Full text of Survey of Current Business : December 1948

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DECEMBER 1948

SURVEY OF




IBM

U. S. DEPARTMENT OF COMMERCE
B U R E A U OF F O R E I G N AND DOMESTIC COMMERCE

DEPARTMENT OF COMMERCE
FIELD SERVICE

SURVEY

OF CURRENT BUSINESS

THE BUSINESS SITUATION
Industrial Production and Market Trends . . . . . .

3

Plant and Equipment Expenditures Continue High . .

5

Third Quarter Corporate Profits and National Income.

6

International Transactions of the United States During
the Third Quarter 1948

*

*

Boston 9, Mass.
2 India St.

Minneapolis 1, Minn.
125 S. Third St.

Buffalo 3, N. Y.
117 Ellicott St.

Mobile, Ala.
109-13 St. Joseph St.
New Orleans 12, La.
333 St. Charles Ave.

Charleston 3, S. C.
18 Broad St.

New York 1, N. Y.
350 Fifth Ave.

Cheyenne, Wyo.
304 Federal Office Bldf.

PAGE

Milwaukee l,Wis.
517 E. Wisconsin Ave.

Butte, Mont.
14 W. Granite St.

tents

Miami 32, Fla.
36 NE. First St.

Baltimore 2, Md.
103 S. Gar St.

DECEMBER 1948

Memphis 3, Tenn.
229 Federal Bldg,

Atlanta 1, Ga.
SO Whitehall St. SW.

No. 12

Albuquerque, N. Mex.
203 W. Gold Ave.

Oklahoma City 2, Okla.
102 NW. Third St.

Chicago 4, III.
332 S. Michigan Are.
Cincinnati 2, Ohio
105 W. Fourth St.
Cleveland 14, Ohio
925 Euclid Are.

8

*

Dallas 2, Tex.
1114 Commerce St.
Denver 2, Colo.
828 Seventeenth Sfc

SPECIAL ARTICLES
Industrial Composition of National Income

11

Detroit 26, Mich.
230 W. Fort St.

Capital Requirements of New Trade Firms

18

£1 Paso 7, Tex.
310 San Francisco St.

*

*

*

Hartford 1, Conn.
135 High St.

MONTHLY BUSINESS STATISTICS . . . . S-l to S-40
Statistical Index

Inside Back Cover

Published by the Department oj Commerce, C H A R L E S S A W Y E R ,
Secretary. Office of Business Economics, M. JOSEPH ME EH AN, Bering
Director. Subscription price, including weekly statistical supplement, $3 a
year; Foreign $4. Single copy, 25 cents. Send remittances to any Department of Commerce Field Office or to the Superintendent of Documents,
United States Government Printing Office, Washington 25, D. C. Special
subscription arrangements, including changes of address, should be made
directly with the Superintendent of Documents.




Make check payable to Treasurer of the United States

Houston 14, Tex.
602 Federal Office Bldf.

Omaha 2, Nebr.
1319 Farnam St.
Philadelphia 2, Pa.
42 S. Fifteenth St.
Phoenix 8, Ariz.
234 N. Central Ave.
Pittsburgh 19, Pa.
700 Grant St.
Portland 4, Oreg.
520 SW. Morrison St.
Providence 3, R. I.
24 Weybossett St.
Reno, Nev.
118 W. Second St.
Richmond 19, Va.
801 E. Broad St.
St. Louis 1. Mo.
1114 Market St.

Jacksonville 1, Fla.
311 W. Monroe St.

Salt Lake City 1, Utah
350 S. Main Si

Kansas City 6, Mo.
911 Walnut St.

San Francisco 11, Calif.
555 Battery St.

Los Angeles 12, Calif.
312 North Spring St.

Savannah, Ga.
125-29 Bull St.

Louisville 1, Ky.
631 Federal Bldg.

Seattle 4, Wash.
909 First Ave.

For local telephone listing, consult section
devoted to U. S. Government

DECEMBER 1948
^^v.^^^v^.^v.^v.^^^^•.^^^^^^^•.^•.^^^^^%^^v•^^•.v.x
•: OUTPUT OF MOST MANUFACTURED PRODUCTS
v IN OCTOBER WAS HIGHER THAN A YEAR AGO.

PRODUCT

PERCENT OCT. 1948 OF OCT 1947
50
100

TTTF

I;
:-'

150

SITUATION

Television sets
Electric
refrigerators
Railway passenger
cars

By the Office of Business Economics

Motor vehicles
Electric ranges
Freight cars
Rayon deliveries
Washing machines
Newsprint
cortsumption
Paper
Iron and steel
Cooking stoves*
Construction
materials *
Nonferrous metals
and products
Refined petroleum
products

"•I SOME COMMODITIES SHOWED NO
•I APPRECIABLE CHANGE
•' C i g a r e t t e s
•• Glass containers
Ij Shoes
U» Heating stoves*

•: WHILE OTHERS DECLINED 5 PERCENT OR MORE.
"• Alcoholic beverages*
•" Apparel wool
•. consumption*
". Bituminous coal
•I Cotton consumption
•\ Vacuum cleaners
•I Rubber tires

JL HE national economy maintained about the same high
rate of activity in November as in October. Inflationary
pressures are less than they were at the mid-year, with
industrial purchasing and consumer buying in some lines
easing. Evidence of this was the continued stability in
November of average prices of industrial products for the
fourth consecutive month, a further decline in farm product
prices reflecting the larger harvests and the seasonal gain in
livestock marketings, and the failure of department store
sales to show their usual seasonal rise.
That the general situation underwent little change is
evident in the employment figures. Total employment in
November was maintained at slightly under 60 millions as
the usual seasonal drop in farm workers was partially offset
by a somewhat more than seasonal rise in n onagri cultural
employment. Unemployment remained at a very low
figure.

Personal incomes, which had risen sharply from May to
August, leveled off in September and rose by 700 million
dollars, at a seasonally adjusted annual rate, to 215.6 billions
in October. Most of the major segments of income showed
slight increases.
Production Edges Higher

Industrial output in November, upon the basis of preliminary data, held at the October rate and was featured by
continued high operations in the heavy industries. October
output, as measured by the Federal Reserve seasonally adjusted production index, advanced to 195 (1935-39=100)
which was 1 point above the previous postwar high established in February.
Manufacturers' sales in October amounted to 18.9 billion
dollars. The advance over September was slightly smaller
than would be expected on the basis of the usual seasonal
patterns. Durable goods shipments continued to rise, while
those of the nondurable goods group were unchanged. New
orders tapered off after the upward movement of the two
preceding months.
The book value of business inventories rose 700 million
dollars to 54.4 billion, reflecting seasonal growth in stocks in
preparation for Christmas, largely at the retail level. In
manufacturing, inventories of durable goods advanced a
little, but stocks of the nondurable goods industries did not
experience their usual October increase. Apart from metal
shortages, manufacturers' inventories on the whole appear
to be in line with current output. The stability of finished
goods stocks does not suggest any general hesitation in the
smooth flow of products into trade channels, but in isolated
areas, notably textiles, this generalization does not apply.

•I Radios

Lagging Department Store Sales
BASIC DATA ARE FOR SEPTEMBER.
m
m

U. S. DEPARTMENT OF COMMERCE, OFFICE OF BUSINESS ECONOMICS.

%V.V.V.VA%%%%%%V.%V.V.V.V.V.V.V.V.V.V
815027°—48—1




With personal incomes rising in October and the employment data suggesting the maintenance of incomes in No-

SURVEY OF CURRENT BUSINESS
vember, it is difficult to interpret the failure of department
store sales to show the usual sharp acceleration toward the
Christmas peak. Various explanations have been advanced,
including greater availability of merchandise which lessens
the need for early shopping, and the unusually naild weather
during the month. Clearly, however, one should not be
quick to draw generalized conclusions from this period. It
will be recalled from the analysis of retail sales in the October SURVEY (p. 12) that department store sales this year
have experienced a less favorable trend than the aggregate
of all retail sales. The latest comprehensive sales data—
those for October—showed a rise of approximately seasonal
proportions.
The stabilization in the total of retail sales which has
characterized recent months has reflected continued gains
in a narrowing sector of retail outlets and the emergence of
declines in some other types of stores. Thus, in durable
goods stores, sales in the automotive group have continued
to expand as supplies increased but sales of building materials, housefurnishings, and some other types of stores have
increasingly reflected the reduction in the backlog of many
demands at current price levels. Housefurnishings sales, for
example, which exercised an important bolstering influence
throughout 1947, have shown only minor gains in recent
months and actually declined in October. Similarly, building materials and hardware sales have fluctuated within a
narrow range since April. In the nondurable goods stores,
sales have continued on the high plateau reached last spring
with no further sizable upward movement apparent in
recent periods.

December 1946

months. In each of these three groups which have led the
price advances, persistent shortages of important products—
steel, oil, lumber—have played a major role.

INDEX, DEC. 1947 = 100
I 15

INDEX, DEC. 1947 = 100

COMMODITIES
OTHER THAN
FARM PRODUCTS
AND FOODS

100

100

I

Realignment in Prices

Farm
Food, wholesale
Food,retail

Oct. 1947 Oct. 1948 Percent
(1926=100)
change
189.7
182.2
-4
177.7
177.3
0
201.6
211.5
+5

Prices of products other than farm and food have risen
about 5 percent in 1948. In recent months, as in the early
spring of this year, the index has been substantially stable.
These two periods of relative stability differ in that the
earlier period represented a balance of divergent price movements, whereas in recent months, most of the component
groups have fluctuated within a narrow range. Advances of
more than 10 percent of metals and metal products and fuel
and lighting materials during the first eight months of the
year have been followed by more limited increases since that
time. Building materials have also levelled off in recent



I

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-1948-

The general picture of price changes in 1948 is presented
in chart 2, in which wholesale prices of the major groups of
commodities collected by the Bureau of Labor Statistics
are shown on a recomputed base (Dec. 1947=100). Farm
prices reached a peak in January, and since then have declined in two distinct stages. The first was a sharp drop in
February followed by a rise until mid-year crop prospects
pointed toward bumper harvests. Since then farm prices
have fallen steadily, although support operations for the
major crops and seasonal supply changes for livestock are
contributing toward a firming of farm prices. The extent of
the decline in farm prices from, January to November is
about 10 percent.
Food prices have followed the same general swing, but
have shown more resistance to the decline, so that by November wholesale food prices were about 3 percent below the
January peak and slightly below November of 1947. Food
prices at retail have been stronger than at wholesale during
the year, rising about 5 percent during the first half of 1948
and falling about half as much by October, the latest month
for which quotations are available. The relative movements
of farm products, wholesale and retail food prices during
the twelve months ending with October, were as follows:

1

Chart 2.—Wholesale Prices

I

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I

,90

-1948-

U. S. DEPARTMENT OF COMMERCE, OFFICE OF BUSINESS ECONOMICS.

1 Data for November 1948 are estimates of the Office of Business Economics based upon
available B. L. S. weekly indexes.
2
Includes data for a "miscellaneous" group not shown separately in the right panel.
Source of data: U. S. Department of Labor, Bureau of Labor Statistics; indexes wen; recomputed with December 1947 as base by U. S. Department of Commerce, Office of Business
Economics.

New Capital Outlays

Capital expenditures by business for plant and equipment
have increased during the current quarter, according to
figures received in November from reporting concerns the
results of which are reviewed in a subsequent section.
In the field of residential construction there has been a
seasonal decline which is evidenced by the drop in new construction started in recent months.
New housing starts through October have totaled 803,000
units and exceed the comparable figure for the first ten
months' of 1947 by 92,500 dwelling units. On the basis of
performance so far this year, it now appears likely that
about 925,000 new permanent nonfarm units will be started,
making a postwar record closely approaching the 1925 peak of
937,000 units.
New Permanent Non-Farm Dwelling Units Started
First quarter
Second quarters
Third quarters
October
November
December

1947
138,100
217,200
261,200
94,000
79,700
58,800

Total

1948
177,300
295, 700
258,000
72,000

849,000

The above table illustrates how the record rate of starts
in the early part of this year has overbalanced the unusually
large number of dwelling units put under construction in
the latter half of 1947. Resumption of the rate of over
1 million dwelling units per year, which characterized home
building in the second quarter of 1948, is rendered difficult
both by seasonal factors in the next several months and by
the somewhat less easy financial arrangements now available.

SURVEY OF CURRENT BUSINESS

December 1948

Industrial Production and Market Trends
iHE latest statistics show a moderate rise in industrial
output, marked mainly by an expansion in the production of
producers and consumers durable goods which has more than
offset the easing tendencies in many of the nondurable goods
lines. In order to place the divergent movements in perspective, the chart on page 1 presents the comparative measures
of production in some 20-odd industries over the past year.
These varying trends are summarized below as an introduction to a more detailed examination of the current market
differences as typified by contrasting conditions in two broad
industry groups. The first is the iron and steel industry
which furnishes a good example of an industry where demands
continue to press upon the limited supply. The second is the
textile and clothing industries which provide numerous examples of adjustments to easier supply-demand relationships.
The general trend in these latter industries reveals a lessened
intensity of demand which is reflected in price reductions
in some segments, notably cotton textiles. Analysis of the
chart reveals considerable variation in the production pattern for individual industries. While rising output trends
or generally stable operations still predominate in most
manufacturing industries, downward adjustments in production schedules have been under way during the past
year or so in a number of important industries.
On
balance, however, the industries in which production is
steady or rising are far more important in terms of output
than the industries registering declines. If these industries are weighted according to their importance, the rising
group constitutes about three-fourths, whereas the declining
represented only one-fifth of the total.

Million tons of steel products
Net shipments
Exports

1947
63.2
6.7

1948
65.5
4.5

New domestic supply

56.5

61.0

Meanwhile, military requirements, although expanding,
are not so large that they alter the general picture of increasing supplies for civilian uses.
Chart 3.—Prices and Shipments of Steel Products
MILLIONS OF
SHORT TONS

D O L L A R S PER
SHORT TON

10

100

80

60

COMPOSITE PRICE
' (LEFT SCALE)

V

40

—

\

*

NET SHIPMENTS ^ \ /
(RIGHT SCALE)
\*

20
® ESTIMATE
I

(944
1945
(946
-MONTHLY AVERAGES

1940

I

1947

I

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I

1948

Total Industrial Output Higher
Aggregate industrial output, as measured by the Federal
Keserve seasonally adjusted production index, showed a
small rise in October as compared with a year ago. The
general picture is not one of uniform increase, but rather it
is one of high production with varying changes in output.
The deviations reflect demand situations of uneven intensity,
though the actual output where increases are shown is in
some cases, notably motor vehicles, determined by availability of basic material supplies, particularly steel.
Steel Still in Short Supply
Among the industries in which demand has continued
strong notwithstanding larger than average increases in supply, the iron and steel industry is outstanding because of its
key position in the economy. It typifies the situation in the
metals and metal products industries generally. Although
in some steel-using instances, particularly in the light industries, operations have been curtailed during the past year,
operating rates remain high. In most heavy goods industries, expansion in output is still under way, and for several
products output is still being restricted by shortages of steel
and other metals. Under these conditions the demand for
steel has not been noticeably retarded by the advance in
steel prices (see chart 3).
Expanding production in 1948 and a decline in exports of
steel products have increased the supplies available for the
domestic economy. Steel ingot production, which is currently running at 100 percent of rated capacity (on the basis
of January 1, 1948, capacity), will total over 88 million tons
this year as against 85 million in 1947. In terms of finished
steel, the changes in the available domestic supply in 1948
as compared with last year are as follows:



Sources of data: Prices, American Metal Market; shipments, American Iron and Steel
Institute.

Shifting Steel Consumption
Along with the gradual increase in available supplies,
shifts are taking place in the pattern of steel consumption
(see table 1).
Although the figures on shipment available from the
American Iron and Steel Institute do not show the final use
of all the steel, nevertheless they are indicative of the broad
trends. Increases in the proportion of steel consumption in
1948 as compared with 1947 are being registered in the autoTable 1.—Shipments of Steel Products by Market Classifications
1947

Item

Automotive
Containers
Rail transportation
Construction, including maintenance
Machinery, industrial equipment and tools
Oil and gas: Pipe lines and drilling
Contractors' products ._ _
_
Appliances, utensils and cutlery
Other domestic and commercial equipment
Electrical machinery and equipment
_. __ _ _ .
Agricultural machinery, etc
Subtotal _ - _
All other shipments *
Grand total

19 48

Amount
(million
net tons) Percent

JanuaryAugustcumula- Percent
tive
(million
net tons)

9.3
5.1
4.9
5.4

3.0
2.3

2.5
1.6

1.5
1.6
12
38.4
24 7
63.1

14.71
8 05
7.74
8.47
4.81
3 57
3.89
2 48
2.33
2.53
1 97
60 55
39 45
100 00

6.6

35

3.4
0 0

2.0
18
1.6

13
1.1
1.0
9

26 5
16 4
42 9

15.27
8 04
7.91
7.85
4.57
4.25
3.71
3 09
2.61
2.42
2.19
61 91
38 09
100 00

* Basic data from American Iron and Steel Institute.
Source: American Iron and Steel Institute. Computations made by Department of Commerce, Office of Domestic Commerce.

SURVEY OF CURRENT BUSINESS
motive industry and in construction—the two largest users.
The rail transportation group is also absorbing more steel
than a year ago, primarily in the stepped-up output of
freight cars.
A higher proportion of shipments are being made to the
appliance, utensils, and cutlery group of industries, despite
the curtailment in output which has taken place in some
appliances, such as vacuum cleaners and water heaters.
These declines are more than offset by expansions elsewhere,
the most important of which, is in refrigerator output.
Although increases are also taking place in some of the
other light industries, which use smaller quantities of steel,
the principal gains are in the heavy goods industries.
Easing in Some Nondurable Goods

Recent developments in textiles and apparel contrast
sharply with those in iron and steel. The dominant features
have been the increased availability of goods, the leveling
off in demand and the consequent accumulation of inventories
at the retail, garment manufacturing, and to a smaller extent,
at the mill level. Cotton textiles have experienced substantial price reductions. The existence of high profit
margins at the beginning of the year have cushioned the
impact of falling prices on production and employment,
although at the beginning of the fourth quarter some slowdown in production was evident. This year for the time
since the war there have been more businesses discontinued
in apparel manufacturing than there have been new businesses.

Daily average cotton consumption in October, moreover, was
8 percent below that of last October. Up to now reduced
operations in cotton textile mills have taken the form of a
shorter work week for the most part rather than lower
employment.
Exports Off

Contributing to the price decline on the demand side may
be cited the drop in textile exports, the reduced demand for
agricultural bagging fabrics, due to competition from other
fibers, notably paper, and the falling off in the demand for
certain clothing items especially in the men's field. The
decline in foreign demand has been especially marked, with
monthly average cloth exports of 76 million square yards in
the first 9 months of this year down by two-fifths from last
year's peak.
High Margins Cushion Effects of Price Drop

The ability of the cotton textile industry to withstand the
impact of the sharp price break this year without a substantial reduction in operations stems in large measure from
the high-profit margins which mills enjoyed through 1947,
and which were at a peak just a year ago. It may be noted
that most of the price decline since the first of the year came
out of mill margins, i.e., the difference between the price of the
cloth and the cost of the new raw cotton. The cost of the
raw cotton used in the fabrics whose prices are shown in chart
4 declined less than 15 percent since last December.
Chart 4.—Prices of 17 Staple Cotton Fabrics

Sharp Price Break in Cotton Goods

The cotton textile industry is one of the few major industries which have undergone a significant decline from the
postwar high. The decline in cotton textile prices which has
taken place since the beginning of 1948 followed a very
marked price rise after the removal of price controls 2 years
ago. Underlying this price decline is a corsiderably improved supply situation coupled with a leveling and falling
off in demand.
Prices of cotton goods have fallen every month since last
December. Declines have been fairly general and have been
severest in the case of staple goods which previously had
risen the most after the end of price ceilings. The course
of cotton textile prices since January 1946 is illustrated in
chart 4 showing an index number of the prices of 17 staple
carded gray goods constructions, which on the whole are
quite sensitive to changing supply-demand conditions. As
may be seen from the chart prices in October 1948 were 30
percent below the December 1947 figure and only 2 percent
higher than they were in October 1946. Some flattening out
in the price drop was evident, however, in November.
Cotton Textile Production High up to Mid-Year

On the supply side the decreases in prices are traceable to
continuing high cotton mill output, at least up to the middle
of the year. Since the seasonal lull in production during the
third quarter of 1947 output of broad woven goods in each
of the three subsequent quarters topped 2.5 billion linear
yards, the highest since the first half of 1943 although still
somewhat lower than the 1941 output. Production increases have been greatest in the case of staple fabrics, like
print cloths and broadcloths, supplies of which had reached
a low point just before price controls were ended.
Evidence that lagging demand has affected operations is
seen in recent production figures. Woven goods output in
the third quarter was 11 percent lower than in the second
quarter—a somewhat greater than seasonal decline—and
was slightly below production in the third quarter of 1947.



December 1948

INDEX, OCTOBER 1946 = 100
175

150 ~

125 -

100

50 -

25

I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I
1946
1947
1948

U. S, DEPARTMENT OF COMMERCE, OFFICE OF BUSINESS ECONOMICS

48-474

Sources: Basic data, U. S. Department of Agriculture, Production Marketing Administration; index, U. S. Department of Commerce, Office of Business Economics.

Woolens Contrast with Cottons

Prices of woolen and worsted goods have exhibited considerable strength over the past year, having risen about
12 percent since last October. The high demand, at least
through the first half of this year, has permitted mills to pass
on increased raw wool costs and wage costs to garment
manufacturers.
The demand situation in the woolen field in recent months
has been considerably clouded by the lagging tendencies
which have been apparent in men's apparel. Data on new
orders are indicative of the easing tendencies in the men's
field. For example, in the third quarter of 1948 new orders
received by mills for civilian men's wear fabrics averaged

SUEVEY OF CUEEENT BUSINESS

December 1948

almost 50 percent below the average for the third quarter
of 1947; unfilled orders have been halved since the end of
September 1947. New orders continued to lag in October.
Women's wear orders have held up fairly well and backlogs
are still about the same as they were a year ago. Heavy
production of women's coats and suits coupled with the added
fabric required by the new styles have helped to sustain the
demand for women's wear materials.
Clothing Production Gains Over Last Year

Scattered Price Reductions in Recent Months

Most types of clothing reached retail counters this fall
with higher price tags than last year as a result of increased
fabric costs and wage rates. The Bureau of Labor Statistics
consumers' price index for apparel rose 2 percent between
June and October and was 7 percent higher than a year ago.
Very recently some price reductions have appeared in those
areas where production has been lagging and where there is
some evidence of inventory accumulation. It is fairly likely
that the full extent of the price drop in cotton goods has not
yet been translated into lower cotton garment prices at
retail. Manufacturers have already announced lower prices
on spring deliveries of such items as men's cotton work
shirts, knit cotton underwear, and boys' cotton clothing.

The increased supply of materials, the continuing expansion of disposable income, and a recovery in the demand for
women's clothing brought about increased apparel production
in the first half of 1948 as compared with the same period in
the previous year. The rise in clothing output was in the
Consumer Spending Still High
neighborhood of 8 percent but it will be recalled that clothing
production in 1947 was lower than it was during 1946,
Consumer spending on clothing and accessories this year
although it was of better quality.
has continued to rise although the rate of increase has been
lower than in. earlier years. The total of such spending is
Inventories Accumulate
still considerably higher than would be expected on the basis
There is some information available which suggests that
of prewar relationships with income, primarily because of
part of the increased production of. fabric and clothing this
continued heavy spending on women's wear.
^ar went into inventories. Data compiled by the Federal
rade Commission and Securities and Exchange Commission
Inventory Increase at Retail
show that inventories of apparel corporations rose about onethird from the end of June 1947 to the same time this year,
The most significant development in the clothing field at
while sales changed much less; increases in men's apparel
the retail level this year has been the accumulation of inveninventories were fairly pronounced. Indications are that
tories, which has been confined to a large extent to the men's
this trend continued into the third quarter.
field.
With inventories accoumulating and orders lagging, output
Here, the stock-sales ratio has risen, in fact, there has been
of men's clothing dropped contraseasonally between the
practically no change in sales since the third quarter of last
second and third quarters of this year, the third quarter being
year while stocks have continued to mount. Thus, a part of
12 percent below the second and 8 percent below the third
the increases in garment production over last year has gone
quarter of last year. Declines in men's tailored clothing
into stocks instead of into the hands of consumers. For the
and dress shirts were especially pronounced.
third quarter the stock-sales ratio was about the same as it
Women's clothing production has shown considerably more
was in the years 1939 and 1940. This deterioration in the
buoyancy than men's. In the first half of this year output
stock-sales position, is undoubtedly an important factor in the
rose about 10 percent over January to June 1947 production,
strong promotional efforts which men's wear stores have
which, however, was well below output during the same
been making this year and in the slowing tendencies in men's
period in 1946. Gains in coat and suit production have been
tailored clothing and shirt production in recent months.
especially heavy and have continued into the third quarter.
In the women's field, stocks have risen somewhat more this
These buoyant tendencies in coats and suits have not
year than sales, which have nonetheless remained quite firm.
characterized the dress field, however; employment in
Thus, the little change in the stock-sales ratio since the
women's dress manufacturing during the third quarter was
beginning of the year is in contrast to the less favorable
running lower than the rate a year ago.
performance in the men's field.

¥

Plant and Equipment Expenditures Continue High
BUSINESS expenditures on new plant and equipment in
the first quarter of 1949 will exceed the level in the same
period of 1948 by about 5 percent, according to investment
plans of American business currently reported to the Department of Commerce and the Securities and Exchange Commission. Anticipated outlays for new producers' capital
aggregate 4.4 billion dollars in the first quarter of 1949 compared with 5.0 billion in the fourth quarter of 1948 and 4.2
billion in the first quarter of 1948 (see table 2). Seasonal
factors, reflecting both weather conditions and accounting
procedures in a period of rising costs, have typically resulted
in declines between the fourth and the first quarters.
In appraising the anticipations for early 1949, however, it
must be borne in mind that the first quarter of 1948 was in
many segments of the economy a period of hesitation, in
which business plans in some cases awaited the final form of
international and domestic programs then in the process of
development. Moreover, in the light of price increases, the
physical volume of capital investment represented by antici


Table 2.—Expenditures for New Plant and Equipment by United
States Business 1
[Millions of dollars]

1948
Industrial group

January- AprilMarch
June

1949

July- OctoberSeptem- Decem- Total
ber
ber

JanuaryMarch 2

Manufacturing
Mining
Railroad
Other transportation
Electric and gas utilities
Commercial and miscellaneous

1,800
180
270
180
500
1,240

2,140
200
310
190
640
1,340

2,090
200
330
170
690
1,360

2,160
180
400
160
780
1,330

8,180
770
1,310
690
2,610
5,280

1,780
180
370
150
680
1,220

Total: Actual__
Second estimate
First estimate

4,170
4,480
4,100

4,820
4,690
4,780

4,830
4,950
4,570

5,010
4,690

18, 840
18, 630

4,390

1 Excluding agriculture.
2 Estimates are based upon anticipated capital expenditures by business.
3
Includes trade, service, finance, and communication.
NOTE.—Figures are rounded and will not necessarily add to totals.
Sources: U. S. Department of Commerce, Office of Business Economics, and Securities
and Exchange Commission.

6

SURVEY OF CURRENT BUSINESS

pations for the first quarter of 1949 is slightly lower than the
level of the corresponding period in 1948.
Nevertheless, it is significant that all but one of the major
industries expected either to maintain or surpass the dollar
volume of capital investment of early 1948—a year in which,
as a whole, both the dollar and physical volume of plant
and equipment expenditures exceeded any other on record.
Railroads planned to boost expenditures above the comparable quarter of 1948 by nearly 40 percent to 370 million dollars and electric and gas utilities were planning an increase
from 500 to 680 million dollars. In manufacturing, mining,
and commercial and miscellaneous industries, it was anticipated that capital investment would be roughly maintained.
The lone reduction among major industry groups—an
anticipated decline of almost 20 percent in the first quarter
of 1949 as compared with the same quarter of 1948—was
in the transportation industry, excluding railroads. In
manufacturing, moderate declines in some of the soft goods
lines were countered by substantial increases in the electrical
machinery, transportation equipment and petroleum industries.
Investment programs were reported in the survey as of
the middle of November 1948. Similar quarterly anticipations for the years 1946 through the third quarter of 1948

December 1948

have deviated from actual expenditures subsequently
reported by about 7 percent on the average, and when correction is made for price changes not reflected in anticipations,
by 4 percent.
Actual expenditures in the third quarter of 1948, also reported in the survey, aggregated 4.8 billion dollars, slightly
less than the "second estimate" previously given as shown
in Table 2. At the same time, estimated expenditures for
the fourth quarter were boosted substantially to 5 billion
dollars from the initial estimate of 4.7 billion previously
reported. In the light of these revisions new plant and
equipment expenditures during 1948 are estimated at 18.8
billion dollars compared with 16.2 billion dollars in 1947.
Taking the period since the end of 1947 as a whole, it is
evident that while the sharp rise in capital investment in
progress since the end of the war has been substantially
modified, no material reduction is immediately in sight. The
investment programs of some industries during 1948 were
limited by scarcity of materials. Recent increases in the
capital investment of the railroads and electric and gas
utilities, electrical machinery, transportation equipment and
petroleum industries have more than compensated for the
slight reductions in evidence elsewhere.

Third Quarter Corporate Profits and National Income
CORPORATE profits following the upward sales movement continued to rise in the third quarter of 1948, according
to preliminary estimates of the Department of Commerce.
Corporate sales showed an increase in the third quarter over
the second of three percent to a total of 90 billion dollars.
On a bef ore-tax basis third-quarter profits of 8.9 billion
dollars were about a fifth above the same quarter of 1947 and
six percent above the second quarter of 1948. The secondto-third quarter increase was about the same as that recorded
from the first to the second quarter.
In the current period, the net effect of seasonal adjustments upon the all-industry total is negligible, so that
seasonally adjusted data give the same picture as the unadjusted data discussed above. At seasonally adjusted
annual rates, profits before taxes rose from 31.4 billion
dollars in the first quarter of 1948, to 33.4 billion in the
second, and to 35.6 billion in the third.
Inclusion of the inventory valuation adjustment materially alters the pattern of quarterly increases in 1948.
Profits before taxes so adjusted increased from the first to
the second quarters by 18 percent, as compared with a three
percent increase from the second to the third. These
estimates for the first three quarters of this year, respectively, are as follows at seasonally adjusted annual rates:
26.2 billion dollars, 30.9 billion, and 31J billion.
The changes in profits after taxes were similar to those
shown for profits before taxes in the first three quarters
of this year. The absolute level of the figures, however,
is only three-fifths as high, reflecting an effective tax rate
of about 40 percent.
Of the total increase in profits before taxes of about
500 million dollars from the second to the third quarters
(table 3), manufacturing accounted for about 375 million
and the railroad industry for about 100 million. Two of
the nonmanufacturing groups (trade and communications
and public utilities) experienced declines from the second
to the third quarter, due principally to seasonal factors.
Of the 375-million-dollar increase in manufacturing profits
before taxes, more than half was contributed by the iron
and steel industry where profits showed a temporary recession
in the second quarter. The other metal industries accounted



for about 100 million dollars, and the nonmetal group for
about 60 million.
Table 3.—Corporate Profits Before and After Taxes, and Corporate
Sales: Second and Third Quarters of 1948 *
[Millions of dollars]
Profits before
taxes

Profits after
taxes

Corporate sales

Industry Group
Second Third Second Third Second Third
quarter quarter quarter quarter quarter quarter
All industries, total 2 3
MiningM anuf actur ing
Metal industries 4
._ _ _
Other manufacturing _
Wholesale and retail trade _ _ _ 2
Finance, insurance, and real estate
Transportation
- _ ._ __
Communications and public utilities
All other industries 5

8,371
288
5,131
1,869
3,262
1,289
554
363
378
368

8,879
322
5,507
2,183
3,324
1,255
566
492
345
392

5,117
202
3,138
1,108
2,030
761
327
217
230
242

5,416
224
3,355
1,296
2,059
740
334
295
210
258

87, 471
1,766
48, 685
16, 643
32, 042
26, 642

90, 128
1, 900
49, 600
17, 173
32, 427
27, 632

4,082
2,484
3,812

4, 299
2,541
4, 156

1
Similar quarterly data for 1947 were given in the July 194£ SURVEY, p. 4; first quarter data
for 1948 were given in the September SURVEY, p. 5. Annual corporate-profits and sales estimates by major industrial groups for 1947, and revised series for 1944, 1945, and 1946 wer;s
published in the July 1948 issue of the SURVEY 011 pp. 20 and 23. For similar data for the years
1929 through 1943, consult the "National Income Supplement" to the SURVEY OF CURRENT
BUSINESS for July 1947, pp. 30-32, 41.
2
Sales figures exclude the industrial division of finance, insurance, and real estate. Presentation of sales data for these industries would be [misleading in view of the large part
of their receipts which is in the form of property income.
It should be noted that the corporate sales estimates above are gross; that is, they include:
interbusiness transactions and thus to a large extent represent a duplicated count. This is
so since the sales of each firm entering into the corporate total include not only the value
added by it, but also the value of the materials purchased from other firms, which is already
included in the sales of those other firms.
3 Total profits for all industries include the adjustment for the net flow from abroad of dividends and branch profits.
* Metal industries comprise iron and steel, nonferrous metals, machinery (except electrical),
electrical machinery, transportation equipment (except automobiles), and automobiles.
6
All other industries comprise agriculture, forestry and fisheries, contract construction,
services, and the international-balance adjustment.
Source: U. S. Department of Commerce, Office of Business Economics.

National Income Higher

The corporate profits data make possible presentation of
third quarter national income estimates. National income,
which measures earnings accruing to the Nation's residents
from current production, rose to an annual rate of 227.3
billion dollars in the third quarter of 1948; an increase of
5.6 billion above the second quarter rate (see table 4).

SUEVEY OF CURRENT BUSINESS

December 1948

Table 4.—-National Income, First Three Quarters of 1948

1

[Billions of dollars]
Seasonally adjusted
at annual rates

Unadjusted
Item

III

II

I

III

I

II

55.5
33.6
32 3
27.7
.9
3.7
1.3
13.0
6.3
4.7
19

56.9
35. 2
33.9
29.5
.9
3.6
1.3
12.6
6.2
4.5
19

215. 1
133.7
128.8
111.1
3.5
14.2
4.9
50.6
25.0
18.0
7 5

221.7
134.2
129.3
111.2
3.6
14.5
5.0
51.8
25.4
18.9
7.6

227.3
140.6
135. 6
116.4
3.7
15.6
5.0
50.2
24.8
17.9
7.5

7.8
8.4
3.3
5.1
-.6
1.2

7.9
8.9
3.5
5.4
-1.0
1.2

26.2
31.4
12.2
19.2
-5.3
4.6

30.9
33.4
13.0
20.4
-2.5
4.7

31.7
35.6
13.9
21.7

4.3

4.1

16.5

16.9

17.8

This break-down indicates the relative importance in these
years of the various income shares in the total earned income,
before taxes, accruing to the American people. Variations
in the relative importance of the different income shares in
the national income are of course influenced by changes in the
relative importance of the corporate, noncorporate, Government, and other sectors of the economy.

National income by distributive shares

53.2
National income
32.9
Compensation of employees
31 6
Wages and. salaries
Private
27.1
.9
Military
Government civilian
3.6
Supplements to wat?es and 2
salaries
1.3
Proprietors' and rental income
_ .
12.6
Business and professional. _.
6.3
Farm
4.5
Rental income of persons
19
Corporate profits and inventory valuation
adjustment
_
-_
6.5
Corporate profits before tax
7.8
Corporate profits tax liability
3.0
Corporate profits after tax
4.8
Inventory valuation adjustment
-1.3
Net interest
1.2
Addendum: Compensation of general gov4.2
ernment employees

3 g

4^8

1 Detail will not necessarily add to totals because of rounding.
Includes noncorporate inventory valuation adjustment.

2

Source: U. S. Department of Commerce, Office of Business Economics.

In addition to the rise in corporate profits discussed above,
compensation of employees increased by almost 6.5 billion
dollars from the level of the second quarter. This rise
reflected the effects of wage rate increases negotiated in the
third and at the end of the second quarter, expanded employment, and the absence of major labor management
disputes.
Proprietors' income continued at high levels though they
were somewhat less than in the second quarter of 1948
chiefly as a result of a small drop in the net income of farm
proprietors.
Changes in the other components of national income were
of a relatively minor character.
The following table shows a percentage distribution of the
national income for the first three quarters of 1948 and other
years of high peacetime activity:
First 9
Tin948S

Item

1929

1940

1941

1947

National income
C om pensation of employees _
Proprietors' income
_____
_
Rental income of persons
Corporate profits and inventory valuation
adjustment
_
Corporate profits before tax
Corporate profits tax liability. _ . _
Corporate profits after tax
Inventory valuation adjustment
Net interest
- _

100.0
58.1
15.9

100 0
63.7
15.5

100 0
63.0
19.2
3 5

100 5
0

4.4

100.0
61.9
15.9
4. 1

11.3
11.5

14.1
16.6

12.2
14.7

—2.5

—2.5

13.4
5.9
-i 7

6.7

11.8
11.3

1.6
9.7
.5
7.5

7.6
9.0

3.6
7.9
—.2
5.1

4.0

5.8
8.9
2.1

6i-

Rate of Profits Before Taxes

In appraising the current flow of corporate profits, it is
desirable to relate them to some measure of corporate
economic activity. Although corporate sales data are sometimes used for this purpose they may be misleading because
they represent a duplicated count. The sales of each firm
entering the sales total reflect not only the value added by
that firm, but also the value of goods and services purchased
from other firms, which is already included in the sales
aggregate.
A better tool for this purpose is income originating in corporate business, which measures the net contribution of private corporations to the total value of the net national
output. Table 5 presents a percentage distribution of this
aggregate by distributive shares.
Corporate profits before taxes including inventory valuation adjustment in the first three quarters of 1948 comprised 24.3 percent of income originating in corporate business, up almost 2 percentage points from the 1947 proportion.
This ratio was smaller than in the four years 1941 to 1944,
inclusive, but higher than in the other years in the period
1929-48. The 2 point rise from 1947, it will be noted from
table 5, reflects the lesser inventory valuation adjustment in
1948 as compared with 1947. Without allowance for this
factor, corporate profits before taxes increased from 27.2
percent of the total in 1947 to 27.6 percent in 1948. The
ratio of profits before taxes excluding the inventory valuation
adjustment was higher in the current year than in any other
peacetime year for which data are available except 1941.
Compensation of employees was correspondingly reduced
from 76.5 percent of the total in 1947 to 74.5 percent in 1948.
The employees share was almost identical to that in 1929,
less tlian in 194 but 2
°
points higher than in 1941.
Rate of Profits After Taxes

3 4

2A

Corporate profits after taxes in
percent of income originating in
slightly higher than in 1947 — and a
in any year except 1929, when it

1948 represented 16 6
corporate business—
larger percentage than
was 18 percent. The

Table 5.—Percentage Distribution of Income Originating in Corporate BusinessJ

1929

Item

Income originating in corporate business _ _ _
Compensation of employees
Wages and salaries
Supplements to wages and salaries
Corporate profits and inventory valuation adjustment
Corporate profits before tax
Corporate profits tax liability
_
Corporate profits after tax
__ _
Inventory valuation adjustment
Net interest
_
_ _ _

1939

1940

1941

1942

___ _

100.0
74.2
73.3

100.0
80.6
76.7

100.0
75.9
72.3

100.0
72.6
69.3

100.0
71.9
68.9

22.2
21.2

__

15.5
17.5

21.2
21.5

13.4
-2.0

14.7

25.5
30.1
13.9
16.2
-4.6

26.5
28.2
15.8
12.4
-1.7

.9

3.1

18.1
_

1.0
3.6

3.9

4.1
3.9

3.6

6.8

-.3
2.9

3.3

1.9

3.0

1.6

1943

100.0
72.8
69.8

3.0

26.1
27.0
15.7
11.3

-.9
1.1

1944

1945

100.0
73.8
70.5

100.0
76.7
73.2

3.3

3.5

25.3
25.6
14.4
11.2

22.5
23.2
13.4

0

.9

9.8
-.7
.8

1946

1947

100.0
80.5
77.0

100.0
76.5
73.2

18.5
24.2
10.2
14.0
-5.7

22.5
27.2
10.9
16.3
—4.7

1.0

First 9
months
1948

1.0

3.5

3.3

i Basic data 1929-43, from National Income Supplement to Survey, July 1947, p. 25, table 12; 1944-47 from July 1948 Survey, p. 18, table 12. The 1948 data are preliminary estimates.
Source: U. S. Department of Commerce, Office of Business Economics.




100.0
74.5
71.4

3.1
24.3
27 6
11.0
16.6
—3.3

1.2

SUKVEY OF CURRENT BUSINESS

8

current rates of profits after taxes are higher than during
the war years when the excess profits tax served to limit
profits after taxes to between 9.8 and 12.4 percent of corporate income.
If the inventory valuation adjustment were included,
profits after taxes in 1948 would account for 13.3 percent of
corporate income, a proportion materially below that in
1929 when corporate income tax rates were substantially
lower than at present.

December 1948

Employee and Interest Share

Compensation of employees in the first three quarters of
1948 accounted for three-fourths of income originating in
corporate business, about the same proportion as in 1929.
The higher rate of profits in the current period as compared
with 1929 was entirely at the expense of the interest share,
which represented 1.2 percent of the total in 1948 as compared
with 3.6 percent in 1929.

International Transactions of the United States
During the Third Quarter 1948
JcLiVEN though Government aid to foreign countries during the quarter increased by 256 million dollars over the
second, exports of goods and services continued the decline
which started a year ago. (See tables 6 and 7.) The increase in foreign aid was not reflected in higher shipments
of merchandise because foreign countries utilized less of
their own remaining gold and dollar assets.
The decline in the sale of foreign gold and dollar assets to
the United States—from about 600 million in the second
quarter to less than 200 million in the third—represents a
development which may be considered evidence of a small
step toward increased financial stability abroad. Foreign
dollar balances, excluding those of the International Bank
and Fund, increased by 210 million dollars, in large measure
offsetting the sale of 320 million dollars of gold to the United
States.
Actually, the net utilization of these assets for foreign
countries was smaller than current foreign gold production,
which outside the USSR amounts to about 175 million per
quarter. For the first time since 1946, therefore, total
foreign gold reserves and dollar balances increased. Even
this modest increase would not have been achieved without
the rise in Government aid to over one billion dollars.

Canada and Italy accounted for over one-third of the
total accumulations of foreign reserves, with the remainder
spread among a far larger number of countries than were the
declines. The fact that increases were not concentrated in
a few countries makes it probable that this development is
not due to accidental circumstances but rather to comparatively widely adopted policies of rebuilding or increasing
financial liquidity, or to changes in the demand for United
States goods and services.
Chart 5.—Changes in Gold Reserves and Dollar Balances
of Foreign Countries
BILLIONS OF DOLLARS
1.6

1.2

GROSS CHANGES FOR COUNTRIES
'SHOWING DECREASES

Reserve Holdings Change Varied

In chart 5 changes in foreign gold reserves and dollar balances—so far as they are known—are indicated separately
for the countries showing increases and those having decreases in each quarter since the beginning of 1947. The
change in the third quarter, during which the countries
accumulating reserves outweighed those still drawing down
their reserves came as a result of trends which have been
evident for nearly two years. The sharp decline of liquidations has been a more important factor in the reversal of
the net movement of foreign gold and dollar reserves than
the increase of accumulations, which in the third quarter
did not even reach the first quarter rate.
During the third quarter South Africa, India, and the
ERP countries as a whole were still drawing upon their
reserves. The United Kingdom, the Union of South Africa,
and India accounted for about three-fourths of the gross
liquidations.
However, the rise in disbursements under the European
Recovery Program—and further increases in dollar earnings
through increased exports of goods and services—should
make it possible for the United Kingdom to reduce the rate
of drawings upon its gold and dollar reserves, or even to
increase such reserves. South Africa, which is selling more
gold than it currently produces, recently announced restrictions on imports of merchandise from the United States.
India's official gold holdings and dollar balances are too
small to permit continued drawings at the third quarter
rate. It should be expected, therefore, that foreign reserves
of these and some other countries will diminish less rapidly
in the near future.



NET
INCREASE
(ALL

COUNTRIES)

GROSS CHANGES FOR COUNTRIES
SHOWING INCREASES

1948

1947
- TOTAL FOR QUARTER

-

U. S. DEPARTMENT OF COMMERCE, OFFICE OF BUSINESS ECONOMICS.

Sources of data: TJ. S. Department of Commerce, Office of Business Economics, based upon
data from the Board of Governors of the Federal Reserve System and the International
Monetary Fund.

Increased Aid From the United States

The improvement in the reserve positions of foreign countries was due not only to a reduction in their purchases here
but also to increased aid from the United States Government. Such aid not only made it possible for recipient
countries like the United Kingdom, France, and the Netherlands to reduce the drawings upon their own reserves, and
for Italy to improve its financial position, but also for other
countries to obtain dollars for goods sold to countries receiving the aid. The volume of "offshore purchases" may
be estimated for the third quarter at approximately 340
million dollars, of which 270 million was financed through
the ERP and Chinese aid programs.
For the first time since 1945 dollar disbursements through
unilateral transfers and movements of United States capital
exceeded the aggregate foreign deficit on goods and services.

SUEVEY OF CUEEENT BUSINESS

December 1948

It should not be concluded, however, that United States aid
was in excess of foreign requirements. For one thing, the excess of aid over the foreign deficit with the United States does
not necessarily apply to individual countries. Also, reestablishment of a balanced and relatively unrestricted international economy requires, in addition to reconstruction of
physical productive facilities and inventories, the reestablishment of sufficient financial reserves of internationally
acceptable operating funds.
Decline in Exports and Export Surplus

The third-quarter decline in the export surplus on goods
and services by about 330 million dollars (see table 6) was
due mostly to the continued fall of merchandise exports (see
table 8). That drop was evident not only in our trade with
the Latin American countries but also in our trade with
Western Europe, particularly France and Italy. Merchandise imports remained at the second quarter value.
Table 6.—International Transactions of the United States
[Millions of dollars]

9

decline appears to have been concentrated in merchant vessels, electrical and industrial machinery, and textile manufactures.
Reduction in exports of merchant vessels coincided with
the termination of the foreign sales of war-built vessels by the
Maritime Commission. It is possible that the foreign
demand for American built ships also decreased as the
requirements for the reconstruction of foreign merchant
fleets became less urgent, or more capable of being met from
foreign sources.
Completion of some of the foreign investment programs—
and availability of industrial equipment from other sources—
may have contributed to the decline in exports of finished
manufactures. There, however, with a larger share of the
expenditures under the foreign assistance programs intended
for capital goods, higher exports of industrial equipment,
particularly to the countries of Western Europe and their
dependencies, may compensate for the decline of such
exports to other areas.
Table 7.—Exports of Goods and Services and Means of Financing
1948

1948

Item

First Second Third
quarter quarter quarter

Keceipts:
Goods and services:
Goods
Income on investments
Other services
Total goods and services

Unilateral transfers
Long-term capital:
Movements of United States capital invested abroad _ _
Movements of foreign capital invested in United States.
_

3,389

305
527

306
567

4,221

3,971

231
555

_. ._

__ _

Payments:
Goods and services:
Goods
_ _
_
Income on investments
Other services
Total goods and services. __

100

115

95

184
5

170
13

248
12

183

260

4,733

4,519

4,326

1, 935
57
503

_

Unilateral transfers __ ___ _
_
Long-term capital:
Movements of United States capital invested abroad _ _
Movements of foreign capital invested in United States.
Total long-term capital. _.
Total payments
Excess of receipts (+) or payments (— ) :
Goods and services
Unilateral transfers
Goods and services and unilateral transfers
Long-term capital
All transactions
Net flow of funds on gold and short-term capital account:
Net increase (— ) or decrease (+) on gold stock
_ _ _ _ _
Net movement of United States short-term capital abroad. _
Net movement of foreign short-term capital in United
States

1,876
55
661

1,866

2,495

2,592

2,676

1,068

1,068

1,476

841
54

519
109

408
49

895

628

457

4,458

4,288

4,609

+1, 949
—968

+1, 629
-953

+1, 295
—1,381

+981
—706

+676
—445

-197.

+275

+231

-283

—348
-15

—526
+28

—320
+68

+154

77
733

-86

Errors and omissions

—145

-80

—508

—578

-98

+233

Net inflow (+) or outflow (— ) of funds

+347

+381

Source: U. S. Department of Commerce, Office of Business Economics.

Although the decline of exports was probably due primarily to foreign policies designed to conserve dollar reserves, the commodity distribution of exports suggests that
other factors may also have been responsible. Whereas
finished manufactures fell off, and to a lesser extent, semimanufactures and manufactured foodstuffs, exports of crude
materials and crude foodstuffs showed some rise. Exports
of finished manufactures have declined steadily from 684
million dollars in April to 496 million in September. The
815027°—48

2




Second quarThird quarter
ter

Millions
of dollars

3,098

189

Total long-term capital
Total receipts _

3,658
4,444

_

First quarter

Percent

Millions
of dollars

Percent

Millions
of dollars

Percent

4,444

100

4,221

100

3,971

100

2,495
307

56
7

2,592
613

61
14

2,676
189

132
103

3
2

22
67

1
2

6
16

1

807
511

18
11

795
36

18 1,242
1 -155

31
-4

161
161
-233

4
4
-5

158
285
-347

Item

Exports of goods and services
MEANS OF FINANCING

Foreign resources:
United States imports of goods and services
__
_
Liquidation of gold and dollar assets
Dollar disbursements (net) by:
International IVIonetary Fund
International Bank
United States Government aid:
Grants (net)
Long- and short-term loans (net)
United States private sources:
Remittances (net)
- _
Long- and short-term capital (net)
Errors and omissions
.

4
7
-8

139
239
-381

67
5

4
6
-10

Source: U. S. Department of Commerce, Office of Business Economics.

Net dollar expenditures of foreign countries for transportation did not change from the second quarter. (See
table 9.) Still, compared to the quarterly average of 1947
when foreign payments amounted to over 200 million dollars,
the drain of shipping expenditures on foreign gold and dollar
balances has been reduced by half. These foreign dollar
savings were possible (a) because of smaller foreign payments
due to the declining tonnage of U. S. water-borne exports,
which in July and August were 27 percent less than in the
same months last year, coupled with higher foreign earnings
resulting from the 7 percent increase of United States
water-borne imports in the same period; and (b) because of
the greater participation of foreign fleets in our foreign trade.
During July 1948, the latest period for which data are
available, foreign vessels carried 60 percent of our oceanborne exports and 40 percent of our ocean-borne imports, as
against 47 and 33 percent respectively in 1947. In spite of
the reduction of receipts and the increase of payments by the
United States, receipts are still high in comparison to
payments if the current situation is compared with that
existing before the war, when the balance of payments on
this account was in the opposite direction.
Another factor in reducing the export surplus was the
seasonal increase in tourist expenditures in foreign countries.
The 1948 summer increase over the second quarter was
16 million dollars more than in 1947. Larger expenditures in

SURVEY OF CURRENT BUSINESS

10

Europe and the Mediterranean area were possible because
of better transportation facilities and overseas accommodations. Travel to Canada and Mexico did not change materially compared to last year.
The decline of the export surplus, which has continued
without interruption since the second quarter of 1947,
increased the supplies available for domestic use. Thus,
the immediate effect of the increased foreign assistance was

December 1948

not an increase of inflationary pressures stemming directly
from the export balance, though clearly the extension of this
assistance did mean a larger demand for exports than would
otherwise have been the case.
Table 10.—Gifts and Other Unilateral Transfers
[Millions of dollars]

1948

Table 8.—Merchandise Transactions With Foreign Countries

Item
First
quarter

[Millions of dollars]
1948

Item

First Second Third
quarter quarter quarter

Transfers to foreign countries:
Exports including reexports recorded by Bureau of the Census:
Through private United States business
__ .
Through United States Government agencies
Total exports, recorded

____

__

2, 721

2,713
525

2,444
493

3,319

__

598

3, 238

2, 937

33

22

8

45

34
84
11

67
42
44

Total transfers to foreign countries

Total imports recorded

214
47

3 658

3,098

3 389

341
91

21
197
204
1
287
95

12
62
564
77
400
105

11
33
45

23
21
43

45
12
43

878

892

1, :!20

71

7
90

78

97

78

807

795

1.242

190
29

176
18

156
17

161

158

139

56
301
.__
__ _
the
___

__

Receipts:
Lend-lease settlements
Other

_

Total receipts
Net Government payments
Private remittances:
Payments
Receipts

1,757
37

1,690
25

1,794

_

1,655
38
1,693

1,715

28

35

33

61

65

60

Table 11.—Movements of United States Capital

50
2

83

58

[Millions of dollars]

1 935

_

1 876

1 866

Net private payments. _ _

_

Source: U. S. Department of Commerce, Office of Business Economics.

Other transfers and adjustments:
Private United States trade (net)
United States Government:
Military purchases abroad
Government coporation purchases not shown in recorded
imports
- Miscellaneous adjustments (net)
Total transfers from foreign countries

Third
quarter

71

Total payments

Other transfers and adjustments:
Private United States trade (net)
United States Government:
Civilian supplies for occupied countries not included in
recorded exports
_ _ _ _
____
Surplus property including ship sales and military sales. __
Other (net)
Transfers from foreign countries:
General imports recorded by Bureau of the Census:
Through private United States business
Through United States Government agencies

Government:
Payments:
Post-UNRRA
.
.
Interim aid
European Recovery Program
_
.
Chinese Aid Program
Civilian supplies for occupied countries _
Greek-Turkish Aid Program
War damage payments and other transfers to
Republic of the Philippines
International Refugee Organization __
Other transfers. _ _

Second
quarter

1948
Item

Source: U. S. Department of Commerce, Office of Business Economics.

First
quarter

Second
quarter

Thirc.
quarter

Table 9.—Service Transactions With Foreign Countries
[Millions of dollars]
1948

Item

Receipts:
Transportation
Travel .
_
Miscellaneous services:
Private
Government
Total receipts
Payments:
Transportation
Travel
Miscellaneous services:
Private
_
G o vernment
Total payments

First
quarter

__ _

Second
quarter

333
63

285
80

293
88

127
32

138
24

139
47

555

527

567

161
99

180
137

185
250

70
173

75
269

72
226

503

661

733

Source: U. S. Department of Commerce, Office of Business Economics.




Third
quarter

Long-term capital:
Government:
Outflow:
Credits on sales of surplus property.
Credits on sales of ships
Export-Import Bank loans
British loan _
Other
_

__
_

Total outflow
Inflow
Net outflow of Government long-term capital _
Private:
Outflow:
Purchase of obligations guaranteed by the International Bank
._ __
Other
Total outflow
Inflow
Net outflow of private long-term capital.
Net outflow of short-term capital:
Government
Private

11
2
70

164
13
170
300
5

18
26
145
4

6

652
52

193
32

89
212

600

161

-123

189

326

8
311

189
132

326
138

319
36

57

188

233

—89

—125

— :H2
— !6

+104

Source: U. S. Department of Commerce, Office of Business Economics.

+97

By Edward F. Denison

Industrial Composition of
National Income
IATIONAL income by industrial origin, which was intensively examined in the original national income studies
of the Department of Commerce, has received relatively
little emphasis in recent years. Instead, attention has centered on the gross national product tables showing the
disposition of final products among purchaser groups and
the commodity composition of these purchases. In view of
recent economic changes and of the marked improvement in
available data on income by industries, reexamination of the
industrial composition of the national income should further
understanding of the economic system.
The essential difference between the gross national product
classification of purchases and the industrial classification
of national income is that they present alternative types of
break-down of the value of the Nation's production. Both
add up to unduplicated totals, but the gross national product
classification avoids duplication by simply omitting all intermediate products (products used up in further production),
whereas national income by industrial origin avoids duplication by deducting from the value of product of enterprises at each stage 1 of production the value of intermediate
products consumed.
Suppose a farmer grows wheat and sells it for $75 to a
baker, who converts it to bread which he sells to consumers
for $200. The gross national product table will show that
national output was $200, that it was purchased by individual consumers, and that what they bought was bread.
National income by industrial origin will show that the
national output was $200, and that the farm contributed $75
and the bakery $125 to this value—thus giving attention
to both the industries producing intermediate products and
those furnishing final products.
Meaning of National Income by Industrial Origin

National income, when classified by industrial origin,
furnishes a measure of the net value added by each industrial
segment of the economy to the total value of the net national
output. Viewed from a different standpoint, "income
originating" measures the earnings of the economic resources
utilized in each industry.
National income values output at "factor cost," rather
than at market prices. Thus, "income originating" in an
industry does not include indirect business taxes which
happen to be levied on particular products or collected at
certain stages of the productive process and whose inclusion
NOTE.—Mr. Denison is acting as Chief of the National Income Division, Office of Business
Economics.
i There is the additional difference that the first type of classification deals with products
as such, whereas the second deals with establishments classified into industry groups in
accordance with their principal products.
It may also be noted that the Department of Commerce has published the first type of
break-down only for the gross national product, which values the national output at market
prices and gross of capital consumption allowances, whereas the second is available only for
national income, which values output at factor cost and is net of capital consumption allowances. In principle, however, both types of break-down could be prepared for both measures
of output if the requisite information were available.




would distort the position of such industries as tobacco
manufacturing, retail trade, and real estate. It does, however,
cover subsidies, since these are included in the cost of securing the economic resources employed in the industry.
In addition to measuring the earnings of economic resources, the industrial distribution of national income is also
indicative of the industrial distribution of economic resources
themselves. There is no method by which the various labor
and property resources as such can be added or equated;
only the market evaluation of their current contribution to
the national output, measured in monetary terms, is subject
to addition or quantitative comparison. But to the extent
that economic resources are equally compensated in various
industries the industrial distribution of economic resources
must be construed as proportional to the industrial distribution of the national income.2
National-income data are a fundamental tool for an examination of the industrial structure of the American economy.
They furnish a more comprehensive measure of the relative
size of industries than do, for example, labor-force or employment data, which take account neither of industrial
differentials in the skill or remuneration of labor nor of
capital investment or returns. They are free of the element
of duplication which renders sales or receipts a highly defective measure for comparative purposes.
Size of the Industrial Divisions
The relative size of the various industrial branches of the
economy can be determined from a simple percentage distribution of the national income. In 1947, when the value
of the national income was 202.5 billion dollars, manufacturing contributed 30.5 percent and wholesale and retail
trade 18.5 percent of the total. Together, they were responsible for just under one-half of all economic production.
More than one-third of the total value of production was
contributed by four industrial divisions of approximately
equal size. These are agriculture, forestry, and fisheries
(9.5 percent); the services (9.3 percent); government and
government enterprises (9.2 percent); and finance, insurance,
and real estate (8.1 percent).
The remaining 14.8 percent of national income was divided among four industrial divisions and the net inflow of
income from abroad, classified as originating in the "rest of
the world." Transportation (5.6 percent) was the only one
of these industrial divisions to account for as much as onetwentieth of total production. The contribution of contract
construction was 4.3 percent, that of communications and
public utilities 2.7 percent, and that of mining 2.0 percent.
These proportions can be ignored only at the risk of an
2
This, of course, assumes that idle but valuable resources are not denned as "in" any
industry. If they are so considered, the two distributions necessarily depart to the extent
that idle resources are not distributed in proportion to the national income.

11

SUEVEY OF CUKEENT BUSINESS

12

improper appraisal of the relative importance of economic
developments in various sectors of the economy.

December 1948

Despite the changes in production, prices received by farmers, under the protection of Government supports, moved
steadily upward from 1933 to 1937. Output changes were
reflected primarily in changes in inventories. In other
periods there was a greater tendency for changes in volume
to be compensated by price changes, which had the effect of
leaving the ratio of income originating in agriculture to total
national income more nearly unaffected.
The absence of a relative downward trend for agriculture
during these two decades is interesting in view of the wellknown tendency away from agriculture shown by both
income and labor-force estimates for earlier periods. However, there is some evidence that this is not the first time
that the general downward drift has been checked for an
extended period. According to Robert F. Martin's estimates,
agriculture's percentage of "realized production income"
showed little change from 1809 to 1839, and again from 1879
to 1919.3
The maintenance of agriculture's position in the nationalincome total was accomplished despite a continued marked
decline in the number of persons engaged in agricultural
production. As a result of favorable experience with respect
to both productivity and price movements, the net value of
output per person engaged in production increased from
1929 to 1947 by 182 percent in agriculture, forestry, and
fisheries as against 84 percent in the economy as a whole.

Shifts in the Structure of the Economy
We next examine the broad changes in the industrial
structure of the economy which have taken place since 1929.
For this purpose a four-way break-down of national income
is first presented in table 1. This table separates from the
broad private nonagricultural area three sectors particularly
affected by noneconomic or special factors—Government and
Government enterprises; agriculture, forestry, and fisheries;
and the rest of the world.
Government

Attention is first directed to Government. The Government percentages, it must be emphasized, reflect only the
return to the resources (in this case, labor) directly employed
by Government, not production by other industries whose
product is purchased by Government. The Government
percentage in 1947 of 9.2 was higher by more than one-half
than it was in 1929 but, perhaps surprisingly, lower than in
any year from 1931 to 1946.
The increase from 1929 to 1947 was entirely in the Federal
general-government component, which rose from 1.0 percent
of the national income in 1929 to 4.5 percent in 1947. The
compensation of military personnel accounted for slightly
more than one-half of the increase.
*
Over the course of the 19-year period the State and local
percentage of the national income shows a smooth contracyclical movement, except for a dip during the war years,
with no clear evidence of upward or downward trend. The
movement of the Federal-Government data, while also
exhibiting a generally contracyclical movement, is dominated by the timing of the work-relief and military programs.
Federal general government accounted for 17 percent of the
national income at the wartime peak in 1945 as compared
with less than 5 percent in 1941 and 1947.

Rest of the World

The third special segment of the economy, the "rest of the
world", is not really an industry but a balancing item, consisting chiefly of the net amount of property income receipts
from abroad. It declined from 0.9 percent of the total national income in 1929 to 0.4 percent in 1947. This was due
chiefly to a sharp falling off in interest receipts as a consequence of the liquidation, through default and redemption, of
American-owned securities issued by foreign governmental
units.
Private Nonagricultural Sector

Agriculture, Forestry, and Fisheries

The contribution of the remaining portion of the economy,
comprising all private nonagricultural industries, varied between 84.0 percent (m.^1929) and 70.8 percent (in 1945) of
the aggregate national income. In 1947 it was 80.9 percent.
To avoid obscuring movements of the industries within this
portion of the economy by the changes in the sectors previously considered, the remainder of the discussion will deal
with the composition of the private nonagricultural industry
aggregate rather than the total national income.

Income originating in agriculture, forestry, and fisheries—
comprised almost entirely of income from farming—was a
slightly higher percentage of the national income in 1947 than
in 1929. Within the period, income originating in the agricultural sector generally showed somewhat more cyclical
variation than the national income as a whole. The percentages, however, were somewhat erratic, particularly during the years 1934 to 1936, and dipped slightly during the war.
The earlier aberrations can be traced directly to the exceptionally large variations in the quantity of agricultural output, which was low in 1934 and 1936 but large in 1935.

3
"Realized production income" differs in definition from the Department of Commerce
national-income data chiefly in that dividend payments are substituted for corporate profits
and the inventory-valuation adjustment. Martin's estimates are presented in National
Income in the United States, 1799-1938, National Industrial Conference Board, New York,
1939, pp. 10-11 and 58-61.

Table 1.—Percentage Distribution of National Income by Sector of Origin, 1929—47
Sector of origin
National income

1929

1930

1931

1932

5.9
1.0
.7
4.0
.2

7.1
1.3
.8
4.8
.3

9.3 12.4
1.6 2.2
1.0 1.3
6.3 8.6
.3
.4

Agriculture, forestry, and
fisheries
_ _
Farms
Agricultural services, forestry and fishery

9.2
8.9
.3

8.0
7.8
.2

7.9
7.6
.3

Private nonagricultural industries
1

1935

1936

1937

1938

1939

1940

1941

1942

1943

1944

1945

1946

7.4
7.1
.3

13.5
3.0
1.2
8.9
.4
8.9
8.6
.3

11.9
3.2
1.1
7.4
.3

12.6
5.6
1.0
5.7
.3

10.6
4.1
.9
5.3
.3

7.3 11.0
7.1 10.7
.2
.3

8.2
8.0
.2

9.9
9.6
.2

13.0
3.5
1.1
8.0
.3

12.7 11.8
5.2 4.8
1.0 1.0
6.1 5.8
.3
.3
8.9
8.7
.3

8.4
8.2
.2

10.8
4.4
.9
5.3
.3

10.1
4.9
.8
42
.3

8.1
79
.2

8.6
83
.2

12.0 16.2
7 9 12 7
.6
.6
33 28
.2
.2
9.5
93
.2

8.6
85
.1

1947
100 0

18.8
15 3
.6
27
.2

20.6
16 8
.6
29
.2

12 7
81
.8
35
2

9.2
45

8.1
79
2

8.4
82
2

10 0
9g
2

9. fl
93
2

38
.]

.9

1.0

.9

.9

.8

.6

.6

.5

.4

.6

.4

.4

.3

.3

.2

2

2

3

4.

84.0

83.9

81.9

79.3

76.8

79.1

76.5

78.7

79.1

77.8

79.4

80.7

81.0

78 2

75 0

72 9

70 8

77 0

80 9

See technical note 3 at end of article.
Source: U. S. Department of Commerce, Office of Business Economics.




1934

100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100 0 100.0 100 0 100 0 100 0 100 0 100 0 100 0 100 0 100 0

Government and government enterprises
Federal-general government
Federal-government enterprises _
State and local-general government
State and local-government enterprises

Rest of the world 1

1933

SURVEY OF CURRENT BUSINESS

December 1948

Industrial Composition, 1929 and 1947

Chart 1 compares the composition of private nonagricultural national income in the 2 terminal years of the period
covered by the data. Both 1929 and 1947 were prosperous,
full-employment years so that the comparison is little affected
by cyclical fluctuation.
The difference in industrial composition between the two
periods is striking. The shares of manufacturing and trade,
the two largest industrial divisions, were each more than onefourth larger in 1947 than in 1929.
This relative expansion of manufacturing and trade occurred at the expense of all other industrial divisions except
Table 2.—Private Nonagricultural Industries: Percentage Distribution of National Income and Persons Engaged in Production
by Industrial Divisions, 1929 and 1947
National income
Industrial division

Percent of national income

Number of persons
engaged in production

Percent Percent of per- Percent
change in sons engaged change in
relative
relative
position
position
1929 to
1929 to
1929
1947
19471
19471

1929

All private nonagricultural industries
Wholesale and retail trade
Manufacturing
Construction
Mining
Communications and public
utilities
Services
Transportation
Finance, insurance, and real
estate

1947

100. 00
17.79
29.91
5.02
2.85

100. 00
22.87
37.61
5.32
2.46

+28.6
+25.7
+6.0
-13.7

100. 00
23.00
31.40
6.86
3.02

100. 00
25.17
35.63
6.65
2.25

+9.4
+13.5
-3.1
-25.5

3.91
13.82
8.92

3.29
11.47
6.94

-15.9
-17.0
-22.2

3.07
18.95
9.02

2.71
16.23
7.06

-11.7
-14.4
-21. 7

17.80

10.04

-43.6

4.69

4.31

13

capital investment and return are extraordinarily large in
comparison to the amount of labor required. In the singlefamily field of residential housing (including both tenantoccupied and owner-occupied dwellings) almost no labor is
employed. In consequence, the major portion of the realestate industry has a vastly greater weight in the national
income distribution, which takes account of both labor and
property resources, than in the distribution of persons
engaged in production.4
With reference to the real-estate industry, it should be
pointed out that the presence of rent controls in 1947
depressed the valuation placed upon the product of residential housing and hence the real-estate industry's percentage
of the national income. It may be noted, however, that most
of the relative decline in real estate occurred before the imposition of rent controls.
Industrial Shifts Within the Period

The change between 1929 and 1947 in the industrial distribution of the private nonagricultural national income was
not accomplished by a smooth transformation over time but
was the end result of sharp fluctuations within the period.
This is scarcely surprising when it is recalled that these years
embrace a great depression, a recession, war, reconversion,
and postwar peacetime prosperity. When account is taken of
these events, however, the major movements already noted

8.1

i Obtained by computing the percent increase or decrease from 1929 to 1947 in the percentage
of national income, or of persons engaged in production, classified in each industrial division.
Source: U. S. Department of Commerce, Office of Business Economics.

contract construction. The percentage for finance, insurance,
and real estate showed much the greatest decline, both
absolutely and relatively, of any industrial division. The
relative losses by mining, communications and public
utilities, services, and transportation ranged from about
one-eighth to one-fifth.
Data presented in table 2 permit a comparison of the
1929-47 changes in the industrial composition of the national income with that of the number of persons engaged in
production. Two principal facts emerge from such a
comparison.
First, the direction of movement is the same in the two
distributions for all industrial divisions except contract
construction. For construction, both the upward movement
shown by the national-income data and the downward
movement shown by the distribution of persons engaged in
production are slight in magnitude.
Second, the extent of the relative shift from finance, insurance, and real estate to manufacturing and trade is much
less pronounced in the personnel than in the income data.

* If the few hours contributed to the management and maintenance of their property by
each of the vast number of rental recipients could be summed, converted to a full-time equivalent employment basis, and added to the persons-engaged data, this disparity would be reduced. But such an estimate is excluded from the series used here, as from all other employment series.

Chart 1.—Percentage Distribution of Private Nonagrieultural National Income
PERCENT
100

MINING

COMMUNICATIONS AND
PUBLIC UTILITIES
TRANSPORTATION

SERVICES

80

FINANCE, INSURANCE,
AND REAL ESTATE
CONTRACT
CONSTRUCTION

60

WHOLESALE AND
RETAIL TRADE
40

Decline of Real Estate Industry

The explanation of this differential decline lies chiefly
in the real-estate industry, whose share of private nonagricultural income dropped from 12.2 percent in 1929 to 6.7
percent in 1947. Similar ratios for the number of persons
engaged in production are 1.1 and 1.2 percent, respectively.
The real-estate industry as here defined is dominated by
establishments owning real property and leasing it to others.
In this category are included owner-occupied homes, which
are treated as establishments selling services to the owneroccupant. Even in the branches of the industry concerned
with such property as office buildings and apartment houses,



20

MANUFACTURING

1929

1947

Source of data: U. S. Department of Commerce, Office of Business Economics.

SUKVEY OF CUREENT BUSINESS

14

do seem to have been operative throughout the period.
This can be illustrated by chart 2, which shows the percentage of total private nonagricultural income comprised by
selected industrial divisions.
Strikingly displayed are the greater-than-average cyclical
sensitivity of manufacturing in both the great depression and
the 1938 recession, its enormously expanded importance during the war years, and the reconversion difficulties of 1946
which held back manufacturing while other industrial divisions except mining and construction had substantially
reached their postwar production positions by the early part
of the year. The chare, however, seems also to show a pervasive underlying upward trend. Thus, all the percentages
for 1935 to 1937 are above 1929, although on cyclical grounds
they would be expected to be lower. A straight line with a
pronounced upward slope nearly connects the points for
1929, 1937, 1940, and 1947, the most prosperous years of the
period other than those markedly affected by war production.
Chart 2.—Selected Industrial Divisions as Percentages of
Total Private Nonagricultural National Income
PERCENT
50

MANUFACTURING

December 1948

percentage over much of the period appears erratic at first
sight. Its sharp drop during the war period, when a major
portion of manufacturing output was sold directly to the
Government by producers instead of flowing through trade
channels, is clearly displayed. As with manufacturing,
however, the general upward movement is visible throughout
the period, except for the war years, and the 1929-47 expansion appears to be the result of a continuing underlying movement and not of random factors affecting the terminal years.
The movement of the percentage of income originating in
finance, insurance, and real estate suggests that its diminished
importance was likewise the result of a continuous trend
throughout all or most of the period, although here, again,
aberrations associated with the business cycle appear.
Similar charts are not presented for the other industrial
divisions, but the relevant data are given in table 4. The
percentages for transportation and services also indicate a
continuous downward trend during the 1929-47 period. In
each case this movement is associated with a single largo
industry—respectively, railroads and private households—
which has exhibited a relative downward trend for many
years.
The percentages for the other industrial divisions—mining,
contract construction, and communications and public utilities—are too erratic to permit similar generalization.

40

Industrial Differentials in Cyclical Stability
The data presented in table 4, which gives a percentage
break-down of private nonagriculutral national income from
1929 through 1947, permit a classification of industries with
respect to their response to cyclical changes in the level of
national income. For this examination the classification of
industries by major industrial divisions is abandoned and
attention is directed to the component industries.
It is generally difficult to isolate statistically the influence of the business cycle from that of trend and random
factors when dealing with industrial data. From 1929 to
1937, however, the cyclical movement was so great as to
overshadow other influences for almost all industries. Even
a crude trend correction, therefore, appears adequate to
isolate reasonably well the effect of the business cycle.

30

20

WHOLESALE AND RETAIL TRADE
20

Computation of Stability Ratios
FINANCE, INSURANCE, AND REAL ESTATE
20

j_

i

j I

1929 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47
?.

48-486

Source of data: U. S. Department of Commerce, Office of Business Economics.

However, it may be noted as a caution against attaching
too much trend significance to these movements, that similar
percentages computed from Robert Martin's estimates of
"realized production income" for earlier years indicate (1)
that the relative upward movement in manufacturing from
1889 through 1929, although fairly continuous, was less pronounced than that suggested by the 1929-47 data; and (2)
that the bulge which the first world war (like the second)
created in the manufacturing percentages was not eliminated
until after 1920.
Because of the apparent tendency for trade to respond to a
prolonged and severe depression about like the private
economy as a whole, but to hold up relatively well during
the early stages of a downturn, the movement of the trade



To obtain a rough measure of cyclical stability the following procedure was followed. The percentage each industry
comprised of total private nonagricultural income in 1929 and
1937 was secured from table 4.5 Straight-line interpolation
furnished the percentages for 1932 and 1933 which might have
been expected had these been prosperous years, and had
trend (assumed to be linear) been the only factor affecting
the industrial distribution from 1929 to 1937. The ratio of
the actual percentage, as given in table 4, to this hypothetical percentage was then computed for each of the two depression years, 1932 and 1933, and the two ratios were
averaged. The resulting ratio, which will be termed the;
"stability ratio," may be used as a measure of cyclical
stability in the great depression.6
5
An adjustment to the 1937 percentages used in certain industries is described in technical
note 2 at the end of this article.
6
An industry which moved exactly like the aggregate of private nonagricultural industries
would have a stability ratio of 1.00. A higher ratio indicates that income originating in the
industry fluctuated less during the depression than this aggregate. An industry which
showed no cyclical variation at all would have a ratio of 2.11. This is not a theoretical maximum for the ratio, since income originating in an industry could move contracyclically. A
ratio below 1.00 indicates that income originating in an industry was more affected by the
great depression than that in private nonagricultural industries as a whole. For an industry
in which income originating dropped to zero, a ratio of 0.00 would be shown. This, again,
is not the theoretical minimum since income originating can, under certain circumstances,
be negative.
The use of the 2 years, 1929 and 1937, in the way indicated to obtain a prosperous-year standard
roughly eliminates trend effects from the cyclical variation measure. The use of the 2 years,
1932 and 1933, to measure the cyclical trough is indicated because some industries reached their
depression lows in 1932 while others continued downward until 1933. Basing both the prosperity and depression elements of the measure on 2 years reduces the influence of random
factors and errors of estimate which may have disturbed a single year.

SURVEY OF CURRENT BUSINESS

December 1948
Composition, of Stability Groups

Table 3 lists the 60 private nonagricultural industries distinguished in the National-Income-Division industrial classification in the order of their stability ratios, and groups them
in five categories. Group I contains the industries which
are highly insensitive to cyclical fluctuation, and group II
those which are markedly resistant. Group III contains
the industries which showed about the same degree of cyclical
fluctuation as the private nonagricultural industry total.
Group IV contains the industries markedly more variable
than this total, and group V the highly sensitive industries.7
There is a considerable tendency for industries in the same
industrial division to gravitate toward one part of the sensitivity scale. The industries classified as manufacturing and
mining are concentrated in the sensitive groups IV and V.
The industries in communications and public utilities,
Table 3.—Classification of Private Nonagricultural Industries by
Stability Groups
Stability Groups and Industries
Group I (highly insensitive):

Tobacco manufactures.
Air transportation (common carriers)
Religious organizations.
Educational services, not elsewhere classified.
Nonprofit membership organizations, not elsewhere classified.
Legal services.
Utilities: electric and gas.
Insurance agents and combination offices.
Local railways and bus lines.
Miscellaneous repair services and hand trades.
Telephone, telegraph, and related services.
Medical and other health services.
Highway freight transportation and warehousing.
Anthracite mining.

Group II (markedly insensitive):

Insurance carriers.
Personal services.
Local utilities and public services, not elsewhere classified.
Pipe-line transportation.
Real estate.
Food and kindred products.
Highway passenger transportation, not elsewhere classified.
Printing, publishing, and allied industries.
Business services, not elsewhere classified.
Engineering and other professional services, not elsewhere classified.

Group III (average cyclical sensitivity):

Chemicals and allied products.
Leather and leather products.
Water transportation.
Railroads.
Private households.
Paper and allied products.
Amusement and recreation, except motion pictures.
Wholesale trade.
Retail trade and automobile services.
Motion pictures.
Apparel and other finished fabric products.
Services allied to transportation.
Hotels and other lodging places.
Radio broadcasting and television.
Security and commodity brokers, dealers and exchanges.
Banking.

Group IV (markedly sensitive)

Textile-mill products.
Crude petroleum and natural gas production.
Bituminous and other soft coal mining.
Commercial and trade schools and employment agencies.
Rubber products.
Furniture and finished lumber products.
Miscellaneous manufacturing industries.
Contract construction.

Group V (highly sensitive)

Electrical machinery.
Nonmetallic mining and quarrying.
Transportation equipment except automobiles.
Nonferrous metals and their products.
Stone, clay, and glass products.
Automobiles and automobile equipment.
Machinery (except electrical).
Iron and steel and their products, including ordnance.
Lumber and timber basic products.
Products of petroleum and coal.
Metal mining.
Finance, not elsewhere classified.

15

transportation, and services tend toward the cyclically
impervious end of the scale. Both trade components are
in the middle group III.
Individual industries, however, frequently deviate from
this pattern. Thus group I, comprising the most stable
industries, contains both a manufacturing and a mining
industry, and group II contains two of the larger manufacturing components. The services are represented as far
down the stability scale as group IV. The middle group, III
contains industries from six of the eight divisions.
Cyclical analysis running in terms of major industrial divisions, it may be inferred, has considerable validity but the
heterogeneity of the divisions is sufficient to impose considerable qualification.
Behavior in 1937-38 Recession

The classification of industries in table 3 is based on performance between the peaks and trough of a major depression. The extent to which this classification is appropriate
also for short recessions may be tested by examining the
1937-38 movement of the industry percentages given in
table 4. Since it concerns the movement of industries in a
business downturn different from that on which the stability
ratios were based, this examination serves also as an independent check on the validity of the groupings of table 5.8
The results of the test are reassuring. Thus, the percent
age of aggregate private nonagricultural income which
originated in 21 of the 23 industries in the stable groups I
and II increased from 1937 to 1938. Moreover, the percentages for the other two industries, anthracite mining and local
railways and bus lines, remained virtually unchanged in the
face of a pronounced downward relative trend.
The test for groups IV and V, the cyclically sensitive
groups, was also satisfactory. The percentages for all but
two of the 19 industries in these groups decreased from 1937
to 1938. One exception was the small and erratic industry,
finance, not elsewhere classified. The other was contract
construction, which was strongly supported in 1938 by public
construction activity and which, in addition, had accomplished only a very partial recovery in 1937.
The changes in the percentages for industries in the extreme groups I and V, it may be added, were nearly all pronounced.
Among the industries in the middle group, III, the percentage of income originating increased from 1937 to 1938 in nine
industries and decreased in seven. Most of the changes were
small, but the share of 4 of the 16 industries changed by
one-tenth or more.
On the basis of the 1929-30 movements as well as those
of 1937-38, it appears that wholesale trade, retail trade, and
motion pictures are industries in group III which are pronouncedly sluggish at the onset of depression, though subject
in extreme depression to contraction roughly as great as that
in the private nonagricultural economy as a whole.9
Amplitude of Fluctuation

The significance of the stability-group classification for
description of cyclical changes in the industrial structure of
the economy will be readily apparent from examination of
chart 3 and table 5, in which the sharp differences among the
groups in the amplitude of cyclical movement, and the resulting extreme cyclical changes in the industrial composition of
national income, appear clearly.

8
Behavior in the 1938 recession was considered when the exact dividing lines between
grpup III and groups II and IV were set, but the order of the industries was, of course, determined entirely by the 1929-37 cycle.
9
7 The range covered by the stability ratios in the five eroups are: I, 2.06, to 1.38; II, 1.32 to
The classification of the entire trade division in group III, as well as the behavior of the
1.14; III, 1.13 to .88; IV, .87 to .64; V, .56 to - .35 (excluding finance n. e. c., to .13). The inner two component industries, may be due to insufficient detail in the industrial classification.
limits of the extreme groups I and V were set naturally by gaps in the array of ratios which
Were data available by product lines it is probable that trade would be divided among several
embraced points at an equal distance (.37) above and below 1.00. The limits of group III
of the sensitivity groups. The classification of security and commodity brokerage may also
were so set as to include as nearly as possible all the adjacent industries which showed no
be questioned. It appears in gr9up III, despite the volatility of income originating in the
consistent marked departure from the movement of the private nonagricultural aggregate,
industry, because the timing of its movements does not correspond closely to the course of
while keeping the midpoint of its range approximately at 1.00.
the business cycle.

Source: U. S. Department of Commerce, Office of Business Economics.




SUEVEY OF CURRENT BUSINESS

16

December 1948

Table 4.—Percentage Distribution of Private Nonagricultural National Income, by Industrial Divisions and Industries, 1929-47
Industry

1929

1930

1931

1932

1933

1934

1935

1936

1937

1938

1939

1940

1941

1942

1943

]944

1945

1946

194'

2.85

2.64

2.06

2.06

2 18

3.05

2 85

3 04

3 32

2 83

2 78

2 17

2 21

2 17

2 17

2 4

23
.47

2 90

2 42

45
.45

2 78

65
.39

06
.45

13
43

33
.45

40
32

53
29

78
23

52
22

27
17

24
19

[
]

.72

55
18

.89

.84

1.08

61
20

31
18

.77

68
21

40
17

.84

60
22

1.02

1.05

1.03

.87

.87

.96

.96

.93

.89

.95

.94

.91

l.(

66

61

36

67

64

1 01

93

95

1 03

\ 02

83

78

54

52

60

62

64

f

.27

.30

.22

86

.15

.13

.18

.19

22

24

20

22

.23

24

23

19

17

.17

.20

ALL PRIVATE NONAGRICULTURAL
INDUSTRIES (100 percent)
Mining
Metal mining
Anthracite mining _
_
Bituminous and other soft coal mining
Crude petroleum and natural gas production
Nonmetallic mining and quarrying

5 02

4 90

4 43

3 11

2 42

2 69

2 89

3 75

3 45

3 68

3 91

3 95

5 19

6 50

4 44

3 09

3 27

4 69

5 [

Manufacturing _
Food and kindred products
Tobacco manufactures
Textile-mill products
Apparel and other finished fabric products
Lumber and timber basic products
Furniture and finished lumber products. _.
Paper and allied products
Printing, publishing, and allied industriesChemicals and allied products
Products of petroleum and coal
_.
Rubber products
Leather and leather products
Stone, clay, and glass products
Iron and steel and their products, including ordnance
Nonferrous metals and their products
Machinery (except electrical)
Electrical machinery
Transportation equipment except automobiles
Autmobiles and automobile equipment
Miscellaneous manufacturing industries. _ ,

29.91
2 93

28.98
3 80

25.74
3.86

21.76
4 26

24.86
4 39

28.36
4.15

30 62
4 32

31 67
4 06

33 03
4 11

28 57
4 30

31 13
3 96

34.05
3 78

39 05
3 18

42 23
3 36

45.61
3 43

45.12
3 79

40.27
4 00

34.79
4 02

37 (
3 <

Wholesale and retail trade
Wholesale trade ._
Retail trade and automobile services

Contract construction

.35

.47

.67

.94

.47

.38

47

26

.11

.22

.17

.21

2.16

2.29

52

.17

2.37

.33

.44

2.23

.26

.42

2 44

2.86

2 75

2 65

2 73

2 08

2 19

2 30

2 42

2 65

2 40

2 22

2 34

2 97

3

1.68
1.15
.92
.76
2.15
1.54
1.35

1.58

1.67

1.48

1.75

2.01

1 93

1 87

1 68

I 73

1 76

1 69

2 07

.36

.40

.68

.75

.87

.96

.82

85

.91

.91

.88

.84

.81
1.09
2.16
1.91

.88
96
2.09
2.09

.74
1.01
1.54
2.52
1.02

.78
1.05
1.75
2.51
1.03

.48
.82

.79
.48
.73

.84
1.00
1.90
2.27
1.04

.72
.98
1.39
2.61
1.16

2 35
1.05
.91
1.23
1.96
2.24
1.18

?
1

.87
.96
2.13
1.99
1.02

1.79
1.01
.81
1.05
1.35
2.57
1.12

1.90

.58

1 70
1.05
.91
1.23
1.61
2.30

1.83

.97

.55
.72

.75
.65
.84

.73
.70
.87

.77
.80
2.51
1.71

.64
.82
2.66
1.68

.60
.95
2.60
2.27

.74
1.09
2.40
1.88

.79
1 06
2.38
1 86

.87
.98
2.27
1.88

.68
.48
.81
.91

.39
.34
.92
.37

.06
.34
.89
.68

.38
.35

1.07

.59
.49
.86
.94

.72
42
.83

1.09

.43
.78
.97

1.12

1.11

.97
.39
.76
.96

4.05
1.04
2.59
1.42

3.51
1.02
2.36
1.31

2.30
.86
1.56
1.04

1.24
.60
.90

2.24
.51
1.40

2.82
1.00
1.91

.74

.91

.98

3.39
1.08
2.34
1.21

4.03
1.10
2.74
1.39

4.43
1.20
3.01
1.55

3.03
.84
2.38
1.26

43

.46

.29

.27

.23

.31

32

45

.57

1.89
.81

1.34
.79

1.16
.70

.51
.49

1.26
.63

1.69
.82

2.15
.93

2.26
.89

2.22
.87

17.79
5.37
12.41

19.03
5.99
13.04

19.88
6.13
13.75

19.02
6.03
12.99

17.67
5.36
12.31

20.49
5.96
14.53

20.68
6.26
14.42

20.19
5.88
14.31

20.43
6.32
14.11

Finance, insurance, and real estate
17.80 16.96 17.62 19.51 18.67 15.22 14.45 14.02
1.52
2.04
2.20
1.62
1.40
1.53
Banking _
2.66
2.34
Security and commodity brokers, dealers
.14
.52
.84
.58
.39
.29
.22
and exchanges
.88
.02 , .16
—.22 —.03
.24
.26 -.01 -.08
Finance, n. e. c
__
1.54
1.53
1.51
1.43
1.30
1.69
1.13
Insurance carriers
1.07
1.25
1.21
1.04
.96
.85
.96
.72
.81
Insurance agents and combination offices. _
9.90
9.46
Real estate
12.20 12.47 13.25 14.45 13.35 10.64

13.59
1.53

.81
.80
2.36
1.64
1.37

Transportation
Railroads
Local railways and bus lines
Highway passenger transportation, n. e. CHighway freight transportation and war ehousing
__ _
Water transportation
Air transportation (common carriers) _
Pipe-line transportation
Services allied to transportation

8.92
6.25

8.75
5.95

8.87
5.83

.80

.88

.95

.31

.33

.18
.36

Communications and public utilities _
Telephone, telegraph, and related servicesRadio broadcasting a n d television _ _ _ _ _
Utilities' electric and gas
Local utilities and public services, n. e. c__

3.91
1.54
.04
2.23
.11

.85

.50
.79

l'

1.
?
1

.49
.69

.99
.58
.73

1.15

1.15

1.27

1.09

.69
.66
.93

1.10

1

3.92
1.03
2.59
1.48

4.65
1.21
3.32
1.73

5.99
1.43
4.57
2.27

6.44
1.38
5.03
2.33

7.13
1.51
4.69
2.64

6.80
1.42
4.39
2.80

5.76
1.28
3.92
2.40

4.20
1.22
3.24
1.66

1.
3
?,

.50

;69

2.06
.90

1.24
2.44
.96

2.70
2.81
1.06

5.79
1.90
1.12

9.55
1.05
1.23

9.38
1.06
1.18

6.01
.87
1.20

1.35
1.27
1.14

1

1.33
.84
22.20
6.68
15.52

21.05
6.18
14.87

20.93
6.25
14.67

18.88
5.59
13.29

17.01
5.11
11.90

16.93
4.81
12.12

17.92
5.11
12.81

20.64
5.78
14.86

24.02
6.38
17.64

?,?,

15.29
1.60

14.26
1.52

12.92
1.48

11.30
1.29

10.26
1.10

9.65
1.09

9.96
1.25

10.83
1.45

10.88
1.58

10
1.

.74
.74
4

2.
1.
6,
16

.41
.23

.31
.40

.28
.28

.17
.27

.11
.24

1.43
.84
9.16

1.61
.92
10.45

1.48
.85
9.85

1.25
.77
8.99

1.00
.66
8.00

.08
.32
.88

.16
.21
.81

.15
.20
.77

.23
.22
.78

.22
.26
.87

.54
7.33

.47
6.91

.49
7.10

.54
7.61

.66
7.29

6

7.75
4.79

7.55
4.51

7.88
4.75

7.48
4.47

7.35
4.49

7.91
5.19

8.39
5.49

8.42
5.23

8.18
4.70

7.46
4.03

6
3

.40

.43

.43

.45

.46

.42

.50

.51

.54

.56

9.72
6.08
1.09
.39

8.64
5.30

8.29
5.13

8.16
5.12

.92

.77

.73

.63

.63

.59

.49

.38

.35

9.47
5.94
1.17
.37

.33

.32

.31

.30

.32

.31

.31

.31

.73

.85

1.08

1.17

1.04

1.04

.98

.97

1.08

1.11

.96

.98

.34
.17
.36

.36
.01
.17
.35

.38
.03
.17
.33

.50
.03
.15
.31

.46
.02
.27
.29

.46
.03
.25
.29

.48
.04
.21
.29

.50
.04
.22
.30

.39
.06
.23
.32

.49
.08
.23
.34

.51
.09
.20
.35

.52
.09
.17
.32

.40
.11
.11
.28

.47
.12
.10
.33

.64
.13
.11
.39

.77
.15
.10
.39

.58
.17
.10
.35

4.42
1.74
.01
2.55
.12

5.43
2.05
.03
3.23
.12

6.90
2.40
.06
4.25
.19

6.57
2.27
.05
4.07
.19

5.70
1.92
.08
3.53
.17

5.25
1.79
.09
3.23
.14

4.85
1.65
.10
2.98
.12

4.64
1.58
.11
2.84
.11

5.17
1.81
.12
3.12
.12

4.97
1.75
.13
2.98
.11

4.63
1.56
.14
2.83
.10

3.93
1.35
.13
2.38
.08

3.42
1.28
.10
1.98
.07

3.10
1.22
.11
1.71
.06

3.08
1.26
.13
1.63
.06

3.35
1.39
.15
1.75
.07

3.58
1.47
.15
1.89
.07

3.
1.

14.98 14.32 13.77 14.72 14.02 13.15 11.52 10.24
13.82 14.31 15.97 18.16 17.91 15.86
Services
_
.57
.62
.72
.76
.74
.72
.72
.78
.82
.73
.63
.71
.81
.78
Hotels and other lodging places
1.41
1.72
1.74
1.57
1.94
1.86
1.81
1.79
1.88
2.32
2.19
2.04
1.82
1.66
Personal services
1.90
2.94
2.46
3.06
3.13
3.11
3.11
3.38
3.17
3.99
3.59
3.87
4.24
3.56
Private households
_
Commercial and trade schools and em.13
.06
.07
.06
.06
.07
.06
.06
.07
.05
.05
.06
ployment agencies
_. .07
.07
.75
.89
1.14
1.04
1.00
1.11
1.12
1.13
1.08
1.09
1.08
.93
.89
.77
Business services, n. e. c
Miscellaneous repair services and hand
.47
.46
.36
.41
.45
.39
.41
.48
.46
.62
.51
.58
.39
.43
trades
.59
.74
.74
.59
.66
.75
.75
.73
.80
.69
.58
.73
.59
.68
Motion pictures
Amusement and recreation, except mo.32
.45
.48
.40
.49
.50
.48
.50
.47
.54
.53
.50
.52
.50
tion pictures
-_
1.72
1.88
2.24
2.42
2.20
2.37
2.53
2.66
2.50
3.10
3.08
2.67
2.32
2.07
Medical and other health services
.83
.91
1.09
1.20
1.16
1.27
1.43
1.84
1.56
1.27
1.79
1.45
.94
1.08
Legal services
- Engineering and" other professional serv.48
.36
.40
.31
.31
.37
.37
.33
.33
.36
.37
.37
.34
.33
ices n e e
.45
.74
.70
.78
.92
1.03
.56
.85
.81
1.32
1.31
.98
.64
.76
Educational services, n. e. c
.29
.46
.53
.65
.74
.36
.57
.50
.56
.95
.95
.71
.48
.56
Religious organizations
Nonprofit membership organizations,
.35
.42
.41
.36
.42
.53
.61
.47
.48
.75
.56
.73
.44
.37
n. e. c

9.70

10.20

11.29

12.42

11.

.65
.36

-.02

Source: U. S. Department of Commerce, Office of Business Economics.




1.07

1.08

1.01

1.08

1.22

.64

.69

.78

1.49
1.67

1.66
1.90

1.92
1.87

.15
.72

.11
.80

.07
.95

1.12

.50
.63

.54
.64

.51
.69

1.

.89

1.43
1.57

1.

.61
.81

.42

.07
1.

.54

.31

.34

1.61

1.72

.74

.79

.88

.93

.38
.41
.25

.36
.40
.26

.42
.45
.27

.47
.49
.27

.36

.39

.43

.48

1.86

1.
1.

1.95

1.

December 1948

17

SURVEY OF CURRENT BUSINESS
Table 5.—National Income Originating in Private Nonagricultural Industries, by Stability Groups, 1929-47
AMOUNT IN BILLIONS OF DOLLARS

Stability group

1929
All private nonagricultural industries
Group ! _ _ _
Group II .
Group III
Group IV
Group V

1930

1931

1932

1933

1934

1935

1936

1937

1938

1939

1940

1941

1942

1943

1944

1945

1946

1947

73.6
8.5
16.0
9g 9
8.3
11.9

63.0
8.3
14.8
24.4
6.7
8.8

48.3
7.8
12.0
19.0
4.8
4.7

33.1
6.6
9.1
12.9
2.7
1.8

30.4
5.9
8.0
11.7
2.4
2.4

38.5
6.3
8.8
15.4
3.7
4.3

43.6
6.6
9.6
17.24.3
5.9

51.1
7.0
10.8
19.8
5.4
8.0

58.4
7.5
12.0
22.6
6.2
10.1

52.5
7.5
11.8
21.1
5.1
6.9

57.6
8.0
12.2
22.6
5.9
9.0

65.7
8.3
12.9
25. 3
6.8
12.4

84.2
9.2
14.5
30.1
10.1
20.4

106.9
10.4
17.3
36.0
14.1
29.1

126.2
11.4
19.8
42.7
13.9
38.3

133.1
12.5
22.0
46.8
12.8
39.0

129.0
13.0
23.1
49.6
12.8
30.5

138.3
15.2
25.4
57.5
16.7
23.5

164.1
17.0
28.2
64.9
21.1
32.9

100.0
9.1
15.7
33.8
11.1
30.4

100.0
9.4
16.5
35.1
9.7
29.3

100.0
10.1
17.9
38.4
9.9
23.7

100.0
11.0
18.4
41.6
12.1
17.0

100.0
10.3
17.2
39.6
12.9
20.0

PERCENTAGE OF PRIVATE NONAGRICULTURAL NATIONAL INCOME
All private nonagricultural industries
Group I
Group II.
.
_
Group III
Group IV
Group V

100.0
11.6
21.7
39.3
11.3
16.2

100.0
13.2
23.4
38.7
10.7
14.0

100.0
16.1
24.9
39.3
10.0
9.8

100.0
20.1
27.4
39.0
8.2
5.4

100.0
19.2
26.4
38.6
7.8
7.9

100.0
16.4
22.9
40.0
9.6
11.1

100.0
15.1
22.1
39.4
9.9
13.5

100.0
13.7
21.1
38.8
10.7
15.7

100.0
12.9
20.6
38.6
10.6
17.3

100.0
14.4
22.5
40.1
9.7
13.2

100.0
13.8
21.2
39.1
10.2
15.7

100.0
12.7
19.6
38.5
10.4
18.9

100.0
10.9
17.2
35.8
12.0
24.2

100.0
9.8
16.2
33.7
13.2
27.2

Source: U. S. Department of Commerce, Office of Business Economics.

Other comparisons are also of interest. From 1929 to
1932, when total private nonagricultural national income
dropped 55 percent, the declines in the dollar amount of
income originating in the five groups were: Group I, 22 percent; group II, 43 percent; group III, 55 percent; group IV,
Chart 3.—Private Nonagricultural National Income by
Stability Groups 1
BILLIONS OF DOLLARS
175
j GROUP 5] GROUP 4 -

150

Eli*::;:] GROUP 3-

Increased Importance of Sensitive Industries

It is noteworthy that the proportion of private nonagricultural national income originating in groups IV, and
especially V, was quite appreciably higher in 1947 than in
any other peacetime year covered by the data, while the
proportion originating in groups I and II was correspondingly reduced.
In terms of industrial structure, the private economy in
1947 was exceptionally vulnerable to cyclical fluctuation.
TECHNICAL NOTES

HIGHLY SENSITIVE INDUSTRIES
MARKEDLY SENSITIVE INDUSTRIES
INDUSTRIES OF AVERAGE CYCLICAL SENSITIVITY

| GROUP 2 -

MARKEDLY INSENSITIVE INDUSTRIES

1 GROUP I -

HIGHLY INSENSITIVE INDUSTRIES

125

100

75

1929 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47
48-485

i For composition of groups, see table 3, p. 15.
Source of data: U. S. Department of Commerce, Office of Business Economics.

67 percent; and group V, 85 percent. The percentage
declines for the five groups from 1937 to 1938, when private
nonagricultural income dropped 10 percent, were, respectively, 0, 2, 7, 17, and 32.10 Group V alone accounted for
more than one-half of the total dollar decline in that period.
10 Similar data for the number of persons engaged in production may be compared with
those for national income. From 1929 to 1932 the number engaged in all private nonagricultural industries dropped 25 percent; the percentage declines for stability groups I to V, respectively, were 9,14, 23,30, and 48. From 1937 to 1938 the aggregate number engaged declined
by 7 percent, the numbers in the five stability groups by 1, 2, 4,8, and 21 percent, respectively.




(1) All the data used in this article were taken from tables 12, 13 and 28 of the National
Income Supplement to the July 1947 SURVEY OF CURRENT BUSINESS and the July 1948 issue
of the SURVEY OF CURRENT BUSINESS. In table VIII of the National Income Supplement
the industrial classification is defined in terms of classifications issued by three other agencies.
(2) National income originating in each industry is obtained statistically by summing
estimates of the amount of each type of income for the industry—wages and salaries, supplements to wages and salaries, the income of unincorporated enterprises, corporate profits
before taxes, the corporate and noncorporate inventory-valuation adjustment, net interest
(corporate and noncorporate), and (in the case of real estate only) the rental income of persons.
For most types of income, the unit of industrial classification is the establishment.
However, because of the nature of the basic sources, corporate profits, the corporate inventoryvaluation adjustment, and corporate net interest are on a company basis of classification
rather than an establishment basis. Thus, if one corporation operates two establishments, oneiii
industry A and the other in industry B, the corporation's pay roll would be properly divided
between industries A and B, but its profits would all appear in the industry in which it was
principally engaged.
This, in itself, is not a great drawback to use of the data for analysis not requiring comparisons of the level of different income shares within an industry. There is, however, an additional complication. The estimates of profits, inventory-valuation adjustment, and corporate
net interest are derived from corporation income-tax returns. During the period 1934 to 1941
each single corporation, with certain minor exceptions, was required to file a separate return.
These were classified industrially on the basis of the principal activity of the corporation.
From 1929 to 1933 and from 1942 to 1947 the filing of consolidated returns for affiliated corporations was generally permissible upon payment of a small additional tax. The consolidated
group of affiliated corporations was then classified according to the principal activity of the
group. Thus discontinuities in the industrial detail of the data occur between 1933 and 1934
and between 1941 and 1942. The 1929-33 data are roughly comparable with those for 1942-47,
but there is evidence that the privilege of filing consolidated returns was somewhat less widely
used in the later than in the earlier period.
Fortunately, it is possible to construct estimates of corporate profits and corporate net
interest for one year in the middle period, 1934, on a classification basis comparable to that
followed in the 1929-33 period and thus isolate the industries most affected by the change.
Industries in which the difference between the dollar amount of income originating as published for 1934 differs by 5 percent or more from income originating adjusted to place the 1934
data for these two types of income on a 1929-33 basis are as follows: metal mining; crudepetroleum and natural-gas production; products of petroleum and coal; security and commodity brokers, dealers and exchanges; finance, n. e. c.; water transportation; air transportation (common carriers); pipe-line transportation; radio broadcasting and television;
utilities: electric and gas; local utilities and public services, n. e. c.; and commercial and
trade schools and employment agencies.
The available information showed that the changes in classification procedure imposed no
appreciable limitation on any of the analysis of the present article except the calculation of the
stability ratios upon which the listing of industries in table 3 is based.
Since the data for 3 of the 4 years from which the stability ratios were calculated were on the
consolidated basis of classification, it was decided to attempt an adjustment of the data for the
other year, 1937, to improve comparability before the stability ratios were calculated. For
each of the 12 industries cited, therefore, the 1937 percentage of private nonagricultural income
originating, as given in table 4, was adjusted by adding to it the algebraic excess of the 1934
percentage calculated from consolidated data over the 1934 percentage as published. This
method of adjustment gave the most reasonable results of several considered. The adjusted
1937 percentages were used in calculating stability ratios. Actually, only two industries were
placed by this procedure in stability groups different from those in which they would have
appeared had the unadjusted data been used. Local utilities and public services, n. e. c.,
moved from group I to II, and pipe-line transportation from group IV to II. The exact order
of listing of five other groups was slightly affected.
(3) Conceptually correct data for income originating in the "rest of the world" are given
in table 12 (national income by legal form of organization) in the National Income Supplement. Data for the "rest of the world" given in table 13 (national income by industrial
origin) omit profits received by domestic corporations from foreign branches, because such
profits are included in the industry of the recipient corporation inasmuch as data for their
elimination are not available by industry. Since table 1 in the present article shows only
the total for private nonagricultural industries, the conceptually correct figures for the "rest
of the world," as given in table 12 of the Supplement, were used, and the "private nonagricultural industries" percentages were correspondingly reduced.

By Lawrence Bridge

Capital Requirements of
New Trade Firms
JL HE influx of large numbers of new businesses in the 194547 period was one of the outstanding features of the postwar
expansion in economic activity. During the 3 years ending
in December 1947 no fewer than 1.4 million firms—about
one-half of them trade firms—entered the business population. These entrants needed labor, plant, equipment, and
inventories—and funds to help finance these and other working-capital requirements.
These demands were superimposed on the needs of the
existing business population going through the processes of
reconversion to a new peacetime level of activity and of rehabilitation of overtaxed and undermaintained productive
capacity. To evaluate properly economic activity in the
postwar period, some measure of the effects of changes in
the business population is a necessary supplement to the
available information on operations of established firms.
The Office of Business Economics has, therefore, initiated
a series of studies on the activities of new firms. These
surveys are designed to appraise the effect of changes in the
business population upon the total volume of investment in
fixed assets, inventories, and other working capital, and to
study the sources of capital supply for these entrants. The
information on which the present article is based was obtained from reports of more than 1,000 new trade firms, both
retail and wholesale, in a sample survey covering the years
1945 through 1947.
Summary

In summarizing the results of this survey of the sources and
uses of funds for new trade firms, there are two major points
of interest—first, the characteristics of these requirements by
type of business which are discussed below in detail, and
second, the impact of these capital requirements on the
economy as a whole.
From the viewpoint of the economy as a whole, it may be
noted that of the estimated 7-billion-dollar total of initial
capital requirements by new trade firms during the 1945-47
period, about 63 percent was financed by the personal savings
of the entrepreneur, 14 percent by bank loans, 8 percent by
supplier credit, and about 11 percent by other loans, mainly
from friends and relatives. The capital markets supplied
only a very small proportion of these initial funds, largely
in the form of equity financing of new wholesale firms.
Including the personal savings of entrepreneurs, equity
financing constituted over two-thirds of the total sources of
funds for new trade firms.
It is further estimated that these firms initially expended
more than 2.5 million dollars on new plant and equipment
and 1.7 billion dollars on inventories. The remaining 2.7
billion dollars of initial capital was invested primarily in
additional working capital and, to a lesser extent, in used
plant and equipment. The outlays by new firms on new
plant and equipment and inventories represent over 40
percent of the corresponding volume of investment for the
universe of all trade firms both new and old.
NOTE.—Mr. Bridge is a member of the Business Structure Division, Office of Business
Economics.

18



Thus, the contribution of new firms to the flow of capital
investment—about which little information has been available in the past—is of considerable importance. It should,
therefore, be pointed out that since 1946, when expenditures
by new firms were at a peak, the rate of increase in the business population and the associated capital outlays by new
firms have slackened fairly steadily. There is some evidence
that by the end of 1948 the business population may have
reached a state of comparative equilibrium where only a
relatively small amount of new investment would be anticipated from new firms without a further upsurge in business
activity. In future months the continuance of the investment boom of the postwar period will probably depend to a
greater extent than formerly on the capital expenditures of
established companies.
Aggregate Investment and Financing
The 600,000 retailers and 70,000 wholesalers entering the
business population in the 1945-47 period initially invested
an estimated 5.6 and 1.4 billion dollars, respectively, in these
enterprises. Almost one-half of this investment occurred in
1946,1 while somewhat over half the remainder was made in
1945. Among retail stores the .largest total investment was
in food stores and eating and drinking places, each of which,
accounted for almost one quarter of the new firms and somewhat over a fifth of the total investment. At the other
extreme were household appliances stores and general merchandise stores which together made up slightly over 4 percent
of the number and investment of new retail firms during
this period.
All new trade firms combined expended 3.7 billion dollars
on fixed assets, 1.7 billion for accumulating inventories, and
invested over 1.5 billion dollars in other current assets.
This investment was financed by 4.4 billion dollars of personal savings of the entrepreneurs, 1.0 billion of bank loans,
500 million of supplier credit, 800 million of other loans, and
approximately 300 million of capital stock subscription.
Average Investment

The results of this study indicate the average investment
for the typical new firms in the various lines of trade and in
the different size groups. However, it should be pointed
out that the availability of capital and the price level in the
period covered affected considerably both the aggregate
investment or scale of operations of these firms and the distribution of that investment among uses as well as sources.
Furthermore, it is quite possible that the average experience
differs from the optimum capital requirements of these firms.
In a subsequent article, additional data on the operating
experience of new trade firms will be made available.
The average initial investment of new wholesalers and
retailers was approximately 22,000 and 9,500 dollars, respeci These are rough estimates based on the sample in this survey, together with allowances
for new trade firms without any employees (which were outside the scope of this survey).
The survey covered only those firms which had started business between the beginning of
1945 and the end of the third quarter of 1947, so that it was necessary to estimate separately
the results for the fourth quarter of 1947.

December 1948

SUEVEY OF CURRENT BUSINESS

lively. Among the latter group the averages ranged from
5,600 dollars in filling stations to somewhat over 25,000
dollars in building materials and hardware stores (see chart
1). The average financial requirements of automotive and
general merchandise stores also exceeded, apparel and furniture and housefurnishings stores approximated, while
household appliance and food stores and eating and drinking
places fell below the average investment for all retail stores.
The major determinants of the variations in average investment by industry are the minimum feasible investment in
that industry and the optimum investment for efficient
operation. To a considerable extent these are related to
fixed assets requirements.
Chart 1.—Wholesale and Retail Firms Starting Operations during 1945-47: Average Initial Investment by
Line of Trade 1

LINES OF TRADE

THOUSANDS OF DOLLARS
10
15

20

25

WHOLESALE

RETAIL
BUILDING MATERIALS,
HARDWARE, AND
FARM IMPLEMENTS
AUTOMOTIVE
GENERAL
MERCHANDISE
APPAREL
FURNITURE AND
HOUSEFURNISHINGS
EATING AND
DRINKING PLACES
FOOD
HOUSEHOLD
APPLIANCES
FILLING STATIONS
OTHER RETAIL

U.S. DEPARTMENT OF COMMERCE, OFFICE OF BUSINESS ECONOMICS.

i See text footnote 2, page 20.
Source of data: U. S. Department of Commerce, Office of Business Economics.

The largest average investments among the various lines
of trade during the 1945-47 period were made by new wholesalers, building materials and hardware stores and automotive products stores. The large-average investment in
wholesaling is, of course, primarily a function of its generally
larger scope of operations relative to retailing. In the case
of the other two types of stores the considerably larger plant
needs in these trades contributed to their higher-averagefinancial requirements. Filling stations and household appliance stores reported the lowest averages for both total
and fixed-assets investment of any major lines of trade.
The average investment in eating and drinking places
represented an exception to the usual direct relationship
between size of investment and fixed assets requirements.
Despite the fact that this trade had larger than average fixed
assets expenditures, its average investment was below that
for all retail trade. This may be explained by the almost
negligible inventory investment needed in this field.
Sample Data by Size Groups
In the preceding discussion, universe estimates based on
sample data have been presented for aggregate and average



19

investment of all new trade firms. The average investment
for all new trade firms has further been broken down by lines
of trade (chart 1). However, for more detailed analysis of
the survey results, attention will be confined hereafter, except
where otherwise stated, to the unadjusted sample data rather
than to the universe estimates.
In some of the more detailed tabulations the inadequacy of
the sample necessitated the combination of some lines of
trade. The trades affected were household appliances,
general merchandise and filling stations. When segregation
was not feasible, the latter two were included in an "other
retail stores" category while household-appliance stores were
combined with furniture and housefurnishings stores to form
a "homefurnishings and appliances" group.
The average investment by lines of trade is shown, by three
sales-size groups in chart 2 and table 7. This tabulation
adjusts for the fact that the various lines of trade tend to be
on the average of different size, and emphasizes the importance of fixed assests outlays.
It should be noted that the material in chart 2 and tables
1 and 7 is based on initial investment and 1947 sales-size
with no allowance for either the differential growth in sales
of the various lines of trade in the 1945-47 period, or for
changes in assets position. In addition, since the data are
based entirely on the sample without any adjustment for
the exclusion of firms with no employees, the averages in the
smallest sales-size group are somewhat overstated.
Sources of Capital Supply

The 7 billion dollars of estimated capital requirements of
all new trade firms in the 1945-47 period was for the most
part, supplied (in decreasing order of importance) by personal savings, bank loans, personal loans, supplier credit,
capital-stock subscriptions and mortgage loans. An additional source of funds, primarily utilized by subsidiary
wholesale corporations, was advances from parent companies. Bond flotations by new trade firms were virtually
nonexistent.
The relative importance of these sources varied considerably by size of firm, legal status, lines of trade, and by the
disposition (uses) of investment funds. Charts 3 and 4
clearly indicate the inverse relationship for the sample concerns between the proportion of personal savings and the
size of firm,. Most other sources of funds assumed greater
proportionate importance as the size of firm increased. This
was especially true for capital-stock subscriptions, supplier
credit and nonbank loans to wholesalers. The particularly
pronounced relationship between the latter two sources of
funds and size of firm in wholesaling was due to the large
advances of both direct loans and supplier credit by a few
parent companies. Though capital-stock subscriptions, like
debt financing, varied directly with size of firm, total equity
investment (including personal savings) varied inversely.
Since new corporations are generally larger than noncorporate enterprises, differences for large versus small firms
also pertain to corporate and noncorporate firms (see table .2).
Corporations rely much more heavily on supplier credit and
less on personal savings. Within comparable sales-size
groups, however, new corporations had a larger relative
equity in initial investment than did noncorporate firms.
Personal Savings as a Source of Funds

An approximation of the aggregate amount of individuals'
savings directly utilized in the initial financing of the 670,000
trade firms starting operations in the 1945-47 period is 4.4
billion dollars or two-thirds of the total investment.
More than 45 percent of the sample firms financed their
businesses entirely through savings while an additional 45

SURVEY OF CURRENT BUSINESS

20

percent used savings as a supplement to other sources of
funds. It should be noted that these figures understate the
importance of personal savings due to the exclusion of new
firms without any employees.
Chart 2.—Retail Firms Starting Operations during 194547: Average Initial Investment by Line of Trade,
Grouped According to Sales in 1947 1
THOUSANDS

LINES OF TRADE

25

DOLLARS

50

75

BUILDING MATERIALS,
HARDWARE, AND
FARM IMPLEMENTS

AUTOMOTIVE

with the average of all Veterans' Administration approved
loans for establishing new trade businesses.
The present survey indicates that bank credit was made
more freely available to firms with a greater investment in
fixed assets (especially plant) and to larger firms. Within
similar size groups noncorporate concerns were generally
able to finance a higher proportion of their investment through
bank loans than were corporations, reflecting, of course, the
limited liability of the latter.
Although the survey did not gather information on security used in obtaining bank loans, it is interesting to note
that firms with plant investment accounted for 39 percent
of the number and 52 percent of the value of bank loans.
Similar percentages for firms with equipment (but no plant)
were 55 and 41, respectively.3
Chart 3.—Retail Firms Starting Operations during
1945-47: Percentage Distribution of Sources and Use^s
of Initial Investment, Grouped According to Sales in
1947 1

FURNITURE AND
HOUSEFURNISHINGS

SOURCES OF FUNDS

UNDER $50,000
$50,000-$99,999
$ 100,000 AND OVER

FOOD

December 1948

USES OF FUNDS

PERCENT

PERCENT

100

100

OTHER
SOURCES

APPAREL

OTHER
USES
EATING AND
DRINKING PLACES

BANK
LOANS

80

I

80

SUPPLIER
CREDIT

HOUSEHOLD
APPLIANCES

INVENTORIES

60
FILLING STATIONS

OTHER

60

CAPITAL
STOCK

RETAIL

40

40
EQUIPMENT
PERSONAL
SAVINGS

1

See footnote 1, table 1.
Source of data: TJ. S. Department of Commerce, Office of Business Economics.

In evaluating the role of personal savings in the financing
of new trade firms, it should be borne in mind that almost
one-sixth of the firms supplemented their personal savings
with those of relatives and friends. Furthermore, part of
the funds reported as capital-stock subscriptions undoubtedly
represented personal savings of the individual operating the
business.2 Capital-stock subscription for the sample accounted for 14 percent of the investment and were reported
by 4 percent of the number of firms.
Bank Loans to New Trade Firms

The banking system advanced an estimated 1 billion dollars in the 1945-47 period to assist in the establishment of
all new trade firms—making bank credit second only to
personal savings as a source of initial investment funds.
One out of every four firms in the reporting panel received
bank loans. These loans accounted for 12 percent of the
initial investment of all firms in the sample and 32 percent of
the investment of firms receiving bank credit.
About 3 percent of the new firms reported Veterans' Administration guaranteed loans as a source of initial funds.
These firms received slightly over 10 percent of the number
and somewhat over 4 percent of the value of bank loans.
Their average bank loan of 3,900 dollars agreed precisely
2 Although the questionnaire specifically asked for such a segregation, many corporation8
did not distinguish between the amount of capital stock purchsed by the founders and the
amount raised in the capital market.




20

20
PLANTS

il
—

GROUPED ACCORDING TO SALES IN 1947

U. 5. DEPARTMENT OF COMMERCE, OFFICE OF BUSINESS ECONOMICS.
1
8

See footnote 1, table 1.
Includes renovation and land.
Source of data: U. S. Department of Commerce, Office of Business Economics.

As previously noted, the survey results generally indicated
a direct relationship between the relative use of bank credit
and the size of firm. This can be clearly seen in the salessize distribution (table 3), for corporate retailers and noncorporate wholesalers—but several factors make it less
apparent for noncorporate retailers and corporate wholesalers. The indeterminate nature of the relationship for the
latter group is a reflection of the direct loans and supplier
credit advanced by the parent companies of some of the
reporting firms. When these firms are removed from the
sample, the percentage of bank loans in the largest size class
3
A survey of bank loans to small business by the Board of Governors of the Federal Reserve
System indicates that plant and equipment was used to secure 29 percent of the number and
36 percent of the value of loans outstanding on November 20, 1946, to retailers with assets of
less than $50,000. The proportions are greater for new trade firms which are generally smaller
and have not established credit ratings.

December 1948

SURVEY OF CURRENT BUSINESS

exceeds those of the lower size classes. In the case of noncorporate retailers, the apparent inverse movement of bank
loans with size of firm is due entirely to the greater importance
of firms with veterans' loans in the smaller size classes.
Adjusting for this factor brings this group into line.
The same results are obtained when the relative distribution of bank loans is examined in terms of investment size
(see table 6). Since plant outlay is a major factor in determining investment size, the ratio of bank loans to total investment rises more rapidly with increasing investment size than
with sales size.
An examination of the data by years shows that bank loans
were relatively more important in meeting capital requirements in 1946 than in either 1945 or 1947. This result is
consistent with the sources and uses data for all corporations.4

assets varies directly with size of investment. This is
brought out in table 6 and is, of course, due to the increasing
importance of plant in this type of tabulation. The 21 percent of the reporting panel with plant outlays accounted for
36 percent of the total investment.
Chart 4.—Wholesale Firms Starting Operations during
1945-47: Percentage Distribution of Sources and Uses
of Initial Investment, Grouped According to Sales in
1947
SOURCES OF FUNDS

PERCENT
100

100
OTHER
SOURCES

80

SUPPLIER
CREDIT

60

60

INVENTORIES

CAPITAL
STOCK

40

40

20

20
EQUIPMENT

PERSONAL
SAVINGS

PLANTS

s§

§1
oo

I!
(A

-«

GROUPED ACCORDING TO SALES IN 1947 •

U. S. DEPARTMENT OF COMMERCE, OFFICE OF BUSINESS ECONOMICS.

1 See footnote 1, table 1.
Includes renovation and land.
Source of data: TJ. S. Department of Commerce, Office of Business Economics.
2

Expenditures for Fixed Assets

the Postwar Period," March 1948 issue of the

Total investment in fixed assets by new trade firms during
the years 1945-47 is estimated at 3.7 billion dollars. Of this
amount about 900 million dollars was for new plant (exclusive
of renovation), 1.4 billion was for new equipment and 200
million was utilized in renovating rented plant prior to
occupancy. An additional 400 million and 700 million
dollars, respectively, were expended for used plant and
equipment. Expenditures on land are estimated roughly at
200 million dollars; it should be noted that they are combined
with plant in the sample tabulations.
The available statistics indicate that the capital outlays
of new firms in the trade field accounted for over 40 percent
of the total expenditures for new plant and equipment (including renovation) by all trade firms both new and old.6
Moreover, the direct contribution understates the effect
of the additions to the business population for several reasons: It fails to measure the expenditure for new plant and
equipment rented to these businesses, which are much more
prone than existing firms to rent rather than to buy. Likewise, it fails to measure their subsequent outlays on equipment and inventories after they have started operations; and

separation of credit extended by suppliers of
of equipment nor is it possible to distinguish
obtaining mortgage loans.

6
The contribution of new firms outside the trade field, however, is relatively less important.
It is also possible that in other periods the investment of new trade firms would not constitute
as large a proportion of total capital outlays.

The Uses of Investment Funds
New trade firms allocated their initial investment funds
almost equally between fixed and current assets. Plant and
equipment outlays were 21 and 31 percent, respectively, of
the total uses of funds, inventory investment was 25 percent,
leaving 23 percent for other working capital requirements.
New retail firms invested a somewhat larger proportion of
their funds in both plant and equipment than did wholesalers—while the latter allocated a larger relative share to
both inventories and other working capital. This is due
partly to the differences in function of the two types of
trade—but more important is the fact that wholesalers
generally engage in a larger scale of operations than do
retailers. The data indicate that large firms invest relatively
less heavily in fixed assets than do small firms. However,
it should be noted that the relative investment in fixed




OTHER
USES

BANK
LOANS

80

4
See, for example, "Business Financing in
SURVEY.
5
The present survey does not permit the
inventories from that extended by suppliers
between business and personal assets used in

USES OF FUNDS

PERCENT

Sources by Lines of Trade

Since the variations in the distribution of the sources of
investment funds by lines of trade are closely related to
variations in the uses of funds, some of the interrelationships
between sources and uses should be highlighted. In the first
place, bank loans are clearly related to plant and equipment
investment due to the importance of fixed assets as security
for credit. In terms of the value of loans, plant is considerably more important as collateral than equipment—while the
opposite is true in the number of loans. Secondly, supplier
credit is related to inventories and equipment. Thirdly,
nonbank mortgage loans are related primarily to plant.5
Thus, examination of the industrial data in table 4 shows
apparel stores, wholesalers and homefurnishings, and household appliances stores with the lowest proportion of both
bank loans and fixed asset outlays. On the other hand, food
stores, eating and drinking places, and the building materials
and hardware group evidence high percentages in both
distributions.
Among the retail trades, apparel stores reported the highest
proportion of supplier credit and also the highest relative
investment in inventories and equipment. On the other
hand, automotive stores and dealers in building materials
and hardware had low investments in inventories and equipment combined and received relatively little supplier credit.
The importance of capital stock subscriptions as a source
of capital funds in the different trades is, of course, primarily
a function of the variation in the number and size of corporations. Thus, it is not surprising to see wholesalers and
dealers in automotive products and building materials and
hardware the major users of this source of funds.

21

22

SUKVEY OF CURRENT BUSINESS

it does not allow for the stimulation of new capital expenditures by other concerns as a result of purchases of used plant
and equipment by these new firms.
The survey data indicate little difference in the relative
importance of new plant outlays in the total investment of
wholesalers and retailers, although the latter expended significantly more on used plant, renovation and both new and used
equipment. Examination of the tabulations reveals, in
every case, a marked inverse relationship in the relative
equipment investment by size of firm. On the other hand,
plant expenditures were generally found to vary directly with
size.
Current Assets and Initial Investment

The inventory requirements of new trade firms accounted
for almost one-fifth of the change in book value of inventories
of all trade firms from the end of 1944 to the end of 1947.
A considerable part of the increase in the book value of
inventories of established firms, however, was due to the
sharp price rise during this period. Making allowance for
this factor, the estimated 1.7 billion dollar initial inventory
investment of new trade firms was over 40 percent of the
change in physical volume of inventories experienced by all
trade firms.7
The relatively smaller equipment requirements of large
firms coupled with the ability to obtain more supplier and
bank credit enabled them to put a greater proportion of their
resources into current assets than was found possible for
small firms. It was indicated above that this was true
both for inventories and for working capital other than
inventories. Thus, the larger firms were better able to
maximize their sales potential through more adequate
inventory holdings and to meet other working capital needs
through their more favorable cash position.
New Trade Firms by Type of Occupancy

The distribution of the sources and uses of investment
funds of new trade firms differs quite significantly between
firms occupying their own plant and those renting business
premises. This is primarily due to differences in their average
size, the effect of plant purchase on other uses of investment
funds, and changes in the sources of capital supply arising
out of plant ownership.
Among the reporting panel (firms with one or more employees), the average initial investment of renters and nonrenters was as follows:
Wholesale trade:
Average total investment
Average plant investment
Retail trade:
Average total investment
Average plant investment

Renters

Nonrenters

$37,200 $114,300
42,600
13, 300

23, 300
12, 300

As a result of the larger average investment and the additional credit facilities of firms owning plant, nonrenters
utilized considerably less personal savings and more bank
and mortgage credit than did renting firms (see table 5).
On the uses side the large proportion of investment put
into plant by nonrenting retailers results, of course, in relatively less investment in both equipment and current assets
by these concerns. This is also true of wholesalers other
than agents and brokers. For all wholesalers, however, the
equipment outlay is proportionately greater among nonrenters due to low equipment requirements of agents and
brokers who are typically renters.
1It should be noted that this estimate of 2 billion dollars is based on the gross, rather than
the net, addition to the business population. The ratios to total trade inventories are thus
somewhat overstated to the extent that unsuccessful new firms sold their inventories to other
trade concerns. This qualification does not, of course, apply to the outlays for new plant and
equipment.




December 1948

When plant outlays are excluded from the distribution of
uses, it is found that among retailers, nonrenters invest relatively more heavily in equipment, less heavily in inventories
and approximately the same proportion in liquid assets—
i. e., current assets other than inventories. The greater
relative equipment outlay arises out of the fact that rented
business premises often include fixtures and other equipment.
The preceding factors also hold true when the data are examined in terms of assets-size. The size data also indicate
that, for renters and nonrenters alike, equipment as a per-cent of investment varies inversely, and inventories vary
directly, with size of firm.
In wholesale trade, the only exception to the preceding
discussion is that nonrenters invest relatively more in
inventories and less in liquid assets due again to the characteristics of agents and brokers.
Turn-over of Investment

Table 8 presents data on 1947 sales per dollar of initial
investment by lines of trade, investment size, and type of
occupancy. Generally speaking, the sales turn-over of investment funds within industries varies inversely with investment size. This is particularly a reflection of the fact that
investment turn-over tends to decrease as plant size increases.
Among industries the sales per dollar of investment seems
to be more closely related to the characteristics of the different lines of trade than to the investment size of the average
firm. There is some indication that one of the more important characteristics in this respect is the average profit
margin on sales.
TECHNICAL NOTES
The material which has been presented is based on the replies to a questionnaire sent by the
Office of Business Economics to a group of new trade firms. This group constituted a sample
of wholesale and retail firms, which, according to the records of the Bureau of Old-Age and
Survivors Insurance, Social Security Board, had started in business between the beginning
of 1945 and the end of the third quarter of 1947. These records list all trade enterprises except
those with no employees, which have no occasion to register with the B O ASI. Follow-ups b y
mail and by personal contact through the field offices of the Department of Commerce were
used to increase the proportion of replies to the questionnaire.
The list was chosen from among those firms which, according to the records of the Social
Security Board, had started a new business within the period studied. Thus, firms which
bought out an existing business, or were registering for the first time although they had
previously been operating, were excluded. All companies listed as having 20 or more employees, and a sample of the firms with fewer than 20 employees, were taken. From this list were
deleted all stores currently reporting to the Bureau of the Census in its monthly sample survey
of sales of retail stores.
In planning the study, it was recognized at the outset that results obtained from such a
mailing list would be subject to the biases discussed below. It was felt, however, that the
bias would not be serious enough to invalidate the usefulness of the information to be obtained.
Moreover, no other type of investigation free of such disadvantages appeared to be administratively feasible.
Three sources of bias can be distinguished as influencing the results obtained. First, tie
mailing list did not cover all newly established trade firms. Again, a considerable proportion
of firms on the list were out of business by the time they were contacted, and from most of
these companies no information could be obtained. Finally, of those still in business, a sizable percentage were unwilling or unable to submit the information requested. The effects
of these three sources of bias will be considered separately.
The mailing list failed to cover one large group of companies—businesses having no employees. Since a company without employees operates on the average on a smaller scale
than one with hired help, the average investment figures presented for the smallest size groups
are presumably somewhat larger than those that would have been obtained with adequat e
representation of the zero-employee group. The proportions obtained for the sources and
applications of investment funds are undoubtedly influenced by this same lack of coverage!.
In arriving at universe estimates, however, an adjustment has been made for the bias introduced by this group.
In contrast, the omission of firms reporting in the retail sales survey of the Bureau of the
Census is not likely to affect the results of the study to the same extent. As far as could be
determined from the reports received, no serious systematic difference existed between companies in the Census sample areas and other regions.
As has been noted, a significant proportion of the companies contacted were found to bo
put of business. It is quite likely that, on the average, unsuccessful firms would show a smaller
investment than successful ones, since the former would include all cases where the initial
funds were too small to keep the business going. Other differences could be expected, for
example, bank loans might tend to be a less important source of funds among firms that had
not survived, since banks would generally lend more freely to those firms whose prospects
appeared particularly favorable. Some reports were received from inactive firms, and these
did in fact show a smaller average investment than did active companies. However, othe r
differences between active and inactive firms were apparently not large enough to be brough t
out clearly by the relatively few returns from companies out of business.
Finally, it is estimated that roughly 80 percent of the firms receiving the questionnaires
were unwilling or unable to report the information requested. It seems on the whole unlikely
that there are important differences between firms which responded to the questionnaire and
those which refused. A comparision of the figures obtained from companies which were initially reluctant to reply, but which submitted the data after mail follow-up or personal contact, tends to support the view that the bias due to nonresponse is not serious. However, rates
of response varied according to the characteristics of the firms in the sample. Weighting was
used only for universe estimates, and thus the aggregate percentages in the sample compilations
may be affected thereby.

(Continued on p. 24)

SURVEY OF CURRENT BUSINESS

December 1948

23

Table 1.—Trade Firms Starting Operations in the 1945-47 Period: Percentage Distribution of Sources and Uses of Initial Investment Funds
by 1947 Sales-Size Groups * *
Uses

Sources
Line of trade and 1947 sales size

Personal
savings

Total
Wholesale
Under $100,000 _
$100, 000-$499, 999
$500,000 and over.
Retail
Under $10,000
$10,000-$49,999 _
$50,000-$99,999
$100 000 and over
1

38
63
61
29
56
68
66
62
49

100
100
100
100
100
100
100
100
100

_ ___

Capital
stock

Supplier
credit
18
6
9
23
10
7
8
9
12

22
12
12
26
7
(3)
W

Bank
loans

2
13

Mortgage
loans
10
10
12
9
14
17
13
11
15

Other

1

(3)

12
9
7
13
11
6
11
16
9

(3)

1

2
2
2
1
2
2

See footnote 1, table 1. Detail will not necessarily equal 100 percent because of rounding.

Plant a

Total

Equipment Inventories
41
17
25
50
29
23
27
32
29

12
26
24
9
27
40
32
26
25

14
14
12
12
23
19
22
23
23

100
100
100
100
100
100
100
100
100

Other
32
42
40
29
21
18
19
19
24

3 Less than 0.5 percent.

Includes renovation and land.

Table 2.—Trade Firms Starting Operations in the 1945-47 Period: Percentage Distribution of Sources and Uses of Initial Investment Funds
by Legal Status 1 *
Sources
Line of trade and legal status
Total

Wholesale _
Incorporated
Unincorporated
Eetail
Incorporated
Unincorporated

_

_.

_

Personal
savings

Capital
stock

Supplier
credit

38
30
66
56
52
59

22
28

18
21
9
10
11
10

100
100
100
100
100
100

_ __
_ _ __

Uses

7
18

10
8
18
14
14
14

(2)

Renovation of
rented
premises

Plant

Mortgage
loans

Bank
loans

Other

Total
New

12
13
8
11
4
14

1
1
2
1
3

Used

New

2
(2 )
()

2
2
2
4
2
6

11
11
12
14
12
15

100
100
100
100
100
100

Equipment

8
7
12
21
19
23

5
6
4
2

i Excludes firms with no employees. Detail will not necessarily add to 100 percent due to rounding.

Inventories

Used

Other

41
46
30
29
30
28

4
3
8
6
5
6

32
30
37
21
25
18

Under 0.5 percent.

Table 3.—Trade Firms Starting Operations in the 1945-47 Period: Percentage Distribution of the Sources of Initial Investment Funds, by
Legal Status and 1947 Sales Size 1 *
Percentage distribution of sources within each 1947 sales group
Retail trade

Wholesale trade
Item

Under $100,000
Unincorporated

Incorporated

Sources, total
__ _
Savings
Capital stock
Supplier credit
Bank loans
Mortgage loans _
Other

_ __ .
_ _
_ .
1

2

100
55
30
9
2

()

$500,000 and over

$100,000-$499,999
Incorporated

100
68
4
16

2

()

2
(2 )

12

Unincorporated

100
62
23
6
8

Incorporated
100
23
29
25
7
1
15

100
59
12
16
1
13

()

$50,000-$99,999

Under $50,000

Unincorporated

Incorporated

100
71
9
19

8

2

100
78
2
7
8

()

Incorporated

Unincorporated

5

100
64

2

See footnote 1, table 1. Detail will not necessarily add to 100 percent due to rounding.

Unincorporated

100
68
9
7
15

8
14
2
11

$100,000 and Over

100
60
9
10
1
20

2

()

Incorporated

Unincorporated

100
46
22
12
15
1
4

100
54
12
16
4
15

Less than 0.5 percent.

Table 4.—Trade Firms Starting Operations in the 1945-47 Period: Percentage Distribution of Sources and Uses of Initial Investment Funds
by Line of Trade l *
Retail trade
Wholesale
trade

Item

Sources _ _
Personal savings
Capital stock
Supplier credit
Bank loans
Mortgage loans
Other
Uses
_
Plant
New
Used
Renovation of rented premises
Equipment
_ _ _ _ _ _ _ _ _ _ _
New
Used
Inventories
Other
1
2

_

_

_ _ _
_ ___ __ __

_

___

(4)

_ _ __

_ _ _

100
38
22
18
10
1
12
100
14
11
2
12
8
4
41
32

All stores
100
56
7
10
14
2
11
100
23
14
4
5
27
21
6
29
21

Excludes firms with no employees. Detail will not necessarily add to totals due to rounding.
Includes hardware and farm implement stores.
*Source: U. S. Department of Commerce, Office of Business Economics.




Building
materials
group 2

Automotive stores

100
54
11
4
16
4
11
100
24
18
6

100
57
13
6
12
3
9
100
27
19
3
5
14
13
1
24
35

(4)

3
4

18
10
8
32
26

fiomefurnishings
group 3
100
70
8
6
12
1
3
100
10
6
2
2
12
8
4
52
25

Food stores
100
51
2
11
20
2
13
100
24
16
5
3
45
28
17
21
11

Apparel
stores

(4)

100
63
9
16
5
100
8
1
2
5
19
10
8
49
24

Eating and
drinking
places
100
52
1
14
15
2
16
IGO
32
14
9
9
46
41
5
10
11

Includes furniture, housefurnishings and household appliance stores.
Less than 0.5 percent.

Other

100
56
8
13
14
1
8
100
16
11
1
4
24
20
4
39
21

SUEVEY OF CURRENT BUSINESS

24

December 1948

Table 5.—Trade Firms Starting Operations in the 1945-47 Period: Percentage Distribution of Sources and Uses of Initial Investment Funds
by Occupancy Status x
Sources
Occupancy status and line of trade
Personal
savings

Wholesale
Renting concerns
Nonrenting concerns Retail
Renting concerns
Nonrenting concerns

Capital
stock

Supplier
credit

38
47
23
56
60
49

Total

22
21
23
7
8
5

Us es

18
20
15
10
12
7

100
100
100
100
100
100

Mortgage
loans

Bank
loans

1

10
6
16
14
H
21

(2)

2
2
1
4

Other

12
6
22
11
9
14

Renovation of
rented
premises

Plant

Total

100
100
100
100
100
100

14

Equipment
12
H
15
27
32
20

(2)

1

37
18

Inventory

5
7

52

Other

41
42
40
29
36
16

32
4(>

s

21
2B
12

1

Data are based on initial investment and make no allowance for subsequent changes in asset position. The sample excluded firms with no employees.
2 Less than 0.5 percent.
Source: U.S. Department of Commerce, Office of Business Economics.

Table 6.—Trade Firms Starting Operations in the 1945-47 Period: Percentage Distribution of Sources and Uses of Initial Investment Funds,
by Initial Investment Size 1
Sources
size

Wholesale
Under $20,000
$20,000 to $49,99~9
$50, 000 and over .__
Retail
Under $10 000
$10,000 to $19,999
$20 000 to $49 999
$50 000 and over

Total

- -.
- - -

100
100
100
100
100
100
100
100
100

Personal
savings

Bank
loans

Supplier
credit

Capital
stock

38
72
63
30
56
70
65
57
42

Uses

18
11
2
22
10
7
9
9
14

22
2
17
25
7
1
2
8
11

Mortgage
loans
10
7
12
10
14
10
11
16
17

1
(3)
(3)
1

2
1
1
2
4

Total

Other
12
8
5
13
11
11
12
8
12

Equipment

Plant 2

100
100
100
100
100
100
100
100
100

13
5
11
16
23
13
18
26
30

Inventories

12
24
23
9
27
35
31
24
24

Other

41
28
23
46
29
30
31
27
28

3'2
:

4; !

43
2J
21
22
21
2:!
IS

1
Excludes firms with no employees. Detail will not necessarily add to 100 percent due to rounding.
2 Includes renovation and land.
3 Under 0.5 percent.
Source: U. S. Department of Commerce, Office of Business Economics.

Table 7.—Trade Firms Starting Operations in the 1945-47 Period:
Average Initial Investment, by Line of Trade and 1947 Sales

Size1

Table 8.—Trade Firms Starting Operations in the 1945-47 Period:
1947 Sales Per Dollar of Initial Investment Funds, by Line of
Trade, Initial Investment Size and Type of Occupancy1

[Averages in thousands of dollars]

[Dollars]
1947 Sales Size

Small 2
Wholesale trade
Retail trade
Building materials, hardware and farm implements
-._
Automotive
Furniture and home furnishings
Food
.
Apparel
Eating and drinking places
Household appliances
Filling stations
Other retail

Medium 2

Renting Firms

All Firms

Line of Trade

Line of Trade

Large 2

10.4
7.3

19.5
12.8

1Z5. 4
35.9

10.8
9.8
9.7
7.2
7.2
6.9
5.7
5.0
8.1

17.6
12.3
14.3
11.0
11.7
20.1
7.3
6.8
11.2

38.8
31.5
32.6
19.9
34.8
66.3
19.1
9.1
46.8

1
Data are based on the initial investment and make no allowance for subsequent changes
in asset position. The sales-size classification of firms operating less than 12 months in 1947
was based on the annual rate of their partial year sales in 1947. The sample excluded firms
with no employees.
2 For wholesale trade: Small, 1947 sales under $100,000; medium, $100,000 to $499.999; large,
$500,000 and over. For retail trade: Small, under $50,000; medium, $50,000 to $99,999; large,
$100,000 and over.
Source: U. S. Department of Commerce, Office of Business Economics.

Total
Wholesale
Retail
Automotive
Building materials, hardware and
farm implements
_
Filling stations
Food
Household appliances
_ _._ _
Apparel
Furniture and housefurnishings
Other retail
General merchandise
Eating and drinking

Small 2 Large 2

Total

Small 2 Large a

17.3
6.2
10.2

40.0
9.4
18.4

16.4
5.6
9.5

22.5
7.2
13.7

40.0
10.4
19.5

21.6
6.5
13.0

7.6
7.6
7.6
7.1
5.8
5.6
5.1
4.2
3.5

6.3
11.3
12.0
9.7
6.5
9.6
7.4
10.2
6.2

7.7
4.3
5.9
4.9
5.6
4.8
4.5
3.9
2.9

8.4
12.4
9.7
8.0
6.0
6.2
5.7
4.5
4.1

6.5
15.3
13.2
11.2
6.6
9.9
7.7
11.0
7.4

8.8
7.8
7.8
5.3
5.7
5.4
5.1
4.2
3.2

1 See footnote 1, table 1.
2 Small firms are those with initial investment of under $10,000; large firms are those with
initial investment of $10,000 and over.
Source: U. S. Department of Commerce, Office of Business Economics.

TECHNICAL NOTES
(Continued from page 22)
Since these sources of bias exist, the figures which have been presented should not be employed as precise estimates. However, every check which could be applied has indicated
that the data are useful as approximate measures of the size or relative magnitude of the quantities under discussion. For example, the results agree quite well with the data of the Bureau
of Internal Revenue on trade firms by asset size, the information presented in the Industrial
(Small Business) Series of the Department of Commerce, the banking studies of the Federal
Reserve Board, and the over-all statistics on business loans insured by the Veterans' Administration.




It should be noted that an extensive field investigation would have been necessary to ensure
adequate representation of the zero-employee firms, to obtain dependable estimates of the
bias due to nonresponse, and to locate a sufficient number of individuals no longer in business
to determine the nature and size of the bias due to the use of active firms. Such an investigation would have multiplied many times both the cost of the entire study, and the time roquired to complete it. However, it would have added materially to the information which
was obtained. It is hoped that the present study will be extended, at least in the direction
of getting more information on those firms which have gone out of business.

WJ

BUSINESS STATISTICS

J-HE DATA here are a continuation of the statistics published in the 1947 Statistical Supplement to the SURVEY OF CURRENT BUSINESS.
That volume contains monthly data for the years 1941 to 1946, and monthly averages for earlier years back to 1935 insofar as available; it also
provides a description of each series and references to sources of monthly figures prior to 1941. Series added or revised since publication of the
1947 Supplement are indicated by an asterisk (*) and a dagger (f), respectively, the accompanying footnote indicating where historical data and
a descriptive note may be found. The terms "unadjusted" and "adjusted" used to designate index numbers refer to adjustment of monthly
figures for seasonal variation.
Data subsequent to October for selected series will be found in the Weekly Supplement to the Survey.
1948

1947

Unless other-wise stated, statistics through
1946 and descriptive notes may be found in
the 1947 Supplement to the Survey

October

November

December

January

February

March

April

May

June

July

August

September

October

GENERAL BUSINESS INDICATORS
NATIONAL INCOME AND PRODUCTf
Seasonally adjusted quarterly totals at annual rates:
National income, total
bil. of dol
Compensation of employees, total
do
Waees and salaries, total
_ do _
Private
do
Military
do...
Government civilian
do
Supplements to wages and salaries. _ do
Proprietors' and rental income, total
do
Business and professional
do
Farm
do
Rental income of persons __
do. _
Corporate profits and inventory valuation adjustment total
bil of dol
Corporate profits before tax, total
do
Corporate profits tax liability
do
Corporate profits after tax
do
Inventory valuation adjustment
do
Net interest
do

212.8
132.2
127.1
109.5
3.6
14.0
5.0
48.6
24.7
16.5
7.4

215 1
133.7
128.8
111.1
3.5
14.2
4.9
50.6
25.0
18.0
7.5

221 7
134.2
129.3
111.2
3.6
14.5
5.0
51.8
25.4
18.9
7.6

227 3
140 6
135.6
116 4
3.7
15 6
5.0
50 2
24 8
17 9
7 5

27.5
32.4
12.7
19.7
-4.9
4.5

26 2
31.4
12 2
19.2
—5 3
4.6

30.9
33.4
13.0
20.4
—2 5
4.7

31.7
35.6
13.9
21.7
-3.9
4.8

Gross national product total
do
Personal consumption expend itures,total do
Durable goods
do
Nondurable goods
do
Services
do
Gross private domestic investment
do
New construction
do
Producers' durable equipment
do
Change in business inventories
do
Net foreign investment
do
Government purchases of goods and services,
total
bil of dol
Federal (less Government sales)
do
State and local
do

243.8
171.1
22.1
100.2
48.8
35.4
14.0
18.9
2.5
8.2

244 9
172. 1
21 2
101.2
49 7
38.7
14 3
19.8
4.6
3.9

250 4
176,5
22 6
103.2
50 6
37.6
14.4
20.9
2.3
2.9

255.9
178.5
23.6
102.9
51 9
39.0
14 8
21.4
2 8 __4,7

29.0
15.5
13.5

30 1
17.6
13.7

33.5
19.3
14.7

37 7
22.6
15 5

Personal income, total
Less: Personal tax and nontax pavments
Equals: Disposable personal income
Personal savings §

203.1
22.2
180.9
9.7

207.3
23.2
184. 1
12.0

209.0
20.8
188 2
11.7

213. 9
20.2
193.7
15.2

do
do
do
do

PERSONAL INCOME BY SOURCEf
Seasonally adjusted, at annual rates:
Total personal income . _ _
bil. of dol
Wage and salary receipts, total
do
Employer disbursements, total _ ___ do
Commodity-prod ucing industries
do
Distributive industries do
Service industries
..
do
Government
do
Less employee contributions for social insurance
_
bil. of dol
Other labor income
do
Proprietors' and rental income _ _ _ _ do
Personal interest income and dividends. . _do
Total transfer payments
do
Total nonagricultural income. _ _

do

124.7
55.9
36.0
15.2
17 6

201.4
125.5
127.3
57.4
37.1
15.2
17 6

207.7
127.4
129.4
59.2
37.4
15.2
17.6

209.4
127.5
129.7
59.3
37.5
15.3
17.6

200.8
126.9
128.9
58.0
37.8
15.4
17 7

205.6
125. 7
127.8
57.0
37.5
15.4
17 9

207.4
125.0
127.0
56.3
37.2
15.6
17 9

207.2
126.8
128.8
57.2
37.9
15 6
18 1

212.3
129.7
131.9
59.6
38.2
15 8
18 3

212.9
131.8
134.0
60.0
39.0
16 2
18 8

214 6
134 3
136.5
61.3
39 5
16 3
19 4

2.0
19
47.5
15.9
12.0

1.8
1.9
47.1
16.1
10.8

2.0
1.9
51.3
16.2
10.9

2.2
1.9
52.4
16.5
11.1

2.0
2.0
50.0
16.6
11.3

2.1
1.9
49.3
16.6
12.1

2.0
2.0
51.9
16.7
11.8

2.0
2.0
50.7
16.8
10.9

2.2
2.0
52.8
16.8
11.1

2.2
2 1
51.0
17.0
11.0

179.7

181.4

184.2

184.7

184.5

184.1

183.7

184. 4

187.7

189. 3

191.6

r

r

214.9
134.7
137. 0
'62.0
r
39.3
T
16.1
19.6

215.6
134.9
137.2
62.0
39.5
16.0
19.7

2.3
2.1
'60.1
M7.5
r
10.5

2 2
2 1
50 0
17.3
10.9

200.0
122. 7

2.3
2.1
50.7
17.7
10.2

192. 5

192.8

NEW PLANT AND EQUIPMENT EXPENDITURES
All industries, total
mil. of. dol
4,170
4,940
* 4, 950
4,810
1
Electric a n d g a s utilities _ _ _ _ _ _
do
620
500
690
640
1
2,290
Manufacturing
do
1 800
2 160
2 140
1
Mining
_ _ _ _
do
210
180
200
200
1
Railroad
do
300
270
360
300
1
190
Other transportation
_ _ _
do
180
170
190
1
1,240
1,340
Commercial and miscellaneous
do
1. 360
1,340
r
Revised.
i Estimated based on anticipated capital expenditures of business.
§ Personal savings is excess of disposable income over personal consumption expenditures shown as a component of gross national product above.
f Revised series. Estimates of national income, gross national product, and personal income have been revised beginning 1944; see pp. 27-29 of the July 1948 Survey for the revised figures.
815027°—48——4
S-l




SURVEY OF CURRENT BUSINESS

S-2

1948

1947

Unless other-wise stated, statistics through
1946 and descriptive notes may be found in
the 1947 Supplement to the Survey

October

November

December 1948

December

January

February

March

April

May

June

July

August

September

October

GENERAL BUSINESS INDICATORS—Continued
FARM INCOME AND MARKETINGS
Cash receipts from farming, including Government
payments, totalj
mil. of dol
From marketings and CCC loans, total
do
Crops
do
Livestock and products, total
do__ _
Dairy products
do
Meat animals
do
Poultry and eggs
do
Indexes of cash receipts from marketings and CCC
loans, unadjusted:t
All commodities
1935-39=100..
Crops
_.
do
Livestock
do
Indexes of volume of farm marketings, unadjusted:}:
All commodities
1935-39=100
Crops
_.
__do
Livestock
do
INDUSTRIAL PRODUCTION
Federal Reserve Index
Unadjusted combined indexcf
1935-39=100

2,843
2,826
1,231
1,595
307
977
299

2,571
2,545
1,034
1,511
329
968
206

1,862
1,833
713
1,120
318
593
201

1,932
1,892
629
1,263
373
645
237

2,075
2,006
629
1,377
392
720
250

2 119
2,081
618
1,463
460
725
255

2,437
2,394
781
1,613
468
873
243

2,693
2,683
1 203
1,480
446
744
259

2,722
2,716
1,235
1,481
430
783
246

3,132
3,127
1,583
1,544
367
902
254

3,714
3,707
2,135
1, 572
333
936
282

573
774
421

491
588
419

425
431
421

383
362
399

276
250
295

285
220
333

308
235
364

313
216
386

360
274
426

404
421
391

409
433
391

471
554
407

558
747
415

204
265
158

168
181
159

144
136
150

133
128
136

108
100
114

109
82
129

113
76
141

118
76
150

130
98
154

144
153
137

146
163
133

'170
'215
135

206
286
146

Nondurable manufactures _.
Alcoholic beverages
Chemicals
-Industrial chemicals
Leather and products
_ _

-- -

193

190

189

190

188

186

192

193

187

194

'197

"198

200

200

197

197

197

197

193

197

199

193

'200

••203

"205

do
do
do
do
do
._do
do
do
do
do
do
do
do
.do
do

Durable manufacturescT
Iron and steelcf1
Lumber and products
Furniture
- -Lumber
Machinery
-Nonferrous metals and products
Fabricating
Smelting and refining
Stone clay, and glass products.
Cement
Clay products
.
Glass containers
Transportation equipment
Automobiles (incl. parts)

194

do

M^anufacturescf

224
205
150
172
138
280
179
180
176
210
202
169
236
232
198

224
203
148
176
133
281
185
188
178
206
192
169
231
234
200

228
206
140
181
119
288
189
192
183
200
178
172
203
244
206

226
203
138
179
117
285
195
198
188
190
161
166
196
244
206

224
203
137
178
116
284
199
202
190
193
158
160
201
232
192

228
207
143
178
125
283
201
204
193
201
160
169
219
240
202

217
177
144
169
131
275
200
199
203
208
183
168
227
237
197

222
208
144
163
134
273
196
194
203
211
196
171
233
218
179

223
208
148
161
141
277
193
193
193
209
203
175
206
222
185

220
201
151
157
148
•"269
185
184
187
'201
207
'168
198
'233
'202

224
207
'158
'163
156
'271
186
185
190
'218
210
180
'227
'229
'197

••226
••214
'153
'165
'147
'273
' 192
' 192

"232
221
"152
167
"145
"279
"194

do
do
do
do
do

181
252
251
427
126
123
128
167
» 121
144
173
163
157
v 204
177
156
223
164
139
280
167
181

180
196
252
431
126
126
126
161
"91
189
118
165
160
"205
177
158
225
172
149
290
172
172

171
146
255
438
113
112
114
154
"88
187
108
157
152
v 208
179
150
230
163
131
287
166
139

173
142
253
437
120
117
122
146
"87
175
92
163
157
"214
178
144
223
179
153
300
181
153

176
176
253
434
126
124
127
144
"99
141
91
163
159
"215
179
155
215
179
153
296
185
147

173
172
252
433
114
101
123
141
"119
121
85
167
160
P211
166
153
205
175
147
303
177
155

174
178
251
439
110
105
113
143
* 155
116
90
169
163
"213
137
159
200
175
147
298
179
173

177
173
249
436
108
109
107
153
"201
127
97
170
164
"220
174
159
201
177
147
308
179
163

179
186
253
449
108
105
110
163
"224
151
122
165
160
"220
175
156
205
174
140
313
176
173

171
188
'247
433
94
90
96
172
"223
126
184
149
'145
"217
170
137
200
154
115
323
137
154

'180
184
255
450
112
103
'119
'174
"198
111
203
165
160
'221
178
147
207
166
127
318
168
184

' 185
195
'257
••448
118
106
' 126
'188
"158
••124
316
165
159
"207
'181
' 155
'206
'169
132
'321
166
178

158
162
126
163
166
132

155
163
119
169
165
106

151
162
111
164
166
85

149
160
112
161
165
81

149
161
118
155
167
83

136
146
108
97
169
82

145
149
105
102
171
126

164
168
116
171
172
144

163
164
105
157
173
153

158
160
100
143
172
147

164
166
117
158
174
149

' 160
' 162
'119
156
'170
'149

Shoes
- do
Manufactured food products
do
Dairy products
do
M^eai* packing
do
Processed fruits and vegetables.
do__ _
Paper and products
do
-Paper and pulp
- ..
do
Petroleum and coal products
__do _
Coke
do .__
Printing and publishing
do
Rubber products
do
Textiles and products
do
Cotton consumption
do
Rayon deliveries
do
^rool textile production
do
Tobacco products
do
Minerals
Fuels
Anthracite
Bituminous coal
Crude petroleum
Metals

do ___
do
do
do
_.do
do _

_

Adjusted combined indexed1
Manufacturescf

1,596
321
975
278

3,276
3,264
1,678
1,586
296
970
303

3,818
3,807
2,211

-

-

' 193

'215
213
' 175
230
'226
'191

"191
"220
"182
231
"237
"201
"184
203
"259
"451
"114
"117
"174
"122
142
"206
172
167
"221
181
"167
"210
" 166
129
321
180

"161
"165
"118
"152
"175
"138

do

191

192

192

193

194

191

188

192

192

186

191

'192

"195

do

197

199

198

201

201

200

195

197

198

'192

197

'199

"202

223
143
128
179
176
201
174
161
229

224
150
137
185
177
201
178
162
229

230
153
139
189
183
205
196
166
218

229
155
143
195
188
202
199
179
200

226
150
135
199
190
207
208
168
208

229
151
137
201
192
211
196
176
219

217
145
132
200
203
211
193
173
227

221
142
131
196
203
206
187
172
218

222
140
129
194
194
207
190
176
208

219
142
135
185
188
200
188
'168
206

'223
'148
140
186
100
209
186
'175
'218

'224
'143
'132
' 192
'193
207
183
' 169
226

"230
P 146
"134
" 193
p 191
•p 210

Durable manufactures cf
do
Lumber and products
_ _ _
do
Lumber
_
do.
Nonferrous metals
do
Smelting and refining
do
Stone clay, and glass products
. do
Cement
do .
Clay products
do
Glass containers
do _

" 172
225

179
178
177
177
178
180
173
176
169
179
' 177
178
Nondurable manufactures
. do
" 179
182
191
167
170
179
167
198
219
173
167
229
189
Alcoholic beverages
-do
186
252
249
249
255
256
250
251
254
259
248
251
Chemicals
do
' 256
" 256
108
109
110
115
124
114
123
120
126
113
96
Leather and products
do
119
" 113
102
105
109
122
116
116
121
107
95
113
105
Leather tanning
do
108
157
158
163
159
158
158
160
156
160
158
'156
Manufactured food products
. _ do
' 163
v 162
"151
"152
" 149
"145
"139
"139
"140
f 147
"154
v 138
»152
Dairy products
.
_.do
' 150
" 148
125
152
131
142
127
147
135
170
150
160
126
Meat packing
. .do .
133
P 141
141
155
144
159
159
147
134
129
142
138
107
Processed fruits and vegetables
do
162
"160
165
166
169
163
163
163
165
168
165
150
158
Paper and products
_ . do
166
172
164
159
163
146
153
160
160
157
158
157
161
Paper and pulp
..do
160
167
' Revised.
" Preliminary.
t Data have been revised beginning January 1946 to incorporate revisions in reports on production and sales of farm products; the revised figures for January 1946-June 1947 will be published later. Annual indexes of volume of farm marketings for 1941, and 1944-45, which supersede monthly averages for these years shown in the 1947 Supplement, are published in the
table on the back cover of the February 1948 Survey; these annual indexes include revisions in marketings data, and also for 1945 adjustments to 1945 Census data, which have not been incorporated in the monthly indexes for these years; data for 1940-44 for all series and also monthly indexes of volume of farm marketings for 1945, are subject to further revisions to adjust the sories
to Census data.
If Seasonal factors for a number of industries were fixed at 100 beginning various months during 1939-42; data for these industries are shown only in the unadjusted series.
cf Data have been revised beginning January 1947 to eliminate the holiday allowance for Labor Day, previously used in computing the daily average output on which the steel indexes
are based. Revisions for January-August are available on request.




SURVEY OF CURRENT BUSINESS

December 1948
Unless otherwise stated, statistics through
1946 and descriptive notes may be found in
the 1947 Supplement to the Survey

1948

1947

October

November

S-3

December

January

February

March

April

May

July

June

August

September

October

P221
P164
P166
174
P159
P119

GENERAL BUSINESS INDICATORS—Continued
INDUSTRIAL PRODUCTION— Continued

Adjusted1!— Continued
Manufactures— Continued
Nondurable manufactures— Continued
Petroleum and coal products. _ _ 1935-39 =100. _
Printing and publishing
do
Textiles and products
do _
Tobacco products
do
Minerals
- do _ _
Metals
do

P204
152

164
175
155
107

p 205
152
172
169
155
109

P208
146
163
149
156
117

*214
148
179
153
154
117

p215
157
179
155
155
120

P211
150
175
164
142
118

P213
154
175
183
147
137

p220
156
177
163
162
128

P220
157
174
166
159
128

*217
147
154
148
153
113

P222
155
166
178
159
115

P207
154
'169
168
'156
••119

37 739
18, 082
7, 028
11,054
8, 716
2,179
6, 537
10, 941

35, 239
16, 554
6,348
10, 206
8,013
1,998
6,015
10, 672

38, 426
17, 523
6,988
10, 535
8,262
2,076
6,186
12, 641

33 928
16, 552
6,408
10, 144
7,692
1,901
5,791
9,684

32, 294
16, 225
6, 465
9,760
7,121
1,893
5, 228
8,948

36, 577
18,117
7,381
10, 736
7,726
2,176
5, 550
10, 734

35, 586
17, 229
6,865
10. 364
7,652
2,225
5,427
10, 705

34, 948
16, 777
6,613
10, 164
7,389
2,076
5,313
10, 782

36, 511
17, 871
7,184
10, 687
7,766
2,145
5,621
10, 874

34,931
16, 397
6,473
9,924
7,796
2,088
5,708
10, 738

36, 954
18, 119
7, 159
10, 960
8,161
2,254
5,907
10, 674

r 38, 125

47, 837
27 397
13, 222
14, 175

48, 581
27, 627
13, 226
14, 401

47, 991
28, 020
13, 335
14. 685

49, 130
28, 501
13, 456
15, 045

50, 278
28, 768
13, 525
15, 243

51, 213
29, 064
13, 566
15, 498

51, 102
29, 161
13, 692
15, 469

51, 230
29, 437
13, 780
15, 657

51, 347
29, 726
13, 849
15, 877

52, 534
30, 401
14, 032
16, 369

' 53, 719 P 54, 430
P 30, 784
r 30, 710
14, 252 p 14, 327
r
16, 458 p 16, 457

11, 958
7,648
7,791
7,342
2,404
4,938
13, 099

12, 123
7,608
7,896
7,467
2,439
5,028
13, 487

12, 537
7,518
7,965
7,545
2,524
5,021
12, 426

12, 323
7,865
8,313
7,850
2,594
5,256
12, 779

12, 067
7,858
8,843
7,885
2,664
5,221
13, 625

12, 149
7,874
9,041
7,869
2,751
5,118
14, 280

12, 197
7,882
9,082
7,777
2,803
4,974
14, 164

12, 205
7,918
9,314
7,801
2,810
4,991
13, 992

328
348
330
386
421
329
410

337
353
335
442
444
325
401

330
360
331
423
470
347
424

311
329
325
364
386
304
383

331
360
336
415
446
356
424

326
365
345
410
442
363
435

324
353
325
415
440
350
413

489
279
255
274
316
320
397
319
306
331
291
336
267
348
223
341

486
271
250
288
328
335
416
319
251
328
344
328
302
354
226
352

514
275
236
272
328
313
373
327
286
312
300
312
318
307
232
305

446
270
223
276
301
313
268
301
303
320
235
320
328
282
206
296

493
308
222
277
314
305
273
350
327
334
271
327
336
289
216
329

524
273
252
271
306
297
251
345
300
333
268
315
322
252
218
341

255
274
201
259
'374
280
449

257
274
203
249
373
282
449

261
277
204
251
370
285
447

265
279
202
249
372
291
462

268
281
205
250
376
293
472

637
219
162
207
239
238
345
218
195
262
367
253
174
247
225
288

621
216
168
213
243
244
336
226
209
265
355
259
176
242
229
290

623
239
170
217
248
250
335
224
223
268
361
271
178
257
233
293

633
241
168
218
254
255
357
238
229
268
362
273
177
271
237
301

632
234
163
213
257
244
355
249
238
272
383
279
178
283
234
319

BUSINESS SALES AND INVENTORIES f
Business sales, total
mil of dol
Manufacturing, total
do
Durable goods industries
.. do _.
Nondurable goods industries
do
Wholesale
__
_ do _
Durable goods establishments
do
Nondurable goods establishments
_ _ do _Retail
do
Business inventories, book value, end of month,
total
mil of dol
Manufacturing, total
do
Durable goods industries
do
Nondurable goods industries
do _
By stages of fabrication:
Purchased materials
do
Goods in process
do .
Finished goods
do
Wholesale
do _ _
Durable goods establishments
do
Nondurable goods establishments
do _
Retail
_
. d o

P 38, 828
* 18, 894
» 7, 709
* 11, 185
8, 286
p 8, 376
2,290
P 2, 321
r
5, 996
p 6, 055
r
11, 058
11, 558

r 18, 781
7,566
'11,215
r

51, 706
30, 218
13, 967
16, 251

r

12,473
7,726
9,528
7,984
2,906
T
5. 105
13,637

12, 735
7,833
9,550
r
7, 990
2,896
T
5, 094
13,498

12, 802
' 12, 779 p 13, 027
7,966
' 8, 103
P 8, 025
9,633
••9,828
P 9, 732
r
8, 161
' 8, 314 p 8, 423
2,880
2,917
p 2, 947
f
' 5, 281
p 5, 476
5, 397
' 13, 972 r 14, 695 P 15, 223

328
353
338
419
431
356
401

336
369
341
422
452
381
433

308
333
301
350
410
317
438

341
368
362
421
414
347
437

'367
P404
'391
487
'489
'376
'488

P355
P396
*>392
P458
P470
P360
J>496

500
256
274
255
307
299
294
333
266
332
263
334
318
312
225
326

486
248
263
261
314
321
286
327
240
338
271
327
337
317
233
313

540
264
273
262
317
326
311
340
245
330
269
320
329
342
249
316

457
226
267
248
294
310
345
269
256
301
232
292
337
339
245
254

503
259
289
282
'326
315
r
378
342
309
342
266
331
341
351
264
341

'553
290
'293
'289
'346
'349
'378
'378
'318
'352
'329
'341
'340
'345
251
'353

v 539
P273
P298
P263
*332
P331
J>349
»333
P285
p365
*315
p321
J»350
P336
P232
*355

271
281
205
257
384
295
'473

271
284
206
262
388
297
472

274
286
213
262
394
297
479

277
288
218
263
397
299
476

281
290
226
271
398
298
475

283
291
227
276
396
298
476

'286
296
'233
'284
'400
'301
'486

P2S7
p°97
p 235
P293
P401
P299
P 485

625
242
165
202
262
243
356
255
241
276
398
289
182
302
232
329

632
255
163
204
261
236
359
253
241
276
424
285
186
293
229
332

630
259
161
189
264
229
376
256
251
287
423
286
194
296
225
348

625
260
159
189
268
227
372
256
262
292
433
284
200
295
227
375

635
259
159
183
274
237
358
261
264
305
432
284
207
289
229
405

629
261
166
184
r
277
240
r
359
262
258
311
429
282
214
287
239
407

'642
252
'172
' 187
'278

P 645
P247
P174
T 191
P 278
p 229
P 381
p 256
v 243
P316
P 401
P282
P 228
P 289
P270
P399

r

MANUFACTURERS' SALES, INVENTORIES,
AND ORDERS—INDEXES OF VALUE t
Sales, total
average month 1939= 100. _
Durable goods industries
do
Iron, steel and products _
do _
Nonferrous metals and products
do
Electrical machinery and equipment
do
Machinery, except electrical
do
Automobiles and equipment
do_ .
Transportation equipment, except automobiles
do
Furniture and finished lumber products do __
Stone, clay, and glass products
do
Other durable goods industries _ _ . - do. _
Nondurable goods industries
do
Food and kindred products. _ _
_ . do
Beverages
do
Textile-mill products, excluding appareL. do
Leather and products
_
. do _
Paper and allied products
do
Printing and publishing ___
_ _ _ _ do. __
Chemicals and allied products
do
Petroleum and coal products
_ do. _ _
Rubber products
do
Tobacco manufactures
_
_ _ _ do . .
Other nondurable goods industries
do
Inventories, book value, end of month, total _do
Durable goods industries
do
Iron, steel, and products
do
Nonferrous metals and products _ _
do
Electrical machinery and equipment
do
Machinery, except electrical.
do .
Automobiles and equipment
_
do
Transportation equipment, except automobiles
do
Furniture and finished lumber productsjdo
Stone, clay, and glass products
do
Other durable goods industries J
do
Nondurable goods industries
do
Food and kindred products
do
Beverages _ . _ . _ _ .
do.. .
Textile-mill products, excluding apparel.. do
Leather and products
do
Paper and allied products
__
do
Printing and publishing
__
do
Chemicals and allied products
do
Petroleum and coal products. _
do _ _
Rubber products
. do
Tobacco manufactures
do
Other nondurable goods industries
do

r

r 235

'364
'258
r 250

'316
••418
278
'221
288
'258
'412

New orders, total§
._
do
255
244
251
251
252
251
265
257
268
246
252
p 254
' 285
Durable goods industries
do
291
292
314
291
307
307
287
291
292
267
287
P282
'303
Iron, steel, and products
do
322
311
335
282
321
308
303
371
325
348
320
'314
P281
Machinery, including electrical
do
344
312
346
330
284
302
348
305
309
299
329
'323
P298
Other durable goods, excluding transportation equipment
do
231
240
220
230
259
243
259
239
243
248
260
p 271
'276
r
244
Nondurable goods industries
do
234
228
240
228
223
229
227
219
230
230
P236
'242
' Revised, p Preliminary.
^ See note marked "V on p. S-2.
§ The new orders indexes are being revised.
.
t Data for 1946-47 published in the May to September 1948 issues have been revised; revisions for January 1946-July 1947 are available upon request.
t Revised series. The series for manufacturers' and wholesalers' sales and inventories, retail inventories, and total sales and inventories have been revised for all years and estimates of
retail sales beginning 1942. For monthly figures for January 1946-March 1947 and earlier annual figures for manufacturers' sales and inventories (except as indicated in note marked "J") and an
explanation of the revision, see pp. 8, 9, 23, and 24 of the May 1948 Survey; complete monthly revisions will be published later. For reference to revised data for the retail series and a breakdown of sales and inventories by durable goods and nondurable goods stores, see p. S-8 of this issue. Annual data for 1929-47 and data for all months of 1947 for wholesale sales and year-end
figures for 1938-47 for wholesale inventories are on pp. 23 and 24 of the August 1948 Survey; monthly data for 1941-46 for sales and 1942-47 for inventories are on pp. 23 and 24 of the September 1948 Survey. Sales and inventories of service and limited-function wholesalers only are published currently on p. S-9.




SUEVEY OF CURRENT BUSINESS

S-4
Unless otherwise stated, statistics through
1946 and descriptive notes may be found in
the 1947 Supplement to the Survey

December 1948
1948

1947

October

December

November

January

February

March

April

May

June

August

July

September

October

BUSINESS POPULATION
OPERATING BUSINESSES AND BUSINESS
TURN-OVER
Operating businesses total end of quarter
Contract construction
Manufacturing
Serv ce industries
- Retail trade
"Wholesale trade
All other

3 838.6
281.6
317.4
733 0
1,762.1
181 7
562 9

thous
do
do
do
do
do
do

3,865.4
290.2
318.4
739 8
1,768.2
183 6
565. 3

p 3 881 5
v 296. 9
p318 3
v 744 3
p 1,771.0
p 184 6
v 566. 4

New businesses, quarterly, total
Contract construction
Manufacturing
Service industries
Retail trade
Wholesale trade
All other

do
do
do
do
do
do
do

76.2
12.9
6.8
16.2
24.8
5.7
9.9

94.0
17.5
8.8
20 1
29.1
69
11.7

p84. 5
•p 15.7
p7.9
p 18 1
p26. 1
p6 2
P 10.5

Discontinued businesses quarterly total
Contract construction
Manufacturing
Service industries
Retail trade

do
do
do
do
do
do

54.2
7.6
7.0
10.1
17.9
3.7
7.9

67 2
8.9
78
13.3
22 9
50
93

p 68 4
P9.0
p79
p 13. 6
p 23 3
Tp 1
p9 4

do

76.6

111 4

All other
Business transfers Quarterly
BUSINESS INCORPORATIONS

_ _ .number.-

3,269

2,767

3,160

3,688

2,479

2,995

2,869

2,594

2,752

2,351

2,084

2,199

2,186

INDUSTRIAL AND COMMERCIAL
FAILURES
Failures, total
- - number.
Commercial service
_ _
do_ __
Construction
- do
Manufacturing and mining
do
Retail trade
_ . . do. _
Wholesale trade
do
I/iabilities, total
-thous. of dol_
Commercial service
do
Construction
do. _
Manufacturing and mining.
do.. _
Retail trade
do. _
Wholesale trade
.
_. _
. . do

336
29
25
98
129
55
21, 322
1,074
2,301
13, 337
2,289
2,321

313
23
25
124
115
26
16,345
505
537
12,574
1,531
1,198

317
23
26
112
123
33
25, 499
1,232
455
20, P37
1,908
967

356
29
23
108
153
43
12, 965
711
820
6,892
2,837
1,705

417
44
22
151
165
35
25,619
979
1,987
17, 897
3,410
1,346

477
47
43
136
194
57
17,481
1,883
957
9,243
3,714
1,684

404
50
30
99
175
50
15,296
1,472
1,662
7,057
2,476
2,629

426
30
31
135
158
72
13,814
1,058
588
7,030
2,679
2,459

463
49
36
130
194
54
12, 163
1,317
984
5, 147
3, 037
1,678

420
37
36
119
166
62
13, 876
1,279
1,163
7,208
2,281
1,945

439
35
40
109
194
61
21, 442
9,034
1,861
5, 580
3,036
1,931

398
38
37
98
173
52
20, 703
1,032
1,101
12, 165
2,729
3,676

461
52
40
112
188
69
101.060
77, 709
1,135
14, 160
5,917
2,139

New incorporations (4 States)

1

COMMODITY PRICES
PRICES RECEIVED AND PAID BY FARMERS
Prices received, all farm products§
1909-14=100..
Crops
_
. . . do. _.
Food grain
do
Feed grain and hay _ _ _. _
do. __
Tobacco
do
Cotton
_
_ _
do_ _.
Fruit
do _
Truck crops
do
Oil-bearing crops
_ _ do. _
Livestock and products
do
Meat animals
do
Dairy products
_ _
do
Poultry and eggs
_ _ _ do
Prices paid:
All commodities
1910-14=100.Commodities used in living
do
Commodities used in production
do
All commodities, interest and taxes _._ _ do. _.
Parity ratio
do

289
261
302
284
357
247
166
238
344
313
360
283
251

287
268
312
283
354
257
151
272
349
304
338
- 293
242

301
281
318
305
377
275
149
294
367
320
352
311
262

307
284
322
318
377
267
135
320
377
328
379
313
231

279
257
251
261
374
248
136
320
333
300
331
307
218

283
262
260
284
372
256
140
295
339
302
342
298
212

291
276
268
291
371
275
142
340
351
304
347
296
214

289
267
261
282
370
284
141
262
357
309
361
291
211

295
261
249
278
370
284
155
213
364
326
390
291
221

301
253
240
256
370
266
172
213
366
344
417
300
234

293
236
227
235
386
245
183
172
310
344
411
305
247

2QO
231
223
223
406
250
185
150
282
343
408
302
253

277
227
226
192
418
251
174
176
270
323
373
289
260

254
261
246
239
121

257
264
248
241
119

262
268
254
245
123

266
272
259
251
122

263
270
255
248
112

262
267
255
247
115

264
268
258
249
117

265
270
259
250
116

266
271
259
251
118

266
273
258
251
120

266
275
254
251
117

265
275
253
250
116

263
273
249
249
111

RETAIL PRICES
All commodities (U. S. Department of Commerce
r
184.9
185. 9
188.4
193.5
190.3
194. 9
189.0
index)
_ _
1935-39=100
195 1
190.8
188.6
192 1
196 2
196 3
Coal (U. S. Department of Labor indexes):
131.9
130.4
130.5
129.4
132.1
Anthracite
1923-25=1CO__
145. 5
132.1
134. 7
132.4
145. 1
132.0
137.1
144.9
fc
143.8
140. 5
146.4
145.7
144.3
159 3
146 5
Bituminous
do
147 4
152 3
156 7
150 5
159 2
158 5
Consumers' price index (U. S. Dept. of Labor):
164.9
167.0
163. 8
168.8
167.5
169,3
166.9
173.7
All items
1935-39=100.
171.7
174 5
170 5
173 6
174 5
192.1
190.2
191.2
189.0
195.1
196.9
197.5
196.3
196.4
197.1
Apparel
_ _ _ _.
.
do. .
201.6
201.0
199 7
206.9
201.6
202.7
211 5
209.7
204.7
207.9
202.3
Food
do .
214 1
210 9
216 8
215 2
216 6
167.9
172.7
170.5
160.3
171.8
Cereals and bakery products.
do
171.0
171.1
171.2
171.0
170 7
170.0
171.0
170 8
204. 9
205.7
190.1
198.4
204.4
201.1
205 8
Dairy products
do
205 9
204 8
208 7
209 0
211 0
203 0
196.6
199.6
205.3
2C8.3
213.0
206.9
Fruits and vegetables ._
_ do
217.4
214.9
213.4
195 8
193 5
218.0
199 6
235. 5
237.5
227.0
227.3
224.8
255 1
224.7
Meats
do
233 8
244 2
261 8
265 3
267 0
256 1
126.9
127.8
129.5
125.2
130. 0
Fuel, electricity, and refrigeration!
do
130. 3
130.7
131.8
132.6
134.8
137 3
137 8
136 8
95 4
94 5
92.6
92.5
93.1
92.2
93.2
93 9
Gas and electricity
do
93.8
94 1
94 2
94 4
94 6
165.9
162. 0
160.5
157.4
165.0
Other fuels and ice
do
166.0
166.7
168.6
170.1
174.2
178 1
188.9
187.8
191.4
192.3
193.0
194, 9
194 7
JJousefurnishings
do
193 6
194 8
195 9
198 1
1% 3
198 8
114.9
115.9
115. 2
115.4
116.0
116.3
Rent
_ _ - - - _ . _ _ do. _ _
116.3
116.5
117.0
117 3
118 5
118 7
117 7
143.0
141.8
144.4
146.4
146.4
Miscellaneous..
do
146.2
152.7
147.8
147.5
152. 4
153.7
147.6
150.8
r
Revised.
» Preliminary.
J Designation changed; no change in items included; the subgroup "other fuels and ice" has been discontinued; separate indexes for "other fuels" and "ice" will be shown later.
§ November 1948 indexes: Allf arm products, 271; crops, 224; food grain, 234; feed grain and hay, 181; tobacco, 412; cotton, 246; fruit, 157; truck crops, 186; oil-bearing crops, 283; livestock
and products, 313; meat animals, 351; dairy products, 284; poultry and eggs, 272.
NOTE FOR WHOLESALE PRICE INDEXES, p. S-5.—The Department of Labor is currently reviewing and revising the samples of commodities and of reporters for the indexes, subgroup by
subgroup, to reflect postwar changes in production and distribution. As subgroup revisions are completed, the revisions are incorporated in the pertinent group indexes and the all-commodity
index and the subgroup indexes are revised retroactively for the entire period covered by the revision; however, to avoid repeated revisions of the group indexes and the all-commodity index,
these are not revised retroactively more than 2 months. If introduction of a revised subgroup into the calculations changes significantly the levels of the group indexes and the all-commodity
index, the latter indexes computed with the original sample for the first month of the revision will be provided in a footnote. In some instances, it is necessary to correct previously published
indexes because of late reports, incorrect reports, or other errors in prices previously used. Indexes for the 2 latest months are preliminary and are currently revised to incorporate corrections
received in the 2 months following. Any additional corrections received are incorporated in final annual summaries issued in the middle of the year. Indexes for July-December 1947 were
corrected in the September 1948 Survey. Corrected indexes for January-June 1947 are available upon request.




SURVEY OF CURRENT BUSINESS

December 1948

Unless otherwise stated, statistics through
1946 and descriptive notes may be found in
the 1947 Supplement to the Survey

S-5
1948

1947

November

October

December

January

February

March

April

May

June

July

August

September

October

COMMODITY PRICES—Continued
WHOLESALE PRICES \
U.S. Department of Labor indexes:!
All commoditiescf
1926=100
Economic classes:
Manufactured products c?-do_ .
Raw materials
do
Semimanufactured articles.
do
Farm products
do
Grains
do
Livestock and poultry _
do_ _.
Commodities other than farm productso*-do
Foods
__-do_
Cereal products
do
Dairy products
do
Fruits a n d vegetables
_ _ _ _ _ do. _
Meats
do
Commodities other than farm products and
foodscf
1926=100
Building materials
___do
Brick and tile
.
do. _
Cement
do
Lumber
_ _ do. _
Paint and paint materials
do
Chemicals and allied products
do
Chemicals
do
Drug and pharmaceutical materials. -do
Fertilizer materials
do
Oils and fats
__.do
Fuel and lighting materials
_ do. _
Electricity
do
Gas
do
Petroleum products
do
Hides and leather products
do
Hides and skins
do
Leather
do
Shoes . _ _
do
Housefurnishing goods §
do
Furnishings
do_
Furnituref
do
Metals and metal productso"-- - - 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
do
Miscellaneous _ _ _ _ _
_ do. _
Automobile tires and tubes
do
Paper a n d pulp__. _ _ _
_ _ _ _ _ do__
PURCHASING POWER OF THE DOLLAR
As measured byWholesale prices
1935-39=100.
Consumers' prices
do
Retail food prices
do

r

158.5

159.6

163.2

165.7

160.9

161.4

162.8

163.9

166.2

168.7

169.5

168. 6

165. 0

151.2
175.2
152.6
189.7
241.4

152.4
175. 5
154.9
187.9

154.9
182.0
156.5
196.7

155.8
174.7
152.9
186.0
218 0

157.6
175.5
154.1
186.7
217 9

164.6
182. 0
' 159. 6
191.0
179.2

' 163. 9
180.5
158.8
189.1
176.9

160.1
176.2
158.4
182.2
170.4

230.0

158.2
179.9
170.1
183 9
140.7
222 3

155.7
173.8
158 6
179 8
145.7
217 1

157.3
176.7
158 0
181 0
148 6
226 0

158.5
177.6
153.8
189.1
213 5
219.0
158.2
177.4
156.3
176 6
147 0
233 2

159.6
182.6
154.5
196.0
209 2

151. 5
177.7
166.7
167.3
130.8

154.5
174.9
155.2
185.3
220 0
210.0
155.3
172.4
160 2
184 8
144 5
206 2

162.6
184.3
155.9
195.2
190.6

211.0
153.1
177.9
172.1
175.9
135.5
217.6

157.8
183.9
157.6
199.2
256 3

159.4
181.4
155.1
181 3
147.7
241 3

1 62. 6
188.3
154.5
182 9
151.2
263 8

164.6
189.5
154.0
185.1
140.5

163.8
186.3
153.3
179.9
139.4

140.1
185.8
146.4
120.1

142.1
187.7
148.1
120.6

148. 3
193. 3
150.9
126 5

147.6
192.7
151.1
127 2

147.7
193.1
151.6
127 4

148.7
195.0
152.5
127 5

149.1
196.4
152.8
128 2
312.9
158 4
134 7
125 9
153.3
115 0

149.5
196.8
153.3
128 8
313.2
158 7
135 8
126 2
153.7
113 9
212.7
133 1
65 7
90 7
122 1
187 7
215.2
186 9

151.1
199.9
157.9
132 2
318.1
157 9
134 4
127 8
153.6
115 0
193.2
135 7
66 4
90 4
122 1
189 2

224.5

290.2

160.7
128.6
122.1
137.5
111.5
193.4
116.1
64.9
86.8
96.5
193.1
r

243.7

245.5

296.0

161.8
135.8
124.3
151.1
112.4

155.6
178.4
170.6
183.5
135.4
214.8
145.5
191.0
148.8
121.6

303.2

118.2
66.3
83.6
99.9

164.0
135.0
124.1
154.9
114.4
215.9
124. 6
66.5
85.4
112.0

202.5
263.2

203.4
256.9

232.9

307.3
163.2
138 8
125.8
154.4
115 7

303.8

101.4
37.0
73.3
134.9
118.8
61.0
160.7

217.2
190.7
139.4
142.8
136.2
151.5
140.2
143.0
136.1
148.0
137.8
213.7
103.0
40.0
73.3
139.6
121.5
63.4
164.7

209 4
194.3
141 3
143.8
139 1
154.3
144.6
145. 5
138.8
148 4
143.4
214.8
104.4
40.7
46.4
141.9
123.6
63.4
168.1

159 6
134 6
126.5
154.3
115 1
201.5
130.8
66 6
85.8
121 7
192 8
207. 2
199 6
194.7
141 8
144.4
139 4
155. 3
146 3
146.8
138.7
148 9
144.7
214.9
105.0
40.7
46.4
143 0
120.1
63.4
167.4

50.4
60.6
49.5

49.3
59.9
48.3

48.6
59.2
47 7

50.0
59. 7
48 9

226.7

205. 0
180.6
132.4
139.4
134.1
150.5
139.3
142.0
136.1
143.4
136.2

216.9
187.0
137.5
140.5
134.7
150.8
139.5
142.2
136.1
145.2
137.1

100.0
37.0
71.2
134.3
117.1
60.8
159.8

50.8
61.1
49.6

204.7

252.7
226.3

209.3

236.7

130.0
66 4
84.5
120 7
200 3

238.9

209.4

303.8

156 7
136 i
126 8
154.4
114 9
211.4
130 9
65 7
88.7
121 8
185 4
186.2
185 9
193. 8
142 0
144.7
139 4
155.9
147 7
146.8
138. 7
149 8
144.6
218.3
105 4
40 7
46.4
145 7
120.8
63 4
167.3

49.9
59 9
49 4

204.4

309.2

158 6
136 2
126 8
153.8
115 2
212.3
131 6
66 1
89.1
121 8
186 1
199.3
183 6
191 7
142 3
145 2
139 6
157.2
149 4
149.8
138.7
150 3
145 8
219.2
105 4
40 7
46 4
147 5
121.8
63 4
167.5

49 4
59 1
48 1

205.0

132 6
65 4
89 3
122 1
188 4
218.0
188 2
185 6
142 6
145 8
139 6
157 1
148 9
150 0
143.2
150 2
145 8
217.8
105 4
40 7
46 4
147 5
121 5
63 5
167 4

239.2

250.8

143 2
146 7
139 9
158.5
149 4
152 1
145. 3
149 6
145 2
213.1
105 3
40 7
46 4
147 5
121 5
63 5
167.3

49 1
58 7
47 4

48 4
58 2
46 7

47 7
57 6
46 1

266.5

273.7

153.1

r

158.6
133 2
319. 5
158 1
132 0
126 3
153.3
114 9
180 3
136 6
65 5
86 9
122 1
188 4
212.1
186 0
189 4
145 4
149 3
141 6
170 9

158. 9
r
133. 2
317. 1
159. 6
133 3
126.0
152.7
116 2
188.6
136.7

203.6

220.3

189 2
186 3
144 5
148 5
140 4
162 2
153 2
153 7
145.3
149 4
148 3
209 3
104 9
40 7
46 4
147 5
120 3
66 2
166 8

185*8

244.2

250.0

r

153. 3

203.9

90.7
122 2
187 £
210.6
181 9
190 0

223.4

160.9
177.3
149 6
174 9
137.3
153.1

203.3

159.4
133.7
314.5
159.6
134 4
127.6
152. 6
117 2
189.4
137 2
122 8
185 5

202.0

171 9
164 0
166 4
157. 0
147 8
148 1
199 8
104 8
41 8
46 4
150 0
119 9
66 2
170 9

180 4
189 7
147 4
152 3
142 5
172 4
164 4
167 0
157.3
146 8
148 3
195 0
104 6
41 8
46 4
150 7
119 0
66 2
170 2

47 5
57 3
46 2

47 7
57 3
46 5

48 7
57 6
47 3

1?704

r 163 I

165 9
r 153. 9
148 9
148 3
205 3
104 9
41 6
46 4
149 4
119 7
66 2
169 0

r 146 6

T

151 5

r 14] g
r
r

CONSTRUCTION AND REAL ESTATE
CONSTRUCTION ACTIVITY
New construction, total
mil of dol
Private, total
.
do
Residential (nonfarm)
do
Nonresidential building, except farm and public
utility, total
mil of dol
Industrial
do
Farm construction
do
Public utility
_
_ _ do. .
Public, totaL ._
_ _ _ _ _
do
Residential.
do
Military and naval
_ _ do
Nonresidential building, total
.
do
Industrial
_
do
Highway
do
All other
do

1 497
1,129

1 432
1, 141
630

1 320
1,097
610

1 157
948
500

1 009
'837
400

1 166
940
475

1 311
1 024
525

1 461
1 120
585

1 616
1 235
635

1 715
1 318
680

1 799
1 354
695

r i 7g2

275
137
50

287
136
25
199
291
8
19
50

284
134
15
188
223
8
17
52
(i)
65
81

273
130
14
161
209
9
14
53
1
56
77

265
125
14
158
172
6
11
49
1
41
65

266
120
23
176
226
5
12
65
1
57
87

264
116
37
198
287
6
13
71
2
98
99

277
111
50
208
341
5
13
77
2
136
110

305
110
62
233
381
5
11
79
2
167
119

324
110
81
233
397
5
12
88
2
169
123

332
111
82
245
445
5
13
96
2
200
131

334
113
63

590

214
368
9
23
53
1
178
105

(i)
119
95

r i 332
685

r 250

r 450
5
13
102
2
190
r 140

1 265
660
328
114
39
238
439
4
13
106
2
180
136

CONTRACT AWARDS
Construction contracts awarded in 37 States (F. W.
Dodge Corp.):
Total projects
number
36, 339
29, 793
21, 696
23, 125
20 557
37 061
27 999
37 282
33 088
36 216
33 801
29 080
29 761
Total valuation
thous. of dol._ 793, 286
715, 108
625, 363
615, 206
681, 967
689, 763
873, 882
970, 789
935, 188
962, 685
854, 091
762, 192
778, 606
Public ownership
do
208, 947
223 505
207 481
196, 530
248 443
181 044
236 330
298 213
324 226
259 381
334 501
275 510
261 988
Private ownership
do
584, 339
491, 603
417, 882
433, 524
418, 676
508 719
637 552
672 576
610 962
628 184
578 581
502 811
516 618
Nonresidential buildings:
5 134
4 249
Projects
number
3 252
3 295
3 205
3 622
4 907
4 746
4 642
5 294
4 546
4 505
4 675
Floor area
thous. of sq. ft__
33, 478
28, 552
33, 088
27, 719
29, 097
25, 671
40, 413
34, 478
33, 802
33, 954
44,609
28, 833
33, 118
Valuation
thous. of dol__ 277. 888
244. 495
243. 416
240. 544
395. 971
3fi4 911
272. 395
337. 603
248. 939
3flfi 104. 308 750 97Q 8fi9 21 fi 3R4.
r
Revised, i Less than $5W,000. t See note for wholesale prices at the bottom of p. S-4 regarding revisions of the indexes.
§See note marked "f".
For actual wholesale prices of individual commodities, see respective commodities.
cf Current prices of motor vehicles were introduced into the calculations beginning October 1946 while April 1942 prices were carried forward in earlier computations; October 1946-September
1948 indexes using April 1942 motor vehicle prices are shown in previous issues of the Survey; October 1948 indexes using April 1942 prices are as follows: All commodities, 161.7; manufactured
products, 154.9; commodities other than farm products, 157.0, commodities other than farm products and foods, 148.0; metals and metal products, 149.1.
jRevised series. The index of wholeseal prices of furniture has been revised beginning 1943; revisions for 1943-46 will be shown later. The revision has been incorporated in the group index,
and other composite indexes beginning November 1947; if this revision hasd not been made, the November 1947 index for housefurnishing goods would have been 133.2.




SURVEY OF CUKRENT BUSINESS

S-6

December 1948
1948

1947

Unless otherwise stated, statistics through
1946 and descriptive notes may be found in
the 1947 Supplement to the Survey

October

November

December

January

February

March

April

May

June

July

August

September

October

CONSTRUCTION AND REAL ESTATE—Continued
CONTRACT AWARDS— Continued
Construction contracts awarded in 37 States (F. W.
Dodge Corp.)— Continued
Residential buildings:
Projects
.
number_.
Floor area
thous. of sq. ft
Valuation
thous. of dol
Public works:
Projects
number
Valuation
thous. of dol
Utilities:
Projects
number
Valuation
thous. of dol
Value of contracts awarded (F. R. indexes):
Total, unadjusted
1923-25=100
Residential, unadjusted _
do. _
Total, adjusted
do
Residential, adjusted
_
. do_ _
Engineering construction:
Contract awards (E. N. R.) §
.thous. of dol__
Highway concrete pavement contract a wards re?
Total
thous. of sq. yd_
A irports
do
Roads
- - - do
Streets and allevs
do
NEW

28,780

29, 473
52, 302
349, 490

24, 147
42, 696
290, 220

17, 402
32, 192
226, 796

18, 899
32, 183
238, 098

16, 336
31, 474
232, 250

23, 227
35, 385
276, 541

30, 448
46, 526
351, 604

30, 320
51, 710
369, 780

26, 366
40, 149
355, 296

349,699

44, 420

27, 085
44, 577
337, 550

22, 507
35, 610
279, 658

23, 304
37, 159
296, 760

1,425
112, 726

1,114
138, 606

809
113, 289

718
108, 891

803
143, 033

915
109, 596

1,524
132, 598

1,659
159, 700

1,813
167, 984

1,763
169, 293

1,679
148, 856

1,692
158, 597

125,251

307
53, 182

283
42, 866

233
40, 783

213
27, 673

213
34, 289

235
54, 687

343
52, 077

396
45, 338

363
47, 707

379
48, 589

395
58, 935

44,075

376

350
40, 241

175
164
184
170

173
157
193
163

159
137
197
161

156
126
191
152

161
135
187
152

182
156
181
148

206
181
181
154

226
195
188
165

233
194
201
177

224
189
205
187

210
175
201
177

'195

••165

177
151
186
156

575, 089

474, 357

503, 384

441, 955

474, 643

508, 096

777,159

535, 184

596, 332

713, 719

560, 292

665, 417

648, 434

3,260
203
1,946
1,110

2,349
5
1,592
752

2,863
124
1,776
963

1,723
6
1,040
677

2,304

4,386

5,073

5,205

4,021
341

2,908

2,654

1,986

4,114
595
1,648
1,870

5,099

10
1,425
869

5,124
10
3,187
1,928

94,000

83,000

'

361

1,371

353

2,734

190
2,128

2,887

••165

'193

1,432

2,217

301
1,344
1. 263

81,000

72, 000

40, 952
39, 370
31, 748

39, 944
38, 403
31, 124
2, 393

129

2,753

2,073
1,606

DWELLING UNITS AND URBAN
BUILDING

New permanent nonfarm dwelling units started
(U S Department of Labor)* _ _
number
Urban building authorized (U. S. Dept. of Labor) :1
New urban dwelling units, total. _ __ _ number.
Privately financed, total
do
Units in 1-family structures _ _ __.do
Units in 2-family structures
do
Units in multifamily structures
do
Publicly financed total
do
Indexes of urban building authorized:
Number of new dwelling units ... .1935-39 =100. _
Valuation of building, total
_ _do
Now residential building
do
New nonresidential building
do
Additions, alterations, and repairs
do
CONSTRUCTION COST INDEXES
A VtPrtVioTT finrlnctrifil hmilrl ino^
1Q14— 100
American Appraisal Co.:
Average, 30 cities
1913=100-Atlanta
do
New York
do
San Francisco
do
St Louis
do
Associated General Contractors (all types) -_ -do
E. H. Boeckh and Associates, Inc.:*
Average 20 cities:
Apartments, hotels, and office buildings:
Brick and concrete— U. S. avg. 1926-29=100..
Prick and steel
do
Brick and wood
- __do
Commercial and factory buildings:
Brick and concrete
.
do
Brick and steel
do
Brick and wood
.
do —
Frame
do
Steel
do
Residences:
Brick
do
Frame
do
Engineering News-Record:
Building
_-1913=100__
Construction
do
Public Roads Adm.— Highway construction:
Composite, standard mile*
1925-29=100-

94,000

79, 700

58,800

52,600

49, 600

75, 100

98, 800

99, 400

r 97, 500

66,330
55, 870
42, 825
3,536
9,509
460

41, 875
41,010
30, 284
3,316
7,410
865

36, 452
36, 088
26, 596
2,443
7,049
364

33, 492
32, 523
23, 704

51, 186
50, 861
37, 593

64, 896
64, 427
45, 746
6,991

53, 621
52, 614

54, 551
54, 112
42, 106

9,176
325

11,690

969

33, 362
32, 236
22, 142
1,863
8,231
1,126

' 327. 5
r
347. 3
r
521. 1
r
217. 4
r
293. 0

241.9
285.5
399.8
211.9
219.8

210. 2
274.0
345.8
228.6
230.8

192.3

192.0

200.6

293.4
360.9
484.5
287.2
274.9

372.8
408.6
622.9
253.0

2,280
6,539

243.7
309.7

196.2
218.8

236.8

315.9
182.2

4,092

469

41,280

3,715
7,619
1,007

3,327
8,679

308.8
375.7

314.6

275.8

275.4
370.4
535.4
249.9

r

r

r
r
r
r
r

2,797
4,825

4,886

1, 582

1, 541

236. 0
335. 8
425. 2
278. 6
283. 4

330. 0
407.1
288. 3
265 3

230.2:

531.8

399.8
555.0
283.8

371.5

330.1

311.3

351.8

317.3

486
524
504
439
475
332

493
522
507
450
477
337

495
523
507
450
477
340

203.2
205.6

206.2
209.5
223.4

208.7

221.3

225.5

225.8

212.4
224. 6

206.4
203.2

209.2
208.4

230.9

232.8

211.7
210.6
219.1

265.3

497.4
283.4

312.2

325

310

307

439

' 47, 833 ' 47, 757
' 46, 573 ' 46, 951
«• 36, 661 r 35, 894
' 2, 971
' 2, 328
•• 6, 941
'8,729
1,260
806

456
479
469
427
449
312

464
494
480
429
456
314

468
501
488
433
459
318

472
505
491
435
462
320

475
508
495
436
469
321

478
514
502
437
470
321

481
515
503
441
471
321

485
523
503
439
470
321

187.2
190.5
205.0

188.3
192.1
207.8

190.1
193.5
210.5

191.3
194.8
211.3

192.2
195.6
212.0

194.5
197.6
215.1

196.8
199.8
216.7

219.0

188.6
188.6
198.6
213.7
174.5

189.4
189.9
200.7
217.5
175.8

192.2
191.8
203.5
220.6
177.8

204.5

193.7
192.7

197.0
195.3
208.1

221.2
178.6

194.7
193.7
205.1
221.9
179.5

205.3
207.4

208.1
210.7

211.0
213.8

211.8
214.7

329.2
436.9

333.1
441.1

333.6
441.7

335.5
442.7

199.5
197.7

200.2
202.5
203.3
200.8

327

211.9

502
531
518
459
489
341

504
53],
523
460
495
341

210.0
212.9

209.7
212. fl
211. 1!
218. <)
232. 4
195. 0

225.5

209.8
227.0

212.0

214.3

184.8

187.0

195.4

197.3

213.2
211.6
219.9
234.1
198.2

212.4
215.2

215.6
218.5

217.2
219.8

219.6
222.1

222.0
224.2

223.8
225.9

225.9
227.6

226.2
227.5

225. 0
226. 0

334.2
443.6

334.6
443.6

333.9
444.9

339.3
455.8

342.4
464.8

355.5

356.7
478.4

357.1

477.1

480.2

355. 0
478. 3

180.6

182.5

229.0

234.5

155.9

150.5

146.7

216.1

161.0

CONSTRUCTION MATERIALS
Production of selected construction materials, index:*
Unadjusted
1939 = 1 00
Adjusted
-- do

159.0
143.0

139.6
140.3

136.5
153.8

131.5
154.0

121.5
147.3

140.3
148.5

143.0
143.9

146.3
138.3

152.5
142.5

153.5
144.3

M63.6

r 144. 5

' UF9. 2
" 148. 1

REAL ESTATE
Home mortgages insured by Fed. Hous. Admin.:
164,094 179, 412 199, 968 216, 93:i
151, 524
151, 558
186,859
159,967
129,894
124, 512
138, 587
98,464
Premium paying mortgages
thous. of dol_. 119,927
Loans outstanding of agencies under the Home
Loan Bank Board:
Federal Home Loan Banks, outstanding advances
478
475
397
418
493
392
47!)
374
373
486
436
391
360
to member institutions
mil. of dol
Home Owners' Loan Corporation, balances of
414
424
444
434
454
475
465
486
497
508
0)
0)
loans outstanding
mil. of dol. 0)
r
i
§ r>ata for Oc tober 1947 ind Januar y, April, J uly, and Se ptember 1 348 are for 5 weeks; other month s, 4 weeks
Revised.
*> Preliminary.
1 Data now repo rted quarte rly.
cfData for October 1947 and March, June, and S eptember 1948 are for 5 weeks; IDecember c overs Nov 3mber 29-1December 31, January . January L-30; other months, 4 weeks,
VThe series under building authorized were form erly show]i as "urbaii dwelling units sche duled to b e started" and "inde xes of bui ding const ruction b ased on bililding per mits;" see
also note in July 1948 Survey. Minor revisions in fi ?ures for mimber of d welling un ts beginniing January 1946 are a vailable up on request
*New series. The new series for new permanent nonfarm d welling units started 1:las been su bstituted t eginning J anuary 194 1 for the series on "to tal nonfarna dwelling units sche<iuled to be
started" shown in the 1947 Supplement; see note mai-ked "*" 01i p. S-5 of the July 1948 Survey for a brief ( lescription of the seri 33; data for January 1941- April 1947 are av<lilable upon requestmparable ^with the cuiTent series The ne\*T 20-city av srages of construction costs from E. H. Boe ckh and A ssociates h ave been siibstituted
data prior to 1941 shown in the 1947 Supplement are co
for the series for selected cities shown in the Survey through tlle August 1948 issue; monthly £ gures begiiruling 1934 and earlieir annual diita will be published later. See note mart:ed "*" on
p. S-6 of the September 1948 Survey for brief descrip tions of th 3 index of h ighway co nstruction costs and t he index o f productic>n of select(3d construejtion matei•ials and scmrce of da ta through
1946 for the latter series.




SURVEY OF CURRENT BUSINESS

December 1948

S-7
1948

1947

Unless otherwise stated, statistics through
1946 and descriptive notes may be found in
the 1947 Supplement to the Survey

October

November

December

January

February

March

April

June

May

July

August

September

October

CONSTRUCTION AND REAL ESTATE—Continued
REAL ESTATE—Continued
New mortgage loans of all savings and loan associations, estimated, total
thous. of dol__ 376,000
By purpose of loan:
95,364
Home construction
do
208, 488
Home purchase - _ do
Refinancing
do
28, 523
Repairs and reconditioning
_ do
13, 213
All other purposes
do_ _
30, 412
New nonfarm mortgages recorded ($20,000 and
under), estimated, total
thous. of dol 1, 103, 030
6 6
Nonfarm foreclosures index adjustedfl935-39~100
54, 946
Fire losses
thous. of dol

311, 292

310, 201

273, 202

254, 581

318, 602

336, 947

332, 441

346, 469

331,893

317, 842

297, 175

287, 336

76, 718
170, 831
24, 747
10, 415
28, 581

82, 234
163, 703
26, 042
9,806
28, 416

70, 274
140, 122
25, 856
8,679
28, 271

66, 894
126, 462
23, 511
8,374
29, 340

97, 325
146, 213
29, 677
11, 519
33, 868

97, 458
156, 701
30, 973
14, 189
37, 626

93, 315
161, 309
29,400
14,308
34, 109

100, 149
169, 206
28, 615
14, 349
34, 150

101,236
152, 875
26, 876
14, 794
36, 112

92, 132
151, 882
25, 324
15, 526
32, 978

85, 233
141, 961
24, 607
14, 989
30, 385

89, 505
132, 006
23, 482
14, 089
28, 254

954, 569 1, 006, 626
67
58
68, 361
51, 346

909, 447
6.5
63, 010

826, 874
6.8
71, 521

955, 441
7.0
74, 236

993, 678
6.8
63, 751

999, 456 1, 049, 591 1,018,397 1, 024, 323
7.4
7.1
7.7
6.5
49, 543
54, 706
50, 955
59, 256

991, 408
7.7
49, 945

997, 830

'279
"301
240
284
299
272.7

J>302
*339
262
296
308
287.0

13, 281 ' 14, 271
425
370
80
82
691
656
400
373
3,834
' 3, 446
453
435
167
183
1,630
1,473
1, 556
1,532
r
3, 783 ' 3, 865
'948
' 1, 169

15, 646
414
115
674
363
4,312
441
163
1,920
1,511
4,228
1,506

51, 845

DOMESTIC TRADE
ADVERTISING
Advertising indexes, adjusted:
Printers' Ink, combined index
1935-39—100
Magazines!
do
Newspapers
do
Outdoor
do
Radio
do
Tide advertising index, adjustedf...
do
Radio advertising:!
Cost of facilities total
thous of dol
Automobiles and accessories
do
Clothing
.do
Electric household equipment
do
Financial
do
Foods food beverages confections
do
Gasoline and oil
do
Housefurnishings, etc
do
Soap cleansers etc
do
Smoking materials
do
Toilpf goods medical supplies
do
All other
do
Magazine advertising:}:
Cost total
do
Automobiles and accessories
do
Clothing
do
Electric household Aqnipment
do
Financial
do
Foods food beverages, confections
do
Gasoline and oil
do
Housefurnishings, etc
do
Soap cleansers etc
do
Office furnishing and supplies
do
Smoking materials
do
Toilet goods medical supplies
do
All other
do
Linage, total
thous. of linesNewspaper advertising:
Linage total (52 cities)
do
Classified
do__.
Display, total __
do
Automotive
do
Financial
do
General
do
Retail
do_.

284
333
214
287
309
256.8

277
329
200

258
312
257.8

269
315
199
229
320
238. 2

258
291
205
290
303
253.5

289
321
242
312
319
274.6

290
346
227
322
308
271.6

294
333
247
294
314
283.9

17 376
597
139
379
471
5 128
420
168
1,704
1,809
4,967
1,594

16, 905
739
195
333
440
4 907
450
172
1,499
1,662
4,688
1,820

17, 780
728
92
511
464
5,203
504
152
1,647
1,848
5,033
1,600

17, 544
693
121
569
450
5,000
585
254
1,544
1,798
4,991
1,538

16, 715
717
133
543
482
4,766
564
232
1,452
1,595
4, 694
1,535

17, 803
699
118
603
511
5,122
536
225
1,734
1,770
5,031
1,456

17, 077
711
121
603
483
4 893
441
177
1,672
1,718
4,857
1,401

4,474

i 126, 436
i 7, 308
1 13, 191
i 7, 017
i 1, 833
i 17, 399
i 1, 331
1
9, 952
1
2, 585
i 2, 532
i 3, 073
i 15, 691
i 44, 524
3,229

27, 688
2,604
1,887
1,012
585
4,517
304
1,117
613
414
918
3,793
9,923
3,641

37, 486
2,771
3,640
1,590
666
6,311
381
1, 916
1, 155
495
883
5,584
12, 094
4, 175

47, 992
3,450
6,121
2,446
726
6,748
640
2,802
1,104
850
990
6,304
15, 810
4,581

45, 917
3 442
5,004
2 719
715
5,905
848
3, 556
1 270
691
1,019
5,711
15, 037
4,391

52, Oil
4,241
5,152
3,137
784
6,657
1,048
4,129
1,532
1,054
1, 216
5,702
17, 360
4,288

42,264
3,667
3,469
2,821
629
5,456
972
2,982
1,156
608
1,174
5,375
13, 954
3,160

29,495
3,068
1,115
1,476
517
4,651
852
1,143
926
378
978
4,430
9,962
3,171

33,372
2,856
3, 730
1,246
494
4,731
985
1,495
950
700
1,131
4,180
10, 874
3,968

45,239
3,048
6,554
2,589
665
5,441
872
3,728
1,152
787
1,146
5,004
14,245
4,462

4,847

186, 913
194, 808
37, 530
41, 447
153, 361 . 149,383
5, 215
5,957
1,986
2,033
24, 935
32, 004
117, 247
113, 367

155, 428
39, 600
115, 828
5,180
2,896
20, 404
87, 348

167, 945
40, 048
127, 897
6, 181
1,869
25, 477
94, 369

189, 555
43, 985
145, 571
6,394
2,225
28, 106
108, 846

197, 221
45, 848
151, 373
7,047
2,295
30, 475
111, 557

197, 809
47, 643
150, 166
7,557
2,120
31, 092
109, 396

185, 847
43, 999
141, 848
8,814
2,203
28, 365
102, 467

161, 430
43, 081
118,349
6,714
2,448
22, 790
86, 396

176, 800
46, 467
130, 333
7,066
1,782
23, 001
98,484

197, 335
45, 810
151, 525
6,921
1,849
30, 097
112, 658

220, 449
46, 861
173, 588
7,453
1,994
38, 251
125, 891

4,763

198, 478
44, 141
154, 337
6,552
2,194
33, 444
112, 148

302
345
256
329
312
274.9
r

17, 326
662
152
651
481
4,859
432
192
1,775
' 1, 751
4,804
1,567

299
344
262
279
300
271.0
r

15, 655
538
105
642
'363
r
4, 222
444
161
1,755
1,711
4,545
1,169

268
298
233
288
271
250.1
r

276.8

POSTAL BUSINESS
Money orders:
Domestic, issued (50 cities):
Number
Value
. ._Domestic, paid (50 cities):
Number
Value

- thousands
-thous. of dol. .
- thousands
thous. of dol

4,401
91, 665

4,185
85, 095

4,710
91, 655

4, 586
92, 651

4,839
86, 412

5,281
106, 540

5,122
95, 871

4,470
88,565

4,733
94, 494

4,503
90, 545

5,176
87,845

4,476
90,407

5,267
98,446

15, 371
223, 262

13, 922
196, 844

15, 652
214, 581

14, 412
201, 299

13, 135
186, 247

16, 749
240, 369

15, 552
220, 748

14, 252
198, 921

15, 267
217, 320

14, 408
206, 027

14, 207
208,527

14, 703
216, 336

15, 552
247, 204

PERSONAL CONSUMPTION EXPENDITURES
Seasonally adjusted quarterly totals at annual rates :f
172.1
176. 5
171.1
Goods and services, total bil. of dol
178.5
21.2
22.1
22.6
Durable goods, total
do
23 6
7.9
7.7
7.8
Automobiles and parts
. _ _ _ __do
8.7
10.3
9.8
10.8
Furniture and household equipment _do
11 0
3.9
4.0
Other durable goods
do
39
100.2
101.2
Nondurable goods, total _.
_do
103.2
102 9
19.1
20.0
20.5
Clothing and shoes. .
do
19.7
59.6
61.2
Food and alcoholic beverages
do
61.4
61 2
3.8
4.0
Gasoline and oil
do
4.3
4 6
1.9
1.9
Semidurable house furnishings.
do __
1.9
19
4.0
3.9
Tobacco
.-_
do
4.0
4.1
10.9
Other nondurable goods
do
11.0
11.1
11.4
r
Revised. » Preliminary.
i The figures shown in the September and December columns are totals for July-September and October-December, respectively; monthly figures not available.
t Data beginning January 1948 for magazine advertising include advertising in farm magazines and some other magazines which is not included in earlier data and there have been changes
effective January 1948 in the classifications of electric household equipment, housefurnishings, etc., soap, cleaners, etc., and toilet goods in both the radio and magazine series. Inclusion of
advertising in farm magazines in the 1948 data for magazines materially affected the comparability of the figures for automobiles and accessories and, to a lesser extent, the comparability of
data for other classifications. Adjustments of earlier data are under consideration by the compiling agency and more complete information on the changes will be published later.
t Revised series. The index of nonfarm foreclosures has been revised beginning 1938 because of disco very of certain errors in reporting; revisions through April 1947 will be shown later.
There have been minor revisions in Printers' Ink index of magazine advertising to include advertising in farm magazines formerly shown as one of the five major components of the advertising
index; revisions are available upon request. The Tide advertising index has been completely revised and is now based on dollar costs for all media—newspapers, magazines, farm papers,
business papers, radio (network and spot), and outdoor advertising; revised data beginning 1936 will be shown later. Estimates of personal consumption expenditures have been revised beginning 1944; revised figures for the grand total and for total durable and nondurable goods and services are shown as a component of gross national product on p. 28 of the July 1948 Survey,
revised figures through the first quarter of 1947 for the subgroups will be shown later.




0

0

SURVEY OF CURRENT BUSINESS

S-8
Unless otherwise stated, statistics through
1946 and descriptive notes may be found in
the 1947 Supplement to the Survey

December 1948
1948

1947

October

November

December

January

February

March

April

May

June

July

August

September

October

DOMESTIC TRADE—Continued
PERSONAL CONSUMPTION EXPENDITUR E S—Con tinued
Seasonally adj. quarterly totals at annual rates— Con.
Goods and services— Continued.
Services
bil. of dol
Household operation
do
Housing
do
Personal service
do _ .
x
Recreation
do
Transportation
do __
Other services
do

48.8
7.3
15.2
3.2
3.8
4.5
14.8

49 7
7.6
15 5
3.2
3.8
4.6
15.1

51.9
7.7
16.2
3.2
3.9
5.0
16.0

50 6
7.6
15.8
3.2
3.8
4.7
15.5

RETAIL TRADE
All types of retail stores :J
Estimated sales, totalt
mil. of dol_
Durable goods storest
do
Automotive groupt
do
Motor vehicles f
do
Parts and accessories
_ -do ___
Building materials and hardware groupt
mil. of dol__
Building materials
do
Farm implements t
do
Hardware
do
Home furnishings groupt
do
Furniture ancT house rarnishmgsf do
Household appliances and radios
do
Jewelry stores
do
Nondurable goods storest
do
Apparel group
do
Men's clothing and furnishings
do
Women's apparel and accessories
do
Family and other apparel
do
Shoes
--- do
Drug stores
do
Eating and drinking places
do
Food groupt
do
Grocery and combinationt
do
Other food
do
Filling stations
do .._
General m erchandise group t
_ . do
Department, including mail-order
do
General, including general merchandise
with food
mil. of dol._
Dry goods and other general merchandise
do
Variety t
do
Other retail stores
do
Liquor
-do
Other
.-- --- do
Indexes of sales:
Unadjusted, total t
1935-39= 100 _ _
Durable goods storest
do
Nondurable goods storest
do
Adjusted total t
do
Durable goods storest
- do
Automotivet
do
Building materials and hard ware t -do
Homefurnishingst
do
Jewelry
do
Nondurable goods storest
do
Apparel
do
Drug
- do
Eating and drinking places
do
Foodt
-- - -do
Filling stations
do
General merchandiset
do
Other retail stores
_ _ _ _ _ do _ _

10, 941
2,995
1,332
1,182
150

10, 672
2,776
1,240
1,088
152

12,641
3,087
1,251
1,089
162

9,684
2,516
1,257
1,143
114

8,948
2,350
1,195
1,088
106

10, 734
2,956
1,538
1,402
136

10, 705
3,107
1,498
1,344
154

10, 782
2,962
1,329
1,176
153

10, 874
3,150
1,431
1,259
173

10, 738
3.188
1, 569
1,389
180

10, 674
3,292
1,655
1,483
172

'11,058
3,171
' 1,508
1,353
155

11, 558
3, 232
1,568
1,421
148

977
645
128
204
585
350
235
101

827
528
102
197
587
358
229
121

838
494
91
252
719
419
300
279

730
461
106
163
451
264
187
78

658
417
90
151
426
251
175
71.

819
510
123
186
520
307
213
78

953
589
146
218
575
341
233
82

959
601
139
218
579
355
224
95

1,030
656
153
221
586
350
236
103

992
630
158
203
549
315
234
78

987
654
135
198
568
336
232
82

»"986
'654
126
205
592
r
350
242
85

1,002
657
139
205
575
341
234
87

7,946
880
219
397
124
140
310
1,118
2,638
2,070
568
483
1,476
996

7,896
922
253
400
137
131
297
1,008
2,542
2,007
534
496
1,616
1,111

9,554
1,248
372
512
190
174
409
1,072
2,751
2,161
591
496
2,232
1,485

7,169
663
169
302
92
100
295
995
2,624
2,084
540
479
1,087
719

6,598
604
149
280
85
90
287
930
2,360
1,862
498
435
1,039
690

7,778
910
212
419
125
154
305
1,030
2,595
2,038
557
495
1,392
940

7,598
781
181
368
103
128
294
1,034
2,608
2,056
552
523
1,343
910

7,820
808
193
371
107
137
304
1,060
2,716
2,144
572
550
1,368
906

7,724
801
215
343
105
138
301
1,066
2,613
2,033
'580
552
1,364
905

7,549
630
154
276
86
114
307
1,064
2,762
2,187
575
581
1,221
765

7,382
635
135
307
90
103
299
1,091
2,576
2,013
563
570
1, 265
830

7,887
r
878
188
426
122
•"142
••299
1,105
2,648
2,055
593
541
r
l,447
r
978

8,326
982
230
477
140
135
307
1,115
2,787
2,188
598
550
1,562
1,055

168

168

194

136

122

148

160

171

170

176

162

167

172

141
172
1,042
167
875

150
188
1,016
168
848

210
342
1,347
248
1,098

104
128
1,025
146
879

97
131
943
130
812

128
177
1,051
144
907

125
149
1,015
143
872

131
161
1,015
142
873

130
160
1,027
134
893

118
161
984
142
842

116
157
947
132
816

139
••164
969
142
827

329.3
363.5
318.2
318.6
347.7
297.3
411.3
401.3
409.1
309.1
303.2
259.1
421.9
331.6
219.6
252.5
342.5

340.6
366.1
332.3
322.8
349.7
292.1
417.3
419.4
415.4
314.0
326.3
255.2
398.6
327.7
238.1
268.6
352.7

385.9
383.4
386.7
328.8
361.2
309.0
424.5
420.0
426.3
318.2
322.2
256.2
417.7
331.0
233.4
273.0
361.3

292.9
312.1
286.6
324.7
357.4
308.7
423.3
403.7
410.1
314.1
307.8
257.1
413.6
335.6
246.2
253.8
355.6

296.0
313.9
290.2
324.6
357.6
314.0
423.5
391.3
388.6
313.9
315.2
261.5
413.6
335. 5
241.4
254.1
348.9

324.0
359.7
312.4
330.7
376.0
347.4
422.0
395.1
391.6
316.0
314.4
260.3
417.2
339.2
251.7
257.3
341.8

333.1
391.2
314.2
337.9
386.5
347.6
441.5
424.6
404.7
322.0
315.3
255.5
420.1
344.2
260.3
269.8
348.9

332.2
376.2
317.8
329.5
355.3
286.4
444.3
432.8
400.8
321.1
319.8
252.2
408.8
341.6
258.7
270.8
354.5

339.1
396.3
320.4
337.1
376.9
319. 6
456.7
432.7
412.3
324.1
326.9
255.8
419.5
338.8
259.1
275.9
360.3

323.1
395.5
299.5
336.9
389.8
344. 8
453.8
436.9
381.1
319.7
311.3
255.7
414.7
333.1
262.2
277.9
350.9

328.9
408.7
302.9
338.0
405.0
367.0
464.7
439.2
390.4
316 1
305.6
254.0
406.8
331.1
257.8
277.6
342.8

350.6
408.2
331.8
••340.3
r
396. 6
'351.8
r
455. 9
'452.7
385.7
322.0
r
328.3
'255.8
419.9
'339.3
252.8
'277.3
341.8

152
184
1,023
166
857
349.4
400.9
332.4
338.4
386.4
354.7
439.8
412.2
360.3
322.7
336.6
257. 1
416. 1
342.9
250.1
271.6
345.8

r

13, 498 ' r13, 972 ' r14, 695 v 15, 223
12, 779
12,426
14, 164
14, 280
13, 487
13, 992
13, 625
13, 099
Estimated inventories, totalt
_mil.ofdol_
13, 637
5,086
4,634
4,182
v 5, 224
4, 937
4,927
4,946
5,011
4,358
4,148
4,195
4,925
Durable goods stores
do
4,941
r
1,262
1,146
l,219
1,239
1,251
1,099
1,219
1,190
1,057
997
v 1, 297
1,219
Automotive group
do
1,297
r
'2, 124
1,974
1,639
1,534
1,512
1,760
1,515
p 2, 056
2,058
1, 989
2,053
2,048
Building materials and hardware group. do
1,964
r
r
1,292
1,306
1,232
1,275
1,197
1, 227
1,275
1,271
1,130
1,137
1,220
P 1, 380
Homefurnishings group
- do
1,263
441
376
'437
399
442
442
385
413
409
489
450
P491
Jewelry stores
do
417
8,421
'9,609
' 9, 035
8,571
8,278
9,292
9,218
9,269
8,991
P 9, 999
9,067
8,917
8,696
Nondurable goods stores
do
1,652
1,993
1,749
2,064
'2,139
2,014
2,009
1,887
1,558
1,913
1,889
p 2, 133
1,834
Apparel group
do
'511
504
512
542
568
581
497
530
533
590
523
*531
506
Drug stores
do
352
'324
322
341
341
322
333
315
316
325
339
P312
E ating and drinking places
do
327
1,916
1,962
1,942
' 1, 979 P 2, 166
1, 845
1,826
1,851
2,000
1, 937
2,033
1,860
1,841
Food group
do
226
184
203
217
'186
150
209
197
228
213
168
pl92
169
Filling stations
_ _ - .do.-_
'3,004
2,451
2,344
2,802
2,705
2,854
2,736
2,796
2,657
2,883
2,877
r> 3, 136
General merchandise group
do
2,663
T
1,256
1,333
1,313
1,308
1,298
'1,466
1,379
1,350
1,359
1, 407
1,370
Other retail stores
do .
P 1, 529
1,356
Chain stores and mail-order houses: cf
2, 529
1,874
2,015
2,869
2,358
2,330
'2,352
2,281
2,266
2,315
2,200
2,355
2,317
Sales estimated totalt
do
290
173
'265
253
235
288
170
358
260
253
195
254
208
Apparel group
- do
50
32
71
'42
24
48
30
55
47
26
38
38
42
Men's wear
-do
145
112
82
161
124
80
116
113
103
106
138
130
119
Women's wear
do.
44
94
69
46
71
'72
53
65
78
70
67
72
60
Shoes
do
41
41
44
56
28
28
47
'45
54
46
37
50
50
Automotive parts and accessories
do
125
75
80
68
81
88
117
'126
118
113
101
110
117
Building materials
__do
66
66
98
69
71
69
68
67
68
65
70
67
67
Drug
do
54
54
54
52
51
54
54
52
49
50
'53
54
52
Eating and drinking places
- ..do
21
22
30
45
35
29
29
'30
28
27
26
29
Furniture and housefurnishings. .
do
28
' Revised.
<? There have been revisions beginning 1947 in the chain-store series and some earlier revisions; see note marked "f' on p. S-9.
t Estimates of retail sales and indexes of sales, with the exception of data for jewelry stores, rilling stations, general stores, including general merchandise with food, and dry goods and
other general merchandise stores, have been revised beginning 1947 and there have been earlier revisions in the series marked with a "t" as follows: Total, durable goods and nondurable
goods stores, motor vehicles, and the automotive group, grocery and combination and the food group, beginning 1942; farm implements and the building materials and hardware group,
beginning 1943; variety and the general merchandise group, beginning 1944; furniture and house furnishings and the home furnishings group, beginning 1945. Revised annual figures through
1947 and an explanation of the revisions are published on p. 22 of the September 1948 Survey. All revisions through June 1947 will be shown later.
tRevised series. See note marked "t" on p. S-7 with regard to revisions in the series on personal consumption expenditures, note marked "t" above regarding revisions in the indicated series under sales of all types of retail stores, and note marked "t" on p. S-9 regarding revisions in data for sales of chain-stores and mail-order houses. Estimates of retail inventories
have been revised for all years and data by kinds of business have been added; year-end figures for 1929, 1933, and 1935-46 are on p. 23 of the June 1948 Survey and monthly averages for 1939 and
1940, and monthly data for 1941-47are on p. 31 of the July 1948 Survey.
•




SURVEY OF CURRENT BUSINESS

December 1948
Unless otherwise stated, statistics through
1946 and descriptive notes may be found in
the 1947 Supplement to the Survey

S-9
1948

1947

October

November

December

January

February

March

April

May

June

July

August

September

October

DOMESTIC TRADE—Continued
RETAIL TRADE—Continued
Chain stores and mail-order houses — Continued
Sales, estimated— Continued J
648
General merchandise group t
mil. of doL_
Department, dry goods, and general merchan366
dise
mil. of dol
126
Mail-order (catalog sales)
do
143
Variety t
do
754
Grocery and combination
do _
Indexes of sales: t
303.1
Unadjusted, combined index t
1935-39 =100__
289.3
Adjusted combined index t
do _
300.8
Apparel group
_
do
288.5
Men's wear
do _
365.9
Women's wear
- _
do
246.6
Shoes
do _
217.5
Automotive parts and accessories
do
334.8
Building materials
do _ _
227.2
Drug
do
220.9
Eating and drinking places
_ _ .do__ _
224.3
Furniture and housefurnishings
do
276.5
General merchandise group t
- - - do. . _
Department dry goods and general mer322.7
chandise
1935-39=100..
256.7
Mail-order
do
212.1
Variety t
- - do .
339.5
Grocery and combination
do
Department stores:
Accounts, collections, and sales by type of
payment:
Accounts receivable; end of month:
181
Charge accounts
1941 average = 100.
95
Installment accounts
do
Ratio of collections to accounts receivable:
57
Charge accounts
percent..
31
Installment accounts
_ _ do
Sales by type of payment:
53
Cash sales
percent of total sales. _
40
Charge account sales
do
7
Installment sales
_
do
'300
Sales unadjusted, total U. S.t
1935-39= 100 __
372
Atlanta
do
234
Boston
- do
284
Chicago
do
29C
Cleveland
-- - - ..do
396
Dallas
do
'335
Kansas City
__
.do
r
303
Minneapolis
_ _ _ _ _ _ _ do__
r
252
New York
do
280
Philadelphia
.
do
r
325
Richmond
do
330
St Louis
do
'352
San Franciscof
- - do_
279
Sales adjusted, total U. S.f
do
348
Atlanta
do . _ _
211
Boston f
do
266
Chicago
do
271
Cleveland
_ _ ._
_ __do_.
360
D alias
do
'319
Kansas Cityf
do
r
275
Minneapolis
. do
225
New Yorkcf
do
'264
Philadelphia!
_
do
'303
Richmond
do
308
St Louis
do
r
342
San Franciscof
-do
Stocks, total U.S., end of month:
284
Unadjusted
do
252
Adjusted
do
Mail-order and store sales:
333, 123
Total sales 2 companies
thous. of dol
127, 144
Montgomery Ward & Co
_ _ do
205, 979
Sears Roebuck & Co
do
Rural sales of general merchandise:
405.1
Total U. S., unadjusted
1929-31=100.
398.1
East
do__
612.6
South
do
333.4
Middle West
do
446.3
Far West
-do
311.8
Total U S., adjusted
do
309.3
East
.
do__
413.3
South
do
262.5
Middle West
do
371.6
Far West
do

700

961

451

434

603

589

591

606

569

588

648

706

399
132
157
755

528
131
288
786

249
84
108
804

230
84
110
725

330
113
149
797

348
103
126
792

357
86
135
844

364
95
135
770

342
78
136
824

342
102
132
741

382
116
'138
751

414
125
155
839

321.4
298.4
323.3
333.7
398.0
244.8
246.0
326.1
226.0
211.9
279.3
294.1

379.6
302.2
325.4
332.8
396.2
253.9
243.9
331.8
228.7
219.1
287.3
304.2

259.2
294.9
287.2
278.0
362.9
218.5
214.2
351.3
228.0
220.2
262.1
284.2

269.2
296. 8
298.7
285. 5
383.3
223. 2
219.7
344.2
234. 5
223.0
258.7
284.2

303.5
303.0
311.0
277.9
400.6
242.4
228.3
336.3
231.6
228.6
252.4
292.6

303.9
312.4
316.6
282.2
411.0
239.8
254.2
359.7
225.3
227.5
256.0
311.2

310.8
311.2
319.4
287.5
415.0
243.3
251.5
379.1
227.7
226. 8
269.8
295.4

313.1
313.0
321.5
301.2
411.2
245.1
253.5
384.2
228.1
231.6
264.3
311.3

291.3
314.8
321.4
289.6
417.8
246.1
277.6
383.5
235.9
229.5
265.6
314. 0

'296.0
317.5
325.8
290.9
427.6
242.5
263.6
388.1
232. 2
' 226. 9
290.1
320.6

' 323. 3
'316.9
' 344. 4
'310.8
' 454. 8
' 250. 1
' 242. 2
' 389. 6
'231.8
' 227. 5
' 280. 9
'315.0

326.5
312 9
345.5
300 1
479.2
234 8
223 8
387 2
233 0
220 1
271 9
300 3

347.9
283.0
219.7
338.1

348.2
291.9
245.8
337.5

340.5
268.6
208.3
350.1

337.1
267.2
215.1
353.7

347.3
270.3
223.2
359.8

383.2
285.1
218.8
363.3

357.1
280.0
210.9
371.0

377.3
297.0
220.4
357.4

380.7
309.8
216.2
360.9

382.6
329.7
223.3
364.5

' 381. 2
292.9
' 228. 7
' 359. 6

358 0
283 0
223 6
365 4

204
111

263
136

205
127

181
124

190
129

191
131

192
134

192
136

168
138

165
144

188
151

206
155

55
30

54
29

53
24

49
23

53
27

52
25

52
24

52
24

51
23

51
23

53
24

54
24

53
40
7
376
460
306
364
371
507
392
335
323
370
394
428
421
302
383
244
298
296
415
335
281
248
280
310
339
348

54
39
7
485
619
419
455
479
633
505
424
408
460
542
516
571
303
394
239
293
309
388
334
277
241
277
••326
337
361

54
39
7
225
284
170
217
216
316
245
214
192
204
214
239
281
286
355
224
271
284
390
306
286
240
272
'288
291
348

53
40
7
238
316
174
225
233
324
254
206
202
216
245
258
295
286
359
226
281
284
368
292
267
241
280
'307
307
327

52
41
7
285
387
228
266
284
384
301
263
234
284
317
318
326
285
368
228
274
270
384
307
278
229
263
r
303
318
339

51
41
8
288
'367
231
283
280
399
320
284
237
262
295
326
333
306
390
243
289
295
448
337
283
255
278
'327
343
362

52
41
7
300
375
240
289
304
393
326
294
252
287
311
333
339
310
394
242
289
320
418
336
306
268
284
'318
340
r
365

52
41
7
289
333
242
290
288
345
301
277
246
266
294
311
338
312
397
252
299
306
406
328
291
265
283
'327
346
372

54
38
8
243
314
176
243
244
331
270
238
181
207
235
277
311
316
392
255
312
313
436
322
294
266
288
r
321
355
365

52
39
9
259
354
175
248
268
365
303
261
187
217
260
305
338
311
402
237
295
308
419
336
292
256
289
'319
354
383

50
42
8
319
410
'260
305
320
444
343
'316
257
295
357
366
355
312
402
252
299
316
423
329
'291
252
295
'337
362
355

51
42

296
273

244
285

253
289

279
304

303
313

308
309

297
297

278
284

274
273

287
268

304
r 275

355, 255
129, 206
226, 048

415, 686
148, 113
267, 573

230, 794
74, 116
156, 679

215, 575
75, 631
139, 944

301, 627
107, 103
194, 524

319 342
115, 382
203, 959

297, 939
104, 612
193, 327

308, 843
105, 305
203, 538

284, 626
97, 833
186, 793

302 716
108 903
193 813

336 487
119, 706
216 782

484.6
491.4
727.8
405.4
515.3
372.5
381.2
530.1
309.2
424.8

466.6
448.6
644.9
389.9
568.2
291.8
269.4
429.3
249.9
348.1

273.8
262.8
423.8
224.6
301.4
359.7
345.8
535.7
293.6
410.1

299.8
295.7
462.6
250.5
309.4
370.5
361.5
507.3
315.1
418.1

358.8
370.4
485. 1
309 4
382.3
408.6
412.4
537.2
349.2
464.5

342.6
343.3
467.7
293 4
375.6
372.8
360.2
530.8
314.2
420.6

322.1
306.9
428.4
277 5
362.7
350.9
333.6
505.1
293.0
403.4

333.6
320. 5
433 2
293 6
399.7
366.2
349.1
538.8
311.0
419.4

283.2
245. 5
374.0
249 1
356.3
387.9
344.8
550.8
337.5
434.5

352. 3
333 1
491 4
299 2
437 4
430 7
418.0
681 6
362 7
474 9

400.7
369 0
602 4
336 0
477 2
379 1
386.7
545 6
327 8
407 9

6,036
1,967
4,069
5,804
2,338
3,466

6,178
2,046
4,132
5,832
2,418
3,414

5,720
1,874
3,846
6,105
2,485
3,620

5,282
1,867
3,415
6,113
2,552
3,561

5,868
2,143
3,725
6,157
2,635
3,522

5,815
2,193
3,622
6,107
2,685
3 422

5 517
2,047
3 470
6,136
2, 692
3,444

5,735
2,114
3,621
6,410
2,784
3,626

5,750
2,057
3,693
6,380
2,774
3 606

6 074
2 222
3 852
r
6 449
2 759
r 3 ego

r

*327
424
v 258
313
338
427
D 360
344
280
32°
359
P 3^2
v 34g
P 307
396
f 232
292
316
388
P 343
312
OCfl

on 7
090

•D °.°.R

v 282
or o 97ft
131 302

991 QttS
453
431
673
381
457
349
335
454
3GO
380

5
5
7
2
5
1
3
6
2
9

WHOLESALE TRADE
Service and limited function wholesalers:
Sales, estimated, total t
--mil. of dol
Durable goods establishments |__ .
do _ _
Nondurable goods establishment t
do
Inventories, estimated, total* _..
..do
Durable goods establishments* . _ _do Nondurable goods establishments*
do

6,679
2,144
4,535
5,740
2,307
3,433

A

r g 299
2 259

r 4 040

T Q 516
2 794
r 3 722

6 326
2,289
4 037
6 618
2,823
3 795

' Revised, p Preliminary. ^Revisions for adjusted index: 1945—June, 167; July, 174; Sept., 167; Oct., 175; 1946—June, 238; July, 233; Sept., 210; Oct., 181.
JThere have been revisions beginning 1947 in the series for chain-stores and mail-order houses and additional revisions back through 1942 for the total and back through 1944 for variety
and the general merchandise group; revisions through June 1947 will be shown later.
*New series. Monthly figures for 1942-47 and year-end figures or monthly averages for 1938-41 for inventories of service and limited-function wholesalers are on p. 24 of the September 1948
Survey.
fRevised series. For revised figures for 1919-40 for the index of department store sales for the San Francisco district, see p. 23 of the April 1948 Survey; there have been further minor
revisions in the indexes beginning October 1940 as published on that page and currently prior to the August 1948 issue. The adjusted index of department store sales for the Boston, Philadelphia, Kansas City; and Richmond districts have been revised beginning April 1940, February 1940, August 1941, and January 1944, respectively; there have been minor revisions in the
indexes for the United States as published prior to the September 1948 issue to incorporate revisions in the district indexes; revised figures through February 1947 for Kansas City, March 1947
for Philadelphia, June 1947 for Boston and the United States and September 1947 for Richmond are available upon request. For sales of service and limited-function wholesalers for 1939-46,
see p. 23 of the September 1948 Survey; earlier annual totals and figures for early months of 1947 are on pp. 23 and 24 of the August 1948 issue. Data for all wholesalers are published currently on
p. S-3. See note marked "t" regarding revisions in chain-store series.




SUEVEY OF CUKEENT BUSINESS

S-10
Unless otherwise stated, statistics through
1946 and descriptive notes may be found in
the 1947 Supplement to the Survey

December 1948

1947

October

November

1948

December

January

February

March

April

May

June

July

August

September

October

EMPLOYMENT CONDITIONS AND WAGES
EMPLOYMENT
Employment status of noninstitutional population:
Estimated number 14 years of age and over,
107,918
108, 8f 3
108, 660
107, 979
107, 839
108. 753
108, 346 i 108, 597
108, 173
total
thousands. . 107, 755
108, ?62
108, 124
108, 050
53, 546
53.501
53,113
53, 461
i 53, 436
Male
do
53, 275
53, 24i
53, 204.
53, 135
53, 080
53, 045
53, 190
53, 161
55, 199
54, 805
55, 307
55. 251
i 55, 161
54, 759
£5, 071
55, 021
54, 969
54, 934
54, 889
54, 844
Female
do
54, 710
63, 166
63. 587
64, 511
65, 135
60, 870
64, 740
61,005
60, 455
61,510
62, 219
61,660
61,760
61,004
Total labor force including armed forces
do
1.366
1,325
1,293
1,241
1,280
1,294
1,391
1,261
1,238
1,236
1,236
1,327
1,226
Armed forces
do___
61, 775
62. 212
63, 186
63,842
63, 479
59, 214
59, 590
60, 524
59, 769
59, 778
60, 216
60, 892
60, 422
Civilian labor force total
do
43, 8M
44.101
45, 215
45, 437
42, 892
44, 794
43, 298
43, 369
43, 009
42, 846
43, 148
Male
___do__ _
43, 443
43, 026
17, 924
17, 971
18, 405
18, 685
16, 698
Female
do
17,449
18.111
17, 124
17,155
16, 368
17, 068
16, 760
16, 752
60, 1S4
60. 312
61, 615
61, 245
61, 296
57, 149
57, 947
58, 595
58, 660
58, 330
57, 329
57,139
59, 204
Employed
do
43, 889
43, 989
47, 763
42. 850
41,653
Male
do
43, 420
42, 058
41,244
41,273
41,972
41,801
41,137
42, 260
17, 356
17, 626
17, 371
17. 462
16, 294
17, 876
16, 602
16, 529
16,085
15,876
16, 623
16, 002
Female
do
16, 944
8,444
9,163
8, 627
8.723
9,396
7,861
7,448
6,962
7,985
Agricultural employment
_ do
6,847
8,622
6,771
7,060
51, 5C»6
51.590
52, 801
52, 452
51,899
50, 609
50, 883
50, 089
50, 985
50, 800
50, 482
50, 368
50, 583
Nonagricultural employment
do_. _
1,642
1, 941
2,227
1.899
2,184
2,193
1,643
1,761
2,639
2,065
1,621
2,440
1,687
Unemployed
do
44, 149
43, 462
45, 685
45. 176
43, 605
46, 602
46, 414
47, 119
47, 524
47, 047
47, 046
46, 330
Not in labor force
do
45, 535
Employees in nonagricultural establishments:}
Unadjusted (U. S. Department of Labor):
' 45, 480 ' 45, 898
45, 078
' 45, 961
45, 009
44, 626
44, 299
45, 618
44, 600
44, 279
44,603
44, 918
Total
thousands . _ 44, 758
v 16, 595
' 16, 443 ' 16, 704
16, 158
16, 115
15, 904
15, 950
16, 269
16, 354
16, 183
16, 267
16, 256
16, 209
Manufacturing
do
'952
921
933
924
P949
••948
950
817
925
914
922
923
922
Mining
do__ _
' 2, 253 ' 2, 240
2,052
1,933
"2, 217
2,219
1,805
1,978
2,173
1,731
1,871
2,046
2,099
Construction
do
r
3,974
' 4, 139
4,042
4,136
* 4, 096
4, 093
4,105
4,032
4,019
4,020
4,071
4,077
4,097
Transportation and public utilities
do
' 9, 660 ' 9, 733
9,646
9, 576
" 9. 902
9,670
9,617
9,598
10, 288
9,622
9,886
9, 684
9,520
Trade
do
1, 754
1,704
1,761
1,726
1,716
1,676
1,697
» 1, 721
' 1, 732
1,673
1,680
Finance
do_ __
1,671
1,690
4,622
4,768
P 4, 692
'4,647
4,645
4,663
4,738
4,729
4,688
4,723
4,670
4,730
Service
do _ _
4,662
5,599
5,624
* 5, 789
' 5, 801
5,650
5,607
5,577
5,638
5,546
5,498
5,387
5,414
5,492
Government
do
Adjusted (Federal Reserve) :f
' 45, 271 '45,314
44, 584
45, 053
44, 726
' 45, 562 * 45, 751
44, 791
45, 019
44, 800
44, 755
44, 625
Total
do
44, 557
' 16, 280
' 16, 302
16, 172
16,018
16, 045
p 16, 546
16, 246
16, 266
' 16, 463
16,208
16, 332
16, 216
16,161
Manufacturing
do
936
'944
'915
820
947
926
'945
930
927
922
919
P947
920
Mining
do
1,972
' 2, 106
2,093
2,032
1,941
P 2,111
' 2, 093
2,110
2,018
1,945
2,056
2,006
1,999
Construction
-- --do
4,056
4,028
3,995
' 4, 078
4,078
4,069
' 4, 086
4,071
4,075
4,089
r 4,100
4,080
Transportation and public utilities - -do
4,101
9,721
9,791
' 9, 805
9,689
9,634
v 9, 829
9,679
' 9, 806
9,779
9,664
9,694
9,636
Trade
do
9,613
1,696
1,699
' 1,741
1,752
1,697
1,737
1,700
1,693
p 1, 738
1,698
1,688
1,690
1,688
Finance
do
4,768
4,622
4,729
4,645
4,663
4,738
v 4, 692
' 4, 647
4,723
4,688
4,730
4,670
4,662
Service
do
5,586
5,567
' 5, 710
5,545
5,781
5,727
5,626
5,519
5,524
5,441
» 5, 788
5,405
5,414
Government
do
Estimated production workers in manufacturing
industries, total (U. S. Dept. of Labor) t
12, 791
12, 959
12,738
thousands ._
' 12, 987 ' 13, 245 ' 13, 478 p 13, 367
13, 131
13, 263
13, 176
13, 066
13, 150
13, 143
6,642
6,683
6,662
6,791
' 6, 793
' 6, 709
'6,681
6 795
6 711
6,816
pQ 810
6 746
6 681
Durable goods industries}
do
1,603
1,601
1,600
'1,649
1,631
1,634
1,619
* 1, 651
1,610
1,634
1,633
1,628
1 609
Iron and steel and their products}
-- do._ Blast furnaces, steel works, and rolling mills§
512
thousands535
523
518
516
509
534
527
509
498
498
498
563
538
535
548
577
595
*>557
'548
547
584
596
588
588
Electrical machinery}
do
'1,202
1,202
1,209
1,207
1,232
' 1, 208
1,217
1,231
1,235
1,218
1,237
1,214
* 1, 207
Machinery, except electrical}
do
r
r
r
'502
'514
509
'506
'508
'519
'512
521
'519
517
••515
Machinery and machine shop productst- do
517
49
48
48
48
48
47
47
51
51
50
50
52
Machine tools!
do
772
784
772
'777
'763
'787
785
739
789
v 77,3
766
720
764
Automobiles}
do
Transportation equipment, except automo'414
462
434
438
465
452
'439
430
464
463
472
M47
427
biles}
--_
thousands..
125
137
139
134
130
128
136
135
135
133
133
134
Aircraft and parts excluding engines do
25
25
22
26
25
26
27
25
25
26
26
26
Aircraft engines
-- do_ -_
123
98
104
109
116
126
100
128
133
126
118
100
Shipbuilding and boatbuilding
do ._
398
'399
398
406
413
395
388
409
M03
409
413
410
404
Nonferrous metals and their productst--- do
772
754
844
799
'829
749
'843
*836
736
751
751
738
750
Lumber and timber basic products}
do
611
628
594
691
692
655
607
611
613
681
598
616
Sawmills and logging camps }
do
461
459
470
485
'466
452
458
P469
490
489
487
483
475
Furniture and finished lumber products}. do
264
250
256
'250
244
253
259
254
248
266
265
263
Furniture}
do
461
454
451
'464
458
450
452
454
*467
452
449
443
445
Stone clay and glass products }
- do_- _
6,096
' 6, 536 ' 6, 685
' 6, 306
6,297
6,108
6,340
6,355
P 6, 557
6,355
6,447
6,430
6,462
Nondurable goods industries}
do
Textile-mill products and other fiber manufac1,293
1,301
1,261
1,295
1,274
1,243
1,312
* 1,246
1,292
1,249
1,306
1,290
1,271
tures}
thousands.
Cotton manufactures, except small wares }
528
525
517
'522
526
529
'510
525
524
523
517
508
thousands
r
r
r
122
'121
'120
'120
'120
'122
'119
'117
116
115
116
'113
Silk and rayon goods }
do
Woolen and worsted manufactures except
174
173
175
166
'170
'168
178
180
177
177
174
171
dyeing and finishing }
thousands
Apparel and other finished textile products}
1,082
1,095
1,103
1,165
1, 176
1,160
1,070
1,166
* 1, 177
1,143
1,117
1,147
1,127
thousands __
314
310
315
310
319
311
309
318
297
311
308
307
Men's clothing
-- ---do
435
492
428
440
482
481
437
485
471
476
452
462
Women's clothing
do
359
'375
373
372
379
396
399
'383
402
*37<)
400
396
393
Leather and leather products}
do
226
254
236
241
237
256
255
'245
240
258
251
249
Boots and shoes }
do
1,259
1,091
1,047
1,049
' 1, 364
1,159
1,255
v 1, 410
' 1, 418 ' 1, 537
1,288
1,353
1,191
Food and kindred products}
do__
r
r
'242
'240
'242
'253
'248
'251
'239
'242
'250
'236
246
245
Baking}
do
'153
'141
'187
'136
'274
'142
444
'137
'166
'190
'265
'326
Canning and preserving }
do__
'125
'104
195
'200
'194
'201
'200
'210
'217
'197
'204
'194
Slaucrhteriiicr and meat packing }
do
85
84
86
P90
'88
83
87
88
86
88
90
89
87
Tobacco manufacturers }
do _
389
389
390
393
'395
391
i>39(i
388
392
395
398
392
394
Paper and allied products }
do
204
204
204
206
206
203
203
203
207
201
200
207
Paper and pulp }
do _
Printing, publishing, and allied industries }
432
433
432
435
436
439
P440
432
430
438
445
441
thousands. _
. 444
146
149
147
145
145
147
144
144
146
145
145
148
Newspapers and periodicals }
do
184
184
183
185
185
183
188
190
191
191
189
183
Printing* book and job }
do
574
572
'597
567
580
588
587
592
586
589
586
p601
588
Chemicals and allied products } ._
do__ .
211
202
205
205
204
211
207
206
207
208
207
206
Chemicals}
"
do
'168
170
167
164
165
170
170
163
164
165
165
"168
165
Products of petroleum and coal }
do
114
114
115
112
114
112
117
112
112
117
113
116
Petroleum refining }
do
191
195
195
'197
P19S
198
204
212
208
195
210
208
210
Rubber products }
_ do
92
102
91
91
91
93
96
9«
106
102
102
92
Rubber tires and inner tubes i
do _
' Revised. * Preliminary.
1
The estimates take account of recently acquired revised information on births and deaths not available when the estimates for earlier months were prepared.The June-July 1948 net
change shown by the figures, therefore, reflects not only the actual monthly increase but also the effect of the incorporation of the revised data.
} The unadjusted estimates of employment in nonagricultural establishments have been revised beginning January 1946 for manufacturing, mining, and government and 1945 for construction, trade, finance and the total, to adjust the series to Federal Security Agency data for 1946; revisions affected the data for transportation and public utilities only beginning January
1947; data for service were not affected. Revisions through April 1947 will be shown later. See note marked "}" on p. S-ll with regard to revisions in the indicated series for production
workers.
t Revised series. The adjusted estimates of employees in nonagricultural establishments have been revised to incorporate revisions in the unadjusted series referred to in note marked
"}" above and there have been revisions in seasonal adjustments affecting the figures in most cases back to 1939; revisions through April 1947 will be shown later. Estimates of production
workers in the machinery and machine-shop products industry have been revised beginning January 1939 to adjust the series to Federal Security Agency data through 1946; revisions through
September 1947 will be published later.
§ See note marked "o"1" on page S-ll.




SUEVEY OF CURRENT BUSINESS

December 1948
Unless otherwise stated, statistics through
1946 and descriptive notes may be found in
the 1947 Supplement to the Survey

S-ll
1948

1947

October

November

December

January

February

March

April

May

June

July

August

September

October

EMPLOYMENT CONDITIONS AND WAGES—Continued
EMPLOYMENT— Continued

Production workers, unadjusted index, all manu' 164. 5 P 163. 2
'161.7
'158.5
155. 5
158.2
156.1
159.5
161.9
160.3
160.5
160.8
facturing (U. S. Dept. of Labor)*...- 1939=100..
160.4
' 188. 1 P 188. 6
' 185. 8
'185.0
184.5
185.1
185.8
188.1
188.8
185.0
183.9
188.2
186.8
Durable goods industries} _ _ __ __ d o _ _ _
161.4
' 166. 3
164.5
162.4
P 166. 5
164.8
164.9
161.7
164.2
161.4
164.7
Iron and steel and their products}
do
163.3
162.3
Blast furnaces, steel works, and rolling millFcT
137.5
135.5
137.7
132.9
134.6
130.9
133.3
131.8
130.4
131.0
130.2
1939=100- _
130.0
'211.5
P 214. 9
207.7
206.6
222.9
211. 6
226.9
211.1
217.4
225.4
227.0
230. 2
229.7
Electrical machinery}--.
do __.
' 228. 7
P 228. 5
' 228. 8 ' 227. 4
230.4
228.5
227.4
233.1
234.0
233. 0
233.8
230. 5
229.7
Machinery, except electrical}
do
245.1
' 244. 6
' 249. 8
' 246. 5 ' 243. 7 ' 241. 9
' 242. 7
' 249. 0
' 248. 8 ' 248. 1
' 251. 1
'249.7
Machinery and rn a chine-shop products t do
130.5
' 127. 9
131. 2
128.4
129.7
134.5
137.6
140.2
130.4
137. 6
139.5
142.4
Machine toolscf
do
' 193. 0
'195.5
v 192. 1
178.9
' 189. 6
183.6
191.9
195.0
190.5
195.2
196.0
190.4
Automobiles}
do. _
190.0
Transportation equipment, except automo' 276. 3
' 260. 8
' 270. 6
290.9
273.7
292.7
P 281. 4
276.0
292.6
297.3
291.6
284. 6
269.2
biles}
1939=100
349.2
328.5
336.4
342.9
321.5
315.3
341.1
339.5
335.8
346.0
336.2
337.4
Aircraft and parts, excluding engines, .-do
287.4
300.1
243.2
276.9
290.8
282.4
284. 0
278.4
280.1
291.0
291.0
294.8
Aircraft engines
do
140.8
' 149. 3
'143.7
157.2
181.6
169.9
167.6
176.8
184.4
191.9
181.5
144. 7
Shipbuilding and boatbuilding
do
' 173. 9
172.4
169.2
176.9
P 175. 9
173. 7
173. 9
180.0
178.5
178.4
178.8
180.3
176.3
Nonferrous metals and their products} do
' 200. 6
200.8
' 197. 3
190.0
179.4
183.6
178. 4
P 198. 9
178.3
175.0
175.6
178.5
178.6
Lumber and timber bnsic products}
do. __
220.4
220.7
217.2
200.1
189.4
195.4
208.7
193.5
190.6
194.7
196.5
194.8
Sawmills and logging camps}
do
' 142. 0
137.8
149.1
140.5
139.7
147.1
139.8
143.4
147.8
149.2
144.8
148.3
P 143. 1
Furniture and finished lumber products}-do
141.9
140.3
139.7
137.4
148.2
139.4
149.6
147.8
145.7
144.0
149.0
142.7
Furniture }
do
153.2
' 158. 1 P 159. 2
157.0
154.7
150.9
156.0
153. 7
1.53. 9
151.6
154. 7
154.0
152.8
Stone, clay, and glass products}
do
' 145. 9
'142.7
'137.7
133.1
137.5
P 143. 1
133.3
138.4
138.7
138.7
140.7
141.1
140,4
Nondurable goods industries}
do
Textile-mill products and other fiber manu' 110. 3
111.4
108.7
113.2
114.7
113.0
113.7
114.2
113.0
112.7
109.2
p 109. 0
111.1
factures}
1939=100
Cotton manufactures, except small wares}
123.6
'124.7
' 121. 9
126.1
125.4
125.8
125.2
126.6
125.6
125.1
123.6
121.5
1939=100..
96.5
'95.9
'94.9
'92.0
'95.0
'95.8
'94.8
'94.1
'91.2
Silk and rayon goods }
do
'91.8
'90.7
'89.6
Woolen and worsted manufactures, except
105.2
' 106. 3
109.9
'107.7
110.3
113.9
113.1
112.5
112.4
110.5
111.0
108.4
dveing and
finishing}
1939=100
Apparel and other finished textile products}
135.6
137. 1
146.9
138.6
144.8
149.0
139.8
147.5
147.7
141.5
142.7
145.3
P 149. 1
1939=100..
134.9
129.1
136.9
139.1
138.6
135.2
135.0
137.0
135.5
134.2
134.7
133.6
Men's clothing
do
152.7
152.1
172.0
167.9
149.4
164.4
153.7
168.3
169.5
166.4
158.0
161.5
Women's clothing
... do. _
103.3
107.4
114.9
' 109. 3
' 108. 1
107.1
114.1
'110.4
114.1
113.2
115.8
115.3
P 106. 5
Leather and leather products}
do
104.4
97.7
102.5
102.2
110. 1
110.6
' 106.0
'103.7
111.7
111. 0
108.7
107.8
Boots and shoes }
do
146.9
134. 5
' 179. 9
' 166. 0
127.7
122. 6
'159.7
147.1
135.6
139.3
150.7
158.3
P 165. 0
Food and kindred products}
do
' 126. 9
133.0
'131.8
' 127. 2
' 125. 8
* 125. 4
' 124. 2
' 129. 3
r 128. 9
'131.3
' 130. 2
' 127. 2
Bakine:}
do
'101.9
' 295. 3
'217.0
'90.1
' 126. 5 ' 110. 3
' 176. 4
' 182. 5
'93.6
' 124. 3
'91.0
'94.6
Canning and preserving}
_
do
r
' 144. 5
'92.2
' 145. 7
' 149. 1
'155.3
143. 8
' 147. 8
'143.3
' 148. 0
' 151.0
,'77.0
'160.8
Slaughtering and meat packing}
do
92.5
90.6
'93.9
88.8
90.5
92.4
94.4
93.4
93.9
93.6
96.5
95.1
P96.3
Tobacco manufactures}
do
146.1
' 148. 7
147.4
149.9
146.5
146.8
148.0
148.7
147.8
f 149. 4
146.9
147.8
148.6
Paper and allied products}
do
148.5
147.4
147.2
148.2
145.3
150.0
147.8
147.0
147.3
145.7
150.0
149.4
Paper and pulp} _ ..
.
do
131.1
' 133. 0
132.0
132.3
134.0
131.8
131.8
132.8
135.7
135.4
P 134. 1
133.5
134.6
Printing publishing and allied industries }_do
123.3
122.2
125.9
124.4
122.7
122.2
121.8
123.7
122.0
121.0
123.8
121.4
Newspapers and periodicals}.
do
143.5
145.3
143.4
144.5
147.1
148.6
150.0
148.3
143.5
144.3
149.3
145.3
Printing; book and job}
do
198.4
199.2
205.4
201.4
203.6
204.1
203.2
' 207. 1
203.3
196.6
204.2
204.5
v 208. 5
Chemicals and allied products}
do
302.1
292.9
296.9
2? 5. 6
296.1
292.2
286.3
283.8
293.9
301.6
294.0
288.9
Chemicals }
do
157.3
' 159. 1
160.7
154.9
155.4
155.0
155. 5
155.8
160.3
160.3
156.1
153.9
P 158. 4
Products of petroleum and coal}
do
156.7
155.2
153.5
153.7
153.5
159.2
155.0
153.1
153.4
159.8
155.7
158.3
Petroleum refining}
_. do
173.5
' 162. 8
161.1
161.6
163.8
168.9
175.3
160.9
174.0
171.7
157.7
172.0
Rubber products}
do
P163.9
168.5
177.7
185.5
187.8
169.4
170.7
182.4
188.7
188.0
167.6
168.6
168. 7
Rubber tires and inner tubes}
do
Production workers, adjusted index, all manu156.7
160.1
161.1
158.8
157.1
161.2
160.4
' 160. 1
' 159. 7
160.0
' 163. 1
159.8
facturing (Federal Reserve)}
.--1939=100-.
v 162. 7
184.1
185.5
186.8
188.4
' 184. 9
183.0
188.7
188.6
184.8
186.4
' 187. 7 P188.4
' 185. 1
Durable goods industries}
do
135.1
139.4
139.3
140.4
138.9
137.7
139.7
' 143. 8
' 140. 6
' 139. 8
134.7
138.7
p 142. 4
Nondurable goods industries}
_ - do__
Nonmanufacturing, unadjusted (U. S. Dept. of
Labor) :
Miningif
91.5
91.2
91.2
91.4
92.6
91.9
92.6
91.1
'92.9
91.6
91.1
Anthracite
1939=100
92.7
108.3
108.9
109.6
79.7
108.0
108.7
107.4
106.8
' 101. 8
' 109. 7
106.8
Bituminous coal
do
109.7
100.2
96.9
97.0
96.5
99.0
98.7
95.8
98.7
97.4
99.1
Metal
do
96.9
95.5
124.2
116.8
122.5
112.2
126.2
116.7
122.6
127.6
' 128. 2
126.8
128.3
'127.3
Quarrying and nonmetallic .
do
112.5
110.5
110.4
110.5
116.7
111.2
111.1
111.1
Crude petroleum and natural gas production -do
111.1
116.4
119.4
119.8
Public utilities:
114.1
110.9
110.3
109.4
109.8
109.7
112. 3
111.7
110.3
116.3
117.1
115.8
Electric light and power
do
128.6
128.6
129.2
128.7
128.3
128.3
128.7
128.5
128.8
127.2
Street railways and busses
do
127.3
127.5
97.6
97.2
98.2
97.2
98.1
96.0
97.9
97.8
96.3
Telegraph
_ do
95.7
92.3
93.3
198.4
199.4
198.3
195.0
197.4
191.6
196. 2
195.0
193.3
202.2
203.7
202.8
Telephone
do
Services:
156.5
164.4
154.8
159.4
160.6
162.9
152.8
159.2
159.0
149.3
Cleaning and dyeing
do
154.2
152.5
121.5
120.9
123.1
121.3
122.1
120.1
119.0
118.3
117.7
117.6
118.4
Power laundries
__ _
do
119.0
117.6
118.1
117.1
117.7
117.0
116.9
116.4
117.2
116.8
TTnt.p.ls (ypfv-rouTid)
do
115.7
114.6
116.2
Trade:
130.2
115.8
113.6
119.8
113.1
112.8
113.8
114.4
111.8
Retail total
do
113.4
111.2
112.0
115.0
114.4
116.1
115.5
116.7
117.4
116.3
116.1
113.9
112.3
113.8
Food
. -- do
112.0
123.4
175.5
131.3
124.8
143.6
124.5
129.4
General merchandise
._
do
121.3
123.7
122.9
127.2
' 120. 8
114.5
115.5
115.3
116.5
116.1
117.1
114.8
115.3
116.3
Wholesale
do
116.2
117.1
117.0
Miscellaneous employment data:
Federal and State highways, total §
number. _ 271. 998 246, 777 218, 587 198, 438 190, 678 202, OSO 233, 105 264, 290 286, 258 307, 451 305, 031 298, 569
91,065
65, b36
115, 565
117, 968
135,452
41, 184
47, 734
105, 647
78, 726
50,461
Construction (Federal and State)
do
128, 869
132, 302
110, 544
112, 332
113,058
108, 224
121, 828
118,870
106, 305
109, 522
108, 045
120, 098
122, 274
112,631
Maintenance (State).- do
Federal civilian employees:
1,774
1,773
1,811
1,781
1,769
1,766
1,899
1,877
1,860
1,794
1,826
United States
.thousands
1,895
P 1,880
195
195
196
207
206
202
201
200
198
District of Columbia
do
208
203
208
*209
Railway employees (class I steam railways):
1,370
1,387
1,363
1,391
1,340
1,348
Total
_ _ -.
thousands..
P 1,381
1,381
1,287
1,346
1,383
1,350
P 1,375
Indexes:
132.9
132.5
130.4
128.5
129.1
131.3
133.4
129.5
Unadjusted
1935-39=100
f 132. 3
123.2
129.0
132.8
P 131.8
130.2
132.5
130.7
130.0
128.6
134.2
v 129. 2
125.2
Adjusted
-do
132.3
131.7
130.6
130.1
P 127. 5
r Revised. * Preliminary.
^Estimates of production worker employment (p. S-10), employment indexes, and pay roll indexes (p. S-12) for all manufacturing, total durable and nondurable goods industries, the industry groups, and the indicated individual manufacturing industries have been revised beginning January 1946, or found to need no revision, to adjust the series to levels indicated by Federal
Security Agency data for 1946; revisions not published currently in the Survey will be shown later as follows: Manufacturing industry groups and the totals, January 1946-April 1947; furniture
and chemicals, January 1946-August 1947; and the other individual industries designated, January 1946-July 1947. Data for the other individual manufacturing industries, with the exception
of those in the transportation equipment group, have been adjusted to Federal Security Agency data through 1945. The industries in the transportation equipment group have been adjusted
to 1939 Census of Manufactures data only.
§Total includes State engineering, supervisory, and administrative employees not shown separately.
fRevised series. Indexes for machinery and machine-shop products have been revised beginning 1939 to adjust the series to Federal Security Agency data through 1946; revisions through
September 1947 will be shown later. Indexes for the mining industries have also been revised beginning 1939 and have been adjusted to Federal Security Agency data through 1946; revised
figures for 1939-47 will be shown later.
(^Comparison of the series for blastfurnaces, steel works and rolling mills and the machine tool industry with data through 1946 from the Federal Security Agency indicated that no
general revision of these series is necessary; therefore no revisions have been made in the figures for the two industries as puolished in the 1947 Statistical Supplement to the Survey.




SURVEY OF CURRENT BUSINESS

S-12
Unless otherwise stated, statistics through
1946 and descriptive notes may he found in
the 1947 Supplement to the Survey

December 1948
1948

1947

October

November

December

January

February

March

April

May

June

July

August

September

Octobe

EMPLOYMENT CONDITIONS AND WAGES—Continued
PAY ROLLS
Production-worker pay rolls, unadjusted index,
all manufacturing (U. S. Dept. of Labor)!
350.1
1939=100
389.9
Durable goods industriest
do
331.6
Iron and steel and their products!
do
Blast furnaces, steel works, and rolling mills §
251.9
1939=100
464.6
Electrical machinery!
do
458.0
Machinery, except electrical!
do
' ' 497. 1
Machinery and machine-shop products t do
257.5
Machine tools§
do
385. 8
Automobiles!
do
Transportation equipment, except automo541.5
biles!
1939=100
663.8
Aircraft and parts, excluding engines do
499.9
Aircraft engines
do
289.9
Shipbuilding and boatbuildingdo
359. 3
Nonferrous metals and their products! do
427.2
Lumber and timber basic products}:
- do
476.2
Sawmills and logging campst
do
338.8
Furniture and finished lumber products! do
335. 2
Furniture!
do
328. 2
Stone, clay, and glass products!
do
311.2
Nondurable goods industries!
do
Textile-mill products and other fiber manufac271.8
tures!
1939=100
329.1
Cotton manufactures, exc. small wares! do
' 244. 2
Silk and ravon goods!
do
Woolen and worsted manufactures, except
270.4
dyeing and
finishing!
1939=100
Apparel and other finished textile products!
320.5
1939=100
303.5
Men's clothing
do
349.5
Women's clothing
do
251.8
Leather and leather products!
do_ ..
246.6
Boots and shoes!
do
332.8
Food and kindred products!
do
r 252. 2
Baking!
do
* 483. 6
Canning and preserving!
do
'288.4
Slaughtering and meat packing!
do
214. 5
Tobacco manufactures!
do
320.5
Paper and allied products!
do
322.6
Paper and pulp!
do
Printing, publishing, and allied industries!
252.8
1939=100
221.6
Newspapers and periodicals!
do
285.8
Printing; book and job!
do
409.6
Chemicals and allied products!
do
554.9
Chemicals!
do
301.8
Products of petroleum and coal!
do
286.6
Petroleum refining!
do
354.4
Rubber products!
. do
354.7
Rubber tires and inner tubes!
do
Nonmanufacturing, unadjusted (U. S. Dept. of
Labor) :
Miningrt
252.7
Anthracite
1939-= 100
327. 5
Bituminous coal
do
192.7
Metal
do
319.2
Quarrying and nonmetallic
do
199.9
Crude petroleum and natural gas prod
do
Public utilities:
182.8
Electric light and power
do
223. 2
Street railways and busses
do
* 208.1
Telegraph
do
314.2
Telephone
do
Services:
303. 8
Cleaning and dyeing
do
232.3
Power laundries.
do
226.9
Hotels (year -round)
do
Trade:
207.1
Retail, total
do
213.8
Food
do
224.5
General merchandise
do
206.9
Wholesale
do

360.0
403. 0
336.9

353.4
395.0
335.1

365.7
411.0
345.8

358.7
403.1
341.9

354.1
393.1
337.6

358.4
402.0
340.8

347.1
393.4
329.6

346.7
390.8
334.4

359.0
401.3
340.5

255.1
471.9
459.6
' 498. 8
253.3
395.6

257.8
481.2
479.9
r 518. 9

262.2
427.7

261.2
471.0
473.8
••513.0
250. 1
408.7

257.5
465.1
471.9
513. 7
254.4
357.6

260.9
459.1
475.2
' 514. 7
249.2
396.5

253.0
444.3
463.8
r
511. 9
240.2
386.2

265.4
431.6
466.4
509. 3
240.7
362.6

268.4
440.0
480.7
' 519. 6
242.9
385.7

269.9
436.3
' 473. 6
' 507. 9
' 239. 0
r
423. 3

'
'
'
'

555.1
653.8
479.2
316.6
367.3
429.1
476.2
343.0
344.0
331.2
312.8

600.2
668.7
503.5
378.9
377.8
431.8
473.4
355.7
356.2
335.7
321.4

611.2
657.4
482.9
416.7
372.7
413.5
450.3
352. 2
355. 4
322.9
315.3

593.3
667. 3
469.4
385.4
372.9
417.2
452. 4
350. 2
356.0
321.4
316.0

600.4
675.9
473.9
383.7
377.1
427.6
466.4
349.2
353.4
336. 6
315.7

566.4
634.2
493.5
345. 7
362.5
461.1
508.4
325.6
328.6
343.4
303.6

561.2
649.2
517.5
321.7
368.2
488.5
543.3
326.0
325.7
347.1
317.6

552. 4
661.1
533.1
' 304. 5
360.6
502.9
563.3
320.4
r
317. 5
r
334. 2
T
318. 0

547.7
698.4
453.7
r
290.6
379.3
538.8
604.6
339.7
' 334. 8
359.4
r
331. 6

581.8
746.1
570.0
283.1
386. 3
523.3
584.4
344.5
344.2
361.4
341.7

288.2
362.1
254. 1

302.0
376.4
' 266. 5

303.8
369.7
289. 0

304.6
365.9
' 292. 2

r

285.4
342. 0
' 276. 9

r
r
r

295. 5
354.9
301.3

276.6

294.4

292.0

321.1

322.1

308.6

307.9

311.5

' 295. 5

' 297. 8

286.1

304.8
301.5
319.3
252.5
246.7
323.5
r 249. 4
••293.7
r 337. 6
216.3
325.9
325.0

327.3
309.5
355.9
259.6
256.0
321.9

219.8
334.0
332.5

337. 0
313. 4
374.8
258.7
258. 3
296.6
T
243. 2
' 239. 3
r
323. 0
210.5
328.0
330.3

345. 2
316.4
387.1
262.5
261.0
288.5
r 257. 2
' 239. 9
' 280. 6
195.7
328.9
333.8

343.2
324.8
376. 4
251.7
249.7
285 8
* 249. 8
••227 0
' 295. 8
204.6
330. 8
335.6

306.5
317.1
307.1
227.1
219.5
267.4
' 250. 7
' 240. 8
' 192. 5
205.7
325.7
333.3

297.9
311.5
299.3
215.4
202.8
281.3
r
259. 2
' 260. 4
' 226. 4
201.3
331.1
343.2

303.6
312.9
310.7
233.4
225.3
328.3
r 270. 8
••314.8
' 329. 2
205.8
337.8
347.7

303.6
294.1
326.6
r
236. 5
' 230. 6
r
352. 2
r
273. 5
r
469. 2
'318.8
205.5
341.7
357.7

343.4
323.5
381.7
r
248. 3
r
242. 9
r
351. 3
' 273. 5
' 525. 4
' 296. 0
218.3
349.6
363.6

349.4
324.4
391.6
246.9
241.4
389.8
282.6
833.4
303.5
214.8
352. 5
362.9

257.2
224.0
292.5
416.4
566.0
309.5
295.9
361.4
362 4

263.1
230.0
297.8
424.1
580.8
313.3
300.4
373.6
365.6

255.3
218.9
295. 9
426.7
586. 8
318.1
303.9
354.9
344.4

254.7
224.6
290.9
425.6
584.8
315.4
302.1
337.2
315. 4

258.5
229.2
292.5
425. 1
584.3
320.0
306.6
320.6
292 4

259.5
234.6
291.0
422.1
591.1
316. 7
310.9
312.8
286.4

262. 2
236. 5
296.7
422.5
589.6
335.8
326.2
318.9
305.7

264.9
238. 1
299.3
434.9
613.6
342.2
330.8
330.2
322.0

260.1
235.5
296.0
432.7
600.4
353.4
344.9
329.7
329.8

264.8
240.6
297.6
450.6
629.1
358.2
345.5
347.2
341.0

273.6
253.6
304.8
462.5
641.6
345.6
326.1
344.9
326.2

224.4
327.4
194.8
305.7
211.0

239.4
345.8
198.8
295.3
203.2

242.4
350.5
198.9
272.8
215.5

232.8
320.0
201.7
262.0
219.9

255.9
342.0
201.3
272.7
218.3

195.4
167.4
201.7
295.4
213.4

246.2
344.3
206.1
312.5
223.4

246.0
344.2
' 202. 2
r
329. 1
227.1

260. 3
365. 8
210. 4
348. 5
251.0

247.3
352.9
212.6
342.4
235.6

187.6
223.6
206.8
321.5

185.7
226.7
207.8
313.0

187.9
230.1
209.5
315.8

188.2
234.7
212.6
316.3

184.4
232.6
213.0
314.7

188.6
227.1
224.8
317.7

192.1
228.1
231.1
326.1

196.4
231.2
228.5
327.1

202.8
232.2
233.2
336.1

204.9
235.2
225.5
331. 7

205.1
233. 4
220.4
335. 3

293.7
226.8
228.6

292.8
233.6
233.2

285.6
232.9
230.4

271.9
225.4
233.2

291.2
227.5
229.0

308.0
231.5
233.4

312.4
232.3
234.6

324.8
238.3
236.3

308.0
240.6
234.4

286.9
228.1
233. 7

296.8
232.9
235.0

216. 5
220.0
251.1
213.6

237.6
221.5
314.0
213.9

209.4
219.4
233.0
211.7

208.4
221.5
221.4
214.9

210.4
226.1
225.5
210.8

211.1
225. 5
225.8
211.0

213.8
227.0
229.2
211.8

218.3
231.9
236.5
211.8

218.3
232.9
233.6
215.3

218. 6
229.0
'231.8
220.6

219.4
226.0
238.3
220.8

41.2
41.7
41.2

40.5
40.9
40.6

40.2
40.5
40.4

40.4
40 9
40.6

40.1
40.5
39.9

39.9
40.1
40.3

40.2
40.5
40.3

39.8
40.0
39.6

40.1
40.7
40.4

39.5
41.1
42.2

39.5
40.5
41.8

39.5
40.4
41.4

39.4
40.3
41.6

38.6
39.9
41.4

39.9
39.6
41.1

39.3
40.0
41.4

38.7
39.4
40.6

r
40.0
r

41.0

39.3
40.0
40.6

42.7
43.1
41.4

42.0
42.0
39.6

41.8
42.3
38.1

41.8
42 3
38.9

41.6
42.0
38.6

41.6
42 0
35.2

41.6
42.0
37.7

40.7
41 4
'38.5

41.3
41.6
38.8

40.7
41.4
36.8

40.8

40.3

39.6

40.3

40.5

40.0

39.8

39. 7

39.1

40.5
41.1
r
37.9
r
40. 8
43.1
'42.9

40.8
41.2
36.6
40.9
41.8
41.5

r

r 251. 3
r 278. 2
r 361. 2

r

303.0
378.7
271.5

r

T

310.6
377.0
282.2

r

315.6
385.1
288. 0

r

601.4
695.2
481.0
373.6
368.3
433.4
471.0
333. 0
336.3
337.9
301.9

r

307.1
374.7
287.6

r

r

T
r
r

193. 3
293. 0
202.2
329. 7
240.8

' 374. 8
' 418. 9
361.1

r
r
r
r

r

r

295.3
454.8
482. 3
520. 0
246. 8
417. 1

298. 2
357. 4
295. 2

r

381. 7
422.6
366.1

299.7
466.9
484.0
523.2
248.3
415.4

LABOR CONDITIONS
Average weekly hours per worker (U. S. Dept. of
Labor):
40.4
40.6
All manufacturing.__
...hours
40.9
40.7
Durable goods industries
do
40.5
40.5
Iron and steel and their products
do. _
Blast furnaces, steel works, and rolling
39.4
39.0
mills
-. .hours
40.6
40.6
Electrical machinery
do
41.2
41.3
Machinery, except electrical
__do
Machinery and machine-shop products
41.4
41.3
hours
41.9
42.1
Machine tools
do
39.5
39.8
Automobiles
do
Transportation equipment, except automo40.4
38.6
biles
hours
Aircraft and parts, excluding engines
40.2
39.3
hours
40.5
39.4
Aircraft engines
do
39.8
!36. 1
Shipbuilding and boatbuilding
do
41.1
40.8
Nonferrous metals and their products do
42.6
42.2
Lumber and timber basic products . do
42.2
41.9
Sawmills and logging camps
do
'Revised. * Preliminary.
1
The reduction reflects incomplete return to previous work schedule after
JRevised beginning January 1946; see note marked "!" on p. S-ll.
t Revised series. Data revised beginning 1939 see note marked "t" on P-




40.6
41.2
40.5
41.8
43.2
42.8

39.4
40.6
40.9
41.2
42.4
42.0

39.9
40.1
38.9
41.2
41.7
41.1

40.1
40.6
40.3
41.1
42.3
42.0

40.6
40.5
40.2
40.9
42.1
41.6

40.4
40 9
39.4
40.6
42.5
41.3

40.4
40.6
39.2
40 8
42.8
42.6

39.2
r

40.0
40 6
38.8
40 1
41.9
P
41.7

termination of work stoppages and observance of Armistice Day in some yards.
§ See note marked "<?" on page 8-11.
S-ll.

39.6

r
r

r

r

39.8
40.0
39.8

» 40. 0
»40. 9

S-13

SUEVEY OF CURRENT BUSINESS

December 1948
Unless otherwise stated, statistics through
1946 and descriptive notes may be found in
the 1947 Supplement to the Survey

1948

1947

October

November

December

January

February

March

April

May

June

July

August

September

October

EMPLOYMENT CONDITIONS AND WAGES—Continued
LABOR CONDITIONS—Continued

Average weekly hours per worker— Continued
Manufacturing— Continued
Durable goods industries— Continued
Furniture and finished lumber products
hours. _
Furniture
do
Stone clay and glass products
do
Nondurable goods industries
do
Textile-mill products and other fiber manufactures
hours
Cotton manufactures, except small wares
hours. _
Silk and rayon goods
do
Woolen and worsted manufactures, except
dyeing and
finishing
hours
Apparel and other finished textile products
hours. _
Mien's clothing
do
Women's clothing
do
Leather and leather products
do
Boots and shoes
do
Food and kindred products
do
BakingJ
do
Canning and preserving
do
Slaughtering and meat packing
do
Tobacco manufactures
do
Paper and allied products
do
Paper and pulp
do
Printing, publishing, and allied industries
hours. _
Newspapers and periodicals
do
Printing* book and job
do
Chemicals and allied products
do
Chemicals .
_
do
Products of petroleum and coal
do
Petroleum refining
do
Rubber products
do
Rubber tires and inner tubes
do
Nonmanufacturing industries:
Building construction (private)
do
Mining:
Anthracite
do
Bituminous coal
do
Metal
do
Quarrying and nonmetallic
do
Crude petroleum and natural gas production
hours
Public utilities:
Electric light and power
do
Street railways and busses
do
Telegraph
do
Telephone
do
Services:
Cleaning and dyeing
do
Power laundries
do
Hotels (year-round)
do
Trade:
Retail _
do
Wholesale
do
Industrial disputes (strikes and lock-outs) :
Beginning in month:
Work stoppages
number__
Workers involved
thousands
In effect during month:
Work stoppages
. ._ _ _ .
number
Workers involved
thousands
Man-days idle during month. . _
do
Percent of available working time
U. S. Employment Service placement activities:
Nonagricul tural placements
thousands. _
Unemployment compensation (Soc. Sec. Admin.):
Initial claims
..
thousands. _
Continued claims. _.
_ . _ do
Benefit payments:
Beneficiaries, weekly average ._
do
Amount of payments
thous. of dol._
Veterans' unemployment allowances:
Initial claims
thousands
Continued claims. _ _ _ _ _ ..
_ _ do
Claims filed during last week of month... do
Amount of payments
thous. of dol__
Labor turn -over in manufacturing establishments:
Accession rate.. .monthly rate per 100 employees. _
Separation rate, total . _
_
_ _ do
Discharges
do
Lay-offs
_ ._
. _ do
Quits
do
Military and miscellaneous
_
do

42.1
42.3
40.8
40.2

41.8
42.3
40.5
40.1

42.7
42.9
41.0
40.8

41.9
42.2
40.0
40.0

41.4
41.9
39.9
39.9

41.8
42.1
40.8
39.9

41.0
41.1
40.7
39.6

40.8
40.8
40.7
39.5

40.7
40.6
40.6
39.8

40.3
40.0
39.4
39.5

'41.0
MO. 7
40.9
39.5

40.8
40.7
40.1
'39.6

39.7

40.1

41.0

40.5

40.2

40.6

39.9

39.6

39.5

38.6

38.5

38.0

39.6
41.0

40.4
41.2

41.1
42.3

40.7
41.9

40.1
41.8

40.7
42.2

40.1
41.8

39.6
41.8

39.1
41.8

38.0
41.6

37.7
41.3

37.1
41.2

39.7

39.6

41.2

40.8

40.8

40.7

39.9

40.1

40.3

39.5

39.6

38.8

35.8
36.8
34.9
37.4
37.0
'42.6
42.7
39.0
42.9
38.0
42.5
43.9

36.5
36.8
35.9
'37.9
'37.4
T
41.0
42.5
36.2
41.2
39.0
43.2
44.4

36.2
36.8
35.6
37.3
36.9
42.5
42.8
41.4
42.4
38.0
42.7
43.7

38.8
37.8
39.7
41.1
41.3
40.8
40.4
39.7
39.3

39.1
38.2
39.8
41.0
41.1
41.2
41.0
40.3
39.5

39.3
38.8
39.8
41.2
40.9
40.4
40.2
39.5
37.7

36.9
37.9
35.8
39.0
38.7
42. &
41.9
40.9
43.2
39.7
43.0
44.4

36.4
37.5
35.3
38.3
37.8
42.5
41.6
35.9
46.9
39.4
43.2
44.4

37.1
37.7
36.2
39.1
38.7
43.3
42.3
37.7
47.7
39.9
43.8
44.9

36.6
37.1
36.0
39.0
38.8
42.0
41.6
37.3
44.8
38.6
43.1
44.4

36.7
37.1
36.1
39.0
38.8
41.7
43.6
38.4
40.7
36.2
43.1
44.5

36.7
37.4
36.1
37.8
37.5
41.6
41.9
36.5
43.6
37.7
43.1
44.5

36.2
37.3
35.1
36.2
35.3
42.4
42.1
37.0
48.1
38.2
42.7
44.1

35.8
36.8
35.1
35.5
34.3
42.5
42.7
36.8
46.7
37.7
42.8
44.6

35.6
36.4
35.0
37.0
36.4
42.8
42.9
38.0
44.1
37.8
42.8
44.1

40.0
38.7
40.7
41.4
40.8
40.5
39.9
40.1
38.7

40.0
38.6
40.7
41.3
40.9
41.2
41.0
39.9
38.9

40.4
39.1
41.1
41.5
41.2
40.8
40.3
40.9
39.5

39.5
37.8
40.7
41.4
41.2
40.7
39.8
39.7
38.2

39.1
38.3
39.8
41.1
41.1
40.8
40.0
38.5
36.0

39.5
38.4
40.3
41.2
41.0
40.6
40.1
37.8
34.8

39.2
38.5
39.9
41.0
41.1
40.3
40.2
37.8
35.3

39.1
38.3
39.8
41.0
41.2
41.2
40.9
39.0
37.4

39.1
38.0
39.7
41.4
41.9
40.7
40.2
39.7
38.8

38.1

36.6

37.9

37.2

36.7

37.1

37.0

37.1

37.9

40.0
39.9
42.3
46.4

36.2
38.5
41.7
44.6

38.4
41.2
42.7
44.4

39.0
40.9
42.5
42.7

36.2
38.7
42.9
42.1

40.3
40.6
42.4
42.9

132.1
127.0
42.1
43.7

39.4
40.3
42.8
44.4

39.4
39.9
42.4
45.0

40.0

40.9

39.5

39.9

40.4

39.7

40.0

40.2

39.5

41.7
46.8
45.0
39.4

41.8
46.8
45.1
39.5

r

37.8

37.8

37.6

38.3
39.3
43.0
45.7

36.6
37.7
41.3
44.6

40.1

41.3

39.6

41.8
M7.0
45.8
39.8

42.1
'47. 5
45.6
r
39.4

*39.0

41.7
46.5
44.8
39.5

r

T

31.7
34.2
'40.6
44.1

42.1
45.7
44.8
39.3

42.4
45.4
44.0
39.5

42.2
46.8
43.9
39.0

42.4
46.3
44.4
38.9

42.2
47.7
44.5
38.7

41.6
47.3
44.4
38.7

41.8
46.6
44.1
38.8

41.5
42.3
44.0

40.9
41.7
44.4

41.5
42.6
44.1

41.4
42.3
43.9

40.5
41.9
44.6

41.5
42.0
44.0

42.1
42.2
44.2

42.0
41.8
44.2

42.4
41.8
44.1

41.7
42.2
44.0

40.0
41.1
M4.7

41.1
41.8
43.6

40.0
41.3

39.5
41.4

39.7
41.6

39.8
41.0

40.0
41.1

39.8
40.9

39.8
41.0

39.9
41.2

40.3
41.1

40.8
41.2

41.0
41.3

40.2
41.2

219
64

178
57

119
32

*175
*75

*200
*70

*225
*500

*275
J-175

*275
J>165

J>310
*165

P335
?225

»335
» 150

J>250
"160

P240
v 110

393
171
1,780
.2

328
139
829
.1

236
57
590
.1

*250
plOO
*> 1, 000
v.1

*300
J>110
»725
v.l

*350
J>550
* 6, 000
J>.8

MOO
*625
p 8, 000
»1.1

M25
*350
v 4, 100
*.6

*475
*240
* 2, 000
*.3

P525
P300
p 2, 200
P. 3

»525
*225
» 1,750
P. 2

P450
"275
v 2, 400
*.3

P425
"200
P 2, 000
P. 3

528

451

397

374

344

413

458

. 482

524

478

509

551

491

617
3,359

602
2,848

830
3,701

947
4,042

883
4,244

878
4,865

1,046
4,637

1,015
4,259

923
a 4, 614

839
4,294

706
4,001

680
3,591

724
3,306

656
52, 795

593
41, 677

621
52, 202

59, 209

fte

849
60, 730

924
76, 573

904
73, 574

899
66, 432

847
71, 940

811
67, 630

778
64,562

'727
59, 797

702
55, 435

289
1,939
419
38, 153

290
1,609
395
29, 554

398
2,241
443
40, 209

437
2, 553
628
48, 933

374
2,637
651
49, 466

355
2,930
604
55, 782

299
2,323
522
46, 940

244
1,727
390
33, 535

358
1,716
385
30, 676

303
1,720
398
31, 626

302
1,741
396
32, 732

227
1,477
310
29, 435

192
1,017
237
19, 258

5.5
5.0
.4
.9
3.6
.1

4.8
4.0
.4
.8
2.7
.1

3.6
3.7
.4
.9
2.3
.1

4.6
4.3
.4
1.2
2.6
.1

3.9
4.2
.4
1.7
2.5
.1

4.0
4.5
.4
1.2
2.8
.1

4.0
4.7
.4
1.2
3.0
.1

4.1
4.3
.3
1.1
2.8
.1

5.7
4.5
.4
1.1
2.9
.1

4.7
4.4
.4
1.0
2.9
.1

5.0
5.1
.4
1.2
3.4
p.l

P4.9
"5.5
P .4
"1.0
*>3.9
P. 2

WAGES
Average weekly earnings (U. S. Dept. of Labor) :
52.69
51.29
All manufacturing
__
dollars
52.07
51.75
• 51. 05
52.07
51.79
51.86
54.69
56. 48
54.77
55.46
55.25
54.86
Durable goods industries
do
54.96
54.81
56.99
58.13
56.61
56. 96
57.28
57.43
Iron and steel and their products
do
56.49
57.39
Blast furnaces, steel works, and rolling
60.58
59.74
59.52
60.01
58.56
59.26
58.37
mills
dollars
60.54
55. 34
54.82
54.32
54.50
54.10
Electrical machinery
do
54.41
53.86
53.70
' Revised, * Preliminary.
1
Data reflect work stoppages.
2
Partly estimated.
tData beginning May 1947 are not comparable with earlier data; comparable April 1947 figures and April 1947 figures comparable with
Survey.




52.85
56.13
57.70

53.01
' 56. 21
' 57. 71

' 54. 07
' 58. 23
r
60. 66

' 54. 18
' 57. 95
' 60. 88

59.54
54.86

60.37
' 55. 40

r

65.10
57. 51

66.17
58.05

v 54. 64
v 59. 43

earlier data are shown on p. S-12 of the June 1948

SURVEY OF CURRENT BUSINESS

S-14
Unless otherwise stated, statistics through
1946 and descriptive notes may be found in
the 1947 Supplement to the Survey

194«

1947

October

November

December 1948

December

January

February

March

April

May

June

July

August

September

Octol

EMPLOYMENT CONDITIONS AND WAGES—Continued
WAGES— Continued

Average weekly earnings— Continued
Manufacturing — Continued
Durable goods industries— Continued
Machinery, except electrical
dollars
Machinery and machine-shop products
-_
dollars
Machine tools
__
_ do_ _
Automobiles
_.
-- do
Transportation equipment, except automobiles
-.
dollars
Aircraft and parts, excluding engines-do
Aircraft engines.. ._. __ __do__ .
Shipbuilding and boatbuilding .
do
Nonferrous metals and their products do __
Lumber and timber basic products
do
Sawmills and logging camps
_ _ do
Furniture and finished lumber products-do
Furniture
do
Stone, clay, and glass products _ __
do
Nondurable goods industries
do
Textile-mill products and other fiber
manufactures
_
dollars.
Cotton manufactures, except small wares
dollars..
Silk and rayon goods __
do
Woolen and worsted manufactures, except
dyeing and
finishing
dollars
Apparel and other finished textile products
dollars..
Men's clothing
__
do
Women's clothing .__
do
Leather and leather products
do
Boots and shoes
_
do
Food and kindred products
_ do.
BakingJ
do
Canning and preserving
do..
Slaughtering and meat packing.
do
Tobacco manufactures
do
Paper and allied products..
.do..
Paper and pulp
..do
Printing, publishing, and allied industries
dollars..
Newspapers and periodicals
do
Printing; book and job
.do.
Chemicals and allied products
do
Chemicals
do
Products of petroleum and coal
do
Petroleum refining
_
do
Rubber products
do
Rubber tires and inner tubes...
do
Average hourly earnings (U. S. Dept. of Labor):
All manufacturing
dollars
Durable goods industries..
_. .
do
Iron and steel and their products
do
Blast furnaces, steel works, and rolling
mills
dollars.Electrical machinery
do
Machinery, except electrical. . _
do
Machinery and machine-shop products
dollars..
Machine tools
do
Automobiles
_
do
Transportation equipment, except automobiles
dollars
Aircraft and parts, excluding engines
dollars
Aircraft engines
.. . ... _
do
Shipbuilding and boatbuilding
do
Nonferrous metals and their products do
Lumber and timber basic products... do
Sawmills and logging camps
do
Furniture and finished lumber products
dollars
Furniture.
.._
do
Stone, clay, and glass products
do
Nondurable goods industries
_
do
Textile-mill products and other fiber manufactures
dollars
Cotton manufactures, except small wares
dollars
Silk and rayon goods
do
Woolen and worsted manufactures, except
dyeing and
finishing
dollars
Apparel and other finished textile products

r

57.87

57.92

59.67

59.13

58.65

59.12

59.30

59.33

60.50

56.75
59. 25
60.30

57.03
59.53
61.30

59.22
61.34
64.64

58. 33
59.64
60. 96.

58.11
60.54
59.00

58.29
60.58
59.81

58.57
60.29
59.14

59.05
60.63
54.44

59.51
61.75
61.30

58.08
56.01
59.19
59.31
53.59
45.23
44.09
46.53
47.76
50.38
47.29

56.42
55.48
57.52
55.20
54.27
45.30
44.27
46.32
48.07
50.47
47.56

59.79
57.12
60.39
61.74
55.53
45. 65
44.20
47.72
49.10
51.00
48.72

59.56
55.53
59.30
64.05
55.06
44.49
42.94
47.02
48.54
50.10
48.45

58.67
56.13
58.29
61.45
55.07
45.01
43.41
46.68
48.38
49.98
48.56

59.40
56.71
59.53
62.07
55.23
45.32
43.86
47.08
48.58
51.41
48.66

59.89
57.75
60.33
62.04
54. 87
45.59
43.99
46.34
47.64
51.77
48.33

59.30
57.74
61.02
60.40
54.96
47.39
46.23
46.39
47.60
52.30
48. 65

41.94

43.73

45.15

45.19

45.79

46.32

45.46

39.22
43.57

42.47
44.84

43. 64
46.48

43.81
47.55

43.43
47.92

43.98
48.53

43.08
48.31

46.70

46.95

49.12

48.79

52.82

53.49

52.33

52.61

53 10

38.78
42.78
46.91
42.18
40.41
49.61
46.85
44.75
54.98
37.90
52.22
57.10

37.09
42.24
43.82
41.93
39.98
49.90
46.26
37.94
61.31
37.67
52.80
57.40

39.00
43.11
46.76
42.67
40.87
50.93
47.43
41.14
61.57
39 16
53.69
58. 21

40.00
44.11
48.52
42.63
41.09
49.44
47.03
41.10
57.12
37.97
53.20
57.75

40.23
44.05
49.09
42.34
41.35
49.18
49.30
42.73
51.88
35.04
53.61
58.41

40.09
44.73
48.10
41.87
40.21
49.36
47.38
40.77
56.62
36.52
53.82
58.50

37.61
44.31
43.20
40.34
38.09
50.95
48.00
41.63
68.51
37.19
53.36
58.02

37.24
43.50
43. 27
39.65
36.79
51.26
49.09
41.35
67.66
37.12
54. 28
59.47

37.61
43 19
43 94
41 38
39 00
52.09
50 03
41.16
61 24
37 86
55 34
60 40

61.62
69.18
58.63
52.67
58.46
60.94
63.51
57. 62
63.78

62.30
69.78
59.35
53.15
59.21
62.54
65.86
57.99
64.86

63.37
71.45
60.22
53.73 .
60.07
63.21
66.32
59.47
65.74

62.41
68.96
60.23
54. 31
60.80
64.47
67.54
57.33
62.72

62.72
70.36
60.13
54.12
60.82
64.58
67.64
54.70
58.22

63.97
71.32
60.96
54.15
60.84
64.62
67.77
53.24
55.54

64.62
72.79
61.26
54.38
60.97
64.45
68.50
53.39
56.54

65.06
73.04
61.92
55.24
61.48
67.16
71.14
55.45
61.15

65.48
73. 26
62.25
56.64
63.17
67.18
70.96
57.14
63.96

1.258
1.337
1.397

1.268
1.346
1.404

1.278
1.354
1.412

1.285
1.355
1.414

1.287
1.352
1.409

1.289
1.352
1.412

1.292
.357
.416

1.301
1.366
1.423

1.316
1.385
1.431

1.502
1.331
1.400

1.510
1.339
1.404

1.519
1.346
1.413

1.533
1.352
1.415

1.513
1.348
1.417

1.510
1.350
1.421

.513
.350
.431

1.515
1.357
1.441

1. 515
1.372
1.461

1.374
1.408
1.526

1.381
1.412
1.540

1.391
1.424
1.563

1.389
1.420
1.538

1.392
1.432
1.548

1.395
1.433
1.539

.408
.437
.533

1.418
1.443
1.548

1. 432
1.469
1.624

1.437

1.462

1.465

1.479

1.482

1.472

.478

1.481

1.489

r

1. 503

r

59. 83

»• 61. 50

61.39

58.81
61.09
63. 48

60.73
61. 85
«• 64. 45

60.42
62.05
61.93

59.27
57.99
62.14
59.76
55.91
48.43
47.37
46.54
47.57
52.45
49.37

' 58. 95
' 57. 89
64.79
59.49
56.34
48.14
r
47. 29
r
46. 30
r
46. 95
r
51. 50
' 49. 49

«• 60. 55
r 59. 68
65.11
r
58. 87
r
58. 03

49.87
47. 74
48. 47
r
54. 00
r
49. 78

60.86
61.70
66.26
58.62
58. 69
49.32
48.36
48.21
49 28
53 87
T 50 35

45.22

45.29

44.15

45.07

45 12

42.64
48.38

42.00
48 47

40.63
47.69

41. 61
48.85

41.69
49 62

52.13

51 19

40. 28
44. 04
48.63
r
42. 80
r
40. 65
r
49. 73
49.77
39.51
55. 61
39.26
56. 98
62.32

40.39
43.66
48 65
42.97
41 04
51.64
50 78
46.08
57 73
37 94
57 02
62 10

r

r

r 50. 09
r
r

52.31
38. 74
r
43. 03
r
46. 09
' 41. 64
•• 39. 41
' 51. 77
50.01
41.78
58.75
38.51
55.97
61.49

r

r

r

r

r
r

65. 08
72.39
62.06
57. 21
63. 49
69. 45
74.01
58.37
66.30

65. 89
73.48
62. 32
r
57. 69
r
63. 80
T
70. 71
r
75. 13
r
60. 47
r
68. 29

P 49 6i

67.31
76.91
63 02
58.19
65 27
68.65
72 16
59 42
65 27

r

1.349
1.431
1. 503

r \ 4150

1.642
1.439
1. 499
1.470
1. 486
1. 662

1.489
1 500
1 681

r

1. 525

1.557

1. 449
1.594
1. 5S2
1. 404
1.149
1. 133

r

1. 475
1.583
1. 555
1. 424
1. 176
1.164

1.512
1.609
1.594
1.436
1. 181
1.166

1. 149
' 1. 176
1.307
1.252

r

1. 163
1. 189
1. 321
1.262

1.181
1.209
1.344
1. 271

i -jgg
•P i 453

1.682
1 450
1 512

»• 1. 332
'1.407
1.457

r

T

r
r

1. 559
1.407
1. 473

1.444
1.469
1. 649

r
r

T \ 3(32

v

1.531

1.395
1.461
1.490
1.312
1.063
1.046

1.413
1.461
1.529
1.320
1.074
1.056

1 406
1.465
1.525
1.327
1.056
1.032

1.408
1.461
1.567
1.336
1.050
1.023

1.406
1.452
1.582
1.338
1.080
1.055

.414
.467
.539
.344
.071
.046

.421
.491
.541
.343
.083
.057

1.428
1.494
1.531
1.355
1.115
1.095

1 436
1.532
1 525
1 369
1.131
1. 113

1 105
1.130
1 234
1. 175

1 108
1.137
1.247
1.185

1 117
1 145
1 245
1. 196

1 122
1.151
1.253
1.210

1.127
.155
.255
.217

.126
.156
.260
1.220

.131
.161
1.271
1.220

1.136
1.167
1.286
1.230

1.145
1.174
1.292
1.242

1.055

1.090

1.100

1.115

.139

1.140

1.138

1.142

1.147

1.145

1.170

1.188

.991
1 062

1.051
1 088

1.061
1 100

1.077
1 137

.083
.147

1.081
1.151

1.076
1.156

1.078
1.157

1.075
1.159

1.070
1.147

1.106
1.182

1. 125
1.206

1 178

1 188

1 192

1 195

303

1 313

1 311

1 314

1.320

1 327

1 051
1.120
1 279
1 082
1 046
1 159
]. 115
1 100
1.273
954
1.215
1.287

1 019
1.116
1 217
1 095
059
173
115
062
305
956
1 222
1.292

1 052
1.136
1 270
1 092
1 056
1 175
1 119
1 093
1.291
983
1.226
1.295

1 094
1.178
1 327
1 095
1 059
] 177
1 131
1 102
1 275
984
1 235
1.301

098
.176
334
102
065
181
.132
118
.277
968
.245
.310

1 092
1.188
1 310
1 106
1 071
1 187
1.131
1 120
1.301
968
1.249
1.313

1 040
1.173
1 201
1 116
1 080
1 201
1.138
1 130
1.425
973
1. 250
1.313

1 040
1.171
1 206
1.118
1 074
1.207
1. 148
1.125
1.424
.984
1.269
1.334

1.055
1.169
1.239
1.118
1 074
1.217
1.165
1.090
1.383
1.003
1.292
1.368

1 081
1.160
1 304
1 114
1 069
1 215
1. 168
1 083
1.368
1 014
1.317
1.400

r
r
r
r

r
r
T

r
T

r

1. 31 7
r

1.323

1. 105
1.182
1. 335
1. 128
1 087
1. 213
1. 169
1.102
1. 350
1.008
1.320
1.402

1.U7
1.184
1. 351
1.151
1.115
1.214
1.186
1.117
1.357
.998
1.335
1.422

v 1. 272

Men's clothing .
do
r
TVomen's clothing
do
r
Leather and leather products
do
T
Boots and shoes
do
Food and kindred products
do
Bakingt
do
Canning and preserving
do
Slaughtering and meat packing
do
Tobacco manufactures
do
Paper and allied products
do
Paper and pulp
do
r
Revised. " Preliminary.
tData beginning May 1947 are not comparable with earlier data. Comparable figures for April 1947 and April 1947 figures comparable with earlier data are shown on p. S-14 of the June
1948 Survey.




SURVEY OF CURRENT BUSINESS

December 1948
Unless otherwise stated, statistics through.
1946 and descriptive notes may be found in.
the 1947 Supplement to the Survey

S-15
1948

1947

October

November

December

January

February

March

April

May

June

July

August

September

October

EMPLOYMENT CONDITIONS AND WAGES—Continued
WAGES—Continued

Average hourly earnings — Continued
Manufacturing— Con tinued
Nondurable goods industries— Continued
Printing, publishing, and allied industries
dollars
Newspapers and periodicals
do
Printing* book and job
do
Chemicals and allied products
do
Chemicals
do
Products of petroleum and coal
do
Petroleum refining
do
Rubber products
do
Rubber tires and inner tubes
do
Nonmanufacturing industries:
Building construction (private)
do
Mining:
Anthracite
_ _. _ _ _
_. _ _ d o
Bituminous coal
do
Metal
_ _
__ do _
Quarrying and nonmetallic
do
Crude petroleum and natural gas production
dollars
Public utilities:
Electric light and power
. _ ...do _.
Street railways and busses
do
Telegraph
_
do...
Telephone
do
Services:
Cleaning and dyeing
_
_ -do _ _
Power laundries
do
Hotels (year-round)
do. _
Trade:
Retail
do
Wholesale
_
_.
do .._
Miscellaneous wage data:
Construction wage rates (E. N. R.):§
Common labor
dol. per hr
Skilled labor
do
Farm wages without board (quarterly)
dol. per month..
Railway wages (average, class I)
dol. per hr__
Road-building wages, common laborj
do

1 540
1.758
1. 451
1.273
1.432
1.505
1.593
1.438
1.647

556
.776
469
.287
448
.518
.607
453
.661

1 568
1. 791
1 479
1.293
1.457
1.551
1.647
1 454
1.658

1 579
1.797
1.493
1.311
1.477
1.586
1.699
1 444
1.646

1 604
1.812
1 528
1.315
1 479
1. 581
1.689
1 421
1.613

1 621
.843
.528
.315
.483
.593
1.692
1 408
1.599

1.743

1.765

1.774

1.781

1.806

1.784
1.798
1.356
1.169

1.754
1. 851
1.380
1. 178

1.756
1.826
1.360
1.176

1. 764
1.847
1.371
1.187

1.817
1 826
1.370
1 199

1.494

1.554

1.543

1.627

1.392
1. 265
1.227
1.241

1.428
1.276
1.253
1.254

1.414
1.288
1.257
1.229

1.426
1.299
1.257
1.241

.919
.787
.684

.925
.786
.687

.921
.797
.693

.924
.807
.695

1.013
1.289

1.025
1.314

1.016
1.300

1.263
2.13

1 265
2.13

112.00
1.250
1.01

1.305

1 675
1 894
1 576
1. 390
1 539
1.703
1 832
1 472
1 684

1 646
1.870
1 551
1.327
1 484
1.600
1.704
1 412
1 603

1 663
1.877
1.570
1.347
1.493
1.631
1.740
1 424
1.636

1 677
1.896
1 579
1. 369
1.509
1.650
1 763
1 439
1.651

1.805

1.818

1.835

1.858

1.776
1.842
1.366
1. 190

i 1. 708
1
1 821
1. 373
1 206

1.774
1.841
1.384
1.226

1.749
1 850
1.386
1 228

1.638

1.605

1.599

1.646

1.636

1 676

1.428
1 295
1.265
1.238

1.408
1 295
1.267
1 223

1.427
1 293
1.349
1 225

1.444
1 302
1.381
1 240

1.455
1 315
1 367
1 232

1 483
1 328
1 379
1 237

.923
802
.695

.924
805
.695

.933
810
.700

.936
817
.707

947
823
711

1 050
1.343

1 044
1.334

1 055
1 346

1 064
1 363

1 070
1 353

1 272
2.14

1 272
2. 14

1 272
2 15

1 283
2 15

1 287
2 17

1 315
2 18

1.290

113. 00
1.297
.91

1.326

1.279

113 00
1.279
.95

1.292

1.711
1.955
1.595
1.411
1.596
1.698
1.794
1 504
1.732

942
820
714

1.044
1.309

1.684
1.911
1 578
1. 497
1 552
1.716
1 832
1 502
1 730

r

r
r

r
r

1 890

r

1 901

1.917

1 736
1 936
1 427
1 266

r

1 901
1 971
1. 454
1 283

1.897
1.976
1.506
1 288

1 682

1.711

1 475
r i 327
1 01-70
r I 229

1.498
1 352
1.379
1 250

941
822
713

.953
828
.727

1 077
1 365

1 080
1 379

1 086
1 381

1 352
2 25

1 386
2 29

1 386
2 30

1 401
2 32

1 278

121 00
1 281
1 04

1 295

1 313

235
284

221
309

r

r
r
r

r

r
r
r

1 413
2 33
118 00
1 08

FINANCE
BANKING
Acceptances and commercial paper outstanding:
Bankers' acceptances
mil. of dol
Commerrial paper
do
Agricultural loans outstanding of agencies supervised1 by the Farm Credit Administration:
Total d"
mil. of dol
Farm mortgage loans, total .
_ _ d o _ __
Federal land banks
do
Land Bank Commissioner
__do _.
Loans to cooperatives
do
Short-term credited
do
Bank debits, total (141 centers)
do
New York City
do
Outside New York City
_
. do
Federal Reserve banks, condition, end of month:
Assets total
mil. of dol
Reserve bank credit outstanding, total do
Discounts and advances
__-do. _
United States securities
do
Gold certificate reserves _
_ do ..
Liabilities, total
do
Deposits, total
do
Member-bank reserve balances
do
Excess reserves (estimated)
do
Federal Reserve notes in circulation
do
Reserve ratio
percent..
Federal Reserve weekly reporting member banks,
condition, Wednesday nearest end of month:
Deposits:
Demand, adjusted
mil. of dol
Demand, except interbank:
Individuals, partnerships, and corporations
mil. of dol__
States and political subdivisions
. do
United States Government
do.. _
Time, except interbank, total
do
Individuals, partnerships, and corporations
mil. of dol..
States and political subdivisions _ ...do
Interbank (demand and time)
do...
Investments, total

do

U. S. Government obligations, direct and
guaranteed, total
mil. of dol
Bills
do
Certificates
do
Bonds (incl. guaranteed obligations) _ do
Notes
do
Other securities
do
r
1

237
283

245
287

261
287

262
290

253
301

241
311

242
275

256
254

253
270

1,630
993
882
111
284
354
94, 058
37, 504
56, 554

1,605
982
875
107
288
336
82, 740
31, 738
51, 002

1 592
973
869
103
281
338
106. 520
46, 225
60, 295

1 602
962
862
100
278
361
93, 970
37, 615
56, 355

1 619
958
860
98
270
391
80, 776
32 271
48, 505

1 640
955
860
95
249
436
96, 487
39 587
56, 900

1 662
954
861
93
237
473
91 640
37 Q55
53 685

1 678
954
864
90
223
501
87 236
35 4^9
51 807

1 710
952
864
88
234
524
97 300
40 633
56 667

251
537
91 804
35 832
55 972

62
539
87 149
33 031
54' 118

46, 583
22, 906
296
22,168
21,044
46, 583
19, 240
16, 956
864
24, 481
48.1

47, 205
22, 975
331
22, 209
21, 363
47, 205
19. 431
16, 974
829
24, 651
48.5

47 712
23, 181
85
22, 559
21, 497
47,712
19 731
17, 899
1,499
24, 820
48.3

47 327
22, 782
327
21, 925
21, 701
47, 327
20 311
16,919
768
24, 156
48.8

46 991
22 109
431
21, 024
21, 776
46, 991
19 807
1 7, 062
762
24, 045
49.7

46 589
21 607
430
20 887
21 878
46, 589
19 610
16 639
655
23, 768
50.4

45 499
20 858
249
20 340
21 910
45, 499
19 007
16 944
737
23, 648
51.4

46 270
21 576
31 6
20 662
22 036
46, 270
19 761
17 021
848
23, 675
50.7

47 067
21 900
266
21 360
22 258
47, 067
20 176
17 389
678
23,675
50.7

47 072
22 035
318
21 325
22 407
47,' 072
20 518
17 696
877
23, 771
50.6

47 246
22 107
323
21 577
22 465
47, 246
20 462
17 679
837
23, 935
50.6

47, 771

48, 247

48 685

48 833

47 296

45 340

46 671

46 646

46 414

46 839

47, 988
3,027
969
14, 584

48, 379
3,146
741
14, 478

49, 809
3, 246
793
14, 609

48, 701
3,264
693
14, 593

47, 134
3,219
1,009
14, 801

45, 445
3,363
1,297
14, 772

46. 418
3,484
1,309
14 790

46, 627
3,478
1,252
14 877

46, 671
3 517
1,265
15 016

14, 175
327
11,117
42, 462

14, 069
328
11,121
41, 798

14, 192
338
11, 643
41,487

14, 127
391
10, 681
41, 559

14, 256
471
10, 422
40, 055

14, 221
478
9,750
38, 768

14, 222
492
9,701
39, 780

14, 283
517
9,914
39,415

38, 192
769
4,032
30. 973
2,418
4,270

37, 560
948
3,291
30, 474
2,847
4,238

37, 227
1,530
3, 338
29, 505
2,854
4,260

37, 323
2,209
3,410
28, 965
2,739
4,236

35, 845
2,048
3,972
27, 266
2,559
4,210

34 433
1,272
3,745
27,111
2,305
4.335

35 475
2 219
3 839
26, 997
2 420
4.305

35 218
1 986
4 880
26, 017
2 335
4.197

(%}

14

(2)
(2)

m
(')

(2)
(2)

9

221
285

214
305
1 739
943
861
82
278
517
93 500
37 531
55 975
49 632
24 071
325
03 413
22* 603
49, 632
22 494
]9 Qgfl

($)
(2\

(%)
(2)

301
480
95 582
38 169
57 413

24, 024
49.6

49 514
23 875
339
23 042
22 726
49, 514
22 420
19 736
p 739
24, 062
48.9

47 010

46 660

46 607

46, 666
3 400
1 259
14 950

46, 919
3 370
1*217
14 795

46, 940
3 241
1 704
14 942

47, 474
3 299
1 597
14 944

14, 417
520
10, 203
38 906

14, 337
532
10, 072
39 224

14, 271
539
10, 238
39 114

14, 317
541
10, 041
37 006

14, 323
536
10, 701
37 502

34 666
1 704
4 669
25 881
2 412
4.240

34 870
2 042
4 420
25 934
2 474
4. 354

34 686
2 130
4 164
25 802
2 590
4. 42S

32 559
1 142
3 745
25 230
2 442
4 447

33 268
2 378
4 423
24 794
1 673

r ] Q3g

A 934

Revised, p Preliminary.
Data reflect work stoppages. 2 Beginning July 1, 1948, farm mortgage loan data are reported quarterly.
t Reported quarterly after July 1947 for the week ended nearest the 15th of the indicated month. § Rate as of December 1, 1948: Common labor, $1.413; skilled labor, $2.34.
c? Data have been revised to exclude emergency crop loans and drought relief loans which are now under the supervision of the Farmers' Home Administration- revised figures for
January-August 1947, in millions of dollars: Total—1,545,1,555,1,559,1,557,1,570,1,595,1,620,1,635 short-term credit—283, 300, 329, 359, 383, 403, 412, 412. These data are comparable with data
shown in the 1947 Statistical Supplement to the Survey.




SUEVEY OF CUEEENT BUSINESS

S-16

December 1948
1948

1947

Unless otherwise stated, statistics through
1946 and descriptive notes may be found in
the 1947 Supplement to the Survey

October

November

December

January

February

March

April

May

June

July

August

September

Octobe

FINANCE—Continued
BANKING—Continued
Fed. Res. weekly reporting member banks, condition, Wednesday nearest end of month — Con.
Loans, total§ __
_
mil. ofdol.
22, 572
Commercial, industrial, and agricultural §_ do
13, 817
To brokers and dealers in securities
do
970
Other loans for purchasing or carrying securities §
mil. of dol._
976
3 316
Real estate loans§
do
187
Loans to banks
_
do
Other loans§
do
3 306
Money and interest rates :^
Bank rates to customers:
New York City
percent
7 other northern and eastern cities
do
11 southern and western cities
do
Discount rate (N. Y. F. R. Bank)
do
1.00
Federal land bank loans
do
4 00
1.54
Federal intermediate credit bank loans
do
Open market rates, New York City:
.94
Acceptances, prime, bankers', 90 days
do
1.06
Commercial paper, prime, 4-6 months
do
Time loans, 90 days (N. Y. S. E.)
do
1.50
Call loans, renewal (N. Y. S. E.)
do
' 1.38
Average yield on U. S. Govt. securities:
3-month bills
do
.857
3_5 year taxable issues
do
1 35
Savings deposits, balance to credit of depositors:
9, 655
New York State savings banks
mil. of doL .
3,412
U. S Postal Savings
do . -

23, 229
14, 358
919

23, 329
14, 658
784

23, 394
14, 727
674

23,439
14, 540
831

23, 453
14, 417
905

23, 160
14, 159
809

23, 521
14, 113
1,058

23, 740
14, 345
1,152

23, 859
14, 490
954

24, 090
14, 886
743

24, 899
15, 239
1,043

24, 7127
15, 4!.5
6(12

945
3 388
230
3 389

880
3 460
106
3,431

811
3,516
180
3,486

764
3 569
233
3 502

761
3,615
215
3,540

749
3,669
190
3,584

772
3,755
219
3,604

780
3,825
151
3,729

778
3,858
268
3, 752

736
3,919
238
3,812

717
3,961
315
3,870

695
4, 021
295
3, 887

1.00
4 00
1.54

1 82
2 27
2 61
1.00
4.00
1.58

1.25
4.00
1.58

1.25
4.00
1.63

2 09
2 52
2 83
1.25
4.00
1.69

1.25
4.00
1.83

1.25
4.00
1.88

2. 10
2.71
3.03
1.25
4.00
1.88

1.25
4.00
1.96

1.50
4.00
1.96

2.26
2.76
3.13
1.50
4.00
1.96

1. 150
4.00
1.98

.94
1.06
1.50
1.38

1.03
1.19
1.50
1.38

1.06
1.31
1.50
1.50

1.06
1.38
1.50
1.50

1.06
1.38
1.50
1.50

1.06
1.38
1.50
1.50

1.06
1. 38
1.50
1.50

1.06
1.38
1.50
1.50

1.06
1.38
1.50
1.50

1.13
1.44
1.50
1.63

1.19
1.56
1.50
1.63

i.:9

.932
1 47

.950
1 54

.977
1.63

.996
1.63

.996
1.60

.997
1.58

.997
1.51

.998
1.49

.997
1.56

1.053
1.65

1.090
1.69

1. 120
1.71

9,681
3,413

9,802
3,417

9, 855
3,432

9,904
3,441

9,959
3,435

9,986
3,415

10, 017
3,395

10, 111
3,379

10, 099
3,368

10,112
3, 356

10,141
v 3, 340

10, 149
" 3, 3(57

12, 669
5,765
2,551
1 099

" 13, 428
6,189
2,839
1,151

13, 740
6,769
3,137
1,468

' 13, 958
6,958
3,258
1,536

14, 476
7, 532
3,625
1,781

* 14, 761
* 7, 718
T 3, 774
"1,858

" 15, 039
" 7, 748
"3,819
" 1, 897

495
443
46
131
208
3,120
1,350
208
157
127

555
474
49
145
229
3,214
1,383
215
162
130

650
528
52
192
266
3,350
1,435
225
166
134

632
502
52
176
254
3,401
1,462
227
165
137

624
492
52
164
249
3,448
1,482
230
167
140

653
497
54
160
255
3,547
1,530
241
173
143

680
511
60
155
263
3,632
1,570
252
180
146

703
528
65
155
271
3,700
1,597
260
189
147

720
541
68
157
278
3,778
1,634
272
194
150

732
545
72
160
282
3,849
1, 669
282
199
152

759
560
76
158
291
r
3, 907
1.701
291
203
154

"786
"586
"81
"161
"302
" 3, 944
v 1,712
"300
"206
"155

"797
" 583
"81
" 158
"303
" 3, 929
" 1, 698
"302
"204
" 155

517
647
114
3,029
2 647
918

538
670
116
3,309
r
2 679
917

558
712
120
3,612
2, 707
920

572
717
121
3,240
2, 742
924

587
721
121
r
3,06l
r
2, 765
928

604
733
123
r
3, 275
r
2, 783
926

622
739
123
3,259
2, 795
934

635
748
124
3,263
2, 816
932

645
758
125
3,364
r
2, 839
945

651
770
126
3,185
r
2. 840
r
960

656
775
127
3, 130
r
2, 847
r
967

"661
"783
"127
"3,227
" 2, 856
"960

"667
"776
"127
"3,457
" 2, 872
"902

228
39
28
23
121

233
39
27
25
142

248
38
27
26
110

221
38
25
25
107

287
48
32
29
140

258
47
31
25
123

275
54
37
27
127

277
52
33
26
130

270
52
32
27
127

"254
"52
"31
"26
"123

"223
"45
"28
"24
"117

f

1. J56
1. r>0
l.(>3

CONSUMER SHORT-TERM CREDIT
Total consumer short-term credit, end of monthf
mil. of dol._
Installment credit, totalf
do
Sale credit, total
do
Automobile dealers
do
Department stores and mail-order houses
mil. of doL.
Furniture stores
do
Household appliance stores
__
do
Jewelry stores
do
All other
do _ _
Cash loans total f
do
Commercial banks
do _ _
Credit unionsf
do
Industrial banks
do
Industrial loan companies
do
Insured repair and modernization loans
mil. of doL.
Small loan companies
do
Miscellaneous lenders
do
Charge accounts
do
Single payment loanst
do
Service credit
do
Consumer installment loans made during the month
by principal lending institutions:
Credit unionsf
Industrial banks
Industrial loan companies
Small loan companies

-

do
do
do
do

12,084
5,490
2,370
1,047

r

T

267
46
33
30
191

r

13, 124
6,219
2,818
1,202

r

r

13, 043
6, 283
2,835
1,254

r

13, 523
6, 533
2,986
1,367

r

r

269
50
31
27
121

r

r

14, 286
7,144
3,366
1,602

r

14, 314
7,329
3,480
1,689

r

r

r

FEDERAL GOVERNMENT FINANCE
Budget receipts and expenditures:
r
2,948
2, 1&9
2, 300
3,083
2,881
4,597
5,119
6,365
4,614
4,310
4,260
3,054
2,456
Receipts total*
- mil. ofdoL.
2,569
2, 140
2,707
' 2, 236
4,589
5,102
2,806
6,334
4,275
4,336
4,246
2,743
2,390
Receipts net •
do
34
26
31
31
35
35
33
41
34
37
35
32
42
Customs
do
1,568
1,254
3,632
3,701
1,785
1,180
1,858
5, 165
3,159
3,237
2, 769
1,666
1,345
Income taxes
do _ _
e,5
410
67
401
142
130
83
176
423
51
142
329
70
Social security taxes
do
742
673
662
676
677
694
768
739
629
656
767
782
695
Miscellaneous internal revenue
do
195
124
465
149
193
243
550
243
369
329
547
331
217
All other receipts
_
do
r
2, 724
2,207
2,604
3, 698
7,261
2,915
3,109
2,402
3,546
2,879
3,224
2,194
2,445
Expenditures, totaled •
do
114
212
124
154
286
570
1,508
142
608
401
972
157
127
Interest on public debt
do
539
490
788
530
562
582
487
529
597
524
568
526
481
Veterans Administration
do
810
931
1,155
933
717
930
909
850
850
1,069
996
1,151
936
National defense and related activities
do
665
1.141
1,734
1,017
1,464
1, 091
4,260
1,491
881
885
688
605
656
All other expenditures cf
do
Debt, gross:
252, 460
253, 049
252, 687
252, 292
252, 236
253, 374
252, 240
254, 605
252, 990
256, 574
256, 900
259, 071
258, 212
Public debt (direct), end of month, total. _ -do
249, 958
250, 875
250, 063
249, 920
250, 518
251, 168
250, 300
250, 634
252, 100
253, 958
254, 205
255, 591
256, 270
Interest-bearing, total
do
219, 987
219, 852
220, 636
219, 297
219, 077
220, 718
221, 362
220, 381
222, 854
224, 810
225, 250
226, 074
226, 822
Public issues
do
31,221
30, 887
29, 323
30, 211
29, 201
31, 22-3
29, 272
30, 787
29, 246
29, 148
28, 955
29, 517
29, 447
Special issues to trust accounts, etc
do
2,175
2,278
2,229
2, 161
2, 206
2,170
2,320
2,505
2,356
2,616
2,695
2,621
2,801
Noninterest bearing
do
Obligations guaranteed by U. S. Government,
51
55
52
50
73
75
75
79
78
77
81
89
83
end of monthj
_ mil. of doL
U. S. savings bonds:
54, 756
54, 826
54, 90S
54, 662
53, 207
53, 333
53, 133
52, 875
53, 061
52, 575
52, 174
52, 039
51, 928
Amount outstanding, end of month
do. 474
41 5
412
432
1,673
497
468
607
588
770
487
412
488
Sale5; series E, F and G
do _.
442
465
452
407
393
438
428
364
462
454
434
404
357
Redemptions
do_ .
'Revised. "Preliminary. \ For bond yields see p. S-20.
.
.
d" June 1948 figures include $3,000,000,000 transferred to the "Foreign Economic Cooperation Trust Fund" and considered expended during the fiscal year 1948, as required by the Economic Cooperation Act of 1948; the effect of this transfer is to charge the budget in the fiscal year 1948 for expenditures to be made in the fiscal year 1949. Figures beginning July 1, 1948 therefore exclude expenditures from this fund, totaling $797,485,000 for July-October 1948.
.
§ Beginning June 30,1948, individual loan items are reported gross, i. e., before deduction of valuation reserves, instead of net as previously; data reported on a gross basis for October
29 1947 for items against which reserves are held, are as follows (millions of dollars): Commercial, industrial, and agricultural loans, 14,039; "other loans for purchasing or carrying securities,"
86i; real estate loans, 3,343; "other loans," 3,369. Data for November 1947 to May 1948 will not be available until figures are reported for the corresponding month of the following year. Total
loans are shown on a net basis for all months.
, . ,
-,-^ -, •, -^
-^.T
f
tRevised series. Credit unions have been revised to exclude real estate mortgage loans beginning 1929, and further revised on basis of year-end figures from Federal Deposit Insurance
Corp. for Federal credit unions and BLS statistics for state-chartered credit unions. Beginning 1946 single payment loans have been revised to adjust the commercial bank segment to recent
call report data, and pawn broker pledges to available year-end data. The related totals have been correspondingly revised. Revisions are available upon request.
t Data revised to include matured debt on which interest has ceased to conform with figures shown in the 1947 Statistical Supplement to the Survey. For comparable figures for January-August 1947 see note J in the November 1948 Survey.
_
n A
• Beginning July 1948 figures are adjusted to exclude interagency transactions as follows: Repayment of capital stock to Treasury by RFC, $225,000,000; transfer of earnings to Treasury
by Federal Farm Mortgage Corporation, $40,000,000.




SUEVEY OF CUBRENT BUSINESS

December 1948
Unless otherwise stated, statistics through
1946 and descriptive notes may be found in
the 1947 Supplement to the Survey

S-17
1948

1947

October

November

December

January

February

March

April

May

June

July

August

September

October

FINANCE—Continued
FEDERAL GOVERNMENT FINANCE— Con.
Government corporations and credit agencies:
Assets, except interagency, total
mil. of dol__
Loans receivable total (less reserves)
do
To aid agriculture
do
To aid home owners
do
To aid railroads
do
To aid other industries
do
To aid banks
do
To aid other financial institutions
do
Foreign loans
do
All other
do
Commodities supplies and materials
do
U S Government securities
do
Other securities
do
Land structures and equipment
do
All other assets
do
Liabilities except interagency total
do
Bonds, notes, and debentures:
Guaranteed by the TJnited States
do
Other
do
Other liabilities
do
Privately owned interests
do
TJ S Government interests
do
Reconstruction Finance Corporation, loans and investments outstanding, end of month, total t
mil. of doL.
Industrial and commercial enterprises, including
national defense - _ _ _ . _
mil. o f dol_
Financial institutions _
do. _Railroads, including securities from PWA.-do
States territories and political subdivisions do
United Kingdom and Republic of the Philippines
mil. of doLMortgages purchased. _ _
do _.
Other loans
_
do

30, 966
9,714
2,299
556
147
272
5
442
5,673
714
822
1,685
3,539
12, 600
2,607
2,808

31 107
10 134
2,399
623
147
259
5
379
6,093
613
570
1,845
3,526
12,535
2,496
2,724

20, 120
10, 373
2,386
633
147
260
5
481
6,214
611
251
1,684
3,531
2,458
1 824
2,091

82
689
2,037
143
28, 015

76
781
1,868
150
28, 233

68
836
1, 187
154
17 875

1,091

1,096

1,113

1,106

1,106

1,102

1,096

1,111

1,122

1,154

1,169

1,189

296
155
145
123

299
153
145
122

318
153
145
124

320
145
144
122

321
143
144
122

316
140
145
124

302
139
145
128

304
139
145
128

303
137
144
135

291
137
145
134

294
135
145
134

301
133
143
134

243
126
4

243
131
3

238
134
3

235
136
3

234
138
3

230
144
3

226
153
3

225
167
3

215
186
2

214
198
36

213
214
36

209
233
36

LIFE INSURANCE
Assets, admitted:*
All companies (Institute of Life Insurance), esti51, 735
51, 000
53, 122
52, 866
52, 584
52, 003
51,200
52, 238
54, 041
54, 358
53, 774
53, 457
mated total
mil. of dol
46, 825
46, 955
46, 574
46, 306
48, 320
48, 084
47, 771
47,315
49, 040
Securities and mortgages
do
49, 165
48, 579
48, 871
49 companies (Life Insurance Association of
46, 279
46, 754
45, 912
45, 723
47, 522
47, 304
47, 058
46, 550
48,086
48, 307
47, 869
America) total
mil of dol
48, 806
48, 566
34, 926
35, 359
35, 093
34, 911
34, 847
34, 717
35, 565
35, 497
35, 704
35, 727
35, 640
Bonds and stocks, book value, total
do
35, 854
35, 664
20, 014
19, 395
19, 755
20, 465
19, 000
19, 518
20, 650
19, 162
18, 321
18, 787
Govt. (domestic and foreign) total
do ..
18, 530
17, 671
18,071
18, 277
18,017
18,906
17, 259
17,421
17, 658
17, 796
18, 710
16,760
17, 054
16, 350
U S Government
'
do
15, 672
16,087
6,650
6,717
6,988
6,839
6,557
6,377
7,270
7,148
7,536
7,390
7,637
Public utility
do
7,946
7, 767
2,741
2,733
2,744
2,753
2,752
2,750
2,777
2,776
2,784
2,815
2,810
Railroad
do
2,821
2,817
5,529
5,697
6,411
6,232
5,986
5, 072
4,937
6,518
6,931
6,851
6,679
Other
do
7,415
7,008
822
684
963
647
689
594
817
590
656
695
Cash
_
do
690
822
705
7,181
7,422
7,296
7,020
6,912
7,560
7,697
7,828
8,276
8,121
7,977
Mortgage loans, total
do
8,404
8,555
741
728
723
721
764
750
730
777
802
790
811
Farm
__ _ _ __
_ _ _ do
823
816
6,453
6,566
6,191
6,680
6,297
7,051
6,933
6,810
7,319
Other
do
7,186
7,465
7,732
7,588
1,684
1,694
1,705
1,688
1,680
1,677
1,715
1,725
1,742
1,735
1,752
Policy loans and premium notes
do_ __
1,762
1,769
770
750
733
822
785
771
718
825
863
847
Real estate holdings
do
878
903
895
922
964
916
985
956
989
979
977
Other admitted assets
do_ __ • 1,010
1,021
1,008
976
1,020
Life Insurance Agency Management Association:
Insurance written (new paid-for-insurance):
1,818
1,851
1,648
2,201
1,858
1,797
1,857
1,746
1,862
1,816
Value, total
.
_ _
mil. ofdoL.
1,707
1,685
1,593
436
195
178
225
203
201
359
157
201
225
246
182
Group
do _
185
338
309
287
336
366
369
383
393
319
336
347
Industrial
_
_ do
331
353
1,478
1,115
1,331
1,258
1,196
1,243
1,290
1,184
1,287
1,244
Ordinary, total
do. „_
1,078
1,125
1,150
91
72
85
81
90
81
85
90
78
New England
do
83
71
75
67
344
272
346
3?1
323
326
301
289
305
Middle Atlantic
do
287
273
244
259
304
318
284
252
272
278
290
255
East North Central
do
256
265
252
249
237
126
153
124
108
118
127
112
120
113
119
West North Central
do
111
110
108
169
134
138
121
148
141
140
134
140
South Atlantic
do
132
131
143
125
51
56
41
48
47
51
48
50
East South Central _
do
51
46
47
52
47
115
88
93
95
99
100
98
99
102
West South Central
do
89
96
90
97
38
43
42
39
41
41
57
Mountain
do
41
42
40
36
38
37
135
124
173
138
129
134
140
140
Pacific. _ _
do
135
131
131
121
122
Institute of Life Insurance:
Payments to policyholders and beneficiaries,
219, 223
250, 600 307, 077 273, 084
283, 410
278, 138
244, 544
284, 967
total
_ -thous. of dol _ 247, 149
253, 440
248, 330
247, 279 258, 304
121, 007
122, 777
112, 523
142, 339
113,860
101, 334
124, 695
109, 455
123, 590
116,083
Death claim payments
do
112, 462 122, 692
110, 837
38, 987
35, 496
31, 168
29, 838
36, 261
32, 986
36, 706
40, 157
37, 117
32, 185
Matured endowments.
__do
31,182
35, 290
30, 378
8,118
6,924
7,609
8,356
8, 723
7,111
7,472
7,963
7,711
8,114
Disability payments
_ _
do
7,122
7,581
7,632
24, 275
16,216
18, 014
18, 024
17, 975
19, 438
18, 164
19, 881
20, 337
19, 512
17, 581
Annuity payments
do
13, 149
18, 926
69, 114
52, 452
44, 694
35, 323
55, 083
38, 527
44, 446
Dividends. _
___
do
52, 497
40, 377
41, 976
40, 555
39, 898
38, 300
31, 425
36, 017
32, 694
34, 205
41, 704
27, 829
40, 498
36, 569
43, 032
36,090
Surrender valuescf
_ _ _ _ _ _
do
37, 751
43,811
37, 345
362, 185
540, 554
405, 921
481, 627 378, 769 382, 810
410, 719
370, 906
432, 885
premium collections, totalj
_ _ thous of dol
406. 274
374, 355 412, 695
62, 296
109, 545
45, 838
51,207
87,360
48, 640
41, 296
48, 791
Annuities..
__
__ __ _ do. __
74, 411
52, 493
42, 812
52,017
22, 478
34, 665
36, 062
35, 849
33, 018
30, 960
31, 082
29, 056
34, 049
31,360
Group
do
33,487
28, 400
68, 528
88, 920
76, 236
68, 570
64,837
59, 604
58, 264
69,319
72, 129
Industrial
_ _ _
_ do
69, 298
61, 357
71,300
254, 922
306, 240
242, 037
231, 702
229, 032
243, 139
283, 366
276, 903
240, 632
Ordinary.
do
236, 457
233, 845 255, 891
r Revised.
cTSurrender values include premium notes and liens voided by lapse.
t Excluding accident and health premiums which were not reported prior to January 1948; these premiums totaled $233,046 for January-September 1948. The reporting companies accounted
for 84 percent of total premium income of all U. S. legal reserve life insurance companies in 1946; it should be noted that the coverage is now expressed in terms of premium income instead of
in terms of percentage of total business outstanding of all companies. Minor revisions for total collections and industrial for 1946-June 1947 are available upon request.
*New series. The new data measuring assets of all life insurance companies are estimated totals for all legal reserve companies based on reports from about 130 companies accounting for
92 to 95 percent of the total. Annual data back to 1916 and monthly data back to January 1945 are available upon request. The data for 49 companies, based on actual reports, replace the
data formerly shown for 36 companies; the 49 companies accounted for about 90 percent of the total assets of all legal reserve companies at the end of 1946; monthly data back to January 1947
are available upon request. Assets for the accident and health business of life insurance companies are included in the total assets of all companies and of the 49 companies but are only partially
included in the security and mortgage data; accident and health assets amounted to less than 1 percent of total assets of life insurance companies in 1947.
t Revised series. Investment in capital stock of the RFC Mortgage Company and the Federal National Mortgage Association has been eliminated and, in lieu thereof, loans and purchases of the subsidiary corporations are included. Loans made by the Smaller War Plants Corporation prior to its transfer to RFC for liquidation, included in previous figures for business
enterprises beginning March 1946, and loans to U. S. Commercial Company, an RFC subsidiary, and to the Defense Homes Corporation, formerly included under "national defense," have
to the United Kingdom and the Philippines were formerly included in figures for "other loans." "Mortgages purchased'' includes mortgages partially guaranteed by the Veterans' Administration and mortgages insured by FHA. RFC equity in mortgage loans of the Defense Homes Corporation, which was transferred to RFC in July 1948 for liquidation, is included in "other
loans'" beginning July 1948. Data on the revised basis are available only beginning May 1947.




SURVEY OF CUERENT BUSINESS

S-18
Unless otherwise stated, statistics through
1946 and descriptive notes may he found in
the 1947 Supplement to the Survey

December 1948
1948

1947

October

November

December

January

February

March

April

May

0. 2977
.0228
.0544
.9063
.5701
4. 0047
8
. 3017
.2058
.3776
.2783
4.0315

0. 2977
.0228
.0544
.9227
.5701
4. 0047
5
. 3017
.2057
.3775
.2783
4. 0312

10.2977
.0228
.0544
.9323
*. 5701
4. 0047
». 3017
.2057
.3772
.2782
4. 0313

23, 169
23,137
-63, 376 -111, 546
27, 385
28, 178
127, 328 T262, 334
r
60, 861
59, 507
38, 452
38, 545
10, 070
10, 012
5 650
6,372

23, 304
-2, 841
61, 887
213, 214
r
60, 981
38, 672
10, 047
6 078

July

June

Septem-

October

0.2977
.0228
.0544
.9270
(2)
4.0047
1.3017
(fl)
.3762
.2782
4. 0315

0. 2977
.0228
.0544
.9218
(2)
4. 0047
«. 3017
(•)
.3760
.2782
4. 0315

0. 2977
.0229
.0544
.9290

23, 725
59, 475
47, 353
86, 431

23, 872
98, 137
25,993
79,283

9 24, 004
970
8,337
129, 908

10, 689
7,661

7,388

August

FINANCE—Continued
MONETARY STATISTICS
Foreign exchange rates:
0 2977
Argentina
dol per paper peso
Belgium _
dol. per franc
.0228
Brazil
dol. per cruzeiro
.0544
.8999
Canada, free rate§
d'ol. per Canadian dol
5698
Colombia
dol per peso
.0084
France._
_
dol. per franc..
3017
India
dol per rupee
Mexico
dol. per peso
.2058
Netherlands
dol per guilder
3776
Sweden
dol. per krona
.2782
4. 0310
United Kingdom, free rate
_.dol. per £_.
Gold and silver:
Gold:
Monetary stock, U. S._
mil. of dol__
22, 294
Net release from earmark •
thous. of dol. . -3, 968
5,619
Gold exports
do
Gold imports
_ __
.do
456, 450
Production, reported monthly, total t
do
60, 644
37 776
Africa t
do
9,057
Canada
do
United States
do
7 733
Silver:
Exports _
do
2,509
Imports
_
do
6.087
Price at New York
dol. per fine oz
.716
Production:
1,094
Canada
thous. of fine oz
Mexico
do
3 900
United States
._
do
3,243
Money supply:
Currency in circulation
mil. of dol__
28,552
Deposits adjusted, all banks, and currency outside banks, total
mil. of dol_. 169, 700
Currency outside banks
__ _ d o
26, 200
Deposits, adjusted, total, including U. S. deposits
mil. of dol. _ 143, 500
Demand deposits, adjusted, excl. U. S-.do
85, 400
Time deposits, incl. postal savings __do 56, 300
Turn-over of demand deposits, except interbank and
U. S. Government, annual rate:
New York City
ratio of debits to deposits
23.9
Other leading cities
do
18 2

i 0. 2977
.0228
.0544
.9283
(2)
4.0047
• . 3017
8.2057
.3765
.2782
4.0314

0. 2977
.0228
.0544
.8959
.5698
.0084
.3018
.2058
.3777
.2783
4. 0305

0. 2977
.0228
.0544
.8836
.5698
.0084
.3018
.2058
.3770
.2783
4. 0313

0. 2977
.0228
.0544
.9046
.5699
3. 0084
.3017
.2058
.3765
.2783
4. 0307

0. 2977
.0228
.0544
.8906
5701
*. 0047
.3017
.2058
.3771
.2783
4. 0311

22, 614
-82, 786
1,600
267, 301
59, 738
37, 396
8,826
5,791

22, 754
-44, 592
2,509
180, 674
60, 433
38 034
9,614
6 828

22, 935
-14,859
6,590
241, 568
r
60, 377
39, 079
9,568
6,214

23,036
-72, 165
2,560
161, 948
r
57, 211
36,561
9,156
5,489

1,042
6,917
.746

352
3,296
.746

1,636
7,222
.746

220
6,196
.746

229
5,331
.746

5,763
5,560
.746

2,564
9,146
.746

42
5,747
.746

278
4,352
.746

13
4,781
.738

52
5,758
.753

954
3,600
3,589

921
3,900
3,724

958
3,700
3,938

1,036
3,800
2,070

1,099
3,900
3,383

1,090
3,600
3,216

1,073
3,400
3,253

1,194
4,500
3,085

1,782
3 700
2,721

1,518
3,900
2,327

3,800
3,466

2,957

28, 766

28,868

28,111

28,019

27, 781

27, 716

27, 812

27, 903

27, 866

28,055

r 28, 118

9 28, 170

170, 300
26,500

171, 446
26, 476

170. 200
25, 800

168, 900
25, 700

r

166, 400 ' 167, 500 ' 167, 600 ••167,875
25, 600
25, 400
25, 400 r 25, 638

143, 800
85, 900
56, 000

144, 970
87, 123
56, 395

144, 400
86,600
56, 500

143, 200
84,600
56,800

r

140, 800 ' 142, 100 ' 142, 200 r 142, 237 9 143, 100 9 143, 500 9 144,000 9 144, 660
' 81, 500 ' 82, 700 ' 382, 800 '82,697 v 83, 400 9 83, 800 9 83, 900 9 85, 030
56,900
56,900
57, 000 r 57, 360 v 57, 300 9 57, 300 9 57, 300 9 57, 310

26.5
19.8

29.9
20 0

26.2
18.7

25.6
18.6

0. 2977
.0228
.0544
.8928
.5701
«. 0047
.3017
.2058
.3775
.2783
4.0313

26.4
19.1

26.5
18.6

23,532
23, 679
81, 671 -188, 411
44, 782
2,486
222, 523 r269, 178
r
60, 112
60, 378
38, 308
39, 013
10, 113
10, 367
5,719
6 180

28.0
19.1

27.9
18.7

r

(2)

4.0047
8. 3017
6. 1444
.3760
.2782
4.0314

61
6,910
.772

168, 600 9 169, 100 9 169,700 9 170, 320
*>25 500 »25 600 9 25, 700 9 25, 660

26.6
19 1

23.9
18 5

27.5
19 4

27.9
19 3

PROFITS AND DIVIDENDS (QUARTERLY)
Industrial corporations (Federal Reserve):
Net profits, total (629 cos.)
... . mil. of dol
Iron and steel (47 cos.)
do
Machinery (69 cos.)
do
Automobiles (15 cos.)
.
do
Other transportation equip. (68 cos.) _ do _
Nonferrous metals and prod. (77 cos.)
do
Other durable goods (75 cos.)
... do __
Foods, beverages and tobacco (49 cos.) do
Oil producing and refining (45 cos.)
do
Industrial chemicals (30 cos.)
_..
do Other nondurable goods (80 cos.)
do
Miscellaneous services (74 cos.)
do
Profits and dividends (152 cos.):
Net profits
do
Dividends:
Preferred
do
Common
_ _
do
Electric utilities, net income (Fed. Res.)
do
Railways and telephone cos. (see p. S-23).

1 033
112
105
115
7 46
59
71
108
160
88
90
80

1,029
r
114
89
129
?64
46
64
77
192
91
101
57

501

529

23
283
160

22
207
186

r

1, 101
r
110
r
92
T
151
r7
69
• rr 53
71
'86
194
r
98
100
r 77

r

9 1 178
9 150
*>93
t 163
9 7 68
9 59
9 78
»91
9 186
9 103
9 107
9 80

559

9 610

22
218
156

9 22
9 223
9 143

SECURITIES ISSUED
Commercial and Financial Chronicle:
Securities issued, by type of security, total (new
741
1,409
541
936
652
capital and refunding)
mil. of dol. _
1,160
857
813
965
714
666
983
856
New capital, total
___do
802
769
1,029
495
591
713
608
1,257
899
902
630
576
681
495
801
1 221
768
591
608
1,026
Domestic, total
_
do
713
888
629
574
651
531
562
546
926
365
560
374
470
584
444
Corporate
do
599
456
378
259
o
o
0
0
31
39
50
35
Federal agencies
„ ...do
37
16
21
67
35
114
99
114
217
156
182
101
630
Municipal, State, etc
do
283
118
118
273
237
1
1
11
2
4
0
2
0
0
0
37
Foreign
_
_
_.do
251
150
134
152
46
166
61
130
56
Refunding, total
do
101
89
85
66
81
175
152
166
Domestic, total
_
do
134
46
56
61
101
130
66
89
85
81
175
3
4
2
14
50
84
83
97
76
29
Corporate
do
15
19
26
114
54
39
48
45
42
49
Federal agencies
__
do
20
34
62
68
56
123
1
1
1
2
2
3
5
2
6
2
8
3
Municipal, State, etc ___do _
50
(8)
0
0
0
0
o
o
o
o
0
0
o
o
Foreign
do
Securities and Exchange Commission:
1,234
2,128
1,376
1,552
2,029
1,407
2,428
1,170
Estimated gross proceeds total J
do
1 723
1,620
1 787
2 507
1 207
By type of security:!
1,324
1,332
1,983
' 1, 948
1,297
1,074
' 2, 218 '1,084
1,459
Bonds and notes, total
__do _
2,463
1,651
1 134
1 701
991
294
393
642
426
392
526
493
530
310
Corporate
do
171
401
597
119
21
107
150
28
170
58
Common stock
_
__do
26
50
30
34
35
61
72
24
31
11
49
25
51
61
Preferred stock. __ __
do
52
111
14
40
69
* Revised. 9 Preliminary.
1 June average is based on quotations through June 22, July average on quotations beginningJuly 15; the latter is shown for "regular" products, earlier data as official rate.
2
Quotations not available after June 10. 3 Based on quotations through January 23 when franc was devaluated.
4
Official rate. The February figure is based on quotations beginning February 10; the free rate for this period through August is $0.0033, thereafter $0.0032.
5 Excludes Pakistan, fl Quotations not available July 22-October 12. 7 Partly estimated.
8
Less than $500,000. § Official rate since July 4, 1946, is $1,000 • Or increase in earmarked gold (—). ^Revisions for January-August 1947 are available upon request.
fRevised series. Beginning in the July 1948 Survey figures for Africa and the total include production in Belgian Congo and the total includes also production in Mexico and revised figures for Australia. Data for Belgian Congo and Mexico were not available currently from May 1940 and March 1942, respectively, until July 1948 and figures reported through May 1940 for
Belgian Congo represented only about 50 percent of production while those previously included for Australia after December 1943 covered Western Australia only. Revised annual figures for
1938-46 and monthly figures for January 1946-April 1947 for the total and Africa are available upon request.




SUKVEY OF CURRENT BUSINESS

December 1948
Unless otherwise stated, statistics through
1946 and descriptive notes may be found in
the 1947 Supplement to the Survey

S-19
1948

1947

October

November

December

January

February

March

April

August

July

June

May

September

October

FINANCE—Continued
SECURITIES ISSUED—Continued
Securities and Exchange Commission— Continued
Estimated gross proceeds J— Continued
By type of issuer:
Corporate total
mil of dol
Industrial
do
Public utility.
do . _
Railroad
do
Real estate and
financial
._ _ _ _do
Non-corporate, total
do
Federal agency not guaranteed
_ -do
U. S. Government-.
do
State and municipal
_
. _do_ _
Foreign governments
do
Nonprofit
_
_do
New corporate security issues :J
Estimated net proceeds, total
do
Proposed uses of proceeds:
New money, total
_ _ __
do
Plant and equipment
do
Workine; capital
.
do _ _
Retirement of debt and stock, total
do
Funded debt
- ..
do. _ _
Other debt
do
Preferred stock.. _ _
do_ _.
Other purposes
-do
Proposed uses by major groups: •
Industrial, total
_ _ __ __do
New money
do
Retirement of debt and stock
do
Public utility, total
do
New money _
do. _ _
Retirement of debt and stock
-do
Railroad, total.
_ _
do
New money
- -do
Retirement of debt and stock
do
Real estate and financial, total
do
New money
do
Retirement of debt and stock
-do
State and municipal issues (Bond Buyer) :
Long term
thous. of dol_.
Short term
do

1

542
198
285
37
22
692
0
589
103
0
0)

1 170
601
515
20
34
957
0
854
101
0
1

627

528

1,155

340

594

679

626

395

549
395
154
54
17
18
19
25

425
354
71
96
'69
19
7
7

1,026
905
121
97
51
43
2
r
33

294
193
101
32
6
26
0
14

546
309
237
47
14
22
12
1

560
343
217
114
83
30
1
6

434
334
100
166
62
104

25

356
297
60
21
1
20
0
18

270
228
40
307
282
9
35
31
4
16
g
(i)

193
127
64
278
246
31
37
37
0
21
15
1

593
497
82
510
498
11
20
20
0
33
11
3

95
70
24
164
149
6
23
23
0
57
52
2

425
390
35
119
106
12
34
34
0
16
15
1

123
83
40
320
281
36
80
42
37
157
153
(i)

269
154
110
265
233
31
51
32
19
41
16
7

121, 034
85, 242

105, 875
23,010

101, 195
148, 464

125, 763
77, 416

227, 408
79, 895

639, 938
103, 453

241
651

227
373

282
424

272
488

291
483

606
616
257

593
617
247

393
578
612
240

568
622
217

537
596
208

636
273
312
35
17
1,792
0
1,673
118

o

346
98
167
24
57
1,030
0
913
116

o

0)

613
441
121
35
16
939
0
718
220

o

0

636
273
269
52
42
771
0
597
174

405
158
219
24
4
764

654
97
410
84
63
966

574
282
178
69
46
1,933

244
127
76
30
11
963

473
121
265
42
45
1,250

574
190

680
286

1,813
120

1,128

o

526
287
150
(i)

122

o
o

0
825
279
0
(i)

642

564

238

465

675

563
449
114
74
4
45
26
5

424
307
117
99
8
91
(i)
40

222
164
58
15
4
11

399
293
106

644
526
118

42
10

28
10

I

f 24

18
0
2

152
120
19
216
209
2
24
24
0
4
3
(i)

93
70
19
403
363
40
83
69
14
62
60
(i)

275
168
94
176
149
(i)
68
68
45
39
6

123
113
10
75
73
2
30
29
1
10
8
2

118
108
6
262
226
36
41
41
0
43
25

167, 626
94 387

196, 141
24 857

307, 848
59 759

258 299
104 759

318 816
150 303

280
454

278
390

260
276

284
279

420
420

550
592
229

572
614
241

615
619
258

332
619
576
283

608
577
288

688
126
325
81
157
1 341
0
708
633
(i)

o

o
o

o

o

(i)

o

o

o
o

o

(i)

o

o

o

683
375
236
62
9

1,104

28
4

o

(i)
r

119,039

372
351
20
232
224
8
62
62

o

9
8
(i)

100 402

277 172
43 138

471
416

392
301

266
263

573
551
252

570
550

r

COMMODITY MARKETS
Volume of trading in gram futures:
Corn
Wheat
.

mil of bu
do

SECURITY MARKETS
Brokers9 Balances (N. Y. S. E. Members
Carrying Margin Accounts)

Cash'on hand and in banks
_. ._ _ mil.ofdoL
Customers' debit balances (net)
do
Customers' free credit balances
do
Money borrowed
do

238

580
540
252

Bonds
Prices:
Average price of all listed bonds (N. Y. S. E.),
total §
dollars-99.84
100.46
99.62
100.19
100.04
99.97
101. 19
99.77
99.87
101. 72
100.80
99.93
99.79
Domestic
_.
_ __ _ do _
100.35
100. 93
100. 11
101. 65
100. 27
100 40
102 30
101 35
100 54
100 47
100 74
100 59
100 30
Foreign
do
67.61
71 90
68 96
70 51
68 77
66 93
65 20
65 99
67 65
66 45
66 85
66 62
68 19
Standard and Poor's Corporation:
Industrial, utility, and railroad:
High grade (12 bonds) t— dol. per $100 bond-'97.9
99.6
98.1
98.5
99.4
98.1
100.2
99.4
101.1
98.2
99.2
98.3
97.8
Medium grade: t
92 9
Composite (14 bonds)
do
95.7
94.5
92.7
91 2
90.5
91 4
90 7
92 8
94 6
94 4
93 2
91 9
Industrial (5 bonds)
do
101.2
94.3
94.5
94.9
100.7
96.5
99.7
98.2
99.3
98.1
97.5
96.8
95.7
Public utility (4 bonds)
_ do 101.2
99.8
94.1
96.0
96 3
96 7
95 6
96.0
95 0
95 6
94 6
94 4
95 0
Railroad (5 bonds)
_
do
84.7
82.2
85 9
82.1
82 2
82 1
89 1
89 8
87 2
83 5
86 8
86 9
85 8
Domestic municipal (15 bonds)
do
122.6
129.4
126.2
132.5
124.5
123.1
125.7
127.8
126.5
124.0
127.0
124^4
124.5
U. S. Treasury bonds, taxable
do. _.
103. 44
102. 11
101. 59
100.70
100 82
101 23
101 20
100.78
100. 84
100.70
100 70
100 69
100 73
Sales:
Total, excluding U. S. Government bonds:
All registered exchanges:
Market value
thous. of dol__
85, 862
60, 126
63, 949
98, 892
145, 181
67, 055
90, 704
87, 151
87, 363
68, 289
50, 449
51, 238
57, 684
Face value __
_
_
do
78 518
84, 508
121, 655
87, 497
134, 381
186, 213
119 745
95, 180
132 534
123 899
90 827
67 315
67 313
New York Stock Exchange:
Market value
_ _ _ d o 78, 192
59, 511
137, 971
56, 161
62, 799
93, 971
81, 942
83, 047
85, 560
64, 672
47 699
48 470
54 152
Face value
do
79, 154
112, 210
81,663 178, 255 128, 055
89, 511
125 834
113 325 117, 483
86 380
63 479
63 847
74 282
New York Stock Exchange, exclusive of stopped
sales, face value, total
thous. of dol_. 105, 990
81, 823
141, 873
69, 745
85, 367
111,380
114, 479
104,021
108, 954
75, 831
55, 967
62, 902
72, 582
U. S. Government. __ - do_ „
219
39
125
185
16
79
51
60
52
306
41
258
137
69, 729
105, 771
81, 784
141, 748
85, 288
Other than U. S. Government, total §
do
111,195
114, 428
103, 961
108, 902
75, 525
55, 926 r 62, 644
72, 445
131,041 102, 419
95, 246
63,511
Domestic
do
74, 326
106, 223
73, 830
96, 286
99, 580
69 138
51 100
56 870
66 631
Foreign
do
9,265
6.431
8,581
5.846
7,013
6.198
4.606
5. 67ft
7.474
8.975
10. 721
7.931
R 71 3
r
Revised.
i Less than $500,000.
{Revisions for January-August 1947 are available upon request.
§ Sales figures include bonds of the International Bank for Reconstruction and Development not shown separately; these bonds are included also in computing average price of all listed
bonds.
fRevised series. The price series for high grade bonds is based on average yield of 12 bonds through August 1948 and 11 bonds thereafter, converted to a price basis by assuming a 2%
percent bond with 30 years to maturity. The series for medium grade bonds are converted from yields of 14 bonds through August 1948 and 12 bonds thereafter (number of industrial and
railroad bonds each reduced to 4 in September 1948), assuming a 3 percent coupon with 30 years to maturity; these series replaces the series for medium and lower grade bonds shown in the
Survey of August 1948. Both series are average of daily figures.




SURVEY OF CURRENT BUSINESS

S-20
Unless otherwise stated, statistics through
1946 and descriptive notes may be found in
the 1947 Supplement to the Survey

December 19-18

1947

October

November

1948
December

January

February

March

April

May

June

July

S6

berm"

August

October

FINANCE—Continued
SECURITY MARKETS—Continued
Bonds—Continued

Value, issues listed on N. Y. S. E.:
Face value, total, all issuescf
mil. of dol._
Domestic
do _ _
Foreign
do
Market value total all issues <$
do
Domestic
do
Foreign
do
Yields:
Domestic corporate (Moody's)
percent..
By ratings:
Aaa
do
Aa
-do
A
do
Baa
-do
By groups:
Industrial
do
Public utility
- - do
Railroad
- _- .do
Domestic municipal:
Bond Buyer (20 cities)
do _
Standard and Poor's Corp. (15 bonds) ... -do
U S Treasury bonds taxable
do

136, 711
134, 346
2,115
138, 336
136, 568
1,521

136, 879
134, 556
2,073
137, 509
135, 804
1,462

136, 727
134, 347
2,130
136, 207
134,500
1,469

136, 543
134, 173
2,120
136, 232
134, 537
1,458

136, 531
134, 170
2,111
136, 313
134, 645
1,427

134, 201
131, 835
2,116
134, 167
132, 544
1,379

134, 297
131, 931
2,116
134, 546
132 903
1,396

134, 300
131, 931
2,119
135, 370
133 714
1,408

131, 481
129, 116
2,115
133, 746
132 085
1,415

131, 593
129, 230
2,113
131,645
129 995
1,408

131, 707
129 345
2,112
131 610
129 957
1 412

131, 294
128 980
2,064
131 128
129 491
1 396

131,
128
2
130
129
1

226
923
054
94 '5
304
4CO

2.95

3.02

3.12

3.12

3.12

3.10

3.05

3.02

3.00

3.04

3.09

3.09

3 11

2.70
2.79
2.95
3.35

2.77
2.85
3.01
3.44

2.86
2.94
3.16
3.52

2.86
2.94
3.17
3.52

2.85
2.93
3 17
3.53

2 8^
2.90
3 13
3.53

2 78
2.87
3 08
3.47

2.76
2.86
3 06
3.38

2.76
2.85
3 03
3.34

2.81
2.89
3.07
3.37

2
2
3
3

2
2
3
3

2
2
3
3

2.76
2.87
3.22

2 84
2.93
3.30

2.92
3.02
3.42

2.91
3.03
3.44

2 90
3 03
3.43

2 89
3 01
3.40

2 85
2 97
3 34

2 82
2 95
3.27

2 80
2 96
3.23

2 84
3.02
3.26

2 89
3 07
3 31

2 88
3 07
3 32

2 90
3.07
3. 35

1.97
2.02
2.27

2 09
2.18
2.36

2.35
2.35
2.39

2.40
2.45
2.45

2 48
2.55
2 45

2 42
2.52
2 45

2 34
2.38
2 44

2 23
2.31
2 42

2 27
2.26
2 41

2.28
2.33
2.44

2 39
2.45
2 45

2 43
2.46
2 45

2 41
2. 45
2 45

427 4
60.6
199.6
6.9

176 9
23.2
101.2
1.3

1 139 6
98.7
726.9
99.9

527 8
100.5
224.9
6.6

199 4
33^7
99.3
1.4

595 5
34.0
370 0
40.4

456
62
196
6

0
9
1
8

168 9
23.6
93 8
2.4

725 6
58.9
653 8
75.6

498 2
105 0
227 0
7.0

207
40
114
2

8
1
0
2

42 8
418 4
81 1

474 7
67 4
229 4
8.6

50.7
47 7
13.2
36.7
12.0

.3
35 9
4.0
8.5
2.5

13.1
46.0
51.3
67.3
36.4

53.7
50 5
23.7
55.9
12.0

.3
37 2
8 2
17.1
2.2

10 6
56 0
22 4
43.5
18 6

54
52
30
42
11

3
5
1
1
2

3
35 3
30
7.6
2 9

14 6
43 5
38 9
40.1
23 7

54
44
14
34
12

34
6
7
2

3
5
3
5
9

99 ft
4O c
IS c

2.46
2.44
3.21
1.88
2.32
1.88
47.09
47.22
56 88
30.42
5.22
5.17
5.64
6.18
4.48
3 63

2.54
2 54
3.20
1 86
2.32
1.88
45.86
46. 33
53 12
29.35
5 54
5.48
6 02
6.34
4 68
3 57

2.55
2.56
3.20
1.85
2.32
1.88
46.85
47.34
53.00
32.14
5.44
5.41
6.04
5.76
4.70
3 50

2.56
2 57
3.22
1 84
2.32
1.88
45.58
45.42
54 56
31 87
5 62
5.66
5 90
5.77
4 63
3 49

2.56
2 58
3.21
1 84
2.32
1 88
43.57
43 20
53 38
30 36
5 88
5 97
6 01
6 06
4 77
3 62

2.59
2 60
3 21
1 94
2 32
1 88
46. 53
46 60
53 89
32 96
5 57
5 58
5 96
5 89
4 60
3 40

2.62
2 64
3 22
1 94
2 32
1 88
47.95
48 02
54 89
34 93
5 46
5 50
5 87
5 55
4 50
3 29

2.65
2 68
3 21
1 94
2 33
1 88
50.36
50 77
56 78
37 22
5 26
5 28
r 5 65
5 21
4 43
3 09

2.67
2 69
3 21
1 99
2 33
1 86
50.24
50 77
56 50
37 53
5 31
5 30
5 68
5 30
4 54
3 34

2.69
2 73
3 26
1 99
2 33
1 86
48.45
48 60
56 25
35 54
5 55
5 62
5 80
5 60
4 72
3 53

84
94
13
44

84
93
13
45

84
94
15
50

Stocks
Cash dividend payments publicly reported:
Total dividend payments
mil of dol
Finance
-- do
Manufacturing
_ do
Mining
do
Public utilities:
Communications
_
_do. _
Heat light and power
do
Railroad
- _-do_ _
Trade
-_.do_ .
Miscellaneous
- - do
Dividend rates, prices, yields, and earnings, 200
common stocks, Moody's:
Dividend rate per share (200 stocks)*
dollars..
Industrial (125 stocks)
do
Public utility (25 stocks)
_ _ _ _ _ _ do. .
Railroad (25 stocks)
do
Bank (15 stocks)
. . .. _ - d o _ _
Insurance (10 stocks)
_ do. _
Price, per share, end of month (200 stocks) *_ .do
Industrial (125 stocks)
. _-do_ _
Public utility (25 stocks)
do
Railroad (25 stocks)
. do_ _
Yield (200 stocks) t
percent
Industrial (125 stocks)
-__do
Public utility (25 stocks)
do
Railroad (25 stocks) _
__-do_ _
Bank (15 stocks)
do
Insurance (10 stocks)
do
Earnings per share, quarterly: *
Industrial (125 stocks)
dollars..
Public utility (25 stocks)
-do
Railroad (25 stocks) _ _
do
Dividend yields, preferred stocks, high-grade, 15
stocks (Standard and Poor's Corp.) .. .percent. .
Average price of all listed shares (N. Y. S. E.)
Dec. 31, 1924 = 100..
Dow-Jones & Co. (65 stocks).
_dol. per share. _
Industrial (30 stocks)
_do
Public utility (15 stocks)
do
Railroad (20 'stocks)
..
.
do. .
Standard and Poor's Corporation:
Industrial, utility, and railroad: §
Combined index (416 stocks) ...1935- 39= 100 ..
Industrial (365 stocks)
do ._
Capital goods (121 stocks)
do
Consumers goods (182 stocks)
do
Public utility (31 stocks)
do
Railroad (20 stock*5)
do
Banks N Y C. (19 stocks)
do
Fire and marine insurance (18 stocks) . do. _ .
Sales (Securities and Exchange Commission) :
Total on all registered exchanges:
Market value
mil. of dol
Shares sold
thousands.
On New York Stock Exchange:
Market value
mil. of dol_.
Shares sold
thousands
Exclusive of odd lot and stopped sales (N. Y.
Times)
_ _ .thousands _ _
Shares listed, New York Stock Exchange:
Market value, all listed shares
mil. of dol..
Number of shares listed
millions.

6.22
3. 33
6.03

6.32
3 34
2.85

0
7
0
4
1

2.77
2 82
3 26
2 04
2 33
1 86
48.61
48 60
56 17
36 59
5 70
5 80
5 80
5 58
4 54
3 49

6 75
3 64
7 05

I C Q

2.80
2 84
3 25
2 1Q
2 33
I

Of!

47.05
4ft

87

qc rvo

5
6 Oft
S on
6 ne

QC

53 2
46 7
16 'I
42.9
10 3

2.90
2 97
3 28
2 24
2 33
1 87
49.87
50 07
56 5 f >
36 \V
5 g^i
5 9q
5 80
6 20
4 4e
3 16

P 7 15
p
3 80
p 9 60

3.86

4.01

4.07

4.13

4.18

4.12

4.12

4.09

4.04

4.10

U.20

M.20

2 4.28

78.7
63.93
181. 92
35 48
49.44

75.8
63.98
181. 42
34.10
47.79

76.8
63.66
179. 18
33.04
49.46

73.9
63.61
176. 26
33 06
51.44

70.5
60.91
168. 47
31 95
49.19

75.5
61.75
169 94
32 24
50.64

78.0
66 03
180 05
33' 75
56 03

82.8
69.11
186 38
35 16
60.32

82.3
70 61
191 05
35 73
61 37

78.2
69 97
187 05
35 39
62 34

77.7
67 99
181 77
34 65
60 29

75.0
67 69
180 33
34 74
60 23

78.8
69 00
185 19
35 20
60 62

125.1
131.1
119.2
132.8
101.0
104.2
96.7
116.4

123.6
130.3
118.9
131.1
97.2
100.1
94.8
117.3

122.4
129.2
117.5
128.4
94.0
103.9
91.0
116.9

120.1
126.0
115.0
125.1
95.1
106.5
93.9
119.6

114.2
119.2
108.9
117.8
92.6
101 9
91.2
117.7

116.4
121.8
111 4
118.9
93.0
105 2
92 5
119.5

124.6
130 8
119 9
125.6
96 2
115 2
94 2
125 4

130.2
136.9
125 0
131.1
99 2
122 6
97 5
131.1

135.1
142 7
129 8
135.3
100 6
125 6
96 6
132 7

131.9
138 9
126 8
132.0
99 5
124 7
94 3
127 3

127.1
133 5
121 6
128.3
97 3
119 7
95 0
122 8

125.7
131 7
121 1
127.2
97 3
120 4
96 1
125 1

127.8
134 3
123 9
128.0
97 4
120 9
96 0
161 3

1,230
55, 736

812
37, 277

1,178
53, 160

924
40,123

777
34, 336

897
41, 447

1 433
63 059

1 717
77 141

1 456
62 659

1 108
45* 256

740
30 823

746
32 322

892
40 590

1,043
40, 620

681
26, 326

1,003
38, 688

785
28, 696

659
24 704

759
29 774

1 219
45 304

1 468
57 504

1 225
46 322

934
32 877

624
21 758

626
22 649

748
29 078

28, 635

16, 371

27, 605

20, 218

16, 801

22, 993

34, 613

42 769

30 922

24 585

15 039

17 564

20 434

68, 884
1,879

67, 026
1,896

68,313
1,907

66, 090
1,923

63,158
1.928

67, 757
1.933

70, 262
1,938

74, 704
1 962

74, 507
1 977

71, 056
1 991

70, 862
1 998

68, 614
2 004

72, 186
2 008

2
' Revised.
* Preliminary.
1 Data based on 14 stocks.
Data based on 11 stocks.
cf Total includes bonds of the International Bank for Reconstruction and Development not shown separately.
§ Number of stocks represents number currently used; the change in the number does not affect the continuity of the series.
*New series. The new series on dividend rates for 200 common stocks, which replace similar data formerly shown for 600 stocks, price per share, and earnings and the revised series for
yields of 200 common stocks are for an identical list of companies. Dividends are at annual rates and are determined at the end of the month on the basis of the most recent declarations.
Yields are obtained by dividing per share dividends by per share prices. Earnings are net after taxes a?id contingencies less preferred dividend requirements (whether actually paid or not)
and are quarterly earnings (partly estimated) at annual rate; for utilities only they are for the !2 months 3nded each quarter. The number of shares used to obtain per share figures represents
number outstanding per companies' balance sheets adjusted for stock splits, etc., so as to be comparable with number outstanding December 31, 1946. A more complete description of the
series and data beginning 1929 will be published later.
t Revised series. The yield series for utility stocks has been revised to include only operating utilities beginning 1946 and earlier data have been revised back through 1942. There have
been minor revisions in the yield series for industrial and insurance stocks and revisions in the railroad series beginning in 1946. Revisions through April 1947 will be shown later.




SURVEY OF CURRENT BUSINESS

December 1948
Unless otherwise stated, statistics through
1946 and descriptive notes may be found in
the 1947 Supplement to the Survey

S-21
1948

1947

October

November
•

December

January

February

March

April

July

June

May

August

September

October

FOREIGN TRADE
INDEXES
Exports of U. S. merchandise:
Quantity!
1923-25=100
Valuet
do .
Unit value
do
Imports for consumption:
Quantity
do
Value- _.
do _
Unit value
A _ _
do. _
Agricultural products, quantity:
Exports, domestic, total:
Unadjusted!
1924-29= 100
Adjusted!
do
Total, excluding cotton:
Unadjusted!
do
Adjusted!
_ _ _.. do
Imports for consumption:
Unadjusted
do
Adjusted
do _

198
269
136

197
272
138

194
263
135

185
246
133

271

145
187
129

134
177
132

'141
185
131

139
184
133

189

79
99

73
95

88
121

92
93

91
73

133
163

124
146

123
149

148
188

161
148

152
121

124
109

86
80

96
99

112
122

93
103

104
113

99
103

5, 125
5,036

4,780
4,438

7,781
4,682

8,050
5,735

' 8, 060
r
5, 055

8,356
5, 321

1,120
936
187

1,103
921
182

1,013
(i)
(i)

1,022
0)

-•986
0)
(0

63, 908
64, 596 r 68, 022
209, 243
193, 251
180, 610
352, 362 r 335, 790 «• 333, 466
155, 105
171, 622
178, 846
' 149, 369 ' 119, 169 ' 114, 938
141, 468
172, 548 r 134, 324

66, 998
180, 920
323, 182
169, 158
106, 863
141, 098

3,319
44, 376

1, 531
45, 578

3,465
42, 278

' 8, 571
6,814
10, 760
7,913
35, 494
22, 824
25, 005 ' 32, 294
12, 093 »• 18, 060
7,435
7,473
39, 530
36, 857

7,881
7,227
26,633
26, 519
46, 791
' 8, 557
r
39, 561

7,778
4,088
18, 968
19,373
40, 172
5,218
33, 396

5,711
4,899
7,737
31, 161
26, 390
7,425
26, 028

69, 399
61, 516
47, 589
204
45, 726

37, 495
80, 821
21, 990
412
' 65, 649

37, 717
80, 966
23, 824
1,178
53, 713

30, 819
57 779
26,263
89
54, 617

152, 713
240, 228
21,850
37, 090
6,372
13, 717
30,911
46, 854
43, 671
1,013

165, 533
232, 818
16, 507
35, 997
8, 028
13, 449
30, 003
37, 491
46, 905
"•977

165, 981
208, 276
19,010
33, 115
7,599
12, 005
28, 863
36, 419
36, 776
916

130 592
113,461
103, 457
115, 231
550, 309

119, 151
139, 029
107, 338
107, 622
506, 303

124, 178
107, 238
97, 297
91, 563
495, 819

281, 020
28, 673
15, 844
159, 535
11, 608

293, 615
21, 002
16, 307
190,154
11,011

265, 869
30, 755
18, 942
143, 296
10 722

263
346
131

237
315
133

229
312
136

213
290
137

208
289
139

223
304
136

'220
'298
136

216
293
136

136
158
117

118
141
120

143
176
124

140
175
125

141
180
128

154
200
130

126
165
131

132
170
130

105
80

92
77

93
80

86
87

85
104

91
103

80
101

183
144

154
135

147
133

134
142

139
175

143
162

101
102

89
96

114
118

123
115

111
107

10, 461
4,454

9,180
4,133

6,575
4,509

5,796
3,959

5,312
4,173

1,185
1, 095
90

1,172
1,046
126

1,092
925
165

1,086
920
166

72, 208
203, 075
398, 212
181, 038
149, 991
180, 402

57, 507
215, 258
388, 700
152, 054
161, 063
197, 889

4,718
34, 243

3,514
32, 513

2,439
38, 273

3,058
36, 698

2,862
36, 610

3,455
49, 593

19, 869
5,742
15, 835
26, 091
32, 365
8,728
40, 202

21,324
6,901
18, 682
30, 219
38, 397
5,818
40, 486

14, 203
6,733
18,011
29, 354
30, 239
6,967
42, 632

9,706
7,962
21,891
18,006
37, 888
5,536
43, 584

9,201
6,868
23. 504
18, 489
24, 108
6,248
41, 540

6,446
11,177
31, 364
32, 762
11,797
8,308
41,851

57, 764
29, 016
40, 663
10, 384
62, 726

56, 049
41,761
32, 308
15, 137
58, 049

70, 859
62, 015
36, 442
7,479
72, 397

r 57, 217
61, 209
40,165
5,175
60, 078

176, 213
315,088
58, 024
45, 525
8,193
18, 297
51, 383
52, 215
34, 514
1,173

146, 956
341, 226
56, 811
55, 316
9,873
20, 559
45, 770
60, 022
40, 183
1,164

136, 707
280, 894
51,065
45, 779
8,028
19, 099
33, 752
44, 252
35, 359
1,082

148, 783
139,200
270, 928 r 306, 183
48, 865
48, 249
63, 135
45, 649
5,662
5,909
20, 694
20, 438
' 36, 995 39, 325
45, 597
37, 121
40, 807
38, 397
r
1,128
1,076

r 148, 374
300, 037
46, 512
46, 154
r
7, 136
21, 902
40, 207
47,132
46, 493
r
1, 110

122, 798
102, 131
126, 382
145, 597
676, 453

125, 494
118, 375
100, 350
135, 882
683, 446

112, 204
99, 125
118, 126
130, 409
621, 896

108. 651
118, 742
100, 970
120, 846
626, 49C

108, 369
104, 258
124, 574
129, 986
663, 347

86, 289
89, 745
128, 697
122. 428
«• 684, 035

125, 954
74, 582
129, 797
121, 116
640, 260

115, 550
81,311
' 112,872
113, 331
580, 447

283, 075
24, 525
27, 074
135, 368
20, 598

290, 058
37. 467
22, 381
137, 566
13, 703

281, 774
42, 633
20, 507
147, 420
12, 383

281, 195
33, 620
28, 424
141, 755
14, 429

295, 615
45, 904
35, 084
127, 257
21, 867

274, 579
31, 282
27, 754
132, 856
9,235

272, 097
40, 439
25, 298
131, 062
9,873

238, 301
26, 475
17, 893
136, 600
10, 448

r

SHIPPING WEIGHT
Water-borne trade:
Exports, including reexports. -thous. of long tons.
General imports
_
....
_ _ do.
VALUE
1,305
Exports, including reexports, total!
mil. of dol_.
1,199
Commercial
do
105
Foreign aid and relief §
..
_.__do _
By geographic regions:
76, 732
Africa
thous. of dol
217, 620
Asia and Oceania!
do
445, 382
Europe!
__.
do_ _
202, 801
Northern North America
do
Southern North America.
__do_ . 166, 085
195, 984
South America
do
Total exports by leading countries:
Africa:
3,935
Egypt___ _ _ _ _ _ _ _ _ _
_ _ _ do. _
35, 858
Union of South Africa
do
Asia and Oceania:
21,314
Australia, including New Guinea _
do
5,993
British Malaya
do
11,947
China
do
31, 732
India and Pakistan
do
32, 755
JapanJ
do
5,478
Netherlands Indies
do
41, 507
Republic of the Philippines
do
Europe:
57, 924
France
.. __
do
45, 935
Germany!
do
37, 136
Italy!
.
do
9,158
Union of Soviet Socialist Republics
do
92, 622
United Kingdom
do
North and South America:
198, 582
Canada
_
_ _ do_
344, 708
Latin American Republics, total
do
59, 451
Argentina
_ _ _
_ _ do
52, 872
Brazil
do
11, 605
Chile
do
17, 934
Colombia
_.
do
48, 450
Cuba
do
52, 977
Mexico
__ _ _
_ _
do
37, C65
Venezuela
do
1,287
Exports of U. S. merchandise, total t__mil. oi doL.
By economic classes:
140, 273
Crude materials!
thous. of dol
103, 710
Crude foodstuffs!
do
r
148, 790
Manufactured foodstuffs and beverages!.. do
' 156, 204
Semimanufactures!
. do
' 737, 980
Finished manufactures!
do
By principal commodities:
' 308, 644
Agricultural products, total!
do
21, 924
Cotton, unmanufactured!
_ _ do _
29. 233
Fruits, veTetables, and preparations! do
144, 522
Grains and preparations!
do
19, 185
Packing house products!
do

62, 374
68, 967
187, 796
195, 440
401,617 r 398, 309
138, 327
141, 514
118.805
113, 746
' 176, 096
174, 870

r

1, 138
943
197

66,
190,
408,
151,
126,
197,

r

134
78 626
628
201, 102
665 »• 373, 043
301
150, 817
080
127, 878
952 »• 190, 240

' 64, 489 «• 59, 378
91, 174
88, 641
41, 212
45, 730
8,176
3,981
51, 716
43, 604

0)

r

2,314
»• 40, 565

3,322
41, 309

48, 016
89, 525
25, 022
23
' 40, 368

168,649 ' 176, 503
' 303, 961
237, 202
38, 401
27, 330
43, 023 ' 20, 012
5,342
10, 141
14, 264
20, 353
50, 130
32, 858
45, 810
46, 454
48, 719
44, 359
1,092
1,003

r

r

r
r

r

'926
(i)
(i)
59
154
320
168
97
125

1,021
(i)
(i)

489
893
213
453
884
311

1,011

r
650, 226
873, 489
834, 756
794, 656
800, 000
819, 597
978, 313
890, 286
837, 967
765, 097 ' 732, 037 685, 828
Nonagricultural products, total! _
do
10, 651
11,410
12, 937
19, 222
14, 791
13, 613
16, 209
19, 899
10, 586
10, 591
14, 149
10, 576
Aircraft, parts, and accessories _ _ _ ... do_ _ _
69, 438
86, 321
69, 448
74, 898
83, 819
83, 163
72, 485
76, 732
64, 084
90, 012
98, 504
83, 931
Automobiles, parts, and accessories. _ do
53, 877
58, 072
72, 509
69, 666
70, 281
63, 041
•• 68, 132
r 70, 893
66, 275
63, 415 >• 64, 406
73, 958
Chemicals and related products!
do
5,904
9, 359
9,188 ' 12, 755 11, 102
12, 589
10,615
11,184
11,036
10, 384
7,884
10, 975
Copper and manufactures
do_ _
45, 692
45, 731
61, 044
75, 126
67, 058
63, 708
75, 472
72, 067
48, 479
51, 322
57, 808 r 51, 282
Iron and steel-mill products
do
204, 975
215, 336
184, 172 f 172, 270
161, 862
160, 080
213, 963
209, 648
198, 453
201, 602
201, 453
217, 486
Machinery, total!
_ _ do _
29, 373
30, 412
28, 564
28, 606
28, 594
' 33, 267 34, 066
39, 024
32, 983
29, 358
27, 556
29, 905
Agricultural
do
31, 792
'49, 215
42, 884
48, 973
51, 624
47, 692
34, 960
34, 345
37, 502
46, 159
50, 128
47, 560
Electrical!
do
15, 654
12, 576
14. 990
16, 615
13, 352
11,771
14, 437
15, 980
11,903
11, 685
15, 760
11, 477
Metal working
_ _ _ _
do_ __
108, 953
103, 673
77, 829
75, 661
104, 170
99, 590
96, COS
in, 772 97, 426 r 90, 012 >• 86, 194
100, 051
Other industrial
do
51, 469
61, 266
56. 255
49, 409
55, 572
44, 168
51,337
47, 250
67, 864
61, 395
58, 845
60, 388
Petroleum and products!
_ _ do_ _
81, 522
55, 131
98, 946
87, 005
' 62, 292 53, 703
83, 129
74, 897
118, 671
67, 328
78, 626
77, 457
Textiles and manufactures 1
do
r
Revised. 1 Not available; see note marked "!"•
§ The series includes UNRRA shipments and shipments under the various foreign aid programs initiated during 1947 (U. S. Foreign Relief, Interim Aid, and Greek-Turkish Aid, Government procured items), the Economic Cooperation Administration Program which began in April 1948, and Army civilian supply shipments (see marked "I"). Separate figures for foreign aid
and relief, other than Army civilian supply shipments, are not available after May 1948; moreover, some goods classified in previous months as commerical exports were subsequently financed
by E. C. A. and Interim-aid authorizations.
! The indexes of exports of agricultural products beginning in the May 1948 Survey, and other indicated export series beginning in the April 1948 issue, include Army civilian supply ship
ments (with the exception of shipments of petroleum and petroleum products other than asphalt for road building) initiated during the war period to furnish relief to the civilian populations
in occupied areas. These shipments totaled 910 million dollars in 1947; data were not reported prior to 1947. Estimated total Army civilian supply shipments for 1944-46, based on data reported by the Army and Navy, are as follows (millions of dollars): 1944, 155; 1945, 724; 1946, 447. These 1944-46 totals include petroleum and petroleum products which are not included in
1947 and 1948 data as indicated above. "Total exports including reexports" includes comparatively small amounts under the lend-lease program which have not been shown separately since the
March 1948 Survey.




SURVEY OF CURRENT BUSINESS

S-22
Unless otherwise stated, statistics through.
1946 and descriptive notes may be found in
the 1947 Supplement to the Survey

December 1948
1948

1947

October

November

December

January

February

March

April

June

May

July

August

September

Octobe

FOREIGN TRADE—Continued
V A LUE—Continued

General imports, total
___thous. of dol__ 491, 618 454, 462
By geographic regions:
24, 311
26, 179
Africa
do
92, 748
88, 400
Asia and Oceania
do
67, 022
78, 740
Europe
do
94, 324
108, 560
Northern North America
do
71 141
71 556
Southern North America
do
120, 051
103, 049
South America
do
By leading countries:
Africa:
1,835
106
Egypt
do
12, 749
15, 003
Union of South Africa
do
Asia and Oceania:
3,674
9,325
Australia, including New Guinea
do
15 789
15, 804
British Malaya
do
8,420
6,626
China
do
18, 784
21 568
India and Pakistan
do
2,524
4,049
Japan
do
3 474
1,572
Netherlands Indies
do
15 130
12 595
Republic of the Philippines
do
Europe:
3 493
4 568
France
do
971
635
Germany
do
3,997
4,958
Italy
do
5,101
7,835
Union of Soviet Socialist Republics
do
18 424
15 468
United Kingdom
do
North and South America:
91, 806
105, 380
Canada
do
165, 179
183, 429
Latin American Republics, total
do
12, 732
11, 453
Argentina
do
39, 561
46, 741
Brazil
do
10, 460
11, 243
Chile
do
17, 615
23, 320
Colombia
do
36, 887
37, 626
Cuba
do
15, 732
19, 273
Mexico
do
12, 854
14, 596
Venezuela
do
Imports f o r consumption, total _ _ . _ . _ do. _ _ * 504, 937 ' 448, 807
By economic classes:
' 149, 629
133, 887
Crude materials
do
83, 069
91, 603
Crude foodstuffs
do
58,237
51, 820
Manufactured foodstuffs and beverages do
r
110, 248 100, 598
Semimanufactures
do
79, 211
95, 213
Finished manufactures
do
By principal commodities:
204, 691
227, 087
Agricultural products, total
do
49, 349
59, 827
Coffee
do
6,152
8,696
Hide5* and skins
do
18, 006
16, 190
Rubber, crude, including Guayule
do
276
555
Silk, unmanufactured
do
29, 559
28, 178
Sugar
do
15, 702
16, 323
Wool and mohair, unmanufactured
do
r
277, 850
243, 895
Nonagricultural products, total
do
9,408
11, 566
Furs and manufactures
do
Nonferrous ores, metals, and manufactures,
42, 116
35,753
total
thous. of dol
18, 229
15, 110
Copper, incl ore and manufactures do
5,224
7,550
Tin, including ore
do
25, 396
27, 055
Paper base stocks
do
28,267
31, 933
Newsprint
.
do
21, 899
20, 191
Petroleum and products
do

602, 841

•• 545, 788

r

527, 901

r

29, 285
112, 286
80, 725
114, 509
88, 248
102, 770

35, 506
112, 298
r 83, 549
120, 261
84, 892
r
112, 902

' 558, 497 r 598, 396

558, 196

41, 595
31, 932
28, 868
134, 284
137, 669 117, 739
' 87, 588 89, 572
95, 043
129, 274 »• 125, 814 •• 136, 879
81, 987
76, 690
73, 173
114, 079
148, 008 r 122,«259

33, 722
97, 331
94, 384
157, 298
67, 443
108, 017

1,577
12, 580

10, 135
10, 837

9,746
10, 056

13, 468
23, 872
11, 336
r
22, 317
6,750
r
5, 889
15 387

16, 938
20, 493
9,940
20, 505
5,518
8,910
23, 538

6,552
17, 523
8,736
16, 744
4,083
5,502
13,311

6 190
3, 064
5, 937
5,705
r
24, 209

6,807
2,982
5,863
8,462
24,078

6,402
4,102
7,478
9,788
21, 903

665, 955

523
149
149
839
230
901

45, 513
122, 002
85, 649
101, 552
93, 771
133, 525

44, 454
138, 879
98, 964
128, 806
114, 964
139, 887

195
17, 680

1,797
9,608

2,486
11, 836

1,980
12, 983

r

464
9, 456

215
' 12, 182

301
9,978

11, 542
25 416
15, 002
21, 270
4,450
2,345
20 641

4,835
32, 504
6,478
22, 915
2,958
2,717
21 883

11, 133
20, 304
12, 299
27, 383
4,385
3, 25S
18, 912

24, 393
23,011
10, 590
22, 512
4,643
4,908
23, 990

7,287
16, 684
7,778
35, 563
4,019
3,511
16, 942

5, 589
20, 237
9,133
28, 457
3,787
2,942
17 632

13, 242
22, 204
10, 232
T
27, 474
5,671
r
6, 038
r
25, 415

3 053
1,078
6,105
5,027
18 487

4,863
1,208
6,036
5,547
21 863

4,642
2,705
5,721
1,953
20, 184

6,485
1,734
8,414
7,045
25, 578

4,858
1,358
r 9, 127

•• 4, 599
1,501
7,210
7,371
r
20, 725

117, 260
220, 940
17, 212
48, 623
14,080
23, 761
42, 708
23, 832
18, 464
562, 365

101, 467
200, 286
31, 674
42, 906
12, 675
27, 794
12, 098
19, 573
18, 822
556, 754

99, 895
212, 731
17,658
44, 165
17, 142
18, 135
34, 681
25, 320
19, 986
573, 674

156, 474
125, 748
60, 865
131, 539
87, 843

197, 840
108, 029
34, 905
121, 347
94,633

177, 453
115,914
55, 917
133, 772
90,619

195. 293
122, 012
70, 129
140, 922
110, 164

153, 039
85, 284
56, 028
121, 298
109, 555

187, 217
106 830
61, 135
133, 127
107, 371

169, 296
89 079
57, 206
138 525
109, 204

177, 410
88, 646
74, 738
140, 598
107, 244

271, 896
69, 729
12, 390
25, 739
1,098
38, 368
11,107
290,469
12,001

272, 553
68,656
20, 793
31, 827
143
6,090
39, 259
284, 201
16, 791

277, 348
62, 324
12, 592
22, 459
276
30, 796
30, 597
296, 326
18, 355

310, 208
63,435
10,587
29, 639
1,863
r
40, 808
34, 803
327, 981
11, 996

224, 546
237, 036 r 267, 952
' 39, 671 ' 52, 703 r 67, 489
6,961
8,110
8,694
16,335
16, 405
26 688
982
828
2,174
r
25, 547
30, 254
22 164
20, 269
24, 612
29, 007
300, 636
306, 516
327 895
15, 276
9,600
14, 503

238, 887
50 357
10, 040
27, 233
3,316
22, 470
25, 142
324, 389
10, 104

258, 109
44, 395
6,649
28, 365
906
42, 142
26, 948
330, 521
17, 258

261, 761
46, 645
6,878
22, 294
1,034
30, 934
22, 156
326, 112
16, 630

51, 618
21, 091
9,927
27, 354
34, 721
28,743

38, 444
12, 425
9,335
«• 25, 300
29, 375
29, 398

47, 138
19, 129
5,692
30, 978
27, 483
'30, 368

49, 643
19, 027
7,613
28, 873
37, 367
37, 277

' 52, 523 •• 55, 648
15, 895
19, 224
11, 666
7,965
27, 271
29, 563
33, 093
37, 320
32, 925
32, 655

597, 191

183, 065
93, 208
67, 086
138, 871
105, 645

54, 325
14, 175
10, 899
23, 612
33, 172
35, 569

49, 749
121, 481
78, 766
121, 274
94 359
137, 213

26,
124,
79,
105,
60
149,

r

r

6,682
23, 871

126, 629 T 113, 032
237, 245 ' 177, 052
r
19, 723
12, 520
r
30. 935
40, 684
17, 874
15, 697
17, 442
8,694
47, 195
33, 763
27, 204
24, 227
26, 880
23,344
' 638, 748 r 525, 407

549, 415

•• 615, 525

582, Oil

116, 194
186, 486
11, 906
35, 984
13, 706
14, 182
38, 990
17, 533
22, 735
543, 603
153, 254
95, 101
63, 262
130, 225
101, 761

' 44, 744 T 48, 989
13, 499
15, 376
8,452
13, 225
28, 967
22, 347
34, 395
32, 801
32, 341
30,204

r

r

r

r

7, 471
1,989
7,214
7,400
26 314

r

r

r

r

125,531 r 122, 346 ' 134, 004
212, 966 r 184, 209 182, 426
r
15,758
15, 808
17, 600
r
34, 909
52, 381 r 36, 216
13, 606
15, 815
18, 004
18, 737
21,145
19, 963
42, 551
29, 810
30, 686
17, 482
18, 814
17, 051
20, 435
•• 20, 158
25. 693
588, 637
563, 310
595, 911

50, 995
18, 967
13, 947
32, 296
34, 843
34, 612

r

153, 338
163, 575
10, 076
37, 674
12, 208
18, 762
32, 787
17, 238
21, 317
587, 873

601, 563

TRANSPORTATION AND COMMUNICATIONS
TR AN SPORTATION
Airlines

Operations on scheduled air lines:
Miles flown, revenue
._
thousands _
Express and freight carried
short tons
Express and freight ton-miles flown thousands
Mail ton-miles
flown
_.
do
Passengers carried, revenue
do
Passenger-miles flown, revenue
do

28, 373
14, 207
8,203
2,791
1,195
569, 885

24, 280
11, 575
6,690
2,578
904
427, 686

24, 599
14, 112
7,993
3,688
853
432, 548

23,624
11, 754
6,850
2,737
752
393, 637

20, 978
10, 582
6,199
2,618
694
349, 934

24, 849
12, 793
7,817
3,045
881
431, 156

25, 710
12, 422
7,446
2,819
1,017
473, 950

27, 176
13, 275
8,406
2,923
1,131
527, 924

28, 050
13,069
8,097
2,868
1,187
575, 019

29, 444
11, 998
7,296
2,754
1,181
546, 018

29, 427
13, 316
7, 935
2,890
1,206
522, 710

27, 689
15,952
9,540
3,066
1,176
535, 578

thous of dol
.do

26, 183
63

27,790
119

32, 075
75

26, 575
73

25, 910
78

26, 355
5

25, 318
131

21, 877
1

23 632
25

23 180
20

22 712
d

24 d106

cents
millions
thous. of dol

8. 2104
1,570
121, 200

8. 3073
1,478
115, 600

8. 3406
1,584
127, 000

8. 4043
1,537
120, 100

8. 4652
1,438
111, 100

8. 5234
1,581
121, 800

8. 5816
1,491
119, 500

8.6093
1,487
120,200

8. 6591
1,437
118, 300

8. 9140
1,356
123 700

8 9694
1,342
124 200

9. 0165
1,369
121 200

9. 0913
1, 439

4 404
992
72
224
200
63
395
544
1.913

3 524
795
58
189
199
42
332
408
1.499

4 183
786
67
246
322
44
408
487
1.823

3 562
746
59
212
223
43
311
420
1.548

3 502
694
58
197
195
58
302
420
1.578

4 574
889
75

Express Operations

Operating revenue
Operating income

l%

%4

Local Transit Lines

Fares, average cash rate
Passengers carried, revenue^
Operating revenues

r

Class I Steam Railways

Freight carloadings (A. A. R.):1
•• 4, 749
4,424
3,164
3,824
3,078
Total cars
_
thousands
2,954
2 984
934
'946
714
916
Coal
__
__ .
do
730
510
408
74
75
'74
60
Coke
do
60
53
40
r
222
205
Forest products.
do
240
168
166
181
173
245
225
Grains and grain products
do
141
144
••268
177
153
r
Livestock.
do
113
93
55
34
50
35
49
r
238
66
Ore
do
336
63
56
64
204
Merchandise, 1. c. 1
_
_.
do
••614
588
499
434
432
447
461
r
Miscellaneous
do_. _
2, 159
2,030
1,495
1,454
1.509
1,787
1.510
r
Revised. d Deficit.
IData for October and November 1947 and January, May, July, and October 1948 are for 5 weeks; other months, 4 weeks.
JFigures for January-March 1946 revised; see note marked "t" on p. S-22 of" the July 1948 ~
"
- - Survey.
. T




24;v

264
9! 3*
34'.}
557
2. 100

SURVEY OF CUEKENT BUSINESS

December 1948
Unless otherwise stated, statistics through
1946 and descriptive notes may be found in
the 1947 Supplement to the Survey

S-23
1948

1947

October

November

December

January

February

March

April

May

June

July

August

September

October

TRANSPORTATION AND COMMUNICATIONS—Continued
TRANSPORTATION—Continued
Class I Steam Railways—Continued

Freight carloadings (Federal Reserve indexes) :
156
Total, unadjusted
1935-39= 100. .
156
Coal
- do_ __
188
Coke
do
155
Forest products
_
_ __do_ __
152
Grains and grain products
do
161
Livestock
.
__ _ __do __
235
Ore
do
78
Merchandise, 1. c. 1
__ ._ __do
163
Miscellaneous
do
145
Total, adjusted
do
156
Coal
do
192
Coke
do
147
Forest products
do
152
Grains and grain products _
104
Livestock
do
163
Ore
_do_ __
75
Merchandise, 1 c. 1
do
149
Miscellaneous
do_ __
Freight-car surplus and shortage, daily average:
942
Car surplus, total
number _ _
132
Box cars
do
0
Coal cars§
-do
40,103
Car shortage, total
do
20, 819
Boxcars
. _ _ __ _ _ -do
15,045
Coal cars§
do
Financial operations (unadjusted) :
r
Operating revenues, total
thous. of dol_ r 794, 811
664, 875
Freight
do
r
75,010
Passenger
do
r
612, 031
Operating expenses
_
__
do
Tax accruals, joint facility and equipment rents r
thous. of dol__ r105. 900
fa, 789
Net railway operating income
do
48, 904
Net income^
do
Financial operations, adjusted:
739.1
Operating revenues total
mil ofdol
611.7
Freight
_do_
76.7
Passenger
do
696.3
Railway expenses
do
42.8
Net railway operating income
do
9.4
Net income
do
Operating results:
T
64, 612
Freight carried 1 mile
mil of ton-miles
1.089
Revenue per ton-mile
cents
3,450
Passengers carried 1 mile
millions

150
160
195
147
142
133
163
77
158
147
160
195
150
145
105
163
75
151

139
155
201
141
130
92
60
71
147
149
155
191
158
138
96
192
74
156

133
155
192
137
132
81
45
65
139
145
155
183
153
132
84
180
68
152

129
150
188
135
101
61
49
69
137
139
150
178
140
103
76
195
71
146

122
98
163
146
100
62
57
73
142
130
98
162
146
109
79
195
72
150

128
105
134
141
108
94
212
70
143
130
105
137
141
123
105
213
70
145

143
163
183
145
113
86
277
69
144
141
163
185
139
129
96
213
69
143

144
153
183
156
147
74
296
66
144
13-9
153
187
150
144
86
191
66
140

143
144
177
165
189
66
296
63
142
138
144
183
165
158
86
185
64
141

146
153
187
171
156
76
273
67
146
142
153
194
162
144
80
182
66
145

150
149
190
164
142
113
273
70
156
139
149
192
152
127
85
182
66
144

151
147
190
158
150
143
240
71
159
140
147
194
149
150
93
166
68
145

2,505
75
0
27, 865
16, 631
10, 129

5,886
712
143
12, 146
5,643
6,047

12,013
3,600
934
8,747
2,888
5,468

6,657
1,817
132
13, 030
4,922
7,586

35, 244
2,585
27,938
7,783
2,974
4,374

104, 170
3,459
95, 106
2,330
1,079
1,058

14, 515
5,824
109
13,282
1,133
11,500

15, 633
9,938
14
15,350
2,002
12, 637

16, 942
1,736
11, 539
14. 108
5,020
8,279

5,392
486
47
19, 095
5,210
12, 985

4,285
385
56
16, 992
6,262
9,891

1,792
74
253
20, 885
10, 804
8,908

755, 324
625, 241
73, 661
595, 315

807, 428
627, 816
89, 461
631, 150

750, 735
613,361
80, 897
615, 856

715,891
589, 894
72, 065
586, 356

776, 616
642, 346
74, 398
618, 759

728, 969
601,376
69, 490
585, 625

796, 403
666, 984
71, 786
616, 231

838, 106
690, 838
84, 251
626, 080

841,994
685, 426
95, 094
626, 159

868, 089
711, 360
92, 511
637, 362

844, 774
696, 795
83, 603
620. 993

878, 121
738, 588
75,316
651, 909

94, 432
65, 577
43, 358

96, 255
80,023
60,212

93, 582
41, 297
18, 707

90, 110
39, 425
17, 798

97, 132
60,724
35, 447

90, 239
53, 104
26, 916

89, 993
90, 178
63, 715

87, 047
124, 979
94, 071

110, 578
105, 257
76, 474

115, 033
115, 695
85, 510

112, 932
110, 849
82, 657

115, 335
110, 877

786.0
653.4
77.0
707.6
78.4
46.9

805.7
636.9
87.8
722.5
83.2
49.8

766.6
624.1
84.7
707.0
59.6
27.8

781.1
644.2
77.4
710.5
70.6
38.3

760.8
623.3
75.5
705.4
55.4
22.2

726.1
593.6
72.1
684.4
41.7
8.8

794.7
665.0
72.8
701.0
93.7
61.8

855.6
710.3
81.6
719.0
136.6
102.5

818.6
669.8
87.5
726.8
91.7
57.4

842.4
695.2
82.8
743.6
98.7
••65.3

836.0
688.1
84.2
737.4
98.6
65.1

59, 656
1.114
3,342

57, 332
1.159
3,948

55, 125
1.197
3,654

53, 579
1.176
3,198

52, 466
1 300
3,271

49, 902
1 284
3,043

60, 250
1 183
3,151

58, 231
1 262
3,660

57, 995
1 261
4 094

61, 253
1.231
3,961

58,815
1 256
3,521

9,153
4,451
4,703

7,905
3,633
4,273

6,535
2,820
3,715

6,400
2,774
3,625

6,446
2,815
3,631

7,002
2,998
4,005

6,826
3,106
3,720

8 167
4,063
4 099

8 765
4,461
4,304

9 004
4,407
4 507

8,773
4,478
4,294

7,554
4, 059
3,495

1,889
1,032

1,886
1,124

2,162
1,223

1,935
1,111

2,098
1,092

2,143
1,165

2,064
1,184

1,990
964

2,125
1,044

1,940
1,117

2,021
1,167

1,954
1,075

1,642
751

5.14
93
226

5.28
87
234

4.91
78
202

5.06
86
227

5.03
88
211

4.81
89
206

5.35
89
245

4.91
89
246

5.27
89
248

5.12
83
227

5.62
88
236

5.53
90
240

5.60
89
224

46, 492
32, 168
2,047
14, 880
13, 402
598

36, 074
25, 099
1,702
15, 618
10, 456
253

37, 411
31, 743
1,566
14, 879
11, 786
171

45, 627
59, 432
1,707
12, 345
30, 372
1,454

21, 699
2,613

16, 168
2,800

13, 892
1,371

12, 456
616

1,028
8,924

1,000
8,737

1,020
9 762

1,202
10, 610

1,048
9 328

1,020
9 240

222 090
121, 969
82,528
179, 941
19, 202
31, 421

217, 513
121, 596
78, 132
172, 927
20, 818
31, 721

230 620
127, 132
85, 189
184, 807
22, 010
32, 094

229 797
129, 809
81,821
182, 116
21,611
32, 385

16,663
14, 530
1,128

14, 650
14, 236

16, 427
14,633
1,091

2 062
1,890

1,931
1,837

469

1,991
1,878
49

1,767
1,934
d

62,900

Waterway Traffic

Clearances, vessels in foreign trade:
Total, U S ports
thous net tons
Foreign
do
United States
do
Panama Canal:
Total
thous. of long tons. .
In United States vessels
do
Travel

Hotels:
Average sale per occupied room
dollars
Rooms occupied
percent of total _ _
Restaurant sales index, same month ... 1929=100. _
Foreign travel:
U. S. citizens, arrivals
number _
U. S. citizens, departures
do
Emigrants.. ._
do
Immigrants
do
Passports issued
_ __
do
National parks, visitors. .
thousands
Pullman Co.:
Revenue passenger-miles
millions
Passenger revenues
thous of dol

38, 380
36, 581
1,300
14, 126
14, 833
176

r
T

41, 823
40, 574
1,750
14, 21 1
25, 110
351

37, 517
41, 271
1 395
12 742
27, 304
689

1,045
9 364

975
8 676

935
8 254

1 040
9 516

1 028
9 334

1,016
9 128

225 584
128, 440
78 490
174, 364
23,956
32,628

237 939
132, 124
87 003
187, 252
23, 800
32, 934

235 094
132 437
83 653
183, 836
24 130
33, 186

238 347
133 426
85 348
185, 762
25 250
33, 499

241 148
135, 379
85 868
189. 214
24,702
33, 769

240 002
133, 533
86, 248
193,785
21, 180
34, 009

243 779
134, 254
88, 964
192, 228
24, 327
34,286

15, 192
14, 508
d

14, 084
13, 210

16, 055
14, 190
900

15, 014
14, 224
d

15, 482
14, 610

<*108

16, 508
14, 759
741

15, 107
15, 091

*8S

*759

15,403
14,490
50

15,290
14, 313
164

2,307
1,872
125

1,773
1,538
57

1,629
1,567
d

1,885
1,843
d

102

2 089
1,787
92

2 012
1 758
60

2 065
1,702
170

2 005
1 842
1

1,980
1,724
39

2 076
1,724
157

2,108
2,093

1,854
1,812
d

1,760
1,765
d

1,817
1,896

1,807
1,779

1,846
1,857
d

1,931
1,832
12

1,869
1,849

1,797
1,819

1,838
1,779

T

r

46, 695
42, 690
1,193
14, 272
17, 915
208

r

47, 587
44, 722
1,556
14, 567
26, 883
258

r

COMMUNICATIONS
Telephone carriers:^
Operating revenues
thous of dol
Station revenues..
do
Tolls, message
do
Operating expenses
do
Net operating income
do
Phones in service, end of month
thousands
Telegraph, cable, and radiotelegraph carriers:
Wire-telegraph:
Operating revenues
thous. of dol__
Operating expenses, incl. depreciation
do
Net operating revenues
.... _ do. _
Ocean-cable:
Operating revenues
do
Operating expenses, incl. depreciation
do
Net operating revenues
_. . . d o _
Radiotelegraph:
Operating revenues
do_ __
Operating expenses, incl. depreciation
do
Net operating revenues
do ___
r

*n

<*568

289

d%8

S09

!9

123

7S

- 140

!85

* 43

87

*64

dgn

<*16

Revised. d Deficit.
§Data have been revised beginning July 1947 to exclude covered hoppers; prior to that month covered hoppers were not shown separately from other hoppers and are included in the figures
for total coal cars.
JData relate to Continental United States. {Revised data for September 1947, $21,152,000.




SURVEY OF CURRENT BUSINESS

S-24
Unless otherwise stated, statistics through
1946 and descriptive notes may be found in
the 1947 Supplement to the Survey

December 1948

1947
October

November

1948
December

January

February

March

April

May

August

July

June

September

Octob<

CHEMICALS AND ALLIED PRODUCTS
CHEMICALS
Inorganic chemicals, production:
Ammonia, synthetic anhydrous (commercial)
short tons__
Calcium arsenate (commercial)
thous. of lb__
Calcium carbide (commercial)
short tons
Carbon dioxide, liquid, gas, and solid
thous. of lb_.
Chlorine
short tons
Hydrochloric acid ( 100% HC1).
.
do _
Lead arsenate (acid and basic)
thous. of lb__
Nitric acid (100% HNO3)
short tons .
Oxygen
mil. cu. ft
Phosphoric acid (50% H3PO4)
short tons
Soda ash, ammonia-soda process (98-100% Naa
Cos)
short tons
Sodium bichromate and chromate
do
Sodium hydroxide (100% NaOH)
do
Sodium silicate, soluble silicate glass (anhydrous)
short tons
Sodium sulfate, Glauber's salt and crude salt
cake
short tons
Sulphuric acid (100% E^SO^:
Production
short tons
Price, wholesale, 66°, tanks, at works
dol. per short ton..
Organic chemicals:
Acetic acid (synthetic and natural), production
thous. of Ib
Acetic anhydride, production
do
Acetyl salicylic acid (aspirin) , production do
Alcohol, denatured:^:
Production
thous. of wine gal
Consumption (withdrawals)
_ __ do
Stocks
do
Alcohol, ethyl:
Production
thous. of-proof gal
Stocks, total
-. __do
In industrial alcohol bonded warehouses. do.
In denaturing plants
do
Withdrawn for denaturing
_
do.
Withdrawn tax-paid
do
Creosote oil, production
thous. of gal__
Ethyl acetate (85%), production
thous. of Ib
Glycerin, refined (100 % basis):
High gravity and yellow distilled:
Production
thous. of Ib
Consumption
do
Stocks
_ .
do
Chemically pure:
Production
do
Consumption
. _ __ __ __do__
Stocks .
_
_
do
Methanol, production:
Natural (100%)...
thous. of gal__
Synthetic (100%)
_. .-do
Phthalic anhydride, production
thous. of Ib

95, 826
2,272
48, 336

92, 185
2,709
48, 462

97, 773
2,190
55, 343

95, 405
2,003
58, 091

90,550
2,433
55, 006

100,142
3,379
61, 489

92, 640
3,910
57 649

82, 408
3,399
59 009

81, 364
5,488
54,585

89, 642
3,273
53, 375

85, 556
899
57,443

80, 016
127, 245
36, 461
0)
99, 318
1 314
99, 213

61, 368
124, 634
37, 609
0)
101, 558
1 212
89, 353

57, 996
128, 797
38, 149
(0
104, 096
1 251
90 412

57, 125
123,319
39, 089
3,229
103, 834
1 271
95, 331

59, 304
116, 143
33, 940
3,697
100, 546
1 258
90, 601

70, 590
132, 668
36, 579
3, 654
101,041
1 361
105, 097

83, 260
126, 992
36, 306
3,814
94, 904
1 362
97, 510

96, 217
130 926
38, 349
3,127
86, 487
1 370
98, 565

103, 850
133, 231
34, 930
2,097
81, 888
1,288
95, 396

118,787
129 445
32, 862
506
92, 594
1,205
96, 864

120, 884
142, 412
35, 782
0)
90, 318
1,328
102, 961

395, 609
8,413
186, 254

379, 821
7, 527
181, 298

389, 656
7,983
182, 806

383, 481
7,664
182, 778

360, 437
7,106
173, 693

404, 525
7,971
198, 658

357, 752
8,184
186, 300

360, 110
7,962
186, 265

347, 656
7,916
190, 576

398, 871
7,850
194, 012

43, 724

45, 233

40, 061

37, 529

44, 090

54, 702

38, 773

33, 588

39, 093

70, 293

71, 245

73, 846

70, 456

64, 182

69, 688

70, 928

73, 510

65, 602

897, 297

884, 365

967, 235

932, 933

893, 440

956, 957

904, 562

931, 788

838, 982

16.50

16.50

16.13

15.00

15.00

15.00

15.00

15.00

29 560
55, 071
1,092

30, 439
55, 347
1,016

31, 163
57, 507
615

34, 189
62, 700
979

32, 624
58, 184
985

34, 605
64, 849
1,054

33, 244
60, 103
1,061

21,594
21 680
1,351

18, 624
f 19 030
944

13, 311
13, 206
1,712

r 14,211

38 939
26, 578
25, 882
697
38 514
4 280
13 909
7 181

28, 457
22, 787
22, 170
618
33, 968
4,630
12, 573
7,132

26, 625
22, 637
21, 783
854
32 839
4,090
14, 263
8,651

17,396
21, 248
20, 738
510
23,098
T
2, 581
12,835
5 261

20, 951
23, 886
22, 654
1,232
21 151
2,678
11,925
5,712

29,265
29, 808
29, 413
395
23, 213
3,237
12, 179
5,850

7 936
8*311
17 595

7 560
7,386
16, 256

8 752
7 754
17, 341

8 701
7 426
17, 396

7 947
7,098
17, 974

9 883
7 843
18 314

8,782
7,173
17, 781

9 202
7,511
17, 327

10 ^37
8,049
18, 306

226
7,065
12 529

229
6,832
12, 373

257
7,199
12 893

485
81
404
228, 569
91 614
127 772
6,320
103 280
81 777
34, 298
14, 131

o

645
182
464
208, 651
96, 967
98, 305
11, 236
86, 056
68, 383
28, 321
3,588
7,659

45 50
77 680

45 50
97, 333

T

86, 062
0)
55, 164

92, 79 1

101, 358
136, 382
37, 825
0)
95,570
1,279
106, 304

71, 136
147, 593
39, 863
0)
99, 190
1,431
113, 337

394, 215
7,783
203, 274

357, 618
8,200
196, 163

406, 603
8, 480
211, 836

38, 230

36, 085

38, 232

38, 617

64, 083

67, 293

71, 926

76, 811

838, 317

901, 994

866, 168

950, 991

15.00

15.00

15.00

15.00

17. 00

39, 091
63, 937
559

38,041
57, 100
64-9

37, 745
63, 246

249

31, 626
62, 371
905

35, 437
69, 240
1,043

13, 754
1,245

12, 973
' 13, 138
1,073

12, 534
12, 492
1,110

14, 289
14, 124
1 282

15 636
15, 573
1 344

15, 962
15, 457
1,982

27, 389
31, 601
31, 032
569
24, 899
2,827
12, 884
5,422

29, 852
34, 874
34, 353
521
25, 426
2,838
11, 590
5,788

27, 668
38, 273
37, 699
574
23, 445
2,933
10, 654
5,763

23, 833
38, 487
38, 114
373
22, 997
3,024
11, 345
4,972

25 790
36, 098
35, 654
444
26 626
3 432
11 930
5 457

27 972
31, 725
31, 31c*
412
28 671
3 809
12, 483
4 830

29, 827
29, 592
28,738
853
30, 116
4, 702

7 699
7,272
18, 197

6 715
7,456
16, 744

6 383
7,379
15, 221

8,772
7,896
18, 027

4,778
6,953
15, 257

7 045
7 261
14 980

6 886
7 547
13 795

6 551
7, 290
13, 37t>

10 294
7,376
19, 013

11 350
7,845
21, 866

8 293
7,116
2], 923

7 704
6,776
21, 384

9,050
6,730
22, 355

5,557
5,992
21, 057

8 991
7 471
20 701

9 484
7 432
20 420

20, 586.

219
8,806
12 433

198
9,161
12, 048

204
10, 944
14, 082

212
10, 489
13 072

203
12,771
13,632

190
12, 880
11, 606

214
13, 508
12, 133

190
14 261
11 567

M91
14 577
11 Oil

ise

815
181
634
272, 541
61, 223
189 251
10, 040
102 099
78 092
24, 994
5,037
9 154

1,427
257
1,170
209, 169
88, 927
102 243
8,000
115, 322
103 897
68, 081
318
2,479

1,130
168
962
152, 851
14, 306
116 204
10, 735
158, 626
135 258
99, 494
10, 449
5 227

1,440
188
1,252
318, 694
169, 457
128 272
10, 030
147, 828
126 802
78, 764
436
8,238

1 085
202
883
276, 845
68, 429
198 169
8,563
145, 160
116 875
76, 232
301
12 861

643
118
525

382
99
283

356
188
168

202, 191
34, 469
161, 829
3,797
104, 306
92 041
68,049
5,890

581
182
399
000
515
292
283
906
270
050
208
192

528
73
455

171, 981
31, 564
133 078
5, 524
163, 761
131 798
89, 924
8 594
6 662

342
142
200
713
897
984
109
587
746
920
481
O

46 13
112 214

48 00
97, 029

48 00
91, 574

48 00
99, 728

48 00
99 135

48 00
80 497

48 00
84 792

51 50
96 738

51 50
94 312

881, 041
883, 852 1,033,294
973, 554
926, 323
950 556 1 039 952 1 105 813 1 081 544
994 464

974 420
965 480

r

17, 700
16 935
1,720

r

12, 576
12, 432
1,851

r

11, 051
11,243
1,653

r

13,016
13, 046
1,613

T

r

T

r

0)

57, 805

9, 53d

7, 78C>

FERTILIZERS
Consumption, totalf
thous. of short tons
Midwest Statesf
do
Southern Statesf
- - do
Exports, total §
_.
short tons__
Nitrogenous materials!
do
Phosphate materials §
do
Potash materials § ... .... . ... ... do
Imports, total
- do
Nitrogenous materials, total
do
Nitrate of soda
._
do
Phosphate materials
..
_ ... .do
Potash materials
do
Price, wholesale, nitrate of soda, crude, f. o. b. cars,
port warehouses
dol per short ton
Potash deliveries
short tons
Superphosphate (bulk) :
Production
.. ._
do
Stocks, end of month
do

893, 613
863 407

2

264
77
181
5
78
72
30

889
029
354
467
688
494
339

243

o

48 00
80 338

359
54
295
8
129
121
64
3

50 63
90 806

255
57
183
11
95
72
34
10
8

825 549
830 817
977 100
741 9Q3
801 926
839 890
1 131 883 1 314 000 1 491 300 1 418' 921 1 406 643 1 363 264

NAVAL STORES
Rosin (gum and wood) :
Production
drums (5201b.)__
Stocks, end of quarter
_ _. ._ .. .do
Price, gum, wholesale, "H" grade (Sav.), bulk
dol. perlOOlb..
Turpentine (gum and wood) :
Production
___bbl. (50 gal.)_.
Stocks, end of quarter
do
Price, gum, wholesale (Savannah)___dol. per gal__

382, 720
277 980

508, 543
339 269
8.46

.62

8.91

8.87

.64

159, 665
210, 116
.64

8.83

.63

8.55

7.19

.63

115, 460
195, 350
.64

566, 300
401 170

7.00

.62

6.80

7.52

.58

183 240
200, 990
.42

607 805
576 530
7.29

.39

7.28

7.41

7.62

.38

197 640
228, 600
.38

.39

MISCELLANEOUS
Explosives (industrial), shipments:
2 415
Black blasting powder
_. _ thous. of Ib
3, 233
3,653
3,812
3,500
3,049
2 168
2 739
2 626
3 336
2 548
2 836
2 886
r 54 684
High explosives
do
55 622
48 865
45 799
48 707
45 366
46 406
45 302
60 271
56 497
58 026
60 929
58 124
Bone black:
Production
__
short tons.
1, 085
1,102
1,033
848
1,010
1 017
519
607
520
1,375
1,474
Stocks
do
1,180
1,254
1,696
2,004
1,877
1,650
1,526
r
Revised. 1 Not available for publication.
| Revised series. Data for fertilizer consumption by midwestern States and the total were revised in the March 1948 Survey to exclude Illinois which has discontinued tag sales; data for
consumption by southern States and the total have been revised beginning in the November 1948 Survey to exclude Louisiana which has discontinued tag sales. Revised data prior to September 1947 for the total and midwestern States, and prior to 1947 for the southern States will be shown later.
§ Beginning in the April 1948 Survey export figures include Army civilian supply shipments; see note marked "J" on p. S-21.
I Re visions not shown above (thous. of gal.): Denatured alcohol, 1947— consumption, July, 15,062; September, 18,712; stocks, July 1,519; September, 1,449.




SURVEY OF CURRENT BUSINESS

December 1948
Unless otherwise stated, statistics through
1946 and descriptive notes may be found in
the 1947 Supplement to the Survey

S-25

1947

October

November

1948

December

January

February

March

April

May

June

July

August

Se

^erm"

October

CHEMICALS AND ALLIED PRODUCTS—Continued
MISCELLANEOUS— Continued

Gelatin:
Production, total
Edible
Stocks, total
Edible
Glue, animal:
Production
Stocks
Sulfur:
Production. _
Stocks _

thous of Ib
do
do
do
_
_

do
do

4,017
3,077
5 431
2,400

4,290
3,277
5,739
2,714

4,415
3,104
6,427
3,300

4,639
3,222
6,387
3,034

4,659
3,425
6,558
3,144

4,336
3,034
7,000
3,464

4,009
2,883
6,889
3,392

4,504
3,103
7,268
3,713

4,584
3,437
7,462
4,060

14, 666
8,392

13, 636
9,509

13, 185
12, 444

14, 229
10, 605

13, 131
10, 828

11, 795
10, 957

12, 165
12, 062

11, 503
12, 960

11, 771
14, 823

400, 657
406, 220
423, 233
long tons.
409, 610
402, 832
392, 991
409, 530
425,612 405, 205 389, 014
388, 332
391, 214
393, 385
do
3, 457, 899 3, 435, 298 3, 371, 034 3, 373, 422 3, 348, 462 3, 368, 064 3, 338, 345 3, 297, 705 3, 303, 984 3,340,019 3, 310, 593 3, 313, 777 3 292 826

OIL SEEDS, OILS, FATS, AND
BYPRODUCTS
Animal fats, greases, and oils:
Animal fats:
Production
thous. of lb__ 227, 941
283, 334
308, 338
258, 924
222, 845
222, 070
238, 278
302, 208
156, 053
Consumption, factory
do _
133, 405
126, 774
118, 795
116, 571
116, 137
107, 826
135, 260
251, 134
259, 905
Stocks, end of month
_ _
_ _ __do
414, 980
323, 979
369, 460
369, 989
396, 045
350, 058
Greases:
47, 998
50,314
51, 131
46, 815
45, 153
45, 543
Production
_
do
47, 147
52, 331
50,308
Consumption, factory
do
55, 244
54, 205
53, 195
56, 212
51, 525
46, 433
55, 351
97, 788
96,603
104, 052
129, 645
Stocks, end of month
_ _.
do
124, 582
122, 608
126, 831
119, 272
Fish oils:
21, 612
697
Production
do
4,813
766
4,296
7,020
1,000
1 024
23, 288
22, 833
Consumption, factory
do _
25, 278
20,178
19, 095
16, 993
15, 721
23, 980
98, 271
Stocks, end of month
do
83, 937
74, 569
69, 069
61, 021
60, 879
55, 000
85 778
Vegetable oils, oilseeds, and byproducts:
Vegetable oils, total:
466
477
487
441
Production, crude
mil. of Ib
331
408
352
513
Consumption, crude, factory
do
429
436
469
410
425
351
385
458
Stocks, end of month:
466
476
496
598
592
Crude.
_ _ _ _ _
d o
555
526
539
207
242
264
Re\flned
do
210
305
252
292
247
19, 525
27, 885
37, 302
14, 198
21, 199
Exports§
_ _thous. of Ib
16, 319
25, 554
35 737
5,462
23, 661
32, 474
Imports, total
do__ _
40, 402
32, 646
29, 596
30, 256
34, 628
2,801
13, 208
17, 008
Paint oils
_
_
-_ _ do
21, 847
9,266
10, 270
10, 531
11, 651
2,661
15, 465
10, 453
All other vegetable oils
do
18, 555
22, 376
19, 065
20, 991
22, 977
Copra:
49, 526
47, 857
60, 511
Consumption, factory
short tons..
53, 135
50, 194
35, 102
40, 136
61, 796
23, 077
26, 059
41,611
Stocks, end of month
_ _ _ _ __ do_ _.
35, 392
36, 471
22, 659
37, 259
28, 825
53, 485
85, 829
Imports
do
67, 222
55, 546
51, 513
34, 349
27, 644
56, 167
Coconut or copra oil:
Production:
61, 982
63, 162
77, 238
Crude
_ _ thous. of lb_
64, 280
45, 362
67, 737
51, 137
81, 371
35, 423
35, 088
33, 225
28, 361
31, 502
Refined
do
26, 935
27, 771
37 233
Consumption, factory:
79, 649
73, 161
76, 851
68, 333
69,523
Crude
do
54, 088
54, 484
85 370
29, 973
26, 964
28, 327
24, 666
23, 342
Refined _ _
_ _ do
23, 575
22, 985
29, 315
Stocks, end of month:
59, 581
69, 654
70, 110
86, 546
Crude
_
__ _ do
96, 226
101, 254
98, 773
75, 584
10, 246
10, 025
11, 823
Refined
do
10, 500
11, 837
14, 214
12 616
12, 120
0
956
5,080
Imports
_
do
3,848
7,694
9,598
11, 593
6,428
Cottonseed:
r
1,529
654
476
74
Receipts at mills
thous. of short tons
14
51
212
24
r
650
596
565
412
Consumption (crush)
do
326
522
205
147
T
1, 484
1,515
Stocks at mills, end of month
do
1,426
778
503
1,116
322
188
Cottonseed cake and meal:
276, 451
191, 325
261, 942
154, 388
Production
..short tons r 302, 794
241, 668
95, 374
67, 944
r
62,021
Stocks at mills, end of month
do
74, 035
85, 139
71,590
86, 060
92, 080
100, 037
71 207
Cottonseed oil, crude:
198, 851
179, 183
175, 731
105, 162
Production
thous. of Ib
130, 270
67, 539
47, 743
163, 998
96, 256
Stocks, end of month__ .
do. __
110, 229
110, 827
117, 424
87, 096
43, 054
58, 472
121, 742
Cottonseed oil, refined:
145, 297
158, 969
161,447
124, 877
123, 628
Production
do
90, 821
60 035
140 848
119, 562
129, 816
127, 104
106, 611
Consumption, factory
do
105, 985
91, 090
126 686
96, 604
41, 554
44, 146
42, 368
42, 779
In oleomargarine _ _
_
do
38, 728
40, 195
36, 180
46, 718
108, 135
132, 055
152, 986
Stocks, end of month
do
182, 206
158, 523
126, 912
152 706
168, 750
Price, wholesale, summer, yellow, prime (N. Y.)
.289
.237
.276
.246
.261
dol. per lb_.
.299
.305
.371
Flaxseed:
1
39, 763
Production (crop estimate)
thous of bu
Duluth:
911
2,733
48
Receipts
_
do
66
165
50
53
45
1
o
1,053
1,147
1,764
Shipments
do
183
189
69
2,699
2,463
794
Stocks, end of month
do
747
843
728
707
683
Minneapolis:
4,928
1,904
Receipts
do
1,360
1,224
723
530
653
870
274
168
530
318
Shipments
do
257
298
199
308
6,434
6,305
Stocks, end of month
... do
5,833
4,263
5,114
3,099
1,888
2,500
Oil mills:
Consumption
do
3,028
3,174
2,319
2 595
2 442
2 737
2 309
2 930
6,815
6,900
6,559
Stocks, end of month
do
5,800
6,290
4.879
3 234
3 843
1
2
6
Imports
_ _
do
0
0
2
477
6.84
6.78
7.01
6.51
Price, wholesale, No. 1 (Minn.)
dol. per bu_.
7.06
6.04
6.19
6.09
Linseed cake and meal:
51, 480
Shipments from Minneapolis
thous. of lb__
49,500
49,020
50,460
49, 740
47, 280
47, 580
44, 520
Linseed oil:
59, 084
61, 592
Production
do
45, 496
51, 663
46 264
57, 465
48 974
54 170
33, 840
27, 900
Shipments from Minneapolis. _
do .
29,580
29, 940
28, 020
29, 760
37, 440
33, 720
44, 596
Consumption, factory
do
36, 266
38, 505
39, 008
38, 987
40, 871
40, 292
40, 754
127, 463
124, 724
141, 504
Stocks at factory, end of month
do
126, 499
135, 394
135, 741
134, 511
131, 442
.318
.324
Price, wholesale (N. Y.)
dol. perlb..
.346
.306
.292
.338
.290
.290
Soybeans:
1
181. 362
Production (crop estimate)
___thous. of bu.
Consumption, factory
do
11, 494
14, 704
15, 268
14 962
16, 481
14 762
14 185
13 247
34, 823
Stocks, end of month
do
48. 123
48. 900
47. 824
43. 596
36. 857
33.608
27. 447
T
1
2
Revised.
December 1 estimate.
November 1 estimate,
§ Beginning in the April 1948 Survey export fi ures include Army civilian supply shipments; see note marked "J" on p. S-21.




267, 662
122, 370
431, 815

215, 921
84, 640
449, 291

189, 987
113, 254
376, 852

185, 865
113, 369
326, 165

221, 253
122 063
288 614

51,411
51, 931
129, 997

48,097
30, 009
149, 604

43, 323
47, 211
142, 626

42, 192
50, 474
129, 354

47 344
51 547
119 351

13, 345
17, 776
66, 479

17, 112
13, 979
78, 276

23, 379
18, 569
89, 878

22, 332
18, 946
93, 2? 9

11 344
20 225
97 756

316
354

310
281

307
322

'409
367

495
437

465
227
19, 750
25, 708
9,697
16, Oil

474
201
14, 204
25, 931
15, 888
10, 043

447
149
11, 831
23, 799
7,390
16, 409

'463
130
7,793
32, 184
14, 429
17,756

528
152

31, 797
21, 868
40, 991

23, 530
25, 145
24, 916

32, 503
16, 638
41, 894

23, 553
16, 581
17, 757

21, 356
14 864

40, 456
29 812

29, 945
21,890

41, 408
28 744

30, 003
24, 611

27 554

57, 539
26, 332

40, 259
16, 255

54 944
23, 916

50,150
21, 118

47 AQS

85, 804
12, 274
6,528

78, 048
11,561
2,991

70, 315
11, 164
5,419

54, 892
10, 899
7,024

39 135
U &7R

22
115
96

95
65
93

373
173
289

1,231
534
985

1 871

oq «oo

19 529

1 593
7ft7

54, 105
94, 516

r

50,154
83, 406

80, 566
74, 554

241, 993
75, 250

318 208
80 246

38, 023
32, 616

r

32, 145
22, 834

51, 209
25, 601

165, 718
63, 285

221 604
97 778

35, 627
46, 449
20, 314
97, 549

40 299
76, 475
30, 955
60, 695

106, 514
103, 281
39, 476
59, 241

175 854
138 828

.290

.211

.231

47 952
68, 170
32, 114
111 689

.356

r

83 053

.215

3 49 975
80
459
304

216
294
225

242
310
157

5,233
1,253
4,137

4 759
3 133
5 763

1 178
162
967

1,384
196
636

8,357
614
1,420

15, 101
2,654
9,748

6 912
1 875
13 286

3 156
4 185
105
6.09

3,798
6,112
332
6.08

3 577
6,746
95
6.00

48, 120

42,000

48, 840

63,142
33, 540
44, 330
137, 132
.294

76, 965
32, 460
39, 275
150, 118
.291

72 234
33, 300
42, 671
165 273
.290

12 681
23. 042

12 571
15. 821

10 742
7.867

r
r

3 675
8, 492
25
6.00

3 098
8 538

66, 540

61, 560

73, 427
35, 160
r 42,535
180, 175
.290

60, 973
29, 520
39, 347
190, 988
.293

r

r

r

10 276
r 5. 417

6.00

2 210, 475
13 849
48. 781

SURVEY OF CURRENT BUSINESS

S-26

December 194S
1948

1947

Unless otherwise stated, statistics through
1946 and descriptive notes may he found in
the 1947 Supplement to the Survey

October

November

December

January

February

March

April

May

*

June

July

August

September

October

CHEMICALS AND ALLIED PRODUCTS—Continued
OIL SEEDS, OILS, FATS, ETC.—Continued
Vegetable oils, oilseeds, etc.— Continued
Soybean oil:
Production:
Crude
thous. of lb_
Befined __
_
_
do
Consumption, factory, refined _
-_ do _
Stocks, end of month:
Crude
do
Refined
- - - do. _ _
Price, wholesale, edible (N. Y . ) _ _ _ _ d o l . per lb._
Oleomargarine:
Production
thous. of l b _ _
Consumption (tax-paid withdrawals) do
Price, wholesale, vegetable, delivered, (Chicago)
dol. per lb__
Shortenings and compounds:
Production
_ - - thous. of lb__
Stocks, end of month
- do. __

107, 584
88, 433
142, 451

134, 042
97, 345
119, 475

139, 990
112, 683
108, 985

152,966
110,912
110, 777

139, 900
99. 320
94, 091

139, 370
108, 829
100, 295

133, 994
116,152
114,035

128, 596
112, 696
122, 268

123, 931
112, 433
115,310

122, 791
84, 615
80, 426

105, 282
108, 965
111, 700

80, 648
76, 814
.264

84, 450
59, 644
.312

77, 674
64, 422
.326

86, 703
63, 850
.326

104, 788
71, 561
.262

114,745
84, 848
.269

98, 493
89, 797
.298

86, 971
87, 992
.322

65, 360
80, 229
.330

77, 615
70,635
.292

54, 843
63,756
.278

87, 005
82, 894

81, 806
78. 249

79,011
72,914

87, 934
87, 252

80, 418
72 986

71,817
74, 314

74, 079
75 063

83, 892
79, 959

75, 859
69, 403

52, 554
55, 855

73, 335
72, 858

T

104, 230
92, 790
105, 619

r
r

r
r

44, 921
51, 294
.294

136, 864
91, 632
95, 915
62, 351
48, 725
.259

80, 434
75, 852

.315

.322

.343

.343

.343

.343

.348

.363

.363

.363

.351

.343

159, 777
42, 063

146, 035
45, 198

131,863
53,464

136, 936
54, 493

101,120
64, 144

109, 013
59, 550

128.033
51, 396

124, 142
56, 751

120, 804
75,915

79, 577
72, 513

113, 663
62, 015

123, 615
50, 428

91, 443
82, 459
34, 970
47, 489
8,984

71, 199
64, 200
28, 623
35, 577
6,999

68, 914
62, 213
29, 688
32, 526
6,700

88, 015
78, 778
31, 743
47, 035
9,237

78, 933
71, 256
30, 159
41, 097
7,677

91, 685
82, 403
35, 328
47, 074
9,283

96. 961
87, 715
33, 846
53, 868
9,246

99, 079
89, 534
31, 909
57, 626
9,545

103, 706
93, 395
34, 569
58, 826
10, 311

88, 966
80, 408
31, 007
49, 401
8,558

94, 364
86 002
34, 706
51 296
8,362

90, 824
81 184
31, 532
49 653
9,640

1,799
5,105
1,040
(i)
28. 129
10, 931
6 836
18, 040
7, 388

1,462
4,666
832
(i)
25, 719
10, 593
6 115
16, 837
7,120

1,343
3,830
842
(i)
27, 662
11, 456
6 739
20,404
7,157

1,285
4,461
865
747
28, 749
10, 226
6,824
19,554
7,677

1,321
3.733
930
652
26, 701
8, 382
6,772
17,634
7,800

1,354
3,960
999
769
30, 594
12, 718
7,116
19, 037
8,639

1,568
3,877
1,071
974
26, 356
12, 189
6,561
19, 198
8,219

1,458
3,630
866
1,024
20, 716
10, 777
(i)
15, 946
8,490

1,066
3,434
794
(i)
20,337
11, 798
(i)
15, 188
9,008

.323
125, 517
53, 137

PAINT SALES
Paint, varnish, lacquer, and fillers, total®
thous. of dol__
Classified, total
do
Industrial
. do ._
Trade
do
Unclassified
_
do
PLASTICS AND SYNTHETIC RESINS
Shipments and consumption:
Cellulose acetate and mixed ester plastics:
Sheets, rods, and tubes
thous. of Ib
.Molding and extrusion materials
do
Nitrocellulose, sheets, rods, and tubes
do
Other cellulose plastics
do
Phenolic and other tar ncid resins
do_ _
Polystyrene
do
TJrea and melcimine resins
do
Vinyl resins
do
Miscellaneous resins
_
__do

ELECTRIC POWER AND GAS
ELECTRIC POWER
Production (utility and industrial), total
mil. of kw.-hr__
Electric utilities, total
do
By fuels
- do
By water power
do
Privately and municipally owned utilities
mil. of kw.-hr_.
Other producers
do
Industrial estfvhlishTnpTits
do
By fuels
__ _ _.
- _-do _ _
By water power
do
Sales to ultimate customers, total (Edison Electric
Institute)
_
mil. of kw.-hr.
Commercial and industrial:
Small light and power
-- -do
Large light and power
do
Railways and railroads
do
Residential or domestic
-- -do
Rural (distinct rural rates)
do
Street and highway lighting
do
Other public authorities
do
Interdepartmental
do Revenue from sales to ultimate customers (Edison
Electric Institute)
thous. of dol_

26, 748
22, 338
16, 846
5,492

26, 180
21, 847
15, 763
6,084

27, 951
23, 512
17, 099
6,413

28, 443
23, 958
17, 514
6,444

26, 465
22, 194
15, 821
6,373

27, 966
23, 478
16, 005
7,473

26, 569
22, 296
14, 416
7,881

27, 035
22,609
14, 925
7,684

27, 161
22, 705
15, 769
6,937

27, 673
23, 282
16, 430
6,852

28, 759
24,229
17, 494
6, 735

28, 081
23 635
17, 595
6 040

29,006
24 351
18, 386
5 966

19, 540
2 798
4,410
4,063
348

18, 977
2 870
4, 333
3, 950
383

20,292
3,220
4,439
4,085
355

20, 649
3,309
4,485
4,119
366

18, 996
3,198
4,271
3,902
369

20,015
3,463
4,488
4,061
427

18, 802
3,494
4,272
3,807
466

19, 122
3,487
4,427
3,971
455

19, 446
3,259
4,456
4,034
422

19, 715
3,567
4,391
4,061
330

20,631
3,597
4,530
4,188
342

20, 167
3 468
4,446
4,158
288

20, 974
3 377
4 654
4,362
292

18, 656

18, 726

19, 617

20, 267

19,904

19, 969

19, 400

19,163

19, 297

19, 367

20, 180

20,539

3,293
9 951
548
3,601
498
219
499
46

3,346
9 757
578
3,876
382
234
502
51

3,490
9,934
648
4,329
379
251
530
56

3,570
9,990
685
4,777
384
248
548
66

3,518
9,897
613
4,633
429
219
534
59

3,497
10, 197
623
4,391
458
214
531
59

3,450
10, 014
560
4,159
463
188
509
57

O ^JQO

10, 134
547
3,913
452
176
504
55

3,482
10, 261
514
3,815
510
164
499
53

3,653
10, 035
508
3,823
637
170
489
53

3,728
10, 648
505
3, 824
732
189
502
52

3,805
10, 721
492
4,018
733
206
515
50

328 209

335 687

351, 460

362, 163

357 698

354, 600

346 645

341, 687

344, 779

348, 136

356 619

366, 155

GAS

Manufactured and mixed gas (quarterly) :
Customers, end of quarter, total
thousands. .
Residential (incl. house-heating) _ _ __ do
Industrial and commercial
do
Sales to consumers, total
mil. of cu. ft__
Residential
do
Industrial and commercial
_
do__
Revenue from sales to consumers, total
.thous. of dol_
Residential (incl. house-heating)
do
Industrial and commercial
do _
Natural gas (quarterly) :
Customers, end of quarter, total
thousands. _
Residential (incl. house-heating) _ _ __ _do
Industrial and commercial.
do
Sales to consumers, total
mil. of cu. ft
Residential (incl. house-heating) _ _ _._ _.do__
Industrial and commercial
_. -do _
Revenue from sales to consumers, total
thous. of dol__
Residential (incl. house-heating)
__do
Industrial and commercial
do
r

Revised, i Not available for publication.




10, 750
10, 048
694
148, 034
98, 229
48, 318

10, 768
10, 050
710
205, 843
143, 042
60, 926

10, 553
9,862
683
138, 358
90,174
47, 076

135, 000
99, 794
34, 284

176, 109
130, 434
44, 490

136, 644
100, 639
35, 203

10, 808
10, 000
800
653, 338
190, 426
439, 638

10, 955
10, 129
818
839, 675
369, 264
441, 040

11,313
10, 505
799
653, 824
180, 587
458, 268

222, 929
120, 173
98, 824

324, 553
211, 399
108, 342

221, 318
117, 238
101, 472

<8>Revised figures for January 1946-February 1947 are shown on p. 24 of the October 1943 Survey.

SURVEY OF CUKRENT BUSINESS

December 1948
Unless otherwise stated, statistics through
1946 and descriptive notes may be found in
the 1947 Supplement to the Survey

S-27
1948

1947

October

November

December

January

February

March

April

May

June

July

August

September

October

FOODSTUFFS AND TOBACCO
ALCOHOLIC BEVERAGES
Fermented malt liquors:
Production
thous. of bbl__
Tax-paid withdrawals
do
Stocks, end of month
do _
Distilled spirits:
Production
thous. of tax gal__
Consumption, apparent, for beverage purposes J
thous of wine gal
Tax-paid withdrawals
thous. of tax gal
Stocks, e n d o f month
_ _ _ _ _ _ _ do_ _
Imports
thous of proof gal
Whisky:
Production
thous. of tax gal
Tax-paid withdrawals
do
Stocks, end of month _
_ _ _ _ _ do_
Imports
thous. of proof gal__
Hectified spirits and wines, production, total
thous. of proof gal. _
Whisky
do
Wines and distilling materials:
Sparkling wines:
Production
thous. of wine gal
Tax-paid withdrawals
do
Stocks, end of month
___
do
Imports
_
do
Still wines:t
Production
do
Tax-paid withdrawals,
do
Stocks, end of month
do
Imports
do
Distilling materials produced at wineries do

9,067
8,307
9,413

6, 651
6,126
9,648

6,110
6,445
9,022

6,392
5,952
9,167

6,255
5,475
9,667

7,030
6,740
9,635

7,381
6,977
9,733

7,276
6,763
9,955

8,492
8,198
9,888

8,917
8,827
9,611

8,682
8,396
9,488

7,886
7,991
9,062

6,693
6,366
9,064

40, 152

7,735

4,200

9,492

21, 956

32, 818

28, 717

25, 953

22, 995

18, 779

15, 924

20, 908

33, 337

25, 862
16, 497
542, 907
1 414

18, 263
16. 021
527, 337
1 185

18, 536
10, 345
516, 403
773

13, 140
8,081
513, 899
1 206

12 871
8,938
523, 544
980

12 139
6 667
545, 365
943

13 129
7, 271
564, 189
1 099

12 155
6,784
580, 824
957

12 620
6,295
594, 733
1 069

12, 235
6, 731
602, 873
877

12 377
7,532
607, 676
892

14, 791
9,304
610, 988
1,234

11, 455
614, 840

9,732
7,770
474, 065
1,310

56
7,819
463, 391
1,108

655
5,510
456, 363
709

4,698
4 049
455, 409
1,059

13, 768
4 179
462, 061
892

20 638
3 575
479 180
866

20, 863
3 618
495, 017
996

20, 041
3 304
511, 232
863

14, 930
3 127
522, 261
942

10. 960
3 231
528, 926
809

9,540
3,977
533, 292
820

11, 429
4,736
537, 441
1,113

12, 193
6,090
541, 715

16, 591
15, 201

17, 836
16, 388

13, 506
12 411

9,442
8 696

9,211
8 526

8,429
7 661

8,666
7 928

8,143
7 302

8,254
7 320

8,194
7 362

9,299
8 503

10, 937
10, 130

13, 484
12 515

29
155
1,774
28

57
158
1,656
28

97
147
1,581
18

101
64
1,599
26

78
54
1,613
12

144
57
1 685
U

166
50
1,792
25

r 71
62
1 791
22

121
74
1 823
25

61
57
1,822
16

122
69
1 871
17

68
118
1,813
29

53, 433
11, 469
215, 882
175
97, 911

11, 432
11, 226
216, 435
138
31, 040

2 688
10, 282
205 089
139
8 504

668
9 469
195 891
237
2 563

495
8,804
186 846
160
1 055

799
10 917
176 208
214
2 248

647
9 952
166 348
183
r 2 088

441
8 043
158 212
168
2 610

416
8 465
147 708
189
995

565
7,234
139 827
141
1 342

769
8 248
131 895
204
2 519

15, 366
10, 166
136, 806
228
32, 020

91, 621
72, 125
.718

69, 220
46, 002
.794

74, 490
23, 672
.881

79 080
13, 399
.851

77, 095
7,323
.836

89 990
3 482
.802

100 025
4 449
.828

132 675
18 638
.801

135 575
53, 073
.803

126, 390
83, 105
.786

117 455
97, 624
.756

' 96, 685
' 93, 850
.719

81,802
63, 252
176, 626
151, 455
1 139

61, 760
44, 480
162, 682
139, 355
1,554

60, 025
42 395
147, 683
128, 188
1 519

65, 140
45 740
124, 106
107 236
1 369

64, 630
46 730
110, 125
93, 570
1 915

80 615
58 915
103, 350
88 737
1 591

96 230
73 490
105, 263
91 907
2 012

129 100
102 620
123, 507
106 712
2 010

132, 190
106 360
165, 201
140 038
2 106

116, 600
95 600
197, 220
168 809
1 491

107 735
87 955
217, 819
185 324
1 210

.438

.442

.469

477

.471

423

443

474

489

520

493

448

420

20, 330
19 500
200, 500

12, 095
12 650
152, 500

14, 165
11 475
156, 400

14, 720
8 575
176, 000

14, 530
8 800
193, 000

17, 575
10 275
270, 400

25, 255
13 900
332, 000

44, 300
13 500
449, 700

47, 890
12 500
443, 700

41, 550
10 800
379, 800

34, 190
Uinn
349, 600

22, 360
10 000
274, 050

15, 100
8 600
226, 250

8,501
' 9, 238
223, 940
284, 061

9,362
158, 551

8,682
95, 433

9,124
73, 267

8,622
63 117

8,777
80 752

11,619
177 715

12,615
337 507

13, 165
444 015

14, 275
514 094

15, 645
621 948

13, 408
622 624

15, 726
72, 852

14, 655
49, 110

8,831
25, 680

7,818
19 601

6,868
16 073

8 830
18 745

16 123
30 555

10 222
32 766

12, 145
30 416

10 886
21 650

8 585
27 780

6 342
33 486

8 40
5.31

8 80
5.52

8 80
5 70

8 93
5 83

9 12
5 99

9 12
6 00

9 32
6 08

9 69
6 41

9 71
6 48

9 87
6 61

10 03
6 71

10 02
6 56

9 93
6 26

8,845
3 319
4.87

8,015
2,479
4.97

8,056
2 568
5.02

8,354
2 766
5.08

8,219
2 766
5.10

9,273
3 359
5.09

10, 002
3 876
5.07

11, 842
5 182
5.03

12, 240
5 244
5.04

11. 592
4 764
5.16

10, 557
4 418
5.29

9,160
r g 612
5.32

8,774

15, 050
31, 000

9,925
22, 320

10, 050
30, 780

11, 790
37, 700

12, 750
39, 650

11, 800
52 750

13, 420
64 100

19, 950
90 250

18, 200
91 600

18, 100
69 200

16, 655
50 700

13, 650
37 300

11, 515
36 040

18, 620
34, 872

15, 364
20, 450

12, 496
14, 685

12 147
14, 613

11 871
18, 155

12 325
31 806

15 535
40 293

20 107
62 469

23 005
80 093

27 121
90 638

29 429
97 774

29 022
82 346

on 71 9
79 89*}

7,392
43, 660

6, 523
33, 512

5,072
28, 515

5 802
19, 710

6 388
9,671

7 532
6,810

6 304
5,383

13 554
16, 336

9 572
12, 517

9 387
9 674

8 354
8 457

8 923
10 587

.111

.124

.141

.146

.149

.148

.143

.144

.148

.151

.158

.157

T

DAIRY PRODUCTS
Butter, creamery:
Production (factory) _
_ thous. o f l b
Stocks, cold storage, end of month
do
Price, wholesale, 92-score (New York) dol. per l b _ _
Cheese:
Production (factory), total _ _
.thous. o f l b
American, whole milk
_
do
Stocks, cold storage, end of month, t o t a l _ _ _ d o
American, whole milk_
__
do
Imports
_
do
Price, wholesale, American, single daisies (Chicago)*
_ dol. per Ib
Condensed and evaporated milk;
Production:
Condensed (sweetened) :
Bulk goods
thous. of lb__
Case goods
do
Evaporated (unsweetened), case goods _ _ _ d o
Stocks, manufacturers', case goods, end of month:
Condensed (sweetened)
thous. of lb__
Evaporated (unsweetened)
_ do
Exports :§
Condensed (sweetened)
do._
Evaporated (unsweetened). _ _ _ _
do
Prices, wholesale, TJ. S. average:
Condensed (sweetened)
dol per case
Evaporated (unsweetened)
_
do
Fluid milk:
Production
mil. of lb__
Utilization in mfd. dairy products!
__
do
Price, dealers', standard grade
dol. per 100 lb__
Dry milk:
Production:
Dry whole milk___
thous. of lb__
Nonfat dry milk solids (human food)___ do.
Stocks, manufacturers', end of month:
Dry whole milk
_ _
_
do
Nonfat dry milk solids (human food)
do.._
Exports: §
D r y whole milk
_ _ _ _ _ do
Nonfat dry milk solids (human food)
do
Price, wholesale, nonfat dry milk solids (human
food), U. S. average
dol. per lb__
FRUITS AND VEGETABLES

r

T
r

T

r
r

r
r

89, 080
71, 270
212, 282
182 449
1 333

92 820
83, 910
.644
81 950
63 240
196, 155
168 549

o OOQ

5.30

.158

Apples:
Production (crop estimate) _ _ _ _ thous. of bu
i 113, 041
2 QO 288
r
Shipments, carlotj
no. of carloads__
5,663
3,917
8,806
4,729
4,516
4,175
687
3,523
1,720
271
608
2, 497
7,627
Stocks, cold storage, end of month, -thous. of bu__
34, 322
35, 790
29, 807
22, 772
16, 567
392
10,244
1,855
4,896
214
148
' 4, 902 22, 803
Citrus fruits, carlot shipments
no. of carloads_13, 318
16, 502
16, 695
10, 409
14, 701
12, 346
15, 218
14, 233
15, 061
8,404
6,431
' 7, 258
8,381
Frozen fruits, stocks, cold storage, end of month
392, 077
thous. of lb_. 405, 838
369, 470
343, 539
316, 819
281, 762
280, 744
247, 895
250, 326
371, 565 * 364, 115
340, 894
365, 497
Frozen vegetables, stocks, cold storage, end of
month
_
thous. of lb__ 347, 466
323, 991
291, 752
254, 853
226, 619
196, 628
181, 526
176, 118
160, 423
214, 096
266, 910 ••311,734
314, 308
Potatoes, white:
Production (crop estimate)
thous. of bu__
i 384, 407
2 431 401
oq oco
Shipments, carlot_
no of carloads
25 797
20 349
22 092
16 040
21 484
27 753
33 052
23 405
16 533
23 059
Price, wholesale, U. S. No. 1 (New York)*
dol. per 100lb__
3.769
4.393
5.332
3.240
5.224
5.380
4.723
5.915
4.165
3.624
3.757
3.499
r
Revised. 1 December 1 estimate. 2 November 1 estimate.
§ Beginning in the April 1948 Survey, export figures include Army civilian supply shipments; see note marked "J" on p. S-21.
*New series. The new price series for cheese has been substituted for the price of twins on the Wisconsin Cheese Exchange; data beginning 1928 will be shown later. The price of U S
No. 1 potatoes has been substituted for Long Island No. 1; data are available beginning March 1947 and figures for March-June 1947 are shown on p S-27 of the September 1948 Survey
^Consumption of distilled spirits for beverage purposes revised for 1944; revisions are shown on p. S-27 of the November 1948 Survey. Fluid milk utilization in *ua.uuiat,isuit/ dairy
manufacture
ired
nrnrlnnta rotriearl fr»r I C M f i - r l o f o nr-a oVi^TTm ™-. -^ Q OT ^f ^V,^ C!~,-x4^™l™,. i n ^ o
'
**.uu,i,w* i-u.
products, revised for 1946; data are shown on p. S-27 of the September 1948 a,,,.^™.,,.
Survey.




SUEVEY OF CURRENT BUSINESS

S-28
Unless otherwise stated, statistics through
1946 and descriptive notes may be found in
the 1947 Supplement to the Survey

December 1945
1948

1947

October

November

December

January

February

March

April

May

June

July

August

Septembes

Octol

FOODSTUFFS AND TOBACCO—Continued
GRAINS AND GRAIN PRODUCTS
Exports, principal grains, including flour and mealt §
thous. of bu._
Barley:
Production (crop estimate)
do
Receipts, principal markets
_ _ do
Stocks, domestic, end of month:
Commercial
_ do__ _
On farms
do
Exports including maltf§
do
Prices, wholesale (Minneapolis):
No. 2, malting
dol. per bu__
No. 3, straight
do
Corn:
Production (crop estimate)
mil of bu
Grindings, wet process
thous. of bu_.
Receipts, principal markets
do
Stocks, domestic, end of month:
Commercial
- do. _
On farms
mil of bu
Exports including me3.lt 5
thous ofbu
Prices, wholesale:
No 3. white (Chicago)
dol. per bu_
No 3 yellow (Chicago)
do
Weighted average, 5 markets, all grades. _do
Oats:
Production (crop estimate)
mil. of bu__
Receipts, principal markets
thous. of b u _ _
Stocks, domestic, end of month:
Commerical
do
On
farms
do
Exports including oatmeal f§
do
Price, wholesale, No. 3, white (Chicago)
dol. per bu_.
Rice:
Production (crop estimate)
thous. of bu
California:
Receipts, domestic, rough
thous. of lb_
Shipments from mills milled rice
do
Stocks, rough and cleaned (cleaned basis), end
of month
thous. of lb_
Southern States (Ark., La., Term., Tex.):
Receipts, rough, at mills.thous. of bbl. (162 lb.)._
Shipments from mills, milled rice... thous. of lb_~
Stocks, domestic, rough and cleaned (cleaned
basis), end of month
thous. of lb_.
Exports §
do __
Imports
do
Price, wholesale, head, clean (N. 6.)..dol. per lb__
Rye:
Production (crop estimate)
thous. of bu
Receipts, principal markets
do
Stocks, commercial, domestic, end of month.do
Price, wholesale, No. 2 (Minne.)
dol. per bu__
Wheat:
Production (crop estimate), total
mil. ofbu
Spring wheat
do
"Winter wheat
do
Receipts principal markets
thous. of bu
Disappearance domestic
do
Stocks, end of month:
Canada (Canadian wheat)
_
do__ _
United States domestic, total 1
do
Commercial
_
__do
Interior mills, elevators, and warehouses
thous of bu
TVTerpharit fnills
do
On farms
do
Exports, total, including flour f§
do
Wheat only §
_
do
Prices, wholesale:
No. 1, dark northern spring (Minneapolis)
dol. per bu__
No. 2, hard winter (Kansas City)
do
No. 2, red winter (St. Louis)
do_ __
Weighted avg., 6 markets, all grades
do
Wheat flour:
Product ion :J
Flour
thous. of sacks (100 Ib.)
Operations, percent of capacity
Offal
_ _ short tons
Grindings of wheat}
thous. of bu__
Stocks held by mills, end of month
thous. of sacks (100 Ib.)
Exports§
_ _ do
Prices, wholesale:
Standard patents (Minneapolis)
dol. per sack (100 lb.)__
Winter, straights (Kansas City). -_ -do.

46, 623

42, 313

42, 170

48, 493

41,817

36, 787

38, 867

35, 147

45,938

52,436

63, 153

52,939

14, 605

i 279, 182
12, 111
10, 021

8,679

5,773

5,737

5,717

7,270

8, 455

8,271

22, 535

13, 926

29, 679

27, 846

21, 521

7,597

12,026

794

668

1,106

6,740
3 26, 600
812

6,537

465

15, 756
68, 696
1,157

10, 879

859

26, 581
117, 300
1,370

24, 205

2,641

1,704

4,375

19, 254
210, 178
1,646

2.379
2.218

2.590
2.426

2.711
2. 510

2.675
2.507

2.359
2.142

2.433
2.243

2.381
2.267

2.354
2.227

2.267
2.099

1.754
1.704

1.486
1.366

1.410
1.270

11,387
20, 915

i 2, 401
9,762
20, 293

7,284

2.508
2.403
2.277

3,165

1.201

4,621

2.280
2.136
2.100

2.250
1.951
1.949

2.210
1.808
1.760

1.477
1.470
1. 375

9,046

14, 780

27, 329

14, 497

2 1. 4J)3
9i 864

1,841
3 171, 479
2,095

3,821

18, 405

862

1,410

418

18, 902
1, 188, 320
1,792

1.170

1.111

.770

.716

.746

8,962
24, 406

8,438
15, 688

17,035

20, 996

5,040

970

9,293
849.2
907

7,520

629

399

5,210
426.5
608

2.692
2.711
2.582

(<)
2.253
2.152

2.442
2.301
2.229

2.390
2.318
2.257

2.388
2.306
2.249

2.445
2.316
2.259

1,216
8,594

11, 684

5,804

8,411

8,203

8,700

9,968

7,077

1,663

1,562

3,288
410, 644
1,296

1,937

2,910

1.273

22, 103

736

1,522
3 114. 6
523

8,408
19, 028

1.401

1.273

1.298

1.253

7,583

27, 797

999
587

7,804
19, 569

2.465
2.423
2.345

16,260

1,972
1,273

7,999
12, 116

1.241

1

1

1,312

1,537

87, 717
44, 912

50, 962
29, 161

58, 208
54, 875

82, 010
79,646

72,810
27, 317

102, 109
66, 780

63, 423
47, 603

38, 635
33, 947

32, 446
26, 491

53, 635

63, 855

66, 894

52, 698

28, 434

48,056

48, 963

40, 358

29, 168

22, 528

2,521
278, 838

935
162, 090

616
130, 523

363
89, 254

209
95, 263

157
122, 578

207
82, 400

129
50, 220

5
24,939

1,210
80, 124

489, 483
118, 889
1,236
.114

475, 620
140, 214
424
.121

414, 010
90, 675
209
.122

355, 777
31,628
267
.127

306, 419
104, 889
647
.134

235, 886
63, 322
1,266
.129

133, 832
93, 137
480
.129

73, 496
14,014
897
.138

38,896
19, 161
454
.159

16,058
7,663
350
.165

61, 195
19, 208
350
.162

512
4,427
2. 824

i 25, 977
443
4,072
2.769

97, 925
29, 478

6, 395

36,376

3, 816
178, 082

5,182
253, 482

273, 024
40, 782
150
(4)

£46, 802

7,607

5,877
312, 232

437
3,636
2.763

367
2,688
2.410

609
1,521
2.562

654
1,286
2.530

657
954
2.412

438
531
2.247

1,053
901
1.783

3,634
2,666
1.598

r

2,084
4,469
1.503

1

68, 185

.778

3,030
3,082

3,630
17, 818

U,364.9
i 296. 9
1, 068. 0
40, 678
44,065
331, 467

15,031

2 80, 137

79, 345

149,012
44, 308

1,366
4,262
2.853

3,e,50
10, £17
26, 339

9,261
17, 246

8,386
18, 426

14, 037
743 783
2,099

1,624

1.E17
1. 419

8,799
16, 897

10, 180
26, 368

2.572
2.611
2.489

11, 648

1,666

18, 847

2

13, 218
1,517 9
1,084

10, 831
22, 898

2317,240
12, £70

35,022

16,053

14, 967
317, 047

23, 209

30, 520

50,471
283, 927

115,735

102, 328

53, 096

97,989

85, 835
479, 648
70, 174

72,082

124,041

56, 694

49, 622

48, 305
3195,726
334,065

35, 238
21,118

146, 292

130, 639

166, 359

152, 400

126, 282
796, 618
141,889

40, 837
26, 366

36,217
25, 933

112,279
111,730
427, 620
37, 609
26, 421

44, 488
24, 502

38, 396
27, 121

75, 382
73, 714
256, 533
32, 784
21,534

3.167
2.953
2.952
3.093

3.231
2.999
3.020
3.154

3.160
3.011
3.089
3.110

3.198
3.032
3.120
3.149

2.765
2. 508
2.866
2.684

2.667
2.454
2.538
2.609

26, 327
84.3
506,140
60, 393

23, 676
89.0
449, 691
54, 188

23,475
78.0
448, 184
53, 734

24, 174
80.0
460, 890
55, 141

21, 002
78.1
401, 960
47, 974

6,462

4,546

5,912
4,954

8,940

7.431
6.700

7.640
6.895

7.263
6.738

7.175
6.735

85, 359

75, 714
337 367

34, 765

64, 533

169, 181

211, 023

160, 812
1, 142, 133
219, 111

150, 846

.1(0
2 26, 604
1, 946
3, 323
1.64,5
2 1, 283. 8
2 302. 4
2 981. 4
46, 870

180, 518
206, 864

32, 780
19, 707

330,579
34, 240
s 94, 312
42, 423
24, 527

48, 040
32, 748

57, 773
40, 260

246, 938
129, 233
542, 891
48, 977
34, 732

2.669
2.445
2.546
2.612

2.625
2.402
2.440
2.596

2.601
2.294
2.325
2.562

2.427
2.193
2.248
2.308

2.319
2.150
2.163
2.218

2.350
2.204
2.245
2.256

2. 387
2. 22«5
2. 2<W
2. 282

21, 768
69.0
415, 510
49, 631

22, 079
72.6
422, 334
50, 288

22, 670
77.7
430, 408
51, 883

22, 827
80.3
438, 162
52, 416

24, 179
80.0
466, 902
55, 664

24,940
82.8
478, 262
57, 352

23, 402
80.9
451, 015
53, 771

461, 951!
55, 35J5

5,015

5,031
4,999

6,288

5,806

4, 595
7,938

6,739

7,695

4,802
6,317

6.294
5.736

6.162
5.650

6.075
5.569

5.845
5.415

5.769
5.094

5.662
5.110

5.595
5.181

5.588
5.131

3

24, l5<5

84.:i

5. 77£.
5. 14C

LIVESTOCK
Cattle and calves:
Slaughter (Federally inspected):
599
509
511
762
566
586
Calves
thous. of animals..
550
673
813
577
569
620
633
1,337
1,109
899
1.178
986
977
1.312
1,346
Cattle
do
1,497
1,046
1,176
877
1.086
2
' Revised. 1 December 1 estimate. November 1 estimate.
8
Includes old crop only; new grain not reported in stock figures until crop year begins in July for barley, oats, and wheat and October for corn. 4 No quotation.
^The total includes wheat owned by the Commodity Credit Corporatkm stored off farms in its own steel and wooden bins not included in the break-down of stocks.
- - . . . .
....
.
; sei
§Beginning in the- April- 1948 Survey, export figures include Army civilian supply exports; see note marked "t" on p . S-21.
JData are partly estimated; see note marked "I" on p. S-28 of the October 1948 Survey.
{Revised series. Data included for wheat flour, corn meal, malt, and oatmeal have been revised using new conversion factors supplied by the U.S. Department of Agriculture, which take
into account changes in milling practices. The revisions have been carried back in each case to the earliest year for which the new information is available as follows: Exports of principal grains
and oat exports, 1943; wheat and barley exports, 1944; corn exports, 1946. The new conversion factors are given in the note for grain exports at the bottom of S-29. Revised figures for!944-43
for barley and through August 1947 for other series will be published later. The new factor for malt has been used in data for barley exports beginning January 1947 published in previous issues.




SUKVEY OF CUEEENT BUSINESS

December 1948
Unless otherwise stated, statistics through
1946 and descriptive notes may be found in
the 1947 Supplement to the Survey

S-29
1948

1947

October

November

December

January

February

March

April

May

June

July

August

September

October

FOODSTUFFS AND TOBACCO—Continued
LIVESTOCK—Continued
Cattle and calves — Continued.
Receipts, principal markets... thous. of animals..
Shipments, feeder, to 8 corn belt States
do
Prices, wholesale:
Beef steers (Chicago)
dol. per 100 lb__
Steers, stocker and feeder (Kansas City) -do
Calves, vealers (Chicago)
do
Hogs:
Slaughter (Federally inspected)__thous. of animals. _
Receipts, principal markets
do
Prices:
Wholesale, average, all grades (Chicago)
dol. per 100 lb__
Hog-corn ratio
bu. of corn equal to 100 Ib. of live hog_.
Sheep and lambs:
Slaughter (Federally inspected)
thous. of animals. _
Receipts, principal markets
do __
Shipments, feeder, to 8 corn belt States _ do
Prices, wholesale:
Lambs, average (Chicago)
dol. per 100 lb__
Lambs, feeder, good and choice (Omaha) .do

r

2,617
321

2,233
145

2,028
103

1,485
59

1,680
54

1,878
82

1,898
117

2,127
134

1,887
138

2,318
221

2,517
390

2,722
606

29.82
20.96
25.38

29.52
21.32
25.81

29.08
23.59
26.75

29.16
26.31
29.06

26.43
24.15
27.00

26.71
25.57
25.65

28.43
26.62
25.75

31.33
27.60
28.90

34.72
26.96
27 25

36 37
28.25
27 63

35 22
27.40
28 00

34 03
25.42
28 13

32 05
24.41
26 88

3,978
2, 307

5,501
3,303

6,254
3,771

5,223
3,272

3,746
2,305

3,574
2,309

3,343
2,462

3,562
2,660

4,235
2 863

3,044
2 022

2,440
1,707

2,836
1 842

4,098
2 361

27.81

r

3, 385
621

24.96

26.31

26.71

22.25

21.40

19.79

20.15

23.10

25.17

26.89

27.75

25.48

!2.2

11.1

10.5

10.9

11.2

10.3

9.4

9.1

10.6

12.8

14.2

15.3

17.8

1,697
2,871

1,471
1,833

1,451
1,587

1,347
1,428

1,209
1,255

1,175
1,259

1,045
1,211

978
1,382

1,262
1,590

1,464
2,611

1,632
2,512

393

1,195
1 409

1,264
1,932

677

131

81

64

65

69

106

149

61

229

495

548

22.62
21.05

22.75
20.98

24.08
20.53

25.00
21.78

23.00
20.44

21.50
19.47

24.00
21.61

26.75
22.67

29.00
0)

28.50
0)

27.00
25.97

23.88
23.18

22.12
22.12

1,556
480

1,740
635

1,918
980

1,762
1,130

1,323
1,168

1,299
1,097

1,197
990

1,228
941

1,549
960

39

35

41

69

25

29

32

38

1,149
668
••35

1,433
447

52

1,274
860

1,229
"•492

62

792, 883
112, 290
8,400

707, 751
151, 856
5,983

709, 306
196, 252
2,360

698, 314
193, 316
1 389

541, 914
178, 541
1 467

563, 238
154, 411
9,165

527, 314
120, 898
1,050

503, 226
102, 578
712

615, 696
88, 705
913

577, 522
76, 408
2 789

599, 674
75, 692
T
1, 777

r

MEATS
Total meats (including lard) :
Production (inspected slaughter)
mil. of lb__
Stocks, cold storage, end of month
do
Exports §
do
Beef and veal:
Production (inspected slaughter)
thous. of lb_.
Stocks, cold storage, end of month
do
Exports§
do
Price, wholesale, beef, fresh, native steers (Chicago)
dol. per lb._
Lamb and mutton:
Production (inspected slaughter)
thous. of lb__
Stocks cold storage, end of month
do _
Pork, including lard, production (inspected
slaughter)
thous. of lb__
Pork, excluding lard:
Production (inspected slaughter)
do
Stocks, cold storage, end of month
-do
Exports §
do
Prices, wholesale:
Hams, smoked (Chicago)
dol. per lb_.
Fresh loins, 8-10 Ib. average (New York)_do
Miscellaneous meats and meat products, stocks, cold
storage, end of month:
Edible offal
thous. of Ib
Canned meats and sausage and sausage room
products
thous. of Ib
Lard:
Production (inspected slaughter)
do
Stocks cold storage, end of month
do
'
Exports §
do
Price, wholesale, refined (Chicago) ...dol. perlb_.

38

650,370
80, 587
2,203

r

641, 225
97, 322

.466

.466

.468

.479

.419

.436

.468

.500

.542

.578

.577

.552

.509

69, 891
11, 893

60, 790
17, 280

61, 943
20, 317

60, 107
19, 294

55, 859
16, 971

55, 049
14, 890

47, 601
9,106

42, 039
7,665

51,710
7,999

49, 915
8,557

53, 389
9,847

61,783
10, 478

67, 469
15, 853

693, 312

971, 957 1, 147, 168 1, 003, 276

724, 834

680, 771

621, 675

682, 325

881, 565

646, 403

496, 236

539, 982
187, 971
2,412

759, 222
304, 851
3,228

867, 696
527, 159
2,400

745 581
659, 309
1 756

531, 423
700, 114
3,216

506, 096
661, 399
3,430

473, 317
606, 827
1,794

514, 718
580, 056
2,804

650, 982
582, 496
2,909

477, 942
508, 213
1,649

372, 166
359, 794
2,273

.589
.564

.551
.480

.577
.456

.612
.482

.538
.471

.561
.523

.569
.536

.576
.545

.610
.535

.644
.624

.658
.682

50, 544

57, 501

71, 183

74 261

70, 766

67, 178

56, 480

51, 124

55, 760

50, 393

43, 843

r

36, 389

34, 267

r

32, 607

29, 876

87, 107
r 96, 587
14, 512
.240

120, 682
64, 518

41. 724
108, 368
.332

45, 007
153, 175
.300

3,536
3,692

3,534
2,221

27, 045

30, 534

41, 799

49 953

64,622

69, 854

58, 136

48, 616

43, 787

42, 375

154, 639
73, 377
33, 522
.302

204, 084
113, 286
23, 210
.290

188 171
133, 513
23 143
.292

141, 384
137, 416
25, 544
.239

127, 736
129, 028
r
47, 345
.238

108, 165
138, 924
16, 328
.250

122, 340
150, 660
20, 929
.243

168, 689
181, 327
13, 725
.245

123, 277
174, 304
20, 747
.240

68 856
317, 463
.240

28 083
293, 640
.265

22, 385
262, 374
.260

25, 275
205, 745
.280

26, 614
153, 424
.298

31, 221
117, 935
.292

32, 736
99, 507
.296

32, 060
91, 186
.317

31, 520
88, 234
.336

3,291

3,746

4 338

330

162

552

4,723
1,029

6,093
1,781

6,304
3,213

5,992
5,541

5,019
9,081

4,459
9,047

3,922
5,926

724, 588

397,380
234, 909
1,773

558, 733
204, 790

.669
.675

90, 594
139, 751
16, 806
.241

78, 087
317, 112
.216

517, 028
r

38, 993

111, 619
90, 437
38, 286
.285

T

.586
.595

.234

POULTRY AND EGGS
Poultry:
61, 637
ReceiDts 5 markets
thous of Ib
277, 870
Stocks cold storage, end of month
do
.236
Price, wholesale, live fowls (Chicago) _dol. per lb. _
Sggs:
r
3, 439
Production farm
millions
226
Dried egg production
thous. of lb
Stocks, cold storage, end of month:
1,818
Shell
thous. of cases. .
189, 596
Frozen
thous oflb
Price, wholesale, U. S. standards (Chicago)
.464
dol. per doz_-

196

269

374

164, 673

138, 192

122 438

120, 665

1,165
143, 253

3,091
195, 954

4,903
248, 574

5,669
266, 748

5,525
257, 367

4,608
233, 431

.455

.517

.441

.434

.432

.429

.410

.416

.412

.444

824

r

r

' 3, 290
200, 968

.442

1,680
170, 883

.456

MISCELLANEOUS FOOD PRODUCTS
r
34, 000
82, 670
74, 403
72, 171
45, 057
63, 655
54, 947
47, 260
66, 201
44, 156
66, 164
60, 624
Dandy sales by manufacturers J*
thous. of dol
Docoa:
12, 645
12, 625
32, 147
7,935
21, 082
24 208
17 461
21, 090
31 858
39 151
17, 586
Imports
long tons
18 415
.332
.354
.442
.495
.394
.446
.416
.404
.402
.430
.436
.436
.510
Price, wholesale, Accra (New York)__dol. per lb__
Coffee:
1,412
1,294
1,595
1,413
1,605
1,827
1,371
1,328
1,550
1,433
1,285
1,220
1,691
Clearances from Brazil, total.
thous. of bags__
742
782
943
903
979
1,173
1,118
733
1,388
1,099
1,138
1,089
760
To United States
do
954
952
915
1,044
1,103
1,288
1,369
948
1,144
1,183
913
1,111
1,110
Visible supply, United States
do
1,341
1,412
1,884
1,884
1,211
1,604
1,397
1,870
1,515
2,157
2,055
2,095
Imports
do
Price, wholesale, Santos, No. 4 (New York)
.272
.266
.266
.264
.264
.270
.268
.270
.270
.268
.270
.268
.265
dol. perlb..
?ish:
33, 342
47, 208
34, 867
28, 620
49, 508
71,885
63, 927
67, 660
21, 537
68,746
Landings fresh fish 5 portst
thous. of lb
142, 102
90,491
133, 844
112, 046
76, 743
85, 601
140, 070
68, 268
147, 103
127, 474
135, 928
100, 537
140, 160
Stocks cold storage, end of month
do
5ugar:
Cuban stocks, raw, end of month
r
3,134
215
455
1,018
1,645
2,911
1,194
2,818
2,243
813
3,810
3,176
thous. of Spanish tons..
1,714
r
Revised.
1 No quotation.
^Revisions for January 1946 to June 1947 are shown on p. S-29 of the September 1948 Survey.
§Begmning in the April 1948 Survey, export figures include Army civilian supply shipments; see note marked "i" on p. S-21.
<? This series continues data in the 1942 Supplement to the Survey; it was omitted from the 1947 Supplement because of discovery of inconsistencies in'the data. Data beginning June 1942
iave been revised to correct certain discrepancies in the computations: however, all data since 1939 are subject to revision when data become available from the 1947 Census of Manufactures.
?he series is computed by carrying forward since 1936 a series representing around 70 percent of total manufacturers' sales of candy and competitive chocolate products, on the basis of montho-month percentage changes in sales of identical concerns given in reports of the Bureau of the Census: the figures differ from dollar figures in these reports which cover a varying number of
oncerns. The series accounted for about 73 percent of estimated total sales in 1947.
Wheat flour—beginning July 1947,
NOTE FOR GRAIN EXPORTS, p. S-28.—'
September 1947 ranged from
n average factor is computed each month t
" -7.6 bushels of oats per 100
.234 to 2.276 bushels of wheat per 100 pounds of floi
>ounds of oatmeal.




SURVEY OF CURRENT BUSINESS
Unless otherwise stated, statistics through
1946 and descriptive notes may be found in
the 1947 Supplement to the Survey

December 1948
1948

1947

October

November

December

January

February

March

April

May

June

July

August

September

Octobe

FOODSTUFFS AND TOBACCO—Continued
MISCELLANEOUS FOOD PRODUCTS—
Continued
Sugar — C on t in ued
United States:
Deliveries and supply (raw basis) :
Production and receipts:
Production
short tons
Entries from off-shore
do
Hawaii and Puerto Rico*
do
Deliveries total
do
For domestic consumption
do
For export
_ .do. __
Stocks, raw and refined, end of month
thous. of short tons..
Exports, refined sugar §
short tons..
Imports:
Raw sugar, total
__do_ __
From Cuba
do
Refined sugar, total
__do
From Cuba
do
Price (New York):
Raw, wholesale
dol. per lb_.
Refined:
Detail
-do
"Wholesale
do
Tea imports
_thous. of lb_

534, 233
459, 202
169, 718
T
904 508
r
888, 916
15, 592

636, 444
443, 968
101,681
586,012
580,194
5,818

485, 709
384, 783
44, 647
378, 341
366, 575
11,766

144, 172
81, 968
19, 502
343, 020
337, 591
5,429

68, 262
359, 259
56, 003
388, 071
382, 930
5,141

59, 875
566, 627
148, 444
572, 746
565, 503
7,243

(«)
445, 309
163, 577
562, 391
557,910
4,481

25, 222
512, 510
192, 742
599 958
595, 614
4,344

46, 339
492, 872
249 143
818 181
814, 200
3, 981

35, 014
489, 168
243, 933
925 778
921,497
4,281

42, 368
498, 295
85, 1?2
901 689
893, 453
8,236

102 233
594,859
232 575
617 681
608 967
8 774

r
943
15, 191

1,407
8,914

1,904
20, 151

1,808
4,237

1,880
5,544

1,950
9,555

1,843
3,936

1,782
4,120

1,502
2,890

1,106
2,905

829
4,292

891
7 293

275, 544
275, 543
23, 477
23, 477

283, 839
282,514
7,204
7,204

384, 959
341,283
7,497
7,497

60, 784
33, 910
2,844
2.083

274, 977
251, 187
26, 709
24, 782

384, 684
363, 978
26, 295
25, 711

210, 620
204, 965
51, 232
49, 787

259, 755
228, 443
30, 470
30, 216

195, 268
158 918
37, 555
34, 204

195, 537
177 039
41,617
41,617

397, 341
354 566
40 753
38 753

283 798
247 809
31, 801
31 801

505
482
238
543
531
11

601
700
3158
200
909
291

1, 206

.063

.063

.063

.058

.055

.054

.054

.051

.054

.057

.058

.057

. 0 56

.097
.082
5,487

.098
.082
6,665

.098
.082
5,429

.098
.080
7,863

.093
.077
7,105

.093
.076
6,538

.093
.076
13, 052

.092
.075
8,500

.091
074
8, 499

.091
.076
7,360

.092
076
8 851

092
076
3 871

OQ2
076

TOBACCO
Leaf:
Production (crop estimate)
mil.oflb..
Stocks, dealers and manufacturers, end of quarter,
total
mil.oflb
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
59, 406
Exports, including scrap and stems§_— thous. of lb__
6,720
Imports including scrap and stems
__ do
Manufactured products:
Production, manufactured tobacco, total
thous. of lb__
26, 251
366
Fine-cut chewing
do
5,143
Plug
do
4,426
Scrap, chewing
do
11,683
Smoking
do
4,101
Snuff
._
do
533
Twist
. do
Consumption (withdrawals) :
Cigarettes (small) :<?
3,527
Tax-free
millions
33,141
Tax-paid
do
Cigars (large), tax-paid
.thousands. _ 587, 880
Manufactured tobacco and snuff, tax-paid
25, 909
thous. of lb__
2,107
Exports, cigarettes!
_ _ _ _ _ millions. .
Price, wholesale (composite), cigarettes, f. o. b.,
6.509
destination
dol. per thous

T

r

i 2, 108

2 i 872

3,800

3,814

r

318
210
3,114
3

352
287
3,016
3

r

3,444

3 551

'378
r
265
2, 644
2

340
240
2 833
2

40, 905
5,808

32
123
46, 014
4,007

23, 601
7,713

33, 601
5,725

30
127
19, 194
7,153

27, 786
7,075

34, 744
6,720

28
127
20, 914
7,335

59, 006
6,337

44, 165
7 943

18,816
298
3,868
3,465
7,888
2,883
414

17, 283
330
3,221
3,200
6,998
3,130
404

19, 232
363
3,516
3,383
8,017
3,489
464

18, 549
334
3,522
3,183
7,791
3,265
454

21,055
322
3,910
3,560
8,910
3,879
473

21, 340
220
4,200
3,377
9,693
3, 390
462

19, 536
217
3,415
3,270
9,015
3,176
443

20, 937
257
3,704
3,733
9,251
3,511
481

17, 889
230
3,591
3,116
7 548
2,950
454

21, 610
251
4 215
3,958
9 390
3,342
454

2, 536
27, 044
495, 401

2,997
24, 946
446, 719

3,213
27, 273
461, 398

3,578
23, 472
460, 141

3,197
29, 252
470, 099

2,422
31,618
449, 504

2,363
29, 092
444, 491

3,250
31, 269
479, 949

3,068
27, 205
430, 210

3 547
34 192
505, 228

18, 144
1,860

15, 683
2,140

19, 587
2,000

18,071
2,365

20,222
2,349

21,821
1,417

19, 024
1,448

20, 280
2,090

17, 880
1,947

6.509

6.509

6.509

6.509

6.509

6.509

6.509

6.509

25
112
47, 855
7 756

4 104
29 983
544 856

P 31 3^5
629 971

21,201
2,025

23, 157
2 535

23,816

6.509

6.862

6 862

6 862

r

LEATHER AND PRODUCTS
HIDES AND SKINS
Imports, total hides and skins
thous. of lb__
Calf and kip skins
thous. of pieces
Cattle hides —
do
Goatskins
do
Sheep and lamb skins
do
Prices, wholesale (Chicago):
Calfskins, packers', 8 to 15 Ib
dol. per lb._
Hides, steer, packers', heavy, native
do

13, 527
79
142
2,933
1,304

18, 561
82
186
3,573
2,872

31, 447
102
453
3,649
1,203

58, 027
310
850
3,640
2,709

26, 215
98
187
5,835
2,342

21, 242
76
274
4,226
2,246

17, 266
86
113
3,510
2,128

17, 878
54
147
2,928
1,404

20, 432
48
223
2,420
3,686

22, 809
38
158
2,999
3,529

15, 394
23
118
2 710
1 946

15, 338
92
91
2 611
3 144

.669
.343

.756
.375

.745
.359

.650
.308

.415
.257

.351
.222

.392
.248

.472
.272

.435
.274

.450
.301

.388
.291

.390
.289

.381
.269

LEATHER
Production:
834
912
1,125
899
818
937
836
Calf and kip
thous. of skins.
818
935
701
938
857
r
2,405
2,258
2,638
2,371
2,418
2,175
2,330
2,119
Cattle hide
thous. of hides
2,183
1,833
2 186
2 157
r
3,775
2,878
3,188
3,319
3,407
3,408
3,540
Goat and kid
_ .thous. of skins _ _
3,338
3,017
2,815
2 736
2 986
r 3 193
3,094
2,934
2,782
2,892
3,647
3,001
2,829
2,700
Sheep and lamb
do
2,890
2,325
2 860
Exports:
Sole leather:
32
244
52
116
43
19
25
Bends, backs, and sides
thous. of lb_.
61
78
53
12
34
95
72
235
53
116
60
118
Offal, including belting offal
do
126
144
191
127
5
3,285
2,943
Upper leather
thous. of sq.ft..
1,986
2,180
1,789
2,019
1,970
2,289
2,644
2,291
2,159
2,085
Prices, wholesale:
Sole, steer, bends, tannery run (Boston)
.742
.808
.784
dol. per lb__
.813
.632
.653
.750
.676
.672
.676
.662
.642
.632
Chrome, calf, black, first commercial grade, com1. 324
1.324
1. 272
1.246
1.165
1.042
positef
dol. per sq. ft..
1.048
1.055
1.075
1.030
1.047
1.026
1.01.3
r
2
Revised.
f Preliminary.
1 December 1 estimate.
November 1 estimate.
0
January-April 1948 total, including corrections for months prior to April, 248,372 tons; corrected monthly figures not available.
JNot strictly comparable with data prior to September 1947 because of a change in grade for one reporting firm; September 1947 figure comparable with earlier data $1.223.
§ Beginning in the April 1948 Survey, export figures include Army civilian supply shipments; see note marked "t" on p. S-21.
*New series. Data on entries of raw and refined sugar (raw basis) from Puerto Rico and Hawaii, compiled by the U. S. Department of Agriculture, have been substituted for receipt
of raw and refined sugar from these areas compiled by the U. S. Department of Commerce; collection of data for Hawaii has been discontinued by the latter agency.
c? January-June 1947 figures not previously published are as follows (millions): Tax-free withdrawals—3,519, 2,723, 3,243, 2,805, 2,966, 2,269. Tax-paid withdrawals—28,471, 25,594, 26,94(
27,244, 25,759, 28,540. These data are comparable with figures shown in the monthly Survey beginning with the September 1948 issue.




SURVEY OF CURRENT BUSINESS

December 1948
Unless otherwise stated, statistics through
1946 and descriptive notes may be found in
the 1947 Supplement to the Survey

S-31
1948

1947

October

November

De e m
£r
ber '

January

Febru-

March

April

May

June

July

August

September

October

LEATHER AM) PRODUCTS—Continued
LEATHER MANUFACTURES
Shoes and slippers:
Production, total
thous. of pairs
Shoes, sandals, and play shoes, except athletic,
total
thous. of pairs
By type of uppers: <?
All leather
do
Part leather and nonleather
do
By kinds:
Men's.
do_ .
Youths' and boys'
do
Women's
do
Misses' and children's
do
Infants' and babies'
do
Slippers for housewear
_
do
Athletic
do
Other footwear
_ __
_do
Exports
do
Prices, wholesale, factory:
Men's black calf oxford, plain toe_.dol. per pair__
Men's black calf oxford, tip toe
do
Women's black kid blucher oxford
do

t

46, 765

37, 982

39, 849

40, 731

40,290

44, 852

39, 412

33, 974

38, 417

31, 957

r

41, 357

41, 990

40, 098

32, 561

35, 788

37, 899

37, 346

41,502

36, 306

30, 858

34, 587

28, 484

* 36, 406

36, 442

38, 730
1 374

31, 294
1 185

34, 471
1 331

36, 118
1,816

35, 130
2 126

38, 972
2 603

34, 292
2,319

28, 473
2,417

32, 359
2,401

26, 891
1,586

33, 995
2,386

33, 933
2,558

10, 350
1,815
19, 242
5,277
3,414
5,936

9,306
1,556
16, 693
5,004
3,235
3,539
349
167
486

9,264
1,397
18, 483
5,350
3,405
2,349
304
179
398

9,088
1,223
18, 371
5,277
3,387
2,464
298
182
519

9,951
1,284
20, 372
6,044
3,851
2, 801
365
184
450

9,273
1,257
16, 871
5,385
3,520
2,592
337
177
565

7,828
1,252
14, 244
4,532
3,002
2,688
262
166
510

8,898
1,557
15, 972
4,846
3,314
3,374
281
175
379

6,984
1,293
14, 189
3,484
2,534
3,046
264
163
352

r

492
239
505

8,192
1,526
15, 328
4,541
2,974
4,894
351
176
430

»• 18, 367
r 4, 454
r
3, 036
r 4, 273
••379
'299
567

9,268
1,853
17, 939
4,347
3,035
4,854
385
309
513

9.457
6.625
4.900

9.457
6.750
4.900

9.457
7.150
4.900

10. 437
7.150
5.700

10. 437
7.150
5.700

10. 437
7.150
5.700

10. 437
7.012
5.562

9.653
6.600
5.150

9.653
6.600
5.150

9.653
6.750
5.150

9.947
6.750
5.150

10. 143
6.750
5.150

8, 838

r 1, 711

10. 143
6.750
5.150

LUMBER AND MANUFACTURES
LUMBER—ALL TYPES
Exports, total sawmill products. _ M bd. f t _ _
Sawed timber
do
Boards, planks, scantlings, etc
... __do
Imports, total sawmill products
do
National Lumber Manufacturers Association:
Production, total
__
mil. bd. ft _
Hardwoods
_ _
do
Softwoods
_
_
__do
Shipments, total
do
Hardwoods _
. _ __do
Softwoods
do
Stocks, gross (mill and concentration yards) , end
of month total
mil bd ft
Hardwoods
do
Softwoods
__
__
__do_ __
SOFTWOODS
Douglas fir:
Exports, total sawmill products
M bd. ft._
Sawed timber
do _ .
Boards, planks, scantlings, etc
do
Prices, wholesale:
Dimension, No. 1. common, 1" x 4" x 16'
dol. per Mbd. ft_.
Flooring, B and better, F. G., 1" x 4", R. L.
dol. per M bd. ft_.
Southern pine:
Orders, new
mil. bd. ft
Orders, unfilled, end of month
do. ._
Production
_
_ __
do
Shipments
do
Stocks, gross (mill and concentration yards) .do
Exports, total sawmill products
M bd. ft..
Sawed timber
do . _ _
Boards, planks, scantlings, etc
do
Prices, wholesale, composite:
Boards, No. 2 common, I" x 6" or 8" x 12'
dol. per M bd. f t _ _
Flooring, B and better, F. G., 1" x 4" x 12-14'
dol. per M bd. ft..
Western pine:f
Orders new
mil bd ft
Orders, unfilled, end of month
do
Production
do
Shipments
do __
Stocks, gross, end of month
do
Price, wholesale, Ponderosa, boards, No. 3 common, 1" x 8"
dol. per M bd. ft
West coast woods :f
Orders, new
mil. bd. ft
Orders, unfilled, end of month
__do
Production
.
_do
Shipments
do
Stocks, gross, end of month
do

102. 569
15, 018
71, 930
148, 984

109, 799
22, 337
71, 538
128, 161

72, 913
14, 068
51,172
173, 460

73, 414
15, 432
50, 158
129, 394

57, 359
11, 840
37, 974
142, 761

75, 102
11,390
55, 022
181,594

56, 858
8,323
41, 669
145, 949

65, 453
10, 331
46, 276
139, 146

49, 834
4,714
36, 605
164, 863

58, 901
7,566
34, 953
188, 131

61, 483
11,399
42,601
184, 106

27, 595
3,636
16, 418
178, 560

3,325
773
2,552
3,360
802
2,558

2,917
726
2,191
3,164
779
2,385

2,763
650
2,113
2,844
641
2,203

2,719
682
2,037
2,788
672
2,116

2,480
631
1,849
2,623
697
1,926

3,022
714
2,308
3,020
749
2,271

3,035
703
2,332
2,997
738
2,259

3,089
674
2,415
3,077
752
2,325

3,269
753
2,516
3,125
714
2,411

3,431
814
2,617
3, 132
687
2,445

3,614
851
2,762
3,375
786
2,589

3,340
791
2, 549
3,074
678
2,396

6,040
2,188
3,852

5,801
2,135
3,666

5,557
2,018
3,539

5,739
2,140
3,599

5,601
2,074
3,527

5,604
2,040
3,564

5,773
2,008
3,765

5,805
1,931
3,874

5,942
1,969
3,973

6, 313
2,095
4,218

6,606
2,160
4,446

6,866
2,274
4,592

54, 651
13, 149
41, 502

68, 225
20, 776
47, 449

45, 946
13, 398
32, 548

48, 875
14,015
34, 860

32, 893
10,403
22, 490

47,408
10, 262
37, 146

31, 107
7,042
24, 065

33, 451
7,297
26, 154

19, 418
3,294
16, 124

22, 454
5,870
16,584

35, 445
9,311
26, 134

5,091
1, 565
3,526

67. 815

67. 815

70. 587

67. 815

64. 350

64. 350

70. 042

74. 250

75. 240

75. 240

75. 240

75. 240

75.240

111.870

111.870

116. 820

110. 880

104.940

104. 940

116. 078

127.215

132. 462

133. 650

133. 650

133.650

133. 650

860
573
876
913
1,341
12,753
1,656
11, 097

693
545
676
721
1,296
8,715
1,435
7,280

690
501
755
734
1,317
7,738
783
6, 955

797
574
708
724
1,301
6,527
1,402
5, 125

579
522
581
631
1,251
7,585
1,392
6,193

775
508
827
789
1, 289
7,209
953
6, 256

778
489
860
797
1,352
8,620
1,147
7,473

790
474
894
805
1,441
10, 903
2, 852
8,051

781
447
885
808
1,518
10, 575
1,031
9,544

820
468
876
799
1, 595
8,734
1,369
7,365

812
491
806
789
1,612
7,291
1,688
5,603

820
511
774
800
1,586
6,762
1,861
4,901

73.311

74. 521

78. 316

78. 594

77. 728

77. 461

77. 007

75. 325

73. 204

73. 260

73.063

71.869

71.815

141. 139

146. 731

149. 273

150.326

150. 326

152. 019

152. 164

152. 164

151. 539

151. 539

151. 906

152. 881

152. 881

634
569
653
607
1,309

576
604
496
541
1,264

470
526
500
548
1,217

504
561
388
469
1,136

441
576
384
426
1,094

553
648
467
481
1,080

500
654
515
493
1,102

587
685
588
557
1,131

682
702
721
666
1,186

712
714
795
699
1,282

818
728
827
723
1,386

699
775
745
652
1,479

61.23

63. 22

61.68

63.55

64. 45

66.16

66.36

67.66

68.23

70.42

78.04

72.09

759
875
741
760
625

774
788
775
869
532

625
720
629
684
479

751
760
732
709
510

680
738
689
675
524

743
673
781
777
528

769
742
633
654
590

660
754
572
634
550

575
745
577
591
530

667
700
649
658
594

705
626
793
760
682

627
587
704
634
746

170, 769
162, 059
43, 973

145. 370
149, 197
40, 524

150, 853
159,005
31, 509

159, 395
153,017
37, 755

156, 666
155, 878
39, 323

185, 716
184, 443
39, 879

164, 862
162, 975
40, 435

151, 364
150, 924
40, 778

150, 187
149, 742
41, 425

122, 386
118, 426
44, 397

174, 062
172, 313
46, 571

181, 567
174, 857
54, 082

71.03

SOFTWOOD PLYWOOD
Production
thous. of sq. ft., %" equivalent. _
Shipments
do
Stocks, end of month
_ _ _
..do
HARDWOOD FLOORING
Maple, beech, and birch:
Orders, new
M bd. ft
7,175
5,975
7,150
6,175
7,575
6,600
6,050
6,075
6,175
5,950
5,800
5,050
Orders, unfilled, end of month _
_ do . _
14, 775
14, 475
17, 575
16, 575
14, 650
17, 350
17, 225
15, 800
15, 975
16,000
15, 675
15, 050
Production
do
6,525
7,150
6,300
6,250
6, 150
5,550
6,800
7,350
6,200
5,800
6,275
6,225
Shipments
_
do _ _
6,575
5,925
5,725
6,225
5,300
6,500
5,925
6,600
6,750
5,650
6,375
4,900
Stocks, end of month
_
do
2,675
4,275
3,000
3,650
4,475
3,250
3,550
4,925
3,450
4,975
5,775
4,500
r
Revised. *> Preliminary.
fRevised series. Data for orders, production, silipments, {md stocks of Westeni pine and west coast woods ha17e been reirised beca [ise of chariges in the regions co vered. T he revised
figures for Western pine include all production in W]Doming, U ah and Co lorado (for merly only parts of tllese StatesTwere inchided) and sniy pine iproduction instead o f total pro<iuction as
formerly, in two counties of Oregon which now proc uce largely7 Douglas 1ir; data foi west coas t woods ha ve been Te^ ised to inc lude fir in these two (3ounties.
cfThe figures include a comparatively small nuinber of "o ;her footwtjar" which is not sho wn separat ely from s hoes, sandjUs, etc., in the distri )ution by ypeofupp ers; there 2ire further

email HifTaronr»QC hiof"07oon tVio cnm nf fho fiornroQ or>H

small revisions not available by type of uppers.




Vin / ^ f n + .-i'V^i

SURVEY OF CURRENT BUSINESS

S-32
Unless otherwise stated, statistics through
1946 and descriptive notes may be found in
the 1947 Supplement to the Survey

December 1948
1948

1947

October

November

December

January

February

March

April

August

June

July

65, 579
57, 391
70, 213
69, 007
20, 860

May

71, 328
58, 134
76, 375
73, 575
22, 565

Began-

October

67, 943
51, 209
76, 000
71, 831
28, 548

62, 568
45, 223
74, 422
70, 951
32, 019

LUMBER AND MANUFACTURES—Continued
HARDWOOD FLOORlNG-Continued
Oak:
Orders new
Orders, unfilled, end of month
Production
Shipments
Stocks, mill, end of month

"M. bd ft
do
do _
do
do _ _

47, 646
52, 751
56, 667
55, 784
10, 704

61, 549
57, 626
69, 623
66, 697
10, 971

49, 397
51, 135
57, 886
51, 013
16, 086

62,057
54, 455
61, 152
61, 894
14, 605

56, 814
58, 129
57, 955
57, 078
15, 482

59, 988
55, 320
64, 991
62, 797
15, 626

64, 784
59, 397
67, 541
65, 226
17, 941

60, 293
60, 819
65, 616
63, 449
19, 654

71, 440
55, 098
76, 290
74, 476
24, 379

METALS AND MANUFACTURES
IRON AND STEEL
Foreign trade:
Iron and steel products (excl. advanced mfrs.) :
Exports totaled
short tons r 623, 886
27, 094
Scrap
do
13, 579
Imports total
do
2,025
Scrap
_ . _do_ _ _

r

600, 766 ' 603, 562 ' 542, 751 r 486, 956 ' 494, 766 '
21, 784
22, Oil
14, 701
26, 702
14, 057
45, 672
15, 245
21, 323
18, 934
18, 408
5,149
19,973
4,219
3,789
6,884

438, 560 ••
28, 986
48, 798
15, 803

381, 707
19,675
27, 982
11, 509

r

380, 391 ' 366, 188 ' 343, 939 326, 208
21, 512
10, 844
28, 550
11, 073
55, 263
68, 473
50, 754
130, 792
26, 449
72, 034
19, 979
15, 260

Iron and Steel Scrap

Consumption, total
thous of short tons
Home scrap
do
Purchased scrap
_
_ _ _
do_ _
Stocks, consumers', end of month, total
do _ Home scrap
do
Purchased scrap
_
_ _ _do

Ore
Iron ore:
All districts:
Production .. _
thous. of long tons .
Shipments
do
Stocks, end of month
_
._ do.
Lake Superior district:
Shipments from upper lake ports
do
Consumption by furnaces
_ - do. _
Stocks, end of month, total
do
At furnaces
do_ On Lake Erie docks
do
Imports
-_
.- do
Manganese ore, imports (manganese content)
thous. of long tons

5,484
2,865
2,619
4,489
1,475
3,014

5,176
2,643
2,533
4,449
1,442
3,007

5,306
2,722
2,584
4,316
1,416
2,901

5,294
2,789
2,505
3,976
1,284
2,692

5,082
2,640
2,442
3,936
1,196
2,740

5,875
2,890
2,985
4,064
1,161
2,903

5,217
2,445
2,772
4,571
1,196
3,375

5,588
2,715
2,873
4,654
1,147
3,507

5,401
2,651
2,750
4,922
1,222
3,700

5,050
2,518
2,532
5,118
1,272
3,846

10, 108
10, 780
4,695

6,043
6,306
4,432

2,972
1,879
5,528

2,757
1,496
6,790

2,686
1,481
8,009

3,019
1,707
9,186

8,687
9,485
8,388

11, 865
12,537
7,716

12, 578
13, 252
7,049

12, 787
13, 491
6,349

9,785
7,151
41, 641
36, 852
4,789
573

5,877
7,068
43, 010
38, 195
4,816
451

537
6,970
36, 095
31, 749
4,346
297

0
7,057
29, 081
25, 205
3,877
337

0
6,441
22, 628
19,412
3,216
269

0
6,634
16, 022
13, 761
2,262
379

7,677
4,976
17, 125
15, 172
1,953
403

11, 609
6,656
22, 058
19, 885
2,173
441

11, 727
6,577
26, 965
24, 308
2,657
707

11, 821
6,479
32, 611
29, 419
3, 191
489

11, 735
7,036
37, 081
33, 236
3,845
575

10, 599
6,965
40, 923
36, 658
4,265
541

42

44

25

83

50

68

47

39

62

46

48

38

2,669
1,154
654

2,687
1,020
562

2,782
1,066
588

2,803
1,064
584

2,769
1,024
571

2,726
1,169
660

2,691
1,051
585

2,602
993
556

2,587
1,072
598

2,601
914
490

2,599
1,051
598

2,587
1,088
616

2,523
1,148
642

40, 105
210, 675
83, 976
47, 706

35, 804
206, 510
72, 111
39, 969

39, 940
202, 408
77, 757
44, 042

49, 159
205, 759
77, 744
45, 808

46, 270
209, 447
75, 194
42, 582

43, 921
203, 351
86, 767
50,017

42, 168
199, 578
80, 602
45, 941

34, 236
191, 553
76, 079
42, 261

35, 320
178, 760
81, 747
48, 113

36, 601
180, 421
64, 995
34, 940

37, 491
176, 824
73, 273
41, 088

31, 059
164, 002
77, 824
43, 881

38, 654
158, 351
81, 761
44, 305

5,228
5,254

5,015
4,912

5,177
5,057

5,128
5,167

4,780
4,762

5,020
5,049

3,840
3,958

5,077
5,008

4,991
4,973

4,900
4,841

5,255
5,216

5,208

5,520

5,309
2,603
2,706
5,389
1,401
3,988

10, 029

Pig Iron and Iron Manufactures

Castings, gray iron:
Unfilled orders for sale
thous. of short tons
Shipments, total
do
F o r sale_ _ _ _ _ _
_ do
Castings, malleable iron:
Orders, new, for sale.. _ _ _
short tons
Orders, unfilled, for sale
_
do
Shipments, total
do
For sale
_
do_
Pig iron:
Production
thous. of short tons
Consumption. _
_ _
do
Stocks (consumers' and suppliers'), end of month
thous. of short tons
Prices, wholesale:
Basic (furnace)O
dol. per long ton..
Composite©
do
Foundry, No. 2, f. o. b. Neville Island©- -do

769

759

838

794

799

780

688

712

745

36.00
37.28
36.50

36.00
37.32
36.50

36.20
37.53
36.50

38.88
40.28
39.50

39.00
40.63
39.50

39.00
40.63
39.50

39.00
40.63
39.50

39.00
40.97
39.50

39.00
41.29
41.90

148, 358
111, 288
30, 452

130, 125
97, 143
25, 835

148, 124
110, 970
34, 919

141, 068
108, 282
35, 129

142, 434
107, 762
34, 800

162, 891
125, 550
41, 876

150, 305
114, 896
36, 079

143, 337
111,616
39, 275

593, 838
494, 933
98,905
123, 830
91, 228
32, 602

585, 818
492, 808
93, 010
103, 740
76, 839
26, 901

593, 660
495, 947
97, 713
116, 798
86, 911
29, 887

618, 155
517, 307
100, 848
118, 534
89, 677
28, 857

630, 860
523, 319
107, 541
116, 676
86, 592
30,084

641, 110
525, 543
115, 567
131,111
95. 008
36, 103

628, 123
513, 980
114, 143
114,314
79, 651
34, 663

7,570
98

7,242
97

7,376
95

7,473
94

6,940
93

7,608
95

.0368

.0373

.0376

818

913

42. 00
43. 26
42. 50

2 43. 00
2 45. 32
2 45. 70

2 43. 00
2 45. 44
2 46. 50

2 45. 63
247.00
246.50

152, 894
117, 794
41, 587

120, 445
87, 927
28, 422

140, 223
107, 538
35, 056

149, 222
112, 551
36, 457

153, 845
114, 925
38, 833

623, 620
509, 576
114, 044
108, 546
75, 983
32, 563

640, 747
529, 237
111, 510
119, 532
83, 366
36, 166

627, 131
515, 619
111,512
97, 455
70, 662
26, 793

634, 148
521, 205
112, 943
111,097
79, 212
31, 885

631, 032
520, 585
110,447
120, 882
87, 075
33, 807

604, 715
495, 672
109, 043
123, 161
88, 198
34, 963

6,218
80

7,572
95

7,256
94

7, 067
89

7,438
93

7,416
96

7,987
100

.0376

.0368

.0368

2 . 0386

2 . 0414

2
3

2
2
2

Steel, Crude and Semimanufactures
Steel castings:
Shipments, total
short tons__
For sale, total
do
Railway specialties
do
Steel forgings, for sale:
Orders, unfilled, total _
do
Drop and upset
_ ___ __ _ _ d o . _ _
Press and open hammer
do
Shipments, total__
_..do ....
Drop and upset
do
Press and open hammer
do _
Steel ingots and steel for castings:
Production
thous. of short tons
Percent of capacity!
Prices, wholesale:
Composite, finished steel O
dol. perlb__
Steel billets, rerolling (Pittsburgh) O
dol. per long ton__
Structural steel (Pittsburgh)©
dol. per lb__
Steel scrap, heavy melting (Pittsburgh) §
dol. per long ton..

.0360

.0360

.0360

45.00
.0280

45. 00
.0280

45. 00
.0280

45.00
.0280

47.70
.0293

50.40
.0305

50.40
.0305

50.40
.0300

50.40
.0300

39.88

40.00

40.00

40.30

40.44

40.25

40.25

40.25

40.25

r

52. 36
. 0313

2 58. 24
2 . 0350

40.75

42.75

2. 0414

2

58. 24
2. 0350

2

2

42.75

. 0414

58. 24
2.0350

42.75

Steel, Manufactured Products

Barrels and drums, steel, heavy types:
10, 946
11, 889
12, 191
12, 461
Orders, unfilled, end of month
thousands...
11, 528
10, 450
11, 104
11, 471
10, 810
10, 765 r r10, 204
9,606
2,305
2,516
2,239
2,385
2,075
2,244
2,019
2,098
2,084
Shipments
do
2,290
2,165
2, 306
34
21
29
18
18
Stocks, end of month
._ _
do
24
22
20
20
26
25
35
T
Revised.
2
See note marked "O".
n
cfData for January 1947- August 1948 for total exports of iro and stee products 5>hown in tlle Novemt>er 1948 anci earlier Surveys shou Id be corre cted by su btracting t he amount for scrap
exports; the data for scrap exports was incorrectly included twi(3e in the fi§jures for to ;al exports
\ For 1948, percent of capacity is calculated on annual capacity as of January 1, 1948, of 94,233,460 tons of steel; 1947 data are based on capacity as of January 1,1947, 91,241,230 tons.
© The basis of price quotations for pig iron and steel was changed from basing point to f. o. b. mill or shipping point effective July 13,1948. Specifications for the structural steel price series
were revised in February 1948; however, the January price on both the new and old basis was $0.0280.
§ January-June 1947 data for steel scrap are shown on p. S-32 of the November 1948 Survey.




SUKVEY OF CUEEENT BUSINESS

December 1948
Unless otherwise stated, statistics through
1946 and descriptive notes may he found in
the 1947 Supplement to the Survey

S-33
1948

1947

October

November

December

February

January

March

April

May

August

September

r
310, 007 r 394, 582
235, 530
309, 847
74, 477
84, 735
274, 083 * 350, 487
938
847
26, 095
29, 503

405, 787
320, 616
85, 171
351, 627
893
27, 463

5,329
480
563
553
178
1,328
156
130
336
343
389

5,511
523
583
572
184
1,360
150
141
334
334
408

July

June

October

METALS AND MANUFACTURES—Continued
IRON AND STEEL—Continued
Steel, Manufactured Products—Continued
Cans, metal, shipments (in terms of steel consumed), total.. __
short tons
Food _-_
_
do _
Nonfood
do
Shipments for sale, _ __ _
do __
Commercial closures, production
millionsCrowns, production
thousand gross __
Steel products, net shipments:
Total
_
_ __-thous. of short tonsBars, hot rolled carbon
do_._
Pipe and tubes.
_ __
__ do _
Plates
do
Rails
_
_ _ __ do __
Sheets
do
Strip— Cold rolled
do __
Hot rolled
do
Structural shapes, heavy __ _ _
do __
Tin plate and terneplate
do
Wire and wire products _ _
_
_ ___do

279, 448
193, 638
85, 810
240, 670
963
32,869

213, 904
136, 427
77, 477
182, 342
750
30, 872

253, 594
169, 103
84, 491
222, 797
829

28,430

216, 508
134, 649
81, 859
182, 425
797
29, 459

28,002

207 675
134, 396
73 279
170, 374
993
32, 454

5,682
555
550
589
214
1,343
151
157
399
349
454

5,217
494
534
513
209
1,264
126
137
353
328
400

5, 613
521
558
591
211
1,352
134
149
380
370
405

5,410
'521
541
530
201
1,384
146
146
334
267
429

5,046

5,979

43, 461
134, 148

47, 589
133, 995

48, 767
217, 602

.0625

.0670

167.8
34.7
133.2
108.0
.296

r

r

202, 518
125, 763
76, 755
170, 883
847

r

208, 516

143,112

r

65 404
165, 845
980
29, 356

219, 356
158, 200
61, 156
«• 175, 999
888

28,232

r

284, 039
207, 227
76 812
239, 408
915

29,400
5,477

5,230

5,952

5,096

560
613
630
206
1 410
158
141
382
393
449

481
518
528
145
1,310
148
132
302
310
395

5,321
484
547
563
179
1,314
142
127
362
322
409

525
565
592
189
1,302
152
139
372
334
429

477
544
565
167
1,333
121
129
354
337
327

45, 699
153, 706

51, 874
217 907

53, 277
166, 961

55, 450
244, 852

48, 557
192, 524

52, 937
157, 183

54, 953
260, 796

200, 113

.0711

.0725

.0725

.0741

.0815

.0884

.1087

.1084

.0996

.0995

175.6
37 5
138.1
110.3
.296

177.5
37 9
139.6
109.7
.296

173.9
38 0
136.0
105.7
.302

200.9

41 8
159 1
126.7
.302

177.2
38 3
139 0
106.7
.302

167.2
33 9
133 3
101.9
.302

177.6
35 8
141 8
106.9
.304

160.0
28.9
131.0
99.4
.314

167.3
32.1
135.2
103.2
.338

166.7
35.9
130.8
104.6
.338

176. 7
35 5
141 1
112.2
.338

63, 266

70, 361

73, 088

68, 876

73, 922

74,045

74, 714

72, 534
97, 525
106, 232

80 954
108, 816
113, 446
76, 035

82 427
102, 314
118, 855

82 959
93, 588

83 909
110 886
122 988
68, 582
15 043
r 48 310
27 337
20, 973
.2120

88 741
104 044
116, 475
67, 257

91 819
104, 524
113, 389
72, 791
19, 861
33, 271

518
519
538
172
1,198
127
136
324
247
396

535
638
641
190
1,463
161
154
392
350
436

NONFERROUS METALS AND PRODUCTS
Aluminum:
43, 959
Production, primary • _
short tonsImports, bauxite
long tons
118, 658
Price, wholesale, scrap castings (N. Y.)
dol. per Ib.
.0625
Aluminum fabricated products, shipments, total
187.1
mil. of Ibs.
Castings
do
40 5
146.9
Wrought products, total
do _
120.4
Plate, sheet, and strip
do_ _
.296
Brass sheets, wholesale price, mill
dol. per lb__
Copper:
Production:
Mine production, recoverable copper •
short tons__
66, 089
Crude (mine or smelter,, including custom in76, 815
take) cf
short tons
108, 277
Refined <?
do
112, 310
Deliveries, refined, domesticd*
_
do
74, 507
Stocks, refined, end of month $
do
19, 295
Exports, refined and manufactures
do
44, 045
Imports, total
do
Unrefined, including scrap Q
do
23, 801
20, 244
Refined
do
.2121
Price, wholesale, electrolytic (N. Y.)--dol. per lb_.
Lead:
Ore Gead content) :
32, 512
Mine production
_
short tons
33, 780
Receipts by smelters, domestic ore
do
Refined:
50,248
Production, total
do
Primary
_
do
46,919
56, 247
Shipments (domestic)
do
28, 370
Stocks, end of month
do
Price, wholesale, pig, desilverized (New York)
.1500
dol. perlb..
Imports, total, except mfrs. (lead content)
14, 132
short tons
Tin:*
3,326
Production, pig
longtons__
5,640
Consumption, pig
do
35, 332
Stocks, pig, end of month, total
do .
21, 336
Government
do
13,996
Industrial
do
Imports:
1,745
Ore (tin content) ._
__ __ _ do __
3,429
Bars, blocks, pigs, etc
do
Price, wholesale, Straits (N. Y.)
dol. per lb_.
.8000
Zinc:
50, 296
Mine production of recoverable zinc .short tons
Slab zinc:§
Production§
do
71, 745
129 046
Shipments total §
do
57, 564
Domestic§
__ _
__
do
Stocks, end of month§.
do
79, 273
Price, wholesale, prime Western (St. Louis)
dol. per lb_.
.1050
Imports, total (zinc content)
_ . short tons
33, 645
For smelting, refining, and export.
do_.
562
For domestic consumption:
Ore (zinc content) ._
do
27, 295
Blocks, pigs, etc
do
5,788

66,622

r

22, 497
36, 992
26, 558
10, 344
.2120

18,299
54,513

30, 863
23, 650
.2120

71,533

18, 013
30, 435
13, 041
17, 394
.2120

106,823
70, 146
18, 297
46, 638

25,171

21, 467
.2120

23,272

37 727
18 763

18,964
.2120

15,673

17, 598
.2120

r

87 678
105, 221
112, 677
72, 315
21, 079
46, 840
28, 914
17, 926
.2120

r

71, 195

r

81 473

T

75, 561

89, 165
102, 798
107, 496
79, 579
20, 623
39, 736

107,014

108, 277
79, 277
15, 069
46, 689

73, 523

17,922
21,814
.2309

21,666

25, 023
.2138

69, 808
r

T

88 105
102 976
122, 938
72, 215
12, 085
35 223
13, 854
21, 369

81 692
101 436
112, 580
76, 371

.2320

.2320

853
23, 141

26, 347
24, 849

35, 392

29, 558
27, 923

37, 105
34, 037
35, 067

r
22,
r

30, 618
31, 600

30, 567
34, 797

33, 306
32, 019

32, 407
32, 414

35 802
34, 185

35 512
35, 362

33, 219
37, 625

34, 090
34, 689

' 22, 935
24, 597

51, 481

49, 337

50, 821
47, 421
51, 958

43, 598

50 093
46 579
52, 287
14 837

49 652
46 577
45, 031
19 453

50, 626
47, 144
47, 652
22, 418

47, 227
44, 846
46, 398
23, 240

40, 458
38, 371
40, 853
22, 846

33,433

52, 354
21, 787

20,645

47, 200
17, 034

21,003

46 787
43, 857
39, 875
27, 553

.1500

.1500

.1500

.1500

.1500

.1721

.1750

.1750

.1781

.1950

.1950

.1950

27, 416

23, 706

15, 784

26, 718

20 873

21, 749

18, 627

13, 331

30, 255

24, 929

33, 183

3,452
5,604

3,048
5,004
41,714

3,576

41,400

3,907
5,629
50,222

47,903
55, 034
24, 809

2,983
4,959
34,447

45,538

3,211

5,568

38, 993
24, 555
14, 438

41, 386
27, 674
13, 712

2,443
.8000

2,566
4,855
.8539

2,201

48, 332

47, 790

48, 124

69, 682
79, 789
59, 154
69, 166

70, 996
72 151
61, 258

.1050
19, 140

5,659

.1050
33, 415
10, 392

12,660

9,160
4,321

12, 939
10, 084

4,581

20, 542
13, 905

1,439

68,011

40,400

2,836

5 498

27, 086
14, 628

26 814
14, 586

3,668

3,595

3,208

5 662
42, 597
27 956
14, 641

5,051
47, 136
32, 437
14, 699

35, 701
14, 521

3,724
5,368

50, 890
37, 118
13, 772

18, 971

r
T

3,796
5,788

3,118
5, 527

54,614

53, 380
39, 911
13, 469

41, 575
13, 039

2,137
3 318

.9400

6,026
.9400

4,979
1.0300

3,891

2 294

2,750
1.0300

4,227
3,789
1. 0300

4,280
1.0300

47, 612

54, 545

53, 042

50, 974

51, 221

«• 46, 598

49, 193

51, 780

72, 776
86, 000
66, 174
55, 423

67, 917
74 697
63, 592
48, 643

74
77
65
45

71
73
64
43

500
915
801
216

73 885
72 848
67, 291
44, 253

68, 309
69 402
61, 195
43, 160

69, 888
67 377
61, 349
45, 671

68, 180
63, 712
45, 246

68,605

64, 721
68 850
60, 990
41, 117

70, 716
67 402
61, 751
44, 431

.1108

.1200
22, 617

.1200
21, 663

.1200
21 097
5, 717

.1200
24, 696

.1200
26, 903
3,551

.1246
24, 174
3,016

.1500
21, 697

.1524

5,962

.1500
24, 373

2,070
10, 487
9 106

4,498

11,209

17, 306

13, 915

11, 583

10, 858

10 882

4,653
.9400

121

7,958

1,539

.9400

6,240

10, 580

5,797

.9400

322
334
334
631

1,335

7 525

5, 194

6,046

7,243

T

3,005
9,785

2,019

1. 0300

2,440

8,399

HEATING APPARATUS, EXCEPT
ELECTRIC
Boilers, radiators and convectors, cast iron:
Boilers (round and square):
22, 018
18, 660
31, 372
28, 583
19, 752
37, 194
33, 237
13, 867
18, 005
Shipments.. _
_
thous. oflb
19, 699
15, 953
31, 343
46, 774
39, 749
57, 443
68, 752
39, 749
71, 262
Stocks, end of month
do
65 676
68, 669
73, 791
41,740
84, 686
78 834
Radiation:
r
5, 010
5,181
4,794
5,475
5,388
5,485
5,123
5,980
5,247
Shipments
- thous. of sq. ft
5,228
4,115
5, 303
2,341
Stocks, end of month. _
do
2,664
2,536
3,551
3,064
2,528
2,558
3,015
3,272
3,069
3,079
3,268
r
Revised.
3 Data beginning January 1947 as shown in the December 1947 Survey and later issues include copper from all sources; the November 1947 Survey provides January-March 1947 figures
for domestic and duty-free foreign copper only, comparable with earlier data; the excise tax on copper was removed April 1,19.47.
§ Beginning January 1948 data include reports from some secondary redistillers not previously reporting; production by these few plants averaged about 1,200 short tons monthly in 1947.
Total shipments of zinc include beginning August 1947 shipments for Government account in addition to shipments to domestic consumers and export and draw-back shipments.
• For January-June 1947 data for the indicated series, see note for aluminum, copper, and tin at the bottom of p. S-35 in the November 1948 Survey.
©Includes data shown in the November 1948 Survey and earlier issues as copper "For smelting, refining, and export;" since removal of excise tax on copper in April 1947, only a part of the
copper for smelting, refining, and export has been reported separately from copper for domestic consumption.




SUKVEY OF CUBEENT BUSINESS

S-34
Unless otherwise stated, statistics through
1946 and descriptive notes may be found in
the 1947 Supplement to the Survey

December 194S
1948

1947

October

November

December

January

February

March

April

May

June

July

August

September

October

METALS AND MANUFACTURES—Continued
HEATING APPARATUS, ETC.—Continued
56, 357
46, Oil
Boilers range shipments *
miTnhpr
Oil burners:
23, 765 1-57,770
Orders, new, netQ
- do
362, 820 227, 085
Orders unfilled, end of month O
do
124, 409
77, 965
Shipments©
- -do
19, 902
24, 726
Stocks end of month©
do
Stoves and ranges, domestic cooking, exc. electric:
338, 156
281, 571
Shipments total*
number
38, 340
31,270
Coal and wood*
do
261, 221
210, 894
Gas (inc. bungalow and combination) *_ _do
38, 595
39, 407
Kerosene gasoline, and fuel oil*
do __
845, 318
671,388
Stoves domestic heating, shipments, total*. -do
181,346
125, 544
Coal and wood*
do
328,051 302, 758
Gas*
_ - do
335, 921
243, 086
Kerosene gasoline, and fuel oil*
__do
Warm-air furnaces (forced-air and gravity-air flow),
72, 640
shipments, total
number. _ 108, 419
19, 632
13,530
Gas
_do
36, 795
Oil
...do
27, 794
51,992
31,316
Solid fuel
do
185, 932
Water heaters, nonelectric, shipments*
do _. 229, 307

51, 722

52, 592

58,908

52, 045

41, 110

40,294

30, 817

52, 231

39, 798

6,928 1-24, 136
178, 929 115, 859
38, 945
54, 854
34, 561
47, 031

12, 335
103, 978
24, 174
57, 107

9,472
94, 897
18, 219
66, 297

6,083
79, 942
21, 745
75, 068

9,094
64, 343
25, 396
72, 438

26, 512
62, 947
27, 948
70, 017

67, 222
30, 800
61, 909

71, 084
50, 082
49, 183

56, 228

42, 884

r

285, 575
27, 456
211,078
47, 041
593, 452
88, 026
295,230
210, 196

288, 203
29, 955
210, 865
47, 383
316, 254
44, 825
141,084
130, 345

312, 406
32, 169
223, 756
56, 481
261, 925
47, 181
104, 176
110, 568

352, 613
31, 633
252, 036
68, 944
267, 649
46, 316
113, 551
107, 782

326, 149
23, 589
247, 403
55, 157
283, 028
40, 065
133, 401
109, 562

317, 531
19, 724
252, 929
44, 878
310, 479
51, 072
161, 049
98, 358

319, 642
20, 068
259, 675
39, 899
379, 525
69, 013
170, 523
139, 989

256, 618 r304, 914 314, 999
27, 793
20, 131
27, 607
201, 532 ' 248, 663 260, 790
26, 416
34, 955
28, 644
466, 442 ' 714, 461 728, 004
101, 408 * 171, 664 191, 638
254, 305
277, 492
179, 778
282, 061
265, 305
185, 256

67, 567
15,283
28,311
23, 973
174, 704

46,590
10, 822
16, 354
19, 414
176, 736

36, 345
9,313
7,645
19, 387
159,007

39, 297
9,890
8,105
21, 302
173, 291

45, 597
12, 454
9,931
23, 212
173, 438

55, 473
13,617
11, 261
30, 595
161, 358

64, 724
17, 269
11, 923
35, 532
167,329

57, 292
•• 14, 976
12, 881
29, 435
160, 415

103, 405
"92,011
20,792
23,714
26, 646
23,426
' 47, 793 53, 045
r
196, 706
208, 855

MACHINERY AND APPARATUS
Blowers, fans, and unit heaters, quarterly:
Blowers and fans, new orders
thous. of dol__
Unit neater group new orders
do
Foundry equipment (new), new orders,
net.
.
1937-39=100..
Machine tools, shipments*
__ .1945-47= 100..
Mechanical stokers, sales:
Classes 1 2 and 3
number. _
Classes 4'and 5:
Number
- - ...Horsepower
.
Pumps, steam, power, centrifugal and rotary, new
orders
thous. of dol.
Scales and balances (except laboratory), shipments,
Quarterly
thous of dol

438.2
94.8

286.1
84.7

467.8
98.4

r

11, 809
6,467

10, 985
9,677

380.9
75.3

367.3
87.1

326.2
83.6

13, 669
11, 609

12, 355
6, 686

T

412.0
82.0

388.5
82.6

376.8
94.4

324.7
69.8

456. 3
62.4
r

273.5
84.7

296.0
*80.5

8,194

3,728

2,492

2,685

4,316

5,090

4,548

6,314

7,802

8,428

10, 576

13, 755

10 685

273
52, 523

208
51,603

230
50,946

168
64, 870

191
68,150

249
78, 197

336
92, 642

313
74, 488

333
70, 694

370
88, 803

^399
78, 391

402
74, 552

391
76, 774

3,4.75

2,673

3,480

3,819

3,635

4,703

4,312

3,724

3,612

4,075

4,520

3,474

3,571

12, 628

13, 126

ELECTRICAL EQUIPMENT
Batteries (automotive replacement only), shipments
2,854
thousand s__
Domestic electrical appliances, sales billed:
197
Refrigerators, index* _
1936= 100. .
Vacuum cleaners, standard type
number.. 358, 546
397, 113
Washers
- -- do
Furnaces, electric, industrial, new orders:
6,378
Unit
..kilowatts..
677
Value
thous. of dol
Insulating materials and related products:
381
Insulating materials, sales billed, index_1936= 100..
Fiber products:
Laminated fiber products, shipments
4,397
thous. of dol
Vulcanized fiber:
5,442
Consumption of fiber paper.
-thous. of Ib
Shipments of vulcanized products
1,731
thous. of dol. _
Steel conduit (rigid) and fittings, shipments
23, 664
short tons..
Motors and generators, quarterly:
New orders, index
1936=100
Polyphase induction motors, 1-200 h. p.:§
New orders
thous. of dol_.
Billings
do
Direct current" motors and generators, 1-200 h. p.:§
New orders
thous of dol
Billings
do

2,683

2,597

2,394

2,254

1,679

1,211

1,027

1,200

1,506

2,519

'2,643

2,849

182
350, 470
365, 579

211
373, 254
351, 152

182
304, 273
360, 445

188
311,448
367, 909

246
355, 415
408, 512

221
306, 588
402, 257

211
276, 657
377, 895

247
256, 071
392,496

232
229, 537
326, 181

186
237, 202
362, 169

234
280, 084
433, 919

281, 573

3,344
350

26, 435
1,831

4,083
550

2,692
310

4,487
776

4,328
436

5,166
528

5,229
538

4,845
383

4,853
390

3,902
363

345

353

356

351

398

371

344

352

323

354

387

3,812

4,205

4,221

4,162

4,693

4,310

4,118

4,393

4,127

4,286

4,783

5,107

4,852

5,065

4,532

5,200

5,317

4,925

4,043

3,775

5,113

3,632

1,486

1,457

1,540

1,461

1,742

1,686

1,500

1,338

1,430

1,618

1,602

1,597

22,336

25, 319

20, 882

22, 730

23, 194

24, 653

22, 415

22,704

23, 072

19,241

22, 456

24, 588

392

295

329

282

29, 534
32, 451

22, 871
32, 622

25, 841
32, 954

21, 674
27,669

5,790
5,834

5,068
5,059

6,144
5,078

4,802

5 634
4,997

PAPER AND PRINTING
PULP WOOD AND WASTE PAPER
Pulpwood:
Receipts
.thous. of cords (128 cu. ft.)__
Consumption
» do
Stocks, end of month
do
Waste paper:
Receipts
short tons
Consumption
_
do
Stocks, end of month.
do

1,826
1,744
4,795

1,480
1,679
4,567

1,613
1,605
4,566

1,813
1,734
4,646

1,646
1,589
4,698

1,893
1,778
4,790

1,580
1,762
4,607

1,675
1,850
4,421

1,903
1,767
4,543

2,109
1,694
4,956

735, 250
684,375
512, 880

638, 505
635, 597
514, 039

633, 122
625, 971
521, 019

614, 143
674, 747
458. 366

595, 355
618, 324
429, 676

718,411
704, 677
441. 335

687, 267
684, 277
443. 742

658, 004
655, 855
445. 216

645, 879
624, 008
461. 744

577, 204
543, 385
496. 475

2,242
1,882
5,311

r
r
r

2, 063
1, 725
5, 641

2,042
1,898
5,777

587, 319 r 603, 789
607, 408 ' 599, 249
474. 378 r 477. 088

645, 657
628, 781
487. 844

r
Revised. *> Preliminary. 1 Cancellations exceeded new orders.
§The number of companies reporting beginning 1947 is as follows: Direct current—first quarter 1947, 28; second and third quarters 1947, 30; thereafter, 29; polyphase induction—first quarter
1947, 34; second and third quarters 1947, 36; fourth quarter 1947, 35; thereafter, 33.
O;Data revised to exclude figures for water heating units; comparable data for January to August 1947 are shown on p. S-34 of the November 1948 Survey. Revised 'figures for 1945 and
1946 will be shown later; previous to 1945 water heating units were not called for on the schedule but were largely reported in data for residential burners shipped separately. Collection of
data on new orders has been discontinued.
• Data for January-June 1947 for refrigeratiors sales index are shown on p. S-34 of the November 1948 Survey.
*New series. Data on shipments of cooking stoves and ranges, heating stoves, range boilers, and water heaters have been substituted for production data, collection of which has been
discontinued. It should be noted that for range boilers and water heaters, shipments data have been shown in previous issues of the monthly Survey beginning with the March 1947 issue;
however, production data were substituted in the 1947 Supplement because available for a longer period than shipments. Monthly shipments for September 1943-June 1947 for stoves and
ranges and September-December 1945 for range boilers and water heaters are available upon request. The index of machine tool shipments, computed by the National Machine Tool Builders
Association beginning January 1945, has been substituted for estimates of total shipments which have been discontinued by the association; the index is based on reports estimated to account
for about 90 percent of industry shipments.




SURVEY OF CURRENT BUSINESS

December 1948
Unless otherwise stated, statistics through
1946 and descriptive notes may be found in
the 1947 Supplement to the Survey

S-35
1948

1947
October

November

December

January

February

March

April

May

June

August

July

September

October

1,055
104, 289
385, 829
153, 535
70, 195
41, 582
171, 695
81, 139

1,159
116, 630
434, 732
163, 846
76, 391
44, 069
186 289
82, 936

99, 177
9, 774
16, 053
19, 920
19, 057
r
2 967
r
23, 512

102, 044
9 207
16, 414
23 872
20, 382
3 241
20, 578

PAPER AND PRINTING—Continued
WOOD PULP
Production:
Total, all grades
thous. of short tons
Bleached sulphate
short tons__
Unbleached sulphate
...do.. _
Bleached sulphite
do
Unbleached sulphite.
do ..
Soda
do
Groundwood
do
Defibrated, exploded, etc
do
Stocks, end of month:
Total, all grades
_ _
- do__
Bleached sulphate
do Unbleached sulphate
_
...do...
Bleached sulphite
do Unbleached sulphite. .
_
.do
Soda
do
Groundwood
_ ... _ _
. do_ .
Exports, all grades, total
do
Imports, all grades, total
. . _ _ _ do
Bleached sulphate
do Unbleached sulphate
do
Bleached sulphite
__
do_ _
Unbleached sulphite
do
Soda
. do
Groundwood
do

r

r
1, 078
103, 347
374, 378
172 429
r
78, 887
43, 840
176 593
79, 974

1,022
93, 744
356, 488
163 508
77, 186
42 218
168 859
75 041

975
91, 569
332, 597
155 379
78, 176
41 668
161 047
69 718

1,054
102, 641
373,277
164 244
82,206
43, 933
161 067
79, 051

961
95, 088
321, 089
157, 233
76, 586
39, 762
153 488
75, 000

1,086
105, 190
390, 188
168 923
80 127
42 598
170 230
81 388

1,081
102, 841
384 106
161 535
76 564
43 119
184 129
81 521

1 127
1,090
104, 269
107, 217
412 959
401, 306
162 481
156 276
75 857
73, 867
44 385
43 576
191 151
184 684
82 366
81 567

1,019
98, 163
373, 775
147 566
66, 852
38, 110
173 839
75 256

112, 015
434, 807
164, 355
71, 223
43, 586
184, 401
82, 615

93,244
5 886
10, 032
36, 547
14, 764
3,033
18, 193
16,090
195, 884
22, 302
36 470
53, 458
55 772
1,929
24 742

109 968
6 089
13 270
42 846
17 716
3 492
21 702
10 334
188 053
23 009
48 938
40 544
52 915
2' 075
19 237

98, 928
4 439
9,815
37 308
18, 452
2 895
21, 615
8 278
210, 216
24 835
42 907
49 427
65 284
2 293
24 277

91, 271
6 316
11, 786
28, 933
16, 103
3 020
20, 368
11 089
187, 293
20 898
38 625
36 541
63 234
1 884
25 053

94, 543
7,558
11, 551
30, 525
14, 427
3, 454
22, 316
11, 807
215, 851
19, 886
45 033
42, 375
88 126
1,959
17 138

89 211
6 464
12, 084
22 543
14, 652
3 363
24, 776
4 850
208 180
26 250
38 667
58 216
57 794
2 414
23 385

96 598
7 127
10 553
22 317
14 566
3 362
32 460
6 396
171 010
18 420
26 148
43 502
50 537
1 674
29 532

105, 018
7 665
9,637
23 219
16 401
3 325
38, 325
9 326
205, 959
27 089
31 470
50 574
65 993
1 795
27 864

102 766
9 044
8 309
21 167
16 291
3 318
38 058
10 309
213 200
32 847
30 322
52 490
60 443
2 542
33 183

96, 310
7 664
11, 437
18 217
16, 496
2 829
32, 507
9 606
183, 646
27 214
26 007
4'9 082
56 706
2 000
21 795

98, 640
8,669
13,937
20, 624
16, 652
2,981
28, 260
7 733
179, 342
23 669
27 159
46 570
55 711
2 255
23 264

1,898
956
827
115

1,777
898
767
111

1,743
894
740
109

1,866
949
808
110

1,701
877
718
105

1,930
958
854
117

1,908
953
843
112

1,908
960
827
122

1,837
939
789
109

1,688
859
703
126

1,877
938

1,145

r
r

T

r

r

423

154, 783
25 032
14 999
49, 396
40 698
1,899
21 905

PAPER AND PAPER PRODUCTS
All paper and paperboard mills:
Paper and paperboard production, total
thous. of short tons_.
Paper
do _
Paperboard
do
Building board
_
_ do___
Paper, excl. building paper, newsprint, and paperboard (American Paper and Pulp Association) :
Orders, new
short tons
Orders, unfilled, end of month c? . _ . do _
Production
- do
Shipments
do
Stocks, end of monthcf
do - Fine paper:
Orders, new
_
do
Orders, unfilled, end of month
_ do
Production
_
do...
Shipments
do
Stocks, end of month. _ __
_
do
Printing paper:
Orders, new
do
Orders, unfilled, end of month
do
Production
do
Shipments
_ _
_ _ __
do__
Stocks, end of month
do
Price, wholesale, book paper, "B" grade, English finish, white, f. o. b. mill.-dol. per 100 lb_.
Coarse paper :f
Orders, new
short tons__
Orders, unfilled, end of month
do
Production
do
Shipments
_
do
Stocks, end of month
do
Newsprint:
Canada:
Production
do
Shipments from mills
do
Stocks, at mills, end of month __ _. do
United States:
Consumption by publishers
do
Production _
do
Shipments from mills
do
Stocks, end of month:
At mills
_ _ _
do
At publishers
do
In transit to publishers
do
Imports
_ __ ___ __ _
_
do
Price, rolls (New York) dol. per short ton_.
Paperboard (National Paperboard Association) :
Orders, new.
__ short tons
Orders, unfilled, end of month
do
Production, total
do
Percent of activity.
Paper products:
Shipping containers, corrugated and solid fiber,
shipments
mil. sq. ft. surface area..
Folding paper boxes, value:
New orders
1936=100
Shipments
do
r

•

751, 536
645, 636
776 549
778 752
208 265

697
628
732
729
219

825
202
765
868
077

714 929
606, 608
733 484
728 969
215 050

795 400
620, 058
779 406
772 645
223 278

694, 795
608, 437
719, 036
721 572
226 645

792
605
782
774
227

251
763
537
310
746

749
575
776
772
231

143
897
262
672
688

742, 307
558, 390
776, 838
768 128
237 650

743
555
756
744
249

945
847
962
754
800

693, 843
552, 535
690 363
689 968
253 225

109, 851
138, 850
111, 114
111 732
51, 770

82
121
101
101
53

720
422
954
168
705

89, 886
112 523
103, 495
95 773
54, 234

112, 679
122 825
107, 304
108 870
52, 915

89, 977
121 540
97, 654
96 009
54, 385

107
125
105
104
55

673
073
927
313
237

94
117
104
103
56

818
807
393
541
915

87, 050
100 215
103, 369
104 156
56, 000

92
95
102
97
62

690
425
522
918
955

79, 725
87 105
88, 191
87 618
64, 230

249 016
269, 004
275 837
275, 699
62 782

252
267
257
257
66

829
430
210
736
036

252 172
254 943
257 843
261, 724
63 745

280
263
269
265
66

238 218
254, 602
250 387
251, 898
67 470

278
256
267
263
68

425
187
467
762
042

255
246
264
259
74

960
660
706
989
248

262
250
268
263
78

270
252
267
262
81

285
355
238
263
750

132
383
194
557
078

705
945
911
590
865

240
250
237
238
84

050
310
927
150
560

r
»•
r
r
r

704
504
757
752
260

r 735 642
T
505 303
r 736 589
r 728 227
r 271 140

455
455
012
760

232
230
254
252
87

900
370
259
730
150

10.80

10.80

10.80

245, 517
155 245
245 463
244 540
59 931

268, 523
149 956
265 386
262 416
63 276

241, 272
150 610
242 667
245 741
62 595

268
145
268
267
62

396 251
389 505
74, 310

364 483
393 169
45 624

368 925
369 986
44, 563

371 637
346 870
69, 330

344 645
332 211
81, 764

387 672
380 732
88 704

385 606
380' 843
93 467

388 461
397 706
84 222

382 937
383 594
83 565

391 481
379 695
95 351

339, 286
72 253
73, 545

338, 012
66 475
66, 439

322, 136
65 880
68, 720

292, 534
65 094
65, 037

307, 967
58 016
59, 019

338 337
64 894
65, 943

342 572
69 371
69, 199

348 823
72 659
71, 553

327 060
72 075
72, 441

291 647
69 327
68, 548

314 04^

11, 105
308 033
83, 957
355, 605
90.00

11 141
279 631
89 755
314 364
90.00

8,301
292 920
84, 113
389 907
90.00

8 358
295 052
89, 132
320 564
96.00

7 355
267 958
90 864
293 801
96.00

6 306
274 453
75 785
398 283
96.00

6 478
268 665
88 644
349 649
96.00

7 584
282 202
89 083
368 133
96.00

7 218
294 728
73 363
374 845
96.00

821, 800
441, 000
830 200
101

755 400
425 100
758 400
100

765, 100
457 100
747 500
89

826, 900
432 900
813 100
103

711, 300
423 500
713 400
100

894 300
464 700
861 200
102

790 200
397 400
824 200
102

791 200
352 000
821 800
100

798 000
381 100
789 200
94

636
093
999
015
890

10.80
260
136
265
268
58

392
000
314
448
850

10.80
259
134
268
265
62

685
250
302
065
090

10.80
254
134
257
255
62

500
780
059
275
935

10.80
252
142
243
242
62

10.80

749
471
779
781
267

500
365
500
500
915

r
r
r
r

020
588
578
534
750

84
47
98
96
74

000
000
000
000
750

263
239
251
249
T 88

750
600
342
800
500

260
227
268
271
85

000
500
500
000
000

11.30

610 r 264 800 r 257 150
150 r 132 975 r 136 000
161 r 274 §74 r 256 "68
912 r 274 745 r 253 164
140 r Q2 925 r ^5 725
QCQ I AQ

839
128

r 84
r 58
r 97
r 94
r 72

r 81 600

r 71
r 99
r 97
r 66

042
730
895
650
756

10.80

777

920
663
527
479
381

241
158
?49
247
60

10.80

1,943
976

r 916
r 119

264, 665
159, 550
258 098
260, 401
57 886

10.80

'1,812

812
127

11.30
268
127
274
276
64

000
000
500
000
000

376 062
387 897
76 615

399 788
392 560
83 843

337 196
68 370
69, 297

381 697

71,966

7 997
337 37°
80 667
362 174
96.00

8 602
382 849
76 842
389 729
100. 00

7 675
382 559
89 884
349 476
100. 00

7 729
345 423
10l' 655

706 100
359 000
705 600
81

807 200
344 500

831 100

7Q9 Qflfi

796 200
375 900
774 flfin

92

91

39« 049
88 450
79 *i71

5,416

5,130

5,063

5,185

5,003

5,509

4,929

4,976

5 019

4 527

5 301

379.4
450.1

398.5
456.2

430.4
454. 8

409 2
449.0

467 4
476.5

378 6
438. 5

394 0
417.9

445 0
47s!n

415 8
370.7

451 2

459 5
47fi fi

OAO

73, 214

100. 00
qce Q9Q
009

-\f\f\

5 386

449.1
506.9

70

459 1

483 7
son s

Revised.
cf Data for January-June 1947 for unfilled orders and stocks are shown on p. S-35 of the November 1948 Survey.
fRevised series. The series for coarse paper (bag, wrapping, shipping sack, converting, and glassine, greaseproof and vegetable parchment) represent the series formerly shown as
wrapping paper revised to exclude special industrial paper; data beginning January 1947 are shown on p. S-35 of the May 1948 Survey; earlier data will be published later.




SURVEY OF CURRENT BUSINESS

S-36
Unless otherwise stated, statistics through
1946 and descriptive notes may be found in
the 1947 Supplement to the Survey

December 1948

1947
November

October

1948
December

January

February

March

April

May

June

July

August

September

Octol

1,

PAPER AND PRINTING—Continued
PRINTING
Book publication, total.. _ _ .number of editionsNew books
do
New editions .
do _

772
639
133

1, 135
885
250

1,110
835
275

763
612
151

805
607
198

890
732
158

819
637
182

918
715
203

627
604
123

689
516
173

549
385
164

618
492
126

PETROLEUM AND COAL PRODUCTS
COAL
Anthracite:
Production
thous. of short tons
Stocks in producers' storage yards, end of month
thous. of short tons_.
Exports
do
Prices, composite, chestnut:
Retail ^
dol. per short ton_.
Wholesale
do
Bituminous:
Production
thous. of short tonsIndustrial consumption and retail deliveries, total
thous. of short tons..
Industrial consumption, total
do
Beehive coke ovens
do
Byproduct coke ovens
. do. __
Cement mills -_
do
Electric power utilities _ _
_.do
Railways (class I)
do
Steel and rolling mills.
..do
Other industrial.. _
do _
Retail deliveries
do
ConsiTmption on vfiss^ls (bunker fuel)
d<~>
Stocks, industrial and retail dealers, end of month,
total
thous. of short tons
Industrial, total
do
Byproduct coke ovens
_
._
do _
Cement mills
do
Electric power utilities -_
. _ _ do _
Railways (class I)
do
Steel and rolling mills
.do
Other industrial
do
Retail dealers
_ __
do ._
Exports §
do
Prices, composite:
Retail t_._
dol. per short ton-Wholesale:
Mine run
do
Prepared sizes
do
COKE
Production:
Beehive
thous. of short tons
Byproduct
do
Petroleum coke
do
Stocks, end of month:
Byproduct plants, total
__do __
At furance plants
do
At merchant plants
do. _
Petroleum coke
do
Exports §
do
Price, beehive, Connellsville (furnace)
dol. per short ton_.

5,524

4,629

4,879

4,921

4,675

4,928

4,438

4,867

4,590

4,365

5,121

5,007

4, 961

529
830

675
765

702
794

511
396

320
412

256
604

153
671

96
628

63
612

51
449

135
691

413
692

703

17.87
14.760

18.01
14. 796

18.03
14. 803

18.22
14. 896

18.24
14.912

18. 24
i 15.022

18.24
i 15.023

18.29
i 15. 134

18.60
U5. 325

18.94
115.836

20.01
1 16. 338

20.09
116.388

20.10
i 16. 891

57, 301

52, 689

54, 798

55, 780

49, 711

33, 844

34, 600

55, 965

52, 463

48, 238

53, 108

r

48,006
40, 252
965
8,278
704
8,121
9,048
826
2 12, 519
7,754
161

45, 863
37, 853
866
8,091
730
7,737
9,167
867
2 10, 586
8,010
131

49, 161
38, 315
950
8,425
757
8,450
9,652
966
2 9, 317
10, 846
93

54, 922
41, 668
963
8,400
709
8,796
9,726
1,104
2 11, 970
13, 254
48

47, 423
35, 746
846
7,917
636
7,904
9,091
996
2
8, 356
11, 677
55

44, 502
34, 974
509
8,100
671
7,801
8,430
1,023
2
8, 440
9,528
55

34,011
29, 600
389
6,488
649
6,919
7,044
819
2 7, 292
4,411
88

39, 169
33, 541
908
8,185
692
7,112
7,766
822
2 8, 056
5,628
110

38, 928
32, 985
848
8,036
690
7,520
7,432
798
2 7, 661
5,943
99

38, 748
33, 578
697
8,233
721
7,701
7,408
663
* 8, 155
5,170
102

41,966
36, 470
960
8,349
719
8,203
7,467
706
2
10,066
5,496
111

r
r

50, 276
48, 144
7,310
1,049
16, 772
6,305
1,076
15, 632
2,132
7,023

50, 455
48, 255
8,207
1,087
16, 673
6,156
985
15, 147
2,200
6,034

52, 161
50, 124
9,148
1,113
16, 788
6,749
1,012
15,314
2,037
4,246

49, 576
48, 185
8,671
1,049
15, 792
6,906
943
14, 824
1,391
3,410

48, 613
47, 424
8,807
991
14, 868
7,047
976
14, 735
1,189
3,219

43, 585
42, 581
7,435
956
13, 609
5,599
881
14, 101
1,004
2,601

34, 418
33, 576
4,308
776
11, 745
4,864
771
11,112
842
r
1, 030

47, 032
45, 680
7,762
1,001
14, 601
7,208
1,074
14, 034
1,352
4,728

58, 010
56, 166
10, 474
1,361
17, 041
8,787
1,269
17, 234
1,844
5,627

58, 139
55,991
8,975
1,364
18, 551
8,388
1,134
17, 579
2,148
5,168

64, 057
61,385
10, 289
1,328
21, 107
8,685
1,166
18, 810
2,672
5,485

5 1,824

51, 350

42, 331
36, 175
r
922
8,199
679
8,272
7,258
697
2
10, 148
6,156
121

47, 094
39, 719
969
8, 500
949
8, 689
7,851
766
11, 995
7,375

67, 592
64,674
10, 968
1,369
22, 751
8,815
1,152
19, 619
2,918
4,574

68, 954
66, 030
11, 348
1, 612
23,875
9,099
1, 066
19,030
2,924

14.15

14.48

14.50

14.64

14.70

14.71

14.80

15.11

15.29

15.73

15.92

15.98

15.99

7.528
7.798

7.549
7.889

7.575
7.922

7.695
8.031

7.710
8.090

i 7. 684
i 8. 123

i 7. 728
i 8. 146

i 7. 864
i 8. 272

i 7. 882
i 8. 347

i 8. 321
18.800

i 8, 379
18.864

i 8. 403
18.904

18.403
i 9. :205

'628
5, 833

603
5,886
210

606
5,865
204

539
5,513
203

324
5,653
242

246
4,491
225

577
5,722
217

540
5,593
256

435
5,713
259

612
5,843
259

588
5,763
246

1318
5,966

210

549
5,650
175

1,063
513
550
97
118

1,151
589
562
83
76

1,040
535
504
69
79

912
554
358
67
60

807
618
190
79
59

716
587
128
66
67

646
533
113
69
37

802
644
158
83
81

856
641
215
91
67

940
652
287
100
51

1,123
716
407
111
82

1,287
819
468
109
73

1,474
986
489

12. 125

12. 250

12. 250

12.500

12.500

12. 500

12.500

12.900

13. 000

13.250

14. 375

14. 500

14. 500

r

PETROLEUM AND PRODUCTS
Crude petroleum:
2,153
1,959
1,860
2,105
1,864
1,554
Wells onmplptpd
nninber
1,630
1,406
1,416
1,733
1 760
1 716
163, 037
172, 886
166, 330
171, 196
163, 781
170 574
155 224
165 443
Production
thous of bbl
164 509
167 593
164 913
158 736
92
96
96
96
96
97
95
92
93
98
98
97
Refinery operations
percent of capacity
161, 280
174, 242
168, 952
174, 546
175, 705
165, 796
165, 858
156 014
158, 719
166, 198
167, 007
162 854
Consumption (runs to stills)
thous of bbl
Stocks, end of month:
223, 124 ' 224, 211 228, 401
224, 929
223, 481
224, 880
223, 430
223, 820
225, 462
227, 278
227, 408
Gasoline-bearing in TJ. S , total
do
226, 666
58, 827
57, 684
57, 872
52, 864
58,790
58, 751
54, 572
53, 891
53, 660
53, 849
60, 807
58, 989
At refineries
do
153,244
148, 469
148,994
150,238
153, 378
156, 726
148, 890
154 233
150 787
152, 758
157 853
156 224
At tank farms and in pipe lines
do
16, 330
16, 289
16, 222
16, 258
15, 339
14, 964
16, 179
15, 684
16, 075
16, 161
15, 578
15, 661
On leases
do
8,901
7,743
7,931
7,831
6,539
5,725
6,412
5,623
5,275
7,498
Heavy in California
do
7,228
6,756
3,362
3,419
3,661
4,078
4,039
2,992
3,844
3,699
3,362
Exports
_
do
3,538
3,138
2,626
11, 933
9, 144
9,339
8,622
Imports
do
10, 552
12, 266
10, 804
7,638
7,908
7,512
9,393
9,767
2. 610
2.510
2.510
2.010
2.510
2.510
2.510
2.410
Price (Kansas-Oklahoma) at wells, -dol. per bbl._
1.910
2.510
2.510
2.510
2.510
Refined petroleum products:
Fuel oil:
Production:
28, 838
28,254
30, 759
33,539
Distillate fuel oil
thous of bbl
29, 072
32 190
30 764
29,930
30, 820
32 548
32 688
29 352
34, 615
39, 606
Residual fuel oil
do
38, 387
39, 177
39, 746
39, 066
37, 344
38, 673
40, 732
40 523
37, 542
39, 104
Domestic demand:
20, 242
18,305
42, 056
28,997
40, 426
Distillate fuel oil _
do
23,116
22, 809
20, 896
25, 498
33, 779
38, 648
20, 210
35, 148
Residual fuel oil
_.
do
52, 015
39, 819
38, 987
38, 255
45, 565
48, 853
43, 995
43, 538
38,400
42, 831
47, 808
Consumption by type of consumer:
2,916
3, 269
3,845
4,039
4,287
Electric power plants
do
4,433
3,186
3,601
4,002
3,083
2,943
4,256
3,119
6,941
7,004
Railways (class I)
do
5,620
5,824
7, 141
5,878
6,026
6,409
6, 188
5,995
6,661
5,889
Vessels (bunker oil)
do _
5,419
5,901
4,181
5,054
4,510
5,382
5,685
5,775
5,604
4,800
4,606
4,651
Stocks, end of month:
63, 252
61, 334
51,081
Distillate fuel oil
.
do
76 320
32 214
34, 590
41,036
40 781
58, 725
34, 514
48 352
68 818
47, 091
52, 502
52,455
Residual fuel oil.
^___
___do
68.005
44,636
58. 431
41.945
64. 096
52. 465
43. 301 ' 48.788
43. 156
r
Revised.
1 The comparability of the data for both anthracite and bituminous coal is slightly affected beginning March 1948 by a substitution for one of the reporting companies; February 1948 figures
strictly comparable with March for anthracite and bituminous coal, prepared sizes, are $15.011 and $8.122, respectively; for bituminous coal, mine run, there was no change in price between
February and March on the basis of comparable reports; April and September 1948 figures for bituminous coal, prepared sizes, strictly comparable in each case with data shown above for
the following month are $8.154 and $9.198, respectively.
2
Data for coal mine fuel is included in "other industrial."
§Beginning in the April 1948 Survey, export figures include Army civilian supply shipments (see note marked "i" on p. S-21).
IThe comparability of the series has been affected from time to time by a reduction in the number of cities or by a change in the sample. Beginning August 1947 data cover 10 cities for
anthracite and 21 cities for bituminous coal; see note on item in the April 1948 and September 1947 issues regarding the effect on the comparability of the data of changes made in that month
and in February 1947.




SURVEY OF CURRENT BUSINESS

December 1948
Unless otherwise stated, statistics through.
1946 and descriptive notes may be found in
the 1947 Supplement to the Survey

S-37
1948

1947

October

November

December

January

February

March

April

May

July

June

August

September

2,016
1,238

1,272
693

October

PETROLEUM AND COAL PRODUCTS—Continued
PETROLEUM AND PRODUCTS—-Continued

Refined petroleum products— Continued
Fuel oil— Continued
Exports:
3 058
Distillate fuel oil
thous ofbbl
797
Residual fuel oil
do
Price, wholesale, fuel oil (Pennsylvania)
.090
dol. per gal. .
Kerosene:
9 308
Production
thous of bbl
8 163
Domestic demand
do
Stocks, fvnd of month
do
22,750
578
Exports
do
Price, wholesale, water white, 47°, refinery
.095
(Pennsylvania)
dol. per gal__
Lubricating oils:
4,350
Production
thous. of bbl
3,427
Domestic demand
do
8,157
Stocks, refinery, end of month
do
1 090
Exports
do
Price, wholesale, cylinder, refinery (Pennsyl.360
vania).
dol. per gaL.
Motor fuel:
All types:
75 656
Production total
thous of bbl
Gasoline and naphtha from crude petro67 150
leum
thous ofbbl
11, 685
Natural gasoline and allied products do
Sales of 1. p. g. for fuel, etc., and transfers
3,179
of cycle products
thous. of bbl
6, 355
Used at refineries
do
73, 295
Domestic demand
do
Stocks, gasoline, end of month:
74, 710
Finished gasoline, total
do
45, 084
At refineries
.__
_ __do
7,874
Unfinished gasoline
do
4,221
Natural gasoline and allied products __do_ __
3,171
Exports
do
Prices, gasoline:
Wholesale, refinery (Oklahoma)
.085
dol. per gal_ .176
Wholesale, tank wagon (N. Y.) __-do
.178
Retail, service stations, 50 cities
do
Aviation gasoline:
3,449
Production, total
_ __
thous. ofbbl
2,121
100 octane and above
do
5.919
Stocks, total
_ _do
2,338
100 octane and above
do.
Asphalt:
901, 100
Production
__
short tons
540, 700
Stocks, refinery, end of month
__do
Wax:
80, 080
Production
_
thous. of lb._
91, 000
Stocks, refinery, end of month
do
Asphalt products, shipments:
6,640
Asphalt roofing, total___
thous. of squaresRoll roofing and cap sheet:
1,908
Smooth-surfaced
do
1,529
Mineral-surfaced.
do
3,203
Shingles, all types
do
353
Asphalt sidings
_
.
do _
42, 637
Saturated felts
short tons

1,376
410

1,585
281

842
769

1,042
499

1,222
683

1 649
907

2 323
689

2,261
1,058

2 007
607

.092

.102

.110

.110

.110

.110

.110

.110

.110

.110

.110

9 352
11,070
20, 626
372

10 129
12, 904
17, 722
66

10 697
16, 198
11,993
216

11 030
12, 608
10, 287
69

11 262
10 884
10, 464
269

10 236
7,774
12, 795
88

9 973
6 508
15,711
474

9 383
6,351
18, 480
220

9 442
6,561
20, 958
362

9,180
6,193
23, 564
333

9,288
6,365
26, 177
242

.095

.108

.115

.121

.125

.125

.125

.125

4,264
2,917
8,531
961

4,566
3,295
8,624
1,160

4,287
3,056
i 7, 892
1,028

4,132
3,044
i 7, 829
1,143

4,404
3,231
i 7,961
1 032

4,308
3,096
!8,022
1 139

4,500
2 956
18 411
1 142

4,065
3 007
1
8, 166
1,979

.360

.378

.390

.390

.390

.390

.390

.390

.121

.120

4,341
2 957
i 8, 747
969

4,121
2,843
i 8, 884
1,136

.390

.390

.370

.110

.125
4,135
2 803
1
8, 350
1,134

72 061

75 140

73 812

67 518

72 025

74 219

79 421

78 543

79 948

80, 711

66, 770
12, 357

65, 744
12, 047

59, 964
11,372

63, 608
12, 296

65 834
11, 704

70 501
12 072

69 883
11, 550

71 221
11,871

71, 964
12, 157

66, 522
11, 543

3,513
6,323
64, 158

3,987
5,994
67, 285

3,979
6,434
61, 308

3,818
5,695
56, 487

3,879
6,187
68, 171

3,319
6,058
72, 183

3 152
6 551
77 186

2,890
5 979
78, 044

3,144
6 123
81, 428

3,410
6 535
80 348

3,560
5,962
76, 159

78, 669
46, 529
8,882
4,266
3,673

83, 111
51, 570
9,192
4,296
2,882

93,290
61, 134
8,877
4,323
2,075

102, 235
68, 604
8,764
4,673
1,426

103, 398
68, 824
8,551
4,806
2,165

101, 280
64, 553
8,549
5,305
3,190

99 554
61,648
8 998
5,622
3 218

96, 221
56, 231
8,297
6,077
2,977

90, 310
51, 873
8,529
6,176
3,849

87 187
49, 152
8 258
6.308
2 982

82, 254
46, 982
8,264
6,287
2,937

.090
.178
.179

.099
.183
.194

.105
.188
.194

.105
.188
.195

.105
.188
.195

.105
.188
.195

.105
.188
.196

.105
188
196

3,316
2,187
6,106
2,575

3,379
2,186
6,064
2,422

3,443
2,385
6,557
2,712

3,044
1,825
7,186
2,964

3,315
2 329
7,044
2,808

4,088
2,945
7,359
3,266

4,142
2 747
6 520
2,575

4 476
3 190
6* 641
2 913

726, 900
661, 300

638, 500
731, 100

85, 960
96, 880

96, 320
98,280

.350

74, 505

63, 623
11, 951

.120

1

587, 500
812, 400
98, 000
104, 720

1

4,075
2 775
6 790
2,667

551, 800
676, 900
624, 000
818 400
925, 800 a,020,700 U, 082,900 U, 156,200
82, 320
103, 320

.105
. 188
.196

.105
. 188
.195

4,115
2 943
6 469
2,614
1

911 100
1,048,000

1

r

.105
188
. 196

.105
188
. 196

3 285
2 562
6 560
3, 172

980 700 1 062 200
922 200
957, 600 i 798 900 i 681 600

98, 280
100, 800

92,960
108, 920

82, 600
112, 560

86, 240
122, 920

74, 760
136, 360

74 760
148 680

66 640
151, 480

5,549

5,686

5,549

5,121

5,155

4,946

4 636

5,220

4 734

5 259

r 5 665

5 719

1,649
1,254
2,647
331
36, 667

1,736
1,285
2,665
356
37, 470

1,743
1,244
2,562
338
40,180

1,611
1,132
2,378
329
37, 633

1,561
1,208
2,385
350
49, 662

1,405
1,056
2,484
251
55,316

1 216
998
2 423
213
52 476

1 281
1 083
2 856
205
54 772

1 163
1 028
2 543
199
44 912

1 271
1 153
2 835
234
44 474

r i 4}9

1 457
1 366
2 895
320
44 417

r i 271

r 2 975
r 276

r 45 330

RUBBER AND RUBBER PRODUCTS
RUBBER
Natural rubber:
Consumption
_
. long tons
Stocks end of month $
do
Imports, including latex and Guayule
do
Price, wholesale, smoked sheets (New York)
dol. perlb..
^hemical (synthetic):
Production
long tons
Consumption
_
do
Stocks, end of month® _
do
Exports
do
Declaimed rubber:
Production
do
Consumption
._.do ._
Stocks, end of month® _
do

57, 286

114,115
49, 976

52, 076
110, 752
50, 946

56, 284
129, 038
71, 596

58, 174
136, 227
80, 852

51,012
148 081
64, 418

54, 444
130 295
72, 070

50 616
123 248
40, 747

52 022
112 724
40, 709

55 701
119 818
64, 725

48 769
128 446
71, 482

53 366
129 622
68 131

r 52 131
r 123 912
50 556

.202

.238

.215

.219

.205

.204

.229

.233

.228

.237

.228

.222

33 834
45, 668
67, 379
202

37, 825
39, 091
67, 871
221

38, 134
43, 230
62, 366
413

39 428
43, 003
60,290
419

39 025
35, 375
65, 649
464

43 940
38, 222
72 885
387

40 846
34 632
78 722
569

42 866
35 268
85 734
400

41 207
39 204
89 088
305

41 267
34 511
96 140
' 278

39 630
39 339
97 197
'280

37 890

41 419
38 305
102 684

25, 648
26, 735
36, 643

23,161
23, 491
36,425

25, 123
25, 229
35, 943

25, 634
25, 885
36, 307

23 678
22, 374
38, 444

24 089
24, 362
38 313

21 802
22; 322
37 946

21 043
21 975
36 612

22 504
23 786
35 898

17 712
19 291
34 302

20 255
22 917
32 025

7,584
7 827
2,189
5,474
164
11, 435
144

6 672
7 866
2 379
5,357
131
10, 207
175

6 716
6 745
9,939
100

5 750
6 807
8,760
127

.243

r 39' 215

r gg 246
669
r 21 805
r 23 478
r 3u 198

TIRES AND TUBES
Pneumatic casings:
8,889
7,716
7,851
Production...
thousands. .
8,050
6,574
6,385
6,930
6,931
8,639
7,915
6,583
5,919
Shipments, total
._
.
do
5,106
5,703
7,039
6 254
Original equipment
do
2,178
2,097
2,338
2,330
2,265
2,366
2,020
1,818
6,134
5,603
4,029
3,433
4,632
Replacement equipment.
___
do
2,887
3,183
4,301
327
215
216
157
Export.. _.
do ___
154
142
200
135
Stocks, end of month
do_ __
5,513
6,975
8,806
5,277
11, 364
10, 172
11,611
10, 940
294
234
Exports
__
__do
243
195
184
161
166
143
oner tubes:
7,619
6,457
6,544
6,226
Production
do
5 534
4 980
5 578
5 702
7,616
5,324
5,152
Shipments
do
6,343
4,505
5 807
5 419
5,188
Stocks, end of month
_
___do
6,424
9,116
6,683
8,088
9,657
9,737
9,930
10, 069
134
181
101
126
Exports
_._do
137
117
120
95
T
Revised.
1
New basis excluding distributors' stocks in California; comparable figures for December 31,1947: Lubricants, 7,701; asphalt, 685,600.
c? Beginning July 1947 data are reported stocks available to industry.
®Beginning July 1947 data are reported stocks.




49 723
118 658

6
7
2
5
T

r

963
835
290
409
136
9, 353
113

915
700
114
460
126
9 805
107

6 639
6 917
8 527
75

6 191
6 200
8 778
67

6
6
2
4

23 854
22 959
31 339

SURVEY OF CUEEENT BUSINESS

S-38
Unless otherwise stated, statistics through
1946 and descriptive notes may be found in
the 1947 Supplement to the Survey

December 1948
1948

1947

October

Novem-

ber

Decem-

ber

January

Febru-

ary

March

April

May

June

August

July

Septem-

ber

Octob:

STONE, CLAY, AND GLASS PRODUCTS
ABRASIVE PRODUCTS
Coated abrasive paper and cloth, shipments-reams. _

191, 884

146, 754

145, 409

125, 743

111, 889

139, 066

161, 110

160, 918

158, 554

171, 412

146, 164

191, 199

18, 300
90
20, 562
5,668
3,114

16, 814
85
16, 267
6,209
2,929

16, 123
79
12, 379
9,975
3,605

14, 541
71
9,205
15, 336
4,299

13, 347
70
8. 338
20, 340
5,196

14, 502
71
13, 957
20, 886
6,072

16, 041
80
19, 047
17, 880
5,930

17, 740
86
19, 544
16, 086
5,650

17, 757
89
21, 426
12, 422
5 032

18, 721
90
20,994
10, 149
4,514

18, 961
91
20,704
8,355
3,916

18,605
93
19, 938
r
7, 061
r
3, 068

511, 366
538, 950
451,497

460, 971
453, 100
456, 272

436, 073
431,130
452, 138

369, 034
335, 438
479, 788

31 7, 619
300, 386
493, 925

392, 440
414, 418
470, 041

445, 263
494, 952
421, 558

498 171
496 510
420, 241

541 527
544 523
413, 088

544 376
546 235
408. 599

571, 713
563 697
411, 560

560 490
552, 967

20. 490

20.636

20. 843

21. 093

21.194

21. 479

22. 040

22. 204

22. 448

22. 724

22. 839

23.013

120, 704
119, 913
156, 607

117, 435
110, 906
159, 360

120, 892
116,647
166, 450

118, 720
98, 540
183, 694

110, 777
93, 973
200, 385

131, 353
122, 307
209, 313

122, 561
124, 272
207, 527

120 424
120, 808
207 105

127 663
128, 137
206 505

118 119
125, 139
199 244

129 417
131, 131
197 487

128 473
132, 325

115, 844
119,243
119, 289

106, 221
100, 579
124, 331

97, 369
95, 319
120, 653

84, 678
77, 107
127, 576

83, 9S2
75, 800
134, 959

99, 575
97, 871
136, 014

109, 451
113, 784
130, 818

108 946
113,588
124,522

113 675
116, 594
118, 786

113 349
116 498
113, 378

114 546
122, 287
106, 031

110, 262
111, 179

9,646
8,767

8,402
7,703

7,988
7,603

8,015
7,006

7,320
6,886

8,977
10,399

8,951
7,383

8,820
7,902

8,107
7,385

7,779
7,585

8, 934
8,399

8,712
10, 235

165, 337

PORTLAND CEMENT
Production
Percent of capacity
Shipments
Stocks, finished, end of month
Stocks, clinker, end of month

thous. of bbL.
thous. of bbl_.
_
do
do

19, 319
93
20, 324
6, 086
2, 824

CLAY PRODUCTS
Brick, unglazed:
Production
thous of standard brick
Shipments
do
Stocks, end of month
do
Price, wholesale, common, composite, f. o. b. plant
dol. per thous. _
Clay sewer pipe, vitrified:
Production
short tons
Shipments
do
Stocks
do
Structural tile, unglazed:
Production
do
Shipments
do
Stocks
_ _
do

r
r

r
T

(i)

23.223

(i)

(i)

GLASS PRODUCTS
Glass containers:
Production
thous. of gross..
Shipments, domestic, total
do
General use food:
Narrow neck food
_ _
do
Wide mouth food (incl. packers tumblers)
thous. of gross. _
Beverage
do
Beer bottles
.
do
Liquor and wine
do
Medicinal and toilet
_
do
Chemical, household and industrial
do
Dairy products
do
Fruit jars and jelly glasses
.do
Stocks, end of month _ . _ _
_
do
Other glassware, machine-made:
Tumblers:
Production
thous. of dozens
Shipments
do
Stocks
do
Table, kitchen, and householdware, shipments
thous. of dozens
Plate glass, polished, production -thous. of sq ft

9,107
8,280

823

473

482

532

578

969

549

653

829

899

1,121

1,795

1,112

22,251
955

21,846
632

1,820
419

1,759
692

1,976
849

1,865
884

2,041
843

2,333
569

2,542
590

2, 1-56
4r»5

1,502
1,529
449
285
2 13
8,132

1,791
479
247
39
8,380

1,584
502
244
39
8,488

2,518
1,338
1,055
1,060
2,281
813
272
92
6,724

1,769
3 729

1,279
1,794
589
315
2 17
7,896

21,745
526
1,271
1,167
1,603
419
384
27
8,057

1,861
470
339
275
7,876

1,638
535
210
568
8,419

1,465
501
201
395
8,799

1,413
513
231
276
8,704

1,807
613
275
244
8,876

1,095
2,287
742
339
166
7,246

1, 109
1,971
662
293
25
7,795

5,833
5, 186
8,869

4,674
4,961
8,694

4,944
4,599
8,924

4,539
4,416
8,690

4,325
4,296
8,741

5,223
5,314
8,659

5,422
5,628
8,510

5,278
5,277
8,398

4,357
4,742
8,155

4 036
4 805
7 507

4,618
4 676
7,397

4,636
5 038
6,987

4,511
22, 989

4,181
18, 777

3,793
20,089

3,195
21,958

3,051
21, 751

4,147
23, 572

3,714
23, 417

3,847
20,783

3,351
24,208

2,977
17 484

3,052
24 475

3,402
20, 774

744

974

839
840

704
783

605
786

692
781

641
604

729
641

571
868

679

498

GYPSUM AND PRODUCTS
Crude gypsum:
Imports
thous of short tons
Production
do
alcined, production
do
Cypsum products sold or used:
GUncalcined
short tons
Calcined:
For building uses:
Base-coat plasters
do
Keene's cement
_ _ _
_
do
All other building plasters
do
Lath
_ ...
thous. of sq. ft
Tile
- do
Wallboardcf
do
Industrial plasters
short tons

644

241

1,667
1,410

1,562
1,385

1,773
1,590

1 003
1,882
1,667

519, 395

506, 561

523, 688

509, 216

499, 480
10,909
116,881
488, 677
7,233
592, 627
55, 998

410, 518
11,944
107, 121
530, 444
4
7, 273
4
684, 302
50,692

545, 038
13, 812
126, 713
633, 137
6,387
659, 878
56 548

573, 344
13, 786
126 359
689, 932
7,084
634 689
58 276

720

TEXTILE PRODUCTS
. CLOTHING
Hosiery:
Production
thous. of dozen pairsShipments
--do.
Stocks end of month
_ _
do

13, 962
14, 589
19, 633

12,804
13, 099
19,338

12, 548
12, 415
22, 217

13,405
13, 199
22,494

8,369

10, 056

10, 596

13, 365
13, 178
22,682

14, 185
14, 312
22, 557

11, 373

« 11, 552

829, 960

785, 516

800, 347

627, 462

5,572
5,447
528
2,824
2, 095

4,611
4,500
372
2,200
1,928

3,686
3 584
275
1,642
1,667

3,080
2 991
274
1,308
1,409

13, 303
12,850
23, 067

12, 162
10, 974
24,354

12, 373
11,287
23 742

10, 099
10, 094
23 748

11, 546
12, 005
23 290

11,905
12, 594
22 601

259

1 473

5, 310

10 433

728, 732

739, 139

6 14 937
695, 887

16, 855
16 776
13, 885
1,700
1,191

15, 938
15 815
10, 515
4,087
1,213

15,12,5
14 9S.5
6,331
7,272
1,3^1

COTTON
Cotton (exclusive of linters):
Production:
Ginnings
thous. of running bales
Crop estimate, equivalent 500-lb. bales
thous. of bales
Consumption
bales. .
Stocks in the United States, end of month, total t
thous. of bales. Domestic cotton, totalj
do
On farms and in transitt
...do
Public storage and compresses
do
Consuming establishments.
do
Foreign cotton, totaU
.do
r

828, 576

759, 866

754, 847

860, 704

785, 677

8 11,851
879, 967

11,552
11,377
4,975
5,029
1,373

10, 648
10, 466
3,436
5,300
1,730

9,668
9,496
2,007
5,438
2.051

8,581
8,422
1,246
5,053
2,123

7,669
7,529
951
4,430
2,148

6,545
6,411
582
3,636
2,193

175

182

172

159

140

134

125

111

102

89

79

123

loO

2
3
Revised. 1 Data discontinued by compiling agency.
jelly glasses included with wide mouth food containers.
Includes a small quantity of nonreturnable containers.
8
* Laminated board included with tile.
Total ginnings of 1947 crop.
e December 1 estimate of 1948 crop,
cf Includes laminated board, reported as component board, through the last quarter of 1947 and for the second quarter of 1948.
t For revisions for July-December 1946 and data for January-June 1947, see note marked " J"on p. S-38 of the October 1948 Survey.




SURVEY OF CUEEENT BUSINESS

December 1948

1948

1947

Unless otherwise stated, statistics through
1946 and descriptive notes may be found in
the 1947 Supplement to the Survey

October

November

S-39

December

January

February

March

April

May

June

July

August

September

October

TEXTILE PRODUCTS—Continued
COTTON—Continued

Cotton (exclusive of linters)— Continued
Exports §
bales. _
Imports
do
Prices received by farmers
dol. per lb._
Prices, wholesale, middling, l5At", average, 10
markets
dol. per lb_Cotton linters:
Consumption
thous of bales
Production
do
Stocks, end of month
_
_ do

133, 100
97 946
.307

164, 565
11, 750
.319

229, 553
15 319
.341

214, 098
9 454
.331

163, 498
19 014
.307

261, 162
10, 398
.318

155, 080
14, 668
.341

204, 811

132, 898
3 090
.352

148, 594

114, 584

9,847

.353

.330

.304

170, 911
102, 970
.309

.311

.317

.336

.358

.352

.328

.342

.372

.376

.370

.340

.313

.312

.312

104
204
••362

99
188
r
417

r 101

102
166

98
129
516

104
104

522

97
66
500

99
47
459

95
36
403

86
32
361

105
53
318

109
169
356

115
222
437

142 285
1,196

123 480
718

2 588
75 614

80 070

79 889
3,813

2 540
73 129
3,' 916

71 937

63,673

* 2, 270
62, 456
1,433

60.96
.338
.268
.232

63.82
.338
.277
.234

64.70

58.26

51.01
.338
.205
.230

47.86

.338
.177
.195

.338
.172
.186

41.76
.338
.164
.181

37.55

.338
.198
.230

45 34
.338
183
.208

45.58

.338
208
.240

.708
.926

.696
.965

.686
.941

22, 686

22, 484
21, 157
9,521
400

r
r

175

r

474

r

510

r

7,846

8,078

COTTON MANUFACTURES
Cotton cloth:
Cotton broad woven goods over 12 inches in width,
production quarterly
mil of linear yards
Exports §
thous of so yd
Imports
do
Prices, wholesale:
Mill margins
cents per Ib ..
Denims, 28-inch
dol. per yd.Print cloth 38^-inch, 64 x 60
do _.
Sheeting, unbleached, 36-inch, 56 x 60
do
Cotton yarn, Southern, prices, wholesale, mill:
22/1, carded, white, cones
dol. per lb_.
40/1 twisted carded skeins
do _Spindle activity (cotton system spindles) :
Active spindles, last working day, total*.. _thous_.
Consuming 100 percent cotton
do
Spindle hours operated, all fibers, total* _mll. of hr__
Average per spindle in place*
hours. _
Consuming 100 percent cotton
mil. of hr__
Operations as percent of capacity t

2 569
102 417
4,161

93 907

82 410
3,461

.338
.283
.239

64.31
.338
261
.240

63.65

.720
.951

.725
.960

.765
1 019

.804
1.098

.804
1 098

.804
1.098

.804
1 098

.796
1 088

.757
1.044

.715
1.002

22, 818
21, 563
11, 130
466
10, 802
127.0

22, 728
21, 432
10, 146
426
9,530
134.8

22, 786
21, 412
10, 132
427

22, 856
21, 489
10, 441
440
9,819
137.6

23, 077
21, 708
11, 684
492

23,042

133.6

22, 787
21 479
10, 953
461
10, 320
130 9

22, 675
21, 328

475
10, 667
136.1

23, 055
21, 723
10, 693
450
10, 080
134.0

22, 703

21, 694

121.3

22, 798
21, 450
11, 423
480
10, 802
139.0

65.3
23.1

62.2
20.3

62.1
22.2

68 9
22.7

••20.7

60.9

68 1
22.7

68.2
22.9

68 6
22.1

70 7
22 4

72 3
22 2

9.5
5.7
1,342

9.3
5.3
1,674

7.7
4.0

8.6
4.7

9.2

9.3

10.2

1,369

2,711

4,588

5,219

4,599

3,975

4 3
5 323

4 2
4 580

4,775

4,195

.670
.320

.670
.320

.726
.352

.740
.360

.740
.360

.740
.360

.740
.360

.740
.360

.740

.740

360

360

.764
.368

.770
.370

294

124

379

128

397

829

417

470

1 349

1 106

352

404

4.40

4.40

4.40

2.60

2.60

2.60

2.60

2.60

2.60

2.60

2.60

2.60

49, 210
17, 850
51,412

37, 652
14, 008
48, 388

43 830
16, 175

36,234

41 700
15, 948
110 302

42 900
15, 524
79 997

51 680
20, 265
86 749

42, 632
17, 024
62, 324

41 620
16, 972
48 703

48 120
19' 835
r 74 307

31 744
11 284
61 177

38, 824
16, 964
62 530

54 464

1.227
.554

1.255
.510

1.255
.510

1.255
.510

1.255
.510

1.255
.510

1.296
.510

1.310
.510

1.446
550

1.480
560

1 1. 800
i .560

1 11. 800
.560

i 1. 788
i .560

1.165

1.254

1.240

1.240

1.370

1.292

1.399

1. 652

1 820

1 820

1.820

1.696

1.615

68
2,282
45

83
2,324
49

2,256

2,565

2,572

2,495

2,497

2,513

45

52

51

40

42

37

35

30

134
129

142
129

132
119

163
146

163
146

163
144

164
141

167
141

166
129

114
90

93, 931
122, 410
218

92, 662
121, 971
222

90, 474
117, 489

103, 677
132, 418

102, 527
132, 666

98, 429
129, 269

99, 272
125, 437

98, 572
124, 760

247

252

250

245

73 791
87, 804

214

95 140
116, 709

248

239

179

76 760
9,235
49 580
17, 945

60, 900
7,024
39, 732
14, 144

71, 705

67, 108

67, 304

82,550

65, 876

78 170

47 460

43 760

43, 872
15, 492

65, 588
7,512
41, 668
16, 408

48 188
5 408
31 912
10, 868

9,544

2,308

.338
.239
.240

2,364

11,005

2,760

11,318

r

2,670

2,197

46.29

21,352

356

10, 019
421

101.3

119.6

8,482

9,384

7.923

21,302
9,998
420
9,414
121.0

.338
.157
.178

8,889
120.0

RAYON AND MANUFACTURES AND SILK
Rayon yarn and staple fiber:
Consumption:
Filament yarn
mil. of Ib
Staple
fiber
do
Stocks, producers', end of month:
Filament yarn
do
Staple
fiber
do _.
Imports
thous. of Ib
Prices, wholesale:
Yarn, viscose, 150 denier, first quality, minimum
filament
- dol. per lb._
Staple fiber, viscose, l^i denier
do
Rayon broad woven goods, production, quarterly
thous of linear yards
Silk, raw:
Imports
thous. of Ib
Price, wholesale, raw, Japan, 13/15 (N. Y.)
dol. per lb__
WOOL
Consumption (scoured basis) :f
Apparel class
Carpet class

thous. of Ib
do

Imports

do

Prices, wholesale, Boston:
Raw, territory, 64s, 70s, 80s, scoured. _dol. per lb__
Raw, bright fleece, 56s, greasy
_
do
Australian, 64s, 70s, good topmaking, scoured, in
bond
.
. __
dol. per Ib

8.8
4.8

515, 951

9.4
4.8

8.7
3.8

9.3
4.0

553 150

r

71.9
22.1

r

69.9
••22.0

71.9
22.5

'9.9

10.1

4.8

4.8

4.7

.770
.370

p 523, 000

547 557

r

r

2.60

45 455

20,365

WOOL MANUFACTURES
Machinery activity (weekly average) :f
Looms:
Woolen and worsted:
Pile and Jacquard* thous. of active hours.
Broad
do
Narrow ...
do
Carpet and rug:
Broad
do
Narrow
__
do
Spinning spindles:
Woolen
do
Worsted
_ _ __
do
Worsted combs
_
do
Wool yarn*
Production, total f
thous of Ib
Knitting 1
do
Weaving ^
do
Carpet and other ^
do .
Price, wholesale, worsted yarn, 2/32s (Boston)
dol. per lb__

2.020

C)

79

8,785

15,460
C)

92

8,084

15,264
C)

103

7,940

C)

100

9,610
53 730
19, 210
0

98

7,488

42, 092
16, 296
C)

91

(°)

82

'82

62

2 400

1 893

8,840

49 800
19, 530
C)

(°)

' 2,r 323

79

2,190

39

35

164
130

164
124

94, 338
109, 204

89 669
104, 144

r
r

222
r

210

62, 112
6, 896
38, 852
16, 364

74 675

T
r

(•)

8,005

46 495
20, 175
(°)

(°)

T

Revised.
* Preliminary.
Data not available;
§Beginning in the April 1948 Survey, export figures include Army civilian supply shipments; see note marked "§" on p. S-21.
i Data beginning August 1948 are for wool sold on the open market instead of the Commodity Credit Corporation sellingrprice;___ 0
^
..
„
, August^price for the territory wool comparable to earlier
r
0
series, $1.480 per pound; for the bright fleece series, the Commodity Credit Corporation and the open market price were the same in August and September.
the 1947 Supplement and in previous issues of the monthly Survey. The figures for average spindle hours per spindle in place and operations as a percent of capacity for cotton consuming
spindles for August 1945-;January 1948, as shown in the Supplement and in previous issues of the monthly Survey, are not strictly comparable with earlier data because the figures for spindles
in place collected beginning August 1945 and used in the computations include all cotton system spindles while the "in place" figures used in earlier computations related to spindles used
exclusively for spinning cotton. Data for August 1945-June 1947 for the revised series on operations as a percent of capacity and for the new series on spindles and spindle hours are available
in the May and August 1948 issues, p. S-39 and the note for cotton spindle activity at the bottom of p. S-34 in each of those issues.
fRevised series. See note marked "*".




SURVEY OF CURRENT BUSINESS

S-40

December 1948

1947
1946 and descriptive notes may be found in
the 1947 Supplement to the Survey

October

November

1948

December

January

February

March

April

May

July

June

September

August

October

TEXTILE PRODUCTS—Continued
WOOL MANUFACTURES— Continued
Woolen and worsted woven goods, except woven
felts:
Production quarterly total
thous of lin yd
Apparel fabrics total
do
Government orderst
do
Other than Government orders totalf do
Mien's and boys't
do
"Women's and children'sf
do
Unclassified!
do
Blanketing
do
Other nonapparel fabrics
do
Prices, wholesale, f. o. b. mill:
Suiting, unfinished worsted, 13 oz__dol. per yd_Women's dress goods, flannel, 8 oz, 54-inch*
dol. per yd._

131, 978
116, 258
3,141
113,117
55, 113
49, 384
8,620
5,496
10, 224

129, 382
114, 063
5,659
108, 404
51, 331
48, 020
9,053
6,845
8,474

121, 448
106, 744
1 948
104 796
47 765
47, 887
9,144
4,975
9 729

' 130, 428
114 916
r
2 176
r
112 740
r
55 599
r r48 090
9, 051
r 4, 924
r
10, 588
r

3.118

3.118

3.316

3.366

3.440

3.465

3.465

3.465

3.465

3.465

3.564

3.589

3.589

2.030

2.030

2.030

2.203

2.203

2.203

2.265

2.326

2.426

2.450

2.450

2.537

2.624

4,724

2,056

3,831

5,157

3,082

2,092

4,772

4, 980

3,259

1,835

(i)

(i)
0

MISCELLANEOUS
Fur sales by dealers

thous. of dol_

TRANSPORTATION EQUIPMENT
AIRCRAFT
Shipments total
For U S military services
Civil aircraft
Exports

-

number
do
- do ._
do

1,041
239
802
183

867
252
615
218

790
288
502
240

607
136
471
116

622
155
467
187

863
278
585
165

931
165
766
229

953
141
812
257

1,186
227
959
333

1,119
199
920
245

436, 001
1,667
1,527
315, 969
295, 099
118, 365
94, 307
47, 599
22, 345
25, 254
3,962
3,451
1,587
1,864
511

394, 175
1,416
1,141
305, 148
284, 730
87, 611
71, 161
39, 522
20, 480
19, 087
3,241
2,988
1,406
1,582
253

469, 957
1,449
1,087
366, 939
344, 110
101, 569
85, 971
39, 007
21, 362
17, 645
3,287
3,121
1,530
1,591
166

405, 663
1,382
1,080
305, 081
285, 373
99, 200
83, 893
33, 643
19,458
14, 185
3,373
3,196
1,548
1,648
177

383, 002
1,101
763
274, 847
256, 753
107, 054
88, 889
30, 366
16, 422
13, 944
3,454
3,239
1,688
1,551
215

492, 034
1,430
1,217
349, 998
327, 198
140, 606
118, 572
40, 071
20, 493
19, 578
4,137
3,878
2,094
1,784
259

438, 090
1,056
910
308, 071
288, 356
128, 963
111,911
44, 854
22, 570
22, 284
4,116
3,898
2,081
1,817
218

338, 538
1,288
1,168
225, 461
209, 591
111, 789
96, 909
34, 180
16, 477
17, 703
3,688
3,541
1,876
1,665
147

431, 046
1,068
892
312, 406
293, 582
117, 572
101, 755
29, 514
14, 988
14, 526
4,047
3,901
2,144
1,757
146

474, 556
1,012
947
356, 764
334, 736
116, 780
98, 249
41,481
17,879
23, 602
3,437
3,240
1,657
1,583
197

461, 313 r 413, 537
1,143
771
1,051
675
348, 782 •• 301, 170
328, 194
282, 458
111, 224
111, 760
94, 196
97, 222
35,042
33, 462
17, 516
18, 539
14, 923
17, 526
3,594
3,622
3,457
3,454
1,876
1,866
1,581
1,588
137
168

281, 428
87, 167

258, 934
73, 737

312, 263
67, 690

274, 978
69, 486

249, 781
74, 326

311, 650
94, 806

330, 555
108, 168

255, 638
100, 614

246, 926
87, 324

291, 206
94, 036

317, 788
91, 923

8,523
6,401
6,242
2,122
76
74
74
2

9,013
6,964
6,889
2,049
107
69
55
38

10,091
7,914
7,661
2,177
85
71
71
14

9,254
6,866
6,561
2,388
83
57
57
26

8,502
6,345
6,306
2,157
74
54
54
20

9,321
6,959
6,940
2,362
94
74
74
20

9,367
7,041
6,726
2,326
121
107
67
14

9,712
7,171
6,651
2,541
64
64
60
0

10, 476
7,826
7,731
2,650
46
46
46
0

8,708
6,876
6,874
1,832
62
62
62
0

10, 362
7,450
7,450
2,912
61
61
61
0

9,830
7,055
6,978
2,775
65
64
64
1

9,091
6,806
6,649
2,285
92
81
75
11

1,725

1,728

1,731

1,735

1,738

1,740

1,743

1,744

1,747

1,747

1,749

1,752

1,754

72
4.3
103, 086
76, 713
26, 373

73
4.4
104, 788
78, 857
25, 931

72
4.3
99, 216
74,635
24, 581

76
4.5
101, 662
74, 008
27,654

79
4.7
103, 061
75, 482
27, 579

80
4.8
105, 120
80, 772
24, 348

83
4.9
109, 567
86, 947
22, 620

86
5.1
103, 786
81, 067
22, 719

84
5.0
103, 565
79, 866
23,699

85
5.0
102, 389
75, 220
27, 169

85
5.0
100, 402
73, 113
27, 289

81
4.8
93, 087
65, 751
27, 336

78
4.6
95, 785
61, 438
34, 347

2,646
7.5

2,612
7.5

2,483
7.1

2,702
7.8

2,873
8.3

2,879
8.4

2,887
8.5

2,803
8.3

2,774
8.2

2,792
83

2,713
8. 1

2,646
80

45
35
10
922
921
1
78
18
60

33
23
10
1,147
1,146
1
110
36
74

30
20
10
1,196
1,195
1
87
20
67

96
76
20
1,417
1,416
1
150
67
83

108
89
19
1,488
1,487
1
71
12
59

119
89
30
1,431
1,431
0
153
30
123

117
89
28
1,455
1,454
1
133
28
105

111
86
25
1,485
1,485
0
135
38
97

123
101
22
1,572
1,572
0
109
28
81

119
99
20
1,509
1,509
0
97
24
73

116
99
17
1 510
1 510

86
72
14
1 544
1 541
3

69
9
60

101
86
15
1 477
1 474
3
101
41
60

375
303
72

337
273
64

394
317
77

316
270
46

358
258
100

338
288
50

337
318
19

331
286
45

292
243
49

259
230
29

275
214
61

256
229
27

239
216
23

1

700
181

590
134

MOTOR VEHICLES
Factory sales, total
Coaches total
Domestic
Passenger cars, total
Domestic
Trucks, total _
Domestic
Exports total
Passenger cars
Trucks
Truck trailers production total
Complete trailers
Vans
_
- All other
Chassis shipped as such
Registrations:
New passenger cars
New commercial cars _

_ - number _
do
- - - do _
do. _do
do. __
- do
do
do
do
do
do
-do
do
do
do
do

491, 832
724
645
383, 756
361, 868
107, 352
91, 279

296, 339
85, 108

RAILWAY EQUIPMENT
American Railway Car Institute:
Shipments:
Freight cars, total
number
Equipment manufacturers, total_ do _
Domestic
do
Railroad shops, domestic do_
Passenger cars, total*
do
Equipment manufacturers, total
do
Domestic
do
Railroad shops, domestic*
_ do
Association of American Railroads:
Freight cars, end of month:
Number owned
thousands
Undergoing or awaiting classified repairs
thousands. _
Percent of total on line . Orders, unfilled
number
Equipment manufacturers
_ _
_ do
Railroad shops
do
Locomotives, end of month:
Steam, undergoing or awaiting classified repairs
number __
Percent of total on line.. _
Orders unfilled:
Steam locomotives, total
_ .number
Equipment manufacturers
do
Railroad shops
_
do
Other locomotives, total
do
Equipment manufacturers. .
do
Railread shops. _
do _
Exports of locomotives, total
_
do
Steam
do
Other
do

*«

o

INDUSTRIAL ELECTRIC TRUCKS AND
TRACTORS
Shipments, total
Domestic
Export

_

._

number
_ do _
do

r
Revised.
i Not available for publication.
*New series. See note marked "*" on p. S-40 of the September 1948 Survey for January-June 1947 figures for passenger car shipments. The series for flannel dress goods, 8 ounce, 54-55inch, f. o. b. mill, which is compiled by the U. S. Department of Labor, has been substituted for the 7-7^-ounce series shown in the September 1948 Survey and earlier issues which has been
discontinued by the compiling agency; comparable figures beginning April 1938 will be published later.
fRevised series. See note on woolen and worsted apparel fabrics in the May 1948 Survey or in the 1947 Supplement to the Survey for explanation of changes in the classifications in
the second quarter of 1947. A further change was made in the last quarter of 1947. Beginning that quarter the unclassified item consists entirely of fabrics containing 25 percent or more
wool reported by cotton and rayon weavers, and all apparel fabrics produced by woolen and worsted manufacturers are distributed to the separate classifications for men's and boys' and
women's and children's fabrics; for the second and third quarters of 1947, the unclassified item includes also 3,340,000 and 1,489,000 linear yards, respectively, which were reported by woolen
and worsted manufacturers as "all other apparel fabrics." Apparel fabrics produced for Government orders were combined with other production prior to 1947. Blankets produced for
Government orders are not available separately.




U. S. G O V E R N M E N T P R I N T I N G OFFICE: 1948

•INDEX TO MONTHLY BUSINESS STATISTICS, Pages S1-S40Pages marked S
38
Abrasive paper and cloth (coated),_
24
Acids
7
Advertising
2
Agricultural income and marketings
15
Agricultural wages, loans
22
Air-line operations
Aircraft
10,11,12,14,40
Alcohol, denatured, ethyl, and methyl
24
Alcoholic beverages
_ _ _ 2, 27
Aluminum
33
Animal fats, greases
25
Anthracite
2,4,11,12,13,15, 36
Apparel, wearing
4, 5, 7, 8,10, 11,12,13,14, 38
Armed forces
10
Asphalt and asphalt products
37
Automobiles
2,3, 7,8,10,11,12,14,18, 21
Banking
- 15,16
Barley
28
Barrels and drums
32
Battery shipments
34
Beef and veal
29
Beverages, alcoholic
2, 27
Bituminous coal
2,4,11,12,13,15,36
Boilers
33,34
Bonds, issues, prices, sales, yields
. 19, 20
Bone black
24
Book publication
36
Brass
33
Brick
_
5,38
Brokers' loans
16,19
Building contracts awarded
5,6
Building costs
6
Building construction (see Construction).
Building materials, prices, retail trade
5, 6,8, 9
Business, orders, sales, inventories
3
Businesses operating and business turn-over._
4
Butter
27
Candy
29
Cans, metal
33
Capital notations
18, 19
Carloadings
22,23
Cattle and calves
28,29
Cement
2, 5,38
Cereal and bakery products, price
4
Chain-store sales
8, 9
Cheese-__
27
Chemicals
2,3, 5,10,11,12,13,14,15,18, 24
Cigars and cigarettes
30
Civil-service employees
11
Clay products (see also Stone, clay, etc.)
2,38
Clothing
4, 5, 7,8,10,11, 12,13, 14, 38
Coal
2,4,11,12,13,15,36
Cocoa
—
29
Coffee
22,29
Coke
2,36
Commercial and industrial failures
4
Construction:
New construction, dollar value
5
Contracts awarded
5, 6
Costs
_
6
Dwelling units started
6
Highway—
6,11
Employment, wage rates, earnings, hours - _
10,
11,13,15
Consumer credit
16
Consumer expenditures
1, 7, 8
Consumers' price index
4
Copper
21,33
Copra and coconut oil
25
Corn
19,28
Cost-of-living index (see Consumers' price
index)
4
Cotton, raw, and manufactures
2,
4,5,10,11,12,13,14,21,38,39
Cottonseed, cake and meal, oil
25
Crops
2,4,25,26,28,30
Currency in circulation
18
Dairy products
2,4,5, 27
Debits, bank
15
Debt, short-term, consumer
16
Debt, United States Government
..
16
Department stores
8, 9,16
Deposits, bank
15,16,18
Disputes, industrial
13
Distilled spirits
27
Dividend payments and rates
1,20
Drug store sales
8, 9
Dwelling* units started
6
Earnings, weekly and hourly
13,14,15
Eggs and poultry
2, 4, 29
Electrical equipment
3, 7, 8,34
Electric power production, sales, revenues
26
Employment estimates
10,11
Employment indexes
11
Employment security operations
13
Emigration and immigration
23
Engineering construction.
Exchange rates, foreign
18
Expenditures, United States Government
16
Explosives
24
21
Exports (see also individual commodities)
22
Express operations
Factory, employment, pay rolls, hours, wages.
10,
11,12,13, 14,15
Failures, industrial and commercial
4
2
Farm marketings and income
Farm wages
15
2,4
Farm products, farm and wholesale prices
Fats and oils
5, 25,26
Federal Government, finance
16,17
15
Federal Reserve banks, condition of
15,16
Federal Reserve reporting member banks
5,24
Fertilizers
Fiber products
34




Pages marked S
7
25, 29
25
31,32
28
2,3,
4, 5, 7, 8, 10, 11, 12, 13,14, 27, 28, 29, 30
Footwear
2, 5,8, 9, 10, 11, 12, 13,14,31
Foreclosures, real estate
7
Foreign trade, indexes, shipping weight, value
by regions, countries, economic classes, and
commodity groups
21, 22
Foundry equipment
34
Freight cars (equipment)
40
Freight carloadmgs, cars, indexes
22, 23
Freight-car surplus and shortage
23
Fruits and vegetables..
2,4,5,21,27
Fuel equipment and heating apparatus
33, 34
Fuel oil
36,37
Fuels..
2,5,36,37
Fur
_
22,40
Furnaces
34
Furniture
2, 5, 7, 8, 9, 10,11,12, 13,14
Gas, customers, sales, revenues
26
Gasoline
37
Glass and glassware (see also Stone, clay, etc.)- 2,38
Gelatin
25
Generators and motors
34
Glue
25
Glycerin
__.
24
Gold
18
Grains.
4,19, 21, 28
Gross national product
1
Gypsum. „
38
Heating and ventilating equipment
33,34
Hides and skins
5, 22,30
Highways
5, 6, 11,15
29
Hogs
Home-loan banks, loans outstanding
6
Home mortgages
6,7
Hosiery
5,38
Hotels
11,12,13,, 15, 23
Hours of work per week
12, 13
Housefurnishings
4, 5, 7, 8, 9
Housing
4,5,6
Immigration and emigration
23
Imports (see also individual commodities)
21,22
Income, personal
1
Income-tax receipts
16
Incorporations, business, new
4
Industrial production indexes
2,3
Instalment loans
16
Instalment sales, department stores
9
Insulating materials
34
Insurance, life
17
Interest and money rates
16
Inventories, manufacturers' and trade
3,8,9
Iron and steel, crude and manufactures
2,3.
5,10,11,12,13,14,18,21, 32,33
Kerosene
37
Labor force
10
Labor disputes, turn-over
13
Lamb and mutton
29
Lard
29
Lead
33
Leather and products. 2, 3, 5,10,11,12,13,14, 30,31
Linseed oil, cake, and meal
25
Livestock
2, 4, 28,29
Loans, real estate, agricultural, bank, brokers'
(see also Consumer credit)
6, 7,15, 16,19
Locomotives
40
Looms, woolen, activity
39
Lubricants
37
Lumber
2, 5,10,11,12,14, 31,32
Machine activity, cotton, wool
39
Machine tools
10, 11,12,14,34
Machinery
2,3,10,11,12,14,18,21,34
Magazine advertising
7
Mail-order houses, sales
9
Manufacturers' orders, sales, inventories
3
Manufacturing production indexes
2,3
Meats and meat packing. 2, 4, 5, 10, 11,12, 13,14, 29
Metals
2, 3, 5, 10, 11, 12, 13, 14, 18, 32,33
Methanol
24
Milk
27
Minerals
2,3, 10, 11, 12, 13, 15
Money supply
18
Mortgage loans
6, 7,15
Motor fuel
37
Motor vehicles
8,40
Motors, electrical
34
National product and income
1
Newspaper advertising
7
Newsprint
22,35
New York Stock Exchange
19, 20
Fire losses
Fish oils and
Flaxseed
Flooring
Flour, wheat
Food products

Oats

fish

28

Oil burners
34
Oils and fats
5, 25, 26
Oleomargarine
26
Operating businesses arid business turn-over. _
4
Orders, new, manufacturers'
3
Paint and paint materials
5, 26
Paper and pulp
2, 5,10, 11, 12, 13, 14, 35
Paper products
35
Passports issued
23
Pay rolls, indexes
12
Personal income
1
Personal savings and disposable income
1
Petroleum and products
2,3,
5, 10, 11, 12,13,14,15, 18, 21, 22, 36, 37
Pig iron
32
Plant and equipment expenditures
1

Pages marked S
26
Plastics and synthetic resins.
31
Plywood
Pork
29
Postal business
7
Postal savings.
16
Poultry and eggs
2,4,29
Prices (see also individual commodities):
Consumers' price index
4
Received and paid by iarmers
4
Retail price indexes
4
Wholesale price indexes
5
Printing
2,3,10,11, 12,13,14,15,36
Profits, corporation
18
Public utilities
1, 4, 5, 11,12, 13,15, 17, 18,19, 20
Pullman Company
23
Pulpwood
34
Pumps
34
Purchasing power of the dollar
5
Radio advertising
7
Railways, operations, equipment, financial
statistics, employment, wages
I,
11,12, 13,15,17,18,19, 20, 22,40
Railways, street. (See Street railways, etc.)
Rayon, and rayon manufactures
2,
5,10, 11,12, 13, 14,39
Real estate
6,7
Receipts, United States Government
16
Reconstruction Finance Corporation, loans
17
Refrigerators
34
Rents (housing), index
4
Retail trade, all retail stores, chain stores,
department stores, mail order, rural sales,
general merchandise
3,4, 7,8,9
Rice.
28
Roofing and siding, asphalt
37
Rosin and turpentine
24
Rubber, natural, synthetic, and reclaimed,
tires, and tubes
22, 36,37
Rubber industry, production index, sales,
inventories, employment, pay rolls, hours,
earnings
2,3,10,11,12,13, 14,15
Rye
28
Savings deposits
16
Savings, personal
Scales and balances
34
Securities issued
18,19
Service industries employment
10,11
Sewer pipe, clay
;
38
Sheep and lambs
29
Shipbuilding
10, 11, 12,14
Shoes
2, 5, 8, 9,10,11, 12,13, 14,31
Shortenings
26
Silk, imports, prices
5, 22, 39
Silver
18
Skins
5, 22,30
Slaughtering and meat packing
2,
10, 11,12, 13,14, 28,29
Soybeans, and soybean oil
25,26
Spindle activity, cotton, wool
39
Steel ingots and steel manufactures (see also
Iron and steel)
32,33
Steel, scrap
32
Stocks, department stores (see also Manufacturers' inventories)
9
Stocks, dividends, issues, prices, sales, yields20
Stokers, mechanical
34
2,
Stone, clay, and glass products
10,11,12,13, 14,38
Stoves
34
Street railways and busses
11,12, 13,15
Sugar...
.,
22, 29,30
Sulphur
25
Sulfuric acid
24
Superphosphate
24
30
Tea
Telephone, telegraph, cable, and radio-telegraph carriers
11, 12, 13, 15,23
Textiles
2,3,5,10, 11, 12, 13, 14,38, 39,40
38
Tile
33
Tin
Tires and inner tubes
5, 37,38
Tobacco
2,3,4,7, 10,11,12,13, 14,30
Tools, machine
10, 11, 12, 14,34
Trade, retail and wholesale
8, 9, 10, 11, 12, 13,15
Transit lines, local
22
Transportation, commodity and passenger
22,23
Transportation equipment— 2, 3, 10, 11, 12, 14, 18,40
Travel
22,23
Truck trailers
40
Trucks and tractors
40
Turpentine and rosin
24
Unemployment and unemployment compensation
10,13
United States Government bonds
16, 18,19
United States Government, finance
16,17
Utilities
1,4, 5,10,11,12,13, 15,17, 18, 19,20
Vacuum cleaners
34
Variety stores
8,9
Vegetable oils
25,26
Vegetables and fruits
2,4,5,21,27
Vessels cleared in foreign trade
23
Veterans' unemployment allowances
13
Wages, factory and miscellaneous
13,14,15
War expenditures
16, 17
Washers
34
Water heaters
_..
34
Wax
37
Wheat and wheat
flour
19, 28
Wholesale price indexes
5
Wholesale trade
3, 9
Wood pulp
35
Wool and wool manufactures
2,
5,10,11,12,13,14,22,39,40
Zinc
33