Full text of Survey of Current Business : August 1939

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AUGUST 1939

SURVEY
OF

CURRENT BUSINESS

UNITED STATES
DEPARTMENT OF COMMERCE
8UREAU OF FOREIGN AND DOMESTIC COMMERCE




WASHIKGTON
VOLUME 19

NUMBER 8

The usual Periodic Revision
of material presented in the Survey of Current Business has been made
in this issue. A list of the new data added and of the series discontinued
is given below. The pages indicated for the added series refer to this
issue, while the pages given for the discontinued data refer to the July
1939 issue.

DATA ADDED
Indexes of durable and nondurable manufactures, unadjusted and adjusted.
Construction costs—standard six-room frame
house—Federal Home Loan Bank Board.. .
Reconstruction Finance Corporation loans
outstanding for drainage, levee, irrigation,
etc
Stock price indexes: companies producing
capital goods and consumers goods (Standard Statistics Co., I n c . ) . . . . . . . . . . . . . . . . . . . .
Potash deliveries
Cellulose plastic products: nitrocellulose and
cellulose acetate (sheets, rods, and tubes)
consumed in reporting plants, and production and shipments of cellulose acetate
moulding compositions
Imports of distilled spirits and whiskey . . . . . . .
Production of rectified whiskey
Indicated consumption for beverage purposes:
all spirits and whiskey
Production, imports, stocks, and tax-paid withdrawals of still wines
Production, imports, stocks, and tax-paid
withdrawals of sparkling wines.
Fluid milk, wholesale price, dealers, standard
grade
Corn, weighted average wholesale price, 5
markets, all grades
Wheat stocks: total United States, in country
mills and elevators, in merchant mills, and
on farms
.
Beef steers, average wholesale price, Chicago.
Hog-corn ratio
Total meats, exports
Motor fuel, total production, and benzol production
Sawmill products and sawed timber, exports. .
Sawmill products, imports
Battery sales indexes (replacement only), unadjusted and adjusted.
Ironing machine sales

DATA ADDED—Continued
Page

19

22
33
35
39

40
41
41
41
41
41
42
42

43
43
43
43
46
47
47
51
51

Electrical products: industrial materials, sales
billed; motors and generators, orders received ; transmission and distribution equipment, orders received
Washing machine sales
Pneumatic casings: shipments of original
equipment, replacement equipment, and
exports
Inner tubes, exports
Floor and wall tile shipments, quantity and
value
Cotton stocks: world total, American cotton
(in the United States and in foreign countries) and foreign cotton
Cotton cloth, mill margins

Page

53
53
53

54
54

DATA DISCONTINUED
Hired farm employees, average per 100 farms*.
Dow-Jones prices of 40 bonds: 10 industrials,
10 public utilities, 10 high-grade rails, and
10 second-grade rails*.
Pine oil production*
Wood rosin, production and stocks*
Wood turpentine, production and stocks*.....
Vtfheat stocks held by mills
Lumber: retail sales and stocks, Ninth Federal
Reserve District
Boiler and pipe fittings: cast iron and malleable iron, production and shipments*
Cotton stocks: domestic stocks (Bureau of the
Census) and world visible supply (Commercial and Financial Chronicle)
Airplanes, military deliveries
Freight cars, total capacity and unfilled ordersi
Locomotives: number owned, total tractive effort, and unfilled orders1}
Shipbuilding: United States vessels under
construction and vessels launched*

26
35
39
39
39
43
47
48

53
55
55
55
56

* Discontinued by reporting source,
^Monthly statistics discontinued; available semiannually
only.

It is important that the tables printed monthly in the SURVEY, presenting back data for the new and revised
series, be retained for reference purposes.




51
51

Number 8

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

BUREAU OF FOREIGN AND DOMESTIC COMMERCE
F. H. RAWLS, Acting Director

SURVEY OF
CURRENT BUSINESS
AUGUST 1939
A publication of the

DIVISION OF BUSINESS REVIEW
M. JOSEPH MEEHAN, Chief

TABLE OF CONTENTS
SUMMARIES
Business situation summarized.
Employment
Finance
Foreign trade
Domestic trade

Page
3
5
6

SPECIAL ARTICLE
Recent developments in construction activity...
CHARTS
Figure 1.—Monthly business indicators, 1929-39
Figure 2.—Domestic sales and domestic deliveries of copper, 1938
and 1939
Figure 3.—Wool consumption, apparel class, 1935-39
Figure 4.—Indexes of quarterly earnings of 119 industrial corporations, seasonally adjusted, 1929-39
Figure 5.—United States exports of finished manufactures for the
6 months ending June 1937-39
,
Figure 6.—Construction contracts awarded in 37 Eastern States,
1935-39
Figure 7.—Residential building contracts awarded in 37 Eastern
States, adjusted for seasonal variations, 1929-39

2
3
3
6
7
9
9

CHARTS—Continued
Page
Figure 8.—-Reported project costs for all Public Works Administration programs, both Federal and non-Federal, 1933-39
10
New or revised series:
Table 34. .World stocks of cotton: World total, American cotton
(in the United States and in foreign countries) and foreign
cotton, 1920-39
,
15,16
Table 35. Automotive replacement battery shipments, unadjusted and adjusted, 1934-39
17
Table 36. Federal Reserve production indexes, rubber tires and
tubes, unadjusted, 1936-39; petroleum refining, unadjusted
and adjusted, 1934-39
17
Table 37. Indexes of dollar sales of general merchandise in small
towns and rural areas, by geographic divisions, adjusted,
1934-39
17
Table 38. Dealers' price of standard grade milk, 1922-39
18
Table 39. Corn, weighted average wholesale price, five markets,
1918-39
18
Table 40. Beef steers, average wholesale price, 1913-39
18
STATISTICAL DATA
Monthly business statistics
General index

19
Inside back cover

Subscription price of the monthly and weekly issues of the SURVEY OF CURRENT BUSINESS is $2 a year. Single-copy price: Monthly, 15 cents; weekly, 5 cents.
Foreign subscriptions, $3.50. Price of the 1938 Supplement is 40 cents. Make remittances only to
Superintendent of Documents, Washington, D. C.
164840—39
1
1




SURVEY OF CURRENT BUSINESS

August 1939

Monthly Business Indicators, 1929-39
INDUSTRIAL PRODUCTION

INCOME PAYMENTS AND CASH FARM INCOME *
120

MONTHLY INCOME PAYMENTS (1929=100)
CASH FARM INCOME (1924-1929 =1OO)

-CASH INCOME FROM FARM MARKETINGS
{EXCLUSIVE OF RENTAL & BENEFIT PAYMENTS)
40

1929

1930

1931

1932

1933

1934

1935

1936

1937

1938

1939

1929

1930

1931 1932 1933

CONSTRUCTION CONTRACTS AWARDED**

1934 1935

1936

1937 1938 1939

FOREIGN TRADE *
140

VALUE (1923^25=100)

a

120
Y~ EXPORTS, INCLUDING REEXPOF
^TS
100
/YA

80

GLZNERAL IMPOt

It*

A

60

V

40
20

i
1929

1930

1931

1932

1933

1934

1935

1936

1937

1938

1939

1929

FACTORY EMPLOYMENT AND PAYROLLS
140
120
100

^ \

80

[V

20
0

1936

1937

1938 1939

1930

-COST OF LIVING

90
80
70

/—WHOLESALE

PRICES \

60

i

50

1
1931 1932 1933

1934 1935

1936

1937

lo

1938 1939

1929

1930

193!

RETAIL SALES *
1

'\s-DEPAf1TMEN1"STORE SALE
|
|

100

1935

110

^FACTORY PAYROLLS
{UNADJUSTED)

AUTOMOBILE SALES (l929~31=100)
DEPARTMENT STORE SALES (1923-25=100)
|
i
1

125

1934

-V j

1
]

150

1933

WHOLESALE PRICES AND COST OF LIVING

i

/

FACTORY EMPLOYMENT-^
\%<^ (ADJUSTED) / > y V
\,

40

175

1932

100

60

1929

1931

(l923-25=!00)

(1923-25 = 100)

u

1930

s

1932

1933

1934

1835

1936

1937

1938 1939

STOCK PRICES

ij

(1923-25=100)

-71

f'

75

! \

50

i

K
**

*

25

!

EW PASSENGER AUTOMOBILE
1

0
1929




1930

1931

1932

1933

1934 1935

1936

50

SAL

1937

1938

1939

1929

* ADJUSTED FOR SEASONAL VARIATION

Figure 1.

*

1930

1931

1932

1933

1934

1935

1936

T H R E E - M O N T H M O V I N G AVERAGE

1937

1938 1939
D.D982Z

SURVEY OF CURRENT BUSINESS

August 1939

Business Situation Summarized
made further progress during July as the
BUSINESS
forward move initiated in May was extended.
The general pattern was one of resistance to the normal
midsummer slackening, and business volumes on a
seasonally corrected basis were materially higher than
the average for the second quarter. Construction was
at a seasonal peak, and operations in this industry were
higher than in the summer of 1937. Wholesale and
industrial buying has expanded, and, in general, business commitments continue to be made more freely
than during the first half of the second quarter. Retailers have also enlarged their purchases in wholesale
markets, particularly for fall delivery.
This expansion in purchasing has been a significant
development. In both June and July there were pronounced buying waves in some of the important staples.

farm income has reflected the lower prices received for
products marketed this year; however, enlarged Government payments have offset smaller receipts from
sales of farm products and, in terms of purchasing
power, farm income is larger than last year.
•"?
In July business in all major areas was substantially
ahead of a year ago though below the 1937 volume for
the same month. Percentage increases over 1938 were
not so large as in June in some instances since the vigorous forward movement in production and sales which
MILLIONS OF POUNDS
10

THOUSANDS OF TONS
200

/ Sa/es

1if/' '/ '

i , i i i 1 i , i , i

1935

1936

1937

1938

1939

i/er/'es

,1
~JfJ

ffiTili i l l . •

Figure 3.—Wool Consumption, Apparel Class, 1935-39. (U. S. Department
of Commerce, Bureau of the Census.)
NOTE.—Consumption has been placed on a weekly average basis, as data are com*
piled for 4- and 5-week months. The July figure is a preliminary estimate.

characterized the latter half of 1938 was gaining momentum last July. Consumer purchasing in both urban
and rural areas is higher than last year. Buying of
Figure 2.—Domestic Sales and Domestic Deliveries of Copper,1938 and 1939.
durable
commodities shows marked advances, alNOTE.—Sales as reported by the American Metal Market are producers' sales of
refined metal for domestic delivery. Deliveries, compiled by Copper Institute, Inc.,
though lagging behind the 1937 results. Sales of many
represent producers' shipments to consumers in the United States. Sales in July
nondurable goods of general use, however, are about on
include the reported daily sales through July 24.
a par with those in the summer of 1937. Industrial
Buying of cotton textiles again appeared in volume production was one-fifth higher than in July 1938;
during the latter part of July, following the exception- output of a wide variety of durable commodities was
ally active business in June—in that month aggregate sharply advanced from that period.
Industrial activity during July was better mainorders received by cotton-goods manufacturers exceeded
production by more than three-fifths. Extensive for- tained relative to June than allowed for in the seasonal
ward purchasing of copper by domestic consumers has calculations. Movement of freight over the railroads
occurred; the buying spurt that began in the final days increased somewhat more than seasonally expected and
of June swelled the June-July sales to a total slightly was 12 percent larger than a year earlier. Manuabove sales in the purchasing wave during the business facturing production on an adjusted basis was higher
upswing in the summer of 1938. (Seefig.2.) Foreign than in June. The automobile industry, however, was
an important exception as assembly operations were
sales of copper also increased.
Prices of copper, steel scrap, hides, and a few other curtailed earlier than in the immediate past years.
industrial commodities increased slightly during July, Assembly of 1939 model cars was substantially combut quotations of most industrial raw materials have pleted b}^ the end of July, and the industry was purchasremained essentially unchanged. Prices of certain ing for new model requirements.
The rate of operations at steel mills in July stood out
farm staples have declined as the outlook for this year's
among;
the manufacturing; industries. After the holiharvests
has
improved
materially
since
May.
Cash

1938



1939

SURVEY OF CURRENT BUSINESS
day curtailments early in July, steel ingot production
was advanced rapidly to 60 percent of capacity by the
end of the month. Daily output averaged 57 percent
of capacity as compared with 53 percent in June
whereas a pronounced decline is the usual experience
in July. The contraseasonal improvement in steelingot production was an extension of the rise initiated
in the latter part of May subsequent to the accumulation of large orders, but the trade reviews report that
the July production rate has been supported by recent
buying from a variety of consuming industries.
Other lines of manufacturing showed improvement in
July after allowance for seasonal influences—the most
frequent change, however, was one of less-than-usual
contraction rather than actual expansion in operations.
Textile industries generally experienced a less-thanseasonal drop during July, according to preliminary
reports. This was similar to the June experience.
Rayon deliveries in June were in a volume previously
exceeded in only 2 months; similar large deliveries are
indicated for July. Cotton mills curtailed June output
less than seasonally estimated, and woolen mills advanced operations for the second successive month.
Woolen mills have received large orders for finished
goods, and the current level of operations is as high as
in any month for 2 years. (Figure 3.) Shipments of
building materials moved in larger volume to meet
the needs of the construction industry.

August 1939

Bituminous-coal production increased more than
seasonally in June; output was somewhat in excess of
consumption, as stocks were being replenished. As
steady supplies of coal are assured the reaccumulation
of stocks by consumers has been slow and holdings in
July were much smaller than a year ago. Production
of gasoline in July was exceptionally large, and gasoline stocks, despite record consumption, were slightly
above those of a year ago. Reflecting the basic growth
of the electric power industry, energy produced in July
exceeded production in July 1937.
The improvement in business, resumption of volume
production at soft-coal mines, and changes in seasonal
industries increased employment in June. Workers7
incomes were larger than in May and aggregate compensation of employees for the month was 7 percent
larger than in June 1938. Higher pay rolls at coal
mines contributed to the rise in the adjusted index of
employees' compensation to 85.0 (1929 = 100) for June
as compared with 83.3 for May. In June, the adjusted
index of total income payments at 83.6 was 0.8 points
above the May estimate. A contraction in farm income for the month partly offset gains in other types
of income. Total income payments were 6 percent
larger than in June of last year when payments, seasonally adjusted, were at the low of the 1937-38 decline.
Preliminary data indicate a further rise in the index of
income pa3^ments for July.

MONTHLY BUSINESS INDEXES
Monthly income
payments

Factory employment
and
pay rolls

Cash farm
income 2

Industrial
production,
adjusted 1

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

H

Total payments

2~

1!

s

ted

Year and month

Z

z
<

P

f

M o n t h l y average
1929 = 100
1929: J ime
1932: June
1933: June
1936: June
1937: June
1938:
June
July
August
September
October
November
December
1939January
February
March
April
May

June

M o n t h l y average,
through J u n e :
1929
1932
1933
1936
1937
1938
1939

M o n t h l y average 192325=100
107. 0 112.7
43.7
63.6
49.1
72.2
84.1
96.7
108.4 107.0

M o n t h l y average 192429 = 100
94.0
85.0
39.0
34.0
70.0
52.0
80.0
69.5
84.5
71.5

100.4
64. 0
58.2
92.1
92.2

99.6
62.3
57.8
91.2
88.8

100. 2
60.6
56.2
79.8
89.8

82.3
81.0
76.1
83.5
86.3
80.9
90.9

80.7
80.7
81.5
82.0
82.1
83.2
84.1

79.4
79.8
81.4
82.5
83.1
84. 6
86.2

82.4
82.9
84.9
86.9
87.5
90.0
91.6

70.8
70.6
76.9
81.0
83.8
84.1
86.5

61.0
72.0
72.5
85.0
91.5
78.0
72.5

84.3
77.8
84.3
83.0
79.6
87.3

83.5
84.2
82.7
82.8
83.6

85.4
85.1
85.0
83.3
83.3
85.0

91.7
91.3
91.0
90.9
90. 1
90.7

83.4
85.5
86.9
84.9
84.4
86.2

68.5
51.0
57.5
55.0
60.0
59.0

98.5
65.0
54.8
78.4
88.4
80.6
84.5

105.2
67.9
65.4
94.0
106.8
85.7
90.6

111.5
50.5
42.3
7
104.3
74.6
84.9

89.3
42.8
40.5
61.6
69.0
60.9
58.5

113
68
67
87
93

141. 5
42.5
49.0
109.5
99.0

116
34
36
55
79

115
36
40
62
93

126 133.8
27 65.4
18 65.7
52 95.7
61 101.5

Monthly
average
1926 = 100
95.2
63.9
65.0
79.2
87.2

82
83
83
86
84

50.5
56.5
54.5
60.0
85.0
100.0
92.5

69
68
66
62
60
58
67

47
47
53
55
54
55
54

54 87.0
59 84.5
66 81.2
78 83.3
82 91.7
96 86. 4
96 106.9

78.3
78.8
78.1
78.3
77. 6
77.5
77.0

91.0
96.0
88.5
79.5
79.0
78.5

55
63
70
64
70
70

55
49
53
53
61
58

86
73
69
67
63
63

90.5
77.1
92.3
85.3
90.0
94.7

76.9
76.9
76.7
76.2
76.2
75.6

165.3
45.1
43.2
112.1
123.7
66.9
93.9

115
37
30
51
68
70
62

118
39
31
60
87
50
57

125 135.5
28 69.5
17 3 58.3
52 88.3
60 100.6
53 84.0
71 88.3

95.5
65.6
61.5
79.7
87.1
79.3
76.4

192931 = 100

M o n t h l y average 1923-25 = 100
125
59
91
104
114

127
58
93
105
114

114
64
85
100
115

72.0
82.5
72.0
72.5
67.5
69.5
68.0

77
83
88
91
96
103
104

74
82
87
89
95
103
104

92
93
95
97
98
102
109

67.5
60.0
64.0
64.5
65.0
60.0

102
99
98
92
92
97

100
97
96
92
91

110
110
110
95
98
105

123
66
71
100
118
78
98

125
65
71
100
119
76
97

111
71
75
99
113
95
100

109
49
61
73

105
70
68
65

87

January
.1
66.7
56.2
78.4
85.8
80.3
82.7

103
54
52
68
78
57
63

104
74
65
63
68
60
61

101
68
58
77
85
77
80

1 Adjusted for seasonal variations; monthly averages, except compensation of employees, are based on unadjusted indexes.
« Average of 5 months, January, February, April, May, and June.



M o n t h l y average
1923-25 = 100

1 From farm marketings.

SURVEY OF CURRENT BUSINESS

August 1939

Employment
ORKERS employed in nonagricultural industries
W
increased substantially in June, and gains were
reported by a large number of the industries currently
surveyed. The total number employed in these industries was the largest since 1937, except at the seasonal
peak last December. The largest gain in June as compared with May was that reported by bituminous coal
mines, which in June were operating on a normal basis;
in May, production had been only partially resumed
following the completion of new contractual arrangements with the labor force.
According to the Bureau of Labor Statistics estimates, the number at work in mid-June in the nonagricultural industries was about 400,000 larger than in
mid-May, and more than 1,200,000 in excess of the
total in June 1938. About two-fifths of the May-toJune increase resulted from the return to work of
bituminous coal miners.
The small contraseasonal rise in factory employment
in June lifted the adjusted index about one point to
91.5 (1923-25=100). Factory pay rolls were also
larger than in May, and both of the indexes approximated their 1939 highs. These indexes have moved in
a narrow range so far this year, with the seasonally
adjusted employment indexes for the 13 major groups
not showing any marked tendency in either direction
since December. Variations among the group averages,

however, are apparent when comparison is made with a
year ago. Large increases were, for the most part,
restricted to the durable-goods groups. Gains in
employment in aircraft, automobile, and automobileparts plants, and in shipbuilding yards, lifted the
number at work in the transportation group in June by
nearly one-half in comparison with a year ago. The
other major durable-goods groups recorded gains
ranging from 10 to 14 percent. Among the major nondurable-goods classes the gains over June 1938 were all
small except those for textiles and their products and
for rubber products, which reported employment increases of 12 and 13 percent, respectively.
Nonmanufacturing industries, aside from the sharp
rise at bituminous coal mines, generally reported small
increases in employment in June as compared with
May, and with a few exceptions the changes from a
year ago were likewise minor. Retail and wholesale
trade establishments reported a slight increase in the
number of employees in June as compared with May.
Metalliferous mining and quarrying and nonmetallic
mining reported small gains over May, and the increases
over last year, 12 percent and 9 percent, respectively,
were larger than for any other nonmanufacturing
industries. The number at work on building-construction projects continued to increase as construction
operations moved to a seasonal peak.

EMPLOYMENT STATISTICS
Factory employment and pay rolls 1
Retail trade,
unadjusted

Employment
Unadjusted
Year and month

Pay rolls, unadjusted

Adjusted *

NonNonNonDura- duraDura- duraDura- duraAll inAll inble
ble
All inble
Emble
ble
ble
dus- goods goods dus- goods goods dus- goods goods
ploytries indus- | indus- tries indus- indus- tries indus- indus- ment
tries tries
tries
tries tries
tries

1929: June
1932: June
1933: June
_._
1936: June
1937: June
1938:
June..
__July
August
September...
October
November
December
1939:
January
February
March..
April
May

June

Monthly average, January through June:
1929
1932
*_
1933
1936
1937
1938
1939




Industrial disputes

Strikes
beginning
in
Hours
Weekly Hourly worked
month
Pay earn- earnper
ings
ings week
rolls

Monthly average
1929 = 100

Monthly average 1923-25 = 100

Average factory
wages and hours
(National Industrial
Conference Board)

Dollars

Workers in- Manvolved,
strikes days
idle
begin- during
ning month
in
month
Thou- Thousands ofsands
days

Number

106.8
63.2
71.6
95.9
107.5

109.3
52.5
55.3
91.4
107.5

104.4
73.4
87.1
100.1
107.5

107.0
63.6
72.2
96.7
108.4

108.2
51.9
54.6
90.6
106.6

106.0
74.8
88.9
102.5
110.0

112.7
43.7
49.1
84.1
107.0

115.8
32.6
36.4
82.6
111.1

109.2
56.1
63. 3
85.7
102.5

99.3
76.3
73.2
85.5
90.5

62.7
52.2
66.4
74.4

28.59
16.16
18.58
24.45
28.39

.590
.495
.450
.617
.707

48.4
32.8
41.5
39.4
40.2

77
74
154
188
610

25
19
96
63
281

931
1,823
1,084
1,328
4,998

81.6
81.9
85.7
88.8
89.5
90.5
91.2

72.4
70.3
71.7
75.3
79.0
82.1
83.1

90.3
92.9
99.0
101.7
99.4
98.4
98.8

82.4
82.9
84.9
86.9
87.5
90.0
91.6

71.9
70.7
72.0
75.7
77.9
81.3
83.2

92.4
94.5
97.2
97.6
96.7
98.3
99.5

70.8
70.6
76.9
81.0
83.8
84.1
86.5

61.7
58.6
63.7
68.7
75.2
78.3
80.4

80.9
84.1
91.7
94.9
93.4
90.6
93.4

83.6
81.1
80.0
84.7
85.9
86.9
98.1

69.5
68.1
66.8
69.4
70.8
71.5
79.2

23.74
23.93
24.93
25.73
26.14
26.32
26.02

.719
.713
.711
.714
.714
.714
.713

33.1
33.8
35.2
36.2
36.7
36.9
36.6

219
208
262
222
256
207
177

53
50
48
96
53
43
38

871
776
831
990
842
558
513

89.5
90.7
91.4
91.2
90.1
90.7

81.6
82.6
83.5
84.1
83.3
84.1

97.1
98.4
98.9
97.9
96.7
96.9

91.7
91.3
91.0
90.8
90.4
91.5

83.6
83.4
83.0
83.2
82.2
83.4

99.5
98.7
98.6
98.0
98.2
99.2

83.4
85.5
86.9
84.9
84.4
86.2

76.6
78.5
80.1
80.2
79.5
81.9

91.0
93.1
94.6
90.2
89.9
91.0

82.2
81.5
83.8
85.5
85.7
86.0

69.7
68.4
69.6
71.3
71.5
72.4

25.95
26.11
26.25
26.27
26.19
26.79

.713
.713
.715
.717
.720
.721

36.6
36.8
36.9
36.8
36.5
37.2

171
175
184
204
220
220

49
65
41
380
85
50

512
535
585
4,853
3,400
915

105.2
67.9
65.4
94.0
106.8
85.7
90.6

106.2
56.1
49.5
87.6
104.6
77.6
83.2

104 0
79.2
80.6
100.0
108.9
93.5
97.7

111.5
50.5
42.3
80.7
104.3
74.6
85.2

113.4
37.9
29.5
76.2
105.7
65.5
79.5

109.3
64.6
56.7
85.7
102.7
84.7
91.6

97.6
78.2
71.7
83.0
88.1
84.2
84.1

97.3
67.6
51.8
64.1
71.0
69.8
70.5

28.78
17.94
16.32
23.90
27.51
23.47
26.26

.588
.518
.458
.612
.672
.715
.717

48.8
35.1
36.0
38.9
41.0
33.0

81
78
110
180
458
240
196

27
36
47
62
221
60
112

510
1,073
636
960
3,143
773
1,800

1

See footnote marked " t " on p. 25.

J

Adjusted for seasonal variations.

6

SURVEY OF CURRENT BUSINESS

August 1939

Finance
TOCK prices advanced during July after moving
S
narrowly in the 2 preceding months around the lows
established in the March-April decline. By the end of
the month the Dow-Jones average of industrial share
prices at 144 was about 14 points above the July 1
figure. Railroad and public-utility shares also advanced
during the month. Lower grade corporate bonds
strengthened along with the rise in equity quotations.
The high-grade issues generally held firm, as no change
has occurred hi the influences tending to hold such issues
on a low-yield basis. The pace of trading on the New
York Stock Exchange accelerated in the latter part of
July, and transactions for the month were much larger
than the second-quarter rate of turn-over. During June
the volume of stock trading had been the smallest
for any month since August 1921.
Changes in corporation earnings for the second quarter were influenced mainly by variations in sales volumes, as cost-price relationships were much the same as
in the first 3 months of the year. On a seasonally adjusted basis, profits of leading industrial corporations
were lower than in the first quarter; profit totals in that
period had also receded from the relatively favorable
results of the final quarter of 1938. Profits in the second
quarter, however, were much higher than in the corresponding period of 1938. Standard Statistics index
of earnings of leading industrial corporations (secondquarter index estimated on the basis of available returns) was roughly 70 percent higher than for the
June quarter of 1938. However aggregate earnings of
this group of large industrial concerns was a little more
than half as large as in the second quarter of 1937.
As in the first quarter of 1939, the leading automobile
manufacturers reported large profits. Steel companies in the aggregate reported small profits, as compared
with a sizable deficit in the second quarter of 1938.
Public-utility concerns also reported higher earnings in
the second quarter as compared with last year. The
increase was considerably smaller than for the industrials, as profits of the utilities are not subject to such
wide fluctuations as occur in earnings of industrial
concerns. The Class I railroads as a unit operated
at a heavy deficit for the first half of the year, but if
present traffic trends continue, a profit will be shown for
the third quarter.
The higher earnings this year as compared with 1938
are beginning to be reflected in larger dividend payments. Moody's reported an increase of 5 cents per
share to $1.48 in the average dividend paid by 600
companies for June. Prior to this increase the rate
had been stationary since March, at $1.43; in June 1938
the rate was $1.39.
Corporations continue to take advantage of existing
low interest rates by extensive refunding operations.
Reaching the market in July was an $85,000,000




debenture flotation by a petroleum company and
ieveral utility issues. A large number of refunding
operations were under active consideration by corporations in July, and registrations with the Securities
and Exchange Commission reached a substantial total.
The amount of new capital for expansion purposes
raised on the open market remained quite small during
July. Loans to commerce, industry, and agriculture,
RELATIVES 1926 = 100

175

•
•
•
•
V • IT!
1

11III
1929

mil

1 iiiiiiimii
1936

1937

1938

1939
D. D. 39-22

Figure 4.—Indexes of Quarterly Earnings of 119 Industrial Corporations,
Seasonally Adjusted, 1929-39. (Standard Statistics Co., Inc.)
XOTE.—The second quarter of 1939 has been estimated on the basis of available
returns with allowance for the relative importance of certain groups.

by the reporting member banks, which had shown
very little change in the first half of the year, have
increased slightly.
The Seventy-sixth Congress passed a bill on July 6,
1939, extending until June 30, 1941, the authority conferred upon the President by the Gold Reserve Act of
1934 to reduce the gold content of the dollar by not
more than 50 percent, as originally provided by an
amendment to the Emergency Farm Relief Act of 1933.
This act provided for an extension of the Stabilization
Fund and directed the Treasury to pay a fixed price
of 71.1 cents an ounce for newly mined domestic silver.
The power to purchase foreign silver also was extended.
Between June 27 and July 10 the Treasury lowered its
buying price for foreign silver from 43 to 35 cents
an ounce.
Gold continued to flow into the United States during
July; but as in June, imports were much smaller than
in the period of heavy imports from mid-March through
May, when shipments averaged $125,000,000 weekly.
Imports of gold in the first 3 weeks of July were at
a rate of $60,000,000 per week. Foreign monetary
authorities continued to accumulate earmarked stocks
of gold in this country. Total holdings of this nature
have been increased by more than $600,000,000 since
March and at the end of July total earmarked gold
amounted to $1,300,000,000.

August 1939

SURVEY OF CURRENT BUSINESS

Foreign Trade
trade of the United States was not so
FOREIGN
large in June as in May, but exceeded in value that

aggregate was considerably less than the export total.
The quantity of total imports was about one-fourth
larger in the second quarter of 1939 than in the second
quarter of 1938, during which period the trade reached
the lowest level in recent years.
In the first half of 1939, as compared with the first
half of 1938, the total value of imports increased 14

in June 1938. While the value of exports over a period
of years has shown, on the average, a decline of 5 percent from May to June, and value of imports a decrease
of 7 percent, the respective declines of 5 and 12 percent
this year reflect to a large extent the irregular flow of
commodities that is unrelated to seasonal considerations.
MILLIONS OF DOLLARS
For the 6 months ended with June, the export total
50
100
150
200
was smaller in volume and in value than in the correAUTOMOBILES, INCL. PARTS a ACC.
sponding months of 1938, principally as a result of the
decline in agricultural products. The value of such
exports was nearly $413,000,000 last year, and as a
result of changes in the world grain situation, they had a
value of $268,000,000 this year. Exports of grains and
F
their preparations were valued at $142,400,000 and
$58,400,000 in the respective 6-month periods. Moreover, cotton exports, amounting to 752,000,000 pounds,
were approximately half the average recorded for the
comparable period of the preceding 10 years. Other
agricultural exports, particularly tobacco and oranges,
declined also. Exports of meats, lard, dairy products,
my
and wheat flour increased in quantity, and in most
instances the values of these products increased. The
change in value of practically all agricultural exports
was influenced, however, by lower prices this year.
Exports of manufactured articles increased during
the first 'half of 1939, after falling to lower levels in
the last three quarters of 1938 and the opening month of
1939.
They were larger in quantity in the first half of
1939, though slightly smaller in value than a year
before. Shipments during the second quarter of this
§
year were 9 percent above the total for the corresponding quarter of 1938, whereas in the first quarter they
were down approximately 3 percent. Increased deExports of Finished Manufactures for the Six
mands for manufactured goods in recent months have Figure 5.—United States
Months Ending June 1937-39.
embraced a wide range of commodities.
The value of the principal manufactured exports in percent. The quantity of imports increased by a
the first half of 1939, with comparable figures for the somewhat larger percentage, since the unit value of the
first half of the 2 preceding years, is shown in the commodities included averaged about 2 percent lower
accompanying illustration. It will be noted that some than a year before. Four of the five economic classes
important shifts have occurred in the trade this year. showed increases as follows: crude materials, 20 perThe changes in exports of semimanufactures during cent; crude foodstuffs, 21 percent; semimanufactures,
the first 6 months of this year were similar to those in 30 percent; and finished manufactures, 13 percent.
Mainly because sugar shipments from Cuba were
finished manufactures. In terms of quantity, these
exports were 12 percent larger in the second quarter of relatively small in the first 4 or 5 months of the year,
1939 and 5 percent smaller in the first quarter than in imports of manufactured foodstuffs for the period
the corresponding quarters of 1938. Exports of manu- January to June were 5 percent smaller in quantity
factured foodstuffs were 21 percent larger in quantity than in the corresponding period of 1938. Also, in
and 5 percent larger in value in the first half of 1939 contrast with the increase recorded for the majority of
the import commodities, whisky and some of the
than a year before.
The import trade of the United States increased con- vegetable oils have been imported in smaller quantities
siderably during the first half of 1939, though the this year than a year ago.



FINISHED PETROLEUM PRODUCTS

INDUSTRIAL MACHINERY
OTHER THAN METAL-WORKING

METAL-WORKING

MACHINERY

ELECTRICAL MACHINERY
& APPARATUS
AIRCRAFT, INCLUDING
ENGINES 8c PARTS

AGRICULTURAL MACHINERY
& IMPLEMENTS

STEEL-MILL

COTTON

MANUFACTURES

MANUFACTURES

IRON & STEEL ADVANCED MFRS.

RUBBER

OFFICE

SILK

MANUFACTURES

APPLIANCES

& RAYON MFRS.

PHOTOGRAPHIC & PROJECTION GOODS

MEDICINAL 8c PHARMACAETICAL
PREPARATIONS
ALL OTHER FINISHED
MANUFACTURES

8

SURVEY OF CURRENT BUSINESS

August 1939

Domestic Trade
purchasing has been maintained at a
CONSUMER
relatively high rate into the summer. Sales of
general merchandise have been steady in both urban
and rural areas, after allowance for the seasonal decline
which usually makes July the low month of the year in
many lines from the standpoint of volume. With the
flow of income of individuals tending upward since May,
and with consumers showing a willingness to undertake
installment contracts, sales of consumers' durable goods
have exceeded the volume of a year ago by substantial
margins. Enlarged sales of such products have stimulated both production and employment in these industries. With retail prices and living costs generally
lower than a year ago, the gain in purchasing power of
employees is larger than the 7-percent increase in their
money income in comparison with last year.
Total retail sales in June—the latest month for which
actual data are available—were nearly one-tenth larger
than a year ago, according to the estimate of this
Bureau. The large sample of independent stores
reporting to the Department of Commerce had a dollar
volume of sales 9 percent in excess of those in June last
year, with the largest relative gains continuing to be
reported by the stores handling consumers' durable
goods. Sales of motor-vehicle dealers showed the largest
relative gain; those of household-appliance stores were
up more than one-fourth, while furniture and lumber
and building materials were up one-tenth or more. In
the more stable lines, such as clothing and shoes, the

gains were smaller.
In June the seasonally adjusted indexes of dollar sales
for the most part recorded gains over May, but in
general the increases were not large. Automobile sales
showed some resistance to the usual seasonal downtrend,
as did department-store sales. "Variety-store sales
were the best for the year to date; and the adjusted
index of rural sales made a small gain over May.
The rise in total wholesale sales over June of last year
was only slightly less marked than that for independent
retailers, according to the Department's sample of
nearly 3,000 firms. The largest gains were reported by
dealers in electrical goods, lumber and building materials, jewelry, and furniture and household appliances.
Sales of 1,580 reporting manufacturers recorded improvement in June as compared with May. The
rubber-products classification showed an increase of
nearly one-fourth. This rise, which was mainly in
replacement sales of automobile tires and tubes, is
attributed to the nation-wide sales that have been in
progress in recent weeks. According to data compiled
by the Rubber Manufacturers' Association, tire shipments in June were the largest since 1929, except for
1 month in 1933 prior to the adoption of the N. R. A.
code. Other significant gains in manufacturers' sales
in June as compared with May were confined to durablegoods lines, such as nonferrous metals and products;
stone, clay, and glass products; and machinery, not
including transportation equipment.

DOMESTIC TRADE STATISTICS
Wholesale
trade

Retail trade
Department stores

Year and month

1929:
1932:
1933:
1936:
1937:
1938:

1939:

June
June
June
June
June

Chain-store sales
ComStocks
i
Grocery
stores Variety stores
Sales
bined
index Unad- Ad- Unad- AdUnad- Ad- Unad- Adjust- just- just- just- (Chain just- just- just- Justed
ed*
ed* Store Age) ed 2 ed s ed 2 ed »
ed)

Rural sales of
general merchandise
Unad- Adjust- justed » ed*

Value of
new passen- Emger-car sales ployUnad- Ad- ment
just- justed » ed 3

Avg. same
Monthly average 1923-25 = 100 mo. 192931 = 100
113
95
82.2
66
68
65
83.9
64
67
56
108.0
84
87
62
114.0
90
93
73

100.6
86.1
82.1
96.7
95.3

99.1
84.9
80.9
95.3
93.9

100.9
77.4
79.1
98.8
100.7

106.3
81.5
83.2
104.0
105.9

120.4
60.8
62.1
105.4
117.5

127.4
64.3
65.7
115.7
129.0

183.2
56.5
65.2
139.3
134.3

141.5
42.5
49.0
109.5
99.0

Monthly average 1929-31 = 100

Pay
rolls

Commercial
failures

Fail- Liabilities

Monthly aver- Num- Thousands
age 1929=100
ber of
dol.
98.0
97.8
78.1
67.9
31, 697
72.5
54.5 1,596
21,395
85.2 67.8
818
12,829
91.3
74.9
703

June
July
August
September
October
November
December

79
58
65
91
92
99
156

82
83
83
86
84
89
89

65
61
65
70
74
78
62

106. 3
108.1
106.0
109.4
108.0
109.5
112.9

93.6
89.2
88.5
93.0
94.9
96.7
101.1

92.2
91.0
92.2
94.9
94.4
96.7
98.1

90.9
88.0
85.2
94.1
98.2
102.2
193.6

95.7
98.9
96.3
98.5
96.7
100.2
104.9

106.2
84.8
98.2
121.1
140.9
147.2
183.6

116.5
116.2
120.1
114.6
108.5
113.1
114.8

65.0
61.4
49.2
37.1
55.1
99.1
96.1

50.5
56.5
54.5
60.0
85.0
100.0
92.5

87.2
86.8
87.6
88.5
89.1
89.8
90.0

73.8
73.6
73.7
74.3
75.1
75.4
75.7

1,073
1,038
1,015
866
997
984
875

15,918
14, 761
16, 382
14,341
13, 219
12,302
36,528

January
February
March
April
May

69
69
82

88
87
88

60
65

on

AQ

68
64

107. 5
108.8
109.8
110.0
110.0
111.0

93.5
98.7
100.5
102.0
102.9
102.9

96.4
98.2
99.5
99.0
101.4
101.4

73.6
79.7
85.0
97.6
96.3
95.9

98.7
95.5
98.8
97.1
96.3
100.8

91.3
100.1
115.0
120.2
120.5
120.0

120.0
123.7
131.0
130.8
131.2
131.7

70.8
71.2
106.9
106.4
107.1
100.9

91.0
96.0
88.5
79.5
79.0
78.5

88.3
87.9
87.4
87.3
87.1
87.7

75.5
74.6
74.7
74.8
74.9
75.4

1,263
963
1,123
1,140
1,122
952

19,122
12, 788
17,915
17,492
14, 757
11, 609

98
69
55
64
74
68
66

86.5
79.9
101.7
110.2
105.2
109.5

101.3
89.2
78.6
94.3
97.7
94.3
100.1

98.0
78.1
72.5
85.2
91.3
88.9
87.6

97.8
67.9
54.5
67.8
74.9
74.8
75.0

2,085
931
809
1,177
1,094

51, 709
21,102
14, 568
23,162
15,614

June
Monthly average, January
through June:
1929.
1932
1933
1936
1937
1938
1939.

_




87
83
101
68
58
77
85
77
80

i End of month.

85
86

69

1

94.0
75.9
71.1
85.5
89 5
84.8
88.0

Adjusted for number of working days.

112.0
60.9
54.1
96.9
108.9
98.8
111.2

165.3
45.1
43.2
112.1
123.7
66.9
93.9

* Adjusted for seasonal variations.

9

SURVEY OF CURRENT BUSINESS

August 1939

Recent Developments in Construction
Activity
By Samuel J. Dennis, Chief, Construction and Real Property Section, Division of Economic Research

fact, if contract awards during the last 6 months of the
year merely follow the usual seasonal pattern, starting
corresponding periods of recent years. The total value from the present level, it is likely that total contracts
of construction contracts awarded, as reported by the for the year will increase little, if any, over 1938. A
F. W. Dodge Corporation, was 31 percent higher than substantial increase for the year as a whole will take
during the first 6 months of 1938, and was larger than place only if there is a definite increase in the volume of
for any corresponding period since 1931. As Figure 6 new work initiated, after allowance for the usual seasonal
shows, however, the movement of construction contracts changes. In any event, an upward movement as large
and as rapid as that which occurred in the final months
of
1938 seems improbable.
MILLIONS OF DOLLARS
400
The behavior of contracts for residential building
has resembled to some extent the behavior of total
contracts. Figure 7 presents data on the value of
300
residential contracts, as adjusted for seasonal variation
by the Board of Governors of the Federal Reserve
System. This seasonally adjusted series rose sharply
200
from January through September 1938, and then rose
more slowly until March of this year. Since that time
there has been no further advance, when allowance is
100
made for the usual seasonal changes. For the first 6
months of 1939, residential contracts have increased
the first half of 1939, construction work
DURING
was initiated in large volume in comparison with

1935

1 1936

1937

..

1938 I 1939
D.D.996I

Figure 6.—Construction Contracts Awarded in 37 Eastern States, 1935-39.
(F. W. Dodge Corporation.)

since the beginning of 1938 has not been continuously
upward. Recovery from the recession of 1937 began
in the first quarter of 1938, and the volume of construction contracts increased with only minor interruptions
from February through December. During the first
few months of this period a seasonal expansion was to
be expected, and the actual increase was probably of
about the magnitude of the usual seasonal change. In
the third quarter, however, the increase was more rapid,
and continued after a seasonal decline would ordinarily
have taken place. Until August, the increase was
shared about equally by public and private work, but
the subsequent upward movement resulted almost
wholly from the expanding volume of contracts awarded
under the 1938 Public Works Administration program.
After December, as the award of contracts under the
P. W. A. program was brought to completion, the value
of contracts declined, though exceeding the total for the
first half of 1938 by a considerable margin.
In consequence of recent movements, it seems probable that the volume of contracts for the entire year will
not make nearly so favorable a showing in comparison
with 1938 as has been made by the first 6 months. In
164840—39—2



it

To

x

%

V

\

\

/

rPub/fc
.A

Private-AII rypes
\ LA
IQI

d 2 Foivi/y DweI/ings I

>£'
******
1929

\

tW
A

0 ther-y
1 "

1930 1931 1932 1933 1934 1935 1936 1937 1938

1939

£>.p. 39-/9/

Figure 7.—Residential Building Contracts Awarded in 37 Eastern States,
Adjusted for Seasonal Variation, 1929-39.
Source: Compiled by the F. W. Dodge Corporation and adjusted for seasonal
variation by the Board of Governors of the Federal Reserve System.

nearly two-thirds over the first half of 1938. If,
during the remainder of the year, residential contracts
should follow the expected seasonal changes, and should
continue, after adjustment for seasonal variation, the
recent sidewise movements, the increase for the year
as a whole would be about half that shown for the first
6 months.

SURVEY OF CURRENT BUSINESS

10

Two sustaining factors in residential construction,
which are likely to make their influence felt in the near
future, may aid in maintaining the present rate of
increase. It is probable that contracts for public
residential construction will be substantially larger
during the latter part of the year than they were for
the first 6 months. Under the program of the United
States Housing Authority work may be started on as
many as 50,000 family dwelling units, or about three
times as many as were started under this program during
the first half of the year. In addition, a certain amount
of privately financed rental housing which was delayed
from the first half of the year will go under construction
in the second half. This latter category includes a
group of projects to be constructed under the mortgage
insurance program of the Federal Housing Administration. They were withheld during the consideration of
amendments to the legislation under which the Federal
Housing Administration operates, but have since been
released and construction will probably be started on
these projects in the autumn. In view of the expansion which will probably come from these two sources,
especially the first, residential contracts as a whole are
likely to rise somewhat, after allowance for seasonal
variation, unless private construction of one-family and
two-family houses should decline substantially.
Contracts for most other major types of construction have shared in the increase from 1938 to 1939,
though the increase for residential construction has
been considerably larger than that for any other important category. Contracts awarded for commercial
building have increased about 10 percent, comparing
the first half of 1939 with the first half of 1938, while
contracts for factory construction have increased
nearly one-third. In both cases, the volume of work
initiated so far in 1939 has been substantially less than
in the first half of 1937, when construction of these two
types was relatively active. Contract awards for other
nonresidential building have increased 20 percent, for
public works 20 percent, and for utilities (both public
and private) 7 percent.
Construction Expenditures During the First Half of 1939

The comparisons given above have been made in
terms of the value of work started during the period,
as measured by its expected final cost. Measurements
of construction may also be made on a different basis—
that of current construction activity as represented by
actual expenditures for labor, materials, and other
items. On this basis, it is probable that the first 6
months of 1939 made an even more favorable comparison with the first 6 months of 1938. Direct measures
of current construction activity are not available on a
comprehensive basis for any period shorter than a
year. However, some indirect indications may be
derived for certain parts of the construction field. A
rough estimate for residential construction, based on



August 1939

the amount of work started in each month and on an
approximation of the lag between the start of work and
its completion, suggests that this type of work was substantially more active in the first half of 1939 than in
the corresponding period of 1938.1 Similar estimates
for commercial building and factory construction, on
the other hand, indicate that the volume of current
activity for these types of work has been less in 1939

Figure 8.—Reported Project Costs for All Public Works Administration
Programs, Both Federal and Non-Federal, for which Appropriations
Were Provided Prior to 1939, By Months, July 1933 Through December
1939. (Public Works Administration.)
NOTE.—Reported project costs represent the estimated costs of materials in place
(including cost of labor performed) and miscellaneous costs for that portion of the
construction project that was completed during the month. This chart shows only
the reported project costs under programs authorized prior to 1939. Data for April
through December 1939 are estimates of the Public Works Administration. Figures
for July 1938-December 1939 have been revised since presentation in the May 1939
issue of the Survey.

than in 1938.2 These categories are relatively less
important than residential construction.
For several types of public construction, estimates of
current activity rest on a fairly substantial basis. During the first 4 months of 1939, activity in construction
financed from regular Federal appropriations, which
excludes work under the program of the Public Works
Administration, was roughly 10 percent above the corresponding period of the preceding year, as measured
by the expenditures for pay roll and materials within
this period reported to the Bureau of Labor Statistics.3
During the first half of the year, however, activity in
State road construction financed wholly from State
funds (principally maintenance work) was 2 percent
below the first half of 1938, as measured by pay-roll
expenditures reported to the same source. For that
part of all public construction carried on under the
Public Works Administration program, the level of
activity in 1939 is directly measurable. Figure 8 shows
the reported project costs of work under this program
1 This computation was based on the number of new dwelling units started in all
urban areas, as estimated monthly by the Bureau of Labor Statistics.
2 This computation was based on F. W. Dodge Corporation figures for contracts
awarded in 37 eastern States.
3
In this comparison, forestry and shipbuilding have been omitted from the items
classified by the Bureau of Labor Statistics as construction.

from 1933 through March 1939, with estimates up to
the end of the year. Under requirements of the law
authorizing the 1938 program, it was necessary that
all of these projects be started before the end of 1938,
but no large volume of work was done on them until
the last 2 months of the year, and the peak of activity
is not expected to be reached until August of 1939.
For the first half of 1939 these reported project costs
are estimated to total about $650,000,000, or more
than two and one-half times the total for the corresponding period of a year ago. Construction expenditures on Works Progress Administration projects were
also substantially higher during the first 6 months of
1939 than in the corresponding period of 1938, increasing from about $520,000,000 to about $650,000,000.
For the last half of 1939, however, these expenditures
are likely to decrease.
Judging by the volume of work, both public and
private, which has already been started, and by the
current rate of initiation of new projects, it appears
likely that a relatively high volume of construction
activity will continue until at least the end of this year.
Beyond that time, activity will depend more upon the
rate at which new work is begun during or after the
last half of 1939 than upon any events concerning which
information is now available.
Revised Estimates for 1938

The increase in construction activity during the first
half of 1939 over the corresponding period of the
previous year continued a rise in construction expenditures that has been uninterrupted, on an annual basis,

of Foreign and Domestic Commerce, which are presented in some detail in the accompanying tables.4
The revised estimates bear out the preliminary data
in indicating that total activity, including maintenance
and work relief, was greater in 1938 than in 1937. The
business recession that began in 1937, which is clearly
apparent in monthly figures for construction w^ork
started (see figs. 6 and 7), is reflected in annual data
on construction activity in the form of a change in the
composition of the total, rather than as an actual
decline. Certain important segments of construction
activity shared in the general business recession. Expenditures for private construction as a whole were less
in 1938 than in 1937, and total construction expenditures increased only because the expansion in public
construction more than counterbalanced the contraction
in private work.
Table 2.—Estimated Value of1 New Private Construction, by Principle Uses
or Functions of Projects (Excluding Public Utility Construction)
[Millions of dollars]
Uses or functions
Residential (nonfarm)

[Millions of dollars]
Items

1932

New construction, total.
Private
Public, total
Non-Federal
Federal

1938

1933

2 3, 561 2 2, 307 2 2, 691 2 3,033 2 4, 705 2 5,340
2
1,767 2 1,091 2 1, 232 2 1, 605 2 2, 551 2 3, 326
2 1, 794 2 1,216 2 1, 459 2 1, 428 2 2,154 2 2,014
2 794
2 616
2 881
2 845
2 1, 334
2 707
2 665
2 812 2 1, 273 2 1,169
509
460

2
2
2
2
2

5, 264
3,107
2,157
1,089
1,068

Federal
114

2 1, 752 2 1, 543 2 1, 793
2 1,128 2 1,016 2 1,194
599
624
527
553
581
485
46
43
42

Total construction
Private

2 5,313 2 3, 964 2
2
2, 895 2 2,107 2
2 2,418 2 1, 857 2
2
1,915 2 1, 192 2
503
665 2

Public, total
Non-Federal
Federal

406

578

Maintenance, total
Private
Public, total
Non-Federal
Federal

5,062
2, 426
2, 636
1,347
1, 289

2, 053
1,413
640
589
51

2
2
2
2
2

1,130

2 1, 202

2 2,452 2 2, 572 2 2. 573
2 1, 742 2 1,854 2 1, 837
2 736
2 718
710
2 674
654
659
2 62
2 59

5, 492 2 8, 287 2 8, 687
3,018 2 4, 293 2 5,180
2, 474 2 3, 994 2 3, 507
1,205 2 ],535 2 1, 504
1, 269 2 2, 459 2 2, 003

2 9,039
2 4,944
2 4, 095
2 1, 763
2 2, 332

1
Figures for 1915-31, substantially comparable with those presented above, are
shown in tables 3a, 4, 5, and 6, p p . 19 to 24 inclusive, in Domestic Commerce Series
No. 99, Construction Activity in the United States, 1915-37, published by the Bureau
of Foreign and Domestic Commerce.
- Revised.
3
Work-relief not elsewhere included. See table 7.

since 1933. Activity in 1938 was the highest since
1930; although it was less than two-thirds of the average for the years 1926-28—the post-war peak. These
comparisons are based on the revised estimates of
construction activity for 1938 prepared by the Bureau



1932
641

1933

1934

314

272

1935
533

1936

1937

1,101

1,393

1938
2

31, 509

Commercial
Factory
Religious and memorial
Educational
Social and recreational
Hospital and institutional, _
Miscellaneous

2 263 2 135 2 167
2
7 8 2 128 22 173
22
2 49 2 25
2 49 2 17 2 34
2 31
2 64 2 27
2 32 2 16 2 15
2 26 2 20 2 23

2 204
2 136
2 25
2 37
2 27
2 11
2 21

2 268
2 222
2 32
2 61
2 49
2 20
2 21

2 386
2 391
2 42
2 40
2 59
2 27
2 17

339
221
49
42
74
34
28

Total nonresidential
building
Deduct nonresidential
building by utilities

2 561 2 367 2 464

2 462

2 674

2 962

786

11

12

16

29

24

2 539 2 357 2 453

2 450

2 658

2 933

2 762

284

328

360

Total private nonresidential building s___

22

Farm construction (includes
repairs)

125

Total private
construction 3 _

2 1,305

Table 1.—Estimated Value of Private and Public Construction, Including
New Construction, Maintenance, and Work Relief Construction *

Work-relief,
(public)3

11

SURVEY OF CURRENT BUSINESS

August 1939

10

175

200

2

336

2 846 2 925 2 1, 267 2 2, 087 2 2, 686 2 2,607

1
Figures for 1915-31, substantially comparable with those presented above, are
shown in table 1, p . 12, Domestic Commerce Series No. 99, Construction Activity in
the United States, 1915-37, published b y t h e Bureau of Foreign a n d Domestic
Commerce.
2
Revised.
3 Excludes all public utility construction.

The decrease in private construction was much larger
for new work than for maintenance. Moreover, there
were marked differences in behavior between new
residential building and construction of types more
closely related to current business activity. Expenditures for new residential construction increased 8
percent in 1938 as compared with 1937; meanwhile,
expenditures for new commercial building fell 12 percent and for new factory building 43 percent. New
construction by public utilities also was lower. Railroad
construction, responding to a sharply reduced volume
of traffic and to large reductions in income, decreased
40 percent to a point only slightly above the low totals
for 1933 and 1935. On the other hand, construction
4

Preliminary estimate? for 1938 were published in Construction Trends in the

United States, 1937 and 1938, by Harold Wolkind, SURVEY OF CURRENT BUSINESS,

December 1938. For annual figures back to 1915, and for a complete discussion of
the concepts, scope, limitations, and sources of the estimates, refer to Construction
Activity in the United States, 1915-37, published by the Bureau of Foreign and
Domestic Commerce as Domestic Commerce Series No. 99, copies of which may be
purchased from the Superintendent of Documents for 15 cents each.

12

SURVEY OF CURRENT BUSINESS

by electric-power producers and distributors increased
over 1937, and construction by telephone and telegraph
companies, while less than in 1937, decreased by a relatively small amount. For both the electric-power and
telephone companies the volume of business and the
rate of earnings in 1938 were not far below the levels of
the previous year.
Table 3.—Estimated Value of New Public-Utility Construction, by
Principal Uses or Functions of Projects 1 (Private Ownership Only)
[Millions of dollars]

Uses or functions
Railroad transportation
Street railways and subways
Pipe-line
.. _and
Light
and transportation
power production

distribution __
.
Gas production and distribution
Telephone and telegraph communication
Total

_ .

1932

1933

1934

1935

1936

1937

139
29
37

94
21
27

128
30
2 12

116
40
2 20

149
45
2 41

199
39
2 67

119
41
21

121
£0

52
26

57
32

73
36

108
54

172
58

182
45

86

45

48

53

67

105

92

2 462 2 245 2 307 2 338 2 464 2 640

2 500

2

1938

1

Comparable figures for 1915-31, inclusive, are shown in table 2, p . 14, Domestic
Commerce Series No. 99, Construction Activity in the United States, 1915-37,
published b y the Bureau of Foreign and Domestic Commerce.
2
Revised.

Expenditures for new construction by governmental
agencies increased about 7 percent, largely in consequence of the policy of using expanded public expenditures to promote recovery from the business recession
that began in 1937. Some of this increase reflects the
1938 program of the Public Works Administration,
which was started about the middle of the year; though,
as indicated above, the full effect of the P. W. A.
program on actual expenditures for construction was
not felt during 1938. Also, the expansion of construction operations by the Works Progress Administration
probably contributed some small amount to this
increase in the figures for new construction, despite
the fact that most of the expenditures on Works
Progress Administration projects are included in a
separate category of the estimates (see table 7). Finally,
some part of the increase is probably associated with the
better fiscal position of State and local governments
which resulted from the improvement in business
activity and individual incomes in 1936 and 1937.
The principal increases in new public construction,
whether as a result of the P. W. A. program or of other
factors, were in highway construction and educational
building. The expansion in military and naval construction, while small in comparison with increases in
other items, brought construction for this purpose to the
highest level since 1920.
The possibilities of immediate expansion in public
construction are much greater in public works of the
type carried on by the Works Progress Administration
than in construction of the types appearing in the
P. W. A. program or in regular construction budgets.
Between 1937 and 1938, construction expenditures by
the Works Progress Administration increased by almost
one-half, and accounted for about three-quarters of the
total increase in public construction. How these



August 1939

expenditures were distributed between new construction
and maintenance is not known in detail; though, as has
already been pointed out, about 10 percent of these workrelief expenditures for construction are included in our
estimates of new construction. It is probable that a
further part of the Works Progress Administration
construction is actually new work, which should be
included in the figures for new construction to arrive
at a complete total. Taking this into account, it
seems likely that expenditures for new public construction increased between 1937 and 1938 by a somewhat
larger amount than is shown in these estimates. The
extent of the change in the physical volume of work
done, however, as distinct from the change in the
amount of expenditures, is not so clear, because of the
difficulty of evaluating work-relief construction in
comparison with other types of public construction.
Table 4.—Estimated Value of New Public Construction by Principal Uses
or Functions of Projects 1 (Excluding Work-Relief Construction)
[Millions of dollars]
Uses or functions
Highway
_ ...
Sewage disposal
Water supply
Public buildings
Educational . _ __ _
Hospital and institutional
.
Social and recreational..
Total nonresidential building
Residential
Military and naval
Conservation and development (Federal),.
Miscellaneous public
service enterprises
All other Federal _
Total new public
construction

1932

1933

1934

1935

1936

1937

1938

916
69
87

675
34
47

821
2 54
2 62

622
2 68
2 69

876
2 115
2 93

2 848
2 105
2 76

900
95
90

2 178
2 133

2 99
2 44

2 43
2 82

2 73
2 111

2 129
2 287

2 112
2 226

124
291

2 76
2 20

2 35
2 13

2 34
2 21

2 30
2 25

2 61
2 45

2 63
2 40

79
49

2 408

2 191

2 180

2 239

2 521

2 440

542

36

1
47

9
37

61
29

93
2 37

32
62

139

168

2 245

2 317

2 336

2 306

314

2 135
6

2 61
4

2 41
8

2 59
8

116
7

2 99
10

100
22

34

2 1, 794 2 1, 216 2 1,459

2 1, 428 2 2,154

2 2,014 2 2,157

1
Comparable figures for 1915-31, inclusive, are shown in table 3, p. 18, Domestic
Commerce Series No. 99, Construction Activity in the United States, 1915-37,
published b y the Bureau of Foreign and Domestic Commerce.
2
Revised.

Table 5.—Estimated Value of New Public Construction, by Ultimate Source
of Funds and by Ownership 1 (Excluding Work-Relief Construction)
[Millions of dollars]
Item
I. Ultimate source of
funds: 2
Total public funds
Non-Federal funds..
Federal funds, totalFederal projects.__
Federal-aid to
highways
P. W. A. grants
Work-relief included in table 4.
II. Ownership:
Total public ownership
Non-Federal ownership, total
Municipal
State and county..

1932

31,794
3 1,334
460
283

1933

3 1,511
3 661
3 850
Federal ownership..
283

1935

1936

1937

1938

3 1,216 31, 459 3 1, 428 3 2,154 3 2, 014 3 2,157
3 707
3 794
3 616
3 881
3 845 3 1,089
3 812 3 1, 273 3 1,169 3 1,068
3 665
509
312
3 427
3 501
3 524
3 518
3 368

177

3 1,794

1934

195
2

3

1,216

253
44

3 1,459

256
104

288
324

3 289
236

223
192

25

160

120

135

3 1,428

3 2,154 3 2,014 3 2,157

3 904 3 1,091 3 1,001 3 1,653 3 1, 490 3 1, 639
3 301
3 327
3 387
3 675
3 613
3712
3 927
3 877
3 764
3 614
3 978
3 603
312
3427
3 524
3 518
3 368
3 501

1 Comparable figures for 1915-31, inclusive, are shown in table 3a, p . 19, Domestic
Commerce Series No. 99, Construction Activity in the United States, 1915-37,
published b y the Bureau of Foreign and Domestic Commerce.
* Federal funds include expenditures for Federal projects and Federal grants (but
not Federal loans) to States and localities for construction purposes. Non-Federal
funds include amounts raised b y State? and localities from current taxation and from
borrowings (whether from private investors or from the Federal Government).
3 Revised.

SURVEY OF CURRENT BUSINESS

August 1939

13

In 1938, for the first time in 4 years, new Federal
construction expenditures (excluding loans to State and
local governments for construction purposes but including grants for this use) were smaller than new
construction expenditures to be met from funds of
State and local governments. New Federal construction expenditures (as so defined), however, were higher
than in any year prior to 1936 except 1918 and 1919,
when expenditures for war projects were very large.
On the other hand, new public construction to be
financed from funds of State and local governments
(whether these funds were raised by current taxation or
were borrowed from private investors or from the Federal Government) was still less than half of the average
for the period 1927-31, though it was approximately 50
percent higher than in 1933. In large part, this great
reduction in new construction expenditures to be met

from non-Federal funds has been counterbalanced by
Federal grants to States and localities for construction
purposes and by direct Federal construction of projects
to be owned and used by the local governments. New
construction expenditures on works to be owned by
States and localities (whether financed by non-Federal
or by Federal funds) were about 35 percent less in 1938
than in the peak year 1930, and only about 30 percent
less than the average between 1927 and 1931. When
allowance is nrade for those new construction expenditures on W. P. A. projects which are excluded from
the figures just cited, it seems quite probable that expenditures for new construction work to be owned by
States and localities were substantially as high in 1938
as in any previous year, with the possible exception of
1930.

Table 6.—Estimated Expenditures for the Maintenance
of Fixed Works and
Structures l

Data presented in tables 1 to 7 contain revisions resulting from
a number of causes. In the first place, many of the data for
1938, and a few of the figures for the years 1935 to 1937, have
been revised on the basis of more complete figures from primary
sources which have become available since the preliminary estimates were prepared. In addition, other revisions have been
made either as a result of changes in the classifications used in the
basic sources or as a result of the application of new methods to
the same data used in previous estimates.
The estimates for all categories of nonresidential building,
both public and private, have been revised because of reclassification of the basic data. Several changes have been made
by the F. W. Dodge Corporation in the classification of their
figures on contracts awarded, which constitute the basis for our
estimates of this type of work. First, a few types of construction, including mainly park construction other than buildings,
have been dropped from the category of social and recreational
nonresidential building. Second, terminal buildings for railroads, bus lines, and air lines, which were not formerly included
in nonresidential buildings, have been shifted into this category
and together with a miscellaneous group (formerly distributed
among various other types) constitute "Miscellaneous nonresidential building." Third, some shifts of individual projects
have been made from one type of nonresidential building to
another. The estimates presented in tables 2 and 4 for nonresidential building have accordingly been revised, beginning with
1932.
The estimates for nonresidential building have been further
revised by changing the method of computation beginning with
1932. Previously, construction expenditures in any year were
estimated from annual figures for work started, adding one-half
of the estimated work started in the preceding year and one-half
of the work started in the year in which the actual construction
activity is assumed to have taken place.5 However, because of
the large volume of contracts awarded in the various P. W. A.
programs in the last few months of each of the }rears 1933,
1935, and 1938, this method of estimate has in these years
yielded rather unsatisfactory results. In general, it has tended
to ascribe too much activity to the years 1933, 1935, and 1938,
and too little to the years 1934, 1936, and 1939. The new
method is intended to make a more precise allowance for the
lag between the start of work and the actual expenditures,
especially in these years of unusual changes; though in more
normal years it yields substantially the same results as the
former method. In this new method, the assumption has been

[Millions of dollars]
Item

1932

Railroads
Street railways
Light and power
Telephone and telegraph
Pipe-lines
_.
Gas
Highways
_ _ _ _.
Rivers and harbors
Water supply and sewage disposal
Buildings, residential
and nonresidential
Total

1933

1934

1935

1936

1937

1938

360
52
44

332
47
40

375
52
45

404
53
48

457
72
2 55

504
63
2 63

500
59
65

60
6
2 18
458
34

56
6
2 17

60
8
2 19
433
36

62
11
19
449
38

67
10
21
488
39

68
13
20
485
2 41

70
14
20
500
45

378
34

70

63

65

69

73

75

75

650

570

700

900

1,170

1,240

1,225

2 1, 752 2 1,543

2 1, 793

2,053

2 2,452

2 2,572

2 2, 573

1
Comparable figures for 1915-31, inclusive, are shown in table 5, p. 22, Domestic
Commerce Series No. 99, Construction Activity in the United States, 1915-37,
published
by the Bureau of Foreign and Domestic Commerce.
2
Revised.

Table 7.—Estimated Work-Relief Expenditures for Construction Purposes i
[Millions of dollars]
Type of work
Construction
table 42

not

included

1932

1933

1934

1935

1936

114

578

406

67
15

354
67

2

15

1
5
20

7
22
96

4

17

243
30
1
44
7
4
15
46
4
12

Construction included in table 4 s._
construction
.

1

1938

1,130

775

1,202

658
85
2
94
73
4
41
123
50

450
65
1
48
52
4
35
86
34

805
76
3
58
49
4
45
122
40

25

160

120

135

431

1,290

895

1,337

in

Highways, roads, streets, etc
Public buildings
Housins;
Public recreational facilities
Irrigation and water conservation
Electric utilities
Water supply
_
Sewage systems
Transportation facilities
Miscellaneous
_._
Work-relief
total

1937

114

578

Includes estimated construction expenditures of the Civil Works Administration'
the Federal Emergency Relief Administration, the Works Progress Administration
and the Civilian Conservation Corps. Includes both new work and maintenance.
Excludes expenditures for educational, professional, and clerical projects and other
projects not considered to involve construction. For a fuller explanation, see Tables
53 and 54, Domestic Commerce Series No. 99, Construction Activity in the United
States,
1915-37, published by the Bureau of Foreign and Domestic Commerce.
2
The figures here presented for several of the categories have been reduced below
those appearing in the Treasury Department reports. This reduction has been made
to avoid double counting for certain construction which is included in Table 4 and
to omit items that are not considered to be construction. The categories concerned,
and the proportion of the total here included, are as follows: public buildings, onehalf;
housing, one-half; public recreational facilities, one-third.
3
Estimated amounts of work-relief construction included in the data for nonresidential building contracts awarded, as reported by the F. W. Dodge Corporation,
which are used as the basis for the estimates of nonresidentiaj building in Table 4.
Work-relief construction included in Table 4 cannot be separated from the totals
there shown and a distribution of this work by type is not available.




Description of Revisions

»For factory building, the fractions used were one-third and two-thirds,
respectively.

14

SURVEY OF CURRENT BUSINESS

made that expenditures are evenly distributed over a 12-month
period beginning at the middle of the month in which the contract was awarded. Thus, the value of contracts awarded in
each month has been distributed over that month and each of
the following 12 months, giving one twenty-fourth of the total
amount to the first month, two twenty-fourths to each of the
next 11 months, and one twenty-fourth to the final month.
The estimate for each calendar year was then arrived at by
adding all of the amounts assigned to months within that
year.6 The same adjustments for partial coverage of the
Dodge contract data were made as in the original estimates.
It has been possible to test this method by applying it to monthly
data for P. W. A. contracts awarded and by comparing the
results with known annual figures on P. W. A. reported project
costs. For these data and for this period, the method indicated
yielded satisfactory results.
A further change in the estimates of several of the types of
nonresidential building has been in the method of dividing the
total work between public and private construction. The distribution used in our former estimates for the years 1935 and
1936 was based on the ratio of public to private contracts during
the year in question, as reported by the F. W. Dodge Corporation. This ratio, however, like the estimate of total expenditures,
was adversely affected by the bunching of P. W. A. contracts
at the end of several calendar years. In the present estimates,
this difficulty has been largely overcome by using for any year
the average of the ratio for the year in question and that for the
preceding year.
The revision in the estimate for residential construction for
1938 has been due partly to utilization of basic data for 12
6 For example, the estimate for 1938 includes MU of the amount of contracts
awarded in January 1937, %4 of the amount in February 1937, %4 of the amount in
March 1937, and so on, including 2%4 of the amount in December 1937, 2%4 of the
amount in January 1938, 2 ^ 4 of the amount in February 1938, and so on to Yn of
the amount in December 1938. For factory building, the contract values were distributed over 9 months instead of 12, and the fractions used were correspondingly
different.




August 1939

months, in place of data for 9 months used in the original estimate. The estimate for residential construction continues, as
in the past, to be based on building-permit data compiled by the
Bureau of Labor Statistics.
Two further revisions have been made, both of them in items
which are small in proportion to the total volume of construction.
The estimates for municipal public-service enterprises have been
revised for the years 1932 through 1935. This revision consists of
deduction of the construction expenditures of the New York City
subway system, which, because of inaccurate description of the
underlying data, had been included twice for these 4 years.
The other minor revision has been in the estimates of pipe-line
construction, which have been revised for the period beginning
with 1932. In the figures previously published, pipe-line construction was estimated from data for the pipe-line companies
reporting to the Interstate Commerce Commission, using as the
basis for the estimate the charges to the appropriate investment
accounts. It has become evident, however, that charges to these
investment accounts represent in many cases merely purchases or
sales of existing property or accounting transfers. In arriving at
the revised estimates presented in table 3, therefore, the charges
to the investment accounts have been adjusted by making allowance for those charges which did not arise from construction
activity. Where the charge was clearly an accounting transfer
or was the result of a purchase of existing property, it has been
excluded. Where the charge was clearly associated with new
construction, or where there was no evidence to the contrary, it
has been included in the estimates. The transition from construction expenditures by companies reporting to the Interstate
Commerce Commission to construction expenditures for all
companies in the United States has been made in the same manner as in the original estimates. It is probable that the resulting
estimates are still somewhat indirect and are subject to error, with
respect both to the amount of construction and to its timing.
However, the new figures should be more satisfactory than the
original estimates, and should suffice to give at least a rough idea
of the level and fluctuations of pipe-line construction.

SURVEY OF CURRENT BUSINESS

August 1939

15

NEW OR REVISED SERIES
Table 34.—WORLD STOCKS OF COTTON, END OF MONTH1
[Thousands of running bales]
Total World Stocks of All Cotton

Year and
Month
Month
1920: July
1921: January.
July
1922: January.
July
1923: JanuaryJuly
1924: January.
July

11,185
22, 867
14, 389
19, 781
10, 029
17, 054
6,815
15, 614
5,867

January
February-.
March
April
Ma;
June
July
August
September.
October
November..
December..

1925

1926 1927 1928 1929 1930 1931

1934 1935

1936

1937

1937

11,639
32, 841
30, 692
28, 534
26, 358
24, 308

22,155
20, 055
17, 862
15, 770
13,614
11, 623
9,817
33,167
31, 253
29,035
26, 821
24, 675

22,338
20, 207
18,023
15, 840
13, 673
11, 590
9,632
34, 056
31,921
29, 567
27, 365
25, 251

22, 993
20, 905
18,805
16, 721
14, 718
12,925
11,324
35, 493
33, 756
31,818
29, 895
27, 985

26,095
24, 267
22, 323
20, 391
18, 516
16, 677
14, 808
39,204
37, 264
35, 247
33, 264
31, 338

29, 403
27, 507
25, 519
23, 645
21, 830
20, 022
18, 336
39, 676
37, 719
35, 630
33, 569
31,510

29, 452
27, 485
25, 398
23, 442
21, 241
19, 045
17, 116
40, 785
38, 725
36,571
34, 391
32, 361

30,131
28, 021
25, 792
23, 608
21,421
19,413
17, 540
38, 370
36, 445
34,149
31, 904
29, 765

27, 486
25, 424
23, 236
21,106
18,943
16, 978
15,072
39, 221
37, 069
34, 724
32, 430
30,150

27, 760
25, 455
23, 045
20, 646
18,306
15, 961
13, 649
41, 965
39,573
37, 060
34, 575
31, 959

29, 364
26, 810
24,069
21, 381
18, 802
16,167
13, 766
47, 563
45,104
42, 664
40,303
38,017

35, 803
33, 683
31, 397
29,183
26, 975
24,812
22, 639
47, 584
45, 353
43, 075
40, 701
38, 350

25, 607

21,321

21,622

23,112

26,616

28,697

28,834

28,047

26.820

27, 496

30, 334

34, 963

18, 810

21,472

24, 875

6,952

9,485

Monthly average

1932

1939

35, 988
33,700
31, 230
29,150
26, 807
21,952

Total World Stocks of American Cotton
Year and
Montli
1920: July
1921 ^January.
July...*.
1922: January
July
1923: January.
July
1924: January.
July

Month
6, 338

14,686
9,674
11,452
5,680
8, 87',
3,318
7,802
2.711

1925

1926

1927

1928

1929

1930

1931

1932

1933

1934

1935

1936

1937

1938

15, 965
14, 688
13, 235
11,888
10, 463
9,051
7,845
19, 071
17, 660
16, 240
14, 836
13, 601

14, 468
13, 544
12, 604
11,677
10, 714
9,856
9,041
18, 477
17, 550
16, 483
15, 438
14, 414

13,302
12, 276
11,192
10,098
9,061
8,037
6, 998
18,108
17,079
16, 005
14,951
13, 840

12, 740
11,681
10, 493
9,343
8, 267
7,156
6, 235
23, 336
22, 295
21,299
20,343
19,455

18, 586
17, 779
16, 854
16, 043
15, 223
14, 406
13,712
24, 297
23,428
22,535
21,573
20, 647

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

12, 240
11,093
9,836
8, 686
7,611
6,532
3,380
5,501
18, 276 22,165
17,128 20,996
15, 897 19, 801
14, 686 18, 555
13,444 17, 255

12, 300
11,072
9,807
8,652
7,393
6,225
5, 206
18,246
17, 085
15, 720
14,410
13, 243

11,926
10,717
9,446
8,200
6,864
5,638
4,517
17, 881
16, 680
15, 388
14,235
13, 208

12, 043
11,001
9,958
8,943
7,907
7,001
6,187
19, 089
18, 249
17, 309
16, 403
15, 541

14, 630
13, 747
12, 787
11,801
10, 856
9,929
8,976
24, 668
23, 648
22, 608
21, 589
20, 570

19, 525
18, 445
17, 294
16, 228
15,198
14,180
13, 263
24, 847
23, 686
22,488
21, 299
20,165

18, 989
17, 897
16, 708
15, 592
14, 271
12, 917
11,809
23, 044
21, 854
20, 654
19, 456
18, 432

17, 210
16, 098
14,889
13, 726
12, 559
11,581
10, 701
19,126
18, 323
17, 295
16,342
15, 491

Monthly average

13, 286 13, 356 13, 712 11,613

11,225

12,469

16,317

18,885

17,635

15,278 13,689

10,189

1939
19, 679
18, 754
17, 722
16, 817
15, 880
14,150

12, 579 14, 387 18, 757

Total Stocks of American Cotton in the United States
Month
1925

1926

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

9,144
8,078
6, 970
5, 933
5, 030
4,208
3,413
16, 736 20, 280
15, 540 18, 979
13, 621 17, 025
11,929 14, 955
10, 418 12, 997

Monthly average..

13, 649

10, 584

1927

1928

1929

1930

1931

1932

1933

1934

11, 370
9,918
8,148
6,847
5, 553
4,479
3,662
15, 349
13,992
12, 381
10, 812
9,651

8,400
7,288
6,175
5,122
4,032
3, 127
2,425
15, 852
14, 721
12, 824
11,013
9,362

7, 933
6,790
5,669
4,656
3,674
2,836
2,131
15, 856
14, 613
12, 825
11,315
9,869

8, 662
7,731
6,812
6,014
5,375
4,789
4,322
17,291
16,074
14, 694
13,351
12,191

11,256
10, 358
9,296
8, 430
7,657
6,983
6,263
22, 247
21, 222
19, 829
18, 365
16,825

15, 521
14,071
12, 682
11, 792
10, 990
10, 291
9, 580
21. 358
20, 243
18, 850
17, 302
15, 852

14,583
13, 583
12, 590
11, 728
10, 545
9,223
8.081
19,468
18, 207
16, 685
15, 264
14, 137

12, 886
11,794
10,734
9, 850
9,034
8,245
7, 648
16, 359
15, 657
14, 546
13. 531
12, 583

9, 347

8, 362

8,181

9,776

13, 228 14, 878 13, 675 11,906

1935

1936

1937

1938

11,584
10, 765
9,973
9,207
8,411
7,694
7,137
16, 855
15, 959
14, 698
13,107
11, 726

10, 572
9, 674
8,685
7,762
6,899
6, 069
5,336
16, 696
15, 512
14,086
12,774
11,435

10,261
9,178
7,891
6,819
5,867
5,001
4,387
21, 712
20, 501
19, 212
17, 909
16, 712

15, 675
14, 850
13, 950
13,197
12, 575
11,952
11, 446
22,150
21, 290
20, 303
19, 242
18, 345

11,426

10, 458 12,121

16, 248

1939

17, 475
16, 647
15, 709
15, 021
14, 291
13, 609

Total Stocks of American Cotton in the United States on Farms and in Transit
Montli

.January
February._
March
April
May
.June
July
August
September.
October
November.
December..
Monthly average..
1

See footnote on p. 16.




1925

1926

1927

15,110
11, 641
7.975
5,330
3,186

2,252
1, 618
1, 167
900
749
662
510
17, 761
14, 851
10, 416
7,017
4,761

8,648

5, 222

1928

1929

1930

1931

1932

1933

3,451
2, 623
1,783
1,382
991
794
535
12,154
9,010
5,732
3,381
2,388

1,791
1,421
1,188
813
557
429
335
14, 035
11,465
7,089
4, 314
2,494

1,662
1,303
885
673
526
355
275
13, 851
10, 783
6.342
3,987
2,278

1, 590
1,225
1,014
873
676
550
470
13, 020
10, 049
6,039
3,549
2, 303

1,839
1,629
1,286
1,148
1,027
993
850
17, 086
14, 245
9,350
6, 296
4, 856

3,919
3,000
2,418
2,115
1,998
1,911
1,760
13, 794
11,250
7,840
5, 230
4,048

3,146
2,846
2,443
2,301
1,920
1,603
1,080
12, 591
9,744
5, 915
3,358
2,231

3,685

3,828

3,577

3,447

5,050

4,940

4,098

1934

1935

1936

1937

1938

1,524
2,183
1,860
1,459
1,344
1,645
1,579
1,327
1,078
1,212
1,320
1,313
838
1,146
848
1,261
647
699
1,094
1,016
1,147
639
930
1,025
555
1,029
626
814
462
903
950
575
625
680
400
9,552 10, 377 11, 706 17, 352 11,353
7,077
8,151
8,079 12, 719 7,244
4,112
5,189
4,701
3,550
8,103
2,516
3,178
2, 642 4, 783 2,024
1, 796 1, 955 1,692
3,189
1,390
2,850

3,024

2,881

4,315

2, 862

1939

1,141
1,093
873
827
820
721

16

SURVEY OF CURRENT BUSINESS

August 1939

Table 34.—WORLD STOCKS OF COTTON, END OF MONTH '—Continued
[Thousands of running bales]
Total Stocks of American Cotton in the United States, in Warehouses
Month
1925

1926

1927

1928

1929

1930

1931

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

1,018
3,094
4,482
5,189
5,562

5,146
4,701
4,120
3,485
2,920
2,366
1,893
1,684
3,263
5,453
6,498
6,525

6,132
5,428
4,460
3,642
2,845
2,161
1,802
2,152
3,940
5,394
5,950
5,628

4,984
4,283
3,475
2,881
2,224
1,615
1,156
1,113
2,611
4,605
5,195
5,197

4,574
3, 821
3,135
2,471
1,787
1,315
924
1,327
3,159
5,253
5,771
5,849

5,342
4,801
4,143
3,585
3,299
3,025
2,804
3,383
5,170
7,410
8,345
8,333

7,895
7,268
6,618
5,992
5,450
4,934
4,491
4,394
6,268
9,435
10, 682
10,394

Monthly average..

3,869

4,005

4,128

3,278 i 3,282

4,970

6,985

1932

1934

1935

1936

1937

1938

10,019 9,982
9,492 9,335
8,751
8,858
8,194 8,110
7,581
7,286
7,113
6,273
6,657 5,703
6,531
5,768
7,959
7,348
9,790 9,452
10, 662 10, 381
10, 317 10, 310

9,469
8,606
7,813
7,056
6,519
5,943
5,526
5,785
7,576
9,344
9,769
9,532

8,912
8,320
7,754
7,169
6,547
6,035
5,709
5,868
7,119
8,464
8,612
8,369

7,822
7,223
6,543
5,961
5,207
4,497
3,906
4,276
6,623
8,009
8,363
7,767

6,761
5,939
5,012
4,187
3,555
3,056
2,769
3,461
6,846
9,737
11,517
11, 853

11, 776
11, 439
10, 909
10,445
10,009
9,678
9,598
9,782
12,975
15,283
15, 539
15, 294

8,234

7,745

7,407

6,350

6,224

11, 894

1937

1938

1,406
1,373
1,304
1,154
1,053
946
855
714
810
1,376
1,769
1,976

2,041
2,027
2,031
1,933
1,757
1,483
1,218
899
936
1,372
1,609
1,670

1,716
1,766
1,728
1,658
1,541
1,371
1,223
1,015
1,071
1,470
1,679
1,661

1,228

1,581

1,492

1937

1938

8,589

1933

1939

14, 745
14,034
13,458
12,940
12, 339
11,915

Total Stocks of American Cotton in the United States, in Mills
1925

1926

1927

1928

1929

1930

1931

1932

1933

1934

1935

January
FebruaryMarch
April
May..
June
July
August
September .
October
November.
December. .

805
1,164
1,410
1,670

1,745
1,759
1,683
1,548
1,361
1,180
1,010
835
865
1,156
1,440
1,094

1,787
1,867
1,905
1,823
1,717
1,524
1,325
1,043
1,042
1,255
1,481
1,126

1,625
1,584
1,512
1,428
1,251
1,083
934
704
645
1,130
1,504
1,671

1,697
1,666
1,649
1,512
1,361
1,166
932
678
671
1,230
1.557
1,742

1,730
1,705
1,655
1,556
1,400
1,214
1,048
888
855
1,245
1,457
1,555

1,522
1,461
1,392
1,290
1,180
1,056
922
767
709
1,044
1,387
1,575

1,583
1,579
1,513
1,483
1,411
1,267
1,163
1,033
1,034
1,220
1,410
1,487

1,455
1,402
1,289
1,317
1,339
1,347
1,298
1,109
1,115
1,318
1,525
1,596

1,557
1,609
1,601
1,533
1,368
1,273
1,172
1,022
1,004
1,090
1,246
1,255

1,148
1,118
1,073
1,022
934
845
748
610
689
1,045
1,317
1,402

Monthly average..

1,131

1,306

1,491

1,256

1,322

1,359

1,192

1,349

1,343

1,311

1936

1939
1,589
1,520
1,378
1,254
1,132
973

Total Stocks of American Cotton in Foreign Countries
1925

1926

1927

1928

1929

1930

1931

1932

1933

1934

1935

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

1,540
1,588
2,276
2,757
3,026

3,096
3,015
2,866
2,753
2,581
2,324
2,088
1,885
2,017
2,776
3,600
4,258

4,595
4,770
5,087
5,041
4,910
4,572
4,183
3,722
3,668
3,859
4,024
3,950

3,900
3,784
3,632
3,530
3,361
3,098
2,781
2,394
2,364
2,896
3,397
3,881

3,993
3,927
3,777
3,544
3,190
2,802
2,386
2,025
2,067
2,563
2.920
3,339

3,381
3,270
3,146
2,929
2,532
2,212
1,865
1,798
2,175
2,615
3,052
3,350

3,374
3,389
3,491
3,371
3,199
2,946
2,713
2,421
2,426
2,779
3,224
3,745

4,004
4,374
4,612
4,436
4,208
3,889
3,683
3,489
3,443
3,638
3,997
4,313

4,406
4,314
4,118
3,864
3,726
3,694
3,728
3,576
3,647
3,969
4,192
4,295

4,324
4,304
4,155
3,876
3,525
3,336
3,053
2,767
2,666
2,749
2,811
2,908

2,884
2,779
2,631
2,470
2,303
2,162
1,904
1,622
1,591
1,785
2,331
2,688

2,730
2,602
2,507
2,336
2,162
1,968
1,662
1,412
1,567
1,919
2,177
2,405

2,479
2,503
2,602
2,524
2,400
2,155
1,848
1,624
1,794
2,087
2,434
2,743

2,911
2,929
2,904
2,846
2,648
2,454
2,266
2,147
2,138
2,232
2,331
2,302

Monthly average..

2,237

2,772

4,365

3,252

3,044

2,694

3,090

4,007

3,961

3,373

2,263

2,121

2,266

2,509

1939

2,204
2,107
2,013
1,796
1,589

Total World Stocks of Foreign Cotton
1925

1926

1927

1928

1929

1930

1931

1932

1933

1934

1935

1936

1937

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

9,855
8,983
8,055
7,118
6,221
5,398
4,611
13,770 14, 921
13,032 14,168
12, 294 13,315
11, 522 12,411
10, 707 11,432

10, 412
9,490
8,577
7,640
6,809
5,952
5,115
16,175
15. 241
14,179
13,130
12, 043

10, 950
9,904
8,847
7,778
6,811
5,924
5,137
16, 404
15, 507
14, 509
13, 492
12, 444

11, 465
10, 520
9,536
8, 590
7,660
6,748
5,832
14, 536
13,616
12, 639
11,675
10, 768

9,062
8,225
7,417
6,632
5,842
5,073
14, 829
14, 033
13,142
12, 270
11, 345

10, 463
9,588
8,690
7,850
6,970
6,128
5,307
17, 741
16, 871
15,917
14,935
13, 929

12, 921
11, 923
10, 903
9,882
8,862
7,832
6,839
19, 244
18,122
16,854
15, 562
14, 274

13,018
11, 880
10, 632
9,429
8,229
7,122
6,031
20, 744
19, 519
18, 241
16,992
15, 736

14, 458
13,179
11, 853
10, 548
9,245
7,924
6,651
23,857
22, 494
21,055
19, 624
18,119

16, 624
15,129
13, 576
12, 038
10, 535
9,011
7,531
24, 227
22, 809
21, 365
19,960
18, 562

Monthly average..

12, 265

10,397

10,642

10,299

9,812

11,199

12, 768 13,131

14,917

15,947

9,707

1938

1939

17, 217
15, 904
14, 543
13,140
11, 752
10, 406
8,927
23, 287
21,925
20, 540
19,128
17, 703

16, 309
14,946
13, 508
12, 333
10, 927

16,206

i Compiled by the New York Cotton Exchange. These series have been substituted for the Census data on domestic cotton stocks and the Commercial and Financial Chronicle series on visible supply. Total stockfiguresshown here represent ginned stocks in all hands, both private and government controlled, and include, for dates in harvesting
periods, the unpicked portions of the current crop. The old series on visible supply covers stocks in merchandising channels only, excluding stocks on farms, in interior' warehouses, and invisible mill stocks.
Figures given are in running bales counting round bales as half bales. Foreign cotton has been converted to equivalent bales of 478 pounds net weight. American cotton
excludes linters.
The carry-over of American cotton at the end of the 1937-38 season amounted to 13,712,000 bales, of which 6,964,000 bales were carried by the Federal Government as
collateral against loans to growers. At the end of June 1939 the total stock of American cotton was 14,150,000 of which 11,184,000 bales were held by the government.
For the position of foreign cotton, a more detailed breakdown is available from the New York Cotton Exchange.




17

SURVEY OF CURRENT BUSINESS

August 1939

Table 35.—AUTOMOTIVE REPLACEMENT BATTERY SHIPMENTS
[Monthly average 1934-36=100]
W i t h o u t A d j u s t m e n t for Seasonal Variations
1939
1935
1936
1937
1938
1931

Month
January

- - .

-

-

February
March
_____
__
April
May
June
_July
August
___
September
October
November
December..Monthly average . _

____

_

_

_.._

_ _

__

_

_.

75
59
61
55
59
67
85
127
135
151
128
101
92

67
56
51
48
55
59
91
135
156
171
144
111
95

88
77
56
57
59
77
117
147
182
191
166
136
113

85
60
78
64
52
77
102
144
174
180
133
122

77
54
57
59
66
88
111
163
198
188
168
149

106

115

100
78
73
72
84
111

With Adjustment for Seasonal Variations
1934
94
93
101
100
91
98
88
95
92
89
91
89

1935
84
88
84
88
96
86
95
101
102
101
103
98

1936
111
121
93
105
115
112
121
109
114
113
119
120

1937
107
95
128
117
115
112
106
107
105
106
95
108

1938
98
85
94
108
120
129
115
122
128
111
120
132

1939
127
122
121
132
151

163

» Computed b y the Research and Statistical Division, Dun and Bradstreet, Inc., for the National Battery Manufacturers Association. The indexes represent monthly replace
ment battery shipments as reported by 42 members of the Association whose shipments represent between 75 and 85 percent of the total unit sales of automotive replacement
batteries, according to the Biennial Census of Manufactures.
Adjustment for seasonal variation has been made by using the ratio to moving average method. In computing the seasonal factors, data for a slightly smaller number
of companies for the period 1930-38 have been used.

Table 36.—FEDERAL RESERVE PRODUCTION INDEXES
[Monthly average 1923-25 = 100]

Rubber Tire and Tube Production

Petroleum Refining
With Adjustment for Seasonal Variations

Without Adjustment for Seasonal Variations
January
February
March
April
_
May
June
July
Au crust
September
Ootobpr
November
December
Annual index

1936
103
86
82
109
117
125
120
116
118
114
122
119

_
-__

___

111

1937
119
129
128
129
128
119
98
90
103
91
73
64
106

1938
65
55
60
62
64
70
81
90
95
99
100
112
79

1939
110
109
114
104
102
112

1934
143
144
143
152
153
155
157
158
152
154
157
155
152

1935
152
157
154
154
161
166
169
170
174
178
178
175
165

1936
171
173
169
178
180
182
184
187
191
193
190
192
183

1937
190
195
191
197
201
203
207
208
218
219
213
204
204

1938
201
195
191
196
197
192
199
203
206
209
208
202
200

1939
205
202
201
199
211

1934
143
144
143
153
153
155
157
158
152
154
156
155

1935
152
157
154
154
161
167
169
170
174
177
177
174

1936
171
173
169
178
180
182
184
188
191
193
190
192

1937
190
195
192
197
201
203
207
209
217
219
212
203

1938
201
195
191
197
198
193
200
203
206
208
208
201

1939
205
201
202
199
211

i Revised series. Indexes are computed by the Board of Governors of the Federal Reserve System from data provided by the Rubber Manufacturers Association, and the
United States Department of the Interior, Bureau of Mines. The revisions in the index of tire and tube production was occasioned by the Association's adjustment of the
underlying figures beginning January 1936 to the Census data for 1937. The Board has not adjusted this series for seasonal variations sin'-e 1934. The revisions in the petroleum refining index beginning 1934 resulted from minor changes in the fuel oil component (not shown separately in the Survey).

Table 37.—INDEXES OF DOLLAR SALES OF GENERAL x MERCHANDISE IN SMALL TOWNS AND
RURAL AREAS
[Monthly average 1929-31 = 100]

With Adjustment for Seasonal Variation s
Month

Combined
Index

East

86.7
90.3
84.3
77.1
81.6
75.0
79.7
83.3
92.6
83.7
84.9
83.9
83.7

86.1
87.6
83.7
74.0
81.3
73.4
80.7
79.2
81.1
82.4
80.6
78.0
80.4

116.4
116.0
133.7
126.6
130.1
129.0
125.6
121.1
123.4
123.3
112.1
112.3
121.7

116.3
116.4
134.1
128.0
138.1
144.7
125.4
122.5
128.3
124.5
111.6
110.0
123.9

Far
South Middle
West West

Combined
Index

East

--

_

-

- -

95.9
101.6
90.0
85.7
90.4
86.3
94.8
92.1
103.8
97.8
102.6
99.0
95.9

82.7
85.3
79.9
72.7
77.9
69.4
75.3
80.5
92.0
76.6
79.7
82.2
79.6

89.5
98.8
92.5
85.9
86.1
82.4
85.1
88.9
98.3
93.7
88.3
90.3
90.1

95.4
101.3
103.1
105.5
95.4
103.4
102.3
97.6
98.1
98.3
98.0
97.5
99.4

93.4
99.3
100.3
102.5
91.7
101.2
100.8
97.2
98.8
93.0
92.5
95.2
96.8

105.8
107.2
120.9
114.0
116.0
116.1
112.8
109.5
112.3
113.1
101.2
103.7
110.5

130.0
124. 3
144.5
135.7
145.9
141.5
140.8
138.2
134.2
133.5
130.3
131.2
135.5

113.8
111.7
112.1
117.4
112.8
116.5
116.2
120.1
114.6
108.5
113.1
114.8
114.1

113.8
111.8
114.5
120.3
113.8
117.1
115.5
119.2
119.6
108.6
111.8
117.6
115.2

1937
January
February
March
April
May
June
July
August
September
October
November
December
Annual index

---

-

--------

_ __

_---_-

135.9
135.0
163.3
157.5
155.6
155.0
147.4
142.9
145.3
145. 0
132.9
135.6
144.8

Combined
Index

East

1935

1934

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

Far
South Middle
West West

106.9
119.0
123.2
124.1
112.1
123.5
115.4
115.7
113.3
111.8
114.7
118.7
116.4

1936

91.8
95.9
97.0
100.8
90.4
97.0
96.7
91.2
91.9
92.2
91.3
92.1
93.8

96.7
101.7
104.0
104.0
101.3
105.9
105.2
102.6
103.7
111.9
111.4
105.9
105.1

105.0
104.0
113.0
114.8
117.0
115.7
121.0
117.6
115 7
119.4
115. 9
114.5
114.8

103.8
105.9
112.2
114.6
118.4
113.6
120.0
122.8
113 9
116.2
120.1
115.6
115.1

102.7
102.6
101.4
106.3
101.5
105.3
105.3
109.1
105.3
97.1
103.5
106.7
103.8

128.7
123.2
122.4
130.1
132.7
132.0
129.0
136.4
121 0
127.7
133.1
129.3
128.9

120.0
123 7
131.0
130.8
131.2
131.7

115.6
119.6
132.0
122.4
129.1
116.4

1938
133.9
129.7
133.3
138.0
134.1
139.3
136.8
144.3
134.9
127.7
129.5
135.0
134.0

Far
South Middle
West West

126.2
122.1
131.2
133.5
135.0
140.8
144.2
143.3
145.5
151.8
142.3
139.4
138.9

96.1
94.7
104.8
106.2
109.0
105.1
109.8
107.4
104 3
108.4
103 7
94.6
103.4

112.8
113.0
121.7
123.9
126.5
127.8
131.3
123 0
126 3
123.6
124 0
126.0
123.8

109.9
112 1
118.7
118 0
119.6
165.8

136.4
142 9
144.0
140 9
146.6
144.1

1939
140.7
147.8
156. 6
164.3
162.2
133.8

i Revised series. Beginning January 1934, new seasonal factors have been computed for these indexes, which are compiled by the U. S. Department of Commerce,
Bureau of Foreign and\Domestic Commerce.
The link relative method has been used in deriving the new seasonal adjustment factors, instead of the ratio to moving average method, as formerly. The indexes
without seasonal adjustment, and the adjusted indexes prior to 1934, have not been revised except the unadjusted regional indexes for December 1936 which have been changed
as follows: East, 192.5; South, 209.4; Middle West, 147.6; Far West, 205.6. No adjustment has been made for the changing date of Easter.
For a complete description of the methods used in the computation of the original indexes, together with monthly data beginning 1920, see "Index of Sales of General
Merchandise in Small Towns and Rural Areas," in the December 1934 issue of the Survey, and "Regional Sales of General Merchandise in Small Towns and Rural Areas,"
in the September 1936 issue of the Survey.
164840—39-—3




18

SURVEY OF CURRENT BUSINESS

Auaust 1939

Table 38.—DEALERS' PRICE OF STANDARD GRADE MILK
[Dollars per 100 pounds]

Month
January
February
Marcii
.._
April
May
June _ _ .
..
July
August
September,_ __ __
October
November
December

.__

_

_ ___

__

1922

1923

1924

1925

1926

1927

1928

1929

1930

1931

1932

1933

1934

1935

1936

1937

1938

2 50
2.37
2.23
2.17
2.03
2.08
2.16
2.28
_. 2.28
2.34
2.51
2.67

2 75
2.67
2.66
2.63
2.65
2.53
2.56
2.67
2.76
2 79
2.89
2.82

2 86
2.74
2.69
2.63
2.56
2.42
2.47
2.51
2.61
2 64
2.71
2.67

2 68
2.73
2.65
2.62
2.58
2.50
2.55
2.65
2.66
2 79
2.78
2.80

2.87
2.79
2.78
2.77
2.64
2.62
2.65
2.68
2.71
2 76
2 79
2.84

2.83
2.78
2.74
2.71
2.67
2.62
2.63
2.67
2.68
2 75
2 78
2.81

2.87
2.83
2.79
2.74
2.65
2.65
2.66
2.73
2.76
2 82
2 86
2.88

2.87
2.86
2.83
2.79
2.77
2.69
2.76
2.77
2.82
2 85
2.88
2.86

2.81
2.77
2.74
2.69
2.63
2.57
2.60
2.60
2.73
2 69
2 69
2.59

2.46
2.38
2.33
2.25
2.14
2.16
2.13
2.20
2.14
2 14
2 10
2.00

1.95
1.88
1.80
1.77
1.71
1.69
1.62
1.64
1.64
1 68
1.64
1.57

1.55
1.50
1.46
1.47
1.45
1.49
1.57
1.67
1 77
1 79
1.80

1.81
1 80
l'.79
1.81
1.81
1.82
1.86
1.91
1.97
2 02
2 03
2.04

2.05
2.07
2.09
2.07
2.07
2.06
2 04
2.03
2.03
2 03
2 03
2.03

2.04
2.05
2.04
2.03
2.02
2.01
2.06
2.20
2.26
2 28
2 29
2.31

2.32
2.33
2.33
2.31
2.29
2.28
2.30
2.31
2.32
2 32
2 34
2.35

2.35
2.32
2.31
2.29
2.26
2.23
2.23
2 22
2. 22
2 23
2 23
2.23

2.30

2.69

2.63

2.67

2.74

2.72

2.81

2.68

2.20

1.72

1.60

1.89

2.05

2.13

2.32

2.26

Monthly average

1939

2.23
2 21
2^20
2.15
2.11
2.10

i Compiled by U. S. Department of Agriculture, Bureau of Agricultural Economics from reports secured through the cooperation of milk distributors, producers' associations,
and municipal officers in 119 cities.
Data represent average dealers buying price as of the first of each month (f. o. b. local shipping point or country plant) per 100 pounds for standard grade milk (testing
3,5"percent butterfat) used for city distribution of milk and cream.
Prices per 100 pounds may be reduced to an approximation of the price per quart by dividing by 46.53.

Table 39.—CORN, WEIGHTED AVERAGE WHOLESALE PRICE, 5 MARKETS J
[Dollars per bushel]

Month
January __ _ ,_
February
March
April May
June
July .August
September
October
November
December
Monthly average.

1918

1919

1920

1921

1922

1923

1924

1925

1926

1929

1930

1931

1932

1933

1934

1935

1936

1937

1938

1.225
1.404

1.330
1.230
1.431
1.606
1.722
1.739
1.899
1.915
1.561
1.399
1.432
1.404

1.432
1.379
1.531
1. 638
1.917
1.810
1.548
1.532
1.301
.943
.765
.686

.603
.581
.588
.529
.589
.483
.575
.540
.519
.452
.456
.457

.460
.533
.554
.565
.596
.593
.621
.601
.623
.694
.708
.716

.692
.716
.724
.790
.821
.831
.856
.864
.883
1.003
.749
.675

.728
.737
.727
.747
.754
.827
1.066
1.144
1.137
1.092
1.083
1.144

1.129
1.086
1.035
.990
1. 119
1.097
1.053
1.013
.891
.808
.710
.683

.695 .652 .786 .871
.632 .627 .841 .895
.646 .609 .896 .890
.664 .670 .982 .869
.846
.680 .830 1.040
.897
.669 .915 1.008
.981
.763 .967 1.027
.783 1.042 .968 .999
.765 .922 .975 1.000
.732 .799 .893 .938
.673 .787 .798 .810
.659 .770 .784 .791

.777
.759
.735
.802
.785
.778
.806
.976
.932
.803
.678
.641

.610
.572
.568
.563
.544
.553
.569
.467
.424
.380
.435
.371

.370
.342
.331
.326
.319
.307
.324
.321
.298
.256
.248
.226

.231
.224
.254
.336
.407
.417
.548
.504
.467
.399
.436
.453

.479
.472
.481
.462
.529
.583
.637
.767
.804
.793
.863
.955

.928
.889
.842
.899
.880
.866
.847
.814
.820
.710
.566
.530

.555
.573
.552
.588
.605
.613
.865
1.131
1.119
1.022
1.041
1.051

1.106
1.109
1.156
1.345
1.336
1.207
1.179
1.058
.974
.573
.513
.548

.574
.545
.555
.579
.571
.557
.577
.526
.517
.449
.458
.501

1.556

1.374

.531

.605

.800

.932

.968

.789

.505

.306

.390

.652

.799

.810

1.009

.534

.697

1927

.799

1928

.899

.917

1939

.506
.473
.469
.488
.517
.513

t Compiled by the U. S. Department of Agriculture, Bureau of Agricultural Economics, from quotations given in daily trade papers covering all classes and grades of corn
in Chicago, St. Louis, Omaha, Kansas City, and Minneapolis. Prior to November 1928 figures for the Cincinnati market are included. However, they are not of sufficient
volume or variation to affect the comparability with the rest of the series. Data represent the average of cash selling prices of the various grades and classes weighted
according to carlot sales of each within the month. The yearly average is the average of these monthly figures weighted by the quantity of all grades sold within each month.

Table 40.—BEEF STEERS, AVERAGE WHOLESALE PRICE, CHICAGO x
[Dollars per 100 pounds]

Month
January
February
March
April

. __ __

Mav
June
July
August
September
October.
November
December

-

--

_

-_

1913

_ -- --- - - -- -- -_.

_

-

--

--

-

_ --

--

--__

__
-

.__ _.

Monthly average .

Month

1914

1915

1916

1917

1918

1919

1920

12.10
12.00
12.60
14.70
15.40
15.85
16.05
15.75
16.00
14.80
15.05
14.90

15.80
15.95
16.05
15.85
15.00
13.55
15.60
16.45
15.50
16.15
15.10
14.35

13.95
13.05
13.10
12.30
12.25
14.95
15.00
14.85
15.05
14.20
12.00
10.10

8.70
8.20
9.05
8.15
8.25
8.00
8.10
8.50
8.00
8.10
7.40
7.00

7.23
7.62
7.87
7.90
8 21
8.76
9.42
9.52
9.84
10.23
9.16
8.76

8.88
8.62
8.70
8.81
9.28
9.74
9.71
10.36
10.18
9.94
9.46
8.96

8.99
8.81
9.17
9.52
9.59
9.28
9.31
9.53
9.52
9.57
8.90
8.71

8.97
9.15
9.93
9.99
9.90
10.34
11.28
11.10
11.04
10.80
10.16
9.72

9.48
9.42
9.42
9.11
9.07
9.51
9.44
9.30
10.00
10.00
9.48
9.43

8.25

8.65

8.40

9.50

11.60

14.65

15.50

13.30

8.20

8.65

9.40

9.24

10.16

9.47

1931

1932

1933

October
November
Decpmber

13.67
13.15
12.83
13.01
13.19
13.86
15.11
15.30
15.91
14.61
13.84
12.86

12.51
11.92
12. 68
13.52
13.67
14.10
14.59
14.22
13.92
13.81
13.00
12.74

12.62
12.46
12.33
11.88
11.15
10.59
9.42
9.48
10.95
10. 64
10.47
10.17

9.43
8.36
8.40
7.82
7.30
7.43
7.62
8.53
8.29
8.38
8.53
7.11

6.61
6.21
6.31
6.35
6.04
6.66
7.90
7.88
7.91
7.09
6.29
5.44

4.95
4.80
5.04
4.96
5.64
5.79
6.01
5.88
5.75
5.53
5.13
5.17

Monthly average

11.36

13.91

13.43

10.95

8.06

6.70

5.42

1

--

--

-

---- -

-

-

1926

10.15
10.50
11.25
11.75
11.90
12.15
12.35
12.70
13.10
11.70
11.10
11.40

9.70
9.81
10.20
10.51
10.68
11.12
11.78
12.02
12.63
13.43
13.57
13.08

-

1925

8.35
8.35
8.75
9.10
9.50
9.85
9.25
9.45
9.40
9.75
10.15
10.00

1930

- _.- ------

1924

8.05
7.50
7.65
7.70
8.35
8.80
9.20
9.05
8.95
8.80
8.70
8.45

1929

--

1923

8.45
8.30
8.35
8.50
8.40
8.60
8.80
9.10
9.35
9.05
8.60
8.35

1928

_

1922

7.80
8 25
8.30
8.15
8.00
8.15
8.25
8.30
8.50
8.40
8.25
8.20

1927

January
February
March
April
May
June
July

1921

1935

1936

1937

1938

5.35
5.49
5.91
6.42
6.91
7.34
7.21
7.34
8.06
7.48
7.28
7.41

9.24
10.49
10.77
11.10
11.13
10.28
9.80
10.27
10.36
10.38
9.97
9.79

9.30
8.37
8.65
8.42
7.92
7.86
8.13
8.46
9.16
9.31
10.31
10.27

10.69
10.22
10.79
10.75
11.21
12.11
13.97
14.13
13.78
12.79
10.65
8.96

8.13
7.78
8.46
8.63
8.82
9.50
10.71
10.31
10.42
10.33
10.03
10.13

6.76

10.26

8.82

11.47

9.39

1934

1939
10. 35
10.17
10.29
10.02
9.68
9.22

Compiled by United States Department of Agriculture, Bureau of Agricultural Economics. Prices are for native beef steers, western steers excluded, sold out of first hands

Prior t© 1922 prices are from Chicago Drovers Journal Yearbook, general average price, native beef cattle. Since 1922 prices monthly and yearly are weighted average prices
of all grades, choice to prime, good, medium and common. Prices are weighted by number sold in each fgrade The yearly average is the average of these monthly
figures weighted by the quantity of all grades sold within each month.




19

SURVEY OF CURRENT BUSINESS

August 1939

Monthly Business Statistics
The data here are a continuation of the statistical series published in the 1938 supplement to the SURVEY OF
That volume contains monthly data for the years 1934 to 1937, inclusive, and monthly averages for earlier years back to 1913 insofar as available; it also provides a description of each series, and references
to sources of monthly figures prior to 1934. The 1938 supplement may be secured from the Superintendent of
Documents, Government Printing Office, Washington, D. C , for 40 cents per copy.
A few series have been added or revised since the 1938 Supplement went to press. These are indicated by
an asterisk (*) for the new series and by a dagger (j) for the revised series. A brief footnote accompanying each
of these series provides a reference to the source where the descriptive note may be found.
The terms "unadjusted" and "adjusted" used to designate index numbers refer to the adjustment for seasonal
variations. Data subsequent to June will be found in the Weekly Supplement to the SURVEY.
CURRENT BUSINESS.

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

1939

1938

June

September

June

July

August

1939
DecemOctober November
ber

January

February

March

April

May

BUSINESS INDEXES
INCOME PAYMENTS t
84.2
83.2
83.7
84.1
82.1
83.5
'82.7
82.0
Adjusted index
1929=100-.
81.5
80.7
83.6
80.7
84.3
80.9
77.8
84.3
90.9
86.3
83.0
83.5
Unadjusted index
do
'79.6
76.1
81.0
87.3
82.3
5, 521
5,302
5,093
5,517
5,955
5,651
5,438 ' 5,209
5,465
4,985
5,304
Total
mil. of dol.
5,718
5,388
Compensation of employees:
85.1
85.0
85.4
83.3
84.6
82.5
83.1
81.4
79.8
Adjusted index
1929=100..
85.0
79.4
'83.3
3,580
3,718
3,575
3,624
3, 590 ' 3, 627
3,675
3,570
3,675
3,418
Total
mil.of doL.
3,700
3,357
3,458
1,125
1,166
1,160
1,123 ' 1,130
1,145
1,102
Mfg., mining, and construction
do
1,146
1,137
1,056
1,171
1,002
1,006
373
378
381
372
377
374
Transportation and utilities._
_do
392
363
'384
386
373
366
360
639
683
637
644
632
Trade and finance
do
'645
646
641
619
631
625
650
629
1,250
1,266 ' 1, 288
1,288
1,254
1,298
1,265
1,305
Government, service, and other
do
1,173
1,175
1,312
1,266
1,247
193
203
192
185
209
197
206
189
Work relief
do
175
'180
197
197
188
779
1,079
692
739
735
450
Dividends and interest
do
879
720
412
788
435
800
420
Entrepreneurial withdrawals and net rents
1,004
1,014
1,055
957
1,030
and royalties
mil. of doL.
990 ' 1,006
1,067
1,108
1,015
995
1,025
993
92
Direct and other relief
do
95
94
90
85
86
90
98
84
85
Benefit payments under Social Security Act
39
52
44
mil. of dol_.
60
36
37
54
45
48
INDUSTRIAL PRODUCTION
(Federal Reserve)
Combined index, unadjusted
1923-25=100..
104
100
100
94
97
87
81
77
103
98
99
98
95
85
79
100
96
94
Manufactures, unadjusted
do
75
92
79
63
58
83
66
Durable goods*
do
52
86
85
78
84
84
115
63
26
45
52
98
105
105
117
88
26
Automobiles
__do
106
91
83
91
87
87
86
48
Cement
do
42
64
88
86
65
79
155
155
89
69
72
133
147
153
93
Glass, plate
do
138
107
91
"112
100
88
69
57
46
92
79
93
89
75
Iron and steel
do
91
88
113
109
104
97
94
111
107
111
111
108
109
Nondurable goods*
do
107
106
102
111
121
102
87
126
115
'104
125
104
Leather and products
do
119
112
»106
208
209
203
199
202
205
211
201
202
206
192
199
Petroleum refiningf
do
100
99
90
81
110
109
102
114
112
95
112
70
Rubber tires and tubes!
do
104
104
94
77
79
101
83
92
101
80
86
90
Slaughtering and meat packing
do
84
81
116
103
103
90
114
115
104
83
111
Textiles
do
105
112
104
100
167
161
172
167
157
147
172
145
Tobacco manufactures
do
186
156
177
169
151
105
106
97
93
105
105
'97
103
Minerals, unadjusted
do
102
102
' 92
88
'60
38
63
39
66
73
Anthracite
_
_
do
'64
74
50
'51
'83
r66
86
79
62
55
83
40
Bituminous coal
do
*>64
51
83
76
77
26
82
35
76
86
78
0
82
67
0
Iron-ore shipments
_
.
do
132
78
0
0
0
69
52
44
52
75
80
65
Lead
do
48
71
71
70
70
58
163
170
163
165
166
177
163
Petroleum, crude. _
do
v 173
164
171
156
174
164
55
101
104
84
108
69
97
Silver
do....
89
86
94
102
86
88
69
78
64
93
71
90
Zinc
do_...
68
87
94
96
94
96
103
96
88
83
91
99
Combined index, adjusted
do
92
77
rlO2
92
104
103
87
95
82
Manufactures, adjusted...
do
97
91
74
100
92
104
94
83
64
58
Durable goods'
do....
83
50
89
80
71
76
92
96
45
84
43
Automobiles..
do
46
81
105
91
73
87
99
84
67
71
Cement
do
69
69
90
75
81
82
155
89
77
Glass, plate....
do....
80
124
107
147
133
131
89
153
83
108
70
62
Iron and steel
do
46
89
75
94
87
83
73
101
79
110
108
102
95
Nondurable goods*.
do
P109
106
110
107
109
110
108
114
105
107
109
103
91
J> 110
Leather and products.-.
.do
124
101
103
124
121
'113
123
114
208
203
200
205
Petroleum refiningt
do
193
208
206
201
202
211
201
199
100
90
81
112
110
70
Rubber tires and tubest
do
99
95
109
114
102
112
104
94
89
83
87
81
Slaughtering and meat packing
do
95
98
87
83
89
86
94
90
112
97
87
111
Textiles
_
_
.do....
no
100
109
103
117
109
110
104
97
164
154
170
154
Tobacco manufactures
do
165
150
160
179
162
164
170
164
161
102
93
*105
Minerals, adjusted
._
do
92
110
98
109
97
110
110
98
95
95
57
47
Anthracite
do
'74
69
66
49
50
61
61
73
80
76
38
60
57
Bituminous coal
do
78
72
71
75
79
77
46
31
42
64
38
34
0
67
Iron-ore shipments
...do
50
0
41
0
0
55
0
66
54
37
64
57
Lead
__do.-_.
70
50
50
70
73
69
82
71
165
161
46
169
Petroleum, crude...
do
P170
161
153
158
171
169
173
'175
174
51
99
167
85
Silver
do...
91
102
102
100
86
71
101
105
94
70
Zinc...
do....
80
75
90
87
90
91
74
' Revised.
v Preliminary.
*New series. For indexes of durable and nondurable goods production beginning 1919, see table 8, p. 14 of the March 1939 Survey*
fRevised series. Petroleum refining, unadjusted and adjusted, revised beginning 1934, see table 36, p. 17 of this issue. Rubber tires and tubes, unadjusted and adjusted,
revised beginning 1936; see table 36, p. 17 of this issue. For revised income payments beginning 1929, see pp. 15-20 of the October 1938 Survey.




20

SURVEY OF CURRENT BUSINESS

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

1939

August 1939

1938

June

July

June

1939
DecemOctober November
ber

August

January

February

March

April

May

BUSINESS INDEXES—Continued
MARKETINGS
Agricultural products (quantity):
Combined index.
1923-25 = 100..
Animal products
_
do
Dairy products
do
Livestock
do .
Poultry and esrgs
do
Wool
do _
Crops
do..
Cotton
do ___
Fruits
do
Grains
do _..
Vegetables
do
Agricultural products, cash income from farm
marketings:
Crops and livestock, combined index:
Unadjusted
1924-29 = 100-Adjusted
do
Crops
do __
Livestock and products
do
Dairy products
do
Meat animals
do
Chickens and eggs
do _.
WORLD STOCKS
Combined index (quantity) f
1923-25=100-.
Cotton adjusted
do
Rubber adjusted f
do _
Silk adjusted
.
...do
Susrar adiusted
do
Tea adjusted
do __
Tin unadjusted
do
Wheat, adjusted
do

82
93
145
62
114
387
71

73
90
156
62
102
333
56

26

19

92
85
136
60
79
487
100

92
89
153
72
73
317
96

117
83
137
75
68
76
152

131
89
114
85
76
139
174

99
89
87
78
116
160
108

76
81
91
67
116
68
71

65
77
97
73
80
41
53

56
64
94
56
70
50
46

68
78
104
65
104
45
57

65
81
103
62
123
77
50

81
99
135
72
145
193
63

154

78

37

22

23

61

235

77
68
116

19

267

81
101
112

81
205
63

80
155
46

90
110
87

113
128
86

79
85
67

59.0
60.0
45.0
75.5
77.0
76.0
73.0

61.0
72.0
66.5
77.0
80.5
76. 5
76.0

72.0
82.5
86.5
78.5
82.0
80.0
75.0

72.5
72.0
63.0
81.0
84.5
82.0
75.5

85.0
72.5
61.0
84.5
86.5
87.0
75.5

91.5
67.5
55.5
80.0
86.0
77.5
77.5

223
227
88

203
259
318
192
199
107

221
287
316
184
218
115

207
241
300
172
195
119

115

92
103

102
129

222
281
308
168
221
118

105
163

104
146

34

82
51
77

35

85
62
61

78
38
78

93
50
107

78.0
69.5
55.5
84.0
85.5
83.5
83.5

72.5
68.0
55.0
82.0
89.5
78.0
81.0

68.5
67.5
55.5
80.0
88.5
79.0
67.0

51.0
60.0
44.5
76.5
85.5
77.5
56.5

201
217
294
179
199
126

192
202
284
172
188
129

189
201
255
164
192
127

186
202
268
144
184
132

105
169

102
169

105
167

95
50
89

92
80
106

57. 5
64.0
49.5
79.5
80.0
84.0
71.5

55.0
64.5
51.5
78.0
76.0
75 0
70.0

60.0
65.0
49.0
82.0
76.5
83 5
80.0

183
204
258
120
187
126

181
201
248
111
191
118

182
205
'241
101
187
110

182
211
'239
84
184
106

111
162

126
151

127
151 !

129

162

119
166

COMMODITY PRICES
1
COST OF LIVING
(National Industrial Conference Board)
Combined index .
Clothing
Food
Fuel and light
Housing
Sundries
-

.-_

1923=100..
do
do
do __
_do
do__ .

84.7
72.0
77.9
83.4
86.0
96.6

86.7
73.9
81.9
83.7
86.7
97.5

86.5
73.5
81.7
84.1
86.6
97.4

85.9
73.4
80.1
84.4
86.6
96.9

85.9
73.3
80.4
85.0
86.6
96.8

85.8
73.2
79.8
85.6
86.6
96.8

85.6
73.2
79.5
85.9
86.4
96.8

85.8
73.0
80.3
86.0
86.2
96.8

85.4
72.7
79.2
85.9
86.2
96.8

85.1
72.4
78.4
85.9
86.1
96.7

84.9
72.3
78.0
85.8
86.1
96.7

85.0
72.2
78.2
85.2
86.2
96.7

84.8
72.1
78.1
84.0
86.2
96.6

89
83
73
94
93
73
107
105
81

92
99
68
98
73
77
116
92
84

95
103
71
101
79
72
123
99
87

92
105
69
102
78
62
115
92
99

95
118
69
104
75
63
117
107
98

95
124
72
107
70
60
111
107
107

94
131
73
109
71
60
111
102
95

96
127
70
112
73
63
109
108
108

94
97
71
109
76
66
112
96
109

92
91
70
107
78
66
116
108
92

91
88
71
100
81
66
116
114
83

89
87
70
95
82
67
114
102
86

90
85
72
92
85
72
112
110
83

75.1
85 2
76. 3

75.7
86.4
80.2

80.0

78.4

78.4
88.0
78.7

78.1

77.8

81.8
89.3
78.6

77.5

76.8

80.8
89 4
76.4

76.6

76.5

89.1

89.2

89.0

89.0

89.0

89.0

88.9

88.9

89.1

89.1

89.1

89.1

89.1

95.9
88.4
88.9
90.6
84.0

96.9
89.4
89.3
91.9
84.9

96.8
88.9
89.0
91.5
84.8

96.6
89.0
89.4
91.3
84.5

96.5
88.7
89.4
91.1
84.5

96.4
88.7
89.4
90.9
84.5

96.4
88.7
89.2
90.4
84.4

96.3
88.7
89.0
90.4
84.3

96.3
88.7
89.0
90.5
84.3

96.2
88.5
88.9
90.5
84.3

96.2
88.4
88.8
90.5
84.3

96.0
88.4
88.8
90.5
84.1

95.9
88.4
88.8
90.5
84.1

PRICES RECEIVED BY FARMERS §
(17. <S. Department of Agriculture)
Combined index .
Chickens and eggs
Cotton and cottonseed
Dairy products
Fruits
Grains
Meat animals
Truck crops
Miscellaneous

. . . 1909-14=100..
do
do
do
do
do
do
- do
do

RETAIL PRICES
TJ. S. Department of Labor indexes:
Coal:
Anthracite
1923-25=100
"Bituminous
do
Food
— -do
Fairchild's index:
Combined index
Dec. 31, 1930=100..
Apparel:
Infants'
do
Men's
do
"Women's
do
Home furnishings
do
Piece sfoods
do _
WHOLESALE PRICES
U. S. Department of Labor indexes:
77.5
78.3
78.1
78.3
77.6
77.0
76.9
76.9
78.8
76.7
76.2
76.2
Combined index (813 quotations)-1926=100__
75.6
Economic classes:
81.8
81.8
80.5
80.2
82.2
80.2
80.2
81.1
80.0
79.9
79.6
80.1
Finished products
-- do
82.5
71.4
71.4
71.5
72.0
70.9
70.9
70.9
72.3
70.9
68.9
70.1
68.5
Raw materials
do
67.7
74.4
74.7
75.9
76.2
75.2
74.4
74.1
74.3
74.1
74.9
74.4
74.6
74.3
Semimanufactures
do _
67.3
68.1
66.8
67.8
68.7
69.4
67.6
67.2
67.2
65.8
62.4
63.7
63.7
Farm products
do
53.4
53.0
50.8
50.9
62.7
54.4
56.3
58.3
54.5
59.6
Grains
do
54.7
58.2
55.2
80.2
80.6
76.2
75.2
74.4
84.4
81.0
69.4
78.0
79.2
78.2
73.2
75.5
Livestock and poultry
. do __
74.1
73.0
74.5
73.5
73.1
73.1
71.5
70.2
74.3
71.5
67.6
68.6
Foods
do
68.2
68.8
71.1
71.6
72.5
73.9
71.8
71.6
64.8
58.1
58.6
60.0
68.5
69.5
Dairy products
do
60.4
61.7
57.3
62.1
56.4
55.5
57.5
63.0
60.9
63.2
62.5
64.3
63.8
Fruits and vegetables
__ do
79.9
84.5
86.0
87.3
83.3
81.9
81.6
83.2
89.7
78 6
75.7
81.0
Meats
do
82 5
Commodities other than farm products and
81.4
81.3
81.4
81.3
80.6
80.3
80.4
80.2
80.2
80.6
80.2
81.1
80.5
foods 1
1926=100..
89.2
89.4
89.5
89.8
89.2
89.4
89.5
89.6
89.8
89.6
89.5
89.5
89.7
Building materials
do
90.6
90.9
91.1
91.5
91.5
92.4
92.4
90.6
90.7
92.5
91.7
91.1
93.0
Brick and tile
do
91.0
91.0
90.7
90.7
90.6
90.6
90.6
91.2
91.5
91.5
91.5
89.9
91.5
Cementf
_
.
do
91.2
88.7
88.8
90.2
90.4
90.3
90.2
90.9
91.7
92.6
92.1
91.5
Lumber
__
_
do
90.7
t Revised series. Combined index of world stocks revised beginning January 1920; see table 5, p. 17 of the January 1939 Survey. For subsequent 1938 revisions in the
combined index and in the rubber index, see p. 20 of the June 1939 issue. Cement price index revised beginning 1926, and data not shown on p. 20 of the May 1939 Survey
will appear in a subsequent issue; the building materials group and the combined index of all commodities have not been revised, as the effect of the change in cement prices
on these indexes is small.
§ Data for July 15, 1939: Total 89, chickens and eggs 89, cotton and cottonseed 73, dairy products 96, fruits 80, grains 66, meat animals 107, truck crops 101, miscellaneous 89.




SURVEY OF CURRENT BUSINESS

August 1939

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

21

1938
June

July

August

September

1939
DecemOctober November
ber

January

February

March

April

May

COMMODITY PRICES—Continued
WHOLESALE PRICES—Continued
U. S. Department of Labor indexes—Contd.
Combined index—Contd.
Commodities other than farm products
and foods—Continued.
Chemicals and drugs
1926=100..
Chemicals
do
Drugs and Pharmaceuticals
do _ .
Fertilizer materials
do
Fuel and lighting materials
do _
Electricity
.
do
Gas
do
Petroleum products
do
Hides and leather products
do
Shoes
do . . .
Hides and skins
do
Leather
do
House-furnishing goods
- do
Furniture
___do
Furnishings
do
Metals and metal products
.-do
Iron and steel
do
Metals nonferrous
do
Plumbing and heating equipment
1926=100..
Textile products
do
Clothing
do
Cotton goods
do
Hosiery and underwear
. _ do
Silk and rayon
do
Woolen and worsted goods
do . .
Miscellaneous
do
Automobile tires and tubes
do _ _
Paper and pulp . .
- . do
World prices, foodstuffs, and raw materials:
Combined indexf
.1923-25=100..
Cotton
do . .
Rubber
. . _ . do
Silk
do
Sugarf
. . . . do
Tea
do . .
Tin
do . . .
Wheat
do
Wholesale prices, actual. (See under respective
commodities.)

52.5
92.3
101.3
75.3
83.8
85.6
81.0
90.0
93.2
95.2
72.9

76.3
80 6
71.9
69.5
76.4
85.0
90.4
56.3
90.1
101.8
62. 3
81.6
87.1
83.5
90.7
96.1
100.9
67.2

77.7
81 7
74.8
66.9
76.8
84.7
91.0
56.8
91.5
101.2
70.8
82.5
86.4
82.2
90.5
95.2
97.2
71.8

77.7
81 4
74.8
67.3
76.8
81.6
88.1
56.7
91.9
100.8
75.6
82.1
86.4
82.2
90.5
95.4
97.3
72.9

77.3
81 0
74.8
67.2
76.6
81.8
88.7
56.4
92.0
100.8
75.7
82.4
86.2
82.1
90.2
95.5
97.3
73.5

77.1
80 5
74.9
67.5
75.4
81.8
87.1
53.8
93.4
100.3
82.1
84.6
85.7
82.1
89.3
95.3
96.9
76.2

76.6
80 2
73.6
67.7
73.7
81.8
84.6
51.5
94.6
100.4
85.5
86.9
85.8
81.9
89.7
94.9
96.9
77.6

76.7
80 0
73.5
68.6
73.2
82.7
81.6
50.9
93.1
100.6
78.8
85.9
86.0
81.6
90.3
94.6
96.8
76.8

76.7
79 7
73.0
70.2
72.8
82.9
82.2
50.4
93.1
101.2
78.4
85.0
85.4
80.5
90.1
94.4
96 4
76.7

76.3
79 4
72.7
69.3
73.0
82.8
81.8
50.7
91.9
101.1
72.8
84.2
85.2
80.5
89.8
94.3
96.1
76.5

76.5
79 9
72.2
69.7
73.1
80.3
82.2
50.9
91.8
101.2
73.8
82.7
85.2
80.5
89.7
94.3
96 1
76.6

84.1
51.9
90.9
101.2
68.3
82.8
85.4
81.0
89.6
94.0
96.1
74.7

86.0
52.5
91.6
101. 3
72.1
83.1
85.5
81.0
89.8
93.5
95.7
73. 1

79.3
67.3
81.7
64.1
60.1
39.1
75.6
73.8
60.5
79.9

77.2
65.5
82.2
63.9
59.7
27.6
75.6
72.9
57.4
85.5

79.5
66.1
81.7
65.1
59.8
29.9
75.9
72.7
57.4
82.8

79.2
65.9
81.7
64.4
59.8
29.2
76.3
72.4
57.4
82.4

78.5
65.8
81.6
64.1
59.9
29.5
76.3
72.4
57.4
81.9

78.5
66.2
81.6
64.6
59.9
30.9
76.3
72.6
57.4
81.7

78.7
66.2
81.6
65.1
59.9
30.3
76.4
73.0
58.8
81.5

78.7
65.8
81.6
64.6
59.3
30.8
74.8
73.1
58.8
80.9

78.7
65.9
81.5
64.3
59.1
32.1
74.5
73.2
58.8
81.0

79.2
66.1
81.5
63.7
58.8
34.7
74.7
73.5
59.7
81.1

79.3
66.6
81.5
63.7
59.9
36.1
75.1
74.1
60.5
81.3

79.3
66.9
81.6
63.4
60.2
37.8
75.2
74.4
60.5
81.1

79.3
67.5
81.7
63.3
60.2
40.7
75.4
74.2
60.5
80.4

41.0
36.4
38.3
35.4
37.4
68.8
97.2
40.8

39.6
30.9
29.4
22.5
27.1
70.9
80.3
64.0

41.2
32.7
36.0
25.3
28.2
70.5
86.3
62.4

39.1
30.9
37.7
24.3
28.1
76.3
86.1
53.9

38.3
29.8
37.8
25.2
28.9
78.4
86.3
50.2

37.8
31.6
39.6
25.9
26.8
72.9
90.0
46.7

37.5
33.5
38.0
25.2
28.8
66.0
92.0
42.3

36.5
32.0
37.6
25.3
30.4
67.2
91.9
38.1

37.2
32.7
36.9
26.5
31.3
66.7
92.3
39.3

37.8
33.1
37.3
29.5
30.9
67.0
90.8
41.1

37.3
33.1
38.1
31.0
31.9
66.6
91.9
36.8

38.4
32.4
37.2
33.4
35.2
69.6
93.9
38.5

41.3
35.3
37.6
37.6
40.5
68.9
97.5
40.4

132.3
131.1
165.3
120.0

128.6
124.7
159.7
117.2

127.8
125.0
154.8
117.5

128.9
127.6
159.7
118.3

128.6
127.1
154.8
118.3

129.8
128.0
154. 8
118.5

129.9
128.5
156.5
118.8

130.8
127.2
153.1
118.5

130.9
129.0
156.5
119.0

130.9
130.2
159.7
119.5

131.3
130.9
161.6
119.8

132.1
130.5
165.3
119.6

132.1
130.7
163.4
119.9

75.7
79 2
71.9
69.5
73.0

76.0
79 3
71.9
69.6
73.4

75.9
79 4
71.9
69.7
73.9

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

1923-25=100
do
do
. . . . do

CONSTRUCTION AND REAL ESTATE
CONTRACT AWARDS, PERMITS, AND
DWELLING UNITS PROVIDED
Vajue of contracts awarded (F. R. indexes):
79
69
69
76
63
v 72
78
85
77
70
'75
63
Total, unadjusted
1923-25=100..
56
51
58
68
52
54
56
45
48
65
46
P63
Residential, unadjusted.
..do
73
78
96
66
86
69
67
••63
54
82
96
Total, adjusted
do
P63
56
56
55
58
55
58
55
42
53
57
57
Residential, adjusted
do
F. W. Dodge Corporation (37 States):f
16,926
17, 772
13,015
20,233
22.382
23,244
16,027
13, 281
18, 770
19,664
18,194
17,648
TotaJ projects
number.. 21, 701
Total valuation
thous. of doL- 288,316 251,006 239, 799 313,141 300, 900 357,698 301,679 389,439 251,673 220,197 300, 66;1 330,030 308,487
97, 838 171,099 160,125 203, 359 178,948 279,403 147,916 110,975 127, 776 159,656 134,757
127, 595 107, 777
Public ownership.
do
160, 721 143,229 141,961 142,042 140, 775 154, 339 122, 731 110,036 103, 757 109, 220 172, 885 170, 374 173, 730
Private ownership
do
Nonresident ial buildings:
3,363
2,348
3,592
3,400
3,457
3,495
3,594
3,585
3,416
2,456
3,188
3,499
4,052
Projects
1
_
number..
12, 700
12,783
25, 503
17, 944
15.599
23,223
14, 351
16, 563
11, 579
14, 744
21, 515
14,429
Floor area^
-thous. of sq. ft_. 15,418
76,
749
139,
513
131,020
91,
997
69,
544
84,999
94,
656
72,
563
87,
316
116,008
81,803
97,
786
92,845
Valuation
thous. of doLResidential buildings, &}\ types:
18,
262
9,669
17,387
11.600
15,
438
10,413
9,750
13,
907
12,515
13,488
12,
673
12,
757
15,942
Projects
number..
32, 602
28, 382
19,176
30,725
27,177
22, 720
19,981
23, 405
23, 574
21, 781
21,275
21, 579
Floor area
.thous. of sq. ft._ 27, 502
133,
818
125,225
114,
405
91,539
112,673
79,020
80,163
95,
253
99,
732
111,896
85,
682
99,
574
87,
978
Va,luation
thous. of doLPublic utilities:
251
273
323
335
258
288
330
274
500
151
234
Projects
number..
21, 779
18,518
19, 640
44,312
29, 509
26,167
21,176
19, 726
35, 336
37, 980
9,968
13, 431
Valuation
thous. of doL.
Public works:
1,172
1,274
725
944
1,828
1,342
1,619
817
1,675
1,592
1,552
1,827
Projects
number, _ 1,473
76,141
85, 633
53,115
58,010
92, 829
57, 002
83,162
70, 692 114,075
88,113
65,827
74,832
Valuation
thous. of doL. 73, 607
Building permits issued in 1,790 cities:f
62, 775
77,913
62, 303
37, 721
69,615
38, 902
38,247
64,203
65,492
53, 615
62, 382
57, 652
Total buildings
numbers. 71,040
Total estimated cost
thous. of doL. 202, 429 143, 394 163,186 159, 455 158,492 164, 244 148, 480 147, 791 156, 704 149, 572 177, 903 165,978 204, 437
New residential:
20,661
17, 697
11,476
18,635
11,652
11,059
15, 761
14,121
15,058
16,106
14,995
14,214
Buildings
number, _ 19, 224
87,441 119,600
94, 374
62, 767
70, 768
78, 394
74,053
85,079
85, 719
90, 722
88,117
Estimated cost
thous. of doL. 99,775
72,056
New nonresidential:
11, 520
13,711
5,690
10,496
6,449
6,961
12,003
13,011
10,459
11,699
9,570
10,635
Buildings
number_. 12,085
51,162
44,830
52,886
37, 730
63,115
61,399
56,310
51, 660
47,180
45, 309
43, 313
43,335
Estimated cost
thous. of doL. 70,974
Additions, alterations, and repairs:
43,241
36, 558
33,172
20,555
20,801
20,227
29,035
37,142
40,843
33,868
36,752
37,687
Buildings
number... 39,731
33, 706
33,674
26,123
30,643
21,909
24, 537
29, 540
26,233
27,155
28,025
28,003
22, 767
Estimated cost.
thous. of dol.. 31,680
r
p
Revised.
Preliminary.
t Revised series. Data on world prices revised beginning 1920; see table 4, p. 17, of the January 1939 issue. For construction contract awards, see note marked with a
"f" on p. 21 of the July 1939 issue. The data on building permits are based on reports from 1,790 identical cities having populations of 2,500 or more, and supersede those shown
in the Survey through the issue of May 1939 which were for 1,728 cities in the same size group. The present series include data for 62 additional cities, but the total estimated
cost of permits issued was increased by only 0.2 percent in 1937. Data beginning January 1936 will appear in a subsequent issue of the Survey.




22

SURVEY OF CURRENT BUSINESS

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

1939

1938

June

September

June

July

August

August 1939
1939

DecemOctober November
ber

January

February

March

April

May

CONSTRUCTION AND REAL ESTATE—Continued
CONTRACT AWARDS, PERMITS, AND
DWELLING UNITS PROVIDED—Con.
Estimated number of new dwelling units provided in all urban areas:f
Total
..number.1-family dwellings
do
2-family dwellings
do
Multifamily dwellings
do
Engineering construction:
Contract awards (E. N. R.)1
thous. of doL. 262, 395

25, 963
15, 384
1,056
9,523
223,066

25, 818
17, 262
1,416
7,140

25. 684
16; 115
1,168
8,401

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

22, 064
14, 781
1,042
6,241

223, 333 236, 271 289, 725 235, 898

217,023

18,355
11, 517
796
6,042

22,167
13, 306
1,196
7,665

26,149
12, 305
1,210
12, 634

28, 547
19, 309
1,388
7,850

339, 250 311, 693 203,843

285, 566

240, 735

252, 992

HIGHWAY CONSTRUCTION
Concrete pavement contract awards:
6,855
Total
thous. sq. y d . .
4,232
Roads
...do
2,623
Streets and alleyscf
do
Status of highway and grade crossing projects
administered by the U. S. Bureau of Public
Roads:
Highways:
Approved for construction:
Mileage
no. of miles..
3,867
Federal funds
thous. of dol_. 41, 024
Under construction:
Mileage
no. of miles..
8,570
Federal funds._
thous. of dol_. 123, 554
240, 218
Estimated cost
do.
Grade crossings:
Approved for construction:
11,312
Federal funds
do.
12,191
Estimated cost
__.do.
Under construction:
42, 299
Federal funds
_
do.
44, 094
Estimated cost..
_.do.

8,432
6,201
2,231

5,194
3,511
1,682

7,247
4,548
2,699

5,064
3,213
1,851

4,671
2,871
1,800

4, .583
2,001
2,582

4,270
2,765
1,505

3,190
2,085
1,105

1,245
686
560

2,143
860
1,283

3,385
2,081
1,304

4,458
2,179
2,280

5,002
51, 299

4,728
53,137

4,109
48, 958

3,463
43, 373

3,337
38, 572

3,122
36, 231

3,390
37, 677

3,306
36, 294

3,177
35,968

3,081
34, 969

3,081
35, 600

3,615
40, 769

9,521
8,991
8.872
9,278
9,418
135,164 134, 900 135,158 133,337 130, 841
254, 869 257, 078 260, 494 256, 592 252, 852

7,968
120, 453
234, 256

7,721
7,514
7,540
113, 828 113, 466 114,185
221, 530 218,965 221,046

7, 855
115,212
222, 630

8.301
120, 505
232, 772

8,463
122, 758
238, 637

12,906
13, 374

12,107
12,529

10, 224
10, 583

38, 817
40,747

40, 654
42, 654

43, 771
45, 723

12,112
12, 877

13, 930
15,159

12, 794
13,867

35, 451
36, 387

35, 883
36,808

35,023
36,026

181
167
191
164
184

182
167
192
166
184

182
169
192
166
184

188

188

188

96.4
128.2
116.0
118.3

96.1
129.8
115.9
118.5

96.1
129.9
116.0
118.5

98.5
131.4
121.0
119.9

98.5
130.3
120.9
119.6

98.2
132.7
120.9
119.8

95.7
129.
114.7
118.5

98.1
129.6
116.8
120.

97.8
128.1
116.2
119.4

86.8
123.1
104.7
110.0

84.3
121.3
105.3
106.9

83.7
121.9
98.7
106.8

12, 836
13,676

11,416
12,136

41,031
42,058

40,399
41, 298

181
168
192
162
184

181
168
191
164
184

181
167
191
164
184

187

188

188

95.4
130.6
116.9
118.5

96.4
129.2
116.1
118.6

97.
133.4
121.3
119.7

12,090
12, 782
42, 452
43, 594

12, 561
13, 370
37, 676
38, 567

13, 572
14, 587
36, 440
37, 932

13, 613
14,285
37,930
39, 777

182
169
192
166
184

183
169
192
167
185

183
169
192
167
185

183
169
192
167
185

182
168
193
169
185

182
168
193
169
185

188

188

188

188

188

188

188

96.2
129.7
115.9
118.7

96.5
130.1
115.9
119.1

96.1
130.1
116.0
119.1

95.3
130.0
117.6
119.1

95.2
130.1
117.6
119.1

95.3
130.0
117.6
119.1

95.3
130.0
117.6
119.1

95.3
130.6
117.0
118.6

98.2
132.7
121.0
119.8

98.2
132.4
120.9
119.8

98.4
132.8
120.9
120.1

98.0
132.8
121.0
120.1

97.4
132.6
122.3
120.1

97.5
132.7
122.3
120.1

97.4
132.7
122. 3
120.1

97.4
132.7
122.3
120.1

97.6
133.4
121.4
119.7

96.7
128.9
115.
119.

96.7
129.0
116.2
119.8

96.8
128.9
115.6
120.1

96.5
129.3
115.6
120.5

96.2
129.3
116.2
120.5

96.0
129.4
117.7
120.4

96.2
129.2
117.7
120.4

96.0
129.4
117.7
120.6

96.0
129. 5
117.7
120.6

95.6
129.8
115.3
118.5

85.3
121.1
105. 4
107.4

85.6
122.3
105.4
108.

85.6
122.8
105.4
108.8

86.0
122.6
105.4
109.9

87.4
122.4
105.4
111.0

86.3
122.4
105.4
111.0

85.0
122.5
106.6
110.7

85.7
122.2
106.
110.7

85.0
122.2
106.6
110.3

85.0
122.5
106.6
110.3

86.1
123.1
104.7
110.3

80.9
118.
97.4
102.8

82.2
119.3
97.5
103.3

82.3
120.0
97.5
105.1

82.3
120.5
97.5
105.1

82.8
120.4
97.5
106.5

84.6
121.2
97.5
108.1

83.1
121.2
97.5
108.1

81.6
121.3
98.7
107.7

82.5
121.1
98.7
107.7

81.6
121.0
98.7
107.2

81.6
121.4
98.7
107.2

82.8
121.9
98.7
107.2

235.0

236.9

232.3

232.4

232.7

234.3

234.4

234.9

234.7

234.3

234.4

234.9

234.7

105.4
102. 5
111.3

106.
104.6
111.5

106.
104.2
112.0

106.4
103.4
112.3

106.4
103.4
112.4

106.2
103.3
112.1

106.1
103.2
112.1

106.1
103.1
112.1

106.0
103.0
111.9

106.0
103.0
112.2

106.1
103.0
112.4

105.9
102.9
111.9

105.6
102.7
111.5

CONSTRUCTION COST INDEXES
Aberthaw (industrial building)....1914=100..
American Appraisal Co.:
Average, 30 cities
1913=100.
Atlanta
_
do...
New York
do...
San Francisco
do...
St. Louis
do...
Associated General Contractors (all types)
1913=100.
E . H . Boeckh and Associates, Inc.:
Apartments, hotels, and office buildings:
Brick and concrete:
Atlanta
U . S. av., 1926-29=100.
New York
do...
San Francisco
do...
St. Louis
do...
Commercial and factory buildings:
Brick and concrete:
Atlanta
do.,.
New York
do...
San Francisco
do...
St. Louis
do._.
Brick and steel:
Atlanta
do...
New York
.do...
San Francisco..
do._.
St. Louis
do...
Eesidences:
Brick:
Atlanta
do...
New York
do...
San Francisco
do...
St. Louis
do...
Frame:
Atlanta
do...
New York
_
do...
San Francisco
._
.do...
St. Louis
do...
Engineering News Record (all types)§
1913=100.
Federal Home Loan Bank Board:*
Standard 6-room frame house:
Combined index
1936=100.
Materials
.do...
Labor
do...

187

192

189

188

189

REALIESTATE
Federal Housing Administration, home mortgage insurance:
Gross mortgages accepted for insurance
64, 895
63,486
73,701
58, 250
51,058 42, 218 41,224
60,419
67,878 68,344 64, 627
thous. of dol.
82, 322 74,191
Premium-paying mortgages (cumulative)
do... 1,607,147 997,850 1,038,627 1,082,454 1,131,404 1,189,823 1,244,141 1,300,446 1,355,829 1,400,212 1,450,575 1,496,794 1,546,237
§Index as of July 1, 1939, is 234.9.
•New series. For data beginning 1936, see table 30, p. 17 of the June 1939 Survey.
tMonthly data for the period January 1937 through June 1938 are in process of revision and will be shown when available. Revisions m data for January 1937 to September 1937 are minor; revisions
in figures for the period October 1937 to June 1938, available at the present time on a quarterly basis only, are as follows: Fourth quarter,
1937—total, 39,518; 1-family,126,928; 2-family, 2,520; multifamily, 10,070; first quarter, 1938—total, 42,352; 1-family, 28,585; 2-family, 3,142; multifamily, 10,625; second quarter,
1938—total, 61,869; 1-family, 45,865; 2-family, 3,965; multifamily, 12,039.
cFData for streets and alleys, formerly shown separately, are available in total only subsequent to December 1938.
IData for June, September, and December 1938 and March and June 1939 are for 5 weeks; other months, 4 weeks.




23

SURVEY OF CUREENT BUSINESS

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

1939

1938

June

September

June

July

August

1939
DecemOctober November
ber

January

February

March

April

May

CONSTRUCTION AND REAL ESTATE—Continued
REAL ESTATE—Continued
Estimated new mortgage loans by all savings
and loan associations :f
Total loans
thous. of doL. 94,154
i9,123
74, 709 71,647 72, 931 64, 070
63, 934
55, 567 58, 309 73, 378 83, 425
73, 067 67,639
Loans classified according to purpose:
Mortgage loans on homes:
Construction
do
19,152
29,919
19, 892 19, 096 22, 575 21, 018 22, 099 18, 627
16, 099 16, 027 21, 254 23, 727 26, 646
20, 826
Home purchase
do
32, 228 25, 636 21, 924 23, 833 25, 698 24, 677 21, 205
17, 503 19,118 24, 705 29, 903 31, 289
12,805
Refinancing
do
17,123
13, 885 13,194
14, 701 12, 416 12, 913 12,182
11, 749 12, 551 14, 871 15, 384 15, 687
6,069
5,727
4,025
4,211
4,974
Reconditioning
do
5,802
5,211
5,397
4,791
4,821
3,389
3,593
5,528
9,432
7,515
7,126
8,337
9,437
9,082
8,443
8,028
7,724
7,235
7,020
Loans for all other purposes
do
8,072
6,827
Loans classified according to type of association:
Federal
__thous. of doL. 39, 094 26, 310 23,823 26, 858 25, 650 26, 534 24, 220
25, 019
20, 894 22, 298 29,811
33, 400 36, 358
State members
do
26, 504
23, 071 24,191
30,124
36, 465 30, 350 28, 973 29, 506 29, 255 30, 546 26,115
32, 562 35, 426
12,411
11, 602 11, 820 13, 443 17, 463 17, 339
Nonmembers.
do
18, 595 16, 407 14,843
18, 345 16, 742 15, 851 13, 735
Loans outstanding of agencies under the Federal
Home Loan Bank Board:
Federal Savings and Loan Associations, estimated total mortgages outstanding
thous. of doL. 1,136,289 947, 500 961, 300 976, 074 994, 218 1,011,087 1,020,873 1,034,162 1,040,770 1,051,109 1,067,887 1,089,879 1,117,228
Federal Home Loan Banks, outstanding advances to member institutions
thous. of doL_ 168, 962 196, 222 191, 889 189,415 189, 548 189,217 189, 685 198, 840 178, 852 170, 614 161, 614 157,176 157,911
Home Owners' Loan Corporation, balance of
loans outstanding
thous. of dol _. 2,080,512 2,265,153 2,248,982 2,234,899 2,221,417 2,203,896 2,186,170 2,168,920 2,149,038 2,134,261 2,117,598 2,105,824 2,091,324
Foreclosures:
r
154
154
173
Nonfarm real estate
1926=100. 153
165
159
164
168
189
161
169
169
186
Metropolitan communities.
_
_do
151
155
161
165
145
138
157
142
141
177
153
161
157
32, 758
Fire losses
thous. of dol__
28, 659
27,
032
27, 615 29, 304 30, 682 27, 062
19, 474 20,435
20, 821 23, 373 24, 798

DOMESTIC TRADE
ADVERTISING
Printers' Ink indexes (with adjustment for seasonal variations):
Combined index
1928-32=100..
Farm papers
do
65.0
Magazines
do
82.0
Newspapers.
do
79.8
Outdoor
do
Radio
do....
329.7
Radio advertising:
Cost of facilities, total
thous. of doL.
6,471
Automobiles and accessories
do
640
Clothing
do___.
37
Electric household equipment
do
0
Financial
do
129
Foods, food beverages, confections
do
2,101
House furnishings, etc
do
18
Soap, cleansers, etc
do
792
Office furnishings, supplies
do
0
Smoking materials
do
887
Toilet goods, medical supplies
do
1,718
All other
.do
148
Magazine advertising:
Cost, total
.do
13, 279
Automobiles and accessories
do
2,216
Clothing
do
715
Electric household equipment
do
603
Financial
do
486
Foods, food beverages, confections
do
1,893
House furnishings, etc
..do
759
Soap, cleansers, etc
do
454
Office furnishings, supplies
do
100
Smoking materials
do
636
Toilet goods, medical supplies
do
2,187
All other
do
3,231
Lineage, total
thous. of lines..
1,796
Newspaper advertising:
Lineage, total (52 cities)
do
105, 086
Classified
do
21, 785
Display, total.
do
83,301
Automotive
do
5, 345
Financial
do
1,663
General
do
17,408
Retail
do_... 58, S86

79.5
66.8
73.0
74.8
76.6
281.0

77.4
55.8
74.7
72.5
74.7
261.0

80.3
79.3
74.5
75.2
77.0
274.7

82.1
58.8
73.5
78.9
76.9
260.0

78.4
64.7
73.6
73.8
77.7
242.3

65.7
82.0
79.9
65.9
257.6

88.0
70.3
78.8
86.0
71.0
261.7

76.4
57.6
72.6
71.5
72.2
273.6

79.5
59.9
78.4
74.2
73.8
265.6

84.4
56.4
80.4
79.8
82.0
262.7

82.2
66.2
80.6
76.0
89.0
253. 3

84.4
69.0
80.3
78.0
90.5
' 290. 8

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

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

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

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

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

6,713
600
18
0
26
2,157
39
674
0
861
1,990
349

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

7,023
647
25
0
41
2,318
49
714
0
836
2,015
348

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

7,404
747
50
0
64
2,501
38
818
0
885
2,020
281

6,678
657
25
0
54
2,241
39
746
0
870
1,781
264

«• 7,034
745
66
0
74
' 2, 277
65
857
0
921
1,844
186

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

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

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

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

13, 668
1,630
1,022
342
444
2,073
862
398
223
889
2.261
3,524
2,318

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

11, 529
1,295
531
470
299
1,931
509
234
266
755
1,815
3,424
1, 658

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

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

14, 243
2,153
829
395
431
2,255
636
421
220
748
2,537
3,617
2,591

16, 818
2,997
1,020
808
508
2,180
1,025
468
203
684
2,508
4,419
2,715

15,715
2,854
921
757
435
2,013
1,035
471
233
692
2,249
4,056
2,356

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

83, 653
20, 301
63, 352
3,031
1,869
13,028
45,424

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

103, 869 113, 558 113,457 118,096
21, 376 22,411
20, 233 20,372
82, 493 91.147 93,314 97, 723
2,366
4,932
3,581
6, 608
1,209
1,732
1,574
1,449
15, 888 18,411
18, 749 14.028
63,031
66,073
66, 509 78, 540

87,418
19, 556
67,861
2.446
2,301
12, 771
50,343

68.2

68.4

69.3

1,774

1,818

1, 614

86, 651 111,815 111, 160 112,377
18,318 22,147
22, 824 22, 692
68,333
89, 668 88, 335 89, 685
3, 458
4,768
6, 055
6,075
1,403
1, 695
2,105
1, 615
14,024
17,414
17, 655
18, 538
49,448
65,792 62, 520
63,456

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

>9.3

60.5

70.8

70.4

70.4

70.2

1,943

2,210

1,821

2,226

1,874

70.6

NEW INCORPORATIONS
Business incorporations (4 States)

number^.

1,712

1,877

1,723

1,793

2,190

POSTAL BUSINESS

Air mail:
Pound-mile performance
millions..
1,221
1,255
1, 252
1,199
1,273
1,235
1,299
1, 244
1,431
1,447
Money orders:
Domestic, issued (50 cities):
Number
thousands..
4,170
4,654
4,234
3,956
3,720
3, 812
3,775
4,140
4,662
4.171
4,170
4,067
Value
thous. of doL. 38,165
35, 862
38,119
37.450
36, 651 39, 485 37,996 42, 202 39, 227 36, 900 41,891
37, 238
r
Revised.
f Revised series. For revised data on estimated new mortgage loans by all savings and loan associations, 1936-37, see table 12, p. 16, of the March 1939 Survey.




4,248
39, 226

24

SURVEY OF CURRENT BUSINESS

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

1939

1939

1938

June

September

June

August

July

August 1939

Novem- DecemOctober
ber
ber

January

February

March

April

May

DOMESTIC TRADE—Continued
POSTAL BUSINESS—Continued
Money orders—Continued.
Domestic, paid (50 cities):
Number
Value
Foreign, issued—value
Receipts, postal:
50 selected cities
50 industrial cities

13,366
100, 250
2,220

11,975
92, 785
2,151

12,543
98,006
2,097

12,846
99,470
2,606

13,989
107, 933
1,985

14,028
106,097
2,280

15,793
113, 841
7,717

12,939
94,176
2,142

12, 371
88, 734
2,027

15,307
109,980
3,170

13,164
95, 899
2,079

13, 724
99, 757
2,066

29, 791
3,687

' 28, 006
3,500

24, 602
3,303

26,609
3,446

29, 517
3,472

30,850
3,728

31,426
3,568

42,470
5,154

28, 537
3,667

27, 710
3,493

33,478
3,979

29, 830
3,618

30, 922
3, 687

100.9
78.5

65.0
50.5

61.4
56.5

49.2
54.5

37.1
60.0

55.1
85.0

99.1
100.0

96.1
92.5

70.8
91.0

71.2
96.0

106.9
88.5

106.4
79.5

• 107.1
'79.0

111.0
118.0

106.3
109.7

108.1
120.0

106.0
116.0

109.4
122.0

108.0
120.0

109.5
121.2

112.9
127.0

107.5
118.0

112.7

109.8
130.0

110.0
117.6

110.0
119.0

102.9
101.4

93.6
92.2

89.2
91.0

88.5
92.2

93.0
94.9

94.9
94.4

96.7
96.7

101.1
98.1

93.5
96.4

100.5
99.5

102.0
99.0

102.9
101.4

95.9
100.8

90.9
95.7

,8.0

85.2
96.3

94.1
98 5

98.2
96.7

102.2
100.2

193.6
104.9

73.6
98.7

79.7
95! 5

85.0

97.6
97.1

'95.9
'96.3

2,712
132

2,496
133

2,366
133

2,315
133

2,513
132

2,833
132

2,819
133

5,952
133

1,998
133

1,959
132

2,442
133

133

2,733
133

11, 293
683

10, 643
680

10, 004
681

10,179
682

11,125
685

12, 353
685

11,972
686

24,114
687

8,801

9,058
681

10, 606
683

11,940
683

11,401
682

6,406
239

6,235
239

5,822
239

6,336
238

6,179
238

6,827
238

6,613
238

14,429
238

5,055
238

5,163
238

238

6,315
239

6,818
239

3,420
202

3,200
200

2,946
199

2,960
200

2,955
200

3,294
200

3,186
200

7,003
200

2,535
202

2,738
202

3,196
202

3,648
202

3,300
202

3,758
201

3,294
201

3,301
201

3,087
201

3,308
201

3,811
201

3,594
201

7,223
201

2,686
201

2,752
201

3,205
201

201

3,741
201

24,662
2,013

23,149
2,010

22, 733
2,010

22, 566
2,011

23, 491
2,013

26, 774
2,017

25, 295
2,018

50, 379
2,017

19,653
2,014

20, 686
2,011

23,104
2,012

25,919
2,008

24, 725
2,005

3,054
343

3,017
343

3,193
338

3,269
340

3,460
337

3,275
336

8,386
493

6,971
484

6,834
484

7,653
484

8,970
487

8,635
489

17,996
491

5,531
489

5,748

483

7,164
489

8,376
489

8,496
491

22, 235
1,543

20, 321
1,531

18, 258
1,530

19,068
1,533

22, 381
1,537

26, 820
1,538

27,196
1,539

38,928
1,539

16, 523
1,539

14,613
1,540

18, 736
1,542

21, 281
1,544

22, 233
1,545

15.4
45.2
79
94
74
82
75
90
'73
92

14.9
43.5
58
79
46
60
59
72
61
68
62
46
72
58
'81
83
113
83
78
103

15.9
42.4
65
100
55
72
65
83
74
81
64
48
81
63
'92
83
128
87
78
108
93
86
62
83

15.8
42.0
91
120
73

17.0
46.6
92
126
86
91
87
113
92
109
98
75
127
92
'97
84
106
82
82
100
92
85
65
81
'93

17.1
47.1

16.2
43.9
69
101
54
67
71
89
64
63
71
52
75

18.6
46.6
82
116
68
92
82
99
87
97
80
65
105
82

17.2
45.3
88
119
75
89
92
104
82
97
86
67
102
89
'95
88
115
86
84
104
95

68
82
'103

16.4
47.1
69
91
64
69
67
87
67
75
68
49
77
69
'81
88
115
86
88
114
91
86
68
87

17.3
46.9
87
118
75

93
118
89
96
106
82
118
95
'108
89
111
88
88
105

17.2
46.4
156
203
138
157
152
182
151
147
164
127
209
143
rl70
89
119
94
93
105
97
92
70
87
'100

10. 3

7.1

11.6

11.8

thousands.. 13,918
.thous. of dol_. 101,345
do
_.do
do

RETAIL TRADE*
Automobiles:
Value of new passenger automobile sales:
Unadjusted
1929-31 = 100..
Adjusted
do
Chain-store sales:
Chain-Store Age Index:
Combined index (20 chains)
av. same m o n t h 1929-31 = 100..
Apparel chains
do
Grocery chain-store sales:
Unadjusted
1929-31 = 100..
Adjusted
do
Variety-store sales:
Combined sales of 7 chains:
Unadjusted
do
Adjusted
do
H . L . Green Co., Inc.:
Sales
thous. of d o l . .
Stores operated
number. _
S. S. Kresge Co.:
Sales
thous. of d o l . .
Stores operated
number..
S. H . Kress & Co.:
Sales
thous. of d o l . .
Stores operated
number
M c C r o r y Stores Corp.:
Sales
thous. of dol
Stores operated
number..
G. C. M u r p h y Co.:
Sales
thous. of d o l . .
Stores operated
number
F . W . Woolworth Co.:
Sales
. . t h o u s . of d o l . .
Stores operated
number
Restaurant chains (3 chains):
Sales
.thous. of dol
'" Stores operated
number
Other chains:
W. T . Grant & Co.:
Sales
thous. of d o l . .
S tores operated
number
J. C. Penney Co.:
Sales
t h o u s . of dol_.
Stores operated.
numberD e p a r t m e n t stores:
Collections:
Installment accounts
percent of accounts receivable.
Open accounts
do.._
Sales, total U . S., unadjusted...1923-25=100..
Atlanta
._
do...
Boston
do...
Chicago
do...
Cleveland
do._.
Dallas
do
Kansas C i t y . . . .
1925=100.
Minneapolis
1929-31 = 100.
N e w York
1923-25 = 100.
Philadelphia
do...
Richmond
do...
St. Louis
do...
San Franciscof
do...
Sales, total U . S., adjusted
do._.
Atlanta
do...
Chicago
do...
Cleveland
do...
Dallas
do...
Minneapolis
1929-31=100.
N e w York
1923-25=100.
Philadelphia
do
St. Louis
..do
San Franciscot
do...
Installment sales, N e w England dept. stores
percent of total sales _
Stocks, total U . S., end of m o n t h :
Unadjusted
1923-25 = 100.
Adj usted
do...
Mail-order and store sales:
Total sales, 2 companies..
-thous. of dol.
Montgomery Ward & Co
do...
Sears, Roebuck & Co
do...

83
108
76
90
74
95
87
65
106
75
119
91
85
101
95
90
66
82
97

103
69
'85
82
104
84
78
101
'92
'88
63
75
'95

98, 070
41, 302
56, 768

127
93
86
105
98
90
68
87

87
115
84
87
105
86

92
105

105
86
94
85
70
115
86
'93
85
116
88
84
105
94
88
71

79
'98

9.4

14.7

11.5

11.1

65
68

61
67

65
87

70
67

74
67

78
6:

62

60
67

65

79, 565
35, 745
43, 820

65, 392
29, 075
36,316

72, 783
32, 849
39, 934

87, 722
38, 556
49,167

100,012
46, 667
53, 345

93,510
42, 295
51, 215

125, 706
57,085
68, 622

58, 320
24, 769
33, 551

59, 865
24,964
34, 901

7.3
P66

65
89
'95

117
88
107
94
67
110
93

10.2

85, 497
35, 730
49, 768

8.5

9.0

69
67

68

92, 831
41, 595
51,236

101,936
42, 323
59, 613

' Revised.
v Preliminary.
• Reports showing percentage changes in sales of chain drug stores and chain men's wear stores are available from the Washington, D. C , office of the Bureau of Foreign
and Domestic Commerce. The Bureau of the Census has available percentage changes for (1) Independent stores in 27 States and 4 cities, by kinds of business, (2) Wholesalers' sales, by kinds of business, (3) Manufacturers' sales, by kinds of business.
fRevised series. Indexes of department stqre sales in San Francisco area revised beginning 1919; data not shown above will appear in a subsequent issue




25

SURVEY OF CURRENT BUSINESS

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

1939
June

1939

1938
June

July

August

September

DecemOctober November
ber

February

March

91.3
84.1
87.8
111.3
100.2
120.0
109.9
115.6
140.7
136.4

100.1
89.1
97.9
134.8
105.7
123.7
112.1
119.6
147.8
142.9

115.0
105.2
118.6
141.5
118.5
131.0
118.7
132.0
156.6
144.0

120.2
110.2
116.6
144.8
125.8
130.8
118.0
122.4
164.3
140.9

120.5
113.3
118.8
137.6
131.8
131.2
119.6
129.1
162.2
146.6

91.4
83.5

91.2
84.1

90.1
'83.3

88.3

'87.3

92.3

' 91. 3
'76.1

January

April

May

DOMESTIC TRADE—Continued
RETAIL TRADE—Continued
Rural sales of general merchandise:
Total U. S., unadjusted
1929-31=100
Middle West
do
East
do
South
do
Far West
do
Total IT. S., adjustedf
do.
Middle Westj
do
Eastt
do
Southf
do.
Sth
_do.
FsrWestf

120.0
109 9
122.8
133.3
137.3
131.7
116.4
133.8
165.8
144.1

106.2
99.4
107.5
112.0
125.8
116.5
105.3
117.1
139.3
132.0

84.8
77.7
82.2
92.9
105.8
116.2
105.3
115.5
136.8
129.0

98.2
90.0
95.0
104.1
125.7
120.1
109.1
119.2
144.3
136.4

121.1
107.9
117.6
148.9
141.6
114.6
105.3
119.6
134.9
121.0

140.9
123.3
139.8
189.3
153.4
108.5
97.1
108.6
127.7
127.7

147.2
135.7
144.1
177.8
161.5
113.1
103.5
111.8
129.5
133.1

183.6
166.4
195.9
202.8
211.0
114.8
106.7
117.6
135.0
129.3

EMPLOYMENT CONDITIONS AND WAGES
EMPLOYMENT
Factory, unadjusted (U. S. Department of
85.7
88.8
81.6
81.9
Labor)f
.1923-25=100..
90. 7
72.4
71.7
75.3
Durable goods
do
84.1
70.3
Iron and steel and their products, not incl.
79.4
77.8
76.7
81.7
machinery
1923-25=100.. 87.4
Blast furnaces, steel works, and rolling
82.2
83.8
84.7
mills
1923-25=100.. 92.3
82.3
Hardware
do
67. 8
56.5
60.6
66.9
61.3
Structural and ornamental metalwork
59.8
59.1
60.5
1923-25=100. _ 67.9
58.3
99.5
Tin cans and other tinware,
do
93.4
88.1
91.4
97.6
64.0
Lumber and allied products
do
66.8
60.7
60.7
65.8
76.0
Furniture
do
78.5
70.8
71.2
79.0
52.4
Lumber, sawmills
do
54.4
50.1
49.8
53.5
Machinery, not incl. transportation equip84.1
ment
1923-25=100.. 95.6
86.1
82.9
85.5
Agricultural implements (including tractors)
.
1923-25=100.. 113.7
125.2
100.6
90.3
Electrical machinery, apparatus, and
supplies
1923-25=100.. 86.3
75.3
73.0
77.4
74.0
Engines, turbines, water wheels, and
85.5
82.1
83.1
windmills
1923-25=100.. 99.7
82.6
Foundry and machine-shop products
77.4
1923-25=100.. 85.1
75.8
77.7
77.1
Radios and phonographs
do
105. 3
81.6
81.6
93.5
88.9
Metals, nonferrous, and products
do
91.2
79.8
79.1
87.9
83.0
Brass, bronze, and copper products-do
98.6
85.7
86.1
92.7
89.0
Stone, clay, and glass products
do
74.8
65.8
64.6
67.8
66.3
Brick, tile, and terra cotta
do
57.6
48.3
48.8
51.2
49.9
Glass
do
93.6
79.3
74.7
82.1
78.7
Transportation equipment
do
91.6
62.4
55.5
63.7
51.0
Automobiles
do
93.7
61.5
53.1
64.9
48.0
Nondurable goods
do
96.9
90.3
92.9
101.7
99.0
Chemicals and petroleum refining
do
109.3
105.2
105.0
113.0
108.1
Chemicals
do
114.8
109.7
107.8
112.5
110.3
Paints and varnishes
do
119.3
113.0
110.8
112.5
110.6
Petroleum refining
do
119.7
121.1
121.8
121.0
121.9
Rayon and allied products
do
304.0
265.4
270.5
315.2
293.9
Food and kindred products
do
122.9
119.4
128.6
142.7
138.3
Baking...
do
146.9
144.2
145.0
145.6
144.5
Slaughtering and meat packing
do
97.9
93.5
94.7
95.5
94.2
Leather and its manufactures
do
88. 4
81.8
89.3
92.3
92.7
Boots and shoes
do
87. 7
82.5
91.4
94.6
93.8
Paper and printing
do
104.9
101.9
101.5
102.7
104.3
Paper and pulp
do
105.8
101.9
101.6
102.8
104.0
Rubber products
do
79. 7
68.7
72.5
75.9
70.6
Rubber tires and inner tubes
do
66. 3
60.4
60.7
60.6
61.9
Textiles and their products
do
94. 7
95.1
97.9
84.6
86.6
Fabrics
do
87.7
77.2
80.4
85.1
86.6
Wearing apparel
do
109.1
98.9
116.3
122.1
99.7
Tobacco manufactures
do
63.8
61.5
64.3
66.3
64.8
Factory, adjusted (Federal Reserve) t
do
91. 5
82.9
84.9
86.9
82.4
Durable goods
do
83. 4
71.9
70.7
72.0
75.7
Iron and steel and their products, not incl.
machinery
1923-25 = 100..
87. 4
79.4
77.8
77.3
Blast furnaces, steel works, and rolling
mills
1923-25 = 100..
93
84
85
83
Hardware
do
68
62
67
61
57
Structural and ornamental metalwork
1923-25=100..
67
58
58
58
58
Tin cans and other tinware
do
91
90
86
89
87
Lumber and allied products
do
65.9
61.9
60.2
63.2
59.9
73
Furniture
do
81
75
76
73
49
Lumber, sawmills
do
53
50
51
48
Machinery, not incl. transportation equip85.2
84.7
83.3
ment.
1923-25 = 100..
95. 4
86.0
Agricultural implements (including trac106
96
103
tors)
1923-25 = 100
113
124
Electrical machinery, apparatus, and
74
77
73
supplies
1923-25=100..
86
75
Engines, turbines, water wheels, and
81
windmills
1923-25 = 100..
96
82
Foundry and machine-shop products
1923-25 = 100-.
85
Radios and phonographs
do
107
Metals, nonferrous, and products
do
92. 8
Brass, bronze, and copper products do
99
Stone, clay, and glass products
do
71.9
Brick, tile, and terra cotta
do
53
Glass
do
92
Transportation e q u i p m e n t . . .
_.do
89.7
Automobiles.
do
91
r
Revised.
fRevised series. Rural sales of general merchandise adju:
ployment, unadjusted (U. S. Department of Labor), revised Degmmng i\)66, see taDie YD on p . i
Factory employment, adjusted (Federal Reserve), revised in its entirety; data not shown in table
1938 issue are available upon request.
164840—39 4




91.2
83.1

89.5
81.6

90. !
82.6

83.9

90.5
82.1
86.5

87.4

85.9

87.2

86.1
79.5

89.8
84.4

91.1
86.3

91.5
83.2

92.2
83.0

61.1
86.2
65.7
79.7
53.1

60.7
84.6
65.2
79.5
52.3

61.9
84.1
64.1
79.8
50.9

90.9
84.7
61.7
82.8
61.9
76.3
49.1

64.0
83.7
62.6
78.8
49.1

66.2
85.5
62.6
78.9
49.1

87.2

89.5

91.8

91.4

93.4

96.6

105.5

111.4

121.5

80.7

83.2

83.9

83.6

85.2

86.1

85.9

83.4

83.5

85.3

87.1

90.6

93.8

96.3

'98.0

77.5
108.0

81.7
118.0
95.0
100.2
70.5
51.3
93.0
96.1
106.8
98.8
112.7
116.9
112.4
118.1
311.3
120.1
143.5
102.4
88.6
87.6
108.0
106.3
83.6
67.2
98.6
91.8
112.2
65.2
91.6
83.2

81.8
108.4
92.2
98.3
66.4
48.9
89.6
95.8
106.1
97.1
112.0
115.5
111.8
117.1
313.2
113.7
140.3
99.8
92.9
92.7
105. 7
105.5
81.1
67.1

83.4
102.5
93.6

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

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

84.5
94.6
••93.5
98.4
72.7
53.6
91.9
'95.2
' 101. 8
'97.9
'115.0
114.9
117.6
116.1
315.4
114.0
142.0
91.8
94.0
94.5
105.9
106.3
82.1
67.2

90.8
111.0
59.2
91.7
83.6

48.1
89.5
95.9
104.4
98.4
112.1
116.1
112.5
116.4
319.1
111.0
141.5
94.6
96.7
97.2
105.9
106.3
81.5
66.1
101.2
92.1
120.1
62.4
91.3
83.4

84.1
98.9
94.3
99.2
69.6
49.7

83.1

86.2

88.1

87.7

92
86

92
85

60
84
62.9
75
51

90
84
60
87
64.5
76
53

63
88
65.3
79
53

86.8

89.1

89.5
79.0

92.2

79

83

80.7
66.9
88.2
64.3
77.9
51.8

'67.2
'89.1
'65.3
'77.0
'53.7

94.7

95.1

'94.9

124.8

123.8

117.5

123.0

59.5
91.0
83.0

119.0
'61.7
'90.8
83.2

'84.6
••96.4
92.4
'99.1
72.5
'53.6
'91.5
'90.3
'93.3
96.7
111.6
114.5
118.4
'117.0
' 308. 5
'116.8
' 145. 4
'95.4
'87.0
'86.4
' 106. 0
106.7
81.2
'67.2
96.1
88.4
'112.2
62.8
90.4
82.2

87.6

87.7

87.6

'86.7

91
83

91
82

91
80

91
76

63
89
66.3
79
54

67
90
65.6
80
53

90
63.7
80
50

91
64.6
81
51

'65.2
80

91.6

92.1

93.9

94.9

94.9

105

109

118

118

116

83

84

85

93

92

92

97.5

90.6

95.7
103.8
98.9
'114. 5
116.5
114.9
116.3
316.9
112.0
142.1
92.5
97.6

98.5
105.9
105.9
82.8
67.2
101.4
91.2

'90

'53
94.4
114
85

92

93

26

SURVEY OF CURRENT BUSINESS

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

1939

1938

1939

June

August 1939

June

July

August

September

DecemOctober November
ber

January

February

March

April

May

EMPLOYMENT CONDITIONS AND WAGES—Continued
EMPLOYMENT—Continued
Factory, adj. (Federal Reserve)f— Continued.
99.2
Nondurable goods
1923-35=100 _ Chemicals and petroleum refining
do
112.4
115
Chemicals
do
115
Paints and varnishes
do
Petroleum refining
do
119
Rayon and allied products
do
313
124.8
Food and kindred products
do
Baking
do
146
Slaughtering and meat packing
do
98
Leather and its manufactures
do
91.2
Boots and shoes
do
91
Paper and printing
do
106.0
Paper and pulp
do
106
Rubber products
do
80.6
Rubber tires and inner tubes
do
66
Textiles and their products
do
97.8
90.0
Fabrics
do
113.8
Wearing apparel
do
64.2
Tobacco manufactures
do
Factory, unadjusted, by cities and States:
City or industrial area:
Baltimore
1929-31=100..
91.9
70.5
Chicago
1925-27=100.,
81.4
Cleveland
1923-25=100..
86.7
Detroit
do
94.3
Milwaukee
1925-27=100..
83.6
New York
do
90.6
Philadelphia
1923-25=100..
66.7
Pittsburgh
do.._.
90.6
Wilmington
do
State:
95.9
Delaware
do
Illinois
1925-27=100_.
78.1
Iowat
1923-25=100..
95.9
Maryland
1929-31=100..
71.2
Massachusetts
1925-27=100..
78.9
New Jersey
1923-25=100..
80.9
New York
1925-27=100 .
85.5
Ohio
1926=100..
75.4
Pennsylvania
1923-25=100..
86.8
Wisconsin!
1925-27=100..
Nonmanufacturing, unadjusted (U. S. Department of Labor):
Mining:
51.2
Anthracite
1929=100.
83.3
Bituminous coal
do
Metalliferous
do
62.9
Petroleum, crude, producing
do
67.1
Quarrying and nonmetallic
do
47.4
Public utilities:
Electric light and power, and manufactured
gas
1929=100..
92.3
Electric railroads, etc
do
69.8
Telephone and telegraph
do
76.1
Services:
Dyeing a;nd cleaning
do
110.1
Laundries
do
98.5
Year-round hotels
do
92.8
Trade:
Retail, total
do...
86.0
97.0
General merchandising
do
83.1
Other than general merchandising.do
Wholesale
do
87.7
Miscellaneous employment data:
43.6
Construction employment, Ohio__1926=100..
Federal and State highway employment:
Total
number.. 252,316
130, 743
Construction (Federal and State)..do
121. 573
Maintenance (State).
do
Federal civilian employees:
United States
do
District of Columbia,.
do
Railway employees (class I steam railways):
Total
thousands.
Index:
55.5
Unadjusted
1923-25=100.
54.3
Adjusted
do
Trade-union members employed:
All trades
percent of totalBuilding
do...
Metal
do
Printing
do
All other
do
On full time (all trades)
do__.

92.4
108.4
110
109
120
274
121.2
143
94
84.4
85
103.0
102
71.3
60
87.4
79.3
104.1
65.2

94.5
108.3
106
110
121
272
122.2
144
95
88.4
90
103.0
102
69.5
61
92.1
83.4
109.8
61.9

97.2
111.0
110
113
121
292
123.0
144
95
89.6
91
103.7
103
73.4
61
96.4
87.2
115.7
62.9

97.6
111.4
111
114
120
312
122.2
143
96
91.3
92
104.0
104
76.0
62
97.0
87.1
117.9
64.3

96.7
111.2
113
113
119
313
119.2
142
97
90.8
91
104.3
105
76.8
64
95.6
86.3
115.4
63.2

98.3
111.8
117
114
118
310
122.8
143
99
91.4
92
105.4
106
81.7
66
96.7
88.6
113.6
63.7

99.5
112.3
117
114
118
310
124.2
144
99
92.1
92
106.0
106
83.2
67
98.9
90.3
116.4
64.2

99.5
112.4
117
115
118
310
124.2
143
96
92.8
93
106.0
106
81.3
67
98.4
90.0
116.0
64.5

98.7
111.7
118
114
118
314
• 121. 3
144
'95
'92.9
93
105.9
106
'81.3
66
98.5
89.8
' 116.6
63.5

98.6
112.0
118
115
117
312
' 122. 5
144
94
93.2
93
106.3
106
82.3
67
97.7
89.2
115.5
60.3

'98.0
' 112. 9
115
116
117
322
122.3
143
95
91.7
92
106.3
106
81.4
67
96.4
88.3
112.8
63.2

'98.2
r 113. 1
115
114
118
'315
' 123. 7
'145
97
'88.1
'88
' 106. 3
107
'81.2
67
'96.4
89.0
'111.7
63.7

84.5
65.7
72.5
54.9
88.6
74.6
80.0
59.3
76.3

83.6
64.7
70.0
47.8
85.3
73.1
80.7
59.8
76.4

85.1
65.4
74.0
56.8
85.9
81.7
82.9
60.8
77.6

87.2
67.2
76.9
72.1
84.4
87.7
84.4
62.1
78.8

86.8
68.7
79.4
88.0
85.4
88.3
86.1
64.4
81.0

86.5
69.6
80.6
97.6
89.0
86.1
88.1
65.9
82.2

87.2
70.6
82.3
102.9
92.4
86.9
90.9
66.4
86.9

84.8
69.7
81.8
100.8
90.6
85.4
89.6
65.3
87.7

86.7
70.4
81.8
99.3
93.6
89.1
91.5
66.0
89.3

89.2
70.6
82.3
97.7
'94.8
90.5
91.0
66.7
90.6

90.3
69.8
82.2
96.0
94.5
88.0
90.8
67.2
92.1

91.7
70.0
81.8
62.4
92.9
85.5
'89.9
65.8
'91.6

84.0
71.4
124.0
88.7
62.3
72.9
' 71. 7
76.0
68.9
82.4

86.6
70.0
123. 9
88.1
63.2
72.5
'72.3
75.4
69.2
91.3

99.5
72.0
125.1
90.0
70.0
74.7
' 76.5
77.6
71.7
86.0

94.2
73.7
126.9
91.9
71.8
75.7
80.3
80.8
73.4
83.1

87.7
74.4
130.5
91.3
72.4
75.2
80.8
82.3
74.4
81.4

87.8
75.3
127.9
90.8
72.6
76.9
80.3
84.9
75.4
81.5

76.1
131.0
91.6
73.8
77.7
81.3
86.4
76.2
82.4

92.7
75.2
127.6
89.4
73.0
76.7
80.0
84.9
74.6
80.6

94.3
76.8
128.0
92.4
74.6
77.6
'81.9
86.0
76.3
82.7

95.2
77.8
129.0
94.5
74.8
77.9
82.7
87.1
76.5
83.6

97.0
77.6
131.1
95.5
73.1
77.5
82.0
'86.6
'76.2
83.7

'96.7
77.6

56.0
80.2
56.0
72.8
43.6

44.6
78. 5
49.7
72.3
44.1

37.6
80.1
51.4
72.4
44.6

46.4
83.4
55.2
71.5
44.6

52. 4
87.2
57.9
69.5
44.4

51.0
88.6
61.9
68.3
44.4

51.3
89.3
62.3
67.8
41.4

50.0
88.7
62.6
67.0
38.3

52.2
88.6
60.9
66.4
37.9

51.7
87.4
61.0
66.2
40.1

'53.0
25.9
61.5
65.8
43.0

52.6
'46.6
'61.7
66.0
'45.6

92.2
70.4
74.8

92.3
70.1
74.9

92.7
69.5
74.8

92.5
69.3
74.9

92.5
69.9
74.7

91.9
69.5
74.4

91.4
69.4
74.3

90.0
69.2
74.1

89.6
69.3
73.3

89.6
69.5
73.4

90.3
69.1
74.1

'91.1
'69.5
' 75.6

110.8
96.6
92.2

108.6
97.8
90.7

105. 0
97.5
90.4

107.8
96.5
91.8

106.8
94.4
92.9

102.5
93.7
92.5

97.9
93.4
92.0

94.2
93.3
91.8

92.1
92.8
92.6

95.4
92.9
92.7

102.2
93.5
93.2

' 107.0
'95.5
'94.0

83.6
91.9
81.4
87.2

81.1
87.9
79.3
86.8

80.0
86.4
78.3
87.6

84.7
97.0
81.5
88.5

85.9
99.4
82.3
89.1

86.9
104. 5
82.3
89.8

98.1
144.1
86.0
90.0

82.2
90.7
80.0
88.3

81.5
88.8
79.0
87.9

83.8
93.2
81.3
87.4

85.5
'96.9
82.5
87.3

85.7
'97.0
'82.7
'87.1

36.8

36.5

36.1

35.8

34.7

35.2

32.0

28.7

28.6

32.4

' 35.0

'43.0

266,629
103, 491
163,138

210,307
73,116
128,191

176,079
58, 815
117,264

169,155
58, 622
110,533

187, 523
78,394
109,129

220, 923
104,804
116,119

864,342
120,229

875, 541
1L0, 445

879, 504 ' 885,766
120,873 ' 122,003

902, 827
122, 902

294,240
134, 248
159,992

322,508
153,602
168,906

3':3, f>50
153, 509
170,141

337, 038
164,444
173,194

350,090
164,696
185,394

341,832
138, 512
203, 320

855, 210
115, 628

864, 827
116,231

872, 347
117.054

872, 644
118,172

873, 853
118,455

869, 389
119,107

919,161
120,852

95.8
'71.6
78.0
'80.4
'85.2
'74.8
84.5

930

945

958

966

967

974

51.2
50.1

52.1
50.8

52.6
51.3

53.9
52.9

54.7
53.2

53.8
53.4

52.8
54.2

52.2
54.4

52.7
54.8

53.1
54.6

53.2
53.6

53.6
53.0

81
64
75
87
85
62

82
65
75

83
64
75

84
68
73

85
68
74
88
89
66

84
68
76

85
67
78

84
65
78

85
66
79
87
90

64

65

65

86
68
82
88
91
67

87
71
83
90
91
69

88
75
83
90
91
70

979

63

961

LABOR CONDITIONS
Average weekly hours per worker in factories:
National Industrial Conference Board (25 in36.8
36.5
36.6
36.8
36.9
36.9
36.6
36.2
dustries)
hours..
36.7
37.2
33.1
35.2
33. \
U. S. Department of Labor (87 industries)!
36.9
36.4
36.7
36.3
37.1
36.9
37.4
37.1
36.5
34.4
34/
36.3
hours..
' Revised.
fRevised series. Iowa employment revised beginning July 1937; revisions aje shown on p. 26 of the March 1939 Survey. Wisconsin employment and pay rolls have been
adjusted, beginning 1929, to trends indicated by Census data. Indexes not shown on p. 26 of the November 1938 Survey will appear in a subsequent issue. For data on factory employment, adjusted (Federal Reserve) revised, see footnote marked with a " t " on p. 25.
1 Current are figures not strictly comparable with those prior to July 1938; revised series will be shown when available; see note marked with " t " on p. 39 of the July
1939 Survey.




27

SURVEY OF CURRENT BUSINESS

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

1938
June

July

August

September

1939
DecemOctober November
ber

January

February

March

April

May

EMPLOYMENT CONDITIONS AND WAGES—Continued
LABOR CONDITIONS—Continued
Industrial disputes (strikes and lockouts):
Beginning in m o n t h
number_.
I n progress during month
do
Workers involved in strikes:
Beginning in month
thousands-.
I n progress during m o n t h
do
Man-days idle during month
do
E m p l o y m e n t Service, United States:
Applications:
Active
file
do
New
do
Placements, total
do
Private
do
Ratio of private placements to active file
percent.Labor turn-over in mfg. establishments:
Accession r a t e . . . m o . rate per 100 employees..
Separation rate:
Total
do
Discharge
do
Lay-off
do
Quit
do

219
424

208
387

262
434

222
384

256
406

207
372

177
310

••171
•"291

' 175
' 299

'184
'299

'204
' 331

v 220
v 354

P113
P915

53
96
871

50
86
776

48
81
831

96
133
990

53
113
842

43
75
558

38
62
513

49
70
512

65
'83
' 535

41
'61
'585

'380
'407
' 4, 853

v 3, 400

6,271
570
344
251

7,831
803
246
164

8,088
705
228
156

8,119
623
271
190

7,966
523
281
203

7,743
565
292
208

7, 529
503
251
178

7,216
477
230
161

7,434
644
199
130

7,080
483
181
126

6,749
500
254
185

6,545
478
'270
195

P220

^360
*50

J>425

r

6, 382
516
333
242

2.5

2.1

1.9

2.3

2.5

2.7

2.4

2.2

1.7

1.8

2.7

3.0

3.8

3.92

3.44

4.81

5.29

4.51

5.19

4.24

3.22

4.09

3.06

3.34

2.95

3.29

3.31
.12
2.46
.73

4.41
.11
3.69
.61

3.81
.09
3.13
.59

3.08
.10
2.33
.65

3.56
.12
2.62
.82

3.30
.12
2.40
.78

3.14
.10
2.44
.60

3.88
.09
3.21
.58

3.19
.10
2.24
.85

2.61
.10
1.87
.64

3.18
.13
2.23
.82

3.46
.10
2.60
.76

3.48
.13
2.67
.68

86.2
81.9

70.8
61.7

70.6
58.6

76.9
63.7

81.0
68.7

83.8
75.2

84.1
78.3

86.5
80.4

83.4
76.6

85.4
78.4

86.9
80.1

84.9
80.2

84.4
79.5

80.7

59.1

57.4

65.3

68.6

74.9

79.1

80.8

77.7

79.8

81.6

80.1

'78.5

83.7
70.3

58.1
52.4

56.8
48.3

65.3
57.6

67.6
65.7

73.9
86.3

81.9
93.2

83.2
90.1

82.1
81.8

'83.4
78.9

84.8
81.9

82.8
76.7

'80.2
75.1

60.5
102.0
60.1
64.7
51.4

46.7
92.6
51.2
52.4
45.4

48.8
94.4
48.7
51.3
41.6

51.2
107.0
58.1
62.5
50.2

49.7
103.0
60.0
68.1
50.6

50.5
89.2
60.0
68.4
50.4

50.1
87.5
56.2
64.9
46.4

53.2
87.9
56.1
67.8
44.9

51.8
86.6
52.0
60.3
42.4

54.6
85.8
53 0
66.0
41.1

57.6
92.6
53.9
66.1
42.4

59.5
94.0
55.7
63.5
46.3

'59.1
'96.8
'58.2
'63.1
'50.3

96.6

76.4

72.7

76.1

78.6

81.9

83.9

89.4

87.4

91.7

94.2

'93.7

94.9

118.8

124.1

98.6

95.6

87.1

92.4

95.0

114.4

112.7

131.9

136.7

134.9

126.0

PAY ROLLS
Factory, unadjusted (U. S. Department of
Labor)f
1923-25=100.Durable goods
do
Iron a n d steel and their products, not incl.
machinery
1923-25=100-Blast furnaces, steel works, and rolling
mills
1923-25=100..
Hardware
do
Structural and ornamental metal work
1923-25=100..
T i n cans and other tinware
do
Lumber and allied products
do
Furniture
do
Lumber, sawmills
do
Machinery, not incl. transportation equipment
1923-25=100-.
Agricultural implements
(including
tractors)
1923-25=100Electrical machinery, apparatus, and
supplies
1923-25=100Engines, turbines, water wheels,
windmills
1923-25=100
Foundry and machine-shop products
1923-25=100..
Radios and phonographs
do
Metals, nonferrous, and products
do
Brass, bronze, and copper products.do
Stone, clay, and glass products
do
Brick, tile, and terra cotta
do
Glass
do
Transportation equipment
do
Automobiles
do
Nondurable goods
do
Chemicals and petroleum, refining-.-do
Chemicals
do
Paints and varnishes
do
Petroleum refining
do
Rayon and allied products
do
Food and kindred products
do
Baking
do
Slaughtering and meat packing
do
Leather and its manufactures
do
Boots and shoes
do
Paper and printing
do
Paper and pulp
do
Rubber products
do
Rubber tires and inner tubes
do
Textiles and their products
do
Fabrics
do
Wearing apparel,
do
Tobacco manufactures
do
Factory, unadjusted, b y cities and States:
City or industrial area:
Baltimore
1929-31 = 100-.
Chicago
1925-27=100..
Milwaukee
do
N e w York
do
Philadelphia
1923-25=100-.
Pittsburgh
do
Wilmington
do
State:
Delaware
do
Illinois.. . 1925-27=100.
Maryland
1929-31=100..
Massachusetts
1925-27=100..
New Jersey
1923-25=100..
New York
1925-27=100..
Pennsylvania..
1923-25=100..
Wisconsin! - 1925-27=100

88.5

66.6

64.1

67.7

73.0

78.0

80.4

82.7

80.6

83.5

86.5

85.7

'87.0

117.2

89.4

85.9

89.9

90.0

90.4

91.6

98.0

98.4

106.9

112.1

115.1

'117.2

82.7
94.7
86.4
99.3
66.2
46.2
94.6
92.9
93.8
91.0
120.4
129.2
126.9
135.5
303.4
125.7
145.2
110.1
69.4
63.4
102.1
104.1
84.1
76.9
77.5
74.5
80.7
58.9

65.7
71.6
66.3
72.5
56.4
36.0
77.6
57.4
54.4
80.9
112.8
118.1
115.6
137.8
242.1
121.7
141.9
104.7
57.5
52.8
96.0
94.9
63.5
57.5
62.4
61.2
62.6
59.4

63.7
72.4
67.0
77.9
53. 1
35.4
69.1
51.0
47.4
84.1
111.1
114.5
111.0
135.3
249.5
128.5
142.8
107.9
69.4
67.0
95.9
96.9
64.1
60.0
66.6
65.7
66.0
57.1

67.2
75.5
74.1
83.4
56.5
37.2
78.6
49.9
47.0
91.7
116.9
121.0
111.2
138.1
289.0
131.1
139.8
104.8
70.0
75.1
98.0
101.9
69.5
60.6
80.0
73.4
90.4
59.0

68.1
83.5
81.4
89.1
58.3
38.6
82.6
64.7
66.3
94.9
118.9
121.4
114.5
134.6
308.2
136. 7
143.5
108.7
74.0
70.9
101.1
101.5
76.7
67.3
84.0
74.7
99.5
61.0

69.4
97.9
88.5
96.2
63.0
40.6
92.9
83.8
91.3
93.4
120.1
128.1
116.3
132.8
302.6
127.0
139.5
110.0
69.6
64.5
103.7
106.5
79.7
69.1
83.1
76.5
93.0
60.7

70.6
106.9
90.2
99.8
63.8
39.0
98.6
95.9
107.6
90.6
119.1
128.1
113.8
133.6
302.7
122.4
139.7
110.0
62.4
54.4
103.3
102.9
85.2
75.3
78.4
77.3
78.0
59.8

75.9
107.6
90.3
98.9
63.5
39.4
99.4
97.9
107.4
93.4
120.1
129.8
115.4
134.1
302.4
120.9
138.2
112.5
70.0
63.3
107. 3
103.4
89.0
79.0
83.3
81.1
84.6
59.6

74.8
96.8
84.6
93.0
56.8
36.7
92.0
93.5
101.3
91.0
119.8
127.9
113.1
134.5
309.5
115.3
136.1
111.1
77.5
72.6
102.2
102.6
83.9
76.2
81.0
78.9
82.4
49.7

78.0
87.7
88.3
96.4
58.0
35.6
93.3
91.8
97.3
93.1
119.9
129.6
115.7
132.4
314.4
112.1
136.6
101.3
83.3
79.6
102.3
105.1
83.0
72.9
87.8
81.2
97.7
50.9

79.5
85.1
'89.2
98.6
61.7
37.2
95.3
92.0
97.0
94.6
' 121.7
130.9
120.4
131.5
313.4
' 113.8
138.0
100.6
83.2
80.1
104.2
105.5
85.4
76.1
89.0
79.4
104.8
51.5

'78.8
80.8
'86.0
95.9
62.6
39.6
89.4
94.4
99.5
90.2
' 120.6
127. 9
123.2
128.5
304.4
' 113.9
135.7
99.5
74.5
70.1
103.3
104.6
83.0
73.6
79.8
73.9
88.8
'53.2

80.4
'84.1
'86.8
99.4
'63.7
'40.4
'91.7
'87.6
'88.0
89.9
' 120. 5
128.9
' 127.3
' 132.1
298.3
' 120.9
' 143. 4
' 107.7
'64.2
'57.9
' 103.9
105.5
82.1
73.5
'77.8
'74.3
'82.0
'55.8

110.5
58.7
96.5
76.9
91.5
83.6
90.6

87.2
50.8
82.0
66.6
74.7
62.2
72.3

87.1
50.8
79.0
66.7
76.1
58.0
72.9

92.3
52.2
84.3
75.5
79.3
66.4
74.1

94.0
54.0
81.1
83.6
82.7
66.7
75.4

96.7
55.2
84.7
80.6
83.8
73.6
75.9

96.8
55.9
89.9
76.0
84.5
78.6
76.4

99.4
58.5
92.8
79.0
89.6
80.0
84.2

96.0
57.1
88.8
77.6
87.7
79.1
84.9

99.5
57.3
95.4
82.0
90.2
82.8
85.8

103.2
59.0
94.7
86.9
91.1
83.5
88.2

102.5
57.3
94.7
79.5
87.3
81.1
90.0

107.2

57.8
92.8
77.7
'88.4
'79.8
'89.1

84.1
67.3
110.4
67.5
80.0
75.9
76.8
89.2

68.3
56.6
89.1
55.3
68.3
'63.7
62.1
77.0

70.2
55.9
89.0
57.1
68.4
'64.9
61.3
81.3

74.7
58.9
93.9
64.5
70.9
'70.0
66.9
80.3

74.4
60.3
95.7
67.1
72.6
75.3
68.9
77.7

71.7
62.2
98.7
67.6
74.6
75.0
72.3
80.9

71.6
62.6
98.7
66.3
75.0
72.9
73.3
81.6

78.5
64.9
101.9
69.5
77.8
75.8
75.6
83.8

79.0
63.2
97.9
68.3
75.9
74.4
73.5
79.5

79.6
65.1
102.2
70.9
77.2
'76.8
76.2
85.7

81.7
67.3
105.3
71.2
79.0
79.4
77.6
86.7

83.4
66.2
104.5
68.2
77.1
76.4
'74.2
85.3

82.3
66.4
107.0
67.0
78.3
'74.4
'73.2
86.1

' Revised.
*> Preliminary.
t Revised series. Data on factory pay rolls (U. S. Dept. of Labor) revised beginning 1933; see table 77, on p. 17 of the November 1938 Survey and table 2, p. 16 of the
December 1938 issue. For Wisconsin pay rolls, see footnote marked with a " t " on p. 26.




28

SUKVEY OF CURRENT BUSINESS

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

1939

1938

June

September

June

July

August

August 1939
1939

DecemOctober November
ber

January

February

March

April

May

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

36.1
74.4
55.5
62.4
41.4

49.7
57.0
46.1
67.6
37.3

20 2
56.8
38.0
66.7
37.0

20.0
64.2
43.7
66.8
39.2

29 4
71.9
46.1
66.5
38.4

43.4
78.3
49.2
63.7
39.2

36 2
81.4
52.3
63.3
37.2

42.5
80.9
54.1
62.5
33.7

38.0
78.2
55.3
60.9
30.2

45 2
81.2
53.4
62.7
29.7

34.2
'77.8
53.6
61.3
33.1

'43 4
' 17.7
52.6
60.8
35.9

100.4
70 6
93.0

98.6
69 7
90.9

98.3
69.0
90.9

98.9
69 5
91.3

98.4
68.4
92.6

99.9
68.9
95.3

98.6
68 8
93.0

98.2
69.7
92.5

95.9
71.1
92.0

96.4
69.9
91.7

96.8
70.5
91.9

97.0
69 6
92.1

84.4
86.7
81.8

83.3
81.8
79.6

77.5
83.0
77.4

74.3
83.1
77.4

81.7
81.4
78.9

78.0
79.5
80.8

73.9
79.3
81.3

68.3
80.0
81.1

65.8
79.6
80.2

63.2
78.6
82.8

67.7
79.3
81.1

73.3
79.9
81.9

'83.0
83.9
'82.3

72 4
87.7
69.2
75.4

69 5
84.3
66.4
73.8

68 1
80.4
65.6
73.6

66 8
78.8
64.3
73.7

69 4
85.3
66.1
74.3

70.8
88.3
67.2
75.1

71 5
91.8
67.3
75.4

79 2
122.9
70.1
75.7

69.7
84.0
66.7
75.5

68.4
81.0
65.8
74.6

69.6
83.4
66.8
74.7

' 71.3
'86.6
68.1
74.8

'71.5
'87.0
'68.3
'74.9

57 0
'19.3
'53.7
'61.2
'39.7
'98.9
70.1
'94.2

r

WAGES
Factory average weekly earnings:
National Industrial Conference Board (25
dollars.,
industries)
U. S. Department of Labor (87 ndustries) f
dollars..
Durable goods
____ d o — .
Iron and steel and their products, not including machinery
..dollars
Blast furnaces, steel works, and rolling
dollars. .
mills
_ do....
Hardware
Structural and ornamental metalwork
dollars. _
do
Tin cans and other tinware.
d o Lumber and allied products.
do—
Furniture
Lumber, sawmills
Machinery, not including transportation
equipment
dollars _
Agricultural implements (including
tractors)
dollars .
Electrical machinery, apparatus, and
supplies
dollars
Engines, turbines, water wheels, and
windmills
dollars
Foundry and machine-shop products
dollars. _
do....
Radios and phonographs
Metals, nonferrous, and products..do
Brass, bronze, and copper products
dollars
Stone clay and glass products
do
..do--..
Brick, tile, and terra cotta.
do
Glass
__ do .Transportation equipment
do
Automobiles
do-_
Nondurable goods
Chemicals and petroleum refinine do
do
Chemicals
_ do -.
Paints and varnishes
do
Petroleum refining
. do ._Rayon and allied products.
do
Food and kindred products
.... d o Baking
_ _
Slaughtering and meat packing do
Leather and its manufactures
do
Boots and shoes
do
Paper and printing
do
. do...
Paper and pulp
do
Rubber products
Rubber tires and inner tubes
do. _
do
Textiles and their products
Fabrics
. .
do
Wearing apparel
Tobacco manufactures
do
Factory average hourly earnings:
National # Industrial Conference Board (25
dollars _
industries)
U. S. Department of Labor (87 industries) t
dollarsDurable goods
..
_ -. do-..
Iron and steel and their products, not including machinery
dollars
Blast furnaces, steel works and rolling
dollars
mills
. . do.Hardware
Structural and ornamental metal work
dollars
Tin cans and other tinware _.. do__.
Lumber and allied products
do
do
Furniture
do—
Lumber, sawmills

26.79

721

' Revised.
fRevised series. See note marked with "t" on p. 29.




23.74

23.93

24.93

25.73

26.14

26.32

26.02

25. 95

26.11

26.25

26.27

26.19

22.30
24 22

22.06
23 53

22.90
24 98

23.32
25 80

23.95
26.95

23.82
27 11

24.31
27.34

23.86
26 65

24.06
26 85

24.23
27.10

'23.85
'27.00

23.90
26.93

22.17

21.91

24.11

24.59

25.94

26.64

26.91

26.37

26.70

27.01

26.45

26.16

22.21
20 77

21.70
20 77

24.70
23 06

25.25
23.86

26.79
26.32

28.48
26 79

28.49
25. 31

28.18
23.42

28.47
23.04

28.81
23.93

28.07
23.05

27.43
23.87

25.26
22 62
19.52
18 42
19.76

26.01
22.44
18.64
17 87
18.29

26.94
23.40
21.02
20.43
20.90

25.93
22.85
21.31
21.50
20.88

26.12
22.50
21.09
20.77
20.94

26.07
22.50
19.91
19 75
19.57

27.18
22.76
20.14
20 60
19.27

26.59
22.78
19.81
19.13
19.86

26.93
22.33
19.80
20 26
18.83

27.54
23.57
20.02
20.20
19.34

28.06
23.19
20.08
19.74
19.94

27.71
23.66
20.73
19.86
21.00

24 68

24.34

25.08

25.57

26.07

26.04

27.00

26.55

27.27

27.67

' 27. 45

27.86

27 36

27.05

26.43

26.55

27.11

27.08

29.85

27.92

29.96

30.19

30.00

29.56

24 49

24.33

25.28

26.07

26.71

26 69

27. 26

27.17

27.63

28.09

27.57

28.11

26 98

27.05

28.13

28.00

28.01

28.35

29.73

29 21

30.50

30.92

30.94

30.95

24.30
22.07
22.20

23.99
22.11
22.93

24.87
21.20
24.14

25.02
22.21
25.14

25.54
22.53
26.06

25.51
22.40
25.70

26.48
22.62
25.81

26.11
22.15
24.85

26.69
21.15
25.48

27.02
21.14
' 25. 60

' 26. 70
21.19
' 24. 90

27.23
21.73
25.38

23.14
22 77
19.43
23 48
29.64
29.49
20.52
28.80
29 90
27.79
35 26
22.42
24 98
25.76
28.19
16.30
14.71
27.04
22.89
23.75
27.35
15.03
15.29
14.31
16.91

24.74
21.90
18.83
22.15
29.43
29.56
20.83
28 48
29 40
27.38
34.60
22.68
24.53
25.79
28.63
18.51
17.48
27.10
23.37
24.84
28.43
15.67
15.72
15.50
17.18

25.63
22.77
19.56
23.95
31.22
32.33
21.25
29.02
30.39
27.39
35.25
24.16
23.18
25.33
27.93
19.80
18.85
27.48
24.26
25.39
28.73
16.87
16.56
17.68
16.89

26.32
23.00
19.77
24.13
32.64
33.81
21.33
28.36
29.90
27.70
34.58
24.02
23.43
25.86
28.66
18.98
17.87
27.91
23.92
26.91
31.27
17.03
16.43
18.68
16.96

27.28
23.96
20.37
25.47
33.88
34.98
21.35
28.41
30.88
27.83
34.45
23.63
24.11
25.30
28.51
18.32
16.97
28.14
24.85
27.27
31.25
17.00
16.65
18.01
16.84

27.14
23.82
19.46
25.68
33. 64
34 89
20.85
28.26
30 22
27.34
34 86
23.74
24.22
25.21
27.54
17.22
15.41
27.58
23.78
27.58
32.77
16.35
16.35
16.35
16.55

26.92
24.03
20.06
25. 76
32.72
33.22
21.53
28.52
30.72
27.80
35.30
23.80
24.75
25.26
27.69
18.62
17.11
28.61
23.85
28.40
33.76
17.00
16.82
17.61
16.92

25.79
22.98
19. 65
24.72
31.32
31.55
21.28
28.63
30.63
27. 34
35.75
24. 22
24.96
25.47
28.05
19.71
18.54
27.80
23.82
27.72
32.59
16.75
16.55
17.38
15.59

26.42
23.43
19.47
25.04
30.69
30.80
21.49
' 28. 55
30.89
27.84
35.23
24.15
24. 83
25.40
26.98
20.19
19.13
27.89
24.16
27.28
31.68
17.35
16.81
19.03
15.19

26.98
23.72
19.59
25.30
30.81
30.87
21.60
' 28. 36
31.08
28.30
35.20
24.24
25.00
25.52
27.32
20.12
19.17
28.37
24.43
27.40
32.54
17.38
16.56
19.91
16.22

26.43
22.96
19.46
23.37
r 30. 80
' 32. 33
' 20.92
27.91
30.81
28.24
34.39
23.64
24.57
25.11
27.23
18.73
17.58
28.08
24.11
27.00
31.48
16.36
' 15.86
17.84
' 16. 08

27.18
23.48
19.91
24.15
31.04
31.18
21.11
28.81
31.00
29.12
35.10
23.70
25.51
26.03
28.39
17.43
15.93
28.22
24.25
26.75
31.46
16.31
15.96
17.41
16.60

.719

.713

.711

.714

.714

.714

.713

.713

.713

.715

.717

.720

.649
.726

.651
.727

.648
.726

.649
.724

.632
.708

.637
.710

.645
.724

.648
.726

.651
.729

.753

.753

.753

.757

.757

.757

.754

.752

.753

.753

.835
.657

.839
.658

.839
.680

.842
.689

.842
.667

.835
.660

.835
.651

.835
.655

.835
.655

.836
.651

.731
.597
.523
.522
.519

.726
.599
.526
.524
.525

.720
.606
.520
.518
.520

.725
.607
.533
.524
.537

.727
.608
.532
.526
.533

.731
.613
.541
.521
.550

.729
.610
.525
.523
.523

.731
.608
.533
.527
.533

.731
.611
.539
.532
.542

.727
.616
.543
.530
.552

.648
.718

.635
.704

.629
.702

.763

.753

.841
.653

.840
.652

.728
.602
.531
.531
.527

.728
.589
.511
.522
.502

29

SURVEY OF CURRENT BUSINESS

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

1939

1939

1938

June

September

June

July

August

DecemOctober November
ber

January

February

March

April

May

EMPLOYMENT CONDITIONS AND WAGES—Continued
WAGES—Continued
Factory average hourly earnings—Continued:
U. S. Dept. of Labor (87 industries)!—Contd.
Durable goods—Continued:
Machinery, not including transportation
equipment..- __ _ __
dollars _
Agricultural implements (including
tractors)
_
dollars
Electrical machinery, apparatus, and
supplies
dollars
Engines, turbines, water wheels, and
windmills
dollars
Foundry and machine-shop products
dollars..
Radios and phonographs.
do
Metals, nonferrous, and products _do _ _
Brass, bronze, and copper products
dollars
Stone, clay, and glass products, -.do __
Brick, tile, and terra cotta _
do
Glass
.
_ __
_ do _
Transportation equipment
do
Automobiles._
do
Nondurable goods
do
Chemicals and petroleum refining do
Chemicals
_______
do _
Paints and varnishes
do
Petroleum refining
do
Rayon and allied products.
do___
Food and kindred products
do
Baking
_ _ .__ _ do__
Slaughtering and meat packing. _do
Leather and its manufactures
do _
Boots and shoes
do
Paper and printing __
do
Paper and pulp
_ __ ___do _
Rubber products .
do
Rubber tires and inner tubes _ do _
Textiles and their products
do
Fabrics
_
do
Wearing apparel
. ...do _ _
Tobacco manufactures
do
Factory average weekly earnings, by States:
Delaware
1923-25=100
91.6
Illinois _
_
_
1925-27=100
93.4
Massachusetts. ________

_

__do.

New Jersey
1923-25=100
New York
1925-27=100
Pennsylvania
1923-25—100
Wisconsin!
1925-27=100
Miscellaneous wage data:
Construction wage rates (E. N. R.):§
Common labor
. dol. per hour
Skilled labor
do
Farm wages without board (quarterly) f
dol. per month.Railway wages (average, class I)
dol. per hour
Road-building wages, common labor:
United States, average
dol. per hour
East North Central.. _ _ - . _
do.
East South Central
do
Middle Atlantic
_ ___ . do
Mountain
do
New England __ _
_do
Pacific -.
_
-_ . . do _
South Atlantic.
do
West North Central
_ do .
West South Central
do

h

0.727

0.724

0.720

0.721

0.717

0.720

0.721

0.724

0.725

0.728

0.726

0.725

.781

.781

.768

.771

.777

.794

.803

.794

.804

.803

.795

.787

.747

742

.738

.737

.732

.730

.736

.744

.743

.745

.742

.744

.783

.785

.787

.788

.785

.786

.793

.788

.787

.788

.788

.787

.714
.599
.660

.710
.610
.668

.709
.595
.666

.710
.594
.661

.709
.577
.659

.711
.582
.662

.712
.582
.667

.713
.591
.668

.711
.577
.665

.715
.578
.669

'.714
.586
.668

.710
.589
.672

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

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

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

.713
.632
.516
.707
.897
.933
.577
.744
.781
.699
.984
.638
.576
.610
.686
.524
.501
.765
.613
.758
.946
.492
.462
.539
.458

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

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

.707
.651
.537
.723
.898
.924
.584
.743
.781
.699
.974
.641
.619
.615
.679
' .526
.499
.771
.613
.764
.961
.482
.461
.521
.469

.701
.651
.540
.728
.899
.921
.585
.744
.780
.699
.980
.637
.628
.617
.683
.525
.498
.765
.616
.768
.957
.484
.462
.525
.481

.704
.648
.542
.720
.897
.924
.586
.742
.780
.697
.970
.640
.632
.615
.684
.520
488
.768
.611
760
.953
.489
.461
.539
474

.705
.651
.544
.716
.898
.926
.586
.734
.780
.698
.973
.643
.629
.615
.689
.517
.492
.771
.614
.765
.957
.491
.462
.541
.474

.704
.648
.535
.707
.896
'.928
.582
.732
.780
.697
.973
.647
.627
.613
.694
.518
492
.770
.612
.761
.947
.479
.457
.517
.475

.708
.646
.534
.710
.895
.931
.584
.749
.776
.701
.970
.647
.632
.620
.689
.520
.494
.772
.616
.742
.944
.477
.459
.510
.472

94.9
103.0
93.8
101.0
101.4

85.0
85.9
88.8
104.8
88.7
88.8
92.9

84.7
86.7
90.4
105.4
89.7
86.7
89.3

78,4
88.7
92.3
105.9
91.4
91.9
93.5

82.5
88.9
93.6
106.9
93.8
92.5
93.5

85.5
90.7
93.5
110.5
92.8
96.0
98.9

85.2
90.1
91.5
108.6
90.7
96.7
99.4

89 2
92.6
94.3
111.5
93.3
98.8
101.0

89.0
91.3
93.8
110.2
93.0
98.1
97.8

88.3
92.0
95.3
110.8
93.7
100.3
102.7

89.6
93.9
95.4
112.8
95.9
101.2
102.9

' 89.8
92.5
93.4
110.7
93.1
'96.9
100.7

88.9
92.8
93.5
111.8
92.6
97.5
100.6

.684
1.44

.677
1.42

.677
1.43

.677
1.43

.677
1.43

.682
1.43

.682
1.43

.682
1.43

.682
1.43

.680
1.43

.680
.144

.683
1.44

.682
1.44

36. 26

37.28
.722

.726

.714

.727

.725

.735

.735

,740

.750

.726

.732

.720

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

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

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

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

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

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

.38
.63
27
51
53
.50
.66
26
.43
.36

.37
.59
28
.52
53
.51
.66
27
.42
.35

.35
.60
28
56
51
.48
.67
27
.41
.38

.35
.60
27
57
54
.50
.65
27
.40
.37

.39
.62
30
.54
55
.57
.67
28
.42
.37

.40
.60
.28
.51
.55
.52
.63
.28
.45
.37

'294

299

307

311

320

326

325

316

310

318

'309

308

42
37

42
36

43
36

43
35

44
35

44
36

45
41

46
44

46
45

46
46

46
41

46
39

2

1

1

1

1

2

2

2

2

2

2

36.09

34.92

35.42

ALL PUBLIC RELIEF
Total, exclusive of transient care and adminis'trative expense t - - mil. of dol
Obligations incurred for:
Special types of public assistance _ do General relief _ _ - . _ _
do
Subsistence payments certified by the Farm
Security Administration
_. mil. of dol
Earnings of persons employed on Federal
work programs
Civilian Conservation Corps.._mil. of dol__
Works Progress Administration:
Operated by W. P. A.!
do
Operated by other Federal agencies! do _
National Youth Administration:
Student aid
_ _
_
..do __
Work projects!-. . .
do _ _
Other Federal work and construction
projects!
mil. of dol__
a
b
r

17

20

20

19

20

21

19

21

21

18

20

20

146

151
4

163

5

165
5

171
5

172
5

168
5

156
5

150
4

158
'4

146
6

141
7

2
4

0
4

9

4

4

4

2
4

2
4

2
4

2
4

2
4

2
4

2
4

46

40

35

39

38

37

36

34

35

'40

46

(o)

39

Less than $500,000.
For the month of July.
Revised.
Construction wage rates as of July 1, 1939, common labor $0,684, skilled labor $1.44.
fRevised series. For classification changes, factory weekly and hourly earnings, and hours worked per week, see note marked with a "f" on p. 29 of the July 1939 Survey.
Farm wages revised beginning 1913; data not shown above will appear in a subsequent issue. Data on all public relief revised beginning with January 1933; figures not shown
on p. 29 of the April 1939 Survey will appear in a subsequent issue. Meanwhile, the historical record can be obtained from the Social Security Bulletin for April 1939. The
revised series differ from those previously published in that they include, in addition to earnings of persons certified as in need of relief, the earnings of all other persons employed on work or construction projects financed in whole or in part from Federal funds. Wisconsin weekly earnings revised beginning August 1937; data not shown on
p. 29 of the July 1939 Survey will appear in a subsequent issue.




30

SURVEY OF CURRENT BUSINESS

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

1939

1938

June

September

June

July

August

August 1939
1939

DecemOctober November
ber

January

February-

March

255

248

245

238

247

0
0

0
0

0
0

0
0

0
0

204
122
82
52
195

198
122
76
50
195

191
117
74
54
191

189
118
72
49
192

192
124
68
55

3,185
2,719
1,973

3,178
2,710
1,969

3,173
2,694
1,960

3,172
2,683
1,955

'3,166
2,671
1,948
723

80

74

66

61

24
362

24
370

23
389

23
403

April

May

FINANCE
BANKING
Acceptances and com'l paper outstanding:
261
258
Bankers' acceptances, total
mil. of dol._
273
264
265
270
245
270
Held by Federal Reserve banks:
0
0
0
For own account
do
0
0
0
0
0
(a)
(a)
(a)
(a)
For foreign correspondents
do
2
1
0
(a)
Held by group of accepting banks:
222
212
221
216
223
191
210
217
Total
mil. of doL.
130
124
121
122
129
135
129
Own bills
do
133
Purchased bills
do
93
98
91
69
92
76
84
87
52
42
46
58
40
Held by others
do
51
53
47
Commercial paper outstanding
do
213
187
212
225
209
206
181
211
Agricultural loans outstanding of agencies supervised by the Farm Credit Administration:
3,229
3,257
3,210
3,290
3,336
Grand total
mil. of dol..
3, 319
3,307
3,158
Farm mortgage loans, total
do
2,764
2,751
2,735
2,658
2,776
2,804
2,795
2,786
Federal land banks
do
1,998
1,990
1,982
1,941
2,004
2,018
2,014
2,009
772
767
760
718
Land Bank Commissioner
do
753
786
782
777
Loans to cooperatives, total •
do
116
112
112
110
102
83
106
100
Banks for cooperatives incl. Central
86
83
76
Bank
- mil. of dol .
87
81
75
87
60
Agricultural Marketing Act revolving
25
28
24
27
26
25
23
fund
mil. of doL
25
377
366
363
404
426
420
Short-term credit, total
do. ...
424
417
Federal intermediate credit banks, loans
to and discounts for:
Regional agricultural credit corps.,
prod, credit ass'ns, and banks for co175
190
167
168
208
operativescf
mil. of dol
197
190
199
Other financing institutions
do
36
35
34
40
41
43
43
43
155
148
148
184
181
Production credit ass' ns
do
171
184
188
Regional agr. credit corps
do
12
12
11
13
15
14
10
14
119
126
Emergency crop loans
do-...
117
116
123
128
125
127
55
55
55
56
Drought relief loans
do
56
56
54
56
Joint Stock Land Banks in liquidation...do
90
89
87
91
94
92
79
93
Bank debits, total (141 cities)
mil. of doL. 33,988 32, 797 30, 505 28, 270 29, 525 33, 235 29,463
39,966
New York City
do
15,140
12,425
18, 879
15,312
15, 637
13, 828 12, 247 13,085
Outside New York City
do
18,096
17,039
21,087
18, 676 17,160
16,677
16, 023 16,440
Federal Reserve banks, condition, end of mo.:
14,861
15,293
14, 214
14, 261 14,573
15,581
Assets (resources) total
mil. of dol_. 17,172
14,285
Reserve bank credit outstanding, total
2,586
2,600
2,585
2,584
2,601
mil. of dol..
2,579
2, 596
2, 589
Bills bought
do
1
1
1
1
1
1
1
1
4
7
7
7
8
8
5
Bills discounted
do
7
United States securities
do
2,564
2,564
2,564
2, 563
2,551
2,564
2,564
2,564
Reserves, total
do
11,639
11,970
12,166
11,295
13,874
11,041
11,049
11,026
Gold certificates
do
11,613
11, 798
13, 524
10, 645 10, 642 10, 640 10, 918 11, 272
Liabilities, total
d o — 17,172
14, 861 15, 293 15, 581
14, 214
14, 285 14, 261 14,573
Deposits, total
do
9,672
9,935
10,088
9,406
11,701
9,247
9,270
9,212
Member bank reserve balances, total
8,724
8,713
8,024
8,179
8,876
8,198
8,164
mil. of dol__ 10,018
E xcess reserves (estimated)
do
3,227
3,205
3,383
2,869
4,140
2,875
3,022
2,941
Federal Reserve notes in circulation..do
4,315
4,452
4,385
4, 253
4,511
4,149
4,135
4,169
Reserve ratio
percent..
83.2
83.7
83.6
82.7
85.6
82.4
82.4
82.4
Federal Reserve reporting member banks,
condition, Wednesday nearest end of month:
Deposits:
15, 986
14, 951
15, 388 15, 508 15, 766 16,013
Demand, adjusted
mil. of dol. _ 17, 220 15,036
Time
do
5,155
5,160
5,124
5,180
5,237
5,239
5,193
5,210
Domestic interbank
do
6,219
6,061
6,212
5,799
6,747
5,780
5,927
5,958
Investments, total 1
do
13,081
13, 008 13,219
13,862
12, 240
12,395
12, 591 12.999
U. S. Government direct obligations.-do
8,132
8,266
8,111
8,106
8, 423
7,770
7,655
7,789
Obligations fully guaranteed by U. S.
1, 686
1,732
1,682
1,675
1, 655
1,488
1,646
2,148
Government
mil. of doL
Other securities ^
do
3, 263
3, 221
3,213
3,220
2,982
3, 291
3,094
3,147
8,327
8,430
8,241
8,317
8,321
8,089
8,165
8,270
Loans, total 1
do--_
Commercial, industrial, and agricultural
3,892
3,843
3,891
3,866
3, 865
3,886
3,936
3,833
loans 1
mil. of dol.
347
338
328
344
340
303
336
339
Open market paper
do_._
To brokers and dealers in securities
848
728
649
712
652
602
690
648
mil. of doLOther loans for purchasing or carrying secu571
572
579
560
576
583
574
543
rities
mil. of doL.
1,164
1,169
1,161
1,169
1,160
1,161
1,161
1,160
Real estate loans
do
110
115
118
117
111
109
51
113
Loans to banks
do
1, 515
1,567
1,502
1,543
1,537
1,550
1,516
1,507
Other loans 1
do
Money and interest rates:
Bank rates to customers:
2.29
2.33
2.36
2.16
2.25
2.33
2.27
In New York City
percent._
0)
In eight other northern and eastern cities
3.37
3.26
3.47
3.30
3.28
3.38
3.28
percent_.
(0
In twenty-seven southern and western cities
4.04
4.14
4.12
4.06
4.05
4.07
4.12
percent-0)
Bond yields (Moody's):
3.08
3.15
3.21
3.26
3.18
3.10
3.22
2.92
Aaa
do
5.36
5.27
5. 65
5.23
6.25
5.63
4.91
5.49
Baa
do
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
Discount rate (N. Y. F. R. Bank)
do
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
Federal land bank loans
do
Federal intermediate credit bank loans - do
2.00
2.00
2.00
2.00
1. 50
2.00
2.00
2.00
Open market rates, N. Y. C :
Me
Me
Me
Me
Me
VlG
Me
Me
Acceptances, prime, bankers
do
Call loans, renewal (N.Y. S. E.)
do
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
Commercial paper, prime (4-6 months)
%
percent. _
H
%-\
U
u
Time loans, 90 days (N. Y. S. E.)
do
IK
VA
Wi
in
m
.m
05
.04
.03
. 08
.03
.m
05
.m
07
.06
Treasury bills, 91 days (yield)
do
.68
.67
.71
.71
.82
.39
.67
.70
Treasury notes, 3-5 years (yield)
do
°Less than $500,000.
cf To avoid duplication, these loans are excluded from the totals.
•Includes a small amount of Federal intermediate credit bank loans (direct) not shown separately.
^See note marked with a "If" on p. 30 of the July 1939 issue.
i Discontinued by reporting source. New series on somewhat different basis will be substituted when available.




746
105

741
98

734
91

728
86

84
60
23

r 411
164
33
148
11
115
55
85

167
34
155
11
116
54
85

175
35
168
10
121
54
83

183
36
178
10
125
54
82

32,393
14, 533
17,860

27,581
12,380
15,201

34,486
16, 274
18, 211

30,143
13,311
16,832

187
38
183
10
••125
54
80
31,928
14,165
17,763

15,639

15, 862

16,186

16,766

16,922

2,607

2,598

2,587

2,595

1
5

1
4

1
4

1
3

2,574
12,382
11,948
15,639
10,420

2,564
12, 561
12,125
15, 862
10,571

2,564
12,951
12,553
16,186
10,919

2,571
13,476
13,103
16,766
11,376

2,573
1
4
2,564
13, 673
13,326
16,922
11,535

9,215
3,644
4,339
83.9

8,936
3,387
4,353
84.2

9,157
3,559
4,380
84.7

9,900
4,098
4,458
85.1

10,029
'4,218
4,477
85.4

16,048
5,183
6,359
13, 209
8,173

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

15, 991
5,217
6,466
13, 388
8, 096

16, 660
5,248
6,627
13,714
8,341

16, 965
5,235
6,675
13, 554
8,237

1,789
3,247
8,233

2,019
3,246
8,186

2,026
3,266
8,191

2, 026
3,347
8,071

2. 055
3,262
8,126

3,767

3,773

3,814

3, 841

324

313

305

302

3,822
308

792

799

764

648

721

535

523

531

539

1,174

1,136

1,140

1,148

1,542

1,550

1,543

1, 533

539
1,156
59
1,521

2.29

2.24

0)

3.33

0)
0)

0)

3.41

0)

4.10

4.09

0)

0)
0)

3.01
5.12
1.00
4.00
2.00

3.00
5.05
1.00
4.00
1.92

2.99
4.89
1.00
4.00
1.50

3.02
5.15
1.00
4.00
1.50

2.97
5.07
1.00
4.00
1.50

Me

Me

1.00

1.00

Me
1.00

Me
1.00

Me
1.00

99

92

94

60

H-5A

IK
.03
.65

IK

m

.03
.63

. 03
.51
r

Revised.

IK

.03
.50

0)

n
IK
.42
.34

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

31

SURVEY OF CURRENT BUSINESS
1939

1938

June

September

June

July

August

1939
DecemOctober November
ber

January

February

March

April

May

FINANCE—Continued
BANKING-Continued
Savings deposits:
Savings banks in New York State:
Amount due depositors
mil. of doL
U. S. Postal Savings:
Balance to credit of depositors
do...
Balance on deposit in banks...
..do...

5,514

5,336

5,329

5,332

5,362

5,363

5,359

5,405

5,417

5,431

5,478

5,463

5,471

1,262
64

1,252
115

1,252
101

1,252
99

1,248

1,250

1,250
87

1,252

1,259
83

1,263
'81

1,266
'80

1,264
'76

1,261
73

952
60
50
166
7
40
12
5
13
11
8
12
5
32
4
17
585
91
11, 609
509
1,150
4,468
97
1,057
215
341
313
199
276
216
79
1,147
45
483
3,849
1,633

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

1,038
51
45
210
7
32
24
2
14
7
13
20
6
58
3
24
629
103
14,761
617
376
5,957
100
2,143
389
295
258
221
291
293
350
991
150
476
5,385
2,426

1,015
34
57
173
8
37
12
2
11
6
12
9
7
41
6
22
629
122
16,382
344
1,128
6,147
91
747
370
76
764
62
256
434
549
2,254
340
204
5,903
2,860

866
33
49
184
6
31
14
8
11
6
18
18
9
33
4
26
528
72
14, 341
347
782
5,227
65
1,506
480
696
204
57
261
415
124
981
77
361
6,450
1, 535

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

12,302
1,158
713
4,434
90
703
909
0
429
92
162
333
270
892
149
405
4,513
1,484

875
37
48
175
11
33
21
3
8
5
11
8
4
44
3
24
527
88
36, 528
1,628
797
6,285
185
1,743
489
156
524
169
704
89
116
540
1,206
364
4,142
23, 676

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

963
32
45
177
12
42
18
6
9
9
11
16
4
31
0
19
618
91
12,788
262
968
4,985
125
1,482
237
306
255
118
255
512
112
1,055
0
528
5,251
1,322

1,123
52
54
210
7
51
20
3
12
7
15
15
8
50
4
18
683
124
17,915
1,113
1,228
7,875
55
3,248
742
755
306
86
302
188
155
1,614
145
279
5, 662
2,037

1,140
46
51
219
6
62
18
11
12
9
17
13
1
41
2
27
688
136
17, 492
495
744
8,294
100
1,444
340
1,164
363
1,837
565
666
8
1,024
388
395
5, 566
2,393

1,122
44
66
206
6
56
21
1
10
5
9
11
8
60
4
15
670
136
14,757
876
1,158
4,893
109
1,852
525
100
316
28
281
407
212
813
44
206
5,878
1,952

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

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

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

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

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

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

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

22,850
4,395
670
3,725
1,743
2,628

22,929
4,403
669
3,734
1,740
2,621

23, 018
4,410
667
3,743
1,738
2,611

23,100
4,416
667
3,749
1,743
2,605

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

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

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

12, 553
5, 598
2,885
2,754
1.316
732
339

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

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

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

12,884
5,857
2,957
2,653
1,417
747
453

12,950
5,895
2,971
2,657
1,424
759
4f>6

12,999
5,903
2,995
2,671
1,430
810
450

13, 065
5,952
3,003
2,675
1,435
827
444

784
30
580
174
597, 773
45, 076
170, 312
382, 385
258,072
26, 369
11,048
56,103
164, 552

720
12
511
197
528, 452
18,659
153, 392
356,401
287,110
66, 779
10, 423
56, 737
153,171

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

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

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

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

1,089
71
755
264
974,920
91, 294
226,085
657, 541
355,603
50,208
12,148
96,493
196, 754

648
30
357
262
729,937
51,899
99, 363
578,675
277,860
35,905
12.914
65,146
163,895

675
23
399
252
570,491
40, 365
109,871
420, 255
250, 374
22,491
11, 667
56,981
159, 235

842
33
499
310
645, 019
45, 205
138, 396
461,418
287, 539
25,817
13, 019
62,960
185, 743

COMMERCIAL FAILURESf
Grand total
numberCommercial service, total
do...
Construction, total
do...
Manufacturing, total
do...
Chemicals and drugs
do...
Foods
.
do...
Forest products
do_._
Fuels
do.__
Iron and steel
..do...
Leather and leather products
do...
Machinery
do.. _
Paper, printing, and publishing
do.__
Stone, clay, glass and products
do...
Textiles
do...
Transportation equipment
do.. _
Miscellaneous
do. _ .
Retail trade, total
do_..
Wholesale trade, total
do...
Liabilites: Grand total
thous. of dol.
Commercial service, total.
do__.
Construction, total
do - _ _
Manufacturing, total
do_._
Chemicals and drugs
do.__
Foods
do.__
Forest products
do.__
Fuels
do...
Iron and steel
do._.
Leather and leather products
do___
Machinery
do...
Paper, printing, and publishing
do___
Stone, clay, glass and products
do-_.
Textiles
do...
Transportation equipment
do. _ .
Miscellaneous
do...
Retail trade, total
do___
Wholesale trade, total
do

48
55
196
6
44
13
0
10
10
12
15
7
51
8
20

LIFE INSURANCE
(Association of Life Insurance Presidents)
Assets, admitted, total: J
mil. of dol
Mortgage loans, total
do_
Farm
do
Other
do.
Real estate holdings
do_
Policy loans and premium notes
do.
Bonds and stocks held (book value) total
mil. of dol_
Government (domestic and foreign),.do
Public utility
do
Railroad
do
Other
do
Cash
do
Other admitted assets
do
Insurance written:®
Policies and certificates, total number
thousands. _
Group
do
Industrial
do
Ordinary
do
Value, total
thous. of dol._.
Group
do.
Industrial
do .
Ordinary
.
do.
Premium collections, total
do.
Annuities
do.
Group
do.
Industrial
do_
Ordinary
do.

841
134
461
245
729, 749
194, 223
128, 568
406,958
268,472
25,496
11,528
61,255
170,193

812
716
33
20
464
496
232
283
550,666 604,443
35,981 43, 275
129,051 137,078
385,634 424,094
243,414 257,965
19,838 22,809
10,450 11,302
61, 263 59,846
151,863 164,008

(Life Insurance Sates Research Bureau)
Insurance written, ordinary, total.thous. of doL. 524,925 502, 588 457, 224 470,917 428,482 488,956 570, 648 897, 886 729, 766 532, 032 577, 203 495,650 532,089
New England
do .
41,314 34,880 31, 795 30,887 28, 648 35,105 44, 547 65, 390 58,827 43,632 44,852 37,658 40,608
Middle Atlantic
d o . . . . 142, 293 137,997 118, 748 123, 610 112, 049 139, 695 170, 752 279,319 194,457 140,911 159, 747 140,175 148,804
East North Central
_ do
106, 665 99,159 97,453 90, 542 103, 323 120,493 187, 742 174, 370 122, 242 130, 647 109,638 117,143
West North Central
do
54,148
55, 913 49, 272 53, 372
53, 078 52, 342 51, 227 53, 082 45, 864 49,986
56, 665 93, 672 76,498
South Atlantic
do
63,300 48, 038 53,050 45, 771 50,104
51,134 48,060 42, 860 46,830 42, 111 46, 365 51, 957 79,463
20,865
20, 386 22, 845 19, 070 21, 059
East South Central
do . 21,811
27,101
17, 586 18,834 19, 504 18,941 23, 548 34,198
West South Central
do
40, 791 42,829 41, 694 41, 235 36,175 40, 218 40, 575 62,032 53, 202 42, 233 45,997 38,401 42, 221
14,856
13,428
13, 677 15,848
14,406
14,850
17,806
14,935
13,990
Mountain
do
13,663
13, 504 14, 934 22,075
44, 094 40,165 44,136 40,161 41,819 47,177 73,995
64, 205 46, 765 48, 304 42, 002 44,372
Pacific
do. _
107
Lapse rates
1925-26=100..
101
' Revised.
f Revised series. Data revised beginning June 1934; see table 3, pp. 17-18 of the December 1938 issue.
t 37 companies having 82 percent of total assets of all United States legal reserve companies.
® 40 companies having 82 percent of total life insurance outstanding in all United States legal reserve companies.




32

SUEVEY OF CURRENT BUSINESS

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

1939

1938

June

September

June

July

August

August 1939
1939

DecemOctober November
ber

January

February

March

April

May

FINANCE—Continued
MONETARY STATISTICS
Foreign exchange rates:
0.329
0.318
0.314
0.312
0.331
0.325
0.311
0.320
0.311
0.312
Argentina
dol. per paper peso.0.312
.169
.169
.170
.169
.169
Belgium
dol. per belga
.170
.169
. 168
.169
.169
.168
.059
.061
.059
.058
.059
.059
.058
.059
.059
Brazil
dol. per milreis .059
.059
.368
.364
.352
.349
.356
.349
.367
.358
.349
British India
_
- -dol. per rupee..
.350
.351
.994
.996
.991
.992
.991
.998
.989
.994
.992
.995
.996
Canada
_ _ __ ._ dol. per Canadian doL_
.052
.052
.052
.052
.052
.052
.052
.052
.052
.052
.052
Chile
dol. per peso
.028
.027
.026
.026
.028
.027
.027
.026
.026
.026
France
_
- __ dol. per franc.026
.402
.401
.400
.400
.401
.401
.400
.401
Germany
dol. per reichsmark
.401
.401
.403
.053
.053
.053
.053
.053
.053
.053
.053
.053
.053
.053
Italy
- -dol. per lira
.274
.284
.278
.272
.273
.289
.287
.280
.272
.273
.273
Japan
-dol. per yen.
.544
.543
.544
.532
.553
.550
.546
.539
.542
.536
.531
Netherlands
dol. per guilder
.051
.051
.058
.057
.057
.052
.050
.046
.110
Spain
dol. per pesetas0)
0)
.241
.241
.241
.241
.254
.252
.256
.246
.243
.240
Sweden
. _
_-dol. per krona
.248
4. 804
4.768
4.708
4.669
4.958
4.929
4.881
4.670
4.686
4. 682
4.685
United Kingdom
dol. per £_.614
.632
.627
.620
.615
.652
.649
.642
.616
.616
.617
Uruguay
dol. per peso..
Gold:
13,
441
14,162
14,416
14,
599
14,
778
13,057
13,
940
15,014
12,
946
12,985
16,028
Monetary stock, U. S
_ mil. of dol _
Movement, foreign:
14,106 - 4 8 , 553
10, 720
Net release from earmark^
thous. of doL- -102, 596 -15,490 - 2 0 , 942 -28,785 -13,255 -110,177 - 7 , 375 - 6 2 , 387
14
81
11
131
17
16
16
15
19
65
53
Exports
- do
562,
382
165,
990
520,
907
177,
782
240,542
156,
427
223,
296
365,
436
240,450
55,438
63,880
Imports
__ _
do
Production:
1,014,533 1,034,928 1,046,338 1,035,341 1,041,394 1,024,057 1,028,774 1,033,939 985, 843 1,073,084
Union of South Africa, total _ -fine ounces _
933, 929 952,995 962, 757 952, 602 960, 561 944,035 946,895 953, 916 910, 084 989,974
Witwatersrand (Rand)
do
201, 111 197, 528 305,487 286,493 301, 593 277, 500 333,027 235, 337 233, 806 195, 780 209, 778
Receipts at mint, domestic (unrefined)__do
6,750
6, 764
6,712
6, 697
6,464
6,482
6,668
6,888
6,570
6,433
6, 966
Currency in circulation, total
mil. of dol__
Silver:
1,344
2,054
1,259
823
1,671
1,923
254
401
1,463
303
193
ExDorts 5
thous. of dol_.
24, 098
25, 072
24, 987
10, 328
21, 533
9,927
7,207
19,186
4,985
14, 770
18, 326
Imports
-- - - - -do
.428
.428
.428
.428
.428
.428
.428
.428
.428
.428
420
Price at New York
dol. perfineoz
19, 511
21, 822
20,154
16,159
19,108
20, 070
22, 490
25, 619
20,064
24, 071
Production, world
thous. offineoz_1,552
1, 454
2,400
2,023
1,575
1,637
1,603
2,528
2,202
2,112
Canada
_ -__
-do ___
2,781
4,922
4,281
6,794
4,486
4,906
9,224
4,160
8,417
9,019
Mexico
- do
4,624
4, 669
5, 268
5,441
5,067
2,879
4,679
5,073
5,596
4,530
United States
do
Stocks, refinery, end of month:
4,492
7,432
6,824
2,409
4,075
4,806
7,887
6,396
7,212
7,843
United States
_____ _._do __.
652
615
552
611
633
698
676
488
470
355
Canada
-do - _
CORPORATION PROFITS
(Quarterly)
Federal Reserve Bank of New York:
Industrial corporations, total (167 cos.)
187.0
84 4
61.8
153.3
mil. of dol
78.4
<*6. 2
22.9
69.5
Autos, parts, and accessories (28 cos.) _do
38.1
24.2
19.2
31.7
Chemicals (13 cos )
T^nod and b6V6rfi2f6S (19 cos )

mil. of dol

Machinery and machine manufacturing
(17 POS "i
mil of dol
]Vt6t£ils &nd mining (12 cos )
do
^fppl (11 on*? ^
IVTi^ppllfinpous (55 cos )
Tplpnhnnp^ (Q1 oos ) (not OD income)

do
do
do

Other public utilities (net income) (52 cos.)
mil of dol
Interstate Commerce Commission:
"Rnilwav*; rlnss T (npt income)
do
Standard Statistics Co., Inc. (earnings):
Onmbinpfl indpx un&diusted't
1926 —100
Tnrln^trials (11Q POS )
T?nilroRr1s (olass D ^ t
PnTnhinPfi indpx adilisfpd^t
"RcjilrnnrJ«5 (pins1? 1^*t
TTti1itip<? H ^ P O O

do
do
do
do
do

P

57 2

v d 26." 7
P H6 0
P52.8
P 55 5
v d 94 c
P 117.7

19.2

19.9

20.4

15.8

5.4
1.0
11 1
d
7. 3
12.9
52 8

4.1
1.5
10.7
d
7. 3
14.9
50.5

5.6
4.1
4.7
10.3
25.4
56.5

6.2
2.1
4.5
6.2
17.3
56.4

44 8

42.1

54.1

54.5

r _ 74 7

3.4

53.7

<*43.6

36.8
40.4
44.5
102 5
34.6
35 8
d
41 0
104.0

38.5
34.4
2.0
90 7
38.4

76.7
69.3
31.9
123.0
76.2
79.0
29.2
113.2

'60.4
r
65.0
25.4
r
124. 7
'62.4
r
68.7
r d
19.8
r
113.4

d

32.2

1 5
104.8

0.312
.168
.059
.350
.995
.052
.026
.401
.053
.273
.531

0.312
. 170
(2)

.241
4.681
.616

.349
.996
.052
.026
.401
.053
.273
.536
.110
.241
4.681
.616

15, 509

15,878

0)

-114,842 -251, 579
231
36
606,027 429, 440
1,017,508
938, 961
227, 642
6,867

219,161
6,919

2,054
7,143
.428

611
6,152
.428

1,411

1,559

5,336

3,701

8,669
255

9,903
167

r d

PUBLIC FINANCE (FEDERAL)
40,063
40, 282
39,439
39, 864 r 39, 990
39, 641
38, 607
38, 426
38, 395
37, 596
37,167
37,194
40, 440
Debt gross end of mo
mil. of dol
Public issues:
36,085
36,033
35 89^
35, 949 r 35, 994
34, 981
35, 755
34,950
34,112
34, 920
33, 903
33, 834
36,116
Interest bearing*
do
543
538
531
528
534
533
526
535
543
589
549
541
554
Noninterest bearing*
do_- _
Special issues to gov't agencies and trust
3,492
3,666
3,454
3,156
3,382
2,949
3,090
3,215
2,933
2,943
2,676
2,810
3,770
funds*
-- mil. of dol _
Obligations fully guaranteed by the U. S. Government:^
Amount outstanding by agencies, total,
5,409
5,410
4,992
5,410
5,410
5,009
4,993
4,987
5,001
5,015
4,853
5,064
5,450
mil. of doL1,380
1,379
1,388
1,381
1,381
1,383
1,404
1,388
1,395
1,410
1,410
1,410
1,379
Federal Farm Mortgage Corporation.do
2,888
2,888
2,888
2,888
2,888
2.888
2,888
2,888
2,888
2,888
2,937
2,937
2,928
Home Owners' Loan Corporation
do
819
819
820
509
509
819
511
511
511
511
299
510
820
Reconstruction Finance Corporation-do
Expenditures, total, including recovery and
relieff
.-thous. of dol - 972, 569 937,004 762, 697 682, 823 764,509 770, 311 678, 588 870, 278 693, 385 662,464 879, 300 786, 517 744,899
635,107 602, 762 405, 740 386, 401 453, 422 453,731 373, 861 500,024 391,451 347,849 498, 732 456, 294 425,135
General*
do
251,749 314,044 216,406 236,179 242, 693 261, 606 248, 587 307, 241 256, 746 254,122 297, 407 266,048 261, 689
Recovery and relief*
do
7.451
5,599
7,992
5,827
6,062
10. 249
6,895
10, 365
9, 703
12,743
5,308
12,484
Revolving funds, net*
_
__do _ _ 8,474
44, 500
43,500
48, 500
48, 500
38, 500
50, 000
68,000
55,000
50,094
47, 500
56,004
800 135,107
Transfers to trust accounts*
do
8,685
127
9,
562
1,182
530
745
626
1,772
13,
645
0
6,914
137
Debt retirements*
do.. - 21,235
Receipts totalf
do - 612, 522 773,948 311,092 487,487 710, 603 331,965 381, 644 704,494 308,152 417, 349 737,391 268,343 396, 781
28,
590
30,797
27,338
25,121
24,
318
22,
361
29,
266
29,
437
25,
318
28,673
21,950
23,101
24, 517
Customs
- - do .
568, 646 747, 295 350, 426 362, 286 682,544 315,061 304, 572 662, 252 315, 845 333, 518 691,401 279, 987 315,037
Intprnal rpvenue
do
35,912
473,804
50,764
56,
872
495,
906
38,832
43,
533
41,078
33,978 487,132
41, 606
Income taxes
do _ 351, 958 541,900
81, 508
81,979
2,939
98, 992 125, 870
3,855
69, 684
93,044
2,864
85, 736
4,927
77, 707
16, 252
Social security "taxes*
do
d
•Number of companies included varies slightly.
UOr increase in earmarked gold (—).
»• Revised.
Deficit.
p Preliminary,
-^uu.»_-uuo__
» Quotations not reported April 10, 1939, through June 8 1939
w. «,«__»_,«,..
W J _-.„-___.,-.-.
i Quotations not
available February-April
1939.
*New series. New items for Federal gross debt beginning June 1916 appear in table 21, p. lfi, and for Federal expenditures beginning July 1931 in table 22, p. 17, of the
April 1939 Survey. Data on receipts from social security taxes beginning June 1936 will appear in a subsequent issue.
tRevised series. The Standard Statistics Co. index of railroad earnings and the combined index have been revised beginning 1932; see table 25, p. 18, of the April 1939
Survey. Total Federal expenditures and receipts revised beginning July 1931; see tables 22 and 23, p. 17, of the April 1939 Survey.
SRevised series. Data revised for 1937, see table 19, p. 14 of the April 1939 Survey.
.
cTTotal includes $206 174 000 in guaranteed debentures of the Commodity Credit Corporation beginning with May 1938. Also included is a small amount of guaranteed
debentures of the Federal Housing Administrator, and in Feb. 1939, $114,146,000 for the U. S. Housing Authority which amount was increased to $114,157,000 beginning with
Mar. 1939.




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

33

SURVEY OF CURRENT BUSINESS
1939

1938

June

September

June

July

August

1939
DecemOctober November
ber

January

February

March

April

May

FINANCE—Continued
PUBLIC FINANCE (FEDERAL)—Con'd.
Receipts, total—Continued.
Internal revenue—Continued.
Taxes from:
Admissions to theaters, ete.-thous. of doL.
1,624
1,425
1,491
1,619
1,429
2,052
Capital stock transfers, etc..
do
735
937
305
Sales of radio sets, etc
___
do
400
258
449
Government corporations and credit agencies :t
Assets, other than interagency, total
11,389
11, 365
11,317
mil. of doL.
8,452
Loans and preferred stock, total
do
8,514
8,476
Loans tofinancialinstitutions (incl. preferred stock)
mil. of dol..
1,363
1,357
1,333
Loans to railroads
do
471
475
491
2,346
Home and housing mortgage loans, .do
2, 357
2,340
Farm mortgage and other agricultural
3,466
loans
mil. of doL.
3,467
3,491
All other
do
856
821
807
U. S. obligations direct and fully guaran834
809
teed
mil. of doL837
430
432
438
Business property
do
733
670
666
Property held for sale
do
903
901
979
All other assets
do
6,941
7,129
7,229
Liabilities, other than interagency, total, do
Bonds, notes, and debentures:
5,064
4,853
5,001
Guaranteed by the U. S
do
1,378
1,372
Other
..do
786
'743
755
Other liabilities incl. reserves.
..do
372
374
Privately owned interests
do
370
Proprietary interests of the U.S. Government
3,764
4,078
3,815
mil. of doLReconstruction Finance Corporation, loans outstanding, end of month:f
Grand total
thous. of dol._ 1, 752, 928 1,717,679 '1,671,455 '1,689,212
Section 5 as amended, total
do
679, 278 ' 642,171 647, 034 652, 527
Banks and trust companies, including
receivers
thous. of doL. 104, 872 133, 613 132, 072 ' 129, 706
3,328
2,288
2,218
2,194
Building and loan associations
do
2,832
3,510
3, 530
3,526
Insurance companies
do
96, 287
125, 372 ' 98, 260 100,232
Mortgage loan companies
'.
do
393, 699 398,304 414,928
439,199
Railroads, incl. receivers
do
5,901
All other under Section 5
do
10,781
10, 681
3,675
Emergency Relief and Construction Act,
total, as amended
thous. of dol..
238,025 186,838 198,309
63,708
Self-liquidating projects (including financing repairs)
thous. of doL.
237,079 185,893 187, 365
39, 464
Financing of exports of agricultural sur47
47
10, 047
pluses
thous. of doL.
23, 480
Financing of agricultural commodities
898
897
and livestock
thous. of doL.
764
Direct loans to business (incl. participations)
thous. of dol_' 76, 095 ' 81,016 '85,024
117, 079
Total Bank Conservation Act, as amended
thous. of doL. 580,887 • 561, 211' 554, 686 ' 552, 407
79,401
79,511
83,109
79,376
Drainage, levee, irrigation, etc.*
do.
228, 867 • 120, 776' 122, 370 ' 121, 569
Other loans
_do.
CAPITAL FLOTATIONS

1,606
1,273
279

1,669
1,021
345

1,596
1,188

1,
2,226
568

2,020
1,754
593

1,564
1,650
576

1,503
1,394
404

1,607
1,083
353

11,319
8,496

11, 359
8,507

11, 335
8,502

11,451
8,562

11,515
8,527

11, 650
8, 509

11, 696
8,523

1,329
495
2,335

1,327
592
2,330

1,321
503
2,326

1,344
511
2,335

1, 314
512
2,329

1,291
508
2,327

1,278
505
2,324

1,292
509
2,323

1,297
501
2,325

3,499
837

3,494
854

3,486
865

3,486

3,469
902

3,460
923

3,456
960

3,459
913

3,447
941

843
447
667
866
7,112

844
451
673
883
7.075

845
452
679
856
7,016

855
456
689
889
7,048

460
698
961
7,117

874
465
708
1,095
7,588

885
468
712
1,108
7,592

849
472
712
1,157
7,592

850
476
713
1,151
7,581

5,010
1,365
737
377

5,001
1,352
722
379

4,994
1,323
700

4,992
1,317
739
381

4,987
1,327
757
383

5,410
1,"

5,410
1,379
803
387

5,410
1,382
790

384

5,410
1,374
808
386

3,905

3,936

4,022

4,015

3,678

3,718

3,709

3,732

1,385
1,259
287

11, 688 11, 703
8,497 8,511

1,707,018 '1,735,100'1,750,088 1,808, 504 1,770.930 '1,766,111 1, 782,388 1,722, 5071,727,285
• 664,107 674, 555 683, 218 677, 468
' 661, 586 '679,078 689, 533 ' 708, 484
' 127, 468 • 126, 884' 124, 427 ' 120, 778 • 118,067 • 116,120
' 1, 959 '1,921
' 2,126 ' 2,093 ' 2, 029
' 3,481 ' 3, 459 ' 3, 008 ' 2, 992 ' 2,964 ' 2, 915
' 103, 204 114, 741 ' 126, 416 ' 140, 644 100, 280 • 101, 216
419, 364 426, 046 428, 041 436, 094 437, 789 436,139
r 5,943 ' 5, 855 ' 5, 611 ' 6,067 ' 5, 940 ' 5,797

113,873 111, 044 108, 834
3,037
1,962
2,962
2,854
' 2, 901 2,871
110, 587 117, 326 121,075
439,560 443, 840 436, 612
5,175
5,056
5,673
131, 389
199,691 • 205,913' 205,848 ' 201, 604 207,948 205, 598
134,496
204, 811
107,578
188,748 • 190,152'190,105 ' 180, 862 182,149 181,814
108,995
181,028
25,047
23,047
23, 047
10, 047 15, 047 15,047 20,047
24, 737
23,047
'752
738
764
896
715
696
764
737
112, 531
' 91, 634 ' 97,945 ' 103, 287 ' 107, 412 109,039 110, 432
114, 498
112,048
579,774
' 551, 269 • 549,484' 547, 462 1 585,106 579,388 • 576,023
580, 238
576,117
82, 276 1 82, 461
82,966
79, 584 79,663 80,834 1 80,991
127, 489 82, 757
124,907
83,084
' 123,017
' 125, 280
' 132, 629
' 123, 254
' 123,124
' 137,476
• 132,100

New Security Registrations^
(Securities and Exchange Commission)
New securities effectively registered under the
21,676
86 286 307,754 57,062
Securities Act of 1933, total
thous. of doL. 275, 409 272, 448 223,897 394,433 125,207 411,878 303, 280 144,625 139,672
Estimated gross proceeds (total registration,
less securities reserved for conversion),
21, 366 69,242 277, 657 55, 588
total
thous. of dol.. 271, 720 231,123 222,595 315,968 106,767 405,063 249,989 »140, 709 139,071
Type of security:
9,645
12,393
5,927
47, 438 20,473
19,443
20,932 14, 42; 51, 526 23,124
Common stock
do
12,092
26,477
32,997
2,707
1,741
27,900 22, 260
2,962
4,438 21, 441 18,566 38,762
Preferred stock
do . . .
3,225
4, 557
7,697
12,675
3,406
3, 875
4,008
1,766
22, 573
51, 510
10, 354 12,968
8,992
18, 431
23, 038
8,179
Certificates of participation, etc
do.
10, 586
9,449
5,139
900
28, 488 116.991
64,181 169, 262
350 267, 093 46, 865 57,413
33,955
Secured bonds
do
144, 872
0
0
16,061
70,913
22, 613 83, 562
54,750 110,930 119,804
172, 859 84, 500 97, 240
Debentures and short-term notes . . " d o l . . .
74,279
Type of registrant:
234
523
0
280
342
6,341
8,281
0
377
4,548
Extractive industries
.do
563
417
12, 289
35, 763 146,450 3,779
7,200
l],096
Manufacturing industries
do
38,319
59, 681 57, 226 31,981
93, 097
6,821
101,158 117,693
4, 758
22,390
29,956
Financial and investment
do
68, 253
39,944 70,787 42, 528 36,639
21,941
6,271 17,024
6,660
8,528
250
0
0
4,239
Transportation and communications, do
3,921
29,978
0
0
0
5,305
1,827
30, 555
Electric light and power, gas, and water
5,090
27,506 117,712 31, 605
3,255 243, 412
84,919
275,173 103, 219 82, 280 108, 51
thous. of doL. 124,971
450
935
969
3,415
2,414
1, 577 2,696
5,402
1,500 63, 475
3,864
800
15,500
Other
do_...
Securities not presently intended to be offered
for cash sale for account of registrants:
Registered for account of others
5,992
3,135
971
4,862
11, 525 3,777
10,215
310
4,278
9,604
1,673
7,334
thous. of doL.
13,549
Registered for options and for other subse219
0
420
170
2,086
56
23,114
7,406
2,288
0
23,931
3,192
quent issuance
thous. of doL.
Other securities not intended for cash
0
3,615
1,930
28, 379 20, 365
13
169 45, 311
270
2,068
204
sale
thous. of doL.
Selling and distributing expenses:
2,128
4,013
1,190
2,767
4,679
5,412
4,378
7,761
6,675
8,293
4,387
6,678
6,28:
Commissions and discounts,.thous. of doL.
Other selling and distributing expenses
235
904
1,443
627
215
1,621
1,17,
1,051
881
2,016
2,088
681
1,180
thous. of dol—
' Revised.
° The total includes $12,576,000 of face amount installment certificates.
ISeries differ from current presentation of the Securities and Exchange Commission, due to a reclassification of certain items, but data as shown here are comparable
throughout. When earlier data are available on the new basis, they will be presented in the Survey.
*New series. Data on drainage and irrigation projects beginning December 1933 not shown above will appear in a subsequent issue of the Survey; this series was formerly
included with "Other loans."
fRevised series. Data on Government corporations and credit agencies have been revised beginning June 1937 due to changes in the underlying U. S. Treasury Department compilation sand are not comparable with the series shown in the 1938 Supplement. Several new series on loans and other assets have been brought out, but no changes
have been made in the series on liabilities. Data not shown on p. 33 of the November 1938 Survey will appear in a subsequent issue. For Reconstruction Finance Corporation loans outstanding, minor revisions beginning August 1934 will appear in a subsequent issue.




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

1939
June

August 1939

1938

June

July

1939

Sep- October Novem- DecemAugust tember
ber
ber

January

February

March

April

May

FINANCE—Continued
CAPITAL FLOTATIONS—Cont'd
New Security Registrations—Cont'd.^
(Securities and Exchange Commission)

Estimated gross proceeds (total registrations
less securities reserved for conversion)—Con.
Estimated cash proceeds to be used for:
Total
thous. of doLOrganization development
do
Purchase of:
Plant and equipment*
do
Other assets
do
Securities for investment
do
Securities for affiliation
do
Increase of working capital
do
Retirement of preferred stock
do
Repayment of bonds and notes
do
Repayment of other indebtedness..do
Miscellaneous
do

244,611
857

208,291

7,469
32
11, 756
194
22,824
100
187, 648
5,047
8,684

105,144
232
6,497
119
16,423
0
55,477
24,385

604,380
292, 576
283,326
30, 241

211,172
26

65

94,257
490

347,770
90

211,052
858

125, 424
1,920

131,022
291

14,956
201

1,690

229, 546
190

28, 865
25

108,238
8
62,979
0
5,503
25,053
1,505
7,860

42,330
0
27, 241
40
5,029
13,819
175,812
15, 436
37

50, 306
667
31, 654
123
5,625
0
180
5,012
200

10,139
0
21, 745
0
8,716
447
270, 494
36,139
0

38,017
0
38,375
798
2,997
18,168
88, 743
36
23", 060

10,142
180
27, 669
0
8,400
10,494
64, 567
2,036
16

1,915
0
20,399
0
1,675
35, 523
69,058
3,161
0

3,453
13
2,416
0
4,239
0
3,303
1,331
2

4,534
3
1,965
500
13,195
191
36, 531
267
10

1,936
24
3,629
0
70, 605
1,034
147,471
4,629

213
92
15, 278
46
3,769
239
8,641
561
0

513,132
348,765
345,879
202,316

469, 697
390,633
390,133
130,276

417,936
182,286
181,836
127,014

238, 368
146,033
146,033
84,937

766,188
166,908
166,908
63,922

395,808
220,893
195,893
43, 521

529,182
241,001
241,001
59, 544

277,339
220, 531
200,531
5,827

723
550
550
571

239,915
162,258
162, 258
52,965

355, 941
142, 621
142,171
77,060

,312,007
116, 623
116,623
20, 990

21,128
450
5,579
3,084

192, 534
0
9,308
474

127, 826
600
0
1,850

123,304
0
3,143
567

83,099
0
820
1,018

61,484
300
1,950

37,385
40
1,344
4,753

43, 995
0
11,752
3,798

2,300
2,600
0
927

16, 722
0
1,278
5,571

42,809
0
891
9,265

46, 533
0
1,020
29, 507

17,928
0
1,970
1,092

0
253,085
9,250
0
9,250
0
311,804
311,804
251, 798

13, 550
130,013
2,886
0
0
2,886
164,367
164,367
98,791

0
216,450
43, 407 54,822
450
500
0
0
0
0
450
500
79,064 235,650
79,064 235, 650
55, 545 211,141

8,400
52,696
0
0
0
0
92,335
92,335
65,136

0
102,986
0
0
0
0
599,280
599,280
274,237

0
152,373
25,000
0
25,000
0
174,914
134,914
107,702

55,000
126,457
0
0
0
0
288,181
285, 556
250,493

118,146
76, 557
20,000
0
20,000
0
56,809
56,809
10,386

310,090
43,890
0
0
0
0
163,173
163,173
136,115

4,325
104,968
0
0
0
0
77,658
74,658

249,463
0
2,336
0

98,041
750
0
0

55, 545
0
0
0

211,141
0
0
0

64,956
0
180
0

273,706
0
0
531

85, 266
4,000
18,436
0

239, 520
0
10, 974
0

5,200
5,000
0
186

101,286
0
34,829
0

46,366
0
200
123

20,950
39,055
0
0
0
0

51, 500
14,076
0
0
0
0

20,250
3,269
0
0
0
0

13, 500
11,009
0
0
0
0

5, 600
21, 599
0
0
0
0

322, 862
2,181
0
0
0
0

21, 700
5,513
40,000
0
40,000
0

20,250
14, 813
2,625
0
0
2,625

19, 250
27,172
0
0
0
0

17,050
10,008
0
0
0
0

15,023
12, 946
3,000
0
3,000
0

282,039
30,241
12,198

301,107
202,316
143, 261

185, 821
130,276
120, 365

338,155
127,014
69, 550

150,073
84,937

338,159
63,922
40, 561

151, 223
43, 521
18,284

310,038
59, 544
48, 801

16, 213
5,827
1,027

159, 686
23,571
20,171

99, 654
52,965
18, 558

258, 809
77,060
75,981

182, 492
20, 990
3,987

0
0
12, 666
2,700
2,677
251,798
79, 810

600
350
51, 775
6,330
0
98,791
4,507

100
107
9,704
0
0
55, 545
5,500

3,000
1,350
49, 965
3,148
0
211,141
41, 659

0
747
2,612
740
0
65,136
16,180

0
1,420
20, 441
0
1,500
274,237
14, 458

0
240
21, 285
0
3,712
107, 702
44, 656

0
394
6,461
0
3,888
250,493
56, 404

500
630
1,170
0
2,500
10,386

0
375
2,475
0
550
136,115
12

0
0
4,202
30,135
71
46, 689
15, 301

500
0
579
0
0
181, 749
60,175

0
100
403
1,500
15,000
161, 502
2,000

160,185
9,438
1,536

0
0
94, 284
0
0

0
4,000
46,045
0
0

0
100
169, 382
0
0

0
7,132
41, 824
0
0

0
120
259,659
0
0

0
0
63,046
0
0

0
416
139, 795
46, 378
7,500

0
850
300
5,000
250

111,029
12,000
1,500

0
0
31, 388
0
0

12, 755
720
106, 500
1,600
0

0
202
154,400
4,900
0

224, 706
65, 710

111,273
112, 525

50, 649
142, 760

67, 202
53, 684

86, 959
89, 347

132,234
154,875

169, 736
47,031

128, 654
43,764

104,966

60, 409
170,769

49, 425
92,336

77, 513
105,332

114, 858
110,110

556
133

892
125

725
180

764
206

701
139

133

336
147

325
138

300
104

168
71

202
81

326
106

721
137

991
190
754
247

971
192
713
235

967
168
709
222

953
174

831
190
579
236

828
183
561
230

Securities Issued
(Commercial and Financial Chronicle)^

Securities issued, by type of security, total (new
capital and refunding)
thous. of doL.
New capital, total
do
Domestic, total
do
Corporate, total—.
do
Bonds and notes:
Long term
do
Short term
do
Preferred stocks
do
Common stocks
do
Farm loan and other government agencies
thous. of dol._
Municipal, States, etc
do.
Foreign, total
do.
Corporate
do.
Government
.do.
United States possessions
do.
Refunding, total
do_
Domestic, total
do.
Corporate, total
do.
Bonds and notes:
Long term
do.
Short term
do.
Preferred stocks
..do
Common stocks
do.
Farm loan and other Government agencies
thous. of dol_.
Municipal, States, etc
do
Foreign, total
do
Corporate
do
Government
do
United States possessions
do
Securities issued by type of corporate borrower,
total...
thous. of dol__
New capital, total
do
Industrial
do
Investment trusts, trading, and holding
companies, e t c . ,
thous. of dol.
Land, buildings, etc
do
Public utilities
do
Railroads
do
Shipping and miscellaneous
do
Refunding, total
do
Industrial
do
Investment trusts, trading, and holding
companies, etc
thous. of dol._
Land, buildings, etc
do
Public utilities
do
Railroads
do
Shipping and miscellaneous
do
(Bond Buyer)
State and municipal issues:
Permanent (long term)
thous. of dol...
Temporary (short term)...
_ do..
COMMODITY MARKETS
Volume of trading in grain futures:
Wheat
mil. of bu.
Corn...
__
do...

540,
377,
377,
23,

1,550
1,950
94,083
63,161
0
450
0
0
0
0
0
450
213,320 1,195,383
160,820 1,179,633
129,249 151,002
105,913
0
23,336
0

126,102
4,500
20,400
0

20, 750 1,021,414
7,217
10, 820
15, 750
52, 500
10, 500
52,500
5, 250
0
0
0

SECURITY MARKETS
Brokers' Balances (N. Y. S. E. members
carrying margin accounts)
864
939
823
843
905
774
834
Customers' debit balances (net)
mil.ofdoL.
189
200
209
213
196
178
215
Cash on hand and in banks
do.
662
571
617
559
570
528
495
Money borrowed
..do.
252
270
272
230
284
257
258
Customers' free credit balances
do.
' Revised.
1 See footnote marked "V on p. 33.
• Includes reimbursement of corporate treasuries for capital expenditures.
f Revised series. Data revised beginning January 1937; see t able 26 on pp. 15 and 16 of the May 1939 survey.




225

35

SURVEY OF CURRENT BUSINESS

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

1939

1938

June

September

June

July

August

1939
Novem- DecemOctober
ber
ber

January

February

March

April

May

FINANCE—Continued
SECURITY

MARKETS-Continued

Bonds
Prices:
Average price of all listed bonds (N. Y. S. E.)
dollars...
Domestic
do
Foreign...
do
Standard Statistics Co., Inc. (60 bonds)
dol. per $100 bond..
Industrial (20 bonds)..
do
Public utilities (20 bonds)
do
Rails (20 bonds)
.do
Domestic municipals (15 bonds)
do
U. S. Treasury bondsf
do
S ales (Securities and Exchange Commission):
Total on all exchanges:
Market value
thous. of doL.
Face value
do
On New York Stock Exchange:
Market value
thous. of d o l . .
Face value
do
Sales on N . Y. S. E., exclusive of stopped
sales (N. Y. S. E.) par value:
Total
thous. of d o l . .
U. S. Government
do
Other than U. S. Government:
Total
do
Domestic
do
Foreign
do
Value, issues listed on N . Y. S. E.:
Face value, all issues
mil. of dol._
Domestic issues
do
Foreign issues
.do
Market value, all issues
do
Domestic issues
do
Foreign issues
.do
Yields:
Bond Buyer:
Domestic municipals (20 b o n d s ) . . . per cent..
Moody's:
Domestic (120 bonds)
do
By ratings:
Aaa (30 bonds)
do
Aa (30 bonds)
do
A (30 bonds)
do
Baa (30 bonds)
do
By groups:
Industrials (40 bonds)
.do
Public utilities (40 bonds)
do....
Rails (40 bonds)
do
Standard Statistics Co., Inc.:
Domestic municipals (15 bonds)
do
U. S. Treasury bondsf
do

90.67
93.70
61.20

90.34
93.33
61.02

91.27
94.35
60.11

91.03
94.25
58.55

91.85
95.01
59.68

91.80
94.99
58.43

91.56
94.83
57.40

92.92
96.09
59.73

81.8
59.9
115.2
104.3

82.1
86.9
99.3
60.2
116.6
104.0

81.1
86.0
98.7
58.6
116.5
104.1

81.9
86.2
99.7
59.7
117.3
104.4

82.1
86.4
100.7
59.0
117.3
104.8

83.1
87.1
101.3
60.9
117.9
106.0

79.4
83.8
99.7
54.5
116.4
106.6

80.2
84.8
101.0
54.8
118.1
108.3

110,826
148,992

166,812
237,245

139,760
207, 719

146,188
259,364

157,278
224,622

126,687
166,855

179,440
245,123

119,057
165, 925

125,737
167,691

93,667
130,647

92,923
126,207

133,469
195,775

107,389
169,415

116,550
221,469

119,160
178,731

86,903
121,222

137,021
195,394

92, 210
133,554

93,060
130,243

178,265
7,518

120,363
6,161

133,954
17,163

185,179
7,673

155,868
4,419

217,609
6,535

159,611
7,581

118,993
4,871

185,513
11,889

122,804

123,104

135,092
118, 695
16,397

170, 747
152, 580
18,167

114,202
96,692
17, 510

116,791
94,417
22,374

177,506
155,698
21,808

151,449
130,133
21,316

211, 074
185,528
25,546

152,030
131,490
20,540

114,122
96,722
17,400

173,624
139,909
33,715

49,177
44,489
4,687
43, 757
40,919
2,838

49,409
44,657
4,752
44,561
41, 674
2,887

49,424
44,676
4,748
44,183
41,339
2,844

50, 331
45,649
4,682
44,837
42,041
2,796

50, 225
45, 546
4,679
45, 539
42,675
2,864

50,301
45,640
4,661
45,442
42, 597
2,844

51, 554
46,920
4,634
47,053
44,268
2,785

51, 587
46,933
4,654
46,958
44,233
2,725

51,466
46,862
4,604
47,271
44,524
2,748

52, 670
48,071
4,599
48,352
45, 665
2,687

52,564
47,975
4,589
48,128
45,493
2,634

52,647
48,056
4,591
48,921
46,179
2,742
2.66

92.08
95.34
57.79

91.97
60.54

90.19
93.32
60.76

89.40
92.53
59.89

92.10
59.72

81.4
86.2
101.6
56.2
118.6

75.3
80.0
94.0
52.0
113.6
103.9

80.8
85.0
97.3
60.2
114.2
103.8

81.3
85.7
98.1
60.0
115.2
104.0

78.7
84.2
96.3
55.7
111.7
103.0

127, 703
169,641

119, 899
169,072

157,370
232,147

117,162
161,552

91,785
129,260

96,606
140, 524

127,133
194,877

126,570

144,821
9,729

52, 751
48,166
4,585
48,571
45,921
2,649

3.00

3.01

2.88

2.90

2.83

2.78

2.76

2.80

2.72

2.78

3.71

4.40

4.17

4.09

4.17

4.03

3.95

3.95

3.86

3.81

3.74

3.84

2.92
3.13
3.86
4.91

3.26
3.68
4.41
6.25

3.22
3.62
4.21
5.63

3.18
3.57
4.13
5.49

3.21
3.60
4.20
5.65

3.15
3.53
4.08
5.36

3.10
3.46
4.02
5.23

3.08
3.42
4.02
5.27

3.01
3.32
3.97
5.12

3.00
3.26
3.94
5.05

2.99
3.22
3.87
4.89

3.02
3.22
3.97
5.15

2.97
3.16
3.92
5.07

3.23
3.42
4.47

3.55
3.90
5.75

3.48
3.79
5.25

3.43
3.76
5.09

3.50
3.82
5.18

3.43
3.73
4.94

3.39
3.65
4.83

3.40
3.63
4.82

3.31
3.57
4.70

3.29
3.52
4.63

3.29
3.48
4,46

3.35
3.51
4.66

3.30
3.45
4.60

2.63
2.13

2.91
2.52

2.87
2.52

2.82
2.51

3.02
2.58

2.82
2.48

2.74
2.50

2.75
2.49

2.70
2.47

2.70
2.44

2.67
2.34

2.75
2.30

2.66
2.17

Stocks
Cash dividend payments and rates (Moody's):
Annual payments at current rates (600 companies)
mil. of doL. 1,382. 43 1, 287.10 1, 288.80 1, 295. 20 1, 293. 92 1, 293. 59 1, 328.16 1, 315- 04 1, 316. 25 1,329.91 1, 334.15 1, 337. 76 1,339. 27
Number of shares, adjusted
millions.. 935. 03
935.03
935.03
935.03
935. 03
935.03
929.10
929.10
929.10
935. 03
929.10
929.10
929.10
Dividend rate per share (weighted average)
(600 cos.)
dollars..
1.43
1.43
1.43
1.41
1.41
1.42
1.39
1.43
1.39
1.39
1.48
1.39
1.39
Banks (21)
do
3.01
3.01
3.01
3.01
3.01
3.01
3.00
3.00
3.00
3.00
3.01
3.00
3.00
1.31
1.31
1.30
Industrials (492cos.)...
_
..do
1.28
1.28
1.30
1.24
1.29
1.24
1.24
1.37
1.23
1.22
2.33
2.33
2.31
Insurance (21 cos.)
do
2.31
2.31
2.31
2.24
2.24
2.24
2.24
2.39
2.24
2.22
1.92
1.92
1.92
Public utilities (30 cos.)
do
1.92
1.91
1.91
1.93
1.94
1.93
1.94
1.94
1.94
1.94
.90
.90
.90
Rails (36 cos.)
do.—
.85
.90
.90
1.09
1.05
1.09
1.09
.90
1.09
1.18
Dividend declarations (N, Y. Times):
Total
. . . t h o u s . of doL. 220,175 222,001 167,170 240,965 185, 428 180,506 509,160 247, 569 194,118 303, 839 186, 095 154,076 377, 394
Industrials and misc
do
200,698 207,374 157,175 230,994 182, 735 169,901 486, 396 229,916 181,480 289, 412 182, 522 147, 635 358, 417
Railroads
do
3,573
18, 976
10,605
12, 638
6,440
22, 765
14,427
2,693
9,970
17, 653
19,477
9,995
14, 627
Prices:
Average price of all listed stocks (N. Y . S. E.)
60.2
Dec. 31,1924=100
56.6
66.2
62.6
60.6
64.1
64.4
57.0
60.6
57.0
62.2
58.3
65.4
Dow-Jones & Co., Inc.: (65 stocks)
r44.43
dol. per share..
42.68
48.99
50.32
49.32
49.13
48.68
43.98
46.13
49.64
45.66
38.73
46.05
132. 56
Industrials (30 stocks)
. do
127. 73
145.06
151. 96
150.12
146.87
144.60
137.04
140.97
150. 36
136. 52
139. 47
118. 79
Public utilities (15 stocks).
do....
22.05
r 23.05
24.84
24.94
18.49
23.30
20.01
23.35
21.94
23.66
22.92
21.64
19.38
Rails (20 stocks)
do . .
25.75
r 27.02
31.07
25.62
31.20
30.31
28.49
31.29
27. 59
30.62
30.52
28.16
21.82
90.46
94.19
New York Times (50 stocks).
do
100. 59
95.68
102. 73
102. 22
99.74
105.29
96.95
106.81
105. 36
98.90
85.70
161.51
167. 73
Industrials (25 stocks)
do
178. 01
171.70
181.82
181. 21
177. 53
186.99
173.12
189.69
186.99
175.95
153.92
19.41
Railroads (25 stocks)
do ._
19.68
20.67
21.95
20.79
23.64
23.24
23.18
21.85
23.59
23.74
23.95
17.49
Standard Statistics Co., Inc.:
83.1
Combined index (420 stocks)
1926=100..
81.9
91.7
91.8
94.7
90.1
86.0
92.0
91.1
89.5
86.0
73.1
88.0
97.0
Industrials (350 stocks)
do _.
95.9
108.0
109.3
106.3
103.9
113.6
110.6
109.6
108.0
100.5
105.3
86.4
115.5
115.4
Capital goods (107 stocks)*..
do
133.3
136.4
130.9
126.1
139.4
136.7
142.6
129.3
120.0
127.8
101.4
91.5
98.7
97.8
88.7
96.5
Consumer's goods (194 stocks)*...do
94.0
97.0
102.1
95.4
92.2
98.7
98.5
76.5
82.4
85.8
81.2
80.0
Public utilities (40 stocks)
....do...
83.8
72.2
75.0
84.7
76.5
77.4
80.9
77.9
69.2
25.0
29.7
29.8
24.8
28.0
Rails (30 stocks)
do.
25.5
27.8
25.9
27.3
28.1
30.0
20.5
28.8
Other issues:
Banks, N . Y. C. (19 stocks)
do.
50.4
53.7
53.5
50.0
51.1
49.6
51.0
55.2
46.7
51.2
49.9
47.2
47.7
Fire and Marine insurance (18 stocks)
84.3
87.0
81.0
do....
87.4
85.7
82.8
86.1
87.0
89.3
85.5
85.5
77.5
85.3
Sales (Securities and Exchange Commission):
Total on all exchanges:
882
Market value
mil. of doL.
603
1,058
1,129
655
943
1,306
1,225
1,573
556
1,621
842
Shares sold
..thousands.. 21,916
42, 614 ' 23,131
26,057
40,384
40, 542
52,913
47,393
53, 496
40, 515
67,924
70, 651
19,875
•• Revised.
*New series. For data beginning 1926 see table 24, p. 18, of the April 1939 Survey.
fRevised series. Revised data for U. S. Treasury bond prices beginning 1931, and U. S. Treasury bond yields beginning 1919, appear in tables 17 and 16, p. 18, of th*
March 1939 Survey.




36

SURVEY OF CURRENT BUSINESS

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

August 1939

1938

July

June

1939

SepDecemAugust tember
October November
ber

January

February

March

April

May

FINANCE—Continued
SECURITY MARKETS-Continued
Stocks—C ontinued
Sales (S. E. C.)—Continued.
Total, on all exchanges—Continued.
On New York Stock Exchange:
474
Market value
mil. of dol_.
Sharessold
thousands.. 16,050
Exclusive of odd lot and stopped sales
(N. Y. Times)
thousands,. 11,967
Shares listed, N. Y. S. E.:
Market value, all listed shares mil. of dol__ 41,005
Number of shares listed
milions_. 1,429
Yields:
4.4
Moody's, common stocks (200)
percent..
4.5
Banks (15 stocks)
do
4.1
Industrials (125 stocks)
do
4.2
Insurance (10 stocks)
do
5.7
Public utilities (25 stocks)
do....
4.1
Rails (25 stocks)
do
Standard Statistics Co., Inc., preferred stocks:
4.87
Industrials, high-grade (20stocks)...percent.

752
30,198

1,474
57, 636

891
32,151

850
32,035

1,397
54, 625

1,157
41, 923

1,065
39,954

37,051

561
19,538

916
31,150

779
33,775

24, 364

38, 762

20,723

23,826

41, 561

27, 923

27, 490

25,186

13,877

24,565

20, 247

523
17,897
12, 933

41,962
1,427

44,784
1,427

43,526
1,425

43, 527
1,425

47,002
1,426

46,081
1,427

47, 491
1,424

44, 884
1,425

46, 271
1,426

40,921
1,427

40, 673
1,427

43,230
1,427

3.9
4.8
3.3
4.0
6.2
5.0

3.7
4.7
3.1
4.0
6.1
4.1

3.8
.4.9
3.3
4.0
6.2
4.4

3.8
5.0
3.2
4.1
6.2
4.5

3.6
4.8
3.0
3.9
5.7
3.9

3.8
5.0
3.3
3.9
5.9
3.6

3.6
4.8
3.1
4.1
5.7
2.9

3.8
4.8
3.4
4.1
5.6
3.5

3.7
4.6
3.3
4.0
5.3
3.2

4.2
4.8
3.8
4.3
5.8
3.9

4.2
4.8
3.9
4.4
5.7
4.0

4.0
4.4
3.7
4.1
5.4
3.7

5.29

5.17

5.07

5.08

4.92

4.94

4.94

4.94

4.92

4.99

4.94

Stockholders (Common Stock)
American Tel. & Tel. Co., total
number.. 642, 293 649,117
7,104
7,187
Foreign
..do
212, 358 217,748
Pennsylvania Railroad Co., total
do
2,832
Foreign
do
2,953
169,079 172,219
U. S. Steel Corporation, total
.do
3,288
3,166
Foreign
do—
Shares held by brokers

percent of total..

25.54

648,056
7,180
216,847
2,928
171,198
3,096
23.65

22.54

646, 671
7,173
214, 532
2,874
168,399
3,084
24.89

645,033
7,153
213,143
2,853
167, 650
2,998
24.78

FOREIGN TRADE
INDEXES
Exports:
Total value, unadjusted
1923-25=100..
Total value, adjusted
do
U. S. merchandise, unadjusted:
Quantity
..do
Value
do
Unit value.
do
Imports:
Total value, unadjusted
do
Total value, adjusted
..do
Imports for consumption, unadjusted:
Quantity
1923-25=100..
Value
do
Unit value
do
Exports of agricultural products, quantity:
Unadjusted
.1910-14-100..
Adjusted.
do
Total, excluding cotton:
Unadjusted
.do
Adjusted.
.do
VALUE§
Exports, incl. reexports
thous. of doL.
By grand divisions and countries:
Africa
do
Asia and Oceania
do
Japan
do
Europe
..do
France
do
Germany
do
Italy
do
United Kingdom
do
North America, northern
do
Canada
do
North America, southern
do
Mexico
do
South America
do
Argentina
do
Brazil
do
Chile
do
By economic classes (U. S. mdse. only):
Total
thous. of dol..
Crude materials
do
Cotton, unmanufactured
do
Foodstuffs, total
do
Foodstuffs, crude
do
Foodstuffs and beverages, mfrs...do
Fruits and preparations
do
Meats and fats
.do
Wheat and
flour
do
Manufactures, semido
Manufactures,
finished—
do
Autos and parts
do.
Gasoline
do.
Machinery
do.
General imports, total
.do.
By grand divisions and countries:
Africa
._do.
Asia and Oceania
do.
Japan
do.

62
70

61
69

60
68

61
66

65
62

73
60

66
58

71
67

56
55

58
63

70
70

61
64

70

101
63
62

95
62
65

94
60
64

96
61
64

102
65
64

116
74
63

107
67
63

111
71
64

91
56
62

92
58
63

113
71
63

98
61
62

107
66
62

55
58

45
47

44
47

51
53

52
55

55
54

55
55

53
54

55
55

49
49

59
53

58
53

63
61

102
56
55

87
46
53

88
46
53

102
54
53

102
54
53

104
56
54

99
54
54

99
52
53

100
53
53

89
48
54

112
60
54

107
58
54

111
61
55

35
46

57
74

62
86

61
76

71
66

83
62

81
62

68
54

68
61

61
66

68
69

47
55

52
62

56
63

95
106

102
113

101
102

87
81

101
87

90
83

84
78

99
98

87
95

92
92

72
78

236,058

232, 686

227, 780

230, 621

246, 321

277,928

252, 231

268, 756

212,908

218, 559

268,364

230,947

249, 259

9,966
49,971
14,769
85,711
10,807
5,299
4,263
36, 604
40, 452
39,874
23,358
7,922
26, 571
6,113
5,193
2,651

8,622
47, 586
15,485
87,835
8,859
6,330
4,246
30, 223
45,303
44,732
20,094
4,966
23, 247
6,569
4,394
1,500

9,194
43,118
13,938
90, 265
9,473
5,620
4,931
32, 231
43,489
42,769
17,967
3,606
23, 746
6,408
4,953
2,117

7,271
40,579
13, 607
102,995
8,381
10, 270
3,621
41,432
39, 545
38,829
20,034
4,136
20,196
4,318
4,222
2,072

7,890
45,107
19,806
112, 702
11,235
12, 057
4,132
50, 737
36, 752
36,170
21,156
4,465
22, 755
5,944
4,849
1,913

10, 308
50,990
19,502
127,710
12,322
10,166
5,385
56,140
42,971
41,895
23, 285
4,501
22, 664
6,034
5,382
2,123

9,767
48,494
19,104
110,192
13, 788
8,620
5,091
43, 238
38,992
38, 513
21,473
5,239
23,314
6,796
5,143
1,741

13,185
61, 591
28, 528
112,672
11,134
8,317
5,141
46, 825
29,067
28,458
23, 705
5,829
28, 538
7,736
6,749
2,139

8,075
42,445
17, 692
95,830
10, 818
6,395
4,381
42,462
27,061
26,684
20,801
5,581
18, 695
3,114
4,968
1,736

8,523
46,406
17,484
95,445
10,653
5,176
3,889
38,678
26, 258
25,764
20,453
5,928
21,472
4,067
5,120
1,480

11, 560
60, 565
23,573
108,143
12,614
6,446
5,056
41, 874
33,092
32, 298
27, 598
7,991
27,407
5,281
6,664
2,188

10,101
49, 243
16,147
88,809
12,468
4,806
4,130
34,311
35,055
34,535
23, 462
6,320
24, 277
4,068
6,007
1,479

8,530
54,165
21, 394
97,955
12,944
6,294
4,460
37,410
43, 583
42, 637
22,356

233,359
25, 713
6,157
19, 521
6,026
13,495
3,523
4,997
4,079
48,462
139,664
20, 387
9,453
42,191
178,953

229, 515
34,498
9,442
34, 556
20,988
13, 568
4,296
4,202
8,226
37,015
123,447
17, 202
8,811
41, 545
145,898

225. I l l
32,809
10,460
38,029
24, 556
13, 473
5,914
4,049
11,436
37,270
117, 003
17, 469
9,042
39,719
140, 836

228,143
43,789
10, 689
35, 826
22,164
13, 662
7,519
3,150
9,064
35,615
112,912
12, 299
9,572
39,461
165, 540

243,621
59,605
20, 511
31,391
14, 254
17,137
10, 365
3,944
4,038
40,159
112,465
14,171
8,370
36, 626
167, 651

274,319
72,132
24,056
33, 290
12,509
20, 781
13, 253
4,110
4,030
44,454
124,443
17, 303
9,085
38, 653
177,979

249,694
59,867
25,016
29,474
12, 045
If, 429
10,116
4,113
4,473
39,955
120,399
25,417
8,516
34, 550
176,181

266,171
49,376
19,048
28,422
11,170
17, 252
10,000
4,204
4,588
50,499
137,874
29,161
12, 292
40, 908
171, 474

210, 258
36,391
14,975
31,051
16, 443
14, 608
7,227
4,596
8,201
35,452
107,365
21, 396
7,449
31, 217
178, 201

216,036
36,485
13, 732
26, 553
11,402
15,151
6,404
4,145
7,403
34,868
118,128
25,335
6,367
34, 605
158, 035

264, 578
40,072
16,958
27,966
12, 287
15, 679
7,017
4,724
6,406
45,658
150, 882
28, 504
8,378
49,390
190, 437

4,469
57,080
11, 237

3,047
45,716
10, 688

4,416
36,909
8,594

5,851
44, 394
10,103

3,799
46,899
11,839

5,081
49,131
11,678

4,069
56,033
14,053

4,145
52,130
12,020

3,741
51,818
11,285

6,479
42,780
7,896

6,964
59,952
9,707

' Revised.
§Revised series. Data revised for 1937; see tables 19 and 20, pp. 14 and 15 of the April 1939 Survey.



6,296
22,669
4,918
5,417
1,621

227, 597 245,913
30,243
26,016
7,458
9,185
26,927
23,621
10,808
9,810
16,119
13,811
5,844
6, 656
4,851
3,698
7,601
5,459
48,247
41,008
136,951 140,495
23,753
24,921
«• 6,813 r 10,119
43, 882
44, 401
186,195 202, 502
8,571
51,162
10, 607

8,640
59,454
10, 747

37

SURVEY OF CURRENT BUSINESS

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

1939

1938

June

September

June

July

August

1939
DecemOctober November
ber

January

February

March

April

May

57, 574
5,411
13,829
3,289
11, 572
26,163
25, 671
19, 406
4,442
23, 319
4,357
7,867
3,813

58,946
7,122
2,885
3,289
15,192
28,850
28, 323
22,178
3,995
24,434
4,355
7,420
2,750

FOREIGN TRADE—Continued
I

VALUE—Continued §
General imports—Continued.
By grand divisions and countries—Continued.
Europe
thous. of dol..
France
do
Germany
do
Italy
do
United Kingdom
do
North America, northern
do
Canada
do
North America, southern
do
Mexico
__.do
South America
do
Argentina
do
Brazil
do
Chile
do_,_.
By economic classes (imports for consumption):
Total
thous. of doL.
Crude materials
do
Foodstuffs, crude
do...
Foodstuffs and beverages, mfrs
do._Manufactures, semido
Manufactures,
finished
do

54, 623
5,191
6,923
3,656
12,898
25,839
25, 232
12, 566
3,084
23,051
3,566
9,150
1,567

53, 609
5,586
6,256
3,397
12,251
24, 300
23, 554
12, 753
4,748
24, 538
4,252
9,191
2,457

178,405 147,938 147, 797 171, 053 172,947 178, 460 171,652
54, 725 38, 003 43, 236 49,498 52,377 53, 708 52, 355
22, 518 20,485 20, 344 21, 663 20, 473 21,120 23, 788
27, 725 26,657 23, 711 27,829 28, 639 27, 240 22,995
38,633 30, 360 29, 607 35, 030 33, 591 35, 753 35,172
34,804 32,432 30,899 37, 033 37,868 40, 639 37, 342

165, 522
53, 465
23, 093
20,887
35, 265
32,812

46, 009
4,903
3,349
2,711
11,664
26,964
26, 533
19,299
4,365
25,132
3,952
9,160
2,468

40,109
3,248
4,534
4,184
7,889
19,829
19, 027
17, 910
4,215
19,287
1,909
6,686
2,310

39, 781
3,589
4,393
2,587
7,262
22,803
21, 973
17, 964
4,606
18,963
1,689
7,564
1,171

49, 366
4,357
5,627
2,824
10,143
23,899
23, 334
21, 329
3,295
20, 701
2,835
7,432
1,571

52,150
5,397
5,794
3,170
10,445
24,186
23, 500
17,924
2,440
22,693
3,882
8,820
1,681

58, 714
5,992
7,289
4,520
13,801
27,049
26, 249
16,183
3,134
21,821
3,631
8,536
1,648

51,273
4,703
5,231
3,266
11, 331
26,136
25, 222
17, 924
5,429
27,309
6,633
8,420
3,277

47, 722
5,234
4,930
2,669
10,995
20, 302
20,129
18, 650
5,270
22,102
6,086
7,667
2,272

52, 298
5,692
5,171
3,976
11,971
23, 559
23,128
22, 732
6,326
24,932
5,460
9,421
2,583

169,323 152, 528 191, 226 185,800 194,193
53,890 48, 073 59, 507 54, 940 62, 277
24,053 25,886
26, 774 22, 947 28,205
16, 638 18, 635 26, 296 25, 036 26, 062
37,158 34,047 38,822 37, 936 39,857
34, 864 28,827 38,396 43,836 40,411

TRANSPORTATION AND COMMUNICATIONS
TRANSPORTATION
Express Operations
Operating revenue
thous. of doL
Operating income
do-._
Electric Street Railways
Fares, average, cash rate
Passengers carried %
Operating revenues

8,931
124

cents..
7.864
thousands.. 763,038
thous. of dol..

8,251
109

8,409
123

9,497
115

9,404
127

9,240
131

7.909
7.889
7.889
7.889
7.889
7.889
737, 235 680,255 700, 569 729, 663 789, 695 775,461
53, 241 49, 615 51,132
52, 229 56, 582 55,274

11, 338
920

8,586
71

8,499
72

9,107
76

9,165
67

9,454
59

7.873
7.873 r 7.864 '7.864
7.888
7.888
838, 707 790,120 737,164 835,136 788, 941 811, 584
56, 869 53. 361 59, 702 56, 628 58,222
60,028

Class I Steam Railways
Freight-carloadings (Federal Reserve):
Combined index, unadjusted.._ 1923-25=100 _.
Coal
do
Coke
do
Forest products
.do
Grains and grain products
do
Livestock
...do
Merchandise, 1. c. 1
_
do
Ore
do
Miscellaneous
do
Combined index, adjusted
.do
Coal
do
Coke
do
Forest products
do
Grains and grain products
do
Livestock
...do
Merchandise, 1. c. 1
do
Ore
do
Miscellaneous
do
Freight-carloadings (A. A. R . ) i
Total cars
thousands. _
Coal.
__
...do.
Coke
-__do_
Forest products
do.
Grains and grain products
do.
Livestock
do.
Merchandise, 1. c. 1
do_
Ore
do.
Miscellaneous
do
Freight-car surplus, total
do.
Box cars
do.
Coal cars
do.
Financial operations:
Operating revenues, total
thous. of doLFreight
do.
Passenger
do.
Operating expenses
do.
Net railway operating income
do_
Net income
-_.do.
Operating results:
Freight carried 1 mile
mil. of tons._
Revenue per ton-mile..
cents.
Passengers carried 1 mile
millions

67
58
47
42
89
30
61
108
74
67
68
51
40
90
36
61
64
71

58
49
34
37
80
32
59
62
64
58
58
37
35
82
39
59
36
62

62
52
36
37
123
34
59
60
66
61
62
43
37
89
39
60
32
65

63
56
38
41
101
37
61
63
68
62
63
46
40
84
37
60
34
67

71
71
49
43
83
50
64
72
78
64
68
51
40
74
39
61
41
69

75
76
50
43
95
62
65
71
82
68
69
50
42
95
44
62
48
72

70
76
58
39
76
53
62
41
76
69
70
58
40
81
44
61
74
74

64
78
58
37
72
40
59
23
67
69
69
53
43
83
41
61
92
74

63
76
64
37
71
40
59
22
65
69
67
55
42
79
41
62
102
76

62
76
62
35
64
31
60
22
64
67
65
46
36
70
38
62
93
75

63
66
57
36
67
32
62
21
70
66
62
55
36
73
40
62
86
73

58
36
47
39
68
37
62
31
72
60
43
56
38
76
40
61
75
70

62
44
40
41
73
36
61
81
73
'62
51
42
40
81
40
61
58
70

3,149
503
28
151
202
50
744
209
1,261
175
79
65

2,760
432
20
132
186
53
717
118
1,101
316
141
132

2,273
353
17
104
223
44
563
90
879
256
105
112

2,392
382
18
120
191
49
598
98
936
229
100
92

2,553
468
22
120
148
63
604
106
1,022
169
86
49

3,542
668
31
159
221
102
799
141
1,422
144
68
42

2,530
511
26
109
137
69
594
65
1,018
175
85
51

2,949
664
35
131
163
67
708
44
1,138
221
106
71

2,302
515
30
103
129
53
561
33
878
218
106
67

2,297
529
30
99
116
42
577
34
870
209
102
63

2,390
478
29
105
125
42
612
33
967
202
95
67

2,832
350
29
140
159
61
775
58
1,261
265
86
146

2,372
297
19
121
137
49
612
121
1,016
211
90
87

321,617
249,055
39, 296
241, 786
39.095

' 282,081 299, 641 315,387 322, 595 353, 441 319,682 318, 336 305,769 276, 904 315,091 282,118 302, 618
222, 718 238,146 253, 592 261, 303 293, 762 264,135 251, 320 246, 803 224, 819 257, 469 224, 588 243, 641
31, 201 31, 791 31,758
34,988 38,036
36, 330 34, 427 31, 459 30, 211 37, 913 34, 785 30,237
'218,132 222, 224 229,632 232, 040 242.409 231, 257 232, 704 232, 946 220, 619 240, 359 227, 622 237, 411
34, 317 15, 257 25,101
'
25,160
49,
373
18,
591
38,
387
49,
665
32,891
45,377
68,
566
50,
362
d
15,954 d 3,955
1,097
7,422 22, 225 d 8, 721 d 24, 364 d 10, 505 d 27,896 d 18, 594
6,277 24, 068
23, 886
1.020
1,889

26, 312
.998
2,118

25, 236
1.003
1,976

29,110
.977
1,825

32, 757
.977
1,662

28, 471
1.004
1,564

Waterway Traffic
Canals:
263
327
285
270
328
278
396
Cape C o d
thous. of short tons..
845
697
480
671
524
684
586
N e w York State
do
2,224 S
2,172
2,122
2,026
2,360
Panama, total
thous. of long tons.. 2,437
789 |
810
709
888
810
In U . S. vessels.
do.
905
779
r
d
Revised.
Deficit.
I D a t a for June, October, December 1938, and April 1939, are for 5 weeks; other months, 4 weeks.
JFor comparable monthly figures, January 1929-December 1936, see table 10, p . 15 of the March 1939 Survey. Data
revised; see p . 37 of the April 1939 Survey.
§Revised series. Data revised for 1937; see tables 19 and 20, p p . 14 and 15 of the April 1939 Survey.




28,133
.981
1,928

28,152
.964
1,790

25, 553
.972
1,555

28, 831
.988
1,618

23, 983
1.035
1,681

25, 737

348
0
2,374
807

342
0
2,393
753

326
0
2,207
689

317
0
2,664
873

362
101
2,473
892

363
735
2,539
921

shown i» that table beginning January 1937 have been

38

SURVEY OF CURRENT BUSINESS

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

August 1939

1938

June

July

August

September

1939
DecemOctober November
ber

January

February

March

April

May

TRANSPORTATION AND COMMUNICATIONS—Continued
TRANSPORTATION—Continued
Waterway Traffic—Continued
Canals—Continued
St. Lawrence
thous. of short tons.
Sault St. Marie
do..Suez
thous. of metric tons.
Welland
thous. of short tons.
Rivers:
Allegheny
do...
Mississippi (Goveraiment barges only)._do. _ _
Monongahela
do._Ohio (Pittsburgh district)
do...
Clearances, vessels in foreign trade:
Total, U. S. ports
thous. of net tons..Foreign
do__.
United States
..do...

1,184
5,364
2,213
1,459

1,178
5, 552
2,508
1,529

1,215
6,237
2,482
1,588

1,296
6,624
2,248
1,786

1,429
7,141
2,460
2,030

1,065
4,466
2,270
1,652

5
323
2,422
181

0
0
2,166
0

0
0
2,277
0

0
0
2,561
0

200

1,324

195
1,027
704

246
226
1,141
755

263
256
1,279
886

223
224
1,422
967

249
190
1,595
1.055

244
215
1,710
991

180
171
1,798
1,074

175
183
1,568
1,003

135
124
1,557

199
136
1,742
1,114

101
169
348
469

136
'67
661
655

6,445
4,812
1,634

6,731
4, 901
1,830

6,958
5,208
1,749

6,516
4,816
1,700

5,769
4,103
1,666

5,678
4,037
1,641

5,062
3,813
1,249

4,670
3,539
1,132

4,734
3,607
1,127

5,424
4,160
1,263

5,280
4,038
1,242

6,241
4,766
1,475

47, 515 50, 859
70,199
179,055 115,255 127, 590
824, 630 558,710 541,346
7,183
6,137
6,271

56, 405
143,488
623,770
6,360

54,806
139,297
877, 564
6,151

56,828
143,993
855,151
6,302

46,090
113, 621
685,389
5,776

41, 594
99,119
761,090
5,665

38,403
89,002
577,982
5,453

35,002
81,131
564.928
5,032

1,161
8,622
1,580
230
v 144
1,688
1,265

1,189
5,799

Travel
Operations on scheduled airlines:
Passenger-miles flown
thous. of miles_
Passengers carried
numberExpress
pounds.
Miles
flown
thous. of miles.
Hotels:
Average sale per occupied room
dollars.
Rooms occupied
percent of totalRestaurant sales index
1929=100 Foreign travel:
Arrivals, U. S. citizens
number.
Departures, U. S. citizens
do...
Ernigrants
do_._
Immigrants
do...
Passports issued
do...
National Parks:
Visitors
do...
Automobiles
do__.
PullmanCo.:*
Revenue passenger-miles
thousands.
Passenger revenues
thous. of doL

3.34
62

21,013
471, 624
136,576

49,445
63, 361
53,483
117,071 133,469 162, 682
685, 274 663, 884 725,061
7,122
6,125
6,268

3.18
60
93

3.19
55
82

3.29
57
86

3.28
61
85

3.32
65

3.47
60
94

3.26
54
88

3.21
64

3.28
63
86

3.15
64
83

3.37
63
100

3.20
63
90

22, 943
31,792
2,405
5,748
25, 752

32, 414
55, 528
2,616
6,385
13,094

56,906
51, 646
2, 286
7,357
9,059

58,027
31, 848
2,227
8,226
5,138

31,710
19,931
2,081
8,825
5,122

15, 649
16,103
2,157
6,844
5,589

16, 614
18,765
2,663
8,042
5,184

19, 556
24,307
2,344
5, 661
5,927

25, 590
28,224
1,479
5, 959
4,865

31, 909
21, 673
1,702
8,076
8,383

25, 374
21, 575
1,851
7,063
8,839

19,800
19,011
2,077
6,049
16,080

452, 556 857,931
129, 998 238,139

811,209
226,102

428, 827
125, 436

236, 771
71,416

77, 750
23, 783

57, 677
16, 798

720, 803 739,390
4,418
4,407

683, 593
4,409

715, 529
4,555

651, 851 585, 289
3,912
4,239

687, 369
4,488

74, 834 62,848
72,280 164, 736 248, 075
73, 402
20, 587 17, 618 21, 779 48,892
793, 229 654,896 715, 420 684,444 631, 529
5,263
4,769
4,473
4,447
4,147

COMMUNICATIONS
Telephone:
Operating revenues
thous. of d o l . .
Station revenues
do
Tolls, message
do
Operating expenses-__
do
N e t operating income
do
Phones in service end of month
thousands..
Telegraph, cable, a n d radiotelegraph carriers: Operating revenue, total
thous. of dol_.
Telegraph carriers, total
do
Western Union Telegraph Co., revenues
from cable operations
thous. of d o l . .
Cable carriers
do
Radiotelegraph carriers
do
Operating expenses
do
Operating income
do
N e t income
do

96, 305
63,296
24, 577
65, 696
17, 752
17, 344

94, 954
61, 587
24, 800
65, 505
16, 458
17, 335

96, 482
62, 029
25, 984
66, 239
17,261
17, 373

96, 725
62, 850
25, 428
67,030
16,791
17, 465

99, 608
65,105
25, 929
67, 634
18, 637
17, 528

98, 531
64, 897
24, 959
67, 434
18,946
17,593

101, 552
66,188
26, 591
69, 444
18, 835
17, 704

99, 234
65, 815
24, 731
67, 281
18, 527
17, 735

11,185
9,597

10, 618
9,049

11, 092
9,524

11, 550
9,851

11,156
9,491

10,751
9,114

12, 408
10, 553

499
803
785
9,909
550
'186

529
809
760
9,861
39
'764

485
791

586
889
809
9,899
953
199

569
861
804
9,903
558
'356

522
830
807
9,991
69
'774

570
976
879
10, 756
1,041
291

10, 549
8,829
527
856
864
9,816
15
'884

in

9,935
431
'408

96,064 101, 610 100,083 102, 646
64, 504 66, 491 66,162
66, 875
22,954 26, 498 25, 275 27,101
64,155
68, 456 65, 683 68, 983
18, 438 19, 479 20, 576 19, 832
17, 808 17, 897 17, 974 18,055
9,987
8,436
463
756
795
9,319
d17

'934

11,577
9,717

11,012
9,383

11,735
10,065

901
960
10,031
814
405

502
768
861
9.809
512
'387

514
790
880
10,289
699
d
229

7,578
7,616
1,294

7,523
7,719
1,485

8,203
8,490
1.766

17,423
27, 741
13, 202
1,851

17, 859
29, 625
13, 253
2,076

18, 655
31,078
15, 032
2,009

10, 806
.36

24,195
.36

18,441
.36

365
2,407
27,801

389
2,276
26, 341

354
1,779
29,315

CHEMICALS AND ALLIED PRODUCTS
CHEMICALS
Alcohol, denatured:
7,812
7,648
9,124
6,720
6,567
6,725
11,188
10, 309 10, 433
7,944
Consumption
thous. of wine gal..
7,869
6,828
7,846
9,181
11,101
10,195
6,454
8,166
6,711
Production
do
5,500
1,192
1,379
1,364
1,233
1,982
1,416
1,466
1,260
1,170
Stocks, end of month
do
1 285
Alcohol, ethyl:
16, 772 17, 067 14, 671
15,164
Production
thous. of proof gal._ 16, 827 16, 395 16, 370 17, 284 15, 800 17,017
32, 736 28, 319 23, 277 20, 895 24, 433 26,072
33, 727 35,176
30, 860 32,047
Stocks, warehoused, end of month
do
11,198
15, 029 14, 400 12, 350 14, 483 16, 072 18, 986 17, 249 17, 389 11,327
Withdrawn for denaturing
do
1,691
1,639
2,439
3,506
1,684
1,590
1,841
1,350
2,111
1,858
Withdrawn, tax paid
do
Methanol:
7,743
24, 355 26, 359
8,431
10, 525 10, 609
22, 716
12, 648 25,990
Exports, refined §
gallons-. 108,084
.36
.36
.36
.36
.36
.36
.36
.36
.36
.36
Price, refined, wholesale (N. Y.).dol. per gal..
Production:
357
352
309
282
344
336
293
303
335
344
Crude (wood distilled)
thous. of gal_.
2,618
2,844
2,463
2,267
1,450
1,898
1,930
2,295
2,295
1,630
Synthetic
do
29, 385 28, 415 29, 258 26, 592
Explosives, shipments
thous. of lb._ 30,210 25, 445 23,136 27, 663 30, 443 32,151
Sulphur production (quarterly):
68,900
72, 520
Louisiana
long tons.. 105, 895 80, 545
522,108
472, 986
Texas
do
478, 774
Sulphuric acid (fertilizer manufactures):
Consumed in production of fertilizer
short tons _. 106,137 102, 228 92,189 128, 312 126, 974 151,083 147, 592 148, 289 142, 451 138, 273
Price, wholesale, 66°, at works
16.50
16.50
16.50
16.50
16.50
16.50
16.50
16.50
16.50
dol. per short t o n . .
16.50
Production
short tons.. 140, 580 114,199 109, 969 131,106 133, 266 161, 285 171,106 176, 923 181, 386 169, 769
Purchases:
15,937
20,604 20, 418 18, 751
18, 498 30, 388 38, 531 40, 284 31,182
10,535
From fertilizer manufacturers
do
25,614 21,977 24, 249 25, 097 18, 560 21, 564 18, 494 27, 515 22, 343 23, 778
From others
_
do
Shipments:
37, 752 33,080 38, 085 39,167
36,966
19, 400 22, 312 277 422 26, 032 28,971
To fertilizer manufacturers
do
34, 323 33,112 33, 462 34, 973 40, 904 38, 447 40,915
40, 850 35, 545
43,369
Toothers...
do
r Revised.
' Deficit.
v Preliminary.
*New series. Data for Pullman Co. revenue passenger miles beginning 1915 and passenger revenues beginning 1913 are given in table 7, p. 18,
§Revised series. Data revised for 1937; see table 19, p. 14, of the April 1939 Survey.




83, 260
405,263
119,081

112,593

16. 50
16.50
16.50
169, 952 145, 689 155, 902
11.951
17, 508

15,021
16, 542

8,853
20,771

35,100
42,864

33, 202
35, 528

38,123
38, 835

of the January 1939 S URVEY.

39

SURVEY OF CURRENT BUSINESS

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

1939

1938

June

September

June

July

August

1939
DecemOctober November
ber

January

February

March

April

May

CHEMICALS AND ALLIED PRODUCTS—Continued
FERTILIZERS
Consumption, Southern States
116
thous. of short tons..
99, 717
Exports, total§
long tons.. 136,016
12,655
3,848
Nitrogenous§
do
105,934
92, 764
Phosphate materials§
do
268
213
Prepared fertilizers §
do
109,737
88,938
Imports, total§_,
do
90, 541 75,311
Nitrogenous, total§
do
59, 332 55,063
Nitrate of soda§
do.__
594
1,234
Phosphates§
do
16,425
6,403
Potash§
do
Price, wholesale, nitrate of soda, 95 percent
1,450
1.450
(N. Y.)
dol. percwt20, 823
Potash deliveries*
short tons
Superphosphate (bulk):
235, 986
Production
short tons
23, 393
Shipments to consumers
do...
1,054,545
Stocks, end of month
do...

121
59
44
137
146
627
1,476
217
436
112,944 146, 636 116, 828 134,929 147, 587 133, 295 85, 542 85, 095 123, 687
27, 504 24, 047 20, 271 20, 207 25,119
3,378
6,723
11, 317 15, 645
93,058 123, 339 101,186
103, 228 108, 665 87,824
66, 552 97,983
71,045
369
261
497
169
413
340
72
83
476
60, 235 79, 652 131, 407 158,140 116, 298 149,798 141,898 109,932 138, 782
82, 576 50, 231 78,124 118,159 101,396 116, 806
48,977
36,833
75,849
32,971
24, 450 20,829
4,851
8,969
32,336
63,854
54, 552 42,920
9,337
1,827
6,046
738
8,276
3,421
903
969
3,599
27, 908 42, 407 64,124
58, 730
20,186
19,414
6,795
17, 235

1, 271
312
136,328 148,095
5,365
12,142
123, 270 112, 773
302
343
191,057 145,432
167, 558 99,074
115,188
62,010
7,033
1,462
16, 580 10,415

1. 450
1.450
1.450
1.450
1. 450
1.450
1.450
1. 450
1.450
2,632
2,489
5,250
8,379
8,674
72, 299 69, 798 101,438
47,169
219, 936 283, 015 279, 381 314, 359 326, 794 343, 204 322,211 312, 284 301, 694 286, 747 277, 437
6, 592 21, 340 108, 470 46,980
17, 717 17,147
54,893 161,202 216, 671 139, 648
29,340
1,058,452 1,057,215 1,160,299 1,219,272 1,322,306 1,361,127 1,298,883 1,288,536 1,106,679 815, 911 778, 758
1.450
25, 989

NAVAL STORES
Rosin, gum:
Price, wholesale " H " (Savannah)
4.44
4.61
dol. perbbl. (280 lbs.)._
Receipts, net, 3 ports
..bbl. (500 lbs.).. 61, 744 123,026 121,396
639, 914 323, 280 402,121
Stocks, 3 ports, end of month
do.
Turpentine, gum, spirits of:
.23
.30
.23
Price, wholesale (Savannah)
dol. per gal..
29, 824 28,877
Receipts, net, 3 ports
bbl. (50 gal.).. 15,884
102, 911 87, 077 104,147
Stocks, 3 ports, end of month
do.

1. 450
45, 957

4.14
5.12
5.21
4.48
4.89
4.34
4.90
121, 505 119, 818 87, 935 97, 664 48,095
20, 473 13,757
475,130 542,161 588, 870 660, 252 678, 731 657, 839 642,825

5.65
4.86
4.94
19, 367 43, 810 57,079
609, 502 615, 381 625,138

.32
.21
.22
.35
.23
.29
.31
.28
.30
.30
29,480
31, 745 17, 670 18, 364 10, 593
1,908
3, 256
9,799
2,390
14,638
116, 859 130, 897 128,334 134, 460 133,921 123, 584 118, 954 109, 626 107, 339 104, 759

OILS, FATS, AND BYPRODUCTS
Animal Fats and Byproducts and Fish
Oils (Quarterly)
Animal fats:
Consumption, factory...
__thous. of lb__
Production
do.
Stocks, end of quarter
do.
Greases:
Consumption, factory
do.
Production
do.
Stocks, end of quarter
do.
Shortenings and compounds:
Production
do,
Stocks, end of quarter
do
Fish oils:
Consumption, factory
_..do.
Production
do.
Stocks. end of quarter
_do-

238,802
395, 795
296,157

222, 460
565,816
312, 725

233, 456
501,165
346, 321

47, 745
80,158
62, 557

48, 656
79, 787
56, 400

44,480
87, 253
61, 276

48,182
86, 419
54,170

322,437
44, 697
46,179
66,138
3,346
8, 983
180,364 159, 386

411,949
45,270

370,759
55, 662

354, 692
51,163

51,950
97, 753
206,906

71, 664
102,193
256, 352

66, 512
47, 713
242, 725

217, 899 204, 950
503,947 419,460
403, 809 374,375
47, 438
92,964
54, 943
300,076
55,350

Vegetable Oils and Products—Continued
Vegetable Oils and Products
Vegetable oils, total:
Consumption, crude, factory (quarterly)
694
827
mil. of lb_.
816
3,027
Exports
thous. of lb._
3.984
1,824
2,359
3,798
3,673
Imports, total!
do
89, 048 84, 636 80,424 90,189
91, 633 98,419
11,303
Paint oils§
do
14, 779 11,850
9,372
16, 755
9,589
All other vegetable oils§
do
80,817
80,878
88, 830 74, 268 72, 786 69,121
Production (quarterly)
mil. of lb_.
527
580
593
Stocks, end of quarter:
Crude
_.do
714
732
738
Refined
do
662
494
759
Copra:
Consumption, factory (quarterly)
55, 541
short tons.. 52,114
54, 083
Imports
do
12, 514 14, 642 24, 305 17, 927 20, 092 23,105
Stocks, end of quarter
do
64,018
36,081
44, 953
Coconut or copra oil:
Consumption, factory:
Crude (quarterly)
thous. of lb._ 137,891 150,793
154, 327
Refined (quarterly)
do_. _ 53,074
72,943
77, 365
In oleomargarine
do
7,433
6, 331
7,282
8,711
8,420
2,129
Imports!
do
22, 052 32,579 26,824
37, 556 32,139
31,186
Production (quarterly):
Crude
do
70,477
68,033
66,388
Refined
do
79, 790
82, 506
68,213
Stocks, end of quarter:
Crude..
184, 342
..do.
226, 894 194,145
Refined
-do12,315
13, 493
13,001
Cottonseed:
Consumption (crush)...thous. of short tons..
665
98
155
127
576
223
Receipts at mills
do
45
78
70
1,274
1,155
262
Stocks at mills, end of month
do
394
140
1,069
337
371
1,559
Cottonseed cake and meal:
124
Exports
short tons..
7, 520
4,422
3,745
2,200
1,727
43, 272 74,185
Production
do
56, 630 99, 884 256, 390 294,408
Stocks at mills, end of month
do
151, 259 259, 002 214, 611 216, 879 259, 659 295, 380
Cottonseed oil, crude:
Production
thous. oflb_. 32, 817 52, 345 41, 843 67, 603 178, 632 203, 746
Stocks, end of month
do
33, 834 46, 382 111, 708 151, 570
88, 828 46,481
Cottonseed oil, refined:
Consumption, factory (quarterly)
do
272,970 351,969
350, 990
In oleomargarine
do
9,502
6,708
8,181
10, 246 10, 381
Price, summer, yellow, prime (N. Y.)
,065
.076
dol. per lb_.
.086
.080
.081
.078
Production
thous. of lb.. 78, 683 79, 740 53,829
53, 996 92, 352 161, 768
Stocks, end of month
do.. 614, 470 566, 450 487, 928 409, 781 397, 382 446, 739
»• Revised.
•New series. Data are on basis of potassium oxide content; figures beginning 1928 not shown above will
! Revised series. Data for 1937 revised; see tables 19 and 20, pp. 14 and 15 of the April 1939 Survey.




2,204
94, 982
15,414
79, 568

997
2,656
92, 613
10, 525
82, 089
977

2,815
91, 692
11,414
80, 278

4,136
85, 466
8,169
77, 298

7,023
39, 792

630
631
1,560

58,414
26, 745
36, 525
150, 922
78, 573
7,204
34, 725

20,967

17, 491

7,244
23,101

5,295
29,122

59, 473
22, 630
35,816
154,408
64, 957
4,729
41, 370

73, 685
;2, 743

75,457
75,064

202, 301
13, 332

202, 322
13, 735

534
327
1, 353

4,202
4,314
60, 455 ' 97, 275
12,136
9,382
48, 319 • 87,894

860
760

870
668

15, 437

952
3,994
98,010
10, 708
87, 302
832

451
152
1,054

367
95
782

399
136
518

11, 643

20,880

3,428
22,889

2,964
38,450

256
73
336

199
58
194

506
1,235
189
389
4,468
81
407
284,458 237.933 205,494 169, 766 188,051 115, 729 93, 845
196,
544
313,
348
289,
286
173,019
177,134
245,
221
313, 538
195, 809 163, 035 145, 077 116,438 129, 265 84, 753 68, 322
168,457 175, 377 178, 203 180, 666 177, 466 164,945 137, 785
10,807

301, 398
10, 577

9,884

9,412

285, 230
9, 678

7,584

6,781

.066
.074
.074
.071
.069
.067
.066
162, 361 143, 823 138,022 110,492 131,956 98,803
82, 011
503, 890 563, 794 609, 950 633, 329 642, 163 658, 332 639, 328
appear in a subsequent issue of the Survey.

40

SURVEY OF CURRENT BUSINESS

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

August 1939

1938
June

July

1939

Sep- October Novem- DecemAugust tember
ber
ber

January

February

March

April

May

CHEMICALS AND ALLIED PRODUCTS—Continued
OILS, FAT AND BYPRODUCTS—Con.
Vegetable Oils and Products—Continued
Flaxseed:
1,802
Imports!
_
__
_ thous. of bu
Minneapolis:
73
Receipts
do
20
Shipments
_ .
. do...
225
Stocks
do
Duluth:
99
Receipts
do.. _
41
Shipments
do
59
Stocks
._
do .
Oil mills (quarterly):
Consumption
do
6 207
1 958
Stocks, end of quarter
do
Price, wholesale, No. 1 (Mpls)—dol. per bu_. 1.81
Production (crop est)
thous of bu • 15, 398
Linseed cake and meal:
48, 733
Exports^
do
7,000
Shipments from Minneapolis
do
Linseed oil:
Consumption factorv Couarterlv^
do
91, 360
.093
Price wholesale (N Y )
dol per lb
Production (quarterly)
thous. of lb 124, 823
6,360
Shipments from Minneapolis _
do
130, 310
Stocks at factory end of quarter
do
Oleomargarine:
Consumption (tax-paid withdrawals) __do___ 20, 745
Price, wholesale, standard, uncolored (Chicago)
dol. per lb_.
.135
Production
thous. of lb
21,111
Vegetable shortenings:
.090
Price, wholesale, tierces (Chi.) dol. per lb._
PAINT SALES
Plastic paints, cold water paints, and calcimines:
Plastic paints
thous. of doL.
Cold water paints:
In dry form
do
In paste form
do
Calcimines
do
Paints, varnish, lacquer, and fillers:
Total
do
Classified, total
do
Industrial
do
Trade
__. . . do
Unclassified
do
CELLULOSE PLASTIC PRODUCTS
Nitro-cellulose, sheets, rods, and tubes:
Consumption*
thous. of lb..
Production
__
.
._ do
Shipmentscf - do
Cellulose-acetate sheets, rods, and tubes:
Consumption*
.
_ thous. of lb
Production
do
Shipmentscf
do Moulding composition:*
Production
do.
Shipments^
do
ROOFING
Asphalt prepared roofing, shipments:
Total
thous. of squares
Grit roll
Shingles (all types)
Smooth roll

do
do
do

763

927

1,288

1,346

1,381

1,565

1,474

2,111

2,248

2,031

1,416

1,155

225
11
536

70
27
468

1,961
221
795

1,286
76
1,499

450
87
1,416

205
152
732

136
80
637

107
47
524

38
30
452

62
64
319

35
58
283

61
38
280

74
73
10

14
0
24

357
128
253

833
416
670

241
324
586

152
620
152

1
8
112

2
110

1
0
111

1
82
29

1
29
2

3,989
1,472
1.81

1.83

1.73

5,043
3,019
1.79

1.84

1.84

7,206
2,389
1.90
/ 8,171

1.99

1.92

7,112
2,521
1.97

1.89

1.83

24, 322
5,380

27, 216
6,032

28, 692
5,776

41, 577
11, 679

44, 746
11, 670

47,302
7,913

51,820
9,760

50, 734
8,320

50,180
5,720

17,219
7,920

50, 396
8,280

40, 849
7,280

.086

.084

.087

.083

.085

.085

6,589

5,436

6,867

4,771

3,960

3,900

27,890

25, 671

28, 371

32,000

31, 824

29,812

29, 991

30, 350

27, 774

.134
28,146

.145
25, 512

.158
28, 718

.155
32, 387

.153
31,092

.150
30,221

.143
30,373

.140
30, 319

.140
27, 701

.103

.106

.108

.103

.100

.098

.096

.093

.091

81,892
.087
77, 513
7,261
145,909

80,736
.084
98, 407
8,263
113,012

72, 419
.086
139,106
3,209
141, 785

(0

76, 674
.088
139,209
7,200
161, 251

(i)

0
2

.089

.089

9,780

6, 4S0

29,032

23, 622

22, 827

.140
29,417

.140
23,325

.135
22, 699

.093

.093

.095*

43

43

43

44

42

47

34

30

32

33

44

46

45

227
309
281

166
203
243

148
225
213

159
244
242

162
219
282

156
253
245

115
190
226

113
169
222

126
211
235

144
219
251

187
316
280

210
317
282

230
338
305

36, 886
26 197
9,781
16, 416
10, 690

32,390
22, 386
7,418
14, 968
10,003

26, 730
18, 512
6,603
11, 909
8,218

28,821
19, 747
7,249
12,499
9,074

29, 769
20,114
7,879
12, 235
9,655

28, 773
29,486
8,481
12,006
8,287

25, 280
18, 367
8,397
9,970
6,914

20, 515
15,036
7,417
7,619
5,478

24, 229
17,828
8,180
9,648
6,401

24, 415
17, 395
7,982
9,413
7,021

31, 555
23,003
9,626
13,377
8,551

32,666
23,830
9,469
14, 360
8,836

40,138
28, 546
9,611
18, 935
11, 592

297
957
1,000

234
612
722

158
634
731

282
977
1,017

296
974
1,030

316
1,051
1,124

228
1,018
1,008

246
789
937

242
923
956

257
1,049
977

342
1,315
1,171

287
1,116
950

249
1,036
940

9
446
3"8

6
288
323

5
658
602

7
546
530

8
592
616

10
945
1,048

14
1,332
1,251

7
1,112
1,032

6
896
856

9
989
1,014

14
1,078
1,029

12
508
522

10
491
509

795
703

465
415

385
303

548
484

860
759

1,044
989

1,031
956

758
671

725
682

871
770

963
810

736
600

7S2
704

2,436
682
862
892

2,404
699
811
894

3,212
900
1,075
1,237

4,012
1,130
1,265
1,617

4,095
1,062
1,401
1,632

2,583
630
836
1,117

2,076
515
527
1,035

1,439
359
358
721

1,410
374
391
645

2,910
692
891
1,327

3,289
785
1,150
1.355

2,714
720
1, 057
938

ELECTRIC POWER AND GAS
ELECTRIC POWER
9, 955 ' 10, 341
9,654
10, 567
10, 882
10, 641
10, 303
9,898
10, 270
10, 246
9,271
9,596
10, 523
Production, totalj
mil. of kw.-hr
By source:
' 6,176
5,562
5,828
6,116
6,899
6,760
6,976
6,402
6,377
6,868
6,741
5,888
5,530
Fuel
do
' 4,165
4,393
3,826
3,742
4,450
3,402
3,543
3,906
3,845
3,782
3,520
3,741
3,708
Water power
do
By type of producer:
Privately and municipally owned public
utilities
mil. of kw.-hr. _ 9,820 ' 8, 667 r 8, 963 ' 9, 586 r 9, 238 ' 9 , 6 1 5 ' 9, 660 ' 10, 205 ' 9,965 ' 9, 043 r 9, 900 ' 9, 321 ' 9, 686
'667
'634
'655
'677
'676
'611
'643
'655
'661
'660
703
r633
'604
Other producers _
-do
Sales to ultimate consumers, totalt (Edison
8,240
8,324
8,398
8,806
8,475
8,779
8,335
8,093
8,190
7,562
7.437
Electric Institute)...
mil. of kw.-hr..
1,815
1,719
1,700
1,987
1,723
1,843
1,638
1,611
1,502
1,481
1,527
Residential or domestic
do
5,704
5,615
5,751
5,850
5,849
5,835
5,940
5,786
5,773
5,296
5,185
Commercial and industrial
do
134
159
192
166
197
206
178
144
156
130
125
Public street and highway ltg
- do
192
194
202
194
205
203
194
196
199
189
193
Other public authorities
do
473
493
524
479
531
547
449
407
413
414
410
Sales to railroads and railways
do
42
41
39
42
34
38
73
38
36
36
39
Interdepartmental
do
'Revised.
i Less than 500 bushels.
__.„1 estimate.
• July
f December 1 estimate.
*New series. For data on nitro-cellulose consumption, cellulose-acetate consumption, and molding compositions beginning 1935, see table 15, p. 18 of the March 1939 Survey,
t For electric power sales, see note marked with a "t" on p. 41 of the July 1939 Survey.
§Revised series. Data for 1937 revised; see tables 19 and 20, pp. 14 and 15 of the April 1939 Survey.
©"Includes consumption in reporting company plants.
^Excludes consumption in reporting company plants.
JFor electric power production, see note marked with a " V on p. 41 of the July 1939 Survey. Revised data on production "by type of producer," referred to therein, are
here given; data beginning 1920 not shown above will appear in a subsequent issue.




SURVEY OF CURRENT BUSINESS

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

1938

1939

June

41

June

July

August

September

1939
DecemOctober November
ber

January

February

March

April

May

ELECTRIC POWER AND GAS—Continued
ELECTRIC POWER—Continued
Revenues from sales to ultimate consumers
(Edison Electric Institute)
thous. of dol_.

174,271

176,099

182, 380

185, 948

188,019

192,178

198, 991

201, 330

190, 219

186, 714

185, 987

9,840
9,184
185
460
27, 660
17,127
1,609

9,849
9,201
176
461
25,136
15, 949
856
8,155

9,862
€,212
180
460
23, 842
14, 642
682
8,386

9,947
9,284
196
458
26, 325
16, 466
898
8,803

9,936
9,264
212
450
29,180
17,655
2.147
9,179

9,926
9,241
220
456
30, 459
16,041
4,847
9,365

9,947
9, 254
227
458
34,600
16,196
8,306
9,853

9,201
212
465
34, 761
17, 211
8,101
9,250

9,914
9,225
239
461
33,662
16, 687
8,004
8,785

9,S07
9,218
210
467
33,600
16, 647
7,122
9,641

9,894
9,197
218
467
32, 626
16, 242
6,074
10,144

9,986
9, 285
224
466
30,303
15, 755
4,421
9,969

29, 577
22, 551
1,280
5,642

27, 484
21,350
698
5,336

25, 894
19, 884
589
5,312

28, 383
21, 804
819
5,652

30, 573
22,869
1,656
5,919

21, 807
2,790
6,151

33, 310
21,923
4,763
6,478

33, 734
22,125
5,196
6,292

32,811
21, 038
5,429
6,227

32, 450
21, 054
4,902
6, 368

31, 586
21, 252
3,840
6,368

30, 707
21, 845
2,519
6,231

6,960
6,468
490
81,237
19, 426
60, 664

6,944
6,459
483
78, 312
16,095
61,019

6,973
6,486
485
79,487
14, 373
63, 756

7,021
6,531
488
84, 378
15, 513
67,466

7,082
6,571
509
92,958
19, 485
72,102

7,194
6,637
554
107, 536
29,135
77, 633

7,220
6, 655
563
126,093
42, 881
81, 704

7,156
6,603
550
129, 398
49,177
78, 736

7,163
6,615
546
134, 515
51,291
81, 770

7,194
6, 636
555
127, 377
46, 791
79, 303

7,178
6,626
549
113, 379
36, 510
75, 465

7,190
6,655
533
101, 438
27, 415
72, 581

27,141
15,150
11,818

25,089
12,903
11, 988

24,082
11,885
11, 990

25,216
12, 279
12, 737

29,024
14, 853
13, 974

36, 226
20,280
15, 801

45, 619
27,751
17, 630

50, 279
32,141
17, 899

51,197
32, 619
18, 331

47, 979
30, 218
17, 520

41, 034
24, 845
15, 958

34, 644
19,873
14, 550

3,537
3,669
7,081

3,642
3,103
7,467

3,482
3,031
7,774

4,489
3.816
8,265

4,636
3,985
8,746

5,650
5,079

22,147
18,923
16,956
10, 203 11, 745
9,724
1,200
1,691
1,381
495,003 501, 207 505,670

11,829
6,246
667
510,194

10,702
6,091
676
513,453

13, 019 10,876
8,569
7,601
831
776
516, 755 519,158

10,743
6,878
845
521, 773

GAS§
Manufactured gas:
Customers, total
..thousands.
Domestic
.do...
House heating
do...
Industrial and commercial
do
Sales to consumers
mil. of cu. ft_
Domestic
do
House heating
do
Industrial and commercial
do__.
Revenue from sales to consumers
thous. of dol Domestic
do...
House heating.....
__do___
Industrial and commercial
do
Natural gas:
Customers, total
thousands.
Domestic
do...
Industrial and commercial
do...
Sales to consumers
mil. of cu. ft.
Domestic
do.._
Indl., coml., and elec. generation
do
Revenues from sales to consumers
thous. of dol.
Domestic
do...
Indl., coml., and elec. generation
do...

FOODSTUFFS AND TOBACCO
BEVERAGES
Fermented malt liquors:
6,230
Production
thous. of bbl__
5,622
Tax-paid withdrawals
do
9,442
Stocks
_
do
Distilled spirits;
8,350
Production
thous. of tax gal..
6,461
Tax-paid withdrawals
do
772
Imports*
thous. of proof gal..
522,040
Stocks
thous. of tax gal._
Whisky:
5,782
Production
..do
4,890
Tax-paid withdrawals
do
Imports*.
thous. of proof gal_.
666
Stocks
..thous. of tax gal... 478,875
Rectified spirits and wines, production, total
thous. of proof gal..
Whisky*
do_ —
Indicated consumption for beverage purposes:
All spirits*
thous. of proof gal.
Whisky*
do....
Still wines:
Production*
thous. of wine gal._
Tax-paid withdrawals*
do
Imports*
do
207
Stocks*
do
Sparkling wines:
Production*
do
Tax-paid withdrawals*
.do
Imports*
do
36
Stocks*
-do

5,337
5,748
8,540

4,313
4,428
8,242

5, 692
6,095
6,857
5,732
5,672
6,592
641
928
745
497, 527 496,903 496,012

9,294
7,491
924
495,163

5,510
5,204
9,661

5,135
5,387
9,189

4,721
5,175
820
471,160

3,915
4,313
647
470,401

3,311
2,327

2,983
2,055

2,772
1,879

3,504
2,710

7,372

7,980
6,240

7,465
5,903

9,887
8,287

1,034
4,262
194
102,022

807
4,205
149
97, 767

2,382
4,229
145
94, 716

28,198
5,123
181
99,166

33
19
27
662

14
18
656

23
14
16
664

18
23
35
659

3,595
4,134
7,570

4,217
4,997
8,119
5,837
4,226
8,173
555
818
1,046
469, 451 468, 480 466,376
4,480
3,689

3,731
3,774
7,367

10, 562 10, 780
8,735
9,193
9,984
7,693
5,003
9,571
5,008
6,794
582
1,459
571
1,215
706
466,176 466,809 470, 251 472, 783 472,143
5,362
4,445

4,774

12,951
15, 039 13,109
11, 347 13, 358 11,435
92, 432 73, 578 24,154
6,843
8,644
7,215
322
476
406
127,066 137, 224 128,047
18
40
60
636

37
78
138
554

8,443
5,737
678
477,135

7,971
4,878
730
479,271

2,973
2,375

2,683
2,192

3,817
3,078

3,670
2,800

3,425
2,496

6,988

7,712
6,822

10, 771
9,358

9,782
8,129

9,140
7,149

1,026
1,003
5,883
5,157
292
310
111, 357 105,776

1,103
4,994
229
100,933

1,678
5,008
5,033
5,018
194
247
122, 601 117,094
15
16
23
548

9
11
19
546

25
13
22
558

43
13
26
587

70
17
37

DAIRY PRODUCTS
Butter:
Consumption, apparentf
thous. of lb__ 152,631 136,238 132,413 138,602 140, 216 152,4
150, 912 153,152 145,603 139,535 153,186 153,009 179,419
Price, wholesale 92-score (N. Y.)
.24
dol. per lb._
.26
.26
.26
.27
.26
.24
.26
.23
.24
Production, creamery (factory)f.thous. of lb__ 200,135 202, 540 184, 778 167, 215 149,914 136,132 116,042 121, 790 128, 303 121, 065 139, 331 145,123 193. 70
Receipts, 5 markets'}:
do
84, 566
90, 433 77, 740 89,250
78,843
64, 457 50, 495 53, 269 55, 705
53,955 60,091
59, 38i
77; 96
Stocks, cold storage, creamery, end of month
thous. of lb_. 131, 455 121,467 172, 622 201, 252 210,703 194, 285 159, 254 128,872 111, 354 92, 780 78,909
70,909 r 84,437
Cheese:
64,174
Consumption, apparentf --do
70,660 '71,839
57,838 68,200
69, 203 52,088
50, 428 56, 702 57,101
62, 356 64, 701
77,687
Imports
do
3,781
4,309
4,042
4,445
5,925
7,018
4,083
4,001
4,425
4,881
3,927
4,353
Price, wholesale, No. 1 Amer. (N. Y.)
.15
dol. per lb_.
.15
.14
.15
.13
.15
.14
.14
.14
.15
.14
.14
.14
Production, total (factory)t
thous. of lb_. 86,170 r91, 288 80,000
69,800
54,400
53,877 41,407
37,992 47, 775 54,600
38, 728 39,168
77, 300
American whole milkf
do
55,830
68,320 r 72,970
63,065
42,791
41, 267 30, 251 27, 899 28,171
27,175
34, 281 41,145
60, 640
Receipts, 5 markets
do
14, 322
16,461
16, 880 14, 718 16,345
15, 764 10, 537 10,998
10, 753 11, 492 11,960
11,157
14, 402
Stocks, cold storage, end of month
do
98,439 114, 788 134, 351 150,248 140, 755 132, 326 127,440 120,174 106, 411
81,653
75, 345 r 79, 272
91,485
r
American whole milk
do
99, 676 114, 607 127, 862 121, 423 115, 351 109, 738 102, 563 90, 401 77, 270 68,812
64, 750
Condensed and evaporated milk:
Exports:
Condensed (sweetened)
thous. of lb__
195
220
572
279
356
259
104
91
355
306
142
148
Evaporated (unsweetened)
do
1,799
1,922
2,034
1,862
2,335
2,198
1,522
2,007
1,785
1,710
2,508
Prices, wholesale (N. Y.):
Condensed (sweetened)
dol. per case..
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
Evaporated (unsweetened)
..do
2.90
3.00
2.90
2.90
3.00
2.90
2.90
2.90
2.90
2.90
2.90
2.90
2.90
§See note marked with a "f" on p. 41 of the June 1939 Survey.
*New series. Earlier data for the new series on alcoholic beverages appear in tables 2-8, pp. 15-18 of the July 1939 Survey.
fRevised series. For 1937 revisions in consumption and production of butter, consumption of cheese, and production of American cheese, see p. 41 of the December 1938
issue. Total production of cheese has been revised beginning 1920 to exclude cottage, pot, and baker's cheese; revisions not shown on p. 41 of the December 1938 issue will
appear in a subsequent issue.
JFor comparable monthly figures beginning 1919, see table 14, p. 17, of the March 1939 Survey.




42

SURVEY OF CURRENT BUSINESS

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

1939

June

June

August 1939

1938
Novem- DecemSepber
ber
tember October

July

1939
January

February

March

April

May

FOODSTUFFS AND TOBACCO—Continued
DAIRY PRODUCTS-Continued
Condensed and evaporated milk—Continued.
Production:!
Condensed (sweetened):
23, 662
Bulk goods
thous. of l b . . 21,059
3,197
Case goods
do
2, 755
276, 652
Evaporated (unsweetened)
do 265,
Stocks, manufacturers' end of month:
Condensed (sweetened):
19, 538
Bulk goods
thous. of lb-.j 11,416
9, 434
Case goods
do
7,761
Evaporated (unsweetened), case goods
thous. of lb_- 292,332 350,790
Fluid milk:
5, 292
Consumption in oleomargarine
do
4,112
2.23
Price, dealers', standard grade*-dol. per 100lb__ 2.10
Production (Minneapolis and St. Paul)
thous. of lb._ 41,873
40,746
Receipts:
15,988
Boston (incl. cream)
thous. of qt._ _
Greater New York (milk only)
do |.
121, 643
Powdered milk:
j
1,058
Exports§
thous. of lb-.l
739
41,955
Production}:
do
38,108
Stocks, mfrs., end of
rao.t
do
25,859
58, 769

17,129
3,289
224, 681

14,752
3,238
188, 507

14,178
3,210
146, 679

14,684
3,050
122,885

11,296
3,529
100,723

11,922
3,210
119,614

12,847
3,421
129, 452

11, 505
3,036
137,882

15,408
3,075
181, 094

15, 420
3,283
Z02,090

22, 007
2,899
262, 957

21,850
10,249

20,119
9, 932

17, 777
9,278

15, 248
8, 521

11, 701
7,854

9,235
7,139

8, 536
6,101

7,202
4, 985

5,809
4,959

6,135
4,608

7,910
6,437

392, 641

419,142

398, 287

344, 316

284, 375

205,073

150,311

109, 882

134, 625

209, 044

4,787
2.23

5,483
2 22

6. 216
9 99

6,247
2.23

5,838
2.23

5,830
2.23

5,856
2.23

5, 422
2 21

5,861
2.20

4, 561
2.15

4,498
2.11

34.641

29,659

25,320

26,377

26,700

32,002

36,421

34,829

40,237

39,031

44.144

16,579
120,412

17,727
127,352

12, 291
115,943

14,936
120, 748

15, 327
118, 582

14,342
118, 277

13,988
123, 868

12, 681
112,501

13, 906
125, 570

13, 322
121, 682

14, 648
132, 670

1, 396
35, 562
59. 764

1,036
27. 350
55. 459

786
26, 870
52, 602

751
25,095
41,204

673
20,419
37,194

549
21,532
33, 259

473
25,006
32, 860

519
22, 890
32,318

689
28,233
30,972

696
31,190
32,102

1,069
38, 877
31, 982

1,177

5,817

13,194

7, 365

5,595

4, 776

4,844

3,025

2,041

0
10,198
1.447

2, 893
9,772
3,244

10,090
12, 800
2, 996

10,27?
14, 399
2,355

8, 736
18, 800
2,100

6,903
18, 726
2,433

5.079
18, 400
2,139

3,046
22, 827
2, 356

1, 569
20,395
3,071

555
17, 589
3,376

1.595

1.519

1.375

1.800

1.680

17, 406

17,196

25, 210

18,863

FRUITS AND VEGETABLES
Apples:
j
Production (crop estimate)
thous. of bu_.j
Shipments, carlot
no. of carloads__|
976
Stocks, cold storage, end of m o n t h
thous. of bbl_.
0
Citrus fruits, carlot shipments--.no. of carloads.. 16, 377
Onions, carlot shipments
do
2,133
Potatoes, white:
Price, wholesale ( N . Y.)
dol. per 100 l b 1.575
Production (crop estimate)
thous. of bu__ • 366,074
Shipments, carlot
no. of carloads._
23,912

/ 131,882
878
0
14, 306
1.632

0
11,453
1,197

1. 619

1.144

.931

1.100

1.095

14, 493

15,056

12, 564

1. 456
369,297
12, 356

23, 478

14, 600

,244

6,600

24,752

30,022

28, 323

15, 749

12, 545

15,111

11,495

20, 385

15, 521

15, 435

11, 368

16,372

206

1,619

861

2,744

1,954

1, 749

736

649

368

724

436

124

614

.57
.61

.48
.54

.47
.56

.53
.56

.50
.54

.50
.56

.54
.60

.55
.55

.54
.56

.51
.57

.55
.56

?, 978
5,771

2,900
7,885

16,817
15,096

12, 335
17,025

10, 522
18,924

5,764
16,187

.52
.57
252,139
5,846
15.015

6,670
13, 752

3,846
12,253

5, 967
10,182

4,579
8,874

4,474
5,745

13.375
5,784

15, 664
5,289

12, 674
6,079

7,898
6, 564

4,119
6,915

6,032
6,547

3,729
6,724

7. 050
' 6, 340

2,721
r 5, 256

3,798
r 5, 780

1, 663
5,090

1, 207
5,723

.53
. 57

.55
.59

.55

.44
.45

.46
.47

.48
.54

.54

.46
.51

.46
.51

)
.53

)
.55

.50
542
262
9-69
644

.51

.47

.47

.49

.52

14, 373
8,827
50, 889

10,216
5, 398
49,181

13,085
8,473
43, 741

12, 562
8, 656
39, 262

23,333
20, 170
34, 568

353

GRAINS AND GRAIN PRODUCTS
Exports, principal grains, incl. flour and meal§
thous. of b u . .
Barley:
Exports, including majt
do
Prices, wholesale, No. 2 (Mpls.):
Straight
dol. per bu_.
Malting
do
Production (crop estimate)
thous. of bu_.
Receipts, principal markets
do
Stocks, commercial, end of mo
do
•Corn:
Exports, including meal
do
Grindings
do
Prices, wholesale:
No. 3, yellow (Kansas City)...dol. per bu._
No. 3, white (Chicago)
do
Weighted average, 5 markets, all grades*
dol. per bu,-.
Production (crop estimate)
mil. of bu__
Receipts, principal markets
thous. of bu. .
Shipments, principal markets
do..
Stocks, commercial, end of mo
do...
Oats:
Exports, including oatmeal
do__
Price, wholesale, No. 3, white (Chicago)
dol. per bu
Production (crop estimate)
mil. of bu,_
Receipts, principal markets
thous. of b u . .
Stocks, commercial, end of mo
do
Rice:
Exports§
pockets (100 lb.)._
Imports?
do...
Price, wholesale, head, clean (New Orleans)
dol. per Reproduction (crop estimate)
thous. of bu_.
Southern States (La., Tex., Ark., and Tenn.):
Receipts, rough, at mills
thous. of bbl. (162 1b.)..
Shipments from mills, milled rice
thous. of pockets (100 lb.)__
Stocks, domestic, rough and cleaned (in
terms of cleaned rice) end of month
thous. of pockets (1001b.).
California:
Receipts, domestic rough
bags (1001b.)._
Shipments from mills, milled rice
do
Stocks, rough and cleaned
(in terms of
cleaned rice), end of mo _.bags (100 1b.)..
Rye:
Exports, including
flour
thous. of bu.
Price, wholesale, No. 2 (Mpls.). dol. per bu..
Production (crop estimate)
thous. of bu...
Receipts, principal markets
do
Stocks, commercial, end of mo
do____
r

a

.53
.60
245,886
3,791
6, 210
267
5, 413

.51
• 2, 571
17, 381
17.04
30, 880

.45

.46

28,104
27. 987
23, 674

26, 573
27,617
15,004

17,419
18. 061
10, 489

17. 240
9,942
9.899

45, 157
18, 994
23, 081

32, 698
16, 356
46, 645

616

1,3-49

256

650

1,405

147

.53

.56

/ 2,
20,
10,
52,

130

114

.30

.31

.32

.34

6,221
15, 545

4,304
14, 958

5, 769
12, 622

4, 461
10,312

6,303
6. 784

298, 935
39, 991

306, 891
46, 344

302, 302
41, 296

302,102
67, 608

274, 893
90, 116

283, 341
84, 857

.033

.033
/ 52, 303

.033

.033

3,191

1, 458

911

892

536

418

674

1,437

1,158

978

1,248

929

790

1,017

93

462

.34
• 873
4, 540
5, 695

.28
3, 609
6, 825

9, 703
6,837

24 669
20, 597

10. 128
22, 026

7,707
22, 609

4, 199
17, 676

.29
/ 1. 054
5, 658
16,919

241, 755
75, 647

325, 820
51, 259

322,270
40, 452

309,896
50, 561

215, 914
46, 483

351,826
39, 355

223,534
34, 816

.033
«50,278

.034

.034

.034

.034

.033

360

531

270

485

1, 625

902

970

696

611

839

1,063

61

2.092

1,434

1,027

1,685

3,568

3,983

3, 979

3,695

3, 586

3,244

2,893

2.595

197. 332
97, 767

186. 3-53
94, 592

165, 480
119,712

269, 219
135, 853

260.721
118,298

477. 536
161, 184

444, 297
182, 438

212, 534
136, 365

262. 200
129, 003

169. 184
118,478

229, 760
143,617

160, 345
136, 287

203,447
144, 414

258, 494

231, 374

190,500

177, 142

179, 446

301, 531

382, 460

366, 012

393,811

375, 056

350, 435

301,497

264, 633

286
.56

116
.48

58
.41

283
.41

307
.41

21
.40

(a)

(a)

419
1,000

1,147
1,195

6, 785
6,825

3, 452
7, 761

2, 199
8,340

949
8,102

(a)

.50
«41, 486
1, 955
7,384

()
.43
/ 55.039
1,248
8, 369

0
. 46
942
8,126

511
7, 724

.43

.43

(a)
.51

1,241
7, 630

795
7,153

1, 045
6,813

Revised.
Less t h a n 500 bushels.
« Xo quotation.
« July 1 estimate.
f Dec. 1 estimate.
i F o r comparable m o n t h l y figures beginning 1918, see table 13, p . 17 of t h e M a r c h 1939 issue.
*NTew series. D a t a for price of milk beginning 1922 a n d average price of corn beginning 1918 appear in tables 38 a n d 39, p . 18 of this issue.
fRevised series. For condensed and evaporated milk production, see p . 41 of the December 1938 Survey.
| R e v i s e d series. D a t a revised for 1937; see tables 19 a n d 20, p p . 14 a n d 15 of the April 1939 issue.




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

43

SURVEY OF CURRENT BUSINESS
1939

1938

June

September

June

July

August

1939
DecemOctober November
ber

January

February

March

April

May

FOODSTUFFS AND TOBACCO—Continued
GRAINS AND GRAIN PRODUCTSContinued
Wheat:
Exports:
Wheat, including flour §
thous. of bu_.
Wheat only §
do
Prices, wholesale:
No. 1, Dark Northern Spring,
(Minneapolis)
dol. per bu_.
No. 2, Red Winter (St. Louis)
do....
No. 2, Hard Winter (K. C.)
do....
Weighted av., 6 markets, all grades-, do
Production (cropest.), total
mil. of bu_.
S pring wheat
do
Winter wheat
do
Receipts, principal markets
thous. of bu.Shipments, principal markets
do
Stocks, end of mo. world est
do
Canada (Canadian wheat)
do
United States, total*
do....
Commercial
do
Country mills and elevators*
do
Merchant mills*
do
On farms*
do
Wheat flour:
Consumption (Russell)
thous. of bbL.
Exports§
do
Grindings of wheat
thous. of bu..
Prices, wholesale:
Standard patents (Mpls.)
dol. per bbL.
Winter, straight (Kansas City)
do
Production:
Flour, actual (Census)
thous. of bbL.
Operations, percent of capacity
Flour (Russell)
thous. of bbL.
Offal (Census)
thous. of lb_.
Stocks, total, end of month (computed by
Russell)
thous. of bbL.
Held by mills (Census)
do
LIVESTOCK
Cattle and calves:
Receipts, principal markets -thous.of animals
Disposition:
Local slaughter
do
Shipments, total
do
Stocker and feeder
do
Prices, wholesale (Chicago):
Beef steers*
dol. per 100 lb_.
Cattle, corn fed
do
Calves, veaiers
do
Hogs:
Receipts, principal markets thous.of animals..
Disposition:
Local slaughter
do
Shipments, total
do
Stocker and feeder
do
Prices:
Wholesale, heavy (Chi.).._.dol. per 100 lb_.
Hog-corn ratio*
bu. of corn per cwt. of live hogs-Sheep and lambs:
Receipts, principal markets-thous.of animals..
Disposition:
Local slaughter
do
Shipments, total
do
Stocker and feeder
do
Prices, wholesale (Chicago):
Ewes
dol. per 1001b..
Lambs
do

6,033
3,929

9,010
7,059

12, 764
10, 844

.84
.73
.71
. 75
' 717
•1
'538
44, 016
14, 423

1.05
.75
.77
.81

.70
.68

11, 498
9,623

5,358
3,483

.67
.66
.68

5,720
3, 104
.73
.69
.65
.65

6,917
4,893
.73
.66
.63
.65

16, 984 101,195
61, 080 38, 477 27, 345 19,110
14, 277 26, 726 25, 258 23, 291 23, 797 21, 696
176, 500 260, 620 330, 930 420,110 437, 340 439, 820
98*123
25. 065 18, 726 65, 457 150, 665 173, 542 162, 375
845, 292
173, 093
81, 260 28, 333 96, 389 133, 725 139, 273 141, 914 136, 204
174, 410
38, 291 31, 433
130,198
54. 214
401,411
90, 838 59, 113

5.16
3.58

6,970
4,430

12,613
10, 217

11, 946
8,782

11, 087
8,487

9,468
5, 874

14, 489
10, 672

. 78

.86
83
.76

. 70
.73
.73
.73
.76
.67
.69
.71
.69
.70
.68
.71
.73
.71
/931
/244
/687
9,512
14, 892 11,900
13, 748 16, 000
18, 252 12, 758
9,251
11,113
11, 174
484,150 467, 360 412, 390 379, 820 359, 730
161,161 154, 325 144, 817 139, 071 134, 085
656, 242
446, 906
128, 748 118, 936 100,119
82, 689 74, 851
92, 646
138, 598
82,481
107, 706
189, 090
281, 190

8,779
415
39,165

8, 630
409
39, 290

9, 450
399
42, 098

9,239
399
44, 234

9,737
557
43, 896

9,445
431
40, 324

9,226
540
38, 357

8,351
510
38, 755

8,110
673
35, 447

553
41, 068

5.88
4.53

5.43
4.25

4.97
4.01

4.91
3.91

4.81
3.79

4.91
3.80

5.06
3.84

5. 10
3.82

4.95
3.66

4.79
3.54

765
37, 698
4.87
3.47

8,474
9, 634
7,757
8,507
9,160
9,699
8,838
8,476
8,951
8,244
8,416
52.6
55.0
60. 5
59.2
57.2
57.0
63.0
54.8
54.0
56.0
55.7
8, 656
8,512
9, 573 10, 094 10, 548 10, 484
9,286
8,711
9, 266
707, 364 702, 336 743, 993 770, 077 765, 608 704, 995 672, 015 681, 624 625, 888 730, 612 665. 468
4,866
3, 508

5,808

1,476

1,605

1, 630

934
546
187

995
615
215

952
659
242

9. 22
9^66
9.13

9.50
9.88
8.78

10.71
11.01
9. 25

6, 560
4,314

6, 750

1,946

2,017

2.306

1,103
821
335

1, 061
950
469

1.122
1,120
594

989
927
473

10.31
10.91
10.20

10.42
11.11
10.84

10.33
10.88
10.70

6,049

6,200

5, 700
4,317

5,550

1,465

1, 635

1,294

1, 542

843
632
309

975
608
259

807
496
213

952
579
253

10.03
10.75
10.29

10.13
11.60
9.63

10.35
11.59
10. 38

10.17
11. 36
11.19

10.29
11.44
10.34

25, 525
16,851
319,890
112,987
64,178

812
39, 066
5.23
3.60
8,516
55.4
693, 372

5,300
3, 865

1,467

1,737

869
581
233

1, 068
647
240

10.02
11.22
9.56

9.68
10. 59

2.105

1, 757

1,570

1,797

1,881

2, 255

2,607

2,570

2,699

1,971

2, 205

1,996

2, 410

1, 535
560
43

1,249
500

1,122
444
32

1,323
465
35

1,397
479
26

1. 660
587
28

1,903
691
33

1,848
726
43

1, 928
754
41

1,398
566

1, 654
547
45

1,509
485
44

1,822
575
48

8.94

8.45

8.96

8.08

7.65

7.17

7.18

7. 66

7.30

6.91

6.68

15.9

16.1

16.8

17.4

18.1

16.0

15.4

16.4

16.0

14.5

13.2

1,964

2,664

2,986

2, 805

1,945

1, 552

1, 746

1, 546

1, 766

1,993

1, 951

979
992
177

1,146
1,495
438

1,174
1.786
621

1,124
1, 673
856

996
968
415

890
673
155

1, 063
677
113

1.046
'720
110

900
1,082
251

1,070
884
235

3.19
8.56

3.27
7.93

3.28
7. 56

3.35
7.68

3.73
8.38

3.78
8.59

3.97
8.63

953
595
82
4.38
8.54

4.78
8. 66

5. 66
9.36

4.60
9.38

6.39
11.9
1,711

38
8.69
15. 3

913
804
167

1,929
1,080
862
171

2.97
9.25

3.16
8.84

MEATS
'Total meats:
Consumption, apparent
mil. of 1b
999
965
1,074
1,017
1,070
1,097
1.092
1, 064
943
1,040
1, 057
' 1,105
899
Exports*
do..
31
28
31
34
33
22
34
39
30
42
42
43
37
Production (inspected slaughter)
do..
982
937
1,005
972
1,073
955
1,177
1,227
1,202
1,127
1, 067
1,083
927
Stocks, cold storage, end of month
do
642
601
459
413
548
484
791
671
758
758
'"•761
748
784
Miscellaneous meats
do
62
61
53
60
50
54
72
65
63
68
Beef and veal:
Consumption, apparent
thous. of lb.. 452, 756 456.814 449, 240 468, 355 498,910 479, 588 461, 485 415, 788 434, 239 377, 363 450,183 402. 876 479,125
Exports?
do
1,114
1,029
1, 261
1, 194
1,082
1,192
1, 248
710
1,036
1, 795
1,047
1,105
841
Price, wholesale, beef, fresh, native steers
(Chicago)
"dol. per lb_.
.159
.174
.158
.170
. 174
.170
. 172
.172
.173
. 168
.170
.177
.166
Production (inspected slaughter).thous. of lb_. 444, 337 449, 569 444, 617 462,160 495. 838 477, 452 467, 980 416, 041 425, 605 368,125 439, 576 390,623 466, 306
Stocks, cold storage, end of mo
do
33,556
35, 925 34, 467 36. 943 41,218
33,730
52, 637 58,187
46, 404 40, 970
53,126
36, 866 r 34, 650
Lamb and mutton:
Consumption, apparent
do
53, 208 56, 240 55, 536 62,186
65. 392 63, 276 56, 375 54, 281 61, 709 58, 558 63, 777
51,198 r 55. 539
Production (inspected slaughter)
do
53, 238 56, 321 55, 392 62,112
61.123
58, 452 63. 451
50,790
55, 398
65. 880 63. 588 56, 997 54,684
r
Stocks, cold storage, end of month
do
1,822
2,148
1.972
2,606
1,861
3, 541
3,171
2,925
2,412
1, 791
2,773
1, 956
2,318
Pork (including lard):
Consumption, apparent
do
567, 657 486, 067 460, 647 486,157 506,164 554, 066 574,142 570, 273 561,329 463.239 550,289 488. 486 570.476
37. 403 25, 635 22,187
Exports, totalf
do
17. 329 25, 493 28, 332 27, 075 27, 258 36. 966 32, 727 33, 022
25. 591
36; 990
22, 682 17,179
Lardf
_.do
12, 881 10. 842 18, 790 21,071
16, 009 19,198
17, 531
25, 303
28, 520 24, 483
22,157
Prices, wholesale:
Hams, smoked (Chicago)
dol. perlb..
.206
.212
.242
.203
.200
.200
.200
.207
.200
.200
Lard, in tierces:
Prime, contract (N. Y.)
do
. 065
.088
.095
.086
.083
.080
.074
.077
.073
.067
.069
. 073
.070
Refined (Chicago)
do
.075
.092
.097
.106
.098
.084
.090
.086
.081
.079
.077
.097
r
Revised.
« July 1 estimate.
/ December 1 estimate.
•New series. For data on United States wheat stocks beginning 1923, see table 29, p. 17 of the June 1939 Survey. For data on hog-corn ratio beginning 1913, see table 33 ,
p. 18 of the June 1939 Survey. Data on exports of meat beginning 1913 not shown above will appear in subsequent issue. For price of beef steers beginning 1913 see table 40,
page 18 of this issue.
f Revised series. Data on lard revised for period 1913-37 to include neutral lard; revisions which also affect total exports of pork will appear in a subsequent issue.
^Revised series. Data revised for 1937; see table 19, p. 14 of the April 1939 Survey.




44

SURVEY OF CURRENT BUSINESS

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

1939

1938

June

September

June

July

August

August 1939
1939

Novem- DecemOctober
ber
ber

January

February

March

563, 699 513,160 605, 478
99, 442
91. 858 106, 945
652, 456 656, 746 '659,587
523, 204 527, 213 r 520, 251
129,252 129, 533 r 139,336

April

May

FOODSTUFFS AND TOBACCO—Continued
MEATS—Continued
Pork (including lard)—Continued.
Production (inspected slaughter) total
thous.
Lard
Stocks, cold storage, end of month
Fresh and cured
Lard

of lb__
do
do
do
do

585,804
106,218
644, 442
496, 273
148,169

POULTRY AND EGGS
Poultry:
28, 494
Receipts, 5 markets
thous. of lb.
67,421
Stocks, cold storage, end of month
do
Eggs:
1,589
Receipts, 5 markets
thous. of cases..
Stocks, cold storage, end of month:
6,971
Case
thous. of cases.
Frozen
thous. of lb. 140, 377
Cocoa
TROPICAL PRODUCTS
Imports
long tons.
Price, spot, Accra (N. Y.)
dol. p e r l b . .
Coffee:
Clearances from Brazil, total..thous. of bags.
To United States
_._
do...
Imports into United States
do—
Price, wholesale, Rio No. 7 (N. Y.)
dol. per lb.
Receipts at ports, Brazil
thous. of bags..
Visible supply, total, excl. interior of Brazil
thous. of bags.
United States
do...
Sugar:
Raw sugar:
Cuba:
Stocks, total, end of month
thous. of Spanish tons..
United States:
Meltings 8 ports
long tons..
Price, wholesale, 96° centrifugal (N. Y.)
dol. per lb_
Receipts:
From Hawaii and Puerto Rico
long tons..
Imports§
do
Stocks at refineries, end of month., do
Refined sugar (United States):
Exports, including maple_
do.
Price, retail, gran. (N. Y.)
dol. p e r l b . .
Price, wholesale, gran. (N. Y.)
do.
Receipts:
From Hawaii & Puerto Rico..long tons..
Imports:
From Cuba§
do
From Philippine Islands§
do
Tea:
Imports
thous. of lb_.
Price, wholesale, Formosa, fine (N. Y.)
dol. per l b . .
Stocks in the United Kingdom..thous. of lb.
MISCELLANEOUS FOOD PRODUCTS
Candy, sales by manufacturers!.thous. of doL.
Fish:
Landings, fresh fish, prin. ports.thous. of lb_.
Salmon, canned, shipments
cases
Stocks, cold storage, total, 15th of month
thous. of l b . .
Gelatin, edible:
Monthly report for 7 companies:
Production
do.
Shipments
d o.
Stocks
doQuarterly report for 11 companies:
Production
do.
Stocks
do.
TOBACCO
Leaf:
Exports§
thous. of lb_.
Imports, incl. scrap§
do
Production (crop estimate)
mil. of l b . .
Stocks, total, incl. imported types, end of
quarter
mil. of lb_.
Flue-cured, fire-cured, and air-cured-.do
Cigar types
do
Manufactured products:
Consumption (tax paid withdrawals):
Small cigarettes
millions_.
Large cigars
thousands..
Manufactured tobacco and snuff
thous. of lb_.
Exports, cigarettes§
thousands..
Production, manufactured tobacco:
Total
thous. of lb_.
Fine cut chewing
do
Plug
do
Scrap chewing
do
Smoking
do
Twist
do

476, 552
80, 365
543, 770
417,704
126, 066

436, 978
72, 938
502, 658
378,981
123,677

21, 697
53, 432

22, 960
52, 640

448,180 443, 756
74,192
75, 838
451, 397 367,177
334,777 277, 231
116, 620
89, 946

531, 753
89,716
319,312
251, 645
67, 667

651,636
105, 533
373, 641
299,142
74,499

756, 532
134, 776
537, 525
430,104
107, 421

715,179
132, 533
658, 489
526, 411
132,078

500, 769
90,038
667,419
542,138
125,281

74, 302
118,088

65, 855
139,108

23, 286
133, 531

16, 744
116, 229

17, 825
90,987

16,217
70, 568

23, 747
54, 941

26, 965
59,942

36,763
77, 692

1,509

1,035

646

574

760

1,041

989

1,649

2,065

2,311

6,255
138, 510

6,411
135, 329

5,942
125,018

4,765
110,244

3,244
94,305

1,439
78,091

302
62,903

136
t0,345

165
44,476

1,105
60,465

3,357
88, 867

' 5,880
117,900

14,130
.0436

.0470

21,180
.0526

40, 630
. 0532

18,147
.0524

12,117
.0499

.0480

15, 887
.0462

18,143
.0437

33, 297
.0460

43, 792
.0468

32, 052
.0448

.0446

1,563
774
1,302

1, 622
\ 783
; 1,232

1, 305
683
1,190

1,591
819
1,145

1,526
818
1,189

1,598
861
1,147

1,218
775
1,386

1,451
785
1,325

1,191
662
1,423

1, 222
697
1,086

1,305
694
1,497

1,232
610
1,017

1,638
767
1,187

.053
1,290

.049
1,401

.049
1,214

.054
1,624

.056
1,792

.055
1,615

.055
1,421

.053
1,700

.053
1,295

.052
1,033

.051
1,279

.051
1,341

.052

7,960
857

7,215

7,276
701

7,621
858

7,468
721

7,409
914

7,816
855

7,740
860

7,757
867

7,916
805

8.249
860

1,014

784

750

725

1,407

2,580

2,621

2,263

2,038

' 2, 012

1,894

1,554

1,316

304, 631

374, 511

382, 948

391, 543

425, 588

375, 935

292, 036

247, 226

261, 257

247,112

371,979

401,523

328, 213

.029

.027

.028

.028

.030

.031

.030

.029

.029

.028

.028

.029

.029

141 731 158, 276
226,003 211,077
345, 274 282, 876

113,822
347, 381
334. 246

142, 271
311,574
308,086

116,173
213, 840
269, 978

56,139
111,170
215,388

46,066
194, 732

62, 317
63, 481
199,056

122, 969
116,014
241,039

183, 880
228, 690
236, 666

5,134
.050
.043

6,428
.049
.045

5,625
.049
.046

5,003
.050
.045

4,472
.050
.044

4,018
.050
.042

5,344
.049
.042

5,532
.049
.044

127,764
256, 265
382, 443
6,557
.050
.044

4,034
.051
.044

4,958
.050
.044

184, 440
200, 084
271, 306

137,011
184, 364
357, 250

3,641
.049
.044

14,529
.050
.044

9,799

13,017

2,908

754

1,335

1,208

1,339

9,479

4,183

17, 734

16,662

18, 076

23, 352

24, 599
9,393

34,121
5,676

40, 044
6,189

59,872
6,563

11,791
2,995

2,293
4,287

0
2,532

987

1,413
536

5,187
2,223

18, 230
2,979

10, 336
6,495

18,870
9,191

6,724

5,697

5,270

6,253

7,528

7,959

8,404

7,603

7,698

7,931

8,576

6,866

8,785

.280
165, 658

.280
170,197

.280
182, 558

.280
189, 983

.280
214,017

.280
231, 628

.280
.280
243, 223 252, 634

.280
234,468

.280
205,084

.280
182, 681

.280
168,308

12, 695

10,359

13, 053

22, 945

16,223

15,169

41, 554
524, 393

43, 546
257,564

12, 696

• 38, 935 r 39, 254 r 46, 898 37,460
518, 885 653,102 814, 883 1,112,465

21,401
r

40, 276
899, 579

23, 656
r

34, 701
539, 699

21, 243

17, 717

18,195

27,112
23,070
716, 458 524,250

25,652
487, 357

30,983
525, 662

46,457

55,039

i6, 716

75, 882

84, 537

85,665

93,024

90,711

77,088

62,253

40, 423

1,444
1,468
6,496

1,621
1,593
6,953

1,063
1,400
6,615

1,056
1,994
6,014

924
1,397
5,542

1,082
1,445
5,179

1,364
1,226
5,317

1,518
1,242
5,593

1,554
1,301
5,845

1,437
1,335
5,948

1,538
1,557
5,929

6,323
9,478

6,147
9,914

17,146
6,865
• 1,654

21,425
5,793

3,909
7,956
13,467
10,435

35, 219
6,284

2,178
1,726
359

60,379
5,324

5,234
8,004
82,034
6,289

55,167
5,641

2,227
1,822
323

54,217
4,797
/ 1, 456

' 29, 756 ' 35, 295
1,546
1,178
6,296

1,641
1,418
6,520

21,777
4,783

24,502
7,765

6,340
8,909
28,013
5,820

37, 502
5,492

2,343
1,946
298

44, 333
6,592
2,363
1,912
330

16,595
486,721

14,717
477,443

13, 784
420, 510

15, 892
477, 596

14,711
486,482

13,264
525, 662

13, 506
515,859

12, 656
333,982

13,863
349,497

11,782
361, 233

14, 244
437, 584

12, 269
403,042

15, 445
470, 580

30,107
593, 218

30,180
598, 716

27, 544
466,561

30,473
502,491

30, 577
420,493

27,869
631,023

30,940
518,943

27,126
576,210

26, 914
451,194

25,425
623,889

29, 594
562,225

25, 628
424,857

30, 499
592, 851

27,184
427
5,037
4,142
17,118
460

24,954
378
4,701
5,443
14,005
426

27, 756
409
5,140
3,709
17,962
537

27, 327
403
5,023
3,655
17,812
433

24, 969
358
4,344
2,151
17, 671
444

28, 111
363
4,266
4,563
18, 503
415

24,825
382
4,290
4,133
15, 580
440

23, 260
372
3,419
3,419
15, 650
400

22, 571
319
4,145
2,924
14, 711
471

26,052
423
4,322
3,365
17,451
491

22, 895
325
4,076
3,023
15,045
426

••Revised.
« July 1 estimate.
/ Dec. 1 estimate.
|For monthly data beginning 1928, corresponding with monthly averages for 1928-33 shown in the 1938 Supplement, see table 7, p. 17, of the January 1939 issue.
§Revised series. Data revised for 1937; see tables 19 and 20, pp. 14 and 15 of the April 1939 issue.




24, 427
' 66, 796

45

SURVEY OF CURRENT BUSINESS

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

1939

June

1939

1938

June

July

August

September

DecemOctober November
ber

January

February

March

April

May

5.513
46.056

5.513
46.056

5.513
46.056

336

FOODSTUFFS AND TOBACCO—Continued
TOBACCO—Continued
Manufactured products—Continued
Prices, wholesale:
Cigarettes
dol. per 1,000..
Cigars
do

5.513
46.056

5.513
46.056

5.513
46.056

5. 513
46.056

5.513
46. 056

5. 513
46.056

5. 513
46.056

5.513
46.056

5.513
46. 056

5.513
46.056

127

143

165

154

143

137

9. 605
4,165
3,519

~~9.~713
3,728
3,167

11.49
9.706
4, 471
3,849

9.73i
4,953
4,647

9.698
4,114
3,382

11.35
9.642
3,604
3,232

9.078
5,296
4,842

1,917

1,901

1,458

1,046

761

408

51

37

29

25

22

35

61

277

282

348

207

250

22, 390
31
4,114
402
131
2,827
6,042
823
8,020

FUELS AND BYPRODUCTS
COAL
Anthracite:
Exports§
thous. of long tons..
Prices, composite, chestnut:
Eetail
dol. per short ton
Wholesale
do
Production
thous. of short tons,.
Shipments
do
Stocks, end of month:
In producers' storage yards
do
In selected retail dealers' yards
number of days' supply..
Bituminous:
Exports§
thous. of long tons..
Industrial consumption, total
thous. of short tons..
Beehive coke ovens
do
Byproduct coke ovens
do
Cement mills
do
Coal-gas retorts
do
Electric power utilities
do
Railways (class I)
do
Steel and rolling mills
do
Other industrial
do
Other consumption:
Vessels (bunker)
thous. of long tons..
Coal mine fuel
thous. of short tons..
Prices:
Retail, composite, 38 cities
dol. per short ton..
Wholesale:
Mine run, composite
do
Prepared sizes, composite
do
Production
thous. of short tons..
Stocks, industrial and retail dealers, end of
month, total
thous. of short tons..
Industrial, total
do
Byproduct coke ovens
do
Cement mills. _
do
Coal-gas retorts
do
Electric power utilities
do
Railways (class I)
do
Steel and rolling mills
do
Other industrial
do
Retail dealers, total
do

194

197

10.55
9.148
3,531
2,959

10.63
9.030
'4,460

559
71

112

100

129
11.02
9.602
3,337

149

9.231
2,571
2,361

9.431
2,729
2,336

1,764

1,757

1,924

2,121

57

58

63

44

1,148

956

1,093

1,032

1,107

1,092

21,535
81
4,361
530
124
3,327
5,751
671
6,690

18, 596
82
2,931
451
130
2,846
5,298
588
6,270

18, 862
69
3,085
478
127
3,038
5, 482
583
6,000

20,346
79
3,534
478
128
3,315
5,662
660
6,490

21,116
88
3,770
430
130
3,338
5,938
652
6,770

23, 734
100
4,360
486
134
3, 575
6,663
736
7,680

24, 921
110
4,622
441
138
3,530
6,597
803

26, 533
123
4,742
342
144
3,684
7,161
837
9,500

26,185
121
4,751
212
149
3, 595
7,149
858
9,350

24,183
111
4,346
244
137
3,051
6,545
759
8,990

25, 786
107
4,855
368
143
3,168
6,970
805
9,370

195

98
165

100
172

99
211

95
237

112
258

129
265

81
266

68
261

92
249

105
259

9.154
' 5,073
4,206
238

• 20, 518
39
3,383
M16
125
' 3,032

' 5,
915
r
678
79
122

8.28

8.38

4.246
4.238
28, 506

4.294
4.404
22, 507

4.297
4.434
23, 367

4. 296
4, 469
28,665

4.299
4.524
32, 286

4.299
4.576
34, 989

4.299
4.565
35, 925

4.298
4.557
36, 541

4.290
4.544
35, 530

4.286
4.520
33, 910

4.283
4.491
35, 290

4.421
4.345
10, 747

26,975
22, 745
3,548
286
169
6,693
4,469
520
7,060
4,230

33, 452
27, 612
5,000
311
271
8,067
4,827
716
8,420
5,840

33, 615
27, 265
5,364
275
277
7,905
4,532
652
8,260
6,350

34,579
27, 719
5, 540
299
279
7, 834
4, 556
651
8, 560
6,860

36,507
29, 377
5,952
313
263
8,029
4,672
638
9,510
7,130

39,024
•31,324
6,459
330
258
8,195
5,052
620
10,410
7,700

40, 821
33, 321
7,173
346
264
8,413
5, 315
650
11,160
7,500

40, 720
33, 670
7,462
349
252
8,491
5,629
687
10, 800
7,050

39, 720
33, 270
7,374
350
236
8,379
5,819
742
10,370
6,450

39, 887
34,087
7,373
403
220
8,456
6,736
879
10,020
5,800

40, 505
35, 225
7,222
414
217
8,760
7,603
1,029
9,980
5,280

31, 746
28, 226
4,434
321
179
7,642
6,387
803
8,460
3,520

8.54
4.464
4.300
17, 880
1

25, 413

• 22, 613

' 2, 598
'275
'129
' 6, 740
' 5,196
'545
7,130
2,800

COKE
Exports
thous. of long tons..
Price, beehive, Connellsville (furnace)
dol. per short ton._
Production:
Beehivef
thous. of short tons..
Byproduct!
do
Petroleum coke
do
Stocks, end of month:
Byproduct plants, total
do
At furnace plants
do
At merchant plants
do
Petroleum coke
do

43

60

39

55

40

38

27

25

23

21

18

37

3.750

3.875

3.750

3. 750

3.750

3.750

3.750

3.750

3.750

3.750

3.750

3.750

3.750

52
;,090

r
50
2,067
137
3,375
1,411
1,964
574

44
2,177
138
3,564
1,460
2,104
610

50
2, 494
148

56
2,675
111
3,675
1,392
2,283
623

63
3,093
147
3,716
1,334
2,382
654

70
3,278
153

79
3,363
142

71
3,078
117

69
3,439
128

20
2,915
142

3,745
1,307
2,438

3,610
1,291
2,319
708

77
3,367
126
3,330
1,241
2,089
717

3,116
1,242
1,874
705

3,037
1,198
1,839
694

2,967
1,091
1,876
734

'25
2,396
132
2,751
951
1,800
716

2,657
931
1,726

3, 709
1, 453
2, 256
651

PETROLEUM AND PRODUCTS t
Crude petroleum:
Consumption (runs to stills)...thous. of bbl__
93, 880 99, 856 101, 352
99, 303
100, 787 97, 309 97, 964 99, 614 87, 797 98,917
Imports§
do
1, 736
2,669
1,584
1,343
2,130
2,647
2, 3,08
1,371
1, 720
2,678
2,788
3,279
Price (Kansas-Okla.) at wells-._dol. per bbl._
.960
1.040
.960
1.160
1.160
.960
.960
1.160
1.160
.960
.960
.960
Production
thous. of bbl._
94, 277 102, 898 106,165 98, 661 101, 830 98, 567 102, 287 102, 490 93, 475 106,768 105, 510
Refinery operations
pet. of capacity..
77
79
78
79
79
76
77
80
79
77
80
Stocks, end of month:
California:
84, 724 85,132 86, 705 87, 222 87, 399 87, 222 87, 595 87, 002 86, 294 86, 075
82,833
Heavy crude and fuel
thous. of bbl._
33,138 33, 548 33,975 34,999
38, 323 39, 383 39, 699
33,151
36,064
37,193
36,927
Light crude
do
251, 213 247,361 243, 952 240, 251 233, 463 228, 741 229,140 227,134 227, 098 229, 079 230, 926
East of California, total
do
44, 314 43, 674 42, 724 42,979 41,131 40, 386 41, 221 42, 540 41, 777 41,154
40,180
Refineries
do
206, 899 203, 687 201, 228 197, 272 192, 332 188, 355 187,919 184, 594 185, 321 187, 925 190,746
Tank farms and pipe lines
do
1,776
1,539
1,715
1,338
1,572
1,252
1,385
1,419
Wells completed
number..
1, 648
1,419
1,601
Refined petroleum products:
Gas and fuel oils:
Consumption:
1,134
1,242
1,206
1,116
Electric power plantsf
thous. of bbL.
1,193
1,236
1,094
1,187
1,207
1,243
1,101
4,033
3,890
3,640
Railways (class I)
do
3,811
4,010
3,957
3,729
3,898
3,815
4,199
4,111
3,076
3,341
Vessels (bunker)
do
2,904
2,969
2,771
2,587
3,219
2, 916
2,925
2,788
2,925
3,343
.850
Price, fuel oil (Oklahoma)
dol. per bbL.
.850
.850
.925
.925
.895
.925
.925
.925
.925
.925
.850
Production:
22, 761 23, 547 24, 232 24, 552 25, 487 24,573
25,197
25, 800 21,476
25, 040 24, 750
Residual fuel oil
thous. of bbl._
12, 797 13, 539 13, 301
Gas oil and distillate fuels, total
do
10, 784 12, 688 12, 691 13, 074 13, 820 12, 793 13,873 l 14,135
' Revised.
* Preliminary.
fRevised series. Petroleum and products revised for 1937; see table 9, p. 15 of the March 1939 Survey. Beehive and by-product coke production revised for
p. 45 of the December 1938 Survey. Gas and fuel oils, consumption in electric power plants, revised for 1938, see p. 45 of the June 1939 Survey.
§Revised series. Data for 1937 revised; see tables 19 and 20, pp. 14 and 15 of the April 1939 Survey.




105, 755
4,186
.960
110, 541

85, 580
39,878
230, 279
40,445
189, 834
1,656

1,346
3,870
3,520
.850
27, 022
12, 353
1937; see

46

SURVEY OF CURRENT BUSINESS

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

1939
June

June

July

August 1939

1938
SepDecemAugust tember
October November
ber

1939
January

February

April

March

May

FUELS AND BYPRODUCTS—Continued
PETROLEUM AND PRODUCTS!—Con.
Refined petroleum products—Continued.
Gas and fuel oils—Continued.
Stocks, end of month:
Residual fuel oil, east of California
thous. of bbl_.
Gas oil and distillate fuels, total
do
Motor fuel: 1
Demand, domestic
thous. of bbl._
Production, total
do
Benzol
do
Straight run gasoline
do
Cracked gasoline
do
Natural gasoline
do
Natural gasoline blended
do
Exports
do
Gasoline: H
Price, wholesale, tank wagon (N. Y.)
dol. per <ral
Price, wholesale, rpfinine (Okla.)
do
Price, retail, service stations, 50 cities_do
Retail distribution!
mil. of galStocks, end of month:
Finished gasoline, total
thous. of bbl_.
At refineries
do
Natural gasoline
do
Kerosene:
Consumption, domes tic
do
Exports§
do
Price, wholesale, water white 47°. refinery
(Pennsylvania)
dol. per gal.
Production
thous. of bbl
Stocks, refinery, end of month
do___
Lubricants:
Consumption, domestic
do... _
Price, wholesale, cylinder, refinery (Pennsylvania)
dol. per gal_
Production
thoiiS. of bbl _
Stocks, refinery, end of month
do...
Asphalt:
Imports §
short tons.
Production
do___
Stocks, refinerv, end of month
do___
Wax:
Production
thous. of lb.
Stocks, refinery, end of month
do...

3,884
.111
.050
.136

30, 282
24, 699

32, 285
26, 620

32, 874
28, 841

48, 293
45, 718
105
19, 735
21, 877
4,001
2, 635
3,517

47, 474
48, 913
114

50. 459
50, 071
133
21, 524
24,188
4.226
2, 950
3, 998

. 130
.053
.141
1.931

.053

.105

. 124
.055
.140

.124
. 051
.138
1,909

.124
.046
.131
1, 890

30, 935
32, 069

26, 991
27, 873
41, 649
48, 026
186
20. 794
22, 701
4, 345
4,285
4,607

24, 309
24, 650

21, 952
21, 731

19, 288
20,115

19,534
21, 058

37, 767
49,120
185
21,125
23, 546
4,264
3.637
2, 764

34, 595
43, 409
170
IS, 455
21, 037
3,747
3,229
2,569

42, 520
48, 367
192
20, 663
23, 280
4,232
3,243
3,523

43, 977
48, 837
162
20, 922
23, 521
4,232
2.983
2,900

124
046
133
762

.119
.043
.134
1, 745

.119
.041
.133
1,548

.119
.042
.133
1,427

.118
.045
.133
1,734

.114
.047
.134
81, 623
55,172
5,484

44,991
48, 201
181
20, 397
2?, 379
4,244
4,222
3,205

70, 224
43,091
7,614

64. 599
40,137
8,022

63,163
38,819
8,159

63. 542
38, 739
6, 771

64,083
39, 376
5, 742

65. 949
41,805
4,830

73, 817
49,419
4, 647

79,691
54, 569
4. 708

81,189
55, 464
4,721

3, 257
381

3,752
210

4,292
597

5,185
646

5, 368
323

5,901
516

5,201
523

.053

.053
4,889
10,112

.052
4.933
10,149

.051
5,320
9, 949

.050
5,419
9, 676

6,813
783
.049
5, 739
7, 799

5, 980
776

9", 202

4.187
797
.051
5, 348
10,497

.049
5. 702
6,711

.052
5,174
5,452

.053
5, 900
5,605

5.042
691
.053 !
5,813 I
5,663 !

1, 606

1, 844

2,002

2,127

1,805

1, 735

1, 831

1,609

1, 653

1,987

' 1. 770 I

. no

.106
2,631
8, 194

.105

.105
2. 615
7, 605

.105
2, 632
7! 718

.105
2, 535
7, 817

.105
2, 384
7, 695

.105
2.527
7, 762

.105
2,522
7, 951

.105
2. 664
7,800

. 105 I
2.672 i

2.378
8,114
3,024

.055
.141
1,989

33, 344
33,017
46, 272
49, 789
169
21, 383
23, 862
4, 375
4. 432
3,572

47,159
6.951

73, 725

460

21, 020
23, 652
4,127
2,935
3.597

33, 661
30, 860
46, 058
48, 208
144
20, 934
23, 049
4, 081
3,229
3, 068

7.969

7.88.1

2, 335
445, 600
669, 300

3, 461
1.20S
2. 844
1.923
1.649
2. 869
2,078
9, 662
2, 886
1.358
475. 800 514,400 456, 300 464. 900 322, 700 242, 400 244.400 189, 300 308, 200 374, 900
633. 200 566, 400 471, 100 442, 200 447, 600 480, 900 532, 000 572, 000 650, 000 688, 000

37. 800
138,260

30. 240 31,920
135,911 131,103

36, 400 42, 000 37, 520 36.120
35. 280 33, 320 44, 800 35, 000
129. 018 128, 926 131, 772 129, 340 128, 627 117,711 117,537 119,301

LEATHER AND LEATHER PRODUCTS
HIDES AND SKINS
Imports, total hides and skins § thous. of lb_.
Calf and kip skins§
do
Cattle hides§
do...
Goatskins§
do
Sheep and lambskins§
do
Livestock (inspected slaughter):
Calves
___ _ ._ __.thous. of animals..
Cattle
do___.
Hogs
do
Sheep
do
Prices, wholesale (Chicago):
Packers', heavy, steers
dol. per lb_.
Calfskins, packers', 8 to 15 lb
do
LEATHER
Exports:
Sole leather
thous. of lb_.
Upper leather §
thous. of sq. ft_.
Production:
Calf and kips
thous. of skins..
Cattle hides
thous. of hides..
Goat and kid
thous. of skins..
Sheep and lamb
do
Prices, wholesale:
Sole, oak, scoured backs (Boston)
dol. per lb..
Upper, chrome, calf, B grade, composite
dol. per sq. ft..
Stocks of cattle hides and leather, end of month:
Total
thous. of equiv. hides..
In process and
finished
do
Raw
do

LEATHER MANUFACTURES
Gloves and mittens:
Production (cut), total
dozen pairs.
Dress and semi-dress
do

22, 563
2,302
8,034
3,214
4,385

12, 242
1,429
2,058
4.176
3,942

14,903
2,144
5, 393
4, 795
1,941

448
778
3,185
1,401

475
816
2,533
1,485

.110
.164

47
3,640

266
175
716
223
341

16, 897
2,133
5, 670
5, 498
2,282

19, 803
2,116
7.527
4,945
3,641

24, 399
3,440
10, 725
6,122
2,685

25, 657
3,972
9, 588
6,075
4,468

32, 826
3,563
13,528
6,317
7,901

28,189
2,809
13, 200
6,189
3,975

29,196
2,380
11,771
6,769
4,436

25,454
2,505 j
11,374 !
5,260 I
4,858 I

436
820
2,254
1,461

457
848
2 467
1 603

453
917
2,671
1, 694

470
884
3.311
1,638

457
858
3,913
1, 453

417
758
4,346
1,347

415
761
4,043
1,456

385
653
2,890
1,361

478
774
3,229
1,473

2,931 !
1,224 I

.093
.114

.111
.139

119
145

. 120
.143

.134
.161

.141
.163

.123
.157

.121
.163

.104
.154

.107
.154

.097
.145 !

97
3,623

49
3, 669

60
3,738

41
3,709

42
3,420

26
3,689

6
3,097

14
3,492

92
4,197

46
3,585 1

1,032
1,457
2, 675
2,184

1,222
1,407
2.394

1,138
1,786
2. 634
2,872

r 1, 288
1,882
3,245

2,308

1,
1,
2
3,

49
* 4, 651
1,100
1, 755
2,525
2,822

1,319
1,936
3,185
2,899

1,326
1,943
3,170
3, 236

1,329
1, 955
3,623
3,115

.294

.305

.318

.315

.303

.291

.290

.290

.380

. 366

.392

.390

.393

.390

.380 I

.380

.380

13,967
10. 223
3. 744

13, 885
10, 074
3,811

13,996
10, 301
3,695

13, 602
9, 868
3, 734

13, 375
9,699
3, 676

16,
3
2
5
4

349
764
755
226

r 1,114
1,717
2, 336
2,716

.315

318

.320

.320

.377

378

.378

.385

13, 865
10,014
3, 851

13, 331
9, 666
3, 665

13,244
9, 540
3,704

13.440
9, 665
3,775

145, 710 150,480 181,791 I 173,882 183, 667 162, 797 135, 759 119,257
85,185 92,255 I 112,736 106,761 115, 942 102, 725 74, 065 63,177
Work
do__.
67, 725 60, 072 61, 694 56, 080
67,121
60, 525 58,225 I 69,055
r
Revised.
tFor petroleum and petroleum products, see note marked with a "f" on p.45. Retail distribution of gasoline revised for 1937-38; data
Survey will appear in a subsequent issue.
tThe gasoline statistics in the above table have been rearranged and data on the production of benzol have been added. With this
or total production of motor fuels, as shown here. Earlier data for benzol production will appear in a subsequent issue.
§Revised series. Data revised for 1937; see tables 19 and 20, pp. 14 and 15 of the April 1939 Survey.




153, 409
93,123
60, 286

r

1,168 I

r 1,672 !

r 3. 463 !
2,774 I

13,009 I 12.813 i 12,905
9,229 ! ' 9 , 0 2 6 i 9,078
3,780 j ' 3 , 7 8 7 ! 3,827

174,937
103, 739
71,198

148,420 I 149,591
81,850 i 88,480
66,570 ; 61,111

not shown on p. 46 of the June 1939
series, it is possible to derive figures

47

SUEVEY OF CURRENT BUSINESS

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

1939

1938

June

September

June

July

August

1939
DecemOctober November
ber

January

February

March

April

May

LEATHER AND PRODUCTS—Continued
LEATHER MANUFACTURES-Continued.
Shoes:
Exports
thous. of pairs_.
Prices, wholesale, factory:
Men's black calf blucher
dol. per pair__
Men's black calf oxford
do
Women's colored calf
do
Production, boots, shoes, and slippers:
Total
thous. of pairs..
Athletic
do
All fabric (satin, canvas, etc.)
do
Part fabric and part leather
do
High and low cut, total
do
Boys' and youths'
do
Infants'
do
Misses' and children's
do
Men's
do
Women's
do
Slippers and moccasins for housewear
thous. of pairs..
All other footwear

176

116

136

164

191

200

138

113

108

195

310

223

304

5.75
4.75
3.00

5.75
4.75
3.00

5.75
4.75
3.00

5.75
4.75
3.00

5.75
4.75
3.00

5.75
*1.75
3.00

5.75
4.75
3.00

5.75
4.75
3.00

5.75
4.75
3.00

5.75
4.75
3.00

5.75
4.75
3.00

5.75
4.75
3.00

5.75
4.75
3.00

31, 640
295
452
290
26, 215
1,390
1,971
3,595
7,882
11,377
3,700

26, 897
225
459
192
22, 491
1,361
1,681
3,008
7,314
9,128

30, 742
187
314
202
26, 546
1,426
1,576
3,314
7,027
13, 204

42, 252
295
291
405
36, 247
1,958
1,845
4,090
10,067
18, 287

38, 280
263
319
331
31,987
1,803
1,818
3,859
9, 568
14,940

35,012
282
303
315
27, 799
1,638
1,878
3,583
9,250
11,451

30,054
304
305
354
22, 556
1,553
1,886
3,132
8,691
7,295

29,988
331
355
476
24, 359
1,426
1,775
3,399
8,403
9,355

33, 561
260
457
652
30,149
1,414
1,987
3,740
8,876
14,132

35, 457
237
530
778
31, 400
1,302
1,940
3,711
8,645
15, 801

42, 375
281
760
832
37,132
1,545
2,256
4,505
9,930
18,894

32, 578
275
591
641
27,842
1,407
1,951
3,122
7,680
13, 683

32, 222
307
526
r
355
•27,161
r
1, 404
1,825
r
3, 435
' 7,739
' 12, 757

2,837
692

3,108
384

4,692
322

5,115
264

6,078
236

6,422
114

4,297
170

1,695
348

1,983
530

2, 651
721

2,464
765

' 3,002
'871

82, 956
16, 586
61, 726
58, 292

98,932
18,819
73,430
48, 941

688

LUMBER AND MANUFACTURES
LUMBER—ALL TYPES
Exports, total saw mill products*
M bd. ft.- 112,130
Sawed timber *
do
17,984
Boards, planks, scantlings, etc
do
89,254
54, 692
Imports, total saw mill products*
do
National Lumber Mfrs. Assn.:
Production, total
mil. bd. ft_. 2,036
Hardwoods
do
270
Softwoods
do
1,766
Shipments, total
do
2,061
Hardwoods
do
328
Softwoods
do
1,733
Stocks, gross, end of month, total
do
8,006
Hardwoods
do
1,896
Softwoods
do
6,011

92,
21,
65,
62,

980
766
505
591

82, 216
18,690
63, 526
36,056

77,923
13,066
64, 857
36, 629

69, 217
6,960
62, 257
49,128

76, 825
8,827
67,998
58, 022

78,184
10,077
68,107
60, 977

66,934
10, 205
56, 729
50, 232

93, 247
13, 289
79,958
46,884

70,652
10, 633
57,969
49, 521

70, 727
10,879
59,228
47, 803

1,696
211
1,485
1, 684
230
1,454
8,672
2,318
6,354

1,606
204
1,402
1,775
267
1, 508
8,511
2,259
6,252

1,998
222
1,776
2,033
283
1,750
8,481
2,200
6,281

1,901
237
1,664
1,843
293
1,550
8,560
2,155
6,405

1,790
239
1, 552
1,847
295
1,552
8,506
2,099
6,407

1,675
246
1,429
1,789
311
1,478
8,442
2,058
6,384

1,505
233
1,271
1,593
263
1,330
8,373
2, 069
6,304

1,582
295
1,287
1,662
308
1,355
8,309
2,055
6, 254

1,493
293
1,200
1,581
282
1,300
8,209
2,061
6,148

1,808
302
1,506
1,995
327
1,667
8,038
2,021
6,017

1,771
266
1,505
1,828
307
1,521
7,997
1,984
6,013

2,132
271
1,861
2,117
307
1,810
8,024
1,948
6,075

FLOORING
Maple, beech, and birch:
Orders, newt
Orders, unfilled, end of month
Production
Sh ipments
Stocks, end of month
Oak:
Orders, new
Orders, unfilled, end of month
Production
Shipments
Stocks, end of month

M bd. ft.
do_._
do._.
do.. _
do.__

6,850
12, 400
7,400
8,200
18.400

7,000
8,000
5,600
7,000
21,000

7,900
9,600
5,400
6,400
20,000

7,450
9,850
7,000
7,250
19,950

5,400
8,800
6,300
5, 950
20, 350

7,000
10, 600
5,400
5,200
21,000

6,200
11, 200
6,100
5,500
21, 600

6,500
13, 000
6,200
4,900
23,350

7,450
14,700
6,000
5,900
23, 800

5,400
15, 200
5, 580
4,850
24,350

6,550
14,000
5,300
7,400
22, 600

8,100
14, 000
5.600
7,200
21, 000

7,550
14, 200
5,650
7, 600
18, 850

do _..
do_._
do___
do_..
do._-

36,058
39, 793
34, 268
37.401
79,503

34,248
37, 379
28,783
30, 233
83,890

58, 516
59,906
30, 762
35, 989
78, 663

36,943
55, 338
42,468
41,511
79,620

26, 575
47,416
39,035
34,497
84,158

41,133
56, 393
36,188
32,156

30, 891
55, 724
35,139
31, 560
91, 769

26, 659
52, 697
31, 720
27, 686
94,181

36,868
60, 649
28, 463
26, 916
95, 228

26, 910
56,482
27, 640
27, 308
94,730

28,144
51,675
29,639
31,951
92, 445

26,123
47,199
28, 565
30,604
87,191

32, 937
41,137
35, 447
37, 999
83, 635

SOFTWOODS
Fir, Douglas:
29, 486
36, 570
34, 545
Exports, total saw mill products*..M bd. ft.. 45, 028 28, 865 26, 847 16, 250 20,077 24, 606 18, 569 30, 098 24, 554 25, 972
11,^85
12.193
14, 950
5, 696
5, 929
Sawed timber
do _. _ 10. 992 13, 368
8, 636
4,961
9, 015
4,365
5,322
2 222
18. 001
24, 377
19, 595
34, 036
18, 625
20, 276
18, 211
Boards, planks, scantlings, etc
do
15, 497
13, 608
21,083
19, 284
U, 028 15,712
Prices, wholesale:
18. 620
18. 620
18.620
No. 1. common boards,..dol. per M bd. ft. 18. 620 17. 640 17. 640 17. 640 17. 640 17. 640 17. 640 18. 008 18. 424 18. 620
Flooring, 1 x 4, " B " and better, V. G.
35. 2S0
34. 300
35. 280
dol.pvTMbd.ft-.
35. 280
35.280
36. 000
36. 505
35. 770
35. 280
35. 893
35. 770
36. 260 36. 260
Southern pine:
24, 740
25, 314
20, 857
Exports, total saw mill products*_-M. bd. ft.
18, 496
26, 925
19, 609
23,476
23, 332
26.156
26. 460
22,166
25, 479
25, 5C6
Sawed timber
do...
4, 826
4,245
5,190
4,709
6, 706
5, 083
6, I(i8
4, 954
4,012
4,527
6, 668
4,632
4,197
18, 608
13,787
15, 283
Boards, planks, scantlings, etc
do...
16.976
19,087
20,513
18.572
15, S03
22, 913
21,933
21, 282
16, 808
21, 524
557
491
604
Orders, newf
mil. bd. ft.
539
724
584
608
558
473
710
612
614
622
330
343
327
Orders, unfilled, end of month
do
286
323
343
346
360
307
364
296
347
304
40.30
40. 76
39. 8f>
Price, wholesale, flooring. _dol. per M bd. ft.
42.09
40.63
40.30
40.78
39. 97
41.01
41.22
41.46
39.00
41.41
540
495
579
530
Productionf
mil. bd. ft.
520
614
570
548
508
578
639
578
630
534
494
588
580
537
622
Shipments f
do
667
541
489
642
620
613
661
2,101
2,092
2,100
2, 001
Stocks, end of month
do
2,201
2,075
2, 298
2,099
2, 094
2,125
2,189
2,056
2,170
Western pine:
401
248
313
367
391
279
444
442
347
386
336
399
333
Orders, new
do...
233
236
211
213
255
263
253
Orders, unfilled, end of month
do
276
283
247
1&0
187
201
Price, wholesale, Ponderosa pine, 1 x 8, no. 2,
25.13
24. SI
24. fiO
25.24
22.92
24.30
22.50
25. 08
21.91
22. 04
21.32
22.17
22.49
common (f. o. b. mills)..dol. per M bd. ft.
349
498
153
233
238
181
456
430
305
520
432
536
488
Productiont
mil. bd. ft_
267
31G
339
405
322
299
475
388
335
358
374
428
411
Shipments!
do
1,782
1, 099
1,709
1, 802
2,014
2,104
1,921
1,982
2,139
1,888
2, 037
Stocks, end of monthf
do
2,109
West Coast woods:1
602
513
600
445
426
524
451
444
555
572
411
537
Orders, new
do
516
376
402
388
383
373
381
264
361
324
437
334
282
Orders, unfilled, end of month
do
270
609
563
4,82
434
446
471
354
416
538
522
440
578
466
Production
do
634
612
509
431
471
413
413
414
512
584
495
535
463
Shipments
do
955
970
935
1.024
982
1,021
935
905
986
9 88
Stocks, end of month
do
950
920
895
r
Revised.
* New series. For the new series on lumber exports and imports, data for earlier years not shown here will appear in a subsequent issue. For Douglas fir and southern
pine, the new series on total exports represent a total of the items regularly shown. Note that the more definitive title "boards, planks and scantlings, etc." has been substituted for "lumber."
t Revised series. Production shipments, and new orders of southern pine lumber for 1937-38 and production, shipments and stocVs of western pine, 1937-?**, have been
adjusted to the 1037 Census of Manufactures; data for southern pine not shown on p. 87 of the Fobruary 1939 issue, and for western pine not shown on p. 47 of the March
19?0 issue, will appear in a subsequent issue of the Survey. These revisions have not been carried into the totals shown on this page under the heading "Lumber—All Types."
Revisions for the latter series, embodying certain changes in addition to those occasioned by the adjustment of the southern pine and western pine figures, will be shown
when available.
\ Data for June, August, and November 1938 and March and May 1939 are for 5 weeks; other months, 4 weeks.




48

SURVEY OF CURRENT BUSINESS

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

1939

1938

June

September

June

July

August

August 1939
1939

DecemOctober November
ber

January

February

March

April

May

LUMBER AND MANUFACTURES—Continued
SOFTWOODS—Continued
Redwood, California:
Orders, new
Orders, unfilled, end of month
Production
Shipments
Stocks, end of month

_.M bd. ft.
do...
do
do...
do__.

FURNITURE
All districts:
Plant operations
percent of normalGrand Rapids district:
Orders:
Canceled
percent of new orders.
New.
no. of days' production.
Unfilled, end of month
do...
Plant operations
percent of normal _
Shipments
no. of days' production.
Prices, wholesale:
Beds, wooden
1926=100.
Dining-room chairs, set of 6
do_..
Kitchen cabinets
do.. _
Living-room davenports
do - . .
Steel furniture (see Iron and Steel Section).

24,498
24,563
28,262
27,469
295, 551

22, 874
22,120
30, 336
28.145
279,415

26,978
25,116
26, 665
23.333
282, 291

29,218
26, 599
34, 229
27,885
287, 243

23,409
23,322
34,838
28,026
296,177

25, 350
25, 111
30, 722
24,427
299,367

25,939
24,694
33,106
25,028
304, 859

22,134
25,310
27, 284
19,961
313,047

34,270
34, 562
25,261
23, 811
309,310

20,875
30,647
26,272
24, 243
307,494

32,098
32,485
28, 585
30, 822
300, 378

26,387
29,676
27,930
28,096
298,052

26,846
28,181
31,614
27, 806
299,887

50.0

42.0

47.0

53.0

58.0

60.0

57.0

58.0

56.0

56.0

57.0

53.0

53.0

2.0
25
28
47.0
13

5.0
11
16
43.0
10

5.0
21
26
46.0
12

3.5
21
27
50.0
16

4.0
20
23
55.0
18

5.0
20
20
60.0
16

6.0
19
18
61.0
15

7.0
12
13
62.0
13

4.0
19
21
58.0
12

5.0
14
19
53.0
13

5.0
14
16
53.0
15

6.0
10
13
42.0
12

7.0
11
13
47.0
11

77.6
102.3
88.1
87.2

82.1
102.3
87.6
87.2

80.3
102.3
87.6
87.2

80.3
102.3
87.6
87.2

80.4
102.3
87.6
87.2

80.4
102.3
87.6
87.2

79.3
102.3
87.6
87.2

77.6
102.3
87.6
87.2

77.6
102.3
88.1
87.2

77.6
102.3
88.1
87.2

77.6
102.3
88.1
87.2

77.6
102.3
88.1
87.2

77.6
102.3
88.1
87.2

METALS AND MANUFACTURES
IRON AND STEEL
Foreign trade:
Exports (domestic) total§
long tons.. 588,856
398, 888
Scrap
do
32, 587
Imports, total§
do
2,537
Scrap
do
Price, wholesale, iron and steel, composite
35.69
del. per long ton_.
Ore
Iron ore:
Lake Superior district:
Consumption by furnaces
2.830
thous. of long tons.5,573
Shipments from upper lake ports
do
25, 861
Stocks, end of month, total
do
21,610
At furnaces
do
4,251
Lake Erie docks
do
189
Imports, total§
do
Manganese ore, imports (manganese content) §
15
thons. of long tons_.

312, 021
162, 066
15, 887
314

263, 699
126, 423
14, 728
634

242,139
108,029
20, 041
1,637

346, 068
149,673
27,958
4,218

425, 421
223,954
26, 445
5,524

469,596
273, 440
27, 627
4,749

490,095
323, 691
28, 767
6,519

362, 672
227,884
27, 664
3,333

359, 690
224, 913
19,149
1,413

474, 360
312, 262
25, 369
780

394, 008
240,124
44,083
2,769

532,641
384,881
28,142
3,971

38.41

36.32

36.50

36.48

36.48

36.39

36.37

36.36

36.37

36.40

36.34

35.80

1,472
2,838
34, 329
29,160
5,170
170

1,675
3, 268
35,846
30, 656
5,190
206

2, 077
3,326
37, 050
31, 759
5,292
172

2,314
3,285
37,874
32, 516
5,358
188

2,781
3,624
38, 594
33,173
5, 421
226

3,150
1,481
37, 456
32,166
5,290
198

3,041
0
34,579
29,456
5,123
187

2,927
0
31, 689
26, 646
5,043
180

2,853
0
28, 840
23, 912
4,928
179

3,317
0
25, 872
21.054
4,818
203

2,800
57
22, 791
18, 306
4,485
162

2,246
3,601
23, 071
18,835
4,236
217

21

31

35

15

30

10

26

21

11

17

18,143
18, 077
21.7
21, 673

16,905
16, 630
20.2
17, 500

25, 752
25, 799
31.3
21,102

29. 061
29, 460
34.8
26, 941

32,770
29, 970
36.4
28, 717

36, 643
35,351
43.0
35, 563

35,633
38, 802
46.0
36, 434

38,105
35, 372
43.5
36, 403

33,234
34, 786
42.9

35, 997
39, 615
47.5
39, 807

29,183
31, 640
38.8
33,666

27,702
30, 840
37.8
32,657

34, 385
70

41, 400
77

51,370

57, 625

70, 6Q0
115

75, 795
121

71,315
117

70, 235
118

74,285
121

77, 460
123

60,160
102

60, 515
107

22.50
23.59

19.50
20.15

19.50
20.15

19.75
20.29

20.50
21.14

20.50
21.15

20.50
21.15

20. 50
21.15

20.50
21.15

20.50
21.15

20.50
21.15

20.50
21.15

24.89
1,062

21.89
1,202

21.89
1,494

22.14
1,680

22.89
2,052

22.89
2,270

22.89
2,211

22.89
2,175

22.89
2, 060

22.89
2,395

22.89
2,056

22.89
1,718

2,478
1,400
20, 758

2,135
2,015
20, 677

2,277
2,287
20, 619

2,391
4,078
18, 925

3,561
4,803
17, 701

2,233
3,083
16,877

1,338
2,182
16,114

1,573
1,642
15,986

1,807
1,376
16,491

2,198
1,113
17, 579

1,916
1,203
18, 301

1,930
1,051
19, 084

16, 705
14,123
125, 805

14, 681
17, 841
122,860

20, 367
17, 804
125, 446

25, 336
30, 852
119,841

22, 851
34,108
108, 445

15,388
20, 027
104, 021

10,128
15, 081
98,831

12, 881
12, 276
99,128

13, 801
9,246
104,303

19,960
10, 406
114,878

15,339
9,448
119,839

16, 429
11, 744
124, 462

Pig Iron and Iron Manufactures
Castings, malleable:
Orders, new
short tons.. 29,041
Production
do
30, 781
Percent of capacity
37.0
Shipments
short tons.. 32, 566
Pig iron:
Furnaces in blast, end of month:
Capacity
-.long tons per day 72, 495
Number
118
Prices, wholesale:
20.50
Basic (valley furnace).
dol. per long ton
21.15
Composite
do
Foundry, No. 2, northern (Pitts.)
22.89
dol. per long ton..
2,118
Production
thous. of long tons- Cast-iron boilers and radiators:
Boilers, round:
1,950
Production
thous. of lb_.
1,427
Shipments
do
19,421
Stocks, end of month
do
Boilers, square:
16,194
Production
do
14, 577
Shipments
do
126,130
Stocks, end of month
do
Radiators:
Convection type:
Sales, inch heating elements, cabinets,
729
and grilles.thous. sq. ft. heating surface..
Ordinary type:
4,655
Production
.
..do
4,730
Shipments
do
34, 975
Stocks, end of month
do
Boilers, range, galvanized:
Orders:
New
number of boilers... 59, 277
16, 245
Unfilled, end of month, total
do_
62, 996
Produetion
do.
63, 370
Shipments
do.
31, 472
Stocks, end of month
do.

703

606

614

442

305

340

476

556

5,240
4,423
26,451

4, 958
5,219
26, 216

6,023
5,214
27, 098

7,199
6,387
28,003

6,907
7,679
27, 268

4,765
5,697
26, 394

3, 955
4,815
25, 624

4,896
3,814
28,279

4,711
2,950
30, 800

5,593
2,887
33, 612

4,350
3,103
34,875

4,276
4,207
34,963

65,902
16,153
64,185
62, 928
31, 254

50, 377
14, 279
51,900
52, 251
30,903

57, 721
15,414
56, 595
56, 586
30,912

68, 337
18,016
65, 622
65, 735
30, 799

108, 427
46, 882
77, 563
79, 561
28, 677

70, 862
37,170
83, 716
80, 574
31,819

47, 882
20, 626
70,232
64,426
37, 625

61, 003
15, 026
64, 094
66, 603
35, 317

50, 876
12, 604
56,476
53, 298
38, 495

57,928
10,145
60, 421
60, 387
38, 463

69,772
19, 442
53, 454
60,475
31, 442

68,191
20, 638
67, 610
66, 995
32, 057

21,419
19.1
4,907
24, 111
21.5
4,479

36, 641
32.7
16, 589
22,988
20.5
6,111

24, 814
22.2
4,411
36, 454
32.5
12, 983

25, 565
22.8
5,462
28, 478
25.4
8,353

25,418
22.7
4,127
28,109
25.1
5,986

30, 428
27.2
7,128
29, 994
26.8
7,207

38, 342
34.2
14, 749
36,130
32.3
11, 282

42, 024
37.5
12, 606
38,928
34.8
12, 804

30, 360
27.1
6,848
36, 471
32.6
10, 060

41, 367
36.9
11,125
40, 219
35.9
10,173

34,100
30.4
9,655
35, 944
32.1
9,751

41,660
37.2
12,621
41, 359
36.9
12,506

604

656

Steel, Crude and Semimanufactured
Castings, steel:
Orders, new, total
Percent of capacity
Railway specialties
Production, total
Percent of capacity
Railway specialties
§ Revised series. Data revised




short tons
short tons..
do .

37. 774
33.7
11,872
40, 272
36.0
11,060

short tons..
for 1937; see tables 19 and 20, pp. 14-15 of the April 1939 issue.

49

SUEVEY OF CUERENT BUSINESS

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

1939

1939

1938

June

June

July

August

September

October

November

December

January

February

March

3,396

April

May

METALS AND MANUFACTURES-Continued
IRON AND STEEL—Continued
Steel, Crude and Semimanufactured—
Continued
Ingots, steel:
Production
thous. of long tons_ _
Percent of capacity
Bars, steel, cold-finished, carbon, shipments
short tons-.
Prices, wholesale:
Composite, finished steel
dol. per lb_.
Steel billets, rerolling (Pittsburgh)
dol. per long ton..
Structural steel (Pittsburgh)
dol. per lb_.
Steel scrap (Chicago)
dol. per gross ton..
U. S. Steel Corporation:
Earnings, net
thous. of doL.
Shipments, finished steel products
thous. of long tons..

3,130
53

1,633
27

1,974
35

2,537
41

35,615

18, 234

18,166

28, 327

.0262

.0286

. 0268

34.00
.0210
13.56

36.25
.0221
10.38

34.00
.0210
12.00

34.00
.0210
13.75

15,881

9,692

733

478

442

559

2,647
44
30,903
.0268
34.00
.0210
13.50

3,106
52

3,558
60

3,131
53

3,217
54

2,982
54

35,106

37,673

36, 315

39,648

38, 571

.0266

.0268

.0268

.0268

.0268

34.00
.0210
12.88

34.00
.0120
14.20

34.00
.0210
13.75

34.00
.0210
13.85

34.00
.0210
14.06

19, 792

10,026
578

663

55
42,808
.0268
34.00
.0210
14.25

2,987
52

2,918
47

36, 287

34, 287

.0268

.0264

34.00
.0210
13.38

34.00
.0210
12.80

701

723

15,881

694

789

768

Steel, Manufactured Products
Barrels and drums, steel, heavy type:
Orders, unfilled, end of m o n t h
number..
Production
do
Percent of capacity
Shipments
number.
Stocks, end of month
do
Boilers, steel, new orders:
Area
thous. of sq. f t . .
Quantity
number..
Furniture, steel:
Office furniture:
Orders:
New
thous. of dol...
Unfilled, end of m o n t h
do
Shipments
do
Shelving:
Orders:
New
do..
Unfilled, end of m o n t h
do....
Shipments
do
Plate, fabricated steel, new orders:*
Total
shorttons.
Oil storage tanks
do....
Plumbing and heating equipment, wholesale
price (8 items)
dollars.
Porcelain enameled products, shipments t
thous. of d o l . .
Spring washers, shipments
do
Steel products, production for sale (quarterly):
Merchant bars
thous. of long tons
Pipe and tube
do...
Plates
do
Rails
do
Sheets, total
do
Percent of capacity _
_
Strip:
Cbld rolled
thous. of long tons
Hot rolled
do
Structural shapes, heavy
do
T i n plate
do
Wire and wire products
do
Track work, shipments
shorttons__

208,000 448,176 361,750 378,675 445,310 374,454 248,3833,378 696,528 629,448 766,374 783,592 841,653 788,040
52.3
43.3
39.1
47.6
48.7
52.3
49.0
822,658 685,453 622,155 771,283 759,188 865,572 799,678
42,587
34,089
41,287
35,756
60,160
36,241
24,603
1,032
1,098

519, 375 438, 746
830, 979 749,070
51.7
47.5
822, 746 746, 510
34, 717
32,696

421, 037
552,189
35.0
556, 069
30, 586

351,203 277, 719 257,961
709, 252 800, 292 814,298
51.1
44.4
50.1
710, 228 799, 402 812,843
31,867
29,610
30, 498

547
888

691
894

783
1,063

579
1,124

717
1,125

635
947

892
1,012

1,131
1,264

817
892

617

765
834

877
983

.

1,689
1,128
1,591

1,554
1,202
1,480

1,538
1,063
1,677

1,630
1,026
1,667

1,650
958
1,718

1,813
1,064
1,707

1, 852
977
1,982

1,966
1,132
1,813

1,782
1,140
1,775

1,798
1,052
1,886

1,619
952
1,707

1,780
1,016
1,716

.

292
227
353

321
302
247

368
292
378

411
386
317

318
362
342

335
255
442

315
205
357

253
318

292
349

499
317
474

399
327
389

507
387
447

35, 844
5,429

34, 036
10,976

..

33,959
13,481

20,044
5,813

27,773
15,382

22,069
3,646

18,551
3,623

21,793
5,379

20,213
3,629

28, 218
5,950

20, 511
4,081

22,903
7,401

29, 784
7,723

234.77

226.89

235.42

235.03

234.01

233.88

233.97

233. 97

233.99

234. 64

234. 82

826
183

709
101

626
84

749
123

736
137

796
164

675
186

645
177

610
185

771
180

959
215

.

351
491
310
176
781
29.9

.

6,832"

65
166
318
383
463
3,177

'

2,395

3,036

434
564
384
116
1,131
43 1

616
611
452
105
1, 812
69.0

96
214
367
331
528
2,686

160
160
384
384
395
395
374
374
617
2,840

2,608

2,514

234. 77
853
181

851
171

672
595
491
293
1, 654
60.1
.
...
.
2,909

4,250

1
243
459
422
674
6,481

6, 819

6,658

NONFERROUS METALS AND
PRODUCTS
Metals
Aluminum:
51, 027
35, 397 40,309
41,060
38, 288
33, 660
Imports. bauxite§
long t o n s . .
43,629
34,522
34,446
18,855
36,204
26,795
33,737
Price, wholesale, scrap, castings (N. Y.)
.0703
.0800
.0713
.0750
.0713
dol. p e r l b - .
.0688
.0492
.0663
.0736
.0813
.0813
.0808
Babbitt metal (white-base antifriction bearing
metals):
Consumption and shipments, total
1,602
1, 380
1,606
1,460
1,725
1,783
thous. of l b . .
1,749
1,225
1,305
1,538
1,474
1.366
1,596
425
338
Consumed in own plants
do
611
345
468
508
453
509
597
648
644
359
531
1,177
Shipments
do
1,137
881
837
1,030
1,021
857
999
1,042
1, 252
958
1,080
1,101
Copper:
Exports, refined and manufactures §
36, 303
28,162
40, 741
25, 503
23, 807
27,364
shorttons.39,350
33,102
42,369
36,984
40,441
40,915
31,285
J9.040
20, 651
22,132
18. 551
11,634
19, 365
Imports, totals
do
23,248
19,818
22,166
12,976
13,192
10,439
16.154
18.128
19, 728
18,076
10, 509
21, 731
18, 450
For smelting, refining, and export§...do
21,992
18,634
19,549
11.673
12,402
9.408
15.568
Product of Cuba and Philippine Islands
180
156
146
105
100
shorttons.184
36
2,001
42
91
77
172
903
244
979
374
810
Allother§
do....
1,072
1,148
616
1,260
700
954
413
742
Price, wholesale, electrolytic (N. Y.)
.0983
.1027
.1103
.1103
.1103
.1103
dol. p e r l b . .
.0978
.0878
.0959
.0990
.1003
.1076 .1103
Production:
Mine or smelter (incl. custom intake)
58,600
62, 548
72, 709
60,707
61, 752
W, 170
shorttons..
59,316
38,200
31,155
44,558
49,316
69,630
73,205
68, 536
58,368
68, 071
66, 316 59, 452 66, 718
Refinery
do
61,719
32,465
35,596
38,053
45,808
56,824
66,846
63,894
46. 667
47. 804
51, 577
55.025
54. 827
Deliveries, refined., total
do....
63,862
43,303
54,597
62,832
67.919
82,605
64,657
51, 225
42, 484
38, 977
48, 267
50, 803
51,059
Domestic
do....
53,573
32,863
41,249
48,071
53,637
69,827
51,397
12. 669
4183
3.310
4.222
8,827
3,768
Export
do
10,289
10,440
13,348
14,761
14,282
12,778
13,260
332,
513
r
337,
l.r
309,119
320,
812
289,
755
301,
244
Stocks, refined, end of month—
do
335,012 358,971 339,970 315,191 293,080 267,299 269,488
Lead:
Imports, total, except manufactures (lead con10, 961
4,241
13, 257
16, 593
11, 998
15, 485
tent^
shorttons-.
5,179
1,726
4,034
4,476
4,443
1.692
4,482
Ore:
33, 589
30, 614
35,885
37,654
31, 593 31,748
Receipts, lead content of domestic ore. do
27,584
25,269
25,941
27,605
28,193
34,716
3,679
6,052
6,314
3,264
4,396
9,695
Shipments, Joplin district*
do....
4,152
1,902
4,330
3,744
3,576
5,113
3,911
•- Revised.
• D a t a are for 46 identical manufacturers; beginning January 1938 data are available from the reports of the Bureau of t h e Census for 26 additional small establishments.
^As reported b y 21 manufacturers through December 1938; subsequently, 2 of these ceased operations. For 1937 and 1938, data are available from t h e reports of t h e Bureau
of t h e Census for 34 additional establishments, and, beginning J a n u a r y 1939, for 57 additional establishments.
JData for July, October, and December 1938 and April 1939 are for 5 weeks; other months. 4 weeks.
§Revised series. Data revised for 1937; see tables 19 and 20 p p . 14 and 15 of the April 1939 Survey.




50

SURVEY OF CURRENT BUSINESS

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

1939

1938

1939
June

August 1939

June

July

August

September

DecemOctober November
ber

January

February

March

April

May

METALS AND MANUFACTURES—Continued
1

NONFERROUS METALS AND
PRODUCTS—Continued
Metals—Continued
Lead—Continued.
Refined:
Price, wholesale, pig, desilverized (N. Y.)
dpi. per lb..
Production from domestic ore. .short tons..
Shipments (reported)
do
Stocks, end of month
do
Tin:
Consumption of primary tin in manufactures
long tons..
Deliveries
do
Imports, bars, blocks, etc
do
Price, wholesale, Straits (N. Y.)-.dPl. per lb._
Visible supply, world, end of month, long tons_.
United States
dp,...
Zinc:
Ore, Joplin district!:
Shipments
short tons,.
Stocks, end of month
do
Price, wholesale, prime, western (St. L.)
dol. per lb_.
Production, slab, at primary smelters
short tons..
Retorts in operation, end of mo
number..
Shipments, total
short tons_.
Stocks, refinery, end of mo
do

0.0509
0.0484 0.0483
0.0415
0.0488
0.0490 0-0500 0.0510
24,994 27, 968 35,958
30,988 38,299
33, 992 27, 976 23,723
35,048 40,409
38, 343 39, 026 45, 726 42, 005 33,908 40,189
164, 554 155, 631 142, 868 131,353 117,476 115,134 115, 902 117, 214

0.0481
36, 391
34,421
122,112

0.0482
37, 790
40,871
122,035

0.0478
0.0475
36, 704 43, 026
40,124
37,903
123, 394 129, 270

4,925
6, 020
.4885
30, 055
4,388

3,950
4,205
4,561
.4035
29, 061
4,247

3,930
3,775
3,583
.4337
31, 097
4,071

4,100
3,775
4,880
.4326
32, 251
5,232

3,770
4,465
3,895
.4338
32, 476
4,573

4,060
4,960
4,643
.4522
31,539
4,500

4,160
3,535
4,448
. 4623
30, 598
5,060

4,330
3,400
3, 555
.4618
30, 554
5,157

4,230
4,330
3,971
.4638
34, 240
4,624

4,410
4,105
5,097
.4562
35, 245
5,486

5,270
4,755
5,208
.4621
33,890
5,806

5,190
5,980
3,814
.4720
33,873
3,385

I 5,920
I 5,905
| 5,118
i .4902
' 33,832
3,387

31,077
6,749

18, 079
27, 430

28,065 i 38, 014
25,292 I 13,149

31,894
14,895

39, 014
18, 745

34, 827
17, 299

42, 237
12, 251

27,452
12, 301

33, 220
8,400

28, 330
10,503

37, 908
9,294

.0485

.0501

.0450

.0450

.0450

.0450

32,126
7,498
.0450

45, 345 44, 277
39,500
38,793
39, 354 42, 639
126, 769 128,407

39, 613
39, 459
39,828
128,192

45, 084
38, 251
45, 291
127,985

.0450
39,450
36, 291
37, 284
135, 241

.0413

.0475

.0475

.0492 |

40, 343
30, 799 30, 362 32, 296 32, 328 36,740
26, 437 25, 596 29, 767 31, 555 32, 427 36, 243
29,248
33, 825 36, 507 43, 582 43, 355 43, 693
149, 671 146, 208 141, 997 130, 743 124,128 120, 778

.0450

42, 302
43,036
36, 331
38,763
39,60^
40,641
130, 380 133, 075

Miscellaneous Products
Brass and. bronze (ingots and billets):
4,543
5,818
4,657
4,662
4,926
Deliveries
short tons..
4,487 i 5,159 4,759
3,936
4,347
5,018
3,800
5,026
12, 688
14, 571
14,037
8,161
9,240
Orders, unfilled, end of month
do
11, 463
15,864
11, 065
17, 466 14, 237 16,267 1 17,019 ! 13,740
Plumbing fixtures, brass, shipments
1,554
1,419
1,505
1,330
1,359
thous. of pieces..
1,218 | 1,391
1,347
1,373
1,538 1,382
1,446
1,577
Radiators, convection type, sales:
Heating elements only, without cabinets or
101
47
26
grilles
thous. of sq. ft. heating surface. _
46
58
110
109
37
138
Including heating elements, cabinets, and
418
717
497
546
494
570
491
410
grilles
thous. of sq. ft. heating surface,-.
343
565
814
495
417
.165
.173
.170
.173
.173
.175
.174
Sheets, brass, wholesale price, mill.dol. per lb._
.173
.168
.164
.165
.156
.168
Wire cloth (brass, bronze, and alloy):
481
352
484
347
538 i
419
Orders, new
thous. of sq. ft
497
360
378
470
363
366
830
853
805
712 i
780
752
~
••
..do..
822
Orders, unfilled,
end of month.
623
712
657
750
413
422
427
404
392
388
458
Shipments
439 |
385
345
.do
407
444
322
560
532
549
450
504
446
478
Stocks, end of month
505
645
511
..dp..
590
582
611
MACHINERY AND APPARATUS
Air-conditioning systems and equipmentOrders, new:
"
4, 528 4,901
4,754
2,889
2,885
3,349
3,019
3,211
Totalf
thous. of dol
3,679
3,079
3,096
3,352
r
3,115
2,845
1,446
3, 015
819
1,747
1,112
Air-conditioning group
do ;
1,270
1,948
1,293
1, 484
1,228
1,318
821
1,073
955
837
871
812
1,202
1,144
941
1,135
Fan-groupf
do i
468
622
836
'558
1,228
790
1,228
529
642
808
Unit-heater group
do |
1,225
Electric overhead cranes:
Orders:
438
823
284
201
179
168
171
377
113
289
New
do
144
274
156
,755
1, 504
993
1,131
1,052
1,173
1,171
1,017
1,080
Unfilled, end of month
do
1, 588
1,147
1, 813
1,246
312
174
270
244
166
207
257
Shipments
do
243
108
243
630
215
498
Exports, machinery. (See Foreign trade.)
Foundry equipment:
Orders:
146.2
108.9
146.6
135. 5
141.9
122.5
89.7
78.7
62.2
83.4
New
1922-24 = 100..
134.9
75.3
208.6
173.1
193.6
175.1
151.4
87.0
97.3
91.8
126.0
140.2
102.8
Unfilled, end of month
do
108. 6
159.2
144.3
128.1
131.0
112.2
96.3
93.4
94.5
84.2
102.8
78.5
89.1
Shipments
do
105.8
148.5
Fuel equipment:
Oil burners:
Orders:
11,346
15, 284
11,806
7,981
9,616
8, 435
20, 346 11,409
15,622
26.403
9,278
11,121
New
number. _ 17, 901
5,181
5,456
4,475
3,340
3,033
2, 564
2,155
3,386
2,673
2,707
3,388
3,139
6,451
Unfilled, end of month
do
10, 671
10, 640 15, 009
7,674
8.824
8, 738
9, 550 10, 689 15, 373 26, 405 21, 059 11, 518
16, 906
Shipments
do
21,790
21, 619 20,214
22, 556 21, 421 21, 326 21, 885 22, 850
19, 947 27, 366 27,096
26, 638 23,705
Stocks, end of month
do
23
33
8
19
10
6
13
12
16
8
20
18
Pulverizers, orders, new
do
18
Mechanical stokers, sales:
5,023
3,427
3,669
2,375
3,398
4,752
17, 339
7,689
5,894
12, 555 20,126
7,599
8,825
Classes ], 2, and 3
do
Classes 4 and 5:
I
215
164
168
189
186
219
342
228
326
194
304
267
236
Number
I
32, 540 49. 255
34,811
34, 909 38,932
Horsepower
56, 419 30, 662 42, 265 44,190
45, 030 59, 920 34, 533 40,117
Machine tools, orders, new
i
219.8
155. 6
185.4
167.1
146. 5
150.8
112.2
117.4
120.9
118.1
70.2
av. mo. shipments 1926 = 100__! 211.6
89.6
Pumps and water systems, domestic, ship- !
ments:
I
Pitcher, other hand, and windmill pumps
42, 693
38, 468 44,216
31,485
26, 572 24, 889 41,191
34, 709 32, 426 43, 533 35, 803 25, 556
units..,
731
1, 463
732
740
464
865
997 i 893
928
Power pumps, horizontal type
do j
1,057
908
931
16, 889 20,773
16, 222
10, 402 14, 738 14, 259
17, 205 13,934 ! 12,803
Water systems, incl. pumps
do j
16, 228 15, 240 17,196
Pumps, measuring and dispensing, shipments: i
Gasoline:
1,346
1,601
1,582
1, 005
632
858
690
649
740
632
484
663
Hand-operatftd
units -.
1,129
9, 637 12,017
8,878
6,156
8,702
', 752 8,412
11,822
9,198
Power
do
9,077
11,430
7,652
5,858
Oil, grease, and other:
!
13,919
17, 085
13, 078
9, 632 12,246 ! 14, 653 10, 708 10, 297 11,982
12, 982 10,257 i 10,420
Hand-operated
do j 15,612
3,332
3. 544
4,305
2,071
2,981
1,729 i 2.367
3,314
1,480
2,333 ) 2.934 ' 2,075
Power
do i 3,186
r
Revised.
tRevised series Data for "driving mechanisms for general fan use" have been removed from the fan group beginning January 1936. Revisions not shown on p. 50 of the
May 1939 issue will appear in a subsequent issue. Beginning January 193*/. data on air-conditioning systems and equipment are available for from 252 to 267 manufacturers;
figures shown here are for 125 of these whose orders in January 1939 amounted to more than 85 percent of the total for 252 manufacturers.
IData for July, October, and December 1938 and April 1939 are for 5 weeks; other months 4 weeks.




51

SURVEY OF CURRENT BUSINESS

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

1939

1939

1938

June

September

June

July

August

EteeemOctober November
ber

January

February

March

April

May

METALS AND MANUFACTURES--Continued
MACHINERY AND APPARATUS—Con.
Pumps, steam, power, centrifugal, and rotary:
Orders, new
.thous. of dol
Water-softening apparatus:
Shipments, domestic
units
Woodworking machinery:
Orders:
Canceled _.
_._ _ thous. of dol
New.
_
do
Unfilled, end of month
do _.
Shipments:
Quantity
number of machines
Value
_
thous. of dol
ELECTRICAL EQUIPMENT
Battery sales (replacement only):*
Unadjusted. . . . _
1934-36-100
Adjusted
_
do
Electrical products:*
Industrial materials, sales billed...1936 = 100..
Motors and generators, orders received...do
Transmission and distribution equipment,
orders received
. . . .
do
Furnaces, electric, industrial, sales:
Unit
_.
kilowatts
Value..thous of dol
Electrical goods, new orders (quarterly)
thous. of dol..
Ironing machines, sales*
units
Laminated products, shipments.^thous. of dol
Motors (1-200 hp.):
Billings (shipments):
A. C
do
D. C
do
Orders, new:
A. C
..
do
D. C
.
do
Power cable, paper insulated, shipments:
Unit
thous. of ft-.
Value
._
thous of dol
Power switching equipment, new orders:
Indoor
dollars-Outdoor
do
Ranges, billed sales
thous. of dol..
Refrigerators, household, sales
number.Vacuum cleaners, shipments:
Floor _ .
do
Hand-type
_.
do
Vulcanized fiber:
Consumption of fiber paper
thous. of 1b
Shipments!
thous. of d o L .
Washing machines, sales*
units

1,673

952

1,034

2, 006

1,462

1,449

970

1, 155

1,204

1,282

1,258

I, 230

1.236

1,282

1,090

822

1, 244

1,078

1,191

1,038

1,077

1,108

1,082

1,698

1, 122

1,217

3 228
213

17

18

14

1

4

271
581

365
640

337
665

381
714

340
656

3
456
720

4
612
910

13
363
863

14
410
836

1
445
896

5
393
923

144
253

150
289

164
298

205
332

165
394

172
388

236
418

190
397

216
422

209
384

152
360

216
510

88
129

111
115

163
122

198
128

188
111

168
120

149
132

100
127

78
122

73
121

72
132

84
151

56.2
76.0

52.4
59.1

74.2
62.7

78.0
61.0

81.9
67.6

79.2
72.1

79.6
69.2

79.2
67.8

90.8
99.3

80.5
77.5

84. 1
76.6

84.7

73.0

64.3
60.2
90.8

87.0

76.3

73. 1

79.4

81.0

108.3

129. 1

103.0

117.2

988
74

488
35

1,914

1,324

144

829
58

78

1,176
67

2, 356
110

3,147
195

1,235
98

4,681
215

1,934
161

2, 789
194

10, 523
838

8,226
851
1, 506
305

1, 713
446

1,436
330

1,508
449

205, 567 157, 315
7, 046
7 216
587
901

"7,983
521

11,977
635

158,959
11, 272
800

1, 778

1, 750

1, 738

1,742

1, 538

476

296

458

325

300

1,927

1,539

1, 695

1,733

1,641

549

453

358

472

347

1, 605
651

1,733
659

1,574
540

528
765

515
565

660
657

763
764

587
555

603
588

476
502

195. 487 118, 938
221, 862 190, 306
1, 476
1, 367
88, 772 92, 956
68 975 55 022 73, 309
13, 633
16, 943
17, 248

121,481
120, 784
1,272
62,148

55, 331
128, 450
1, 257
34, 345

55, 627
124, 927
1,047
32, 103

79 180
22, 834

95, 684
24,121

1,073
306
74, 019

1,189
380
125, 821

1,495
372
115,019

652
718

92, 347 68, 418
217 846 213, 144
1,610
2,025
«268,542 104, 796
80 660
19,014
1,735
441
120, 076

1,152
286
78, 354

1,450
350
129.163

160, 374
197, 654
9,210 ~~~8," 208" ~~~8~6l6~
11, 607
812
876
968
838

(a)

484
898

"9,647" "~8,~433
830

849

2,050
557

1,986
534

2, 053
519

1,762
404

2, 356
739

2, 062
546

2,319
428

271
273

353
312

637
662

700
696

566
674

91, 720
138, 840
1,006
47, 599

51,124
109, 799
2, 230
150,108

47, 458
223, 286
2,103
198, 528

87,019
197,175
2,263
251, 644

89, 809
75,161
279, 093 346, 530
2, 395
1,939
260, 204 '273,966

89 772
29, 734

95, 521
30, 632

78, 753
23, 846

87,140
25,182

122, 785
29, 470

100, 487
24, 539

91, 055
23, 322

1,565
422
84,192

1, 385
383
67, 502

1,410
458
109,909

1,561
470
129, 885

2,070
528
152, 725

1, 575
466
116,199

1,749
458
105, 266

PAPER AND PRINTING
WOOD PULP
Consumption and shipments**
Total, all grades
short tons..
428,283 450, 541 503,181 495. 097 525, 085 522, 863 539,061 499, 076 484, 507 546,949 527, 307 524,391
Chemical:
Sulphate
do
202,204 175, 258 200,282 216, 739 211,591 227,063 214,796 211, 884 196,419 199,931 228, 680 221,196 204, 220
Sulphite, total
do
146,993 125. 313 125, 749 144,320 146, 614 151,056 151, 635 174, 546 145,040 136, 667 156,107 148,801 152,108
85,120
93, 498
94, 398
89,511
97,156
Blear-hed
do
73,113
86, 403
91. 575
90, 486 115,442
75, 240
91,164
55, 303
57, 710
55, 529
51, 547
58, 951
Unbleached
do
52, 636
57,917
59, 481
61,149
59,104
50. 073
57, 729
55, 829
32,946
33,713
32, 643
31, 526
34, 705
Soda
do
25. 546
30, 617
31, 505
32, 575
31, 996
26, 630
31,118
98, 964 111,505 105, 774 115,461 123, 857 120, 635 124, 974 116,383 127,457 124,364 134, 350
Groundwood
do
123,659 101.082
Imports*
78, 534 140,131
Chemical §
do
152, 719 130,181 121,919 159, 990 142, 407 142,188 166,091 171, 520 150, 510 103,504 117, 800
9, 867
18, 562
7,312
Ground wood §
do
14, 377
12, 544
14, 957
17,491
17. 366
17, 326
15,175
20, 076
20, 576
17, 403
Production*
Total, all grades
do
422,193 429, 551 485, 830 475, 356 522, 825 533, 423 522, 220 533, 442 484, 605 543,411 521.590 535,149
Chemical:
Sulphate
do
201, 364 176, 254 200, 930 217, 004 212. 664 231,804 217. 8£6 212, 884 207, 259 200, 502 228, 632 212, 559 201,123
153,526 123,389 115,733 138, 457 139,022 154, 210 157, 724 152, 498 158,913 132, 662 149,019 142, 401 161,601
Sulphite, total
do
88, 250 103, 464
79. 698 92, 729
97, 308
74, 350
69,146
78, 826
82, 373
94, 729
93, 782 95, 845 100. 337
Bleached
do
54,151
58,137
56,218
52. 964
56, 290
49, 039
46, 587
59,631
56, 649
59, 481
56, 653
58, 576
63, 942
Unbleached
do
34, 748
34, 561
32, 768
31,075
26,
!4, 701
30,718
30. 995
31, 625
31,917
32, 255
32. 632
Soda
do
95, 855
92, 675 105,186 125,171 124, 921 135,015 120, 366 131,199 133,862 137, 677
88.187
1,651
Groundwood
do
121,803
Stocks, end of month:
249, 784 228, 794 211, 443 191,702 189, 442 200,002 183, 161 217, 526 217,624 214,085 208, 369 219,127
Total, all grades
do
Chemical:
36, 357
39,454
26, 814
48,139
48, 091
25, 901
26,549
27, 887
32, 628
35, 728
36, 728
47, 568
35,517
Sulphate
. . do
88,585
98, 078
94, 985
104,611 128, 481 118,465 112, 602 105, 010 108,164 114. 253
92, 205 106. 078 102, 073
Sulphite, total
do
52, 681
61, 747
57, 929
67, 891
62, 356
84.188
70,099
73, 253
76, 549
56, 952
67, 778
Bleached
do
76,611
88,155
35, 904
36, 331
37, 056
36,720
39,717
34, 277
34,911
34,911
37, 704
35, 253
38, 300
Unbleached
do
35, 991
40, 326
3,664
4,699
3, 842
3, 986
4,750
4,728
4,848
4,905
4. 826
4,437
Soda
do
4,851
5,595
76,666
79, 993
67,16S
63. 426
79,030
54, 077
43, 802
49, 402
78,137
45, 116
59, 443
Groundwood
do
67.176
89, 807
1.95
1.95
1.95
2.00
2.29
2.02
2.00
2.00
1.95
2.00
2.07
Price, sulphite, unbleached
dol. p?r 100 lb._
2.20
2.38
PAPER
Total paper:
Paper, incl. newsprint and paperboard:
Production
short tons..
806, 949 790,379 954, 659 874, 263 926, 616 957, 377 849, 764 843, 063 '873, 441 1,036,734 r912, 676 963, 388
Paper, excl. newsprint and paperboard:
441, 468 443, 677 521, 567 467, 455 479, 970 514. 201 437,128 436, 048 ••468, 274 '542, 497 '436,980 474, 931
Orders, new
short tons_.|
444, 607 420,758 528, 246 454, 897 482, 812 534, 542 444, 728 442, 405 ••463, 770 '535, 229 '462, 299 501,744
Production
do ;
443, 796 428,130 529,198 456, 235 475, 850 532,175 441,194 446, 265 '460,019 '542, 734 '447, 500 478,150
Shipments
do I
r
a
Revised.
Less than $500.
• Pulp used in the producing mills and shipments to the market.
« Estimated.
* New series. Data on battery sales beginning 1934 appear in table 35, p. 17 of this issue. Sales of washing machines and ironers beginning 1929 not shown above will appear in a subsequent issue. For data on electrical products beginning 1934, see table 32, p. 18 of the June 1939 Survey; data are furnished by both member and nonmember
companies rather than member companies alone as therein stated.
§ Revised series. Data revised for 1937; see table 20, p. 15 of the April 1939 Survey.
t Revised series. Data on vulcanized fibre shipments revised beginning 1934; data not shown on p. 51 of the January 1939 Survey will appear in a subsequent issue.




52

SURVEY OF CURRENT BUSINESS

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

1939
June

June

July

August 1939

1938
SepDecemOctober NovemAugust tember
ber
ber

1939
January

February

March

April

May

PAPER AND PRINTING-—Continued
PAPER—Continued
Total paper—Continued.
Book paper:f
Coated paper:
Orders, new
short tons..
Orders, unfilled, end of month
do
Production
do
Percent of potential capacity
Shipments
short tons - Stocks, end of month
do
Uneoated paper:
Orders, new
do
Orders, unfilled, end of month
do
Price, wholesale, "B" grade, English finish, white, f. o. b. mills.dol. per 100 Reproduction
short tons.Percent of potential capacity
Shipments
short tons.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
Wrapping paper:
Orders, new
do
Orders, unfilled, end of month
do
Production
do
Shipments
do
Stocks, end of month
do
Newsprint:
Canada:
Exports
__
do...Production
do
Shipments from mills
do
Stocks, at mills, end of month
do
United States:
Consumption by publishers
do
Imports§
do
Price, wholesale, rolls, contract, destination (N. Y. basis)._.dol. per short ton..
Production
short tons..
Shipments from mills
do
Stocks, end of month:
At mills
do
At publishers!
do
In transit to publishers!—--do
Paperboard:
Consumption, waste paper
do
Orders, new
do
Orders, unfilled, end of month
do
Production
do
Percent of capacity
Stocks of waste paper, end of month:
At mills
short tons..

17, 276
3,090
15,634
64.9
15, 771
15,139

13,013
2,559
13,718
50.2
12,751
12, 655

14, 467
2,571
14, 730
56.1
14,526
12, 830

16,608
3,076
16, 836
59.3
16,138
13, 528

16,029
2,767
17,445
66.4
16,883
14,144

17, 687
3,160
17, 741
64.9
18,194
13,691

16, 612
3,410
17, 057
62.4
16, 730
14, 018

15, 769
2,714
17, 096
62.6
17,563
12, 776

16, 961
3,071
16, 845
63.3
17,319
12,070

17,911
3,552
17, 796
71.6
17, 642
12,472

19, 553
4,060
20, 028
71.7
19,919
12,581

16, 305
3,238
17,754
68.6
17, 902
12, 433

17,126
2,861
18,579
66.5
17, 409
13, 762

89,681
32, 755

72,837
30, 888

80,101
34, 573

88,265
34,542

91, 466
36,141

89, 878
35,123

87,923
33, 730

86,840
34,958

94,160
40,314

88,218
36,931

102,810
38,053

92, 712
39,252

83, 692
28,179

5.45
87,953
73.9
84,862
1
60,981

6.00
75, 038
60.7
73,939
107,436

5.45
74,919
62.4
76, 558
107,360

5.45
91,791
70.8
89, 862
110,267

5.45
88,518
73.7
90,518
106,230

5.45
92, 758
74.3
92, 345
107, 281

5.45
92,187
73.8
89,321
109,975

5.45
85, 779
68.7
86, 076
109, 604

5.45
89, 642
72.5
91,667
107,518

5.45
90,589
81.1
89, 377
107, 602

5.45
102, 788
79.9
104,196
106, 435

31, 983
8,408
34,102
32, 935
73, 272

30, 904
9,927
28,069
29,603
71, 383

39,103
11,717
40, 691
39,418
72, 813

32, 522
11,157
32,457
33,565
71,169

34,268
11,587
36, 551
34, 677
73,166

48, 225
16,174
45,149
46, 526
71,948

32, 750
12, 692
37,813
35,158
74, 378

34, 511
11, 864
36,001
35, 803
65, 480

35, 064
11,187
36,680
r 36,022
65, 384

48,124
14, 227
45,046
46,511
63, 976

175, 729
64,100
164,305
164,498
126, 094

162,193
70,610
154,273
157,102
125, 022

191,380
67, 336
195, 253
195, 822
122,122

149, 372
66, 278
152,063
152, 281
122,107

159, 243
66,181
161,933
161, 271
123, 360

189, 530
69, 322
191,105
189,695
124, 683

142, 220
68, 956
151,076
149,033
126, 365

148,562
64, 300
151, 374
149,088
126, 551

194, 521

240, 545 201, 694
232, 261 208,476
196,164 182, 226

200,837
202, 546
205,490
179, 282

219,611
220,303
204,668
194,917

195,
231,
230,
196,

586
940
346
511

248, 068
254, 872
255,100
196, 283

245, 813
245, 295
264, 421
177,157

211, 452
209, 753
225, 472
161,438

193, 624
208, 382
201, 852
167,968

152, 437
200, 631
178,236
190,363

217, 651
220, 648
205, 099
205,912

162, 352 244,40O
220, 843 250, 015
214,255 274, 635
212, 500 187, 880

170,980
216,580

159,199
172, 525

151,875
175, 441

151,324
190,344

162, 457
200,144

187, 450
230, 278

176, 322
229, 284

177,134
209,782

160,916
183, 050

153,346
144, 308

174, 096
189, 360

179, 542 178, 543
209, 597 250, 668

50.00
80, 562
84, 628

50.00
65, 382
66, 204

50.00
63, 278
69,718

50.00
67,436
66, 006

50.00
68, 315
74, 336

50.00
72, 827
72, 203

50.00
78, 390
76, 278

50.00
75, 855
77, 974

50.00
77, 264
72, 967

50.00
70, 868
71,926

50.00
79,929
81,616

50.00
77, 393
77,463

50.00
85, 872
84,443

17, 428 28,997
230, 448 324, 098
47, 737 24, 624

22, 557
316, 635
26, 262

23,987
314,586
34, 696

17,966
303, 067
32, 653

18, 590
288,408
47, 570

20, 702
291,477
44, 628

18, 583
284, 661
30, 677

22, 880
267,155
36, 872

21, 822
251,041
13, 449

20,135
223,469
32, 580

20,065
206,727
37, 253

21, 494
229,142
39, 251

269, 996 218,652
383,371 298, 845
95, 058 76, 693
376,509 296, 960
55.0
C6.6

221,218
322, 948
93, 637
306, 343
59.7

264, 418
361, 323
96, 635
358,977
67.3

254,024
367, 200
109, 288
351,051
68.5

267,193
370, 453
107, 235
370,977
72.4

243,924
327,168
89, 586
344, 445
66.3

221, 768
334,711
94,411
329,181
60.1

233,311
342, 408
109,099
323, 394
61.2

247,710
338, 030
112,801
338,803
67.8

292,
429,
124,
421,

474
545
420
576
73.4

262, 918 264, 348
347, 575 372, 893
97, 340 93, 643
372, 984 375, 772
64.2
69.1

255,677

312,684

300, 917

296, 070

284, 239

275,746

274,951

290, 648

282, 095

262, 344

248,595

255,354 j 259,423

58, 896

61,220

71, 085

82, 091

79, 007

72, 029

62, 309

81, 867

77, 477

85, 778

85, 267 80, 246

2,244
2,075
169

2,193
1,982
211

2,708
2, 466
243

2,589
2,372
217

2,639
2, 430
209

2,547
2,385
163

2,239
2,081
158

2,222
2,075
146

2,304
2,145
159

2,827
2,640
187

2,395
2,218
177

i
Book publications, total
no. of editions.697
636
New books
do
583
537
New editions
do
99
114
Continuous form stationery
thous. of sets.. 128, 583 102, 344
Operations (productive activity)
1923—100- _
81
Sales books, new orders
thous. of books -. 16, 466 16, 285

829
686
143
78, 393
78
14, 578

787
635
152
89, 385
77
16, 995

800
720
80
113,132
80
15, 522

1,196
1,074
122
116,140
81
16, 280

900
790
110
119, 903
84
16, 256

1,118
961
157
125, 811
89
14, 788

659
602
57
111,211
87
15, 998

876
691
185
107, 557
92
16, 286

945
803
142
128, 508
86
16, 889

PAPER PRODUCTS
Coated abrasive paper and cloth:
Shipments
reams.
Paperboard shipping boxes:
Shipments, total
mil. of sq. ft.
Corrugated
do._.
Solid
fiber
do-_.

163,622 r 186,433
71, 599 r 62, 718
161, 510 ' 194,280
159,334 '195,555
r
129,835 r 126, 936
r

5.45
5.45
96,088
90,289
77.4
77.7
89, 393
88,980
106,381 ° 58, 282
<• 33, 294
' 12, 280
<r• 38,075
36, 935
r
66, 573

37,188
9,266
43, 295
41, 294
69, 621

145, 740
58, 629
159, 353
152, 265
132,148

186, 710
64, 050
184, 727
180, 344
136, 617

r

2,627
2,430
197

PRINTING
835
1,222
708
1, 043
127
179
108, 597 116, 935
84
87
16, 041 16,498

RUBBER AND RUBBER PRODUCTS
CRUDE AND SCRAP RUBBER
Crude:
Consumption, total
long tons.
32, 540 34, 219 40, 552 40, 183 42, 850 49, 050 48,143 46, 234 42, 365 50,165
99, 039
92, 021
58, 993
79, 928
For tires and tubes (quarterly)
do...
Imports, total, including latex §
do-._ 34,272 26, 677 22, 405 31, 674 35,066 34, 325 32, 924 37, 294 36,857 30, 826 45, 496 31, 854 45, 784
.163
.166
.159
.163
.126
.161
.159
. 154
.163
.158
.169
Price, smoked sheets (N. Y.)
dol. per lb.
. 166
.164
Shipments, world
long tons. 66,000 71,000 79, 000 74, 000 70,000 75, 000 68, 000 58, 000 86, 000 77, 000 75,000 74,000 70,000
Stocks, world, end of month
do.._ 409,630 573,136 580, 654 565, 394 551,447 540, 976 512,176 482, 852 497, 665 479, 578 460, 723 438, 252 429, 979
Afloat, total
do__. 90,000 92,000 105, 000 101, 000 96,000 99, 000 92, 000 80, 000 105, 000 106, 000 102, 000 99, 000 r 96, 000
For United States
.do... 51, 274 32, 079 40, 400 47, 772 48, 927 51,062 51,114 45,105 48, 210 55, 814 55, 981 57, 918 54, 046
London and Liverpool.._
do-._ 63.878 92,312 95, 252 99, 614 98,140 93, 272 90, 073 86, 853 80, 643 75, 517 72, 635 68, 931 66, 020
British Malaya
do_._ 75,409 94, 028 97, 617 90, 939 89, 213 89, 630 87, 531 84, 499 90,142 87, 968 81, 274 77, 683 74, 308
United States
do
180,343 294, 796 282, 785 273, 841 268, 094 259, 074 242, 592 231, 500 221,880 21, 093 205, 214 192, 638 193, 651
Reclaimed rubber:
13, 517
13, 000 12, 626 15, 322 13,391
12, 599 13, 522 13,096
8,831
11,455 12,041
Consumption
do.-. 14, 870 8,832
14,769
8, 196
15,871
7,682 11,317 12, 985 14, 652 15,124 15, 899 13, 763 13, 093 14, 528 14, 527
Production
do.._
22,
771
19,
955
22,
628
Stocks, end of month
do... 23, 058 19, 245 15, 418 13, 918 14, 286 15, 845 17, 083 23, 000 21, 960 21, 390
Scrap rubber:
36,496
25, 044
36, 248
Consumption by reclaimers (quar.) do...
18, 923
r
Revised
tFor book paper, see note marked with a "t" on p. 51 of the July 1939 Survey. Stocks of newsprint, at publishers, and in transit to publishers, revised for 1937 and 1938;
revisions not shown on p. 52 of the April 1939 Survey will appear in a subsequent issue.
§Data revised for 1937; see table 20, p. 15 of the April 1939 Survey.
« Change in inventory due to physical check-up. Figures prior to May 1939 not comparable with later data.



53

SURVEY OF CURRENT BUSINESS

August 1939

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

1939

1938
June

July

August

September

DecemOctober November
ber

January

February

March

April

May

RUBBER AND RUBBER PRODUCTS—Continued
TIRES AND TUBES
Pneumatic casings:t
Production
thousands.
Shipments, total
do...
Original equipment*
do___
Replacement equipment*
do...
Exports*
do...
Stocks, end of month.
_do
Inner tubes:f
Production
,
do.._
Shipments, total
do...
Exports*
do__.
Stocks, end of month
do...
Raw material consumed:
Crude rubber. (See Crude rubber.)
Fabrics (quarterly)
thous. of lb_

4,837
5,733
1,370
4,250
113
8,804

3,036
3,629
678
3,177
73
8,470

3,287
3,870
494
3,290
85
8, 041

4,038
3, 991
266
3,646
79
8,217

3,916
3,888
678
3,123
86
8,022

4,183
4,126
1,287
2,729
109
8,237

4,139
4,405
1,777
2.544
84
7,924

4,729
4,154
1.707
2,348
99
8,451

4,581
4,163
1,685
2,397
81
8, 932

4,344
3,739
1,472
2,156
lil
9,573

5,137
4,583
1,747
2,723
113
10,109

4,211
4,356
1,529
2,719
108
9,998

4,418
4,753
1,415
3,239
100
9,919

4,249
5,066
66
7,814

2,797
3,730
50
8,337

2,936
3,519
55
7,723

4,026
3,744
49
8,029

3,832
3,980
53
7,859

3,980
4,101
57
7,746

4, 029
4,138
55
7, 665

4,351
3,859
55
8,166

4,098
3, 936
71
8,069

3,681
3, 335
65
8,415

4,470
4,015
74
8,901

3,841
3,927
82
8,837

3,848
4,154
67
8,840

5,216
4,414
18,083

5,033
4,017
19,055

49, 441

37, 064

59, 801

58, 376

RUBBER AND CANVAS FOOTWEAR
Production, total
Shipments, total
Stocks, total, end of month

thous. of pairs.
do...
do...

4,866
4,192
19, 729

3,970
3,742
20, 791

2,719
4,041
19, 469

4, 254
5, 803

4,709
6,360
16, 246

5,067
4,991
16, 321

5, 513
6,139
15, 695

5, 523
5,035
16,183

4,807
4,778
16,157

4,953
4,629
16, 582

5,897
5,214
17,281

STONE, CLAY, AND GLASS PRODUCTS
PORTLAND CEMENT
Price, wholesale, composite
Production
Percent of capacity
Shipments
Stocks, finished, end of month
Stocks, clinker, end of month

dol. per bbl..
thous. of bbL.
thous. of bbL.
do
do

0)

11, 953
56.5
12,715
21, 489
5,809

1.667
10, 535
49.8
10, 943
22, 467
6,218

1.667
10, 968
50.2
10,164
23, 286
6,089

1. 667
11, 007
50.4
11,823
22, 534
5,902

1.667
10, 559
4.9.9
11,716
21, 374
5.506

1.667
11,556
52.9
12, 357
20, 569
4,927

1.667
10,184
48.2
8,573
22,179
4,963

1. 667
8,066
36.9
6,281
23, 954
5,282

1.667
5,301
24.3
5,640
23, 611
5,563

1.667
5.506
27 9
5^043
24, 092
5,986

0)

0)

0)

8,171
37.4
8,467
23, 786
6,447

9,674
45.7
9, 654
23, 837
6,568

'11,185
50.9
'12,748
'22,251
r
5 , 728

814
819
382

784
240

778
751
243

1,063
1,015
200

862
841
215

1,119
1,130
193

1,189
1,070
195

953
891
219

831
795
255

728
673
321

806
720
350

583
552
374

762
792
377

11. 927
145,476
431, 900

11. 972
129, 338
430,168

11.902
148, 809
428, 780

11. 895
142, 900
454, 393

11. 925
166,471
482, 830

12. 039
151, 568
482,032

12. 046
133,184
478, 260

12. 360
101,056
476, 359

12. 341
95, 920
455,859

12. 322
166, 380
397, 838

12. 327
178, 903
374, 572

12. 287
209, 716
350, 655

50, 069
271, 477

46, 512
271, 488

51,915
267, 844

47, 828
268.583

52,402
267,016

45, 701
272, 200

37, 307
283,017

34,499
292, 565

28, 785
300, 546

57, 624
290, 906

r 62, 982
277, 291

79, 322
256, 561

4,138
1,166

4,134
1,195

4, 761
1, 381

4,267
1,235

4,331
1,243

3,996
1,129

3,261
956

3,549
981

3,562
959

4,969
1,285

4,639
1,208

4,737
1,282

9,079
56, 849

11,418
55, 689

10, 778
55, 423

8,046
54, 396

9,591
52, 999

7,206
51, 323

7,191
48,127

4,276
48, 763

2,007
48, 585

3,994
47, 336

3,612
45, 761

6,647
43,002

64, 631
344, 368

55, 489
350, 782

62,186
349, 271

58, 998
345, 089

62, 410
333,782

54, 762
335, 707

46, 815
347,147

50, 024
342,408

43, 643
348, 792

72, 546
340, 348

'81,994
327, 847

105,072
308,021

4,662
72.0
4,618
8,209

3,583
60.0
3,858
8,750

3,506
61.0
3,847
8,354

4,031
65.0
4,178
8,149

3,653
63.6
3,971
7,641

3,866
64.7
3,954
7,493

3,709
64.6
3,491
7,643

3,515
58.8
3,042
8,029

3,589
55.8
3,473
8,179

3,389
55.7
3,323
8,192

4,129
61.4
3,933
8,318

9,289

383
167
115
102
5,956

357
154
130
72
5,506

421
200
141
80
7,676

507
266
148
93
8,873

551
285
153
113
12, 869

532
288
133
111
12, 883

443
227
125
91
12, 691

443
217
130
97
12, 209

357
185
107
65
10,165

396
201
116
79
11, 867

7,268

8,036

720
44.3

344
21.3

330
20.3

434
26.7

522
32.1

641
39.5

1,003
61.7

943
58.1

809
49.8

912
56.1

740
45.6

729
44.8

CLAY PRODUCTS
Bathroom accessories:
Production
thous. of pieces.
Shipments
do...
Stocks, end of month
do...
Common brick:
Price, wholesale, composite, f. o. b. plant
dol. per thous.
Shipments
thous. of brick.
Stocks, end of month
do...
Face brick:
Shipments
do...
Stocks, end of month
do...
Floor and wall tile shipments:*
Quantity
thous. of sq. ft.
Value
thous. of doL
Vitrified paving brick:
Shipments
thous. of brick..
Stocks, end of month
do_._
Hollow building tile:
Shipments
short tons.
Stocks, end of month
do...

12. 378

GLASS PRODUCTS
Glass containers:
Production
thous. of gross..
Percent of capacity
Shipments
thous. of gross..
Stocks, end of month
do
Illuminating glassware:
Shipments, total
thous. of dol_.
Residential
do
Commercial
do
Miscellaneous
do
Plate glass, polished, production, thous. of sq. ft.
Window glass:
Production.
thous. of boxes..
Percent of capacity

4,071
65.4
3,978
8,336

()

4,516
69.7
4,485

()

GYPSUM AND PRODUCTS
Crude:
Imports
short tons..
Production
do
Calcined production
do
Gypsum products sold or used:
Uncalcined
do
Calcined:
Lath
thous. of sq. ft_.
Wallboard
do
Keene's cement
short tons..
All building plasters
do
For manufacturing uses
do
Tile
thous. of sq. ft..

222, 282
727, 77^
588, 788

313,120
806, 957
650, 804

212, 716

228, 375

192, 931

139,248

200,444
100, 704
5,126
390, 059
25, 246
5,704

251, 764
), 994
6,591
432, 779
34, 523
4,991

214,151
89, 678
4,884
333, 730
36, 517
4,885

207, 418
95,
5,506
331, 702
26, 233
5,228

247, 673
683,127
534, 415

40, 423
541,183
533, 440

' Revised.
2
Discontinued by compilers; data on an index basis appear on p. 20.
Discontinued by reporting source.
*New series. For data on floor and wall tile beginning 1935, see table 31, p. 18 of the June 1939 Survey. For the new series on pneumatic casings and inner tubes, see
tables 27 and 28, pp. 16-18 of the May 1939 Survey.
tRevised series. Data for pneumatic casings and inner tubes revised for 1936, 1937, and 1938; see tables 27 and 28, pp. 16-18 of the May 1939 Survey.
1




54

SURVEY OF CURRENT BUSINESS

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

August 1939

1938
June

July

September

August

1939
DecemOctober November
ber

January

February

March

April

May

TEXTILE PRODUCTS
CLOTHING
Hosiery:
Production
thous. of dozen pairs__ 11,218
Shipments
do.-.-l 10,294
Stocks, end of month.
do
I 24,414
COTTON

10,368
9, 6G0
20, 827

8,848
8, 538
21, 289

11,304 ! 11,146
11,712
12,440
21, 033
19, 891

11,848
11.957
19, 933

11,731
11,973
19, 843

10,863
10, 641
20,217

11,235
10,211
21, 242

11,374
10,535
22, 081

13,198
13,142
22,137

11.024 ! 11.796
10,577 i 10.891
22,584 ! 23,490

I

596. 289 565, 307 591, 991 562, 293 649, 237 546.702 605,353
Consumption
bales.. 578,448 443,043 448,453 561,406 534. 037 542, 7
114
176
196
201
465
'481
361
Exports (excluding linters)§
thous. of bales..
389
290
330
'178 i 143
264
15
25
18
11
11
14
11
Imports (excluding linters) §
do
12
10
13 !
14
Prices:
.082
.087
.080
.084
.081
.085
.083
.085
. 082
.082
.0S2 | .085
.083
Received by farmers
dol. per lb__
.099
. 084
.089
.086
.089
.091
.087
.Oil
.090
.088 I .096
Wholesale, middling (New York)
do
.090
.084
Production:
1, 336
11,231
11,412
6,577
11,553
!
158
10,125
« 11,623
Ginnings (running bales)•..thous. of bales
11.944
Crop estimate, equivalent 500-lb. bales..do —
213
2, 953
310
074
2, 500
1, 712
394
146
864
Receipts into sight
do
22
639
45,
353
43.
075
47.
5S4
40,
701
38,
350
31,130
Stocks, world, end of month*
do
29. 150
24,812
13, 712
23.428
14, 406
24, 297
22, 535
21, 573
10,647
17, 722
American cotton
do
16,817
21,290
13, 609
11, 952
11,446
19, 242
22,150
20.303
In the United States
do
18, 345
15,709
15.011 I 14.1:
721
903
7,244
6L;5
11.353
2. 024
On farms and in transit
do
3, 550
1, 390
873
81.7
9, 678
9, 782 12.975
15, 539
9. 598
Warehouses
(lo..,. 11,915
15,283
15, 294
13,458
12.940
973
1,371
1,015
1,071
1,223
1, 679
1, 661
1,470
1,378 I 1,254 I
Mills
do.-...
2, 454
2.147
2,138
2, 266
2. 331
2,302
2, 013
1. 796 i
2,232
In foreign countries
do
10, 406
21, 925
23,287
19,128
8,927
20,540
17, 703
13,508
12.333 !
Foreign cotton
do

COTTON MANUFACTURES
Cotton cloth:
Exports!
thous. of sq. yd_. 28, 287
7,151
Imp orts§
do
Prices, wholesale:
9.84
Mill margins*
cents per lb_.
.045
Print cloth, 64x60.
dol. per yd_.
.052
Sheeting, brown, 4 x 4
do
Finished cotton cloth:!
Production:
Bleached, plain
thous. of yd__
Dyed colors
do
Dyed, black
do
Printed
do
Spindle activity:
Active spindles
thousands.. 21, 788
7. 395
Active spindle hrs., total
mil. of hrs__
Average per spindle in place
hours..
Operations!
pet. of capacity. _
82.2
Cotton yarn:
Prices, wholesale:
.235
22/1, cones (Boston).
dol. per lb._
.335
40/s, southern, spinning
do

22,157
4,503

20, 993
4,301

-21. 964
5,089

'26,342
4, 981

10.81
.043
.051

11. 52
.047
.055

11.42
.044
.054

11.23
.043
.053

102, 327
68. 513
3, 434
78,538

110, 568
74, 656
5.022
80, 588

130.498
88, 362
6, 741
96.417

128, 642
88, 619
5,877
89, 396

21,142
5. 668
214
60.8

21,915
5. 925
225
70.2

22,153
7, 375
280
76.2

22,189
6, 613
252
76.1

.219
.348

.230
.338

.223
.335

• 27, 903 • 28, 544
5,818
4, 912

• 30,024
6,188

10.78
.045
.054

10. 69
.043
.051

10. 46
.043
.050

10.05
.042
.050

134, 929 134,661
95, 372 100,200
6, 379
6,617
102,278 109,136

141,266
102, 504
6, 369
118,926

127,165
91,115
4,780
107, 960

126, 641
93,483
5,130
106, 396

10. 88
.045
.054

21,742 • 28,145 • 34, 505 ' 30, 609
6, 566
10,108
9,210
8, 534
10.11
.043
.050

10.01
. 042
.049

144,021 127,858 ' 131.765
109, 652
97,270
98.292
4. 962 '• 5. 782
6, 633
127,815 109,250 ! 108,736

22,114
7,118
273
81.9

22, 449
7,575
291
83.6

22. 445
7,187

22, 440
7. 641
295
85.7

22, 525
7,171
277
87.8

22, 472
8, 236
319
86.6

22.109
6.893
268
84.6

.223
.335

.230
.337

.240
.341

.225
.338

.210
.335

! 335

.225
.335

.335

! 21,975
• 7,575
! 195
! 81.4

RAYON AND SILK
RayonDeliveries, unadjusted!
Imports§
Price, wholesale, 150 denier,
(N. Y.)
Stocks, end of mo.*
Silk:
Deliveries (consumption)
Imports, raw
Price, wholesale, raw, Japanese,

1923-25= 100__
thous. of lb _
first quality
dol. per lb__
mil. of lb_.

867
4, 159

477
1, 633

877
2,074

929
4,409

910
3,145

704
3,147

595
2,031

691
1,781

745
2,877

735
3,395

670
3,955

664
3,457

.51
32.8

.49
67.0

.49
53.6

.51
41.1

.51
34.6

.51
36.1

.51
40.0

.51
39.5

.51
39.4

.51
39.5

.51
41.1

.51
43.4

bales. thous. of lb_.
13-15 (N. Y.)
dol. per lb__

26, 256
4,050

31, 492
5,271

32, 593
4,073

38, 504
4,975

38, 844
5,524

35, 631
5,417

41, 599
6, 437

35, 204
5,542

40, 816
5,039

33, 219
3,040

37, 863
3,555

27, 802
3,943

2.534

1. 609

1.834

1.729

1.759

1.854

1.801

1.809

1.9Q0

2.114

2.393 j

Stocks, end of month:
77,238 ! 61.601
Total visible supply
bales.. 60, 709 133,157 138,105 135, 347 142,511 151,311 150, 718 149, 778 124, 354 98, 078 86,816
48, 554
38,178
46, 218
23,116
20,738 ! 24,201
19, 209
40, 711
43,811
United States (warehouses)
do
42, 305
44, 457
53, 278
39, 747
WOOL
17, 274
5,847
21,938
16,826
25, 441
Imports (unmanufactured)§
thous. of l b . . 14, 771
18,162
7,104
12, 281
16, 302
15, 373
9,727
Consumption (scoured basis):!
25, 941
22, 449
19, 567
23, 772
29, 688
19,619
24,619
23, 512
21,110
15, 467
22, 746
23,136
Apparel class
do
9,784
3,313
8,159
9,856
6,291
9,501
6,386
7,716
6,025
4,996
C arpet class
do
8,776
Operations, machinery activity (weekly average) :1
Looms:
Woolen and worsted:
1,924
1,099
1,942
1,580
1,338 !
1,791
1,759
1,174
1,499
1,339
1,529
1, 335
Broad
thous. of active hours..
79
54
78
77
62 I
80
89
75
73
81
86
58
Narrow
do
164
186
198 |
95
209
143
171
213
167
178
177
106
Carpet and rug
do
Spinning spindles:
55,704 !
60, 041
73, 480
73,130
66, 022
73, 277
74, 710
66, 840
71,110
72, 489
48, 020
57, 438
Woolen
do
67,613 ;
97, 019
62,851 | 70, 205
85, 954
82,819
55,134
69, 644
55, 663
77, 747
87, 770
Worsted
do
82, 226
95
101
149
145
117 '
146
124
136
120
119
Worsted combs
do
129
137
Prices, wholesale:
.72
.65
.73
.69 :
.73
.74
.71
.73
.71
.70
.71
.69
Raw, territory, fine, scoured
dol. per lb_.
.32
.31
.30
.32
.32
.30
.29
.31
Raw, Ohio and Penn.
fleeces
do
.31
Suiting, unfinished worsted, 13 oz. (at fac1. 683
1.683
1.535
1.624
1. 634
1. 535
1.646
1.535
1.535
1.535
tory)
dol. per y d . . 1.683
1.634 |
Women's dress goods, French serge, 54" (at
1.015
1.015
1.015
1.040
1.040
1.015
1.040
1.040
1.040
1.040
mill)
dol. per y d . . 1. 015
1.015
Worsted yarn, 32's, crossbred stock (Boston)
1.13
1.13 j
1.05
1.01
1.10
1.06
1.12
1.13
1.13
1.03
1.05
dol. p e r l b . .
1.11
' Revised.
° Total crop.
Total gitnnings
gitnnings o
indicated.
•• Total
o end
end of
of month
month indicated.
f Revised series. Cotton spindle activity revised beginning August 1933; see table 18, p. I N of the March 1939 issue. Data on rayon deliveries revised beginning January
1936; revisions not given on p. 94 of the February 1939 survey will appear in a subsequent issue. Data on cotton cloth expoi>rts revised beginning 1913; revisions not shown
above will annear in a subseauent issue.




55

SURVEY OF CURRENT BUSINESS

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

1939

1938

June

September

June

July

August

1939
DecemOctober November
ber

January

February

March

11,820
6,660
5,160

13, 608
5,939
7,669

April

May

17,173
10, 241
6,932

31,461
25, 640
5, 821

TEXTILE PRODUCTS—Continued
WOOL—Continued
Receipts at Boston, total
thous. oflb.
Domestic
do.. .
Foreign
do. _.
Stocks, scoured basis, end of quarter, total
thous. oflb.
Woolen wools, total
do__.
Domestic
do.__
Foreign
do.. _
Worsted wools, total
do__.
Domestic
do.._
Foreign
do _ _ _

55, 614
51,401
4,213
122,915
39,421
31,191
8, 230
83, 494
63,128
20, 366

44,989
44,181
808

65, 322
64, 582

740

44, 506
42,069
2,437

139, 260
46,509 j
37,830
8,679 !
92, 751
79, 520
13, 231

16,047
10,021
6,026

22 222
18,' 487
3,735

24,341
21, 239
3,103

147, 597
48, 276
40, 224
8,052
99, 321
84, 383
14, 938

13, 678
9,009
4,670

15, 539
5,374
10,164

115, 655
46, 6S6
37, 065
9, 621
68,969
52, 517
16, 452

' 94, 506

• 39,019
• 29.458
r
9; 561
• 55, 48',
' 33, 452
' 22, 035

MISCELLANEOUS PRODUCTS
Buttons, fresh-wTater pearl:
Production
pet. of capacity.
Stocks, end of month
thous. of gross.
Fur, sales by dealers
thous. of dol.
Pyroxylin-coated textiles (artificial leather) :t
Orders, unfilled, end of mo. .thous. linear yd.
Pyroxylin spread
thous. of lb_
Shipments, billed
thous. linear yd..

P

2,012

27.0
7,073
' 3, 321

22.4
6,853
4,839

32.2
6,910
4,631

41.3
7,037
1,465

37.8
7,155
1,515

36.3
7,229
1,242

30.4
7,188
'1,515

2,087
4,710
4,387

1,711
3,341
3,464

1,835
3,882
3,785

1,890
4,849
4,429

2,196
4,998
4,389

1,908
4,922
4,516

1,917
4, 289
4,168

2,145
4,692
4,551

39.2
6,607
3, 378

23.0
6,480
' 2,461

39.2
6,507
' 2, 880

2,451
5,270
4,785

2,223
5,079
5,119

5, 402
5,505

2,252
4, 643
4,576

1,887
4,727
4,759

r

2,188

34.6
6,641
r 2, 086

r

25.2
6,379
2,311

TRANSPORTATION EQUIPMENT
AIRPLANES
Production, totali
Commercial (licensed)
For export

number.
do.. _
do...

AUTOMOBILES
Exports:
Canada:
Assembled, total
number. _
Passenger cars
do
"United States:
Assembled, total§
do
Passenger cars§
do
Trucks§
do
Financing:
Retail purchasers, total
thous. of dol__
New cars
do
Used cars
do
Unclassified
do
Wholesale (mfrs. to dealers)
do
Fire-extinguishing equipment, shipments:
Motor-vehicle apparatus
number..
Hand-type
do
Production:
Automobiles:
Canada, total
do
Passenger cars
do
United States (factory sales), total
do
Passenger cars
do
Trucks
do
Automobile rims
thous. of rims..
Registrations:
New passenger cars
number..
New commercial cars
do
Sales (General Motors Corporation):
To consumers in U. S
do
To dealers, total
do
To U. S. dealers
do
Accessories and parts, shipments:
Combined index
Jan. 1925=100..
Original equipment to vehicle manufacturers
Jan. 1925 = ML.
Accessories to wholesalers
do
Service parts to wholesalers
do
Service equipment to wholesalers
do

227
134
93

211
139
72

264
190
74

246
183
63

182
128
54

204
159
45

276
174
102

6,027
4,630

5,795
4,433

4,760
3,376

3,912
2,558

3,460
2,399

2,946
1, 753

2,747
2,406

5,024
3,835

8,499
5,806

6,043
4,222

6,315
4,526

2,274
1,592

5,480
4,075

16,213
10,874

16, 605
9,564
7,041

16,443
9,222
7,221

11,142
5,347
5,795

10, 888
2,808
8,080

17, 024
10,930
6,094

29,043
20,172
8,871

34,978
21, 322
13,656

23, 958
15,126
8,832

27, 351
16,193
11,158

30, 048
17,984
12,064

27,087
16, 213
10, 874

25, 220
14,430
10, 790

86,930
44, 388
42, 014
528
71, 323

77, 039
39,160
37, 386
493
58, 951

80, 847
40, 347
39, 927
572
40,037

62, 561
29,174
32,948
439
26, 769

62, 385
30, 344
31,613
428
61, 359

86, 047
51, 266
3,260
521
126, 650

92,452
54, 933
37, 955
564
158, 289

76, 390
40, 694
35, 281
415
134,150

76, 776
40, 374
35,975
427
124, 021

113,847
64, 350
48,915
582
153, 007

114, 696
66, 064
48,014
618
150, 433

133,707
75,304
57. 649
754
140, 284

90
37, 606

70
30, 991

77
29,122

54
32, 321

57
32,124

62
30, 816

44
28, 509

73
27,479

44
30,649

58
29, 878

83
35, 331

65
34,790

76
35, 501

14,515
10,585
309, 720
246,704
63,016
1,020

14, 732
11,014
174, 670
136, 531
38,139
527

9,007
5,273
141, 443
106, 841
34, 602
410

6,452
3,063
90,494
58, 624
31, 870
468

6,089
4,290
83, 534
65,159
18,375
819

5,774
5,412
209, 512
187,494
22, 018
1,312

17, 992
15, 423
372, 413
320,344
52, 069
1,723

r

18,614
14,198
388,346
326, 006
62, 340
1,818

14, 794
11,404
339,152
280,033
59,119
1,714

11, 300
10,914
297,841
239, 980
57, 861
1,443

17, 549
12,689
371, 940
299,703
72, 237
1,730

16, 891
12, 791
337, 372
273,409
63, 963
1,348

15, 706
11,585
297, 50§
237,870
59,638
1,244

243,741
40, 482

156, 384
30, 649

148,896
33,476

127, 954
34,231

93, 269
26,570

119,053
19, 589

200,853
23,943

226, 973
31, 474

203, 212
37,715

164, 942
33, 279

248, 038
45,083

"268, 335
r
46, 063

124, 618
156, 959
124,048

76, 071
101, 908
72, 596

78, 758
90,030
61, 826

64,925
55,431
34, 752

40, 796
36, 335
16,469

68,896
323,835
92, 890

131, 387
200, 256
159,573

118,888
187,909
150,005

88, 865
152, 746
116,964

83, 251
153,886
115,890

142,062
182, 652
142, 743

132,612
158,969
126,275

129,053
145, 786
112,868

84
115
113
166
108

RAILWAY EQUIPMENT
{Association of American Railroads)
Freight cars owned and on order, end of mo.:
Number
thousands. _ 1,654
Undergoing or awaiting classified repairs
thousands..
223
Percent of total on line
13.7
Orders, unfilled
cars. _ 10,062
Locomotives owned and on order, end of mo.:
Owned:
Undergoing or awaiting classified repairs
number..
8,382
Percent of total on line
20.1
Orders, unfilled
number. _
60
{U. S. Bureau of the Census)
Locomotives:
j
Orders, unfilled, end of mo., total...number._|
Domestic, total
do
j
Electric
do
I
Steam
•_ do
I

T

280, 834
45,381

T

79

104

136

138

148

139

136

128

74
99
119
90

60
100
125
89

58
104
143
98

91
136
161
91

129
133
167
98

150
126
142
88

157
129
121
83

160
131
129
91

140
140
129
95

153
142
141
105

129
132
150
105

120
115
154
108

1,708

1,705

1,701

1,691

1,690

1,686

1,682

1,672

1,668

1,664

1,662

1,657

229
13.6
5,071

241
14.3
10, 234

238
14.2
8,892

231
13.8
7,459

235
14.1
5,153

233
13.9
4,335

231
14.0

225
13.7
6,637

225
13.7
6, 788

214
13.0
6,502

221
13.5
6, 391

14.2
9,201

7, 875
18.3
37

7,984
18.6
26

8,108
18.9
14

8,075
18.9
14

8,155
19.1 !

8,133
19.1
17

7,881
18.6
30

8,084
19.1
25

8,053
19.1
63

8,149
19.3
62

8,175
19.4
61

8,640
20. 6
63

53
52
34
18

51
50
34
16

82
73
62
11 !

94
80
75
11

100
92
84
8

116
106
61
45

129
119
59
60

149
139
79
60

105
GO

231

r
Revised.
v Preliminary.
fRevised series. D a t a on pyroxylin-coated textiles revised beginning J a n u a r y 1938 to include figures for 2 small establishments not previously reporting, and to exclude
those of one establishment not currently reporting; data for the full year 1938 appear on p . 54 of the April 1939 Survey.
^Exclude military planes for domestic use.
IRevised series. D a t a revised for 1937; see table 19, p . 14 of the April 1939 Survey.




56

SUEVEY OF CURRENT BUSINESS

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

1939

1938

June

September

June

July

August

August 1939
1939

DecemOctober November
ber

January

February

March

April

May

TRANSPORTATION EQUIPMENT—Continued
RAILWAY EQUIPMENT—Continued
(17. <S. Bureau of the Census)

Locomotives—Continued.
Shipments, domestic, total
number__
Electric
do
Steam
do
Industrial electric (quarterly):
Shipments, total
do
For mining use
do
(American Railway Car Institute)
Shipments:
Freight cars, total
number. ^
Domestic
do
Passenger cars, total
..do
Domestic
do
(U. S. Bureau of Foreign and Domestic Commerce)
Exports of locomotives, total§
number..
Electric§
do
Steam
do

21
18
3
102
101

59

2,149
2,148
7
7

362
354
1
1

407
407

573
550
22

2,336
2,308
19
19

21
21
0

1,662
1,655
3
3

1,136
1,023
0

1,198
1,198
0
0

1,148
1,148
0
0

15

1,917
1,917
0
0

2,194
2,174
0
0

1,312
1,312
9

279
279
15
15
21
7
14

11

INDUSTRIAL ELECTRIC TRUCKS
AND TRACTORS
Shipments, total
Domestic
Exports

number
. . . . do.._
....do...

73
63
10

WORLD SHIPBUILDING
(Quarterly)
Launched:
Number
ships
Tonnage
thous. gross tons
Under construction:
Number.—
ships
Tonnage
thous. gross tons

302

254
807

249
705

247
690

801
2,827

685
2,712

704
!,669

716
2,704

CANADIAN STATISTICS
Physical volume of business:
Combined index
1926=100..
121.4
Industrial production:
Combined index
do
124.4
Construction
do
59.4
Electric power
do
238.8
Manufacturing
do
112.9
120.6
Forestry
_.do
228.9
Mining
do
Distribution:
Combined index
do
112.9
Carloadings
do
71.3
E xports (volume)
do
145.8
Imports (volume)
do
87.7
Trade employment
do
137.5
Agricultural marketings:
Combined index
do
40.5
Grain
do
33.8
70.5
Livestock
do
Commodity prices:
82.9
Cost of living
do
Wholesale prices
do
73.3
Employment (first of month):
Combined index
do
113.1
Construction and maintenance
do
115.3
Manuf a cturing
do
111.4
160.5
Mining
do
141.8
Service.
do
136.6
Trade
do
86.5
Transportation
do
Finance:
Banking:
2,831
Bank debits
mil. of dol_.
83
Commercial failures*
number. _
Life insurance sales, new paid for ordinary
thous. of doL_ 35, 766
Security issues and prices:
New bond issues, total
do
60.1
Bond yields
1926=100..
97.0
Common stock prices
do
Foreign trade:
Exports, total
thous. of dol__ 94,501
Wheat
thous. of bu__ 14.637
Wheat
flour
thous. ofbbL.
Imports
do
63, 709
Railways:
Carloading
thous. of cars..
195
Financial results:
Operating revenues
thous. of dol..
Operating expenses
do
O perating income
do
Operating results:
Freight carried 1 mile.
...mil. of tons._
Passengers carried 1 mile
mil. of pass..
Production:
Electrical energy, central stations
mil. of kw-hr_.
2,245
Pig iron
thous. of long tons..
53
Steel ingots and castings
do
108
Wheat
flour
thous. of bbl._

108.4

109.1

110.5

119.2

118.6

123.4

115.6

113.0

111.7

113.2

116.7

109.3
49.7
209.8
103.5
96.7
176.6

109.8
50.6
212.3
101.3
101.4
192.1

110.8
52.5
218.3
100.9
102.2
198.6

120.7
52.8
223.6
114.2
110.2
202.1

121.1
61.7
220.9
113.2
107.1
201.4

128.3
48.4
226.4
125.3
112.8
206.6

118.1
62.7
221.6
111.3
111.7
183.1

114.2
40.3
230.0
111.1
120.7
176.8

114.1
56.2
232.3
105.0
111.6
190.9

115.2
47.5
233.1
107.6
110.4
196.7

119.1
51.3
226.5
109.5
120.2
219.6

123.3
48.6
235.5
113.3
112.6
232.7

105.7
68.7
100.1
79.8
133.4

107.0
71.5
104.3
79.8
133.7

109.5
76.3
127.1
82.6
131.9

114.9
81.0
162.6
84.4
134.0

111.5
76.0
132.0
89.1
133.7

109.2
74.2
122.7
85.7
132.5

108.6
73.7
100.0
75.8
137.0

109.3
70.7
141.2
77.6
133.8

104.9
66.7
110.1
71.7
133.4

107.4
71.8
108.4
73.9
135.0

109.6
69.2
126.9
78.0
137.2

115.9
81.1
138.0
91.2
138.0

20.6
8.2
75.9

40.3
29.7
87.3

91.9
77.0

123.9
135.1
74.0

145.6
162.7
69.0

101.6
106.6
79.1

85.7
88.4
73.6

52.0
46.3
77.9

32.3
23.5
71.7

48.1
40.7
81.2

60.3
58.5
68.1

102.6
105.9
87.5

84.1
80.1

84.2
78.6

84.9
76.0

84.1
74.5

83.8
73.5

83.6
73.3

83.3
73.2

83.1
73.2

83.1
73.2

83.1
73.4

83.1
73.7

111.9
114.5
112.3
153.3
135. 3
131.5
84.9

113.5
124.9
111.8
154. 5
146.1
133.3
86.3

112.1
128. 0
110.0
153.6
143. 5
132.1
86.9

115.1
133.8
113.8
157. 4
146.7
131.0
88.7

83.9
74.1
116.7
143.5
112.5
160.8
136.1
134.5
90.1

114.6
122.5
110. 9
163.4
132.8
135.6
87.9

114.0
112.8
110.1
163.3
131.7
139.7
85.0

108.1
96.4
104.3
160.4
131.7
144.8
79.9

106.5
89.4
106. 0
160.5
129.5
131.0
79.4

106.5
94.3
107.0
160. 9
128.5
128.9
80.3

104.9
91.6
107.1
157.4
131.4
131.1
79.3

106.2
94.2
108.4
155.8
133.
135.1
81.4

2,731
92

2,466
72

2,371
102

2,655
81

2,976

2,905
71

2,512
120

2,050
121

2,428

122

2,839
89

35,120

30,126

27, 996

27, 442

31, 854

36, 611

35, 827

30, 434

30, 879

33, 578

2,473
94
28, 229

77, 746
61.8
100.0

98, 451
62.7
106.9

51, 399
62.7
105.2

51, 474 108, 958 104. 930
61.5
65.3
63.2
110.4
98.6
109.7

86,142
61.8
106.8

139, 515
62.1
102.9

78, 308
7,275
300
58, 947

78, 720
7,248
283
55, 823

86, 538 108, 542 102, 719
6,266
12, 615 24. 579
286
529
320
57, 026 56, 412 63, 909

70, 452
15, 983
365
44, 286

81, 773
7,879
380
43, 743

94, 075
21, 704
478
63, 304

33, 657

54, 657 128, 304 151, 083 210, 421
61.9
63.0
62.4
61.1
96.2
104.1
99.2
103.7
62, 399
5,746
291
40, 380

77,199
6,564
361
58, 381

56, 507
2,832
275
41, 908

94, 883
13,655
516
72, 958
215

187

183

213

250

257

219

178

171

160

191

179

24,577
23, 816
<*490

25, 773
24, 515
*12

28, 439
26,103
1,095

34, 504
26, 919
6,375

37, 609
25, 681
10,684

30, 431
22, 661
6,502

27, 521
22, 633
3,597

23, 798
22, 923
<*382

22, 652
22, 921
d
1,490

25, 700
24, 333
193

25,191
22, 906
1,029

1,525
160

1,689
192

2,063
172

3,389
153

3,924
119

2,668
101

2,100
166

1,871
123

1,707
122

2,054
127

1, 957
129

1,973
64
109
969

51
84
929

2,076
49
83
1,103

2,164
50
74
1,639

2,329
51
76
1,906

2,376
46
90
1, 606

2,350
53
79
1,052

2,387
58
78
1,098

2,214
41
77
1.037

2,367
41
96
1,194

2,197
46
100
1,114

2,333
58
121
1,192

d
" Revised.
Deficit.
*New series. Data compiled by Dun and Bradstreet, Inc., have been substituted for those compiled by the Dominion Bureau of Statistics; data beginning January 1934
will appear in a subsequent Survey.
§Revised series. Data revised toT 1937; see table 19. p. 14 of the April 1939 Survey.




U. S . GOVERNMENT PRINTING O F F I C E : 1 9 3 9

INDEX TO MONTHLY BUSINESS STATISTICS
CLASSIFICATION, BY SECTIONS
Monthly business statistics:
Page
Business indexes
19
Commodity prices
20
Construction and real estate
,
21
Domestic trade
23
Employment conditions and wages.
25
Finance
___
30
Foreign trade
36
Transportation and communications
____
37
Statistics on individual industries:
Chemicals and allied products
38
Electric power and gas
40
Foodstuffs and tobacco
41
Fuels and byproducts
.
45
Leather and products
.
45
Lumber and manufactures
47
Metals and manufactures:
Iron and steel
48
Nonferrous metals and products
49
Machinery and apparatus
50
Paper and printing
.
51
Rubber and products
52
Stone, clay, and glass products
53
Textile products
54
Transportation equipment
55
Canadian statistics
56

CLASSIFICATION, BY INDIVIDUAL
SERIES
Page
52
Abrasive paper and cloth (coated)...
30
Acceptances
.
55
Accessories—Automobile
23
Advertising
Agricultural products, cash income received
20
from marketings of
.
29,30
Agricultural wages, loans-_.
50
Air-conditioning equipment
.
.
23
Air mail
38,55
Airplanes
38
Alcohol, denatured, ethyl, methanol
49
Aluminum
___
—
39
Animal fats, greases
Anthracite mining
.
19, 26 28,45
Apparel, wearing
20, 24, 25, 26, 27, 28, 29,54
46
Asphalt
Automobiles
19, 23, 24, 25, 27, 28; 29,55
49
Babbitt metal
.
42
Barley
.
53
Bathroom accessories
_
43
Beef and veal
.
-Beverages, fermented malt liquors and dis41
tilled spirits
Bituminous coal-—
19,20,26. 28,45
48,49
Boilers
-30,35
Bonds, prices, sales, value, yields
52
Book publication
52
Boxes, paper
.
50
Brass
53
Brick
_
._
30
Brokers' loans
.
50
Bronze
_,
21,22
Building contracts awarded
22
Building costs
.-Building materials
20, 47,53
21,22
Building permits issued
41
Butter ___
.
56
Canadian statistics
. _ _.
37,38
Canal traffic._ _ _ „
_.
.44
Candy
„
33,34
Capital
flotations
__
37
Carloadings
.,
,-43
Cattle and calves
_40
Cellulose plastic products
.-19,53
Cement
_.
,_,
24
Chain-store sales
_ _. .
41
Cheese
. _ _.
.__
44,45
Cigars and cigarettes
26
Civil-service employees
.
Clay products
25,27,28, 29,53
Clothing
____ 20, 24, 25, 26, 27, 28, 29,54
CoaL_>
19,20,26, 28,45
Cocoa
.
,.
44
Coffee
._
44
Coke
45
Collections, department stores24
Commercial failures
„
„
31
Commercial paper. _„
30
Construction:
21,22
Contracts awarded, indexes
22
Costs__
22
Highways
29
Wage rates
.
49
Copper
,
39
Copra and coconut oil
20
Cost-of-living index
.
Cotton, raw and manufactures
20, 21,54
39
Cottonseed, cake and meal, o i l . . .




Page
Crops
19,20,42,43,44,54
Currency in circulation.
32
Dairy products
19, 20,41,42
Debits, bank
__„
„
30
Debt, United States Government
32
Delaware, employment, pay rolls
26, 27, 29
Department-store sales and stocks.
24
Deposits, bank
..__..
31
Disputes, industrial
27
Dividend payments
_.__
_
35
Earnings, factory, average weekly and
hourly
28,29
Eggs__
.
19,20,44
Electrical equipment
-_51
Electric power, production, sales, revenues._ 40,41
Electric street railways
37
Employment:
Cities and States
26
Nonmanufacturing _ _,
__
26
Emigration
.38
Enameled ware
,
_49
Engineering construction
,—
22
Exchange rates, foreign _ _.
.
32
Expenditures, United States Government.—
32
Explosives
.
38
Exports
.__
_.
36
Factory employment, pay rolls
25, 26, 27, 28
Fairchild's retail price index
»_
--20
Fares, street railways.
, __
37
Farm prices, index...,
.
.-20
Federal Government, finances
- 32,33
Federal-aid highways
22,29
Federal Reserve banks, condition of~.
30
Federal Reserve reporting member bank
statistics._
.__
30
Fertilizers
...
39
Fire-extinguishing equipment
55
Fire losses
-23
Fish oils and fish.
- 39,44
Flaxseed
40
Flooring, oak, maple, beech, and birch
47
Flour, wheat__.____.
-43
Food products.- 20, 25, 26, 28, 29, 41
Footwear
.
__- 46,47,53
Foreclosures, real estate
23
Foundry equipment
.-50
Freight cars (equipment)
55
Freight carloadings, cars, indexes
37
Freight-car surplus
37
Fruits.
_-- 20,42
Fuel equipment
-—._.
50
Fuels
_45,46
Furniture
.
48
Gas, customers, sales, revenues
41
Gas and fuel oils
...
45,46
Gasoline
.
„
46
Gelatin, edible
________
.
44
General Motors sales
55
Glass and glassware
19,25,27,28,29,53
Gloves and mittens
_
46
Gold
„_
32
Goods in warehouses __.
23
Grains
.
....
— . 20,34,42,43
Gypsum
._
53
Hides and skins
- 21,46
Hogs
.
__-.43
Home loan banks, loans outstanding
23
Home mortgage insurance
23
Hosiery
.
54
Hotels.____..-_-__
.
____„____.. 26,28,38
Housing
„
20,22,23
Illinois, employees, factory earnings
26, 27, 29
Imports
_-36, 37
Income-tax receipts
_______
_
32
Income payments
_.
19
Incorporations, business—_„_______
23
Industrial production, indexes-.
19
Installment sales, New England
24
Insurance, life
31
Interest and money rates
_
30
Iron ore, crude, manufactures
19,48
Kerosene.
.
46
Labor turn-over, disputes.-__.
27
Lamb and mutton__
.
43
Lard __ .
_ ..
43
Lead____
19,49,50
Leather.
. . . 19, 21, 25, 26, 27, 28, 29, 46
Leather, artificial
,
.
55
Linseed oil, cake, and meal
.__
40
Livestock
19, 20,43
Loans, agricultural, brokers', real estate. 23,30,33
Locomotives
.
.— 55, 56
Looms, woolen, activity
54
Lubricants
.
45
Lumber
__
.___
. 20,25,27,28,47
Machine activity, cotton, wool
54
Machine tools, orders
50
Machinery
_. 25,27,28,50
Magazine advertising
23
Manufacturing indexes
.19
Marketings, agricultural
19, 20
Maryland, employment, pay rolls
26, 27
Massachusetts, employment, pay rolls
26, 27
Meats
„
19,20,43
Metals
19, 21, 25, 27, 28, 29, 48, 49, 50
Methanol
38
Mexico, silver production
32
Milk
„
..._._
41,42
Minerals
19, 26, 28,45,49
Naval stores---.
39
Netherlands, exchange rates
32

Page
New Jersey, employment, pay rolls
26,27
Newsprint
52
New York, employment, pay rolls, canal
traffic
26, 27,37
New York Stock Exchange _
35,36
Oats_
.
________
42
Ohio, employment
.
26
Ohio River traffic
38
Oils and fats
39 ,40
Oleomargarine
40
Paint sales
40
Paper and pulp
21,25,26,27,28,29. 51,52
Passenger-car sales index
24
Passengers carried, street railways
37
Passports issued. —__
38
Pay rolls:
Factory
27,,28
Factory, by cities and States
__
27
Nonmanufacturing industries.
28
Pennsylvania, employment, pay rolls
25,,27
Petroleum and products __
19,
2 1 , 2 5 , 2 6 , 2 7 , 2 8 , 2 9 , 45,,46
Pig iron.
48
Porcelain enameled products
49
Pork
__I_____-I_I
43
Postal business.
23,,24
Postal savings
31
Poultry
I_
" " l 9 20,,44
Prices:
Retail indexes
20
World, foodstuffs and raw material
21
Printing
25, 26, 27, 28, 29,52
Profits, corporation
,__
32
Public relief
.
29
Public utilities
32,34, 35,,36
Pullman Co
38
Pumps
50,,51
Purchasing power of the dollar.
21
Radiators
48,.50
Radio, advertising
23
Railways: operations, equipment, financial
statistics
37,38, 55,,56
Railways, street
37
Ranges, electric
51
Rayon
,
54
Reconstruction Finance Corporation, loans
outstanding
.._
33
Refrigerators, electric, household
51
Registrations, automobiles..
55
Rents (housing), index
20
Retail trade:
Automobiles, new, passenger
24
Chain stores:
5-and-10 (variety)
,
.
24
Grocery
24
Department stores.
.
24
Mail order
24
Rural general merchandise
25
Rice__
42
Roofing
.
40
Rubber, crude, scrap, clothing, footwear,
tires
19, 20, 25, "26, 27, 28, 29, 52,,53
Savings deposits
31
Sheep an'd lambs
43
Shipbuilding
56
Shoes
21, 25, 26, 27, 28, 29,46,,47
Silk
_ _ _ _ _
20, 21,,54
Silver
19,,32
Skins. __
___.
46
Slaughtering and meatpacking
19,
25,26,27, 28, 29
Spindle activity, cotton
54
Steel, crude, manufactures. 19, 21, 25, 27, 28,48,49
Steel, scrap, exports and imports
48
Stockholders.
36
Stock indexes, world
20
Stocks, department stores
,
,
24
Stocks, issues, prices, sales
35,36
Stone, clay, and glass products
25, 27, 28, 29,53
Sugar
20, 21,,44
Sulphur
38
Sulphuric acid
.
.
38
Superphosphate
39
Tea
20, 21,,44
Telephone, telegraph, cable, and radiotele38
graph carriers
Textile products
54, 55
Tile, hollow building
.
53
Tin
.____
20, 21, 50
Tobacco
19, 26, 27, 28, 29,44,,45
Tools, machine
50
Trade unions, employment
26
Travel
.
38
Trucks and tractors, industrial, electric
56
United States Government bonds
35
United States Steel Corporation
36,49
Utilities
.
32,34, 35,36
Vacuum cleaners
.
51
Variety-store sales index
24
Vegetable oils_
.
39,40
Vegetables
,
,
_-_ 20,42
Wages
28, 29
Warehouses, space occupied
23
Waterway traffic
37,38
20, 21
Wholesale prices
Wire cloth
50
Wisconsin, employment, pay rolls, and
wages
26, 27, 29
51
Wood pulp
54, 55
W l
19,50
Zinc

New
Publications
that the problem of successful rubber manufacture
would never be solved. In January 1839, at Woburn,
Mass., Charles Goodyear discovered that a mixture of
rubber and sulphur when subjected to a high degree of
heat gave exactly the results for which he had been
searching for five years. It is appropriate, therefore,
that the rubber manufacturing industry of the United
Economic Series No. 4
States be reviewed after its 100 years of existence.
Price 15 cents
Whence came this industry which in its best years has
This study of oversea travel and travel expenditures is given employment in manufacture to more than 150,000
the fourth in a series of special bulletins on particular persons and produced goods valued at over $1,250,phases of the international economic and financial 000,000? This survey covers rubber from the material
relations of the United States. It affords the first com- through the various manufacturing processes. Data is
prehensive treatment of travel to oversea countries by given on world production, rubber manufacture, world
Americans and of travel to the United States by for- position of the United States in the rubber industry,
eigners from overseas during the post-war years. The together with a statistical record covering the 100 years
survey gives particular attention to the expenditures of the rubber industry. Varied uses of rubber are cited,
involved in travel between the United States and over- followed by an alphabetical list of rubber products.
sea areas. Estimates of travel outlays are supplemented by data on revenues earned by United States WorId Trade in Toys
and foreign vessels from passenger traffic between the Trade Promotion Series No. 192
United States and oversea countries. Chapter headings include: A Century of Oversea Travel, 1820-1920; Price 20 cents

Oversea Travel and Travel Expenditures in the Balance of
International Payments of the
United States—1919-38

Trends in Oversea Travel During the Post-War Period,
1919-38; Seasonal Variations in Oversea Travel and
Travel Expenditures; Oversea Travel Expenditures,
1919-38; Passenger Revenues and Net Expenditures.
This bulletin is written for those interested in all aspects
of foreign travel.

The primary purpose of this survey is to present a current picture of world production and trade in toys and
the relative position of the United States toy industry,
and to revise the study, International Trade in Toys,
published in 1925. The United States is now by far
the world's largest toy manufacturer. In 1938 foreign
countries took more American toys than in any year
Rubber Industry of the United since 1929. Owing to the great number of changes
constantly taking place, the question of import duties
States, 1839-1939
and of special control measures such as import proTrade Promotion Series No. 197
hibitions, restrictions, quotas, and exchange restrictions on these products has not been considered in this
Price 10 cents
survey. Current information on these subjects, for
The first United States rubber-manufacturing plant was specific countries, can be obtained by applying to the
incorporated in February 1833, at Roxbury, Mass.; but Bureau of Foreign and Domestic Commerce in Washby 1839 this plant and half a dozen others had failed, ington, or to any of its District and Cooperative Offices
with the result that practically everyone was convinced located in important cities.




Copies of any of the above publications may be obtained at the price stated from either the Superintendent
of Documents, Government Printing Office, Washington, D. C , or through any of the District and Cooperative Offices of the Bureau of Foreign and Domestic Commerce located in principal commercial and
industrial centers throughout the United States. Full remittance should accompany each order.