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Volume 18

Number 2

UNITED STATES DEPARTMENT OF COMMERCE
DANIEL C. ROPER, Secretary
BUREAU OF FOREIGN AND DOMESTIC COMMERCE
ALEXANDER V. DYE, Director

SURVEY OF
CURRENT BUSINESS
FEBRUARY 1938

Prepared in the
DIVISION OF ECONOMIC RESEARCH
LOWELL J. CHAWNER, In Charge
M. JOSEPH MEEHAN, Editor
WALTER F. CROWDER, Acting Editor

CONTENTS
SUMMARIES AND CHARTS
Business indicators
Business situation summarized
Commodity prices..
* F
Domestic trade
Employment

STATISTICAL DATA
Page
2
3
4
5
6

New or revised series:
T a b l e 55
> Capital flotations, 1919-37
,
, « .
. .
Monthly business statistics
General index

Page
14
^ ^,
22-56
Inside back cover

SPECIAL ARTICLE
Monthly income payments in the United States

7

Subscription price of the monthly and weekly issues of the SURVEY OF CURRENT BUSINESS is $1.50 a year. Single-copy price: Monthly, 10 cents; weekly, 5 cents.
Foreign subscriptions, $3. Price of the 1936 Supplement is 35 cents. Make remittances only to
Superintendent of Documents, Washington, D. C.
40494—38
1
1
FRASER

Digitized for


SURVEY OF CURRENT BUSINESS

February 1938

Business Indicators
INDUSTRIAL PRODUCTION *

CASH INCOME FROM FARM MARKETINGS *
NUMBERS,

( 1924 -

1929-!OO)

120

no 1—1100

30

QO

l

l.

70 r

0L_
i929 !930 i93l

__* t

1932 1933 1934 i935 J936 1S37 1933

!929 1930 i93i

FACTORY EMPLOYMENT AND PAYROLLS
u

A/

I I/'

:932 1933 1934 1935 1936 !937 IS3S
RETAIL SALES *

' ' 9 1 iNDEX N J M 5 £ R 3 ; f 1 9 2 . 3 " 2.5 = 100 )

120

1929 1930 1931 1932 1933 103-i iS35 1936 1937 !933

1929 1930 1931 1932 !933 !93-i 1935 i936 1937 i938

CONSTRUCTION CONTRACTS AWARDED* •

1929 1930 193! 1932 i933 1934 S935 1936 1937 1933

' ADJUSTED


FOR SEASONAL VARIATION

WHOLESALE PRICES

1929 1930 1931 !932 1933 1934 1935 1936 1937 1938

THREE-MONTH AVERAGE

0.0. 3402

SURVEY OF CURRENT BUSINESS

February 1938

Business Situation Summarized

T

HE volume of industrial production in January
averaged about the same as that in December,
according to the available weekly statistics. Some improvement from the December lows, however, was
shown during the early weeks of the month. The
recovery in steel-mill activity from the very low level
late December was sufficient to lift total January production above that in the preceding month. Automobile assemblies in January were down 15 to 20 percent
from December, which is about in line with the usual
seasonal reduction. Output of bituminous coal and
electric-power production was reduced contraseasonally
while production of crude petroleum remained practically unchanged.
Some slackening in the rate of decline in industrial
production was evident in December, the seasonally
adjusted index of the Board of Governors of the Federal Reserve System being reduced 5 points to 84 (192325 = 100) as compared with a drop of 13 points in No=
vember. Accompanying this decline in industrial activity, factory employment and pay rolls were sharply
lower as may be seen in the following table. Monthlyincome payments in December, after allowance for
seasonal influences, were 1.4 percent below those in
November and 6 percent under the recovery high
established in August 1937.

The sharp curtailment in production of many nondurable products has reduced output in these lines below
the current level of consumption; thus, some upturn in
operations in these industries of at least a temporary
nature is to be expected in the near future. The prospects of revival in the durable-goods industries, however, are closely tied up with the probable peak requirements for production facilities by such important
purchasers of durable products as the railroads, utilities, and many lines of manufacturing. As long as
equipment facilities and installed machinery remain
adequate to meet seasonal peaks, much of the incentive to purchase in excess of essential replacements
is absent.
The dollar volume of construction contracts awarded
during the first half of January advanced sharply from
the daily average rate in December, whereas the usual
seasonal gain is quite small. The increase in total
awards may be attributed to the substantial gain in
publicly financed projects which more than offset the
drop in private projects.
Retail sales of general merchandise in December
failed to equal those in the corresponding month of
1936. Primary distribution, as indicated by freightcar loadings by railroads, declined more than seasonally
in January, following the greater-than-seasonal contractions in both November and December.

MONTHLY BUSINESS INDEXES
7 employment
a n d pay rolls

Industrial production
Unadjusted 1

Adjusted 2

h

Year and month

loadings
MerchanTotal dise,
1. c. 1.

!
'i 1

Foreign
Retail sales,
value,
trade, value,
adjusted 2
adjusted 1
o

y

I

I!

a

4

JULiQ

July
August"
September
October
November
December.._
Monthly average:
1929
1933
1934
1935
1936
1937

93
58
67
7G
95
114

no
73
81
85
97
111

103
66
75
86
101
121

101
64
73
85
101
121

116
77
86
90
1.02
117

100.6
64.8
78.2
82.3
88.7
98.6

100. 5
42.3
55. 5
64. 2
77.6
95. 2

101
54
60
60
68
83

101
67
67
64
64
69

112
117
122
122
122
115
111
115
109
102
90
80

113
118
122
125
123
114
110
114
106
99
86
75

106
111
118
105
117
117
115
120
125
122
112
107

114
116
118
118
118
114
114
117
111
102
89
84

115
116
117
118
118
114
114
118
110
100
85
80

110
115
128
115
116
114
112
112
115
113
109
113

98.8
99.7
100.9
101.6
102.2
101.4
103.0
102. 4
100.7
98.4
94. 1
89.0

90.7
95. 8
101.1
104. 9
105. 2
102.9
100. 4
103.8
100.1
100.1
89.5
80.9

80
82
83
84
80
78
80
79
78
76
71
87

119
76
79
90
105
110

119
75
78
90
105
109

115
82
86
91
104
115

104. 7 109.1
72.0 49. 4
62.9
82.5
86.0
71.3
91.9
82.4
99.3
98.0

107
58
62
64
75
78

105
67
65
64
66
67

110 125. 1 "
1
110
62
fw I 58.7 '
7.7
69
77 94.5
S3 109.8
92 131,0

67
68
69
69
69
67
68
68
67
66
64
62

1
Adjusted for number of working days.


Monthly

Monthly average,
1923-25 = 100

96
60
69
78
96
114

it

2x

Monthly average, 1923-25 =
1920: Dcco-nber.
19.52:
1933:
1931:
193.5: Peveml • - .
1936: Docei.J" ; .
1937:
Jaiuiiry. . . .
February
A [arch.
April.
pril
Mny-

Cash farm
income 3

93
95
93
93
93
93
94
92
94
93
91
90

106 |
33

103. 3
89.3
109.5
101. 6
97.8
101.5
102.2
93.3
94.5
101. 0
92.1
105.6

106.7
103.7
126.2
121.2
127.1
124.4
119.1
115.1
131.7
131.3
118.6

111 124. 9
67 69.2
75 83.7
79 99.4
88 115.0
93 121.8

* Adjusted for seasonal variations.

115
37
47
50
61
3

Monthly

average,
average,
1924-29=100 I 1926 ' "
100
136. 4 | 102 107.0 97.5
93.3
65.0
62.6
28
39.5 37.5
67.4
70.8
57
49.0 53. 5
79.6
76.9
31
56.0 52.5
94. 7
80. !
>
68
72.5 67.0
117.8
84.2
66
86.0

113
37
43
53
62

63
62
56
53
56
61
68
63
56
52
56
66

75.5
59.5
70.5
69.0
68.0
71.5
87.5
90.5
96. 5
107.5
84.5
80.0

140.2
61.9
70.1
80.3
92.8
99.3

117
25
32
37
55
59

103.5
49.0
57.0
64.0
74.5
80.0

From marketings of farm products.

75.0 j
70.5 i
81.5 !
89.0 j
78.0 I
84.5
94.6
85.0
81.0
77.5
73.5
72.5

85. 9
80. 3
87,8
88.0
87.4
87.2
87. Q
87.5
87.4
85.4
83.3
81. 7
95.3
65.0
74.9
80.0
80.8
86.3

4

SURVEY OF CURRENT BUSINESS

February 1938

Commodity Prices
prices in the first 3
of JanuCOMMODITYsome stability followingweekspersistent
ary showed
the

Prices received by farmers in local markets declined
in December to 104 percent of the 1909-14 average, the
downward movement in the last months of 1937. lowest point since May 1936. This index opened the
The prices of actively traded raw materials generally year at 131, declined to 123 by mid-August, and thereshowed small advances in January, following a slight after fell sharply under the influence of the large crops'
increase between the end of November and the end of in prospect.
December. Prices of these commodities experienced
Retail food prices in December approximated those
severe declines during October and November.
prevailing a year earlier, according to the monthly index
The general average of wholesale prices declined 1.6 of the Bureau of Labor Statistics. Although retail
points in December to 81.7 (1926 = 100), as measured meat prices declined in the final months of the year,
by the "all commodities" index of the Bureau of Labor they were still higher in December than a year earlier.
Statistics. Since September this index has declined Dairy products also wTere higher than in the final month
5.7 points, and the advance from the early fall of 1936 of 1936. Retail prices of department-store articles, as
to April 1937 has been canceled. While the recent measured by the Fairchild index, declined during
decline has been largely the result of reduced prices for December, extending the reductions in October and
farm products and foods, the price index for all other November; but on January 1, the index was 93.2
commodities fell from 85.9 in September to 83.6 in (January 1, 1931 = 100) as compared with 91.7 a year
December. The pervasiveness of the downward move- earlier. The cost of living of wage earners, according
ment of prices is emphasized by the changes in the index to the National Industrial Conference Board, declined
of finished products, which fell from 89.1 in September 0.4 points to 88.6 (1923 = 100) for December, but
to 85.2 in December. Commodities included in this remained 2.5 points above December 1936. Rents
index are ordinarily less sensitive to price changes showed the second monthly decline in 4 years, but
than are raw materials and semifinished goods.
remained 8 percent above December 1936.

INDEXES OF COMMODITY PRICES
Wholesale Prices (U. S. Department of Labor)

Retail prices
3

Economic classes

G

Groups and subgroups

s

.2°
Eg

Ji

Year and month

cs

If

if

3-s

S3

I
Dec.
Mo.
Mo.
Mo.
average, average, a,verage, 1930
(Jan.
1923 = 1909-14 1923-25 1,1931
100
= 100
= 100
= 100)

Monthly average, 1926=100

1929: D e c e m b e r . .
1932: December
1933: D e c e m b e r . . .
1934: D e c e m b e r . .
1935: December..
1936: December
1937:
January
February
March
_
April.
_
May
June—
_
July
August
September...
October
November
December
Annual index:
1929
1933
1934
1935-.
1936_
1937




93.3
62.6
70.8
76.9
80.9
84.2

...
_.
_

92.7
68.4
74.8
79.5
83.1
83.8

95.0
52.1
61.9
73.1
77.7
85.6

92.0
57.7
72.3
71.0
75.2
82.3

85.9
86.3
87.8
88.0
87.4
87.2
87.9
87.5
87.4
85.4
83.3
81.7

84.9
85.4
86.4
87.4
87.5
87.7
88.8
89.0
89.1
88.1
86.7
85.3

88.1
88.3
90.1
88.7
87.1
86.1
86.5
84.8
84.4
80.7
77.2
75.4

85.4
85.5
89.6
89.5
87.5
86.8
87.0
86.6
85.3
82.5
79.8
77.7

91.3
91.4
94.1
92.2
89.8
88.5
89.3
86.4
85.9
80.4
75.7
72. 8

113.0
111.5
113.2
119.2
113.9
105.7
105.2
92.0
91.9
77.0
69.2
71.5

95.3
65.9
74.9
80.0
80.8
86.3

94.5
70.5
78.2
82.2
82.0
87.2

97.5
56.5
68.6
77.1
79.9
84.8

93.9
65.4
72.8
73.6
75.9
85.3

104.9
51.4
65.3
78.8
80.9
86.4

97.4
53.1
74.5
82.5
88.3
98.3

i Middle of month.

101.9 97.5
44.1 31.7
55.5 60.4
72.0 91.5
78.3 76.6
88.5 109.0

98.7 103.2 90.5
58.3 49.4 69.0
62.5 46.0 77.5
75.3 69.0 78.0
85.7 97.5 78.7
85.5 87.2 82.2

94.4
70.8
85.6
85.1
85.5
89.5

93.5
72.3
73.
77.8
80.6
85.3

83.4
84.1
85.5
86.5
86.3
86.1
86.3
86.1
85.9
85.1
84.3
83.6

91.3
93.3
95.9;
96.7
97.2

87.7
87.8
87.5
86.9,
84.5
83.6
83.9
82.2
81.4
81.2
80.2
79.5

99.9 109.1 91.6
60.5 50.0 71.2
70.5 62.9 78.4
83.7 94.5 77.9
82.1 87.8 79.6
85.5 99.1 85.3

95.4
77.0
86.2
85.3
86.

87.1
87.0
87.5
85.5
84,2
84.7
86.2
86.7
88.0
85.5
83.1
79.8

90.6
90.3
92.0
94.9
95.9
98.0
106.0
112.1
113.4
107.4
98.3
88.8

96.7
96.3
96.2
95. 4
93.7
92.5

94.2
72. 6
75.9
80.5
80.4
Qn 2 83.9

94.7
73.6
81.0
81.2
81.0
83.2

98.5
79.4
83. 5
85.9
86. 8
89.6

87.8
53.0
76.4
70.0
73.2
76.3

82.2
63.4
65.7
71.0
67.5
74.5

100.3
74.9
77.4
80.3
83.
86.1

147
63
78
101
110
126

105.7
64.7
69.2
74.5
82.0
82.9

116.1
71.8
88.0
87.2
88.2
91.7

76.6 101. 7
76.8 102. 7
76.2 104.2
76. 8 106. 3
77. 2j 106. 7
77.5 106.4
78.1 106.7
78.4 108.1
78.7 107.6
78.5 106.7
7S.2 101.4
78.4 97.7

86.5
87.9
88.4
89.0
89.3
89.5
89.7
91.1
91.1
91.0
90.4
89.7

90.9
91.7
96.0
96.5
95.8
95.9
96.1
97.0
97.1
96,4
96.8
96.3

77.5
77.5
78.3
79.5
78.7
78.2
78.3
77.1
75.3
73.5
71.2
70.1

76.2
77.3
79.5
81.1
80.5
79.4
79.0
77.3
77.0
76.2
75.4
75.0

87.2
87.9
88.3
88.8
88.9
88.9
89.0
89.4
89.5
89.0
8S.6

131
127
128
130
128
124
125
123
118
11
107
104

84,
84.5
85.
85.6
86.5
86.3
85.9
85.5
85.8
84.9
83.6
82.6

93.0
93.7
94.5
95.2
95.6
96.0
96.3
96.6
96.3
95.7
94.5
93.2

83.0
66.3
73.3
73.5
76.2
77.6

94.3 100.5 90.4
75.8 79.8 64.8
81.5 86.9 72.9
80.6 86.4 70. 9
81.7 87.0 71.5
89.7 95.7 76.3

82.6
62.5
69.7
68.3
70.5

100.1
74.9
79.4
82.6
84.8
88.5

146
70
90
108
114
121

104.
66.4
74.1
80.4
82.1
85.1

77.5
88.3
86.6
88.9
95.1

83.1
69.3
73.4
73.7
74.6
76.5

107.3
69.6
89.2
85.1
95.4
99.7

109.1
80.9
86.6
89.6
95.
104.6

i Index is as of the 1st of the following month.

SURVEY OF CURRENT BUSINESS

February 1938

Domestic Trade

T

HE uninterrupted decline in the seasonally adjusted
index of income payments from a high of 88.4
(1929 = 100) in August to 83.5 in December (see the
special article on p. 7), and the decrease in retail prices
resulted in a less-than-seasonal expansion in retail trade
during the last 4 months of the year. The curtailment
in passenger-automobile sales was particularly severe,
the Bureau's seasonally adjusted index of dollar sales
declining from 120.5 (1929-31 = 100) in August to 78.0
in December. Sales of general-merchandise items after
seasonal adjustment registered only minor declines during this period.
Retail sales of general merchandise in December
were generally lower than those in the comparable
month in 1936. Department-store and rural generalmerchandise sales were about 2% percent below the
December 1936 dollar volume; while, for the entire
year 1937, sales in both these lines of trade showed an
increase of 6 percent over the previous year. Department-store sales in the Cleveland Federal Reserve District during 1937 were 11 percent above those of 1936,
the largest gain for any district. Sales in four Federal
Reserve districts increased from 6 percent to 9 percent,
while sales in the remaining districts recorded gains of
5 percent or less.
Variety-store sales in December were about 4 percent above those in December 1936, and total sales for
the year were 2% percent above those in 1936. A like
comparison for all chain grocery stores shows no change

from December 1936, and an increase of 1% percent
over 1936.
December sales of approximately 11,200 independent
merchants reporting more than 20 lines of business to
the Bureau of Foreign and Domestic Commerce from
25 Midwestern, Southwestern, Mountain, and Pacific
States were about 9 percent below those in the corresponding month of 1936. Sales through these outlets
in all States reporting for December showed a decrease
from December 1936. The declines in dollar-volume
sales in the regions represented were relatively smaller
in the West South Central States, where sales fell only
2 percent. Declines in the other regions represented
did not vary greatly and ranged from 7 percent for the
South Atlantic, represented by Georgia and South Carolina, to 11 percent for the East North Central region.
Wholesale sales reported to the Bureau of Foreign
and Domestic Commerce by a sample group of more
than 1,350 firms were 7 percent lower in December than
in November and were 12 percent below those in the
corresponding month of 1936. Wholesalers' stocks in
December were about 6 percent above those in December 1936. Average cost of stocks held by identical
reporting firms in December were 2.6 percent more
than average sales, while stocks in December 1936
were 1.8 times sales. Total dollar sales of 750 reporting
manufacturers in December were down 10 percent from
November and were 18 percent below those in December
1936.

DOMESTIC TRADE, STATISTICS
Wholesale
trade

Retail trade
Department stores

Year andjnonth

1929: December
1932" December
1933: December
1934: December 1935: December
1936: December
1937:
January _
February
March
April
-.

Chain-store sales
Rural sales of
general merCom- Grocery stores Variety stores
chandise
Stocks a
Sales
bined
Unad- Ad- Unad- Ad- Unad- AdUnad- A d - Unad- A d index
just- j u s t - just- j u s t - (Chain j u s t - j u s t - just- j u s t - just- j u s t ed 2 StoreAge) ed i
ed
ed 2
ed i
ed a
ed 2
ed^
ed i
ed 2
Avg. same
Monthly avera ge, 1923-25=100 mo. 1929Monthly averag e, 1929-31L=l00
31=100
110
94
100
191
112.4 109.1 205.4 111.3
177.6 125.1
62
60
83.1
77.4
106
56
80.7
132.7
71.9
83.3
58.7
121
69
62
85.9
83.4
65
153.7
110.3
83.3
87.5
77.7
77
64
86.9
135
60
84.3
163.9
88.9
134.2
93.5
94.5
83
145
61
65
92.7
96.7
155.9 109 8
102.7
95.4
178.4
92
96.4
67
71
195.7 106.1
186.1 131.0
161
113.0
93.6

_

May

June
July
August
September..
October
November
December
Monthly average:
1929
1933
1934
1935 _
1936
1937..

72
76
90
89
95
90
65
72
100
103
101
156
111
67
75
79
88
92

1

93
95
93
93
93
93
94
92
94
93
91
89

66
72
78
79
78
73
69
74
80
85
86
68
100
61
65
64
67
76

Adjusted for number of working days.




74
76
76
76
76
75
74
78
77
77
76

n

106.4
110.0
108.6
110.0
112.0
114.0
114.5
113.2
117.0
114.8
109.0
113.0

95.0
97.8
100.1
99.7
98.3
95.3
91.1
89.6
94.7
94.9
94.9
96.9

83.4
92.0
97.0
106.0
111.9

102.9
80.3
83.3
89.6
94.4
95.6
3

97.9
97.4
99.1
96.8
96.9
93.9
93.0
93.3
96.6
94.4
94.9
94.0

70.3
81.3
97.1
89.0
98.3
100.7
97.0
90.6
99.8
101.5
102.7
203. 5

94.4
97.4
103.3
96.2
98.3
105.9
109.0
102.4
104.5
100.0
101.2
110.3

107.1
82.5
90.5
91.5
99.5
102. 0

Adjusted for seasonal variations.

88.6
93.8
117.4
116.4
119.4
117. 5
91.7
99.0
130.4
160.2
145.8
180.9
124.9
69.2
83.7
99.4
115.0
121. 8

106.7
103.7
126.2
121.2
127.1
124.4
119.1
115.1
131.7
131.3
118.6
127.4

New passenger-car sales
Unad- Adjust- justed 2
ed i

65.1
19.3
17.3
27.7
90.6
130.4

113.0
34.0
30 5
49.0
106.5
175.0

90.1
85.5
146.5
141.3
144.6
134.3
122.9
112.6
73.2
82.6
90.8
70.4

129.5
139.5
123.5
102.5
104.0
99.0
104.5
120.5
105.0
127.0
89.0
78.0

144.1
43.3
57.6
83.8
105.1
108.3
3

Employment

Pay
rolls

Commercial
failures

Fail- Liabilures ities

Monthly aver- Num- Thousands
age, 1929=100
ber of dolls.
102.6 104.7
75.4
59.3
21,874
81.5
60.9 1,108
85.0
64.8
16,981
933
86.8
15, 686
68.6
910
12,288
91.0
72.8
692
90.7
92.0
92.1
91.9
90.8
90.3
90.6
91.8
93.0
94.0
93.5
93.3

811
721
820
786
834
670
618
707
564
768
786
933

8,661
9,771
10,922
8,906
8,364
8,191
7,766
11,916
8,393
9,335
10,078
13,291

100 0 100 0
76.1
56.8 1,655
82.8
63.0
977
84.0
65.6
959
69.4
86.7
765
92.0
76.6
751

38,127
19,183
15,251
12,271
9,633

End of month.

72.6
74.1
75.0
75.4
76.1
76.3
76.9
79.0
78.3
79.3
78.3
77.7

SURVEY OF CURRENT BUSINESS

February 1938

Employment
been in
CONTINUING the trend which has and payevidence
since early last fall, employment
rolls in
the manufacturing and nonmanufacturing industries
surveyed by the Bureau of Labor Statistics recorded a
further sharp decline in December. The number at
work in these industries was about 276,000 less in midDecember than in mid-November and approximately
747,000 below a year ago. Since last September the
decline in employment has been one of the most precipitous on record, some 913,000 workers having been
discharged or laid off. Accompanying the widespread
contraction in the rate of industrial activity, the shortening of work schedules, and the movement to spread
work, there has been an even sharper decline in pay
rolls. From September to December the decline in
employment amounted to 5.4 percent, while the drop
in pay rolls was 8.8 percent.
The decline in employment in manufacturing industries was much sharper in December 1937 than that
which usually occurs, so that the seasonally adjusted
index dropped more than 5 points to 89.0 (1923-25 =
100) the lowest figure since April 1936. In October
and November factories making nondurable goods,
such as textiles, clothing, etc., reported the largest
reductions in the number of workers, but for December the lay-offs were more pronounced in the durable
goods industries, particularly in automobile plants, steel
mills, foundries and machine shops, sawmills, railroad
repair shops, and in factories producing electrical machinery.

The decrease in employment in December, as compared with November amounted to 8.9 percent in the
durable goods group and 4.2 percent in the nondurable
goods industries. In comparison with December 1936,
employment in the durable goods industries was reduced
9.2 percent and for the nondurable goods. 10.4 percent.
The magnitude of the declines in employment from
November to December, particularly in the durable
goods industries, is indicated by the estimated reduction
of 81,700 in the number of workers in automobile assembly plants; of 36,600 in blast furnaces, steel works,
and rolling mills; and of 26,000 in foundries and machine
shops. In the nondurable goods group, 15,900 were
laid off in mills producing knit goods; 12,200 in men's
clothing factories; and 9,300 in cotton mills.
Employment in retail-trade establishments recorded
the usual marked seasonal expansion in December, but
among the other 15 nonmanufacturing industries surveyed no appreciable gains in the number at work were
recorded. Among the industries reporting losses, the
most pronounced contraction was in private building
construction in which employment dropped even more
than the customary sharp decline at this season. The
mining industries, except in anthracite, also recorded
marked reductions in employment, largely in reflection
of usual seasonal shut-downs. Metal mines reported a
decline of 6.8 percent in employment, and pay rolls
were 9 percent lower. The decline in pay rolls reflected
in part reductions in wage rates, which in some of the
mines included in this group, are automatically adjusted
to the selling prices of the metals produced.

STATISTICS OF EMPLOYMENT, PAY ROLLS, AND WAGES
Nonmanufacturing employment and payrolls, unadjusted
Wages
(U. S. Department of Labor)
TradeFactory
Electric light Telephone
Comunion
Pay
Anthracite Bituminous and power
and tele- Retail trade mem- (National Indus- mon
Employment rolls
Conference labor
mining
coalmining and manubers em- trial Board)
graph
factured gas
rates
ployed
EmEm- Pay EmEm- Pay Em- p
Average Average (road
Unad- Ad- Unad- ployPloy- rolls ploy- Pay ploy- rolls Ploy- rolI&
"7
weekly hourly j buildjusted justed justed men t
ment
ment|
ment rolls ment
earnings earnings! Ing)
Percent
Cents
Monthly average,
of total
per
Monthly average, 1929=100
Dollars
1923-25=100
members
hour
Factory employment
and pay rolls

Year and month

1929: December
1932: December
1933: December...
1934: December...
1935: December
1936: December
1937:
January
February
_
March—
_
April..
May
June
July
August
,
September
October
November
December
Monthly average:
1929
1933
1934
1935 .. . _
1936

1937

99.6
100.6
64. 3
G4.8
77.6 | 78.2
81.5 i 82.3
>. 3
98.1

96.5
99.0
_
101.1
102.1
102.3
101.1
101.4
102. 3
102. 1
I 100.5 ;
94.7 I
| 88.5 j
j
f 104.7
! 72.0
i 82.5
86.0
!
91.9
99. c

http://fraser.stlouisfed.org/
1
Adjusted for seasonal variations.
Federal Reserve Bank of St. Louis

108. 2
37.7
50.8
57.0
69.5
85.0

L02.5
78.4
81.8
83.6
86.8
93.2

105. 8

73.9
74.4
78 o
86 0
93 8

101.8
74.8
69.4
69. 7
69.6
73.6

103.9
73.5
67.7
73.2
75. 6
82.4

111.9
80.9
89. 1
91.1
92.9
99.6

109.7
60. 4
64.0
66.2
69.3
75.9

27.52
16.22
18.57
20.74
23.38
26.63

40
36
43
40
41
39

84.6
84.8
85.9
72.6
77.8
77.9
75. 8
78.8
80.5
82.9
82.1
80.3

82.4
88.4
54.4
67.8
71.2
66.4
73.8
77.7
86.0
77.8
81.4

92.1
92.2
92.4
93.7
94.6
96.3
97.5
98.3
98.6
98.5
97.3
90.2

92.3
03.6
94.8
95. 5
97.9
100.4
102.2
102.8
104. 0
105. 3
103.8
103.2

74.4
74.8
75.4
76.6
77.7
78.5
79.7
79.8
80.1
79.9
79.1
78.3

83.6
82.2
87.2
86.3
89.5
88.6
92.1
92.1
92.3
94.3
91.1
94.3

85.4
85.2
88.5
88.8
89.9
90.5
87.6
86.2
90.7
92.1
91.7
89.0

68.0
67.9
70.5
71.9
73.5
74.4
72.8
72,3
74.4
75.9
75. 3
80.2

26.11
26.68
27.50
28. 03
28. 36
28. 39
27.83
27.76
27.39
27.12
25.59
24. 3';

37
35
36
37
39
41
41
42
43

109.1 ! 100. 0 IOO.O ! 100.0
49.4 i 51.7
45.8 I 67.9
62. 9 ' 59. 0
77.2
4 7 . '•
71. 3
76. 7
45.7
h2. 4
79.0
43. 2
98. 0
80.3

100.0
37.8
54.2
58. 2
70^8
75. 6

100.0
78.8
83.8
84. 8
90.5
95. 6

100.0 100. 0
72.0
70.4
77.9
70.3
81.4
70.1
88. S
99. 6 77. 9

100. 0
68.2
71.5
74.5
78.9
89. 5

SS.6
99.7
100.9
101.6
102.2
101.4
103.0
102. 4
100. 7
98.4
94.1
89.0

90.7
95.8
101.1
104. 9
105.2
102.9
100.4
103. 8
100. 1
100.1
89. 5
80.9

88. 7

107.1 | 137.2
62.3
56.2
54.5 i 44.3
61.6 ! 52.3
57.3 i 55.4
54.8 < 55.4

101.4
70.0
75.4
79.7
79.1
83.9

100.5
42.3
55. 5
64.2
77.6
95.2

54.1
52.7
48.9
54.0
51. G
51.1
45.0
41.2
48.2
51.0
50.5
50.8

42.7
41.0
37.8
63.9
44.4
50. 9
35. 2
27.2
31.5
51.0
45. 1 |
47.3 j
i

100.0 100.0
76.1 I 55.2
82.1
GO. 9
62. 1
82.3
66. 3
85.7
89.7 i

88
69
74
77
^3
s7

28. 5c
17. 71
20.12
99 2S
24*! 64
27. 09

37
42
41
38

PURVEY OF CURRENT BUSINESS

February 1938

Monthly Income Payments In the
United States, 192937 1
By Robert R. Nathan and Frederick M. Gone, National Income Section, Division of Economic Research 2

peak for
MONTHLY income payments reached a when the
the recovery movement in August 1937

estimate of business savings for 1937 pending the
publication and analysis of a substantial number of
seasonally adjusted index of total income payments on corporation reports. Positive business savings were
a 1929 base was 88.4 as compared with the low of 53.8 estimated at approximately 1% billion dollars in 1936.
recorded in April 1933, according to the new estimates If this same level prevailed in 1937, the national income
of monthly income recently completed by the Depart- produced in the latter year would total more than 69
ment of Commerce. Between August and December billion dollars. Since dividend disbursements were
1937, the index declined 5 percent, bringing the level in fairly well maintained in 1937 and corporate earnings
the closing month of the year slightly below that in recorded a marked decline toward the close of the year,
December 1936. Since March 1937, when the increase it is not at all improbable that positive business savover the corresponding month of 1936 was 14 percent, ings in 1937 will be somewhat lower than those estithe margin of increase over the preceding year has nar- mated for 1936.
rowed in each succeeding month, except August. This
It is important to note that the monthly and annual
resulted from comparisons of sharply increasing income income estimates measure changes in the dollar volume
payments in 1936 with the leveling tendency during the of income and that fluctuations in the level of prices
middle quarters of 1937 and a drop in the final quarter. exert important influences on the income measurements.
Total income payments in the second half of 1937 were A substantial portion of the decline in income from 1929
5 percent above those of the same period in 1936, to 1933 and the recovery to 1937 can be accounted for
whereas the increase in the first 6 months of 1937 over by price changes. However, there is no price index
the first 6 months of 1936 was 11 percent.
available which is sufficiently comprehensive to convert
the dollar income figures into real income but it is
Preliminary 1937 Estimates.
suggested that the reader observe fluctuations in
National income paid out in 1937 approximated 67.5 available series such as the Bureau of Labor Statistics
billion dollars representing an increase of 8 percent wholesale-price and cost-of-living indexes.
over the 62.4 billion dollars paid out in 1936, accord1NDEX~NUMBERS Q929~C0) ADJUSTED FOR SEASONAL VARIATIONS"
ing to the monthly income estimates. The estimated
! |
1937 total was half again as large as the 1933 aggregates of 45 billion dollars, but remained approximately
i
14 percent below the 78.2 billion dollar level for 1929
and 7 percent below the 1930 total. National income
paid out represents total compensation in the form of
wages, salaries, interest, dividends, entrepreneurial
withdrawals, and net rents and royalties paid to individuals for services rendered.3
There is as yet no satisfactory basis for determining
the size of the national income produced in 1937. Income produced represents the net value of goods and
w
services produced and is measured by adding estimates
of business savings to income paid out. Not onry are
the estimates of income payments of a preliminary
nature but, also, it is difficult to prepare a satisfactory Figure 1.—Total Income Payments, Compensation of Employees, and
/Depart

Ccm
of c

'-\

u

A

••

1

The series of monthly estimates of income payments presented in this article
will be carried forward regularly hereafter in the SURVEY OF CURRENT BUSINESS.
2
Miss Gladys Greer, of the National Income Section, assisted in the preparation of
the estimates.
3 For detailed discussions of the concepts and scope of the annual estimates of
national income prepared by the Department of Commerce, the reader is referred to
'•National Income in the United States 1929-35," November 1936. Revised summaries of the estimates appeared in the bulletin, "National Income 1929-36," June
1937. Copies of these publications may be obtained from the Superintendent of
Documents, Washington, D. C , for the price of 25 cent? per copy and 10 cents per
copy, respectively.




Department Store Sales, 1929-37.

Use of the Monthly Index.

The Department of Commerce has been preparing
annual estimates of the national income produced and
of total income paid out for several years, and such
estimates are available for the years 1929 to 1936, inclusive. The monthly series presented in this article

SURVEY OF CURRENT BUSINESS
have been prepared with the double purpose of providing a preliminary measurement of the national income
paid out each year pending the preparation of the annual estimates and also to indicate month-to-month
changes in the aggregate flow of income payments to
individuals. Because of the need for assembling basic
data through questionnaires and for the analysis of
many published reports which do not become available
immediately at the end of the year to which the information applies, there is necessarily a delay of several
months in preparing the annual estimates. While the
source material necessary for developing monthly series
is not so satisfactory, either in quantity or quality, as

February 1938

determinable at this time, it is desirable to develop
estimates which most nearly approximate such a
measure. Monthly estimates of income payments
reflect the flow of income to individuals currently and
as such are valuable indicators of changes in general
economic activity.
Although the concept of national income paid out
designedly omits many items that might properly be
considered as elements in estimating the total income
currently flowing to individuals, the series should yield
a fairly satisfactory indicator of the buying capacity
of individuals. Such payments as direct relief disbursements, soldiers' bonus payments, gifts, bequests,

BILLIONS OF DOLLARS
s

^

1929

1930

1931

ENTREPRENEURIAL INCOME
DIVIDENDS AND INTEREST
COMPENSATION OF EMPLOYEES

1932

1933

1934

1935

1936

1937

Figure 2.—Monthly Income by Type of Payment, 1929-37.

the information used for the annual estimates, there is
sufficient information for the preparation of monthly
indexes which indicate with a fair degree of accuracy
changes in income payments from month to month.
Generally, the available data permit more accurate estimates of the compensation of employees than of the
other types of income payments. Estimates of entrepreneurial income are least satisfactory. The adjustments required in fitting the monthly figures to the
annual estimates of the Department for the years 1929
to 1936, inclusive, have been relatively small.
In view of the comprehensive nature of the measurement, monthly estimates of income produced would
provide the best indicator of current changes in general
economic activity. However, since such a series is not



and other items are not included in the income estimates,
but are considered as transfers of income.
The movements in the seasonally adjusted indexes
of total income payments, labor income, and department-store sales by months since 1929 may be seen in
figure 1. The marked similarity in the general changes
in these series over most of the period is striking. This
is particularly interesting in view of the fact that
department-store sales account for only 10 percent of
total retail sales. Probably an index of total retail
sales, including sales of mail-order houses and rural
stores, would correspond even more closely with the
income estimates. Changes in the volume of retail
sales in agricultural areas probably do not correspond
exactly with the movements of department-store sales.

February 1938

SURVEY OF CURRENT BUSINESS

Trend of Total Income Payments.

As indicated in table 1 and figure 1, the index of
aggregate income payments by months, adjusted for
seasonal variation, declined from 103.0 in August 1929
to 53.8 in April 1933, a drop of 48 percent. Average
monthly income payments declined from 6.3 billion
dollars in the first quarter of 1929 to less than 3.6
billion dollars in the same period of 1933, a drop of
43 percent. In the same period, the index of industrial
production compiled by the Board of Governors of the
Federal Reserve System declined 47 percent, factory
pay rolls dropped 63 percent, and the Bureau of Labor
Statistics index of wholesale prices declined 37 percent.
The adjusted index of total income payments increased sharply from April 1933 to January 1934 and
showed a moderate gain throughout the rest of 1934.
A much more pronounced increase w^as registered during
1935 than in 1934, particularly during the last half of
1935. An even sharper increase was recorded in 1936
with a pronounced upward tendency throughout most
of the year. The marked rising trend continued
through the first quarter of 1937 with a tendency to
level off for the middle quarters of the year followed by
a substantial decline in the last quarter. The seasonally adjusted index of total income payments rose 64
percent from the April 1933 low to the recovery peak
in August, when the highest level since October 1930
was reached. The average level for 1937 remained
about one-seventh below the 1929 average. Industrial
production was 8 percent lower in 1937 than in 1929
and wholesale prices were down 9 percent for the same
period.

9

Large extra dividend disbursements late in 1936,
influenced by the undistributed profits tax, resulted
in a sharp rise in total property income payments.
Although dividends and interest are both payments
for capital services in the nature of invested funds, the
two series do not always move in the same direction or
vary proportionally. By their nature interest payments are relatively inelastic except for the effect of
defaults, new issues, and refunding operations. Dividends on the other hand, are the most volatile type of
income payment. In addition to the changes in
dividends disbursed, the equities of stockholders are
influenced by corporate deficits and undistributed
profits, which are also subject to pronounced fluctuations.
Trend of Compensation of Employees, by Industrial Groups.

The varying incidence of the depression and recovery
upon different industrial groups is clearly revealed in

Variations by Type of Payment.

From 1929 to 1933 the average monthly compensation
of employees declined from 4.3 billion dollars to 2.4
billion dollars, or approximately 44 percent. In the
year 1933 total labor income payments were 22 billion
dollars less than in 1929. Dividend and interest payments in 1933 aA^eraged approximately 0.6 billion dollars
per month, or 38 percent below the 1929 total. The
relatively small drop in interest of 9 percent obscures the
fall in dividends alone, which declined 63 percent from
1929 to 1933, more than any other single type of income
payment. Entrepreneurial withdrawals and net rents
and royalties in 1933 are estimated at 55 percent of the
1929 aggregate.
Employees' compensation increased steadily after the
first quarter of 1933 and by the first quarter of 1935 a
gain of nearly 30 percent had been recorded. Dividends and interest on the other hand, had changed only
moderately during this period. Labor income for the
year 1935 was estimated to have been 25 percent above
the 1933 total, whereas dividends and interest payments
were only 8 percent higher in 1935 than in 1933, as a
result of a 39 percent rise in dividends and a 4 percent
drop in interest.
40494—38
2



Figure 3.—Trend of Employees' Compensation, by Major Industrial
Groups, 1929-37.

table 2 and in figure 3. The degree of accuracy of the
estimates varies somewhat from industry to industry,
thus limiting the significance of comparisons to some
extent. For the purposes of the monthly estimates
the industries have been grouped into broad categories in terms of the type of service rendered, which
tends to obscure somewhat the fluctuations of specific
industries.
The widest fluctuations have occurred in the manufacturing, mining, and construction industries, whereas
the smallest variations appear in the Government,
service, and other industry group. Within the former
group, the effects of the depression have been much
greater on the construction industry than on either
the mining or manufacturing industry. Similarly,
various branches of the transportation industry suffered
greater declines than did the communication or the
electric light and power industries. As previously
stated, available statistics for many industries on a
monthly basis are not very satisfactory and do not
justif}7 a more extensive breakdown for publication

SURVEY OF CURRENT BUSINESS

10

February 1938

even though the figures for the industrial groups shown slow in getting under way and has been relatively small
are obtained by aggregating estimates for smaller to date. Total pay rolls in this industry in 1937 were
industrial divisions. As better source material and only 40 percent of the 1929 total. Labor income in
methods of estimation are developed, it will be possible the commodity-producing industries more than doubled
from the early months of 1933 to the peak levels of
to present the monthly estimates in greater detail.
From the first quarter of 1929 to the low levels pre- 1937. The 108 percent increase from the first quarter
vailing in the first quarter of 1933, employees' com- of 1933 to the first quarter of 1937 in the manufacturpensation in manufacturing, mining, and construction ing, mining, and construction industries compares
declined approximately 60 percent. The drop for the with a 40 percent gain in transportation and public
same period was 43 percent in the transportation and utilities and a 33 percent increase in the trade and
public utilities, 41 percent in the trade and finance, and finance group.
For the year 1937, as compared with the }rear 1936,
approximately 30 percent for Government, service*
and miscellaneous groups. Whereas in the first quar- labor income increased about one-sixth in the comter of 1929, manufacturing, mining, and construction modity-producing industries as compared with an
BILLIONS OF DOLLARS
5

n/ f<3rtunng, Af rung S Construct/on

O
1929
Figure 4.—Monthly Compensation of Employees, by Major Industrial Groups, 1929-37,

accounted for 37 percent of the total compensation of increase of 8 percent for all industries combined. The
employees, in the same period of 1933 these industries compensation of employees in the commodity-producing
contributed only 27 percent of the total labor income in industries was 88 percent higher in 1937 than in 1933.
the United States. On the other hand, the Govern- Total labor income in all industries increased 53 percent
ment, service, and other industry group, which con- from 1933 to 1937. Exclusive of wages paid on work
tributed approximately 32 percent in the first 3 months relief projects, the aggregate labor income disbursed
of 1929, increased its proportion in 1933 to 40 percent, by the Government, service, and other industry group
excluding work relief wages. The trade and finance was 32 percent higher in 1937 than in 1933. Including
group generally accounts for about one-fifth of total work relief in this group, the gain was 40 percent.
The series on work relief wages reflects the sharp rise
labor income, and the transportation and public utililate in 1933 and early in 1934 resulting from the operaties group contributes about one-eighth of the total.
Generally, those industries which suffered the great- tion of the Civil Works Administration program and
est declines after 1933 also showed the most pronounced the increase late in 1935 when the Works Progress
recovery subsequent to 1933. A particularly marked Administration program got under way. The 600exception to this tendency might be noted in the case million-dollar decline from 1936 to 1937 reflects a
of the construction industry, in which recovery was curtailment in the Works Progress Administration




Februarv 1938

SURVEY OF CURRENT BUSINESS

activities as private employment increased. As previous!}" stated; soldiers' bonus payments are not included
in the estimates. Otherwise, a sharp rise in government income payments would have occurred in the
middle of 1936.
Sources and Methods of Monthly Income Estimates.

The estimates and indexes shown in the accompanying tables are being published as a preliminary measure
of monthly income payments and will be subject to
revisions as a result of further investigation and stud}^.
The lack of source material does not permit equally
satisfactory results for all groups and necessitates the
use of indirect means of deriving estimates in many
fields. The figures will also be revised each year to
accord with the annual estimates of the Department of
Commerce. Generally, it may be stated that the margin of error is probably larger for the less important
series and, therefore, subsequent revisions will not
greatly influence the aggregates.
It would not be possible within the space of this
article to discuss in detail the sources of data and
methods of measurement of the estimates, particularly
in view of the wide variety of source material and procedure used in developing the figures. Estimates of
employees' compensation were prepared individually
for industries which accounted for approximately 90
percent of the total of this type of payment. Estimates
of dividends and interest were prepared separately
but not by industrial classification. For entrepreneurial income, estimates were made for each industry.
The amount of detail involved in the development of
the estimates, especially for labor and entrepreneurial
incomes is apparent. A bulletin will be prepared within
the next few months which will describe in detail the
technical bases for the estimates. It is the intention
here merely to outline briefly the derivation of the
estimates.
Compensation of employees represents approximately
two-thirds of the national income paid out. As indicated above, it has been possible to obtain monthly
series which, were considered to be indicative of monthly
changes in employees' income in industries contributing
about 90 percent of the total labor income. The largest
single source of information is the United States Bureau
of Labor St a tis ties which compiles and publishes mon thly
indexes of pay rolls in manufacturing and numerous
non-manufacturing industries. Most of these indexes
have proved quite accurate in reflecting changes in pay
rolls when checked by the various industrial censuses.
It should be noted, however, that the Bureau of Labor
Statistics pay-roll indexes are based on reports referring
to typical pay periods within the month and, therefore,
may not accurately reflect total pay rolls for the month.
This source of possible error might be particularly }
important in months containing legal holidays or in I
montlii- when marked fluctuations occur because of I
strikes or otlier factors. Other sources of monthly pay

rolls iiviuae the reports of the Interstate Commerce


11

Commission, the Works Progress Administration,
and the Bureau of Agricultural Economics, as well as
departments of labor in several States.
Estimated dividend payments were determined on the
basis of the Journal of Commerce compilation of dividends paid, adjusted to the annual estimates of the
Department of Commerce. For the last few years, the
annual change in the Journal of Commerce series has
been closely similar to the change in the annual estimates of the Department of Commerce, which are
based on the annual Statistics of Income reports for all
corporations brought up to date through the use of a
sample of corporate reports. The New York Times
monthly compilation of dividend declarations checked
even more closely with the annual figures, but figures
in dividend payments rather than declarations were
desired.
The interest estimates are also taken from the Journal of Commerce series adjusted to the annual estimates
of the Department of Commerce. The Journal of
Commerce figures appear to give a fairly satisfactor}7
seasonal pattern for this item. In view of the relatively
small change from year to year in total interest payments, the seasonal pattern is of primary importance.
The national income paid out represents only payments to individuals, thus eliminating intercorporate
dividend and interest payments and including only
those payments which go to individuals or groups of
individuals. There is no basis for estimating intercorporate dividend and interest payments for each
month and it is necessary to assume that the ratio of
interest and dividend payments to individuals to total
interest and dividend payments remains the same from
month to month. Past records indicate that the ratio
of intercorporate to total dividends has varied only
slightly from year to year. However, there is no
standard for evaluating this relationship from month to
month.
Since annual estimates of entrepreneurial withdrawals
in many industries are derived by assuming the average
withdrawal per entrepreneur to be equal to the average
salary or wage in the industry, entrepreneurial withdrawals in these industries have been varied in accordance with indexes of average earnings, i. e., pay-roll
index divided by employment index. It is important
to note that the number of entrepreneurs varies only
slightly from year to year. For professional services,
entrepreneurial withdrawals have been estimated by
graphically interpolating and extrapolating the annual
averages. Although this rather crude method is not
fully satisfactory, it probably yields fair results in that
professional incomes tend to change gradually. Agriculture accounts for a substantial portion of entrepreneurial income and for this series the month-tomonth changes have been based on changes in cash
income from farm marketings. Monthly rental estimates were made on the basis of monthly changes in
rental rates as shown bv the indexes of the Bureau of

12

SURVEY OF CURRENT BUSINESS

February 1938

Labor Statistics and the National Industrial Con- to the Bureau of Labor Statistics Indexes and the
ference Board.
Biennial Census of Manufactures." The mathematFor each series, the monthly figures were corrected ical formula developed by Mr. Bassie was readily
to accord with the annual estimates prepared by the applicable and yielded reasonable results.
Department of Commerce for the years 1929 to 1936,
For total compensation of employees and the aggreinclusive. The monthly series will be corrected to the gate of entrepreneurial withdrawals and net rents, the
1937 annual estimates when they have been completed. ratio-to-moving-average method was used in preparing
The method followed in adjusting monthly indexes to seasonally adjusted indexes. For dividends and interthe annual estimates was developed by V. L. Bassie, est, a 12-month moving average was used and brought
while employed in the Division of Research and Plan- up to date by graphically extending the smoothed line
ning of the National Recovery Administration, and on the basis of the change in the absolute figures. This
described in an unpublished paper entitled, "A Method method was made necessary because of the large confor Adjusting Indexes Based on a Sample to Periodic centration of dividend payments resulting from the
Survey of the Complete Field, with Special Reference undistributed profits tax.
Table 1.—Monthly Income, by Types of Payment, 1929-37

Year and month

1929
January.
February
March
April
May
June
July
August
_
September..
October
November
December
Total
_
1930
January
February
March..
April
.-May
June
July
August.
September
October.
November
December
Total
1931
January.
February
March
April
May....
June
July..
August.
September
October.November
December
Total
1932
January
February
__.
March..
April
May
June
July
August.
September
October
November
December
Total
1933
January
February
March
April
May
June
July
August.
September




EntrepreneurIndex of Index of
Comial
Total income income
Divipensawithpay- |
dends drawals income
paytion
ments, i
and
payof em- interest and net ments ments*
adunadployees
rents
justed | Year and month
justed
and
royalties
Monthly average
1929=100

Millions of dollars
4,053
4,102
4,179
4,244
4,325
4,360
4,267
4,313
4,412
4,496
4,330
4,260

1,372
'682
811
1,010
757
975
1,330
621
779
1,066
812
994
11,209

1,307
1,235
1,241
1,238
1,251
1,244
1,300
1,348
1,382
1,490
1,325
1,316

6,732
6,019
6,231
6,492
6,333
6,579
6,897
6,282
6,573
7,052
6,467
6,570

103. 3
92.3
95.6
99.6
97.1
100.9
105.8
96.4
100.8
108.2
99.2
100.8

15, 677

'8, 226

1,276
1,207
1,180
1,191
1,205
1,165
1,152
1,161
1, 207
1,232
1,149
1,114

6, 918
5,983
6,088
6, 296
6,109
6,256
6,317
5,617
5,806
6,085
5,615
5,638

106.1
Gl.S
93.4
96.6
93.7
960
96.9
86.2
89.1
93.3
86.1
86. 5

11,287

14, 239

72, 729

93.0

1,593
755
866
1,026
810
1,024

47,203 |

98.1
98.2
98.7
98.2
99.6
100.2
101.2
103.0
101.9
102.1
100.4
99.6

100.0

1,289
646
719
959
729
871

51, 340

3,433
3,431
3,470
3,471
3,467
3,429
3,261
3.194
3, 219
3,213
3,103
3. 037
39. 728

1,360
641
719
895
667
886
1,116
576
622
865
646
770
9,763 i

2, 846
2, 796
2,765
2,706
2,668
2,591
2,408
2,378
2,471
2,531
2,461
2,411
31,032 i

1,132 I
509 !
566
745
562
776
917
443
491
695
489
605
7, 930

2,331
2,314
2, 259
2,271
2,341
2,435
2,349
2,446
2,579

992
431
474
609
475
618
832
383
424

1,088
1,021
1,037
1,024
1,030
987
992
953
952
1. 000
• 903

918
11,968 j
899
854
832
810
807
744
737
735
763
768
729
689
9, 367
092
630
634
645
698
713
747
721
784 !

EntrepreneurIndex of Index of
Comial
DiviTotal
income income
pensawithdends drawals income
paypaytion
and
payof em- interest and net ments ments, ments,
unadadrents
ployees
justed justed
and
royalties

5,881
90.2
5,096
78.2
5,226
80.2
5,390
82. 7
5,164
79.2
5,302
81.3
5,369
82.4
4, 723
72.5
4, 793
73.5
5,078
77.9
4,711
72.3
4. 725
72. r
Gl, 459 \ 78.6
4,877
4,159
4,163
4.261
4,037
4,111
4,062
3,556
3, 725
3, 994
3,679
3,705
48.329
4,015
3.375
3.367
3,525
3,514
3,766
3,928
3,550 j
oov
3,78'

74.8
63.8
63.9
C5.4
61.9
63.1
62. 3
54.5
57.1
Gl.S
56.4
56. 8

9S.6
97.3
96.4
95. 6
95.7
94.7
92.6
91.7
90.4
88. 3
87.4

84.2
83.3
83.3
81.7
81.4
SO. 1
78. 8
76.8
74.8
73.2
73.1
71.5

70.2
08.7
67. 2
:

61.6
51. 8
51.7
54.1
53.9
57. 8
60.3
54. 5
58.1

j
1933
:j, October

2,662
2,627
2,734

709
453
615

819
772
735

4,190
3,852
4,084

64.3
59.1
62.6

Total..
1934
j January.,.
! February.
March
April
May
June.
July.
August
September..
October
November..
December...

29, 349

7,016

8,590

44, 955

57.5

2,802
2,790
2,841
2,819
2,876
2,874
2,772
2,795
2,833
2,936
2,906
2,924

1,013
451
487
400
395
705
950
383
556
841
428
767

762
736
744
734
762
771
809
845
889
934
862
829

4,577
3,977
4,072
3,953
4,033
4,350
4,531
4,023
4,278
4,711
4,196
4,520

70.2
61.0
62.5
60.6
61.9
66.7
69.5
61.7
65.6
72.3
64.4
69.3

Total..
1935
January
February. _.
March
April.
May
June
July
August
SeptemberOctober
November.
jj December..

34,167

7,375

9,677

61, 219

65.5

811
829
847
856
837
846
901
948
1,020
974
951

4,577
4,243
4,447
4,632
4,331
4,507
4,472
4,352
4,718
5,012
4,618
5,037

70.2
65.1
68.2
71.1
66. 4
69.1
68.6
66.8
72.4
7G.9
70.8
77.3

1
1
Total..
1
1
1936
.j January
!i February
!' M a r c h . ;
April
May
June
July
August
I: September
|i October
j: November
\'< December

36, 700

10, 656

54, 946

70.2 i
76.1 i
71.6 '
75.9 '
77.7
74.7
80.5
79.9
74.5
82 5
85.8
79. 5
99.1

1 November....
1
i December

( 4. i)
63. 6
61.4
59.0
58.4 |
Total.
58. 5
1937
57. 8 :
1
57.7
January
56.4 i F e b r u a r y . . .

C1.8

54. 1
53. 8
57.2
57 2

Monthly average
1929=100

Millions of dollars

| March.;....
! April
; May...
i June
I July
j Augustj September..
i October
| November..
I December-..

58." 4
59.7 l!

Total.

2,921
2,950
2,986
3,022
3,035
3,043
2,941
2,988
3,111
3, 209
3,200
3,295

820
482
632
763
440
463
659
783
444
791

3,227
3,268
3,352
3,401
3,463
3, 49S
3,413
3,451
3,562
3,689
3,682
3,735

823
522
684
749
462
776
778
421
777
799
441
1,600

914
876
909
915
947
972
1,015
987
1, 038
1,107
1,062
1,066

4, 964
4,666
4,945
5, 065
4,872
5,246
5, 206
4,859
5,377
5,595
5,185
6.461

41,741

8,892

11, 808

62, 441

774
454
748
817
467
991
876
459
898
819
444
1,546

1,047
1, 002
1,071
1,055
1,050
1,065
1,127
1,143
1,168
1,211
1,129
1,119

5,420
5, 116
5,583
5,688
5,381
5,923
6,735
6,357
5,875
5,868
5, 253
6,264

83.1
78. 5
85. 6
87.3
82.5
90.9
88.0
82.2
90.1
90.0
80.6
96.1

44,983

9,293

13,187

67, 463

so.:

64.4
64.8
63.6
64.9
65.2
65.0
65.9
65.3
66.1
66.9
66.3

68.6
68.9
69.4
68.9
69.2
69.2
68.6
70.4
70.9
71.6
73.1
74.5

79.1

3,599
3,660
3, 764
3.816
3,864
3,867
3,732
3,755
3,809
3,838
3,680
3,599

59.7
60.0
61.4

|
•'
'
j
i
|
i
I
|
|

75.2
75.4
76.7
76.7
77.8
79.3
80.4
80.5
80.7
81.6
83.4
84.6

84.8
85.4
87.4
86.9
87.2
87.6
87.8
88.4
87.0
86.0
84.7
83.8

SURVEY OF CURRENT BUSINESS

February 1938

13

Table 2.—Compensation of Employees, by Major Industrial Groups
ManuGovfactur- Transerning,
porta- Trade ment, Work
mining, tion and and fi- service, relief
and con - public nance and
Year and month struc- utilities
other
tion

Adjusted
Total index
oftotal

Mo. av.

Millions of dollars
1929
January
February
March..
April
May
Juno
July
August
September..
October
November..
December...

1,482
1,548
1,562
1,590
1, 615
1,620
1,601
1,654
1,670
1,678
1,588
1,527

Total..

19,135

1,295
1,295
1,318
1,352
1,386
1,412
1,324
1,310
1,386
1,437
1, 395
1,345

4,054
4,102
4,179
4,244
4,325
4,359
4,267
4,312
4,412
4,496
4,330
4,260

97.6
97.9
98.7
98.2
100.1
100.9
101.7
102.9
102.1
101.1
100.2

16, 256

51,340

100.0

4,049
4,021
4,042
4,079
4,094
4,067
3,876
3,810

803
810
829
835
833

1930
January
February
March..
April
May
June
July...
August.
September..
October
November...
December...

1,439
1,453
1,446
1,461
1,444
1,428
1,363
1,353
1,352
1,333
1,249
1,193

496
473
492
494
500
489
487
483
475
477
448
445

813
798
799
798
802
798
769
747
753
754
747
768

1,301
1, 296
1,305
1,326
1, 348
1,352
1,257
1,227
1,300
1,330
1,294
1,247

3,
3,737
3,653

97.5
95.9
95.5
94.4
94.8
94.2
92.4
90.9
89.8
87.5
86.4
84.6

Total.

16, 515

5, 758

9,346

15, 584

47, 203

91.9

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

1,089
1,111
1,115
1,110
1,098
1,063
1,026
1,018
993
967
919
899

429
414
432
430
429
425
421
413
404
401
379
372

718
715
718
710
705
702
676
656
655
653
648
650

1,196
1,190
1,205
1,222
1,236
1,240
1,137
1,107
1,168
1,192
1,157
1,116

3, 433
3,431
3,470
3,471
3,467
3,429
3,261
3,194
3,219
3,213
3,103
3,037

82.7
81.8
81.9
80.3
80.2
79.3
77.8
76.2
74.5
72.2
71.8
70.3

Total..

12,408

4,949

8,204

14,167

39, 728

77.4

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

807
808
782
744
708
671
641
650
676
696
670
652

357
336
343
331
327
317
306
304
302
307
295
291

605
589
582
571
566
540
521
505
508
514
507
511

1,076
1, 063
1,058
1,061
1,067
1,063
941
919
986
1,014
989
957

2,846
2,796
2,765
2,706
2,668
2,591
2,408
2,378
2,471
2,531
2,461
2,411

68.6
66.7
65.3
62.6
61.8
60.0
57.4
56.7
57.2
56.9
56.9
55.7

Total..

8,505

3, 815

31, 032

60.4

2, 331
2,314
2,259
2,271
2,341
2,435
2,349

55,9
55.2
52.3
52.7
54.3
56.2
56.0

1931

1932

• 1933
January
February
March.
April
May
June
July

6, 519 12,192 i
I

620
639
594
606
636
680
714




282
273
277
271
282
288
296

485
462
446
453
455
461
463

923
916
913
910
828

GovTransernporta- Trade ment, Work
tion and andfi- service, relief
public
and
utilities
other

Total

Adjusted
index
oftotal

Mo. av.
1929=
100

Millions of dollars

1929=100

9,778

490
475
501
506
521
519
533
538
527
546
514
503

Manufacturing,
mining,
and conYear and month struction

1933
August
September..
October
NovemberDecember--.

775
811
812

302
300
306
296
292

484
503
524
522
537

Total..

8,436

3,465

5,795

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

784
840
890
913
926
912
879
900
866
897
880
904

295
291
311
308
319
318
322
325
320
329
314
312

518
520
527
540
542
542
541
532
543
552
553
574

1,010
1,056
1,047
1,026

Total..

10, 590

3,764

6,482

11,842

916
957
970
965
949
947
924
969
999
1,024
1,003
1,026

321
314
327
331
338
337
343
346
345
358
345
346

548
552
560
567
566
570
565
559
579
581
583
613

1,013
1,015
1,025
1,051
1,066
1,081
997
1,005
1,087
1,131
1,129
1,125

122
112
104
107
116
108
111
109
101
116
140
184

2,921
2, 950
2,986
3,022
3,035
3,043
2,941
2,988
3,111
3,209
3,200
3,295

70.0
70.3
70.5
70.1
70.3
70.2
70.0
71.1
71.8
72.6
74.0
76.4

4,051 I 6,845

12, 725

1,430

36, 700

71.5

835
921
968
953
928
10,9

50
44
51
75
208

2,446
2,579
2,662
2,627
2,734

58.2
59.5
60.1
60.7
63.3

669 29, 349

57.2

274
194
161
84
85
80
93
103
93
102
112
108

2,802
2,790
2,841
2,819
2,876
2,874
2,772
2,795
2,833
2,936
2,906
2,924

67.1
66.5
67.1
65.4
66.6
66.3
66.0
66.5
65.4
66.3
67.2
67.8

34,167

66.5

1934

930
944
953
974
1,005
1,022

1935
January
FebruaryMarch
April
May
June
July
August
September.
October
November-.
December..

Total. .

11,649

1936
January
February
March.
April
May
June
July
August
September..
October
NovemberDecember-..

991
1,015
1,050
1,070
1,093
1,108
1,113
1,156
1,169
1,227
1,237
1,279

349
355
362
364
372
375
384
385
387
397
378
384

579
579
593
599
602
606
602
602
613
623
637
664

1,110
1,115
1,133
1,158
1,184
1,208
1,114
1,105
1,191
1,230
1,220
1,215

204
214
210
211
201
199
203
202
213
210
196

3,227
3,268
3,352
3,401
3,463
3,498
3, 413
3,451
3,562
3,689
3,682
3,735

77.3
77.9
79.0
79.0
80.2
80.8
81.3
82.0
82.3
83.5
85.1
86.6

Total..

13, 508

4,493

7,299

13, 981

2,462

41,741

81.3

1, 235
1,282
1,337
1,365
1,377
1,366
1,348
1,384
1, 356
1,358
1,246
1,171

380
379
405
401
409
412
416
423
419
422
399
381

629
639
648
655
665
669
664
666
672

1,176
1,181
1,195
1, 218
1,235
1, 253
1,160
1,149
1, 234
1,247
1,226
1,220

179
179
179
177
178
167
144
133
128
131
133
132

15, 825

4, 845

1937
January
February
March
April..
May
June
July...
August
September
October
November
December
Total..

..,

7, 958 14.494 j

3,599
3, 660
3, 764
3,816
3,864
3,867
3,732
3, 755
3,809
3,838
3,680
3,599

86.2
87.3
89.5
89.3
89.0
89.3
88.0
86.7
85.1
83.8

44, 983

87.6

14

SURVEY OF CURRENT BUSINESS

Februarv 1938

NEW OR REVISED SERIES
Table 55—CAPITAL FLOTATIONS
[Thousands of dollars]
New capital
Domestic

Total !
(new i
capital
Year and month and refunding)

Corporate
Total

Bonds and notes !

Total
Total

1919
January
February
March
April
May
June
July
August..
September
October.
November
December

206,651
181, 374
135, 630
314, 074
220, 369
453, 986
376, 889
328, 813
305, 429
489, 500
329. 378
246; 311

_----

283,041
277,478
152,301
319,916
. - - 238,835
508,911
I 482,305
-346,670
348,214
666,633
379,733
. . . 282,151 j

192, 454
176, 366
135, 630
303, 774
197, 689
426, 636
316, 576
313,813
305, 429
364,650
281, 746
219,811

4,286,189 113, 588, 403 3,234,573

Total-

Short
term

102, 850
42, 609'
36,293
19, 335
64,125
44,068
63, 899
11,500
17,177
31, 870
31. 548
33, 889 !

2, 246, 386

499,163

18, 500
60, 178
15,626
5,815
10,041
52,436
9,275
44, 682
58 856
14 430
15 393
5 64?

Farm
loan and Municother
ipal,
Com- Govern- States,
mon
ment
etc.
stocks agencies

Total

7,305
16,017
12,075
23,104
61, 598
73,114
77,777
146, 243
77, 316
94, 685
101.141
35. 772

39,020
28,969
20,511
4,129
16,316
94,187
82. 488
47, 947
79, 642
161, 857
51. 924
83, 215

1,000
1,000
1,500
200, 000
0
64, 500
0
5,000
2,000
0
35, 000
0

23,779
27, 593
49, 626
51, 390
45, 610
98, 331
83,137
58, 441
70, 438
61, 808
46,741
61, 293

14,197
5.008
0
10, 300
22, 680
27, 350
60, 313
15, 000
0
124, 850
47, 632
26,500

11,500
2,000
0
0
8,180
850
30,113
0
0
4,300

310,873 | 726,146

710. 204

310, 000

678,187

353,830

56,943

25, 833

56, 516

29, 486

4,745

41, 597

25, 906

60, 512

59,184

398, 745
255,169
346, 700
400,129
378, 548
356, 046
268,881
180,153
180, 375
411,190
184, 352
274, 546

359, 240
215,169
301, 200
387,424
356, 898
300, 546
236.166
158, 388
157, 375
330, 240
166, 702
265. 759

276, 729
184, 226
242, 967
321, 485
320, 590
255,685
179, 465
102,106
108, 932
249, 408
109. 662
212, 088

83, 685
55,657
34, 651
117, 975
86, 302
95, 826
117,344
69, 470
77. 909
122, 857
44, 595
132, 920

26, 384
14, 040
86, 045
146, 224
37, 539
15,394
24, 003
10, 3r)0
7,525
96, 034
31, 028
27, 675

91,950
55, 754
62, 968
30, 262
124,120
35, 578
16,445
6,067
16,588
8, 525
9,626
4,507

74,710
58, 775
59, 302
27, 025
72, 629
108, 887
21, 673
16,219
6,910
21,992
24, 412
46, 987

82, 511
30,944
58, 233
65, 939
36, 308
44, 862
56, 701
56, 282
48, 443
80, 832
57, 040
53, 670

39, 505
40, 000
45, 500
12, 705
21,650
55,500
32, 716
21, 765
23, 000
80, 950
17, 650
8,787

3,634,834 |3, 235,106 2, 563, 341 1, 039,191
1
1
213,612
86, 599
302, 903
269, 592

522, 241

462, 389

539, 520

671, 766

399, 728

146, 671 ! 230, "SO !

16, 277

44, 960

55, 980

33,311

' i

1,356

116, 788
109, 552
66, 945
136,872
162, 539
44, 553
55, 716
54, 700
147, 429
51,431
131,191
197, 739

14, 553
57, 250
32, 664
2,075
5,100
14,077
8,000
4,115
4,744
1,300
13,132
3,870

5,365
1,832
12,119
11,028
2,733
800
0
2,500
0
3,280
7,696
23, 900

59,940
3,174
2,526
21, 450
1,323
0
94, 841
3,600
0
140
3,977
3,183

160,879

71,253

194,155

346,871
273, 961
185,355
304, 848
312, 574
178, 244
303, 321
206, 505
357,103
275,479
318. 634
513,069

422, 717
320,166
198,384
527, 656
381,144
205, 674
316, 456
214,842
407,094
290, 556
355,183
561, 775

282,649
236,161
163,355
298,098
234,874
170,062
262,906
159,313
248,195
230, 909
284, 284
451, 496

196, 646
171, 808
114,254
171, 425
171, 694
59,430
158, 557
64,915
152,172
56,151
155,996
228, 692

4, 201, 646 3, 575, 965 3, 022, 303 1,701,740 1, 275, 453

251,859
141,812
Monthly average
106, 288
297, 997
350,137
1922
314,791
January
— 466,910
409, 027
195, 439
134, 654
264,833
304,284
116,467
81,849
353,274
February
298,156
447, 931
173, 435
126, 622
531, 381
March
390,184
479, 951
248, 596
188, 848
656,157
April
489,785
517, 249
288,433
215,900
May
~ - - 621, 900
372, 483 250,365
484, 318
188, 980
June.
- 552, 446
217,518
265.168
121,614
104,219
381,036
July
170,099
170,383
98,366
52/925
202, 676
August
472, 951
482,143
284, 769
129,655
569,822
September
232, 536
304,937
160, 884
135,082
October
_ 388,859
151,919
76,580
207,225
170.169
97, 820
November
257, 334
101, 744
304, 530
275, 265
175, 324
December
Total..
5, 236, 216 4,310,822 |3, 632,588 ! 12,211,513 , jl, 537, 061 j
Monthly average..-!

436,351 |j

1923
January.
February
March
April
May

881,327
384,625
389,487
457,596
314,930

541.922
206,275
231,105
| 255,297
.

Total

Monthly average...

11, 700

187,199

334,171

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

October
November
December..

°

209,548

43, 520

38, 532

i 402,165
530,812
393,. 204
!4, 989, 746

359,235 | 302,716 ||

128,088

441,923
328,512
106, 323
205, 223
180,058
220, 623
111,909
241,662
106, 464
165, 380
155, 338
205,101
130,330
103, 944
111,657
94, 215
136, 757
104. 728
165, 689
206, 300
215,147
308,SI5
160,596
261, 603
114,304,426 |:4,015,9C5 1^2,635,375 1, 832, 921
696, 269
346, 225
337,007
354,085
278, 886
465,058
204,120
207,963
200,397
382, 942
454, 918
376, 556

415,812!! 358,702

 1 See footnote on p. 21.


184,293 j

C31, 786
296, 279
311,576
354, 085
272,051
425, 403
202, 252
165, 891
194,437
357, 807
428, 818
375. 581

334,064 :i

219,015

152, 743

975

11,505 i
15,000 !
45, 500 !
3,000 !
15,850 !
4,000 |
4,916
7,500
700 !
37.950 !
' 750 1

o

1

-5.

O'JU

25 ; 000

9, 705
5.800
51, 500
27, 800
4.250
22, 300
37, 000
16. 900
S.525

12,223 i

1921

-

2S5.137

oi

488, 226
282, 498
367, 275
407, 831
397,132
374, 939
275, 263
198, 624
284, 695
421, 841
222, 479
289,245

Monthly average.—

June—.
July...
August....
September

300
14,500 i
26,500
30, 000
lo. 000
0
119,050 |
47, 632 j
26, 500 I

0
0
0
10,000
0
0
200
0
0
1,500
0
0

3.00S i

299,034 l|

4, 010, 048

Total...

United
Govern-; States
nient
possessions

Corporate

357,182 i|

Monthly average...
1920
January
-February
March
April
---May
---June
July
---August
September
October...
~
November..
December
..
Total..

167,675
147, 773
84, 504
52,384 j
152,080 '
263, 805
233,440
250, 371
232,990
302, 841
200, 005
158, 518

Long
term

Preferred
stocks

Foreign

13, 407
28,852
4,000
17,029
31,956
2,500
4,040
35
5,089
425
6,000
2,000
2,520
104,446
8,704
17. 366
21, 300
2, 082
20, 996
28, 484
24,561
4,671
2,886
3,150
8,210
1, 265
8,300
143, 271
11,939

5,938

16,180

64, 222
37, 800
22,000
6,750
77, 700
8.182
40, 415
47,192
108,908
44, 570
34,350
61, 573

12, 500
12, 800
8,000
1,000
700
1,500
27, 415
0
26,000
0
5,600
25, 750

51, 722
25,000
13,500
3,000
77. 000
R. 502
2,000
36, 600
82, 908
44,570
28,750
33, 700

0
0
500
2, 750
0
180
11,000
10, 592
0
0
0
2,123

121, 940 1,198, 623

553, 662

121,265

405,252 !

27,145

46,139

10,105

33,771

2,262

94, 236
39,450
149,775
89, 767
27,464
111,835
47, 650
284
9,192
72,401
18, 250
17, 931

0
1,250
58,775
23,380
13,350
15,360
0
200
1,412
2,300
250
4,645

678, 234

120, 922

56, 520

10,077

64, 483
95, 863
94, 000
77,056
49, 947
14, 000
67, 453
25, 431
23, 500
79, 704
0
32, 718
94,171
6,835
12, 500
39, 655
158, 602
61, 700
67, 222
1,868
4,700
42, 072
54, 234
0
5,960
55, 680
2,000
25,135
84, 507
67,000
26,100
96, 753
23, 250
975
111,873
2,105
337,473 11,043,118 : 288,461

2,200
24,872
22,315
0
1,200
9,500
200

10,162

99, 885

24, 538
4,798
17,133
18, 410
10,000
14, 320
2,100
12, 389
124,925
6,520
2,541
39, 500

24.403 |

23,098

75,041
23,010
25, 733
40, 065
13,718
14, 068
13, 604
9,410
5,350
19, 400
47,822
47, 887

21.004
54, 590
12, 750
68, 692
16,714
11,135
8.110
5,147
23, 529
13, 001
44, 580
44, 821

335,108 j 324, 074
27,926 1

13.732 j

86,003
64,354
49,101
86, 673
63,179
110, 632
104, 349
94,398
87, 773
113,758
119,349
219,053

0
0
0
40.000
0
0
0
0
8,250
61,000
8,940
3, 750

11,390 107,961
65, 616
82, 750
10,550 114,171
4,950 136, 638
95,100 103, 252
4,500 117,617
91, 304
4,600
63, 223
8,500
98,482
89, 700
69,152
2. 500
41,974
12,125
64, 260
17, 750
292,832 I 277,174 I 344,415 1,076,661
7,395
25, 820
12, 650
9,382
60, 033
43, 025
15, 260
27, 963
29, 764
13, 281
16, 699
31,560

0
0
0
0
0
0
0
10.015
0
6,000
0
262

28, 701

28,123

89, 722

86,926 S

24,038

!
i
!
!
i
j
!

j
I

94, 236
38,200
36,000 !
66.137 ]
14,114
91,775 !
29. 200
0I
2,63S ;
69, 990
18,000 ;

o i

0
0
5,000
250
0
4,700
18, 450
84
5,142
111
0
13, 286

510, 290
!

47,023

42,524

3.919

62,153 |
! 25,000 :
3.000 ;
0!
i 5.500 '
! SO, 155 i
| 1,345 .
40,000 1
350 i 5,000: i
5.385 > 16,000
1,100 ; 25, 000
0
r
>

oI

130
75
116
0
135
0
323
2,072
610
3.750
0
975

67,122

8.186

5 593

6S2

SURVEY OF CURRENT BUSINESS

February 1938

Table 55—CAPITAL FLOTATIONS—Continued
[Thousands of dollars]
Refunding
Foreign

Domestic
Corporate

Year and month
Total

Bonds and notes

Total
Total

Long
term

Short
term

Preferred
stocks

Common
stocks

76,390
96,104
16,671
5,842
18, 466
54, 925
105, 416
17, 858
42. 78G
177'. 133
50, 355
35,840
697, 786

Total.

Monthly average
1921
January
February
March
April
May
June
July
August
September
October
November
December

S9. 481
24', 831
15, 575
6, 702
18, 584
18,893
6,382
18,471
4,320
5,152
13,127
14, 699

375, 214

April
May
June
July
August
September..
October
November,.
December-.

36, 280

89, 481
27, 329
20, 575
7, 702
18, 584
18,893
6, 382
18,471
104, 320
10,652
38.127
14, 699

1920
January
February...
March

435, 357

58,149

Monthly average.

75, 079
59, 291
16, 075
4,519
17,756
51,378
29, 562
17.110
42, 381
24, 290
49, 531
35, 050

76,390
62, 625
16,671
5,842
18,466
53, 425
30, 416
17,858
42, 786
24, 683
50, 355
35,840

236,216

31,268

422,025 1
1

15, 000
7,134
10, 875
1,119
2,126
36, 049
22,193
1.700
862
0
4,198
7. 391

108,646 I 203,038 |
9,054 |

88,462
24, 071
14, 969
6, 446
17,612
18, 642
6,073
15,069
2.942
5, 050
12, 565
12, 893

60,079
51,947
5,200
2, 750
7, 500
8, 979
1,600
10, 000
25, 240
9, 000
3, 500
17,244

12, 000
16,032
2,024

246
10, 706
11,466
1,416
15,000
2, 223

50
4,100
10,293

0
210
0
650
4,137
6, 350
1.650
4^970
10,151
15, 290
10, 121
7,330

31,712

GO. 860

3,086 j
43, 482

SI
o!
o!
3,993 !

o!
4,119 I
440 !
0
132

i
I

0 I
0 |

o.
0 i

0j
n!

ol
o!
0 I

o!

1,312
3, 334
596
1,323
710
2,047
854
748
401
393
82}
790

218,129 i
j
20,677 |

17, 627
1, 550

0
0

69
250
0
0
0

6,078
2,989
0
0
0
5, 044
50
0
469
0
0
0

1,019
761
606
256
972
251
309
3,402
1.378
102
562
1,806

0
2.498
5,000
1,000
0
0
0
0
100,000
5,500
25, 000
0

0
0
0
1.000
0
0
0
0
0
5, 500
25, 000
0

2,498
5,000 !
0 '
0
0
0
0
100, 000
0
0
0

5, 000
8. 465
2,600

695
840
•S2
(

0

224, 793

19,685 !
|

85, 556

103, 339

21, 269

14, 630

11,423

138, 998

31, 500

107,498

18,733

7,130

8,612

1,772

1,218

952

11, 583

2, 625

8,958

8,100

0

0
0
0
0
0
0
0
0
0
0
6,057
0

428
1,210
853
1,431
263
141
235
241
883
340
340
1,414

0
0
0
0
50,000
0
0
0
0
0
0
0

7,779

50,000

735
500
0

2, 500

20, 789
10,815

300
100

Total.
Monthly average.
1922
January
February
_.
March
April
_.
May....
June.
July
August
September
October
November
December

625, 682

575, 682

567,903

505,808

52,362

3,677

47, 325

42,151

4, 364

306

Total .
Monthly average
1923
January
February
March
April
May
June
July
August
September
October
November
D ecember

925, 394

Total
Monthly average

47,973 I
|
57,883 I
47,741
81, 200
66, 206
103,651
63,128 '
115,868
32, 293
83.794
83. 922
37,057
27,385 !
;

77,116

800,129 h
i
66,677 !
!
h

185,058
38,399
52,480
103,511
36,044
76, 865
2,155
24,142
54,900
19, 222
75,895
16,648

179,058 !
•
29,458 '
52,480 :
97,511 !
;
36,044 i:
76,865 i
i
2,155 ]
24, 142 j
4,900 !
19,222
66,895 '
16,648 ;

685,320 i

605,378




1,182

52, 757
3, 500
12. 250
5. 360
6, 750
2, 050
4,607

67, 317
44,595
7,900
219, 377
17, 708
24, 866
10,400
7,361
36,108
14, 737
19,062
36,378

57,11.0 .'

14,300

0 i

0 !
0 i
0 i
75, 000
0
0
114,950
0
0

3,624

75,417
44,995
12,176
221,377
18,308
27. 289
12,900
8,096
49,108
14,737
36, 208
47,293

{

262,429

0
28,179

5. 572

75, 845
46, 205
13,029
222,808
18, 571
27,430
13,135
8,337
49, 991
15,077
36, 548
48, 707

57, 883
48,991
83,450
176, 206
104,651
68,128
115,868
32, 293
87, 679
83, 922
37, 057
29,265

0
5, 300
0
0
0
1,500
0
0
0
7,500
0
0

21,809

13,332

0
33,479
0
0
0
1,500
75, 000
0
0
152,450
0
0

16,920 j

75, 845
46, 205
13,029
222,808
68, 571
27,430
13,135
8,337
49,991
15,077
36, 548
48, 707

52,140

United
Corpo- Govern- States
ment possesrate
sions

I

_L
1919
January
February
MarchApril
May....
June
July
August
September
October
Novem ber
December
Total

Farm
loan
Munie- |
and
ipal,
other States, Total
Governetc.
ment
agencies

:

50.448 '.

57,191
46, 951
78,716
65, 668
61,024
61,776 i(
112,556 | i
26,150
82, 500
81, 741
34,651
25,495

400

Q

3,500
2,000

776
0
0
0
0
0

600
2, 423
2, 500

0

4,167
693
790
2.484
539
627
1,352
3,313
6,143
1,294
2,182
2,406
1.890

734,418

0
1,250
2,250
110,000
1,000
5,000
0
0
3,885
0
0
1,880 ||
125,265 !
|
10,439 |

61,202 i

o!
oi
0
0
0
0
0
0
0
0

i
j
!
|

c
0

0
0
0
0
50, 000
0
0
0
0
0
0
0

oI
o

50,000

0

4,167

1,880

0
0
2 250
000
no]
l 000
,
5,000
0
0
3 885
0
0
0

3,130

122,135

261

10,178

1,250

0
0
0
0
0
0
0
0
0

6,000
8,942
0
6,000
0
0
0
0
50, COO
0
9,000
0

129, 983
18,625
24,162
35, 912
32, 878
73,379
1,300
17, 388
3,182
3,991
62,126
13,425

20,002
1. 667

0
0
0
0
0
0
0
0
0
0
0
0

79,942 !

0

79,942 j

6, 662

0

6. 662

6,000
8,942 '

0
6,000

0
0
0
0
50,000

0
9,000

0

16

SURVEY OF CURRENT BUSINESS

February 1938

Table 55—CAPITAL FLOTATIONS '—Continued
[Thousands of dollars]
New capital
Domestic
Total
(new
capital
Year and month and refunding)

Corporate
Total

Bonds and notes

Total
Total

1924
548,181
January
.
538, 202
February
370,130
March _
494 129
4pril
May
- - 631, 448
619,532
June .
_ .
_
July
— 434,140
455 134
\ugust
579 460
September
689, 722
October
431,193
November
561, 209
December
6 352 480
Total
Monthly average.__ 529, 373
1925
696 009
January
666 634
Febrsi irv
506,174
Mnrch
626, 637
April..
532,901
May
673 442
June
696 189
July
404, 039
August
495 978
506* 282
October
November
590 291
December
731, 447
Total
7,126, 024
Monthly average._. 593, 835
1926
731, 636
January
638,016
February .
653 299
March
639,087
April
665 889
May
724 606
June
582,174
July
352,943
\ugust
542,151
September
580,170
October
698, 630
November
621, 674
December
Total
M o n t h l y average._.

7, 430, 275

Foreign

Long
term

Short
term

Preferred
stocks

i

Farm
loan and Municoth er
ipal,
Com- Govern- States,
ment
mon
etc.
stocks agencies

Total

37, 857
84,115
2,361
80, 785
9,900
20,905
98, 314
66,065
163, 839
200,195
113,235
127,830

6,000
1,000
1,680
1,000
150
3,500
74,375
38,000
58, 200
36,000
7,625
65,730

31, 807
80,115
681
77, 500
9,250
17,405
23,739
28,065
105, 639
164, 000
104,110
61, 000

179,106 1, 379, 638 1, 005, 400

Corporate

United
Govern- States
ment possessions

476, 316
410, 481
357, 244
465,120
579, 551
554, 792
386, 095
331,395
509, 586
632, 407
421, 569
468, 624

438,459
326, 366
354, 883
384, 335
569, 651
533,887
287, 781
265, 330
345, 747
432, 212
308,334
340,794

270, 906
227, 303
252, 904
248, 902
447,102
249,354
158, 619
156, 987
215,167
325,898
227, 631
248,264

187, 695
137, 617
165, 734
171,184
190, 323
180,419
96,883
115, 068
162, 536
220, 256
145, 058
151, 000

19,125
31,010
32, 490
33,150
8,570
40, 051
23,860
7, 627
13, 939
27, 385
27, 707
11,159

15, 355
11, 950
4, 763
28,923
41, 300
15,798
30, 663
18, 500
31, 525
55,105
9,094
55, 017

48, 732
46, 727
49, 918
15, 645
206, 909
13,086
7, 213
15, 792
7,167
23,152
45, 772
31, 088

5, 593,180

4, 587, 780

3, 029, 036

1,923, 771

276, 073

317, 991

511,201

293.260

703,310

8,830

466, 098

382, 315

252, 420

160, 314

23, 006

26, 499

42, 600

14, 926

114,970

83, 783

24,438

58, 609

736

598 099
574', 875
427, 065
530,721
493,875
563 814
575 714
301, 054
467 893
425 661
574 847
686, 551

533,149 i
460, 567
362, 665
469, 876
473, 432
427, 976
414, 964
266,104
379 258
339 821
393, 497
603, 985

363,454
374,171
242, 955
374,646
249,925
287, 731
280,127
185, 625
262 974
257, 594
321,465
403,836

251,425
254, 080
148,212
219,440
178,344
189, 399
162.2C0
123,595
173,060
126, 024
164, 887
240, 581

44, 000
24, 235
14, 465
19, 979
5, 580
9, 950
11,410
7, 410
18, 580
15,810
11,940
37, 299

42, 918
41,188
65, 832
106, 349
31,496
37, 900
44, 480
21, 885
43, 667
72, 299
38, 075
48,197

25,112
54, 668
14, 446
28, 879
34,505
50, 482
61,977
32, 735
27, 667
43, 462
106, 563
77, 759

36, 875
9,450
11, 500
6,400
36,172
2,200
3,000
500
4,700
8,300
6,000
43, 600

132, 820
76, 946
108, 210
88, 830
187, 335
138, 045
131,836
79, 979
111,584
73, 926
66, 032
156, 549

64,950
114,308
64, 400
60, 845
20,443 !
135, 838
160, 750
34, 950
88, 635
85, 840
181, 350
82, 567

49, 950
76,000
39, 400
36, 795
11,000
23, 800
43, 250
26,125
31,335
43, 400
44,100
71,067

12, 000
38, 308
25, 000
23, 000
9,443
112,038
117,500
8,700
57, 300
39, 650
136, 500
10, 500

3, 000

3, 604, 504

2,231,305

168, 697 1, 352, 093 1,094,876

496, 222

589, 939

8. 715

41,352

49,162

6, 220,169

5,125, 294

69, 000
4,700
2,200
4,300
5,700
43,600
13, 900
1,000
10, 000
15, 000
7, 450
2, 256

98, 553
94, 363
99, 779
131,133
116, 849
240,933
115, 262
107, 343
120, 580
91,314
73, 254
90, 274

220, 657

594, 286

558, 256

185,942

18, 388

49, 524

46, 521

14, 058

112, 674
68. 395
171,423
115,264
109,264
135,916
135, 310
88, 595
70, 524
135, 750
101,638
69,178
142, 284

91, 240

50

3,000
0

2,285
500
0
200
0
0
195

1, 500
1,100

0
0

1. 050
0
0
0
125
0
2. 790
750
1.000

518, 347

427,108

300, 375 !

651,884
560,567
611 296
523,330
652 088
583 241
521,750
285,004
492,631
487,149
432,192
543, C03

566, 517
499, 385
560, 696
396,080
554, 699
472,032
411,130
215, 974
360, 281
373,064
331,742
447,011

493,123
323,711
416,132
284, 566
415,283
306, 722
316, 535
141,125
222, 781
270,426
258,814
304,728

300,818
172, 775
218,191
228,072
207, 633
235, P77
211,608
107,976
163. 888
212. 575
145, 999
212,284

43, 059
28,210
24,150
27,411
27 228
17,609
10, 535
8,975
12,509
15, 230
21,239
13,015

78, 403
74,819
103,910
19,777
23, «64
30.564
26, 709
12 ^42
22,440
32,151
37, 582
46,863

70, 842
47, 908
69, 881
9,307
156. 559
22 672
67, 683
11,932
23, 945
10,470
53,994
32, 565

5,000
4, 250
29,300
2, 250
3,500
30,000
6,000
4,325
1,750
1,000
3, 750
0

85, 367
61,182 j
50, 600 !
127,250
97. 388
111,209
110,620
69,030 i
132, 350
114,085
100, 450
95, 992

52, 720
57,382
27,100
46,950
26, 348
72,317
98,100
35,030
60, 450
6, 28C
71,880
48, 500

26, 899
3,800
23, 500
80,300
69,500
37.892
12, 520
34,000
71, 900
106, 000
28, 240
47, 492

5,748
0
0
0
1. 540
1,000
0
0
0
1, 805
330
0

6, 344,134

5,188, 612

3. 753, 946

2, 417, 695

249,169

509,324

577, 759

91,125 1, 343, 541 1,155,522 |

603,057

542, 043

10,423

50,255

45,170

869

42.133
74, 670
84,140
139,711
24, 235
54,400
25, 596
81,000
45,368
130,123
50, 490
75, 047
826,912

1,335

599, 854

202, 749
67, 913
111,431
24, 250
76,112
14, 700
89, 370
4,450
31,975
116,115
87, 307
3,750
75. 794
216,030
127,909
13,050
213, 279
56, 507
32, 272
2, 500
1,750
155,002
114,165 1 56,330
84, 726
89,319
63, 723
1,100
0
90, 808
110,890
29,890
3,700
113,894
121,999
76.533
31, 775
117,266
261,413
128,815
125, 263
178. 553
97,126
500
106, 747
31, 000
108, 789
0
734, 208
86,825 1, 474, 966 1, 572, 538

11,418

49, 988

131,045

61,184

68, 909

952

135, 958
1,500
98, 444
129, 765
102, 976
2,300
1.800
126,052
134,562
400
123, 031
119,643
151, 990
248,180
4,000
199,455
27,100
120,796
79, 567
1,000
53,169
67,962
0
577
2,000
106,133
64, 497
750
88,350
98, 561
15,000
170,150
71,156
8,000
148, 333
65,171
63,850 1, 379,147 1,325,329

76,303
35, 226
48,702
44, 513
142, 220
158,350
11,373
500
62, 633
46, 520
55, 024
52,171
733, 534

58, 656
67, 750
85, 750
75,130
102, 885
39, 605
41,396
0
43, 500
41,830
16,133
13,000
585, 634

61,128

48, 803

619,190

528, 678

941,361
942,194
671, 694
907, 432
961,773
925, 995
483,819
617, 365
633,862
1 034 474
773, 398
1,040,352

780,900
696,115
568,448
671 410
692 799
752,882
453,080
449, 640
541,405
856 518
554, 806
773,127

9,933, 719

7.791,130

201,475

20, 764

42, 444

48,147

336, 194
669,470
440 47,
526, 183 ; 255,043
606, 745
361,276 ! 242,769
452, 333
222, 206
455, 380 1 314.421
420,512
267,912
636, 291
334,053
638, 717 ! 481,965
277, 935
184,190
363, 761
247, 942
139,260
338, 750
301,812
184,944
419,406
324,509
446, 065
595,106
156, 851
376, 253
278, 627
666, 380
557, 591
314,118
6, 218, 592 4, 656,801 2, 962, 048

10, 821
12, 450
12, 504
10,740
22,075
36,998
21,431
29, 280
4,452
25, 670
14. 240
20,028
220, 688

53, 747
173,890
20, 063
47, 750
71,130
51,351
46, 700
31, 574
49, 569
72 588
65, 254
189, 695
874, 211

41, 709
84.800
85, 041
33, 725
59, 395
59, 564
25,614
47, 827
62,848
23, 298
42. 282
33,751

312. 829

432, 384

7,594

111.962

96, 294

1927
Fanuary
February
March

\pril
May..
. . .-.June
Julv
August
September. ..
October
November
December
Total

Monthly average... 827,810
1928
January
775, 027
884, 240
Februarv
983,738
March .
.
1,059, 782
April
1,046,900
May
1, 037, 890
Tune .
447, 343
July
270, 420
August
543, 388
September
800, 418
October
969, 543
November
1,173,157
December
9,961,846
Total
Monthly average... 832, 654
i See footnote on p. 21.




649,261

518,216

446, 648
582, 606
521, 760
624, 736
618,714
484,152
572,149
691, 792
869, 704 i 621,524
802, 909
603, 454
353, 997
407,166
250,178
250, 754
395, 023
501,155
744,615
656. 265
838, 682
909, 838
1,110, 406 1,045, 235
8,114, 396 6, 789, C66
676, 200

565, 756

388, 067

I
!
i
1
'

246,837

346, 704 ! 207,789
389,695 ; 240,587
356,300 S 183.426
227, 595
448,718
465,535
194, 572
146,115
455,558
87, 081
273, 430
182, 216
75, 722
328, 525
174,118
192,187
556,953
240,539
653,532
889,902
205,113

5, 346, 069
445, 506

2,174,843
181,237 !

18, 391

72,851
64, 205
85, 901
109,449
74. 270
120,529
70, 261
77, 530
16,198
56, 463
144.489
134,806
195,039

58, 250
41, 401
47, 255
134,104
132,908
232, 600
94, 601
44,416
91,153
214,123
258,122
462, 600
210, 495 1,149,139 1,811,592
16, 460
21,806
16,170
12, 750
17. 526
6,582
14,159
45,881
6, 791
6,155
20,065
26,150

17,541

95, 762

150,966

7,235

5,321

122,914

114, 929

110, 444

(j

0
525
0
3, 435
0
0
9*
2, 475
2, 800
700

;

l, ooo

!

0
110
0
3,075
1, 500
400

!
!

;

0
0
0

o
6,162
513

17

SURVEY OF CURRENT BUSINESS

February 1938

Table 55—CAPITAL FLOTATIONS—Continued
[Thousands of dollars]
Refunding
Foreign

Domestic
Corporate

Year and month
Total

Bonds and notes

Total
Total

Long
term

Short
term

Preferred
stocks

Farm
loan
Municand
ipal,
other
Govern- States,
etc.
ment
agencies

Common
stocks

Corporate

Total

United
Govern- States
ment
possessions

1924
January
February
March
April
May

71, 865
127,721
12,885
29,009
51, 898
64, 740
48, 045
123,739
69,874
57,315
9, 624
92. 585

28, 865
19,721
12. 885
27,959
49. 298
64,740
48, 045
93,739
42, 815
57, 315
6.374
59, 319

27. 792
19, 285
11,529
25, 804
48, 701
63, 221
46.184
92.862
39, 059
56, 549
4,862
55,911

25. 942
12, 435
9,179
16,376
48. 301
43, 892
41,184
88, 899
25, 938
46, 544
3,188
33,811

Total.

759, 300

511,075

491,759 i

395, 689

Monthly average

63, 275

42, 756

40,980 !

32, 974

4,967

97,910
91, 759
79,109
95,915
39, 025
109, 628
120,475
102, 985
28, 085
80, 622
15, 444
44, 896

87,860
51, 559
76,109
79,175
39, 025
69, 346
93, 475
32,985
20, 085
80, 622
11,569
42,896 |

85,143
48,182
70, 251
68,634
34, 947
67, 737
74, 682
29, 237
16,379
70,310
10, 675
41, 457

20, 372
44,287
70, 251
65,618
25, 257
47, 548
32,193
19,137
11,079
61.139
4^ 900
34,171

62,400
3,000
0
200
670
2,400
8, 560
350
2,000
4,000
475
3,274

1,684
0
0
1.706
300
1.800
24, 904
300
900
2,140
5.000
3, 793

688
895
0
1,110
8,720
15.989
9. 025
9,450
2,400
3,031
300
220

87, 329

42, 526

51,828

I.

June
July
August
September
October
November
December

1925
J anuary
February
March
April
May
June . . .
July
August
September
October
November
December
Total.

905, 854

684,707

617,635

435, 951

Monthly average

75, 488

57, 059

51,470

65, 429
25, 922
39, 003
100, 957
13, 801
133, 265
54, 424
57, 124
36, 470
45, 022
266, 361
43, 670

63,457 i
24,987 |
37,168 |
99, 070
12, 237
87, 843
53, 748
56, 480
35,424
43, 776
264, 465
41.076

56. 680
22, 554
34, 868
81,136
9,912
85, 843
34, 955
52, 743
31,660
30, 139
176, 632
24, 236

1, 086,141

881, 447

819, 731

641, 358

90, 512

73, 454

68, 311

53, 446

102, 532
245, 061
101,947
131, 581
265, 789
136, 743
23, 159
166, 446
75, 179
133,308
204, 874
263, 472

88, 684
219, 378
91, 328
112,997
248,109
90, 936
15,058
78, 911
71, 759
70, 134
200, 240
216, 642

0
0
2.000
5, 637
400
2,000
2,000
3,363
11,500
0
364
800

1,850
200
350
2,500
0
0
0
600
0
0
1, 250
1,650

59,606 I

28,064

8,400
700

36,329

79, 752
77, 449
42, 003
115, 757
13, 801
141,366
60, 424
67, 939
49, 520
93, 022
266, 439
78, 670

0
6,650
0
1, 291
0
17,329
3,000
0
1,621
10, 005
60
19, 650

2,339 I

3,544 !
4, 100
0
1.300
700
0
0
1, 190 i
2,938 I
400 I
12.089
1,000 I
10, 540

Total.
Monthly average
1927
January
February
March ___
April
May
June
July
August
September
October
November
December

34,256

19,315

Total.
Monthly average.
1928
January
February.
March
April
May
June
July
August
September
October
November
December
Total
Monthly average.
40404—3

160,461
246,080
103, 246
236, 022
268, 974
173, 113
30, 739
167,725
92, 457
177, 956
218, 592
267, 225

106, 661
246, 080
103, 246
231, 353
268, 974
140,603 I
24,462 i
167, 725 !
78,857 |
134, 564
209, 276
265, 709

3, 776 |
0
6, 500
2, 116
0
17, 200
1, 195
1,364
13, 050
500
30, 700
0
9,185

2, 855
2,848
10.000
8,503
11,864
170
3,174
6, 562
74, 485
2, 800
32. 474
4, 634
22, 941

248, 225

24,516

1,610
0
0
3,000
4,700
828 |
6.000 !
0
0
5,000

19,528 I

20, 685

2,043

2,717
3,377
2,858
5,841
3,250
1,609
12, 794
3,748
3,706
5,312
894
1,439

10,050
40, 200
3,000
16,740
0
40, 282
27,000
70,000
8,000
0
3, 875
2,000

0I

0
!
86,233
0 !

98,803 j

0
200
0
0
40,000 j
0
0
0
0
0
0
40,200

3,350 i

8, 234
11.000
9.183
0
6, 720
310
41.438 !
175 j
0

I

o
0
o
92. 800
0
0
0
0
0
0
0
0

43, 000
90, 000
0
1,050
2,600
0
0
30, 000
27, 059
0
0
30, 000
233, 70

0

1.972
935
1, 635
1,887
1,564
5, 422
676
645
1,046
1,246
1,896
2,594
21,517
1,793
4,129
1,019
1,299
6,972
3, 185
3,860
1,303
1,279
3, 678
1,256
4,402
2,237

14, 323
51, 527
3,000
14, 800
0
8,100
6, 000
10,815
13,050
48,000
78
35, 000

5. 250
8, 108
0
12. 000
0
5, 519
6, 000
10, 815
10,050
30, 000
78
35, 000

0
0
0
0
0
0
0
0
0
0
0
0

201, 397

221,147

0

0

16,783

47, 545

18,642

0

9,073
40, 000
3,000
2,800
0
6,000
0
0
3,000
18,000
0
0

0
0
0
0
0
0
0
0
0
0
0
0

204,693 j
I
17,058

122, 820

81,873

0

10, 235

6, 823

0

53,800 ;
0 '
0

0
0
0
0
0
32. 510
6,277
0
3, 600
26, 393
9.316
0

53, 800
0
0
4, 669
0
0
0
0
10, 000
17, 000
0
0

0
0
0
0
0
0
0
0
0
0
0
1, 516

i

4.669 I
0i
32,510 ;
6,277 I
0

2, 142, 589

1, 977, 509

1,850,092

1,504,176

81,810

180, 456

120
0
0
14, 705
83, 651

178,549

164, 792

154, 174

125,348

6,818

15, 038

6,971

192, 421
259,504
365,024
367, 990
177,195
234, 981
40,177
19, 666
42, 233
55, 803
59, 706
62, 751

156,950 i
195,763 i
365,024 j
321,198
164, 695
152, 036
40,177
19, 666
39, 233
48, 903
57, 442
58, 711

155, 050
191,704
361, 243
314, 324
161, 977
143, 026
38, 945
18, 709
37, 026
48, 231
56, 310
57, 615

129, 503
160, 264
252, 758
240, 348
103, 833
37,126
9,456
3, 331
23, 658
12,152
8,495
18, 378

520
19,316
10, 000
0
4,246
250
1,442
2,600
0
10,000
1,600
4,400

15, 730
665
85,160
14, 472
51, 216
62, 551
2,009
5, 000
188
5, 595
3,529
1,888

9,296
11,458
13, 325
59, 505
2,682
43, 099
26, 039
7,778
13,181
20, 484
42, 686
32, 949

1,900
4,059
3,781
6,874
2,718
9,010
1, 232
957
2,207
672
1,132
1,096

35, 471
63, 741
0
46, 792
12,500
82, 945
0
0
3,000
6, 900
2,264
4,040

9,979
9,640
0
34, 792
12, 500
74. 000
0
0
0
6, 900
2, 264
4,040

25, 493
54, 101
0
12, 000
0
8,945
0
0
3,000
0
0
0

92, 800

34,617

13,600 I
43,393 I
9,316
1,516
165,081 I

78, 096

85, 469

1, 516

7,733

2,885

13,757 I

6,508

7,122

126

1,877, 450

1, 619, 797

1, 584,160

999, 302

54, 374

248, 002

282, 482

35, 637

257, 653

154,115

103, 538

156, 454

134, 983

132,013

83, 275

4,531

20, 667

23, 540

2,970

21,471

12, 843

8, 628




0
0
0
0
0
0
0
0
0
0
0
0

0
35, 000
3,000
14, 240
0
40, 282
27, 000
70, 000
8,000
0
3,875
0

1,627 j
1

2, 677
2.433
0
0
0
0
5.453
465
1, 542

45, 314

0
18, 000
0
0
0
0
0
0
0
0
3,250
3,266

877

1926
January
February
March
April
May
June
July
August
September
October
November
December

43, 000
108,000
0
1,050
2,600
0
0
30, 000
27, 059
0
3,250
33, 266

3, 756
766
1,512
3, 409

4. 319

0
0
1,000
17,234
2,325
2,000
12,150
334
1,822
1,549
600
6,300

1,073
436
1,356
2,156
597
1, 519
1,861

18

SURVEY OF CURRENT BUSINESS

February 193 8

Table 55—CAPITAL FLOTATIONS '—Continued
[Thousands of dollars]

Year and month
Bonds and notes

1929
January
February
March
April
May
June
July
August
SeptemberOctober
November..
December-

1, 066,405
1, 058,404
, 056,806
816,765
1, 513, 250
802,194
947,962
884,095
1,616,904
880,890
297,964
650, 524

250, 175
152,066
222, 906
160,093
297,707
90, 537
136, 285
88, 713
155, 644
224, 347
8,620
85, 372

918,149
934,343
,847
078,012
1, 120, 781
785,488
887,803
858,834
1, 308, 782
846,659
281,123
565.946

73, 7o2
68,484
104,144
91,355
174,736
150,219
84, 250
80,657
99 498
117'592
83, 785
289,304

Total

24,000
53,100
214,387
15,559
24, 273
162,107
35,433
6,250
0
48,128
24,138
30,000

15,750
11,500
10, 250
0
23, 000
9,862
0
15,000
8, 000
4,500
8,600
14,000

120, 000
0
9,500
0
,000
25, 300
0
0
50, 000
0
0
0

12. 000
4, 300
3, G85
17, 793
2,144
1,000
0

1,516,743 4,407,144

Monthly "average.
1930
January
February
March
,---•
April
—
May
June
July
August
September
October
November
December

0

849,120
603,469
821,754
959,823
1, 181,454
780, 568
585,820
291,114
496,895
444,926
208,537
393,567

48, 2;u
14,140
25, 000
69,816
04, 536
08,990
55, 740
8,513
44,475
20, 058
61,750
38.749

771,942
573,696
799, 473
905,120
1, 108,103
709, 312
554, 280
204,989
378,413
377, 313
256. 602
384, 1.44

Total

412,188

13,336 !

334,659
466, 659
201, 460
205, 760
553, 104
566, 289
369. 53!)
387, 329
334, 140
344, 284
224, 585
251,180
223.127
223, 127
j
120,454 I 120,454 i
220,557 "
271,057
45, 074
45,074
109, 996
109,996 I
123! 394
124.298

279,848
74,251 ••
259,529 '•
267,471 i
61,360 ;
106,043 I
115,070 j
46,197
106,381 I
17,391 I
50, 123 |
66,984 I

217, 543
41,420
218,011
110,631
102.335
83, 630
21,965
21, 486
76, ,592
13, 785
18, 553
24, 718

---

80,500

41,345
28, 200
42, 405
13,572
4,931
4,065
61, 500
15, 185
6,200
40, 298
7,970
5,378

184, 870
73, 932
162, 442
70,604 i

90,897 I
83,872 I
105,381 i
62,024 ;
88,515 !
100,024 i
45, 000
124, 686

119,522

49,310
118,210

2.601 I 15,000 I 278,574
0
100
0
15, 000
0
0
12, 000
6,000
2,000

102, 065
172. 680
118,542
93, 058
74, 257
114, 176
15, 683
53, 872
44,410
1,234,837

65, 568
13, 300
3,184
2,044
1,687
4. 565
1, 956
23, 289
38, 868

109, 852
56, 527
19, 346
44, 841
60, 424
163, 928
162. 600
55, 652
83,005
59,027
89,192
61, 467

Total
Monthly average
1 See footnote on p. 21.

, 507
19, 650
16, 517
25, 889
43, 594
109.332
116,310
45, 789
64,197
58, 176
86, 870
57,050

10, 475 1

9, 717

77,100 j 762,480 ;

1

22,157
1,314
3,170
17. 335
3,584
12, 082
52, 760
14,050
8,911
3, 109
6,511
15, 601

!

873

:

i
810 j 6,425 !
750
0
2,420
935
3.
7,907
46, 052
10, 366
8,911
3,109
6, 336
15, 196

9,500 I

1, 400
0
0
0
0
35,000
0
18,000
0
0
0

212,800

21,285 !
|

138,206 !
34,783 !
108,790
30, 535
83.666 i
79, 762 :
26,539 I
33,744 !
57, 965
38, 435
28, 867
101, 188

0
0
5, 000
25, 000
0
0
16, 000
0
4,000
9,100
5,000
13, 000

34 122

255,421

16,260 i 6,217 ! 102,903

900
6, 850
5, 002
1,498
2, 300
45
342
9, 298
0
6, 385
750
755

2,843

63,

1,431,268

7,208!

18,799 j 5,500
19,257
9,000

9,080 !

1, 192,248 hi, 164,941




90.932!

17,003
6, 065
32, 048
55,132
29, 550
16, 529
90, 985
12, 550
17, 724
0

Total
Monthly average
1932
January
February
March
April
May
June
July
August
September
October.
November
December

December

1,091,189

31, cU9

116,166 j 195,116 j 74,600

—

Monthly average
1933
January
February
March
April.
May
June
July.
August
September
October
November

118,148 !

0
2,000
20, 000
0
1,000
7, 500
0
0
15,000
0
26, 000
15, 000

20,034

Monthly avera
1931
January
February
March
April
May
June
July
August-.
September.
October
November
December

40, 070
65, 775
224,637
15, 559
47, 273
172,469
35,433
21,250
8,000
53,028
34,683
44, 750

i
63,540

!

32, 850
16, 936
13, 347
8, 554
40,010
97, 250
28, 549
31, 740
37, 286
55, 067
80, 358
41, 450

27, 307 !

!
2.276 i

17,733

19

SURVEY OF CURRENT BUSINESS

February 1938

Table 55—CAPITAL FLOTATIONS—Continued
[Thousands of dollars]

Year and month
Bonds and notes

148,256
124,061
59,
138, 753
392,469
16, 706
60,159
25,261
308,122
34,232
16,841
84, 579

144, 506
121,811
59,959
134,753
392,469
6,274
60,159
25,261
307,122
34,232
16, 241
84,579

4,726
0
3,272
12,000
1,100
800
21,140
900
0
0
1,600
338

44,193
21,264
10,455
46, 449
25, 834
42, 253
21,181
67, 000
49,940
16,075
4,233
1.772

10,903
5,500
4,600
810
28, 000
2, 500
5,300
0
7,400
30, 207
0
5. 000

1,924
1,137
2,846
3,444
4,518
3,941
5, 058
15,095
4, 265
4,
3, 202
2,651

174, 692
7, 000
126, 512
154, 707
49, 450
103, 974
30, 424
5, 000
9, 083
0
16, 079
385

United
States
possessions

1,959
1,418
1,632
581
1, 621
484
865
216
530
144
903
1,524

180, 858
13, 975
129, 199
187,207
81,230
121,575
40,864 I
5,800 I
19,883 !
500 !
20, 079
19. 347

182, 197
15, 212
135,133
204,116
83, 549
151, 145
44, 573
507
42, 791
945
20,571
20, 697

56, 704
77, 460
50,825
85,951
103, 266
400
15,240
15, 645
,7
4,924
9,200
6,492

55,096 I
27,636
15,437
47,259
63,334
47,315
26,481
68,350
57,340
54,796 I
4,233 !
I
6.772

77,178
29,773
22,281
54,703
73,352 I
71, 256
31,539
86,125
118,482
67,612
11,935
9,423

1931
January
February
March
April
May.
June
July
August
September
October
November.
December.

Municipal,
States,
etc.

Common
stocks

2,158
1,000
4,000
0
5, 500
0
0
2, 6S0
51,900
0
4,500
0

20, 15S
1.000
4,000
4,000
5, 500
20,000
0
2, 680
56,877
7, 851
4, 500
0

1, 339
1,237
934
3, 910
2,319
2,070
3,709
707
2, 908
445
492
1, 350

Monthly average
1932
January.

February.
Maich.
AprilMay..
June..
July
August September-.
OctoberNovember..
DecemberTotal.
Monthly average.
1933
January
February
March
April
May
June
July...
August
September
October..
November
December

14,042
21,198
29, 470
72, 227
33, 668
64, 262
50, 321
111,210
50, 402
24, 344
31, 680
35, 210

14, 042
21,1.98
29, 470
72, 227
33, 668
64, 262
50, 321
111,210
10, 402
24,344
31,680
35,210

5uO
5, 688
9,097
33, 124
15, 000
25, 231
49, 029
107,114
4,332
19,015
30, 958
18, 446

45,344
36, 877
2,829
20,552
16,831
114, 446
44,907
9,863
30, 808
851
12, 322
18, 567

45,344
36,877
2,829
18, 952
16, 831
54, 446
44. 907

42, 360
36, 241
2,248
16,607 I
12,050 i
48,296 I
43,061 I
0I
17,854 I
0
0
550

Total

282,597 !:

M o n t h l y average.

23,550 i




9; 863
30, 808
851
2,322
18, 567
282,597
23,550 '

219, 266
18,272 i

12, 500
15, 000
20, 000
0
15, 000
30,000
0
0
0
0
0
0

42
510
373
39,103
3,668
9,032
1,292
4, 096
6,070
5,329
722
16, 765

2,248
0
0
70
30,000
0
0
0
0
0

0
0
0
Q
0
0
0
0
12, 000
0
0
14, 250

2,984
636
581
2,346
4,780
6, 150
1,846
9,863
954
851
2,322
3, 768

0
1,938
7,200
2,449
7,000
9,807
10, 529
56,034
3,
3, 000
30,958
2.000

0
0
0
0
0
60, 000
0
0
0 i
0 i
10,000 I
0

31,518
31, 625
0
5,903
0
41, 963
0
0
3,862
0
0
0

10, 842
4,616
0
10, 704
12, 050
6, 263
13, 061
0
13, 992
0
0
550

114,871

72,078

32, 318

26, 250

37,080 I

71,600 1
1

1,600 i

70,000

9,573

6,007

2,693

2,188

3,090

5,967 !i

133

5,833

0
0
0
0
0
0
0
0
0
0
0
0

0
0

0
0

0
1,600
0
60, 000
0
0
0
0
10,000
0

II

20

SURVEY OF CURRENT BUSINESS

F ebruarv 1938

1

Table 55—CAPITAL FLOTATIONS —Continued
[Thousands of dollars]

New capital

Total
(new
capital
Year and month and refunding)

Foreign

Domestic
Corporate
Total

Bonds and notes

Total
Total

Long
term

Short
term

Preferred
stocks

Farm
loan and
other
Com- Government
mon
stocks agencies

United
States
possessions

1934
90, 555
89, 448
149,352
238, 913
144, 070
307,194
375. 592
259,838
71,007
157,139
I 141,891
187,261

Total

47, 953
81, 060
99, 314
140, 915
99, 788
118,588
213,608
180, 358
39, 293
121,820
104, 300
139, 350

47, 953
81, 060
99, 314
140, 915
99, 788
118, 588
213, 608
180, 358
39, 293
121,820
104,300
139, 350

5, 983
13, 058
13, 770
28, 241
28, 823
9,420
20, 279
8, 019
7,187
390
8,227
34, 861

0
0
8, 912
23, 046
25, 582
0
400
8,019
4,387
0
8,227
33, 534

0
12, 000
250
500
0
0
18, 300
0
500
0
0
0

0
0
1,325
325
1.259
0
0
0
0
0
0
290

5. 983
1,058
3,284
4,370
1.983
9, 420
1,579
0
2, 300
390
0
1,038

5, 000
7.000
3,000
15,000
12, 500
11,500
105, 000
153,111
0
83, 000
10, 000
0

(2,212,259

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

1,386,347

3,198

31,403

405,111

1,386,347

178, 258

112,107

31, 550

184, 355

115,529 1 115,529
1

14,855

9,342

2,629

141,531
95, 726
290, 479
507, 457
472, 429
512, 900
644, 509
437,127
437, 425
368,121
382, 221
462, 422

Monthly average..

92, 697
50, 118
105, 023
89, 508
81, 764
55, 457
127, 126
148, 210
172, 746
148, 462
119, 794
221. 206

5, 267
6,500
7,945
21, 988
45,193
13,676
55, 090
29, 795
45, 087
73, 003
33, 289
66, 738

778
6,500
7. 945
10, 988
38, 993
13, 676
26, 857
29, 395
42. 260
70, 084
30, 359
45, 110

2,485
0
0
6, 000
0
0
0
0
0
0
0
2,809

403,570 I 322, 944
26.912

36, 970
61, 002
82, 544
97, 675
58, 465
97, 668
88, 329
19, 228
32,106
38, 430
86, 074
104,489

2,617

33, 759

925
0
0
5. 000
1,200
0
25, 945
400
0
1. 540
2,930
16, 555

1,079
0
0
0
5. 000
0
2,288
0
2,827
1, 379
0
2,264

6, 000
0
0
3.500
0
0
0
85,262
0
15,000
0
40,290

11,294

54, 495

14,837

150, 052

941

4, 541

1,236

12, 504

713
0
1,250
15.000
0
1,745
0
0
0
0
750
3, 575

2,000
4,139
1,922
2,216
2,433
18, 582
7,198
14,491
7,440
13, 422
5, 622
10,501

1, 750
5,715
10,683
24,001
21,777
10, 276
23,373
10, 484
18,758
21, 542
6, 498
107, 638

0
4,000
11,000
0
5,900
1,000
0
0
0
0
0
0

51,069
89, 558
57, 728
47, 775
68,030
63, 812
33, 355
45, 775
102, 770
78, 202
48, 873
47, 962

8.000
0
0
75
0
1,000
0 i
0
500
15. 000
0
0

0
0
0
0
0
0
0
0
15, 000
0
0

1935
January
February,..
March
April.
May
June
July
August
September
October
November
December

---

Totals-

14, 752,346

Monthly average.. -1 396,029

92,
50,
105,
89,
81,
55,
126,
148,
172,
147,
118,
221,

1,412, 109 1, 408, 621
117,676 j 117,385
i

33,631 j

43, 618
97, 078
64, 020
36, 571
41, 781
71,902
33,153
127, 659
59, 289
84, 755
114, 179
3, 488
291 i

0

0

291

8 000
.

0
0
0
0
0
0
3,250
0
0
0

0
0
0
75
0
1,000
0
0
500
0
0
0

1936
January
February
March
April
May
June
July
August
September
October
November
December
Total
M o n t h l y average--_

411,631
302,859
765,921
11,002,603
419,
733,407
338, 779
297,008
409, 335
465, 596
380, 813
725, 567
6,253,335

124, 004
107,030
127, 543
175, 729
111,537
217, 686
103.165
216, 574
177, 860
188,087
157,951
266,168

64, 935
60, 473
13, 473
3, 619
127,543 I 58, 816
44, 960
175, 654
86, 661
127, 879
111, 537
13,398
37, 608
216, 686
121, 271
151, 874
103,165
39,239
69, 809
216, 574
170, 799 I 145, 823
177, 360
74, 590 ! 48,392
173,087
94, 885 j 59, 921
157, 951
96, 207
109, 077
266,168
218, 206 ! 96, 492

116,004 |

107,030 I

816, 457

23, 033

89, 967

262. 494

21,900

734, 909

24, 575

23, 000

3 250

1,575

99, 329

68,038

1,919

7,497

21,874

1,825

61, 242

2,048

1,917

271

131

96,164
152, 267
137, 877
78, 427
78,153
268, 946
80, 870
50, 673
112,757
66, 647
26, 313
42, 767

62, 989
91, 910
98, 997
38, 083
47, 047
149, 889
39,115
34,092
87, 322
45, 948
22, 320
25, 650

2, 450
4, 350
0
0
0
37 176
200
0
100
0
0
1,000

20,696
2, 650
17, 657
10, 869
7,201
61, 225
35, 596
3,102
15,164
20, 099
780
8,831

10, 060
53,357
21,223
29, 475
23,905
20, 656
5, 959
13,479
10.171
600
3,213
7,286

0
4. 000
0
10, 500
28, 500
0
89, 000
0
0
0
25, 000
0

147, 374
33, 504
47, 497
69, 653
43,526
90, 941
76, 891
28,067
41,051
26.546
43,085
79, 098

0
0
0
0
0
0
0
0 |
3, 250
3,300

0
0
0
0
0
0
0
0
0
0
0

0

0
0
0
0
0
0
0
0
3,250
0
0
0

0
0
0
0
0
0
0
0
0
3,300
0
500

743,361

45, 276

203,870

199,383

157,000

727, 232

7,050

0

3 250

3,800

61, 947

3,773

16, 989

16, 616

13, 083

60,603

588

0

271

1, 973, 334 1, 948, 759 1,191,950

521,111

164, 445

162, 397 I

617,940
543, 975
382, 345
316, 792
266, 484
560, 338
340,170
187, 312
223, 828
203, 496
135, 929
164, 452

243, 568
189, 771
185, 374
158, 580
150,179
359, 887
246, 761
78, 740
157,058
96, 492
94, 397
122, 364

243,568
189, 771
185, 374
158, 580
150,179
359, 887
246, 761
78, 740
153, 808
93,192
94, 397
121, 864

i

o!
0

1937
January
February
March
April
May

June
July
August
September
October
November
December
Total
Monthly average. _.
1

3, 943, 062 2, 083,173 2, 076,123 1,191,891
328, 589

See footnote on p. 21.




173,598

173,010

99,324

1

0
500

21

SURVEY OF CURRENT BUSINESS

February 1938

Table 55—CAPITAL FLOTATIONS '—Continued
[Thousands of dollars]

Year and month
Bonds and notes

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

1,500
2,308
12, 569
58, 083
2, 958
23, 747
125,500
10, 000
10, 000
31,000
21, 573
12. 398

1,500
2, 308
12, 569
58, 083
0
4, 000
50, 000
3,500
10, 000
2, 000
21, 573
9,398

48, 835
45, 609
185, 456
417,949
390, 665
457, 443
517, 382
288, 917
264, 679
219, 659
262, 427
241, 216

48,835
45, 609
185, 456
417, 949
390, 665
457,443
512, 952
212, 917
264, 679
215, 881
262,427
201, 216

2,459
23, 291
112, 220
133, 891
81, 567
115,488
486, 885
180.067
230, 767
179, 392
217, 215
100, 617

844
10, 291
112,220
111,519
75, 567
115, 488
471,885
151,105
229,137
163, 690
216,395
84, 974

287, 627
195, 828
638, 377
826, 874
308, 280
515, 720
235, 614
80, 434
231,475
277, 508
222, 863
459, 399

239, 627
195, 828
615, 877
765, 374
308, 280
513, 970
235, 614
80, 434
231, 475
277, 508
199, 363
459, 399

200, 973
181,141
536, 037
529, 872
267, 385
375, 756
224, 583
61, 639
175, 460
271, 517
154, 927
407, 707

374, 372
354, 204
196, 972
158, 212
116, 305
200, 451
93, 409
108, 572
66, 770
107, 004
41,531
42, 088

289, 372
255, 204
196, 972
123, 212
116, 305
200,451
93, 409
108, 572
66, 770
105, 504
41,531
42, 013

1,859,889

Monthly average
1935
January
February
March
April
May
June
July
August
September
October
November
December

42, 601
8,388
50, 037
96, 798
44, 282
188,606
161, 984
29, 481
31,714
35,319
27.591
47,911

Corpo- S Governrate
ment

Common
stocks

1,639,614

0
0
0
0
2,958
19, 747
75, 500
6, 500
0
29, 000
0
3,000

23, 000
1,900
22, 000
30, 000
20, 000
147, 400
30, 000
11,000
13, 000
0
0
18,300

18.101
4^180
15, 468
,715
21, 324
17,459
6,484
8,481
8, 714
4,319
6,018
17, 213

0
0
0
19, 372
0
0
5, 000
23, 962
1,000
15, 702
820
3, 300

30, 200
12, 500
20, 000
192, 000
267, 394
319,000
10, 500
300
12, 700
23, 962
17, 254
81, 210

16,176
9.818
53, 236
92, 058
41, 704
22, 955
15, 567
32, 551
21, 212
12,527
27,959
19, 388

183, 246
162,081
524, 025
484, 591
251, 727
324, 828
219, 955
55, 350
156, 233
249, 393
144,
390, 577

0
10, 691
10, 828
36, 732
12,075
46,947
1.525
6,183
18, 694
18,188
7,273
11,737

200
6,200
9,000
198, 718
3,771
93, 429
2,080
,800
0
1, 000
28, 454
2. 660

38. 454
8,488
70, 840
36, 783
37,123
44,786
8,951
10,995
56, 014
4, 992
15. 982
49,033

80, 836
139, 521
161, 931
68, 784
71, 255
125, 220
19, 985
34, 598
381
69, 653
9,000
4,925

116,081
28, 325
15, 051
4, 800
19, 681
9,569
28, 233
3,381
38, 431
0
270
200

26,000
21, 200
4,067
22, 356
16, 391
30, 000
29, 000
27, 400
20.000
34. 300
27, 000
22, 700

59, 855
9,483
11,849
14, 320
7,694
21,110
7, 628
25, 036
7, 385
1,552
4,411
4,850

Monthly average

Monthly average
0
56,024
4, 073
12,951
1,285
978
8, 563
2, 158
574
0
0
138

85, 000
99, 000
0
35,000
0
0
0

Monthly average
1
Compiled by The Commercial and Financial Chronicle and represents a complete revision of data on the same subject shown in the Survey under the the title of "Securities
issued, by purpose of issue." The classification has been broadened, and with the publication of the complete historical record by months, it is believed that the value of
these statistics will be greatly enhanced. It is planned to present the historical record for capital issues by type of borrower, with classifications similar to those shown on
p. 35, in the April issue of the Survey. Due to space limitations, it will not be possible to show the details presented there until after publication of the 1938 Supplement,
at which time the usual general revision of all data is given. Meanwhile the data will be presented on p. 35 in the old form; the classifications shown here may be kept up to
date by referring to current issues of The Commercial and Financial Chronicle.
Included in the series are all capital issues which are publicly listed as being for sale, except bank loans and U. S. Treasury issues. Securities sold at private sale are
included when the compilers are aware of such a sale. Domestic issues include securities sold by all companies incorporated in the United States, regardless of where the
funds may be spent. Foreign issues include only that part of an issue of a foreign company which is floated in the United States. "Long-term bonds and notes" includes
those issues maturing more than 5 years after the date of issue, and "short-term bonds and notes" refers to those issues maturing in 5 years or less. The classification "farm
loans and Government agencies" includes issues for which the U. S. Treasury acts as fiscal agent, such as those of the Federal Intermediate Credit Banks, the Federal Farm
Mortgage Corporation, the Federal Land Banks, the Home Owners' Loan Corporation, the Reconstruction Finance Corporation, and also those of the War Finance Corporation. Joint Stock Land Bank issues are included (last issue dated May 12, 1933) as well as any refunding issues subsequent to that date. The title "Municipal, States,
cities, etc.," contains financing of all political subdivisions in the United States, and "foreign government" comprises flotations in American markets of bonds of foreign countries and their subdivisions. The classification "United States possessions" comprises issues of all places politically entitled to classification as Territories or Possessions,
viz, Puerto Rico, Guam, Hawaii Territory, Alaska Territory. Panama Canal Zone, Philippines, American Samoa, Virgin Islands, and their political subdivisions.




22

SURVEY OF CURRENT BUSINESS

February 1938

Monthly Business Statistics
The following table represents a continuation of the statistical series published in the 1936 Supplement to
the Survey of Current Business. That volume contains monthly data for the years 1932 to 1935, inclusive, and
monthly averages for earlier years back to 1913 insofar as available; it also provides information as to the sources
of the data and sufficient descriptive material for a proper interpretation of each series. These notes also indicate
the source from which monthly figures prior to 1932 may be obtained. It is essential that all users of the SURVEY
have this base book which may be secured from the Superintendent of Documents, Government Printing Office,
Washington, D. C , for 35 cents per copy.
A few series have been added or revised since the 1936 Supplement went to press. These are indicated by
an asterisk (*) for the added series and by a dagger (f) for the revised series. A brief footnote accompanying
each of these series provides a reference to the source where the descriptive note may be found.
The terms "unadjusted" and "adjusted" used to designate index numbers refer to the adjustment for seasonal
variation. Data subsequent to December will be found in the Weekly Supplement to the SURVEY.
Monthly statistics through D e c e m b e r 1935, together with explanatory notes a n d references
to the sources of the data m a y b e found in the
1936 S u p p l e m e n t to the Survey.

1937

1936

Decem- December
ber

1937
January

February

March

April

May

June

July

August Septem- October November
ber

BUSINESS INDEXES
INDUSTRIAL PRODUCTION
(Federal Reserve)

\
i
Combined index, unadjusted
1923-25= 100..j
Manufactures, unadjusted
do
Automobiles.
do
Cement
do
Slaughtering and meat packing*
do
Glass, plate..
do
Iron and steel
.do
Leather and products!
do
Petroleum refining
do
Rubber tires and tubes
do
Textiles
do
:
Tobacco manufactures
..do
Minerals, unadjusted!
do
Anthracite!
do
Bituminous coal
do
Iron-ore shipments
do
Lead
do
Petroleum, crude
do
Silver
do
Zinc
do
Combined index, adjusted
do
Manufactures, adjusted
do
Automobiles
do
Cement
do
Slaughtering and meat packing*
do
Glass, plate
..do
Iron and steel
do
Leather and products!
do
Petroleum refining
do
Rubber tires and tubes
-do
Textiles
.do
Tobacco manufactures
do
Minerals, adjusted!
do
Anthracite!
do
Bituminous coal
do
Iron-ore shipments
do
Lead
.do
Petroleum, crude
do
Silver
do
Zinc
do

• 80

94
56
101
108
43
i 74

r 72
138
107

88
169

110
v 84
v 80
78
71
86
108
49
? 87

170
r 113
t 70
87
*> 174
108

114
114
147
71
117
89
125
114
192
123
132
149
111
72
103

112
113
120
52
100

81
156
114
100
121
121
122
91
100
89
143
134
191
123
139
183
117
73
80
161
113

85
174
103
110

200
132
123
155
116
63
80
159
76
176
101
116

111
110
132
92
67
185
130
113
206
102
103
178
115
'38
72
245
79
177
126
104
114
114
129
75
70
206
140
115
206
102
111
164
112
47
79
121
82
174
148
112

64
81
90
65
123
81
47
43
67
31
85

66
87
113
63
131
176
45
28
79
32
103

72
92
149
65
112
311
51
25
59
50
129

86
77
125
56
84
273
95
15
65
200
69

122
122
140
67
84
241
142
136
190
132
132
146
118
67
112

122
125
158
85
83
2C5
144
128
195
133
127
145
105
101
61

77
158
100
85
114
115
120
86
87
77
139
136
189
123
124
165
110
56
86

72
165
102
89
116
116
120
85
86
244
129
134
194
133
126
168
115
50

77
171
102
113
118
117
121
93
89
229
126
132
190
132

84
174
104
114
118
118
130
87
93
241
130
131
195
133
124
158
115
97
72

76
164

70
168
94
83

77
134
126
1S9 !
123
130
156
106
61

122
123
163
92
74
234
146
122
200
132
123
157
117
63
70
238
75
177
98
117
118
118
135
78
76

115
114
147
91
76
234
119
114
201
123
119
164
117
65
72
240
72
175
105
111
114
114
130
74
77
260
119
118
202
123
126
150
114
74
80
122
70
172
107
115

117
118
120
51
85
244
135
136
194
133
134
153
111
54
103

••128

153
128
81
112
75
173

107

223
134
133

115
114
116
94
70
216
139
121
207

109
106
53
92
83
199
123
112
216

'102

108
170
120
37
77
257
79
184
138
103
117
118
157
73
78

107
179
125
53
92
218
73
182
111
110
111
110
135
73
87

93
167
122
70
92
156
84
177
90
112

216
142
109

199
125
'98
216

207

99
100
90
39
179
98
97
218

' 102

100
142
79
89
179
100
88
217

115
159
112
37
78
126
82
181
139
110

108
162
' 115
52
86
113

77
177
116
116

91
If, 5
113
55
83
91
81
176
91
115

90
79
102
72
72
194
101
95
74
136
47

123
77
89
78
67
64
169
288
88
96
103

129
79
84
81
73
43
180
317
114
83
110

'90
'86
111
76
95
151
63
r 77
212

83
158
' 112

67
'87
34
82
' 172

128
108
'89
'85
92
76
%
151
68
'80
v 211

80
155
' 109

65
'78
40
79
' 174

119
108

MARKETINGS
Agricultural products (quantity):
89
Combined index
1923-25*= 100._
83
89
Animal products
do
78
80
82
Dairy products
_._do
82
Livestock
do
102
Poultry and eggs
...do
120
Wool
_
_
.do
32
46
Crops
do
77
99
Cotton
-do_--_
106
142
71
Fruits
...do
77
49
Grains
do
71
72
Vegetables
do
'Preliminary. 'Revised.
*New series. For data for period 1919-37, see table 42, p. 20, of the October 1937 issue.
t Revised series. D&ta revised for 1936; see p. 22 of the March 1937 issue.




66
79
87
69
106
58
54
58
74
30
89

!

!
!
!

115
85
78
79
113
52
145
234
73
99
70

23

SURVEY OF CURRENT BUSINESS

February 1938

1936
Monthly statistics through December 1935, to- 1937
gether with explanatory notes and references
to the sources of the data may be found in the Decem- Decern- I Janu1936 Supplement to the Survey.
ber
ary
ber

1937
February

March

April i May

June

August jSeptem- October November
i ber

July

BUSINESS INDEXES—Continued
M i R K E T I N G S -Continued
Agricultural products, cash income from farm I
marketings:
;
Crops and livestock, combined index:
i
Unadjusted
1924-29 = 100-:
80.0
Adjusted
do
72. 5
Crops
do
61.5
Livestock and products
do
84.0
Dairy products
do
100.0
Meat animals.._
do
80.0
Poultry and eggs
do
71.0
COMMODITY STOCKS

86.0
78.5
64.5
92.5
91.5
100.5
77.5

75.5
75.0
63.5
87.0
89.5
89.0
78.5

132
108
131
112
116
54
94
150
104
118
107
232
183
432
171
251
196
174
124
100
113

i

59.5
70.5
63.0
78.5
84.5
83.0
59.5

70.5
81.5
74.5
88.5
90.5
89.5
85.5

69.0
89.0
88.5
90.0
88.0
91.0
86.0

127
111
143
114
116
71
94
139
93
111
98
214

120
110
153
110
109
61
101
127
84
104
83
195

111
110
154
103
109
73
' 103
111
78
85
80
174

101
107
148

184
418
174
245
187
178
118
101
119

183
429
171
240
188
178

182
457
164
244
187
177
99
97

68.0
78.0
74.5
81.5
88.5
75.0
80.0

71.5
84.5
85.5
83.0
85.5
82.0
78.5

107
144
'93
112
48
105
93
75
70
83
136

99
' 108
141
'97
117
57
104
91
74
78
93
121

169
466
155
225
192
163
94
93

166
445
148
239
190
166
94
87
81

88.3
76.2
87.4
85.0
85.2
96.6

88.8
76.7
88.4
83.7
86.1
96.8

88.9
76.9
88.2
83.7
86.6
96.8

84. n
73.5
58.5
88.5
95.0
84.0
94.0

90.5
85.0
86.0
84.5
86.0
86.0
77.5

96.5
81.0
72.0
90.5
88.0
94.0
89.5

107.5
77.5
66.5
89.5
91.0
89.5
91.5

111
109
143
'90
122
68
'97
112
81
126
118
117

' 130
' 109
149
r 77
' 126
82
r
97
146
108
135
111
191

149
113
153
73
132
106
'94
17.5
121
145
117
2G0

162
' 114
T
159
'68
r
137
92
'91
190
129
r
158
' 132
305

173
442
148
249
190
156
93
101
120

179
254
18S
197
92
93
124

182
'261
179
180
99
93
115

187
274
178

76.9 ,
87.7 i
84.1 j
87.1 I
96.9 !

8&.0
77.8
87.3
84.4
87.8
97.0

89.4
78.5
87.6
85.0
88. 6
97.1

124
95
107
113
157
139
137
124
119

125
102
106
116
145
139
144
96
113

123
109
90
119
123
119
151
104

87.5
94.5
108.0
80.0
85.5
77.5
78.0

j

Domestic stocks, (quantity):
j
Combined index
1923-25=100.-i
Manufactured goods
do
•
Chemicals and allied products
do
i
Food products
..
...do I
Forest products.
..do I
Paper, newsprint. _
do
,
Rubber products
..do
Raw materials
_
do
;
Chemicals and allied products
do
Foodstuffs
do..... |
Metals
do
j
Textile materials
do
j
World stocks of foodstuffs and raw materials: !
Combined index (quantity) f 1923-25=100
j
Coffee, adjusted!-.
do
j
Cotton, adjusted t
do
!
Rubber, adjusted!
do
j
Silk, adjusted!
do
j
Sugar, adjustedt
do
J
Tea, adjusted!..
do
I
Tin, unadjusted!-do
Wheat, adjusted!
do..

162
114
159
70
137
58
89
196
126
152
vzi
315

194
288
170
101

no
95
119

110
47
r
105
98
75
70
70
154
174
460
160
235
184
163
90

106
107 j
141

-94 I
120
50
97
104
73
120
105
108

!
!
!
i
|
j
!
j

171
443
144
242
188
168
88
100
109

r

92
119

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

j

1923=100..
do
do
do |
...do j
do I
I

PRICES RECEIVED BY FARMERS

j

87.9 !
75.9
87.2
86.1
84.2 I
96,4 i

131
110
107
128
105
143
128
115
182

127
101
108
126
127
146
126
143
147

128
102
116
125
133
145
129
131
140

130
104
117
120
142
154
130
127
139

128
96
112
116
152
149
133
139
133

84.2
i. 2
82.9

84.6

84.5

84.3
88.6
85.4

85.6

86.5 I

75.9
86.4
86.3

85. S

85.5

93.2

91.7

93.0

93.7

94.5

95.2

95.6

96.0

96.3

96.6

85.8 I
|
06.3 j

97. 2
91.1
93.5
96.3
87.1

94.9
88.1
91.4
91.8
86.1 I

94.9
88.4
92.2
93.1
87.0

95.1
89.0
92.5
94.0
87.6

95.3
89.4
93.0
94.7
88.2

95.7
89.9
93.4
95.3
88.6

95.8
90.1
93.6
96.3

96.0
90.4
94.1
96.8
89.2

96.4
90.7
94.8
97.4
89.2

96.9
91.4
95.1
9S.1
89.2

97.1 I
91.5
95.2 j
98.1 I
89.2

86.1
74.1
84.7
86.6
81.8
95.3

86.9
74.3
86.4
86.4
82.2
95.8

104
127
64
136
76
86
111
112

126
133
105
127
93
134
122
99
168

i
j
j
!

78.7
86.7
85.4
89.2
97.9

89.0
78.3
85.4
85.8
89.1
97.8

j

(17. 8. Department of Agriculture) §

87.2
75.0
86.3
86.5
82.8
96.1

88.6
77. 7
84.4
86.1
88.7
97.8

Combined index.
-.-1909-14=100,-1
Chickens and eggs
do j
Cotton and cottonseed
do
Dairy products
__do I
Fruits
do j
Grains
do \
Meat animals
do \
Truck crops
do \
Miscellaneous...
_
_.
do :
RETAIL PRICES
U. S. Department of Labor indexes:
j
Coal:
i
Anthracite!
.1923-25=100.
Bituminous*
_
do
Food !
do...
Fairchild's index:
Combined index
Dec. 1930=100.
Apparel:
Infants' wear
__do..Men's
do...
Women's
_
do
Home furnishings
_
do...
Piece goods
do...

128;

j
!
j
i
I
j

118
119
74
123
121
111
144
117
115

112
127
67
128
99 j
93
136
130 |
113

107
135
G5
132
88
85
120
124
112

84.9
95.7

94.5

97.2
91.4
95.1

97.2
91.4
94.4
97.4
88.2

WHOLESALE PRICES
U. S. Department of Labor indexes:
Combined index (784)
1926=100..
84.2 I 85.9
86.3
87.8
87.4
87.2
88.0
87.9
87.4
81.7
87.5
85.4
83.3
Economic classes:
Finished products
do
85.4
84.9
86.4
87.4
87.5
87.7
89.1
89.0
88.1
86.7
S5.3
83.8
Raw materials
do
88. 3
88.1
90.1
88.7
87.1
86.1
84.4
86.5
84.8
75.4
85.6
80.7
77.2
Semimanufactures
do
85.5
85.4
89.6
87.5
86.8
85.3
77. 7
82.3
89.5
87.0 ! S6.6
82.5
79.8
Farm products
do
91.4
91.3
94. 1 I 92.2
89.8
88.5
85.9
72.8
88.5
89.3 i 86.4
80.4
75.7
Grains
...do
113.0 I 111.5
113.2 I 119. 2
113.9
105.7 i 105.2 j 92.0
91.9
71.5
109.0
69.2
77.0
1
Livestock and poultry
do
91.4 i
93.7 |
95.9
98.3
106. 7
78.4
85.0
93.6
105.0 I 108.2
86.2
98.5
r
Revised.
*New series. For bituminous coal, retail price index, see table 44, p. 20 of the October 1937 Survey.
!Revised Series. Retail prices of anthracite coal for period 1929-37, see table 44, p. 20, of the October 1937 issue; retail food prices, for period 1923-36 see table 9, p. 20, of
the February 1937 issue. World stocks of foodstuffs and raw materials revised for period 1920-37, see table 19, pp. 17 and 18, of the May 1937 issue; revisions shown on p .
23 of the November 1937 issue were occasioned by recomputation of seasonal adjustment factors for 1936 and 1937. Revisions not shown on p. 23 of the Nov. 1937 issue will
appear in a subsequent Survey.
§Data for Jan. 15, 1938: Total 102, chickens and eggs 113, cotton and cottonseed 66, dairy products 128, fruits 70, grains 91, meat animals 110, truck crops 101, miscellaneous




24

SURVEY OF CURRENT BUSINESS

1936
Monthly statistics through December 1935, to- 1937
gether with explanatory notes and references
to the sources of the data may be found in the Decem- Decem1936 Supplement to the Survey.
ber
ber

February 1938
1937

January

February

March

April

June

May

July

August

*er|oetob«

Novem
ber

COMMODITY PRICES—Continued
WHOLESALE PRICES-Continued
U. S. Department of Labor indexes—Contd.
Foods
1926«100_.
Dairy products
do
Fruits and vegetables
do
Meats.
do
Commodities other than farm products and
foods
_
1926=100-.
Building materials
do
Brick and tile
-do
Cement—
..do
Lumber
_
-do
Chemicals and drugs
do
Chemicals
do i
Drugs and Pharmaceuticals
-do !
Fertilizer materials
__do I
Fuel and lighting materials
do... I
Electricity
do j
Gas
do I
Petroleum products
do
|
Hides and leather products
do j
Shoes
do i
Hides and skins
_do j
Leather
1
do j
House-furnishing goods
do j
Furniture
do j
Furnishings
do
|
Metals and metal products
do !
Iron and steel
do j
Metals, nonferrous
do I
Plumbing and heating equipment
j
1926= 100. _j
Textile products
,.
do \
Clothing
do.
Cotton goods
do.
Knit goods
do.
Silk and rayon
do.
Woolen and worsted goods
do.
Miscellaneous_
..do.
Automobile tires and tubes
__do.
Paper and pulp._
do.
Other wholesale price indexes:
Bradstreet's(96).._
do....
Dun's (300)
do.—
World prices, foodstuffs and raw materials,
Combined tndex_
1923-25=100Coffee
do
Cotton
do
Rubber
do
Silk_
d o Sugar
do
Tea
do
Tin
d o Wheat
do
Wholesale prices, actual. (See under respective commodities.)
PURCHASING POWER OF THE
DOLLAR
Wholesale prices
__ .1923-25=100Retail food pricesf
_
do
Price received by farmers
do
Cost of livingf
do

84.2
73.1
84.1
95.9

84.7
72.0
84.5
98.0

86.2
76.4
71.2
106.0

86.7
79.7
65.3
112.1

88.0
84.8
64.0
113.4

85.5
85.7
62.2
107.4

86.3

86.1

86.3
96.7
95.4
95.5
101.3
83.9
89.9
78.2
71.3
78.1
80.0
84.0
61.8
106.7
107.4
116. 2
98.7
89.7
86.8
92.6
96.1
99.8
92.7

86.1
96.3
95.5
95,5
99.5
82.2
87.0
78.2
71.7
78.4
82.6
62.0
108.1
107.4
122.1
100.0
91.1
87.1
95.0
97.0
99.9
93.3

85.9
96.2
95.0
95.5
99.0
81.4
85.7
78.3
71.8
78.7
80.5
84.0
62.2
107.6
107.5
120.7
98.9
91.1
87.1
94.9
97.1
99.8
92.6

85.1
95.4
93.4
95.5
97.3
81.2
85.3
78.3
72.5
78.5
81.0
83.6
61.7
106.7
107.6
117. 1
97.2
91.0
87.1 |
94.9 !
96.4 I
99.7 j
85.5

78.7
78.2
89.1
89.7
64.6
32.5
93.2
79.4 !
56.4 1
95.0 !

78.7
78.3
90.1
86.8
64.8
33.0
94.4
79.0
56.4
94.2

78.8
77.1
90.0
82.2
65.7
32.9
93.9
77.3
56.4
94.1

87.2 !
107.3 !
I
59.8 I
57.8 j
46.7 |
45.2 |
25.5 !
62.6 i

86.6
102.8

84.8
102.2

84.0
102.7

61.3
57.3
45.6
44.3
27.1
64.1
77.9
118.0
91.0

58.3
56.4
37.9
43.1 |
26.2
66.1
83.9
118.2
85.7

56.2
56.4
33.1
43.6
25.9
62.1
86.4
116.6
86.5

53.5
56.9
30.9
38.4
24.0
56.6
84.4
102.4
87.2

51.7
46.5
29.4
34.2
23.0
60.4
79.1
86.1
86.3

114.6
116.4
117.6
114.4

115.1
117.0
119.5
114.3

115 2
116 6
124 5
113. 8

117.9
117.8
131.2
113.6

120.8
119.6
137.4
114.3

79.8
90 2
57^8
88.8

85.5
88.9
75.4
87.2

87.1
88.9
82.4
90.6

87.0
88.7
87.8
90.3

83.6
92.5
92.0
95.5
93.8
79.5
83.5
75.1
72.0
78.4
59.5
97.7
105.6
85.5
86.9
89.7
85.9
93.5
96.3
99.0
75. 1

82.2
89.5
88.5
95.5
89.6
85.3
93.3
77.4
68.6
76.5
82.7
83.1
58.0
99.7
99.4
110.4
92.6
83.2
79.4
86.9
89.6
90.9
78.6

83.4
91.3
89.7
95.5
93.0
87.7
96.4
79.0
70.6
76.6
81.0
82.2
58.3
101.7
99.7
116.0
94.3
86.5
84.0
89.0
90.9
91.7
84.8

84.1
93.3
91.0
95.5
99.0
87.8
95.6
83.0
70.7
76.8
80.8
80.7
59.1
102.7
101.4
114.9
95.5
87.9
84.5
91.2
91.7

79.6
70.1
86.7
68.7
63.4
29.4
83. 5
75.0
57.4
89.8

76.7
76.3
83.1
90.3
63.0
33.8
90.5
74.5
50.1
82.9

77.1
77.5
83.9
91.9
64.4
34.5
91.9
76.2
51.8
84.8

77.4
77.5
84.2
91.3
64.7
33.7 |
93.1 i
77.3
53.1
87.5 i

90.2 j

33.8 !
93.5 \
81.1 I
56.4 !
93.9 |

0)
0)

86.2
109. 5

86.9
107.7

87.8 I
108.8 |

91.4 !
109.0 j

89.1 !
108.7 j

87.7 !
106.8 j

51.8
43.5
30.5
35.4
22.0
58.1
73.8
85.2
89.2

60.6
54.9
47.1
46.8
27.5
71.3
66.9
103.1
81.8

62.3
55.9
47.8
50.1
28.7
73.8
70.8
101.2
84.2

60.3 |
58.3
48.2
49.9
27.8
66.3
74.0
103.3
79.5

64.2 !
55.4 ;
53.3 !
56.4 I
28.1 ;
64.6 i
78.0 I
124.8 I
86.5

65.2 !
55.4 I
52.6 !
54.8 ;
27.6 i
63.8 !
80.7 |
117.4 \
95.3 i

62.0 !
57.8 !
48.9 !
49.4 !
25.8 i
62.3 I
81.6 !
110.7
89.9

123.3
121.1
141.4
114.8

119.6
120.6
116.7
118.1

117.2
118.2
112.2
117.1

116.7
118.3
115.7
116.7

1117
117.1
114.8
115.7

114.4
116.8 !
113.1 |
115.2 !

115.2
115.6
114.8

92.0

89.4

87.5
90.2
86.5
92.0
85.5
95.9
91.8
95.5
102.1
87.5
95.3
83.0
70.3 !
76.2 |
77.8 I
79.8 i
58.6 |
104.2 |
102.3 !
118.5 i
97.1 j|
88.4
85.o:
91.7
96.0
97.5
101.1
77.6 !
78.3
84.8 i
94.0 j
64.9 !
33.6
92.6 j
79.5 !
55.0 j

85.5
78.5
83.5 ;
94.9 j
86.5
96.7

94.9
95.5
103.0
86.9
94.2
82.9
70.7
76.8
77.1
80.7
59.8
106.3
103.8
121.4
100.7
89.0
85.8
92.1
96.5
99.6 I
97.0 I
I
78.7 i
79.5 i
86.8 i
95.1 !
65.9 1

97.2
95.0

96.9

95.0
95.5
102.2
83.6
90.1
78.0
70.5
77.5
79.5
84.2
61.5
106.4
107.5
114.6
98.8
89.5
86.6
92.5
95.9
99.7
91.9

95.5
103.0
84.5
91.1
79.2
70.6
77.2

78.8
83.0
60.9
106.7
106.1
117.7
100.6
89.3
86.1
92.5

95.8
99.6
91.7
78.7
78.7
87.2 !
92.6 |
65.7
32.5
93.3 I

80.5 !
56.4 I

94.6 |

76.4 I
111.1 !
84.8 I

79.4

i

75.3
89.7
76.8 i
66.5 !
32.4
92.4
77.0
56.4
93.4

83.1
89.2
61.5
98.3
84.3
93.7
92.9
95.5
94.8
80.2
84.2
76.8
71.9
78.2
83.1
83.1
60.6
101.4
106. 9
94.6
92.7
90.4
86.0
94.8
96.8
99.3
78.5

65.8 j
30.6 I

|
I
|
|

79.6
71.2
87.3
70.5
64.2
30.1
85.1
75.4
57.4
90.4

80.1 i
97.3 i

75.6
93.8

80.6 !
73.5 i
89.4 ]
73.1 j
90.1
76.2
56.4
92.4

1

114.5 I

115.5
116.0
118.5
114.4

CONSTRUCTION AND REAL. ESTATE
CONSTRUCTION CONTRACTS
AWARDED
Value of contracts awarded (Federal Reserve
indexes):
54
Total, unadjusted
1923-25=100. J
49
53
56
49 I
42
Residential, unadjusted
...do |
26
40
37
35
r
62
Total, adjusted
do
j
62
63
56 !
52 !
56
r
Residential, adjusted
do
|
31
47
40
37
36
33
F. W . Dodge Corporation (37 States):
By ownership:*
82,461 !112, 345
69,382
66, 355
74,164 i 92,585 137,458 130, 776 107,530
Public
thous. of d o l - 115,053
79, 623
77, 838
92,889
Private
d o . . . . 94,398 117,235 j130,482 118,875 164,891 195,770 I 151,528 180,384 190, 826 177,574 127,449 j 124,243 105, 512
By type of project:
Total, all types:t
|
13,355
9,605 ! 8,731
Projects..
number..! 7,925
9,746
13,884
13, 239
12,990
12,649 I 12,132
9,912
16,162 ; 13, 756
Valuation
thous. of dol—j 209,451 199,696 |242,827 188, 257 231, 246 269,934 | 244,113 317,842 ! 321, 603 285,104 207,072 : 202,081 198, 402
Nonresidential buildings:
Projects
number..
2, 532
2,922
3,741
3,361
3,225
2,467 i 2,629
3,729
3,566
3,574 i 3,296
2,872
3,307
Floor space
thous. of sq. ft— 16,626
10,701
16, 579
14,370
14, 691
18,462 [ 16, 710
24, 512
21,794
21,154
14,494
13,568
13,690
Valuation
thous. of dol— 101,210
72, 956
95, 969
65,626
96,179 | 93, 433 124,837 | 138, 064 117,210
75,660
75,012
77, 055
88, 602
Public utilities:
Projects
number—
265
205
241 I
195
167
181
275
309 !
295
255
229
274
Valuation
..thous. of dol—I 18,286
32, 364
20, 256
19,117
31,343 | 12, 949
17,426
21,788
20,985 I 10, 763
29,863 | 49, 992
15, 602
Public works:
|
604
582
515
Projects
..number—!
763
395
1,099 ! 1,069
1,183 ! 1,221
1,386 I
1,307 ; 1,058 |
847
42,135
Valuation
thous. of dol—I 46,475
27, 264
32,221 | 44,757 i 55, 980
46, 664
63,103 I 52,873 | 45,982 | 43, 983
70,064 I 52, 501
Residential buildings, all types:
j
I
6,389
5,406
6,224
9,195 | 11,081 ! 9,274
Projects—
number., j 4,365
8,014
7,817 j 7,493 i 5, 938
7,735 I
18,969
Floor space.
thous. of sq. ft—| 10,856
18,427
18,739
24,244 I 29,483 I 23, 038
23, 845
20, 580
16,306 ! 15, 165
18,920 ! 17, 028
Valuation...
..thous. of dol.. j 43,480
65,487
78,407
90,168 | 108,013 I 83,937
63,004
93,078
81,046
65,485 i r 59, 938
73,448 I 65, 590
Engineering construction:
!
Contract awards (Engineering News Record) 1 j
thous. of doL. | 199,033 266,301 ; 173,077 ! 189,197 | 156,788 ! 216,955 I 235,012 | 274,399 | 260,001 170,068 I 210,511 I 187,001 ! 165,581
r
l
Revised.
Discontinued by the reporting source.
• New series. For data on the value of contracts awarded classified as to ownership, see table 29, p. 18 of the August 1937 Survey.
t Revised series. For data on purchasing power of the dollar, cost of living for period 1914-36 and retail food prices, for period 1923-36, see tables 5 and 6, p. 19 of the
February 1937 issue. For construction contracts awarded in1 1936, by type of project, see table 28, p. 18, of the August 1937 issue.
 T Data for December 1936 and April, July, September, a ! t December 1937 are for 5 weeks; other months, 4 weeks.



25

SURVEY OF CURRENT BUSINESS
3936
Monthly statistics through December 1935, to- 1937
gether with explanatory notes and references
to the sources of the data may be found in the Decem- Decem1936 Supplement to the Survey.
ber
ber

1937
April

May

June

July

August

Septem- October November
ber

CONSTRUCTION AND REAL ESTATE—Continued
HIGHWAY CONSTRUCTION
Concrete pavemenj contract awards:
Total
_
thous. of sq. yd_.
4,023
5,468
Roads only
do
2,303
4,026
Highways and grade crossing projects administered by Bureau of Public Roads:
Highways:
Approved for construction:
2,952
Mileage
number of iniles..
2,635
Allotments: total
thous. of dol._ 41, 683 42, 090
36, 775 29, 059
Regular Federal aid
do
2,368
3,671
1934-35 Public Works funds
do
9,360
2,540
Works Program funds
do
Under construction:
5, 884
Mileage..
number of miles..
8,003
Allotments: Total
thous. of doL. 103, 717 141,069
80, 400 65, 664
Regular Federal aid
do
Public Works Program:
6, 435 13,461
1934-35 funds
.
do
Federal aid..
_
__do
o 61, 934
16,882
Works Program funds
___..._do
186, 914 207, 315
Estimated total cost-...
do
Grade crossings:
Approved for construction:
158
Eliminated and reconstructed* .number __
206
487
Protected by signals*
do
542
Works Program funds alloted
thous. of dol_. 10, 443 17,971
11,186
Estimated total cost
.
do
18,606
Under construction:
405
Eliminated and re constructed*, number..
1,081
410
Protected by signals*
do
98
Works Program funds allotted
thous. of doL. 47, 356 104.876
Estimated, total cost....
____do
48, 973 107, 645

3,385
2,836

2,371
1, 456

3,352
2,564

4, 340
3,155

6,639
5, 495

6,575
4,861

5,187
3, 562

5, 783
4,216

6,059
4,499

3, 295
2,403

3,170
2,320

2,880
43,899
32, 710
3,291
7,898

2,993
44, 472
34, 247
2,902
7,323

3, 323
46, 743
36, 315
2,883
7,545

3,426
4Q, 724
35, 297
3,108
8,319

4,482
48,189
38, 550
2,436
7,203

3,582
49, 263
39, 418
2,596
7,249

3,142
43, 417
34,885
2,266
6, 267

2,986
40,606
32, 861
2,754
4,990

2,746
39,849
33, 404
2,343
4,102

2, 572
39.112
33, 704
2, 230
3,179

2, 751
39,781
34,947
2,238
2, 596

7,617
133,553
65,222

8.041
7,923
136,039 139,683
69, 809 76,168

8,896
9,215
8,278
8,970
144, 531 149, 535 152,050 148,745
98, 968 101,062
85,155 92,071

12,075 10,910
12,561 12,491 12, 540 11,842
0
0
0
n
Q
55, 770 53, 738 50, 975 47, 534 45, 389 42,172
199,498 205, 239 214,697 228, 204 239,730 248,187

8,583
6, 726
7,478
8,135
143, 603 137,562 127,418 117,105
102, 524 99, 913 95, 667 89,320

9,229
7, 434
8,171
9,959
8,720
0
Q
o
37, 724 31, 850 28, 929 23, 580 20, 352
253,914 250,171 238, 739 224, 670 207, 597

167
360

164
350

154
356

165
417

146
393

13, 381
14,079

132
393
13, 484
14,321

15, 730
16, 881

12, 323
13, 374

11,761
12,697

12, 713
13, 291

10, 883
11,430

156
518
10, 731
11. 453

969
341

935
345

873
346

824
375

704
363

581
357

502
373

459
408

101,381 100, 593 98,464
103, 808 102, 853 100, 718

95,690
98,004

92,211
94, 452

87, 677
90, 671

79,110
82, 229

650
368
71,167
74,123

63, 600
65, 526

56,801
58, 527

52, 417
54, 111

173
542
16,037
16, 621

157
419

150
396

142
397

13, 526
14,049

12,842
13, 257

1,039
100

1,014
309

CONSTRUCTION COST INDEXES
AberthaV (industrial building)
1914=100..
American Appraisal Co. (all types)._1913=100..
Associated General Contractors (all types)
1913= lpO__
Engineering News Record (all types) §
1913=100. _
E. H. Boeckh and Associates, Inc.:
Apartments, hotels, and office buildings:
Brick and concrete:
Atlanta
U. S. av., 1926-29=100..
New York
_
do
San Francisco
_-_do
St. Louis
,._do
Commercial and factory buildings:
Brick and concrete:
Atlanta
U. S. av., 1926-29=100New York_
do
San Francisco..
do
St. Louis.—
do
Brick and steel:
Atlanta...
do
New York
do
San Francisco
d(K_
St. Louis
____
do _.
Residences:
Brick:
Atlanta
do
New York._
_do
San Francisco..
do
St. Louis
.
do
Frame:
Atlanta..
do
New York
do....
San Francisco
do
St. Louis
_
do

196
184

195
169

171

174

203
178

181

182

201
184

185

185

198
185

184

184

191

180

181

184

184

186

186

192

191

191

191

191

191

245.0

220.1

223. 5

223. 5

225.3

230. 3

233.3

238.2

241.8

243.0

244.0

244.6

245.0

93.7
126.2
111. 2
114.7

85.2
108.4
108.2
106. 2

86.9
109, 5
111.8
108.4

88.1
110.1
108.4
109.8

91.8
111.3
109.4
110. 6

93.3
111.5
109.7
113.0

93.2
111.7
109.7
113.0

94.3
121.8
110.7
114.4

93.8
126.2
110. 7
114.3

94.1
126. 5
117.4
114.5

94.3
127.3
117.6
115.0

94.2
126. 7
113.6
114.8

94. 2
126.6
113.fi
114.7

96,4
127.7
119.0
118.9

87.3
112.1
115. 2
107.4

88.6
111.7
118.1
112,1

00.5
112.0
113.0
112. 9

95.3
113.3
113.8
113.5

95.8
113.4
114.0
117.1

95.7
113.6
114.0
117.1

96.7
122.2
114. 8
118.8

96.4
127.6
114.8
118.7

96. 6
127. 8
120.4
118.8

96.8
128. 5
120. 5
119.3

90. 7
128.2
119.4
119.2

90. 7
128. 1
119.4
1J9. 1

94.0
126.1
114.8
11.8. 5

86.0
108.7
108.9
107.6

88.3
111.1
112.7
109.7

89.2
112.2
108. 8
112.8

94.0
113. 9
110.7
114,4

94.8
114. 8
111.6
117. 6

94.6
115.1
111.6
117.5

95.4
120. 5
113. 1
11.8.8

94.7
126. 4
113.1
118.6

94. 9
126. 6
117. 5
118.6

95.1
127.6
117.5
119.4

94.8
126. 8
114.2
119.2

94.8
126.6
114.2
119.0

82.9
118.9
103. 4
106. 6

77.0
104.8
99.2
100. 6

80.1
106.5
102.4
104.1

82.0
108. 5
98.1
105.0

84.3
109. 6
99.8
105. 4

88.4
109. 6
101. 3
106.0

88.4
110.0
101. 3
105.9

88.3
119.4
104.9
107. 8

85.5
121.6
104.9
107.0

85.7
121.8
111.2
106.4

85.9
123.9
110.6
109.0

85.0
120. 4
106. 8
108.2

85. 0
J19. 6
106. 8
107.4

76.4
113.2
93. 9
97.6

70.7
99.1
88.9
92.3

75.0
101.1
92.2
96.1

76. 6
103. 5
92.2
97.2

78.1
104. 9
94. 0
97. 6

82.7
104.9
95.8
98.0

82.7
105.0
95.8
97.9

82.3
115.0
96.4
99.2

79.2
116.2
96.4
98.3

79.4
116.4
104.9
97.6

79.6
118.4
104.2
100. 6

78.4
114.3
97.3
99. 6

78.4
113. f
>
97. :\
98.7

REAL ESTATE
19,767
19, 350 21,09S
Fire losses
_
_
thous. of dol__ 30, 173 30, 134 25, 070 28, 655 29,319
26, 661 21,438
19, 525 19,812
2:5,850
Foreclosures:
r
176
ISO
230
222
237
230
214
Metropolitan cities*....1926=100..
196
243
177
182
268
177
r
57.7
63.2
84.4
74.0
Nonfarm real estate*.
1931=100..
73. 3
69.9
56. 8
65. 1
74.7
68.5
76.3
57.6
57.2
Loans of Federal agencies:
Federal Savings and Loan Associations:
1,296
1, 240
1,270
1,293
1,307
Associations, total
number._
1, 22S
1,257
1, 212
1, 286
1,318
1, 249
1, 328
1,311
1,200
Associations reporting
do
1,157
1,211
1,157
1,166
1,143
1,168
1,181
1,168
1,178
1, 194 ' 1,178
1,065
Total mortgage loans outstanding*
thous. of dol__ 783, 069 544,107 576,299 611,212 630, 680 644,068 679,949 703,996 718,927 746,958 769,117 773, 208 ' 776, 086
Federal Home Loan Bank:
Outstanding loans to member institutions
thous. of doL. 202, 092 145, 394 143,738 141,198 142,716 146,146 153,488 167, 054 169,568 175,604 179, 508 184, 038 187, 333
Home Owners' Loan Corp.:
Loans outstanding*
do
2, 397, 6472,765,098 2,729,274 2,698,611 2,661,542 2,625,493 2,591,115 2,556,401 2,524,129 2,497,224 2,472,421 2,446,002 2,422,149
.Index as of Jan. 1, 1938, is 243.9.
Revised.
*New series. Data on number of grade crossing projects represent a breakdown of the total projects shown in the 1936 Supplement. For earlier data on the foreclosures
indexes, see table 18, p. 20 of the April 1937 issue. Total mortgage loans outstanding of Federal Savings and Loan Associations represent the combination of loans of "new
associations" and "converted associations" which were shown separately in the 1936 Supplement to the Survey. The Home Owners' Loan Corporation data are for loans
closed through June 12, 1936, when lending operations ceased, and for loans outstanding thereafter. For loans outstanding, data beginning September 1933 will be shown in
a subsequent issue. The June 1936 figure, which was $3,092,871,000, represents the total of all loans made during the full period of lending operations.
r

40494—38-




20

EY OF CTKRENT Bl KINKKS

Monthly statistics through December 1935, together with explanatory notes and references
to the sources of the data may be found in the
1936 Supplement to the Survey

1937

1 (.».')S

1'YI sniH vx

1936

I )eceni- December
ber

January

Febru- I March

April j May

June

j July

August [Septem-

October

Xovember

DOMESTIC TRADE
ADVERTISING
Printers' Ink indexes (adjusted for seasonal
variation):
Combined indexf
1928-32-100..
Farm papers
___do____
Magazines
,
do
Newspapers
do
Outdoor!
do
Radio
do
Radio advertising:*
Cost of facilities, total
thous. of dol..
Automotive
do
Clothing
do
Electric home equipment
do
Financial
do
Foods
do
Home furnishings, etc
do
Soap, cleansers, etc
do
Office furnishings, supplies
do
Smoking materials
do
Drugs and toilet goods
do
All other..
do
Magazine advertising:*
Cost, t o t a l . . .
..do...
Automotive
do...
Clothing.
do...
Electric home equipment
do...
Financial
do...
Foods
do...
Home furnishings, etc
do...
Soap, cleansers, etc
do...
Office furnishings, suppues
do
Smoking materials
_do___
Drugs and toilet goods
do
All other
do...
Lineage, total
thous. of lines.
Newspaper advertising:
Lineage, total (52 cities)
do...
Classified
do...
Display, total
do...
Automotive
„
do...
Financial
do...
General
do...
Retail
do...

|
05. 6
93. 3
98.9
89.0
87.5
262.1

99.2
92.9
101.1
95.2
75.6
244. 4

86. 5
70.3
89.3
81.4
74.8
241. 5

91.9
76.7
94. 3
88.3
68.5
234. 8

94. 1
72.0
97.8
90.1
75.7
228. 6

96. 5
78.0
102.1
91.4
82.5
230. 7

94.8
82.6
97.8
89.0
85. 4
247. 0

98.3
82.5
101.9
92.5
79.5
289.4

94.8
69.7
103. 5
87.7
82.8
283. 4

96. 2
86.4
101.9
88.8
84.4
298.3

95. 0
79.0
99.1
89.1
79.1
277.0

6, 573
990
9
65
76
1, 906
2]
582
0
687
1, 793
444

6,185
944
39
85
1,821
51
457
6
404
1, 752
610

6,061
1,094
30
35
74
1,751
'4
r
356
0
421
1,699
597

5.714
'973
25
65
69
1,631
r
9
M07
0
436
1,575
-524

6,345
1,099
25
108
76
1,728
10
517
0
510
1,759
513

5, 980
1,018
10
133
73
1,721
9
593
0
570
1,517
336

5,876
1,070
26
141
61
1,630
7
528
0
621
1,484
307

5, 555
904
32
101
71
1,508
4
560
0
616
1,492
266

4, 761
683
27
97
68
1, 337
0
454
0
558
1,312
224

4,807
735
3?
78
52
1,344
0
475
0
551
1,275
265

12,9af
1,511
600
508
366
1, 813
670
263
389
2, 233
3, 867
2, 893

12,203
1,419
535
545
310
1,977
561
236
341
674
2,122
3,482
2,731

9.042
1, 579
297
124
306
1,312
228
220
165
677
1,675
2, 459
2, 031

12, 634
1,471
393
290
329
2,122
498
459
186
696
2,893
3,297
2,399

15,537
2,019
770
610
397
2,164
901
414
245
732
3, 235
4,050
2, 762

17,061
2, 602
881
882
438
2,109
1,167
403
201
691
3,144
4, 543
3,206

17,829
2,824
1,028
868
451
2,199
1,230
580
315
724
3,087
4, 522
3, 258

14,605
2,452
850
596
399
1,789
832
461
188
689
2,782
3,568
3,023

10,688
2,134
279
253
290
1, 521
325
348
113
693
2,160
2, 572
2,235

9,730
1, 582
414
92
276
1,385
257
353
157
608
1,964
2, 643
2,018

122, 29,p
21,314
100,982
3, 723
1, 519
.15, 13*'
80, 604

130,762
22,945
107,817
4,24G
2,151
18.186
83, 234

99, 588 103,092
21, 521 20.615
78, 066 82,477
3, 348
3,896
2,970
1,986
17,176
22,814
54,572
53, 781

126,134
24,632
101,502
5,413
2,390
24, 406
69, 292

131,052
25, 758
105,294
6,956
2,218
24,135
71,985

130,835
27,132
103, 702
7,462
1,807
24,019
70,414

121,784
25,798
95, 986
7,332
2,065

16

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

61.6

62.0

2,489

2, 620

22,775
63,814

68. \

67.9

64.8

99, 206 103, 699
22, 614 23,710
76, 593 79, 989
5,903
5,371
1,992
1,279
17,160
16, 531
51,538
56,808

92. 9
66.9
97.1
87. 6
84.5
229. 9

91.3
80.6
102. 4
84.3
77. 5
244. 7

4,971
692
26
34
36
1,441
0
522
0
567
1,289
365

5,993
981
29
35
69
.1,727
0
529
0
594
1,533
497

6,193
965
J9
47
92
1. 724
16
557
0
614
1,698
431

12, 819
1,359
978
220
373
1, 460
869
383
374
825
2,070
3,909
2,383

16.382
2, 128
1, 153
522
417
1,963
1,318
425
279
782
2, 899
4, 496
2, 852

15, 972
2, 658
886
437
442
2,078
1,034
449
320
793
2,810
4, 066
2, 989

r

117,256 134, 979 119,746
23,715
24, 869 21, 738
98,008
93, 541 110,111
6, 589
4, 052
7, 756
1,375
1,302
1,576
19,829
23, 024 20, 151
68, 357 77, 755 69,892'

69.7

71.0

72. 1

71.6

1,840

1,671

J, S'J2

1,841

NEW INCORPORATIONS
Business incorporations (4 States)

number...

2,01

2,228

2, 608

2,417

2,122

2, 171

1,943

POSTAL BUSINESS

Air mail:
Pound-mile performance..
Amount transported
Money orders:
Domestic, issued (50 cities):
Number
Value
Domestic, paid (50 cities):
Number
Value
Foreign, issued—value
Receipts, postal:
50 selected cities
50 industrial cities

.thousands..
pounds..
thousands..
thous. of dol._

,166,914 907,003 1,003,256 1,174,070 1,097,608 !1,104,3 1 1,129,743 1,124,012 1,151.851 1,146,860 | U112.M0 |
1,097,08 1,104,137 , 2 , 3
,778,912 1,410,974 1,538,470 1,799,916 1665256 1,690,041 1,729,836
1,665,256 1690041 1729836
t1)
(0
0)
:

, 598
\, 373

4, 596
43, 849

4,116
40,019

4,046
38, 383

4, 638
44, 581

4, 269
41,867

4,055
39, 735

4, 265
41,750

.thousands..
thous. of dol_.
do

16,221
122,826
5,712

12, 506
95. 752
2, 429

11,826
90,413
2, 502

15,374
116,518
3,167

14,055
107,9S5
2, 744

13,349
103,410
2,348

13,918
108,575
2, 601

12,928
104, 192
2,607

12,426
102, 567
2,717

thous. of dol..
do

r

27, 892
3.418

27, 754
3,312

33, 763
3,882

31, 129 ! 29,843
3,646 | 3,376

29, 623
3, 453

26, 600
3, 292

26, 287
3, 262

RETAIL TRADE

41,331
4, 846

J

4,042 , 3,925
.„.._„
40,847 | 39,571

3, 954
39, 700

4,214

13, 292
109, 628
2, 724

1 1 . nt\r>
1 IS, 919
2, 456

11, 114
112,737
2, 681

31,603
3, 670

30, 695
3, 519

30,042 I
3,412 I

1,211

Automobiles:
New passenger automobile sales:
r
82. 0
90. «
122.9
Unadjusted
1929-31 = 100..
112.6
130.4 I 90.1
144. 6
134.3
85.5
146.5
141.3 !
73. 2
r
127.0
89. 0
Adjusted
do
104. 5
175.0
104. 0
99.0
120. 5
129. 5
139. 5
123.5
102.5 !
105.0
Chain-store sales:
Chain Store Age index:
Combined index (20 chains)
• 109.0
J13.
114.8
114.5 j
113.2
117.0
ay. same month 1929-31 = 100..
112.0 i
113.0
106.4
110.0
110. 0
108.6 i
114.0 i
' 118.0
128. 0
117.
124.0 i
Apparel chains
.
do
123. 0
124.0 i
130.0 I 112.0 ! 117.0
126.0 i
130.0 S
128.0
117.0 I
Grocery chain-store sales:*
94.9
Unadjusted
1929-31 = 100.^
89.6
91.1
94.7
96.4
98.3
95.0
97.8
95.3
99. 7
100.1
94. 4
••94.9
Adjusted
do
93.0
93.9
96.6
96.9
93.3
93.6
97.4
97.9
96.8
99.1
Variety store sales:
Combined sales of 7 chains:
< 102.7
•
99.8
101. 5
203.
Unadjusted
do
195. 7
97.0
90.6
70.3
98.3 |
100.7
81.3
89.0 !
97.1 |
104.5
' 101.2
100. 0
110.
Adjusted
do
109.0
106.1
105. 9
102.4
94.4
97.4
98.2 :
98.3 |
103.3 |
H. L. Green Co., Inc.:
r
2, 638
2, 705
2, 898
Sales
_thous. of doL.
5,49(
2,702
2, 805
2, 368
5, 842
2,017
2,774 !
2,454 ! 2,826 !
2,018
138
137
137
Stores operated
number_.
1
136
135
135 i
136 1
136
135
136
136 ;
136 i
S. S. Kresge Co.:
I
12, 531
13. 423
12, 097
Sales
thous. of dol.. 24,14
12, 349
24, 351
12, 650
11,013
12,635
9,843
11,199 i 13,001
9,349 |
741
738
Stores operated
number..
74
' 740
734
735
732 !
733
731
735
729
729 I
729
S. H. Kress & Co.:
I
7,397
Sales
thous. of dol.. 14, 61
7,114
6,931
6,559
7,007
6, 797
14, 748
5,595
7,447
6,400
5,109
234
Stores operated
_
number..
235
235
23
234
235
234
235
234
235
235
235
235
i
McCrory Stores Corp.:
3,306
Sales
thous. of dol_3,333
3,108
6. 763
3,133
6,714
3,365
2,977
3,266
2,510
2,662
3,556 I
3.023
Stores operated
..number..!
197
196
196
195
194 I
196
197
200
194
198
197
197
196 !
a
'Revised.
Receipts for Louisville, Ky., not included.
i Discontinued by the reporting source,
• New series. For radio advertising for period 1932-36, see table 38, p. 20 of the September 1937 Survey; for magazine advertising for period 1932-36, see table 40, p. 18 of
the October 1937 issue. For data on grocery chain-store sales beginning 1929, see pp. 14-16 of the May 1937 issue.
IData revised beginning January 1934; revisions not shown on p. 25 of the July 1937 Survey will appear in a subsequent issue.




27

SURVEY OF CURRENT BUSINESS

February 1938

1936
Monthly statistics through December 1935, to- 1937
gether with explanatory notes and references
to the sources of the data may be found in the Decem- Decem1936 Supplement to the Survey.
ber
ber

1937
January

February

March j April

May

June

July

August!

Se

£ r e m - October | N o b v e e r m '

DOMESTIC TRADE—Continued
RETAIL TEADE—Continued
Chain-store sales—Continued.
Variety-store sales—Continued.
G. C. Murphy Co.:
Sales
thous. of doL.
Stores operated
number..
F. W. Wool worth Co.:
Sales
.thous. of dol_.
Stores operated
number..
Restaurant chains (3 chains):
Sales
thous. of doL.
Stores operated
_. number..
Other chains:
W. T. Grant & Co.:
Sales
thous. of doL.
Stores operated
number..
J. C. Penney Co.:
Sales
_thous. of doL.
Stores operated
number..
Department stores:
Collections:
Installment accounts
percent of accounts receivable..
Open accounts
..do
Sales, total U. S., unadjusted..1923-25=100..
Atlanta
do
Boston..
do
Chicagot
do—
Cleveland
do
Dallasf
do....
Kansas City*
1925 = 100..
Minneapolis t
1929-31=100..
New York
1925-27=100..
Philadelphia
1923-25 = 100..
Richmond.__do
St. Louis*
__do
San Francisco
do
Sales, total U. S., adjusted
..do
Atlanta
...do
Chicago!
do
Cleveland
_-do
Dallas!
do....
Minneapolis!
1929 31 = 100..
New York
1925-27=100..
Philadelphia
1923-25=100..
St. Louis*.
._
do
San Francisco
do
Installment sales, New England dept. stores
percent of total sales..
Stocks, total U. S., end of month:
Unadjusted
1923-25 = 100..
Adjusted
.do
Mail-order and store sales:
Total sales, 2 companies
thous. of dol..
Montgomery Ward & Co
do
Sears, Roebuck & Co
do
Rural sales of general merchandise:
Total U. S., unadjusted
..1929-31 = 100..
Middle West*
do
East*
do....
South*
.do
Far West*
do
Total U. S., adjusted
do....
Middle West*
do....
East*,.
do....
South*
_.
do
Far West*
do....

6,379
195

3, 379
195

3,082
195

3, 626

3, 502

3, 335

3, 896

195

3,460
195

3,142

195

197

197

199

18, 649
1,998

19, 758
2,000

24,815
2,003

21,858
1,996

24, 562
2,002

24, 237
2,006

24, 727
2,008

22, 795
2,008

24, 271
2,008

26, 788
2,012

3,943
346

3,581
346

3, 368
347

3,774
348

3,677
347

3, 654

3, 462

3, 960

3, 949

346

3,569
346

3.651

348

354

355

351

3, 518
351

• 16, 873
477

5,626
477

5,617
477

7, 616
477 i

7,176
477

8,614

8, 463

7,819

479

7, 706
479

6. 780

477

37,130
1, 496

130
206
138
165
90
114
93
92
106
94
87
72
84
97

2,550
195

45, 506
1,997

158
193
132
156
151
184
149

2, 519
195

15, 928
1,498

14, 244
1,499

19, 823
1,500

20, 230
1, 503

22, 820
1, 503

22, 254
1,508

16.4
47.4
72
85
70

18.1
46.8
90
114
74
102
95
100
92
95
78
74
111
89
97
93
116
104
103
102
94

17.0
47.0

16.3
46.4

81
67
74
69
54
79
66
80
93
107
97
91
106
89
89
75
83

16.4
44.0
76
95
57
78
82
90
72
68
72
57
77
72
81
95
108
97
101
106
92
85
76
83

95
116
77
11
0
105
107
92
94
85
80
113
90
93
93
115
100
98
107
91
90
79
90
97

10. £

12.0

17.3
47.0
161
187
138
164 I
158
179
153
148
156
136
204
149
171
92
110
98
96
103
98
88
76
90
100
6.3

68
72

118,222
51.789
66,433

ISO 9
163. 2
184.8
205. 0
215.5
127.4
114.9
129.7
148.6
141.3

186.1
150. 5
195.9
212.4
208.7
131.0 i
106.0 I
137.5
153.9
134.2

25,143
2,013

479

480

8, 9,r>7
481

H, 373
482

20, 409
1,508

19,761
1,511

24, 806
1, 516

29,990
1,517

27, 095
1,523

15.4
45.1
65
80
53
71
71
75
65
72
64
51
76
61
79
94
114
98
93
107
102
85
73
88
97

16.0
41.9

15. 9
42.5

17. 1
47. 1

90
100
79
98
95
94
81
96
85
75
110
79
86
93
111
100
98
106
96
88
75
86
97

100
120
82

103
130
89
106
105
124
97
116
100
85
134
99
101
93
110
96
98
110
98
87
74
88
98

72
103
54
78
80
86
78
79
65
56
81
66
95
92
132
95
95
112
90
84
72
89
98

105
103
122
94
109
91
75
115
101
97
94
128
102
99
110
11
0
88
76
95
94

16.6
47. I
101
120
'84
100
90
122
90
95
101
89
120
92
102
91
105
92
91
109
94
86
78
79
96

9.7

90
.

67
.

8.5

14.7

11.0

11.4

9.3

72
76

78
76

79
76

78
76

73
75

80
77

85

74

74
78

77

80
76

54,427
22, 578
31,849

53,831
22,161
31,671

78, 625
34,931
43, 694

89,681
40,096
49, 585

92, 627
39,140
53,487

89,258
37, 060
52,198

73,655
30,439
43,216

71,254
29, 679
41, 575

90, 240
37,459
52, 781

107,451
48, 825
58, 626

89,813
39, 550
50, 262

88.6
81.0
88.4
107.5
95.6
106.7
98.7
105.3
129. 5
128.3

93.8
85.2
95.2
123.1
92.0
103.7
98.5
104.1
123. 1
116.4

117.4
107. 1
120. 4
147.5
119.0
126.2
119.0
128.1
158.6

116.4
106. 5
122.0
138.8
121.2
121.2
108.1
122. 6
150. 2
131.0

119.4
109.9
127. 0
132.0
131.2
127.1
113 2
130.3
148.3
145.8

117.5
109.6
132.8
124.6
134.9
124.4
112.4
136.2
144.9
142.7

91.7
83.2
89.3
100.1
115.4
119.1
106.7
113.7
144.0
139.1

99.0
90.3
97.7
103.1
127. 2
115.1
103.2
110.4
135.6
138.3

130.4
115.1
126.1
160. 4
157.0
131.7
115.7
134. 9
156.5
134. 2

100. 2
143. 7
160.2
214.9
160.4
131.3
121. 2
135. 2
156.3
137. 1

145.8
132. 0
143. 9
182. 5
158.0
118.0
107.8
125. 7
137. 2
131. 1

67
71

116,232
51,360
64,872

91
102

17.3
46.9
89
106
75
97
98
102
88
92
81
69
100
89
90
93
107
98
91
106
89
87
68
90
96

3, 443
199

136. 0

EMPLOYMENT CONDITIONS AND WAGES
EMPLOYMENT
102.1
102. 1
ion. r>
101.4
102.3
Factory, unadj. (B. L. S.)f
1923-25=100..
88.5
98.1
96.5
99.0
101.1
102.1
102.3
101.1
101.4
102.3
102.1
100.5
94. ^
101.1
102.3
98.6
97. 3
97. 5
99.9
98.9
98. 1
98.8
Durable goods group!
do
84.2
92.7
90.4
93.2
90.4
98.6
99.9
98.8
98.9
98.1
97.3
97.5
'94.4
108. 8
105.8
101.4
107. 6
108.9
110.1
108. 7
Iron and steel and productsf
do
90.2
100.4
100.0
103.4
106.8
108.9
110.1
101.4
107.6
108.7
108.8
105.8
'98.1
Blast furnaces, steel works, and rolling
120.2
121.4
117.1
100.2
121.4
J17. 5
122.0
119.9
mills
1923-25=100..
100.0
109.3
111.5
113.6
M08.6
Structural and ornamental metal work
74.2
75.7
80.6
81.4
82.3
79. 1
76.9
78.7
'75.0
1923-25=100..
09.4
70.1
70.8
71.8
r
100.2
102.2
109.2
114.0
104.9
117.9
114.8
100. 8
90.8
Tin cans, etc
do
89.8
94.4
95.8
98.4
69.8
70.6
69.4
71.6
72.9
72.9
73.0
71.7
> 03.5
•
Lumber and products
do
58.4
67.1
65.0 I
65.8
87.5
86.9
87.4
89.1
89.2
89.1
80.8
87.9
'79.5
Furniture
do.—
74.0
87.8
85.9
86.1
56.7
57.7
57. 1
55. 6
54.3
^ 51.2
57.3
57.5
57.3
Millwork
do....
47.0
54.1
53.8
55.0
52.3
53.4
54.6
52. 0
54.7
55.7
56.3
55. 9
'47.0
Sawmills
do
43.2
49.0
46.8
47.6
Ml. 2
126.1
130.2
128. 9
124.3
129.2
130. 7
121.4
129.9
Machineryt
do _
112.8
114.1
114.9
118.6
131.5
150.5
137. 5
147.2
M43.0
140.6
138.6
141.0
139.7
Agricultural implements!
do....
139.0
102.9 |
111.3
119.0
111.2
114.6
121.0
119.3
121.0
121.3
M13.1
117.8
119.9
Electrical machinery, etc
do....
104.1
105.8
104.0
109.3
Foundry and machine-shop products
106.8
109.7
112.7
112.5
112.5
111.7
111.9
110.4
M04.8
1923-25 = 10097.7
99.4
101.3 ! 104.4
163.0
158.4
200.5
196.8
208.3
156.7
139.9
182.3
203.5
Radios and phonographs
do
I 121.7
202.7 1 187.11 170.6
114.6
114.1
108.4
115.5
113.9
112.8
112. 7
115.5
Metals, nonferrous
do....
98.9
111.6
106.9
111.5
111.5
124.2
123.5
124.4
132.6
131.0
104.7
Aluminum manufactures
do....
113.4
117.7
118.9
122.2
129.5
131.5
125.8
Brass, bronze, and copper products
124.1
113.1
127.6
105.5
119.0
116.9
114.8
122.3
125.7
1923-25=100..
97.1
116.2
118.5
121.7
165.3
162.4
154.0
144.0
153.2
153. 4
159. 2
151.0
162.8
Stamped and enameled w a r e . . . - . . . d o
122.8
162.4
154.8
159.1
62.2
60.4
--57.4
63.3
62.1
59. 0
63.6
64.0
63.8
Railroad repair shops
do.-..
53.0
61.2
61.2
61.6
64.0
r 63. 1
63.8
63.4
03. 3
63.4
63.3
63.0
Electric railroad....
do....
63.5
63.4
63.4 I
63.3 j
62.7
62.1
60.2
'57.0
63.3
58.7
Steam railroad
do....
52.2
61.0
61.0 |
61.5 |
63.6
64.1
63.8
62.0
T
Revised.
*New series. For earlier data on department store sales in the St. Louis Federal Reserve district see the July 1937 issue, p. 16, table 22; for rural sales of general merchandise by geographic districts see the September 1936 issue, pp. 14-17. Data on department store sales in the Kansas City Federal Reserve district prior to those shown on p.
27 of the November 1937 Survey appeared in table 47, p. 19 of the December 1937 issue.
tRevised series. For factory employment revisions beginning January 1934, see table 12, p. 19 of the March 1937 issue. Indexes of department store sales in the Chicago
Federal Reserve district were revised for the period 1923-36; see table 23, p. 16 of the July 1937 issue. Indexes of department store sales in the Minneapolis Federal Reserve
Digitized district revised for the period 1919-37; see table 52, p. 19 of the January 1938 issue. Indexes of department store sales for the Dallas Federal Reserve district revised for period
for FRASER
1919-37; revisions not shown on p . 27 of the January 1938 issue will appear in a subsequent issue.



28

SURVEY OF CURRENT BUSINESS

1036
Monthly statistics through December 1935, to- 1937
gether with explanatory notes and references
to the sources of the data may be found in the Decem- Decem1936 Supplement to the Survey.
ber
ber

February VX\$
193/

January

February

March

April

May

June

July

! August

Sep
"
October! Novemtember u c t o D e r i ber

EMPLOYMENT CONDITIONS AND WAGES—Continued
i

EMPLOYMENT-Continued
Factory, unadjusted (B. L. S.)—Continued
Durable goods group—Continued
74.4
Stone, clay, and glass products.1923-25=10067.2
73.0
74.0
67.1
62. (
70.3
71.7
55.0
46.6
53.3
48.8
45. 6 i
49.3
Brick, tile, and terra cotta
do
54.5
53.8
68.5
58 2
66.9
57.1
63.5
62.0
Cement
do
69.7
69.7
112.3
107^6
110.9
92.8
110.1
100.6
Glass
do
112.4
107.9
128.3
116.0
125.4
112.7
121.0
122.1
Transportation equipment§.
do
126.4
119.9
140.0
127.4
136.2
125.2
131.6
Automobiles
do
138.7
137.8
130.4
77.7
62.9
75.1
55.7
70.2
56.8
Cars, electric and steam railroad§_. do
76.5
71.6
106.7
98.7
109.0
94.5
106.8
89.9
Shipbuilding
do
103.3
100.2
104.8
105. 2
105.9
103.0
106.1
104.0
Nondurable goods group §
do
103. 5
104.1
124.5
121.9
126.6
120.2
124.9
119.3
Chemicals, petroleum products
do
123.9
124.3
137.5
131.4
135.6
130.8
134.0
129.1
Chemicals
.
do
138.5
139.5
108.3
110.0
111.5
106.5
112.2
106.6
Druggists' preparations
do
108.8
106.2
140.2
131.2
138.2
128.0
134.6
127.5
Paints and varnishes
do
138.9
136.3
124.1
119.6
122.0
119.4
120. 5
Petroleum refining.
do
119.5
126.0
127.5
384.0
370.4
378.1
367. 6
373.3
362.4
Rayon and products
do
391.4
401. 0
107.9
105.1
107.7
105.2
105.7
110.6
Food and products
do
112.6
124.9
134.6
132.2
132.7
130.5
133.7
132.2
Baking
do
136.6
136.7
207.4
182.1
196.7
182.3
192.5
181.0
Beverages
do
187.7
224.4
234.4
89.3
91.3
88.4
96.4
90.7
99.4
Slaughtering and meat packing
do
91.0
88.9
89.9
95.1
99.9
98.3
97.5
100.8
94.0
Leather and products
do
81.7
93.8
96.3
95.3
101. 9
99.3
99.0
102.7
94.1
Boots and shoes
-do
83. (i
94.0
98.0
99.1
97.5
100.0
97.0
98.8
98.4
Leather, tanning, finishing, etc. _ - - d o —
78. 6
98.0
94.7
107.7
105.7
107.2
104.3
107.1
106.0
104. 0
Paper and printing
do
106.9
106.0
120.2
116.1
119.1
113.7
117.6
109.3
112.8
Paper and pulp
_
do
120.5
119.5
103.6
101.6
96.7
101.3
96.7
84.8
101.9
Rubber products
do
101.2
96.2
93.7
93.4
81.4
92.7
81.2
74.7
92.5
Rubber tires and tubes
do
92.7
89.7
107.3
110.2
109.9
107.1
111.2
88.0
106.4
Textiles and products..
do
103.4
100.0
102.2
103.6
103.7
102.3
103.8
83.9
101.7
Fabrics
_
_do
99.7
98.0
116.5
122.6
121.8
115.6
125.5
95.3
114.8
Wearing apparel
do
109.3
102.0
59.9
60.5
60.2
57.1
60.8
60.6
63.3
Tobacco manufactures
do
60.1
60.6
Factory, adjusted (Federal Reserve)t§
102.2
101.4
103.0
100.9
89.0
98.6
99.7
101.6
1923-25=100..
92.4
98.4
84.2
92.7
96.3
97.4
93.9
Durable goods group§
_do
97.8
100.1
90.7
101.0
102.3
108.0
108.7
106.4
Iron and steel and products§
do
103.7
100.7
108.3
Blast furnaces, steel works, and rolling
110
113
120
106
121
101
112
mills
1923-25=100..
118
116
Structural and ornamental metal work
69
70
73
77
78
79
76
78
75
1923-25=100..
93
103
97
104
107
105
105
Tin cans, etc
do
107
110
59.1
68.8
71.4
67.9
68.1
71,4
71.7
72.3
72.9
Lumber and products.
do
73
89
88
87
86
91
90
92
91
Furniture
do
48
57
58
57
55
56
58
Millwork
do
56
56
45
50
54
50
51
53
54
Sawmills
do
54
56
112.8
116.0
Machinery!
_
do
114.0
121.1
123.7
125.6
118.9
129.4
131.5
140
109
125
130
Agricultural implements!
.do
103
113
136
143
147
104
104
111
115
109
120
121
106
118
Electrical machinery, etc
do
Foundry and machine-shop products
99
113
102
110
100
106
108
114
104
1923-25=100..
113
189
155
201
190
Radios and phonographs
do
188
190
214
196
115.4
97. 9
110.7
113.2
114.3
Metals, nonferrous..
_
do
109. 6
115.0
115.4
111.7
113
121
123
119
132
Aluminum mfrs
do
121
138
118
121
96
124
122
Brass, bronze, and copper products.do
115
120
126
123
121
122
125
160
159
166
163
161
153
Stamped and enameled ware
do
158
159
53.4
62.4
61.7
62.3
62.2
62.4
63.7
64.4
Railroad repair shops
do
61.9
64
63
63
63
64
64
Electric railroads
do
63
63
63
53
62
62
62
62
62
64
64
Steam railroads.
do
62
65.0
71.3
69.0
69.5
72.6
71.8
Stone, clay, and glass products
..do
72.6
70.4
70.4
43
51
52
54
54
54
60
51
Brick, tile, and terra cotta
do
55
67
62
68
66
70
68
68
62
61
Cement
do
100
no
98
108
109
110
101
109
109
Glass
do
101.5
122.6
123. 5
122.2
118.7
110.2
118.6
117.3
113.0
Transportation equipment §
do
134
136
107
133
133
120
128
127
123
Automobiles. __
...do
60
62
70
69
71
62
70
71
66
Cars, electric and steam railroad §._do
89
104
104
95
106
104
102
106
100
Shipbuilding
..do
104.9
94.0
105 3
106.2
106.2
105. 4
106.2
105.9
105.8
Nondurable goods groups §
do
118.6
127.3
127.7
115.2
126.0
120.7
124.4
122.5
121.6
Chemicals, petroleum products
.do
129
137
138
J22
138
133
136
135
133
Chemicals._
do
105
114
112
108
112
105
113
111
109
Druggists' preparations
do
130
134
136
123
134
131
136
135
133
Paints and varnishes
do
12
125
126
320
125
120
123
122
121
Petroleum refining
do....
, ?
408
413
330
392
364
378
370
363
Rayon and products
do
114.7
119.4
355
112. 2
114.8
114.8
116.1
117.0
116.7
Food and products
do
115.0
135
136
132
135
133
134
136
135
Baking
do
206
209
132
204
203
203
199
205
202
Beverages
do...
197
89
91
87
90
93
91
93
91
Slaughtering and meat packing
do
96.1
95.2
95
86.0
96.0
99.1
96. 5
97.4
98.1
Leather and products
do
08.8
97
97
89
96
101
97
99
100
Boots and shoes
do...
100
99
95
78
100
97
100
97
97
Leather, tanning, finishing, etc d o . . .
98
108.2
107.3
102.0
108.0
104.0
107.5
107.4
105. 5
Paper and printing..
do...
104.0
121
120
109
120
114
119
118
116
Paper and pulp
do.__
113
85.0
100.0
96.6
101. 7
102.3
95.8
96.0
101.7
Rubber products
do
102.2
89
87
77
89
95
79
80
94
Rubber tires and tubes.
do._.
95
88.3
105.4
106.2
107.6
108.3
107. 9
107. 0
107.3
Textiles and products
do...
106.8
82.4
103.2
101.7
103. 8
101.3
102,0
101. 1
100.7
Fabrics
do...
100.1
99.4
112.0
113.1
115.3
120.9
115.0
117.9
119.8
Wearing apparel
do...
119.8
59.4
61.2
62.0
61.1
60.2
61.3
61.7
61.8
Tobacco manufactures
do...
62.0
Factory, unadjusted, by cities and States:
City or industrial area:
102.1
103.4
101.9
102.7
93.4
92.2
93.0
95.4
08.8
Baltimore.
..1929-31 = 100.
85.2
86.5
79.2
81.3
81.5
86.2
86.7
Chicago
.1925-27=100
83. 2
84.9
102.0
108. 4
89.1
93.0
105. 5 . 106. 3 108.6
102.8
105.3
Cleveland
1923-25=100.
126.1
130.0
126.0
129.1
74,5
125.4
83.5
Detroit
do...
127. 5
87.3
107.0
110.0
115.7
113.6
116.2
115. 8
Milwaukee
1925-27=100.
109. 0
113. 8
81.1
81.1
84.4
83.8
'~82~4
New York
do...
84.1
86. 6
82.1
79.4
103.4
103.0
106.3
100.7
103.4
102.5
94.0
103. 4
105.3
Philadelphia t ~ — ~
...1923-25=100.
84.3
83. 6
91.5
78.4
93.3
93.8
93.3
88.6
90. 8
Pittsburgh.
do
99.0
98.7
90.0
108.0
108.8
111.3
109. 6
Wilmington
do.-_.
100. 6
104.3
' Revised.
tRevised series. For revisions on factory employment, seasonally adjusted (Federal Reserve), see tables 1 and 3, pp. 14-20, of the
factory employment, revisions for 1935-36. see table 35, p. 20 of the August 1937 issue.
 §Revised series. For revisions beginning January 1934 see table 12, p. 19 of the March 1937 issue.



71.9
52.0
69.9
109.6
111.8
118.7
72.7
102.4
106. 9
124.9
137. 2
111.8
132.8
128.2
403.4
132.5
135.3
230.7
86.8
96.6
98.6
93.9
106.3
119.1
97.9
88.4
102.8
97.3
113.0
61.8

72.7
52. 3
69.9
111.1
107.0
112. 5
68.5
106. 2
107.3
128.6
137.4
114.1
132.4
127.2
407.1
137.8
136. 7
223.3
86.8
92.7
94.0
92.5
107.7
119.1
98.0
88.3
101. 6
94.9
114.4
62.1

71.4
50. 0
69.2
109 9
122.7
133. 9
67.9
106.8
103.6
126.5
135. 2
114.8
131.6
125. 7
387.5
125.0
138.4
202.7
89.4
89.5
90.7
89.6
107.9
117.3
97.7
87.0
100.1
91.9
112.1
62.6

68.2
' 45. 5
' 66.1
106. 7
' 121.8
' 133.2
' 65. 8
' 105.9
97.3
' 122. 7
' 129.8
' 112.5
' 128.0
' 123. 9
374.0
' 114.6
' 135. 2
' 194.3
90.5
'80.3
'80.8
'82.9
106.4
' 113.0
' 90. 9
'80.8
r
92.0
'87.2
'101.0
'62.9

102.4
99.3
108.7

100. 7
98.6
108.4

98.4
96.7
105. 4

94.1
'91.4
' 98. 4

122

123

119

79
109
71.3
88
55
54
131.3
148
121

80
104
69.2
86
55
53
130.2
151
121

78
98
66.4
81
54
51
128.0
158
119

114
201
115.9
138
121
156
62.4
63
62
70.3
48
64
112
121.3
132
69
106
105. 6
127.2
137
114
136
127
407
116.2
134
210
88
93.0
94
94
107.4
119
99.8
90
105. 9
100.8
115.1
60.8

112
180
113.7
131
117
152
60.1
63
60
70.5
49
66
111
123.9
136
67
106
102. 9
127.4
137
112
134
125
407
114.8
134
209
88
90.0
90
93
107.8
119
99.5
91
100. 9
95.9
109.7
60.2

110
162
109.4
103
112
152
58.7
63
58
69.4
47
67
109
126.3
138
71
106
100. 2
123.7
135
110
132
124
380
113.8
136
199
89
88.8
90
89
107.0
117
98.1
90
96.4
90.4
107. 4
59. 3

102.8
87.3
99.7
83.6
111.4
85.4
103.5
93.0
104. 6

103. 4
88.4
102.0
110.4
114.4
88.7
104.7
92.6
105. 2

101.
86. „
101.3
124.9

98. 8
S3. 1
90. 8
115. 1

88.9
104.2
91.2
100.5

85.4
99. 1
' 85. f>
r
94. 9

'99
' 62.1
75
51
47
120.8
' 145
113

r

' 105
' 127
JOS. 1
122
' 103
' 143
'57.4
63

67*. 2
44
'67
105
' 119. 1
128
' 73
' 107
97.0
'120.9
' 129
' 109
329
124
367
' 114.2
134
209
90
' 85. 7
88
105. 0
' 114
' 90. 4
T
83
'91.6
r
85. 8
'103.0
r
59. 6

January 1937 issue; for Philadelphia

29

SUKVKY OF OnRRENT BUSINESS

February 1038

Monthly statistics through December 1835, to- 1937
gether with explanatory notes and references
to the sources of the data may be found in the Decem1936 Supplement to the Survey.
ber

1936
December

1937
January

I March

May

April

June

July

IseptemMovemAugusi I bor October

EMPLOYMENT CONDITIONS AND WAGES—-Continued
EMPLOYMENT—Continued
Factory, unadjusted, by cities and States—Con.
State:
95. 3
Delaware
1923-25 = 100..
85. 9
Illinois
1925-27 = 100129.9
Iowa
.
1923-25 = 100-.
94.0
Maryland...
_.._ ...1929-31 = 100...
68.2
Massachusetts
1925-27 = 100..
79.3
New Jersey
1923-25=100..
81.6
New York
1925-27 = 100..
94.2
Ohio
.1926=100..
80.8
Pennsylvania f
1923-25=100.Wisconsin
1925-27=100..
Nonrnanufacturing, unadjusted (B. L. S.):
Mining:
50.8
Anthracite
..1929 = 100..
80.3
Bituminous coal
...do
70.2
Metalliferous
do
76.1
Petroleum, crude, producing
do
43. 5
Quarrying and nonmetallic
...do
Public utilities:
Electric light and power, and manufac96.2
tured gas
1929=100..
72.9
Electric railroads, etc
do—
78. 3
Telephone and telegraph
do
Trade:
99.9
Retail, total....
do....
143.7
General merchandising
do
Other than general merchandising
88.4
1929=10093.3
Wholesale..
do
Miscellaneous:
77.2
Dyeing and cleaning
_
-do
87.2
Laundries
_..
..do
87.0
Year round hotels
do
Miscellaneous employment data:
Construction employment, Ohio.. 1926=100..
Hired farm employees, average per 100 farms
number..
90
Federal and State highway employment:
Total
number.. 255, 530
109,190
Construction
do
Maintenance
. d o . . . . 146, 340
Federal civilian employees:f
United States
.
...do....
District of Columbia..
.do
Railway employees:
Class I steam railways:
Total
.
.thousands..
Index:
56.4
Unadjusted
1923-25 = 100..
57.9
Adjusted
do
Trades-union members employed:
83
All trades
percent of total..
'64
Building
do
'85
Metal
do
90
Printing
.do
87
All other
...do
63
On full time (all trades)
...do....

119.3
95. 1
135. 4
108. 6
83. 4
87.5
89.4
102. 3
92.2
104.8

120.7
95.7
138.1
108.9
83.7
87.7
88.3
108. 3
91.9
113. 2

128.5
96.8
130. 7
109. 9
84.2
88.9
89.9
108.1
91.8
110.4

121.9
98.1
133. 5
110.0
81.1
87.7
91.4
109. 0
92.1
112.2

112.1
95.2
130.1
105.2
78.9
85.1
89.9
108. 2
90.8

101. 0
90.7
131.2
101.0
72.1
83.1
' 85. 1

54.0
51.0
77.8
72.6
78.5
76. 2
76. 7
75.8
53.154.9

51.1
77.9
79.5
78.5
55,4

45.0
75.8
82.0
78.5
55.5

41.2
78.8
83.4
79.3
54.9

48.2
80. 5
84.1
78.2
54. 7

51.0
82.9
82.9
77.5
53. 3

50. 5
82.1
'75.4
' 77. 2
49.9

92.4
72.6
75.4

93.7
94.6
72. 73.3
76.677.7

96.3
73.3
78.5

97.5
73.4
79.7

98.3
73.4
79.8

98.6
73.7
80.1

98, 5
73.4
79.9

97.3
73.2
' 79. 1

85.4
95.1

85,2 88.5
93.9 100.3

88.8
99.6
102.1

90.5
102.9

87.6
95.9

86.2
93.8

92.1

103.7

108. 1

82.9
92.0
76.2 !
88.6 |
86.4

85.4
92.1
81.1
88.7
86.9

86.0
91.990. 8
88.6
90.3
88.487.7

87.2
90.3

85.4
90.6

84.2
91.8

87.3
93.0

87.9
94.0

77.7
87.6
84.0

82.9
90.7
76.8
,8.5
85.5

' 91.7
' 109. 8
' 86.9
93.5

92.1
93.5
86.9

86.0
95.2
86.1

84.9
94.2
88.8

80.7
93. 7
88. 1

85.3
89.9
89.2

49.2

46.5

51.2

51.8

57.762.5

65.1

66.8

70.0

71.7

70.2

90

69

76 j

72

78

87

101

107

108

107

110

288,248
149, 708
138, 540

210,027
92,451
117,576
830,183
116,259

226,286
101,525
124,761
835,639
116,755

299,063
139,896
159,167

313,149
164, 757
148,392

334,536
184, 629
149,907

351,853
191,710
160,143

346, 444
179,410
167,028

330, 942
170, 897
160, 045

104
314,007
150, 885
163,182

840. 521 '870,086 ' 848,907 • 843,352 • 836,546 827,727
116, 274 112,118 ' 111,124 111,476 111,428 • 110,809

819, 927
111,775

105.2
89.1
128.5
99.1
83.6
84.7
85. 5
105. 3
88. 4
97.4

104.8
89.4
126.2
100.1
84.0
83.9
85.5
102.6
88.0
99.7

54. 8
83.9
64.4
72.4
49.4

54. J
84.6
16. 8
72.7
45.7

52.7
84.8
69. 6
73.5
46.7

48.9
85.9
73.1
74.2
49.1

93.2
72.5
73.6

92.1
72.5
74.4

92.2
72.5
74.8

99.6
143.4
88.1
91.0

829, 307
116,345
1,095
60.6
62.1

116.5
107.2 111.2 115.1
95. 3
91.6
93.6 94.3
133. 5
128.7 130.8 130.9
102.4 105.7 j 108.6
109.8
86.2
85.2 86.7
87.2
87.3
85.3 8G.2
87.0
89.6
87.3 89.7
89.5
112.4
107.0 108.7
110.0
92.3
90.4 91.4
92.2
105.
101.8 105.4
106.6 3

190,336
69,550
120,786
826,721
116,259

200,794
81,748
119,046
829,582
116.535

1,112
60.2
62.8
85
71
89
90
88
64

' 80. 0
88.0
'88.9
66.1

3,114

1,167
1,144

1,185

1,193

1,182

1,152

1,134

61.6
63.4
87
71
91
90
90
68

63.364.6
63.863. 8

65.6
64.2

65.7
64.1

65.1
63.5

63. 4
62.2

62. 5
60.8

' 59. 3
58. 0

89
78
92
91
91
69

89
79
94
91
91
69

89
78
94
90
91
69

88
78
93
90
90

88
77
90
90
90
69

86

40.940.6

40.2

39.2

38.9

61.4
63.8
86
69
89
90
89
65

41.0

100. 7

' 86. 0

41.5

88
73
92
91
91
68

1,077

89
90
89
00

LABOR CONDITIONS
Hours of work per week in factories:
Actual, average per wage earner
hours...
Industrial disputes (strikes and lockouts):!
Beginning in month*
number..
In progress during m o n t h . . . . . . .
.do
Workers involved in strikes:
Beginning in month*..
.do
In progress during month
do
Man days idle during month
..do
Employment Service, United States:
Applications:
Active
file...
,__.do
New
do
Placements
do....
Private
do
Private placements to active file* percent..
Labor turn-over in mfg. establishments:
Accession rate._mo. rates per 100 employees..
Separation rate:
Total—...
_
_
do
Discharge
_
_
do
Lay-off
__.do.___
Quit
_
do....
PAY ROLLS

34.1

41,8 !

v lf.5
»320

132

41.7

38. 3

'412
585
'430
'278
'584
p 250
r
' 588
v 420
' 512
901
'778
258
088
' 856
v 30, ooo
72,639 108,697 112,095 288,083 jr 220,524~ 320,095 ' 281,511 ' 141,992 • 137,805 '83,667 '61.39: ' 70, 000
^^,wo« , ~ . , , ,
.,.
vCO, 000 184,859! 214,344 239,109 h" 355,811 h'390.048 j'437,601 ' 473,650 ' 352,248 234 J 05 153,734 r u 0,100 110,000
"650, 000 2,065,733 2,720,553)1, 519, 850 '3.281,S00|'3,351,721|'2,943,226'4,903,441 '3,024,241 •2,236,079 •1,400,855 j'l, 125,51.r P900, 000
172
272 !

209
348

' 607
752

r

' 523
' 769

4,874,924 6,311,159 {0,282,615 '6,115,443 5,495,209 5,519,754 5,309,545 5.010,023 4,940,578 4,853, 345
452, 035 307,182 292, 304 262,290 282,587 i 288,049 272, 035 337,917 295, 078 283, 562
178, 676 303,275 242,136 250,241 294.308 348,915 379,972 374, 038 341,158 357,937
129,382 171,974 143, 969 157,738 193,641 j 219,456 240, 753 224, 629 207,578 227,991
4.5
2.7
2.3
2.6 j
3.5
4.0
4.7
4.2
4.5
2. 7
2.12
4.60
3.56
4.74
4.04
3.36
3.36
3.09
4.71
4.11

8. 51
. 14
7.77
.60

3.41
.22
2. U
1.05

3.38
.21
1.00
1. 27

2.85
.22
1.44
1.19

3.20
.24
1.53
1.43

3. 09
.23
1. 48
1.38

3.37
.21
1.79
1.37

4.02

3. 52

.19

.21

1. 94
1.89

2. 06
1.25

3. 99
.19
2. 57
1.23

4,630,744
97R 94 A
340,048
239, 005
5.2

4,393,092 4,421,070
291, 187 ' 299,101
303, 286 224,226
210,240 157,530
4.8
3.6

3.78

2.84

1.79

4.62
.19
2.84
1.59

5. 69
.19
4. 45
1.05

0.87
.10

5. 99
.72

Factory, unadjusted (B. L. S.)t--1923-25 = 100_
95.2
SO. 9
105.2
104.9
102. 9
100. 4
103. 8
90.7 i 9 5 . 8 , 101.1
100.1
' 89. 5
ioo. i
93.4
77.2
Durable goods groupt—
do
92.5 ! 100.0 I 106.4 ! 107.5
104. 0
101.7
' 89. 9
100. 7
104. 6
99.4
86.6
72.0
103.2
103.9 | 112.6 I 124.5 | 124.7
Iron and steel and productsf
do
120. 4
106.8
' 85. 7
113.5
110.4
112.9
Blast furnaces, steel works, and rolling
115.4
mills
1923-25=100..
75. 7
127.2 | 145. 6
118. 5
145. 6
132.4
123.4
142.3
115. £
129.7
' 92. 9
Structural and ornamental metal work
r
65. 7
68.3
1923-25 = 100..
72.2 |
67. 5
82.4
78.5
78. 5
82.3
84.7
63. 3
83. 9
74. 5
81. 6
99.4
Tin cans, etc
...
do
92. 5
93.5
104.2 ! 108.2
111.7
128.8
122.9
' 99. 8
122 0
116.6
107. S
94.4
' Revised.
> Preliminary.
jinning with the November 1937 issue, data on percent of private placements to active file were substituted for the series previously shown, which was
*New series.
percent of total placements to active file; data prior to September 1930 not shown on p. 29 of the November 1937 Survey will appear in a subsequent issue. Earlier data on
strikes beginning in month and workers involved in strikes beginning in month appeared in table 25, p. 19 of the July 1937 Survey.
h
For industrial disputes beginning 1927. see table 25, p. 19, of
fRevised series. For factory pay rolls beginning January 1934, see table 13. p 19 of the March 1937 issue. ~ " "* • • - • • "
if •
the July 1937 issue. For 1935-36 revisions in Pennsylvania.factory employment see table 35, p. 20 of the Aiigust, 1937 issue. Data on Civil Service employment are in process of
__..„_
r_
revision. Figures on old basis were last shown through July 1937 In the October 1937 issue. Data on the new basis prior to those shown on p 2Vof the Fan
 when available.
will be shown



30

SURVEY OF CURRENT BUSINESS

February 1938
1937

Monthly statistics through December 1935, together with explanatory notes and references
to the sources of the data may be found in the
1936 Supplement to the Survey.

SeptemOctober I
lAugust! " ber

ber

EMPLOYMENT CONDITIONS AND WAGES—Continued
PAY ROLLS

Continued

Factory, unadjusted (B. L. S.)—Continued.
Durable goods group—Continued.
Lumber and products
1923-25=100..
Furniture
do
Mill work
do
Sawmills
do
Machinery t
do
Agricultural implements t
do
Electric machinery, etc
do
Foundry and machine shop products
1923-25 = 100. .
Radios and phonographs..
do
j
Metals, nonferrous
do
I
Aluminum mfrs
do
j
Brass, bronze, and copper products
j
1923-25=100..!
Stamped and enameled ware
do
j
Railroad repair shops.
do
!
Electric railroads
do
I
Steam railroads
do
j
Stone, clay, and glass products
do
Brick, tile, and terra cotta
do
j
Cement
.
do
Glass
..do
I
Transportation equipment f
do
Automobiles
do
Cars, electric and steam railroad t— do
Shipbuilding
do
Nondurable goods groupj
do
Chemicals, petroleum products
do
Chemicals
do
Druggists' preparations
do
Paints and varnishes
do
Petroleum refining
..do
Rayon and products
do
Food and products
do
Baking.._
do
Beverages
do
Slaughtering and meat packing
do
Leather and products
_do
Boots and shoes
do
Leather, tanning, finishing, etc
do
Paper and printing
do
Paper and pulp
do....
Rubber products
do
Rubber tires and tubes
do....
Textiles and products
do
Fabrics
do
Wearing apparel
do
Tobacco manufactures
do___.
Factory, unadjusted, by cities and States:
City or industrial area:
Baltimore
1929-31 = 100..
Chicago
...1925-27=100..
Milwaukee
.do
New York
.do .__
Philadelphia!
1923-25=100..
Pittsburgh
_
do
Wilmington
„ ... do ._
State:
Delaware
do . . .
Illinois
1925-27=100. !
Marylaud
1929-31 = 100..
Massachusetts
1925-27=100..
New Jersey
1923-25=100..
New York...
1925-27=100..!
Pennsylvania!
1923-25=100.. j
Wisconsin
1925-27=100-J
Nonmanufacturing, unadjusted (B. L. S.):
j
Mining:
Anthracite--...
.1929=100.-1
Bituminous coal
__do
Metalliferous
do
Petroleum, crude, producing
do
Quarrying and nonmetallic
do
Public utilities:
Electric light and power and manufactured
gas
1929=100..
Electric railroads, etc
do
Telephone and telegraph
do
Trade:
Retail, total
do
General merchandising
do
Other than general merchandising.do
Wholesale
..do
Miscellaneous:
i
Dyeing and cleaning
do
|
Laundries
do
I
Year round hotels
.
do
I

58.2
75.0
50.4
39.7
118.2
139.6
107.3

|
!

64.6
70.9 I
52.0 I
48.0 j
125.5 ;
102.1 !
112. 1 I

68.3
78. 5
55.6 i
52.0 j
133.9 i
180.0 !
121.0 |

08.2
70.7
54.9
52.9
134.9
183.9
123.5

105. 0 I
124. 2 |
103.5
«L7 |

111.6
127.1
111.8
130.4

118.5 !
126.8 i
114. 2 |
130.7 |

120. 2
154.9 I
63.4 I
64.8 |
63.4
59.8 '
37.9 I
52.6 !
107. 2 !
112.3
121.8 '
66.7 !
97.9 !
99.9 !
123.6 j
135.2 j
119.3 !
127.2 I
122.7 !
344.5 ;
101.3 |
121.9
189.3 I
88.4 !
90.9 j
87.9 !
104.6 !
100.5 l
113.5 I
104.4 !
101.3 !
100.1 !
97.6 !
100.9 i
52.6 i

127.8 !
303. 2 I
65.8 j
67. 1
65.9 !
66. 1 !
42. 0 j
02.5 j
115. 1 i
123.6 !
132. 2 I
79.1 !
116.0
102.6
128.1
140.2
121.2
133.1
125.6
349. 7
304.3
124.1
231.0
91.5
92. 4
89.0
107. 3
104. 1
116.5
99.8
90.4
103.2
97.5
110.4
52 4

67.3
73.9
54. 8
52.8
133.6
172. 5
124.1

71.4
79.2
50.1
50.2
137. 1
184.2
120.8

68.2
78.2
53.2
52.6
134.3
189.2
124.1

49. 4
134.2
203. 5
124.8

319.4
108. 5
113. 1
134.8

119.5
156.2
111.5
135. 6

114.8
166.1
105. 3
134.5

118.9
175. 8
109.9
141.2

114.2
173.9
110.1
135.7

113.5
105. 5
109.9
115. H

132.7 I
164.1 |
67.4 !
67.6 !
67.6
71.1
49.2
68.5
120.2
128.6
136.0
89.1
122.7
102.9
136.4
150. 6
119.8
142. 1
137.0
301.8
108.2
123.4
220. 2
98. 7
87.7
81.6
131.4
104. 8
119.0
100. 3
90. 5
100.2
100. 3
95. 7
52. 3

120. 5
106.0
67.1
66.4
67. 4
72.0
49. 1
71.4
118.9
134.1
143. 8
89.9
118.7
102. 3
136.7
152. 5
118.0
145. 0
138.3
382. 0
111.6
130.3
236. 9
99. 0
81.6
74. 1
110.0
105.9
121. 8
109. 2
102.7
96. 2
98.0
88. 9
53. 6

125. 3
162.4
68.7
67. 1
69.0
71.4
49.1
75.0
119.4
127.8
135. 2
91.4
114.5
100.8
137.4
153.5
121.3
142. 7
143.0
391. 8
115.8
133.8
200.5
99.2
80.6
73.3
108.4
304. 9
124.3
103. 8
97.9
91.3
93.8
82.5
55.7

116.7
146.2
63.5
67.0
63.3
6Q. 1
46.2
72.4
108.6
117.5
123. 6
83.4
111.7
100.0
136.8
153.9
112.0
138.3
143.1
392. 9
128.3
134.9
284.8
99.9
84.6
79.8
104.0
101.6
119.2
96.8
93.6
85.5
89.6
73.8
55.8

110. 6
157.0
67.3
68.7
67.4
70.5
46.2
77.1
120. 3
112.8
115.3
87.4
118.8
103. 5
140.7
156.1
123.0
335.4
150.5
400.7
133.2
332.4
273. 4
96.6
83.7
78.7
103. 8
102.6
123.8
97.0
89.8
92.1
90.0
92.4
57.2

113.2
149.2
63.1
67.7
62.9
69.9
46.4
72.8
118.7
104.4
105.6
79.7
119.0
100.9
139.0
150.9
127.3
131.6
143.1
393. 6
133.2
336.3
253. 0
98.0
71.6
04. 5
98.6
103.7
117.6
97.4
90.4
87.1
85.3
87.0
56.5

100. 7
150.4
64. 9
68.0
04.9
69.0
44.2
72.2
119.2
129. 9
138. 3
82.5
124.4
98.2
137.5
350.0
328.9
134. 1
142.3
374. 9
125. 0
137. 3
222.4
300. 3
66. 3
58. 7
95.0
305.3
110. 7
94. 3
84.3
85. 5
81.0
87.0
57. 9

118.3 |
70. 6
118.1
81.0
104.2
122.8
101.6

127.6 I
74.6 |
123.0 I
70.5 i
100. 1 I
134.9 |
112.7 i

128.1 i
75.9 ;
120.5
75.1
100. 5
137. 1
113.5

324.6
76.4
123. 7
73 9
104. 4
137.4
113.6

121.9
75.4
118. 8
72.3
103. 5
128.2 !
110.9 I

124.4
76.2
118.6
80.0
105.2
138.9
106. 5

123.4
75.4
117.7
83.4
102.0
124.6
100.6

97.0
81.2
119.3
85. 3
84.4
86. 1
98. 0
105.9

101.5 |
85.9 I
127.3 !
87.7 |
87.8 !
80.5 !
104.0
108.9

105.4
86.2
127.8
86. 2
88.9
86. 4
103. S
108.0

104. 5
86. 3
125.0
83.5
88.0
80. 4
103.3
107.4

103.9
83.9
121.7
83.5
85.7
84.9
98.8
110.7

105.6
86.1
125.1
82. 6
89.0
87.2
103.6
113.0

101.8
85.2
123. 5
78.7
85.0
86.5
97.5
130.3

90. 2
84.3
121.0
72. 4
84.4
84.8
95. 3

i

37.8

37.8
88. 4
70.6
63. 9
41.3

44.4 !
67.8 !
79.8 !
68. 2 !
51.4 I

50. 9
71.2
77.7
70. 4
52.0

35.2
60. 4
77.8
70. 5
50. 8

27.2
73.8
83.0
70.8
53. 2

33.5
77.7
82.2
73.2
50.1

51.0
86. 0
81.7
09. 9
49. 3

•77. 8
71. (5
70. 2
41. 7

92.3 I
68.0 I
83.6 |

93.6 i
68.7 !
82.2 |

94. 8
69 2
87.2

95.5 i
69.4 ;
86.3 |

97.9 !
70. 1
89.5 i

100.4 !
71.1 I
88.6 |

102.2
70.8
92.1

102.6
73. 1
92 1

104.0
71.6
92.3

105. 3
71.4
94.3

103. 8
71.
91. 1

68.0
83.8
64.7
72.6

67.9 !
82.9 |
64.8 I

71.9 I
89.1 !
68.3 |
75.4 |

73.5 !
91.5 I
69.8 i
76.1 I

74.4 I
92.5 !
70.6
76.3

72.8
87.3
69.8
76.9

72.3
85.7
69.5
79.0

74.4
92.4
70.7
78.3

75. 9
90.2

;

70.5
87.6
67.0
75.0

75. 3
97. 1
70. 8
78. 3

61.7
77 5
72.7

08.8 |
78.5 j
74.5 I

73.9 !
81.4 :
73.6 I

79.2 |
85.5 !
74.0 i

68.0
86.9
73.3

69.0
80.0
74.4

72.8
84. 4
76.1

71.4
81.5

'62.9

72.5 I

60.5
78.3
50.7
41.6
113. 6
121. 5
103.1

54.9
7J.4
47.1
37.2
111.0
131.6
97.0

92. S
95. 9
80. 8
111.3

100.
167.
105.
114.

2
5
5
7

98.7
146. 0
97. 1
114.7

80. 1
114. 5
50. 9
69. 2
50. 1
54.8
30. 7
58. ti
97. 1

111. 6
164.2
65.5
67.4
65.6
59. 1
40.9
58.8
95.1
120.9
135. 7
59.9
90.6
97.5
118.3
132. 5
112. 5
121.6
119.5
321.3
105. 7
119.8
1S7. 6
101.5
78.3
71.4
105.0
102. 6
108.6
10-1.8
99.7
94.6
96.8
86.3
55.4

113. 1
148.4
61. 2 j
64.5 j
61.1 j
52.7
36.4
49.9 |
84.6 I
100.7 I
108.2 |
58.8
96.8
96.0
119.4
131.8
113.1
120.3
119.5
338.1
100.5
118.4
187.8
95.8
86.3
82.4
102.5
98.7
109.9
99.4
94.6
94.6
96.0
88. 1
47.1

104.0
65.0
103.9
72.4
97.8
110.9
98.9

108.6 :
104.0 I
68.4 ;
65.8 I
108.2 ;
104.6 !
75.5 !
72.2 i
98. 1 I 100.3
106. 1 • 117.8
98.6
96.7 i

91.4
74.6
106. 0
79. 9
81.6
79.3
91.2
93.7 |

WGA j
80.3
79.1
78.8
89.5
93. 9

47. 3
81.4
0f>. 0
69. 9
33. 4

55. 4
85.0
57. 7
61.3
39.4

42.7
79. 9
58.4
61.2
34.6

41.0
82. 4
63. 4

103. 2
71. 7
94. 3

93.8
69.3
82.4

80 2
122.9
71.4

75.9
116. 2
67.6
72.8

73. 7
90. 9
84. 0
84. 7
71.2
99. 3
62. 0
76. 3
74. 2
74. 2

f>9. 0
79. 0

57.3
76. 1
69.8 ,

j
i
I
I
!
i
|
|

72.3
78.7
57.5
57.4
137.2
182.7
120.1

4S.S
60. 2
42. 7
34. 4
110.7
173. 5
102.4

!
I
I
j
|
I

89.4 !

|
!
|
|

91.3
78.2
110.3
82.0
81.5
81.1

!
1
!
!
!

10Q.7 !

64. 1

i
|
I
j

I

55.6 !
76.4 :
70.4 i

54.6
70.3

!
•

i
!
I
|

76.9 |
07.7 !
48.1 !

' Revised.
fRevised series. F a c t o r y p a y rolls, for revisions beginning J a n u a r y 1934, see table 13? p . 19 of t h e M a r c h 1937 issue.
revised for 1935 a n d 1936; see table 35, p . 20 of t h e August 1937 issue.




!
!
!
;
!

05. 3
70. 8

I

'55. 1
65. 8
' 46. 3
T

' 40. 4

' 121.2
' 184. 5
' 114.3
' 101.8
' 123.0
' 99. 9
127. 8
' 92. 1
• 141.5
' 03. 3
08. 2
r
03. 0
' 03. 0
r
36. 4
••67.3
' 111.9
' 120. 0
'125.8
'81. 1
'121.4
' 89. 0
' 132. 1
'141.7
' 125.8
' 124.8
r
140. 4
300. 3
' 115.9
130. 3
'212. 7
102.3
' 53. 8
' 46. 0
r
82. 7
' 101. 5
105.4
' 82. 0
'71.'5
71. 5
68. 0

r
r

120.9
74.7

310. I
07. 9

••103.5
119. 7
102. 7

74. 7
' 95. 4
r
99 0
' 95. 1
88. 3
76. 3
• 110.7

Pay-roll indexes for P h i l a d e l p h i a a n d P e n n s y l v a n i a

SURVEY (W CURRENT BUSINESS

l'VI>ni;irv I'.Ki.H

Monthly statistics through December 1935, to- | 1 3 3 7 1936
gether with explanatory notes and references '
to the sources of the data may be found in the Deeem- Decem1936 Supplement to the Survey.
ber

1937
J anuary

February

March

April

September

July

Jane

May

October

November

EMPLOYMENT CONDITIONS AND WAGES—Continued
WAGES-EARNINGS AND BATES

|

Factory, average weekly earnings (25 industries)
(N.I.O.B.):
All wage earners
dollars..
Male:
Skilled and semiskilled
do
Unskilled
do....
Female
do
All wage earners
1923 = 100. _
Male:
Skilled and semiskilled
...do
Unskilled
do
Female
do
Factory average hourly earnings (25 industries)
( N . I . C. B.):
All wage earners
dollars..
Male:
Skilled and semiskilled—
_.do
Unskilled
do_...
Female
do
Factory, average weekly earnings, by States:
Delaware
1923-25=100..
Illinois
1925-27 = 100..
Massachusetts
do
New Jersey
1923-25=100..
New York
1925-27=100..
Pennsylvania
1923-25=100Wisconsin
1925-27= 100..
Miscellaneous wage data:
Construction wage rates (E. N . E.):§
Common labor
dol. per hour..
Skilled labor
do
Farm wages, without board (quarterly)
dol. per month®
Railways, wages (average)
dol. per hour..
Road-building wages, common labor, on
public works projects:
United States, total
dol. per hour..
East North Central
do
East South Central
do
Middle A t l a n t i c .
_do
Mountain States
do
New England
do
Pacific States
do
South Atlantic
do
West North Central
do
West South Central
.
do
Steel industry wages:
U. S. Steel Corporation 1
do
Youngstown district- .percent of base scale—

26. 63

26. 11

26. 68

27. 50

28.03

28.36

28.39

27.83

27. 76

27. 39

27. 12
20. 31
lf>. Mi

30.21
21.90
16.96
100.1

29.88
21.65
16. 72
98.1

30. 02
21.94
17.00
100. 3

30. 83
22. 42
17.24
103.3

31. 70
23. 38
17.37
105.3

31.96
23. 63
17.49
106.6

32. 23
23. 63
17.63
106.7

31.54
23.32
17.45
104.6

31. 42
23.12
17.18
104.3

31.21
23.07
16. 78
102.9

30. 37
22.58
16. 52
101.9

su. o

98.1
98.3
98. 4

97.0
97.2
97.0

97.4
98. 5
98. 6

100.1
100.6
100. 0

102.9
104.9
100.8

103.7
106.1
101.5

104.6
106.1
102.3

102.4
104.7
101. 2

102. 0
103.8
99. 7

101. 3
103.5
97.3

98. 6
101.3
95. 8

94. 0
%. 2
90. 8

.659

.685

.698

.707

.711

.713

.734
. 535
.444 |

. 764
. 564
.463

.780
.574
.471

.793
.582
.475

.796

.584
.475

.799
.587
.477

.800
. 590
.481

590
. 4S4

. 8012
. 589
. 186

87.6
94. 2
96. 9
108.0
94.7
102.5
95. 4

91.3

no. ;J

.637

89. 5

. 67s
Lot)

.715
. 515
.438

.718
.518
. 440

91.6
89.8
95. 4
107.6
92.7
101. 3
95. 8

90.0
90. 9
95. 4
105. 3
92.2
99. 4
94. 1

89.6
92.6
96.1
106. 7
92.9
102. 4
98. 8

91.8
94.1
98.3
109. 3
95.9
104. 8
100. 2

95. 5
98.6
100. 5
112.7
96. 6
109.9
101. 9

95.2
98.3
100.0
113.7
96.4
109.7
102.1

92.2
98.4
100.1
112.3
96.7
108.9
101.4

90. 5
95.2
99.7
109.0
96.1
104.8
97.6

86.2
96. 6
98. 0
111.5
97.0
109. 6
99.6

.586
1.18

.603
1.24

. 603
1.24

.612
1.25

.612
1.26

.627
1.30

.644
1.33

.662
1.35

. 668
1.37

. 683

107. 2
UJ.O

.038

.711
.518
.437

31.37
.688

.674

34.16
.671

.37
.47
.26
.46
.48
.60
.27
.43
.30
.025
125. 0

. 525
125. 0

.60
. 25

. 525
125.0

. 696
.35
.51
.26
.49
. 50
.61
.25
.43 !
.29
. 525
125. 0

.36
.54
.27
. 47
.51
. 56
.59
.25
.37
.29
. 575
125. 0

36.14
.662

.602

.670

.45
.51
.53
.59
. 20
.39
.29

.39
.51
.27
.48
.52
.46
.59
.26
.42
.29

.41
.53
.27
.46
.53
.45
.54
.26
.45
.31

.41
.56
.27
.44
.53
.46
.61
.27
.44
.30

. 625
125.0

.625
125. 0

.625
125.0

.625
125.0

395

386

1
1

3
2
295
137
159
86
287

273
130
143
87
285

265
144
121
83
325

3,385
2,888
2, 055
833
99

3, 389
2, 885
2, 054
832

3, 399
2,879
2, 051
829

94

3, 394
2, 883
2, 052
831
93

1

1

1

49

45

45

49
398

48
410

47
419

154
44
144
24
127
59
123

159
45
152
23
130
59
120

165
47

.37

[28

94.4

J01.7

28. 97
21.44
15. 65
96. 2

91. X
91.3
91. 2
107. 0
90. 2
93. 5

.676

.673
1.37

J. 38

.708

36.71
72. 3

125?0

. 625
125.0

. 625
125.0

282
.1 53
129
62

279
MS

.42
.58

4

318

. 696

90. I
96. 2
91. 7
110.5

r

.46
.53
.45
.63
.43
.32

. 625
125.0

FINANCE
RANKING
Acceptances and com'l paper outstanding:
387
:>96
373
401
Bankers' acceptances, total
.mills, of dol..
Held by Federal Reserve banks:
o
0
0
0
0
For own account
do
0
0
0
For foreign correspondents
do.
0
Held by group of accepting banks:
278
315
325
341
317
Total..
.-mills, of d o l 151
117
160
154
150
Own bills
do.
164
166
180
131
Purchased bills
do
171
57
61
Held by others
do
62
80
r.:>
215
268
Com'l paper outstanding
do
290
279
244
Agricultural loans outstanding:
3, 352
3, 352
3, 374
'.\'\\ 3, 362
Grand total*
do....
2, 896
2, 898
2. 892
84 S
2,901
Farm mortgage loans, total-_
do
035
2, 064
2,061
2, 060
2,058
Federal Land Banks
do
834
837
836
Land bank commissioner
do
S3
J
me
120
125
114
110
Loans to cooperatives, total
do
120
Federal Intermediate Credit (direct)
2
l
1
1
2
mills, of dol_.
Banks lor cooperatives inch Central
70
64
57
60
Bank
mills, of dol—
8S
Agricultural Marketing Act revolving
54
54
52
52
3'
fund
mills, of dol..
336
Short term credit, total®..
do
334
342
372
Federal Intermediate Credit Banks, loans
to and discounts for:
Regional Agricultural Credit Corps.',
Prod. Credit Ass'ns and banks for
144
130
130
1(15
cooperatives J1
mills, of dol_.
126
40
40
41
Other financing institutions®
.do
41
42
106
105
Production Credit Ass'ns
_do
115
132
13S
24
25
Regional Agr. Credit Corp
do
16
24
24
104
13 5
103
Emergency crop and seed loans
do
JJ5
103
60
60
Drought relief loans
do
57
60
60
133
130
Joint Stock Land Banks in liquidation., do
104
129
126
° Less than $500,000.
r
Revised.
IBasic rate for common labor,
§Construction wage rates as of Jan. 1, 1938, common labor, $0,680; skilled labor $1.39.
•Data revised for period of March-October 1936; see p. 32 of the July 1937 issue.
J To avoid duplication, these loans are excluded from the totals.
®Farm wages, without board, as of Jan. 1, 1938, is $33.28.




147
171
76
285

352
0
1

1

160
23

130
59
118

99
I
52
46
421

170
48
164
22
128
59
115

143
120
79
329

274
148
127
69
331

3, 393
2, 874
2, 048
826
102

3,386
2, 869
2, 045
823
115

1

67
311

K20
120

,0:59
817
129

45
379

45
MS

143

in
in

1
67

44
417

47
402

171
48
163

167
47
154
19
123
58
111

128

161
41
17
119
58
110

110

32

SURVEY OF CURRENT liUSLNESS

Monthly statistics through December 1935, together with explanatory notes and references
to the sources of the data may be found in the
1936 Supplement to the Survey.

February 1938
1937

March

April

May

June

July

August Septem- October November
ber

FINANCE—Continued
BANKING-Continued
Bank debits, total
mills, of doL. 39, 103
New York City
...
do
18,277
Outside New York City
do
20,825
Brokers' loans:
To N. Y. S. E. members
do
659
By reporting member banks. (See Federal
Reserve reporting member banks, below.)
Federal Reserve banks, condition, end of mo.:
Assets (resources) total
mills, of dol~ 12, 879
Reserve bank credit outstanding, total
mills, of doL.
2,613
1
Bills bought
__do—_
10
Bills discounted
do
United States securities.
do
2, 564
9, 481
Reserves, total
do
Gold certificates
do.___
9,129
Liabilities, total
do.._- 12,879
Deposits, total
do
7,577
Member bank reserve balances, total
7,027
mills, of dol__
1.212
Excess reserves (estimated)..
do
4, 28-1
Notes in circulation
_.do
79.8
Reserve ratio.
percent-.
Federal Reserve reporting member banks,
condition, end of month:
Deposits:
Demand, adjusted
mills, of doL. 14. 431
5, 205
Time
._—
-.-do
12,015
Investments, total.
_.
do
8,018
U. S. Government direct obligations_do
IT. S. Government guaranteed issues.do
1, 116
Other securities
_do
2, 831
9,387
Loans, total <8)
do
Commercial, industrial, and agricultural
loans:
579
On securities
mills, of dol__
4,022
Otherwise secured and unsecured..do
Open market paper
do
461
Loans to brokers and dealers in securities
mills of dol—
894
Other loans for purchasing or carrying securities
.
.
mills, of doL.
1.165
Real estate loans
.
do
66
Loans to banks
do
1. 565
Other loans
-.-do
Interest rates:
Acceptances, bankers' prime
percent. _
A r»
Bank rates to customers:
In New York City
do
2. 40
In eight other northern and eastern cities
percent...
3. 36
In twenty-seven southern and western cities
A. 15
percent..
1.00
i Jail loans, renewal (N. Y. 8. E.)
do
1
Com'l paper, prime (4-6 IIJOS.)
--do
1. 00
Discount rate, N. Y. F. R. Bank
-do
4.00
Federal Land Bank leans
do.. -.
2. 00
Intermediate Credit Bank loans.
_.do
Time loans, 90 days (N. Y. S. E.)
do
JM
Savings deposits:
N. Y. State savings banks.. mills, of dol
?), 200
U. S. Postal Savings:
Balance to credit of depositors
do
1.270
Balance on deposit in banks
do

45,896
22, 658
23, 238

39, 479
19,096
20, 383

34, 526
16,907
17,620

42, 003
20, 398
21,605

37,133
17,082
20,051

34, 406
15,114
19,292

36, 453
16,434
20,019

36, 903
16, 751
20,152

31, 886
13,476
18,409

33, 360
14, 718
18,642

1,051

1,026

1,075

1,159

1,187

1,152

1,186

1,174

1,186

1,039

726

12, 525

12, 297

12, 330

12, 339

12, 449

12, 448

12, 496

12, 462

12, 394

12, 786

12,727

12, 796

2,500
3
3
2, 430
9,121
8,865
12, 525
7,109

2,497
3
3
2,430
9,156
8, 862
12, 297
7, 257

2, 465
3
5
2, 430
9,134
8,859
12,330
7,177

2, 458
3
12
2, 430
9,141
8,856
12, 339
7,186

2, 565
4
12
2, 525
9,135
8,853
12, 449
7, 257

2,585
6
17
2,526
9,135
8,850
12, 448
7, 261

2,562
4
10
2,526
9,159
8,846
12,496
7,278

2,574
3
15
2,526
9,160
8,843
12,462
7,288

2,577
3
22
2,526
9,135
8,840
12, 394
7,228

2,579
3
22
2,526
9,452
9,138
12,786
7,529

2, 580
3
21
2,526
9,449
9,134
12, 727
7,513

2, 606
3
17
2, 564
9, 450
9,132
12,796
7, 548

6,606
1,984
4. 284
80.1

6,781
2,152
4,160
80.2

6, 695
2,078
4,190
80.4

6,639
1,398
4,174
80.5

6,881
1, 594
4, 205
79.7

6,915
918
4,223
79.5

6,900
865
4,206

6,753
791
4,221
79.6

6,751
773
4,252
79.6

7,014
1,038
4, 263
80.1

6,928
1,055
4,279
80.1

6, 962
1,169
4,274
79.9

15,571
5,067
13,742
9, 241
1,238
3, 263
9,189

15, 493
5, 077
13,638
9,149
1,214
3, 275
8,941

15, 501
5,167
13, 597
9,067
1, 208
3,322
9,121

15,126
5,144
12,907
8,396
1,199
3,312
9,366

15, 388
5,158
12, 774
8, 370
1,175
3,229
9, 428

15, 274
5, 231
12, 587
8,287
1,156
3,144
9, 571

15,187
5, 235
12,530
8, 301
1,152
3,077
9,760

15,033
5, 268
12, 499
8,283
1,188
3,028
9,784

14,924
5,268
12, 292
8,193
1,130
2,969
10, 027

14,864
5,290
12,022
7,903
1,131
2,988
10,004

14, 610
5,278
12, 029
7, 968
1,137
2,924
9, 625

14, 612
5,234
11,940
7,963
1,118
2,859
9, 441

570
3,700
483

566
3,765
467

581
3,844
464

595
4,043
466

601
4,206
475

590
4,171
477

579
4,058
475

1, 297

1,333

1,447

1,363

1,392

1,227

901

876

1,156
84

720
1,161
123
1,481

714
1,169
98
1,534 I

701
1,163
150
1,518

703
1,164
135
1, 529

682
1,165
97
1,551

660
1,169
96
1, 561

650
1,167
68
1, 56S

Me

Me

1, 289
1,156
66
3

1, 204
1,151
60

1,263
1,149
86

1,305
1,157
81

fU

/18

2. 43

2.50

3. 46

3.36

3.43

3. 34

4. 14
1 00

4. 16
1.00

4. 15
1.00

4. 15
1. 00
H-l
1. 50
4. 00
2. 00

U

n

1.50
4. 00
2. 00

i 50
4. 00
2. 00
IU
5, 214
1, 206
136

m
5, 246
1,260
145
692
32
43
141

2.41

2.39

2.38

2.45

3. 36

3. 45

3.32

3.32

3.29

3.33

3. 37

3.42

4.21
1. 00
i
1.50
4. 00
2. 00

4. 17
LOO
3
1. 50
4.00
2. 00

4, 18
1.00
1
1.50
4.00
2. 00

4. 19
1.00
1
1.50
4.00
2. 00

4.18
1. 00
1
o 1.00
4.00
2.00

4.18
1.00
1
1.00
4.00
2.00

4. 16
1.00
1
LOO
4.00
2. 00

1. 17
1.00
I
I. (so
4 00
2.00

m

10!
13,291
709
852
5,117
1,077
462

36
15
4
6
10
9
11
3
27
2
13
398
78
12, 288
478
1, 601
3,121
27
774
329

811
42
45
136
8
34
9
0
8
7
9
10
3
22
498
90
8, 661
326
1, 015
2, 502
81
575
188

43
120
7
33
3
6
5
4
8
20

1H
5,215

1, 272
132

1, 270
134

820
51
72
126
4
4C
8

7S6
28
62
135
7

9
1
1
2
1

16
3
10
438
68
771
169
279
711
66
017
49

1.2f>S

1H

Hi

1H

VA

5, 275

5, 267

5, 270

5, 291

5, 255

1,268
136

1.271
133

1, 273
133

1,270
132

1, 269
ri:to

670

618
25
31
131
4
33
10
1
5
3
6
12
4
36
4
13
379
52
7,766
401
473
2,988
13
577
152

707
30
49
148
5
31
11
8
5
9
10
21
2
30
6
10
403
77
11,916
437
634
5,603
103
743
146

564
26
36
117
8
30
10
1
3
3
6
9
4
13
8
22
336
49
8,393
822
431
3,006
196
529
98

768
35
37
172
3
45
13
;?

1H

m

41

6
5
8
10

15
1
10
6
4
8

22
1
16
4S1
90
10,922
529
2,138
2,744
109
958
115

15
470
91
8,906
440
1,913
2,165
99
859
270

}

834
27
50
j 53
3
37
16
6
6
5
14
39
3
13
513
86
8, 364
493
550
2, 465
14
588
313

42
134
4
33
10
3
13
6
2
5
3
40
2
13
404
66
8,191
408
499
2,883
45
452
405

° I n effect beginning A u g . 27, 1937.
< > F o r m of r e p o r t i n g m e m b e r b a n k loans revised beginning M a y 1937: t h e n e w i t e m s , w h i c h are self-explanatory, are not available prior t o t h a t d a t e .
S
discussion of t h e significance of t h e n e w series, see t h e F e d e r a l Reserve bulletins for M a y 1937, p , 440, a n d J u n e 1937, p . 530.




Mo

2. 36

COMMERCIAL FAILURES
Grand total.—,
number,.
Commercial service, total
do
Construction, total
do
Manufacturing, total
do
Chemicals and drugs
do
Foods
.
-do
Forest products
do.. - _ Fuels
do
Iron and steel
do
Leather and leather productsdo
Machinery
do
Paper, printing, and publishing
do
Stone, clay, and glass....do
Textiles
.
do
Transportation equipment
do
Miscellaneous
_..._do
Retail trade, total
do
Wholesale trade, total
do
Liabilities: Grand total
thous. of dol_.
Commercial service, total
do
Construction, total
,___ do
Manufacturing, total.
do....
Chemicals and drugs—-.
do..—
Foods
.
do
Forest products
do

sU

2.34

5,248
3,270
133

7

31, 593
13, 432
18, 160

2. 44

2. 50

1. 50
4. 00
2.00

36, 073
16,151
19,923

o

3
12
12
3
43
5
21
437
87
9, 335
571
424
3, 793
63
834
427

m
5, 250
1, 270
118
786
40
60
164
G
37
12
0
9
0
10
13
4
33
4
27
440
82
10,078
819
994
3,058
79
549
148

F o r a more detailed

February 1938

33

SURVEY OF CURRENT BUSINESS

1936
Monthly statistics through December 1935, to- 1937
gether with explanatory notes and references
to the sources of the data may be found in the Decem- Decem1936 Supplement to the Survey.
ber
ber

1937
January

February

March

April

May

June

| July

August

Sep-

| October November

FINANCE—Continued
COMMERCIAL FAILURES-Contlnued
Liabilities— Continued
Manufacturing—Continued.
Fuels
thous. of dol..
Iron and steel
do
Leather and products
do
Machinery
__
do
Paper, printing, and publishing
do_...
Stone, clay, and glass
do
Textiles
do....
Transportation equipmentdo
Miscellaneous
__do
Retail trade, total
do....
Wholesale trade, total
do

234
144
145
477
69
121
3,135
3,953

0
339
139
65
148
27
674
6
260
3,746
1,072

291
28
63
251
272
36
197
311
130
3,571
1,041

150
123
62
340
243
99
319
3
223
3,927
1,584

7
73
144
7
86
61
283
65
211
3,313
1,045

56
56
146
98
157
131
721
81
104

203
155
162
30
133
37
1,146
17
98
3,292
1,109

27
31
53
67
184
210
1,163
74
437
2,861
1,043

20, 380
4,166
718
3,448
1,732
2,641

20,516
4,142
708
3,434
1,754
2,632

20,609
4,127
703
3,424
1,760
2,623

20,718
4,116
696
3,420
1,758
2,617

20,813
4,113
691
3,422
1,761
2,614

20,914
4,116
689
3,427
1,761
2,614

20,992
4,128
688
3,440
1,753
2,614

21,120
4,144
686
3,458
1,763
2,611

21, 221
4,155
683
3,472
1,767
2,609

21,317
4,165
685
3,480
1,767
2,614

21, 432
4,176
683
3, 493
1,770
2, 630

10,642
4,789
2,364
2,641
848
710
489

10,709
4,871
2,323
2,652
863
791
488

10,867
4,969
2,340
2,678
880
740
492

11,103
5,075
2,424
2,721
883
637
487

11,263
5,167
2,448
2,760
888
577
485

11,321
5,191
2,464
2,777
889
611
491

11,570
11,447
5,267 I 5,269
2,488
2,526
2,777
2,765
915 I 1,010
587
581
463 !
451

11, 651
5,300
2,527
2,772
1,052
587
452

11,709
5,348
2,543
2,773
1, 045
628
434

11.781 I 11,908
5, 442
5, 358
2, 593
2 576
2,778
2, 775
1, 095
1,072
609
644
429
431

1,058
54
111
227
805,077
80, 570
216, 363
508,144
360,242
67,687
11,892
100, 271
180,392

893
25
670
197
670,390
42,051
195,405
432,934
262,037
35, 512
10,000
57, 286
159,239

952
28
711
212
711,478
40,246
212,231
459,001
252,162
27,297
11,186
56,917
156, 762

1,174
51
862
262
917,442
77,956
258,087
581,399
285,221
31.807
12,925
66,397
174, 092

1,085
36
807
241
834, 366
57,022
246,589
530,755
274,450
25,730
10,840
74, 637
163,243

1,066
39
789
237
803,121
74, 766
239,733
488,622
247,640
25,830
10,319
54,556
156,935

1,027
51
735
241
824,470
87,861
224,113
512,496
265,179
26,389
11,400
62,120
165,270

548
47
166
125
50
49
20
38
14
39

577
48
177
133
52
54
19
39
14
41

723
57
211
167
66
63
28
53
19
58

692
51
204
155
65
65
27
50
19
56

631
47
178
144
61
60
26
49
17
50

646
48
181
147
64
60
26
50
17
53
95

57
1,336
159
325
216
137
872
100
368
4,622
1,991

LIFE INSURANCE
{Association of Life Insurance Presidents)
Assets, admitted, total
mills, of dol..
Mortgage loans, total
_do-_.
Farm
do
Other
.do—.
Real estate*
...
.-do
Policy loans and premium notes
do...
Bonds and stocks held (book value), total
mills, of dol.
Government (domestic and foreign)..do...
Public utility.do—
Railroad
.__
do...
Other
..do...
Cash*
do—
Other admitted assets*
do...
Insurance written:
Policies and certificates, total number
thousands929
Group
-_do-.44
Industrial
do
674
211
Ordinary
do
Value, total
thous. of dol. 764,803
87, 386
Group
-._
_
do-_213, 976
Industrial
.do
463, 441
Ordinary
..do
Premium collections, total
do...
Annuities
do
Group
_.do
Industrial
do
Ordinary
_
_
do
(Life Insurance Sales Research Bureau)
634
Insurance written, ordinary, totalt mills, of dol..
40
New Englandf
do...
164
Middle Atlanticf
_do—
143
East North Centralf.
do...
69
West North Centralt
do—
61
South Atlantic!
do...
26
East South Centralt
do—
56
West South Centralt
do...
20
Mountain t
do...
56
Pacificl
_
.doLapse rates
...1925-26*= 100.

47
183
154

2,675
54 ,
245
348
257
29
548
237
218
2,896
2,346

105
81
71
55
121
51
,187
158
354
074
060

945
938
871
59
40
25
668
687
646
217
212
200
743,716 703,123 637,595
93,863 62,186 49,921
204,121 210,898 197,339
445,732 430, 039 390,335
253,191 245, 561 230,770
27,987 24,167 22,396
11,037 10,989
10,616
56,097 61,131
54,438
158,070 149,274 143,320
|
!
I
!
I
!

589
41
163
132
60
55
24
45
17
50

546
37
143
126
56
53
24
41
17
50

500
34
127
113
52
49
23
42
14
47

0
473
197
232
174
148
488
66
504
3, 816
1,391

21, 536
4,183
678
3, 595
1,774
2, 633

982
28
741
212
701, 038
45, 437
226, 243
429, 358
237, 522
23, 243
10, 066
53, 444
150, 769

916
24
689
202
681, 376
42, 238
211,409
427, 729
251, 012
25, 325
10, 751
61,412
153,524

580
41
164
132
58
52
23
44
16
49

573
40
159
132
58
52
22
44
17
49

MONETARY STATISTICS
Foreign exchange rates:
.333
.326
.328
.329
.330
.333
.330
ArgentinaA
dol. per paper peso.
.327
.329
.331
.332
.327
.170
.169
.169
.169
.169
. 170
.168
Belgium
_dol. per belga.
.169
.169
.168
.169
.168
.168
.087
.087
.087 j .087
.087
.087
.087
.087
.087
.088
BrazilJ
dol. per milreis.
.087
.087
1.001
.999 I .999
1.000
1.001
1.000
1.001
1.001
.999
1.001
1. 000
Canada
dol. per Canadian dol..
1.000
1.000
.052
.052 ! .052
.052
.052
.052
.052
. 052
.052
.052
.052
Chile
dol. per peso.
.052
.052
4.92
4.94 !
4.95
4.94
4.98
4.91
4.97
5.00
5.00
4.89
4. 96
England...
_
dol. per £ .
4.89
4.91
.045
1.044 !
.035
.045
.038
.047
.038
.034
.034
.046
.033
France
_
dol. per franc.
.047
.047
.402
.401 I .402
.401
.402
.402
.402
.404
.403
.402
.402
Germany
dol. per reichsmark..
.402
.402
.371
.372 I .375
.374
.373
.376
.371
.377
.377
.369
.374
India..
dol. per rupee.370
.371
.053
.053
.053
.053
.053
.053
.053
.053
.053
.053
.053
Italy
dol. per lira.053
.053
.286
.287 I .289
.289
.288
.290
.285
.291
.291
.285
. 289
Japan
dol. per yen».285
1.285
.548
.550
.551
.549
.552
.546
.551
. 555
. 556
.547
. 553
Netherlands
dol. per florin..
.547
.548
.057
.052
.065
.053
.063
.077
.051
. 063
.062
.061
. 063
.067
.071
Spain5—
dol. per peseta..
.253
.254
.255
.255
.257
.253
.256
. 258
.258
.252
.255
.252
.253
Sweden.
dol. per krona..
.786
.791
.791
.787
.792
.800
.794
.791
.799
.788
.791
.789
.789
Uruguay
dol. per peso.
Gold:
12, 765
12,782 i 12,788
12,653
Monetary stocks, U. S
mills, of dol.
11, 502 11, 686 11,901 ! 12,189
12,404 | 12,512
11, 220
11, 310 11,399
Movement, foreign:
9,343 —8.046 ; -20, 145
Net release from earmark^—thous. of dol. -101,580
7,217
- 6 6 8 -48, 330 -8,000
-399
21,196 j—15,865 I-35,544 j -5,288
15, 052
' 232 i 30, 084
Exports
do...
129
13
4 i
81
206 | 169
99 I
11
39
33, 033
Imports
_
do
57,070 I 121,336 120, 326 154,371 215, 825 155,366 I 262,103 1 175,624 j 105,013 145, 623 90,709 | 52, 194
Net gold imports including net gold released from earmark*
.thous. of dol. _ - 8 3 , 5 9 9
1,965
56,303 1 72,995 112,326 153,933 | 223,029 181,558 I 246,157 ] 139,874 j 99,556 j 154,837 82,431
Production:
Union of South Africa*-.
fine
ounces.
967, 376 981, 499 923,727 I982,304 I 980,227 971, 720 975,197 j 997,013 j 988, 502 j 976,285
987,401
894, 653 909, 485 854,815 i 908,268 906,890 898,634 902,024 919,488 j 911,310 899,076 907,681
Witwatersrand (Rand)t-.do—
Receipts at mint, domestic
do.._ 224, 049 196, 248 193,079 155,332 185.768 150,404 236, 763 i 198,174 216, 321 320,992 I 246, 221 262, 129 278,883
6, 618
6, 566 |
Money in circulation, total
mills, of dol.
6, 558
6,426 i 6.435 I 6,475 I 6,500 ! 6,558
6,369 ! 6,391 I 6,397
6,563 i 6,400
A Largely nominal.
» Quotation partly nominal.
« Less than $500.
« Largely nominal.
§Quotations nominal beginning July 31, 1936 No quotation from Sept. 22 to 30, and from Nov. 1 to 13, 1936.
1Or increase in earmarked gold (—).
•Or exports (—).
cf Official rate. Quotations not available beginning Nov. 18, 1937.
*New series. With the addition of the 3 new series on admitted assets of life insurance companies, a more complete record, as reported by the Association, is here presented;
earlier data for the new series covering the period 1922-36 are shown in table 51, p. 19 of January 1938 issue. Data on the production of gold in the Union of South Africa
beginning 1913 appeared in table 48, p. 20 of the December 1937 issue.
t Revised series. For earlier data on ordinary life insurance written see table 36, pp. 18 and 19 of the September 1937 Survey. Revised data on gold production in
the Witwatersrand area beginning 1913 appear in table 4.8, p. 20 of Dec. 1937 issue.




34

SURVEY OF CURRENT BUSINESS

1936 i
Monthly statistics through December 1935, to- 1937
gether with explanatory notes and references
to the sources of the data may be found in the Decem- Decem- | Janu1936 Supplement to the Survey.
ber
ber | ary

F e b r u a r y 1938
1937

February

March

April ! May

July

June

Augus, s x r

October iI November

FINANCE—Continued
MONETARY STATISTICS—Continued
Silver:
230
Exports..
.._
_.thous. of doL.
23. 151
Imports
do
'448
Price at New York___
dol. per fine oz._ j
Production, world
thous. of fine oz.
Canada..
....do..
Mexico
do..
United States
do..
Stocks refinery, end of month:
United States
....do..
Canada
do..

236
2,267
.454
19, 594
1,619
3,748
6,165
1,050
1,023

612

611

2,846
.449
23, 223
1,252
8,765
5,409

14,080
.448
20,849
1,539
6,684
4,965

1,347 I
1.512 I

970 I
- !

346
5,589
.451
22,612
1,661
7,509
5,488 ;
821 j
507

468

341

244

214

278

285

2,821
.455
20, 505
1.346
5,731
5,431

3,165
.450
21,536
1,467
6,543
5,280

6,025
.448
24,845
1,228
10,140
5,487

4,476
.448
23, 427
2,317
6,274
6>805

4 964
.448
26, 216
2,367
8,428
7,441

8,427
.448
22, 487
2,271
6,460
5,779

1,303
808

862
735

1,127

1, 296

766 j
929

537

439

1,363

817

380
5,701
.448

527
10,633
.448

2, 536

2,176

~4~855

"6*682

1.064
852

1.287
617

CORPORATION PROFITS
(Quarterly)
Federal Reserve Bank of New York:
Industrial corporations, total (168 cos.)
mills, of dol
Autos, parts, and accessories (28 cos.)--do__.
Chemicals (13 cos.)
do...
Food and food products (19 cos.)
do_.
Machinery and tools (17 cos.)_mills. of dol |
Metals and mining (12 cos.)
do
Petroleum (13 cos.)
do
Steel (11 cos.)
do
Miscellaneous (55 cos.)
_.do
Telephones (net op. income)^
do
Other public utilities (net income) (53 cos.)
mills, of doL.
Railways, Class I (net income)^
do
Standard Statistics Co., Inert
Combined index, unadjusted (161 cos.)
1926=100__
Industrials (120 cos.)
do
Railroads (26 cos.)
do
Utilities (15 cos.)
do
Combined index, adjusted (161 cos.)
do
Industrials (120 cos.)
do
Railroads (26 cos.)
..do
Utilities (15 cos.)
_.._do____

283.5 I

97.
50.!
22.4
11.3

i.3
13.0
39.2
43.2
69.2

...J
i

250.6 |.
.1
69.
37.0
16.5
14.2
7.2
14.5
51.6
40.5
59.9

55.2
126.0

r lh. 0

v 85. 7
p?.l
v 139.1
*81.4

P97.6
d
6.1
v 130. 7

53.6
14.1

109.3
115.1
55.0
154.5
112.7
127.0
41.8
146.1

90.9
104.3
15.7
131.2
98.0
109.
42.0
123.4

_|

..!

310.6 |
46.9
21.1
16.2
6.3
'.7
17.
i.4
45.7
58.2

53.6 L
21.2 I.
104.4
128.6
8.7
124.4
99.3
117.4 I
17.3 !
126.7 j

264. 0
60.6
44.1
19.7
14.3
5.7
24.4
52. 5
42. 7
52.1
46.9
41.6

r 93. 5
112. 1
17.8
p 110. 6
v 88.1
p 105.9
d
3.9
124.5

PUBLIC FINANCE (FEDERAL)
36,716 ! 37,045
36, 875
36,956 • 37,094
Debt, gross, end of month
mills, of doL. 37.279
34,732
34,944 I 35,216 j 36,425
34, 405
34, 503
34, 601
Obligations fully guaranteed by the U. S.
Government:
Amount outstanding by agencies, total
4,633
4,634
4,644
4, 645
4,633
4,662
4, 665
4,660
4,703
mills, of dol..
4,662
4,660
4,662
4,662
1,400
1,400
1,410
1,422
1.400
1,410
1, 422
Federal Farm Mortgage Corporation.do
1,420
1,422
1,422
1,422
1,422
1,422
2.937
2,937
2.937
2,987
2.937
2,937
2,988
2,987
Home Owners' Loan Corporation..do
2,987
2,987
2,988
2,988
2,988
296
29"
255
297
Reconstruction Finance Corporation_do
251
295
250
297
252
252
252
250
Expenditures, total (incl. emergency)
thous. of dol.. 771,244 684, 821 607, 418 645, 053 971, 663 784 813 624, 015 1,386,931 675,811 617,578 765, 251 671,409 | 649,877
943, 351 552,607 320,034 330, 310 1,120,513 423, 886 392, 509 966, 905 464,057 547, 570 858, 585 394,403 I 439.548
Revenues, total
do
38,790
36,173
30,129
36, 515
31, 513
Customs
do
40, 649
41,716
38, 698
46,252
52, 503
46,252
40, 518
41,72@
767, 545 478, 633 207, 483 237,826 934, 555 300 390 281,058 827, 483 376,074 336,125 738, 564 284.250 325, 736
Internal revenue, total
do
34, 831 494, 405
41,671
482, 697 281,178
42,464
35, 287
Income tax
..do
556, 946
42,949
45, 246
689,003
64, 035
55 444
Taxes from:
1.599
1,722
1 590
1, 907
2, 243
Admissions to theaters, etc...
do
2.290
1,539
1,633
1,875
2,195
1,537
1,506
1,473
1,492
1,235
2.045
2,998
1,692
1,556
3,045
1,232
Capital stock transfers, etc
do
3,178
3 226
2,169
3,367
3,743
589
338 1
325
416
454
266
392
571
325
639
Sales of produce (future delivery). .do
423
506
528
762
886 I
711
633
395
670
433 i
361
684
Sales of radio sets, etc
do
906
329
465
332
Reconstruction Finance Corporation loans outstanding end of month:
Grand total
thous. of dol_. 2,060,397 !,135,186 2,149,380 2,129,186 !2,064,942 2,045,756 2,028,897 2,033,375 2,048,344 1,981,146 1,992,975 1,999,722 i 2,017,674
662,594
662,493 660,490 ! 654,917
657, 348 710, 261 697,382 689,4
662,165 i 658,876
668, 585 664, 670 656,445
Section 5 as amended, total
do
Bank and trust companies including receivers..
thous of doL. 153, 704 199, ?84 1C3,134 183,400 178,316 173,093 167,388 163,800 166,915 164, 545 159. 754 158,005 152, 920
1,872
1,725
1, 652
1,821
2.121
2,076
1,953
2,248
2,072
2,462
2,096
2, 358
2,197
Building and loan associations
do
3. 626
3,362
3,382
% 955
3,681
2,791
3,820
3, 703
4,007
3,863 I 3,844
3,978
3,925
Insurance companies
.do
128, 465 130, 6fi8 129t 803 129, 532 126,330 ! 122,057 120, 467 121,177 120, 422 120,142 124, 540 125, 159 126, 194
Mortgage loan companies
do
355, 894 345,978 345, 500 345,373 340,367 I 345,084 344,823 354. 320 351,936 351,855 356, 279 355. 932 355, 923
Railroads, incl. receivers
do
16, 836
16, 717
16, 253
15, 273
17,518
14, 373
17,258
17, 875
17,613 j 18, 344
25, 609
24,976
27, 762
All other under section 5
do
Total Emergency Relief Construction Act,
as amended
thous. of dol.. 582, 587 588,883 629,799 624,158 576,984 559,248 551,431 551,725 568,928 511,100 516,343 524,471 542, 940
235, 578 193,247 198,335 I 204,835 206, 607 213,067 216, 576 219, 903 223,374 225, 071 229,105 230, 371 227, 714
Self-liquidating projects
do
Financing of exports of agricultural sur47
47
47
47
47
47
47
47
47
pluses
thous. of dol—
47
Financing of agricultural commodities
11, 153
32, 279
62,427 I 2,902
4,287
81,101 56,906 51,726 j 48,695
and livestock
thous. of doL. 64, 064 100,006 j 13G,063 123,922
Amounts made available for relief and
work relief
thous. of dol.. 282, 898 295,583 I 295,354 295, 354 289, 228 289, 228 283,082 283,080 283,080 283,080 282,904 282,900 I 282,900
Total, Bank Conservation Act, as amended
thous. of doL. 585, 839 654,619 I 641,092 632,179 629, 522 624 077 619,840 I 613,943 I 608,468 599,104 597,076 594,275 590,284
212,066
217,063 ' 220.480 1 229,533
197 761 ! 201,181 ' 205,113 l 208, 783
197;761
234. 623 181,795 ! 181,107
Other loans and authorizations
do
183,446
189 852
r
Revised.
» Preliminary.
• Deficit.
•Number of companies included varies.
5As reported by the Interstate Commerce Commission. Figures shown on p. 54 of the 1936 Supplement are in thousands of dollars instead of in millions as the box head
indicates.
tRevised series. Revisions in the Standard Statistics index of corporation profits for 1935 and 1936 not shown on p. 34 of the May 1937 Survey will appear in a subsequent issue.




February 1938

SURVEY OF CURRENT BUSINESS

1936
Monthly statistics through December 1935, to- 1937
gether with explanatory notes and references
to the sources of the data may be found in the Decem- Decem1938 Supplement to the Survey.
ber
ber

35
1937

January

February

March

April

May

June

July

August

October

FINANCE—Continued
CAPITAL FLOTATIONS
New Security Registrations
(Securities and Exchange Commission)
New securities effectively registered:
Estimated gross proceeds, total
thous. of dol._ 201, 374
Common stock
do
82, 637
Preferred stock
do
20, 768
50,212
Certificates of participation, etc
do
35,625
Secured bonds
do
12,133
Debentures and short term notes.-._.. do
Industrial classic caton:*
Extractive industries
.._do
Manufacturing industries
do
Financial and investment
do
Transportation and communication__do
Electric light and power, gas, and water
thous. of doL.
Other
do
Securities Issued t
(Commercial, and Financial Chronicle)
Amount, all issuesf
thous. of doL.
Domestic issuesf
do
Foreign issues
do j
Corporate, total
....do
j
Industrial
.do
j
Investment trusts
__do j
Land, buildings, etc., total
do
j
Long-term issues
-do
|
Apartments and hotels
do
|
Office and commercial
do j
Public utilities
do ,
;
Railroads
do
j
Miscellaneous
do !
Farm loan and Gov't agencies. _„
-do
|
Municipal, States, etc.f
_.._do
j
Purpose of issue:
!
New capital, totalf
do j
Domestic, totalt
-do j
Corporate
__do I
Farm loan and Gov't agencies
do I
Municipal, States, etc.f._
_do |
Foreign
...do j
Refunding, totalf
-do ;
Corporate
do !
Type of securities (all issues):
Bonds and notes, totalt
..do
Corporate
_
do
Stocks
...do
(Bond Buyer)
State and municipal issues:
Permanent (long term).
...thous. of dol_.
Temporary (short term)
do
COMMODITY MARKETS
Volume of trading in gr^in futures:
j
Wheat
thous. of bu.
Corn
do...
SECURITY MARKETS
Bonds
Prices:
Average price of all listed bonds (N. Y. S. E.)
dollars..
Domestic
do
Foreign
do
Domestic (Dow-Jones) (40 bonds)
percent of par 4% bond..
Industrials (10 bonds)...
do .
Public utilities (10 bonds)
..do....
Rails, high grade (10 bonds)
do
Rails, second grade (10 bonds)
do
Domestic (Standard Statistics):
Corporate (45 bonds).
dollars..
Municipal (15 bonds)f
do
U. S. Government (Standard Statistics):
7 bonds
do
Sales (Securities and Exchange Commission):
Total on all exchanges:
Market value
thous. of doL.
Par value
do
On New York Stock Exchange:
Market value
thous. of doL.
Par value
do
Sales onN. Y.S.E., exclusive of stopped
sales (N. Y. S. E.)* Par value:
Total
,.
.thous. of doL.
U. S. Government
.do
Other than U. S. Government:
Total
do....
Domestic
do
Foreign..
do

698,408
167,126
34,531
39,548
234,635
222,568

429,990
85, 622
134,719
11,082
146,509
52, 057

491,400
168,474
38, 215
52, 249
212, 560
19,902

469,907

288,076
139,397
49,497
9,167
52.198
37,818

238,068
114,789
34,442
11,180
2,778
74, 879

369,065
67,055
78,592
16.983
136, 340
70,095

266,886
122,289
85, 690
25,390
29, 929
3,588

302, 343 156, 395
171,547
82, 621
66,194
10, 263
6, 696
1,624
30,453
13,887
27, 453
48, 000

3, 547
61,537
109. 208
3, 443

14,274
79, 234
89, 565
198, 393

5,431
185, 533
48, 374
4,658

3,643
205,491
37,211
0

10,438
4,457
97 428 159, 782
154 179 13,893
27 766 23,005

2,985
155,131
14,985
43,375

9,572
117,685
52, 732
26,100

6,782
165,521
45, 566
0

6,063
214,658
30,541
0

13. 629
10. 010

193, 571
123,370

86,697
99, 297

143,963
101,092

134, 800
45,298

10,547
76,392

2,492
19,099

142, 340
20 637

35,167
13,850

36,216
14,865

316,792
• 282,092
35, 000
• 164,962
66, 954
0
690
690
0
0
9,500
78,127
16,491
' 32, 856
r
83, 974

266,484
266,484
0
170,374
81,139
0
600
600
0
0
52, 580
25, 220
5,825
44,891
r
51,219

560,338
• 560,338
0
418, 288
188,647
0
3,445
3,445
0
0
155,324
15,410
55,462
30.000
112,051

• 340,170
• 340,170
0
• 137,651
103,031
0
350
350
0
0
29,150
2,950
3,251
118,000
r 84, 520

187,312
187,312
0
106,809
27, 265
0
2,625
2,625
0
0
50,251
6,039
19, 354
27,400
r
53,103

203,490
223,828
198,696
• 220,578
r 3. 250 r 4, 800
136.299
152,143
21,600
138, 012
99
0
4, 230
756
756
4, 230
0
0
0
0
11,500
81,864
1, 300
21, 300
0
0
34,300
20, 000
' 48, 435 ' 2S, 097

135.929
135.929
0
r
36, 433
27,733
0
0
0
0
0
5, 850
0
2, 250
52, 000
r
47, 496

359, 887
359,887
268, 946
0
' 90,941
0
200. 451
149,341

246, 761
246,761
' 80,870
89,000
r
76, 891
0
' 93, 409
56, 781

' 78, 740
r
78,7-10
' 50. 073
0
r
28, 007
0
r
108,572
50. 130

157, 058 r 96, 492
153.808 r 93,192
112,757 r 66,647
0
0
' 41, 051 ' 26, 546
' 3, 3C0
' 66,' 770 107,004
69,65o
39. 386

' 94,397
r
94, 397
r
26.313
25. COO
r
43, 085
0
r
41.531
r
10,120

164, 452 725,567
163,877 725,567
0
575
57. 230 625,912
75
56. 580
J.000
27, 718
3,249
0
0
385
0
385
0
0
0 395,594
49, 236
20,250
87, 958
4,880
2, 660
22, 700
83,947 ' 90, 995
122, 364 260, 108
121,864 266, ]fig
42, 767 218, 206
0
0
79,098 r 47, 962
0
500
42, 088 459, 399
14.463 •107, 707
147, 997
40, 775
16. 455

93, 950
30, 465

231 006
36 364
16,543

164 468
21 527

• 543,975 ' 382,345
• 444,975 382,345
0
99,000
• 376,788 318,932
131,313
54,459
0
0
1,606
17,873
1,606
17,873
0
0
0
0
145,688 161,500
46, 635
73,823
12. 854
27, 257
4,067
25, 200
r
42. 998 r 59. 346

617,940
532,940
85,'000
299,711
132,641
250
881
0
0
77, 735
63,336
31,130
26, 000
207. 228

I r 24 3, 568 189,771
| 243, 568 •189,771
r
96.194 • 152, 2(>7
0
4, 000
147,374 ' 33, 504
0
0
•374,372 •354.204
203, 517 224, 521

185, 374 • 158, 580 150. 179
lbX 374 158,580 150,179
137,877 r 78,427
78,153
0
10.500
28, 500
r
47. 497 r 69.653 r 43. 526
0
0
0
196,972 158, 212 110.305
181,055
86, 535 r 92, 220

594, 274 '470, 103 k 403, 619 324. 342
494, 619 r 151. 874 I*236, 431 200, 929
131, 294 146, 837 140, 357 r 58, 004

258.997
106, 867
58, 095

226,238
42,751
28,797 I 133,475

22,057

92,838
89,120

91,313
25, 077

635,120 1,164,158 777,857 775,898 j 1,170,136 1,245,324
158, 220 258, 319 199,166 I 129,969 | 151,721 296, 282

I

|

78,860
0

38,159
23,092
6,144
7, 531
0
1,392

2,310
130, 375
8, 395
2,127

1,125
29, 449
16. 788
'362

1.268
7,270
24,906
0

12, 497
691

79.610
287

910
3,806

127, 621
10, 574
26,013
12,175

214.412 r 467. 910 261,820 j'165. 193 ]59,488
118.302 ! 325! 860 59, 300 I r 84, ego 87,S03
52,072 | 92.428 '78.351 ! r 22.119 T 64, 340

182,797
115.000
20, 699

131,666
32,170
' 4. 263

56,461
14,047

70,159
113,968

• 37. 406
17, 845

' 50,586
16', 479

923, 787 1,544,605 1,639,153 1,160,679
223,622
324,350
335,946
307,440

848, 363
174, 055

928, 917
184,125

926,377
177,229

53,970
75,555

110,524
83,966

51, 656
15,980

62. 60

97.35
100. 76
69.10

96.83 I
100.05 I
69.78 I

96.64
99.83
70.02

93.88
96. 86
68.48

93.33
96.27
68. 41

93.89
96.79
69.30

92.98
95. 84
69.11

93.93
96.82
69.81

92.76
95. 64
68.44

91. 51
94.54
65.60

90.11
93.17
63. 65

92. 36
62. 23

77. 73
97. 21
94.63
106. 02
47.23

103.04
107. 41
101.68
132. 32
82. 51

102.91 I
107.50
101.32
131.28
82.75 I

101. 32
105. 54
100. 73
126.38 j
82.22 j

98. 86
103. 79
98. 21
122. 70
80.05

95.81
101. 88
95.17
120. 41
76.20

96.60
104. 60
95.90
122. 29
75.49

95.56
105. 40
93.39
123. 69
73.62

96.71
106.04
97.32
124. 53
73.41

95.85
106.70
100. 50
123. 04
70.03

90.79
103. 84
95. 60
118.55
64.36

84.32
100. 25
93. 13
113.90
55. 72

77. 65
98.09
94. 83
104. 60
47. 15

84.4
109.5

105.4
116.3

106.3
115.8

105.4 \
112.7 I

103.3
108.9

101.1
108.0

101.7
109.6

101.1
110.1

100.9
110.8

100.4
111.8

96.6
109.0

91. 8
108.1

87.2
109. 1

109.0

112.3

111.6

111.2 !

109.1

107.2

108.0

108.3

108.7

108.9

108.3

108.6

148, 239
247, 088

317,484
446, 393

309,610
428,010

276,698 I 438,960
346,260 494,965

321, 274
363, 730

206, 518
238,348

174,732
210, 859

173,585
207,044

158,165
187, 459

159, 293
212,856

181,489
268,387

150,361
223,973

123, 884
213, 878

261,214
379,805

255,434
365,679

234,188 j 389,143
300,608 i 442,002

279,814
318,934

176,477
204, 294

146, 794
178, 416

146,991
175,800

134, 439
160, 722

134, 842
183, 850

153,908
231, 796

124,761
190.031

197,999
10, 736

355,879
23,378

342, 687
25, 638

285,459
19, 647

422, 794
125,133

294,866
62,070

179,649
20,601

178, 898
14,020

160,504
11,632

147,601 | 182,078
19,174 j 15,698

227, 502
14, 476

172,494
9,819

187,263
162, 209
25,054

332, 501
282,033
50,468

317,049
267, 568
49,481

265, 812
229,157
36, 655

297,661
266, 728
30,933

232, 796 159,048
204,127 ; 137,945
28,669 ' 21,103

164, 878
139,892
24, 986

148,872
124,028
24,844

128, 427
105, 633
22, 794

166, 380
140, 305
26, 075

213, 026
184,201
28, 825

162, 675
135, 316
27, 359

.9.70

89. 26

••Revised.

fRevised series. For domestic municipal bond prices, revised data prior to those shown on p. 35 of the October 1937 issue will appear in a subsequent issue. Commercia
and Financial data revised; see table 55, pp. 14-21 of this issue.
•New series. Data beginning July 1933 on estimated gross proceeds from new securities effectively registered, by industrial groups, are shown in table 30, p. 19 of August
1937 issue. Data on bond sales on the New York Stock Exchange, exclusive of stopped sales, as compiled by the Exchange, supersede those shown through the October 1937
Digitized issue, which were compiled by Dow-Jones & Co., Inc.; data for period 1913-36 appear in table 46. pp. 18 and 19 of the December 1937 issue.
for FRASER



36

SURVEY OF CURRENT BUSINESS

Monthly statistics through December 1935, together with explanatory notes and references
to the sources of the data may be found in the
1936 Supplement to the Survey.

1937

1936

February 1938
1937

Decem- December
ber

February

January

April

Se

P£®m" October Novem-

May

June

July

August

47,058
42,095
4,963
43,920
40, 525
3,395

March

47,045
42,086
4,959
44,171
40, 734
3,436

47,321
42,268
5,054
44,001
40, 509
3,492

47,159
42,116
5,043
44, 296
40, 776
3,520

47, 227
42, 226
5,001
43,809
40.386
3,423

47, 284
42, 334
4,950
43, 271
40,024
3,247

FINANCE—Continued
SECURITY MARKETS-Continued
Bonds—Continued
Value, issues listed on (N. Y. S. E.):
Par, all issues
mills, of dol.
Domestic issues
do._.
Foreign issues
do...
Market value, all issues
do...
Domestic issues
do...
Foreign issues
do...
Yields:
Moody's: *
Domestic (120 bonds)
percent.
By ratings:
Aaa (30 bonds)
do...
Aa (30 bonds)..
do...
A (30 bonds)-do...
Baa (30 bonds)
do.__
By groups:
Industrials (40 bonds)
.do...
Public utilities (40 bonds)
do._.
Railroads (40 bonds)
do...
Foreign (30 bonds)
do...
Standard Statistics:
Municipals (15 bonds)t
do...
Bond Buyer:
Domestic municipals (20 bonds)
do...
U. S. Treasury bonds
do...
U. S. Treasury 3-5 year notes*
do...

47, 694
42, 866
4, 8'28
42, 782
39, 760
3,022

46,280
41, 301
4,979
45,054
41,613
3,441

46, 592
41, 630
4,961
45,113
41, 651
3,462

46,572
41,593
4,979
45,007
41,521
3,486

46,994
42,045
4,949
44,116
40,726

47, 264
42, 363
4,901
42, 591
39,471
3,120

47,175
42, 321
4, 855
42, 109
39, 088
3. 021

4.27

3.67

3.67

3.75

3.87

3.98

3.92

3.92

3.91

3.92

4.04

4.20

4.30

3.23
3.59
4.30
5.95

3.10
3.28
3.78
4.53

3.10
3.30
3.77
4.50

3.22
3.40
3.85
4.54

3.32
3.50
3.98
4.69

3.42
3.58
4.05
4.86

3.34
3.49
3.99
4.87

3.28
3.45
3.99
4.97

3.26
3.45
3.97

4.97

3.25
3.45
3.98
5.00

3.30
3.51
4.07
5.27

3.29
3.60
4.23
5. 67

3. 26
3. 62
4.32
6.01

3.66
4.03
5.12
5. 66

3.37
3.69
6.63

3.36
3.68
3.95
5.39

3.46
3.76
4.04
5.16

3.55
3.90
4.17
5.30

3.65
3.99
4.29
5.35

3.55
3.95
4.27
5.32

3.51
3.97
4.29
5.14

3.50
3.92
4.31
5.16

3.47
3.89
4.40
5.20

3.55
3.96
4.60
5.35

3.63
4.08 !
4.88 !
5.64 |

3. 05
4. 06
5. 20
5.70

3. 15

2.76

2.79

2.96

3.19

3.24

3.14

3.11

3.07

3.01

3.18

3.24 |

3. 17

3. 16
2. 54
1.27

2.62
2.27
1.04

2.74
2.29
1.18

2.90
2.31
1.22

3.15
2.50
1.42

3.09
2.74
1.59

3.04
2.67
1.48

3.06
2.64
1.54

2.94
2.59
1.44

2.95
2.59
1.45

3.05
2.67
1.50

3.15 !
2.65
1.42

3.17
2. 60
1.31

411,525 437, 541
389,048 407, 957
22, 477 29,584

233,330
212,837
20,493

358,909
332,406
26,503

249,402
244,088
5,313

222,278
216,136
6,141

521,082
494,601
26,482

342, 749
312,100
30,648

253,111
244,116
8,995

384, 779
368,813
15, 965

288,290
280,953
7, 337

293,987 J 710,359
279, 136 \ 656, 134
14,852 I 54.225

2, 026. 2
929. 10

1,876. 2
923. 50

1,884.0
923.50

1,
923. 50

1,885.7
923. 50

1,892.2
923.50

1,926.8
923. 50

1,933.7
923. 50

1,959. 7
923. 50

1,964. 8
923. 50

1,963.9
923. 50

1,970. 1
923.50

2.18
3.07
2.22
2.38
2.06
1.69

2.03
3.07
2.01
2.21
2.09
1.77

2.04
3.07
2.02
2.25
2.09
1.77

2.04
3.07
2.02
2.25
2.09
1.77

2.04
3.07
2.02
2.25
2.08
1.77

2.05
3.07
2. 03
2.42
2.07
1.77

2.09
3.07
2.08
2.42
2.08
1.77

2.09
3.07
2.08
2.37
2.10
1.77

2.12
3.07
2.12
2.38
2.10
1.77

2.13
3.07
2.13
2.38
2.10
1.77

2.13
3.07
2.14
2.37
2.05
1.77

2. 13
3.07
2.15
2.37
2.06
1.77

188.4
33.1
61.7
137.19
225. 73
48.70

179.3
30.7
59.5
130. 89
215. 23
46.56

173.1
28.3
58.4
129.41
212.92
45.90

170.1
26.7
54.3
125.13
208. 46
41.81

180.3
28.8
53.9
131.44
221.04
41.84

184.4
28.4
52.2
131.06
221. 68
40.45

160.1
24.9
42.8
114. 24
195. 86
32.64

138.6
22. 1
35.4
99. 72
172. 92
26.53

129.9
152. 6
105.7
62.8
88.0
97.1

124.5
146.5
100.7
60.1
81.4
91.7

116.3
136.7
94.1
57.1
76.8

113.6
134.0
91.3
53.9
73.2
88.7

117.8
139.4
95.9
52.1
76.5
93.6

120.5
143.5
97.0
50.9
74.4
92.1

106.4
126.2
89.2
42.6
68.2
85.6

Cash Dividend Payments and Bates
Dividend declarations (N. Y. Times):
Total
thous. of dol..
Industrials and misc
do
Railroads
do
Dividend payments and rates (Moody's):
Annual payments at current rates (600 companies)
mills, of doL.
Number of shares, adjusted
millions.-1
Dividend rate per share (weighted average)
(600 cos.)
_
dollars..
Banks (21)
_.._
do....
Industrials (492 cos.)
do
Insurance (21 cos.)
do
Public utilities (30 cos.)
do
Railroads (36 cos.)
do

2, 020. 3
923.50
|
l
i
i

2.19
3.07
2.22
2.37
2.07
I. 69

{

I

Stocks

Prices:
Dow-Jones:
125. 5
188.0
180.0
183.5
Industrials (30 stocks)
dol. per share..
21.6
35.0
34.9
36.4
Public utilties (20 stocks)
do....
31. 5
57.4
53.9
55.1
Railroads (20 stocks)
do
90.24
138. 67
136. 46
139.48
New York Times (50 stocks)
do
156. 24
235. 41 231. 77
231.11
Industrials (25 stocks)
..do
24. 24
43.56
45.58
41.81
Railroads (25 stocks)
do
Standard Statistics:
82.2
129.5
122.8
126.0
Combined index (420 stocks)
1926=100.95.2
151.7
142.6
146.3
Industrials (348 stocks)
do
78.8
110.7
110.6
113.2
Public utilities (40 stocks)
do
31.2
57.9
54.4
55.6
Railroads (32 stocks)
do
50. 1
90.6
70.6
78.9
Banks N. Y. (19 stocks)
do
72.7
98.4
98.3
98.7
Fire insurance (18 stocks)
do
Sales:
Market value of shares sold (S. E. C ) :
On all registered exchanges, total
thous. of doL. 1,228,697 1,358,956 12,663,064 12,701,226
1,105,271 1,025,678 12,246,887 2,332,408
On New York Stock Exchange
do
Number of shares sold:
On all registered exchanges, total (S. E. C.)
107,061
99, 756 117,097
thous. of shares.- 54, 764
72,004
71,123
81,687
On N. Y. S. E. (S. E. C.)
d o . . . . 42, 110
Exclusive of odd lot and stopped sales
48,605 | 58,676
50, 255
(N. Y. Times)
thous. of shares..
Shares listed, N. Y. S. E.:
38, 869
61,912 I 62,618
59,878
Market value, all listed shares..mills, of dol_.
1,412
1,374
1,360
1,367 |
Number of shares listed
millions..
Yields (Moody's):*
6. 7
3.8
4.0
39
.
Common stocks (200)
percent..
7.0
3.8
4.0
3.8
Industrials (125 stocks)
do
6.5
3.3
35
.
35
.
Rails (25 stocks)
do
6.6
46
.
46
.
Utilities (25 stocks)
do
4.8
2. 8
3.4
31
.
Banks (15 stocks)
..do
4.8
3.1
3.0
3.1
Insurance (10 stocks)
...do
Preferred stocks, Standard Statistics:
4.99
4.94
5. 3(
Industrials, high grade (20 stocks)
do

I
I
!
|
!

2,977,570 2,052,318 11,267,543
2,628,767 1,803,427 [1,113,925

125.1
22. 1
32.0
91.39
157. 93
24. 84
82.9
96. 1
79.5
31.4
53. o
74.2

91.4 !
107.4 |
81.3 !
35.4 !
57. 9
74.6

993,772 j 1,242,858 1,119,358 1,601,793 1,827,292 i'1,339.429
869,953 j 1.096,396 984,955 1,432.863 1,638,413 '1,215,556

43,992
31,336

38,099
27, 554

41, 864
30, 045

38, 563
26, 265

65,762
49,838

90,781
'58,466
69,639 I 46,877

34,613

18,565

16,443

20, 715

17, 221

33,860

51,093 I

29,265

57,963
1,387

57,324
1,389

54,882
1,400

56, 624
59, 394
1,404 I
1,398

49,034
1,398

44, 670
1,406 j

40, 716
1.408

4.2
4.2
3.3
5.3
3.2
3.9

4.3
4.3
3.5
5.4
3.2
3.9

4.4
4.4
4.1
5.4
3.3
3. 6

5. 1
5. 1
4.9
5.7
3.9
4.2

5.7 |

3.8
3.1
5.0
2.8
3.2

6.4
6.7
5.9
6 2
4.8
4.7

5.07

5.15

5.17

5.10

5.13

117,436
83, 720

72,140
52, 533

50,344
62, 468
1,380
3.9 |
;
j
!

4.2
4.2
3.8
5.1
3 q

4.5
4.5 j
3.9 |
5.5
3.5
3.8

,6 1

5.18

5.16

5.7
6.0
4.4
4. 1

;
|
!
j

5.29

Stockholders ( C o m m o n Stock)
American Tel. & Tel. Co., total
number..! 641,308 641,168
7,382
Foreign
.do
| 7, 111
Pennsylvania Railroad Co., total
do
! 215,629 218, 720
3,055
Foreign
do
i 2,94"
U. S. Steel Corporation, total
.do
! 164,442 170, 448
3,781
Foreign
do
j 3,186
23.92 |
Shares held by brokers
percent of total.. I 24.60

i - -

!...
..!...
!..
J
!

i 639,227

I 7,265
! 217,016
1 3,020 !
. . . [ 164,271 !
3,130
...I
24.81

638,627
7,194
215,498
2,954
161,487
3,205
25.33

!
|
!
i

637,875
j
7,111
! 214,867
i 2,946
| 158,952
i 3,103 I
_!
25.81 i

|
I

•New series. For earlier data on Moody's yield series, see table 45, pp. 19-20 of the November 1937 issue for bonils, and p. 18 of the September 1936 issue for stocks.
Data on yield of U. S. Treasury 3-5 year notes beginning August 1932 will appear in a subsequent issue.
tRevised series. Revisions prior to those shown on p. 36 of the October 1937 issue will appear in a subsequent issue.




37

SURVEY OF CURRENT BUSINESS

February 1938

1936
1937
Monthly statistics through December 1935, together with explanatory notes and references
to the sources of the data may be found in the Decem- December
ber
1936 Supplement to the Survey.

1937
January

February

March

April

May

July

June

August September

October

Novem
ber

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

67

100
71
72

107
77
72

73
79

72

78
74

88
72

83
72

103
74
71

76
81

95
68
71

128
85

71
75

111
79
71

129
89
69

124
84

111
64
58

76
77
135
75
56

107
84

95
86
155
93
60

82

76
79

72
76

69
68

69
69

140
87
62

134
'83
62

127
78
62

121
73
61

117
71
61

111
67
60

80
74

74
74

89
93

111
82

64
59

65
65

98
85

108
83
91
83

52

125
'72
57

87
140
58

82
145
88
61

269,170

141
87
62

289,928

265,363

13, 547 13,467
57,794 68,907
26,928 36,177
99,362 101,905
12, 233 12, 466
7,097
12, 308
6,325
7,487
29,840 35, 501
52,008
46,013
51,144
45.146
28, 234 27,182
10,616
8,879
24, 221 26, 458
7,785
6,656
5,927
4,770
1,839
2,002

12,169
55,452
25,194
98,856
11,221
8,973
6,953
34,037
47,914
47,013
26, 038
9,968
24,934
8,313
4,764
1,903

268,185

277, 695 296, 729

333,136

314, 682

14,952
13, 328 13, 584
63,089
57, 345 49, 540
26, 509 24, 644 16, 769
86,860 104, 075 135, 581
9,918
10,713
17, 601
7,582
10, 204 11,686
5,498
4,749
7,613
42, 395 60, 731
32,103
46, 253 48,406
46,049
47, 553 45, 317
45,116
28,196 i 26, 871 25, 714
11,007 I 9,094
9,156
28, 835 27,670 26, 261
8,164
9,315
7,422
5,947
5,627
5,697
2,174
2,439
1,698

11,699
55,159
20,129
148, 692
16,939
14, 292
5, 970
65, 408
52.856
51, 676
30, 062
8,46]
34,669
10, 378
7,747
2,531

12, 638
56,503
18,133
144, 800
16, 535
12,335
5, 995
62,770
44, 379
43. 545
27, 285
8, 382
29, 077
8, 097
6,814
2,382

226,605 217, 949 229. 050 252,268 264, 852 285,087 256, 503 264, 615 274, 224 293, 525
42,004 34, 359 46,045 80,930
67,383 60, 587 54,410 52,152 50, 393 51,996
9, 356 15,903 38,961
40, 220 37, 461 34,066 34, 272 28, 572 24, 643 16,835
16, 496 16. 342 15,970
17,412 27, 362 26, 775
13,112 13,062 22, 524 17,475
3,584
4,425
3,598
3,522
4,100
4,143
5,922
3,644
13,124
9,984
12,758
11,545
9,464
19, 002 13, 375 12,353
11,490
9,468
14, 238 16, 791
3,727
4,225
4,263
9,903
4,959
3,776
3,776
5,510
6,979
7,766
3,997
3, 269
2,980
2,624
3,320
3,162
3,325
3,151
2,994
2,993
2,618
2. 645
1,894
2,212
4,531
1,931
1.815
1,927
8,882
5,364
34,156 37,937
53, 005 56,058
71, 752 63, 321 68.865
34,901
67, 227 55, 425
111,208 110,144 114,179 129,635 141, 905 144, 997 135,208 143,978 133, 591 130, 394
29, 721 29,414
28, 769 27, 586 25,974 28,819 30, 791 33,169
23,149
23, 296
6,529
5,882
5.372
5,062
6,768
6,719
3,993
5,349
8,483
10, 340
46.093
30,788 31, 532 31, 475 T>6, 985 43, 547 42, 252 40,814
40, 761 39,017
244,321 240, 396 277,805 306, 699 287, 252 285,038 285,946 265, 349 245, 707 233, 361

329, 807
88,256
44,989
38, 827
17,557
21,270
12,680
4,599
10, 325
59, 034
143, 692
25, 408
8, 632
44,584
224, 391

311, 198
84,884
43, 679
32,919
15, 159
17, 760
8, 871
4,707
9,072
56,970
136,427
29, 800
9, 306
37, 729
223, 226

6,137
79, 634
15, 988
67,043
5,517
7,370
3,183
14, 752
35, 075
33, 584
15, 336
3,928
3C.137
9,286
10, 478
1,612

4,680
73, 927
15, 420
74, 266
7, 600
8, 194
4,328
16, 536
32, 494
32, 059
13, 698
3, 675
25, 326
5,180
8, 670
2, 497

4,892
81,059
17,190
66, 998
6,064
8,155
4,175
15, 806
29,490
28,761
14,049
3,939
26, 739
5, 585
9, 898
2,314

203, 700 239, 835 228,682 260, 320 295.928 281,717 278, 777 278, 742 263, 438 249,025 234, 076
68, 482 75, 383 77,045 90, 930 91,616
88, 681 91,800 92, 547 77, 554 79,606 I 75,984
21.819 40, 221 38, 727 41, 399 45, 251 39. 541 37, 362 41,618 37, 750 34,018 I 28, 516
28, 552 33,036 29, 648 34,929
52,162 51,410 47,090 38, 462 39, 774 32,925
28, 409
43, 555 48,967 46, 533 52,187 57, 853 54,535
55,847
58,871
59, 581 64,807 j 52, 564
41, 293 42, 228 36, 729 40,875 49,046
47, 550 46, 679 47,244
48, 778 47,669
48, 603

226, 505
71,695
23, 610
29,365
51, 866
49,968

212,377
67, 528
23, 860
27, 630
46, 364
46, 996

319, 256
15,588
54, 788
16,532
152,986
] 7, 668
12, 722
6, 525
63, 605
33, 505
32,514
28, 414
9, 583
33, 975
11,027
7,879
2,370
315, 271
75,911
39,923
34, 005
16,556
17,449
7. 352
4.771
9,976
53, 492
151, 864
39, 710
5,346
44, 653
208, 863
4,321
77, 346
11,839
60, 294
6,105
7,141
5, 066
12, 265
26, 044
24, 876
16, 227

3, 954
24, 631
4, 126
9, 178
2,684

229, 739 221,550
12, 651
41,180
16,433
99,863
15,808
8,995
5,907
40,623
33,137
32, 556
22,616
7,723
20, 291
6,317
4,237
1,579

6,284
66, 805
16, 427
80, 890
7.137
7,616
4,812
26,443
39, 550
39, 010
17,607
4,640
33,184
8,181
11,462
2,520

10,094
49,281
22,364
88,677
13,492
7,056
6,633
35, 282
31, 687
31, 297
22,047
6.965
19, 763
5,312
4,162
1,668

7,573
76, 843
17,683
67, 213
5,859
7,717
4,291
18. 453
33,975
33,089
22, 361
5,088
32, 431
8,467
11, 534
2,898

232,504
10, 604
49,816
24,745
95,474
13,101
8,882
6,071
38,847
31,926
31. 643
24. 591
7,877
20. 093
5,928
3,979
1,554

9,350
92,112
18, 382
73, 209
6,800
6,394
4,162
19,056
30, 811
30, 568
27, 787
5,509
44, 536
16,199
10,999
5,119

256,390
10,049
61, 579
29,971
97,060
12, 440
9,292
6,979
34,036
38, 266
37,631
26, 594
9,401
22,842
5,839
5,319
1, 538

11, 389
95, 863
17, 660
80, 522
7, 659
7,978
3,878
20, 606
37, 625
37,096
35,125
6,981
46.175
18,166
10, 545
5,110

9,228
12, 553
92,188 100,503
20, 423 18, 244
73, 880 72, 386
6,596
6,249
7,513
7,714
4,329
4, 375
17,353
18,002
35, 327 36.889
35,198 36,479
34, 909 29, 284
7,039
5,150
38,395
36, 748
11,408
13, 732
10,004
8,181
7,512
5,469

8,470
98,010
18,637
69,073
5, 545
7,579
3, 593
18,044
39,113
38, 350
27, 521
5,611
43, 759
18,060
10,642
5,349

7,394
85, 983
16,467
70,166
6.103
8,202
3,332
15, 234
37,458
36, 472
25, 561
4,457
38, 787
16, 532
9,694
2,626

6,145
82, 935
16, 297
67, 894
5,675
8,642
3,477
15,902
34, 797
33,438
21, 359
4, 793
32, 577
10, 962
10, 799
2,976

TRANSPORTATION AND COMMUNICATIONS
TRANSPORTATION
Express Operations
Operating revenue
thous. of doL.
Operating income
do
Electric Street Railways

10,021
125

8,752
130

8,749
129

9,344
135

9,177
130

9,441
137

6,762
122

8,954
123

9,303
126

Fares, average, cash rate t
cents..
8.025
8.025
7.991
7.991
7.991
7.991
7. 984
7.984
7.968
Passengers carried t
thousands.. 836, 235 854,173 797,992 759,572 863,159 824,622 818,188 777,335 715,739 715, 466
779,918
Operating revenues
thous. of dol—
62,446
57, 834
55, 042
62, 529
59, 459
56, 924
59, 685
64, 224
53, 385
56, 448
r
Revised.
tData for average fares revised for period July 1935-March 1937; see p. 37 of the June 1937 issue. Data for passengers carried revised for 1936 and 1937: revisions not
shown on p. 37 of the December 1937 Survey will appear in a subsequent issue.




38

SURVEY OF CURRENT BUSINESS

1938
Monthly statistics through December 1935, to- 1937
gether with explanatory notes and references
to the sources of the data may be found in the Decem- Decem1936 Supplement to the Survey.
ber
ber

February 1938
1937

January

February

March

April

May

July

June

September

i August

October !I November

TRANSPORTATION AND COMMUNICATIONS—Continued
TRANSPORTATION—Continued
Steam Railways
Freight-carloadings (Federal Reserve): f
Combined index, unadjusted... 1923-25=100..
62
78
Coal
do
51
Coke
do
34
Forest products
do
/5
Grain and products
_
do
40
Livestock
...do
59
Merchandise, 1. c. 1
do
21
Ore
do
63
Miscellaneous
do
67
Combined index, adjusted
do
70
Coal
do
46
Coke
do
40
Forest products
_
_
...do
88
Grain and products..
do
42
Livestock
do
62
Merchandise, 1. c. 1
....do
8fl
Ore
do
69
Miscellaneous
do
Freight-carloadings (A. A. R.):
2,309
Total carst
thousands..
535
Coal
do—.
Coke
do
24
Forest products
do
101
Grain and products
do
136
Livestock
do
54
Merchandise, 1. c. 1
do
570
Ore
do
35
Miscellaneous
...do
855
Freight-car surplus, total
do
283
Box cars
do
135
Coal cars
do
101
Financial operations (Class I Railways):
Operating revenues, total
thous. of dol__
Freight
do
231, 329
Passenger
do
39. 933
Operating expenses
do
243, 354
Net railway operating income
do
25 972
Net income
do
Operating results:
Freight carried 1 mile
mils, of toiis__
Revenue per ton-mile
cents..
Passengers carried 1 mile
millions..
.
Waterway Traffic
o
Canals:
Cape Cod
thous. of short tons..
0
New York State
do
2, 046
Panama, total
...thous. of long tons..
760
In U. S. vessels
do
3
St. Lawrence
thous. of short tons..
303
Sault Ste. Marie
do
Suez
thous. of metric tons..
62
Welland
thous. of short tons..
Rivers:
126
Allegheny
do
161
Mississippi (Government barges only) .do
1, 239
Mononcahela
do
707
Ohio (Pittsburgh district)
do
Clearances, vessels in foreign trade:f
Total
thous. of net tons..
Foreign..
do
United States
do
Travel
Operations on scheduled airlines:
Express carried
pounds.. 547, 705
4,762
Miles
flown
thous. of miles..
31,216
Passenger-miles
flown
do
Passengers carried
num ber_. 69, 029
Hotels:
3.29
Average sale per occupied room
dollars..
56
Rooms occupied
percent of total..
89
Restaurant sales index
_.1929=100.Foreign travel:
Arrivals, U. S. citizens.
number..
Departures, U. S. citizens
do
Emigrants
do
Immigrants
do
5,164
Passports issued
do
National Parks:f
54,559
Visitors
„
.do
16, 441
Automobiles
do
Pullman Co.:
Revenue passengers carried.
thousands..
Revenues, total
thous. of dol._
COMMUNICATIONS
Telephones: §
!
Operating revenues
thous. of dol.J
Station revenues
do
j
Tolls, message
do
Operating expenses
do
Net operating income
do
Phones in service end of month...thousands..
Telegraphs and cables: t
Operatiug revenues
thous. of dol_.
Commercial telegraph tolls.
do
Operating expenses
do
Operating income
do

73
89
97
42
65
42 |

77
92
97
46
71
45
66
23
84
83
82
88
54
83
46
69
92
92

64 I
26
78
80 ,

78 j
S3
48

73 I
43
67
117
90

2,777
625
45
132
130
59
r 033
33
1, 119
133
65
30

3,317
759
58
149

372, 134
299,111
r
39, 261
257, 280
r 70, 506
49,678

!
!
•
|

331, 685
268,651
37.441
253, 664
38,437
d
4,598

33,980
.963
2,164

42
69
114
94

88 !
53 i
64 i
44
69
133
90
3,898
593
52
198
136
68
856
363
1, 632
147
SO
30

351. 573
288,631
33.733
262,019
47. ?07
2,667

352,614
2s7. 919
34, 042
267,296
43. 603
d
48

33,130 ; 32,212 I 36,651 ! 32, 206
.938
.898 ! .908
.979
2,030 ! 1,797
1,921 i
1.856

34,093
. 928
1,902

68
764
49
1,322
131
64
26

2/o
0

0j
0I

317
0

1,840

325
0
1,856
281

3,016
1,255

407
0
0

0
0

2,689 |
0

2,377

2,795

0

0

129
79
1, 890
854

193
89
2, 496
1,325

236
131
2, 689
1,337

r
4, 401
3. 311
' 1,090

r 4, 635

' 5, 465
' 3, 974
T
1, -191

554,030
4, 199
21,379
46,012

| 500,004
|
4. 600
I 26, 108
I 58,008

1, 372
r

87
84
88
54
79
56
70
182
96
78
81
93
49
71
44
67
104
86

84
89
74
48
82
63
69
117
96
76
81
74
46
82
45
60
79
81

3,183
555
41
150
142
69
665
279
1,281
104
56
21

4, 017
786
46
177
190
106
587
240
1,615
123

359,612 I 363, 071
289,237 | 293,811
41,565 I 38, 734
268,190 | 262,712
50.308 I 59, 305
6,347 i 16, 210

372, 026
307,104
35,510
270,357
60, 747
17,195

82
64
88
57
111 j
32
67
203
90
80
76
104
57
81
37
68
107
88

79
65
82
55
72
33
68
192
90
78

81

321,927
377.813
264,167 | 313,881
33,016 ] 34, 952
244, 146 I266, 272
38.359 ! 69, 379
J 5, 727 | 24,461

148 I

260
103

663, 721
5, 301
37,952
82, 022

83
87

80
66
85
55
58
39
69
187
93 !

2,955
473
42
148
120
50
690
121
1,310
134
63
32

2, m\
4, 471
r 3. 318
r 1. 153

2,778
628
48
140
117
45
640
42
1,117
113

29

79
68
86
51
63
39
70
102
94
84
81
102
49
70
43
69
249
91

3,003
670
47
151
115
46
682
44
1, 249
113
58

288
0
1,539
214
22
373
2,346
232

r

76
91
102
49
64
34
66
27
82
82
77
76
51
70
41
68
114
95

52
74
41
67
113
87
2,977

3,812

443

548

39
156
123
44
653
293

51
201
251
53
805
384

1,225

1,518

137
70
31

137
65
36

704
878
510
579
940
560

365, 148
293, 107
42. 061
266.641
60, 558
19,007

55
93
42
68
190
89
79
77
98
53
77
42
68
103

351,
281,
38,
265,
58,
18,

3,116
472
39
162
175
57
671
298
1,242
127
63
33

I
!
\
|
I

:
I
;
|

319
286
577
305
2, 951
2,653
1,077
1,005
1, 244
391 i
4,620 | 14,110
2,780
3,151 !
667 | 1,623

301
792
2, 670
1,018
1,310
14,161
2, 628
1,660

282
276
240 I
753 !
630 I
611 !
2,476
2,781 | 2,385 i
865 !
956 j 1,041
1,286 !
1,333 ! 1,304 j
14,137 I 13,937 I 12.585
2,929 j
2,543
2,789 !
1,634 j
1,613 ! 1,566 I

314
179
2, 397
1,237

288
155
2, 198
1,089

580, 602
5, 486
34,584
74,972

540,310
5, 350
33, 136
76, 199

3.09
68

3.24
71
107

276 I

318, ISO
258, 6H9
33,
249,
32,
d (\

618,113
6,312
51,942
123, 550

r

336
598
2,439
980
1,335
9,842
2,920
1,697

29, 0°6

i
I
|
|
|
'
|

257 ;
162 !
2, 298
1, 120

181 i
2,402 i
1,210 •

' 7, 404 I T 7, 516 i
r 5, 373 | r 5,517 i
' 2, 030
' 2, 000 !

591,011
650,709 ! 611,562
5,811
G, 239
5,784 i
42,019 | 47,290 | 50, 798
110,842 ! 120,571
98,035

I
!
i
i
j
i
'

33.703 ! 34,862 j 3«, 760
.918 s
!939 i
. 909
2,200 i
2,429 !
1.977

357 |
154 ;
2,298 I
1,166 |

' 7, 092
' 5, 152
' 1, 940

, 628
534
28
112
155
fiO
623
69
,047
219
99

!

i

33,753
. 057
2,438

r
' 5, 807 | 6, 482
r
4, 744
r 4, 222
r
I, 5S5 ! ' 1,738

59
41

30

31,866 |
.965
2,164 I

148
172
1,998
845 i

78
59
40
86
51
65
40
78

2S0
746
2, 185
844
989
3, 939
2, 529
1.229
183
1,483

r

n,720
4,896
1.825

6 299
r 4 445
r 1 854

' 5, 593
" 3, 907
•
1. 687

720,479 i 684, 2 41
6,214 1 6.085
54, 230
49, 186
130,296
113,539

52*. 603
5. 312
34.715
81,654

j
3.10
60

3. 12
70 j
'91 |

3.22
r
70
90

19, 573
21, 222
2,653
4, 082
6,104

19,686 '
21,757
1,897
2,958
7,046

27,680
30, 695
1,413
3,224
7,716

33, 370
30,708
30,410
25,404
1,422
2,085
?,, 720 4,742
24, 784
15,151

50,932
15,410

55,995
16,250

45,958
13,395

82, 484
24,548

3.05 '
67 i
97

3. 15
65
' 101

3. 19
62

23, 168
24,501
1,412
5,033
33,202

27,387
34, 857
2,314
5, 445
31,491

36, 224
70,185
2,707
5,311
16,498

114,885
35,741

303, 876
89,004

438,952
130,496

895,904
245,270
1,550
5,411

1,497
4,772

1, 605
5,697

1,385
4,973

1,475
5,439

1,419
5,004

1,364
4,660

1,478
5,085

96. f»38
62, 046
26, 340
63,891
23,822
16. 067

94,277
61,457
24,420
61,453
20,774
16.160

91,263
60,138
22,658
60, 301
19,072
16,259

97,049
62, 286
26,156
64,862
20,043 |
16,375 j

96,133
62, 432
25,259
63,959
20,106
16, 497

96,415
62,557
25, 296
65,035
19,151
16,604

96,678
62, 379
25,728
65, 761
18,934
16, 641

11,893
9,326
9, 800
1,481

10, 326
8,049
8,854
878

9, 653
7,419
8,441
634

11,305 j
8,817
9,153 !
1,527

10, 437
7,994
9,061
795

10,518
8,083
9, 335
597

10, 755
8,273
9,443
727

3.39

3. 51
64
100

68
97

68,188
33, 676
2,076
6, 094
6, 533

5,532

5, 983

912,284
219,922

459, 703
137,169

226, 067
72 568

91,036
31, 144

1, 636
5,697

1, 552
5,377

1, 494
5, 236

1, 342
4, 536

67,397 !
73,611
2,708
5,952
8,916

95, 370
60, 835
25,96S
66,675 !
17,027 !
16,670 I
! 10, 154
I 7,771
| 9,323
I
325

3.31
65
92

3.32
63
95

95, 377
60, 525
26,289
66,360 I
17,016 !
16,731 I

....

96,086 I
61,575 I
25,777 I
65,712 !
18, 048
16, 840

10,276
10, 301
7,926 L
8,959
9,070 !
634 |
778

96, 67I
63, 740
24,199
66,192 i 67, 388
20,371
17.407
16,922 ! 16,979

98,630 i
64,227 |

25,757 I

10,077
8,932
571

;

9, 292
8,443
312

d
' Revised.
Deficit.
\ Data for January, May, August> and October 1937 are for 5 weeks; other months. 4 weeks.
tRevised series. For freight-carloadings indexes revisions for period 1919-36 see table 24, pp. 17 and IP of the July 1937 issue. For revisions of National Park data for
I* riod 1919-36 see p. 20 of the December 1936 issue A subsequent revision was made beginning February 1935 to include travel in the Shenandoah National Park. Revisions
not
 shown on p . 38 of the January 1938 Survey will appear in a subsequent issue. For new series on telegraph operations see table 53, p . 20 of the January 1938 issue. Ocean
clearances revised beginning July 1936; revisions not shown above will appear in a subsequent issue.
http://fraser.stlouisfed.org/
§ While the number of telephone carriers reporting has varied somewhat, the coverage has shown very little change, and the series are comparable for all practical purposes.

Federal Reserve Bank of St. Louis

February 1938
Monthly statistics through December 1935, to-

39

SURVEY OF CURRENT BUSINESS
1937

193G

1937

to the sources of the data may be found in the Decem- December
ber
1936 Supplement to the Survey.

January

February

March

April

May

June

July

August September

October

November

CHEMICALS AND ALLIED PRODUCTS
CHEMICALS
Alcohol, denatured:
Consumption
thous. of wine gal__
6,969
Production
do
7,012
Stocks, end of month
do
1,153
Alcohol, ethyl:
Production..
thous. of proof gal_ 17, 262
17,898
Stocks, warehoused, end of mo.
_.do
Withdrawn for denaturing
do
11,887
Withdrawn, tax paiddo
2,515
Methanol:
Exports, refined
gallons.. 43,970
.36
Price, refined, wholesale (N. Y.).dol. per gaL.
Production:
Crude (wood distilled)
gallons.. 461, 539
3,887,741
Synthetic
_..do
Explosives, shipments
thous. of lb__ 27, 284
Sulphur production (quarterly):
Louisiana
.Jong tons.. 106,845
638, 627
Texas
do
Sulphuric acid (fertilizer manufactures):
Consumed in production of fertilizer
short tons..
Price, wholesale, 66°, at works
dol. per short t o n . .
Production
short tons..
Purchases:
From fertilizer manufacturers
do
From others
do
Shipments:
To fertilizer manufacturers
do
To others
...do

11,289
11,116
1,131

I

6.536 i
6,552
1,275

6,716 j
7,099 !
1, 659

6,584
6.753
1,822

8,025
7,932
1,724

11, 306
11,511
1,915

14, 802
14, 369
1,475

9, 960
9,610
1,119

18,658
28, 465
15,185
2, 392

18, 254
SO, 922
13, 010
2,242

17,067
30,976
14,414
2,375

17, 219
25, 783
19, 552
2,506

18, 786
16,876
24, 497
2,876

18,179
15,156
16, 627
2,942

51, 344
.36

12,113
.36

68,421
.36

10,230
.36

41,198
.36

19, 656
.36

7,511 8,233
8,320
7,438
1, 578 1,657

6, 724
6,807
1, 509

5,411
5, 475
1,273

19, 943
' 10.39C
19,552
3,315

18, 705
14,035
11,617
2,272

17, 572
19,821
9,387
2,094

19,873
25,218
11, 330
2,926

16,824
26, 651
12, 299
2,740

16,939
27, 428
13,002
2,684

146, 621

48,891
.37

205,156
.36

30,149
.36

148,197
.36

72, 540
.36

548, 982 525,070 500,685 546,662 531, 727 522, 961 485,943 465, 205 462, 584 404,112 423, 792 423,315
2,009,952 1,835,815 1,849,302 2,071,747 2,138,895 2,353,497 2,263,507 2,564,783 2,735,963 3,018,333 3,432,091 3,562,372
35,055 27,894 28,273 42,838
41,870
31,972
34,810
31,125
34, 310
29, 327 27, 291 30,811
53, 915
475,924

62,700
513,286

63, 385
569,967

113,510
655,007

180, 560 164, 320 164,880

196,134

172, 936 146, 301 121, 716 141, 935

168, 015

144, 273

166,031

166, 778

15.50
182,217

15.50
176,492

15.50
178,979

15.50
193,979

15.50
180,040

16.50
15. 50
16.00
176, 703 154, 275 166, 927

16.50
179, 008

16.50
188, 252

16.50
212, 258

16. 50
205, 796

43,844
34,272

34,201
40,372

24,494
35, 749

24, 782
47,680

20, 267
36,149

15,993
38, 569

20,942
39,880

32, 937

40, 257
31,865

34,454
26,484

34,161
25, 489

32, 622
35,264

37,840
44,860

38,739
47,169

30, 551
41,864

21,137
50,985

17,600
50, 239

35,149
50,692

21, 658
62. 464

29,958
57,853

35.138
56; 418

38, 830
61, 629

39, 587
61, 654

39, 015
52, 694

255
58
115
166, 234 120, 301 150, 583
15, 562 12, 792 18,001
142,037 84,654 116,651
421
247
907
180,101 122,483 80,970
130,050 92,311
40,978
85,121
52, 578
2,766
13,687
12,972
8,784
9,646 29,091
13, 992

40
151, 204
16,872
125, 094
303
115,961
37, 238
1,865
4,135
69, 094

134
111,901
24, 755
74, 904
127
141, 744
40, 902
5,475
8,545
87, 673

126

178,734
28, 962
145,242
320
155, 999
40, 561
2,871
19, 590
93, 961

123
152, 388
24, 965
111,848
331
153,865
68,463
21, 398
9,392
69, 842

1. 450

1.450

1. 450

1.450

FERTILIZERS
Consumption, Southern States
thous. of short tons_.
Exports, total
long tons..
Nitrogenous
do
Phosphate materials
do
Prepared fertilizers..do
Imports, total
do—
Nitrogenous
do
Nitrate of soda
do
Phosphates
do
Potash
do
Price, wholesale, nitrate of soda, 95 percent
(N. Y.)
.
dol. per cwt_.
Superphosphate (bulk):
Production
short tons..
Shipments to consumers
do.
Stocks, end of month
do

185
135,173
11,005
117, 236
102

198, 427
99, 871
55, 932
3,329
93, 328
1,450

178
414
744
1,752
1,356
68, 721 61,002 59, 286 106, 297 122,863
15,405 23, 430 15,470
12,106
8,006
53, 393 49, 340 40,418
77, 396 97,3S0
122
119
173
224
450
161,112 199, 312 233,207 260, 223 253,005
67, 345 80,513 182,851 181,213 200,927
29,431
52,633 105, 711 97,979 137,008
3,526
5,580
15, 752
4,164
7,869
87,983 111,929
55,193
33,349
32,951
1.375

1. 375

1.375

1.375

443, 981 393,600 377, 200 375,039 430,680
35, 842 23, 502 35,023
68,832 218,159
1,313,327 1,133,640 1,125,576 1,075,640 894,768

1.375

1.375

376, 356 340,532
263,078 114,429
644, 530 649,076

1.375

1.430

291, 273 282,075
31,248
25, 575
751,413 849, 634

372,730 354, 524 396, 976 388, 401
25,924 125, 872
70, 700
31, 652
958,397 1,046,123 1.178,314 1,248,631

NAVAL STORES
Pine oil, production
gallons.. 301,890 413,078 | 404,052 405,642
RosiD, gum:
Price, wholesale, " B " (N. Y.)
10.32
10.95
5.58
dol. perbbl. (280 lbs.)..
9.98
Receipts, net, 3 ports
bbl. (500 lb.)_. 55, 564 71,307 48, 861 25, 296
Stocks, 3 ports, end of month
do
163, 527 190, 325 167,947 128,241
Rosin, wood:
Production
do
42, 761 57, 261 60,620 I 5.8. 068
Stocks, end of month
do
175, 927 65,416 63,924 I 62,392
Turpentine, gum, spirits of:
.31
Price, wholesale (N. Y.)
dol. per gal_.47
.47
|
5,646
2,004
Receipts, net, 3 ports
bbl. (50gal.)-- 13, 314 11, 620
72, 561 105,431 96,090 j 85, 070
Stocks, 3 ports, end of month
do
Turpentine, wood:
7, 450
9,160
Production
do
9,061
21, 627 16,906
Stocks, end of month
do
18, 768 21,196

439, 006 429,182 | 463,993 424,182

443,367

475,920

469, 093

465, 818

454,717

9.13
27, 818
109, 057

8.25
53, 433
105,132

8.51
9.08
8.98
83, 763 98, 076 105, 477
99, 931 104,307 124,105

8.97
90, 391
110, 497

8.83
71, 252
134, 649

8.46
60, 902
165, 489

6. 74
60, 425
164,537

60,947
75,725

61,742
94,311

62, 399 63, 428 65, 561
113, 020 130, 502 139, 542

68, 332
145, 365

66, 295
145, 767

69,976
161, 306

63, 892
180,959

.44
4,577
76, 986

.41
14,688
69, 802

.41
23, 377
70,173

.39
27, 579
73, 250

.39
27, 066
84, 627

.37
24,066
86,171

22, 855
91,626

.32
18,021
97, 506

.32
14,850
S2, 840

9,840
23,535

9,840
20, 035

9,637
18, 325

9,208
15, 423

10, 022
15, 554

10, 410
14, 884

10,320
15, 401

10,047
16,449

10,149
19.906

OILS, FATS, AND BYPRODUCTS
Animal Fats and Byproducts and Fish
Oils (Quarterly)

Animal fats:
Consumption, factory
thous. of lb__
Production
do
Stocks, end of quarter
do
Greases:
Consumption, factory
do
Production
do
Stocks, end of quarter
do
Shortenings and compounds:^
Production
.do
Stocks, end of quarter
do
Fish oils:
Consumption, factory
_..do
Production
do
Stocks, end of quarter
do
Vegetable Oils and Products
Vegetable oils, total
Consumption, crude, factory (quarterly)
thous. of lb._
Exportsdo
Imports
do
Production (quarterly)
..do
Stocks, end of quarter:
Crude
do
Refined
do
Revised.




146, 304 229, 922
404, 653 463, 972
262, 696 402, 244

239,164
393, 281
426, 068

208, 42jO
342, 708
376, 211

162, 380
265,832
252,018

58,413
"",332
60,731

65,356
81,845
56,166

58, 316
78,132
58, 390

49, 666
72,109

441,147 432, 209
45, 460 44, 930

357,328
46, 503

345, 008
45, 585

424, 468
37, 324

60, 738 82,502
89, 373 123, 684
200, 614 216,156

90,496
28,950
218,106

75, 632
12, 563
149,489

71, 910
124, 158
211,248

1,620
747
591
648
89, 745 113, 895 114,689
783, 648

737,509
408
135, 291
504, 491

42,064
79. 387
74, 913

1,147,783 1,114,164
738
190
79, 609 86,164
1,178,723 962,462
926, 224 575, 893
523, 347 486, 208

290
360
82, 753 130, 545

64, 724

762
125,913

307
128,408

564,757
587,563 I
655,726 „
617,942 1
i changed from "Lard compounds and substitutes."

679, 508
776
96, 862
604,180
745, 069
388,453

806
2,263
71,632 I 93,330

40

SURVEY OF CURRENT BUSINESS

1936
Monthly statistics through December 1935, to- 1937
gether with explanatory notes and references
to the sources of the data may be found in the Decem- Decem1936 Supplement to the Survey.
ber
ber

February 1938
1937

January

February

March

April

May

June

July

August Septem- October Novem
ber
ber

CHEMICALS AND ALLIED PRODUCTS—Continued
OILS, FATS, AND B Y P R O D U C T S - C o n .
Vegetable Oils and Products—Continued
Copra:
Consumption, factory (quarterly)

short tons.. 58, 101
29, 019
Imports
do
49, 430
Stocks, end of quarter..
do
Coconut or copra oil:
Consumption, factory:
Crude (quarterly)
thous. of lb__ 104, 517
60, 899
Refined (quarterly)
_.do
6,225
In oleomargarine
do
34, 843
Imports.._
_
do
Production (quarterly):
72, 019
Crude
do
64, 213
Refined
do
Stocks, end of quarter:
Crude
do I 165, 994
Refined...
do j 10, 543
Cottonseed:
Consumption (crush)
short tons.. 792, 294
741. 632
Receipts at m i l l s . . . .
...do
1,669,633
Stocks at mills, end of mo
do
Cottonseed cake and meal:
13,108
Exports
..do
355, 052
Production
do
192, 978
Stocks at mills, end of mo
do
Cottonseed oil, crude:
Production
thous. of lb__ 246, 669
200, 644
Stocks, end of month
do
Cottonseed oil, refined:
Consumption, factory (quarterly)
do i 501, 656
In oleomargarine
do
| 18, 970
Price, summer, yellow, prime (N. Y.)
j
.071
dol. perlb..!
Production
_
thous. oflb.. 218, 662
Stocks, end of month
d o . . . . 447, 576
Flaxseed:
1,672
Imports
thous. of b u . .
Minneapolis and Duluth:
246
Receipts...
_do
218
Shipments
_
...do
791
Stocks, end of month
do
Oil mills (quarterly):
7, 754
Consumption
do
3,295
Stocks, end of quarter
do
2. 10
Price, wholesale, No. 1 (Mpls.)-.dol. per bu_.
Production (cropest.)
thous. of bu__ ' 6,974
4,724
Stocks, Argentina, end of mo
do..
Linseed cake and meal:
Exports.
thous. of lb__ 53, 827
16, 050
Shipments from Minneapolis
do
Linseed oil:
Consumption, factory (quarterly)
thous. of lb_. 67,411
.103
Price, wholesale (N. Y.)
dol. p e r l b . .
Production (quarterly)
thous. oflb.. 150, 432
4.159
Shipments from Minneapolis
do
191,386
Stocks at factory, end of quarter
do
Oleomargarine:
Consumption (tax-paid withdrawals)
thous. of lb-.j 39, 202
Price, wholesale, standard, uncolored (Chicago)
.135
dol. per lb__
Production
thous. of lb._ 37, 391
Vegetable shortenings:
Price, wholesale, tierces (Chicago).dol. per lb._

41, 739
4,540
10, 671
143, 565
80, 676
10,916
29,186

8,900 |

5,713
39,345

47, 588
15,192
12, 517

41,966

6, 587
21,463

17,8

I 128,644
| 57,599
5,197
17, 651

4,096
36,110

4,094
24,280

44, 380
25,822
10, 294
112,883
55,460
5,614
32, 677

20,141

6,568
26,178

59, 496
24, 991
32, 466

41,955

7,714
31,637

14, 987

6,963
19, 009

107, 083
68, 008
9,054
26, 740

53,142
73,900

61,945
66,228 !

56,353
69,448

62, 719
12,170

94,831
13, 337

5,612
31,414

76,103
I 68,179

59, 551
15,458

23, 335

| 132,134
11, 553

665,828 572,319 420,666
537,401 189,828 113,184
1,263,131 880, 640 573,158
321
160
297,473 252,353 190, 871
216, 645 224, 328 198,773

197,691
143,243
339,099
12, 689

173,018
146,609

130,315
139, 296

178,997 103,811
24, 386 32, 393
156, 746 85, 328

181
146,211
138,787

75,403
35,916
45, 841

38,180 179, 272 793, 347 964, 280 i 880,320
34, 733 380, 728 1,538,087 1,456,171 j 1,120,453
42,394 241,239 988, 590 1,480,481 |l,720,295

185
85, 599
101,422

317,109
55, 543
311,357

i

146
51, 567
83,790

1
35,467
73,190

75
20,766
41,952

155
78,442
33,700

9,126
24,453
10, 043
344, 496 431,350 394,616
103, 397 136, 542 169,107

33, 661
49,141

24,209
23,335

13, 389
11,141

51,812
31,112

230, 305 291,241
108, 070 155, 548

10,027

412, 827
13, 282

20,153 j 20, 339

.074
28,116 127,311
342, 350 311,862

. 067
.071
214.252 214,139
332,260 j 372, 245

I

100,168 j 58,550
101,904 j 67, 789

322,390
14,643
.114 ! .110 i .111
.110
184,160 153,044 | 142,778 ! 133,546
430, 403 460,823 ! 532,947 i 578,772
13,752 I 12,911

i

336.375
i___
12, 577 10, 961
9.282
! 14,789
.092
I .106
.105
.100
26, 521
! 92,248
55,056
46,156
! 588,058 567,498 515, 224 441,052

271,800
185, 496

2,280

3,662

2,661

2,063

1,254

2,009

1,346
827
773

1,125
516
630

211
528

1,453
205
642

1,842 ! 1,039 r 400
72 I 507
' 500
1,493 | 1,657 1.277

2.23

740 !
11 !
541 |
558
|
8,175 !
3,048 I
2.20 i 2.21

2.11

10, 372
2,484
1.92

2.03

1.97

2.13

4,331

6,496 j 6,299

7,874 I 7,480

"~6,~299"

"6,693

4,724

3,543

56, 569
10,068

35.468 ! 40,766
9,163 i 7,256

61,741 | 61,781
12,289 | 11,880

74, 209
9,586

67, 032
14,151

50, 747
14, 082

55, 586
19, 787

1,489

1,139 ! 3,727

484
310
470

368
11
501

178
1

6,931
2,864
2.21

2.29

78,114
.096
131,899
4,784
117,268

.101
5,319 i 5,693

4,084 ;

94,981
.104
156,877
7,954
137,472

j
I .113
|.
._
i 8,428
I
32,407

""."113"
8,343

70, 715
6,772
118,260
.111
206, 512
8,314
142,411

1,774

1,707 j

7,666 L
2,856

8, 567

93, 817
.109
151, 278
7,652 I 7,678
I 142,818

2.07
2.362"!

3,150

56, 184
20,975

56, 822
19,624

5, 160

2, 450

. 106

38, 806

34, 025

28,169

35,739

29,726

26, 245

27, 724

27,629

35, 588

41,346 j 39,685

.142
38, 773

.150
30,956

.150
30,638

.150 |
.150 .149
35,994 I 34,349
28, 741

.140
27,945

.135
26,215

.135
28,679

.135
34, 843

. 135 I .135
40,465 i 37,475

.130

.137

.135

.129

.130

.129

.120

.106

43, 355
30,346
12,734
17, 612
13,010

39, 838
28, 214
32,253
15,960
11,624

34,495
24,452
11,217
13,234
10,043

.136

.133

. 103

. 103

PAINTS
Paint, varnish, lacquer and fillers:
Total sales of manufacturers
thous. of dol_.
29,465 30,202
19,759 20, 726
Classified
do
9,080
10, 223
Industrial
do
9,536
11,646
Trade
_do
9,705
9,476
Unclassified
...do
Plastfc cold-water paints and calcimines:
Sales of manufacturers:
Calcimines
dollars.. 160, 847 251, 068 295,405
22, 283 33, 895 32, 091
Plastic paints
do
164, 312 98,048 119, 937
Cold-water paints
do

29,749
20, 257
9,518
10, 739
9,492
302,414
34, 768
135, 676

37,866 I 44,562
26,202 I 31,043
12,214
12,462
13,989 I 18,581
11, 664
13, 519

332, 591 366, 049 357,143
63T104
51,533
65,321
180, 436 221,917 321, 731

330,144 290,193
62, 092 55,270
303, 474 261,351

33, 785
23, 674
10,431
13, 243
10, 111

33, 062
22,975
9,931
13, 044
10, 087

31,486
22, 227
10,494
11,733
9,259

25, 104
17,843
8,541
9,302
7. 261

226.010 250, 591 238,256 I 214,027
41, 362
34, 369
53, 236 48,611
268,693 252, 810 244,935 207,127

CELLULOSE PLASTIC PRODUCTS
Nitro-cellulose, sheets, rods, and tubes:
Production
thous. of lb_.
Shipments
_
do
Cellulose-acetate, sheets, rods, and tubes:
Production
.
.
thous. of lb._
Shipments
do

602
700




6

1,715
1,561

1,976
1,687

1,795
1,639

1,692
1,628

1,627
1,450

1,536
1,600

1,281
1,396

1,642
1,558

1,506
1,692

1,283
1,470

1,067
978

624
603

ROOFING
Dry roofing felt:
Production.
short tons..
Stocks, end of month
do
Prepared roofing, shipments:
Total
thous. of squares..
Grit roll
do___.
Shingles (all types)
..do
Smooth roll
do

1,398
1,479
1,255
1,112

853
742

1,270
1,397

1,621
1,764

1,411
1,313

1,170
1,099

1,113
1,043

831

1,416
1,467

1,224
1,102

919
963

783
678

12, 348
9,640

21,361
6,381

24,547
9,546

27,031
6,228

31,015
6,324

30, 909
8,240

27,160
9,711

21,988
10,811

22, 377
10, 323

25, 595
10,143

26, 390
9,308

260
313
524

1,462
327
385
750

2,386
516
549
1,321

3,589
774
785
2,030

2,329
540
587
1,202

2,423
521
929
974

2,517
610
984
924

2,280
619
783
878

2,152
588
717
847

2,671
755
833
1,083

3,368
907
978
1,484

Final estimate.

• D e c . 1 estimate.

26,574 i 17,503
9,334 i 8,793
3,014
791
866
1,357

r 2, 096
r 500
r

' 580'
1,015

41

SURVEY OF CURRENT BUSINESS

February 1938

Monthly statistics through December 1935, to- 1937
gether with explanatory notes and references
to the sources of the data may be found in the Decem1936 Supplement to the Survey.
ber
I

1937

1936
December

January

February

March

April

May

June

July

August I

^

October

N

ber

ELECTRIC POWER AND GAS
ELECTRIC POWER
Production, totalf
mills, of kw.-hr..
By source:
Fuels!
do
Water powerf
do
By type of producer:
Central stations!
do
Other producers
do
Sales to ultimate consumers, total (Edison
Electric Institute)
mills, of kw.-hr..
Domestic service.-_._
do
Commercial—retail
-do
Commercial—wholesale
do
Municipal street lighting
do
Railroads, electrified steam
__.do
Railroads, street and interurban
do
Revenues from sales to ultimate consumers
(Edison Electric Institute)
thous. of d o L .

10, 224 ' 10, 407 '9,817

10, 033

10,528

10,151

9,247

10,228

9,868

9,976

10,071

10, 342

10, 633

6,455
3,578
9,436
597

6,879
3,649

6,315
3,835

5,762
3,485

6,382
3,846

5,753
4,115

5,624
4,352

6,336
3,735

6,985
3,357

7,371
3,262

7,050
3,174

-•7,091 ' 6,166
r
' 3, 316 3, 651

9,910
618

9,556
595

8,690
557

9,626
602

9,293
575

9,442
534

9,544
527

9,824
518

10,116
517

9,719
505

8,154
1,482
1,501
4,298
235
124
433

8,359
1,668
1,616
4,258
218
118
410

7,973
1,573
1,534
4,115
184
95
401

8,217
1,425
1,451
4,553
181
120
414

8,270
1,418
1,466
4,672
162
111
367

8,114
1,323
1,399
4,727
147
104
346

8,327
1,342
1,463
4,889
136
98
327

8,456
1,371
1,497
4,944
140
100
333

8,645
1,382
1,539
5,072

154
97
326

8,705
1,478
1,586
4,977
167
97
325

• 9, 877 ' 9, 273
•
529
' 544
8,168
8,508
1,614
1,520
1,600
1,552
4,201
4,712
199
188
104
104
370
355

187,094

194, 554

183, 586

177,579

177,861

174,287

178, 539

179,637

182,057

186, 847

186, 456

187, 296

9,754
9,110
172
462
33,853
16, 502
7,458
9,660

9,769
9,131
161
468
32, 470
17, 373
6,134
8,750

9,802
9,162
166
464
31, 860
16,443
6,173
9,046

9,809
9,168
158
470
32, 787
16,993
5,843
9,740

9,858
9,212
164
471
33,051
10, 439

9,937
9,288
166
470
30, 758
16,858
3,561
10,169

9,976
9,332
160
472
29,179
17,522
1,299
10, 209

9,946
9,313
151
470
26,941
16,174
724
9,794

9,946
9,313
152
469
25, 527
15,167
551
9,673

9,986
9,344
168
464
27, 572
16, 858
763
9,797

10,030
9,375
187
457
30,754
18, 210
2,425
9,927

10,003
9,336
196
463
31,120
16, 058
5,715
9,143

32,425
21,579
4,157
6,547

31,967
21,834
3,799
6,197

30,724
20, 396
4,029
6,172

31,379
20,919
3,860
6,458

35, 502
21,639
3,138
6,585

30,766
22,303
1,910
6,426

29,908
22,559
945
6,299

27,906
21,281
552
5,970

26,543
20,179
449
5,805

28,450
21,747 j
653 !
5,943

30,979
23,018
1,682
6,156

30, 769
21,469
3,038
6,127

6,805
6,282
521
125,409
40,988
83,016

6,754
6,236
514
129,312
47,159
80, 892

6,790
6,911
6,410
6,278
499
510
125, 832 105,168
26. 459
39,563
77, 242
84,903

6,769
6,296
472
95, 285
18, 848
75,080

6,772
6,309
461
92,563
15, 729
75,782

6,817
6,351
464
94,965
14, 661
78,860

6,861
6,390
469
95, 765
15,803
78,806

43,926
26, 328
17, 389

47,847
30, 088
17,558

28, 738
14, 536
14, 018

26,443
12, 438
13, 823

26,319
11, 793
14,312

26, 724
12,182
14, 368

31,015
15,467
15,340

36,924
20, 760
15,941

6,015
6,445
9,591

6,450
6,361
9,244

6,175
5,846
8,678

5,123
5,117
8,488

4,186
3,827
7,954

3,917
3,627
7,481

GAS
Manufactured gas:f
Customers, total
thousands..
Domestic
do
House heating
._
do
Industrial and commercial
do
Sales to consumers
mills, of cu. ft-.
Domestic
do
House heating
do
Industrial and commercial
do-___
Revenue from sales to consumers
thous. of dol._
Domestic
do
House heating
do
Industrial and commercial
do
Natural gas: f
Customers, t o t a l .
thousands.
Domestic
_-._..do...
Industrial and commercial
do__.
Sales to consumers
_mills. of cu. ft.
Domestic
-_do-_.
Industrial and commercialdo...
Revenues from sales to consumers
thous. of d o l - J
Domestic
do
|
Industrial and commercial
do
|-__.

17,191
5,244

j

6,764
6,816
8,251
6,295
512
519
135,179 127,633
48,152 42, 249
85, 627 83,791
48,975
30, 525
18,162

45, 234
27,162
17,841

42,671
25,194
17, 247

34,138
18, 702
15,192

6,929 | 7,019
6,428
6,486
498
531
103, 565 111,631
21,307
31,031
80,914
79, 258

FOODSTUFFS AND TOBACCO
BEVERAGES
Fermented malt liquors:
Consumption (tax-paid withdrawals)
3,724
thous. of bbL.
3,871
3,061
3,504
Production
do.....
3,705
3,662
Stocks, end of month
do
7,131 ' 6, 972
7,407
Distilled spirits:
Consumption, total (tax-paid withdrawals)
8,480
thous. of proof gaL.
10, 565
5,316
6,783
Whisky
do....
8,845
4,528
Production, total
do
13,956
25, 209 20,848
Whisky
do_... 10,048 22, 287 18,913
Stocks, total, end of month
do
473,724 r 387,275 402,099
Whisky
do
452,403 r374,467 388,416
Rectified spirits:
Consumption (tax-paid withdrawals)
4,721
thous. of proof gal..
5,044
2,123
DAIRY PRODUCTS

3,133
3,531
7,660

4,179
5,056
8,345

4,497
5,469
9, 098

5,186
5,703
9,408

7,042
6,800
6,640
6,168
5,775
5,829
5,449
5,133
14, 303 22, 394 21, 745 20,176
12,933
20, 255 19,117 17,977
408, 598 422,883 437,159 450,752
394, 947 408, 510 421, 546 434,262
2,497

2,907

3,238

2,727

5,298
5,897
4,121
4,492
9,285
18, 485
7,522
15,980
462,608 465,871
445,286 447,983
2,437

5,792
10,074
11,222
7,920
9,102
4,658
6,342
8,095
8,908
13, 853 19, 046 18,394
9,867
6,843
8,343
7,877
468,105 469,732 468, 735 470,150
449, 794 450,961 449, 930 449, 912
2,193 !

3,251 !

4,634

4,984

Butter:
Consumption, apparent!
thous. of lb_. 133,998 137, 281 127,308 126, 865 136,031 133,471 163, 752 136,809
135,800 ! 142,046 j 137,454 ! 135,043
Price, wholesale 92-score (N. Y.)>
.39
dol. per lb__
.34
.34
.34
.36
.32
.33
.31
.32
.33
.35 | .36
.38
Production creamery (factory)!..thous. of lb. 110,311 108,550 106,528 101,983 119,601 132,107 179,918 196,860 172, 007 146,752 125,742 I 117,141 102,445
Receipts, 5 markets
do
40,835 39,310 37,067 36, 236 42,896 44,402 57,352 75,063
48, 749 42,
61,636
38, 296
39,900
Stocks, cold storage, creamery, end of month
thous. of 1b.. 42,954 61, 234 42, 734 20,678
6,406 22,904 83,119 123,863 134,885 118,697 98, 624 r 66,191
6,700
Cheese:
Consumption, apparent!
do.__. 47, 316 50,611
51, 739 50,947 58, 545 58,613
55, 217 57, 238 63, 748 63,309
70, 482 63,205
50, 336
Imports
do
4,733
5,022
6,229
3,490
3,677
4,697
6,347
5,365
4,811 ,
6,206
3,958
4,808
7,536
Price, No. 1 Amer. (N. Y.)
dol. per lb_._.
.19
.18
.18
.18
.19
.19 I
.20
.17
.17
.18
.18
.17
.20
Production, total (factory)!
thous. of lb_. 38,042 49,118
41, 599 39, 622 47, 553 54,448
66,503 82,491
64,781
58,101
54,160
40,050
50,619
American whole milk!
do
27, 645 29, 296 27,346
29,918
26, 627 31,359 37,150 52,778 62, 342 51,430 46,043 42, 533
38,364
Receipts, 5 markets
do
10,845 11,311
11,548
17, 220 17, 863 15,084
11, 545 11,790
11, 939 11,401
10,865
17,096
14,975
Stocks, cold storage, end of mo
.do
103.865 110,400 102,112 93, 114 85,216 83, 096 85,008 105,318 118,235 122,647 117,610 112,687 108,497
American whole milk
do
89, 202 95,418 88, 091 80, 713 73, 822 70, 584 71, 603 89,191 100,418 105,026 101,178
97,160 ' 93,633
r
Revised.
! Revised series. Manufactured and natural gas revised for period 1929-36; see tables 20 and 21, pp. 19 and 20 of the May 1937 issue. For 1936 revisions on production of
:tric power, see p. 41 of the May 1937 issue. Revisions for 1936 for butter and cheese consumption and production not shown on p. 41 of the November 1937 Survey will
tear in a subsequent issue.




SURVEY OF CURRENT BUSINESS
1936 !
1937
Monthly statistics through December 1935, together with explanatory notes and references
to the sources of the data may be found in the Decem- Decem- Janu1936 Supplement to the Survey.
ber
ber
ary

February 1938
1937

February

March

April

May

June

July

•tern-! Octo- iXovem-

i August

\

her

ber

FOODSTUFFS AND TOBACCO—Continued
DAIRY PRODUCTS-Continued
Condensed and evaporated milk:
Exports:
Condensed (sweetened)
thous. of lb_.
1,458
Evaporated (unsweetened)
do
2, 037
Prices, wholesale (N. Y.) (case goods):
Condensed (sweetened)
dol. per case..
5.00
Evaporated (unsweetened)
do
3.25
Production:
Condensed (sweetened):
Bulk goodst
thous. of lb— 14, 066
4, 444
Casegoodst
do
E vaporated (unsweetened) f
do
101, 304
Stocks, manufacturers, end of month:
Condensed (sweetened):
4, 924
Bulk goods
thous. of lb_.
Case goods
do
6, 229
Evaporated (unsweetened), case goods
thous, of lb__ 181, 686
Fluid milk:
Consumption in oleomargarine
do
6,681
Production (Minneapolis and St. Paul)
thous. oflb—
31,277
Receipts:
Boston (incl. cream)
thous. of qt__
Greater New York (milk only)
do
Powdered milk:
517
Exports
thous. of lb._
19,162
Productiont
do
22, 703
Stocks, mfrs., end of mo
_do_.__

174

261
2,010

226

124
2,019

457
1,946

1,331
1,595

701
1,819

741
2,265

1,221
1,539

I, 142 I 137
I.S74
1,918

4.85

4.85
3.30

4.85
3.19

4.85
3.15

4.85
3.15

4.85
3.15

4.85
3.15

4.85
3.20

4.85
3.25

4.85
3.25

4.97
3.25

13,189
3,736
114,004

17,414
4,827
116,230

16, 535
4,027
123,441

14,963
3,739
156, 762

17,824
3,664
178,244

26, 556
4,972
247, 838

25,107
4,481
242,981

16, 308
16,170
4,496
3,992
202,367 j 155,477

15,914
4.019
135,137

5,670
9,071

5,685
7,124

5,353

5,594
4,203

6,003

11, 399
8,669

15, 550
10,920

16,029
11,173

13,373
10,572

258, 904

208,911

242,390

302,435

227, 696

263, 324

7,189

5,772

5,244

5,102

4,743

5,254

28, 609

31,743

42, 597

43,134

34,421

27,070

17,150
128,088

17,195
129, 016

18,975
124, 455

19,126
123,064

248
35,488
48,390

301
29, 435
42, 902

409
21, 030
40, 219

189 ,
1,489

4,958
170, 912

152., 575

161,208

6,774

5,385

6,359

36,443

31, 000
14,553
106, 972

35,352
15,631
118,158

16, 054
119,816

282
20, 266
' 36, 814

16,016
16,128
113,935 i 115, 606
!
216
216 I
23, 271
26,802
' 31, 179 ' 35, 425

4,400

326
24,520
36, 085

r

!
272 j
402 !
36,145 |
27,846
43, 129
37,179

:

11.033
8,699

11,390
3,461
91,671

' 4,344

r

S.730
8. 252
244. 7

5. 074
7,153

218, 372

227,710

7,037

6,411

25, 284

23,756
16,377
Vx 584 1 17,052
120,128 : 125,287 119,563
179
571
18, 757 ' 16.938
37,644

322
' 15. 360
r
27,181

FRUITS AND VEGETABLES
Apples:
Production (crop estimate)..-..thous. of bu._ «211,060
Shipments, car-lot
no. of carloads..
6, C""
Stocks, cold storage, end of month
thous. of bbl__ 10.662
Citrus fruits, car-lot shipmentsf__no. of carloads., j 17,223
Onions, car-lot shipmentsf
do
j 1,965
Potatoes, white:
Price, wholesale (N. Y.)
dol. per 100 lb._ 1.181
Production (crop estimate)
thous. of bu._ • 391,159
Shipments, car-lott
no. of carloads.. 14, 789
GRAINS A N D GRAIN P R O D U C T S
j
Exports, principal grains, including flour and j
meal
thous. of b u . . | 16,219
Barley:
i
Exports, including malt
do
863
Prices, wholesale, No. 2 (Mpls.)
Straight
—_
dol. per b u . .
. 73
Malting
do
. 78
Production (crop estimate)
thous. of bu..|«219,635
Receipts, principal markets
..do
j 6,362
Stocks, commercial, domestic, end of mo.
thous. of b u . .
11,883
Corn:
Exports, Including meal
do
3,895
Grindings
do
4, 646
Prices, wholesale:
No. 3, yellow (Kansas City) —.dol. per bu._
. 55
No. 3, white (Chicago)
do
. 56
Jl
Production (crop estimate)
thous. of n
~ ' ••
'
•• ' %
" bu__ '2,644,995
Receipts, principal markets
-do
35, 829
Shipments, principal markets
do
17,241
Stocks, commercial, domestic, end of mo.
thous. of b u . . 36,183
Oats:
Exports, including oatmeal
do
1, 510
Price, wholesale, No. 3, white (Chicago)
.32
dol. per bu_.
Production (crop estimate)
thous. of bu._ •1,146,258
Receipts, principal markets
do
5. 587
Stocks, commercial, domestic, end of n o .
thous. of b u . .
25,703
Rice:
I
Exports
.pockets (1001b.)..! 298,294
Imports
do
j 56,558
Price, wholesale, head, clean (New Orleans)
dol. per l b . .
.031
Production (crop estimate)
thous o f r m . . «53,004
Southern States (La.,Tex., Ark., and Tenn.):
Receipts, rough, at mills
thous. of bbl. (16? I b . ) . .
760
Shipments from mills, milled rice
j
thous. of pockets (lOOlb.)-l
1,448
Stocks, domestic, rough and cleaned (in
terms of cleaned rice) end of month
thous. of pockets (100 lb.)-2,198
California:
Receipts, domestic rough
bags (1001b.).. 216,854
Shipments from mills, milled rice
do
109,891
Stocks, rough and cleaned, end of mo.
bags (100. l b ) - . 382,331

117,506 i.
'5,158 !

4,726

4,492

3,647

2,994

1,640

7,452 i
16,452
1,933

5,787
18, 261
2,540

4, 064
15,449
2,869

2,453
18,412
1,581

1,176
13,577
2,720

460
12, 600
3,961

2.881

2.744

2. 505
331,918
14, 942

1,856

2.240

2.094

1.708

"26," 571"

17,122" ' 1 7 , 5

~19"603"

"21^929"

779

1,657 I

1,253 6,128

8,884
2,445

6,777
1,570

5,206
1,749

2.031

1.163

.930

"29," 563' " 16," 027"

16. 306 8,331

2,479 j 10.485 '12,018
5,521 ', 8.505
11,621
4, 726 I 3.651 ,
2,144
.925 I

.969 :

"l8,"40S" " 26,895'

1.105
14,275

1,781

2,274

2,499

2,494

4,079

11,172

9,366

14. S35

14,249

574

513

93

105

265

2,118

2,962

1. 737

2,270

1.32
1.37

1.32
1.33

2,261

144

1,690

19

1.19

1.17

1.14
1.28

.81
.91

.79
78 I

1.29
1.32
>147, 475
4,741

3,179

3,299

2,808

2,713

3,332

2,044

1,151

10,952

18,848

14,990

13, 703

12,154

8,448

5,873

4,711

5,227

9,967

40
5,786

42
5,641

37
5,957

47
6,395

20
7,268

30
6,701

35
5,882

35
3,618

32
3,964

1.15
1.09
1,507,089
18, 200
5,855

1.19
1.14

1.20
1.13

1.23
1.22

1.37
1.35

1.35
1.35

1.22
1.18

1.25
1.23

13,162
5,652

9,567
4,692

9,304
5,428

8,082

9,650
3,745

11,512
4,710

10, 682
4,701

7,196
4,697

8, 171
3,804

13, 454

15, 080

13,901

12, 381

4,316

5,380

7,425

6,191

4,512

65

64

78

75

82

79

101

761

942

.52

.48

.39

.30

.32 '

4,778
6,697
61

.51
.50
.54
.51
• 785, 506
""4," 120" " " 3 , " 448" ~~"3~58l"
3,753
37,392

31,066

25,807

103,852
207,204

130, 507
123,495

33,610
163,562

.038

.038

""i,57S

20, 225

54,199
181, 038

.54

.040

11,785
31,896
179,868

"~4,~836" "~~2~812"

.63
.72

7,612 ! 25,170

5,648

2,338

3,359 I 18,556

85, 343
181, 620

160,895 I 247,900
177,972 ! 176,431

.038 I

.037

13, 018
13,386 I
29 ;
4,465 I

9,436 ;

9,078

13.36S '

13.111

188 !
6.089 '

1, 750
6,108

.86 I
1.08 ,

21,440
192, 394
.040

.71
•83 ;

.035

"ti~

487",

28, 401

. 54
.54
17,298
7.293

42,877
17, 801
22, 621

2. 825

1,031

M40

6," 765

.32

27.111 !

25, 287

325,205 ' 262,258 I 277,547
151,841 i 83,915 ! 80,991
.030 .

.030 i

.031

*>49,002 I
736 !

1,799

980 •

1,327

2,654 ;

973 j
1,109

3,178 I

j

309 !
t
765 I

3,139 2,721

!

431,945 i
250,402 I

241

240

149

100 !

569

549

502

576 i

2,092

1,741

2,393 !

70, 242
52,737

152

1,271 i
910
I
237,364 ! 367, 221
118,257 ! 235, 262

90,451 ;
99,216
213, 590
74,202
67,471
47,150 416,756 ! 317,467
98, 382 i 265,629
190,290 ! 714,982 j 579,552 j 523,512 | 513,927 j 463,584 | 482,536 | 434,471 j 316,503

1,282

2. 244

1,782

949

1.342

1,277

1.256

2.233

2, S27

263.332 I 611,630 ! 443,894
195,138 I 226,284 I 204,300
159, 654

, 165

373,621

' Revised.
0
h
No quotation.
Final estimate.
* Dec. 1 estimate.
tRevised series. For revisions in t h e production on powdered milk for 1935 see p. 90 of the 1936 Supplement; for 1936 revisions, see p . 42 of the Nov. 1937 Survey. Data
for 1936 on car-lot shipments revised; see p. 42 of the M a y 1937 issue. Revisions for 1936 for production of condensed and evaporated milk not shown on p. 42 of the
November 1937 Survey will appear in a subsequent issue.




February 1938
Monthly statistics through December 1935, together with explanatory notes and references
to the sources of the data may be found in the
1936 Supplement to the Survey.

1937

1936

Decem- December
ber

1937

January

February

March

April

May

June

July

August

Septem- October Xovem
ber
ber

FOODSTUFFS AND TOBACCO—Continued
GRAINS AND GRAIN P R O D U C T S - C o n .
Rye:
Exports, including
flour
thous. of bu—
627
. 70
Price, wholesale, No. 2 (Mpls.).-dol. per bu._
Production (crop estimate)
thous. of bu._ '49,449
642
Receipts, principal markets .
do
Stocks, commercial, domestic, end of mo.
4,790
thous. of bu—
Wheat:
Exports:
Wheat, including
flour.
do
9,324
Wheat only___
do
7,175
Prices, wholesale:
No. 1, dark, northern, spring,
Minneapolis
dol. per b u . . .
1. 20
No. 2, red, winter (St. Louis)
do
.95
No. 2, hard, winter (K. C.)
do
. 96
.96
Weighted av., 6 markets, all grades.do
Production (crop est.), total—-thous. of bu.._ 873,993
Spring wheat...
do
188,891
6S5,102
Winter wheat
do
10, 990
Receipts, principal markets
do
16,339
Shipments, principal markets
do
Stocks, end of month, world estimated
thous. of bu_52,674
Canada (Canadian wheat)
do
94,584
United States (domestic wheat)
do
Held by mills (end of quarter)
thous. of b u . ! 131,284
Wheat flour:
Consumption (computed by Russell's)
thous. of bbl__
457
Exports
_
do
Grindings of wheat
thous. of bu._ 37, 538
Prices, wholesale:
Standard patents (Mpls.)
dol. per bbl._
5.67
Winter, straight (K. C.)
do
4.91
Production:
Flour, actual (Census)
thous. of bbl_.
8,168
Flour (Computed by Russell's)
do
Offal (Census)
thous. of l b . .
Operations, percent of capacity (Census)
Stocks, total, end of month (computed by
Russell's)
thous. of bbl..
Held by mills (end of quarter)
do
LIVESTOCK
Cattle and calves:
\
Receipts, principal markets.thous. of animals. . | 1,629
Disposition:
Local slaughter
do.
1,015
Shipments, total
do.
630
Stocker and feeder
do I
237
Price, wholesale, cattle, corn fed (Chicago)
dol. per 1001b..! 11.11
Hogs:
i
Receipts, principal markets.thous. of animals.. < 2, 587
Disposition:
j
1.834
Local slaughter
do
753
Shipments, total
—do j
Stocker and feeder
•_
do i
27
Price, wholesale, heavy (Chicago)
dol. per 1001b..
7.53
Sheep and lambs:
i
Receipts, principal markets.thous. of animals. J 1,643
Disposition:
I
988
Local slaughter
do.._.i
668
Shipments, total
do
94
Stocker and feeder
do
Prices, wholesale (Chicago):
I
Ewes
dol. per 100 l b . . j
3.81
Lambs...
do
j
8.47
Total meats:
MEATS
I
Consumption, apparent
mills, of lb..! 1,055
Production (inspected slaughter).
do
j 1.195
Stocks, cold storage, end of month
do
'
'582
Miscellaneous moats
_
do
67
Beef and veal:
Consumption, apparent
.thous. of lb._ 452,792
991
Exports
do
Price, wholesale, beef, fresh, native steers
.180
(Chicago)
dol. per l b . . ,
Production (inspected slaughter)
j
thous. of l b . . ! 456,961
Stocks, cold storage, end of mo
do j 60.808
Lamb and mutton:
i
Consumption apparent
do j 56,868
Production (inspected slaughter)
do j 57,514
Stocks, cold storage, end of m o n t h . . . d o
! 2,883
Pork (including lard):
j
Consumption, apparent
do.
545,512
Exports, total
.
.do.
29, 582
Lard
do.
22,181
Prices, wholesale:
Hams, smoked (Chicago)
dol. per lb—!
.216
Lard, in tierces:
|
Prime, contract (N. Y.)
do
.088
Refined (Chicago)
do
.101
Production (inspected slaughter) total
thous. of lb._ 680, 585
Lard
do
111,706
Stocks, cold storage, end of month___do
j 451,358
Fresh and cured
.do j 398,282
Lard
___
do
| 53, 076

• Dec. 1 estimate.



43

SURVEY OF CURRENT BUSINESS

1
1.10
25,319
1,084

0
1.13

0
1.11

715

334

5,008

4,476

1,731
50

1,576
33

1.59
1.35
1.34
1.39
>626,766
106, 892
fc
519,874
10,389
11, 601

1 66
1.40
1.38
1.44

1
1.09

186
1.09

754
. 74

589
.68

737

794

1,878

495

5,989

721
.78
4,752

2,045

1,327

3,215

2,550

2,034

1,442

1,187

4,223

5,676

6,228

5,729

1,522
38

1,565
61

1,679
137

2,108
395

2,217
770

3,385
2,145

7,230
5,453

4,712
2,678

9,331
7,104

8,609
6,388

1.59
1.43
1.37
1.39

1.53
1.43
1.39
1.42

1.56
1.44
1.40
1.41

1.46
1.32
1.32
1.32

1.45
1.22
1.21
1.23

1.51
1.22
1.22
1.19

1.33
1.12
1.12
1.08

1.34
1.09
1.10
1.09

7,592
7,621
8,941
6,116
7,512
10, 629
8,928
7,089
312, 480 336, 500 316, 770 288,220 234, 720 184,150
82,625
74,737
68,010
65, 700 50, 683 45,643
63,453
52, 251 43, 709 36,850
26,253
17,088

19,391
11,175

111,913
27, 726

62, 241
25,102

35,199
18, 964

1
1.12

7,766
8,676

135,189

82,134 j
7,924
316
34, 630

59
,

1,031
.77

293
.85
1,073

h

67,874
8,236
364
34,892

8,789
308
35, 548

8,449
264
38, 872

8,302
378

7.44
6.15

7.26
6.02

5.95

6.91
5.69

7.44
5.76

6.48
5.28

8, 216
7,536
8,180
8,333
8,246
8,038
687, 727 681, 276 628,005
51
53
53

8,402
8,274
697,451
50

8,340
8,808
704,618
52

7,542
8,100
642,595
49

7,637
8,369
656,834
47

5,900

5,700

5,500
4,074

5,000

4,500

3,773
3,773

7.26
5.94

7.54
6.16

6,096
4,686

7.45
6.08

22, 638
23,892

16,076
31,460

163, 363

8,981
328
38,468

8,114
328
37,586

1.15
.93
.94
.94

157, 780 229, 529 269, 870 308, 770 291,050 297, 970
59,198 62, 720 54, 552
26, 267 24,970
36,314
11, 677 89. 334 131, 239 141,014 130, 260 114,713

8,154
320
38,605

7,912
368
37,832

1.27 j
1.04
1.06 '
1.04

474 j 473
43,477 I 40,209

433
42, 467
6.07
5.24

5. 97 |
5. 23 |

9,234
8,415
y, 446
),180
9,894
9,140
701, 642 717, 658 761, 784 781, 689
54
59
60
52
4,200

4,700

5.53
4.66
8, 698

722 674
57

5,000
5,001

1,811

1,691

1,342

1,727

1,634

1,751

1,902

1,675

2,245

2,360

2,332

1,145
695
277

1,097
560
184

916
419
121

1,143
564
184

1,058
569
192

1,067
663
239

1,184
703
217

1,013
660
224

1,184
1,020

1.247
i;094

12.05

12.91

13.24

14.06

14.30

13.00

13.43

15.08

1,193
1.146
978
1,131 |
461
595
14.20
16.06
2,323
1,906
1,362 ! 1,666
649
539 |
29
32 I
10.53 I 8.58

381

3,145

2,500

2,084

2,224

2,036

1,526

1,513

1,785
712
29

1,443
638
28

1,595
619
42

1,448
589
36

1,074
444
32

1,075
432

790
366
32

10.25

10.38

10.18

10.26

10.11

11.01

16.53

1,157

2,216
934
40

437

15.68

1,761

2,063

1,591

1,576

1,882

1,082
692
110

1,200
852
115

933
661
78

960
620

1,052
830
92

3.83
8.47

5.52
9.94

5.77
10.06

6.59
11.49

6.25
12.13

1,047
1,337
1,149
132

1,008
1,109
1,245
132

1,282
126

1,040
1,006
1,240
117

957
1,181

482,171
960
.168

483, 312 401,174
1,071
.183
.182

2,209

1,022
852
133
4.25
11.47

941
813
1,030
83

1,004
880
898
69

484, 616 484, 041 444,908
1,497
1,528
1,008
.200

.200
412,061
86,168

502,456
13,618
9,384

69,300
69, 570
10,491

54,864
54,162
9,807

56,406
56, 688
53,833 I 54,151
7,174
4,574

455,098 404, 334 499, 039 457,437
12, 377
9,161
12,487
13,737
8,804
4,456
7,324
8,245

1,879

1,121
1,088
136
6.05
11.55

521,965 469, 582 384,817 453, 740 443,712
193, 760 180,916 167, 438 142, 691 111,653
62, 692
64, 553
10, 228

29
11.46

55, 749
54,154
2,950

1,275
885
380
35

12.11

12.19

1,908

2,752

11.83
900
1,012
177
4.38
10.47

1,047
1,677
549
4.75
10.43
938
792
582
49

1,023 I
1,668

1,031
891
440
44

.228

.248

922
891
352

4.11
9.72 !

1,163
1,806
633
4.03
10.16

927
771
736
58

1,785

2,697 I

2,994

491, 360 443, 282 472,911
1,179
1,064
.208

1,533
1,071
454
32

2,132

4. 15
9. 20

857 I

1,033
1,000
394
42

984
1,042
••447
'51

502, 232 490,859
1,026
1,025

438,003
705

.251

.246

.211

456, 719 421, 267 459,706 485,889 j 489,019 440, 814
63, 522 51,466 44, 582 38, 746
43,897 * 53,741
55,072
54, 324
2,171

52,913
52, 639
1,840

57, 501
57,634
1,928

64, 075
64, 064
1,887

58,789
59,318
2,376

439, 933 457,317 430, 739 407,986 464, 580 483,539
20, 055 13, 377 13, 221 11, 831 13,016 23,598
13, 565
7,746
7,175
9,717
18,797

52, 003
51,948
2,286

r

493,856
26, 260
18,314

.226

.225

.227

.209

.214

.215

.229

.242

.252

.254 j

.253

.237

.135
.139

.139
.144

.126
.131

.127
.132

.119
.128

.121
.130

.123
.133

.126
.138

.117
.136

.114 |
.132

. 105 I
. 123 |

. 099
.114

750,815 570,173 464, 299 498,794 458,734
118, 420 90,443
72, 324 76, 584 68, 328
812, 700 921, 231 978,164 973,004 965, 798
>, 891 738, 522 775, 688 755,777 756, 354
145,809 I 182,709 202,476 217,227 i 209, 444
* Final estimate.

346, 417
297, 000 274, 501 341,231
50, 732 52,410
35, 278 43, 510
41,701
858,134 763, 548 624, 232 485, 689 355,148
663, 657 578, 424 467,273 367, 595 282, 534
194, 477 185,124 i 156; 959 118, 094 72, 614
r
Revised.

!

451,712
59,009
305,891
266, 414
39,477

549,279
85,468
340,596
306,630
r
33, 966

44

SURVEY OF CURRENT BUSINESS

1936
Monthly statistics through December 1935, to- 1937
gether with explanatory notes and references
to the sources of the data, may be found in the Decem- Decem1936 Supplement to the Survey.
ber
ber

February 1938
1937

January

**«•

March

April

May

June

August Septon- October Novem-

July

FOODSTUFFS AND TOBACCO—Continued
POULTRY AND EGGS
Poultry:
Receipts, 5 markets
thous. of lb__ 56,489
123,320
Stocks, cold storage, end of month
do
Eggs:
701
Receipts, 5 markets
_..thous. of cases..
Stocks, cold storage, end of month:
831
Case
thous. of cases..
Frozen
thous. of lb._ 108, 036

!
72,999
187,887

23,122
178,304

687

1,076

17, 318 19,993
157,858 120, 328

18,560
94,888

20,260
82,340

21,927
77,173

20,885
63, 733

924

1,645

2,009

2,134

1,701

1,188

651
51,837

469 ]
39,104 i

322
34,390

1,413
53,074

4,405
88,186

7,300
133,132

8,548
364,830

8,718
166,876

40, 268
.1134

.1221

26, 500
.1032

34,337
.1143

33,181
.0990

22,165
.0782

17,557
.0740

18,130
.0790

54, 571

47,744

57, 266

49,211

43, 036

27, 364

10,203

1,447
889
1, 454

948
523
1,563

1,233
654
1,365

979
501
1,138

937
499
1,032

.088
1,459

1,289
687
1,370
.089
1,437

.093
1,166

.093
1,096

1,183

.094
915

31,421

36,168

33,437

34, 249

7,822

7,954
851

7,993

8,016
975

23, 237
61, 721

941

20,810
70,040

791

33, 238
76, 208
671

7,058
8,390
5,158
160, 258 148, 216 133, 805

TROPICAL PRODUCTS

Cocoa:
Imports
long tons..
Price, spot, Accra (N. Y.)
_dol. per lb_.
Exports from the Gold Coast and Nigeria,
Africa
long tons..
Coffee:
Clearances from Brazil, totaLthous. of bags..
To United States
do
Imports into United States
do
Price, wholesale, Rio No. 7 (N. Y.)
dol. per lb.Receipts at ports, Brazil.
thous. of bags..
Stocks, world total, incl. interior of Brazil,
end of month.,
thous. of bags..
Visible supply, total, excl. interior of Brazil
thous. of bags. .
United States.
do
Sugar:
Raw sugar:
Cuba-.f
Stocks, total, end of month
thcus. of Spanish tons..
United States:
Meltings, 8 portsf
long tons_Price, wholesale, 96° centrifugal (N.Y.)
dol. per lb_.
Receipts:
From Hawaii and Puerto Rico
long tons..
Imports
do
Stocks at refineries, end of monthf.do
Refined sugar (United States):
Exports, including maple
»
do
Price, retail, gran. (N. Y.)
dol. per lb._
Price, wholesale, gran. (N. Y.).
do
Receipts:
From Hawaii & Puerto Rico..long tons..
Imports:
From Cuba
do
From Philippine Islands
do
Tea:
Imports
thous. of Ib_.
Price, wholesale, Formosa, fine (N. Y.)
dol. per lb__
Stocks in the United Kingdomf.thous. of lb_.
MISCELLANEOUS FOOD PRODUCTS
Candy, sales by manufacturers..thous. of dol—
Fish:
Landings, fresh fish, prin. ports.thous. of lb__
Salmon, canned, shipments
cases..
Stocks, total, cold storage, 15th of month
thous. of lb_.
Gelatin, edible:*
Monthly report for 7 companies:
Production
_
do
Shipments
do
Stocks
do
Quarterly report for 11 companies:
Production_
do
Stocks
do
TOBACCO

12, 720
. 0560
22, 786
1,497
876
1,110
.063
1,337

C)
6,986
592

503

376

320, 775

249,110

.032

74,502
45,159
134, 217 95,833
167,511 147,832
4, 699
.055
.048

3,696
.053
.047

.093

8,067
1,035

555,866

50,015 117,279 180,985
189,647 222, 734 386,962
167, 019 227, 047 180,784

232, 622 234,875
412,827 326,885
153,703 254,340

4,567
.054

6,137
.055
.049

.035

6,664
.055
.047

5,680
.056
.047

12, 665
.0627

18, 781

13, 278

756
376
865

848
444
733

993
470
842

1,108
609
874

.094
794

.093

.093

.091
1,159

7,589
1,099

7, 312
870

7,426
784

C)

7,886
1,133

1,454 i

1,266

i

7,736
.056
.047

425,457
.035

3,907
.052
.046

3, 550
.053
.046

17, 746

4,498

6,117

15,775

19,187

16,110

18,716

16,130

331

3,240
135

19, 542
2,866

10,834
590

16, 583
2,966

91,144
4,623

42,398

48, 208

47,814
13,383

31, 755
7,905

11,516
5,763

28,776
3,248

8,980

8,158

7,544

9,370

7,373

7,044

.275
234,464

.275 I .275
148,669 \ 144,613

.275
131,167

.275
144,839

13, 524

18,571

9,567

6,787

.275
.275
.275
225, 444 ! 205,569 174,343

.275
148,013

26.260

22,940

27,999

30, 567

30, 350

32, 792
45, 597

80,919

94, 695

87, 576

69, 629

1,488
943
6,301

1,297
1,175
5,397

1,386
1,183
5,599

1, 445
1,355
5,689

5.992
9,367

5,368
7,958

25,068

24, 468

24, 256 26,974
352, 432 1,198,620

41,463
35, 921
Exports
thous. of lb_. 60, 464
6, 477
4,162
Imports, incl. scrap
do
5,877
•'1,505,762 1,154,131
Production (crop estimate)—
do
Stocks, total,, incl. imported types, end of
2,209,842
i
quarter
thous. of lb_.
,831,451
Flue-cured, fire-cured, and air-cured_do
Cigar types
_
do
313,607
Manufactured products:
Consumption (tax-paid withdrawals):
13,436
13,246
Small cigarettes
millions.. 12,611
Large cigars
thousands.. 336,161 371,231 356,996
Manufactured tobacco and snuff
25, 759
26,302
thous. of lb_. 24, 700
Exports, cigarettes...
thousands.. 538, 786 513, 538 463,017
Production, manufactured tobacco:*
24,369
22,093
Total
_
thous. of lb_.
522
382
Fine cut chewing
do—
4,455
4,624
Plug
do
3,440
3,147
Scrap chewing.
_
...do—
15, 375 13, 436
Smoking
do
577
503
Twist
do
Prices, wholesale:
5. 435
5.380
5.513
Cigarettes
dol. per 1,000..
45.996
45.996
46,056
Cigars
do

6,693 i

20,819

21,814

34,964 36, 596 39, 535 41.039
860, 551 313,110 305, 394 302,442

.032 !

4, 265
.054
.050

5,757
.057
.048

893

1,339

5,415
1,286

3
580
7,789

.275
.280 i
149, 669 170,131
32,257

31, 256

37, 474 42, 999
40, 727 39,069
203,374 360, 321 746,180 428,748

40, 589

48,178

59,330

66, 204

69, 321

72, 350

1,551 | 1,599 1,436
1,797 ; 1,342 1, 376
5,442
5,699
5,759

1,392
1,461
5,690

1,054
1,254
5,490

939
1,279
5,150

1,046
1,170
5,025

1,232
1,013
5,245

6,311
8,200
24,052
6,057

.033

73,631 113,932
154, 535 132, 584
168, 014 180, 978

6,487

.280

1,563 '

862

266,341 j 293,347

420,024 j 180,842
.035 I .034

153,554 109,937 104,646
219,935 293, 422 246, 556
305, 460 320,817 159,529
4,034
.054
.046

1,1291,009 j

!

410,039 | 330,222
.034 I .034

(0

7,621
1,107

1,929 j 1,707

2,187

230, 650 313, 517 514,841
. 039 .036
.035

j

25,247
.0786

8,214

30, 451
8,287
1,079

1,336 2,221

489 j

Leaf:

r

.091

935
456
925 !

27, 633
.0837
18, 961

6,127
8,421 |

51,588

26, 732
5,711

42,957

24,001
7,908

29,146
7,373

15,990
7,367

25,322 I 53,226
7,201 ! 6,033

2,026,368
1,580,185
365,495

! 2,279,113;.
1,812,966 .

377,698
12, 328 12,792
362,935 466,831

24,034
7,907

4,312
7,550

12,210
453,008

13,070
430,628

69,974
5, 545

2,043,982
1,651,554
321, 337

14, 259 15, 290
472,404 476,489

15,098
452,898

14,854
498,835

13,892
517,565

29 519
405, 768

28, 361
428,888

29, 597
510,590

29,067
520,371

23,913
372
4,909
3,810
14,328
494

27, 557 28,730
30,028
481, 754 »>10, 511 477,167
28,099
27,185
27,029
24,579
435
414
530
598
4,732
5 002
5,252
5,348
3.760
3,701
3,904
4,129
15,182
16,840
17, 535 17,124
591
613
548
653

25,371
557
4,861
4,127
15,249
576

25,796
484
5,015
4,293
15,396

26, 398
447
5,570
3,832
15,938
611

26,011
385
4,768
3,855
16,413
591

5.513
45.996

5.513
46.020

5.513
46.056

5.513
46.056

5.513
46.056

5.513
46. 056

5.513
46.056

26, 444 31,084
499,483 488,721

5.513
46.056

5.513
46.056

b
e
Revised.
Final estimate.
Not available.
• Dec. 1 estimate.
•The quarterly report for gelatin is complete for the industry; the monthly data are for 7 companies, for which figures for the period 1930-36, were shown in table 8, p. 20,
of the February 1937 issue. For new series on the production of manufactured tobacco for period 1934-37 see table 33, p. 20 of the August 1937 Survey.
f Revised series. Series on stocks of tea in United Kingdom revised for 1913-36; see table 32, p. 20 of the August 1937 issue. For revisions on sugar meltings and stocks
In the United State", see table 39, p. 17 of the October 1937 issue. Total stocks of sugar in Cuba revised, revisions for period 1920-36 will appear in a subsequent issue.




45

SURVEY OF CURRENT BUSINESS

February 1038

1936
Monthly statistics through December 1935, to- 1937
gether with explanatory notes and references
to the sources of the data may he found in the Decem- Decem1936 Supplement to the Survey.
ber
ber

1937
January

February

March

April

June

May

July

August

Septem- October November
ber

FUELS AND BYPRODUCTS
Anthracite:
COAL
Exports
tbous. of long tons..
Prices, composite, chestnut:
Retail!
dol. per short ton..
Wholesale
do
Production!
thous. of short tons..
Shipments
__
do
Stocks, end of month:
In producers' storage yards
do
In selected retail dealers' yards
number of days' supply-.
Bituminous:
Exports
thous. of long tons..
Industrial consumption, total
thous. of short tons..
Beehive coke ovens
do
Byproduct coke ovens
do
Cement mills
_
do
Coal-gas retorts
do
Electric power utilities
do
Railways (class I)
do
Steel and rolling mills
do
Other industrial.
do
Other consumption:
Vessels (bunker)
.thous. of long tons..
Coal mine fuel
thous. of short tons..
Prices:
Retail, composite, 88 cities
dol. per short ton_.
Wholesale:
Mine run, composite
do
Prepared sizes, composite
_do
Production!
thous. of short tons._
Stocks, industrial and retail dealers, end of
month, total.
thous. of short tons..
Industrial, total
do
Byproduct coke ovens
do
Cement mills
do
Coal-gas retorts
do
Electric power utilities
do
Railways (class I).._
_
do
Steel and rolling mills
do
Other industrial
do
Retail dealers, total
_do
COKE
Exports
_
thous. of long tons..
Price, beehive, Connellsville (furnace)
dol. per short ton..
Production:
Beehivef
thous. of short tons..
Byproductf...
do
Petroleum coke
_
do
Stocks, end of month:
Byproduct plants, total
do
At furnace plants..
do
At merchant plants
do
Petroleum coke
do

152

136

103

118

174

165

8.749
6,736
5,981

8.953
4,207
3,791

10.66
8.973
4,475
4,040

9.199
2,661
2,422

9. 233
2. 593
2,437

10.98
9.448
3,507
3,229

9. 472
4, 684
4,320

9.610
4,302
3, 694

621

859

1,483

1,895

2,261

2,391

2, 436

2,396

49

93

122

71

51

65

50

871

1,320

1,388

1,462

1,350

1,332

1,252

1,191

33, 293
568
6,453
422
152
3,590
8,404
1,374
12,330

30,452
490
6,247
450
143
3,294
7, 472
1,226
11,130

29, 377
520
6,434
494
140
3,286
7,220
1,153
10,130

27, 367
439
5,788
476
124
3,505
6,653
982
9,400

27, 795
450
6,281
479
121
3,843
6, 759
1,042
8,820

28,181
409
6,492
513
120
4,034
6,738
1,085
8,790

28, 099
401
6,284
478
136
3,872
6, 868
1,000
9,060

• 29, 229
359
5,723
504
143
3,908
7, 649
928
' 10,015

• 26, 883
269
4,573
417
144
3,433
r 7, 103
••839
• 10,105

106
351

113
427

142
217

163
250

162
264

166

143
283

147
325

147
339

115
'302

4.315
4.436
30, 010

4.318
4.422
31,726

4.316
4.445
31,012

4.306
4.479
33, 984

4.305
4.550
39,055

4.305
4.577
40, 675

4.303
4.585
36,255

43, 936
37,736
7,770
429
249
8,457
7,701
1,540
11, 590
6,200

43,371
36, 991
7,433
387
238
8,523
7,195
1,485
11,730
6,380

43,851
37,051
7,456
365
230
8,558
7,174
1,388
11,880

46,032
38, 892
7,761
400
299
8,914
6,926
1,292
13, 270
7,140

47, 689
39, 629
8, 067
430
301
8,944
6, 747
1, 290
13, 850
8, 060

' 48, 280
' 40,010
8,115
415
358
' 8,956
' 6, 820
' 1,256
14,090
8,270

49

129

9.827
4,025
3,674

9.824
3,368
3,042

11.82
9.415
4,781
4,235

2,259

1,833

1,299

38

37

494

344

392

474

31,995
417
6,242
418
157
3,759
8,229
1,283
11, 490

31, 409
435
6,262
327
157
3,586
8,140
1,222
11, 280

30,146
468
5,738
302
144
3,213
7,722
1,219
11,340

132
371

9, 643
P 4,752

122

172

107

128
341

129
11.81
9.905
4,947
4,317

263

4,160
2,154
36
360
26, 433
217
4,014
315
155
3,580
7,359
783
10,010
101
302

8.53

8.39

8.57

4,375
4,661
* 36, 226

4.233
4.548
45,756

4.218
4.497
40,940

4.236
4.510
42,110

4.235
4.490
61,315

4.301
4.494
26,010

47,121
39, 221
7,273
396
308
9,090
7,605
1,109
13,440
7,900

43,499
35,026
8, 535
263
295
7,162
6,847
1,264
10, 660
8,473

0)

46, 785
38, 574
8,687
357
267
7,922
8,589
1,602
11,150
8,000

45,153
9,638
546
278
8,717
11,056
1,898
13, 020

0)

0)

35,390
8,031
307
274
7,670
7,354
1,374
10, 480

39, 721
8,544
464
255
8,504
8,206
1,748
12,000

8,188
397
249
8,446
7,391
1,688
11,910

0)

0)

0)

0)

i. 60

31

44

27

26

24

29

41

49

55

4,281

3.938

4.000

4.000

4.131

4.481

4.825

4.625

4.500

4.500

137
2,829

245
4,354
109
1,684
487
1,197

272
4,358
102

355
4,495
107
1,254
467
787
403

306
4,349
102
1,473
570
903
412

325
4,479
110
1,741
706
1,035

274
4,024
100

285
4,422
110
2,009
817
1,192
380

259
4,571
113

1,533
464
1,069

292
3,991
92
1,307
446
861

'93,090
3,001
1.040
'97,723
80

94,179
945
1.125
98, 567
80

84,984
606
1.160
93,173
79

99,323 104,783
3,148
2,635
1.160
1.160
105, 812 110,721
85
87

45

56

4.405

4.375

254
4,426
113

227
4,036
127

170
3,226
111

2,236
859
1,377
376

2,298
889
1,409
360

2, 340
915
1,431
329

2,507
985
1,522
366

105, 251
2,771
1.160
115,090
87

103, 494
2,560
1.160
109,980
87

105, 023
2,180
1. 160
110,911
85

99, 615
2, 511
1.160
104, 200
83

64. S84 63,768
62,110 61,374
61,685 61,933 62,376 62, 433
65,481
33,535
32,969 33, 253 33, 373 32, 730 32,432 31, 442
34,189
33,417
246,409 245,168 248,474 256, 506 263,137 266,865 268, 087 268, 238 271, 340
42, 360 45,134 45,885 48, 215 48,049 47, 778
39,912 39, 008 39,901
206,497 206,160 208, 573 214,146 218,003 220,980 219,872 220,189 223, 562
r
2,178
1, 449
1,580
2,192
2,446
1,366
1,815
1, 937
2,131

63,197
30,955
270, 601
45, 607
224, 994
2,203

64, 503
30,181
270,160
45, 150
225.010
2,110

65, 375
30, 248
267, 538
43, 267
224,271
1,907

2,453
1,029
1,425

1,843
776
1,067
391

PETROLEUM AND PRODUCTS!
Crude petroleum:
Consumption (run to stills)

thous. of bbL.

Imports
do
Price (Kansas-Okla.) at w e l l s . . . d o l . per b b L .
Production
thous. of bbl__
Refinery operations
pet. of capacity..
Stocks, end of m o n t h :
California:
H e a v y crude and fuel.
thous. of bbl_.
Light crude
do
East of California, total
_
do
Refineries...
._
do
T a n k farms and pipe linos
do
Wells c o m p l e t e d . . .
number..
Refined petroleum products:
Gas a n d fuel oils:
Consumption:
Electric power p l a n t s !
thous. of b b L .
Railways (Class 1)
do
yessels (bunker)
do
Price, fuel oil (Oklahoma)
dol. per b b L .
Production:
Residual fuel oil.
thous. of b b L .
Gas oil and distillate fuels, total
do
Stocks, end of m o n t h :
Residual fuel oil, east of California
thous. of b b l . J
Gas oil and distillate fuels, total
do....
Gasoline:
Consumption, domestic
thous. of b b L .
Exports
do
Price, wholesale:
!
D r u m s , delivered (New York)
I
dol. per g a L .
Refinery (Oklahoma)
do..
Price, retail, service station, 50 cities..do..

2,624
1,160

94, 400 93, 573 100,452
2,635
2,199
2,512
1.160
1.160
1.160
106, 724 104,979 110,911
83
79
81

r

1,043
2,935
.875

1,374
4,846
2,375

.775

1,774 1,133
5,077
4, 422
2, 540
2. 829
.775 I .844

1,208
4,720
3,186
.870

4,451
3,175
.913

815
4,343
3,209
.925

937
4,335
3,395
.913

1,151
4,403
3,357

1,315
4,261
3,281
.900

1,325
4, 256
3,494
.925

1, 293
4, 075
3, 283
.925

'931
4,191
2, 991
.905

23, 896
10, 674

26,015
11,158

25, 769
11,088

26,893
12, 654

25, 936
12, 558

27,173
12, 681

28,199
13, 585

26, 564
13,215

15,944
16,889
32,000 40, 561 43, 409
2,356 | 2,101 I 2,322

17,473
18, 451
45, 484
2,771

19, 291
20, 657
48, 580
2,623

21, 778
23,637

23, 987
25, 952

25,810
26, 210

27, 679
26', 101

27,850
26,852

50,704
2,542

49, 597
3,077

47, 245
3, 668

45, 361
2, 969

42, 666
2,958

'25,477
r
12,006

25. 453
13,319

22, 222 25, 081
11,206 I 11,005

'18, 755
'22,813

18, 392
19,088

16,803
18,211

;9, 590

33, 696
2,505

1,827

16,325
16,724

.142
.130
.130
.130
.135
.135
.130
.130
.134
.135 !
.135
.057
.060
.061
.061
.060 !
.058
.057
.060
.060
. 059
.053
.141
.146
.146
.144
.145 I
.145 1
.145
.145
.145
.145
.141
r
i Data will be shown when available.
Revised.
v Preliminary.
t Revised series. Data on retail price of anthracite for period 1929-36 are shown in table 10, p. 20, of the February 1937 issue. Anthracite and bituminous coal production
revised for years 1935 and 1936; revisions not shown in the March 1937 issue will be published in a subsequent issue. Series on petroleum and products revised for 1935, and
1936; for 1935 revisions, see table 14, p. 19, of the April 1937 issue. Revisions for 1936, not shown in this issue will appear in a subsequent Survey. Series on consumption of
gas and fuel oil in the production of electric power revised for 1936; see p. 45 of the May 1937 issue. Production of beehive and byproduct coke revised for 1936; revisions not
shown in the September 1937 issue, p. 45, will appear in a subsequent issue.




.130
.050
.141

.150
.058
.141

46
Monthly statistics through December 1935, together with explanatory notes and references
to the sources of the data may be found in the
1936 Supplement to the Survey.

SURVEY OF CURRENT BUSINESS
1937

1936

December

December

February 1933
1937

January

February

March

April

May

June

July

| August

October

November

FUELS AND BYPRODUCTS—Continued
P E T R O L E U M AND P R O D U C T S - C o n .
Refined petroleum products—Continued.
Gasoline—Continued.
Production:
At natural gas plants
thous. of bbl..
At refineries:
Total
do_._.
Straight run*
do
Cracked*
do
Natural gasoline blended*
do
Retail distribution^
thous. of gal..
Stocks, end of month:
Finished gasoline, total
thous. of bbl..
At refineries
do
Natural gasoline
do
Kerosene:
Consumption, domestic
thous. of bbl..
Exports
do
Price, wholesale, water white 47, refinery
(Pennsylvania)
dol. per gal..
Production
thous. of bbl-.
Stocks, refinery, end of month
do
Lubricants:
Consumption, domestic
do
Price, wholesale, cylinder, refinery (Pennsylvania)
__dol. per gal_.
Production
thous. of bbl..
Stocks, refinery, end of month
do
Asphalt:
Imports
thous. of short tons_.
Production
do
Stocks, refinery, end of month
do
Wax:
Production
thous. of lb_.
Stocks, refinery, end of month
do

T

4, 019

3,732

3,908

3,565

3,911

3, 869

3,988

4,123 ;

4,237

4,418

4,217

44, 621
44, 708
43, 630
40,782
44,475
46, 769
45, 748
48, 271
51,191
49, 002
49, 523
20,331
19, 751
18, 690
19,128
20,311
21, 571
22, 205
22,673
21, 250
21, 898
21,483
21, 720
20, 951
19, 576
21,469
22, 556
21, 955
23,085
24,141
21,927
23, 550
23, 547
2,570
2,928
2,516
2,695
2,642
2,981
3,625
2,571
4,377
4,490
3,557
1,622,953 1,314,492 1,306,303 1,648,097 1,718,236 1,875,175 1,948,728 2,070,479 2,039,140 11,952,027 1,843,892

47, 873
20, 958
22, 829
4,088

56, 382
37,121
4,055

73,419
51, 474
5,292

72, 396
48, 307
5,989

67, 839
44,142
6,257

6,148
666

5,297
608

4,226
805

4,786
437

4,465
762

4,150
652

3,259

3,594
1,084

.051
5,500
5,633

.052
5,923
5,622

.053
4,866
5,443

.053
5,187
5,396

.051
4,907
5,047

.050
5,343
5,576

.050
5,087
6,781

1,763

1,518

2,490

2,224

2,078

.155
2,767
6, 942

.160
2,649
7,168

.173
2,728
7,115

.190
2,863
6,771

.200
3,048
6,556

.200
3,141
6,478

0
226
444

5
184
445

5
284
497

1
330
528

4
413
547

41, 720
41,160
115,434 •107, 490

.113

74,171
52,887
4, 799

•"239
r
364

.056

71, 453
50, 919
4,290

1,821

656

64, 293
44,144
4,032

41, 720
109,012

41, 720
104, 653

43, 680
100, 275

47, 320
103, 614

4,272

58, 037
34, 884
6,278

61,141
37, 837
5,444

63, 728
40, 203
5,147

3,667
956

4,397
759

4, 985
681

5,705
679

.050
5, 482
7,553

.051
5, 726
8,637

.054
5,371

.056
5,731
8,877

.056
5,876
8,357

2,039

1,984

1,924

1,972

2,037

.195
2,988
6,447

.180
2,980
6,566

.175
2,900
6,426

.175
2,920
6,542

.153
3,215
6,789

. 126
2,953
6,907

3
462
522

2
484
501

1
524
529

0
485
465

407
458

62,956 j 59,413
39,441 j 35,807
6,918 I 7,041

41,160 i 43,680 I 42,000
103,761 i 107,903 i 115,266

3I

3
327
510

42, 000
44, 240 49,000
123,098 | 123,995 139,867

LEATHER AND PRODUCTS
H I D E S AND SKINS
Imports, total hides and skins
thous. oflb__
Calf a n d k i p skins
do
Cattle hides.,
do
Goatskins
do
Sheep and lamb skins
do
Livestock (inspected slaughter):
Calves
thous. of animals
Cattle
do
Hogs
do
Sheep
do
Prices, wholesale (Chicago):
Packers, heavy steers
dol. per lb__
Calfskins, packers', 8 to 15 1b
do

16,138
1,015
6,206
5,071
2,343

29,722
2,393
14,142
6,552
4,705

23,363
1,575
10, 554
5,791
2,375

452
859
3, 958
1,403

494
987
4,681
1,573

484
867
3,519
1, 700

.146
.132

.156
.215

.162

235
4,083

133
6, 928

LEATHER
Exports:
Sole leather
thous. of lb__
Upper leather!
thous. of sq. ft__
Production:
Calf and kip
thous. of skins._
Cattlo hides
thous. of hides__
Goat and kid
thous. of skins__ ]
Sheep and lamb
do
j
Prices, wholesale:
Sole, oak, scoured backs (Boston)
dol. per lb__
Upper, chrome, calf B grade, composite
dol. per sq. ft_.
Stocks of cattle hides and leather, end of m o n t h :
Total...
thous. of equiv. hides__
In process and
finished
do
Raw
...
„
do
LEATIIEB MANUFACTUESS
Glove? and mittens:
Production (cut), total
___dozen pairs.
Dress and semidress
do...
Work
do__.
Shoes:
j
Exportsf
thous. of pairs..1
Prices, wholesale, factory:
M e n ' s black calf blucher
dol, per p a i r . J
M e n ' s black calf ox ford.....
do
!
Women's colored calf
do
j
Production:!
Total boots, shoes, and slippers
thous. of p a i r s . , j J
>
Athletic
do
!
All fabric (satin, canvas, etc.)
do
!
P a r t fabric and part leather
do
High and low cut,, total
do
Boys' a n d youths'
do____
Infants'
do—_
Misses' and children's
do
Men's
do
Women's
do
Slippers and moccasins for house wear
thous. of pairs._
All other footwear
do

27, 500
1, 725
11, 622
7,143
4,291

33,628
1,600
15,981
8,642
4,845

28,750
2,523
6,941
9,560
7,208

29, 833
1,196
10,413
11,323
4,842

437
708
2,842
1,315 I
i
,160 !
.213

592
825
802
3,033 j 2,810
1,312 | 1,334

561
745
2,099
1, 371

579
840
2,110
1,125

.169
.221

.168
.216

264
6, 494

224
6,245

293
6,119

203 i
330 j
5,875 ; 5,148 i

1,180
2.154
4.315
3, 494

982
2,094
3,810
3f 151

1,035
2, 030
3, 713
3,163

1,103
2, 234
4,393
3,326

1,161 |
2,095 !
4,230 !
3,519 I

.360

.390

.400

.410

.418

.387

.399

.416

.419 !

.431
18,296
11,164
5,132

17,173
11,294
5,879

206,559
119,049
87, 510

41, 096
2,345
17,147
10, 746
7,205

.166 |
.241 |

27,895
1 540
.
9 810
,
8 389
.
6 443
,

21,513
1,232
9,038
5,502
4,148

22, 047
1,363
9,898
5, 026
4,159

21,311
1,489
8,662
6,923
3,171

18, 857
1,077
8,173
5,452
2,430

520
'90
1.643 i
1,390 |

538
880
1, 590
1,498

537
939
2,033
1,671

525
958
2,711
1,530

468
855
3,295
1,321

.180 I
.208

.196
.210

.195
.193

.195
.172

.156
.130

186
4,185

211
5,343

176
4,103

193
4, 532

212
5, 176

128
3,508

1.018
1,971
4,170
3,216

1,121
1, 914
4,601
3,076

1, 081
1, 728
4,160
3,012

1,062
1, 819
4, 386
3,066

935
1, 743
3.913
2,610

' 837
' 1, 630
3, 295
' 2, 425

797
1,525
2,844
1,985

.445

.450

.430

.410 i

.442

.434

.431

.429

15, 997
11,148
4,849

15,629
11,153
4,476

.172
.242

I

. 430

.420
.408

.429

.426

14, 827
10, 784
4,043

14, 742
10. 670
4,072

183,109 211, 0C6 225,941 j 230,9*1 j 221,544 228,612 214,900 , 231, 828
104,525 133,867 140,592 I 143,544 136,797 | 142,269 i 130.603 I 133,215
84,357 i 98, 613
78, 5S4 77, Ifi9 85,3i9 I 87,397 | 87,747 I 86,343

210, 847
117,362
93,485

16,913
11,214
5, 699

132

87

6.00
5.00
3.35

5.50
4.50
3.15

21,087

33,381
258
239
463
26,841
1, 459
1, 890
3,123
9,266
11,103

36, 867
223
541
721
31,628
1,460
2,123
3, 410
9,381
15, 255

4, 449
1, 131

2. 435
1,318

5.50
4.50
3.15

16,523
11,132
5,391

142
I
5.60 !
4.69 |
3.23
39, 362
202
1,187
2,224
31,477
1, 500
2,233
3, 652
9,901
14,190
2.843
1,430 !

15, 372
11, 0C9
4,303

15.134 i
10,940 j
4,194 !

161

169

124

96 !

118

-.60
4.81
3.25

5.60
4.85
3.25

6.00
5.00
3.25

6.00 i
5.00 :
3.35 j

;

6.00
5.00

45,946 I
259 !
1,420 !
2,557 |
35,865 i
1,710 i
2,537 i
3,987
11.232
16, 399
4,003 i
1,841 i

40,186
252
1,106
1, 442
31,407
1,551
2,333
3,418
9,951
14,153

3.35

'•

35, 304
34, 383
34, 756
231
233
172
507
283
1,070
633
541
1,097
28,505
27, 335
27,175
1,700
1,497 i 1,371
1, 842
1, 938
2.014
2,987
2,901 ! 2,631
8, 697
9,031 ! 8,066
12,012 ! 11,703 ! 11, 591

4,169 ! 4,131
1,439
1,808

4.575 | 4, 406
1, 260 I
849

142
6.00
5.00
3.35

1

14,849
• 10, 733
r 4, 116

201,055
117,479
83, 576

.330
.395
15,035
10, 794
4,241

138,656
79,651
59, 005

126

127

119

6.00
5.00
3.35

6.00
5. 00
3.35

6.00
5.00
3.35

28,951 i 21,041
.563
33,887
179
210 j
209
213
275
351 i
268
359
760
544
603
678
22,251 I 15, 589
873
27,409
948
1,087 :
573
1,416
1,202
1,650
1,701
900
1,950
2,798 ! 2,495 !
951
6, 176
694 | 8,093 i 7,222
755 i 13,402 | 9.790 i 5.314
5, 0.50
484

5,139 I
104 •

5, 180 i 4, 293
161
199 •

r
• One company ceased reporting after December 1936. Figure for December 1936 comparable with January 1937 is 110,634.
Revised.
•New series. For data on refinery production of gasoline, by types, see table 41, p. 19 of the October 1937 Survey.
» Preliminary.
1 Number of states reporting varies slightly from month-to-month, but the comparability of the series is not seriously affected.
f Revised series. Production of boots and shoes, for 1936 revisions see p. 46 of the March 1937 issue. Series on retail distribution of gasoline revised for 1935 and 1936;
FRASERrevisions not shown on p. 46 of the May 1937 Survey will appear in a subsequent issue. Series on exports of upper leather revised beginning 1922; see table 54, p. 20 of the
January 1938 issue. Exports of boots and shoes revised for period 1913-37; these appeared in table 50, p. 18 of the January 1938 issue.

Digitized for


February 1938

47

SURVEY OF CURRENT BUSINESS

1936
Monthly statistics through December 1935, to- 1937
gether with explanatory notes and references
to the sources of the data, may be found in the Decem- Decem1936 Supplement to the Survey.
ber
ber

1937

January

February

March

August Septem- Octo- Novern
ber
ber
ber

Juno

July

99, 663 129,315

107,661

93, 751

102, 527

2,332
327
2,004
2,100
307
1,793
7,328
1,826
5,502

2,472
337
2,135
2,138
274
1,864
7,654
1,882
5,772

2,282
342
1,940
2,028
268
1,760
7,900
1,949
5,951

2,266
356
1,910
1,988
277
1,711
8,171
2,028
6,143

2,256
341
1,915
2,013
283
1,730
8,394
2,062
6,332

1,929
334
1,596
1, 763
276
1,488
8, 562
2,117
6,444

13, 249
86,035

12, 354
83,438

12,524
82,018

12, 482
80, 020

13,614
73, 762

2,876
32,918

3,369
32,619

32,137

2, 834
32,186

2,871
31, 449

2,465
30, 665

April

May

LUMBER AND MANUFACTURES
LUMBER—ALL TYPES
Exports (boards, planks, etc.)
M ft. b. ni..
National Lumber Mfrs. Assn.f
Production, total
mill. ft. b. rn..
Hardwoods
do
Softwoods
do
Shipments, total
do
Hardwoods
_
..do
Softwoods
do
Stocks, gross, end of month, total
do
Hardwoods...
do
Softwoodsdo
Retail movement (yard):
Ninth Federal Reserve district:
Sales
_
-M ft. b. m__
Stocks, end of month
do
Tenth Federal Reserve district:
Sales
do
Stocks, end of month
do
FLOORING
Maple, beech, and birch:
Orders:
New..
M ft b. m.._
Unfilled, end of month
do
Production..
do
Shipments.
do
Stocks, end of month..—_
do
Oak:
Orders:
New...
do
Unfilled, end of month
do
Production.
do
Shipments
do
Stocks, end of month
do

77,042 I 73,523 I 79,183

51,803

63,169

84,644

112,807

1,827
311
1,516
1,919
319
1,601
7,919
1,976
5,943

1,571
301
1,269
1,797
344
1,454
7,619
1,895
5,724

1,596
270
1,326
2,042
367
1,674
7,195
1,810
5,385

2,152
332
1,820
2,288
349
1,939
7,106
1,813
5,293

4,785
67,976

4,264
79,170

2,765

4,652
89,716

6,919
89,883

1,778
30,126

3,408
31, 299

2,047
32,079

1,990
32,811

2,566
33,319

3,168
32, 769

10,082
88,887
3,346
33,014

4,100
7,900
5,600
4,300
24, 400

15, 500
19,700
8,100
8,900
21,700

8,900
21,300
7,300
8,100
20,800

9,600
21,000
7,600
9,300
19,600

10,346
21,015
9,746
10,348
18,757

8,803
20, 224
9,906
9,475
19,550

5,800
17,200
8,300
8,500
19,800

5,850
13,850
9,200
8,800
20, 400

6,200
12,300
7,800
7,850
19,900

7,500
11,450
8,200
8,600
19, 750

7,600
11. 400
7,400
7,600
20, 200

4,800
9,800
7,700
5,800
22,000

3,700
8,100
5,950
4,900
23,000

19, 835
21, 239
21,938
19, 442
86, 425

41,589
74,116
35,489
35,878
65,640

30, 569
65,838
34, 012
38,847
60,805

26,409
57,856
31,853
34,391
58,267

29,737
51,166
39,006
36, 427
60,846

28,399
44,312
37,370
35, 253
62,763

24,856
38,713
34,438
30,455
66, 746

20,458
33,682
30,637
25,489
71,894

25, 633
31,107
28, 244
28, 208
71,930

31,150
29,091
32,820
33,166
71,584

32, 302
31, 292
33, 359
30,101
74, 842

20, 824
27, 508
30, 888
24, 608
81,122

18, 200
26,393
23, 391
19,310
85, 203

20, 257
7,564

3,505
62

1,723
52

12,750
8,522

31, 397
19, 811

31, 248
11, 042

49, 339
39, 477

39, 959
37, 529

33, 761
42,146

42, 354
35, 773

21, 636

21,371
12, 721

19, 605
8,897

19.110

18.620

2,168
339 |
1,830 I
2,169 '
342
1,828
7,106
1,810
5,296

1,633
306
1,327
1,393
235
1,158
8,804
2,182
6,622

SOFTWOODS

Fir, Douglas:
Exports:
Lumber...
M ft. b. m_.
Timber
_
do
Prices, wholesale:'
No. 1, common boards.dol. per M ft. b. m . .
Flooring, 1x4, " B " and better, V. G.
dol. per M ft. b. m__
Southern pice:f
Exports:
Lumber
M ft. b. m._
Timber.
.__
do
Orders:}
New...
mill. ft. b. m._
Unfilled, end of month
..do
Price, wholesale, flooring
dol. per M ft. b. r ^ Production
mill. ft. b. m_.
Shipme-ntst
do
Stocks, end of month!
do
Western pine:t
Orders: r
New
do
Unfilled, end of month
do
Price, wholesale, Pouderosa pine, 1 x 8 no. 2,
common (I, o. b. mills)_dol. per M ft. b. ni._
Production
mill. ft. b. in._
Shipmp.ntst
do__._
Stocks, end of monthf
do
West Coast, woods: f
Orders:
New
mill. ft. b. m__
Unfilled, end of month
do
Production
.
- — .do
!
Shipments
do
j
Stocks, end of month
..do
|
Redwood, California:
Orders:
New
M ft. b. m__
Unfilled, end of month
do j.
Production
_
....do
i
Shipments
do.

18. 498

20.286

20. 825

21. 560

21.854

22. 050

22. 050

22.050

21. 805

38. 220

42.532

43. 610

45.080

45.080

45. 080

45. 080

44.100

43. 200

42.140

17, 521
5,637

17,822
5,573

25, 265
5,163

32,184
4,978

25,813 ! 27,751
6, 941
7,050

32,813
26,823
6, 766 5,442

22, 603
3,555

21,105
7,532

696
535

612
464

624
359

630
351

44.59
625
599
2, 052

638
2,039

440
291

813 I

43.64
540
400
2,266

498 !
!
39.28 I
671
711
I, 805

266
169

442 I

529 I

41. 68
584 |
659 !
1, 730 |
327
445

44. 56
595
683
1, 642

46.49
675
625
1, 692

334
411
423
411
28.05
26.80
297
I 163
395
I 311
! 1,509 1,411

25. 60
156
207
2, 193

24. 46
264
351
1,792

!
i
!
I

25.77
179
314
1,857

418
302
349
374
1.103

642
907
444
397
1,329

|
i
j
i

440 j
1,021
354
326
1,357

45,013
60, 503
31,119
24,382 I

570
409

48, 393
81, 663
35,108
27,622

424
926
422
519
1, 260

684
732
1,211

32,142
80, 281
34, 791
33, 435

39, 437
74, 421
39, 783
43, 870

572
391

529
359

475 i
334

45.69
46.22
665
676 !
561
590
1, 778 ! 1,882
448 i
393 j
28.86 i
392 j
402 I
1,401 I

44 .69
644
500
2, 026

403 i
359 j

365 i
302 i

20. 580

386
272

401
287

28.91
535
449
1, 48(3

28 69
570
405
1,651

28 .68
570
425
1, 796

531
643 !
786
884 |
637
599 j
629
667
1,143 ! 1,151

607
591
750
803
1,098

484
471 !
437
474
538
578
521
588
1,105
1, 088

34,570 I
74,645 i
38,911 ;!
36,766

34,746 j 29,251
69,882 ! 56,779
40,811 | 44,326
38,668 I 40,422

27, 278
50, 451
42, 006
37, 289

9,925

23. 65
585
407
1,969

25,
42,
43,
33

870
982
704
611

40.180 ! 38.418

42.140
21, 264
2,752
555
325

17,095
5,639

510
271
45.37
45. 84
601 i
556'
581 !
504
2,059 I 2,051
306
178

215
27.78

21,330
2, 671
455
251
43. 51
550
475
2,126
248
loo

395
2,110

26. 90
441
334
2,217

26. 93
305
252
2,270

525
346
619
615
1,109

353
271
447
453
1,102

302
258
346
320
1,128

26, 279
36, 619
37,935
29, 848

23,
29,
37
30,

247
833
151
402

18,391
25, 387
29, 535
21,861

FUIINITURE

All district-Plant opei'itioris
percent of normal-_j
G rand R \\=iuf- 'llstri.'::
Order.-.
Canc-jlo-i
..percent of new orders.NovV...
no. of days' production..
UiinH(<'. ov.'i of month
do
Outst;ir:dli:j; .::counts, end of month
no. of days' sales—
Plant o] "• ;.v:\~percent of normal..
S h i n n y tno. of days' productionPrices, N h.)l' .,'„
V
Bod-, v,./; .•„!,
1926=100..
]):nii'<'-r(/oni c> . r.-, set of 6
do
KiteiH-i] c-f>.^ 'viz
do
I.ivi:i£-rr r "u d a v e n p o r t s
do
Stco] h\A.'i.
i* '^ro I r o n a n d Steel Section).

82.0

81.5 i

81.5 i

84.5 j

5.5 |
18 !
40 !

7.0 I
21 '
38 |

9.0
16 i
33

83.0
18 |

31 I

33 i
84.0 !;
20

32
82.5 i
16 j

78.2
97.0
87.6
94.0

78.2 ;
97.0 i
87.6 '
94.0

78.5
98.4 i
87.6 i
95.4

9
21

10.5
15 ;
31 :

5.0 !
29 I
44 !

28
61. 0
14

31 !
77.0 !
19 ;

30 ;
78.5 I
16
!
78.2
97.0
87.6
94.0

83.1
10J.5
87.6
95.4

76.0 '
85.5
83.5 !
88.9 I

!
I
!
|

63.

81.0 j

84.5 I
7.0 i
14 !
35 ;

4.0
41

5.0
19
40

7.0 i
22 :
44 |

30
78.0 '
15 ,

29
75.0 :
14

29
68.0
15

31
70.0
17

31 !
72.0 |
10 !

78.5
98.4
87.6
95.4

82.4
98.4 :
87.6 :
:
95.4

83.1
99. 4

6.0
24
40

'
;
i
i

83. 1 |
101. 5 !
87.6 !
95.4 i

S3. 1
101. 5
87.6
95.4

!
!
;
i

14.0
13
36

11.0
IS
33

72.0 j
16 !

32
68.0
18

83. 1 !
101. 5 :
87.0
95.4 |

83. 1
101. 5
87.0
95.4

• XO.-A soiic-s; fc- data for period 1922-36 see table 7, p. 19, of the February 1937 issue.
f Revise 1 ^erl^s For 1935 and 1936 revisions, see table 16, total lumber production, and table 17, southern pins and western pine lumber, p. 20 of the April 1937 issue.
Ljfer revisions for total lumber, shipments, and stocks, and southern pine orders, shipments, and stocks for 1934-36 inclusive, not shown on p. 47 of the October 1937
Survey, will be r.;i Wished in a subsequent issue.
* D_ta for
IVceniber 1936, March, June, September and December 1937 are for 5 weeks; other months, 4 weeks.



48

SURVEY OF CURRENT BUSINESS

1936
Monthly statistics through December 1935, to- 1937
gether with explanatory notes and references
to the sources of the data may be found in the Decem- Decem1936 Supplement to the Survey.
ber
ber

February 1938

1937
January

F

Iry U '

March

A

Pril

June

May

July

August Septem- October November
ber

METALS AND MANUFACTURES
IRON AND STEEL
Foreign trade, iron and steel:
j
Exports (domestic)
.
-longdo.
tons..
Imports—
Price, iron and steel, composite
dol. per long ton..
Ore
Iron ore:
Lake Superior district:
Consumption by furnaces
thous. of long tons..
Shipments from upper lake ports
do
Receipts:
Lake Erie ports and furnaces..
do
Other lower lake ports
.do
Stocks, end cf month, total
do..._
At furnaces,.,
do
Lake Erie docks
do
Imports, total
do
Manganese ore, imports (manganese content)
thous. of long tons..
Pig Iron and Iron Manufactures
Castings, malleable:
Orders, new
short tons..
Production
_
do
Percent of capacity.
Shipments
,
short tons..
Pig iron:
Furnaces in blast, end of month:
Capacity
long tons per day..
Number
Prices, wholesale:
Basic (valley furnace)...dol. per long ton..
Composite
do
Foundry, DO. 2, northern (Pitts.)
dol. per long ton..
Production
thous. of long tons..
Cast-iron boilers and radiators:
Boilers, round:
Production
thous. of lb__
Shipments...
.«
do
Stocks, end of month
do
Boilers, square:
Production
do
Shipments
do
Stocks, end of month
do
Radiators:
Convection type:
Sales, incl. heating elements, cabinets,
and grilles
thous. sq. ft. heating surface..
Ordinary type:
Production
do
Shipments
do
Stocks, end of month..
do
Boilers, range, galvanized:
Orders:
New
_
number of boilers..
Unfilled, end of month, total
do
Production
do
Shipments
do
Stocks, end of month
..do....
Boiler and pipe fittings:
Cast iron:
Production.
short tons..
Shipments
- do....
Malleable:
Production
_...
do....
Shipments
do
Sanitary Ware
Plumbing and heating equipment, wholesale
price (8 pieces)
dollars..
Porcelain enameled products: A
Shipments, total
do
Signs
do
Table tops
do

969,191 ! 826,538
49,050 j 44,771

626,427
25, 792

244,186
52, 484

201, 512
43,063

38. 59

35.15

36.55

36.74 !

39.92

40.39

1,917
0

4,551
0

4,694
0

4,443

5,142
0

5,114
3,771

0
0
40, 775
34,816
5, 959
181

62
37
31,402
27,022
4,380
189

0
0
26, 747
22,986
3,761
186

0
0
22, 418
19,081
3,337
210

0
0
17, 437
14,585
2,852
215

1,830
770
14, 632
12,295
2,337
197

33

48

29

20

41

19, 753
27,784
33.4
27,675

67,035
61, 674
73.5
57, 609

54,070
53,638
67.4
51, 754

60,187
57,295
72.0
55, 742

68, 502
67, 559
82.2
67,262

62,910
63, 377
78.2
62,905

46,018
55,960
69.6
57,327

44,470 102,195
170
95
20.00
23. 50
20.82
24.11
22.39
25.89
3,115
1,490

104,060
170

108, 720
176

112, 790
182

114, 665
187

20.50
21.30

20.75
21.44

23.10
23.80

22.89
3,212

23.14
2,999

2,584
3,562
29,965

3,123
2,244
30,090

23,821
19, 765
125, 090

24,084
13, 616
135,356

291,079 ! 570,669 ; 671,777
41,628 I 51,702
68,197

889, 451
47, 012

J, 353 I 542,765 ! 522.017
,489
37,071 ! 37,186

556,608
26,996

39.82

40.03

40.34

40.16

39.59

38.97

5,340
10, 044

4,640
10,108

5,236
10, 704

5,373
10,811

5,157
9,174

4,204
6, 562

2,735
1,425

6,695
3,241
18,800
16, 255
2,544
215

7,562
2,293
24, 395
21,066
3,329
198

7, 555
3,117
29,151
25,300
3,851
231

7,196
3,139
35, 343
30, 861
4,482
207

6. 749
2,834
39,951
34, 827
5,127
188

4,888
2,130
43, 266
87, 210
6,057
256

1,140
851
42, 626
36, 553
6,073
159

58

50

25

47

19

43,141
54,026
64.8
56,921

41,353
45,479
54.7
44,719

49, 376
49, 022
60.1
43, 801

41, 652
52, 728
62.9
47, 738

34,810
42.953
52.7
43,750

28,170
32, 457
40.0
37,028

103,960
170

105,975

181

115, 445
192

115,420
191

110, 260
181

83,850
151

58, 965
113

23.50
24.06

23.50
24.06

23.50
24.06

23.50
24.06

23.50
24.06

23.50
24.06

23. 50
24.00

23.50
24.08

25.49
3,459

25.89
3,392

25.89
3,537

25.89
3,108

25.89
3,499

25.89
3,606

25.89
3,410

25. 89
2,893

25.89
2,007

3,689
1,897
31,857

3,855
2,131
33,800

2,835
1,808
32, 953

2,430
1,622
33, 731

1,893
2,130
34,278

1,858
2,325
33, 777

1,259
3,386
31,663

1,272 ! 2,143
5,807 ! 5,898
27,127 | 23,334

961
2,916
21, 504

24,497
11,306
148,420

25, 653
13,947
159,185

27,129
14,345
170, 516

23,143
12,710
180,844

20.177
15,252
186, 631

16,198
17,471
185,090

16, 362
25,149
176, 399

21,088 i 19,487
40,915 | 39,539
156,563 i 136,844

13, 769
20,459
130, G52

40.06 I

55

j

i

478

465

554

613

640

855

1,082

982

7,689
7,444
33,020

7,180
4,572
37, 069

7,692
3,613
41, 210

7,66Q
4,343
44, 609

7,797
4,624
48,003

5,266
4,416
48, 972

4,538
5,360
48,371

4,369
5,543
47, 433

4,442
7,178
44, 607

4,972
9, 122
40, 507

31,314 129, 644
10,608 83, 949
26,824 91, 451
29, 959 85,028
40, 243 43, 326

123,415
103, 694
100, 845
103, 670
' 40, 799

60,149
56,498
108,168
107,345
39, 622

86, 439
51, 418
94, 899
91,519
43, 002

85, 720
56,132
80, 393
81, 006
42, 389

37, 099
37, 366
56, 247
55,865
42, 771

39, 210
24, 453
49, 076
52,123
39, 724

30,
19,
35,
35,
39,

809
707
208
555
377

31,767
17, 020
37,886
34, 454
42,809

49,501 ! 37, 568
39,370
14,233 I 11,834
9, 253
45,069 I 51.370
38, 336
42,157 I 51.900
40,149
45,721 | 45,191 ! 43, 37S

3,663

9,193
7,365

8,818
8,542

8,693
8,719

10,432
9,520

9, 802
9,093

8, 265
6,426

7,472 i
6,177 I

5,978
5,899

6,346
6,922

5.990
6,939

5,979 !
6, 540 i

4, 665
4, 560

2, 225
1,989

5,601
4,584

5,544
5,952

5,922
6,338

6, 586
6,095

6,965
6,864

5, 907
4,661

5,610 j
4,350 I

4,601
3,716

4,602
4,043

4,381
3,616

M84 |
3, 716 I

3,253
3,433

222.47

223. 86

228. 29

229. 37

478

230. 72

633

427

1,109,110 1,003,919
285,187 263, 992
320, 743 260,120

224. 82

226.91 I 227.97 j 227.96 j 228.06

I

C49

541

4,191
2,779
9,550
0,671
35,205 | 31,434

236.12 ; 236. 22 . 230. 72

964,995 1,179,518 11,293,326 1,2.38,476 11,069,610 1,196,996 1,178,304 1,039,844 ' 1,102,867 I 759,382
230,595 258,868 264,390 299,389 278,658 283,917 289, 751 251,121 ! 221,319 j 189,881
232, 766 298,690 358, 622 242,862 206,263 277,413 309,801 238,394 ! 312,977 j 214,890

Steel, Crude and Semimanufactured
i
Castings, steel:
57,799
57, 414
99,672 68, 688
71,817
54, 753
31,397
159,430 114,959
Orders, new, total
short tons..
95, 693 158, 079
30. 837
48.5
48.1
57.6
60.2
45.9
26.3
83.6
30.9
132.6
96.4
Percent of capacity
133.7
80.2
18, 928
31,460
16, 704
24,458
21,958
8,100
86, 557 41,995
62,102
8, 259
Railway specialties
_.short tons..
85, 076
51,908
86, 978
92, 089
83, 047
95, 995 101, 239
05, 957
47,100
83, 615
89, 649
92, 678 111,525 105,475
Production, total.do
72.9
77.2
93.5
84.9
69.6
88.4
80.5
5.3
39. 5
75.2
70.1
77.7
Percent of capacity—
...
50,911 45, 896 40,998
44, 462
39,186
43, 313
36,812
40, 867
35,309
42,849
Railway specialties.
...short tons..
20?4S0 17, 407
Ingots, steel :f
4,184
2,154
'4,556
4,876 | '4,298
3. 393
'5,070
'5,150
4,424
4,725
4,414 I '5,216
Production
„..thous. of long tons.. 1,472
80
85
75
38
89
'90
26
84
74
83
Percent of capacity 1
.
77
88
Bars, steel, coldfinished,shipments
32, 568
short tons.. 19,411 52,467 60, 363 65,668 I 84,858 I 73,951 62.32Q i 53,044 i 62,614 I 51, 493 52,000
t Data revised for 1936; see p. 48 of the June 1937 issue.
• Less than 500 tons.
' Revised.
i Beginning January 1937, the American Iron and Steel Institute computes the percent of capacity on a weekly average basis, with no allowance for Sundays or holidays;
the figures shown here have been carried forward on the old basis (which relates daily average output to daily average capacity with allowance for Sundays, July 4, and
Christmas) in order to keep tbe series comparable.
A Data on new orders for porcelain enameled products last shown in the Oct. 1937 issue have been discontinued by the reporting source.



49

SURVEY OF CURRENT BUSINESS

February 1938

1936
Monthly statistics through December 1935, to- 1937
gether with explanatory notes and references
to the sources of the data may be found in the Decem- Decem1936 Supplement to the Survey.
ber
ber

1937
January

February

March

April

May

June

July

August September

October

Novcm
ber

METALS AND MANUFACTURES—Continued
IRON AND S T E E L - Con tinned
Steel, Crude a n d Semimanufactured—
Continued
Prices, wholesale:
0,0290
Composite, finished steel—
dol. per lb__ 0. 0290
0.0252
0.0283
0.0290
Steel billets, rerolling (Pittsburgh)
37.00
dol. per long ton—
37. 00
32.40
36.40
37.00
.0225
Structural steel (Pittsburgh)
dol. per l b .0225
.0199
.0221
.0225
17.56
Steel scrap (Chicago)
dol. per gross ton.. 12.38
17.15
15.95
20.85
U. S. Steel Corporation:
46,890
35,365
Earnings, net
thous. of dol— 17,494
44,010
52,394
Shipments, finished products
long tons.. 498, 070 1,067,365 1,149,918 1,133,724 1,414,399 1,343,644 1,304,039 1,268,550 1,186,752 1,107,858 1,047,962 792, 310 587,241

Steel, Manufactured Products
Barrels, steel:
Orders, unfilled, end of month
number..
Production—
_
.do
Percent of capacity.
Shipments
_
number..
Stocks, end of month__
do
Boilers, steel, new orders:
Area
thous. of sq. ft..
Quantity
number..
Furniture, steel:
Office furniture:
Orders:
New
thous. of dol—
Unfilled, end of month
do
Shipments
do
Shelving:
Orders:
New
do
Unfilled, end of month
do
Shipments
do
Plate, fabricated steel, new orders:
Total
short tons..
Oil storage tanks
do
Spring washers, shipments
thous. of dol—
Track work, shipments
—short tons—

623,803 722,659 516,975 419,786 836,618 767,021 674,921 640,154 545,957
622,338 855,889 851,681 684,356 828,300 636,890 596,980 599,157 756,768
43.9
43.9
57.0
63.6
61.6
47.0
46.3
50.9
63.2
627,755 853,625 851,112 686,144 832,076 637,810 594, 858 600, 550 753,681
21,915
21,750 24,014 24, 583 22,795
19,019 18,099 20,221

800,546
804, 526
59.9
793, 670
28, 500

651
682

855
757

1,549
1,343

674
722

1,006
755

719
832

979
1,181

918
1,356

661
992

612
860

596
615

2,444
1,727
2,175

2,079
1,734
2,072

2,601
1,820
2,515

2,788
2,146
2,463

1,916
1,759
2,302

2,325
1,935
2,183

2,008
1,871
2,071

1,714
1,562
2,023

1,970
1,447
2,084

1,793
1,322
1,918

1,856
1,244
1,933

670
426
571
27,463
11,918
135
3,804

1,872
915

2,227
1,363
2,113

547
574

826,510
824,073
61.2
825,406
27,167

574
434
567

599
404
628

697
467
633

728
552
643

503
503
552

570
534
513

564
533
565

521
562
491

563
550
576

473
446
577

494
466
474

51,017
9,320
299
5,579

41,419
10, 665
309
7,246

32, 375
9, 041
289
8,153

71,250
31,239
420
10,720

42,455
13,186
430

28,913
7,271
268
8,807

34,833
13,628
281
9,194

27,480
7,726
249
8,252

31,763
4,750
229
7,530

31,484
4,476
234
8,101

31,942
13,002
220
6,137

416,198
606,697
46.0
605,949
22,663

27, 507
9,417
191
4,289

MACHINERY AND APPARATUS
Air-conditioning equipment:
Orders, new:
1,153
1,260
Fan group
_
thous. of dol
960
1,204
1,621
1,683
1,631
1,898
1,001
1,137
1,872
901
1,012
Unit-heater group
,
do__
1,141
1,187
1,023
895
963
812
1,336
711
1,003
871
758
Electric overhead cranes:
I
Orders:
1,452
215
New
do
1,216
883
921
1,136
1,079
1, 415
534
486
751
638
274
3,321
Unfilled, end of month
do
5,084
5,325
2,472
!,893
3,427
3,994
4,674
4,666
4,507
4, 735
4,469
4, 106
972
Shipments
do
664
728
975
462
578
728
749
692
387
676
1,076
917
Electrical equipment. (See Nonferrous metals.)
Exports, machinery. (See Foreign trade.)
Foundry equipment:
Orders:
232.1
257.5
113.7
New
1922-24 = 100283.3
294. 2
190.9
249.5
228.2
208.3
242.0
185. 3
204.0
128.1
347.5
Unfilled, end of month
do
351.1
245.5
319.6
333.3
380.0
408.5
372.8
365.4
376.8
309. 3
360.3
294.0
235.4
Shipments
do
177.2
201.8
232.1
266.6
159.8
187.1
285. 6
232.5
226.2
232. 3
216.5
178.8
Fuel equipment:
Oil burners:
Orders:
New
number..
14, 242 15,361
11,135
10,333
9,401
15, 233 14, 498 16, 274 23, 479 32,860
23, 390
10,000
Unfilled, end of month..
do
2,838
4, 203
2,392
3, 451
3,024
3,517
4,118
5,054
4,344
3, 068
3,988
2,622
Shipments
...do
11,300
9,274
9,828 14, 428 14,682
14, 406 14, 724 16,404 22,413 33,711
24, 525
10,446
Stocks, end of month—«.
.do
16,082
17,098 20, 866 22,276 23, 730 27,147 23, 823 25,370
16,335 16,000 16,016
24, 559
79
Pulverizers, orders, new
do
133
17
32
25
59
19
25
34
12
30
20
Mechanical stokers, sales: §
5,513
3,121
Classes 1, 2, and 3
do
2,899
5,326
8,482
6,580
7,249
13, 007 18, 769 16, 593
6,279
Classes 4 and 5:
309
452
424
203
165
259
202
226
235
Number
_
330
363
221
79,226
62,783 60, 249 47, 770 46, 414 63, 460 75, 094 58, 252 57, 564
Horsepower
33,696
46,914 37,241
Machine tools, orders, new
165.2
257.7
200.3
211.6
282.5
208.5
191.8
171.1
179.8
210.7
152.0
142.7
av. mo. shipments 1926=100..
127.7
Pumps:
Domestic, water, shipments:
i
32,602 66, 089 59, 201 53, 577 56, 534 41, 869 46, 039 37, 657 39, 702 37, 508 22,810
19, 212
Pitcher, other hand, and windmill..units..I.
1,134
1,242
1,382
1,721
1,721
1,349
1,689
1, 620
1,378
1,255
1,231
Power, horizontal type
do—..
1,478
Measuring and dispensing, shipments: f
Gasoline:
767
658
1,313
1,216
734
699
393
1,136
863
599
740
578
Hand-operated
units..
9,035
8,316
10,961
13,989
14,363
18,080
16, 322 14, 451 13, 560
8,712
8,212
Power
do
8,487
Oil, grease, and other:
14,172
10, 220 11,338
15,950
19, 282 16, 052 20,491
14,695 12.966
11, 556 13,511
13,541
Hand-operated
„
do
1,824
4,224
4,926
5,252
4,991
6,319
6,574
4,011
3,191
3,518
3,156
2,273
Power
do
Steam, power, centrifugal, and rotary: t
1,535
1,271
933
1,286
1,983
1,721
1,448 r 1,899
1,533
1,438
1,224
1,949
1,191
Orders, new
thous. of dol—
1,018
960
1,012
1,141
1,316
919
1,098
1,066
1,109
' 1,182
987
838
1,165
Water-softening apparatus, shipments, .units..
10,864
15, 562 16,082
15, 788 20,601
17, 468 17,425
17,759
12, 093
Water systems, shipments
_
do
10, 228
15, 526 13,817
Woodworking machinery:
Orders:
21
7
9
2
24
10
82
1
Canceled
thous. of dol—
6
5
14
744
564
602
748
578
New
do
395
679
744
904
637
503
491
1,342
1,339
1,353
1,437
1,188
Unfilled, end of month—
do
1,095
997
1,195
1,118
1,508
1,096
1,109
Shipments:
314
367
324
425
402
361
380
324
Quantity..
number of machines397
332
339
222
619
763
Value
thous of doL.
733
590
517
579
543
492
571
553
796
r
Revised.
§Classifications changed starting in January 1937, but for all practical purposes the series shown are comparable. Classes 4 and 5 are practically equivalent to former
class 4; changes made in classes 1, 2, and 3 do not affect the total for the 3 classes as shown here.
tRevised series. Measuring and dispensing pumps revised beginning January 1936; figures not shown in the October 1937 Survey will be shown in a subsequent Issue.
For steam, power, centrifugal, and rotary pumps revisions for period 1919-36, see table 15, p. 19, of the April 1937 issue.




50

SURVEY OF CURRENT BUSINESS
1936

Monthly statistics through December 1935, together with explanatory notes and references
to the sources of the data may be found in the
1936 Supplement to the Survey.

Febr\:_irv 1938
1937

Decem- | Januber | ary

February

March

April

May

June

I July

1
Sep! August tember jOetotK ' November

METALS AND MANUFACTURES—Continued
NONFEBBOUS METALS AND
PRODUCTS
Metals
Aluminum:
Imports, bauxite.
long tons..
Price, scrap, cast (N. Y.)
___dol. per lb__
Babbitt metal (white-base antifriction bearing
metals):
Production, total
thous. oflb__
For own use
-do
For sale
do
Copper:
Exports, refined and manufactured-short tons. _
Imports, total
do
For smelting, refining, and export
do
Product of Cuba and the Philippine Islands
short tons..
All other
do
Price, electrolytic (N. Y.)dol. per Reproduction:*
Mine or smelter (incl. custom intake)
short tons..
Refinery...
._
_
do
Deliveries, refined, total*
do
Domestic
__do
Export
do
Stocks, refined, end of month*
do „
Lead:
Imports of ore, concentrates, pigs, bars, etc.
short tons..
Ore:
Receipts, lead content of domestic ore. d o . . . . |
Shipments, Joplin district
do j
Refined:
I
Price, wholesale, pig, desilverized (N. Y.)
dol. per lb..
Production from domestic ore..short tons..
Shipments, reported
_
do
Stocks, end of month
do
Tin:
Consumption in manufacture of tin and
terneplate
long tons..,
Deliveries
_
_
_
do I
Imports, bars, blocks, etc
do
Price, Straits (N. Y.)
dol. per lb..|
Stocks, end of month:
!
World, visible supply
.long tons..!
United States
do !
Zinc:
i
Ore, Joplin district:
j
Shipments
short tons..
Stocks, end of month
do '
Price, prime, western (St. L.)
dol. per lb._
Production, slab, at primary smeltersf
short tons..
Retorts in operation, end of mo
number..
Shipments, totalf
short tons..
Domesticf
_
do
Stocks, refinery, end of mo.f,
do

51,026 j 23,857
. 1238 .1265

57, 523
.0875

29, 744
.1274

28, 363
.1281

41, 603
.1281

43,016
.1281

35, 250
.1283

29, 570
.1275

35, 734
.1252

1,344
358
9S6

2,706
602
2,104

2,364
518
1,846

2,290
579
1,712

2,999
546
2,453

2,499
599
1,900

2,206
621
1,585

2,593
586
2,007

2,0S9
516
1,584

2,387
111
1,610

30, 343
26, 672
23,175

23, 490
16, 702
12, 599

22, 046
7,133
5,994

29, 099
21, 952
18, 358

31, 728
14, 553
12,905

26,850
14, 547
11, 336

34, 436
13, 281
10, 717

25,927
19,657
15, 942

32, 241
31, 735
29,161

26,473
22,946
20,867

25,142 ;
15,591 !
15,341 !

1,951
1,545
.1001

2,974
1,129
.1076

25
1,115
.1242

2,133
1,460
.1343

46
1,602
.1578

2,071
1,139
.1512

41
2,523
.1378

2,538
1,177
.1378

1,508
1,067
.1378

1,967
112
.1378

200
.1353 I

61,333 69, 656
60, 463 78, 853
22, 231 89, 076
18,103 82, 409
6,667
4,128
259, 908 161, 068

75, 212 72, 023 91,118
68, 097 71, 233 83, 676
86, 791 77, 486 98, 349
80, 812 74, 610 94, 830
2,876
5,979
3,519
142,374 138,121 121, 448

4,745

1,073

249

402

40,764
8, 205

32, 052
4,954

35,760
4,722

32, 286
5,398

602
41, 372
7,173

46,161 , 55. 179 i 51.141
.1283 ; .I13o .0893
2,159
560
1,599 |

50 j

1.797
513
1.283

1, 538
402
1,136

;

32,743 \ 28, 361
20, 547
18,866
18. 828
15 541
1, 995
1,331
. 1184

109
1,610
. 1080

83,806 ! 80, 437 r 69,446
94, 596 87, 579 89,882 85, 243 90,947
90,982 ! 87,030
83,178 95, 265 86, 016 79, 611 82,835
75, 790
105, 050 86, 256 83, 581 72, 890 74, 392 72,845 j 48,440 37, 025
95, 884 81, 336 77, 725 67, 356 68, 019 66,229 ! 43, 742 33,892
5,856
5,534
6,373
4,920
9,166
6,616 ! 4,698
3,133
99, 576 108, 585 111, 020 117, 741 126,184 144,321 !
182,911 221, 676
593

37, 293
6,623

1,710 ! 1,567 !

848

37,775
5,115

41,629
5,427

38,872 38,719
4,602 j 4,465

I

.0600
.0645
. 0618
.0600
.0600
.0719
42,480 42,460
41, 422 43,908 40,192 37,321
63,425 55, 200 55, 212 42, 710 47, 727 54, 551
137, 204 128, 462 115,843 113, 370 111, 103 103,518

.0488
47,423
34,020
129,131

.0555
43,613
52,032
171,856

.0600
41, 223
45,718
169, 776

.0624
34, 986
50,375
156,832

5,020
8,023
.4285

3,200
6,930
8.339
.5285

3,070
7,615
8.509

3,130
7,675
7,238
.5194

3,680
9,080
10,468
.6271

3,550
6,995
6,430
.5899

3,680
6,425
6,557
.5563

3, 260
6,645
6,344
.5584

27, 044
6, 385

23, 787
5,095

26,179
5,478

23,774
4,956

24,127
5,731

24, 593
4,741

23, 721
5,144

23,291
4,810

39, 448
15,382
. 0501

44, 245
22, 785
.0527

41,262 43, 837
14,288
9,501
. 0585 .0647

40,021
39,190
10, 980 14, 690
. 0738 .0701

51, 787
48,812
29, 545
29,545
64, 776

46,940
42,965
59, 512
59, 512
44, 955

40,047 37, 794
40,285 i 42, 786
51,227 46,953
51,227 46,953
33, 775 24,616

53, 202
43, 635
59, 635
59, 635
18,183

4, 129
293

5,883
393

3,330
4,980
6, 558
.5931

1,383 1.473
40,993 I
6 129
'
;

42)415

2, 073
i

40|922

6,472

4, 710

.0640 ! .0574 i . 0503
37,989
45, 112 1 42, 892
53.850 I 39. 292
33, 853
90^42 ! 00. 646 113, 573

3,460
7,580
6,312
.5940

3,560 :
8,245 |
6,158 |
.5862 '

25,646
6,193

26,016
5,850

23.014
3,538 !

44,632 35,044
18, 358 20,624
. 0675
.0675

46, 524
11,070
.0692

15,451
.0719

52,009
43, 660
56, 229
56, 229
13, 963

55,012
43,724
55, 201
55, 201
13, 774

50, 526
44,186
50,219
50, 219
14,081

49,181
46,199
49, 701
49,701
13, 561

48, 309
50,163
50, 643
50, 643
11, 227

6,619
458

3,491
325

8,290
547

3,440
257

4,134
255

o

290
$ 210
sI179
,
5146

,
:
:
i

2,160
5,195
7, 338
. 4330
24.389
5, 285

3, 280

40,705 I 45. 283
15,926 j 18,563
.0719 I . 0609
50, 027 52, 045
51,809
50, 324
47,737
40, 345
47,737
40, 345
13,517
25.817

30, 463
21,990
.0563
' 49,
' 49,
* 32,
' 32,
r
42,

393
511
676
676
534

Electrical Equipment
Furnaces, electric, industrial, sales:f
Unit
_
kilowatts
Value...
thous. of d o L .
Electrical goods, new orders (quarterly)
thous. of d o l . .
Laminated phenolic products, shipments
thous. of d o l . .
Motors (1-200 H P . ) :
Billings (shipments):
A. C .
thous. of d o l . .
D. C
_
do....
Orders, new:
A. C__.______
_
do .
D. C_.._
___.do____
Power cables, paper insulated, shipments:
Unit
_._
thous. of f t . .
Value.
_
thous. of d o L .
Power switching equipment, new orders:
Indoor
dollars..
Outdoor
do
Ranges, electric, billed sales
thous". of dol. J
Refrigerators, household, sales
number..'
Vacuum cleaners, shipments:
|
Floor cleaners
_
...do J
H a n d - t y p e cleaners
_
_.do
'
Vulcanized
fiber:
!
Consumption of fiber p a p e r . . _ _ . t h o u s . of i b . J
Shipments
thous. of doL.i

4, 578
303

6 367
,
356

228,062

1,190

1,135

1,042

3, 599
660

3, 560
1,038

3,222
793

3,334
769

3,083
743

4,276
965

3,260
695

3,642

2,951
1,655

3.011
741

979
1,533

1,234

884
1,295

998
1,370

3,176
481
1,107
1,527

1, 005

1, 059

1,451

1, 292

3, 266
811

960

2, 478
634

2,648
742
3,301
1,074

3,670
941

3, 450
1,018

4,626
1,284

955
1, 023

848
1, 090

114,892
40,921
1, 402
304

92 056
32 520

2,446
599

2 367
640

:

a i

1,849

154

1,179

1,229

531
517

1.244

215,964

260,836

271,064

3, 955
3. 274
938 i
984
!
577
732
815
868
124,562 j 77, 303
284,308 341, 395
1,719
1,840
123, 208 171, 405

1. 660
'102

1, 226

1, 321

113 645
374, 719
1,699
245, 718

138,367 I209,894 I 148,916 123,697 141,314 127,128 114,016
597.804 754,827 \ 335,937 433, 219 497,890 361, 758 347, 448
2.019
3,092
2,271
1,840
3,402
3,159 ! 25842
352, 582 335,214 j 333,061 267, 770 192, 906 120, 543 82, 688

112 787
38 477
2 321
633

148,113 140,516 I 125,921 102,153
34, 386
52, 301 50,020 i 42,68S
2,809
2, 616
2,780
3,007
679
620
698 :
652

83,725
27, 508
2,509
520

88,456
27,786

110,f80 I
28,044

2,471 I

2, 137

517

r,K'>

i

r

3. 320
S10

2 229
'713
1,967
468

1 37

573
749
93, 792
395,411
1.025
r
89, 739
88.974
29; 806
1.804
350

Revised.
• N e w series. For earlier data on production, deliveries, and stocks of copper see table 26, p . 20. of the July 1937 issue. These data differ from t h e figi::,?- s".io*<—_ on p. 123
of the 1936 Supplement, for which m o n t h l y data for 1930 were given in table 27, p . 20 of the J u l y 1937 issue.
f D a t a on t h e production, s h i p m e n t s and stocks of zinc revised for 1936; see p . 50 of the M a y 1937 issue. D a t a on industrial electric furnaces revised L : t-.e Industrial
>
Furnace Manufacturers Association, Inc.', data formerly collected by the National Electrical Manufacturers sissociation. The present series is based on ie ivT,orts of 12

manufacturers which represent 85 to 95 percent of total sales of electric furnaces for industrial purposes. Data beginning January 1P36 not shown on p .'•"
1937 Survey will appear "in a subsequent issue.




51

SURVEY OF CURRENT BUSINESS

February 1938
Monthly statistics through D e c e m b e r 1935, together w i t h explanatory notes a n d references
to t h e sources of t h e data m a y b e found in t h e
1936 S u p p l e m e n t to t h e Survey.

1937

1936

Decem- December
ber

1937
January

February

March

April

May

June

July

£er m "

October

6,683
18,641

August

5, 430
15,657

3,805
13,936

1,213

925

Se

November

METALS AND MANUFACTURES—Continued
N O N F E R R O U S METALS AN©
PSGDUCTS-Contfnued
Miscellaneous Products
Brass and bronze (ingots and billets):
Deliveries
net tons..
Orders, unfilled, end of mo
„
do
Plumbing fixtures, brass:
Shipments
thous. of pieces..
Radiators, convection type:
Sales:
Heating elements only, without cabinets
or grilles—_thous. of sq. ft. heating surf..
Including heating elements, cabinets, &
grilles
thous. of sq. ft. heating surf..
Sheets, brass, price, mill
dol. per lb._
Wire cloth (brass, bronze, and alloy):
Orders:
New
_thous. of sq. ft..
Unfilled, end of mo.
do
Production
.do
Shipments
_
.do
Stocks, end of month.
do

3,946
11,276

7,939
33,077

10 022
29 309

9, 433
30, 286

10, 626
26, 408

10 101
20 549

8,210
18,037

6,584
15, 784

7 087
17 542

1,805

1, 929

1, 879

2,110

1, 864

1,555

1,650

1, 410

1,566

1,420

35

' 130

251
.174

'366
.168

287
577
264
225
678

774
521
508
749

'34

'22

' 18

'41

'84

'41

90

64

58

356
178

'247
.189

'463
.210

428
207

'367
.196

'461

'361
.198

'424
.198

484
.196

484
.190

411
.178

1 191
1, 355
535
512
774

215
1,362
488
477
781

1,107
2,051
557
558
790

355
1 763
580
628
732

170
1,414
525
510
729

236
1,176
455
467

336
1,010
493
512
654

320
876
431
453
633

285
793
426
376
637

539, 553
121,299
193, 327
171,713
103, 782
67, 931
53, 214

r

277
653
402
407
650 !

174
548
288
275
067

PAPER AND PRINTING
WOOD P U L P
Consumption and shipments."}"*
Total, all grades
short tons. 375, 225
108, 609
Groundwood
do
Sulphate
d o . . . 112,488
Sulphite, total
d o . . . 117,617
70.302
Bleached
do
47,315
Unbleached
_
do...
Soda
_
_
do...
36, 511
Imports:
161, 576
Chemical f
_
...do
15, 645
Groundwood t-,.
do...
Production:f
394,462
Total, all grades
.do
115, 531
Groundwood
do
113,156
Sulphate
_
...do
128,351
Sulphite, total
___
...do
76, 357
Bleached
do
51.994
Unbleached
do
37, 524
Soda__.
do
Stocks, end of monthf:
151,632
Total, all grades
_
do
34.303
Groundwood
do
17,285
Sulphate
do
Sulphite, total
d o . . . . 94,314
67, 297
Bleached
do
27,017
Unbleached
.do
5,730
Soda
do
3.31
Price, sulphite, unbleached
dol. per 1001b..
PAPER
Total paper:
Paper, incl. newsprint and paperboard:
Production*!
short t o n s Paper, excl. newsprint and paperboard:
Orders, new
short tons..
Production
do
Shipments
-_
_
do
Book paper:
Coated paper:
12,725
Orders, new.
do
1,725
Orders, unfilled, end of mo
do
14, 629
Production
do
53.9
Percent of potential capacity
Shipments
_short tons.. 14, 325
14, 387
Stocks, end of month
_do
Uncoated paper:
72, 301
Orders, new
..do
23, 565
Orders, unfilled, end of mo.
...do
Price, cased, machine finished, at mills
6.00
dol. per 1001b..
Production
.short tons.. 72. 384
03.4
Percent of potential capacity
Shipments
short tons.. 73,807
103, 878
Stocks, end of month
do
Fine paper:
j
Orders, new
do
j
Orders, unfilled, end of mo
„
do
j
Production!
do
i_._
_
Shipments
do
i
Stocks, end of monthdo. —J
Wrapping paper:
I
Orders, new
do
;
Orders, unfilled, end of mo
do
j
Production.
do
!
Shipments
do
!
Stocks, end of month
do
!




511,019
134,039
158, 782
161,912
99,946
61,966
56, 286

526, 747
131,041
172,386
165,192
100,255
64, 937
58,128

504,031
122,003
160,859
165,613
99,373
66, 240
55, 556

563,062
138,800
179,091
183, 588
116,301
67, 287
61, 583

548,147
137, 217
183, 586
167,898
98,003
69,895
69,446

570,846
139,806
186, 648
184,749
106,231
78,518
59, 643

567,210
134,425
189,037
185,836
106,433
79, 403
57,912

550,945
127,483
191,148
177,862
106, 527
71,335
54,452

565,649
128,427
203,297
179,787
103,922
75,865
54,138

192,511
23, 512

172,125
18,513

191,174
15, 262

151,820
15,443

108,569
19, 669

191,590
21,484

240,309
19,713

202,136
24, 561

512,057
138,470
159,420
158,161
96, 380
61, 781
56,006

540,822
139,109
172, 559
170,968
103,676
67, 292
58,186

513,703
130,067
161,343
166,958
104,713
62, 245
55, 335

576,097
148,927
179,091
186, 766
115,184
71, 582
61,313

566,723
148,182
182, 673
176,243
102, 514
73, 729
59, 625

580,880
152, 627
188,153
180,217
103, 539
76, 678
59,883

579,096
144,233
191,916
184, 627
108, 716
75, 911
58,320

547,611
121,877
191,916
179,037
106,542
72,495
54, 781

201,109 187, 225
15, 504 15, 300
559,239 522,106
113,955 104,839
205,350 195, 083
184,408 169,129
109, 738 99,313
74,670 69,816
65,526 53, 055

76,614
24,634
5,474
43,807
24, 868
18,999
2,639
2.33

71,712
22,926
6,014
40,091
24,246
15,845
2,681
2.63

78,586
27,970
6,435
41, 640
28,489
13,151
2,541
3.01

87,820 101, 036
34.403 41,284
6,435
5,663
44, 580 51,571
28.404 32, 807
16,176
18,764
2,402
2,518
3.34
3.75

106, 876
49, 541
7,022
47, 633
30,182
17,451
2,680
3.63

116,096
55,734
9,761
47,628
32,446
15,182
2,973
3.65

114,083
52,111
10,395
48,387
32,446
15, 941
3,190
3.75

112,549
42,731
12,214
53,430
38, 286
15,144
4,175
3.75

100, 738 117.456 136, 767
26,630
32,476
29,959
13,802 15,182 16,700
50, 390 71, 028 85,088
50,147
33,883
61,179
16, 507 20,881
23,909
4,626
4,070
5,020
3.66
3.75
3. 50

956, 779 953, 283 944,049 1,102,273 1,046,235 999,428 1,034,729 912, 664
613,669
547,958
563,997

495, 304
119,328
179, 794
148,998
86, 446
f.2, 552
47,184

426,700
112,439
137,967
135,236
81.039
54,197
41,058

183,139
17,732

188, 271
19: 351

511,415
110,081
181,427
171,907
102,789
69,118
48, 000

450,000
117, 787
139,699
150,746
91, 998
58, 750
41, 768

930, 565

974,983 '846,591

704, 620

470,029
523,448
507, 459

509,205
575,347
567,935

409,929
487, 738
468,454

423,019
484,967
454,643

488,293 '392,088
549,160 '433,620
531,617 '420,796

326, 620
357,715
344,330

23,875
12, 016
22, 709
98.5
23,103
10, 041

15, 082
7,907
21,123
93.5
20.345
10,819

14,459
5,319
18, 563
84.6
17, 646
11,456

13,849
4,940
17,425
77. 3
16, 557
12,615

14,426
4,202
16,651
75.9
14,725
14,178

16,066
3, 646
16, 825
75.9
17, 232
12, 373

114,643 111,112 131,537 111,834
64, 372 69, 703 82, 244 S3,565

97, 981
76, 930

91, 344
64,540

78,740
54, 212

81,859
49,609

87, 061
45, 695

6.25
111,959
98,3
108,828
87, 658

6.25
101,288
94.0
99,168
87, 454

6.25
99,684
87.9
94, 012
94,490

6.25
97,409
87.1
89,395
102,457

32, 613
28,450
40, 666
39,080
66 123

38,999
26, 280
45, 368
44, 324
67,279

26,247
20,978
34,220
32, 653
69, 509

25,749
15,191
36, 218
32,008
73, 504

34, 697
10, 687
40, 948
40,417
73, 430

185, 604
123,420
211,436
206,864
108,129

136,379
101, 208
165, 597
158,991
113,393

139,501
86,668
162,717
153,744
120,908

160, 015
69,060
185, 049
180, 394
123, 660

529, 312 519,798
508,256 498,546
515,417 497,810

647,063 517,972
591,191 531, 006
595, 070 521,707

i
28,119
12, 783
26, 835
91.0
28,952
12, 785
127,834
66,239

26,676
11,116
27,210
94.0
27, 939
11,884

21,746
9.257
23,043
103.0
22,863
11,029

5.50
5.75
5.75
112.689 111,733 104,795
86.2
90.6
95.7
119,231 114,085 103,829
86, 067 80, 267 84,191
53, 679
21,470
48,112
48, 308
67, 972

48, 620
24,778
43,482
45, 632
63, 068

44,638
23, 960
44, 516
45, 050
62, 534

230, 499
153,811
196,998
200, 433
110.612

175,286
145,838
171,170
172, 644
108, 325

180,618
151,786
166,827
169,707
104,241

24,709
10,855
21,465
94.5
21,188
10,230

5.75
6.13
109, 260 116,969
94.8
102.6
112,741 111,634
77, 743 83, 785
66,317
35,132
53,898
53,246
64, 543

38, 703
33,224
43,327
42, 293
59,775

220,843 171,669
I 164,719 156,564
; 212,608 176, 880
i 21 r , 170 177,970
,
I 102,383 101,838

15
14
17
16
! 10

3,148
3,532
6,092
9, 437
4, 521 1

14,259
1.926
16. 025
63.0
16,091
12,333

13, 585
2,291
15,008
54.9
14,717
14, 699

76,528 i 74, 661
24,724 : 34,058
j
6.25
6.13 |
6.00
95,211
83,903 j 78,803
86.5
74.4 i 66.9
93, 088 85,069 i 77, 678
106, 225 102,279 I 106, 605
25,152
8,467
31,025
2S, 046
76, 392
127,
62,
140,
135,
127,

696
286
536
729
754

23,449
7,721
25, 357
24, 619
71,005
94,453
51,424
105, 750
102,129
131, 389

52

SURVEY OF CURRENT BUSINESS

1936
Monthly statistics through December 1935, to- 1937
gether with explanatory notes and references
to the sources of the data may be found in the Decem- Decem1936 Supplement to the Survey
ber
ber

February 1938

1937
January

February

March

April

May

Juno

July

August Septem- October November
ber

PAPER AND PRINTING—Continued
PAPER- Continued
Newsprint:
Canada:
Exports
_
short tons..
Production!_.
do—
Shipments from millsf
do
Stocks, at mills, end of mo.f
do
United States:
Consumption by publishers!
do
Imports.
-do—
Price, rolls, contract, destination (N. Y.
basis)
dol. per short ton..
Production^..
short tons..
Shipments from mills...
do
Stocks, end of month:
At mills....
do....
At publishers!
do
In transit to publishers!
do
Paperboard:
Consumption, waste paper
do
Orders, new
do—
Orders, unfilled, end of mo
do
Production^
do—
Percent of capacity
Stocks of waste paper, end of month:
At mills
short tons..
PAPER PRODUCTS
Abrasive paper and cloth, shipments:
Domestic.
reams..
Foreign.do
Paperboard shipping boxes:
Shipments, total
mills, of sq. ft..
Corrugated
do—
Solid
fiber.
do

308,742
293,038
306,137
34, 552

286, 233
289, 312
316,723
24, 506

259, 543
286,991
261,992
49, 505

222,945 294,935 252, 790 294, 726 306, 646 305,163 283,128
302,325 315,642
275, 532 302, 068 298,678 309, 210 311,017 314, 529 318, 713 312, 250 314, 594 302,236
251,256 290,968 311, 584 313,414 311,824 301,850 313,435 306, 396 322, 661 335, 777
73,769 84,902 72, 223 69, 357 67,438 79, 993 85, 256 89, 553 81, 317 47, 772

197,817
273,038

209,109
278,991

183,106
238,426

42.50
79, 537
88,339

41.00
80,048
81,910

42.50
79,362
75,046

175, 617 199, 057 199, 355 206, 695 189, 297 170, 455 173, 338 183,360 208, 278 192, 255
204,689 270,478 263, 620 279,937 288,291 302,982 260,158 303, 351 298, 560 299, 561
t'
42. 50
42.50
42.50
42.50
42.50
42.50
42. 50
42.50
42.50
42. 50
72, 072 82, 576 78, 619 78, 907 78, 500 78, 205 80,311
77, 732 78, 352 79,338
74,941 79,582 85,915 77, 647 76, 255 79, 759 75, 724 73,931
72,127 82,967

15,105
543, 861
69, 545

14, 239
251, 091
54, 294

12, 645 14,944
18, 673 15,995
19, 001 12,406
13,090
257, 241 243,951 246, 873 258, 740 278, 820 298,597 344,147
49, 013 54, 013 57,071 59, 427 49, 612 50, 550 52,964

189,948
237, 701
74, 484
239,093
47.8

279, 068
350,452
130, 472
328,773
75.6

295, 554
407, 716
221,409
365, 665
82.0

319,552

199,404

211, 295 196, 570 197,977

40,095
6,339

74,713
11,492

81,945
6,294

80,294
9,972

2,488
2,276
212

2,308
2,074
234

2,428
2,195
233

295,477
386, 781
236, 011
373,431
90.0

339, 242
453,621
265, 575
428, 506
91.6

17,676
380,070
55,769

21, 473 27,692
24,064
421,765 450,761 492,150
59, 489 ' 57, 357 ' 62,852

287, 504
329,244
146,138
380,882
80.5

274, 463 287,443
331,375 348,685
143,401 129,745
346, 721 365,287
71.0
75.7

287, 858 256,162 213,378
324,216 315,122 254,781
108,467 88, 775 74,173
348,091 334,619 267, 567
71.5
68.5
56.0

211, 628 234, 239 257,185

254, 554 258,064

277, 797 293,818

341, 597
419,702
243,486
436,610
92.7

330, 250
346,525
194,458
397,073
90.8

90, 365 135, 451 103,862
13,971
9,104
10,919

81,813
8,556

76, 209

2,549
2,292
256

2,632
2,385
247

2,344
2,114
230

3, 018
2,712
306

2,778
2,506
271

290,037

7,711

67,422
7,724

70,731
6,077

66,650
8,487

2,484
2,225
258

2, 653
2,403
250

2,474
2,250
224

2,044
1,889
155

91,805 106,989 111,485 109,633
846
826
942
1,183
702
741
831
1,023
124
105
111
160
96
90
100
102
16, 506 16, 697 16, 049 16,741

105,655
985
864
121
102
15. 662

PRINTING
Blank forms, new orders
thous. of sets.
Book publication, total
no. of editions.
New books
do
New editions
do...
Operations (productive activity)...1923=100.
Sales books, new orders.
-thous. of books.

104, 379
930
759
171
~li,~724

166, 970
1,074
868
206
98
19,139

106, 944 149,194 129,377
781
1,011
889
694
740
815
87
149
196
99
100
103
16, 959 16, 057 19,711

127, 262 123,341 115,141
945
689
885
800
580
724
109
161
145
95
100
102
18, 996 15, 799 16, 633

RUBBER AND RUBBER PRODUCTS
CRUDE AND SCRAP RUBBER
Crude:
Comsumption, total!}:
long tons.. 29,160 49, 754 48. 744
36,777
37,179
For tires and tubesj
do—
Imports, total, including latex
do
69,810 51, 382 43,339
.214
Price, smoked sheets (N. Y.)
dol. per lb_.
.151
.200
71,000
Shipments, world
long tons.. 92,000 76,458
535, 333 466,576 454,249
Stocks, world, end of month!-do
Afloat, total
_
do_._. 123, 000 103,000 98,000
63,099
56, 567 55,096
For United States, _
do
57, 785 78,462 71,062
London and Liverpool...
.do
90, 548 62,114 78,276
British Malaya
do
United States!do.... 264,000 223, 000 206,911
Reclaimed rubber :J!
7,674 13,280
13, 366
Consumption
do
15,129
10,815
15,031
Production
do
19,010
26, 260 19,000
Stocks, end of month
do
Scrap rubber:
36,347
Consumption by reclaimers (quar.)...do—
TIRES AND TUBES*
Pneumatic casings:
2,952
4,980
5,311
Production
.thousands..
5,016
4,509
3,153
Shipments, total
do—
4,926
4,421
Domestic
do—
0)
11,377
Stocks, end of month
_
d o . . . 10, 776 11,114
Inner tubes:
5,121
2,349
4,801
Production
do—
4,819
4,391
Shipments, total
-.do—
2,875
4,327
4,754
Domestic
do—
0)
11,100
10,985
Stocks, end of month
do
10,056
Raw material consumed:
Crude rubber. (See Crude rubber.)
22,649 22,207
Fabrics
...thous. of lb.
MISCELLANEOUS PRODUCTS
Single and double texture proofed fabrics;
1,969
3,884
3,953
Production
thous. of yd.
Rubber and canvas footwear :J
4,517
7,599
Production, total
thous. of pairs.
1,704
1,951
2,418
Tennis
_
do—
2,812
5,648
3,480
Waterproof
..do.-4,343
7,409
6,018
Shipments, total
do...
1,151
1,295
2,639
Tennis
do...
3,191
6,114
3,379
Waterproof
.do...
4, 305
7.373
5,954
Shipments, domestic, total
do...
1,134
1,265
2,603
Tennis....
do
3,171
6,108
3,351
Waterproof
do...
13, 454
20, 430 13, 615
Stocks, total, end of month
do...
5,310
5.108
7.446
Tennis
do...
8.305
8. 346
12,984
Waterproof
do,..

50, 282
37,030
44, 715
.213
71,000
445, 265
94,000
53,538
63, 760
86, 478
201,027

54,064
42,638
40,898
.246
101,000
447,856
125,000
56,994
52.077
82,802
187,977

13,485
15,192
19,017

14,801
14, 458
18,839

51,797 51, 733 51, 798
37,951
37,902
41,479
48,898
43,024
49, 635
.213
.234
.193
90,000 87,000 95,000
428, 249 413,134 434,250
124,000 117,000 125,000
72, 530 58, 542 57,215
48, 748 46, 628 43,427
74, 487 93,630
77,255
178, 246 175,019 172,193

43, 650
30,289
43, 414
.189
111,000
445, 782
144,000
75,779
42,175
88,046
171, 561

43, 893
• 88,472
57, 024
.186
106, 000
470,768
141,000
83, 288
49.807
87, 579
192, 382

38, 707

33, 984

49, 820
.184
102,000
457,462
140,000
80,439
45,211
92, 661
179, 590

53,129
.163
98,000
479, 398
135,000
80, 653
51,932
85. 865
206,601

54,043
.146
93,000
493,268
127,000
81,302
54,857
84,657
22ft, 752

14, 612
15,793
14, 647

11,924
16, 241
17,992

13, 227
16, 543
19, 706

13,681
16, 410
21, 597

12,234
15.849
23; 572

9,703
12,406
' 24,620

15, 607
13,884
14,010

14,414
16,052
14, 535

41,456

45, 495

42, 398

42, 489

5,246
4,371
4,276
12,308

5,916
5,787
5,687
12, 448

5,730
5,560
5,438
12, 629

5,352
5,375
5,281
12, 592

5,339
5,389
5,297
12, 529

4,292
5,190
5,112
11,654

5,091
4,536
4,469
11,734

5,823
5,571
5, 499
11,904

5,627
5,325
5,242
12, 218

4,956
5,028
4,959
12,107

4,716
5,027
4,957
11, 746

4,019
5,046
4,993
10,869

23, 426

26, 542

24,680

23,268

23,033

18,494 !.

4,342

5,255

4,626

3,991

4,259

0)
0)
0)
0)
(0
0)
0)
0)

5,935
3,241
2,694
4,520
3,308
1,212
4,486
3,291
1,195
14,859
5,041
9.829

7,595
4,269
3,327
5,439
4,361
1.078
5. 377
4,309
1,068
16,998
4, 945
12,053

7,197
4,053
3,144
5,027
3,784
1.243
5,027
3,784
1,243
19,167
5, 213
13, 954

6,734
3,635
3,098
4,784
3,778
1,006
4,735
3,736 !
999 j
21,116
5,071
16,045

6,455
2,765
3,690
4,788
2,947
1,840
4,706
2,874
1.832

22,814
4,895
17,919

3,380
4,679
1,584
3,095
5,764
2,075
3,689
5,738
2,055
3,683
21,729
4,404
17,326

8
0)
11,615

0)
0)
0)

11, 242
1

3,111
3,771

0)
0)

(0

3,719
3,518

0)
0)

10,963
2,822
3,348

0)

10, 527

44,159

3,802

3,975

3,282

2,285

6,454
1,789
4,666
7,424
1,190
6,234
7,363
1,142
6,222
20, 746
4,990
15, 757

6,598
1,557
5,040
7,316
1,134
6,182
7, 254
1,093
6,161
20, 046
5,431
14, 615

6,369
1,447
4,922
6, 635
769
5,866
6, 582
749
5,833
19, 780
6,109
13, 671

5,671
1,456
4,216
5,143
648
4,494
5,111
636
4,474
20,308
6,916
13, 392

i Data will be published when available.
r Revised.
° Quarter ending Sept. 30. Monthly data not available subsequent to July 193/.
fFor data'raised to industry totals, see the 1936 Supplement. Figures shown here are as reported; these were also given in the 1936 Supplement.
and 1936.
Apri
subsequ
......
 issue will appear in a subsequent Survey.
JData are raised to industry totals; see the note explaining these series In the 1936 Supplement.
http://fraser.stlouisfed.org/

Federal Reserve Bank of St. Louis

3,980
3,940

53

SURVEY OF CURRENT BUSINESS

February 1938

1936
Monthly statistics through Decem ber 1885, to- 1937
gether with explanatory notes an d references
to the sources of the data may be found in the Decem- December
1938 Supplement to the Survey.
ber

1937

January

February

March

April

May

June

July

August

Se

^ e r m - October

STONE, CLAY, AND GLASS PRODUCTS
PORTLAND CEMENT
Price, wholesale, composite
Production
Percent of capacity
Shipments
_
Stocks, finished, end of month
Stocks, clinker, end of month

dol. per bbL.
thous. of bbl~.
_
thous. of bbL.
do
do

1.667
8,971
40.3
6,248
22,441
5,605

1,667
7,044
32.2
4,780
24,899
6,298

1.667
6,616
30.4
4,689
24,394
6,160

1.667
5,837
29.6
5,163
25,059
6,788

1.667
8,443
38.6
7,879
25, 622
7, §54

1.667
10,402
48.8
10, 272
25, 747
7,544

1.667
11,634
53.2
11, 890
25,493
7,540

1.667
11,163
52.8
12,645
24,011
7,360

1.667
11, 597
53.1
12,237
23,370
6,771

1.667
11,894
54.4
12, 291
22,940
6,347

1.667
11, 223
53.1
12, 773
21, 388
5,898

1.667
1.667
11,374
9,248
52.0
43.7
11,190 ' 8,188
r
21, 565 «• 22, 634
5,859 ' 6,104

CLAY PRODUCTS
Bathroom accessories:
Production
number of pieces. 692,311
Shipments
do___ 656, 529
Stocks, end of month
d o . . . 423,862
Common brick:
Price, wholesale, composite, f, o. b. plant
dol. per thous. 12,044
Shipments
_
thous. of brickStocks, end of month—.*
do...
Face brick:*
Shipments
_
do...
Stocks, end of month
do_._
Vitrified paving brick:
Shipments
do...
Stocks, end of month
do...
Terra cotta:
Orders, new:
731
Quantity..
short tons.
Value
thous. of dol98
Hollow building tile:
Shipments
short tons.
Stocks, end of month
do.—

726,183 793, 568 652,251 1,077,319
679, 623 768,774 633,059 1,092,424
442,507 416,742 415,324 397,351

956, 547 1,161,382 1,071,120 ' 1,195,988 1,268,218 745,035
885,696 1,117,265 1,005,581 1,153,466 1,181,549 725. 444
422,837 395,303 414,774 374,334 411,516 426, 387

849,321 959,880
829,261 917,219
417, 827 410,417

11.818
141,080
456,543

11.889
108,169
444,247

11.941
11.915
113,598 163,801
414, 723 386, 919

12.030
191,040
385,276

12.103
191,275
401,852

12.110
184,625
435,318

12.125
167,085
463,531

12.116
157,839
479,256

12.076
154,424
508,840

12.113
12.113
149, 672 128,118
524,110 531,289

36,970
289,657

30,042
299,122

29,094
296,411

46,667
297,654

58,214
297,426

62,086
298,114

61,557
297,703

57,120
297,406

54, 530
300,796

51, 477
296,123

45,971
296,834

36,782
300,067

5,099
62,554

3,146
61,369

3,257
59,133

4,038
57,691

6,716
56,727

8,877
60,271

9,431
61,249

8,580
63,646

7,707
66, 533

8.638
66, 252

12, 255
60,866

6,185
60,974

1,372
171

819
103

1,750
223

1,077
140

916
128

1,082
122

1,495
177

884
133

106

800
99

62,418
344,131

51,338
354,608

1,060
3,645
127
248
51,082 79,793
354, 210 358,256

100,381
351,509

96,246
359,881

84,932
367,022

80,317
362,455

80,812
365,788

76, 290
361,084

thous. of gross..
..do

3, 235
56.5
2,684
9,192

4,033
71.2
3,675
7,291

4,039
71.3
3,881
7,393

3,880
73.8
3,767
7,459

4,198
71.0
4,461
7,145

4,543
79.7
4,375
7,243

4,844
88.4
4,795
7,215

4,989
87.1
5,152
6,981

4,978
86.9
4,647
7,259

5,259
91.8
4,663
7,776

4,548
82.5
4,400
7,843

4,417
77.1
3,932
8,261

3,735
67.8
3,211
8,696

number of turns..
do
do
-do
do
-thous. of sq. ft..

1,625
2,394
1,616
1,624
5,362
8,921

2,926
2,953
3,354
3,075
3,421
7,371

3,515
3,518
3,193
2,830
3,739
6f373

2,473
2,894
2,849
2,688
3,935
18,676

2,711
2,503
3,369
3,119
4,140
20,743

2,885
2,621
3,278
2,864
4,564
21,956

2,907
2,848
3,152
2,658
4,965
19,437

2,681
2,870
2,947
2,652
5,260
19,392

2,266
2,692
2,031
2,289
5,038
15,345

2, 458
2,720
2,312
2,426
4,923
17,898

2,829
2,824
2,886
2,731
5,043
16, 479

2,283
2, 516
2,981
2,618
5, 267
14,855

1,893
2,333
2,437
2,170
5, 585
12, 517

10,319
10, 653
21,471

9,610
9,822
21,259

68,954 54,496
369, 610 373,193

GLASS PRODUCTS
Glass containers:
Production.__
Percent of capacity
Shipments
Stocks, end of month.
Illuminating glassware:
Orders:
New and contract—
Unfilled, end of month
Production
Shipments..
Stocks, end of month
Plate glass, production._

thous. of gross..

GTPSUM AND PRODUCTS
Crude:
Imports
short tons..
Production
_
do
Shipments. _
,.
..do
Calcined, production
_.do
Calcined products, shipments:
Board, plaster, and lath
thous. of sq. ft..
Board, wall
do
Cement, Keene's
short tons..
Plasters, neat, wood fiber, sanded gauging
finish, etc
short tons..
For pottery, terra cotta, plate glass, mixing
plants, etc
short tons..
Tile, partition
thous. of sq. ft,.

248,109
723,319
206,586
523,389

26,542
606,523
148,756
540,500

299,655
897,807
259,007
660, 252

306. 672
897,178
249,039
704,846

134,962
82,363
7,948

149.337
88,382
9,181

187,896
107, 330
10, 764

189,259
91, 401
10,589

340,463

355,199

444,777

423,640

47,733
4,413

51,974
4,964

63,301
4,199

70, 354
3,806

TEXTILE PRODUCTS
CLOTHING
Hosiery:
Production
thous. of dozen pairs.
Shipments
do...
Stocks, end of month
do.._
COTTON
Consumption!
..bales.. 433,058
Exports (excluding linters)t
thous. of bales..
751
Ginnings (total crop to end of month indicated)! •
thous. of bales. . 16, 812
Imports (excluding linters).
do
Prices:
.076
Received by farmers
...dol. per lb_.
.083
Wholesale, middling (New York)
do
Production (crop estimate)
thous. of bales.. • 18, 746
Receipts into sight
..do
1,518
Stocks, end of month:
13, 586
Domestic, totalf
--do
1,718
Mills
—do—
11,887
Warehouses..
do
9,066
World visible supply, total
do
7,441
American cotton.
do

11,280
11,054
19,312

11,364
9,845
20,974

694,841
594

678,786
538

11,699
16

11,956
15

.123
.128
12,399
1,190

.124
.130
695

622

697

519

9,792
2,006
7,787
8,002
6,038

8,852
2,074
6,779
7,812
5,525

8,023
2,061
5,962
7,457
4,984

7,114

6,202
1,987
4,215
6, 294
3,858

b

11,311
11,474
20,954

12,116
12,555
20,659

665, 677 776,942
486
468
12,141
45
23
.124
.131

.135
.145

2,078
5,036
6,787
4,348

9,302
9,381
23,659

9,915
10, 718
22,856

10,367
11,418
21,804

718, 975 669, 665 680, 521 583,011
373
324
124
230

604,380
220

601,837
617

143
19

1,871

36

8,259
5

13,164
9

16,178
9

.124
.127

.124
.124

.107
.103

.690
.090

.081
.084

.077

11,547
11,376
20,972

.137
.143

10,920
9,759
22, 277

.129
.133

11,254
9,936
23,738

526, 464 484,819
799
797

327

295

175

1,064

3,075

3, 477

2,548

5,398
1,815
3,584
5,596
3,361

4,640
1,549
3,090
4,904
2,837

4,099
1,286
2,813
4,361
2,549

4,465
961
3,504
4.374
2,763

7,918
991
6,926
6,421
4,863

11,177
1,419
9,758
8,029
6, 467

13, 206
1,656
11,549
8,769
7,225

r

Revised.
* Total crop.
« As of Dec. 1.
*New series. D a t a on face brick shipments and stocks, compiled b y the 17. <S. Department of Commerce, Bureau
prior to the January 1937 issue. D a t a beginning January 1934 are shown in table 34 p . 20 of t t e August 1937 issue,
t Revised series. For revisions for cotton year 1936-37, see p . 53 of the October 1937 issue.
• Cotton ginnings through Jan. 16, 1938, for the crop year ending March 1938 amounted to 17,645,756 bales.




of the Census, supersede those shown in the Survey

54

SURVEY OF CURRENT BUSINESS
1937

Monthly statistics through December 1935, together with explanatory notes and references
to the sources of the data may be found in the
1936 Supplement to the Survey.

1936

February 1938
1937

Decem- December
ber

January

Febru- I March
ary

April

May

June

! Septem- October j ^
August ! ber

July

TEXTILE PRODUCTS—Continued
COTTON M A N U F A C T U R E S
Cotton cloth:
Exports
thous. of sq. yd_. 21,713
5,130
Imports
do
Prices, wholesale:
.036
Print cloth, 64 x 60
_dol. per yd—
.055
Sheeting, brown, 4 x 4_
do
Finished cotton clothrf
Production:
Bleached, plain
thous. of yd.. 111,952
59, 924
Dyed, colors
do
4, 590
Dyed, black
do
92,811
Printed
do
Stocks, end of month:
Bleached, dyed colors and dyed black
thous. of y d . . 298,812
143, 307
Printed
do
Spindle activity:!
Active spindles
thousands._ 22. 328
5.726
Active spindle lirs., total
mills, of hrs—
214
Average per spindle in place
hours..
92.0
Operations
pet. of capacity..
Cotton yarn:
Prices, wholesale:
.235
22/1, cones (Boston)
dol. per lb—•
.369
40/1, southern spinning
_do

13, 750
15,123

14 502
15 591

15 892
19 278

20, 339
22, 257

16 320
23 931

17 386
15 090

.086

081
0S6

076
0S6

.079
.089

076
095

069
090

169, 520
140, 508
8,416
134,003

158,507
136,493
7,595
135,817

| 151,363
j 122,232
I 6,415
I 120,758

253,413
122,114

248.338 ! 250,148 200,013
115,428 114,852 | 113,050

24,083 ! 24,400
8,698 I 8,582
315 '
313
135. 4
130.9
.341
.483

16, 418
7,896
.058
.075

.051
.069

156,600 155,279 j 140,065 I 119,672 i 118,956 ! 115,013
135,560 125,154 10S.8S8 | 92,190 ' 88,355 ! 86.792
6,677
7,172
7,729
6,555
6,959 i 7,732
130, 393 120,262 104,410
83,294
86,089 ! 91,578

112, 741
78, 363
7, 154
98, 993

25,805 i 24,116
5,903 , 5,363

17, 511
5,560

262,864
119,571

.065
.085

.063
.081 I

276,273 j 280.983 \ 268,428
125,754 129,359 j 118,383

.049 I
.061 i

.047
.058

119 609 109, 200
79 620 82, 216
4,861
6 674
97 757 83,195

262, 006 277 860 284, 2S1
102, 843 136,177 ! 135,751

272,709
120,338

24,394 ! 24,353
22, 792
24,518 i 24,640 | 24,727 j 24,650 j 24,558
23 837 ! 23,724
6.483
8,352 j 9,607 | 9,175 | 8,562 I 8,595
7,665 !i 8,185
7,658 | 6,92S
355 |
339 j
316 318
284
304
243
285 ! 259
146,6 ! 146.4 i 137.6 i 136,6 121.9 ; 130.5 124.1 i 111.1 105. 2

.317

E A T O N AND SILK
Rayon:
240
713
'737
Deliveries!
1923-25=100.
581
1,494
1, 540
Imports
thous. of lb —
Price, whole-sale, 150 denier, " A " grade
.63
.60
.60
(N. Y.)
dol. per I b . . .
Stocks, producers, end of mo.t
0.2
0.2
no. of months' supply...
Silk:
41, 627 44,198
Deliveries (consumption)
bales.. 21,982
3,781
7,413
7,275
Imports, raw
„ . . t h o u s . of lb-.
Price, wholesale, raw, Japanese, 13-15 (N. Y.)
1.575
2.051
1. 96S
dol. per lb__
Stocks, end of month:
161, 435 180,114 160,944
Total visible supplyt—
bales..
50, 544
United States (warehouses)
do
49, 535 44,414

15,554 | 14,418
10,743 ! 10,576

.344 !
.482

.364 !
.482 I

2,095

^693
2, 467

.60

.60

«• 7 2 1

.303 !
.490 j

.336
.479

'724 i
4,210 j

2,917 i

.311 ]
.452
r
693
2, 389

. 293
.439

.272
.413

r
562 I r 368
1,573 j 1,323

r
(397 i r 693
1,788 1 1,954

.63 !
.63
.63
.63
.63 |
i
0.2
0.2
0.1
0.1 i
0.1 |
40,561
35,783 I 31,399 j 33,557
:
5, 742 35,278
5,521 S 4,015 ! 5,174

0.1

0.1

38,484
6,472

39, 934
5,026

1.993

2.012

1.975

152,808 146,331
49,408 i 41,731

142, 382
40, 8S2

5,148 !

1.827

1. 940

.245
. 3S3

.257
.407

1.1

0.5!

36, 002
5, 054

1.851 !

31, 749
5,865

1.721

36, 372
4, 958

1.873

' 253
22S

.63

.63 !

1.848 ! 130,256 I 141,094 i 152,083 152,857
41, 302 j 45, 556 ] 41, 494 ' 44,183 43, 957
140, 802

. 239
.369

1.648

151,834 1 156.724
40,834
45, 424

WOOL
Consumption of scoured wool:1
Apparel class
thous. of l b . .
Carpet class..
do
Imports, unmanufactured
do
Operations, machinery activity:
Combs:
percent of active hours to total reported..
Looms:
Carpet and rug.—
do
Narrow
do
Broad-.,
—
do
Spinning spindles:
Woolen
do
Worsted
.„
do
Prices, wholesale:
Raw, territory, fine, scoured-.—dol. per lb—
Raw, Ohio and Penn.,
fleeces
- do
Suiting, unfinished worsted, 13oz. (at factory).
-_.doL per y d . .
Women's dress goods, French serge, 54" (at
mill)
dol. per y d . .
Worsted yarn, 32?s, crossbred stock (Boston)
dol. per lb_.
Receipts at Boston, total
.thous. of lb—
Domestic
do
Foreign
do
Stocks, scoured basis, end of quarter, total
thous. of Ib..
Woolen, total
.
do..,.
Domestic
do
Foreign
do
Worsted, total
do
Domestic
do
Foreign
do
MISCELLANEOUS PRODUCTS

10. 419
2,857
6,015
52
30
20
51

27,851
28,814 j 25,722 ! 26,328
11,355 | 12,802 | 12,814 I 12,511
29,037 | 46,890 I 46,292 | 48,528
i
124
123 |
123 |
116
'66 j
52
94

12, 842
38, 201

22,862
10,350
29,990

20,045 ! 20,510 ; 20,044
]
9,571
7,903 ! 8,668
28,518 s 19,302
21,116

122

113

101

72 i
59 j
100 i

74
58
97

70
54
92

68
52
93

65
45

111 !
89 ;

104

98
82

100
82

93
73

1.05
.45

1.08
.48

47
44

'110
92

105

.81

1.06

1.11
.52

1.07
.50

1.04 !
.42 i

1.00
r
42

.49

1,832

1. 955

2.005 j

1.151

1.188

1.955 |

1,139
1.139

;

2.030

I
I!

2.079

1.18S ! 1.207 :

i
1.49 i
1.50 1.46
34,730
28,602 I 38,618
5,126 i 2,407
7,745
36,212 | 26,985
23,476

1.10
1.47
18,911
4.919
6,139
4,201
12, 772
719
117,849 129,204
47, 624 45,763
37, 749 35, 223
9.875
10, 540
70, 225 83,441
54, 567 44,484
15, 658 38, 957

56
27
58

50 i
32 73 !

16, 593
4,926
14, 213

42
28
55

28
22
45

63
46 I
.90 !
.33 j

43
38

84 I

64
56
97

_J 120,526
..! 46,315
. . ! 31,751
I 14,564
! 74.211
26.940
47,271

79
57
l.oo
.43

|
,
i
I

50

1.01
.43

.97
.42

2.079

2.079

2.079 i

1.213

1.213

1.832

1.213 j

2.035

1.168

1.999

142, 554
48,890
33,603
15,287
93, 664
64, 853
28,811

|
j
!
i...
!
! -

, S3
.35

1.980 I

1.213 j 1.213

1.43 1.41
|
1.45 1.45 I
37,978
53,149
I 25,322
38,904
23,340
41,315
i 10,697
36,186
14,638 I 11,833
j 14,625
2,718

10.604
\ 2, 730
10,147

17,304
7,259
16, 896

1.213
1.38
12,129
8, 439
3,691

j 1.40
; 29,237
I 25,796
i 3,442

1.34 I

1. IS

8,753 ! 8,911
5,758 ! 6, 925
2,995 ' 1,986

!r

---

l35,353

i— _

! r 49 893
• 37, 711
r
12, 182
r
85,460
T
63, 820
r
21, 640

'

Buttons, fresh-water pearl:
j
Production
pet. of capacity...
Stocks, end of month
thous. of gross. J
Fur, sales by dealers,
..thous. of dol..; * 1,342
Pyroxylin-coated textiles (artificial leather):
j
Orders, unfilled, end of mo-.thous. linear yd—j 1, 544
Pyroxylin spread
thous. of lb—i 3,366
Shipments, billed
thous. linear yd..I 3,171

I
63.2 I 60.4
64.1
6,746
6,465 i 6,505
5,228
4,839 j 4,855

49.0 j
7,002 !
3,223 j

30.5
7,002
3,185 i

44.5 I
7,099 I
3,994

42.6
7,196
2, 283

38. 2
38. 1
7.193 j 7.385
1, 750 j ' 1, 227

2,876
5,555
5,727

2,886 ;
!
4,958
5,018

3,024
4,317
4,121

3,117
5,982
4,804

3,179
5,481
4,962

2,584 ! 1,731
4,945 i 3,762
4,617 j 3,609

66.3
7,349
3, 941

58.4
6,725
3,983

64.7
6, 612
4,444

3,633
5,648
5,495

4,110
5,965
5,618

5,167
4,731
7,803
5,806 ! 7,412

4,414
7,156
6,766

r
p Preliminary.
Revised.
f Revised series. Data on finished cotton cloth revised beginning 1934; see table 31, p. 19 of the August 1937 issue; for spindle activity revisions for cotton year 1936-37,
see p. 54 of the October 1937 issue. For revised series on rayon deliveries and stocks, see table 43, p. 20 of the October 1937 issue. For revised data on total visible supply of
silk for period July 1930-December 1936, see table 11, p. 20, of the February 1937 issue.
1 Data for January, April, July, and October, 1937 are for 5 weeks ; other months, 4 weeks.




SURVEY OF CUREENT BUSINESS

February 1938

1938
Monthly statistics through December 1935, to- 1937
gether with explanatory notes and references
to the sources of the data may be found in the Decem- Decem1938 Supplement to the Survey.
ber
ber

oo
1937

January

February

March

April

May

June

July

Octo- I No vein
ber ! ber

August

TRANSPORTATION EQUIPMENT
AIRPLANES
Production, totalt
Commercial (licensed) f
Military (deliveries)f
For exportf

..number.
do
__do___
do...

267
107

95 I
65 |

209
125
38
46

181
112
34
35

182
108
33
41

4,424 |
2,339

7,078 '
5,040

246
146
47
53

394
292
65
37

454
285
83
86

367
265
48
54

451
340
54
57

5,739 i 5,047
3,932 ! 3,638

6,799
4,758

33,762 j 35,082
38,270
22,633
22,827
23,447
11,129
12,255 ! 14,823

33, 587
18, 408
15,179

34, 333
19, 275
15,158

28,969
12,066
16,883

171,842
105, 03W
66, 077
728
176. 572

181, 021
113,185
67, 062
774
188,371

184, 397
114,195
69,432
770
175, 215

165, 438
102,919
81,845
674
167, 509

154,578
95,373
58, 585
620
157,199

124,244
103,434
74,210
02,185
49,474 I 40,712
559 I
' 530
75,140 130,004

"48*5
157, 053

85 |
74
41,869
49,638

72
44,162

80
59, 629

79
60,100

62
53, 035

79
70
40,377 j 36,931

70
31,219

AUTOMOBILES

Exports:
Canada:
Assembled, total....
number..
Passenger cars
do..
United States:
Assembled, total
--do
Passenger cars
do____j
Trucks
.
do ]
Financing:
Retail purchasers, total
thous. of dol__i
New cars.,..
do___!
Used cars
do !
Unclassified
do____!
Wholesale (ififrs. to dealers)
do
j
Fire-extinguishing equipment, shipments:
Motor-vehicle apparatus
..number..
Hand-type
do
Production:
Automobiles:
Canada, total
no...
Passenger carsf
do
United State?. totaJf
do
Passenger carsf
do__
Trucks}.
do..
Automobile rims
thous. ofn ^ .
Registrations f
New passenger cars
mir-ber..
New commercial cars
_
__do
Sales (General Motors Corporation):
To consumers in U. S
do___
To dealers, total
do
To U. s. dealers
do___
Accessories and parts, shipments:
Combined index
Jan. 1925=100..
Accessories for original equipment
do
Accessories to wholesalers
do
Replacement parts
do
Service equipment
do

3,551
2,066

3,604
2,772

5, 250
3,330

50, 340
27.590
22 750

35, 289
24,788
10, 501

32, 691
20,069
12, 592

141,036 1 102,021
94, 075
61,437
46, 055
40, 045
906
539
180,442 | 154,260 I
78
28,424

3, 121
174, ^2)
30 Oii

i

27,528
17, 014
10, 514

98. 437 163, 891
55, 421 102, 499
42, 528 60, 665
727
488
123.138 193, 721

I

71 !
50
35,108 i 39,001

39,654

20, 2*8 | 10,583
19, 707
24, 901 17,081
17,941
23, 458
23,841
15 057 ! 14,697
12.927
14,173
19.127
17,980
17, G19
12,513
198,710 j'380, 055 363,995 \r494,277 •536,339 •516,919 497,311 •438,971
125, °,65 ' 309,637 298, 638 403, 879 439, 980 425, 432 431,394 360, 403
73. ' 15! '70.418 ' 67, 359 '90,398 | ' 96, 359 ' 91, 487 ' 85,917 '78, 568
<
1,942 j 2,124
2,022
2,166 I 2, 270 2,190
2,142
1, 702
319,6(3 I 280,615 214, 973
41, 815
'41/JJ2
47,609

363,573 385.277
80, 291
67,882

61, 600
1/3 \"2 j 02,998
2.VJ, 114 ! 103,668 74, 567
l'J7fOu3 ! 70,801
49, 674
119
114
126
98
81

8,097 i
5,478 1

198, 095 198,146 178, 521
260, 965 238, 377 216. 654
216,600 I 199,532 180, 085

164
198
83
113
91

154
178
93
116
99

152
166
124
131
106

157
174
134
139

178
199
92
155
160

152 I
157 I

3,969 I
2, 376
21, 404
6,181
15, 223

10,742
4,417
1, 926
S M ^ O ! 171,203
311,4 V ' 1 IS, 071
c 2,532
M13 I 1. 170

4,055
2, 358

3, 040
2,373

25, 679
36,109
17,348
24,044
8,331 I 11,405

1,8-0 j

357, 531
59, 451

300,411
5b, CM

22". 412
do, 110

153,866
203,139
182,390

163, 818
220, C81
187, 869

88,501
82,317
5S, l e i

174
190
99
167
154

148
153
116
154
127

141
140
118
164
131

149
149
128
164
148

100
176
147
154

170,409
1,732
188, 207
11.0
31,123
19, 525
11, 598

170, 585
1,732
188, 032
11.0
24, 225
14,155
10,070

2,160
43,600
6,326
14,5
77
89
252
220
32

2,1G0
43, 543
6, 226
14.3
76
133
212
183

98,001
58, 801

hbik

107, 21.)

1 ^S, 010
157, U00

391 697 360, 236
58,620
05,857

181
202
103

8,778
5,570

197, ' 'i j 1,0. l s o

153, ib4

130 I

150
174.
136
121
110

RAILWAY EQUIPMENT
(Association of American Railroads)
Freight cars owned and on order, end of mo,:
I
Owned:
Capacity
mills, of lb__ 170, 792 170, 410 170,109 169,887 169,682 169,665 169, 839 169,883 170,102
1,730
Number
.thousands..
1, 745
1,733
1,738
1,732
1,731
1, 730
1, 741
1,729
In bad order.
number.. 184,249 205,146 205, 500 201,960 187, 227 188, 489 192, 286 184,313 186,225
10.8
11.0
10.9
11.9 !
10.9
Percent in bad order
11.1
11.7
11.9
11.3
7,904
Orders, unfilled
.cars..
23,421
44, 708 46,197
37,411
39,729
33, 608
44, 397
41,895
2,896
34,314
17,755 ! 27, 414
35; 814
Equipment manufacturers
do
31, 214
29,577
23, 952
31,802
5,008
5,666
10,394
In railroad shops
do
8,515
10,383
12, 595
13,459
8,194
12,318
Locomotives owned and on order, end of mo.:
Owned:
2,159
2,162
2,167
2,164
2,161
Tractive effort
mills, of ll>._
2,159
2,159
2,160
2,166
Number
j 43, 432 44,035
43, 700
43,875
43,790
43, 766
43, 673
43, 602
43,981
Awaiting classified repairs
number..! 6,316
7,142
7,083
7,350
6,787
6,676
6,956
6,406
7,228
14.5
Percent of total
I
16.2
16.7
16.3
15.9
15.3
15.5
14.7
16.5
74
Installed
..number..!
57
62
67
30
82
95
39
74
124
Retired
do
j
250
132
126
94
126
96
143
119 i
!
131
Orders, unfilled
do !
297
375
296
329
283
362
359
345
108
279
352
259 !
Equipment manufacturers
do
|
288
248
339
334
311
23
18
37 I
In railroad shops
..do I
23
41
35
23
25
34
Passenger cars:
j
39, 932
9,737
Owned by railroads
do..
39,577 j
177
403
424 I
Unfilled orders
do..
(17. S. Bureau of the Census)
Locomotives:
166
Orders, unfilled, end of mo., totalf
do.
384
431
439
433
397
401
373 I
403
155
Domestic
,_.do_,
380
333 !
362
429
429
418
376
398
47
Electric
_
do..
47
77
48
47
64
55
44
108
Steam
do..
333
254 I
285
381
382
354
321
354
33
Shipments, domestic, total f
do..
28
48 !
49
10
34
48
53
24
13
Electric
do..
10
12
1
11
6
12
11
20
Steam
_.do_
18
37
9
23
42
41
13
\
Industrial electric (quarterly):
112
Shipments, total
do.,
109
92
142
105
Mining use
do.
104
80
135
(American Railway Car Institute)
Shipments:
Freight cars, total
do..
2,849
3,513
5,541
6,711
2,644
6,030
2,846
5,720
' 6, 301
Domestic
do_.
2,365
3,483
2,615
6,711
2,766
5,520
6,030
5,705
' 6,297
Passenger cars, total
_
___do_.
36
12
99
73
98
o
q
a
o
o
0
Domestic
do..
36
12
2
99
28
73
3
6
3

170, 791
1,732
186, 017
10.9
18, 231
9, 725
8,506
2,159
43, 488
6,291
14.5
68
134
181 I
157 i

171,085
' 1, 735
184, 873
10. 9
12,511
5, 463
7,048
2,160
43, 482
6, 2 H
14.3
79
85
150
130

39, 599
256

362
321
89
232
37
15
22

320
279
73
206
40
14
26

255
214
54

22 i
190

itiO
01
13 i
40

127
'46
13
33

103
153

6,396
6,383
75
75

6, 530
6,143

46
46

434
6 434
39
39

5, 638
5, 350
19
19

(Railway Age)
New orders:
Freight cars.
_
do..
1,350
• 19, 922 10,881
6,200
10, 532
3,903
1,195
13,046
1,030
1,490
21 i 1, 625
528
r
Locomotives.
do..
1
91
3
39
22
8
0!
13
46
33
29
84
14
Passenger cars
_„ do..
0
34
154
162
52
70
14
1
8
10
13
0 i
0
' Revised.
f Revised series. For 1936 revisions for airplane production see p. 55 of the March 1937 issue. For automobile production in the United States for 1936, see p. 55 of the
June 1937 issue, and for Canadian production of passenger cars during 1936 see p. 55 of the August 1937 issue. Unfilled orders and shipments of locomotives (Bureau of the
Census) revised beginning 1936; revisions not shown on p. 55 of the December 1937 Survey will appear in a subsequent issue.
 not included since June 1937.
S Wisconsin



56

SURVEY OF CURRENT BUSINESS

1936
Monthly statistics through December 1935, to- 1937
gether with explanatory notes and references
to the sources of the data may be found in the Decem- Decem1936 Supplement to the Survey.
ber
ber

February 1938
1937

January

February

March

April

May

June

July

August September

October

Novem
ber

TRANSPORTATION EQUIPMENT—Continued
RAILWAY EQUIPMENT-Continued
(U. S. Bureau of Foreign and Domestic Commerce)
Exports of locomotives,, total
..number..
Electric
_
do
Steam
_
do

INDUSTRIAL ELECTRIC TRUCKS
AND TRACTORS

Shipments, total
...
number..
Domestic
do
Exports
_
.do
SHIPBUILDING
United States:
Vessels under construction, all types
thous. gross tons__.
Steam and motor
_
-do
"Unrigged
do
Vessels launched, all types
gross tons..
Powered:
Steam..
do
Motor...
do
Unrigged..„
_
do....
Steel
do
Vessels officially numbered, all types
gross tons..
Steel
do....
World (quarterly):
Launched:
Number
_
ships.Tonnagethous. gross tons..
Under construction:
Number
-. ships. _
Tonnage...
thous. gross tons..

152
146
6

142
131
11

141
135

162
156

162
158
4

153
149
4

164
158
6

173
164

116
113
3

180
163
17

237
163
73
22,100

281
190
91
4,060

323
225
98
18,018

342
243
99
7,178

380
276
103
8,675

366
266
99
15,124

319
280
39
13, 950

313
273
39
12,984

316
273
43
15, 292

294
250
45
43, 546

16, 614
297
7,137
24, 048
29, 725
21,491

129
122
7

248
180
68
24,048

161
138
23

17,571
0
4,529
22,100

0
0
4,060
4,060

0
10,017
8,001
17, 793

0
140
7, 038
7,178

725
0
7,950
8,675

0
10,256
4,868
15,014

7,550
114
6,286
13,836

0
8, 309
4,675
12,875

7,033
312
7,947
14, 980

39,302
350
3,894
43, 546

44,737
14,879

36, 591
20, 791

66,628
17,557

186,673
24, 765

54, 020
17,308
10,022 ! 6,786

54,693
20, 798

23,738
14,306

7,679
3,269

24, 275
18,889

38,120
31,732

253

2,900

195
479

269
720

291
676

618
2,251

703
2,452

815
2,883

788
2,902

CANADIAN STATISTICS
Physical volume of business:f
Combined index
_
1926 =100_.
Industrial production:
Combined index
do.
Construction
do.
Electric power..
do.
Manufacturing
do.
Forestry
_
do.
Mining
do.
Distribution:
Combined index
.
do.
Carloadings
do.
Exports (volume)
do.
Imports (volume)—
do.
Trade employment.
do.
Agricultural marketings:
Combined index
do.
Grain
.do.
Livestock.
_
do.
Commodity prices:
Cost of living
do.
Wholesale prices
do.
Employment (first of month):
Combined index
do
Construction and maintenance
do
Manufacturing
do.
Mining
„.
do.
Service
do.
Trade.
_
_
do.
Transportation
do.
Finance:
Banking:
Bank debits
mills, of dol._
Interest rates
1926 = 100..
Commercial failures
number..
Life insurance sales, new paid for ordinary!
thous. of dol_.
Security issues and prices:
New bond issues, total
do..
Bond yields
_
percent
Common stock prices
1926=100..
Foreign trade:
Exports, total
thous. of dol__
Imports
do._
Exports:
Wheat
.-.thous. of bu
Wheat
flour.
thous. of bbl__
Railways:
Carloading
thous. of cars..
Financial results:
Operating revenues
^..thous. of dol..
Operating expenses
do
Operating income
do...,.
Operating results:
Freight carried 1 mile
mills, of tons..
Passengers carried 1 mile
mills, of pass..
Production:
Electrical energy, central stations:
mills, of kw-hr._
Pig iron—
_
thous. of long tons..
Steel ingots and castings
«.„
do
Wheat
flour
.
thous. of bbl_.

121.4

118.4

116.9

115.0

118.7

124.0

122.0

126.0

126.5

123.4

123.8

127.4

125.2
64.3
231.8
120.5
135.1
183.8

121.1
40.8
219.4
123.1
150.4
16$. 5

119.4
37.7
223.5
122.8
149.9
156.8

117.7
45.5
225.3
116.4
138.1
170.1

122.4
83.0
237.7
115.4
138.0
161.1

128.8
85.7
239.3
120.3
138.0
185.2

126.1
56.4
232.3
122.3
133.6
191.4

130.6
64.0
239.8
125.1
142.5
201.3

130.9
48.7
233.7
127.2
139.2
215.3

127.2
53.8
231.1
121.4
136.7
212. 3

127.5
56.1
226.9
122.9
153. 3
203.8

132.6
54.2
224.3
133.6
133.8
186.9

110.5
84.4
81.9
90.3
134.1

110.6
85.0
107.6
93.5
129.5

109.8
79.4
107.4
93.3
131.1

107.2
77.7
97.9
84.4
130.5

107.9
80.6
89.0
85.0
131.3

110.2
80.2
106.3
99.0
130.4

110.4
78.9
108.0
90.8
132.8

112.5
78.5
121. 3
99.6
133.5

113.6
85.8
108.1
97.5
133.8

112.2
82.7
115.6
97.9
131.8

113.0
85.1
103.9
101.6
132.9

112.3
77.0
96.7
110.8
135.1

35.5
26.2
77.1

51.0
40.1
99.6

42.0
29.6
97.2

31.4
17.9
91.7

37.3
24.5
94.7

62.3
56.5
88.6

53.1
46.7
81.5

29.3
12.7
103.6

45.7
26.6
131.0

51.6
36.0
121.1

86.1
79.3
116.4

55.3
54.8
93.0

84.3
82.7

81.8
79.6

81.8
81.7

81.9
82.9

82.2
85.5

82.4
86.1

82.9
85.1

82.9
84.6

83.2
87.5

83.8
85.6

83.7
85.0

84.2
84.7

121.6
104.2
116.3
162.3
130.6
139.6
84.1

110.1
80.1
107.0
150.3
122.4
136.0
86.5

103.8
61.2
102.4
145.6
124.8
136.9
81.4

104.1
67.2
105.3
147.6
119.1
128.4
80.7

102.8
52.8
107.6
145. 8
118.9
126.1
79.6

103.0
53.7
110.8
146.0
122.7
127.5
79.5

106.3
71.4
113.8
147.4
125.2
128.4
85.1

114.3
105.2
117.9
151.9
129.0
131.5
86.7

119.1
128.5
119.0
153.6
137.5
133.4
89.4

120.0
139.8
118.1
153.7
141.7
132.2
89.1

123.2
144.5
121.2
159.1
146.6
130.9
89.7

125.7
144.3
121.7
163.9
135.4
133.4
90.4

3,081

3,405
69.7
102

3,227
70.4
82

2,732
74.3
92

3,190
78.5
85

3,376
77.9
83

2,769
74.5

2,892
72.0

2,721
73.1

2,613
72.2

2,734
71.8

2,906
73.1

36,908

34,146

27, 699

30,604

31,998

32,919

31,858

37, 658

32, 364

28,274

27, 514

33,762

81, 355
3.76
147.2

46, 292 158, 364 105,033
3.57
3.73
3.49
132.2
136.2
129.4

109,763
3.50
133.0

50,112
3.46
135.2

54, 271
3.44
118.9

50, 639
3.50
105.8

66,907 101,577 108,857
56, 886 76, 707 75,669

100,142 103, 339
71, 996 69,966

3.41
103.7

94,279
3.34
129.2

207,282
3.37
137.4

100, 539
3.56
142.4

78,486
5.3,125

99,407
52,996

83,416
51, 883

75,691
48,681

89, 359
70,990

6,636
338

20,428
475

9,789
314

5,362
348

4,749
390

3,618
286

8,027
349

12,180
390

8,603
335

206

192

186

214

208

209

214

219

25,140
22. 890
1,146

24,710
22.199
11451

28, 691
24,352
3,106

29,458
24,479
3,857

29,257
25,199
2,901

28,253
25,649
1,466

29,405
26, 381
1,811

2,161
169
2,458
81
98

5, 903
307

10,055
336

289

30,108
22, 579
6,385

204

6,545

95,216 103, 684
70, 240 82,113

2,053
131

1,936
132

2,209
161

2, 362
131

2,104
144

1,832
165

1,919
212

2,326
68
104
1,090

2,318
66
115
1,009

2,147
62
112
1,000

2,412
71
125
1,099

2,323
68
121
1, 052

2,301
78
121
900

2, 255
78
119
1.001

2,188
80
123
1, 087

262

260

32,882
26, 546
5,199

34,781
26,063
7,577

2,739
178

2,883
142

2.195
77
115
1,438

2, 365
81
115
1,489

231
29, 211
26,938
1,092
2,073
205
2,198
75
127
1,043

' Revised.
tRevised
For 1936 revisions
volume
 ife insurance series.see table 37, p. 19, of on the physicalSurvey. of business, see p. 56 of the March 1937 issue. For revised data for period 1930-37 on new paid for ordinary
sales,
the Sept. 1937
U . S . GOVERNMENT PRINTING O F F I C E : 1 9 3 8


INDEX TO MONTHLY BUSINESS STATISTICS

CLASSIFICATION, BY SECTIONS
Monthly business statistics:
Page
22
Business indexes
Commodity prices
23
Construction and real estate
24
26
Domestic trade
Employment conditions and wages 27
31
Finance
_
Foreign trade
37
Transportation and communications _
_
37
Statistics on individual industries:
Chemicals and allied products
39
Electric power and gas
41
Foodstuffs and tobacco
41
Fuels and byproducts
45
Leather and products
46
Lumber and manufactures
47
Metals and manufactures:
Iron and steel__
48
Machinery and apparatus
49
Nonferrous metals and products
50
Paper and printing
51
Rubber and products
52
Stone, clay, and glass products
53
Textile products
53
Transportation equipment
55
Canadian statistics
56

CLASSIFICATION, BY INDIVIDUAL
SERIES
Page
Abrasive paper and cloth
52
Acceptances
_
31,32
Accessories—automobile
55
Advertising
25,26
Agricultural products, cash income received
from marketings of
23
Agricultural wages, loans
31
Air-conditioning equipment
49
Air mail
26
Airplanes
38, 55
Alcohol, denatured, ethyl, methanol
39
Aluminum
50
Animal fats, greases
39
Anthracite industry
22,29,30,45
Apparel, wearing
.
23,28,30,53
Asphalt
46
Automobiles
22, 26, 27, 28,30, 55
Babbitt metal
50
Barley
42
Bathroom accessories
53
Beef and veal___
43
Beverages, fermented malt liquors and distilled spirits
41
Bituminous coal
22,29,45
Boilers
__
__
49
Bonds, prices, sales, value, yields. _.
35,36
Book publication
52
Boxes, paper, shipping
52
Brass
51
Brick
53
Brokers' loans
32
Bronze
51
Building contracts awarded
24
Building costs
25
Building materials
23,47
Business failures
32,33
Butter
41
Canadian statistics
56
Candy
44
Canal traffic
38
Capital issues
35
Carloadings-..
38
Cattle and calves
43
Cellulose plastic products
40
Cement
22,27,28,30,53
Chain-store sales
26
Cheese
_
41
Cigars and cigarettes
44
Civil-service employees
29
Clay products
27,28,30,53
Clothing
23,24,28,30,53
Coal
22,29,30,45
Cocoa
44
Coffee
. . . 23,24,44
Coke
45
Collections, department stores
27
Commercial paper31,32
Construction:
Contracts awarded, indexes
_
24
Costs
25
Highways
24,25
Wage rates
31
Copper
50
Copra and coconut oil
40
Cost-of-living index
23
Cotton, raw and manufactures
23,24,53,54
Cottcnseed, cake and meal, oil
40
Crops
23,40,42,43,53




Page
Dairy products
-23,41,42
Debits, bank
32
Debt, United States Government
34
Delaware, employment, pay rolls
29,30
Department-store sales and stocks
27
Deposits, bank
32
Disputes, labor
29
Dividend payments
36
Earnings, factory
.
31
Eggs__
23,44
Electrical equipment
50
Electric power, production, sales, revenues. _
41
Electric railways
.
•
_
37
Employment:
Cities and States
28, 29
Nonmanufacturing
.
29
Emigration
38
Enameled ware__
48
Engineering construction
24
Exchange rates, foreign
33
Expenditures, United States Government™
34
Explosives
._
.
39
Exports
37
Factory employment, pay rolls—- 27,28, 29,30,31
Fairchild's retail price index
23
Fares, street railways
37
Farm employees
29
Farm prices, index
23
Federal Government, finances
34
Federal-aid highways
24,25,29
Federal Reserve banks, condition of
32
Federal Reserve reporting member bank
statistics
32
Fertilizers
.
39
Fire-extinguishing equipment
55
Fire losses
25
Fish oils and
fish
39,44
Flaxseed
40
Flooring, oak, maple, beech, and birch
47
Flour, wheat
43
Food products
23,28,30,41
Footwear
46. 52
Foreclosures, real estate
25
Foundry equipment
49
Freight cars (equipment)
.
55
Freight carloadings, cars, indexes
38
Freight-car surplus
38
Fruits
22,23,42
Fuel equipment
49
Fuels
45,46
Furniture
47
Gas, customers, sales, revenues
.
41
Gas and fuel oils
45
Gasoline
45,46
Gelatin, edible
44
General Motors sales
55
Glass and glassware
22,27,28,30,53
Gloves and mittens
46
Gold
___
33
Goods in warehouses
26
Grains.
23,24,35,42,43
Gypsum
53
Hides and skins
24,46
Hogs
43
Home loan banks, loans outstanding
25
Home Owners' Loan Corporation
25
Hosiery
53
Hotels
29,30,38
Housing
23
Illinois, employees, factory earnings
29,30,31
Imports
37
Income-tax receipts
34
Incorporations, business
26
Industrial production, indexes
22
Installment sales, New England
27
Insurance, life
33
Interest rates
32
Iron, ore; crude; manufactures
22,48
Kerosene
46
Labor turn-over, disputes
29
Lamb and mutton
43
Lard
43
Lead
22,50
Leather
.
22,24,28,30,46
Leather, artificial
54
Linseed oil, cake, and meal
40
Livestock
22,23,43
Loans, agricultural, brokers', real estate
31,32
Locomotives
55, 56
Looms, woolen, activity.
54
Lubricants
,
29,46
Lumber
23,27,28,47
Lumber yard, sales, stocks
47
Machine activity, cotton, wool
54
Machine tools, orders
49
Machinery
27, 28,30,49,50
Magazine advertising
26
Manufacturing indexes
22
Marketings, agricultural
22
Maryland, employment, pay rolls
29,30
Massachusetts, employment, pay rolls
29,30
Meats
22,43
Metals
_._
24,27,30
Methanol
39
Mexico:
Silver production
34
Milk
„
42
Minerals
22,29,30,45,50
Money in circulation
33

Page
Naval stores
39
Netherlands, exchange
.
33
New Jersey, employment, pay rolls
29,30
Newsprint
52
New York, employment, pay rolls, canal
traffic
29,30,38
New York Stock Exchange
35,36
Oats
_
42
Ohio, employment
29
Ohio River traffic
38
Oils and fats
39,40
Oleomargarine
40
Paints
40
Paper and pulp
23,24,28,30,51,52
Passenger-car sales index
26
Passengers, street railways; Pullman
37,38
Passports issued
38
Pay rolls:
Factory
29
Factory, by cities and States
30
Nonmanufacturing industries
30
Pennsylvania, employment, pay rolls
29,30
Petroleum and products.__ 22,24, 28,29,30,45,46
Pig iron
22,48
Pork
43
Postal business
26
Postal savings
32
Poultry
_
23,44
Prices:
Retail indexes
23
#
World, foodstuffs and raw material
24
Printing
28,30,52
Profits, corporation
34
Public utilities.
29,30,36
Pullman Co
„
38
Pumps
49
Purchasing power of the dollar
24
Radiators
48
Radio, advertising
__
25
Railways; operations, equipment, financial
statistics
38,55,56
Railways, street
37
Ranges, electric
50
Rayon
54
Reconstruction Finance Corporation, loans
outstanding
34
Refrigerators, electric, household
.
50
Registrations, automobiles
55
Rents (housing), index
23
Retail trade:
Automobiles, new, passenger
_.
26
Chain stores:
5-and-10 (variety)
26
Grocery
26
Department stores
27
Mail order
27
Rural general merchandise
27
Roofing
_
_
40
Rice
42
Rubber, crude; scrap; clothing; footwear;
tires
22,24,28,30,52
Sanitary ware
48
Savings deposits
32
Sheep and lambs
43
Shipbuilding
28,30,56
Shoes..
24,28,30,46
Silk
_
23,24,54
Silver
___ 22,34
Skins
46
Slaughtering and meat packing
22
Spindle activity, cotton
54
Steel, crude; manufactures
22,48,49
Stockholders
36
Stock indexes, domestic and world
23
Stocks, department stores
27
Stocks, issues, prices, sales
36
Stone, clay, and glass products
28,30,53
Sugar
- 23,24,44
Sulphur
39
Sulphuric acid
39
Superphosphate
39
Tea
23,24,44
Telephones and telegraphs
38
Terneplate
50
Terra cotta
53
Textiles, miscellaneous products
54
Tile, hollow building
53
Tin
23,24,50
Tobacco
22,25,26,28,30,44
Tools, machine
49
Trade unions, employment
29
Travel
38
Trucks and tractors, industrial electric
56
United States Government bonds
35
United States Steel Corporation
31,36,49
Utilities
29,30,34,35,36,41,55
Vacuum cleaners___
50
Variety-store sales index
26
Vegetable oils
39,40
Vegetables
23,42
Wages
-_._
31
Warehouses, space occupied
26
Waterway traffic
38
Wholesale prices
23, 24
Wire cloth
51
Wisconsin, employment, pay rolls
29,30,31
Wood pulp
51
Wool
54
Zinc
_
.
22,50

Sources of Foreign
Credit Information
The object of this compilation is to furnish a ready reference to the principal sources
of foreign credit information which exist in the markets of the world and to make
known the cost and availability of such data to the American businessman, with the
thought that a more intelligent and possibly a more extensive granting of foreign
credits may be possible to firms justly entitled to credit assistance. In presenting
these data the sources available in the United States are given first, followed by the
sources in other countries.
lUC

Cl COpy

Sixth Revision. 1937, Trade Information Bulletin No. 292

Advertising in Brazil
A study concerned primarily with advertising methods but which necessarily includes
various phases of the Brazilian market. The study is designed to give American businessmen and advertising interests a fully rounded treatment of this most important
subject. Characteristics and data on the Brazilian market are discussed in relation
to advertising. Considerable attention is given various advertising media, the preparation of copy, art and photography, and the situation regarding advertising

10c a copy

agencies
Trade Information Bulletin No. 838

Foreign Graphic
Arts Industries
World Markets for Printing Machinery,
Equipment, and Supplies
This composite survey was undertaken to furnish the graphic arts and related industries with an authentic picture of world outlets for their respective products. The
detailed coverage of the graphic arts industry in each foreign country—as far as
available information permits—serves to show the extent to which products are used
in the commercial, educational, and cultural activities of each foreign area and to
provide the manufacturers of these industries with a reliable groundwork for the
determination of their potential markets.
Trade Promotion Series No. 172

Copies of the above publications may be obtained, at the prices stated, from the Superintendent of Documents, Government
Printing Office, Washington, D. C, or from any District Office of the Bureau of Foreign and Domestic Commerce. Remittance
should be by check or money order, payable to the Superintendent of Documents.