 914 56.2 1,121 69.1 1,143 70.5 1,189 73.2 1,413 87.1 () () () 40, 423 541,183 533, 440 291, 810 845, 524 773, 634 445, 756 995, 760 840, 245 530,089 813,129 688,986 139, 248 244,163 286, 391 230, 207 207, 418 95, 981 5, 506 331, 702 26, 233 5,228 297, 267 113, 721 7,781 486, 494 25, 515 8,581 342,060 102, 400 7, 533, 790 28, 219 9,026 290, 358 98,887 5,955 394, 592 30, 898 7,335 () r Revised. i D i s c o n t i n u e d b y compilers; d a t a on a n index basis a p p e a r on p . 20. * D i s c o n t i n u e d b y reporting source. *New series. F o r d a t a on floor a n d wall tile beginning 1935, see table 31, p . 18 of t h e J u n e 1939 S u r v e y . F o r t h e n e w series on p n e u m a t i c casings a n d inner t u b e s see tables 27 a n d 28, p p . 16-18 of t h e M a y 1939 S u r v e y . fRevised series. D a t a for p n e u m a t i c casings a n d inner t u b e s revised for 1936, 1937, a n d 1938; see tables 27 a n d 28, p p . 16-18 of t h e M a y 1939 S u r v e y . D a t a for glass containers revised beginning 1936; revisions n o t s h o w n o n p . 92 of t h e F e b r u a r y 1940 S u r v e y or on p . 53 of t h e J a n u a r y 1940 S u r v e y will a p p e a r in t h e 1940 S u p p l e m e n t . T h e changes are generally minor. 54 SURVEY OF CURRENT BUSINESS Monthly statistics through December 1937, to- 1940 gether with explanatory notes and references to the sources of the data may be found in the February 1938 Supplement to the Survey. April 1940 1939 February March April May June July 1940 August September DecemOctober November ber January TEXTILE PRODUCTS CLOTHING Hosiery: Production thous. of dozen pairs.. Shipments do Stocks, end of month do 11,334 11,422 25,124 11, 374 10, 535 22, 201 13,198 13,142 22,317 11,024 10, 577 22, 823 11,796 10,891 23, 789 11,218 10,294 24, 773 9,819 9,483 25,133 12,448 12,924 24,681 11,977 12, 820 23,861 13,194 13,156 23, 923 12,987 12, 451 24,482 10,411 10, 259 24, 658 11, 702 11,149 25, 212 662,659 747 37 .100 .111 562, 580 264 8 .082 .090 649, 940 330 10 .083 .090 543,187 178 13 .082 .088 606,090 143 14 .085 .096 578,436 114 12 .087 521,353 107 16 .088 .097 628,448 219 13 .087 .094 624,902 649 10 .091 .093 686,936 886 14 .087 .093 718, 721 584 11 .088 .098 652, 695 807 10 .097 .110 730, 143" 1,027 9 .101 .111 11, 276 6 11, 792 1,548 11, 405 COTTON Consumption bales. Exports (excluding linters) § thous. of bales. Imports (excluding linters)§ do_-. Prices received by farmers dol. per lb. Price, wholesale, middling (New York)...do... Production: Ginnings (running bales)•.._.thous. of bales. Crop estimate, equivalent 500-lb. bales.do.__ Movement into sight do._. Stocks, world, end of month* do... American cotton do. _. In the United States do... On farm and in transit .do... Warehouses do._. Mills do... In foreign countries do... Foreign cotton do._. 137 1,402 6,687 10,085 11,112 418 33, 567 18,713 16, 570 949 14,101 1,520 2,143 14,854 428 31,005 17,670 15, 626 803 13, 446 1,377 2,044 13, 335 276 28, 656 16, 766 14, 921 718 12, 948 1, 255 1,845 11,890 296 26,155 15, 772 14,171 646 12, 393 1,132 1,601 10,383 328 23, 723 14, 826 13,487 595 11, 920 972 1,339 8,897 565 21, 462 14,030 12, 956 550 11, 591 815 1,074 7,432 870 2,761 0) 0) 3,093 2,288 0) 0) (0 0) 33, 346 9,415 27, 618 9,210 33,135 10,108 29, 726 6,566 23, 980 5,581 7,151 12. 25 .051 .062 10.05 .042 .050 10.11 .043 .050 10.01 .042 .049 9.33 .042 .049 126, 641 93,483 5,130 106, 396 144, 021 109,652 6,633 127,815 127, 858 97, 270 4,962 109, 250 22, 804 8,266 331 99.6 22, 533 7,164 277 87.8 22, 503 8,243 319 86.7 .0255 .0350 .224 .225 .303 » 11, 623 0) 0) 12,157 1,702 0) 0) 0) 0) '23,405 11,025 r 11, 774 -"606 r 22, 254 7,280 ••14,151 '823 0) 0) 0) 0) 28, 674 6,750 23,878 6,776 9.84 .045 .052 10.52 .047 .053 131,715 98, 292 5,782 108, 736 127,104 89,020 5,843 90, 265 22,123 6,895 269 84.7 21,970 7,573 297 81.9 .225 .303 .228 .303 ' 20, 776 3,918 r 15,441 ••1,417 19,457 2, 266 15,457 1,734 (0 0) 18, 106 1,741 14, 554 1,811 1, 140 0) 0) 1,454 13, 207 1,730 0) 0) 0) 0) (0 30,023 11,189 40,494 11, 774 35, 564 11,859 37, 899 16, 322 33, 311 10, 332 11.41 .047 .053 14.56 .054 .063 15.83 .055 14.93 .053 13.61 .053 .066 13.36 .054 .065 127,634 90, 267 6,543 87, 281 137, 722 102, 281 7,305 99, 242 153, 025 106, 678 8,056 113,380 173, 256 120, 460 8,322 124, 201 165, 624 123,154 6,516 117, 393 152, 215 109, 419 5,524 113,100 21,771 7,399 290 82.5 21, 939 6,621 262 81.9 22,012 7,908 313 85.1 22, 232 7,695 306 92.5 22,659 8,581 342 97.9 22, 774 8,803 353 101.3 22, 778 8,040 322 100.7 22, 872 9,223 369 102.6 .235 .303 .238 .313 .240 .315 .266 .351 .277 .365 .279 .378 .274 .378 .272 .375 0) 0) 0) COTTON MANUFACTURES Cotton cloth: Exportsf thous. of sq. yd-. Imports§ do Prices, wholesale: Mill margins* cents per lb.. Print cloth, 64 x 60 dol. per yd.. Sheeting, unbleached, 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, wholesale prices: 22/1, cones (factory) dol. per lb 40/s, southern spinning, Boston* do... RAYON AND SILK Rayon: 870 739 924 827 p 817 673 691 679 963 925 925 897 -•827 Deliveries, yarn, unadjustedf...1923-25=100.. 4,159 3,395 3,955 3,322 3,503 4,062 2,607 3,457 3,423 3,108 6,750 5, 104 5,677 Imports§ thous. of lb.. Price, wholesale, 150 denier, first quality .51 .52 .53 .51 .51 .51 .51 .53 .53 .53 .51 .53 .53 (N. Y.) dol. perlb.. 33.3 8.3 41.4 26.4 19.3 6.4 39.6 43.4 41.7 13.1 9.4 7.0 Stocks, yarn, end of mo.* mil. of lb... 7.7 Silk: 26, 256 22, 485 33, 219 26,134 33, 095 36, 869 37,863 27, 802 26,150 32, 241 41,858 29, 506 21, 128 Deliveries (consumption) bales-. 4,050 2,614 4,495 7,262 4,972 3,555 3,592 5,322 3,040 3,943 5,423 6,936 2,175 Imports, raw thous. of lb.. Price, wholesale, raw, Japanese, 13-15 (N.Y.) 2.534 2.114 2.218 2.689 2. 648 2.641 2.993 3.683 2.393 3.394 3.271 3.921 dol. per lb.. Stocks, end of month: 60, 709 73, 348 81,060 89,160 98, 078 86, 816 77, 238 61, 601 89,135 92, 527 109,110 87, 025 83, 306 Total visible supply bales 19, 209 25,060 27, 760 35,935 55, 610 50, 306 38,178 23,116 20,738 24, 201 59, 225 41, 927 25, 748 United States (warehouses) do... WOOL 14,054 16, 709 29, 625 19,832 16, 826 20, 542 14, 771 22,909 26, 035 45, 082 Imports (unmanufactured)! thous. of lb_. 37, 212 17, 274 25,441 Consumption (scoured basis) :^ 23, 772 27,489 22,449 21,110 19, 567 20, 244 24,707 25,006 26,436 22, 378 21, 302 28,189 Apparel class do 6,291 7,984 9,604 9,856 8,159 ' 9, 703 8,776 11, 274 9,238 7,665 5,852 8,847 8,658 Carpet class do._. Operations, machinery activity (weekly average) i Looms: Woolen and worsted: 1,791 1,759 1,573 1,549 1,782 2,044 1,853 1,942 1,580 1,338 2,043 1,587 Broad thous. of active hours. 73 82 69 62 69 81 95 78 78 75 101 80 Narrow do 200 178 175 199 196 221 197 209 213 213 195 Carpet and rug do Spinning spindles: 72,489 74, 111 73, 739 77, 201 74,103 73, 328 60,041 55, 704 80,173 81,748 70, 764 73,130 63, 248 Woolen _.do_.. 82,819 84, 395 71, 306 81,611 105,604 103,333 71, 344 77, 747 67, 613 79,174 77,698 67, 472 82, 226 Worsted do.._ 136 132 144 133 124 167 137 95 117 145 127 137 157 Worsted combs do Prices, wholesale: .72 1.02 1.02 1.06 .72 .71 .73 1.09 1.06 .73 .93 Raw, territory, fine, scoured dol. per lb._ .32 .32 .43 .45 .49 .46 .32 .30 .33 .47 .28 .30 .39 Raw, Ohio and Penn. fleeces do.... Suiting, unfinished worsted, 13 oz. (at fac2.178 1.683 1.683 1.683 1.906 2.178 2.178 1.683 2.178 1.646 2.116 tory) dol. per yd _ Women's dress goods, French serge, 54" (at 1.188 1.015 1.015 1.163 1.163 1.163 1.015 1.015 1.015 1.015 1.015 1.101 1.188 mill) dol. per ydWorsted yarn, 32's, crossbred stock (Boston) 1.46 1.42 1.13 1.13 1.53 1.45 1.13 1.34 1.13 1.13 1.15 1.38 1.13 dol. per lb.. •Total ginnings to end of month indicated. > As of December 1. Preliminary. '1 Revised. • Total crop for 1937-38 crop year. JSee note marked with a "X" on p. 54 of the July 1939 Survey. Data not available since the outbreak of the war. 5Data for April, July, October 1939, and January 1940 are for 5 weeks; other months, 4 weeks. {Revised series. 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 cotton cloth exports revised beginning 1913; see table 48, p. 16, of *New series The data on cotton stocks shown here are compiled by the New York Cotton Exchange and replace the data compiled by the Commercial and Financial Chronicle. Data beginning 1920 appear in table 34, pp. 15 and 16 of the August 1939 Survey. Data on total stocks of foreign cottons and total world stocks of all cottons beginfor the series formerly shown, which was on basis ot n u m b e r oi m o n t n s ' supply, v igures Degmmng J anuary iyou appear in rauie ~z, p . i s ui mis i » u e . a ue ociico uu ^MA>U varn southern single, carded, 40/s cones, at Boston has been substituted for the New Bedford series formerly shown, which has not been available since August 1934. The New'Bedford price for the period September 1934 to October 1939 was computed from the Boston price on the basis of the relationship expressed between the two series in 1933 Monthly data 1933-38 for the Boston series will be shown in a subsequent issue. §Revised series. Data revised for 1937; see tables 19 and 20, pp. 14 and 15 of the April 1939 Survey. 55 SURVEY OF CUERENT BUSINESS April 1940 1940 1939 Monthly statistics through December 1937, to- 1940 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 August September DecemOctober November ber January 0) TEXTILE PRODUCTS—Continued WOOL—Continued Receipts at Boston, total thons. nf lh do Domestic do Foreign. . _ Stocks, scoured basis, end of quarter, total 0) 3,247 (0 11,820 6,660 5,160 17,173 10, 241 6,932 31,461 25,641 5,820 55, 614 51,401 4,213 55, 355 51, 247 4,109 39, 228 35, 287 3,941 24,410 19,046 5,363 (') 11,991 0) 5,601 4,678 0) 0) (0 (0 0) ••118,514 ' 40, 997 ' 32, 201 ' 8, 796 ' 77, 517 r 57, 260 ' 20, 257 123, 096 39,602 31, 357 8,245 83, 494 63,128 20,366 94, 506 39,019 29,458 9,561 55, 487 33,452 22, 035 t.hrms nf lh do do do do do do Woolen wools, total Domestic Foreign Worsted wools, total Domestic Foreign 13,608 5,939 7,669 4,040 111,289 44,105 30, 958 13,147 f>7,184 31,713 35,471 MISCELLANEOUS PRODUCTS Buttons, fresh-water pearl: Production _ _ . pet. of capacity.. 34.9 6,431 Stocks, end of month __.thous. of gross.. .thous. of dol v 3.770 Fur, sales by dealers.. Pyroxylin-coated textiles (artificial leather) :f Orders, unfilled, end of mo-.thous. linear yd_. 2,398 Pyroxylin spread ._ thous. oflb _ 4,930 4,862 Shipments, billed _ thous. linear yd__ 39.2 6,507 2,900 39.2 6,607 3,552 34.6 6,641 2,293 25.6 6,280 2,695 28.6 6,232 2,686 26.3 5,873 2,405 32.1 5,681 3,155 40.4 5,697 3,155 46.5 5,784 2,660 44.0 5,927 2,250 30.4 6,014 * 1, 284 35.7 6,403 ' 3,034 2,223 5,079 5,119 2,188 5,402 5,505 2,252 4,643 4,576 1,887 4,727 4,759 2,087 4,710 4,387 2,243 4,351 3,971 2,415 5,581 5,143 4,562 6,243 5,807 3,578 6,371 6,482 3,132 5,413 5,556 2,797 5,038 5,148 2,886 5,131 5, 061 TRANSPORTATION EQUIPMENT AIRPLANES Production, totalf Commercial (licensed) For export. ___ number.. ...do do 170 266 152 114 352 220 132 379 270 109 475 319 156 679 530 149 329 207 122 578 440 138 486 424 62 43 62 294 206 4,776 2,611 6,043 4,222 6,315 4,526 2,274 1,592 5,480 4,075 6,027 4,630 4,821 3,040 6,154 4,804 1,913 934 1,202 586 4,874 2,386 4,901 1,947 4,980 2,258 20,145 9, 837 10, 308 27,351 16,193 11,158 30,048 17,984 12, 064 27,087 16, 213 10,874 25, 220 14,430 10,790 27, 087 16, 213 10,874 19,183 8,375 10,808 11,592 3,985 7,607 7,834 4,493 3,341 18,140 9,461 8,679 19, 676 10, 678 22, 688 11,885 10, 803 23, 032 13,47G 9, 556 81,915 42,157 39, 330 427 128, 377 120,907 67, 200 53,125 582 158,512 121,919 69, 087 52, 214 618 155, 736 141, 790 78, 587 62,449 754 145, 457 138, 572 76, 249 61, 701 621 122, 684 121, 737 67, 000 54,192 545 100, 490 116, 748 62, 074 54,103 571 47, 058 94, 316 46, 586 47, 313 417 65, 310 109, 793 59, 525 49, 734 534 130, 332 113,941 64, 000 49, 403 478 134, 922 119,637 69, 705 49, 408 524 179, 930 110,577 64, 460 45,617 500 189,184 74 30,600 58 29, 878 83 35,331 34, 790 76 35, 501 90 37, 606 75 35, 527 76 38,821 77 35,804 77 38,471 67 33, 737 76 37, 809 59 31,824 18,193 12,779 403, 627 337, 372 66, 255 1,850 14, 300 10,914 303, 220 243, 000 60, 220 1,443 17, 549 12, 689 371,946 299, 703 72, 243 1,730 16,891 12, 791 337, 375 273, 409 63, 966 1,348 15, 706 11, 585 297, 542 237,870 59,672 1,244 14,515 10, 585 309, 738 246, 704 63, 034 1,020 9,135 5,112 209, 359 150, 738 58, 621 681 3,475 1,068 99,868 61, 407 38, 461 971 3,921 3,494 188, 757 161, 625 27,132 1,585 11, 296 7,791 313, 392 251,819 61, 573 1,882 16, 756 9,882 351, 785 285, 252 66, 533 1,783 16,978 11,491 452,142 373, 804 78, 338 2,071 17,213 12, 579 432,101 362, 736 69, 365 2,164 164,942 33, 279 248, 038 45, 083 268, 335 46, 063 280,834 45, 381 243, 741 40,482 229, 308 44, 747 182, 633 43, 523 141, 633 32,983 212, 586 37, 923 231, 571 41, 286 246, 544 37,460 260,216 45, 650 123. 874 174; 572 160, 458 83, 251 133, 511 115, 890 142, 062 161, 057 142, 743 132, 612 142,002 126, 275 129, 053 128,453 112,868 124, 618 139, 694 124, 048 102,031 84, 327 71,803 76,120 12,113 7,436 56, 789 53, 072 47, 606 110,471 144, 350 129,821 162, 881 200, 071 180,133 156,008 207, 637 188r 839 120, 809 181,088 164, 925 156 139 147 136 128 125 110 117 128 146 135 143 178 145 118 140 140 129 95 153 142 141 105 129 132 150 105 120 115 154 108 115 113 166 108 94 113 154 97 96 104 166 106 133 94 173 106 159 106 183 101 154 107 167 91 177 101 127 87 201 91 141 104 1,643 1,668 1,664 1,662 1,657 1,654 1,653 1,650 1,644 1,642 1,641 1,638 1,640 155 9.6 28,112 225 13.7 6,788 214 13.0 6,502 221 13.5 6,391 231 14.2 9,261 223 13.7 10, 062 229 14.0 8,448 225 13.8 8,754 195 12.1 23,028 168 10.4 28,906 159 9.8 • 36,193 154 9.6 37, 049 155 9.6 34, 509 6,496 16.0 70 8,053 19.1 63 8,149 19.3 62 8,175 19.4 61 8,640 20.6 8,382 20.1 60 8,059 20.3 72 8,337 20.0 63 8,125 19.6 7,558 18.3 64 17.0 6, 507 15.9 r 51 6,324 15. 5 '77 168 133 98 35 123 113 132 122 62 148 138 78 60 169 160 100 60 151 143 150 146 86 60 122 118 72 46 136 132 90 42 165 140 110 30 184 140 113 27 156 113 92 21 179 139 99 40 AUTOMOBILES Exports: Canada: Assembled, total number.. Passenger cars do United States: Assembled, total§ do Passenger cars§ do Trucks§f_ do... Financing: f 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. S do To dealers, total* do To U. S. dealers do.... Accessories and parts, shipments: Combined index Jan. 1925=100Original equipment to vehicle manufacturers Jan. 1925=100.. Accessories to wholesalers.. do Service parts to wholesalers do Service equipment to wholesalers do RAILWAY EQUIPMENT (Association of American Railroads) Freight cars, end of mo.: Number owned thousands.. Undergoing or awaiting classified repairs thousands.. Percent of total on line Orders, unfilled cars.. Locomotives, end of mo.: Undergoing or awaiting classified repairs number. . Percent of total on line Orders, unfilled._ number, . r 44 (U. S. Bureau of the Census) Locomotives :f Orders, unfilled, end of mo., t o t a l . . n u m b e r . . Domestic, total do Electric do Steam do r 45 63 1 Revised. v Preliminary. Not available since the outbreak of war. *New series. Data represent sales to United States and Canadian dealers only; discontinued series included sales of overseas subsidiaries, which are no longer available. Data on the new basis appear in table 10, p. 12 of the March 1940 issue. fRevised series. Data on pyroxylin-coated textiles revised beginning January 1938; see note marked with a "f" on p. 55 of the November 1939 Survey. Data on shipments and unfilled orders, locomotives, revised beginning January 1939 on the basis of a more definite segregation between railroad locomotives shown above and mining and industrial electric locomotives shown on p . 56. Quarterly data beginning 1939 are available from the Bureau of the Census for Diesel-electric, Diesel-mechanical, and gasolinemechanical or steam locomotives, in addition to the data for industrial electric locomotives shown on p . 56 which are for trolley or third-rail and storage-battery locomotives. Digitized for Data FRASER on automobile financing revised beginning 1933, see table 11, p . 13 of March 1940 issue. ^Excludes military planes for domestic use. §Revised series. Data revised for 1937; see table 19, p . 14 of the April 1939 Survey. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 56 SURVEY OF CURRENT BUSINESS Monthly statistics through December 1937, to- 1940 gether with explanatory notes and references to the sources of the data may be found in the Febru1938 Supplement to the Survey ary April 1940 1940 1939 February- March April May June July August September DecemOctober November ber January TRANSPORTATION EQUIPMENT—Continued RAILWAY EQUIPMENT—Continued (17. S. Bureau of the Census) Locomotives—Continued.H Shipments, domestic, total number. Electric do... Steam do... Industrial electric (quarterly): Shipments, total do_... For mining use do... (American Railway Car Institute)^ Shipments: Freight cars, total number.. Domestic do Passenger cars, total do Domestic do 24 23 1 87 5,242 5,142 14 14 1,927 1,917 0 0 2,194 2,174 0 0 (U. S. Bureau of Foreign and Domestic Commerce) Exports of locomotives, total § number.. Electric§ do Steam do INDUSTRIAL ELECTRIC TRUCKS AND TRACTORS Shipments, total Domestic Exports number. do._. do... WORLD SHIPBUILDING (Quarterly) Launched: Number ships. Tonnage thous. gross tons. Under construction: Number ships. Tonnage thous. gross tons. 1,313 1,313 12 12 279 279 15 15 2,149 2,148 21 10 882 880 18 18 813 804 9 799 740 22 22 125 119 6 247 690 249 549 716 2,704 719 2,859 0) 0) 0) (0 1,160 1,110 12 12 2,616 2,616 54 54 4,366 4,136 36 36 5,160 5,083 0 0 129 93 36 140 99 41 152 118 34 131 112 19 0) 0) (0 0) CANADIAN STATISTICS Physical volume of business: Combined index 1926=100. 133.1 133.0 133.3 138.6 113.2 116.7 121.4 125.8 120.5 125.2 111.7 121.4 Industrial production: 114.1 124.4 Combined index do... 139.7 115.2 119.1 128.3 127.5 139.0 138.2 145.2 123.3 123.9 56.0 Construction do... 43.2 47.4 51.1 48.6 59.7 40.3 61.7 52.1 48.9 53.6 59.6 232.3 Electric power do... 245.6 233.2 226.4 246.0 241.1 248.1 239.2 243.4 235.5 235.6 238.8 105.0 Manufacturing do... 143.7 107.6 109.5 121.3 116.5 136.9 136.9 146.8 113.3 112.3 112.9 111.6 139.3 110.4 120.2 130.7 126.4 Forestry do... 128.7 127.6 142.4 112.6 114.2 120.6 190.9 194.2 196.7 219.6 223.2 233.2 Mining do... 236.7 202.4 215.6 232.7 238.5 228.9 Distribution: 104.9 109.6 118.4 118.3 Combined index do... 114.3 115.8 119.7 107.4 115.9 112.9 110. 6 119.1 66.7 69.2 95.6 82.0 Carloadings do.. 80.0 84.0 86.7 71.8 81.1 71.3 76.8 82.6 115.1 112.8 122.8 114.3 130.5 103.3 98.8 120.3 122.1 123.7 106.9 118.1 Exports (volume)f do... 78.0 102.0 93.2 102.1 109.7 71.7 73.9 86.1 108.1 87.7 91.2 Imports (volume). do... 99.7 138.0 137.3 139.3 133.4 137.2 141.8 137.5 137.1 135.9 Trade employment do._ 135.0 138.0 138.3 Agricultural marketings: 112.4 96.5 174.4 151.1 101.3 32.3 40.5 76.8 101.3 48.1 60.3 102.6 Combined index do.. 117.7 96.0 166.2 107.1 105.7 40.7 196.5 33.8 105. 9 76.5 Grain do.. 23.5 58.5 75.2 81.2 83.2 81.9 70.5 88.7 99.6 75.7 Livestock do.. 87.5 78.3 71.7 68.1 Commodity prices: 85.1 83.0 85.3 83.1 83.1 82.9 83.1 85.0 83.1 83.1 82.9 Cost of living do.. 84.7 73.2 73.2 73.4 73.3 72.6 Wholesale prices do.. 80.3 81.7 73.7 79.3 72.4 78.2 Employment (first of month): 114.4 116.2 106.5 113.1 123.6 106.2 119.6 117.5 121.7 122.7 106. 5 104.9 115.8 Combined index do.. 58.1 89.4 115.3 117.6 94.2 152.2 146.3 131.5 93.8 94.3 91.6 133.1 68.8 Construction and maintenance do.. 120.5 106.0 111.4 122. 1 108.4 112.8 115.3 107.0 107.1 119.7 122.2 111.3 118.2 Manufacturing do.. 168.4 160.5 160.5 155. 8 168.0 171.0 165.6 170.3 171.3 160. 9 157.4 164.1 164.7 Mining.. do.. 131.8 129.5 141.8 135.2 133.2 149.8 151.7 128.5 131.4 136.1 132.9 147.6 133.7 Service do._ 136.4 131.0 136.6 135.1 134.9 140.2 135.5 138.6 144.7 128.9 131.1 137.4 149.9 Trade do.. 83.3 79.4 86.5 90.6 81.4 87.5 90.0 80.3 79.3 94.8 89.7 87.6 84.5 Transportation do.. Finance: Banking: 2,832 2,674 2,050 2,390 2,930 3,057 2,831 2,377 2,899 2,428 2,473 2,839 Bank debits mil. of dol._ 132 121 94 154 95 136 120 99 83 93 105 Commercial failures* number... Life insurance sales, new paid for ordinaryt 30, 879 33, 578 28, 229 33, 657 35, 766 32, 244 28, 558 37,117 34, 677 36, 062 36, 692 33, 726 thous. of d o l . . 31,820 Security issues and prices: 54, 657 128, 404 154, 583 213, 421 111,462 73, 733 113, 451 50, 590 268, 083 60, 890 78,996 322,906 New bond issues, total d o . _ . 116, 510 67.5 78.3 76.5 74.0 68.1 75.1 74.4 67.5 67.0 66.3 66.8 68.4 Bondyieldst 1926=100. 94.2 100.1 104.1 96.2 106.0 103.6 101.2 97.0 99.7 103.7 97.3 99.2 Common stock prices do... Foreign trade: 72, 314 58, 243 70. 083 50, 987 80, 774 77, 570 76, 641 76, 476 82, 457 91, 419 98, 490 101, 973 90, 854 Exports, totalf thous. of dol_ 6,598 5,746 2,832 13, 655 14, 637 13, 781 10, 273 15, 641 16, 849 20, 635 34, 412 10,358 6, 564 Wheat thous. of b u . 559 573 291 275 401 417 444 903 725 361 516 403 379 Wheat flour thous. of bbL 71,042 63, 709 58, 580 62, 708 73,564 79, 053 84, 561 72,109 40, 380 41, 908 58, 381 72, 958 71,104 Imports thous. of dol. Railways: 295 248 195 229 270 200 210 160 179 215 191 196 Carloadings thous. of cars. Financial results: 39, 681 22, 652 25, 191 29, 774 42, 960 25, 700 29, 680 36, 703 33, 232 26, 160 27, 794 Operating revenues -thous. of dol. 22, 921 24, 333 22, 906 25, 261 24, 296 26, 038 27, 054 29, 571 26, 985 25,146 24, 552 Operating expenses. do.._ <* 1, 490 1,029 1,429 12, 049 11,222 10, 083 3,190 8,199 601 529 193 Operating income do... Operating results: 2,114 2,394 4,800 3,753 3,371 2,054 2,431 1,819 1,707 1,957 2,976 Revenue freight carried 1 mile-mil, of t o n s . . 122 134 153 115 180 196 168 127 129 101 Passengers carried 1 mile mil. of p a s s . . 186 Production: Electrical energy, central stations 2,590 2,214 2,333 2,381 2,607 2,246 2,206 2,197 2,535 2,526 2,293 2,367 mil. of kw.-hr 41 66 53 60 46 86 88 95 105 58 41 Pig iron thous. of long t o n s . . 122 124 150 166 77 121 108 111 140 96 100 147 150 Steel ingots and castings do_. 1,382 2,090 1,188 1,037 1,194 1,114 1,192 1,927 1,960 1,106 1,600 1,266 Wheat flour thous. of bbl d * Revised. Deficit. i Data discontinued during period of war. *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 appear in table 54, p. 18, of the November 1939 issue. §Revised series. Data revised for 1937; see table 19, p. 14, of the April 1939 Survey. fData on life insurance sales revised beginning January 1936. Revisions not shown on p. 56 of the September 1939 Survey will appear in a subsequent issue. Revised data on value of exports beginning 1926 are shown in table 15, p. 17 of the March 1940 issue. For the index of volume of exports, revisions are available for 1938-39. Data not shown on p. 56 of the January 1940 Survey will appear in a subsequent issue. Indexes for the period 1926-37 are available only on the old basis. Data on bond yields revised beginning 1932; revisions not shown on p. 56 of the March 1940 Survey will appear in a subsequent issue. Data on railway equipment shipments revised beginning 1918, see table 14, p. 16 of the March 1940 Survey. http://fraser.stlouisfed.org/ USee footnote marked with a " t " on p. 55. u. s. GOVERNMENT PRINTING OFFICE: 1940 Federal Reserve Bank of St. Louis INDEX TO MONTHLY BUSINESS S CLASSIFICATION, BY SECTIONS Monthly business statistics: Page Business indexes , _. 19 Commodity prices — __. 20 Construction and real e s t a t e . _ 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_ „..__.__ — 40 Foodstuffs and tobacco--, 41 Fuels and byproducts._ _ ,, , _ 45 Leather and products. 46 Lumber and manufactures.. __, 47 Metals and manufactures: Iron and steel _ 48 NonfeiTous metals and products 49 Machinery and a p p a r a t u s . - - . - 50 Paper and printing „ 31 Rubber and products __ 52 Stone, clay, and glass p r o d u c t s . - 53 Textile products.... 54 Transportation equipment. _ __ _ _ . 55 Canadian statistics. ___ — — _ 56 CLASSIFICATION, BY INDIVIDUAL SERIES Page 52 Abrasive paper and cloth (coated) _, 30 Acceptances ..... ... 55 Accessories—Automobile _....._ — 23 Advertising.. _ . Agricultural products, cash income received from marketings of—_ _ _. 20 Agricultural wages, loans . . . . 29,30 Air-conditioning equipment 50 Air mail ... __ 23 Airplanes-. ..._....., 38,55 Alcohol, denatured, ethyl, methanol- . . . . . . 38 Aluminum . 49 Animal fats, greases. , ., . 39 Anthracite mining 19,26,28,45 Apparel, wearing 20,24, 25,26,27,28,29,54 Asphalt ______ _. .__ 46 Automobiles.,.. — 19,23,24,25,27,28,29,55 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—. -.._-.. 48,49 Bonds, prices, sales, value, yields .___. 30,35 Book publication „___ . — — .__... 52 Boxes, paper. __ . «... ._. 52 Brass 50 Buck ..„._.. ... 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 Cannl traffic. ____ _ . , . . 37,38 Candy ___„, .._....___.... . 44 Capital flotations . _ — . . _ . _ . . _ . . _ . . 33,34 CarloadJngs____ — ... ..._... 37 Cattle and calves.___.. _.__ ...... 43 Cellulose plastic products ,_ ., 40 Cement_. . —.....____..___ 19,53 Chain-store sales—. — —____ — — — — — __-_ 24 Cheese . . „ . . . . . 41 Cigars arid cigarettes_.., ._._ _ - 44,45 Civil-service employees_ . _. ___—_ _ 26 Clay p r o d u c t s — . . . . - . . _ . _ . 25,27,28,29,53 Clothing 20,24,25,26,27,28,29,54 Coal. ....... _ . _ _ . . — 19,20,26,28,45 Cocoa..-__._ . . . . _ . _ _ . _. ........ 44 Coffee . . . 44 Coke-.... .... - . . . — ._.. 45 Collections, department s t o r e s . . . . _ . _ — _ . 24 •Commercial failures . .... .... 31 Commercial paper ,_ — , , . . ,_„„ 30 Construction: Contracts awarded, indexes., 21,22 Costs, 22 22 Highways. 29 Wage rates . 49 Copper 39 Copra and coconut oil. 20 Cost-of living index. Cotton, raw and manufactures... 20,21,54 Cottonseed, cake and meal, oil„_ 39 Crops -_.19,20,42,43, Currency in circulation— _ . . . _. Dairy products—. . . . . _ . _ . . _ . _ 19, 20, Debits, bank.—— „ ...._._.... Debt, United States GovernmentDelaware, employment, pay rolls— — . 26 Department-store sales and stocks Deposits, bank . _. Disputes, industrial—— _ . . . ...._ Dividend payments.... ._ — _.»__ — _ Earnings, factory, average weekly and hourly . .._____.._..___._.--_-. Eggs__._ __.._ . . . — — . - 19. Electrical equipment.. __ Electric power, production, sales, revenues. Electric street railways-..___. . ., Employment: Cities and States ,. ,._....._.. Nonmanufacturing __-_. . _._.. Emigration . . .— . . Enameled ware . Engineering construction-__„.__ — _____.,_ Exchange rates, foreign . . ,. Expenditures, United States Government—Explosives— ... .... Exports . .___. Factory employment, pay rolls 25, 26 Fairchild's retail price index.. Fares, street railways___. .. Farm prices, index ..__... Federal Government, finances Federal-aid highways.._..___ Federal Reserve banks, condition of Federal Reserve reporting member bank statistics .._.... —. .... Fertilizers Fire-extinguishing equipment Fire losses —-__ Fish oils and fish Flaxseed- _ . _.___._-_ Flooring, oak, maple, beech. Flour, wheat-— . - . _ . . ... _-. Food products .... _ . 20,25,26,28 Footwear. , . . . . . 46 Foreclosures, real estate- . _ , . . . _ . .. Foundry equipment__..__ _.__.._-.. Freight carloadings, cars, indexe*. Freight cars ( e q u i p m e n t ) . . . . . . . . Freight-car surplus_. . —... Fruits. . . — ._._._._-Fuel equipment _. Fuels . . . . Furniture .__._.Gas, customers, sales, revenues Gas and oil fuels — __ — — _ . — Gasoline ~ .-_.___ Gelatin, edible. ..._— — General Motors sales . _ . — . . . — ._ Glass and glassware. - - - - - 19,25,27,28, Gloves and mittens ... . Gold _— . .-.-..-.. —-.Goods in warehouses — Grains — . . . . . . . . . . . 20,34 Gypsum. ____«, _-_ Hides and skins____ .___._ . . _ — — __ Hogs . Home loan banks, loans outstanding.. Home snort gage insurance .__—_ — __ H osiery . ._». . __ — Hotels . ...... . . „ . — _ 26 Housing... . . . . 20 Illinois, employees, factory earnings_„..„ 26 Imports . .__„__ — ___ -.___-_ Income payments_.. , — __ — — - — Income-tax receipts .-_„__ — — Incorporations, business._—_ — — __ — — «.__ I n d u s t r i a l production, i n d e x e s _ . _ „ . . — _ — __ I n s t a l l m e n t sales, N e w England..__ _„. I n s u r a n c e , life. _ . I n t e r e s t a n d money r a t e s . . .—_ Iron ore, crude, m a n ufactures.. — . _ _ _ _ _ _ _ - . . Kerosene-,-_, Labor turn-over, disputes _ _ _ . _ _ _ . —. Lamb and mutton—.__.__. ______ Lard , . „_ — „_ — _ _ _... — _„ Leather III IZ1111IZII 1*19, 21, 25,26, 27, 283 Leather* artificial-. _-_ „_ — — — — _ Linseed oil, cake, and meal__.___ __ __ __, Livestock,...,._.__--_-_-_ _ . — . 19 Loans, agricultural, brokert', real estate- - 23, Locomotives _ . ________._.__. Looms, woolen, activity-.„_.__. .__ Lubricants .__ — Lumber—__--.__.__. _ — 20,25,27, Machine activity, cotton, wool—_.___._. . Machine tools, orders ... . . Machinery . _ _ . _ _ _ . . _ . _ _ . — _. 25,27, Magazine advertising — „„._. Manufacturing i n d e x e s . . . . . . . . . . . Marketings, agricultural_ .__.___. Maryland, employment, pay rolls ,____ Massachusetts, employment, pay rolls __„__ Meats -____. . 19 Metals — . . . . 19,21,25,27,28,29,48; Methanol . ... ... Mexico, silver production .... „» Milk___. ........ Minerals . . . . 19,26,28 Naval stores. .... . ... „__ Netherlands, exchange rates _