Full text of Survey of Current Business : December 1941
The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
SURVEY OF
DECEMBER 1941
UNITED STATES DEPARTMENT OF COMMERCE
BUREAU OF FOREIGN AND DOMESTIC COMMERCE
gjlpl
R^^f
Rail i l l
Volume 21 of the Survey of Current Business
The Electric Power Industry and the Defense Program
An Economic Review of 1940
...
.
Capital Expenditures for Manufacturing Plant and Equipment, 1915-40.
Recent Price Developments
The American Shipping Situation
The Relation Between Corporate Bigness and Control Over
the Output of Individual Products,
National Income Exceeds 76 Billion Dollars in 1940
The Railway Freight Car Problem
Income Payments by States.
Consumer Credit and Price Control
The Defense Program and Labor Requirements
The Outlook for Consumption
War Influences Dominate Foreign Trade.
Monthly Estimates of Sales o! All Retail Stores, 1935-41
The New Defense Facilities
Public arid Private Debt In the United States, 1929-40
Factors Influencing the General Movement of Prices in Great
Britain
Capital Expenditures in Selected Manufacturing Industries. .
Page
1
2
11
3
3
4
4
9
8
13
5
6
7
8
9
9
9
10
10
11
11
10
11
10
11
9
12
17
11
18
10
18
12
12
11
19
TABLES OF NEW ©R REVISES STATISTICAL SEEIE3
No.
Pag©
Automobile receivables outstanding, 1936-41
11
26
Automobiles, index of dollar sales of new passenger cars,
1928-41
8
20
Butter and cheese, production and consumption, 1939 and
1940.
T
9
26
Construction:
Estimated number of dwelling units provided in all urban
areas, 1939
5
17
Building costs for standard 6-room frame house, index,
1936-41
10
26
Cost of living:
Cost of living index and food component (N. I. C. B.
index), 1935-39
1
18
Cost of living index (U. S. Department of Labor index),
1913-41
5
18
Department store sales, MinneaDolis Federal Reserve District, index, 1919-39
*
5
18
Employment:
Estimates of nonagricultural employment, total civil
nonagricultural employment, by industrial groups,
and military and naval forces, 1929-40
3 17, 18
Nonagricultural employment, revised estimates of total
civil nonagricultural employment, employees in nonagricultural establishments and manufacturing
8
20
Factory employment and pay rolls, total, durable and
nondurable goods, 1937-39
3
18
Exports by grand divisions and countries, by economic
classes, and by commodities, 1939
4
17
Federal expenditures, 1932-41
11
23
Freight-car loadings, indexes, 1919-40
8 21, 22
Glassware, machine-made:
Tumblers, production, shipments, and stocks, 1939-40.
1
17
Table, kitchen, and household ware, shipments, 193940
1
17
rosin, wholesale price, 1919-40.
1
17
Digitized for Gum
FRASER
No.
No.
Page
Imports by grand divisions and countries, by economic
classes, and by commodities, 1939
. 4
Income payments, 1929-40
7 16Indusirial production, revisions in data for combined index,
manufactures, durable goods, and certain industries and
industry groups
9 24, 25
Installment loans:
Personal finance companies, loans, repayments, and
outstandings, 1929-40
9
26
Credit unions, loans, repayments, and outstandings,
1936-41
10
26
Lard, production in Federally inspected plants, 1937-40. .
1
18
Local transit lines, passengers carried, 1938-40
3
18
Lumber:
Index of wholesale price of lumber, 1935-40
1
18
Douglas fir, wholesale prices, 1922-40
5
17
Lumber production, shipments, and stocks, total and
softwoods, 1939
5
17
Nonfarm real estate foreclosures, index, 1926-41
10
26
Petroleum and products:
Crude petroleum and motor fuel, revisions for 1939
1
17
Gasoline, wholesale price, tank wagon, New York,
1935-40
1
18
G asoline, retail service-station price, 50 cities, 1920-40
3
16
Purchasing power of the dollar in terms of living costs and
retail food, 1935-40
1
18
Rayon filament yarn, wholesale price, viscose, 150 denier,
first quality, 1913-41
11
22
Retail stores, total dollar sales and indexes of sales of all
retail, durable goods and nondurable goods stores, and by
kinds of business groups, 1935-41
10
24
Rigid steel conduit and fittings, shipments, 1937-41
11
26
Steel production, ingots and steel for castings, and percent
of capacity, 1917-40.
3
16
Weekly business statistics, selected series
11 24-26
SURVEY OF
CURRENT BUSINESS
DECEMBER 1941
ECONOMIC HIGHLIGHTS
2
THE BUSINESS SITUATION
Review of the month
Christmas trade
Industrial disputes
Corporate earnings higher in 1941
The rise in export aid
3
3
3
4
7
8
PRICE CONTROL IN GREAT BRITAIN
n
MANUFACTURING CAPITAL EXPENDITURES
19
STATISTICAL DATA:
Monthly business statistics
General index
, . . . . ,
S-l
Inside back cover
Published by the Department of Commerce, JESSE H. JONES, Secretary, and issued through
the Bureau of Foreign and Domestic Commerce, CARROLL L. WILSON, Director.
Volume 21
Number 12
Subscription price of the monthly and weekly issues of the SURVEY OF CURRENT BUSINESS $2 a year. Single-copy price: Monthly, 15 cents; weekly, 5 cents.
Foreign subscriptions, 33.50. Price of the 1940 Supplement is 40 cents. Make remittances only to
Superintendent of Documents, Washington, D. Ci
1
428343—41
1
SURVEY OF CURRENT BUSINESS
December 1941
Economic Highlights
Defense Disbursements
World War I Prices—Controlled and Uncontrolled
Expenditures on war material and facilities exceed World War
I . . . but are smaller proportion of income than comparable
1918 period. July 1940-October 1941 disbursements . . . excluding pay and subsistence but including Foreign Government
outlay . . . totaled 12,178 million dollars . . . as against similar
World War I price control was selective . . . at war's end more
embracing but less centralized than today . . . with authority
lodged in 9 different agencies. Not until August 1917 were controls instituted . . . prices eventually under control then averaged
91 percent above prewar levels. . . . others had risen 62 percent.
BILLIONS OF DOLLARS
JULY 1940-OCT
1941
\PR. 1917-
.
1
:
.
:
1
NOV 1918
L_
1940
194!
Annual Rate of Monthly Disbursements for War Material in World War I
and World War II.
Indexes of Controlled and Uncontrolled Prices of All Commodities
in World War I.
expenditure for April 1917- July 1918 of 9,790 million. Annual
expenditure rate climbed to 19 billion dollars in October . . . was
13 billion in July 1918. In both instances heavy initial expenture went for camps, light supplies, facilities . . . completion of
latter plus conversion of non-defense facilities provide basis for
further lift. SPAB's Executive Secretary says present schedules
call for 2%-billion-dollar monthly outlay by autumn 1942 . . .
but more than Z}{ billion monthly is required to do job.
Most controlled prices were set below peak quotations . . . and
ceilings were applied gradually. By Armistice, two-fifths of
prices in the Bureau of Labor Statistics' "all commodities" index
were controlled . . . and these prices then averaged 4 percent
higher than August 1917. Uncontrolled prices were up onefourth . . . were highest as compared to prewar levels . . . but
relaxation of control in January 1919 brought resumption of
advance in prices set free . . . as basic fiscal control was absent.
Machinery Output a Record—But Still Short
Output of producers' equipment paces defense expansion.
This year's record volume
likely will reach 9 billion dollars . . . 60 percent ahead of
1929.
September shipments
of 800 million dollars almost
doubled June 1940 rate . . . but
incoming business was even
heavier . . . and backlogs totaled 6.6 billion dollars. Plant,
labor, and material shortages
all limit production in many
lines. Largest output goes to
manufacturing and mining . . .
with an equipment outlay
roughly estimated nine-tenths
above 1940 . . . largely for
BILLIONS OF DOLLARS
1.2
1.0 ~
0.8
0.6
0.4
0.2
J F M A M J J A S O N D
J F M A M J J A S O N D
New Orders and^Shipments of Producers' Machinery and Equipment.
defense.
Railroads, electric
power, other utilities are estimated to be spending half
again as much as last year . . .
with power needs the highest
in history. Machine tools are
worst bottleneck . . . September production of 71 million dollars almost doubled
June 1940 output . . . and
exports are lower. But currently planned defense production alone requires machine
tools totaling 2 billion dollars.
Xew plants are being built . . .
subcontracting increases . . ,
more facilities are converted to
defense . . . but basic shortage
continues.
December 1941
SURVEY OF CURRENT BUSINESS
The Business Situation
T
HE holiday season again finds business at a new
peak, duplicating the experience of the past 2 years.
Needless to say, the business situation today differs
vastly from that a year ago, with output in many lines
now at capacity, material shortages widespread, and
civilian facilities undergoing conversion to defense work.
But notwithstanding the host of problems raised by
these and other considerations, the closing weeks of the
year find activity in the aggregate forging ahead.
National income- the best over-all measure of our
progress—is about one-fifth above the fourth quarter
1940. Though almost half of the rise reflects higher
prices, the expansion of real income is still the most
rapid on record. On a monetary basis, the pace of the
income advance has been fairly even throughout the
year. But after adjustment for price change, it is clear
that gains in recent months hove narrowed markedly.
Further Rise in Output.
Industrial production again moved into new high
ground during November as expanding military output
and increased automobile production more than offset
reductions in coal and certain of the consumer durables.
The seasonal slack at late autumn, usual in more normal times, has not been evident this year, the Federal
Reserve's adjusted index apparently rising to an estimated 166 from 164 in October.
Freight carloadings have reflected the maintenance of
high industrial operations and the November decline
was much smaller than normally experienced, despite
the fact that work stoppage in parts of the coal industry reinforced the usual holiday tendencies in the latter
part of the month.
On the Great Lakes, exceptionally fine weather for
late autumn permitted the maintenance of heavy movement to the lower Lake ports, thus alleviating concern
o\er the adequacy of winter supplies.
Construction continues to be as active as scarce
material supplies will permit. Contract awards are at
a record high for this season and defense construction
in itself is at an annual rate exceeding the total of all
types of activity in the best years of the past decade.
The price advance continues in many industrial lines
as the basic factors remain unchanged. The Office of
Price Administration, which had issued 46 formal price
ceilings through November, has slowed the rise in some
areas. Farm and food prices also continued to
mark time through November. Living costs, reflecting
the earlier advances in primary markets, are moving
ahead at a rapid pace.
The price bill passed by the House and committed
to the Senate on November 28 differed in several important aspects from that submitted to the committee
in July.1 From an administrative standpoint, significant
changes would include the creation of a 5-man board
of reviewr, with broad power to overrule decisions of the
Price Administrator, and elimination of licenses as a
requirement for conducting transactions. Rent control
would be liberalized to include all units within defense
areas. However, buying and selling in the open market
would be limited to domestic markets for the purpose of
stimulating output of marginal producers. The ability
of other Government agencies to make purchases
throughout the world (as nowO would- of course be
unaffected. Finally, the ceiling on agricultural prices
would be established not lower than the highest of three
alternatives: a price equal to 110 percent of parity,
the market price prevailing on October 1, 1941, or the
average price for the period July 1, 1919, to June 30,
1929.
Christmas Trade
The unprecedented increase of income payments is
currently creating an extraordinary volume of purchasing for the Christmas season. I t is estimated that
consumers will spend close to 5.5 billion dollars in all
retail stores during the month of December. Though
such an aggregate exceeds last year's high by approximately one-sixth, more than half of the advance is
attributed to higher prices. To an increasing degree,
dollar sales comparisons with a year ago reflect this
price advance.
Most retail outlets normally do a much heavier
business in December than at any other time during
the year (see figure 1). Exceptions are provided in a
few cases, such as automotive stores, filling stations,
hardware, and building materials dealers, all of which
move seasonally downward. But December sales of
apparel and general merchandise stores have in recent
years stood 60 percent above the average monthly
volume, while December buying from stores specializing
in household furnishings, food, and drugs recorded
increases up to 40 percent.
This year the pattern of Christmas sales is being
somewhat modified by restrictions already in effect
on the output of certain durable goods. Though
prices have increased substantially, the value of
purchases from automobile dealers in the final quarter
of the year is estimated to be down about 8 percent,
as compared with the like period in 1940. Similarly,
sales receipts of building material and hardware dealers
which in the third quarter were approximately a third
higher than a year earlier, now are being reduced as
difficulties are encountered in obtaining prompt
delivery for stock replacements.
* Survey of Current Business, August 1941, p. 3.
SURVEY OF CURRENT BUSINESS
Notwithstanding these and other instances of shortages, including some of the electrical appliances, indications point to an adequate over-all supply of Christinas
goods. Seasonal items, of course, are generally purchased by dealers well in advance, and stocks have been
expanded markedly in anticipation of the heavy yeareml business. The adjusted index of department store
stocks stood at 97 in October, 26 percent above the
June figure. A year earlier the index had been 7.1. Of
Figure 1.—Sales of Retail Stores by Kinds of Business
(MILLIONS OP DOLLARS)
ALL RETAIL STORES
V
NONDURABLE-GOODS
DURABLE-GOODS '
NONDURABLE-GOODS STORES
APPAREL
GENERAL MERCHANDISE
FILLING
STATIONS
I
1
1/
"SKA**''1*"*"
, 0 .
FOOD
EATING AND
DRINKING PLACES
DRUG
i Includes data for "Other Retail Stores" Group not shown separately in this chart.
Source: V. S. Department of Commerce.
course, part of the rise in the index has been occasioned
by advancing prices.
Sales for Year in Record Volume.
This year's peak Christinas season climaxes a record
trade year. Sales of all retail stores are expected to
approximate 54 billion dollars, an increase from 1940 of
more than one-sixth. The gain over the previous year
will be lower in the fourth quarter than in the third.
In part, this has been the result of the relatively high
sales volumes in the final quarter of 1940. It also
reflects some consumer stocking during the late summer
season and the declining supply of consumer durables
available for purchase.
Because the demand for durable goods fluctuates
widely with changes in the level of income, sales of
automobiles and supplies, household furnishings, building materials and hardware all show the most sizable
yearly increase—about one-fourth in each instance.
December 1941
However, as pointed out above, these are the lines in
which gains are now being cut extensively.
Of stores specializing in nondurables, apparel shops
(whose summer sales were particularly heavy) report
the heaviest advance for the year, the value of their
sales rising more than one-fifth. Food stores made an
unusual gain even in relation to the level of income—
rising one-sixth. A similar rate of gain is indicated for
eating and drinking establishments which have experienced a substantial growth in business in recent years.
General merchandise stores, including those in rural
regions, have increased sales one-eighth on the
average.
In the September issue of the Survey it was suggested
that sales volumes, in the main, were not out of line
with those expected at the existing level of income.
This conclusion need not be altered on examination of
the record for the year as a whole. However, it is
apparent that the pattern of sales is to be radically
altered over coining months, with the aggregate becoming increasingly dependent on production factors governing supply. Henceforth, the influence of demand
factors, dominant over the past decade, will be limited
to an increasing degree.
Industrial Disputes
The concentration of the Nation's productive forces
on defense has today given a unique importance to the
industrial disputes which have occurred with increased
frequency this year. An examination of the record
reveals that the number of workers involved in work
stoppages has exceeded any other year since 1919.
On the other hand, settlements have been greatly
speeded, with a consequent modification of the increase
in man-days idle.
As shown below, wage rates and union recognition
(in many instances either a preliminary phase or part
of the wage dispute) have been the principal issues.
Wage rate changes were relatively few in 1940, though
average weekly pay rose from $25.51 to $27.89, in
part because of an increase in average weekly hours
from 37.4 to 39, and also the result of some upgrading
of labor in keeping with requirements of defense production.
During the current year, wage rates have been
advanced substantially. In the first three quarters of
the year, about half of the factory wage earners, reported
to the Bureau of Labor Statistics, received an average
wage advance of 8 percent—an advance contributing
markedly to the further increase in average earnings
to $32.01 in September, though a rise in hours to an
average of 40.9 weekly and continued upgrading also
were relevant factors.
Real earnings also have advanced—weekly factory
earnings had increased 15 percent and hourly earnings
11 percent from December 1940 through September;
whereas, the cost of living had risen 9 percent through
SURVEY OF CURRENT BUSINESS
December 1941
October. Rising wages are, of course, a normal development in a period of expanding output. Productivity is increased, unit costs are lowered with the
spreading of overhead, and sales volumes are expanded.
Under these circumstances both profits and wages
may be increased, and usually are, without a corresponding offset in the cost of living.
Such has been the case this past year as a result of the
record rise in output engendered by defense needs.
At this stage in the defense program, however, it is
clear that no group within the community will be able
continuously to increase its real income. Defense
officials predict an outlay on arms production which,
given the raw materials in sight, will preclude this.
Figure 2.—Man-Days Idle During Strikes
MILLIONS OF MAN-DAYS
8
A
6
4
The actual number of man-days idle this year as a
result of industrial disputes is smaller than in 1937
because of the rapidity with which strike settlements or
truces currently are being effected. Employees have,
through October, been out only about 10 days on the
average, compared with 11 days in 1940 and 15 days
in 1937.
Only in 1 month, April, have the man-days idle
exceeded 1 percent of the available man-days of work.2
For the first 10 months as a whole, idle man-days were
0.4 percent of the total work available.
Disputes Most Serious in Coal.
Work stoppages, of course, have been more inportant
in some industries than in others. The largest shutdowns have occurred in bituminous coal—an industry
of basic importance. There the work stoppage in April
and a number of smaller ones had resulted in 5.6 million
idle man-days through August (the latest data reported),
about one-third of the total for all lines and close to onetenth of the aggregate man-days available for mining
bituminous coal during that period.
Table 1.—Man-days Idle During Strikes in Specified Industry
Groups, January Through August, 1941 *
2
0
5
Man-days idle
"I
1
i
l
l
!
I I
I
!
1940
Source: U. S. Department of Labor.
!
1
1 1
1941
1 1
Nor is the ability of labor to increase its real income
at the expense of profits unlimited. This year corporate profits as a whole—limited by rising taxes—
will be in the nature of one-tenth of aggregate wages
and salaries. Thus, a further general advance in wage
rates—if it were to be large—-would undoubtedly be
reflected in higher prices. For this reason, and because
of the possible effect of work stoppages on defense
output, industrial disputes have assumed an extraord in a ry signifi canc e.
Quick Settlement of Most Disputes.
Industry or group
1 1
Number
All industries. .
Manufacturing
Iron and steel and their products, excluding
machinery
Machinery, excluding transportation equipment
Transportation equipment
Nonferrous metals and their products
__
Lumber and allied products
T ex tiles and their products
Chemicals and allied products..
Bituminous coal mining
Building and construction
__
!
2
Percent
of total
man-days
of work
available *
17,148,000
0.37
8, 953. 000
.54
012,000
1,867.000
1.899,000
273,000
877,000
1,072,000
215,000
5. 553,000
814,000
.46
.66
1.19
. 46
.75
.35
.29
9 43
".W
figures not final; subject to changes as further information is received.
See footnote 2 to this page.
Source: U. S. Bureau of Labor Statistics.
The record for the more important manufacturing*
The number of workers out on strike at some time
industries in the first 8 months this year is presented in
during the 10 months through October totaled 2,159,table 1. Workers manufacturing transportation equip000—about 5 percent of those engaged in n on agriculment were out 1.9 million man-days. Disputes in
tural enterprise. This exceeds the 1,966,000 out during
machinery-prod ue in g' industries—import an t to d ef en se
the full year of 1937—the previous high for more than
—resulted in about the same amount of idleness, while
2 decades—and is nearly 4 times the 1940 aggregate.
disagreements in textiles reduced work over 1 million
During World War I, the average for 1917-18 was
man-days. The iron and steel industry and the lumber
1,234,000 (less than 1 percent of nonagricultural
industry lost approximately 900,000 man-days each.
employment), but the all-time peak was reached after
In terms of the proportion of work available, man-days
the war in 1919 when 4,160,000 workers went out on
idle ranged downward from 1.2 percent of the total in
strike.
transportation equipment to small fractions of 1 perApril has been the high point this year, with 564,000
2
The ratios of man-days idle during strikes to man-days of work available are peremployees involved, largely in disputes within the auto- centages
computed by the U. S. Bureau of Labor Statistics on a basis excluding occumobile and coal mining industries. After a decline to pations where strikes rarely, if ever occur: Government workers, agricultural wage
and supervisory employees, self
217,000 in July, the number rose to 366,000 workers in earners on farms employing less than 6, managerial
employed persons, and certain other groups wrhich, because of the nature of their work,
October.
generally cannot or do not strike, such as teachers, clergymen, and domestic ser vauts.
6
SURVEY OF CURRENT BUSINESS
cent for most manufacturing industries. The over-all
average for manufacturing alone was about 0.5 percent.
The Office of Production Management reports that
work stoppages in the plants of primary contractors,
subcontractors and their suppliers, or in the transportation and handling of defense materials and parts,
which were thought to have occasioned (or threatened)
actual interruptions in the output of final defense products amounted to approximately 2,370,000 man-days
during the 10 months through October.3
This is the equivalent of about 11,000 workers continuously on strike, whereas defense employment prob-
December 1941
(exclusive of those finally turned over to the National
Defense Mediation Board) involving 2,410,134 workers
during the first 10 months this year. In the cases of
1,638,000 workers (68 percent) strikes were avoided.
Table 2.—Strike Issues and Settlements
Percentage of striking
workers involved
4o r
"
__
|
'
j
substantial
i or partial
i! gains, or
January- 1 corn pro-
Major issues
1940
All major issues
,_.. .
.
Wages and hours
Union organization.-,.
._
3
Recognition
.......
.......
Closed or union shop .
..
Miscellaneous
Sympathy strikes
.
Rival-union, factional,
and jurisdictional disputes 4.
.
9 2%
30 i
PERCENT ON BAR REPRESENTS
AVERAGE OF WAGE-RATE INCREASES
workers
| receiving
August | I
1941 |
settlements,
j JanuaryI August
1941
Figure 3.—Wage-Rate Increases in Manufacturing Industries
by Quarters
PERCENT RECEIVING INCREASES
Percentage*
| of striking
100.0
22.4
59.8
48.4
6.2
17.8
3.0
4.5
100. 0
i
j
;
i
i
:
41.0
33.1
12.4
11.0
25.9
0.9
4.6
100.0 I
-91.4
53.4 !
33.7 i ;
23.2 ; i
3.5 !
12.9 '•
2.0
'
94.0
91.5
CO
(2)
i 74. 6
(•)
5.0
12 Exclusive of rival-union, factional, and jurisdictional disputes.
Not available.
2 Includes union recognition strikes which also involved wages and/or hours as :i
secondary
issue.
4
It is probable that the figures here given do not include all jurisdictional strikes,
because the local nature of these disputes makes complete information difficult to
obtain.
Source: U. S. Bureau of Labor Statistics.
2 NO.
3 RO
2ND.
3RO
1941
1940
NOTE.—The height of each bar represents the percent of workers receiving wage
rate increases, as reported for the sample of manufacturing employees in the monthly
employment and pay-roll survey of the U. S. Bureau of Labor Statistics. The width
of each bar represents the average percentage increase in the wage rates of those
workers receiving advances.
Source: U. S. Department of Labor.
ably averaged between 2 and 2.5 million for the same
period. Since June, strikes in defense industries have
shown an intermittent tendency to increase. However,
in October they were only two-fifths of their March
peak and amounted, at most, to not over 0.3 percent
of defense working time. Of course, these statistics
do not measure the full influence of work stoppages on
defense output, They omit such losses as occur when
operations and assembly lines are curtailed in related
industries dependent on the struck plants for materials.
Moreover, slowdowns and other such devices are not
included in the statistics.
Success in Conciliation and Mediation.
Because work stoppages today are invested with an
unusual degree of national interest, extraordinary
efforts have been undertaken by the Government to
act as conciliator or mediator in industrial disputes.
The most active agency in this respect is the Conciliation Service of the United States Department of Labor,
which assisted in the settlement of industrial disputes
3
The less important strike stoppages in defense plants, and those that did not interrupt (or threaten to interrupt) the output of final defense products are excluded from
this figure. However, the data do include strikes on the more important defense
construction projects. The War Department reports for the first 10 months, 3,909,000
man-days idle during only those strikes which affected the operations of War Department contractors and subcontractors, and certain of their suppliers. This figure,
however, appears to have been compiled, in the main, without reference to whether
or not actual interruptions in the output of final defense products were, involved.
The effectiveness of this agency is, of course, limited.
It tries conciliation and does not mediate. For this
reason, the President established the National Defense
Mediation Board in March of this year, and the
Secretary of Labor certifies disputes to it which the
Conciliation Service cannot settle successfully. The
Board, which includes representatives of labor, management, and the public, then attempts a settlement
and makes formal recommendations where necessary.
In all, 109 cases involving 1,187,000 workers were so
certified to the National Defense Mediation Board
through November. Of these, 77 (776,000 workers)
had been settled to that date in negotiations before the
Board or upon the basis of its recommendations. In
virtually all cases, strikes either have been avoided
entirely or have been terminated at the Board's instance
before final settlement was reached.
Wages, Union Recognition Principal jStrike Causes,
The causes of industrial disputes are complex.
Ultimately labor organization seeks to raise wages and
to improve other working standards. But the immediate cause of dispute often lies in an intermediate step:
the recognition of the labor organization as a bargaining
agency.
Indeed, in past years, disagreement between labor
and management concerning union organization has
often been a dominant immediate cause of dispute.
Thus, in 1937 this question contributed to the strikes
accounting for at least three-fifths of all workers involved in disputes, while union recognition was the
major issue in strikes which included a fifth of all
December 1941
SURVEY OF CURRENT BUSINESS
workers involved. Disputes primarily concerning wages
and hours covered another fifth of all striking workers.
In the past few years, however, unionism has achieved
a substantial measure of recognition with the result
that immediate causes of industrial disputes have altered considerably in relative importance. This year
w^ages and hours have been the principal issue of contention in more than a third of all strikes, but these
strikes accounted for more than half of the aggregate
of striking labor. Questions of union organization have
entered into half the disputes, but such disputes included little more than a third of all workers going on
strike. Union recognition was the major issue in a
tenth of the strikes, and an eighth of the total striking
labor was involved. The closed or union shop and a
stronger bargaining position were the major issues for
about 8 percent of the striking workrs, jurisdictional
disputes for 5 percent, and sympathy strikes 2 percent.
As pointed out above it is not unusual that periods
of rising industrial activity generally are accompanied
by an increase in the number of industrial disputes.
The bargaining strength of labor is augmented at that
time, while management is in a better position to grant
reasonable concessions in view of higher profits; moreover, management is in a worse position to withstand
w^ork stoppages because of the possible damage to the
firm's position.
Hence, as expected, an examination of wage rate
changes shows them to be widely distributed throughout industry. This is in part the result of the establishment of minimum wages under the Fair Labor
Standards Act of 1938. About 900,000 workers in
manufacturing have been affected by this Act since
the first of the year. However, many of those industries which have a relatively heavy union membership
appear to have received widespread wage advances
somewhat earlier than a number of others. In a labor
market such as that now existing, non-union firms, both
in the same industry and in other industries using labor
of comparable aptitude, must also advance wages in
order to retain labor. Today an advance in wage rates
for any reason is much more likely to be generalized
than in most other periods since the last war.
That employers have granted concessions is evident
from the high proportion of strike settlements which
have resulted in labor's gaining a considerable part of
its demands. Altogether, more than nine-tenths of the
striking workers have received such settlements, no
matter what the immediate cause of the dispute.
Corporate Earnings Higher in 1941
Though the rise in net earnings has been limited by
advancing labor and material costs, as well as by sharply
increased tax levels, the year as a whole will record a
substantial increase in corporate profits. For the second
half year, the rate of advance over the year earlier
Digitized forperiod
FRASERwill be much less than that of the first 6 months,
not only because of the above mentioned factors but
also because the second half of 1940 was quite profitable
as a result of the general advance in business at a time
when considerable slack in the productive capacity of
the country was in existence. The expansion of output
in the current half year—limited by material shortages
and incident to the high level already reached—has
been slow by contrast.
Both large and small corporations will show higher
earnings this year, but current data are available for
only the former group. Profits of 633 large industrial
corporations as recorded by the Federal Reserve Board
were almost a third higher for the first 9 months of this
year than in the like period of 1940. As compared with
the first 3 quarters of 1939, they had advanced about
three-fourths.
Quarterly changes since the final quarter of 1940
have, however, been small. To date, peak returns for
Figure 4.—Quarterly Earnings and Tax Reserves for 122 Large
Industrial Corporations
\
MILLIONS OF DOLLARS
500 I
400
EARNINGS
BEFORE TAXES
300
™
—
200
100
Source: Board of Governors of the Federal Reserve System.
the current upswing were reported in the fourth quarter
of last year (8 percent above July-September 1941
earnings). However, a variety of accounting adjustments necessary at the year end reduce the significance
of final quarter statements insofar as they are used as
an indication of the profitability of current operations.
Higher Taxes and Wages Stabilize Earnings.
The rising wage rates reviewed above -particularly
those in the second and third quarters—have been
partially responsible for stabilizing profits at their
current levels in the face of expanding output. As
previously suggested, many costs change but little in
the aggregate with increased output, and the unit cost
of production declines. This factor, along with other
possible economies of scale and larger sales volumes,
3rields a heavier profit volume unless countered by
sufficient advances in labor or material costs.
In many lines higher prices have offset advancing
wage costs since February, at least in part if not altogether. That this has not been reflected in a further
rise in profits can be attributed to increased taxes.
8
SURVEY OF CURRENT BUSINESS
The limiting influence of taxes on profits is evident from
the movement of earnings before and after taxes, presented in figure 4. This tabulation, made from the
statements of 122 large industrial corporations by the
Federal Reserve Board, shows that in the first 9 months
of 1.941 earnings of these companies before taxes had
increased 570 million dollars, or 90 percent, over a year
earlier; whereas, the gain in earnings after taxes was
cut to 110 million, or 25 percent. As contrasted with
the like period in 1939, profits before taxes had expanded
two and three-quarter times, while those after taxes
were about 160 percent of the 1989 aggregate.
Thus, the major part of the profits gain of these
companies has been earmarked as a tax reserve. Altogether, close to half of the 9 months' increase in 1940
was set aside for taxes, and four-fifths of the increase
this year has been disposed of in a like manner. Such
reserves claimed only 17 percent of earnings before
taxes in the 1939 period, but this year they are taking
53 percent of a much larger gross profits volume.
Altogether, the 122 companies herein considered have
accumulated 1941 tax reserves amounting to 638 million dollars, while their- reported earnings (after taxes)
total 566 million.
Large Rise in Earnings of Durables.
The largest net income gains have appeared in those
industries expanding output the most considerably. In
the main, production has risen to a greater degree in
durable lines than in the nondurables. Nine-month
profits of large corporations producing the former were
about two-fifths higher than a year earlier, while large
corporate producers of nondurables show profits up
about one-fifth.
The heavily capitalized iron and steel industry where
list prices have remained relatively unchanged, substantial wage advances have been granted, and accounting
reserves have been liberal—shows a 9-month increase
of 39 percent. Returns of automobile companies
and producers of other transportation equipment (including aircraft) are half again higher than a year previous, while machinery and nonferrous metal producers
report net profit gains of more than a fourth.
An especially sizable advance is evident in the lumber
industry, where statements from 8 large companies indicate earnings for their year have more than tripled.
Part of this gain again is due to rising prices, quotations
in this line having been marked up much more than in
the metals.
Among the producers of nondurables, petroleum
companies report returns up almost one-half, and paper
companies show an earnings gain of two-fifths. On the
other hand, representative companies turning out various
chemical products in a steadily expanding volume reveal
a relatively small advance of 7 percent in their net
returns. Food and textile manufacturers, currently
experiencing an extraordinary demand and offsetting
rising material and labor costs with higher prices.
December 1941
report 9 months' profits are an eighth higher than in
1940.
The Rise in Export Aid
One mark of progress in the country's defense effort
is the recent improvement in the flow of export aid.
From the outbreak of war until this summer, the movement of United States merchandise abroad ranged
between 942 million dollars and 1,076 million per quarter, or roughly double the average in the thirties. In
the July-September quarter, however, shipments rose
to nearly 1,200 million dollars.
Table 3.—Exports of United States Merchandise
[Millions of dollars]
Third quarter
Commodity classes
i
1941
Total exports...
1940
1,186.4
943.4
759.3
Total non-agricultural
Iron and steel products
Industrial machinery
Automobiles, trucks, busses
Petroleum and products
Paper and manufactures
.. _
Industrial chemicals
Aircraft and parts i
Firearms and ammunition....
997.8
143.0
104.0
38.8
o2.7
16.0
13.5
95. 3
08. 6
863.6
173. 3
108.0
19.6
65.8
18.5
13.3
60.2
21.0
609.0
67.2
73.5
24.0
102. 1
7. 5
8.8
21.3
Total agricultural
Foodstuffs2
Cotton, unmanufactured
Tobacco, unmanufactured
188.6
139.1
25.4
17.5
79.8
54.9
16.6
8.0
150.3
72.8
53.5
21.7
1
Figures cover July and August of each quarter, only.
Includes a small amount of non-agricultural foodstuffs.
Source: U. S. Department of Commerce.
2
Both exports and imports are now instruments of
national policy, moving only under extensive Government controls and little related to the normal mechanism of the market.4 Shipments to the British Empire
(two-thirds of the total) are in the widest sense of
the term, military, while the other main current of
American exports—to Latin America (one-fifth of the
total)—are required in keeping with the policy of
economic collaboration within this hemisphere, undertaken to lighten the impact of the war upon the economies of the American Republics. For in pre-war
days, Latin America received one-third of her imports
from continental Europe, one-eighth from the United
Kingdom, and some additional supplies from Japan.
Today the bulk of these supplies is cut off.
Improved Shipping Situation.
As contrasted with the early winter months, changes
in productive, transport, and financial factors have
all combined to encourage a larger export volume.
Lend-lease appropriations now total 13 billion and
are available for aid throughout the British Empire.
Moreover, our imports from the American Republics
have increased about a fourth, thus easing the exchange
problem faced by those Nations when their trade with
Britain and Europe was curtailed or curbed.
4
See "War Influences Dominate Foreign Trade", Hal Lary, Survey of Current
Business, October 1941, p. 11.
SURVEY OF CURRENT BUSINESS
December 1941
In respect to shipping, public statements from
Great Britain reveal that some decline has occurred
in the rate of sinkings at a time when construction
in this country, at least, is rising, and a more efficient
distribution of the combined shipping tonnage of the
United States, the British Empire, and its Allies is
made possible by amendments of the Neutrality Act,
permitting armed American ships to enter belligerent
zones.
For the first three quarters of 1941, deliveries (ships
launched and fitted out ready for sea) were 126,000,
Figure 5.—Value of Exports of United States Merchandise
by Selected Countries and Regions
MILLIONS OF DOLLARS
150
MILLIONS OF DOLLARS
150
UNITED KINGDOM
.
CONTINENTAL EUROPE
(INCLUDING U.S.S. R.)
125
100
—IKj\l\l—
J
A/
\4—
0
75
— •
50
9
factor in this regard has been the inability of American
industry to produce the necessary goods in the volumes
required. With the expansion of finished arms capacity, this shortcoming is being remedied—but only in
part, for in the current period when output is dominated
by supply considerations and not demand, increased
production of war material decreases the availability for
export of scarce materials and semimanufactures embodying such materials.
Thus, shipments of such commodities as the nonferrous metals, iron and steel products, and metalworking machinery, which rose markedly in the latter
part of 1939 and in 1940, have declined this year.
Third-quarter exports of these 3 groups were valued at
218 million dollars, as compared with 288 million in the
like period 1940. As almost all such products are under
priority control, only essential exports are permitted.
The British Empire/s share of these exports was very
large (51 percent in 1940), and part of the reduction
has been to them. In the case of South America,
allocation authorities are assessing essential needs so
that these may be met, but while this policy will
assure a continuous flow of scarce materials, the volume
will be limited by the availability of supplies.
Lend-Lease Aid Up Sharply.
100
Data on finished arms exports have not recently been
published. Shipments of aircraft and engines in August
were 52 million dollars, while firearms and ammunition
A
50
(not including tanks) rose to 27 million, up 39 and 660
/
percent, respectively, from a year earlier.
25
That the trend of finished arms export is upward,
however, is indicated by the President's third quarterly
report on lend-lease operations. There it was revealed
that total lend-lease expenditure at the end of November approximated 1.3 billion dollars, as contrasted with
389 million at the end of August. Some of this gain
consisted of outlay on finished armaments, though the
advance was partly offset by a decline in expenditure
1939
1940
1939
1940
1941
made directly by the British.
Source: U. S. Department of Commerce.
The appropriations made under the first and second
lend-lease
acts were broken down as follows:
200,000, and 196,000 gross tons, respectively. FinalThousavds of
dollars
quarter deliveries are expected to exceed 300,000 gross
Ordnance and ordnance stores
2, 650, 000
tons. This indicated total of around 825,000 gross Aircraft and aeronautical material
2, 710, 000
tons is nearly double the 445,000 gross tons delivered Tanks and other vehicles
847, 000
in 1940. Moreover, the record ship program laid Vessels and other watercraft
1, 628, 000
431, 000
out this year is only now beginning to bear fruit. Miscellaneous military equipment
Facilities
and
equipment
977, 000
In 1942, a total delivery of some 5,500,000 gross tons
Agricultural, industrial, and other commodities
3, 043, 000
is expected (the largest for any year was 3,375,000 gross Testing, reconditioning, etc., of defense articles
341, 000
tons in 1919), and this does not include possibilities Services and expenses
325, 000
that may exist in the revolutionary, gasoline-driven Administrative expenses
... _ _
20, 000
"Sea Otter" ship now undergoing sea trials.
Total
12, 972, 000
Increased Movement of Finished War Material.
While foreign exchange and shipping undoubtedly
Direct war material (exclusive of ships) accounts
placed some limitation on exports, the most important for about one-half of the total, with aircraft and aeroCANADA
1 1 1 1 ! i 1 1 1 i 1
428343—41
2
10
SURVEY OF CURRENT BUSINESS
nautical material the largest of such categories (21
percent of all appropriations), closely followed by
ordnance and ordnance stores (20 percent). Agricultural, industrial and other like commodities would
require about one-fourth of total appropriations. Of
course, not all lend-lease aid is reported in export
statistics, as expenditures for facilities necessary to
produce some equipment, as well as outlay on ship
repair in this country, are both important items.
To date, the largest outlay and the heaviest shipments under lend-lease have been foodstuffs. Through
November, more than one-half billion dollars had
been expended on such products, about 38 percent
of the total lend-lease outlay at that time.
Third-quarter shipments of foodstuffs was the largest
in a decade, 139 million dollars or slightly more than
was shipped in the entire first half of the year.
The movement of foodstuffs has completely reversed
the agricultural export picture insofar as the aggregate
is concerned, for shipments of farm commodities during
the winter were the lowest in many decades. However,
the totals cover a fundamental shift in the pattern.
Shipments of the traditional export commodities—
cotton, tobacco, and grain—are still extremely low, and
the present movement consists primarily of such con-
December 1941
centrated protein foodstuffs as cheeses, processed milk
and eggs, lard, pork, canned beef and chicken, beans,
and in addition some fruits and vegetables, mostly
canned or dried, and corn.
Further Rise in Exports Expected.
Of the 406 million dollar export total in September,
about one-half was shipped under lend-lease. in
October lend-lease exports rose to 225 millions. The
growing ability of American industry to furnish necessary war material should push the movement of goods
ahead as rapidly as shipping facilities permit throughout this winter. With total lend-lease appropriations
of 13 billion dollars, a monthly defense expenditure
that will exceed 2 billion, and Latin American needs to
be met, a further advance in exports is inevitable. In
this connection, it is of interest to note that in 1920,
shipments averaged 673 million dollars monthly, but
the index of unit value then stood at 156; whereas, it
now is 76. Monthly exports in 1918 rose to 504 million,
though this figure did not include goods carried to
France by Army transports, estimated to have totaled
1.5 billion dollars for the war period. Despite the
lower prices today, even these dollar peaks should be
exceeded within the coming year.
December 1941
11
SURVEY OF CURRENT BUSINESS
Factors Influencing the General Movement
of Prices in Great Britain
By E. R. Hawkins
The wartime experience with price control in Great
Britain is of interest because some of the problems
confronted there differ from our own only in degree
and circumstance. Because of relatively greater unused
capacity here, our price problem has not as yet become
so acute; however, the basic forces at work are the same.
The present article and a subsequent one will examine
the causes of the price advance in Great Britain,
describe the various measures that have been adopted
to control prices, and evaluate the effectiveness of those
controls.
From the outbreak of the war to September 1941 the
British Board of Trade's wholesale price index rose 57
percent (fig. 6). The Ministry of Labour's cost-ofliviiig index advanced 28 percent (fig. 7). The fundamental causes of these large price increases have been,
of course, the increased demand for goods and decreased
civilian supplies. These have been persistent forces
since the beginning of the war, but the relative importance of various aspects of these basic causes has
been different in different periods, partly as a result of
deliberate government policy.
Three periods may be distinguished: the first, from
the outbreak of the war until the end of 1939, was
characterized by rapid price advances caused chiefly by
depreciation of the pound sterling and rising prices of
imports; the second period, covering roughly the year
1940, witnessed further substantial price rises, resulting
primarily from increased government expenditures for
the war effort, particularly after the fall of France; in
the third period, 1941 to date, price increases have been
moderate, largely as a result of the various control
measures to be discussed.
Rise in Import Prices at Outbreak of War
Wholesale prices rose 25 percent in the first four
months of the war. Figure 6 indicates that this advance was led by basic material prices, which increased
about 40 percent. Virtually all of these basic materials
(except coal and iron ore) are imported by Great Britain.
The reasons for the rise in prices of British imports
are complex. One of the chief factors was certainly the
depreciation of sterling. For some months prior to the
outbreak of war, the British Equalization Fund had held
the pound in terms of dollars at around $4.68. On
August 25, 1939, the Fund suspended this intervention
i This is the first of two articles on the control of prices in Great Britain.
It deals with the over-all fiscal and indirect controls of the general price level. The
second, which will appear in an early issue, is concerned with the direct control of
specific prices.
and the rate fell to $4.20 on Saturday, September 2.
On September 5, 1939, the Bank of England established
an official selling rate for United States dollars at $4.02
and on January 8, 1940, raised it to $4.02& This
depreciation of the pound, of course, resulted in higher
sterling prices for imported goods. •
The question of whether this depreciation of the
pound could result in a redress in the trade balance is
not easy to resolve. The balance of payments of the
United Kingdom had shown substantial deficits on
trade and service accounts in preceding years. Whatever judgment might be rendered upon the efficacy of
currency depreciation as a stimulus to exports under
oilier circumstances, it appears that in the war situation
Figure 6.—Indexes of Wholesale Prices in the United
Kingdom
AUGUST 1930 = IOO
200
BASIC MATERIALS^
^~~'"~~
^.---^ ^^J^^^^^l..
'
^^^r?
-.-
ARTICLES
^ ^ S * ^
''
IOO
:
S
—— S
^MANUFACTURED
INTERMEDIATE PRODUCTS
80
A
S
0
1939
1940
1941
»Includes some items not shown separately on this chart.
Source: Indexes were recomputed wittf August 1939 as base from data published by
the Board of Trade, London.
difficulties of supply and transport precluded any
increase in exports from the United Kingdom.2
However this may be, a result of depreciation was a
rise in the cost in pounds of acquiring war supplies
outside the sterling area, and a direct stimulus toward
an internal price rise. The effect of this stimulus
involves the whole problem of war finance, particularly
the expansion of government expenditures in relation to
tax revenues and loans. In the present connection
the significant point is that general government fiscal
policy did permit the exchange depreciation to result in
domestic price advances.
A second factor affecting the prices of 'rnports in
this period was that prices of British imports were rising
2 Maffry, August, "The Depreciation of the Pound Sterling," Swvey of Cuiitnt
Business, November 1939, p. 11. See also Balogh, T., "Foreign Exchange and Export
Trade- Policy/' Economic Journal, March 19-10.
12
SURVEY OF CURRENT BUSINESS
December 1941
England cannot, of course, control world prices of
in their countries of origin. This price rise was not, of
course, independent of British developments. In large basic commodities, but it has stabilized many import
part it was a speculative rise induced by the outbreak prices through long-term contracts with the sterlingof war. Its significance is that it meant greater British area countries. In 1939 the British government agreed
to buy the entire New Zealand-Australian wool clip for
expenditures for imported goods.
Between mid-August and the end of December, the the duration of the war and 1 year thereafter at fixed
Bank of England's index of 15 basic commodity prices, prices, subject to negotiation each year. Bacon and
computed separately for the United Kingdom and the cheese are bought from Canada at fixed prices a little
United States, rose 27 percent and 20 percent, respec- under the market prices. Dried fruit is bought from
tively. (See table 1.) This comparison is significant, the Union of South Africa, in lump-sum purchases. In
for the items included in this index are ones that bulk some cases the Dominion governments sell these goods
large in Britain's imports, and are heavily weighted in to England at lower prices than the producers receive.
the Board of Trade's wholesale price index.
of Cost of Living, End of the Month, in
A third factor influencing the price of imports was Figure 7.—Indexes the
United Kingdom
the sharp increase in shipping and insurance costs in
AUGUST 31, 1 9 3 9 - 100
200 1
i
!
the early months of the war. The British government
fixed rates for British-owned tramps, but had to raise
180
these rates 30 percent on November 1, 1939.3 Later
the government requisitioned British-owned vessels and
160
in effect leased them from their owners on the basis of
140
fixed schedules of monthly hire.
Table 1.—Wholesale Prices of 15 Basic Commodities
120
[Week ended Aug. 19, 1939=100. Index numbers are
for last full week in each month]
Year and
month
United
Kingdom
United
States
Year and
month
United
Kingdom
100
United
States
80
1939
1939
August 19..
August 26..
September..
October
November. December.
1940
January
February..,
March
April
May
June
July
100.0
101. 5
110.3
113.4
120.0
126.8
129. 6
132.4
132.8
134.0
137. 6
137.7
138.2
100.0
101.1
118.2
116.8
115.7
119.5
110.2
115.9
113.6
117.0
110.5
110.3
106.8
August
September.,
October
November-.
December. -
138.9
134. 6
134. 6
135.6
133.6
105. 2
108. 8
114.1
114. 9
115. 7
1941
January
February....
March
April
May
June
July
August
September..
133.8
134. 5
137.0
137. 5
136.3
136. 2
136.4
136. 4
136. 7
118.7
118.7
126. 6
128.5
133. 5
137.5
137.8
142.1
143. 8
Source: Bank of England Statistical Summary. The items included are identical
for the United States index and the United Kingdom index, except that the former
includes coffee instead of tea. The other 14 items are wheat, maize, sugar, beef, cottonseed oil, pig iron, copper, lead, tin, cotton, wool tops, hides, linseed, and rubber.
While it appears likely that the immediate cause of
the initial rapid increase in British wholesale prices
was the increase in prices of imported goods, resulting
from higher world prices, foreign exchange depreciation,
and increased shipping costs, these factors are not all
"recurring," and therefore do not account for the subsequent British price rise. During 1940, the Board of
Trade's general wholesale price index advanced an
additional 19 percent, while the eost-of-living index
rose about 11 percent.
Import Price Advances Insignificant in 1940.
World prices of basic raw materials did not rise
appreciably during 1940. The British section of The
Bank of England's index of 15 basic commodity prices
rose about 5 percent, while the index for the United
States fell about 3 percent during the same period.
3
"Wartime Control of Ocean Freight Rates in Foreign Trade," A. E. Sanderson,
Transportation Division, Department of Commerce, 1940. Trade Promotion Series,
No. 212.
1940
1941
0 N 0
00 4!-S29
1
Includes some items not shown separately on this chart.
Source: Indexes were recomputed with August 31, 1939 as base from data published
by the Ministry of Labour, London.
Shortly after the outbreak of war, Great Britain contracted to buy the whole of the surplus stocks of copper,
refined zinc, and lead of Australia, 80 percent of the copper and about 90 percent of the aluminum produced by
Canada, and large amounts of the Rhodesian copper
—all at pre-war prices. By these contracts, the Empire
producers were assured a market and shipping facilities,
and Great Britain was assured supplies at stable prices.4
Foreign exchange rates did not contribute significantly to the 1940 British price rise, for the official
rate of $4.025-$4.035 was not reduced during the year.
Shipping and insurance costs, however, continued to
increase. In January 1940 war surcharges on cargo
insurance were imposed upon all shipments within the
combat zone. On January 1, 1940, the war risk insurance rates on cargoes to west coast United Kingdom
ports from most North and South American points
was 5 percent of their insured value; the rate was raised
to 10 percent in September. On March 1, 1940, a new
schedule of rates for government leases of requisitioned
ships became effective, with higher rates than those
previously specified. At the close of the year a 15-percent increase in in-bound shipping freight rates was
put into effect by the Ministry of Shipping.5
< See Backman, Jules, and Fishmaii, Leo, "British War-Time Control of Copper,
Lead and Zinc," Quarterly Journal of Economics, February 1941; Ogdon, Montell,
"Some Objectives and Problems of Price Control," Foreign Agriculture, July 1941;
also "Foreign Commerce Weekly," July 12, 1941, p. 18.
* Foreign Commerce Weekly, November 9, 1940.
December 1941
SURVEY OF CURRENT BUSINESS
Additional evidence that the rise in shipping costs
was a contributing factor to British price advances in
1940 is found in the fact that the subindex for foods
in the Bank of England's index of basic commodity
prices in the United Kingdom continued to rise while
actual quotations on a number of important foods in
their country of origin were falling. Internal factors,
including Government control, may have affected the
British prices, but since the index is composed largely
of imported goods, at wholesale prices, it is likely that
the rise in shipping costs was an important factor in
the increased spread between prices in Great Britain
and prices in the country of origin.
The rise in shipping costs does not alone, however,
account for the entire rise in prices in 1940. Evidence
that the continuing price advance stemmed, in the
main, from some other source was present in the
climbing price quotations for purely domestic goods:
For example, coal prices increased about 15 percent
during 1940.
As suggested previously, the reason for these price
increases lay in the increase in demand for goods
relative to the supply.
Decreased Civilian Supplies
The total supply of goods available in the United
Kingdom has undoubtedly increased, despite the reduction in many imports and the growth of the armed
forces. Supplies available for consumers, however,
have decreased. Although output statistics are no
longer made public, competent observers estimate the
increase in total production at from 5 to 10 percent.6
The total supply of steel is estimated to be greater
than at any time before the war.7 Securing adequate
supplies for the war effort and for the maintenance of
the civilian population is the basic need, to which
financial control is merely a camp follower. Examined
from the standpoint of price control, however, increasing supply is one method of limiting price increases.
Heavier imports afford one source of expanded supplies. Contracts with the countries of the sterling area,
mentioned above, have been of extreme importance in
assuring much of the needed foodstuffs and raw material, at least at their source. Lend-lease aid to be mentioned later, did not, of course, constitute a factor in the
supply situation in 1940.
England has also made great efforts to increase
domestic production. The Ministry of Food has subsidized domestic agricultural production by buying the
entire output at high prices, and taking a loss on resale
to distributors.8 Food acreage has been increased by
ploughing 3,750,000 acres and by bringing 100,000150,000 acres of submarginal land into production.
«Kaldor, N., "The White Paper on National Income," Economic Journal, JuneSeptember 1941; Pigou, A. C , "War Finance and Inflation," Economic Journal,
December 1940.
' Economist, August 23,1941.
' Ogdon, op. cit.
13
(The cultivated area in the United Kingdom in 1939 was
60,300,000 acres.)
Notwithstanding the expansion of over-all output,
it has been necessary to make substantial reductions in
the supplies of goods available for the civilian markets.
This has been effected through Government ownership
of raw materials, control of food by the Ministry of
Food, and the operation of Limitation of Supplies
Orders.
Limitation of Supplies Orders.
The Limitation of Supplies Orders restrict manufacturers and wholesalers of most non-food consumers'
goods in their sales to retailers. The purpose of these
orders, which are issued by the Board of Trade, is to
divert resources from the production of goods for
domestic consumption to production for war purposes
and that part of the export trade necessary to obtain
needed exchange abroad. In this sense, the orders perform a function similar to that of the priorities
mechanism in this country.
The first general order, issued in June 1940, restricted
sales to retailers for the period June 6-November 30,
1940, to two-thirds of the value of such goods supplied
in the base period of 6 months ending November 30,
1939.9 The products covered included: clothing, toys,
musical instruments, office appliances, cosmetics and
toilet preparations, carpeting, pottery, luggage, cameras,
jewelry, vacuum cleaners, refrigerators, washing machines, wringers, lawn mowers, dish washers, metal
furniture, furniture made of cane or wicker, mattresses,
and other household goods.
A new Order, effective December 1, 1940, added
many goods to the controlled list, sharply reduced
quotas, and set up a new base period, December 1,
1939, to May 31, 1940.10
Some of the quotas, as they stood for the period
June 1—November 30, 1941, are as follows: (the percentage figures represent the percentage of sales in the
base period that may now be supplied) mattresses,
carpets, saucepans, razor blades, fibre suitcases, 50
percent; pottery, 40 percent; luggage, wicker or cane
furniture, 33}i percent; glassware, 26/3 percent; metal
furniture, cutlery, pots and pans, cameras, radios,
gramaphones, electric appliances, refrigerators, vacuum
cleaners, fans, mowers, washers, 25 percent.
It should be observed that these quotas are in terms
of money values of goods. In view of the rise in prices,
the limitation on physical volume is larger than these
figures indicate.
Limitation of textile sales in the home market was
accomplished through separate Limitation of Supplies
Orders. For the period April 1 to September 1941,
the permitted quotas were, for rayon, 40 percent of the
sales in the period April 1 to September 30, 1939, and
« Limitation of Supplies (Miscellaneous) (No. 5) Order, 1940 (S. R. & O. 1940,
No. 2031).
io Limitation of Supplies (Miscellaneous) (No. 5) Order, 1940 (S. R. & O. 1940,
No. 2031).
SURVEY OF CURRENT BUSINESS
14
for cotton, linen, and silk, 20 percent. The quantity
of textile output and sales is now controlled largely
through a clothing rationing system, the Limitation of
Supplies Orders having been modified to exempt clothing wholesalers from restriction and to free manufacturers from quota limitations on garments and household goods.
Certain items may not be produced at all for the
domestic market, e. g., automobiles, wooden furniture
and silk stockings.
As a result of these various restrictions, the physical
volume of sales decreased about 20 percent between
the beginning of the war and the first quarter of 1941
(fig. 8).
Figure 8.—Indexes of Real Civilian Consumption in Great
Britain, Adjusted for Seasonal Variations
7 0 —60
T
1939
1940
1941
0 D 41-525
* Includes some items not shown separately on this chart.
Source: G. D. N . Worswick in the Bulletin of the Institute of Statistic?. Oxford.
The volume of food consumption fell about 13 percent. It should be remembered that about 3 million
persons wrere withdrawn from the civilian population
to the armed forces. Allowing for a 5 to 7 percent
decline in civilian population, it may be calculated
that civilian consumption per head fell about 13 percent for all goods, 8 percent (as a minimum) for food,
and 35 percent for clothing.11
By the summer of 1941, the volume of goods (other
than food) available for sale to consumers has decreased
50 percent, according to an estimate of the Henderson
Committee on Retail Trade.12 This estimate appears
high, in view of the sales data presented in figure 3.
While the Henderson Committee did not explain the
basis of its estimate, it stated that the full effect of the
reduction has not yet been felt in retail sales because
of the existence of a "cushion" of accumulated stocks,
now rapidly diminishing.
Stocks are estimated to have been reduced at an
annual rate of about 17 percent during the first half of
11
Worswick, G, I). N.. "Turn-over and Population Movements," Institute of
Statistics, Oxford, Bulletin, vol. 3, n. 10, July 19,1941. Another estimate, however,
is that civilian consumption per head fell 10 percent for all goods and 15 percent for
food, in the first year of war. See Maizels, Alfred, "Consumption, Investment, and
National Expenditure in War Time," Economica, May 1941,
" Board of Trade Journal, August 9, 1941.
December 3 941
the second year of war.13 Reduction of stocks has, of
course, been a factor retarding price advances. Output of consumers* goods decreased so much, however,
that a net decrease in the physical volume of goods
available for sale resulted, with consequent effects on
the level of prices.
Increased Demand
The chief inflationary force in Great Britain, as in
this country, lias been the rapid expansion of Government expenditure. Goverment expenditure would not
raise prices if it were accompanied by an equivalent
decrease in civilian expenditure, e. g\, if it were financed
entirely by taxation, or if it were accompanied by a
proportionate increase in production. Unless appropriate steps are taken to bring about decreased consumer spending, however, such spending is actually
increased. Government monetary expenditures must
become income to private individuals and companies,
thus increasing their effective demand. If excess plant
and labor are available for an adequate expansion of
output, this increase in purchasing power need not
result in increased prices. One of the principal distinctions between the British situation and that of the
United States has thus far been the relatively greater
unused capacity of this country, making it possible to
reduce the pressure on prices by achieving an over-all
expansion of supplies.
The Government might ensure a decrease in civilian
expenditure by taking up the necessary purchasingpower by taxation. Since this is not expedient politically, wartime governmental policy usually involves an
attempt to absorb a portion of civilian purchasingpower by borrowing. Inevitably, real personal consumption must be reduced by the amount by which
the increase in Government consumption exceeds the
expansion of total supplies. If the necessary decline
in consumption is not secured by taxation and savings,
it will be brought about by rising prices, as the Government bids away the resources it requires.
The problem of preventing this price rise is different
from the purely budgetary problem of the Government.
The Government must balance its expenditure in some
way. It can do this by taxation, borrowing, or issuing
fiduciary money. But the borrowing could be from
banks, and represent an increase in credit rather than
real savings. This answers the Government budget
problem, but does not solve the problem of preventing
inflation. To prevent inflation it is necessary that
Government borrowing represent "real savings," i.e.,
a reduction in total civilian consumption.
The inflationary gap is the difference between the
volume of purchasing power in the hands of the civilian
population and the sum of the goods and services
available, valued at existing prices. If such a gap
13
Kaldor, op. cit.
15
SURVEY OF CURRENT BUSINESS
December 1941
exists, it represents the amount by which taxation or
savings or the supply of goods must be increased in
order to avoid inflation.
Government Finance, to April 1941.
The first war budget, revising the original estimates
for the year ended March 31, 1940, was presented three
weeks after the outbreak of war. Expenditure was
estimated at £1,933 million as compared with £1,285
million, the figure in the original budget for that year.
Actual expenditure for the fiscal year, which included
seven months of war, was only £1,810 million (excluding payment to Sinking Funds). (See table 2.)
Table 2.—British Government Revenue and Expenditures
by Quarters
[Millions of pounds sterling]
Expend- | Revenue
iture
Year and quarter
Deficit
,j
1939: October-December
543 ;
207
336
1940: January-March
April-June
July-September
October-December .
624
695 i
915 !
505
188
264
300
119
507
651
798
1941: January-March...
April-June
July-September
1,159 i
1,074 :
1,162 '
656
319
419
503
755
743
Fiscal year ended March:
1940
1941
1942 (1st 6 months)
1,810
3,867
2,236
1,049
1,408
738
761
2,459
1,498
Source: Bank of England Statistical Summary,
During 1940 governmental expenditures mounted
rapidly, sustaining the price advances that had started
in the early months of the war. The second war budget, presented in April 1940, estimated expenditure for
1940-41 at £2,667 million, which represented an increase of only about 10 percent over the rate of expenditure then attained. The inadequacy of this estimate
was realized after the fall of France; a supplementary
budget presented on July 23 increased the expenditure
estimate to £3,467 million. Actual expenditures increased from £1,810 million in 1939-40 to £3,867
million in 1940-41.
Figure 9 shows the percent of Government expenditure covered by taxation in 1938 and in the four quar-
ters of 1940. The remainder of the Government expenditure was covered by borrowing, in some form.
The figure (and table 3 which presents the data upon
which the figure is based) indicates that the Government
has been taking an increasing share of the total national
income—from 18 percent in 1938 to 47 percent in the
fourth quarter of 1940.u The share of Government
expenditure (on goods and services) covered by Government revenue decreased from 104 percent in 1938 to
30 percent in the fourth quarter of 1940.
In summarizing the fiscal experience of the first 18
months of war, the Government figured the relationship
of its purely budgetary accounts to the national economy. (See table 4.) Governmental expenditures in
the first 18 months of the war (September 1, 1939, to
February 1941) totaled £4,671 million. Revenue (including extra-budgetary receipts and proceeds from the
sale of Exchange Equalization Funds) totaled £2,576
million, leaving a "deficit" of £2,095 million which was
financed by borrowing. Where did this £2,095 million
come from?
As shown in table 4, the Government estimated that
£1,021 million came from sale of assets in foreign countries, (in addition to the £388 million that the Government directly realized from the sale of pre-war resources
of the Exchange Equalization Fund), £120 million
from increase of funds held against taxes accrued but
not yet due, £403 million from net debt retirement of
institutions, local authorities, and companies, and £300
million from reinvestment of domestic capital. The
balance, £640 million (a residual amount), was assumed
to represent personal savings.
The fact that the accounts balance does not prove
the absence of an inflationary impetus from public
spending, for the national accounts will always balance.
"Inflation" does not appear as one of the accounts, but
*4 The national income figure used in this calculation (column 4 in table 3) is a gross
figure, equalling the total of Government expenditure and personal expenditure
(columns 5 and 7). Civilians and the Government, together, were able to spend more
than the income derived from current production of goods and services (column 1)
because of drawing upon foreign and domestic capital. Indirect taxes (column 3)
must be added to net national income and draft on capital in order to secure a figure
for gross national income equal to the total amount spent, because expenditures are
at market prices, which include these taxes.
Table 3.—Distribution of the British National Income
[Millions of pounds sterling]
1
Year and quarter
1938
1940
1940:
I
II
III
IV
...
.
_.
2
Net
Net draft
national inon foreign
and
domestic
come (before
caitpal
direct taxes)
3
4
5
6
7
Indirect
taxes and
rates
Gross
national
income
(1+2+3=
5+7)
Personal
expenditures
Percent of
gross
national
income
Government
expenditures
(on goods
and services)
(5-5-4)
9
8
Percent of
gross
national
income
(7-5-4)
10
Percent of
Government
Government revenue to
revenue
Government
expenditures
(9-5-7)
4, 415
5,586
—210
949
643
868
4, 848
7,403
3,997
4,303
82
58
849
3,100
18
42
885
1,257
104
41
1,286
1,399
1,450
1,451
102
118
294
435
193
205
227
243
1,581
1,712
1,971
2,129
1,023
1,076
1,084
1,120
65
62 j
55
53
558
646
887
1,009
35
38
45
47
* 505
188
264
300
90
29
30
30
Source: Adapted from the White Paper, "An Analysis of the Sources of War Finance and an Estimate of the National Income and Expenditures in 1938 and 1940."
SURVEY OF CURRENT BUSINESS
16
swells the "savings" items. Only such savings as
represent decreased consumption properly fill in the
inflationary gap. Although personal savings at the rate
of £640 million a year were important in preventing
prices from going even higher than they did, these
savings did not represent a reduction in monetary
demand for goods, but resulted from on expansion of
bank credit; personal savings amounted to only £150
million in 1938.15
In fact, it is known that credit was expanding rapidly;
by the end of December 1940, total bank deposits were
25 percent above the prewar averages; current account
deposits were up 40 percent (caused mostly by bank
loans to Government). In the*fiscalyear 1940-41 bank
credit was created to an average extent of about £33
million a month, and lent to the government. At the
same time, notes in circulation increased about .10
percent.16 (Seefig.10.)
December 1941
The Current British Budget.
The budget of April 1940 sets out the fiscal plans for
the ensuing year. Total expenditures are estimated at
£4,207 million. "Domestic" expenditure (expenditure to be financed out of domestic sources) is estimated
at £3,700 million (as compared with £2,055 million for
the first year of war, and an annual rate of £3,190
million in the first half of the second year). Offsets of
£3,158 million are contemplated; this includes revenue
of £1,636 million and other offsets (including extrabudgetary receipts and borrowing from personal savFigure 9.—Distribution of the Gross National Income in the
United Kingdom
BILLIONS OF POUNDS STERLING
8
PERSONAL EXPENDITURES
6
GOVERNMENT
'EXPENDITURES
(GOODS a
SERVICES)
GOVERNMENT
REVENUES
Table 4.—Offsets to Government Expenditure, United
Kingdom
[Millions of pounds sterling]
Item
Total Government expenditure
Offsets:
Revenue
Draft on external capital
Draft on domestic capital
...._Extra-budgeting receipts
Increase of tax accounts _
.
Savings of local authorities, institutions, and companies
Personal savings Total offsets
September
1939 to
August
1940
6 months Septemb c r 19 40 t o
February 1941
Actual
figures
First 18
months
of war
Annual
rate
YEAR
2,597
2,074
4,148
4,671
1, 148
542
60
113
140
837
479
240
90
-20
1,674
958
480
180
-40
1, 985
1.021
300
203
120
272
320
131
320
202
640
403
640
2, 595
2. 077
4,154
4,672
Source: Adapted by the Economist (Apr. 12, 1941) from figures given in the While
Paper.
From this evidence, coupled with a price advance
that did not consist solely of higher prices for imports,
it may be concluded that the Government's fiscal program resulted in some measure of inflation during 1940.
Despite the taxation and borrowing with which the
Government balanced its budgetary accounts, private
individuals were left with sufficient purchasing power
for personal expenditures of £4,303 million in 1940, an
increase of about 8 percent over expenditures in 1938.
The volume of consumer's goods upon which this increased purchasing power was spent certainly was
smaller in 1940 than in 1938, probably by 5 to 10 percent.17 Real savings and taxes were not increased
sufficiently to cause a reduction in personal monetary
expenditures appropriate to the reduction in volume of
consumer goods, with the result that prices increased.
is Economist, April 12, 1941.
16 Economist, Juife 21, 1941.
17 Similarly, it can be calculated that total national monetary income, spent by
Government and private individuals, increased 20 to 25 percent in the first year of
the war, while total production increased only 5 to 10 percent. Cf. Pigou, op. cit.
YEAR
1938
1940
Source: Central Statistical Oilier, London.
ings) of £1,522 million. A gap of £542 million is left,
which the Chancellor proposed to close by new taxes
raising £252 million, and by additional personal savings
of £200-£300 million. It is the task of the National
Savings Committee to achieve the necessary stimulation of savings. Because of lend-lease aid, which is not
included in the above figues, the budgetary problem is
considerably lessened. Budgeted expenditures are only
16 percent over those of the first half of the second year
of war. Since lend-lease goods enter the British economy without any corresponding flow of purchasing
power into the market, the task of absorbing purchasing power through savings and taxes is lightened.
The additional taxes that are necessary will be raised
by increasing the basic income tax rate from 42.5 percent
to 50 percent (up to 10s. in the pound). ^The reduced
rate applying to the first £165 ($660) of taxable income was raised from 25 percent to 32.5 percent. The
exemption limit was lowered from £120 to £110 ($480
to $440). The personal allowance of single taxpayers
was lowered from £100 to £80 ($400 to $320), and of
married taxpayers from £170 to £140 ($680 to $560).
The earned income allowance was reduced from % of
earned income (with a maximum of £250) to y10 (with
a maximum of £150).
The increase in taxes resulting from the reduction in
personal allowances and earned income allowances is
put into Postal Savings, to be returned after the war
(up to £65). This feature was obtained as an incident
of tax collection, after it was rejected in 1940 when
described as "compulsory savings7' or "deferred pay."
This compulsory savings feature will yield only £54
million in the current year, or £125 million in the full
year—much less than was proposed by the Keynes plan
of compulsory savings.18 In like fashion, 20 percent of
the 100 percent excess-profits tax will be returned after
the war, for reconstruction purposes.
Actual Fiscal Results in 1941.
Expenditures may well have been underestimated in
the budget. Already, expenditures (from April to
September 30, 1941) have been £2,236 million, or at
an annual rate of £4,472 million as opposed to the estimate for the year of £4,207 million.19 (See table 2.)
Revenue, however, is ahead of the usual percentage of
total estimated annual revenue; to September 30 it has
been £737.5 million, or at a yearly rate of £1,475 million. In the first half of the current fiscal year, 41
percent of total estimated annual revenue has been
received as compared with only 32 percent in the corresponding period last year. Revenue to date covers
33 percent of expenditure, while last year in the same
period it covered only 29 percent.
The proportion of total expenditure met by ordinary
revenue fell to 31 percent in September, as compared
with 40.8 percent in August, while receipts from savings
issues, large and small, dropped sharply after the heavy
purchases of 2){ percent National War Bonds in the
week before their suspension on August 14. As a result, the total from savings issues yielded only 17 percent of total expenditures in September as compared
with 36 percent in August. It was necessary, therefore, for the Exchequer to resort to the largest monthly
increase ever recorded in the Floating Debt, financing
in this manner 50 percent of total expenditure during
the month, as compared with only 15 percent thus
financed in August.
Bank credit is still increasing, as shown in figure 10.
Deposits of London Clearing Banks increased about
13 percent during 1941, to September. Note circulation increased about 11 percent in the same period.
Despite the inflationary implications of rising expenditures, an increase in the Floating Debt, and an
increase in bank deposits and note circulation, prices
have been relatively stable in 1941. Wholesale prices
rose only 3 percent through September, while the cost
of living increased 1 percent. One reason for this is
the Government expenditure of £100 million a year on
subsidies, chiefly for food items. In respect to fiscal
causes, however, the reason appears to be that the increase in bank credit has not as yet had its full effect on
the demand for goods. Aggregate clearings in ten provincial banks increased only 2.4 percent in the period
18 "The British Budget, 1941-42," Foreign Commerce Weekly, July 12, 1941.
19
Lend-Lease expenditures are not included in these figures.
428343—41
17
SURVEY OF CURRENT BUSINESS
December 1941
3
January 1-September 13, 1941, compared with the
same period in the previous year.
The voluntary limitation on spending that is reflected
in these figures may be accounted for by an increased
desire for liquidity, by patriotic response to "buy less"
campaigns, and by the fact that it is becoming more
difficult to spend, because of rationing. From the
standpoint of avoiding inflation, it is just as efficacious
for people to hold funds as to relinquish them to the
government in taxes or loans. The only danger is
that purchasing power retained in the hands of the
public might come into the market at any time.
Figure 10.—Bank Deposits, Note Circulation, and Average
Weekly Wages in the United Kingdom
AUGUST 1939« 100
140
120
1939
1940
Source: Indexes computed with August 1939 as base from data published in
London and Cambridge Economic Service's Reports, Memorandum No. 87.
Control of Demand by Rationing.
Rationing tends to retard price advances by limiting
the quantity of goods that may be demanded to the
quantity available for sale. Increased price offers will
not secure for a buyer more than his allotted share of a
rationed good, hence the process of bidding up prices is
minimized. Rationing by physical units cannot prevent price rises, when money incomes are expanding,
but it can retard them.20 One of the reasons that the
unabsorbed excess of purchasing power has not exercised its full force to raise prices in 1941 is that Great
Britain has been extending its rationing system.
The Rise in Wages
A general increase in wages is an indirect cause of
general price rises, operating through the direct causes
20 The effects of rationing on prices are complex. The degree of monopoly is significant, for a monopolist may secure higher prices by restricting the supply, even under
a rationing system. His most profitable price would not typically be so high under
rationing, however, for units (in excess of the ration) that might be demanded at high
prices by some buyers cannot be sold to them, hence under rationing a lower price
must be set in order to sell a given quantity of goods. The degree of homogeneity of
the product is also a relevant factor. When the rationing is by physical units (as assumed in the case above), there is a tendency for a relative increase in the demand for
the higher-quality varieties. Where rationing is by value, e. g., in the case of meat
in Great Britain, there is increased demand for the lower-priced varieties. In the case
of rationing by value, the government may exercise considerable control over prices
by adjusting the total monetary expenditure on the good to the available supply.
Consideration is being given in Great Britain to a rationing plan that would control
the general price level by limiting the total amount of money that a person could
spend on all goods, while permitting greater freedom in the choice of goods. See M .
Kalecki, "General Rationing," Institute of Statistics, Oxford, Bulletin, Vol. 3, No. 1.
18
SURVEY OF CURRENT BUSINESS
discussed above. In Great Britain higher wages constitute a basis for higher permitted prices for commodities under price control. Government expenditures are
increased by these higher prices, and under the British
tax system it becomes more difficult for the Government
to "soak up" the increased purchasing power. An
advance in profits can be recaptured by the excessprofits tax, but an increase in wages may largely be
"free" purchasing power, for direct taxes take only a
small proportion of incomes in the lower brackets.
Although the wage rates of some 2% million workers
are linked by contract to the cost-of-living index, British
wages in general have not increased in proportion to the
increase in prices. Professor Bowley's index of average
weekly wage rates has risen about 20 percent from
August 1939 to July 1941 (fig. 10). In the same period
the cost-of- living index rose about 30 percent. Average
earnings of labor increased more than wage rates because
of an increase in the number of hours worked. Even
earnings, however, have not kept pace with the increase
in cost of living.21
The Government White Paper on finance 22 reports
that labor's share of the national income (before direct
taxes) increased from 41 percent in 1938 to 44% percent
in 1940. Pay of the armed forces was included as wages
in this calculation. Excluding such pay, labor's share
of the national income dropped from 41 percent to 40
percent, while profits and interest (before direct taxes)
increased from 27 percent of the national income to
29 percent.23
In July 1941 the Government issued a White Paper
stating the position that an attempt by labor to maintain real income unchanged through wage advances is
doomed to defeat, as consumption must decrease with
an increased share of the national income being diverted
to the war aim. Increased wages, it was pointed out,
must in these circumstances be matched by a rise in
prices, resulting in an upward wage-price spiral.24
The Government suggestion for voluntary stabilization of wages through negotiation by joint voluntary
councils met with a negative response from the Trades
Union Congress, which stands opposed to wage stabilization. To meet the inflationary dangers pointed out
in the White Paper, the General Council of the Trades
Union Congress urges an extension of rationing and
direct price control, as well as the stimulation of
maximum savings.
Results of Efforts To Control the General
Price Level
As a result of the various indirect controls discussed
« J. L. Nicholson, ''The Trend of Wages," Institute of Statistics, Oxford, Bulletin,
Vol. 3, No. 11, August 9, 1941.
« "An Analysis of the Sources of War Finance and an Estimate of the National
Income and Expenditure in 1938 and 1940."
» Kaldor, op. cit.
u
"Price Stabilization and Industrial Policy," Cmd. 6294, July 1941.
December 1941
above, and of subsidies and direct price control, the
official price indexes in Great Britain have leveled off.
In the United States, from January to September 1941,
wholesale prices advanced about 13 percent, and the
cost of living rose about 7 percent. The comparison
is not very meaningful, of course, because rationing
and the shortage of supply restrict British consumers
in their purchases of the more important items.25
The chief causes of the rapid increases in the price
indexes in the early months of the war have been
reasonably well controlled by purchase contracts with
the sterling area countries, stabilization of the foreign
exchange rates, and requisition of British vessels. The
further substantial price advances in 1940 were caused
primarily by a decrease in civilian supplies and an increase in purchasing power. Efforts have been made to
augment supplies by increasing domestic production
and by heavier imports from the sterling area countries
and the United States. The lend-lease program
has removed the financial and legal obstacles to securing supplies from the United States, and while actual
receipts in the United Kingdom have not been large
(with the exception of protein foodstuffs), there is no
question but lend-lease aid will be of great significance
in respect to future supplies. The effect of lend-lease
aid in retarding British price advances is especially
important in that it provides for a substantial volume
of consumers' goods and war material without an increase in the amount of purchasing power in the
market.
The increase in money incomes resulting from increased expenditures of the Government has to some
extent been offset by heavier taxes and increased
savings, but it appears that some inflationary gap may
yet remain. The excess of expenditure over the budget
estimates and over revenue continues to mount, and a
decreasing proportion of this deficit is financed by
drawing directly on personal savings. Consequently,
bank credit continues to expand. The stability of bank
clearings, however, indicates that the expansion of bank
deposits has not resulted in a corresponding increase in
active spending.
The Government's efforts to stabilize prices are
especially directed at the staple items that for the most
part are those that comprise the cost-of-living index,
because demands for wage increases are related to the
movements of this index. To the extent that the
various indirect controls discussed above may prove inadequate for the task, it may be expected that greater
emphasis will be placed upon the use of subsidies,
rationing, and direct price control.
25
The value of the British indexes as measures of change under present conditions
is limited, since their weighting is based on pre-war conditions, and they do not reflect
the radical alterations in the relative supplies of different commodities and changes in
their quality. Despite these shortcomings the indexes are useful as an approximate
measure of the broad movements of prices.
December 1941
SURVEY OF CURRENT BUSINESS
19
Capital Expenditures in Selected Manufacturing Industries
By Lowell J. Chawner
APITAL expenditures in manufacturing industries
in the United States since the first World War
have exhibited wide differences among the separate
industry groups. These differences in capital outlays
are conspicuous in the long-time trends and in the
fluctuations over periods of several years. They are
not appreciable, however, in the timing of the shortrun movements, which in many industries exhibit the
characteristic fluctuations of general business conditions.
Technological changes, both in the development of
new products and in methods of fabrication, appear to
be especially significant influences in determining the
volume of capital outlays in individual industries. As
far as capital expenditures are concerned, the incidence
of these changes is not general but is upon particular
industries, processes, and enterprises.
The following article contains estimates of the annual
capital expenditures for productive facilities in each of
six separate groups of manufacturing industries since
the first World War, together with some comments upon
the major influences which appear to have been responsible for the fluctuations in these expenditures over
that period. The industry groups considered here are
food and kindred products; textiles and related products; lumber and lumber products; pulp, paper, and
allied products; printing, publishing, and allied industries; and stone, clay, and glass products.
A second article scheduled to appear in an early
issue of the Survey will present estimates of the capital
expenditures in six other groups of manufacturing industries: blast furnace and steel works products, automobiles, airplanes, petroleum products, rubber products,
and leather and leather products.
Heretofore, measures of capital expenditures in individual groups of manufacturing industries have been
available only for the year 1939. For that year all
manufacturing establishments were requested to report
their capital expenditures as a part of the regular Census
of Manufactures.
Data for a few important industrial groups, such as
chemicals, nonferrous metals, finished iron and steel
products, and machinery are not presented because
suitable primary statistics have not been developed
thus far for estimating the capital expenditures in these
industries except for the 1939 data reported to the
Bureau of the Census.
C
Review of Capital Expenditures, All Industries, 1915-41.
The movement of aggregate capital expenditures for
from 1915 through 1940 was
manufacturing facilities
discussed in an earlier article.1 Estimates of these
expenditures are shown in figure 11. Since they are in
current dollars, they exhibit wider fluctuations than
actually occurred in the physical additions to productive
facilities.
Few additions were made to manufacturing capital
facilities in 1914, the expenditures for this purpose having declined substantially from those of 4 or 5 years
earlier. In 1915 the prospects for a long war added
greatly to the requirements for war material, particularly explosives, artillery, and shells. Largely initiated
Figure 11.—Estimated Capital Expenditures for Plant and
Equipment for All Manufacturing Industries
BILLIONS OF DOLLARS
5
1915 '16 '17 '18 '19 '20 '21 '22 '23 '24 '25 '26 '27 '28 '29 '30 '31 '32 '33 "34 '35 '36 '37 "38 '39 '40 '41
CD 41-532
I Source: U. S. Department of Commerce.
by orders from abroad, substantial expenditures (in
terms of the prices prevailing at that time) were made
for manufacturing facilities in the United States in 1915
and 1916, particularly in the iron and steel industries.
The entrance of the United States into the war in the
spring of 1917 made necessary a rapid expansion in plant
and equipment for the production of guns, and ammunition, chemicals (powder, synthetic dyes, and basic materials, such as nitrates), and naval and merchant
ships. Plants for the fabrication of many of these products were practically nonexistent in the United States
and in other cases had fallen into disrepair as a result
of inactivity. The tonnage of ships constructed in the
year ended in June 1915, for example, was lower than
it had been in any year since 1898.
Following the armistice in November 1918, there was
a brief decline in the rate of manufacturing capital expansion. However, a number of factors set the stage
for a high rate of capital outlays during the immediate
» Survey of Current Business, March 1941, "Capital Expenditures for Manufacturing Plant and Equipment," p. 9. References to estimates of expenditures for other
producers' goods are given there.
20
SURVEY OF CURRENT BUSINESS
December 1941
post-war years, 1919 and 1920. Among these was a two decades. However, it is unlikely that the fluctuaneed for facilities delayed by the war (especially those tions in gross outlays for manufacturing facilities were
resulting from the discovery of new products and tech- sufficiently large in themselves to dominate the fluctuanological processes) and a corporation income tax favor- tions in general economic activity.
able to the readjustment of manufacturing plants to
Today, the United States is in the midst of the
peacetime purposes.
greatest expansion of productive facilities in its hisAlso, an active consumer demand, together with high tory.2 A large proportion of these are for the producprofits arising from more rapid advances in finished tion of arms, armament, or other products required by
commodity prices than in total manufacturing costs the military services in the United States or in friendly
tended to encourage capital outlays by many concerns. nations which we are endeavoring to supply. In fact,
Although expenditures on productive facilities were sub- for the year 1941 more than four-fifths of our total
stantial in nearly all industries, they were particularly capital outlays for manufacturing are required for
large in automobile manufacturing, rubber working, these purposes.
leather working, lumber and lumber products, and tex- Capital Expenditures by Industries.
tiles.
During the 23 years since the first World War,
It is evident from the estimates shown in figure 11 capital expenditures in the various manufacturing inthat the capital expenditures for manufacturing plant dustries have experienced marked differences, both in
and equipment during the two decades following 1920 their fluctuations and long-time trends. One of the
exhibit the characteristic short-run fluctuations in gen- 12 industry groups for which separate estimates have
eral business conditions over this period. Thus, the been made, experienced its largest capital outlays in
aggregate of such expenditures was relatively high in 1919: 3 reached a peak in 1920, 1 in 1925, 2 in 1928,
1920, 1923, 1926, 1929, and 1937; and it was relatively 2 in 1937, 1 in 1940, and 2 in 1941. Every group, with
low in 1921, 1924, 1927, 1932, and 1938.
the single exception of petroleum refining, experienced
As will be noted in the subsequent discussion short- its lowest capital expenditure in 1932 or 1933.
run business fluctuations affect capital expenditures in
Plant additions in most industries immediately innearly all invididual industries, particularly the timing fluenced by the defense program, such as nonferrous
of such expenditures. However, other factors, partic- metals, shipbuilding, airplane motors and parts, and
larly changes in products and in methods of fabrication, chemicals (including explosives) are clearly larger in
and unusual changes in demand for particular products, 1941 than in any previous year, although detailed estiare the more basic underlying conditions which deter- mates are not available for all of these industry groups
mine the volume of capital expenditures over longer in all years. These and other differences in capital
periods of several years.
expenditures among the various industry groups may
It should be observed conversely that capital ex- be observed by a comparison of the accompanying
penditures usually serve as important media through charts (figs. 12-17).
which corporate or individual savings reenter the inThe industry groups presented in table 1 follow rather
come stream and thus create a continuing demand for closely the classifications used by the Bureau of the
commodities and services. Expenditures for con- Census over most of this period. In some cases they
sumers' durable goods, such as houses and automo- are too comprehensive to be entirely satisfactory for
biles; for public works; and for inventory accumula- purposes of analyzing fluctuations in capital expendition operate in much the same manner. An expansion tures, but in this regard are subject to the limitations
in the total of such expenditures relative to savings of the available primary statistics used in their compilatends to increase general economic activity and a con- tion.
traction operates to bring about decline.
The consolidation of stone, clay, and glass industries
The expansion and contraction of gross outlays for into a single group, for example, yields data on capital
manufacturing facilities thus undoubtedly contributed
2
See the article, The New Defense Facilities, Survey of Current Business, p. 10,
to the general economic fluctuations during the past November 1941.
Table 1.—Capital Expenditures for Plant and Equipment in Selected Groups of Manufacturing Industries, 1919-40 l
[Millions of dollars]
Industry group
Food and kindred products
Textiles and related products
Lumber and lumber products
Pulp, paper, and allied products
Printing, publishing, and allied industries
Stone, clay, and glass products
1919 1920 1921 1922 1923 1924 1925 1920 1927 1928 1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939 1940-'
137
232
124
101
85
95
354 214 257
300 183 209
159 71 110
158 89 63
113 85 107
168 115 130
248
260
118
102
124
198
234
182
105
93
114
157
272
203
120
85
130
181
371
198
143
92
129
234
343
212
94
116
114
202
423
212
89
129
102
283
1
Includes establishments engaged in manufacturing only as defined by the Census of Manufactures.
2 All 1940figuresare preliminary, based upon incomplete data.
Source: U. S. Department of Commerce, Bureau of Foreign and Domestic Commerce.
378
235
104
137
119
241
267 171 131 207 195 185 268 320 217 240
130 93 56 79 101 89 116 157 91 130
50 30 15 20 22 32 47 62 43 61
110 54 28 29 40 66 98 183 70 86
81 52 30 27 41 54 75 82 57 58
120 76 38 28 43 65 99 99 68 68
294
130
92
64
December 1941
expenditures which cannot be readily interpreted and
hence have limited usefulness in the analysis of such
expenditures. Also, a single estimate for the textile,
apparel, and related industries group has been necessary
since available statistics do not make possible the determination of separate estimates for cotton, woolen,
and silk textiles, and for apparel.
The estimates for the pulp and paper industry, and
the printing and publishing industries are somewhat
more satisfactory in this regard. This is likewise true
of several of the series to be published in a subsequent
article, such as those for automobiles and rubber products. However, in all cases the estimates have been
made in the greatest detail possible with available
statistical materials.
It is beyond the scope of this article to give an
extended historical account of the technological and
economic developments affecting each of the industry
groups for which estimates of capital expenditures are
shown in table 1. However, in the following paragraphs a few comments are made upon the principal
changes in demand, new products, methods of fabrication, profitability, and other characteristics of the
various industries which are believed to have a special
bearing upon the capital expenditures in these industries
during the past two decades.
Food and Kindred Products.
Food processing in a factory rather than on a farm
or in the household kitchen has been well established
for nearly three-quarters of a century in the United
States. Nevertheless, the extent to which foods are
thus prepared for final consumption has continued to
increase very substantially in recent years.
Census statistics disclose no conspicuous change
(actually a very small decline is indicated) in the relative proportion which the physical production in food
manufacturing establishments has been of the total
production in all manufacturing since the year 1899,
but the "value added" in food processing does appear
to have increased relative to the total for all manufacturing.3 Also in food processing, mechanization has
increased rapidly during the past two decades. At
present the portion of the manufacturing effort (measured by the value added) which is attributable to the
use of capital facilities in food processing is larger than
that in textiles and apparel, leather and leather products, automobiles, and several other industry groups.
The fluctuations in the capital outlays made in the
food and kindred products industries (see fig. 12) are
attributable in a number of cases to special conditions
which can be identified. In 1919 and 1920 the relatively high capital expenditures were due principally to
additions to flour mills and other grain mills, and to a
somewhat lesser extent to expansion in confectionery
and ice-cream plants. The former were greatly influ3
See "The Output of Manufacturing Industries, 1899-1937," p. 74; Solomon Fabricant;
National Bureau of Economic Research, 1940.
21
SURVEY OF CURRENT BUSINESS
enced by the unusual demand for wheat flour during
the first World War and immediate post-war years which
resulted from the curtailed grain production in Europe
and the special advantages which the United States had
over the two other principal sources of supply, Australia
and Argentina, because of its closer proximity to Europe
in a period when shipping space was at a premium.
Many of the capital expenditures in flour milling were
also prompted by the desire to attain the greater efficiencies possible in the larger, highly mechanized mills.
Figure 12.—Estimated Capital Expenditures for Plant and
Equipment and Index of Production for Food and Kindred
Products
1935-39 = 100
MILLIONS OF DOLLARS
500
150
CAPITAL EXPENDITURES
(LEFT SCALE)
400
/_
'- 125
/
300
200
\
/^PRODUCTION
*•*•
100
-
(RIGHT
SCALE)
VX A/
/
100
- 75
- 50
0
1919 '20 '21 '22 '23 '24 '25 "26 '27 '28 '29 "30 '31 '32 '33 '34 '35 '36 '37 '38 "39 '40 '41
0.0. 41-54-1
Source: Capital Expenditures for all years and Estimated Production for 1941,
U. S. Department of Commerce; Production for 1919-40, Board of Governors of the
Federal Reserve System.
The expansion in flour-milling facilities in 1919 and
1920 thus occurred partly in response to abnormal conditions. Together with the declining consumption of
wheat flour per capita in the United States, this expansion left flour millers with productive capacity in excess
of that necessary at any time during the past two
decades.
The particularly large capital outlays during the
years from 1926 through 1929 reflect changes in the
packaging of foods for the retail market and the extensive modernization of food-processing facilities. The
expenditures for this purpose of approximately 420
million dollars in 1928 was larger than in any other
year during the period covered b}^ these estimates.
Many products, such as sugar, cereals, and baker products of various kinds, formerly sold in bulk, were
increasingly prepared for marketing in packaged form.
New processes, such as the quick freezing of fruits,
vegetables, and other fresh foods, were introduced
during this period. The canning of fruits and vegetables and the use of refrigeration and air conditioning in
food-processing plants also expanded greatly.
Considerable centralization of food processing into
larger, more efficient plants and a consolidation of many
concerns into large processing and distributing corporations occurred during these years. These changes,
22
SUEVEY OF CURRENT BUSINESS
together with some increase in the total demand for
food products during the 1920's, are believed to be
largely responsible for the very large capital expenditures in the latter part of that decade.
The rise in capital outlays in the food manufacturing
industry in 1933 and 1934 is attributable very largely
to extensive expenditures upon breweries and distilleries.
For purposes of industrial classification, following the
Census Bureau practices, brewing and distilling of
alcoholic liquors, as well as the processing and bottling
of nonalcoholic beverages, are included in the food and
kindred products groups of industries.
In 1936 and 1937 the recovery in general business
was accompanied by sizable capital expenditures for
baking machinery, bottling machinery of various kinds,
canning plants (especially for fruit and vegetable
juices), and plants for the processing of salad dressings
and similar products.
New products, increasing mechanization, plant modernization, and other technical changes in the food
industiies clearly have been major factors influencing
the capital expenditures in this industry during the
past two decades. Also, the greatly increased employment of women in gainful pursuits outside of the home,
which began during the World War, undoubtedly
stimulated the demand for prepared foods and thus for
the facilities required in their fabrication. Notwithstanding the major influence upon capital expenditures
of changes in products or process or of advances to
new high levels of production, it should be observed
that outlays for these purposes frequently are delayed
until, in the judgement of individual enterprisers,
economic conditions warrant the expenditures.
Textiles and Related Products.
Spinning and weaving have experienced approximately two centuries of active technological change.
This process, as well as the migration of the textile
industries, has continued up to the present time.
During the 19207s several important developments
occurred which resulted in substantial capital outlays
by textile manufacturers in the United States. The
major change of this character in the cotton textile
branch was the rapid increase of facilities in the Southeastern States, a movement which had been going on
for many years but which was particularly active
immediately following the World War. The post-war
decade also experienced an active growth in plants for
the manufacture of full-fashioned hosiery and, in the
latter part of the decade, an expansion of facilities for
the processing of rayon fabrics.
Moreover, throughout the past two decades, improvements have gradually been made in the speed and reliability of operation of spindles and looms in all of
the textile industries. For example, the cotton processed per spindle-hour has increased since 1919 by
approximately 50 percent for the entire industry in the
December 1941
United States. As a result of these improvements,
together with multiple-shift operation, the cotton
actually processed per average active spindle has more
than doubled since 1919.4
Keen competition in the textile industries has resulted
in considerable adoption of this improved machinery
during the past 20 years. Expenditures upon new
buildings, however, have been very small since 1929
with the sole exception of new structures for the manufacturing of fabrics from synthetic fibers.
Nearly all branches of the textile and apparel industries experienced heavy demand, received high
prices, and had excellent profit records in 1919 and early
1920.5 These conditions led to very large capital outFigure 13.—Estimated Capital Expenditures for Plant and
Equipment and Index of Production for Textiles and
Related Products
MILLIONS
1935-39 = 100
175
OF DOLLARS
500
400
-
300
-
:/~
CAPITAL EXPENDITURES
A
A
(LEFT
/
- 125
SCALE)
PRODUCT/ON.
J
>^/*#
(RIGHT SCALE)
..••••
200
/*
/v /
'•••
\
100
0
\
/
1
I
1
1
!
1
1919 '20 "21 '22 '23 '24
!
i
]
I
1
1
/
/
\/
/
I
1
!
1
50
'35 '36 '37 '38 '39 '40 '41
Source: Capital Expenditures for all years and Estimated Production for 1941,
U. S. Department of Commerce; Production for 1919-40, Board of Governors of the
Federal Reserve System.
lays at that time, particularly in 1920, The capital
expenditures of 300 million dollars for the textile and
related products industries in that year are the largest
on record. (See fig. 13.) Late in 1920, the general
price decline was followed by a reduction in capital
outlays which extended through the following year.
The recovery in capital expenditures in 1923 was
due principally to the expansion of cotton spinning
and weaving in the Southeastern States, and to some
expansion in the woolen and worsted mills in New
England. Some expansion of capital facilities in the
cotton spinning and weaving industry in the Southern
States continued until about 1930. The New England
States, however, have experienced a steady reduction
of such facilities since 1923.
Although the physical output of textiles and apparel
* See "Cotton from Raw Material to Firnished Product", The Cotton Textile
Institute, 1940.
« See Ralph C. Epstein, "Industrial Profits in the United States," National Bureau
of Economic Research, 1934; also Leland Rex Robinson, "Corporate Earnings on
Share and Borrowed Capital in Percentages of Gross Income (1918-40)," Journal of
the American Statistical Association, June 1941, pp. 253-264.
December 1941
23
SUEVEY OF CURRENT BUSINESS
of various types has been well maintained and in the
aggregate has a slightly rising trend over the past two
decades, total capital expenditures in this industry
show a pronounced downward trend over the same
period (see fig. 13). In the absence of any major
advance in demand or technology, capital expenditures
would be expected to remain below the levels attained
during the early part of the 1920 decade. Today,
however, many textile research specialists believe
important developments are in prospect which may have
a significant influence upon the textile industries in the
readjustment following the present war.
The most striking textile development during the
past two decades has not been in spinning, weaving, and
converting, or in the cutting trades, but in the development of new fibers; notably rayon and nylon. For
purposes of industrial classification, the manufacture of
these and other synthetic fibers is usually included with
the chemical industries. Consequently, capital expenditures for this purpose are not included in the totals
shown in figure 13, but in view of their close relationship
to the textile industries a brief discussion of this
expansion is given in the following paragraph.
Few industrial processes have experienced a more
rapid growth than rayon fiber manufacturing. In
1919, approximately 8 million pounds of rayon filament
yarn were produced in the United States. The corresponding figure in 1930 was 127 million pounds.
During the intervening years, more than 150 million
dollars appears to have been spent upon new plant and
equipment for the fabrication of this fiber. This
expansion was particularly rapid from 1925 to 1929.
In 1940, the total production of rayon of all types had
reached 390 million pounds of filament yarn and 80
million pounds of staple fiber (a more recent development).
Thus, in a period of approximately two decades,
rayon has grown from a practically unknown material
to one of our major textile fibers. It is important to
observe, however, that the rapid practical expansion of
rayon fabrication was preceded by many years of
experimentation in search of a synthetic textile fiber,
the earliest patent for the fabrication of a cellulose fiber
using methods similar to those now followed having
been awarded in France in 1874.
decade from 1901 to 1910, which was a period of very
substantial construction activity. Railroad construction, which at one time required large quantities of
lumber, also has declined over the past 40 years. The
relative importance in the uses of lumber of all types in
1939 (based upon the number of board feet) has been
estimated as follows: Construction, 68 percent; boxes
and crates, 12 percent; railroad structures and rolling
stock, 7 percent; furniture, automobiles, and other
industrial uses for further fabrication, 9 percent; and
exports, 4 percent.
During the past two decades, capital outlays in the
lumber and lumber products industries show both a
declining trend and wide fluctuations. They were
Figure 14.—Estimated Capital Expenditures for Plant and
Equipment and Index of Production for Lumber and
Lumber Products
MILLIONS OF DOLLARS
2 00
1935-39 = 100
!5O
•
\f
*
^PRODUCTION
(RIGHT SCALE)
A
100
100
1919 '20'21 '22 ' 2 3 ' 2 4 ' 2 5 ' 2 6 ' 2 7 '28'29 '30'31 '32*33 '34 " 3 5 ' 3 6 ' 3 7 ' 3 8 ' 3 9 ' 4 0 '41
Source: Capital Expenditures for all years and Estimated Production for 1919-22
and 1941, U. S. Department of Commerce; Production for 1923-40, Board of Governors of the Federal Reserve System.
largest in 1920, approximating 160 million dollars, and
in 1926 were slightly more than 140 million. The sharp
decline following 1926 which was only slightly interrupted in 1929, is conspicuous.
In 1919, lumber production was only slightly more
than it had been during the preceding year and less than
in any other year since 1908, and it declined still further
in 1920. Prices, however, were high and profits unusually large for this industry. This situation appears
to be largely responsible for the peak capital expenditures in the lumber and lumber products industry in
1920.
The demand for lumber and lumber products during
Lumber and Lumber Products.
the years from 1923 to 1929 was substantially above
The lumber and lumber products industries are the the long-time, declining trend. This was due very
only major group of manufacturing industries experi- largely to the residential building boom and to the subencing a declining trend in output since 1899.6 Two stantial volume of other types of construction throughprincipal factors tend to account for this: First, in- out the entire period from 1923 to 1929. Approxicreases in the use of competing materials, especially mately three-fourths of the lumber production during
steel, concrete, clay products, and paperboard; second, this period was used in construction, particularly in
a declining trend in the activity of some of the proc- residential building, which is the principal use for softwood types of lumber.
esses which use this material.
Capital expenditures in the lumber and lumber prodConsiderably fewer residential units appear to have
been built during the last decade than during the ucts industries were maintained moderately well during
the 1920 decade, though they experienced a slight de8
Fabricant, op. cit.
24
SURVEY OF CUREENT BUSINESS
clining trend. One factor responsible for the moderately large capital outlays in the decade of the twenties
was the substantial increase in lumber production in
the Rocky Mountain and Pacific States. In all other
parts of the country, lumber production appears to have
experienced a declining trend.
Considerable centralization and modernization of
lumber mills (which account for nearly half of the total
value added in the lumber and lumber products industries) occurred from about 1900 to the World War
period. Since then, relatively few changes, with the
possible exception of kiln drying and the preservative
treatment of lumber, have occurred which have influenced substantially the capital outlays in this branch
of the industry.
On the other hand, technological advance has been
considerable in furniture manufacturing and plywood
production, and to some extent in the methods of using
lumber in construction—such as prefabrication, timber
connectors and the increased use of power saws. Following the practical introduction of moisture-resistant
resin glues in the manufacture of plywood in about 1935,
the fabrication of this product has increased rapidly and
substantial expenditures have been made for productive
facilities for its manufacture. The production of Douglas fir plywood, the principal type, increased to nearly
three times the 1929 volume in a period of 10 years.
December 1941
larger than in any other year.
This particular expansion in facilities was due predominantly to the practical introduction on a large
scale of methods for utilizing Southern yellow pine in
in the manufacture of sulfate (kraft) pulp and paper
products. More recently processes have been developed for the manufacture of a new type of newsprint
from this pulp wood, and in 1939 a large Texas mill was
constructed for this purpose.
Although the production of all types of paper and
allied products has been at record levels for the past 3
years and many plants are now operating close to full
capacity, only a moderate expansion in facilities has
taken place. In 1939 and 1940 this may have been
influenced by a desire on the part of the concerns in
this industry to avoid excess capacity at low prices,
particularly in view of the prospective revival of large
Figure 15.—Estimated Capital Expenditures for Plant and
Equipment and Index of Production for Pulp, Paper, and
Allied Products
MILLIONS OF DOLLARS
300
1935-39-=100
1150
200
125
150
IOO
Pulp, Paper, and Allied Products.
The production of pulp and paper products in the
United States has increased substantially and with only
one important interruption during the past two decades,
that of the years 1929-35. Particularly marked increases have occurred in the production of paperboard.
Nearly 8 million short tons of paperboard of all types
will be fabricated in 1941 compared with less than 2
million tons in 1919.
The production of wrapping papers also has increased
from less than 1 million tons in 1919 to 2.3 million tons
in 1941. Newsprint paper is the only major product
of this industry whose fabrication in this country has
decreased since 1919, the largest part (about two-thirds)
of our domestic requirements in recent years having
been supplied by imports from Canada.
The heavy capital expenditures for pulp and paper
making facilities in 1920 occurred in a year of unusually
high net earnings for the concerns in this industry and
were undoubtedly influenced by that situation. A
steady growth which more than doubled the production
of all pulp, paper, and allied products from 1921 to
1929 (see fig. 15) resulted in sizable capital outlays in
this industry throughout the period, particularly from
1927 through 1929.
Total output of pulp and paper products was in moderately smaller volume for a few years after 1929, but it
had recovered its previous high by 1935 and continued
its strong upward trend thereafter. In the following 2
years very large outlays were made in this industry,
those of approximately 180 million dollars in 1937 being
50
I
I
I
I
1919 '20 '21 '22 '23 '24 '25 '26 '27 '28 '29 '30 '31 '32 '33 '34 '35 '36 '37 '38 '39 '40 '41
0.0. 41-546
Source: Capital Expenditures for all years and Estimated Production for 1919-22
and 1911, U. S. Department of Commerce; Production for 1923-40, Board of Governors
of the Federal Reserve System.
pulp imports from Scandinavian countries after the war.
Today, difficulties in securing machinery and some
essential raw materials, prevent any major enlargement
of facilities.
Printing, Publishing, and Allied Industries.
The production of newspapers, periodicals, books, and
similar printed products increased steadily from 1921
to 1929. This fact tends to account for the sustained capital expenditures in this industry during the 1920 decade.
In the following decade, however, only 2 years, 1937
and 1939, experienced a production in this industry
larger than that in 1929, and the production in each of
these years was only very slightly larger than that in
1929. Moreover, few technical developments appear to
have been made during this period which would tend
to stimulate capital outlays for the replacement of
existing printing machinery or other equipment. Most
types of printing machinery are very carefully made and
have a long useful life.
In view of very slight increases in production and the
SURVEY OF CURRENT BUSINESS
December 1941
absence of major technological or other changes, it is
not surprising that capital expenditures in printing,
publishing, and allied industries have been much smaller
in recent years than during the 1920 decade.
25
tries in this group. During the 1930 decade, the facilities in nearly all stone, clay, and glass industries have
been adequate to meet production requirements without further additions to plant and equipment. Also,
Stone, Clay, and Glass Products.
17.—Estimated Capital Expenditures for Plant and
This group of industries includes establishments en- Figure
Equipment and Index of Production for Stone, Clay, and
Glass Products
gaged in the fabrication of a wide variety of products
such as flat glass, glassware, cement, structural clay
I935-39°IOO
MILLIONS OF DOLLARS
175
500
products, pottery, concrete and gypsum products, cut
stone, and miscellaneous nonmetallic mineral products.
Many different basic materials also enter into these
400 r
150
:
products.
j
In view of the diversified character of this group, it is
CAPITAL EXPENDITURES
r
(LEFT SCALE)
300
not possible to attach any special significance to the
> - 125
/ \
PRODUCTION. .
fluctuations in the total capital expenditures for these
r \
(RIGHT SCALE) V . .••
industries apart from the reflection in the total of the
200
- 100
outstanding developments in some of the individual
\
/ \
/
industries.
The steadily maintained capital expenditures in this
75
100
\
/
"
group of industries from 1919 through 1929, subject
only to what appear to be cyclical interruptions in 1921,
! ( ! 1 Vf' 1 1 1 1 1 1 1
0
1924, and 1927, were to a considerable extent concen50
1919 '20 '21 '22 '23 '24 '25 '26 '27 '28 '29 '30 '31 '32 '33 '34 '35'36 '37 '38 '39 '40 '41
trated in cement, concrete products, structural clay
DO. 41-542
Capital Expenditures for all years and Estimated Production for 1941,
products, and flat glass plants (see fig. 17). This U.Source:
S. Department of Commerce; Production for 1919-40, Board of Governors of the
Federal Reserve System.
expansion reflected the unprecedented volume of building, highway, and other construction during this period, few technological developments have occurred to accelas well as the rapidly increasing demand for plate glass erate the replacement of existing facilities, although
in automobile manufacturing, particularly following the improvements in glass container and flat-glass machinery
introduction of safety glass. Construction activity
in recent years are important exceptions. However,
Figure 16.—Estimated Capital Expenditures for Plant and for the stone, clay, and glass industries as a group,
Equipment and Index of Production for Printing, Pub- outlays for plant and equipment during the 1930's
lishing, and Allied Industries
have been less than half of the average for the preceding
MILLIONS OF DOLLARS
1935-39= 100
decade.
125
>00
i
Summary.
. PRODUCTION
f
(RIGHT SCALE) .
y
50
V
00
-- 75
5 0 "~
- 50
CAPITAL EXPENDITURES
(LEFT SCALE)
0
!
1
1
1
1
1
1
I
1
1
I
1
1
!
1
1
1
1
1
'
!
1
1919 '20 '21 '22 '23 '24 '25 '26 '27 '28 '29 '30 '31 '32 '33 "34 '35 '36 '37 '38 "39 '40 '41
Source: Capital Expenditures for all years and Estimated Production for 1919,
1921, and 1941, U. S. Department of Commerce; Production for 1923-40, Board of
Governors of the Federal Reserve System.
declined slightly beginning in 1927 and fell off precipitously after 1930. During the following 4 or 5 years,
the volume of construction probably was lower, after
making allowances for price changes, than in any year
in the United States since 1904.
The capital outlays in the stone, clay, and glass
industries in 1928 and 1929 include heavy expenditures
by several concerns engaged in flat-glass production,
together with sizable capital outlays in the other indus428343—41
4
An examination of the fluctuations in capital expenditures in the major groups of manufacturing industries
leads to 2 observations which warrant special emphasis.
First, although the capital outlays in nearly all of the
industries reflect to some extent the short-run fluctuations in general business, they exhibit markedly different behavior in their long-run trends and fluctuations.
This characteristic will be more evident after an examination of data upon the capital expenditures for all of
the 12 manufacturing industries for which such estimates have been made, especially automobiles, blast
furnaces and steel works, leather and leather working,
and petroleum refining in addition to those treated in
this article.
In the second place, capital expenditures in manufacturing industries occur principally as the result of
changes—changes in products, technical processes, and
advances to new high levels in the demand for existing
products, and only to a limited extent as the result of
the replacement of plants and equipment arising solely
from well-sustained but fundamentally unchanging
operations.
26
SURVEY OF CURRENT BUSINESS
December 1941
Methods of Deriving Estimates
The estimates presented in these articles are derived by indirect methods, with the
Textiles and Related Products.
exception of those for the automobile industry which are based upon reported capital
Estimates of annual building construction and of machinery expenditures for cenexpenditures by several automobile manufacturing corporations that accounted
sus years at prices paid by textile manufacturers were secured in the manner prefor over 75 percent of the estimated total of such capital expenditures in 1939 and those viously indicated. The textile machinery estimates included some allowances for
for the blast furnaces and steel works industry which are based largely upon the capiattachments, but not for parts, in order to obviate possible double-counting of the
tal outlays reported by corporations which accounted for 60 percent of the capital
latter.
expenditures of this industry in 1939.
Textile machinery production in the intervening years was calculated by an interWith these exceptions the year-to-year changes in each industry have been derived
polation based upon textile machinery manufacturing pay rolls compiled by the
by one or the other of two methods: (a) Gross increments in physical capacity (such
Bureau of Labor Statistics for 1923 and subsequent years. Machinery estimates for
as barrels of petroleum throughput) multiplied by appropriate indexes of constructhe intercensual years 1920 and 1922 were derived by a relationship established graphition costs, and in one industry (petroleum refining) also by an index representing the
cally between machinery production and building construction in the biennial census
effect of technological changes upon construction costs; or (b) a series based upon
years throughout the entire period. Subsequent allowances were made for imports
annual dollar expenditures for factory buildings (derived from reports of contracts
and exports of textile machinery. Estimates of the total textile building construction
awarded) plus estimates of the annual production of industrial machinery (textile
and textile and allocable general-purpose machinery secured in this manner, accounted
machinery, woodworking machinery, printing machinery, food processing machinfor approximately 80 percent of the capital expenditures reported to the Bureau of the
ery, pulp and paper making machines, steam engines, etc.). The latter method folCensus for the year 1939 with allowances for undercoverage similar to that indicated
lows the procedures used in compiling estimates of total manufacturing capital exfor foods and related products.
penditures described in the March 1941 issue of the Survey of Current Business.
Lumber and Lumber Products.
In each industry the bench mark for the estimates throughout the entire period
is the capital expenditure for plant and equipment in 1939. These bench marks
Estimates of annual building construction and of machinery expenditures for
are based upon the reports made for that year to the Bureau of the Census by every
census years were secured in the manner previously indicated. Machinery expendioperating manufacturing establishment in the United States. Adjustments to the
tures in the intervening years were calculated by an interpolation based upon the
preliminary Census tabulations were made for some underreporting and for undershipments of woodworking machinery compiled by the Woodworking Machinery
coverage due to expenditures involved in the construction of plants during 1939 at
Manufacturers Association. Estimates of the total of building construction and
establishments which did not operate in that year and consequently did not report
machinery expenditures for the lumber and lumber products industries secured in
to the Bureau of the Census.
the above manner accounted for slightly more than 60 percent of the capital
Allowances in some industries were made for the production of leased machinery
expenditures in 1939 based upon the Bureau of the Census returns with allowances
(particularly in shoe manufacturing) and for factory buildings constructed by
for undercoverage.
others than manufacturing concerns for leasing to the latter. In a few industries,
j
Pulp,
Paper, and Allied Industries.
especially printing and publishing, allowances were also made for some expenditures
Estimates of annual building construction and of machinery expenditure:- for census
for manufacturing facilities by governmental agencies. Although expenditures for
years were secured in the same manner as set forth above for other industries. The
manufacturing facilities by the Federal Government are very large in 1941 (considermachinery production in intervening years was calculated by an interpolation based
ably more than those by private concerns in this year), such expenditures were quite
upon the gross sales of machinery manufacturing concerns specializing in equipment
small in 1939, probably not more than 5 percent of the total. They were also small
used in this group of industries.
in other years covered by these detailed estimates with the possible exception of
This method of interpolation was also used in several other industries. For the
1919 and 1920 in which years some expenditures were made by the Federal Governpulp, paper, and allied machinery, the gross sales of a slightly varying number of
ment upon facilities for shipbuilding purposes in a continuation of the World War
corporations, usually 6 to 10 in number, were used. The total building construction
program.
and specialized and allocable general purpose machinery for the pulp, paper, and
The following factors were applied to the capital expenditures for buildings and
allied products industries derived in the above manner accounted for approximately
machinery (excluding land) reported to the Bureau of the Census for 1939, in order
65 percent of the capital expenditures reported by establishments in these industries
to secure the basic estimates referred to above: food and kindred products, 1.20;
to the Bureau of the Census with allowances for undercoverage.
textiles and related products, 1.25; lumber and lumber products, 1.33; pulp, paper,
and allied products, 1.33; printing, publishing, and allied industries, 1.25; stone,
Printing, Publishing, and Allied Industries.
clay, and glass products, 1.25.
Estimates of annual building construction and of machinery expenditures for
The estimates of machinery expenditures in the various industries include allow• census years were secured in the manner described above. The method used in
ances both for special purpose and some general purpose machinery. The expendiinterpolating expenditures for machinery in the intervening years was calculated by
tures for some types of general purpose machinery, such as steam engines, steam turusing the gross sales of printing machinery manufacturing concerns.
bines, and motors can be approximately allocated to the different manufacturing
The total building construction and specialized and allocable general purpose
industries on the basis of the increments in the installed horsepower of each of these
machinery for the printing, publishing, and allied industries derived in this manner
types of machinery between manufacturing census years. Data of this general
was slightly (2 percent) larger than the capital expenditures reported by establishcharacter were first reported in 1870. They are available for all but one manufacturments in this industry to the Bureau of the Census in 1939 after allowances for some
ing census year from that date to 1929, and were also reported in 1939.
undercoverage. This is not surprising in view of the large proportion of specialized
The following brief statements indicate the methods used in deriving the capital
machinery used in this industry. It is also possible that the adjustments for mark-up
expenditures for each of the industries shown in table 1.
applied to the production value of printing machinery reported by the machinery
manufacturing concerns engaged in this business may have been too large. (See p. 15,
Food and Kindred Products.
March 1941, Survey of Current Business.) Also, some of the printing machinery
The year-to-year changes in the capital expenditures in this group of industries were
undoubtedly was sold to manufacturers who did a small amount of printing work
derived by adding estimates of building construction activity (based upon factory
for their own purposes but did not report this branch of their work as a special census
building contracts awarded) to estimates of specialized and general purpose machinestablishment.
ery. The machinery estimates for biennial census years were derived from the proStone, Clay, and Glass.
duction of special purpose machinery, such as bakers, bottlers, canning, confectionery
Estimates of annual construction and of machinery expenditures for census years
and ice cream, flour milling, packing house, and refrigerating machinery reported in
were secured in the manner previously indicated. The machinery production in the
the Census of Manufactures, together with appropriate allocations to the food inintervening years for this group of industries was calculated by an interpolation based
dustries of general purpose machinery, such as engines, motors, blowers, and packagupon the gross sales of machinery manufacturing concerns which specialize in the
ing machines. Allowances were subsequently made for imports and exports. (See p.
fabrication of equipment used in these industries. The gross sales of approximately
15, March 1941, Survey of Current Business for adjustments used in deriving these
20 specialized machinery manufacturing concerns were used in interpolating the data
estimates.)
for intercensual years in this group of industries.
The machinery estimates for biennial census years experienced a close covariation
The total building construction and specialized and allocable general purpose mawith the building construction estimates for these years. Consequently, the machinery, estimated in this manner for the stone, clay, and glass industries, accounted
chinery estimates for the intercensual years were interpolated graphically by using
for approximately 40 percent of the capital expenditures reported by the establishthe relationship between machinery and building construction derived from data for
ments in these industries to the Bureau of the Census in 1939 with allowances for
the biennial census years.
undercoverage.
Estimates of expenditures for building construction and for machinery in the foods
Since these estimates in most cases are based upon indirect methods and incomplete
and kindred products industries, secured in the above manner, accounted for approxireports they should be considered preliminary and subject to revision. The author
mately 70 percent of the capital expenditures in the base year 1939 derived from direct
would greatly appreciate criticisms or suggestions for improving these estimates from
reports by all concerns in this group of industries to the Bureau of the Census, plus
persons who have special knowledge of data upon capital expenditures in particular
allowances for some underreporting and for undercoverage due to expenditures at new
manufacturing industries.
plants which did not operate in that year.
S-l
SURVEY OF CURRENT BUSINESS
December 1941
Monthly Business Statistics
The data here are a continuation of the statistics published in the 1940 Supplement to the SURVEY OF CURRENT BUSINESS.
That volume contains monthly data for the years 1936 to 1939, 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 1936. Series added or
revised since publication of the 1940 Supplement are indicated by an asterisk (*) and a dagger (f), respectively, the accompanying
footnote indicating where historical data and a descriptive note may be found. The term "unadjusted" and "adjusted"used to
designate index numbers refer to adjustment of monthly figures for seasonal variations.
Data subsequent to October for selected series will be found in the Weekly Supplement to the Survey.
Monthly statistics through December 1939, to- 1941
1940
gether with explanatory notes and references
to the sources of the data, may be found in the October October Novem- Decem1940 Supplement to the Survey
ber
ber
1941
January
February-
March
April
May
June
July
SepAugust tember
BUSINESS INDEXES
INCOME PAYMENTS!
Indexes, adjusted: §
Total income payments..
1935-39=100..
Salaries and wages
...do
Total nonagricultural income
do
Total
mil.ofdoL.
Salaries and wages:
Total
do_...
Commodity-producing industries.-do
Distributive industries
do
Service industries
do
Government
do
Work-relief wages. _
do
Direct and other relief
do
Social-security benefits and other labor income
mil. of do]..
Dividends and interest
do
Entrepreneurial income and net rents and royalties
mil. of dol_.
Total nonagricultural income
do
141.0
147. 5
137.9
8,262
115.8
120.1
116.5
6,812
116.6
121.1
117.2
6,362
119.0
124.7
119.7
7,534
121.3
' 127.8
' 122.2
6,695
' 123. 1
131.1
' 124. 6
' 6,370
124.0
132.4
125. 6
6,977
125.1
133.6
126.6
6,952
128.6
138.1
130.0
' 131.5
' 142. 0
'133.2
' 7, 690
133.1
143. 3
134.4
7,474
'
'
'
'
136.7
145.1
135.9
7, 277
f!39.1
v 5, 386
v 2, 472
v 1,121
P947
P767
4,397
1,755
1,009
897
609
127
90
4,386
1,750
996
903
616
121
90
4,527
1,805
1,046
913
635
128
93
' 4, 422
' 1, 779
'974
905
••633
131
96
r 4, 523
r 1,868
r984
907
4,714
1,960
1,034
920
'679
121
96
4,909
2,124
1,049
925
'695
'116
r
'639
125
4,619
1,923
'999
913
'658
126
5,077
' 2, 243
' 1,083
930
'717
104
4,993
2,277
1,088
937
'605
'86
90
' 5,082
' 2, 347
1,096
942
'617
80
90
5,255
2,400
1,114
'947
'715
149
783
145
429
148
1,508
159
790
154
432
154
913
'148
'793
152
453
151
1,094
'152
'149
444
'147
p 1,812
p 7,162
1,393
6,054
1,312
5,702
1,258
6,950
1,228
' 6,1E6
' 1,165
' 5,894
r 1, 193
' 6, 476
1,201
' 6,442
1,241
' 6,294
1,276
' 7,105
1,349
' 6,810
1, 512
' 6, 466
1,675
' 7, 097
v 162. 0
v 112.5
117.0
80.5
69.0
90.5
93.5
94.5
70.5
96.5
79.5
66.6
91.5
99.5
91.0
74.5
86.0
85.5
72.0
98.0
104.0
96.0
89.5
74.5
86.5
73.0
98.5
99.5
101.0
85.0
61.5
84.0
66.5
100.5
102.0
105.0
78.0
68.0
88.5
79.5
97.0
97.5
100.0
82.0
74.0
93.0
77.5
107.0
108.5
114.5
82.6
83.5
96.5
82.0
110.0
108.5
118.5
83.6
86.0
96.0
81.0
110.0
107.6
117.6
90.0
99.0
98.5
83.5
112.5
107.5
122.5
90.5
123.0
102.0
144.5
110.0
99.0
120.0
' 122. 5
'129.0
'88.5
v
v
v
v
P79
P146
*830
145.6
136.5
8,064
AGRICULTURAL INCOME
Cash income from farm marketings:
Crops and livestock, combined index:
Unadjusted
1924-29=100.
Adjusted
.
do...
Crops
do...
Livestock and products..
..do
Dairy products
do___
Meat animals
.do
Poultry and eggs
do...
INDUSTRIAL PRODUCTION!
PIOI.5
p 122. 5
124. 5
130.0
P
P
P92.0
95.0
109.0
112.5
114.0
87.0
(Federal Reserve)
Unadjusted:
136
136
135
144
135
144
159
'140
155
160
162
Combined indext
1935-39=100..
'167
139
138
140
149
139
164
144
153
160
p 173
165
Manufactures}:._
do
167
'172
159
161
'196
178
171
192
164
166
182
198
P211
Durable manufactures!
do
'•199
'206
171
172
185
179
184
184
174
179
181
184
191
Iron and steel!
...do
185
192
132
144
126
119
134
123
140
121
130
116
p 146
Lumber and products*
do
152
149
133
149
129
'143
130
160
133
133
135
123
p 164
Furniture*
do
158
'160
132
142
115
130
135
123
118
114
128
113
Lumber*
do
P136
148
'144
149
216
177
206
214
152
185
164
194
168
Machinery*
_
.do
p 236
'224
'227
152
188
173
190
185
158
179
184
162
166
Nonferrous metals*!
do
P!85
'185
'188
142
166
112
164
172
136
125
125
142
110
Stone, clay, and glass products*..do
P176
172
174
154
177
102
163
174
145
117
139
124
Cement
__do
185
100
181
184
119
160
120
159
163
115
130
111
135
110
Glass containers*
do
173
172
166
127
96
131
142
149
129
141
142
141
144
Polished plate glass
.do
117
109
120
179
207
'230
244
185
214
'229
188
194
206
Transportation equipment*!
do
P270
221
'245
552
p
741
'876
'932
600
635
768
1,003
818
685
Aircraft*!
do
1, 354
1,123
1, 210
Automobile bodies, parts and as143
142
'135
138
150
136
152
148
161
138
P 144
118
sembly*
1935-39=100.'133
161
142
134
152
151
160
139
164
161
164
110
47
Automobiles, factory salesd*!--do
74
163
152
342
186
204
234
280
P378
222
308
'257
355
Locomotives*
do
'371
153
141
172
233
P 285
178
178
218
182
'233
196
236
Railroad cars*
do
'248
219
229
P632
467
263
282
335
'381
307
'425
'354
'- 485
Shipbuilding private yards* do
'556
121
p 143
121
121
138
118
126
'135
122
138
'130
142
Nondurable manufactures_.do
'145
104
108
131
93
87
100
120
94
129
108
122
Alcoholic beverages*
do
137
120
1-121
122
••122
139
P 153
'129
'135
'124
'138
'136
142
Chemicals*
do
'148
98
125
p 122
99
104
122
120
117
119
118
'129
Leather and products
do
127
102
95
106
128
p 121
128
124
121
119
123
135
Shoes*
.do
130
116
115
126
104
'139
P 152
107
120
104
129
112
'154
Manufactured food products*!__.do
'159
80
79
96
193
84
*117
105
182
92
199
134
183
Dairy products*!-.
do
143
151
127
159
119
134
133
122
132
122
121
119
116
Meat packing
do
119
124
127
141
123
126
136
141
131
143
137
146
Paper and products*
do
149
124
124
145
124
128
137
145
133
147
140
150
Paper and pulp*
do
151
119
118
129
119
119
126
120
128
120
120
131
Petroleum and coal products* do..
134
148
145
154
149
154
148
152
154
150
133
154
Coke*
.do....
152
115
114
125
114
122
115
124
119
115
115
128
Petroleum refining
do
131
112
113
116
121
126
115
127
112
124
109
p 129
'121
Printing and publishing*
do
'124
135
126
153
155
162
151
192
157
137
145
P 134
130
Rubber products*
do
131
137
126
155
147
157
143
155
150
P151
140
138
154
Textiles and products.
do
'151
139
129
162
156
164
152
160
160
142
144
160
Cotton consumption*..
do
161
156
151
144
173
150
169
148
173
158
154
154
170
Rayon deliveries*!
do..
P171
168
87
69
74
60
66
73
68
50
Silk deliveries*....
..do....
77
79
72
10
32
139
157
152
165
163
152
145
136
149
166
Wool textile production*
do
129
P163
'170
115
123
110
121
128
113
108
122
120
98
108
Tobacco products.
do
133
132
'"Revised.
» Preliminary.
c? Formerly designated as "automobiles."
§ Revisions in indexes due largely to changes in the seasonal adjustment factors.
fRevised series. For revised data on income payments beginning 1929, see table 21, pp. 16 to 18 of the July 1941 Survey. For industrial production series, see note marked
with a " f on p. S-2.
•New series. See note marked with a " t " on p. S-2. iRevisions appear in the September 1941 Survey see note marked with a " t " on p. S-2.
S-2
SURVEY OF CURRENT BUSINESS
1941
1940
Monthly statistics through December 1939, together with explanatory notes and references
to the sources of the data, may be found in the October October Novem- December
ber
1940 Supplement to the Survey
December 1941
1941
January
February
March
April
May
June
July
SepAugust tember
BUSINESS INDEXES—Continued
INDUSTRIAL PRODUCTIONf—Con.
Unadjusted—Continued.
Minerals %
1935-39=100
Fuels*
. _
do._
Anthracite
do
Bituminous coal __.
___ _ do Crude petroleum
do
Metals* X
do
Copper*
._
do _.
Lead
do
Zinc+
- - . . . do
Adjusted:
Combined indexj __
_
do
Manufactures^
do
Durable manufactures %
.. .. do
Iron and steelj
do
Lumber and products*
do
Furniture*
do _
Lumber*
do
Machinery* . _ _ _
do
Nonferrous metals* X
do
Stone, clay, and glass products*...do
Cement _
. . ._
__ do
Glass containers*
do
Polished plate glass
do
Transportation equipment* %
do
Aircraft*% do
Automobile bodies, parts and
assembly*.
1935-1939=100
Automobiles, factory sales eft do
Locomotives*
do
Railroad cars*
_ ___ do
Shipbuilding (private yards)*..do
Nondurable manufactures_ _. do
Alcoholic beverages* .
do
Chemicals*
do
Leather and products
do
Shoes*
.
do
Manufactured food products*^ do
Dairy products*!
_
do
Meat packings
do
Paper and products*
do
Paper and pulp*__
do
Petroleum and coal products*
do
Coke*
do
Petroleum refining
do
Printing and publishing*
do
Rubber products*
do
Textiles and products
.
do
Cotton consumption*
do
Rayon deliveries*^
_
do
Silk deliveries*.
do
Wool textile production*
do
Tobacco products
do
Minerals!
Fuels*
Anthracite...Bituminous coal
Crude petroleum
Metals* %
Copper* X - -Leadt
ZineJ
_
-
do
do
do
do
do
do
do
do
do
122
112
99
110
114
178
146
117
118
119
115
98
128
111
146
147
114
120
113
116
115
127
111
98
146
118
123
113
117
114
130
111
95
145
116
125
114
118
112
134
112
93
155
116
126
116
121
105
143
114
92
151
116
125
96
87
76
18
116
148
156
121
133
127
118
88
126
118
181
159
117
127
131
123
116
132
120
181
152
116
136
130
121
107
128
119
184
147
110
125
134
125
120
135
122
' 187
152
116
131
' 137
' 129
' 122
'144
'124
' 182
' 152
120
p 135
1, 354
130
134
155
172
123
122
124
149
149
126
133
115
111
165
552
134
137
157
171
127
125
128
152
155
130
140
114
113
171
600
139
142
164
174
132
128
133
164
162
140
155
119
117
177
635
140
144
171
179
137
132
139
168
167
154
181
123
137
190
685
144
148
176
179
135
129
139
177
173
158
183
131
138
203
741
147
151
180
184
128
132
125
185
179
150
156
139
135
207
768
144
153
180
181
132
139
128
194
183
142
139
135
142
197
818
154
' 160
190
184
132
••152
122
206
189
141
134
148
142
••229
'876
159
164
195
184
135
155
125
214
184
150
138
155
152
243
'932
160
165
199
185
141
161
131
216
188
151
143
154
146
'255
1,003
'161
••166
199
185
140
153
134
'224
'185
154
148
158
133
240
1,123
161
'166
'203
192
137
'152
' 129
'227
'189
156
154
163
120
'245
' 1, 210
p 144
p 110
p 378
v 285
*:632
125
130
160
148
227
125
134
168
166
226
125
129
186
172
263
134
144
204
178
282
143
152
222
182
307
142
143
234
178
335
124
122
'257
196
r
354
152
151
280
218
'381
161
148
308
233
425
' 168
154
342
233
467
139
93
355
236
'485
'133
74
'371
'248
'556
P138
116
103
116
97
100
118
122
127
122
121
116
145
112
109
126
123
126
129
71
132
115
120
96
r 117
107
112
117
117
133
125
124
118
147
114
110
132
135
139
146
77
140
113
124
101
121
109
113
121
125
134
130
131
120
149
116
112
144
140
142
156
74
145
114
123
105
••123
107
110
117
131
114
129
129
122
150
117
111
141
138
144
156
69
136
113
126
108
rl24
108
112
120
127
126
128
128
122
152
117
114
153
143
152
148
67
149
116
' 128
104
' 125
114
115
121
125
134
132
133
123
154
118
116
155
146
156
150
71
152
117
131
107
-•133
114
117
123
135
126
134
136
121
133
119
118
158
150
160
158
74
152
120
135
114
"136
123
126
124
134
132
142
145
125
148
122
122
162
157
164
169
71
165
119
139
122
r H4
130
136
127
130
124
145
149
127
154
123
128
192
156
160
173
73
163
118
138
130
146
129
132
'127
133
125
147
152
128
154
124
127
153
155
162
173
77
157
114
139
128
145
121
'120
133
136
134
147
152
130
154
126
129
130
154
160
170
56
166
118
'137
131
' 146
119
116
' 130
140
126
144
149
132
152
128
' 125
131
152
156
168
34
' 170
121
113
109
94
98
115
135
141
117
118
118
113
97
112
115
148
143
113
120
118
113
108
115
113
147
145
116
123
119
114
98
117
114
148
148
116
125
118
113
102
114
113
148
153
116
126
125
121
102
149
112
148
148
118
125
95
86
71
22
113
149
152
119
133
126
121
80
149
114
152
159
115
127
132
129
126
153
120
152
155
117
136
131
127
137
146
119
151
156
114
125
'132
129
162
147
119
' 148
155
116
131
'131
' 128
' 127
' 139
'124
'146
154
120
' 135
172
235
253
211
231
269
131
171
237
258
214
209
292
129
172
252
294
216
267
282
120
176
246
257
256
238
231
132
189
277
303
295
277
237
132
194
285
296
304
267
263
136
196
277
288
304
255
247
144
207
290
308
307
276
269
154
229
330
316
289
298
429
164
212
295
339
281
294
301
159
196
257 I
309 1
223 !
290
285
157
146
167
148
159
175
148
172
158
178
176
152
184
161
200
195
148
175
155
181
190
159
189
165
205
198
165
198
165
209
210
172
205
155
231
215
180
219
172
244
235
191
233
181
252
245
185
222
159
246
245
188
216
84
238
262
'208
'239
' 118
'267
'265
234
162
173
128
129
122
133
107
163
142
132
261
170
172
127
130
120
134
112
164
141
130
336
193
167
123
124
112
146
107
169
143
123
268
181
163
124
142
114
142
110
158
140
114
325
202
176
133
146
120
148
110
171
154
134
370
217
183
136
144
123
152
114
174
157
140
439
230
196
142
159
127
162
121
193
166
142
443
235
206
146
164
134
168
134
214
160
129
478
267
219
154
172
144
173
139
236
178
125
452
251
210
151
164
138
173
143
213
170
137
513
262
226
164
166
150
181
151
203
195
164 i
'639
' 301
'237
' 180
188
'174
' 192
151
228
'206
16 r
p 139
v 132
p 123
*>142
P130
v 175
155
v 132
p 164
p 170
P209
p 191
v 135
v 151
p 127
r 236
P185
v 158
159
168
102
P270
P
p 148
p 121
p 119
P133
133
p 125
p 134
p 151
161
p 171
10
p 163
128
p
p
p
p
p
p
£
131
129
116
127
131
146
150
p 132
MANUFACTURERS' ORDERS, SHIPMENTS, AND INVENTORIES*
New orders, total
Jan 1939 — 100
Durable goods
do
Electrical machinery. .
__
do
Iron and steel and their products
do
Other machinery
do
Other durable goods
do
?' Nondurable goods
do
Shipments, total
_
do
Durable goods _ _ ._ _
do _
Automobiles and equipment
do
Electrical machinery
do
Iron and steel and their products
do
Transportation equipment (except
automobiles) do
Other machinery . . .
do^ __
Other durable goods
do
Nondurable goods
do
Chemicals and allied products
do
Food and kindred products
do
Paper and allied products- _
do.. .
Petroleum refining
do
Rubber products
do __
Textile-mill products
_ ._ _._ do __.
Other nondurable goods
do
' Revised.
v 192
p 239
P323
P 218
p 258
?223
P 162
203
p 239
P
P 162
P257
p
v
p
p
p
p
p
p
615
275
227
173
186
162
195
148
P214
v 198
p 162
Preliminary.
'202
'260
'304
249
'265
'258
' 165
cTFormerly designated as " a u t o m o b i l e s . "
tRevised series Revised indexes of industrial production for 1919-39 (1923-39 for industrial groups and industries), including the new series, are available on pp. 12-17
of the August 1940 Survey, except for subsequent revisions in the series marked with a " $" and data for all years for the new series on "automobile bodies, parts and assembly;"
data for the latter series and revisions for the series marked lit" (with the exception of zinc and changes in the combined indexes for minerals and metals) are available in
table 24, pp. 21 and 22 of the September 1941 Survey; the latter table includes also revisions of 1940 data for alcoholic beverages, petroleum and coal products, coke, rubber
products, leather and products, shoes, textiles and products, wool textiles, fuels, anthracite and bituminous coal, and a 1939 revision for nondurable goods. Revisions for
zinc and the combined indexes for minerals and metals will be shown in a later issue.
.
,
. .
*New series. For industrial production series, see note marked with "f." For indexes of manufacturers' orders, shipments, and inventories beginning January 1939, see
monthly Surveys beginning with the September 1940 issue (description of data and figures for January-June 1939 are available on pp. 7-13 of that issue except for revisions
given in note marked with an " • " on pp. 20 and 21 of the November 1940 Survey.
S-3
SUEVEY OF CURRENT BUSINESS
December 1941
Monthly statistics through December 1939, to- 1941
1940
gether with explanatory notes and references
to the sources of the data, may be found in the October October Novem- December
ber
1940 Supplement to the Survey
1941
January
February
March
April
May
June
July
SepAugust tember
BUSINESS INDEXES—Continued
MANUFACTURERS' ORDERS, SHIPMENTS, AND INVENTORIES*—Con.
Inventories, totaL..
...Dec. 31, 1938=100..
Durable goods
do
Automobiles and equipment_do
Electrical machinery
do
Iron and steel and their products
do
Transportation equipment (except automobiles)...
Dec. 31, 1938=100..
Other machinery
do
Other durable goods
do
Nondurable goods.-.
do
Chemicals and allied products
do
Food and kindred products--_do
Paper and allied products
do
Petroleum refining
do
Rubber products—
do
Textile-mill products
do
Other nondurable goods
do
142. 6
155. 2
181.2
215.7
125. 8
114.4
121.2
130.6
122.1
123. 8
116.5
124.1
130.7
126.8
126.9
119.3
127.9
134.7
133.5
129.4
120.8
129.7
134.3
140.4
128.5
121.1
130.7
135.6
148.2
127.0
122.1
131.8
138.9
157.1
124.0
123. 6
134.1
144.3
164.0
123.3
126.3
137.4
144.1
174.7
125.6
128.5
139.1
142.0
181.0
126.4
131.2
140.8
128.2
188.8
127.5
134.4
146.0
151.9
196.5
126.8
'137.8
>-t150.6
-•173.8
202.2
r
. 126.0
v 554. 2
v 159.2
p 118.4
v 129. 0
v 124. 6
v 139. 5
v 119.0
P106.3
v 139. 6
p 141. 4
v 122. 7
228.8
114.8
104.9
107.1
110.1
101.0
110.3
98.7
124.6
119.9
103.2
251.9
117.6
105.9
108.5
110.5
104.6
110.7
97.7
124.4
121.4
104.2
271.1
122.1
108.3
110.1
114.1
107.0
1]2.8
98.5
126.6
119.0
106.7
297.1
125.6
110.2
111.2
114.2
105.8
111.8
98.4
131.4
119.7
111.7
318.9
128.2
108.5
110.8
114.8
103.9
112.0
98.4
135.1
121.5
341.8
129.9
109.3
111.8
115.0
105.1
112.5
98.4
140.6
125.1
108.6
356.8
134.2
110.0
112.2
115.8
107.9
111.3
99.3
142.4
125.8
105.8
381.2
138.2
110. 6
114.4
115.5
114.2
109.5
99.8
144.1
128.5
106.7
402.9
140.7
111.5
117.1
116.1
119.2
110.6
101.4
145.4
132.5
108.0
442.7
144.9
114.5
120.8
119. 6
126.7
112.9
102.6
148.1
137.6
108.3
474.3
149.8
115.5
121.8
121.9
132.0
114.6
102.2
143.6
134.2
108.0
'517.9
152.0
r
116.8
' 124.0
'122.7
r 134.2
r
117.0
r 104.1
135.6
'135.8
'113.9
v
v
v
v
v
no.o
COMMODITY PRICES
COST^OF LIVING
National Industrial Conference Board:
86.3
86.1
87.4
85.9
85.5
85.5
86.0
88.5
90.8
91.9
89.4
88.9
Combined indext-—
1923 = 100.
73.2
73.1
73.6
73.0
73.3
73.1
73.1
73.0
73.6
76.9
78.3
74.5
73.8
Clothing.
do...
79.2
82.2
78.3
81.0
77.4
77.2
78.8
85.5
78.7
89.4
90.7
87.3
86.2
Foodf
do—
86.4
86.4
86.5
86.4
85.9
86.3
86.4
86.7
86.4
89.4
90.0
87.8
88.6
Fuel and light
do...
88.0
87.5
87.8
87.4
87.5
87.7
87.7
88.2
87.6
88.9
89.2
88.4
88.6
Housing
do
98.5
98.1
98.1
98.1
98.2
98.3
98.6
98.1
99.8
101.2
98.7
98.8
Sundries
do...
U. S. Department of Labor:
101.2
102.2
100.2
100.8
100.8
100.7
102.9
104.6
100.1
108.1
109.4
106.2
105.3
Combined index*
1935-39=100.
102.1
102.4
101.6
100.4
100.7
101.6
102.8
103.3
101.6
110.8
112.8
106.9
104.8
Clothing*
do...
98.4
100.6
96.2
97.9
97.8
97.3
102.1
105.9
95.9
111.6
108.0
106.7
r
110. 7
Foodt
do...
100.7
101.0
99.9
100.6
100.8
100.7
101.1
101.4
100.3!
104.0
103.2
102.3
103.7
Fuel, electricity, and ice*
do...
101.6
102.4
100.4
100.4
100.1
100.4
103.2
105.3
100.6
114.9
108.9
107.4
112.0
Housefurnishings*
__do
105.1
105.4
104.7
105.1
105.0
104.9
105.7
105. 8
104.7
107.5
106.3
106.1
106.8
Rent*
do101.9
102.2
101.6
101.9
101.9
101.8
102.5
103.3
101.7
107.0
104.0
103.7
105.0
Miscellaneous*
do
PRICES RECEIVED BY FARMERS§
U. S. Department of Agriculture:
103
104
103
112
101
110
99
Combined index....
1909-14=100..
131
139
118
139
125
90
100
90
107
122
104
112
120
Chickens and eggs
do
130
141
118
146
127
82
80
80
79
88
79
Cotton and cottonseed
..do
78
98
128
150
107
144
121
121
121
121
118
128
118
116
124
Dairy products
..do
135
140
126
145
132
78
89
71
80
75
83
79
Fruits
do
100
89
89
97
107
93
84
90
83
81
81
84
Grains
do
99
106
93
96
101
98
130
137
130
111
129
112
158
166
138
144
Meat animals
do
157
154
117
161
134
98
156
133
145
146
146
Truck crops
do
164
130
104
91
90
93
128
131
144
93
Miscellaneous
do
107
100
RETAIL PRICES
U. S. Department of Labor indexes:
82.5
83.0
83.0
81.7
82.3
83.0
88.3
83.0
Anthracite
1923-25=10082.8
82.4
86.6
90.2
90.3
90.3
90.3
90.1
Bituminous coal!
do
89.0
90.0
94.9
90.1
93.8
90.5
92.0
Food (see under cost of living above).
Fairchild's index:
93.9
94.2
Combined index
Dec. 31, 1930=100105.2
96.3
97.7
94.8
95.5
106.2
93.5
93.7
94.5
102.6
Apparel:
97.6
97.6
97.3
97.7
97.6
97.6
101.2
97.6
97.7
Infants'
do
102.1
100.0
98.1
89.3
89.3
89.3
89.3
89.3
89.4
95.5
89.5
89.7
Men's
do
96.5
93.3
90.1
91,
92.1
91.6
93.0
93.3
93.6
104.1
92.5
93.9
94.3
Women's
do
100.4
105.7
95.3
96.
95.3
95.6
96.0
96.5
106.9
97.7
98.9
Home furnishings
do
95.7
95.8
104.9
100.4
108.5
102.
86.7
87.6
87.8
99.9
89.6
87.3
87.0
Piece goods
do
97.1
91.3
93.
101.6
WHOLESALE PRICES
U. S. Department of Labor indexes:
Combined index (889 quotations')..1926=100—
80.8
81.5
78.7
79.6
80.0
80.6
83.2
92.4
90.3
87.1
91.8
Economic classes:
84.2
82.1
83.5
83.5
85.5
Finished products
.do
82.6
82.8
87.1
93.9
91.5
90.1
92.8
75.3
71.4
74.0
Raw materials
do
72.6
73.6
74.6
77.5
79.7
89.7
87.6
83.6
86.1
90.0
81.6
83.4
Semimanufactures
do
79.4
80.7
80.7
81.3
85.1
89.9
89.5
86.4
87.6
87.9
90.3
70.3
68.2
69.7
71.6
Farm products
do
66.4
90.0
71.6
74.4
87.4
76.4
82.1
85.8
91.0
64.5
67.7
67.0
Grains
do
67.8
81.4
65.4
79.6
67.6
70.9
76.3
74.5
75.9
85.3
82.4
72.7
Livestock and poultry
do
94.5
99.0
82.5
70.6
83.0
86.2
88.0
93.0
101.1
Commodities other than farm products*
81.3
81.9
82.1
82.7
82.7
83.6
1926=100..
85.0
92.8
90.7
88.0
89.3
91.9
71.1
72.5
75.2
73.5
73.7
73.5
Foods
..do
77.9
79.5
88.9
87.2
83.1
84.7
89.5
77.3
82.3
80.2
79.7
80.3
Dairy products
do
84.2
81.0
81.6
95.2
90.3
84.3
87.7
93.3
58.9
60.4
60.7
59.6
59.4
Fruits and vegetables
do
63.8
64.0
75.8
61.2
70.3
73.0
79.4
70.7
75.6
76.2
83.2
83.6
83.7
Meats
do
85.6
93.6
97.5
90.8
77.0
87.2
93.8
99.4
Commodities other than farm products and
foods
1926=100..
83.5
84.1
84.4
84.9
93.4
84.1
84.3
85.9
90.8
87.4
89.7
91.6
97.8
99.3
99.3
99.5
Building materials
do
107.3
98.9
99.6
100.1
105.5
100.4
101.0
103.1
106.4
90.2
91.1
91.4
91.5
96.6
90.2
91.3
91.7
Brick and tile
do
95.1
91.9
92.5
94.2
95.7
90.7
90.9
90.8
90.8
92.7
90.8
90.8
91.0
Cement!
do
92.1
91.5
91.9
92.1
92.2
114.4
118.8
117.2
116.7
117.5
118.4
116.7
Lumberf
do
129. 5
127.5
116.8
117.6
122.3
129.1
76.9
77.7
78.5
79.8
77.5
78.6
81.8
89.7
86.0
83.6
85.2
Chemicals and allied products!
do
83.8
87.4
85.0
85.4
85.7
85.9
85.1
85.6
86.4
88.4
87.5
86.8
87.3
87.2
88.2
Chemicalsf
do
95.8
96.2
96.9
97.2
95. 9
96.5
97.5
124.1
100.1
98.7
100.0
99.9
104.4
Drugs and pharmaceuticalst
do
68.1
70.0
70.4
70.4
69.9
70.7
71.0
77.3
75.3
71.1
74.0
69.9
76.6
Fertilizer materials!
do
r
Revised, v Preliminary. 'Number of quotations increased to 889 in January 1941. t For monthly data beginning 1933, see p. 18 of the April 1940 Survey.
§Data for November 15,1941: Total, 135; chickens and eggs, 157; cotton and cottonseed, 136; dairy products, 148; fruits, 98; grains, 103; meat animals, 151; truck crops, 147;
miscellaneous, 128.
^Covers 37 cities in September and October, 36 in November, and 35 beginning in December.
{Revised series. National Industrial Conference Board's index of cost of living and food component and index of wholesale prices of lumber revised beginning 1935, see
tables 5 and 7, respectively, p. 18 of the January 1941 Survey. For the Department of Labor's revised index of retail food prices beginning 1913, see table 51, p. 18 of the NoTember 1940 Survey. Data for chemicals and allied products and subgroups revised beginning 1926; see table 32, p. 18 of the August 1940 Survey.
*New series. For source of data on manufacturers' inventories beginning January 1939, see note marked with an "*" on p. S-2. For data beginning 1913 for the Department of Labor's cost of living series, see table 19, p. 18, of the May 1941 Survey; for index of prices of commodities other than farm products beginning 1913, see table 36, p. 18,
of the September 1940 Survey.
S-4
SUEVEY OF CURRENT BUSINESS
Monthly statistics through December 1939, to- 1941
gether with explanatory notes and references
to the sources of the data, may be found in the October October
1940 Supplement to the Survey
December 1941
1940
No v e m
b er "
1941
Decem
January
February
March
April
May
June
July
August
COMMODITY PRICES—Continued
WHOLESALE PRICES-Continued
U. S. Department of Labor indexes—Con.
Commodities other than farm products and
foods—Continued
Fuel and lighting materials
1926=100..
Electricity...
do
Gas
-.
do
Petroleum products
do
Hides and leather products
...do
Hides and skins
do—
Leathei
do
Shoes
do
House-furnishing goods
do
Furnishings
do
Furniture
do
Metals and metal products
do
Iron and steel
do—
Metals, nonferrous
do
Plumbing and heating equipment.,do
Textile products
do—
Clothing...
do....
Cotton goods
...do—
Hosiery and underwear
do
Rayon*
--do—
Silk*
do....
Woolen and worsted goods._. d o —
Miscellaneous
do
Automobile tires and tubes
do—
Paper and pulp
do
Wholesale prices, actual. (See under respective
commodities.)
102.3
86.4
65.5
101.9
71.6
71.6
82.4
49.0
100.4
93.8
90.9
107.0
88.6
95.0
81.8
97.3
94.9
83.6
80.5
73.6
85.7
71.5
61.4
29.5
44.7
86.3
76.9
58.8
93.2
71.9
73.3
80.5
49.3
102.3
101.2
93.2
107.1
88.6
95.0
81.8
97.6
95.3
83.9
80.5
74.5
85.7
73.6
61.5
29.5
42.8
88.8
77.5
58.6
93.1
71.7
73.4
78.2
49.5
102.3
99.3
94.1
107.2
88.9
95.1
82.2
97.6
95.4
83.4
80.5
74.8
85.5
74.9
60.7
29.5
42.5
89.0
77.3
58.3
93.1
72.1
72.5
77.5
50.0
102.4
99.1
94.4
107.4
89.0
95.2
82.6
97.7
95.7
83.6
80.5
75.2
86.6
75.8
59.9
29.5
42.5
89.2
77.1
58.2
93.1
72.1
72.5
77.6
50.0
101.6
94.8
94.5
107.4
89.1
95.3
82.6
97.6
95.5
84.0
82.2
76.4
87.2
77.5
60.3
29.5
43.3
91.2
76.9
58.2
93.3
72.0
70.0
77.0
49.9
102.6
99.1
94.8
107.4
89.5
95.8
82.9
97.7
95.7
84.3
82.8
78.4
87.7
81.1
60.4
29.5
47.7
93.2
77.6
58.4
93.5
72.9
69.2
78.1
51.9
103.9
104.7
95.6
107.8
90.4
97.1
83.4
97.9
95.9
84.3
83.0
81.0
88.7
86.8
61.1
29.5
48.3
93.3
78.6
58.8
94.5
75.6
67.7
80.1
55.3
106.4
110.3
96.9
110.1
91.4
98.0
84.3
98.1
96.1
84.4
83.0
83.0
90.9
91.0
61.3
29.5
49.1
94.1
79.6
58.8
96.7
77.9
67.2
81.0
59.9
107.8
112.4
97.9
111.7
93.1
99.0
87.0
98.3
96.5
84.5
83.1
84.5
91.6
94.6
61.9
29.5
51.2
94.6
80.6
58.8
98.0
109.0
113.4
105.7
110.6
128.0
131.6
148.6
118.9
126.5
131.9
148.6
118.9
125.9
130.0
145.6
118.3
124.7
129.4
141.4
118.2
125.0
129.2
142.7
118.1
123.6
128.5
142.7
117.8
121.0
125.8
133.7
117.1
118.6
123.9
131.2
116.4
115.6
119.5
124.5
114.9
79. (
61.7
112.6
113.1
100.9
118.8
99.5
104.4
94.4
103.1
97.0
84.6
87.8
90.9
97.8
105.2
66.6
30.3
0)
78.5
66.8
109.4
112.5
98.1
114.7
94.4
99.7
84.7
83.2
86.2
93.9
96.1
62.9
29.5
51.4
96.5
82.0
58.8
79.0
79.2
78.3
61.4
110.2
112.2
98.5
116.1
95.4
100.7
89.9
98.6
96.9
84.4
86.8
88.3
95.1
101.5
63.8
29.5
52.0
98.2
83.7
60.8
100.7
81.7
61.7
111.3
112.1
100.0
117.1
97.2
102.1
92 2
111.5
117.1
112.2
113.8
109.7
'114.3
105.7
112.0
84.4
87.1
89.7
96.1
104.2
64.4
29.8
0)
101.4
85.1
60.8
101.7
PURCHASING POWER OF THE
DOLLAR
Wholesale prices
.
Retail food pricestPrices received by farmers
Cost of livingt
1923-25=100.
do—
do
._.do._.
113.4
118. 6
117.6
114.4
CONSTRUCTION AND REAL ESTATE
CONTRACT AWARDS, PERMITS, AND
DWELLING UNITS PROVIDED
Value of contracts awarded (F. R. indexes):
84
94
90
117
Total, unadjusted.
1923-25=100. - P149
121
135
159
153
'162
r
70
83
77
78
93
Residential, unadjusted.
_.do—
104
111
118
111
105
82
103
111
94
115
103
101
Total, adjusted..
do
117
139
152
"161
95
74
87
84
90
76
Residential adjusted
do
101
117
112
'105
85
F. W. Dodge Corporation (37 States):
Total projects
number.. 40,920 34,084 31, 528 34,959 21,462 25,001 32,304 36, 380 48, 531 46, 950 49, 637 50, 551 41,497
Total valuation
thous. of dol--. 606, 349 383,069 380,347 456,189 305, 205 270,373 479, 903 406, 675 548,700 539,106 577,392 760, 233 623, 292
96,425 226, 392 168,817 254,836 302,000 346,498 509,129 399,932
370, 587 174, 506 194,591 257,693 111,124
Public ownership
__
-do
235, 762 208, 563 185, 756 198,496 194,081 173,948 253, 511 237,858 293,864 237,106 230, 894 251,104 223, 360
Private, ownership
do
Nonresidential buildings:
7,284
6,144
4,120
3,438
8,746
5,668
8,446
5,233
6,262
8,339
Projects
number- 9,907
7,822
10,766
Floor area
thous. of sq. ft.- 54, 417 34,028 33,890 42,129 23, 918 19,718 29,451 31, 509 44, 596 31,898 38. 242 63,802 46,810
182,
618
201,458
136,405
148,367
202,492
143,304
118,
757
220,
612 286, 741 218,288
269,
553
200,456
Valuation
thous. of dol.90,058
Residential buildings, all types:
Projects
number.- 29,246 24,888 24,009 24,176 16, 936 19, 746 25,325 29, 499 38,093 38,527 39,429 37, 234 31,791
Floor area
thous. of sq. ft._ 45,403 40,778 42,151 48,183 28, 450 29, 322 35, 801 41,978 54, 571 52.098 52, 895 62, 773 43, 624
Valuation
thous. of dol.. 171, 772 148,469 152,838 159,275 111,306 116,459 147,859 166,462 201,274 205,634 205, 049 231, 529 175,713
Public works:
761
812
725
1,482
921
975
1,589
1,283
1,487
1,701
1,871
1,419
Projects
number.- 1,266
Valuation
thous. of doL- 94, 563 73,220 51,430 73,447 59,622 42,242 84,592 71,426 96, 501 99,631 101,074 134,054 131,123
Utilities:
454
276
430
476
410
336
365
403
382
501
460
Projects
number. .
Valuation..
thous. of doL. 70, 461 24,975 27,712 40,849 15, 520 21,614 45,994 25,483 48,433 33,385 50, 657 107,909
Families provided for and indicated expenditures for building construction (based on
bldg. permits), U. S. Dept. of Labor indexes:
67.4
63.4
84.0
116.3
63.7
77.7
95.6
106.0
112.6
104.4
100.4
Number of families provided for. _. 1929*= 100-Indicated expenditures for:
47.1
60.8
63.4
41.8
39.9
77.7
65.3
60.6
54.9
44.5
36.8
53.0
42.0
Total building construction
do
59.8
68.5
47.5
45.6
43.8
43.6
82.2
74.8
80.7
57.3
76.4
75.0
New residential buildings
do
22.4
60.3
67.4
27.5
24.4
34.1
30.9
19.7
20.1
11.6
11.5
New nonresidential buildings
do
54.5
43.5
40.2
43.7
43.8
62.5
67.8
69.2
3.2
64.0
57.0
54.3
Additions, alterations, and repairs--do
Estimated number of new dwelling units provided in all urban areas (U. S. Dept. of
Labor) :f
43,099 31,126 29, 202 27,027 27,480 35, 297 46, 930 43, 568 47,034 44, 831 41, 007 39, 571
Total
number.18, 698 20,512 27,173 36, 762 34, 706 37, 701 36, 239 34,166 33, 551
30,164 23, 211 21,265
1-family dwellings...
do
1,917
3,475
2,429
2,073
2,871
2,590
2,679
2, 375
2,760
2,151
2,319
2,945
2-family dwellings.._
_-.do
6,412
9,460
5,864
7,297
6,272
6,654
4,539
5,540
5,364
6,441
4,522
3,075
Multifamily dwellings
do
Engineering construction:
584,
549
424,269
702,842
382,
724
398,
704
452,
430
381,
563
409,371
589,
221
958,
663
514,251
406,
332
529,
561
Contract awards (E. N. R.)§_.-thous. of doL.
HIGHWAY CONSTRUCTION
Concrete pavement contract awards:
4,967
5,050
2,083
6,882
4,496
3,567
5,042
7,782
17,124
9,567
6,072
8,776
Totalf.
thous. sq. yd-- 6,975
832
1,195
227
644
1,029
922
1,358
2,804
9,594
3,606
1,624
2,885
3,112
Airports*
do
2,197
2,814
;
819
1,531
i
2,262
2,087
3,425
4,825
2,910
2,635
2,460
3,673
3,878
Roads
--_do
1,658
1,321 I 1,037
1,007 I 1,596
1,553
2,706
2,051
1,814
1,630
2,287
1,590
1,786
Streets and alleys
do
r
J
Revised.
v Preliminary.
§Data for October 1940 and January, May, July, and October 1941 are for 5 weeks; other months, 4 weeks.
No quotation.
*New series. For indexes of rayon and silk prices beginning 1926, see table 29, p. 18 of the May 1940 Survey. Earlier data for concrete pavement contract awards for
airports and for the total revised to include airports will appear in a subsequent issue.
tRevised series. Indicated series on "Purchasing power of the dollar" revised beginning January 1935; see table 4, p. 18 of the January 1941 Survey. For revision in total
ooncrete pavement awards see note marked with an "*". Revised data on dwelling units for 1939 are shown in table 18, p. 17, of the May 1941 Survey. Estimates beginning
January 1940 cover urban areas as defined by results of the 1940 Census; revised data for earlier months of 1940 are available on p. 22 of the June 1941 Survey except for revisions in April figures as follows: all types, 38,324; multifamily, 7,013.
S-5
SURVEY OF CURRENT BUSINESS
December 1941
1940
Monthly statistics through December 1939, to- 1941
gether with explanatory notes and references
to the sources of the data, may be found in the October October Novem- Decem1940 Supplement to the Survey
ber
ber
1941
January
February-
March
April
May
June
July
SepAugust tember
CONSTRUCTION AND REAL ESTATE—Continued
HIGHWAY CONSTRUCTION—Continued
Status of highway and grade crossing projects
administered by Public Roads Admn.:
Highways:
Approved for construction:
Mileage
no. of miles
2,749
Federal funds
,
thous. of doL. 38,850
Under construction:
8,175
Alileage
no. of miles
Federal funds
thous of dol 131,914
Estimated cost.
-do . . 260, 556
Grade crossings:
Approved for construction:
11,851
Federal funds
do
13,122
Estimated cost
.do
Under construction:
41, 520
Federal funds
do
42,920
Estimated cost
__
do
3,030
32,356
2,892
33, 555
2,926
35, 949
3,047
36,845
3,100
36, 477
3,322
39,100
3,621
42,405
3,765
42, 755
4,118
48,889
3,879
47, 264
3,557
44,693
2,899
38,404
8,906
127, 250
256,691
8,236
121, 566
244,464
7,536
113,922
228,840
7,315
113, 671
227, 763
7,413
115,932
232, 054
7,773
121,029
241,877
8,334
126, 387
246,119
8,777
134,641
261, 530
8,921
139,401
270,967
9,054
141, 569
276,100
8,840
138, 675
272, 079
8,615
136,512
268,926
9,473
9,855
9,081
9,307
10,123
10, 781
10, 573
11,065
10, 331
10, 719
11, 060
11, 632
13,000
13, 535
16, 753
17,812
20,459
21,255
17,798
18,765
14,662
15,820
12,423
13,553
35, 831
37, 226
34,813
36,352
32, 483
34,001
32,072
33, 592
33, 226
34, 715
35, 292
36, 768
37, 648
39, 300
37, 384
38,972
37, 714
39,452
39, 548
40,939
42, 778
44, 249
42,328
43,771
223
219
235
209
224
208
198
227
191
214
208
198
228
191
214
212
202
230
194
217
212
208
231
194
216
212
209
231
194
216
212
209
231
194
216
213
213
230
196
216
215
214
231
196
218
215
214
231
197
219
219
216
233
203
223
221
218
234
204
223
221
218
235
205
223
202
191
192
193
193
193
194
195
195
196
198
198
200
100.7
136.3
122.5
121.5
98.0
132.9
115.5
120.2
98.0
132.9
115.51
120.2
98.3
133.5
116.1
120.5
98.7
133.8
116.9
120.8
98.7
133.8
116.9
120.8
98.5
133.9
119.3
120.6
99.8
134.0
119.6
121.0
99.7
134.0
119.9
121.1
99.2
134.9
119.3
120.3
99.6
135.3
120.8
120.7
100.5
136.1
121.5
121.3
100.7
136.3
122.8
121.5
102.4
137.9
124.6
121.7
99.1
135.8
118.6
120.7
99.1
135.9
118.6
120.7
99.3
136.3
119.0
121.0
99.6
136.5
119.6
121.2
99.6
136.5
119.6
121.2
99.7
136.6
122.8
121.2
101.7
136.6
123.0
121.3
101.7
136.6
123.2
121.4
101.3
136.9
122.7
120.8
101.6
137.1
123.8
121.1
102.2
137.7
124.3
121.5
102.4
137.9
124.7
121.7
102.1
135. 8
128.4
122.8
98.7
132.2
114.8
120.5
98.7
132.3
114.8
120.5
99.0
132.9
115.5
120.9
99.4
133.2
117.2
121.1
99.4
133.2
117.2
121.1
99.2
133.4
121.2
121.6
100.8
133.7
122.1
122.1
100.7
133.7
122.3
122.2
100.3
134.3
121.9
121.5
100.9
134.8
127.3
122.0
101.8
135.5
128.0
122.6
102.0
135.7
128.7
122.8
100.0
138.0
119.0
120.3
96.2
127.8
107.8
117.6
96.2
128.2
107.9
117.6
96.7
130.2
109.9
118.4
97.7
130. 7
112.5
118.6
97.7
130.7
112.5
118.6
96.3
131.3
114.3
116.2
95.6
132.1
114.5
118.0
95.2
132.1
114.6
117.8
94.6
133.6
115.0
116.8
97.0
135.9
117.3
118.3
99.3
137.5
118.9
120.0
99.5
137.7
120.4
120.3
98.8
139.7
115.8
119.9
95.6
126.7
103.1
116.6
95.6
127.2
103.3
116.6
96.2
129.7
105.8
117.5
97.5
130.3
109.1
117.7
97.5
130.3
109.1
117.7
95.2
131.0
110.5
114.7
93.7
131.9
110.9
117.0
93.1
131.9
111.0
116.6
92.1
134.2
110.4
115.5
95.2
137.1
113.3
117.3
98.1
139.1
115.3
119.5
98.3
139.3
117.6
119.9
266.1
247.2
249.1
249.7
250.5
250.7
252.4
255.6
256.8
258.2
260.4
263.1
264.5
118.5
116.0
123.3
104.6
103.4
106.9
106.4
104.6
109.8
108.1
105.9
112.5
109.3
106.6
114.5
110.2
107.8
115.1
110.4
108.0
115.3
111.2
108.7
116.1
111.6
108.8
117.0
112.4
109.2
118.6
113. 6
110.7
119.3
115.1
112.6
120.0
116.5
•"114.4
120.7
52,116
75, 516
92,406
119, 566
122,963
114, 247
107,137
104,937
CONSTRUCTION COST INDEXES
Aberthaw (industrial building)
1914*100-.
American Appraisal Co.:t
Average, 30 cities
1913=100
Atlanta
do
New York
do
San Francisco
do
St. Louis
.
.
_ . _ _ do . . .
Associated General Contractors (all types)
1913=100. _
E. H. Boeckh and Associates, Inc.:§
Apartments, hotels, and office buildings:
Brick and concrete:
Atlanta
_U. S. av., 1926-29=100..
New York
do
San Francisco
do
St. Louis
do - .
Commercial and factory buildings:
Brick and concrete:
Atlanta
do
New York
_ _ do
San Francisco.
do . . .
St. Louis
do
Brick and steel:
Atlanta..do
New York
. ,
do
San Francisco
do
St. Louis
do
Residences:
Brick:
Atlanta
do
New York .
do
San Francisco..
do
St. Louis.
do
Frame:
Atlanta
do
New York
do
San Francisco
do
St. Louis
do
Engineering News Record (all types) §
1913=100..
Federal Home Loan Bank Board:f
Standard 6-room frame house:
Combined index...
1935-1939=100 .
Materials
do
Labor
_. . .do
195
197
211
207
REAL ESTATE
Fed. Hous. Admn., home mortgage insurance:
Gross mortgages accepted for insurancel
66,754
56,878
92,083
54,728
thous. of dol.. 94,948
Premium-paying mortgages (cumulative)
thous. of dol._ 3,423,183 2,559,984 2,628,851 2,706,353 2,785,138
Estimated new mortgage loans by all savings
88, 553
114,400
94, 567
80,440
and loan associations, total...thous. of dol..
Classified according to purpose:
Mortgage loans on homes:
32, 584
Construction
do
41, 610
30,032
26,662
33,875
40, 771
31, 465
27,809
Home purchase
do
14, 441
16, 840
14, 575
13,645
Refinancing
do
4,869
5,756
4,248
3,784
Repairs and reconditioning
do
8,233
9,423
8,540
Loans for all other purposes
do
8,798
Classified according to type of association:
34, 360
48,307
38,896
37, 715
Federal
thous. of dol.. 118.5
116.0
46, 224
36, 729
33, 947
40,143
State members . . .
do
19,869
14,109
12,133
15,528
Nonmembers
. . . . do ..-_ 127.3
Loans outstanding of agencies under the Federal Home Loan Bank Board:
Federal Savings and Loan Ass'ns, estimated
mortgages outstanding
thous. of doL.
1,515,392 1,533,246 1,546,270 1.564,168
Fed. Home Loan Bks., outstanding advances
to member institutions
.-thous. of doL.
181, 526 185, 547 201,492 170,849
Home Owners' Loan Corporation, balance of
loans outstanding
thous. of dol..
1,980,704 1,968,816 1,956,268 1,942,427
Foreclosures, nonfarm:f
Index, adjusted
1935-1939=100..
34.2
48.8
44.2
42.2
44.0
22,091
23,449
28, 617
26,470
Fire losses. _
thous. of dol.. 30,833
2,846,467 2,908,104 2,968,407 3,033,684 3,108,723 3,190,690 3,261,476 3,335,703
82, 330
105,162
120, 631
130,953
133,640
132,972
129,727
129,934
26,483
30, 283
14, 204
3,573
7,787
33, 250
41, 784
16, 903
4, 765
8,460
38, 686
48, 311
16, 905
6,368
10, 361
40,975
54,781
18, 506
5,930
10, 761
44, 207
55,993
17,891
5,633
9,916
44,918
55, 682
16, 816
6,022
9,534
42,987
55,973
15, 785
5,571
9,411
40, 782
58, 052
15,871
5,884
9,345
35, 645
35, 301
11, 384
45, 365
43, 947
15,850
51, 371
50, 956
18, 304
55,396
54,495
21,062
57, 542
54, 857
21, 241
56, 564
55, 676
20, 732
57, 592
54,542
17, 593
54,786
54, 303
20,845
1,578,543 1,600,482 1,628,421 1,657,647 1,688,297 1,717,507 1,750,934 1,775,284
156,899
145, 959
141,828
145,273
169,897
168,145
172,628
178,191
1,929,346 1,913,862 1,899,856 1,885,087 1,870,305 1,854,824 1,840,686 1 824;672
42.1
26,102
42.5
31, 471
41.1
29, 330
38.3
25, 637
36.7
24,943
37.3
23, 698
'33.5
24,122
'32.9
24,668
r
Revised.
§ Beginning with the September 1940 issue of the Survey indexes computed as of the first of the month are shown as of the end of the preceding month. The Engineering
News Record index is similarly shown in the 1940 Supplement as of the end of the preceding month.
fFigures beginning April 1941 include mortgages insured under the defense housing insurance fund.
for FRASER
^Revised indexes of the American Appraisal Co. beginning 1913 are available in table 44, p . 13 of the November 1940 Survey. Data beginning 1936 for the Federal Home
Loan Bank Board's revised index of construction costs and beginning 1926 for the index of nonfarm foreclosures are shown on p . 26 of the October 1941 survey.
Digitized
S-6
SURVEY OF CURRENT BUSINESS
Monthly statistics through December 1939, to- 1941
1940
gether with explanatory notes and references
to the sources of the data, may be found in the October October Novem- December
ber
1940 Supplement to the Survey
December 1941
1941
January
February-
March
April
May
JuDe
July
SepAugust tember
DOMESTIC TRADE
ADVERTISING
Printers' Ink indexes, adjusted:§
92.1
85.4
91.0
82.9
89.0
84.9
87.7
87.8
Combined index
1928-32=100.
88.6
90.7
90.5
73.9
66.1
63.4
59.4
66.7
63.3
67.7
61.3
68.8
64.5
Farm papers
do...
56.9
61.8
68.3
83.0
72.6
80.9
85.3
80.7
84.1
82.1
83.6
86.3
83.7
Magazines
do
91.6
85.0
86.5
77.7
80.5
79.7
87.6
82.1
78.8
85.0
80.0
83.2
80.7
78.5
Newspapers
do...
81.4
81.9
79.8
89.3
62.5
84.4
78.8
104. 5
90.7
83.5
84.5
92.5
Outdoor
do
110.0
89.9
Radio advertising:
9,082
9,016
9,307
8,595
8,106
8,979
8,655
8,427
9,666
8,263
Cost of facilities, total
thous. of dol_
8,086
7,979
780
724
857
742
656
778
698
807
636
664
672
Automobiles and accessories
do...
630
637
74
63
50
59
62
69
41
46
60
31
Clothing
do...
60
67
46
0
0
0
0
0
0
0
1
0
Electric household equipment
do...
(fl)
0
0
(•)
92
91
100
105
99
99
99
42
99
Financial
do...
92
63
76
97
2,480
2,530
2,557
2,614
2,623
2,535
2,739
2,527
2,223
Foods, food beverages, confections d o . . .
2,290
2,220
2,138
2,664
93
103
67
73
House furnishings, etc
do...
46
43
45
58
47
55
44
55
105
949
1,011
1,052
994
1,040
1,060
1,045
957
1,092
Soap, cleansers, etc
do—
915
988
1,009
1,001
16
2
17
0
0
0
0
0
0
Office furnishings and supplies
do...
0
0
0
17
1,281
1,302
1,416
1,394
1,336
1,352
1,328
1,326
1,296
Smoking materials
do...
1,263
1,252
1,309
1,376
2,365
2,609
2,639
2,444
3,139
2,488
2,587
2,451
2,540
Toilet goods, medical supplies
do...
2,355
2,596
2,
458
2,626
1,390
390
943
449
All other
do__.
279
387
467
316
329
233
227
252
503
Magazine advertising:
8,713
12, 520 17,911
16, 626 15,861
13, 589
18, 738
17,885
10,823
17, 978
15, 427
Cost, total
do...
11, 281
14, 643
2,742
1,056
2,427
1,270
2,118
1,584
3,086
2,542
2,816
2,267
1,416
Automobiles and accessories
do...
1,254
1,346
878
1,216
745
305
1,389
592
Clothing
do__.
1,165
1,210
1,124
803
222
681
1, 337
525
646
94
531
245
436
849
694
832
612
315
Electric household equipment
do._.
276
196
452
336
321
432
454
380
551
376
449
380
277
Financial
do
412
278
2,440
2,003
1,615
2, 582
2,198
2,893
2,410
2,763
2,444
2,292
2,109
Foods, food beverages, confections d o . . .
2,133
2,110
1,177
684
264
945
433
1,214
House furnishings, etc
do
1,403
844
1,096
893
320
286
829
441
240
190
471
435
455
567
568
548
397
275
Soap, cleansers, etc
do...
331
333
219
345
137
248
301
219
304
291
235
198
122
Office furnishings and supplies
do
241
359
776
682
673
874
702
782
943
973
795
863
763
Smoking materials
do...
699
606
2,433
1,177
2,295
2,340
2,081
2,135
2,472
2,939
2,505
2,033
2,456
Toilet goods, medical supplies
do
2.435
2,009
4,207
2,882
4,180
4,558
3,596
4,994
5,220
4,991
5,133
4,267
2,972
All other
do...
4,576
3,198
2,432
1,888
2,460
1,691
2,920
2,515
2,534
2,319
2,686
1,890
1,716
Linage, total
thous. of lines.
2,514
2,066
Newspaper advertising:
118,784
93, 963 114, 377 119,230 122, 443 108,432
113,191 122, 786 93,171
88,828
Linage, total (52 cities)
de- 123,815
95, 707 107,160
21,353
22, 786 21,071
21,918
20, 690 24, 712
22,010
25, 624
24,911
24, 294
22, 378
Classified
do...
21, 745
23,306
71,818
95, 997 92,119 100,868
73, 272 89, 665
96, 818
Display, total
d o . . . 101, 805
94, 318
84,138
66, 451
85. 415
72, 401
3,663
6,471
4,124
5,250
4,973
6,939
5,607
5,907
6,906
4,918
3,108
Automotive
do...
3,034
2,980
2,295
1,606
1,742
1,432
1,359
1,551
1,743
1,841
1,976
1,664
1,889
Financial
do...
1,534
1,337
18,511
16, 796 13, 549 12, 544 14,806
18, 314
17, 228
17, 625
13,094
19,993
16,362
General
do...
15,343
11, 692
69, 409 68, 992 81, 452 53, 315 51, 784 64, 689
69, 822
67,811
48, 360
74, 654
61,193
Retail
do...
65, 558
56, 338
GOODS IN WAREHOUSES
Space occupied in public-merchandise ware76.2
79.0
73.9
72.6
75.1
75.8
76.6
80.2
78.1
80.2
houses
percent of total..
79.9
79.5
NEW INCORPORATIONS
1,732
1,872
1,804
2,084
1,479
1,632
Business incorporations (4 States)
number..
1,792
1,712
1,500
1,638
1,412
1,343
1,332
POSTAL BUSINESS
1,761
Air mail: Pound-mile performance...millions..
1,668
1,866
2,018
1,890
1,813
2,062
Money orders:
Domestic, issued (50 cities):
4,879
4,794
4,527
4,914
5, 553
4,845
4,373
Number
thousands..
4,496
4,821
4,702
5,207
4,932
4,636
44,982 43,005
46, 898
42, 719 41, 646 45,154
53, 309
Value
.thous. of dol__ 53,186
46,535
47, 643
47,001
50, 413
47, 573
Domestic, paid (50 cities):
14,541
14,177
14,802
15,876
15,054
15,096
13,530
16,096
14,833
Number
thousands.. 17,084
14,516
14,795
14, 567
Value
thous. of dol
149,199 119,500 111,864 123,430 111,638 104, 754 128, 510 118,156 116,544
116,275 122, 895 122, 493
1,719
1,843
1,478
Foreign, issued—value
do..
1,328
1,195
1,155
1,244
1,125
1,133
1,328
1, 458
Receipts, postal:
34,036
33, 722
45, 390 32, 316 30,536
34,486
36, 948 r 35,234 33,201
30, 637
50 selected cities
do._
31,202
33,087
30, 442
4,194
5,539
3,686
4,001
3,777
3,961
4,424
4,159
4,193
50 industrial cities
do..
3,824
3,887
3,948
3,712
RETAIL TRADE
T
r
3,639
4,143
4,752
4,895
4,651
3, 537
All retail stores, total sales*.mil. of dol__
4,207
4,598
4, 470
4,576
' 4, 483
4, 608
110.2
123.5
148.2
128.4
146.6
138.5
118.1
127.9
142.2
Index, unadjusted
1935-39=100..
135.5
145.1
- 141.0
' 140.1
120.5
139.3
155.0
141.7
137.6
137.6
196.7
Durable goods
do
155.1
182.9
190.3
172.1
' 139. 2
' 155.6
r
106.9
118.4
146.0
124.1
138.8
111.8
130.4
119.1
329.0
'•141. 6
Nondurable goods
do
130.5
123.7
135.1
130.3
117.2
124.5
123.4
131.6
136.6
141.5
135.2
136.2
' 136.5
138.0
143.3
'149.3
Index, adjusted
do
156.8
130.0
148.5
136.0
128.3
173.7
' 140. 0
174.8
167.6
166.2
' 163. 5
169.5
Durable goods
do
163.9
121.7
113.1
116.7
119.3
132.7
124.6
130.7
124.
7
126.5
' 135. 4
'
144.
7
Nondurable goods
do
129.6
134.8
Automobiles, value of new passenger-car sales :f
154
246
143
163
178
215
150
235
214
169
'
9
3
62
Unadjusted.
_
1935-39=100..
124
169
135
209
210
J>72
185
189
182
196
130
Adjusted
do
'56
178
Chain-store sales, indexes:
Chain-store Age, combined index (20 chains)
124.0
132.0
120.0
128.0
124.0
128.5
130.0
132.0
146.0
133.0
147.0
141.0
151.0
average same month 1929-31 = 100.—
133.0
136.0
132.0
149.0
145.0
133.0
144.0
148.0
153.0
136.3
159.0
184.0
164.0
Apparel chains
do
Drug chain-store sales:*
104.1
104.7
100.4
107.7
140.3
109.2
105.2
112.2
109.7
113.9
"113.5
109.9
Unadjusted
1935-39=100..
108.7
103.2
107.4
105.3
109.7
111.4
103.8
116.0
116.1
119.9
v 118. 2
115.3
Adjusted
do
Grocery chain-store sales:
112.4
118.4
123.4
127.4
115.3
120.8
130.2
130.8
P145.
8
135.5
137.8
136.8
Unadjusted
1929-31=100133.7
117.2
122. 0
122. 8
115.3
128.9
111.8
126.1
126.4
»145.1
133.5
142.5
140.7
Adjusted
do
136.4
Variety-store sales, combined sales, 7 chains:f
92.1
225.2
110.2
80.5
116.1
108.0
94.8
112.9
r 120. 4
111.3
113.1
Unadjusted.
1935-39=100.. P122.4
111.9
r
109.9
109.7
110.3
116.2
113.2
116.4
114.0
Adjusted
do
116.8
122.2
v 124.4
125.3
128.9
109.7
Chain-store sales and stores operated:
Variety chains:
H. L. Green Co., Inc.:f
7,972
4,395
3,992
4,227
4,315
2,890
3, 546
4, 600
Sales
thous. of dol..
3,927
4,290
3,733
4,218
149
150
150
150
150
151
151
150
Stores operated
number..
149
149
151
151
151
S. S. Kresge Co.:
9,409 10,150
12.626
11, 507
13, 290 24,683
13,443
13, 314
12, 809
Sales...
thous. of doL. 14,102
13,366
12,127
12, 016
684
671
678
Stores operated
number..
671
673
675
673
672
672
675
671
682
S. H. Kress & Co.:
5,921
6,222
7, 659 15, 732
8,062
7, 514
8,427
7,958
7,156
8,022
7,724
Sales
thous. ofdoL.
8,483
7,582
241
242
242
242
242
242
242
Stores operated
number—
242
242
242
242
242
242
' Revised.
v Preliminary.
« Less than $500.
§Includes data for radio advertising not available separately since November 1940.
fRevised series. Revised indexes of variety store sales beginning 1929 appear in table 30, p. 10 of the August 1940 Survey. H. L. Green Co. data revised beginning February 1939; for an explanation of tbe revision and revised data, see notes marked with a "f" on p. 24 of the September 1940 and Decen ber 1940 Survey. For revised data on
value of new passenger-car sales beginning 1929. see p. 20 of the August 1941 Survey, and for an explanation of the revision, pp. 18 and 19 of that issue.
•New series. For data on sales of all retail stores beginning 1935, see table 5, p. 24 of the October 1941 survey. For data on drug-store sales beginning July 1934, see
table 1, p. 11, of the November 1940 Survey.
December 1941
S-7
SURVEY OF CURRENT BUSINESS
Monthly statistics through December 1939, to- 1941
1940
gether with explanatory notes and references
to the sources of the data, may be found in the October October Novem- Decem1940 Supplement to the Survey
ber
ber
1941
January
February
March
April
May
June
July
SepAugust tember
DOMESTIC TRADE—Continued
RETAIL TRADE—Continued
Chain store sales and stores operated—Con.
Variety chains—Con.
McCrory Stores Corp.:
4,422
Sales
thous. of doL.
Stores operated
number..
201
G. C. Murphy Co.:
Sales
thous. of doL.
5,575
Stores operated
number..
204
F . W. Woolworth Co.:
Sales
thous. of doL. 32, 614
Stores operated
number..
2,025
Other chains:
W. T . Grant Co.:
11,863
Sales
thous. of doL.
Stores operated
number..
493
J. C. Penney Co.:
Sales
thous. of dol_. 38,718
Stores operated
number..
1,603
Department stores:
Collections and accounts receivable:
Installment accounts:
Index of receivables*_Dee. 31, 1939=100..
Collection ratio
percent..
Open accounts:
Index of receivables*.Dec. 31, 1939=100..
Collection ratio
percent..
112
Sales, total U. S., unadjusted—1923-25 =100_.
138
Atlantat
1935-39=100..
97
Boston
1923-25= 100..
123
Chicagot
1935-39=100..
109
Cleveland
1923-25=100..
127
Dallas
do
106
Kansas City
1925=100..
140
Minneapolis!
1935-39=100..
112
New York
1923-25=100_.
P95
Philadelphia
do___.
167
Richmond
do
119
St. Louis
do
San Francisco§
do
105
Sales, total U. S., adjusted!
do....
125
Atlantaf
1935-39=100..
117
Chicago f
do
105
Cleveland
1923-25=100..
113
Dallas
do
117
Minneapolis!
1935-39=100..
98
New York
1923-25=100..
?82
Philadelphia
do
106
St. Louis
do
San Francisco§
do
Installment sales, New England dept. stores
percent of total sales..
10.8
Stocks, total U. S., end of month:
Unadjusted
1923-25=100..
p 108
Adjusted
_.do
Mail-order and store sales:
Total sales, 2 companies
thous. of doL. 164, 394
Montgomery Ward & Co
do
68, 138
Sears Roebuck & Co
do
96,256
Rural sales of general merchandise:
Total U. S., unadjusted
1929-31 = 100..
216.4
East
do
221.8
299.9
South
do
187.7
Middle West
do....
223.0
Far West
do
166.6
Total U. S., adjusted
do
172.3
East
do
202.4
South
do
147.8
Middle West
do
185.7
Far West
do
3,768
202
4,058
202
8,028
204
199
3,224
199
3,691
199
4,241
199
4,101
200
3,923
200
3,948
201
4,320
201
4,164
201
4,612
202
202
9,042
204
3,479
204
3,531
204
4,021
204
4,949
204
5,302
204
204
4,971
204
5,379
204
4,870
204
• 28,635
2,024
29,688
2,023
54,571
2,025
22,008
2,021
23,666
2,023
26,436
2,020
29,494
2,015
29, 778
2,020
27, 653
2,018
28, 398
2,018
30, 713
2,019
30, 097
2,018
• 10,169
494
10, 569
494
20,030
494
6,655
494
6,771
492
492
9,805
493
10,576
493
9,537
493
8,731
493
10, 069
493
10, 063
493
• 29, 581
1,582
33, 765
1,586
45, 716
1,586
20,284
1,586
18,345
1,587
22,772
1,589
27, 555
1,591
29,383
1,591
28, 390
1,593
26,143
1,593
32,385
1,596
33,645
1,598
96.0
18.1
100.7
18.5
109.0
18.1
103.6
17.6
101.2
17.5
99.4
19.2
101.7
18.8
103.3
19.0
102.6
' 17.7
101.2
17.6
107.6
18.8
18.9
79.7
46.9
101
125
91
112
97
111
95
127
' 109
87
149
101
103
94
112
'106
94
99
106
95
75
83.0
48.8
114
141
92
130
116
131
99
118
120
100
148
112
116
100
129
118
108
117
117
101
82
96
110
105.3
44.9
179
223
145
199
178
201
158
173
184
148
239
167
188
101
129
118
104
116
111
102
81
101
109
84.8
47.5
79
93
69
89
75
96
75
92
78
55
99
80
90
101
122
113
100
126
115
99
77
100
109
74.9
44.6
81
110
63
94
84
100
76
79
79
63
94
81
90
103
127
112
107
118
111
97
82
94
108
74.5
46.3
93
125
74
109
95
112
95
108
84
74
121
97
99
103
125
116
108
118
109
98
82
107
111
80.1
46.1
106
137
86
120
115
117
93
122
100
88
142
111
110
104
141
118
105
118
119
103
87
105
112
81.1
47.7
105
136
89
125
111
124
100
122
95
87
146
105
79.4
46.2
100
114
82
119
105
110
85
114
98
81
129
92
71.0
46.1
79
102
63
92
85
93
79
93
81
62
107
82
78.0
45.0
106
144
82
122
120
128
106
127
100
80
139
106
45.1
125
158
100
151
130
151
114
142
125
94
'153
128
105
138
124
103
124
124
99
87
105
104
134
123
107
123
115
102
83
100
115
148
131
117
132
131
114
91
119
134
163
154
145
166
145
134
107
141
116
146
'137
124
136
124
120
94
120
11.8
10.5
7.0
11.7
12.7
11.7
10.7
10.8
9.5
11.8
17.4
12.0
79
71
83
72
66
71
64
71
70
73
75
74
76
74
73
77
73
82
87
95
92
131, 439
52, 872
78, 568
121,176
48, 305
72,870
148.7
163.2
163.3
143.4
143. 6
163.2
177.7
203.1
151.9
150.7
129.7
151.1
134.1
120.9
131. 6
177.7
212.2
197.5
163.9
160. 5
133, 857 127,938
56, 937 54, 613
76, 920 73, 324
166, 723
70,850
95,873
83, 466
33, 495
49, 971
179.4
176.0
233.9
164.5
186.5
137.9
136.6
170.3
125.5
153.8
233.7
256.2
268.3
210.6
245.2
146.1
153.9
178.7
135.0
150.2
110.9
112.3
139.0
102.3
110.5
145.7
147.7
175.7
133.7
150.3
158.4
167.1
207.9
138.3
165.9
122.0
129.8
140.3
108.9
138.2
83, 832 110,866
33, 841 44,485
49, 992 66,381
122.0
128.0
161.8
110.3
111.1
150.8
156.5
177.4
138.7
150.1
130.7
138.5
160.5
117.7
138.4
148.9
154.2
177.8
132.8
168.1
133, 787 145,359
58,068
60, 520
75, 719 84, 839
151.7
163.4
176.6
139.7
146.7
165.1
171.4
200.5
149.6
164.3
148.5
158.2
167.0
144.3
132.9
161.8
172.0
196.9
152.4
147.9
145, 519 145,495
57, 803 59, 780
87, 716 85, 714
170.7
186.0
183.9
153.3
194.7
208.7
233.3
255.0
185.8
211.4
183.8
181.9
239.8
158.8
221.2
173.9
185.1
217.2
154.9
189.1
EMPLOYMENT CONDITIONS AND WAGES
EMPLOYMENT
Employment estimates, unadjusted (U. S. Department of Labor):*
Civil nonagricultural employment, total
thousands.. 40, 749 37, 375 37, 528 38,161 37,142 37,448 37, 761 38, 228 38,902 39,475 39,912 40, 289 40, 715
Employees in nonagricultural establishments, total
thousands.. 34, 606 * 31, 233 31, 385 32, 018 30,999 31, 305 31,618 32, 085 32, 759 33, 332 33,769 34,146 34,572
12, 768
11,127
11,457
11,886
10, 914
10,994
11,075
11, 273
11, 684
12,395
12, 592
12, 782
12,154
Manufacturing
do
908
856
853
855
852
854
864
564
'869
888
900
Mining
do
906
876
Construction
do
1,957
1,980
1,654
1,709
1,720
1,623
1,678
1,631
1, 775
1,782
1,816
1,895
1,921
3,364
3,121
3,065
3,039
3,012
3,113
Transportation and public utilities.do
3,028
3,056
3,185
3,290
3,326
3,239
3,365
Trade
do
7, 068
6,706
6,795
7,247
6,487
6,491
6,578
6,792
6,753
6,861
6,837
6,897
7,008
Financial, service, and misc
do
4,325
4,252
4,105
4,088
4,099
4,063
4,075
4,097
4,174
4,235
4,260
4,300
4,300
Government
do
4,266
3.876
3,881
3,931
3,935
3,983
3,887
3,906
4,049
4,164
4,210
' 4, 248
4,126
Military and naval forces
_do
2,014
733
822
884
958
1,145
1,343
1,546
1,662
1,857
1,944
1,992
1,740
' Revised.
» Preliminary.
§Indexes are in process of revision.
tRevised series. Indexes of department-store sales in Atlanta and Minneapolis districts revised beginning 1919, and Chicago beginning 1923; for Atlanta, see table 53,
p. 16 of the December 1940 Survey; for Minneapolis, table 20, p. 18 of the May 1941 Survey; revised Chicago data will appear in a subsequent issue. For revisions in adjusted
index of United States department-store sales for 1935-39, see note marked with a "t" on p. 25 of the January 1941 Survey
*New series. Indexes of department-store receivables are available only beginning January 1940: 1940 data not shown above are available on p. S-7 of the September 1941
Survey. Estimates of total civil nonagricultural employment, employees in nonagricultural establishments, manufacturing, and service industries (included in the miscellaneous group) have been revised beginning January 1929 and trade beginning January 1935, to adjust monthly estimates to the 1939 Census levels of employees in manufacturing concerns engaged in clerical, distribution, or construction activities, and retail trade employment and tofiguresshown by the 1930 Census of Occupations; the revised data
will be published later. Data forraining,construction, transportation and public utilities, Government, and military and naval forces are correct as published in table 11, on
pp. 17 and 18 of the March 1941 Survey.
S-8
SURVEY OF CURRENT BUSINESS
Monthly statistics through December 1939, to- 1941
1940
gether with explanatory notes and references
to the sources of the data, may be found in the October October Novem- December
ber
1940 Supplement to the Survey
December 1941
1941
January
February-
March
April
May
June
July
SepAugust tember
EMPLOYMENT CONDITIONS AND WAGES—Continued
EMPLOYMENT—Continued
Employment estimates, adjusted (Fed. Res.):*
Civil nonagricultural employment, total
thousands.. 40,160 r 36, 831 ' 37, 364 ' 37, 972 r 38,097 ' 38,314 ' 38, 263 ' 38, 320 ' 38, 824 ' 39, 296 ' 39, 908 ' 40,097 ' 40,019
Employees in nonagricultural establishments, total
thousands. - 34,017 r 30,688 '31,221 ' 31,829 ' 31,954 '32,171 ' 32,120 ' 32,186 ' 32,681 ' 33,153 ' 33, 765 ' 33,954 ' 33,876
12, 564 ' 10, 723 ' 10, 957 ' 11,160 ' 11,297 ' 11,335 ' 11,413 ' 11, 636 ' 11, 886 ' 12, 221 ' 12, 610 ' 12,611 ' 12, 551
Manufacturing
do
885
923
Mining
..
do
889
914
835
833
846
837
'849
855
572
877
908
1,795
1,666 ' 1, 683
1,669
2,132
1,974
2,014
1,933
1,859
1,698
1,644
1,668
Construction
do
1,490
3,291
3,302 ' 3, 303
3,087
3, 064
3,105
3,077
3,192
3.053
3,133
3,220
3,264
Transportation and public utilities.do
3, 053
6,987 ' 6, 630 ' 6, 698 ' 6, 770 ' 6, 630 ' 6,662 ' 6, 677 ' 6, 803 ' 6, 781 ' 6,865 ' 6,944 ' 7,027 ' 6, 968
Trade
do
Manufacturing, unadjusted (U. S. Department
135.1
117.8
116.2
115. 5
119.9
124.9
113.8
114.7
122.6
127.9
'130.7 ' 133.0 ' 135. 3
of Labor)!--1923-25 = 100..
143.7
121.0
118.3
135.1
115.5
117.6
123.7
131.3
112.8
127.7
137.7 ' 138. 7 ' 142. 2
Durable goods!
do—
Iron and steel and their products, not in139.8
139.9 ' 140. 5
122.2
125.0
127.2
119.3
121.6
129.4
132.9
136.1
117.1
137.7
cluding machinery
1923-25=100-.
Blast furnaces, steel works, and rolling
148.2
149.1 ' 148.9
133.3
131.3
135.0
125.2
127.3
129.5
137.4
144.0
140.6
147.2
mills—
-.-1923-25=100..
116.3
113.2 '115.8
114.9
112.5
112.8
109.0
117.1
116.6
116.7
105.3
118.3
' 103. 8
Hardware
do
Structural and ornamental metal work
107.9
'110.0
' 109. 3
95.9
93.5
97.2
86.5
90.4
99.1
102.3
105.5
85.6
' 107. 4
1923-25=100-.
135.8
145.3 ' 145. 0
104.1
100.2
98.9
101.8
107.1
109.5
120.5
101.4
132.0
138. 8
Tin cans and other tinware
do
81.0
79.8
'80.5
74.4
72.0
71.3
72.6
73.8
74.4
73.7
74.7
76.8
79.5
Lumber and allied products
do—
108.4 ' 108. 3
108.4
95.8
93.7
96.7
97.0
97.4
97.6
100.1
96.8
103.8
105.6
Furniture
do
70.7
69.2
'70.4
66.1
62.9
62.5
63.7
65.2
64.7
65.7
67.1
66.6
Lumber, sawmills
_
.do
70.0
180.3
131.2
143.5
136.1
139.8
156.2
147.7
162.5
167.7
127.3
Machinery, excl. transp. equipment . d o —
172.3 ' 176. 5 ' 178.5
Agricultural implements (including trac170.8
172.0 ' 170. 7
144.2
143.2
149.6
136.6
132.6
168.5
134.9
170.7
171.8
171.4
tors)._.
1923-25=100-Electrical machinery, apparatus, and
169.9
167.4 ' 168.7
136.4
129.4
120.6
125.8
141.5
147.3
116.1
154.0
163.8
supplies.
-.-.1923-25=100-.
158.8
Engines, turbines, water wheels, and
340.2
222.4
200.5
236.3
257.2
210.5
247.6
271.5
191.6
297.8 ' 314.1 ' 323. 0
windmills
1923-25=100-285.5
147.6
120.0
114.1
117.4
110.1
123.6
130.0
134.9
106.7
Foundry and machine-shop products, do
142.6 ' 145. 6 '147.0
139.1
361.4
351.5 ' 356.4
265.9
297.2
276.0
285.8
307.1
316.7
327.4
257.9
Machine tools*
do—
346.0
338.5
216.4
212.5
202.4
144.8
159.4
147.5
158.5
149.1
158.5
173.7
163.6
Radios and phonographs
do —
188.7
180.7
147.2
'
146.1 '147.9
129.9
134.7
131.2
131.1
137.0
126.1
138.7
139.9
Metals, nonferrous, and products
do
'143.7
141.9
193.4
194.9
176.0
171.6
180.5
184.3
162.4
154.9
168.1
182.6
Brass, bronze, and copper products.do—
189.7 ' 192. 9
' 189. 3
102.7
86.9
85.9
89.7
101.3 '101.8
88.6
88.7
87.5
93.0
95.6
Stone, clay, and glass products
do
99.6
97.1
78.0
79.1
79.4
64.8
64.1
65.2
64.8
65.4
69.2
72.7
65.0
Brick, tile, and terra cotta.
do
77.6
74.7
133.2
115.8
114.4
119.5
130.0 ' 130. 3
113.2
117.0
116.8
121.8
124.0
Glass
do
127.9
125.5
200.0
157.2
149.2
152. 6
161.2
166.5
139.5
146.0
172.0
Transportation equipment!
do
179.5 ' 171. 5 ' 190. 8
178.1
9,156. 7 4,115.9 4,402. 3 4, 684.1 5, 037. 7 5, 344. 0 5, 563. 7 5, 929. 2 6,305.1 6, 733. 8 7, 280.0 7,959. 9 8,571.2
Aircraft*
_
do
' 123. 4
125.6
130.1
128.5
131.5
134.1
125.1
129.8
130.2
132.4
109.3
Automobiles
do
126.9
134.8
483.7
197.4
204.1
256.6
221.0
240.3
272.4
295.8
310.7
Shipbuilding*
do
375. 3 ' 388. 3 ' 439. 6
338.6
126.9
114.7
112.7
113.9
116.3
114.8
114.8
117.8
118.8
Nondurable goods!
do
' 123.9 ' 127. 7 ' 128.7
121.1
Chemical, petroleum, and coal products
148.5
126.3
125. 4
125.3
128.5
125.7
131.6
135.7
135.4
' 139. 0 '141.9 ' 146. 5
1923-25=100-.
136.8
182.7
145.6
148.0
155.1
149.9
152.0
159.3
162.4
166.8
180.1 ' 182. 0
172.1
175.8
Chemicals
do
144.0
125.9
12«.6
126.3
132.9
125.1
137.4
141.4
126.0
144.8
145.5 ' 144.8 '143.9
Paints and varnishes
do
128.6
121.2
120.7
119.2
119.8
119.1
119.5
'128.5
120.5
122.0
125.2
127.9
127.4
Petroleum refining
do
326.4
313.5
312.2
314.5
311.0
315.1
317.9
323.5
327.0
329.3
327.0
311.1
324.4
Rayon and allied products
do
151.3
119.1
121.4
120.3
135.2
132.5
141.3
130.5
123.6
127.4
Food and kindred products
do
' 144.8 ' 159. 3 ' 162. 7
153.9
152.2
145.9
145.5
142.9
144.1
140.5
145.0
146. 5
149.0
Baking
do
152.7 ' 153. 5
150.2
126.1
120.3
109.6
116.2
110.6
125.0
116.3
110.7
110.2
116.8
Slaughtering and meat packing
do
'123.1 ' 122.4 ' 123. 6
98.5
96.9
93.4
98.7
87.0
90.6
98.0
95.5
90.0
Leather and its manufactures
do
101.1
98.1
101.0
'98.9
94.8
88.4
84.1
95.0
88.0
91.4
97.0
95.8
93.0
Boots and shoes
do
94.9
98.3
98.1
'95.2
126.5
117.1
118.5
116.7
119.4
119.5
118.1
120.8
121.6
Paper and printing
do
117.6
123.9
123.0
' 124.8
128.0
124.6
115.1
115.7
117.3
115.9
115.7
118.5
120.3
122.7
Paper and pulp
do
127.8
126.0
' 128.3
111.6
110.7
94.4
100.7
98.8
92.6
97.5
102.8
106.4
Rubber products
do
105.0
111.8
111.4
' 111.5
86.0
73.9
75.2
78.6
76.9
77.9
80.0
82.3
83.3
Rubber tires and inner tubes
do
86.7
86.3
87.4
'86.5
114.6
105.5
110.1
106.4
111.6
104.5
112.1
Textiles and their products!
do
107.0
112.6
112.5
113.2 r 115.4 ' 115.5
106. 1
98.7
101.7
100.4
99.7
102.7
106.2
96.1
103.7
105.1
107.0
' 106. 3
Fabrics!
.do
106.9
128.9
121.9
118.9
116.2
124.2
117.2
116.8
127.2
126.2
124.2
' 122.2 ' 129. 6 '131.2
Wearing apparel
do
67.3
66.5
66.8
63.7
65.6
60.8
63.3
63.5
64.9
65.5
65.4
' 163. 8
Tobacco manufactures--,
do
65.8
132.5
118.6
118.3
119.4
111.4
114.2
128.7
116.6
122.0
124.9
133.3
' 132.4
133.0
Manufacturing, adjusted (Fed. Res.)t
do
134.0
111.2
114.6
122.1
117.5
121.1
123.0
126.3
129.5
'140.8
141.1
' 141. 3
Durable goods!
do- -. 142.0
Iron and steel and their products, not in138.6
118.9
125.5
126.2
' 139. 7
124.8
140.3
122.4
128.3
116.1
132.0
136.0 ' 139.0
cluding machinery
1923-25=100..
Blast furnaces, steel works, and rolling
150
149
148
133
127
133
133
125
136
130
140
145
149
mills
1923-25=100..
'116
116
116
114
113
109
116
105
113
115
116
118
'105
Hardware
.do
Structural and ornamental metal work
106
'106
106
100
96
84
86
100
103
91
101
104
105
1923-25=100-.
'132
132
132
99
103
112
104
109
113
113
122
129
131
Tin cans and other tinware
do
'77.4
78.4
76.4
71.3
73.6
75.5
75.2
76.3
74.0
74.2
74. 6
75.9
'78.9
Lumber and allied products
do
'104
107
102
106
91
93
98
96
97
98
101
104
108
Furniture
do
68
68
67
64
66
67
67
68
65
65
64
65
68
Lumber, sawmills
_do
'.177.7
144.2
141.2
148.1
130.9
126.6
136.0
155.8
'
161.
6
'
173.
0
Machinery, excl. transp. equipment-do
176.6
179.5
'167. 3
Agricultural implements (including trac'181
140
147
126
143
143
158
166
140
175
tors)
1923-25 = 100-.
182
181
170
Electrical machinery, apparatus, and sup168
137
131
142
116
120
126
147
153
164
plies
1923-25=100..
168
159
169
Engines, turbines, water wheels, and
'321
239
243
211
237
218
245
259
197
windmills
1923-25=100-.
314
275
319
Foundry and machine-shop products
129
120
114
118
124
107
110
'134
'143
'147
1923-25=100..
144
'139
148
265
296
304
315
257
275
286
326
349
Machine tools*
do
'355
366
337
134
142
165
155
189
360
150
178
197
191
Radios and phonographs
do
183
184
187
177
122.3
126.3
135.1
129.4
133 3
136.2
138.9
140.7
148.3
Metals, nonferrous, and products
do
' 146. 6
144.1
148.1
143.0
153
162
176
168
173
179
181
183
193
Brass, bronze, and copper products.do
195
191
195
191
88.4
92.9
90.4
94.6
92.3
84.7
92.3
92.1
98.6
Stone, clay, and glass products.do
'98.7
93.7
99.5
98.4
61
65
74
68
75
71
70
69
73
Brick, tile, and terra cotta
do
74
69
74
74
120
117
116
117
118
121
112
122
131
Glass
do
'130
124
132
130
143.9
152.9
150.4
140.2
154.1
' 158. 9
145.6
' 164. 8
'196.6
Transportation equipment!
do
' 195. 0
'174.6
201.2
192.2
4,243
4,447
5,398
4,731
5,089
5,509
5,813
6,121
7,208
Aircraft*
do
' 8, 836
6,538
9,440
7,960
123
125
127
124
123
123
125
128
'149
Automobiles
do
'127
132
126
262
137
'302
204
244
268
'286
195
220
'387
Shipbuilding*
do....
'437
'342
479
397
' Revised.
tRevised series. For revised indexes, beginning in 1937 for all industries and nondurable goods, and January 1938 for durable goods, see table 12, p. 18 of the March 1941
Survey. Slight revisions were made in data for textiles and products and fabrics beginning 1933; revisions not shown on pp. 25 and 26 of the May 1940 Survey are available
upon request. Index for transportation equipment revised beginning January 1939; see table 57, p. 17 of the December 1940 Survey.
•New series. Adjusted estimates of employment beginning January 1929 will be shown in a subsequent issue. For indexes beginning 1923 for machine tools and shipbuilding, and index for 1931 through 1938 for aircraft, see tables 39 and 40, pp. 15 and 16 of the October 1940 Survey; for aircraft indexes (revised) for 1939, see table 57, p. 17 of
the December 1940 Survey.
December 1941
S-9
SURVEY OF CURRENT BUSINESS
Monthly statistics through December 1939, to- 1941
1940
gether with explanatory notes and references
to the sources of the data, may be found in the October § October Novem- Decem1940 Supplement to the Survey
ber
ber
1941
January
FebruMarch
ary
April
May
June
July
August
EMPLOYMENT CONDITIONS AND WAGES—Continued
EMPLOYMENT—Continued
Manufacturing, adjusted (Fed. Res.)—Cont.f
126.1
123.5
115.2
115.9
' 123. 7
111.5
113.8
115.7
115.6
120.5
125.3
118.0
Nondurable goodsf
1923-25=100' 123. 8
145.9 ' 122. 8 ' 123.9
125.3
' 128.1 ' 129. 0 '133.6
' 136. 9 ' 140. 7 ' 142. 9
145. 0 ' 144. 6
Chemical, petroleum, and coal prod..do
'126.8
Chemicals
...do
180
143
'179
147
151
154
157
161
163
168
172
173
179
144
Paints and varnishes
do
125
127
128
130
130
134
135
136
140
145
148
'145
Petroleum refining
do
128
121
120
120
120
120
121
121
123
125
127
127
127
Rayon and allied products
do
325
310
311
314
310
306
308
324
330
337
326
328
324
Food and kindred products
do
139.8
' 137. 3 ' 137. 2
132.4
135.6
131.0
135.0
129.9
133.3
131.3
139.9
132.5
' 138. 6
Baking
do
152
144
144
144
143
145
146
148
149
151
149
152
151
Slaughtering and meat packing
do
126
110
'125
114
121
112
111
113
114
119
121
119
119
Leather and its manufactures
do
99.7
93.2
101.0
94.3
100.2
91.1
93.8
93 3
96.8
94.3
95.5
97.9
'98.0
96
Boots and shoes
do
90
92
93
91
91
92
93
94
98
97
94
94
122.9
Paper and printing
do
124.9
117.1
117.2
121.2
116.8
117.3
124.8
125.1
116.1
118.5
119.8
' 124. 3
128
Paper and pulp
do
115
116
116
116
117
119
120
123
125
126
128
' 128
100.4
Rubber products.
do
110. 1
93.6
96.8
91.6
99.0
106.1
111.7
102.0
103.9
113.0
113.3
'111.6
Rubber tires and inner tubes
do
86
74
75
77
78
79
80
82
83
86
87
87
87
107.1
112.6
105. 3
107.2
116.1
Textiles and their products!
do
102.6
107.3
109.8
112.9
120.1
107.6
117.1
'114.7
99.1
Fabrics!
do.
105.2
95.2
97.7
98.7
98.8
100.4
105.9
109.0
103.3
111.1
109.6
' 107. 2
Wearing apparel
do.
124. 5
120.5
114.8
121.9
124.0
135.1
118.0
122.0
119.3
127.0
119.8
129.0
' 126. 6
Tobacco manufactures..
do.
64.1
64.9
63.3
63.4
64.7
66.3
65.8
64.0
65.8
65.7
65.0
64.4
'61.9
Manufacturing, unadj., by States and cities:
State:
138.9
Delaware
_
1923-25=100..
112.2
104.9
129.4
110.2
108.7
116.7
124.1
111.4
129.7
134.7
142.5
' 147. 5
139.1
118.4
119.3
113.9
116.2
118.9
Illinois!
...1935-39=100..
120.1
129.6
133.1
126.1
136.6
140.3
139.7
161.5
151.1
144.4
Iowa . . .
1923-25=100 .
142.4
147.0
144.8
154.9
146.7
152.3
149.6
156.6
159.1
160.1
117.4
Maryland
1929-31 = 100.. 145.7
113.3
115.3
119.0
131.9
116.3
122.8
135.0
127.4
138.9
142.8
' 144. 6
100.2
Massachusetts...
1925-27= 100. _
85.3
90.7
92.9
84.9
87.6
87.0
96.1
97.6
94.9
99.1
99.1
99.5
New Jersey
1923-25=100120.5
123.1
116.6
118.0
120.0
126.5
135.3
132.3
129.2
136.4
137.6
138.4
New York . .
1925-27 = 100..
126.9
103.5
107.2
99.7
101.0
110.1
115.9
103.6
113.8
112.0
118.4
122.8
126.4
Ohiot
1935-39 = 100
111.0
112.9
114.8
116.6
120.0
123.0
129.0
131.8
125.9
136.6
134.6
138.3
111.0
98.3
Pennsylvania....
1923-25=100-.
95.2
96.4
96.2
93.9
104.4
100.0
106.7
102.6
108. 7
110.3
110.5
105.2
Wisconsint--1925-27=100-.
104.2
107.3
107.0
109.4
107.6
118.7
121.7
126.5
116.3
122.4
124.7
126.4
City or industrial area:
Baltimore
1929-31 = 100-. 144.9
116.4
110.3
113.1
113.5
121.1
129.9
125.1
132.9
111.7
137.3
141.7
143.7
Chicagof
1935-39=100..
139.4
113.2
115.9
117.6
119.3
118.7
116.8
128.1
124.5
130.8
135.8
138.1
138.4
Cleveland
1923-25=100114.1
134.2
107.8
109.4
112.4
110.0
117.4
125.3
128.5
121.7
130.1
132. 7 - 134.1
Detroit
do . . . 117.3
120.2
122.0
121.5
122.1
123.0
122.5
123.8
120.3
119.6
96.0
116.0
115.0
Milwaukee
__ 1925-27=100135.9
110.5
113.7
115.3
119.0
120.9
111.2
128.3
131.3
125.3
130.2
135.4
136.9
New York
do
109.9
126. 7
102.5
102.5
103 0
104.8
112.8
114.1
113.5
112.8
121.5
114.3
125.7
Philadelphia
1923-25=100-.
116.3
93.7
95.7
97.1
96.7
99.4
101.3
106.7
103.6
109.1
110.5
111.8
114.3
Pittsburgh
do
98.4
103.9
117.9
96.6
101.6
100.1
1019
109.9
108.3
112.9
115.6
117.1
117.4
Wilmington
do
121.7
93.4
95.7
99.6
102.3
103.4
107.1
116.5
113.5
117.1
120.9
120.0
121.3
Nonmfg., unadj. (U. S. Dept. of Labor):
Mining:
Anthracite..
1929=10049.4
50.4
50.3
50.8
50.3
50.6
50.2
48.7
48.6
49.2
49.3
50.0
50.0
Bituminous coal
do
89.2
95.0
89.8
90.2
90.6
91.1
90.1
23.5
87.9
88.1
90.3
92.6
94.2
Metalliferous
do
72.6
73.4
79.4
72.5
72.2
72.5
74.3
77.2
77.1
78.9
'79.9
79.0
78.8
Crude petroleum producing
do
62.4
61.3
61.3
60.7
60.5
60.5
60.2
60.4
60.1
61.5
62.1
'62.2
61.6
Quarrying and nonmetallic
do
48.8
53.8
47.2
45.4
41.7
42.4
44.2
48.2
51.0
51.9
52.7
53.9
54.4
Public utilities:
Electric light and powerf
do
93.9
92.3
91.8
91.3
90.5
90.1
90.3
91.3
92.2
93.5
'95.2
94.6
94.6
Street railways and buses!
do
68.7
7C.1
68.7
68.4
68.3
68.0
68.2
68.9
68.3
69.1
69.5
'69.7
69.9
79.1
Telephone and telegraph!
do
90.6
79.2
79.7
80.4
80.9
81.8
83.2
84.6
86.3
'89.6
90.2
88.3
Services:
Dyeing and cleaning
do
109.4
103.3
101.4
106.0
101.0
121.0
104.4
117.2
120.6
122.7
121.7
'118.9
121.0
Laundries
do
100.2
110.9
99.7
100.3
101.4
101.1
102.5
104.9
108.3
112.0
114.6
115.8
113.1
Year-round hotels
do
93.4
95.6
92.3
92.6
92.9
93.9
94.2
95.2
96.3
95.0
94.5
'94.5
95.3
Trade:
Retail, totalt
do
94.3
90.7
100.9
96.3
90.5
108.1
92.5
97.8
96.1
97.8
'96.9
96.7
99.9
General merchandising!
do
103.5
115.6
111.4
152.2
94.0
92.9
96.6
108.7
102.5
105.1
100.9
' 103. 0
112.2
Wholesale
do
91.0
96.6
91.8
92.5
91.2
91.4
91.8
92.2
92.4
93.8
94.2
'95.8
95.4
Miscellaneous employment data:
Construction, Ohiof
1935-39=100-.
129.3
114.6
116.0
121.1
111.3
116.8
150.8
139.8
163.0
166.5
167.7
164.7
Federal and State highways, totaU.number..
341, 926 289, 232 220, 769 199, 628 184,042 193, 898 235,876 285, 397 318,436 331,438 340,146 320,301
Construction (Federal and State)
do
161, 252 121, 545
74, 280
55,455
47,693
92, 363
87, 038 127, 634 142,185 152, 691 158,744 149, 800
Maintenance (State)
do
140, 326 128,499 108, 229 106, 420
99, 503 101, 535 110,912 118,945 134,896 136, 651 138,631 128, 415
Federal civilian employees:
United States
do
1,091,931 1,114,068 1,184,344 1,153,431 1,173,152 1,202,348 1,251,283 1,306,333 1,370,110 1,391,689 1,444.985 1,487,925
District of Columbia
do
149,389 152, 538 155,914 158, 610 161,862 167,081 172,876 177,328 184, 236 185,182 186,931 191, 588
Railway employees (class I steam railways):
Total
thousands1,094
1,065
1,048
1,039
1,051
1,074
1,104
1,148
1,179
1,211
1,231
1, 235
Indexes: Unadjusted
1923-25=100..
68.2
60.1
58.4
57.4
57.0
57.6
60.5
63.0
58.8
64.7
66.5
67.6
67.8
Adjusted
...do
58.4
58.0
59.9
66.3
58.8
59.4
60.5
61.0
62.3
63.3
66.0
66.5
64.8
LABOR CONDITIONS
Average weekly hours per worker in factories:
Natl. Ind. Con. Bd. (25 industries)...hours-.
39.9
39.6
40.2
41.0
40.1
41.2
40.7
41.3
41.7
41.2
41.0
41 6
U. S. Dept. of Labor (90 industries).--do
39.3
38.6
40.0
39.8
39.0
40.4
40.0
40.8
41.3
40.3
41.0
40.9
Industrial disputes (strikes and lockouts):
Beginning in month
number..
267
207
147
'253
••232
'448
'338
••393
'335
'402
'422
P475
In progress during month
do
419
••341
'379
'486
'642
'575
'538
373
277
'624
P 765
'581
Workers involved in strikes:
Beginning in month
thousands-72
62
43
70
92
116
'511
325
140
138
'207
v 270
In progress during month
do
108
'222
102
62
' 110
125
177
564
420
'294
'217
P345
Man-days idle during month
do
915
1,960
••661
' 1,131 ' 1, 553 ' 7, 099 ' 2,182 ' 1,469 ' 1, 302 '1,750
740
458
P 1,925
Employment security operations (Soc. Sec. Bd.)
Placement activities:
Applications:
Active
file
thousands..
4,232
4,619
4,568
4,759
5,093
5,101
5,170
5,097
5,156
5,126
4,982
4,699
4,356
New and renewed
do
1,488
1,391
1,333
1,495
1,816
1,373
1,606
1,539
1,825
1,623
1,597
1,446
1,396
Placements, total
do
539
407
365
378
363
344
376
443
500
471
499
510
546
Unemployment compensation activities:
Continued claims
thousands..
2,542
3,622
4,006
4,008
4,931
4,047
3,738
3,914
4,270
3,576
3, 623
3,045
' 2, 643
Benefit payments:
Individuals receiving payments§___do
430
676
667
826
806
762
590
659
684
572
611
'493
Amount of payments
thous. of dol— 21, 430
32, 231
29, 561
30,886
39, 270
34, 611 33,608
26, 998
31, 574
30, 564
29, 307
26, 494
22, 942
r
Revised.
p Preliminary.
§Data are a weekly average of the number receiving benefits, based on an average of the weeks of unemployment compensated during weeks ended within the month
tRevised series. For revisions in indicated nondurable manufacturing series, see note marked " t " on p. S-8. Telephone and telegraph indexes revised beginning 1932,
other indicated nonmanufacturing employment series beginning 1929; see p. 17 of the April 1940 Survey, except for indexes for street railways and busses beginning 1932,
which were subsequently revised as shown in table 27, p. 17 of the May 1940 issue. For revisions in Illinois and Chicago indexes, see note marked with a " ! " on p 29 of
the January 1941 Survey. Index for Wisconsin revised beginning 1925; revised data not shown on p. 72 of the February 1941 Survey will appear in an early issue Earlier
monthly data on indexes beginning 1923 for Ohio factory and construction employment revised to 1935-39 base will be shown in a subsequent issue
JTotal includes State engineering, supervisory, and administrative employees not shown separately; see note on p. 27 of the May 1941 Survey'
S-10
SURVEY OF CURRENT BUSINESS
1940
Monthly statistics through December 1939, to- 1941
gether with explanatory notes and references
to the sources of the data, may be found in the October October Novem- December
ber
1940 Supplement to the Survey
December 1941
1941
January
February
March
April
May
June
SepAugust tember
July
EMPLOYMENT CONDITIONS AND WAGES—Continued
1
LABOR CONDITIONS—Continued
Labor turn-over in mfg. establishments:
Accession rate..mo. rate per 100 employeesSeparation rate, total
do
Discharges
do
Lay-offs
do
Quits and miscellaneous
do
4.87
4.13
1.41
2.44
5.52
3.23
.19
1.53
1.51
4.65
3.06
.18
1.60
1.28
4.11
3.16
.16
1.86
1.14
5.54
3.41
.18
1.61
1.62
4.92
3.15
.19
1.20
1.76
5.62
3.40
.21
1.06
2.13
6.04
3.89
.25
1.19
2.45
5.95
3.86
.24
1.08
2.54
5.16
4.53
.31
1.16
3.06
5.43
4.14
.30
1.13
2.71
6.31
3.71
.26
1.03
2.42
6.00
4.24
.29
1.40
2.55
152.2
173.9
' 152. 7
' 172. 4
r
PAY ROLLS
Manufacturing, unadjusted (U. S. Department
166. 7
116.2
of Labor)!
1923-25=100..
116.4
122.4
120.7
131.2
126.8
144.1
134.7
191.6
123.4
Durable goods!
do
125.1
139.2
131.6
132.0
144.6
163.1
149.9
Iron and steel and their products, not including machinery
1923-25 = 100. _ 174.7
125.8
'123.5
132.9
130.8
137.0
141.2
150.9
160.9
Blast furnaces, steel works, and rolling
182.8
131.0
mills
1923-25=100..
134.6
142.1
139.9
145.4
149.0
164.1
172.7
161. 5
122.3
Hardware
do —
128.4
130.4
134.8
118.8
138.1
135.7
141.5
Structural and ornamental metal work
124.8
79.6
78.7
1923-25=100..
89.4
86.0
93.8
97.1
103.4
113.8
171.6
113.1
104.1
Tin cans and other tinware
do
113.1
114.8
115.7
121.8
146.4
127.3
92.1
73.7
70.9
Lumber and allied products
do
71.5
68.1
70.6
72.8
75.7
78.0
91.3
121.9
90.4
Furniture
do
92.6
84.2
90.0
93.9
102.7
95.2
65.1
60.9
Lumber, sawmills
do
77.4
60.4
59.2
60.5
62.7
66.4
66.0
' 145.4
149.3
Machinery, excl. transp. equip
do
256.7
163.0
167.5
176.8
186.2
217.2
197.4
Agricultural implements (including trac232.2
tors)
1923-25=100..
158.8
160.4
180.9
174.2
171.3
162.0
229.0
229.6
Electrical machinery, apparatus, and
supplies
1923-25=100__
244.7
138.2
145.0
157.9
162.7
175.7
185.9
192.3
215.3
Engines, turbines, water wheels, and
windmills
1923-25=100..
265.1
274.8
611.5
331.6
304.8
347.0
378.6
444.1
372.4
Foundry and machine-shop products
1923-25=100_.
197.2
111.7
114.6
126.6
128.7
136.1
143.6
152.2
166.2
Machine tools*
do.
597.3
355.4
394.2
414.5
444.7
471.5
507.2
472.2
352.3
Radios and phonographs
do.
260.5
155.7
163.6
144.9
146.4
157.2
163.9
191.5
164. 3
Metals, nonferrous, and products
do
185.2
141.7
149.6
146.0
151.2
155.1
157.2
166.7
136. 3
Brass, bronze, and copper products.do
262.0
201.9
218.9
220.2
224.5
236.7
234.8
246.6
190.0
110.3
Stone, clay, and glass products
do
82.0
85.7
79.6
82.0
85.2
97.8
83.0
91.1
76.1
Brick, tile, and terra cotta
do.
54.0
56.8
54.6
54.8
56.1
62.4
69.1
55.1
176.0
130.8
Glass
do.
137.6
131.0
135.3
140.5
150.3
143.5
129.8
279.7
166.1
Transportation equipment!
do
169. 2
176.2
190.8
197.2
217.1
191.8
' 163. 2
2, 615. 4 4, 639.4 5, 012. 9 5, 356. 3 5, 919. 7 6,440. 6 6, 678.3 7,134.4 7, 697.3
Aircraft*
...do.
171.7
150.5
Automobiles
do.
149.2
145.0
147.7
159.3
163.1
147.3
170.6
794.4
237.8
Shipbuilding*
do.
287.7
307.6
338.1
365.0
433.9
' 244.0
395.4
138.9
106.6
Nondurable goods!
._
do
112.1
108.1
112.9
116.3
108.1
117.7
122.9
Chemical, petroleum, and coal products
1923-25=100..
139.4
190.7
139.3
143.9
142.1
144.8
149.1
164.9
158.3
Chemicals
do.
181.7
257.6
176.2
187.9
188.2
193.9
201.7
221.8
2Q8.3
Paints and varnishes.
do.
135.7
173.5
135.8
138.7
137.4
141.7
147.4
170.4
157.9
Petroleum refining
do
133.3
163.2
136.2
139.0
132.2
132.1
133.4
142.4
146.3
Rayon and allied products
do.
331.4
375.5
322.6
334.4
335.9
327.6
332.9
356.2
342.3
Food and kindred products
do.
128.8
161.9
134.2
132.4
120.2
119.6
122.4
134.7
125.2
Baking
do.
138.3
157.8
139.2
137.7
134.5
137.8
140.0
148.4
140.9
Slaughtering and meat packing
do
118.9
151.1
115.8
137.3
119.7
113.5
114.2
133.1
115.1
Leather and its manufactures
do
68.5
100.5
73.4
78.5
83.3
91.5
96.1
92.3
91.0
Boots and shoes
do.
62.5
69.1
93.8
73.2
80.1
88.9
94.2
86.7
89.1
Paper and printing..
_
do
115.4
115.2
135.6
120.8
115.4
117.1
120.3
124.9
121.2
123.8
Paper and pulp
do.
123.8
164.4
128.5
127.5
132.5
136.4
145.6
139.1
102.0
Rubber products
do.
99.5
135.8
111.1
111.6
115.3
119.5
128.7
122.3
89.7
Rubber tires and inner tubes
do
86.6
108.2
96.4
97.9
99.7
102.7
106.3
111.1
92.3
93 2
Textiles and their products!_._do.
122.3
97.6
95.1
103.9
107.0
110.4
107.0
90.9
89! 5
Fabrics!
do.
120.2
95.6
93.1
98.5
101.1
104.1
109.3
89.5
94.8
Wearing apparel
do.
119.0
95.6
93.2
108.1
112.2
106.2
105.9
66.4
66.5
Tobacco manufactures
do.
74.9
67.4
59.3
61.7
62.7
67.1
58.9
Manufacturing, unadj., by States and cities:
State:
105.3
108.7
Delaware
_ ..1923-25=100116.9
112.9
125.1
128.1
137.3
150.1
129.4
128.0
Illinoisf
1935-39=100.
137.3
134.8
138.3
140.8
151.6
161.6
145.1
141.3
Maryland
...1929-31=100150. 2
151.6
155.1
161.2
174.4
189.2
84.5
83.9
Massachusetts.
_
_ .1925-27=100—
91.2
89.6
97.0
101.0
104.0
110.2
123.3
124.9
New Jersey
.1923-25 = 100..
134.8
133.2
139.1
145.6
147.5
161.1
100.5
101.5
New York
1925-27 = 100..
108.2
108.2
113.6
119.2
122.6
129.0
132. 5
135. 1
Ohio*
1935-39=100..
142.8
142.9
152.7
159. 8
176.6
167. 0
96.8
96.2
Pennsylvania
1923-25=100
102.2
99.4
104.7
108.5
114.5
121.7
122.1
119.4
129.5
Wisconsin!
1925-27 = 100..
128.0
126.1
134.8
150.9
142.5
City or industrial area:
147.0
142.9
157.9
151.9
153.7
164.2
Baltimore
1929-31 = 100..
178.4
194.5
128.5
126.0
Chicago!
1935-39=100.
136.9
135.1
135.1
135.1
158.2
148. 7
126.6
122.2
132.6
139.5
Milwaukee
1925-27=100..
131.3
144.5
157.8
151.7
97.6
98.8
New York...
do.
101.3
103.3
109.7
115.2
115.9
118.0
100.1
98.0
Philadelphia
1923-25=100..
106.3
103.6
110.5
114.0
114.7
126.3
105.4
103.8
Pittsburgh
do...
113.1
109.7
114.5
118. 7
131.6
138.4
Wilmington
do _ _
94.9
105.8
102. 5
113.6
115.9
124.1
134.9
Nonmfg., unadj. (TJ. 8. Dept. of Labor):
Mining:
37.6
Anthracite
1929=100
32.3
45.2
42.7
38.5
42.4
33.4
24.3
Bituminous coal
do...
84.5
83.6
91.4
87.8
90.8
93.8
107.2
15.8
Metalliferous
do..
69.8
71.4
72.8
70.4
71.8
72.7
78.9
81.5
Crude petroleum producing
do__.
56.8
57.6
55.9
56.2
57.3
56.1
57.8
58.8
Quarryinsr and nonmetallic
do...
42.3
46.7
42.4
38.2
36.9
40.3
53.2
47.0
Public utilities:
|
Electric light and power!
do I
106.9
106. 0
105.1
105.4
106.1
107.0
107.6
109.6
Street railways and buses!
do |
70.3
70.7
73.1
70.7
71.0
72,5
72.0
72.7
Telephone and telegraph!
do I
102. 2 I 103. 2
103.5
103.9
104.3
106.4
110.5
107.1
158. 3
* 177. 9
' 163. 0
' 184. 0
168.6
' 166. 6
' 172. 3
'171.3
179.9
150.2
181.6
124.1
183.3
153.6
' 178. 6
' 156. 5
120.1
163.2
83.9
110.0
71.1
229.9
'112.5
171.3
'85.5
110.1
73.5
' 233. 0
' 124.9
184.7
' 93. 7
116.]
r
80.3
' 122.8
' 187. 6
'92.5
' 119.1
'77.6
' 248.1
233.3
228.4
224.0
232.0
484.7
' 506. 9
177.8
529.3
200.4
174.6
' 262. 2
100.2
71.8
153.5
240.4
8, 212.1
188.3
505.9
127.9
' 243. 4
r
230.7
227.5
' 241.4
240.0
' 545.1
176.5
' 186. 0
534.7
553.4
218.7
234.0
' 174. 3
' 183.1
' 263. 8
' 273.6
98.9
r 104. 2
73.4
77.0
147.1
155.4
229.3
224.1
9, 077. 7 10, 462. 0
158.0
137.3
r
' 582.0
614. 6
' 130. 8
' 136. 3
' 569. 6
r
187. 8
577.8
254. 4
187. 5
273. 2
105. 5
'76.2
'161.0
' 253. 3
11,302.1
' 158. 9
' 700.1
' 139. 5
r
'
'
'
'
172.4
232.6
177.8
156.7
362.4
144.4
154.4
137.8
97.2
91.9
128.6
157.7
141.1
122.4
111.4
111.6
104.1
70.2
' 176. 3
239.7
172.7
157.2
368.6
' 152. 8
153.1
' 139.4
103.2
98.8
128.6
156.9
135.6
118.4
113.6
113.3
' 107. 1
69.8
' 179. 9
247.3
'171. 5
159.1
368.2
' 165. 4
155. 2
r
142. 9
' 104. 7
100.7
130.9
162.7
' 138. 8
'116.4
' 119.3
114.5
' 121.7
70.0
156.0
170.5
196.2
114.5
169.0
134.2
186.3
127.4
159.5
159.9
170.2
202.5
117.2
173.7
137.5
188.3
126.3
154.6
169.5
178.7
207.9
116.9
172.1
146.4
190.4
131.7
163.8
'173.7
180.5
'215.8
121.3
176.4
152.6
189.2
131.7
164.6
200.6
166.1
163.9
119.1
134.0
143.9
138.8
207.4
168.9
159.3
123.3
136.8
140.5
141.3
212.8
174.8
169.7
134.3
139.1
146.3
146.0
'220.9
177.8
168.2
142.4
144.1
144.2
145.8
51.2
107.2
85.3
59.9
55.7
34.8
105. 4
79.3
61.4
55.5
51.1
'117.3
'85.4
'61.5
'59.3
115.6
85.9
63.3
60.6
111.4
76.2
111.4
113. 5
75.8
113 5
115.1
78.6
115.1
114.2
78.1
' 114. 2
'
'
'
'
'
'
'
'
'
186. 8
250. 2
169. 9
166.4
374. 3
170.2
157.4
146.1
101. 6
'95.3
' 133. 3
' 163.0
' 134.2
' 107. 3
123.4
'118.0
' 126.3
'70.4
r
Revised.
tRevised series. For revisions in indexes for all manufacturing, durable goods, and nondurable goods, for 1938 and 1939, see tablel2, p. 18 of the March 1941 Survev
April 1940 Survey.
•New series. Earlier data on Ohio pay rolls will be shown in a subsequent issue; for other indicated pay-roll series, see note marked with an "*" on p , S-8 of this issue.
S-ll
SUEVEY OF CUKRENT BUSINESS
December 1941
Monthly statistics through December 1939, together with explanatory notes and references
to the sources of the data, may be found in the
1940 Supplement to the Survey
1941
1941
1940
DecemOctober October November
ber
January
February
March
April
May
June
July
SepAugust tember
EMPLOYMENT CONDITIONS AND WAGES—Continued
PAY ROLLS—Continued
Nonmfg., unadj. (U. S. Dept. of Labor)—Con.
Services:
Dyeing and cleaning
1929=100..
Laundries
do
Year-round hotels
do
Trade:
Retail, totalf
do
General merchandising!
do
Wholesale
do
98.4
103.2
92.0
82.4
88.0
84.2
77.8
87.2
83.6
75.8
89.2
84.1
73.3
89.8
84.1
74.4
89.7
86.1
77.2
90.9
85.7
97.8
95.8
87.1
96.1
98.7
87.9
98.4
102.5
87.4
96.4
106.7
87.6
'92.1
104.7
'88.2
99.4
105.2
89.1
97.5
110.3
92.0
85.8
92.3
80.2
87.1
97.5
80.7
97.3
132.9
83.4
83.7
86.5
80.5
84.6
86.6
81.4
86.2
88.3
82.0
91.7
98.6
83.4
91.5
96.0
95.2
100.1
88.2
'94.0
97.5
88.0
'94.0
'99.3
95.8
107.0
90.6
29.84
27.13
31.42
29.73
26.93
31.11
30.28
27.89
31.96
30.61
27.71
31.90
31.41
28.56
32.90
31.80
29.11
33.49
31.89
29.17
33.54
33.12
30.78
35.57
34.26
31.88
36.91
33.70
' 31. 22
'35.84
34.10
'31.63
' 36. 52
35.10
32.01
36.79
30.97
31.01
32.18
31.46
32.21
32.65
34.40
35.71
36.40
' 35. 53
' 36.12
35.65
33.04
27.74
33.43
27.56
34.65
28.03
33.66
28.30
34.51
28.84
34.94
28.95
37.87
28.64
38.98
29.89
39.46
31.26
38.90
29.26
38.81
33.11
37.89
32.97
30.02
25.16
21.49
22.49
20.23
31.71
29.26
23.47
20.75
22.23
19.06
31.65
30.80
25.72
21.06
22.64
19.29
33.13
31.01
25.31
20.72
21.42
19.59
33.35
31.67
24.98
21.24
22.32
21.02
34.26
32.35
25.53
21.68
23.03
20.32
35.02
33.71
26.17
22.16
23.22
19.89
35.20
36.13
27.27
22.57
24.35
20.74
37.17
36.98
27.70
23.57
25.12
21.89
38.00
* 34. 04
27. 59
23.21
24.68
21.60
' 37. 53
r 36. 82
28.42
' 24. 65
25. 43
' 23. 49
' 38.19
36.45
28.92
24.47
26.01
22.73
38.38
31.41
31.29
32.89
33.25
33.13
33.54
37.52
36.88
37.32
36. 62
36.31
37.12
31.26
31.61
32.95
33.00
33.87
34.46
34.41
36.68
37.01
37. 06
37.44
37.28
36.74
36.35
38.22
39.36
38.73
40.43
38.30
43.39
45.03
' 45. 14
' 46. 02
46.77
31.18
37.73
24.74
30.00
33.64
25.75
21.87
27.90
37.39
32.62
39.25
36.57
22.28
30.95
36.85
23.97
30.02
34.17
25.17
21.47
27.26
36.39
32 93
38! 05
34.46
22.08
32.85
39.56
25.32
31.63
35.80
26.25
22.52
28.77
35 96
33.17
36.49
38.37
23.09
32.51
40.15
24.08
30.71
35.22
25.17
21.74
28.02
37.66
34.13
37.61
37.69
22.64
33.51
41.62
24.80
31.00
35.20
25.61
22.09
28.62
38.44
35.14
40.05
38.71
23. 23
34.39
41.49
25.79
31.57
36.45
25.89
22.30
28.76
38.80
35.02
40.61
39.30
23.63
34.75
41.10
25.31
31.50
35.70
26.50
23.38
28.70
36.41
35.15
36.36
39.16
23.62
36.51
42.79
27.02
33.12
37.10
27. 64
24. 58
29.53
39.90
35.84
41.58
40.89
24.48
37.78
43.22
27.09
34.30
38.42
28.04
24.97
29.91
42.69
35.63
45.68
43. 78
25.11
36.61
42.80
28.30
' 33. 78
' 38. 37
' 27. 02
24. 59
28.19
'40.51
36.48
40.79
' 45. 54
' 25. 07
37.72
43.53
28.32
34. 88
39.17
27. 98
25. 30
29.28
41. 23
38.46
41.14
46. 47
25. 38
37.77
44.77
29.25
35.10
38.53
28.30
25.27
30.27
41.74
38.58
42.20
46. 69
25.75
29.96
32.39
29.60
34.93
26. 53
23.82
26.31
27.64
18.87
17.53
29.35
26. 45
29.31
34.27
18.10
17.95
18.53
18.25
29.87
32.72
29.35
34.32
26.95
24.43
26.31
26.82
18.19
16.65
29.35
26.35
29.45
34.92
17.80
17.71
18.05
18.14
30.90
33.33
30.15
36.00
27.15
25.78
26.39
28.77
20.05
18.54
30.37
27. 30
31.13
36. 59
18.46
18.28
18.98
18.70
30.31
33.10
29.86
34.46
27.40
24.89
26.46
26.84
20.67
19.58
29.75
27.02
30.85
36. 67
18.13
17.93
18.70
17.76
30.24
33.50
30.22
34.36
26.94
25.25
26.73
26.70
21.89
20.92
30.04
27.66
31.20
37.02
19.08
18.61
20.35
17.54
30.36
33.93
30.46
34.68
27.28
25.74
26.66
26.81
22.61
21.77
30.67
28.19
31.67
37.55
19.37
18.89
20.68
17.99
30.96
34.24
31.57
36.64
27.54
25.56
26.59
27.14
21.87
20.84
30.54
28.31
31.62
37.68
19.48
19.33
19.91
16.88
32.41
35.48
33.05
37.14
28.16
26.68
27.56
29.55
22.09
20.89
31.13
29.07
32.82
38.88
20.13
20.09
20.22
18.82
33.63
36.00
33.81
38.74
28.36
27.08
28.21
29.79
22.99
21.66
32.01
30.97
34.70
41.41
20.33
20.28
20.48
19.48
' 33. 74
36.38
32. 63
38.26
29.06
' 26. 36
28.26
' 29.43
23. 68
22.53
31.70
30.49
33.18
39.54
' 20. 55
' 20. 43
' 20. 90
19.45
' 33. 78
36. 65
' 32. 65
38.57
28.60
' 26. 31
28. 06
' 30. 31
23.97
22.90
32.04
31.18
' 33. 78
' 39.17
'21.05
20. 63
' 22.18
19.37
34.14
36.54
32.56
40.14
29.29
26.54
28.32
30.71
23.71
22.35
32.26
31.03
32.63
36.15
21.73
21.37
22.72
20.07
.744
.673
.739
.747
.678
.744
.754
.683
.749
.759
.689
.758
.764
.692
.762
.769
.697
.768
.784
.708
.785
.726
.806
.818
.738
.822
.822
.744
.826
.828
.745
.830
.844
.758
.843
.778
.781
.780
.786
.791
.863
'. 862
.871
.878
.851
.684
.857
.683
.858
.681
.861
.695
.866
.689
.873
.690
.954
.967
.707
.964
.737
.965
'.712
.968
.775
.972
.782
.733
.632
.524
.547
.506
.749
.732
.635
.526
.555
.505
.752
.743
.638
.528
.552
.507
.761
.743
.639
.529
.552
.510
.768
.750
.638
.534
.560
.517
.772
.756
.639
.541
.565
.523
.778
.782
.642
.547
.570
.530
.825
.652
.556
.584
.537
.818
.836
.660
.570
.597
.552
.832
'.826
.664
.577
.601
.560
.836
'. 835
. 669
.588
.602
'.573
.844
.843
.683
.590
.612
.572
.850
WAGES
Factory average weekly earnings:
Natl. Ind. Con. Bd. (25 industries)..dollars..
U. S. Dept. of Labor (90 industries)
do
Durable goods
do
Iron and steel and their products, not including machinery
dollars-.
Blast furnaces, steel works, and rolling
mills
dollars. _
Hardware
do
Structural and ornamental metal work
dollars..
Tin cans and other tinware
do
Lumber and allied products
do
Furniture
do
Lumber, sawmills
do
Machinery, excl. transp. equip
do
Agricultural implements
(including
tractors) J
dollars..
Electrical machinery, apparatus, and
supplies
dollars. _
Engines, turbines, water wheels, and
windmills t
dollars..
Foundry and machine-shop products
dollars. .
Machine tools*
do
Radios and phonographs
do
Metals, nonferrous, and products..do
Brass, bronze, and copper prod_._do
Stone, clay, and glass products
do
Brick, tile, and terra cottaj
do_
Glass
do
Transportation equipment
do
Aircraft*
do
Automobiles
do
Shipbuilding*!
do
Nondurable goods
do
Chemical, petroleum, and coal products
dollars. .
Chemicals
do
Paints and varnishes
do
Petroleum refining
do
Rayon and allied products
do
Food and kindred products
do
Baking
do
Slaughtering and meat packing..do
Leather and its manufactures}:
do
Boots and shoes!
do
Paper and printing
do
Paper and pulp
do
Rubber products
do
Rubber tires and inner tubes
do
Textiles and their products
do
Fabrics
do
Wearing apparel
do
Tobacco manufactures
do
Factory average hourly earnings:
Natl. Ind. Con. Bd. (25 industries).dollars
U. S. Dept. of Labor (90 industries)
do
Durable goods
do
Iron and steel and their products, not
including machinery
dollars- Blast furnaces, steel works, and rolling
mills
dollars. .
Hardware
do
Structural and ornamental metal work
dollars. .
Tin cans and other tinware}:
do
Lumber and allied products
do
Furniture
do
Lumber, sawmills
do
Machinery, excl. transp. equip
do
Agricultural implements (including
tractors) %
dollars - _
Electrical machinery, apparatus, and
supplies}:
1
dollars. Engines, turbines, water wheels, and
windmills!
dollars - Foundry and machine-shop products
dollars.Machine tools*
do
Radios and phonographs
do
Metals, nonferrous, and products.-do
Brass, bronze, and copper products
dollars..
.841
'
'
'
'
'
'
.802
.806
.818
.821
.818
.820
.872
.886
.890
.907
.920
.752
.757
.766
.773
.776
.780
.782
.829
.842
.850
.853
.857
.830
.842
.842
.869
.857
.878
.967
'.978
'.997
1.003
.740
.769
.618
.712
.745
.768
.613
.727
.755
.781
.626
.738
.757
.797
.632
.740
.762
.801
.640
.740
.769
.799
.643
.748
.780
.806
.644
.749
.803
.822
.661
.770
.819
.831
.664
.794
.818
.841
.693
.803
.826
.850
.829
.870
.697
.821
.777
.802
.808
.806
.811
.822
.816 I
.834
'887
' Revised.
^Because of changes in the composition of the reporting sample (usually an enlargement of sample) data for the indicated series for a recent period are not strictly comparable with earlier data; for the month when the change occurred and the issue of the Survey in which the revised data were first published, see note marked "t" on p. 29
of the July 1941 Survey and p. S-ll of the August 1941 issue.
*New series. Earlier monthly data not shown on p. 29 of the March 1941 Survey are available upon request.
fRevised series. Indexes revised beginning 1929; see table 19, p. 17 of the April 1940 Survey.
SURVEY OF CURRENT BUSINESS
S-12
Monthly statistics through December 1939, to- 1941
1940
gether with explanatory notes and references
to the sources of the data, may be found in the October October Novem- December
ber
1940 Supplement to the Survey
December 1941
1941
January
February
March
April
May
July
June
August
EMPLOYMENT CONDITIONS AND WAGES—Continued
WAGES—Continued
Factory average hourly earnings—Continued.
U. S. Department of Labor—Continued.
Durable goods—Continued.
Stone, clay, and glass products—.dollars..
Brick, tile, and terra cottaj
do
Glass
do
Transportation equipment
do
Aircraft*
do
Automobiles
do
Shipbuilding* i
do
Nondurable goods..
do
Chemical, petroleum, and coal products
dollars..
Chemicals*
do
Paints and varnishes
do
Petroleum refining
do
Rayon and alliea products
.do
Food and kindred products
do
Baking
do
Slaughtering and meat packing. _ do
Leather and its manufactures J
do
Boots and shoesj
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 apparelj...
do
Tobacco manufactures
do
Factory average weekly earnings, by States:
Delaware
1923-25=100
Illinoist
1935-39=100.Massachusetts
1925-27=100. .
NewJersey..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.):l
Common labor
dol. per hour._
Skilled labor
do — .
Farm wages without board (quarterly)
dol. per month..
Railway wages (avg., class I)..dol. per hour..
Road-building wages, common labor:
United States, average
__do
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 PUBLIC ASSISTANCE
Total public assistance and earnings of persons
employed under Federal work programs!
mil. of doLAssistance to recipients:?
Special types of public assistance
do
Old-age assistance*
do
General relief
do
Subsistence payments certified by the Farm
Security Administration
mil. of dol .
Earnings of persons employed under Federal
work programs:
Civilian Conservation Corps...mil. of dol..
National Youth Administration:
Student work program
do
Out-of-school work program
do
Work Projects Administration
do
Other Federal agency projects financed
from emergency fundst
mil. of dol_.
Earnings on regular Federal construction
projects*
mil. of dol
.620
0.685
.589
.774
.918
.784
.975
.900
.621
0.689
.594
.778
.920
.783
.982
.890
.624
0.695
.606
.770
.923
.788
.983
.907
.629
.770
.822
.741
,970
.699
.649
.644
.681
.555
.530
.802
.662
.788
.975
.512
.492
.557
.498
.770
.826
.746
.970
.702
.651
.644
.685
.564
.540
.803
.661
.792
.981
.514
.492
.561
.495
.829
.749
.967
.700
.655
.641
.685
.572
.549
.807
.664
.799
.994
.517
.494
.561
.497
104.0
116.8
108.8
134.9
104.4
120. 9
119.0
98.1
115.6
107. 6
133.8
104.5
117.5
117.6
107.9
117.5
111.7
136.1
106.0
121.4
121.1
.711
1.48
.711
1.48
.711
1.47
36.84
.725
.741
.746
.48
.63
.35
.54
.54
.51
.70
.34
.49
.38
.48
.63
.34
.56
.54
.56
.72
.35
.49
.37
216
54
41
29
0.671
.566
.747
.898
.750
.951
.871
.609
0.671
.572
.746
.902
.755
.957
.884
.613
0.680
.582
.764
.900
.756
.954
.895
.617
0.682
.587
.772
.911
.776
.757
.798
.720
.963
.685
.610
.635
.684
.553
.528
.792
.654
.774
.962
.509
.487
.552
.484
.765
.811
.733
.966
.690
.632
.640
.686
.555
.529
.793
.656
.781
.971
.504
.487
.539
.486
.766
.816
.741
.968
.694
.641
.644
.680
.552
. 526
.799
.660
.784
.971
.507
.488
.544
.490
136.7
95.4
113.5
103.8
127.5
100.8
115.8
114.6
97.1
112.4
102.7
127.6
100.4
115.5
116.0
.761
1.52
.711
1.48
132. 3
126. 1
119. 4
.49
.65
.37
.59
.63
.54
.80
.36
.52
.41
0.710
.639
.769
.945
.794
1.014
.929
.641
0.717
.642
.780
.976
.797
1.063
.954
.650
0.721
.645
.782
.988
.820
1.066
1.013
.657
0. 721
'.648
.782
.990
.855
1.057
1.039
.658
.773
.839
.755
.995
.706
.655
.647
.694
.579
.555
.805
.666
.804
.995
.524
.509
.553
.506
.863
.770
1.008
.712
.670
.659
.731
. 590
.567
.811
.676
.816
1.008
.530
.520
.550
.509
.824
.864
.780
1.020
.722
.672
.665
.738
.599
.573
.826
.716
.836
1.037
.534
.522
.559
.517
.838
.886
.781
1.030
.729
.661
.674
.737
.609
.584
.825
.727
. 845
1.048
.550
.534
.582
.523
.837
.887
'.784
1. 025
.728
.658
.672
. 766
.615
. 590
.824
.725
.861
1.062
. 554
.533
.596
.520
106.2
119.2
113.5
138.5
108.2
124.3
123. 3
107.2
121.0
114.4
137.5
109.4
127.7
122.6
112.1
125.1
119.8
146.6
113. 3
132.7
127.2
116.2
128.9
122.6
150.4
115.8
135.8
131.1
114. 5
125. 4
123.7
152.1
116.1
132.1
126.3
114.7
127.7
123.3
152.1
119.2
136.3
131.4
.713
1.47
.716
1.47
.725
1.48
.741
1.49
.747
1.49
.753
1.50
.753
1.50
36.61
.741
.758
.742
40.44
.732
.730
.733
44.95
.727
.44
.63
.33
.58
.53
.58
.71
.34
.48
.38
.43
.68
.35
.59
.51
.55
.70
.34
.47
.43
.67
.33
.59
.53
.59
.72
.34
.48
.38
.43
.65
.34
.58
.52
.58
.70
.34
.47
.45
.64
.34
.61
.54
.57
.72
.36
.45
.40
.48
.62
.34
.56
.57
.53
.73
.36
.49
.40
.49
.64
.36
.56
.60
.52
.73
.35
.51
.39
.50
.66
.35
.55
.60
.55
.73
.36
.51
.39
209
218
222
215
216
209
199
188
167
55
41
29
56
42
30
57
43
31
58
43
29
58
43
29
59
44
26
59
44
23
18
16
17
16
15
13
2
5
102
3
6
102
3
8
104
3
9
94
3
9
97
3
8
94
3
8
81
4
2
2
1
1
1
1
1
1
56
103
114
111
116
106
110
119
130
161
60
46
20
(•) ^
67
FINANCE
BANKING
Acceptances and com'l paper outstanding:
197
212
215
209
210
177
213
187
197
217
220
213
185
Bankers' acceptances, total
mil. of dol..
149
138
148
131
159
167
168
164
170
170
164
161
161
Held by accepting banks, total
do
96
90
106
100
85
99
100
103
99
107
105
105
101
Own bills
...do
53
47
55
47
46
Bills bought
do
60
67
65
65
63
66
60
59
38
47
49
50
46
38
42
45
48
47
49
51
52
Held by others*.
._
do
252
378
330
354
371
232
218
232
241
263
275
295
299
Commercial paper outstanding
do
f
Revised.
• Less than $500,000.
'None held by Federal Reserve banks.
» Preliminary.
^Construction wage rates as of November 1, 1941: common labor, $0,768; skilled labor, $1.52.
§Figures for special types of public assistance and general relief exclude the cost of hospitalization and burial. The cost of medical care is also excluded beginning September 1940; this item is includedln all earlier data on general relief and infiguresfor July 1937-August 1940 on special types of assistance.
tRevised series. Indexes for Illinois revised to a 1935-39 base; for factors for converting indexes on a 1925-27 base beginning 1935, see p. 29 of the January 1941 Survey.
Revised indexes for Wisconsin beginning 1925 will be shown in an early issue. Total public assistance and "other Federal agency projects financed from emergency funds"
revised to exclude earnings on regular Federal construction projects and also on projects financed from Reconstruction Finance Corporation funds; revised data beginning
January 1933 will appear in a subsequent issue.
•New series. Earlier data for aircraft and shipbuilding not shown on p. 29 of the March 1941 Survey are available upon request. For data beginning 1933 for old-age
assistance, see table 56, p. 17 of the December 1940 Survey. Data on earnings on regular Federal construction projects beginning January 1933 will appear in a later issue.
tBecause of changes in the composition of the reporting sample (usually an enlargement of sample) data for the indicated series for a recent period are not strictly comparable with earlier data; for the month when the change in the sample occurred and the issue of the Survey in which the revised data were first published, see note marked
with " J" on p. 29 of the July 1941 Survey and p. S-12 of the August 1941 issue.
December 1941
S-13
SURVEY OF CURRENT BUSINESS
Monthly statistics through December 1939, to- 1941
1940
gether with explanatory notes and references
to the sources of the data, may be found in the October October Novem- Decem1940 Supplement to the Survey
ber
ber
1941
January
February
March
April
May
June
July
SepAugust tember
FINANCE—Continued
B A NKING—Continued
Agricultural loans outstanding of agencies supervised by the Farm Credit Adm.:
2,954
2,924
2,975
Total, excl. joint-stock land bks.t-mil of dol._
2,964
2,982
2,986
2,986
2,973
2,970
2,988
2,988
3,008
2,976
2,411
2, 395
2, 426
Farm mortgage loans, total
do
2,508
2,500
2,485
2,467
2,458
2,437
2,517
2,489
2,475
2,448
1,786
1,804
1,795
Federal land banks
do
1,851
1,824
1,862
1,856
1,844
1,842
1,836
1,818
1,811
1,830
616
622
610
Land Bank Commissioner
do
634
655
652
648
645
630
626
643
640
637
111
99
119
Loans to cooperatives, total
do
96
92
91
85
90
93
90
Banks for cooperatives, incl. central
94
101
74
74
bank
mil. of dol_.
79
75
77
75
70
74
16
16
16
Agr. Mktg. Act revolving fund
do
17
16
16
17
16
16
16
16
16
16
431
410
394
382
450
Short term credit, totalt
do
383
381
393
413
431
440
450
453
Federal intermediate credit banks, loans
to and discounts for:
Eegional agricultural credit corps.,
prod, credit ass'ns, and banks for
227
219
225
229
192
cooperativescT
mil. of doL_
191
212
188
187
186
217
225
203
44
39
45
43
Other financing institutions
do
35
34
34
35
36
42
37
39
40
224
194
221
208
Production credit associations
do
172
174
182
221
180
195
207
173
215
7
7
7
7
Regional agr. credit corporations...do
6
6
6
6
6
6
6
7
6
129
121
128
125
117
119
122
119
118
129
130
130
Emergency crop loanst
do
125
£0
49
49
49
50
50
51
51
50
50
50
50
Drought relief loans
do
50
41
36
39
38
47
46
51
51
48
44
44
43
Joint-stock land banks, in liquidation..do
45
46, 463
39, 964
36,317 35,771 42,952 37,645 32,725 40,988 38,731
39,919 42,135 40, 948 •39,112
Bank debits, total (141 cities)
do
16,
288
19,148
15,
654
13,268
15,079
14,952
14,952 18,626
15,147
16,124 17, 282
New York City
do—
17,402 15,657
27, 315
19,457 23,586
21,365 20,819 24,327 22,498
23,074 23,795 24,853 24,660 ' 24, 033 24,310
Outside New York City
do
Federal Reserve banks, condition, end of mo.:
24, 026
22,865 23,017 23,262 23,306 23,528 23,409 23,686 23,859 23, 704 23, 828
23,833
Assets, total
mil. of dol- 24,211
2, 293
2,309
2,264
2,412
2,274
lies, bank credit outstanding, total
do
2,304
2,250
2, 265
2,280
2,267
2,275
2,243
2,234
0
0
0
Bills bought
do
0
0
0
0
0
0
0
0
0
0
5
6
11
Bills discounted
do
4
4
3
3
4
2
3
2
2
11
2,184
2,184
2,184
United States securities
do
2,333
2,199
2,184
2,184
2,184
2,184
2,184
2,184
2,184
2,184
20,841
Reserves, total
do
19,632
19,881 20,036 20,285
20,366 20,436
20,712
20, 533 20,615 20, 583 20, 603 20,571
20, 572
Gold certificates
do
19,289
19,760
20, 031 20,112 20,204 20,325 20, 322 20,317
19,913
19,586
20,314
20,461
24, 211
Liabilities, total
do
22,865 23,017 23,262 23,306 23,528 23,409 23,686 23,859 23,704 23,828
24,026
23, 833
16,218
16,351
Deposits, total
do
15,466
16,127
16,272
16,220 16,132 15,863 15, 781 15,521
16,191
16,396
15,489
13,151T 12, 794
14,208
14,203
Member bank reserve balances
do
12, 580
13,371
13,524 13, 724 13,051
14, 215 14,026
13,930
13, 228
6,960
6,534
5, 215
Excess reserves (estimated)
do
6,615
5,771
5,210
4,557
6,849
5,776
5,801
6,380
4,796
5,169
5, 577
6,022
Federal Reserve notes in circulation.. do
5,931
6,282
6,724
6, 857
7,432
5,743
6,143
6,503
5,884
7,234
7,080
90.1
91.0
Reserve ratio
percent..
91.1
90.6
91.2
91.3
91.1
91.0
91.0
91.0
91.2
91.0
Federal Reserve reporting member banks, condition, Wednesday nearest end of month:
Deposits:
21, 858
22,189 22,299 22,932 23,431
Demand, adjusted
.mil. of dol_. 24, 258
23,093 23, 712 24,311 23,949 24, 544
24, 277
24, 349
Demand, except interbank:
Individuals, partnerships, and corpora23,894
22, 812 22,518 23,173 23,612 23, 667 24, (129
21, 266
21, 771 22, 324 22,401
23,719
tions
mil. of dol._ 23, 662
1, 750
1,889
1,595
1,906
1,651
1,495
States and political subdivisions. _. do
1,579
1,820
1,747
1,876
1,903
1,870
1,604
470
653
506
509
451
580
United States Government
do
214
332
396
386
390
591
463
5,444
5,459
Time, except interbank, total
do
5,371
5,455
5,448
5,478
5,465
5, 448
5,397
5,476
5,449
5,443
5,445
Individuals, partnerships, and corpora5,260
5,285
5,234
5,171
5,180
5,273
5,267
tions
mil. of doL5,240
5,269
5,269
5,240
5,268
5,243
158
153
175
192
179
States and political subdivisions
do
196
185
171
181
183
174
156
ieo
9,078
9,357
8,707
8,843
9,253
Interbank, domestic
do
9,065
9,076
9,043
9,343
9,220
9,272
9,355
9,669
18, 379
15,693
15, 774 16,137 16,368
Investments, total
do
16,955
17,124
17,680 17,689 17,872 18,199
18,335
18,101
11,318
9,374
U. S. Govt. direct obligations, total-do
9,543
9,719
9,950
10,334
10, 812 10,974 11, 255 11, 279 11,251 • 10,982
10,578
1,074
797
736
Bills
do
784
611
685
727
869
742
929
1,080
1,019
785
7,952
8,277
6,804
Bonds
do
6,898
6,978
7,051
7,052
7,753
7,653
7,833
7,929
7,949
7,917
2,253
2,244
Notes
-.do
1,834
2,130
2,214
1,861
2,555
2,212
2,246
2,183
2,190
2,283
2,280
Obligations guaranteed by U. S. Govern3,309
2,743
2,744
ment
mil. of dol—
2,627
2,707
3,022
3,330
2,766
2,753
3,115
3,038
3,319
3,316
3,611
3,675
3,674
Other securities
do
3,692
3,524
3,731
3,855
3,793
3, 753
3,693
3,579
3,800
3,768
10,
572
Loans, total
do
8,909
9,128
9,390
9,308
11,203
9,495
9,828
9,870
10,226 10,453
11,024
10,903
6,047
4,773
4,911
5,018
5,076
Commerc'l, indust'l, and agricult'l.-.do
6,554
5,227
5,465
5,532
5,673
5,897
6,447
6,222
388
304
299
301
314
Open market paper
do
319
347
354
419
367
371
397
397
478
410
584
To brokers and dealers in securities..do
467
458
478
504
465
571
531
529
494
607
Other loans for purchasing or carrying
439
455
465
454
460
459
455
securities
mil. of dol—
445
451
431
453
428
436
1,222
1,253
1,228
1,230
Real estate loans
do
1,229
1,232
1,228
1,235
1,239
1,265
1,244
1,257
1,256
43
36
39
37
Loans to banks
do
52
35
36
40
42
37
40
39
45
1,724
1,924
1,709
1,755
Other loans
do
1,778
1,737
1,748
1,799
1,883
1,966
1,919
1,962
1,940
Installment loans to consumers:*
By credit unions:
30.8
26.5
25.1
26.4
29.0
25.2
31.8
34.3
25.2
35.3
32.7
Loans made
do
29.6
24.0
27.1
25.6
24.8
24.3
24.4
26.4
?6.4
26.5
28.3
26.8
28.0
Repayments
do
27.0
25.9
219.8
189.2
185.0
185.8
190.0
188.0
195.4
210.2
203. 2
216.1
217.7
Amount outstanding, end of month..do
222.4
220.5
By industrial banking companies:
49.5
42.4
48.6
44.4
43.7
44.7
50.7
51.6
52.5
43.1
51.8
Loans made
do
38.4
46.1
46.7
43.8
44.6
42.4
43.1
44.1
47.5
46.6
47.5
44.6
47.0
Repayments
do
34.4
46.1
283.1
283.7
288.3
291.5
296.5
. 309.1
288.3
301.5
303.6
306.3
Amount outstanding, end of month__do
305.5
287.7
309.1
By personal finance companies:
77.4
107.6
74.3
68.2
67.0
84.9
88.9
85.0
85.3
76.3
87.0
Loans made
do
68.5
86.2
89.3
74.8
74.1
70.1
69.0
80.3
81.0
80.0
79.3
79.3
80.9
Repayments
do
81.3
74.5
505.4
501.5
506.1
484.5
487.1
503.5
514.0
519.3
527.0
527.0
531.1
Amount outstanding, end of month..do
536.0
530.0
Money and interest rates:§
Bank rates to customers:
2.00
2.06
1.95
1.98
New York City
percent.2.53
2.53
2.58
2.62
7 other northern and eastern cities
do
3.36
3.25
3.23
11 southern and western cities
do
3.29
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
Discount rate (N. Y. F. R. Bank)
do
1.00
1.00
1.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
Federal land bank loans
do
4.00
4.00
4.00
1.50
1.50
1.50
1.50
1.50
1.50
1.50
1.50
1.50
1.50
Federal intermediate credit bank loans-do
1.50
1.50
1.50
Open market rates, N. Y. C :
Prevailing rate:
Acceptances, prime, bankers, 90 days
Me
Me
Me
percent..
Me
Me
Me
Me
Me
Me
Com'l paper, prime, 4-6 months
do
tttt
H
H
VA
VA
Time loans, 90 days (N. Y. S. E.)..do
VA
VA
VA
VA
1M
VA
VA
r
Revised.
e?To avoid duplication these loans are excluded from the totals.
§For bond yields see p. S-18.
•New series. For data beginning 1929 for industrial banking companies, see p. 18 of the September 1940 Survey; for data beginning 1929 for personal finance companies see
table 25, p. 26 of the September 1941 Survey; data beginning 1929 for credit unions are shown in table 27, p. 26 of the October 1941 issue.
fRevised series. For revisions in data on emergency crop loans published in the Survey prior to the September 1940 issue, see note marked "t" on p 76 of the February
Survey.
Digitized for 1941
FRASER
S-14
SURVEY OF CURRENT BUSINESS
Monthly statistics through December 1939, to- 1941
1940
gether with explanatory notes and references
to the sources of the data, may he found in the October October Novem- December
1940 Supplement to the Survey
ber
December 1941
1941
January
February
March
April
May
June
July
SepAugust tember
FINANCE—Continued
BANKING-Continued
Money and interest rates—Continued.
Open market rates, N. Y. C—Continued.
Average rate:
Call loans, renewal (N. Y. S. E.)
percent-TJ. S. Treasury bills, 91 days§
do
Av. yield, IT. S. Treas. notes, 3-5 yrs.d*_-do
Savings deposits:
Savings banks in New York State:
Amount due depositors
mil. of doL.
U. S. Postal Savings:
Balance to credit of depositors
do
Balance on deposit in banks
do
COMMERCIAL FAILURES!
Grand total
number,.
Commercial service, total
do
Construction .total
do
Manufacturing and mining, total
do
Mining (coal, oil, miscellaneous)
do
Chemicals and allied products
do
Food and kindred products
do
Iron and steel products
do
Leather and leather products
do
Lumber and products
do
Machinery
do
Paper, printing, and publishing
do
Stone, clay, and glass products
do
Textile-mill products and apparel
do
Transportation equipmentdo
Miscellaneous
do
Retail trade, total
do
Wholesale trade, total
do
Liabilities, grand total
thous. of doL.
Commercial service, total
do
Construction, total
do
Manufacturing and mining, total
do
Mining (coal, oil, miscellaneous)
do
Chemicals and allied products
do
Food and kindred products
do
Iron and steel and products
do
Leather and leather products
do
Lumber and products
do
M achinpry
do
Paper, printing and publishing
do
Stone, clay, and glass products
do
Textile-mill products and apparel
do-..-.
Transportation equipment
do
Miscellaneous
_
do
Retail trade, total
do.._.
Wholesale trade, total
do.-_
LIFE INSURANCE
1.00
.02
.35
1.00
.09
.41
1.00
.02
.43
1.00
.02
.34
5,554
5, 635
5, 639
1,317
29
1, 296
38
1, 299
37
1,304
36
809
29
57
138
3
8
39
|4
5
18
1, 111
44
71
200
6
8
40
7
6
21
14
20
3
54
2
19
681
115
12. 715
574
854
5, 247
361
432
1, 074
92
100
227
142
890
69
1, 443
37
380
4, 194
1, 846
1, 024
40
53
196
6
15
29
14
7
22
11
19
1
44
4
24
646
89
16, 572
596
838
9, 090
3, 067
444
1, 512
369
75
358
175
250
25
838
1, 399
578
4 699
1, 349
1,086
48
57
188
6
13
30
6
10
20
6
11
3
59
1
23
691
102
13, 309
665
1,043
5,928
117
441
2,347
708
158
254
72
259
422
873
15
262
4,097
1,576
23
2
12
516
69
7,333
358
577
2,879
146
73
1.027
128
117
333
229
142
28
238
269
149
2,790
729
1.00
.02
.43
1.00
.04
.55
1.00
.11
.50
1.00
.10
.52
1.00
.11
.44
1.00
.12
.38
1.00
.12
.37
1.00
.13
.33
1.00
.10
.34
5,664
5,652
5,661
5,627
5,604
5,628
5,575
5, 555
5,555
1,314
34
1,318
33
1,320
31
1,317
30
1,310
30
1,304
30
1,307
'29
1, 309
29
1,311
29
1,124
43
54
161
7
7
27
6
6
15
5
16
4
44
1
23
771
95
11,888
359
599
4,217
197
88
894
555
214
293
29
524
163
820
7
433
5,084
1,629
1,129
66
58
182
7
7
25
5
7
24
15
13
2
42
5
30
719
104
13,483
552
836
5,983
294
172
1,052
354
127
765
503
185
24
600
619
1,288
4,501
1,611
1,211
58
60
188
12
10
39
5
5
22
6
18
4
35
1
31
800
105
13,444
855
765
3,647
394
78
1,051
215
56
282
85
523
25
359
119
460
6,128
2,049
1,149
35
70
191
8
8
44
7
4
18
13
14
6
36
3
30
745
108
13, 827
573
1,120
4,421
202
103
1,493
257
20
451
271
240
250
434
55
645
3,970
3,743
1,119
40
63
181
6
4
36
3
10
22
5
14
6
52
3
20
735
100
10,065
647
913
2,777
104
19
807
93
110
215
119
168
95
712
175
160
4,765
963
970
36
51
166
4
8
25
5
6
22
7
19
4
48
3
15
619
98
9,449
401
684
3,155
157
82
451
88
188
201
113
251
16
1,030
328
250
3,591
1,618
908
40
59
165
9
4
36
6
5
18
6
19
1
34
2
25
570
74
13,422
500
1,072
6,698
429
55
731
126
72
597
346
584
272
562
36
2,888
3, 579
1,573
954
46
76
166
3
5
46
8
12
10
7
18
3
31
2
21
585
81
11, 134
672
1, 732
3, 799
56
61
1, 503
280
314
165
95
712
55
357
45
156
3, 492
1, 439
735
46
39
123
5
7
42
7
3
11
7
4
3
17
2
15
460
67
9,393
447
594
4,189
99
185
2, 262
66
37
342
477
103
17
167
427
3,239
924
Association of Life Insurance Presidents:
25 076
25,170 25, 299
25,888
26 106
24, 963
25, 400
25, 752
26,002
25, 551
25, 655
Assets, admitted, totalt
mil. of dol.
4,697
4, 670
4, 694
4,744
4, 759
4,796
4,820
4, 851
4,778
4,710
4,727
Mortgage loans, total
do.__
673
666
664
658
663
721
665
674
663
666
669
Farm
do...
4, 130
4,034
4,123
4,004
4 030
4,052
4.062
4,08!
4,146
4,093
4,109
Other
do.._
1, 585
1,661
1,605
1,653
1,643
1,593
1, 707
1, 701
1,632
1,618
1,607
Real-estate holdings
do...
2,398
2,325
2,425
2, 413
2,383
2,371
2,358
2,347
2,312
2, 302
2,335
Policy loans and premium notes
do_..
Bonds and stocks held (book value), total
H 851
15 718
14, 971
15, 418
15, 582
15,116
15,185
15, 243
15,03* 15, 032
14, 769
mil. of doL.
6,914
6,987
047
6,889
6,883
6,744
6,778
6,792
6,788
6, 866
Gov't. (domestic and foreign), totaLdo
6, 819
5, 082
5 191
4, 983
5 010
4,961
4,962
5,036
4.943
5,157
5,045
4,910
U. S. Government
do.
3,972
4 068
3 619
3,794
3,784
3,775
4,043
3.879
3,931
3, 965
3, 622
Public utility
do.
2,711
2,689
2,748
2,731
2 745
2.719
2,717
2,720
2,737
2,702
2,717
Railroad
do.
1 855
1,821
1 621
1,672
1,672
1, 597
1,716
1,815
1,740
1, 745
1,770
Other
do.
1 120
1,202
933
955
862
1,171
1,006
1,166
1,144
1,192
1,201
Cash
do,
542
459
462
518
515
522
557
554
530
588
524
Other admitted assets
do.
Insurance written:®
Policies and certificates, total number
721
738
798
784
689
727
731
816
812
738
731
thousands..
820
35
28
67
24
30
32
33
44
62
43
37
50
Group
do.
42
494
506
468
514
502
439
464
516
459
438
450
431
Ind ustrial. _ _
do .
499
256
226
238
259
259
219
231
259
246
243
237
245
Ordinary
do._
279
Value, total
thous. of doL. 730,327 548 903 560 912 694, 740 573,124 589, 370 646, 925 661, 627 660,075 649, 617 661,422 646 769 699,549
34 256 108. 003
42, 721
51,096
35, 744
44, 251
49,812
64, 450
73 412 130, 229
55 244
84, 206
Group
do.
74,794
Industrial
do.
148,388 146 465 134 859 142, 371 126, 458 136,166 148,978 147,462 151, 391 135, 633 128, 783 131 329 128,493
391
797
444,
366
410,922
449,
534
442
408, 953 455, 226 463, 069 458,872
448, 433
028 440, 827
Ordinary
do.
507,145 447,194
246, 403 251 508 357,173 285, 226 264,175 280, 753 261, 495 265,108 272,173 271, 482 245 173 251,887
Premium collections, total®
do.
51.185
39, 681
23, 640
21 941
28 454
26,494
21,414
25, 889
29, 859
33, 693
20 732
21,478
Annuities
do.
14, 956 15, 336
11 844
14,142
12, 519
13 149
13,828
12, 368
13, 561
12, 965
13,782
15,932
Group
do.
91, 469 60, 863
51 766
56 278
62, 514
61,977
56, 279
56,964
61,120
56 423
60,842
52,341
Industrial
do.
160 328 154 932 199, 563 169, 346 168, 324 178,184 165,139 168, 613 168, 675 171,665 154 869 155,739
Ordinary
do.
Life Insurance Sales Research Bureau:
658,339 573 504 505 474 596, 534 522, 762 537, 557 598,217 597. 203 604,162 594,164 582, 292 581 171 581,998
Insurance written, ordinary, total
do
38 381
40, 072 43, 440
47, 099
44 850
44 112
46, 533
47, 503
49,078
47, 531
45, 204
51,195
46, 549
New England.,.
_do.
181,013 158 087 139.103 159, 584 151, 318 148, 981 160,635 161,810 161.514 154, 975 153, 032 147 610 148,781
Middle Atlantic
do.
152,179 130 687 115,940 137,459 121,164 126,136 138,612 136,931 140,480 134,008 132, 766 131 895 131,367
East North Central
do.
58, 527 46, 963
47 328
54,634
49, 509
55, 069
55 746
55,457
56,020
57,076
56,182
59, 526 56 173
West North Central
do.
61, 072 49, 473
56 987
50, 654
50, 217
59, 030
60, 599
61,160
63, 413
57, 946
61 535
61,115
66,130
South Atlantic
do.
25, 230 19, 207
25,156
24, 583
24, 524
26, 792
24 233
26,556
19,440
21 624
23, 347
24,845
20,201
East South Central
do.
46, 644 35, 973
37, 908
39, 829
47,986
43, 591
41, 650
45, 385
43,173
44 993
43, 619
45, 507 41 778
West South Central
do.
16, 370 12, 348
12, 481
15,854
14, 517
15, 692
16, 507 14 747
12, 924
15, 355
15,110
15 624
15,337
Mountain
do.
51, 576 42,876
51,114
50, 312
52, 988
52, 068
54 685
54,562
43, 796
43f 654
61,437 49, 309
53, 205
Pacific
do.
93
Lapse rates
1925-26=100..
87
}37 companies through 1940 and 36 companies in 1941 havmg 82 percent of total assets of all United States legal reserve companies.
<g>40 companies through 1940 and 39 companies in 1941 having 82 percent of total life insurance outstanding in all United States legal reserve companies.
§Tax-exempt bills prior to March 1941; taxable bills thereafter.
ef Tax-exempt notes.
fRe vised series. For data beginning January 1940 and an explanation of the revision, see p. 32 of the March 1941 Survey. For previous revision of 1939 data, see p. 31 of
he
March
1940
Survey.
S-15
SURVEY OF CURRENT BUSINESS
December 1941
Monthly statistics through December 1939, to- 1941
gether with explanatory notes and references
to the sources of the data, may be found in the October October
1940 Supplement to the Survey
1941
1940
ber
Decem-
January
February
March
April
May
June
July
SepAugust tember
FINANCE—Continued
MONETARY STATISTICS
Foreign exchange rates : 0
Argentina.__
dol. per paper peso..
0.298
Brazil, official
dol. per milreis..
.061
British India. _
_
_.dol. per rupee..
.302
Canada.
dol. per Canadian doL.
.888
Chile
dol. perpeso_.
(2)
Colombia
do
.570
Germany
dol. per reichsmark..
()
Italy
dol. per lira..
Japan
dol. per yen..
()
Mexico
dol. per peso..
.206
Sweden
dol. perkrona_.
(2)
United Kingdom
dol. per £ . .
4.033
Gold:
Monetary stock, U. S
_
mil. of doL. 22,800
Movement, foreign:
Net release from earmark®. _thous. of dol.. -32,230
Exports
do
3
Imports
do
40,444
Production, estimated world total, outside
U. S. S. R
thous. of dol..
Reported monthly, total!
do
Africa
do
Canada
do
United States
do
Receipts at mint, domestic (unrefined)
fine ounces.. 338.233
Currency in circulation, total
mil. of doL. 10, 364
Silver:
Exports
thous. of doL.
70
Imports
do
4,221
Price at New York
dol. per fineoz..
.348
Production, world
thous. offineoz_.
Canada§_
do
Mexico
.
do
United States
do....
Stocks, refinery, end of month:
United States
.do
CORPORATION PROFITS
(Quarterly)
Federal Reserve Bank of New York:
Industrial corporations, total (167 cos.)t
mil. of dol..
Autos, parts, and accessories (28 cos.).do
Chemicals (13 cos.)
do
Food and beverages (19 cos.)
do
Machinery and machine manufacturing
(17 cos.)
mil. of doL.
Metals and mining (12 cos.)
do
Petroleum (13 cos.)
do _ .
Steel (11 cos.)
do....
Miscellaneous (54 cos.) t
do
Public utilities, except steam railways and
telephone companies (net income) (52 cos.)
mil. of dol..
Federal Communications Commission:
Telephones (net op. income) (91 cos.)._do
Interstate Commerce Commission:
Railways, class I (net income)
do
Standard and Poor's Corporation (earnings):A
Combined index, unadjusted*
1926=100..
Industrials (119 cos.)
do_...
Railroads (class 1) •
do
Utilities (13 cos.)
do....
PUBLIC FINANCE (FEDERAL)
Debt, gross, end of month
mil. of dol.. 53, 584
Public issues:
Interest bearing
do
46,377
Noninterest bearing
do
544
Special issues to government agencies and
trust funds
mil. of dol_.
6,664
Obligations fully guaranteed by U. S. Gov't.:
Total amount outstanding©*f
mil. of dol__
6,930
By agencies:<•?
Federal Farm Mortgage Corp
do
1,269
Home Owners' Loan Corporationf_do
2,409
Reconstruction Finance Corp
do
2,101
Expenditures, totalf
thous. of doL. 2,089,336
National defense*
do
1,527,001
Agricultural adjustment program*
do
57,865
Unemployment relief*
do
109,414
Transfers to trust accountf
do
45,010
Interest on debt*
do
74, 604
Debt retirements
do
6,710
Allother*
do
268, 731
p Preliminary.
r Revised.
0.298
.061
.302
.863
.052
.570
.400
.050
.234
.203
.238
4.033
0.298
.061
.302
.869
.052
.570
.400
.050
.234
.204
.238
4.036
0.298
.061
.302
.866
.052
.571
.400
.050
.234
.204
.238
4.035
0.298
.061
.301
.848
.052
.571
.400
.050
.234
.205
.238
4.034
0.298
.061
.301
.837
.052
.570
.400
.050
.234
.205
.238
4.030
0.298
.061
.301
.850
.052
.570
.400
.050
.234
.205
.238
4.032
0.298
.061
.301
.877
.052
.570
.400
.050
.234
.205
.238
4.025
21, 506
21,801
21,995
22,116
22,232
22,367
-117,947 -39,495
6
17
325, 981 330,113
0.298
.061
.301
.874
1.052
.570
.400
.051
.234
.205
.238
4.031
0.298
.061
.301
.882
(2)
.570
3.400
3.053
.234
.205
3.238
4.032
()
'.234
.205
(2)
4.032
22, 624
22,675
0.298
.061
.301
.883
(2)
.570
22,506
22,575
7,417 -52,812 -46,153
4
3
6
137,178 234, 246 108,615
213 -10,494
2
3
118,569 171,994
-3,846
5
34,835
107,800
91,852
46,289
15,780
19,694
106,015 100,450
90,373
84,090
47, 279 44,411
15,199
14,446
16,646
15,408
106,365
89,526
47,089
15,629
16,023
105, 525 105,140 •105,875 P110, 215
88, 486 88,114 p 88, 950 P 9 2 , 8 1 9
46,292 47, 686 v 46,168 v 48,053
15,384
15,721
15,890
15,983
16,413
16,022 16,468
18, 537
296,624
275,091
8,924
292, 251 254,137
9,071
9,357
113,330
97,803
47,548
16,386
22,004
108,080
92,522
46,711
15,775
19,952
447,526
8,300
397,336 338,006
8,522
8,732
87
4,857
.348
22,900
1, 673
7,090
5,609
68
4,721
.348
23,145
1,708
7,104
6,367
123
4,690
.348
20, 645
1,642
4,568
6,499
319
4,576
.348
24,329
1,557
8,750
5,733
1,522
2,107
1,730
1,792
233,065
8,781
1,048
817
1,212
615
4,489
4,346
3,347
3,292
.348
.348
.348
.348
23,208 «• 22,774 r 22,394 r 20, 359
1,802
1,484
1,357
1,902
6,339
7,152
7,792
3,769
6,445
5,843
6,009
6,465
1,340
2,382
1,619
2,181
-3,980 - 2 7 , 7 2 8
13
7
30,719 37, 055
!301
.891
.570
()
()
.205
(2)
.205
4.032
4.033
22, 719
22, 761
-31,202 - 4 6 , 786
6
5
36,979
65, 707
v 91,673 p 94, 215
P 47. 429 p 47,106
16, 353 v 15,578
20, 881
17, 487
r
358,603
9,732
322, 506
9,995
385,350
10,163
210
4,099
.348
23,331
2,058
8,062
5,047
353
4,686
.348
207
3, 561
.348
f348
3,356
.348
1,852
6,726
6,310
6,277
5,620
2,324
2, 235
2,803
1,231
280.8
8.5
34.5
18.9
270.3
12.0
8.6
9.2
65.2
49.5
10.9
6.4
13.3
66.1
42.2
12.5
5.5
15.9
49.7
48.6
1,660
81.5
35.1
21.5
54.4
61.3
53.6
62.9
70.9
73.6
69.!
103.2
P 108. 2
111.6
114.1
71.2
140.0
0.298
255,262
9,612
288.7
87.2
31.1
25.9
124.5
0.298
.061
.301
.890
(2)
.570
'110.7
113.0
40.9
v 150.5
111.8
*56.4
» 138. 3
v 109. 5
44,140
44,277
45,039
45,890
46,117
47,176
47, 236
47, 737
48, 979
• 49, 540
50, 921
51,346
38, 462
38, 502
566
39,102
39,908
557
40,028
554
40,901
593
40,972
557
41, 342
561
42,285
• 42, 669
43, 901
550
44,133
556
5,426
5,534
5,683
5,707
5,834
5,901
5,901
' 5, 905
6,550
6,359
577
5,102
5,209
5,901
568
5,370
574
548
6,120
6,324
6,470
6,658
6,929
5,901
6,930
6,360
1,269
1,269
1,269
1,269
1,269
1,269
1,269
1,269
1,269
1,269
1,269
2,409
2,600
2,600
2,600
2,600
2,409
2,600
2,409
2, 600
2,409
2,101
2,409
1,097
1,741
1,097
2,101
1,097
1,741
1,097
1.097 1,117,844 1,077,438 1,400,675 1,316,452 1,142,207
2,101 1,563,712 1,882.011
1,741
817, 888
378, 564 1,187,277 568, 693 584,040 748,345 763,061 836, 881 1,545,602 1,600,253 1,124,095 1,319,955
26, 764
60, 866
32,456
102,339 470,072
27, 295 811,995 959,880
94,912
87,106
89, 814
104,596 145, 630 137, 740 159,068 147,843 145,432
44, 232 105, 707 108,493
22, 025
137, 865
14, 311
28, 075
6,200
11, 580 134, 776 132,075
26,043 155, 299
25, 775
28, 625
22, 550
4,985
168,554
8,556 169, 359
73, 335
9,565
11,503
10, 597
25,109
20,507 150, 211
218, 934
24,828
1,171
34,223
7,951
1,335 339,431
792
7,214
2,122
1,539
15, 223 250, 512 217,299 229,148 242,100 108,181
2,654 250, 054 237, 599
17,128
161, 687
218,167
210, 681 268,029
i Average for M a y 1-20.
2 N o quotation.
3 Average for J u n e 1-14.
* Average for J u l y 1-25.
5,790
1,269
2,602
1,097
870, 241
297, 356
95, 920
144,990
6,882
73, 241
1,244
250,607
GNo quotation for Belgium, France, and the Netherlands since June 1940.
cfThe total includes guaranteed debentures of certain agencies not shown separately.
<8>Or increase in earmarked gold (—).
• Number of companies varies slightly.
AFormerly Standard Statistics Co., Inc.
*New series. Earlier data on new items under Federal expenditures are shown in table 31, p. 23 of the November 1941 Survey.
tRevised series. Beginning July 1940 social security employment taxes are appropriated directly to the old-age and survivors insurance trust funds and do not appear
as transfers under expenditures, as formerly; earlier data on total expenditures and transfers to trust accounts have, therefore, been revised to exclude transfers to this fund
(net receipts on p. S-16 similarly exclude amounts transferred to this fund); for revised data beginning January 1937, see table 31, p. 23 of the November 1941 Survey. Data
for total obligations guaranteed by the United States and for the Home Owners' Loan Corporation have been revised beginning September 1939 to exclude matured debt,
funds for payment of which have been deposited with the Treasury; earlier data shown in the Survey similarly excludes matured debt.
JThe reduction of one company from the number shown in the 1940 Supplement was due to a merger during the second quarter of 1940.
§Data reported by the Canadian Government; see note marked " § " on p. 33 of the June 1941 Survey.
^Beginning with April 1940, where direct reports from foreign countries are lacking, available reports of the American Bureau of Metal Statistics are used. When no current reports are available at the time of compilation, the last reported figure is carried forward. The comparability of the data has been affected by these substitutions. Data
for Belgian Congo and Sierra Leone, formerly included infiguresfor Africa and total reported monthly, are excluded beginning May 1940 and April 1941, respectively, as reports
are not available. During recent years, the reported figures for Belgian Congo amounted to between Vfa and 2 percent of the total reported for Africa; production for Sierra
Leone is of minor importance.
S-16
SURVEY OF CURRENT BUSINESS
Monthly statistics through December 1939, to- 1941
1940
gether with explanatory notes and references
to the sources of the data, may be found in the October October Novem- Decem1940 Supplement to the Survey
ber
ber
December 1941
1941
January
February
March
April
May
June
July
SepAugust tember
FINANCE—Continued
PUBLIC FINANCE (FEDERAL)-Con.
Receipts, total
thous. of dol,_ 488, 758
Receipts, net*
do
445, 293
Customs
do
34,040
431,294
Internal revenue, total
do
68, 308
Income taxesf
do
Social security taxes
do
48, 910
Taxes from:
2,312
Admissions to theaters, etc.®
do
1,044
Capital stock transfers, etc.<8>
-do
Government corporations and credit agencies:
Assets, except interagency, total .mil. of doL,
Loans and preferred stock, total
do
Loans to financial institutions (incl. preferred stock)
mil. of dol,Loans to railroads
do
Home and housing mortgage loans, do
Farm mortgage and other agricultural
loans
mil. of dol,.
All other
do
U. S. obligations, direct and fully guaranteed
..mil. of doL,
Business property
do
Property held for sale
do
All other assets
do
Liabilities, other than interagency, total
mil. of doL.
Bonds, notes, and debentures;
Guaranteed by the U. S
do
Other
do
Other liabilities, including reserves, .do
Privately owned interests
do
Proprietary interests of the U. S. Government
mil. of doL.
Reconstruction Finance Corporation, loans outstanding, end of month:i
Grand totalt
thous. of dol.. 2,820,257
725, 550
Section 5 as amended, total
do
Banks and trust companies, including
receivers
thous. of dol,, 85,310
3,266
Building and loan associations
do
1,389
Insurance companies
do
186, 389
Mortgage loan companies
do
447, 771
Railroads, including receivers
do
1,425
All other under Section 5
do
Emerg. Rel. and Constr. Act, as amended:
Self-liquidating projects (including financing repairs)
thous. of d o l . . 17, 737
Financing of exports of agricultural sur47
pluses
thous. of dol..
Financing of agricultural commodities
434
and livestock
thous. of dol._
Loans to ousiness enterprises (including
participations)
thous. of dol . 142, 618
Authorizations for national defense under
the Act of June 25, 1940*, - t h o u s . of dol - 674, 087
Total, Bank Conservation Act, as amended
thous. of doL. 431, 335
74, 343
Drainage, levee, irrigation, etc
do.
734,106
Other loans and authorizations!
do.
1,566,871 602,443
1,566,408 565, 418
39,950 49,197
1,513,017 352,005
1.207,513 74,881
34,131 43,053
1,277,092 455, 556 553,833
1,276,009 412, 942 396, 510
38, 217 36, 743 34,511
1,211,087 399, 783 500,189
83,668 58, 674
916,170
47, 926 172, 696
31,817
365, 351
333, 258
29,371
318, 578
44,039
37 t 614
484, 796
362,078
27,923
438,484
48,906
138,013
740,929
740, 226
29, 783
692,937
428, 722
34,498
371,605
339, 778
33, 257
319,169
62. 759
46,613
673,690
541,352
31,630
502,046
104.408
193,379
2,021
772
2,194
887
2,208
1,306
1,881
1,271
lt910
1,025
2,098
801
1,744
842
1,730
770
1,690
754
12, 398
8,613
12, 518
12, 500
8,682
12, 645
8,639
12, 676
8,614
13, 282
8,796
13,108
8,800
1,198
512
2,387
1,208
515
2,387
1,221
516
2,390
1,174
523
2,424
1,136
518
2,395
12, 909
8,681
1,115
523
2,406
1,103
523
2,427
3,302
1,214
3,280
1,291
3,257
1,298
3,208
1,309
3,212
1,352
3,251
1,386
834
597
1,094
1,260
827
601
1,113
1,296
829
593
1,141
1,257
850
599
1,190
1,367
863
600
1,206
1,392
602
1,245
1,501
8,406
8, 579
8,526
8, 599
8,592
5,808
1,354
1,243
412
5,919
1,422
1,237
413
5,917
1,395
1,214
415
5,915
1,389
1,294
417
5,914
1,386
1,292
418
3,580
3,526
3,559
3,629
3,666
,648,746 1,697,386
720, 324 751,498
541,159
393, 683
41, 060
482,858
63, 271
165,204
1,136,079
1,134,914
36,114
1,076,506
779, 917
37,197
2,246
927
2,107
691
13,277
8,804
2,222
787
13,853
8,756
13,882
8,826
14,076
8,864
1,099
506
2,436
1,115
505
2,445
1,101
497
2,413
1,076
497
2,413
1,075
497
2,427
3,334
1,409
3,288
1,472
3,227
1,511
3,191
1,553
3,152
1,690
3,128
1,738
608
1,297
1,685
905
623
1,392
1,389
925
636
1,497
1,415
947
653
1,567
1,930
967
664
1,625
1,800
671
1,710
1,862
8,696
9,377
9,297
9,417
10,142
10,123
10, 231
5,916
1,390
1,391
421
6,560
1,385
1,432
422
6,371
1,434
1,492
423
6,370
1,443
1,604
424
6,939
1,442
1,761
425
6,937
1,445
1,741
426
6,937
1,434
1,859
427
3,792
3,484
3,388
3,436
3,286
3,333
3,418
1,712,635 '1,804,249 1,939,886 1.982,357 2,020,115 2,088,893 2,152,843 2,230,358 2,363,687 2,541,142
763,653 770, 730 768, 580 773,899 771, 727 752,300 751,305 740, 224 737, 864 738, 058
112,026 108, 771 105,808 102,702 99,304 96, 702 92,938 89, 787
3,918
4,356
3,574
3,998
4, 262
4,368
3,370
4,813
4,594
1,628
1,551
1,669
1,790
1,532
1,906
1, 742
1,722
1,696
168. 044 169, 027 172, 452 173,118 174, 640 176, 579 177,864 180, 517 182, 787
481,961 481,977 486, 877 486, 938 469, 658 469, 634 461, 567 460, 953 460, 813
2,308
1,482
1,469
2,753
2,652
2.365
2,795
2,435
2,408
83,110
4,690
2,105
157,094
469, 769
3,554
109, 214,
4,581
2,077
159, 534
472, 596
3,498
115,028
4,268
1,998
165,118
473, 881
3,360
31, 785
19, 581
19, 511
19, 486
19, 443
18, 644
18, 615
18, 550
18,490
47
47
47
47
47
47
47
47
47
445
445
443
443
443
443
443
439
439
127, 906
126, 008
121, 678
119,061
117, 464 115,827
114,478
154,305
27, 316
63,864
51, 387
71, 249
188,244
239,194
564,744
83, 409
92, 772
559, 420
83, 507
94,141
287,456
5,743
3,369
18,291
47 |
18, 085
47
47
437
437
436
151, 733 150,462
306, 243 355, 741
149, 6 3
147, 422
409, 626
567, 097
556, 711
83,460
115,875
649,195 468, 853 463, 248 460, 313 458,471 455,198 451,429
83, 231 82, 897 83,161 75, 859 74, 497 78, 622 78,626
90,936 388, 378 389, 260 390, 389 391, 090 390. 766 435,102
435, 828
77, 243
534, 915
433, 238
76, 962
559, 797
161, 748
2,862
4,758
322,618
0
4,859
415,699
0
25,150
183,098
0
3,514
162, 828 186,996
2,397
0
0
32,048
272, 521 163, 584 648,401
216
665
374
76, 515 11, 838 29,481
108, 230
0
10, 748
176, 042
60
31,£
278, 345
22, 219
154,128
46, 931
317, 760
25, 594
390,549
24,620
179, 584 160, 431 154,948
18, 242 33,033 62,174
195, 341 151, 530 618, 545
30,861
2,297 327, 760
97, 482
6,397
144,098
2,536
4,874
1,233
250,019
3,747
695
102, 755
6,882
1.626
283, 658
1,174
4,267
10, 677
874
720
1,261
122,411
159,
294
353, 990
2,726
2,384
3,983
1,272
1,055
551
727
1,749
89, 839 159, 770 145, 452 287,765
1,595
493
954
619
139, 988
14,899
9,309
33, 863
17, 493 148,024
18,923
28,433
93,912
137,171
CAPITAL FLOTATIONS
Security Registrations t
(Securities and Exchange Commission)
Total securities effective under the Securities
Act of 1933
thous. of d o l , . 154, 477
212
Substitute securities*
do
4,105
Registered for account of others
do
Registered for account of issuers, exclusive of
substitute securities
thous. of doL. 150,159
5,305
Not proposed for sale
.-do
Proposed for sale:
Cost of flotation:
Compensation to underwriters, agents,
1,724
etc
thous. of dol..
863
Expenses
do
142,
267
Net proceeds, total
do
To be used for:
83,
233
New money..
do
Purchase of:
552
Securities for investment
do
0
Securities for affiliation
do
4.832
Other assets
do
43, 754
Repayment of funded debt
do
9,071
Repayment of other debt
do
813
Retirement of preferred stock..do
Organization expense
do
0
Miscellaneous
do
13
18,147
13,069
46,800
20, 182
12, 642
152, 842
0
23,493 11, 339
4,853
9,630
3,728
0
13, 381
2, 256
2,211
0
1,372
0
0
13
0
0
82
0
100
0
0
0
0
0
133
0
0
700
20
1, 564
0
154, 049 128, 973 46,038 54, 650 144, 390 113,247 130,033
69, 825
233, 624
58, 520 104, 708
1,213
681
2,093
13,000
540
697
1, 802
206
2,546
0
7,476
5,069
512
9, 427
2,268
175
1,823
25,711
101
6,598
0
1,897
Q
10
0
aO
4
0
0
0
0
0
C)
83
270
40
337
120
1,148
2
15
28
69
613
r
Revised. • Less than $500. ^Includes repayments unallocated, pending advices, at end of month.
fRevised series. For revised data on income taxes beginning September 1936, see table 50, p. 18 of the November 1940 Survey. Data on total loans of the Reconstruction
Finance Corporation and "other loans and authorizations" revised beginning January 1937 to exclude a loan of $146,500,000 to the Rural Electrification Administration, advanced in varying amounts during 1937-39, now classified under allocations; this loan has been excluded from data shown in the Survey beginning with the October 1940 issue.
Certain other comparatively small revisions have been made in the grand total; currently such revisions are not carried into the detail. Data on security registrations revised
beginning January 1938, see table 47, p. 15 of the November 1940 Survey.
* New series. The new item of "net receipts" excludes social security employment taxes appropriated directly to the Federal old-age and survivors insurance trust fund;
for data beginning January 1937, see table 50, p. 18 of the November 1940 Survey. For data beginning 1938 for substitute securities, see table 47, p. 15 of the November 1940
Issue. Authorizations for national defense include loans, participations and purchases of capital stock in corporations created by the Reconstruction Finance Corporation
to aid in national defense.
® Excludes collections from national defense taxes under Revenue Act of 1940.
4,612
249
173
223, 900
1,934
18, 256
0
672
December 1941
S-17
SURVEY OF CURRENT BUSINESS
Monthly statistics through December 1939, to- 1941
1940
gether with explanatory notes and references
to the sources of the data, may be found in the October October Novem- Decem1940 Supplement to the Survey
ber
ber
1941
January
Febru- March
ary
April
May
June
July
SepAugust tember
FINANCE—Continued
CAPITAL FLOTATIONS—Continued
Security Registrationsf—-Continued
(Securities and Exchange Commission)
Gross amount of securities less securities reserved for conversion or substitution, total
thous. of dol. »149, 559
Type of security:
44,128
Secured bonds
_
do
10, 000
Unsecured bonds
do
13. 138
Preferred stock
_.do
80, 723
Common stock...
_
_do
991
Certificates of participation, etc
do
Type of registrant:
0
Extractive industries
do
Manufacturing: industries
___do
80, 229
Financial and investment
do
10, 579
Transportation and communications.do
1,848
Electric light, power, heat, gas and water
thous. of doL. 48, 760
8,143
Other
do....
273,307
158,886
318,856
393,713
182,543
157,514
182,325
269,620
161,071
413,842
108,038
174, 849
230,483
11,429
23,869
7,397
130
70,607
1,768
24, 263
26, 578
35, 672
147,045
107, 318
48.907
15, 552
35
135. 365
60,037
6,537
31,826
5,598
133.159
2,983
37,565
8,832
5
82,670
0
48, 422
2,151
24, 270
89, 770
33,288
10, 570
44,010
4,687
88,434
49,500
75,181
56,404
100
111, 480
1,000
21,980
21, 111
5,499
0
268, 286
23,094
94, 336
28,126
34,326
46, 088
4,434
18, 027
363
18, 249
91,658
14, 978
46, 213
3,750
3,177
70, 097
1,779
7,722
1,731
18, 243
49, 926
200
250
115, 944
19, 353
209
0
114, 377
162, 693
69,488
0
24, 097
2,983
0
0
41,013
25,976
2,468
571
65,136
72, 221
6,074
250
123, 499
3,301
8,171
1,687
15,605
5,260
16,690
0
17,166
4,190
354, 273
0
121
57, 245 24, 800
11, 223
3, 750
0 104,689
189,833
700
78,052
10, 734
171,360
11, 740
43, 668
3,487
151,341
4,122
87,729
329
37,061
1,263
133,644
755
121,829
0
18,094
20,119
299, 302 '710,366
132, 066 r••257,205
132, 066 257, 205
103, 261 47,728
441,966
263, 680
263, 680
168,943
613, 226
190, 966
190, 966
62,199
420,835
95, 461
95,461
52,929
334, 037
77, 056
77, 056
31,550
405, 553
182,311
182,311
86, 634
920,916
746,178
745, 328
39,470
405, 839
106, 750
106, 750
63,874
881,131
519, 255
519, 005
90,467
612,092
296,024
295, 624
43, 569
21,530
0
9,877
16, 321
166,000
0
864
2,079
44, 850
1,000
9,703
6,645
50,348
330
1,154
1,096
24,851
637
3,752
2,310
55, 972
0
29, 468
1,195
28, 437
641
7,324
3,068
60,945
55
0
2,875
74,636
2.010
10, 387
3,434
30,377
0 112,099
28, 805 T 97,379
0
0
0
0
0
0
0
0
167, 236 453,160
167, 236 453,160
97, 050 345, 347
42, 000
52, 737
0
0
0
0
178, 286
178. 286
93,943
0
128, 767
0
0
0
0
422, 261
422. 261
334, 580
2,200
40, 332
0
0
0
0
325, 374
325, 374
271, 388
8,125
37, 381
0
0
0
0
256, 981
256. 981
227,012
9,440
86, 237
0
0
0
0
223, 242
223, 242
115, 288
645,442
60,416
850
0
0
850
174, 738
174, 738
107,181
5,440
37,436
0
0
0
0
299,089
299, 089
197,102
96, 250 331, 651
0
0
13, 651
800
45
0
65, 931
2,000
25,595
416
292,017
0
38, 702
3,861
251,892
16, 670
2,286
540
208,911
703
17,398
0
83,680
0
31, 607
0
106, 472
709
0
0
34, 822 28, 050
35, 364 79, 7640
0
0
0
0
0
0
0
200,311 393.075
103, 261 47,728
16, 268
63,178
59, 465
24, 879
0
0
0
0
14, 300
73, 381
0
0
0
0
30,800
23,186
0
0
0
0
17,425
12, 544
0
0
0
0
4,000
92,829
27, 725
39,833
0
0
0
262, 886
168, 943
2,834
396, 778
62,199
19,057
324,316
52,929
10,243
258,562
31, 550
6,311
0
214
5,840
21, 329
12, 700
97, 050
16, 336
0
148
5,894
15. 258
10,160
345,347
86,660
0
25
141.335
23,840
909
93,943
53, 586
0
0
5,336
12,030
25, 776
334. 580
33,575
0
155
10, 715
30, 395
1.421
271.388
99,406
0
2,056
74, 658
4,000
0
0
367
207,334
50,558
428
0
3,592
24,894
1,329
10, 541
4,000
1,202
221,274
0
74, 529
63
53
10
67
40
27
211
165
46
139
28
111
34, 326
5,244
22, 737
18, 751
Securities IssuedJ
(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 agencles..
...thous. of doL.
Municipsl, State, etc..
__.doForeign, total
_.. _doCorporate
._
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, State, etc
do
Foreign, total
do
Corporate—
_
_
do
Government
do
United States possessions
do
Corporate securities issued by type of borrower,
total
thous. of doL.
New capital, 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
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
Domestic issues for productive uses (Moody's):*
Total
mil. of doL.
Corporate
do
Municipal, State, etc.
do
49, 626
0
2,700
50, 935
728
284
284
403
273, 400
64, 856
64, 856
34, 265
o
9,825
3,367
323, 825
0
1,603
1,975
22,140
0
8, 458
3,667
369,741
58, 797
250
0
0
250
361, 876
361, 876
113, 390
212, 212
39,843
400
0
0
400
316,068
316,068
86, 468
0
0
0
0
0
110,444
110, 444
74, 427
0
30, 591
0
0
0
0
208, 544
208, 544
161, 391
161, 757
0
35, 345
0
108,087
0
5,303
0
75, 793
0
10, 525
150
72, 530
0
1,897
0
155, 881
0
5, 398
112
0
0
0
28, 300
73, 687
0
0
0
0
222,860
25,626
0
0
0
0
215, 553
14,047
0
0
0
0
25, 420
10, 597
0
0
0
0
26, 955
20,198
0
0
0
0
201,922
86,634
26,612
146, 650
39,470
8,781
260, 976
63,874
19,459
203,857
90,467
29, 454
130, 038
43, 569
4,068
401, 830
327, 403
52,018
195. 656
34, 265
11, 552
0
65
6.527
18,010
637
227,012
1,107
0
106
39, 661
3,120
17,136
115, 288
41,500
0
47
18,401
9,100
3,141
107,181
37,007
0
0
3,775
36, 715
3,925
197,102
51,170
0
386
7,584
51. 235
1,808
113. 390
21,886
0
10, 559
22,852
6,090
86, 468
34,875
0
0
238, 085
23, 300
14, 000
74, 427
2,742
0
230
7,922
7, 060
7,500
161, 391
22, 782
0
3.837
134,940
9,790
23,415
0
11,250
161,424
50, 718
2,513
0
2,876
67,602
3,000
309
0
1,929
39,186
4,000
25,059
0
2,875
138,882
0
4,175
0
328
83, 317
6,860
1,000
0
0
45, 593
0
6,000
0
245
71, 625
0
60
0
1,674
102, 098
34, 837
0
80
47
33
51
27
24
102
53
49
75
23
52
113
63
50
67
38
29
303
281
22
47
25
22
Q
470,
360,
360,
327,
(Bond Buyer)
State and municipal issues:
Permanent (long term)
thous. of dol._ 67, 348 182,493 79,802 202,402 77,939 190. 249 104,216 101, 656 116, 027 144, 692 r 151, 705 r 48, 480 65, 264
Temporary (short term)
_
do
96,146 175,389 177,957
90, 907 117,406 167,225
63,074
89,394 138, 683
81, 995 150, 913 169, 792
53,669
COMMODITY MARKETS
Volume of trading in grain futures:
Wheat
mil. of bu._
454
360
406
277
439
548
228
432
504
531
500
457
Corn
.do
68
93
91
47
44
77
58
57
53
103
37
77
SECURITY MARKETS
Brokers9 Balances (N. Y. S. E. members
carrying margin accounts)
Customers' debit balances (net) mil. of dol..
677
661
634
628
653
633
622
606
616
628
633
628
Cash on hand and in banks
do
204
203
214
207
199
185
199
199
186
189
196
189
Money borrowed
do
414
381
427
403
383
399
375
387
368
460
396
395
388
Customers' free credit balances
do
269
262
281
255
280
275
267
268
265
262
260
255
266
r
Revised.
1
The indicated totals include face amount installment certificates not included in the break-down by type of security as follows: January, $154,350,000; August, $4,800,000;
October, $579,000.
JFor revisions in 1939 data from Commercial and Financial Chronicle, see notes marked " J" on p. 34 of the September 1940 and p. 35 of the March 1941 Survey.
•New series. For data on domestic issues for productive uses beginning 1921, see table 34, p. 17 of the September 1940 Survey.
tRevised series. Data on security registrations revised beginning January 1938: see table 47, p. 15 of the November 1940 Survey.
S-18
SURVEY OF CURRENT BUSINESS
1940
Monthly statistics through December 1939, to- 1941
gether with explanatory notes and references
NovemDecemto the sources of the data, may be found in the October October
ber
1940 Supplement to the Survey
ber
December 1941
1941
January
February
March
April
May
June
July
SepAugust tember
FIN AN CE—Continued
SECURITY MARKETS—Continued
Bonds
Prices:
Average price of all listed bonds (N. Y. S. E.)
95.25
dollars. 98.72
Domestic
do
50.75
Foreign
_..
do
Standard and Poor's Corporation:?
85.6
Composite (60 bonds)._dol. per $100 bond..
91.1
Industrials (20 bonds)
__. . d o .
101.6
Public utilities (20 bonds)
_do.
64.2
Rails (20 bonds)
do.
Domestic municipals (15 bonds)
do.
U. S. Treasury bondst
do
112.0
Sales (Securities and Exchange Commission):
Total on all registered exchanges:
Market value
thous. of doL
Face value
_
do
On New York Stock Exchange:
Market value
do
Face value
do
Exclusive of stopped sales (N. Y. S. E.),
face value, total
thous. of dol.. 178,899
1,307
XJ. S. Government.
do.
177,592
Other than U. S. Govt., total..do
163,413
Domestic
do._
14,179
Foreign
do..
Value, issues listed on N . Y. S. E.:
57,856
Face value, all issues
mil. of dol
53,673
Domestic
do..
4,183
Foreign
do _ 55,107
Market value, all issues
do...
52,984
Domestic
do_ _
2,123
Foreign
do-.
Yields:
Bond Buyer:
Domestic municipals (20 cities)._. percent-.
Moody's:
3.27
Domestic corporate
do
By ratings:
2.73
Aaa
-do
2,87
Aa_.
do...
3.21
A
__..do--_
4.28
Baa.
do....
By groups:
2.85
Industrials
do
3.05
Public utilities
do_3.93
Rails
do_-_
Standard and Poor's Corporation:!
Domestic municipals (15 bonds)
do
U. S. Treasury bond?t
do
92.84
97.03
44.86
93.58
97.78
45.60
93.84
98.10
45.07
93.05
97.16
45.81
92.72
96.82
45.47
93.73
97.73
46.28
94.32
98.25
47.01
94.22
98.08
47.67
94.80
98.60
47.79
95.04
98.92
47.11
94. 86
98.58
48.85
94.74
98.27
50.79
83.6
89.2
100.6
61.0
124.6
108.8
83.9
90.3
100.5
60.9
127.3
110.7
84.0
90.2
100.7
61.1
129. 3
111.8
85.3
90.5
101.2
64.3
127.8
110.4
84.5
89.9
100.9
62.3
125.6
108.8
85.3
90.2
101.3
64.3
125. 4
110.1
85.8
90.2
101.1
65.9
126.8
110.8
86.0
90.1
101.2
66.7
128.2
111.4
85.8
90.4
101.1
65.8
129.5
111.5
86.3
91.1
101.0
66.6
130.4
111.7
86.0
91.0
101.2
65.9
131.0
111.1
85.6
91.2
101.6
63.9
131.2
111.1
114,881
185,154
114,606
186,432
125,383
248,906
147,635
276,042
91,476
148, 219
118,851 133, 274 119,252 95,055 116, 272 87, 766 105, 508
235, 872 269,892 218, 628 173, 215 222,973 160,891 177,029
93, 532
159,704
95, 500
164, 080
103, 243 125,090
221, 475 248, 732
75,999
130,068
96,162
209,379
109,867 100, 577 78, 266 98,274
242, 720 196,932 153,363 201,056
150,981
2,496
148,485
129,460
19,025
159,006
2,422
156, 584
139,191
17, 393
211,237 230,987
2,707
2,206
209, 031 228, 280
212,637
190,149
15,643
18,882
123, 647
2,224
121,423
109, 265
12,158
214,382
1,417
212.965
199,173
13,792
209, 471 169, 272 149,426 189,118 140,157
1,497
1,010
948
1,431
2,598
207.974 168,324 148, 416 186, 520 138,726
194,885 153,831 135,174 174, 588 127,515
13,089
14, 493 13, 242 11, 932 11,211
54, 329
49,966
4,363
50,438
48,481
1, 957
54, 237
49, 877
4,360
50,756
48, 768
1,988
54,169
49, 820
4,349
50,831
48, 871
1, 961
54,139
49, 799
4,340
50, 374
48, 386
1,988
54, 225
49, 891
4,334
50, 277
48, 307
1,971
55, 746
51, 419
4,328
52, 252
50, 249
2,003
55, 678
51,416
4,262
52,518
50,515
2,003
2.32
2.18
2.14
2.29
2.43
2.33
3.46
3.40
3.36
3.36
3.40
3.39
2.79
3.01
3.48
4.56
2.75
2.96
3.40
4.48
2.71
2.92
3.36
4.45
2.75
2.95
3.36
4.38
2.78
3.00
3.38
4.42
3.06
3.18
4.15
2.98
3.14
4.07
2.93
3.13
4.03
2.96
3.17
3.96
2.32
2.10
2.18
1.97
2.07
1.89
2.16
1.99
74, 506 89, 563
144,101 155,537
140,963
1,319
139,644
127,575
12, 069
55, 534
51, 278
4, 255
52, 322
50, 293
2,029
56,159
51,952
4,207
53, 237
51, 227
2,010
56,041
51,836
4,205
53, 260
51,279
1,981
2.26
2.14
2.07
2.07
2.08 |
2.02
3.39
3.37
3.34
3.30 I
3.30
2.80
3.01
3.37
4.38
2.82
3.04
3.38
4.33
2.81
2.99
3.34
4.32
2.77
2.95
3.31
4.31
2.74 I
2.90
3.26 i
3.29 !
!
3.00
3.19
4.00
3.02
3.17
3.98
3.06
3.16
3.96
3.02
3.13
3.95
2.96
3.10
3.95
2.27
2.10
2.28
2.01
2.20
1.96
2.14
1.92
2.08
1.91
56,101
51,900
4,201
53, 217
51,165
2,052
56,387
52,192
4,195
53,418
51,287
2,131
2.90 !
3.24 |
4.27 |
2.75
2.91
3.24
4.30
2.90 i
3.07 !
3.92 I
2.90 !
3.06 |
3.92 ]
3.07
3.95
2.03 |
1.90 !
2.00 j
1.94 !
1.99
1.94
Stocks
Cash dividend payments and rates (Moody's):
Total annual payments at current rates (600
738. 04 1, 781. 52 1, 792. 84 1,791.94 1, 796. 56 , 816.13 1,817.77 1,821.65 1,823.85 1,821.08 1,822.61 1,828.35
companies)
mil. of doL , 840.31
938.08
938.08
938.08 938.08 938.08 938. 08 938. 08 938. C
938.0
936.43
936.43
936.43
Number of shares, adjusted
millions,. 938.08
Dividend rate per share (weighted average)
1.94
1.95
1.94
1.94
1.94
1.91
1.92
1.94
1.91
1.94
1.86
1.90
1.96
(600 cos.)
dollars..
3.01
3.01
3.01
3.01
3.01
3.01
3.01
3.01
3.01
3.01
3.01
3.01
2.99
Banks (21 cos.)
do
1.93
1.94
1.93
1.92
1.92
1.93
1.89
1.90
1.89
1.93
1.83
1.88
1.97
Industrials (492 cos.)
do
2.59
2.59
2.59
2.59
2.54
2.54
2.54
2.54
2.54
2.54
2.54
2.54
2.62
Insurance (21 cos.)
do
1.92
1.91
1.95
1.92
1.94
1.94
1.94 * 1.94
1.97
1.94
1.96
1.97
1.86
Public utilities (30 cos.)
do
1.56
1.58
1.56
1.57
1. 56
1.56
1.53
1.53
1.53
1.57
1.36
1.47
1.58
Rails (36 cos.)
do...
Dividend declarations (N. Y. Times):
236,
622
Total
thous. of dol. 273,902 221,404 685, 574 331,721 218,317 375, 872 231,737 199,198 517, 369 256,858 245, 731 380, 592
-~»,uw
Industrials and miscellaneous
do-._ 265, 814 213,843 635,110 305,652 204,574 360,210 226,315 192,375 476, 792 238,515 232 625 362,418 229,968
6,654
18, 343 13,106 |t 18,174
13,743
15, 662
5,422
6,823 40,577
7,561
50,463
26,069
8,089
Railroads
do—
Prices:
Average price of all listed shares (N. Y. S. E.)
56.5
55.9
53.8
51.4
54.0
56.7
55.0
58.4
57.0
53.2
57.2
54.1
51.5
Dec. 31, 1924=100.
Dow-Jones & Co., Inc. (65 stocks)
42.90
42.99
40.95
43. 01
40.74
41.21
45.04
43.82
41.60
39.73
44.72
43.39
41.26
dol. per share._
127.35
121. 57 127. 57 126.67
121.68
130.17
122. 52 119.10 116.44
133. 90
132.39
130.45
121.18
Industrials (30 stocks)
do
18.62
18.50
18.48
19.37
17.61
20.17
19.56
18.66
17.30
22.07
21.22
19.91
17.65
Public utilities (15 stocks)
do
29.28
30.19
29.60
27.54
29.01
28.03
28.11
28.48
28.25
28.83
27.61
29.36
28. 54
Rails (20 stocks)
do
90.91
91.32
92.24
87.07
93.24
87.66
84.71
88.29
97.29
93.68
85.41
95.86
87.37
New York Times (50 stocks)
do...
162. 57 160. 33 180.08
154. 20
165. 43
154. 86 150.17 149.00
173.26
167.16
156.09
170.32
153.71
Industrials (25 stocks)
do...
21.74
21.92
19.94
22.36
21.06
20.46
20.42
21.34
20.21
20.48
20.65
21.40
21.04
Railroads (25 stocks)
do.-.
Standard and Poor's Corporation: t
83.2 I 83.6
83.2
79.5
77.9
85.0
80.1
80.3
77.1
86.7
84.9
86.0
Combined index (402 stocks)..1935-39=100
84.8
84.3
79.7
84.2
77.3
84.7
79.4
79.6
84.9
77.3
85.4
86.6
Industrials (354 stocks)
do
87.8
88.0
83.9
79.8
88.4
88.9
82.5
82.7
89.4
90.1
79.6
90.6
Capital goods (116 stocks)
do...
82.9
81.2
76.7
76.8
85.4
80.3
80.4
80.2
85.6
88.3
74.8
88.2
Consumer's goods (191 stocks) d o . . .
81.3
81.0
81.6
83.1
91.1
87.1
87.1
90.6
81.8
93.7
78.9
92.3
Public utilities (28 stocks)
do...
74.4
70.9
71.2
73.4
70.0
70.6
70.0
72.6
73.8
70.7
73.6
Rails (20 stocks)
do._
Other issues:
89.0 I 88.4 | 87.6
89.2
85.1
84.6
89.3
82.9
92.9
89.0
92.4
92.7
Banks, N . Y. C. (19 stocks)
do._
Fire and marine insurance (18 stocks)
115.4 i U 5 . 6
111.9
105.9
107.2
106.7
102.9
103.6
101.9
102.3
108.1
102.3
1926=100
Sales (Securities and Exchange Commission):
Total on all registered exchanges:
591,703 876, 452 706,231 613,194 403,344 383,348 416, 674 384,462 411,012 611, 464 415,088 I 512,750
Market value
thous. of doL22,087
24,682
18,052 29,073
26, 545
18,555
19,169 20,217
17,618
37,022
33,003
24,006
Shares sold
thousands
On New York Stock Exchange:
426.839
505,193 763,481 596, 806 519, 360 336, 505 318,750 347, 710 323,885 350,146 522, 475 346,227
Market value
thous. of dol..
18, 021
13,740 22, 226 15,858
13,194
13,481
13,688 15,356
23, 744 20,064
18,522
29,040
Sharessold.—
thousands.
Exclusive of odd lot and stopped sales
13, 545
10, 875
10, 451 17,871
9,661
8,971
10,111
11,178
13,137
14,484
20.893
18, 400 13,295
(N. Y. Times)
thousands.
§Formerly Standard Statistics Co., Inc.
|Partially tax-exempt bonds.
t Revised series. For data beginning 1931 on Treasury bond prices, which relate to partially tax-exempt bonds, see table 55, p. 17 of the December 1940 Survey. Earlier
data for the revised series on stock prices compiled by Standard and Poor's Corporation will be shown in a subsequent issue.
S-19
SURVEY OF CURRENT BUSINESS
December 1941
Monthly statistics through December 1939, to- 1941
1940
gether with explanatory notes and references
to the sources of the data, may be found in the October October Novem- December
ber
1940 Supplement to the Survey
1941
January
February
March
April
May
June
July
SepAugust tember
FIN AN CE—Continued
S E C U R I T Y MARKETS—Continued
Stocks—Continued
Shares listed, N . Y. S. E . :
Market value, all listed shares
mil. of d o l . .
N u m b e r of shares listed
millions..
Yields:
Common stocks (200), Moody's
percent..
Banks (15 stocks)
do
Industrials (125 stocks)
do
Insurance (10 stocks)
do
Public utilities (25 stocks)
..do
Rails (25 stocks)
do
Preferred stocks, high-grade (15 stocks),
Standard and Poor's Corp.t
percent..
Stockholders ( C o m m o n S t o c k )
American Tel. & Tel. Co., total
number..
Foreign
do
Pennsylvania R. R. Co., total
do
Foreign
do
U. S. Steel Corporation, total
do
Foreign
do
Shares held b y brokers
percent of t o t a l . .
39,057
1,465
42, 674
1,453
41,848
1,457
6.3
5.0
6.4
4.1
6.6
6.5
5.4
4.3
5.5
4.2
5.7
5.3
5.6
4.3
5.7
4.1
6.0
5.8
4.10
4.08
41, 891
1, 455^
40, 280
1,455
39, 398
1,455
39, 696
1,457
37, 711
1,463
37,815
1,463
39,608
1,463
,654
,463
41,472
1,464
40,984
1,463
5.7
4.3
5.7
4.2
5.9
6.2
5.9
4.4
6.0
4.2
6.0
6.2
6.0
4.5
6.2
4.3
6.1
6.2
6.1
4.5
6. 2
4.2
6.2
6.2
6.4
4.8
6.6
4.4
6.7
6.3
6.4
4.9
6.5
4.3
6.8
6.5
6.1
4.5
6.2
4.2
6.5
6.4
5.8
4.5
5.8
4.0
6.4
5.9
5.9
4.6
5.9
3.9
6.4
6.0
5.9
4.6
5.9
3.9
6.5
6.3
3.97
3.94
4.05
4.08
4.10
4.02
4.04
630, 812
6,404
205, 883
2,724
160,676
2.749
27.37
4.15
630,956
5,609
206,050
1,581
164, 785
2,605
25. 30
630, 366
5, 742
204, 776
1,680
164, 687
2,664
26.00
632, 293
5,481
205, 724
1,535
164, 262
2,590
25.00
FOREIGN TRADE
INDEXES
Exports:
Total: Value, unadjusted
1923-25=100.
Value, adjusted
do.__
U. S. merchandise, unadjusted:
Quantity
do...
Value
do...
Unit value
do...
Imports:
Total: Value, unadjusted
do...
Value, adjusted
do...
Imports for consumption, unadjusted:
Quantity
1923-25 = 100.
Value
do...
Unit value
do...
Agricultural products, quantity:
Exports, domestic, total:|
Unadjusted
1924-29=100.
Adjusted
do...
Totai, excluding cotton:
Unadjusted
do.._
Adjusted
do_._
Imports for consumption:*
Unadjusted
do
Adjusted
do...
91
74
86
75
85
86
84
136
90
67
127
86
68
126
85
67
124
85
69
64
63
69
69
78
79
71
70
117
67
57
120
68
57
130
75
57
120 i
70
58
94
93
102
107
101
108
87
98
94
107
120
130
110
105
138
94
68
145
101
70
147
101
69
122
87
71
130
94
72
158
118
75
145
109
75
83
75
89
82
92
90
87
91
86
93
87
91
133
80
60
143
86
60
142
88
62
130
82
63
132
83
63
135
86
64
24
27
23
28
29
37
31
41
39
54
52
48
33
36
34
40
45
56
49
60
68
86
75
70
141
125
147
136
154
159
127
138
120
136
327, 685 322, 257 325, 355 303, 413 357, 233
29
25
118
118
122
129
131
131
137
132
117
80
118
68
58
135
131
'120
' 131
129
83
65
99
107
VALUE §
Exports, total, incl. reexports
thous. of dol.
By grand divisions and countries:
Africa
do...
Union of South Africa
do-_.
Asia and Oceania
.do...
British India
do__.
Japan
do...
Netherlands Indies.
do _. _
Europe
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...
U. S. merchandise, b y economic classes:
Total
thous. of doL
Crude materials
do...
Cotton, unmanufactured
do
Foodstuffs, total
do
Crude food stuffs
do
Mfd. foodstuffs and beverages
do
Fruits an'i preparations
do
Meats and fats
do
Wheat and
flour
do
Semimanufactures
do
Finished manufactures
do
Automobiles and parts
do
Gasoline
do
M ach inery
do
General imports, total
do
By grand divisions and countries:
Africa
do
Union of South Africa
do
Asia and Oceania
do
British India
do
Japan
do
Netherlands Indies
do
Europe
do
United Kingdom
do
North America, northern
do
Canada
do
343, 485
385,454
384, 636
329, 776
358, 649
455, 257 417,139
19,954 35,121
12, 076 15,770
59, 498 64, 753
6, 515 10, 868
11,108
10,112
7,596
7,722
96, 336 113, 233
77, 269 95, 509
65, 233 69, 898
64, 419 68, 616
33, 010 37, 200
9,824
11,745
29, 381 37,028
5,223
6,400
8,843
11,992
3,249
4,463
28,354
16, 030
64, 092
9,154
8,419
7,955
145,964
127, 623
72,137
70, 813
38, 226
13,193
36, 681
5,858
10, 505
4,107
36,925
15, 558
71, 078
7,389
6,621
9,845
110,109
103,228
81,165
79,611
42, 071
13, 770
42,989
7,698
13,177
4,214
20, 904
5,726
52, 350
4,055
5,687
10, 287
111,478
103,108
75, 333
74, 307
35, 708
12, 597
34,003
6,755
8,699
3,978
39,434
10,709
43, 627
5,575
3, 346
7,116
139, 327
128, 771
69,401
68,076
29,926
8,337
36,935
9,568
9,709
3,752
58,134 29, 275
26,942
9,958
64, 788 54, 919
12, 345
8,422
(a)
1, 662
10, 104 12,350
143, 981 162, 049
129, 372 143, 229
100, 855 89,167
98. 776 87, 235
46,020 38, 765
14, 324 12, 330
41, 493 42,963
9,123
9.975
10, 971 11, 306
4,915
4,152
336,165 321, 275 315, 323 317,953 298, 273 350, 446
29,188
24, 600 20, 453 16, 092 15, 234 19.658
7,703
10, 541
6,417
3,120
3,800
5,862
18, 360 14, 650 13, 719 13. 746 16, 010 16, 793
3,603
3,488
7,528
2,887
2,841
4,262
11,047
10,832
10, 231 10, 859 13,169
12, 531
1,974
2, 362
2,638
1, 944
2,098
1, 933
1,859
1, 754
1,837
2, 048
2,495
3,317
2,703
2.946
1,686
1,530
2,103
3, 030
81', 421 70, 651 67,154
69, 989 56, 973 60, 644
207,195 211,373 213, 997 218, 126 210, 056 254, 206
22, 531 26, 828 24, 470 25. 379 24, 028 29, 084
8,320
6,615
6,915
6,101
4,250
3,733
61, 046 62, 873 63, 327 60, 993 54, 426 61, 604
207,141 223,430 253, 099 228, 636 233, 702 267, 784
376,185
16,857
4,380
18, 269
3,963
14, 306
1,768
3,241
3,979
67,004
274, 054
28, 642
2,732
63, 751
287, 550
376,354
28, 647
4,389
25, 323
8,388
16,935
3,262
2,472
3,923
55,136
267, 248
30, 511
3,394
59, 631
296, 930
323, 728
29, 034
4,716
33,173
5,368
27,805
2,117
11, 254
2,573
51,019
210, 501
21,474
4,313
45, 437
279, 536
348,890
29,824
4,516
45, 763
7,291
38,472
3,240
17, 324
2,048
53,279
220, 025
17, 522
3,244
45, 510
277,847
438, 264 406,057
30, 393 39, 813
5,843
15, 052
42, 264 51,099
6,758 10, 380
35, 506 40, 719
5,952
3,554
15, 899 16, 302
4,609
3,054
67, 587 61, 296
298, 019 253, 849
25, 306 22, 520
7,915
5,213
64.438 54, 208
282, 513 262, 680
12, 345
3, 628
97, 837
6,172
11, 020
14, 504
35, 793
15,049
40,189
39, 357
14,075
4,418
115, 240
8, 095
10, 869
21, 630
23, 355
9, 576
49, 506
48,192
11,416
2,856
102, 530
10, 613
13,000
17, 324
24, 506
9,797
49, 314
48,156
13, 558
5,638
118,665
11, 544
8,835
23, 392
23, 548
11, 392
46, 558
44, 585
14, 446
6,814
108, 871
13, 695
573
27, 967
18, 825
12. 424
56, 484
53, 935
16, 945 16, 624 22, 047
11,827
11,038 11,806
55,894
60, 405 54,876
6,459
6,863
8,780
16, 443 19, 343 11,588
6,184
5, 987
6,319
118, 695 116,329 126, 772
102, 375 101, 253 116,631
65, 609 63, 266 62, 449
64.262 62, 439 61,886
31, 556 33, 792 33. 807 30, 022
9,772 10, 554
10, 061
8, 507
29, 471 36, 749 31, 824 29,188
5,151
4,734
5,920
5,300
7,176
10, 807 10, 046
9, 216
3,389
4,081
3,360
2,955
15, 613
10, 776
66, 957
6,121
26,195
6, 346
122, 003
107, 597
77,886
76, 682
9,714
4,078
89. 844
8, 339
18, 361
12,377
18, 330
9, 873
39,163
38, 050
13,191
13, 663
2 960
4,479
93, 250 105, 823
7, 037
7,122
21, 676 14, 033
13,040
19, 387
24,600
26,187
10, 428 13, 610
44,122 43, 619
42, 533 41, 913
10, 203
3,515
91,417
6, 314
10, 391
15, 212
20,119
9,742
36, 586
35, 486
8,739
11, 593
3,890
4,277
89, 698 106, 303
10, 680
8, 926
8,127
10,488
13, 738 14, 494
17, 941 26,100
9,443
12, 583
35, 428 38, 592
34, 287 37, 834
10,835
4,827
96, 589
9,129
2, 535
14, 862
22, 272
11,170
50, 890
49,458
r
Revised. ^
• Less than $500.
® Formerly Standard Statistics Co., Inc.
t Revised series. Revised data beginning February 1928 for preferred stocks will be shown in a subsequent issue. Indexes of agricultural exports have been revised to
new base. Earlier monthly data will be shown in a subsequent issue.
* New series. Data beginning 1915 for indexes of agricultural imports will be shown in a subsequent issue.
§ Data lor 1939 revised; see tables 14 and 15, pp. 17 and 18 of the April 1941 issue.
S-20
SURVEY OF CURRENT BUSINESS
Monthly statistics through December 1939, to- 1941
1940
gether with explanatory notes and references
to the sources of the data, may be found in the October October Novem- December
ber
1940 Supplement to the Survey
December 1941
1941
January
Febru- March
ary
April
June
May
July
August
September
FOREIGN TRADE—Continued
VALUE §—Continued
General imports by grand divisions and countries—Continued.
North America, southern
thous. of doL
Mexico
do—
South America
do—
Argentina
do—
Brazil
..do-.Chile
~ - - do._Importg for consumption, total
do.-_
By economic classes:
Crude materials
do...
Crude foodstuffs
do._.
Mfd. foodstuffs and beverages
do
Semimanufactures
do
Finished manufactures
do
16,440
5.105
33, 650
5,010
9,904
6.378
213,133
88,904
22, 625
21,176
46,045
34,383
14,884
15, 782 24,474 28, 072 33, 948 39, 787 38,706 35, 445 31, 554 32, 627 33, 532
4,811
5,769
8,365
7,516
7,743
8,936
9.237
7,428
7,702
6,945
7,311
33. 383 48, 024 46,837 53,825 51,246 61, 597 66,048 56,325 43,964
51, 259 48, 561
6,902 11,613
11. 732 12, 624 15, 718 14, 437 16,713
11,186
13, 364 13, 649 14. 756
9,340 12, 711 11,644
15, 383 13,295
15, 944 17,167 11, 771 10, 307
9,959
10, 257
8,200
4,435
6,709
9,139
7,917 10,848
5,730
4,999
8,790 12,107
9,462
217,176 238. 275 223, 595 216,623 254, 553 274,593 281,351 261,097 264, 685 273, 898 265,162
93.838 110, 375
22,695 25, 931
19,435
22,444
52,009
44,383
33, 816 30, 524
97, 633
30, 291
20, 552
47,131
27, 988
91,805 106, 674 103,437 116, 777 110, 609 119, 260 126, 480 117,024
32, 892 36,621
31.211
36,418 31,988 22. 886 24, 472 16, 992
22. 940 26. 652 33,125 34, 370 28,082 24, 320 22, 975 25, 499
57, 936 66, 377 57,862 54, 553 62, 248 63, 989 70, 257
42,208
28,458 30, 399 35,032 35, 925 35,864 35, 971 35, 982 35, 389
TRANSPORTATION AND COMMUNICATIONS
TRANSPORTATION
Express Operations
Operating revenue
..thous. of doL.
Operating income
do—
10,624
82
10,542
67
12,701
78
10,032
68
9,961
82
10,536
95
10,814
72
11,238
153
10,839
74
10, 874
7.8005
7.8253 7.8253 7.8253
7 8253 7.8199
7.8253
7.8199
7.8061
cents.. 895,
539 830, 741 801,646 860,704 837, 903 777, 294 864, 644 847,071 856, 239
thousands..
60, 542
56, 220 61,192 61,427 62, 347
62, 623 59,579
58,489
thous. of doL.
7.8144
831,816
59,547
7. 8144
796,105
58, 576
7. 8144
802. 39P>
59, 342
7,8005
832, 220
60,715
Local Transit Lines
Fares, average, cashratef
Passengers carried!
Operating revenues
Class I Steam Railways
Freight carloadings (Federal Reserve indexes) :f
Combined index, unadjusted... 1935-39«* 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-car loadings (A. A. R.):J
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 carst
do
Coal carsj
-do
Financial operations:
Operating revenues, total
thous. of doL
Freight
..do
Passenger
do
Operating expenses
do
Taxes, joint facility and equip, rents*..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.Fmancial operations, adjusted:*
Operating revenues, total
.mil. of doLFreight-.
-do
Passenger
do
Railway expenses
do
Net railway operating income
do
Net income
...do
Canals:
Waterway Traffic
New York State
_. thous. of short tons..
Panama, total
thous. of long tons..
In U. 8. vessels
_
do
St. Lawrence
thous. of short tons-.
Sault 8te. Marie
do....
Welland.
.do..-.
Rivers:
Allegheny..
do
Mississippi (Government barges only).do
Monongahela
do
Ohio (Pittsburgh district)
do....
*• R e v i s e d .
144
138
165
147
104
146
101
232
151
127
121
165
140
97
95
97
178
133
125
104
149
135
107
152
100
238
132
110
91
119
128
100
99
96
181
116
3,658
675
53
184
149
82
641
271
1, 603
42
18
10
517,605
440,122
42, 231
361, 502
62,446
93, 657
52, 953
122
121
159
129
96
124
98
145
125
116
109
150
131
98
98
87
181
120
112
121
167
119
87
92
95
46
116
119
107
153
133
96
96
99
164
125
113
124
174
124
90
84
94
45
115
122
109
145
138
102
88
99
180
130
115
129
183
128
85
75
98
45
118
124
113
149
133
102
93
101
181
131
120
132
176
127
97
74
101
50
124
126
128
168
127
113
93
100
192
128
108
38
120
130
96
82
103
203
131
112
45
137
130
113
93
102
266
130
131
117
167
135
107
82
102
276
138
135
138
182
130
124
91
102
266
136
136
131
170
141
123
69
101
265
141
139
156
189
136
126
88
102
152
139
138
127
172
149
163
70
99
283
139
138
150
200
149
112
83
100
156
140
140
139
167
160
125
80
99
271
141
139
158
199
152
103
84
99
155
141
145
140
172
149
122
111
102
261
150
130
133
176
138
111
84
97
149
135
3,780
695
61
193
166
86
752
213
1,614
96
33
42
2,718
560
50
141
118
50
578
49
1,171
129
45
57
2,737
577
53
144
123
47
569
50
1,174
110
43
42
2,824
605
56
154
116
41
597
51
1,204
87
32
31
3,818
818
70
197
172
52
797
69
1,643
71
26
23
2,794
163
38
159
136
46
648
214
1,390
190
31
139
4,161
676
64
205
184
57
795
387
1,792
72
34
17
3,510
642
54
175
172
39
638
301
1,490
71
34
17
3,413
578
53
174
230
38
603
313
1,425
67
27
4,464
840
66
248
224
55
784
386
1,861
47
19
11
3,539
652
52
176
167
59
618
286
1, 529
41
15
10
413,712 375, 364 381, 792 377, 374 358,413 416,319 375, 008 442, 286
348,196 315, 204 308,350 309, 580 296,146 346, 633 305, 230 370,903
36,511
33, 465 31, 244 40,840 40,159
40, 030 38, 348 37, 493
276, 780 259, 455 266,134 268,969 255, 590 283, 329 274, 938 296, 590
r
49, 294 44, 810 36, 867 46,048 44, 344 52. 363 47, 501 57, 065
' 87,638 71, 099 78, 791 62, 357 58, 479 80, 627 52, 569 88,630
7,264 43,137
42, 654 30,809 51,078
19, 705 14,964 35, 256
455,023
377,534
44, 832
298,932
62, 829
93,261
52,800
485, 446
405, 503
47, 402
310,035
69, 097
106,315
63, 528
493, 674
410, 213
49, 773
313,843
68, 513
111,318
65, 500
'488, 979
411,241
43, 521
312, 287
72, 622
104. 070
59, 301
r 3, 270
505
47
167
164
86
636
'275
1,400
88
27
45
38,614
.965
1,922
35, 949
.949
1,772
34,904
.953
2,312
36, 063
.885
2,216
34,182
.899
2,029
40, 577
.929
2,229
31, 615
1.052
2,170
43, 398
.932
2,140
44,036
.927
2,564
46.067
.947
2,756
49, 237
.902
2,936
47,616
363.0
298.3
35.0
311.5
51.5
8.3
379.0
314.3
34.9
311.7
67.3
24.9
400.8
333.3
37.6
315.8
84.0
42.8
389.3
320.7
38.6
315.9
73.4
32.1
402.4
332 5
40.1
318.6
83.8
42.8
417.0
344.5
42.7
334.2
82.9
40.8
382.1
309.6
41.4
323.2
59.0
17.1
438.6
365. 2
40.9
345.6
93 0
50.4
473.5
398.2
43.3
363.4
110.1
68.2
470.9
395.1
42.3
370.5
100.4
57.6
485.4
407.7
44.4
374.4
111.0
65.5
464.1
389.5
41.6
379.4
84.7
700
1,719
882
948
13, 923
1,688
804
2,418
1,133
1,070
12, 971
1,491
599
2,062
1,127
893
8,642
1,529
0
2,129
1,134
13
704
210
0
1,966
1,102
0
0
0
0
1,827
968
0
0
0
0
1,911
1,027
0
0
0
250
2,057
1,080
308
7,865
664
610
1,989
1,133
900
15,153
1,716
624
1,585
887
1,001
14, 673
1,895
720
1,659
910
1,043
15, 511
1,960
557
1,366
818
975
15, 235
1,858
507
1,481
719
944
14,401
1,620
332
437
181
2, 935
1,603
307
142
2,792
1,468
211
115
2,969
1.545
215
105
2,810
1,581
187
100
2, 532
1,424
213
127
2, 907
1,587
186
159
563
653
310
214
2,971
1,727
320
250
2.833
1,785
330
270
2,862
1,781
352
265
3,105
1,771
326
210
2,492
1,691
"2," 863"
1,759
§ D a t a for 1939 revised; see table? 14 a n d 15, p p . 17 a n d 18 of t h e A p r i l 1941 issue.
IData for November 1940, March, May and August 1941, are for 5 weeks; other months, 4 weeks.
•New series. Adjusted data on financial operations of railways beginning 1921 appear in table 33, p. 16 of the September 1940 issue. The new series on taxes and joint
facility and equipment rents is shown to provide figures for obtaining total railway expenses as given in the adjusted figures of financial operations; earlier data not shown in
the September 1940 and subsequent issues of the Survey may be obtained by deducting operating expenses and net railway operating income from operating revenues.
fRevised series. Data on fares revised beginning August 1936; see p. 45 of the July 1940 Survey. Passengers carried revised beginning January 1938; see table 13, p. 18
of the March 1941 Survey, Revised indexes of freight carloadings beginning 1919 appear in table 23, pp. 21-22 of the August 1941 Survey.
^Beginning June 1941, data represent daily average for week ended on the last Saturday of the month; earlier data, daily average for lasts or 9 days of the month.
December 1941
S-21
SURVEY OF CURRENT BUSINESS
Monthly statistics through December 1939, to- 1 9 4 1
1940
gether with explanatory notes and references
to the sources of the data, may be found in the October October Novem- December
ber
1940 Supplement to the Survey
1941
January
February
March
April
June
May
July
SepAugust tember
TRANSPORTATION AND COMMUNICATIONS—Continued
TRANSPORTATION-Continued
Waterway Traffic—Continued
Clearances, vessels in foreign trade:
5,433
5,040
3,840
3,839
Total, U. S. ports.thous. of net tons.
3,679
3,376
2,544
2,653
Foreign
do
1,753
1,664
1,296
United States
...do
1,186
TraTel
Operations on scheduled air lines:
Miles
flown.
_
thous. of miles..
10,635
8,890
9,573
9,142
Express carried
pounds..
1,329,843 1,205,261 1,323,615 1,113,002
Passengers carried
_
number. _
334,386 239,858 202,859 197,854
Passenger-miles
flown
thous. of miles..
125,924 90,697 78,387 78,340
Hotels:
3.55
3.39
Average sale per occupied room
dollars. _
3.47
3.26
3.24
71
70
Rooms occupied
percent of total..
64
69
57
108
100
Restaurant sales index
1929•*= 100..
103
97
95
Foreign travel:
U. S. citizens, arrivals
number..
8,422
16,244
8,546
13,148
U. S. citizens, departures
-do
9,692
6,862
7,626
7,868
1,641
Emigrants
__
do
1,648
1,777
1,681
4,824
Immigrants.do
3,833
3,765
3,612
1,628
Passports issued
do
1,503
1,820
4,331
2,511
National parks:
253,489 252,788 92,746 60,475 83,296
Visitors
-do
78,112 79,194 28,997
Automobiles
>.do
18,335 23,544
Pullman Co.:
684,932 578,257 734,016 879,883
Revenue passenger-miles
thousands. _
Passenger revenues
thous. of dol._
4,235
3,738
4,646
5,529
COMMUNICATIONS
Telephone carriers:
Operating revenues
thous. of dol..
113,087 110,544 114, 761 114,684
Station revenues
do
73,025
72,118 73,979 74, 214
Tolls, message.
do
31,034 29,343 31,471 31,077
Operating expenses
do
72,841
77,106
75,650 73,934
Net operating income
_
do
23,004
17,933 21,988 22,998
Phones in service, end of month ..thousands..
19,446
19,547 19,670 19,833
Telegraph and cable carriers;f
Operating revenues, totalt
thous. of dol..
11,442
10,642 12,557 11,182
Telegraph carriers, total
do
10,622
11,654
9,872
10,294
Western Union Telegraph Co., revenues
from cable operations
thous. of dol..
441
424
540
494
Cable carriers.
...do
821
770
903
888
Operating expensesf
do
9,695
9,498
10,586
9,821
1,012
465
Operating incomef
do
1,291
614
536
Net incomet
do
872
96
Radiotelegraph carriers, operating revenues
1,267
1,348
thous. of dol..
1,179
1,290
3,636
2,319
1,317
3,981
2,532
1,449
4,606
2,902
1,704
5,729
3,679
2,149
6,074
3,957
2,117
6,716
4,584
2,132
6,646
4,418
2,229
6,011
3,978
2,033
10,537 11,668 11,472 12,154 12, 472 12,127
8,786
9,953
1,109,352 1,214,817 1,352,181 1,462,121 1,544,111 1,822,217 1,842,858 1,962,284
218,163 245,924 308,644 363,954 380,990 398,434 447, 316 455, 647
84,640 96,662 114,749 133,979 141,906 147, 419 158,068 158,151
3.32
69
3.24
68
94
3.47
69
109
3.13
70
106
3.30
66
108
3.29
64
103
3.56
68
115
3.52
69
109
19,818
19,726
920
3,133
1,943
23,933
32, 746
1,216
4,500
2,897
15,958
18,779
1,416
4,813
3,015
12,409
9,502
1,524
4,268
4,362
13,203
17, 277
1,676
6,002
4,878
13, 491
10, 739
853
3,083
5,673
14, 613
13, 718
729
3,359
5,734
11,328
11,807
612
3,911
4,687
100,237
27,925
115,911
33,521
190,150
58,916
327,550 578,071 1,029,648 1,112,293
100,230 173,139 292,273 302,025
430, 608
132, 359
791,221
4,974
925,694
5,621
766,222
4,787
714,012 897, 614 825, 839 850,348
5,074
5,145
4,880
4,389
797,408
4,857
111, 219 116, 883 118,132 119,933
72, 752 74,585 75,598 75,709
29,250 32,975 33,238 34,783
75,390 77,576
70,848 73,403
22.974 24,891 24,502 24,049
19,966 20,107 20, 232 20,366
120,113 120,116 119,224
75, 524 74,858 74, 236
35,072 35, 543 35, 266
76,626 80,329 77, 934
25,005 22.129 23, 324
20,443 20, 535 20, 657
10,667
9,832
11,961
10,982
12,430
11,473
12,850
11,830
12, 728
11, 731
12, 875
11, 734
12, 674
11,616
451
835
9,290
667
202
525
980
9,884
1,303
896
510
957
10,298
1,359
879
514
1,020
10,691
1,330
873
498
997
10,616
637
267
551
1,141
10,965
966
513
499
1,058
10, 758
1,065
568
1,253
1,399
1,348
1,354
1,337
1,386
1,264
15, 614
16,387
1,095
15, 035
15, 242
1,293
15, 264
15, 065
1,089
17,100
16, 908
861
32, 224
10,393
27,830
3,224
33,021
7,108
27, 564
2,838
34, 299
10,117
27, 327
3,071
35, 757
6,491
30,433
3,435
16,668
.39
21, 605
.44
7,545
.44
9,340
.44
436
4,663
39,460
417
4,725
41, 273
450
5,006
41, 363
CHEMICALS AND ALLIED PRODUCTS
CHEMICALS
Alcohol, denatured:
Consumption
thous. of wine gaL. 18,302 ' 15, 560
12,441
13, 544
10,499 10,558 13,339 12,451
14,889
Production
_
do
18,185
12, 215 10,610 10, 556 13,192 12,654
15,098
13,158
14,714
Stocks, end of month..„.
do
740
1,313
1,360
1, 586
1,468
1,511
1,329
'1,980
1,465
Alcohol, ethyl:
Production.
thous. of proof gaL. 36, 393 '23,595
23, 354 23,762 24, 224 22,030 21, 702 26,248
29,606
Stocks, warehoused, end of month
do
7,143
13,471
11, 963 12,166 11,127
9,503
10,027
10,000
11,330
Withdrawn for denaturing
do
32, 604 '25,557
23,110 22, 056 19, 434 19,070 23, 705
26,526
22,789
2,555
Withdrawn, tax-paid
_
do
2,969
1,742
1,766
2,735
3,012
'2,360
2,128
2,449
Methanol:
Exports, refined
gallons..
162,302 191, 739 267,077
14,283 102,711 94,467
61,831
48, 580
Price, refined, wholesale (N.Y.).dol. per gaL.
.54
.34
.34
.34
.34
.34
.34
Production:
Crude (wood distilled)
thous. of gaL.
484
463
468
456
466
450
435
463
Synthetic...
do
4,408
4, 440
4,174
3,913
3,882
3,618
4,241
4,423
Explosives, shipments...
thous. of lb_. 42,629
37, 740
34,444 33,461
36,080 33,631 35,722
31,986
37,891
Sulphur production (quarterly):
Louisiana.
long tons..
103,675
138,880
Texas
do....
567, 698
547, 686
Sulphuric acid (fertilizer manufacturers):
Consumed in production of fertilizer
short tons..
169,878 179,677 178,193 184,149 162,306 177,376 156,362 176,465
Price, wholesale, 66°, at works
dol. per short ton..
16.50
16.50
16.50
16.50
16.50
16.50
16.50
16.50
16.50
Production
short tons..
222,476 216,290 223,131 221, 788 226,069 234,026 218,846 217,063
Purchases:
From fertilizer manufacturers
do
38, 361
33, 220 22,941 32,570 26,343 25,309
23,215
39,140
From others
do
25, 518
36,184 32,732 38,659 25, 650 33,008
30, 922
32,714
Shipments:
To fertilizer manufacturers
do
43,014 36,377 36,116 37,311 39,082
48, 635
53, 429
52, 535
To others
_.
_
do
65,817
57,475 74,927 81, 591 69, 514 78,095
67,387
75,117
Stocks, end of month
do
105, 557 110,939 100,246
91,407 100, 338 98,151
93,956
78, 766
FERTILIZERS
Consumption, Southern States
thous. of short tons_.
182
168
189
105
518
1,365
762
1,390
258
Exports, total§
long tons_.
148,135 116,416 136, 581 109, 654 94,316
90, 255
74, 715
81,971
Nitrogenous§
do
15, 773
15,891
16, 486
9,336
11,031
10, 674
16, 748
6,014
Phosphate materials!
do
88,409 112,063 87, 698 76, 333 74,162
111,936
74,082
49,481
Prepared fertilizers...
do
330
1,003
428
686
465
1,580
317
498
Imports, total§.._
do
63,852 '69,769 87,115 95,474 152,323 120, 330
68, 208
99,673
Nitrogenous, total
do
56, 362 50, 245 81,085 92,203 134,290 106, 737
63,090
70,036
Nitrate of soda.
do
28,478 27,718 34,332 40, 254 84, 337
34,822
89, 565
42,134
Phosphates
.
do
3,394
1,086
637 '3,234
2,112
3, 551
353
1,194
Potashf.
do
14,110
5,625 '7,911
3
2,765
1,436
1,512
1,891
' rfRevised.
Deficit.
SData revised for 1930; for exports, see table 14, p. 17, and for imports, table 15, p. 18, of the April 1941 Survey.
tRcvised series. Data for telegraph and cable carriers revised beginning 1934, see table 48, p. 16 of the November 1940 Survey.
130, 060
577,384
43, 676
129,365
162,334
175,186
163,108
16.60
208,884
16.50
202, 597
16. 60
212, 506
29,366
35,488
24,411
48, 587
23, 050
37, 331
43, 311
69,304
77, 545
33, 319
69,285
75,350
37, 670
75, 664
71, 795
104
66, 651
11,688
48, 265
2,311
74,439
62, 840
27, 341
303
8,307
58
164, 695
15, 675
141, 557
201
33, 638
32, 591
16, 350
25
3
71
295,885
17, 783
270, 646
407
69, 096
67, 406
32,148
457
20 I
16.50
134
136, 503
13,196
105,919
2,879
118,139
108,759
67, 594
780
5, 951
S-22
SUEVEY OF CURRENT BUSINESS
Monthly statistics through December 1939, together with explanatory notes and references
to the sources of the data, may be found in the
1940 Supplement to the Survey
1941
December 1941
1940
1941
December
October October November
January
Febru- March
ary
April
May
June
July
SepAugust tember
CHEMICALS AND ALLIED PRODUCTS—Continued
FERTILIZERS-Continued
Price, wholesale, nitrate of soda, 95 percent
(N. Y.)
dol. per cwt__
Potash deliveries
short tons..
Superphosphate (bulk):
Production
do.
Shipments to consumers
do.
Stocks, end of month
do.
1.503
NAVAL STORES
Rosin, gum:
Price, wholesale " H " (Savannah), bulkf
2.44
dol. per 1001b...
24, 526
Receipts, net, 3 ports
bbl. (5001b.)__
372, 983
Stocks, 3 ports, end of month
do_
Turpentine, gum, spirits of:
.78
Price, wholesale (Savannah)
dol. per gal..
10, 942
Receipts, net, 3 ports
bbl. (50 gal.).
26, 389
Stocks, 3 ports, end of month
do.
1.470
-•46,432
1.470
'54, 544
1.470
'40,614
1.470
29,802
1.470
24,477
1.470
13, 232
1.470
58,228
1.470
41,094
404,467 398, 341 425,118 408,192 384, 548 435, 675
98, 210
43,192
45, 649
55,997 110, 438 183, 560
1,201,715 1,244,655 1,285,408 1,264,881 1,202,767 1,074,842
397,497
373, 846
777,152
419,411
165,359
770, 723
373,864
,813
,741
383,499
52,317
914, 302
379, 267 364, 505
65,150 130,906
978, 014 1,022,410
2.13
33, 706
461,157
2.45
29, 886
428, 945
2.49
29, 282
419, 979
.67
10,066
34, 339
.76
10,755
36,669
1.470
51, 502
1.470
35, 536
1.494
39, 943
1.470
48, 882
I
1.67
39, 820
528, 065
1.87
35, 018
542, 091
1.72
34, 098
561, 241
1.73
17, 906
560, 045
1.65
11,941
542, 446
1.78
9,996
523, 594
1.87
19,337
505,860
1.87
35,635
490,186
1.88
31,069
483,751
.35
8,364
44,961
.39
7,793
44, 488
.38
6,986
40, 016
.42
3,027
35,421
.39
2,158
33,906
4,682
23,682
.42
6,358
25,022
.43
8,198
27,318
.42
10,064
31,978
.47
8,482
36,617
OILS, F A T S , A N D B Y P R O D U C T S
Animal, including fish oils (quarterly) :!
Animal fats:
Consumption, factory
thous. of lb_.
Production
do
Stocks, end of q u a r t e r .
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
Vegetable oils, total:
Consumption, crude, factory (quarterly) !
mil. oflb_.
13, 383
Exports
thous. of lb__
64,460
Imports, total§
do
6,027
Paint oils
do
58,433
All other vegetable oils§
do
Production (quarterly)!
mil. of lb__
Stocks, end of,quarter:!
Crude
do
Refined
do
Copra:
Consumption, factory (quarterly)! short tons.
26,861
Imports
do
Stocks, end of quarter!
do
Coconut or copra oil:
Consumption, factory:
Crude (quarterly)!
thous. of lb._
Refined (quarterly)!
do
1,464
In oleomargarine
do
36,157
Imports§
do
Production (quarterly): !
Crude
do
Refined
do
Stocks, end of quarter:!
Crude
do
Refined
do
Cottonseed:
'697
Consumption (crush)...thous. of short t o n s . .
' 1, 406
1,264
Receipts at mills
do
1,040
1,344
Stocks at mills end of month
do
Cottonseed cake and meal:
140
Exports§
short t o n s . .
294, 821 310,713
Production
do
291, 815 129, 769
Stocks at mills, end of month
...do
Cottonseed oil, crude:
Production
thous. of lb._ 208. 538 223,542
133, 228 148, 885
Stocks, end of m o n t h .
_
do
Cottonseed oil, refined:
Consumption, factory (quarterly)!
do
13,708
11,827
In oleomargarine
do
Price, wholesale, summer, yellow, prime
.054
.129
(N. Y.)
. . - - d o l . per lb._
Production
thous. of l b . . 143, 761 134, 645
203, 544 355,118
Stocks, end of m o n t h . .
do
Flaxseed:
704
Imports
. - . t h o u s . of bu._
Minneapolis:
1,777
1,226
Receipts..
do
120
234
Shipments
do
4,714
7,363
Stocks
do
Duluth:
1,000
517
Receipts
do
481
674
Shipments
do
1,937
1,778
Stocks..
do
Oil mills (quarterly):
Consumption !
do
Stocks, end of quarter
do
1.87
1.47
Price, wholesale, N o . 1 (Mpls.).-dol. per bu_.
Production (crop estimate)
thous. of bu_. i 31,825
T
269, 625
673, 126
600, 602
291,452
617, 500
623,896
337,010
644,024
684, 475
338, 647
585, 293
504,968
98, 639
126,613
134,313
104,910
120, 557
130,401
126,155
127,989
116,452
121,155
124, 006
103, 068
r
332,513
53, 741
355,698
46,417
410,382
45,967
327, 615
50, 474
'51,823
' 97, 451
199, 462
45, 542
15,846
157, 223
54, 554
6,271
123, 661
50, 018
83,140
162, 659
r
7,290
54,366
1,300
53, 066
1,019
9,318
68, 389
1,625
66, 764
T
1,183
8,758
51,320
1,239
50, 081
37, 275
61, 097
437
60, 660
1,664
34, 412
69, 468
27, 606
34, 775
150, 411
' 52, 381
1,528
40, 224
11, 246
82,135
4,536
77,599
11,017
59, 559
5,466
54, 093
1,027
11, 437
53,087
3,511
49,576
762
914
637
'939
570
30, 584
1,'
12, 685
57, 672
4,626
53, 046
1,059
34, 294
16, 271
1,280
22,157
1,296
32, 207
69, 423
20,199
34,851
161,405
61,126
1,424
25, 831
7,185
94, 756
1,519
93, 237
660
497
18,672
26,872
1,381
41,155
1,468
28, 273
64, 550
24, 943
28,109
184,118
68,904
1,435
26,884
788
7,428
93, 221
1,114
92,107
723
700
300
17,259
25, 487
2,474
30, 973
2,421
46, 369
56, 403
33, 766
36, 413
187, 302
73, 983
3,574
44, 695
87, 883
73, 938
86, 251
80, 703
81,054
90,962
70, 444
93, 710
242, 973
' 14,168
209,940
15, 550
176,381
15,064
186, 290
16, 994
644
766
1,162
544
657
1,276
560
361
1,076
458
225
844
373
147
617
305
91
403
185
51
121
42
190
77
18
131
107
105
129
419
1,040
749
138
286, 890
153,465
185
239, 375
175, 700
91
248,916
215, 358
54
201, 822
252,947
165, 520
245, 634
31
132, 635
256,255
21
. S86
255,028
114
52, 409
225,744
1
35,197
165,966
53
46,186
131, 618
102
180, 929
174, 385
205,192
182, 533
174,151
176, 626
179, 475
176, 425
147, 702
176, 281
122, 833
167,195
102,196
128,451
66, 275
97,103
42, 461
52,541
26, 242
29,742
33, 779
32,107
129, 499
79, 584
10,908
328, 593
13,107
13,450
11, 626
350, 747
13,142
12, g
11,444
402,720
10,816
11,413
10,131
317, 273
12, 525
.057
158, 418
400, 259
.059
168, 517
458, 335
.064
179, 925
484, 764
.062
145,105
507, 248
.071
123, 772
505, 219
130, 692
475, 849
.105
97, 773
422,443
.115
76,473
369,589
.118
48, 668
291,722
1,093
769
1,482
1,285
1,223
1,286
1,177
1,051
1,139
1,853
452
6,232
407
251
5,410
476
71
4,739
414
133
3,952
718
74
643
139
2,743
721
140
805
185
1,885
722
161
1,107
8,323
297
3,864
3,682
412
4,773
537
2,042
277
61
220
118
168
11
275
159
1
434
159
193
168
619
192
416
381
165
310
236
219
207
247
348
109
485
1,252
319
1,418
1.75
10, 228
4,159
1.80
1.93
1.87
3,501
1.87
1.92
3,620
1.59
10, 083
7,077
1.64
2 31,217
1.78
593
1
November 11 estimate.
estimate.
•» Less
Less than 500
500 bushels.
November
* December 1 estimatel
§Data revised for 1939; for exports, see table 14, p. 17, and for imports, table 15, p. 18, of the April Survey.
fRevised series. Wholesale price of gum rosin revised beginning 1919: see table 3, p. 17 of the January 1941 Survey.
IRevisions for quarters of 1940 not shown above will be shown in a subsequent issue.
4,729
69, 615
8,557
61,058
.136
.119 I
32, 828
63, 536
234, 242 178, 724
12,175
12, 385
1.99
S-23
SURVEY OF CURRENT BUSINESS
December 1941
1941
Monthly statistics through December 1939, to1940
gether with explanatory notes and references
to the sources of the data, may be found in the October October Novem- December
ber
1940 Supplement to the Survey
1941
January
February
March
April
May
June
July
392
22,360
907
29, 280
SepAugust tember
CHEMICALS AND ALLIED PRODUCTS—Continued
OILS, FATS, AND BYPRODUCTS—Con.
Linseed cake and meal:
Exports§
thous. of lb_.
Shipments from Minneapolis
do
Linseed oil:
Consumption, factory (quarterly) 1
do
Price, wholesale (N. Y.)
dol. per lb_.
Production (quarterly)
thous. of lb_.
Shipments from M inneapolis
do
Stocks at factory, end of quarter^
do—
Oleomargarine:
Consumption (tax-paid withdrawals)0.do
Price, wholesale, standard, uncolored (Chicago)
dol. per lb..
Production®
thous. of lb_.
Vegetable shortenings:
Price, wholesale, tierces (Chi.).__dol. per lb_
37,400
' 1,776
34,960
.108
282
32,440
.086
2
42,920
100, 338
.088
192,185
10,850
153,804
1,512
44,400
34
30, 760
2
27,800
1,201
30,680
813
20, 240
106, 787
.099
.107
.108
196, 281
"i4,~350" "I4~95O" 18, 900 ~2l,~666~ "20,366
192, 850
.095
.095
914
32,120
1,740
45,840
143,100
.112
.108
.113
183, 309
21,050 ~24~306" ~21~566
150, 936
141,913
.114
236, 744
21,900
161, 255
21,"350
16, 600
13,250
33, 932
29,489
30, 854
31,118
33,835
27,869
34, 328
30, 579
26,853
25,583
25,909
25,174
33,095
.140
34,060
.115
30,160
.115
30,002
.115
32,457
.118
34,030
.120
28,103
.125
33,880
.130
32,179
.130
27, 693
.133
25,083
.140
27, 365
.140
24, 803
.140
33,124
.094
.094
.097
.111
.124
.133
.143
.145
. 153
183
57
224
359
195
67
279
462
.156
.087
PAINT SALES
Calcimines, plastic and cold-water paints:
Calcimines
thous. of doL
Plastic paints
do-._
Cold-water paints:
In dry form
do
In paste form
do
Paint, 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-._
ShipmentscT
.
do...
Cellulose-acetate:
Sheets, rods, and tubes:
Consumption
thous. of lb_
Production
do._.
Shipmentsd"
do_._
Moulding composition:
Production
do_._
Shipments %
do_-.
ROOFING
Asphalt prepared roofing, shipments:
Total
thous. of squares.
Grit roll
do...
Shingles (all types)
do...
Smooth roll
do...
218
48
140
40
150
44
35
182
43
301
43
342
55
233
60
202
53
181
302
158
273
138
259
146
294
159
279
202
376
266
483
262
392
246
513
37, 748
27,347
12, 594
14, 753
10,401
30, 795
22,819
11,336
11,483
7,976
27,326
20,472
10, 785
9,686
6,854
33,408
24,609
12,206
12,403
8,799
32, 538
24,013
12,177
11,837
8,525
38, 541
28, 245
13,752
14,493
10, 296
50,029
35,160
15, 246
19,914
14,869
56,055
40,636
16,337
24,299
15,419
52,112
37, 395
16,688
20, 707
14, 717
46,809
33, 705
15,872
17,833
13,104
46,807
33, 575
15,868
17,707
13, 233
48, 354
33,981
15,071
17,910
14, 373
247
1,096
1,136
207
1,061
1,131
183
1,109
1,068
185
1,167
1,112
230
1,132
1,145
249
1,308
1,233
217
1,420
1,267
215
1,372
1,315
242
1,387
1,475
229
1,309
1,353
243
1,437
1,510
284
1,479
1, 565
983
944
5
934
1,037
8
867
733
7
617
675
3
344
335
10
465
373
12
402
408
14
524
472
18
513
523
14
507
541
17
573
580
19
585
622
1,926
1,783
1,606
1,410
1,435
1,317
1,632
1, 584
1,879
1,642
2,232
1,991
2,255
2,102
2,319
2,146
2,457
2,264
2,467
2,346
2,670
2,506
2,991
2,813
4,254
1,147
1,370
1,737
3,006
888
881
1,238
2,163
769
570
824
2,249
888
533
828
2,515
811
690
1,014
3,105
801
1,038
1,266
3,141
806
1,255
1,080
3,753
987
1,564
1,202
3,570
981
1,436
1,153
4,062
1,178
1, 549
1,334
3,981
1,157
1,543
1,281
4,146
1,227
1,535
1,385
ELECTRIC POWER AND GAS
ELECTRIC POWER
Production, total*
mil. of kw.-hr..
By source:
Fuel
...do
Water power
_-do
By type of producer:
Privately and municipally owned electric
utilities
mil. of kw.-hr_.
Other producers
do
Sales to ultimate customers, totalf (Edison
Electric Institute)
mil. of kw.-hr-Residential or domestic
do
Rural (distinct rural rates)
do
Commercial and industrial:
Small light and power
do
Large light and power
do
Street and highway lighting
do
Other public authorities
do
Railways and railroads
do
Interdepartmental
do
Revenue from sales to ultimate customers!
(Edison Electric Institute)
thous. of doLGAS
Manufactured gas: f
Customers, total
thousands..
Domestic.
do
House heating,
do
Industrial and commercial
do
Sales to consumers, total
.mil. of cu. ft_.
Domestic
do
House heating
do
Industrial and commercial
do
Revenue from sales to consumers, total
thous. of dol__
Domestic
.do
House heating
do
Industrial and commercial
..do
r
15, 231
13, 055
12, 765
13, 456
13, 641
12, 293
13, 095
12,885
13,616
13, 671
14,226
14, 540
'14,348
1,027
4,205
9,396
3,659
8,731
4,034
9,057
4,399
9,054
4,587
8,381
3,912
8,706
4,388
8,051
4,834
9,363
4,253
9,614
4,056
9,838
4,388
10, 610
3,930
' 10, 351
'3,997
13,678
1,554
11, 702
1,353
11, 462
1,303
12,119
1,337
12,311
1,330
11,027
1,266
12,061
1,034
11, 575
1,309
12,105
1,511
12,173
1,498
12, 742
1,484
13,037
1,503
12,874
'1,473
10, 397
1,922
177
10, 577
2,093
131
10,895
2,222
109
11,382
2,396
130
10, 801
2,195
123
10,895
2,060
117
10,809
1,990
131
11,080
1,904
148
11,385
1,909
231
11,629
1,927
12,081
1,969
329
1,886
5,445
189
233
488
58
1,970
5,379
201
237
504
61
2,034
5,448
217
248
551
67
2,126
5,616
215
254
580
65
2,009
5,456
185
251
519
63
1,924
5,750
179
248
553
64
1,927
5,821
160
241
485
54
1,914
6,194
146
243
482
50
1,980
6,385
138
240
461
40
2,045
6,474
140
247
472
41
2,131
6,724
154
259
473
40
206,983
214,161
219,913
228,159
217,629
212, 603
210,078
209,707
215,010
217, 685
223, 561
10,142
9,398
281
453
30, 682
17,340
2,837
10, 316
10,115
9,367
292
447
33,824
15,623
7,290
10,699
10,156
9,394
304
448
37,946
15,892
10,801
11,000
10,106
9,350
282
465
37,950
17,312
9,608
10,791
10,149
9,383
294
463
38,046
16,997
10,095
10, 704
10,119
9,354
280
473
38,025
16,866
9,453
11,457
10,142
9,362
295
473
35, 347
16,297
6,981
11, 857
10,404
9,620
304
468
32,666
16,615
4,256
11, 596
10, 253
9,481
292
469
30, 290
16,887
2,149
11, 085
10,284
9,522
283
468
27, 672
15, 510
1,341
10,628
31, 213
22, 479
2,150
6,464
32, 589
21, 569
4,137
6,750
34,904
21,629
6,136
6,992
35,157
21, 988
6,107
6,918
35,166
21, 247
6,784
6,987
34,489
20, 851
6,419
7,055
32,651
20,993
4,399
7,111
31,974
22,398
2,507
6,941
30, 573
22,174
1,632
6,665
28, 260
20,697
1,078
6,392
Revised.
^Revisions for quarters of 1940 not shown above will be shown in a subsequent issue.
§Data revised for 1939; see table 14, p. 17, of the April 1941 Survey. ©Data revised beginning July 1939, see note marked with a " i " on p. 40 of the April 1941 Survey
cf Includes consumption in reporting company plants. {Excludes consumption in reporting company plants.
•Monthly data for 1920-39, corresponding to averages shown on p. 97 of the 1940 Supplement, appear in table 28, pp. 17 and 18 of the December 1940 Survey; revised
data for all months of 1940 are shown on p. 41 of the June 1941 Survey.
fRevised series. Manufactured gas revised beginning January 1929; earlier data will appear in a subsequent issue. Revised electric-power sales and revenue from sales
1937 will be shown in a subsequent issue.
Digitized forbeginning
FRASER
S-24
SURVEY OF CURRENT BUSINESS
Monthly statistics through December 1939, together with explanatory notes and references
to the sources of the data, may be found in the
1940 Supplement to the Survey
1941
October
December 1941
1941
1940
October November
December
January
February
March
April
May
June
July
August
September
ELECTRIC POWER AND GAS—Continued
GAS—Continued
Natural gas:f
Customers, total.
_ ..thousands.
Domestic
do
Industrial and commercial
do...
Sales to consumers, total
mil. of cu. ft.
Domestic
.
do...
Ind'l, com'l, and elec. generation
do...
Revenue from sales to consumers, total
thous. of dol.
Domestic
do...
Ind'l, com'l, and elec. generation
.do...
7,636
7,080
554
110, 389
22, 306
86,184
7,755
7,158
594
126, 389
34, 047
90, 342
7,804
7,194
608
147,071
49. 515
95, 516
7,764
7,170
591
151, 963
54, 973
95,184
7,773
7,182
589
157, 611
56, 914
98,440
7,824
7,223
599
156, 230
54, 887
85, 084
7,810
7,216
592
141,480
43, 690
96, 716
7,829
7,250
576
120, 558
28,971
89, 459
7,802
7,252
548
110, 983
21,124
87,481
7,848
7,293
552
110, 694
18,357
90,226
33, 700
16, 720
16, 747
41, 618
22,977
18, 373
51, 838
30,975
20, 583
56,464
34,885
21, 321
57, 356
35,086
21, 920
56, 232
33,907
21, 960
48,911
28, 328
20,424
39, 030
20,649
18,101
33, 761
16,372
17,113
32, 025
14,504
17,174
' 5,170
' 4, 557
8, 645
' 5. 844
r 5,385
' 8, 848
' 6,126
' 5,678
' 9,038
6,554
6,268
9,026
5,913
6,055
8,605
5,291
5,240
8,384
' 14, 732 ' 12, 521
9,722
' 9, 281
1,535
860
549,979 •551,424
11, 075
8,992
727
551,435
9,881
10, 092
855
549,275
21,201
11,969
1,549
547,. 678
' 12, 025 r 9, 560
r 7, 531 ' 7, 210
1,448
788
503,040 •504,081
7,764
6,606
653
503,567
6,571
9,424
7,104
9,212
777
1,423
501, 587 ' 499,503
FOODSTUFFS AND TOBACCO
ALCOHOLIC BEVERAGES
Fermented malt liquors:
Production
thous. of bbl.
Tax-paid withdrawals.
do
Stocks
...
....do...
Distilled spirits:
Production
thous. of tax gal..
Tax-paid withdrawals
do~..
Imports
__thous. of proof gal..
Stocks
-thous. of tax gal..
Whisky:
Production
do—
Tax-paid withdrawals
do
Imports
thous. of proof gal..
Stocks
thous. of tax gaL.
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—
Stocks
..do....
Sparkling wines:
Production
....do—
Tax-paid withdrawals..
...do....
Imports
do—
Stocks
.
_do....
DAIRY PRODUCTS
Butter:
Consumption, apparent!
thous. of lb-.
Price, wholesale, 92-score (N. Y.).dol. per lb-.
Production, creamery (factory)t-thous. of lb-.
Receipts, 5 markets
do—
Stocks, cold storage, creamery, end of month
thous. of lb_.
Consumption, apparentf
. . _ _ do
Imports§
do
Price, wholesale, No. 1 American (N. Y.)
dol. per lb-_
Production, total (factory)t
thous. oflb._
American whole milkf
do
Receipts, 5 markets
do
Stocks, cold storage, end of month
do
American whole milk
do
Condensed and .evaporated milk:
Exports:§
Condensed (sweetened)
do
E vaporated (unsweetened)
do
Prices, wholesale (N. Y.):
Condensed (sweetened)
dol. per case-.
E vaporated (unsweetened)
do
Production, case goods:t
Condensed (sweetened)
thous. of lb-_
E vaporated (unsweetened)
do —
Stocks, manufacturers', case goods, end of mo.:
Condensed (sweetened)
thous. oflb._
E vaporated (unsweetened)
do
Fluid milk:
Consumption in oleomargarine
do
Price dealers', standard grade dol. per 100 lb-_
Production (Minneapolis and St. Paul)
thous. of lb_.
Receipts:
Boston
thous. of qt_.
Greater New York
do
Powdered milk:
Exports
thous. of lb-.
Production!
do-_Stocks, manufacturers', end of month. _do
r 3, 612
' 3, 779
r 6, 994
4,989
4,920
8,207
' 3,976
r 4,260
' 7,852
30,667
10, 505
-22.071
r 11, 480
1,084
518,672
' 17,825 ' 15, 760 «- 15,702 r 15,135
' 13, 134
r 8, 950 ' 6, 040 ' 6,963
1,386
1,240
630
576
1
516,376 ' 522,723 530,863 536,917
504,041
- 10,435
'8,965
930
476, 300
' 11,908
' 10.490
1,096
473,774
6,330
5,167
' 6,117
«• 5,358
' 6, 765
' 5,863
' 4, 593
' 3, 769
r 3, 119
' 2, 535
' 3, 387
r 2, 838
'4.211
' 3, 380
' 4, 399
' 3,417
r 5,195
r 4,224
r 5, 393
' 4, 348
5,415
4,321
5,789
4,807
5,871
4,715
' 14, 511
' 13, 063
16, 856
15, 231
12, 293
10,894
8, 056
7.068
9,116
8,108
11, 345
9,547
10. 909
9,209
13, 500
11, 632
12, 686
10, 726
12, 248
10,084
13,028
11,017
15, 549
13,561
105, 647
8,781
251
170,183
35, 602
10, 273
216
172, 258
10,147
10, 213
257
163, 774
2,082
6,682
120
157, 724
1,667
6,983
107
156, 038
863
7,828
141
143, 256
1,723
134
135, 410
1,365
7,124
158
128, 204
1,636
7,842
125
117,893
2,663
7,580
169
111,570
9,375
7,018
90
106,377
54
84
54
643
73
125
36
589
82
162
45
492
62
39
10
512
63
34
7
539
50
35
6
551
140
39
7
647
151
52
7
744
119
59
6
794
95
61
5
811
68
71
4
817
159,559 ' 154, 951
.30
.33
136,759 117,722
53,377
45, 580
152,795
.35
126, 588
49,659
148,186
.31
136,450
56, 582
143,902
.31
130,825
53,126
157,104
.32
149,690
59, 565
154,601
.33
163, 535
62, 342
176, 784
.36
215,570
74, 366
150,831 138,260
.36
.35
214,275 1196,685
78,217
73,993
149,480
.36
171, 280
60, 942
67, 598
41,497
29, 715
16,462
8,983
17, 795
56, 792
120, 246
178,493
59,721
2,261
r 60,056
2,073
55,219
1,922
57,035
2,290
71, 264
1,544
75,981
1,871
84,044
2,114
66, 279
1,437
54,830
2,094
.18
.19
.17
' 62, 904 r 50,695 ' 50.345
' 47, 759 ' 35,945 ' 35,160
17, 501
14, 648
12,913
143, 633 136, 574 128,699
123,953 118, 516 112,237
.18
50,100
36,350
11,894
125, 308
109,820
.17
'49,100
f 35,695
?
10,894
119,381
105,153
.17
60,500
44,635
15,122
109,893
97,496
.19
72,800
54.120
15,166
108, 335
94,602
.21
99,700
76,665
16,139
119, 718
102,869
.22
101, 600
83,145
21, 551
142, 369
121,064
.24
92,800
74,950
22, 212
168,420
139,568
555, 462
13,834
7,602
.36
136,405
53,025
186,263
105,106
' 70, 532
2,093
.26
78,300
62,240
15, 784
188,916
158,044
5.40
3.85
' 3, 397
3,765
7,325
r
r 3, 903
r
3, 240
' 7, 487
•" 12, 316 r 13, 220
' 7, 323 ' 5,017
1,270
510
479,102 486,132
•• 3, 697
r 3,218
' 7,801
' 4, 466
' 3, 814
r 8, 262
T
' 15, 514 ' 14, 726
' 8,450
' 8, 027
879
1,052
541,931 •547,018
12, 658 ' 12, 643
' 5,823 ' 6, 619
568
812
491,301 495, 735
11,860
' 6,147
991
500,097
132
11
147,007
.37
149,715
55, 666
200,228 ' 202,957
r
65, 965
1,464
64,086
1,758
.26
.24
81, 700
85,100
66.035
68,465
18,097
15,634
184,840 ' 188.337
151,906 r 156.74K
5,387
4,572
4,347
6,034
3,294
4,434
3,637
4,162
4,235
7,178
5,020
8,743
7,822
7,773
8,292
19, 366
7,333
43, 383
7,111
60,153
8,865
40,687
6, 300
45, 875
5.00
3.10
5.00
3.10
5.00
3.20
5.00
3.20
5.00
3.20
5.00
3.20
5.00
3.23
5.00
3.43
5.40
3.45
5.48
3.60
5.80
3.70
5. 56
3.85
r
7,999
269,320
r 7,920
172,641
r 6, 349
6, 384
134,254 ' 148,607
6,998
171,609
6,511
167, 046
9,414
203, 624
9,433
258, 014
10, 258
353, 761
9,804
334,168
9,640
299, 599
9,619
293, 359
8,010
278,684
11,245
382, 605
9,115
358,224
8,543
226, 266
8,047
187,652
7,810
189, 246
7,274
176, 624
7,340
136, 073
7,228
126,160
10, 327
173,838
10,009
189, 711
9,783
261, 559
10,494
289,904
10,062
339, 710
6,049
2.60
5, 545
2.20
5, 545
2.21
6, 033
2.24
6,227
2.26
5,348
6,414
2.26
6, 016
2.27
5,101
2.27
4,627
2.29
4,919
2.32
4,582
2.40
6,044
2.49
27,159
27, 925
28, 784
35, 951
40, 605
39, 248
44, 972
44, 477
49, 501
42, 475
35,932
30,658
25, 972
21, 802
20, 928
128, 611
20, 397
125, 242
20, 255
127, 792
20, 348
128,272
18, 754
115,883
21, 598
131, 556
21, 353
127, 288
22,480
132, 704
22,179
132, 294
22,769
131,958
22,027
127,050
21, S95
132, 725
1, 966
r 33,120
41,032
4,390
' 27,492
36, 037
1,961
'31,616
34,175
1.390
26, 375
33, 351
1,770
25, 770
35,927
1,415
32,475
36,831
1,631
37, 282
36, 036
2,277
49, 212
36. 676
7,005
43, 867
37, 231
6,336
35,231
34,108
2,760
30,059
31, 705
23,735
21, 440
4,155
27, 345
' 26, 975
r
' Revised.
§Data for 1939 revised; for exports, see table 14, p . 17, a n d for imports, table 15, p . 18, of the April 1941 Survey.
f D a t a on n a t u r a l gas revised beginning 1929; earlier data will appear in a subsequent issue. D a t a for the indicated series on dairy products revised for 1939 a n d 1940; for
revised 1939 d a t a on production of condensed and evaporated milk, see note m a r k e d " t " on p . 42 of the J a n u a r y 1941 Survey; revised 1939 d a t a for b u t t e r a n d cheese production
a n d consumption, superseding figures shown in t h e J a n u a r y 1941 Survey, appear in table 26, p . 26 of t h e September 1941 Survey. Revisions for 1940 are as follows: B u t t e r
consumption—Jan., 155,831; F e b . , 138,585; Mar., 150,058; Apr., 152,924; M a y , 179,307; J u n e , 150,780; J u l y 144,793; Aug., 156,860; Sept., 152,223. B u t t e r production—Jan., 129,721;
F e b . , 127,845; M a r . , 140,702; Apr., 153,601; M a y , 195,308; J u n e , 206,531; July, 187,603; Aug., 167,667; Sept., 146,209. Cheese consumption—Jan., 62,128; F e b . , 60,880; M a r . , 67,657;
Apr., 64,306; M a y , 80,608; J u n e , 71,732; J u l y , 62,336; Aug., 65,428; Sept., 68,290. Total production of cheese—Jan., 44,652; Feb., 46, 348; M a r . , 56,503; Apr., 63,893; M a y , 85,886;
J u n e , 95,576; J u l y , 84,504; Aug., 74,529; Sept., 67,979. American cheese production—Jan., 32,246; Feb., 33,919; Mar., 41,674; Apr., 48,963; M a y , 67,485; J u n e , 77,143; J u l y , 68,120;
Aug., 59,535; Sept., 53,265. Condensed milk production—Jan., 2,777; Feb., 3,401; Mar., 3,452; Apr., 2,896; M a y , 4,756; J u n e , 6,129; J u l y 6,939; Aug., 6,198; Sept., 6,626. Evapor
ated milk production—Jan., 158,221; F e b . , 171,137; M a r . , 201,296; Apr., 225,619; M a y , 273,838; J u n e , 293,219; J u l y , 259,235; Aug., 230,391; Sept., 198,809. Powdered milk produchttp://fraser.stlouisfed.org/
tion—Jan., 35.426; Feb., 34,518; M a r . , 42,429; Apr., 46,749; M a y , 55, 943; J u n e , 58,242; J u l y , 44,799; Aug., 38,566; Sept., 32,842.
Federal Reserve Bank of St. Louis
December 1941
S-25
SURVEY OF CURRENT BUSINESS
1940
Monthly statistics through December 1939, to- 1941
gether with explanatory notes and references
to the sources of the data, may be found in the October October |
1940 Supplement to the Survey
1941
December
Janu- ; Febru*
ary I ary
March
April
May
June
July
SepI August tember
i
FOODSTUFFS AND TOBACCO—Continued
FRUITS AND VEGETABLES
Apples:
a 115,456
Production (crop estimate)^
thous. of bu__ 126,121
936
2,718
4,367
4,219
4,284
4,218
2,720
676
5,770
Shipments, carlot
no. of carloads.. 10,811
5,058
0
28,656
23,014
17,070
10, 529
5,999
2,316
34,086
0
Stocks, cold storage, end of mo.-thous. of bu_. 30,772 ' 31,773
0 '10,351
14,956
16, 598
15,604
18, 541
13,478
20,050
16,937
19,869
Citrus fruits, carlot shipments..no. of carloads.. 10,316 11,803
12, 219
10,307
6,953
3,506
2,089
1,811
1,386
1,867
1,569
1,763
920
1,671
2,981
2,762
1,013
Onions, carlot shipments.
„
..do
3,679
Potatoes, white:
2.363
1.445
1.531
1,944
1.350
1.420
1.590
1.700
1,970
1.481
1.488
1,806
Price, wholesale (N. Y.)
dol. per 100 Re1, 845
2 397,722
production (crop estimate)....-thous. of bu,_ 376,701
19,546
22,655
8/273"
11,576
18.442
13,820
17,996
12,630
17,552
17,676
25,762
Shipments, carlot
no. of carloads.. 16, 515
11,087
GRAINS AND GRAIN PRODUCTS
Exports, principal grains, including flour and
3,330
2,559
4,244
5,291
5,983
4. 042
10,141
2,812
5,210
3,279
meal§
-thous. of bu._
5,037
9,116
Barley:
232
122
173
109
123
263
104
178
574
166
162
Exports, including malt§™_
do
284
Prices, wholesale (Minneapolis):
.57
.54
.52
.55
.58
.48
.52
.51
.51
.55 I
.50
No. 2, malting
„
dol. per bu_.
.69
.52
.45
.51
.54
.51 i
.53
.52
.45
.50
.51
No. 3, straight
do
.60
.53
.51
Production (crop estimate)
thous. of bu._ 351, 522
a 309,235
,
7,838
9,116
7,117
6,628
6,496
6,357
5,442
9,598
10, 468
6,510
6,028
Receipts, principal markets
_.-_do
14, 111
7,877
4,931
7,757
11,371
8,195
4,726
5,471
5,514
7,335
5,157
9,682
6,561
Stocks, commercial, end of mo
_.__do.
6,977
9,640
Oorn:
295
103
1,211
175
1, 370
5,512
950
786
40
1,016
558
Exports, including meal§
__.,.
do.
2,834
9,421
7,533
6,633
9,194
«9,256
6,385
9,549
9,514
8,079
7,219
Ormdings
do.
8,811
9,676
8. 736
Prices, wholesale:
.74
.64
.62
.64
.72
.74
.70
.62
.75
No. 3, yellow (Chicago)t
dol. per bu._
.75
.82
.67
.69
.75
.72
.78
.85
.84
.66
.70
No. 3, white (Chicago)
do
.81
.71
.58
.59
.67
.63
.67
.74
.62
.69
.71
.58
.73
Weighted avg., 5 markets, all grades..do
22,449,200
Production (crop estimate)
thous. of bu._ 12,675,373
19, 244
24,041
37,609
24,846
22,123
18, 776
20,710
16,433
13,862
17,403
21,608
18,628
Receipts, principal markets..
do
27.496
19,098
17,099
18,660
10,433
9,050
14,012
22,133
15,124
12,190
9,280
22, 712
Shipments, principal markets
.
do
20,555
7,091
59,314
53,106
70,067
70,278
65,463
65,489
71, 290
60,959
40,090
Stocks, commercial, end of month
d o , . . . 40,135
39,137
43,* 701
70,142
Oats:
92
74
87
75
131
53
82
113
274
138
224
Exports, including oatmeal §
do
70
Price, wholesale, No. 3, white (Chicago)
44
.34
.37
.38
.38
.37
.37
.38
.39
.36
dol. per bu._
.46
.37
21,235,628
Production (crop estimate)
thous. of bu 11,138,843
6,720
4,238
4,031
5,337
3,543
4,539
3,854
3,396
10,575
14,607
4,567
Receipts, principal markets
__.do._
3,050
10,414
11,771
7,093
6,592
5,664
6,688
4,473
4,571
3,906
4,745
4,077
7,328
13,427
Stocks, commercial, end of month
d o — . 11, 562
Rice:
245,881 347, 580 358,185 350,908 423,116 377,894 440, 030 382,981 320,939 212,497 262,096 224,709
Exports§.
pockets (100 lb.)._
23,418
16, 228
8,421
9,173
21, 221
23,675
7,933
25, 095
4,709
7,282
17,970
23,168
Imports
_
do
Price, wholesale, head, clean (New Orleans)
.035
.033
.048
.034
.039
.044
.042
.048
.049
.047
.041
.040
dol. per lb... 1 .043
2 52, 754
Production (crop estimate)
thous. of bu._ 55,128
Southern States (La., Tex., Ark., and Tenn.):
Receipts, rough, at mills
2,191
312
2,896
2,380
1,519
72
722
415
650
1,288
171
763
thous. of bbl. (1621b.)Shipments from mills, milled rice
1,278
703
548
1,558
463
1,414
1,135
822
'1,300
1,431
1,182
1,131
837
thous. of pockets (100 lb.)..
Stocks, domestic, rough and cleaned (in
terms of cleaned rice), end of month
1,683
861
1,457
2,667
' 4,084
712
' 4,035
3,746
2,675
3,699
3,307
2,050
thous. of pockets (100 lb.)~
California:
Receipts, domestic, rough...bags (100 lb.)_. 263,460 376,624 203,870 289,627 264,783 342, 635 447,277 468,937 538,282 306, 280 245, 555 294,815 114,059
131,856 126,523 167,276 211,149
76,762
73, 348
70,463
81,855 226,943 213,216 209, 425 395,017 112,137
Shipment from mills, milled rice
do
Stocks, rough and cleaned (in terms of
cleaned rice), end of mo..bags (100 lb.).. 354,827 491,976 429,129 380,200 431,886 378,074 378,179 400,577 290, 223 294,262 316, 791 374, 789 334,340
Rye:
2
8
2
2
Exports, including
flour
thous. of bu._
)
(4)
(4)
(4)
(4)
(4)
(4)
.60
.57
.68
.50
.55
.50
.53
.57
.58
.50
.52
Price, wholesale, No. 2 (Mpls.)--dol. per bu..
.62
.48
2 40, 601
Production (crop estimate)
thous. of bu.. 146,462
2,603
6,944
3,758
4,944
1,467
1,078
713
2,490
337
961
Receipts, principal markets
do
792
3,282
17, 504
14,637
5,639
17,243
8,112
6,640
4,951
5,486
11,077
Stocks, commercial, end of month
do
6,223
5,269
5,462
7,658
Wheat:
191,679
149,649
'158,968
Disappearance
.
do—..
179,554
5,767
3.137
2,711
2.413
4,431
2,206
3,768
4,855
Exports, wheat, including flour§ ...do
~i,~864~
2,484
4,572
'769
1,293
3,771
1,998
106
30
549
301
1,246
Wheat only§
do
56
1,414
Prices, wholesale:
No. 1, Dark Northern Spring (Minneapolis)
1.06
1.14
.90
.90
1.00
1.10
1.01
dol. per bu._
.90
a . 08
1.16
1.13
.92
1.02
1.03
.92
.91
.90
No. 2, Red Winter (St. Louis)
do—
1.12
.97
1.14
.82
1.07
.85
.83
.85
.85
No. 2, Hard Winter (K. C.)
do
1.02
1.12
.85
.85
1.05
.87
Weighted av., 6 markets, all grades..do
2 816,698
Production (crop est.), total
thous. of bu.. i 961,194
" 276,228
2 227, 547
Spring wheat
....do
2 589,151
1684,966
Winter wheat
do
9,652
16,394
17, 637
14,086
15,284
30,987
16, 210
10,025
26, 611
8,085
9,432
17,114
11,716
Shipments, principal markets
do
Stocks, end of month:
476,307 409,354 415,707 440,293 445,153 442,408 438,973 439,533 428, 235 429, 565 432, 504 438,088 452,018
Canada (Canadian wheat)
do
1,156,121
725,128
545,574
408,115
United States, total.
do
280," 588" 176," 390" 166,587 169,776 161," 088" Io2,~598' 141,897 139,119 139, 513 151,896 246, 702 274," 606" 284,920
Commercial
do
223,975
165,167
131, 247
73,240
Country mills and elevators
do
154,902
106,303
76,675
93,882
Merchant mills...
do
492,324
283, 882
195,755
89,097
On farms...
.....
do
Wheat flour:
10, 545
9,117
9,765
8,293
9,022
9,061
8,386
9,889
8,843
8,063
8,531
Disappearance (Rus'l-Pearsall).thous. of bbl-_
424
668
405
504
387
377
554
507
749
517
768
672
Exports§
do
45,319
37,078
39,123
43,247
39, 707
40,000
38, 819
40, 625
36, 575 39,792
40,899
39,045
Grindings of wheat
thous. of bu..
Prices, wholesale:
5.75
5.76
4.62
5.42
6.00
4.66
4.52
4.70
4.85
4.54
5.01
V42
5.32
Standard patents (Mpls.)
dol. per bbl_.
4.16
4.09
5.36
5.63
4.01
4.24
3.58
3.71
4.77
5.06
3.93
4.32
Winter, straights (Kansas City)
.do
Production:
8,592
9,960
8,166
8,818
8,552
9,495
8,737
8,764
8,918
8,063
9,002
8,596
Flour, actual (Census)
thous. of bbl-_
57,2
62.6
65.8
55.6
58.0
59.1
59.5
58.9
59.3
Operations, percent of capacity
60.3
57.9
56.8
9,535
9,047
11,170
9,495
9,248
9,374
10,332
Flour (Russell-Pearsall)
thous. of bbl._ 10, 553
10,713
8,505
9,043
9,090
9,470
785,828 687, 760 639,306 690, 728 630,124 686,551 706,944 675,411 669,141 703, 201 674,351 745,899
Offal (Census)
thous. of lb._
Stocks, total, end of month (Russell-Pearsall)
5,900
5,750
5,825
5,700
5,500
5,425
5,225
5,250
5,450
5,700
thous. of bbl. _ 6,000
5,900
5,400
4, 586
4,409
Held by mills (Census)
do
3,923
4,001
r
2
3
Revised.
* November 1 estimate.
December 1 estimate.
No quotation.
8
< Less than 500 bushels.
For domestic consumption only, excluding grindings for export.
§Data for 1939 revised; see table 14, p. 17 of the April 1941 Survey.
^Production in "commercial areas." Some quantities unharvested on account of market conditions are included.
tFor monthly data beginning 1913, corresponding to monthly averages shown on p. 105 of the 1940 Supplement, see table 20, p. 18 of the April 1940 Survey.
http://fraser.stlouisfed.org/
Federal Reserve Bank of St. Louis
S-26
SURVEY OF CURRENT BUSINESS
1940
Monthly statistics through December 1939, to- 1941
gether with explanatory notes and references
to the sources of the data, may be found in the October October Novem- Decem1940 Supplement to the Survey
ber
ber
December 1941
1941
January
February
March
April
May
June
July
SepAugust tember
FOODSTUFFS AND TOBACCO—Continued
LIVESTOCK
Cattle and calves:
2,453
2,427
Receipts, principal markets, thous. of animals..
1,503
1,313
1,624
1,604
1,600
1, 593
1, 647
2, 200
1,697
Disposition:
1,209
1,110
Local slaughter
do—
977
976
964
923
1,025
1,079
1,032
955
1,013
1, 198
1, 196
1,324
Shipments, total
..do—
892
624
623
475
605
544
637
574
680
624
950
Stocker and feeder
do
496
290
266
235
220
302
251
228
328
282
514
Prices, wholesale (Chicago):
11.55
11.87
12.06
11.85
Beef steers
dol. per 100 lb
11.90
11.27
10.62
11.24
10.81
10.67
11.73
11.73
10.23
11.44
12.09
12.21
12.61
Steers, corn fed
do..-.
13.08
12.55
12. 01
12.46
11.88
12.31
11.97
11.93 | 11.71
13. 38
10.97
10.58
10.50
Calves, vealers
_
do—
11.94
12.50
11.94
11.28
11.34
11.34
11.13
J2.38 ! 13.50
Hogs:
2,542
3,113
3,595
Receipts, principal markets, thous. of animals..
3,787
3,039
2,513
2,649
2,610
2,305
2,036
2,564
1,895 i 2,004
Disposition:
1,905
2,371
2,682
2,823
Local slaughter
do
2,148
1,817
1,941
1,473
1,981
1,974
1,707
1,361
1.48*
616
730
905
960
Shipments, total
.do
696
700
560
623
582
.504
587
529
881
42
42
40
Stocker and feeder
.._
.do—
47
48
54
48
54
:•??
51
43
53
Prices:
58
10. 71
6.41
6.24
6.42
11. 42
Wholesale, heavy (Chi.)
dol. per 100 lb..
7.53
7.60
8.42
10.94
9.88
8.97
10.88
Hog-corn ratio
7.69
15.5
9.9
10.3
15. 7
bu. of corn per cwt. of live hogs .
12.4
12.8
12.9
13.1
14.7
12.4
14.8
Sheep and lambs:
13.0
2,833
2,737
1,776
2, 465
Receipts, principal markets, thous. of animals..
1,597
1,520
1,416
1,779
1,618
],885
1,928
2,023 !
Disposition:
1,721
1,018
1,085
908
917
1,004
Local slaughter
.
do—
850
890
972
933
922
1,079
971
997
1,669
883
688
Shipments, total
do —
568
632
648
834
853
924
1,406
1,820
1,104
718
320
890
154
Stocker and feeder
do—
128
241
131
113
154
150
592
377
148
523
Prices, wholesale (Chicago):
5.22
4.01
4.03
4.10
5.63
6.27
Ewes.
dol. per 100 lb..
5.22
4.10
4.84
5. 14
6.75
4.81
4.41
10.63
10. OK
9.06
10.09
10.29
11.13
9.78
10.88
Lambs
-do—
10. 44
10. 75
MEATS
Total meats:
1,365
1,289
1,292
1,200
1,069
1,221
1,250
1,239
1,275
1,186
1.290 \
Consumption, apparent
mil. of lb-_
1,286
17
17
18
21
30
97
18
67
106
28
Exports§
---do
18
91 I
1,435
1,349
1,442
1,550
1,139
1,216
1,356
1,222
1.
178
1,190
Production (inspected slaughter)
do
1,215
1,327
1,168 :
649
632
788
1,164
1,282
1,258
1,310
1,102
1,233
Stocks, cold storage, end of month
.do
1, 294
1,329
r 730
63
102
53
89
75
Miscellaneous meats
do
80
73
77
Beef and veal:
524.
736
439,
048
502,
771
464,
920
463,
355
429,195
486.031
525,
989
558, 783
569,054 563. 986 592. \m
Consumption, apparent
_thous. of lb_.
3, 181
1, 508
1,609
1,079
1,512
1,181
4,029
1,003
1,548
978
Exports§
---do
5,473
1,195
Price, wholesale, beef, fresh, native steers
.173
.186
.190
.193
.180
.170
.175
.176 I .176
.193
.170
(Chicago)
.dol. perlb..
.175
.171
Production (inspected slaughter).thous. of lb.. 642, 731 532.165 483,045 469, 265 496,850 410, 821 449,098 473, 364 538, 542 512,112 565,041 557, 536 | r580, 536
Stocks, beef, cold storage, end of mo d o — 90, 336
48, 245 71, 508 106, 990 108, 622 98,444 90,373 85, 563 76, 231 68, 442 65, 708 67,489 ! 73, 366
Lamb and mutton:
69,165
58, 705 58,314
70,327 60, 991 62, 355 61, 833 65, 301 54,915
62, 27fi
Consumption, apparent
do—
62, 238 60, 244
69, 618 59, 332 59, 026 69, 936 60, 800 62, 328 62, 214 64, 752 54,458 61,853
60,364
'•>3, 094
Production (inspected slaughter)
d o — 67,206
4,759
3,817
5,119
4,378
3,306
- 4,093
4,448
3,638
4,699
Stocks, cold storasre, end of month
do—
4,130
3,211
4,427
4,718
Pork (including lard):
771,486 766, 548 702,972 677, 365 579, 230 693, 909 637,891 662,123 658, 549 643, 730 665, 384 637,395
Consumption, apparent
do
14,033
13, 555 15,034
97, 285
15,941
17, 603 26, 747 25, 305 14, 213 51,439
80, 005 70, 508
Exports, total..
do....
46, 970
10,198
10, 228 12, 302 13, 666 14, 830 24, 329 22, 375 10, 697 20,101
53,819 44, 634
Lard
do
Prices, wholesale:
.272
.183
.183
.183
.285 !
.218
.218
.256
.200
.238
.275
.248
Hams, smoked (Chicago)
dol. perlb..
Lard, in tierces:
.104
.052
.062
.053
.104
.070
.103 !
.083
.101
.111
.057
.095
Prime, contract (N. Y.)
do
.121
.068
.069
.075
.112
.118 |
.114
.075
.081
.106
.097
Refined (Chicago)___
do
. 128
Production (inspected slaughter), total
thous. of lbu. 725,158 747, 045 899, 321 1,02],219 788,844 666, 956 704,487 679, 746 723, 277 623,078 594, 970 549, 836 534, 503
127,469 114,789 145, 387 181,917 138,836 117,714 130, 029 125, 746 139,714 115, 719 108,395
92,231
98, 086
Lardf-do
491,212 526,878 646, 492 950, 238 1,046,817 1,118,552 1,104,072 1,123,574 1,172,305 1,086,399 959,146 773,182 589,322
Stocks, cold storage, end of month
do
313,962 303, 712 408,900 656,169 739, 927 791, 910 785, 387 795,876 798,455 703,893 618,866 485,108 371,362
Fresh and cured...
..do
177,250 223.166 237, 592 294, 069 306, 890 326, 642 318,685 327, 698 373. 850 382, 506 340, 280 288, 074 217,960
LardJdo
POULTRY AND EGGS
Poultry:
44, 248 89, 802 88, 005 27, 933 19,159
19, 324 19, 863 30. 353 28,188
Receipts, 5 markets
...thous. of l b . . 49,351
28, 723 33,368 i 35,220
128,071 114, 257 159,110 208, 365 191, 410 163, 321 126, 904 101,129
Stocks, cold storage, end of month
do
87, 433 85, 573 81,206 85,363 I '•96,701
Eggs:
833
682
734
727
1,520
2,073
1,972
1,508
1,337
1,065
1,110
Receipts, 5 markets
thous. of cases..
Stocks, cold storage, end of month:
3,857
4,144
6,131 ' 5, 441
1,969
614
307
1,090
6,427
6,641
3,031
Shell
thous. of cases..
297
5,375
Frozen
_
thous. of l b . . 153,622 111,815 91, 273 73, 326 53, 828 45, 239 63, 428 99, 531 142, 065 178, 594 195, 097 194,006 |M78,438
TROPICAL PRODUCTS
Cocoa:
30,053
30,082 40, 548 33, 795 27, 615 32, 218 31, 304 36, 028 34, 395 25, 218 16,841 | 24,257
Imports!.
long tons..
.0820
.0452
.0782
.0489
.0534
.0578
.0787
.0718
.0731
.0799
Price, spot, Accra (N. Y.)
dol. perlb..
.0520
.0795
.0814
Coffee:
706
454
518
847
1,094
1,136
1,050
1,306
1,576
1,141
627
1,455
1,110
Clearances from Brazil, total- _thous. of bags..
624
376
744
896
1,428
513
296
912
1,149
975
1,214
945
968
To United States
do
444
2,012
1,215
1,386
1,605
2,260
591
Imports into United States§
do
1,247
2,010
2,135
1,731
Price, wholesale, Rio No. 7 (N. Y.)
.091
.051
.052
.082
.093
. 094
.087
.053
.057
.063
.075
dol. per lb_.
.053
.068
1,580
1,879
2,064
,780
2,224
997
1,709
Visible supply, United States-.thous. of bags..
1,157
2,151
1,300
Sugar:
Raw sugar:
Cuban stocks, end of month
789
1,473
2,421
1,422
thous. of Spanish tons..
1,942
1,149
1,216
1,181
1,037
1,258
2,460
2,195
1,654
United States:
404,252
303, 215 350, 401 305, 978 307, 619 323, 430 415, 675 442, 264 426,159 405,219 .402,948 417,387 459, 297
Meltings, 8 ports
long tons..
Price, wholesale, 96° centrifugal (N. Y.)
.035
.035
.028
.033
.037
.036
dol. perlb,.
.029
.029
.030
.034
.034
.029
.035
Receipts: From Hawaii and Puerto Rico
127,822 136, 764 118, 252 34, 554 95, 057 143, 375 180, 098 191,473 195,169 166,355 136, 027 126,173
long tons..
145, 042 175, 548 113,186 236,098 276,810 278,863 380,881 322,567 239, 305 211,202 210,190 167, 040
Imports, total§.—
do
73,155 91, 442 51,607 148,938 164,919 222,179 266,675 199,483 147,705 127,864 143,198 110, 468
From Cuba
do
71, 884 79,097 45, 955 83,458 106, 397 54, 357 85,001 117,032 78, 326 63,673
16, 769 13, 072
From Philippine Islands.
do
Stocks at refineries, end of month, . d o . . . , 355, 071 315, 501 295, 661 277, 946 276,034 296, 796 312,053 460, 549 608, 701 654,105 653,041 506,133 398, 901
' Revised.
§Data for exports and imports revised for 1939; see table 14, p. 17, and table 15, p. 18, respectively, of the April 1941 Survey.
fRevised series; revisions beginning January 1937 appear in table 8, p. 18, of the January 1941 Survey; see also note marked " V which applies to both production
and stocks.
Ilncludes fats rendered from hog carcasses now reported as "lard" and "rendered pork fat." Figures are comparable with data reported prior to November 1940.
December 1941
S-27
SURVEY OF CURRENT BUSINESS
1940
Monthly statistics through December 1939, to- 1941
gether with explanatory notes and references
to the sources of the data, may be found in the October October Novem- Decem1940 Supplement to the Survey
ber
ber
1941
January
February
March
April
May
June
July
SepAugust tember
FOODSTUFFS AND TOBACCO—Continued
TROPICAL PRODUCTS—Continued
Sugar—Continued.
Refined sugar (United States):
Exports
long tons..
Price, retail, gran. (N. Y.)
dol. per lb_.
Price, wholesale, gran. (N. Y.)
do
Receipts:
From Hawaii and Puerto Rico-long tons..
Imports, total
do
From Cuba
do
From Philippine Islands
_do
Tea, imports
...thous. of lb_.
.059
. 052
.050
.043
6,720
.050
.043
993
.050
.044
4,560
.052
.048
1,897
.055
.050
2,360
.056
.050
3,175
.056
.049
2,482
.056
.050
7, 232
.057
. 052
10, 253
.058
.052
1,654
10, 076
6,155
1,362
2,054
904
241
479
9,385
2,366
12, 976
7,477
5,207
7,838
22, 737
23, 361
20, 251
2,857
29, 442
47, 461
41, 532
5,911
6,197
20, 612
58,108
52,918
4,224
7,793
14, 051
53, 264
48,993
3,990
11,190
6.257
54, 551
49,144
5.365
9,752
5,412
27, 707
19, 477
7,926
10, 679
4,946
19, 025
16,036
446
7, 766
1,116
13, 220
10, 640
1,962
0,915
24,159
22, 709
19, 076
20, 411
21, 227
18, 467
15, 512
14, 736
13, 999
17,219
27, 034
54, 580
37,224 47,033
36,070 31, 518 22, 027 29,189
463, 549 728, 566 530, 784 421, 338 277,998 204,808 156,185
71,458 49, 805 35, 757 41,878
95, 531 100, 088
54, 555
51,123
54,159
59, 375
55,117
73, 432
90, 885
102,191"
1,973
2,025
4,803
1,661
2,248
4,216
1,435
2,006
3,644
1,774
2,051
3,367
3,995
.050
.043
6,305
.050
1,406
25, 983
24,994
960
9,030
24, 111
MISCELLANEOUS FOOD PRODUCTS
Candy, sales by manufacturers..-thous. of dol.- 31,900
Fish:
Landings, fresh fish, prin. portS-thous. of lb_.
Salmon, canned, shipments
cases.Stocks, cold storage, 15th of mo.-thous. of lb_. 107, 255
Gelatin, edible:
Monthly report for 7 companies:
Production
_do
2,155
Shipments
...do
2,303
Stocks
do
3,220
Quarterly report for 11 companies:
Production
do
Stocks.
do
TOBACCO
Leaf:
Exports, incl. scrap and stems§..thous. of lb._
Imports, incl. scrap and stems§__
do
Production (crop estimate)
mil. oflb._
Stocks, dealers and manufacturers, total, end
of quarter
mil. of lb._
Domestic:
Cigar leaf
do
Fire-cured and dark air-cured
do
Flue cured and light air-cured
do
Miscellaneous domestic
do
Foreign grown:
Cigar leaf
do.___
Cigarette tobacco
.
do
Manufactured products:
Consumption (tax-paid withdrawals):
Small cigarettes
millions.. 19, 632
Large cigars.
._
-.-thousands.. 621, 990
Mfd. tobacco and snuff
thous. of lb-_ 32,179
Kxports, cigarettes!
thousands..
Prices, wholesale (list price, destination):
Cigarettes, composite price..dol. per l,000_5, 760
Cigars, composite price
do
46. 056
Production, manufactured tobacco:
Total
thous. oflb..
Fine cut chewing
_ do
Plug
--_do-__Scrap chewing
do
Smoking
do
Twist
do. . .
40,836
817, 370
94,006
1,397
1,595
5,503
1, 625
1,636
5,492
1,856
1,775
5,574
1,806
1,617
5,763
1,686
1,513
5,935
11,836
5,365
18,947
7,091
2 1,376
1,847
2,205
4,882
2,028
2, 055
4,856
14, 844
6,268
14,930
4,898
19,404
7,087
6,329
4,720
7,492
6,563
6,977
7,804
6,364
8,421
11,526
6,734
1,850
2,545
5,240
14, 030
5,927
6,526
14, 916
6,630
26, 793
6,042
20, 975
5,725
23, 380
7, 451
3,437
3,594
' 3, 349
3,369
322
202
2,789
4
396
299
2,778
3
' 404
'283
2,527
4
368
258
2,618
4
18
102
19
22
109
21
14, 347 13,815
15, 529 15,854
16, 287 14,465
17, 858 18, 523 18, 404 17, 777 18, 761
16,448
583, 508 507, 349 349, 780 403,166 385,349 430,326 490, 585 475,067 478, 802 487,033 491,028 506, 071
34, 718 28, 596 24, 758 28, 958 25, 202 28, 253 29,127 29, 232 27, 660 28, 835 27, 462 29, 756
533, 455 472,923 597, 390 626,129 584, 281 685,139 685, 513 926,183 549,338 521, 326 843, 686 433, 690
5.760
46.056
5.760
46.056
5.760
46.056
5.760
46.056
5.760
46.056
5.760
46.056
5.760
46.056
5.760
46.056
5.760
46.056
5.760
46. 056
5. 760
46. 056
5. 760
46. 056
31,133
443
4,195
4,009
21,950
536
25, 704
421
3,942
3,256
17,642
442
22, 941
380
3,681
3,196
15, 227
456
25,153
426
22, 630
355
3,748
3,347
14,719
461
24, 766
389
4,065
3,385
16,458
468
26,246
402
4,406
3,745
17, 209
483
25,462
427
4,288
3,524
16,847
376
25, 346
441
4,229
3,910
16, 288
478
25. 732
'458
4,560
3,884
16, 348
483
24, 535
505
4,264
4, 064
1.5, 200
501
27,166
467
4,476
3,962
17, 758
503
3,636
16, 752
457
FUELS AND BYPRODUCTS
COAL
Anthracite:
Exports
thous. of long tons..
153
146
159
180
167
Prices, composite, chestnut:
Retail
dol. per short ton._
11.67
11.66
11.66
11. 57
11.59
11.48
9.826
Wholesale
do
9.823
9.805
9. 775
9.793
10. 261
9.769
4,432
Production
thous. of short tons..
4,977
4,595
3,980
4,834
5,382
4,355
Stocks, end of month:
In producers' storage yards
do
1,112
704
531
331
1,112
939
In selected retail dealers' yards
number of days' supply. _
45
33
23
49
Bituminous:
Exports
thous. oflong tons _.
454
658
1,065
518
1,091
488
Industrial consumption, total
thous. of short tons,- 34, 942
32, 637
33, 588 31,161 34, 041
30, 961
30, 333
Beehive coke ovens
do
789
968
626
736
817
931
577
Byproduct coke ovens
do
6,445
6,983
6,799
6,999
7,061
7,157
6,928
Cement mills
do
370
676
556
507
407
470
578
C oal-gas retorts
do
139
142
139
171
152
150
139
Electric power utilities
do
4,582
4,446
5,945
4,737
4,782
4,729
4,812
Railways (class I)
do
7,666
7,594
8,742
8,072
8,176
8,600
7,349
Steel and rolling mills
do
895
966
886
975
1,043
1,024
870
Other industrial
do
10,600
9,770
10,340 10,980
10,440
11,150
Other consumption:
Vessels (bunker)
thous. oflong tons__
78
77
107
105
Coal mine fuel
thous. of short tons
298
345
286
296
277
315
Prices:
Retail, composite!
dol. per short ton,_
8.87
8.87
8.75
8.87
Wholesale:
Mine run, composite
..__
do
4. 688
4.393
4.393
'
4.367
' 4.367
4.403
'4.368
Prepared sizes, composite
__-do
4.619
4.893
4.618
4.615
4.615
4.602
4.616
ProductionJ
thous. of short tons
40,012
44,070
41,400
41,695
48, 250
49,800
38, 700
r
Revised.
i November 1 estimate.
JData for 1938 revised. See p. 45 of the August 1940 Survey.
^Composite price for 37 cities in October; 36 cities in November; and 35 cities beginning in December 1940.
§Data for 1939 revised; for exports, see table 14, p. 17, and for imports, table 15. p. 18 of the April 1941 issue.
97
309
335
223
304
404
11.67
9.799
3,198
11.64
9.779
3,858
11.57
9.807
4,891
11.88
9.939
4,681
12.17
10. 073
5, 246
12.41
10. 209
' 5,143
197
169
205
268
414
43
53
29
32
48
59
528
1,511
2,071
1,973
2; 325
2, 353
29, 023
148
6,404
489
136
4,164
7,006
946
9,730
31,199
850
6,871
596
134
4,916
7,755
837
9,240
30,881
886
6,855
615
127
5,135
7,576
827
31, 510
908
7,107
660
128
5,215
7,799
833
8,860
32, 400
959
7,108
658
132
5, 643
8,038
842
9,020
• 31, 928
901
r 6, 814
630
126
' 5, 552
8,053
802
9,050
43
124
307
113
306
129
311
'329
9.06
9.24
8.85
r 4.375
4.533
5,975
4.547
4.570
4.618
4.663
4.724
4.618
43,
300
43,400 42, 774
» December 1 estimate.
4.658
4.823
45, 650
708
' 335
9.34
4.677
4.883
• 46, 880
S-28
SURVEY OF CURRENT BUSINESS
Monthly statistics through December 1939, to- 1941
1940
gether with explanatory notes and references
to the sources of the data, may be found in the October October Novem- Decem1940 Supplement to the Survey
ber
ber
December 1941
1941
January
February
March
April
May
June
July
35, 971
31,891
4,970
390
188
9,014
5,658
721
10, 950
4,080
37,483
32, 583
4,725
483
162
8,991
6,135
737
11,350
4. 900
42,929
37, 249
5,913
559
225
9,988
6,604
720
13,240
5,680
47, 051
40,451
6,215
634
285
10,431
7,003
723
15,160
6, 600
September
August
FUELS AND BYPRODUCTS—Continued
COALr—Continued
Bituminous:
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
0ther industrial.
do
Retail dealers, total
__do.___
COKE
Exports
thous. of long tons..
Price, beehive, Connellsville (furnace)
dol. per short ton..
Production:
Beehive
thous. of short tons. _
Byproduct
do
Petroleum coke
do
Stocks, end of month:
Byproduct plants, total-.
do
At furnace plants
do
At merchant plants
do
Petroleum coke
do
PETROLEUM AND PRODUCTS
Crude petroleum:
Consumption (runs to stills)—thous. of bbl__
Imports!
do
Price (Kansas-Okla.) at wells. _.dol. per bbl_.
Production}
____thous. of bbl._
Refinery operations._______.pet. of capacity..
Stocks, end of month:
California:
Heavy crude and fuel
thous. of bbl__
Light crude
do
East of California, total}
_____do
Refineries}
___do_.._
Tank farms and pipe lines},
do
Wells completed},
___
....number..
Refined petroleum products:
Gas and fuel oils:
Consumption:
Electric power plantst
thous. of bbl__
Railways (class I)
.__do
Vessels (bunker)
do
Price, fuel oil (Pennsylvania)*.dol. per gal..
Production:
Residual fuel oil}
thous. of bbl..
Gas oil and distillate fuels, total
do
Stocks, end of month:
Residual fuel oil, east of Calif
do
Gas oil and distillate fuels, total
do
Motor fuel:
Demand, domestic}
thous. of bbl_.
Exportsf
do
Prices, gasoline:
Wholesale, refinery (Okla.).dol. per gal..
Wholesale, tank wagon (N. Y.)f
do
Retail, service stations, 50 cities*___do
Production, t o t a l } . . . . . . .
thous. of bbl._
Benzol}
do
Straight run gasoline}
do
Cracked gasoline}
_.do
Natural gasoline}
..do
Natural gasoline blended}
do____
Retail distribution
mil. of gal_.
Stocks, gasoline, end of month:
Finished gasoline, total^...thous. of bbl_.
At refineries
do
Natural gasoline
do
Kerosene:
Consumption, domestic.
do
Exports§
do___.
Price, wholesale, water white, 47°, refinery
(Pennsylvania)
dol. per gal..
Production
thous. of bbl..
Stocks, refinery, end of month
do
Lubricants:
Consumption, domestic}
do
Price, wholesale, cylinder, refinery. (Pennsylvania)
dol. per gal_.
Production
.
thous. of bbl..
Stocks, refinery, end of month
.do
Asphalt:
Importsp
short tons..
Production
do
Stocks, refinery, end of month
..do_.
Wax:
Production
thous. of lb_.
Stocks, refinery, end of month
do
r
19,670
9,900
51, 564
42,464
9,712
515
285
11, 309
5,493
660
14, 490
9,100
76
62
51
45
64
01
81
6.125
4.475
4. 555
5.000
5. 375
5.375
5.375
5.375
5. 825
6.125
o 12f»
6.125
6.12*
384
4,854
417
4,764
88
490
4,904
126
514
4,933
126
496
4,502
103
586
4,999
125
93
4,474
128
541
4,846
140
564
4,836
144
578
5 014
134
611
5,013
137
574
4,806
1, 997
713
1. 284
527
1,901
736
1,165
487
1,597
732
865
406
1,391
774
618
375
1, 337
845
492
375
1,401
694
706
400
1,405
741
664
385
1 7 428
849
578
382
1 452
875
577
367
1,596
932
H64
372
1,588
889
699
370
109, 394
3,910
.960
113, 418
82
105, 364 109, 703
4, 023
4, 744
.960
106,904 j 110,520
82 !
82
1] 0,683
3,199
.960
110.647
83
100,445
3,321
.960
100,791
83
111,059 ! 111,106
3, 876
4,132
.960
1.010
332,837 111.080
83
85
119, 435
3,701
1. 035
116,976
88
115,935
4,488
1.110
115, 027
88
121, 180
4. 657
]'. 110
118, 251
89
124,572
4, 319
1.110
121,354
90
121,481
4,790
1.110
119,446
74,124
35,422
220,896
44, 774
176,122
1, 8.%
73,011
35,043
220,645
44,873
175, 772
1,533
71, 798
35,852
221,031
43,767
177, 264
1,243
70, 474
35, 961
219, 905
42, 760
177,145
3,368
69, 833
36, 985
220,046
42,260
177, 786
3,162
68, 661
37, 453
221,319
41,649
179,670
1,184
67,256
37,272
221,120
42, 528
178, 592
1,612
66, 256
36, 221
218,355
41, 595
176, 760
1,615
65, 735
34,961
216,454
43,526
172,928
1,620
66, 454
35, 651
212,132
44,472
367,660
1.934
64, 729
84,560
207,225
43,483
163,742
l,83f>
63,847
34,875
203,481
41,975
161,506
1.031
1,677
4,847
2,724
.040
1,461
4,805
2,779
.042
1,837
5,021
2,525
.043
1,844
4, 938
2,172
.044
3,586
4, 511
2,487
.044
1,677
5,061
2,569
.044
1,658
4, 895
2.823
.045
1,592
5,040
2,836
.048
1,325
5,147
2,488
.053
1,793
5,460
' 1,66«
27, 944
14,381
26,125
15, 073
27, 925
16, 608
27, 880
17, 018
25, 944
14, 732
27, 677
15,387
26,748
14, 692
27,994
15, 546
27,882
14,697
28. 624
15,746
29,836
15,409
28,118
36,024
26, 539
37, 709
24, 580
35, 885
23,656
32,082
22,060
28,034
21,154
28, 542
21,086
23, 293
19, 822
24,449
20, 891
27,353
20,914
30,620
21,909
34, 337
23, 562
36,845
25,224
39,726
53,807
1,793
49, 074
2,082
46,413
1,863
45, 344
1,767
42, 001
1,079
48, 760
1,287
55,154
1,232
59, 307
1,257
58,360
1,184
m, 093
1,212
62,944
1,355
58,995
2.213
.045
.122
.122
52,907
290
21,602
25,968
5,047
4,269
2,191
.045
.120
.121
50,892
282
21,053
24,716
4,841
4,133
2,020
.045
.123
.122
52, 508
298
22, 213
25,047
4,950
3,945
1,947
.044
.125
.122
52,542
313
21,353
25,992
4,884
4,016
1,848
.044
.127
.123
48, 374
280
20,112
23,417
4, 565
3, 510
1,732
.045
.129
.124
53,409
317
21,995
26,181
4,916
3,981
2,019
.049
.135
.131
53, 768
277
22,131
26, 380
4,980
3,688
2,220
.053
.143
.137
58, 258
288
23,881
28,908
5,183
3,541
2, 383
.058
.149
.138
56,987
274
23,140
28,478
5,095
3,648
'2,327
'. 139
50,609
271
23,962
30,124
5, 252
3,769
'2,543
. 060
.149
.140
f)0, 740
277
24.790
30.034
5,639
4,237
2, 540
.060
.149
.140
fiO. 107
266
24,039
30,198
5,664
4,8.54
73, 338
47,162
6,569
73, 429
46, 695
6,102
77,943
50,807
5,704
83, 310
55, 562
5,490
88,609
61, 756
5,311
91,501
64,468
5,331
88, 414
61,186
5,504
85, 425
57, 357
5,856
82,411
52, 856
6,235
77,429
49, 092
6,317
73,094
45,463
6, 111
72,761
46,151
5,373
5.608
120
6,768
175
7,769
57
6.484
54
6.778
124
5,549
158
4,504
118
3,918
101
4, 270
95
4,449
113
5,624
296
.049
6,496
11,000
.050
6,431
10,473
.052
6,894
9,512
.053
6,661
8,312
.054
5,888
7,634
.054
6,033
6,724
.054
6,068
7,063
.054
6.033
8,421
.057
5,218
. 059
5,406
10,635
.062
5,850
11,636
.063
5,949
11,662
2,443
2,449
1,875
2, 367
1,798
2,263
2,712
2,732
3,171
3,074
2, 562
2,638
.090
2,954
8,464
.090
3,021
8,365
.090
2,865
8,767
.090
2,943
8,809
.094
2, 522
8,790
.099
2,813
8,637
.100
3,213
8,363
.103
3,322
7,835
.123
3,520
7, 353
.140
3, 563
7,107
.143
3, 561
7. 200
.154
3,427
7,416
39,993
608,400
469,000
377
396,900
526,000
18, 504
326, 200
614,000
600
303,100
689,000
9,838
306,400
760,000
9,579
373, 300
831,000
579
488,900
933,000
2,452
601,800
964,000
4,366
634, 500
841,000
0
687 100
713 000
0
740, 700
605, 000
0
680, 200
474,000
43,120
113, 827
43,960
120, 212
43,680
125,272
45,080
120, 027
38, 920
139,150
51, 240
121, 887
56, 280
116,096
57,400
118,456
54,600
110,481
55, 440
101 434
54, 320
85, S24
66,360
2
79.4.58
61,462
51,562
8,435
720
361
11,919
131 I
2, 029
740
1 290
581
1,817
.058
.060
.149
.140
.063
.160
51, 872
42, 922
10, 091
476
273
11,413
5, 748
691
14, 230
8,950
50,998
42, 978
10,184
436
284
11,336
5, 921
827
13, 990
8, 020
48, 702
42,102
9,887
408
258
11,119
6, 235
935
]3,260
6, 600
48, 518
42, 518
9,890
440
247
10, 944
7,216
1,041
12, 740
6,000
50, 690
45, 590
9,854
562
247
11,330
8,741
1,276
13, 580
5,100
49
I
1.620 '
5. 339
2,633
. 057
. 060 I
52,801
45,011
7,205
660
296
JO, 912
8,111
757
17,070
7, 790
1
' 56,994
' 48,044
'7,292
709
331
11,637
8,758
827
18,490
8,0.50
M
Revised.
^Revised beginning February 1941 to exclude for East Coast district, stocks of "shuttle oil" and stocks transferred to the U. K. pool board.
•New series. Data on wholesale price of fuel oil beginning January 1918 appear in table 46, p. 14 of the November 1940jSurvey. Data beginning 1920 for the new series
on retail service-station price of gasoline, which replaces a similar series shown in the Survey through February 1941, appear in table 10, p. 16 of the March 1941 Survey.
fExports of motor fuel revised; for data for 1913 to 1939, see table 54, p. 16 of the December 1940 Survey; for data for all months of 1940, see note marked " t " on p. S-28 of the
August 1941 Survey. Data beginning January 1941 include mineral spirits; the comparability of the series is affected to a negligible extent by the inclusion of this item. For
revised series on wholesale tank wagon (N. Y.) price of gasoline, see table 6, p. 18 of the January 1941 Survey. Gas and fuel oil consumption in electric power plants revised
for 1939. See p . 45 of the August 1940 Survey.
}Revised data for 1939 appear in table 1, p. 17 of the January 1941 Survey.
§Data revised for 3939; for exports, see table 14, p. 17, and for imports, table 15, p. 18 of the April 1941 Survey.
http://fraser.stlouisfed.org/
Federal Reserve Bank of St. Louis
December 1941
S-29
SURVEY OF CURRENT BUSINESS
1941
Monthly statistics through December 1939, to- 1941
1940
gether with explanatory notes and references
to the sources of the data, may be found in the October October Novem- Decem1940 Supplement to the Survey
ber
ber
January
February
March i April j May
June
July
SepAugust tember
LEATHER AND PRODUCTS
HIDES AND SKINS
Imports total hides and skins§
thous. of lb.
Calf a,nd kip skins§.
..do...
Cattle hides..
.
do...
Goatskins§
do...
Sheep and lamb skins§
do
Livestock (federally inspected slaughter):
Calves
thous. of animals.
Cattle
do...
Hogs
.....
do...
Sheep and lambs
do...
Prices, wholesale (Chicago):
Hides, packers', heavy, native steers
dol. per lb_
Calfskins, packers', 8 to 15 lb.
do...
LEATHER
Exports:
Soleleather§
thous. of lb.
Upper leather §
thous. of sq. ft.
Production:
Calf and kip
.
thous. of skins.
Cattle hides,
thous. of hides.
Goat and kid
thous. of skins.
Sheep and lambj....
._.do._.
Prices, wholesale:
Sole, oak, scoured backs'(Boston)__dol. per lb.
Chrome, calf, B grade, black, 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...
29, 627
1,999
18, 922
4,379
2,904
38,459
3,365
22, 004
5, 368
5,882
507
462
968
884
4,483 ! 5,419
1,462
1,734 I
536
1,119
4,157
1,682
. 155
.218
35,411
1,795
16, 544
6,446
8.550
39, 540
1,859
24,182
5,895
5,254
50,665
2,316
28, 548
5,403
10,981
56,267
1,949
35, 327
7,203
8,789
53, 572
2,150
34,025
8,577
7, 004
50, 686
1,205
32,471
6,072
9,180
61,899
2,083
38,419
6,092
12, 761
48,944
1,815
34,023
5,463
5,096
411
437 |
858
891
6,063 I 4,517
1,416 I 1.625
384
717
3,725
1,391
444
766
3,904
1,408
507
792
3.807
1,436
501
908
4,023
1,551
440
867
3,336
1,378
445
968
3,006
1,569
414
968
2, 796
1, 522
447
1,004
2,920
1,567
.137
.240
.147
.245
.153
.234
.150
.218
.150
.218
.153
.218
77 I
11
2,268 | 4, 363
1,098 !
1,170
2,232 j
2,373
3,997
4,269
4,368 ; 4r568
24
4,889
1,368
3,340
1,181
2,375
r3,365
1,084
2,385
4,107
4,741
4,577
.140
.203
.146
.218
.133
.213
,133
.216
.124
.216
15
2,752
4,000
2,626
2,209
2,776
435
2,679
1,278
3,416
14
2, 799 i
3,781 I 3,871
14
4,321
1,977
3,098
3,643
912
1,941
2,672
3,411
2,054 I 2,182
3,098 | 2,953
3, 320 | 3,494
1,014
2,120
3,064
3,797
1,151 i 1,102
2,208
2,155
3,677
3,417
4,077
3,724
1,033
2,256
3,653
4,632
1,209
~4~554*
| 41,284
! 2,828
I 24,638
! 4,792
I 6,249
42,542
1,489
26,925
4,990
5,357
. S
. 129
.225 !
.345 !
.355
. 355
.355 |
.367
.375
.370 I
.415
j
.481
.480
.486
.495
.503
.518 |
.508
13 998
9 544
4 454
14, 063
9,588
4,475
13, 656
9,370
4,286
13,221
8,958
4,263
13,009
8,685
4,324
13,184
8.603
4,581
0)
0)
(')
196, 519
118, 020
78,499
.415
.312
.522
.453
.466
478
13, 377
9,174
4,203
13, 764
9,400
4, 364
(>)
13,479
8,659
4, 820
13,387
8,509
4,878
204, 313 235, 700 243,889 266,236 249,638
127,698 146, 597 149, 529 158,949 147.823
76,615 89,103 94, 360 107,287 101J815
258,435
155,805
102,630
.415
.510
• 13,497
' 8,459
' 5,038
. 415
,516
13,523
8,357
5,166
LEATHER MANUFACTURERS
Gloves and mittens:
Production (cut), total
dozen pairs..
Dress and semidreess
do...
Work
......do....
Boots, shoes, and slippers:
Exports§
thous. of pairs.Prices, wholesale, factory:
Men's black calf blucher
dol. per pair..
Men's black calf oxford, corded tip...do
Women's colored, elk blucher-.do
Production, boots, shoes, and slippers:
Total
thous. of pairs
Athletic
do I
All fabric (satin, canvas, etc.)
..do !
Part fabric and part leather
do I
High and low cut, leather, total
do....
Boys' and youths'
.
do j
Infants'
do \
Misses' and children's
..do !
Men'si
..do !
Women's
do
Slippers and moccasins for housewear
\
thous. of pairs.
All other foot wear.._.__
do...
0)
0)
0)
0)
0)
292,122
179,332
112,790
237
221
158
148
309
6.00 ! 6.00
4.25 i 4.27
3.30 ! 3.30
6.15
4.35
3.30
6.15
4.35
3.30
6.23
4.35
3.45
6.25
4.35
3.55
42,841
416
582
1,153
35,912
1,555
2,166
3,973
11,198
17,019
41,174
437
563
910
34,263
1,664
2,188
3,817
11,325
15, 268
39, 780
471
289
854
32, 720
1,683
2,461
3,870
10,937 |
13,768 !
44,794
506
258
684
37,850
1,825
2,508
4,256
11,493
17, 769
3,760 I 3,937
1,019 ; 1,063
4,427 '
1,020 !
4, 824
674
241
168
170
108
101
219
6.36
4.35
3.55
6.00
4.25
3.30
6.00
4.25
3.30
6.00
4.25
3.30
6.00
4.25
3.30
6.00
4.25
3.30
45,246
555
271
1,004
36, 578
1,901
2,556
4,402
13,235
14,484
37,027
497
324
815
28,805
1,533
2,132
3, 511
10,265
11,365
30, 533
508
305
833
22, 541
1,281
1,823
2,941
8,678
7,819
31,624
469
349
1,013
25,430
1,312
1,891
3,287
8,788
10,151
36,803
380
414
1,586
32,215
1,359
2,148
3,909
10,254
14, 544
38, 288
324
493
1,645
32,868
1,266
1,947
3,954
9,998
15, 704
42, 663
401
453
1,400
36,427
1,461
2,256
4,217
10,666
17,826
6,426
411
6,341
244
6,143
203
4,120
243
1,713
496
2,343
615
2 993
'990
'44,985
513
225
'816
' 37,459
' 1,696
' 2,468
' 4,048
'11,577
'17,671
246,104
161,399
84,705
6.25
4.35
3.55
43,568
509
273
1,017
35,360
1,812
2,384
4,022
11,788
15,354
5,538
5,975
433
84,272 61,793
51,977
7, 557 11,371
7,404
37,422 67, 635 46,586
115, 745 135, 018 178,887
51,163
7,250
34,090
152,190
2,882
373
2,509
3,020
412
2,609
6,092
1,211
4,881
2,706
372
2,334
2,784
416
2,367
6.039
1,188
4, 851
LUMBER AND MANUFACTURES
LUMBER-ALL TYPES
Exports, total sawmill products
M bd. ft..
Sawed timber§
do
Boards, planks, scantlings, etc.§
..do
Imports, total sawmill products..
...do
National Lumber Mfrs. Assn.:f
Production, total
mil. bd. ft..
Hardwoods.
...
do
Softwoods
...do
Shipments, total
do i
Hardwoods
..do !
Softwoods
do....
Stocks, gross, end of month, total
do
Hardwoods
..do....
Softwoods
do
72,862
10, 342
56, 499
74,975
2,671
427
2,245
2,947
453
2,495
6,904
1,548
5,356
73,911
61, 960 79,865
10,085 i 6,443 14,907
53,023 ! 36,434 46,449
71,548 j 71,202 | 62,349
60,921
7,755
42,140
67,504
50,968
2,541
35,284
83,861
65,828
7,916
39,838
79, 734
53,308
4,399
40,168
95,057
j 2,227 | 2,298
I
357 I
360
1,938
I 1,870
2,405
2,480
j
383
393
j 2,022
2,087
6,552
6,384
1,487
1,455
5,065
4,929
2,177
325
1,853
2,232
359
1,873
6,329
1,421
4,908
2,395
327
2,068
2.391
369
2,023
6,333
1,380
4,953
2,568
381
2,187
2,512
387
2,125
6,406
1,374
5,031
2,609
372
2,238
2,610
405
2,205
6,462
1,342
5,120
2,342
388
1,954
2,569
422
2,147
6,685
1,514
5,171
2, 581
370
2,211
2,676
410
2,266
6,393
1,303
5,090
2,747
369
2,378
2,911
422
2,489
6, 239
1,251
4. 988
FLOORING
1
Maple, beech, and birch:
|
9,050
12, 8U0
9,300
10, 350
8,075
8,075
8,225
7,900
Orders, new
M bd. ft..I
5,750
9,900
6,450
13,175
13,925
11,600
11,350
11,175
11,175
11,450
10,950
Orders, unfilled, end of month
do I—...
10,100
11, 600 11,150
8,950
Production
do
!
8,550
6,650
8,750
8,200
7,800
8.275
9,000
7,600
7,100
9,200
9,800
10, 325
8,325
9,500
10,125
7,275
8,300
Shipments
do
1
7,650
6,600
9,600
7,000
13,425
16,675
14,800
18,200
17,750
Stocks, end of month . .
do I
18,350
19,300
18,350
16,200
17, 500
15,850
Oak:
44,781
60, 524
53,489
54,442
58,267
45, 981
45,931
Orders, new
do
35,903
25,942
31, 588
40,080 47,571
74, 305
81,988
78,173
79, 516
74,089
54,985
Orders, unfilled, end of month
do.
44,681
62,250
55, 519
46,695
68,765
52,446
49,925
48, 686
51,865
46,761
43,227
Production
do.
38,409
46,656
40,369
44,254
51,938 48,413
49,227
53,464
Shipments
do
52,146
57,150
46,428
50,358
35,677
37,941
40,666
36,664
48,094 52,624 44,642
44,962
65,533
61, 580
51,038
73,938
70, 737
74,235
Stocks, end of month
do.
71,503
62, 788
55,197
43,088 51,426
''Revised.
i Data not available.
JData beginning January 1940 include fleshers and exclude skivers.
§Data for 1939 revised; for exports see table 14, p. 17, and for imports, table 15, p. 18 of the April 1941 Survey.
fRevised data for 1939 and January and February 1940 appear in table 17, p. 17 of the May 1941 Survey.
^Beginning January 1941, data include a small number of pairs of shoes other than men's leather (nurses, athletic, etc.) made for Government contract.
7,000
11,500
7,600
8,800
12,200
36,363
60,460
47,432
41,95")
S-30
SURVEY OF CURRENT BUSINESS
1940
Monthly statistics through December 1939, to- 1941
gether with explanatory notes and references
to the sources of the data, may be found in the October October Novem- Decem1940 Supplement to the Survey
ber
ber
December 1941
1941
January
February
March
April
May
June
July
SepAugust tember
LUMBER AND MANUFACTURES—Continued
SOFTWOODS
Douglas fir:
Exports, total sawmill products§.._M bd. ft..
Sawed timber§
do
Boards, planks, scantlings, etc.§
-do
Prices, wholesale:
Dimension, No. 1, common*
doj. perM bd. ft..
Flooring, " B " and better, F. G., 1 x 4, R. L.*
dol. per M bd.ft..
Southern pine:
Exports, total sawmill products. _.M bd. ft._
Sawed timber
do
Boards, planks, scantlings, etc
do
Orders, newf
mil. bd. ft..
Orders, unfilled, end of month
do
Price, wholesale, flooring-..dol. per M bd. ft..
Productionf
mil. bd. ft-_
Shipmentsf
do
Stocks, end of month
do
Western pine:
Orders, newf
do
Orders, unfilled, end of monthf
do
Price, wholesale, Ponderosa pine, 1x8, No. 2,
common (f. o. b. mills)..-dol. per M bd. ft..
Production!
mil. bd. ft..
Shipments!
do
Stocks, end of month
do
West coast woods:
Orders, newf
do
Orders, unfilled, end of month
do
Production!
do
Shipments!
do
Stocks, end of month
do
Redwood, California:
Orders, new
M bd. ft_.
Orders, unfilled, end of month
do
Production.
do
Shipments
do
Stocks, end of month.
do
32,170
9,130
23,040
30,752 i 14,285
8,390 i 4,157
22, 362 j 10,128
27,896
12,620
15, 276
24, 347
6,555
17, 792
12,651
1,365
11, 286
17, 517
4,893
12,624
13,435
3,563
9,872
19, 901
5,940
13, 961
18, 743
6,615
12,128
28.069
7,915
20,154
19,970
5,580
14.390
28. 065
24. 500
24.990
25. 970
25. 970
24.990
24.990
24.990
24. 990
24. 990
25.970
25.970
27.146
41.160
33.320
34.300
36. 260
36. 260
35.280
35. 280
35.280
35. 280
35. 280
36.260 i 36.260
38. 808
10,964
989
9,975
949
600
48.676
827
952
1,556
11,581
1,215
10,366
763
550
50. 585
734
813
1,477
441
433
i
I 11,293
j 1,868
I 9,425
640
I
498
|
50. 868
718
692
1, 503
11,691
1,747
9,944
773
511
50. 750
763
760
1,506
8,991
750
8,241
674
542
49.943
676
643
1, 539
7,761
746
7,015
642
553
48. 788
734
631
1,642
15,911
2,612
13,299
685
580
48.570
753
658
1,737
12,573
259
12, 314
767
646
48.213
759
701
1,795
12, 679
1,159
11,520
896
824
49.143
670
718
1,747
45, 111
586
44, 525
1,019
952
51.446
734
891
1, 590
16,941
3,104
13,837
692
762
54.393
748
882
1,456
10, 48K
1, 471
9.015
695
715
51.704
708
742
1, 422
397
380
425
394
380
400
480
466
502
490
560
535
637
607
642
518
554
541
479
50. 788
546
36.69
31.73
544
592
1,997
33.04
414
494
1,917
33.58
344
446
1,812
33.99
262
411
1,663
33.47
265
374
1,551
33.37
343
414
1,479
33.68
468
478
1,469
33.22
570
516
1,523
33.31
614
543
1, 593
33.52
693
593
1,685
33.87
679
605
1,754
i 35.37
| 657
! 617
| 1,796
720
681
659
690
860
656
726
614
606
867
642
693
618
677
851
666
676
675
681
855
660
701
669
634
799
746
752
756
749
735
743
759
797
787
664
744
867
771
814
695
750
838
776
883
692
715
831
705
772
813
826
819
679
699
733
734
821
43, 576 43, 685 30,856
64, 769 65, 422 55,204
42, 646 47,272
40,148
37, 595 40, 810 42,221
246,625 246, 431 244,169
28,089
44, 532
43,703
39,068
242,7M
47,674
36, 581 40, 469 33,131
42,855
42,849
51,877
52,859
36,059
31,468 29, 761 35,279
38, 245 36,318 31,476
31,455
282,098 275,402 270,158 269,424
29, 343 38,756
38,959
47,132
48,415
50,930
52,724 58,493
33,700 31,622 34, 058 39,835
32,738
33, 233 37,105 40,461
267,276 262,805 255, 390 249,358
FURNITURE
All districts:
Plant operations
percent of normal..
Grand Rapids district:
Orders:
Canceled
percent of new orders..
New
no. of days' production..
Unfilled, end of month
do
Plant operations
percent of normal _.
Shipments
no. of days' production..
Prices, wholesale:
Beds, wooden
1926=100-Dining-room chairs, set of 6
do
Kitchen cabinets
do
Living-room davenports
do
Steel furniture (see Iron and Steel Section).
96.3
111.6
102.0
104.2
76.0
77.0
74.0
70.0
73.0
75.0
76.0
75.0
82.0
82.0
87.0 i
88,0
3.0
29
46
75.0
25
5.0
21
40
74.0
23
8.0
17
33
75.0
20
3.0
28
42
72.0
20
6.0
22
42
73.0
21
5.0
22
42
74.0
21
6.0
20
40
74.0
19
4.0
32
54
74.0
20
4.0
26
62
78.0
20
3.0
35
70
77.0
25
3.0
27
72
82.0
28
3.0
33
76
84.0
32
77.9
102.3
88.1
87.2
77.9
102.3
88.1
87.2
77.9
102.3
88.1
83.5
100.9
89.4
87.2
83.5
100.9
89.4
87.2
83.5
100.9
89.4
87.2
85.1
102.5
90.7
87.2
92.9
103.9
93.3
93.3
95.0
105.5
97.4
93.3
93.5
108.2
97.4
93.3
96.1
108.2
99.3
98.9
87.2
103.9
93.3
87.2 j
METALS AND MANUFACTURES
IRON AND STEEL
Foreign trade:
Exports (domestic), total
long tons..
Scrap
do
Imports, total
do
Scrap
do
Price, wholesale, iron and steel, composite
dol. per long ton..
Ore
Iron ore:
Lake Superior district:
Consumption by furnaces
thous. of long tons._
Shipments from upper lake ports
do
Stocks, end of month, total
do
Atfurnaces
do.
On Lake Erie docks
do
Imports, total
do
Manganese ore, imports (manganese content)§
thous. of long tons.
6.612
9,564
43,946
38,852
5.094
1,105,510
258, 926
3,966
242
788,176
74,349
980
252
805,158
69,980
4,064
48
698, 853
45,055
423
17
600,240
74,378
796
150
567,227
54, 383
6,273
5,401
635,809
120,152
2,620
1,094
472, 734
62,894
5,633
3,758
457, 685
59,018
10,190
6,473
537,921
59,905
11,049
9,418
697, 732
80,255
18,380
16,405
706, 580
65,486
38.07
38.08
38.30
38.38
38.22
38.27
38.15
38.15
38.15
38.15
38.15
38.15
6,051
10,009
41,125
36,280
4,846
265
5, 973
5,341
41,712
36, 925
4,787
229
6,173
9
36,073
31, 792
4,281
174
6,331
0
29, 794
26,167
3,627
155
5, 673
0
24,195
21,100
3,096
178
6,412
0
17, 761
15,407
2,353
182
5,802
6,919
16,937
15,002
1,935
185
6,232
11,007
21,817
19, 551
2,266
180
6,231
10, 731
26,630
23,919
2,710
225
6,497
11,331
31, 597
28; 257
3,341
196
6, 534
11,430
36,469
32,457
4,012
223
6,448
10,243
40,770
36,106
4,664
206
40
61
59
45
31
49
15
53
50
33
65
62
Pig Iron and Iron Manufactures
Castings, malleable:
77, 312 68,945 i 64,283
Orders, new
short tons.. 70, 528
84, 751
83,218
86,293
75,075
71,129
64,612
81,089
66,665
76,055
Production
do
67. 010 68,750 I 69,175
76,170
70,278
66,208
71,209
62,293
57, 717
68, 742
63,331
84, 296
60,155
68,
310 64,250 | 67.532
Shipments
__
do
73,066
71,
740
62,066
67,415
70,179
82,004
61,161
65,884
56,321
60,127
Pig iron:
Furnaces in blast, end of month:
Capacity
short tons per day.. 156.265 144,290 148,000 146, 770 152,040 148, 555 152,750 140,310 151,000 153, 600 153,190 155,020 157,165
211
213
216
Number
_
206
211
196
195
205
202
205
201
202
214
r
§Data for 1939 revised; for exports see table 14, p. 17 and imports see table 15, p. 18 of the April 1941 issue.
Revised.
fRevised series. Revisions for 1939 and January and February 1940 for southern pine, western pine, and west coast woods, and also revisions for 1938 for the latter group,
appear in table 17, p. 17 of the May 1941 issue.
•New series. These prices replace series shown in the Survey through the February 1941 issue; data beginning 1922 appear in table 16, p. 17 of the May 1941 Survey.
S-31
SURVEY OF CURRENT BUSINESS
December 1941
Monthly statistics through December 1939, together with explanatory notes and references
to the sources of the data, may be found in the
1940 Supplement to the Survey
1940
NovemDecemOctober October
ber
ber
1941
1941
January
February-
March
April
May
June
SepAugust tember
July
METALS AND MANUFACTURES—Continued
IRON AND STEEIr-Continued
Pig Iron and Iron Manufactures—Con.
Pig iron—Continued.
Prices, wholesale:
Basic (valley furnace)
dol. per long ton.
Composite
do. - _
Foundry, No. 2, northern (Pitts) do-_.
Productionf
thous. of short tons.
Boilers and radiators, cast-iron:
Boilers, round:
Production
thous. of l b .
Shipments
do..Stocks, end of month
do.-.
Boilers, square:
Production
do.-_
Shipments
do - _ _
Stocks, end of month
do__.
Radiators, ordinary type:
Production-thous. of sq. ft. heating surfaceShipments
do-_Stocks, end of month
do...
Boilers, range, galvanized:
Orders, new, net
number of boilers.
Orders, unfilled, end of month
do_-_
Production
do.._
Shipments
do-. ~
Stocks, epd of month
do...
Steel, Crude and Semimanufactured
Castings, steel:
Orders, new, total
short tons_.
Percent of capacity
Railway specialties
short tons..
Production, total
do
Percent of capacity
Railway specialties
short tons_.
Steel ingots and steel for castings: f
Production
thous. of short tons..
Percent of capacity!
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)
do] per long ton_U. S. Steel Corp., shipments of rolled and
finished steel products!--thous. of short tons..
Steel, Manufactured Products
Barrels and drums, steel, heavy types:
Orders, unfilled, end of month thousands.
Production
_do_._.
Percent of capacity
Shipments
thousands. Stocks, end of month
do
Boilers, steel, new orders:
Area
thous. of sq. ft..
Quantity
number.... i
Furniture, steel:
j
Office furniture:
!
Orders, new
thous. of dol._|
Orders, unfilled, end of month
do
Shipments
do
Shelving:
Orders, new
do
Orders, unfilled, end of month
do.._.
Shipments
do
Porcelain enameled products, shipments!
thous, of doL .
Spring washers, shipments*
do
Steel products, production for sale:t
TotaL.
thous. of short tons..
Merchant bars
.
do
Pipe and tube---.
..do
Plates
_
.do
Percent of capacity*.
Rails
thous. of short tons..
Sheets, total
do
Percent of capacity
Strip:
Cold rolled
thous. of short tons..
Hot rolled
do
Structural shapes, heavy
do
Tin plate
do
Wire and wire products
do
Track work, shipments..
short tons..
r
23. 50
24.15
25.89
4, 856
22.50
23.15
24.89
4,446
22.50
23.15
24.89
4,403
22.90
23.15
25.29
4,548
23.50
23.95
25.89
4,664
23.50
23.95
25.89
4,198
23.50
24.00
25.89
4,704
23.50
24 .15
25.89
4, 334
23.50
24.15
25.89
4,600
23.50
24.15
25.89
4, 553
23.50
24.15
25.89
4,771
23.50
24.15
25.89
4,791
23. 50
24.15
25. 89
4, 717
2,091
3,483
11,912
3,598
5,145
10, 750
2,416
2,451
10,622
1,934
1,884
11,021
2,071
1,608
11,687
1,920
1,222
12, 391
2,252
1,092
13,256
2,214
1,358
14,107
1,826
1,167
14, 834
1,741
1,474
15,096
1,863
2,003
14, 951
1,936
2,669
14,024
2,148
2,741
13,405
29,461
37, 360
97,896
32, 701
43, 767
82, 205
23, 788
26,059
80, 064
18,964
18, 547
80, 564
23,443
14,437
89, 300
22, 579
13,086
99,040
8, 267
10,494
20.154
8,454
11, 769
22,805
8,042
8,952
22,103
6,245
6,537
21, 831
7,244
5,839
23,461
6,744
4,891
25, 393
6,871
4,371
27,890
6,967
4,495
30, 375
7,385
5,621
32,140
7,133
6,453
32,817
6,151
8,671
30, 263
7,098 | 7, 075
10,901
11,696
25,584 j 22, 394
35, 220
80, 371
82, 243
36, 616
70,989
38, 795
72, 245
67,414
41,447
89, 748
45, 615
80, 705
82, 928
39, 224
80,583
50, 777
74,113
75,421
37, 916
94,992
60,419
82,820
85, 350
35, 386
69,433
46, 448
86,459
83,404
38, 441
89,159 105,076
72, 258
52,966
80,023
81,495
82, 641 85, 784
37, 295 31, 534
85,077
77, 809
72,970
79, 526
24, 978
68, 854
86, 451
63, 729
60,212
28,495
94,929 115,343
81.1
98.6
27, 718 45,154
81,192 85,810
69.4
73.3
32,066
33,932
110,579
94.5
34,887
94,409
80.7
35,397
105,125
89.8
29,103
85,492
73.0
28,692
6,495
94
97
6,238
97
106,716
42, 094
97, 266
96, 741
26, 505 27, 591
38, 894 34, 889
113,130 105, 759
22, 647 23, 525 25, 254 25, 319 21,514
20,382 26,426
13,360
13,489
16,861
106, 958 117,058 125,448 130,339 125,376
161,512
138.0
80,065
113,988
97.4
45,073
80, 046
101,016
58, 635
65,481
21,615
117,516
100.4
32, 935
135, 272
115.6
49, 891
112, 327
96.0
49, 349
83,938
71.7
31,811
7, 243
99
6,645
.0265
.0265
.0265
.0265
.0265
.0265 !
.0265
. 0265
. 0265
. 0265
. 0265
34. 00
. 0210
18. 75
34.00
.0210
19.75
34.00
.0210
20.06
34.00
.0210
20.60
34.00
.0210
20.00
34 00
. 0210
19.25
34.00 ! 34.00 j 34.00
.0210 ! .0210
.0210
19.88 j 18.95
18.75
34.00
.0210
18. 75
34.00
.0210
18. 75
34.00
. 0210
18.75
34. 00
.0210
18.75
i, 851
1,572
1,425
1,545
1,682
1,548
1,720 !
1, 669
1, 667
1, 754
1,664
97
126,140 152,007 153,143
130.8
107.8
129.9
47,408
59, 551 70.191
95,185 101,977 104,971
81.3
87.1
89.7
30, 733 34,204
37.192
7,132
100
6,757
98
.0265
1, 688
7,053
1,745
6,801
98
175,892 147, 316 115, 060
125.9
98.3
150.3
77, 669 52, 207 32,882
112,364 117,703 118,543
101.3
100.6
96.0
43, 320 44, 290 43, 995
7.001
96
6, 822
93
6,820
96
!
1, 850
1,781
86.9
1, 777
43
431
1,520
87.4
1,534
40
402
1,457
78.9
1,455
42
1,452
77.8
1,442
52
315
370
1, 072
1,454 i 1,035
76.7 !
54.6
56.6
1,444 ; 1,046 | 1,077
63
47
52 ]
428
1.463
77.2
1,474
37
890
1,584
83.6
1,582
39
1,214
1,317
1,619
1, 558
79.0 i 76.0
1,619 | 1,549
- » ||
48
1,497
1, 590
77.6
1, 600
37
1,492
1, 713
83.5
1,711
40
1,348
958
1,708
1,221
1,722
1,026
1,563
835
2,210
994
1,500
845
r 3, 522
1,294
2,339
1, 336
2, 560
1,372
1,586
1,415
2,270
1,601
1,411
1,246
' 1, 747
' 1,13.1
3, 825
7,247
4, 311
3,323
1,728
3,090
3,336
2,181
2,884
4,357
2,983
3,583
3,787
3,618
3,152
3,852
4,102
3,368
5,050
5, 330
3,821
3,889
5,210
4,010
4,667
5,579
4, 298
5,851
7,335
4,095
4,981
7,939
4,349
4, 259
8, 058
4,139
3, 778
7,733
4,186
937
1,837
1,173
797
599
718
652
844
658
790
924
779
804
940
829
890
1,204
1,103
929
1,346
1, 383
1,066
1,278
1,454
1,207
1, 525
1,850
1,130
1,182
1,932
1, 082
999
1,765
1,166
1,284
2,022
1,027
4,895
229
4,030
233
4, 256
248
4,496
281
4,393
5,310
320
5,456
331
5,491
355
5,511
375
5,608
366
5, 807
338
5,802
318
4,670
475
401
430
83.6
79
1,069
4,480
444
377
430
86.5
114
1,047
97.4
4,619
437
384
443
86.8
131
1,050
95.1
4,863
519
409
431
82.6
156
1,122
1 Jl. 0
4,587
5,046
463
436
454
87.0
177
1,177
107.3
4,942
470
453
445
88.0
194
1,148
107.8
5,085
471
461
479
91.9
185
1,140
103.9
4,754
439
449
466
92.2
168
999
93.8
4,919
443
480
482
90.6
151
991
90.4
5, 234
447
485
532
99.7
146
1,018
92.4
5, 059
431
464
519
112.2
127
954
88.5
147
362
189
382
5,505
83
138
374
200
350
5,733
89
139
331
203
374
7,151
95
153
363
209
409
91
139
322
205
379
7,973
104
144
383
265
412
11,751
107
160
406
287
434
11,012
102
154
373
292
417
11,210
99
137
366
332
404
10. 642
106
6,835
102
155
374
252
431
10, 225
321
5,471
503
531
587
124.1
161
1.053
94.1
110
136
407
342
432
12,403
303
455
384
416
88.1
154
1,074
107.3
I
104
134
391 372
360
325
434 :
420
10,236 i 10, 439
130 •
Revised. »Data are for 7 manufacturers beginning January 1940.
1 Monthly data beginning 1929, corresponding to the monthly averages on p. 132 of the 1940 Supplement, appear on p. 18 of the April 1940 Survey.
§ Beginning July 1941, percent of capacity is calculated on annual capacity as of June 30, 1941, of 86,144,900 tons of open-hearth, Bessemer, and electric steel ingots and
steel for castings.
t Revised series. Data on pig-iron production converted from a long to a short tonnage basis; data beginning 1913 are shown in table 38, p. 14, of the October 1940 issue.
Steel production and percent of capacity revised completely; for revision through 1939 see table 9, p. 16 of the March 1941 issue; for revisions in 1940 data see p. 49 of the June
1941 issue. Porcelain-enameled products revised beginning 1939 to include data for 99 manufacturers; for 1939 data, see p. 49 of the March 1941 issue. Steel products, production for sale, have been converted to a short tonnage basis; see table 45, p. 14 of the November 1940 issue.
* New series. Earlier monthly data will be shown in a subsequent issue.
S-32
SURVEY OF CURRENT BUSINESS
Monthly statistics through December 1939, together with explanatory notes and references
to the sources of the data, may be found in the
1940J3upplement to the Survey
1940
1941
October
December 1941
NovemOctober
ber
1941
January
December
February
March
April
May
June
July
SepAugust tember
METALS AND MANUFACTURES—Continued
NONFERROUS METALS
Metals
|
I
Aluminum:
;
50,15S
97,668 \ 86,978 I 62,051
72,043 j 83,400 j 49,732 | 121,484
Imports, bauxite.
long tons,-L.
o:<, 357
95,794 } 90,960 \ $6,462
Price, wholesale, scrap, castings (N. Y.)
j
.
0970
i
»
.
1039
i
.1397
.1100 I .1100
.0904
. 1100
dpi. perlb--! .09&;
.1100
. lioo
.1100
I
Bearing metal (white-base antifriction), con- i
sumption and shipments, total (60 manufac- |
•• 6. 480 ' 6, 378 ' 5, 538 ' 5, 767 r 5, 830
turers)t
thous. of lb._!
5, 621 r 4, 306 *• 3, 905 ' 3, 921 «• 4. 060 r 4, 336 '6.270 ! •6,505
529
614
625 j
999
991
643
622
507
750
699
Consumed in own plants (38 mfrs)
do
!
757
983
911
2,138
1,682
2,874
2,048
1,751
2,053
2,632 | 3,431
2,806
2,838
Shipments (38 manufacturers)
do
I 2,931
2, 690
3,066
Copper:
I
13, 395
38,829
18,095
17, 903
22,382
7,046 ! 8,907
12,286
8,120
Exports, refined and mfrs. §
short tons,. |
11,077
10, 589
10,198
25,945
87,051
23,684
43,044
32, 790
27,357
49,188
54,981
41, 472
69,838
Imports, total§
do
1
71,153
70, 581
18,086
6,693
20, 507
12, 648
19,120
11,359
9.637
16,470
For smelting, refining, and export §— - do.... _ i
_.. 24, 610
13, 373
15. 546
68, 965
16, 991
13, 297
45, 344
8,237
18,434
12, 283
37, 829
32, 476
53,368
For domestic consumption, total*
do
;
57, 780 55, 034
30. 804
11,173
8, 369
23,083
6. 056
8, 242
25, 754
7,034
16,969 ! 16, 233
19, 872
Unrefined, including scrap*.
do
|.
20, 063
38,161
4,928
22, 261
2,181
4, 041
5, 818 12, 075
11. 400
15, 506
37 135
37, 907
Refined*
do
I
34. 971
Price, wholesale, electrolytic (N. Y.)
j
.1180
.1179
.1180
.1182
.1181
.1183
.1182
.1182
.1181
.1178
.1178
dol. peril)., j .1178
• 1181
Production:
Mine or smelter (including custom intake)
85,135
83,280 I 79,240
85,701
88,042
86,911
84,283
90,342
82, 558
82 099
84, fi95 * 81, 830
short tons.. So, 546
97,035
93,840! 93,654
95,322
89, 687
83,076
96,283
89,390
88, 560
86, 879
85,426 r 81. 553
Refinery
.--do
I 86,617
Deliveries, refined, total
do.—j 121,457 103, 771 102,483 112,681 119, 758 112,819 | 134,339 123,629 144,293 115,139 143 122 117,486 121 021
DomesticcT—--do
! 121.313 103, 771 102,483 112, 671 119,736 112,808 134,333 123, 580 144,293 115,097 143 089 117,486 121,021
10
11
22
6
49
0
Export
.,—
..do
!
144
0
0
42
33
97,689 I 89,873
98,789
93,076
98,164
74 384
Stocks, refined, end of month
_._ d o - - . . | ?>7, 260 164,618 158,418 142, 772 116,854
71,930
63, R70
Lead:
!
19,205 | 19,707 i 14,321 | 27,991
27,739 | 19,084
39,764
40,553 I 33,374
22,160
47.891 ! 65,519
Imports, total, ex. mfrs. (lead content)..do
j.
Ore:
I
38, 847
38,665
38,779 ! 37,155
38,641
36,400
38,433 ! 34, 705
38,282
36.464 i 38, 228
38, 259
Receipts, lead content of domestic ore-do.... I 39,390
4,079
3,778
5,126
3,653 ; 3, 824
4,485
4,652 I 3,915
3,446
5,482 | 4, 576
5, 603
Shipments, Joplin district!—do_..J
3,883
Refined:
Price, wholesale, pig. desilverized (N. Y.) j
«(! ! .0585
.0550 ! .0550
.0560
.0531 I .0573
.0577
.0585
.0585 I .0585 ; .0585
.0585
dol. per lb-1
-0585
47,208 i 54,658
46,748
43,423
46,104 i
39,228 ! 45,089
47,764
39,100
42, 048
41, 373
Production from domestic ore_ -short tons-. j 37,221
56, 755 I 55,711
62,090
59,169
69,382 S 57,969
54,859
55,005
54,067
47,093
Shipments (reported)
_ _. d o . . . _ j 43, 537 62,496 I 57, 510
45,
996
42,899
34,018
|
35,
791
40,926
I
47,
248
35,386
I
46,604
15,
330
24,
265
19.172
13,148
Stocks, end of month..
«do
I 10,735
Tin:
;
Consumption of primary tin in manufac- !
6,210 j 6,600
6,660
8,860
6,220
8,130 i 8,390
6,230
8,830
7,900
8,560
8,830
tures
long tons.-i
9,358
10,490
16,092 \ 13,955
11,820
12, 505
12, 760
12,195
13, 625
14, 880
12, 575
12, 715
Deliveries (includes reexports)
do....
s, 000
14,756
13,069
14,100 ! 17, 718
9,906
10, 214
10, 701
12, 378
17.719
16, 285
14, 311
15, 266
Imports, total (tin content)*
do..
252 |
9
204 i 2,471
98 !
374
323
70
6,144
2,115
3,714 i 1,520
Ore (tin content)*
do.. 14,504 | 12, 055
13, 060
13,896
10,116 i 10, 327
9,836
15, 247
11. 575
12,196
11.552
14, 765
Bars, blocks, pigs, etc
do
.5011
.5150
i
.5140
.5205
I
.5196
.5216
.
.5056
.5016
.5236
.5267 | . 5335
. 5200
Price, wholesale, Straits (N. Y.)_.dol. per lb._
• 5200
44,678
40,631 i 40, 046
39,971
40, 777
38, 788
44,719
44,107
38, 600
Visible supply, world, end of mo. -long tons.. I
9,179
6,623 ! 4,362
7,489
5,195
9,442
5,016 ! 7,205
5,864 I 2,393 !
1,767
2,846
United States (excluding afloat).
do
j h 127
Zinc:
j
11,431
8,189 I 12,492
13. 841
14, 752
20,426 i 28, 447
22, 741
10,942
24, 342
14, 745
11,415
Imports, total (zinc content)*
short tonsj
3,464
1,987 | 18, 734
3,055 | 5, 728
3, 880
2,011
3,011
11, 704
8,040
8,372
5,624
For smelting, refining and export*
do
!
For domestic consumption:
2,349
10,935 i 9, 223
7,133
8,715
6,537
13, 768 I 5,665
4,783 I 6,309
2,638 I 2, 362
Ore (zinc content)*
do
5,618
3,766 • 3, 415
799
6,205
4,671
4,048
1,245
455
350
3,735 1 3,428
Blocks, pigs, etc., and old*
do |
Ore, Joplin district:!
i
40, 975
42,163
38,566 I 46, 944
35,196 i 36,928 | 44,882
33, 296
29, 538
43, 269
37,655 | 45. 250
Shipments
...short tons... 39,220
3,900
4,495 ! 2,651
4,600 ' 5,000 I 4,730
7,091
17, 045
5,597
11, 553
Stocks, end of month
do
4,730
5,250 : 8', 100
Price, wholesale, prime, western (St. Louis)
.0725 ; . 0725
.0725 | .0725 j .0725
.0725 ! .0725
.0725 1 .0725
.0725 ! .0725 I .0725
dol. per lb'..
-0794
Production, slab, at primary smelters: %
j
75,524 ' 73, 225
65, 354
66,121
68,543
61, 603
73,449
63, 338
61, 502
70, 341
70,837
74,641
short tons__
15,980
71,403
70,414
70, 270
68,844
65, 818
67, 640
73,090
73,099
66,064
71, 767
71, 569
71, 894
Shipments, totalt__
short tons.. 73,813
65, 035
61,061
64,984
63,930
65,011
64, 078
57, 663
61, 696
63,970
61,200
61, 546
62, 714
Domestic*
do
i 61,483
11,474
19.427
17,969
13,
345
17, 582
14, 859
10, 644
11,833
27,060
22, 498
11,101
13, 848
Stocks, refinery, end of month $
do
| 21,594
Miscellaneous Products
j
Brass and bronze (ingots and billets):
!
Deliveries
short tons..L.......
Orders, unfilled, end of month
do
Sheets, brass, wholesale price, mill.dol. per i b . J
. 195
Wire cloth (for paper industry):
i
Orders, new
thous. of sq. ft..
1.819
Orders, unfilled, end of month
do
6,317
Shipments
do
976
Stocks, end of month
do
j
631
MACHINERY AND APPARATUS
j
10, 093
34, 221
.192
10, 232
32, 017
.192
570
1,094
516
793
482
804
10, 567
12.429
29, 452
35,139
.193 | .195
433
978
518
763
\
!
|
i
704
1,105
572
13, 389
38, 253
.195
703 I
1,317 |
484
696 !
14, 938
33, 270
.195
15,558 j
29,576 1
.195 ;
15,390
30,535
.195
15, 308
30, 762
.195
773
1,493
594
720
974
1,801
665
736
1,061
2,153
707
764
1, 352
2,733
764
747
15, 672
30,891
.195
1,378
3,330
826
672 i
17,180
30, 646
.195
16, 38*
28. 981
. 195
1,971
4,451
844
642
1,880
5, 481
840
629
I
9, 577
Blowers and fans, new orders
thous. of dol..
6, 501
6,541
' 8. 816
Electric overhead cranes:
!
Orders, new
do
I 1,768
' 2,098
1.131
2,374
2,265 I
4,172
2,640 i 2,291
1,497
749
1,657
1, 769
2, 64
Orders, unfilled, end of month
do - J 13,503
12, 225
8,563
11, 034
13,298 ! 12, 825
10,174
4,109
5,087
12, 961
13, 744 • 13,498 i' 13, 814
" •
•
' 2,071
1.923
Shipments
do
1,364
1,063
825 i 1,030 j 1,102
1,217 I 1,235
629
615
1,287
1,678
Exports, machinery. (See Foreign trade.)
Foundry equipment:!
312.9
363.8
New orders, net total
1937-39=100....
403.8
264.0 j 254.2 1 257.8 j 2 8 5 . 3 !
281.1 315.2
315.2 377.
377.22
298.7
281.1
281.1
358.1
298. 2 I 372.0
New equipment..,
do
414.2 284.8
278.8
276.1 j 301.8 ! 295.9
291.
329.3
405.3
273.3
368.4
356.9 ' 339. 2
Repairs
do....
327.2
201.8
188.7 203.2 j 235.8
236.6 | 272.7
321.0 j 304. 7
292.5
326.9
Fuel e q u i p m e n t a n d heating a p p a r a t u s :
i
|
I
Oil burners:
"
j
I
31,140 i 34,143
23,642
36,194'
16,328
22,013
Orders, new, net
number..
27,451
41,029
22,705
17,016
18,513
"
^
'
32,521
28,511
22,885 I 22, 321
22, 612
Orders, unfilled, end of m o n t h
__do
18,358
9,056
7,562
8,043
10,353
22,448
23,114
10, 590
14,443
15, 266
31,369 i 34, 707
28,848
16, 091
18,160
22,819
Shipments
do
31,414
40,580
24,199
16,535
16,203
32,685 I 27, 845
31,940 ' 27, 294
25, 682 27.202 ! 33,017
Stocks, end of m o n t h
do....
27,099
18,060
18,415
16,860
18,027
19,941
22, 871
23, 701
42
44
84
Pulverizers, orders, new
do
I
62
30
52!
44
48
'72
56
47
33
61 !
Mechanical stokers, sales:
j
r
21,387 I '26,050 | 28, 244 ; 26,720
10, 596 j 6,103 j 5, 330 j 5, 408 j 9, 710 9,917 ! 14,137
Classes 1, 2, a n d 3
do
| 22,888
25,180
Classes 4 a n d 5:
,
.
.
,
,
.
487 i
418
403
400 !
Number
....
401
410
249 I
254 j
171 !
177 !
215 i
222
234
91,429 I S3, 222
93,515
91, 051
Horsepower
75,290
80,424
45,487 ' 51,671 i 56,011 ' 42,510 ' 52,894 I 55,387 | 63,238
2
*• Revised.
I D a t a for October 1940, J a n u a r y , April, July, a n d September 1941 are for 5 weeks; other months, 4 weeks.
Average for 14 days.
3 Average impossible due to lack of offerings part of m o n t h . " § D a t a revised for 1939; tor exports see table 14, p . 17 a n d for imports see table 15, p . 18*of t h e April 1941 issue.
^Revised to include foreign ores beginning J a n u a r y 1940; see p . S-32 of October 1941 Survey for earlier data, cf Beginning March 1941, includes duty-paid foreign copper.
*New series. Earlier d a t a for t h e new breakdown of copper imports and the new series for t i n and zinc imports will appear in a later issue. For domestic shipments of
zinc beginning J a n u a r y 1940. see p . S-32 of t h e October 1941 Survey.
tRevised series. T h e series on total consumption and shipments of bearing metal b y 60 manufacturers represents almost t h e entire i n d u s t r y ; d a t a beginning J a n u a r y 1939
will be published later. T h e breakdown for "consumed in own p l a n t s " and " s h i p m e n t s " is available only for 38 manufacturers, continuing t h e series previously shown.
http://fraser.stlouisfed.org/
For series on foundry equipment, see note marked with a "f" on p . S-32 of the September 1941 issue.
Federal Reserve Bank of St. Louis
December 1941
S-33
SURVEY OF CURRENT BUSINESS
Monthly statistics through December 1939, to- 1941
1940
gether with explanatory notes and references
to the sources of the data, may be found in the October October Novem- Decem1940 Supplement to the Survey
ber
ber
1941
January
February
March
April
May
June
! Julv
i
SepAugust tember
METALS AND MANUFACTURES—Continued
MACHINERY AND APPARATUS—Con.
Fuel equipment and heating apparatus—Con.
Unit heaters, new orders
thous. of dol
Warm-air furnaces, winter air-conditioning
systems, and equipment, new orders
thous. of dol .
Pumps and water systems, domestic, shipments:
Pitcher, other hand, and windmill pumps
units.. 41, 360
Power pumps, horizontal type
do
1,376
Water systems, including pumps
do
24,761
Pumps, steam, power, centrifugal, and rotary:
Orders, new
thous. of dol._
ELECTRICAL EQUIPMENT
Battery shipments (automotive replacement
only):
Unadjusted
.
1934-36=100..
Twelve-month moving totalf
do
Domestic appliances, sales billed:
Combined index, excluding refrigerators:*
Unadjusted i n d e x . . . . . .
1936=100...
Adjusted index.
do
Ironers, household....._
units-_
Ranges*
-do
51, 730
Refrigerators
do
'132,947
Vacuum cleaners, floor type
.do
127,190
Vacuum cleaners, hand type.
....do
21, 730
Washers, household
do
Electrical products:
Industrial materials, sales billed... 1936=100._
Motors and generators, new orders
do
Transmission and distribution equipment,
new orders
1936=100Furnaces, electric, industrial, sales:
Unit
kilowatts- 12,924
Value
thous. of dol—
1,060
Electrical goods, new orders (quarterly)
thous. of dol—
Laminated fiber products, shipments
do
3,363
Motors (1-200 hp.):
Polyphase induction, billingst---do
Polyphase induction, new orders t
do
Direct current, billings
do
Direct current, new orders
do-...
Power cable, paper insulated, shipments:
Unit
thous. of ft..
1,487
2,052
Value
.thous. of doL.
Rigid steel conduit and fittings, shipments*
short tons-Vulcanized
fiber:
j
Consumption of fiber paper
thous. of lb ! 3,958
Shipments
thous. of dol-1 1,202
6,086
3,772
4,424
6,482
15,168
8,651
10,857
18,973
32,634
874
30,134
906
15,477
20,813
969
11,511
44, 332
887
17,666
41,504
849
16, 703
41,318
917
18, 748
43, 601
1,483
20,953
40,884
993
23,889
36,475
975
24,453
46,572
1,176
25,802
45, 682
1,209
24,612
39,527
1,295
24,386
2,952
3,025
4,042
5,648
4,482
4,820
3,923
5,298
2,613
3,113
3,692
2,459
160
138
102
131
81
130
81
132
82
95
135
137
139
167
142
130
133
228
145
246
149
!
122.3
130.2
23, 282
34, 714
88,187
114, 699
38, 270
168, 527
147.7
254.3
202.7
91.1
88.4
192.1 '206.4 ' 203.9
144.3
157.7
183.9
128.5
128.6
181.3
169.0
145.6 ' 158.8 '161.5
18, 925 23,191
20,986
20,492
17,166
21, 789 21, 767 20,283
68,
629
65,
359
25, 248 24, 626 50,516
51,790
61, 647 65, 692
79, 815 115,236 376, 214 358,402 423,010 482, 587 433, 670 378, 054
156,816
146,889
125,037
117,408
112,309
129,302 178,045 165, 672
39, 376 36, 274 30,177 34, 696 46, 284 44, 602 42, 394 35, 783
100, 787 92,474 133,411 155, 546 191,325 213, 611 206,030 188, 365
199.6
' 204.5
21, 246
64,476
339,421
155,843
31,977
213,862
240.8
444.1
243.0
307.0
' 335.9
' 288.8
360.4
11,626 I 11.644
976
18,312
1,522
22, 291
1,733
2,822
2,803
629,028
3,102
148.2
223.9
164.8
262.0
187.4
220.6
194.5
'275.9
223.3
' 342.3
234.4
263.2
251.7
429.7
237.1
' 406. 5
289.1
' 233.9
214.2
219.8
'273.0
' 355.8
' 250.9
329.7
303.0
16,965
1, 341
12, 228
1,043
31,866
1,766
10,516
924
21,508
1,719
31, 595
1,402
13, 774
997
9,689
646
1,718
1,812
514, 816
2,023
2,330
554,115
2,606
3,703
4,731
1,212
2,674
3,524
4,628
1,297
2,209
4,358
6,397
1,412
2,065
4,353
5,829
1,381
2,738
891
1,110
586
739
1,167
15,403
18,848
2,582
714
2,742
i
193.2
158.6
193.3
162.9
14,545
18,478
50, 759
66, 206
270, 543 '164,521
150, 620 182,550
33, 239
27, 686
148,811 145,194
254.5
370.9
2,659 !
2,896
945 I
581,675 !
2,791 |
4,679
7,523
1,762
2,882
5,044
6,195
1,369
2,060
5,583
7,351
1,793
3,595
5,455 |
7,750
1,725 1
4,257 1
5,983
6, 200
1,867
4,512
5,765
5,825
1,761
3,395
6,016
6,560
1,843
3,057
1,284
1,457
1,209
1,253
1,370
1,751
1,321
1,655
1,510
1,860
1,418
1,729
1,244
1,807
19, 262
18,291 | 19,468
20,791
1,373
1,595
22,633
24,310
26,838
26, 540
27,681
28,879
2,981
805
3,012
838
3,448
1,029
3,471
1,158
3,635
1,177
3,762
1,100
3,595
1,178
3,683
1,302
3,785
1,183
2,123
083 I
172 !
'926 S
PAPER AND PRINTING
WOOD PULP
Consumption and shipments; • §
Total, all grades.
.
short tons..
750,400 '733,300 '724,000 '769, 700 "721, 200 '811,700 '818,200 '851,400 '813,500 '809.900 844,400 805,300
Chemical:
Sulphate, total
do
343, 600 332, 000 '322,700 342, 400 320, 500 362, 200 364, 900 387,000 369,800 362,400 387, 700 367, 400
Unbleached....
.
do
288, 600 280, 900 '272,900 288, 200 267,000 303,900 306, 800 326,900 309,800 '304,300 327, 200 313, 000
Sulphite, total
do
210, 200 '217,000 ' 214,400 '223, 700 214, 000 242, 600 242,100 248,000 241, 400 247, 000 252,4 0 240, 600
Bleached
do
127,900 129,300 '127,300 131, 600 124, 500 146, 000 146,600 148,700 143,800 148, 500 151,400 140,800
Soda
^
do
' 45, 000 ' 39, 900 ' 47, 300 ' 49,400 ' 45, 400 ' 51,000 ' 50,700 ' 52,500 ' 52, 700 ' 52,500 ' 54, 300 51, 400
Groundwood
.do
151, 600 144,400 ' 139, 600 '154, 200 141, 300 155, 900 160, 400 163,900 149, 600 148, 000 150,000 145,800
14,174 35,387
Exports, total, all grades*
.do
19,378
24,175
13, 828
39, 359 28| 244 36, 627 23, 501 24,870
37, 999 48,738
Imports, total, all grades*
...do
85,136 95,175 105,031
90, 501 109,831 98, 027
70, 549 70, 686 72,493 69,821
68,112
84,967
Chemical:
14, 530
10, 869 12, 521 14, 438 15,671
Sulphate, total*
do.
13, 659 16, 287 14,431
15,194 16,447 11,858 15,255
Reached*.....
do.
6, 515
7,872
9,845
9,757
8,414
10, 465
8,001
10, 268
9,942 11, 903
7,799
10, 552
Unble:
" '"
43, 509 46, 423 44, 520 45,907 45, 554 55, 699 53,184 61, 300 70, 598 57,369
Sulphite, total*.
.do.-..
75,111
65,158
25,112
30, 575 33, 692 35, 219 28,930 38, 055 32, 524
Bleached*. _ _
..
.do
27, 399 23, 603 25,859
28, 227 30,156
18, 397 19.024
20, 917 20,048
Unbleached*.
.....
.do
17, 327 25, 543 22, 609 27, 608 35,379
28,439 37, 056 32, 634
12, 903 10, 745 11, 030 10,199
16, 394 17, 629 16, 732 20,149
11,731
Groundwood^
do
9,495
17,626
16, 804
Production^
761, 372 747,843 '730,039 '790,314 717,077 -•806,901 '811,718 '846,416 '805,978 '777,045 820,838 791,658
Total, all grades.
.
do
Chemical:
•346, 643 '330, 032 '325,338 355, 713 323, 258 360, 073 353,677 377,850 366,582 355, 782 384,432 '366,362
Sulphate, total..
do
291,929 278,315 '276,415 299, 429 270,902 301, 654 295, 010 317, 245 307,094 298,831 323,509 312,395
Unbleached___. ,
do
224, 233 218,582 "207,370 225,486 203,113 237, 479 238, 546 244,139 239, 636 235,400 247, 231 240, 272
Sulphite, total
do
135, 766 125, 360 ' 121,677 135, 873 120, 598 140,900 143, 227 146, 712 145, 247 140, 525 147, 235 141, 729
Bleached....
_._do
' 46,474 ' 41,104 ' 47,844 ' 48, 304 ' 44, 547 ' 51. 024 ' 50,319 ' 53,152 ' 52,160 ' 50,913 ' 54,775 50, 295
Soda
_.
do.—
144, 022 158,125 '149,487 160,811 146,159 158, 325 169,176 171,275 147,600 134,950 134,400 134, 729
Groundwooddo
Stocks, end of month:§
Total, all grades.
do
'156,200 170,500 176, 700 '197,500 193,300 188,500 '182, 000 '177,000 '169,500 '136,700 113,100 99, 400
Chemical:
Sulphate, total,do
51,100 49, 000 37,800 28,600 r 25,400 18.900 ' 15,500 14, 500
• 34, 300 32, 300 ' 35, 000 48,400
Unbleached...
do
• 30, 200 27, 600 r 31, 100 42, 400 46, 300 44,100 32, 300 22, 600 19, 900 14,400 ' 10, 700 10,100
Sulphite, total
do._.
69, 200 64, 000 60,400 56, 600 54,800
43,100 38, 000 37,600
' 85, 300 ' 78, 200 80,100
Bleached
.do
200 43,300
52, 500 48, 600
38, 200 34,800 32, 900 34, 400 26, 300 22,100 23,100
900 '47,
8,200
'
7,000
Soda
.do
'
7,400
'
7,700
'
5,600 '6,100
'
7,
500
' 7, 600 ' 8. 700 '42,
4,900
'
7,
200
9, 400 60,800
Groundwood
-do
65, 600 68, 000 76,800 84,100 82,100
69,100 53,500 42,400
' 30, 500 ' 44, 200 ' 54,100
3.46
3.46
3.46
3.46
Price, sulphite, unbleached
dol. per 100 lb.
3.46
3.46
3.46
3.46
3.53
3.71
3.46
3.71
3.46
' Revised.
v Preliminary.
•Domestic pulp used in producing mills and shipments to market.
JShown in 1940 Supplement and monthly issues through February 1941 as A. C. motors. ^Data revised for 1939; see table 15, p. 18 of the April 1941 issue.
*Ncw series. For data beginning 1931 on unit sales of electric ranges, see table 52, p. 18 of the November 1940 issue (for revision in note regarding coverage of the data,
see note marked with an "*" on p . S-33 of the October 1941 Survey). Data beginning 1937 for shipments of rigid steel conduit and fittings are shown in table 34, p. 26, of
the November Survey. Earlier monthly data for the indexes of domestic appliances are shown in table 30, p. 20, of the November Survey. Data beginning 1913 for wood
pulp are shown on p. 13 of the October 1940 issue.
§Data on consumption, production, and stocks have been revised for 1939 and 1940 to adjust monthly figures to annual census data on production. The revised data will
Digitized be
forpublished
FRASERin a subsequent issue.
tRevised scries. This series replaces the adjusted index; earlier data will appear in a subsequent issue.
http://fraser.stlouisfed.org/
Federal Reserve Bank of St. Louis
S-34
SURVEY OF CURRENT BUSINESS
December 1941
Monthly statistics through December 1939, together with explanatory notes and references
to the sources of the data, may be found in the
1940 Supplement to the Survey
PAPER AND PRINTING—Continued
PAPER
Total paper, incl. newsprint and paperboard:!
Production
short tons
Paper, excl. newsprint and paperboard:!
Orders, new
.short tons Production
do
Shipments
do
Book paper:cf
Coated paper:
Orders, new
short tons-- 24, 276
Orders, unfilled, end of month
do
21, 646
Production
do
29,049
100.0
Percent of standard capacity
Shipments
short tons-. 28, 703
13,514
Stocks, end of month
do
Uncoated paper:
Orders, new
do
135, 649
134, 649
Orders, unfilled, end of month
do
Price, wholesale, "B" grade, English finish,
7.30
white, f. o. b. mill
dol. per 1001b-Production
short tons-- 145, 887
111.0
Percent of standard capacity
Shipments
short tons-, 146, 523
43,115
Stocks, end of month
do
Fine paper: f
Orders, new
do
Orders, unfilled, end of month
do
Production
do
Shipments
do
Stocks, end of month
do
Wrapping paper:f
Orders, new
do
Orders, unfilled, end of month
do
Production
do
Shipments
do
Stocks, end of month
_-do
Newsprint:
Canada:
321, 664
Exports
do
318, 787
Production
do
304,
685
Shipments from mills
do
162, 582
Stocks, at mills, end of month.
-do
United States:
262, 488
Consumption by publishers
do
Imports
do
Price, rolls (N. Y.)
dol. per short ton.. 50.00
Production
short tons._ 87,068
Shipments from mills
do ! 87, 318
Stocks, end of month:
I
11,614
At mills
do
At publishers
do | 334, 529
46, 570
In transit to publishers
do
Paperboard:
464, 446
Consumption, waste paper
do
595, 634
Orders, new
do
Orders, unfilled, end of month
do j 446,033
Production
do j 583, 668
Percent of capacity
! 98.9
Waste paper stocks, at mills
short tons._| 189,163
PAPER PRODUCTS
|
Coated abrasive paper and cloth:
;
Shipments
reams. _ i
PRINTING
j
Book publication, total-..no. ol editions..!
New books
do i. _. ...
New editions
do i._
Continuous form stationery, new orders
i
thous. of sets..! 299,591
Sales books, new orders
thous. of books. _| 28, 278
,003,971
949,422 \ 908,471 1,002,800 I 934,996 1,052,665 1,079,772 1,150,067 1,093,065 '1,093,882 1, 161,261)1,137,340
435,059 424,064 417, 776 488, 585 465, 537 565,856 589,695
442,610 420,810 420, 005 466, 697 428,857 479, 531 492,842
432, 521 416, 419 415, 625 471,114 438,804 494, 007 506, 087
600,681
532,868
545,621
558, 363
504,690
521, 340
578,353
507,063
524,349
33,039
20, 613
23, 971
84.1
24, 579
13,281
26,132
23,354
22,913
86.8
23,388
12,745
24,967
24, 741
23, 808
86.7
23,905
12, 587
• 572, 746548.448
" 532, 553520, 278
• 541, 964529,817
18, 334
5,108
18,163
62.5
19, 431
14,158
15,990
5,264
16, 045
58.0
16, 424
13, 633
16,968
6,174 |
17,726 j
65.9 !
15,967
15,326
101, 660
41,334
97,667
45, 775
98, 679 117,435 ; 113,640
55,711 i 63,920
48,845
6.30
106, 482
80.9
103, 493
63,152
6.30
99, 298
77.3
95, 074
68, 555
6.30 i
6.30
6.30
6.30
6.95
6.30
6.55
7.30
96, 229 107,721 104,071 120,879 121,913 134, 371 128,939 126, 564 138,599
81.0
101.6
107.2
86.8
93.8
95.4
100.6
78.8
105.1
96, 378 109,982 ;107, 359 125, 404 127, 587 136, 296 130,589 129, 224 136,180
50,754
49, 687 47, 614 43, 755 47,932
66, 574 64,141 ! 61, 373 56,721
41, 643
16, 534
44, 751
43, 448
64,093
42, 808
18, 696
42, 997
42, 375
64, 936
40, 309
17, 751
42,017
41, 078
67,178
165, 209 158.156 156,576
76, 590 77, 967
84, 749
162,492 157,204 ! 154,819
159, 429 156,992 I 149,794
81, 508 81,870
86,875
20,546
6,772
19,636
67.6
19,943
14,971
i 20,107
8,532
I 18,949
! 73.4
I 19,280
i 14,622
49,492
21,342 ;
45,169 j
46,750 !
66,826 ;
! 21,862
| 9,076
i 22,167
; 80.8
! 22, 059
! 14, 397
133, 970 150,707 165, 927 139, 598
70,048 ! 93,257 119, 533 124, 865
48,699
22, 696
42,604
44,032
65, 041
56, 550
35, 612
47, 598
47,819
65,187
177,007; 167, 135
89,722 ! 96,294
172,622 I157, 757
172,176 i158, 726
89,015
84,075
214, 238
135, 387
174, 357
177, 163
87,556
275,822 276, 586 263, 450 211,022
309,957 282, 344 252, 897 261, 298
287,943 286, 739 276,457 243, 394
180, 326 175, 931 152, 371 170, 275
219.464 232,197
245, 607 275,769!
239,745 265,724
176,137 186,182
261,028 251,457 ! 256,036 229, 799 219,362
229, 561 257,020 ! 217,323 192, 240 187,170
50.00 I 50.00
50.00
50.00
50.00
80, 837 89,124
88,192 85, 338
79,720
84, 037 84,141
88, 774 87, 331
81,241
28, 276
14,091
22,230
81.0
22, 648
13,923
258, 518
221. 542
50.00
87, 376
85, 503
65, 706
125,824
55. 065
59, 365
49,155
195,492
200, 233
ISO,581
195,017
70,54o
183,054
199, 450
186, 853
185,418
71,809
276,452 268, 706 9fiq fifift i 303,126 | 275, 223
279, 996 284, 767 273 697 I 293*483 ! 293,054
285,789 291,112 281 S n ' 300/236 j 296.985
180, 389 174, 044 165;898 i 159,145 155,214
293. 18J
298, 270
305, 010
148, 480
2f-8,431 260,827 242,404
2?. 7, 639 276, 257 252,872
50.00
50. 00
50.00
67, 000 90,913
83, 962
91,487
91, 689 85. 424
322,991 | 275,353
426,614 I 393,026
128,222 j 115,143
443, 274 407, 629
75.7
70.7
260, 320
), 755
?57,091
550,038
330,779
499,930
87.9
262,398
111,106
101,925
822
166
1,027
916
111
170, 828 157, 474
18, 559 17,405
1,122
889
233
568
508
60
183,392 i 171,273
17,481 | 19,947
7. 30
128,983
105.0
132, 720
43, 828
r
76, 968
• 120, 602
"• 54, 074
r
56, 532
' 49, 07S
333, 739
486, 181
140 027
473,169
77.8
249, 860
90,670 I 106,890 j 116,944 j 137,177
r
68, 730
66, 475
52,819
55, 580
59, 356
14,303 i 13,527
:2£5,588 I 252,381
46,679 I 51,197
371, 253
543,988
252, 611
485, 758
85.4
253, 009
21, 032
24, 772
24. 791
92 2
24, 692
12, 762
143, 528 139, 643 134, 790
136, 394 143, 209 145,861
66, 947 71,168
79, 560 r 102.591
49, 769
49,186
51,201 r 53, 664
57,838 '51,194
219 505 210,195 194,352 I195, 280
170; 815 179, 794 193,056 I 199,691
179, 601 195, 764 181,924 !184,619
184 015 201,330 181,928 !186,706
86 085 79,864 79,083 ! 77, 634
67, 507
49, 742
49,112
52, 791
62, 818
18, 648 16, 655 13,455
18,438
16, 917 18,790
339,211 327, 913 308,880 301, 562 284,79 252,856
42, 039 39,188
44, 312
47, 592 34,719 ; 42,163
322, 408 310. 969
520.931 470, 671
160, 561 202, 284
446,979 426,419
76.1
81.5
264, 393 260. 890
28,113
27, 503
25, 248
91.2
25, 273
12, 637
!
|
j
!
1
j
377,595
572,522
370,151
526,286
89.4
269,737
129,119 i 135.571
891 ; 1,310 I
722 i 1 , 1 0 0 '•
169 ;
210 i
918
800
118
1.051
'887
164
215,012
247.103
50.00
83,199
84,641
! 224,361
I 254, 895
I 50.00
! 83,592
j 80,756
239, 098
242, 570
50.00
78, 657
80, 252
11,864
341, 884
46, 608
411,073 422, 36i
Q7/< 1Q.K ! 384,765
565,853 542,792
d74, loo j f.^ 9 - 9
452, 966 444.736
383,534 ! - ft o' R on
545.116 538, 405
504,413 ! o 0 V " ° .
95.0
95.9
n9 o • 8o. 6 237, 339 218.257
2 2 31
264,631 i ' ' '
12 065 ! l 0 > 6 2 3 ' 1 3 > 4 5 9
277,681 ! 3 2 0 > 6 0 2 I 3 4 5 > 1 5 8
49^687 ' 40,451 | 38,706
130,852
894
708 i
186 !
146/734 i 173,022
695 !
593 i
102 !
985
774
211
780
128
192,228 ;i 207,715 I 188,909 j 203,327 I 262,591 I 195,361 j 219,326 271,203
19,621 ! 21,331 ! 24,470 | 26,137 j 26.219 I 26.544
18,328
27, 878
RUBBER AND PRODUCTS
CRUDE AND SCRAP RUBBER
I
Crude rubber:
Consumption, total
long tons-. 60,418 59, 644 57, 716 59,709 65, 989 62, 692 69, 024 71, 374 71,365 84,912
147,045
130,060
For tires and tubes (quarterly)
do
118, 314
64, 577
63, 305 101, 404
Imports, total, including latext
do
74, 696
86, 833
87,123
72, 901
73, 973
72,222
97,984
.219
.239
Price, smoked sheets (N. Y.)
dol. per lb..
.221
.199
.228
.203
.216
.204
.232
ono
127,364
Shipments, world§
long tons..
90, 607 139,164 114,899 126,198
127,079 ! 99,817 127,189 126, 575
Stocks, end of month:
Afloat, total
do ..
265,000 250,000 250 000 265, 000 245,000 260, 000 275, 000 255, 000 275,000
For United States
do
166,837 158,095 145 950 153,169 136,955 140,228 153,484 147,459 175,499
91,121
90,021
85, 437
95. 322
British Malaya
do
77, 471
75. 877
75, 560 84, 343 102, 425
United States *
do.....
235, 353 250, 412 288, 864 309, 411 320, 373 338,147 329, 767 359, 234 339,108
Reclaimed rubber:
21,725
21. 405
22,559
Consumption
do
19, 611
20, 427
16, 807
16,312
18,222
17 397 19, 086
23, 111
23,790
22, 775
21, 574
Production
do
19,506
22, 006
19, 300
17, 636
19 239 20, 413
36,265
36. 751
35,336
35, 871
33, 654
Stocks, end of month
do
35, 028
30, 816
31, 459
32. 636 33, 380
53,311
Scrap rubber consumption
do
46,181
41 176
' Revised.
i Includes Government reserves.
fRevised series. For revised data for "total paper," "paper, excluding newsprint and paperboard," fine, and wrapping papers beginning 1934, see table 43, pp. 12 and 13,
of the November 1940 Survey.
tFor monthly data for 1913 to 1938, corresponding to the monthly averages on p. 148 of the 1940 Supplement, see table 28, p. 18 of the May 1940 Survey; for revised data
for 1939, see table 15, p. 18 of the April 1941 Survey.
©"In recent months the number of companies reporting has fluctuated to such an extent that tonnagefiguresare not comparable from month to month.
§Beginningwith the January 1941 Survey, data for world shipments of crude rubber are from the Statistical Bulletin of the International Rubber Regulations Committee;
earlier data from this source have been in close agreement with data compiled by the Bureau of Foreign and Domestic Commerce, shown in previous issues of the Survey.
December 1941
Monthly statistics through December 1939, together with explanatory notes and references
to the sources of the data, may be found in the
1940 Supplement to the Survey
S-35
SURVEY OF CURRENT BUSINESS
1941
1941
1940
October October
Novem- December
ber
January
Febru- I March
ary
April
RUBBER AND PRODUCTS—Continued
TIRES AND TUBES
Pneumatic casings:
Production
thousands..
Shipments, total
do
Original equipment
do
Replacement equipment
do . .
Exports
.
_ -.do
Stocks, end of month
do
Inner tubes:
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
RUBBER AND CANVAS FOOTWEAR
Production, total . . .
-.thous. of pairs..
Shipments, total
do
Stocks, total, end of month..
do
4, 834
5,867
1,994
4.123
4,137
5,143
4, 448
5,077
5,525
2,320
3,048
158
9,410
4,732
4,969
2,435
2,404
130
9,163
4,968
4,991
2,624
2,249
118
9,127
5,486
4,850
2,291
2,430
128
9,797
5,161
4,896
2,546
2,197
153
10,029
5,686
5,517
2,638
2,722
158
10,149
5,839
5,999
2,334
3,487
178
9,958
6,091
7,676
2,700
4,816
160
8,373
6,379
7,602
2,757
4,709
136
7,088
4,548
4,876
124
7,648
4,104
4,690
106
7,056
4,656
4,644
87
7,017
5,113
4,474
96
7,633
4,887
4,610
102
7,924
5,349
5,181
137
8,069
5,481
5,358
127
8,143
5,839
6,310
109
7,686
6,264
6,908
104
7,010
6, 848
7,433
8, 650
5,105
5,971
13,365
5,146
6,633
11,878
5,369
6,118
11,129
5,939
6,614
10,377
5,543
5,166
10, 754
5,827
5,359
11, 222
* 5. 278
'• o, 917
89
6,357
88, 614
83,649
75,475
* 5, 578
* 6, 450
1, 998
' 4, 309
143
6, 235
r
6,628
5,555
12,272
6,084
5,134
13,223
6, 278
5,668
13, 834
4,789
6,366
12, 256
STONE, CLAY, AND GLASS PRODUCTS
PORTLAND CEMENT
Production
thous. of bbl_.
Percent of capacity
Shipments
thous. of bbl..
Stocks, finished, end of month
do
Stocks, clinker, end of month
do
CLAY PRODUCTS
Common brick, price, wholesale, composite,
f. o. b. plant
dol. per thous..
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
GLASS PRODUCTS
Glass containers:
Production
thous. of gross..
Percent of capacity
Shipments, total
-thous. of gross..
Narrow neck, food*
do
Wide mouth, food*
do
Pressed food ware*.
do
Pressure and non-pressure*
do
Beer bottles*
do
Liquor ware*
do
Medicine and toilet*
do
General purpose*...
do
Milk bottles*
do__.
Fruit jars and jelly glasses*.
do
Stocks, end of month
do
Other glassware, machine-made:*
Tumblers:
Production
thous. of doz..
Shipments
do
Stocks..
do....
Table, kitchen, and household ware, shipments
thous. of doz..
Plate glass, polished, production
thous. of sq. ft-.
Window glass, production
thous. of boxes..
Percent of capacity
GYPSUM AND PRODUCTS
Crude:
Imports
short tons..
Production
.
do
Calcined, production
do _ _.
Gypsum products sold or used:
Uncalcined
do....
Calcined:
Building plasters
do
For mfg. and industrial uses
do
Keene's cement
do
Board and tile, total
thous. of sq. ft.
Lath...
do
Tile
do...
Wallboard
do...
16,688
78.6
17, 833
16. 416
4,193
13,935
63.7
15,776
18,008
4,470
12, 725
60.1
10,372
20,353
4,558
11,195
51.2
8,192
23, 379
9,021
42.4
7,984
24,416
5,092
8,345
43.4
7,456
25,307
5,520
10,596
49.8
9,915
25, 988
6,276
12,196
59.3
14,132
24,056
6,207
14,732
69.4
16,048
22,745
6,005
15, 223
74.0
16,109
21,865
5,757
16, 000
74.9
16,687
21,178
5,522
12.886
12.147
16, 345
76.5
17, 825
19, 732
5,219
16, llo
78.3
18, 284
17, 561
4,804
12.148
12.195
12. 201
12. 242
12.328
12.323
12.404
12. 483
12. 604
5,860
1,470
5,181
1,344
4,724
1,249
4,565
1,195
4,368
1,117
5,597
1,387
5,219
1,363
6,172
1,629
6,340
1,694
7,192
1,929
6, 701
1,890
7,365
34, 510
5,769
32,031
2,516
30,288
1,801
30, 580
1,015
30,442
1,088
30, 402
2,640
30,233
3,612
28,622
3,384
28, 778
' 4.056
2&711
3, 906
28, 781
7,094
102.2
6, 315
386
1,268
55
312
428
1,043
2,038
472
285
10
7,948
4,864
70.3
4,816
423
949
40
106
105
1,031
1,608
322
201
14
9,247
4,351
67.9
4,077
170
807
31
126
102
1,138
1,230
257
197
4
9,432
4,198
65.5
3,526
138
682
33
189
154
803
1,040
267
198
3
9,988
4,517
65.0
4,177
189
961
41
224
140
589
1,468
337
206
9
10,109
4,368
70.8
4,273
205
909
37
275
167
676
1,433
351
199
8
10,097
5,128
76.7
5,117
240
1,038
42
412
368
843
1,493
434
213
13
9,979
5,325
79.7
5,573
289
1,113
35
633
418
865
1,522
405
229
41
9,612
6,246
93.5
6,402
326
1,212
49
779
548
991
1,609
453
272
136
9,244
6,166
96.0
6,865
358
1,447
47
763
605
1,028
1,695
477
262
165
8,397
6,291
94.1
6,363
489
6,791
101.6
6,801
830
1, 300
39
480
430
922
1,826
410
301
239
8,052
6,286
97.8
6,902
970
1,249
45
333
396
1,071
1,898
410
342
158
7,321
4,837
4, 937
6,975
3,887
3,642
7,991
3,056
2,804
8,160
3,199
2,876
8,455
3,200
2,641
8,775
3,694
4,004
8,419
4,200
4,424
8,115
3,838
4,387
7,499
5,548
5,055
7,896
4,857
4,863
7,820
4,541
4,382
4,879
4,826
7,872
4,407
4,998
7,208
1,306
44
691
495
834
1,603
398
278
200
8,176
12.832
6,330
1,816
4, 082
3,763
3,006
2,456
2,316
2,9(05
3,400
3,922
3,372
3,069
2,903
3, 857
3,427
15, 769
1,524
93.9
17,070
1,349
83.1
16,059
1,264
78.0
17,491
1,458
19,350
1,561
96.2
15, 664
1,397
86.1
18,266
1,417
87.3
18,344
1,400
86.3
18,394
1,282
78.9
18, 534
1,304
80.3
12, 463
1,281
78.9
14,126
1,267
78.1
14,906
1,123
69. 2
387,969
1,033,403
888,078
175,467
811,500
764, 500
326, 248
1,197,689
1,026,987
366, 519
1,335,905
1,099,244
244,975
200,630
370,482
377, 807
430,090
33,358
6,447
621,768
388, 230
6,816
226, 722
373, 503
36,027
6,450
539,000
322,700
7,100
209, 200
523, 218
38, 222
7,672
709, 282
472, 696
11, 267
225, 319
577, 840
41, 569
8,854
718,415
479, 794
9,133
229, 488
TEXTILE PRODUCTS
CLOTHING
Hosiery:
Production
-thous. of dozen pairs..
Shipments
.do
Stocks, end of month..
do
14,101
14,971
21, 238
13,586
14,109
23,879
12, 579
12,975
23,626
11,279
11, 536
23, 511
12, 747
11,822
24,527
11,558
11, 573
24,603
12,105
12,495
24,304
12,871
12,737
24,530
12,621
11,750
25,493
12, 531
11,933
26,183
12,897
12,888
26,192
11,495
13, 783
23, 904
11, 969
13, 766
22,107
'Revised.
•New series. Data for glass containers for the period January 1934-December 1939 are shown in table 49, pp. 16 and 17, of the November 1940 issue; minor revisions for
1940 for wide-mouth food containers and liquor ware not shown on p. S-35 of the September 1941 issue are available on request; earlier data on glassware other than containers
are shown in table 2, p. 17, of the January 1941 Survey.
S-36
SURVEY OF CURRENT BUSINESS
Monthly statistics through December 1939, to- 1941
1940
gether with explanatory notes and references
to the sources of the data, may be found in the October October
1940 Supplement to the Survey
December 1941
1941
December
Janu- I February | ary
March i April | May
June
July
SepI August tember
TEXTILE PRODUCTS—Continued
COTTON
;
Consumption
.
j 953,600 770,832 I 741,170 j 777,482 844, 839 793, 428 854, 767 920, 950 923, 518
By classes of manufactured products:*
j
1856, 004 178,046 162, 785 174, 051 190, 786 191,607
Sales yarn
do
I 208,560
' 226, 029
Duck..
.
do
! 57,456
47,114
48, 098 48, 755 50, 099 54,743
5313,615
Tire fabrics and cords
do
i 68,129
65, 649 62, 736 72, 838 70, 540 73,400
i568, 629 119, 553 107, 894 115,555 129, 008 125, 845
Narrow sheetings and allied fabrics._do
I 138,419
i 355, 881
Wide fabrics
d o . . . . I 80,901
71, 382
70,244
65, 602 70, 726 71,215
1449,117
Print cloth yarn fabrics
do
91,416
91,449
81, 743 85, 765 89, 432 85,970
1236,617
Fine goods
do
56,732
54, 320 49, 372
49, 769 45, 022 46,840
1189,250
Napped fabrics
do
46,009
38,065 34, 085 36, 495 42, 461 39, 932
1294, 922
57,124
Colored yarn fabrics
do
69,850
60, 430 64, 421
61,465
55,156
i 92, 364
19,972
Towels
do
20,547
19, 881
17,378
17, 692 19.412
i169,981
Other woven fabrics and specialties.. do
35,944
35, 385 32, 358 34, 341 36, 308 32, 580
i448,921
92,865
All other cotton products
do
j 79,637
106,379 114,385
70,722 80, 257
56,185 68, 568 97, 292 74, 009 71, 550
Exports (excluding]inters)§
do
s 161,668 194,700 144, 710 112, 557
5,906
28,184
15, 726 12, 026
Imports (excluding linters)§
do
j 40,696
18, 846 30, 853
9,624
14,210
.093
.094
.097
.094
Prices received by farmers
dol. per l b . J
. 166
.105
.095
.094
.117
.102
.108
.096
.100
Prices, wholesale, middling (New York)__do
|
, 171
.104
.107
.113
.129
Production:
j
I
11,430
9,086
10, 866
11,931
12, 298
Ginmngs (running bales) • __ .thous. of bales..! 7,964
Crop estimate, equivalent 500-lb. bales
3
12,565
thous. of bales.. 211,020
Stocks, domestic cotton in the United States,
20, 401 19, 503 18, 627 17,738
16, 899 15, 978
15,003
14,020
total cf
thous. of bales.. 19,886
1,840
3,183
1,043
5.278
1,288
802
925
843
On farms and in transit d"
do
4,712
15,014
14,
697
14,009
13,
826
14,
636
13,209
12, 339
11,321
Warehouses
do
j 13'268
1, 773
1,623
1,814
1,847
1,297
1,862
1,844
1.856
Mills
do
I 1,906
I
COTTON MANUFACTURES
Cotton cloth:
Exports§._
thous. of sq. yd_.
Imports!
..do
Prices, wholesale:
20.45
Mill margins
cents per lb__
Print cloth, 64x60
dol. per yd..
.080
Sheeting, unbleached, 4 x 4
do
.094
Finished cotton cloth, production:
Bleached, plain
thous. of yd.. 188, 594
Dyed, colors
do
143, 718
Dyed, black
do
7, 116
Printed
do
98, 297
Spindle activity:
Active spindles
thousands.. 23, 043
Active spindle hrs., total
mil. of hrs.. H, 232
Average pers pindle in place
hours..
463
Operations
percent of capacity..
125.8
Cotton yarn, wholesale prices:
22/1, cones (factory)
dol. per lb__
.396
40/s, southern, single, carded, Boston...do
.479
26, 709
5,136
22, 471
9,283
378
103.5
.257 I
.355
ISO, 217 194,236 18J, 735
50,421
51,793
55, 448
66,194 66, 745 63, 217
120, 290 130,251 124, 757
72, 310 75,151
71,801
80, 507 88,358
82, 514
48,086
52,473
48. 736
38, 733 41,237
40,964
59,899 62,174
61,677
19,311
18,523
31, 569 33,376
32, 216
108,275 115,005
92, 525
75, 236 61,110
34,967
26,108
43, 322
17,243
.128
.153
.143
.144 I .164
.168
504
13,099
735
10, 521
1,843
12,031
21,628
590
io, 774
9,640
9 233
1,801 i 1,621
34,944
7,060
33,937
9,791
38, 513
7,796
37,947
8,828
44, 972
6,680
39, 039
2,929
41,194
4,275
49, 576
3,075
14.94
.055
.067
16.00
.057
.073
18.17
.066
.078
19.81
.072
20.85
.080
21.84
.088
.093
19.06
.078
.095
20.53
.080
164,079 155, 770 164, 610 159,429
129, 878 119,889 122, 954 120,108
5, 668
6,304
5,528
6,535
105, 468 108, 886 107,857 107,358
175,144
141,056
6,270
126,671
178,538
146, 235
6, 543
122,245
182,003
145,612
6,989
119,222
22,806 ; 22,807
9,593
10,299
393 |
423
116.9
120.1
23,004
10, 276
422
121.7
22,995
9,938
408
121. 5
23. 028
10, 537
433
123.0
23,029
10, 253
421
125.3
.338
.419
.366
.430
.365
.433
.373
.433
.413
.475
29, 954
11,420
27,734
7,581
14.50
13.31 14.24
.054
. 052 .054
.062 I
.065 .066
154,479
126,610
8,238
110,657
875,812 j 929,782 | 874,113 875,682
22, 686
8,621
351
105. 7
22, 799
8, 660
353
105.2
22, 829
9,902
404
112.3
. 267
.377
.268
.403
272
]404
22, 777
8,922
365
114.0
!390
158, 569 168,211
125, 282 134,584
5,890
6,360
96,871
98,704
171,667
132,177
6,113
97, 283
RAYON AND SILK
Rayon:
34.0
35.0
31.6
38.3
36.7
35.4
40.2
34.8
38.7
Deliveries (consumption), yarn*...mil. of lb__
39.4
37.3
41.7
2,466
1,660
1,774
1.457
386
1,576
2,261
1,611
1,304
576
Imports§
thous. of lb_.
228
Price, wholesale, viscose, 150 denier, first
.530
.530
.530
.530
.530
.530
.530
.530
.530
.530
quality, minimum filament*..-dol. perlb..
.550
.530
6.3
8.9
10.0
4.6
10.2
6.7
7.4
5.8
3.6
Stocks, yarn, end of montht
mil. of lb._
4.2
5.3
Silk:
23,113
28,425
28,111
39,877 36,374
25,828
22,440 24, 251 28, 528
23,538
Deliveries (consumption) O
bales._
2,069
4,160
4,429
2,430
3,263
3,895
7,219
6,490
3,453
3,551
3,509
2,347
Imports, raw§
thous. of lb_.
332
Price, wholesale, raw, Japanese, 13-15 (N. Y.)
2.562
2.589
3.019
2.560
2.585
2.698
2.816
2.834
2.886
3.049
dol. per lb__
3.080
3.080
Stocks, end of month:
184,797 195, 330 225, 248 224,363 214,836 211,174 210, 743 214,711 204, 606
Total visible stocks
bales..
(4)
54,106 49,904 49, 373 50,341
47,208
United States (warehouses) 0
do
53, 988
57, 508 48, 297 60, 330 72, 248 63,433
WOOL
72,677
73,045
56,313
34,631
72,458 91, 788 74,954 84, 759 72,008
33,981
63,010
Imports (unmanufactured)§
thous. of lb._
Consumption (scoured basis) :^
34,012 40,115
36, 232
39,416
46,970 41,032 41,904 46,750
39, 824
Apparel class
do
53, 720 39, 240 33,821
9,352
10,965
10, 712
8,969
11,008
13,095
10, 588 11,172
11,144
11,320
Carpet class
..do
12, 255 11, 387
Machinery activity (weekly average):1
Looms:
Woolen and worsted:
2,602
2,587
2, 522
2,245
2,092
1,892
2,197 I 2,411
2,491
2,418
2,428 I 2,450
Broad
thous. of active hours..
91
94
94
67
72
85
93
77
96
82
71 !
Narrow
do
251
260
246
200
233
244
241
201
246
205
213
Carpet and rug
do
Spinning spindles:
112,470 88,051
92, 553 90,418
98,398
99, 589 102,929 106,880 110,608 107, 592 118,533
90,323
Woolen
do
127, 204 104,138 102, 813 105,826 104, 279 115,206 115,309 117,465 119, 610 125, 606 117,393 125,902
Worsted
do
232
192
231
209
186
210
216
179
181
215
218
209
Worsted combs
do
I
Prices, wholesale:
1.08
1.09
1.05
1.08
1.08
1.05
1.10 ! 1.10
1.08
1.07
1.10 |
l.C
Raw, territory, fine, scoured
dol. per lb_.
.44
.46
.46
.46
.49
.44
.46 |
.45
.45
.44 j
.47
Raw, Ohio and Penn.,
fleeces
do
.46 I
S
Suiting, unfinished worsted, 13 oz. (at
1.931
2.005
2.228
1.931
1.931 I
2.030
2.030
2.129
2.089
1.931
2.030 I 2.030
mill)
dol. per yd..
Women's dress goods, French serge, 54" (at
1.213
1.213 !
1.213 | 1.225 | 1.262
1.275
1.312
1.411
1.312
1.213
1.153
1.330
mill)
dol. per yd..
Worsted yarn, ?$2*s, crossbred stock (Boston)
1.450
1.450 I
1.594
1.638
1.463 i 1.519 I 1.550
1.488
1.763
1.395
1.675
1.700
dol. per lb_.
1
2
r Revised.
July-December total.
Nov. 1 estimate of 1941 crop.
> Dec. 1 estimate of 1940 crop.
* Not available.
§Data for 1939 revised; for exports, see table 14, p. 17, and for imports, table 15, p. 18 of the April 1941 issue.
• Total ginnings to end of month indicated.
1 Data for October 1940, January, April, July, and October 1941 are for 5 weeks; other months, 4 weeks.
tMonthly data beginning January 1930, corresponding to monthly averages shown on p. 155 of the 1940 Supplement, appear on p. 18 of the April 1940 Survey.
*New series. No earlier data available for cotton consumption byproducts. For monthly data on rayon yarn deliveries beginning 1923, see table 41, p. 16 of the October
1940 issue. The new rayon price series replaces the data shown in the 1640 Supplement; earlier monthly data are shown in table 30, p. 22 of the November 1941 issue.
cFRevised monthly data for August 1939—July 1940 will be shown in a subsequent issue.
0 I n September and October 1941, 542 and 7,927 bales, respectively, of raw silk were returned from mills to warehouses; these amounts are reflected in warehouse stocks
for September and October and should be deducted from the cumulative figures for deliveries.
S-37
SURVEY OF CURRENT BUSINESS
December 1941
1940
Monthly statistics through December 1939, to- 1941
gether with explanatory notes and references
to the sources of the data, may be found in the October October Novem- December
ber
1940 Supplement to the Survey
1941
January
February
March . April
May
June
July
80,360
29,177
51,184
82,827
32,837
49,990
81,232
42, 780
38,452
SepAugust tember
TEXTILE PRODUCTS—Continued
WOOL—Continued
Receipts at Boston, total
thous. of lb__ 26,253
Domestic
do
11,735
Foreign
do
14, 518
Stocks, scoured basis, end of quarter, totalt
thous. of lb
Woolen wools, total
do _.
Domestic
do
Foreign
do
Worsted wools, total
..
do ___
Domestic
do
Foreign
__
_ do _
47,060
30, 393
16, 667
36,123
16, 328
19, 795
49, 597
6,298
43, 299
50, 365
4,633
45, 732
51, 809
4,129
47, 680
49, 410
7,151
42, 259
76, 210
13,655
62, 555
164, 331
50, 886
26, 333
24. 553
113,445
17, 933
95, 512
142,152
48, 388
27, 651
20, 737
93, 764
29, 009
64, 755
61,336
26, 570
34,765
208,345
62,213
31, 790
30,423
145,970
53,930
92,040
39,704
9,661
30,043
188,493
62,445
34,765
27,680
125,652
57,334
68,318
MISCELLANEOUS PRODUCTS
Fur, sales by dealers
thous. of dol
Pyroxylin-coated textiles (cotton fabrics):
Orders, unfilled, end of m o . - t h o u s . linear y d . .
Pyroxylin spread
thous. of lb__
Shipments, billed
thous, linear y d _
v 1, 228
1,894
2,229
2,901
6,779
6,064
4,666
6,142
5,964
' 5,323
9,009
7,488
7,819
3.012
5,851
5,842
3,801
5,776
5,776
3,694
5,463
5,718
3,896
5,993
5, 881
4,443
6,262
6,499
5,520
6,759
7,100
5,588
7,165
7,550
6,137
7,351
7,906
9,558
7,464
7,428
511
352
' 5, 347
' 4, 287
S. 070
(), 473
7,493
10,038
7,142
7,703
8,747
',7,097
'8,017
'4,779
TRANSPORTATION EQUIPMENT
AIRPLANES
Production, domestic civil aircraft
number. Exports§
do
AUTOMOBILES
Exports:
Canada:
Assembled, total
number.. 11,144
Passenger cars
do
1,052
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
Retail automobile receivables outstanding,
end of month*
mil. of dol_.
Production:
Automobiles:
Canada, total
number.. 19,360
Passenger cars
do.
5,635
United States (factory sales), total
do
382,000
Passenger cars
do
295, 568
Trucks
do
86,432
Automobile rims
thous. of rims_.
2,024
Registrations: %
New passenger cars
number. _
New commercial cars
do
Sales (General Motors Corporation):
World sales:
By U. S. and Canadian plants
do
179,120
United States sales:
To dealers
do.
162,543
To consumers
do.
103,854
Accessories and parts, shipments:
Combined index
Jan. 1925=100__
Original equipment to vehicle manufacturers
Jan. 1925=100.
Accessories to wholesalers
do...
Service parts to wholesalers
do__.
Service equipment to wholesalers
do
RAILWAY EQUIPMENT
Association of American Railroads:
Freight cars, end of month:
N u m b e r owned
tbousands. _
Undergoing or awaiting classified repairs
thousands..
Percent of total on line
Orders, unfilled
cars.
E q u i p m e n t manufacturers
do...
Railroad shops
do_..
Locomotives, steam, end of m o n t h :
Undergoing or awaiting classified repairs
number..
Percent of total online
Orders, unfilled
number.
E q u i p m e n t manufacturers
do__.
Railroad shops
do__.
U. S. Bureau of the Census:
Locomotives, railroad:
Orders, unfilled, end of mo., total
do
Domestic, total
do.
Steam
do.
Other
do.
Shipments, domestic, total
do.
Steam
do_
Other
do.
r
938
335
697
287
509
367
645
467
574
344
597
481
593
571
8,449
93
13, 276
611
8,796
8,574
1,036
11,177
797
9,405
312
14,457
132
13,000
378
22,486
2,099
16,932
3,263
8,849
619
16, 857
7,071
9,786
19,943
9,525
10,418
18, 017
7,782
10,235
15,912
7,246
8,666
17, 252
6,943
10, 309
21,064
8,834
12, 230
18, 536
8,574
9,962
21,969
9,012
12, 957
13,481
4,056
9,425
12, 975
6,958
6,017
20, 616
6,706
13,910
15,678
2,279
13,399
151, 899
89, 475
61,933
492
221, 253
152, 009
88, 575
62,928
507
220,941
160,956
93. 350
67,065
541
253, 778
147,186
80, 739
65,939
509
236, 871
158, 693
89, 541
68, 574
579
248, 288
202, 793
118, 369
83, 815
270, 487
236, 800
136, 464
99, 582
754
243,103
248, 314
141,024
106, 502
787
251, 490
238,040
129,877
107,445
718
231,323
210,628
110,625
99,362
645
202, 022
172,801
83,518
88,724
558
91,773
104,079
43,427
60,370
281
89,333
1,115
1,137
1,166
1,181
1,209
1.255
1,341
1,433
1,543
1,560
1,494
r»no
1,500 i
21,151
7, 056
493,223
421,214
72,009
1,759
23.621
10, 814
487, 352
407,091
80, 261
1,808
23, 364
11,653
483, 567
396, 531
87,036
1,790
23.195
11. 990
500,863
411, 233
89,630
2,032
23, 710
10,647
485, 622
394, 513
91,109
2,131
26,044
12,093
507,832
410,196
97, 636
2,666
27, 584
12, 091
462, 270
374, 979
87, 291
2,682
26, 585
9,840
518,770
417, 698
101,072
2,408
24,654
25, 753
8, 538 . 3,849
520, 525 444, 241
418,983 343,748
101, 542 100,493
2,309
2,061
17,192
3,160
147,600
78,529
69,071
1,532
14,496
2,548
234, 255
167,790
66,465
1,811
290, 495
48, 356
301,430
46, 618
334, 073
51, 095
299,179
61, 712
300, 466
55, 900
420, 058
67, 798
489, 074
70, 269
515, 034
72,170
443,470
62,265
391, 795
67,412
246,595
56,191
125, 293
43,892
226,169
217,406
223, 611
235,422
226,609
247,683
255, 887
235, 679
240, 748
224,517
29,268
89,300
207, 934
186,016
198,064
181, 421
204,473
174, 610
218, 578
168,168
208,214
187, 252
226, 592
253, 282
233, 735
272, 853
217,120
265, 750
224,119
235,817
204,695
195,475
19,690
84,969
81,169
52,829
190
183
179
207
214
210
240
252
258 I
242
246
282
235
149
199
142
231
125
180
156
228
122
180
143
245
115
170
162
244
115
174
182
232
128
168
214
278
132
218
199
282
136
215
208
279
140
231
229
248
154
253
221
258
160
242
216
271
170
298
290
1,682
1,638
1,638
1,644
1,642
1,641
1,644
1,647
1,656
1,661
1,666
1,671
1,676
4.1
78,974
57,584
21,390
117
7.3
27, 459
18, 700
8,759
114
7.1
30,184
22, 738
7,446
109
6.8
34, 202
25, 866
8,336
108
6.7
40, 030
26, 427
13,603
107
6.6
37,981
23, 787
14,194
101
6.3
41, 091
27, 756
13,335
96
5.9
55, 404
42,162
13, 242
94
5.8
64, 027
49,108
14, 919
85
5.2
91,416
69,140
22,276
79
4.8
88, 266
66, 641
21, 625
78
4.7
89,917
65,814
24,103
73
4.4
86,943
63, 607
23,336
1,778
9.6
284
240
44
6,155
15.4
131
122
6, 076
15.2
116
103
13
5,914
14.9
115
102
13
4,607
11.7
300
266
34
4,208
10.7
317
269
48
4,022
10 2
309
263
46
269
243
125
118
52
8
44
285
244
122
122
73
24
49
354
315
115
200
68
22
46
942
964
908
291
617
917
861
279
582
79
12
67
5,853
14.7 I
120 j
107
13
5,812
14.7
132
113
19
5,704 I
14.4 i
166 '
148
18
5,535
14.0 i
211
189
22
5,181
13.1
231
201
30
622 i
575
188
387
65
10
55 !
734
686
197
4,862 |
12.3 |
265 i
234
31
i
460
415
129
286
63
15
48
515
468
157
311
44
5
39
645
602
196
406
68
11
57
65
876
833
249
584
73
7
66
291
604
Revised.
*> Preliminary.
^Does not include Australian wool held by the Defense Supplies Corporation. The total includes for June and September 1941 a comparatively small amount of certificated wool in licensed warehouses not included in the detailed figures.
§Data revised for 1939. See table 14, p. 17, of the April 1941 Survey.
Data on exports of airplanes have also been revised, beginning January 1940, to include exports
of "landplanes minus engines." Prior to 1940, these were not reported separately. Revisions for 1940 not shown above are: Jan., 233; Feb., 180; Mar., 210; May, 309; other
months were not affected. Beginning September, 1941 data on exports of airplanes are not available.
*New series. Data beginning"1936 are shown in table 33, p. 26 of the November, 1941 Survey.
JData beginning June 1941 exclude Federal Government deliveries and are therefore not comparable with earlier data. For purposes of comparison, Federal Government deliveries for January to May 1941, the only period for which separate data are available at present, are as follows: Passenger cars—Jan., 1,621; Feb., 765; Mar., 662;
Apr.,
614; May, 556. Trucks—Jan., 10,882; Feb., 5,776; Mar., 5,385; Apr., 6,033; May, 7,993.
S-38
SURVEY OF CURRENT BUSINESS
December 1941
1941
1940
Monthly statistics through December 1939, together with explanatory notes and references
to the sources of the data, may he found in the
1940 Supplement to the Survey
December
January
February
March I April
May
June
September
July
TRANSPORTATION EQUIPMENT—Continued
RAILWAY EQUIPMENT—Continued
U. S. Bureau of the Census—Continued.
Locomotives, mining and industrial:
Shipments (quarterly), total*
number..
Electric, total§
.-do
For mining use.
do
Other*
do
American Railway Car Institute:
Shipments:
Freight cars, total
do
Domestic
__
do
Passenger cars, total
do
Domestic
do
E xports of locomotives, total
do
Electric
...do
Steam
do
132
55
52
77
7,551
0, 626
28
28
3,704
3,586
10
10
19
14
5
4,134
3,981
165
157
180
174
150
58
57
92
4,624
4,301
5, 272
5,256
54
54
4
3
1
0
0
12
8
4
202
165
37
206
173
33
4,122
4,057
2
2
242
97
94
145
5,022
4,987
5,448
5,300
5,220
4,670
17
12
5
21
21
11
6
5
18
18
24
17
7
47
47
42
19
23
5,136
5,130
12
12
25
10
15
242
216
26
266
214
52
263
255
8
217
180
37
238
28
79
73
94
3, 886
3. 856
32
32
22
15
5,537
5,467
37
37
28
21
7
5.168
5,044
38
30
25
14
n
INDUSTRIAL ELECTRIC TRUCKS
AND TRACTORS*
Shipments, total Domestic
Exports
--
number. _
do..—
_ do
323
306
17
232
247
230
i
260
253
CANADIAN STATISTICS
Physical volume of business, adjusted:!
Combined index
1935-39=100.Industrial production:
Combined index
-do
Construction
-. .do
Electric power
do
Manufacturing
do
Forestry
do
Mining
.do
Distribution:
Combined index
-do
Carloadings
do
Exports (volume)
do
Imports (volume)
do
Trade employment
do
Agricultural marketings, adjusted:f
Combined index
do
Grain
do
Livestock
do
Commodity prices:
Cost oflivingf
do
Wholesale prices
1926=]00..
Employment (first of month, unadjusted):
Combined index
do —
Construction and maintenance
do
Manufacturing
do
Mining
do
Servicedo
Trade
do
Transportation
do
Finance:
Bank debits
mil. of dol..
Commercial failures
number. Life-insurance sales, new paid for ordinary!
thous. of dol-.
Security issues and prices:
New bond issues, totalf
do
Bondyieldsf
1935-39=100..
Common stock pricesf
do
Foreign trade:
Exports, total
thous. of dol..
Wheat
thous. of bu_Wheat
flour
thous. of bbl. Imports
thous. of doLRailways:
Carloadings
thous. of cars-.
Financial results:
!
Operating revenues
thous. of doL_
Operating expenses
do
Operating income
do
Operating results:
Revenue freight carried 1 mile^mil. of tons..
Passengers carried 1 mile
mil. of pass-.
Production:
Electric power, central stations
mil. of kw.-hr__
Pig iron
thous. of long tons..
Steel ingots and castings.
do .
Wheat
flour
thous. of bbl..
.57
129.0
129.7
128.3
130. 5
126.1
123.2
127.9
132.0
135.3
138.5
141.2 |
146.4
143.4
108.8
146.4
124.7
117.1
146.9
278.2
109.0
146.9
123.2
128.0
140.6
187.4
111.4
142.3
117.2
123.5
145.
244.
116.
141.
126.
122.
1
3
7
9
2
7
138.3
223.8
115.7
134.0
121.3
125.0
133.5
139.0
115.8
137.3
125.6
122.8
139.5
181.5
126.1
140.3
118.4
121.8
143.3
182.0
129.1
140.8
114.0
140.8
149.3
292.3
123.3
141.1
117.0
125.6
150.2
133.2
130.8
155.1
131.0
146.3
156.1 | 176.2
147.0
169. 5
126.1
136.2
163.7
185. 9
145.6
129.8
126.0
] 40. 9
99.2
108.8
119.3
148.8
112.8
100.3
114.8
132.7
136.0
112.5
107.1
125.1
119.9
171.6
116.8
105.
123.
130.
171.
115.
4
3
5
0
3
105.1
118.8
148.2
152.7
115.8
105.6
122.9
147.4
153.6
117.9
108.1
127.2
169.2
150.0
120.5
112.6
136.5
196.3
145.9
121.6
111.3
130.0
182.1
143.9
121.8
118.4
141.7
212.7
167.3
121.2
74.6
59.5
110.5
118.2
123.0
106.8
146.4
162.9
107.0
146.9
168.7
94.9
59.7
44.3
97.8
50.8
33.5
93.4
113.6
117.8
105.4
227.7
284.3
94.3
145. 9
163.6
105.3
179.2
204.1
122.0
182.9
217.4 :
302.2
98.9
90.5
120. 8
107.0
83.3
107.8
83.9
108.0
84.2
108.3
84.6
108.2
85.2
108.2
85.9
108.6
86.6
109.4
88.5
110.5
90.0
111.9
91.1
113.7
91.8
114. 7
93. 2
136.2
121.1
143.8
172.3
147.3
146.8
94.3
139.2
120.5
144.6
174.0
148.8
148.9
93.5
139.1
105.9
144.7
172.6
147.8
154.4
92.5
134.2
83.0
142.5
167.6
149.5
160.8
88.7
135.2
82.5
147.4
169.1
148.6
147.0
89.4
135.3
83.0
150. 8
168.7
150.2
145.7
90.5
141.3
100.2
158.2
174.1
158.3
149.1
94.3
145.5
120.0
162.3
174.8
165.6
154.5
99.2
152.9
139.5
168.0
177.2
170.9
156.8
99.2
' 157. 4
149.9
172. 5
176.8
179.8
158.5
103.7
] 60. 6
160.7
176.9
178.1
184. 0
156.8
105. 0
3,527
79
3,049
92
3,208
95
2,941
79
2,540
105
2,838
90
2,984
67
3,266
84
4, 241
72
3, 242
58
3. 150
67
36,172
41. 740
31,210
32,899
33, 727
28, 326
31, 500
33,700
35, 398
341,627
108, 976
98.6
74.2
108,576
98.0
74.5
330,167
97.0
70.3
84, 235
96.3
71.3
115,271
96.1
66.5
42, 524
95.8
66.8
78,830
95.9
65.8
139.678
11,841
106,791
9. 659
750
108, 645
118,404
17, 278
683
102, 284
98,711
11, 762
346
102, 302
88,953
4,880
355
98, 382
100,532
9,460
607
89, 632
102, 995
11,623
559
107, 982
118, 425
20,322
850
106, 268
140,819
137
223
r
33, 670
32, 681
111,290
95.8
67.5
' 83, 497
95.4
67.8
162, 663
29, 623
1,341
128,096
170,901
19,346
1,922
127, 707
150, 496
14, 721
1,437
137,913
146,822
23,114
1,751
114,924
113.0
125.0
169.2
185.6
115.6
130. 6
189.7
r
184.1
115,119 ••876,920
95.9
96.4
63.9
64.0
.149.7
33, 975
281
259
231
229
218
250
252
276
271
277
40, 504
28, 573
10, 257
38,869
26,964
10, 024
40, 221
28, 602
9,944
36,113
29, 224
5,095
34, 620
28, 558
4,318
40, 613
30, 941
7,313
41, 887
30,180
9,123
46,595
32. 257
11,068
44,817
32,122
9,976
45,442
35,248
7,262
46, 524
35. 988
7, 393
3, 547
172
3,371
158
3,772
278
3,131
201
3,127
217
4.001
218
3,818
225
4,387
230
4,381
248
4,257
318
4, 323
354
2,487
109
185
1,873
2,525
110
176
1,588
2,584
110
185
1,076
2, 635
103
186
1,177
2,407
91
173
1,462
2,632
102
195
1,477
2,693
103
201
1,661
2,805
114
206
2,121
2,688
112
187
2,118
2,661
102
197
2,117
2. 640
106
203
1,852
r
279 |
62, 521
95.2
71.0
142,897
11,341
661
136,991
294
2.867
112
201
1,648
* Revised.
fData on life-insurance sales revised beginning September 1936; for revisions see p. 56 of the September 1940 Survey. For revisions of new bond issues for 1939 see p. 56
of the March 1941 Survey. All Canadian index numbers to which this note is attached have been revised to a 1935-39 base; earlier data for these series will be shown in a
subsequent issue. Common stock price and bond yield indexes have been converted to the new base by multiplying the old series by a constant. The production and distribution indexes have been completely revised and no comparable data prior to January 1940 are available at this time. Complete 1940 data for production and distribution
indexes are shown on p. 56 of the April 1941 Survey.
JBeginning with July 1940, data are reported by the Industrial Truck Statistical Association and cover reports of 8 companies. They are approximately comparable with
previous data which were compiled by the Bureau of the Census.
§lncludes straight electric types only (trolley or third-rail and storage battery); data for 1939 and earlier years, published in the Survey, include some units of only partial
United States manufacture and are not comparable with data here shown.
*New series. Comparable data on total shipments are available only beginning January 1940. "Other" includes Diesel-electric, Diesel-mechanical, and gasoline or steam
locomotives; these are largely industrial; for data beginning with the first quarter of 1939, see p. 55 of the May 1941 Survey.
U. S .G O V E R N M E N T P R I N T I N G O F F I C E : 1941
ENDEX TO MONTHLY BUSINESS STATISTICS, Pages S1-S38
CLASSIFICATION, BY SECTIONS
Page
Monthly business statistics:
Business indexes _
_
S-l
Commodity prices
__ . .
S~3
Construction and real estate
S~4
Domestic trade
S-6
E m p l o y m e n t c o n d i t i o n s and
wages^.
S~7
S-l 2
Finance.. _ _ _ _ _
. __
Foreign trade
S-19
Transportation and communications _ _ _ _ _
_ __ S-20
Statistics on individual industries:
Chemicals and allied products.. S-21
Electric power and gas-_,
S-23
S-24
Fuels and byproducts
S-27
Leather and products
. S-29
Lumber and manufactures
S-29
Metais and manufactures:
Iron and steel
,
S-30
Nonferrous metals and products
S-32
Machinery and apparatus
. S-32
Paper and printing
S 33
Rubber and products
S~34
Stone, clay, and glass products. S-35
Textile products
S-35
Transportation equipment.___._ S-37
Canadian statistics
S-38
CLASSIFICATION, BY INDIVIDUAL
SERIES
Pages marked S
Abrasive paper and cloth (coated)
,__
34
Acceptances, bankers'
„
12
Advertising
__„
6
Agricultural cash income...
1
Agricultural products, foreign trade
19
Agricultural wages, loans
. __ 12,13
Air mail and air-line operations
6, 21
Aircraft
. 1,2,8,10,11,12,37
Alcohol, denatured, ethyl, methanol
21
Aluminum
32
Animal fats, greases
,__
22
Anthracite
. 2,3,9,10,27
Apparel, wearing
3,4,6,8,9,10,11,36
Asphalt
28
Automobiles
1,2,3,6,8,10,11,12,19,37
Automobile accessories and parts-37
Banking
_.
_ . 12,13,14
Barley
...
25
Bearing metal
„
,
32
Beef and veal
_
26
Beverages, alcoholic
24
Bituminous coal
2,3,9,10,27,28
Boilers
....
...
31
Bonds, issues, prices, sales, yields16,17,18
Book publication
34
Brass and bronze
32
Brick_
_
_
35
Brokers' loans
.
13,17
Building contracts awarded
,
4
Building costs
5
Building expenditures (indexes)
4
Building-material prices
3
Butter
24
Canadian statistics
15,19,37,38
Canal traffic
.__.
20
Candy
27
Capital
flotations...
.
16,17
For productive uses
17
Carloadings
20
Cattle and calves
25
Cellulose plastic products
23
Cement
1,2,3,35
Chain-store sales
6, 7
Cheese
24
Chemicals
1,2,3,8,9,10,11,12,14,15,21
Cigars and cigarettes
27
Civil-service employees
9
Clay products
1,2,8,10,11,14,35
Clothing (see also hosiery)
3,4,6,8,10,11
Coal
. . . . 2,3,9,10,27,28
Cocoa
26
Coffee
26
Coke
28
Commercial failures
14
Commercial paper____
,
12,13
Construction:
Contracts awarded
4
Costs
.
5
Highways and grade crossings
,
4,5
Wage rates
12
Copper
32
Copra and coconut oil
__,
22
Corn
25
Cost-of-living index
3
Cotton, raw, and manufactures
2,3,4,19,36
Cottonseed, cake and meal, oil
22
Crops
_ . _ . . - 1,22,25,27,36
Currency in circulation
15
Dairy products
24
Debits, bank
,_
13
United States Government
15
for Debt,
FRASER
Delaware, employment, pay rolls, wages. _ 9,10,12
Digitized
Pages marked S
Depar• ment stores: Sales, stocks, collections,
7
Deposits, bank_____
13
Disputes, industrial
9
Dividend declaration payments and rates._
1,18
Ea nings, factory, average weekly and
hourly____
.
11,12
Eggs and chickens. ___
1,3,26
Electrical e q u i p m e n t . . .
. . . 2,3,6,8,10,11,33
Electric power production, sales, revenues._
23
Employment, estimated nonagricultural
7
Employment indexes:
Factory, by cities and States
9
Factory, by industries
.
8,9
Nonmanufacturing
..
9
Employment, security operations.. . . .
9
Emigration and immigration
21
Engineering construction
.
,
4
Exchange rates, foreign
_.
15
Expenditures, United States Government.15
Explosives
......
_.
21
Exports
.
19
Factory employment, pay rolls, wages
7
8,9,10,11,12
Fairchild*s retail price index, . . . . . .
..
3
Farm wages
...
12
Farm prices, index
3
Federal Government,
finances
„_ 15,16
Federal-aid highways and grade crossings..
5
Federal Reserve banks, condition of
___
13
Federal Reserve reporting member b a n k s . .
13
Fertilizers
._
. 21,22
Fire losses,
.____._
5
Fish oils and
fish
„_
22, 27
Fiaxseed___
..
22
Flooring
„
_.
29
Flour, wheat
__.
25
Food products.
1, 2,3,
4, 6, 8, 9, 10,11,12,14,15,19, 24, 25, 26, 27
Footwear
1,2,4,8,9,10,11,29
Foreclosures, real estate..
._._
5
Foundry equipment
„
.
,
32
Freight cars (equipment)
37
Freight carloadings, cars, indexes .___.20
Freight-car suplus___, ,
20
Fruits and vegetables
. 3 t 25
Fuel equipment and heating apparatus
. 32,33
Fuels-...
.___
. 2,3,14,27,28
Furniture
. _ _.
30,31
Gas, customers, sales, revenues. . . . .
23, 24
Gas and fuel oils~_-___
3,28
Gasoline
.
...
....
19,28
Gelatin, edible...
27
General Motors sales
,
37
Glass and glassware
1,2,8,10,11,12,35
Gloves and mittens
29
Gold...
.
15
Goods in warehouses
6
Grains.. _.__.___._
.
_—.. 3,17,25
Gypsum
. ...
.
35
Hides and skins.-...
_--_
29
Hogs
,__
26
Home-loan banks, loans outstanding
5
Home mortgages
„
,
5
Hosiery
.
.
35
Hotels
21
Housing
._
,
....
3,4
Illinois, employment, pay rolls, wages
9,10,12
Immigration and emigration
21
Imports
_„__
19,20
Income payments..
1
Income-tax receipts..
16
Incorporations, business, new
6
Industrial production, indexes
,.
1,2
Installment loans..
13
Installment sales, department stores7
Insurance, life
14
Interest and money rates
. . 13,14
Inventories, manufacturers'..3
Iron and steel, crude, manufactures,
1,
2,3,4,8,10,11,14,15,30,31
Ironers, household
,.
33
Kerosene
.....
28
Labor, turn-over, disputes
9,10
Lamb and mutton
..
26
Lard
...
26
Lead
_._
__
2,32
Leather
.
1,2,4,8,9,10,11,12,14,29
Linseed oil, cake, and meal
23
Livestock
26
Loans, real-estate, agricultural, brokers'.. 5,13,17
Locomotives
.
. 37,38
Looms, woolen, activity
36
Lubricants
28
Lumber....
1,2,3,8,10,11,29,30
Machine activity, cotton, wool
36
Machine tools
8,10,11
Machinery
. 1,2,3,8,10,11,14,15,19,32,33
Magazine advertising
6
Manufacturers* orders, shipments, inventories
2,3
Manufacturing indexes
1, 2
Maryland, employment, pay rolls
9,10
Massachusetts, employment, pay rolls,
wages
„__
9,10,12
Meats and meat packing
1,
2,3,8,9,10,11,12,19,26
Metals
1,2,4,8,9,10,11,15,30
Methanol
.
21
Mexico, silver production
15
Milk
.___.
24
Minerals
2,9,10
Naval stores
„
22
New Jersey, employment, pay rolls, wages. 9,10,12
Pages marked S
Newsprint..
34
New York, employment, pay rolls, wages_ 9,10,12
New York canal traffic
....
..
20
New York Stock Exchange...
17,18
Oats
,
25
Ohio, employment
„
9
Oils and fats
.
22
Oleomargarine
23
Orders and shipments, manufacturers*
2
Paint sales
,__
23
Paper and pulp____ 1,2,3,4,8,9,10,11,12,33,34
Passenger-car sales index
.
6
Passports issued--.
21
Pay rolls:
Factory, by cities and States
10
Factory, by industries
„
10
Nonmanufacturing industries
10,11
Pennsylvania, employment, pay rolls, wages.
9,
10,12
Petroleum and products
1,
2,3,8,9,10,11,12,15,28
Pig iron
___„__
___ 30,31
Porcelain enameled products
31
Pork
26
Postal business
6
Postal savings
14
Poultry and eggs
1,3,26
Prices (see also individual commodities):
Retail indexes.
__.__.
3
r
Wholesale indexes
3,4
Printing
.
1,2,8,9,10,11,12
Profits, corporation..
15
Public relief
_.
12
Public utilities
___ 4,9,10,15,17,18,19
Pullman Co
20
Pumps
33
Purchasing power of the dollar4
Radiators
31
Radio, advertising
.
Q
Railways, operations, equipment, financial
statistics,employment, wages
I,
2,9,10,12,16,17,18,20,37,38
Railways, street (see street railways, etc.).
Ranges, electric
..
33
Rayon
_.
2,4,36
Reconstruction Finance Corporation, loans.
16
Refrigerators, electric, household
33
Registrations, automobiles
37
Rents (housing), index
3
Retail trade:
Automobiles, new passenger
6
Chain stores, variety (5-and-10), grocery,
and other
6,7
Department stores
___„
7
Mail order
„
7
Rural general merchandise .. . ..
7
Rice
___
25
River traffic
20
Roofing asphalt
.
23
Rubber, crude, scrap, footwear, tires and
tubes
1,2,3,4,8,9,10,11,34,35
Savings deposits
.
14
Sheep and lambs
26
Shipbuilding..
1,2,8,10,11,12
Shoes
. . . 1,2,4,8,9,10,11,12,29
Silk
2,4,36
Silver
_._
15
Skins
29
Slaughtering and meat packing.. 1,2,8,10,11,26
Spindle activity, cotton, wool
,
36
Steel and iron (see iron and steel).
Steel, scrap, exports and imports
30
Stockholders..
. . . .
19
Stocks, department-store (see also manufacturers* inventories)
.
7
Stocks, issues, prices, sales, yields
17,18,19
Stone, clay, and glass products
1,
2,8,10,11,12,14,35
Street railways and busses
9,10
Sugar
26,27
Sulphur
_
21
Sulphuric acid
21
Superphosphate
22
Tea
27
Telephone, telegraph, cable, and radiotelegraph carriers
9,10,15,21
Textiles
2,4,8,9,10,11,12,14,35,36,37
Tile
35
Tin
32
Tobacco
2,8,9,10,11,12,27
Tools, machine
8,10,11
Travel
.
21
Trucks and tractors, industrial, electric
38
United States Government bonds
17
United States Government,
finances
. 15,16
United States Steel Corporation
19,31
Utilities
4,9,10,14,15,16,17,18,19
Vacuum cleaners
33
Variety-store sales index
6
Vegetable oils
22
Vegetables and fruits
3, 25
Wages, factory, and miscellaneous
10,11,12
Warehouses, space occupied
6
Washers, household
33
Waterway traffic
__._
20,21
Wheat and wheat
flour
19,25
Wholesale price indexes
3,4
Wire cloth
32
Wisconsin, factory employment, pay rolls,
and wages
9,10,12
Wood pulp
_ _
33
Wool . _
2,4,36,37
Zinc
32
50
1791 - 1941
i^J
E
BUY
^ United States *•
DEFENSE
SAVINGS
BONDS —
Freedom of Speech
Freedom of Press
Freedom of Religion
Freedom of Assembly
Equal Justice for All
TO PRESERVE A NOBLE HERITAGE AND
A SACRED TRUST.
@FedFRASER