Full text of Survey of Current Business : April 1950
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APRIL 1950 U. S. DEPARTMENT OF COMMERCE OFFICE OF BUSINESS ECONOMICS D E P A R T M E N T OF C O M M E R C E FIELD SERVICE SURVEY OF CURRENT BUSINESS APRIL 1950 -4 No (^-ontenfe PAGE THE BUSINESS SITUATION Production Trends Normal Coal Production Resumed Price and Wage Developments Farmers9 Planting Intentions * * . 1 2 3 4 5 * SPECIAL ARTICLES Capital Investment Programs and Sales Expectations in 1950 6 Capital Requirements of New Manufacturing Firms . . 11 Foreign Transactions of the U. S. Government in 1949 . 19 * * * MONTHLY BUSINESS STATISTICS . . . . S - l t o S-40 New or Revised Statistical Series 23 Statistical Index . . . . . . . . . . . Inside Back Cover Published by the Department of Commerce•, C H A R L E S S A W Y E R , Secretary. Office oj Business Economics, M. JOSEPH MEEHAN, Director. Subscription price, including weekly statistical supplement, $3 a year; Foreign $4. Single copy 25 cents. Send remittances to any Department of Commerce Field Office or to the. Superintendent of Documents, United States Government Printing Office, Washington 25, D. C. M O N T H L Y BUSINESS STATISTICS— I 9 4 9 Albuquerque, N. Max. 203 W. Gold Ave. Memphis 3, Tenn. 229 Federal Bid*. Atlanta 1, Ga. 50 Whitehall S?. SW. Miami 32, Fla. 36 NE. First St. Baltimore 2, Md. 103 S. Gay St. Milwaukee 1, Wis. 517 E. Wisconsin Av*. Boston 9, Mass. 2 India St. Minneapolis 1, Minn. 2d Ave.S. at 4th St. Buffalo 3, N. Y. 117 ElHcott St. Mobile, Ala. 109-13 St. Joseph St. Butte, Mont. 14 W. Granite St. New Orleans 12, La. 333 St. Charles Ave. Charleston 3, S. C. 18 Broad St. New York 4, N. Y. 42 Broadway Cheyenne, Wyo. 206 Federal Office Bldg. Oklahoma City 2, Okla, 102 NW. Third St. Chicago 4, 111. 332 S. Michigan Ar«. Omaha 2, Nebr. 1319 Farnam St. Cincinnati 2, Ohio 105 W. Fourth St. Philadelphia 6, Pa. 437 Chestnut St. Cleveland 14, Ohio 925 Euclid Ava. Phoenix 8, Ariz. 234 N. Central Av«* Dallas 2. Tex. 1114 Commerce St. Pittsburgh 19, Pa. 700 Grant St^ Denver 2, Colo. 828 Seventeenth St. Portland 4, Oreg. 520 SW. Morrison St. Detroit 26, Mich. 230 W. Fort St. Providence 3, R. I. 24 Weybossctt St. El Paso 7, Tex. 206 U. S. Court House Bldg. Reno, Nev. 118 W. Second St* Hartford 1, Conn. 135 High St. , , lex. „, Houston 14, 602 Federal Office Bldg. Richmond 19, Va. 801 E. Broad St. St. Louis 1. Mo. arket St. Jacksonville 1, Fla, 311 W. Monroe St. Salt Lake City 1, Utah 350 S. Main St. v /-• o, ,£ -nr Jtvansas City Mo. 911 Walnut St. San Francisco 11, Calif, 555 Battery St. Los Angeles 12, Calif. 312 North Spring St. Savannah, Ga. 125-29 Bull St. Louisville 2, Ky. 631 Federal Bldg, Seattle 4, Wash. 909 First Are, For local telephone listing, consult section devoted to U. S. Government MONTHLY AVERAGES Attention is directed to the 1949 averages published on pages S-l to S-40 of the March issue. Those averages used in conjunction with those in the 1949 Statistical Supplement to the Survey of Current Business provide, in most instances, continuous data beginning with 1935 for approximately 2,600 statistical series, comprising a variety of subjects. Copies of the March issue of the Survey of Current Business (price 25<i) and the 1949 Statistical Supplement to the Survey of Current Business (price $1.25) are available from the nearest Department of Commerce field office or from the Superintendent of Documents, U, S. Government Printing Office, Washington 25, D. C. APRIL 1950 By the Office of Business Economics Incoming business of durable-goods manufacturers' was higher than shipments early this year BILLIONS OF DOLLARS 1-2 10 <NEW ORDERS Business activity moved forward in March completing a quarter of moderate expansion in the economy. With termination of the coal strike, output in the mines and in steel recovered, enabling industrial consumers to replenish stocks for the maintenance of high volume operations. The boom in residential construction progressed and the usual seasonal expansion occurred at levels nearly 50 percent above those of last year. The flow of personal incomes—temporarily augmented by National Service Life Insurance dividend payments to veterans—reached $219 billion at an annual rate, with the total during the first 2 months of this year exceeding the eiid-of-1949 rate by almost $7 billion. The underlying trend of income in this period was upward, aside from this nonrecurring dividend and the effects of the strikes. Consumption trend mixed Consumer spending in the first quarter responded to the expanded income flow, with the durable-goods lines showing the more favorable trend. In apparel and general merchandise stores, Easter activity appeared to be below expectations with some attendant accumulation of inventories. Aggregate retail sales in February were about 1 percent above the previous peak of August 1948 on a seasonally adjusted basis, and held close to this volume in March. The greatest gains were in automobiles and in furniture, refrigerators, washing machines, ranges, and other appliances, the sales of which are related in large part to the sharp rise in building activity. SALES nl I I ! I I I I I I I ! I I I I ! I I I I i I i I I I I I I extending the upturn in unfilled orders. BILLIONS OF 40 I ' DOLLARS * UNFILLED ORDERS 30 20 10 i » i r i f i t t i i I i i i t t I i t i It 1948 1949 I I I I tI I960 U. S. DEPARTMENT OF COMMERCE, OFFICE OF BUSINESS ECONOMICS v/y///////////////////^^^ 879643—50 5Q-I36 Investment rising—Government outlays steady The trend in business spending in the first quarter of 1950 was also stronger than in most of 1949, when investment in both inventories and in plant and equipment was declining. Except for involuntary reductions in stocks directly attributable to work stoppages, there was virtually no liquidation in inventories. Business outlays for plant and equipment were about the same in the first quarter of the year as in the final quarter of 1949, though a survey of investment programs suggests some decline in the second half of 1950, as described in the article on this subject in this issue of the SURVEY. The cessation of the decline in orders for machinery and for industrial and commercial construction, together with the rise in residential building, reversed the downward trend in private-capital formation as a whole. Federal Government expenditures in the first quarter of the year were somewhat below those implied in the official budget estimates of January but were running about on a par with the $25-billion annual rate, on a seasonally adjusted basis, prevailing at the end of 1949. State and local expenditures were likewise firm with continued heavy disbursements for road building and school and other public construction. SURVEY OF CURRENT BUSINESS April 1950 and, as depicted in chart 2, exceeded output in the same period of 1949 despite the strike in the plants of a major producer. Chief exception to the general picture of recovery among finished durable goods was railway freight cars, production of which was down 50 percent in the first quarter of the year. Here there has been some recent pick-up in orders for new equipment. Unfilled orders on the books of freight car builders and railroad car shops rose from 12,000 in December 1949 to 31,000 in March. While this volume is equivalent to 15 months' output at the rate of production prevailing in the first quarter of this year, it is little more than 3 months' production at the rate the industry was operating in 1948. Production Trends The largest increases in output in the first quarter of the year were centered in the durable-goods industries. With rising demand for consumer durables, construction materials and equipment, and continued strength in the demand for automobiles, incoming business of manufacturers rose sharply at the start of the year, resulting in an advance in shipments and an accumulation of unfilled orders. As chart 1 shows, this development, essentially, represented an acceleration of the recovery in progress in this segment since autumn of last year. The recent trends in industrial production are illustrated in some detail in table 1. In almost all industries output was moving upward in the first quarter of the year to volumes substantially above their lows of 1949, though still under the peaks reached earlier in the postwar period. Steel production, recovering from the effect of the work stoppage in coal, reached 97 percent of capacity at the end of March. Less recovery in the nondurables Among nondurable goods, as the table shows, advances in 1950 were in general considerably smaller. Furthermore, there is evidence that the increases noted in this table for textile consumption have not been accompanied by a commensurate advance in output of finished apparel. Sales of apparel manufacturers in January and February declined by 6 percent from the fourth quarter 1949 rate and were nearly 30 percent below the corresponding months of last year. Inventories—especially of purchased goods and goods in process—were substantially higher. Sales of apparel retailers showed little change from the fourth quarter 1949 rate but were 11 percent below the corresponding months of last year. Sharp recovery in durable goods Output of nine durable semifinished materials during the first 2 months of 1950 was from 6 to nearly 70 percent above the 1949 low points. The rise for finished durable goods ranged from 12 percent for tractors to more than 60 percent for refrigerators, nearly 80 percent for electric ranges and 167 percent for television and television-radio-phonograph combination sets. Automobile production was also high Table 1.—Output of Semifinished and Finished Manufactured Products Highest postwar quarterly output monthly average Lowest quarterly output in 1949 monthly average Date Date Percent change in production Production in January-February 1950 in Januarymonthly average from— February 1950 monthly Fourth Lowest Peak Quantity average quarter quarter quarter in 1949 1949 Unit Product Quantity Durable goods: Semifinished: Iron and steel Nonferrous metals 2 Lumber 22 Cement Brick 2 Structural clay tile 2 Cast iron soil pipe and fittings Wire nails - Glass containers 1-49 1-47 (3) 1-49 (3) 1-49 1935-39-100 1935-39=100 1935-39=100 1935-39=100 Mills standard brick Thousands of short tons IV-48 IV-48 do do 2 Finished: Railway freight cars Trucks and busses Tractors, wheel type _ . Passenger cars _ _ __ Refrigerators, electric - _ __ Washing machines Vacuum cleaners _ _ Electric water heaters Electric ranges Radio and radio-phonograph combinations Television sets and television-radio-phonograph combinations 231 204 139 213 611 117 62.4 73.6 IV III III III II IV 149 142 113 187 403 99 II III 29.8 54.4 i 202 181 139 209 611 105 -12.6 -11.3 0.0 -1.9 0.0 -10.3 +35.6 + 27.5 +23.0 +11.8 +51.6 +6.1 +35.6 + 10.4 +2.2 +8.3 +33.1 +6.1 49.9 «71.3 -20.0 -3.1 +67.4 +31.1 -11.8 +74.8 184 207 -23.3 +12.5 +5.6 1935-39 — 100 1-47 270 Number Thousands do 1-49 11-48 1-49 10, 951 120.6 50.1 IV IV IV 4,142 75.0 33.7 i 2, 053 i 80.0 37.6 -81.3 -18.7 -25.0 -50.4 +30.7 +11.6 -50.4 +30. 7 +11.6 do do do do do do do 111-49 (3) 11-48 IV-47 IV-47 IV-48 IV-47 525.0 418.6 390.9 360.8 75.3 119.1 1,749 IV IV 385.3 256.2 205.4 210.6 38.0 60.9 499 i 449. 0 418.6 309.3 256.4 48.7 108.5 705 -14.5 0.0 -20.9 -28.9 -35. 3 -8.9 -59.7 +16.5 +63. 4 + 50.6 +21.7 +28.2 +78.2 +41.4 +16.5 +63.4 +6.7 -2.8 +10.9 +54.3 -7.5 0.0 +166. 6 +4.7 do I (3) 422 I III I II II I 158 422 144 356 * 147 < 96 168 223 +35. 8 -10.6 0.0 + 58.9 -35.5 +47.0 -20.0 ' +4.3 +23.5 0.0 +5.7 -3.5 +6.7 +6.0 +2.8 0.0 +3.7 +0.5 119 162 164 162 6, 759 12.9 -16.2 +1.8 -26.8 -5.3 —18.9 -5.8 +12, 3 +0.6 -3.0 +0.6 +12.1 +14.2 +12.3 +0.6 -6.8 +0.6 +7.8 -3.7 Nondurable goods: Semifinished: Cotton consumption _ _ Rayon deliveries. ______ Apparel wool consumption 2 Leather tanning _ __ _ Paper 2 __ _ ... Refined petroleum products 1935-39=100 1935-39=100 1935-39=100 1935-39 = 100 1935-39 = 100 1935-39 — 100 I 47 (3) IV-46 1-46 (3) IV 48 161 356 228 120 168 231 II II II III II II 106 224 100 92 136 211 Finished: Shoes2 Food _ Beverages 2 Tobacco and products 2 _ _ Rubber tires Hosiery _ 1935-39-100 1935-39=100 1935-39=100 1935-39=100 Thousands Million dozen pairs. __ __ II 46 111-49 1-47 11-48 1-47 1-48 142 165 224 171 8, 333 13.7 IV 106 161 169 161 6,032 11.3 1 2 _ ___ __ ___ _ _ Data represent monthly average for the first quarter, 1950; March data estimated. Data are adjusted for seasonal variation. 3 4 I II IV III II January-February, 1950. Data are for the month of January. Source of data: Board of Governors of the Federal Reserve System; U. S. Department of Commerce, Bureau of the Census, American Iron and Steel Institute, American Railway Car Institute, Automobile Manufacturers Association, Implement Trade Journal Company, National Electrical Manufacturers Association, American Washer and Ironer Manufacturers Association, Vacuum Cleaner Manufacturers Association, Radio Manufacturers Association, Rubber Manufacturers Association, National Association of Hosiery Manufacturers. SURVEY OF CURRENT BUSINESS April 1950 Chart 2.—Automobile Production THO USANDS OF UNITS 40 30 - &50 ^—~***^ 20 _«^*^ "~ ^1949 \ __ 10 __ — variables, based on experience during the years 1923-40. Only in the war years, when there were profound alterations in the structure of the economy, were there substantial deviations between the actual and the calculated volumes. Analysis of the demand for bituminous coal is considerably more complex. In addition to the factors affecting aggregate energy consumption, the demand for individual fuels is affected by relative costs. For the long-term as well as the recent behavior of bituminous coal consumption, this latter factor is of particular importance. In order to appraise this, the relationship between bituminous coal consumption and the principal determining factors was computed from data for the period 1923 through 1940. The explanatory variables include: (1) Industrial production—the chief source of demand; (2) the price of bituminous coal; (3) the price of fuel oil—chief competitor in industrial markets; (4) time trend, representing principally Chart 3.—Total Energy Consumption from Mineral Fuels and Water Power, and Bituminous Coal Consumption 1 0 J 1 F 1 M 1 A 1 1 1 M J J A DAILY AVERAGES 1 I S U. S. DEPARTMENT OF COMMERCE, OFFICE OF BUSINESS ECONOMICS 1 O I N D 50-137 QUADRILLION BRITISH THERMAL UNITS 50 TOTAL ENERGY Source of data: Automobile Manufacturers Association. Normal Coal Production Resumed Coal output made a rapid comeback following return of miners to the pits in the first week of March, mounting from a weekly average of 2.5 million tons during the strike period in February to approximately 13 million tons in the last 3 weeks of the month—the highest weekly rate with few exceptions in the past 2 years. This rate of production has permitted some replenishment of stocks depleted by the extended strike. An outstanding feature of development in this industry has been the declining volume of consumption in relation to the level of industrial output. The modest downturn in business activity from the 1948 postwar peak was accompanied by a more than proportional reduction in the demands made upon the Nation's fuel resources in general. This decline was concentrated primarily in bituminous coal as chart 3 suggests. From 519 million tons in 1948, bituminous coal consumption declined to 445 million tons in 1949, a drop of 15 percent. Consumption of energy from other mineral fuels or water power during the same period showed little change. The work stoppages in coal output—as well as the adoption of a 3-day workweek during a large part of 1949—was of course a prime factor in reducing stocks in this period. During the first 2 months of 1950, consumption was restricted by the supply available as conservation measures were adopted to stretch dwindling supplies. 40 CALCULATED * 30 ACTUAL 20 10 0 I 1 I 1 1 1 BILLIONS OF I I I 1 1 I 1 I 1 1 I I I 1 I I I I I I I TONS 1.0 BITUMINOUS COAL .8 CALCULATED- .2 Pattern of fuel consumption Fuel consumption, in to to, is of course directly related to the volume of business activity. Superimposed upon this relationship is a long-term down trend, reflecting progressive advances in technology and management in achieving economies in the utilization of energy. These two factors—the volume of business activity and gradual economies over time—account in the main for fluctuations in energy consumption, as shown in the upper panel of chart 3. The "calculated" line in this chart indicates the volume of consumption as derived from the relationship among these i i i i i i i i i i 1923 25 27 29 31 33 1 1 1 1 ! j ] ) 35 37 39 41 I I I I I 43 45 U.S. DEPARTMENT OF COMMERCE, OFFICE OF BUSINESS ECONOMICS 47 49 50-141 1 Calculated total energy consumption is based upon a linear least squares regression of total domestic energy consumption on industrial production, disposable personal income (roughly adjusted for price change) and time. Coefficient of correlation=0.98. Calculated bituminous coal consumption is based upon a linear least squares regression of bituminous coal consumption on industrial production, prices of bituminous coal and fuel oil, and time. Coefficient of correlation=0.99. Source of data: U. S. Department of Commerce, Office of Business Economics, based upon data from U. S. Department of the Interior, Bureau of Mines; U. S. Department of LaborBureau of Labor Statistics; and Board of Governors of the Federal Reserve System. SUEVEY OF CUEEENT BUSINESS gradual changes over time in efficiency of operation and in the extension of facilities available for utilization of coal as well as for competing fuels. These factors, historically, explained virtually all the fluctuations in bituminous coal consumption, as indicated by the close correspondence between the "calculated" line derived from this relationship, shown in the second panel of chart 3, and the actual consumption. In the war years, for reasons already noted, there were deviations, but in subsequent years the prewar relationship was restored. Rising coal costs Analysis of the elements of this correlation provides some insight to the historical trends as well as the recent behavior of bituminous coal consumption. Of outstanding importance is the fact that the volume of coal consumed has declined gradually during the past 25 years in relation to the volume of industrial production. This development was only in small part due to the progressively more efficient utilization of energy by industry. Of even greater influence was the growth in facilities for utilization of other fuels, and especially, the rising cost of coal in relation to the cost of competitive products. The extent of the change in cost of bituminous coal relative to the cost of directly competing fuel oil is illustrated in the following tabulation: l Percent change Period 1948 to 1949 1940 to 1949 1926 to 1949 _. +6 +101 +101 Residual oil, No. fi, Oklahoma -56 +102 —12 Bunker C, New York -37 +42 +9 Diosol. shore plants, New York -10 +84 As the tabulation shows, the disparity of movement between the two prices was especially pronounced in the movement from 1948 to 1949. Unlike bituminous coal, the price of fuel oil responded sensitively to the adjustment in demand during this period. Consumption of energy derived from all fuels and waterpower declined only moderately—by 5 percent—between 1948 and 1949, while consumption of bituminous coal dropped by 15 percent. 2 Price and Wage Developments The over-all level and structure of prices have been characterized by remarkable stability since the summer of last year, reflecting the firmness of demand as well as rigidities in several important cost elements. Most of the important revisions in market quotations from 1948 highs occurred in the first 6 months of 1949. Through early 1950 the principal development at retail has been the continued gradual downward adjustment of food prices to the lower level of farm prices established in 1949, as described in the February issue of this SURVEY. 3 In wholesale markets the major change was the leveling off of the decline in farm prices and the suggestion of moderate recovery in this segment in February and March. Since July of last year the index of wholesale prices of commodities other than farm products and foods has varied within a range of less than 1 percent. 1 It is of interest to note that much the same generalization will hold if comparison is made with the price of natural gas, which also competes with bituminous coal though not to the same extent as does fuel oil. The price of natural gas in 1949 was less than 2 percent higher than in 1948, only 13 percent higher than in 1940, and 7 percent higher than in 1926. 2 The basic trends in the industry were reviewed in the July 1948 SUBVEY in the article "Changing Patterns of Fuel Consumption" by Murray F. Foss. 3 See especially pp. 11-12. Table 2.—"Percent Change in Prices and Hourly Earnings November 1948 to July 1949 July 1949 to February 1950 November 1948 to February 1950 All manufacturing: Average hourly earnings _ _ _ Wholesale prices, excluding farm and foods +0.8 -5.6 +0 9 +.6 +1.6 -5.C Metal and metal products (excluding vehicles) : Yv^rage hourly earnings Wholesale prices 4- 5 —5 4 4-1 1 +8 4-1 7 —4 7 Motor vehicles: Average hourly earnings Wholesale prices +1.4 + 4 -.7 _ 2 -.7 — 2 Lumber: Average hourly earnings Wholesale prices +1.0 —10 9 -2.2 4-5 3 -1.1 —6 2 Cement: Average hovrlv earnings Wholesale prices +4 8 — 1 —2 3 +1 4 +2 4 Structural clay products: 4verafff Mou r lv earnings Wholesale prices — 4 + 7 + 2 +1 0 +1 7 +1 1 0 4-2 5 0 +3 7 — 9 4 o +1 4 i i 0n +1. 4-2 4 +1 7 —10 0 +3 2 —4*6 4-4 Q —14 1 +5 8 —12 1 -1- 1 —2 4 +5 8 —14 2 Textile-mill products and apparel: Avoro"'e hourlv earnings Wholesale prices —2 3 —6 4 +3 6 + 1 +1 2 -63 Shoes (Footwear, except rubber): Average hourly earnings _ __ Whole -ale prices —1 7 —2 3 + 6 + 3 —1 1 —2 0 Leather: \verage hourly earnings Wholesale prices +1 3 -4.6 +1 7 4.3 o -3.9 —1.0 —2 8 — 6 — 9 —3 7 Paper and pulp: •Vvorap'c hourlv earnings \Vl ir >lcsale prices +1 3 —7 7 + 7 — 8 +2 0 8 4 Refined petroleum products: Average hourlv earnings Wholesale prices —.1 —10 3 —.6 _ 7 — 7 —10 9 +1.7 —8.5 + 7 +6 1 4-2 5 -29 —2.9 o +2 5 0 — 5 +3 2 o +1 8 0 +5 0 —1 6 -.9 +8 2 0 +6 5 — 9 Industry group! Glass and glass products: 'Vveraue hourlv earnings Wholesale prices - -- motor - - .Furniture and fixtures: 4vfrugn hourlv earnings Wholesale ~^>rice" Paints, pigments and fillers: Average hourlv earnings Wholesale prices _ _ _ _ _ Chemicals (other than paints, pigments, filler*) : \vera-t'R hourly earnings "VV}ioleqale oricc^ Price of fuel oi Price of bituminous coal, mine run April 1950 Other leather products: Average hourlv earnings.Wholesale prices Tires and tubes: Average hourly earnings Wholesale prices __ __ Cigarettes: Average hourlv earnings Wholesale prices Cigars: -Average hourlv earnings Wholesale prices __ _ — 2 o O 0 and _ Rubber footwear: Averaae hourly earnings Wholesale prices — 1*3 o o 1 Approximate comparability between prices and hourly earnings for the various groups was obtained by regrouping and reweighting, when necessary, thnf basic data of the Bureau of Labor Statistics. Source: U. S. Department of Commerce, Office of Business Economics, derived from U. S. Department of Labor, Bureau of Labor Statistics. Wages rising As shown in table 2, the lowering of the level of prices of industrial goods was accompanied by a slow upward drift in hourly earnings of employees in most manufacturing industries for which comparable data can be secured. In addition, it should be noted, labor costs have been raised in some industries by increased employer contributions to pension and welfare funds. Industrial prices in February were 5 percent below their high of November 1948. During the April 1950 SURVEY OF CURRENT BUSINESS same period hourly earnings in manufacturing industries have advanced by almost 2 percent. This disparity in movement is also apparent if attention is directed to the change from the 1948 average to the 1949 average and comparison made between hourly earnings in all nonagricultural industries and changes in consumer prices, as the following tabulation shows: Percent change from 1948 to 1949 Consumer prices Average hourly earnings in nonagricultural industries — 1. 2 +3. 6 A gradual advance in hourly earnings in relation to prices is a development which, of course, is ordinarily to be expected in response to progressive gains in productivity and does not necessarily imply a change in the relative size of the distrib- utive shares of national income. From 1948 to 1949 the ratio of the compensation of employees to national income in the business sector of the economy (excluding government enterprises), did, however, rise somewhat—from 57.8 to 59.0—on the basis of preliminary data. This ratio was about the same in 1949 as in 1946 and 1947, and moderately above other years of high level employment. In 1929 the ratio was at 55.6 and in 1941 at 57.3. Thus, despite the relative behavior of prices and hourly earnings, there was only a moderate alteration in the distribution of national income between employees' compensation and all other shares in 1949, which resulted primarily from the drop in farm income, and the resulting relationship did not differ markedly from earlier prosperous years. Farmers* Planting Intentions DURING the past 2 years farm output was at a higher rate than in any earlier year and 6 to 8 percent above the wartime peak in output reached in 1944. As demand for United States farm exports declined with improved supplies abroad and domestic demand eased slightly, stocks of many farm products began to accumulate. In order to control stocks and to reduce the cost of price support, programs to curtail farm production were placed in operation on basic farm products for 1950. Some indication of the reaction of farmers to these programs may be seen in the regular report of the Department of Agriculture on farmers' planting intentions for 1950. This report suggests a moderate reduction in over-all acreage, compounded of a reduction for the principal crops where production controls are in operation and an expansion for other crops which are not under control. Although spring plantings reported for 1950 are about 4 million acres larger than a year earlier, the total acreage which farmers intend to have under cultivation this year is somewhat lower. This reflects in part a reduction in winter wheat plantings last fall of over 9 million acres. In addition it may be noted that prospects for cotton are not included in the spring planting report, and for this crop marketing quotas already established call for a cut of about 5 million acres. The net effect upon total acreage in crops in 1950 may be a reduction of about 3 percent below the 370 million acres in 1949. The impact of part of this, of course, may be offset by higher yields per acre. The acreage subject to controls represents over half of the cropland in 1949, with wheat, corn, and cotton accounting for almost all of the controlled acreage. Table 3 shows the intended acreage for 1950 for the principal crops, excluding cotton, compared with actual plantings in previous periods. For the group subject to control, a reduction in acreage from last year of 18 million is in prospect. This is offset by an expected expansion of 13 million acres of Qrops which are not subject to control at the present time. The principal adjustment in acreage expected in 1950 as compared with 1949 reflects varying degrees of adjustment in the major crop regions as well as some changes which offset each other and are thus concealed in the total figures for the United States. There is an advantage, then, in viewing the expected shifts in crop patterns within the three broad areas corresponding to the principal crops under control—the wheat, corn, and cotton belts. Net curtailment in tvheat belt In the 14 principal wheat growing States the changes in acreage from 1949 to 1950 are indicated as follows in millions of acres: Increases Declines Wheat. __ FlaxseecL Corn -10. 1 -1. 0 -1. 8 -12. 9 Rye Oats Barley Sorghum Play Sugar beets +0. 3 +3. 1 + 2. 4 +2. 7 +0. 4 -j- 0. 1 9.0 The decline in flaxseed reflects a substantial reduction in support price. The cut in corn acreage is primarily in the commercial corn areas in Minnesota and Nebraska which are adjacent to the corn belt proper. Most of the expansion in the wheat area is in oats, barley, and sorghum. In addition there was a substantial rise in fallowing. Preliminary estimates of winter wheat production for 1950 indicate that yields will be lower than last year, because of unfavorable weather, with output placed at 764 million bushels, or about 15 percent less than in 1949. The total acreage on which farmers in the wheat belt intended to grow crops this year is 4 million smaller than 1949 plantings. Offsetting shifts in corn belt By contrast, farmers in the 5 central corn belt States indicated that they would plant about the same total acreage in 1950 as in 1949. Expected reductions of about 10 percent, or 3.6 million acres of corn, in these States were nearly offset by expansions in hay, soybeans, oats, rye, and barley. If the adjacent States, Minnesota and Nebraska, are included the cut in corn acreage amounts to 5.3 million acres and the net reduction in total crop acreage in this area rises from about one-half million to 1.2 million. This tendency of the corn belt to maintain acreage is partly attributable to the fact that the reduction in corn was small. Farmers who grow no more corn than they need for feeding livestock on their own farm were not necessarily affected by the acreage allotments which are applicable only to those who plan to sell corn. In addition, corn belt farmers had numerous alternatives for crop expansion, as indicated by the significant rise in acreage of 5 crops on which there were neither restrictions nor announced reductions in support price. It may be noted that prospective acreage for corn is particularly subject to change, since most farmers did not know at the time they reported what allotments they would receive for 1950. Plantings reduced in South A complete report is not available on planting intentions in the South, since the collection of official information on cotton crop prospects prior to July 1 is legally restricted. (Continued on p. 24) By Lawrence Bridge and Bernard Beckler Capital Investment Programs and Sales Expectations in 1950 LMERICAN business, exclusive of agriculture, plans another year of large capital expansion, although the aggregate investment will be less than the high figures of the previous 2 years. Expenditures for the construction of new plant and the purchase of new equipment are scheduled at $16.1 billion during 1950. This is $2 billion, or 11 percent less than in 1949. This downward adjustment in capital outlays is not due to any expectation of a change in the current favorable market for goods, but stems rather from the gradual catching up on the backlog demand for plant and equipment carried over from the war. Actually, businessmen responding to this survey anticipate that sales in the aggregate will be as high in 1950 as in the preceding year. These results are based on reports submitted between mid-January and mid-March in the annual survey of plant and equipment expenditures and sales conducted jointly by the Office of Business Economics and the Securities and Exchange Commission. The data presented in this article are estimates for all nonagricultural business based on a sample composed of most corporations registered with the Securities and Exchange Commission and a large number of unregistered manufacturing companies, unincorporated as well as corporate, reporting to the Office of Business Economics. Investment Programs In 1950 as a whole, anticipated business expenditures of $16.1 billion on new plant and equipment compare with $18.1 billion of capital outlays in 1949. Plant and equipment costs have risen slightly in the early months of 1950 and are currently about the average level prevailing in 1949. It would appear that the physical volume of outlays in 1950 based on current anticipations may be off about as much as the indicated dollar volume. The $8.4 billion of expenditures planned by businessmen in the first half of 1950 is 8 percent below actual expenditures in the corresponding period of 1949. However, this volume of outlays, on a seasonally adjusted basis, represents maintenance of the rate of expenditures which prevailed during the second half of 1949 (see chart 1). This evidence of continued strength in fixed investment in the current period is corroborated by the new and unfilled orders data in the early months of 1950. Orders received during January and February by manufacturers—including producers of machinery and equipment—generally showed substantial increases over the end of 1949, rising even more than sales. First half steady—second half to decline Thus, the major impact of the reduction of capital outlays anticipated for 1950 will be felt in the second half of the year. A proper evaluation of the extent of this decline requires NOTE.—MR. BRIDGE AND MR. BECKLER ARE MEMBERS OF THE BUSINESS STRUCTURE DIVISION, OFFICE OF BUSINESS ECONOMICS. adjustment for seasonal influences and for factors peculia to anticipatory data. Allowing for the normal seasonal in fluences found in actual expenditures, the implied declin from the first to the second half of the year is almost 13 pei cent. However, actual expenditures as reported in the fourt quarter, unlike anticipated outlays, are raised by the conoen tration of certain charges to capital accounts in the end c year statement. Making rough allowance for this factoi the decline would be closer to 10 percent. Chart 1.—Trend in Business Expenditures for New Plan and Equipment 1 BILLIONS OF DOLLARS 25 20 15 10 ©ANTICIPATED I I945 I946 I I947 I I I I948 I I I I I949 I I I I960 QUARTERLY TOTALS, SEASONALLY ADJUSTED, AT ANNUAL RATES*/ U. S. DEPARTMENT OF COMMERCE, OFFICE OF BUSINESS ECONOMICS 5O-I26 1 Data exclude expenditures of agricultural business and outlays charged to current account Anticipated expenditures were reported by business between mid-January and mid-Mare! of 21950. Latest plotting point is for the last half of 1950, seasonally adjusted, at annual rate. Sources of data: U. S. Department of Commerce, Office of Business Economics, and Seen rities and Exchange Commission. Seasonal adjustment by Office of Business Economics. In addition, past surveys have indicated that anticipatec outlays in the latter part of the year are understated relative to the early part of the year due to the lesser completeness o future programs as compared to near-term budgets. Thus in the second half of 1949, as well as in earlier years, actua expenditures were somewhat higher than those anticipated a the beginning of the year. Moreover, the returns from ( special questionnaire designed to determine the reasons fo: differences between actual and planned expenditures fo; individual companies indicate that there is a systemati< tendency in this direction. It is, therefore, likely that the suggested downturn in th< second half of 1950 is somewhat overstated—and may b< closer in magnitude to the decline which took place from th< April 1950 SUKVEY OF CURRENT BUSINESS first to the second half of 1949. This would also suggest that the anticipation for the year as a whole may err on the low side. Chart 2.—Business Expenditures for New Plant and Equipment, by Industry Groups * Each major group lower for the year BILLIONS OF DOLLARS 12.0 For the year 1950, every major industry anticipates a lowered rate of plant and equipment investment. (See chart 2.) Railroads and other transportation show the largest cut-backs from 1949, amounting to 31 and 35 percent, respectively. Gas and electric utilities anticipates the smallest decline (6 percent), with manufacturing concerns a close second (7 percent). The mining and commercial and miscellaneous groups report declines varying little from the average for all industries. Within manufacturing, both plant and equipment expenditures are expected to decline with the proportion of equipment to total outlays rising moderately. There was little difference by size of firm among manufactures in the relative changes in planned capital outlays. 4.0 1.2 First, the preliminary findings of a survey, initiated by the Office of Business Economics to determine the factors influ I j I i I i MINING .8 1.6 RAILROADS 1.2 .8 1.2 TRANSPORTATION OTHER THAN RAILROADS .8 6.0 ELECTRIC AND GAS UTILITIES 4.0 •-—0 _ 2.0 I 0 8.0 _^ I COMMERCIAL AND MISCELLANEOUS 6.0 Influence of price movements Reasons for slackened pace of investment ® ANTICIPATED i 0 Postwar Trends in Capital Outlays The capital programs of business for 1950 should be appraised against the background of the earlier postwar developments in outlays for plant construction and producers' durable equipment. These outlays reached an alltime high in late 1948, after an uninterrupted 3-year period of intensive expansion and modernization of industrial facilities. By and large, the expenditures during this period had eliminated a considerable portion of the backlog in business demand for capital goods which had accumulated during the war. The leveling off in fixed capital outlays during the latter half of 1948 developed into a moderate decline in the subsequent year. A reduction was also noted in other areas of domestic investment during the first half of 1949, as inventories and residential construction—particularly the former— joined in the downward adjustment in general economic activity. During the second half of the year, business fixed capital investment continued to decline, although a rise in residential construction in the third and fourth quarters and a lower rate of inventory liquidation at the close of the year exerted a stabilizing force on aggregate private domestic investment. The rise and subsequent decline in the value of fixed capital outlays reflected in part the movements of prices. The postwar rise in plant and equipment prices continued until early 1949, although the wholesale price index for all commodities reached its peak the preceding summer. By the fourth quarter of 1949, the average of plant and equipment prices was about 5 percent lower than a year earlier. Dollar outlays had fallen 14 percent so that the reduction in the physical volume of investment approximated 10 percent. The present survey results indicate a leveling out in investment in the early months of 1950 and then a resumption of the decline in both dollar outlays and in physical volume which had started in early 1949. While there are several factors resulting in these trends, including the movements of sales and profits, probably the principal influence has been the reduction in the backlog of demand for capital goods in 1949 and 1950. There are various independent indications of the importance of this factor in recent years. MANUFACTURING 8.0 ~-®_ 4.0 2.0 1945 46 47 48 49 50 Y E A R L Y TOTALS 1948 j_ 1949 i 1950 HALF-YEARLY TOTALS, AT ANNUAL RATES U. S. DEPARTMENT OF COMMERCE, OFFICE OF BUSINESS ECONOMICS SO-127 1 Data exclude outlays charged to current account. Anticipated expenditures were reported by business between mid-January and mid-March of 1950. 2 Data include trade, service, communications, construction and finance. Sources of data: U. S. Department of Commerce, Office of Business Economics, and Securities and Exchange Commission. encing changes in the rate of fixed investment, are pertinent. On the basis of early returns, of those reporting companies anticipating a reduction of more than one-third from their 1949 capital outlays, approximately three-fifths indicate that "completion of current capital investment program'7 is the principal reason for this decline. Second, an evaluation of postwar investment trends can be made in terms of the long-term trend in the demand for producers' durable goods. On this basis, the anticipated capital outlays in the second half of 1950 is quite close to the secular level which prior experience suggests is necessary to maintain facilities and provide for normal growth in produc- SURVEY OF CURRENT BUSINESS 8 tive capacity. A similar comparison for earlier years indicates that outlays in 1947 and 1948 were considerably, and in 1949 somewhat, above the secular trend.1 Thus, the influence of capital goods backlogs in the current demand situation is dwindling rapidly. The demand for capital goods is more closely in line with past relationships to the physical volume of over-all economic activity and to net income in 1950 than in any previous postwar period. Chart 3.—Business Expenditures for New Plant and Equipment: Actual and Anticipated l BILLIONS OF DOLLARS 25 ANTICIPATED 20 15 10 1947 1948 1949 1950 U. S. DEPARTMENT OF COMMERCE, OFFICE OF BUSfNESS ECONOMICS 5O-IO6 1 Data exclude expenditures of agricultural business and outlays charged to current account. Anticipated expenditures were reported by business between rnH-January and mid-March of the respective year. Sources of data: U. S. Department of Commerce, Office of Business Economics, and Securities and Exchange Commission. The substantial growth in the business population during the 1946-48 period and its subsequent stabilization also had a pronounced effect on the postwar trend in capital goods investment. On the basis of a study presented in another article in this issue, "Capital Requirements of New Manufacturing Firms/' it is estimated that the direct contribution of newly formed firms accounted for 10 percent of the total investment in new plant and equipment during the 3 years 1946 through 1948. The greatest impact on aggregate demand by new firms occurred in 1946—the highest year on record in the number of entrants into the business population. This factor declined in importance throughout 1947 and 1948 and has been fairly insignificant in 1949 and thus far in 1950. Anticipated versus actual outlays In evaluating the 1950 investment intentions of business, attention should be drawn to the degree of accuracy with which businessmen have anticipated their actual outlays in the past. In 1949, aggregate expectations of business were almost fully realized as nonagricultural business firms spent $18.1 billion, within 1 percent of the amount that they had anticipated spending at the beginning of the year. In corresponding surveys covering 1947 and 1948 (see chart 3), planned outlays were 14 percent below those realized in the former year and 3 percent below those realized in the latter year. The experience in these annual surveys augmented by the more numerous quarterly surveys suggests that the degree 1 See "The Demand for Producers' Durable Equipment," SURVEY OF CURRENT BUSINESS, June 1949. April 1950 of accuracy in businessmen's projections of their dollai expenditures on plant and equipment is closely related t( movements in capital goods costs. In 1947, when business men underestimated their outlays by 14 percent, the price rise for capital goods during that year was of the same ordei of magnitude. In 1948, with a smaller increase in capita goods' costs and a greater availability of supplies, businessmen were able to forecast their expenditures with a greatei degree of reliability. It is quite possible, therefore, that anticipated outlays arc largely in terms of physical volume and prevailing prices and hence, do not sufficiently take account of price factors. 11 should be pointed out, however, that the general easing o] supplies and the elimination of restrictions on nonresidentia construction during 1947 and 1948 may also have permittee larger increases in capital outlays than were considerec feasible at the beginning of these periods. As pointed out above, anticipated outlays for new plant and equipment in 1949 were about 1 percent below actua" expenditures while costs fell somewhat more between the end of 1948 and the end of 1949. The coincidence betweer planned and realized expenditures is especially noteworthy since this period was a turning point in postwar business investment. Though movements in prices are not likely to affect perceptibly the investment plans of business this year, there are two factors which may cause actual expenditures to diverge from expectations. First, changes in economic conditions do have some effect on investment plans. Thus, actual expenditures in the first half of 1949 were lower than those anticipated as a result of a temporary deterioration in the economic picture, while estimated expenditures in the first quarter of 1950 are higher than those initially planned because of an improvement in business conditions. Second, as pointed out earlier, there is probably some understatement in anticipated fixed capital outlays for any period well in the future, since businessmen generally tend to be conservative in their budgets or stated plans and are less likely to report their more tentative plans over the longer term. Quarterly trends The trend of capital-goods investment during the first three quarters of 1949, after allowance for seasonal influences, was one of steady decline—falling approximately 12 percent from the peak annual rate of $20 billion of outlays in the fourth quarter of 1948. During the last quarter of 1949 and the first quarter of 1950, expenditures remained at the thirdquarter rate of $17.5 billion. Both the fourth quarter of last year and the first quarter of 1950 were revised upward about 8 percent from their initial anticipations. To a large extent the upward revision in the earlier quarter was attributable to accounting adjustments. The revision in the first quarter of this year, however, was largely elue to the improvement in the business situation at the close of 1949 and during the early months of 1950. These upward revisions occurred in all major industrial groups. Anticipated outlays in the second quarter are about $500 million (at seasonally adjusted annual rates) below the first quarter. The bulk of this decline was expected in manufacturing—although the data for the second half of 1950 indicate that capital-goods outlays in this industry will decline less from the first half than in any other major group. Manufacturing investment down moderately Capital outlays of manufacturers are expected to total $6.7 billion during 1950, compared with $7.2 billion in 1949, and $8.3 billion in 1948. The anticipated decline in expenditures in 1950 is more moderate, both in absolute and rela- SUEVEY OF CUKRENT BUSINESS April 1950 tive terms, than that which occurred from 1948 to 1949. This is especially noteworthy since it was in this area that the weakening of private domestic investment in 1949 was most evident. Anticipated expenditures during the first half of 1950, after adjustment for seasonal influences, are somewhat higher than the level which prevailed during the latter half of 1949. During the second half of 1950, seasonally adjusted capital expenditures by manufacturers are expected to fall somewhat less than 10 percent—but, for reasons discussed above, the decline may not be that large. There are substantial differences in the 1950 investment programs among the component groups in this industry. For example, the automobile group anticipates a sizable increase; the steel and food groups, little change; chemicals, a moderate decrease; petroleum, a somewhat larger decline; and the textiles, leather, and apparel group, a very large decrease. The expected increase in capital outlays by the automobile industry in 1950 will involve considerably larger expenditures for both plant and equipment. In large part, this is due to new facilities designed to improve the effectiveness of production, and to large outlays resulting from the growing importance of automatic transmissions. In the petroleum industry, expenditures for new capital goods this year are expected to be below the high 1949 total. There is a general trend toward heavier expenditures for exploration, production, and pipe-line construction, but it is anticipated that reductions in outlays for refining and marketing facilities will be more than offsetting. When the 1950 plans of manufacturing companies are examined in terms of firm size, it is found that there is little difference between the smaller and larger firms in the relative changes from last year's capital outlays. Manufacturing construction and equipment expenditures In 1950, as in 1949, manufacturing expenditures on equipment are expected to increase relative to expenditures on plant—although in absolute terms anticipated expenditures for equipment in 1950 are somewhat less than in 1949. In the early postwar period, with aggregate demand for industrial products considerably above supply, the efforts of producers were directed toward a rapid increase in capacity and output, though limited by restrictions on construction and shortages of materials. As can be seen in the following tabulation for manufacturing and mining firms, equipment outlays in the 1946-48 period slowly declined relative to 9 plant expenditures, but remained above the immediate prewar average.2 1939-40 average 1946 1947 1948 1949 64 72 71 69 73 Percent of equipment expenditures to total new plant and equipment outlays 2 1950 75 During 1949 and 1950 the completion of a high proportion of the immediate postwar capital expansion programs and developments toward keener competitive conditions have reversed the downtrend in the equipment proportion of total outlays which had characterized the immediate postwar years. A higher proportion of equipment outlays, as well as of total capital expenditures, has been taking the form of replacement and modernization expenditures rather than additions to capacity. In the near future, cost reducing machinery will probably become an increasingly significant part of plant and equipment expenditures though capital investment for new products may also rise in importance. Railroad outlays down The reduction in expenditures for new plant and equipment anticipated for 1950 by the railroads exceeds that of all other major industries with the exception of the other transportation group. Railroad outlays are expected to decline 31 percent from 1949, reflecting the effects of reduced traffic and earnings during 1949 and also the completion of a considerable portion of their postwar expansion in road construction and equipment installation. The downward trend in capital outlays has been especially noticeable in deliveries of freight cars, one of the major components of railway purchases. Shipments during the early months of 1950 were approximately one-fourth as large as those in the corresponding period of 1949. This is reflected in the railroads' anticipation that total equipment outlays in the first half of this year will be 35 percent below the same period last year—as compared to a 15 percent decline in construction expenditures. Capital outlays in the first and second halves of this year are each expected to be about 31 percent below the corresponding periods of last year. The extent of the downturn in the second half of 1950, however, may be overstated. The roads' prospects for earnings and traffic in 1950 appear more favorable each month. Despite the work stoppage in 2 Mining is included in these figures since manufacturing and mining were not segregated in the prewar estimates. The 1939-40 estimates are not completely comparable to those in the postwar period. Table 1.—Business Expenditures on New Plant and Equipment, 1945-50 1 [Millions of dollars] 19502 19 49 Industry All industries Manufacturing 1945 1946 1947 1948 1949 1950 2 JanuaryMarch AprilJune JulySeptember OctoberDecember JanuaryMarch AprilJune JulyDecember 6,630 12, 040 16, 180 19, 230 18, 120 16, 090 4,460 4,660 4,370 4,630 4,110 4 260 7 720 3,210 5,910 7,460 8,340 7, 250 6,740 1,850 1,880 1,690 1 830 1 690 1 740 3 310 Mining 440 560 690 800 740 650 190 190 180 180 170 170 310 Kailroads 550 570 910 1,320 1,350 930 360 380 310 300 250 260 420 Other transportation 320 660 800 700 520 350 130 140 140 120 80 90 170 Electric and gas utilities 630 1,040 1,900 2,680 3,140 2,940 680 780 790 890 740 810 1 390 1,480 3, 300 4,430 5,390 5,120 4,480 1,260 1,290 1,260 1,320 1,170 1,180 2,120 Commercial and miscellaneous 3 _ _ 1 Data exclude expenditures of agricultural business and outlays charged to current account. 2 Anticipated expenditures for 1950 were reported by business between mid-January and mid-March, s Data include trade, service, communications, construction and finance. Source: U. S. Department of Commerce, Office of Business Economics, and Securities and Exchange Commission. 879643—50 2 SURVEY OF CURRENT BUSINESS 10 coal in the first quarter, estimated car-loadings in the first 2 quarters of this year are above the corresponding periods of 1949. Although unfilled orders for freight cars are considerably below a year ago, they have doubled since December. These orders indicate that a higher rate of deliveries may occur in future months. In addition, the backlog in orders for passenger cars and locomotives continues high. The replacement of coal-burning steam locomotives by Diesel-electric engines has been proceeding at a record rate. As a result of this program 35 percent of the 1949 freight traffic of class 1 roads was hauled by Diesel-electric locomotives as compared with 10 percent in 1946 and less than one percent in 1941. Installations of Diesel locomotives in the first 2 months of 1950 exceeded the previous year's rate by 10 percent. Utilities investment remains high Sales Anticipations Sales anticipations for the entire year 1950 were reported in this survey along with annual plans for capital outlays. According to the replies of this representative cross section of American industry, business firms in aggregate expect to maintain in 1950 approximately the same level of sales as in 1949. Within industry groups, modest advances in sales volume are anticipated by electric and gas utilities and manufacturing—industries, which, as noted above, expect the smallest cut-backs in capital outlays compared with 1949—while slight reductions are expected by trade and transportation concerns other than railroads. The following table shows the anticipated changes in sales in 1950 and actual and anticipated changes in the 1947-49 period for selected industries. The data indicate that sales expectations in 1948 and 1949 were realized within a reasonable margin of error. Percentage change in sales * IVTanufacturing Electric and gas utilities Trade — -Other transportation - 1948 to 1949 Actual Anticipated Actual +11 +12 +8 +16 +5 +12 +2 +19 -6 +7 +3 Anticipated 3 1950 Anticipated a -3 i The percentage changes in actual sales are based upon total sales for manufacturing and trade, and revenues by utilities and nonrail transport agencies. Data on revenue anticipations were not collected for railroads. The postwar trend in manufacturing sales is shown in chart 4. Within manufacturing, 1950 sales in most major industries were expected to be little changed from their 1949 levels. However, the producers' goods industries, unlike other manufacturers, anticipated a slight decline in their sales this year, reflecting the moderately lower capital outlays programmed by business as a whole. Chart 4.—Manufacturers' Sales BILLIONS OF DOLLARS 250 200 Capital expenditures by electric and gas utilities in 1950 are programmed at $2,940 million, 6 percent below the previous year but approximately 10 percent above 1948. Seasonally adjusted data indicate that little decline from the fourth quarter is expected in the first half of 1950, so that the indicated annual decline will be concentrated in the second half of this year. Expenditures by both the electric and gas utilities are expected to decline this year. In the electric-utility industry, increased outlays in transmission lines and general plant construction are expected to be more than offset by lower investment in generation and distribution facilities. A major element of strength in the gas-pipe-utility field is line construction. During 1949, long-distance lines brought increasing quantities of natural gas from the Texas, Louisiana, Oklahoma, and Kansas fields into the heavily populated northeast area. Much larger quantities are expected to reach this area during 1950 with completion of such pro jests as the 1,850-mile pipe line from the lower Rio Grande Valley to the New York metropolitan area. 1947 to 1948 April 1950 150 100 50 1947 1948 - ACTUAL • 1949 1950 ANTICIPATED If U. S. DEPARTMENT OF COMMERCE, OFFICE OF BUSINESS ECONOMICS 5O-I38 * Anticipated sales were reported by business between mid-January and mid-March of 1950. Source of data: TJ. S. Department of Commerce, Office of Business Economics. In correspondence with the findings noted above concerning investment programs by size of firm, sales anticipations show little evidence of significant differences between large and small manufacturers. This is in rather sharp contrast to the size comparison in the previous survey conducted early in 1949. In that survey large manufacturers anticipated an increase in sales volume for 1949 over 1948 of approximately 5 percent as compared with an expected decline of 4 percent for medium-size firms and 8 percent for the smallest size group. It may be noted that sales programs of business are not so firm as investment plans. Sales for a particular firm are subject to forces of demand largely outside the control of the individual business concern. Investment decisions, on the other hand, although influenced by the current demand for the firm's sales product, are determined by other independent considerations and in addition involve commitments some time in advance. While manufacturing and trade anticipated that the end of the upward movement in sales in the early postwar period would occur in 1949, they did not envisage the extent of the decline that was actually experienced. In the previous year, manufacturing and trade firms anticipated only part of the increase which occurred in sales. These differences, for reasons indicated in the discussion of investment programs, can be explained largely in terms of movements in prices subsequent to the time the anticipations were reported. However, sales expectations—to a much greater extent than investment plans—are probably also considerably influenced by the rate of operations at the beginning of the period. The greater accuracy of anticipated sales by electric and gas utilities reflects the relative stability in their prices as well as the close relationship between capacity and consumption over the postwar period. By Lawrence Bridge and Lois E. Holmes Capital Requirements of New Manufacturing Firms JL HE RAPID growth in the business population through mid-1948 and its relative stability thereafter was a significant factor in the postwar trend in investment. The purpose of this article is to provide a quantitative measure of the contribution to over-all investment by new manufacturers in the 1946-48 period and the manner in which such investment was financed. In addition, data are presented on the industrial differences in average and aggregate capital requirements of new manufacturing firms. As discussed at length in the technical notes, the results are based upon the reports of about 1,100 new manufacturing firms which furnished information for the years 1946 through 1948. This article supplements a similar analysis for new trade firms in the December 1948 SURVEY. These two studies go a long way toward providing an appraisal of the effects of changes in the postwar business population upon the total volume of investment in fixed assets and inventories. While other industries remain uncovered— notably services and construction—new manufacturing and trade firms combined probably account for more than 90 percent of the inventories and 60 percent of the plant and equipment investment of all new nonagricultural firms. Summary Of the estimated $2 billion total of initial capital requirements by new manufacturers during the 1946-48 period, $800 million was expended on new plant and equipment, $300 million on inventories, $500 million in additional working capital, and $400 million on used plant and equipment. The expenditures for new plant and equipment and for inventories were each about 4 percent of the similar investment by all manufacturing firms. For all nonagricultural business combined, it is further estimated that the direct initial contribution to aggregate investment by new firms in this period amounted to about 10 percent in new plant and equipment and 15 percent in inventories. About $1.2 billion of the capital requirements of new manufacturers was financed out of the entrepreneurs7 accumulated personal savings. An additional $300 million was supplied by parent companies' loans and equity investment, and loans by relatives, partners, officers, and directors. Advances by banks, merchandise and equipment suppliers, and government agencies accounted for over $450 million of the initial funds—banks alone accounted for over $250 million, merchandise suppliers for $50 million, and equipment suppliers for $150 million. The remaining investment funds came from the sales of more than $50 million of new stock and $10 million of bond issues. This distribution of the major sources of funds was quite similar to that found among new trade firms. For both industry groups, equity financing, including the personal saving of entrepreneurs, constituted about two-thirds of the total sources of funds for new firms. NOTE.—MR. BRIDGE AND MISS HOLMES ARE MEMBERS OF THE BUSINESS STRUCTURE DIVISION, OFFICE OF BUSINESS ECONOMICS. The capital markets were of little importance as a source of funds for new firms. Combining new manufacturing and trade concerns, about $100 million was raised from public issues during this 3-year period. Bank loans—constituting over 13 percent of the total sources of funds for new manufacturing and trade firms—were more important, amounting to more than $1.0 billion for the two groups combined. While new trade and manufacturing firms accounted for over 10 percent of the total change in outstanding bank loans during this period, public issues for these new firms represented less than 1 percent of total net new issues. Aggregate and Average Investment The establishment of 166,000 manufacturing firms in the 3 years 1946 through 1948 resulted in an estimated initial capital investment of approximately $2 billion.1 The lumber and timber basic products industry accounted for almost 25 percent of this investment and nearly 45 percent of the total number of new manufacturing concerns. This group included over three-fifths of all firms without any employees— and, as a result, had the lowest average investment of any major industry. The textiles industry with less than 2 percent of the total new entrants accounted for 6 percent of the aggregate investment as a result of its high average requirements. New manufacturers in the food, apparel, metals, machinery and stone, clay and glass industries accounted for from 6 to 9 percent each of the over-all investment. The lowest aggregate investment—and the lowest number of new firms— were in the rubber and petroleum products industries. As compared with manufacturing, the initial capital requirements of new wholesale and retail trade firms in the 3 years 1945-47, as indicated in the previous survey, amounted 2 to $1.5 billion and $5 billion, respectively. (See chart I.) The average initial investment of manufacturing firms, inclusive of no-employee firms, is estimated at $12,000 as compared to $22,000 and $9,500, respectively, in wholesale and retail trade. The average initial investment of new lumber firms was only slightly over $6,000, compared to an average investment by new non-lumber manufacturers of $16,500. Lumber and apparel were the only industries with investment below the average for all manufacturing. The largest average investment, $43,000 and $22,000, respectively, was found in the textiles and food processing industries.3 1 This figure is based on appropriately weighted sample data plus a rough estimate of the investment of new manufacturers without any employees. This estimate is more fully discussed in the technical notes. 2 These estimates have been slightly revised since publication in the December 1948 SURVEY OF CURRENT BUSINESS due to a revision of the population statistics (see "Revised Estimates of the Business Population, 1929-48," SURVEY, June 1949). It will be assumed in this article that no adjustment is necessary for the differences in timing in the two studies. 1946 and 1947—the 2 years common to both surveys—accounted for more than 70 percent in trade, and 75 percent in manufacturing, of all entrants in these fields during the respective survey periods. While fixed assets and other costs were considerably higher in 1948 than in 1945, the number of 3new manufacturing firms established in 1948 was one-fifth lower than in the earlier year. On a more detailed industry breakdown, some industries—e. g., automobile manufacturing—would show a higher average investment than the groups indicated above. 11 SUEVEY OF CUEEENT BUSINESS 12 Charts 2 and 3 show the average investment of new firms for the major manufacturing industries and by sales-size within these industries. In view of the low average investment for the universe of new lumber firms, it is interesting to note that, when firms with no employees are eliminated, the average investment in this field is higher than the average for all manufacturing industries. The average investment in apparel was lower, and in food and textiles higher, than the all-industry average for a given sales-size. The latter results are consistent with the over-all figures inclusive of firms without employees. As pointed out in the previous article on trade firms, the availability of capital and the price level in the postwar period had a considerable influence on both aggregate investment or scale of operations of these firms and the distribution of that investment among uses as well as sources. It is also quite possible that the average experience differs from the optimum capital requirements of these firms. Chart 1.—Manufacturing and Trade Firms Starting Operations in the Postwar Period: Sources and Uses of Initial Investment l BILLIONS OF DOLLARS 6 SOURCES OF FUNDS USES OF FUNDS _ «. H _ OTHER SOURCES £/ i 11 4 - _ 1 BANK LOANS, (including mortgages) — OTHER USES - — SUPPLIER CREDIT CAPITAL STOCK 2 ;, O INVENTORIES 1 PERSONAL SAVINGS MFG. WHOLE- RE1946 TO SALE TAIL 1948 1945 TO 1947 7^ /$ EQUIPMENT^ PLANT-?/ MFG. WHOLE- RE1946 TO SALE TAIL 1948 1945 TO 1947 U. S. DEPARTMENT OF COMMERCE, OFFICE OF BUSINESS ECONOMICS 50-132 1 See text footnotes 1 and 2, page 11. 2 Includes bonds and a small amount 3 of nonbank mortgage loans. Includes renovation, land, and a small amount of depletable resources. Source of data: U. S. Department of Commerce, Office of Business Economics. Limitations of the sample data Thus far, this article has presented universe estimates based on the sample data. The size of the sample, however, does not permit the derivation of all of the universe estimates necessary for comprehensive examination of the characteristics of new manufacturing firms. In the following detailed analyses of the survey results, the unadjusted sample data will be used whenever there is stratification by size and legal status. This stratification adjusts for the inadequate representation of firms no longer in business, and for other disproportions of the sample. Where such stratification is not April 1950 shown, the sample data have been weighted by size and legal form of organization. The shortcomings of the data and some measures of their sampling variability are fully discussed in the technical notes. It may be noted here that the major limitation in the sample arises from the absence of firms with no employees, though an adjustment for this group has been made in arriving at the universe estimates. In general, the errors of estimation associated with the sample data are relatively small. However, in tables 1 and 6 where dollar figures by size and industry are given, the large number of cells results in rather sizable sampling variability in some instances so that the data should be used as orders of magnitude rather than precise measures. It should be noted that the investment-size classification is based on initial investment without regard to either year of entry or subsequent changes in assets. The sales-size tabulation is based on 1948 sales without any allowance for either the year of entry or the differential growth in sales during the 1946-48 period. The classification of firms operating from 6 to 11 months in 1948 was based on. the annual rate of their partial year sales in 1948. Firms operating less than 6 months in 1948 were eliminated from this tabulation. Another factor meriting mention here relates to the timing of the data submitted by the sample firms. The reporting firms could be divided into three clearly defined groups. The first group, consisting of 92 percent of the sample, reported their investment essentially at the time they started production. The second group reported their assets and liabilities on the last day of their first calendar or fiscal year in business. These companies (about 3 percent of the sample) reported small amounts of trade receivables and net profits or losses. The initial investment of these firms was adjusted by either reducing (or increasing) their investment by the amount of net profits (or losses) reported. The last group (about 5 percent) reported their investment some time before their start of production. These companies typically report their entire investment as current assets (other than inventories) and, on the sources side, as equity capital. Since many firms in this group were still exploring credit lines, there was some understatement in the amount of reported investment. The reports of these firms were eliminated from the sample tabulations. Sources of Capital Supply About 59 percent of the capital requirements of all new manufacturers was met by the equity capital investment of the entrepreneurs themselves. Another 7 percent was also equity capital coming from parent companies and the capita] markets—mainly the former. The remaining 34 percent was debt financing, with the banks supplying 13 percent (mostly mortgage loans), merchandise and equipment supplies 9 percent, and bond sales less than 1 percent. Loans by individuals, parent companies, and governmental agencies accounted for 11 percent. The distribution of the sources of capital supply of new manufacturing establishments differed according to size of firm, legal status, industry and, within firms, by the uses of invested capital. The most significant divergencies are noted when comparison is made in terms of sales-size and investment-size (tables 2 and 3). As the firm-size increased, the relative investment in total equity capital among both corporate and noncorporate firms declined and total debt financing increased. However, within corporate equity capital, the relative importance of stock subscriptions by parent companies and by the general SURVEY OF CURRENT BUSINESS April 1950 public varied directly with size of firm, while those by officers and directors varied inversely.4 Similarly, within debt financing, while merchandise credit, industrial bank loans, and mortgages on business properties increased with firm-size, there was a tendency for nonbank, nonsupplier credit to decrease. The latter tendency was due to the influence of loans from friends and relatives—an important source of funds for the smaller concerns. When the sample data were examined by legal status, it was found that the equity in new corporate firms was somewhat larger than in new unincorporated concerns within comparable size groups due to the greater availability to corporations of parent company and general public equity funds (see chart 4). Within comparable—and especially in the larger—sales-size groups, personal savings of noncorporate entrepreneurs were a higher proportion of initial investment than were stock subscriptions of officers and directors in corporations. Chart 2.—Manufacturing Firms Starting Operations in the 1946-48 Period: Average Initial Investment, by Industry 1 C) INDUSTRY r ALL INDUSTRIES 10 i THOUSANDS OF DOLLARS 20 30 40 I I i - ...... jg TEXTILE-MILL PRODUCTS 'mmmmMmmmMmmmm FOOD AND KINDRED PRODUCTS WMMMMW/m LEATHER AND PRODUCTS ^^^^^^^ii^ tmmmmm wmmmm STONE, CLAY, AND GLASS PRODUCTS TRANSPORTATION EQUIPMENT METALS AND METAL FABRICATING -S/ FURNITURE AND FINISHED LUMBER PRODUCTS 'mmmm \rnmm LUMBER AND TIMBER BASIC PRODUCTS nn MISCELLANEOUS ^mmmwm i U. S. DEPARTMENT OF CO VMERCE, OFFICE i i i OF BUSINESS ECONOMICS 50-130 1 2 Sec text footnote 1, page 11. Classification excludes machinery and transportation equipment. Source of data: U. S. Department of Commerce, Office of Business Economics. The methods of financing new firms are also associated with, and in some cases dependent upon, the distribution of these funds into the various types of assets. For example, the entrepreneur purchasing a plant has access to either a mortgage loan or an industrial loan, secured by his plant. The volume of credit available from suppliers of merchandise and equipment is, of course, related to the size of inventory and equipment investment. Bank credit is also obtained on equipment and inventories—although these types of collateral are not so important as plant. 4 It should be noted that, in this article, stock subscriptions by the general public refer to stock subscribed by other than the officers, directors, and parent or affiliated companies of a new firm—and not necessarily to widely distributed public offerings. There was only one sizable public issue registered with the Securities and Exchange Commission which was in the scope of this survey. This issue by an automobile company accounted for over onefourth of the estimated stock sales to the general public. Sources by industries In general, the industrial differences in the distribution of the sources of investment funds among new manufacturing firms were found to be related to variations in fixed assets and inventory requirements, and, to a lesser extent, to average investment. This can be seen by referring to the data in table 4. For example, apparel manufacturers with relatively low plant and inventory investment received proportionately less industrial and mortgage bank loans and less merchandise supplier credit than did most other industries. They purchased moderately less equipment and received moderately less equipment credit than did the average new manufacturing firm. And, as might be expected on the basis of their low average investment, apparel manufacturers relied relatively more heavily on equity capital (including personal savings) than did most other industries. Sources of funds of new and established corporations Although balance sheet data are not available for all noncorporate manufacturers, comparison can be made between the liabilities of new manufacturing corporations and those of existing corporations. The relative initial equity among new firms was found to be considerably greater than among small concerns which have been operating for a period of years and which are most directly comparable in size to new firms. The initial short-term liabilities of new manufacturing corporations were much lower, and long-term liabilities were about the same, as were the corresponding proportions among small existing concerns. In long-term liabilities, the considerably smaller proportion of bonded debt of new firms was offset by the relatively larger mortgage debt. m^mmm 'mmmm APPAREL AND RELATED PRODUCTS MACHINERY 50 13 Flow of saving into investment It is estimated that all manufacturers starting operations in the 3 years 1946 through 1948 transferred more than $1.2 billion of their accumulated personal savings into assets of their businesses. Approximately $550 million of this investment was channeled into new corporations in the form of stock subscriptions by officers and directors. The remainder represented the personal savings of noncorporate entrepreneurs. Thus, with the over $4.4 billion of personal savings invested in new trade firms, about $5.6 billion of the $8.5 billion total capital requirements of new manufacturing and trade firms in the 3 postwar years was met by the past savings of the entrepreneurs themselves. Additional stock subscriptions by parent or affiliated companies and the general public brought the total equity capital initially invested to about $5.8 billion. Of this amount, $4.8 billion went into noncorporate enterprises and $1.0 billion into corporate concerns. In addition, these new firms provided direct investment outlets for other individuals' savings—mostly in the form of personal loans and, to a much lesser extent, in new issues of bonds. Based on the sample, 47 percent of both corporate and noncorporate new manufacturing firms was financed entirely through personal savings or through capital stock subscriptions of officers and directors.5 An additional 48 percent supplemented personal savings with debt financing. Of the remaining 5 percent, 2 percent (almost 4 percent of the corporate sample) financed entirely through parent company stock investment, almost 3 percent (6 percent of the rion6 Since the use of personal savings has been found to vary inversely with size of firm, the exclusion of firms with no employees from the sample results in an understatement of the proportion of firms financing entirely through personal savings. SUKVEY OF CURRENT BUSINESS 14 April 1950 corporate sample) entirely through debt financing and less than one-half of one percent entirely through stock sales to the general public. on nonbusiness properties varied inversely with size. The latter result was probably due to the greater use of mortgage loans on residences by the smaller entrepreneurs. Chart 3.—Manufacturing Firms Starting Operations in the 1946-48 Period: Average Initial Investment, by Industry, Grouped According to Sales in 1948 1 Supplier credit and capital requirements INDUSTRY 50 THOUSANDS OF DOLLARS 100 150 200 250 FOOD AND KINDRED PRODUCTS MACHINERY. TRANSPORTATION EQUIPMENT STONE, CLAY, AND GLASS PRODUCTS METALS AND METAL FABRICATING I/ UNDER $50,000 $50,000-$249,999 $ 250,000 AND OVER TEXTILE-MILL PRODUCTS LUMBER AND TIMBER BASIC PRODUCTS APPAREL AND RELATED PRODUCTS^ FURNITURE AND FINISHED LUMBER PRODUCTS MISCELLANEOUS U. S. DEPARTMENT OF COMMERCE, OFFICE OF BUSINESS ECONOMICS 1 The data represented by this chart should be used to indicate orders of magnitude rather than precise measures of average investment. See also footnote 1, table 1, and "Technical Notes" section in the text. 2 Classification excludes machinery and transportation equipment. Source of data: U. S. Department of Commerce, Office of Business Economics. Bank credit as source of funds Bank credit was the most important form of debt financing utilized by new manufacturers in the 1946-48 period. This result is similar to that found in the survey of new trade firms. Of the more than $250 million of bank credit to new manufacturers, 37 percent was mortgage loans on business properties, 20 percent was mortgage loans on other properties and the remaining 43 percent was in the form of nonmortgage industrial loans. For sample firms only, about one out of every five reported receiving bank credit totaling 35 percent of their combined initial capital requirements and 15 percent of the requirements of all sample firms. In general, bank credit was utilized to a greater extent proportionately by firms with a larger investment in fixed assets, by the larger concerns and, for a given size of company, by noncorporate firms for which such credit was more readily available as a result of their unlimited liability. New firms owning their plants, accounting for 21 percent of the concerns in the sample, received 75 percent of all bank credit. When examined by type of bank loan, it is found that nonmortgage loans and mortgage loans on business properties tended to assume greater relative importance as firm size increased, while the relative importance of mortgage loans Suppliers of merchandise and equipment to new manufacturing firms advanced almost $200 million of the latters' initial capital requirements. Almost three-fourths of this credit was on the purchase of equipment. While this was partly a reflection of the greater investment by new firms in equipment than in inventories, it may also be evidence that supplier credit was relatively easier on equipment purchases than on merchandise purchases. For all new firms, merchandise credit was 18 percent of inventory investment while equipment credit was 24 percent of new equipment outlays. It should be noted that small existing firms also utilize equipment to a greater extent than inventories as collateral on bank loans.6 The sample returns pointed to clear relationships between merchandise credit and inventory investment and between equipment credit and equipment purchases. In general, the data indicated that the relative proportions of both equipment and equipment credit to total investment varied inversely with size, while the proportions of both inventories and merchandise credit varied directly with size. However, there was a tendency for the ratios of credit to purchases of both equipment and merchandise to increase with firm-size— probably reflecting the better credit standing of the larger firms. Other sources of funds Almost $250 million of the initial credit needs of new manufacturers was supplied by nonbank and noiisupplier sources. Among the sample's corporate firms about 25 percent was supplied by officers and directors, 18 percent by parent companies, 16 percent by stockholders of undesignated type, 5 percent by government agencies (mainly Keconstruction Finance Corporation and the War Assets Administration), 5 percent by nonbank mortgages, 6 percent by personal loans (other than those stipulated above), and 25 percent by unspecified lenders. Among the sample's noncorporate firms, personal loans accounted for 49 percent of "other" sources, Government loans for 21 percent, nonbank mortgage loans 3 percent, partners 7 loans 3 percent, and unspecified lenders 24 percent. In general, these sources of funds, as a whole, are found to account for a decreasing proportion of total requirements as sales-size increases. They also were relatively larger among corporate firms than among noncorporate concerns due to the large volume of parent-company advances. Among the smallest sales-size group, however, these sources of funds are proportionately larger among noncorporate firms due to a high concentration of personal loans from friends and relatives. The Disposition of Investment Funds Manufacturing firms entering the business population in the 1946-48 period invested somewhat over 60 percent of their total capital in fixed assets, almost 15 percent in inventories, while the remaining one-fourth was kept for other working capital needs. The relative proportion invested in fixed assets is somewhat larger, and in inventories somewhat lower, than the 6 For firms with assets under $50,000, according to a Federal Reserve Bank loan survey, the value of outstanding loans on November 20, 1946, secured by equipment were about three times those secured by inventories. For all firms, however, the latter type of loan is more important than the former type. SURVEY OF CUEEENT BUSINESS April 1950 15 Chart 4.—Corporate and Noncorporate Manufacturing Firms Starting Operations in the 1946-48 Period: Percentage Distribution of Sources and Uses of Initial Investment, by Legal Status, Grouped According to Sales in 1948 l NONCORPORATE CORPORATE SO'URCES OF FUNDS SOURCES OF FUNDS USES OF FUNDS PERCENT 100 USES OF FUNDS PERCENT 100 OTHER SOURCES-?/ OTHER USES 80 BANK LOANS(including mortgages) 80 INVENTORIES 60 SUPPLIER CREDIT 60 EQUIPMENT 40 OTHER USES INVENTORIES 40 EQUIPMENT PERSONAL SAVINGS 20 20 PLANT-?/ PLANT-?/ OK O LJ oo ° -»> SS O - i£ 2? -tfJ-W -</»•< GROUPED ACCORDING TO SALES IN 1948 U. S. DEPARTMENT OF COMMERCE, OFFICE OF BUSINESS ECONOMICS i See footnote 1, table 2. Includes bonds and a small amount of nonbank mortgage loans. 3 corresponding investments of either new trade firms or large and small established manufacturing firms. This is due in part to the fact that while a new manufacturer initially obtains the necessary plant and equipment consistent with the expected volume of operations in his early stage of development, his purchase of inventories can frequently be delayed until he receives his orders. When examined in terms of size of firm, the sample indicated that the larger new manufacturing firms tended to invest relatively more heavily in current assets than did the smaller firms. Plant and equipment outlays It is estimated that $1.2 billion was expended for fixed assets by new manufacturers in the 1946-48 period. Almost $600 million was for new equipment, about $200 million for the new plant and over $25 million for renovation of rented plant. Used equipment and used plant outlays were somewhat less than $300 million and $100 million, respectively, while land purchases amounted to almost $50 million. The expenditures for new plant and equipment by new manufacturers were about 4 percent of the total expenditures of all manufacturers in this period. In trade—a field where there is considerably less concentration of large firms— new firms made about one-third of the fixed asset investment of all trade firms. Utilizing the findings in the new trade firm survey, and making rough allowance for uncovered industries, it is estimated that all new firms in the postwar period through 1948 accounted for about 10 percent of the new plant and equipment expenditures by all nonfarm business—both old and new. It should be borne in mind that few new firms enter the railroad and public utility fields which in the 50-131 3 Includes renovation, land, and a small amount of depletable resources. Source of data: U. S. Department of Commerce, Office of Business Economics. 1946-48 period accounted for close to 30 percent of the nonfarm business investment in plant and equipment. This estimate of the contribution of new firms measures only the immediate and direct investment of these firms. No allowance is made for either capital outlays for plant and equipment by other groups for rental to new firms, or for the replacement of used plant and equipment sold to new firms. In addition, data collected in this survey (which will be presented more fully in a subsequent article on the operating experience of new manufacturers) indicate that the capital goods investment of successful new firms grew quite rapidly in their first 2 years of operation. It should be borne in mind, however, that the postwar business population experienced its greatest growth in 1946, grew moderately in 1947 and early 1948 and has been relatively stable since mid-1948. Thus the contribution of new firms to business investment has been of dwindling importance since 1946. An outstanding difference between new trade firms and new manufacturing firms was noted in the size and industry relationships between fixed assets and total investment in the two groups. In the case of trade firms, there was clear evidence that within lines of trade the proportion of plant expenditures to total investment varied directly, while the proportion of equipment investment varied inversely, with firm size. Within manufacturing industries, while such tendencies existed, the relative importance of fixed investment more closely corresponded with type of industry than it did with size. These differences in trade and manufacturing arise mainly from the more homogeneous fixed assets requirements of the various lines of trade as compared to the heterogeneous nature of the different fabricating processes. SUEVEY OF CURRENT BUSINESS 16 In manufacturing industries with high plant expenditures relative to total investment, such as food processing, stone, clay and glass, and transportation equipment, it was found that even the smallest sales-size group had proportionately greater plant investment, than did the largest new firms in industries like apparel, textiles and machinery. Plant investment by apparel manufacturers was relatively negligible even in the largest sales-size group. The relative importance of equipment outlays, similarly, was more closely related to industry than to size. Working capital requirements The initial investment in inventories by new manufacturers in 1946, 1947 and 1948 amounted to $300 million— over 4 percent of the net change in inventories of all manufacturing concerns. The proportion of new inventory investment made by new trade firms was about one-third of that made by all trade firms. Making an arbitrary allowance for the contribution of new firms outside the trade and manufacturing fields, it is estimated that all new nonagricultural firms in the period between 1945 and 1948 made about 15 percent of the total new investment in nonfarm inventories. Within the manufacturing sample, inventories were found to be larger relative to total investment among the larger firms than among smaller concerns. This was also true among new wholesale and retail trade firms. Other working capital, as a proportion of total investment, increased with sales-size among the smaller sales-size groups. However, the proportion began to decline with size for the groups with sales of over $250,000—in large part as a consequence of the rapidly increasing relative importance of inventories. Plant ownership and rental Based on the reporting panel (firms with one or more employees), the average capital requirements of new manufacturers occupying their own plant was about three times that of the average new firm renting its plant. The survey results were as follows: Renters Corporate: Average investment.. Average plant investment Noncorporate: Average investment Average plant investment _ _ __ _ __ _ _- _. __ Nonrenters $43, 500 $146, 400 46, 700 14, 800 35, 300 9,600 As a result of the differential in size of average investment and the additional credit facilities arising out of plant ownership, there are marked differences in the relative distribution of the sources and uses of funds between renters and nonrenters. The latter group finance their investment to a considerably greater degree through bank credit, mortgage loans and bonds than do the former group (see table 5). Since a large proportion of the nonrenters' initial capital goes toward plant purchase, their investment in equipment, inventories and other current assets is lower relative to total investment than the corresponding investment of renting concerns. If plant outlays are removed entirely from the distribution of invested funds, it is found that nonrenters invest proportionately more in equipment and inventories and less in working capital other than inventories. The larger relative investment in inventories and lower investment in other working capital needs are primarily functions, of the larger average size of the nonrenting group. The explanation of the larger proportionate investment in equipment, which, as noted previously, generally varies inversely with size of firm, is that a large number of plant renters were able to also rent fixtures and machinery. April 1950 Surviving and discontinued firms The Office of Business Economics is planning a survey o1 the factors resulting in business failures. While the presenl survey was not designed to study the distinguishing characteristics between surviving and discontinued firms, th( sample returns make possible a few general observations. The outstanding difference was in the average size of investment. The average investment of the unsuccessful firms in the sample was about 55 percent of that of the sample's surviving firms. Another significant characteristic of discontinued firms was their relatively low initial investment in new plant, even when allowance is made for theii smaller average size. It is still a matter of speculation as to the extent that these firms unsuccessfully sought, or would have been helped by, outside financing. Another question arises as to the part that plant ownership plays in delaying the abandonment of enterprises which are not conspicuously successful. Investment turn-over The sales per dollar of investment among new manufacturing concerns, as among new trade firms and established manufacturers, was found to be greater for smaller firms than for larger firms. Comparison by occupancy status and industry (table 6) confirms the finding in the trade study that investment turn-over tends to decrease as plant size increases. Within manufacturing industries, the largest volume of sales per dollar of investment occurred in industries such as apparel and leather products—industries reporting the lowest relative plant investment. On the other hand, food, construction materials and metals show the smallest investment turn-over and proportionately high plant requirements. Differences among industries, as might be expected, appear to be closely related to the average ratio of net profits to sales. There tends to be an inverse relationship between profit margins on sales and investment turn-over since, in the industries where margins are high, entrepreneurs are willing to invest more heavily relative to sales. It is obvious, of course, that profit margins are affected by, as well as affect, investment turn-over. It should also be noted that other characteristics of the different industries, including the investment size of the average firm, influence their sales per dollar of investment. Table 1.—Manufacturers Starting Operations During 194 6—48: Average Initial Investment by Industry, Grouped According to Sales in 1948 1 [Dollars] Sales sizes Industry Food and kindred products Textile-mill products.-Apparel and related productsLumber and timber basic products Furniture and finished lumber products Stone, clay and glass products,. Metals and metal fabricating 2 Machinery . __ _ __ Transportation equipment Miscellaneous _ _ _ _ __ _ _ _ _ _ _ __ __ Under $50,000 $50,000$249,999 14, 900 8,400 6,500 8,200 5,200 77, 500 63, 100 16, 400 49, 200 28, 600 238, 400 107. 100 42, 600 131, 900 72, 200 10, 300 9,600 11, 500 11,300 12, 800 49, 400 38, 600 23, 500 26, 800 29, 300 104, 200 101, 900 70, 700 234, 800 107, 500 $250,000 and over 1 The figures in this table should be used to indicate orders of magnitude, and not precise measures of average investment, since some of the cells are based on small samples and firms with no employees are omitted. Data are based on the initial investment and make no allowance for subsequent changes in asset position. The sales size classification of firms operating less than 12 months in 1948 was based on the annual rate of their partial year sales in 1948. Firms operating less than 6 months in 1948 were eliminated. 2 Metal fabricating industries exclude machinery and transportation equipment. Source: U. S. Department of Commerce, Office of Business Economics. SUEVEY OF CURRENT BUSINESS Table 3.—Manufacturing Firms Starting Operations in the 1946-48 Period: Percentage Distribution of Sources and Uses of Initial Investment, by Legal Status and Initial Investment Size l Table 2.—Manufacturing Firms Starting Operations in the 1946-48 Period: Percentage Distribution of Sources and Uses of Initial Investment, by Legal Status and 1948 Sates-Size Group 1 100 100 100 100 100 65 61 62 58 Supplier credit: Merchandise Equipment 57 7 5 3 5 1 2 4 4 5 6 2 3 2 14 3 10 8 3 3 4 3 4 6 4 6 16 7 1 6 1 8 1 10 6 3 6 6 4 3 1 - 13 16 15 12 16 13 9 10 ___ 25 40 11 23 25 32 12 30 20 32 23 25 21 35 25 19 20 51 9 19 13 58 6 23 22 40 12 27 15 31 31 23 Bank loans: Non mortgages Mortgages: On business properties On other properties _ Other sources _ Uses, total: Plant 4 Equipment Investories Other current assets. _ _ Sources, total 33 19 11 _. 3 Item 54 11 1 62 4 2 Under $20,000 i 1 Personal savings Capital stock: Officers and directors Parent company General public $250,000 and over 100 $50,000-$99,999 100 Under $50,000 $100,000-$249,999 100 SI $500,000 and over Under $100,000 Sources, total T i Noncorporate Corporate Noncorporate Corporate Item 17 ios T3 d ig 03 Q O5 OoT 100 o^ se- -e- £ io I "1 0^ <M 100 Under $10,000 April 1950 10 £• 100 100 Personal savings Capital stock: Officers and directors Parent company General public _ _ Supplier credit: Merchandise Equipment Bank loans: Nonmortgages Mortgages: On business properties On other properties _ Plant 3 Equipment Inventories Other current assets o §? °oT o^ °i~ o"^ -e- <&• <M 'd fl ** > 0 1 ee- 100 100 100 100 68 61 63 55 3 4 6 6 74 5 2 70 6 1 58 9 5 34 18 8 1 4 3 4 4 3 4 5 2 7 7 9 2 2 4 4 6 4 7 11 1 2 5 1 11 1 2 2 3 1 10 3 6 2 (4) Other 2 Uses, total _ i OCT, Oos (4) 12 12 10 15 13 15 10 15 100 100 100 100 100 100 100 100 8 48 13 31 10 37 17 36 14 38 20 28 27 32 21 20 11 58 9 22 12 51 13 24 25 43 9 23 16 35 25 24 1 Excludes firms with no employees. Detail will not necessarily add to totals because of rounding. 2 Includes small amount of bond sales and nonbank mortgages. 3 Includes renovation and land and a small amount of depletable resources. * Less than 0.5 percent. Source: U. S. Department of Commerce, Office of Business Economics. 1 Data are based on the initial investment and make no allowance for subsequent changes in asset position. The sales-size classification of firms operating less than 12 months in 1948 was based on the annual rate of their partial year sales in 1948. The sample excludes firms with no employees. Detail will not necessarily add to totals because of rounding. -'3 Less than 0.5 percent. Includes bonds and a small amount of nonbank mortgage loans. •* Includes renovation, land and a small amount of depletable resources. Source: U. S. Department of Commerce, Office of Business Economics. Table 4.—Manufacturing Firms Starting Operations in the 1946-48 Period: Percentage Distribution of Sources and Uses of Initial Investment Funds by Industry 1 All industries Item Sources 100 Personal savings Capital stock. _ . Bond sales Supplier credit: Merchandise. Equipment _ _. _ __ _„ _ _ __ Bank loans: Nonmortgage _ _ _ _ _ _ _ _ _ Mortgage: On business properties On other properties, _ Other sources Uses Plant: New Used Renovation _ Equipment: New Used _ _ __ 4 Other fixed assets Inventories Other current assets _ _ 100 24 42 1 28 30 1 3 3 8 7 _ Food and Textile- Apparel and kindred mill related products products products 879643—50 3 Furniture and finished lumber products Leather and products Stone, clay and glass products Metals and metal fabri- 2 cating Machinery Transportation equipment All other 100 100 100 100 100 100 100 100 100 100 12 56 20 56 3 41 15 19 61 1 21 55 27 32 4 20 57 14 59 24 52 (3) (3) (3) (3) 2 3 1 6 2 11 3 2 5 3 2 6 4 4 10 5 2 5 7 2 2 14 3 4 5 2 11 3 11 3 1 3 4 1 2 1 (3) (3) (3) 18 44 (*) 4 2 4 2 2 11 3 1 6 2 2 1 10 1 5 2 1 (3) 11 9 12 10 10 10 10 11 8 10 12 15 100 100 100 100 100 100 100 100 100 100 100 100 10 4 2 19 5 3 4 4 3 3 2 4 11 7 7 4 2 15 2 1 12 2 2 2 13 1 14 3 1 10 2 2 29 13 26 7 38 13 23 17 19 9 52 5 24 18 29 11 2 12 26 1 11 25 36 35 4 11 11 2 16 25 14 14 1 17 38 10 19 2 15 26 33 19 4 12 16 2 33 18 1 15 30 (3) 11 40 i Excludes firms with no employees. Detail will not necessarily add to totals because of rounding. Excludes machinery and transportation equipment. 34 Less than 0.5 percent. Includes land and a small amount of depletable resources. Source: U. S. Department of Commerce, Office of Business Economics. 2 Lumber and timber basic products 4 (3) (3) 19 10 Q 26 25 (3) SURVEY OF CURRENT BUSINESS 18 Table 5.—Manufacturing Firms Starting Operations in the 1946-48 Period: Percentage Distribution of Sources and Uses of Initial Investment Funds by Occupancy and Legal Status l April 1950 Table 6.—Manufacturing Firms Starting Operations in the 1946—48 Period: 1948 Sales Per Dollar of Initial Investment Funds, by Industry, Initial Investment Size and Type of Occupancy 1 [Dollars] Occupancy and legal status All firms Noncorporate Corporate Item Renting concerns Nonrenting concerns 100 Sources, total 100 Personal savings Capital Stock: Officers and directors Parent company General public Renting concerns Nonrenting concerns 100 100 60 60 52 15 7 39 13 5 Supplier credit: Merchandise Equipment 4 5 3 4 6 8 3 5 Bank loans: Nonniortgages Mortgages 3 2 4 17 7 5 9 11 Other sources ^ Uses total Plant Renovation Other fixed assets 3 Equipment Inventory Other current assets - - ...- -- 12. 16 15 12 100 100 100 100 0 4 5 39 22 31 32 2 2 29 18 16 0 2 1 47 26 23 27 1 4 35 9 24 1 Excludes firms with no employees. Detail will not necessarily add to totals because of rounding. 2 Includes small amount of bond sales and nonbank mortgages. 3 Includes land and a small amount of depletable resources. Source: U. S. Department of Commerce, Office of Business Economics. TECHNICAL NOTES The present study on new manufacturing firms, like the previous one covering trade, is based on replies to a questionnaire by a sample of companies drawn from the records of the Bureau of Old Age and Survivors Insurance, Federal Securityr Agency. The sample was selected from the list of manufacturing companies registering w ith the BOASI which started a new business during the period 1946-48. It thus excludes manufacturing firms without employees, which generally have no occasion to report to BOASI. Estimates for this last group were, however, included in the total investment and financing figures. Questionnaires were mailed to all manufac turing firms listed as having 20 or more employees, and to a 5 percent sample of those with fewer than 20 employees. Roughly half of the returns in the first mailing were reported out of business, or for other reasons not at the address given. Sample tests against BOASI records have shown that practically all firms not located by the Post Office have ceased current reports to BOASI and may be presumed to be out of business. From the companies for which no returns were received in the original mailing, a 20 percent sample was drawn for follow-up by registered mail and by personal contact through the field offices of the Department of Commerce. The group used for the field follow-up consisted of the firms geographically accessible to the field offices. Returns were obtained from about 40 percent of the mail follow-ups, and from 75 percent of the companies contacted in the field. On the basis of the mail and field returns, it was estimated that almost 50 percent of the companies in the original universe were no longer in business, a figure which checks closely with the independently derived business population estimates of the OBE. A small proportion of firms were found to be out of scope, because they either were not in manufacturing or started in business before 1946. Of those in scope and still in business, about 30 percent submitted reports. In addition, enough returns were elicited from firms no longer in business to provide a basis for making estimates for this group. Sources of error fti the study of new trade firms, three sources of error in addition to the usual sampling variability were cited. The first of these was due to the inability to obtain replies from all companies in the sample, since those willing and able to respond might differ significantly with regard to their investment characteristics from those who did not reply. The second source, related to the first, was the inadequate coverage of firms no longer in business at the time of the survey. Finally, the sample represented only firms registered with the BOASI and included few if any companies with no employees. The present study was planned so as to reduce or eliminate the first two types of error. While it was not feasible to obtain a sample of zero-employee firms, the smaller importance of this group in manufacturing as compared with trade makes this third source of variation of less account. Consequently, the estimates for manufacturing given in this article have a smaller margin of error than those for trade enterprises. Renting firms Industry Total All industries Leather and leather products Apparel and related products Furniture and finished lumber products Textile-mill products Machinery Miscellaneous _ _ Transportation equipment Lumber and timber basic products Stone, clay and glass products Metals and metal fabricating Food and kindred products Small 2 Large 2 Total Small 2 Large 2 5.3 13.5 5.0 7.2 14.9 6.8 12.4 9.9 13.2 18.9 12.3 9.0 12.2 10.6 13.2 18.9 12.1 9.7 6.3 6.1 5.5 4.7 7.9 16.8 9.4 15.2 6.2 5.9 5.2 4.5 6.3 6.4 5.3 5.9 11.5 16.7 9.6 16.8 6.1 6.2 5.0 5.5 4.6 4.5 4.2 4.0 3.1 9.6 8.6 4.4 17.7 8.8 4.5 4.4 4.2 3.6 2.9 14.8 4.6 7.4 5.0 4.3 12.2 9.6 15.0 4.4 7.4 4.2 4.2 18.' 8 7.2 1 Excludes firms with no employees. 2 Small firms are those with initial investment of under $10,000; large firms are those with initial investment of $10,000 and over. Source: U. S. Department of Commerce, Office of Business Economics. Apart from the estimates for all manufacturing in charts 1 and 2, no adjustment was made for the zero-employee firms. It should also be noted that the tables which show the proportions of initial investment coming from various sources or applied to various uses are based on unweighted sample compilations when grouped by size and legal status. This procedure is valid because it was found that when the returns were grouped by legal status and size of initial investment, no significant differences existed between firms in business and those no longer in existence, or between those replying to the initial mailing and those contacted in the follow-up. Without this grouping, it was found that corporations were disproportionately represented among the initial response and among firms still in business. Also, both corporations and unincorporated businesses showed higher average initial investment in the initial response as compared with the follow-up, and for firms still in operation as compared with those which had left the business population. The estimates of average investment by industry group and sales size presented in table 1 are averages of the sample returns without adjustment for bias due to nonresponse or for disproportionate representation of firms still in business. Thus the figures in this table should be used as an indication of orders of magnitude applicable to firms other than the zeroemployee group, rather than as precise measures of average investment. Coefficients of variation for a number of the estimates were computed to indicate the degree of variability due to sampling in these figures. The relative sampling error in two out of three random samples does not exceed in absolute value the percentage given by this coefficient; 19 times in 20 it is less than twice this percentage. The coefficient of variation for the linear unbiased estimate of total investment was 7 percent. The coefficient for the percentage of total investment of new corporations represented by equity capital was 5 percent, while the corresponding figure for noncorporate businesses and personal saving was 7 percent. The equity and personal saving proportions were selected for the computations because the sample indicated that the underlying distributions were U-shaped; the coefficients of variation for other over-all proportions estimated should be substantially smaller in most cases. The coefficients of variation applicable to the various industry and size groups are larger than those for the total figures; since the sampling error increases as the number in the sample is reduced. An indication of the effect of sample size on variability is given by the coefficient of variation w^hich was computed for the percentage of total investment in tho form of equity for food corporations of the middle sales size group. In this sub-group, the sample contained 12 firms, and the coefficient for the estimated proportion was nearly 12 percent, compared with 5 percent for all corporations. Only in the industry-sales size break-down were there any cells with comparably small samples. The estimates were carried out in two ways. A "linear unbiased" estimate for the sampled universe, together with an adjustment for the group of zero-employee firms, yielded a figure of $1.8 billion for total investment of new manufacturing firms during the period 1946 to 1948. A biased estimate with smaller sampling variability, employing the independent OBE business population estimates, gave a comparable total"of $2.2 billion. In view of the various upward adjustments to the BOASI universe required to bring it to the OBE base, the round number of $2 billion has been used in th text. In obtaining the unbiased estimate, the returns in each of the two employee-size strata were grouped by legal status, and in each group were separated into three classes: firms replying initially, firms replying in the follow-up, and firms out of business. The total investment reported in each class was multiplied by its appropriate weight to obtain the total for the universe sampled. Average investment for the firms with no employees was estimated by extrapolation on the basis of the sample returns from firms with one and two employees. Since it was not feasible to obtain complete response even on the field follow-up, the possibility of bias due to nonresponse has not been completely eliminated. This limitation is not believed to be serious. By Z. V. Warner Foreign Transactions of the U. S. Government in 1949 INITED STATES Government foreign-aid programs in 1949 furnished assistance to the extent of nearly $6.0 billion in grants and credits. Grants were by far the greater part of the total amounting to $5.3 billion—about one-fourth more than in 1948—while credits, at $0.7 billion, were less than half as much as in the previous year. A comparison of grants and credits from 1946 through 1949 is shown in chart 1. Total aid since the approximate end of the war, or from July 1, 1945, amounted to almost $26 billion. During the first two full years after the war, 1946 and 1947, credits exceeded grants, mainly as a result of withdrawals on the British loan authorized in 1946. For subsequent years aid was extended mostly through grants, which in 1949 grants were furnished largely under the European Recovery Program. The ERP strongly emphasized grants rather than credits (which would have required repayment and increased the future dollar requirements of the borrowing country) and aid extended under that program, which was about one-third of total aid in 1948, accounted for more than two-thirds of 1949 assistance. In the last half of 1949 aid rendered by the U. S. Government fell off by more than one-fifth from the first half, due mostly to the decline of grants under the European Recovery Program. Such grants had reached a maximum in the second quarter. The decline resulted from reduced ERP appropriations, which reflect a diminishing need for aid until the scheduled completion of the program in 1952. Table 1 shows grants and credits by program from July 1, 1945, through 1949, while table 2 presents them by country for 1948 and 1949. Transactions other than those in connection with grants and credits further provided a net disbursement of dollars to certain foreign areas. These transactions include purchases and sales of goods and services, payments of administrative expenses abroad, and contributions to international organizations. They do not include disbursements made for grants and credits or receipts realized from repayment of credits, including interest, and reverse grants (grants to the U. S. Government). Purchases abroad of goods and services are included, however, even though such goods and services may become grants. These other transactions in 1949 resulted in disbursements of $1.7 billion and receipts of $0.5 billion. Table 4 shows such "other" cash disbursements and receipts by country for 1948 and 1949. The U. S. Government, in turn, received payments from other countries. Collections in 1949 to reduce the principal amount of loans outstanding and to pay interest amounted to $239 million and $97 million, respectively. For the previous year these collections amounted to $456 million and $100 million. Grants to the U. S. Government amounted NOTE.—MR. WARNER IS A MEMBER OF THE STAFF OF THE CLEARING OFFICE FOR FOREIGN TRANSACTIONS, OFFICE OF BUSINESS ECONOMICS. to the equivalent of $230 million in 1949 and $23 million in 1948, all but a small amount in 1948 the result of counterpart funds accruing to this country under programs of the Economic Cooperation Administration. Chart 1.—Foreign Grants and Credits of the U. S. Government in the Postwar Period BILLIONS OF DOLLARS 8 GRANTS p $£ CREDITS — 6 - i 4 2 '•'••:••: ':•::'• - - - '/A ^ '// //// /// ////// W w y/ J 0 1946 947 \ , ! ii W - ^ y/ w/ % y/ 1 1948 YEARLY TOTALS 1949 y/ y/' p p p m m 1949 QUARTERLY TOTALS, AT ANNUAL RATES U. S. DEPARTMENT OF COMMERCE, OFFICE OF BUSINESS ECONOMICS 5O-I34 Source of data: U. S. Department of Commerce, Office of Business Economics. Economic Cooperation Administration To EGA was assigned the responsibility for helping the free nations of Western Europe attain a degree of economic recovery which would obviate the need for extraordinary outside aid after 1952. From the beginning of the European Recovery Program in April 1948 through 1949 the EGA provided by grants and credits approximately $6.0 billion in goods and services to participating countries, about one-half consisting of food and agricultural commodities and the balance mostly of industrial products such as raw materials, semifinished products, machinery, and vehicles. Almost two-thirds of these supplies were procured in the United States. Aid provided other than by financing purchases of supplies and equipment included ocean freight charges, technical assistance—comprising primarily services of experts required for the introduction of advanced production methods—and payment of certain parcel post and other transportation costs on private relief shipments. Procurement authorizations under the program amounted to $8.0 billion for the same period. More than three-quarters of this amount applied to five countries, the United Kingdom, France, Italy, Germany, and the Netherlands. 19 SURVEY OF CURRENT BUSINESS 20 ERP grants in 1949 Total assistance under the European Recovery Program in 1949 amounted to $4,160 million as compared with $1,873 million in the previous year. Grants alone amounted to $3.7 billion in 1949. About 80 percent of the 1949 grants were in the form of cash reimbursements, the remainder representing mostly Government shipments. The United Kingdom was the largest recipient of grants from the United States under the program, receiving more than one-quarter of the total, followed by France, receiving more than one-fifth, and Germany about one-eighth. Grants to some ERP countries included certain amounts which were conditional upon furnishing aid to other participants under the intra-European payments plan. Therefore, in order to arrive at the amount of net aid received under the program the exchange of aid received or provided under the plan must be taken into consideration. The intra-European payments plan under ERP After the war a pattern of bilateral economic relations was prevalent in Europe which tended to hinder trade. The intra-European payments plan was introduced under the European Recovery Program, in order to encourage multilateral trading and to expand commerce so that Europe Table 1.—Summary of Foreign Grants and Credits Utilized and Capital Investment in the International Bank and Monetary Fund, by Program [Millions of dollars] Program April 1950 might provide for itself, through trade, more of the essential goods and services it required. This plan provided that grants would be extended by the United States Government upon condition that the recipient member of the plan furnish an equivalent amount of aid or drawing rights in its currency to one or more other members. In 1949 drawing rights utilized by members of the plan amounted to $809 million, but the countries furnishing these drawing rights received only $722 million in conditional aid from the United States. Those countries which extended the excess of drawing rights will eventually receive conditional grants to cover the difference. In the case of Belgium-Luxembourg net aid provided under the plan amounted to $264 million—or $12 million more than all aid received from the U. S. Government— which placed this area in the unique position of granting net aid under the program during 1949. Net ERP aid received or provided for 1948 and 1949, is shown in table 3. A little more than one-tenth of 1949 aid under ERP was extended through credits, as compared with about onequarter for the previous year. Credit utilizations of $476 million in 1948 and $425 million in 1949 were mainly the result of the $1.0 billion made available exclusively for loans and guaranties in the first appropriation authorization for EGA. In the appropriation act by Congress for the Table 2.—Summary of Foreign Grants and Credits Utilized, by Major Country, 1948 and 1949 [Millions of dollars] 1948 Total postwar period JulyDecember 1945 1946 1947 1948 29, 347 2,697 5,852 9,300 5,523 (i) 2 750 Total Total Total _ International IVIonetary Fund International Bank for Reconstruction and Development 2 750 635 317 317 European Recovery Program countries (including participating dependent areas) _ __ 2,697 5,535 6,233 5,523 5,976 15, 718 2,015 2,289 2,049 4,078 5,286 Lend-lease Civilian supplies by the military European recovery 1,213 4,170 5 132 1,082 339 UNRRA Post-UNRRA Interim aid 2 577 300 557 479 1 458 Chinese stabilization Chinese military aid Chinese aid 120 116 160 105 15 Greek-Turkish aid Philippine rehabilitation Korean aid 594 452 29 32 Refugee assistance International Children's Emergency Fund Inter-American aid American Red Cross 196 2 Grants Credits Special British loan Export-Import Bank European recovery Surplus property Lend-lease Other _ - 60 31 10 6 5 131 637 8 5 965 640 230 12 74 87 1,300 1 397 68 545 928 3,735 (2) 2 72 96 45 64 349 130 172 203 29 19 89 86 15 7 27 6 18 4 10, 244 681 3,245 4,183 1,444 690 3,750 32,532 600 1,036 2,850 58 300 429 476 185 425 212 18 9 29 5 47 824 902 1,363 1,347 351 623 G) 878 593 139 245 109 156 1 Less than $500,000. 2 Receipt of less than $500,000 from UNRRA on account of an excess of funds advanced to that organization for liquidation purposes. 3 Includes agent bank loans. NOTE.—Data included in tables are based upon report submitted by Government agencies and may have been revised since publication of similar information in previous SURVEY articles. In tables detail will not necessarily add to totals because of rounding. Source: U. S. Department of Commerce, Office of Business Economics. Grants Credits Total Grants Credits 5,523 4,078 1,444 5,976 5,286 690 4,240 3,129 1,111 197 89 40 803 5,976 _ 25,962 Grants and Credits Utilized_._ 1949 Country 1949 Austria Belgium — Luxembourg Denmark France Germany... Greene Iceland_ Ireland _ __ Italy Netherlands-Indonesia Norway Sweden . Trieste Turkey United Kingdom Unallocated ERP countries - Other Europe Finland _ _ Poland U S S R.2 Yugoslavia- . ___ American Republics Australia Canada Cnina Egypt India Iran Japan Korea Liberia __ . _ _ 496 183 56 18 620 208 253 108 860 202 202 94 807 6 51 14 53 925 337 84 14 2 921 245 5 67 921 245 5 3 C1) 0) 64 309 89 17 1 103 56 52 2 456 353 75 40 389 254 43 38 67 99 31 2 10 85 1,017 8 10 73 485 8 13 533 9 94 1,107 33 9 66 1,027 33 29 81 52 52 14 14 26 19 6 1 26 19 6 1 12 1 1 12 1 1 62 1 140 21 3 82 4 77 1 111 5 109 1 2 5 388 96 5 8 20 10 2 16 474 86 4 426 86 130 8 3 5 8 408 106 2 .__ 4,337 411 144 70 3 68 1 140 224 3 _ ._ _ _ _ Philippines Ryukyu Islands All other countries International organizations Unallocated 1,010 351 2 4,834 14 33 23 184 133 8 1 119 2 6 203 116 2 1 3 203 14 8 124 2 203 14 104 2 16 48 4 C1) 8 20 12 Less than $500,000. Credit utilizations shown for U. S. S. R. represents billings (under the pipe-line agreement dated Oct. 15, 1945) for materials, services, or other lend-lease aid furnished prior to Mar. 31, 1947. Source: U. S. Department of Commerce, Office of Business Economics. SURVEY OF CURRENT BUSINESS April 1050 21 Table 3.—European Recovery Program: Net Aid Received or Provided, by Country, 1948 and 1949 [Millions of dollars] 1948 1949 Aid under infra-European payments plan Aid received from the United States Net aid re- Net aid re- Country ceived (+) ceived (+) or pro- vided (-) Grant basis or pro- vided (-) Total Total France - _ _ - - - -United Kingdom Netherlands-Indonesia _ . Germany Italy Austria - -_ Greece Norway Denmark - __ _ _ Ireland Turkey Trieste Portugal Iceland Sweden _ _ . _ __ _ __ ___ ___ _ ___ _ __ - _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ -__ _ ___ _ _ __ __. _ Conditional J Direct Net received (+) or provided (— ) Received Provided + 1,873 +4, 160 4,160 3,735 3,013 722 425 809 809 +504 +692 +142 +1, 072 +929 +440 852 1,107 352 807 1,027 254 773 800 239 33 226 15 45 81 98 +221 -178 +87 254 48 102 33 226 15 +113 +155 +100 +392 +378 +294 491 418 202 491 389 202 346 349 201 145 40 1 30 -99 -40 +92 246 93 145 40 1 +64 +42 +41 +259 +134 +123 129 66 108 129 43 94 129 38 90 5 4 23 14 +130 +67 +15 130 72 19 5 4 67 30 9 3 10 9 10 64 20 +6 +67 +33 +9 +3 27 24 +2 -8 +5 +2 +1 5 38 5 38 +5 -4 -37 5 +13 +8 +33 253 33 202 33 _ _ _ _ _ _ _ _ __ _ ___ Belgium- Luxembourg Unallocated - - _ _ _ _ _ _ _ _ _ _ - Credit basis Total (3) 3 9 1 M 38 202 (3) 51 -264 33 7 4 44 268 1 2 Conditional grants not sufficient to cover aid provided by Turkey, Sweden, and Belgium-Luxembourg. Includes $3.5 million extended by Iceland to Germany outside intra-European payments plan. 3 Less than $500,000. Source: U. S. Department of Commerce, Office of Business Economics. next year EGA received authority to loan an additional $150 million against which no commitments had been made as of December 31, 1949. ERP loans amounted to only $47 million in the last half of 1949 compared to $379 million in the first half, as final utilization of loans originally negotiated in late 1948 was nearing completion. The largest recipients of ERP loans in 1949 were the Netherlands ($98 million) the United Kingdom ($81 million) and Ireland ($64 million.) The ExportImport Bank acts as agent for EGA in executing and administering loans. Other credits The Export-Import Bank extended the major share of 1949 credits in 1949 other than those by EGA. Disbursements on the Bank's loans in 1949 amounted to $185 million, less than half the $429 million of the previous year, with the major share going to Italy, Chile, Mexico, and Japan. Loans by EIB are generally made for projects which increase the productive capacity of the borrowing countries. Credit commitments by EIB which were unutilized at the end of 1949 amounted to $430 million; lending authority which had not been committed amounted to $889 million. Collections on credits by this agency in 1949 consisted of $144 million to reduce principal and $61 million for interest. In 1948 these collections were respectively $261 million and $57 million. Credits resulting from the transfer of surplus property abroad were only $29 million in 1949, as against $212 million the previous year. In 1948 final credits of $60 million were included on account of the transfer of merchant ships. Credits on other types of surplus were largely concluded by the middle of 1949 when this property had been largely disposed of and agencies responsible for disposal were in the process of liquidation. Credits utilized in 1949 included those extended by the Army to Japan under the natural fibers revolving fund, amounting to $27 million. Credits were extended from this fund to purchase raw cotton; repayment is made from the proceeds of the manufactured textiles. The United Nations received $20 million in 1949 as part of a $65-million loan to build their headquarters building in New York City. Civilian supplies for the occupied areas The second largest grant program last year was civilian supplies furnished by the military, more than nine-tenths of which are for the people of the occupied areas of Germany and Japan. Such aid amounted to $1,300 million in 1948 and $928 million in 1949. The decline was in large part the result of programs for certain countries having been transferred to EGA. Food items—especially grains—together with agricultural supplies and petroleum products made up most of the civilian supplies furnished in 1949. Considerable quantities of industrial raw materials were provided to Japan. Even though civilian supplies furnished by the Army to Germany in 1949, at $431 million, were only a little over half the previous year, the increase in ERP grants resulted in a total of approximately $900 million for both years. Supplies furnished Japan increased from $388 million in 1948 to $426 million in 1949. Assistance to China and Korea The Government of China largely lost control of the mainland of that country through military reverses in 1949. Consequently, U. S. Government aid was sharply curtailed, especially in the latter half of the year. Total aid in 1949 was $111 million, about half that for 1948, and all but a negligible amount in the form of grants. Approximately two-fifths of grants in 1949 were military supplies; the balance, grants by EGA, resulted mainly in shipments of cotton, rice, and petroleum products. Early last year EGA was assigned the responsibility of providing assistance to Korea to take the place of civilian supply programs of the Army. Accordingly, the extent of 22 SUEVEY OF CUKEENT BUSINESS supplies furnished by the Army decreased, while aid furnished by EGA increased. Total aid for 1949 amounted to $86 million, grants by the EGA amounting to $29 million and by the Army to $57 million. In the previous year, aid to Korea included $10 million of credits due to the transfer of surplus property and $96 million due to civilian supplies granted by the Army. Philippine aid As a measure of good will to the Philippine people, the United States early undertook to provide some degree of compensation for property damages resulting from the war. The U. S. Government in 1949 paid $162 million for such damages to private property. Payment of claims for damage to public property amounted to $11 million for the year. Administrative services relative to these claims amounted to $3 million. In this connection, administrative services and the costs of training Filipinos in certain specialized fields amounted to $27 million. Total Philippine aid was $203 million in 1949, and for 1948 about $130 million. Greek-Turkish aid In 1947 Congress passed legislation to assist Greece and Turkey. Grants furnished under this program last year amounted to $116 million for Greece and $56 million for Turkey—about half of the 1948 total for these countries. The aid supplied under the Greek-Turkish program was largely of a military nature, especially for Turkey. Greece received technical and material assistance to fight forces within her borders threatening her independence, and Turkey received similar help to modernize her defense establishment. Additional assistance went to these countries through the EGA, which assumed the responsibility of providing them with economic aid after July 1948. Aid extended by EGA included grants to Greece of $58 million in 1948 and $129 million in 1949, and to Turkey $10 million last year. Assistance through international organizations Since the aftermath of the war found great numbers of people in Europe displaced from their homes, the U. S. Government last year contributed $71 million to the International Eefugee Organization, which seeks to care for these people and also to resettle them. (Contributions for this purpose had amounted to $89 million in 1948.) In addition to contributions to the IEO the U. S. Government in 1949 paid $15 million to the United Nations to assist persons displaced from their homes as a result of the recent war in Palestine. The International Children's Emergency Fund, established by the United Nations, operates primarily for the benefit of children in European countries, especially as regards health requirements. Contributions by the U. S. Government to ICEF in 1949 amounted to $18 million. Transactions not included under grants or credits In addition to transactions abroad in connection with grants and credits, other operations of the U. S. Government abroad resulted in payment and receipt of funds. Disbursement for these other purposes amounted to $1.7 billion in 1949. Supplies and materials purchased accounted for onethird of this total. Military pay and allowances accounted for more than one-fourth. Other sizable disbursements were for administrative expenses abroad and operation of facilities. U. S. Government disbursements abroad were about a half billion dollars less in 1949 than in the previous year. The greatest part of this decline represented reduced procurement of supplies and materials abroad. This was largely accounted for by the Government discontinuing purchases of April 1950 Table 4.—Other Foreign Transactions of the U. S. Government: Cash Disbursements and Receipts by Major Country, 1948 and 1949 i [Millions of dollars] 19 18 Country Disbursements Total European Recovery Program countries (including participating dependent areas) Austria Belgium-Luxembourg _ Denmark France Germany Greece Iceland Italy - _ _ _ - -. - Netherlands-Indonesia. _ _ Switzerland Trieste _ _ _ _ _ United Kingdom Other - - - - Other Europe American Republics Canada China India _ Janan _ Korea Philippines _ Ryukyu Islands Saudi \rabia All other countries International organizations. Unallocated - - _ _ _ 19 49 Receipts Disbursements Receipts 2,233 948 1,718 544 863 387 736 221 7 7 73 56 15 130 12 18 1 21 43 53 12 36 258 22 19 21 178 13 2 11 240 16 12 49 134 4 1 2 70 10 12 162 15 32 14 3 36 46 60 23 14 160 18 1 15 3 13 27 (2) W 6 30 19 15 1 287 34 23 4 168 14 17 46 170 39 10 3 29 9 1 43 367 85 336 32 144 37 25 18 317 22 191 44 152 7 16 25 19 75 32 46 2 39 30 3 21 53 40 56 1 29 7 3 1 Purchases and sales of gold by the U. S. Government are not included. 2 Less than $500,000. Source: U. S. Department of Commerce, Office of Business Economics. tin to supply domestic industry, depending upon private traders to import these requirements. Also, purchases of sugar from Cuba for the occupied areas were reduced as these areas were able to acquire supplies elsewhere or develop their own production. Japan, Germany, the Philippines, and the United Kingdom and its dependencies were the recipients of more than half of disbursements in 1949. In the first three areas there are large military establishments requiring disbursements for pay and allowances. However, payments to the United Kingdom largely represented procurement from its dependencies. Receipts from such U. S. Government foreign transactions—other than those resulting from grant and credit transactions, of course—amounted to $544 million last year. Two-thirds were the result of sales. Military agency sales to Army PX's and Navy Ships Stores amounted to $135 million; sales of commodities, mostly whole grains, amounted to $106 million. Another large source of receipts was remittances of $106 million to the United States by Government personnel abroad. These receipts declined about $400 million in 1949 from the previous year. About half of the decline was due to reduced sales including surplus property, for example, had been largely disposed of in 1948. More than half the receipts in 1949 were from Japan and Germany. Because of the large numbers of American personnel, chiefly members of the armed forces in those areas, receipts from personal remittances and sales to Army PX's were high. NOTE.—Data included in this article constitute the basis for Government transactions in the balance-of-payments statements of the International Economics Division, Office of Business Economics. Differences may be due to the use in the balance-of-payments statement of preliminary data which include estimates. Other discrepancies may result from conceptual differences. (For example, in the balance of payments, loans guaranteed by the Export-Import Bank are included in private rather than in Government capital movements.) Further differences may arise from the attempts to enter transactions in the balance of payments at the time they are assumed to have taken place, rather than the time transactions appear in the accounts of the reporting Government agencies. t lew or STATISTICAL SERIES Farm Marketings and Income: Revised Data for Page S—2 1 1947 Jan. Cash receipts from farming (million of dollars): Total, including Govern2,363 ment payments Farm marketings and 2,331 CCC loans, total 1,014 Crops Livestock and prod1,317 ucts, total _. 313 Dairy products 818 Meat animals _ 178 Poultry and eggs Indexes of cash receipts from farm marketings and CCC loans (1935-39=100): 351 All commodities 355 Crops 348 Livestock and products. _ Indexes of volume of farm marketings (1935-39=100). 154 All commodities 171 Crops Livestock and products. . 143 1948 Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Year Jan. Feb. Mar. Apr. May June July Year 1,909 2,014 1,870 1,888 2,088 2,625 2,636 3,163 3,766 3,167 2,839 30, 328 2,572 1,695 1,850 2,045 2,094 2 382 2 599 30 803 1,869 741 1,951 685 1,813 517 1,854 534 2, 065 731 2,620 1,282 2,626 1,366 3, 153 1,683 3,755 2,155 3,155 1,568 2,822 30, 014 1,228 13, 504 2,546 1,095 1,666 544 1,810 577 1,995 646 2, 056 631 2, 356 790 2, 589 1 147 30, 546 13 485 1, 128 284 663 173 1,266 331 709 218 1,296 342 702 239 1, 320 380 670 250 1, 334 390 680 235 1,338 379 680 246 1,260 365 634 236 1,470 340 856 253 1,600 320 977 282 1,587 297 972 303 1,594 16, 510 306 4, 047 979 9, 340 299 2,912 1, 451 329 914 200 1,122 319 600 195 1, 233 361 635 228 1,349 391 695 248 1, 425 450 694 253 1, 566 1,442 247 253 17, 061 4, 433 9, 359 3,071 281 259 298 294 240 334 273 181 342 279 187 349 311 256 352 394 449 353 3.95 478 333 475 589 388 565 755 422 475 549 419 425 430 421 377 394 363 383 383 383 251 191 296 272 202 325 300 226 356 309 221 376 355 390 413 381 123 123 123 119 95 134 111 63 143 117 65 151 128 94 150 158 176 147 159 196 135 176 222 146 200 261 160 163 168 160 139 122 151 146 146 145 129 125 132 97 75 113 104 75 125 111 77 137 116 77 146 130 139 476 807 452 712 277 402 147 134 100 152 383 394 375 141 147 136 i Compiled by the U. S. Department of Agriculture, Bureau of Agricultural Economics. The series have been revised to incorporate revisions in the estimates of farm marketings. a For monthly data beginning August 1948, see p. S-2 of the October 1949 SURVEY and later issues. Estimated Sales of Chain Stores and Mail-Order Houses: Revised Data for Page S-9 * Combined index (1935-39=100) Total sales (millions of dollars) Unadjusted Month January February. _. March April May June July August September. October November. December.. Monthly average.. Seasonally adjusted 1943 1944 1945 1946 1947 1948 1943 1944 1945 1,042 1,048 1,165 1,216 1,182 1,197 1,143 1,107 1,209 1,320 1,265 1,528 1,081 1,049 1,247 1, 253 1,296 1,264 1,214 1,240 1,339 1,393 1,403 1,707 1,168 1,109 1,447 1,182 1,278 1,329 1,224 1,267 1,318 1,516 1,556 1,914 1,414 1,373 1,657 1,689 1,676 1,661 1,614 1,893 1,731 1,929 2,054 2,420 1,704 1,673 2,038 2,046 2,165 2,007 1,951 2,050 2,146 2,330 2,358 2,870 2,014 1,870 2,312 2,264 2,350 2,313 2,280 137.7 151.1 152.7 163.0 156.0 161.8 146.0 148.8 166.1 170.4 173.6 205.4 145.7 146.4 162.2 167.5 172.4 169.5 159.8 162.4 176.6 187.2 192.7 223.1 157.3 160.2 182.2 164.4 170.4 172.5 167.8 165.3 179.9 198.8 212.9 250.9 190.1 198.4 214.6 228.1 222.2 222.8 215.2 236.8 246.8 252.7 271.2 329.2 227.0 241.2 264.6 276.5 276.6 278.5 259.9 262.5 297.4 303.0 321.5 379.8 1,202 1,291 1,359 1,759 2,112 ! 2, 324 160.7 172.6 181.7 235.2 282. 3 1946 1947 1948 259.0 268.6 303.0 303.6 310.2 312.5 291.2 2 1943 1944 1945 1946 1947 1948 154.9 166.2 159.2 159.4 157.9 164.2 158.5 160.2 164.0 163.1 162.0 161.5 163.8 160.5 167.5 165.5 174.4 171.9 173.7 175. 4 174.5 179.2 179.2 175.9 176.5 175. 7 181.3 168.0 171.9 174.5 182. 5 177.7 177.4 189.3 198.0 198.8 212.9 217.7 223.5 224.0 224.5 226.1 234.8 255. 6 242.8 240.6 252.1 262.2 255.8 264. 7 270.9 276. 7 278.7 280.7 282.5 282.4 292.4 289.3 298.3 302.3 295.7 299.0 304.9 311.7 311.7 313.3 315.7 310.8 Indexes of sales, seasonally adjusted (1935-39=100) Apparel group Month Total January. .. February. March April May June July Monthly average »_. Men's wear Women's wear General-merchandise group Shoes Automotive parts and accessories Building materials Eating and Furniture and drink- and house ing places furnishings 292.9 311.6 312. 5 315.8 321.2 330.9 326.5 271.4 300.0 282.5 282.2 287.5 301.2 289.6 375.4 395.5 400.6 411.0 419.0 434.2 427.7 224.6 235.5 242.4 239.8 243.3 245.1 246.1 220.3 225.7 231.0 254.2 251.5 253.5 267.5 351.3 353.3 344.6 366.9 382.6 384.2 383.5 220.2 223.0 228.6 227.5 226.8 229.3 229.5 262.1 258.7 252.4 256.0 269.8 264.3 325.2 294.2 425.9 242.2 244.2 373.9 225.7 255.3 Total 285.4 286.2 296.7 307.3 297.7 312.1 316.1 Department, dry goods and general merchandise Mailorder Variety 340.5 337.1 354.8 375.0 357.1 377.3 380.7 271.9 270.1 272.8 285.1 280.0 297.0 309.8 210.0 219.1 223.2 218.8 218.3 222.8 223.1 365.0 290.1 226.6 i Compiled by the 17. Sf. Department of Commerce, Office of Business Economics. For monthly data beginning August 1948, see p. S-9 of the October 1949 Survey and later issues. * Average for 12 months, January-December. 23 SUEVEY OF CURRENT BUSINESS 24 April 1950 Department-Store Sales—Indexes Adjusted for Seasonal Variation: Revised Series for Page S—10 l [1935-39 = 100] Chicago Atlanta Cleveland Kansas City Minneapolis Philadelphia Month January February March April May June . July August September October November December _ _- _ _ _ _ __ _.. 1944 1945 1946 1947 1948 1945 1946 1947 1948 1946 1947 1948 1945 1946 1947 1948 1946 1947 221 218 226 230 240 237 264 265 271 245 251 271 304 328 338 333 329 348 359 354 357 361 359 349 374 376 379 399 386 379 188 202 207 168 170 184 223 241 243 237 231 250 261 269 266 261 273 270 290 288 286 289 286 290 226 242 260 251 245 272 263 263 270 280 286 284 291 291 284 305 307 306 223 223 239 203 221 218 256 264 275 274 283 289 296 305 301 296 300 306 323 314 314 334 330 328 212 234 234 232 248 246 260 268 269 265 265 274 281 279 278 293 288 288 157 150 159 161 168 160 240 246 255 255 264 268 281 277 276 286 290 299 352 361 360 354 359 354 345 344 354 354 396 369 402 393 394 404 374 378 192 188 193 201 207 206 248 281 258 255 259 264 274 270 282 271 294 291 297 299 291 298 278 295 260 286 249 250 266 262 281 273 290 273 296 292 313 308 320 319 293 300 223 219 232 238 242 244 292 303 296 296 292 299 306 302 320 311 339 321 330 330 327 334 323 320 253 260 263 261 253 258 268 271 282 274 283 283 294 290 287 304 286 288 164 164 171 169 176 1948 1944 1945 183 1946 1947 172 183 185 161 169 186 208 221 225 220 224 251 251 246 248 257 259 258 272 284 276 279 284 284 193 183 177 191 195 198 242 260 242 240 241 245 257 257 264 262 279 274 289 291 294 302 268 284 1948 i Compiled by the Federal Reserve Banks of the districts shown. The indexes have been revised to incorporate changes in the seasonal factors. For data for 1949, see p. S-10. The Business Situation (Continued from p. 5) However, the adoption of strict marketing quotas this year makes possible a general idea of intended land use in 1950. Excluding cotton, planted acreage for 1950 is indicated to be about one and one-half million greater than a year earlier. The cotton allotment originally announced for 1950 of 21 million acres is 6.4 million less than that grown in 1949 but the allotment has since been increased by more than 1 million acres by special legislation. Since marketing quotas for cotton are coupled with rather severe penalties for overplanting and selling more than the allocated quota, overplanting is rare. In prewar years, the acreage of cotton grown varied from 80 to 90 percent of allotments. In view of the large reduction in cotton acreage allotments from last year's plantings, the rise in intended acreage of crops other than cotton of less than 1.5 million acres is partly attributable to the fact that a group of other crops in the South were also subject to control. Wheat in the Southwest and tobacco, peanuts, and rice in the various States of the South were curtailed—all with the aid of production controls. Excluding Oklahoma and Texas, the principal expansions were a rise of one million acres in corn and soybeans. More important changes are indicated in Oklahoma and Texas where expansion totaling nearly 4 million acres is indicated for grain sorghums, oats, corn, and barley offset by a contraction in wheat of nearly 3 million acres, but changes in these States are not a net addition to those discussed above since they were included in the totals for the wheat belt States. Appraisal of results On the whole the control programs were successful in reducing acreage—although not necessarily production—of specific crops, and the total cut-back of these crops is indicated to be as much as 20 to 25 million acres, or about 10 percent. Possibly the corn program was least successful, and even here the commercial corn areas reduced acreage by about 10 percent. In addition to the basic crops which were all under control programs, cut-backs were made in flaxseed and potatoes—both of which have been heavily supported. In fact, the group of crops whose acreage has been reduced accounted for more than 85 percent of total price support expenditure for 1948 crops, the last crop-year for which data are available. With minor exceptions, these products have mandatory price support at 90 percent of parity for 1950. Table 3.—Prospective Plantings for 1950 [Thousands of acres] Planted Acreages Change 1949-50 Crops With production controls Corn, all Wheat, all Rice Potatoes 2 Tobacco ... Beans, dry edible Peanuts 3 Average 1939-48 _ . - 1950 PerAbsolute centage 167, 326 89, 825 66, 026 1,451 2,718 1,650 183, 059 87, 910 84, 931 1,839 1,924 1,626 1,900 164, 852 82, 765 i 72, 750 1,645 1,862 1,582 1,678 —18, 207 2,570 — 12 181 -194 -62 -44 -222 -359 174, 202 42, 891 14, 713 3, 869 16, 635 690 496 12, 059 2,241 74, 470 851 163, 082 44, 525 11, 208 5,199 11, 754 548 367 11, 409 1,177 72, 835 769 3,291 175, 784 47, 964 13, 879 +12. 702 +3, 439 +2. 671 14, 568 603 281 13, 500 1,192 75, 091 980 i 3, 699 +2, 814 +55 -86 +2, 091 + 15 +2, 256 +211 2,022 3,634 _ Without production controls Oats_ _. ._ - _ Barley Flaxseed _ _ _ Sorghums for all purposes _ Sweet potatoes Peas, dry field Soybeans 33 Cowpcas Hay2 Sugar beets _ __ _ Rye _ 1949 5,287 2,929 4,027 -5,145 -1,172 +408 —10 -6 -14 -11 -3 -3 -12 -12 +8 +8 +24 -23 +24 +10 -23 +18 +1 +3 +27 +12 1 Includes acreage planted in the fall of 1949 for harvest in 1950. * Acreage harvested. 2 Grown alone for all purposes. Source: U. S. Department of Agriculture, Bureau of Agricultural Economics. Much of the expansion in acreage occurred in crops whose prices have also been supported, but the level of support in 1950 may be considerably lower than for the basic crops. The feed grains—oats, grain sorghum, and barley—are expected so expand 9 million acres. All of these have received extensive price support and all are substitutes for corn within rather wide limits. Expansions are also indicated in soybeans and rye, both of which have been receiving price support, and also in hay for which no price support is provided. Most of the crops in this group where plantings are expected to increase do not have mandatory price support programs; the actual support levels and the commodities to be supported for 1950 had not been announced at the time of the survey of farmers' planting intentions. BUSINESS STATISTICS X HE DATA here are a continuation of the statistics published in the 1949 Statistical Supplement to the SURVEY OF CURRENT BUSINESS. That volume contains monthly data for the years 1945 to 1948, and monthly averages for earlier years black to 1935 insofar as available; it also provides a description of each series and references to sources of monthly figures prior to 1945. Monthly averages for 1949 are shown in the March 1950 issue of the SURVEY. Series added or revised since publication of the 1949 Supplement are indicated by an asterisk (*) and a dagger (f), respectively, the accompanying footnote indicating where historical data and a descriptive note may be found. The terms "unadjusted" and "adjusted" used to designate index numbers and dollar values refer to adjustment of monthly figures for seasonal variation. Data subsequent to February for selected series will be found in the Weekly Supplement to the SURVEY. 1950 1949 Unless otherwise stated, statistics through 1948 and descriptive notes are shown in the 1949 Statistical Supplement to the Survey February March April May June July August September October November December January February GENERAL BUSINESS INDICATORS NATIONAL INCOME AND PRODUCT Seasonally adjusted quarterly totals at annual rates: National income total bil of dol Compensation of employees, total do \\rages and salaries total do Private do Military _ do Government civilian do Supplements to washes and salaries do Proprietors' and rental income, totalc? do Business and profession ale? do Farm do Rental income of persons do Corporate profits and inventory valuation adjustment total bil of dol Corporate profits before tax total do Corporate profits tax liability do Corporate profits after tax do Inventory valuation adjustment do Net interest - do Personal consumption expenditures total do T)urable goods do Services do Gro^s private domestic investment do New construction do Producers' durable equipment do Change in business inventories do Net foreign investment do Government purchases of goods and services, total bil of dol Federal (less Government sales) do State and local do Personal income total Less' Personal tax and nontax payments Equals' Disposable personal income Personal saving § do do do do (i) 140.9 135 3 113.5 4.5 17.3 5 6 43.7 24.0 12.9 6.8 224 7 141.9 136 5 116. 1 4.1 16.3 5 4 47.1 24.1 16.4 6.7 220 8 140.8 135 4 114.7 4.1 16.6 5 5 45. 1 24.1 14.3 6.7 220 7 141. 1 135 6 114.4 4.2 16.9 5 5 43.1 24.0 12.6 6.6 31.6 29.4 11.5 17.9 2.2 4.1 30.7 26.4 10.6 15.8 4.3 4.2 32.3 28.9 11.4 17.5 3.3 4.2 262 0 178.7 23.0 100 4 55.3 40.0 16.8 20 7 2.5 10 257 9 179.3 23.6 99 8 55.9 33.2 16.4 20 0 -3.2 1.2 254 6 179.7 25.7 97.6 56.5 32. 1 17.4 19.6 -5.0 -.3 255 2 179.8 25.2 97.7 56.9 33.7 18.7 18.7 -3.7 -2.0 42 3 25.2 17 1 44.2 26.4 17.8 43.2 25.0 18.2 43.7 25.0 18.8 212.0 18.6 193.4 14.8 210.0 18.6 191.4 12.1 208.2 209.3 18.6 190.7 10.8 (i) 0)1 C) 0) .7 4.3 18.6 189.5 9.8 PERSONAL INCOME. BY SOURCE Seasonally adjusted, at annual rates: Total personal income bil. of dol Wage and salary receipts, total do Employer disbursements, total ._ _ _ _ do Commodity-producing industries do Distributive industries do Service industries do Government __ _ _ .do Less employee contributions for social insurance bil. of dol Other labor income- _ _ ___ do_ Proprietors' and rental income do Personal interest income and dividends. _do Total transfer payments do Total nonagricultural income _ do 207.2 133.0 135. 2 56.4 40.5 17.1 21.2 209.1 133.4 135. 6 56.9 40.5 17.1 21.1 208.3 2.2 2.1 45.1 17.0 12.3 2.2 2.1 42.8 16.9 12.4 2.2 2.1 43.9 17.1 12.6 2.2 2.1 42.7 17.2 12.6 190.5 190.2 191.4 192.2 211.3 134.0 136. 3 210.5 133.9 136.0 57.4 40.7 17.3 20.6 210.2 133. 7 135. 9 57.0 40.9 17.4 20.6 209.4 59.4 39.5 17.0 20.4 210.2 132.3 134.6 57.4 39.4 17.3 20.5 2.3 2.1 46.6 17.0 11.6 2.1 2.1 46.2 17.0 12.6 2.2 2.1 45.0 17.1 12.4 2.3 2.1 45.2 17.0 12.2 191.0 190.5 191.4 191.8 132.9 135. 2 56. 7 40.3 17.3 20.9 133.7 135.9 57.1 40.5 17.1 21.2 207.0 209.4 132.5 134.7 56.0 39.5 17.4 21.8 211.9 134. 4 136. 6 57.4 39.9 17.4 21.9 ' 218. 1 r 133. 7 »• 136. 5 "•57.1 MO. 1 «-17.6 '21.7 219.1 133.5 136.2 56.5 40.1 17.8 21.8 2.2 2.1 42.9 17.3 12.0 2.2 2.2 44.9 17.4 12.4 2.2 2.2 43.5 18.9 12.8 2.8 2.2 '46.5 17.4 r 18.3 2.7 2.2 43.9 17.4 22.1 190.3 191.3 194.5 198. 7 202.8 132.7 134.9 55.5 40.2 17.5 21.7 r NEW PLANT AND EQUIPMENT EXPENDITURES All industries quarterly total Manufacturing Mining Railroad Other transportation Electric and gas utilities Commercial and miscellaneous mil. of dol do do do do do do 4,460 1,850 190 360 130 680 1,260 4,660 1,880 190 380 140 780 1,290 ' 4, 370 1,690 180 310 1 140 790 1,260 r r 22 4 no 4, 630 1,830 T 180 r 300 T 120 T 8QQ ' 1, 320 1, 690 2 170 2250 2 80 2 740 a 1, 170 r Revised. 12 See footnote "i" for this page in March 1950 SURVEY. Estimates for January-March 1950, based on anticipated capital expenditures of business, cflncludes inventory valuation adjustment. §Personal saving is excess of disposable income over personal consumption expenditures shown as a component of gross national product above. 879643—50 4 S-l SURVEY OF CURRENT BUSINESS S-2 Unless otherwise stated, statistics through 1948 and descriptive notes are shown in the 1949 Statistical Supplement to the Survey April 1950 1950 1949 February March April May June July August September October November December January GENERAL BUSINESS INDICATORS—Continued FARM INCOME AND MARKETINGS Cash receipts from farming, including Government payments, total J mil. of dol__ Farm marketings and COO loans, total do Crops do Livestock and products, total do Dairy products _ do Meat animals do Poultry and eggs do Indexes of cash receipts from marketings and CCC loans, unadjusted: % All commodities 1935-39=100.. Crops do Livestock and products do Indexes of volume of farm marketings, unadjusted :t_ All commodities 1935-39=100.. Crops do Livestock and products do INDUSTRIAL PRODUCTION Federal Reserve Index Unadjusted, combined index 1935-39=100.. T 1,973 1,946 677 1,269 327 692 242 1,850 1,823 592 1,231 326 623 265 1,944 1,915 639 1,276 361 627 259 2,053 2,036 757 1,279 359 647 239 2,177 2,168 972 1,196 347 592 233 2,417 2,411 1,162 1,249 328 661 245 2,608 2,601 1,327 1,274 304 705 250 3,139 3,127 1,773 1,354 298 787 255 3,050 3,038 1,722 1, 316 266 735 303 2,326 2,317 1,175 1,142 267 603 262 ' 253 215 ' 282 293 237 335 275 209 325 288 224 337 306 265 338 326 340 316 363 407 330 392 465 336 471 621 357 457 603 347 349 411 301 '337 '385 301 ' 106 120 94 139 114 81 140 123 89 149 132 110 148 141 145 138 162 190 140 168 209 138 202 270 150 193 246 153 155 170 144 154 168 143 179 1,695 ' 1,680 r 613 r 1,067 T 282 r 580 r 197 r r 118 ' 2, 254 ' 2, 238 ' 1, 099 1,139 290 676 165 185 181 177 174 170 163 174 179 169 '174 178 do 193 190 183 179 176 169 181 189 179 '180 '186 Durable manufactures Iron and steel Lumber and products Furniture Lumber Machinery Nonferrous metals and products Fabricating Smelting and refining Stone, clay, and glass products Cement.. Clay products Glass containers Transportation equipment Automobiles (incl. parts) do do do do do do do do do do do do do do do 223 232 115 154 96 262 185 180 200 187 168 166 179 241 206 221 233 124 150 110 252 183 172 210 185 171 163 178 240 204 212 219 126 144 116 240 167 151 209 186 202 160 179 235 203 202 204 129 139 124 232 145 123 200 190 206 156 202 220 184 195 177 129 139 124 225 133 108 192 188 209 151 204 240 211 186 156 121 136 113 217 127 105 179 187 209 140 214 249 225 194 178 134 148 126 216 141 128 174 190 207 149 212 246 225 200 179 141 158 132 224 157 150 175 191 219 151 199 252 231 176 102 138 165 125 226 164 162 167 ' 193 211 154 210 238 216 ' 181 ' 145 144 163 134 217 163 161 170 188 206 153 195 '206 '175 ' 201 201 145 170 132 227 166 162 175 181 187 154 177 ' 211 ' 181 '206 ' 203 ' 130 ' 167 ' 111 228 ' 179 174 '191 ' 181 168 '148 201 '243 '22(3 Nondurable manufactures Alcoholic beverages Chemicals products Industrial chemicals Leather and products Leather tanning Shoes Manufactured food products Dairy products Meat packing Processed fruits and vegetables do do do do do do do do do do do. 168 159 251 435 116 115 117 146 104 149 164 173 248 427 113 99 123 145 124 141 85 159 163 239 417 106 96 113 148 160 134 94 160 182 233 406 101 95 105 156 203 138 102 161 190 230 404 104 95 110 165 223 139 133 156 188 225 392 104 172 222 140 181 170 179 226 388 110 90 123 189 197 134 287 179 179 238 405 114 98 125 190 159 145 267 181 180 245 414 108 99 115 177 121 155 ' 175 151 ' 250 '423 101 99 103 '156 96 186 '103 '175 143 '249 '421 108 96 116 '149 95 ' 183 ' 193 178 171 247 '417 '98 95 101 162 97 172 '123 do.. do. do_ do.. dodo. do_ do_ do. do_ do- 158 154 221 185 152 188 157 125 305 143 153 151 148 213 178 156 182 142 120 275 122 163 146 142 209 182 157 177 129 111 240 112 153 144 139 207 175 158 178 123 103 214 118 170 143 138 202 159 148 178 126 105 217 120 179 128 125 198 139 133 175 120 87 238 109 152 155 148 203 146 143 178 140 111 259 134 184 169 160 208 145 159 202 155 127 294 139 185 176 168 198 49 169 192 169 134 318 161 171 177 168 ' 205 102 167 ' 187 ' 175 138 340 r 158 172 '167 ' 160 r 219 158 162 '192 '173 134 350 ' 151 138 '178 171 '211 do_. do-. do.. do_. do_. do- 143 155 74 142 168 76 131 137 52 93 163 93 146 148 88 144 156 134 148 149 105 144 155 142 137 135 78 104 153 150 128 126 93 80 147 140 134 134 82 108 149 135 123 122 50 60 154 128 112 120 118 31 156 '63 141 152 117 133 163 128 136 63 103 157 81 ' 125 ' 133 69 96 ' 154 '80 do. 189 184 169 161 170 173 180 '179 do.. 196 193 184 179 178 179 188 do do do do do do do do __.do 225 123 107 185 200 202 222 176 184 223 129 119 183 210 195 208 171 178 212 126 118 167 209 189 213 164 179 201 126 120 145 200 185 196 157 189 Manufactures Paper and products Paper and pulp Petroleum and coal products Coke Printing and publishing Rubher products Textiles and products Cotton consumption Rayon deliveries Wool textiles. Tobacco products. Minerals Fuels Anthracite Bituminous coal Crude petroleum Metals Adjusted, combined index cf Manufactures Durable manufactures Lumber and products Lumber Nonferrous metals Smelting and refining Stone, clay, and glass products Cement Clay products . Glass containers.. 194 123 114 133 193 186 195 152 206 185 115 104 127 180 185 190 140 223 193 126 115 141 174 183 183 145 204 199 132 119 157 175 183 189 146 195 r 175 133 116 164 167 184 182 146 204 '181 147 139 163 169 183 191 147 193 ' 203 ' 158 153 165 174 187 206 150 190 189 154 ' 157 ' 194 ' 178 144 153 162 '209 ' 145 '134 '179 '191 ' 192 207 ' 159 206 173 173 177 168 162 161 165 '161 154 Nondurable manufactures.. do 177 ' 176 179 174 167 174 165 172 187 164 177 169 Alcoholic beverages do 187 173 169 245 236 240 250 237 234 229 233 228 Chemical products do 243 246 '249 108 113 115 113 101 106 105 96 110 Leather and products ..do 97 101 108 100 98 95 99 96 84 97 107 91 Leather tanning do 92 99 96 162 165 163 162 167 162 165 161 Manufactured food products. __.do 166 ' 160 ••160 '161 153 150 151 146 151 151 145 154 152 Dairy products._ __.do 147 148 '148 153 145 137 141 156 158 155 150 153 Meat packing do 154 157 ' 154 154 155 156 137 136 149 173 139 Processed fruits and vegetables do '134 151 ' 132 '142 151 144 129 158 146 169 176 143 Paper and products.._ do 155 177 167 '179 139 154 141 168 138 126 147 160 148 Paper and pulp do 168 160 171 T Revised. v Preliminary. JData have been revised beginning January 1947 to incorporate revisions in reports on production and sales of farm products; revised figures for January 1947-July 1948 appear on p. 23 of r this issue. Revisions for January 1949 are as follows (units as above): Total cash receipts, including Government payments, 2,295; farm marketings and CCC loans, 2,279; crops, 1,016; live estock and products, 1,263; dairy products, 301; meat animals, 740; poultry and eggs, 2l5;indexes of cash receipts—all commodities, 343; crops, 356; livestock and products, 333; indexes of volume—all commodities, 138; crops, 147; livestock and products, 132. cfSeasonal factors for a number of industries were fixed at 100 during 1939-42; data for these industries are shown only in the unadjusted SURVEY OF CUERENT BUSINESS April 1950 Unless otherwise stated, statistics through 1948 and descriptive notes are shown in the 1949 Statistical Supplement to the Survey S-3 1950 1949 February March April May June July August September October November December January February GENERAL BUSINESS INDICATORS—Continued INDUSTRIAL PRODUCTION—Continued Adjustedd1— Continued Manufactures — Continued Nondurable manufactures— Continued Petroleum and coal pr oducts__. 193 5-39= 100 ._ Printing and publishing do Tobacco products do 221 153 160 213 153 172 209 152 162 207 155 170 202 149 172 198 144 146 203 151 178 208 159 175 198 165 165 ••205 160 169 ••219 159 149 '211 '163 162 *>198 169 162 149 113 136 129 148 145 145 126 133 124 123 105 129 102 119 98 112 ' 59 141 ••76 132 '106 '130 '116 P117 P117 36.6 18.2 7.8 10.4 7.7 1.8 5.9 10.7 3.2 7.5 37.1 18.5 7.8 10.6 7.9 1.9 6.0 10.7 3.3 7.4 35.9 17.6 7.4 10.2 7.4 1.7 5.7 10.8 3.3 7.5 36.0 17.7 7.5 10.3 7.5 1.8 5.7 10.8 3.3 7.4 36.4 18.0 7.7 10.2 7.7 1.8 5.9 10.7 3.3 7.3 34.8 17.1 7.2 9.9 7.2 1.6 5.5 10.5 3.3 7.2 37.1 18.9 8.0 11.0 7.5 1.8 5.7 10.7 3.5 7.2 37.2 18.9 7.9 11.0 7.5 1.9 5.6 10.9 3.5 7.4 34.6 16.8 6.5 10.3 7.1 1.7 5.4 10.7 3.6 7.1 35.5 17.3 7.0 10.3 7.6 1.8 5.8 10.6 3.3 7.3 '34.7 '16. 9 7.0 9.9 '7.3 1.7 '5.6 10.5 3.1 7.4 35.7 17.6 7.5 '10.2 7.2 1.6 '5.6 '10.9 '3.6 7.3 36.6 18.0 7.6 10.4 7.6 1.7 5.9 11.1 3.7 7.4 58.4 34.4 16.6 17.8 9.5 3.4 6.1 14.5 5.7 8.8 58.2 34.2 16.5 17.7 9.3 3.4 5.9 14.7 5.8 8.9 57.8 34.0 16.5 17.6 9.3 3.4 5.9 14.5 5.7 8.8 56.9 33.6 16.0 17.6 9.2 3.3 5.9 14.1 5.4 8.8 56.4 33.3 15.7 17.5 9.0 3.2 5.8 14.2 5.4 8.8 55.3 32.4 15.2 17.1 9.1 3.1 6.0 13.9 5.3 8.6 54.6 31.6 14.7 16.9 9.1 3.0 6.0 13.9 5.3 8.6 54.6 31.1 14.3 16.8 9.2 3.0 6.2 14.4 5.6 8.8 54.4 30.7 13.9 16.9 9.1 2.9 6.2 14.5 5.7 8.8 54.0 30.5 13. 6 ' 16.9 9.1 2.9 6.2 H.3 5.5 8.8 '53.6 30.9 '13.9 '17.0 9.0 2.9 6.1 13.7 5.1 8.6 '54.1 '31.1 '13.9 ' 17.3 '9.0 3.0 6.0 '14.0 '5.3 '8.7 54.0 31.1 13.9 17.3 9.0 3.0 6.0 13.9 5.2 8.7 34.6 13.9 8.3 12.4 34.4 13.6 8.2 12.5 33.9 13.3 8.2 12.4 33.4 12.8 8.3 12.4 32.9 12.4 8.1 12.4 32.3 12.2 8.0 12.2 31.7 12.0 7.7 11.9 31.0 11.8 7.5 11.7 30.7 11.8 7.2 11.7 30.6 12.0 '6.9 11.7 31.1 12.3 6.9 '11.9 '31.3 '12.2 '7.2 '11.9 31.2 12.1 7.3 11.8 Sales, total _ .mil. of dol.._ Durable-goods industries, total do _ Iron, steel, and products do Non ferrous metals and products do Electrical machinery and equipment _do Machinerv, except electrical do Motor vehicles and equipment _ _ __ _ do _ Transportation equip., except autos do Lumber and timber basic products _ do Furniture and finished lumber products_.do Stone, clav, and glass products do _ _ Other durable-goods industries do 18, 175 7,757 2,081 602 716 1,270 1,217 483 349 302 373 364 18, 451 7,805 2,054 567 742 1,325 1,222 453 384 337 371 351 17, 643 7,445 1,883 488 720 1, 261 1,289 426 370 316 332 361 17, 741 7,488 1,768 452 741 1,229 1,389 484 381 328 367 350 17, 990 7,745 1,811 512 730 1,195 1,553 454 417 339 369 366 17,114 7,207 1,703 418 669 1,063 1,558 487 362 288 349 310 18, 945 7, 982 1,850 546 749 1,130 1,739 492 410 336 395 335 18, 865 7,877 1,894 579 802 1,130 1,579 365 436 346 388 358 16, 805 6,542 1,088 500 756 1,053 1,371 359 409 324 354 327 17, 313 7,041 1,457 512 767 1,081 1,258 410 454 345 393 363 ' 16, 857 ' 6, 960 ' 1, 766 '524 '737 ' 1, 006 ' 1, 108 '440 '426 '305 '340 '307 ' 17, 650 ' 7, 471 ' 1, 860 '549 '784 ' 1, 072 ' 1, 491 '398 '350 '288 '366 '314 17, 956 7,572 1,950 595 788 1,110 1, 316 391 398 312 384 328 Nondurable-goods industries, total do Food and kindred products do __ Beverages do Tobacco manufactures do Textile-mill products do Apparel and related products _ __ ___ .do Leather and products _ __ do Paper and allied products do Printing and publishing _ __ do Chemicals and allied products do Petroleum and coal products _ do Rubber products do Other nondurable-goods industries do 10, 418 3,040 482 274 1,014 978 288 497 619 1,129 1,545 251 302 10, 646 2,923 601 292 1,028 1,043 294 486 641 1,152 1, 584 260 342 10, 198 2,942 607 266 943 895 291 461 596 1,086 1,540 257 314 10, 253 3,027 671 284 936 807 279 451 573 1,144 1,523 248 310 10, 244 3,006 701 279 984 685 303 461 592 1,143 1,525 266 300 9,907 2,774 674 271 968 770 282 497 555 1,106 1,511 271 227 10, 964 2, 969 740 298 1, 111 995 316 583 573 1,239 1,598 295 245 10, 988 2,989 589 285 1,164 964 294 644 596 1,274 1,618 277 294 10, 263 2,890 528 256 1,089 791 274 623 509 1,174 1,575 262 291 10, 272 2,834 522 280 1, 133 688 254 618 512 1,182 1,654 262 333 ' 9, 897 ' 10, 178 ' 2, 699 ' 2, 878 '552 ' 501 '281 ' 1, 044 ' 1, 054 '700 '670 ' 244 '249 ' 583 '600 '612 ' 613 ' 1, 085 ' 1, 175 ' 1, 580 ' 1, 536 266 '276 275 '343 10, 384 2,872 506 272 1,073 689 277 611 668 1,218 1,585 Inventories, book value, end of month, total do Durable-goods industries, total do Iron, steel, and products do Non ferrous metals and products _ do _ Electrical machinery and equipment do Machinery, except electrical do _ _ Motor vehicles and equipment _ do _ _ Transportation equip., except autos do Lumber and timber basic products do Furniture and finished lumber products. -do Stone, clay, and glass products do Other durable-goods industries do 34, 409 16, 629 3, 633 1,029 2,088 3,688 2, 217 976 744 835 605 813 34, 223 16, 528 3, 632 1,096 2,063 3, 691 2,194 951 698 817 572 815 34, 018 16, 406 3,654 1,123 2,024 3, 628 2,201 926 737 795 570 808 33, 565 15, 994 3, 629 1, 120 1,941 3,533 2,008 909 725 787 557 785 33, 250 15, 727 3,564 1,136 1,888 3,484 1,977 915 652 786 563 762 32, 367 15, 225 3, 459 1,115 1,806 3,386 1,904 903 617 757 548 731 31, 638 14, 741 3,337 1,064 1,737 3,329 1,824 860 586 754 527 724 31, 076 14, 282 3,202 1,035 1,648 3,239 1, 769 869 558 744 506 712 30, 744 13, 876 3,062 1,023 1,603 3,152 1,678 839 598 717 492 712 30, 547 13, 646 3, 048 1,028 1,568 3,082 1,626 809 602 723 474 687 ' 30, 899 '31,136 ' 13, 869 ' 13, 880 ' 3, 129 ' 3, 123 ' 1, 022 '982 ' 1, 600 ' 1, 594 ' 3, 090 ' 3, 064 ' 1, 767 ' 1,803 r 764 '740 r ' 591 642 '723 '745 484 '488 '698 '700 31, 140 13, 869 3,061 985 1,605 3,090 1,823 691 645 781 494 694 Minerals Metals __ _ do do __ BUSINESS SALES AND INVENTORIES * Business sales (adjusted) total § bil Manufacturing, total Durable-goods industries _ _ __ _ Nondurable-goods industries Wholesale trade, total _ _ Durable-goods establishments Nondurable-goods establishments Retail trade, total _ Durable-goods stores Nondurable-goods stores of dol do do.__ do do _ do _ _ do _ do do do Business inventories, book value, end of month (adjusted), total § bil. of dol Manufacturing, total do Durable-goods industries do Nondurable-goods industries do _ _ _ Wholesale, total do Durable-goods establishments do ___ Nondurable-goods establishments do Retail trade, total _ __ __ _ do Durable-goods stores do Nondurable-goods stores do _ Manufacturing inventories sta,ge of fabrication, total Purchased materials Goods in process Finished goods . _ (unadjusted), by bil of dol __ do _ do do MANUFACTURERS' SALES AND INVENTORIES—VALUE (ADJUSTED)* 362 17, 695 16, 898 17, 552 17, 572 17, 524 16, 794 16, 867 17, 780 17, 142 16, 900 ' 17, 030 ' 17, 256 17, 271 Nondurable-goods industries, total do_ __ 2,884 2,975 2,806 2,955 ' 3, 066 3,010 2,993 2,842 2,983 3,309 ' 3, 166 3,028 Food and kindred products do 3,026 1,082 1 118 1 114 1 062 1 124 1,099 ' 1 088 ' 1 106 1 137 1,108 1,082 Beverages do 1,102 1,095 1,577 1, 568 1,614 1,668 1,715 1,706 1,595 1,728 ' 1,699 1,611 1,697 1,661 1,633 Tobacco manufactures. do 2, 482 2,404 ' 2, 283 2,509 2,395 2,219 2, 218 2,254 2,198 2,313 Textile-mill products do ' 2, 306 2,316 2,361 1,332 1,494 1,332 1,436 1,363 1,404 1,421 1,359 ' 1, 377 1,412 '1,467 1,485 Apparel and related products do 1,357 606 598 595 598 614 '618 617 611 ' 636 Leather and products do 616 611 624 590 906 919 911 894 739 '759 '782 793 756 777 Paper and allied products _ _ do.- . 872 832 737 r T 645 628 611 616 568 559 585 Printing and publishing do 561 600 589 612 609 580 2,411 2,222 2,355 ' 2, 194 ' 2, 164 Chemicals and allied products do 2,346 2,316 2,247 2,228 2,223 2,151 2,278 2,264 2,495 2,516 2,539 2,513 ' 2, 412 ' 2, 358 Petroleum and coal products do 2,527 2,507 2,472 2,497 2,544 2,546 2,240 584 661 653 648 562 Rubber products _ __ _ do . 650 586 537 '558 625 587 644 412 373 414 360 Other nondurable-goods industries do 420 420 400 302 '383 371 415 390 427 r Revised. v Preliminary. cfSee note marked "c?" on p. S-2. *New series. Except as otherwise stated, seasonally adjusted dollar sales and inventories have been substituted beginning with the October 1949 SURVEY for the unadjusted dollar values and indexes formerly shown; for earlier figures and del ails regarding the new series, see pp. 12-24 of the October issue. Sales and inventories of service and limited-function wholesalers only are published currently on p. S-10. § The term "business" here includes only manufacturing and trade. Business inventories as shown on p. S-l cover data for all types of producers, both farm and nonfarm. SUEVEY OF CURRENT BUSINESS S-4 Unless otherwise stated, statistics through 1948 and descriptive notes are shown in the 1949 Statistical Supplement to the Survey April 1950 1949 Febru- ary March April May June 1950 July August September October November December January February GENERAL BUSINESS INDICATORS—Continued MANUFACTURERS' NEW ORDERS, NET Value (unadjusted), total mil. of dol Durable-goods industries, total do _ Iron, steel, and products. do . Nonferrous metals and their products do Electrical machinery and equipment _ -do. _ Machinery, except electrical do Transportation equipment, except autos_ -do Other durable-goods industries do Nondurable-goods industries _ _- - do 16, 534 6,734 1,832 514 612 1,016 384 2,376 9,800 17, 962 7,185 1,816 570 754 1,151 296 2,598 10, 778 15, 968 6,127 1,425 15, 734 5,993 1,328 437 619 985 358 584 986 160 2, 501 9,841 495 2,241 9,742 16, 300 6,544 1,504 15, 496 6,195 1,284 18, 697 7,407 1,776 418 702 365 561 858 615 687 938 1,017 217 2,686 9,756 263 2, 865 9,301 244 3, 146 11,290 19, 441 7,634 1,513 18, 359 7,432 1,837 583 810 996 566 841 970 377 3,355 11, 807 r 18, 138 246 2,972 10, 926 7,402 1,771 525 724 953 711 2 718 ' 10, 736 »• r16, 775 ' r 18, 646 7. 019 8. 377 r 2,r 067 r 1,915 r 508 586 788 ••841 T T 1. 184 1,001 ' 243 T ' 513 r 2. 564 3, 186 ' 9, 756 r 10, 269 18, 241 7, 852 2, 145 624 736 1, 236 411 2,700 10. 389 BUSINESS POPULATION OPERATING BUSINESSES AND BUSINESS TURN-OVER 3,911.9 322.8 296.1 845 7 1, 679. 5 202.1 565.7 f 3, 895. 5 p 321. 8 f 286. 4 v 843 6 J» 1, 676. 2 P 202. 3 P 565. 0 95.0 16.1 9.1 19.8 34.5 4.4 11.1 99.0 16.9 9.0 20.0 37.9 4.2 11.0 *84.5 *>12. 9 v 7. 1 •p 16. 6 p 34. 5 *3. 8 P9.6 3,938 1 323.2 307 9 848 8 1 688 3 202 3 567. 5 Operating businesses total end of quarter thous Contract construction do Manufacturing do Service industries do Retail trade do Wholesale trade do All other - -- do New businesses quarterly total Contract construction Manufacturing Service industries Retail trade Wholesale trade All other do do do do do do do Discontinued businesses quarterly total Contract construction - Manufacturing Service industries Retail trade Wholesale trade All other do do. _ do do do do do 121 6 16.6 21.0 23 2 43.1 4.7 12.9 125 2 17.3 20.8 23.1 46.7 4.4 12.8 TP 101.0 Business transfers quarterly total do 102.2 83.6 *83.5 P14.0 p 16.8 v 18.6 ?37. 7 *3.6 plO.3 BUSINESS INCORPORATIONS New incorporations (48 States)* _ _ _ . number. _ 6,362 7,637 7,273 7,445 7,260 6,424 6,828 6,867 6,877 6,755 7,857 9,070 7,736 INDUSTRIAL AND COMMERCIAL FAILURES Failures, total cf Commercial serviced1 Construction Manufacturing and mining Retail trade Wholesale trade _ number-do _ do do do do 685 44 63 170 318 90 847 87 77 215 366 102 877 76 68 229 406 98 775 58 63 202 351 101 828 75 74 215 372 92 719 49 61 188 344 77 810 53 55 221 385 96 732 67 71 183 329 82 802 58 90 181 364 109 835 63 83 197 395 97 770 50 80 201 349 90 864 61 65 225 403 110 811 69 73 170 399 100 Liabilities, totaled Commercial serviced1 - Construction Manufacturing and mining Retail trade Wholesale trade thous. of dol__ do do do do do 27, 567 896 2 476 15,009 5 728 3, 458 37,118 4,792 3,018 17,07.5 7, 269 5, 034 31,930 5, 774 1 519 1 4, 523 6 139 3,975 24, 583 1 , 599 1 434 11,182 6 034 28, 161 1,862 2,476 13. 500 6 234 4,089 21,804 1,393 1 , 845 10.183 5. 629 31,175 1,187 2,272 16, 008 6 424 5, 284 20, 598 1,289 2 148 9,379 4 929 2,853 23, 894 1,248 1 989 11,897 5 833 2, 927 22, 799 1 281 4 362 8,419 5 929 2,808 19, 251 668 1 814 7,465 6 2^4 3,020 26, 436 1 829 1 884 10, 928 7 355 4, 440 22, 156 1 875 1 824 7, 905 6 386 4,166 235 219 218 170 382 222 185 261 4, 334 2. 754 COMMODITY PRICES PRICES RECEIVED AND PAID BY FARMERS Prices received, all farm products t§~ -1910-14=100-Crops do Food grain do Feed grain and hay _ . do Tobacco _ do Cotton do Fruit do Truck crops _ _ _ _ _ _ _ do Oil-bearing crops do Livestock and products do Meat animals _ _ _ _ do _ Dairy products do Poultry and eggs _ _ do Prices paid :f All commodities 1910-14—100 Commodities used in living - do Commodities used in production do All commodities, interest, taxes, and wage rates 1910-14=100-Paritv ratiot do 255 234 223 171 404 245 198 267 262 275 309 265 216 258 232 226 176 403 242 207 235 261 281 327 254 215 256 234 229 177 403 251 225 196 256 276 324 241 220 253 235 229 174 403 252 239 194 245 271 319 235 215 249 225 213 168 404 253 235 155 232 271 323 233 212 246 221 209 171 404 253 217 168 219 269 316 237 213 244 214 205 165 400 246 181 170 241 271 310 244 225 247 212 211 166 393 250 160 188 227 279 319 251 236 242 210 213 161 396 241 180 174 221 271 301 258 230 237 210 215 157 369 233 172 213 220 262 286 261 216 233 210 219 168 394 223 174 196 225 255 280 261 194 249 286 254 158 237 215 219 171 389 231 186 203 228 257 306 250 155 242 245 238 245 247 243 244 246 242 244 245 242 242 245 239 240 244 235 ?38 242 234 238 240 234 237 239 235 236 238 234 237 239 235 238 238 237 237 238 237 252 255 254 253 252 250 249 248 246 245 246 249 248 101 101 101 100 99 98 98 100 98 97 95 94 Qfi 29g cf For comparability with data prior to 1945, figures for certain subsequent months have been revised to exclude railroad failures. Revisions are shown in the February 1950 SURVEY. *New series. Beginning with the December 1949 SURVEY, dollar values of manufacturers' new orders have been substituted for the indexes shown prior to the October 1919 issue; figures back to January 1946 and details regarding the new series are given on pp. 18-24 of the December 1949 SURVEY. Data on new incorporations are compiled by Dun and Bradstreet, Inc.; they are available for the 48 States beginning 1946, and for 47 States (excluding Louisiana) beginning July 1945. §March 1950 indexes: All farm products, 237; crops, 215; food grain, 224; feed grain and hay, 174; tobacco, 389; cotton, 236; fruit, 193; truck crops, 168; oil-bearing crops, 230; livestock and. products, 258; meat animals, 308; dairy products, 243; poultry and eggs, 165. fRevised series. Beginning with the February 1950 issue of the SURVEY, data are revised (effective back to 1910) to reflect changes prescribed in the Agricultural Acts of 1948 and 1949; revisions prior to December 1948 will be shown later. SUEVEY OF CUEEENT BUSINESS April 1950 Unless otherwise stated, statistics through 1948 and descriptive notes are shown in the 1949 Statistical Supplement to the Survey S-5 1950 1949 February March April May June July August September October November December January February COMMODITY PRICES—Continued RETAIL PRICES All commodities (U. S. Department of Commerce index) __1935-39=100_- 189.2 189.4 189.2 188.3 188.3 186.8 186.6 187.2 185.6 185.7 184.4 183.8 183.3 Coal (U. S. Department of Labor indexes): Anthracite Oct. 1922-Sept. 1925=100.Bituminous . ._ _ _ _ d o __ 149.1 160.0 140.1 160.0 144.9 158.1 140.7 154.7 142.3 154.8 143.0 154.8 143.4 154.9 145.4 156.4 147.4 158.5 148.3 160.5 148 4 162.7 148.5 164.1 148.5 164.4 Consumers' price index (U. S. Dept. of Labor): \11 items 1935-39—100 \pparel do Food do. .Cereals and bakery products do Dairy products .do. _ _ Fruits and vegetables do Meats, poultry, and fish _do Fuel, electricity, and refrigeration do Gas and electricity __do_ Other fuels do Housefurnishings _.do _ _ Rent do Miscellaneous __do 169.0 195.1 199.7 170.0 192.5 213.7 221.4 138.8 96.1 192.6 195.6 119.9 154.1 169.5 193.9 201.6 170.1 190.3 214.5 229.6 138.9 96.1 192.5 193.8 120.1 154.4 169.7 192.5 202.8 170.3 184.9 218.6 234.4 137.4 96.8 187.8 191.9 120.3 154.6 169.2 191.3 202.4 170.1 182.6 220.7 232.3 135.4 96.9 182.7 189.5 120.4 154.5 169.6 190.3 204. 3 160.7 182.0 217.9 240.6 135. 6 96.9 183.0 187.3 120.6 154.2 168.5 188.5 201.7 169. 5 182.2 210.2 236. 0 135. 6 96.9 183.1 186.8 120.7 154.3 168.8 187.4 202.6 169. 4 184.9 201.9 239. 5 135.8 97.1 183.1 184.8 120.8 154.8 169.6 187.2 204.2 169.7 185.3 199.8 243.6 137.0 97.1 185.9 185.6 121.2 155.2 168 5 186.8 200.6 169.1 186. 7 194. 5 235.1 138.4 97.0 188.3 185.2 121.5 155.2 168.6 186.3 200.8 169.2 186.4 202.0 229.1 139.1 97.0 190.0 185.4 122.0 154.9 167.5 185.8 197.3 169.2 186.2 198.2 223.2 139.7 97.2 191.6 185. 4 122.2 155.5 166 9 185 0 196.0 169 0 184.2 204 8 219.4 140.0 96.7 193 1 184.7 122 6 155.1 166. 5 184.8 194.8 169.0 183.6 199.1 221 . 6 140.3 97.1 193.2 185. 3 122.8 155.1 158.1 158.4 156.9 155.7 154.5 153.5 152.9 153.6 152.2 151.6 ' 151.2 151 5 152.7 148 2 159. 8 144 9 154 7 160 2 170. 5 150.5 149.1 162.4 144.4 159 1 161.3 179.9 151.1 154. 8 144.3 148 8 134.4 194 5 156.8 144.8 147.5 138. 3 201.9 145.8 191 6 163. 5 134 8 287.5 139 0 145.9 192.7 163. 1 134 9 292.0 138 6 115 7 114.7 121.5 117.4 122.7 115 3 114.7 121.4 116.9 120.9 131. 4 131.2 85.0 109.4 109.4 179.3 189 0 177.6 184.3 179.0 188.2 176.6 184.3 144. 9 151.8 137. 8 145.0 151.8 138.1 168 4 167 3 128 6 WHOLESALE PRICES cT1 U. S. Department of Labor indexes:^ All commodities 1926=100 Economic classes: Manufactured products do Raw materials -do Semimanufactured articles do Farm products do Grains do Livestock and poultry _ do Commodities other than farm products. _do r 154.0 165. 8 159.6 168.3 157.2 187.2 155.7 154.1 167.3 156.9 171.5 162.6 195.0 155.3 153.0 165.8 153.1 170.5 163.8 189.0 153.7 151.5 165.9 149.4 171.2 159.9 191.5 152.1 150.7 164.5 146.5 168.8 154.9 193.3 151.2 149.7 163.2 146.0 166.2 154.1 188.5 150.5 149.4 161.3 147.9 162.3 150.4 186.3 150.6 150.1 162.0 147.8 163.1 156.4 186.6 151.2 149.1 160.3 145.3 159.6 155.3 177.7 150.3 148.1 160.4 145.1 156.8 156.4 169. 6 150.2 r r 161.5 146.7 159.8 152.3 205.1 162.9 146.5 154.8 151.7 214.8 162.9 145.3 147.2 158.1 216.0 163.8 145. 1 145.9 167.3 215.2 162.4 145.6 145.5 157.5 215.5 161.3 146.1 149.2 145.4 212.2 160.6 142.8 152.7 130.3 210.7 162.0 143.7 153.5 126.9 215.1 159.6 144.6 154.6 128.1 205.0 158.9 144.6 154.7 130.8 198.9 * 155. 8 144.6 154.4 132.5 T 193. 5 151.8 201.5 162.4 133.9 296.9 165.3 150.7 200.0 162.4 133.9 294.7 162.3 148.9 196.5 160.8 133.7 290. 6 157.9 146.8 193.9 160.8 133.7 285.2 157.4 145.6 191.4 160.8 133.7 280.7 153.6 145.0 189.0 161.5 133.1 277.4 145.2 145.0 188.2 161.5 133.0 277.4 143.8 145.3 189.4 161.8 133.0 279.7 143.9 145.0 189.2 161.8 134.5 281.9 141.1 144.9 189.5 161.9 134. 5 283.4 139.9 * 145. 5 190.4 161.9 134.5 285.2 139.3 Chemicals and allied products do Chemicals - do Drug and pharmaceutical materials. -do Fertilizer materials do Oils and fats _ __ _ __do 122.8 119.5 148.9 120.8 131.7 121.1 118.4 142.4 119.6 129.3 117.7 117.2 123.0 119.7 121.2 118.2 116.9 123.6 118.9 127.0 116.8 116.9 124.3 117.5 116.9 118.1 118.1 124.7 120.7 118.5 119.7 118.0 125.0 121.8 130.3 117.7 117.4 125.0 120.4 118.4 116.0 115.5 123.1 120.2 115.6 115.9 115.2 123.0 118.3 118.3 115.3 114.6 121.6 117.9 118.2 Fuel and lighting materials Electricity Gas Petroleum and products do do do_ -_ do 135.9 68.5 91.9 118.7 134.3 67.9 92.8 115.9 132.0 67.9 92.3 113.3 130.1 68.2 90.9 110.7 129.9 68.9 90.1 110.4 129.9 70.0 89.5 110.2 129.7 68.5 88.9 109.7 130.0 68.9 89.3 109.1 130.5 70.1 87.8 109.9 129.9 70.3 88.3 108.5 130.5 69.6 87.2 108.5 Hides and leather products Hides and skins Leather _ .. Shoes do do _ do __ do 182.3 185.9 183.9 187.8 180.4 181.8 178.9 187.8 179.9 183.4 177.8 186.9 179.2 188.2 177.4 184.0 178.8 186.0 177.1 184.1 177.8 184.7 175.4 183.8 178.9 194.5 173.7 183.8 181.1 204.8 175.5 183.8 181.3 205.6 176.5 183.4 180.8 199.5 177.0 184.3 179.9 192.8 178.1 184.3 do do_ __ do 148.3 154.2 142.3 148.0 153.9 142.1 147.0 152.4 141.6 146.2 151.9 140.3 145.1 150. 9 139.3 143.0 149.1 136.8 142.9 149.1 136.6 142.9 149.1 136.6 143.0 149.2 136.7 143.4 149.9 136.8 144. 2 151. 2 ' 137.0 _ do_ __ - do do do 175.5 169.1 172.5 156.1 174.4 168.3 168.4 155.3 171.8 166.2 156.4 154.9 168.4 165.1 138.2 154.7 167.5 164.7 128.8 154.7 167.9 164.2 132.1 154.7 168.2 163. 8 135.9 154.7 168.3 164.0 135.7 154.6 167.3 163.3 131.5 154.6 167.3 163.4 131.7 154.6 167.8 165.4 129.2 154.6 r 151 7 168 168 128 148 do do _ - do do do .-do -. do 145.2 147.3 184.8 101.3 41.8 50.1 162.1 143.8 147.1 180.1 101.2 41.8 50.1 161.8 142.2 146.4 176.2 101.2 41.8 50.1 160.9 140.5 146.0 172.6 100.4 40.8 50.1 159.7 139.2 145.6 169.7 99.6 39.6 49.2 159.7 138.0 144.8 167.3 98.5 39.6 49.2 157.6 138.1 144.8 170.2 98.4 39.6 49.2 152.6 139.0 144.8 174.8 98.4 39.6 49.2 150.4 138.0 144.6 176.5 98.4 39.6 49.2 145.1 138.0 144.2 177.9 98.4 39.6 49.5 146.0 138.4 144.0 178.4 98.4 39 6 49.9 146.9 138 5 143 9 178 7 98 5 39 6 50 1 r 147 o 138 2 143 1 178 4 98 6 39 9 50 1 147 2 115.3 64.7 168.0 115.7 64.6 167.2 115.6 64.6 165.1 113.5 64.5 163.3 111.0 62.1 159.6 111.3 60.6 156.8 109.8 60.6 156.8 109.6 60.6 156.5 109 0 60.7 156.5 109.7 62.5 156.5 110 7 64.3 156.0 110 0 64 3 155 9 110 0 64 3 155 6 50.9 59.2 50.1 50.8 59.0 49.6 51.2 58.9 49.5 51.6 59.1 49.4 52.0 59.0 48.9 52.4 59.3 49.6 52.6 59.2 49.4 52.4 59.0 49.0 52.8 59.3 49.9 53.1 59.3 49.8 53.2 59.7 50.6 53 1 59 9 50 9 52 7 60. 1 51 2 Foods Cereal products Dairy products Fruits and vegetables Meats poultry and do - do do - do .do fish Commodities other than farm products and foods 1926=100.Building materials do Brick and tile do __ Cement do Lumber do Paint and paint materials do Housefurnishing goods Furnishings Furniture Metals and metal products Iron and steel Non ferrous metals Plumbing and heating Textile products Clothing Cotton goods -. Hosiery and underwear _ Rayon and nylon Silk _ Woolen and worsted goods Miscellaneous Automobile tires and tubes Paper and pulp _ do _ do do 148. 0 !59.5 144.7 1 154.9 160. 9 ' 167. 0 «• 150. 2 r r r r r r r r r r 6 7 1 7 PURCHASING POWER OF THE DOLLAR As measured byWholesale prices Consumers' prices Retail food prices 1935-39=100 do - do ' Revised. cfFor actual wholesale prices of individual commodities, see respective commodities. tThe Department of Labor is currently reviewing and revising the samples of commodities and of reporters for the indexes, subgroup by subgroup, to reflect postwar changes in production and distribution. As subgroup revisions are completed, the revisions are incorporated in the pertinent group indexes and the all-commodity index and the subgroup indexes are revised retroactively for the entire period covered by the revision; however, to avoid repeated revisions of the group indexes and the all-commodity index, these are not revised retroactively more than 2 months. If introduction of a revised subgroup into the calculations changes significantly the levels of the group indexes and the all-commodity index, the latter indexes computed with the original sample for the first month of the revision will be provided in a footnote. In some instances, it is necessary to correct previously published indexes because of late reports, incorrect reports, or other errors in prices previously used. Indexes for the latest 2 months are preliminary and are currently revised to incorporate corrections received in the 2 months following. Any additional corrections received are incorporated in final annual summaries issued in the middle of the year. Indexes for June-December 1948 were corrected in the August 1949 SrRVEY. Corrected indexes for January-May 1948 are available upon request. SURVEY OF CURRENT BUSINESS S-6 Unless otherwise stated, statistics through 1948 and descriptive notes are shown in the 1949 Statistical Supplement to the Survey April 195C 1950 1949 Febru- ary March April May June July August Septem- ber October Novem- ber Decem- ber January Febru- ary CONSTRUCTION AND REAL ESTATE CONSTRUCTION ACTIVITY New construction, total mil. ofdol _ Private, total _ _. _ __ _ _ do. _. Residential (nonfarm) do Nonresidential building, except farm and public utility, total mil. of dol Commercial* do Industrial do Farm construction _do Public utility do Public, total Residential ___ Military and naval Nonresidential building Conservation and development* Highway All other do , do do ..do do do do 1,172 905 400 1,267 951 420 1,370 989 445 1,576 1,108 530 1,735 1,229 600 1,833 1,301 650 1,903 1,343 675 1,922 1,368 710 1,879 1,343 715 1,767 1,295 1,612 1,225 715 690 1,496 1, 139 650 1,395 1,068 590 271 78 104 10 224 262 79 96 18 251 251 76 89 30 263 257 83 82 40 281 268 92 76 50 311 269 91 72 60 322 264 85 71 75 329 263 83 70 65 330 261 82 68 50 317 266 86 68 25 289 261 84 68 15 259 252 69 11 226 246 75 70 12 220 267 8 7 108 39 52 53 316 10 9 122 45 68 62 381 14 8 134 56 100 69 468 15 9 141 67 160 76 506 17 9 144 74 186 77 532 20 10 148 75 200 79 560 23 12 152 77 215 81 554 27 14 155 77 200 81 536 27 14 158 74 185 78 472 24 12 151 65 145 75 387 22 9 142 56 92 66 357 24 10 142 48 70 63 327 20 9 140 45 50 63 16,510 568, 467 251 , 866 316, 601 24, 281 747, 619 281,947 465, 672 31,570 842, 586 318, 506 524, 080 33, 474 880, 344 368, 551 511,793 37, 203 945, 676 375, 431 570, 245 32, 579 943, 560 410, 352 533, 208 43, 782 37, 662 46, 925 905, 748 1, 093, 724 1, 061, 751 331, 892 316,409 288, 754 589, 339 729, 859 804, 970 40, 132 957, 761 315, 683 642, 078 34, 704 929, 030 298, 714 630, 316 30, 989 730, 855 200, 541 530, 314 35, 715 779, 530 284, 925 494, 605 2,929 21, 646 221, 895 3,695 27, 953 327, 441 4,154 31, 929 316, 370 4,138 30, 166 320, 630 4, 5\78 32, 961 335, 961 4, 384 33, 283 350, 282 4,318 25, 746 278, 031 4,186 32, 448 345, 023 4,528 32, 004 357, 085 3,518 25, 495 266, 103 3,293 28, 345 303, 205 2,882 22, 297 235, 294 3,017 24, 790 265, 567 12, 770 26, 665 193, 073 19, 288 28, 282 251, 770 25, 541 37, 087 303, 825 27, 187 42, 392 346, 251 29, 949 45. 804 370, 752 25, 570 42, 950 340, 593 31,079 48, 146 393, 434 40, 342 65, 715 525, 572 37, 289 60, 801 500, 702 35, 224 53, 262 435, 235 29, 918 49, 481 419, 051 27, 229 42, 078 343, 501 31, 650 46, 235 361, 452 573 954 117, 325 120, 210 1,513 169, 700 1,737 179,396 2,197 175, 861 2,142 207, 130 1,892 173, 714 1,947 171, 576 1,566 128, 860 1,032 125, 891 1,185 134, 384 86, 300 CONTRACT AWARDS Construction contracts awarded in 37 States (F. W. Dodge Corp.): Total projects number Total valuation. _ _thous. ofdol _ Public ownership do Private ownership _ do __ Nonresidential buildings: Projects _ . .number _ Floor area thous. of sq. ft Valuation _ _ _thous. ofdol . Residential buildings: Projects number Floor area thous. of sq. ft Valuation _ thous. of doL. Public works: Projects number Valuation _ _ thous. of dol Utilities: Projects _ _ ._ _ number Valuation _ ._ __ _ _ ._ thous. of dol _ Value of contract awards (F. R. indexes): Total unadjusted 1923-25 = 100 Residential, unadjusted _ _ _ do Total adjusted do Residential, adjusted do Engineering construction: Contract awards (E. N. R.)§ thous. of dol__ Highway concrete pavement contract awards:^ Total thous. of sq. y d _ _ Airports do Roads _ _ do Streets and alleys do _ 238 36, 174 344 362 412 483 373 52, 691 479 450 48, 198 34, 067 63, 102 45, 555 60, 569 51, 553 399 75, 104 358 130, 532 643 308 72, 390 146 109 169 123 176 136 175 130 201 165 177 141 218 187 181 159 226 194 195 176 228 202 209 200 238 226 229 228 247 254 246 254 251 260 263 269 240 245 265 256 213 217 262 255 563, 084 743, 529 589, 693 601, 709 896, 128 619, 442 781, 416 810, 309 553, 482 589, 224 863, 561 1,151 37 601 513 3,302 59 2,164 1,079 3,653 53 1,633 1, 968 4,410 327 2,198 1,885 7,966 787 4, 7S2 2,387 5,035 95 2,950 1,990 5,224 89 2,854 2,281 3,927 208 2,154 1,565 2,648 487 1,037 1,124 3,329 498 50, 400 69, 400 88, 300 95,400 95, 500 96,100 99, 000 102, 900 104, 300 29, 002 26, 522 18, 331 1, 345 6, 846 2,480 46, 225 42, 315 32, 909 2,391 7,015 3,910 53, 782 51,012 37, 758 2, 960 10, 294 2,770 57, 767 54, 397 36, 503 2,588 15, 246 3,370 58, 899 55, 454 36, 985 2, 131 16, 338 3,445 51,655 48, 501 34, 324 1 , 765 12,412 3,154 58, 636 57, 093 40, 382 2,282 14, 429 1,543 64, 580 62, 434 43, 982 2,196 16, 256 2,146 59, 574 57, 320 41, 794 2.747 12, 779 2,254 »• 168. 4 r 238. 6 '301.6 r 197. 1 «• 202. 7 267.5 333.4 467.0 248.6 265.0 308.7 362.9 523. 5 257.0 277.0 330.5 380.4 583.5 240.2 287.3 338.5 427.5 578.3 334.8 329.0 295.3 342.3 495.9 234.0 277.7 337.7 390.8 570.4 267.5 306.9 377.3 412.6 627.5 278.2 279.0 494 521 510 447 482 492 518 508 446 480 488 509 497 445 477 486 506 495 446 474 235 65, 760 r 805 120, 178 243 32, 333 198 -•203 '242 r 245 217 226 250 254 915, 475 686, 221 * 3, 1040 55 1 1, 907 1 1, 078 3,396 310 1,952 1,134 2,322 81 1,369 «• 95, 500 79, 000 80, 000 80, 000 54, 394 52, 357 41, 562 2, 095 8,700 2,037 44, 736 43, 365 31,327 1,996 10, 042 1,371 49, 630 48, 852 36, 033 2,283 10, 536 53, 070 52, 893 40, 184 2,379 10, 330 343.5 387.8 592.8 253.0 276.5 313.7 354.2 556.0 233.7 213.8 257.5 319.7 433.4 273.8 184.2 ' 288. 3 r 319. 1 r 484. 9 '214.5 '217.8 306. 0 327.9 532.0 201.3 197.7 484 505 492 442 471 484 503 493 442 471 483 503 493 442 471 486 506 495 444 474 345 345 345 346 939 1, 891 872 NEW DWELLING UNITS AND URBAN BUILDING New permanent nonfarm dwelling units started (IT. S. Department of Labor) number Urban building authorized (U. S. Dept. of Labor): New urban dwelling units, totalt number __ Privately financed, total do Units in 1-family structures do Units in 2-family structures __ __ ___ do _ . Units in multifamily structures. _ . do. ._ Publicly financed, totaL_ _ __ _do Indexes of urban building authorized: Number of new dwelling units 1935-39=100.. Valuation of building, total do New residential building. do New nonresidential building _ do Additions, alterations, and repairs do 778 177 CONSTRUCTION COST INDEXES Aberthaw (industrial building) 1914—100 American Appraisal Company: Average, 30 cities 1913 = 100 Atlanta... do_ New York ._ _ do San Francisco do__ St. Louis do Associated General Contractors (all types) ._ .do E. H. Boeckh and Associates, Inc.: Average, 20 cities: Apartments, hotels, and office buildings: Brick and concrete U. S. avg. cost 1926-29=100.. Brick and steel do Brick and wood _ do Commercial and factory buildings: Brick and concrete do Brick and steel. __ do... Brick and wood do Frame do Steel do Residences: Brick ___ do Frame do 319 313 499 529 516 452 488 496 525 513 448 485 339 339 340 340 209.3 211.5 220.9 209.3 211.0 219.2 208.6 210.0 218.2 207.1 208.0 214.9 213.2 210.6 216.5 226.3 197.7 213.3 210.3 215.5 223.8 197.5 212.0 209.5 214.5 222.5 196.7 221.2 221.1 219.7 219.1 218.7 217.8 489 510 501 445 477 486 506 495 443 474 345 207.1 206 1 210.0 207.4 206 3 211.1 207.9 207.2 212.9 208.3 207 5 213 7 208.6 207 9 213 4 209.1 208 6 213 9 210.1 210 1 215 8 210.2 207.1 208 6 212 6 194 1 210.6 207.3 208 2 211 3 194 4 210.7 207.6 208 9 212 7 194 4 211.1 208.4 210. 1 215 2 194.4 211 4 208.7 210 9 216 3 194 6 211 6 208.9 210 9 215 6 194 9 212 0 210 0 211 1 215 9 197 7 212 210 212 218 198 211.4 208.7 210.6 207.6 211 7 208.9 213.4 210.8 214 0 211.6 213 8 211.2 214 2 211.6 216 1 214. n 342 208.2 208.1 214.6 206.5 206 2 210.8 209.3 207.5 211.2 219.0 194.7 211.1 208. 3 211.3 218.2 195.1 215.6 214.3 215.4 213.6 ' Revised. 1 Data include some contracts awarded in prior months but not reported. * New series. Monthly averages for 1915-38 and monthly figures for January 1939-July 1948 are available upon request. §Data for March, June, September, and December 1949 are for 5 weeks; other months, 4 weeks. d"Data for March, June, August, and November 1949 are for 5 weeks; other months, 4 weeks. JMinor revisions in figures for number of dwelling units beginning January 1947 are available upon request. 485 503 493 443 471 343 343 343 307 307 7 9 6 6 5 SURVEY OF CURRENT BUSINESS April 1950 S-7 1950 1949 Unless otherwise stated, statistics through 1948 and descriptive notes are shown in the 1949 Statistical Supplement to the Survey February March April May June July August September October November December January r 353. 2 480.3 356.2 484.7 356.5 484.9 February CONSTRUCTION AND REAL ESTATE—Continued CONSTRUCTION COST INDEXES— Con. Engineering News-Record:c? Building . 1913=100 _ Construction _ do Bu. of Public Roads— Highway construction: Composite standard mile 1925-29=100 352.5 474.8 351.4 ' 474. 3 348.9 472.1 349.3 473.8 161.4 r 349. 5 477.5 r 350. 9 ' 478. 2 r 352.0 479.8 353. 0 r 480. 5 155.5 ' 352. 9 480.0 148.7 360.0 488.4 145.3 CONSTRUCTION MATERIALS Production of selected construction materials, index: Unadjusted 1939=100 Adjusted do 108.2 131.2 129. 9 137.5 130.5 131.3 132.6 125.3 135.3 126.4 123.8 116.4 146.8 129.7 148.9 138.5 140.8 127.1 183,152 188, 634 162, 187 156, 122 168, 527 154, 576 186, 312 173, 970 198, 235 386 357 339 333 358 332 331 333 347 'r 142. 8 144. 1 r r 135. 9 153. 7 120.1 140.6 199, 841 211, 758 232, 950 371 427 REAL ESTATE Home mortgages insured by Fed. Hous. Admin.: New premium paying mortgages. ...thous. of dol__ Loans outstanding of agencies under the Home Loan Bank Board: Federal Home Loan Banks, outstanding advances to member institutions mil. of dol Home Owners' Loan Corporation, balance of loans outstanding mil of dol New mortgage loans of all savings and loan associations estimated total thous of dol By purpose of loan: Home construction _ do Home pur chase do Refinancing do Repairs and reconditioning do__ _ All other purposes do_ New nonfarm mortgages recorded ($20,000 and under) estimated total f thous. of dol Nonfarm foreclosures, adjusted" index-_1935-39= 100_ Fire losses thous. of dol__ 344 319 206, 681 331 231 291 214, 931 269, 128 279, 606 293, 215 326, 637 304, 343 348 276 354 194 353, 909 343 260 342 028 ' 300,906 325, 224 59, 611 90, 348 24, 181 11, 822 28, 969 76, 666 111, 523 30, 562 14, 242 36, 135 84, 277 116, 051 29, 383 15, 663 34, 232 87, 517 125, 073 28, 849 17, 375 34, 401 97. 963 141, 674 31, 838 17, 714 37, 448 90, 397 128, 657 29, 026 16, 732 39, 531 101, 022 149, 867 34, 443 19. 510 43, 434 108, 280 155, 915 33, 188 18, 362 38, 449 102, 151 159, 050 31,814 17, 796 43, 098 105, 784 150, 877 33, 441 15, 735 37, 423 112, 463 141, 059 33, 358 14, 384 40, 764 r 94, 916 107, 335 ' 124, 265 128, 398 ' 32, 041 32, 573 r 11, 584 13, 706 43, 212 «• 38,100 770, 561 9.7 62, 424 896, 790 10.3 67,218 922, 023 9.7 55, 290 959, 653 9.7 54, 162 1,018,427 10.9 51,787 967, 440 11.8 49, 592 1,068,813 12.8 50. 150 1,065,431 1,117,212 1, 114, 041 1, 125, 200 1,024,000 1, 003,090 11.9 12.8 13.8 11.8 49, 678 48, 914 53, 116 67, 279 58, 340 58, 823 DOMESTIC TRADE ADVERTISING Advertising indexes, adjusted: Printers' Ink, combined index Magazines Newspapers Outdoor __ Radio Tide advertising index 301 334 274 310 303 287.6 318 350 306 296 307 301.2 310 346 280 279 309 284.6 309 338 290 289 308 286.4 302 314 286 296 305 283.2 276 284 264 274 252 257.6 270 297 252 284 256 272.2 16, 119 123 612 4,042 601 320 17, 700 124 657 4, 616 702 342 16, 763 119 729 4,240 653 349 17, 074 114 809 4,470 683 364 15, 425 75 663 4,285 644 336 12, 085 89 332 3 473 222 318 12, 160 71 335 3,544 208 287 4,493 570 162 1,707 1,915 1,573 5.006 620 164 1,936 1,948 1,585 4,690 530 169 1,818 1,960 1,506 4,608 460 197 1, 852 1, 990 1,526 4,127 408 158 1, 698 1,966 1 067 2,994 379 148 1,148 1 844 1 139 do do do_ _ _ do do do do. __ 39, 069 3,373 3,227 1,286 5,203 6,584 2,066 46, 365 5,224 3, 923 1,842 5,610 6,299 2, 435 51, 170 5,509 4,705 2,545 5,584 6,479 2,413 50, 659 4, 937 4,562 2,427 5,463 6,396 2,432 40, 642 3,185 3,856 1 774 5, 162 5,678 2,215 Household equipment and supplies§ do _ _ Household furnishings§_ _. do_ __ Industrial materials! _ _ _ d o _. Soaps, cleansers, etc _ _ _ do Smoking materials _.do All other _ . _ _ do __ 1,998 1,617 1,648 1,027 1,205 9,834 3,007 2,272 1,910 1, 300 1,334 11. 208 3,861 2,978 2,165 1,387 1, 356 12, 187 3,781 3, 332 2,075 1,478 1,455 12, 320 3,921 4,301 4,350 202, 070 42, 195 159, 875 9,698 2 236 34 029 113. 914 205, 466 43, 404 162, 062 9,791 2 143 32 453 117.676 - 1935-39=100-do do do_ do do_ _ Radio advertising: Cost of facilities total _ thous. ofdol4pparel and accessories do Automotive, incl. accessories __do _ Drugs and toiletries do Electric household equipment _ do_ Financial do Foods, soft drinks, confectionery Gasoline and oil Household furnishings, etc Soap, cleansers, etc _ Smoking materials __ All other Magazine advertising :J Cost, total Apparel and accessories Automotive, incl. accessories . Building materials! Drugs and toiletries _ _ Foods, soft drinks, confectionery Beer , wine, liquors§ _- Linage, total do do - do do_ do _ do thous. of lines. _ Newspaper advertising: Linage, total (52 cities) _ - do __ 163, 379 Classified do 35, 559 Display, total _ _ _ do 127, 820 7,335 Automotive do Financial do 1 744 General do 26 920 Retail do..- _ 91. 820 ••Revised. * Preliminary. cfData, reported at the beginning of each month, are shown ponents ai equipmen. §See note marked "J" above. 292 301 286 299 278 293.2 306 294 305 323 289 284.5 305 308 291 320 287 274.1 294 291 286 292 287 256 2 330 334 300 288.3 14 083 96 404 3 829 247 298 16, 423 117 486 4 494 189 282 15, 855 101 463 4 381 198 278 16 409 118 447 4 400 218 296 17 085 109 720 4 627 198 289 3, 073 376 103 1,255 1,743 1 165 4,006 377 112 1,467 1 782 1 465 4,597 416 128 1,547 2 126 2 041 4,463 407 139 1, 583 2 089 1 753 4, 741 463 152 1 615 2 215 1 744 4 731 452 114 1 664 2 164 2 016 28 582 771 3,481 956 4 538 4,938 1,755 31, 495 3 436 3,330 917 4 284 4,812 1,614 41 729 5 273 3,490 1 789 5 093 5,665 2 002 51 213 4 919 4,216 2 001 6 397 7^568 2 815 45 882 3 813 3,438 1 346 6 020 6, 693 2 790 36 921 2 632 2,684 539 4 690 5,271 3 469 29 186 1 517 2 610 739 4 470 4, 951 1 738 2,970 1,712 1,996 1 098 1,345 9,651 1,318 489 1 456 833 1,191 6 858 1,025 956 1,286 1 040 1,348 7,447 2, 129 2,633 1 822 1 441 1,252 9 139 3,326 3,389 2 133 1 606 1 634 11 208 2, 866 2,827 1 829 1 295 1 416 11 549 2, 502 1, 360 1 490 698 1 456 10 130 739 782 1 259 ' 673 1 201 8 506 3,806 2,814 2,854 3,494 3, 921 4,464 3,645 2,838 3,261 3,868 210, 677 45, 386 165, 291 9, 554 2 001 33 758 119. 978 193 287 41, 476 151 811 9,265 2 039 31 045 109. 462 164 040 40, 082 123 959 8 115 2 252 24 534 89. 057 170 504 40, 713 129 791 8 887 1 609 21 879 97. 416 197 858 40, 050 157 808 8 224 1 752 29 766 118. 066 214 935 42, 295 172 640 10 033 2 140 38 417 122.051 207 909 38, 306 169 603 9 891 2 337 33 689 207 865 36, 061 171 805 7 330 2 139 26 337 168 921 37, 157 131 764 10 014 3 237 170 738 35, 362 135 376 7 668 1 911 29 473 123 fiSfi 13ft QQQ Q4 783 here for the previous month. r '329 r 326 00 ^Of) 315 330 297 328 288 "310 3 Q(\ 294. f Revisions for 19_44-November 1948 are available upon request. Beginning with the October 1949 SURVEY, five new corncovers all items formerly included in "electric household SURVEY OF CURRENT BUSINESS S-8 Unless otherwise stated, statistics through 1948 and descriptive notes are shown in the 1949 Statistical Supplement to the Survey April 1030 1949 February March April May June July 1950 August Se m ber " 1 October November December January February DOMESTIC TRADE—Continued POSTAL BUSINESS Money orders: Domestic, issued (50 cities): Number Value Domestic, paid (50 cities): Number Value thousands thous. of dol_thousands thous. of dol 4 422 87, 275 5,105 101,312 4 718 91, 387 4,318 84, 477 4 743 84, 583 4 042 81, 320 3 967 85, 093 4 175 83. 785 4 557 88, 798 4 409 83, 938 4 844 90, 046 4 531 89. 403 4 961 88. 510 13, 245 209, 374 16, 680 264, 621 14. 106 218 673 13, 971 197,015 14, 711 207, 673 12, 822 185 481 13, 749 203, 946 13, 592 201,534 14, 005 207 377 14 397 205 209 15, 096 209 721 14. 463 190, 987 12.694 181 523 PERSONAL CONSUMPTION EXPENDITURES Seasonally adjusted quarterly totals at annual rates: Goods and services total bil of dol Durable goods, total _ __ -do ___ Automobiles and parts do Furniture and household equipment do Other durable goods _do Nondurable goods, total Clothing and shoes Food and alcoholic beverages Gasoline and oil Semidurable housefurnishings Tobacco Other nondurable goods Services Household operation Housing Personal service Recreation Transportation Other services _ do do do do _do do _ -do _ _ _ _ _do _ do do _ do _ _ _ _do _ do do__ _ 178.7 179.3 179 7 179 8 23.0 9.0 10.3 3.7 23.6 9.9 10.0 3.7 25.7 11.0 3.5 25.2 10.6 11 1 3.6 100.4 19.3 60.1 4.3 2.0 4.3 10.5 99.8 19.3 59.5 4.6 1.8 4.3 10.4 97.6 17 9 58.8 4 6 1.8 4 3 10.1 97.7 18 2 58.8 4 6 1.8 4 3 10.1 55.3 8.1 16.6 3.6 4.0 5.2 17.7 55.9 8. 1 16.8 3 7 4.0 5 2 18.0 56 5 8 3 17 0 37 4 1 5 2 18 3 56.9 8 4 17.3 3 7 3.9 5 2 18.4 11 9 RETAIL TRADE All types of retail stores :f Estimated sales, unadjusted, total9__mil. of dol . Durable-goods stores 9 do Automotive group 9 _ ___ -do Motor- vehicle dealers 19 do Parts and accessories d __ do ___ Building materials and hardware group d* mil. of dol— Building materialsd1 -do Farm implements do Hardwared1 _ _ --do Homefurnishings group d1- -do Furniture and housefurnishings d1-- do Household appliances and radios d*-- -do Jewelry stores d1. . _ -___-do_ Nondurable-good 1stores 9 Apparel group d Men's clothing and furnishingsd 1 Women's apparel and accessories Family and other apparel d* Shoes - _. _Drug stores Eating and drinking places 9 do do do do do do _ do do Food group 9 do Grocery and combination 9 do Other food 9 _ . _ _ _ _ _do Filling stations _ _ do General-merchandise group § do Department, including mail-order§__ do_. General, including general merchandise with food mil. of dol Dry goods and other general merchandised1 mil. of dol_ _ Variety do Other retail stores©--- -do _ LiquorO - do Other§ do 8,919 2,592 1,522 1,420 102 10, 526 3,280 1,989 1,864 126 11,137 3,469 2,059 1,925 134 10, 763 3,520 2, 039 1,898 141 10, 809 3,601 2,093 1,945 148 10, 210 3 370 2,026 1 880 146 10, 630 3 631 2, 165 2 019 145 10, 998 3 526 2 006 1 872 134 11, 125 3. 596 2,011 1,868 143 10, 872 3 348 1 794 1 650 144 12, 846 3 378 1,588 1 419 170 'r 9, 522 3 061 r 1 907 1 799 582 357 90 135 420 245 175 68 728 438 132 159 489 288 201 73 818 482 148 188 515 307 208 78 855 523 135 197 542 328 214 84 874 544 139 192 543 320 223 91 788 486 128 173 490 274 216 66 851 563 121 167 541 307 234 75 880 591 114 174 564 316 247 77 898 606 116 176 603 333 270 84 835 569 100 167 621 350 271 97 780 475 85 220 776 424 352 233 ' 619 * 414 78 6,327 578 138 270 80 89 280 853 7,246 754 163 369 103 118 298 937 7,668 934 203 437 124 170 300 952 7, 243 757 178 348 103 127 296 944 7 208 736 192 315 97 132 297 932 6 839 530 132 226 73 98 296 945 6 998 563 118 268 78 99 293 972 7 472 788 171 373 107 136 288 958 7 529 806 186 385 112 122 295 961 7 524 835 209 390 121 115 286 895 9 468 1 208 345 507 187 168 384 954 r g 462 T 606 165 r 261 86 94 2,284 1,822 462 442 1,013 657 2,512 2,002 510 500 1,242 832 2,583 2,072 512 524 1,401 920 2,461 1,961 500 550 1,303 864 2 491 1 , 973 518 552 1 270 836 2 574 2 056 518 573 1 058 656 2 518 1 997 521 563 1 190 783 2 566 2 036 529 551 1 347 913 2 563 2 040 522 567 1 377 929 2 484 1 978 506 533 1 504 1 040 2 823 2 272 551 540 2 264 1 500 r 2 436 1 855 480 487 986 654 2 300 1 851 449 453 981 648 123 140 162 156 154 149 144 146 145 143 178 112 109 97 137 877 126 750 116 153 1,003 137 866 136 184 974 146 828 126 157 932 132 799 123 157 930 130 800 103 151 863 130 733 107 156 899 126 774 125 162 974 138 836 130 173 960 148 812 136 184 r 988 157 832 209 377 1,296 258 1 037 r 92 198 885 125 r 760 89 136 888 123 766 ' 108 r 127 '472 ' 259 212 r 64 r 286 r 875 r 9,281 3 053 1 889 1 783 107 603 399 79 125 496 267 229 65 6 228 ' 535 131 241 75 88 272 798 10,759 10, 706 10, 684 10, 814 10, 724 Estimated sales (adjusted), total do 10, 669 10, 549 10 856 10 678 10, 503 r 10 855 10 630 11 102 r 3' 558 3 742 3, 328 3,309 3,207 Durable-goods stores _ _ - _ _ do 3,333 3,314 3. 346 3 504 3,480 3 145 3 551 3 334 1,885 1,914 1, 902 1, 783 Automotive group do 1 949 1 933 2 094 2 074 r 2 077 2 081 1 675 1 867 2 206 1,746 1.645 1,779 1,764 Motor-vehicles dealers do 1.813 1 947 1,798 1 942 1 955 1 534 1 1 729 1 941 9 061 r 136 139 138 Parts and accessories _ _„ ._ _ do 135 135 138 136 132 134 139 141 138 144 Building materials and hardware group 813 792 797 792 788 mil. of doL766 783 796 781 798 798 '800 828 r 531 552 492 494 507 483 Building materials do 473 496 501 515 507 524 532 183 r 167 Hardware . do 169 177 171 181 177 165 177 166 168 173 165 r 592 538 519 530 516 Homefurnishings group do 528 529 533 546 583 579 589 616 337 334 r 336 Furniture and housefurnishings do 301 306 316 306 306 311 299 302 318 318 214 222 227 215 213 Household appliances and radios, do 227 244 230 265 255 255 261 278 92 Jewelry stores. do Q3 96 97 93 96 83 93 90 88 87 85 * 8Q r Revised. fRevised series. Dollar estimates of sales for all types of retail stores have been revised for various periods back to 1943; specific periods for which the series have been revised are as stated in the notes below. Adjusted dollar values for sales and inventories of all types of retail stores have been substituted beginning with the October 1949 SURVEY for the index numbers formerly shown; monthly data for 1946-48 for both the unadjusted and adjusted series appear on pp. 21-23 of that issue. Revised data on sales of chain stores and mail-order houses for 1943-July 1948 are shown on p. 23 of this issue of the Survey. Unpublished revisions are available upon request. V Revised beginning 1943. d'Revised beginning 1948. §Revised beginning 1947. ©Revised beginning 1945. SURVEY OF CURRENT BUSINESS April 1950 Unless otherwise stated, statistics through 1948 and descriptive notes are shown in the 1949 Statistical Supplement to the Survey S-9 1950 1949 February March April May June July August September October November December January February DOMESTIC TRADE— Continued RETAIL TRADE—Continued All types of retail storesf— Continued Estimated sales (adjusted), total — Continued Nondurable-goods stores mil. of dol Apparel group do Men's clothing and furnishings do Women's apparel and accessories do Family and other apparel -do Shoes do Drug stores do Eating and drinking places __do 7,499 791 196 357 111 127 313 992 7,415 776 184 352 111 129 305 955 7,500 801 180 380 111 130 310 973 7,431 800 194 366 112 128 297 920 7,338 772 188 355 105 124 303 923 7,216 708 179 315 99 115 299 926 7,189 695 167 314 97 117 296 915 7,352 738 173 337 104 124 293 916 7,127 709 165 334 99 111 295 904 7,296 762 179 360 104 119 296 900 7,358 747 182 342 104 119 290 937 ' 7, 297 '756 194 '331 107 '124 '305 '917 7,359 735 186 319 104 125 304 930 do do do do_ __ do do do 2,552 2,026 526 534 1,340 873 977 2,560 2,040 520 528 1,317 859 974 2,540 2,027 513 534 1,367 905 975 2,539 2,033 506 524 1,376 909 975 2,527 2,009 518 526 1, 336 885 951 2,500 1,989 511 526 1,304 868 953 2,502 1,989 513 528 1,317 881 936 2,540 2,032 508 534 1,342 897 989 2,465 1,964 501 535 1,274 851 945 2,539 2,027 512 536 1,297 859 966 2,519 2,024 495 538 1,356 911 971 '2,511 ' 1, 994 517 541 1,304 867 '965 2,563 2,052 511 548 1,298 862 982 Estimated inventories (adjusted), total do Durable-goods stores _ _ _ do. __ Automotive group do Building materials and hardware group mil. of doL . Homefurnishings group do Jewelry stores. ._ - _ ___do__ _ Nondurable-goods storesdo Apparel group .. -do - _ Drug stores do Eating and drinking places do Food group _ _ do Filling stations do General-merchandise group _ _ do Other retail stores do 14, 479 5,675 2,169 14, 700 5,751 2,150 14, 458 5,669 2,038 14, 139 5,375 1,841 14, 182 5,357 1,914 13, 862 5,289 1,917 13, 932 5,333 2,051 14, 355 5, 580 2,222 14, 475 5,725 2,317 14, 336 5,548 2,116 13, 698 5,112 1,740 ' 13, 998 ' 5, 329 ' 1,950 13, 883 5,188 1,823 1,857 1,215 434 8,804 1,747 599 428 1,511 329 2,875 1,315 1,904 1,234 463 8,949 1,833 602 465 1,523 329 2,925 1,272 1,938 1,235 458 8,789 1,794 588 426 1,458 328 2,847 1,348 1,935 1,139 460 8,764 1,798 581 423 1,488 333 2,787 1,354 1,904 1,086 453 8,825 1,810 596 423 1,530 347 2,733 1,386 1,882 1,039 451 8,573 1,716 571 402 1,543 347 2,646 1,348 1,840 993 449 8,599 1,752 583 398 1,529 324 2,675 1,338 1,869 1,047 442 8,775 1,806 596 411 1,552 327 2,767 1,316 1,870 1,112 426 8,750 1,809 563 396 1,550 301 2,843 1,288 1,865 1,130 437 8,788 1,780 555 411 1,496 287 2,943 1,316 1,798 1,117 457 8,586 1, 768 541 416 1,444 277 2,893 1,247 ' 1,849 '1,071 457 ' 8, 669 ' 1, 746 '567 '392 ' 1, 489 '270 ' 2, 943 ' 1, 262 1,822 1,084 459 8,695 1,789 559 392 1,499 287 2,966 1,203 1,856 173 28 85 45 29 '55 64 48 18 424 2,186 238 38 120 59 38 70 68 52 22 530 2,401 308 46 148 90 42 85 67 54 24 620 2,240 238 37 116 66 46 93 66 26 581 2,226 235 38 108 70 47 99 66 51 25 573 2,095 176 22 88 52 49 87 69 52 23 501 2,144 180 21 93 52 47 102 66 53 26 562 2,307 249 40 117 71 41 112 64 50 26 622 2,358 239 38 119 62 44 113 67 51 29 637 2,339 236 43 113 59 43 99 63 49 29 669 3,068 358 65 168 96 64 78 94 52 40 1,041 '1,872 '162 30 '73 '45 '31 '70 '63 50 '20 '415 1,882 158 25 76 45 32 61 61 45 21 431 224 76 116 740 298 92 129 816 368 86 155 848 351 86 132 789 347 82 132 773 300 62 127 797 330 90 132 754 369 105 137 778 381 100 145 812 378 126 155 789 570 140 317 906 '228 71 '108 '737 235 73 114 755 267.7 300.6 316. 3 284.7 409.2 242.2 238.6 292.2 232.2 226.4 222.7 291.3 286.8 302.0 315.1 271.2 413.0 243.0 241.8 300.2 225.2 218.1 214.9 289.9 310.6 304.5 328.8 273.4 441.1 246.9 240.8 306.5 229.8 233.2 229.4 288.3 306.9 308.4 315.4 291.1 404.5 241.1 248.2 325.1 225.2 221.4 236.6 303.4 300.5 300.9 304.3 271.3 392.5 235.7 235.2 325.6 225.3 223. 7 231.8 293.1 274.7 296.7 284.9 250.1 368.8 220.9 248.0 306.6 233.8 221.2 244.2 285.6 281.0 300.5 291.0 245.1 374.9 232.5 238.2 321.8 223.9 224.9 242.5 294.5 314.9 306.9 313.0 291.9 396.6 240.6 222.5 340.5 222.4 214. 5 229.4 299.3 306.0 294.0 283.7 228.5 387.8 210.6 244.0 336. 3 220.0 211.8 248.7 272.5 321.5 301.0 297.8 264.7 390.5 224.8 223.9 351.8 215.7 210.7 229.3 286.9 389.7 302.5 301.0 282.3 383.0 231.1 258.8 345.5 218.1 209.0 244.9 295.4 ' 258. 9 ' 299. 8 ' 299. 8 ' 280. 8 ' 377. 4 '236.5 r 257. 6 ' 340. 1 ' 220. 9 ' 214. 8 ' 256. 5 '290.3 271.5 305.4 292.4 250.3 368.9 241.7 266.7 332.0 220.7 214.2 251.5 297.1 345.4 256.1 229.9 361.1 348.8 246. 8 226. 3 367.1 349.3 244.3 221.2 366.3 368.2 269.6 226.0 368.7 356.3 258. 7 218.0 358.4 344.0 256.7 215.0 358.0 358.4 262.9 217.9 360.8 363.8 261.8 225. 6 368.1 328.5 232.3 212.1 358.8 342.2 255.8 223.1 365.6 346.7 269.4 235.4 361.9 ' 350. 1 245.2 ' 228. 1 ' 356. 0 363.7 248.4 226. 7 368.3 187 157 180 152 190 152 191 153 187 152 163 151 161 155 182 165 191 175 213 189 285 214 223 209 190 207 49 21 55 23 53 23 53 22 53 21 49 19 51 21 52 20 53 20 54 20 52 20 49 18 47 17 51 42 7 51 42 7 51 41 8 50 42 8 51 42 7 52 39 9 50 40 10 49 42 9 48 42 10 48 43 9 50 42 8 49 42 9 48 42 10 '228 314 180 212 227 315 252 202 '193 199 '240 261 266 254 339 194 239 254 353 280 241 209 249 274 287 289 295 393 256 280 304 377 311 295 237 284 309 327 332 287 365 241 277 292 373 306 279 230 277 310 328 323 268 323 232 262 265 331 284 255 224 256 287 283 314 218 294 155 212 214 310 249 211 155 188 236 254 280 238 324 173 229 234 333 275 242 171 201 243 280 313 299 381 248 296 282 404 328 307 243 280 328 335 331 293 395 234 271 274 414 325 314 243 279 314 331 339 339 425 292 324 332 442 347 310 293 355 378 378 358 481 642 418 438 465 662 506 438 401 472 541 504 565 Food group Grocery and combination.. _ Other food Filling stations,-. _ _ General-merchandise group Department, including mail-order Other retail stores Chain stores and mail-order houses:! Sales, estimated, total 9 _- _ do Apparel group do Men's wear _.do__ _ Women's wear_ _ do Shoes _-_ do__ _ Automotive parts and accessories. do Building materials do Drug _ _ _ __ do Eating and drinking places do Furniture and housefurnishings do _ General-merchandise group do Department, dry goods, and general merchandise mil. of dol Mail-order (catalog sales) __do Variety do Grocery and combination _ _ do _ Indexes of sales :f Unadjusted, combined index 9 1935-39= 100 __ Adjusted, combined index 9 do Apparel group d 1 -do__ _ Men's we arc? do Women's wear cf . do _ _ 1 Shoesd do Automotive parts and accessories d1 do Building materialscT _ _ do Drue do 1 Eating and drinking placesd -- -1 do Furniture and housefurnishingsd' do General-merchandise group d1 do Department,1 dry goods, and general merchandised 1935-39=100 Mail-orderd" _ _ _ do Variety d1 do Grocery and combination do Department stores: Accounts, collections, and sales by type of payment: Accounts receivable, end of month: Charge accounts 1941 average — 100 Instalment accounts _ _ _ _ _ _ _ _ do - _ Ratio of collections to accounts receivable: Charge accounts percent- _ Instalment accounts _ ________ do Sales by type of payment: Cash sales percent of total sales Charge account sales do Instalment sales __ _ _ do _ Sales, unadjusted, total U. S Atlanta - - - - - - - Boston Chicago _ - _ _ _ _ __ Cleveland Dallas - - _ _ - _ _ Kansas City Minneapolis _ New York Philadelphia Richmond ___ St Louis __ _ San Franciscot- _ _ _ r Revised. *> Preliminary. fSee note marked "f" on p. S-8. 1935-39=100-. - do_ do _ _ do do _ do do do do do - ___ do do do __ 9 Revised t eginning 1943. C1 cfllevised be^,'inning 194 8. 216 285 ' 185 205 '215 '313 ^228 '188 183 '197 218 232 '251 JRe\ ised begin ning 1919; un publish 3d revision s are avail able upon request. P224 322 204 217 327 *>244 211 182 207 234 252 »272 SURVEY OF CURKENT BUSINESS S-10 Unless otherwise stated, statistics through 1948 and descriptive notes are shown in the 1949 Statistical Supplement to the Survey April 1950 1950 1949 February March April May June July August September October November December January February DOMESTIC TRADE—Continued RETAIL TRADE—Continued Department stores— Continued Sales, adjusted, total U. S4 AtlantaJ Boston ChicagoJ Cleveland^ Dallas! Kansas CityJ 1935-39=100.. do _ do do do ._ do do '284 374 Minneapolis^ do New York _. do PhJiadelphiaJ do Richmond^ _ _ _ _ do St. Louisdo San Francisco t - do Stocks, total U. S., end of month:! Unadjusted. do _.. Adjusted do Mail-order and store sales: Total sales, 2 companies thous. of dol__ Montgomery Ward & Co do _ Sears, Roebuck & Co do Rural sales of general merchandise: t Total U. S., unadjusted 1935-39=100 East do South _ _ _ d o __ Middle West do Far West. _ _do Total U. S., adjusted _ _. do East do South do Middle West do Far West _ do __ WHOLESALE TRADE Service and limited-function wholesalers:! Sales, estimated (unadj.), total mil. of dol__ Durable-goods establishments do Nondurable-goods establishments do Inventories, estimated (unadj.), total do Durable-goods establishments do Nondurable-goods establishments do 272 284 ••394 311 365 208 266 279 392 301 293 389 251 277 301 374 314 '291 [376 243 275 295 384 309 285 368 242 262 281 385 309 280 377 227 258 274 387 304 283 360 234 276 269 374 299 289 367 241 282 279 374 312 276 376 211 258 259 387 301 ••277 367 234 262 266 371 299 293 382 239 281 283 404 322 282 376 '244 274 290 '396 »301 *279 383 P230 262 271 409 *302 274 ••233 265 ••308 310 314 267 222 272 294 309 329 292 242 274 303 321 335 273 234 271 315 335 340 266 236 269 311 314 335 261 222 261 326 325 329 269 234 268 304 326 333 276 238 277 306 332 326 278 223 260 295 309 337 267 227 267 305 300 319 293 237 276 311 330 339 '246 229 267 300 282 '316 285 219 276 300 300 ^322 265 r 277 287 ••282 285 278 277 273 256 265 245 256 254 253 274 '263 297 270 305 273 244 271 244 272 *268 v 280 196, 656 68, 316 128, 340 258, 692 89, 179 169, 513 295, 754 101,110 194, 644 292, 936 100, 334 192, 602 284, 289 90, 678 193,611 240, 126 77, 005 163, 121 280, 233 95,517 184,716 316, 387 106, 735 209, 652 315, 329 112, 398 202, 931 327, 785 115, 727 212, 059 434, 472 150, 420 284, 053 202, 617 61, 458 141, 160 206, 104 63, 805 142, 299 237.0 218.1 278.4 219.8 233.5 283.2 254.2 302.6 274.8 312.6 260.5 248.8 290.4 251.1 268.2 261.3 248.8 305.7 264.3 298.0 278.4 265.7 302.5 264.8 290.0 290.9 267.3 329.5 271.3 310.2 272.4 264.0 287.7 262.6 283.2 303.7 294.0 347.0 296.4 316.1 260.1 244.1 273.1 251.5 300.0 293.2 281.2 333.5 274.6 331.5 209.1 183.1 228.2 202.9 249.9 283.7 274.1 326.5 271.6 306.2 263.5 235.9 289.4 250. 3 305. 4 287.4 269 0 322 3 270 3 313.2 317.3 285.3 354.6 305. 1 338.4 286. 9 275 1 311 6 283 6 295.8 318.4 278.7 384.0 297.6 352.1 266.2 232.2 300 5 253.3 313.3 369.4 371 7 445.2 345 5 363. 6 285 0 266 1 325 4 262 9 290 0 442.1 408.2 484.4 417. 1 509.9 312.2 282 5 350 3 281 1 325.2 212.7 191.8 241.6 203.0 231.1 281.0 253 0 302 0 270 7 314 0 229.0 207 9 270.7 208 4 237.5 273 6 242 3 294 2 260 5 317 9 5,234 1,615 3, 619 7,487 3,342 4,145 5,737 1,839 3,898 7,413 3,392 4,021 5,236 1,765 3,471 7,217 3,341 3,876 5,220 1,754 3,466 6,992 3, 222 3,770 5,247 1,735 3,512 6,854 3,092 3,762 4, 856 1,525 3,331 6. 839 2,970 3,869 5, 551 1, 737 3,814 6,873 2,848 4,025 5,851 1,843 4,008 7,002 2,820 4 182 5,769 1,842 3,927 7,007 2,736 4 271 5,904 1 762 4,142 7 019 2 733 4 286 5,685 1 688 3,997 6 888 2,757 4 131 5,165 1 457 3 708 6 984 2 849 4 135 5,021 1 583 3 438 7 057 2 908 4 149 234 '279 • EMPLOYMENT AND POPULATION POPULATION Population, continental United States :§ Total, including armed forces thousands.. Civilian population _ do 148, 245 146, 731 148, 430 146, 921 148, 639 147, 145 148, 823 147, 354 149, 014 147, 546 149,215 147, 752 149,452 147,983 149, 703 148, 244 149, 947 148, 502 150, 183 148, 747 150, 397 148, 966 150, 604 149, 196 150, 808 149 442 109, 195 53, 689 55, 506 109, 290 53, 730 55, 560 109, 373 53, 764 55, 609 109, 458 53, 799 55, 659 109, 547 53, 837 55, 710 109,664 53, 898 55, 766 109, 760 53, 939 55, 821 109, 860 53, 984 55, 876 109, 975 54, 036 55, 939 110, 063 54, 075 55 988 110, 169 54, 121 56, 048 110, 256 54, 160 56, 096 110 344 54 196 56 148 do do _ _ do do do do __ do do do do_ _ do 61, 896 1,508 60, 388 43, 229 17,159 57, 168 40, 812 16, 356 6,993 50, 174 3,221 62, 305 1,491 60, 814 43, 525 17, 289 57, 647 41, 092 16, 555 7, 393 50, 254 3,167 62, 327 1,492 60, 835 43, 668 17,167 57, 819 41, 463 16, 356 7,820 49, 999 3,016 63, 452 1,469 61, 983 43, 886 18, 097 58, 694 41, 521 17, 173 8,974 49, 720 3,289 64, 866 1,468 63, 398 44, 832 18. 566 59, 619 42, 233 17, 386 9, 696 49, 924 3,778 65, 278 1,463 63, 815 45, 267 18,548 59, 720 42, 422 17, 298 9, 647 50, 073 4,095 65, 105 1,468 63, 637 45, 163 18, 474 59, 947 42, 644 17, 303 8,507 51, 441 3,689 64, 222 1,459 62, 763 44, 319 18 444 59, 411 42, 085 17 326 8, 158 51, 254 3 351 64, 021 1,445 62, 576 43, 988 18 588 59, 001 41, 426 17, 575 7,710 51, 290 3,576 64, 363 1,436 62, 927 44 099 18 828 59 518 41 783 17 735 7 878 51 640 3 409 63,475 1,430 62, 045 43, 765 18 280 58, 556 41, 293 17 263 6,773 51, 783 3 489 62, 835 1,408 61,427 43, 715 17 712 56, 947 40, 453 16 494 6, 198 50 749 4 480 63, 003 1 366 61 637 43 769 17 868 56 953 40 343 16 610 6 223 50 730 4 684 do 47, 298 46, 985 47, 046 46, 006 44, 683 44, 385 44, 655 45 638 45 953 45 701 46 694 47 420 47 342 43, 061 14,649 7,923 6,726 986 101 80 455 42, 918 14, 475 7,819 6, 656 981 102 79 448 42, 966 14. 177 7,656 6,521 984 103 78 446 42, 731 13, 877 7,441 6,436 974 101 77 438 42, 835 13, 884 7,392 6, 492 968 100 77 431 42, 573 13, 757 7, 255 6,502 943 95 76 410 42, 994 14, H4 7,302 6,812 956 94 76 425 43, 466 14 312 7,409 6 903 948 92 76 421 42, 601 13, 892 6, 986 6,906 593 65 76 100 258 93 1,926 4,024 1,414 161 644 56 504 257 95 1,947 3, 975 1,370 160 644 55 505 259 97 2,036 3,991 1, 387 161 641 55 507 260 98 2,137 4,021 1,416 159 639 55 509 262 98 2,205 4,031 1,410 159 637 53 515 264 99 2,277 4,007 1,381 158 638 52 520 263 99 2 341 3,992 1,375 157 633 52 521 261 99 2 341 3,959 1,339 157 625 50 519 256 96 2 313 3, 871 1,257 156 619 49 514 EMPLOYMENT Employment status of noninstitutional population: Estimated number 14 years of age and over, total _ ___ thousands. Male do Female do Total labor force, including armed forces Armed forces _ _._ Civilian labor force, total Male _ _ Female Employed__ __ _ Male _ _ _ _ Female Agricultural employment Nonagricultural employment Unemployed _ Not in labor force Employees in nonagricultural establishments \\ Total, unadjusted (U. S. Dept. of Labor) thousands __ Manufacturing _ _ _ _ _ do Durable-goods industries do Nondurable-goods industries do Mining, total do Metal _ _ . _ __ do Anthracite do. _ Bituminous coal do Crude-petroleum and natural-gas production thousands __ Nonmetallic mining and quarrying _ _ do Contract construction . do Transportation and public utilities do Interstate railroads do Local railways and bus lines do Telephone do Telegraph . __ do Gas and electric utilities do r Revised. ' 42, 784 ' 43, 696 r 42, 158 ' 14, 033 r 13 997 13 807 r r 7, 300 «• 7, 050 7, 354 r g (543 *• 6 733 6 757 r 917 r §5§ ' 940 ' 92 83 91 76 77 76 r 407 r 350 ' 424 r r 255 96 2 244 3, 892 1 281 154 616 48 514 254 '94 252 154 612 48 153 608 47 512 v 41, 693 P 14 oiQ " 7, 344 p 6 672 •p Q17 v 91 P 111 r gg v 89 ' 2 088 ' 1 914 •p i g29 ' 3, 934 ' 3, 873 * 3, 835 ' 1 333 1 316 '513 t> Preliminary. in the 1949 STATISTICAL SUPPLEMENT. The series on wholesale trade have been revised back to 1939; monthly figures for 1946-48 and annual data beginning 1939 are shown on pp. 18-20 of the October 1949 SURVEY; unpublished revisions are available upon request. §Data for 1947 and 1948 (shown in the 1949 STATISTICAL SUPPLEMENT) have been revised; revisions prior to August 1948 are available upon request. fRevised series. See note marked "t" °n P- S-ll. SURVEY OF CURRENT BUSINESS April 1950 Unless otherwise stated, statistics through 1948 and descriptive notes are shown in the 1949 Statistical Supplement to the Survey S-ll 1950 1949 Febru- ary March May April June July August Septem- ber October Novem- ber Decem- ber January Febru- ary EMPLOYMENT AND POPULATION—Continued BMP LO YM ENT— Continued Employees in nonagricultural establishmentsf— Continued Unadjusted (U. S. Dept. of Labor)— Continued Trade thousands Wholesale trade . do Retail trade _ do _ _ General-merchandise stores do Food and liquor do _ Automotive and accessories dealers. _. do Finance - do Service _ __ do Hotels and lodging places do Laundries do Cleaning and dyeing plants do Government do 9,292 2,541 6,751 1,386 1,184 647 1,735 4,712 447 346 142 5,737 9,310 2,523 6,787 1,411 1,193 648 1,749 4,720 445 346 144 5,761 9,478 2,504 6,974 1, 515 1,204 658 1,757 4,768 451 347 150 5,775 9,342 2,482 6,860 1, 434 1, 203 661 1,763 4,804 464 353 153 5,813 9,336 2,491 6,845 1,401 1,208 670 1,774 4,834 487 361 154 5,803 9,220 2,472 6,748 1,356 1,201 679 1,780 4,851 511 364 151 5,738 Total adjusted (Federal Reserve) do Manufacturing __ __do_ Mining do Contract construction ._ _ _ __do Transportation and public utilities do Trade do Finance do Service do Government do 43, 657 14, 671 995 2,164 4,059 9,465 1,744 4,784 5,775 43, 445 14, 501 987 2,140 4,008 9,497 1,749 4,792 5,771 43, 263 14, 316 987 2,121 4,008 9,516 1,748 4,792 5,775 43, 027 14, 095 975 2,116 4,024 9,475 1,754 4,804 5,784 42, 896 14, 007 965 2,100 4,003 9,456 1,756 4,786 5,823 12, 074 6,523 23 11, 904 6,417 23 11,616 6,262 23 11,324 6, 057 21 655 380 278 429 110 1,077 659 385 274 423 107 1, 062 659 389 268 416 105 1,028 672 399 259 414 106 991 553 552 545 46 47 752 Production workers in manufacturing industries:! Total (U S Dept of Labor) thousands Durable-goods industries _ do Ordnance and accessories. __ do Lumber and wood products (except furniture) _ _ _ _ _ _ thousands _ Sawmills and planing mills do Furniture and fixtures do Stone clay, and glass products _ _ do Glass and glass products do Primary metal industries _ do Blast furnaces, steel works, and rolling mills thousands Primary smelting and refining of nonferrous metals thousands Fabricated metal prod, (except ordnance, machinery, transportation equipment)- _thous Heating apparatus (except electrical) and plumbers' supplies thousands Machinery (except electrical) do Electrical machinery _ do Transportation equipment do Automobiles do Aircraft and parts do Ship and boat building and repairs do Railroad equipment do Instruments and related products _ _ do Miscellaneous mfg. industries _ do Nondurable-goods industries do Food and kindred products _ do Meat products do Dairy products _ do Canning and preserving do Bakery products do Beverages do Tobacco manufactures __ _do Toxtile-mill products _ _ do Broad-woven fabric mills do Knitting mills _ _ do Apparel and other finished textile products thousands Men's and boys' suits and coats, d o _ _ Men's and boys' furnishings and work clothing _ _ _ thousands Women's outerwear _ __ do Paper and allied products do Pulp, paper, and paperboard mills _-do Printing, publishing, and allied industries _ _ _ _ _ _ thousands Newspapers _ do Commercial printing do __ Chemicals and allied products do Industrial organic chemicals __do Drugs and medicines do Paints, pigments, and fillers,. do Products of petroleum and coal _ _do Petroleum refining _ _ do Rubber products do Tires and inner tubes. __ _ _ _do Leather and leather products do Footwear (except rubber) do Manufacturing production-worker exmployment index, unadjusted (U. S. Dept. of Labor) f 1939=100.. Manufacturing production-worker employment index, adjusted (Federal Reserve) f 1939= 100- _ ' 9, 607 2,538 7,067 1,588 1,208 704 1, 767 ' 4, 768 445 348 145 5,783 ' 9, 266 ' 2, 511 6,778 1,394 1, 183 708 ' 1, 772 ' 4, 701 428 347 141 5,777 p 9. 178 P 2, 491 f 6, 687 T 1, 385 * 1, 198 ^700 * 1, 780 p 4, 696 9,213 2,515 6,698 1,337 1,181 688 1,780 4,836 504 358 144 5,763 9,409 2,538 6,871 1,432 1,192 692 1,771 4,833 475 356 147 5,893 9,505 2,554 6,951 1,489 1,200 696 1,767 4,794 451 350 147 5,866 42, 711 13, 917 939 2,128 3,968 9,368 1,755 4,777 5,846 42, 864 13, 979 949 2, 167 3,947 9,420 1,762 4,788 5,852 43, 068 14, 108 943 2, 188 3,939 9,453 1,780 4,785 5,872 42, 163 13, 706 591 2,203 3,877 9,386 1,785 4,770 5,845 ' 42, 576 v 42, 275 ' 42, 385 42, 712 ' 13, 695 ' 13, 924 ' 14, 033 p 14, 041 ^626 '864 ^940 '917 P 2, 055 2,103 2,200 ' 2, 131 P 3, 868 3,906 ' 3, 895 ' 3, 934 p 9, 349 9 357 ' 9, 303 ' 9, 424 r p 1, 789 r 1, 787 1,781 1, 784 P 4, 768 4,748 ' 4, 768 r 4, 761 P 5, 779 5,784 5,820 5,811 11, 337 6,022 21 11,211 5,894 19 11, 561 5,947 18 11,775 6,060 18 11, 368 5, 651 18 ' 11, 289 ' 11, 502 ' 11, 460 P 11,475 p 5, 995 6,007 ' 5, 719 ' 5, 957 17 »17 17 17 686 410 257 409 105 971 676 407 253 400 101 934 686 414 263 412 107 932 684 416 277 414 107 938 689 414 284 411 108 559 692 ••413 283 411 108 '743 '683 404 289 '412 107 '952 534 523 506 498 499 131 '325 ' 504 508 47 45 45 42 41 42 39 38 41 43 729 706 683 679 671 688 708 677 666 688 '693 112 1,133 607 1,021 649 190 100 72 185 363 108 1,108 585 1,017 646 192 98 72 183 354 103 1,066 560 1,012 649 192 93 69 181 343 97 1,014 538 955 601 187 92 67 177 333 94 977 518 995 646 187 88 66 176 333 92 939 505 1,014 670 192 86 59 170 313 100 927 507 998 678 185 80 47 169 347 935 531 1,017 686 191 74 56 172 366 no 116 922 548 986 666 188 69 53 174 383 113 908 546 898 582 184 r 71 '51 174 381 ' 111 '929 ' 558 '896 585 '184 69 50 173 '360 108 '936 '560 '990 687 185 66 46 '172 '345 5,551 1, 073 231 luO 108 189 145 88 1,190 582 214 5,487 1,069 226 103 110 185 149 85 1,150 558 211 5,354 1,071 217 108 125 186 140 82 1, 100 530 207 5,267 1, 095 221 115 131 188 148 82 1,087 526 202 5,315 1,153 226 122 169 192 152 84 1,083 525 203 5,317 1,224 227 122 220 191 169 82 1,057 518 200 5,614 1,350 229 116 339 194 165 91 1 092 530 211 5,715 1,340 230 110 322 196 157 94 1 132 547 219 5,717 1 273 236 104 232 199 149 92 1 168 565 227 1,055 139 1,051 137 1, 008 134 956 118 959 122 942 116 1,040 131 1,082 133 1 083 129 241 324 391 204 242 318 386 201 241 289 377 196 239 257 372 194 236 258 369 192 221 203 365 188 235 306 371 191 246 319 384 197 252 308 392 200 497 137 166 513 162 62 45 188 150 197 89 359 235 496 139 164 511 157 61 44 187 149 194 89 358 234 495 140 163 495 148 61 44 188 149 190 89 348 228 494 141 162 476 142 60 43 188 149 185 87 332 216 494 142 163 464 139 60 43 189 150 181 86 339 223 485 141 162 453 136 59 41 189 150 177 82 342 226 486 141 161 458 135 60 42 190 150 180 81 356 234 495 144 163 478 140 61 42 189 149 167 64 354 230 500 144 166 488 141 62 44 185 148 187 81 349 224 r 10, 154 ' 2, 540 7,593 1,973 1,217 716 ' 1, 769 r 4, 737 444 347 143 6,041 '642 381 289 403 106 '960 5,570 1,r 185 242 99 r 160 ' 195 146 89 1, 184 572 230 ' 5, 545 ' 1, 139 '251 96 ' 136 ' 190 141 ' 87 1,187 574 227 ' 5, 453 ' 1, 078 244 95 117 186 135 ' 85 ' 1, 028 r 118 '1,042 ' 127 '1 036 129 r T 251 280 393 201 500 145 165 485 143 62 44 r Igg 148 r 186 r 81 332 208 r r 1 176 567 223 248 297 390 200 243 304 r 385 199 502 ' 494 143 167 ' 480 144 62 44 r 146 168 484 144 62 44 185 146 387 82 r 342 '223 r 184 145 ' 187 83 348 232 147.4 145.3 141.8 138.2 138.4 136.9 141.1 143.7 138. 8 ' 137. 8 ' 140. 4 ' 139. 9 147.6 145.6 143.4 140.8 139.9 138.9 139.6 141.3 136.6 ' 136. 5 ' 139. 0 ' 140. 3 p 5, 742 *>636 P295 M03 ^969 ^701 P957 "576 P914 P173 ^354 P 5, 480 P 1, 604 J»81 p 1 182 P223 P 1, 069 p 384 p 489 P 485 p 183 P 185 P 358 p 140. 1 p 140. 3 ' Revised. P Preliminary. tRevised series. Beginning with the October 1949 SURVEY, the indicated series on employment, pay rolls, and hours and earnings have been revised to incorporate three major changes: (1) adoption of the current Standard Industrial Classification for manufacturing industries; (2) reclassificatiqn of reporting establishments on the basis of major postwar product or activity; (3) adjustment to 1947 bench-mark levels and a revision in estimating production-worker employment. Revised data on employees in nonagricultural establishments (unadjusted) by major groups are shown on p. 24 of the November 1949 SURVEY. The Federal Reserve adjusted figures for the total nonagricultural and manufacturing employment and the adjusted indexes for manufacturing production workers were further revised in the December 1949 SURVEY. All unpublished revisions are available upon request. SUKVEY OF CURRENT BUSINESS S-12 Unless other-wise stated, statistics through 1948 and descriptive notes are shown in the 1949 Statistical Supplement to the Survey April 1950 1950 1949 February March April May June July August September October November Decem ber January ! EMPLOYMENT AND POPULATION—Continued EMPLOYMENT—Continued Miscellaneous employment data: Federal and State highways, total§ number-. Construction (Federal and State) do Maintenance (State) do Federal civilian employees: United States thousands District of Columbia _ do Railway employees (class I steam railways) : Total thousands- Indexes: Unadjusted -1935-39=100-Adjusted do 203, 088 48, 744 109, 014 214, 405 59, 507 108, 618 238, 605 80, 881 111, 169 268, 525 106, 743 113,965 295, 071 124, 025 120, 469 314,414 137, 965 124,931 327, 536 146, 144 128, 631 320,842 143. 585 125,032 1,900 213 1,908 214 1,922 215 1,933 216 1,929 217 1,923 217 1,915 214 1,886 213 1,261 1,228 1,245 1,267 1,261 1,238 1,231 1,196 1,116 120.6 123.6 117.3 120.3 119.1 121.0 121.2 121.7 120.6 119.0 118.4 116.0 117.8 115.4 114.2 111 5 106.9 103.4 340.4 332.8 319.2 312.8 315.7 312.8 323.0 335 1 320.9 39.4 39.9 41.3 39.1 39.5 39.6 38.4 39.0 36.7 38.6 39.0 40.3 38.8 39.2 39.7 38.8 38.8 40.3 39.1 39.3 39.7 39 6 39.6 40.3 39.5 39.3 39.8 40.4 39.9 39.8 40.3 40.2 39.6 39.9 39.1 39.0 40.5 40.6 38.7 39.3 38. 2 38.4 41.1 41.1 38.5 39.6 39.1 38.0 40.7 40.7 39.0 39.4 38.9 37.6 39.4 39.3 38.6' 38.7 37.9 36.9 40.7 40.8 40.5 39.6 39.0 37.6 39.9 39.5 39.4 38.7 37.7 36.4 310, 606 ' 278, 309 137, 971 ' 107, 399 122,022 120, 798 1,846 211 1,835 211 240, 059 72, 406 117, 596 216, 806 51,409 115, 154 1,829 1213 ' 1, 801 1 213 1,141 1.183 v 1, 177 p 1,162 109.2 108.2 '112.7 ' 114.5 p 112. 5 p 117.0 p 110.1 v 112.8 ' 313. 9 330.1 p 329. 7 39.7 39.9 40.3 '39. 1 ' 39.0 40.2 '39.9 '40.1 40.7 '39.7 '40.0 40.2 p 39.7 MO.l MO. 1 40 7 40.6 41 0 39.6 38 2 37.6 41.7 41.6 41.7 40.4 39.5 37.5 41.0 41.0 41.2 40.0 ••39.2 '36.4 '41.3 '40.8 42.1 '40.3 39.7 39.4 39.3 38.4 '41.2 '40.0 39.6 '39.5 Ml. 8 MO. 4 37.6 37.1 34.0 '34.4 39.3 39.3 1, 801 i 213 PAY ROLLS Manufacturing product ion- worker pay roll index, unadjusted (U. S. Dept. of Labor) f 1939=100 LABOR CONDITIONS Average weekly hours per worker (U. S. Dept. of Labor) :f All manufacturing industries hours Durable-goods industries _ _do Ordnance and accessories do Lumber and 'wood products (except furniture) hours Sawmills and planing mills ..do . Furniture and fixtures do Stone, clay, and glass products _ _ __do . . Glass and glass products do Primary metal industries _.do _. Blastfurnaces, steel works, and rolling mills hours. , Primary smelting and refining of nonferrous metals _-hours . Fabricated metal prod, (except ordnance, machinery, transportation equipment).. hours.. Heating apparatus (except electrical) and plumbers' supplies hours Machinery (except electrical) do Electrical machinery.. _ do Transportation equipment do Automobiles do Aircraft and parts do Ship and boat building and repairs do Railroad equipment do Instruments and related products do Miscellaneous mfg. industries do Nondurable-goods industries Food and kindred products Meat products Dairy products Canning and preserving Bakery products Beverages Tobacco manufactures _ Textile-mill products Broad-woven fabric mills Knitting mills _ do do do do do do do do do do do Apparel and other finished textile products hours __ Men's and boys' suits and coats do Men's and boys' furnishings and work clothing hours Women's outerwear.. __ do Paper and allied products do Pulp, paper, and paperboard mills do Printing, publishing, and allied industries hours. . Newspapers do Commercial printing do Chemicals and allied products .. do Industrial organic chemicals do Drugs and medicines do Paints, pigments, and fillers _ _ do Products of petroleum and coal do Petroleum refining.do Rubber products _ .. .. do Tires and inner tubes _do..Leather and leather products do Footwear (except rubber) do_ .. MO. 1 40.8 41.0 41.3 40.7 40.5 39.1 39.4 39.6 40.7 39.4 40.3 41.4 39.7 39.5 38.7 39.0 39.2 39.3 39.6 40.2 40.1 '39.2 40.5 '40.3 37.2 40.4 39.6 39.8 39.5 41.2 38.5 40.7 39.8 40.3 37.6 39.9 39.1 38.6 37.7 40.7 38.9 39.9 39.7 40.2 36.6 39.1 38.5 38.7 38.6 39.4 38.2 38.6 39.3 39.0 37.1 39.2 38.8 38.2 37.3 40.5 38.1 39.2 39.5 39.0 37.3 39.2 39.0 39.5 39.4 40.5 38.4 39.0 39.2 39.4 37.7 39.0 38.7 39.9 40.3 39.9 38.4 37.7 39.0 39.0 39.5 39.1 39.1 39.7 39.8 40.2 37.3 38.4 39.0 38.9 40 3 39 3 40.0 40 1 40 4 40 6 37 7 38.1 39.5 40 2 41.4 39.2 40.4 39.1 39.0 40.5 36.4 38.5 39.8 40.7 40.0 '38.5 '40.0 '37.3 '36.2 41.5 34.8 '38.3 40.0 '40.9 40.5 39.7 '40.5 '38.8 '38.2 '41.2 38.1 38.7 40.1 '41.0 39.8 39.6 ' 40. 5 '40.3 40.6 40.7 37.8 38.0 '39.7 40.3 38.8 41.3 41.2 45.0 38.2 42.1 40.3 35.4 37.7 37.8 36.3 38.6 40.9 40.3 44.4 37.2 41.4 40.8 36.1 37.2 36.8 36.5 37.6 40.6 39.9 44.6 36.5 42.0 40.9 34.7 35.7 35.2 35.1 38.1 41.3 40.7 45.2 37.4 42.1 41.8 35.7 35.4 34.6 35.3 38.5 41. 6 40.4 45.8 38.3 42.2 42.1 38.0 36.3 35.7 36.2 38.7 42.2 41.8 45.7 39.7 42.2 42.7 37.4 36.6 36.3 36.3 38.9 41.7 41.0 45.0 40.8 41.5 41.4 38.7 37.6 37.6 37.0 39.6 41.8 41 6 44 4 40 1 42 1 40 7 38.9 38 6 38 5 37 8 39.6 41.7 41.1 44.2 40.0 41.6 40.5 38.2 39.4 39.6 38.9 39.3 '41.6 '42.9 ' 43.9 37.1 '41.4 ' 40.1 38.0 39.5 39.8 38.4 39.5 41.5 '43.4 '44.0 36.6 41.3 39.7 38.2 39.8 40.3 37.6 39.3 '41.4 42.8 44.8 38.2 41.0 39.8 '38.0 '39.4 40.0 36.8 ^39.4 MO. 6 36.2 36.5 36.3 36.7 34.4 34.5 35.5 34.2 35.4 33.3 35.4 33.4 35.7 33.5 36.8 35 4 36.5 34.3 35.7 '32.9 '36.0 34.7 ' 36. 0 35.6 P36.S 35.6 35.8 41.2 42.0 36.4 35.4 41.0 41.7 35.2 33.4 40.3 41.2 36.1 35.0 40.4 41.1 35.8 34.6 40. 7 41.1 36.1 33.9 41.1 41.8 36.4 34.2 41.8 42.6 36 9 35.8 42 6 43 0 37.5 34.2 43.1 43.7 '36.8 '33.6 43.0 '43.6 36.7 34.6 42.8 43.6 36.0 34.9 '42.2 43.0 P42.4 38.6 37.1 39.6 41.0 39.9 40.6 40.7 39.9 39.9 37.7 35.4 37.7 37.3 38.6 37.1 39.6 40.9 39.4 40.7 40.5 40.0 40.0 37.0 35.8 37.5 37.2 38.4 37.6 39.3 40.6 38.8 40.1 41.1 40.1 39.8 36.9 35.4 35.8 35.1 38.7 37.8 39.7 40.7 39.2 40.4 40.7 40.7 40.5 37.7 36.3 35.1 34.0 38.7 37.4 40.0 40.8 39.2 40.2 41.2 40.2 39.9 38.2 36.6 36.5 36.0 38.6 37.1 39.8 40.6 39.3 40.0 40.9 40.7 40.4 38.4 36.6 37.0 36.8 38.5 36.8 39.6 40.5 39.2 40.0 41. 1 40.3 39.8 38.3 36.0 37.2 36.7 39.1 37 5 39 9 41.4 39 8 40 4 41 5 41.1 40.5 40 3 39 1 36 8 36 0 38.6 37.5 39.5 41.7 39.9 40.6 41.4 41.0 40.3 39.4 37.3 36.5 35.1 38.6 '37.2 39.3 41.5 40.0 40.7 41.0 40.0 '40.0 '38.4 36.9 35.1 33.3 39.4 38.3 40.3 41.6 40.3 ' 40.6 '41.0 '39.9 39.7 '39.2 ' 37.2 '37 1 '36.2 '38.4 36.3 40.0 '41.3 40.3 40.8 40.9 '40.8 40.8 '39.4 38.3 '37 7 37.3 «"35 7 35.7 '34.1 ' 41 9 22 0 ' 25. 5 42 7 23 9 24.7 40.0 '42.7 37 1 39.9 36.1 '40.0 '42.4 36 4 38 3 '35.8 41.7 41.2 35 3 37.0 34.8 Nonmanufacturing industries: Mining: 42.4 43.3 42.6 42.2 39.4 40.6 39.5 40.1 Metal do 39 6 34.1 30.6 23.4 26.1 25.0 35.0 23.4 39.2 \nthracite - do 31 8 25.1 37.9 36.4 37.4 37.5 30.7 26.1 31.9 Bituminous coal . . .do_ _ _ 27 0 Crude-petroleum and natural-gas production: Petroleum and natural- gas production 39.6 39.9 40.6 39.8 40.3 39.7 40.1 41.2 hours. 40.4 42.5 43.3 42.3 43.4 44.3 43.8 44.3 43.2 Nonmetallic mining and quarrying. do 44.2 37.3 36.9 37.3 38.5 38.5 38.6 38.3 38 7 Contract construction do 37 7 42 2 39.5 40.1 41.7 41.9 39.7 42.4 Nonbuilding construction do 40.9 41.8 37.1 36.5 36.1 36.4 37.2 37.1 37.2 Building construction ._ do 36.5 36.9 ' Revised. » Preliminary. 1 Data include all of Fairfax County, Virginia, and Montgomery and Prince Georges Counties, Maryland. §Total includes State engineering, supervisory, and administrative employees not shown separately. tRevised serioe. See note marked "f" on P- S-ll. *39.6 f 40. 3 MO. 5 P 40. 5 p 38. 7 p 40.0 P40.4 p37. 1 P 39. 5 p 38. 2 P41.1 P40.7 p 40.0 p 38 3 SURVEY OF CURRENT BUSINESS April 1050 Unless other-wise stated, statistics through 1948 and descriptive notes are shown in the 1949 Statistical Supplement to the Survey S-13 1950 1949 February March April May July June August September October November December January 44.3 38.6 44.5 41.4 44.2 38.7 44.5 41.7 "44.1 38.8 43.7 '41.5 44.5 38.4 43.7 41.9 44.1 38.5 44.1 42.0 "40.8 40.5 07 Q '40.3 '45.8 30.4 39.9 45.9 February EMPLOYMENT AND POPULATION—Continued LABOR CONDITIONS— Continued Average weekly hours per worker, etc.f — Continued Nonmanufacturing industries— Continued Transportation and public utilities: Local railways and bus lines hours Telephone do Telegraph _ do Gas and electric utilities do Trade: Wholesale trade do Retail trade: General-merchandise stores do Food and liquor do .._ Automotive and accessories dealers. __do Service: Hotels, year-round do Laundries _. _ _ _do _ _ Cleaning and dyeing plants do Industrial disputes (strikes and lock-outs) :J Beginning in month: Work stoppages number Workers involved thousands. In effect during month: Work stoppages __. number Workers involved thousands Man-days idle during month __ _ _ do Percent of available working time 45.2 38.2 45.3 41.3 44.9 38.6 45.2 41.3 46.0 38.4 45.0 41.3 45.1 38.5 45.4 41.3 44.7 38.4 45.1 41.4 40.6 40.6 40.7 40.6 40.8 40.7 40.7 40.9 40.6 36.1 39.7 45.7 36.6 40.0 45.7 36.3 39.7 45.8 36.8 40.4 45.5 37.2 41.1 45.6 37.2 41.1 45.6 36.6 40.2 45.5 36.4 40.3 45.9 '36.3 40.1 '45.6 44.0 41.5 40.0 44.5 41.5 40.5 44.2 41.8 42.4 44.7 42.4 42.7 44.1 41.6 42.3 44.1 41.5 41.0 44.2 40. 8 39.5 44.1 41.2 41.7 44.2 41.1 41.1 44.0 40.9 40.9 43.9 41.2 41.0 43.8 41.5 41.4 '239 '289 ^490 '360 ' 449 '231 '377 '572 '343 '78 '365 '134 '287 '507 '256 '570 "•197 '170 225 '185 210 75 '369 '106 ••436 '520 ' 3, 46^ '643 '232 ' 2, 140 '536 '603 ' 6, 270 '323 '417 ' 1, 350 340 300 2,600 .4 325 515 7, 850 1.27 45.1 38.6 44.5 41.4 45.2 38.3 44.7 41.5 40.5 36.3 40.0 45.5 675 .1 .5 160 '531 '208 ' 1, 880 .3 '678 '309 ' 3, 430 .5 '632 '673 ' 4, 470 110 '603 '249 ' 2, 350 .4 .6 .3 .9 '475 '977 ' 17, 500 2.7 r '57 '388 '914 ' 6, 270 1.0 '46 9 U. S. Employment Service placement activities: Nonagricultural placements thousands Unemployment compensation (Soc. Sec. Admin.): Initial claims thousands Continued claims. _ _ do Benefit payments: Beneficiaries, weekly average.. ... do Amount of payments thous. of dol Veterans' unemployment allowances: Initial claims thousands Continued claims _ . _ . _ . . _ _ do.__ Claims filed during last week of month, ^do Amount of payments thous of dol 276 327 363 403 400 369 452 466 416 350 312 1,300 7,111 1,458 8,754 1,800 7,886 1,662 8,366 1,522 8,778 1,383 7,467 1,252 8,353 1,013 7,084 1,363 8,363 1,545 7,584 1,630 8,259 1,468 115, 268 1,786 152, 204 1, 598 136, 558 1,718 146, 712 1,809 154, 695 1,717 148,767 1,952 170, 629 1,744 154, 079 1,528 135, 707 1,698 152, 170 1,889 170, 580 2,080 186, 383 2,028 167, 212 2,551 647 47, 103 376 3,130 678 60, 766 299 2,608 592 50, 423 331 2,358 539 44, 618 446 2,486 586 45, 797 279 2,569 582 48, 939 52 936 31 385 31 265 29 268 113 24, 135 83 8,775 29 280 61 5,474 29 289 66 5,753 23 258 63 5. 069 Labor turn-over in manufacturing establishments: Accession rate- monthly rate p er 100 employees Separation rate, total _ thousands Discharges do Lay-offs do Quits _ - --__--. - do... Military and miscellaneous. _ do 2.9 4.1 .3 2.3 1.4 .1 3.0 4.8 3 2.8 1.6 .1 2.9 4.8 .2 2.8 1.7 .1 3.5 5.2 2 3.3 1.6 .1 4.4 4.3 .2 2.5 1.5 .1 3.5 3.8 .2 2.1 1.4 .1 4.4 4.0 3 1.8 1.8 .1 3.2 32 2 19 1.0 1 3.6 3.1 55.20 58.49 59.22 54.74 57.83 57.90 53.80 57.21 54.13 54.08 57.21 59.32 54.51 57.82 58.72 54.63 57.31 59.64 48.03 48.73 48.99 55.02 58.53 63.16 50.21 50.85 48.87 54.18 56.97 61.70 51.52 52.29 47.60 53.37 55.39 60.83 52.94 53. 76 47.59 53. 90 66.81 60.08 52.91 53.56 48.36 53.58 55.98 59.82 65.64 64.90 64.69 63.24 61.16 61.09 61.95 57.72 57.35 56.19 54.94 61.57 57.02 65.79 66.91 64.52 61.99 65.53 55.28 50.86 55.57 60.85 56.50 63.19 62.96 63.41 62.98 64.76 55.18 50.17 53.99 59.55 55.59 63.58 64.77 60.99 62.50 62.42 54.51 48.95 372 305 1, 725 ' 9, 001 289 1, 240 8,069 62 5, 467 60 5,291 4.1 4.2 .2 1.8 2.1 .1 3.7 4.1 .2 2.3 1.5 .1 3.3 4.0 2 2.5 1.2 .1 54.70 57.89 58.44 55.72 58.69 59.76 55.26 58.17 59.97 ' 54. 43 ' 56. 82 57.82 ' 56 18 ' 56. 33 ' 59. 44 ' 59. 15 ' 60. 70 60. 85 P 56 37 v 59. 43 p 60. 11 50.75 51.25 47.86 52.94 55.22 58. 63 52. 87 53.53 49.69 54.17 56.08 59.45 52.83 53.35 50.72 54.73 55.89 60.42 54.17 54.54 51.42 55.51 57.04 58.35 ' 52. 48 ' 52. 89 50. 72 55. 28 ' 57. 19 ' 57. 48 ' 52. 66 ' 48. 18 ' 52. 31 47.65 52 46 ' 5^.25 ' 55. 65 ' 55. 5? 58.92 ' 58 16 ' 62. 88 ' 63. 83 p 49 90 62.21 59.88 61.33 62.07 55.90 ' 56. 48 ' 64. 65 61.05 60.71 59.00 58.39 59.24 59.87 58.43 59.64 62.35 56.67 57.39 57.61 58.13 59.25 58.51 ' 56. 88 59.62 ' 59. 93 54.61 59.70 55.99 63.03 63.22 62 98 61.61 63.39 54.83 48.83 54.72 59.94 56. 16 65.49 66.94 62 94 62.82 62.71 54.61 49.72 54.85 59.71 56.00 66.27 68.67 62 08 61.94 60 32 54.37 48.75 57.63 59 86 56.73 65 90 67 78 62 07 60.05 62 05 54.25 48 51 59.56 60 44 57.88 67 13 69 33 63 58 61.00 61 84 55.26 50 57 55.58 60 21 57.97 64 75 65 87 63 67 59.11 62 49 56.08 51 44 ' ' ' ' ' 51.55 54 69 58.02 55 71 43.59 52 62 68 79 38 19 43 26 42 87 40.44 51 31 53 00 56*87 54 72 44.27 51 83 66 24 38 58 44 37 44 41 41.11 52 59 53 63 57 78 55 28 44.79 52 88 64 92 38 39 45 82 45 74 42.22 52 47 53 83 56 51 54 76 45.92 52 29 64 40 37 86 47 04 47 52 43^68 52 07 r 54 16 ' 60 23 r 53 95 '41.29 r 52 12 r 63 60 38 46 ' 47 20 47 76 ' 43. 28 r r r 1.7 1.1 .1 WAGES Average weekly earnings (U. S. Department of Labor) : f All manufacturing industries dollars Durable-goods industries _ . . ___ do - _ Ordnance and accessories . __ __ __ do Lumber and wood products (except furniture) __ . . dollars Sawmills and planing mills. . ... do Furniture and fixtures do Stone, clay, and glass products _. _ _ . do Glass and glass products. do Primary metal industries,. ... .... do Blast furnaces, steel works, and rolling mills - _ _ _ -. _ _ -_ .. dollars Primary smelting and refining of nonferrous metals _. -dollars Fabricated metal prod, (except ordnance, machinery, transportation equipment) . dollars , Heating apparatus (except electrical) and plumbers' supplies dollars Machinery (except electrical) do Electrical machinery _ _ _ _ __ do Transportation equipment do Automobiles . _ do Aircraft and parts do Ship and boat building and repairs- do Railroad equipment do Instruments and related products do Miscellaneous mfg. industries. ... do _. Nondurable-goods industries . . . Food and kindred products Meat products _ _ _ _ _ _ Dairy products . Canning and preserving Bakery products Beverages _ . Tobacco manufactures Textile-mill products, _ _ Broad-woven fabric mills Knitting mills .do do ..do . do do do _ do do do . do _ do. _ 51.33 51.07 50.41 49.67 50.97 53.07 52.33 53.44 52.80 53. 62 55.25 55.70 54.98 55.87 56.17 54.59 54.47 53.77 55.23 54.10 43.89 42.89 42. 63 43.65 43.07 51.28 50 34 52 29 51 07 51 61 61.54 62.75 62.29 64.54 65.59 34.94 36.21 35.15 38 57 36 27 45.01 44.19 42.20 41 91 42 98 44.83 43. 28 41.08 40. 52 42.09 41.09 41.39 39.87 40.73 40.07 ' Revised. * Preliminary. fRevised series. See note marked "f" on p. S-ll. i Revisions for January 1949: Disputes beginning in month—work stoppages, 274; workers involved (thous.), 100; man-days idle (thous.) 726, 59 42 '60 35 ' 61 22 61 26 ' 58 44 ' 58 56 ' 65 15 ' P-7 91 69 75 ' 65 44 r 66 69 65 28 ' 66 41 ' 56. 97 61. 54 62 45 ' 63 16 r 63 39 61 48 ' 56. 52 ' 57. 02 56.49 r ' 52 32 r 51 66 51 70 52 73 '54 70 r 54 34 ' 43. 26 r 52 08 r 63 °8 38 93 47 64 ' 48 40 ' 42! 30 r p 64 68 65.87 59. 32 59 21 57. 36 61 92 61 03 r 61 ()2 P 52 58 P 56. 24 r 52 82 r 55 02 60 22 56 04 45.19 52 15 64 00 ' 3992 r 47 40 48 20 41.80 p 59. 72 •P 62 78 P58 77 P 64 16 •p 57. 04 P 51 55 P 53 27 P 53 96 P 39 "55 P 47 68 (thous.),17; disputes in effect during month—work stoppages, 382; workers involved SUEVEY OF CUERENT BUSINESS S-14 Unless otherwise stated, statistics through 1948 and descriptive notes are shown in the 1949 Statistical Supplement to the Survey April 1950 1950 1949 February March April May June July August September October November December January February EMPLOYMENT AND POPULATION—Continued WAGES — Continued Average weekly earningsi— Continued All manufacturing industries— Continued Nondurable-goods industries— Continued Apparel and other finished textile products dollars. . Men's and boys' suits and coats do. . Men's and boys' furnishings and work clothing dollars. . Women's outerwear do Paper and allied products _ do Pulp, paper, and paperboard mills. . do Printing, publishing, and allied industries dollars. . Newspapers __ . _ do _. Commercial printing do Chemicals and allied products _ . do _ _ Industrial organic chemicals do Drugs and medicines _ _ do Paints, pigments, and fillers do. _. Products of petroleum and coal- _ _ . do Petroleum refining do Rubber products do Tires and inner tubes do Leather and leather products. _ _ do Footwear (except rubber) do Nonmanufacturing industries: Mining: Metal. _ __ do Anthracite do Bituminous coal _ do Crude-petroleum and natural-gas production: Petroleum and natural-gas production dollars _ Nonmetalic mining and quarrying _ do Contract construction. ._ do Nonbuilding construction _ _ _ _ _ do Building construction.. do Transportation and public utilities: Local railways and bus lines do Telephone _ . _ _ _ _ _ do Telegraph do Gas and electric utilities do Trade: Wholesale trade _ do Retail trade: General-merchandise stores do Food and liquor do___ Automotive and accessories dealers... do Finance: Banks and trust companies do Service: Hotels, year-round do_ __ Laundries do Cleaning and dyeing plants _ . do__ _ Average hourly earnings (U. S. Department of Labor) :f All manufacturing industries dollars Durable-goods industries do Ordnance and accessories do Lumber and wood products (except furniture) dollars Sawmills and planing mills do . Furniture and fixtures _ __do Stone, clay, and glass products do Glass and glass products do Primary metal industries do Blast furnaces, steel works, and rolling mills dollars.. Primary smelting and refining of nonferrous metals _ _ _ dollars Fabricated metal prod, (except ordnance, machinery, transportation equipment) .dollars . . Heating apparatus (except electrical) and plum bers' supplies dollars. _ Machinery (except electrical) do Electrical machinerv __ do Transportation equipment _ do Automobiles do Aircraft and parts. _ . do Ship and boat building and repairs._.do Railroad equipment : do Instruments and related products do Miscellaneous mfg. industries do 43.87 49.42 43. 41 50.13 39.53 46.30 39.94 46.00 40.11 43.86 41.03 44.93 41.95 44.96 44.01 47.90 42.63 46.20 ' 40. 38 ' 44. 48 ' 42. 05 ' 46. 88 32.89 53.84 54.84 58.72 33.82 51.68 54.45 58.17 32.49 45.42 53.48 57.35 33.36 45.61 53.73 57.58 32.76 46.33 54.54 57.95 33.03 48. 51 55.57 59.65 32.80 50.40 56.26 60.32 33.87 53. 13 57.64 61.06 34.35 49.49 58.36 62.10 ' 33. 82 ' 45. 80 58.31 ' 62. 09 ' 33. 73 r 49. 58 r 57. 99 ' 62. 09 68.32 75.65 67.91 57.81 60.37 56.52 58.97 70.82 73.89 56. 55 60.99 42.83 41.07 69.56 76.72 69.26 57.51 59.69 56.37 58.81 70.92 74.00 55. 43 61.50 42.56 40.96 69.39 78.43 68.42 57. 45 59.17 55.78 59.92 71.26 73. 95 55. 50 60.92 40.74 38.68 70.40 80.02 69.51 58.20 60.09 56.68 59.22 72.12 75. 21 57.08 63.20 40. 05 37.37 70.47 78.73 70.80 59.08 60.56 56.28 59.90 71.84 74. 73 58.29 64.09 41.46 39.24 70.45 78.02 70.05 59.44 61.50 56.40 59.31 73.59 76.60 58.37 64.45 41.74 39.93 70.69 77.80 69.66 58.77 60.68 56.32 59.51 72.38 75. 10 57.72 62.32 42.00 40.04 72.02 80.14 70.22 59.66 62 33 56.96 60.88 74.47 77 11 61.01 69.95 41.99 39.74 71.22 80.06 69.84 59.51 62.20 57.16 60.90 74.09 76.13 59.57 64.83 41.72 38.61 ' 70. 91 f 79. 05 r 69. 36 59.43 T 62. 44 36. 40 ' 62. 87 ' 57. 21 r 60. 80 f 71. 70 r 74. 76 r 59. 19 r 64. 80 r 42. 07 ' 39. 20 64.74 47.97 73.56 66.16 46. 15 70.54 64.71 56.82 72.33 63. 72 63. 63 72.98 60.53 45. 28 59.90 58.75 66.08 47.94 58.18 42 80 49.51 58.96 59 24 52.46 59.63 75.81 63.10 ' 52. 73 r 67. 94 f 68. 17 ' 62. 81 ' 42. 22 ' 48. 93 65.03 44.60 47.62 70.37 54.36 69.96 68. 06 70.53 69.54 54.40 69.22 67. 25 69. 83 70.30 56.38 69.86 68.47 70. 33 71.78 58. 17 71.70 71.42 71.81 70.59 57.82 71.41 71.34 71.44 72.54 56. 77 71.55 72.20 71.28 70.74 57.86 72.13 72. 56 71.95 72.40 56.68 70.73 70.82 70.69 73.87 57.77 72.06 72.71 71.80 ' 71. 20 ' 55. 77 70.12 r 71. 20 ' 54. 99 ' 69. 75 68.15 r 70. 26 75.64 53.40 67.42 64.58 68.20 64.18 50.84 61.94 62.60 64.18 50. 82 62 31 62.54 64.64 50. 58 63 37 62.82 64.48 51.84 63 69 63.40 66. 01 51.46 62 96 63.64 65. 21 51.90 63.97 64.02 64.46 51. 57 63 64 63.92 64.55 52. 61 62 83 64.75 64.31 r 53. 29 62 97 65.72 64. 17 54. 40 62 05 65. 03 T 65. 28 52. 57 62 23 66. 24 65.22 56.82 56.88 57.12 57.83 57.49 58.18 57.10 57.35 58.36 57.86 r 58. 14 58.24 34.01 49. 12 57. 15 33. 68 48.87 58.18 34.26 49.08 59.50 34.85 48.99 60.00 35. 62 50.26 59.70 35. 86 51.13 59.83 35.75 51.00 59.55 35. 17 50. 57 59.51 34. 64 50.25 59.39 ' 34. 30 ' 50. 37 ' 58. 78 ' 35. 31 r 50. 54 r 58. 21 35.13 43.55 43.24 43.49 44.05 43.10 43.80 43 10 43.62 43 94 r 43. 96 43.96 45 17 32.47 34.90 39.32 32. 53 35 07 39.93 32. 35 35 24 42.15 32. 99 36 04 43.17 32.85 35. 32 42. 17 32.90 35 03 40.43 32 93 34 27 38 63 32.90 34 69 41.28 32 84 34 57 40 15 ' 33. 13 r 3 4 23 r 39. 96 r 33 14 34 61 40 22 32 81 35 07 40 65 1.401 1.466 1.434 1.400 1 464 1 462 1.401 1.467 1 475 1.401 1 467 1 472 1.405 1 475 1 479 1.408 1.477 1.480 1 399 1 473 1 472 1.407 1 482 1 483 1.392 1 458 1 488 r r 1.216 1.240 1.231 1.362 1.467 1.587 1 246 1.265 1. 234 1. 358 1.457 1.582 1 272 1.288 1.230 1. 358 1.450 1.584 1 288 1.308 1. 236 1.361 1.453 1.581 1 300 1.316 1.240 1.360 1.439 1.591 1.288 1.304 1.240 1.368 1. 457 1.589 1 299 1 312 1.230 1.368 1.438 1 581 1 298 1 314 1.237 1.382 1.463 1.607 1 299 1 311 1.233 1.374 1.444 1 556 r 280 1 275 r 1 282 290 .231 1.246 .382 1.381 r .459 r 1. 465 ' 1 579 r 1 596 1.645 1.643 1.642 1.634 1.650 1.645 1.631 1.673 1.644 1.642 * I. 645 1.499 1.490 1.500 1.500 1.499 1.489 1 482 1 496 1 471 1 483 1 480 1 506 1.454 1.452 1.452 1.453 1.464 1.466 1.468 1.474 1.459 1.451 1.472 ' 1. 487 1.477 1.524 1.440 1.653 1 694 1. 566 1.610 1.610 1.389 1.262 1.478 1.525 1.445 1.637 1 670 1.558 1.619 1.623 1.390 1.248 1.475 1. 523 1.444 1.643 1 678 1.548 1.636 1.617 1.387 1.255 1.472 1.523 1.443 1. 650 1 695 1. 555 1.617 1.617 1.388 1.252 1.467 1.529 1.440 1 658 1 699 1.554 1.636 1.608 1.393 1.262 1. 455 1.530 1.447 1.661 1 704 1.607 1.013 1.600 1.394 1.250 1.459 1.531 1 451 1 660 1 703 1. 544 1.610 1.616 1.391 1.247 1.478 1. 538 1.447 1 674 1 716 1.566 1.618 1.623 1.399 1.258 1.479 1.536 1 435 1 656 1 689 1 572 1.624 1.623 1.409 1.264 1.323 1.294 1.380 1.205 1.167 1.226 1 544 1 016 1.184 1.171 1.135 1.324 1.289 1.383 1.206 1.113 1.239 1 558 1 015 1.184 1.179 1.125 1.332 1 296 1.388 1.219 1.098 1.247 1 611 1 021 1.182 1.181 1.114 1.319 1 271 1 387 1.216 1.085 1 249 1 600 997 1.180 1.181 1.111 1.328 1 283 1.389 1.245 1.117 1.256 1 595 987 1.187 1.188 1.117 1.325 1 291 1 375 1 239 1.148 1 257 1 590 991 1.194 1.200 1.123 1.323 Nondurable-goods industries do 1.321 1.323 1.285 Food and kindred products .do . _ 1.289 1.291 Meat products do 1.352 1.378 1.371 Dairy products do 1.213 1. 213 1.211 1.180 Canning and preserving do 1.149 1.153 Bakery products do 1. 216 1.218 1.216 Beverages do 1 527 1 523 1 538 Tobacco manufactures _ _ _ do .987 1 013 1 003 Textile-mill products do 1.194 1.182 1.188 Broad -woven fabric mills ..do 1.186 1.176 1.167 Knitting mills do 1.132 1.136 1.134 'Revised. Preliminary. fRevised series. See note marked "f" on p. S-ll. r r 57. 51 r 60. 43 r 72. 12 ' 75. 44 ' 57. 91 ' 63. 91 r 40.08 69.90 70.21 r r r r r 1 392 1 457 1 488 686 1 607 1 637 ' 1. 649 ' 1.413 ' 1. 264 r .325 302 407 r 229 ' 70. 43 v 70. 67 59.78 ' 59. 97 63.51 57. 57 r r r r 1. 408 1 475 1 495 r I 7]3 r 1 612 1 639 r 1. 638 1.422 ' 1. 276 1.335 r I 318 r 1 4Q6 r I 235 ' .113 r r r I 261 r i 504 r 1 019 259 586 012 ' .195 1.200 ' 1. 127 33.44 ' 72. 54 ' 82. 15 ' 71. 13 ' 1. 483 ' 1. 490 1.538 1. 543 ' 1 434 •• 1 443 r i 579 r 1 660 r I P 44. 93 " 57. 75 r r 48.45 51.09 57. 52 61.49 r r ' 42. 84 r r 1. 182 1.197 1. 201 1. 125 r 76.27 70.80 * 60. 13 '61.02 ' 73. 97 77.56 ' 60. 56 T 67.60 42. 86 40.69 *>73 22 "61.48 p 44 16 53.21 62 84 66.78 50.63 59.17 r r 1 486 r \ 51Q v i 420 •p i 482 P ^ 499 r 1 226 P i 260 r 1 419 1 241 1. 244 1. 388 1.488 1 616 P i 258 p 1. 392 P i 613 1.676 1.493 ' 1. 546 r i 446 r I 685 1 71 8 r 1 604 1 628 1.618 1. 423 '1.282 ' 1. 344 r j 329 P 1. 482 P 1. 550 p 1 451 P 1 fi^S -. -. — P 1.426 ^ 1. 276 v 1. 352 P 1 Q9Q 1 407 1 251 1.183 1 272 ' 1. 203 1.205 1.136 p 1. 207 NOTE FOR FEDERAL EXPENDITURES, p. S-16.— Revisions (for June 1948-January 1949, respectively) to include expenditures from the Foreign Economic Committee Trust Fund are as follows (mil. of dol.): Total expenditures— 4,018; 3,741; 2,335; 3,066; 2,911; 3,163; 4,102; 3,205; all other expenditures— 1,019; 1,512; 882; 1,294; 1,278; 1,465; 1,419; 1 316. Formerly, the entire fund of $3 billion was reported as expended in June 1948. SUKVEY OF CURRENT BUSINESS April 1950 Unless otherwise stated, statistics through 1948 and descriptive notes are shown in the 1949 Statistical Supplement to the Survey S-15 1950 1949 February March April May June July August September October November December January ' 1. 190 1.361 February EMPLOYMENT AND POPULATION—Continued WAGES— Continued Average hourly earnings, etc. f— Continued All manufacturing industries — Continued Nondurable-goods industries— Continued Apparel and other finished textile products dollars.. Men's and boys' suits and coats do Men's and boys' furnishings and work clothing dollars Women's outerwear do Paper and allied products do Pulp paper and paperboard mills do Printing, publishing, and allied industries dollars. _ Newspapers do Commercial printing do Chemicals and allied products do. _ _ Industrial organic chemicals do Drugs and medicines- _ _ do Paints, pigments, and fillers do Products of petroleum and coal do Petroleum refining do Rubber products do Tires and inner tubes do Leather and leather products do Footwear (except rubber) do Nonmanufacturing industries: Mining: Metal -. do ... Anthracite do Bituminous coal do Crude-petroleum and natural-gas production: Petroleum and natural-gas production dollars .. Nonmetallic mining and quarrying do Contract construction . _ do._ Nonbuilding construction do Building construction do Transportation and public utilities: Local railways and bus lines do Telephone .. do Telegraph __ __ __ __ do .. Gas and electric utilities do Trade: Wholesale trade . . . __ _ _ do Retail trade: General-merchandise stores do Food and liquor _do Automotive and accessories dealers do Service: Hotels, year-round do Laundries __ do Cleaning and dyeing plants __ _.do Miscellaneous wage data: Construction wage rates (E. N. R.):§ Common labor dol. per hr__ Skilled labor ._ _ do _. Farm wage rates, without board or room (quarterly)* _. _ - _ - - - - dol. p e r h r Railway wages (average, class I) _ __ _ do . „_ Road-building wages, common labor _. __ do 1.212 1.354 1.196 1.366 1.149 1.342 1.125 1.345 1.133 1.317 1.159 1.306 1.175 1.342 1.196 1.353 1.168 3.347 '1.131 ' 1. 352 ' 1. 168 ' 1. 351 .924 1. 504 1.331 1.398 .929 1.460 1.328 1.395 .923 1.360 1.327 1.392 .924 1. 303 1.330 1.401 .915 1.339 1.340 1.410 .915 1.431 1.352 1.427 .901 1.465 1.346 1.416 .918 1.484 1.353 1.420 .916 1.447 1.354 1.421 '.919 1.363 1.356 ' 1. 424 '.919 ' 1. 433 1.770 2.039 1.715 1.410 1.513 1.392 1.449 1.775 1.852 1.500 1.723 1.136 1.101 1.802 2.068 1.749 1.406 1.515 1.385 1. 452 1.773 1.850 1.498 1.718 1. 135 1.101 1.807 2.086 1.741 1.415 1.525 1.391 1.458 1.777 1.858 1. 504 1.721 1.138 1.102 1.819 2.117 1.751 1. 430 1. 533 1.403 1.455 1.772 1.857 1.514 1.741 1.141 1.099 1.821 2.105 1.770 1.448 1.545 1.400 1.454 1.787 1. 873 1.526 1.751 1.136 1.090 1.825 2.103 1.760 1. 464 1.565 1.410 1.450 1.808 1.896 1. 520 1.761 1.128 1.085 1.836 2.114 1.759 1.451 1. 548 1.408 1.448 1.796 1.887 1.507 1.731 1.129 1.091 1.842 2.137 1.760 1.441 1.566 1.410 1. 467 1.812 1.904 1.514 1.789 1.141 1.104 1.845 2.135 1.768 1.427 1.559 1.408 1.471 1.807 1.889 1.512 1.738 1.143 1.100 '1.837 ' 2. 125 1.765 1.432 r 1. 561 r 1.413 ' 1.474 ' 1. 803 r 1.886 1. 508 r 1. 732 1.142 r 1. 093 ' 1. 841 ' 2. ] 45 ' 1.765 1.437 ' 1. 560 1.409 r 1. 483 ' 1. 797 ' 1. 883 1.527 1.838 1.941 1.528 1.846 1.938 1.519 1.857 1.934 1.510 1.866 1.946 1.491 1.935 1.951 1.491 1.888 1.910 1.473 1.829 1.897 1.489 1.863 1.943 1.487 1.934 1.978 r 1. 477 ' 1. 903 1. 999 '1.499 '1.919 ' 1. 919 1.523 1. 866 1.928 r r T '1.355 ' 1. 424 '1.510 r 1.742 1. 134 1.083 .929 1.464 1.363 1.430 ' 1. 834 2.101 1.770 ' 1. 452 1. 576 1.411 1.492 ' 1. 813 1.901 ' 1. 537 1. 765 1.137 1.091 1.768 1.285 1.877 1.714 1.930 1.756 1.280 1.875 1.703 1.933 1.762 1.302 1.872 1.709 1.934 1.768 1.313 1.864 1.712 1.930 1.778 1.320 1.856 1.704 1.924 1.800 1.308 1. 856 1.712 1.922 1.764 1.306 1.862 1.712 1.932 1.792 1.312 1.874 1. 730 1.938 1.793 1.307 1.881 1.741 1.944 r r 1. 780 1.306 1.891 1.754 1.947 ' 1. 780 ' 1. 297 ' 1,917 1.777 ' 1.964 1.814 1. 296 1.912 1. 745 1.960 1.423 1.317 1.392 1.512 1.420 1.327 1.394 1.507 1.430 1.324 1.399 1.521 1.436 1. 343 1.409 1. 535 1.435 1.340 1.399 1.541 1.446 1.348 1.409 1.550 1.442 1.343 1.411 1.544 1.457 1.363 1.412 1.564 1.455 1.377 1.415 1.576 1.455 r 1.402 ' 1.420 '1.567 ' 1. 467 ' 1.3G9 1.424 1.581 1.479 1. 382 1.425 1.590 1.403 1.401 1.407 1.421 1.416 1.426 1.403 1.409 1.427 1.425 ' 1. 425 1.438 .968 1.244 1.312 .964 1.244 1.312 .961 1.244 1.306 .961 1 258 1.308 .952 1.247 1.294 r '.934 r l 254 r 1 . 271 . 965 1. 269 1.289 .937 1.228 1.256 .933 1.231 1.273 .936 1.227 1.302 .960 1.234 1.310 .738 .841 .983 .731 .845 .986 .732 .843 .994 .738 .850 1.011 .745 .849 .997 .746 .844 .986 .745 .840 .978 .746 .842 .990 o743 .841 .977 '.753 '.837 r . 755 ' 840 '.981 1.417 2.353 1.424 ' 2. 377 1. 428 ~ 2.378 1.431 2. 384 1.441 2.394 1.465 2.412 1.470 2.434 1.478 2.453 1.478 2.458 1.478 2.462 1.478 2 462 2.462 1.370 1.337 1.389 1.375 1. 392 1.16 1.373 1.565 1.562 1.17 1. 569 1.572 . 75 1.574 1.17 194 211 189 230 207 265 215 278 251 278 272 257 280 258 261 2 590 1,791 951 890 62 281 2 559 r .71 1.380 1.06 .74 .945 r 1 256 1.289 .64 » 1. 221 P 1. 362 P 1. 850 v 1.463 •P 1. 799 v 1. 537 P 1. 153 .749 .845 .982 1. 485 1. 485 2. 466 FINANCE BANKING Acceptances and commercial paper outstanding: Bankers' acceptances mil. of doLCommercial paper do Agricultural loans outstanding of agencies supervised by the Farm Credit Administration: Total mil. of doL_ Farm mortgage loans, total . _ _ do- _ Federal land banks _ do Land Bank Commissioner do Loans to cooperatives . _ _ do_ . Short-term credit _ _ d o _ 228 268 204 249 215 257 0) (1) (1) 1,710 936 (0 289 70 270 466 504 866 198 199 195 219 (0 (1) 0) (1) (1) 1,786 946 0) 0) 65 250 591 0) 262 2537 2 252 565 880 2 (0 (0 (i) 0) 258 2 600 0) (0 (1) 0) 0) (1) 0) (1) 0) 0) (1) 306 2 506 (1) 313 2 471 Bank debits, total (141 centers) do 98, 335 89, 206 80, 180 88, 969 98, 276 88, 353 88, 536 90, 257 90, 747 88, 588 New York City do 36 467 35 832 31 982 39 698 36 974 42 890 36 070 37 191 36 334 35 249 Outside New York City _ ... do 58 637 53 374 48, 198 51 995 55 386 52 466 51,886 53 066 54 413 53 339 Federal Reserve banks, condition, end of month: Assets, total mil. of dol__ 47, 396 44,192 48, 051 45, 483 44, 937 48, 448 45, 502 44, 272 44, 323 43, 513 Reserve bank credit outstanding, total. _.do 22, 267 21, 737 20, 092 22, 855 18, 225 19, 239 19, 696 18,415 18, 267 17, 860 Discounts and advances _ _ _ do 303 531 246 317 251 247 103 322 109 283 United States Government securities. -_do 21,688 22, 342 19, 704 21, 094 19, 343 17, 524 18, 529 17, 682 18,010 17,316 Gold certificate reserves _ _ _ do 23 077 23 099 23, 045 23 116 23 245 23 362 23 285 23 232 23 350 23 320 Liabilities, total _-do 48 051 47 396 44 937 44 192 48 448 45 502 45 483 44 323 44 272 43 513 Deposits, total _. _ do 21 754 21 304 19 582 22 235 18 968 19 246 18 036 18 173 17 632 17 793 Member-bank reserve balances do _ 16 512 19, 118 19, 076 17 437 19, 617 18, 024 17, 867 15 947 16 038 15 850 Excess reserves (estimated) do 686 638 752 808 794 948 1 175 771 589 671 Federal Reserve notes in circulation do 23, 383 23, 327 23, 528 23, 346 23, 373 23, 305 23, 273 23, 278 23,373 23, 247 Reserve ratio percent.. 55.1 50.4 51.8 54.5 56.6 51.1 53.8 56.3 56.4 57.0 ' Revised. *» Preliminary. 1 Beginning July 1, 1948, farm mortgage loan data are reported quarterly. 2 In accordance with Public Law 38,81st Congress, the Regional Agricultural Credit Corporation of Washington, D. C., was dissolved and as of April 16,1949, its Farmers Home Administration. fRevised series. See note marked "f" on p. S-ll. §Rate as of April 1, 1950: Common labor, $1.493; skilled labor, $2.478. *New series. Comparable data prior to January 1948 are not available. 1,712 956 899 57 306 2 450 256 257 0) (1) 0) o294 0) (1) 0) (i) 2 453 279 2 47(3 106, 274 45 781 60 493 95, 336 38 962 56 374 86, 273 35 727 50 546 45, 643 19, 499 78 18, 885 23 176 45 643 18 906 16 568 1 018 23, 483 54.7 44, 194 18, 326 145 17, 827 23 168 44 194 18 348 16 °11 44, 097 18, 226 130 17, 746 23 120 44 097 18 064 15 973 v 587 22, 974 56.3 r gQg 22, 926 56.1 assets were transferred to the SUEVEY OF CUEEENT BUSINESS S-16 Unless otherwise stated, statistics through 1948 and descriptive notes are shown in the 1949 Statistical Supplement to the Survey April 1950 1950 1949 February March April May June July August September October November December January February FINANCE—Continued BANKING— Continued Federal Reserve weekly reporting member banks, condition, Wednesday nearest end of month: Deposits. Demand adjusted mil of dol Demand, except interbank: Individuals, partnerships, and corporations mil. of doL . States and political subdivisions do United States Government __do._ Time, except interbank, total do Individuals, partnerships, and corporations mil. of dol.. States and political subdivisions. _. _ do_. Tnterbank (demand and time) do Investments, total _ _ _ _ _ _ -do___ U. S. Government obligations, direct and guaranteed, total _ mil. of dol Bills do Certificates do Bonds and guaranteed obligations do Notes -do Other securities do Loans, total do Commercial, industrial, and agricultural. do To brokers and dealers in securities -do Other loans for purchasing or carrying securities mil. of dol__ Real-estate loans _ _ _ -do Loans of banks do Other loans _ do Money and interest rates re? Bank rates to customers:! T 7 th tb rt t <t~ d 46.112 44, 909 46, 175 46, 364 46. 093 46, 282 46, 737 46, 457 46, 848 47, 648 48, 253 47, 767 46, 926 46,014 3.418 1,706 15, 132 44,341 3, 588 2,095 15,151 45, 737 3, 548 1,188 15, 226 46, 128 3, 683 790 15, 283 45,805 45, 685 3, 432 1,591 15, 282 46, 416 3, 367 2,196 15, 270 46, 465 3,165 2, 636 15, 255 46, 867 1,955 15, 288 47, 600 3, 456 2, 322 15, 333 47, 193 15, 228 48, 037 3, 255 2,117 15, 162 48, 857 3,361 1, 356 15, 375 14. 452 593 10, 163 37, 359 14, 458 602 9, 364 36, 137 14, 485 648 9,203 36, 945 14,513 14, 596 664 9, 526 38, 699 14, 520 641 10, 032 40, 637 14, 502 647 10, 095 42, 288 14, 501 632 10, 065 42, 064 14, 500 605 10, 687 42, 341 14, 431 608 10, 305 42, 226 14, 537 621 10, 729 42, 527 14, 578 627 r 10, 394 42, 780 14, 647 609 10, 415 42, 090 33, 069 2,000 5,048 24,992 1,029 4,290 24, 617 15,147 947 31, 750 1,063 4,624 25, 136 927 4,387 25,034 14, 904 1,548 32,951 1,827 4,712 25, 458 954 4,354 24, 010 14,162 1,328 34, 035 2, 105 5, 225 25, 734 971 34, 149 1, 793 35, 773 37, 307 37, 004 2,608 37, 388 2,618 37, 248 37, 469 26, 347 1,150 4, 953 24, 325 13, 694 1,618 6, 856 24, 637 1,955 7,181 26, 091 1,124 5, 060 23, 998 13. 384 1, 668 7, 257 26, 470 1.176 4, 550 23, 883 5, 716 26, 394 1, 060 4, 864 23, 159 12, 826 1,520 24, 613 13, 775 1,623 24, 894 13, 904 1,608 37, 595 2, 762 6, 152 24, 796 3, 885 5, 185 ' 24, 786 13, 918 ' 1. 364 36, 774 2,212 5, 075 24, 862 4, 625 5, 316 24, 741 13, 834 1,529 630 4,082 266 3,837 638 4,083 308 3,851 617 4,078 263 3,863 628 657 4,118 663 4,143 573 4, 396 154 570 4,413 302 1.50 4.08 2.02 2 42 2 68 3 12 1.50 4.08 2.02 1.19 1.56 1.63 1.63 667 9, 703 38, 525 4,490 23, 811 13, 476 1,678 4,092 333 5,274 26,132 950 13,181 292 3,904 3,981 1.50 4.08 2.04 1.50 4.08 2.04 2 35 2.86 3.17 1.50 4.08 2.04 1.19 1.56 1.63 1.63 1.19 1.56 1.63 1.63 1.19 1.56 1.63 1.63 1.163 1.57 1.162 1.54 1.155 1.53 10, 446 3,333 10. 518 3,327 Total consumer credit, end of month. ..mil. of dol._ Instalment credit total do Sale credit total __do.Automobile dealers do Department stores and mail-order houses mil. of doL. Furniture stores _ _ _ __do. _ Household -appliance stores do Jewelry stores do All other retail stores do 15, 325 8,339 4,306 1,996 Cash loans total do Commercial banks do Credit unions . _ _ _ _ _ - . _ __do Industrial banks _ _ _ do__ Industrial-loan companies do Insured repair and modernization loans mil. of doLSmall -loan companies _ do _ Miscellaneous lenders do T 11 th rl t n t'p dr> Discount rate (N Y F R Bank) do Federal land bank loans _do_ _ Federal intermediate credit bank loans do Open market rates, New York City: Acceptances prime bankers', 90 davs do Commercial paper, prime, 4-6 months do _ _ Time loans 90 davs (N Y S E.) do Call loans, renewal (N. Y. S. E) . do Yield on U. S. Govt. securities: 3-month bills - do __ 3-5 year taxable issues do Savings deposits, balance to credit of depositors: New York State savings banks mil. of dol_. U. S postal savings - - do -_ 3,260 6,392 2,603 26, 536 1,119 4,981 23, 491 12,965 1,609 665 4,185 273 264 4,049 638 4,207 233 3,299 2,335 2,345 7,273 4,978 626 597 4,246 207 4,266 3,296 2,544 3,432 5,058 599 4,299 4,342 4,393 4,445 1.50 4.08 2.00 2 29 2.55 3.12 1.50 4.08 2.00 1.06 1.31 1.63 1.63 1.06 1.31 1.63 1.63 1.100 1.39 1.130 i 1.44 214 319 4,102 4,178 1.50 4.08 2.04 1.50 4.08 2.04 2 32 2.64 3.07 1.50 4.08 2.04 1.50 4.08 2.04 1.50 4.08 2.04 2 38 2.67 3.03 1.50 4.08 2.04 1.19 1.56 1.63 1.63 1.06 1.56 1.63 1.63 1.06 1.44 1.63 1.63 1.06 1.38 1.63 1.63 1.06 1.38 1.63 1.63 1.06 1.38 1.63 1.63 1.06 1.31 1.63 1.63 1.156 1.49 1. 158 1.42 .990 1.26 1.027 1.26 1.062 1.34 1.044 i 1.38 1.073 U.37 1.097 i 1.37 10, 550 3,314 10, 600 10, 718 10, 753 10, 786 10, 830 ' 3, 230 10, 860 r 3, 215 10, 296 3,199 11, 087 3,182 15, 335 8,429 4,364 2,105 15, 595 8,630 4,517 2,241 15, 843 17,815 r 18, 779 4,718 2, 386 4,870 2,499 778 685 353 130 364 756 675 348 124 356 760 683 351 123 359 771 704 367 123 367 774 718 4,033 1,695 308 201 159 4, 065 1,720 315 203 161 4, 113 1,749 323 207 163 734 806 130 729 807 130 3,169 2,865 952 215 44 28 25 109 3,294 3,277 3,266 3,248 16, 198 16, 453 3,454 2,302 15, 377 4,455 1 11,179 4,470 11,237 ' 3, 183 p 3, 175 v 18, 347 v 10, 839 v 6, 174 v 3, 179 p 18, 126 P 10, 892 p 6, 207 p 3, 258 CONSUMER CREDIT Charge accounts Single-payment loans Service credit _ - do do _ _ do __ Consumer instalment loans made during the month, by principal lending institutions: Commercial banks mil. of dol Credit unions do _ Industrial banks - __. do Industrial-loan companies do Small-loan companies do 8,888 16, 124 9,123 9,335 5,010 2,610 9,622 5,223 r r16, 803 9, 899 5, 438 r 17, 223 2,876 781 755 818 784 2,761 766 730 382 124 373 405 121 378 417 121 388 4,170 1,788 333 213 165 4, 253 1,836 4,325 4,399 357 225 169 369 230 171 727 815 131 722 818 131 726 827 732 843 133 134 3,121 2,816 969 3,232 2,764 969 3,235 2,739 3,123 981 3,274 2,752 975 287 58 36 30 142 278 58 33 29 146 288 60 35 28 135 303 68 38 28 140 346 219 167 132 1,897 1,866 435 121 404 ' 4, 461 1,922 r 10, 166 r r 10, 441 r 10, 890 2,986 5,880 6,240 3, 085 3,144 855 822 906 858 464 127 440 1,010 935 500 163\ ^975 p902 >• 4, 561 1,944 394 244 173 r 4, 650 1, 951 402 250 175 5,661 454 123 421 ' 4, 505 1,936 488J 379 235 172 385 239 172 '747 851 '763 855 r 780 858 r 794 875 137 '801 929 142 3,123 3,197 2,768 972 3,064 2,799 968 3,454 2,927 3,909 2,987 993 r992 282 59 35 28 155 294 66 37 29 143 278 65 34 27 128 269 64 36 28 161 280 69 41 31 232 135 2,808 973 135 2,866 994 272 59 34 26 134 p 957 ?491 p889 P488 fi^7 p gjr v 4, 605 v 1, 957 v 4. 685 P 1,970 T 251 v 175 "254 p 174 r> ?404 P408 *>805 P809 P928 * 3, 506 P 3, 002 "997 P 3, 227 P 3, 007 P 1, 000 *269 P264 "931 v 142 *59 *37 *27 »131 P 142 "61 p34 p 25 "126 FEDERAL GOVERNMENT FINANCE Budget receipts and expenditures: 1,993 2,751 4,928 4,885 4,255 6,133 2,306 2,061 3,480 2,727 3,607 2,917 3,935 Receipts total - - mil. of dol 1,945 1,340 4,767 4, 832 1,881 2,344 4,191 5, 435 3, 366 2,479 1,946 2,972 3,381 Receipts net do 35 28 28 25 29 33 37 34 35 35 32 37 29 Customs -- do - _ 1,544 3,819 2, 545 1,060 3,214 1,308 3,893 1,209 2,342 1,568 1,489 2,690 5, 100 Income and profits taxes do 65 410 137 144 139 81 65 67 544 356 404 168 438 Employment taxes do 644 656 704 645 753 722 653 714 749 720 720 599 654 Miscellaneous internal revenue do 79 240 114 r 111 101 186 124 122 244 110 147 165 88 All other receipts do. _ _ 2 r 2 3, 104 2 4, 656 ' 2 3, 151 r 2 2, 972 3,995 3,111 3,722 3,434 3, 323 ' 3, 651 2,496 3,585 3, 127 Expenditures, total do 3 463 255 3 1, 008 125 1,570 322 544 178 3161 125 3306 141 589 Interest on public debt - -do 614 502 489 525 494 516 548 502 522 859 640 547 547 Veterans Administration do 1,043 950 1, 159 ' r4 1, 040 *r 1, 173 r 4 1, 032 r * 1, 006 r *r 1, 063 ' 4 1, 100 ' * 1, 054 1,109 *944 930 National defense and related activities - _ _ d o r 1, 578 1, 765 ' 1, 348 1,211 * 1, 560 ' 1, 125 •• 2 1, 353 ' 2 1,313 ' 1, 382 ' 2 1,415 r 2 1, 402 889 1, 290 All other exoenditures _ __do ' Revised. » Preliminary. 1 Beginning September 12, series changed from one to two bond issues (2 percent December 1952-54 and 2J-3 percent March 1956-58). Average for old 2 series for September is 1.25 percent. Revised to include transactions relating to Foreign Economic Committee Trust Fund; revisions for June 1948-January 1949 are shown in the note 3 4 at bottom of p. S-14. Beginning November 1949, data represent interest due and payable; previously, interest paid. Excludes war assets expenditures; includes data for the National Advisory Committee for Aeronautics and strategic and critical materials. cfFor bond yields see p. S-19. tRevised series. Bank rates to customers have been revised to reflect a change in the reporting form; for the series shown here no revisions.were made prior to June 1948. r 2 SURVEY OF CURRENT BUSINESS April 1950 Unless otherwise stated, statistics through 1948 and descriptive notes are shown in the 1949 Statistical Supplement to the Survey S-17 1950 1949 F *™- | March April July June May August September October November December January 256, 680 254, 756 220, 842 33, 914 1,923 256, 778 254, 876 221, 066 33, 810 1,901 256, 982 255, 124 221, 295 33, 829 1,858 257, 130 255, 019 221. 123 33 896 2,111 256, 865 254, 869 221, 367 33, 502 1,997 February FINANCE—Continued FEDERAL GOVERNMENT FINANCE— Con. Debt, gross: Public debt (direct), end of month, total Interest-bearing, total Public issues _ Special issues Noninterest bearing __ _ Obligations guaranteed by U. end of month U. S. savings bonds: Amount outstanding, end of Sales series E F, and G Redemptions _ _ mil. of dol_- do - do___ do _ __ do S. Government, mil of dol month _ _ do__ do _ _ _ _ _ _ do Government corporations and credit agencies: Assets, except inierage cy, iota . T 'rt ' To aid home owners To aid railroads To aid other industries To aid banks • 251, 642 249, 573 217, 647 31, 926 2,068 251, 530 249, 509 217, 676 31, 833 2,021 251, 889 249, 890 217, 975 31, 914 2,000 252, 770 250, 762 217, 986 32, 776 2,009 253, 877 251, 880 218, 831 33, 049 1,996 255, 852 253, 921 220, 563 33, 358 1,931 26 24 23 23 27 26 27 29 28 29 29 27 27 55. 982 590 440 56, 103 454 398 56, 195 433 415 56, 333 485 451 56, 522 511 425 56, 602 449 439 56, 663 398 411 56, 729 388 396 56, 774 383 415 56. 910 495 466 57, 108 707 618 57. 345 581 418 1 i_ do do do do do 22 324 12 228 4,209 851 141 337 5 367 6,098 589 674 2,077 3, 515 3,048 782 22 232 11 770 3,847 980 120 364 4 368 6, 108 488 1, 140 2 004 3, 508 2,946 865 22 594 11 720 3 617 1,123 120 407 4 347 6, 090 494 1,596 2 069 3,501 2 933 775 23, 733 12, 733 4,362 1,251 114 462 4 442 6,090 484 1,549 2,047 3,492 2,962 950 Commodities supplies and materials do Other securities do \11 other assets do 2,834 2 377 1 957 2,520 Bonds, notes, and debentures: Guaranteed bv the United States Other Other liabilities do do do 23 884 1,927 26 865 1,487 28 856 1,074 28 772 1,720 do 170 19, 320 172 19, 682 177 20, 460 183 21, 030 U S Government interest Reconstruction Finance Corporation, loans and securities (at cost) outstanding, end of month, total mil. of dol Industrial and commercial enterprises, including national defense mil. of dol Financial institutions ._ _ _ _ _ _ _ _ _do _ Railroads, including securities from PWA__do... States, territories, and political subdivisions, do United Kingdom and Republic of the Philippines mil. of doL. Mortgages purchased do Otherloans _ _ do _. 256, 368 254, 406 221, 535 32, 871 1.962 55, 763 599 369 f\ If' Foreign loans 252, 721 250, 603 218, 799 31, 804 2,118 1 1, 458 1 1, 522 i 1, 603 i 1, 670 i 1, 737 i 1, 825 1 1, 874 i 1, 951 380 123 138 30 384 123 U17 30 399 122 U17 30 416 123 1117 30 434 122 1117 30 443 121 U17 30 472 118 i 117 29 481 114 1 112 29 500 114 i 111 29 507 113 illO 27 182 483 37 179 531 37 174 592 37 173 643 37 176 703 38 167 762 37 165 824 37 161 891 37 149 951 37 147 1,012 37 145 1,060 37 56, 589 51,323 56, 872 51, 498 57, 233 51, 921 57,503" 52, 251 57, 768 52, 390 58, 082 52, 640 58, 407 52, 903 58, 699 53, 171 59, 280 53, 652 59, 781 53, 911 60, 080 54, 252 50, 589 36, 567 16, 809 14, 761 8,594 2, 855 8,309 695 9,430 886 8,544 1,841 995 1,163 50, 833 36, 578 16, 591 14, 542 8,686 2,853 8,447 731 9,557 903 8,655 1,853 1,007 1,106 51, 143 36, 809 16, 377 14, 337 8,977 2,865 8,591 676 9,713 915 8,797 1,866 1,028 1,052 51, 364 36, 951 16, 149 14, 106 9,090 2,861 8,851 650 9,828 928 8,900 1, 878 1,042 1,015 51, 589 36, 911 16,016 13. 974 9,134 2,855 8,906 703 9,971 938 9,033 1,892 1,045 1,066 51, 858 36, 984 15, 987 13, 883 9,153 2,856 8,989 692 10, 117 948 9,170 1,904 1,059 1,101 52, 134 37, 064 15, 905 13, 781 9,196 2,857 9,106 724 10, 234 958 9,276 1,915 1,077 1,120 52, 389 37, 162 15, 797 13, 682 9,261 2,859 9,244 697 10, 388 966 9,422 1,925 1,090 1,127 52, 879 37, 397 15, 921 13, 779 9,314 2,864 9,298 706 10, 569 978 9,591 1,934 1,102 1,171 53, 184 37,411 15, 881 13, 743 9, 320 2, 866 9, 345 852 10, 691 987 9,704 1,943 1,113 1,173 53, 445 37, 588 15, 853 13, 716 9,473 2,877 9,386 704 10, 831 1,006 9,824 1, 952 1,124 1,246 1,852 182 414 1,256 84 302 267 122 141 52 106 41 141 1,861 185 431 1,245 83 294 258 118 141 53 108 43 147 1,890 242 396 1,252 81 289 263 127 135 52 114 45 145 1,657 179 356 1,122 73 263 235 113 124 46 99 40 130 1,778 250 381 1,147 69 249 243 116 132 50 108 42 138 1,718 249 384 1,085 67 234 231 112 123 49 101 38 128 1,861 267 416 1,178 77 277 251 111 137 53 99 40 134 1,901 308 395 1,198 83 278 256 113 140 52 102 41 133 2,195 504 360 1,331 86 289 280 133 156 58 117 52 160 1,745 212 402 1, 131 85 293 239 104 124 44 95 35 111 2, 335 706 433 1,196 82 294 253 111 136 48 105 40 127 285, 303 124, 889 37, 960 8,013 19, 256 46, 348 48, 837 274, 398 119, 043 37, 318 7,385 19, 998 42, 061 48, 593 304, 428 124, 888 42, 636 8,347 20, 868 56, 118 51, 571 267, 451 115,810 34, 227 7,475 19,970 42, 990 46, 979 286, 005 130, 188 35, 505 7,912 18, 739 43, 828 49, 893 276, 238 115, 711 36, 027 7,641 19, 856 47, 329 49, 674 276, 422 121, 365 38, 565 8,136 20, 078 39, 729 48, 549 276, 654 120 828 38, 559 7,867 19, 689 38, 638 51, 073 339, 057 132 673 37, 933 8,534 17,097 83, 640 59, 180 327, 079 132 259 46, 643 8,969 25, 323 60, 422 53,463 288, 708 124 549 38, 750 7,800 19, 434 47, 168 51. 007 1,362 1,411 1,465 1,419 340 126 138 135 349 125 139 138 362 124 138 138 191 395 37 185 438 37 1, 998 LIFE INSURANCE Assets, admitted: All companies (Institute of Life Insurance), esti56, 309 55, 984 mated total mil of dol 50, 995 50, 735 Securities and mortgages do 49 companies (Life Insurance Association of 50, 340 50, 070 America), total %, mil. of dol 36, 433 36, 348 Bonds and stocks, book value, total _ _ _ do 17, 020 17, 150 Govt. (domestic and foreign) total do__. 14, 969 15, 110 U. S. Government . _. do 8,475 8,396 Public utility do 2,857 2,856 Railroad _.__ do 8,081 7,946 Other do 728 714 Cash do 9,300 9,160 Mortgage loans, total _ . _. do 871 859 Farm do 8,429 8,301 Other do 1,828 1,817 Policy loans and premium notes do _ 980 971 Real-estate holdings. do 1,062 1,070 Other admitted assets. _. . _ _ do Life Insurance Agency Management Association: Insurance written (new paid-for-insurance) : 2,224 1,711 Value, estimated total ___ mil. ofdoL 454 193 Group . __ do 433 375 Industrial do 1,337 1,143 Ordinary, total do 89 78 New England- _ _ _ do . 335 298 Middle Atlantic. . _ do 290 250 East North Central _ do 124 99 West North Central do___ 123 147 South Atlantic. _ _ do 55 46 East South Central do 111 97 West South Central _. do 41 34 Mountain do 145 118 Pacific.. _ do Institute of Life Insurance: Payments to policyholders and beneficiaries, 326, 028 269, 380 estimated total . _ thous. of dol 143, 484 117,839 Death claim payments do 44, 426 38, 101 Matured endowments __ __ . do 8,142 7,825 Disability payments do 20,500 17, 630 Annuity payments _ __ do 58, 889 46, 239 Policy dividends . _ _ __ . _ _ d o __ 41, 746 50, 587 Surrender values _ do T Revised. i Excludes securities from PWA. JSee corresponding note on p. S-17 of the March 1950 SURVEY. SUKVEY OF CUERENT BUSINESS S-18 Unless otherwise stated, statistics through 1948 and descriptive notes are shown in the 1949 Statistical Supplement to the Survey April 1950 1950 1949 February March April May June July August September October November December 434, 472 32, 927 50, 965 37, 535 65, 659 247, 386 653, 742 42, 178 115, 207 40, 929 108,014 346, 914 January February 24, 395 -93, 162 P 24 345 46, 201 4,350 5,869 5,506 47 30 4,355 FINANCE—Continued LIFE INSURANCE— Continued Life Insurance Association of America: Premium collections (39 cos.), total thous. of dol Accident and health _ _ _ _ _ _ _.do __. Annuities do Group _ _ _ _ _ _ _ _ _ do __ Industrial do Ordinary _ .. _ _ do 451, 530 29, 185 54, 430 37,036 66, 868 264,011 526, 641 34, 267 67, 864 40, 824 77, 888 305, 798 406, 246 26, 391 47, 377 32, 182 58, 258 242, 038 437, 033 31,655 46, 497 34, 905 67, 835 256, 141 499, 255 32, 955 63, 102 34, 690 75, 018 293, 490 372, 943 28, 171 14.316 30, 362 60, 330 239, 764 465, 995 29, 964 52, 865 30, 485 75, 341 277, 340 414, 068 31,116 53, 964 32, 973 63, 054 232, 961 435, 499 31, 627 51, 973 31, 606 61, 410 24,314 -16,725 5,108 24, 879 62, 227 39, 275 11,994 5,544 24, 332 -17,741 12,019 25,615 60, 816 37, 941 11, 442 5,674 24, 342 37 775 l|612 11,142 63, 171 38, 902 11,635 5,623 24, 466 121, 632 5,483 12, 389 64, 823 39, 307 12, 015 5,529 24, 520 24, 608 24 602 -19,936 -208, 540 -154,799 6,890 11,563 15, 857 137,986 268, 936 114,002 63, 102 66, 224 65, 400 39, 966 40, 380 39 366 11, 421 12, 569 12, 735 5,728 6,505 6,239 24 584 -89, 117 2,397 58, 527 65, 422 39, 012 12, 804 7,306 24 479 -63, 939 2, 998 10, 629 24, 427 -59,399 10,111 8,697 38 509 12, 659 7,385 38, 483 13, 058 6,609 214 6,444 .715 4,783 2,825 .715 514 12, 190 .715 1,818 10, 237 .715 11, 910 6,824 .715 2,090 6 056 .719 160 5 628 .732 86 7 508 .733 184 6 370 .733 680 4,060 .733 8,065 1,298 4, 800 2,743 1,246 4, 000 3,341 1,499 4,400 3,614 2,198 4,300 2,676 1,735 3 500 2,349 1,196 4 600 2,909 1, 144 4 700 2,167 1,894 4 000 2 884 1,504 3 800 3 101 1,718 4 800 3, 193 1,196 3 700 2 965 2,496 27, 439 27, 417 27, 507 27, 493 27 394 27 393 27 412 27 407 27 543 27 600 r 26 941 v 27 067 167, 600 25, 100 167, 500 24 900 167, 600 25 000 167, 930 p 167 900 p 170 000 P 170 300 P 171 500 P 171 goo p 173 100 p 173 300 p 172 700 25 266 P 24 900 v 25 100 v 24 900 P 24 900 p 25 100 v 25 000 p 24 500 P 24 700 142, 500 81,100 58, 000 142, 600 82, 400 58, 100 142, 600 82, 500 58, 200 142, 664 v 143, 000 *> 144, 900 pl45 400 p 146 600 p 146 700 pl48 100 p 148 800 p 148 000 81,877 v 83, 100 P 83, 400 P 83, 300 p 84, 600 p 85, 500 P 86, 700 p 86, 800 p 84, 900 58, 483 v 58, 400 p 58, 400 P 58, 400 P 58, 400 P 58, 000 P 58, 400 p 58, 700 p 58, 900 27.2 19.2 27.6 18 6 28.3 18 5 OKO CCQ MONETARY STATISTICS Gold and silver: Gold: 24, 290 Monetary stock U S mil of dol Net release from earmark § thous. of doL. -22, 201 4,499 Gold exports - do 25, 978 Gold imports do 56, 335 Production, reported monthly totaltdo _ _ 35, 529 Africa do 10, 766 Canada _ _ do _. 3,869 United StatesJ do Silver: 261 Exports do. 3,278 Imports do .708 Price at New York dol. per fine oz_. Production: Canadacf- _ thous. offineo z _ _ 969 ,100 Mexico do 2,821 United States. _ do_ __ Money supply: 27, 557 Currency in circulation mil. of dol Deposits, adjusted, all banks, and currency out169, 300 side banks, totalQ mil. of dol Currency outside banks do 25, 100 Deposits, adjusted, total, including U. S. deposits© . mil. of dol 144, 200 Demand deposits, adjusted, excl. U. S._do 83, 400 57, 800 Time deposits, incl. postal savings do Turn-over of demand deposits, except interbank and U. S. Government, annual rate: New York City ratio of debits to deposits 27.1 18.6 Other leading cities _ do 29.8 18. 7 28.7 18.5 25.5 17.1 28.0 18.6 27.3 18 5 27.2 19 1 32.5 20 0 7,223 .733 28.6 18 9 -50,411 4,119 .733 29.3 18.9 PROFITS AND DIVIDENDS (QUARTERLY) Manufacturing corporations (Federal Reserve):* Profits after taxes, total (200 cos.) mil. of dol Durable goods, total (106 cos.) _. _ do._Primary metals and products (39 cos ) do. __ Machinery (27 cos ) dv» Automobiles and equipment (15 cos ) do- ._ Nondurable goods, total (94 cos.) . _ .do Food and kindred products (28 cos.) do_ Chemicals and allied products (26 cos.).do Petroleum refining (14 cos.) _ _- _ _ _ -do Dividends, total (200 cos.) .do Durable goods (106 cos.) _.do Nondurable goods (94 cos ) _ _ .__do__ Electric utilities, profits after taxes (Fed. Res.) mil. of dol Railways and telephone cos. (see p. S-23). 823 498 220 72 180 325 52 105 119 343 196 146 750 491 161 70 229 259 54 87 92 354 188 '166 r gig r 522 r 184 147 p 760 p410 P 82 P 91 p 204 p 350 f 64 p 119 p 109 p 629 P 380 p 249 206 180 173 T> 195 141 r 75 r 271 r T 296 63 110 86 r 331 r SECURITIES ISSUED Commercial and Financial Chronicle: Securities issued, by type of security, total (new capital and refunding) mil. of dol _ New capital, total _ do, _ Domestic, total __ . do, Corporate _ do Federal agencies do. _ Municipal, State, etc _ _ _ do Foreign _ _ do Refunding, total. _. do Domestic, total do. __ Corporate _ _ _ _ _ __do Federal agencies do Municipal, State, etc do 500 436 436 231 14 191 0 64 64 7 53 4 695 600 584 383 26 174 16 96 96 39 55 1 949 904 904 681 33 190 o 45 45 1 44 1 757 681 681 295 51 335 0 76 76 31 38 7 1,644 1 550 1 535 1 196 24 315 15 94 94 31 62 1 765 685 441 432 9 0 244 79 78 22 56 0 617 309 291 117 o 174 18 308 204 g 195 1 707 519 510 127 69 314 10 188 188 38 146 4 823 675 639 405 489 379 379 150 731 513 513 315 234 36 148 148 91 53 4 229 198 1, 185 817 817 553 30 233 109 109 35 52 22 218 218 105 56 57 369 269 108 159 1 o o o o o o Securities and Exchange Commission: J Estimated gross proceeds, total do 1,289 1,395 1,493 1,606 2,672 2, 327 1,612 2,079 1,667 1,759 2,059 1,183 1,585 By type of security: 2 541 Bonds and notes, total do 1,275 1,314 1,423 1 351 1 f»9^ 2 268 2 Q12 1 550 1 562 1 602 1 102 1 946 Corporate _ do 308 330 515 ' ^fi ' 4.A9 246 1 126 415 105 113 345 74 40 Common stock do 8 41 133 60 47 46 46 35 61 44 5 oa Preferred stock do 40 50 82 57 14 21 27 45 By type of issuer: 990 Corporate, total do 321 411 698 388 1 257 475 173 451 174 79 en 07 Manufacturing* __ _ do 114 79 313 170 193 27 12 88 Public utilityf _ do 105 145 236 195 537 124 91 n 1OJ. 95 87 191 132 309 45 01 Railroad do 55 88 18 in 49 51 16 41 20 1 3 O one Communication* _ _ _ do o 37 46 387 14 12 12 16 g 11 Real estate and financial do _ 32 23 59 39 76 34 91 24 42 61 12 Noncorporate, total _ do 968 985 908 1 415 1 105 1 9fifi 1 483 1 852 1 907 1 438 1 216 959 U. S. Government do 763 792 717 7O7 759 1? 099 1 606 1 608 894 978 State and municipal do 204 175 190 346 316 '245 9^ 93^ *Afi 951 327 928 ' 198 r Revised. v Preliminary. In -r i §°r increase earmarked gold (-). {Revisions for January-May 1948 for United States and total gold production are shown in the August 1949 SURVEY, p. S-18. Revisions for JanuaryJuly 1948 for securities issued (SEC data) are available upon request. * cf Revised data for January-August 1948 are shown in the November 1949 SURVEY, p. S-18. OU. S. Government deposits at Federal Reserve banks are not included beginning 1939and quarterly data beginf *New series. Data on profits and dividends cover large manufacturing corporations (total assets end of 1946, $10,000,000 and over); annual data ning 1946 are available upon request. Data on securities issued for manufacturing (prior to this issue of the SURVEY, included with ''industrial 1 ') and communication (formerly included with public utility ' and 'industrial ) are available beginning January 1948. fRevised series. Data (covering electric, gas, and water companies) are available beginning January 1948 SURVEY OF CURRENT BUSINESS April 1950 Unless otherwise stated, statistics through 1948 and descriptive notes are shown in the 1949 Statistical Supplement to the Survey S-19 1950 1949 February March May April June July August September October November December January February FINANCE—Continued SECURITIES ISSUED— Continued Securities and Exchange Commission^ — Continued New corporate security issues: Estimated net proceeds, total mil. of dol__ Proposed uses of proceeds: New money, total do Plant and equipment do Working capital do. Retirement of debt and stock, total__do Funded debt _ do Other debt do Preferred stock __ _ do Other purposes do Proposed uses by major groups: Manufacturing, total*.. _ _ _ _ do_ . New money do Retirement of debt and stock do Public utility, total f do New money do Retirement of debt and stock. _ do_ _ Railroad, total --_ __do_ _ New money do Retirement of debt and stock ._ do _ Communication, total* _ . do New money _ _ _ _ _.do Retirement of debt and stock do Real estate and financial, total do New money do Retirement of debt and stock do State and municipal issues (Bond Buyer): Long-term thous. of dol_ Short-term do_ _ 318 403 688 380 1,244 468 168 171 445 219 484 567 209 220 172 48 32 7 25 0 66 319 253 66 81 37 44 0 3 553 402 151 127 1 126 0 7 340 254 85 33 13 15 5 7 1,074 958 116 161 40 116 4 9 430 393 37 30 18 12 1 8 140 119 21 24 118 87 31 40 19 2 20 12 272 229 43 88 58 29 1 84 163 134 29 38 18 20 0 18 336 226 111 82 75 6 1 66 423 394 29 104 39 53 12 39 153 111 42 41 30 g 3 15 113 27 21 103 101 2 54 50 4 1 1 0 32 29 3 77 57 18 142 123 19 87 87 0 37 2 35 23 21 1 310 192 117 231 225 78 70 17 17 0 45 45 0 58 51 2 191 179 11 122 120 2 51 51 0 14 14 0 33 9 16 26 15 7 92 88 4 20 13 7 0 0 0 6 5 12 8 2 85 51 27 16 16 0 12 3 9 23 22 1 86 46 17 187 97 65 41 41 0 12 11 36 15 15 129 1C6 14 10 10 50 48 2 303 171 72 31 27 4 2 2 26 22 190 109 21 49 49 0 3 3 0 39 28 5 167 81 86 531 471 54 45 45 0 385 385 0 76 60 16 206^ 146 30 93 27 60 204 202 2 12 4 0) 61 47 12 103 73 29 12 12 0 0 0 0 21 9 0) 203, 674 120, 198 171,704 133, 002 198, 762 110, 200 349, 557 61, 224 324, 825 120, 040 244, 173 67, 450 218, 662 196,516 332, 957 105, 586 230, 822 46, 514 265 519 119, 155 255 707 126 144 248 1 76 178, 972 546 401 164, 218 395 445 254 357 209 368 173 380 169 552 199 660 216 420 153 371 128 244 237 294 198 284 154 237 103 230 527 565 225 530 551 254 626 542 329 660 537 355 280 681 528 493 690 530 399 699 548 404 740 584 418 783 586 416 813 596 445 306 881 633 523 901 669 493 953 669 522 17 0 4 0) 0) 41 5 0 o 16 14 2 U 10 o o 60 59 0) T r COMMODITY MARKETS Volume of trading in grain futures: Corn Wheat _ mil. o f b u - do ___ SECURITY MARKETS Brokers' Balances (N. Y. S. E. Members Carrying Margin Accounts) Cash on hand and in banks Customers' debit balances (net) Customers' free credit balances Money borrowed mil of dol do do _ _ do Bonds Prices: Average price of all listed bonds (N. Y. S. E.), 101. 82 100. 58 100. 56 100.49 100. 45 100. 98 101. 80 101.40 101.95 102. 11 101.81 102 43 102. 00 total § . _ _ dollars102. 28 101.04 101.01 100. 93 101.45 100. 93 102. 27 101.86 102. 56 102. 38 102. 27 102. 45 102 89 Domestic do 71.40 72.07 71.35 72.18 72.20 70.26 71.82 71.77 74.80 72.92 74.46 72.48 73. 70 Foreign _ do_ __ Standard and Poor's Corporation: Industrial, utility, and railroad: 101.0 101.0 100.9 103.0 100.5 100.7 103.1 102.0 104.0 103.2 102.8 High grade (11 bonds) dol. per $100 bond-. 103.7 104.0 Medium grade: 91.9 92.6 91.7 91.9 91.7 92.7 91.8 93.3 96.4 93.5 Composite (12 bonds) do 94 5 96.3 93.7 98.2 98.9 97.1 98.0 97.0 98.7 98.6 99.0 102.0 99.9 Industrial (4 bonds) . do_ _. 100.3 101.0 101.8 95.5 95.6 96.3 97.7 95.7 94.7 96.9 98.8 99.2 100.9 99.5 Public utility (4 bonds) do 100.6 100 1 81.9 83.1 81.6 81.2 86.6 80.0 82.1 79.9 86.5 82.0 Railroad (4 bonds) do --80.8 82.2 86.4 129.1 127.5 128.5 128.8 129.0 129.0 127.9 128.6 131.7 131 3 129.6 128.8 Domestic municipal (15 bonds) ~ do 130 3 103. 63 101.65 101. 62 101. 51 101. 67 101. 72 103. 86 103. 29 103. 90 103. 62 104. 16 104. 22 104. 36 U. S. Treasury bonds, taxable _ -_ do Sales: Total, excluding U. S. Government bonds: All registered exchanges: 53, 189 60, 737 52, 009 56, 225 50, 767 49, 004 72,615 47, 468 51, 480 67, 512 64, 646 Market value thous. of dol__ 84,642 107, 958 78, 549 80, 637 76, 590 67, 997 67, 171 70, 080 87, 224 59, 560 84, 939 68, 959 84, 467 Face value do 144, 088 111 120 New York Stock Exchange: 57, 108 52, 359 50,459 49, 038 47, 431 46, 165 69, 941 44, 469 47, 938 60 157 Market value _ _ „ do _ 80 274 103 400 63 443 73, 916 75, 821 72, 458 63, 601 66, 056 63, 433 84,074 55, 721 79 064 64, 706 Face value do 78 760 105 909 138 310 New York Stock Exchange, exclusive of stopped 66, 223 66, 839 62, 284 64, 021 63, 661 67, 820 64, 257 55, 413 63, 934 sales, face value, total § thous. of dol 74, 692 119, 727 99 080 68, 487 52 3 31 202 13 5 30 61 12 U. S. Government __ _ _ _ d o __ 72 0 22 25 62, 279 66, 171 66, 836 64, 227 63, 990 63, 459 67, 807 55, 352 63, 922 119, 702 74, 692 Other than U. S. Government, total § do 68, 415 99, 058 59, 388 54, 847 59, 523 54, 953 58, 779 55, 150 58, 133 47, 169 56, 494 108, 323 59 215 67, 065 Domestic do 91 063 11, 804 6,769 8,155 7,350 5,166 8,043 6,035 8,166 7,412 Foreign _ _ do 7,598 11, 280 7,938 9, 161 Value, issues listed on N. Y. S. E.: 133, 643 132, 098 132, 029 132, 065 132, 813 131, 686 132, 210 132, 221 132, 445 Market value, total, all issuesd1 mil. of dol. _ 131, 863 128, 464 128, 021 127, 777 131,956 130, 368 130, 392 130, 326 131,124 130, 000 130, 535 Domestic - _ do__ _ 130, 188 130, 509 126 755 130 726 126 290 126 054 1,432 1,455 1,436 1,452 1,432 1,447 1,426 1,422 Foreign do 1 458 1 463 1 452 1 475 1 469 131, 254 131,360 131, 381 130, 975 131, 272 131, 304 130, 402 129, 874 Face value, total, all issuescf do 129, 854 129, 870 125, 410 125, 373 125, 332 129, 017 129, 027 129, 094 129, 120 128. 724 128, 993 128, 146 127, 644 123 119 127 597 127, 608 Domestic - do 123 190 123 142 1,988 2,016 2,011 2,030 2,028 2,006 2,001 1,981 2,012 Foreign do 2 007 1 970 1 981 1 963 Yields: 2.92 3.00 3.00 3.00 3.00 2.98 3.00 2.90 2 90 Domestic corporate (Moody's) percent 2.89 2 86 2 83 2 83 By ratings: 2.62 2.70 2.67 2.70 2.71 2.71 2.71 2.60 2 61 Aaa do 2 60 2 58 2 57 2 58 2.75 2.71 2.79 2.79 2.78 2.80 2.78 2.69 Aa do 2.68 2.70 2 67 2 65 2 65 3.05 2.96 3.05 3.04 3.03 3.05 3.04 2.95 2 94 2 93 A do 2 89 2 86 2 85 3.45 3.45 3.46 3.47 3.47 3.40 3.45 3.37 3.36 3.35 Baa _ __ do 3 31 3 24 3 24 By groups: 2.78 2.78 2.75 2.79 2.78 2.78 2.70 2.68 Industrial ___ ___ do 2.68 2 63 2 67 2 65 2 63 2.96 2.95 2.93 2.86 2.97 2.89 2 99 2.84 2.83 Public utility do 2 79 2.81 2 79 2 78 3.27 3.26 3.29 3.29 3.21 3.24 3.27 3.19 Railroad do 3 20 3 20 3 14 3 07 3 08 Domestic municipal: 2.13 2.21 2.21 2.17 2.13 2.12 2.20 Bond Buyer (20 cities) do 2.16 2.13 2.11 2.08 2.05 2.02 2.21 2.20 2.20 2.26 2.23 2.28 2.20 2.22 Standard and Poor's Corp. (15 bonds) do 2 21 2 13 2 17 2 08 2 06 2.24 2.38 2.38 2.38 2.27 2.39 2.38 2.22 U. S. Treasury bonds, taxable do 2.22 2.20 2.19 2.20 2.24 * Revised. 1 Less than $500,000. JRevisionsf or January-July 1948 are available upon request. *New series. See corresponding note on p. S-18. fRevised series. See corresponding note on p. S-18. §Sales figures include bonds of the International Bank for Reconstruction and Development not shown separately; these bonds are included also in computing average price of all listed bonds. c^Total includes bonds of the International Bank for Reconstruction and Development not shown separately. SURVEY OF CURRENT BUSINESS S-20 Unless otherwise stated, statistics through 1948 and descriptive notes are shown in the 1949 Statistical Supplement to the Survey April 1950 1950 1949 February March April May June July August September October November December January February FINANCE—Continued SECURITY MARKETS— Continued Stocks Cash dividend payments publicly reported: Total dividend payments _ .mil. of dol Finance do Manufacturing do A/lining do Public utilities :t Communications do Heat light, and power _do Railroad - do. Trade do Miscellaneous ___ _ do _ Dividend rates, prices, yields, and earnings, 200 common stocks (Moody's) : Dividends per share, annual rate (200 stocks) dollars ._ Industrial (125 stocks) do Public utility (24 stocks) t do.- Railroad (25 stocks) do Bank (15 stocks) _ do Insurance (10 stocks) do 204.0 37.9 99.1 2.1 705.6 38.0 440.6 65.2 474.4 68.3 217.7 6.8 193.3 27.0 102.0 1.6 825.8 68.8 515.0 70.5 493.6 105. 4 226. 3 5.3 189.6 35.1 93.9 1.3 725. 7 43.7 448.7 63.7 463.5 70.4 207.3 6.6 190.8 28 7 102.1 1.5 1, 497. 4 143 0 1, 015. 4 100 1 530. 2 103 3 232 1 4 6 213. 2 37 1 103. 2 1 5 .4 36.8 9.7 15.8 2.2 14.1 40.8 37.5 50.2 19.2 57.5 52.1 19.7 41.8 10.5 .4 38.8 12.6 7.5 3.4 13.7 49.7 39.5 46.6 22.0 54.8 43.4 13.7 34.7 10.0 .4 40.9 5.9 9.1 3.0 24.7 47.8 27.7 48.5 20.9 55.5 57.5 15.6 42.3 8.3 .4 42.8 3.7 8.0 3.6 26 2 61.1 51.7 65.3 34.6 60 7 46.3 11.7 58.4 13.1 5 40.6 11.4 16 7 2.2 3.07 3.17 1.63 2.42 2.35 1.99 3.08 3.18 1.63 2.46 2.35 1.99 3.09 3.18 1.66 2.46 2.35 1.99 3.08 3.17 1.66 2.46 2.35 1.99 3.05 3.14 1.67 2.46 2.33 2.03 3.04 3.12 1.67 2.46 2.33 2.03 3.03 3.10 1.66 2.46 2.33 2.03 3.01 3.08 1.68 2.45 2.33 2.10 3.01 3.09 1.68 2.36 2.37 2.11 3.26 3.42 1.68 2.30 2.39 2.11 3.27 3.44 1.68 2.24 2.47 2.34 3.26 3.42 1.69 2.25 2.47 2.40 3.27 3 43 1.70 2 16 2.47 2 40 Price per share, end of month (200 stocks)-. do Industrial (125 stocks) .__ _ do _ . Public utilitv (24 stocks) t do Railroad (25 stocks) _ __ _ _ do 44.79 44.52 26.93 28.86 46.22 46.21 27.41 29.60 45.37 45.28 27. 75 28. 52 43.77 43.46 27.62 27.60 43.58 43.48 27.02 26.52 45.76 46.01 28.03 27.43 46.64 46.91 28.76 27.52 47.72 48.18 29 58 28.30 49.25 49.94 29. 82 28.26 49.27 49.89 29.81 28.37 51.39 52.28 30.57 30.42 51.94 52. 58 31.60 31.70 52. 38 52.88 31 91 31.52 Yield (200 stocks) percent. _ Industrial (125 stocks) do Public utility (24 stocks) t -do Railroad (25 stocks) _ __ ._ .do .. Bank (15 stocks) _ _ _ __ do Insurance (10 stocks) _ _ . __do __ Earnings per share (at annual rate), quarterly: Industrial (125 stocks) dollars Public utility (24 stocks)! do Railroad (25 stocks) do Dividend yields, preferred stocks, high-grade, 11 stocks (Standard and Poor's Corp.). -.percent-Prices: Average price of all listed shares (N. Y. S. E.) Dec 31 1924—100 Dow- Jones & Co., Inc. (65 stocks) dol. per share _. Industrial (30 stocks) _ __ do Public utility (15 stocks) do Railroad (20 stocks) do Standard and Poor's Corporation: Industrial, public utility, and railroad :§ Combined index (416 stocks) _ _ . 1935-39 =100. _ Industrial, total (365 stocks) do Capital goods (121 stocks) _ _ _ do Consumers' goods (182 stocks) do Public utility (31 stocks) do . „ Railroad (20 stocks) do Banks, N. Y. C. (19 stocks) do ... Fire and marine insurance (18 stocks) do Sales (Securities and Exchange Commission): Total on all registered exchanges: Market value mil of dol Shares sold _ --thousands _ On New York Stock Exchange: Market value mil. of dol _ Shares sold thousands.. Exclusive of odd lot and stopped sales (N. Y. Times) thousands.. Shares listed, New York Stock Exchange: Market value, all listed shares mil. of dol__ Number of shares listed millions. _ 6.85 7.12 6.05 8.39 4.70 3.33 6.66 6.88 5.95 8.31 4.66 3.27 6.81 7.02 5.98 8.63 4.71 3.34 7.04 7.29 6.01 8.91 4.75 3.38 7.00 7.22 6.18 9.28 4.76 3.52 6.64 6.78 5.95 8.97 4.70 3.35 6.50 6.61 5.77 8.94 4.51 3.26 6.31 6.39 5.68 8.66 4.52 3.21 6.11 6.19 5.63 8.35 4.41 3.10 6.62 6.86 5.64 8.11 4.61 3.00 6.36 6.58 5.50 7.36 4.54 3.18 6.28 6.50 5. 35 7.10 4. 55 3.37 6.24 6 49 5.33 6.85 4 32 3.28 6.60 2.24 1.72 6.00 2.28 4.04 p 7 05 * 2 36 p 5.47 r 6 75 r 2 37 3. 45 4.04 4.07 4.07 4.04 3.98 3.97 3.90 3.85 3.88 3.89 3.88 3.83 3.84 69.9 63.15 174. 46 34.51 49.37 72.0 63.29 175. 88 35. 08 48.19 70.5 63.47 175. 65 35.73 48.27 67.9 62.79 174. 03 35.73 45.90 67.0 59. 25 165. 59 34.31 42.89 70.1 61.61 173.34 35.31 44.31 71.3 63.79 179. 24 36.54 46.14 73.1 64. 68 180. 93 37.65 46.65 75.9 66.66 186. 47 38.25 48.68 76.2 67.98 191.61 39.22 48.46 79 1 70.35 196. 78 40.55 51.21 72. 53 199. 79 41. 52 54.68 73. 64 203. 46 42.62 55 16 117.2 122.7 113.2 120.4 94.4 99.6 92.6 140.9 118.0 123.7 113.1 120.9 95.3 97.4 93.4 141.5 118.5 124.2 111.6 121.2 96.1 97.1 93.9 140.9 117.7 123.5 110.4 121.2 95.3 95.8 93.3 139.7 112.0 117.0 104.3 116.7 93.0 88.4 91.0 134.5 117.8 123.8 110.5 123.9 95.4 90.6 92.5 138.1 121.8 128.0 114.5 127.4 98.5 94.2 95.5 144.9 123.8 130.3 116.0 129.2 100.0 95.1 96.8 149.0 127.3 134.4 119.7 133.0 101.2 97.6 99.5 157.2 129.1 136.5 123.8 135.2 102.6 96.2 99.3 160.1 132.7 140.3 128.6 140.2 104.1 101.0 99.6 168.1 135.1 142.6 132.1 143.4 105.8 107.8 101.8 168.5 136.7 144 4 134.5 145. 3 107.4 107.2 104.2 169.0 720 31, 509 754 36, 915 853 40, 684 765 37, 411 705 39, 437 626 37, 950 807 39, 057 871 40, 437 1,083 51,455 1,222 55, 245 1,480 68, 535 1,663 73, 807 1.374 59. 240 601 22, 153 626 26, 182 722 30, 293 639 26, 709 587 28, 776 526 29, 139 672 28, 977 729 29, 937 906 38, 474 1,035 40, 464 1,252 52, 028 1,409 56, 037 1.164 45. 078 17, 180 21, 136 19, 314 18, 179 17, 767 18, 752 21,785 23, 837 28, 891 27, 244 39, 293 42, 576 33. 406 65, 325 2,045 67, 518 2,051 66, 238 2,060 64, 147 2,072 63, 921 2,140 67, 279 2,150 68, 668 2,154 70, 700 2,162 72, 631 2,145 73, 175 2, 152 76, 292 2,166 77, 940 2,181 78.639 2.184 INTERNATIONAL TRANSACTIONS OF THE UNITED STATES BALANCE OF PAYMENTS (QUARTERLY) Goods and services: Receipts £otal For goods exported Income on investments abroad For other services rendered Payments total For goods imported For foreign investments in TJ S For other services received mil of dol do do do do do do do • 4,266 3,453 263 550 2,608 1,963 81 564 4,414 3,494 350 570 2,422 1,741 57 624 3 662 2, 782 305 575 2,392 1,804 63 725 3 572 2 672 410 490 2 409 1 826 95 488 Unilateral transfers (net), total _ _ _ _ Private Government .do do do -1,420 -147 -1, 273 -1,631 -141 -1,490 -1,376 —108 -1,268 1 196 —142 1 054 Long-term capital movements (net), total Private Government do do do -519 -223 —296 -283 -171 —112 —8 +32 —40 203 169 34 +100 +70 +30 -236 -372 +136 —386 -280 — 106 +332 +384 52 Gold and short-term capital movements (net) , total mil. of dol Gold and foreign short-term capital in U. S. do U S capital abroad do +181 __do +158 +500 -96 p Revised. Preliminary. tRevised series. Data for American Telephone and Telegraph stock (included in figures for 200 stocks) are excluded. Monthly data for 1929-48 are available upon request. Errors and omissions r §Number of stocks represents number currently used; the change in the number does not affect the continuity of the series. SUKVEY OF CURRENT BUSINESS April 1050 Unless otherwise stated, statistics through 1948 and descriptive notes are shown in the 1949 Statistical Supplement to the Survey S-21 1950 1949 February March April May July June September August October November December January i Febm arj - INTERNATIONAL TRANSACTIONS OF THE UNITED STATES—Continued FOREIGN TRADE* Indexes Exports of U. S. merchandise: Quantity Value Unit value _ .. . Imports for consumption: Quantity --_ _ _ Value Unit value Agricultural products, quantity: Exports, domestic, total: Unadjusted Adjusted . _ Total, excluding cotton: Unadjusted _ Adjusted Imports for consumption: Unadjusted Adjusted 214 277 130 243 312 128 243 310 128 230 291 126 233 294 126 do „ do do 132 174 132 150 196 131 131 165 126 133 167 126 134 166 124 1924-29—100 .__ do 120 145 125 143 117 147 116 146 165 207 165 192 148 174 99 97 109 98 4,700 4,978 5,464 5,228 1923-25=100 do . do . _. - do__ _ do do do 191 234 123 196 241 123 189 227 120 186 223 120 208 251 121 164 197 120 123 117 !', 144 132 161 122 135 166 123 144 176 123 154 186 121 153 187 122 158 195 123 115 159 84 118 104 93 77 99 72 99 77 116 93 89 85 98 113 162 180 154 181 133 164 154 155 152 124 136 106 133 117 136 122 100 104 103 124 96 91 92 93 97 104 91 100 97 105 102 107 98 99 114 120 111 108 111 105 108 105 7, 251 5,443 8,273 5,683 7,945 5,829 4,907 5, 750 5, 459 5,975 4, 553 6,247 3,083 6,271 3, 705 6, 298 3,795 6, 055 1,092 1,104 899 880 906 770 194 239 123 i 91 l Shipping Weight Water-borne trade: Exports, including reexports thous. of long tons General imports . . __ do r Value 1,044 1,177 Exports, including reexports, total mil. of dol__ By geographic regions: 35, 763 73, 837 Africa thous ofdol 233, 753 212.633 Asia a n d Oceania _ _ _ _ _ do__ 424, 668 380, 550 Europe do 166, 454 156, 701 Northern North America do 114, 008 125, 729 Southern North America do 152, 662 143, 950 South America _ doTotal exports by leading countries: Africa: 6,651 4,874 Egvpt - do 31, 036 14, 840 Union of South Africa do Asia and Oceania: 15, 203 13, 431 Australia including New Guinea do 4,293 3,592 British Malaya do 15, 921 12, 126 China _ - - -. _._ do 35, 362 26, 854 India and Pakistan do 46, 820 46, 190 Japan _ _ _ _ do 12, 991 15, 072 Indonesia do 34, 449 35, 454 Republic of the Philippines „ do Europe: 61, 244 54, 927 France do 77, 161 71, 366 Germany _ do 53, 980 55, 487 Italy _ - do 1,901 176 Union of Soviet Socialist Republics do 62, 246 59, 415 United Kingdom _ do North and South America: Canada, incl. Newfoundland and Labradorf-do _ _ ' 156, 676 «• 166, 449 262, 386 241, 191 Latin- American Republics, total _ _ do 9,344 9,909 Argentina __ - __ _ _ do 42, 900 44, 828 Brazil __ _ _ do 10, 153 11, 215 Chile do 15, 154 19, 588 Colombia do 34, 386 34, 183 Cuba _. do 43, 307 49,146 Mexico -_ do 45,178 49, 760 Venezuela _._do __ Exports of U. S. merchandise, total mil. ofdol— By economic classes: Crude materials thous. ofdol-. Crude foodstuffs^ _ _ _ _ do Manufactured foodstuffs and beverages do Semimanufactures _ _ _ _ _ _ _ do Finished manufactures _ _ do -By principal commodities: Agricultural products, total { do Cotton, unmanufactured—. do- — . Fruits, vegetables, and preparationscf__do Grains and preparations do Packing house products c? _do __ Nonagricultural products, totalt do Aircraft, parts, and accessories do Automobiles, parts, and accessoriescf--do Chemicals and related products cf - - do Copper and manufactures cf _ . __ _ -do Iron and steel-mill products do Machinery, total cf do Agriculturalo" - - . __ _ do Tractors, parts, and accessories* do Electricalcf do Metal working do Other industriald* do Petroleum and products ___ do__ _ Textiles and manufactures do 1,033 153, 130, 84, 119, 545, 1,164 1,166 58, 182 240, 636 406, 991 188, 489 115, 305 156, 162 51, 21 4, 399, 196, 102, 125, 753 54, 945 76, 554 729 ' 212, 065 194, 900 993 280, 243 392, 153 899 150, 917 185.614 868 89, 482 104, 961 128,403 910 132, 584 37, 710 49, 814 172, 162 ' 185, 152 280, 740 286, 450 152,317 169, 744 104, 897 106, 499 112,752 127,058 42 173, 285 146 104 97 850 836 943 ••745 535 271 171 986 689 665 33, 878 149 181 277 712 150 228 128 440 96, 633 47, 657 197, 019 324, 487 144, 987 118, 302 110, 401 24, 315 145, 739 237 455 128, 432 114 681 92, 931 5,406 27, 844 4,076 28, 740 4,501 29, 136 4,287 23, 416 3,636 17, 525 3,589 18, 076 2,991 20, 411 3 546 13 952 2,758 18, 729 2 338 6 876 10, 822 3,561 26, 816 34, 549 36', 385 12, 647 41,632 13, 924 3,047 7,225 33, 695 47, 819 10, 593 37, 624 12, 599 2,938 2,090 36, 303 41, 471 9,740 31, 847 12, 936 2,965 2,433 22, 930 41, 042 8,434 36, 335 7,937 2,816 10, 606 2,616 11, 419 2,167 16, 580 34, 333 7,944 28, 954 14, 177 42, 586 6,605 32, 821 14, 986 32, 147 5,813 38 966 8,064 1,839 714 9,977 24, 479 4,243 35, 190 13, 333 2,037 3,250 17, 328 39, 237 12, 032 41, 425 10 179 1 275 3,400 16 818 34 238 9 616 19 601 56, 792 72, 542 54, 186 3,077 61, 770 42, 700 81, 742 52, 911 62, 063 59, 186 51, 872 25, 423 64, 137 23, 370 22, 868 63, 412 19, 139 26, 853 63, 379 20, 420 29, 279 59, 107 28, 407 32 175 64, 177 23, 873 30, 717 60, 807 37, 627 36 960 33 Q68 27 523 76, 156 78, 274 50, 294 53, 203 52, 346 55, 905 42, 496 54, 934 28 997 384 60 422 f 188, 474 ' 196, 836 185, 596 r 150, 844 254, 283 | 214, 093 221, 369 203, 379 9.858 6,110 8,307 13, 689 36, 019 28, 948 33, 974 28, 690 12, 346 14, 527 14, 230 12, 625 14, 698 19, 336 14, 115 13, 335 27, 240 29, 527 29, 241 25, 531 42, 192 44, 489 32, 993 36, 078 45, 984 54, 516 43,347 44, 278 1,156 965 128 820 80 280 60 21 122 ' 169, 739 f 152, 314 * 146, 983 ' 150, 188 ' 144, 982 204,310 217, 400 214, 270 190, 488 207, 879 13, 731 11, 530 10, 322 8,730 9, 419 25, 025 32, 918 19 464 18 954 18 915 10, 071 12, 920 9 289 12 698 8 952 9,662 11, 738 11 644 12 456 16 403 26, 610 30, 963 32 872 38 254 34 777 30, 796 31, 456 35 ggs 37 676 35 671 41, 799 38, 438 33 014 34 287 36 763 1,082 1,093 889 872 896 844 829 934 13 128, 196 10 18 6 14 32 39 30 430 644 751 672 823 261 508 244 965 r 736 823 405 139 530 413 170, 517 144, 723 76, 909 139, 109 632, 816 196, 98, 97, 133, 630, 206 538 029 505 720 173, 500 139, 075 86, 132 1 27, 224 556, 323 179, 646 111,521 86, 958 125, 859 589, 324 97, 875 98, 529 71, 411 104, 652 516, 581 108, 346 124, 509 49, 726 100, 590 488, 892 122, 821 102, 400 52, 437 104, 389 514, 449 133, 784 83, 982 63, 495 86, 786 475, 791 130, 476 94, 245 59, 198 83, 640 461, 128 171, 884 91, 834 63, 826 101, 143 505, 362 121, 899 66 600 49 109 77 509 419 460 338, 367 85, 049 18, 136 143, 356 13, 558 362, 864 98, 538 23, 642 148, 701 17, 690 341, 983 100, 674 18, 352 114, 239 24, 751 343, 407 80, 653 15, 469 151, 083 17, 901 320, 158 90, 191 13, 813 118, 565 21, 716 235, 438 38, 607 10, 799 110, 907 14, 140 244, 509 28, 381 9,389 125, 374 12, 938 245, 842 36, 126 11, 299 105, 949 12 321 260, 071 69, 358 18, 402 93,117 10 213 258, 919 71, 704 16,129 99, 324 12, 599 299, 853 106, 050 14, 893 104, 866 14 177 224, 510 84 414 10, 107 80 343 10 366 694, 943 14, 135 70, 096 67, 534 5,358 59, 316 191, 082 10, 535 26, 835 37, 338 15, 566 91, 031 49, 651 60, 599 761 738, 848 801, 209 814, 014 773, 149 653, 610 627, 554 650, 653 1583, 768 569, 767 634, 197 510, 067 1 i 8, 673 15, 282 15, 094 i 7, 449 1 7, 891 i 6, 776 l 7, 224 15, 257 i 7, 702 10, 954 1 11, 386 1 64, 968 77. 598 61, 374 73, 350 1 59, 525 i 53, 421 i 44, 441 1 56, 633 i 53, 359 i 41, 434 44, 015 63,732 76, 768 74, 223 64, 378 58, 801 62, 175 58, 549 58, 190 58, 397 67, 047 50 259 7,738 7,396 5,716 7,832 4,243 5,514 3,539 5, 053 3,727 9 390 4 717 68, 424 76, 711 70, 439 67, 795 78, 761 64, 125 67, 699 37, 768 26, 227 48 866 41 436 220, 948 231,907 * 206, 564 1 223, 165 1 202, 673 * 179, 053 l 191, 715 i 175, 995 i 169, 082 * 202, 808 1 161, 646 12, 461 14. 010 14, 785 11,332 13, 041 8,892 10 108 7 897 6 838 7 808 6 527 31, 867 31, 593 1 25, 938 1 26, 644 i 24, 372 1 20, 978 1 24, 192 i 20, 700 1 19, 540 1 23, 412 1 22, 580 1 43, 313 43,513 i 34, 638 i 31 824 i 37 74g i 27 457 1 36, 701 133,712 35, 290 131 050 133 977 17, 049 17, 484 15,315 19, 194 17, 109 14, 836 15, 792 16, 046 16, 238 17, 008 13, 837 104, 124 95, 931 113, 888 107, 957 89, 520 79, 794 76, 145 74, 943 91, 584 90, 580 70, 522 QO CQ1 53, 270 54, 252 54, 042 47, 193 39, 965 48 708 40 397 35 373 42 694 40 419 65, 218 61, 525 55, 402 57, 964 45, 767 44, 085 50, 270 49, 874 43,' 864 49! 591 33. 581 f Revised. i Excludes "special category" exports not shown separately in the interest of national security. JRevisions for various periods in 1947 and 1948 have been made (since publication of the 1949 STATISTICAL SUPPLEMENT) in most of the foreign-trade items and there will be further changes beginning 1946 as final data are completed by the Bureau of the Census; moreover, the revaluation of tin imports and the transfer of certain "relief and charity" food items from the nonagricultural exports group to the agricultural group have affected the pertinent series back to 1942. Revisions will be shown later. tRevised series. Figures beginning January 1949 have been revised to include data for Newfoundland and Labrador. Data for January 1949 are as follows (thous of dol ) • Exports 148 899imports, 127,020. ' ' cf Data beginning 1948 have been adjusted in accordance with the 1949 commodity classifications. Revised figures for January-July 1948 are available upon request. *New series; included with agricultural machinery prior to 1948. SURVEY OF CURRENT BUSINESS S-22 Unless otherwise stated, statistics through 1948 and descriptive notes are shown in the 1949 Statistical Supplement to the Survey April 1950 1950 1949 February March April May June July August September October November December January February INTERNATIONAL TRANSACTIONS OF THE UNITED STATES—Continued FOREIGN TBADE§— Continued V alue— Continued 534, 296 540, 630 525, 964 456, 413 632, 630 490, 747 566, 691 General imports, total thous. of dol By geographic regions: 24, 854 27, 632 23, 491 47, 397 21,101 20, 014 28, 997 Africa do 126, 670 106, 298 94, 060 124, 430 101, 604 128, 177 128, 246 A q ia and. Oceania do 90, 521 69, 156 66, 824 67, 240 58, 355 64, 297 89, 377 Europe _ do 131, 306 133, 302 122, 029 130, 194 108, 068 120, 960 117, 557 Northern North America do 108, 796 81, 608 68, 441 86, 133 81, 571 68, 610 91, 759 Southern North America do 109, 962 110, 101 109, 963 103, 997 124, 437 115, 263 114, 571 South America _ do By leading countries: Africa: 429 76 231 367 189 62 342 Egypt do 6,295 7,286 7,097 9,339 12, 693 8,119 7,567 Union of South Africa _ do _ Asia and Oceania: 11,812 5,318 13,913 2,727 5,183 11,772 9,570 Australia, including New Guinea _ _ do._ 9, 901 25, 745 13, 808 25, 185 17,082 13, 639 10, 822 British Malaya do 5,805 5, 987 8,011 6, 501 7,749 8, 846 15,757 China do. .. 21,833 25, 278 29, 582 20, 949 25, 949 17, 252 14, 140 India and Pakistan do 6, 355 5, 535 6,637 9,209 7, 625 5,771 5,574 Japan _ . __ do 8,979 12,117 10,833 11,368 8,758 7,260 8,970 Indonesia do 15, 075 15, 165 17, 029 22, 856 20, 442 21, 813 20, 569 Republic of the Philippines _ _ do Europe: 5,464 5,247 3,802 5, 847 3,672 3,872 4,998 France _ _ __ _ _ _ ._ do__ . 2, 896 6,154 4, 371 4,994 4, 606 2, 836 1,499 Germany do 6, 326 6,398 4,430 3,789 5,788 5,430 6,817 Italy . _ _ _ _ _ do 1,318 3, 257 4,293 4, 209 2,961 4,637 Union of Soviet Socialist Republics do 3,531 22, 695 14, 105 14, 707 15,232 20, 550 16,102 United Kingdom. __ . __.do__ _ 15, 106 North and South America: Canada, incl. Newfoundland and Labrador! thous. of dol__ »• 117, 557 r 133, 302 »• 122, 029 * 130,194 r 131, 108 «• 108, 067 >• 120, 552 185, 005 221,714 181,044 162, 131 181,887 174, 557 Latin-American Republics, total _ do . „ 195, 311 4, 500 3, 869 6, 790 7,532 5,637 5, 044 11,111 Argentina do 41,919 39, 278 34, 163 33, 451 36, 943 34, 000 39, 866 Brazil do. 19, 530 13, 528 18, 760 14, 367 7,648 18, 552 11,955 Chile do 16, 198 16. 237 21,923 14, 168 18, 324 22, 609 21, 844 Colombia _ _ _ _ do _ _ 36,516 37, 415 47, 459 37, 423 35, 080 30, 363 33, 349 Cuba do 24, 664 21, 725 23, 761 25, 963 19, 918 13, 356 15, 081 Mexico _ _ _ _ __do 22, 628 23, 620 20, 755 23, 114 21, 022 21, 680 20, 820 Venezuela do 624, 093 526, 903 533, 635 529, 489 458, 938 554, 757 513, 086 Imports for consumption, total do_ _. By economic classes: 158, 101 164, 122 145, 509 126, 178 154, 123 149, 220 137,883 Crude materials do 131, 165 109, 913 102, 098 92, 462 90, 189 99, 468 91, 746 Crude foodstuffs do 65, 124 58, 105 73, 315 60, 917 68, 997 68, 118 69, 227 Manufactured foodstuffs and beverages, -do 130, 172 .137,972 110, 697 114, 362 110. 598 84, 856 114, 424 Semimanufactures do 99, 867 105, 965 90, 318 108, 910 117, 519 99, 456 99, 806 Finished manufactures. __ ___ _ __ _ _ d o By principal commodities: 238, 350 205, 067 275,163 227, 046 216, 116 233, 310 225, 334 Agricultural products, total _ do. 73, 671 57, 430 58, 906 58, 542 48, 995 56. 038 55, 294 Coffee do 5, 465 7,051 5,439 6, 168 4,780 6,173 7,044 Hides and skins do 21, 698 19, 387 16, 649 22, 580 19, 933 19, 198 17, 171 Rubber, crude, including guayule do 34 42 86 23 1, 006 3, 129 45 Silk unmanufactured do 44, 628 36, 525 32, 659 35, 292 39, 730 38, 186 37, 683 Sugar -- _ do 16, 428 15, 605 10,813 10, 629 11,671 20, 734 21,820 Wool and mohair, unmanufactured do 348, 930 299, 858 296, 179 253, 871 316, 408 317, 519 287, 753 Non agricultural products, total ._ _do _ 7,012 9,127 11, 936 8,100 9,270 8,270 11, 457 Furs and manufactures _ do Nonferrous ores, metals, and manufactures, 72, 041 66, 571 86, 959 73, 767 66, 374 39, 486 59, 252 total thous. of dol 26, 120 28, 967 21, 582 20, 558 17.763 11,007 15, 196 Copper, incl. ore and manufactures.. .do 26, 683 11,685 28, 383 13, 495 18, 892 11,007 17, 518 Tin, including ore _ __ _ do. . 17, 948 14, 253 20, 450 17,838 17,619 12, 427 16, 495 Paper base stocks do 35, 942 37, 404 37, 261 38, 192 34, 210 34, 200 39, 195 Newsprint _ _ do__ . 36, 490 35, 875 38, 244 36, 855 37, 473 35, 546 36, 820 Petroleum and products do_ - r 530, 794 559, 106 593, 694 605, 068 622, 698 29, 182 97, 722 78, 947 119, 571 68, 631 136, 742 27, 105 110,047 79, 954 139, 352 69, 770 132, 878 27, 214 118, 257 89,611 157, 379 69, 022 132, 210 34, 342 106, 957 81,030 145, 348 69, 716 167, 676 26, 394 127, 565 89, 337 127, 895 88, 458 163, 049 6,907 9,658 170 12, 439 295 14, 010 404 12, 288 3,290 6,540 4,647 15, 496 6,470 18, 573 6,792 10, 086 16, 166 5,153 15, 475 9,430 20, 545 6, 275 12, 090 17, 043 6,587 18, 589 13, 304 22, 670 8,035 10, 628 14, 962 11, 638 12, 702 6,729 23, 131 7,013 9,289 10, 175 18, 006 19, 121 8, 639 21,362 9, 553 8, 958 15, 045 4,844 2,484 4,406 7,090 20, 623 4,996 2,588 7, 518 2, 765 18, 919 6,580 4,054 6, 634 1, 766 22, 718 5, 456 4, 333 5,778 1,700 21, 210 5,466 4, 563 5,121 2,437 18, 168 119,571 193,458 6,716 53, 784 10, 046 20, 604 32, 670 15, 670 23, 357 528, 887 r 139, 201 188, 702 8,767 48, 851 6,519 23, 754 32, 014 16, 772 27. 004 561, 906 157, 177 189, 204 6,079 61, 518 7,547 22, 716 27, 586 19, 562 22, 624 592, 542 ' 144, 996 221, 507 16, 247 80, 747 8, 933 21,345 12, 553 23, 478 27, 565 595, 065 127, 895 235, 282 19, 007 55, 243 9,912 30, 004 18, 625 27, 261 32, 232 621,755 160, 163 103, 233 59, 467 106, 284 99, 740 160, 669 110, 520 64, 824 121, 122 104, 770 154, 772 139, 790 61, 783 129, 863 106, 334 162. 817 152, 994 41, 386 133, 963 103, 904 183,716 154, 319 46, 582 137, 663 99, 475 239, 533 65, 992 6, 661 15, 165 71 27, 741 22, 553 289, 354 11, 002 242, 027 65,812 6,045 15, 892 156 29, 276 22, 472 319, 879 13, 651 271 , 078 77, 582 5,646 22, 339 115 23, 758 22, 138 321, 464 4,542 272, 295 105, 684 6,470 22, 631 301 6,827 26, 053 322, 770 7,828 292, 284 104, 885 7, 539 19, 834 1 238 15,782 37, 061 329, 471 11, 368 51, 021 13, 179 21, 370 13, 677 33, 636 38, 191 59, 711 13, 024 26, 707 19, 132 37, 498 46, 281 56, 411 14, 377 17, 850 24, 318 35, 735 43, 429 53, 588 19, 213 8,691 20, 868 38, 921 48, 576 r 598, 700 588, 700 63, 082 19, 253 17, 3RD 22 623 34, 576 i 54,428 TRANSPORTATION AND COMMUNICATIONS TR AN SPORT ATION Airlines Operations on scheduled airlines: Miles flown, revenue _ thousands Express and freight carried short tons Express and freight ton-miles flown _ _ thousands ._ Mail ton-miles flown _ do Passengers carried revenue do Passenger-miles flown, revenue do__ 23, 144 11,819 7,598 3,207 868 421, 729 26, 852 15,871 10, 763 3,633 1,092 520, 960 26, 884 16, 489 10, 991 3,554 1,226 563, 013 28, 257 14, 766 8,921 3,320 1,311 594, 050 28, 089 14, 350 8,977 3,233 1,389 659, 605 29, 257 13, 082 8,177 2,915 1,342 621, 449 29, 370 15, 734 10,177 3,116 1,326 607, 332 28, 084 18, 161 11, 381 3,094 1,339 616, 559 28, 116 19, 014 11, 791 3,248 1,286 593, 402 26, 037 18, 709 11,425 3,310 1,080 490, 167 26, 014 22, 007 13, 460 4,952 941 464, 170 24, 946 15, 784 9, 714 3.302 ' 915 468, 709 22,027 20 20, 235 42 19, 992 44 21, 810 19 20, 877 1 19, 736 4*5 19, 324 *4B 20, 487 51 19, 808 41 20, 077 18 23, 190 19 19, 566 54 9.1922 1,271 117,300 9. 2092 1,421 130,000 9. 2287 1,358 130, 400 9. 2895 1,331 127, 700 9. 3114 1,268 122, 000 9. 3869 1,169 116, 400 9. 4501 1, 193 121, 600 9. 4793 1,220 116, 800 9. 5158 1,265 125, 100 9. 5523 1,226 124, 200 9. 6399 1,293 135, 100 9. 8029 1,236 118, 600 9. 8029 1,135 3,391 410 49 193 240 69 299 416 1.714 2,339 205 16 162 217 75 33 353 1.277 2,638 559 26 160 206 52 52 334 1 . 95ft 2,393 435 48 126 162 37 46 298 1 . 9,41 2,288 259 42 140 157 29 46 320 1 . 907 Express Operations Operating revenues Operating income _ _ thous, of dol do Local Transit Lines Fares, average cash rate Passengers carried, revenue Operating re venuest _ cents millionsthous. of dol.. Class I Steam Railways Freight carloadings (A. A. R.):d" Total cars __ thousands.. 2,767 3,345 3,099 3,603 3,078 2,762 2,923 Coal _ do 607 498 634 633 560 393 459 63 54 Coke _ do_ 70 59 57 35 38 Forest products do 131 159 180 148 191 139 163 156 226 174 Grain and grain products. ._ do 188 279 291 216 Livestock do_ 34 43 39 37 38 41 33 52 303 Ore __ do 105 266 396 311 277 369 374 Merchandise, 1. c. 1 do 480 445 378 364 329 Miscellaneous do 1,356 1,743 1,381 1,350 1.232 1.637 1.364 r d Revised. Deficit. t See corresponding note on p. S-21. §See note marked "t" on p. S-21. JData for 1947 revised; see note marked "J" on p. S-22 of the September 1949 SURVEY. cfData for March, June, September, and December 1949 are for 5 weeks; other months, 4 weeks. 3,121 626 59 180 214 48 66 385 1 . 543 SURVEY OF CURRENT BUSINESS April 1950 S--23 1950 1949 Unless otherwise stated, statistics through 1948 and descriptive notes are shown in the 1949 Statistical Supplement to the Survey February March April May June July August September October November December January February TRANSPORTATION AND COMMUNICATIONS—Continued TR AN SPORT ATION—Continued Class I Steam Railways—Continued Freight carloadings (Federal Reserve indexes) : Total, unadjusted 1935-39=100— Coal - _ do Coke do Forest products do Grain and grain products _ _ do . . Livestock * do Ore _. .do- -Merchandise, 1 c. 1 do Miscellaneous _ __ .do.Total, adjusted do Coal do Coke do Forest products do Grain and grain products do Livestock do Ore - --do Merchandise, 1 c 1 do Miscellaneous do Freight-car surplus and shortage, daily average: Car surplus, total _ ._ _ ._ _ number. Box cars _ do Coal cars __ _ .. __. _ _ _ _ d o _. Car shortage, total do Box cars __ do_ Coal cars do Financial operations (unadjusted): Operating revenues, total thous. of doL. Freight _ _-_ _do Passenger do Operating expenses __ . -do Tax accruals, joint facility and equipment rents thous. of doL . Net railway operating income _ do Net incomet do Financial operations, adjusted: Operating revenues, total mil. of dol Freight __ _ _ do Passenger do _ Railway expenses _ do Net railway operating income _ _ do _ _ Net income __ _ do Operating results: Freight carried 1 mile mil of ton-miles Revenue per ton-mile cents Passengers carried 1 mile, revenue millions 117 124 198 107 111 60 46 58 128 126 124 187 T r T 160 57 127 114 60 128 130 140 104 218 55 135 105 60 130 121 125 79 145 52 125 99 42 53 131 153 131 35 56 121 92 42 54 124 153 85 28 54 111 120 131 96 135 149 95 51 55 124 117 131 96 137 152 75 42 54 119 107 97 155 119 123 69 45 50 120 115 97 148 134 131 72 146 52 127 107 97 158 106 119 68 42 49 122 117 97 151 118 119 70 169 52 133 96 46 130 115 111 52 39 51 122 104 46 122 119 113 65 156 52 130 63, 822 11, 103 43, 570 2,451 2,254 113 74, 745 7, 697 62, 109 3,582 3,173 104 190, 978 3,451 183, 594 10, 924 10, 346 132 100, 208 2, 368 92, 938 5, 964 3,918 1 909 44, 382 8, 303 25, 833 1, 021 448 517 110, 945 17 425 77, 385 224 111 37 165, 541 11,701 139,311 569 414 16 648 811 564 818 742, 877 606. 201 78, 606 587, 116 694, 969 569, 491 69, 833 540, 988 648, 534, 60, 520, 924 885 993 920 704, 806 587, 060 63, 776 537, 354 657, 537, 69 546 044 338 725 665 584, 928 481, 965 57, 845 501, 118 85, 998 61, 263 42, 476 80, 493 50, 337 26, 8ol 90, 034 65, 727 39, 061 90, 444 63, 538 38, 131 81, 219 46, 786 23, 592 91,869 75, 582 54, 425 73, 229 69, 309 82, 455 77, 622 32 758 11 016 68, 574 15, 236 736.9 611.7 68.6 676.2 60.6 29.2 748.3 614.5 74.4 677. 0 71.3 37.8 700.9 570.1 75. 7 £49. 8 51.1 19.0 697.3 569.0 70.1 659.1 38.2 5.2 685.2 560.2 70.1 633.1 52.1 18.9 622 9 511.0 62. 3 591.9 31.0 0 708.5 588.8 66.7 636. 4 72.0 39.3 712. 1 584.0 73.0 631.5 80.6 r 49.1 688 6 565 0 72.8 628 9 59.8 28 3 50, 199 1.321 2,770 51, 607 1.283 2,735 47, 964 1.332 3,111 44, 991 1.345 3,385 47 107 1.338 3,256 44, 219 1.363 2,910 40 554 1.400 2,533 46 036 1.356 2,488 45 190 1.343 2,912 41 793 1 370 2 730 6,659 3,409 3,250 7,847 3,984 3,863 8, 352 4,441 3,911 8,401 4,586 3,816 7,300 4,008 3,292 7,486 4,098 3,390 7,285 3,888 3,396 6,494 3,396 3,099 6,367 3 433 2,934 6,458 3 479 2,979 5,619 3 095 2 523 1,981 877 2,554 1,280 2,525 1,174 2,426 1,049 2,330 1,116 2,387 1,047 1,979 928 2, 125 1,166 2,297 1,313 2,079 1 079 2,638 1 576 2 508 1 412 2 565 1 588 5.38 86 222 5.15 85 210 5.62 84 228 5.16 84 234 5.48 84 233 5.27 78 211 5.84 81 222 5.59 86 223 5.71 86 213 5.81 80 218 5.25 67 194 5.41 80 211 5.43 83 215 47, 540 48, 161 1,461 10, 965 21, 975 177 55, 907 54, 681 1,883 16,662 34, 761 243 50, 397 53, 899 2, 152 17, 074 32, 319 433 47, 743 53, 966 2,078 22, 038 34, 602 803 51, 062 71, 695 2,568 20, 809 32, 294 1,732 64, 588 1 77, 419 1 73, 171 i 41, 927 54, 039 i 37 141 39 205 131 601 40 723 i 37 182 40 553 i 42 sgg p 24, 000 19, 688 3, 333 v 26, 000 19, 847 3 126 P 26, 000 15, 501 1,446 f 27, 000 13, 592 678 J> 22, 000 13 608 298 P 24, 000 13 932 188 22 069 187 943 8,600 941 8,663 868 7,883 796 7,370 887 8,135 841 7,731 825 7,587 833 7,732 807 7,512 785 7,260 830 7,750 247, 769 141, 270 88, 969 198, 130 22, 164 34, 129 245, 937 141, 955 86, 591 193,094 23, 958 34, 318 250, 363 143, 750 88, 844 197, 138 24, 266 34, 493 253, 432 146, 744 88, 828 196, 856 26, 458 34, 635 249, 852 144, 576 87, 490 195,617 24, 671 34, 766 258, 353 146, 891 93 449 199, 772 27, 433 34,902 257, 096 149, 629 89, 507 196, 780 28, 827 35, 059 262, 534 154, 018 90, 258 195, 137 33, 119 35, 231 262, 745 156, 367 88 159 196 809 32 277 35, 408 271, 879 159, 895 93, 536 205, 535 32, 729 35, 635 14, 955 14, 345 <*166 14, 354 14, 167 d 612 14, 819 14,d 228 15,098 13, 901 360 13, 582 13, 939 1, 123 14, 870 13, 964 156 14, 523 13, 420 314 13, 944 12, 984 253 13, 413 12, 673 62 14. 584 13, 363 596 13, 241 12, 756 2,090 1,662 232 1,944 1,696 55 2,078 1,675 180 2,019 1,822 1,826 1,764 1 892 1,733 !27 *20 1 948 1,617 149 1 817 1, 506 145 1 788 1,548 74 1 882 1,660 38 1 762 1,548 31 2,067 1,856 148 1,896 1,862 1,979 1, 843 52 1,950 1,845 16 1, 793 1,809 d 99 I 925 1,800 46 1 957 1,696 185 1 938 1,741 126 1 938 1,827 46 2 262 1,973 205 1 883 1,790 112 113 75 185 61 136 111 79 175 117 128 61 68 61 131 120 79 174 117 139 77 236 60 138 125 129 184 119 121 68 228 60 130 127 129 188 119 138 76 215 59 132 125 130 171 128 132 66 267 59 127 124 130 173 123 150 73 215 59 126 119 98 147 127 159 54 282 57 126 115 98 150 122 156 70 182 58 122 115 79 115 117 212 60 284 55 121 110 79 118 117 177 70 177 55 120 120 103 119 131 149 73 240 57 128 117 103 123 125 138 60, 063 14, 930 34, 917 549 103 320 114, 926 17, 803 87, 579 510 165 198 78, 336 28, 600 39, 994 236 35 74 49, 195 34, 365 4,321 375 71 164 60, 083 35, 263 14, 786 388 184 32 86, 418 17, 839 59, 834 1,741 1,632 5 675, 771 559, 206 67, 374 567, 795 739, 058 616, 074 67. 608 587, 933 747, 259 620, 293 68, 659 594, 270 741, 069 615, 923 67, 858 600, 852 735, 439 599, 507 77, 076 588, 177 77, 043 * 30, 934 4,635 85, 708 65,417 41, 494 88, 226 64, 763 39, 989 82, 621 57, 595 32, 209 739.7 609.0 74.7 688.5 51.3 20.4 721.6 596. 0 68.4 662.6 59.0 26.4 741.9 610.4 71.0 689.1 52.8 21.3 45, 359 1.314 2,740 46, 716 1. 3C7 2,744 5,691 2,849 2,841 r 700, 562, 82, 569, 710, 575, 74, 568, 830 664 379 292 Waterway Traffic Clearances, vessels in foreign trade: Total U. S. ports thous. of net tons. Foreign do United States do Panama Canal: Total __ thous. of long tons In United States vessels do Travel Hotels: Average sale per occupied room dollars _ _ Rooms occupied percent of total Restaurant sales index same month 1929 =100. _ Foreign travel: U. S. citizens, arrivals _ number U. S citizens, departures do Emigrants __ _ _ do Immigrants _ _ d o __ Passports issued _ __ _ do National parks, visitors thousands Pullman Co.: Revenue passenger-miles millions-. Passenger revenues thous. of dol. . 79, 459 53 058 30 156 237 COMMUNICATION S Telephone carriers:! Operating revenues thous. of dol. . 232, 667 Station revenues do 137, 065 Tolls, message ... _. _ __ _do 78, 603 184, 629 Operating expenses, before taxes do Net operating income do __ 21,059 Phones in service, end of month thousands.. 33, 894 Telegraph, cable, and radiotelegraph carriers: Wire-telegraph: Operating revenues thous. of dol. _ 13, 227 13, 171 Operating expenses, incl. depreciation do *756 Net operating revenues _do Ocean-cable: 1,931 Operating revenues do 1,584 Operating expenses, incl. depreciation. _ _ do 137 Net operating revenues do Radiotelegraph : 1,844 Operating revenues _ _ do __ 1,747 Operating expenses, incl. depreciation do 27 Net operating revenues. ___ __ do_ .» *53 254 d l d d d ^SQ d 20 T Revised. * Preliminary. d Deficit. JReyised data for January 1949, $12,445,000. i Beginning July 1949, data exclude departures via international land borders; land-border departures during the 12 months ended June 1949 amounted to less than 1 percent of total departures. t Revised series. The coverage has been reduced from 100-120 to 53 carriers; however, the comparability of the series, based on annual operating revenues, has been affected by less than 3.0 percent. Also, data are now shown after elimination of intercompany duplications for the Bell System; figures prior to August 1948 on the revised basis will be shown later. Data relate to continental United States. SURVEY OF CURRENT BUSINESS S-24 Unless other-wise stated, statistics through 1948 and descriptive notes are shown in the 1949 Statistical Supplement to the Survey April 1950 1950 1949 February March April May June July August September October November December January 124, 079 February CHEMICALS AND ALLIED PRODUCTS CHEMICALS Inorganic chemicals, production: Ammonia, synthetic anhydrous (commercial) short tons-. Calcium arsenate (commercial) thous. of l b _ _ Calcium carbide (commercial) short tons__ Carbon dioxide, liquid, gas, and solid thous. of l b _ _ Chlorine _ _ short tons Hydrochloric acid (100% HC1) do Lead arsenate (acid and basic) thous. of l b _ _ Nitric acid (100% HNOs) short tons Oxygen mil. of cu ft Phosphoric acid (50% HsPOiL-- -. - short tons-_ Soda ash, ammonia-soda process (98-100% Nas Cos) short tons. _ Sodium bichromate and chromate do Sodium hydroxide (100% NaOH)._ _ _do Sodium silicate, soluble silicate glass (anhydrous) _. short tons Sodium sulfate, Glauber's salt and crude salt cake short tons Sulphuric acid (100% H 2 SO 4 ): Production do Price, wholesale, 66°, tanks, at works dol. per short ton_. Organic chemicals: Acetic acid (synthetic and natural), production thous. of l b _ _ Acetic anhydride production do Acetyl salicylic acid (aspirin), product] on. .do Alcohol, denatured: Production thous. of wine gal Consumption (withdrawals).- _ do Stocks do Alcohol, ethyl: Production thous. of proof gal Stocks, total do In industrial alcohol bonded warehouses-do In denaturing plants _ _ do Withdrawn for denaturing do Withdrawn tax-paid do Creosote oil, production thous. of gal Ethyl acetate (85%), production thous. of l b _ _ Glycerin, refined (100% basis) : High gravity and yellow distilled: Production thous. of lb_. Consumption. _ do Stocks do Chemically pure: Production do Consumption ._ __ do Stocks do Methanol, production: Natural (100%) thous. of gal. _ Synthetic (100%) do Phthalic anhydride, production thous. of Ib 56, 480 103, 418 129 58, 123 109, 306 1,159 50, 763 110, 129 1,515 45, 804 103, 217 1,871 47, 424 109, 505 3,070 44, 227 113, 894 2,969 42, 009 105, 443 0) 40, 286 108, 604 0) 47, 274 115, 667 1,151 55, 212 124, 900 1,548 55, 836 58, 183 136, 431 38, 994 4,089 90, 545 1,364 107, 134 73, 255 148, 693 42, 297 2,833 85, 680 1,471 113, 927 75. 758 140, 791 40, 267 1,627 101, 790 1,367 108, 045 103, 665 143, 718 37, 825 711 99, 800 1,286 111,040 116, 758 134. 572 34, 833 784 97, 476 1,048 97, 252 131, 141 139, 163 35, 978 0) 90, 382 1,042 101, 682 132, 266 147, 825 39, 709 (0 93, 308 1,184 109, 100 95, 085 147, 214 41, 030 0) 95, 721 1,174 111, 224 82, 139 151, 128 43, 616 0) 85, 208 829 124, 479 66, 259 155, 943 44, 668 676 91, 832 990 118, 217 66, 861 2 63, 180 168, 282 r 158, 202 44, 768 2 47, 871 3,217 890 575 99, 925 2 105, 1,308 ' 2 1, 369 113, 490 ' 122, 850 329, 076 7,987 188, 340 349, 849 8,116 192, 947 312, 647 7,105 175, 850 285. 741 5,286 176, 703 309. 379 4,648 170, 283 289, 943 4,029 163, 678 305, 469 5,575 175, 933 317, 406 5,552 182, 143 328, 899 5,938 189, 367 360, 971 5,781 196, 575 354. 412 fi, 726 201, 012 31, 683 35, 423 32, 579 43, 277 37, 658 26, 446 28, 284 37, 159 49.912 46, 073 67, 539 65, 623 60, 834 54, 485 48, 393 42, 176 58, 794 49, 377 56, 166 59, 012 868, 584 978, 251 908, 599 937, 255 859, 275 833, 063 871, 458 840, 955 891, 334 934, 916 17.00 17.00 17.00 17.00 17.00 17.00 17.00 17.00 17.00 17.00 17.00 17.00 34, 739 57, 807 1,069 30, 496 48, 157 609 29, 617 39, 459 804 29, 521 39, 775 940 25, 420 35, 334 1,009 29, 698 40, 528 250 31,638 50, 785 908 34, 788 62, 927 813 39. 667 68, 704 927 39, 923 70, 853 843 39, 824 72, 458 873 36, 765 69, 140 829 11, 121 10, 112 3,232 15, 121 14, 088 4,248 14, 468 12, 996 5,708 13. 883 12, 975 6,604 16, 575 14, 430 8,746 10, 097 10, 556 8,266 12,313 12, 444 8,126 13, 947 15. 341 6,732 14, 845 15, 259 6,313 14, 612 15, 574 5,358 13, 618 15, 077 3,899 14, 903 15, 335 3,464 13, 293 13, 215 3,429 22, 376 37, 727 37, 434 293 20, 165 3, 184 13, 435 3,646 28, 426 37, 741 37, 454 288 27, 834 2,944 13, 861 6,374 36, 232 43, 842 43, 373 469 27, 027 2,541 13, 250 6,416 33, 855 49, 942 49, 441 502 25, 770 3,022 13, 728 5,368 31, 796 51,015 50, 544 471 30, 593 3, 040 13, 215 5,479 23, 760 53, 788 53, 273 515 18, 663 2,664 10, 542 5,798 26, 660 56, 588 53, 527 3,061 25, 176 3,572 10, 005 6,424 22, 770 52, 426 50, 652 1, 775 24, 362 3,672 10, 492 5,339 22, 680 43, 133 41, 919 1,214 27, 117 3, 936 6,254 6,852 23, 181 37, 192 36, 223 969 26, 838 4,289 6,508 6,469 22, 549 33, 949 33, 204 745 24, 907 2,288 10, 314 6,456 »• 24, 688 31, 346 30, 450 896 27,411 2,750 10, 460 6,449 24, 254 28, 397 27, 713 685 24, 044 2,547 4,689 5,774 12, 679 6,234 6,305 12, 406 6,213 6,182 12, 936 6,089 6,341 12, 110 7,907 6, 668 13, 596 4,692 5,700 11,316 6,781 7,068 11, 580 7,528 7,397 11, 790 7,550 6.913 12, 123 7,879 6, 545 13, 103 6, 834 6,214 13, 591 6,927 5,971 14, 347 6,159 6,082 13, 564 8,956 6,921 21, 764 9,973 7,621 21, 307 8,910 7,065 20, 685 9,246 7,189 20, 393 8,617 6, 947 18,211 6,258 6,286 14, 926 11,591 8,181 15, 674 11,165 7,729 15,479 11,655 8,054 17, 214 12, 426 7, 916 17, 838 12, 335 7,209 20, 071 12, 840 9,174 22,411 12, 228 7,224 24, 645 172 12, 783 12, 815 187 14,038 12, 470 166 11,417 10. 192 223 8,864 9,507 146 7, 023 8,018 136 7,609 7,104 157 8,059 10, 103 146 9, 323 12, 602 165 11, 143 16, 284 165 9,789 16, 340 169 10, 628 18, 075 171 11,655 18, 174 145 739 207. 809 63, 127 129, 643 7,828 176, 584 141,302 86, 544 13, 333 548 375 258. 996 58, 420 161,062 9, 821 110,049 93, 061 66, 791 4, 430 2,198 308 264, 575 79, 592 172, 841 8,410 69, 454 54, 254 32, 681 8,130 1 520 310, 303 124, 806 155,912 9, 985 97, 236 86, 961 47, 695 4,737 2 489 391, 164 150, 907 186, 581 11, 540 87, 735 70, 828 26, 454 8,389 20 557 300, 251 159, 502 110, 806 5, 631 106, 389 88, 773 33, 163 5,135 4,738 992 336, 296 51, 893 265, 566 3,405 142, 225 98, 717 55, 563 5,433 26, 159 1,468 54.50 78, 290 54.50 114,025 54.50 77,015 52.25 105, 678 51.50 72, 787 51. 50 45, 485 51.50 27, 896 51.50 91, 803 90,917 C) 115, 976 (0 51, 317 0) 56, 849 2 58, 752 151,513 42, 821 3,756 2 101, 386 2 1, 252 120, 755 2 338, 552 7. 350 187. 201 319, 578 6,771 179, 400 41, 794 36. 410 31, 416 55, 845 ' 60, 069 996, 565 21,019,803 54, 820 2 950, 073 17.00 FERTILIZERS 1,234 1,478 1,950 Consumption, (14 States)! thous. of short tons__ 250,058 254, 928 Exports, total _ _ short tons _ _ 215, 591 104, 414 99, 590 98, 587 Nitrogenous materials do 92. 242 138, 789 123, 799 Phosphate materials __ _ do 9,133 7,993 8,116 Potash materials ___ _ _ _ _ _ do__ Imports, totnl do-_ _ 144, 203 170, 937 «• 152, 977 Nitrogenous materials, total do 130, 339 150, 466 ' 124, 009 88, 559 61, 341 82, 123 Nitrate of soda do__ _ 464 Phosphate materials _ ___ __ _ _ do 3,215 8,401 1,964 Potash materials _ do 5,962 13, 130 Price, wholesale, nitrate of soda, crude, f. o. b. cars, port warehouses dol per short ton 54.50 54.50 54.50 90, 604 114,673 100, 338 Potash deliveries short tons Superphosphate (bulk): 856. 835 1,015,320 994, 691 Production do 1 , 234, 569 802, 638 984, 456 Stocks, end of month do 928. 882 824, 080 511 279 289, 754 351, 947 98. 064 87, 853 229, 784 162, 598 15, 392 8,103 120, 479 ' 118, 352 100, 699 •• 107, 241 52, 377 52, 610 13, 570 5, 066 0 0 54.50 103, 936 54.50 92, 825 829,083 810. 775 850, 563 876. 802 816, 724 836, 137 ' 802. 943 847, 537 820, 111 960, 752 1.161,919 1,264,676 1, 268, 682 1. 259, 932 1, 311, 085 1, 420, 577 1,495,731 1, 311, 549 NAVAL STORES Rosin (gum and wood): Production, quarterly total .. _ drums (520 Ib.) . Stocks, end of quarter do Price, gum, wholesale, "WG" grade (Sav.), hulk* dol. per 100 lb_. Turpentine (gum and wood) : Production, quarterly total bbl. (50 gal.)_. Stocks end of quarter do Price, gum, wholesale (Savannah),, dol. per gal__ 525, 250 719, 140 362, 650 618, 230 7.15 .40 6.22 114, 860 229, 690 .41 5.68 .40 6.41 6.42 .39 183, 160 218, 490 .37 574, 840 840 920 6.49 ---- 6.53 6.70 ~38~ 194. 110 225, 070 .39 552, 940 929 960 6.60 ---- 6.58 6.66 ---- 170, 700 238, 660 .40 6.66 ____ 6.40 ---- MISCELLANEOUS Explosives (industrial), shipments: Black blasting powder thous. of Ib 1,730 1,333 1,269 1,286 1,081 1,068 1,509 1,606 1,595 2,436 2,212 1,999 1,803 High explosives do 47, 507 55, 729 45, 883 57, 992 50, 982 45,443 53, 158 48, 548 47,608 47, 585 40, 130 40, 468 37, 389 Sulfur: 351,086 402, 711 Production _ long tons 396, 447 399, 025 417,526 388,811 397, 024 389, 682 392, 805 392, 655 400, 564 401,232 376, 942 3, 234, 481 3, 202, 481 3,181,199 3. 168, 051 3. 168, 312 3. 142. 845 3. 156. 752 3. 139. 785 3. 097. 331 3.114.865 3. 099. 305 3. 074 5fi9 3 040 1QO Stocks do T 2 Revised. 1 Not available for publication. Beginning January 1950, figures are not strictly comparable with those for earlier periods because of the inclusion of data for plants not previously reporting. Revised figures for 1948-49 including data for these plants (which account for less than 3.5 percent of the total production of the indicated chemicals) will be available later. fRevised series. Beginning in the January 1950 SURVEY, data for fertilizer consumption in 14 States have been substituted for the 13-States series formerly shown; revised figures prior to November 1948 will shown later. *New series. The series for rosin "WG" (window glass) grade, which is compiled by the 17. S. Department of Labor beginning November 1948, and prior to that month by the Oil, Paint tmd Drug Reporter, has been substituted for the "H" grade formerly shown. Data beginning 1935 will be shown later. SURVEY OF CURRENT BUSINESS April 1950 Unless otherwise stated, statistics through 1948 and descriptive notes are shown in the 1949 Statistical Supplement to the Survey S-25 1950 1949 February March April May June July August September October November December January February CHEMICALS AND ALLIED PRODUCTS—Continued FATS, OILS, OILSEEDS, AND BYPRODUCTS Animal fats, greases, and oils: Animal fats: Production thous. of lb_. 303, 420 94, 838 Consumption, factory do 485, 516 Stocks, end of month _ _ do Greases: 50, 232 Production do 45, 023 Consumption, factory do 107, 603 Stocks, end of month do Fish oils: 741 Production do 10, 733 Consumption, factory _ do __ 104, 404 Stocks end of month do Vegetable oils, oilseeds, and byproducts: Vegetable oils, total: 449 Production, crude mil. of lb__ 414 Consumption, crude, factory _ do Stocks, end of month: 808 Crude - -do 423 Refined do 29, 596 Exports f thous. of lb_. 30, 545 Imports total do 11, 492 Paint oils do 19, 053 All other vegetable oils _ do Copra: 17, 624 Consumption factory short tons 19, 559 Stocks, end of month _ do 20, 638 Imports do Coconut or copra oil: Production: 23, 014 Crude -thous. of lb__ 20, 545 Refined . __ do _ Consumption, factory: 38, 592 Crude _ __ do _ 17, 838 Refined do Stocks, end of month: 63, 978 Crude do 11, 423 Refined -- do _ 6,950 Imports _ do Cottonseed: 115 Receipts at mills thous. of short tons_. 520 Consumption (crush) do 1,260 Stocks at mills, end of month __do __ Cottonseed cake and meal: Production short tons._ 231,639 92, 253 Stocks at mills end of month do Cottonseed oil, crude: 167, 157 Production thous. of Ib 198, 729 Stocks end of month do Cottonseed oil, refined: 141, 105 Production do 122, 995 Consumption factory __ -- do 38, 635 In oleomargarine do 220, 937 Stocks end of month do Price, wholesale, summer, yellow, prime (N. Y.) .155 dol. per lb._ Flaxseed: Production (crop estimate) thous. of bu Oil mills: 3,006 Consumption - do 5,313 Stocks, end of month. __ do 20 Imports -do 6.00 Price, wholesale, No. 1 (Minn.) dol. per bu_ Linseed oil: 58, 542 Production thous. of Ib 27, 663 Consumption, factory __ _ _ - do 239, 449 Stocks at factory, end of month do .288 Price, wholesale (N. Y) dol. per lb__ Soybeans: Production (crop estimate) thous. of bu 15, 520 Consumption, factory do 44,415 Stocks end of month do Soybean oil: Production: 151, 137 Crude - thous. of Ib 125, 950 Refined do Consumption, factory, refined .._. _ , do 103, 591 Stocks, end of month: 140, 245 Crude do 119, 744 Refined do .173 Price, wholesale, edible (N. Y.) dol. perlb__ r l 2 Revised. December 1 estimate. No sales. fRevised series. Beginning in the September 1949 SURVEY 306, 947 111,062 446, 760 270, 742 94, 188 408, 634 272, 192 109, 734 368, 929 275, 069 105, 502 319, 521 254, 842 61,981 322, 974 264, 394 120, 143 292, 421 248, 888 119, 516 265, 758 288, 318 117, 519 240, 962 338, 009 106, 627 251, 195 378, 469 96, 214 316, 248 r 363, 933 r 111 714 360, 842 287, 055 103 724 344 466 51, 138 48, 539 109, 933 46, 852 43, 564 110, 882 49, 170 38, 425 113,706 50, 505 41, 590 124, 927 45, 702 32, 951 129, 265 46, 753 41,895 124, 518 44, 706 46, 031 117, 852 48, 110 42 016 116, 477 54, 861 42 911 112,412 55, 935 43, 794 111, 379 53 954 42 005 113,753 48 956 40 593 111 314 879 13, 395 88, 713 1,063 9,653 80, 946 4,717 10, 753 78, 176 13, 599 12, 377 78, 442 12, 735 11,126 69, 511 18, 362 12, 823 79, 062 21, 962 17, 667 92, 245 24 908 20 865 102 849 8 438 15 364 94 776 10 076 14, 777 106, 261 4 833 15 236 103 076 15 438 87 502 469 450 381 405 374 384 379 368 338 307 361 380 464 417 601 480 601 496 553 456 r541 475 470 450 812 448 47, 741 ' 23, 126 5,739 r 17, 387 736 462 97, 268 8,827 2,802 6,025 735 376 115,017 13, 955 2,108 11, 787 732 266 «• 1 087 1 073 71, 885 32, 589 2,811 29, 778 718 188 31,179 31,096 4,505 26, 592 1,048 60, 173 24, 378 1,609 22, 769 29, 982 38, 516 4,925 33, 591 36, 630 28 785 10, 616 18 169 71, 986 35 654 11, 689 23 966 48, 924 22, 024 5, 535 16, 489 60 199 20 873 1 726 19 147 25, 148 16, 618 26, 006 19, 754 14, 337 22, 677 30, 203 15, 536 32, 655 36, 773 15, 034 40, 940 26, 914 12, 769 27, 909 34, 932 10, 010 38, 594 38, 306 8,333 51, 251 46 206 18, 710 60 027 43 723 21, 998 52 913 33, 180 22, 328 32, 798 36 640 23 784 44 625 25 515 17, 725 32, 682 21, 522 25, 762 28, 162 38, 933 24, 473 47, 231 25, 022 34, 368 23, 139 44, 961 29, 168 48, 892 30, 374 58, 979 29, 169 55, 482 25 363 42, 726 24, 304 46 743 22 515 32, 381 21 358 42, 566 22, 533 46, 903 25, 224 42, 585 22, 827 44, 905 24, 483 36,014 19, 689 53, 219 28, 147 54, 538 26, 248 55 248 25, 914 48 532 23, 287 45, 222 22, 344 43 763 20 617 40 787 20, 708 64, 224 7,893 7,796 47, 880 8,805 2,330 56, 132 9,063 7,852 71,318 8,477 8,442 82, 365 8,728 14,512 83, 124 6,723 14, 485 101, 042 7,945 17,020 112,977 8 283 8,442 134, 570 8 676 11, 158 146, 739 9,016 6,015 179 560 9 893 10 675 183, 139 8 446 94 473 881 30 325 586 19 262 343 15 197 162 117 147 132 353 207 278 1,248 586 941 1,575 2, 112 1,884 209, 422 95, 907 143, 338 95, 806 117, 678 104, 700 85, 660 88, 354 66, 340 65, 949 94, 081 52, 759 253, 763 98, 076 334, 030 116 912 355, 146 123 518 309. 772 142, 801 235, 130 r 289, 039 ' 175 724 196 406 153,918 184, 758 107,085 168, 447 87, 873 118, 896 65, 569 76, 240 48, 656 52, 233 64, 805 40, 908 184, 291 88, 766 242 687 123 462 252, 640 162 355 217, 619 181 587 r 210 781 171 922 173 826 146 885 150, 595 133, 361 40, 819 242, 512 119, 975 124, 750 32, 771 236, 197 115,419 125, 584 30, 560 227, 587 97, 996 138, 639 32, 728 186, 268 61, 255 110, 959 28, 882 132, 766 71,976 142, 409 37, 530 72, 590 ] 13, 309 115,282 32 076 69, 708 178, 666 129 424 35 728 125 176 188, 938 144, 799 36 049 174 Q81 172, 940 133, 830 41, 205 218 210 175, 927 145 547 47 649 255 630 174, 054 158 713 .143 .136 .134 .122 .125 .158 .140 .129 .118 .123 .130 .138 2 937 5,058 2 752 3,928 739 319 776 171 856 231 1,382 748 963 288 338 450 677 1,322 785 1 3,177 3,142 46 6.00 2,241 2,104 13 6.00 2,393 1,960 10 (2) (2) 60, 949 31, 966 270, 035 .288 43, 510 25, 432 310, 827 .288 45, 497 23, 734 321, 765 .288 17, 032 36,305 15, 937 29,029 167, 689 137, 081 130, 314 132, 959 123 562 .154 386 179 654 1,409 493 404 262 533 1,137 273 525 43, 664 3,505 2,227 0 3.86 3,985 4,932 0 3.91 3,886 8,139 0 3.94 3 468 7,553 3.85 3.93 3.92 3.95 3.88 70, 927 26, 402 363, 431 .276 69, 949 35, 262 378, 788 .250 77, 071 42, 723 407, 230 .216 72, 923 49, 884 421, 115 .208 67 803 44 411 433 921 .192 62 856 36, 376 462 934 .186 61,681 30, 518 485 112 .185 57 066 32 292 515 697 !l84 53 469 33 619 531 932 .185 15, 459 22, 992 15, 264 18, 333 15, 302 12, 477 13, 551 6,549 11,996 10 606 17 522 63 581 17 139 70 914 1 222 305 17 290 66 508 16 909 59 398 15 466 54 214 156, 088 127, 425 130, 934 154, 183 118 045 123, 969 150, 583 124 209 120, 798 155, 148 110, 190 97, 345 136, 015 135, 106 141, 462 120, 756 127 703 136, 199 172 491 125 902 119 778 165 473 133 442 129 801 166 855 119 251 104 727 165 088 130 317 117' 599 153 046 118 749 111 398 105, 365 112 523 .158 88, 631 102 045 .154 82, 793 93 929 .141 90, 881 92 807 .142 71,925 76 384 .175 56 223 56 790 '.157 67 314 55 410 .145 69 405 57 976 !l42 90 116 59 985 '.148 82 877 66 650 !l50 78 911 66 791 .153 3,528 1,513 ,data include oleomargarine of vegetable or animal origin. o 3, 254 6,982 0 3,194 5,412 0 0 SUKVEY OF CUERENT BUSINESS S-26 Unless otherwise stated, statistics through 1948 and descriptive notes are shown in the 1949 Statistical Supplement to the Survey April 1950 1950 1949 February March April May June July August September October November December January 75, 471 73, 938 71, 278 73, 072 76, 948 76, 854 84, 237 83,942 February CHEMICALS AND ALLIED PRODUCTS—Continued FATS, OILS, ETC,— Continued Vegetable oils, oilseeds, etc.— Continued Oleomargarine: Production thous. of Ib Consumption (tax-paid withdrawals) do Price, wholesale, vegetable, delivered (Chicago) dol. per lb._ Shortenings and compounds: Production .thous. of Ib Stocks end of month do _ 76, 061 75, 032 80, 120 78, 984 65, 665 64, 722 59, 725 60, 419 63, 610 61, 970 56, 118 55, 366 79, 106 79, 346 74, 408 71, 172 .269 .256 .229 .224 .224 .224 .248 .249 .224 .224 .224 .224 .224 112, 150 70, 850 125, 607 72, 800 119, 576 80, 436 125, 908 84, 851 122, 213 85, 821 83, 355 64, 438 156, 696 52, 851 133, 849 59, 315 123, 178 62, 860 139, 965 61, 889 125, 783 81, 722 135, 591 71, 190 145, 489 66, 407 Paint, varnish, lacquer, and filler, total thous. of dol__ Classified total do Industrial __do Trade do ___ Unclassified _ do 70, 190 63, 968 26, 124 37, 844 6,222 84, 124 75, 938 30, 178 45, 760 8,186 86, 236 77, 852 28, 473 49, 379 8,384 89, 083 79, 913 27, 582 52, 331 9,170 88, 465 79, 546 28, 755 50, 791 8,919 74,215 67, 613 25, 775 41, 839 6,601 87, 911 79, 375 30, 821 48, 554 8,537 84, 376 75, 453 30, 227 45, 225 8,923 76, 219 69, 016 28, 682 40, 334 7,203 67, 128 60,719 25, 215 35, 503 6,409 57, 445 52, 061 23, 491 28, 570 5,383 'r 75, 936 68 887 r 27, 684 r 41 203 7, 049 70, 789 64 556 27, 137 37, 419 6,233 SYNTHETIC PLASTICS AND RESIN MATERIALS Production:* Cellulose acetate and mixed ester plastics: Sheets, rods, and tubes thous. of Ib Molding and extrusion materials do _ Nitrocellulose, sheets, rods, and tubes. _ _ _ do Other cellulose plastics do Phenolic and other tar acid resins. do Polystyrene do Urea and melamrne resins. _ _ _ do Vinyl resins ... _ ._ _ do. __ Alkyd resins _ __ _ do Rosin modifications _ __do Miscellaneous resins . _. __do 1,521 4,322 691 890 20, 195 14, 920 10, 641 19, 065 15, 242 7,098 17, 095 1,563 4,548 728 1,010 20, 585 17, 257 9,248 22, 219 16, 038 7,848 16, 084 1,329 4,610 750 1,022 18, 260 17, 548 8,500 23, 613 16, 069 8,182 14, 547 1,650 3,449 754 709 14, 828 16, 331 8,049 20, 407 17, 853 7,516 14, 162 1,242 4,303 626 176 14, 952 15,029 7, 931 20, 636 19, 149 7,584 14, 825 1,332 3,431 372 433 11,232 15, 905 6,273 18, 853 17, 304 6,631 14,877 1,405 4,626 517 113 17, 834 19, 749 9, 569 23, 663 19, 258 8,103 16, 646 1,530 5,798 431 712 22, 569 20,723 10, 299 29, 098 21,114 9,912 19, 399 2,138 6,904 453 749 25, 056 22, 156 13, 239 31, 786 20, 787 10, 728 18, 896 1,962 5,183 440 950 28, 684 20, 901 13, 568 33, 503 20, 619 9,777 18, 709 1,674 4,638 485 972 «• 25, 811 20 137 r 13, 389 33, 036 r 17, 902 r 8, 086 18 861 1,938 5,387 542 825 27, 274 20 097 12 875 33, 071 18 406 8,023 21 130 PAINT SALES ELECTRIC POWER AND GAS ELECTRIC POWER Production (utility and industrial), total 27, 463 mil. of kw.-hr__ 22,996 Electric utilities total do 15, 701 By fuels do __ 7,295 By water power _. _. _ _ do Privately and municipally owned utilities 19, 506 mil. of kw.-hr__ 3,490 Other producers do 4,467 Industrial establishments, total do 4,027 By fuels do 440 By water power _ _ _ ._ do _ Sales to ultimate customers, total (Edison Electric Institute) mil. of kw.-hr_. 21, 143 Commercial and industrial: 3,835 Small light and power do 10, 220 Large light and power _ ._ do __ 532 Railways and railroads do 5,269 Residential or domestic __ _ _ do 456 Rural (distinct rural rates) do __ 233 Street and highway lighting _ _ do 550 Other public authorities _ do __ 48 Interdepartmental _ _ _ _ ..do Revenue from sales to ultimate customers (Edison Electric Institute) thous. of dol._ 389, 527 29, 514 24, 721 13,585 8,136 27, 745 23, 215 15,057 8,158 27, 875 23, 348 15, 290 8,058 28, 025 23,617 16,393 7,224 27, 946 23, 684 16, 355 7,330 29,492 25 021 17, 672 7,349 28, 358 23 922 16, 946 6,976 28,110 24 288 17, 353 6,936 28, 539 24 328 17, 467 6,861 31, 096 26 321 18 705 7,616 31, 677 26? 871 18 537 8 334 28, 789 24 270 16 528 7 741 21, 028 3,694 4,793 4,327 466 19, 749 3,466 4,530 4,053 478 19, 785 3,563 4,526 4,048 479 20, 034 3,583 4,407 4,012 395 19, 973 3,711 4,262 3,881 381 20, 965 4,055 4,471 4,067 404 19, 934 3 987 4.436 4 055 382 20, 430 3 858 3,822 3 465 357 20, 781 3 548 4,211 3 837 374 22, 456 3 865 4^775 4 310 465 22, 893 3 979 4 805 4 36^ ' 443 20, 637 3 632 4 519 4 082 ' 437 20, 882 20, 420 19, 914 19, 904 19, 960 20,769 20 895 20, 293 20 690 21 951 22 943 3,709 10, 304 580 5,006 465 229 53(6 3,685 10,141 525 4,763 531 205 522 3,759 9,888 473 4, 375 664 178 522 46 3,975 9, 533 462 4,419 825 184 516 46 4 033 10 130 470 4,422 873 202 592 46 4 046 10 158 452 4 618 809 224 541 46 3 876 9,693 470 4,749 626 251 581 46 3 891 9' 835 499 5 031 541 272 572 49 4 048 10 319 555 5 600 ' 506 291 580 52 4 181 10 602 536 6 276 409 287 602 49 371, 446 375, 419 382, 161 387, 529 383, 250 391 078 52 48 3,611 9,967 499 4,464 627 190 510 46 382, 150 374, 713 368, 578 410 417 _ __ 425 325 GAS Manufactured and mixed gas (quarterly) : Customers, end of quarter, total thousands.. Residential (incl. house-heating) do Industrial and commercial do _ Sales to consumers, totaL. _ _ _ _ _ mil. of cu. ft Residential _ _ do_ __ Industrial and commercial. do Revenue from sales to consumers, total thous. of dol__ Residential (incl. house-heating). do Industrial and commercial do Natural gas (quarterly) : Customers, end of quarter, total _ thousands Residential (incl. house-heating) __ _ do _ Industrial and commercial _ do Sales to consumers, total __mil. of cu. ft Residential (incl. house-heating) _ _ _ do Industrial and commercial do Revenue from sales to consumers, total thous. of dol_. Residential (incl. house-heating) _ do Industrial and commercial ^ -,„„-,_ . do. _ 10, 590 9,885 697 186, 071 128, 942 55, 576 10, 541 9,842 691 139, 231 90, 229 47, 875 10, 262 9 582 672 101, 730 60, 288 40, 077 10 182 9 497 677 142 774 94 652 46 573 176, 698 131, 379 44, 272 144, 513 107,058 36, 725 113, 390 82 663 29, 641 145 570 108 202 36 318 11,971 10, 961 1,000 924, 244 390, 136 511, 640 12, 328 11, 293 1,026 715, 282 192, 659 501, 154 12 663 11 649 1,004 615 338 91, 452 492 683 13 12 1 820 238 550 358, 296 224, 031 130, 165 246, 490 127, 776 115,064 183, 487 74 471 103, 978 289 605 158 4967 125 93 T 310 194 107 431 854 395 r Revised. *New series. The data for production, compiled by the U. S. Tariff Commission beginning July 1948, are essentially comparable with the series for shipments and consumption (reported by the Bureau of the Census} previously shown here, except for inventory changes (which tend to balance out over a short period) and the inclusion of a few companies not formerlv covered. Data for alkyd resins and rosin modifications are not available prior to 1949. SUEVEY OF CUEEENT BUSINESS April 1950 Unless otherwise stated, statistics through 1948 and. descriptive notes are shown in the 1949 Statistical Supplement to the Survey S-27 1950 1949 February March April May June July September 9,182 8,901 10, 033 7,392 7,285 9,836 August October November December January 6,122 6,438 9,252 5,774 6,095 8,686 6. 312 6, 246 8,484 6,146 5,597 8,775 5,842 5,523 8 849 February FOODSTUFFS AND TOBACCO ALCOHOLIC BEVERAGES Fermented malt liquors: Production thous. of bbl_. Tax-paid withdrawals - - do. Stocks end of month do Distilled spirits: Production thous. of tax gal_. Consumption, apparent, for beverage purposes thous. of wine gal__ Tax-paid withdrawals thous of tax gal Stocks end of month do Imports thous. of proof gal__ Whisky: Production _ thous. of tax gaL. T ax-paid withdrawals do Stocks, end of month do Imports thous. of proof gal Rectified spirits and wines, production, total thous. of proof gal _. Whisky do _. Wines and distilling materials: Sparkling wines: Production thous. of wine gal Tax-paid withdrawals _ - do Stocks end of month do Imports -do Still wines: Production _ _ _ _ _ do Tax-paid withdrawals do Stocks end of month do Imports _ _do_ _ Distilling materials produced at wineries do 5,721 5,475 8,399 7, 761 7, 084 8, 708 7,314 6,507 9,248 8,331 7,557 9,646 9,258 8,629 9,879 19, 631 20, 232 16, 922 16, 823 13, 732 8,818 11, 581 16, 704 26,093 19, 770 19. 057 16, 577 14, 137 12, 741 7,264 654, 589 874 14, 038 9, 334 661, 728 1,109 12, 919 7,755 668, 421 974 13, 300 7,826 674, 661 1,097 13, 078 7,632 677, 344 1,111 12, 323 8,067 676, 337 878 12,336 8,072 675, 217 985 14, 121 9,471 673, 701 1,329 15, 213 11 438 671 309 1,529 17, 673 12 070 669, 884 1,607 20, 031 8 351 676 016 1,410 11, 519 7 209 680. 898 89C 6 295 684 576 14, 148 4,229 578, 342 783 14, 462 4,720 586, 592 994 11, 536 3,884 593, 094 752 10, 971 3,732 599, 561 1,017 7,852 3,537 602, 926 1,027 5,099 4,048 602, 865 803 5,959 4,383 603, 231 914 8,703 5,311 604, 768 1,226 9,246 6 101 606 210 1 413 9,705 6 965 606, 015 1 461 10 672 5 197 610, 365 1 262 11, 069 4 684 615, 384 790 10, 115 4 043 620, 133 8,474 7,739 10, 202 9,207 8,306 7,345 8,931 7,908 9,069 7,889 8,008 6,864 9,043 7,681 10, 228 9,250 12, 400 11, 247 12, 601 11,473 7,916 7, 101 6,622 5,870 6,092 5,458 60 57 1,530 25 74 65 1,515 21 188 53 1,647 32 98 62 1,673 26 163 77 1,743 28 54 49 1,742 13 128 62 1,808 14 47 99 1,734 35 47 175 1 633 43 54 154 1 771 86 86 159 1 426 86 124 64 1 474 24 833 9, 696 203,618 217 491 821 11, 703 191,799 253 1,802 640 9,585 182,156 238 405 658 8,885 173,518 221 929 584 8,815 162, 586 177 513 435 7,763 155, 034 148 713 1.335 8.788 145, 702 145 4,900 19, 085 11, 303 154, 365 188 37, 979 58, 451 13 112 203 831 286 105 382 14 556 13 540 205 095 342 35 142 3, 534 12 865 192, 024 335 4,808 1 076 11 974 189 246 240 1 394 92, 780 8,718 .633 112, 525 6,318 .616 124, 615 15, 338 .599 160, 625 51, 056 .597 157, 325 102, 701 .590 136, 390 136, 786 .599 128, 440 153, 855 .618 113, 770 154, 455 .622 102, 800 144 819 .625 90, 480 130 452 .625 96, 000 113 993 .631 101, 515 r 103 657 .624 97, 085 94, 085 .635 78, 570 58, 030 126, 503 111, 073 1,533 94, 375 70, 945 120,563 105,608 2,035 111, 165 86, 845 125, 903 109, 920 2, 393 143, 280 116, 365 134, 765 117, 021 2,402 137, 125 112, 545 162, 256 140, 859 2,794 118, 735 96, 760 185, 517 162, 346 r 2, 138 108, 410 87, 370 210, 411 183, 208 1,804 94, 150 74, 135 213, 433 188, 259 2,442 82, 155 62 355 209, 515 185 839 4 003 71, 875 51 395 196, 125 175 764 3 946 r 74, 175 77, 365 r 54 565 52 535 r 188, 653 176, 821 168 670 r 159 9Q6 5 102 3 085 74, 710 53 110 164, 744 149 867 .348 .336 .337 .341 .343 .330 .352 .358 .356 .356 .353 .349 .354 12, 965 12,100 160, 300 15, 145 14,100 215, 750 22, 910 12, 000 266, 250 39, 450 10, 300 361, 150 34,275 9,800 350, 850 22, 490 8,200 306, 750 26, 130 8,800 273, 650 22, 320 5,750 212, 750 16, 300 4 675 167, 750 11,550 3 200 134, 000 11, 675 6 300 151,000 14, 700 4 450 168, 750 13,200 f) 900 183, 000 8,694 206, 464 8,341 177, 077 9.290 189, 735 9,066 298, 661 10, 027 379, 000 8.309 454, 210 8, 559 477, 812 6,758 484, 246 6,925 426 836 5,795 333 264 7,386 243 491 5,249 151 401 5, 951 101 470 7,322 31, 795 11, 021 21, 688 9,901 20,971 7,657 24, 517 8,903 24, 391 6,205 22, 967 4,500 11, 209 5,692 12,368 1,846 18, 257 1,618 14, 862 2,221 15, 351 2 858 13, 120 9.48 5.66 9. 10 5.45 9 10 5.18 9 10 5.05 9 10 5.09 9.10 5.12 9 10 5.11 9 10 5.08 9 10 5.08 9 10 5.09 9 10 5.09 9 10 5.10 9 10 5.10 8,395 3,113 5.04 9,616 3,833 4.89 10, 324 4,394 4.67 12, 069 5,640 4.58 12, 372 5 482 4.56 11, 559 4,828 4.61 10, 574 4 475 4.66 9,427 3 862 4.71 9,056 3 395 4.74 8,451 2 943 4.75 8,622 3 144 4.75 9,046 r 3 321 * 4. 66 8, 671 3 237 4.63 8,540 59, 500 11 150 80, 000 12 275 98, 350 13 715 122, 400 12 225 112, 200 12 620 88, 360 10 890 76, 750 10 725 63, 050 9 150 54, 150 7 41D 49, 000 -1 A 9AA 58, 700 9 HQ1 64, 850 65, 500 14, 834 63, 492 15 479 72, 785 14 124 75, 436 16 135 96, 275 17 377 105, 446 19 059 98, 129 17 788 97, 201 18 271 80^ 448 16 666 57, 026 47, 791 48, 722 43, 821 42, 213 8,229 5,620 4,616 8,288 6 666 26, 248 10 014 16, 226 5 873 14, 042 5 587 2,857 7 336 20, 579 5 449 44, 267 5 QOQ 28, 897 4 000 5 906 7,326 7 653 .115 .115 117 118 116 117 118 121 123 1 09 507 412 6,390 2,564 14, 777 4,790 6,419 35, 224 5,521 4,707 33, 405 7, 524 i 133 i8i 4, 036 25, 667 11, 373 339, 588 355, 552 342, 565 326, 934 300, 409 315 788 368 552 387 681 383 658 371 003 14, 641 19,864 18, 602 17, 411 401 962 16, 542 3.498 3.236 2.873 3. 601 4. 134 9,382 8,722 10, 147 DAIRY PRODUCTS Butter, creamery: Production (factory) t thous. oflb- Stocks cold storage, end of month do Price, wholesale, 92-score (New York).dol. per lb_. Oheese: Production (factory), total t _ _ thous. of lb__ American, whole milk J _ _ _ _ _do_ Stocks, cold storage, end of month, total _ _ .do_ American, whole milk __do _ Imports _ _ _ _ do Price, wholesale, American, single daisies (Chicago) dol. per lb_ _ Condensed and evaporated milk: Production: J Condensed (sweetened): Bulk goods thous. oflb_Case goods _do Evaporated (unsweetened), case goods.- .do Stocks, manufacturers', case goods, end of month: Condensed (sweetened) thous. of lb__ Evaporated (unsweetened) _. do Exports: Condensed (sweetened) do Evaporated (unsweetened) do Prices, wholesale, U. S. average: Condensed (sweetened) dol per case Evaporated (unsweetened) do Fluid milk: Production mil. of lb_. Utilization in mfd. dairy products. _ _ do. _ Price, dealers', standard grade dol. per 100 lb-_ Dry milk: Production: | Dry whole milk thous oflb Nonfat dry milk solids (human food) do Stocks, manufacturers', end of month: Dry whole milk _ do Nonfat dry milk solids (human food) do Exports: Dry whole milk___ _ do Nonfat dry milk solids (human food) do Price wholesale, nonfat dry milk solids (human food), U. S. average __ _ . dol. per Ib FRUITS AND VEGETABLES Apples: Production (crop estimate) thous. of bu Shipments, carlot no. of carloads.. 3,229 3,161 2,065 764 1,776 549 Stocks, cold storage, end of month., thous. of bu_. 9,028 5,491 3,318 1.294 343 175 Citrus fruits, carlot shipments no. of carloads. _ 10,319 11,571 10, 210 9,002 10, 051 7,902 Frozen fruits, stocks, cold storage, end of month thous. oflb.. 301, 249 266, 581 237, 419 237, 856 255, 787 327, 090 Frozen vegetables, stocks, cold storage, end of month _ _ _ _ _ _ _ _ _ _ thous. oflb 229, 506 206, 061 237 847 191 666 186 821 219 515 Potatoes, white: Production (crop estimate). __thous. of bu__ Shipments, carlot _ _ __no. of carloads 25, 415 35, 867 26, 059 22, 999 12,045 24, 226 Price, wholesale, U. S. No. 1 (New York) 4.474 4.568 dol. perlOOlbs. 4.623 3.546 5.258 3.287 r Revised. * December 1 estimate. \ Revisions for January-September 1948 are available upon request. 2,814 1 f r 3, 832 'r 19, 573 9, 760 r 279, 255 T 0 IOC 4, 231 12, 794 8, 596 264, 681 19, 900 20, 610 3.719 3.632 SURVEY OF CUEEENT BUSINESS S-28 Unless otherwise stated, statistics through 1948 and descriptive notes are shown in the 1949 Statistical Supplement to the Survey April 195( 1950 1949 February March April May June July August September December January 33, 832 October November 37, 905 49, 150 42, 726 i 23« 104 6, 820 February FOODSTUFFS AND TOBACCO—Continued GRAINS AND GRAIN PRODUCTS Exports, principal grains, including flour and meal thous. of bu_ Barley: Production (crop estimate) do Receipts, principal markets do _ Stocks, domestic, end of month: Commercial do On farms do Exports, including malt do Prices, wholesale (Minneapolis): No. 2, malting dol. perbu__ No. 3, straight. _ do Corn: Production (crop estimate) mil of bu Grindings, wet process thous. of bu Receipts, principal markets do Stocks, domestic, end of month: Commercial do On farms mil of bu Exports including meal thous of bu Prices, wholesale: No. 3, white (Chicago) dol. perbu._ No. 3, yellow (Chicago) __ _ do Weighted average, 5 markets, all grades.. do Oats: Production (crop estimate) mil of bu Receipts, principal markets.. thous. of bu._ Stocks, domestic, end of month: Commercial do On farms do Exports, including oatmeal do Price, wholesale, No. 3, white (Chicago) dol. per bu_. Rice: Production (crop estimate) thous of bu California: Receipts, domestic, rough thous. of lb_. Shipments from mills, milled rice do. .. Stocks, rough and cleaned (cleaned basis), end of month _ thous. of lb_. Southern States (Ark., La., Tenn., Tex.): Receipts, rough, at mills. thous. of bbl. (162 lb.)_ Shipments from mills, milled rice- thous. of lb_. Stocks, domestic, rough and cleaned (cleaned basis) , end of month thous . of Ib . Exportsf . -do.Imports __ . . do Price, wholesale, head, clean (N. O.)_.dol. per lb~ Rye: Production (crop estimate) thous of bu Receipts, principal markets _ _ . _. _ d o _ Stocks, commercial, domestic, end of month.do Price, wholesale, No. 2 (Minn.) __dol. per bu.. Wheat: Production (crop estimate) total mil of bu Spring wheat ' do Winter wheat do Receipts, principal markets thous. of bu Disappearance, domestic do Stocks, end of month: Canada (Canadian wheat) do United States, domestic, total cf do Commercial do Interior mills, elevators, and warehouses thous. of bu__ Merchant mills _ __. do _ On farms do Exports, total, including flour do___ Wheat only. . . . __ do Prices, wholesale: No. 1, dark northern spring (Minneapolis) dol. per bu. No. 2, hard winter (Kansas City) do No. 2, red winter (St. Louis) _ .._ _ _ do Weighted avg., 6 markets, all grades do 60, 184 65. 849 45, 380 57, 458 47, 295 44, 958 59, 048 46, 153 5,254 8,991 5,860 11, 906 19,312 24, 843 24, 940 14, 954 11, 003 9,015 12, 426 9,491 10, 057 33, 056 34, 109 1,636 4,199 6,410 ' 33, 978 148 973 3,382 35, 942 1,390 14, 922 59, 308 2,111 24, 659 2,653 11, 197 111, 408 2,864 1,888 1.344 1.242 1.312 1.200 1.256 1.178 1.249 1.184 1.253 1.163 1,290 1.236 1.327 1.299 1.523 1.455 1.556 1.502 9,357 20, 139 9,902 23, 694 8,813 19, 646 8,632 21, 198 8,910 21, 977 8,658 19,683 10, 637 22, 064 10, 501 23, 967 43, 903 25, 895 1, 797. 5 21, 267 15, 266 11, 589 5,711 11,251 8,209 10, 888 1, 255. 2 4,611 4,744 13, 081 7,826 8 369 (2) 1.271 1.160 1.427 1.337 1.224 1.403 1.370 1.322 1.410 1.358 1.279 (2) 1.353 1.276 1.451 1.402 1.327 5,311 8,915 10, 175 9,874 13, 988 5,916 3,635 4,129 2, 539 4,215 578, 832 1,392 1,869 .741 .753 .741 4,349 5,806 30, 282 30, 454 1,468 32, 630 107 532 2,263 1.560 1.451 1.509 1.418 1.546 1.444 1.547 1.484 11,206 43, 947 10, 047 58, 975 13 378 9,554 33, 364 9,454 24, 678 9,446 17, 006 9,614 708 4 7 116 20, 020 46, 400 45,319 20, 238 51, 688 2 401 3 13 470 47, 521 7,513 1.340 1.307 1.256 1.262 1.312 1.238 1.390 1. 152 1.134 1.308 1.157 1.142 1.450 1.296 1.248 1,440 1.291 1.249 33, 804 24, 804 9,338 5,953 5,460 i i 323 7,163 17,745 30, 095 25, 254 21,218 503 6, 167 270, 501 3,182 562 6,719 1,045 .701 .673 .638 .637 .687 26, 706 1 053 296 1, 765 678 811 10 080 1.441 1.297 1.261 6,862 4,670 16 050 13, 130 2,430 19 029 819 701 578 .759 .762 .749 .769 268 i 89, 141 27, 300 18, 049 37, 216 19, 003 55, 691 61, 988 48, 913 30, 421 45, 785 26, 728 46, 994 31,9C8 68, 741 64, 909 48, 951 26, 998 236, 472 48, 435 39, 427 22, 610 65, 207 81, 654 32, 953 31,183 45, 493 33, 990 56, 651 59, 154 38, 289 37, 944 39, 358 35, 752 13, 806 16, 508 114,029 115, 691 81, 914 72, 043 62, 804 684 130, 522 841 141, 767 665 120, 202 412 134, 241 377 132, 777 183 78, 233 781 81, 631 4,315 194, 961 4,188 265, 382 3,703 226, 358 1,596 262, 745 658 196, 778 480 92, 216 379, 906 69, 715 103 .093 332, 121 51,418 439 .093 286. 353 117, 042 458 .092 202, 235 106, 781 809 .091 113, 173 60, 952 772 .089 57, 291 88, 768 909 .087 65, 554 39, 932 606 .084 316, 540 63,013 423 .071 489, 341 136, 387 310 .070 650, 284 108 470 252 .077 566. 941 200 832 716 .082 452 037 181 078 272 .082 417 203 245 2,971 1.364 431 2,075 1.352 3,348 3,618 1.361 727 2,732 1.362 748 2,993 1.346 1,772 4,091 1.454 3,131 6,170 1.384 1,043 5, 435 1.428 2,195 5,401 1.465 5,071 10, 005 1.418 i ig 697 569 9,338 1 457 300 8,280 1 430 263 7,643 1 343 18 385 17 347 152 065 146 506 199 613 189 447 14, 067 36, 604 282, 975 27, 560 142, 276 125, 504 130, 737 585, 572 124, 656 41,389 30, 771 148, 287 63, 229 246, 024 39, 095 32, 358 2.337 2.196 2.287 2.246 2.348 2.241 2.329 2.278 49. 082 64, 749 279, 460 118. 551 89, 097 116,806 114,242 70, 146 307, 347 128, 158 29. 812 23, 020 46, 555 40, 617 75,859 32, 361 67, 172 36, C67 30, 313 31,796 24, 789 37, 369 34, 230 2.342 2.260 2.366 2.285 2.328 2.221 2.344 2.254 2.367 1. 951 1.828 2.160 2.379 2.004 1.872 2 096 2.285 2.060 1.865 2 185 76, 031 50 170 294 748 55, 199 86, 400 234, 493 260, 412 162 524 1,159,159 9 61 109 130,305 282, 133, 472 33 30 27 586 24 296 176, 459 165 267 244 664 227 502 881 688 209 495 082 26, 589 22 693 24, 067 20 482 2.374 2.152 2 013 2 253 2.431 2.188 2 083 2 282 2.395 2.202 2 161 2 274 i i i4g 5 i 244 g i Qoi 7 18 492 251 063 165 657 908 106 219 038 236, 117 327 26 21 284 749 230 094 655 21 996 18 055 2. 375 2.221 2 200 2 269 2.366 2.223 2 218 2 0CQ .081 2.328 2.224 2 158 2 0CO Wheat flour: Production:! 20, 391 17, 187 17. 333 19, 969 20, 116 Flour thous of sacks (100 Ib ) 18 994 19 957 1Q Ifi^ 20 895 19 221 20 357 18 679 n as7nn7 74.1 59.2 56. 3 64. 1 66.1 Operations, percent of capacitv _ _- _ _ _ 65 3 63 5 70 2 69 0 68 9 61 8 65 9 333,615 392, 149 381, 285 337 890 390, 721 Offal short tons 380 597 405 071 41'-! T39 424 907 389 304 378 385 r *3S4 7QO 46, 910 39, 581 45, 779 39, 990 46, 344 Grindings of wheatf thous ofbu 44 222 46 561 41 *^on 48 740 47 541 44 852 43 542 44 576 Stocks held by mills, end of month 5,428 thous. of sacks (100 lb.)_. 4,500 4,757 4 948 3, 041 3,044 Exports __ _ _ _ do 4,784 2, 623 1 347 2,727 3,007 1 672 1 4d5 1 539 1 905 1 692 Prices, wholesale: Standard patents (Minneapolis) 5.460 5.469 5.269 5.255 dol. per sack (100 Ib.) 5.575 5.512 5.715 5.340 5. 600 5.744 5.669 5. 605 5.619 4.980 Winter, straights (Kansas Citv) do 5.106 5. 119 4.915 5. 069 5 165 5 11Q 4.938 4.869 p; ice 4. 869 F> 11.fi * 128 2 r Revised. i December 1 estimate. No quotation. cf The total includes wheat owned by the Commodity Credit Corporation and stored off farms in its own steel and wooden bins; such data are not included in the break-down of stocks. t Re vised series. Data for rough rice, included in rice exports, have been revised using a ne\v conversion factor supplied by the U. S. Department of Agriculture, which takes into account changes in milling practices; revisions for 1933 to July 1948 are available upon request. Revised data for January 1947 to July 1948 for wheat-flour production and grindings of wheat will be published later. SURVEY OF CURRENT BUSINESS April 1950 Unless otherwise stated, statistics through 1948 and descriptive notes are shown in the 1949 Statistical Supplement to the Survey S-29 1949 February March April May June July 19 50 August September October November December January February FOODSTUFFS AND TOBACCO— Continued LIVESTOCK Cattle and calves: Slaughter (Federally inspected): Calves thous. of animals Cattle do Receipts, principal markets _ do_ Shipments, feeder, to 8 corn-belt States do Prices, wholesale: Beef steers (Chicago) dol. per 100 Ib Steers, stocker and feeder (Kansas City). -do Calves vealers (Chicago) do Hogs: Slaughter (Federally inspected) thous. of animals. _ Receipts, principal markets do Prices: Wholesale, average, all grades (Chicago) dol. per 100 lb_. Hog-corn ratio bu. of corn equal in value to 100 Ib. of live hog__ Sheep and lambs: Slaughter (Federally inspected) thous. of animals.. Receipts, principal markets _ _. __.do_ _ _ Shipments, feeder, to 8 corn-belt States do Prices, wholesale: Lambs average (Chicago) dol. per 100 Ib _ Lambs, feeder, good and choice (Omaha) _do 476 994 ' 1, 536 72 619 1,102 1, 895 126 562 996 1,733 100 510 1,025 1,827 92 533 1,095 1,896 140 501 1.090 1,833 164 549 1,232 2,470 384 552 1 224 2,528 586 568 1, 156 3, 061 869 585 1,116 2,280 M32 511 1 064 1,676 198 465 1 103 1, 839 133 443 939 1 537 112 22.25 21. 25 30.38 24.14 24.37 27.63 24.20 23.66 27.94 24.88 24.02 26.45 26.47 22.53 25.94 25. 86 20.62 24.88 26.28 20. 06 25.70 28 11 19.74 27 25 28.93 20.57 27.15 28.21 21.45 26.75 26 47 21.44 27.25 25 98 22.94 30 40 25 58 24.13 30 88 4,080 ' 2, 572 4,315 2,615 3,894 2,471 3,721 2,438 3,745 2,406 3,165 2,072 3,417 2,314 3,879 2,395 4,959 3,055 6, 003 3,618 6,477 3,813 5, 844 3 712 4,191 2 691 19.44 20.16 18.32 18.49 19.08 18.23 19.09 19.74 17.87 15.87 15.05 15.23 16.55 17.5 16.9 15.2 14.7 15.5 15.4 16.4 17.2 16.1 15.3 13.1 13.1 14.3 1,046 * 1, 095 74 949 845 61 676 824 63 761 1,243 163 898 1,164 138 976 1,202 144 1,126 1,650 335 1,180 1,932 534 1,172 2,054 572 1,060 1,296 212 1,058 1,139 71 1,077 1,206 115 863 931 112 24.75 0) 30.50 C) 29.50 0) 29.25 0) 27.12 0) 24.50 0) 23.62 22.66 23.00 23.21 23.75 23.28 23.38 23.25 22.38 22.88 24.00 23.64 26 12 25.12 1,408 1,083 52 1,519 1,018 69 1,353 930 104 1,362 779 77 1,438 716 97 1,358 643 65 1,441 '520 46 1,436 411 45 1,564 409 41 1,763 532 58 1,864 799 69 ' 1, 793 ••943 55 1,356 898 583, 486 158, 240 984 664, 174 143, 137 1,709 606, 020 119, 431 2,388 623, 536 94, 035 1,302 645, 249 81, 148 1,227 638, 252 75, 627 1,482 716, 737 72, 053 2,511 698, 993 71,475 2, 260 660, 890 78, 763 1,070 640, 589 103, 582 1,167 616, 302 136, 903 2,569 MEATS Total meats (including lard): Production (inspected slaughter) mil. of lb__. Stocks, cold storage, end of month . do Exports - do Beef and veal: Production (inspected slaughter) thous. of lb__ Stocks cold storage, end of month do Exports -- - - do Price, wholesale, beef, fresh, steer carcasses, good (600-700 Ibs.) (New York) dol. per lb__ Lamb and mutton: Production (inspected slaughter) thous. of lb__ Stocks cold storage, end of month do Pork, including lard, production (inspected slaughter) thous. of Ib Pork, excluding lard: Production (inspected slaughter) do Stocks, cold storage, end of month ___ do Exports . do Prices, wholesale: Hams smoked (Chicago) dol. per Ib Fresh loins, 8-10 Ib. average (New York) . do Miscellaneous meats and meat products, stocks, cold storage, end of month: Edible offal thous of Ib Canned meats and sausage and sausage-room products thous of Ib Lard: Production (inspected slaughter) do Stocks, cold storage, end of month do Exports _ _ _. _. _ _ do Price, wholesale, refined (Chicago) _ _ -dol. per l b _ _ r 642, 167 143, 599 1,118 554, 425 122, 334 .368 .392 .404 .410 .433 .431 .438 .464 .476 .476 .445 .438 .430 47, 548 19, 571 43, 156 14, 268 30, 761 9,864 33, 561 7,007 37, 427 6,761 40, 975 6,651 48, 257 6,869 50, 414 7,268 51, 338 8,222 47, 893 10, 534 48, 992 13, 811 51, 344 14, 332 42, 392 13 135 777, 258 811, 293 715, 895 704, 543 754, 870 678, 466 675, 735 686, 365 851, 970 1, 074, 324 1, 198, 884 1, 099, 016 759 390 563, 446 611, 123 3, 076 593, 593 586, 429 2,943 527, 859 545, 231 3,866 517, 974 466, 108 5,855 556, 838 419, 590 11, 924 495, 142 367, 043 6,102 500, 186 283, 178 6,749 518, 143 204, 678 4,342 634, 343 209, 687 2,479 801, 460 297, 205 2,711 880, 945 473, 741 6, 576 804, 033 ' 582, 737 4,017 558 664 573, 615 .546 .457 .570 .502 .550 .518 .520 .515 .556 .533 .586 .546 .613 .558 .569 .551 .489 .453 .468 .386 .469 .351 .489 .368 495 .430 62, 136 61, 269 58, 535 54, 707 55, 322 56, 671 54, 958 51, 245 47, 642 51, 174 62, 163 r 63, 173 56 605 51, 980 55, 683 58, 348 50, 941 49, 570 41,209 34, 310 27, 374 26, 094 30, 014 38, 186 r 45, 984 50 964 156, 573 179, 628 42, 517 .152 159, 474 156, 782 55, 604 .152 137, 441 138, 216 92, 304 .136 136, 470 125, 823 63, 282 .147 144, 798 103, 890 76, 508 .136 134, 178 96, 255 52, 293 .132 128, 257 68, 819 29, 407 .166 122, 743 48, 768 32, 682 .152 158, 861 38, 320 31, 503 .158 199, 237 39, 808 49, 467 .130 232, 483 73, 995 54, 310 .128 24, 937 108, 732 .353 26, 798 89, 205 .339 31, 644 77, 823 .298 38, 054 74, 733 .268 34, 769 71,261 .241 38, 991 83, 466 .260 49, 399 132,380 .238 58, 185 211, 517 .236 82, 866 267, 508 .217 73, 034 292, 513 .213 6,137 13, 993 6, 105 13,285 5, 845 7,875 4,905 7,640 4,334 6,118 3, 853 3,963 3,576 1,778 3,749 933 3,851 1,207 530 77, 319 954 107, 058 1,943 141, 361 2,290 166, 582 1,936 168,394 1,426 146, 868 810 121,476 501 96, 382 .451 .483 .483 .493 .533 .559 .628 POULTRY AND EGGS Poultry: 19, 959 Receipts, 5 markets thous. of lb-_ 131, 496 Stocks, cold storage, end of month do .328 Price, wholesale, live fowls (Chicago) _dol. per lb_. Eggs: r 4, 830 Production, farm millions-. Dried egg production thous. of lb_. r 6, 955 Stocks, cold storage, end of month: 144 Shell thous. of cases. . 58, 621 Frozen _ thous. of Ib Price, wholesale, extras, large (Chicago) t .435 dol. per doz__ r 215 492 146 905 ' 92, 949 80 847 45, 770 .129 .129 34, 859 295, 736 .204 28, 604 259, 144 .223 4,499 8,579 5,147 3, 239 5,217 6,257 250 72, 556 110 53, 902 -•380 T 55, 052 743 72, 986 .564 .527 .381 .323 .327 r MISCELLANEOUS FOOD PRODUCTS Candy, sales by manufacturers thous. of dol__ Cocoa: Imports long tons Price, wholesale, Accra (New York)_.dol. per lb_. Coffee: Clearances from Brazil, total thous. of bags__ To United States ..do Visible supply, United States do Imports _ do Price, wholesale, Santos, No. 4 (New York) dol. per lb_Fish: Landings, fresh fish, 5 ports thous. of lb_. Stocks, cold storage, end of month do T 51,876 55, 507 43, 851 34, 642 36, 028 25, 580 40, 928 66, 713 69, 382 65, 913 52, 730 51, 675 49, 091 23, 276 .203 44, 434 .185 26, 698 .199 24, 963 .190 32, 103 .187 21 845 .211 22, 119 .226 11, 253 .200 9,936 .205 21, 019 .246 30, 461 .259 23 512 .272 .251 1,359 890 929 1,668 1,488 1,058 1,127 2,086 1,294 811 906 1,782 1,572 942 796 1,477 1,326 906 808 1,685 1.672 933 859 1, 688 1, 868 1,129 796 1,604 2,332 1,403 798 1, 932 1,945 1,280 763 1,853 2,185 1, 507 850 2,016 1,439 874 992 2, 247 1, 093 699 868 2 070 779 519 928 .268 .265 .261 .270 .272 277 .284 .302 .355 .496 .490 .496 .488 29, 033 104, 138 40, 705 82, 722 49, 613 74, 940 69, 890 91, 453 71,117 114,031 77, 219 146, 344 64, 091 150, 608 55, 030 156. 077 42, 129 158. 719 31,246 146. 813 125. 516 105. 818 r 66, 145 127,217 l Revised. No quotation. fRevised series. U. S. Department of Agriculture data replace the series for U. S. standards published prior to the October 1949 issue of the SURVEY. Data for September 1944 to July 1948 are available upon request. SURVEY OF CURRENT BUSINESS S-30 April 1950 1950 1949 Unless otherwise stated, statistics through 1948 and descriptive notes are shown in the 1949 Statistical Supplement to the Survey February March April May June July August September October November December January February 1,021 707 397 423 1,423 627 744 803 904 835 069 72, 870 404, 682 174 121 511, 962 508, 537 3,425 31, 605 379, 389 119 554 503, 096 501, 508 1, 588 1,525 FOODSTUFFS AND TOBACCO—Continued MISCELLANEOUS FOOD PRODUCTS— Con. Sugar: Cuban stocks, raw, end of month thous. of Spanish tons__ United States: Deliveries and supply (raw basis): Production and receipts: Production _ _ _ ..short tons__ En tries from off-shore do - Hawaii and Puerto Rico do Deliveries total do For domestic consumption ._ do _ For export do Stocks, raw and refined, end of month thous. of short tons_. Exports, refined sugar short tons Imports: Raw sugar total do From Cuba do _ _ From Philippine Islands r? do Refined sugar total do From Cuba do Price (New York) : Raw, wholesale dol. perlb.Refined : Retail -._ do ... Wholesale do Tea imports thous. of Ib TOBACCO Leaf: Production (crop estimate) mil of Ib Stock, dealers' and manufacturers', end of quarter, total mil of Ib Domestic: Cigar leaf do Air-cured, fire-cured, flue-cured, and miscellaneous domestic mil. of Ib Foreign grown: Cigar leaf do Cigarette tobacco do Imports including scrap and stems do Manufactured products: Production manufactured tobacco total do Chewing, plug, and twist - do _ Smoking do Snuff do_ __ Consumption (withdrawals) : Cigarettes (small): Tax-free _ __ millions. _ Tax-paid do _ Cigars (large) , tax-paid thousands.. Manufactured tobacco and snuff, tax -paid thous. of lb_. Exports, cigarettes millionsPrice, wholesale (composite), cigarettes, f. o. b ., destination dol. per thous. T r '1,314 2,490 3,728 54, 358 485, 090 138, 038 502, 148 498, 748 r 3, 400 0) 681, 532 225, 273 619, 578 611,382 8,196 r 3,678 3,215 567, 829 236, 686 537, 449 535, 102 2,347 0) 577, 439 156, 084 608, 479 604, 698 3,781 1,442 3,657 1,525 2,785 1,492 1,863 386, 786 329, 913 51 964 68, 585 68, 147 318, 647 264, 133 52 845 42, 328 41, 820 .056 .057 .056 .092 .078 7,606 .093 .078 8,128 .093 .079 9,774 1,416 4,095 313,176 287, 966 25 176 26 204 25, 950 T 0) 2,599 2,022 1,668 509, 595 123, 322 792, 936 789, 878 3,058 0) 471, 237 84 350 747, 453 743, 698 3,755 43, 899 642, 038 132 227 924, 533 921, 391 3,242 116, 207 391, 859 165, 441 733, 977 729, 920 4,057 1,252 1,997 956 1,879 617 2,379 404 2,403 346, 792 253, 348 88 409 38 430 36, 555 342, 089 232, 097 104 072 23 401 23, 398 .058 .059 .058 .059 .060 .093 .078 7,465 .093 .078 8, 485 .093 .077 6,129 .093 .077 7,877 .093 .077 8,443 382, 265 267, 999 114 266 25 613 ' 25, 563 0) r 548 402 133 523 519 4 576 253 168 702 358 344 766, 252 99 539 537, 2 441 307 018 902 257 645 418, 306 309 527, 525, 2 879 1,475 1,446 1 133 1,708 977 1,625 1,695 342, 392 «• 243, 822 250 846 272, 690 ' 225, 129 242, 278 r 61, 901 5 581 1 416 ' 28, 259 28 272 27 763 23,684 28, 259 26, 639 197 959 190, 878 7 076 24 521 24, 511 66 038 66,011 139, 962 125,411 6 238 18 855 18, 844 .059 .057 .058 .056 .093 079 9,327 .093 .079 6,289 2.462 .079 7,628 2.461 .077 .060 .093 079 7,702 50 3 3,851 3,690 3,509 1, 990 3,879 345 367 330 316 3,350 2,970 3,206 3,403 20 134 36 167 6,713 22 134 25 155 r 9, 267 22 249 r 6,906 20 400 7,521 33 402 8,217 30 563 6,606 61 875 9,088 76, 768 7,483 55 781 7,261 37 675 6,903 50 151 4^758 16 052 8,184 17, 576 6,768 7,548 3,260 20 880 7,618 9,567 3,695 18, 729 6,940 8,535 3,254 20 591 7,226 10,120 3,246 21 740 8,558 9,747 3,435 16, 625 6,918 7,311 2,396 22, 986 8,839 10, 308 3,838 22, 565 8,345 10, 579 3,641 22 434 7,774 10,997 3,664 19 675 7,072 9,055 3,547 17 119 6,643 6,971 3,505 18, 982 7,566 8,483 2,933 2,570 25, 024 410, 170 3,168 31,448 457, 149 3,568 27, 307 428, 452 3,172 30, 691 428, 357 3,236 32, 849 519, 509 2,155 25, 806 422, 496 3,041 35, 347 516, 208 2,680 31, 743 532, 446 2,777 29. 194 534, 274 2,215 29, 657 508, 626 2,432 24, 776 386, 169 1,973 29, 290 424, 088 2.178 25, 645 415, 318 17, 138 1,237 20,490 1,649 18, 392 2,446 20, 362 1,937 20, 583 1,611 16, 625 1,449 22, 869 1,476 22, 674 1,720 21, 975 1,523 19, 324 1,341 16, 556 1,893 19, 286 903 17,354 6.862 6,862 6.862 6.862 6.862 6.862 6.862 6.862 6.862 6.862 6.862 6.862 6.862 23 149 19 141 LEATHER AND PRODUCTS HIDES AND SKINS Imports total hides and skins thous of Ib Calf and kip skins thous. of pieces Cattle hides do Goatskins do Sheep and lamb skins do Prices, wholesale (Chicago): Calfskins, packers', 8 to 15 lb_. _ __dol. per lb_. Hides, steer, packers', heavy, native do __ 9,900 67 97 2,722 925 .385 .229 991 10, 714 58 85 3,294 1,477 15, 302 47 53 3,631 2,629 11,942 44 103 4,005 965 14, 082 23 27 3,319 2,726 16, 951 118 35 2,657 4,076 15, 569 145 41 2,312 3,276 16, 028 120 47 2,771 2,571 16, 499 116 77 2,688 2,723 18, 503 110 172 3,041 1,811 23, 838 276 356 2,924 2,335 .421 .209 .422 .200 .414 .213 .398 .214 .385 .209 .410 .238 .421 .246 .425 .244 .425 .245 .445 .232 .450 (4) 10, 281 67 f 65 r 3, 221 .425 .207 LEATHER Production: r 877 766 867 831 886 927 797 941 571 886 947 861 Calf and kip thous of skins r 1,942 1,976 1,891 1,566 1,982 1,959 1,870 1,887 2,124 2,163 1,868 1,990 Cattle hide thous. of hides r 2,764 2,730 3,014 3,018 2.859 2,956 2,997 2,982 2,747 2,364 3,457 2 800 Goat and kid thous. of skins 2,214 2,419 2,532 2,154 2,694 2, 193 2,619 1,834 2,537 2,463 2,691 2,134 Sheep and lamb do Exports: Sole leather: 9 70 5 56 93 6 92 60 Bends, backs, and sides thous. of Ib 466 189 25 87 116 73 185 10 151 704 49 41 6 106 890 Offal, including belting offal do 31 3,462 3,203 3,329 3,246 3,113 6,314 6,035 2,886 3,938 2,906 Upper leather.. _ thous. of sq. ft.. 2,882 4,016 Prices, wholesale: .555 .568 .578 .559 .592 .578 .559 .549 .549 Sole, bends, steer, f. o. b. tannery dol. per l b _ _ .657 .539 .564 .549 Chrome calf, black, B grade, composite 1.024 .975 1.025 1.023 .977 1.036 1.030 dol. per sq. ft__ .975 .975 ' .991 1.016 .988 .991 ' Revised. 1 Corrected monthly figures are not available; January-July 1949 total (including revisions for January and February) is 218,055 short tons. 2 Price for 5 pounds; quotations formerly for 1-pound package. 3 December 1 estimate. * No quotation. d"This series continues data in the 1942 STATISTICAL SUPPLEMENT to the SURVEY; there were no shipments for 1942 to 1947 except for January, February, and May 1942 (12,136,1,120, and 8,618 short tons, respectively). Data for January-July 1948 are shown on p. S-30 of the October 1949 SURVEY. NOTE FOR LUMBER SERIES, p. S. 31.—Exports of sawmill products for 1948 have been adjusted to exclude box shooks, in accordance with the revised commodity classification effective January 1949. Revisions for January-July 1948 are shown in a footnote on p. S-38 of the October 1949 SURVEY. Minor revisions for total lumber production, shipments, and stocks for 1946-47 (since publication of the 1949 STATISTICAL SUPPLEMENT) are available upon request. Revised data for total lumber for January-July 1948 and revised data for Western pine for January 1947-March 1948 are also shown in the above-mentioned note. SURVEY OF CURRENT BUSINESS Ipril 1950 S-31 1950 1949 Jnless otherwise stated, statistics through 1948 and descriptive notes are shown in the 1949 Statistical Supplement to the Survey February March April May June July August September October November 38, 208 33, 490 r 34, 124 38, 633 r 30, 129 35, 753 28, 281 1 834 33, 170 2,651 r S 025 1,274 13 374 4,316 r 3 140 r 3 562 ' 220 213 348 8 192 1,209 17 887 5 110 3 355 2 446 220 214 229 December January February LEATHER AND PRODUCTS—Continued LEATHER MANUFACTURES Shoes and slippers:§ Production, total thous. of pairs. _ Shoes, sandals, and play shoes, except athletic, total _ _ _ thous. of pairs. By types of uppers:d* All leather __. __ _ do _ Part leather and nonleather do By kinds: Men's do Youths' and boys'___ do Women's do Misses' and children's do Infants' and babies' __ do Slippers for housewear do Athletic _. do _ Other footwear do Exports do Prices, wholesale, factory, Goodyear welt, leather sole: Men's black calf oxford, plain toe__ dol. per pair.. Men's black calf oxford, tip toe do __ Women's black kid blucher oxford . do 37, 089 44, 818 37, 626 35, 098 38, 509 32, 987 44, 969 41, 538 34, 180 41, 266 34, 262 31, 429 34, 152 28, 845 38, 926 34, 858 31,225 26, 850 31, 697 2, 506 38, 037 3,183 31, 171 4,454 28, 018 3,351 32, 622 5,911 26, 360 2,580 35, 630 3,405 32, 293 2,660 29, 474 1,802 25, 457 1 617 8,141 1,077 17,151 4,629 3,182 2,497 227 185 341 9,623 1,407 20, 818 5,634 3,784 3,068 261 223 358 7,790 1,209 17, 537 4,497 3,229 2,931 216 217 393 7,283 1,217 16, 149 3, 956 2,824 3,212 246 211 323 8,431 1,639 16, 748 4,267 3,067 3 877 255 225 287 6,383 1,464 15, 234 3, 541 2,223 3 706 221 215 334 8,702 1,797 20, 791 4,782 2,854 5,476 306 261 527 8,409 1,710 18, 052 4,156 2,531 6 067 299 314 406 8 249 1,608 14 818 3,941 2 609 6 379 304 300 409 7 205 1,131 12 211 3,736 2 567 6 149 266 225 365 9. 653 6.750 5.150 9.653 6.750 5.150 9.653 6.750 5.150 9.653 6.600 5.150 9.653 6.600 5.150 9.653 6.600 5.150 9.653 6.600 5. 150 9.653 6.600 5.150 9.604 6 600 5.150 9. 555 6 600 5.150 9.555 6 600 5 150 9.555 6.600 5.150 T 9.555 6.600 5.150 LUMBER AND MANUFACTURES LUMBER—ALL TYPES 1 Exports total sawmill products J M bd ft Imports total sawmill products do National Lumber Manufacturers Association: Production totalj mil. bd. ft_HardwoodsJ do SoftwoodsJ - _-do Shipments total! do Hardwoo'dsJ - -do - _ _ Softwoods J do Stocks, gross (mill and concentration yards), end of month, total! mil. bd. ft._ Hardwoodst do Soft woods 1 do 51, 731 98, 673 54, 161 123, 435 49, 838 103, 852 59, 784 117, 351 60, 234 121, 115 44, 549 100, 173 61, 796 123, 729 74, 533 146, 878 52 514 170, 493 62 046 200, 847 44 529 173 518 33 746 167 260 2,057 450 1,607 1,946 378 1,568 2,658 568 2,090 2,533 463 2,070 2,613 2, 731 2,432 413 2,019 2,371 379 1,992 2,938 471 2,468 2,901 450 2,451 2,874 469 2,405 2,951 478 2,473 2,790 501 2,289 2 903 500 2,402 2,947 538 2,409 3 209 603 2 606 2 956 406 2,247 2,778 426 2,352 2,729 368 2,361 2 329 2,387 633 1,754 2 633 697 1 936 2,463 601 1,862 2 865 689 2, 176 7,515 2,406 5,109 7,679 2,512 5,167 7,671 2,482 5,189 7,743 2,490 5,253 7,776 2,548 5,228 7,859 2,582 5,277 7, 914 2,603 5,311 7,851 2,594 5,257 7,777 2,594 5,183 7,306 2,529 4 777 7,279 2 542 4 737 7,028 2,478 4 550 6,976 2,390 4 586 i 26, 241 1 12, 526 i 13, 715 28, 914 17, 407 11, 507 'r 24, 145 11,751 12, 394 29, 617 4,307 25, 310 27, 606 9,681 17, 925 20, 594 4,852 15, 742 31, 062 5,474 25, 588 42, 275 9,054 33, 221 24, 305 5,008 19, 297 30, 784 7 884 22, 900 18 685 3 882 14 803 10 916 4 437 6 479 377 2,236 2,625 407 2,218 414 2,317 2,653 654 2 302 2 985 656 SOFTWOODS Douglas fir: Exports, total sawmill products M bd. ft_ Sawed timber do Boards, planks, scantlings, etc__ -do _ Prices, wholesale: Dimension, No. 1, common, 1" x 4" x 16' dol. per M bd. ft__ Flooring, B and better, F. G., 1" x 4", R. L. dol. per M bd. ft.. Southern pine: Orders new mil. bd ft Orders, unfilled", end of month do Production _ do Shipments do Stocks, gross (mill and concentration yards), end of month mil. bd. ft Exports, total sawmill products M bd. f t _ _ Sawed timber _ do Boards, planks, scantlings, etc do Prices, wholesale, composite: Boards, No. 2 common, I" x 6" or 8" x 12' dol. per M bd. ft.. Flooring, B and better, F. G., 1" x 4" x 12-14' dol. per M bd. it-Western pine: Orders, new mil bd ft Orders, unfilled, end of month do Production^ do Shipments! do Stocks, gross, mill, end of month .do Price, wholesale, Ponderosa, boards, No. 3 common, 1" x 8" dol. per M bd. ft West coast woods: Orders, new mil. bd. f t _ _ Orders, unfilled, end of month _ do Production do Shipments do Stocks, gross, mill, end of month__ __ _ do r r 67. 815 68. 310 68. 310 68. 310 67. 568 64. 680 63. 896 62. 720 62. 720 62. 720 63. 210 64. 484 66. 640 133. 650 128. 700 127. 958 122. 562 118.058 114. 660 114. 660 114. 660 108. 780 105. 448 104. 860 102. 900 103. 635 725 690 711 627 539 1 738 282 598 560 307 706 713 1,809 9, 299 3,218 6,081 1,802 11,390 4,330 7,060 660 276 661 691 1,772 'r 7, 469 3, 053 4,416 261 728 740 1,760 10, 202 3,797 6,405 765 291 703 676 714 802 253 756 678 1 623 7 925 2 791 5 134 1 650 9 104 2 688 6 416 1 621 372 782 810 1,740 »• 9, 934 3,457 r 6, 477 1,732 9,028 3,016 6,012 1, 656 9,218 2,737 6,481 1,628 8,869 2,488 6,381 59. 479 61. 173 63. 326 64. 311 65. 008 65. 467 65. 765 65. 618 139.200 136. 484 138. 542 139. 583 140. 256 140. 256 141. 114 139. 472 693 643 630 757 264 405 461 64. 167 62.001 60.380 59.033 146. 650 144. 513 142. 865 139. 374 568 684 545 842 340 744 820 65. 400 457 913 247 670 678 148. 409 306 697 228 703 723 643 673 374 701 763 304 760 781 1,566 8, 468 2,376 r 6 092 1 545 9 226 3 298 5 928 r 624 397 667 696 466 381 400 1,548 1,529 492 579 523 1,586 1,644 1,713 1,763 1,829 1,840 1,847 1 724 1 632 1 491 467 755 326 439 1 377 68.05 67.48 66.80 65.84 65.20 62 54 59 21 57.02 57 56 58 00 59 18 60 37 61 26 621 610 770 650 705 584 642 524 646 403 612 476 794 570 813 582 790 607 878 573 776 517 919 800 748 848 644 796 766 531 238 288 577 559 940 761 743 979 498 619 561 743 760 981 709 701 984 539 712 643 607 628 678 629 721 655 699 627 626 683 751 904 513 534 903 735 720 936 725 778 899 96, 538 102 578 62, 947 169, 274 172, 478 59, 756 168, 747 169, 832 58, 881 734 617 610 759 563 627 767 477 569 723 769 890 824 922 643 820 832 631 176, 197 178 764 55 984 176, 501 180 945 51 316 179, 876 186 030 44 941 575 636 567 SOFTWOOD PLYWOOD Production thous. of sq. ft., %" equivalent _ _ Shipments ._ _ do Stocks, end of month __ do ... 143, 180 133, 192 84, 534 176,061 179, 021 81, 526 153, 516 158, 279 76, 148 154, 677 152, 137 77, 811 151, 386 160, 856 68. 742 4,025 8,750 4,200 3,700 7,850 5,000 7,575 5,000 5,200 8,550 3,950 8,500 4,175 3,950 7,725 3,400 7,325 4,275 3,675 8,000 4,299 6,872 5,246 4 651 8,843 ' 175, 484 r iQg 635 r 55 268 178, 080 177 303 55 699 HARDWOOD FLOORING Maple, beech, and birch: Orders, n e w __ _ _ _ _ _ _ Orders, unfilled, end of month Production _ _ Shipments Stocks, mill, end of month M b d . ft_ do do do _.do 4 275 4 300 4 525 4 200 4 800 5 400 4 325 5 275 6,6CO 6,875 6,300 6,850 7,125 7,225 5,900 8,250 4 325 4 650 4 900 4 375 4 175 4 125 4 225 4 450 3 950 4 000 4 550 4 200 4 575 4 AK f\ 4 250 4 225 Q fisn 10. 000 in 095 9 Q9S 9. fiSO 9.300 9.700 10. 150 r Revised. 1 Revised exports of sawmill products for January 1949 are as follows (M bd. ft.): Total (all types of lumber), 45,423; Douglas fir—total, 24,787; sawed timber, 7 980- boards, planks, scantlings, etc., 16,807; Southern pine (total), 9,139. §1948 data for production of shoes and slippers have been revised; revisions January-July are shown in the September 1949 SURVEY on p. S-31. cfThe figures include a comparatively small number of "other footwear" which is not shown separately from shoes, sandals, etc., in the distribution by types of uppers; there are further small differences between the sum of the figures and the totals for shoes, sandals, and play shoes, because the latter, and also the distribution by kinds, include small revisions not available by types of uppers. JSee note at the bottom of p. S-30 of this issue regarding revised lumber series. t SURVEY OF CURRENT BUSINESS S-32 Unless otherwise stated, statistics through 1948 and descriptive notes are shown in the 1949 Statistical Supplement to the Survey April 195C 1950 1949 Febru- ary March May April July June August Septem- ber October Novem- Decem- January ber ber 74,615 55, 715 72, 953 74, 818 44, 201 71. 891 61, 488 69, 066 66, 118 47, 149 85, 965 75, 816 71, 038 71, 637 45, 612 372, 573 187, 451 18,189 17, 557 ' 73, 553 84, 769 18, 930 11,924 298, 605 13, 552 96, 523 33, 468 Febru- ary LUMBER AND MANUFACTURES—Continued HARDWOOD FLOORING—Continued Oak: Orders new Orders, unfilled, end of month Production .. Shipments Stocks, mill, end of month _ M bd. ft do do_ _ do _ do. _. 50, 086 32, 964 54, 460 51, 204 58, 151 61, 264 34, 744 65, 504 64, 869 58, 786 54,156 34, 933 61, 441 60, 360 59, 867 58, 749 31, 879 64, 409 61, 803 62, 473 56, 876 31, 908 66, 584 62, 825 66, 232 62, 722 30, 229 58, 250 61, 691 62, 791 78, 066 35, 029 70, 606 73, 266 57, 135 87, 382 47, 846 71, 309 74, 565 53, 879 85, 525 55, 918 72, 162 77, 453 47, 202 91, 090 95, 627 68, 334 71, 297 41, 201 METALS AND MANUFACTURES IRON AND STEEL Foreign trade: Iron and steel products (excl. advanced mfrs,): Exports, total short tons.. Scrap do Imports, total _ _ _ _ do Scrap do i 388, 671 ' 457, 018 ' 565, 170 r r553, 244 r 12, 794 r 33, 247 52, 408 ri 10, 238 i 295, 009 ' 304, 844 ' 189, 379 r 161, 725 118, 839 127, 675 i 199, 846 239, 226 599, 093 50, 866 109, 133 91,838 507, 212 r 23, 210 56, 133 52, 359 509, 644 27, 342 50, 667 43, 207 r 521, 543 >• 22, 423 19, 327 5,618 255, 787 20, 319 30, 283 17, 086 r r Iron and Steel Scrap Consumption, total thous. of short tons Home scrap do Purchased scrap do ... Stocks, consumers', end of month, total do Home scrap do_ _ _ Purchased scrap . -do 5,346 2,658 2,688 5,882 1,403 4,479 5,925 2,976 2,949 5,842 1,466 4,376 5,223 2,722 2,501 5,771 1,555 4,216 4,968 2,719 2,249 5,745 1,626 4,119 4,398 2,500 1,898 5,824 1,751 4,073 3,800 2,241 1,559 5,748 1,820 3,928 4, 756 2,747 2,009 5,351 1,789 3,563 4,631 2,658 1,973 4,824 1,531 3,293 1,664 765 899 5,340 1,737 3,603 3,401 1,795 1,606 5,497 1,693 3,804 5,320 2,824 2,496 5,718 1,642 4,076 2,882 1,610 8,107 4,335 2,799 9,643 9,889 10, 910 8,623 11, 865 12, 549 7,939 12,923 13, 750 7,112 12, 757 13, 696 6,172 11, 986 12, 582 6, 576 10, 164 10, 421 5,319 '709 1,591 4,456 2,049 2,079 4 407 2,816 1,649 5,575 2,777 1,524 6 831 0 6,992 24, 981 21, 811 3,170 391 499 7,735 17, 308 15, 050 2,258 386 8,868 7,322 17, 803 15, 770 2,033 560 11, 656 7,277 21, 508 19, 273 2,235 650 12, 162 6,249 27, 696 24, 957 2,739 642 12, 768 5,258 35, 064 31, 493 3,571 946 11,315 5,711 40, 811 36, 084 4,728 1,025 9,461 5,541 45, 356 39, 346 6,010 968 1,575 877 47, 017 39, 585 7,432 461 1,103 3,520 44 786 37, 848 6 939 654 171 6,760 38, 629 32, 544 6,085 348 6 740 32 004 26 710 5 294 601 55 48 38 37 60 42 46 50 44 '60 '80 47 1,857 987 535 1,639 1,075 567 1,446 929 467 1,243 867 439 1,087 906 455 1,032 697 342 1,048 872 446 980 881 459 955 716 398 939 719 395 892 862 440 914 913 r 450 26, 999 118, 318 66, 744 35, 074 22, 204 102, 379 72, 052 38, 143 24, 307 94, 958 61, 329 31, 728 11, 629 78, 944 54, 572 27, 643 23, 560 69, 865 59, 597 32, 639 24, 147 70, 796 44, 360 23, 216 20, 861 61, 330 58, 121 30, 327 26, 828 57, 512 60, 488 30, 646 25, 392 54, 322 57, 150 28, 582 26, 723 55 795 49, 439 25 250 34, 719 60 835 57, 379 29 679 5,223 5,135 5,820 5,771 5,531 5,406 5,517 5,290 4,819 4,573 4,173 4,054 4,477 4,604 4,350 4,495 612 753 2 722 2,773 5,231 5,215 Ore Iron ore: All districts: Production .. thous. of long tons Shipments _ . __do Stocks, end of month do Lake Superior district: Shipments from upper lake ports _ do Consumption by furnaces do _ _ _ Stocks, end of month, total do At furnaces. . _ do__ On Lake Erie docks _ do Imports __ .__ do_ _ Manganese ore, imports (manganese content) thous. of long tons__ Castings, gray iron: Unfilled orders for sale thous. of short tons Shipments, total do For sale __ do Castings, malleable iron: Orders, new, for sale short tons Orders, unfilled, for sale do Shipments, total _ _ _ do For sale do Pig iron: Production. _. _ thous. of short tons Consumption do Stocks (consumers' and suppliers'), end of month thous. of short tons Prices, wholesale: Composite dol. per long ton Basic (furnace), do_ __ Foundry, No. 2, f. o. b. Neville Island do o 0 5,329 26, 745 22, 103 4 642 873 864 417 390 307 874 918 35, 991 67 049 60 386 31 249 5 294 4 173 34 62 62 32 1,295 1,350 1,525 1,775 1,942 2,013 1,847 2,230 1,616 1,446 1,499 47.67 46.00 46.50 47.67 46.00 46.50 47.55 46.00 46.50 46.62 46.00 46.50 46.62 46.00 46.50 46.62 46.00 46.50 46.62 46.00 46.50 46.68 46.00 46.50 46.68 46.00 46.50 46.68 46.00 46.50 46 68 46 00 46 50 46 68 46 00 46 50 46.85 46.00 46 50 138, 889 102,027 30, 313 119, 953 83, 277 23, 834 106, 178 75, 537 22, 165 116, 052 84, 112 26, 940 78, 710 50, 124 14, 625 89, 964 59, 412 13, 348 86, 502 55, 853 11, 823 70, 690 48, 263 8 964 76, 437 50 685 7 270 84,508 53 079 9 258 88, 821 57 996 9 298 91, 827 62 045 10 920 504, 142 410, 248 93, 894 120, 035 85, 986 34, 049 464, 782 379, 673 85, 109 104, 305 76, 116 28, 189 411, 601 338, 912 72, 689 91,775 67, 580 24, 195 376, 761 310, 182 66, 579 100, 756 77, 877 22, 879 348, 239 293, 206 55, 033 70, 129 55, 072 15, 057 311, 923 257, 259 54, 664 95, 794 73, 630 22, 164 294, 240 250, 239 44, 001 88,417 71,781 16, 636 280, 291 231,849 48, 442 81, 278 65, 651 15, 627 286 897 240, 715 46 182 72 859 56 455 16 404 656 816 840 266 765 501 327 035 280, 023 47 012 92 994 73 458 19 536 340 955 294, 251 46 704 92 547 73 440 19 107 8,388 103 7,785 98 7,590 93 6,498 82 5, 779 71 6,715 82 6,590 84 925 11 4 216 53 7 717 95 7 930 r 94 6 793 89 Steel, Crude and Semimanufactures Steel castings: Shipments, total short tons.. 135, 042 99, 425 For sale, total. do 32, 545 Railway specialties do Steel forgings, for sale: f 538, 798 Orders, unfilled, total do r 445, 248 Drop and upset do ' 93, 550 Press and open hammer _ do ••111,024 Shipments, total do 'r 80, 912 Drop and upset ___ _ _ _ __do Press and open hammer. __ _ _ do 30, 112 Steel ingots and steel for castings: Production _ .thous. of short tons 7,481 101 Percent of capacityj Prices, wholesale: Composite, finished steel dol. per Ib .0420 Steel billets, rerolling (producing point) 58.24 dol. per long ton__ Structural steel (Pittsburgh) dol. per Ib .0350 Steel scrap, heavy melting (Pittsburgh) 39.50 dol. per long ton._ 307 263, 43 78 61 16 .0420 .0420 .0420 .0420 0420 .0420 0420 0420 0420 0427 0438 0438 58.24 .0350 58. 24 .0350 58.24 .0350 58.24 .0350 58.24 .0350 58.24 .0350 58.24 .0350 58.24 . 0350 58.24 . 0350 58.80 .0363 59.36 0375 59.36 0375 37.25 26.60 23.25 23.00 21,00 21.00 27.75 29.38 31.38 31.00 30.00 31.63 7,693 1,917 34 6, 693 1, 745 22 6,200 1,921 32 5,197 2,087 29 5,815 1,833 30 5,645 1,990 33 5,401 2,419 28 ' 5, 361 ' 1, 694 31 5,298 1,682 26 4,592 1,956 49 'r 4, 863 1 635 61 1 4,937 1 758 42 Steel, Manufactured Products Barrels and drums, steel, heavy types: Orders, unfilled, end of month thousands-Shipments _. _ do Stocks, end of month do 7,582 1,801 31 ' Revised. 1 Revised data for January 1949 are as follows (short tons): Iron and steel products—total exports, 436,706; scrap exports, 10,001; total imports, 288,189; scrap imports, 166,448. JFor 1950, percent of capacity is calculated on annual capacity as of January 1, 1950, of 99,392,800 tons of steel; 1949 data are based on capacity as of January 1,1949, 96,120,930 tons. SURVEY OF CURRENT BUSINESS April 1950 Unless otherwise stated, statistics through 1948 and descriptive notes are shown in the 1949 Statistical Supplement to the Survey S-33 1950 1949 Febru- ary March April May June July August Septem- ber October Novem- Decem- ber January Febru- 227, 359 150, 987 76, 372 198, 034 811 19, 554 r 219, 119 r 146, 653 r 72, 466 r 184, 918 831 16, 767 'r 209, 187 136,899 * 72, 288 r 176, 582 951 21, 365 198, 831 121,680 77, 151 163, 562 908 22, 066 ber ary METALS AND MANUFACTURES—Continued IKON AND STEEL—Continued Steel, Manufactured Products— Continued Cans, metal, shipments (in terms of steel consumed), total short tons Food .. do ... Nonfood do Shipments for sale. _ ___ ___ _ do_ _ Commercial closures, production . .millions. _ Crowns, production thousand gross_. Steel products, net shipments: Total thous. of short tons. Bars, hot rolled— Carbon and alloy. _ _ _ d o Reinforcing do Semimanufactures _ _ ______ ..do _ _ Pipe and tubes do Plates _ do Rails do Sheets do Strip— Cold rolled do Hot rolled do Structural shapes, heavy do Tin plate and terneplate do Wire and wire products do 190, 755 126, 377 64, 378 163, 389 833 22, 316 208, 188 131, 004 77, 184 172, 320 905 25, 496 204, 353 126, 898 77, 455 169, 194 768 23, 408 230, 167 147, 808 82, 359 189, 024 737 23, 422 303, 921 208, 633 95, 288 259, 026 779 27, 559 314, 372 219, 067 95, 305 282, 977 746 26, 984 489, 794 383, 603 106, 191 444, 976 920 29, 709 416, 974 312, 538 104, 436 371, 691 910 25,511 5, 520 655 133 308 584 590 179 1, 365 150 146 359 300 404 6,306 757 150 308 721 684 207 1,562 170 169 394 333 451 5,597 677 141 223 635 619 199 1,437 144 155 375 295 365 5,235 597 134 202 618 590 193 1,330 132 142 378 292 338 5,177 564 141 139 623 517 211 1,355 121 150 327 387 347 4,535 432 125 125 550 464 182 1,290 76 125 290 418 241 4,918 465 156 136 648 481 196 1,377 106 153 300 322 334 5,236 524 162 125 655 467 162 1,497 122 179 309 394 386 935 89 31 18 121 51 '1 316 64 38 8 81 71 3,297 325 125 104 400 290 31 990 78 90 215 246 268 5,411 606 138 220 653 519 141 1,506 137 164 341 326 419 49, 749 175, 704 r 54, 851 254, 512 54, 076 180, 765 r 56, 920 182, 760 54, 184 262, 247 55, 777 182, 171 49, 739 245, 978 45, 790 252, 431 35, 865 243 748 .1022 .0847 .0702 .0630 .0605 .0575 .0651 .0725 .0737 137.3 27.2 110.0 80.7 .346 152.9 27.5 125.4 92.4 .345 129.5 23.8 105.7 73.1 .331 110.4 21.4 89.0 56.9 .295 103.9 23.3 80.7 48.1 .276 90.4 18.6 71.7 42.8 .277 104.2 24.0 80.2 49.3 .282 123.4 27.6 95.8 65.3 .282 135.3 29.1 106.2 75.9 .282 56, 576 77, 906 72, 568 67, 343 61,314 56, 735 55, 851 58, 013 76, 941 80, 275 97, 861 83, 841 10, 653 59, 160 27, 861 31, 299 .2320 97, 123 88, 165 113, 154 68, 450 15,415 64, 414 31, 822 32, 592 .2318 91, 589 81, 258 93, 873 98, 139 76, 134 32, 566 76, 494 128, 441 14, 910 11,248 ' 48, 487 46, 548 r 27, 161 19, 044 21, 326 27, 504 .2145 .1776 72, 051 92, 118 45, 653 166, 925 17, 066 46, 570 20, 221 26, 349 .1634 62, 449 85, 638 45, 316 212, 817 10, 349 33, 829 14, 414 19, 415 .1706 62, 279 85, 577 90, 739 217, 167 8, 695 45, 372 24, 372 21,000 .1733 64, 870 79, 949 103, 115 193, 890 14, 214 38, 177 15, 745 22, 432 .1733 32, 562 32, 285 39, 714 43, 558 36, 979 38, 715 36, 731 38, 347 36, 069 36, 654 29, 778 32, 126 33, 852 32, 255 42, 254 r 39, 475 51,373 r 26, 696 r 53, 422 48, 957 r 16, 229 r 68, 353 51, 206 45, 455 r 29, 132 r 96, 367 38, 332 r 32, 562 r 91, 834 37, 754 r 33, 581 r 75, 285 285, 644 188, 092 97, 552 252, 522 874 19, 936 5,483 620 122 228 671 456 151 ' * 1, 572 141 176 325 348 424 5,135 602 101 220 633 346 125 1 1, 502 141 167 309 329 408 41, 161 259, 203 52, 023 232 813 50, 443 .0775 .0775 .0775 .0775 107.1 26.3 80.7 54.1 .286 119.8 26.8 93.1 61.2 .287 129.5 28.8 100.7 68.5 «• .287 140.2 28.9 111.3 77.0 .287 60, 108 62, 243 62, 565 * 71, 464 67, 478 69, 052 86, 882 108, 192 164, 464 9,388 37, 231 25,102 12, 129 .1733 80, 598 92, 602 117, 133 139, 199 13 075 41 786 21 811 19, 975 o!806 80, 390 94, 947 107, 662 116, 027 25 049 59, 117 39 274 19, 843 '. 1820 85, 612 95, 229 111, 668 101, 070 12, 165 56, 114 25 647 30, 467 .1820 81, 216 94, 036 112, 773 77, 472 30, 549 30,161 29, 734 29, 497 31 186 36, 329 33, 868 37, 888 36, 362 35, 031 36, 452 34, 928 r 28, 298 r 60, 208 46, 246 r 22, 695 r 64, 859 48, 500 r 36, 799 •• 65, 065 48, 896 r 22, 738 r 70, 424 47, 512 25, 683 76, 529 41, 670 21,855 79, 143 .1200 NONFERROUS METALS AND PRODUCTS Aluminum: Production primary short tons Imports bauxite long tons Price, wholesale, scrap castings (N. Y.) dol. per l b _ _ Aluminum fabricated products, shipments, total mil. of lbs__ Castings __ do Wrought products, total do Plate, sheet, and strip. . _ do Brass sheets, wholesale price, mill dol. per lb_. Copper: Production: Mine production, recoverable copper short tons__ Crude (mine or smelter, including custom intake) short tons Refined do___ Deliveries, refined, domestic _ do Stocks, refined, end of month do Exports refined and manufactures do Imports total do Unrefined including scrap do Refined do Price, wholesale, electrolytic (N. Y.)_-dol. per l b _ _ Lead: Ore (lead content) : Mine production short tons Receipts by smelters, domestic ore do Refined (primary refineries) : Production! do Shipments (domestic) f _ _ - _ _ _ _ _ _ . .do Stocks, end of monthf do Price, wholesale, pig, desilverized (New York) dol. perlb.. Imports, total, except mfrs. (lead content) short tons Tin: Production, pig long tons Consumption, pig do Stocks, pig, end of month, total § do Government! do Industrial do Imports: Ore (tin content) _ __ do Bars, blocks, pigs, etc do Price, wholesale, Straits (N. Y . ) _ _ _ _dol. per Ib Zinc: Mine production of recoverable zinc short tons Slab zinc: Production _ do Shipments, total . _ _.. do Domestic _ _ _ _ _ _ do Stocks end of month do Price, wholesale, prime Western (St. Louis) dol. perlb.. Imports, total (zinc content) short tons For smelting, refining, and export. do For domestic consumption: Ore (zinc content) __ do Blocks, pigs, etc do r 36, 101 r 19, 060 r 90, 471 .2150 .1891 .1515 30, 859 r 32, 833 *• 25, 870 ' 48, 718 71, 661 r 3,545 4,461 39, 827 25, 199 14, 628 3,382 4,723 41, 602 27,903 13, 699 3,066 4,228 43, 322 31, 116 12, 206 3,241 4,186 41, 130 30, 550 10. 580 2,443 2,526 1. 0300 3,174 8,795 1. 0300 4,205 8,493 1. 0300 52, 963 62, 049 69, 193 68, 522 60, 827 21, 100 .1750 13, 044 2,211 1372 .1200 r 52, 005 276. 727 r .1820 .1356 .1503 .1505 .1342 .1252 .1200 .1200 9, 300 30, 856 19, 240 28, 159 25 951 27, 356 31, 286 3,346 4,161 43, 431 33, 704 9, 727 3, 129 3,990 40, 679 31, 146 9.533 3,307 5,045 31,416 21, 703 9,713 3,171 4,852 30, 287 20, 873 9,414 3,246 2,411 32, 070 22, 403 9,667 3 313 3,925 35 165 23, 129 12, 036 3.081 4,605 r 35, 777 22, 452 r 13. 325 r 3, 764 4,210 1. 0300 2,108 4,049 1. 0300 2,210 3,318 1.0300 2,332 6, 434 1. 0300 3,284 6,458 1.0209 4,899 7,558 .9572 4,122 4,881 .9119 1,793 2,915 .8300 6,153 7,409 .7593 59, 185 55, 925 54, 271 40, 256 45, 068 41, 887 38, 823 40 112 41 687 43 610 78, 121 71,017 51, 381 28, 204 75, 921 53, 143 35, 948 50, 982 77, 537 52, 689 35, 564 75, 830 73, 989 66, 900 44, 820 82, 919 74, 569 72, 080 62, 443 85, 408 73, 819 74, 339 68, 659 84, 888 70, 368 70, 228 60, 371 85, 028 64, 399 51, 761 43, 998 97, 666 65, 055 73, 702 63, 859 89 019 71,327 66, 125 57, 801 94 221 69, 948 ' 82, 132 69, 020 r 82 037 69, 639 84, 257 72, 843 67, 419 .1706 «• 20, 613 4,090 .1406 20, 066 5,447 .1188 36, 484 9,025 .0955 30, 534 6,873 .0936 21, 113 5,669 .1000 24, 756 3,839 .1001 23, 198 1,692 .0932 20, 507 1,109 .0975 28 454 935 .0975 21 294 207 .0976 23 157 60 .0975 7,606 8, 925 7,994 6,625 19, 868 7,591 15, 093 8,568 5,747 9,697 9,941 10, 976 8,265 13, 241 4, 931 14, 467 9 931 17,588 7,106 13, 981 12 491 10, 606 8,239 90, 152 7,127 100, 759 6,042 105, 574 8,528 112, 115 13, 155 109, 624 14, 265 101, 842 27 270 89 724 33, 839 74, 863 36 989 61, 511 25 185 56 796 15 025 60 117 10 595 70 978 1,823 9,226 1,412 11. 896 1,305 13, 833 1,510 14, 803 2,221 13. 706 2,747 12, 068 4,130 10. 485 5,363 8.548 5,970 6.491 4,190 5.602 2,813 5.688 2 678 fi. 806 r 3 5,014 5, 821 r r r 2,987 4, 941 39, 827 25, 991 13, 145 2 .7435 HEATING APPARATUS, EXCEPT ELECTRIC Boilers, radiators and convectors, cast iron: Boilers (round and square) : Shipments thous of Ib Stocks, end of month __ do Radiation: Shipments -thous. of sq. ft Stocks, end of month do r Revised. » Preliminary. 1 Includes data for electrical strip. Includes small amount not distributed. 3 Revised data for January 1949,11,849 short tons. §Government stocks represent those available for industrial use. fRevised scries. Data beginning 1949 have been revised to exclude figures for secondary refineries. The production figures (corresponding to those formerly designated as primary) include some secondary lead produced by primary refineries. Data for January 1949 are as follows (short tons): Shipments (domestic), 48,640; stocks, 36,564. Earlier data will be published later. SURVEY OF CURRENT BUSINESS S-34 Unless otherwise stated, statistics through 1948 and descriptive notes are shown in the 1949 Statistical Supplement to the Survey April 195( 1950 1949 February March April May June July August September October November December January Febru ary METALS AND MANUFACTURES—Continued HEATING APPARATUS, ETC.—Continued Boilers, range, shipments number Oil burners: Orders, unfilled, end of month do Shipments. _ __ _ do _ Stocks end of month do Stoves and ranges, domestic cooking, exc. electric: Shipments, total number Coal and wood _ _ _ do _ _ Gas (inc. bungalow and combination) do _ Kerosene, gasoline, and fuel oil _ do Stoves, domestic heating, shipments, totaL._do. Coal and wood _ _ _ _ _ _ do Gas do Kerosene, gasoline, and fuel oil do Warm-air furnaces (forced-air and gravity-air flow) , shipments, total number Gas do Oil _ do Solid fuel do Water heaters, nonelectric, shipments _ _ do 31, 892 36, 295 27, 799 24, 867 29, 250 27, 587 39, 273 41, 492 44, 164 37, 937 41, 362 42 101 47, 722 23, 878 43, 581 47, 673 25, 895 47, 112 51, 231 25, 504 56, 430 51, 388 34, 906 54, 684 51, 210 46, 862 48, 050 55 060 41, 589 46, 910 60, 801 74, 116 42, 004 65, 364 94, 805 35, 451 56, 518 96, 963 29, 014 47, 562 60, 342 32, 785 44, 176 40, 906 39, 130 41,206 36 650 40, 040 154, 230 16, 285 118,171 19, 774 98, 800 15, 102 32, 986 50, 712 189, 388 17, 107 152,217 20, 064 112, 212 11, 107 42, 038 59, 067 177, 962 12, 610 150, 737 14,615 89, 125 12, 986 34, 354 41, 785 177, 292 10, 797 152, 382 14, 113 99, 691 17,716 45, 821 36, 154 187, 294 10, 477 163, 115 13, 702 187, 626 42, 249 62, 692 82, 685 149, 399 11, 780 126, 619 11, 000 288, 102 75, 257 104, 603 108, 242 241, 977 17, 144 207, 521 17,312 563, 694 146, 962 220, 861 195, 871 262, 193 18, 926 229, 244 14, 023 734, 975 213, 955 263, 859 257, 161 291, 030 16, 718 257, 506 16, 806 666, 940 206, 025 263, 134 197, 781 269 616 15 012 238, 780 15 824 505 989 140 391 243 369 122 229 '204 521 r 9, 436 192 107 10 581 167, 2^1 14 305 110, 189 12 088 62 366 35 735 33, 125 8,543 8,834 15, 748 108, 485 41, 376 12, 146 10, 330 18, 900 133, 674 34, 595 12, 263 9,668 12, 664 140, 597 42, 427 17, 131 12, 613 12, 683 150,111 55, 857 24, 573 16, 820 14, 464 165, 597 48, 551 20, 059 15, 237 13, 255 144, 701 84, 250 36, 492 26, 143 21, 615 180, 632 111, 582 48, 235 30, 852 32 495 191, 787 102, 989 44, 606 34, 676 23 707 200, 959 78 828 38 472 24 650 15 706 184' 147 ''SI 766 25, 736 T 17, 543 r 181, 112 13, 973 186, 219 45, 669 99 041 41, 509 r % 487 * 160 785 39 887 20. 353 13 696 5 838 164 863 MACHINERY AND APPARATUS Blowers, fans, and unit heaters, quarterly: Blowers and fans, new orders thous. of dol Unit heater group, new orders. do Foundry equipment (new), new orders, net _ _ 1937-39=100 Furnaces, industrial, new orders: Electric .. thous. of dol Fuel-fired (except for hot rolling steel)* do Machine tools, shipments 1945-47=100 Mechanical stokers, sales: Classes 1, 2, and 3 __number Classes 4 and 5: Number ___ _ _ Horsepower Pumps, steam, power, centrifugal and rotary, new orders thous. of dol 12, 672 6,549 15 695 12 213 17 033 11,432 16, 266 6,075 144.4 190.8 172.0 121.9 164.9 146.6 127.1 166. 6 133.5 270 4 ^201 0 159 3 113 1 402 636 70.3 436 305 75.8 543 323 74.7 762 438 72.8 196 257 79.0 329 594 60.7 210 706 67.3 318 589 67.6 565 269 62.3 293 516 67 6 281 719 75 7 473 1 914 r 52 8 69< 61( P 55 £ 1,820 1,784 1,524 1,552 2,676 2,378 4,214 6,671 4,257 2 257 1 469 1 3'' 7 67C 144 43, 781 133 47, 957 117 37, 836 158 30, 910 252 58, 142 191 31, 703 343 65 118 268 50 693 239 40 923 209 52 631 163 46 854 T ]()6 r 29 700 95 28 564 3,247 3,593 2,699 2,775 3,019 3,358 3,767 2,914 2,539 2 525 2 560 2 587 2 93£ 826 560 499 685 1.059 1,637 2,648 2,786 2,573 2,132 1, 467 1,159 245 309, 897 242, 500 216 252, 656 192, 500 220 222, 850 211, 700 197 207. 354 260, 700 210 161, 920 200, 900 205 219 909 323 789 206 250, 036 357 281 168 272, 520 333 700 137 253 516 298 700 161 265, 513 237, 591 249, 150 275 600 263, 515 343 000 329 366 315 285 282 240 273 318 330 345 338 4,077 4,702 4,170 3,697 3,646 3,329 3, 649 4,380 4,479 4,723 4,625 4,696 4,788 4,227 4,324 3,844 3,966 3, 649 2,776 2,678 3,038 3,201 3,231 3,155 3,632 3,439 1,454 1,496 1,247 1,133 982 810 947 1,013 1,063 1,112 1,097 1,217 1,269 21, 630 24, 590 21,931 17, 566 13, 240 12, 568 12, 400 14, 992 17,683 12 662 20, 946 r ELECTRICAL EQUIPMENT Batteries (automotive replacement only) , shipments thousands _ . Domestic electrical appliances, sales billed: Refrigerators, index 1936—100 Vacuum cleaners, standard type. _ number Washers do Insulating materials and related products: Insulating materials, sales billed, index 1936=100. _ Fiber products: Laminated fiber products, shipments thous. of dol__ Vulcanized fiber: Consumption of fiber paper thous. of lb._ Shipments of vulcanized products thous. of dol__ Steel conduit (rigid) and fittings, shipments short tons. Motors and generators, quarterly: New orders, index _ _ .1936=100 Polyphase induction motors, 1-200 hp.tcf New orders _ _ thous. of dol Billings do Direct current motors and generators, 1-200 hp.rc? New orders thous. of dol Billings do_ _ 224 r 241, 574 201, 300 r 1, 694 262 240 224 232 21,148 22, 421 18, 679 20, 542 17, 715 19 655 18 521 17 912 5,266 5, 236 4,997 4, 833 2 890 3,248 3 747 r 3 472 r PETROLEUM, COAL, AND PRODUCTS COAL Anthracite: T Production . _ thous. of short tons. _ 2,373 4,403 3,921 2,927 3,722 3,403 3,707 2,112 4,975 4,653 2,746 2, 914 2,581 Stocks in producers' storage yards, end of month 442 584 thous. of short tons._ 837 573 661 450 879 724 601 1,138 975 358 658 Exports _ _ do 301 424 617 382 338 610 358 421 399 510 277 149 Prices, composite, chestnut: Retail dol. per short ton-20.60 20. 59 20.01 19.44 19.65 19.75 19.80 20.49 20.08 20.36 20.49 20.51 20.51 Wholesale do 16. 029 16. 029 15. 695 15. 565 15. 615 15. 759 15.814 16. 165 16. 102 16. 185 16.190 16. 190 16. 190 Bituminous: Production thous. of short tons_. 33, 762 46, 315 47, 425 47, 795 35, 476 37,615 27, 071 19, 783 10, 307 44, 623 36, 028 31,277 11, 808 Indus trial consumption and retail deliveries, total thous. of short tons._ 44, 337 42, 270 37, 494 34, 764 29, 884 32, 608 33, 591 36, 537 28, 068 34, 948 43, 036 r 41, 855 34, 308 34, 553 33, 703 Industrial consumption, total _ _ _ do 31, 363 29, 718 25, 842 26, 891 28, 005 21, 569 27, 292 26, 343 31,436 * 30, 719 25, 444 Beehive coke ovens do 695 825 983 995 44 417 79 52 16 47 112 41 152 8,305 Byproduct coke ovens _ _ _ - do 7,835 8,513 8,253 7,523 7,008 7,384 7,161 2,466 5. 033 7,960 ' 7, 696 5,699 r Cement mills do 640 666 670 649 633 629 641 675 625 654 725 659 579 Electric-power utilities _ _ do 7,347 6,330 6,142 7,167 6,338 6,168 6,732 6,341 6,279 6,416 7,206 6,397 7,306 Railways (class I) do 6,565 6,121 5,892 6,628 4,974 5,274 5,133 4,709 4,584 5,080 5,665 4,119 5,320 r Steel and rolling mills.. do 621 812 849 714 559 505 551 521 192 527 722 712 649 7,263 Other industrial do 9,638 8,301 9,918 6,514 6,147 7,485 7,882 7,378 8,566 9,046 7,960 8,874 Retail deliveries do 9.784 6.131 5.046 5.717 1 4.042 5. 586 8.567 9. 245 6.499 R fi05 11 13fi 8 RfU 11 finn ' Revised. *> Preliminary. cfThe number of companies reporting beginning the second quarter of 1949 is as follows: Direct current, 28; polyphase induction, 32 in the second and third quarters, and 33 in the fourth quarter. *New series. Compiled by the Industrial Furnace Manufacturers Association, representing orders (less cancellations) for metallu llurgical and other purposes as reported by 24 to 28 companies. Currently, the combined data for electric and fuel-fired furnaces account for about 80 percent of the industry total. New orders3 ffor January 1949 amounted to $1,047,000. Data prior to 1949 will be shown later. SURVEY OF CURRENT BUSINESS April 1950 S-35 1950 1949 Unless otherwise stated, statistics through 1948 and descriptive notes are shown in the 1949 Statistical Supplement to the Survey February March May April July June August September October November December January February PETROLEUM, COAL, AND PRODUCTS—Continued COA L— Con ti nued Bituminous— Continued Consumption on vessels (bunker fuel) 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 Electric-power utilities do Railways (class I) do . . Steel and rolling mills do Other industrial do_. Retail dealers do Exports do Prices, composite: Retail dol per short ton Wholesale: Minerun__ __ do Prepared sizes do COKE Production: Beehive 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 Exports do Price, beehive, Connellsville (furnace) dol. per short ton__ 46 49 99 118 114 87 85 78 54 71 39 68, 834 66, 927 13, 759 1,103 24, 120 9,861 1,121 60, 511 59,048 11, 452 72, 755 70, 273 15, 870 1, 433 25, 444 9,701 1,360 16, 465 2,482 4,827 74, 161 71, 351 15,747 1,614 25, 607 9,818 1,376 17, 189 2,810 4,349 69, 119 66, 399 13, 896 1, 469 25, 062 8,669 1,214 16, 089 2,720 1,923 68, 621 65, 776 13, 604 1 454 25, 458 8, 196 1 152 15,912 2,845 2,267 62, 064 59, 990 11, 903 1,422 24, 142 6,680 1,029 14, 814 2,074 1,806 47, 165 45, 755 9,946 1,018 19, 706 4,170 45, 804 44, 359 10,060 1 001 18, 508 4,094 45, 111 43, 721 9,893 1 063 17, 794 3,849 16, 963 1,907 2,021 22, 127 8,908 1,023 14, 554 1,463 2,016 65, 164 63, 066 12, 914 1,105 23, 499 9,296 1,160 15, 092 2,098 3,752 16.04 16.04 15.84 15.51 15.52 15.53 15 54 15.69 8.832 9.303 8.778 9.237 8.570 9.029 8.539 8.921 8.518 8.929 8.531 8.945 8.515 8 964 8.580 9.060 984 639 534 5,475 5,958 5,761 5,798 5, 242 4,911 253 276 261 323 282 302 1,504 1,122 1,313 1,474 1,015 1,748 1,182 1,705 1,077 458 198 34 566 227 53 629 228 79 634 444 270 25 1 1 916 907 9,999 1,410 912 282 9,789 1, 445 1 101 10, 210 1,390 1 415 15.89 16 10 16 32 14 12 r 37, 119 24, 534 24, 069 3,400 r 36, 038 7,r 087 877 15,066 3,010 ' 748 9,250 1,081 r 453 6,540 465 557 16 47 16.50 8. 640 ' 1* 8. 667 ' i 8. 711 r i 8. 767 9. 358 9. 463 i 9. 732 i 9. 574 i 8. 770 i 9. 743 29 8 34 4,952 80 5,138 1,727 3,471 304 5,538 267 293 280 264 291 1,906 1,077 2,027 1,054 1,926 2,120 1,227 1,714 1,281 973 250 38 973 952 236 43 2,017 1,200 830 241 63 893 217 59 817 160 30 991 723 140 36 807 474 149 29 47 528 11,055 2,093 r '104 5, 358 382 158 32 952 361 174 42 14.500 14. 500 14. 450 14. 250 13. 812 13. 250 13. 250 13. 250 13. 250 13. 250 13. 250 13. 250 1,414 150, 519 1,816 161, 955 1,753 150, 354 1,805 154, 146 2,133 147, 098 1,803 145, 818 1 847 148, 192 1,984 148, 206 1,806 152, 590 85 1,877 155, 754 85 84 1,980 156, 285 87 84 1,826 154, 908 90 161, 053 160, 358 162, 485 162, 812 86 84 165, 919 154, 861 86 153, 440 154,223 85 88 166, 568 158, 782 169, 723 169, 987 265, 216 66, 317 182, 423 16, 476 269, 341 66, 203 187, 034 16, 104 272, 520 68, 331 188, 152 16, 037 273, 912 66, 799 190, 868 16, 245 274, 691 64, 040 194, 685 15, 966 267, 586 62, 793 188, 383 16, 410 260, 585 60, 760 183, 849 15, 976 251, 689 58, 244 177, 571 15, 874 250, 809 58, 653 175, 984 16, 172 256, 010 59, 835 180, 086 16, 089 253, 356 60 405 177, 049 15,902 246, 610 61, 195 169, 217 16, 198 26 3,956 655 448 207 13. 250 PETROLEUM AND PRODUCTS Crude petroleum: Wells completed number Production thous. of bbl Refinery operations percent of capacity Consumption (runs to stills) thous. of bbl Stocks, end of month :d* Gasoline-bearing in U. S., total __ . do At refineries do At tank farms and in pipe lines do On leases do 86 2,872 3,655 3,071 1,942 1,866 2,866 3,403 2,619 3,010 2,130 2,916 2,722 Exports do 12, 522 12, 013 12, 550 13, 699 12, 706 12, 788 11, 964 16, 537 11, 275 14, 998 11, 647 13, 983 Imports - _. - _ do 2.510 2.510 2.510 2.510 2.510 2.510 2.510 Price (Kansas-Oklahoma) at wells ._ dol. per bbl__ 2.510 2.510 2.510 2.510 2.510 2.510 Befined petroleum products: Fuel oil: Production: 23, 134 28, 914 25, 368 25, 199 25, 870 28, 115 27, 972 30, 047 28, 871 32, 489 Distillate fuel oil thous of bbl 31, 024 32, 000 34, 417 38, 996 35, 277 31, 218 32, 250 35, 904 33, 414 33, 299 35, 411 37, 491 35, 361 Residual fuel oil do 37, 283 Domestic demand: 22, 149 16, 504 34, 899 32, 490 17, 575 22, 858 22, 478 23, 141 30, 772 18,790 44, 759 43, 406 Distillate fuel oil do 44, 344 38, 085 35, 378 34, 877 35, 682 42, 911 39, 639 51, 334 38, 281 45, 535 41, 130 Residual fuel oil . do 51, 362 Consumption by type of consumer: 4, 615 3,916 4,148 4,987 5,478 Electric-power plants do 4,651 5,432 7,316 6,656 7,462 5,810 7,938 7 F04 4,366 4,513 4,075 4,184 4,906 4,577 4,377 4,329 Railways (class I) do 4,687 4,755 4,333 4,035 5,353 5,063 4,604 5,366 5,345 4,665 Vessels (bunker oil) ., . do 4,837 4,765 4,198 4,238 4,368 4 160 4 282 Stocks, end of month: 48, 923 64, 730 83, 213 88, 212 51, 231 58, 381 71,553 Distillate fuel o i l _ _ _ _ _ _ _ _ do 76, 037 2 63, 932 53, 937 90, 643 75, 207 67, 117 59, 668 63,576 64, 628 66,084 59, 398 66, 843 65, 112 58, 190 Residual fuel oil do 68, 673 55 808 60 193 Exports: 769 666 1,344 711 453 Distillate fuel oil do 1,121 627 1,108 656 430 649 750 514 599 852 514 1,019 730 562 751 809 608 Residual fuel oil . do 817 843 Price, wholesale, fuel oil (Pennsylvania) .103 .108 dol. per gal._ .084 .098 .088 .088 .083 .088 .088 .088 .088 .090 .088 Kerosene: 7,175 6,974 Production __ thous. of bbl 8,093 8,974 7, 361 6,715 8,789 9,273 8,166 9,339 10, 755 11,140 6,315 6,799 6,605 Domestic demand do 11, 454 9,913 4,577 4,531 5,676 10, 593 8,269 14 978 13 906 Stocks, end of month do _ 25, 490 17, 801 21, 546 24,826 26, 650 25, 267 19, 052 18, 953 27, 609 23, 648 20, 888 18, 260 111 93 79 r 118 181 45 Exports _ _ _ . _ do 489 118 97 258 43 68 Price, wholesale, bulk lots (New York Harr r r r r r r r r r r .084 .084 .091 .084 .084 .103 .088 bor) f dol per gal .086 f 088 .098 090 090 093 Lubricants: 3,554 Production. __ _ _ _ thous. of bbl 3,510 3,729 3,606 3,984 3,932 3,698 3,804 3,638 4,100 3,457 4,116 2,752 3, 111 2,623 3,026 2,982 3,023 2,699 Domestic demand do 2,195 2 647 2,426 2,927 2 846 8,962 8,734 9,922 9,731 Stocks, refinery, end of month do 10, 931 10, 089 10,856 9,109 9,219 10, 588 8,894 9,323 1,115 1,031 998 870 886 1,138 1,301 754 898 Exports _ do 976 1,291 940 Price, wholesale, cylinder, refinery (Pennsyl.200 .150 .222 .148 .190 .150 vania) dol. per gal__ .140 .168 .140 .140 .140 .140 .140 ' Revised. 1 Because of substitutions in the reporting companies, data beginning October 1949 are not strictly comparable with earlier figures. September 1949figuresstrictly comparable with October: Mine run, $8.618; prepared sizes, $9.300. 2 New basis. Beginning January 1950, coverage was increased to include one East Coast terminal not previously reporting; comparable December 1949 figure, 75,435,000 barrels. ^Includes stocks of heavy crude in California. fRevised series. Prices for kerosene (N. Y. Harbor, No. 1 fuel, bulk lots, f. o. b. refineries or terminals, excluding all fees and taxes) have been substituted for those for water white (Pennsylvania) formerly shown; comparable January 1950 figure on the new basis. $0.103. Data beginning 1935 will be available later. SURVEY OF CURREJN1 15USJLNESS S-36 Apr il 1950 19 50 1949 Unless otherwise stated, statistics tlirougli 1948 and descriptive notes are shown in the 1949 Statistical Supplement to the Survey F ary U " March April ' May July June August February October November December January 80, 310 83, 185 79, 733 83, 515 82, 043 71, 046 13, 270 73, 626 13, 965 70, 369 14, 265 74, 286 14, 711 72, 556 15, 084 4,006 7,470 80, 760 4,406 8,301 79, 253 4,901 7,449 76, 270 5,482 7,325 ' 75, 553 5,597 7,279 66, 876 94, 445 53, 727 7,354 7,607 2,271 96, 194 55, 117 7,093 6,923 2,476 97, 173 54, 200 7,534 7,141 1,809 r 103, 586 62, 116 7,857 6,831 1,611 116, 624 73, 880 8,674 7, 363 1,201 .100 .196 .203 .100 .196 .203 .098 .195 .201 .098 .192 .201 .097 .192 .200 3,718 2,805 6,171 2,817 3,955 2,844 6,606 3,117 3,848 2, 529 6,822 2,902 4, 086 2,957 7,444 3,338 3,044 1,806 7,940 3,341 952, 200 830, 000 902, 500 798, 400 684, 700 790, 400 535, 100 530, 200 894, 200 1, 027, 800 72 800 125, 160 99 680 130, 200 71, 960 126, 000 92, 400 132, 440 87, 920 133, 840 5,968 6,101 5,177 3,021 3, 538 1,418 1 437 3,113 1,516 1,502 3,084 1,269 1,254 2, 655 751 936 821 1,550 1, 768 1,655 53, 911 59, 277 58, 198 41, 228 41, 485 35, 218 r 1,718 1 726 r 4 879 ' 1, 753 1 884 r 4 753 1,662 1 768 4 675 606, 410 573, 516 397, 307 ' 5S8. 946 ' 589, 046 ' 394, 077 556, 717 571, 282 371, 031 1, 077 117, 099 404, 018 162. 468 56 889 42, 232 168 344 73 261 r 1 181 139, 514 465 558 173 759 59 534 45 120 r 1Q5 152 r 74 566 422 223 160 359 56 890 42, 179 154 439 71 989 September PETROLEUM, COAL, AND PRODUCTS—Continued PETROLEUM AND PRODUCTS— Continued Refined petroleum products — Continued Motor fuel: All types: 82, 953 82, 232 82, 162 79, 383 71,357 79, 025 77, 157 Production total thous of bbl Gasoline and naphtha from crude petro72, 905 73, 069 70, 603 73, 740 69, 984 68, 432 63, 224 leum thous. of bbl.. 11,964 12, 479 13, 054 12, 346 12, 476 12, 783 12, 081 Natural gasoline and allied products. __ do Saks of 1. p. g. for fuel, etc., and transfers 3,219 3,891 3, 621 3,184 3,266 3,948 3,742 of cycle products thous. of bbl 7,241 6.314 7,269 7, 319 6.399 7,296 6, 577 Used at refineries do . 84, 632 81, 622 57, 934 75, 279 83, 338 82, 118 73, 118 Domestic demand do Stocks, gasoline, end of month: 113,164 103, 867 97, 724 117,496 118, 822 117,020 106, 068 Finished gasoline, total do 73,212 74, 706 65, 988 60,871 58. 740 55, 281 70,817 At refineries do 8,621 8,438 7, 155 8,558 8,331 7,973 7,350 Unfinished gasoline do 7,418 7,031 7,391 7,028 7, 405 7, 253 7,668 Natural gasoline and allied products do 3,374 3,364 3,668 3,205 1,913 3,277 3, 406 Exports thous. of bbl Prices, gasoline: Wholesale, refinery (Oklahoma) .099 .099 .099 .100 .100 .100 .100 dol. per gal__ .191 .191 .196 .196 .196 .196 .196 Wholesale, tank wagon (N. Y.) do .204 .204 .204 .204 .204 .201 .201 Retail, service stations, 50 cities . do___ Aviation gasoline: 3,676 3,805 3,975 3,951 3,614 4, 132 4,036 Production, total thous. of bbl 2,746 3.125 2,954 3,078 3,106 3, 039 2,735 100-octane and above do 6,852 6. 841 6,179 7,401 7,056 7, 357 6,584 Stocks, total do 3, 500 3.088 3, 144 2,782 3,430 3,123 3,156 100-octane and above do _ Asphalt: 526, 700 798, 900 455, 800 899, 100 651, 100 934, 000 1, 018, 700 Production short tons 1,351,500 1, 445, 800 1, 510, 000 1,500,000 1,354,000 1,247,100 1, 044, 700 Stocks, refinery, end of month. _ _ do Wax: 76, 720 69, 160 72 n20 73, 080 61,600 64, 120 Production thous. of Ib 66, 640 134, 6SO 138, 600 136, 640 140.560 148, 680 148, 400 139. 720 Stocks, refinery, end of month do Asphalt products, shipments: 3,695 4,650 4, 196 3, 108 4,596 4, 273 5, 482 Asphalt roofing, total thous. of squares.. Roll roofing and cap sheet: 936 1,189 991 1,023 977 Smooth-surfaced _ do 988 1, 267 843 865 976 897 1, 034 Mineral-surfaced do 990 1 309 1, 807 2,484 1, 330 2,308 2, 584 2,906 Shingles, all types _ _ do 2,296 207 184 180 166 190 181 225 Asphalt sidings do 32, 256 45, 341 38. 012 27, 403 43, 153 42, 232 Saturated felts short tons _ 53, 387 272 257 289 834 720 189 170 :.: .096 .192 .199 3,255 779 169 PULP, PAPER, AND PRINTING PULPWOOD AND WASTE PAPER Pulpwood: Receipts thous. of cords (128 cu. f t . ) _ _ Ooii^umption do Stocks end of month do Waste paper: Receipts short tons.. Consumption -do Stocks, end of month do 1 , 628 1, 739 5. 465 1,226 i, 572 5, 112 4,876 498. 892 513, 396 545, 024 545, 882 481, 050 500, 123 52o, 914 439, 983 492, 256 511. 138 418, 706 1,057 120, 949 946 112, 324 344, 744 156, 712 56. 963 39. 405 165 322 32, 376 5 575 488,811 WOOD PULP Production: 976 Total, all grades thous. of short tons Bleached sulphate short tons._ 109, 373 366, 048 Unbleached sulphate. do 150, 924 Bleached sulphite do 6!, 418 Unbleached sulphite do 39, 692 Soda _ _do . r 157 759 Groundwood do 57, 802 Defibrated exploded etc do Stocks, own pulp at pulp mills, end of month: Total, all grades short tons__ 123, 569 15, 584 Bleached sulphate do 17. 580 Unbleached sulphate do 27. 809 Bleached sulphite do 20. 486 Unbleached sulphite do 3,008 Soda __ __ __ _ __ _ do 30, 311 Groundwood do Exports, all grades, total Imports, all grades, total. _ Bleached sulphate Unbleached sulphate Bleached sulphite Unbleached sulphite Soda Groundwood __ do ..do do do _ do do do .do 1,311 1,537 i,r,i9 1 , 044 5, 128 r 141, 833 32, 127 24, 024 r 36, 543 r 32, 019 2 4fl7 13, 979 381,575 164, 235 67,140 43, 891 180 197 52, 375 951 1,451 1,502 4 877 1,388 1,330 4 918 1,778 1 670 5 015 1,683 1,684 4 995 1,841 1 869 4 964 1,772 1 841 4 875 491,700 427, 149 512, 582 397, 963 419,348 552, 539 586, 250 367, 874 588, 734 591, 334 367, 980 655, 365 639, 735 379, 549 615, 578 625, 182 368, 121 920 806 104, 061 307, 177 1,019 119, 599 408, 055 149, 967 57, 505 40, 654 157 057 35 463 1,030 112, 819 400, 941 149, 496 54, 219 38. 844 155 658 52 441 1,146 128, 507 445, 225 165, 553 63. 043 42, 506 167 395 76 925 1, 136 128, 443 436, 025 139, 658 121,395 114, 948 12, 047 8 445 33 351 19, 808 3, 364 27, 492 114, 018 12. 896 8 355 32 412 19, 436 116,830 112,129 343, 235 155, 353 58, 988 38. 061 166 006 32, 282 347, 366 135, 302 56, 309 33, 256 160 917 33, 592 158, 496 17. 650 12, 043 39, 823 28. 831 5, 116 43, 840 139, 626 12, 819 17, 982 34, 653 22, 477 3, 388 38, 616 151, 920 12, 866 17, 003 40, 803 23, 634 44, 171 161, 188 14, 459 13. 224 45, 443 26. 711 3, 631 46, 778 11, 321 126, 685 27, 690 13, 459 39, 872 28, 764 2 352 13, 784 10, 923 97, 517 24, 393 11 522 25, 193 19. 155 2 197 14, 461 17, 750 ' 142. 328 ' 38, 235 16, 844 37, 528 24. 941 2 100 21, 939 1,712 895 ,m 826 1,543 807 1,556 801 735 81 695 49 683 54 699 56 3,463 405, 228 117,955 39, 249 32, 128 142 101 28, 475 145, 522 17, 593 10, 190 37, 288 23,173 4,488 40, 584 18,237 9 (=34 38 045 21, 515 15, 442 9 650 33 351 4,668 17,917 3,883 36, 024 30, 863 6,266 21, 154 6 068 129, 611 * 113,685 »• 135, 228 36, 635 ' 26, 562 37, 409 r 14. 309 16,331 13, 549 33, 686 35, 027 '35,311 27, 020 ' 21,927 ' 30, 51)8 1 095 2 351 1 907 r 15, 629 11,443 15 548 4,989 35, 491 26, 187 o 357 18' 193 4 510 174, 922 41, 739 18 433 46, 125 42. 436 2 774 21 346 118, 632 28, 009 7,848 r r r r 169,313 59 43, 165 76 601 341 969 907 98, 480 2,992 r 3 937 244 755 40 845 r 54 014 ' 66. 644 r 56, 624 2 763 r 23 169 9,709 8 770 29 644 15, 259 1,771 33 984 29, 490 51 109 010 7 331 95 621 15, 104 2,099 27, 634 r 9,240 5 628 212, 092 33, 063 40 359 59, 233 51,987 9 8Q5 24 034 1 088 131,112 108 484 10, 470 8 206 26 896 17, 233 1 456 34 044 4 344 234, 188 31, 744 64 496 50, 423 63, 260 2 566 2l' 089 PAPER AND PAPER PRODUCTS All paper and paperboard mills: Paper and paperboard production, total thous. of short tons__ Paper (incl. building paper) do Paperboard do Building board __. do r Revised. ' 1, 600 r 828 r 699 74 1,348 717 1,749 862 1,793 881 1,953 %0 1,920 943 1,807 899 579 53 823 64 828 85 896 98 884 92 823 85 r 1,881 r 936 1,799 902 859 '86 810 87 SURVEY OF CURRENT BUSINESS April 1950 Unless otherwise stated, statistics through 1948 and descriptive notes are shown in the 1949 Statistical Supplement to the Survey S-37 1950 1949 February March May April July June August September October November December January February PULP, PAPER, AND PRINTING—Continued PAPER AND PAPER PRODUCTS— Continued Paper, excl. building paper, newsprint, and paperboard (American Paper and Pulp Association) : Orders, new short tons.. Orders, unfilled, end of month do Production do Shipments do Stocks, end of month __ do._ Fine paper: Orders, new ___ _ do__ Orders, unfilled, end of month do Production do Shipments . _. _ _ do__ Stocks, end of month _ do Printing paper: Orders new do Orders, unfilled, end of month do Production do Shipments do Stocks, end of month do Price, wholesale, book paper, "B" grade, English finish, white, f. o. b. milL.dol. per 100 lb_ . Coarse paper: Orders, new _ _ __ short tons Orders, unfilled, end of month _do Production __ do Shipments do Stocks, end of month do Newsprint: Canada (incl. Newfoundland):^ Production do Shipments from mills _ _ _ _ _ _ _ do_ Stocks, at mills, end of month... do United States: Consumption by publishers do Production _ do Shipments from mills _ ___do_ Stocks, end of month: At mills do A t publishers.. _ _____ do In transit to publishers do Imports do Price, rolls (New York) dol. per short ton__ Paperboard (National Paperboard Association): Orders, new short tons Orders, unfilled, end of month do Production, total do Percent of activity... _ __ Paper products: Shipping containers, corrugated and solid fiber, shipments mil sq. ft surface area Folding paper boxes, value: New orders 1936=100__ Shipments _ do 642, 518 386, 050 676, 795 662, 81 1 310, 025 720, 153 378, 230 732, 694 720, 680 322, 835 634, 122 347, 140 664, 594 664, 179 323, 662 629, 197 342, 763 639, 482 634, 219 328, 690 80, 488 39, 215 81,447 78, 992 84, 560 87, 002 41, 905 87, 484 84, 280 87, 713 86,811 42, 762 83, 706 85, 520 85, 997 80, 045 38, 443 84, 822 84, 286 86, 545 220, 543 181,745 231, 686 228, 984 99, 015 252, 634 174,710 255, 393 252, 500 100, 585 230, 668 163, 885 240, 199 240, 900 100, 225 241, 155 167, 170 238, 088 238, 600 98, 480 637, 622 343, 370 631,906 626, 312 334, 556 84, 135 37, 168 85, 363 85, 563 86, 336 j 229, 847 159, 569 225, 219 230, 058 93, 925 593, 334 368, 430 560, 472 568, 772 327, 093 719, 898 407, 215 684, 243 679, 984 330, 664 764, 640 463, 553 699, 796 706, 642 324, 990 803, 535 497, 820 765,612 768, 592 321, 449 754, 993 496, 770 762, 099 755, 367 328, 285 71, 205 41, 740 66, 603 66, 483 86, 583 87, 529 41,355 87, 847 87, 887 85, 969 87, 252 40, 500 86, 983 87, 870 85, 805 100,173 45, 270 93, 235 96, 342 82, 864 91,985 43, 270 93, 248 92, 987 83, 125 217, 290 173, 400 202, 468 204, 108 93, 000 261, 590 190, 945 248, 153 243, 043 98, 000 268, 975 206, 538 251,456 251,878 98, 000 274, 594 215, 785 266, 393 263, 717 100, 500 260, 080 218, 400 265, 313 257, 785 108, 140 11.30 11.30 11.30 11.30 11.30 11.30 11.30 11.30 11.30 11.30 218,319 97, 225 239, 403 232, 200 76, 000 243, 650 94, 250 252, 040 246, 627 81,400 195, 006 74, 100 217, 475 215,150 83, 700 193, 672 72, 425 201, 355 195, 343 89, 700 208, 616 81, 068 206, 055 196, 506 99, 250 198, 513 87, 200 187, 236 192, 380 94, 100 248, 105 108, 500 225, 676 226, 795 92, 980 280, 775 146, 500 236, 977 242, 747 87, 210 288, 365 166, 300 267, 024 268, 577 85, 650 269, 096 165, 040 268, 903 270, 358 84, 195 ' 406, 927 >• 455, 778 ' 385, 372 r 419, 549 -•141,512 r 177, 741 r 442, 448 ' 442, 730 ' 437, 043 ' 428, 999 r 459, 129 r 447, 961 ' 191,190 r 174, 791 r 163, 873 r r r 421, 475 r 446, 834 412, 127 rr 435, 007 173, 221 185, 048 r 729, 665 »• 788, 763 486, 860 r 509, 600 739, 789 «• 778, 408 T 739, 566 r 765, 803 '328,508 >• 338, 885 r r ' 95, 678 »• 41, 525 r 93, 163 r 93, 450 ' 84, 420 ' 86, 355 ^ 39, 300 r 91, 908 r 90, 322 ' 84, 710 r 252, 560 209, 880 r 263, 049 '"261,078 ••110,115 r 737, 000 516, 865 726, 000 730, 500 334, 150 90, 000 48, 500 84, 500 83, 000 85, 500 r 284, 300 258, 000 ' 232, 335 235, 000 250, 000 r 267, 636 256, 000 r 261, 698 ' 116, 775 111,000 11.30 11.30 260, 710 r 166, 595 r 254, 841 r 259, 153 r 79, 883 r 267, 235 r 163, 950 »• 275, 840 r 269, 880 T 85, 840 257, 000 162, 000 259, 000 259. 000 85, 800 rr 415, 179 ' 435, 651 r436, 766 r 414, 872 437, 658 ^ 433, 039 «• 460, 977 r 434, 652 ' 162, 569 r 165, 181 ' 140, 970 r 121,190 417,011 403, 013 135, 188 399, 247 376, 834 157, 601 11.30 r 308, 753 68, 621 69, 235 366, 887 78, 322 77, 404 368, 945 75, 459 73, 930 392, 212 79, 987 80, 162 349, 944 80, 417 78, 460 313,118 76,218 77, 133 318,046 78. 944 76, 941 356, 528 70, 600 69, 614 399, 262 73, 350 75, 013 378, 626 72, 130 72, 417 372, 497 69, 854 72, 255 345, 093 74, 275 76, 080 350, 906 69, 099 70, 756 8,862 391, 580 92, 609 360, 047 100.00 9,780 392, 601 82, 380 392, 317 100. 00 11, 309 381, 865 79, 724 362, 996 100.00 11, 134 373, 041 71, 404 414, 526 100.00 13, 091 384, 872 75, 863 397, 741 100.00 12, 176 416, 595 76, 848 377, 409 100. 00 14, 179 446, 964 86, 044 404, 129 100. 00 15,165 444, 335 85, 333 356, 129 100. 00 13, 502 412, 805 75, 708 399, 910 100. 00 13, 215 378, 578 87, 677 386, 639 100. 00 10, 814 371, 131 74, 732 418, 496 100. 00 9,009 355, 599 86, 039 376,819 100. 00 7, 352 328, 881 88,593 656, 300 267, 700 694, 300 727, 300 272, 000 731, 800 688, 000 260, 300 696, 700 686, 700 238, 700 692, 300 692, 000 243, 300 696, 800 618, 100 268, 500 583, 800 890, 200 365, 600 821, 600 873, 000 360, 900 833, 800 945, 000 400, 600 888. 500 887, 000 429, 800 882, 800 * 860, 300 337, 800 858, 800 802, 800 314, 600 817, 000 94 93 801, 200 359, 300 827, 400 88 92 85 84 79 78 75 64 86 r 87 83 100. 00 4, 346 4,893 4,646 4,555 4,773 4,324 5, 681 5,668 6,171 5,665 5,178 5,260 5,147 390.2 414.4 430.7 480.2 397.2 424.8 390.3 408.0 407.5 436.2 360.5 335.4 447.6 452.4 513.9 472.0 482.0 506. 6 453.9 493.5 411.7 448.3 437.6 447.5 433.9 428.9 714 550 164 748 586 162 1,074 945 755 190 760 570 190 863 669 194 704 554 150 763 597 166 1,129 1,019 944 185 758 261 1,498 1,114 384 673 524 149 829 619 210 43, 978 100, 618 45, 620 51, 243 90, 733 47, 285 52, 093 99, 208 67, 152 52, 919 106 619 67, 934 r 59, 992 r 108 769 58, 251 56, 630 104 296 PRINTING Book publication, total New books New editions number of editions. _ _ _ do_ __ do_ __ 822 252 RUBBER AND RUBBER PRODUCTS RUBBER Natural rubber: Consumption . .long tons__ Stocks, end of month do Imports, including latex and guayule do Price, wholesale, smoked sheets (New York) dol. per lb._ Chemical (synthetic): Production long tons Consumption do_ . Stocks, end of month do__ Exports do Reclaimed rubber: Production. _ _ _. do Consumption .. ... do Stocks, end of month do 46, 285 118, 803 57, 176 53, 108 117, 664 56, 679 47, 859 112,916 50, 623 46, 128 111,875 53, 434 47, 117 103, 626 51, 217 40, 597 103,017 46, 187 45, 307 99, 850 49, 579 .185 .191 .185 .178 .163 .164 .167 .176 .163 .167 .177 .184 .195 36,103 34, 889 1 18, 932 342 36, 063 39, 041 116, 843 975 35, 445 36, 529 114,944 509 32, 335 35, 528 112, 739 622 31,953 37,211 106, 813 587 34, 270 30, 094 113, 595 691 33, 885 34, 419 111, 333 384 30, 878 32, 443 110, 848 425 28, 015 33, 687 103, 955 425 28, 619 31, 684 101, 430 478 27 234 31, 771 98, 042 674 27 808 '33 966 r 92, 284 580 29 336 31 , 699 88, 375 18, 270 17, 712 32, 738 19, 991 19, 508 33, 397 18, 463 18, 649 32, 825 18, 184 18, 323 32, 326 18, 849 19, 316 30, 684 14, 626 15, 966 29, 126 17, 813 19, 297 27, 526 18, 304 18,517 26, 257 20, 683 19, 638 26 619 19,382 18 512 27 801 19 723 18 210 28 263 r 19 447 r 27 319 r 20 106 20,415 19 824 27 173 5,891 4,866 2, 172 2,589 6, 578 5, 903 2,519 3,229 6,959 6,611 2,771 3,718 6,934 6,824 2,380 4,323 7,392 7,535 3,234 4,185 6,264 7,694 3 098 4,488 6,228 7,768 3 191 4 463 5,604 6,746 3 056 3 576 6,500 6,840 2 942 3 740 6,040 5,267 1 746 3 422 6,275 5,234 2 158 2 944 6,827 5, 913 3 094 o 703 6, 691 6, 216 3 247 2 870 13, 091 13, 191 13, 301 13,134 11 717 9 970 8 936 8 675 9 542 10 651 TIRES AND TUBES Pneumatic casings: Production Shipments, total Original equipment Replacement equipment Export _. Stocks, end of month Exports Inner tubes: Production Shipments Stocks, end of month Exports __ r thousands-do do do do do do _ do do do do 105 12, 385 161 4,922 4,406 10, 442 142 155 142 5,948 5,174 11,231 113 121 171 6,059 5,396 11, 748 110 121 169 6,088 5,296 12, 410 127 116 130 6,430 6,409 12, 466 89 108 120 5,230 6 300 11,364 80 115 134 5, 169 6 603 9 858 72 114 123 4,902 5 843 8 916 81 158 151 5 296 5 557 8 644 105 99 109 5 155 4 216 9 645 53 131 120 5 339 4 2'?2 10 713 60 r r 116 11 797 5 629 5 312 10 926 5 803 5 610 11 059 124 49 Revised. cfData for 1949 have been revised to include figures for Newfoundland. Data for January 1949 are as follows (short tons): Production, 420,624; shipments, 409,862; stocks, 119,957. 100 11 360 SURVEY OF CURRENT BUSINESS S-38 Unless otherwise stated, statistics through 1948 and descriptive notes are shown in the 1949 Statistical Supplement to the Survey April 1950 1950 1949 February March April May June July August September October November December January February STONE, CLAY, AND GLASS PRODUCTS ABRASIVE PRODUCTS Coated abrasive paper and cloth, shipments.reams.. 131, 393 143, 753 132, 813 120, 863 123, 343 111, 262 132, 950 144, 716 148, 461 126, 936 124, 653 145, 157 144, 609 13, 751 73 9,134 22, 206 6,752 15, 439 74 14, 539 23, 104 7,764 17, 682 85 17, 779 22. 977 7,560 18, 622 86 19, 426 22, 170 7,440 18, 279 87 20, 667 19, 785 6,922 18, 856 87 19, 321 19,313 6,212 18, 715 87 23, 633 14, 381 5,798 19, 181 92 22, 763 10, 797 4,461 19, 070 88 21, 278 8,569 3,610 18, 040 86 17, 269 9,341 3,356 16, 936 78 11, 606 14, 686 4,597 15, 174 13 070 70 67 9, 593 20, 267 r 6, 066 9,775 23, 562 7,311 345, 696 289, 331 399, 729 380, 361 420, 477 407, 003 459, 671 433, 772 488, 860 464, 536 449, 182 444, 523 506, 890 507, 886 492, 123 500 344 511, 501 526 164 491,254 499, 371 454, 704 400, 418 377, 675 345 485 PORTLAND CEMENT Production Percent of capacity _ Shipments Stocks, finished, end of month. Stocks, clinker, end of month thous. of bbl __ _ thous. of bbl _ _do __ _do _. CLAY PRODUCTS Brick, unglazed: Production _ thous. of standard brick. _ Shipments -. -do Price, wholesale, common, composite, f. o. b. plant dol. per thous __ Clay sewer pipe, vitrified: Production _ short tons Shipments. _ _ __ do _. Structural tile, unglazed: Production do Shipments _ __do 24. 060 24. 050 24. 021 24. 002 24. 000 23. 964 24. 045 24. 043 24. 010 24. 075 24. 053 114,311 80, 815 124, 781 112, 870 125, 128 112, 584 126, 612 117, 523 125,012 121,010 105, 703 111,298 126, 139 132, 431 123, 021 129, 811 122, 020 136, 580 126, 101 120, 750 119, 196 93, 183 108. 580 92, 740 101,059 89, 899 117, 742 105, 978 114, 878 100, 093 112, 150 112, 997 111,533 111,846 120, 780 105, 648 121,209 118, 388 109 675 115, 559 111 161 107, 601 107 355 101,739 100 676 84, 221 97 456 79, 119 6,501 6,029 7,288 6,929 7,035 6,869 7,663 7,811 8,036 7,928 8,108 7, 746 8,662 8,933 7 550 7,981 8,283 7,737 7 375 6,963 r 6, 321 r 24. 032 24.096 GLASS PRODUCTS Glass containers: Production thous. of gross Shipments, domestic, total _. do General-use food: Narrow-neck food _ __do Wide-mouth food (incl. packers' tumblers) thous. of gross. _ Beverage (returnable and nonreturnable) thous. of gross. _ Beer bottles do Liquor and wine _ _ ..do Medicinal and toilet do Chemical, household and industrial. _ _ d o Dairy products _ do Fruit jars and jelly glasses _ do. Stocks end of month _do Other glassware, machine-made: Tumblers: Production thous. of dozens Shipments -do Stocks _ --do Table, kitchen, and householdware, shipments thous. of dozens. _ 589 645 649 715 701 748 1,108 1,164 760 1,667 1,822 1,763 2,020 2,084 2,022 2,528 1,965 i 2, 157 218 327 799 1,605 540 244 39 9,713 396 464 1,035 1,678 563 262 64 9,801 538 480 841 1,612 587 251 148 9,763 . 816 567 840 1,666 628 227 333 9,374 1,025 646 837 1,584 553 242 255 9,270 911 538 874 1,526 561 253 311 9,425 486 443 942 1,992 728 346 359 8,906 206 317 1,121 1 975 687 341 205 8 318 164 298 1,359 2 024 652 308 1 15 8 602 176 304 1,227 1 887 611 255 (i) 8 735 4,707 4, 450 8,693 4,796 5,038 8,474 4,621 4,905 8,270 5,242 5,055 8,615 4,608 4,993 8,154 4, 148 4,197 7,689 4 907 5, 157 7,715 4 770 4*734 7,618 5 521 5 436 7,676 3,084 3,645 3,264 3,672 3,368 2,528 3,323 3,349 3,801 1 6,963 632 '521 1, 871 r 1 1, 694 228 333 ' 975 1 823 444 304 (i) T 7, 952 7, 379 r r 1 7 350 6,701 668 640 1 1, 958 2, 291 231 325 826 2 127 1 806 669 256 1 669 253 290 263 r 775 9 145 14 r 9 352 1 19 9 694 4 940 4 961 7 615 4 853 3 756 8 584 6 125 4 981 9 825 5 578 5 552 9 820 3,647 2,617 2,644 3,179 13, 042 12 950 24 690 r GYPSUM AND PRODUCTS Crude gypsum: Imports thous of short tons Production _ do Calcined, production do Gypsum products sold or used": Uncalcined short tons Calcined: For building uses: Base-coat plasters do Keene's cement do All other building plasters do Lath thous of sq ft Tile do Wallboardc? do Industrial plasters short tons 357 1,466 1,382 511 1,590 1,313 991 1,615 1,418 734 1,783 1 552 508, 200 485, 097 473, 462 500, 893 397, 763 10, 263 108, 453 512, 015 6,052 629, 052 443, 069 11, 734 108, 400 393, 725 6,991 574, 797 514, 531 12 659 118, 814 538, 427 9 341 610, 334 464, 022 10 902 122 092 568 066 8 134 712 581 57, 575 57, 052 54, 958 57 Oil TEXTILE PRODUCTS CLOTHING Hosiery: Production thous. of dozen pairs. _ 'r 11, 384 11,570 Shipments do 25, 234 Stocks, end of month do. ... 12, 009 12, 808 24, 386 11,158 11,714 23, 820 11,024 10, 898 23, 938 11, 786 11, 205 25, 800 9,693 9,450 26, 044 12, 354 12, 809 25, 589 12, 997 13, 883 24, 703 13, 564 14, 526 23, 741 13, 905 14 434 23 212 12, 653 11 635 24, 230 12, 868 12 408 24, 598 9,544 13 976 ' 14 716 15 641 COTTON Cotton (exclusive of linters) : Production: 2 Ginnings§ thous of running bales14, 580 298 1,247 5,309 Crop estimate, equivalent 500-lb. bales 2 14, 868 thous. of bales. _ 640, 179 721, 378 600, 651 454, 426 598, 502 580, 476 664, 133 709, 958 Consumption . . balesStocks in the United States, end of month, total 9,019 7,877 5,283 6,836 5,781 19, 257 thous. of bales. . r 10, 334 18, 472 8,925 r 10, 235 7,786 5,214 6, 753 5,705 19, 199 Domestic cotton, total do 18, 408 r 1, 154 775 559 251 On farms and in transit do 480 319 14, 622 11, 590 5,842 Public storage and compresses _ do. . 7,532 6,657 5,057 4,388 3,942 4,128 6,120 1,492 1,385 1,216 998 834 Consuming establishments do 1,.548 635 698 95 91 Foreign cotton, total .-do.__ 99 83 76 69 58 64 f Revised. i Data for wide-mouth food containers include jelly glasses in October, January, and February and both jelly glasses and 3 2 Total ginnings of 1918 crop. Total ginnings of 1949 crop. concludes laminated board, reported as component board. §Total ginnings to end of month indicated. s 15 901 3 725, 602 771, 833 17, 348 17 273 7,852 8,344 1,077 75 fruit jars in 734, 013 734, 186 16, 657 14, 040 15, 369 16 592 15 304 13 974 3 036 4,685 2 315 9,951 10, 664 10, 501 1,604 1,708 1,405 65 65 66 November and December. 16 125 739, 438 12, 812 12 733 1 757 9 204 1,771 7» SUEVEY OF CUERENT BUSINESS April 1950 Unless otherwise stated, statistics through 1948 and descriptive notes are shown in the 1949 Statistical Supplement to the Survey S-39 1950 1949 February March May April June July August September October November December January February TEXTILE PRODUCTS—Continued COTTON— Continued Cotton (exclusive of linters) — Continued Fxports _. bales._ Im ports do Prices received by farmers dol. perlb-Prices, wholesale, middling, 1 Me // , average, 10 markets dol. per Ib Cotton linters: Consumption thous of bales Production do Stocks, end of month do 497, 079 8,533 .291 581,686 7,595 .287 590, 178 4,497 .299 463, 978 3,014 .300 508, 246 4,057 .301 221,287 11,218 .301 167, 616 5,324 .293 211,372 65, 889 .297 415, 088 13, 789 .287 433, 596 12, 419 .278 656, 897 12, 896 .265 528, 316 10, 982 .265 .275 .326 .326 .330 .329 .328 .321 .310 .300 .296 .298 .303 .310 .320 119 159 r 664 134 144 682 120 99 660 126 80 588 122 58 503 103 44 456 136 63 385 141 182 411 143 227 468 132 235 531 131 203 568 132 193 576 128 158 580 2,257 93, 525 2,411 79, 372 1,188 74, 317 1,616 2,004 81,115 649 65, 886 822 60, 051 1,057 1 943 66, 384 1,198 60, 383 2,167 52, 811 2,310 2,315 55, 918 2,290 36, 503 2, 845 31.35 .317 .146 .170 29.94 .303 .138 .170 28.76 .303 .131 .168 27.75 .303 .126 .163 28.18 .303 .128 .161 30. 61 .303 .144 .160 34.70 .303 .163 .165 36.08 .303 .166 .167 38.17 .303 .170 .169 38.05 .303 .170 .170 37.90 .303 .166 .172 37.48 .303 .160 .174 .629 .827 .612 .789 .604 .776 .598 .764 .600 .764 .610 .772 .620 .799 .639 .823 .647 .823 .647 .823 .647 .823 .632 .823 21, 515 20, 425 9,352 393 8,922 106.8 20, 864 19, 801 7,776 327 7,442 97.9 20, 936 19, 862 7,737 325 7,358 93.8 20, 568 19, 464 7,975 337 7,506 95.8 20, 137 19,012 5,988 255 5,637 79.6 20, 941 19, 747 8,827 377 8, 267 102.5 21, 180 19, 975 9,287 396 8,725 115.2 21, 450 20, 215 9,540 409 8,978 123.3 21, 557 20, 314 10, 021 429 9,442 124.8 21, 476 20, 241 9,781 419 9,206 124.7 21, 463 20, 217 9, 663 496 9,091 133.0 21, 663 20, 417 9, 765 496 9,181 133.4 63.5 14.7 57.9 7.8 47.9 6.2 52.1 7.8 56.8 10.9 58.8 13.7 69.2 19.4 74.8 22.7 74.9 25.2 75.7 24.3 79.7 23.9 78.1 24.1 71.5 22 4 20.3 9.7 1,827 32.9 16.2 1,433 44.1 19.1 718 49.8 20.4 297 49.7 18.9 106 48.6 16.8 32 41.9 12.8 468 31.1 7.8 257 24.7 4.5 767 18.9 3.5 2,952 14.3 2.9 4,317 14.8 3.3 4,016 13 ? 35 .770 .370 .770 .370 .770 .370 .746 .362 .710 .350 .710 .350 .710 .350 .710 .350 .710 .350 .710 .350 .710 .350 .710 .350 710 .350 COTTON MANUFACTURES Cotton cloth: Cotton broad-woven goods over 12 inches in width, production quarterly mil of linear yards 88, 172 Exports thous. of sq yd 1,765 Imports do Prices, wholesale: 32.30 Mill margins -- -cents per Ib .338 Denims, 28-inch dol. per yd-_ .152 Print cloth 38^-inch, 64 x 60 do .170 Sheeting, unbleached, 36-inch, 56 x 60 do Cotton yarn, Southern, prices, wholesale, mill: .642 22/1, carded, white, cones dol. perlb_.862 40/1 twisted carded, skeins do Spindle activity (cotton system spindles): 21, 950 Active spindles, last working day, total. __thous__ ' 20, 756 Consuming 100 percent cotton do 8,425 Spindle hours operated, all fibers, totaL.mil. of hr_ _ 355 Average per spindle in place _ .-hours. _ 7,966 Consuming 100 percent cotton mil. of hr_. 112. 3 Operations as percent of capacity RAYON AND MANUFACTURES AND SILK Rayon yarn and staple fiber: Consumption: Filament yarn mil. of lb_. Staple fiber do Stocks, producers', end of month: Filament yarn do Staple fiber do Imports thous. of Ib Prices, wholesale: Yarn, viscose, 150 denier, first quality, minimum filament dol. per Ib Staple fiber, viscose, ll/i denier_ _ do Rayon broad-woven goods, production, quarterly thous. of linear yards Silk, raw: Imports thous of Ib Price, wholesale, Japan, white, 13/15 (N. Y.) dol. per l b _ _ WOOL Consumption (scoured basis) :§ Apparel class thous. of Ib Carpet class __ . do Imports do Prices, wholesale, Boston: Raw, territory, 64s, 70s, 80s, scoured._dol. perlb__ Raw, bright fleece, 56s, greasy do _ . _ Australian, 64s, 70s, good topmaking, scoured, in bond dol. perlb.. 9 435, 699 512, 663 452, 096 529, 163 1,215 423 12 48 460 90 27 25 164 133 370 539 2.60 2.60 2.60 2.60 2.60 2.60 2.60 2.60 2.60 2.65 2.68 2.72 27, 688 15, 676 39, 745 29, 110 18, 575 31, 292 20, 152 12, 840 24, 511 21,576 12, 264 22, 118 28, 785 11,415 29, 878 22, 636 6,520 23, 082 29, 244 10, 588 38, 046 36, 160 13, 350 39, 252 33, 512 13, 032 46, 456 29, 044 13, 288 46, 158 1.800 .560 1.800 .560 1.800 .560 1.781 .556 1.725 .545 1.600 .545 1.525 .545 1.525 .545 1.525 .545 1.525 .545 1.562 .552 1. 588 .559 1.625 570 1.925 1.925 1.862 i 1. 675 1 1. 675 1 1. 675 1 1. 675 1 1. 675 1 1. 675 1.375 1.375 1.465 1.575 67 1,620 25 83 1,960 30 79 1,926 26 90 2,283 36 83 2,267 30 69 2,186 r 25 77 2,161 28 70 41 124 65 125 65 141 68 138 69 141 72 154 78 r 35, 680 ' 17, 370 57, 517 2.71 31, 268 15, 672 77, 890 WOOL MANUFACTURES Machinery activity (weekly average) :§ Looms: Woolen and worsted: 79 80 73 80 75 Pile and Jacquard __thous. of active hours 1,746 1,669 1,543 1,987 Broad __ do 1,626 28 25 27 24 Narrow do 26 Carpet and rug: 143 120 172 171 158 Broad.. _ do 74 Narrow _ do 75 60 88 82 Spinning spindles: 75, 641 68, 201 78, 006 67, 404 76, 257 Woolen do 63, 969 69, 738 59, 803 80, 209 73,006 Worsted . do 123 115 156 142 110 Worsted combs do Wool yarn: 49, 356 Production, total§ thous. of Ib 45, 936 52, 208 59, 435 60, 495 4,996 6,650 Knitting§ do 5,232 6,485 5, 056 31, 256 Weaving§ do 41,120 31,176 34, 360 27, 056 13, 104 Carpet and other § do 12, 725 13, 824 15, 800 18, 590 Price, wholesale, worsted yarn (Bradford 3.375 weaving system) 2/32s dol. per lb__ 3.425 3.375 3.395 3.425 r ] Revised. Nominal price. §Data for March, June, September, and December 1949"are for 5 weeks; other months, 4 weeks. 72, 030 62, 884 122 88, 831 81,906 145 82, 778 90, 413 151 42, 884 4 916 31, 124 6 844 56, 096 6,544 38, 416 11, 136 68, 895 8 630 46, 235 14 030 3.375 3.375 3.244 91,983 110, 119 176 r T 62 352 7 624 41, 228 13 500 2.850 r 85, 798 97, 635 166 r r 57, 292 6 672 36, 692 13 928 66, 600 r 7 550 41, 895 r 17 155 r 2.912 76, 653 95, 066 ' 172 r r 2.975 76, 202 92, 637 185 56 6 34 r 15 448 508 216 724 2.975 2.975 SURVEY OF CURRENT BUSINESS S-40 Unless otherwise stated, statistics through 1948 and descriptive notes are shown in the 1949 Statistical Supplement to the Survey April 1950 1949 February March April June May 1950 July August September November October Decem- January ber February TEXTILE PRODUCTS—Continued WOOL MANUFACTURES— Continued Woolen and worsted woven goods, except woven felts: Production quarterly, total thous. of lin. vd Government orders do Other thin Government orders total do Men's and boys' do Women's and children's do Unclassified do Blanketing do Other nonapparel fabrics do Prices, wholesale, f. o. b. mill: Suiting, unfinished worsted, 13 oz__dol. per yd__ Women's dress goods, flannel, 8 oz, 54-inch dol. per yd_, 102, 250 87, 556 4, 953 82, 603 34, 420 40. 634 7, 549 91, 921 75, 937 3, 218 72 719 33 227 30, 341 9, 148 5, 704 10, 280 9, 139 106, 945 90 250 3 613 86 637 34, 507 ' 44 277 7, 853 6, 330 10 365 117, 367 102 393 3 7^4 98 659 4? 6609 48 24 7, 757 6,507 r g 457 3. 589 3.589 3 589 3.589 3.589 3.459 3.069 3. 069 3.069 3.069 3.069 3, 069 3.069 2.722 2.722 2.722 2. 722 2.722 2. 475 2.475 2.475 2.475 2.475 2.475 2. 475 2.475 2,471 1,532 1,487 1,981 1,769 167 39 225 474, 826 133 128 385 025 377 185 89 668 80 939 MISCELLANEOUS Fur sales by dealers thous. of dol__ TRANSPORTATION EQUIPMENT AIRCRAFT Civil aircraft shipments c? Exports number do. - 257 161 400 196 456 223 474 !78 439 189 301 156 272 188 284 i 43 228 170 158 i 61 116 i 29 426, 665 418 326 324, 547 310, 343 101, 700 88, 540 518, 118 545 423 402, 402 385, 834 115,171 99, 925 543, 118 514 494 436, 392 422, 149 106, 212 91, 808 481, 467 564 511 394, 703 3SO, 489 86, 200 75, 518 593, 640 632 522 493, 882 480, 009 99, 126 89, 174 579, 048 439 399 483, 261 471,752 95, 348 85, 427 657, 664 444 420 557, 370 544, 630 99. 850 89, 989 626,180 298 274 534, 493 521, 524 91 389 82 487 572, 917 322 275 487 891 476, 461 84 704 76 584 455, 008 308 279 381 951 373, 838 72 749 66 090 358, 471 369 353 291 358 284 097 66 744 60 784 581. 695 219 194 487 854 475 495 93 6^2 84 354 27,166 12, 676 14,490 2,296 2, 181 1, 095 1,086 115 31,717 15, 673 16, 044 2, 634 2,510 1,254 1,256 124 30, 004 14, 598 15, 406 2, 760 2,568 1.231 1, 337 192 25, 094 12, 420 12,674 2,752 2,631 1,426 1,205 121 22, 648 12,028 10 620 2,817 2,686 1,575 1, 111 131 24, 397 i 20, 234 13, 035 10, 853 11, 362 1 9, 381 2,197 2, 601 2,109 2,504 1,314 1,482 795 1,022 88 97 i 21 389 12,326 i 9 063 1 20 063 11, 197 8 866 i 17 105 9 145 i 7 960 i 19 545 6* 957 i 5 5§g i 14 760 s'5°4 i ^ 236 258, 218 67, 537 360, 584 87, 165 390, 932 78, 857 446,251 86, 375 432, 470 79, 069 448, 477 76, 866 478, 556 85 539 459, 647 89 253 465, 765 86 398 409, 702 79 699 414, 579 78 805 10, 800 7,906 7,421 2,894 80 75 66 5 12, 626 9,674 8,958 2,952 76 74 69 2 11, 184 8,896 8,499 2,288 85 85 85 0 9,532 6,886 6,879 2,646 95 95 77 0 9,148 5,832 5,805 3 316 98 98 94 0 6,645 3, 866 3,655 2,779 68 68 66 0 7,184 4, 251 4,245 2 933 70 70 65 6 201 3,996 3 936 2 205 93 93 87 4 537 2,833 2 828 1 704 90 90 84 4 456 2,729 2 649 1 727 85 85 76 3 432 2, 052 1 950 1 380 80 80 75 o 2 051 922 917 1 129 64 64 64 Q 2 395 1, 006 1 006 1 3S9 61 61 61 0 1,761 1,763 1,767 1,770 1,771 1,769 1, 767 1,766 1,765 1,763 1,750 1,745 1,742 91 5 4 73, 384 46, 403 26, 981 94 5 5 63, 410 38, 654 24, 756 98 5 7 53, 975 30, 850 23, 125 109 6 4 45, 057 23 816 21, 241 113 6 6 36, 331 19 368 16, 963 126 7 4 31,746 16 474 15, 272 125 7 3 26, 599 13 473 13 126 124 7 3 20, 609 9 419 11 190 132 7 7 16, 183 6 442 9' 741 130 7 7 12,661 4 122 8 539 134 8 0 12, 861 2 447 10 414 141 84 17, 766 4 550 13 216 139 8 3 25, 647 8 455 17' 192 2,504 7.8 2, 650 8.3 2,602 8.3 2,737 8.8 2, 665 8. 7 2, 833 9.3 2,949 98 2,992 10 0 3,189 10 8 3,297 11 3 3,204 3, 454 12 2 3,498 11 1 43 33 10 1,452 1,452 38 17 21 1, 134 1,134 30 10 20 1 043 1,043 29 10 19 1 098 1,098 25 7 18 984 984 17 2 15 816 816 15 1 14 954 954 13 o 12 12 13 885 885 12 i i ^o 1 130 113 43 70 90 7 83 123 69 54 73 17 56 23 6 17 873 873 0 65 12 53 21 5 16 775 775 50 8 42 35 26 9 1,287 1,287 0 * 50 10 r 40 80 4 76 62 25 37 65 5 60 107 31 76 109 48 54 270 255 15 247 214 33 199 142 57 208 179 29 205 175 30 168 133 35 202 183 19 185 168 17 254 235 19 227 232 186 46 199 i oq 19 07 1 MOTOR VEHICLES Factory sales, total Coaches total Domestic Domestic Trucks total Domestic -- -- Exports total Passenger cars -Trucks Truck trailers, production, total Complete trailers Vans _ All other __ Chassis shipped as such Registrations: New passenger cars New commercial cars number--do do -- -- - - do --- -do do do do do do do .-. do -. do .. do - do _-do 1 1 1 2 379, 902 - 64 879 RAILWAY EQUIPMENT American Railway Car Institute: Shipments: Freight cars, total numberEquipment manufacturers, total do Domestic _ _ ___ _ - do_ Railroad shops, domestic do Passenger cars, total _ _ _ _ _ _ _ .do . Equipment manufacturers, total _ do Domestic do Railroad shops, domestic do Association of American Railroads: Freight cars (class I), end of month:§ Number owned thousands. _ Undergoing or awaiting classified repairs thousands- . Percent of total on line Orders, unfilled number. Equipment manufacturers do Railroad shops _ _ _ _ _ _ . do Locomotives (class I), end of month: Steam, undergoing or awaiting classified repairs number-Percent of total on line. _ Orders, unfilled: Steam locomotives, total number-Equipment manufacturers do Railroad shops . _ . _ __do _ Other locomotives, total _ _. do Equipment manufacturers do _ _ Railroad shops do Exports of locomotives, total do Steam _ _ _ _-do Other- _ ___ __ _ _ do o o o o o o o o o o o n o 12 5 Q 12 1 099 l' 099 INDUSTRIAL ELECTRIC TRUCKS AND TRACTORS Shipments, total _ Domestic Export -.numberdo do 30 i on T Revised. i Excludes "special category" exports not shown separately in the interest of national security. 2 Excludes data for Arkansas. (^Publication of data for military shipments and the total, formerly shown here, has been discontinc ed by the Civil Aeronautics Administration. §Not including railroad-owned private refrigerator cars. 0. S . G O V E R N M E N T P R I N T I N G O F F I C E : 1950 -I A 0 "INDEX TO MONTHLY BUSINESS STATISTICS, Pages S1-S40Pages marked S 38 Abrasive paper and cloth (coated) _ _ .__ 24 Acids Advertising Agricultural income and marketings !IIIII"I 2 15 Agricultural wages, loans 22 Airline operations Aircraft 11,12,14,40 Alcohol, denatured and ethyl, _. 24 Alcoholic beverages 2, 27 Aluminum 33 Animal fats, greases 25 Anthracite 2,5,10,12,14,15,34 Apparel, wearing 5,7,8,9,11,12,14,15,38 Armed forces 10 Asphalt and asphalt products 36 Automobiles 2,3, 7, 8, 9,11,12,14,18, 21 Balance of payments 20 Banking ,__ 15,16 Barley 28 Barrels and drums 32 Battery shipments 34 Beef and vea! 29 Beverages, alcoholic 2,27 Bituminous coal _ 2,5,10,12,14,15,34,35 Boilers 33,34 Bonds, issues, prices, sales, yields 19 Book publication 37 Brass _ _ _ __ _ _ _ _ _ _ 33 Brick 5,38 Brokers' loans 16,19 Building contracts awarded 6 Building costs 6,7 Building construction (see Construction). Building materials, prices, retail trade_ _ , 5,7,8,9 Business, orders, sales, inventories 3 Businesses operating and business turn-over... 4 Butter 27 Candy . 29 Cans, metal 33 Capital flotations 18,19 Carloadings 22,23 Cattle and calves 29 Cement 2,5,38 Cereal and bakery products, price — 5 Chain-store sales 9 Cheese 27 Chemicals 2,3,5,11,12,14,15,18,21,24 Cigars and cigarettes 30 Civil-service employees 12 Clay products (see also Stone, clay, etc.) 2,38 Clothing 5,8,9,11,12,14,15,38 Coal 2,5,11,12,14,15,34,35 Cocoa 29 Coffee 22,29 Coke 2,35 Commercial and industrial failures 4 Construction: Contracts awarded 6 Costs 6,7 Dwelling units started 6 Employment, wage rates, earnings, hours. _ 10, 11,12,13,14,15 Highway 6,12 New construction, dollar value 6 Consumer credit 16 Consumer expenditures 1,8 Consumers' price index _ __ 5 Copper 21,33 Copra and coconut oil 25 Cora 19,28 Cost-of-living index (see Consumers' price index) 5 Cotton, raw, and manufactures 2, 4,5,11,12,13,14,21,38,39 Cottonseed, cake and meal, oil 25 Crops 2,4,25,28,30 Currency in circulation 18 Dairy products Debits, bank Debt, short-term, consumer Debt, United States Government Department stores Deposits, bank Disputes, industrial Distilled spirits Dividend payments and rates Drug store sales Dwelling units started 2,4,5, 27 15 16 17 8,9,10,16 15,16,18 13 27 1,18, 20 8,9 6 Earnings, weekly and hourly 13,14,15 Eggs and poultry 2,4, 29 Electrical equipment 3,4, 7,34 Electric power, production, sales, revenues 26 Employment estimates.10,11,12 Employment indexes 11 Employment security operations 13 Emigration and immigration 23 Engineering construction 6 Expenditures, United States Government 16 Explosives 24 Exports (see also individual commodities) 21 Express operations 22 Factory, employment, pay rolls, hours, wages, _ 10, 11,12,13,14,15 Failures, industrial and commercial 4 Farm income and marketings 2 Farm wages 15 Farm products, and farm prices. 2,4 Fats and oils 5,25,26 Federal Government, finance 16,17 Federal Reserve banks, condition of 15,16 Federal Reserve reporting member banks 15,16 Fertilizers 5,24 Fiber products 34 Pages marked S Fire losses _ 7 Fish oils and fish 25,29 Flaxseed __ 25 Flooring, 31,32 Flour, wheat 28 Food products . 2,3, 4,5,7,8,9,11,12,13,14,27,28,29,30 Footwear. _ _ 2,5,8,9,11,12,14,31 Foreclosures, real estate 7 Foreign trade, indexes, shipping weight, value by regions, countries, economic classes, and commodity groups 21,22 Foundry equipment 34 Freight cars (equipment) 40 Freight carloadings, cars, indexes 22,23 Freight-car surplus and shortage 23 Fruits and vegetables 2,4, 5, 21, 27 Fuel equipment and heating apparatus 33,34 Fuel oil 35 Fuels 2,5,35 Fur 22,40 Furnaces 34 Furniture 2,5,7,8,9,11,12,13,14 Gas, customers, sales, revenues 26 Gasoline 36 Glass and glassware (see also Stone, clay, etc.). 2,38 Generators and motors 34 Glycerin 24 Gold _ 18 Grains . 4,19,21,28 Gross national product 1 Gypsum 38 Heating and ventilating equipment.. Hides and skins Highways Hogs Home-loan banks, loans outstanding Home mortgages Hosiery Hotels Hours of work per week Housefurnishings Housing. _ . . 33.34 5,22.30 6.7 29 7 7 5,38 11,13,15,23 12.13 5, 7,8,9 5,6 Immigration and emigration 23 Imports (see also individual commodities) 21,22 Income, personal 1 Income-tax receipts 16 Incorporations, business, new 4 Industrial production indexes 2,3 Instalment loans 16 Instalment sales, department stores 9 Insulating materials 34 Insurance, life 17,18 Interest and money rates 16 International transactions of the U. S 20, 21, 22 Inventories, manufacturers' and trade 3,9,10 Iron and steel, crude and manufactures 2,3, 4,5,11,12,13,14,21,32,33 Kerosene 35 10 Labor force Labor disputes, turn-over. 13 Lamb and mutton 29 Lard ___ 29 Lead. 33 Leather and products 2,3,5,11,12,14,30.31 Linseed oil, 25 Livestock 2,4,29 Loans, real estate, agricultural, bank, brokers' (see also Consumer credit) 7,15,17,19 Locomotives 40 Looms, woolen, activity 39 Lubricants 35 Lumber 2,5,11,12,14,31,32 Machine activity, cotton, wool 39 Machine tools ... 34 Machinery 2,3,4,11,12,14,18,21,34 Magazine advertising 7 Mail-order houses, sales 10 Manufacturers' sales, inventories, orders 3,4 Manufacturing production indexes 2,3 Meats and meat packing 2,4,5,11,12,13,14,29 Metals 2,3,4,5,10,11,12,13,14,18,32,33 Methanol _ _ _ _ _ _ _ 24 Milk 27 Minerals 2,3,12,14,15 Money supply 18 Mortgage loans 7,15 Motor fuel 36 Motor vehicles 8,40 Motors, electrical 34 National income and product 1 Newspaper advertising 7 Newsprint 22,37 New York Stock Exchange 19, 20 Oats 28 Oil burners 34 Oils and fats 5,25,26 Oleomargarine 26 Operating businesses and business turn-over, _ 4 Orders, new, manufacturers' 4 Paint and paint materials 5, 26 Paper and pulp 2,3,5,11,12,14,36,37 Paper products 36,37 Passports issued 23 Pay rolls, indexes 12 Personal consumption expenditures 8 Personal income 1 Personal savings and disposable income 1 Petroleum and products 2,3, 5,10,11,12,14,15, 21, 22,34,35,36 Pig iron 32 Pages marked S Plant and equipment expenditures 1 Plastics and resin materials, synthetic 26 Plywood 31 Population . 10 Pork 29 Postal business _ 8 Postal savings 16 Poultry and eggs 2,4,5,29 Prices (see also individual commodities): Consumers' price index 5 Received and paid by farmers „ 4 Retail price indexes 5 Wholesale price indexes 5 Printing 2,3,11,12,15,37 Profits, corporation 18 Public utilities... 1,5,10,11,13,14,15,17,18,19, 20 Pullman Company 23 Pulpwood 36 Pumps 34 Purchasing power of the dollar 5 Radio advertising 7 Railways, operations, equipment, financial statistics, employment, wages 1, 11,12,13,14,15,17,18,19,20,22,23,40 Railways, street. (See Street railways, etc.) Rayon, and rayon manufactures 2,5,39 Real estate 7 Receipts, United States Government 16 Reconstruction Finance Corporation, loans 17 Refrigerators 34 Rents (housing), index 5 Retail trade, all retail stores, chain stores, department stores, mail order, rural sales, general merchandise . 3,4,8,9,10 Rice 28 Roofing and siding, asphalt 36 Rosin and turpentine 24 Rubber, natural, synthetic, and reclaimed, tires and tubes 22,37 Rubber industry, production index, sales, inventories, employment, pay rolls, hours, earnings 2,3,11,12, 14,15 Rye 28 Savings deposits 16 Savings, personal 1 Securities issued 18,19 Service industries, employment 11 Sewer pipe, clay 38 Sheep and lambs 29 Shipbuilding 11,13,14 Shoes 2,5,8,9,11,12,14,31 Shortenings 26 Silk, imports, prices 5,22,39 Silver 18 Skins__""_II I..I 5,22,30 Slaughtering and meat packing 2, 11,12,13,14,29 Soybeans, and soybean oil 25 Spindle activity, cotton, wool 39 Steel ingots and steel manufactures (see also Iron and steel) 32,33 Steel, scrap 32 Stocks, department stores (see also Manufacturers' inventories) 10 Stocks, dividends, issues, prices, sales, yields. _ 20 Stokers, mechanical 34 Stone, clay, and glass products ._ 2, 11,12,13,14,38 Stoves 34 Street railways and buses 13,14,15,22 Sugar 22,30 Sulfur 24 Sulfuric acid . 24 Superphosphate 24 Tea 30 Telephone, telegraph, cable, and radio-telegraph carriers 10,13,14,15,23 Textiles 2,3,5,11,12,13,14,21,38,39,40 Tile__ 38 Tin 22,33 Tires and inner tubes 5,11,12.14,15,37 Tobacco 2,3,4,7,11,12,13,14,30 Tools, machine 34 Trade, retail and wholesale.. 3,4,8,9,10,11,13,14,15 Transit lines, local 15,22 Transportation, commodity and passenger 22, 23 Transportation equipment 2,3,4,11,12,13,14,40 Travel 23 Truck trailers 40 Trucks 40 Turpentine and rosin. 24 Unemployment and unemployment compensation 10,13 United States Government bonds 17,18,19 United States Government, finance 16,17 Utilities 1,5,10,11,13,14,15,17,18,19, 20 Vacuum cleaners 34 Variety stores 8,9 Vegetable oils 25,26 Vegetables and fruits 2,5,21,27 Vessels cleared in forei gn trade 23 Veterans' unemployment allowances 13 Wages, factory and miscellaneous Washers _ Water heaters Wax Wheat and wheat flour Wholesale price indexes Wholesale trade Wood pulp Wool and wool manufactures Zinc_ 13,14,15 34 34 36 19,28 5 10 36 2,5,22,39,40 33 Price 55 cents Available from the Superintendent of Documents, Government Printing Office, Washington 25, D. G., or the nearest Department of Commerce Field Office. ZJhe balance of international f-^ayment* of the Iqnitea ^5tate6, 1946-48 The position of the United States in the world economy since the cessation of hostilities is here revealed within the framework of the balance of international payments. As the official economic record of our international transactions this basic volume points up the problems which arose from unsettled conditions in international economic relations and the attempts made during that period to find a solution for them. Here is the comprehensive record of what the United States has contributed to and received from other countries during three crucial years of the postwar era. Coverage includes current account transactions . . . the exchange of goods and services . . . merchandise trade . . . transportation . . . foreign travel . . . Government and private services . . . income on investments . . . private and Government aid . . . private loans and investments . . . liquidation of foreign capital and gold . . . international investment position of the United States . . . the transactions broken down by major foreign areas. Illustrated with charts and containing summary statistical tables, this publication is a valuable source of information for all who wish to know of the size and scope of United States international aid and related programs designed for the improvement of world economic conditions. As part of the continuing series of publications on the international transactions of the United States this bulletin together with International Transactions of the United States During the War, 1940-45 (price 60 cents) and The United States in the World Economy (reprint price 55 cents) presents the historical record of United States participation in world trade since the First World War. UNITED STATES DEPARTMENT OF COMMERCE • OFFICE OF BUSINESS ECONOMICS