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ANNUAL REVIEW NUMBER
FEBRUARY 1940
SURVEY
OF
CURRENT BUSINESS
UNITED STATES
DEPARTMENT OF COMMERCE
BUREAU OF FOREIGN AND DOMESTIC COMMERCE
WASHINGTON
VOLUME
20
NUMBER 2
1939 IN REVIEW
Business in the late months of 1939 moved
ahead vigorously. Aggressive buying for
future needs which followed immediately
upon the outbreak of war in Europe provided industry with exceptionally large
order backlogs. Production was accelerated
and by the year end many basic manufacturing industries were producing at record
rates. On the surface the cyclical pattern
of 1939 was much the same as in 1938
though activity was on a consistently higher
level. Closer analysis as presented in this
review reveals significant and fundamental
differences. . . . This issue presents a review
of business for the year 1939, summarizing
the changes which occurred in major fields.
Thirty-nine charts have been included. A
summary table is presented on p. 53
which gives comparative yearly figures for
a series of recent years. This provides the
cumulative yearly data usually presented
in the short tables at the end of the regular
reviews in the monthly issues.
Number 2
Volume 20
UNITED STATES DEPARTMENT OF COMMERCE
HARRY L. HOPKINS, Secretary
BUREAU OF FOREIGN AND DOMESTIC COMMERCE
JAMES W. YOUNG, Director
SURVEY OF
CURRENT BUSINESS
FEBRUARY 1940
A publication of the
DIVISION OF BUSINESS REVIEW
M. JOSEPH MEEHAN, Chief
MILTON GILBERT, Editor
TABLE OF CONTENTS
Introduction
National income
Cyclical background
,
Business pattern In 1939
Production:
Industrial production
Agricultural output
Consumption
,
Retail trade
Wholesale trade
,
Inventories
,
Construction
Public utilities
,
Electric light and power
Railroads
,
Employment and unemployment.
Page
3
3
4
5
7
12
14
14
15
16
17
21
21
22
25
Page
Commodity prices
27
Domestic
finance
33
Banking and credit
33
Security markets
36
Federal financial operations
37
International trade and
finance
45
Balance of payments
45
International investments
51
Appendixes:
A. Selected business indicators for specified years and percentage changes
53
B. Legislative summary
55
STATISTICAL DATA
Monthly business statistics
General index
58
Inside back cover
Subscription price of the monthly and weekly issue* of the SURVEY OF CURRENT BUSINESS is $2 a year. Single-copy price: Monthly, 15 cents; weekly, 5 cents*
Foreign subscription*, £3.50. Price of the 1938 Supplement is 40 cents. Make remittances only to
Superintendent of Documents, Washington, D. C,
205737—40
1
1
SURVEY OF CURRENT BUSINESS
February 1940
Monthly Business Indicators, 1929-39
INDUSTRIAL PRODUCTION
140
INCOME PAYMENTS AND CASH FARM INCOME
VOLUME (1923-25=100)
130
A
120
110
\
V
100
90
80
f
f
I
A,
W-MONTHLY INCOME PAYMENTS
11
JV
V
A
\
v
V
70
60
1929
,
!
!
!
»CASH INCOME FROM FARM MARKETINGS
(EXCLUSIVE OF RENTAL & BENEFIT PAYMENTS)
1930 1931 1932 1933 1934 1935 1936 1937 1938 192,9
1929
1930 193! 1932 1933 1934 1935 1936 1937 1938 1939
CONSTRUCTION CONTRACTS AWARDED**
140
80
60
FOREIGN TRADE *
I
VALUE (1923-25=100)
140
VALUE (1923-25=100)
!
120
100
120
MONTHLY INCOME PAYMENTS (1929=100)
CASH FARM INCOME (l924M929=100)
120
-EXPORTS, INCLUDING REEXPORTS
/A
\
V
1L i
\
( CONSTRUC TION
ALL 1"YPES OF
\
/
J \A4-J
/ \
40
20
JU
GENERAL IMPORTS-^
l'\f^\
/-RES 7DENTLAL BUILDINGS
0
1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939
1929
FACTORY EMPLOYMENT AND PAYROLLS
140
1930 1931 1932 1933 1934 1935 1936 1937 1938 1939
WHOLESALE PRICES AND COST OF LIVING
100)
120
100
FACTOt^Y EMIDLOYMl ZNT-^
1JUSTB D)
~ r-
80
60
VT
40
'^•FACTORY PAYROLLS
(UNADJUSTED)
20
0
1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939
1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939
STOCK PRICES
RETAIL SALES *
175
350
(1923-25=100)
AUTOMOBILE SALES (l929~31-100)
DEPARTMENT STORE SALES (1923-25=100)
150
125
100
75
50
25
NEW PASSENGER AUTOMOBILE SALES
0
1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939
1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939
* A D J U S T E D FOR SEASONAL VARIATION
Figure 1.
• THREE-MONTH MOVING AVERAGE
ao 93J2
SURVEY OF CURRENT BUSINESS
February 1940
An Economic Review of 1939
Introduction
economic review of the year 1939 must largely
A^Nrevolve
around two not unrelated phenomena—
recovery and war. Despite the sagging of industrial
production during the early months, the year was
generally one of expanded business activity. From
January to August the sharp improvement of the second
half of 1938 was being consolidated with assurance of
better results for 1939 than had been achieved in the
previous year. The change from the end of 1938 to
August in most economic indicators was not very large;
nevertheless business was in a moderately rising phase
even before the war in Europe started.
It is perhaps strange to recall, in the light of subsequent events, that the small magnitude of the recovery
of industrial production before September, the continued weakness of commodity prices, the restricted
activity on the stock exchange, and the comparatively
low level of capital investment were widely attributed
to the threat implicit in unsettled political conditions
abroad. When European war became a reality at the
beginning of September, its repercussions on domestic
business were anything but depressive. It changed the
moderate recovery into a sharp and vigorous expansion
that in its early stages had the characteristics of a
speculative boom. Prices of commodities and equity
shares rose rapidly, while securities which were selling
on a yield basis experienced a marked decline. A forward buying movement developed immediately and
was followed by a rise in purchasing of producers' goods
that pushed production forward at a spectacular rate.
By December, industrial production on an adjusted
basis was the highest on record. All this occurred
without a significant rise in exports—the area in which
the impact of war-resultant demands would be focused
—until the sharp, nonseasonal increase in December.
Although the outlook was being viewed less optimistically by the middle of October and although the seeds
of a decline had already been sown, business activity
was maintained at an expanded rate through the end
of the year. This marked business rise of the final
third of 1939 contributed materially to the substantially better results which the year as a whole presents
over 1938.
Expansion of the National Income.
An over-all measure of the improvement in 1939 is
afforded by the national income. The net value of
goods and services produced during the year is estimated
at 68.5 billion dollars, a gain of 4.5 billion or 7 percent
over 1938 national income of 64 billion dollars. As
averages for prices and living costs were little different
for the 2 years, this change indicates quite accurately
the gain in real income. The year brought a renewal
of the upward trend in the national income which began
in 1933 and was interrupted only in 1938, as can be
seen in figure 2. In contrast with 1938, when business
enterprises drew heavily on accumulated resources to
meet their current income payments, final data for 1939
are expected to reveal that business savings and losses
(defined as the aggregate of undistributed earnings and
of deficits after the payment of dividends) were in
approximate balance. This elimination of business
drafts, which amounted to approximately a billion
dollars in 1938, was accompanied by a rise in the volume
of income payments from 66.3 billion dollars in 1938
to 69.7 billion in 1939 (seefig.2).
The dollar total of income produced in 1939 compares
with the 1929 figure of 82.7 billion and the 1937 aggregate of 71.9 billion. The question of what this means in
terms of real income—that is, actual goods and services—is a difficult one to answer because of the shifts in
the types of income produced and the radically altered
price structure. Evidence of a generally related nature
indicates on a rough approximation that real income, or
the dollar total adjusted for price changes, was about
the same in all 3 years. The 1939 national income of
68.5 billion dollars was approximately 14 billion less
than the record total of 1929. This 17-percent difference, however, was accompanied by differences of 19
percent in wholesale prices and 15 percent in the cost of
living. Neither of these price series is adequate for
correcting the dollar figures for price changes, but they
indicate that the quantity of goods and services produced in 1939 was very nearly the same as that of 1929,
despite the large variance in the dollar figures. Likewise, the difference between 1939 and 1937 income of 5
percent must be associated with the wholesale price
decline of 11 percent and the reduction in the cost of
living of 4 percent. What cannot be lost sight of in
comparing income at both ends of the decade, however,
is the increase of population, estimated to be about 8
percent, which means that real income per capita was
significantly smaller in 1939 than in 1929.
As a result of the higher rate of economic activity,
particularly in the final quarter of 1939, the business
earnings for the year were far ahead of the 1938 results.
Dividend disbursements increased markedly in the final
quarter of 1939, and the total for the year was $4,250,000,000, $550,000,000 higher than in the preceding year,
though they were considerably less than in 1937.
Interest payments in 1939 were not much different in
total from those in the preceding year.
Aggregate salaries and wages showed a marked rise
in 1939, and labor's share in the total flow of income
payments increased. The relatively sharper rise in
labor income was in large part the result of the marked
increase in activity in manufacturing, since labor's
share of income in that industry is considerably above
its portion in all industries combined. The rise in
SURVEY OF CURRENT BUSINESS
labor's share of income flowing to individuals occurred
notwithstanding a 275 million dollar decline in workrelief wages. Pay rolls in manufacturing industries
alone are estimated to have increased by approximately 1.5 billion dollars, or one-eighth, over the 1938
total.
INDEX NUMBERS, 1329 = 100
100
INDEX NUMBERS, (929 = 100
{PAYMENTS TO 1/ETERAbS
fSQCIfiL
5fcmry
_
'/////-/,7XS^
'VIDENDS ANL
3mnTS
AND OTl'fff MJR INCOME
r DIRECT AND OWE f.
I
90
I
80 i
70 |
'^^M^$T^jI^NJi^ik ^%^^%^f^
60
50
February 1940
modity-producing industries as a whole had a dollar
contribution smaller relative to 1929 than that of other
groups.
Rise in Profits.
The improvement in business profits was shared by
all major groups, notably by railroads, industrial concerns, and public utilities. The rise in profits was very
substantial in the last quarter, but, even in the first 9
months, earnings were higher than during the corresponding period of 1938. The trend of profits of
industrial corporations is indicated by the data in
figure 26. Although the earnings of this particular
group of corporations averaged less in the first 9 months
iNDEX NUMBERS, 1929=100
14 01
40
30
Figure 2.—Indexes of Income Payments by Type of Payment, 1936-39
(U. S. Department of Commerce).
All the major groups distinguished in figure 3 conCOMMODITY PRODUCTION
tributed, though in varying degrees, to the material
improvement in income during the past year. Particularly marked was the increase in the contribution of
1929 1930
1931 1932
1933
1934 1935
1936
1937
1938 1939
the commodity-producing industries—those which exFigure
3.—Indexes
of
National
Income
by
Major
Industrial
Sources, 1929-39
perience wide cyclical fluctuations. Despite the wide
(U. S. Department of Commerce).
gains over 1938, this group remained farther below the
recovery peak of 1937 than the other producing groups. of 1939 than the last-quarter peak of the preceding year,
Manufacturing industry experienced the largest in- the average for the first 9 months was 148.5 million
crease. Contract construction also improved, and the dollars per quarter in 1939—more than double the
mining industry showed a gain despite the bituminous comparable average of 70.5 million in 1938.
The indicated rate of earnings on net worth for the
coal shut-down of the spring. Agricultural income
experienced only a slight advance over 1938, and this industrial corporations rose markedly in the final
was traceable to a marked increase in government bene- quarter of 1939; the profits for this period were much
fits. Income from marketings of crops and livestock better than those for the year as a whole. Data for
370 manufacturing corporations, tabulated by the
was 1.5 percent greater than in the preceding year.
The distributive industries also contributed notably National City Bank of New York (including those
to the 1939 rise in national income, with steam railroads whose fiscal year closed prior to December 31) reveal
making the best showing on a percentage basis. More- that earnings in 1939 for this group represented 7.5
over, the product of the distributive industries was the percent of net worth at the beginning of the year, or
same as the dollar total in 1937. The service industries about double the return of 3.6 percent calculated for
as a group have experienced only minor changes over the same group for 1938. For the year, the rate of
the past 2 years, and for 1939 showed but little im- earnings was less than in 1937 because of the comprovement over a year ago. Government's contribu- paratively high returns under conditions of sustained
tion to the national income was practically the same in activity during the first 8 months of the earlier year.
1939 as in 1938; the regular pay rolls of the Federal, While additional reports are necessary to measure the
State, and local Governments continued to expand as in actual changes, sufficient information is available to
recent years, but this increase was largely offset by a indicate that cost-price relationships are such that rising
considerable reduction in work-relief wages (not shown volumes have been accompanied by sharply advancing
profits.
in the chart).
Government in 1939 was the only major sector of the The Cyclical Background.
economy where the contribution to the national income
Of more interest and importance than the gain in
was larger than the 1929 dollar volume. The com- income for the year as a w^hole is the cyclical pattern
February 1940
SURVEY OF CURRENT BUSINESS
of business during the year, the course that was charted
as the year developed, and the economic situation and
prospects as they appeared at the year end. A brief
discussion of the cyclical background is necessary for
an understanding of this movement.
As is well known, the recovery from the depression
lows of 1932-33 ended with a speculative inventoryprice rise which reached its peak about the middle of
1937. Leaving aside the problem of the underlying
causes of the movement from July 1936 to April 1937,
the facts are that Moody's price index rose 22 percent,
while inventories were increased from January to
September of 1937 by probably more than 2,500 million
dollars. There ensued a precipitous decline during the
latter part of 1937 in most phases of economic activity,
and this continued, though at a slower pace, for the
first 5 or 6 months of the following year.
The set-back in industrial production, spurred on by
a liquidation of inventories, was particularly large;
from peak to trough, May 1937 to May 1938, the
Federal Reserve Board's unadjusted index dropped 37
percent, with two-thirds of the decline accounted for by
the durable-goods component. The decline in sensitive
prices was of similar magnitude, as is indicated by
the fall of 35 percent in Moody's index from May
1937 to May 1938. No doubt these declines magnify the severity of the recession in economic activity
generally. A more accurate picture of its impact is
indicated by the reduction of approximately 12 and 10
percent in income payments and nonagricultural
employment, respectively, from the peak to the trough
in each of these series.
While this evidence need not minimize the sharpness of the downswing experienced over a relatively
brief span, the fact remains that the movement fortunately was not transformed into a vicious deflationary
spiral. By the middle of 1938 the trend was definitely
reversed. This must be attributed primarily to four
favorable elements in the situation:
1. Construction activity was well maintained during
the production downswing and, although there was
some dip in new contracts awarded in the second half
of 1937, a sharp and early pick-up—especially in
residential awards—came in 1938.
2. The volume of exports, even without the unusually
heavy grain shipments, held at a relatively high level
during the fiscal year 1938 and gave support to the
domestic business structure.
3. The net contribution of the Government to the
flow of purchasing power was sharply increased under a
broad program designed to effect a quick revival.
4. All effort was made by the monetary authorities
to establish extremely easy conditions in the money
market, with the result that interest rates declined
markedly.
As a consequence, a period of revival got under way
somewhere around the middle of the year. Stock prices
turned up as early as May, and industrial production
began to rise perceptibly by July. In the sense that
production of new investment goods—even including
that represented by Government outlays—formed a
smaller proportion of the national income than was
usual during the 1920's or even in 1936 and 1937, it was
a consumption recovery. Under this condition of
comparatively low volume of new investment, the
lower level around which prices hovered contributed to
the magnitude of the expansion. With inventories
being liquidated at a much slower rate, industrial production expanded rapidly. From June to December
there was a gain of 35 points in the Federal Reserve
index—a recovery of more than half the loss*off;the
previous year. The adjusted index of income payments 1 rose from 79.9 in May (1929 = 100) to 83.4 by
the end of the year, and there was a corresponding increase in consumption, as indicated by the data on
retail trade.
Business Pattern in 1939.
Developments during 1939 in various sectors of the
economic structure form the subject of the following
pages of this review. Here, only the broad outlines of
the movement can be blocked in, especially as they are
reflected in fluctuations in income payments.
By the beginning of the year, the factors responsible
for the recovery in 1938 had spent their expansive powers. During the first half of 1939 the economic machine was operating on a relatively even keel, allowing
for the usual seasonal movements. Of course, there
were changes—expansion in some spheres and contraction in others—but by and large they acted as offsetting
influences. Construction activity, for example, was
expanding, while industrial production showed some
recession. Consumption was increasing slightly with
the easing of prices; inventories were on a gentle downgrade. But with private capital investment not increasing and with the Government program operating
at a steady pace, with inventories at best a neutral factor and with no significantly added stimulus from
abroad, the situation essentially lacked any dynamic
quality. This can be seen in the movement of income
payments from January to July shown in figure 4.
During that period the fluctuations in this index were
very slight.
Thus, the first half of the year was not marked by a
real change in trend, from slightly down to slightly up,
as might be suggested by the change in industrial production. Viewing the situation from the movement of
industrial activity, the first half of 1939 appears much
the same as the corresponding period of 1938, although
in the later year operations were at a consistently higher
level. But the difference is evident from the widening
1
"Income payments" differ from "income produced" by the inclusion in the latter
of the net savings of business units (after dividends and withdrawals), the employer
and employee contributions to the Social Security funds, and the exclusion therefrom
of direct relief, social-insurance benefits, and similar disbursements for which no
services are currently rendered.
6
SURVEY OF CURRENT BUSINESS
of the gap between the curves of income payments for
the 2 years as is shown in figure 4. The fore part of
1938 was the end of a deflationary movement, while no
deflating tendency was revealed during the similar
period of 1939.
In August, for the first time in 1939, the adjusted
index of income payments rose significantly above the
December 1938 figure. Much has been made of the
fact that economic activity was expanding prior to the
outbreak of war, but it may be doubted whether this
upward trend had the staying power to carry total
activity to an appreciably higher level. There was
INCOME PAYMENTS
NDEX NUMBERS, 1929 = 100
95
90
(939
^ ~ ~ ~ ^ '
85
.
^
—
^
60
75
1
1
1
INDEX NUMBERS, 1923-25 = 100
140 I
I
i
1
1
1
1
!
!
INDUSTRIAL PRODUCTION
DEC.
DD-fO-37
Figure 4.—Indexes of Income Payments and Industrial Production (Adjusted for Seasonal Variations), 1938 and 1939 (Income Payments, U. S.
Department of Commerce; Industrial Production, Board of Governors
of the Federal Reserve System).
not much evidence of a sizable increase in any of the
basic demand factors which determine the volume of
total production and employment. However that
may be, neither the character nor the magnitude of
the expansion which followed the outbreak of war had
much to do with the prior trend of industrial activity.
From the very beginning of hostilities there was an
immediate and spectacular change in the situation.
The pound, the franc, and related currencies depreciated sharply in foreign-exchange markets as a large
volume of foreign funds sought refuge in the United
States and as official support was withdrawn from
sterling. Early in September, commodity prices began
a steep rise as a forward buying wave developed. Even
consumers were affected by the prevailing sentiment
to the extent of purchasing unusual supplies of staple
foodstuffs. Orders piled up for a broad range of semi
February 1940
manufactured and finished goods, and manufacturing
operations were stepped up to meet the new demand.
Naturally the producers of more standardized materials
felt the impact of the buying wave first; but, after
several weeks, makers of all types of highly processed
goods were receiving an enlarged flow of new business.
As a consequence of the large backlogs so quickly accumulated, industrial production was stepped up at an
unusual rate during September and October. By the
end of the latter month many industries—for example,
steel, machine tools, shipbuilding, aircraft, rayon, and
paper—were operating at a rate which taxed existing
capacity.
The suddenness of the move is a clear indication of
the extent to which it rested upon a change in expectations. Especially in its initial phases the basis of the
rise W2S forward buying for inventory purposes in anticipation of a rise in prices and a shortage of supplies that
was expected to result from the war. As the production
rise gained momentum, there was a marked increase in
the rate at which business was making equipment commitments, although there was only a small increase in
the volume of new factory contracts awarded. But
no material stimulus from abroad had as yet developed.
Exports from September to November did not advance
more than seasonally, and on balance little new foreign
buying occurred except in a few lines, such as aircraft,
machine tools, and trucks.
Within a relatively short time a calmer attitude came
to prevail as the real nature of the underlying situation
was apprehended. Sensitive prices reached their peak
by the middle of September and thereafter began to
ease off from their "highs." The buying spurts in nondurable goods and a few semifinished durables reached
a top during September, and by the middle of October
new orders for these commodities were around their
August levels. For many durable goods, particularly
industrial equipment, new business was higher in October than in September, and in some lines was holding
at this improved level in November.
Production was increased somewhat further in November, but by the final month of the year there was
a slight (much less than the usual seasonal) contraction. Toward the end of the year the high rate of
industrial operations was maintained at the expense of
the enlarged backlogs of unfilled orders. Generally
speaking, unfilled orders were being reduced in nondurable-goods industries by the end of October and in
durable-goods industries by the end of November.
Despite the rise in capital-goods commitments and in
the actual expenditures which occurred, inventories
were being accumulated at a rapid rate throughout the
fourth quarter of the year. Although there was a
change from the highly optimistic sentiment of September during the final months of the year, the feeling
still prevailed that the war did make a difference.
Prices of both commodities and equities remained above
February 1940
SURVEY OF CURRENT BUSINESS
August levels, and there was no disposition, as the year
ended, to shorten inventory positions. Considering the
high rate of industrial operations and the large increase
in earnings which was assured for the fourth quarter,
however, stock prices were weak from the middle of
October to the end of the year, reflecting the doubts
which were being entertained about business prospects.
Furthermore, there were no signs of increased demands
in the market for new capital. The two most interesting developments during December were a renewal of
the rise in certain agricultural prices and, for the first
month since the war started, a significant increase in
exports.
By-way of summary it may be noted that the expansion in economic activity which came during the last
4 months of 1939 resulted in a spectacular rise in income payments, the magnitude of which can be seen
in figure 4. On an adjusted basis the increase in this
index was from 85.4 in August to 89.8 in December.
What a rise of this magnitude means is that by December income payments were being made at an annual
rate of 73 billion dollars, compared with the midsummer
flow of slightly over 68 billion. As a consequence consumption increased during this period, and, in fact, at
about the same rate as income payments, although
both consumption and income payments rose much less
than production.
The record for the year was thus one of progress,
greatly accelerated during the final 4 months. At the
end of the year, however, the economic situation was
definitely not one in which the high December rate of
activity would be maintained. The expanded volume
of production had been based in large part upon investment in inventory, and by the end of December it was
evident that that movement would not continue much
longer. Hence, the prospects for early 1940 were for a
decline in business volumes as the rate of inventory
accumulation fell off. The reduced flow of new orders
and the cutting down of backlogs pointed in this direction.
At the time, there did not appear to be any new
demand factors in immediate prospect of sufficient
magnitude to offset a cessation of inventory investment
and thus to hold productive activity at existing levels.
Business investments, apart from inventories, had
undoubtedly increased, but the extreme quiet in the
new-issues market did not indicate expansion in this
sphere for the months ahead. The export returns for
December showed a large gain, and prospects as 1940
opened were for demands from abroad to be much
larger than in the opening months of 1939. But the
probable increase in this sphere during the early months
of 1940 could hardly be large enough to fully cancel the
inventory factor.
Production
Industrial Production
The pattern of industrial production as shown by
the Federal Reserve index of industrial production
was superficially much the same in 1939 as in 1938.
In the first half of each year there was a small initial
decline followed by a leveling off and equivalent recovery, which left the midyear index at approximately the
opening level. In the latter half of each year there
was a sharp advance that carried the index to a December figure approximately one-third higher than the
average for the first half. The only noticeable difference to be seen in a chart of this index (seefig.4) is that
the 1939 monthly values were more than one-fifth above
the corresponding monthly values of 1938.
Analysis reveals, however, that this similarity is
indeed superficial, and that tremendous differences are
concealed within the similarity of the over-all movements. In 1938 the initial decline was the tail end of
the sharp recession that occurred in the last 4 months of
1937; it brought production to a point low enough to
make possible a liquidation of the inventories that had
been accumulated up to the third quarter of 1937. In
1939, on the other hand, the movement during the first
half constituted merely a plateau in the recovery;
production and consumption remained closely in balance and there was comparatively small change in the
total volume of inventories.
The recovery in the second half of 1938 was a rebound
from the depressed levels of the first half; incomes and
consumption had been rather well maintained, and the
flow of goods through our markets provided a firm base
upon which to build a higher level of production. The
recovery in the last half of 1939, on the other hand,
represented a forging ahead of production to levels that
would allow the building up of larger inventories and
the provision of some additional capacity through new
equipment; it was stimulated by recollections of the
large demands that had been made during the 1914-18
war and by the speculative urge to take advantage of,
or protect against, possible price increases or delivery
delays.
In short, the pre-war recovery from the 1938 lows
was based upon increased consumers' outlays and larger
orders for Government account, particularly public
construction; while the recovery after August 1939 was
based upon producers' efforts to anticipate needs that
would develop under conditions of large-scale war. In
1938 the general level had been lifted by increased activity in lines that ultimately enhance the Nation's
consumption, and in the sharp spurt of 1939, it was
pulled up by activity designed to increase the volume
of inventories and the ultimate level of production.
8
SURVEY OF CURRENT BUSINESS
The motivation, the sources of the greaterflowof purchasing power, and the types of situation at the opening and
the close of these years were strikingly different in spite
of the similarity in the broad movements of the index.
Table 1.—Indicators of Change in Selected Manufacturing and Mining
Industries »
Percent change
Item
1939 from
1938
Foods:
Animal fats
Butter
.
.
Meats
_
Sugar meltings
Vegetable oils
Wheat
flour
...„
Textiles and apparel:
Boots and shoes
.
Cotton consumption
„
Hosiery
Rayon-yarn deliveries._
-...
Silk deliveries
Wool consumption.
_
Paper and pulp.
Book paper, uncoated..
Newsprint paper
.
Paper, total
Paper, wrapping
Paperboard
_.-.
Paperboard shipping boxes
.
Wood pulp
.
Fuels:
Anthracite coal
.
Bituminous coal
---.
Coke
—.
Electric power....
.
Fuel oils ^
.
Gas, manufactured...
Gas, natural
Gasoline, refined
_
Automotive:
Glass, plate
_._
Passenger automobiles
Rubber tires and tubes.
Trucks
Building materials:
Brick, common
Cement
..__.
Glass, window
.
Lumber
.
Paint, varnish, and lacquer
Roofing, prepared
Metals:
Lead, refined
Pig iron
Steel ingots
Zinc, slab
.
Machinery and equipment:
Air-conditioning equipment
Electrical goods
Electric overhead cranes
Electric refrigerators
Electric washing machines
Floor vacuum cleaners
Foundry equipment
Freight cars on order
Oil burners
Woodworking machinery
Steel barrels
Miscellaneous:
Cigarettes..
Furniture
.
Glass containers—
Lamps, incandescent
.
Tanning
+19
o
+8
-4
+1
+1.1
+7
+25
+11
+33
Percent change
December
1939 from
December
1938
2+24
-4
+15
+13
2+9
+6
+30
-7
-40
-23
+18
+15
+19
+14
+28
+17
+19
+27
+3
+23
+20
+30
+14
+25
+10
+14
+36
+12
+5
+5
+10
+7
2+2
2+17
+41
+30
+15
+62
+16
_}_14
+
£
+10
+9
+9
+46
+15
-9
+26
+18
+18
+19
+17
+26
-4
+ 21
+68
+65
+ 18
+37
+70
+65
+28
+42
+38
+40
2+59
+69
+72
+15
+24
+95
+629
+51
+11
-29
+51
+26
+ 11
+48
+134
+55
+31
+43
+ IS
+11
+21
+20
-9
+10
-3
-20
+4
-5
+15
+39
+65
+43
+38
+46
1939 from
1929
+1
+12
+10
December
1939 from
December
1928
3
+8
+28
+2
-10
+30
+22
+17
+178
-38
+282
-53
-33
-32
+8
+21
+8
+42
-31
—I"7
-19
+36
+10
+2
+33
+37
*—42
+9
+55
+11
+51
-6
-38
-21
-8
+75
•+83
-23
+ 163
-28
-22
-13
-14
0
+19
-36
-25
-16
-15
+12
+29
+15
-18
-68
2+17
-30
-10
-25
-59
+192
-81
-73
+45
+46
+53
+70
0
+9
+130
+26
-12
-15
i For sources of basic statistics, see the 1938 Supplement and current issues of the
Survey of Current Business, except for incandescent lamps, which are from Electrical Merchandising, issue of January 1940. Data represent production 0unless
otherwise stated and except as follows: Cigarettes are tax-paid withdrawal from
bonded warehouses; electrical refrigerators, paint, varnish, and lacquer, passenger
automobiles, floor vacuum cleaners, electric washing machines, and incandescent
lamps represent manufacturers' sales; manufactured gns and natural gas are sales
to consumers; glass containers, hosiery, common brick, foundry equipment, electric
overhead crane?, paperboard shipping boxes, prepared roofing, oil burners, and
woodworking machinery represent factory shipments; air-conditioning equipment
and electrical goods are new orders placed with manufacturers; furniture data are
derived
from an index of plant operations.
1
Fourth-quarter comparisons.
Some estimate of the part played by the various
types of commodities can be made from the data in
table 1. This table indicates the extent of the increases
from 1938 to 1939, distinguishing between changes in
February 1940
the annual averages and changes from December to
December. Since recovery took place in two stages,
roughly in the latter half of each year, the commodities
making the greater part of this recovery in 1938 show
relatively large changes from the 1938 average to the
1939 average, while those making the greater part of
their recovery in 1939 show relatively large changes
from December 1938 to December 1939. The latter
are, of course, the group whose recovery was based
primarily upon factors connected with the war-stimulated advance.
It may be noted that some of the products listed in
this table, such as steel and cement, show no important
differences as between the average and the December
comparisons. These products are, in the main, materials undifferentiated as to consumer or producer
uses. They fall into an intermediate position because
they are subject to all the influences affecting production in these years.
Table 1 also provides comparisons between 1939
production and the prosperity levels of 1929, in cases
where data are available for both these years. Data
for 1928 rather than 1929 are used for the December
comparisons, because of the large decline that took
place in the latter part of 1929. The most favorable
comparisons with 1929 are made by consumers' goods,
especially products favored by special long-term
trends, such as cigarettes, rayon, gasoline, and electric refrigerators. Most consumers' durable goods, on
the other hand, failed to reach the peak levels of the
1920's, and most producers' goods were still lagging far
behind, although this disparity was in many cases
greatly reduced by the year end. Some commodities
that lagged-—coal and silk, for example—-were affected
by increasing competition from other commodities; and
special influences affect a few comparisons, such as the
changing seasonal for automobiles. The broadest distinction, however, runs along consumption and capital
goods lines, and somewhat less definitely along nondurable and durable goods lines.
The tendency of durable goods to show a less substantial recovery may be observed in the Federal
Reserve indexes of manufacturing production, which
are presented in figure 5. From the beginning of the
depression to the middle of 1939, durable-goods production was in a definitely lower position. This may be
observed most readily in the annual data. The 1939
durable average of 95 (1923-25 = 100) was 22 percent
below its 1929 average of 122 and 11 percent below
its 1937 average of 107. The nondurable average of
112 for 1939, on the other hand, was only 4 percent
below its 1929 average of 117 and was approximately
2 percent above its 1937 average of 110. This failure
of durable goods to reattam its pre-1930 level has been
a fundamental feature of the great depression.
Under the stimulus of the September buying wave,
however, the durable-goods index moved upward with
9
SURVEY OF CURRENT BUSINESS
February 1940
exceptional rapidity and before the end of the year
exceeded the more stable non-durable-goods index.
This had occurred only once before since the beginning
of the depression. On that earlier occasion, the higher
relative level for durable goods was accomplished, in
part at least, because nondurable production had
already begun the downturn from its early 1937 highs.
On the present occasion the movement was only a
cent as compared with 1938, but were still almost 20
percent below the 1937 level. As in other recent years,
the comparisons are less favorable for plant than for
equipment expenditures. Plant expenditures rose
about 4 percent from 1938, recovering only 15 percent
of the loss from 1937 to 1938. Equipment expenditures, on the other hand, rose almost one-fifth from
1938 to 1939, recovering 40 percent of the previous
loss. This difference should be typical with respect to
outlays for these classes of producers' goods during a
depression. The need for new equipment rises as old
equipment wears out or becomes obsolete; but fixed
plant facilities are relatively permanent, and additions
are not required until output approaches capacity levels
except insofar as they are affected by the development
of new industries.
Table 2.—Estimated Expenditures for New Durable Producers* Goods
[Millions of dollars]
1929
1930
193!
1932
1933
!934
!935
1936
!937
!936
1939
j
Year
Figure 5.—Indexes of Manufacturing Production, 1929-39 (Board of Governors of the Federal Reserve System).
ComMining Agri- mercial
Rail- Electric Tele- Trans- Other
and
utiliand
misculTotal roads
power phones it
manu- ture
ties facturing
cellaneous
Equipment
NOTE.—Durable manufactures include iron and steel, automobiles, lumber, shipbuilding, locomotives, nonferrous metals (including copper smelting through 1031
only; comparable data are not available subsequent to that date), cement, polished
plate glass, and coke; nondurable manufactures include textiles, leather and products,
foods, tobacco products, paper and printing, petroleum refining, and automobile
tires and tubes. Indexes are based upon physical volume and are adjusted for
seasonal variations.
month old. mul both indexes were still moving up. By
December the durable-goods index had reached a figure
of 1.41, approximately 18 percent above the corresponding figure of 120 for the non-durable-goods index.
For the purposes of analysis, however, the nature
of the underlying differences between the recoveries of
1938 and 1939 is obscured as well as clarified by the
comparison of the indexes of production for durable
and for nondurable goods; for these indexes do not
distinguish clearly between consumers' and producers'
goods and the separate forces affecting each. The
durable-goods index cannot be considered primarily an
index of producers' goods; it is dominated by steel,
automobiles, cement, and related commodities, which
are destined directly or through construction processes
to consumer as well as producer uses. Similarly, the
non-durable-goods index, while more directly a consumers' goods index, exhibits the effects of inventory
accumulation in the post-war period; for example such
accumulation occurred in textiles, the most important
component of this index.
Producers' Goods.
Estimates of total annual outlays for new plant and
equipment, as compiled for the Board of Governors of
the Federal Reserve System, are presented in table 2.
According to these estimates, total expenditures for
new producers' goods in 1939 were up almost 14 per205737—40—2
1920
1930....
1931....
1932
1933
1934....
1935
1936
1937
1938
1939
5,595
4, 572
2,941
1. 607
1,504
2,307
3,091
4,133
5,276
3,613
4,284
337
344
76
38
16
96
83
167
337
121
210
387
426
280
136
61
69
93
143
228
240
213
287
302
254
173
129
141
158
199
248
230
243
53
39
63
32
25
48
77
64
62
42
53
113
112
69
41
22
26
29
43
45
38
45
2,155
1, 504
920
543
619
936
1, 255
1,675
2, 069
1. 240
1, 650
613
507
265
117
130
241
411
542
697
5S2
520
1, 650
1, 338
1,014
527
502
750
985
1,300
1,590
1,120
1,350
256
186
174
86
35
47
57
92
117
1, 441
1,037
515
387
373
524
552
728
1.053
755
775
379
223
146
74
104
115
180
187
222
182
175
1,186
997
582
289
155
190
225
289
403
339
355
Plant
1929
1930
1931
1932
1933. .,__
1934
1935
1936.
1937
1938
1939.. . .
4,562
3,768
2, 182
1,192
867
1,129
1, 258
1,650
2,294
1, 776
1,851
503
521
284
126
85
122
83
139
188
117
152
387
409
258
121
52
57
73
108
172
182
160
328
310
154
80
42
44
48
62
100
88
90
82
85
69
29
21
30
40
45
39
41
54
90
Source: Board of Governors of the Federal Reserve System.
The movements of these expenditures within the
year are even more important for an understanding of
the current situation than are the broad movements
of the subgroups as shown by over-all annual estimates.
New business booked by many machinery manufacturers in the fall of 1939 is reported to have exceeded
all previous records. Buying for armament programs
undoubtedly was a leading factor, though accelerated
placement of domestic orders occurred in many cases
in anticipation of price increases, which, however, did
not materialize. At the end of the year, the backlog
of unfilled orders was reported as still at a high level.
The index of machine-tool orders maintained a fairly
steady upward move from the 1938 lows through the
middle of 1939. In the summer months, from May
through August, it stood at an average level of 217
(1926 shipments =100), as compared with an average
10
SURVEY OF CURRENT BUSINESS
of 210 for the first 6 months of 1937 and 88 for the first
6 months of 1938. This index was not published after
August, but it was announced that the previous high
record of 283 in April 1937 was surpassed in the later
months of 1939. This tremendous burst in activity
was the very center of the war boom. What requires
explanation is the early high levels; and in that connection, armament programs again appear, especially
in foreign orders and aircraft, although the earlier
shift to the new models in the automobile industry
also made some contribution.
Most other monthly data on machinery and equipment show a more definite distinction between trends
in the early and in the latter part of the year. The
flow of new orders—as indicated by data for such items
as foundry equipment, iron and steel castings, steel
office furniture, air-conditioning equipment, pumps, and
transmission and distribution equipment—gradually
moved upward from the 1938 lows through August of
1939, and then jumped abruptly in September to an
average level for the last 4 months more than 50
percent above that prevailing during the first 8 months.
Railroad-equipment brying remained depressed through
August; unfilled orders for freight cars averaged less
than 8,000 in this period, as compared with an average
of 6,000 in 1938 and 31,000 in 1937. In September and
October, however, unfilled orders increased sharply,
the figure for the latter month being 29,000, compared
with the 1937 high of 46,000. Agricultural-equipment
sales for the fiscal year ended October 31, 1939, were
reported by Barron's to have been more than 10 percent
below the previous fiscal year; sales in the last 2 months
of 1939, on the other hand, were reported to be more
than 60 percent higher than the last 2 months of 1938.
In general, it appears that so long as incomes remained
low and capacities ample to meet current needs, there
was little incentive for increased equipment installation,
but when increased needs were anticipated and brought
prospects of rising prices, there was a rush to carry
out plans for improving productive facilities.
Other Durable^Goods.
The production of other durable goods also increased
substantially in 1939, but the trend was in most instances not so sharply affected by the outbreak of war
as was true of producers' goods. Consumers' incomes
had recovered substantially in the last part of 1938;
construction for housing and Government account had
moved to higher levels in this earlier period; and rearmament programs were well under way in the early
part of 1939. Trends in the various industries most
directly affected by these factors therefore exhibit relatively greater continuity throughout the year than those
brought only to recovery levels during the latter part
of the year.
The aircraft and shipbuilding industries have been
dominated by the international situation for several
February 1940
years. The recession of 1938 had little effect on either
of these industries. The aircraft manufacturing industry has expanded to record levels by reason of large
Government and foreign orders for military planes.
As a result of these combined large demands, the industry shows an accelerating increase in employment
throughout the year, with December almost 2H times
as high as January, when the number employed was
about equal to the record 1937 average. The end of
the year saw the industry working at capacity on an
unprecedented backlog of unfilled orders. The shipbuilding industry was bolstered by the acceleration of
the building program of the Maritime Commission in
September. Ships originally scheduled for 1940 were
placed under contract at that time. At the year end,
total tonnage under construction in American shipyards was the highest since 1920. In addition to merchant ships of nearly 1,200,000 gross tons, naval vessels
of 498,000 tons were under construction on December
31, of which 239,000 tons were in private yards. The
demand for merchant ships may be restricted somewhat
through the application of the cash-and-carry provisions of the neutrality legislation, but the contracts
already placed assure a continued high level of activity
in shipbuilding yards for some time.
Building materials were also produced in increasing
quantities during the year. As indicated in the section on construction, residential building and public
works were primarily responsible for the comparatively
high demand of the early part of the year. Stimulated
by the rise in construction, production of most building
materials rose in 1939. Cement production was more
than 15 percent above the 1938 aggregate and was
approximately 5 percent higher than in 1937. Lumber
production was up almost 16 percent from 1938, with
the increases well distributed throughout the year.
Other building materials behaved in much the same
general manner. Practically all clay, gypsum, and
glass products used in construction showed substantial increases over 1938, often reaching post-depression
highs.
Production of consumers' durable goods is generally
geared to sales. As indicated in the section on retail
trade, many factors were operating to stimulate consumers' purchases in 1939, before as well as after the
outbreak of war. The movement in production was
somewhat sharper because of inventory changes. Production increased markedly, but remained well below
previous peak levels for most items—for example, automobiles, refrigerators, and washing machines. The
Federal Reserve index of automobile production shows
an average of 91 in 1939, as compared with 63 in 1938
and 121 in 1937. This larger volume was more evenly
distributed through the year than was the case with
most other commodities, the first half averaging 42 percent higher than the 1938 monthly average, on an
adjusted basis, and the second half 47 percent higher.
February 1940
SURVEY OF CURRENT BUSINESS
11
tion of fuels. Production of bituminous coal in 1939
was 14 percent larger than in 1938, but was still 12
percent below 1937 and 26 percent smaller than in 1929.
Output was reduced during the mine tie-up during
April and May. In June, after the industrial dispute
had been terminated, output rebounded to the high
Metals and Minerals.
levels of the early part of the year, and after the outMetal and mineral products go into a wide variety break of war in Europe, production went on to a level
of uses, and the pattern of production for these prod- in the final quarter that was exceeded in recent years
ucts is generally intermediate between those of the only at the 1936-37 peak. Coke production rose even
various uses to which they are put. For this reason, more sharply at the year end, reflecting the higher rate
the character of the general economic movement cannot of steel operations. The high bituminous coal output
be appraised from combined data for these products, in the last 4 months was sufficient not only to meet the
which include production for all uses. The group as a enlarged demand but also to bring stocks, which had
whole is very important in the aggregate, however, and been reduced almost 40 percent during the industrial
reflects the combined movements of finished-goods dispute, above the figures of a year earlier.
production.
Output of refined petroleum products maintained a
For example, steel goes into consumers' goods such steady upward trend through 1939, reaching an allas automobiles and tin cans, into producers' machinery time high for the year and averaging 8 percent above
and equipment, and into construction projects of all 1938. This resulted in almost continuous additions to
kinds, public as well as private. In 1939 practically stocks of gasoline. Crude-petroleum output for the
all consuming industries took more steel than in 1938. year was up 4 percent from 1938, but was under the 1937
After rising to an intermediate peak of about 60 percent total; production in August was about one-fourth
of capacity in November 1938, steel operations began below the average for the year, as oil wells in major
to recede, reaching a low of 47 percent of capacity in producing areas were shut down by official order to
May 1939. From May to August there was a gradual prevent heavy supplies from driving prices down. In
recovery that returned production to 60 percent. After the last 4 months, however, production moved up to
the outbreak of war, a large backlog of unfilled orders new high levels. In December, output was approxiwas accumulated, and production rapidly moved up mately 3 percent above the previous high of August
to a record level. In December, the Federal Reserve 1937. At the end of November, stocks of refinable
steel index (adjusted) stood at 178 (1923-25=100), as crude oil, at 234 million barrels, were about 40 million
compared with 151 in July 1929 and 144 in August 1937. barrels lower than a year before, and of this reduction 32
The initial spurt in buying quickly spent itself, however, million barrels were accounted for by the August shutand new orders subsequently dropped, so that opera- down. Other petroleum products also show improved
tions during December cut into backlogs. Moreover, inventory positions as compared with gasoline. Higher
since the rate of production was higher than that of the demand for such products and improved refining techmovement into consumption, steel inventories were nique which produces more gasoline per barrel of crude
accumulating in the steel-consuming industries.
oil are responsible for this trend.
Nonferrous metals, on the other hand, show much
more definitely the type of upsurge in the last 4 months Nondurable Goods.
that was characteristic in the producers' goods indusProduction in nondurable lines normally is based
tries. Output of refined copper was 28 percent higher upon current factors of supply and demand, rather than
than in 1938. In the final quarter of the year, brass and upon a cycle in the accumulation and wearing away of
bronze mills were operating practically at capacity, and supplies. Where production schedules are flexible, purdeliveries of ingots and billets were almost twice those chases by consumers are generally the determining facprevailing in the first 6 months. Lead and zinc also tor; but at times production deviates significantly from
show large increases in production, rising 22 percent the level of consumption by reason of changes in invenand 18 percent, respectively, above 1938 figures. tories. The recent large upturn in some nondurable
Refiners' stocks of both these metals were halved in the lines must at least in part be attributed to this factor.
last 4 months, although production of zinc in the last
The Federal Reserve index of textile production rose
quarter rose 30 percent above the first-half average. sharply in 1939. The average of 114 for the year was
Lead production rose about 25 percent on the same about one-fourth higher than the 1938 average and
comparison. The consuming industries, in other words, was higher than that for any other calendar year since
were taking nonferrous metals in the late months of 1929. In December the adjusted index at 123 was
the year at a rate well above the high rate prevailing two-thirds above the low of 74 in April 1938. Since
in these industries in the pre-war period.
the average for the last quarter of 1938 was about 110,
A diversity of influences appears also in the produc- more than three-quarters of the total recovery occurred
The last quarter probably would have averaged much
higher except for the industrial dispute that held up
production of one large company in October and November. For this reason, also, field stocks of new cars at the
end of 1939 were at a fairly low level in relation to sales.
12
SUEVEY OF CURRENT BUSINESS
in that year. For the first 7 months of 1939, production
remained near, though slightly below, that at the close
of 1938, and did not break into new highg round until
August.
Cotton consumption, after reaching a low in April,
when the adjusted production index was 105 (1923-25 =
100) moved up steadily; by December the adjusted
index was about the same as the previous record, in
December 1936. Production of woolen goods also
was near a record in the last 4 months of 1939. Rayon
yarn moved into new high ground, a continuation of the
long-term upward trend. The major part of the increase in output of rayon yarn occurred in the latter
half of 1938, rather than in 1939; the average for the
year shows an increase of 33 percent, while the average
for the latter half shows an increase of only 16 percent
over the corresponding 1938 levels. Silk consumption,
in contrast with that of other textile fibers, was smaller
in 1939 than in 1938. There was a temporary bulge
in deliveries to mills in September and October, but
this was more than wiped out by a major contraction
in the next 2 months. Inventories of textile products
were considerably higher at the end of the year.
Production of foodstuffs on the whole appears to
have been somewhat higher in 1939 than in 1938,
although the largest increases were confined to specialties. The inventory picture is somewhat confused.
In the early part of the 37ear, a considerable amount
of inventory liquidation appears to have taken place;
this was in many cases offset by later accumulation.
Year-end inventories in some instances are reported
higher, and in some lower, than those of the preceding
year. The Federal Reserve index of slaughtering and
meat packing shows production lower in the early part
of the year and higher in the second half, especially in
the last quarter. Dollar-value inventories of pork
products are reported higher; no increases are reported
for some other products, but larger tonnage may be
offset by lower prices.
Paper production is perhaps a more significant indicator of general trends than many other nondurable
goods, because of the variety of uses into which paper
goes. In 1939, total production for all types was about
18 percent higher, with gains fairly well distributed
throughout but increasing during the fourth quarter.
Little advance from the November-December 1938
level was made by the newsprint production series.
Inventories of newsprint ended the year substantially
above 1938 after monthly increases beginning in April.
Total paper production, excluding newsprint and paperboard, was up 12 percent; much of the gain was due to
the 1938 increase, so that the leveling off in the early
part of 1939 left the third-quarter totals about equal;
but production took a new spurt in September and
ended the year at a record high. The European war
carried the threat of restricted pulp supplies and rising
prices for some types of paper, which led to rapid inventory
February 1940
accumulation by most consumers. An unusually large
rise in shipments of paperboard containers after August
probably indicates stocking up, not only of such containers, but also of the products ordinarily shipped in them.
Agricultural Output and Income
Production of agricultural commodities is generally
dominated by factors that do not respond readily to
changes in the general economic situation. For most
crops the acreage harvested in 1939 was unusually
small, but yields per acre averaged higher than in any
other of the last 25 years except 1937. The higher
yields provided an almost complete offset to the reduction in acreage, so that production fell less than 2 percent below the 1938 total. Furthermore, large surpluses of many crops were carried over, and available
supplies continued heavy.
INDEX NUMBERS
.00
V
00
90
SO
70
ess r?6 ceivec * by farmers
(A<.
909- Jo /y /9I4 °/oo)
r
\
V
60
50
A0
30
. ,., .
1929 1930
i93!
\
\ J i
v
1932
1933
f
\
-Cos
Mar/
/
5/77S from A?rm
sC/924-29=sOOJ \
J
S934
1935 1936
1937
1938
1939
Figure 6.—Indexes of Prices Received by Farmers and Gash Income From
Farm Marketings, 1929-39 (U. S. Department of Agriculture).
NOTE.—The index for cash income is adjusted for seasonal variations and doe?
not include governmental payments.
A large part of the reduction in acreage was in the
i Great Plains region, where drought conditions still
j continue. Heavy losses of crops, as well as reduced
plantings, were responsible for the large reduction in
harvests in this area. In a half dozen States of this
region, which normally have a fifth of the crop acreage
of the co an try, nearly a sixth of the acreage was lost,
and the yields from a large portion of the harvested
I area were extremely low. In other regions the primary
j factors in bringing about the reduction in acreage were
i depressed prices and large surpluses at planting time,
and more general compliance with the adjustment
program than in previous years.
The index of yield per acre for 27 important crops
stood at 112.7 percent of the predrought (1923-32)
average. This yield represents an increase of about 1
percent over 1938, and was exceeded only in 1937. Contributing to these results were the continuance of
favorable weather conditions in most areas and the increasing use of more productive agricultural techniques,
Production of all wheat in 1939 is estimated at 755
million bushels. This is about 19 percent smaller than
February 1940
SURVEY OF CURRENT BUSINESS
the large 1938 crop of 932 million bushels, but is
slightly larger than the 10-year average from 1928-37.
Supplies are only about 75 million bushels smaller than
a year earlier, however, because of an increase of about
100 million bushels in the carry-over. A reduction in
exports and in the quantity of wheat fed to livestock
in 1939-40 is expected to result in a carry-over on
July 1, 1940 of between 275 and 300 million bushels as
compared with 254 million a year earlier.
The production of corn for all purposes in 1939 is
estimated at 2,619 million bushels, about 2 percent
higher than in 1938 and 13 percent higher than the
1928-37 average. This increase of 2 percent was obtained despite a 4-percent reduction in acreage. Unusually heavy yields were obtained; among the most
prominent factors in improving yields were the increased planting of high-yielding hybrids, the restriction of planting to more fertile land, near ideal weather
conditions, and the increased use of power machinery.
The 1939 yield per harvested acre of 29.5 bushels was
the highest since 1920. Total supplies on hand were the
largest since 1932.
Despite reduction in total acreage picked to the
smallest figure in more than 40 years, the 1939 cotton
crop of nearly 11.8 million bales was almost as large
as the 1938 crop and was less than 15 percent below the
1928-37 average. Yields were unusually high; the
average of 236 pounds per acre was exceeded only in
1937. The world supply of cotton remains only a
little under the 50 million bale record high supply of
each of the two preceding seasons. The world cotton
carry-over on August 1 will probably be only a little
smaller than the exceptionally large carry-over of 21.5
million bales last August. Of this carry-over at the
end of last season, about 14 million bales were American cotton, the largest carry-over on record.
The largest tobacco crop on record was produced in
1939, amounting to 1,770 million pounds for all types
combined. The yield per acre of about 911 pounds
established a new high, and the season's acreage was
the fifth largest in history, resulting in an increase of 29
percent from 1938 production. Pressure on prices
resulted from British measures to restrict imports, as
well as from the heavy supply.
The upward trend in consumption of fresh fruits and
vegetables continued in 1939. The total gross tonnage
of 13 major fruit crops in the 1939-40 season was only
about 1 percent less than the record tonnage produced
in 1937-38, and nearly 2 percent above the total for
last year. Production of 17 truck crops marketed fresh
in 1939 was the largest on record. The total tonnage
of vegetables produced for canning declined about 10
percent from 1938, with high yields partially offsetting
the much larger decline in acreage that resulted from
last spring's heavy stocks of canned vegetables. At
present, such stocks are well below the large carry-over
of last year.
13
In livestock and derivative products, the feed-price
product-price cycle hampered efforts to prevent surpluses. The number of animal units on farms is about
equal to the average of 138 million for the predrought
period of 1928-32. The total number has been estimated at 136 million for 1939-40, as compared with 127
million for 1938-39. Supplies of feed continue plenti| ful, however; estimates place the total, excluding hay,
on October 1 at 116 million tons, as compared with
110 million tons on October 1 a year earlier. On this
basis, the supply per animal amounts to 0.85 ton this
year, as compared with 0.87 ton in the previous year.
The comparable figure for the predrought period was
0.77 ton, indicating that feed supplies remain relatively
large despite the recovery of farm-animal population to
previous levels. A still larger number will probably
be fed in 1939-40 than in the preceding year, and marketings can be expected to increase. As a result of
recent price changes, however, the ratio of livestock
prices to feed prices is now unfavorable for feeding
livestock; if these changes prove permanent, 1940
should see a reversal in the recent upward trend in
farm animal population.
The total spring and fall pig crops amounted to
about 84 million head, or about 13 million more than
in 1938. This total marks the return of production to
the predrought level. Exports of pork and lard increased more than a third in 1939 as compared with
1938. While foreign sales may be a factor of strength
in 1940, increased domestic consumption may be an
even more important factor in moving the large supply.
These products have been added to the list of surplus
commodities under the Food Stamp Plan.
Marketings of poultry and eggs were about 9 percent
higher in 1939 than in 1938. On November 1 there
were about 4 percent more layers than on the corresponding date a year earlier. Eggs per layer were only
slightly down from the previous year's high record, so
that total egg production was about 3 percent higher
than the previous year and 24 percent higher than the
10-year November 1 average.
Dairy products also show the effects of the continuing upward trend in consumption. Consumption of
butter and of evaporated milk made new high records
in 1939, much of the increase in butter consumption
resulting from the distribution of this food by the Federal Surplus Commodities Corporation. Milk production also made a new record in 1939, with the total of
111 billion pounds exceeding the previous record of
1938 by about 1 billion pounds. At the end of 1939
there were more milk cows on farms, and supplies of
feed were relatively large. The inventory position is
much improved with respect to most dairy products,
however. Cold-storage stocks of butter totaled 128
million pounds on November 1, about 34 percent less
than the excessively large stocks of a year earlier, and
stocks of American cheese were the smallest since 1932.
14
SURVEY OF CURRENT BUSINESS
Cash Farm Income.
Cash farm income from marketings and Governmentprogram payments was up 5 percent from the 1938
level. Estimates for 1939 show a total of 8.5 billion
dollars, as compared with 8.1 billion in 1938. Figure 6
presents the adjusted index of income from marketings
and the index of prices received by farmers. The broad
movements of the two series were in a general way similar in 1939, except that the income series fluctuated
more widely. Throughout the first 7 months, income
drifted toward lower levels and then advanced sharply
in August, just ahead of the war-stimulated general
upsurge. The advance continued into September; and
after a minor decline to October, the adjusted index
leveled off, with the monthly average for the last quarter about one-sixth higher than in the earlier part of the
year. For the year as a whole, income from marketings
of farm products of 7.7 billion dollars was up only
slightly from 1938. This increase was confined entirely
to the crops subtotal, the livestock groups remaining
unchanged. Within the livestock group, small gains
in income from meat animals and wool were offset by
declines in income from dairy products and poultry
and eggs. In the crops group, the small gains made
by fruits and vegetables were partly offset by declines
in cotton and tobacco, and the total income from marketings of grain rose about 8 percent.
A new program designed to increase income from
marketings was inaugurated by the Government in
1939. Under this program, blue stamps which can be
used only to purchase surplus farm products are issued
to needy families, to an amount equal to one-half of
their expenditures for other food-store products. In
addition to increasing sales of surplus farm products,
this program is designed to improve the diets of needy
families and to stimulate business in the normal channels of trade which it utilizes. In 1939, however, operations under this plan were limited, and its effects on
farm income were comparatively unimportant.
More directly influencing farm income were price
parity and conservation payments by the Government.
In 1939 such payments amounted to $807,000,000, an
increase of $325,000,000 from the total for 1938. This
was equivalent to $112 per farm and $24 per person
living on farms, and represented an addition of over
10 percent to total income from marketings.
Consumption
Retail Distribution
The flow of goods to consumers is determined by
consumer incomes and the willingness of consumers to
utilize available funds for consumption purposes. Up
to the outbreak of war, the improvement in sales
appeared to be dependent upon the increase in incomes.
From the 1938 lows, incomes had made relatively
steady upward progress through the last half of the
February 1940
year and then had leveled off; similarly, there was a
sharp increase in retail sales in the latter half of 1938,
which was followed by a leveling off, during the first
half of 1939. In the latter half of 1939, on the other
hand, sales responded to the new increases in income
flowing from the war-stimulated expansion in business
activity. Hoarding of a few commodities by consumers
was supposed to be the basis of sharp, though temporary, bulges in sales and prices of such staples.
The threat of prospective price advances probably
influenced some consumer provision for future needs
in a number of durable and semidurable lines.
The pattern of retail sales within the year was almost
identical with that of income payments. There was a
sidewise movement from January to July, and then a
steady rise to the end of the year which corresponded
with the rise in income payments.
Table 3 presents estimates of total sales by types
of retail outlet. Total retail sales are estimated at
37,950 million dollars in 1939. This total is 7 percent
above the total of 35,425 million dollars for 1938, but is
5 percent below the total of 39,930 million dollars for
1937. Since retail prices were lower in 1939 than in
1937, however, a large proportion of this decline from
that year, especially for nondurable goods and foods,
must be attributed to lower prices.
Table 3.—Estimated Retail Sales, by Kinds of Business
Sales in millions of dollars
Business group (Census classifications)
United States total..
Food group ._ _ . _
,. Beer and liquor stores
Eating and drinking places . __ __
Farmers' supply and general stores
Department, dry-goods, and general-merchandise stores -. -. . _ --- -_.. Mail order (catalog sales of mail-order
houses)
.._.__
.
.
___Variety stores
._ _
_.
Apparel group
Automotive group
Filling stations
.
Furniture and household appliance stores
Lumber, building, and hardware group _
Drug stores
Jewelry stores
Other stores _. _ . _ _
Percentage increase,
1939 from
1938
1937
1938
1939
39,930
35, 425
37,950
7.0
9,340
408
2,878
1,993
8,920
394
2,676
1,784
9,095
418
2,770
1,820
2.0
6.0
3.5
2.0
4,107
3,783
4,030
6.5
490
885
3,195
5, 910
2,478
1,718
2,565
1,411
312
2, 240
463
858
2, 923
3,900
2,404
1, 425
2,270
1,376
279
1.970
519
905
3,085
4,990
2,428
1,603
2,497
1,410
307
2,073
12.0
5.5
5.5
28.0
1.0
12.5
10.0
2.5
10.0
5.0
Source: U. S. Bureau of Foreign and Domestic Commerce.
All lines of retail trade showed increases in 1939
over 1938. The largest gains were made by the durable-goods lines, which had declined the most from 1937
to 1938; these groups made relatively poor showings,
however, in terms of the comparison with 1937 levels,
which they failed to reach by a substantial margin.
The effects of special longer-term trends maybe observed
as influencing the sales of various other groups; mailorder sales, filling-station sales, variety-store sales, and
beer and liquor store sales show favorable comparisons
with 1937, while sales of farmer's supply and general
stores were distinctly below the 1937 level. The
influence of prices on the total value of sales in 1939
SURVEY OF CURRENT BUSINESS
February 1940
was also important; the smallest gains from 1938 to
1939 were made by filling stations and by all outlets
handling foodstuffs, prices of which were weakest, at
least until the outbreak of war in Europe.
Figure 7 shows the monthly trends of new passengercar sales and of department-store sales, adjusted for
seasonal variation. After a high first quarter, automobile sales fell back more than halfway to the 1938
average level and then stabilized until after the introduction of the new models. This stability was succeeded by a sharp upward movement in the last
quarter that carried the index in December up to the
i 1929 ! 1930 1931
1932
1933 1934
1935 1936
1937
1938 1939
a a 40-25
Figure 7.—Indexes of New Passenger-Automobile Sales and DepartmentStore Sales, Adjusted for Seasonal Variations, 1929-39 (New PassengerAutomobile Sales, U. S. Department of Commerce; Department-Store
Sales, Board of Governors of the Federal Reserve System).
1937 average. The year as a whole was up more than
a third from 1938, but was still 16 percent lower than
in 1937; it was about 8 percent above 1935 and 14
percent below 1936. Since the highest proportion of
trade-ins tends to come in the second or third years,
1939 should have obtained the benefits of the maximum
trade-ins from the recent peak years 1936 and 1937.
The low level of sales in 1938 may also have contributed
to the higher level of sales in 1939, increasing the number of potential buyers who desired a new car but were
unwilling to make commitments while incomes were at
depressed levels.
A more typical pattern of retail sales is that shown
by the department-store index. After the small initial
decline, sales moved up to a new post-depression high
at the end of the year. This upward swing was only
slightly larger than the advance in the latter half of
1938, so that the margin of gain in 1939 over 1938
remained fairly stable throughout the late months of
the year. Sales of such articles as furniture and appliances were undoubtedly aided through the year by
the higher level of residential construction and its
counterpart in new homes being established.
Installment Sales
Use of installment credit has been extended in recent
years largely as an instrument of retail competition.
Today there are virtually no limitations on the types
15
of merchandise available for immediate use on deferred
payments. Automobile sales, however, account for
about 60 percent of installment-sales volume, and other
durable goods, primarily household appliances and
furniture, account for a large proportion of the remainder. The extension of installment credit on "soft
goods'7 is a recent development that was greatly expanded in 1939, but its importance cannot be adequately appraised at this time. There was also some
easing of terms in 1939. Down payments were eliminated, and the period for repayment was lengthened
for some durable goods other than automobiles; but
this is calculated to have had little effect on sales of
such goods.
According to preliminary estimates, the total volume
of installment sales in 1939 was approximately 4,200
million dollars. This represented an increase of 900
million dollars, or more than a fourth from the total
of 3,300 million dollars for 1938. It was still 400
million dollars, or approximately 9 percent below the
total of 4,600 million for 1937. These changes in installment sales are much larger than the corresponding
changes in the total volume of retail sales, since durable
goods constitute the bulk of installment sales. The
greater range of fluctuation of deferred-payment sales
appears to be their most important characteristic; thus,
in 1939 they provided expansionary influence in the
movements of incomes and consumption, as contrasted
with the depressing influence of consumer installmentdebt liquidation in the preceding year.
A succession of annual increases in retail installment
sales served to increase year-end outstanding consumer
debts on such accounts from about 1,000 million dollars
at the close of 1933 to perhaps 2,750 million dollars at
the close of 1937. The sales decline in 1938 produced a
net liquidation of perhaps somewhat more than 500
million dollars between the year-end points of measurement. The sharp rise of installment volume in the
closing months of 1938 probably terminated this liquidation. A preliminary estimate would place consumers' retail installment obligations at about 2,500 million
dollars at the end of 1939, somewhat below the recent
high point at the close of 1937. The aggregate consumer use of credit during 1939 was much larger than
these figures indicate, as retail charge accounts and loans
of consumer-cash lending agencies are not included in
the retail installment-credit data. A rough estimate
places the net increase in total consumer debt during
1939 at something in the neighborhood of 750 million
dollars, of which about half is represented by the increase of retail installment debt alone.
Wholesale Trade
Sales of service and limited-function wholesalers during 1939 are estimated at 20.7 billion dollars, or approximately 9 percent higher than the 1938 total of 19.0
billion. Quarterly sales show increasing gains for each
16
SUKVEY OF CURRENT BUSINESS
February 1940
successive quarter of 1939; the first quarter was only
about 5 percent higher than the first quarter of 1938;
the second quarter was almost 7 percent higher than
the corresponding 1938 quarter; the third quarter was
10 percent higher; and the fourth, 13 percent higher.
Greater cyclical swings than those shown by actual
consumption are more or less typical of wholesale sales,
in part because of difference in the types of goods moving through these channels, but also because of changes
in retail inventories.
Since the general wholesale price average, as measured by the Bureau of Labor Statistics index, was
about 2 percent lower in 1939 than in 1938, there was
a moderately larger gain in the quantity of goods sold
at wholesale than is reflected in a comparison of the
dollar sales for the 2 years. On a physical-volume
basis, moreover, wholesale sales in 1939 were back to
and perhaps somewhat above the 1937 level, since the
decline of 7 percent in dollar value from 1937 to 1939
is somewhat less than the decline in the price index
during the same period.
All of the various wholesale groups recorded gains
in 1939 over 1938. These follow a pattern similar to
that observed in the case of retail sales; they range
from a 3-percent rise for sales of drugs and drug sundries, grocery and food products, and tobacco products,
to a more than 20-percent rise for some durable-goods
lines.
Up to September there appears to have been minor
liquidation of inventories. With the change in sentiment consequent upon the war, however, a quick move
to readjust inventory positions upward occurred.
This was in part purety speculative, but it was also
designed to protect against delivery delays and to
prepare for anticipated increases in business volumes.
Estimates of the changes in inventories from the
end of 1935 to date are presented in figure 8. After
a period of relative stability from the middle of 1938
to the middle of 1939, the dollar value of inventories
is estimated to have increased more than 1 billion in
the second half of 1939. In 1937 the switch to inventory liquidation after excessive accumulations in
the first three quarters of that year was one of the
primary factors leading to abrupt decline in production
in the late months of 1937. Subsequently, much of
the excess was liquidated, although the total value
dropped by less than half the previous increase from
the low figure at the end of 1935 to the extremely high
aggregate at the end of 1937. At the middle of 1939,
inventories were still fairly high, but apparently were
not burdensome, and there were major differences in
various lines. As sales rose with increasing incomes
and cash positions were ample to maintain liquidity,
the need for further liquidation had ceased. In the
last half of 1939, however, the new upward movement
carried the estimated total to within one-half billion
dollars of the high end-of-1937 level.
Inventories
Expressing these inventory totals in terms of physical
The unusually large swings in production relative to volume indicates, however, that all of this deficiency
consumption during the past year are evidence that from the 1937 level was due to price reductions and
important changes in inventories have taken place. that the physical volume of inventories was perhaps
PHYSICAL VOLUME OF INVENTORIES, SEASONALLY ADJUSTED
JANUARY 1, 1936 = 100
140
VALUE OF INVENTORIES, UNADJUSTED
JANUARY 1, 1936 = 100
140
MANUFACTURING--^ /
130
130
TOTAL-
120
120
MO
110
100
100
90
JAN. I,
1935
JAN. I,
JAN. I,
'36
'37
JAN. I,
JULY I, JAN. I, JULY I, JAN. I,
'38 '38
'39 '39 '40
90
1935
1936
1937
1938
1939
DD-4Q-35
Figure 8.—Inventory Values and Trends, 1935-39 (Dun & Bradstreet and U. S. Department of Commerce).
NOTE.—Value of inventories (Dun & Bradstreet's series), for January 1, 1940, was estimated by the Department of Commerce upon the basis of changes in sample data
during the last half of 1939. The monthly index of total inventories in terms of January 1, 1936, dollars is based upon the Dun & Bradstreet's series; adjustments for wholesale
price trends, and interpolations for monthly figures have been made by the Department of Commerce. This index also has been adjusted for seasonal variations.
SURVEY OF CURRENT BUSINESS
February 1940
slightly higher than at the end of 1937. (See fig. 8.)
The inventory index used to interpolate between endof-year totals indicates that most of the 1939 advance
occurred in the last quarter and that the rate of accumulation in that quarter was as rapid as in any quarter
during the 1936-37 rise. This high rate of accumulation raises a serious question as to the ability of the
economy to maintain the production rate attained by
the close of 1939; for a cessation of the inventory accumulation would necessitate a reduction in the rate of
production unless new demand factors came into play
to offset such a deflationary force.
Inventories in wholesale and retail trade channels,
as well as in manufacturing industry, increased in the
second half of 1939. Preliminary estimates based on
early reports place these increases at 9 percent for
manufacturing, 6 percent for wholesale, and only a
slight rise for retail inventories. Sales, on the other
hand, increased more than these percentages in each
of these fields and the inventory-sales ratios have
declined for all groups. On this basis, present positions
have been widely stated to be fully justified. Dependence upon inventory-sales ratios is not an adequate
safeguard, however, if the volume of sales itself is
unduly expanded as a result of inventory accumulation
at later stages.
Construction
17
occurred almost entirely in the field of new residential
building, while the rise in public work is primarily the
result of largely expanded construction operations
BILLIONS OF DOLLARS
1924 '25
'26
'27
'28
'29
'30 '31 '32
'33
'34 '35
'36
'37
'38 '39
Figure 9.—Estimated Value of Total, Private, and Public Construction,
1924-39 (U. S. Department of Commerce).
NOTE.—Data for 1939 are preliminary.
under the 1938 Public Works Administration program.
The volume of neither public nor private construction
done during the year appears to have been greatly
affected by the outbreak of the European war in
September, though the industrial expansion that
followed the beginning of the European war brought
some increase in the amount of industrial and commercial building on which construction was started.
The maintenance of a high level of construction
expenditures during 1939 operated throughout the
Table 4.—Estimated Value of Total Private and Public Construction '
year as a factor of definite strength in the general
[Millions of dollars]
business situation. The total value of construction
1926-29, 1932
1933
1936
1938 1939 »
1937
Item
work done during the year is estimated to have
average
amounted to slightly less than 10 billion dollars, and
construction:
to have been roughly 12 percent larger than in 1938. NewPrivate
1,091
2,551 3,326 3 2,932 3,515
8,363 1,767
2,154
2,014
2,339 1,794
1,216
2,157
2,800
Public
For the sixth consecutive year, construction activity
5,340
3
5,089
4,705
6,315
2,307
Total
10,702
3,561
continued to advance, with the result that the total
1,032
114 1,130
775 1,202
for 1939 was more than 2}{ times as large as the low Work-relief construction . .
value reached in 1933. Despite this increase, total Maintenance:
1,742
1,854
1,837
1,016
1,800
1,128
2,195
Private
710
718
800
624
527
736
Public
765
expenditures on construction in 1939 were less than
2,452
2,572
2,573
2,600
Total
1,752
1,543
2,960
three-quarters of those attained in the peak years
construction:
1926 to 1929, though the physical volume of construc- TotalPrivate
10, 558 2,895 2,107 4,293 5,180 3 4,769 5,315
3,994 3,507 4,095 4,632
3,104
1,857
2,418
Public
tion last year may have been as much as seven-eighths
8,287
3,964
8,687 38,864 9,947
Total
13,662
5,313
of that reached at the peak, when allowance is made
for changes in construction costs during the intervening
These estimates measure construction activity as represented by actual expenditures for labor, material, and other items. Figures beginning with 1915, substandecade.
tially companble with those presented above, are shown in Domestic Commerce
No. 99, Construction Activity in the United States, 1915-37, by Lowell J.
As the Bureau of Foreign and Domestic Commerce Series
Chawner. and in Recent Developments in Construction Activity, by Samuel J.
Dennis.
of Current Business, August 1939, both published by the Bureau
estimates presented in figure 9 and table 4 indicate, of ForeignSurvey
and Domestic Commerce.
The
estimates
for 1939 are based on incomplete data and are subject to revision.
both private and public work contributed to the rise
3 Revised.
*
Work-relief
not
elsewhere included. See table 6.
in expenditures for construction from 1938 to 1939.
For the first time in 3 years, changes in these two
Residential Construction
types of work were in the same direction, and total
construction increased more rapidly than in either of
The value of new residential construction in 1939 is
the two intervening years, when an increase in one of estimated to have been nearly 40 percent larger than in
these types of work was partially offset by a decrease the previous year. This increase, as table 5 shows, is
in the other. In private construction, the increase made up of a rise of 37 percent in private residential
4
1
2
18
SURVEY OF CURRENT BUSINESS
construction and an increase of 150 percent in publicly
owned residential work. The expansion of private
residential construction accompanied a generally favorable market situation. The increase in public residential construction resulted from the fact that the
program of the United States Housing Authority
began during the year to reach the stage of actual construction on a substantial scale. The peak of construction operations under the present USHA program,
however, was not reached during 1939, and a further
Table 5.—Estimated Value of New Construction, by Principal Uses or
Functions of Projects
[Millions of dollars]
1926-29,
average
Item
New private construction:
Residential (nonfarm)...
__
1932
1933
1936
1937
1938
1939 i
1,390
1,900
4,066
641
314 1,101
1,393
Commercial .
_
Factorv
Other nonresidential
1,188
640
659
263
78
220
135
128
104
268
222
184
386
391
185
2 311
2
192
227
315
200
250
Total nonresidential building ._
...
Deduct nonresidential building
by utilities
2,487
561
367
674
962
2 730
765
74
22
10
16
29
24
30
Total nonresidential building 3
2,413
539
357
658
933
2 706
735
Farm construction (includes repairs)
Public utility construction 4 5 -_.
468
1,416
125
462
175
245
328
464
360
640
336
500
330
550
Light and power production
and distributio n
376
121
52
108
172
182
160
Total new private construction
New public construction:
Total new public construction fl.
Residential
Nonresidential building
Total new private and public construction __
8,363 1,767
1,091 2,551 3,326 2 2,932 3,515
2,339
1,794
1,216 2,154 2,014 2,157 2,800
620
408
191
61
521
93
440
32
542
80
750
10, 702 3,561 2,307 4,705 5,340 2 5,089 6,315
1
The estimates for 1939 are based on incomplete data and are subject to revision.
2 Revised.
34 Excluding nonresidential building by utilities.
Private ownership only.
8
Only those items are shown under this total for which reasonably accurate preliminary estimates for the year 1939 are available.
expansion of residential construction under the USHA
program to a total in the neighborhood of 350 million
dollars is to be expected during 1940. The total cost of
USHA projects now contemplated under the present
program is about 770 million dollars. Of this sum, only
about 625 million dollars will be spent for construction,
including site improvements, construction and equipment of dwelling structures, construction and equipment
of nondwelling structures, and architectural and engineering costs. The remainder goes for land, administrative expenses, financial costs during construction,
and other expenditures.
Taking into account the 75 million dollars spent for
construction during 1939, and the estimated 350 millions that are likely to be spent during 1940, it appears
that about 200 million dollars will remain on the basis
of funds now available for construction in 1941. Public
residential construction in 1940 should be further increased by some state and local construction independent of the USHA program and by small amounts of residential construction by other Federal agencies.
February 1940
Annual figures for the total number of nonfarm dwelling units on which construction was started in the entire
United States increased substantially. It is estimated
by the Bureau of Labor Statistics that work was started
during the year on 475,000 dwelling units, as compared
with 347,000 in 1938. While the major part of this
increase in the number of units started occurred in
privately owned residential construction, the volume
of public residential construction undertaken during
the year rose markedly, showing a much larger percentage increase than that for private residential work.
Approximately 57,000 of the 475,000 units started
during the year w^ere under the program of the United
States Housing Authority, while in 1938 this public
program had accounted for only about 7,000 units.1
While annual figures for both residential work done
and residential construction initiated show substantial
increases in 1939, it appears probable that the net
increases in activity from month to month (after
allowance for the usual seasonal changes) were not
large during 1939 itself, and that the upward movement in the annual figures reflects the fact that there
was a rising trend in 1938. The basis for this belief is
the behavior of the volume of new residential construction initiated, as measured by contract awards. An
index of the value of contracts awarded for residential
building is presented in figure 10, in comparison with a
similar index for all types of construction. During
the first 9 months of 1938 the index of residential contracts rose rapidly, and by late 1938 had reached a
level higher than at any other time since 1929. Thereafter, until the middle of 1939, it remained substantially unchanged. In the last part of 1939 a further rise
occurred, partly because of a rapid expansion (on a
seasonally adjusted basis) of private construction of
one- and two-family houses, and partly because of
the increase in the volume of publicly owned residential
work.
The maintenance of a moderately high level of
private residential construction during 1939 was
facilitated by relatively favorable real-estate market
conditions, as well as by various governmental actions
which are discussed below. Although, for the first
year since 1932, the net increase in the number of
available dwelling units appears to have been larger
than the net increase in the number of families, the
excess was small, and residential vacancies appear in
general to have undergone only minor changes during
1939. The rather fragmentary information available
suggests, in fact, that vacancies remain close to the
relatively low point reached in early 1937. The downi These figures for the number of dwelling units started are not comparable with
the estimates of the value of work done during the year, though they serve as the
basis for the value estimates for private work. The former relate to work started,
the latter to the value of work done, as measured by expenditures for materials, labor,
and other items. In addition, the value estimates include nonhousekeeping residential structures and additions to residential structures, which are not covered by
the estimates of the number of family dwelling units on which construction was
started.
February 1940
SURVEY OF CURRENT BUSINESS
ward shift in the price class of new dwellings constructed w^hich, on the basis of the average permit
value per unit, occurred between 1937 and 1938
appears not to have continued during 1939, as the
average permit value in 1939 was substantially the
same as in the preceding year.
Residential rentals, as measured by the National
Industrial Conference Board index of the rents set in
new rental contracts, which had declined 2.8 percent
during 1938, were practically stable during the first
half of 1939, and rose slightly beginning with July to
bring the index for December 1939 to a point fractionally above that for December 1938. Selling prices
of residential properties at the end of the year were also
somewhat higher than in December 1938. The National Association of Real Estate Boards reports that
prices were higher than a year ago in 23 percent of the
cities reporting in their semiannual survey of the real
estate market, the same in 64 percent of the cities, and
lower in only 13 percent. According to the same
survey, mortgage interest rates continued to decline
during the year. Rates in December 1939 were at the
lowest level yet reached, and were more nearly uniform
geographically than at any previous time.
Changes in Federal Housing Administration Procedure.
The influence of government on residential construction was felt not only in the direct construction of
residential structures under the program of the USHA
but also through the actions of many other governmental agencies. Particularly important in this respect
were the amendments to the National Housing Act,
approved June 3, 1939, and the consequent changes
in the FHA regulations. Various provisions of the
act which were scheduled to expire on the 1st of July
were extended, and a number of other changes were
made.
The amendments, together with the revisions in
regulations which became effective July 1, made specific
provision for insurance, under title I of the act, of
loans up to $2,500 for the construction of low-cost
houses. The maximum maturity of such loans was
extended to 10 years and 32 days, and an insurance
premium charge of one-half of 1 percent per annum of the
net proceeds of the loan was instituted, to be paid by
the lender.
In September, further changes were made in the
regulations. The maximum maturity of the smallhouse construction loans under title I was lengthened
to 15 years and 5 months; the borrower was required
to make only a 5-percent down payment, in cash or in
land; and regulatory restrictions in connection with the
plan were kept to a minimum. In December, changes
in the regulations were again made, in a further effort
to render these loans on low-cost houses more attractive
to both borrowers and lenders. In consequence of the
interest in title I loans for new small-house
19
construction and of the revisions in regulations, the
number of loans increased in 1939, though the proportion of all residential construction financed through
these channels remained very small. During 1939,
the number of loans reached 10,783, while only 5,845
such loans had been made during the preceding year.
The amendments approved June 3 also made certain
changes in connection with the FHA's rental housing
program. Payment of prevailing wage rates was required in the construction of projects, and restrictions
were imposed preventing the amount of the mortgage
from exceeding the estimated cost of the structures.
The effect of the latter restriction was to remove certain
opportunities for profit through increases in land values
resulting from construction of the housing developments. In addition, the Federal Housing Administration, through administrative action, discouraged new
projects in some cities where rentals could not be
made low enough to find a satisfactory market. The
volume of new projects approved by the FHA (as
measured by those accepted for insurance) thus fell
sharply in 1939.
Finally, effective August 1, the maximum permissible
interest rate on small home mortgages under title II
was reduced from 5 percent to 4% percent, and the maximum rate on mortgages on large-scale rental projects
from 4% to 4 percent.
Private Nonresidential Construction
In contrast with residential construction, the value
of business construction during 1939 increased only
moderately as compared with 1938. For new commercial buildings, expenditures were little, if any, larger in
1939 than in the previous year. Vacancies in office
buildings continued high, the National Association of
Building Owners and Managers reporting that 18 percent of office space in over 100 cities was vacant on
October 1,1939. In consequence, construction of buildings of this type was at a relatively low level in most
cities. Construction of neighborhood store buildings,
however, was encouraged by extensive residential construction and by the growth of new residential areas.
For new factory construction actual expenditures for
work done during 1939 were only moderately higher than
in 1938. The volume of industrial construction initiated
during the year, however, rose sharply, increasing 44
percent over the previous year as measured by contract awards in 37 States reported by the F. W. Dodge
Corporation. The explanation for this difference in
behavior has several aspects. Shortly after the sharp
decline in industrial production in 1937, which increased excess plant capacity in most industries, the
volume of contract awards for factory construction also
decreased, and in 1938 reached a very low level. On
the other hand, actual construction operations in 1938
were sustained by the necessity of completing the large
volume of projects started in the latter half of 1937.
20
SURVEY OF CURRENT BUSINESS
In 1939 the situation was reversed. The volume of
work initiated, in response to rising levels of output,
began to increase, while the volume of construction
activity was held down by the small amount of unfinished work carried over from 1938. After the outbreak of the European war and the beginning of the
rapid rise in industrial production in September, the
increase in the volume of work initiated became more
pronounced. In the last 4 months of 1939, contracts
awarded for factory construction were 70 percent larger
than in the corresponding period of 1938, though the
i
INDEX NUMBERS, 1923-25 = 100
100
V
80
TOTAL, Au
/
60
40
\ -J\ A A
vV
\j
/
11 BUILDING
20
~ I
TRUCT/ON-^l
ryp£S OF co/vs
N
y
Q
1935
1936
1937
1938
l9S9
M4vr
Figure 10.—Indexes of the Value of Construction Contracts Awarded in
37 States (Adjusted for Seasonal Variation), 1935-39 (Computed by the
Board of Governors of the Federal Reserve System From Data Compiled
by the F. W- Dodge Corporation).
NOTE.—Indexes for December 1939 are preliminary.
resulting expansion in actual construction operations
will be felt mainly in the first part of 1940. Despite
this increase, however, contract awards are still small
in comparison with the best months of 1937.
February 1940
ished at the end of 1939, the value of construction to be
done on PWA projects during 1940 is unlikely to exceed
600 million dollars, if no further appropriations are made.
The predominant influence which the large volume of
construction contracts awarded under the Public Works
Administration program exercised on total contracts
during the last part of 1938 and the early part of 1939
is indicated by the seasonally adjusted indexes for all
types of construction shown in figure 10. The rapid
rise in the volume of contracts awarded that began
about the time the PWA program was initiated in
June 1938 culminated in December, when the seasonally
adjusted index reached the highest point since mid-1930.
In early 1939 the volume of work initiated, as measured
by contract awards, was high, but fell sharply as the
award of contracts on PWA projects approached
completion. Until July, however, public contracts
were higher in each month of 1939, except May, than
in the corresponding month of 1938. By mid-1939 the
index of total contracts had lost about two-thirds of
the rise that had taken place between March and
December 1938. Since that time some increase has
occurred, aided in the midsummer and early fall by
the rise in residential construction and affected very
sharply in the last 2 months of 1939 by inclusion of
two large Federally owned dam and power projects, one
of which was of sufficient size to account for nearly
one-third of all contracts awarded in the month of
December.
Table 6.—Estimated Work-Relief Expenditures for Construction Purposes
[Millions of dollars]
Item
1933
1936
1938
1937
1939
Public Construction
not otherwise included in
The total value of public construction increased in Construction
table 4:2
67
Highways, roads, streets, etc
450
672
805
658
1939 by over 500 million dollars, or 13 percent. The
71
76
65
85
Public buildings
.
15
1
3
1
2
Housing
increase was thus of about the same magnitude, both
2
48
Public recreational facilities
_ _
94
58
43
Irrigation and water conservation
..
52
49
73
41
absolutely and proportionately, as the rise in private
4
Electric utilities
4
4
6
5
41
45
35
Water supply
.
43
work. As indicated above, expansion of public con20
86
122
Sewerage systems
123
116
40
Transportation facilities . . . . . ._
34
50
39
struction resulted primarily from the effects of the
4
Miscellaneous
Public Works Administration program of 1938. While
114
1,202
1,032
Total
1,130
775
Construction included in other items of
table 4 3
135
160
120
work on all projects under this program was required
* 110
114
1,337
Total work-relief construction
895
to be started before the end of 1938, construction opera1,290
* 1,142
tions were not under way in any substantial volume
Includes estimated construction expenditures of the Civil Works Administration,
until the early part of 1939. Moreover, when the the Federal Emergency Relief Administration, the Works Progress Administration,
and the Civilian Conservation Corps. Includes both new work and maintenance.
projects were once started, the pace of work was per- Excludes expenditures for educational, professional, and clerical projects and other
projects not considered to involve construction. For a fuller explanation, see tables
haps particularly rapid because of the necessity of 53 and 54, Domestic Commerce Series No. 99, Construction Activity in the United
States, 1915-37, published by the Bureau of Foreign and Domestic Commerce.
completing all projects before the middle of 1940, in 2 The figures here presented for several of the categories have been reduced below
those appearing in the Treasury Department reports. This reduction has been made
conformity with the requirements of the authorizing to avoid double counting for certain construction which is included in other items of
table 4 and to omit items that are not considered to be construction. The categories
legislation. On the basis of "reported project costs" as concerned, and the proportion of the total here included, are as follow s: Public buildings, one-half; housing, one-half; public recreational facilities, one-third.
compiled by the Public Works Administration it is estis Estimated amounts of work-relief construction included in the data for nonresidential building contracts awarded, as reported by the F . W. Dodge Corporation,
mated that expenditures on PWA projects in 1939 which are used as the basis for the estimates of new nonresidential building in table
construction included in the estimates for new public construction in
(including Federal and non-Federal funds) were approx- 5.tableWork-relief
4 cannot be separated from the totals there shown and a distribution of this
work by type is not available.
imately 1,200 million dollars, as compared with 581
Preliminary, subject to revision.
million dollars in 1938. In both years the major part of
The contribution made by public residential conthe expenditures were on non-Federal projects. In
view of the diminished volume of work remaining unfin- struction to the total increase in public construction
1
T
4
SURVEY OF CURRENT BUSINESS
February 1940
has already been discussed. However, the increases
under the USHA and PWA programs were offset
in part by a decrease of nearly 200 million dollars in
the amount of work relief construction, as the volume
of funds available for work relief was reduced. As
table 6 shows, the reduction in work-relief construction
was general, affecting practically all types of work,
Construction Costs and Related Factors
The increase in construction activity which occurred
during 1939 was aided by a generally stable, or perhaps
declining, level of costs. The index of the cost of
construction of a small house prepared by the Federal
Home Loan Bank Board, which appears in figure 11,
records a slight drop in costs during the early part of
21
developments which occurred during the year, both of
which may prove more important in future years than
in 1939. The first of these was the establishment, by
the Congress of Industrial Organizations, of the Construction Workers Organizing Committee to effect the
organization of construction labor into industrial unions.
Particular attention is being given to residential construction workers, who are now mainly unorganized.
While progress of the CWOC was perhaps not extensive
during the year, agreements were negotiated in several
cities. The second development was the action taken
by the American Federation of Labor to lessen the
extent of jurisdictional disputes. Under the new ruling
made by the president of the Building Trades Department, jurisdictional strikes are forbidden and machinery
is set up for the prompt rendering of a temporary decij sion with regard to the division of work among the
i various crafts and for following this with a well-conj sidered permanent decision, to be binding on all of the
unions concerned. The lasting effects of this new machinery to reduce the number of jurisdictional disputes
cannot yet be determined, though some improvement in
the situation appears to have taken place during the
year just ended.
Public Utilities
1936
1937
Figure 11.—Indexes of Construction Cost for a Standard Six-Room Frame
House, 1936-39 (Federal Home Land Bank Board).
NOTE.—Data are as of the first of each month.
the year, followed by an increase immediately after
the outbreak of the European war in September. This
increase in costs at the end of the year occurred almost
entirely in the prices of materials, as wage rates remained substantially unchanged. The diversity of |
movement which has characterized the components of |
this index since early 1937 has thus continued. The
decline in. costs from August 1937 to August 1939 was
caused by a relatively rapid drop in material prices
combined with an almost stable level of wages. Likewise, the ensuing rise has resulted from changes in the
materials component only.
To some extent the weakness of prices during the firstpart of 1939 may be attributable to various governmental pressures for lower costs, including the investigation by the Department of Justice of restrictive
practices within the construction industry. While the |
effect of this investigation on construction costs cannot
be ascertained, there is evidence that in several cities
substantial declines in the prices of certain materials
and in the costs of certain kinds of work have followed
very closely after the undertaking of the investigation
in those communities.
Labor costs and labor relations within the construction industry have been further affected by two other
Electric Power
Electric power production, which had recovered
sharply during the second half of 1938, declined less
than seasonally during the first 5 months of 1939 and
exceeded corresponding 1938 levels. Beginning in
July a marked upturn became evident, which by the
end of the year brought the industry to an all-time
high.
Total energy generated in 1939 is estimated at 123
billion kilowatt-hours—a new high. For the first time
in history energy sales to ultimate consumers exceeded
100 billion kilowatt-hours, reaching an estimated 107
billion for the year. The experience of the industry
shows marked secular increases in output, although,
in the short run, increasing business is linked with
general economic activity.
Residential sales have been increasing almost continuously since 1920, and in recent years have represented nearly one-fifth of all sales. Sales to farm
customers have shown a steady rise since 1935, reaching
over 3 billion kilowatt-hours in 1939, more than double
sales in 1932, New rural lines constructed by private
industry are estimated by the Electrical World at
20,000 miles, and the Rural Electrification Administration reports 100,000 miles of new line in 1939.
The downward trend of revenue per kilowatt-hour
was continued during 1939. This trend has been
particularly uniform in residential and small commercial
sales, as is apparent from the accompanying table.
Revenue per kilowatt-hour from total sales declined
from 2.31 cents in 1938 to 2.15 cents (see table 7).
22
SUKVEY OF CURRENT BUSINESS
New generating capacity added during 1939 fell off
markedly from 1938 additions, disclosing a typical
lag behind revenues. The Electrical World estimates
prospective 1940 additions to capacity at over 2,000,000
kilowatts, a figure not attained since 1930. It is predicted on the basis of present plans that capital expenditures for new construction in 1940 will reach
$600,000,000, as compared with $430,000,000 in 1939.
It is doubtful whether the companies will finance expenditures of this volume so largely out of earnings as
in recent years.
Table 7.—Revenue per Kilowatt-Hour of Electrical Energy Sold, by
Consumer Classes, 1929-39 i
[Cents]
Residential
Year
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938 .
1939
. . .
. -
._
.
6.30
6.00
5 74
5.57
5.49
5.30
4.99
4.65
4.39
4.21
4.05
ComCommercial, mercial,
small
large
Farm
2.54
2.61
2 70
2.98
2.85
2.65
2.86
2.77
2.84
3.00
2.83
4.24
4.13
4 17
4.14
4.07
3.99
3.82
3.60
3.44
3.33
3.22
Total
February 1940
of only 12 percent. The railroads thus participated
extensively in the business expansion of the fall.
The experience of the railroads during 1939 again
illustrates their dependence for improved operating
results upon the expansion of production and national
income. The movements of gross railway revenue,
paralleling those of national income and production, are
shown in figure 12. The importance of volume is apparent from the disproportionate variations in net
operating income (after expenses but before fixed
charges), also shown in figure 12.
The fundamental reason for the dependence of the
railroads upon volume is, of course, the high proportion
of fixed costs, which do not vary with the volume of
traffic. No progress was made during the year toward
reducing these costs through consolidation and other
2.57
2.65
2.75
2.85
2.66
2.58
2.46
2.27
2.19
2.31
2.15
1.38
1.41
1.47
1.53
1.38
1.35
1.30
1.19
1.15
1.21
1.12
i Data for 1939 are slightly affected by classification changes.
Source: Edison Electric Institute.
An outstanding development in the program of the
Tennessee Valley Authority was the acquisition of
several large private utility properties at a price totaling approximately $110,000,000. Purchases during
1939 brought the total number of acquisitions to 22,
in which the Authority bought transmission lines and
generating stations, and municipalities and cooperatives
bought the distribution systems.
Table 8.—New Capacity Added, Capital Expenditures, and Security Issues
by the Electric Power Industry, 1936-39
Year
New capacity added
(1,000 kw.)
Capital
expenditures
Security issues
New
capital
Total
Figure 12.—Indexes of Financial Operations of Glass I Railways, National
Income, and Industrial Production, 1936-39 (Railway Data, Except for
Operating Revenues for December 1939, and Industrial Production,
Board of Governors of the Federal Reserve System; National Income
Payments, and Estimate for Railway Operating Revenues for December
1939, U. S. Department of Commerce).
NOTE.—All indexes are adjusted for seasonal variations; indexes for financial operations of railways also are adjusted to a uniform month basis, and indexes of industrial
production also for the number of working days in the month. Data for net railway
operating income for December 1939 were not available in time to include them in
this chart.
internal economies, steps which the Interstate Commerce Commission has repeatedly declared to be of
1936
721.1
289.7
59.7
1,331.9
major importance.
1937 .
1,118.8
455.5
82.0
645.7
1, 695. 9
1938
482.0
123.1
964.0
While the rapid rise of net operating income accom1 1, 284. 8
1939,. .
430.0
16.2
992.3
panying a gradual increase of gross revenues is explained
i Estimated.
by the high proportion of fixed costs, the still sharper
Source: Capacity added and capital expenditures, from Electrical World; security
issues, from Commercial & Financial Chronicle.
rise of net income (see table 9) is traceable to the high
proportion of net operating income that is taken by
Railroads
fixed charges (bond interest, rentals, etc.). These totaled
Kailroad operations during 1939 improved markedly. $728,428,000 in 1929, and by 1938 had been reduced only
Freight revenue, constituting four-fifths of total reve- slightly more than 10 percent. Operating revenue durnue, rose by 393 million dollars, while passenger reve- ing the same period fell 43 percent. Consequently,
nue increased about 12 million dollars. Monthly car- fixed charges, which in 1929 had taken 58 percent of net
loadings during the year were consistently higher than operating income, represented 175 percent of that item
in the corresponding months of 1938. Despite a more in 1938; part of the excess was charged against nonthan seasonal decline in December, carloadings in the operating income, but such income was not sufficient to
last quarter rose 16 percent above those in the final quar- cover all of the fixed charges. The corresponding proter of 1938, as compared with an increase for the year portion for 1939 is estimated at 110 to 115 percent.
Millions of dollars
SURVEY OF CURRENT BUSINESS
February 1940
Railroad Capacity.
With the expansion of business in the fall of 1939, the
problem of railroad capacity has become increasingly
important. The number of cars on line has decreased
28 percent since 1928, so that the 1939 upsurge reduced
the surplus to a narrow margin. The minimum surplus
during the year was 64,000 cars, compared with 107,000
in 1929, according to the Association of American Railroads. A similar situation prevails for locomotives; it
is estimated that the 1939 peak carloadings reduced the
reserve of freight-locomotive capacity to only 10 percent.
Table 9.—Net Railway Operating Income, Fixed Charges, and Net Income,
1932 and 1936-39, for Class I Steam Railways (Excluding Switching and
Terminal Companies)
[Millions of dollars]
Net
operating
income
Year
1,262.6
326.4
667.1
590.2
373.2
588.2
1929
1932
1936
1937
1938
1939
Fixed
charges l
Net
income 2
728.4
701.5
693.5
670.3
654.0
655.0
(3)
* 150. 6
165. 5
98.7
* 121.6
90.0
1 Includes interest, rentals, and certain minor charges.
2
Calculated after inclusion of nonoperating income.
3 Comparable figure not available.
< Deficit.
Source: Interstate Commerce Commission; 1939 estimated from data for first 11
months.
While equipment buying increased sharply in September as business improved, the total for the year
was still 60 percent below the 1929 figure of $397,000,000. As table 10 shows, neither equipment nor maintenance expenses have been at levels comparable with
those of 1929.
MILLIONS OF DOLLARS
MILLIONS OF CARS
RA/LWAY OPEPAT/NG REVENUES^
creased the speed and efficiency of their freight service.
New materials for the construction of freight cars, as
well as mechanical improvements, have made this
possible. However, the net effect of these advances
has been to accentuate the obsolescence of existing
equipment. This applies with equal force to locomotives, 68 percent of which are at least 20 years old. If
business continues to improve, further increases in
equipment purchases will ensue. Meantime, the high
level of fixed-charges contributes to the deferment of
both replacement and maintenance.
Reorganization and Finance.
little actual reduction in fixed charges was achieved
during 1939. Under reorganization plans approved
by the Interstate Commerce Commission or recommended by examiners, however, very substantial reductions of interest charges are in prospect. Under
these plans, a reduction of three-fourths in the annual
fixed charges of 21 roads is proposed. At the close of
the year none of these plans was in operation, although
one had been ordered placed in effect.
Table 10.—Equipment Purchases, Expenses for Maintenance of Equipment, and Fixed Charges, 1929-39, Class I Steam Railways
Equipment purchases
Expenses for maintenance of equipment
Millions Percent of
1929
of dollars
Millions
of dollars
Percent of
1929
100.0
36.9
1, 202.9
1, 019. 3
817.0
618.9
598.7
637.9
681.9
782.8
826.7
676.5
764.0
100.0
84.7
67.9
51.5
49.8
53.0
56.7
65.1
68.7
56.2
63.5
Fixed charges i
Year
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
397.1
146.5
28.9
2.6
5.9
7.3
.7
1.5
66.9
35.7
222.6
173.3
74.0
160.0
56.1
43.6
18.6
40.3
16.8
9.0
Millions Percent of
of dollars
1929
728.4
716.7
708.6
701.5
703.7
694.4
686.7
693.5
670.3
654.0
655.0
100.0
98.4
97.3
96.3
96.6
95.3
94.3
95.2
92.0
89.8
89.9
X
(LEFT SCALE)
1
Includes interest, rentals, and certain minor charges.
Source: Expenses for maintenance of equipment and fixed charges, Interstate
Commerce Commission; equipment purchases, Railway Age.
A A /\
/ W \
j
\
^
C4PLOA£/NGS.
NET INCOME OR DEF/C/T
(LEFT SCALE)
M M !
1936
I
1937
1938
1939
Figure 13.—Financial Operations and Carloadings of Class I Railways^
1936-39 (Financial Operations, Except for December 1939, Interstate
Commerce Commission; Carloadings, and Estimates for Financial
Operations for December 1939, Association of American Railroads).
NOTE.—Data for financial operations exclude switching and terminal companies,
while data for carloadings include cars loaded in switch service movement and given
to class I roads for the road haul. Data for "Net Income or Deficit" for December
1939 were not available in time to include them in this chart.
The recent approach to full utilization of capacity is
made more significant by the accumulated obsolescence
of railroad equipment. Recent technical developments have accentuated this factor. With the heightened competition for traffic, the railways have in
Meantime, accompanying capital expenditures estimated at $375,000,000, the railroads refinanced
$101,000,000 of bonds and notes and raised $85,000,000
in new capital. The corresponding 1938 figures were
$56,000,000 and $16,000,000, respectively. Reconstruction Finance Corporation loans to the railroads
increased during 1939 by $12,700,000 to $448,800,000.
This is the highest year-end total on record.
One class I railroad went into bankruptcy during the
year. The number of roads in charge of receivers or
trustees at the end of the year decreased from 109 to
108, and the total mileage operated by receivers oi
trustees decreased slightly—from 76,938 to 76,801.
Competition and Rates.
In its 1939 annual report the Interstate Commerce
Commission commented at length on the railroads' intensified policy of meeting the competition provided
by other types of carriers, particularly motor carriers.
A related development during the year was a Com-
24
SURVEY OF CURRENT BUSINESS
mission decision authorizing lower rates on multiplecarload shipments than on single carloads. The Commission had previously recognized only carload and lessthan-carload rates; this ruling is, therefore, a significant
new departure.
The increase in the basic passenger fare from 2 cents
to 2% cents a mile, which, was authorized in July 1938,
continued unaltered through 1939 and was extended in
January 1940 for 60 days beyond its original expiration
date in that month. Underlying the plea for maintenance of the higher basic fare, however, was experimentation with the sliding scale of round-trip coach
fares authorized in June 1938, under which an initial
round-trip rate of 2% cents a mile is progressively lowered to 1.7 cents a mile for trips longer than 900 miles.
The Commission granted an increase of express rates in
a companion proceeding to that in which a general increase of freight rates was authorized in 1938. The
increases were adjusted to enable the Railway Express
Agency to compete more effectively for a "fair share of
the small-package business/'
Motor and Air Transportation
Motor-truck operations expanded during 1939, continuing the up-turn which began late in the first quarter
of 1938. The rate of recovery of truck loadings appears
TH0U5SANDS OF POUNDS
1,000
M 1 LLI ONS OP N/1 I LE5
.. . _L J
_
800
•—"—
;
H
t
M
1 4 A
ess C"orr/ed—eft Sec
600
400
—
200
——
0
1 O0
!
i
.„ .rr^—r""
1929 11930
ip
A
^Passenger
80
60
40
20
M//es F/own
0
1931
1932 1933 1 1934 1 1935 1936 1937 1 !938 I9S9
Figure 14.—Passenger Miles Flown and Express Carried by Scheduled
Airlines in the Continental United States, 1929-39 (Civil Aeronautics
Authority).
February 1940
Air transportation showed marked increases in 1939.
Express carried was 30 percent above the 1938 total,
and express-revenue miles flown were up 19 percent.
The number of passengers carried increased 40 percent,
while passenger-miles flown were about one-third above
the 1938 mileage. (Sec fig. 14,)
Shipping
The most notable development in shipping during
1939 was the outbreak of war in Europe and the passage
of the Neutrality Act which it occasioned. In the first
quarter of 1939 tramp shipping rates sagged below
1938 charges; later increases restored rates to approximately their previous positions. With the outbreak
of war a general rise occurred in tramp and liner rates
to all ports except those in Central America and the
West Indies. Southbound rates on the Atlantic to
South American ports rose about 10 percent, while on
the Pacific the rise was somewhat greater. For northbound traffic there was a rise of one-third on the
Atlantic and about 50 percent on the Pacific.
In the period September 7-9, rates to the United
Kingdom and the Continent—determined by the freight
conferences for these areas—rose one-third. In the
Scandinavian and Baltic service, rates were doubled,
individual shipowners setting rates at their own discretion. Subsequent advances in the rates to these
European areas became subject very largely to government control, both as regards belligerent and neutral
countries. Kates on traffic to the Far East increased
about a fifth.
According to the United States Maritime Commission, 82 vessels with an aggregate tonnage of 518,000
were transferred from the combat zone created on
November 4, 1939, by the Neutrality Act. Many of
these have been shifted to other routes where expanding business has warranted, while some of the others
are in process of transfer or sale. The effect of this
legislation on United States shipping cannot as yet be
accurately determined, but indications are that it is
less serious than had been anticipated!
NOTE.—Data for December 1939 were not available in time to include them in
this chart.
to have exceeded that of railroad car loadings. Interstate Commerce Commission reports on motor carriers
for the first 6 months of 1939 indicate an increase of the
operating revenues of class I intercity freight motor
carriers amounting to 30 percent of the revenues in the
first half of 1938. Tons of revenue freight transported
by these 640 carriers increased slightly more than 20
percent during the period, and net income increased
markedly. The 75 class I local carriers reported very
slight gains.
Statistics for both local and intercity bus operations
collected by Bus Transportation, covering regular route
operating companies earning over $100,000 annually,
indicate substantial increases over 1938.
Communications
Year-end estimates of the number of telephones in
service in the United States indicate an all-time peak
of about 20,800,000 stations, an increase over 1938 of
about 846,500 stations. Operating revenues of 90
major carriers for the first 11 months of 1939 amounted
to $1,116,100,000, compared with the 1938 figure of
$1,060,500,000. Net operating revenues of $370,591,000 for 11 months represented an increase of nearly 12
percent over the $332,150,000 for the corresponding
period in 1938.
For the telegraph industry, the improvement in general economic conditions during 1939 brought a marked
reduction in the net deficit which has been characteristic
SURVEY OF CURRENT BUSINESS
February 1940
of the industry in recent years. Operating revenues of
the three telegraph carriers reporting to the Federal
Communications Commission amounted to $106,015,000 during the first 11 months of 1939, representing an
increase of 4 percent over the corresponding period of
1938. Whereas in 1938 both major carriers operated
at a net deficit, in 1939 Western Union showed a net
income of $828,768 for the first 11 months of the year.
The industry totals shown below reflected this in a
deficit of $2,944,000, as compared with a net deficit of
$5,777,000 for the first 11 months of 1938.
Year
1936
1937
1938
1938 a
1939 2
Operating
revenues
Thous. of
dols.
122,116
123,893
112,858
102,305
106,015
Operating
income
25
of workers has remained about 800,000 below the 1937
high, and more than 2 million under the 1929 peak.
Agricultural employment* has continued to evidence
a slight downward tendency, but for the year the offset
against the increased nonagricultural employment was
of no great significance.
MILLIONS OF PERSONS
Net
income
Thous. of Thous. of
dols.
dols.
5,840
14,921
i 167
8,509
1
5, 672
2,915
i 5,777
2,146
i 2,944
4,980
» Deficit.
11 months.
2
Source: Federal Communications Commission.
Figure 15.—Number of Persons Employed and Unemployed in the United
States, 1929-39.
The industry has been in critical condition because
NOTE.—Figures for unemployment are estimates made for the Committee on
of the costs of maintaining duplicate and excess facili- Economic Security by Robert R. Nathan and kept up to date by him.
ties and the competition of other forms of communication. The Postal Telegraph & Cable Corporation, Wide Gains in Manufacturing.
which had been in bankruptcy proceedings since 1935,
The rise during 1939 was particularly prominent in
completed a plan of reorganization during the year, manufacturing and mining industries. After May
which was confirmed by the Federal District Court in there was an almost continuous increase, with the rate
January 1940.
of gain markedly accelerated in the early fall months.
In response to a Senate resolution adopted during From May through October the number of employees
the first session, the Federal Communications Commis- in these industries rose more than 200,000 per month,
sion in December submitted a report on the telegraph a somewhat more than seasonal increase. Employindustry. The Commission emphasized the effects of ment leveled off subsequent to October, reflecting
competition and of excess facilities and recommended seasonal influences and the less rapid increase in prothat the law be amended to enable Western Union and duction.
Postal to merge their land lines. It was strongly
In the aggregate the mining and manufacturing inurged, however, that merger be limited to the tele- dustries expanded employment by more than 850,000
graph industry and that telephone and radio remain workers in 1939; the additions by these industries accompetitive with the telegraph. This and other prob- counted for aoout two-thirds the rise in the nonagricullems of the telegraph industry are being investigated tural total. At the end of the year the number emby a subcommittee of the Senate Interstate Commerce ployed in mining and manufacturing v\ras only about
Committee, and public hearings are expected to be held 750,000 below the 1929 and 1937 peaks. Other groups
early in tho spring.
j contributing substantially to the larger volume of em! ployment over the year were transportation and public
trade and finance, and government. For
Employment and Unemployment Ij utilities,
these, however, the aggregate gain was less than
!
With the increase in business activity during the 400,000.
In factories the largest part of the rise in employment
year opportunities for employment rose appreciably,
in
1939 occurred in the durable-goods industries.
and by December the number at work in nonagriculLittle
change occurred in the first few months of the
tural pursuits * approached 35 million, an increase of
1
more than 1 million for the year. As is shown in figure
Data relating to nonagricultural employment are compiled by the IT. S. Departof Labor, Bureau of Labor Statistics, to cover all persons engaged in gainful
15, the gains amounted to about 2.5 million over the ment
work outside of agriculture (including self-employed and casual workers) except
1938 low recorded in July, and nearly 9 million over those employed on Government emergency work programs. These data are undera revision which may materially affect the figures for recent years. Farm emthe minimum 1933 figure. Compared with maximum going
ployment data are compiled by the U. S. Department of Agriculture, Bureau of
employment in the decade just completed, the number Agricultural Economics.
26
SURVEY OF CURRENT BUSINESS
year, but from May to December the seasonally adjusted index for this group increased more than onefifth, while for the non-durable-goods index the rise
was only 5 percent. The accelerated rate of factory
output subsequent to August resulted in a marked
improvement in the rate of gain for employment in
durable-goods industries, but for non-durable-goods
lines the expansion rate was not much greater than
that of the summer months. The rise in durable-goods
industries has eliminated a large part of the disparity
between the two group totals when comparison is
made with earlier years. Thus, in December, the
seasonally adjusted durable-goods employment index
stood at 94.1 (1929 = 100) and the index for non-durablegoods industries was 102.7. In mid-1938 the difference
amounted to 27 points.
Employment in the mining industries, while influenced somewhat by increased demand for products
of the mines, did not show any marked changes from
1938, when averages of the midmonth indexes for the
2 years are compared. The number at work in the
fuel-producing industries was somewhat lower than in
1938, on the average, while metalliferous mining and
quarrying and nonmetallic mining showed moderate
improvement. Workers employed by retail and wholesale trade establishments averaged about the same as
in 1938, although the indexes subsequent to April
1939 were above those of the corresponding months
of 1938.
Factory Average Hours Markedly Higher.
The rising demand for manufactured products in
1939 was reflected in an extension in factory working
hours as well as in an increase in the number employed.
As for employment, the largest gains in hours worked
were concentrated in the durable-goods industries.
Several lines showed increases of 4 to 5 hours per week
during the year, but in most instances the gains were
moderate. In a few cases declines occurred. For all
manufacturing industries the average was lifted from
36.6 hours per week in January to 38.0 in August, and
thence to 39.1 in November, in comparison with a 1938
low of 33.3 hours per week and a 1937 high of 41.0
hours per week.
Time lost as a result of industrial disputes in 1939
was nearly double that lost in the preceding year, but
the total for the period remained well below that of
other recent years of comparable business volumes.
Man-days idle for the year totaled about 18,000,000 as
compared with 9,148,000 in 1938 and 28,425,000 in
1937. More than one-half of last year's loss of time
was concentrated in the automobile and bituminous
coal industries.
Number Without Work Remains Large.
Unemployment continues to be a serious problem
despite the marked expansion in general business
activity in 1939. Although subject to a considerable
February 1940
margin of error, estimates of the number of unemployed, including more than 2,000,000 on WPA and
CCC rolls, indicate approximately 9 to 10 million idle
workers at the close of 1939, as is shown in figure
15. This large volume of unemployed labor power
exists despite the record flow of goods and services
which was attained in the latter part of the year.
Both industrial production and real income on a per
capita basis, however, are still considerably below 1929,
since there has been an increase of nearly 10 million
in the population during the past decade.
In order to attain full employment, with prevailing
hours of work per week, production will have to exceed
the 1929 per capita level. Even with a return to 1929
per capita output, the available information indicates
that there would still be something in the neighborhood
of 5 million workers without employment. These
unused labor resources would be accounted for by the
normal minimum volume of unemployment, technological changes which have displaced labor, and the
change in the age distribution of the population which
has increased the proportion of these in the working-age
group. There is always some unemployment because
of seasonal patterns of production, time lapses between
jobs, and other irregularities. During the 1920's, this
minimum varied around 2 million persons per annum.
With the present number of employable individuals,
minimum unemployment would probably be somewhat
larger.
Technological developments during the past decade
have resulted in a substantial increase in the productivity per employee and, more particularly, per manhour. Much of the increase in productivity per manhour has been offset by a substantial reduction in the
average number of hours worked per week. Even
with the substantially curtailed schedule of hours,
however, fewer workers are required now than in 1929
for the same output of goods and services. As was
pointed out earlier, the number of persons actively
engaged in private nonagricultural industries and in
the regular government service at the close of 1939
was within 2 million of the 1929 employment figure.
At the same time, the real national income in December
1939 was equal to or above the peak of 1929, and certainly above the average for that year. This gives
some indication of the higher productivity per employed worker now than prevailed 10 years ago, although significant changes in the relative importance
of various industries tend to qualify such a conclusion.
Estimates of the new entries in the labor market in
excess of those dying, retiring, or otherwise leaving
the labor market vary from 500,000 to 600,000 per
annum for the past decade. Thus, the number of
employables has increased 12 to 15 percent since 1929,
while the population is about 8 percent larger. These
new workers could, if fully employed, permit a higher
per capita standard of living than prevailed in 1929,
SURVEY OF CURRENT BUSINESS
February 1940
even if average hours of work per week were reduced
to completely offset the rising productivity per manhour. In other words, with full employment at the
present time and the same productivity per worker
as prevailed in 1929, the per capita real income of the
total population would be well above that of 1929.
27
industrial commodities alone considered, there was some
strengthening in the latter half of 1938; but the rise in
such prices did not keep pace with the expansion in
industrial activity. The large volume of industrial
commodity stocks on hand in 1938 is probably the
principal reason that a substantial increase in industrial
activity could occur without causing a parallel rise in
Commodity Price Movements
the general level of commodity prices. The rise in
industrial activity was checked by the end of 1938,
In contrast with most business indicators, whose up- apparently before commodity stocks had been sufficiward trends were merely accelerated in September of ently absorbed to bring about a significant rise in their
last year, the outbreak of war in Europe had the effect of prices. Declining activity in the early months of 1939
reversing the general movement of prices. The level of lessened the demand for raw materials and thus concommodity prices at wholesale declined gradually from tributed to a further slight weakening of prices.
January through August, continuing a trend which
The sagging tendency of wholesale prices in the first
began in the spring of 1937. As a result of the buying 8 months of 1939 was manifested in all groups included
wave touched off by the war, the general level of whole- in the Bureau of Labor Statistics wholesale price classification with the exception of building materials, some
INDEX NUMBERS, I929-I0O
of the textiles, petroleum products, and automobile
1 10
tires and tubes. Aside from a marked rise in silk, prices
100
for the latter groups remained substantially unchanged. The only substantial declines recorded in this
90
dustn ol Procfaction
n /
i
period
were those in farm and food prices. Chief
i \ '
I
|_L,7
80
i
**
/
factors
accounting
for the downswing in these and other
^{
i
\\
\
/
A
P
groups
were
bumper
world grain crops in 1937-38 in
70
I
the face of reduced world demand, leading to increased
60
I
carry-overs; large increases in livestock, encouraged by
\
50
low feed prices during an extended period; continued
V~—-Moody's Spot
large stocks of most other primary commodities; and
\ A 1 Commodity Price /ndex
40
V\ 1
the decline in industrial activity in the first 5 months of
30
1939, with its consequent reduction of income in the
In,,,
,
I
o1 1929
hands
of important consuming groups. Because stocks
1930 1931 1932 1933 1934 1935 1936 1937 1938 1939
o.o. to •
of many commodities 'were smaller by the summer of
Figure 16.—Indexes of Industrial Production and Commodity Prices,
1939 (just prior to a sharp rise in industrial activity)
1929-39.
than they had been a year previously, it is possible that
NOTE.—These indexes have been recomputed, with 1929 as base, from the following:
there would have been some rise in prices during the
Federal Reserve index of industrial production, adjusted for seasonal variations;
and the spot price index, covering 15 important commodities, published by Moody's
fall months even without the buying wave engendered
Investors Service.
by the beginning of war.
sale prices rose early in September to approximately Prices Rise With Outbreak of War.
its position in the closing months of 1938. By the end
The change in expectations that came with the
of December 1939 the Bureau of Labor Statistics com- reality of war in Europe has already been traced.
bined index was still almost 10 points below the April Heavy buying ensued as the result of a general failure
1937 peak of 88.0 (1926 = 100). To some extent, how- to observe that on the basis of 1914 experience there
ever, the gaps that had opened during the period from was no danger of immediate price inflation, as well as
April 1937 to September 1939 between such contrasted a failure to note that the positions of the United States
groups as farm and nonfarm prices, or raw-material and and of the belligerents differed considerably in 1939
finished-goods prices, were narrowed after the Sep- from the positions in 1914 in several important respects.
tember upturn.
The immediate result was a rapid rise in many prices,
After the middle of 1938 and throughout the first some of which were bid up 30 to 40 percent and more in
two-thirds of 1939, prices generally failed to respond a short period. The extent of the impact of September
to the increase in industrial production. Figure 16 events upon sensitive prices, both of foodstuffs and
shows the divergence between the movements of prices industrial materials, is most clearly revealed in the beand production that developed after the middle of that havior of Moody's index of the spot prices of 15 comyear—a divergence which is all the more interesting in modities. During the year preceding September 1,
the light of the correlation evidenced between these 1939, the mean deviation of this index had amounted
series during the previous years of the decade. It is to only 1.47 points, or 1 percent of the mean (a high
true that if foodstuffs are excluded and prices of raw degree of stability), and the fluctuations from Novem-
1
V\
V
1....
!
V
I.M.
i\
v
1
J
MM,It.,,,
14.
28
SURVEY OF CURRENT BUSINESS
ber 1937 to September 1938 had not been very much
more marked. From 140.3 (December 31, 1931 = 100)
on August 31, 1939, however, the index advanced to
172.8 on September 22, a rise of 23 percent in 3 weeks.
A slow recession to 158.5 by November 29 then occurred;
but a new upswing that was in evidence throughout
December (mainly in grains, cotton, and silk) carried
the index to 170.7 on the 26th, practically as high as
the peak reached in September.
Fluctuations somewhat similar to those in the combined index naturally characterize the movements of
individual sensitive prices. Table 11 shows for selected
items the rapid September rise, the declines in the
following 2 months to the end of November, and the
renewed trend upward in December.
The increase in the general level of prices subsequent
to August was less spectacular, as shown by the comparatively moderate rise in the Bureau of Labor Statistics combined index from a low for the year of 75.0
(1926 = 100) in August to a high of 79.4 in October.
The smaller advance in the general index is a reflection
of the fact that finished-goods prices rose less than those
of most raw commodities.
Table 11.—Prices of Selected Foodstuffs and Industrial Materials
Item
Aug.
31
Sept. N o v .
22
29
PerPercentage
centage
change, Dec. change,
Aug.
Sept,
26
2231Nov. 29
Dec. 26
February 1940
magnitude of the rise that occurred in finished industrial-goods prices can be seen in figure 20. Retail food
prices rose from 75.1 (1923-25 = 100) in August to 79.0
in September. Fairchild/s index of prices of department-store articles increased 2.7 percent in 3 months, a
large change for this indicator.
This movement appeared to lose some of its strength
after the initial impact had once been felt; the weakness
in many wholesale prices, resulting in part from a
slackening in forward buying and in part from a temporary loosening of quota restrictions on such items as
sugar, rubber, and tin, had its effect. There is some
reason for believing that the business community had
become aware, by the end of the year, of the limitations
implicit in the advance in activity and of the dangers
inherent in any substantial upward trend of prices to
ultimate consumers.
Changes in Price Relationships
The September reversal of the trend of prices may
prove temporary; that will depend on the course of
domestic business in 1940, as wrell as on the character
of the war in Europe. It seems quite unlikely, however, that the pre-September structure of prices will be
precisely restored. It is therefore of interest to examine
the shifts that have recently occurred in the relationships among various groups of prices.
INDEX NUMBERS, 1926 = 100
100
FOODSTUFFS
Wheat, No. 2, hard, Kansas City, ordinary protein
cents per bu-.
Corn, No. 3. yellow, Chicago
do .
Rye. No. 2, c.i.f, New York
do...
Sugar, 96° delivered, duty-free
cents per lb
Coffee, Santos, No. 4, New York_.do
Cocoa. Accra, New York
do
Hogs, Chicago *
dol. per cwt_
Lard, cash, Chicago
cents
per
lb,.
Beef, Chicago 1
dol. percwt..
53
72H
+L4
104
58
99->£
+55. 2
+27.8
+71.0
3.65
7%
7M
-1.47 6.25
5. 62 7.46
5.75
8.10
8.92 10.17
2.95
7H
5.50
5.28
5.80
9.61
-19.2
-8.1
-12.0
-29. 2;
-28. 4|
-5.5
2. 95
7M
6.00
5.32
6.32
9.65
+1.0
0
+3. 42
-5.3
+9.9
+8.2
8.55
2.65
0.86
9.59
3.43
1.16
+9.6 10.68
+8.2 4.60
-10.8 1.16
+24.9
+73.6
+34.9
67
45%
86
58%
58H , 7 1 %
2.92
2
2
INDUSTRIAL MATERIALS
Cotton, 10-market average.cents per lb
Silk, New York
dol. per lb
Wool tops. New York 3
do
Hides, heavy native steers, Chicago
cents per lb
Rubber, plantation, New York.__do
Copper, electrolytic, New York..do
Lead, New York
do , .
Tin, Straits, New York
do
Zinc, New York
do
4
Steel, scrap
dol. per gross ton _
8.75
3.17
1.30
14 -15.2
20%
-9.4
12H
+4.2
5. 501
0
5.05
53-K
-21.0
49 Vi
6.89|
15.62] 19.25J 18.5F-|j
—3.5!
11
16H
10 U
12
5.50
±11
15
20%
12H!
5. 50l
49%
6.391
17.67;
+36.4
+22.2
+ 19.0
+8.9
+.5
+24.3
++ 131
3.1
i
Figure 17.—Indexes of Wholesale Prices of Farm Products and All Commodities Other Than Farm Products and Foods, 1935-39 (U. S. Department of Labor).
The decline in prices after the middle of 1937 affected
the components of general indexes in varying degree.
Numerous divergencies appeared, the most significant
of which (revealed in table 12) were those between
farm-product and food prices, on the one hand, and all
Inasmuch as the recovery movement prior to the out- other commodities on the other, and between raw
break of war was essentially a consumption recovery materials and finished goods. In both cases, divergent
and as the subsequent expansion was based so largely tendencies were apparent in 1938, and these became
on forward buying, the communication of the price rise even more marked by the summer of 1939. The
to finished goods appeared as a decided threat to con- decline in 1938, which carried farm-product prices onetinued recovery. With capital investment at a com- third below7 their 1926 level, had been partially offset
paratively low level, the general upturn might well Lave by a slight upward movement in the latter part of the
been checkmated by a sharp increase in finished-goods year; but in August 1939 they were even low7er than at
prices; and for a while the rise was quite rapid. The any time during the previous year. Figure 17 shows the
1
U. S. Department of Agriculture. Data represent averages of daily prices for
week ended on nearest Saturday except when otherwise noted.
3 Average price for week ended Aug. 26.
34 U. S. Department of Labor, Bureau of Labor Statistics.
Iron Age. Based on No. 1 heavy melting steel, quotations at Pittsburgh,Philadelphia, and Chicago. Figure represents average for week ended on nearest Tuesday,
Source: Journal of Commerce unless otherwise indicated,
29
SURVEY OF CURRENT BUSINESS
.February 1940
gap that had opened between farm-product prices and
prices of commodities other than farm products and
foods between 1937 and 1939, until the general upward
surge of sensitive prices that occurred in September.
The net effect of the recent upturn on farm-product
prices in relation to other prices is suggested by figure
17 and indicated more specifically in table 12. Here it
may be seen that, while the "all other" commodity index
averaged only 2 percent higher in September of 1939
than it had in the first 6 months of the year, grain prices
were 15 percent and food prices 8 percent higher. The
same point can be made by citing the rise in the ratio
of prices received by farmers to prices paid by them
from an average of about 75 (1910-14 = 100) during the
first 8 months to 80 during the final 4 months of the
year. Such shifts meant a rise in farm income; for it
is a commonplace that farm income tends to vary
directly with the level of farm prices.
Table 12.—Wholesale and Other Price Indexes for Selected Periods
Annual averages
Percent-
First 6 months—
age
Item
1932
1937
I
193SJ
1937 i
I
1939 '
Percent
change
September 1939
change
Last 4
(first 6 months,
months,
1939J
1939-Sept.
1939)
December 1939
WHOLESALE PRICE INDEXES
(U. S. Dept. of Labor, 1926=100)
Combined index, all commodities2
Economic classes:
Raw materials
.
_. ..
Semimanufactured articlesFinished products
.
Farm products
Grains
._
Livestock and poultry
Foods
_
Dairy products..
Meats
All commodities other than farm products and foods
Building materials
Chemicals and drugs
Fuel and lighting materials.-.. .... - ..
Hides and leather products
.. _
Hides and skins
_. .
...
.
Textile products
Cotton goods
Silk and rayon
...
Woolens and worsteds... .
Metals and metal products
Iron and steel
.
Nonferrous metals
,
Hqusefurnishing goods,..
Miscellaneous
64.8
86.3
77. 1
87,1
76,4
-12.3
79.1
+3.5
79.2
79.2
55.1
59.3
70.3
48.2
39.4
48.2
61.0
61,3
58.2
70.2
71.4
73.5
70.3
72.9
42.1
54.9
54.0
31.0
57.7
80.2
79.4
49.8
75.1
64.4
84.8
85.3
87.2
86.4
98.3
95.5
85.5
83.1
99.1
85.3
95.2
83.9
77.6
104.6
113.5
76.3
84.3
32.5
91.1
95.7
98.2
89.6
89.7
77.8
70.2
77.0
80.4
65.3
58.6
72.2
70.4
69.5
77.2
81.3
90.5
76.5
73.1
95.6
84.6
69.7
67.2
40.9
79.8
94.4
95.8
78.0
86.3
74.8
88.1
87.4
86.6
91.2
112.8
93.8
86.0
81.9
93.6
85.3
95.2
86.3
76.9
104.7
117.2
78.3
92.4
33.4
92.9
94.5
96.7
92.7
88.4
79.0
69.5
74.5
80.0
65.0
56.4
75. 6
69.6
64.2
80.4
80.4
89.6
76.2
73.2
91.9
73.5
66.7
63.8
36.8
75.1
94.0
95.9
75.1
85.4
73.9
-21.1
-14.8
-7.6
-28.7
-50.0
-19.4
-19.1
-21. 6
-14.1
-5.7
-5.9
-11.7
-4.8
-12.2
-37.3
-14.8
-31.0
+10.2
-19.2
72.6
81.8
81.9
68.7
65.1
76.3
75.1
74.5
81.0
82.1
90.9
77.3
72.8
98.5
97.4
71.7
70.4
43.4
84.0
94.8
95.5
84.7
86.6
76.6
+4.5
+9.8
+2.4
+5.7
+15.4
72.7
82.3
82.0
67.7
65.6
69.2
73.2
78.7
74.1
83.5
92.4
77.9
73.4
102.7
104.8
75.4
73.7
48.1
89.0
95.7
95.9
84.9
87.8
77.2
73.3
82.0
81.7
67.6
71.6
63.8
71.9
81.3
69.1
83.9
93.0
78.1
72.8
103.7
105.2
78.0
75.2
55.0
90.3
96.0
96.1
84.6
88.5
77.4
77.9
88.5
85.2
18.0
85. 0
-3.4 I
85.9
+ 1.1 !
85.7
85.3
65
68.3
121
85.1
95.1
92.0
77.0
128
85.5
91
76.7
-28.9 !
-10.3
98
79.0
97
96
76.9
89.9
94.7
-5. 9
90.2
+7.7!
+3.0 :
i
-.5
-.8
-19.0
-3.4
-6.5
+.9
+7.9
+16.0
+.7
+2.1
+1.5
+1.4
-.5
+7.2
+32. 5
+7.5
+10.3
+17.9
+11.9
+.9
+12! 8
+1.4
+3.7
OTHER INDEXES
Cost of living (National Industrial Conference Board, 1923=100)__
Prices received by farmers (U. S. Dept. of Agriculture, August
1909-July 1914=100)
...
Retail foods (U. S. Dept. of Labor, 1923-25=100)
Retail prices of department-store articles (Fairchild Index, Dec.
31, 1930=100)
75.8
89.1 !
+1.21
78.1
91.3 !
» Simple averages of monthly indexes.
1
Based on 813 price series in 1939, and on 784 in the earlier years shown.
Foodstuff prices, as a group, were about as strongly
influenced by September developments as were the
prices of industrial materials. Although the former
started to decline before the end of that month, changes
in the two groups were quite similar, as evidenced by
figure 18. More significance attaches to a distinction
between imported and domestic commodities; the
greater price rise of imported items is indicated in
figure 19. As has already been in part suggested, this
disparity may be explained in terms of domestic buyers'
expectations of higher shipping costs, dislocations in
shipping service, and further limitations by foreign
governments on exports of certain basic materials.
Drastic shifts in prices of industrial raw materials
resulted in new relative standings of important price
groups. Figure 20 shows the extent of recent divergence between the prices of raw and semifinished indus
trial materials and those of finished goods. On the
basis of the relative levels of these two groups of prices
in 1934 the year 1937 had seen a greater increase in
the level of raw-material prices than in those of finished
goods; but this divergence disappeared by the end of
the year, and in the first half of 1938 the index of rawmaterial prices fell below that for finished goods.
From August 1938 to September 1939 the two indexes
remained together at a practically unchanging level,
but raw-material prices again rose more sharply in the
latter part of 1939. At the same time, the upturn in
the finished-goods index indicates the tendency for
rising prices to become generalized.
A final divergence in price movements is to be found
in a comparison of wholesale and retail prices. As
is usually the case, retail prices failed to show the
flexibility that characterized wholesale-price move-
30
SURVEY OF CURRENT BUSINESS
ments in the 1937-39 period. Table 12 indicates that
the National Industrial Conference Board composite
index of the cost of living, which reflects the retailprice situation to some extent, averaged only 3 percent
less in the first 6 months of 1939 than in the same part
of 1937, whereas the Bureau of Labor Statistics combined index of wholesale commodity prices fell 12 percent. On the other hand, the September 1939 rise over
INDEX NUMBERS, AUG. 1939=100
1401
130
I ZO
FOODSTUFFS-
no
-RAW INDUSTRIAL COMMODITIES
100
90
1939
NOV.
DEC.
O.D.
Figure 18.—Indexes of Spot Market Daily Prices of Foodstuffs and Raw
Industrial Commodities, August 31-December 29, 1939 (U. S. Department of Labor).
NOTE.—The index of foodstuff prices is based on 12 items: Wheat, barley, corn,
butter, tallow, hogs, steers, lard, sugar, coffee, cocoa beans, and cottonseed oil. The
index of industrial raw commodity prices is based on 16 quotations (15 items1*: Flaxseed, shellac, rubber, hides, rosin, print cloth, silk, wool, burlap, steel scrap (Chicago
and Philadelphia), tin, copper, lead, zinc, and cotton.
the average for the first 6 months of the year amounted
to 3.5 percent for wholesale prices and only 1 percent
for the cost of living. Between the 1937 and 1939
periods the Fairchild index of department-store prices
declined 6 percent, and then rose only 1 percent
last September. In the wholesale-price classification,
textiles, leather and its products, and housefurnishings
are most comparable with the Fairchild indicator; and
these groups showed declines from the 1937 period to
the 1939 period of 15 percent, 12 percent, and 3 percent,
respectively. Their September advances amounted
to 7.5 percent, 7 percent, and 1 percent. Thus, with
the exception of housefurnishings, the changes in wholesale prices were significantly larger in this comparison.
The tendency toward inflexibility in both downward
and upward movements of retail prices may be seen in
the case of foodstuffs alone, where the average of prices
during the first half of 1939 compared with the corresponding period of 1937, and the September 1939
average compared with that of the first half of the year,
reveal movements in retail food prices about half as
great as those for foods at wholesale.
February 1940
at that time. In the last quarter, reductions from
listed prices were withdrawn on most items. With
operations at better than 90 percent of capacity and
with many mills in no position to make delivery of
sheets, strips, bars, wire, and tin plate for several
months, sellers were in a position to insist on listed
prices. Increases in export prices to the level of domestic prices also indicated the extent of a seller's
market in steel. In addition, domestic prices on certain
items were actually raised by some mills, notably on
plates and bars.
With the sudden increase in steel production in
September, pig-iron prices were advanced $2 a ton,
while Iron Age's composite scrap price rose $2.50 a ton
in a single week and approximately 45 percent within a
month. Shortages of scrap steel were not in all cases
actual physical shortages, but resulted in part from
holding by manufacturers and dealers in a rising market.
Higher prices for scrap brought some increase in the
percentage of pig iron used, with a corresponding reduction in the proportion of scrap.
INDEX NUMBERS, AUG. 1939=100
14
40
i
A
130
j
20
10
^
r
fI
x
^^
-. J
IM W/?/" COMMODITY
^VNv—,
^^>—^
i
^DOMESTIC
C:OMMODITIES
00
90
1939
DEC.
£> O. 4O-
29
Figure 19.—Indexes of Spot Market Daily Prices of Import and Domestic
Commodities, August 31-December 29, 1939 (U. S. Department of Labor).
NOTE.—The index of import commodity prices is based on 11 items: Flaxseed,
sugar, coffee, cocoa beans, shellac, rubber, hides, silk, wool, burlap, and tin. The
index of domestic commodity prices is based on 17 quotations (16 items): wheat,
barley, corn, butter, tallow, hogs, steers, lard, rosin, cottonseed oil, print cloth, steel
scrap (Chicago and Philadelphia), copper, lead, zinc, and cotton.
As a calmer appraisal of the prospects came to prevail
and dealers released amounts they had held during the
rapid market rise, scrap prices receded quickly to about
$18 per gross ton at the year end—well above the low
for the year of about $14 in May.
Tin.—In the nonferrous-metals group the largest advance was recorded by the spot price of tin, which at
about 49 cents a pound from June to August was higher
than any monthly average in 1938, and which rose to
nominal levels of over 70 cents a pound in September.
Some Developments Among Individual Prices
Supplies in the market had been somewhat depleted
Iron and Steel.—Quoted prices for finished steel for after a 10-percent rise in deliveries in both July and
the most part showed customary stability in 1939, August, and September demands could not be fully met
although some price weakness in May stimulated buying even at greatly advanced prices. Large shipments fol-
February 1940
SURVEY OF CURRENT BUSINESS
lowed the raising of quotas by the Tin Committee,
however, and the price dropped to 51 cents by the end
of the year. A shortage of supply at the prevailing
price appears quite unlikely.
Rubber.—Spot-rubber prices fluctuated around 16
cents a pound early in 1939, but from May through
August they showed a slight but persistent rising tendency, reaching almost 17 cents at the end of August.
Heavy demand early in September shot prices to 25
cents (largely nominal), a peak from which they dropped
fairly quickly. By the end of the month they were at
21 cents. For the remainder of the year they fluctuated
around 20% cents, except for the sharp decline to about
19 cents at the end of December.
The pre-September rising tendency reflected declining
stocks in the United States. August 1939 stocks were
27 percent less than those of January; average stocks
for this 8-month period were about equal to the average
for 1937, which was 29 percent less than average quantities on hand in 1938. September end-of-the-month
stocks were the lowest since March 1930. Production
of tire casings and inner tubes increased rapidly during
the last half of 1938; and output during some months of
1939 was double the monthly average for the first half
of the previous year.
Gradual reduction of stocks accounts for the strengthening of rubber prices before September and for the
extent of the advance in September. Subsequent
declines were made possible by the raising of export
quotas in producing countries.
Silk.—Among textile prices, that of raw silk had the
most spectacular rise in 1939. Although the larger
part of the rise for the year came after September 1, a
strong upward movement was in progress from January through May. For the year as a whole, the high
of daily prices soared from $1.90 per pound in early
January to $4.65 near the end of December, a peak
not hitherto reached since the early months of 1930.
Visible stocks, both in total and in United States warehouses, declined rapidly during the first 6 months of
the year. The market shortage of silk has been
explained in terms of rising costs of production and
increased home consumption in Japan, but the fact
that the 1939 cocoon crop was substantially higher
than that of 1938 suggests that other factors, notably
speculative holding in Japan, have played a part. The
advance of raw-silk prices has been held by the trade
to necessitate increased prices for full-fashioned hosiery
from levels that permitted record sales in 1939 and
may cause some shift to rayon and to silk and cotton
combinations.
Wool.—Wool consumption was quite high in 1939,
approximately 400 million pounds, or about 40 percent
in excess of 1938 consumption. Wool prices changed
little until September, and then a series of quick advances carried them 50 percent above those prevailing
earlier in the year. Acquisition by the British Govern
31
ment of the wx)ol clips of Australia and New Zealand
caused some uncertainty as to the amounts that would
be made available to the United States in the near future;
recent reports indicate that tentative plans for the release
of 13,500,000 pounds (scoured basis) have been made.
Cotton.—The 10-market price of raw cotton rose
from around 8% cents a pound in the early months of
the year to about 11 cents in the middle of December,
the average for the year being about a cent higher than
that for 1938. Huge stocks of cotton owned or held
in loan by the Federal Government might have been
expected to prevent a price rise of such a magnitude;
their failure to do so is explained by the fact that most
of the carry-over cotton could be made available only
at materially higher prices—sufficient to cover accumulated charges as well as the original purchase price,
in the case of Government-owned cotton, and the
amount of note, in the case of loan cotton. AccumuINDEX NUMBERS, 1934 =
125
MtV <$ SEM/F/N/S//EO
MTEfiMLS
^F/N/SHED PRODUCTS
1934
1935
1936
1937
1938
1939
Figure 20.—Indexes of Wholesale Prices of Industrial Commodities, 1934-39.
NOTE.—Computed by the Board of Governors of the Federal Reserve System from
United States Department of Labor data; all foods and feeds, both raw and processed, are omitted.
lated charges were, for the most part, greater on the
Government-owned cotton; hence the old cotton, that
the rise of prices in the last third of 1939 made it
profitable to market, was chiefly cotton that had been
held against loans to growers. During the last quarter
of 1939, 164,489 bales of 1938 loan cotton were actually
released, but requests for a much greater amount were
received.
From the middle of November to the middle of
December the spread between prices in domestic
markets and prices at Liverpool widened; in the case of
American Middling Fair Staple the spread of Liverpool
over New Orleans advanced from 1.94 cents per pound
on November 13 to 3.43 cents per pound on December
13. The Department of Agriculture attributed the
increased spread to a rise in transportation costs of
about 1 cent a pound, and also in part to the reduction
in the export payment rate, announced by the Federal
Government, from 1.50 cents to 0.20 cent a pound.
The spread narrowed somewhat on December 15, but
was 3.39 cents on December 22,
32
SURVEY OF CURRENT BUSINESS
Estimates by the Department of Agriculture as of
the end of the year looked to an increase of 300,000
bales in the American cotton supply to a total of 25,700,000 bales in 1940, but this is expected to be more than
offset by a decrease of more than 1,000,000 bales in the
supply of foreign cotton. Some increase in domestic
consumption is anticipated, and this, together with
favorable prospects for an increase in cotton exports,
may result in a lessening of the carry-over of American
cotton on August 1, 1940, from the 14,000,000-bale total
of last year. It was estimated late in November that
world consumption in 1939-40 would be about equal
to this season's world output, leaving a world carry-over
in August not materially less than that of a year previous. By the end of 1939, however, 1940 consumption
prospects, hence those of carry-over and prices, had
become more uncertain. The restriction of civilian
consumption in the warring countries must be set off
against potential increases in the demand for consumption goods arising out of particular war needs.
Wheat and corn.—Leading farm products tended to
sag in price for the first 8 months of 1939, with the
exception of a temporary strengthening in wheat in
April and May as a result of a protracted dry spell;
wheat prices turned down again after rainfall, when it
became clear that not only was the damage to winter
wheat less than previously expected, but also that the
outlook for spring wheat was exceptionally good.
Hence, by midsummer, prices of leading farm products
were rather low, despite the fact that much wheat, for
example, was being taken off the market on Federal
Government loan, and despite continual war scares
from Europe.
Several factors contributed to the drastic upward
spurt of farm prices in September. Of chief importance
was the expectation of large buying from abroad at an
early date, which colored the thinking of speculators
and domestic consumers alike.
Some recession from the September peak for wheat
took place, but a rapid new advance occurred in December, carrying spot prices to highs of $1.10 a bushel and
more. The December upturn is attributable to the
drought situation that developed in the final quarter of
the year, giving rise to predictions of one of the lowest
winter wheat crops on record. Heavy snows in late
December in the West and Southwest were thought to
have arrived too late, in view of considerable deterioration that had already occurred. Domestic wheat
production for 1940 was estimated at the close of last
year at around 600,000,000 bushels, 60,000,000 less
than estimated domestic consumption. An additional
factor tending to strengthen wheat prices was the outlook for an Argentina yield of only 150,000,000 bushels
or less, as compared with last year's 336,000,000
bushels.
The domestic carry-over on July 1 next may be
300,000,000 bushels, an increase of 46,000,000 over that
February 1940
of July 1, 1939, resulting from the large 1939 crop and
the probability of diminished exports in the coming
months, especially because of the suspension of the
export subsidy program for wheat on December 29, as
well as rising shipping costs. The excess of estimated
disappearance over production in 1940 indicates, however, a substantially reduced carry-over for 1941,
although it will probably still exceed 200,000,000
bushels. Continued large stocks of surplus wheat overhanging both the world market and the domestic
market will necessarily exercise a restraining influence
on prices for some time to come.
Figure 21.—Weekly Average Market Prices of Important Farm Products,
1936-39 (U. S. Department of Agriculture).
NOTE.—Prices are as follows: Cotton, Middling, %-inch, average spot price at 10
markets; wheat, No. 2, Hard Winter, weighted average price of reported cash sales
at Kansas City; corn, No. 3, Yellow, weighted average price of reported cash sales at
Chicago; beef steers from the Corn Belt, weighted average price of all grades sold out
of first hands at Chicago for slaughter; hogs, weighted average price, packer and
shipper purchases, at 7 markets.
In July, corn prices reached a 6-year low, in part
because farmers, confronted with a shortage of crib
space, were struggling to make room for the new crop
by unloading the corn they had in a market that was
already depressed. There was a recovery by the end
of July to 45 cents a bushel (No. 3 yellow), where the
price remained with little fluctuation until the meteoric
September rise to about 65 cents. A recession almost
to the 45-cent level occurred at the end of the month
and in early October. A renewed rise in late November and December, resulting from the strong upward
trend in wheat plus some increase in corn exports,
brought the price almost to 60 cents by the end of the
year.
Cattle and hogs.—Hog and cattle prices moved sharply
downward during the first 8 months of the year. Large
feed crops in the immediately preceding years led to
SURVEY OF CURRENT BUSINESS
February 1940
increased production and, in the case of hogs, to increased slaughterings; the result being an average price
of $5 a hundred pounds for hogs in seven markets in
the middle of August, the lowest since 1934, compared
with $7.80 in February. The average price of beef
steers at Chicago went a little below $9 a hundred
pounds in August in contrast to $10.40 early in the
year. The large herds that had exerted so depressing
an influence on livestock prices earlier in the year were
sufficient to pull prices down from the peaks to which
they jumped in September—in the case of hogs, back
to August figures after speculative activity diminished.
Sugar.—Prior to September, visible United States
stocks of sugar were substantially above those for 1938
and were even further above the 1935-37 average.
Excess stocks were due chiefly to a high level of output
of beet sugar added to large existing supplies from
other areas. Owing to the volume of stocks, prices
were somewhat depressed during the first 8 months of
the year, duty-free raw sugar fluctuating between 2%
and 3 cents per pound. Apparently because sugar
became a rationed commodity during the war of
1914-18, heavy buying took place last September. As
a result of the ensuing rise of raw-sugar prices to 3.85
cents per pound and refined sugar prices to $5.75 per
100 pounds, the President suspended quota restrictions.
The price of raw immediately fell and was 2.80 cents
at the close of the year. During the period of about
3Y2 months while the quotas were inoperative, producers sold eagerly in order to avail themselves of an
opportunity to dispose of their heavy stocks without
thereby cutting into 1940 quotas.
Announcement of the restoration of marketing and
import quotas as of January 1 was made by the President on December 26. Subsequently the Department
of Agriculture released its initial estimate that domestic sugar consumption in 1940 would be 6,725,100 short
tons, raw value. The trade seems to believe such a
volume of production will be sufficient, in view of the
widespread increase in invisible stocks during the buying wave that followed the declaration of war in Europe.
During the period of suspended quotas, the duty on
Cuban sugar automatically reverted to 1% cents a
pound, but a %0-cent duty became operative on December 27, after the President's proclamation announcing
quota restoration.
Domestic Banking and Finance
Banking and Credit
The principal developments in domestic banking and
finance in 1939 were closely connected with the outbreak of the European war and with the prolonged
international tension which preceded it. The growing
certainty that a major conflict was imminent led to a
wholesale transfer of funds to this country for safekeeping or for future use by foreign governments and
205737—40
3
33
was responsible also in some degree for the continude
large balance of commodity exports from the United
States. (See p. 45.) The counterpart of these two
factors was an addition to monetary gold stocks from
foreign sources during the year which exceeded $3,000,000,000. The inflow of gold from abroad, together
with output from domestic mines, raised gold stocks
from $14,512,000,000 at the end of 1938 to $17,643,000,000 at the end of 1939, an increase of more than a
fifth in holdings already greatly increased by the heavy
inward movement during the period since the beginning
of 1934. This is shown in figure 22.
BILLIONS OF DOLLARS
18
4
J
1934
1935
Figure 22.—Monetary Gold Stock and Member Bank Reserves, 1934-39
(Monetary Gold Stock, U. S. Treasury Department; Member Bank
Reserves, Board of Governors of the Federal Reserve System).
NOTE.—-Data are for Wednesday of each week.
The additions to monetary gold during 1939 resulted
directly in the creation of additional bank reserves, on
the one hand, and in new bank deposits, on the other.
Insofar as the reserve position of the banks was concerned, the effect of the gold movement was accentuated
by other factors tending to increase the volume of funds
at the disposal of the banking system. Chief among
these was the net disbursement by the Treasury of
approximately $600,000,000 from its cash and from its
deposits with Federal Keserve banks. (See table 13.)
An increase of about $750,000,000 in the amount of
money in circulation absorbed a part of the resources
arising from gold inflow and from Treasury disbursements, but the resulting increase in member-bank reserves during 1939 was $2,900,000,000. Nonmember
institutions increased their deposits with Federal Reserve banks by more than $200,000,000.
These trends in basic credit and banking conditions
were practically unbroken throughout 1939, largely
because the inflow of gold, the predominant element
in the situation, was virtually uninterrupted. In September, at the time of the sharp break in the prices of
government bonds, the Federal Reserve banks increased
34
SURVEY OF CURRENT BUSINESS
their holdings of government bonds and notes by about
$475,000,000 and thus temporarily accentuated the
increase in the reserves of banks. At the end of the
year, however, the amount of Federal Reserve bank
credit outstanding was slightly less than it was at the
end of 1938.
Table 13.—Factors Affecting Total and Excess Reserves of Member Banks,
1939
[Millions of dollars]
End of
1938
Item
End of
1939
Net
change
Factors of increase:
Treasury cash
Treasury deposits with Federal Reserve banks.
Treasury currency outstanding
Other factors
14 512
2,706
923
2,798
260
17 643
2,409
634
2, 903
251
Total.
3 131
297
289
165
9
3.891
Factors of decrease:
Fedoral Reserve bank credit outstanding
Money in circulation. . .
Nonmember deposits
2,601
6,856
441
2, 593
7, 598
653
8
742
212
February 1940
to influence the reserve position of banks or the general
conditions underlying the money market since the
easing of credit early in 1938. In February 1938 the
Treasury abandoned, in effect, its gold sterilization
policy and proceeded in April to desterilize an accumulation of approximately $1,400,000,000 of gold in its
inactive account. Desterilization was accomplished
through the deposit of gold certificates with the Federal
Reserve banks, and an increase in bank reserves was
produced by drawing down the resulting Treasury
deposits through the retirement of Treasury bills with
cash. The reduction in the reserve requirements on all
classes of deposits for all member banks immediately
followed this action by the Treasury. Earlier, in
August and September 1937, the discount rates of the
Federal Reserve banks had been lowered—to 1 percent
at New York and to 1}£ percent in other districts.
Loans and Investments of Member Banks.
The investments of banks in the United States, as
indicated
by weekly reports from member banks in 101
_
leading
cities,
rose gradually during 1939 by virtue of
Excess reserves
„
3,205
5, 209
2,004
further purchases of government obligations. Their
Source: Federal Reserve Bulletin.
loans, after showing a declining tendency up to the
middle
of the year, increased slowly until the beginning
Excess Reserves.
of the w^ar in Europe, and then more rapidly as the rise
The enlargement of banking reserves in 1939 was
in industrial production and the building up of invenaccompanied by a further accumulation of excess retories created new demands for bank accommodation.
serves in the banking system. (See fig. 22.) The surThe rise in the total loans of reporting member banks
plus reserves of member banks rose from $3,200,000,000
for the year as a whole, approximately $250,000,000,
on December 31, 1938, to $5,200,000,000 on December
was relatively small; but the increase during the second
30, 1939 (the total had reached $5,500,000,000 in
half of the year was nearly $600,000,000. (See table
October), despite the fact that required reserves against
14.) The expansion in loans to commerce, industry,
deposit liabilities were higher by $900,000,000 at the
and agriculture was primarily responsible for the inclose of the year. By comparison with August 1937,
crease in total loans during 1939. Other loans, espeafter the Federal Reserve Board had raised reserve
cially loans connected with the marketing and trading
requirements on March 1 and May 1 to the full extent
of securities, were reduced.
permissible under existing legislation, the excess reserves
of Weekly Reporting Member Banks on
of member banks had increased more than sevenfold— Table 14.—Loans and Investments
Selected Dates, 1938-39
partly, however, as a consequence of a reduction in
[Millions of dollars]
requirements in April 1938. At present levels, the
Net
reserves of member banks above legal requirements
change,
Net
of End of
JulyEnd of End
place them largely beyond the control of the monetary
Item
June
change,
Decem1939
1938
1939
1939
ber
authorities through the use of available instruments of
1939
credit. The further use by the Board of its power to
industrial, and agricultural
raise required reserves would absorb less than a billion Commercial,
loans
. . . . . . . . -. _. ._ ___ 3,843
+510
+520
3,833
4,353
for purchasing and carrying securiof the surplus, and the sale of the Reserve banks7 entire Loans
-204
1,191
1,204
ties
.
1,408
+13
-62
3,179
3,065
3,117
+52
holdings of Government securities would take up two Other loans . . .
8,674
+244
Total loans
8,430
8,089
+585
and a half billion, leaving well over a billion and a half
in U. S. Government obliof excess reserves still in the possession of member banks. Investments
+544
gations
.
_. __
9,998 10, 571 11,115 +1,117
3,221
3,291
3,298
+77
Action by the Treasury to reduce bank reserves or to Other investments
+7
+551
13,219 13,862 14,413 +1,194
Total investments
_.
sterilize gold would involve an increase in the Federal
Total loans and investments
21, 649 21,951 23,087 +1, 438 +1,136
debt, which is already near its statutory limit, and, in
the case of sterilization procedures, would be effective,
Source: Federal Reserve Bulletin.
of course, only in respect of future gold acquisitions.
If the temporary increase in holdings of Government
The combined loans and investments of reporting
obligations by the Federal Reserve banks in September member banks at the close of 1939 were again at the
is excepted, no official measures have been taken directly high level reached at the end of 1936, and investments
Total...
Member-bank reserve balances..
Required reserves
._..
. .
962
8,724
5,519
11,653
6.444
2,929
925
SURVEY OF CURRENT BUSINESS
February 1940
alone were above the previous maximum, attained in
that year. By comparison with 1929, loans were approximately half of those then outstanding: whereas investments, largely increased holdings of government securities, were considerably more than twice as large, as may
be seen in figure 23. The combined aggregates were of
approximately the same magnitude. Since 1932, the
primary change in bank portfolios has been the steady
growth in holdings of the direct and fully guaranteed
obligations of the Government, which comprised nearly
50 percent of their total loans and investments at the
end of 1939, as compared with 28 percent at the end of
1932 and with 11 percent at the end of 1929. The
volume of loans, although naturally responsive to
fluctuations in business activity, remained at a level
35
money outside the Treasury. Considered in relation
to the requirements of industry and trade, there was
during 1939 a growing redundancy of money in the
hands of the public as well as of reserves in the possession of banks.
BILLIONS OF DOLLARS
120
INDEX NUMBERS, 1919-25 = 100
100
DEMAND DEPOSITS, ADJUSTED
(right scale)
^~
^TURNOVER OF DEMAND DEPOSITS
(left scale)
MONEY IN CIRCULATION (riaht scaleK
*
•*"*•
40
BILLIONS OF DOLLARS
c)
2
4
6
8
10
12
14
!6
18
20
2Z
24
1
1929
1932
•tzn
\\
ol..... i
1934
/-TOTAL
* J
m
-
• _WmKkQ
U. S. GOVERNMENT
0BLI6AT/0NS
(DJPECT <? FULLY GUARANTEED)
OTHER
SECURITIES
COMMERCIAL,
INDUSTRIAL £
AGRICULTURAL
LOANS
OTHER
WANS
DD- 39-34/
Figure 23.—Loans and Investments of Reporting Member Banks in 101
Leading Cities, 1929, 1932, 1937, and 1939 (Board of Governors of the
Federal Reserve System).
NOTE.—Data are for the Wednesday nearest the end of the year. Due to changes
in classification, comparable data for "Commercial, Industrial, and Agricultural"
loans are not available separately for 1929 and 1932; therefore "total loans" for these
years are shown in this chart.
apparently permanently reduced from that of the
1920's and not much above the lowest levels of the past
decade.
Deposit and Money Supplies.
The increase in bank loans and investments during
1939, coupled with the additions to monetary gold,
served to raise the demand deposits of individuals and
business firms to a record figure. (Fig. 24.) For reporting member banks, the rise during the year was $2,600,000,000 and, for all banks in the United States, more than
$4,000,000,000. There was at the same time; however,
a further fall in the rate of turn-over of deposits at
commercial banks. The rise in the amount of money in
circulation during the year, which carried the total well
above the level reached at the peak of currency hoarding in 1933, was only in part the reflection of a greater
need for hand-to-hand currency. As in other recent
years, special circumstances, including exports to
Europe for hoarding and speculation, an accumulation
of individual savings in the form of currency, the shift
from bank deposits to currency as a means of making
payments, and increased holdings of idle cash by banks
must account for much of the additional supply of
1935
1936
limn
1937
1938
1939
r to September 1934
Figure 24.—Demand Deposits, Adjusted, and Annual Rate of Turn-Over
of Demand Deposits (Adjusted for Seasonal Variations) in Reporting
Member Banks in 101 Leading Cities, and Money in Circulation, 1034-39
(Demand Deposits, Adjusted, Board of Governors of the Federal Reserve
System; Annual Rate of Turn-Over of Demand Deposits, Federal Reserve Bank of New York; and Money in Circulation, U. S. Treasury
Department).
'pmm
B37
{939
*Comporab/e data
LOANS-S
I
'
NOTE.—Data for "Demand Deposits, Adjusted," represent deposits other than
inter-bank deposits and United States Government deposits, less cash items reported
as on hand or in process of collection. Data for "Annual Rate of Turn-Over of Demand Deposits" are based upon the relation between debits to individual accounts
and demand deposits in reporting member banks in 101 leading cities. Figures for
"Demand Deposits, Adjusted" are for the Wednesday nearest the end of each month,
and data for "Money in Circulation" are as of the end of each month. The base
period for the indexes of "Annual Rate of Turn-Over of Demand Deposits" is a
daily average for the years 1919 through 1925.
Interest Rates
Except for some brief rises in September, the general
structure of interest rates in the United States was
virtually unchanged during 1939 and continued to
reflect the extreme ease in the money market induced
by the plethora of funds available for investment.
Open market rates in New York on 4 to 6 month commercial paper ruled at % to % percent except during
the period from the middle of September to the middle
of November, when the range was % to % percent.
Rates on 90-day bankers' acceptances, 90-day stockexchange time loans, and stock-exchange call loans
were unchanged at %6 percent, \}{ percent, and 1 percent, respectively. These low quotations were the
culmination of an almost continuous decline in the
cost of short-term money since 1929. Restrictive
gold and reserve policies put into effect in 1936 and the
first half of 1937 resulted in some hardening of rates,
but the reversal of these policies with the downturn
in business activity in the latter half of 1937 restored
a condition of extreme ease in the money market.
Dealers' quotations for 91-day Treasury bills, reported at 0.03 percent throughout the first half of
1939, rose to 0.20 percent in September and then fell
to 0.04 percent in December; the yield on new issues
36
SURVEY OF CURRENT BUSINESS
at the opening and close of the year was negligible
or nil, and reached only 0.159 percent at a maximum
in September. The average yield on 3-year to 5-year
Treasury notes was 0.68 percent at the beginning of
January and 0.47 percent at the end of December,
February 1940
activity slackened toward the end of that year. (See
fig. 26.) The weakness in industrial shares extended
into the early months of 1939 and became marked in
April. (See table 15.) After April, an irregular rise
set in—with renewed weakness appearing, however, in
August. The beginning of hostilities in Europe set off
PERCENT YIELD
Table 15.—Common Stock Prices on Selected Dates, 1938-39.
[1926 = 100]
3
XJ.——
4
-
^
"
•
Item
*
350 industrials
40 utilities
30 railroads
420 stocks.
\'"\jrBaa
._
Dec. 28,
1938
Apr. 12,
1939
Aug. 23,
1939
Oct. 25,
1939
111.3
77.5
30.1
92.6
92.8
77.8
23.6
79.3
95.0
82.8
23.3
81.6
114.9
87.5
33 5
97.2
Dec. 27,
1939
107.4
86.5
28.8
91.3
Source: Standard Statistics Co., Inc.
5
6
7
,
1936
1937
,
,
.
,
!
1938
•
,
,
,
,
1
I
!
1 1 !
!
I
!
1 !
1939
Figure 25.—Yield of Corporate Bonds, by Ratings, 1936-39 (Moody's Investors Service).
NOTE.—In the rating classification followed by Moody's Investors Service, Aaa
indicates bonds which are and may be expected to remain the most conservative
type of investment. Such bonds will tend to fluctuate in price with fluctuations of
the prevailing long-term interest rates. Bonds rated A have distinct investment
qualities, but do not have the elements of strength which would necessarily prevent
their intrinsic worth from being affected by some special development; while those
rated Baa have definitely less of an investment and more of a speculative character.
Each group includes 30 bonds.
a brief buying wave based obviously upon widespread
expectations of sharply improving business and of a
sustained rise in commodity prices. After September,
prices fluctuated within narrow limits around a level
roughly 10 percent above averages for August, with, on
the whole, a slight downward tendency despite the fact
that industrial production and corporate profits continued to rise. It was apparent from these developments in the market for industrial shares that a more
sober view of business prospects, as affected by wartime circumstances, soon came to prevail. At the end
of 1939, representative averages were at approximately
the level of December 1938, but much below the peak
reached in early 1937.
with a high of 1.18 percent in September. Corporate
bond yields, along with yields on Government bonds,
showed a generally declining tendency through the
middle of the year, rose sharply upon the outbreak of
the war, and turned downward again hi October.
(See fig. 25.) The yield on low-grade corporate bonds
increased abruptly, as stock prices fell, in March and
early April; whereas the rate of return on high-grade
issues showed only a slight upward tendency. In
September, on the other hand, the rise was much more
pronounced and endured longer in the case of highgrade than in the case of low-grade bonds. At the
end of the year, the spread between yields on the two
classes of obligations, although narrowed as compared
with the interval at the end of 1938 and nearly halved
as compared with that in April 1938, was considerably
wider than at other times during the year, particularly
in September.
Security Markets
Figure 26.—Indexes of Industrial Stock Prices, Domestic Corporate Bond
Prices, and Quarterly Earnings of Industrial Corporations, 1936-39.
(Basic figures for stock and bond prices are from Standard Statistics
Company, Inc., and quarterly earnings data are from the Federal Reserve Bank of New York, except for the fourth quarter of 1939, which
was estimated by the U. S. Department of Commerce.)
Although the security exchanges reacted at times to
international developments—as, for example, during
the dismemberment of Czechoslovakia in March—
industrial stock prices in the first three quarters of 1939
followed in general the course of business activity at
home. The improvement in the market for this class
of equities which accompanied the upswing in industrial
production and corporate profits during the latter half
of 1938 was followed by a moderate recession as business
The prices of utility shares followed a rising trend
throughout 1939, with only brief recessions in April and
September. (See fig. 27.) Railroad stocks, which had
remained at a low level after April while the market
for industrials and utilities was showing general improvement, rose in September and October to the
highest quotations since 1937 in response to the sharp
increase in car loadings and the prospects for substantial
net earnings by the railroads during those months.
RELATIVES, 1929-31 = 100
160
1936
1937
SURVEY OF CURRENT BUSINESS
February 1940
In the bond market, the prices of all classes of obligations rose during the early months of the year, weakened
in April along with stock prices, tended upward through
July, and then, with the exception of low-grade issues.
INDEX NUMBERS, 1926 = 100
•350
INDUSTRMLS
37
1937 and 1936. The aggregate of refunding issues, on
the other hand, as a result of low rates of interest and
favorable market conditions, was relatively high. The
low volume of new security issues, while reflecting the
reduced rate of capital formation, exaggerates the decline over the past decade in expenditures for new
durable producers' goods. It is well known that the
proportion of new capital financed by publicly announced capital issues is much lower now than a
decade ago.
Federal Financial Operations
Both the receipts and the expenditures of the Federal
Government in 1939 were directly influenced by the
30 RAfLROADStrend of national income and business activity. The
decline of individual and corporate incomes, which began in the latter part of 1937 and continued until the
1939
1937
1936
middle of 1938, caused a reduction in Federal tax revenues during 1939. At the same time, the expansion
Figure 27.—Movement of Stock Prices, by Major Groups, 1936-39 (Standard
Statistics Company, Inc.).
of the farm program and the adoption, in the spring
broke sharply in September. At the time of the Sep- of 1938, of a policy designed to stop the receding tide
tember break in corporate bond prices, occasioned ap- of business were among the factors which resulted in an
parently by expectations of a hardening of interest expansion of Treasury outlays. The net result was
rates and of more attractive uses for investment funds, that the excess of actual disbursements over receipts
an abrupt decline in long-term government bond increased by 1,300 million dollars above those of the
prices led to heavy purchases by the Federal Reserve preceding year. Despite this development, however,
System as a means of maintaining an orderly market. the Treasury borrowed on balance only 100 million dolBy the end of December, government bonds had re- lars more from the public than it had in 1938, and the
covered most, and corporate bonds all, of their earlier net volume of interest-bearing securities which it sold
to the public in marketable form (that is, exclusive of
losses.
U. S. savings bonds) was actually 240 million dollars
New Security Issues.
smaller than in 1938.
The volume of publicly announced corporate security
issues for obtaining new capital in 1939, given in figure Treasury Expenditures.
It will be recalled that in April 1938 a move toward
28, was the smallest since 1935. These offerings totaled
enlarged relief and public-works outlays was inaugurated as part of a program designed to reverse the downMILLIONS OF DOLLARS
ward movement of business activity which was then in
progress. The expansion of expenditures under this
policy began immediately and continued into 1939,
Federal outlays reaching their peak in the second quarter of the year, as may be seen in table 16. Outlays
under the WPA, which is the most flexible of the major
programs and which had been almost halved between
the end of 1936 and the autumn of 1937, were the chief
means of putting the policy into immediate effect.
From a figure of 353 million dollars in the first quarter
of 1938 these outlays rose to a high point of 621 million
in the last quarter of the year. During 1939, however,
they declined steadily, almost to the early 1938 figures.
As
a result, WPA expenditures during 1939 were less
1926 '27 '28 '29 "30 '31 '32 '33 '34 '35 '36 '37 '38 '59
than in the previous year by 170 million dollars. In
Figure 28.—Total Corporate Capital Flotations Publicly Announced,
addition, expenditures of the Civilian Conservation
1926-39 (Commercial and Financial Chronicle).
Corps declined somewhat, bringing the total expendiless than $400,000,000, as compared with $900,000,000 tures under work-relief programs to a figure about 200
in 1938 and with $1,200,000,000 in each of the years million dollars below 1938.
i i t i I i i i ' i
SURVEY OF CURRENT BUSINESS
38
While the major part of WPA programs has been
financed with Federal funds, from 15 to 30 percent of
the total expenditures on projects operated by WPA
have been contributed by the sponsors. The sponsors'
contribution has gradually increased—from 334 million
dollars in 1937 to 438 million in 1938 and to roughly
500 million in 1939. In terms of employment, these
dollar figures represent a reduction from the WPA alltime high of 3.2 million workers in the autumn of 1938 to
1.6 million in the autumn of 1939. During 1937, WPA
provided employment for about 20 percent of the average number of estimated unemployed; in 1938 this rose
to 23 percent, and was again reduced in 1939 to 20
percent.
In contrast with the immediate expansion of WPA
outlays, actual expenditures under the public-works
program increased more slowly, reaching a peak in the
first half of 1939. As a result of the expansion, total
disbursements on public works of various sorts in 1939
exceeded those made in 1938 by 250 million dollars.
Outstanding among Federal activities was the increase of approximately 400 million dollars, or nearly 50
percent, in expenditures under the agricultural programs. These outlays were at their height in the second
and fourth quarters of the year. The increased outlay
to farmers in 1939 was largely due to payments made
under provisions of the Price Adjustment Act of 1938.
This act appropriated 212 million dollars for parity
payments to producers of wheat, cotton, corn, tobacco,
and rice who participated in the acreage restriction and
conservation features of the act. In addition, some
increase in payments represented a wider participation
in the Agricultural Conservation Program during 1939.
The national-defense expenditures have increased
quarter by quarter throughout 1939 and probably will
February 1940
continue to expand for some time. Their growth
continues a trend which has been in progress since 1934
and is the outstanding feature of central government
budgets all over the world. In 1939 these outlays
amounted to nearly 1,300 million dollars, as compared
with slightly more than 1,100 million dollars in 1938.
Of the increase, about 54 percent went to the Navy and
46 percent to the Army. In addition to these changes,
there was an expansion of departmental outlays in 1939.
On the basis of new classifications used by the Treasury
(shown in footnote to table 16) these expenditures increased from 715 million dollars to 805 million.1
These and other actual outlays (including the budgeted expenditures of the Reconstruction Finance Corporation and Commodity Credit Corporation, which
are omitted from table 16) totaled 8,790 million dollars
in 1939, as compared with 7,880 million in 1938. In
addition, the Treasury credited the Old-Age Reserve
and Railroad Retirement Accounts with about 200
million dollars more than in 1938. These charges, as
well as debt retirement, are included in budget expenditures and thereby raise total budget expenditures for
1939 to 9,510 million dollars from 8,490 million in 1938.
If the various budget outlays are considered as
percentages of the total (excluding transfers to trust
accounts and debt retirement), certain striking changes
appear in the past few years. As figure 29 shows, work
programs and relief accounted for less than one-quarter
of the total, as compared with one-third in 1936.
Agricultural programs increased from less than 8 percent in 1936 to nearly 14 percent in 1939. Nationali It will be seen that these figures run higher than those shown in the body of table
16, whereas expenditures for public works are lower in the footnote figures than in the
table itself. Certain expenditures formerly included under public works are now
classified as "departmental." This shift in classification should be borne in mind
when Treasury data are used.
Table 16.-—Major Types of Budget Expenditures, 1 1936-39
[Millions of dollars]
1939
1938
Major category
National defense2
Public works
Work programs and relief. .
Retirements, pensions, and assistance
Agricultural programs
Departmental 4
Other
Interest
Debt retirement
Transfers to trust accounts—
_
Total expenditures
Total, excluding debt retirement and
transfers to trust accounts
1936,
total
1937,
total
First
quarter
Second
quarter
Third
quarter
Fourth
quarter
Total
First
quarter
Second
quarter
Third
quarter
Fourth
quarter
Total
980
1,185
2,470
685
575
475
215
795
120
«1,775
985
1,005
1,900
835
735
545
215
895
90
«1,180
260
190
435
215
170
140
40
185
20
170
275
185
545
220
255
140
90
310
5
30
285
240
640
225
165
180
55
175
15
140
290
300
690
230
220
165
15
250
10
230
1,110
915
2,310
890
810
625
200
920
50
570
290
290
615
220
290
175
30
165
10
155
305
290
575
220
355
160
20
350
20
160
9,275
8,385
1,825
2,055
2,120
2,400
8,400
2,240
2,455
2,310
2,340
9,345
7,380
7,115
1,635
2,020
1,965
2,160
7,780
2,075
2,275
2,015
2,165
8,530
335
3 275
480
255
210
3
210
65
185
10
285
360
3 275
440
235
350
3 215
20
270
10
165
3
1,290
1,130
2,110
930
1,205
S760
135
970
50
765
» Genera] and special accounts, basis of daily statement of U. S. Treasury. Figures rounded to 5 millions. Excludes budget transactions to account of Reconstruction
Finance
Corporation and Commodity Credit Corporation.
2
Includes Panama Canal and items formerly classified under "Public works—national defense" in the daily Treasury statement.
3
In the second half of 1939 certain expenditures, classified under "Public works" in previous periods, are classified under "Departmental," in accordance with revisions
in the daily Treasury statement. A classification on this new basis for all of 1938 and 1939 gives the following approximate figures:
1938:
Public Works Departmental
January-June...
325
325
July-December.
390
480
1939:
January-June...
505
400
July-December..
405
550
* Includes general expenses of Rural Electrification Administration.
8
Includes adjusted service certificates.
defense expenditures have constituted a slowly but
steadily rising percentage of the total; while the relative
importance in the budget of interest and retirement,
pensions and assistance, after increasing in 1937, has
declined. Departmental expenditures, as now defined,
10
PERCENT
15
20
25
30
35
WOm PROGRAMS
MO REL/EE
AGRICULTURAL PROGRAMS
PL/BUC
WORKS
NAT/O/ML
39
SURVEY OF CURRENT BUSINESS
February 1940
DEFENSE
RET/REMENTS, PENSIONS,
MS ASS/ST/WCE
the preceding year, yielded slightly less than 1,850
million dollars, a decline of 770 million from 1938.
(See table 17 and fig. 30.) Total Federal revenues,
however, were only 500 million dollars lower than in
the preceding year. The expansion of business activity
and pay rolls during 1939 led to an increase in the yield
of miscellaneous internal-revenue taxes and of Social
Security taxes by 220 million dollars, while the accompanying expansion of imports resulted in a minor
increase in the yield of customs duties. These increases
in miscellaneous internal revenue occurred despite the
repeal of certain excise taxes on toilet preparations,
sporting goods, cameras, furs, chewing gum, phonograph records, and other articles under the Revenue
Act of 1938, and despite a reduction in declared capitalstock values under the provisions of the act which permitted corporations to make new declarations. On
the other hand, the revenues were somewhat increased
by the higher tax rate on distilled spirits other than
brandy and the accompanying floor tax.
MILLIONS OF DOLLARS
1800
INTEREST
1600
'TOTAL
1400
DEPARTMENTAL
—
1939
V//WA 1938
Eflas&ga 1937
I 1936
1200
OTHER
1000
800
Figure 29.—Relative Importance of Major Categories of Budget Expenditures, Excluding Debt Retirement, Transfers to Trust Accounts, and
Certain Governmental Corporations, 1936-39 (on Basis of Daily Statem e n t , (Unrevised), of t h e U. S. Treasury).
*Arrows point to percent of total expenditures in 1938 and 1939 on basis of new
Treasury classifications. See table 1, footnote 3.
increased only slightly between 1938 and 1939, while
public-works expenditures increased from 10.3 percent
to 12.3 percent of the total.
Treasury Receipts.
The decline of national income during 1938 was the
chief influence upon the tax revenues of the Federal
Government during the past calendar year. Income
taxes, which are paid for the most part on incomes of
600
400
200
I?i,gure 30.—Budget Receipts, 1938 a n d 1939 (on Basis of Daily Statement
(Unrevised), of the U. S. Treasury).
The decrease in income taxes, although primarily a
reflection of the fall in incomes between 1937 and 1938,
was also affected by the Kevenue Act of 1938, which
changed corporation tax rates, including the rate on
undistributed profits, and permitted a more liberal
treatment of capital gains and losses of individuals.
Table 17.—Major Types of Budget Receipts,* 1936-39
[Millions of dollars]
1938
1936,
total
Major type
Income taxes 2
Social security __
Other internal revenue
Customs
All other
Total
total
First
quarter
Third
quarter
Fourth
quarter
Total
First
quarter
Second
quarter
Third
quarter
Fourth
quarter
Total
2,609
666
2,324
483
230
838
170
506
76
54
639
170
509
68
36
577
166
639
81
46
558
166
564
83
47
2,612
672
2,218
308
183
610
229
498
75
50
438
179
539
79
44
407
182
717
89
52
389
194
561
89
64
1,844
784
2,315
332
210
4,372
6,312
1,644
1,422
1,509
1,418
5,993
1,462
1,279
1,447
1,297
5,485
* Basis of daily statement of U. S. Treasury.
Second
quarter
2,168
414
213
1,577
_ ._
1939
1937,
»Includes taxes on carriers and their employees.
40
SURVEY OF CURRENT BUSINESS
Public Debt.
As a result of the billion-dollar increase in budget
expenditures and the half-billion decline in receipts, the
calendar-year deficit rose to approximately 4 billion
dollars, 1,500 million more than in 1938. Despite this
large increase in the deficit, however, the net amount of
cash obtained from the public through borrowing
operations was only 100 million dollars greater than in
1938. This was possible partly because the Treasury
Item
1938
1939
Change
Mil. of dot. Mil. of dol. Mil. of dot.
8,491
9,506
+1,015
5,992
5,485
-507
2,499
Budget deficit
4,021
Deduct transfers to trust accounts and debt
+1, 522
613
retirements
816
-203
1,886
3,205
+1,319
Deduct net cash receipts of other accounts '....
779
1,157
+378
Add decrease (—) or increase (+) in general+111
fund balance
-719
-608
+1,218
+1. 440
*+222
Increase in publicly offered debt
Budget expendituresBudget receipts
1
Expenditures for national bank-note retirements and for investments in special
Treasury securities and receipts through transfers from general fund are excluded.
* Includes 123 million dollars of publicly offered issues sold directly to government
investment and trust accounts.
drew on the general-fund balance to the extent of 610
million dollars, and because nonbudgetary accounts
provided 380 million dollars more cash than they had in
1938. As a consequence, the market debt rose by
1,440 million dollars, as compared with 1,218 million
in the preceding year. The following figures show how
the deficits of the past 2 years were related to the
Treasury's public borrowing.
BILLIONS OF DOLLARS
45
_
j
CERr/f/aFES ANDB/LLS ^
Iflfllf''' AND TRUST raws
SPEC/AI ISSUES
0 GOVCRNMENT
1930
1931
Wm$%m&
A C f / K t t S ^ ^ ^ ^
W&mgM
1932 1933
1934 1935
1936 1937
•
1
1938 1939
Figure 31.—Composition of Interest-Bearing Public Debt Outstanding,
1930-39 (on Basis of Daily Statement (Unrevised), of the U. S. Treasury).
If we consider only the publicly offered securities
which are marketable, the comparison with 1938 is even
more striking. Of the 1,440-million-dollar increase in
market debt in 1939, almost 770 million took the form
of United States savings bonds and over 120 million
February 1940
consisted of Treasury bonds sold directly to Treasury
trust and investment accounts. The supply of marketable interest-bearing Treasury obligations sold to the
public (excluding United States savings bonds sold
directly to trust and investment accounts, and noninterest-bearing debt) rose by only 610 million dollars
in 1939, as compared with nearly 850 million in 1938.
Cash borrowing from the market during the year was
confined to the net issue of 150 million dollars in Treasury bills and one bond issue of 9 to 11 years, bearing
a 2-percent coupon, floated in December 1939, of which
520 million dollars was sold to the public. Treasury
notes were redeemed in a net amount of 60 million
dollars.
A major characteristic of recent Treasury financing
has been the replacement of short-dated debt with obligations of longer maturity. This tendency is clearly
shown in the rising average length of maturity of the
interest-bearing debt: 2
December 31:
1935
1936
1937_ __ ..
1938
...
1939---
-
Years Months
8
7
9
11
9
3
10
0
10
5
The longer average life of the debt is also indicated
by the change in the type of obligation outstanding,
shown in table 18 and figure 31. In the past 2 years
the volume of publicly offered bonds has been increased
by 7.6 billion dollars, while the volume of Treasury
notes and bills has been reduced by 4.8 billion. This
substitution of longer-dated debt, varying from 9 to 27
years in life, for debt with a maximum life of 5 years
makes interest charges in succeeding years higher than
they would be if maturing obligations were refinanced
by new securities of approximately equal maturities.
The public-debt operations of 1938 actually did have
the effect of raising interest costs. In 1939, however,
the effects which this shift toward longer-dated debt
might be expected to have upon total interest charges
were largely offset by the fact that the new securities
issued, though of maturities equal to or longer than
those for which they were exchanged, bore lower coupons, or bore coupons only slightly higher, and also by
the fact that several issues were sold in March 1939 at a
premium—all of which was credited to interest charges
in 1939. The following figures, which show the chief
refinancing operations carried out in 1939 (or at the end
of 1938 in anticipation of 1939 maturities) permit a
comparison of coupons and maturities of old and new
securities.
* Exclusive of consols, postal savings bonds, U. S. savings bonds, adjusted service
bonds, and special issues to government agencies and trust funds.
Coupon
(percent)
Securities
Old..
New.
Old..
New
Amount
exchanged
(millions of
dollars)
Maturity
4H years.
22-27 years._„
4H years
9 years
5 years.
2% 22-27 years
5 years
______
12-14 years
2 years, 3 months—,
5 years
OldNew.
Old..
New.
Old..
New.
Old..
New.
Old,.
New.
188
701
894
319
Old,.
New
Total cash.
Total gross debt..
283
1938
1939
+614
+865
+478
-106
+149
-59
+644
+767
-61
+ 1 , 221
i +1,440
-2,664
+2,664
+928
+2.232
+1.075
+2,149
+2,515
-630
The increase in bonds publicly offered in 1939,
issued both for cash and for refinancing of notes, does
not account for much of the rise in interest charges on
the budget for the calendar year 1939. Actual cash
payments of interest changed only slightly from 1938,
according to Treasury figures. The increase of 52
million dollars in budgeted interest was to a great
extent a reflection of noncash charges. In the neighborhood of 13 million dollars represented accruals of
interest on United States savings bonds.
A more important factor in the increase is to be
found in a second significant characteristic of recent
debt operations—-the growing volume of debt held by
special accounts. Under recent legislation, funds appropriated to certain trust and investment accounts
must be invested in special United States Government
obligations bearing coupons specified by statute. Of
the 52-million-dollar increase of budgeted interest in
1939, about 33 million reflected payments on the
4
Old Age Reserve Account
Unemployment Trust Fund..
513
561
349
439
573
445
These accumulations represent primarily moneys
credited to or deposited in the two accounts by the
Federal and State treasuries. For accounting purposes these credits and deposits are regarded simply
as expenditures of the various public treasuries. In
substance, however, they are closely related to the payroll taxes levied under the act. If the transactions
under the various social-security laws are viewed as a
whole, it is clear that the legislation has had a powerful
effect not only upon the source of funds from which
the Federal deficits have been financed, but also upon
Table 19.—Federal Receipts and Expenditures Under Social Security,
Railroad Retirement, and Railroad Unemployment Insurance Acts,
Excluding Transfers From General Fund and Investments, Calendar
Years 1936-39
[Millions of dollars]
Item
- 2 , 232
1
Includes 123 million dollars of publicly offered issues sold directly to Government
investment and trust accounts.
1939
Millions of dollars
1,017
[Millions of dollars!
Exchanges:
Treasury notes..
Treasury bonds.
Special series..-.
1938
Fund
Table 18.—Changes in Gross Public Debt, 1938 and 1939
Market operations:
Cash:
Treasury bills
Treasury notes
Treasury bonds
United States savings bonds
Other
1937
515
The possibility of selling equal or longer term securities to yield less or only slightly more than the refunded
obligations is a result of the sharp decline in interest
rates which has occurred since 1934 and 1935, when
most of the recently matured debt was issued.
Type of issue
special 3-percent notes and 2}£-percent certificates of
indebtedness held respectively by the Old Age Reserve
Account and the Unemployment Trust Fund and on
other special securities held by trust and investment
accounts.
A large part of the public debt has recently been
taken by the Old Age Reserve Account and the Unemployment Trust Fund. These funds, set up under
the Social Security Act, have accumulated the following amounts of Treasury securities in the past 3 years.
416
4 years, 5 months...
4 years, 4H months.
5 years
12-14 years.
5 years
4 years, 9 months._.
205737—40
41
SURVEY OF CURRENT BUSINESS
February 1940
1937
1936
1938
1939
Total,
1936-39
RECEIPTS
General Fund:
Taxes under Social Security Art
Taxes under Railroad Retirement
Act
Taxes under Railroad Unemployment Insurance Act
Total taxes
-
Trust funds and accounts:
Deposits by States—Unemployment Trust Fund
Interest on investments:
Old-Ago Reserve Account
Unemployment Trust Fund
Railroad Retirement Account..Total interest
Total receipts
-
598
538
670
1,806
68
135
113
316
2
2
666
673
785
2,124
64
567
829
831
2,291
1
2
8
16
9
2
27
27
2
45
45
4
1
10
27
56
94
65
1,243
1.529
1.672
4,509
5
103
23
224
25
302
27
334
80
963
108
247
327
361
1,043
1
35
10
96
14
110
5
25
241
5
2
404
430
836
38
510
559
1,107
108
285
837
920
2,150
-43
958
692
752
2,359
EXPENDITURES
General Fund:
Administrative expenses
Grants to States
Total General Fund....
„._
Trust funds and accounts:
Old-A?e Reserve benefits
Railroad Retirement benefits.
Railroad Unemployment, benefits
Unemployment Trust Fund—Withdrawal by States
Total trust funds and accounts
Total expenditures
Excess of receipts..-
42
SURVEY OF CURRENT BUSINESS
the net funds withdrawn from and paid out again into
the stream of the country's money income. Table 19
shows that revenues under this legislation have been
over 2,360 million dollars more than the amount paid
out in grants, administrative expenses, benefits, and
withdrawals by States.
Federal Corporations and Credit Agencies.
The increasing complexity of the economic activities
of the Federal Government since the World War has
led to the creation of numerous corporations and agencies whose operations are not, for the most part, reflected
in the Federal budget. In the case of the corporations,
budgetary appropriations have usually provided all or
part of the original capital stock; in the case of the
credit agencies, they have usually provided part or all
of the original operating funds; and in addition, the
corporations may receive annual appropriations for specific purposes, such as grants or operating expenses.
Conversely, the corporations or agencies frequently
repay the Treasury for previous advances, either as a
result of liquidation or from funds derived from nonTreasury sources, and these repayments serve to in-
February 1940
crease Federal receipts. To this extent, therefore, the
operations of the corporations and agencies do affect
the budget; but these effects are highly irregular, as
they result from shifts in capital funds. The bulk of
the ordinary loan and investment transactions are not
reflected in budgetary receipts or expenditures, since
most of the funds are not supplied by the Treasury.
This situation, however, makes them no less important
a part of the Federal financial picture.
The total assets of Federal corporations and credit
agencies aggregated 12,824 million dollars on November 30, 1939. This constituted an increase of 728
million dollars during the preceding 12 months. As
table 20 shows, loans and investments and capitalstock holdings totaled 8,860 million dollars, an increase
of 434 million. Holdings of United States and United
States-guaranteed securities were 874 million dollars,
and portfolios of other securities (principally Land
Bank bonds held by the Federal Farm Mortgage Corporation) totaled 889 million, an increase of 34 million.
Other assets, including cash, accounts receivable, business property, and real estate held for sale, increased
by 260 million dollars to 2,201 million.
Table 20.—Assets of Government Corporations and Credit Agencies, November 30, 1939
[Millions of dollars]
Loans, capital-stock
holdings, etc.
Agencies
Nov. 30,
1939
12-month
change
Total assets l
Investments
United States and
United States-guaranteed securities
Other
Nov. 30,
1939
N o v . 30,
1939
12-month
change
12-month
change
12-month
change
N o v . 30,
1939
LENDING AGENCIES
Industrial, financial, etc.:
Reconstruction Finance Corporation
Export-Import Bank of Washington
United States Maritime Commission
Rural Electrifloation Administration
Home mortgage and housing:
Home Owners' Loan Corporation
Federal Home Loan Bank Board
The RFC Mortgage Company
Federal National Mortgage Association
Federal savings and loan associations 3
United States Housing Authority
Agricultural*
Commodity Credit Corporation
Federal Farm Mortgage Corporation
Federal intermediate credit banks
Federal land banks
Banks for cooperatives
Farm Credit Administration
Farm Security Administration
Public Works Administration
Disaster
Loan Corporation , .
Other 4 -_ .-.
Total, lending agencies
8
1,589
38
49
175
-146
2 2, 255
169
56
143
40
116
-145
—21
657
695
185
1,910
73
259
256
70
19
51
+305
8,805
+404
367
+28
55
+30
362
120
25
55
+30
507
+23
48
+7
+6
11
—4
4-94
-1
50
+11
+71
+96
3
+2
75
80
87
+1
+16
—65
+5
-80
-13
+167
+79
+33
+13
-8
1,708
49
199
177
-136
2,966
251
59
146
40
269
-111
-31
—9
+26
—4
+94
+73
4-111
694
1,541
314
2,310
186
287
256
70
21
286
+312
-68
11, 829
+561
+5
+5
-9
490
122
50
14
+49
+1
676
+72
761
A
7
+3
102
24
889
+5
+43
-40
-4
+167
+80
+33
+10
+22
INSURANCE AGENCIES
Federal
Federal
Federal
Federal
Deposit Insurance Corporation
Savings and Loan Insurance Corporation
Housing Administration. _.
Crop Insurance Corporation
Total, insurance agencies
Tennessee Valley Authority
Grand total • _ .
1
2
._
8,860
+434
874
+29
889
+5
+6
+10
+7
319
+95
12, 824
+728
Also includes cash, receivables, and property holdings.
Including shares in State and Federal savings and loan associations.
*4 Shares held by United States Treasury.
Regional Agricultural Credit Corporations, Production Credit Corporations, Electric Home and Farm Authority, Federal Prison Industries, Inc., Indian loans of Interior Department, Inland Waterways Corporation, Panama Railroad Co., Puerto Rico Reconstruction Administration, Tennessee Valley Associated Cooperatives, Inc.,
and Treasury Department railroad loans.
• Includes war emergency corporations and agencies (in liquidation).
43
SURVEY OF CURRENT BUSINESS
February 1940
The increase in the capital funds of the corporations
and agencies during 1939 reflected a large expansion of
their debt, partly offset by a decline of the Federal
Government's proprietary interest. Their guaranteed
debt (including accrued interest) rose by 712 million
dollars, while an additional 335 million reflected an
increase in nonguaranteed liabilities and reserves. The
Federal Government's proprietary interest, on the
other hand, fell by an amount equal to the increase in
nonguaranteed obligations and reserves. These changes
are shown in table 21. It will be noted from the tables
that, although most of the corporations and agencies
are primarily engaged in lending or similar operations,
four are insurance agencies—the Federal Deposit Insurance Corporation, the Federal Savings and Loan Insurance Corporation, the Federal Housing Administration,
and the Federal Crop Insurance Corporation. Their
assets take the form, for the most part, of investments
from capital and reserves which are in the process of
being built up from premium payments. Also, the
Tennessee Valley Authority is in a class by itself, its
assets being primarily real estate and business property.
Table 21.—Liabilities of Government Corporations and Credit Agencies, November 30, 1939
[Millions of dollars]
Proprietary interest
Liabilities and reserves
Guaranteed by United
Slates i
Agencies
Nov. 30,
1939
12-month
change
N o v . 30,
1939
Owned by United
States
Privately owned
Not guaranteed
12-month
change
Nov. 30,
1939
12-month
change
N o v . 30,
1939
12-month
chancre
LENDING AGENCIES
Reconstruction Finance Corporation
Home Owners' Loan Corporation
Home loan banks
United States Housing Authority
Commodity CreditCorporation
Federal Farm Mortgage Corporation
Federal intermediate credit bank?
Federal land banks
Banks for cooperatives
Farm Credit Administration
Other
Total, lending agencies. _.
1,098
2,836
+587
+19
1
-1
95
82
75
3
187
46
210
1,804
4
197
161
5,734
+710
2,864
+272
258
200
2
6
139
+2
+49
3
3
+2
208
+55
139
16
+8
+335
115
407
1,277
-76
+115
+201
-116
-16
-36
+2
+112
51
+5
-3
+33
—22
+1
+192
203
4
+10
+15
-10
742
-10
515
48
125
151
100
217
104
303
178
90
1,153
+330
2.984
-426
150
44
121
+6
-5
-1
+51
+10
-29
-5
-25
INSURANCE AGENCIES
Federal Deposit Insurance Corporation
Federal Housing Administration
Other
Total, insurance agencies
Tennessee Valley Authority
._
Grand total
5,737
+712
3,088
+1
+5
397
+15
315
+5
303
+87
3,602
-334
» Including accrued interest totaling $29,000,000.
With respect to loan operations the expansion in the
year ended November 1939 was largely confined to
agricultural agencies, which showed a net increase of
398 million dollars. The home mortgage and housing
group showed no change in loans outstanding, whereas
loans of the industrial and financial group declined 33
million dollars. The Commodity Credit Corporation,
which makes loans on certain farm crops, showed the
largest individual increase, 305 million dollars; Farm
Credit Administration loans rose by 167 million. On
the other hand, loans of the Reconstruction Finance
Corporation and the Home Owners' Loan Corporation
each declined by about 145 million. The Reconstruction Finance Corporation, the Home Owners'
Loan Corporation, and the Federal land banks remain
by far the largest of the agencies from the viewpoint of
loans outstanding, having among them 5,754 milieu
dollars in loans, or nearly two-thirds of the total loans
of all the agencies; their combined assets constitute
54 percent of the aggregate.
^
The holdings of United States securities and securities guaranteed by the United States are concentrated
in the Federal Deposit Insurance Corporation and the
Federal Savings and Loan Insurance Corporation,
which have 363 million and 120 million dollars, respectively. These investments represent most of their
capital and their reserves accumulated against insurance liabilities. Similarly, the capital of several other
agencies is invested in direct Treasury or guaranteed
securities. The holdings of other securities are composed principally of the 761 million dollars of Federal
land bank bonds held by the Federal Farm Mortgage
Corporation. There was little change in these categories during 1939.
The 710-million-dollar rise in guaranteed obligations
resulted largely from a net increase in Reconstruction
Finance Corporation issues of 585 million dollars (plus
2 million of accrued interest), the proceeds of which
were used to retire indebtedness to the Treasury. The
Commodity Credit Corporation floated a note issue of
200 million dollars and the United States Housing
Authority an issue of 100 million for the purpose of
financing their current loan transactions. The outstanding guaranteed obligations of the Federal Farm
44
SUKVEY OF CURRENT BUSINESS
February 1940
Mortgage Corporation, on the other hand, declined United States Housing Authority, while project adby 116 million dollars, and those of the Home Owners' vances to the end of November 1939 amounted to 107
million dollars, the total loan contract commitments on
Loan Corporation by 76 million.
There was little change during the year in the pri- those projects were 349 million. Additional commitvately owned proprietary interest in the corporations. ments, on which no advances had been made, amounted
This interest is confined to capital-stock holdings in the to 188 million dollars, and earmarkings totaled 130
Federal land banks, the Federal Deposit Insurance million. Furthermore, the United States Housing
Corporation, and the Federal home loan banks, plus a Authority has agreed, in connection with an arrangesmall amount in the banks for cooperatives. The ment inaugurated in November 1939, to refinance 51
decline of 334 million dollars in the proprietary interest million dollars of local housing-authority notes floated
of the Federal Government was largely the result of the privately.
shift in Reconstruction Finance Corporation financing
of 742 million dollars. This was offset in part by a rise Gash Income and Outgo.
in the miscellaneous category and the Tennessee Valley
As has been indicated above, the budget operations of
Authority.
the Federal Government alone do not give a complete
A general indication of the types of loans made by picture of the movements of cash into and out of the
the corporations and agencies is provided by their Federal Treasury. The growing importance of the
nomenclature. However, a specific break-down by type
of borrower is presented in table 22. It will be observed
MILLIONS OF DOLLARS
I2OO
that in the year ended November 1939 the classification
of crop, livestock, and commodity loans showed by far
A
1000
the largest increase—389 million dollars. Farm mortOUTGO
1
\~
/Agage loans fell by 146 million dollars, and urban mort800
gage loans by 64 million. In order of size, the largest
600
/
outstanding categories were farm and urban mortgage
\srCASH INCOME
V
loans, crop loans, and loans to (or purchases of capital
400
stock of) banks, railroads, and building and loan
EXCESS Of CASH Ol/TGO^
7
associations.
200
CA5H
1
i
-A
J
Table 22.—Loans and Capital Stock Holdings of Government Corporations
and Credit Agencies by Type of Borrower, Nov. 30, 1939
[Millions of dollars]
-200
1 1 1 1 1 1 ! ! 1
1936
1 1 i 1 1 1 I 1 1 ! 1
1937
1 i ! 1 , 1 1
1938
. ( i i i 1 i i i i .
i939
DO-TO-3/
Type of borrower
Banks
_
_
Kailroads
Insurance companies
__.
Building and loan associations
Mortgage loan companies--.
Cooperative associations
States. Territories, etc,
Ship construction and reconditioning loans.
Urban mortgage loans (n. e. c.)
Farm mortgage loan* (n. e. c.)
Crop, livestock, and commodity loans
Low-cost housing loans
....
Foreign-trade loans
.
Other loans and stock
Total..
.
Nov 30,
1939
12-month
change
655
497
29
423
60
259
185
49
2,242
2,605
1,019
116
38
683
-64
— 146
+389
+96
+23
+90
8,860
+434
-29
-6
-1
-30
-13
+81
+48
The balance sheets of the corporations and agencies
by no means show the full scope of their activities during
the course of the year. New loans were constantly
being made and old loans were being repaid; the
amounts outstanding on any one date and the net
change from one year to the next understate the extent
of their loan operations. Similarly, in the case of some
agencies the loan and investment transactions constitute
merely an incidental part of their activity. This is
notably true of the insurance corporations. At the end
of 1939, the Federal Housing Administration had outstanding insurance on mortgages with a total value of
over 3,050 million dollars; this represented an increase
of 950 million for the year 1939. In the case of the
Figure 32.—Cash Income and Outgo of the Treasury, and Excess of Cash
Outgo, 1936-39 (U. S. Treasury Department).
NOTE.—Data are plotted on a 3-month moving average, centered at the second
month. Basic figures for January 1940 were not available in time to compute moving
average figures for December 1939.
social-insurance accounts and the segregation of certain
self-financing credit agencies and governmental corporations must also be considered. To fill this need, the
Treasury has compiled a series designed to show its
cash income and outgo, excluding public-debt transactions other than redemptions of adjusted service bonds.
This series, slightly smoothed, is shown in figure 32.
Cash outgo declined sharply from the middle of 1936
until 1938 largely because of the peak in the summer of
1936 when the adjusted service certificates were paid.
Cash income, on the other hand, rose sharply in 1937,
with the result that the excess of cash outgo, from a
high at the time of the prepayment of the adjusted
service certificates in the middle of 1936, was converted
into an excess of cash income in several months of
1937. In 1937 as a whole, the cash deficit fell to 330
million dollars. This sharp decline was reversed in
1938. Disbursements increased in 1938, while receipts
fell. This movement continued into 1939 and consequently the cash deficit in 1939 exceeded that of the
preceding year by 1,285 million dollars.
45
SURVEY OF CURRENT BUSINESS
February 1940
International Trade and Finance
movement, because of major opposing trends within
the year, playing a subordinate role. In 1939, the
Balance of Payments
transfer of capital funds to the United States was
clearly
the primary influence. By contrast with the
The broad features of the balance of international
preceding
several years, however, the results of trade
payments of the United States in 1938 were reproduced
and
service
transactions in both 1938 and 1939 conin 1939. (See table 23 and figure 33.) The unusually
tributed
substantially
to the shift of gold to the United
large surplus of merchandise exports over imports in
States,
whereas
in
the
years 1934-37 the inflow of
these years was offset to only a minor extent by net
capital
was
the
dominant
or sole factor operating to
payments to foreigners for various services. The
draw
gold
from
other
countries.
resulting excess of receipts by this country on trade
and service account, coupled with an influx of capital
BILLIONS OF DOLLARS
funds from abroad, was responsible for a heavy inflow
91
of gold in continuation of the extraordinary movement
begun in 1934.
Table 23.—Balance of International Payments of the United States, 1938-39
[In millions of dollars
1938 (Unrevised)
Item
Trade and service items:
Merchandise .
._
Freight and shipping
Travel expenditures
Personal remittances
Inst itutional contributions
Interest and dividends
Government transactions
Miscellaneous services a n d adjustments
_. _.
Total trade and service i t e m s . .
Gold and silver:
Gold exports and imports
Gold earmarking operations (net)
Gold movements (net)
Silver exports and imports
Total gold and silver movements
(net)
Capital items:.
Lon^-term capital movements
Short-term capital movements
Paper currency and miscellaneous capital movements
Net capital movements
Residual item
Source:
merce.
Net reNet receipts
Pay- ceipts
PayReReceipts ments
ceipts ments
or
net
or net
(ex(im(im(expaypayports) ports) ments ports) ports) ments
525
34
2,318
216
485
137
40
230
98
+859
-79
-320
-102
-40
+295
-64
+178
277
99
+178
4,261
3,235 +1,026
4,350
3,623
+727
6
1,979 - 1 , 9 7 3
+333
1
3,094
113
159
35
549
34
277
7
1,961 +1,133
155
-42
516 - 3 5 7
150 - 1 1 5
40
-40
216 +333
98
-64
99
231
-1,640
-224
3,177
137
165
35
15
+12
+330
+508
85
- 3 , 040
-70
-3,110
—1,864
+23
+295
3,575 - 3 , 574
+534
1
f
1+1,232
+1,232
+1,151
Bureau of Foreign and Domestic Commerce, U. S. Department of Com-
In point of relative magnitudes, the merchandise
trade balance was reduced from $1,133,000,000 in 1938
to approximately $859,000,000 in 1939, or by 24 percent; while net payments to foreigners on service transactions, including interest and dividend items, were
only slightly changed from an estimated $107,000,000
to $132,000,000. The influx of capital in 1939, as indicated by available data (see p. 49), was roughly four
times the volume reported for 1938; and, wholly as a
consequence of the increase in the capital movement, the
gold inflow rose to an unprecedented figure of $3,040,000,000 in 1939 from $1,640,000,000 in the previous
year. The structure of the balance of payments in the
two periods differed in one significant respect. In
1938, the principal factor affecting the goldflowwas
the excess of commodity exports, with the net capital
NET GOLD INFLOW
(inc/ucfing Earmarking
1939 (Preliminary)
1935
1936
1937
1938
1939
Figure 33.—Cumulative Net Movements of Gold and of Capital Between
the United States and Foreign Countries, and Cumulative Excess of
Merchandise Exports Over Imports, Since the Beginning of 1935 (Net
Gold Inflow, U. S. Department of Commerce and the Board of Governors
of the Federal Reserve System; Net Capital Movement, U. S. Treasury
Department; and Merchandise Trade Balance, U. S. Department of
Commerce).
N O T E . — D a t a for " N e t Capital M o v e m e n t " are plotted weekly; other data are
plotted monthly. Data for " N e t Capital M o v e m e n t " subsequent to the week
ended September 27, 1939, were not available in time to include them in this chart.
Merchandise Trade
As indicated in table 24 and figure 34, the increase in
total merchandise exports in 1939 as compared with
1938 was entirely the result of larger shipments during
the second half of the year.1 From January through
May, exports were below the levels of the preceding
year. Beginning in June, they rose above shipments in
the corresponding months of 1938 by a margin which
widened to 37 percent in December. For the year as
a whole, however, the increase in the value of exports
was only 3 percent and the aggregate was smaller than
in 1937. Merchandise imports in 1939 were consistently larger than in 1938, as a rising trend, paralleling
the course of industrial production, carried import trade
up from the low point of mid-1938. The increase for
the year was approximately 18 percent. The physical
volume of foreign trade rose about 5 percent in the case
of exports and about 15 percent in the case of imports.
» See Recent Trends in United States Export Trade, Survey of Current Business^
January 1940.
46
SURVEY OF CURRENT BUSINESS
INDEX NUMBERS,
INDEX NUMBERS, 1935 = )00
!3OI
'""
TOTAL EXPORTS
1923-25 = 100
140
A
f
.A
W.
120
QU4/vr/ry^
NIT VALUE (PRICE)
OF IMPORTS
\
A
100
February 1940
RAT/O OF IMPORT
TO EXPORT PRICES "
/••••:
80
A---./
-VALUL
60
A
V 40
1 I ! 1 1 1 1
A/\
1 1 1 1 ! ! 1
TOTAL IMPORTS AND INDUSTRIAL PRODUCTION
1936
1938
1939
Figure 35.—Indexes of Unit Value (Price) of Exports of United States
Merchandise, and Imports for Consumption (Unadjusted), and Ratio
of Import. Prices to Export Prices (Terms of Trade) 1936-39 (U. S.
Department of Commerce).
1936
Figure 34.—Indexes of Quantity and Value of Exports of United States
Merchandise, and Imports for Consumption (Unadjusted), and Volume
of Industrial Production (Adjusted for Seasonal Variations), 1936-39
(Exports and Imports, U. S. Department of Commerce; Industrial Production, Board of Governors of the Federal Reserve System).
Price changes tended to raise the value of imports
throughout 1939 and to depress the value of exports
until the sharp rise in export prices during September.
Table 24.—Foreign Trade of the United States, by Months, 1938-39
[Millions of dollars]
General imports
Total exports
Month
1938
January
February
March
April
May
___
June
July
August
September
October
November
December
Total
-
--
- __
___.._
-.
1939
289
262
275
274
257
233
228
213
219
268
231
249
236
230
Percentage
change
-26
-16
-3
-16
-3
+1
+1
+9
231
24(i
251
289
278
252
269
332
293
368
+17
+19
+ 16
+37
3,094
3,177
+3
1938
171
163
173
160
148
146
141
1939
Percentage
change
+4
178
158
190
186
202
179
169
+10
+16
+36
+23
+20
]78
176
171
215
235
247
+8
+21
+34
+44
1,960
2,318
+18
166
168
176
181
+6
Source: Bureau of Foreign and Domestic Commerce, U. S. Department of Commerce.
The comparative trends of export and import prices,
shown in figure 35, indicate that the terms of international trade have become less favorable to the
United States during recent years; that is, the cost of
goods imported into the United States expressed in
terms of domestic goods exported has risen. This
development, which is fairly typical in a period of
generally expanding international trade for a country
exporting chiefly manufactured articles and importing
chiefly crude products (because of the greater sensitivity of raw-material prices), became marked during
the last half of 1938 and the first half of 1939 as import
and export prices moved in opposite directions—the
former up, the latter down. In September the sharp
rise in the prices of certain export products made the
terms of trade temporarily more favorable to the
United States.
Lower dollar-exchange rates for foreign currencies,
shown in figure 36, notably for the pound sterling and
the French franc, contributed to the downward movement of import prices during the first three quarters of
1938. In the early part of 1939, however, the unit value
of imports rose, while the prices of foreign currencies in
New York remained fairly stable. In September, when
rates for the pound and associated units reached levels
approximately 14 percent below those of July, import
prices nonetheless increased. In both instances, of
course, the increase in import prices was due to a rise in
the foreign-currency prices of imported goods. As suggested by the data in table 25, the effect of the depreciation of foreign currencies on import prices and the
terms of international trade has been largely or entirely
counterbalanced since September by the rise in internal
prices in neutral as well as in belligerent countries.
Although detailed returns for 1939 reveal significant
changes in the character and direction of United States
export trade, the outbreak of the war in Europe had
considerably less effect upon exports than (to judge by
domestic reactions to the events of September) was
generally anticipated. Shipments of goods to foreign
countries had advanced prior to the outbreak of war,
and the increase from September through November
was of little more than seasonal proportions. In December, however, there was a sharp gain. The increases after September did not occur in trade with
the United Kingdom and France (despite their large
purchases of aircraft, metals, and other war supplies
in the United States), but wTere almost entirely the
consequence of increased exports to the European
neutrals and to countries outside Europe. Purchases
of United States merchandise by the Scandinavian
countries rose by no less than 67 percent over 1938;
those by Canada increased approximately 43 percent;
and for Latin American countries the gain was 42 percent. Direct shipments to Germany, already materially reduced during recent years, fell to negligible
proportions.
areas as compared with 1938 results, or, in the cases of
northern North America, Latin America, and Asia, as
compared with 1937 returns. The sharp increase in
cotton exports in December, together with large shipments during the preceding 4 months, offset the small
movement during the first half of the year and brought
the total for the year to the 1938 level. Exports of
agricultural products as a group dropped during 1939
Table 25.—Dollar Exchange Rates and Wholesale Price Movements in
Selected Countries, July and December 1939
INDEX NUMBERS, 1935 = 100
IOO
^•WEIGHTED
47
SURVEY OF CURRENT BUSINESS
February 1940
BY U. S.
IMPORTS
Value of currency in terms of dollar Wholesale
Country
WEIGHTED BY U.S.
V ---•
i
J
1938
.
.
.
.
!
December
1939
United Kingdom
Canada
Japan
Netherlands
Switzerland
United States
.
$4. 682
.998
.273
.533
.226
$4.040
.890
.234
.531
.224
.. . -
-14
-11
-14
0
-1
+23
+12
+16
+21
+17
+4
,
1939
Figure 36.—Indexes of Prices of 40 Foreign Currencies in New York, 1938
and 1939 (U. S. Treasury Department).
Exports to the United Kingdom and, until December,
to France were on much the same scale as in 1938.
The reduced importance of the United States as a supplier of food and raw materials to Europe, the greater
self-sufficiency of the British and French Empires, the
anticipation of present war needs through the building
up of reserve stocks, the absence of destructive land
operations, and the speed with which wartime controls
were imposed by the belligerent powers account for the
failure of the export trade to expand quickly and for
major differences between the outlook for export trade
in 1914 and 1939. Before the end of the year it was
apparent that the Allied Powers, in addition to cutting
off direct trade with Germany and restricting trade
with neutral countries contiguous to Germany, wxre
keeping at a minimum their purchases in the United
States of nonessential commodities or of commodities
which for economic or political reasons could be obtained more advantageously elsewhere. Thus, for
example, imports of American tobacco into the United
Kingdom, hitherto the principal foreign market for the
product, were sharply curtailed and then shut off altogether. On the other hand, heavy Allied demands
for manufactures such as airplanes, machine tools,
petroleum products, and motor trucks were evident in
export returns for the closing months of the year.
In December, shipments (particularly of aircraft) to
the European belligerents materially affected the export total, which reached the highest point since
March 1930. General imports were larger than in any
month since July 1937, but the balance of exports—
$120,000,000—exceeded that of any month since October 1929. Besides the rise in shipments to the United
Kingdom and France in December, there were continued substantial gains in export trade with all world
J u l y 1939
EXPORTS^
prices (percentage
change
Percentage July 1939change
December
1939)
Source: Federal Reserve Bulletin, except December currency values, for United
Kingdom and Canada, which are official rates.
largely as a consequence of reduced shipments of grains,
which had been in heavy demand in 1937-38, and of
leaf tobacco and fruit, both of which came under wartime restriction. Increases in exports in 1939 as a
whole, as well as during the last 4 months of the year,
were concentrated largely in manufactured products,
especially metals and manufactures, aircraft, machinery, lubricants, and chemicals.
Service Transactions
Preliminary estimates indicate that net payments by
the United States to foreigners for services were somewhat increased in 1939 as compared with 1938. The
higher volume of merchandise imports, the restrictions
and prohibitions placed upon the operations of American vessels under the provisions of neutrality legislation, and the jump in ocean freight rates following the
outbreak of war in Europe, all tended to increase payments to foreigners for ocean freight. On the other
hand, outlays by United States residents for foreign
travel, although reduced from 1938 levels, were not
seriously affected by the virtual stoppage of outbound
traffic to Europe, which occurred after travel to the
Continent was past its seasonal peak. Expenditures
by American travelers in Canada and Mexico were
about the same in 1939 as in 1938. Foreigners visiting
the United States spent a larger aggregate sum in 1939
than in the preceding year, entirely as a result, however,
of larger outlays by visitors from overseas.
Net income from foreigners on interest and dividend
account, while continuing to reflect the substantial
creditor position of the United States in respect of longterm investments, was reduced in 1939, partly as a
consequence of smaller receipts of interest on American
holdings of foreign dollar bonds. The return on American direct investments abroad was not much changed,
48
SURVEY OF CURRENT BUSINESS
so far as available indications show. Payments to
foreigners during 1939 on interest-and-dividend account
were probably somewhat higher than in 1938, not because of the heavy inflow of capital during the year
(which was largely a transfer of foreign funds into
balances on which no interest can be paid rather than a
shift in investments of actual or prospective earning
capacity), but because of an improved dividend rate on
foreign holdings of domestic shares.
Among other service transactions, personal remittances to foreign countries by alien and other residents
of the United States declined during 1939 by approximately 10 percent from 1938 estimates.
Gold and Silver Movements
The rate at which foreign gold has moved to the
United States in recent years has been a fairly accurate
measure of the explosive potentialities of political
developments in Europe. The inward gold movement,
serving as the vehicle for the transfer of capital funds,
assumed extremely large proportions in the autumn of
1935, when Italy undertook the subjection of Ethiopia.
It reacted sensitively to the shifts from one financial and
political crisis to another in France during the first 9
months of 1936, became highly accelerated at the time
of the Munich conference in September 1938, and
finally in 1939 reflected a flight of capital from Europe of
such proportions as only the apparent inevitability of
war could induce. This inpouring of gold from foreign
countries during 1939, which added $3,040,000,000 to
domestic monetary gold stocks, was far in excess of the
previous record inflow of $1,739,000,000 in 1935.
Table 26.—Gold and Silver Imports Into the United States and Gold and
Silver Production Outside the United States, 1934-39
[Millions of dollars]
Year
1934 .
1935
1936 . . .
1937
1938
1939
_
Total
..
Silver proGold proGold im- duction out- Silver im- duction outports (net) side United ports (net) side United
States
States
1,217
1,739
1,030
1,386
1,640
3,040
862
930
1,025
1,078
1,154
i 1,132
86
336
174
83
224
71
76
113
86
92
90
190
10,052
6,181
974
547
* Preliminary.
Total receipts of gold from foreign sources in the
years 1934-39 amounted to more than $10,000,000,000.
(See table 26.) During each of the years in this period,
the inflow from abroad exceeded world production outside of the United States, although output was considerably increased. Nearly three-fourths of total imports
of gold into the United States in 1939 came from
accumulated reserves or from new production in the
United Kingdom, Canada, and other British countries,
which together control two-thirds of the world's output.
Receipts from the European neutrals were exceptionally
heavy during the year, and those from Japan and from
producing areas in Latin America continued large.
February 1940
In addition to shipments of gold to the United States
for immediate conversion into dollar balances in 1939,
large amounts were imported to be placed under earmark for foreign account during the months preceding
the outbreak of the war in Europe and again in December. These deposits of gold for safekeeping or for
future conversion into dollar balances raised the total
amount of gold held in this country under foreign
ownership from $629,000,000 at the end of 1938 to
$1,288,000,000 on July 31. These resources were drawn
down during the succeeding 4 months by $325,000,000,
but further additions in December brought the aggregate to $1,163,000,000 at the end of 1939. Both the
heavy inflow of gold after August (aggregating almost
$1,000,000,000), against which there was no visible
accumulation of dollar balances, and the building up of
earmarked stocks in December revealed the extremely
heavy requirements, either current or prospective, for
dollar exchange to meet commitments in the United
States by foreign governments and others.
Net imports of silver in 1939, amounting to about
$70,000,000, were the smallest in 6 years and only about a
third of net receipts in 1938. Cumulative net imports
since the beginning of 1934, representing for the most
part purchases by the Treasury in accordance with the
terms of the Silver Purchase Act, reached nearly
$1,000,000,000 by the end of 1939. In effect, these
receipts of silver from foreign sources absorbed the
whole of silver production outside the United States as
well as very substantial sums coming out of existing
stocks in other countries.
Capital Movements
Two periods of extreme international tension in the
first 9 months of 1939, the latter culminating in war
in Europe, caused a reported inflow of capital into the
United States of $1,179,000,000, as reflected in figure 37.
The average monthly rate of flow thus substantially
exceeded the rate during any of the four preceding years.
Eighty-five percent of the net capital imports took the
form of foreign short-term banking and brokerage
balances in the United States, increasing the total of
such investments to $3,195,000,000 as of September 27,
1939. Foreign long-term investments declined slightly
to $5,635,000,000 as of this same date, as a result of
net sales of United States securities by foreigners
amounting to $46,000,000. On balance the changes in
these two items account for an increase of about
$950,000,000 in foreign investments in the United
States during the first three quarters of 1939.
United States short-term investments in foreign
countries were afi'ected by the withdrawal of $157,000,000
of banking and brokerage funds from abroad, bringing
the total of such investments in foreign countries down
to $532,000,000 at the end of September. In addition,
American portfolio investments abroad were reduced to
$3,950,000,000 by reported net foreign purchases of
foreign securities totaling $67,000,000. The combined
effect of all these four classes of capital movements was
a substantial reduction in the net creditor position of the
United States.
January, February, and early March of 1939 were,
as regards capital movements, a continuation of the
last 3 months of 1938, in that they were not dominated by political crises. There was, however, considerable uncertainty, and this was reflected in pressure
on sterling, which in November 1938 dropped from
$4.75}£ to $4.63. Sterling recovered early in December
to $4.70, but leveled off again and reached $4.62% on
January 3. At this point the British Government
took steps to protect the exchange by placing informal
restrictions on the operations of speculators and by
MILLIONS OF DOLLARS
5000
4000
TOTAL ~ V ^ \
3000
/
BANKING FUNDS
/
2000
1000
0
y
to
/
/
/
>\
^
^>S
w S£C
RITY TRANSACTIONS
IN BR0 KERAC£ BALANCES - ^
500
1935
49
SURVEY OF CURRENT BUSINESS
February 1940
1936
1937
1938
1939
Figure 37.—Cumulative Net Capital Movements Between the United
States and Foreign Countries, by Types, Beginning with January 2, 1935
(U. S. Treasury Department).
NOTE.—Data subsequent to the week ended September 27,1939, were not available
in time to include them in this chart.
strengthening the position of the exchange equalization
account. For a time these measures seemed to be
effective. However, weaknesses in some neutral currencies soon became evident. Late in January and
in February the Dutch guilder was subjected to
especially heavy pressure as a result of the outflow of
refugee funds and remittances of the proceeds of several
foreign loans. The belga was affected adversely by
cabinet difficulties. Capital and gold were exported
from the Netherlands and Belgium in large volume.
Foreign Official Balances Increased.
About the middle of March the motivation of capital
movements changed. On the 15th, Germany invaded
Czechoslovakia and the unrest which followed induced
a reported capital inflow averaging more than $75,000,000 a week during a 6-week period. The invasion
of Czechoslovakia and the pressure on Rumania caused,
first, the ostentatious dropping of the appeasement
policy by the British Government, and, second, the
formulation of a system of European alliances and
guarantees by England and France.
The vast rush of European capital to the United
States in search of safety had subsided, or worn itself
out temporarily, by early May. After that time capital movements, instead of being almost entirely an
inflow of private funds, seemed to be dominated by the
flow of foreign-government and central-bank funds.
From April 26 to September 27 the deposit liabilities
to foreign banks of member banks in 101 cities reporting
weekly to the Federal Reserve Board, which include
the accounts of foreign individuals and commercial
banks, rose about 18 percent. During the same period
the deposit liabilities of the Federal Reserve Banks to
foreign central banks increased 106 percent. Approximately the same 5-month period saw a net increase in
gold earmarked for foreign account at the Federal
Reserve banks amounting to $365,000,000. The total
gold so held at the end of September was $1,133,000,000.
These developments pointed to a policy of building
up reserves of dollar purchasing power on the part of
neutrals as well as of belligerents. As shown in table
27, each country or area except Germany and Italy
increased its short-term assets in this country. Accounts for the United Kingdom, France, and Canada
increased $424,000,000, or about 50 percent, as shown
in table 27. The accounts of European neutrals increased $369,000,000, or about 60 percent, while those
of Latin America and the Far East increased $186,000,000, or about 25 percent. As conditions in Poland
approached a crisis and war fears became greater in
August, a flight of capital again occurred. This time,
in order to conserve gold resources and penalize the
export of capital, the British official support was withdrawn from the exchange market. As a result, sterling
fell from $4.60 on August 25 to $4.12 on August 28,
recovering by the end of August to $4.40, only to fall
upon and after the opening of the war to $4 and below.
Table 27.—Foreign Short-Term Liabilities of United States Banks and
Brokers, by Countries, December 28, 1938, and September 27, 1939
[Millions of dollars]
Country or area
United Kingdom
France.
Germany
Italy.
Netherlands
SwitzerlandOther Europe
Increase
(+) or decrease (—)
December
28, 1938
September
27, 1939
446
196
20
23
102
224
253
669
304
8
17
192
312
450
+197
1,264
239
257
401
32
1,952
332
388
456
67
+C88
+93
+ 131
+55
+35
2,193
3,195
+1, 002
_
Total Europe
CanadaLatin America
Far East
All other
Total
+223
+108
-12
-6
+90
+88
Source: Bulletin of the Treasury Department, Office of the Secretary, issues of
March and December, 1939, as adjusted for certain special deposit accounts not included in the Treasury figures.
Transactions in Domestic Securities.
Total reported foreign transactions in United States
securities from January through September resulted
in net sales of $46,000,000. At the same time that the
United Kingdom was building up deposits in American
50
SURVEY OF CURRENT BUSINESS
banks, it was selling United States securities. Net
sales by the British occurred in seven of the nine
months and aggregated $64,000,000. They were particularly heavy in January, when the British Government exhibited a determination to support sterling
exchange, and in September, the first month of the war,
Canada, France, Germany, and Italy also sold United
States securities on balance during the first three
quarters of 1939, whereas all other countries and areas
were net purchasers.
Contrary to the reaction to the opening of the war in
1914, the stock market experienced a substantial rise in
September. Stock price indexes advanced 14 percent
during the month. The United Kingdom was a large net
seller during the last 3 weeks of the month, while the
Netherlands, Switzerland, and the Far East were net purchasers during the first 3 weeks in almost equal volume.
It is not possible at this time to estimate the longterm effect of the war on the prices of American securities. The liquidation of European holdings which will
undoubtedly occur if the war is of moderate or long
duration will exert a depressing effect on prices, whereas
the stimulation of production in this country as a result
of larger foreign orders will tend to counteract that
downward pull. It was apparent as early as last July,
however, that the British Government appreciated the
importance of American investments and would take
measures to insure an orderly liquidation in the event
of war. It was at that time that the Government
instituted a study of the holdings of British investing
institutions. This was followed on August 27 by a ban
on the sale of certain foreign securities, including those
payable in dollars, and by an order that all investors
report their holdings to the Bank of England. On
September 17 the French Government decreed that
French holders of funds or property abroad must
declare them to the Government by December 1.
While these measures do not strictly involve mobilization of foreign assets, other measures of exchange
control restrict the sale of such assets. Furthermore,
it is likely that if the need arises, belligerent and even
neutral governments will mobilize all the foreign assets
of their citizens in order to conserve all possible dollar
purchasing power.
American-Owned Funds Repatriated.
American-owned short-term assets in foreign countries were reduced more sharply during 1939 than in
any year since 1935. The reduction of $157,000,000 by
the end of September was accomplished without interruption except for July. Reductions which occurred in
all areas except Latin America bear witness to the
efforts of American banks to avoid the risk of having
large assets tied up in areas greatly affected by war.
Substantial reductions were again reported in assets in
Germany throughout the year, and in noticeable volume
in the United Kingdom in March and April.
February 1940
Transactions in foreign securities during the JanuarySeptember period resulted in net purchases amounting
to $67,000,000. They were probably restricted largely
to taking care of maturities. New foreign issues offered
publicly in the United States were confined to three
Canadian issues—two Provincial and one corporate.
According to preliminary estimates, only about $35,000,000 of the $82,000,000 par value of these issues was for
new capital, the remainder being for refunding purposes.
Political and Economic Factors.
At times the flow of capital to the United States
during the last 5 years was induced by purely economic
conditions, domestic and foreign; at other times national
political events caused special movements of more localized importance yet of considerable volume; and,
again, world political crises leading to threats of war
became the principal influences. These influences did
not always operate separately. In fact, they were
generally associated, although often in a rather broad
sense, and with one usually in the dominant role.
MILLIONS OF DOLLARS
10001
900
NET PURCHASES
NET SALES
1935
1936
1937
1938
1939
DO-39-34O
Figure 38.—Foreign Purchases and Sales, and Net Purchases or Sales of
United States Domestic Securities, 1935-39 (U. S. Treasury Department).
NOTE.—Data include transactions executed in the United States for foreign account,
executed abroad for domestic account, and transactions in joint foreign arbitrage
accounts as reported by banks, brokers, and dealers in the United States. Quarterly
figures in chart are totals of weekly transactions through September 27, 1939; data
for subsequent weeks were not available in time to include them in this chart.
Without evidence of advancing business in the
United States, particularly as reflected in rising security
prices, the large net foreign purchases of American
stocks and bonds in 1936 and early 1937 probably
would not have taken place. Nevertheless, the recession in the summer and fall of 1937 did not immedi-
February 1940
SUEVEY OF CURRENT BUSINESS
ately result in net sales for any extended period.
Foreigners did sell on balance during the first 6 months
of 1938. (See fig 38.) Economic conditions in France,
in particular, were at the bottom of the intermittent
financial and political exigencies which featured French
developments for several years and therefore were
important factors in the flights of French capital.
Economic conditions were likewise important as contributing factors in the political stress and capital
movements of other countries.
The large movements of short-term banking funds
to the United States preceding the devaluation of the
belga in March 1935, the gold-bloc difficulties which
both preceded and followed that event, and the franc
devaluation of September 1936 were, in their origin,
motivated by economic and political forces. These
mixed financial and political factors had their principal
effect in the flow of short-term capital rather than in the
longer-term securities movements.
The more purely political influences resulted primarily
in the movement of banking funds. The few weeks
preceding the critical conditions in Europe in September of 1938 and, to a much lesser degree, in March of
1938 and 1939 were characterized by net sales of
United States securities, apparently in anticipation of
a falling market in the event that war resulted. In
each instance, however, these were quickly followed
by net purchases of at least equal volume.
Capital and Gold Movements Closely Related.
Net capital imports into the United States from the
beginning of 1935 to September 27, 1939, aggregated
$4,959,000,000, and net gold imports, including changes
in earmarked gold, totaled $8,176,000,000. Part of
the difference between these two figures is caused by
the inability to get reports on certain types of capital
transactions. During the first 9 months of 1939, net
capital imports totaled $1,179,000,000 and gold imports
$2,381,000,000. It seems likely that in the future to a
considerable extent, as has happened in some instances
in the past, gold will be shipped to this country for the
purpose of maintaining dollar balances as these are
consumed in making purchases in this country. The
relationship between the two movements—gold and
capital—may be obscured by the use of net figures and
the more apparent relationship will be that between
gold movements and net merchandise exports. In
other words, the bank accounts into which the proceeds
of the gold imports might be placed may not reflect
those sums because they will be drawn upon concurrently in order to pay for merchandise exports.
International Investment Position of United States.
World conditions during the years 1935-39 have
been such as to induce capital to flow to the United
States in large volume each year from all parts of the
world with correspondingly large changes in interna
51
tional investments. The net reported inflow of capital
from January 2,1935, to September 27,1939, aggregated
$4,959,000,000, as shown in figure 39. About 63 percent, or $3,117,000,000, of the capital which has come
to the United States during this period has been banking and brokerage funds. Part of these funds have
been American-owned and, as a result, the foreign
assets of American banks and brokers were reduced to
less than half their previous volume—that is, from
$1,234,000,000 to $532,000,000. On the other hand,
the inflow of short-term funds multiplied the foreign
liabilities of these institutions almost five times—from
$679,000,000 to $3,195,000,000.
D
BILLIONS OF DOLLARS
2
3
^\
5
TOTAL
UNITED KINGDOM
FRANCE
GERMANY
ITALY
NETHERLANDS
SWITZERLAND
mmm
OTHER EUROPE
CANADA
m
LATIN AMERICA
y//////m
V//////A 1935-38
^
^
9 MONTHS, 1939
FAR EAST Z, ALL OTHERS
Figure 39.—Net Capital Movements Between the United States and Foreign
Countries, by Selected Countries, Beginning with January 2, 1935 (U. S.
Treasury Department).
NOTE.—Data are totals for the periods from January 2, 1935, through December
28, 1938, and December 29, 1938, through September 27, 1939; data for subsequent
weeks were not available in time to include them in this chart.
At the end of 1934, foreigners had accumulated a
portfolio of investments in United States stocks and
bonds totaling $2,089,000,000. The net purchases in
5 years of active trading aggregated $1,164,000,000—
a little more than half of the previously accumulated
holdings. Through these net purchases and changing
market prices, foreign holdings at the end of September
1939 were estimated to have increased to $3,200,000,000.
Foreign ownership of subsidiary and branch enterprises
(direct investments) brought the total long-term investments to $5,635,000,000 (table 28).
Fourteen percent ($677,000,000) of the net capital
inflow into the United States during the period hi
question went into net purchases of foreign securities
in this market. Most of these purchases reduced American holdings of foreign dollar bonds, with the result
that the par value of such investments was reduced
from $5,296,000,000 at the end of 1934 to about $3,950,000,000 at the end of September 1939. United States
direct investments in foreign countries were estimated
at $7,100,000,000. It is at once apparent from the data
regarding foreign securities that net purchases by foreigners were made at prices averaging around 50 percent
of par. Many of the purchases wore made by investors
in the issuing and other foreign countries who were at-
52
SURVEY OF CURRENT BUSINESS
tracted by the low prices at which particular issues
were selling: in this country. Some purchases, however,
were sinking-fund and redemption purchases made in
accordance with the provisions of the bond indentures.
Some of the redemptions, such as those by Canada in
1936 and Argentina in 1937, were made before maturity
and were the means by which foreign countries were
able to reduce their external debts.
The net creditor position of the United States on
long-term and short-term international investments,
excluding the war debts, amounted to $8,494,000,000
at the end of 1934 and to $3,876,000,000 at the end of
1938. Capital movements during the first three quarters of 1939 followed the trend of recent years and
caused a further large reduction to $2,752,000,000 at
the end of September 1939.1 (See table 28.) The inflow of short-term capital, consisting of banking and
brokerage funds, was responsible for all of the reduc-
February 1940
tion in the net creditor position of the United States in
1939. It was also the most important factor during the
years 1935-38. However, there were over this period
large increases in foreign holdings of United States securities and still larger reductions in American holdings
of foreign securities.
Table 28.—United States International Investments, End of 1934 and 1938
and September 1939
[Millions of dollars]
Item
United States investments in foreign countries:
Long-term
Short-term
Total
._.
Foreign investments in the United States:
Long-term
__
Short-term
_.
Total
i The data on international capital movements and on the creditor-debtor position
of the United States used in this analysis are based on available statistical data and
do not take account of the very large residual of unidentified transactions which presumably consists in large part of unreported capital transfer.
Net creditor position of the United States
End of
1934
End of
1938
September
1939
(preliminary)
12.2%
1,234
11, 070
689
11,050
532
13, 530
11,759
11,582
4,357
67<J
5,690
2,193
5,635
3,195
5,036
7,883
8,830
8,494
3,876
2, 752
Source: Bureau of Foreign and Domestic Commerce, U. S. Department of Commerce.
53
SURVEY OF CURRENT BUSINESS
February 1940
Appendix
A. Summary Table: Selected Business Indicators for Specified Years and Percentage Changes
NOTE.—Data for the intervening years and for those prior to 1929, together with explanatory notes and references to the sources of the data may be found in the 1938
Supplement to the Survey of Current Business unless other reference is given in the appropriate footnotes on pp. 58 to 95 of this issue.
Percentage change, 1939 compared with—
Year
Unit or base
Item
1929
1932
1933
1937
1938
1939
INCOME PAYMENTS
Total.
Salaries and wages: Total
Commodity producing industries. _.
Distributive industries
Service industries
Government...
_._
Work-relief wages
.
Direct and other relief
Social security benefits and other labor income.
Dividends and interest
Entrepreneurial income and net rents and
" royalties.
Total nonagricultural income
1929
1932
1933
1938
+8.3
+4.9
+26.4
+46.7
+5.1
+5.4
+10.6
+4.6
+3.6
+3.3
-12.8
+5.6
+5.6
+23.3
+60.0
-11.2
-5.9
+7.1
+3.2
+47.0
-2.8
+5.3
-4.5
-3.7
— 11 2
-25 6
+6.9
+22.1
+25.0
+46.2
+42.9
+15.5
+66.3
+63.6
+12.0
+8.5
+3.1
+7.0
+43.0
+4.5
+23.9
+5.0
+13.8
+4.2
+11.6
+31.4
+17.0
+27.0
+16.4
+14.2
-24.0
-10.7
-24.4
-17.7
-4.7
-3.2
-1.9
-4.7
-4.4
-.5
+14.4
+27 A
+29.8
+14.0
+24.2
+17.7
-7.8
-17.2
-9.7
+2.1
-26.5
+12.7
+18.6
+16.0
+16.0
-9.5
-5.5
-2.4
85.2
-14.9
+9.4
+13.8
-3.7
-1.4
-16.3
+36.0
ofdol.
ofdol.
of d o l .
ofdol.
ofdol.
ofdol.
ofdol.
ofdol.
of dol
81,644
53. 352
21,1
13, 837
11, J
4,922
0
72
859
49.398
31,071
9,428
8,637
7,991
4,883
132
338
1.158
46, 783
29,082
9,146
7,756
7,169
4,365
646
554
949
72, 449
45, 258
17. 260
10, 697
9.947
5,571
1.783
841
1,112
66, 271
41, 557
14, 086
10. 049
9,438
5,839
2,145
1,007
1,545
+48.9
69. 683
-14.7
+41.1
+50. 6
43, 783
-17.
+40.9
+70.4
15. 586
-28.2
+65. 3
+35. 6
10, 514
-24.0
+21.7
+36 4
9,782
-17.8
+22.4
+38.2
6,031
+22.5
+23.5
1. 870
+1,316 7 +189. 5
+91.9
1,063 -f-1,376.4 +214. 5
+71.9
1,631
+40.8
+89.9
Mil. o f d o l .
Mil. o f d o l .
11,517
26,844
8,286
8,545
7,366
8,826
10,225
15.013
8,476
13, 686
9,081
14,125
-21.2
-16.1
+9.6
+65.3
Mil. of dol.
73. 542
46, 551
43,174
65,282
60,236
63,452
-13.7
+36.3
1923-25=1001923-25=1001923-25=100..
1923-25=100..
1923-25=100-.
1923-25=100..
1923-25=100..
1923-25=100-.
1923-25=100..
1923-25=1001923-25=100..
1923-25=1001923-25=100.
1923-25 = 1001923-25=100.
1923-25 = 100.
1923-25=100-
119
119
122
135
114
152
130
117
110
137
168
135
94
115
134
102
137
95,925
63
33
35
51
53
31
88
95
105
140
78
89
83
111
59
107
82,377
76
75
50
48
43
91
53
98
106
100
145
88
97
97
116
64
123
84,736
110
109
107
121
78
194
118
110
125
142
204
106
84
111
159
85
174
121,837
86
84
65
63
71
86
66
100
118
127
200
79
88
92
159
65
165
116, 681
105
105
95
90
82
143
108
112
128
131
214
113
92
114
167
74
172
130, 271
-11.
-11.8
-22.1
-33.3
-28.1
-5.9
-16.9
-4.
146
95.3
104
99 9
91.6
65
64.8
48.2
61.0
70.2
70
65.9
51 4
60.5
71.2
121
86.3
86.4
85.5
85.3
95
78.6
68.5
73.6
81.7
92
77.1
65.3
70.4
81.3
-37.0
-19.1
-37.8
-29.5
-11.3
+41.5
+19.0
+35. 5
+15.4
+15.8
94.5
97.5
93.9
70.3
55.1
59.3
70.5
56.5
65.4
87.2
84.8
85.3
82.2
72.0
75.4
80.4
70.2
77.0
-14.9
-28.0
-18.0
104.7
68.3
75.8
66.4
77.5
85.1
95. 1
78.9
89.7
77.0
89.9
77.9
74.9
88.5
86.4
Mil.
Mil.
Mil.
Mil.
Mil.
Mil.
Mil.
Mil.
Mil.
1937
-3.8
-3.3
-9.7
-1.7
-1.7
PRODUCTION
industrial production, total.
Manufactures, total
.
Durable goods, total
Automobiles
Cement
.
.
__..
Glass, plate
Iron and steel
.
Nondurable goods, total
.__
Boots and shoes
Newsprint consumption....
Petroleum refining
.
Rubber tires and tubes
Slaughtering and meat packing.
Textiles
Tobacco manufactures...
Bituminous coal
Petroleum, crude
Electric power production.—
...
Mil.kw.-hr..
+16.4
-4.4
+27.4
-16.3
-2.1
-.9
+24.6
-27.5
+25. 5
+35.8
+64.1
+38.2
+66.7
+40.0
+90 0
+187.9
+ 157 1 +87 5
+90.7
+60.8
+57. 1
+ 169.8
+248. 4 +103. 8
+ 14.3
+27.3
+20.8
+34.7
+31.0
+24.+47.6
+52.9
+28.4
+44.9
-5.2
+3.4
+17.5
+37.3
+44.0
+50.5
+15.6
+25.4
+39 8
+60.7
+53.7
+58.1
+5.1
-26.3
-8.5
+ 18
+2.4
+4^
+6 6
+9.5
+2 7
+5 0
-12.9
-1.1
PKICES
Prices received by farmers—..-._.
Wholesale, combined index
Farm products..
_.
Foods
Commodities other than farm products and
foods.
Economic classes:
Finished products
Raw materials
.
Semimanufactures
Retail:
Food (Bureau of Labor Statistics)
Fairchild's, department store articles...
1909-14=100--.
1926=100
1926=100
1926=100
1926=100
1926=100
1926=100
1926=100
Cost of living, combined index (N. I. O. B.)_
1923-25=100 . . .
Dec. 31, 1930 =
100.
1923=100
..
0)
100.1
-2.2
-2.5
+.2
TEADE
Sales, retail:
New passenger a u t o m o b i l e . . . . - . . . —
Chain store:
Grocery
Variety store (7 chains)
Department store, total
Rural general merchandise
._.
Foreign trade:
Exports, total (Incl. reexports) value.
U. S. merchandise:
Quantity-..
Value
..
Imports (general), total value___-_._.
Imports for consumption:
Quantity
„„
Value
1929-31 = 100
144.1
35.5
43.3
108.3
66.7
90.7
-38.1
+155. 5
+109. 5
1929-31 = 100
1929-31 = 100
1923-25=100
1929-31 = 100
102.9
107.1
111
124.9
85.7
80.8
69
63.1
95.7
102.0
92
121.7
94.1
98.0
85
114.1
102.5
102.0
90
127.5
-.4
-4.
-18.9
+2.1
+19.6
+26. 2
+30.4
+102.1
+27.6
+23.6
+34.3
+84.2
1923-25 = 100-_.__
115
35
80.3
82.5
67
69. 2|
i
37
70
-39.1
+100.0
+89.2
+58.0
+89.2
+62.2
-5.4
-25.0
+17.6
1923-25 = 100
1923-25 = 100
1923-25=100
1923-25 = 1 0 0 - . . . .
1923-25 = 100
132
115
113
35
34
2 131
* 113
2 79
2 34
37
37
73
-2.2
+4.8
+8.9
+4.1
+5.9
+11.7
+2.9
+3.8
105
74
105
68
51
109
70
-17.4
-39. 1
-46.9
+58. 0
+100.0
+76.5
131
79
94
51
108
59
-17.6
-47.8
+36.7
+73.5
+25. 6
+59. 5
-17.6
-25.3
+14.9
+15.7
+182.8
+21.9
+11.1
+3.8
+2.9
CONSTRUCTION
-38.3
+162. 8
Thous. ofdol.
Thous. ofdol..
Thous. of dol .
487. 622 417.462 1,156,161 1,072.137 965. 638
280. 069 249. 264 905. 293
985. 787 1, 334. 272
62. 380
84, 525 262.948 288. 847 288. 951
469.616
940,138 521,088 504. 458 588. 658 850,157 961. 682
3,950, 315 11,219, 309 1,068,369 2,437,623 2, 791,931 3, 002, 856
-60.2
-30.4
-38.5
+98.0 +131.3 -16.5
+376 4 +435. 3 +47.4
+363. 2 +241.9
+9.9
+84.
+90.6 +63. 4
+146.3 +181.1 +23.2
1923-25=100.-.
Thous. of doL ,
Thous. of dol.-.
55
78
62
70
58
107
6,283 062 3,
J, 125,428 3,095. 539 4,;, 166,182 3, 564,,830 3,995,061
1, 252, 297 326,392 474,268 590, 221 373,151 588,201
-34. 6
-36.4
-53.0
+27.3
+27.8
+80.2
+20.7
+29.1
+24.0
-10.3
-4.1
Q
+12.9
+12.1
+57.6
0)
127,039 173,492 476,603 557,719 749,787
249,634 1,003,970 1, 510, 215 7,127, 369 7, 335,967 9, 514, 300 + 3 , 711. 3
+490.2
+820.2
+332. 2
+530.0!
+57.3
+33.5
+34.4
+29.7
Thous. ofdol
Construction contracts awarded, total, 37 States
(F. W. Dodge Corporation).
Nonresidential buildings
Residential buildings
Utilities
.
Public works
Engineering construction contracts awarded
(Engineering News Record).
5, 750, 791 1,351,159 1, 255, 709 2,913,060 3,196,928 3, 550,543
Thous. of dol____ 2,425. 308
Thous. of dol.
1,915.729
+2.3
-24.0
+35.4
(3)
+13.1
+7.6
TRANSPORTATION
Steam railways (class I ) :
Freight-car loadings ( F . R. index)
Operating revenues, total
N e t railway operating income
Operations on scheduled domestic airlines:
Passenger miles flown
..
.
Express carried
Bee footnotes at end of table.
_.
,
Thous. of miles.
Pounds
54
SURVEY OF CURRENT BUSINESS
February 1040
A. Summary Table: Selected Business Indicators for Specified Years and Percentage Changes—Continued
Percentage change, 1939 compared with—
Year
Item
Unit or base
1929
1932
1933
1937
1938
1939
1929
1932
1933
1937
193$
FINANCE
Federal Reserve reporting member banks, condition, end of year:
Deposits:
Demand, adjusted
Time
Domestic interbank
Investments, total
Loans, total
Bank debits, total
New York City
Outside New York City
Gold, monetary stock, United States, end of yearCurrency in circulation, total, end of year
Federal debt, gross, end of year
Capital flotations, total
New capital, total
Domestic, total
Corporate
Municipal, States, etc
Foreign, total
Refunding, total
Domestic, total
Corporate
Municipal, States, etc
Foreign, total
Bond prices:
Average price of all listed bonds (N. Y. S. E.),
end of year.
Bond yields:
Moody's, domestic, 120 bonds, end of year..
Stock prices:
Average price of all listed stocks (N. Y. S. E.),
end of year.
Stock yields:
Moody's, common, 200 stocks, end of year_Stocks, dividend rate per share, 600 companies
(weighted average), end of year.
Corporation earnings (Fed. Res. Bank of N . Y.)_
Commercial failures:
Number
.
Liabilities
Mil. of dol.
Mil. of dol.
Mil. of dol.
Mil. of dol
Mil. of dol.
Mil. of dol.
Mil. of dol.
Mil. of d o l . . . .
Mil. of dol
Mil. of d o l . . . .
Mil. of d o l . . . _
Thous. of dol..
Thous. of dol..
Thous. of dol..
Thous. of dol..
Thous. of dolThous. of dolThous. of dol_.
Thous. of doL.
Thous. of doL.
Thous. of dol_.
Thous. of doL.
Dollars
0)
6,787
0)
5,514
17,649
935,027
603,089
331,938
3,997
4,578
16,301
11, 592,164
10,182. 767
9, 419, 839
8,002,064
1, 417, 775
762,928
1, 409, 398
1, 387, 365
1, 374, 489
12, 876
22, 033
95. 59
18, 566
15,986
14,431
5,276
5,160
-22.3
5,205
8,190
6,061
5,090
13, 219 14,413 +161.
0)
12,015
8,674
8,430
-50.9
9,387
8,507
8,
-58.3
433,042 373, 523 389,680
10, 297
8,915
171,382
-71.6
322, 366 282. 706 197, 836 168, 778
-34.2
167,964 148,449 235, 206 204, 745 218, 298
17, 644 +341.4
14,512
154,401 134, 257 12, 760
7,
6,
856
+66.0
4,226
6,550
4,036
39,439
5,388
37, 286
41,942 +157.3
5,519 001.338
20,805 23,
-49.6
4, 457, 910 5,836,i, 715
730, 282 1,053, 815
-77.5
100, 691 2, 353, 798 i 2293, 435
712
4,
192, 248 709. 515 093,641 323,
!, 233, 735 - 7 6 . 3
164, 941 707,88212, 225,012 872,036 371, 250
-95.4
325,362 160, 584 1 711,628 970, 614 938.055
-33.8
762,480 483, 398
-92.2
30, 299
59, 700
7,050
27, 307
104,112
3,
543.
280
+151.4
900,
648
2,
1,633
538. 034 344,197
680.073 061,, 487 3,,454.030 +149. 0
1,
498,034 282, 597 208,680 1, 267,', 146 1, 728,124
+25.7
318, 534 219,266 1 190,679 129,144 188, 776 + 1 " " 1
87,000 37,080 220, 575 42,625
89, 250 +305.1
40,000 61,600
-3.4
77.:
89.70
92.33
91.27
83. 34
0)
5,656
()
4,
0)
-6.7
+9.7
+69.4
+66. 3.
-15.8
-2.7
+20.9
+2.0
+41.4
+317. 5 +337. 2
+41.0
+37.7
+101.6
+76.1
+237. 3 +453. 9l
+92.4 +223. 2
+91.7 +215. 61
+14.1 +131.2!
+94.11
+23.0
., 555. 8
+118. 6+3,
'
+558.6 +929. 4
+593. 5 + 1., 122. 2
+442. 5 +688.1
+117.0 +409.1
+44.9
+123.1
+28.7
+1.4
+60.9
+20.0
-7.6
-10.0
-13.4
-7.2
+38.3
+16.0
+12.51
+45.9
+9.2
+6.7
-69.7
+31.8
+746. 8
+86.4
+105.
+43.0
-1.0
-59. 5
+10.1
+2.2
+35.1
+9.0
+2.9
+4.3
+1.5
+6.6
+21.6
+10.8
+6.3
+30.9
-2.6
-3.9
-57.4
-3.4
+97.0
+68. 4
+67 6
+36.4
+46.2
+109. 4
A
+19.5
+10.!
+2.9
+ 1.2
6.31
5. 931
4.16
3.95
3.69
-28.6!
- 4 1 . 5|
-37.8|
-11.3;
-6.6
111. li
34. 51
51. 0
54. 6
66.2
64.4
-42.0!
+86.7
+26. 31 +17.91
-2.7
4.4
3.03
5.9
1.21
3.8
1.11
6.7
2.18
3.6
1.41
4.5
1.70
+2.3
-43.9
-23.
+40.5
+18.4
+53.2
-32. 8
-22.0
+25. 0
+20. G
1,348.8
<*99.6
170.7
977.9
391.0
« 724. 6
-46.3
+324. 5
-25.9
+85.3
« 22,909 8 31, 822 19,859
Thous. of doL.._ « 483, 250 928,313 457, 520
9,490
183, 253
12,836
246, 505
11,408
168,204
-50.2
-65.2
-64.2
-81.9
-42.6
-63. 2
+20.2
-8.2
-11.1
-31. 8
Percent.
5.1
Dec. 31, 1924=
100.
Percent.
Dollars..
Mil. of dol
EMPLOYMENT AND P A Y ROLLS
Employment:
Nonagricultural employment,
monthly
average.
Factory
Durable-goods group
Non-durable-goods group
Selected nonmanufacturing industries:
Mining:
Bituminous coal
Metalliferous
Petroleum, crude, producing
Public utilities:
Electric light and power, and
manufactured gas.
Railways, class I (I. C. C.)
Telephone and telegraph.
Trade:
Retail
Wholesale
Pay rolls:
Factory
Durable-goods group
Non-durable-goods group
Selected nonmanufacturing industries:
Mining:
Bituminous coal
Metalliferous
Petroleum, crude, producing.
_.
Public utilities:
Electric light and power, and manufactured gas.
Telephone and telegraph
Trade:
Retail
Wholesale
1
36,160
27, 775
27,886
35,083
32, 823
33, 685
-6.8
+21.3
+20.8
-4.0
106.0
106.2
105.
66.3
52.8
79.2
73.4
57.5
88. 5
108.6
104.3
112.
89.7
77.9
110.
96.8
87.8
105.4
-8.7
-17.3
—. 5
+46.0
+66.3
+33.1
+31.9
+52.7
+19.1
-10.9
-15.8
-6.4
+7.9
+12.7
-5.0
1929=100..
1929 = 100..
1929 = 100..
100.0
100.0
100.0
76.3
36.5
55.3
79.9
34.6
62.2
99.3
76.
76.5
86.7
59.0
72.1
78.7
62.
65.8
-21.3
-37.3
-34.2
+3.1
+71.8
+19.0
-1.5
+81. 2
+5.8
-20.7
-18.4
-14.0
-9.2
+6.3
-8.7
+10.7
+16.6
-3.9
+1.7
+6.1
-11.4
-4.0
-13.5
-10.8
-4.3
-5.6
+12.6
+16.1
+13.7
+17.2
-3.7
-3.0
+1.5
+. 5
Thous. of employees.
1923-25=100....
1923-25 = 100....
1923-25 = 100..-.
1929=100..
100.0
83.0
78.1
95.6
92.3
91.9
1923-25 = 100.
1929=100
93.0
100.0
57.8
79.1
54.4
70.4
52.
75.1
55.:
74.
1929 = 100
1929 = 100....
1923-25 = 100..
1923-25=100..
1923-25 = 100..
100.0
100.0
76.8
76.8
76.1
76.1
62.4
77.8
89.8
92.0
110.4
111.
109.6
46.
33.4
61.6
50.1
36.8
65.0
102.
102.4
102.6
77.
67.6
89.6
90.8
85.3
97.0
-17.8
-23.3
-11.
+94.4
+155.4
+57.
+81.2
+131.8
+49.2
-11.4
-16.7
-5.5
+16.6
+26.2
+8.3
1929=100..
1929=100.
1929=100..
100.0
100.0
100.0
41.3
21.6
44.1
45.4
20.6
44.1
74.0
68.
67.9
50.4
66.5
69.9
56.1
60.9
-30.1
-43.9
-39.1
+69.
+159.
+38.
+54.0
+172.3
-21.0
-24.
-10.7
+2.9
+11.3
1929=100.
100.0
79.8
72.0
98.5
99.2
-.8
+24.
68.2
92.1
93.6
1929 = 1001929 = 100.
1929=100.
Not available.
2 Indexes are based on "general" imports, 1929, 1932,1933.
Change less than one-tenth of 1 percent.
Based on 11 months, January, February, and April-December.
« Data for 1929 and 1932 are not strictly comparable with later years.
* Deficit.
• Estimate.
3
4
100.0
100.0
100.0
81.1
63.2
64.2
55.2
56.8
73.1
76.6
85.2
88.8
70.4
74.7
72.2
76.6
-40.5
-25.3
-6.4
-27.8
-23.4
+15.
+14.
+19.
+38.1!
+37. si
+37. 21
+30.8
+34.9
-.4
+4.5
-1.2!
0
+
-.5
-8.4
+.7
+1.6
+2.6
+2.5
February 1940
SURVEY OF CURRENT BUSINESS
55
B. Legislative Summary
[COMPILED IN THE DIVISION OF COMMERCIAL LAWS]
lantic Ocean or its dependent waters south of 30° north latitude;
or (d) on the Pacific or Indian Oceans or their dependent waters:
Provided, That no such port is included within a combat area.
3. Transportation by aircraft of mail or any articles or materials, except arms, ammunition, or implements of war, to any
port (a) in the Western Hemisphere; or (b) on the Pacific or
Indian Oceans or their dependent waters: Provided, That no such
Agricultural Adjustment Act Amendment
port is included within a combat area.
PUBLIC RESOLUTION NO. 35, APPROVED JULY 26, 1939
4. Transportation by a neutral vessel to any port referred to
2 above, of any articles or materials, other than arms, ammu"Joint resolution to amend section 335 (c) of the Agricultural in
nition, or implements of war, provided, such port is not inAdjustment Act of 1938, as amended/'
cluded in a combat area.
Purpose.—Liberalize marketing quota provision.
5. Transportation, as described in (1), (2), and (3) above, of
Scope.—Wheat.
arms, ammunition, and implements of war, if they are to be
Administration.—Secretary of Agriculture.
exclusively by American vessels, aircraft, or other vehicles
Amends section 335 (c) so that a farmer whose wheat acreage used
connection with their operation and maintenance.
does not exceed his farm acreage allotment may sell, without in After
issuance of the Presidential proclamation, it shall be
penalty, the normal or actual production, whichever is greater, unlawful,theexcept
such rules and regulations as may be
of his farm acreage allotment; also, he may sell the amount of prescribed, for anyunder
citizen of the United States or any American
wheat from a previous crop which could have been sold during vessel to proceed into
or through any such combat area.
the preceding marketing year without penalty. A farmer who
Citizens of the United States may not travel on vessels of
stores wheat, subject to regulations of the Secretary of Agricul- belligerent
States except in accordance with such rules and
ture, in a lesser amount than would be subject to penalty, shall regulations as
may be prescribed.
be presumed to have marketed the amount of wheat which is
It is unlawful for any person in the United States to purchase,
subject to penalty and which is not so stored.
bonds, securities, or other obligations of a
Previous to the enactment, a farmer might have been subject sell, or exchange
government, or of any political subdivision of such
to marketing restrictions even though he had complied with belligerent
State, or of any person representing such State or subdivision,
his farm acreage allotment.
issued after the date of the Presidential Proclamation or to make
any loan or extend any credit to such government, political
Neutrality
subdivision, or person.
With the exception of section 12, which requires the licensing
PUBLIC RESOLUTION NO. 54, APPROVED NOVEMBER 4, 1939
of manufacturers, exporters, and importers of arms, ammuni"An Act to preserve the neutrality and the peace of the United tion, or implements of war, the act does not apply to any AmeriStates and to secure the safety of its citizens and their interests." can Republic engaged in war against a non-American State or
States, provided the American Republic is not cooperating with
Purpose.—To preserve neutrality.
a non-American State or States in such war.
Administration.—Department of State.
The President is given the authority to restrict the use of
Whenever the President, or the Congress by concurrent
resolution, shall find that a state of war exists and that it is American ports by submarines or armed merchant vessels of a
necessary to promote the security pr preserve the peace of the foreign State.
The National Munitions Control Board is reestablished under
United States, the President shall issue a proclamation naming
the States involved, and thereafter American vessels (including this act, and the Secretary of State as chairman and executive
aircraft) are prohibited from carrying passengers or any articles officer of this Board is required to register the manufacturers,
or materials to any State (belligerent), with the following excep- exporters, and importers, and to control through a licensing
system the export and import of all articles and materials protions:
1. Transportation of any passengers or any articles or mate- claimed by the President to be considered arms, ammunition,
rials by American vessels (including aircraft) on or over lands, and implements of war.
Any vessel which shall use the flag of the United States or
lakes, rivers, and inland waters bordering on the United States.
2. Transportation by American vessels, other than aircraft, make use of any distinctive signs or markings, indicating that
of mail, passengers, or any articles or materials, except arms, the same is an American vessel while operating under the jurisammunition, or implements of war, to any port (a) in the Western diction of any foreign State, shall be denied for a period of 3
Hemisphere north of 35° north latitude and west of 66° west months the right to enter the ports or territorial waters of the
longitude; (b) in the Western Hemisphere south of 35° north United States, except in cases of force majeure.
The President is given authority to make such rules and
latitude; (c) on the Atlantic Ocean or its dependent waters
south of 30° north latitude; or (d) on the Pacific or Indian Oceans regulations as may be necessary and proper to carry out the
or their dependent waters: Provided, That no such port is in- provisions of the act.
cluded within a combat area.
3. Transportation by aircraft of mail, passengers, or any arReconstruction Finance Corporation
ticles or materials, except arms, ammunition, or implements of
PUBLIC,
NO. 2, APPROVED MARCH 4, 1939
war, to any port (a) in the Western Hemisphere; or (b) on the
Pacific or Indian Oceans or their dependent waters: Provided,
"An act to continue the functions of the Reconstruction
That no such port is included within a combat area.
Corporation, and for other purposes."
4. Transportation, as described in (1), (2), and (3) above, of Finance
functions of the Corporation, among which are included
arms, ammunition, and implements of war, if they are to be used theThe
making of loans to business, agriculture, and commerce, and
exclusively by American vessels, aircraft, or other vehicles in to provide
emergency assistance for financial institutions, are
connection with their operation and maintenance.
It is also required that all right, title, and interest in any continued until June 30, 1941.
articles or materials (except copyrighted articles or materials) to
Commodity Credit Corporation
be exported or transported to a belligerent country, must be
transferred to foreign ownership at the port of lading in the
Export-Import Bank
United States before the articles or materials are so exported or
transported, or attempted to be so exported or transported, or
PUBLIC, NO. 3, APPROVED MARCH 4, 1939
caused to be so exported or transported, except as follows:
"An act to continue the functions of the Commodity Credit
1. Transportation of articles or materials, other than arms,
ammunition, or implements of war, by American vessels (includ- Corporation and the Export-Import Bank of Washington, and
ing aircraft) on or over lakes, rivers, and inland waters bordering for other purposes."
on the United States, or by vehicles or aircraft on or over lands
Purpose.—To continue functions.
bordering on the United States.
Scope.—Finance marketing agricultural commodities, and
2. Transportation by American vessels, other than aircraft, of exports and imports.
Administration.—Corporation and Bank, respectively.
mail or any articles or materials, except arms, ammunition, or
The functions of the Commodity Credit Corporation and the
implements of war, to any port (a) in the Western Hemisphere
north of 35° north latitude and west of 66° longitude; (b) in the Export-Import Bank of Washington are continued until June 30,
Western Hemisphere south of 35° north latitude; (c) on the At- 1941. The amount of outstanding loans at any one time by the
The following digest of legislation enacted by the
first and second (special) sessions of the Seventy-sixth
Congress presents in summary form important laws of
an economic character enacted during 1939.
SURVEY OF CURRENT BUSINESS
56
Export-Import Bank is limited to $100,000,000, and the amount
of bonds, notes, and other obligations which the Commodity
Credit Corporation may have outstanding is increased from
$500,000,000 to $900,000,000.
National Housing
PUBLIC, N O . I l l ,
APPROVED JUNE 3,
1939
"An act to amend certain sections of the National Housing
Act."
Purpose.—Insure modernization and improvement loans; insure small home mortgages; and establish national mortage
associations.
Administration.—Federal Housing Administration.
The power of the Administrator to insure modernization and
improvement loans under title I is continued until July 1, 1941.
The amendment fixes the maximum loan for modernization or
new structure which may be insured at $2,500, and the term of
rehabilitation loans is limited to 3 years and 32 days except
with respect to loans which are made for the purpose of financing
the construction of new structures for use in whole or in part for
residential or agricultural purposes.
Administrator directed to fix an annual premium charge for
insurance of not more than three-fourths of 1 percent on the net
proceeds of the loans insured after July 1, 1939.
Authority of Administrator under title II to insure small
home mortgages on existing construction is extended to July 1,
1941, but mortgages insured on existing construction are not to
exceed 25 percent of all insurance authorized to be outstanding.
After July 1, 1941, the Administrator can insure only mortgages
on property approved for insurance prior to completion of the
property, or which had been previously covered by a mortgage
insured by the Administrator. The act extends indefinitely the
Administrator's authority to insure mortgages having a maturity in excess of 20 years but not exceeding 25 years on small,
newly constructed, owner-occupied homes. No mortgage refinancing an existing mortgage can be insured without a certificate from the mortgagor that the first mortgage holder was
given an opportunity to refinance and failed to meet the terms
of the mortgage offered for insurance. The provisions of section
203 are amended to permit an increase in the aggregate amount
of outstanding insurance under this Title from the present $3,000,000,000 to $4,000,000,000 subject to the approval of the
President.
Section 207 (c) is amended to restate the conditions under
which insurance may be granted on mortgages on large-scale
or rental housing projects. To be eligible for insurance the
amount of the mortgage may not exceed $5,000,000, nor be in
excess of $1,350 per room for such part as may be used for dwelling
purposes. No mortgage can exceed in amount 80 percent of the
amount which the Administrator estimates will be the value of
the property when the proposed improvements are completed.
The interest rate may not exceed 4% percent per annum on the
amount of the principal obligation outstanding at any time.
A new section prevents insurance of any mortgages under
section 207 (rental housing) unless the principal contractor files a
certificate to the effect that the laborers and mechanics employed
in the construction have been paid the prevailing wages as
determined by the Secretary of Labor.
The provisions of title III of the act dealing with the establishment and supervision of national mortgage associations are
amended to give the Administrator discretion in issuing charters
for such associations by authorizing their creation only when he
finds that their establishment would be desirable to provide a
market for insured mortgages and would be in the public interest.
Strategic and Critical Materials
PUBLIC, N O . 117, APPROVED JUNE 7, 1939
.
"An act to provide for the common defense by acquiring stocks
of strategic and critical materials essential to the needs of industry
for the manufacture of supplies for the armed forces and the
civilian population in time of a national emergency, and to
encourage, as far as possible, the further development of strategic
and critical materials within the United States for common
defense."
Purpose.—As stated in title.
Scope.—Strategic and critical materials.
Administration.—Secretaries of War and Nav}?.
The act declares that the national resources of the United
States in certain strategic and critical materials are deficient or
insufficiently developed to supply the industrial, military, and
naval needs of the country and authorizes an appropriation of
February 1940
$100,000,000 for the procurement, transportation, maintenance,
rotation, and storage of such materials as are determined by the
Secretaries of War, Navy, Interior, State, Treasury, and Commerce to be necessary.
The act directs the Bureau of Mines and the Director of
Geological Survey to investigate the resources of strategic materials and to inquire into the feasibility of increasing domestic
production of such essential materials.
Food, Drug, and Cosmetics
PUBLIC, N O . 151, APPROVED JUNE 23,
1939
"An act to provide for temporary postponement of the operations of certain provisions of the Federal Food, Drug, and Cosmetic Act."
Purpose.—As stated in title.
Scope.—Labeling provisions, use of coal-tar colors, new drugs,
etc.
Administration.—Secretary of Agriculture.
Postpones until January 1, 1940, the effective date of sections
402 (c); 403 (e) (1); 403 (g), (h), (i), (j), and (k); 501 (a) (4);
502 (b), (f), (g), and (h), except insofar as they relate to new
drugs (sec. 505); 502 (d) and (e), except insofar as they relate to
new drugs (sec. 505), and to any substance named in section 8,
paragraph second, under drugs, of the Food and Drugs Act of
June 30, 1906, as amended, or any derivative thereof; 601 (e);
and 602 (b) of the Food, Drug, ancfCosmetic Act (52 Stat. 1040).
The act also provides that the Secretary of Agriculture shall
promulgate regulations further postponing to July 1, 1940, the
effective date of all the above sections, except sections 402 (c),
501 (a), (4) and 601 (e), with respect to lithographed labeling
manufactured prior to February 1, 1939, and to containers
bearing labeling which, prior to February 1, 1939, was lithographed, etched, stamped, pressed, printed, fused, or blown on
or in such containers, where compliance with such provisions
would be unduly burdensome by reason of causing the loss of
valuable stocks of such labeling or containers, and where such
postponement would not prevent the public interest being adequately served: Provided^ That in no case shall such regulations
apply to labeling which would not have complied with the
requirements of the Food and Drugs Act of June 30, 1906, as
amended.
It also provides that sec. 8, paragraph fifth, under food, of the
Food and Drugs Act of June 30, 1906, as amended, and regulations thereunder, and other provisions of such act relating thereto,
also the provisions of the act of June 30, 1906, as amended, to
the extent that they impose any requirement of section 403 (k)
of the Food, Drug, and Cosmetic Act, shall remain in force
until January 1, 1940.
In addition, section 502 (d) of the Food, Drug, and Cosmetic
Act is amended by substituting the wrords "name, and quantity
or proportion" for the words "name, quantity, and percentage."
Revenue Act of 1939
PUBLIC, N O . 155,
APPROVED JUNE 29,
1939
"An act to provide revenue, equalize taxation, and for other
purposes."
Purpose.—Provide revenue.
Scope.—Income, capital stock, etc.
Administration.—Bureau of Internal Revenue.
Provides a tax of 18 percent upon net taxable income of corporations with incomes above $25,000, the changed rate being
applicable only to taxable years beginning after December 31,
1939. Corporations with incomes of $25,000 or less are subject
to the graduated rates on small corporations provided by existing
law. An alternative tax is provided for corporations with incomes slightly in excess of $25,000. Banks, insurance companies,
China Trade Act corporations, corporations in the possessions of
the United States, joint stock land banks, rental housing corporations, and corporations in bankruptcy or receivership are
taxed like other corporations; foreign corporations engaged in a
trade or business within the United States and mutual investment
companies are taxed a flat rate of 18 percent regardless of the
amount of their income; foreign corporations not engaged in a
trade or business within the United States are taxed at the rate
provided for such corporations in existing law.
Domestic corporations may make a redeclaration of value of
their capital stock for the years ending June 30, 1939, and June
30, 1940. This new value must, however, exceed the adjusted
declared value computed in accordance with the law.
Capital losses on assets held for not more than 18 months may
be applied only against capital gains on assets held not more than
SURVEY OF CURRENT BUSINESS
February 1940
57
18 months. If such capital losses exceed such capital gains, the
excess loss (if not in excess of the net income) may be carried over
into the following taxable year and may be applied against such
short-term capital gains of such year. Capital losses on assets
held for more than 18 months may be deducted in full against
ordinary net income, regardless of the amount of capital gains
from such assets. The above provisions applicable only with
respect to taxable years beginning after December 31, 1939.
In computing the income for any taxable year beginning after
December 31, 1939, net operating losses for the 2 preceding
taxable years may, with minor exceptions and under certain
conditions, be carried over and used in the computation. Such
preceding taxable years must be years beginning after December
31, 1938.
A corporation which is in an unsound financial condition may
redeem its bonds, notes, or other evidence of indebtedness in
existence on June 1, 1939, at less than their face value without
the recognition of gain, if such redemption occurs on or after
June 29, 1939, and in a taxable year beginning prior to January 1,
1943. Corporations may continue bona fide business reorganization without being subject to taxation immediately upon such
reorganization by reason of the assumption by one corporation of
the liabilities of the other in the process of reorganization, and
will not be subject to tax in the case of such reorganization in
prior years. The act validates a Treasury regulation of long
standing which required that where a nontaxable stock dividend
was declared, the basis of the original shares be apportioned between those shares and the dividend stock for computing the
gain or loss on the sale thereof.
An optional method of taking inventories of goods is made
available to all taxpayers on certain conditions.
The temporary excise taxes, which under existing law expire
at the end of June or July 1939, are extended for 2 years, with
exception of the tax on firearms, shells, and cartridges, which is
made permanent.
Amends Bankruptcy Act so as to provide a means for alleviating the financial difficulties under which certain railroads are
laboring because of heavy capital structures or maturing obligations.
The act is intended only for roads in temporary financial
difficulties and the jurisdiction conferred upon any court by
the act shall not be exercised after July 31, 1940, although
actions initiated prior to that time may be completed in due
course. Roads in temporary financial difficulties may, upon
agreement by creditors representing 25 percent of creditor
claims, submit to the Interstate Commerce Commission a plan
for solution of its difficulties. If the plan is approved by the
Commission and by two-thirds of the road's creditors, the railroad may then file a petition with the United States district
court asking authority to carry out its program of adjustments.
There shall then be convened a special court of three judges
which shall be vested with and shall exercise all the powers of
a district court sitting in equity and all the powers as a court
of bankruptcy necessary to carry out the purposes of the act.
The court shall carefully examine all phases of the plan and will
take all necessary steps to protect the creditors, stockholders,
and the public. After concluding its investigation, the court
will file an opinion relating its findings and decision; and in the
event of its approval, shall enter a decree confirming the
plan which shall be binding upon the petitioner, creditors, and
security holders.
Any final order or decree of the special court may be reviewed
by the Supreme Court of the United States upon application
for certiorari made by any person affected by the plan within
60 days after the entry of such order or decree, pursuant to the
provisions of the Federal Judicial Code.
Stabilization Fund and Monetary Matters
"An act to provide for the regulation of the sale of certain
securities in interstate and foreign commerce and through the
mails, and the regulation of the trust indentures under which
the same are issued, and for other purposes."
Purpose.—Regulation of trust indenture under which bonds,
notes, debentures, and similar securities are sold.
Scope.—All such securities sold in interstate commerce or
through the mails.
Administration.—Securities and Exchange Commission.
Requires the qualification with the Securities and Exchange
Commission of trust indentures under which new issues of bonds,
notes, debentures, and similar securities are sold to the public.
Strictly business features of indentures, such as the wisdom of
the issue, offering price, interest rate, and sinking fund provisions,
are not regulated, but both the indenture trustee and the indenture itself must meet certain minimum standards. The principal
provisions regarding the trustee have to do with its financial
responsibility and the absence of interests conflicting with its
duties to security holders. The provisions relating to the indenture itself are both negative and affirmative. An important
negative provision is that prohibiting clauses in the indenture
which relieve the trustee from liability for negligence or misconduct. Among the affirmative provisions is a requirement
that the trustee be furnished an engineer's or appraiser's certificate of the fair value of property deposited or substituted under
or released from the lien of the indenture.
Provision is also made for full and complete information, both
at the time the securities are issued and throughout the life of
the indenture. Any prospectus used in offering the securities
must contain an analysis by the issuer of certain salient features
of the indenture, such as its provisions relative to defaults,
authentication of securities, release and substitution of collateral, and satisfaction and discharge of the indenture. It must
also include, if the Commission so orders, an independent supplementary analysis of these features, prepared by the Commission. The trustee is required to transmit an annual report
and certain interim reports to security holders. Bondholders'
lists are made available to the trustee, and under certain conditions, to security holders. The issuer of the securities must
file certain reports with the Commission and the trustee, and
must send summaries of these reports to security holders.
PUBLIC, N O . 165,
APPROVED JULY 6,
1939
"An Act to extend the time within which the powTers relating
to the stabilization fund and alteration of the weight of the dollar
may be exercised."
Purpose.—To extend powers relative to stabilization fund and
alteration of the weight of the dollar and to provide for the receipt
by the coinage mints of certain newly mined domestic silver.
Administration.—The President and the Secretary of the
Treasury.
The act extends until June 30, 1941, the powers relative to the
stabilization fund granted by section 10 of the Gold Reserve
Act of 1934, as amended, unless the President shall sooner declare
the existing emergency ended and the operation of the stabilization fund terminated.
The act also amends the second sentence added to paragraph
(b) (2) of section 43, title III of the act approved May 12, 1933,
by section 12 of the Gold Reserve Act of 1934, as amended, so that
the powers of the President specified therein, including the power
to alter the weight of the dollar, shall expire June 30, 1941, unless
the President shall sooner declare the existing emergency ended.
The act also makes provisions relative to the receipt by the
coinage mints of silver mined subsequently to July 1, 1939,
from natural deposits in the United States or any place subject
to the jurisdiction thereof, and prescribes a deduction of 45 per
centum as seigniorage for services performed by the Government
in connection with silver so received.
Bankruptcy—Railroads
PUBLIC, N O . 242, APPROVED JULY 28,
1939
"An act to amend an act entitled 'An act to establish a uniform
system of bankruptcy throughout the United States,' approved
July 1, 1898, and acts amendatory thereof and supplementary
thereto."
Purpose.—Alleviate financial difficulties of railroads.
Scope.—Only roads in temporary financial difficulties.
Administration.—Interstate Commerce Commission and Federal Courts.
Trust Indenture Act of 1939
PUBLIC, N O . 253, APPROVED AUGUST 3,
1939
58
SURVEY OF CURRENT BUSINESS
February 1940
Monthly Business Statistics
The data here are a continuation of the statistical series published in the 1938 supplement to the SURVEY OF
That volume contains monthly data for the years 1934 to 1937, inclusive, and monthly averages for earlier years back to 1913 insofar as available; it also provides a description of each series, and references
to sources of monthly figures prior to 1934. The 1938 supplement may be secured from the Superintendent of
Documents, Government Printing Office, Washington, D. C , for 40 cents per copy.
A few series have been added or revised since the 1938 Supplement went to press. These are indicated by
an asterisk (*) for the new series and by a dagger (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
variations. Data subsequent to December will be found in the Weekly Supplement to the SURVEY.
CURRENT BUSINESS.
Monthly statistics through December 1937, to- 1939
1938
gether with explanatory notes and references
to the sources of the data may be found in the Decem- December
ber
1938 Supplement to the Survey
1939
January
February
March
April
May
June
July
August
SepNovemtember October
ber
BUSINESS INDEXES
INCOME PAYMENTS t
Adjusted index
....1929=100..
Total
mil. of doL.
Salaries and wages:
Adjusted index
1929=100..
Total
mil. of dol..
Commodity producing industries .-do
Distributive industries
do
Service industries
do
Government
_
do
Work relief wages
do
Direct and other relief
do
Social security benefits and other labor income
mil. of doL.
Dividends and interest
do
Entrepreneurial income and net rents and
royalties..
__mil. of doL.
Total nonagricultural income.
do
Adjusted index of nonagricultural income
_
1929=100..
INDUSTRIAL PRODUCTION
83.4
6,145
83.3
5,703
83.0
5,247
84.1
5,727
83.0
5,654
83.4
5,432
84.1
6,918
83.7
5,695
85.4
5,400
86.8
' 6,010
'88.0
' 6,195
'88.6
' 5,804
*535
*138
*>87
83.0
3,672
1,244
889
814
527
198
88
82.3
3,525
1,191
841
800
505
188
92
82.0
3,522
1,215
828
796
503
182
93
82.1
3,575
1,235
850
797
506
187
95
81.0
3,550
1,212
849
799
510
180
90
81.4
3,598
1,235
862
806
520
175
87
82.8
3,665
1,281
874
815
530
165
85
82.8
3,516
1,271
868
810
422
145
85
84.0
3,560
1,318
871
813
423
135
87
'84.5
' 3,692
' 1, 357
'892
821
507
'115
87
'86.6
' 3, 858
'1,434
'922
835
'539
'128
88
'87.3
' 3.834
* 1,421
'911
'839
531
'132
'87
132
1,514
124
1,115
128
827
133
433
148
772
133
760
139
471
145
920
136
849
145
451
135
805
128
783
129
496
v 1, 277
*6,316
1,146
5,657
1,131
5,244
1,066
4,848
1,137
5,256
1,121
5,192
1,137
4,943
1,103
5,453
1,109
5,222
1,157
4,887
1,291
' 5,364
1, 338
'5,510
' 1, 258
' 5, 217
*90.5
84.7
84.4
84.4
84.8
83.8
84.3
85.4
85.5
86.7
87.0
88.8
P89.8
v 6, 898
J>87.9
v 3,888
v 1.416
*>948
P851
89.6
(Federal Reserve)
J>120
94
97
98
99
95
98
100
100
Combined index, unadjusted
1923-25=100..
94
97
95
98
98
v 121
99
96
100
Manufactures, unadjusted
do
85
83
»129
84
84
78
85
84
86
Durable goods*
._
_.do
91
66
142
88
106
117
100
105
105
Automobiles
do
75
64
48
88
98
100
42
79
65
Cement
do
112
93
78
232
153
133
91
147
138
Glass, plate
_
_..do
152
79
89
93
89
92
87
Iron and steel
_
do
93
90
P115
108
111
111
111
107
108
105
106
Nondurable goods*
_
do
104
112
*104
105
104
126
125
112
115
Leather and products
do
222
211
215
211
202
202
208
205
201
Petroleum refiningt
do
110
102
112
111
109
112
114
104
110
Rubber tires and tubesf
do
92
86
84
118
83
84
81
101
101
Slaughtering and meat packing
do
' 117
111
115
112
104
105
103
114
100
Textiles.
do....
172
186
171
145
147
156
151
151
157
Tobacco manufactures
do
97
105
107
v 113
103
102
88
105
105
Minerals, unadjusted
do
66
50
83
73
51
44
"58
74
66
Anthracite
do
83
40
63
68
*>88
82
26
83
77
Bituminous coal
.
do
132
150
82
0
0
0
0
0
0
Iron-ore shipments
do
79
71
75
70
80
71
65
58
70
Lead.
do
164
177
173
178
171
164
168
» 181
174
Petroleum, crude._
do
106
86
108
94
102
69
105
59
86
Silver
do....
93
90
87
84
123
96
94
94
96
Zinc...
do
x>128
104
101
99
98
92
92
98
101
Combined index, adjusted
do
J>130
104
100
97
96
92
91
97
100
Manufactures, adjusted
do
J-141
92
71
82
88
84
80
76
88
Durable goods'
do
87
73
81
90
105
100
87
127
91
Automobiles
do
75
79
82
82
96
80
81
69
90
Cement...
do
232
153
133
131
83
89
124
87
147
Glass, plate
do
100
89
101
73
173
88
79
93
83
Iron and steel
do
110
110
114
*120
109
105
108
110
110
Nondurable goods*
do
*123
123
121
113
108
114
124
124
115
Leather and products
do
212
215
221
205
211
201
201
202
209
Petroleum refiningt
. do
112
109
102
112
111
110
114
104
110
Rubber tires and tubest
do
99
86
83
89
90
94
87
89
87
Slaughtering and meat packing
do
111
111
117
109
104
110
109
»123
97
Textiles
_
do....
179
162
170
170
158
186
165
164
164
Tobacco manufactures
-...do
104
106
J>120
98
'110
110
110
110
95
Minerals, adjusted
do
59
53
73
67
69
61
80
61
»59
Anthracite
do
71
75
»83
75
79
46
78
77
31
Bituminous coal
do
67
74
55
0
0
0
0
0
0
Iron-ore shipments
do
71
82
70
68
73
78
57
69
70
Lead...
do
P186
169
171
169
173
175
170
174
174
Petroleum, crude
do
107
70
105
86
101
71
85
86
100
Silver
do....
121
91
89
90
91
94
87
89
90
Zinc.
do....
' Revised.
p Preliminary.
•New series. For indexes of durable and nondurable goods production beginning 1919, see table 8, p. 14 of the March 1939 Survey.
tRevised series. Petroleum refining, revised beginning 1934, and rubber tires and tubes, beginning 1936; see table 36, p. 17 of the August
payments beginning 1929, see table 41, pp. 15 and 16 of the October 1939 issue.
99
99
85
28
98
121
103
111
130
217
122
80
112
180
96
53
75
159
68
129
78
87
103
104
92
89
76
121
105
115
117
218
122
92
120
168
91
53
77
78
71
127
79
93
112
110
99
59
98
165
120
119
120
221
123
91
121
181
123
72
90
187
67
179
98
93
111
111
103
85
78
165
121
117
104
221
123
100
121
164
114
71
84
97
71
174
104
98
124
122
123
93
99
222
152
122
119
233
126
97
129
179
132
74
104
218
72
183
90
106
121
121
123
78
87
222
157
119
108
232
126
99
125
166
121
58
94
128
70
181
91
110
124
123
125
108
90
191
155
122
'110
229
118
111
131
175
' 127
62
102
130
86
'185
98
117
124
124
130
90
91
191
167
118
'114
228
118
100
126
172
124
60
91
155
83
'187
91
117
1939 Survey. For revised income
59
SUKVEY OF CUEEENT BUSINESS
February 1940
Monthly statistics through December 1937, to1939
1938
gether with explanatory notes and references
to the sources of the data may be found in the Decem- Decem1988 Supplement to the Survey
ber
ber
1939
January
February
March
April
May
June
July
August
SepNovemtember October
ber
BUSINESS INDEXES—Continued
AGRICULTURAL MARKETINGS
Quantities marketed:
Combined index..
1925-25=100.
Animal products
do...
Dairy products
do...
Livestock
do.._
Poultry and eggs
do...
Wool
w
do...
Crops
.
do ...
Cotton
do...
Fruits
_
do...
Grains.
.do._.
Vegetables
do...
Cash Income from farm marketings:
Crops and livestock, combined index:
Unadjusted....
1924-29=100.
Adjusted
do...
Crops
do._.
Livestock and products
do...
Dairy products
do...
Meat animals
do...
Chickens and eggs
do...
WORLD STOCKS
Combined index (quantlty)f
1923-25=100.
Cotton, adjusted.
do.._
Rubber, adjustedf
do.._
Silk, adjusted
do...
Sugar. adjusted
do...
Tea, adjusted
do...
Tin, unadjusted
_
do...
Wheat, adjusted
do...
87
80
75
132
35
90
133
74
59
61
76
81
91
67
116
68
71
78
85
62
61
77.0
75.5
70.5
81.0
91.5
79.5
60.5
72.5
68.0
55.0
82.0
89.5
78.0
81.0
68.5
67.5
55.6
80.0
88.5
79.0
67.0
61.0
600
44.5
76.5
85.5
77.6
56.5
189
201
255
164
192
127
105
167
186
202
268
144
184
132
111
162
183
204
258
120
187
126
126
151
(1)
207
120
123
65
81
103
62
123
77
50
22
95
50
81
99
135
72
145
193
63
23
92
80
109
82
93
145
62
114
387
71
26
81
101
112
94
88
133
66
91
386
101
46
78
184
49
85
84
122
70
79
266
87
75
80
116
41
120
82
100
78
75
144
159
251
79
120
72
125
87
90
90
75
90
163
278
95
94
82
104
90
80
r81
126
42
119
200
75
68
66
57.5
64.0
49.5
79.5
80.0
84.0
71.5
55.0
64.5
51.5
78.0
76.0
75.0
70.0
60.0
65.0
49.0
82.0
76.5
83.5
80.0
59.0
60.0
45.0
75.5
77.0
76.0
73.0
63.0
62.5
51.0
74.5
77.0
73-5
75.0
71.0
71.0
66.5
75.5
81.5
74.0
70.0
92.5
79.0
70.0
88.0
87.0
89.5
96.0
72.5
61.5
£3.5
89.0
83.5
66.5
78.5
74.0
62.0
86.5
91.0
87.0
74.0
181
201
248
111
191
118
127
151
182
205
241
101
187
110
129
162
182
211
239
84
184
106
119
166
190
223
'226
88
185
105
115
186
0)
0)
78
104
65
104
45
57
35
93
50
107
245
'228
98
194
108
115
73.0
0)
0)
241
'216
101
216
107
225
105
219
105
102
110
153
139
COMMODITY PRICES
COST OF LIVING
(National Industrial Conference Board)
Combined index
Clothing
.
Food
Fuel and light
.
Housing
Sundries
1923=100
do
- do
do
do
do
. _
_
85.3
72.9
78.5
85.6
86 6
96.8
85.8
73.0
80.3
86.0
86.2
96.8
85.4
72.7
79.2
85.9
86.2
96.8
85.1
72.4
78.4
85.9
86.1
96.7
84.9
72.3
78.0
85.8
86.1
96.7
85.0
72.2
78.2
85.2
86.2
96.7
84.8
72. 1
78 1
84.0
86 2
96.6
84.7
72.0
77.9
83.4
86.0
96.6
84.9
71.9
78 1
83.8
86.3
96.9
84.5
71.9
76.7
84.0
86.3
96.9
85.9
72.2
80.7
84.4
86 5
97.0
85.8
72.6
80.1
85.2
86.6
96.8
85.7
72.9
79.6
85.6
86.7
96.8
96
97
82
118
65
96
127
70
112
73
01
88
71
100
81
89
83
73
94
93
97
117
75
117
66
72
112
73
107
110
83
105
81
88
90
71
100
70
64
101
101
100
97
108
74
112
73
114
83
89
89
73
96
80
66
107
101
89
98
102
76
107
73
63
109
89
87
70
95
82
67
114
102
86
90
85
72
92
85
87
101
92
91
70
107
78
66
116
108
92
114
98
PRICES RECEIVED BY FARMERS §
(17. S. Department of Agriculture)
Combined index
Chickens and eggs
Cotton and cottonseed
Dairy products
Fruits
Grains
Meat animals
Truck crops
Miscellaneous
_
_
.
1909-14=100
do
do
do
do .
do
.
do
do
.
..do
96
104
108
108
94
97
71
109
76
66
112
96
109
76.9
81.8
89.3
78.6
77.5
76.8
80.8
89.4
76.4
76.6
76.5
75.1
85.2
76.3
76 5
75.1
75.7
86.9
79 0
78.4
77.9
92.0
88.9
89.1
89.1
89.1
89.1
89.1
89.1
89.3
89.5
90.2
91.2
91.9
96.4
88.7
9] 0
93.5
85.3
96.3
88.7
89.0
90.4
84.3
96.3
88.7
89 0
90.5
84.3
96.2
88.5
88 9
90.5
84.3
96.2
88.4
88.8
90.5
84.3
96.0
88.4
88.8
90.5
84.1
95.9
88 4
88 8
90.5
84.1
95.9
88.4
88 9
90.6
84.0
95.9
88 4
88 9
90.6
84.1
96.0
88 4
89 0
90.7
84.1
96.1
88.6
89 5
91.7
84.3
96.3
88.7
90 4
92.7
84. 7
96.4
88.7
90.9
93.5
85.0
66
116
83
117
77
112
128
94
79
107
130
98
RETAIL PRICES
T. S. Department of Labor indexes:
Coal:
Anthracite _.
.
.
1923-25-= 100
Bituminous
.
.
do ._
Food
do
Fairchild's index:
Combined index
Dec. 31,1930=100..
Apparel:
Infants'
do
Men's
do
Women's
do
Home furnishings
do....
Piece goods
._
do
WHOLESALE PRICES
U. S. Department of Labor indexes:
Combined index (813 quotations)—1926=100..
76.9
79.4
79.2
77.0
76.9
76.2
79.2
76.7
75.0
76.2
75.6
79.1
75.4
Economic classes:
Finished products
do
80.0
80.1
79.6
80.2
80.2
80.2
82.3
82.0
81.7
79.9
79.2
79.1
81.9
Raw materials.
do
70.9
68.5
67.7
72.4
70.9
70.1
70.9
72.3
73.3
68.9
66.5
72.6
67.8
82.1
Semimanufactures
_ . do
74.4
74.1
74.4
74.6
83.1
82 0
74.9
75.2
74 5
81 8
74 3
74 4
Farm products
_...do
6T. 2
63.7
67.2
67.1
67.3
67.6
65.8
62.4
61.0
67 6
63 7
68 7
62.6
Grains
do
54.4
61 6
64.1
56.3
54.7
64.5
55.2
58.2
52 3
51 5
71 6
69 6
65 1
Livestock and poultry
do
74.4
78.0
79.2
78.2
75.5
66.1
69.4
70.5
73.2
66.0
63.8
69.7
76.3
73.1
71.5
71.5
70.2
68.6
73.3
72.3
67.6
71.9
68.2
67.2
67.5
75.1
Foods
do
Dairy products
do
73.9
71.6
71.8
64.8
58.1
78.9
80.1
81 3
60 0
58 6
64 6
67 9
74 5
Fruits and vegetables..„
do
62.1
60.4
60.9
60.2
61.2
63.2
64.3
63.0
62.0
58.5
63.8
62.5
62.8
Meats
do .
83.2
71.2
79.9
81.6
82.5
81.0
73.7
74.9
69.1
78.6
75.3
81 0
75.7
Commodities other than farm products and
80.2
83.8
foods
1926=100
80.2
80.2
80.3
80.2
80.4
80.5
82.1
80.1
80.6
84.0
83.9
89.5
89.6
89.6
92.8
Building materials
do
89.4
89.8
89.5
89.7
90.9
89.5
89.6
93.0
93.0
92.4
93.0
92.4
91.5
Brick and tile
do
91.7
91.1
90.6
91.5
92.5
91.0
91.6
91.6
90.5
91.2
91.5
91.5
90.6
91.3
91.3
Cementf
do
91.3
90.6
91.5
91.5
91.5
91.3
91.3
Lumber . . . .
do
92.1
9S.0 1
90.9
92.6
91.5
91.2
91.7
98.3
90.7
91.8
91.8
97.8
93.7 '
r
Revised.
1
Temporarily discontinued; for several of the series, European stocks have not been available since the outbreak of war.
tRevised series. Combined index of world stocks revised beginning January 1920; see table 5. p. 17 of the January 1939 Survey. Cement price index revised beginning 1926. and data not shown on p. 20 of the May 1939 Survey will appear iu a subsequent issue; the building materials group and the combined index of all commodities
have not been revised, as the effect of the change in cement prices on these indexes is small.
§Data for Jan. 15, 1940: Total 99, chickens and eggs 91, cotton and cottonseed 85, dairy products 119, fruits 66, grains 90, meat animals 103, truck crops 117,
miscellaneous 113.
60
SURVEY OF CURRENT BUSINESS
Monthly statistics through December 1937, to- 1939
gether with explanatory notes and references
to the sources of the data may be found in the Decem19S8 Supplement to the Survey
ber
1938
December
February 1940
1939
January
February
March
April
May
Juno
July
NovemSepAugust tember October
ber
COMMODITY PRICES—Continued
WHOLESALE PRICES-Continued
U. 8. Department of Labor indexes—Contd.
Combined index—Contd.
Commodities other than farm products
and foods—Continued.
Chemicals and drugs
1926=100..
Chemicals
do
Drugs and Pharmaceuticals
do.....
Fertilizer materials
.
do....
Fuel and lighting materials..
do
Electricity
_
do
Gas
.
do
Petroleum products
...do
Hides and leather products.
_- d o . . .
Shoes
do...
Hides and skins
__
do
Leather
.
.
do....
House-furnishing goods..
do....
Furniture..
.do
Furnishings
.
do.
Metals and metal products
...do
Iron and steel
do
Metals, nonferrous-._„
do_._.
Plumbing and heating equipment
1926=100..
Textile products
_
do
Clothing
do
Cotton goods.....
do
Hosiery and underwear...
do
Silk and rayon
do...
Woolen and worsted goods
.do
Miscellaneous
do...
Automobile tires and tubes
do....
Paper and pulp
do
World prices, foodstuffs and raw materials:
Combined indexf
1923-25=100..
Cotton
.
do
Rubber.
.
.
do
Silk
.....
.
...........do....
Sugarf.
~
do
Tea
_
do
Tin
_
do....
Wheat
do—.
Wholesale pHces, actual. (See under respective
commodities.)
84.1
51.9
90.9
101.2
68.3
82.8
85.4
81.0
89.6
94.0
96.1
74.7
75.9
79.4
71.9
69.7
73.9
79.3
86.0
62.5
91.6
101.3
72.1
83.1
85.5
81.0
89.8
93.5
95.7
73.1
75.7
79.2
71.9
69.5
73.0
77.8
88.9
52.5
92.3
101.3
75.3
83.8
85.6
81.0
90.0
93.2
95.2
72.9
75.0
78.2
71.8
67.5
72.8
78.1
89.0
52.2
92.5
100.8
76.9
84 1
85.6
81.0
90.0
93 2
95.1
73.3
74.6
77.5
71.7
67.2
72.6
75.8
86.7
51.7
92.7
100.8
77.2
84.0
85.6
81.1
90.0
93.2
95.1
74.6
77.3
81.2
72.8
69.2
72.8
77.5
87.2
53.3
98 5
101'. 8
97.4
92.0
86.6
81.3
91.7
94.8
95.5
84.7
78.1
82.1
74.4
70.6
73.9
75.4
84.4
54.0
104.6
105.7
112.4
97.8
87.8
81.7
93.7
95.8
96.0
85.3
78.0
81.4
75.0
73.0
74.1
76.5
82.2
53.9
104.0
107.2
104.3
97.8
88.4
82.3
94.2
96.0
96.0
So. 1
79.3
66.6
81.5
63.7
59.9
36.1
75.1
74.1
60.5
81.3
79.3
66.9
81.6
63.4
60.2
37.8
75.2
74.4
60.5
81.1
79.3
67.5
81.7
63.3
60.2
40.7
75.4
74.2
60.5
80.4
79.3
67.3
81.7
64.1
60.1
39.1
75.6
73.8
60.5
79.9
79.3
67.6
81.2
65.1
60.2
40.2
75.4
73.4
60.5
79.9
79.3
67.8
81.5
65,5
61.5
39.5
75.5
73.3
60.5
80.0
79.3
71.7
81.7
70.4
62.8
43.4
84.0
76.6
60.5
81.8
79.3
75.5
83.2
74.3
63.5
46.2
91.3
77.6
60.5
86.3
79.3
76.4
83.8
74. S
64.8
47.7
90.5
77.0
55.6
88.0
37.8
33.1
37.3
29.5
30.9
67.0
90.8
41.1
37.3
33.1
38.1
31.0
31.9
66.6
91.9
36.-8
38.4
32.4
37.2
33.4
35.2
69.6
93.9
38.5
41.3
35.3
37.6
37.6
40.5
68.9
97.5
40.4
41.0
36.4
38 3
35.4
37.4
68.8
97.2
40.8
39.6
35.7
38.7
37.0
37.7
67 5
96.5
34.3
38.0
34.6
39.0
36.9
32.7
74.3
97.0
32.4
0)
130.9
130.2
159.7
119.5
131.3
130.9
161. 6
119.8
132.1
130.5
165.3
119.6
132.1
130.7
163.4
119.9
133.2
131.1
165. 3
120.0
133.5
130.7
165.3
119.8
134.2
133.2
166.9
120.3
52.5
103.7
107.5
105.2
95.2
88.5
82.4
94.4
96.0
96.1
84.6
76.7
80.0
73.5
68.6
73.2
82.7
81.6
50.9
93.1
100.6
78.8
85.9
86.0
81.6
90.3
94.8
96.8
76.8
76.7
79.7
73.0
70.2
718
82.9
82.2
50.4
93.1
101 2
78.4
85.0
85.4
80.5
90.1
94.4
96.4
76.7
76.3
79.4
72.7
69.3
73.0
82.8
81.8
50.7
91.9
101.1
72.8
84.2
85.2
80.5
89.8
94.3
96.1
76.5
76.5
79.9
72.2
69.7
73.1
80.3
82.2
50.9
91.8
101.2
73.8
82.7
85.2
80.5
89.7
94.3
96.1
76.6
79.3
78.0
84.2
75.2
66.0
55.0
90.3
77.4
55.6
89.0
78.7
65.8
81.6
64.6
59.3
30.8
74.8
73.1
68.8
80.9
78.7
65.9
81.5
64.3
59.1
32.1
74.5
73.2
58.8
81.0
79.2
66.1
81.5
63.7
68.8
34.7
74.7
73.5
59.7
81.1
(0
36.5
32.0
37.6
25.3
30.4
67.2
91.9
38.1
37.2
32.7
36.9
26.5
31.3
66.7
92.3
39.3
130.8
127.2
153.1
118.5
130.9
129.0
156.5
319.0
78.1
81.1
75.6
74.5
72.8
40.4
46 9
54.8
43.4
100.7
76.0
79.3
719
69.6
73.4
814
(0
0)
34.2
49.7
41.8
59.7
34.2
46.6
45.7
49.4
' 126. 3
109.9
103.9
127.3
126.6
149.9
118.3
126.8
127.6
151.5
118.5
127. 2
128.4
151.5
US. 6
36.0
47.3
47.4
40.8
PURCHASING POWER OF THE
DOLLAR
Wholesale prices
Retail food prices
Prices received by farmers
Cost of living
_
1923-25=100..
do
do
do
127.2
130.0
153.1
119.2
CONSTRUCTION AND REAL ESTATE
CONTRACT AWARDS, PERMITS, AND
DWELLING UNITS PROVIDED
Value of contracts awarded (F. R. Indexes):
63
70
76
75
73
77
69
Total, unadjusted...
1923-25=100..
73
76
51
45
65
48
68
'59
64
Residential, unadjusted
do
63
66
86
73
63
96
67
63
Total, adjusted
_._.do
67
73
73
55
55
57
58
55
58
58
Residential, adjusted
do
62
67
68
F. W. Dodge Corporation (37 States) :t
13,015 20,233 22,282 23,244 21,701
18,831
16,027 13,281
22,402
21,806
23,270 '22,984
22, 323
Total projects
...number.
Total valuation
thous. of dol.- 354,098 389.439 251, 673 220,197 300, 661 330.030 308, 487 288,316 299,883 312,328 323,227 261, 796 299,847
127, 776 159,656 134,757 127,595 136, 543 158,459 144,216 91, 604 143,647
147,916
110,975
225,095
279.
403
Public ownership
.....do
129,003 110,036 103, 757 109, 220 172,885 170,374 173,730 160,721 163, 340 153,869 179,011 170,192 156,200
Private ownership
.do
Nonresidential buildings:
2,348
2,711
3,495
2,456
3.592
3,457
4,052
3,400
3.823
3,650
3.749
3,242
3,453
Projects
_
number..
14, 351 12,783 17,944
17,691
12. 268 16,490 15,494
15,418
Floor area>.
tbous. of sq. ft.. 11,675 25,503
16, 563 12,700 15,418
76, 749 92,845
77, 769
88, 501 69, 882 82,466
72, 684
Vajuation
thous. of doL- 57, 757 139, 513 84,999 69, 544 97, 786 94,656
Residential buildings, all types:
9,669
9,750
15,438 17. 387 18.262 15,942
17,136
17. 756
16, 287 18,003
17,589
Projects.
_
number.. 14.899 10,413
19,176 30, 725 28.382 32,602 27.502
29.371
31.009
27,181
31,165 32,977
Floor area
thous. of sq. ft.. 22, 584 22, 720 19,981
Valuation...
.....thous. of dol— 88, 681 91,539 80,163 79,020 125, 225 114, 405 133,818 111,896 109, 330 127,163 129,680 118; 303 116,58S
Public utilities:
273
330
259
251
258
323
500
234
294
254
356
328
350
Projects
number..
21,779
9,968
23,906
23,092 20,113 39,663
20,450
Valuation.
thous. of dol
26,977 44,312 29,509 18,518 19, 640 35,336
Public works:
891
1,619
725
944
1,274
817
1,172
1,473
1,442
1,389
1,223
1,486
975
Projects
number..
180,683 114,075 57,002 53,115
76,141 73,607
58,010 85,633
50, 359
81, 584
Valuation..
thous. of dol
78,960 95,170 71,418
Building permits issued in 1,790 citiesit
73,921
64, 537 73,318 67,618
60.373
Total buildings
number.. 44.016 38,247 38, 902 37, 721 62, 303 62. 775 77,913 71,040
152,727 147,791 156, 704 149, 572 177,903 165,978 204,437 202, 429 185,019 197,937 179,605 173,649 174,501
Total estimated cost....
thous. of dol
New residential:
15. 083 11,059 11,652 11,476
19. 224 17,884
18, 635 17, 697 20,961
19, 571
19. 697 16,818
17, 559
Buildings.
number.
91,921 105,400
96,114 116, 260 87,308
Estimated cost
,_
thous. of dol_. 95,677 62,767 70,768 85, 719 94,374 87,441 119,600 99,775
New nonresidential:
7,960
6,449
6,961
5,690 10,496
11, 520 13, 711 12.085
14, 521
11,214
11,915
13.037 13,053
Buildings.
number..
38,004 63,115 61,399 37, 730 .'2, 886 44,830
51,162 70,974
52, 745
46,123
Estimated cost.
thous. of dol.
59, 794 49,096
63,702
Additions. alterations, and repairs:
20,555 33,172
36, 558 43,241 39,731
39,829
35, 439 40, 584 37,747
30.899
Buildings
number., 20,973 20,227 20,801
19,045 21,909 24, 537 28,123 30,643
28,983
22,978
33, 706 33, 674 31, 680 29,111
32, 580 28,595
Estimated cost
thous. of dol.
»• Revised.
» Preliminary.
* Temporarily discontinued; for several of the series, data have not been available since the outbreak of war.
fRevised series. Data on world prices revised beginning 1920; see table 4, p. 17, of the January 1939 issue. For construction contract awards, see note marked with a
" t " on p. 21 of the July 1939 issue. The data on building permits are based on reports from 1,790 identical cities having populations of 2,500 or more, and supersede those shown
ID the Survey through the issue of May 1939 which were for 1,728 cities in the same size group. The present series include data for 62 additional cities, but the total estimated
cost of permits issued was increased by only 0.2 percent in 1937. Data beginning January 1936 will appear in a subsequent issue of the Survey.
SURVEY OF CURRENT BUSINESS
February 1940
193*
Monthly statistics through December 1937, to- 1939
gether with explanatory notes and references
to the sources of the data may be found in the Decem- December
1938 Supplement to the Survey
ber
61
1939
January
February
March
April
June
May
July
August
Septem- October |N<™»
ber
CONSTRUCTION AND REAL ESTATE—Continued
CONTRACT AWARDS, PERMITS, AND
DWELLING UNITS PROVIDED-Con.
Estimated number of new dwelling units provided in all urban areas:f
Total
.
number.1-family dwellings
do
2-family dwellings
do.._.
Multifamily dwellings
do
Engineering construction:
Contract awards (E. N. R.)1 thons. of dol~ 190,327
18, 355 22,096
•• 11,707 13, 226
1,205
' 836
7,665
' 5,812
339,250
311,693
26,1 TO 28,511
IV', 588
12. 2^2
1,404
1.20K
12,660
7,519
203,843
26,937
19,359
1,432
6,146
285, 566 240,735
30, 224
21, 796
1,443
6, 9«5
28, 337
21,601
1, 254
5,4S2
33,9*9
23,346
1,439
9,204
26, 624
18, 597
1,591
6,436
252,992 r 268,395 181,469
311,222
209,337
36, 468
25, SHI
1.S99
8,708
245,062
302,215
2,655
1,067
1.588
3,718
2,491
1,228
2,824
30, 750
3,100
35,316
HIGHWAY CONSTRUCTION
Concrete pavement contract awards:
4,951
Total
.
thous.sq.yd..
4,270
3,190
3, 260
Roads
do
2,765
2,085
1,691
8treets and alleyscf
_
-do
1,505
1,105
Status of highway and grade crossing projects
administered by the U. S. Bureau of Public
Roads:
Highways:
Approved for construction:
3,528
Mileage
..—
no. of miles..
3,306
3,390
Federal funds
thous. of dol_. 40,132
37, 677 36,294
Under construction:
5,984
Mileage
no. of miles..
7,514
7,540
Federal funds
thous. of dol__ 91,42C 113,828 113,466
184,441 221, 530 218,965
Estimated cost
_
do
Grade crossings:
Approved for construction:
12,794
Federal funds.
d o . . . . 11,428
13,572
11,986
Estimated cost
.-do
13,867
14,587
Under construction:
Federal funds.--..
do..__ 30, 528 35.023
36, 440
32, 258 36,026
Estimated cost
do
37,932
4, 465
3, 058
1,407
1,245
686
560
2,143
860
1,283
2,081
1,304
4,458
2,179
2,280
6,855
4,232
2,623
5,713
3,820
1,893
6,161
3,907
2,254
3,177
35,968
3,081
34,969
S, 081
35,600
3.615
40,769
3,867
41,024
3,701
37,802
3,130
34,254
2,723
30,821
7,721
114,185
221,046
7,855
115,212
222,630
8. 522
8.554
8.570
123. 554 124,975 123.044
240,218 244,860 242,924
8,386
119,472
237,214
13, 613
14, 285
12,906
13, 374
12.107
12, 529
10.224
10. 583
11.312
12,191
37.930
39, 777
38,817
40,747
40.654
42,654
43,771
45,723
42,299
44,094
8,301
8.4R3
120, 505 122.758
233,772 238,637
7,473
6,746
110. 543 101, 855
222,062 205,183
11, 504
12, 414
40,336
42,052
10,654
11,437
10,581
10, 283
10,909
10,180
11,060
38.579
40,505
37,919
39,756
35,435
37,190
35,112
36, 577
185
173
196
173
188
CONSTRUCTION COST INDEXES
Aberthaw (industrial building)
1914=100.American Appraisal Co.:
Average, 30 cities
1913-100..
Atlanta
do
New York ._
do
San Francisco
——
do
8t. Louis
do....
Associated General Contractors (all types)
1913=100E. H. Boeckh antf Associates, Inc.:
Apartments, hotels, and office buildings:
Brick and concrete:
Atlanta
U. 8. av., 1928-29-100..
New York...
..do
San Francisco
do
8t. Louis
do
Commercial and factory buildings:
Brick and concrete:
Atlanta
do
New York
do....
San Francisco
do
St. Louis
-do....
Brick and steel:
Atlanta
do
New York
do
San Francisco..
do
St. Louis
-....
do
Residences:
Brick:
Atlanta
do
New York
..do
San Francisco.._.
.
do
St. Louis
do-_.
Frame:
Atlanta
._
do
New York
do
San Francisco
do
St. Louis
do
Engineering News Record (all types) §
1913-100..
Federal Home Loan Bank Board:*
Standard 6-room frame house:
Combined index
.1936-100-.
Materials
_.._
.....do
Labor
do
191
189
185
174
196
172
188
182
169
192
166
184
183
169
192
167
185
183
169
192
167
185
183
169
192
167
185
182
168
193
169
185
182
168
193
169
185
182
168
193
169
185
182
168
193
169
185
183
168
195
169
184
184
171
195
171
185
185
173
196
173
188
188
188
188
188
188
188
187
188
187
188
188
188
191
187
95.3
131.4
118.2
119.0
96.1
130.1
116.0
119.1
95.3
130.0
117.6
119.1
95.2
130.1
117.6
119.1
95.3
130.0
117.6
119.1
95.3
130.0
117.6
119.1
95.3
130.8
117.0
118.6
95.4
130.6
118.9
118.5
94.8
130.9
116.8
118.3
94.8
130.8
116.8
118.4
94.6
130.8
116.8
118.4
94.8
130.8
117.8
118.6
94.9
130.9
117.9
118.7
97.5
134.0
122.6
120.0
98.0
132.8
121.0
120.1
97.4
132.6
122.3
120.1
97.5
132.7
122.3
120.1
97.4
132.7
122 3
120.1
97.4
132.7
122.3
120.1
97.6
133.4
121.4
119.7
97.6
133.4
121.3
119.7
97.2
133.8
121.2
119.6
97.2
133.7
121.2
119.6
97.0
133.7
121.2
119.6
97.2
133.7
122.0
119.7
97.2
133.7
122.5
119.8
93.8
131.0
118.2
118.9
96.2
129.3
116.2
120.5
96.0
129.4
117.7
120.4
96.2
129.2
117.7
120.4
96.0
129.4
117.7
120.6
96.0
129.5
117.7
12U. 6
95.6
129.8
115. 3
118.5
95.7
129.9
114.7
118.5
93.3
130.2
114.4
118.2
93.2
130.2
114.4
118.3
93.0
130.2
114.4
118.3
93.2
130. 5
117. 5
118.5
93.3
130.6
118.0
118.7
88.1
125. 5
107.0
111. 1
86.3
122.4
105.4
111.0
85.0
122.5
106.6
110.7
85.7
122. 2
106.6
110. 7
85.0
122.2
106.6
110.3
85.0
122.5
106.6
110.3
86.1
123.1
104. 7
110.3
123.1
104.7
110.0
86.5
123.6
104.7
108.9
86.1
123.5
104.7
109.3
85.4
123. 5
104.7
109.3
86.0
123.9
105.4
110.3
124.3
106.1
110.9
85.3
124.8
101.6
108.1
83.1
121.2
97.5
108.1
81.6
121.3
98.7
107.7
82.5
121.1
98.7
107.7
81.6
121.0
98.7
107.2
81.6
121.4
98.7
107.2
82.8
121.9
98.7
107.2
83.7
121.9
98.7
106.8
833
122.1
98.7
105.4
82.8
122.0
98.7
105.9
81.9
122.0
98.7
105.9
82.8
122.8
99.8
107.2
83.7
123.3
100.5
107.9
238.2
234.9
234.7
234. 3
234.4
234.9
234.7
235.0
234.9
234.9
235.0
236.9
238.2
106.6
104.5
110.6
106.1
103.1
112.1
106.0
103.0
111.9
106.0
103.0
112.2
106.1
103.0
112.4
105.9
102.9
111.9
105.6
102 7
111.5
105.4
102.5
111. 3
105.3
102.4
111.3
105.2
102.3
111.2
105.7
102.9
111.2
106.1
103.6
111.1
106.5
104.4
110.8
REAL ESTATE
Federal Housing Administration, home mortgage insurance:
Gross mortgages accepted for insurance
thous. ofdol.. 53, 200 51,058
41,224
63,486
82,322
64,895
73,701
42,218
74,216
65, 013
62,269
52,603
62,008
Premium-paying mortgages (cumulative)
thoug. of dot.. 1,969,862 1,300,446 1,355,829 i,400,212 1,450,575 1,496,794 1,546,237 1,607,147 1,658,306 1,723,357 1,776,784 1,837,923 1,905,071
'Revised.
§Index as of J a n u a r y 1, 1940, is 238.3.
•New series. For data beginning 1936, see table 30, p . 17 of t h e June 1939 Survey.
fRevised series. Data on number of dwelling units provided revised beginning January 1937; the more significant revisions were shown in the footnote on p. 22 of the
September 1939 Survey.
cf Data for streets and alleys, formerly shown separately are available in total only ?ubseouent to "December 1938.
fData for December 1938 and March, June, August, and November, 1939, are for 5 weeks; other months, 4 weeks.
62
SURVEY OF CURRENT BUSINESS
Monthly statistics through December 1937, to- 1939
gether with explanatory notes and references
to the sources of the data may be found in the December
1938 Supplement to the Survey
1939
1938
December
February 1940
January
February
March
April
May
June
July
August
September
October
ber
CONSTRUCTION AND REAL ESTATE—Continued
REAL ESTATE—Continued
Estimated new mortgage loans by all savings
and loan associations:!
58,309
63, 934
55, 567
83, 425
Total loans
thous. of dol_. 83,112
73, 378
89,123
94,154
85,172
86,076
95,038
89,732
93, 297
Loan5 classified according to purpose:
M.»rtgaee loans on homes:
23,727
16, 099
16, 027
21, 254
19, 152
26.646
26, 865
26. 923
29,919
29. 863
26,607
Construction
do
27.854
29,255
17, 503
19, 118
24, 705
29. 903
20, 826
31.289
27, 779
32, 228
29. 638
30. 434
32, 282
31.367
33. 383
Home purchase
do
11,749
12, 551
14. 871
12, «05
15, 384
15. 687
15,001
17,123
15,445
15, 353
17,005
16, 021
15,835
Refinancing
do
3,389
3,593
4,211
4,025
6,069
4,335
4,974
5,802
4,720
6. 133
5,544
5.909
5,784
Reconditioning
do
6,827
7,020
8,337
7,126
9,432
9,074
9,082
9,437
8,946
8,870
8,183
9,040
Loans for all other purposes
do
9,979
Loan- classified according to type of association:
25. 019
29,811
33,400
20, 894
22.298
36. 358
34,055
Federal
thous. of dol.. 34,053
39.094
40, 645
34, 785
37.090
37,854
26, 504
23. 071
30, 124
32, 562
24, 191
33, 209
35, 426
36,465
34.146
37, 340
34,671
State members
do
36, 989
37,847
11,602
12,411
13, 443
17,463
11,820
15,850
17,339
Nonmembers
_
do
18,595
17,053
16,620
16,971
15,653
17,596
Loans outstanding of agencies under the Federal
Home Loan Bank Board:
Federal Saving and Loan Associations, estimated total mortgages outstanding
thous. of dol._ 1,271,161 1,034,162 1,040,770 1,051,109 1,067,887 1,089,879 1,117,228 1,136,289 1,157,536 1,186,784 1,206,887 1,231,685 1,252,559
Federal Home Loan Banks, outstanding advances to member institutions
i
thous. of dol_.i 181,313 198,840 178, 852 170,614 161,614 157,176 157,911 168,962 161,537 159,470 163,687 168, 654 168,822
Home Owners' Loan Corporation, balance of
loans outstanding
thous. of dol.. 2,038,186 2,168,920 2,149,038 2,134,261 2,117,598 2,105,824 2,091,324 2,080,512 2,067,844 2,059,792 2,054,865 2,049,421 2,043,288
Foreclosures:
154
154
173
159
164
129
186
168
159
153
Nonfarm real estate
1926=100..
147
131
136
145
138
157
151
141
121
165
161
152
146
Metropolitan communities
do
136
120
129
27, 615
29, 304
30,682
32, 758
27, 062
24,191
27,032
22,468
22, 792
Fire losses..
_thous. of dol.. 27,959
22,837
24,301
27,248
DOMESTIC TRADE
ADVERTISING
Printers' Ink indeses (with adjustment for seasonal variations):
Combined index
1928-32=100..
Farm papers
_
do
Magazines
do
Newspapers
do
Outdoor
,
do
Radio
do
Radio advertising:
Cost of facilities, total
thous. of dol_.
Automobiles and accessories
do
Clothing
...
do
Electric household equipment
do
Financial
do
Foods, food beverages, confections
do
House furnishings, etc
do
Soap, cleansers, etc
do
Office furnishings, supplies
do
Smoking materials
do
Toilet goods, medical supplies
do
All other
do
Magazine advertising:
Cost, total
do
Automobiles and accessories
do
Clothing
do
Electnc household equipment..
do
Financial
_
do
Foods, food beverages, confections
do
House furnishings, etc
do
Soap, cleansers, etc
do
Office furnishings, supplies
do
Smoking materials
do
Toilet goods, medical supplies
do
All other
do
Linkage, total
thous. of lines..
Newspaper advertising:
Lineage, total (52 cities)
do
Classified
do.
Display, total
do
Automotive
do
Financial
do.
General.
do
Retail
do
76.4
57.6
72.6
71.5
72.2
273.6
79.5
59.9
78.4
74.2
73.8
265.6
84.4
56.4
80.4
79.8
82.0
262.7
82.2
66.2
80.6
76.0
89.0
253.3
84.4
69.0
80.3
78.0
90.5
290.8
85.5
65.0
82.0
79.8
76.6
329.7
81.7
61.8
80.0
74.0
89.8
337.7
84.8
70.1
78.5
79.1
76.6
355.6
82.6
66.1
72.8
77.4
83.5
333.7
82.8
65.8
78.1
77.7
75.8
298.4
84.0
69.3
82.0
79.9
60.6
312.6
7,023
647
25
0
41
2,318
49
714
0
836
2,045
348
6,567
617
33
0
53
2,194
39
691
0
796
1,859
285
7,404
747
50
0
64
2,501
38
818
0
885
2,020
281
6,678
657
25
0
54
2,241
39
746
0
870
1,781
264
7,034
745
66
0
74
2,277
65
857
0
921
1,844
186
6,471
640
37
0
129
2,101
18
792
0
887
1,718
148
5,813
496
32
0
97
1,669
23
771
0
1,000
1,583
141
5,859
520
58
0
109
1,657
23
818
0
1,048
1,498
128
558
75
0
102
1,860
48
813
0
969
1,538
126
8,014
648
72
0
107
2,608
62
923
0
1,170
2,150
273
8,036
641
34
0
11, 529
1, 295
531
470
299
1,931
509
234
266
755
1,815
3,424
1,658
' 8,045
1,186
272
67
320
' 1,479
194
211
122
654
1,266
2,274
1,929
' 11, 562
1,475
495
195
376
r 2,124
377
500
148
r 5^2
2, 183
3,096
2,294
14, 277
2,153
829
395
431
' 2. 285
r M7
M23
220
••744
2, 537
' 3, 622
2,591
16,818
2,997
1,020
808
608
2,180
*• 1,026
468
' 202
684
2,508
4,419
2,715
r 15, 717
2,854
921
757
435
' 2,015
' 1,036
471
233
692
2,249
' 4,054
2,356
13, 279
••710
603
486
1,893
'760
464
100
636
2,187
r 3. 235
1,796
10,131
1,635
246
170
337
2,072
266
311
64
622
••1,902
2,507
1,625
8,387
1,033
405
68
245
1,695
215
370
123
431
1, 558
2,253
1,784
"11,814
1,322
989
213
352
1,744
628
411
327
693
2,029
r
3, 207
2,182
14,925
2,312
1,136
392
414
2,206
1,086
403
204
665
2,422
' ' 3 , 685
2,378
13,821
' 2,159
755
337
400
2,103
874
382
203
704
2,474
3,429
2,255
118,096
20, 372
97, 723
3,581
1.574
14. 028
78, 540
87,418
19. 55-6
67. 861
2,446
2,301
12, 771
50,343
86, 651
18,318
68, 333
3, 458
1,403
14, 024
49,448
111,815
22.147
89,P69
4, 768
1. 695
17,414
65, 792
111,1P0
22. 824
88, 335
6,055
2,105
17, 655
62,520
112,377
22,692
89,685
6.075
1,615
18, 538
105,086
21, 785
83, 301
5, 345
1,663
17,408
85,407
20, 570
64,838
3,496
2,120
13, 999
45, 222
90, 526
21,115
69,410
3,512
1,349
12, 527
52,022
101,937
20,884
81,053
3,067
1.278
15,045
61,663
119, 612
22, 393
97, 220
6,436
1,767
19,824
69,192
113,457
20,194
93,264
4,537
1,376
18, 470
68,880
60.5
70.8
70.4
70.4
70.2
70.4
70.7
70.2
69. {
69.4
70.4
72.3
1,943
2,210
1,821
2,226
1,874
2,190
1,712
1,724
1,718
1,471
1,787
1,850
2,616
63,456
r
98
2,729
45
925
0
1,153
2,163
247
GOODS IN WAREHOUSES
Space occupied, merchandise in public warehouses
percent of totaL.
NEW INCORPORATIONS
Business incorporations (4 States)
number..
1,901
POSTAL BUSINESS
Air mail:
1,221
1,427
1,386
1,244
1,447
1,356
1,421
1,431
1,435
Pound miles performed
millions..
Money ordersDomestic, issued (50 cities):
4.288
4,150
3,907
3,907
3,906
4, 554
4,171
4,170
4,234
4,140
4, 6*2
4,248
4, 664
Number
thousands..
39,723
38,553
38,165
37, 262
39, 227
38,119
42, 202
41. S91
36,900
Value
_
thous. of dol.. 41,190
39,229
''Revised.
tBevised series. For revised data on estimated new mortgage loans by all savings and loan associations, 1936-37, see table 12, p . 16, of the March 1939 Survey.
63
SURVEY OF CURRENT BUSINESS
February 1940
Monthly statistics through December 1937, together with explanatory notes and references
to the sources of the data may be found in the
1938 Supplement to the Survey
1939
1938
December
December
1939
January
February
March
April
May
June
July
August
September
October
Novem
ber
DOMESTIC TRADE—Continued
POSTAL
BUSINESS-Continued
Money orders—Continued.
Domestic, paid (50 cities):
Number.
Value
Foreign, Issued—value
Receipts, postal:
50 selected cities
50 industrial cities
_
thousands.. 15,285
thous. of dol._ 111,851
do
15, 793
113,841
7,717
12.939
94, 176
2, 142
12. 371
88,734
2,027
15. 307
109, 980
3, 170
13,164
95,899
2,079
13. 724
99, 757
2,066
13.918
101,345
2,210
12.142
91. 709
2,069
13.130
99. 498
2,205
12.624
97. 376
1,895
14,152
109,016
1,833
14,385
108, 449
1,773
42,938
5,117
' 42, 473
5,154
28, 537
3,667
27, 710
3,493
33, 478
3,979
29. 830
3,618
30,922
3,687
29. 791
3,587
25, 464
3,271
28, 233
3,540
30.038
3,413
31,960
3,788
32, 446
3,658
Pill. 3
v 109.0
96.1
92.5
70.8
91.0
71.2
96.0
106.7
88.0
106.3
79.5
107.1
79.0
101.2
79.0
87.5
80.5
63.7
76.5
56.5
83.5
96.5
93.7
' 107.9
' 102.8
120.0
142.0
112.9
127.0
107.5
118.0
108.8
112.7
109.8
130.0
110.0
117.6
110.0
119.0
111.0
118.0
113.0
126.0
113.0
124.0
114 5
127.0
113.3
125.0
117.0
132.0
p 112.1
p 108. 8
101. 1
98.1
93.5
96.4
98.7
98.2
100.5
99.5
102.0
99.0
102 9
101.4
100.8
99.3
97.6
99.6
99.0
103.1
107.2
109.4
106.9
106.4
109.0
109.0
P 206. 6
P 112.0
193.6
104.9
73.6
98.7
79.7
95.5
85.0
98.8
97.6
97.1
96.3
96.3
95.8
100.8
91.3
102.6
89.5
101.1
96.1
100.6
102.9
101.4
'108.4
' 106.8
6,228
5,952
133
1,998
133
1,959
132
2,442
133
2,869
133
2,733
133
2,712
132
2,502
132
2,446
133
2,785
133
2, 855
133
3,066
133
24, 406
686
24,114
687
8,801
680
9,058
681
10,606
683
11,940
683
11,401
682
11, 293
683
10, 369
685
10, 578
683
11,513
683
11,938
682
12, 356
685
15, 232
240
14,429
238
5,055
238
5,163
238
5,969
238
6,315
239
6,818
239
6,406
239
6,225
240
6,490
240
6,596
240
7,286
240
7, 295
240
7, 655
200
7,003
'201
2,535
202
2,738
202
3,196
202
3,648
202
3,300
202
3,420
202
3,158
201
3,136
200
3,354
200
3,431
200
3,622
201
8,163
202
7,223
201
2,686
201
2,752
201
3,205
201
3,848
201
3,741
201
3,758
201
3,564
201
3,470
201
3,789
201
4,090
202
4,219
202
52, 333
2,020
50,379
2,017
19,653
2,014
20,686
2,011
23,104
2,012
25,919
2,008
24, 725
2,005
24, 662
2,013
24, 340
2,015
24,123
2,014
25,810
2,015
26, 530
2,018
29,952
2,019
0)
<*)
(>)
0)l
()
0)
0)
0)
<»)
0)
0)
0)
0)
0)
0)
0)
0)
0)
0)
0)
0)
_
..do
_.do
RETAIL TRADE*
Automobiles:
Value of new passenger automobile sales:
Unadjusted
1929-31*= 100..
Adjusted
do
Chain-store sales:
Chain-Store Age Index:
Combined index (20 chains)
av. same month 1929-31=100..
Apparel chains
do
Grocery chain-store sales:
Unadjusted
_
1929-31 = 100..
Adjusted
___
do
Variety-store sales:
Combined sales of 7 chains:
Unadjusted
._
do
Adjusted
_
do
H. L. Green Co., Inc.:
Sales
thous. of dol._
Stores operated
number..
8. S. Kresge Co.:
Sales
thous. of d o l . .
Stores operated
number..
8. H. Kress & Co.:
Sales.
thous. of dol
Stores operated.
number..
McCrory Stores Corp.:
Sales
thous. of d o l . .
Stores operated.
number..
G. C. Murphy Co.:
Sales
.thous. of d o l . .
Stores operated
number..
F. W. Woolworth Oo.:
Sales
__
thous. of d o L .
Stores operated
number..
Restaurant chains (3 chains):
Sales.
..
thous. of dol_Stores operated.__
number.
Other chains.
W. T . Grant & Co.:
Sales
thous. of dol.
Stores operated
number.
J. C. Penney Co.:
Sales
thous of dol.
Stores operated
number..
Department stores:
CollectionsInstallment accounts
percent of accounts receivable
Open accounts
do .
Sale*, total U. S., unadjusted...1923-25=100
Atlanta
do
Boston
__do___
Chicago
do...
Cleveland
_
do...
Dallas
do
Kansas City
...1925=100.
Minneapolis.
1929 31=100
Nev York..
1923-25 = 100.
PhiladHphiaf
do...
Richmond
do...
St Louis.... _
_
do...
San Franciscot
do...
8ales, total U. 8., adjusted
do...
Atlanta
do
Chicago.
do___
Cleveland!-.
do...
Dallas
do..
Minneapolist
1929-31=100.
New York.
1923-25=100
Philadelphiaf
do
St. Louis
_
do...
San Franciscof
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
0)
0)
0)
0)
«
18,868
491
17,996
491
5,531
489
5,748
489
7,164
489
8,376
489
8,496
491
8,386
493
7,298
493
7,210
494
8,235
495
8,733
495
9,316
494
43, 215
1,554
'38,930
1,539
' 16, 527
1,539
'14, 614
1,540
' 18, 733
1,542
'21,314
1.544
'22,232
1,545
'22,236
1,543
' 19, 504
1,544
'20,679
1,548
'26,143
1,552
28, 722
1,553
'28,215
1,554
18.0
44.5
168
230
140
164
171
195
154
160
172
139
217
156
179
96
135
98
100
113
105
95
76
94
104
17.2
46.4
156
203
138
157
152
182
151
147
164
127
209
143
170
89
119
94
89
105
96
91
70
87
100
16.4
47.1
69
91
64
69
67
87
67
75
68
49
77
69
81
88
115
86
89
114
94
86
68
87
99
16.2
43.9
69
101
54
67
71
89
64
63
71
52
75
68
83
87
115
84
90
105
87
87
68
79
99
18.6
46.6
82
116
68
92
82
99
87
97
80
65
105
82
89
88
125
98
90
105
96
91
70
88
99
17.2
45.3
88
119
75
89
92
104
82
97
86
67
102
89
96
88
115
86
87
104
95
89
68
86
98
17.3
46.9
87
118
75
89
89
105
86
94
85
70
115
86
93
85
116
88
83
105
94
88
71
86
97
16.7
46.8
83
108
76
89
82
90
74
95
87
65
105
75
88
86
119
91
84
101
95
90
66
82
97
16.0
45.3
60
88
49
61
63
72
61
69
63
46
73
62
81
86
126
85
86
103
97
89
67
90
99
16.8
43.6
69
114
55
77
73
83
79
89
67
50
86
70
94
89
146
95
88
107
102
90
67
94
100
17.2
44.0
97
133
83
102
96
115
90
116
97
74
118
98
98
91
142
98
92
104
104
93
74
92
95
17.7
47.0
99
138
85
98
98
116
94
116
104
80
132
96
103
90
116
89
94
103
97
91
69
85
99
17.7
48.7
106
142
88
99
107
117
88
97
115
95
'131
102
105
95
125
90
100
104
94
97
78
87
100
6.6
7.1
11.6
11.8
10.2
8.5
9.0
7.7
9.5
15.5
11.1
12.4
10.4
64
68
62
66
60
67
65
68
69
68
69
67
68
66
64
67
60
67
65
67
71
68
77
69
82
71
148, 447
66,020
82,427
125,706
57, 0*5
68, 622
58, 320
24. 769
33. 551
59, «fi5
24. 9R4
34, 901
85, 497
35, 730
49, 768
92,831
41,595
51. 236
101,936
42, 323
59,613
98, 070
41,302
56, 768
77,393
33, 452
43, 941
87, 257
38, 998
48, 259
107, 493
44, 743
62, 751
122,191
54, 945
67,246
108,095
47, 764
60,330
r Revised.
Preliminary.
i Discontinued pending receipt of revised data from one cooperator
• Reports showing percentage rhanges in *al»'s of chain drug stores and chain men's wear stores are available from the Washington, D. C , office of the Bureau of foreign
and Domestic Commerce The Bureau of the Census ha^ av ailable percentage changes for (1) Independent stores in 34 States and 4 cities, by kinds of business, (2) Wholesalers' sales by kinds of business, (3) Manufacturers saie> hy kinds o' busings
t Revised series Indexes of Department ^tore sales in San Francisco area revised beginning 1919; see table 3, p. 18 of the January 1940 issue. Seasonally adjusted indexes
of department store sales revised beginning l9'-'9 for the Cleveland district and beginning 1934 for the Minneapolis district; see tables 4 and 5, p. 18 of the January 1940 issue.
Indexes of department store sales in Philadelphia revised 1923-37; revisions will appear in a subsequent issue.
64
SURVEY OF CURRENT BUSINESS
Monthly statistics through December 1937, to- 1939
gether with explanatory notes and references
to the sources of the data may be found in the December
1938 Supplement to the Survey
1939
1938
December
February 1940
January
February
March
April
May
June
July
August
September
October November
DOMESTIC TRADE—Continued
R E T A I L TRADE—Continued
Rural sales of general merchandise:
Total U. S., unadjusted
.1929-31 = 10
Middle West
do.
East
do
South
.
do
Far West
do_
Total U. S., adjusted!-.
do
Middle Westj
.
do
Eastt--.
do
Southf
__>-do.
Far Westt
do
!
211.7
190.1
229.2
236.4
242.8
132. 4
121.9
137.7
157. 4
148.8
183.6
166.4
195. 9
202.8
211.0
114.8
106.7
117.6
135.0
129.3
91.3
84.1
87.8
111.3
100.2
120.0
109.9
115.6
140.7
136.4
100.1
89.1
97.9
134.8
105.7
123.7
112.1
119.6
147.8
142.9
115.0
105.2
118.6
141.5
118.5
131.0
118.7
132.0
156.6
144.0
120.2
110.2
116.6
144.8
125 8
130.8
118.0
122.4
164.3
140.9
120.5
113.3
118.8
137.6
131.8
131.2
119.6
129.1
162.2
146.6
120.0
109.9
122.8
133.3
137.3
131.7
116.4
133.8
165,8
144.1
91.1
81.8
88.3
103.8
115.2
124.8
110.9
124.1
152.8
140.5
107.2
99.1
105.8
111.7
134.6
131.1
120.1
132.7
155.0
146.1
132.6
116.3
126.4
165.6
162 3
125 4
113.5
128.6
150.0
138.7
160.3
143. 9
155.4
215.4
166.5
123.4
113.3
120.7
145.4
138. 7
159.7
142.8
167.0
208.2
164.7
122.7
108. 9
129. 5
151. 6
135.8
EMPLOYMENT CONDITIONS AND WAGES
EMPLOYMENT
|
!
j
Factory, unadjusted (U. S. Department of
Labor)f
..1923-25=100..
104.0
94.0
92.2
93.6
94.3
94.1
93.0
93.4
93.5
' 100.0
96.3
103.6
103.8
Durable goods
.
do....
100.0
83.8
82.3
83.3
84.1
84.8
84.0
84.6
83.0
96.1
83.9
'89.7
'98.2
Iron and steel and their products, not
including machinery
1923-25=100..
111.5
90.2
88.8
90.0
91.3
91.3
90.2
90.4
89.7
'97.2
92.3
106.8
'111.1
Blast furnaces, steel works, and rolling
mills
1923-25 = 100123.5
94.4
94.2
94.8
95.6
95.7
94.6
95.7
95.3
115.1
97.0
101.1
121. 8
Hardware
do....
105.1
90.8
89.2
87.6
87.4
85.0
80.1
72.1
69.0
94.2
99.7
75.6
'106.4
Structural and ornamental metal work
1923-25=10075.5
61.3
61.1
63.4
65.6
66.3
66.5
67.1
68.8
71.5
73.8
76.3
'76.0
Tin cans and other tinware
do
94.3
88.4
87.0
87.9
89.8
92.7
93.6
97.7 100.2
107.4
107.0
' 105.7
' 100.0
72.4
Lumber and allied products
do—
71.1
63.7
61.4
62.0
62.1
63.9
65.0
66.3
66.7
68.7
'73.0
70.0
Furniture
-.do
94.4
84.4
80.7
83.3
83.4
82.4
81.4
83.2
84.3
87.5
90.7
'94.6
'96.8
' 65. o
Lumber, sawmills.
do
63.4
57.0
55.0
55.0
55.0
58.0
60.2
60.9
61.1
62.7
63.4
'65.5
Machinery, not including transportation
equipment.
1923-25=100112.9
91.9
91.5
93.5
94.6
95.0
94.9
95.6
95.7
106.6
96.8
100.3
'111.0
Agricultural implements (including trac117.8
tors)
...1923-25 = 100..
131.0
110.3
116.4
127.0
130.5
129.4
122.8
118.7 113.0
114.4
116.1
124.6
Electrical machinery, apparatus, and supplies
1923-25=100102.1
84.6
82,8
84.3
85.9
86.8
86.6
86.5
86.8
92.2
97.3
87.8
100.4
Engines, turbines, water wheels, and
105.2
windmills
1923-25=100-.
120.5
84.8
86.6
90.0
93.2
95.7
97.4
99.0
96.2
96.8
99.2
' 109. 8
Foundry and machine-shop products
84.1
91.2
85.8
1923-25=100-.
97.2
79.3
79.4
80.9
81.6
82.0
82.1
82.6
82.6
95.4
135.9
176.5
Radios and phonographs
do
160.1
130.4
119.8
113.2
109.3
104.5
106.5
119.9 129.6
150.1
' 179.7
110.4
Metals, nonferrous, and products
do
112.1
94.5
91.7
93.1
93.8
92.9
92.0
91.3
91.3
94.7
100.3
'113.4
Brass, bronze, and copper products.do
137.9
105.8
103.8
104.4
104.8
103.9
104.7
104.2 104.0
107.7
115.2
131.1
' 137. 4
Stone, clay, and glass products
do
83.6
76.2
71.9
72.1
75.1
78.5
78.5
80.5
79.7
80.8
84.8
81.7
'85.6
Brick, tile, and terra cotta
do....
62.3
55.1
52.5
51.7
53.4
57.6
57.6
61.3
61.5
61.8
64.8
63.2
64.6
Glass
do....
109.0
99.0
95.3
95.2
96.4
97.8
97.4
99.0
96.3
98.5
100.9
106.9
' 109. 8
75.2
' 105. 3 ' 102. 8
Transportation equipment....do—
116.4
96.9
96.6
96.8
96.5
96.1
91.2
90.8
79.9
'97.0
Automobiles
do
118.0
106.8
106.1
104.4
103.8
101.8
93.3
91.6
76.4
70.4
'98.7
' 107. 8 ' 102.1
Nondurable goods
do....
107.9
103.8
101.7
103.5
104.0
103.0
101.6
101.8 103.5
110.7
108.1
110.2
109.2
Chemical, petroleum, and coal products
109.2
' 122.3
1923-25=100122.2
114.3
113.2
113.4
116.0
116.6
112.9
109.8 110.4
'118.0
122.6
Chemicals....
,
do
137.2
119.0
117.5
118.1
118.6
117.0
116.5
116.5 117.1
119.1
123.6
133.6
' 137. 5
122.1
125.1
Paints and varnishes
..do..._
124.4
117.1
116.5
117.2
119.7
122.5
123.4
124.3 122.2
122.1
' 125.1
Petroleum refining
do
122.2
119.2
118.2
117.5
117.4
117.2
118.1
120.5 121.8
122.7
122.7
123.1
123. 7
Rayon and allied products
._.do
312.2
298.4
300.3
305.9
303.8
302.4
295.7
286.2
297.0
255.1
300 2 ' 310. 2 ' 313.4
147.0
'
137. 6 '129.7
Food and kindred products
d o . . - 125.8
123.8
116.9
114.2
115.4
117.6
120.5
127.2 135.0
150.7
148.0
146.9
146.5
Baking.
do
145.2
144.2
141.0
142.2
142.8
142.7
146.1
147.4 147.8
148.0
100.2
102.7
Slaughtering and meat packing
d o . — 112.4
104.0
101.4
96.1
94.0
93.3
96.9
99.4 100.7
101 3
' 108.0
Leather and its manufactures...
do
93.3
94.3
99.0
103.0
103.9
100.2
92.5
94.1
99.7
100.7
97 8
96.2
'91.9
94.1
Boots and shoes
do..._
90.9
92.3
97.7
102.4
103.8
99.6
91.0
92.5
99.1
100.3
96 5
'89.0
Paper and printing.
.do..—
118.7
113.2
110.6
111.0
111.1
111.1
111.2
109.8 110.1
110.9
113.2
116.5
117.5
Paper and pulp
.
do—
115.6
106.3
105.5
106.3
105.9
106.3
106.7
106.1 105.8
107.0
113. 6
108.8
'115.2
Rubber products
do
92.9
83.5
81.3
81.5
82.8
82.1
81.2
80.1
78.7
82.6
92.4
86.0
94.0
68.3
73.6
R u b b e r tires and inner tubes
..do
74.7
66.7
66.6
65.6
66.7
66.7
66.7
66.2
66.6
74.6
70.0
Textiles and their products
do
105.7
101.9
100.9
104.6
104.9
101.9
99.4
98.0
98.1
103.5
104.5
' 107.9
108.3
93.1
98.8
93.5
Fabrics
do....
98.5
93.8
92.8
94.1
93.1
90.7
90.3
89.6
91.1
100.9
122.1
1217
124.8
Wearing apparel
do-...
116.9
115.5
114.4
123.9
127.0
122.8
115.6
112.6 109.5
'118.7
66.6
66.4
66.7
66.4
Tobacco manufactures
do
65.6
66.6
60.5
63.7
60.9
63.1
64.2
65.2
65.4
'95.9
101.2
' 97. 5
Factory, adjusted (FederalReserve)t
do....
104.4
94 4
94.6
94.3
94.0
93.8
93.3
94.3
95.3
103.4
'85.3
'94.6
'88.9
'97.3
Durable goods
do..99.9
83.7
84.4
84.2
83.7
83.9
82.9
83.9
84.7
Iron and steel a n d their products, not
105.9
92.5
'96.4
' 110.7
including machinery
1923-25=100..
112.2
90.9
90.7
90.4
90.7
90.5
89.6
90.3
90.6
Blast furnaces, steel works, and rolling
97
115
101
122
mills
.1923-25=100124
95
95
94
94
95
94
96
78
'95
99
106
Hardware
do
105
91
89
87
87
84
80
72
70
Structural and ornamental metal work
69
71
75
76
1923-25=10076
62
63
66
67
67
67
66
67
98
'103
103
97
T i n cans and other tinware
do
99
93
94
95
95
96
95
95
95
66.4
69.4
67.4
'72.2
Lumber and allied products
d o . - . 72.5
65.0
65.7
65.1
63.2
64.2
64.8
65.3
66.0
86
89
'93
87
Furniture
do
93
83
84
85
85
85
84
85
60
63
61
66
Lumber, sawmills
do....
66
59
60
59
56
57
59
59
60
Machinery, not including transportation
97.3
105.7
'99.8
' 110. 6
equipment
1923-25=100..
112.7
91.7
92.3
94.0
94.8
94.9
94.4
95.4
96.1
Agricultural implements (including trac121
125
123
128
tors)
1923-25=100..
131
110
114
123
124
122
119
118
115
Electrical machinery, apparatus, and sup88
92
97
100
plies
1923-25=100..
102
85
84
85
86
87
86
87
87
Engines, turbines, water wheels, a n d
97
108
windmills
1923-25=100..
125
88
92
91
91
91
93
95
95
99
'116
F o u n d r y and machine-shop products
85
91
86
95
1923-25=10097
79
80
81
82
82
81
83
83
126
145
Radios and phonographs
do....
151
123
126
129
130
124
121
122
131
129
'160
'96.3
107.0
Metals, nonferrous, and products
do—
110.5
93.1
93.3
93.4
93.4
93.2
92.8
92.8
94.6
99.2
'110.0
109
130
Brass, bronze, and copper products.do
138
106
105
104
104
103
104
105
106
115
137
Stone, clay, and glass products
—.do
85.4
77.8
79.6
77.4
77.4
77.9
75.4
77.5
78.4
78.1
79.0
82.0
'85.1
57
61
59
Brick, tile, and terra cotta
do.__.
65
57
61
59
58
58
55
57
58
64
Glass
..do....
109
99
100
95
95
97
96
98
99
106
100
110
'88.3
Transportation equipment
do
112.4
93.2
94.1
92.9
91.2
91.1
87.2
88.9
90.0
'99.5
' 105. 6 ' 101. 2
'88
'102
Automobiles
„
do....
112
102
102
98
97
96
89
89
90
'100
' 108
r
Revised.
fRevised series. R u r a l sales of general merchandise adjusted for seasonal variations revised beginning J a n u a r y 1934; see table 37, p . 17, of t h e August 1939 issue. D a t a
for employment and pay rolls without adjustment for season;1.1 variations beginning 1933 and for the entire series on employment adjusted for seasonal variations have been
corrected to the trends indicated by t h e Census of Manufactures for 1935 and 1937. For total, durable, and nondurable Jioods indexes, see table 42, p . 17, of the October 1939
issue and tables 1 and 2, p p . 15-16. of the December 1938 Survey. For individual industries a n d industrial groups, data from 1935 to date are available upon request. Earlier
figures are correct as shown in tables 76 a n d 77, p p . 13-18, of the November 1938 issue.
65
SURVEY OF CUREENT BUSINESS
February 1940
Monthly statistics through December 1937, to- 1939
1938
gether with explanatory notes and references
to the sources of the data may be found in the Decem- December
1938 Supplement to the Survey
ber
1939
January
February
March
April
May
June
July
August
September
m
October Nove
ber
EMPLOYMENT CONDITIONS AND WAGES—Continued
I
EMPLOYMENT—Continued
Factory, adj. (Federal Reserve)t—Continued
Nondurable goods
1923-25 = 100-.
Chemical, petroleum, and coal products
1923-25=100..
Chemicals
do
Paints and varnishes
do
Petroleum refining
do
Rayon and allied products
do
Food and kindred products
do
Baking
do
Slaughtering and meat packing
do
Leather and its manufactures
do
Boots and shoes
do
Paper and printing
do
Paper and pulp
do
Rubber products
do
Rubber tires and inner tubes
do
Textiles and their products..
..do
Fabrics
do
Wearing apparel
do
Tobacco manufactures
do
Factory, unadjusted, by cities and States:
City or industrial area:
Baltimore
1929-31=100..
Chicago
1925-27=100..
Cleveland...
1923-25=100..
Detroit
do
Milwaukee
1925-27=100..
New York.
do
Philadelphia!
1923-25=100..
Pittsburgh!
do
Wilmingtonf.
do....
State:
Delaware!
do
Illinois
1925-27=100-.
Iowat
....1923-25=100..
Maryland. __
1929-31=100_.
Massachusetts..
..._ 1925-27= 100..
New Jersey!
1923-25=100..
New York
1925-27=100..
Ohio
..1926=100..
Pennsylvania!
.1923-25=100..
Wisconsin!
1925-27=100..
iVonmanufacturing, unadjusted (U. S. Department of Labor):
Mining:
Anthracite
1929=100..
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
Services:
Dyeing and cleaning
do
Laundries
do
Year-round hotels...
do
Trade:
Retail, total
__
__do
General merchandising
do
Other than general merchandising.do
Wholesale
do
Miscellaneous employment data:
Construction employment, Ohio. _1926=100..
Federal and State highway employment:
Total
number..
Construction (Federal and State)._do
Maintenance (State)
do
Federal civilian employees:
United States
do...
District of Columbia,
do
Railway employees (class I steam railways):
Total
thousands..
Index:
Unadjusted..
1923-25=100..
Adjusted
do
Trades-union members employed:
All trades
percent of total..
Building
do
Metaj
do
Printing
do
All other
do
On full time (all trades)
do
108.8
104.7
104.4
103.9
103.8
103.3 I
103.3
104.2
' 105. 3
105.9
105.7
107.6
109.2
121.8
138
126
122
311
131.0
145
109
97.0
96
116. 5
116
92.3
75
106. 0
96.9
121.6
64.5
113.7
120
119
119
297
128.8
144
100
98.1
97
111.1
106
82.9
67
102.2
92.3
120.0
65.6
113.6
119
119
119
297
128.8
144
98
98.9
98
111.0
106
81.4
67
101.9
91.9
119.5
65.9
112.9
120
118
119
301
125.7
144
96
99.0
98
111.1
106
81.4
66
101.8
91.7
120.2
64.8
113.4
120
120
119
299
127.3
144
96
99.2
98
111.4
106
82.2
67
101.0
91.0
119.2
61.4
114.2
118
121
118
309
127.0
144
96
97.7
97
111.5
106
81.3
67
99.6
90.2
116.4
64.5
114.4
117
119
119
302
128.4
146
98
93.7
92
111.5
107
81.1
67
99.8
91.0
115.2
65.1
113.1
117
120
120
295
129.4
147
100
97.1
96
111.1
106
80.8
66
101.2
92.0
117.5
65.5
' 113.7
115
122
121
298
127.9
147
101
98.7
98
111.8
106
79.7
67
104.1
94.5
121.1
65.7
' 111.9
119
125
122
254
129.7
146
101
97.4
96
112.0
107
83.6
68
104.9
95.4
121.4
65.2
116.2
122
123
122
297
128.1
146
102
96.8
95
112.8
109
86.1
70
103.6
'94.1
120.4
64.4
119.7
132
125
122
309
126.8
146
103
97.4
96
115.0
114
91.2
74
106.2
97.8
120.4
63.5
'121.2
137
' 126
123
' 310
r
129.5
145
106
'99.1
'98
r
115. 7
115
93.1
75
r
107. 7
-99.8
r
120.5
63.1
102.5
80.4
94.9
112.1
104.0
95.1
86.8
93.0
90.1
87.2
70.6
82.3
102.9
92.4
86.9
81.0
72.3
79.6
84.8
69.7
81.8
100.8
90.6
85.4
79.8
71.0
80.3
86.7
70.4
81.8
99.3
93.6
89.1
81.5
71.9
81.8
89.2
70.6
82.3
97.7
94.8
90.5
81.1
72.6
83.0
90.3
69.8
82.2
96.0
94.5
88.0
81.0
73.1
84.4
91.7
70.0
81.8
62.4
92.9
85.5
80.1
71.7
83.9
91.7
70.5
81.4
86.7
94.3
83.6
81.1
73.6
81.0
92.6
70.9
80.3
59.5
92.2
83.1
81.9
73.4
78.1
93.8
72.2
82.8
89.4
94.3
91.1
83.1
76.4
75.6
98.7
74.3
90.0
107.1
98.0
95.3
83.7
79.2
79.9
101.0
78.5
93.3
102.4
96.2
97.8
'88.1
87.9
86.9
101.8
80.3
95. 7
105.9
102.7
95.9
'87.7
'91.1
89.6
98.5
87.8
89.0
75.2
127.6
89.4
73.0
92.8
80.0
84.9
78.4
80.6
90.5
76.8
128.0
92.4
74.6
93.8
81.9
86.0
80.2
82.7
91.4
77.8
129.0
94.5
74.8
94.2
82.7
87.1
80.4
83.6
93.1
77.6
131.1
95.5
73.1
93.7
82.0
86.6
80.1
83.7
92.8
77.6
131.9
95.8
71.6
94.3
80.4
85.2
78.8
84.5
90.0
78.1
133.2
95.8
71.2
95.4
80.9
85.5
79.7
86.9
89.0
78.3
129.2
96.7
73.3
94.4
80.6
84.7
'81.0
89.2
93.7
80.7
129.3
90.5
75.5
97.7
84.0
87.2
82, 5
90.0
99.9
82.3
129.4
101.5
76.8
100.1
87.5
91.1
83.7
90.9
98.6
86.0
132.4
104. 8
80.2
105.0
90.6
95.9
'90.0
89.4
98.2
87.7
105. 6
83.0
106.2
91.4
98.0
91.1
92.9
88.2
76.1
131.0
91.6
73.8
94.0
81.3
86.4
80.2
82.4
105.5
'81.4
107.4
91.3
97.0
91.4
92.1
51.0
92.8
67.6
63.5
44.1
51.3
89.3
62.3
67.8
41.4
50.0
88.7
62.6
67.0
38.3
52.2
88.6
60.9
66.4
37.9
51,7
87.4
61.0
66.2
40.1
53.0
25.9
61.5
65.8
43.0
52.6
47.9
61.9
66.1
45.6
51.2
78.3
61.6
67.0
47.3
44.7
79,4
60.4
67.3
47.5
48.5
81.4
60.4
66.7
48.1
49.4
85.4
62.9
65.0
47.9
51.9
'93.0
'65.3
'64.3
'48.0
52.2
'95.0
'66.3
'63.7
47.0
92.9
69.8
74.6
91.4
69.4
74.3
90.0
69.2
74.1
89.6
69.3
73.3
'89.5
69.5
73.4
90.3
69.1
74.1
91.0
69.6
74.7
92.3
69.9
75.3
93.2
69.7
75.4
93.8
69.8
75.5
93.7
69.8
75.3
93.5
'70.1
'75.4
93.4
'69.8
74.8
96.0
95.5
90.5
97.9
93.4
92.0
94.2
93.3
91.8
92.1
92.8
92.6
95.4
92.9
92.7
102.2
93.5
93.2
107.0
95.5
93.9
110.1
98.7
92.8
106.5
100.0
90.3
102.7
99.1
89.8
105.2
97.8
91.3
105.1
'96.0
'92.9
'99.5
95.6
'91.9
101.2
152.4
87.8
92.2
98.1
144.1
86.0
90.0
82.2
90.7
80.0
88.3
81.5
88.8
79.6
87.9
83.8
93.2
81.3
87.4
85.5
96.9
82.5
87.3
85.7
96.8
82.8
87.2
86.4
97.4
83.5
88.1
83.6
91.7
81.5
87.9
82.5
89.8
80.6
89.0
87.3
100.1
83.9
90.5
'88.4
' 103. 2
84.5
'92.4
' 110.1
84.5
'92.4
41.0
32.0
28.7
28.6
32.4
35.0
43.0
43.6
50.0
48.0
48.0
48.0
44.0
185, 661
81, 845
103, 816
266, 629
103,491
163,138
201,307
73,116
128,191
176,079
58,815
117, 264
169,155
58,622
110,533
187,523
78, 394
109,129
220,923
104,804
116,119
252,316
130,743
121,573
264, 502
138, 345
126,157
274,949
142, 788
132,161
277, 703
142, 868
134. 835
262, 760
133, 904
128,856
227, 233
112, 816
114, 417
987, 538
127,597
919,161
120,852
864,342
120,229
875, 541
120, 445
879,504
120,873
885,766
122,003
903,112
122, 792
925,982
123, 541
928,195
124,015
933, 386
124, 634
940,130
125,902
961
948
958
966
967
974
1,010
1,019
1,022
1,039
1,075
1,058
56.5
58.0
52.8
54.2
52.2
54.4
52.7
54.8
53.1
54.6
53.2
53.6
53.6
53.0
55.6
54.4
56.1
54.7
56.3
54.9
57.1
'56.0
59.1
57.5
'58.2
57.7
88
72
88
91
92
70
85
67
78
84
65
78
88
89
65
85
66
79
87
90
66
86
68
82
88
91
67
87
71
83
90
91
89
78
84
90
92
70
88
76
84
90
91
70
88
75
85
89
92
71
'937,576 '932, 641
'126,502 126, 277
89
75
88
92
92
72
LABOR CONDITIONS
Average weekly hours per worker in factories:
National Industrial Conference Board (25 industries)!
hours-.
36.6
36.6
36.8
36.9
36.8
36.5
37.1
37.1
37.9
39.1
38.2
39.0
U. S. Department of Labor (87 industries)!
37.3
hours..
36.6
37.1
37.3
36.7
36.9
36.7
37.3
38.0
39.1
38.0
38.6
' Revised.
!Revised series. Iowa employment revised beginning July 1937; revisions a/e shown on p. 26 of the March 1939 Survey. Wisconsin employment and pay rolls have been
adjusted, beginning 1929, to trends indicated by Census data. Indexes not shown on p. 26 of the November 1938 Survey will appear in a subsequent issue Other State
and city employment indexes revised beginning with the year specified: Philadelphia, 1932; Pittsburgh, 1932: Wilmington, 1931: Delaware, 1931- New Jersey 1931- and Pennsylvania, 1932; data not shown on p. 26 of the December 1939 Survey will appear in a subsequent issue. For data on factory employment, adjusted (Federal Reserve), revised,
see footnote marked with a " ! " on p. 64. For U. S. Department of Labor average weekly hours per worker in factories, see note marked with a " ! " on p 68 National Industrial Conference Board data relating to factory weekly and hourly earnings and to weekly hours per worker have been revised beginning 1934: see table 2 yp 18 of the
January 1940 issue.
' '
205737—40
5
66
SURVEY OF CURRENT BUSINESS
1938
Monthly statistics through December 1937, to- 1939
gether with explanatory notes and references
to the sources of the data may be found in the Decem- December
1938 Supplement to the Survey
ber
February 1940
1939
January
February
March
April
May
June
July
August
Xovem
September October
ber
EMPLOYMENT CONDITIONS AND WAGES—Continued
LABOR CONDITIONS—Continued
Industrial disputes (strikes and lockouts):
Beginning in month
number..
In progress during month
do
Workers involved in strikes:
Beginning in month
thousands..
In progress during month
do
Man-days idle during month
do
Employment operations (Social Security
Board) i
Applications:
Active
file
thousands..
New
do
Placements, total
___do
Private
do
Katio of private placements to active file
percent..
Labor turn-over in mfg. establishments:
Accession rate...mo. rate per 100 employees..
Separation rate;
Total
do
Discharge
do
Lay-off
do
Quit
-.do
P215
177
310
'190
'310
'186
'319
198
'329
'237
'377
*375
38
62
513
' 51
72
'516
67
87
'547
42
63
'612
391
420
' 4, 882
7,216
477
230
161
7,434
644
199
130
7,080
483
181
126
6,749
500
254
185
6,545
478
270
195
v 105
5,729
(0
265
235
230
'215
359
'205
'327
' 226
'364
158
'304
' 170
'297
v 275
93
454
' 3, 529
60
125
'954
172
'207
' 1,151
75
112
' 1,069
35
99
'874
' 104
'136
1,477
v 1, 625
6,382
516
333
242
3,283
570
344
251
6,101
494
286
213
5,790
558
336
254
' 5,682
5.466
r 5. 629
'352
287
366
308
289
249
0)
0)
0)
4.1
2.2
1.7
1.8
2.7
3.0
3.8
4.0
3.5
4.4
'5.1
'5.6
4.4
2.84
3.22
4.09
3.06
3.34
'2.93
3.29
3.92
4.16
5.06
6.17
5.89
4.10
3.46
.12
2.65
.69
3.88
.09
3.21
.58
3.19
.10
2.24
.85
2.61
.10
1.87
.64
3.18
.13
2.23
.82
3.46
.10
2.60
.76
3.48
.13
2.67
3.31
.12
2.46
.73
3.36
.12
2.54
.70
3.01
.14
2.05
.82
2.79
.14
1.58
1.07
2.91
.17
1.81
. 93
2.95
. 15
1.97
.83
103. 9
104.9
87.1
79.6
83.7
76.0
86.0
77.7
87.6
79.4
85.5
79.5
85.0
86.5
80.7
84.4
76.0
89.7
81.5
93.8
'87.8
101. 6
' 99. 6
101.8
M01.3
PAY ROLLS
Factory, unadjusted (U. S. Department of
Labor)t
1923-25=100..
Durable goods
do
Iron and steel and their products, not including machinery. „_ .-1923-25=100..
Blast furnaces, steel works, and rolling
mills
.
1923-25=100..
Hardware
do -Structural and ornamental metal work
1923-25=100-Tin cans and other tinware
do
Lumber and allied products
do—
Furniture
do
Lumber, sawmills
do
Machinery, hot including transportation
equipment
1923-25=100-.
Agricultural implements (including tractors)
1923-25 = 100..
Electrical machinery, apparatus, and
supplies
1923-25=100Engines, turbines, water wheels, and
windmills
1923-25 = 100 _
Foundry and machine-shop products
1923-25=100-Radios and phonographs
do_
Metals, nonferrous, and products
do
Brass, bronze, and copper products.do
Stone, clay, and glass products
do
Brick, tile, and terra cotta
do
Glass
do-...
Transportation equipment
do
Automobiles
do
Nondurable goods
do.-_
Chemical, petroleum, and coal products
1923-25=100..
Chemicals
.
do
Paints and varnishes
do
Petroleum refining
.
do
Rayon and allied products
do
Food and kindred products
do
Baking
do
Slaughtering and meat packing
do
Leather and its manufactures
do j
Boots and shoes
do
Paper and printing
do I
Paper and pulp
do__.
Rubber products
do
Rubber tires and inner tubes
do
Textiles and their products
__.do
Fabrics
do
Wearing apparel
do
Tobacco manufactures
do
Factory, unadjusted, 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..
Pittsburghf.
do
Wilmingtonf.
do
State:
Delawaref
do—
Illinois
.1925-27=100..
Maryland.._
1929-31 = 100..
Massachusetts
1925-27=100..
New Jerseyf—
.1923-25=100..
New York..
_
1925-27=100..
Pennsylvania!
1923-25=100..
Wisconsin!.
1925-27=100..
115. 5
82.7
79.5
81.7
83.6
82.0
80.2
82.6
78.6
88.0
92.8
129. 4
116.5
85.7
93.2
84.5
84.6
85.9
81.6
87.3
84.7
85.2
79.3
82.3
77.6
85.9
73.8
82.0
65.4
92.7
80.1
95.3
113.9
123.6
109. 6
' 127. 3
'118.6
67.1
99. 6
66. 2
85. 4
51.6
89.2
55.7
71.5
48.3
50.2
87.9
51.7
63.6
45.7
53.0
87.1
52.7
69.6
44.3
55.9
94.0
53.6
69.8
45.7
57.7
95.4
55.4
67.0
49.9
57.3
98.2
58.0
66.6
54.2
58.8
103.2
60.1
68.5
55.9
58. 7
102.8
56.4
68.0
50.5
63.9
114.9
62.9
75.5
56.8
63.3
117.4
63.5
78.1
56.5
68.3
' 111.3
r
OS. 7
84.9
' 67.1
' 104. 7
68.8
r
86. 2
r
60. 8
88.5
86.5
90.8
93.4
92.8
94.0
95.4
94.0
96.9
100.9
122.5
120.7
141.2
146.4
144.5
134.9
127.3
122. 7
124.0
125.0
86.1
83.5
86.9
90.1
89.2
90.6
91.6
91.0
93.4
98.4
95.3
95.7
104.0
109.0
111.9
114.0
114.3
110.2
113.5
116.2
70.8
118.1
87.1
103.0
67.0
42.8
104.3
97.7
107.4
95.4
69.8
106.3
81.7
96.9
60.4
39.8
96.6
93 2
101.3
92.4
72.8
96.3
85.3
100.4
61.6
38.6
97.9
91.6
97.3
95.3
74.2
93.4
86.2
102.7
65.5
40.4
100.0
91.7
97.0
96.7
73.5
88.7
83.2
99.9
66.4
43.0
93.8
94.2
99.5
92.2
75.0
92.3
84.0
103.5
67.7
43.8
96.3
87.3
88.0
91.9
76.9
104.5
84.0
103.1
70.6
50.1
100.8
88.9
88.6
93.0
74.8
113.6
82.4
103.9
65.9
46.4
91.5
76.6
72.9
93.7
78.4
122.8
88.7
110.5
71.6
50.1
102.5
78.3
75.0
99.0
80.2
139.0
96.5
122.8
71.7
50.4
105. 0
'99.5
' 102.9
100.5
129.2
89. 5
109. 6
113.6
154. 1
80. 3
50. 6
121.2
109. 9
113.3
103. 8
'94.3
' 170. 3
' 115.3
' 157. 0
r
78. 7
' 54. 3
'120.2
' 108. 0
' 109. 3
102.4
119.3
132.2
117.6
134.2
276.8
118.9
131.5
109.4
74.8
69.8
108.5
103.5
86.8
76.9
85.5
82.4
86.0
61.7
118.8
130.2
115.3
134.6
283.3
113.1
129.5
108.0
83.0
80.0
103.2
102.7
82.2
74.2
83.2
80.1
83.9
51.3
118.9
132.0
117.9
132.5
287.8
110.0
130.0
98.5
89.5
87.8
103.6
105.2
81.0
71.0
90.3
82.5
99.6
52.7
120.6
133.3
122.7
131.6
286.9
111.8
131.3
97.8
89.4
88.3
105.4
105.6
83.2
74.1
91.4
80.6
106.8
53.3
119.5
130.2
125.6
128.6
278.6
112.1
129.1
96.7
79.8
77.3
104.5
104.7
81.0
71.7
82.0
74.9
90.5
55.0
119.6
131.3
129.8
132.2
273.0
J18.8
136.5
104.7
68.6
63.8
105.1
105.6
80.0
71.6
79.9
75.3
83.5
57.7
118.7
131.5
128.9
134.4
271.8
123.8
138.1
106.7
74.6
70.4
103. 5
104.5
82.1
74.8
79.6
75.6
82.3
61.5
117.9
130.8
124.0
131.5
283.2
128.6
139.1
109.2
83.6
81.9
102.0
101.2
81.5
77.1
79.3
76.6
79.7
61.8
119.0
136.3
125.6
135.9
246.6
135. 1
135.3
105.8
84.6
82.9
103.7
107.7
86.3
78.9
88.2
80.2
98.3
62.7
' 124.6
139.7
127.5
134.8
286.4
' 139.7
138.8
107.9
76.6
72.4
109.3
113.4
91.0
82.7
'86.6
81.0
92.1
62.9
133. 3
157.9
134. 6
140. 0
303. 0
129.9
136. 6
107.7
76. 5
71.1
113.8
125. 6
101.9
90 6
'93. 7
88.0
r
98. 7
63. 4
133. 0
' 161.2
' 131.5
' 137. 9
r 310. 4
'125.3
' 136. 9
112.5
'71. 1
' 64. 6
' 114.2
' 124.6
' 100. 1
' 86. 4
92.9
'91.7
r eg o
62'. 9
127.7
69. 4
110.6
88
86. 0
97.9
85.8
99.4
58.5
92.8
79.0
74.6
62.5
72.2
96.0
57.1
88.8
77.6
73.1
61.8
72. 7
99.5
57.3
95.4
82.0
75.1
64.7
73.6
103.2
59.0
97.0
86.9
75.9
65.2
75.6
102.5
57.3
94.7
79.5
72.6
63.4
77.1
107.2
57.8
92.8
77.7
73.6
62.4
76.4
110.5
58.7
96.5
76.9
76.5
66.5
75.8
110.6
59.1
92.4
76. 3
77.6
62.4
71.4
114.0
61.3
98.1
85.5
79.1
72.0
67.7
118.3
62.8
96.4
86.4
79.7
72.6
73.7
126.2
67.4
103. 4
90.1
r
85. 6
92.7
81.7
128.2
67.5
109.4
87.4
85.6
'96.1
83.7
95 2
79! 1
127. 5
81.4
64.9
101.9
69.5
86.8
75.8
69.0
83.8
81.9
63.2
97.9
68.3
84.7
74.4
67.1
79.5
82.5
65.1
102.2
70.9
86.1
76.8
69.6
85.7
84.7
67.3
105.3
71.2
88.1
79.4
70.8
86.7
86.5
66.2
104.5
68.2
86.0
76.4
67.8
85.3
85.3
66.4
107.0
67.0
87.3
74.4
67.5
86.3
85.0
67.3
110.4
67.5
89.2
75.9
70.4
89.2
81.1
66.6
110.4
70.1
87.7
75.8
69.2
86.6
79.7
70.3
110.2
72.1
91.8
80.2
74.2
91.6
86.7
71.7
117.5
74.2
94.2
S2.4
74.9
90.1
92. 1
77.9
126.9
77.4
104.3
87.4
92.9
77.8
r 127. 8
78.9
106. 4
87.8
90.1
99.4
57.0
121.8
151.5
113.3
155. 9
98.8
147.0
115.7
159.0
76. 7
52.2
118.3
125.2
129. 4
102.7
133. 0
101. 4
130. 0
137.4
314.0
124.2
134. 1
121. 6
75. 6
70.4
116.8
122.7
99.1
87.8
91.8
89.4
90. 5
62.3
105. 7
89.3
90.5
100.1
1
'114.6
' 61.6
111.0
' 117.0
131.3
105. 7
rSS 7
96.2
' 109. 6
'139.1
Discontinued by original source.
!Revised series. For data on factory pay rolls (U. S. Dept. o i Labor) see footnote marked with a " t " on p. 64. For Wisconsin pay rolls, see footnote marked with a
p. 65.- Other State and city payroll indexes revised beginning with the year specified: Philadelphia, 1932; Pit
Pittsburgh, 1928; Wilmington, 1930; Delaware, 1932; New
, ! " on p.
J
ersey, 1932; and Pennsylvania, 1932; data not shown in the December 1939 Survey will appear in i subsequent issue.
' Revised.
v Preliminary.
I Title changed from U. S. Employment Service.
67
SURVEY OF CURRENT BUSINESS
February 1940
1938
Monthly statistics through December 1937, to- 1939
gether with explanatory notes and references
to the sources of the data may be found in the Decem- December
ber
1938 Supplement to the Survey
1939
January
February
March
April
May
June
July
Sep- October NovemAugust tember
ber
EMPLOYMENT CONDITIONS AND WAGES—Continued
PAY ROLLS—Continued
Nonmanufacturing, unadjusted (U. 8. Department of Labor):
Mining:
Anthracite
1929=100..
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—
Services:
Dyeing and cleaning...
do—
Laundries
do—
Year-round hotels
do—
Trade:
Retail, total
do....
General merchandising
do—
Other than general merchandising..do
Wholesale
do.
WAGES
Factory average weekly earnings:
National Industrial Conference Board (25
industries)!
dollars..
U. S. Department of Laborf
do
Durable goods
do—
Iron and steel and their products, not including machinery
dollars..
Blast furnaces, steel works, and rolling
mills
..dollars.
Hardware
do—
Structural and ornamental metal work
dollars..
Tin cans and other tinware
do
Lumber and allied products
do...
Furniture
..do...
Lumber, sawmills
do...
Machinery, not including transportation
equipment
.dollars. _
Agricultural implements (including
tractors)
dollars..
Electrical machinery, apparatus, and
supplies
.
dollars.
Engines, turbines, water wheels, and
windmills
dollars..
Foundry and machine-shop products
dollars..
Radios and phonographs
do
Metals, nonferrous, and products..do—
Brass, bronze, and copper products
dollars..
Stone, clay, and glass products
do.
Brick, tile, and terra cotta
do.
Glass
_do
Transportation equipment
do
Automobiles
.
do
Nondurable goods
do
Chemical, petroleum, and coal products
dollars. _
Chemicals
do
Paints and varnishes
__
.do
Petroleum refining
do
Rayon and allied products..
do
Food and kindred products.__
do
Baking
do
Slaughtering and meat packing. _do
Leather and its manufactures
do
Boots and shoes
do
Paper and printing
do
Paper and pulp
do
Rubber products
do
Rubber tires and inner tubes
do
Textiles and their products
.do
Fabrics
do
Wearing apparel
do
Tobacco manufactures
do
Factory average hourly earnings:
National Industrial Conference Board (25
industries)!
dollars..
U. S. Department of Laborf
do
Durable goods
do
Iron and steel and their products, not including machinery
dollars..
Blast furnaces, steel works, and rolling
mills
dollars..
Hardware
do
Structural and ornamental metal work
dollars. .
Tin cans and other tinware
do
Lumber and allied products
do
Furniture
do
Lumber, sawmills
do
' Revised.
V. s!
26.6
84.0
66.5
59.1
39.2
42.5
80.9
54.1
62.5
33.7
38.0
78.2
55.3
60.9
30.2
45.2
81.2
53.4
62.7
29.7
34.2
77.8
53.6
61.3
33.1
43.4
17.6
52.6
60.8
35,9
57.0
20.4
54.1
61.2
39.7
36.1
66.5
53.8
62.5
41.7
25.2
64.5
48.5
61.9
40.9
33.8
74.6
53.0
62.0
42.9
40.1
80.2
55.1
60.8
42.7
52.2
'97.6
'63.4
' 58. 8
' 45. 6
'42.7
'96.7
'63.7
' 59.3
42.9
101.1
70.9
94.6
98.2
69.7
92.5
95.9
71.1
92.0
96.4
69.9
91.7
'96.7
70.5
91.9
96.9
69.6
92.1
98.8
70.1
93.7
100.2
71.2
93.7
100.0
70.6
94.6
101.1
71.0
94.3
101.0
70.4
94.9
' 101.0
'72.4
' 95. 2
101. 5
'70.6
'94.5
68.7
83.5
68.3
80.0
81.1
65.8
79.6
80.2
63.2
78.6
82.8
67.7
79.3
81.1
73.3
79.9
81.9
83.0
83.9
82.4
84.2
86.9
82.0
77.1
88.0
79.1
73.0
85.9
79.2
78.3
84.5
80.4
77.3
S3. 9
'72.1
'82.9
'81.9
82. 1
129.7
72.2
79.4
79.2
122.9
70.1
75.7
69.7
84.0
66.7
75.5
68.4
81.0
65.8
74.6
69.6
83.4
66.8
74.7
71.3
86.6
68.1
74.8
71.5
86.7
68.3
74.9
72.5
88.1
69.3
75.8
70.9
83.8
68.2
75.8
69.4
81.1
67.0
76.2
72.3
88.3
69.0
78.0
' 74.1
'91.7
70. 5
' 74.7
'95.7
' 70.4
'79.3
28.53
26.05
24.26
27.27
25.95
23. 80
26.53
26.11
24.01
26. 78
26.25
24.18
27.02
26.27
23.79
26.92
26.19
23. 84
26.82
26.67
24.17
27.26
26.64
23.64
26.31
27.29
24.52
27.92
27.58
24.72
28.18
28 24
'25.81
' 29. 71
28. 49
25. 69
29.32
.730
26.91
26.37
26.70
27.01
26.46
26.17
26.89
25. 81
28.17
28.25
' 31.10
28.49
25.31
28.18
23.42
28.47
23.04
28.81
23.93
28.07
23.05
27.40
23.87
28.30
25.21
27.12
23.38
30.13
26.10
29.77
29.85
33.91
27.13
33. 08
27.58
27.18
22.76
19.36
20.60
17.62
26.59
22.78
18.71
19.13
17.50
26.93
22.33
19.04
20.26
17.18
27. 54
23. 57
19.19
20.20
17.57
28.06
23.19
19.18
19. 74
18.04
27.71
23. C6
19.72
19.86
18.95
28.13
23. 82
19.95
19.91
19.21
27.42
23.12
18.61
19.47
17.08
28.74
24.20
20.14
20.90
18.76
27.62
24.86
19. 95
20.95
18.39
28. 87
' 28. 86
' 20.80
21. 72
' 19. 45
28 52
23.' 82
20. 64
21. 03
19.20
27.00
26.51
27.27
27.67
27.45
27.86
27.97
27.55
28.07
28.23
29. 20
29. .52
29.85
27.92
29.96
30.19
30. 00
29.56
28.85
29.20
29.11
28.91
29. 92
30.27
29. 34
27.26
27.05
27.63
28.09
27.57
28.11
28.42
28.05
28.50
28.71
29.24
29.73
29.21
30.50
30.92
30.94
30.95
30.57
30.36
31.01
30.97
32.48
33. 46
26.48
22.62
25.81
26.11
22.15
24.85
26.69
21.15
25.48
27. 02
21.14
25.60
26.70
21.19
24.90
27.23
21.73
25.38
27.71
21.63
25.52
26.95
21.71
25.11
27.78
22.38
25.98
27.86
22.92
26.69
oo 27
23. 79
28. 58
29. 43
23.47
28.25
26.92
24.03
20.06
25.76
32.72
33.22
21.52
25. 79
22.98
19.65
24.72
31.32
31.55
21. 29
26.42
23.43
19.47
25.04
30.69
30.80
21.47
26.98
23.72
19.59
25.30
30.81
30.87
21.58
26.43
22.96
19.46
23.37
31.80
32.33
20.89
27.18
23.47
19.91
24.15
31.04
31.18
21.09
27.32
23.94
21.25
24. 86
31.73
31.94
21.31
27.53
22.58
19.58
23.26
31.06
31. 50
21.25
28.00
24.26
21.17
25.45
33.71
35.15
21.58
29.15
24.03
' 20. 52
25.43
»-33.25
••34.41
21.54
32 21
2o.0S
22.51
27.71
' 33. 82
' 34. 75
' 22. 02
31.39
22. 07
21.67
26.80
33. 96
35. 32
22.06
28. 36
30.72
27.80
35.30
23.80
24.75
25.26
27.69
18.62
17.11
28.61
23.85
28.40
33.76
17.00
16.82
17.61
16.92
28.48
30.63
27.34
35.75
24.22
24.96
25.47
28.05
19.71
18.54
27.87
23.82
27.59
32.59
16.75
16.55
17.38
15.59
28.38
30.89
27.84
35.23
24.15
24.83
25.40
26.98
20.19
19.13
27.89
24.16
27.11
31.68
17.35
16.81
19.03
15.19
28.14
31.08
28.30
35.20
24.24
25.00
25.52
27.32
20.12
19.17
28.37
24.43
27.40
32. 54
17.38
16.56
19.91
16.22
27.63
30.66
28.24
34.39
23.64
24.57
25.11
27.23
18.73
17.58
28.08
24.11
27.00
31.48
16.36
15.86
17.84
16.08
28.60
31.00
29.12
35.10
23.70
25.48
25.91
28.39
17.43
15.93
28.22
24. 25
26.78
31.46
16.36
16.02
17.43
16.60
29.23
31.07
28.62
34.99
24.38
25.13
25.96
28.25
18.65
17.28
28.10
24.13
27.88
33.06
16.51
16.20
17.46
17.19
28.85
30.74
28.14
33.91
24.47
24.61
26. 05
28.54
19.72
18.74
27.57
23.40
28.22
33.84
16.46
16.23
17.14
17.48
29. 49
31.48
28.47
34.76
24.81
23.95
25.49
27.77
19.78
18.74
28.04
24.65
28.52
33.77
17.20
16.63
18.77
17.43
'28.74
31.08
28.65
34.38
24.49
'24.19
26.00
27.99
18.45
17. 04
28.89
25.64
28.93
34.55
16.91
16.73
17.40
'17.44
' 29. 54
32. 51
29. 46
35.77
' 25. 03
24. 35
25. 65
27. GO
IS. 74
17.20
29.40
27.19
30.11
35.91
r
17.58
' 17.21
r
18. 63
<• 17. 55
29. 52
31.73
28.72
34.94
25. 42
24.93
25.97
27.45
18.20
16.46
29 22
26! 61
29.02
33. 78
17.72
17.67
17. 86
17. 50
.713
.642
.709
.713
.644
.710
.713
.643
.709
.715
.645
.711
.717
.642
.710
.720
.643
.707
.721
.642
.708
.721
.637
.702
.720
.634
.699
.722
'.638
'.709
'.724
'„ 646
'. 713
. 653
.757
.755
.753
.752
.752
.752
.756
.759
.757
.761
'. 764
.767
.842
.667
.835
.660
.835
.651
.835
.655
.835
.655
.835
.651
.842
.655
.849
.625
.843
.669
.845
.722
'. 848
.676
.847
. 685
.727
.608
.492
.526
.460
.731
.613
.490
.521
.458
.729
.610
.487
.523
.452
.731
.608
.492
.527
.460
.731
.611
.498 |
.532
.471
.727
.609
.502
.530
.481
.721
.604
.504
.527
.484
.722
.605
.498
.528
.473
.726
.608
.502
.529
.481
.721
.615
.501
.530
.479 i
'. 610
'.502
'. 527
'. 483
.725
.618
.515
. 536
.497
5; f o r
.727
.716
68
SURVEY OF CURRENT BUSINESS
Monthly statistics through December 1937, together with explanatory notes and references
to the sources of the data may be found in the
1938 Supplement to the Survey
1939
1938
Decem- December
ber
February 1940
1939
January
February-
March
April
May
June
July
August
September
October November
EMPLOYMENT CONDITIONS AND WAGES—Continued
WAGES—Continued
Factory average hourly earnings—Continued.
U. S. Dept. of Labort—Continued.
Durable goods—Continued:
Machinery, not including transportation
equipment
dollars..
Agricultural implements (including
tractors)
dollars...
Electrical machinery, apparatus, and
supplies
dollars. _
Engines, turbines, water wheels, and
windmills
dollars_.
Foundry and machine-shop products
dollars..
Radios and phonographs
do
Metals, nonferrous, and products, .do
Brass, bronze, and copper products
dollars..
Stone, clay, and glass products
do
Brick, tile, and terra cotta
do
Glass
do
Transportation equipment
do
Automobiles
do
Nondurable goods
do
Chemical, petroleum, and coal products
dollars. Chemicals
do
Paints and varnishes
do
Petroleum refining
do
Rayon and allied products
do
Food and kindred products
do
Baking
do
Slaughtering and meat packing do
Leather and its manufactures
do
Boots and shoes....
do
Paper and printing
do
Paper and pulp
do
Rubber products
do
Rubber tires and inner tubes
do
Textiles and their products
do
Fabrics
do
Wearing apparel
do
Tobacco manufactures
do
Factory average 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=100
Wisconsin f
1925-27=100
Miscellaneous wage data:
Construction wage rates (E. N. R.): §
Common labor
_dol. per hour..
Skilled labor
do....
Farm wages without board (quarterly) f
dol. per month..
Railwa y wages (average, class I)
dol. per hour._
Road-building wages, common labor:
United States, average
dol. per hour..
East North Central.
_
do
East South Central
do
Middle Atlantic
do
Mountain
do
New England
_
do
Pacific
do
South Atlantic
do....
West North Central
do....
West South Central
do
.721
.724
. 725
.728
.726
.725
.803
.794
.804
S03
.795
.787
.780
.785
.743
.745
.742
.744
.744
.743
.787
.782
.736
93.5
97.9
.721
.723
.778
.782
.787
.740
.733
.731
.787
^.794
.799
.72]
.781
.793
.788
.787
.788
.712
582
.670
.713
.591
.667
.711
.577
.666
.715
.578
667
.714
.586
.670
.710
.589
.673
.716
.583
.671
.715
.576
.672
.714
.576
.668
.715
.577
.674
.718
.573
.691
.720
.583
.690
.707
.649
.537
.723
.901
.924
.589
.701
.651
.540
.728
.898
.921
.592
.704
.649
.542
.720
.897
.924
.591
.705
. 652
.544
.716
.900
.926
.591
.704
.648
.535
.707
.897
.928
.588
.70S
.644
.534
.706
.894
.931
.592
.707
.647
.538
.711
. 895
.933
590
.715
.646
.531
.716
.886
.928
.587
.710
.646
.539
.714
.888
.935
585
.714
.647
.540
.718
.895
.934
.583
.757
'.654
r. 551
'.730
'.891
'.922
.590
.753
.657
.554
.735
.888
.925
.599
.739
.781
.699
.974
.641
.617
.615
.679
.526
.499
.770
.613
, 765
.961
.480
.460
.520
.469
.741
.780
.699
.980
.637
.628
.617
.683
.525
.498
.768
.616
.770
.957
.484
.461
.527
.481
.738
.780
.697
.970
.640
.632
.615
.684
.522
.496
.768
.611
.761
.953
.488
.461
.538
.473
.728
.780
.698
.973
.643
.629
.615
.689
.524
. 500
.771
.614
.763
.957
.489
.459
.541
.474
.721
.777
.697
.973
.647
.627
.613
.694
.524
.501
. 772
.'612
.760
.947
.480
.458
.518
.474
.740
.776
.701
.970
.647
.631
.617
.689
.528
.504
.774
.616
.760
.944
.478
.460
.511
.472
.757
.777
.697
.972
.643
.622
.618
.691
.529
.505
.776
618
.765
.947
.473
.459
.499
.474
.768
.783
.704
.985
.639
.613
.624
.687
.522
. 498
.772
.616
.472
.460
.496
.476
.766
.785
.707
.975
.643
.596
624
.688
.526
.502
.768
.618
.770
.956
.483
.460
.523
.472
.741
.781
.704
.969
.646
.585
.620
.686
.532
.508
.774
.620
.768
.959
.482
.461
.519
.475
'.738
.789
'.712
'.974
.646
.608
.623
'.685
.532
.508
.773
.629
.769
.961
.486
'.464
'. 527
'.574
.752
.787
.715
. 972
.'659
.625
.627
.684
.539
.514
.772
.627
.768
.959
.494
.478
.525
.479
89.0
91.3
93.8
110.2
93.0
98.1
88.3
92.0
95.3
110.8
93.7
100.3
103.6
89.6
93.9
95.4
112.8
92.5
93.4
91.4
93.4
94.9
113.0
93.8
101.0
' 102.7
88.2
92.3
95.8
112. 1
94.0
97.3
'97.2
82.4
94.6
95.6
113.3
95.4
103.0
'101.7
83.9
94. 5
96.7
113.5
94.1
101. 5
99.1
90.3
98.2
96.6
119.7
96.4
111.1
107.6
'91.5
96.3
.682
1.43
1.44
.685
1.44
.685
1.44
.685
1.44
.685
1.48
120.0
97.7
111.7
107.6
92.6
94.3
111.5
93.3
98.8
101.8
.685
1.46
.682
1.43
95.9
101.2
103.7
110.7
93.1
96.9
101.9
92.8
93.5
111.8
92.6
97.5
' 102.2
.680
1.43
1.44
.683
1.44
.682
1.44
.684
1.44
,740
.750
.726
.732
.720
.719
.724
.714
.731
.729
.37
.59
.26
.43
.36
.35
.60
.27
.57
.54
.50
.65
.27
.40
.37
.39
.52
.53
.51
.66
.27
.42
.35
.35
.60
.28
.56
.51
.48
.67
.27
.41
.38
.54
.55
.57
.67
.28
.42
.37
.40
.60
.28
.51
.55
.52
.63
.28
.45
.37
.41
.63
.29
.51
.56
.49
.65
.28
.45
.37
.43
.60
.29
.52
.56
.49
.65
.29
.47
.35
.43
.61
.30
.51
.57
.47
.64
.30
.46
.37
.43
.60
.30
.53
.58
.45
.64
.30
.46
.37
.43
.59
.31
.51
.57
.48
.64
.30
.47
.38
.44
.59
.32
.53
.56
.49
.66
.32
.46
.38
325
316
310
318
309
308
305
279
276
258
'268
272
48
39
48
38
1
1
35.42
34.92
.735
.63
27
.51
.53
.50
119.5
96.1
110.8
107.9
36.13
36.26
ALL PUBLIC RELIEF
Total, exclusive of cost of administration, material, etc.t
—
..mil. of doL.
Obligations incurred for.
Special types of public assistance
do
General relief
do
Subsistence payments certified by the Farm
Security Administration
mil. of dol__
Earnings of persons employed on Federal
work programs
Civilian Conservation Corps...mil. of dol._
Works Progress Administration:
Operated by W. P . A.f
do
Operated by other Federal agenciesf- do
National Youth Administration:
Student aid
do
Work projects t
do
Other Federal work and construction
projectst
mil. of dol..
46
19
21
21
18
20
20
168
5
156
5
150
4
158
5
146
6
141
7
37
36
34
35
40
46
48
19
54
19
19
19
19
120
'3
108
3
98
4
102
4
2
4
3
5
53
51
•a• Revised.
Less than $500,000.
§ Construction wage rates as of Jan. 1, 1940, common labor $0,685, skilled labor $1.47.
t Revised series. For revisions in U. S. Department of Labor factory weekly and hourly earnings, and hours worked per week, see table 1, p. 17 of the January 1940 issue.
Farm wages revised beginning 1913; see table 53, p. 18 of the November 1939 issue. Data on all public relief revised beginning with January 1933; the historical record can
be obtained from the most recent Social Security Bulletin together with the issue for August 1939. The revised series differ from those previously published in that they
include, in addition to earnings of persons certified as in need of relief, the earnings of all other persons employed on work or construction projects financed in whole or in part
from Federal funds. Wisconsin weekly earnings revised beginning January 1929; data not shown in the December 1939 Survey will appear in a subsequent issue.
February 1940
Monthly statistics through December 1937, together with explanatory notes and references
to the sources of the data may be found in the
1938 Supplement to the Survey
69
SUEVEY OF CURRENT BUSINESS
1939
1939
1938
Decem- December
ber
January
February
March
April
May
June
July
August
September
October Novem
ber
FINANCE
BANKING
Acceptances and com'l paper outstanding:
233
235
247
245
216
221
236
Bankers' acceptances, total
mil. of dol__
270
223
255
248
245
238
Held by Federal Keserve banks:
0
0
0
0
0
0
For own account
do
0
(a)
(a)
0
0
0
0
For foreign correspondents
do
0
0
Held by group of accepting banks:
175
192
191
179
191
172
212
177
204
198
191
189
188
Total
mil. of dol_.
105
128
111
124
115
103
121
122
122
117
118
119
Own bills
do
122
63
67
70
62
82
76
69
91
74
72
Purchased bills
_._do
44
42
57
55
53
39
52
50
54
49
51
58
Held by others
.
do
201
205
210
195
195
191
192
181
209
189
194
214
187
Commercial paper outstanding
do
Agricultural loans outstanding of agencies supervised by the Farm Credit Adm:
3,134
3,057
3,158
3, 085
3,166
3,109
3,185
3,172
3,210
3,178
3,173
3,067
3,148
Grand total
_.__mil. of doL2,637
2,596
2, 616
2,671
2,626
2,719
2,658
2,735
2,710
2,683
2,694
2,605
2,647
Farm mortgage loans, total
do
1,928
1,916
1,905
1,923
1,948
1,941
1,982
1,973
1,969
1,955
1,910
1,960
1,934
Federal land banks
do
708
699
691
718
704
741
723
728
695
753
746
734
Land Bank Commissioner
do
713
84
99
83
93
84
112
105
95
Loans to cooperatives, total •
do
85
91
Banks for cooperatives incl. Central
76
60
61
70
74
62
73
87
65
Bank
mil. of dol..
66
Agricultural Marketing Act revolving
22
21
22
23
22
24
21
24
23
24
23
22
fund
mil. of dol..
23
414
363
362
411
395
363
403
366
Short-term credit, total
do
417
370
376
417
Federal intermediate credit banks, loans
to and discounts for:
Regional agricultural credit corps.,
prod, credit ass'ns, and banks for co165
188
190
170
180
164
187
165
168
175
167
183
189
operativesc?"
mil. of dol__
42
33
40
34
33
38
38
34
35
34
41
33
36
Other financing institutions
do
154
185
188
163
183
174
148
148
168
155
188
178
157
Production credit ass'ns
do
10
8
10
10
9
8
11
11
10
11
10
10
8
Regional agr. credit corps
do
124
115
125
125
121
118
116
115
121
116
125
125
116
Emergency crop loans
do
53
54
54
54
54
55
55
54
54
54
53
54
53
Drought relief loans
do
66
79
80
76
75
87
85
83
85
77
73
82
70
Joint Stock Land Banks in liquidation.,do
40,019
33, 664 32,711
39,966 32,393
31,676
27,581 34,486 30,143
30, 477 30, 613
Bank debits, total (141 cities)
mil. of doL
31,928 33,988
17, 633 18,879
15,138
13, 683 13,041
14,533
12,380 16, 274 13,311
12, 794 13,118
14,165 15,312
New York City..
do
22,386
18, 526 19, 029 18,636
17, 860 15,201
21.087
18, 211 16,832
17, 763 18, 676 17, 683 17,496
Outside New York City
do
Federal Reserve banks, condition, end of mo.:
18, 740
15,581
15, 639
15,862 16,186
16,766
16,922 17,172
Assets (resources) total
mil. of dol.. 19,027
17,348 17, 823 18, 602 18,779
Reserve bank credit outstanding, total
2,593
2,446
2,579
2,801
2,878
2,607
2,595
2,650
2,601
2,598
2,486
mil. of dol..
2,587
2,573
0
1
1
0
1
1
1
0
1
1
1
1
1
Bills bought
..do
7
5
6
5
5
3
8
4
4
5
4
4
6
Bills discounted
do
2,484
2,426
2,551
2,564
2,574
2,736
2,571
2,804
2,552
2,564
2,564
United States securities
do
2,564
2,488
15, 524 12,166
12,382 12,561
15,178
15,013
15, 295
12,951 13,476
Reserves, total
do
13, 673 13, 874 14,230 14, 661
15, 209 11,798
11,948 12,125
14, 679 14, 838 14,976
12, 553 13,103
13, 326 13, 524 13,878 14, 321
Gold certificates
do
19, 027 15,581
15,639
16,766
18, 602 18,779
18,740
15,862 16,186
16,922 17,172
Liabilities, total
do
17,348 17, 823
12, 941 10.088
10,420
11,376
12, 953 12,988
12, 865
10, 571 10,919
11,535 11,701
Deposits, total
do
11,952 12, 247
Member bank reserve balances, total
11,653
10,018
10,
918
8,724
11,655
11,973
9,215
9,900
mil. of doL.
9,157
10,029
10, 507
11,628
5,209
4,140
4.758
5,352
5,553
3,205
3,644
4,098
Excess reserves (estimated)
do
3,559
3,387
4,218
4,553
5,160
4,959
4,720
4,773
4,511
4,631
4,452
4,339
4,353
4,458
Federal Reserve notes in circulation..do
4,380
4,862
4,530
4,477
86.7
85.0
85.6
85.5
83.7
83.9
84.2
85.1
86.3
Reserve ratio
percent,.
84.7
85.4
Federal Reserve reporting member banks,
condition, Wednesday nearest end of month:
Deposits:
15,986
18, 333 18,556
16,048 15,965 15,991
16, 660 16,965 17, 220
18,972
Demand, adjusted
mil. of dol._ 18, 566
17,462 18, 096
5,276
5,247
5,249
5,160
5,231
5,183
5,217
5,202
5,248
5,237
5,232
5,235
5,243
Time
do
8,190
7,167
7, 954
6,061
7,667
6,359
6,466
6,414
6,627
6,747
7,894
7,012
6,675
Domestic interbank
do
14, 413
14, 207 14,503
13,714
13,219
13, 408 13,388
13,209
Investments, total 5
do
13,554 13,862
14,078 14, 233 14,069
8,703
8,684
8,565
8,341
8,266
8,437
8,173
8,096
8,143
8,423
U. S. Government direct obligations, do
8,515
8,713
8,237
Obligations fully guaranteed by U. S.
2,412
2,286
2,232
1,732
2,232
1,789
2,019
2,026
2,148
2,241
2,026
2,055
Government
.mil. of dol_.
2,408
3,298
3,382
3,400
3, 291
3,221
3,247
3,246
3,347
3,291
3,266
Other securities 1
do
3,262
3,322
3,382
8,674
8,209
8,350
8,233
8,186
8,071
8,430
8,191
Loans, total 1
do
8,656
8,126
8,166
8,521
Commercial, industrial, and agricultural
4,353
3,841
3,814
4,310
3,843
3,773
3,822
3,833
4,229
3,767
loans 1
mil. of dol_.
4,381
3,887
315
324
317
328
302
317
313
305
303
316
312
Open market paper
do
308
313
To brokers and dealers in securities
700
792
764
533
603
848
799
721
648
mil. of doL.
655
Other loans for purchasing or carrying secu504
512
519
535
531
539
560
523
543
510
539
499
526
rities
mil. of dol._
1,188
1,184
1,174
1,174
1,169
1,148
1,140
1,136
1,161
1,180
1,156
1,189
Real estate loans
do
1,168
50
49
36
115
99
60
35
94
92
59
51
36
74
Loans to banks
do
1,564
1,567
1,542
1,533
1,546
1,559
1,521
1,547
1,543
1,550
1,550
1,543
1,579
Other loans ^
do
Money and interest rates:
Bank rates to customers*:
1.96
2.04
1.70
1.73
2.13
1.70
2.15
In New York City
percent..
In seven other northern and eastern cities
2.59
2.78
2.97
2.69
2.95
3.05
3.05
percent..
In eleven southern and western cities
3.32
1.62
3.32
3.26
3.31
3.23
3.77
percent..
Bond yields (Moody's):
2.94
3.02
3.08
2.99
3.01
2.97
2.92
2.93
3.25
3.15
3.00
3.00
2.89
Aaa
do
4.92
5.15
5.27
4.89
5.07
5.12
5.05
4.91
4.85
5.00
4.88
4.85
4.84
Baa
do
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
Discount rate (N. Y. F. R. Bank)
do..4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
Federal land bank loans
do
1.50
1.50
1.92
1.50
1.50
1.50
2.00
1.50
2.00
1.50
1.50
1.50
1.50
Federal intermediate credit bank loans..do
Open market rates, N. Y. C :
Me
Me
Me
Me
Me
M
Me
M
Acceptances, prime, bankers
do
M
Me
V
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
Call loans, renewal (N. Y. S. E.)
do
1.00
Commercial paper, prime (4-6 months)
H-%
H-H
percent..
4
2
1H
Time loans, 90 days (N. Y. S. E.)
do
m
IK
m
1H
1H
1M
M
1M
m
.03
.03
.03
.14
.03
Treasury bills, 91 days (yield)
do
.04
.03
.03
.03
.05
.05
.05
.04
.65
.50
.45
1.07
Treasury notes, 3-5 years (yield)
do
.42
.51
.67
.39
.63
.48
.77
.51
°Less than $500,000.
^
cf To avoid duplication, these loans are excluded from the totals.
•New series. Data beginning 1928 not shown in the December 1939 Survey will appear in a subsequent issue. Quarterly figures beginning March 1939 are not strictly comparable with earlier data. For explanation of new series, see the November 1939 issue of the Federal Reserve Bulletin.
ISee note marked with a " 1 " on p. 30 of the July 1939 issue.
•Includes a small amount of Federal intermediate credit bank loans (direct) not shown separately.
m
n-n
m
SUKVEY OF CURRENT BUSINESS
70
1938
Monthly statistics through December 1937, to- 1939
gether with explanatory notes and references
DecemDecemto the sources of the data may be found in the
ber
ber
1938 Supplement to the Survey
February 1940
1939
January
February
March
April
May
June
July
August
Novem
September October ber
FINANCE—Continued
BANKING-Continued
Savings deposits:
Savings banks in New York State:
5,599
Amount due depositors
mil of dol
U. S. Postal Savings:
1,279
Balance to credit of depositors
do
54
Balance on deposit in banks .
do
COMMERCIAL FAILURES!
882
Grand total
.
number
53
Commercial service, total __
_ do
52
Construction, total.
do _.
179
Manufacturing, total
„ do
6
Chemicals and drugs
do
33
Foods
do _
11
Forest products
. do
Fuels
do
15
Iron and steel
do . .
3
Leather and leather products
. do
10
Machinery..
do
17
Paper, printing, and publishing
do
5
Stone, clay, glass and products ._ do
43
Textiles.. . . .
do .
3
Transportation equipment
do
28
Miscellaneous .
do
508
Retail trade, total
_
do
90
Wholesale trade, total
do
Liabilities, grand total
thous. of dol. 12,078
746
Commercial service, total
do
1,057
Construction, total
do
4,837
Manufacturing, total
do
65
Chemicals and drugs .
do
1,462
Foods
do
153
Forest products
do
304
Fuels
„_ do
162
Iron and steel
do
19
Leather and leather products.
...do
844
Machinery
. do
266
Paper, printing, and publishing
do
272
Stone, clay, glass and products
do.___
857
Textiles
__ do
168
Transportation equipment
..do
265
Miscellaneous
do
4,176
Retail trade, total
do
1,262
Wholesale trade, total
.
do
LIFE INSURANCE
(Association of Life Insurance Presidents)
Aocpfc admitted total'1
mil nfdnl
Mortgage loans, total
do
Farm
do
Other
do
Real estate holdings
do
Policy loans and premium notes
do
Bonds and stocks held (book value) total
mil of dol
Government (domestic and foreign) do
Public utility
do
Railroad
do
Other
do
Cash
do
Other admitted assets
do
Insurance written:®
Policies and certificates, total number
728
thousands..
59
Group _
do
443
Industrial
do
225
Ordinary
do
Value, total
thous. of dol.. 646,545
105, 030
Group
do
124, 662
Industrial _ _ _
do
416,853
Ordinary ._ .
do
Premium collections, total
do
Annuities
do
Group
do
Industrial
do
Ordinary
-_
.do
(Life Insurance Sales Research Bureau) f
Insurance written,ordinary, total..thous. of doL. 567, 212
39,378
New England
do
148,888
Middle Atlantic
do
126,
840
East North Central
do
West North Central
do.... 59,043
South Atlantic
do
56, 672
24, 223
East South Central ._
do
45, 996
West South Central.
__do
17, 347
Mountain
do
Pacific
Lapse r a t e s . . .
do
1925-26=100__
5,405
5,417
5,431
5,478
5,463
5,471
5,514
5,519
5,529
5,557
5,522
5,547
1,252
86
1,259
83
1,263
81
1,266
80
1,264
76
1,262
73
1,262
68
1,268
58
1,271
56
1,267
55
r 1,271
' 54
1,274
875
37
48
175
11
33
21
3
8
5
11
8
4
44
3
24
527
88
36, 528
1,628
797
6,285
185
1,743
489
156
524
169
704
89
116
540
1,206
364
4,142
23,676
1,263
54
54
218
7
43
17
9
12
12
17
15
8
41
3
34
802
135
19,122
1,912
615
6,803
81
1,636
387
357
1,090
575
713
267
335
650
26
686
7,731
2,061
963
32
45
177
12
42
18
6
9
9
11
16
4
31
0
19
618
91
12, 788
262
968
4,985
125
1,482
237
306
255
118
255
512
112
1,055
0
528
5,251
1,322
1,057
49
50
203
6
51
20
3
11
7
15
13
8
48
4
17
634
121
17, 851
1,106
r 1, 224
7,867
54
3,248
742
755
305
86
302
185
155
1,612
145
278
5,618
2,036
1,064
43
51
208
4
58
17
11
12
9
16
13
1
38
2
27
629
133
17, 435
490
744
8,286
100
1,441
339
1,164
363
1,837
563
666
8
1,022
388
395
5,526
2,389
1,028
42
62
189
4
51
21
1
10
4
8
11
8
52
4
15
608
127
14, 664
875
1,154
4,877
107
1,848
525
100
316
28
281
407
212
803
44
206
5,818
1,940
847
48
50
158
7
38
11
5
12
11
8
12
5
29
4
16
506
85
11,460
494
1,150
4,459
97
1,056
214
341
312
199
276
216
79
1,144
45
480
3, 734
1,623
885
25
35
186
3
49
14
6
6
5
14
19
6
40
1
23
548
91
14,128
330
361
6,701
32
2,368
212
1,017
53
213
773
260
263
1,130
58
322
4,668
2,068
859
41
46
151
4
39
18
1
8
11
5
12
3
31
1
18
528
93
11, 259
491
765
4, 069
38
1,642
521
40
337
311
51
269
20
535
16
289
4,461
1,473
758
34
45
133
7
32
14
4
2
3
8
10
6
22
4
21
462
84
9,402
498
927
3,175
124
569
415
816
18
28
192
59
98
342
95
419
3,700
1,102
916
29
46
175
11
40
14
3
8
6
11
16
886
28
46
190
9
49
13
4
8
33
2
24
557
109
16,140
739
1,095
6, 659
121
1,472
1,397
111
262
292
1, 455
421
170
506
126
326
4, 526
3,121
22, 729
4,381
670
3,711
1,751
2,636
22,850
4,395
670
3,725
1,743
2,628
22,929
4,403
669
3,734
1,740
2,621
23,018
4,410
667
3,743
1,738
2,611
23,100
4,416
667
3,749
1,743
2,605
23,199
4,424
666
3,758
1,746
2,598
23, 275
4,435
664
3,771
1,745
2,585
23,398
4,442
659
3,783
1, 747
2,573
23, 489
4,460
663
3,797
1,750
2,564
23, 608
4,472
662
3,810
1,751
2,557
23.711
4,486
662
3,824
1,753
2,547
23, 815
4,499
662
3,837
1, 754
2,534
12,869
5,794
3,004
2,649
1,422
635
457
12,884
5,857
2,957
2,653
1,417
747
453
12,950
5,895
2,974
2,657
1,424
759
456
12,999
5,903
2,995
2,671
1,430
810
450
13,065
5,952
3,003
2,675
1,435
827
444
13,127
5,977
3,007
2,684
1,459
858
446
13,358
6,057
3,139
2,699
1,463
727
425
13,428
6,079
3,163
2,702
1,484
780
428
13, 485
6,123
3,202
2,705
1,455
809
421
13, 553
6,110
3, 259
2,697
1,487
837
438
13,687
6,097
3,401
2,697
1,492
800
438
13,714
6,181
3,382
2,684
1,467
823
491
1,089
71
755
264
974,920
91, 294
226,085
657, 541
355, 603
50, 208
12,148
96,493
196,754
648
30
357
262
729,937
51,899
99,363
578,675
277,860
35,905
12.914
65,146
163,895
675
23
399
252
570, 491
40, 365
109,871
420,255
250,374
22,491
11, 667
56,981
159, 235
842
33
499
310
645,019
45, 205
138, 396
461,418
287, 539
25,817
13,019
62,960
185,743
716
20
464
232
550,666
35,981
129,051
385,634
243,414
19,838
10,450
61, 263
151,863
812
33
496
283
604, 445
43, 278
137,073
424,094
257,965
22,809
11,302
59,846
164,008
841
134
461
245
729, 749
194,223
128, 568
406, 958
268, 472
25, 496
11, 528
61, 255
170,193
687
26
427
234
506, 380
23, 862
118, 218
364, 300
248, 077
27, 712
10, 497
55, 554
154,314
942
261
431
250
584, 595
83, 901
119, 068
381, 626
244, 706
23, 472
11, 292
54, 271
155, 671
642
24
417
200
509, 897
59, 401
115, 935
334, 561
234, 418
18, 248
11, 320
59, 970
144, 880
790
51
484
255
637, 675
75, 929
135,769
425, 977
238,492
20, 879
10, 781
57,055
149,777
724
41
455
228
587, 498
44, 027
128,121
415,350
247, 397
23,412
10,854
52, 800
160, 331
902,741
61,883
281,685
188, 369
93, 598
78, 758
7 33, 643
67, 709
22, 278
74,818
48, 825
729, 766
58, 827
194,457
174,370
76,498
63,300
27,101
53, 202
17,806
64, 205
532,032
43, 632
140,911
122, 242
54,148
48,038
20, 386
42, 233
13, 677
46, 765
577, 203
44,852
159, 747
130,647
55, 913
53,050
22, 845
45,997
15, 848
48, 304
495,650
37, 658
140,175
109, 638
49, 272
45, 771
19,070
38,401
13,663
42, 002
532,089
40, 608
148,804
117,143
53,372
50,104
21,059
42, 221
14, 406
44,372
524, 925
41,314
142, 293
116, 689
53, 078
51,134
21,811
40, 791
14,935
42,880
93
462,423
36,030
124, 598
102, 981
48, 575
42, 233
18, 277
37, 658
13, 659
38, 412
479, 794
34, 364
123, 012
107,019
51, 080
48,480
19, 729
38, 831
14, 842
42, 437
442, 597
33, 493
118, 743
95, 351
45,611
43, 595
19, 741
36, 567
12, 756
36, 740
543,991
43,136
152,548
122, 888
54, 339
52, 598
19,413
40,088
14, 743
44,238
537,951
41,938
150, 742
122, 522
54.246
51,003
20,133
40,588
14,043
42, 736
00
12
9
36
31
525
97
11,877
494
4, I n
123
1,214
149
72
313
68
213
93
219
469
122
1,122
4, 505
1,955
' Revised.
nmercial failures revised beginning June 1934; see table 3, pp. 17-18 of the December 1938 issue. Data for insurance written, ordinary (Life
fRevised series. Data on comn
revised _
for. the
period 1936-38 to include a small amount of intermediate insurance omitted from the original compilation. Revised data
Insurance Sales Research Bureau)) r^...—
„_„ ^
not shown on p. 31 of the November 1939 Survey will appear in a subsequent issue.
J37 companies having 82 percent of total assets of all United States legal reserve companies.
©40 companies having 82 percent of total life insurance outstanding in all United States legal reserve companies.
February' 1940
Monthly statistics through December 1937, together with explanatory notes and references
to the sources of the data may be found in the
1938 Supplement to the Survey
71
SURVEY OF CURRENT BUSINESS
1939
1938
1939
Decem- December
ber
January
February
March
April
June
May
July
SepAugust tember
October Novem
ber
FINANCE—Continued
MONETARY STATISTICS
Foreign exchange rates:
Argentina^
_
dol. per paper peso..
0.298
0.311
0.311
0.312
0.312
0.312
0.312
0.312
Belgium
dol. per belga__
.166
.169
.169
.168
.168
.168
.170
.170
2
Brazil, official
dol. permilreis..
.061
.059
.059
.059
.059
.059
.061
()
.300
British India
dol. per rupee..
.349
.350
.351
.350
.349
.349
.349
.876
.992
.995
Canada.
_
dol. per Canadian dol_.
.996
.995
.991
.998
.996
.052
.052
.052
.052
Chile
_
-dol. per peso..
.052
.052
.052
.052
.022
.026
.026
.026
.026
.026
France.
-dol. per franc
.026
.026
.401
.401
.401
.401
.401
.401
Germany
dol. per reichsmark..
.401
.401
.050
.053
.053
.053
.053
.053
Italy
_._.
dol. per lira..
.053
.053
.234
.272
.273
.273
.273
.272
Japan
dol. per yen..
.273
.273
.531
.542
.536
.531
.531
.544
.532
Netherlands
...dol. per guilder..
.536
.100
.046
(0
.050
.110
.110
Spain.
.dol. per peseta..
0)
0)
.238
.240
.241
.241
.241
.241
.241
Sweden
_._dol. per krona..
.241
4.681
4.670
1682
United Kingdom.
__..dol. per £ . .
4.686
4.669
3.930
4.
681
4.685
.616
.615
.616
.614
Uruguay
dol. per peso..
.658
.616
.616
.617
Goldf
14, 778
14, 599
15,014
14,416
Monetary stock, U. S
mil. of dol._ 17,518
15,509
16,028
15, 878
Movement, foreign:
14,106 - 4 8 , 553
Net release from earmark^
thous. of dol._ -200, 811 - 6 2 , 387
10, 720 -114,842 -251, 579 •102, 596
15
81
11
16
Exports
do
53
231
19
36
Imports
do
451,183 240, 542 156,427 223, 296 365,436 606,027 429,440 240,450
Production:
1,028,774 1,033,939 985, 843 1,073,084 1,017,508 1,084,859 1,058,989
Union of South Africa, total
fine ounces
Witwatersrand (Rand)
do
946, 895 953,916 910,084 989,974
1,000,181 977, 752
Receipts at mint, domestic (unrefined).-do
241, 879 235, 337 233,806 195, 780 209, 778 227, 642 219,161 201, 111
Currency in circulation, total.
.mil. of dol__
6,697
6,712
6,888
7,609
6,764
6,867
6,919
Silver:
2,054
1,344
1,671
Exports!
thous. of dol_.
1,923
2,054
303
611
9,927
7,143
21, 533
10, 328
Imports
do...
3,795
7,207
14,770
6,152
.428
.428
.428
Price at New York
_.dol. perfineoz.
.428
.428
.350
.420
.428
21,822
19,108
Production, world
..thous. offineoz.
19, 511
20,070
26,122
17, 469
18,197
1,454
1,552
1,575
1,637
Canada
do...
1,411
1,920
1,766
1,559
6,794
4,281
4,922
Mexico
do...
4,906
2,515
10, 274
4,586
5,268
4,624
4,669
United States
-do....
5,067
5,336
5,716
5,493
3,701
Stocks, refinery, end of month:
2,409
4,075
7,432
United States
do.
3, 533
4,935
9,903
652
676
615
Canada
do.
255
736
316
167
0.312
.170
.061
.349
.998
.052
.026
.401
.053
.273
.533
.110
.241
4.681
.616
0.298
.167
.061
.303
.893
.052
.023
(4)
.050
.235
.531
.101
.238
4.011
0.311
.170
.061
.344
.995
.052
.026
.399
.053
.269
. 535
.110
.240
4.611
.607
0.170
.061
.299
.913
.052
.023
.395
.051
.235
.532
.105
.238
3.995
16,182
16, 390
16,823
17,002
17,217
-166, 212
9
278,645
152,125
13
259, 934
2,836
15
326,089
79,516
15
69, 740
90, 873
10
167, 991
1,084,334 1,099,816 1,080,474 1,098,842
998,800 1,015,643 997,012 1,014,593
281,317 282,130 362,866 421,796
7,098
7,328
7,249
7,051
274,843
7,413
()
0.298
.165
.061
.301
.878
.052
.022
.401
.050
.234
.531
.100
.238
3.925
.658
640
5,531
.349
21,878
2,099
8,004
3,200
937
4,365
.360
22, 522
2,703
6,971
4,226
1,292
4,639
.370
r 23,634
2, 679
' 6,857
5,145
1, 773
7,268
.357
24, 426
2,913
7,931
4,874
~5,~ 113
6,348
250
4,180
489
5,461
530
3, 589
715
4,638
756
487
4,183
.348
1,898
CORPORATION PROFITS
(Quarterly)
Federal Reserve Bank of New York:
Industrial corporations, total (168 cos.)t
mil. of dol._
Autos, parts, and accessories (28 cos.).do
Chemicals (13 cos.)t
do
Food and beverages (19 cos.)
do
Machinery and machine manufacturing
(17 cos.)
mil. of dol..
Metals and mining (13 cos.)
do
Petroleum (13 cos.)
do
Steel (11 cos.)
do
Miscellaneous (55 cos.)
do
Telephones (91 cos.) (net op. income)
do
Other public utilities (net income) (52 cos.)
mil. of dol._
Interstate Commerce Commission:
Railways, class I (net income)
do
Standard Statistics Co., Inc. (earnings):
Combined index, unadjusted*!
1926=100..
Industrials (119 cos.)-do
p 118.0
Railroads (class l)*t
do.... P74.2
v 134. 9
Utilities (13 cos.)
...do
Combined index, adjusted*!
do
Industrials (119 cos.)
do
Railroads (class l)*f
do
Utilities (13 cos.)
do
179. i
78.4
30.7
20.4
5.6
4.1
4.7
10.3
25.4
56.5
146.9
69.5
24.2
15.8
158.1
64.1
26.4
20.3
p 140. 6
»13.0
32.5
*>22.2
6.2
2.1
5.4
2.7
7.0
3.3
6.2
17.3
56.4
7.4
24.2
60.4
22.1
P28.6
60.1
48.6
54.1
54.5
51.3
53.7
M3.6
-M8.2
57.7
76.7
69.3
31.9
123.0
76.2
79.0
29.2
113.2
60.4
65.0
25A
62.0
J>66.6
d
124.7
62.4
.7
<* 19.8
113.4
r
114.9
57.0
62.1
>• 63.5
' 34.2
'116.7
PUBLIC FINANCE (FEDERAL)
Debt, gross, end of mo
mil. of dol__ 41, 942
39,439
39, 641 39,864 39,990 40,068 40, 286 40,445
40, 896 • 40,861 41,040 r 41, 305
40,666
Public issues:
Interest bearing*
do
37, 214
35, 755 35,892 35, 949 35,994
36,089
36,122
36, 200 36, 261 • 36,282 ' 36, 421 36, 512
Noninterest bearing*
do
510
533
543
531
540
534
516
538
548
497
498
528
554
Special issues to gov't agencies and trust
funds*
mil. of dol..
4,231
3,382
4,094
4,109
4,295
3,156
3,215
3,454
3,492
3,770
4,063
3,666
3,918
Obligations fully guaranteed by the U. S. Government:©*
Amount outstanding by agencies, total.
mil. of dol..
5, 448
5, 703
4,992
5,707
4,987
5,410
5,410
5,480
5,583
5,410
5,409
5,450
5,456
Federal Farm Mortgage Corporation_do
1,279
1,269
1,269
1,388
1,381
1,381
1,380
1,379
1,383
1,379
1,379
1,379
1,279
Home Owners' Loan Corporation
do
2,813
2, 823
2,817
2,888
2,888
2,888
2,888
2,858
2,831
2,888
2,888
2,928
2,958
Reconstruction Finance Corporation^ do
1,096
1,096
820
509
819
820
509
819
819
820
820
820
820
Expenditures, total, including recovery and
relieff
thous. of dol
889, 329 870, 278 693,385 662,464 879, 300 786,517 744, 899 972,569 807, 325 822, 049 793,302 764,458 691,006
eeff
o
822,858 809,351 649, 573 601,971 796,139 722,342 686, 824 886, 856 639, 232 745, 269 728,837 701,893 632, 573
G l
General
(including recovery and relief)*t_do
-543
5,066
8, 785
Revolving funds, net*
do
7,451
3,742
4,685
7,992
10, 679
5,264
10,365
5,599
8,474
856
Transfers to trust accounts*
do
58,000
53, 000
48,500
38, 500 50,000 68,000
50,094 56, 004 167,103
66,100 50,150 53,000
55,000
Debt retirements*
do
779
367
9, 013
127
530
0
8,685
626
9, 562
1,182
21, 235
9,051
134
569,136 704,494 308,152 417, 349 737,391 268, 343 396, 781 612, 522 307, 846 419,980 718,790 321,511 406,967
Receipts, totalt
do
27, 814 25,121
29,049
24, 318 22, 361 29, 266 29, 437 25, 318 24, 517 25, 528 27, 213 35,595 32,418
Customs
do
498,993 662, 252 315,845 333,518 691,401 279, 987 315, 037 568, 646 300,091 397, 421 624,254 292,241 339,615
Internal revenue
.
do
316,280 473,804
Income taxes
do
50, 764 56,872 495,906
38, 832 43, 533 351,958 43, 230 31, 777 329,093 35, 482 33,721
Social security taxes*
do
11,110
98, 992 125, 870
2,939
3, 855 69, 684 93, 044 16, 252 72, 754 97, 447 12,308 68,578 113,177
r
d
Revised.
Deficit.
1Or
increase
in
earmarked
gold
(—).
' Preliminary.
•Number of companies
included varies slightly.
t _
o~~*.
Quotations not available January 25-May 14,1939. * Quotations not reported April
10,1939, through June 8,1939. 3 Quotations not available September 1-October 16,1939.
4
s
Quotation not available September 1 and September 3—November 5, 1939.
Previously published figures based on incorrect quotations; quotations not available
September 1 through November 28, 1939.
6 Indexes are in the process of revision.
*New series. New items for Federal gross debt beginning June 1916 appear in table 21, p. 16, and for Federal expenditures beginning July 1931 in table 22, p. 17, of the
April 1939 Survey. Data on receipts from social security taxes beginning June 1936 will appear in a subsequent issue.
fRevised series. The Standard Statistics Co. index of railroad earnings and the combined index have been revised beginning 1932; see table 25, p. 18, of the April 1939
Survey. Total Federal expenditures and receipts revised beginning July 1931; see tables 22 and 23, p. 17, of the April 1939 Survey. The Federal Reserve Bank of New York
corporation profits, industrial total and chemicals, revised beginning with 1928; data not shown above will appear in a subsequent issue.
§Revised series. Data revised for 1937: see table 19, p. 14 of the April 1939 Survey.
©"Included in the total but not shown separately are guaranteed debentures of certain other Federal agencies.
i"General" and "recovery and relief" not reported separately by Treasury Department after June 1939
SURVEY OF CURRENT BUSINESS
72
Monthly statistics through December 1937, together with explanatory notes and references
to the sources of the data may be found in the
1938 Supplement to the Survey
1939
1939
1938
Decem- December
ber
February 1940
January
February
March
April
May
June
July
October NovemAugust September
ber
FINANCE—Continued
PUBLIC FINANCE ( F E D E E A L ) - C o n .
Receipts, total—Continued.
Internal revenue—Continued.
Taxes from:
1,564
2,020
1,975
Admissions to theaters, etc.thous. of dol...
1,650
1,754
1,012
Capital stock transfers, etc
..do
744
576
Sales of radio sets, etc
do
Government corporations and credit agencies:f
Assets, other than interagency, total
11,515
11,451
mil. of dol.8,527
8,562
Loans and preferred stock, total
do
Loans to financial institutions (incl. pre1,314
1,344
ferred stock)
mil. of doL512
511
Loans to railroads
do
2,329
2,335
Home and housing mortgage loans..do
Farm mortgage and other agricultural
3,486
3,469
loans...
__
mil. of dol.902
A1I other _
„
do
U. S. obligations direct and fully guaran855
teed..
_
_
mil. of dol_.
460
456
Business property..
do
698
689
Property held for sale..
do
961
889
All other assets
do
7,117
7,048
Liabilities, other than interagency, total.do
Bonds, notes, and debentures:
4,
4,992
Guaranteed by the U. S
do
1,327
1,317
Other
do
75"
739
Other liabilities incl. reserves
do
383
381
Privately owned interests
do
Proprietary interests of the U. 8. Government
4,015
4,022
mil. of dol. .
Reconstruction Finance Corporation, loans outstanding, end of month:f
Grand total
thous. of dol.. , 758, 354 1,808,288 1,770,335
697, 205 708, 484 666,999
Section 5 as amended, total
do
Banks and trust companies, including
120, 778 118,06;
receivers
thous. of dol.. 100, 00'
1,959
3,342
1,908
Building and loan associations
do
2,964
2, 99!
2,
506
Insurance companies
do
138, 595 140,644 100, 280
Mortgage loan companies
..do
448, 792 436, 094 437, 789
Railroads, incl. receivers.
__.do
5,940
3, 963
All other under Section 5
do
6,06'
Emergency Relief and Construction Act,
207,948
39,11
total, as amended
thous. of dol..
201, 604
Self-liquidating projects (including financ182, 149
38, 258
ing repairs)
thous. of dol..
180, 862
Financing of exports of agricultural sur25, 047
10c
pluses
thous. of doL.
20,04'
Fmancing of agricultural commodities
752
and livestock
thous. of dol.
696
Direct loans to business (incl. participations)
thous. of doL. 130, 625 107, 412 109, 039
Total Bank Conservation Act, as amended
539, 936 584,890 578, 793
thous. of doL
82, 276
80, 991
83, 99^
Drainage, levee, irrigation, etc.*
_do___
265. 476 124. 907 125, 280
Other loans
do.._
1,503
1,394
404
1,607
1,083
353
1,385
1,259
287
1,606
1,273
279
1.491
735
258
1,534
813
292
1,513
1,124
402
1,852
1,210
590
1, 728
2 806
467
2,118
1,275
578
11, 650
8,509
11,696
8,523
11,688
8,497
11, 703
8,511
11, 706
8,465
11, 823
8,861
12,017
8,900
11, 967
8,923
12,105
8 956
12, 063
8,936
1,291
508
2,327
1,278
505
2,324
1,
509
2,323
1,297
501
2,325
1,311
493
2,331
1,299
493
2,332
1,272
492
2,337
1, 272
492
2,347
1 273
489
2 363
1,247
497
2,358
3,460
923
3,456
960
3,459
913
3,447
941
3,438
3,731
1,007
3,765
1,033
3,744
1,068
3 738
1 093
3,721
1,112
874
465
708
1,09,
7,588
885
468
712
1,108
7,592
849
472
71'
1,157
7,592
850
476
713
1,151
7,581
853
481
708
1,199
7,651
871
483
709
900
7,507
876
531
704
1,008
7,"'
879 i
535|
695
934
7,768
879
542
689
1, 039
7,845
874
543
678
1,033
8,064
5,410
1,369
809
384
5,410
1,374
808
386
5,410
1,379
803
5,410
If"""
790
5,471
1.389
791
387
5,291
1,349
867
390
5,489
1, 345
1,052
391
5,356
1,357
1,054
393
5, 449
1.357|
1,0391
3951
5, 708
1,352
1,004
397
3,678
3,718
3,709
3,73:
3,668
3,926
3,739
3,806
3, 866
3, 602
1,764,888 1,769,810 1,718,501 1,723,167 1,747,482 1,766,222 1,768,904 1, 783. 4041,787,43411,762,094
664, i r 673, 385 682, 524 676,434 677, 933 677,463 677,408 677,916 679,064 689,603
116,120
1,921
2,915
101, 225
436,139
5,797
112, 926
1,958
2,88:
110,392
439,560
5,660
110, 657
2,942
2,869
117,084
443,840
5,131
108, 220
3,027
2,836
120, 745
436,612
4,994
205,598
197,466
131,349
134,495
181,814
173, 682
107, 538
108, 995
23,047
23, 04
23,047
24, 73'
737
764
764
111, 343
112,162
114,141
738
110, 432
574, 791
82, 461
127, 489
572,975 576,969 .577, 723
82, 632
82, 9*0 83, 04
132, 008 132, 547 137, 326
104, 387
3,321
2,81
124, 550
439, ft
103, 4O.f
3,262
2,
125, 573
438, 863
3,658
3, 573
63, 682
62,152
102,121
3.405
2,662
126,842
438, 83"
101.187
3, 487
2,652
127. 647
438, 835
4,109
102, 126 100, 773
3, 433
3, 375
2, 615! 2, 571
130,167| 134, 432
436,650 444,314
4, 073
4, 138
3,541
62, 801
43, 478
41, 586
42, 679
42, 664
19, 871
19,371
63
752
751
751
61,57
39,441
40,108
40, 835
23, 480
21, 290
19, 989
760
754
752
116, 639
577. 498
83. 042
228, 688
121, 364
570,
83, 333
251, 256
122, 859
566. 919
83, 433
256, 708
I
125, 753
126,862 130,026
566,534
_
,_;
83, 502
267,490
564,55fi| 541,423
83, 482i 83, 750
270,669; 273,814
CAPITAL FLOTATIONS
New Security Registrations^
(Securities and Exchange Commission)
New securities effectively registered under the
35, 181
30, 636 114, 924
21, 676 86,286 307,75'
144, 625 142, 735
57, 062 275, 410 232,712 298, 571
Securities Act of 1933, total
thous. of doL.
Estimated gross proceeds (total registration,
less securities reserved for conversion),
26, 888
28, 461 113, 994
21, 366 69,242 277,657
55, 588 271, 720 227, 545 293, 650
total
..__
..thous. of dol.- 153, 367 H40, 709 142,137
Type of security:
12,172
18, 749
11,317 33, 443
16, 385
23,124
8,737
9,645
29, 307
8,076
12, 393
47,438
20,473
Common stock
do._.
1,936
11,628
2, 200
3,391
48, 305
18. 566
38,762
12,6'
2,70'
1,741
27,900
22, 260
Preferred stock
do...
8, 710
0
800
1,000 12, 645
22, 826
10, 759
12,968
3,875
10, 586
1,766
4,008
3,406
Certificates of participation, etc
do...
(
163,101
10,
380
13,
444
900
46,
815
39,
675
57,413
5,139
116,991
144,
872
28,
488
9,449
Secured bonds
do...
125.68
100,172
1,600
500 17, 700
70,913
16,061
83, 562
74, 279 112, 42
22,613
Debentures and short-term notes
do...
10, 900
Type of registrant:
1,582
2,74'
0
1, 523
523
702
8,281
12, 290
6.160
280
342
234
Extractive industries
do...
3,485
33, 440
8.818: 9,929
10, 262
6,821
11,096
93,097
35, 763 146, 450
23, 517
3,779
Manufacturing industries.
do...
88, 942
3,894
19, 444
2.92' 40, 776
22, 390
36,639
6, 660
21,941
224
4,758
17,024
Financial and investment
do...
24,162
6,27:
4,548
380
1,750
3,921
0
1,827
1,40
250
7,823
Transportation and communications.do...
0
28, 834
5,305
Electric light and power, gas, and water
0
11,
194
217,149
54,
955
82,280
108,512
124,971
5,090
27,506
117,712
82,
914
119,171
31,
605
thous. of dol..
1,997
31, 870
450
511
2,41
969
15, 500
935
2. 250
1,992
1,577
Other
do...
2,696
2,89:
Securities not presently intended to be offered
for cash sale for account of registrants:
Registered for account of others
11,870
1,448
855
3, 5781
13. 549
10, 215
971
3,64C
4,862
11,525
3,777
thous. of doL .
Registered for options and for other subse286
159
0
11,1941
298
1,610
3. 192
420
170
2,086
147
219
quent issuance
thous. of doLOther securities not intended for cash
4,134
624
37,178
18lj
2.068
3,615
1,930
28,379
20, 36£
sale
_.
thous. of dol..
Selling and distributing expenses:
4,092
5,006
2,053
6,031
1,247
4,387
6,678
4,679
4,213
1,190
Commissions and discounts.-thous. of doL.
3,414
2,767
2,12!
Other selling and distributing expenses
654
942^
202:
1,253
128!
1,443
1, 621i
917
215
627
235
thous. of dol-.
1,19C
• The total includes $12,576,000 of face amount installment certificates.
^ Series differ from current presentation of the Securities and Exchange Commission, due to a reclassification of certain items, but data as shown here are comparable
throughout. When earlier data are available on the new basis, they will be presented in the Survey.
•New series. Data for drainage, levee, irrigation, and similar districts beginning December 1933 will appear in a subsequent issue of the Survey; this series was formerly
included with "Other loans."
tRevised series. Details for assets of Government corporations and credit agencies have been revised beginning June 1937 due to changes in the underlying U. S. Treasury
Department compilations and are not comparable with the series shown in the 1938 Supplement. Several new series on loans and other assets have been brought out. No
changes have been made in the series on liabilities. Data not shown on p. 33 of the November 1938 Survey will appear in a subsequent issue. For Reconstruction Finance
Corporation loans outstanding, minor revisions beginning August 1934 not shown on p. 33 of the January 1940 Survey will appear in a subsequent issue.
73
SURVEY OF CURRENT BUSINESS
February 1940
Monthly statistics through December 1937, to- 1939
gether with explanatory notes and references
to the sources of the data may be found in the December
1938 Supplement to the Survey
1938
1939
December
January
February
March
April
May
June
July
August
September
October Xovem
ber
FINANCE—Continued
CAPITAL FLOTATIONS—Con.
New Security Registrations—Con. 1
(Securities and Exchange Commission)
Estimated gross proceeds (total registrations
less securities reserved for conversion)—Con.
Estimated cash proceeds to be used for:
Total
thous-nfdni
do
Organization development
Purchase of:
Plant and equipment*.
do
Other assets
_ do
do
Securities for investment
do
Securities for affiliation
Increase of working capital
"Retirement of preferred stock
do
Repayment of bonds and notes . . d o . .
Repayment of other indebtedness..do
Miscellaneous
do
144, 938 125, 424
1,920
0)
2,525
190
0
200
5, 963
3, 391
126, 208
6, 461
0
10,142
180
27, 669
0
8,400
10, 494
64, 567
2,036
16
132,009
416
14 956
201
58,886
1,690
229 546
190
28,865
25
244 611
857
182,134
335
270, 203
124
22, 635
130
2,040
0
20,399
0
2,139
35, 523
69,058
2,407
0
3 453
13
2 r 416
0
4 239
0
3 303
1 331
0
4,534
3
1,965
500
13,201
191
36, 531
267
4
1,936
24
3,629
0
70,634
1,034
147, 471
4,629
0
213
92
15, 278
46
3,770
239
8,641
561
0
7 469
3?
11 756
194
22, 824
100
187, 648
5,047
8, 684
10, 423
0
19. 058
898
11, 101
4,562
122, 061
13,697
0
9,441
110
2, 495
123
6,496
2,417
217, 818
1, 807
29, 372
1,088
1, 586
11,914
148
2,357
0
4.788
609
13.6S0
107 407
15
000
461
030
2 861
0
37 518
o 032
0
5 101
43
1 4 '2 8
1 223
0
379
067
214
53 970
384
0
Securities Issued
(Commercial and Financial Chronicle)^
Securities issued, by type of security, total (new
'21S 145
capital and refunding)
--.thous. of dol__ 328, 851 '•515,932 r 277. 532 ' 540 625 »• 2 4 1 , 341 r-•358.117 '1,313,005 ' 585 583 ' 590,429 ' 460, 667 *" 179,919 r 740
94, 864 '•241,101 ' 220, 783 '377 452 M 6 1 , 9 7 4 144, 258 Ml6, 874 r 973 350 '318,016 M l 2 , 031 M l , 609 ' 336 o to ' 88 687
New capital, total
do
r
r
r
r
r
45?
'•318,016
Ml6,
874
100
r
?
0
4
41,
609
243
'
88, 687
82,031
330
94, 864 '•241,101
200, 783
' 161, 974 143, 808
. d o.. .
Domestic, total
ii!) 241
50,139
25, 895
16.019
26,971 r 59, 044
5,926
18 200
23 571
?,! 40S
do .
7S 160 21,740
Corporate, total
Bonds and notes:
18,428
21, 403
40, 340
14,320
21,191 r 44, 095
16,722
13.
do
2,300
42,809
15 1S6
47,533
Long term
0
0
450
0
0
0
1, 460
0
0
do.. .
0
2,600
0
0
Short term
do
^rofpTTod stocks
do...
Common stocks
Farm loan and other government agencies
thous . of dol..
Municipal, States, etc
..
do.....
Foreign, total
do
Corporate
do..
Government
United States possessions
_ ..do....
RefundT"np" total
Domestic totnl
Corporate, total
do
do
do
Bonds and notes:
Long term
Short term
Preferred stocks
Common stocks
3 545
2, 236
11, 752
3,798
1,026
1 278
5,571
o
55,000
118.146
310.090
0
0
o
20'. 000
0
20. 000
0
0
0
0
235, 104 rr 274, 881
235 104 272 206
194,281 '" 237,1 13
0
r
187,771 r 226, 0 2 0
0
r 1 Of)
4, 900
10, 974
0
1, 61.0
do
_ do .
do
Farm loan and other Government agencies
20,250
thous. of dol.. 18, 600
22, 223
14,813
Municipal, States, etc „._
do__
0
2, 625
Foreign, total
do
0
0
..do..
Corporate
0
0
do
Government
rin
0
2, 625
United States possessions
Securities issued by type of corporate borrower,
total
thous. of dol.. 221, 252 '-296,788
59, 544
New capital, total
. ,
d o . . . 26,971
do
14,088
48, 801
Industrial
Investment trusts, trading, and holding
0
0
companies, etc
thous of dol
0
394
..do....
I/and, buildings, etc
5, 360
6,461
. do .
Public utilities
5,998
0
do .
Railroad^
1,525
3,888
do
Shipping and miscellaneous
. . d o . . . . 194, 281 237, 243
Refunding, total
15, 215
56, 404
do
Industrial
Investment trusts, trading, and holding
0
0
companies etc
thous . of dol
0
416
do
Land, buildings, etc
118,050 126, 395
Public utilities
do60,000
46, 378
Railroads
do
1,016
' 7, 650
Shipping and miscellaneous
—do
n
0
' 103 173
56 749 r 163 173
10, 386 136 115
5. 200
6. 000
0
186
r
0
0
101
286
0
M 8?9
0
17. 050
27* 112 r 10 Oils
U
0
0
936
9,234
1 020
29, 607
2, 220
1,092
5
3 084
4,908
4,891
2,010
1,021
500
1.199
} 950
1.550
n
202, 553
0
9, 950
0
0
9, 250
30.000
0
0
o
2."!.
0
0
0
0
450
0
0
0
o
f;
0
0
450
- w
' 79, 367 ••213,860 r
r 76 367 r 161 360 l 180 3 si - 3 1 2 L"S 1
TVS
46. 689 129,249 151,002
46, 366
0
200
123
105,913
0
23,336
0
126, 102
4, 500
20,400
0
'J7:\
r \- <
0
9 3H6
')
ii, 0 0 0
37, ,*sri2
0
9',)
74. 0.">0
291,677'
500
0
16,500
0
0
343. 357
25 S95
17. 045
0
259,909
78,160
75, 981
183, 242
21, 740
3,987
282, 039
30,241
12,198
230, 577
50,139
10,339
500
630
1,170
0
2,500
10,386
3,986
0
375
2, 475
550
136. 115
11. 500
0
0
4,202
30.135
71
46,689
15, 301
500
1,100
579
0
0
181, 749
60,175
500
100
403
1,500
15, 250
161, 502
2,000
0
0
12 666
2, 700
2, 677
251, 798
79, 810
0
1,186
25,892
12, 435
288
180. 438
96,124
5, 770
317,463
20, 123
0
850
300
5,000
250
0
0
31, 388
0
0
12,755
720
106,500
1.600
0
0
202
154,400
4,900
0
0
111 0V9
12, 000
1,500
830
160,185
0
51
80,78*
0
3,475
2, 505
250, 835
7, 000
37,000
' 77, 460 '107, 174
105.332 110,110
9, 438
1, 536
'.")
0
r
".(I",
.")!). *
<)
1 1
:i
()
0
0
0
200
1 I ° 200
40N
7 058
1,
r
95, 115
16.019
1.099
n
5(0
250
130
125
13. 005
1,600
* 79,096
600
0
0
9-7
' 1
'9
1
90
12
' 30, 554
64,931
' 5 4 , 891
' 2 2 , 018
975
525
523
792
000
0
1 952
70) 840
0
0, 250
569
147, 052
r
0
728
0
SI
1, 505
o, 2 0 0
1, 457
57 314
3, 413
230
23, 800
700
53,700
r
7',)°
• "•)
0
0
0
1, 930
400
1 'H\
,s •\,.->
50. 87)
0
0
280
0
0
(\
i - -
1^.250
•" 12.'. .'3
16, 500
99, 668
52, 979
18, 572
0
86
,'i
,1
!)
' \U< VI (1
710
:'.' \
()
i)
Or,
{•,
0
0
159, 686
23, 571
20 171
n
' . , 'i
2-5,
53. 300
i)
0
r '}",
8>0
400
107
307
8. 7X0
5t)
16,312
5,926
1,126
0
0
>/ :<j
300. 963
0
0
0
0
0
0
o
o
C
t i:?
VX 5-G
M
o
30,U')'i
L'7 '.. \]:\
r
463
'•[U
20, 750 1,021,114
15, 023
'- 14, 655 »• 1 1 , 3 6 0
15,7*0
52. 500
3.000
10,500
52, 500
0
5, 250
3, 000
0
0
0
0
1)
o
o
0
0
(Bond Buyer)
State and municipal Issues:
Permanent (long term)....
Temporary (short term).
thous. of dol... 101,665
.do
63,941
128, 654
43, 764
104.966
88,656
60,422
170,769
49, 297
92, 355
1,054
170
325
138
300
104
168
71
202
81
r
r 133, 376 ' 80, 673
62, 150 154, 809
206,
65.
r
290
207 413
COMMODITY MARKETS
Volume of trading in grain futures:
Wheat
mil. of bu
Corn
326
106
721
137
556
133
669
183
637
151
716
187
504
104
417
102
831
190
579
236
828
183
561
230
834
178
570
230
839
183
589
238
792
202
556
235
856
217
620
305
894
200
577
289
914
195
SECURITY MARKETS
Brokers' Balances (N. Y. S. E. members
carrying margin accounts)
906
967
Customers' debit balances (net)
mil. of dol..
991
971
953
207
Cash on hand and in banks
do
190
192
168
174
637
709
Money borrowed
713
699
do
754
Customers' free credit balances
266
..do....
222
225
235
247
r
1
Revised.
Less than $500.
iSee footnote marked " 1 " on p. 72.
•Fncludes reimbursement of corporate treasuries for capital expenditures.
t Revised series. Data revised for 1937; see table 26 on pp. 15 and 16 of the May 1939 Survey.
205737—40 6
6^3
272
74
SURVEY OF CURRENT BUSINESS
Monthly statistics through December 1937, to- 1939
1938
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
February 1940
1939
January
February
March
April
May
June
July
August
SepNovemtember October ber
FINANCE—Continued
I
SECURITY MARKETS—Continued
Bonds
Prices:
Average price of all listed bonds (N. Y. S. E.)
dollars..
Domestic
do
Foreign
do
Standard Statistics Co., Inc. (60 bonds)
dol. per $100 bond..
Industrial (20 bonds)
___do
Public utilities (20 bonds)
do
Rails (20 bonds)
do
Domestic municipals (15 bonds)
do
U. S. Treasury bondsf
...do
Sales (Securities and Exchange Commission):
Total on all registered exchanges:
Market value.._
___thous. of dol..
Face value
do
On New York Stock Exchange:
Market value
do
Face value
do
Sales on N. 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.
Value, issues listed on N. Y. S. E.:
Face value, all issues
mil. of doL.
Domestic issues.
do
Foreign issues
.
do
Market value, all issues.
do____
Domestic issues
do
Foreign issues
..do
Yields:
Bond Buyer:
Domestic municipals (20 bonds)...percent..
Moody's:
Domestic (120 bonds).
..do
By ratings:
Aaa (30 bonds)...
do
Aa (30 bonds)
do
A (30 bonds)
do
Baa (30 bonds)
•
do
By groups:
Industrials (40 bonds)
.do
Public utilities (40 bonds)
...do
Rails (40 bonds)
do
Standard Statistics Co., Inc.:
Domestic municipals (15 bonds)
do
U. S. Treasury bondsf
do...
92.33
96.02
52.23
91.27
94.35
60.11
91.03
94.25
58.55
91.85
95.01
59.68
91.80
94.99
58.43
91.56
94.83
57.40
92.92
96.09
59.73
92.08
95.34
57.79
93.15
96.46
58.46
90.59
94.05
64.50
88.50
92.41
47.29
90.79
94.59
50. 55
91.24
95.05
51.23
82.1
86.8
101.6
58.0
119.9
106. 1
81.1
86.0
98.7
58.6
116.5
104.1
81.9
86.2
99.7
59.7
117.3
104.4
82.1
86.4
100.7
59.0
117.3
104.8
83.1
87.1
101.3
60.9
117.9
106.0
79.4
83.8
99.7
54.5
116.4
106.6
80.2
84.8
101.0
54.8
118.1
10'8.3
81.4
86.2
101.6
56.2
118.6
109.1
81.6
86.3
102.1
56.4
118.3
108.9
81.0
85.8
101.7
55.5
116.5
108.2
80.9
85.0
98.6
59.0
107.1
101.9
82.9
86.4
100. 5
61.6
110.7
102. 6
83.0
87.0
101.8
60.2
117.5
104, 6
125, 631
206, 047
98, 662
173,971
146,188
259,364
157,278
224,622
126, 687
166,855
179,440
245,123
119,057
165,925
125,737
167,691
127, 703
169,641
121, 420
162,425
122,908
159, 770
417, 429
498,100
162. 275
229,653
135,515
193,891
116,550
221,469
119,160
178,731
86,903
121,222
137,021
195,394
92,210
133,554
93,060
130, 243
91,785
129, 260
87,837
123,949
89,189
121,165
384,237
459, 821
131,901
194,212
105,994
159,374
176,100
4,322
217,609
6,535
159, 611
7,581
118,993
4,871
185,513
11,889
122, 804
7,459
123,104
7,390
126, 570
6,821
119,431
5,137
111,394
8,730
480, 789
227,101
170,089
14, 203
151, 685
5,628
171,778 211,074
146,192 185,528
25, 586 25,546
152,030
131,490
20,540
114,122
96,722
17,400
173,624
139,909
33,715
115,346
93,396
21,949
115,714
98,423
17,291
119,749
102,189
17,560
114,294
100,622
13,672
102,664
85,001
17, 663
253,688
227,997
25,691
155, 886
134,816
21,070
146, 057
123, 230
22, 827
51,554
46,920
4,634
47,053
44,268
2,785
51, 587
46,933
4,654
46,958
U, 233
2,725
51,466
46, 862
4,604
47,271
44,524
2,748
52, 670
48,071
4,599
48,352
45,665
2,687
52,564
47,975
4,589
48,128
45,493
2,634
52,647
48,056
4,591
48,921
46,179
2,742
52, 751
48,166
4,585
48, 571
45,921
2, 649
52,610
48,032
4,578
49,007
46, 331
2,676
52, 209
47, 642
4,567
47, 297
44,808
2,489
52,466
47,917
4,549
46,431
44,279
2,151
52, 452
47, 922
4,531
47, 621
45, 331
2,290
52, 435
47, 869
4,566
47,839
45, 500
2,339
2.76
2.80
2.72
2.78
2.66
2.66
2.67
3.21
3.30
2.93
2.72
3.84
3.78
3.71
3.66
3.67
3.95
3.83
3.70
54, 067
49,512
4, 554
49, 920
47, 541
2,379
2.59
2.78
3.69
3.95
3.81
3.74
2.94
3.14
3.74
4.92
3.08
3.42
4.02
5.27
3.01
3.32
3.97
5.12
3.00
3.26
3.94
5.05
2.99
3.22
3.87
4.89
3.02
3.22
3.97
5.15
2.97
3.16
3.92
5.07
2.92
3.13
3.86
4.91
2.89
3.07
3.83
4.84
2.93
3.11
3.80
4.85
3.25
3.49
4.05
5.00
3.15
3.35
3.94
4.88
3.00
3.16
3.78
4.85
3.21
3.38
4.47
3.40
3.63
4.82
3.31
3.57
4.70
3.29
3.52
4.63
3.29
3.48
4.46
3.35
3.51
4.66
3.30
3.45
4.60
3.23
3.42
4.47
3.17
3.39
4.42
3.21
3.40
4.41
' 3. 57
3.70
' 4 . 58
3.43
3.57
4.51
3.25
3.41
4.44
2.56
2.35
2.75
2.49
2.70
2.47
2.70
2.44
2.67
2.34
2.75
2.30
2.66
2.17
2.63
2.13
2.65
2.16
2.75
2.21
3.29
2.65
3.08
2.60
2.69
2.46
Stocks
Cash dividend payments and rates (Moody's):
Annual payments at current rates (600 companies)
mil. of dol_. 1, 589. 37 1, 315.04 1,316. 25 1, 329.91 1,334.15 1, 337. 76 1,339.27 1,382.43 1, 391.46 1, 422.99 1,423.82 1, 442. 45 1,573.05
935.03
935.03
935.03
935. 03
935. 03
935. 03
935.03
935.03
935.03
935. 03
935.03
Number of shares, adjusted
millions.. 936. 43 935. 03
Dividend rate per share (weighted average)
1.43
1.52
1.54
1.49
1.43
1.52
1.70
1.48
1.68
1.43
1.41
1.41
1.42
(600 cos.)
dollars
3.01
3.01
3.01
3.01
3.01
3.01
3.01
3.01
3.01
3.01
3.01
3.01
3.01
Banks (21)
do....
1.31
1.38
1.42
1.45
1.31
1.42
1.63
1.37
1.61
1.30
1.28
1.28
1.30
Industrials (492 cos.)
do
2.33
2.39
2.33
2.39
2.39
2.39
2.53
2.39
2.39
2.31
2.31
2.31
2.31
Insurance (21 cos.)
do
1.92
1.94
1.92
1.95
1.95
1.94
1.94
1.95
1.95
1.92
1.92
1.91
1.91
Public utilities (30 cos.).
.do..
.90
.87
.90
.90
1.25
.90
1.25
.90
.90
.90
.85
.90
.90
Rails (36 cos.)
do_.
Dividend declarations (N. Y. Times):
Total
.
thous. of dol__ 330, 592 247, 569 194,118 303, 839 186, 095 154,076 377,394 220,175 181,033 310, 284 193,698 199, 969 659, 512
311,996 229,916 181,480 289, 412 182, 522 147,635 358, 417 200,698 167,167 296,168 191,364 192,915 608, 149
Industrials and misc
do
13,866
18,976
14,116
2,334
7,053
51, 362
19, 477
18, 596 17,653
6,440
3,573
14,427
12,638
Railroads
do__
Prices:
Average price of aP listed stocks (N. Y. 8. E.)
60.2
62.2
63.2
57.9
65.8
56.6
65.9
66.2
57.0
64.4
57.0
64.4
Dec. 31, 1924-100.
62.6
Dow-Jones & Co., Inc.: (66 stocks)
46.82
44. 43
51.80
51.01
46.47
49.32
42.68
45.66
50.47
50.01
48.99
48.68
49.13
dol. per share..
139. 26 r 137.89
132. 56
152. 15
149. 98
127. 73
136. 52
150. 72
148. 54 150.12
145.06
144. 60
146. 87
Industrials (30 stocks)
do..
24.96
23.05
25. 64
25.68
25.68
22.05
23.66
24.36
25.00
21.94
24.84
24.94
Public utilities (15 stocks)
do.
23.30
28.29
27.02
34. 27
33. 38
27.67
25.75
27.59
31.97
31.63
30.52
31.07
Rails (20 stocks)
_. d o _
30.31
31.20
99.74
94.19
110.33
108. 59
99.44
90.46
96.95
110.38
109.01
105. 36
100. 59
102. 22
102. 73
New York Times (50 stocks)....
do
178.03
167. 73
194. 82
192.28
178. 21
161.51
173.12
195. 86
194. 21 186. 99
178. 01
181. 21
Industrials (25 stocks)
_do
181.82
21.45
20.67
20.68
19.41
20.79
24.91
25.84
24.90
23.82
23.18
Railroads (25 stocks)..
do_.
23.74
23.24
23.64
Standard Statistics Co., Inc.:
83.1
86.1
95.3
94.2
81.9
86.0
86.3
92.4
91.8
92.0
90.1
Combined index (420 stocks)
1926=100..
91.8
91.7
100.6
97.0
112. 7
95.9
100.5
100.5
109.4
107.9
110.9
110.6
106.3
109.3
108.0
Industrials (350 stocks)__
..do
120.9
141.9
115.4
115.5
120.0
121.5
138.1
133.8
137.2
139.4
130.9
136.4
133.3
Capital goods (107 stocks)*
do
96.2
101.6
88.7
95.4
96.9
98.3
100.6
91.5
102.0
96.5
98.5
97.8
98.7
Consumer's goods (194stocks)*_. do__
84.9
86.0
80.0
84.7
87.0
84.3
87.3
82.4
83.8
86.7
77.9
81.2
85.8
Public utilities (40 stocks).
do....
25.7
32.9
24.8
25.9
25.4
29.7
31.6
28.0
25.0
29.6
28.8
29.8
29.7
Rails (30 stocks)
do
Other issues:
60.4
53.7
55.2
55.0
59.9
58.3
64.0
58.7
58.7
47.7
53.5
Banks, N . Y. C. (19 stocks)
do
51.1
60.0
Fire and marine insurance (18 stocks)
88.2
84.3
89.8
90.7
91.9
94.0
89.3
85.3
81.0
87.6
do
86.1
85.7
87.0
Sales (Securitiesand Exchange Commission):
Total on all registered exchanges:
r
774
769
' 1.185 i
844
882
603
556
1,225
2, 20,6
655
1,129
1,058
Market value
_..mil. of doL.
42, 614
23,131
21,916 '31,464 ' 31, 839 <• 93, 628 '43,449 ' • 35, 426
52,913
26,057
Shares sold.
thousands.. 31,446
40.384
47,393
»• Revised.
•New series. For data beginning 1926 see table 24, p. 18, of the April 1939 Survey.
fRevised series. Revised data for U. S. Treasury bond prices beginning 1931, and U. S. Treasury bond yields beginning 1919, appear In tables 17 and 18, p. 18, of the
March 1939 Survey.
February 1940
75
SURVEY OF CURRENT BUSINESS
Monthly statistics through December 1937, to1939
1938
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
1939
January
February
March
April
May
June
July
August
September
677
' 25,016
24, 554
1,970
75,192
October November
FIN AN CE—Continued
SECURITY MARKETS—Continued
Stocks—C ontinued
Sales (8. E. O.)-—Continued.
Total, on all registered exchanges—Con.
On New York Stock Exchange:
Market value
mil. of dol.
Shares sold
thousandsExclusive of odd lot and stopped sales
(N. Y. Times)
thousands.
Shares listed, N. Y. S. E.:
Market value, all listed shares
mil. of dol.
Number of shares listed
millionsYields:
Moody's, common stocks (200)
percentBanks (15 stocks)
_
do...
Industrials (125 stocks)
..do..Insurance (10 stocks)
do-_.
Public utilities (25 stocks)
do...
Rails (25 stocks)
do...
Standard Statistics Co., Inc., preferred stocks
Industrials, high-grade (20 stoeks)-__percent.
649
23,175
1,065
39,954
37,051
561
19, 538
916
31,150
779
33,775
523
17,897
••473
• 16,435
1. 045
• 35, 029
r
723
27, 516
17, 769
27,490
25,186
13,877
24,565
20,247
12,933
11,967
18,066
17, 372
57,081
23, 734
19, 220
46, 468
1,435
47, 491
1,424
44,884
1,425
46,271
1,426
40,921
1,427
40,673
1,427
43,230
1,427
41, 005
1,429
44, 762
1,430
41, 653
1,430
47,440
1,431
47, 374
1,431
45,505
1,432
4.5
4.2
4.3
4.1
5.3
4.5
3.6
4.8
3.1
4.1
5.7
2.9
3.8
4.8
3.4
4.1
5.6
3.5
3.7
4.6
3.3
4.0
5.3
3.2
4.2
4.8
3.8
4.3
5.8
4.2
4.8
3.9
4.4
5.7
4.0
4.0
4.4
3.7
4.1
5.4
3.7
4.4
4.5
4.1
4.2
5.7
4.1
4.1
4.4
3.8
4.0
5.2
3.5
4.5
4.6
4.2
4.3
5.5
4.1
3.9
3.9
3.6
4.1
5.4
2.8
4.0
4.0
3.7
4.0
5.3
3.0
4.5
4.2
4.4
3.9
5.3
4.6
4.94
4.94
4.94
4.02
4.94
4.87
4.92
5.14
4.98
Stockholders (Common Stock)
American Tel. & Tel. Co., total
numberForeign
do...
Pennsylvania Railroad Co., total.
do_..
Foreign
do...
U. S. Steel Corporation, total
_do...
Foreign
do.._
Shares held by brokers
percent of total.
636, 884
6, 787
209, 346
2,752
164, 822
3, 191
28.03
646,671
7,173
214, 532
2,874
168,399
3,084
24.89
645,033
7,153
213,143
2,853
167, 650
2,998
24.78
639,019
7,003
211,014
2,807
168,176
3,286
26.00
642, 293
7,104
212, 358
2,832
169,079
3,288
25.54
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=100Adjusted
do
Total, excluding cotton:
Unadjusted
do
Adjusted
do
97
91
71
67
56
55
58
63
71
70
61
64
66
62
70
70
60
69
66
72
76
72
87
72
77
67
140
96
69
111
72
64
91
56
62
92
58
63
113
71
63
98
61
62
107
66
62
101
63
62
99
61
62
108
67
62
117
76
65
131
87
66
116
77
67
76
77
53
54
55
55
49
49
59
53
58
53
63
61
55
58
52
57
54
57
56
59
67
65
73
73
127
73
58
99
52
53
100
53
53
89
48
54
112
60
54
107
58
54
111
61
55
102
56
55
98
53
55
102
56
55
112
63
56
116
65
56
119
67
57
95
75
68
54
68
61
61
66
68
69
47
55
52
62
35
46
36
51
51
63
88
81
111
82
73
56
63
58
84
78
99
98
87
95
92
92
72
78
91
95
56
63
60
66
69
70
71
66
83
72
57
52
212,908
218,559
268,364
230,947
249,259
236,058
229,628
250,839
288, 573
332,079
292, 582
8,075
42,445
17,692
95,830
10,818
6,395
4,381
42,462
27,061
26,684
20,801
5,581
18, 695
3,114
4,968
1,736
8,523
46,406
17,484
95,445
10, 653
5,176
3,889
38,678
26, 258
25, 764
20,453
5,928
21,472
4,067
5,120
1,480
11,560
60,565
23,573
108,143
12, 614
6,446
5,056
41,874
33,092
32, 298
27, 598
7,991
27,407
5,281
6,664
2,188
10,101
49, 243
16,147
88,809
12,468
4,806
4,130
34,311
35,055
34,535
23,462
6,320
24, 277
4,068
6,007
1,479
8,530
54,165
21,394
97,955
12,944
6,294
4,460
37,410
43, 583
42, 637
22,356
6,296
22,669
4,918
5,417
1,621
9,996
49, 971
14, 769
85, 711
10, 807
5,299
4,263
36, 604
40, 452
39, 874
23, 358
7,922
26, 571
6,113
5,193
2,651
10,270
43,866
12, 551
87, 787
14,894
5,406
3,721
33,452
41,008
40,074
21,850
5,565
24,847
6,268
6,242
1,596
8,376
43, 360
12,126
113,954
22, 269
6,868
3,027
47,434
43,162
42, 332
20,120
4,606
21, 867
4,675
5,135
1,818
8,959
50, 632
19, 347
121, 301
12,132
607
4,834
60, 339
53,165
52,156
29,116
5,781
25,401
4,942
5,997
2,020
10, 385
62,780
23. 367
127,690
12, 555
39,090
6,301
52, 924
62, 847
61. 715
33,102
8.579
32, 960
6,989
8,609
2,667
8,997
58, 577
25, 243
104, 399
13,239
3
6,029
31, 485
52,113
51, 262
29, 510
8,700
38, 9X6
9,887
10, 608
3, 625
210, 258
36,391
14,975
31,051
16, 443
14, 608
7,227
4,596
8,201
35,452
107,365
21, 396
7,449
31,217
178, 201
216,036
36,485
13, 732
26, 553
11,402
15,151
6,404
4,145
7,403
34,868
118,128
25,335
6,367
34, 605
158,035
264, 578
40,072
16,958
27,966
12, 287
15, 679
7,017
4,724
6,406
45, 658
150,882
28,504
8,378
49,390
190, 437
227,597
26,016
9,185
23,621
9,810
13,811
6,656
3,698
5,459
41,008
136,951
24,921
6,813
43, 882
186,195
245,913
30,243
7,458
26,927
10,808
16,119
5,844
4,851
7,601
48,247
140,495
23, 753
10,119
44,401
202, 502
233, 359
25, 713
6,157
19, 521
6,026
13, 495
3,523
4,997
4,079
48, 462
139,664
20, 387
9,453
42,191
178, 953
226, 737
29, 667
5,970
19, 719
4,671
15,048
4,423
5,221
3,837
45, 994
131,357
18, 520
7,628
43, 654
168,925
248,148
36,499
11, 869
24, 329
8,384
15,945
7,199
4,036
5,465
53, 504
133, 817
14, 893
8,746
43,611
175, 756
284,041
66, 847
35, 661
28, 786
7,477
21,309
9,014
4,434
4,270
58, 993
129, 415
12, 457
9,728
40,143
181,461
323,163
78, 449
47, 254
37, 760
10,213
27, 547
13, 777
4,876
3,604
64, 537
142.422
18, 900
9, 256
42,316
215, 281
286,891
58, 318
30, 563
22, 656
5, 386
17, 270
5, 738
4,057
3, 078
63, 200
142,716
19, 870
7,524
38, 637
235, 402
3,741
51,818
11, 285
6,479
42, 780
7,896
6,964
59,952
9,707
8,571
51,162
10, 607
8,640
59,454
10,747
4,469
57,080
11, 237
4,497
53,040
8,716
5,702
54, 339
13,171
3,341
60, 511
19, 520
5.229
64,197
20, 438
9,033
77, 695
18, 985
VALUE§
Exports, incl. reexports
thous. of dol._ 367,819 268,756
By grand divisions and countries:
11,342
13,185
Africa
_
do
78,120
61, 591
Asia and Oceania
do
Japan
do
27, 556
28, 528
157, 340 112, 672
Europe
do
36. 645
11,134
France
do
Germany
_.
do
1
8,317
8,623
5,141
Italy
do
50, 395
46,825
United Kingdom
do
44, 477
29,067
North America, northern
do
43, 878
28, 458
Canada
do
32, 311
23, 705
North America, southern
do
9,926
5,829
Mexico
do
44,227
28,538
South America
—
_
do
10, 791
7,736
Argentina
do
10, 483
6,749
Brazil
do
3,908
2,139
Chile
do....
By economic classes (U. S. mdse. only):
Total
thous. of dol.. 357, 450 266,171
64, 264
49,376
Crude materials
do
19,048
Cotton, unmanufactured
d o — 43, 741
24,
342
28,422
Foodstuffs, total
do
7,784
11,170
Foodstuffs, crude
_
do
16, 558
17, 252
Foodstuffs and beverages, mfrs do
4,099
10,000
Fruits and preparations
do
5,133
4,204
Meats and fats..
do
1, 978
4,588
Wheat and
flour
.do
75, 661
50, 499
Manufactures, semido
193,183 137, 874
Manufactures,
finished
..do
24,826
29,161
Autos and parts...
do
9,638
12, 292
Gasoline. __
...do
48,100
40,908
Machinery
_
do
246, 903 171,474
General imports, total
do
By grand divisions and countries:
9,955
4,145
Africa
do
91,005
52,130
Asia and Oceania
do
Japan
do
18,915
12,020
r
Revised.
{Revised series. Data revised for 1937; see tables 19 and 20, pp.
14 and 15 of the April 1939 Survey.
76
SURVEY OF CURRENT BUSINESS
Monthly statistics through December 1937, to- 1939
1938
gether with explanatory notes and references
to the sources of the data may be found in the Decem- Decem
ber
1938 Supplement to the Survey
ber
February 1940
1939
January
February
March
April
May
June
July
vem
SepAugust tember
October N ober
FOREIGN T E A D E - C o n t i n u e d
VALUE §—Continued
General imports—Continued.
By grand divisions and countries—Continued.
Europe
__.thous. of doL. 57, 333
France
do
5, 303
Germany
do
3,383
Italy
do—.
3,895
United Kingdom
do
15,719
North America, northern
do-~33, 215
Canada
do
32.012
North America, southern
do
17.111
5,912
Mexico
do
38, 285
South America
do
8, 363
Argentina....
_
.
do
Brazil
do—. 10,215
7,879
Chile
do....
By economic classes (imports for consumption):
Total
thous. of doL. 232, 738
86, 770
Crude materials
..do
25, 665
Foodstuffs, c r u d e . . .
do
29, 786
Foodstuffs and beverages, mfrs
do
55, 619
Manufactures, semi.do
34, 898
Manufactures, finished
do...
53,609
5, 586
6,256
3,397
12, 251
24, 300
23, 554
12, 753
4, 74.8
24,538
4,252
9,191
2,457
51,273
4,703
5,231
3,266
11, 331
26,136
25, 222
17, 924
5, 429
27,309
6,633
8,420
3,277
47, 722
5,234
4.930
2,669
10,995
20,302
20,129
18, 650
5,270
22,102
6,086
7,667
2,272
52, 298
6,692
5,171
3,976
11,971
23, 559
23,128
22, 732
6,326
24, 932
5,460
9, 421
2,583
57, 574
5,411
13,829
3,289
11, 572
26,163
25, 671
19,406
4,442
23, 319
4,357
7,867
3,813
58,946
7,122
2,885
3,289
15,192
28, 850
28, 323
22,178
3,995
24, 434
4,355
7,420
2,750
46,009
4,903
3,349
2,711
11, 664
26,964
26,533
19, 299
4,365
25,132
3,952
9.160
2, 468
44,496
5,146
3,975
2,264
11, 081
26,993
25, 557
18,530
3,627
21, 370
3,207
6,657
1,822
165, 522
53,465
23, 093
20, 8S7
35, 265
32,812
169, 323
53, 890
26. 774
16. 638
37, 158
34,864
152, 528
48, 073
22, 947
18,635
34,047
28,827
191, 226
59, 507
28,205
26, 296
38,822
38. 396
185,800
54, 940
24, 053
25, 036
37, 936
43, 836
194,193
62, 277
25,886
26,062
39, 857
40,411
178, 405
54,725
22, 518
27, 725
38. 633
34, 804
170,451
50, 041
21, 759
27, 799
36,912
33,939
41,516
3,851
1,815
2,401
10, 967
34, 233
33,125
19, 655
3,460
22,206
3,803
8,351
1,813
53, 853
2,994
1, 557
5,123
14, 605
40, 426
39, 827
22, 029
4, 379
29,548
5,055
11,390
3,728
60, 344
6. 313
2,656
4, 965
13,577
36,109
34, 833
15,166
5,352
37, 053
6, 689
12,395
6,629
379
962
778
605
651
383
199, 483
67, 606
19, 465
38,412
38, 275
35, 725
207.140
70, 500
24,898
27,722
45,416
38, 604
214, 454
75, 386
27 88"!
21^777
48,614
40, 795
9,105
9, 696
62
9,560
7-1
48,150
5,708
3,797
2,080
10,990
26,681
25,970
18,490
3,534
22, 394
4,787
8,281
1,691
180,
60,
20,
27,
35,
35,
TRANSPORTATION AND COMMUNICATIONS
TRANSPORTATION
Express Operations
Operating revenue
Operating income
„
thous. of dol.
do...
11,338
920
8,499
72
!, 899
68
9,165
67
9.454
59
9 374
69
7.873
7. 888
7. 888
7.873
7.864
838, 707 790,120 737,164 835,136 788,941
53, 361 59, 702 56, 628
7.864
811,584
58, 222
7.864
763,038
55 383
7.864
710,186
51,907
7.864
722,987
52,699
58
36
47
39
68
37
62
31
72
60
43
56
38
76
40
61
75
70
62
44
40
41
73
36
61
81
73
62
51
42
40
81
40
61
58
70
67
58
47
42
89
30
61
108
74
67
68
51
40
90
36
61
64
71
70
64
52
43
111
34
61
112
74
85
89
78
49
99
57
65
149
92
77
85
62
43
80
39
62
59
72
71
69
57
44
90
37
62
125
75
70
78
69
42
75
37
62
67
74
2,832
350
29
140
159
61
775
58
1,261
265
86
146
2,372
297
19
121
137
49
612
121
1,016
211
90
87
3 149
503
28
151
202
50
744
209
1 261
175
79
65
2,549
429
24
118
200
44
583
167
983
166
79
53
2,689
476
27
126
170
48
615
192
1.034
131
70
34
282,118
224, 588
31,791
227, 622
15, 258
* 27, 896
302, 618
243, 641
31, 758
237, 411
25,101
d
18, 594
617
763
436
786
095
685
332,436
265,086
41, 269
241,962
49, 012
6,578
23,983
1.035
1,681
25, 737
1.045
1,725
28 465
987
2 075
362
101
2,473
892
363
735
2,539
921
396
586
2,437
905
71
,107
Electric Street Railways
Fares, average, cash rate.
Passengers carried t
Operating revenues...
-
cents..
7 8?9
thousands.. 830^ 320
thous. of dol..
7.864 I 7.8H4 ! 7,804
747,175 814.00^ i 7*9,420
54,561
59,309 I 57.174
Class I Steam Railways
Frelght-carioadings (Federal Reserve):
Combined index, unadjusted. __ 1923-25=100._
63
73
64
63
62
66
Coal
_
do....
78
79
76
76
67
58
Coke
...do
101
64
62
36
37
44
37
35
Forest products
do
67
72
75
71
64
Grains and grain products
do
32
40
39
40
31
Livestock
....
do
62
59
60
59
80
Merchandise, 1. c. 1
.
.___,__._do
21
23
29
22
22
Ore
do....
70
67
Miscellaneous
do
81
65
64
66
69
78
69
67
Combined index, adjusted
do
62
69
71
67 .
65
Coal
do...
55
53
Coke
do
92
55
46
36
43
Forest products
do
51
42
36
73
83
87
79
70
Grains and grain products.
do
40
41
40
41
38
Livestock
.
do
62
61
62
62
62
Merchandise, 1. c. 1
do...
86
92
116
102
93
Ore
_
do
73
74
Miscellaneous
do..
89
76
75
Frelght-carloadings (A. A. K.):1
3, 262 ' 2,947 '2,289
2,297
2,390
Total cars...
thousands..
671
529
478
Coal
do
'662
'501
59
Coke
..do
35
30
29
30
155
Forest products
do
131
105
99
'104
171
163
Grains and grain products..
..do
125
116
129
63
67
42
Livestock
do...
42
53
716
Merchandise,!, c. 1
....do
612
577
708
561
55
Ore
_
do
44
33
34
33
Miscellaneous
do
1,371
1,138
870
967
878
160
209
202
221
Freight-car surplus, total.
do
218
58
102
Box cars
do
106
106
95
69
Coal cars
do
71
67
67
Financial operations:
Operating revenues, total
thous. of doL. 345, 247 •318, 281 305, 769 276,904 315,091
276, 272 251. 304 246,803 224,819 257, 469
Freight.
do
Passenger
do
37,816 -37,876
34, 785 30, 237 31, 201
249,013 •232, 619 232, 946 220, 620 240, 359
Operating expenses
.do
60,953 '49,419
Net railway operating income
do
32, 891 18, 591 34,317
22, 225 * 8, 721 * 24, 364 * 10, 605
Net income
do
Operating results:
Freight carried 1 mile
mil. of tons..
25,553
28,133
28,152
28,831
Revenue per ton-mile
.cents..
.981
.964
.972
.988
Passengers carried 1 mile
millions..
1,928
1,790
1,555
1,618
Waterway Traffic
Canals:
Cape Cod
thous. of short tons..
New York State
do
Panama, total.
thous. of long tons..
In U. S, vessels
do I
f Revised.
661
0
2,461
1,047
348
342
0
0
2,374
2,393
807
753
* Deficit.
326
0
2,207
317
0
2,664
873
I D a t a for D e c e m b e r 1938, A p r i l , J u n e , S e p t e m b e r , a n d D e c e m b e r , 1939 are for 5 weeks; other m o n t h s , 4 weeks.
321
255
38
241
39
*\
89
96
Go
52
87
62
65
1C0
97
80
87
95
100
50
83
50
64
105
108
86
100
51
88
41
63
191
89
3, 844
740
45
171
219
90
780
277
1, 523
70
33
16
3,375
676
46
152
165
84
640
253
1, 358
68
34
3, 040
001
47
142
148
67
616
19P
1,236
108
47
344, 400
276, 707
39, 821
247, 622
54, 586
10,053
381,118
314, 400
37,146
251,167
86, 435
41, 078
419 /17
104
^33 307
271 5S8
101 016
56 521
368, 027
310,434
29, 289
256,170
70,316
33, 004
29,824
.971
2,355
81, 389
.962
2,283
36,115
.941
2,097
40, 066
.951
1, 866
35,131
369
538
2,318
806
414
687
2,385
971
434
615
2,446
1,034
513
717
2 386
1 037
485
709
2,473
1,031
r.o
45
63
85
82
JFor comparable monthiy figures, January 1929-December 1936, see table 10, p. 15 of the March 1939 Survey. Data shown in that table beginning January 1937 have been
revised; see p. 37 of the April 1939 Survey.
§Revised series. Data revised for 1937; see tables 19 and 20, pp. 14 and 15 of the April 1939 Survey.
77
SURVEY OF CURRENT BUSINESS
February 1940
Monthly statistics through December 1937, together with explanatory notes and references
to the sources of the data may be found in the
1938 Supplement to the Survey
1939
1938
December
December
1939
January
February
March
April
May
June
July
August
September
October November
TRANSPORTATION AND COMMUNICATIONS—Continued
i
TRANSPORTATION—Continued
Waterway Traffic—Continued
Canals—Continued
St. Lawrence
_
thous. of short tons..
Sault St. Marie
.-do
Suez
thous. of metric tons_.
Welland
thous. of short tons..
Rivers:
Allegheny
_do
Mississippi (Government barges only)..do
Monongahela
do
Ohio (Pittsburgh district)
do
Clearances, vessels in foreign trade:
Total, U. S. ports
thous. of net tons
Foreign
do
United States
do
33
953
404
214
2, 658
1, 443
5
323
2,422
181
0
0
2,166
0
0
0
2,277
0
0
0
2,561
0
50
43
2,569
200
1,189
5,799
2,476
1,324
1,161
8,622
2,220
1,580
1,119
9,598
2,406
1, 659
1,284
10, 552
2,329
1,713
1,216
11,493
986
1,564
180
171
1,798
1,074
175
183
1,568
1,003
135
124
1,557
880
199
136
1,742
1,114
101
169
348
469
136
67
661
655
230
145
1,688
1,265
242
191
1,704
1,400
234
228
1,949
1,411
279
150
2,077
1,355
5,062
3,813
1,249
4,670
3,539
1,132
4,734
3,607
1,127
6,424
4,160
1,263
5,280
4,038
1,242
6,241
4,766
1,475
6,667
4,971
1,696
7,082
5,280
1,802
7,280
5,C51
1,729
6,306
4,537
1,769
41, 594 38,403
99,119
89,002
761,090 577,982
5,665
5,453
35,002
81,131
564, 928
5,032
49,445
53,483
117,071 133,469
685, 274 663,884
6,125
6,268
63,361
162,682
725,061
7,122
70,199
179,055
824, 630
7,183
1,215
12,353
1,373
1,073
10, 438
1,748
1,535
320
181
2, 457
1,443
303
192
2, 494
1,427
5,974
4,285
1,689
6,071
4,196
1,875
Travel
Operations on scheduled airlines:
Passenger-miles
flown
thous. of miles.. 71, 530
Passengers carried
number-- 175, 263
Express
pounds.. 1,038,278
7,716
Miles flown
thous. of miles..
Hotels:
3.29
Average sale per occupied room__
dollars. _
54
Rooms occupied
percent of total..
90
Restaurant sales index
1929=100..
Foreign travel:
Arrivals, U. S. citizens
number. _
Departures, U. S. citizens
..do
Emigrants
do
Immigrants
_..do
Passports issued
do
1, 663
National Parks:
Visitors
do....
Automobiles
do
Pullman Co.:*
Revenue passenger-mile3
thousands..
Passenger revenues
thous. of dol__
72,918
75,145
75, 800 77, 468 67, 031
185, 643 194, 418 192, 544 194,216 171,557
725, 922 933. 965 981,462 948, 501 844,413
7,541
7', 639
7,626
7,442
7,408
3.26
54
3.21
64
••89
3.28
63
86
3.15
64
84
3.37
63
99
3.20
63
90
3.34
62
95
3.29
57
'84
3.39
61
93
3.35
64
89
3.39
67
03
16, 614
18, 765
2,663
8,042
5,184
19,556
24,307
2,344
5,661
5,927
25, 590
28,224
1,479
5,959
4,865
31,909
21,673
1,702
8,076
8,383
25,374
21, 575
1,851
7,063
8,839
19,800
19,011
2,077
6,049
16,080
20, 889
24, 788
3,168
4,512
21,013
29, 872
42, 246
3,163
4,694
10, 393
44, 501
38,573
7,006
2,950
7,444
40,295
26,656
5,518
2,301
1,843
19,700
10,033
5,492
1,996
1, 759
1,641
57,677
16,798
74,834
20, 587
62,848
17,618
72,280
21,779
164, 736
48,892
248,075
73,402
471,624
136, 576
916,175
249,905
875, 682 433,014 247, 149
238,296 131, 631 74, 366
83,966
27, 081
687,369
4,488
793,229
5,263
654,896
4,473
715,420
4,769
684,444
4,447
631,529
4,147
769,819
4,842
801, 514 764, 706 736, 325 696,186 562,047
4,990
4,855
4, 487
3, 704
4,679
101, 552
66,188
26, 591
69, 444
18,835
17, 704
99,234
65, 815
24, 731
67, 281
18, 527
17, 735
96,064
64, 504
22, 954
64,155
18, 438
17, 808
101,610 100,083
66, 491 66,162
26, 498 25, 275
68, 456 65, 683
19, 479 20,576
17,897
17,974
102,646
66,875
27,101
68,983
19,832
18,055
102,119
66,521
26,923
68,184
20,027
18,072
99, 824 101, 793 103, 843 105, 520 103, 403
64, 690 65,060
65, 696 68, 453 68, 394
26, 383 27,942
29, 361 28,318
26, 265
67, 738 68, 650 67, 210 69,157
70,052
18, 398 19,268
22,386
22, 240 19,406
18,102
18,160
18,263
18,447
38,357
12, 408
10, 553
10, 549
8,829
9,987
8,436
11,577
9,717
11,012
9,383
11,735
10,065
11,721
10,113
10,676
9,189
11,583
9,887
14,117
11,079
12, 350
9, 995
11,465
9,324
570
976
879
10. 756
1,041
291
527
856
864
9,816
15
'884
463
756
795
9,319
M7
«*934
901
960
10,031
814
502
768
861
9,809
512
'387
514
790
880
10,289
699
<*229
501
774
834
10,142
886
43
451
707
780
10. 028
d 77
d
951
542
802
893
10,146
695
d
222
900
1,417
1.622
10, 548
2,683
1,877
1,092
1, 263
10, 147
1,413
503
610
989
1,152
10,027
667
d245
3.44
61
••96
COMMUNICATIONS
Telephone:
Operating revenues
thous. of dol.
Station revenues._
..do...
Tolls, message..
_
do...
Operating expenses
do
Net operating income
do...
Phones in service, end of month.__ thousands._
Telegraph, cable, and radiotelegraph carriers:
Operating revenue, total
..thous. of doL
Telegraph carriers, total
do
Western Union Telegraph Co., revenues
from cable operations
thous. of doL _
Cable carriers
.do.
Radiotelegraph carriers
do.
Operating expenses
do.
Operating income
.
do.
Net income
do.
CHEMICALS AND ALLIED PRODUCTS
CHEMICALS
Alcohol, denatured:
Consumption
..thous. of wine gal_. 11, 434
Production
do
11,158
Stocks, end of month
do
1, 173
Alcohol, ethyl:
Production
thous. of proof gal.. 22, 080
Stocks, warehoused, end of month
do
14, 614
Withdrawn for denaturing
.do
19, 524
Withdrawn, tax paid
do
1,729
Methanol:
Exports, refined §
gallons. 368, 246
Price, refined, wholesale (N. Y.).dol. per gal.36
Production:
434
Crude (wood distilled)
thous. of galSynthetic
do...
4,184
Explosives, shipments
thous. of lb_
30, 580
Sulphur production (quarterly):
Louisiana
long tons. 126, 650
Texas
d o . . . 530,047
Sulphuric acid (fertilizer manufactures):
Consumed in production of fertilizer
short tons. 172, 332
Price, wholesale, 66°, at works
dol. per short ton.
16. 50
Production
short tons. 219,838
Purchases:
32, 885
From fertilizer manufacturers._
do...
36, 889
From others..
do
Shipments:
47, 623
To fertilizer manufacturers
do
To others.
..do...
59, 870
r
|
10,434
10,478
1,279
6,722
6,827
1,379
6,558
6,446
1,260
7,578
7,616
1,294
7,523
7,719
1,485
8,203
8,490
1,766
7,944
8,166
1,982
7, 395
7,437
2,015
9, 202
9,190
2,007
12, 848
12,625
1,776
15,453
15,181
1, 496
13, 008
13,060
1,479
16, 781
20,895
17, 391
1,841
17,067
24, 433
11,401
1,691
14,650
26, 072
11,198
1,363
17,438
27, 741
13, 202
1,851
17, 857
29, 625
13,253
2,074
18,655
31,078
15,031
2,009
16, 838
30,860
15,029
1,858
17, 643
32, 232
13, 823
1,765
18, 539
32, 919
16,050
1,780
18,104
25,913
22, 315
2,187
20, 965
17, 974
26, 033
2, 248
21,787
14,168
22, 944
2, 282
25,990
.36
24,355
.36
26, 359
.36
10, 806
.36
24,195
.36
18,441
.36
108,084
.36
195, 034
.36
28, 373
.36
28, 337
.36
263. 588
.36
123, 995
.36
357
2,844
28,415
352
2,463
29,258
336
2,267
26, 592
365
2,407
27, 801
389
2,276
26, 341
354
1,779
29,315
344
2,295
30, 210
378
2, 495
27, 652
360
2, 679
32, 700
405
2,640
35, 933
463
4,158
40, 612
480
4,612
35, 477
83, 260
405, 263
68, 900
478, 774
105,895
357,819
106, 795
372,655
148, 289
142, 451
138,273
119,081
112, 593
108,889
106,137
104, 378
115.119
134,287
175,338
176, 860
16.50
176,923
16. 50
181, 386
16. 50
169,769
16.50
169, 952
16.50
145, 689
16.50
155,902
16.50
140, 580
16. 50
139,248
16. 50
161, 791
16.50
153,897
16.50
205,024
16. 50
208, 461
20, R04
27, 515
20, 418
22, 343
18, 751
23, 778
11,951
17, 508
15,021
16, 542
8,853
20, 771
10, 535
25, 614
18, 635
17, 067
19,252
15, 568
30,040
33, 590
31, 774
40, :49
37, 562
32, 784
33,080
40, 915
38. 085
40, 850
39,167
35, 545
35.100
42, 864
33, 202
35, 528
38,123
38, 835
36, 966
43, 369
25, 804
45,376
45, 39f>
43, 346
37, 574
44, 089
42 3"
57. 1
44,979
58,318
Revised.
<J Deficit.
• Less t h a n $500.
• N e w series. D a t a for P u l l m a n Co. r e v e n u e passenger miles beginning 1915 a n d passenger revenues beginning 1913 are given in table 7, p . 18, of t h e J a n u a r y 1939 S u r v e y .
§Revised series. D a t a revised for 1937; see table 19, p . 14. of rhf April 1939 S u r v e y .
78
SURVEY OF CURRENT BUSINESS
1938
Monthly statistics through December 1937, to- 1939
gether with explanatory notes and references
to the sources of the data may be found in the Decem- December
ber
1938 Supplement to the Survey
February 1940
1939
January
February
March
April
May
June
July
August
September
October Novem
ber
CHEMICALS AND ALLIED PRODUCTS—Continued
FERTILIZERS
Consumption, Southern states
thous. of short tons..
Exports, total§
long tons..
Nitrogenous §
do
do
Phosphate materials §
do .
Prepared fertilizers §
— do
Imports total §
do .
Nitrogenous, total §
do....
Nitrate of 8oda§ - _
Phosphates!
do
Potash §
. Price, wholesale, nitrate of soda, 95 percent
(N Y )
dol.nercwt
short tons.
Potash deliveries*
Superphosphate (bulk):
short tons
Production
do
Shipments to consumers
do
Stocks end of month
_ ..
187
70, 905
18, 629
43, 474
489
126,952
106, 510
59,518
705
18,161
217
133, 295
25,119
101,188
72
149,798
78,124
32, 336
3,421
66,897
'437
85, 542
11,317
71,045
83
141,898
118,159
63,854
903
20,186
627
85,095
15, 645
66, 552
340
109,932
101, 396
54, 552
969
6,795
1,476
123, 687
6,723
97,983
476
138, 782
116,806
42,920
3,599
17, 235
1,271
136,328
5,365
123, 270
343
191,057
167, 558
115,188
1,462
16,580
312
148,095
12,142
112, 773
302
145,432
99,074
62,010
7,033
10,415
86
136, 016
12, 655
105, 934
268
109, 737
90, 541
59,332
594
16, 425
48
154,800
8,067
137,446
447
90,102
45,632
18,479
2,321
41,234
43
141,171
26, 618
106, 607
349
76, 002
45, 795
9,481
408
29, 087
148
123, 792
27,157
76, 904
697
88,276
71,447
10, 445
392
15,877
190
112, 699
18,974
78,418
1,921
110, 046
91,431
42, 204
2, 549
14, 571
108
79, 270
7,538
55,009
486
109, 670
101, 335
66, 407
2,799
4,214
1.450
62, 635
1.450
101, 438
1.450
2,489
1.450
2,632
1.450
5,250
1.450
8,379
1.450
8,674
1.450
17, 337
1.450
26,632
1.450
38, 956
1.450
54, 762
1.450
72, 622
1.450
'70,952
405,199 343, 204 322,211 312, 284 301,694
17,147
29, 340
54, 893 161, 202
24, 368
1,233,297 1,361,127 1,298,883 1,288,536 1,106,679
286, 747
216,671
815, 911
277,437
139, 648
778, 758
243, 402
34, 263
871,109
243,356
13,496
924, 045
279,107 305, 538 406, 809 417,410
28, 277 109,223
67,143
19, 225
963, 431 1,012,067 1,122,492 1,228,028
NAVAL STORES
Rosin, gum:
Price, wholesale " H " (Savannah)
5.24
dol. perbbl. (280 lbs.)..
Receipts, net, 3 ports
_bbl. (5001bs.)_. 51, 032
642, 234
do
Stocks, 3 ports, end of month..
Turpentine, gum, spirits of:
.27
Price, wholesale (Savannah)... -.dol. per gal.,
bbl. (50 gal.).. 10, 202
Receipts, net, 3 ports
94, 677
do. .
Stocks, 3 ports, end of month..
4.34
48,095
678, 731
4.90
20, 473
657, 839
5.21
13, 757
642,825
5.65
19, 367
609, 502
4.86
43,810
615, 381
4.94
57, 079
625,138
4.96
61,744
639, 914
5.19
61,096
659, 878
5.05
57, 640
672,880
5.48
60, 289
679,127
5.44
54, 574
630, 926
5.34
43,736
643,443
.28
10,593
133,921
.25
2,390
123, 584
.26
1,908
118,954
.29
3,256
109, 626
.24
9,799
107, 339
.24
14,638
104, 759
.24
15, 884
102,941
.24
14,692
102,126
.24
13, 754
102, 285
.26
16,369
101,111
.27
14, 605
93, 317
.26
10,945
98, 986
24, 745
64, 593
12,402
52,191
16, 022
81, 674
6,943
74, 731
17, 222
31, 790
2,167
17, 774
2,154
34, 744
OILS, FATS, AND BYPB.ODUCTS
Anima! Fats and Byproduc ts and
Oils (Quarterly)
Animal fats:
Consumption factory
Production
Stocks end of quarter
Greases:
Consumntion factory
Production
Stocks end of quarter
Shortenings and compounds:
Production
Stocks end of Quarter
Fish oils:
OonsnmDtion factorv
Production
Fish
do .
do
255, 751
628, 700
417, 333
222, 460
505,816
312, 725
233, 456
501,165
346, 321
217, 899
503, 947
403, 809
254,196
480,143
318,481
do
do
do
61,010
107, 355
60,316
44,480
87, 253
61, 276
48,182
86, 419
54,170
47, 438
92, 964
54.943
54,120
93, 578
52, 799
do
do
330, 816
56, 621
370, 759
55, 662
354, 692
51,163
300, 076
55,350
405, 331
36, 539
do
do
79, 894
111,628
245,155
71, 664
102,193
258,352
66, 512
47, 713
242, 725
66,138
8,983
180, 364
68,022
68,402
221, 405
1,019
17, 436
80,975
16, 733
64,242
1,062
997
2,656
92, 613
10, 525
82, 089
977
783
653
870
668
55, 482
28,658
35,160
58, 414
26, 745
36, 525
150, 528
58, 660
1,972
26, 686
150,922
78,573
7,204
34, 725
69, 478
73, 725
73, 68.*
82, 743
75, 457
75,064
66, 388
68, 213
61, 949
70, 338
178, 382
11,883
202, 30)
13, 332
202, 322
13, 735
226, 894
12, 315
197,485
12,100
509
384
1,162
'523
327
'1,369
rfn
Vegetable Oils and Products
Vegetable oils, total:
Consumption, crude, factory (quarterly)
miLrtf lb
thous. of lb_.
Exports
do
Imports, total§
. . . do
Paint oils§
do
All other vegetable oils§
Production (Quarterly)
mil oflb
Stocks, end of quarter:
do
Crude
rtn _
Refined
Copra:
Consumption, factory (quarterly)
short tnn<3
do..
Imports
- ._
Stocks end of quarter
do
Coconut or copra oil:
Consumption, factory:
Crude (quarterly)
thous. of lb
do
Refined (quarterly)
. . do..
In oleomargarine
do
Lmports§
Production (quarterly):
do
Crude
do
Refined
Stocks, end of quarter:
_ . do
Crudf
do
Refined
Cottonseed:
Consumption (crush) _.. thous. of short tons..
do . . .
Receipts at mills
.....
do
Stocks at mills, ^ud of month
Cottonseed cake and meal:
short tons..
Exports
. „
Production..
...
do—
Stocks at mills, end of month
. do .
Cottonseed oil, crude:
thous. of lb__
Production
do _
Stocks, end of month
Cottonseed oil, refined:
y)
do
Consumption, factory (quarter
fin
2,815
91, 692
11,414
80, 278
4,136
85, 466
8,169
77, 298
952
3,994
98,010
10, 708
87, 302
832
4,202
60, 455
12,136
48, 319
4,314
97, 275
9,382
87,894
860
760
20,967
17,491
7,244
23,101
5,295
29,122
'458
' 148
' 1, 059
' 372
' 103
'789
59, 473
22, 630
35, 816
154, 408
64, 957
4,729
41, 370
'389
' 118
'519
816
3,673
91, 633
10, 755
80, 878
593
2, 559
79,467
9,841
69,625
3,865
86 413
10, 292
76,121
732
759
11. 643
20,880
3,428
22, 889
2,964
38,450
' 258
'76
'337
'203
'60
194
52,114
12, 514
36, 081
137,891
53, 074
2,129
37, 556
'100
'46
' 139
712
7,908
51,620
11, 277
40,343
583
661
523
19,928
3,773
1,559
21,215
1,763
32,898
49,469
7,533
13,881
143,265
52, 359
3,113
10,988
'70
'51
' 121
151
227
196
524
1,141
813
712
1,165
1,266
643
664
1,287
189
3S9
506
81
4,468
124
407
46
343
228, 458 '236.259 ' 200, 385 072,401 '177,171 ' 120, 555 ' 94, 441 ' 45, 329 '33,119
219, 794 '312.810 '288, 544 '244,479 ' 195, 092 ' 175, 454 ' 172, 968 r 150,846 '119,718
675
68, 229
97, 085
1,318
232, 352
124, 374
2,335
320, 927
197, 618
1,403
288, 050
206, 931
159, 870 |'162, 410 145,077 '117,924 ' 126, 679 ' 85, 240 ' 68, 522 ' 34, 328
181, 235 '175, 464 ' 174, 446 ' 179, 569 '171,279 ' 155, 524 ' 137, 822 ' 89, 096
' 22, 622
' 72, 067
45, 355
62,000
162, 480
110,701
220, 362
156, 874
201, 656
184, 062
5,522
6,986
354,226
9,034
8,689
9,701
334,392
8,779
301, 398
10, 577
9,884
9,412
285, 230
9,678
7,584
6,781
272, 970
6,708
Price, summer, yellow, prime (N. Y.)
.074
.066
.066
.061
.071
.069
.065
.055
.071
.067
.068
'. 065
.069
dol. per lb..
54, 666
93, 924 163, 315 163, 052
Production
thoas. of lb— 157, 221 '144, 737 ' 139, 432 '113,379 ' 127, 358 ' 98,577 ' 82, 476 ' 78, 548 ' 41,107
553,176 '565, 309 ' 613, 023 ' 637, 636 ' 642, 349 ' 658, 956 ' 641, 031 ' 616, 859 ' 560, 035 494, 718 411, 791 433, 637 490, 215
Stocks, end of month
do
v
'Revised.
Preliminary.
•New series. Data are on basis of potassium oxide content; figures beginning 1928 not shown on p. 39 of the August 1939 Survey will appear in a subsequent issue.
§ Revised series. Data for 1937 revised; see tables 19 and 2J; pp. 14 and 15 of the April 1939 Survey;
SURVEY OF CURRENT BUSINESS
February 1940
Monthly statistics through December 1937, to- 1939
1938
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
OILS, FATS, AND
79
1939
January
Febru
ary
March
April
June
May
July
August
September
October Novem
ber
CHEMICALS AND ALLIED PRODUCTS—Continued
1
BYPRODUCTS-Con.
Vegetable Oils and Products—Continued
Flaxseed:
Imports!
tfaous. of bu._
Minneapolis:
Receipts.,
do _
Shipments
do
Stocks
_
._
do
Duluth:
Receipts
do
Shipments .
do __
Stocks
do
Oil mills (quarterly):
Consumption
do
Stocks, end of quarter
do
Price, wholesale, No. 1 (Mpls)—dol. per bu._
Production (crop est.)
thous. of bu
Linseed cake and meal:
Exports§
do
Shipments from Minneapolis
do
Linseed oil:
Consumption factory (quarterly)
do
Price, wholesale (N. Y.)_
dol. per lb._
Production (quarterly)
thous. of lb
Shipments from Minneapolis
do
Stocks at factory, end of quarter.
do
Oleomargarine:
Consumption (tax-paid withdrawals) __do
Price, wholesale, standard, uncolored (Chicago)
dol. per lb__
Production
thous. of lb
Vegetable shortenings:
Price, wholesale, tierces (Chi.)
dol. per lb__
623
1,474
2,111
2,248
2,031
1,418
1,155
1,802
1,123
1,511
452
875
682
269
104
3,616
136
80
637
107
47
524
38
30
452
62
64
319
35
58
283
61
38
280
73
20
225
67
28
231
8,100
389
2,659
2,709
648
5,456
679
367
5,154
318
428
4,059
145
1,178
51
1
8
112
110
1
0
111
1
82
29
29
2
0
2
99
41
59
58
2
801
144
659
2,032
1,170
1,521
948
1,360
1,109
541
566
1,084
8,736
4,866
2.07
b 20,330
7,206
2,389
1.90
" 8,152
1.99
1.92
7,112
2,521
1.97
1.89
1.83
6,207
1,958
1.81
1.57
1.54
6,814
6,383
1.75
1.86
1.84
52, 765
21, 320
61,820
9,760
50, 734
8,320
50,180
5,720
17, 219
7,920
50,396
8,280
40,849
7,280
48, 733
7,000
44,589
6,360
50,163
16, 400
40, 600
23, 280
14, 529
19, 720
30,914
21,480
88, 768
.102
166,150
8,820
142,643
72,419
.086
139,106
3,209
141, 785
.085
.085
.089
.089
.090
.086
3,960
3,900
9,780
6,480
5,880
8,100
25, 737
29,991
30,350
27,774
29,032
23,622
22,827
20, 745
20,114
21, 206
.120
25, 587
.143
30,373
.140
30,319
.140
27,701
.140
29,417
.140
23,325
.135
22,699
.135
21, 111
.135
19,262
.135
21,608
.099
.096
.093
.091
.095
.093
.093
.090
.090
.089
45
43
44
46
49
40
34
156
227
206
154
287
255
171
289
279
179
270
233
153
206
213
0)
76,674
.088
139,209
7,200
161, 251
1
(i)
91, 360
.093
124, 823
6,360
130 310
(i)
88, 397
.099
134, 326
14, 700
112,475
.102
.098
15,000
10,680
27,918
23, 676
27, 719
.124
28,105
.123
23, 785
.128
27, 886
.104
.104
.099
PAINT SALES
Plastic paints, cold water paints, and calcimines:
32
Plastic paints
thous. of dol..
159
Cold water paints:
277
In dry form
- - _
do
203
In paste form
do
Calcimines
.
do
Paints, varnish, lacquer, and fillers:
25, 934
Total
do
19,333
Classified, total
.
do
9,409
Industrial
do
9,924
Trade
do .
6,602
Unclassified
_.
do
30
32
33
44
46
113
169
222
126
211
235
144
219
251
187
316
280
210
317
282
230
338
305
206
309
281
20, 515
15,036
7,417
7,619
5,478
24,229
17,828
8,180
9,648
6,401
24,415
17,395
7,982
9,413
7,021
31, 555
23,003
9,626
13,377
8,551
32, 666
23,830
9,469
14,360
8,836
40,138
28, 546
9,611
18,935
11, 592
36,886
26,197
9,781
16,416
10, 690
29,472
20,769
8,199
12,569
8,703
33,087
23, 413
9,309
14,104
9,674
36, 960
25,515
10,420
15,095
11,445
34, 540
24,995
10,976
14,020
9,544
29,396
21,772
10, 234
11, 538
7,624
271
1,089
1,199
246
789
937
242
923
956
257
1,049
977
342
1,315
1,171
287
1,116
950
249
1,036
940
297
957
1,000
221
979
847
326
1,069
1,065
328
1,164
1,156
311
1,315
1,232
346
1,361
1,244
14
987
1,030
7
1,112
1,032
6
896
856
9
989
1,014
14
1,078
1,029
12
508
522
10
491
509
9
446
378
6
561
537
7
1,041
815
7
706
677
14
713
684
10
725
793
1,183
1,135
758
671
725
682
871
770
963
810
736
600
782
704
795
703
645
604
1,034
967
1,312
1,153
1,410
1,333
1,199
1,119
2,076
515
527
1,035
1,439
359
358
721
1,410
374
391
645
2,910
692
891
1,327
3,289
2,714
720
1,057
938
2,887
831
1,058
998
2,633
737
926
970
3,923
1,115
1,176
1,632
3,867
1,125
1,289
1,453
4,611
1,291
1,520
1,800
2,486
632
810
1,044
CELLULOSE PLASTIC PRODUCTS
Nltro-cellulose, sheets, rods, and tubes:
Consumption*
._ __
thous. of lb._
Production
do
ShipmentscT
-do
Cellulose-acetate sheets, rods, and tubes:
Consumption*.
.
thous. of lb
Production
. do
Shipmentso"
.
do
Moulding composition:*
Production
.
do.
Shipments!
.
do
ROOFING
Asphalt prepared roofing, shipments:
Total
thous. of squares..
Grit roll
Shingles (all types)
S m o o t h roll
.
do . . _
do
do _
785
1,150
1,355
ELECTRIC POWER AND GAS
ELECTRIC POWER
11,864 rll,e
10,651
11,116
9,955
10, 529
11,228
10, 641
9,654
10,567
10, 341
10,882
Production, totalt___
mil. of kw.-hr__ 12,067
By source:
8,727
7,997
5,562
6,743
'8,455
8,894
6,116
7,179
7,701
6,976
6,176
5,828
Fuel..
.do
3,138
3,786
3,472
3,118
'3,204
4,165
3 f 527
3,173
3,742
4,450
4,393
3,906
3,826
Water power
do
By type of producer:
Privately and municipally owned public
10,974
9,321
9,820
9,846
10,260
10,736
10,205
9,900
10,329
9,965
9,043
utilities
mil. of kw.-hr__ 11,151
804
856
'922
655
709
916
667
634
900
677
611
676
Other producers
do
Sales to ultimate consumers, totalt (Edison
9,274
8,779
8,282
8,577
8,583
8,953
8,324
8,398
8,240
8,806
Electric Institute)
mil. of kw.-hr._
1,782
1,755
1,604
1,719
1,627
1,620
1,890
' 1, 847
1,987
1,815
1,700
1,620
Residential or domestic
do
6,951
5,751
6,169
6,187
6,876
r 5,946
5,615
5,704
5,867
6,526
5,850
Commercial and industrial—
do
169
149
159
111
115
188
-"234
134
121
128
192
166
Public street and highway ltg
do
229
194
224
201
202
192
197
202
193
194
203
Other public authorities
do
'178
441
479
492
446
524
433
473
461
443
493
531
Sales to railroads and railways..
do
547
32
30
35
32
32
35
41
36
42
42
Interdepartmental
do
'27
* December 1 estimate.
o Final estimate for the crop year.
' Revised.
i Less than 500 bushels.
•New series. For data on nitro-cellulose consumption, cellulose-acetate consumption, and molding compositions beginning 1935. see table 15. p. 1* of the March 1939 Survey.
t Revised series. For electric power sales, see note marked with a " t " on p, 41 of the July 1939 Survey. Comparable data beginning January 1938 will be published in the
1940 Supplement.
§Revised series. Data for 1937 revised; see tables 19 and 20, pp. 14 and 15 of the April 1939 Survey.
cf Includes consumption in reporting company plants.
^Excludes consumption in reporting company plants
tFor electric power production, see note marked with a " 1 " on p. 41 of the July 1939 Survey. Revised data on production "by type of producer,'* referred to therein, are
shown beginning June 1938 on p. 40 of the August 1939 Survey; data beginning 1920 will be published when available.
80
SURVEY OF CURRENT BUSINESS
1939
Monthly statistics through December 1937, to1938
gether with explanatory notes and references
to the sources of the data may be found in the Decem- December
ber
1938 Supplement to the Survey
February 1940
1939
January
February
March
April
May
June
July
August
September
October Xovem
bcr
ELECTRIC POWER AND GAS—Continued
ELECTRIC POWER—Continued
Revenues from sales to ultimate consumers
(Edison Electric Institute)
thous. of dol__
198,991
201,330
190, 219
186, 714
9,947
9,254
227
458
34,600
16,196
8,306
9,853
9,201
212
465
34,761
17,211
8,101
9,250
9,914
9,225
219
461
33,662
16, 687
8,004
8,785
9,907
9,218
210
467
33,600
16, 647
7,122
9,641
33, 310
21, 923
4,763
6,478
33, 734
22,125
5,196
6,292
32,811
21,038
5,429
6,227
32, 450
21,054
4,902
6,368
7,163
7,156
6,603
6,615
55.0
546
129, 398 134, 515
49,177
51,291
78,736
81, 770
7,194
6,636
555
127, 377
46, 791
79, 303
186, 600 189, 225 198, 947 201,709
185, 987 183,112
186,166
9,894
9,197
218
467
32, 626
16, 242
6,074
10,144
9,986
9,285
224
466
30,303
15, 755
4,421
9,979
9,290
214
465
27, 917
16,600
1,587
9,995
9,316
202
466
25, 652
15, 541
948
9,007
10, 016
9,336
206
464
24, 879
14, 702
756
9,305
10, 081
9,388
221
463
26,828
16, 367
876
9,461
10, 090
9,383
244
453
29, 893
17,116
2,389
10, 227
10, 078
9, 363
256
450
33, 002
15, 352
6,948
10, 520
31, 586
21, 252
3,840
6,368
30,707
21,845
2,519
6,231
29, 561
22, 253
1,232
5,990
27,662
21,105
788
5,683
26, 606
20, 121
663
5,731
28, 615
21,786
837
5,909
30, 786
22,513
1,848
6, 318
32, 230
21, 566
3,863
6,680
7,190
7,178
6,655
6,626
533
549
113, 379 101,438
36, 510 27,415
72,581
75,465
7,163
6,650
510
87, 413
18, 862
67,378
7,152
6,651
499
86,376
16,013
69,210
7,191
6,689
501
88, 739
15, 015
72, 233
7,232
7,424
7,298
6,727
6, 767
6,850
529
572
503
92, 700 102, 572 116, 966
30, 679
15, 491 19,414
81,748
84, 689
75,835
34, 644
19,873
14.550
28, 559
15,197
13,193
26, 235
13,011
13, 035
26, 278
12, 465
13, 597
26,855
12, 433
14, 221
31.060
14, 967
15, 895
5,651
5,079
9,086
6,271
5,656
9,447
5,637
5,538
9,330
5, 450
5,715
4,392
4,921
8,112
4,237
4,169
7,994
204,974
GAS§
Manufactured gas:
Customers, total
._
...thousands..
Domestic
do
House heating
do
Industrial and commercial
do
Sales to consumers
mil. of cu. ft..
Domestic
do
House heating
do
Industrial and commercial
do
Revenue from sales to consumers
thous. of doL_
Domestic
..do
House heating. _
do
Industrial and commercial.._
...do
Natural gas:
Customers, total
_..thousands..
Domestic
do
Industrial and commercial
do
Sales to consumers
mil. of cu. ft..
Domestic
do
Indl., coml., and elec. generation
do
Revenues from sales to consumers
thous. of doL.
Domestic
do
Ind'l., com'l., and elec. generation
do
7,220
6,655
563
126,093
42, 881
81,704
45, 619
27, 751
17, 630
50, 279
32,141
17,899
51,197
32, 619
18,331
47, 979
30,218
17, 520
41,034
24, 845
15.958
39, 022
21,217
17, 563
FOODSTUFFS AND TOBACCO
ALCOHOLIC BEVERAGES
Fermented malt liquors:
3,541
Production
thous. o
3,588
3,669
Tax-paid withdrawals
do
3,916
7,083
Stocks
do
7,191
Distilled spirits;
17,230
Production
.thous. of tax gal.. 11,553
9,714
9,400
Tax-paid withdrawals
do
1,691
1,501
Imports*
thous. of proof gaL.
Stocks...
thous. of tax gal__ 508, 205 505,414
Whisky:
11,003
8,033
Production
do
7,665
7,704
Tax-paid withdrawals
do
1,459
1, 298
Imports*
thous. of proof gal..
Stocks
.thous. of tax gaL. 465, 018 466,785
Rectified spirits and wines, production, total
4,002
4,774
thous. of proof gal_.
3,898
3,249
Whisky*..—..-.
do
Indicated consumption for beverage purposes:
All spirits*!
thous. of proof gal_. 12, 390 13,118
10, 870 11,425
Whisky*t
do.__
Still wines:
Production*
thous. of wine gal.
•• 24, 250
8,730
Tax-paid withdrawals*
do...
476
Imports*
do
424
Stocks*
do...
127, 721
Sparkling wines:
37
Production*
do
78
Tax-paid withdrawals*..
do
138
Imports*
do
554
Stocks*
do_._
3, 645
3,104
7,470
3,482
3,031
7,774
4,497
3,822
8,265
11,874
6,248
667
510,194
10, 700
6,112
676
513,462
13,022
8.566
831
516, 755
10, 940
7, 593
776
519,162
10, 756
6,868
845
521,251
8,304
6,456
772
522,058
5,381
5,605
632
520,429
9.204
5,007
571
470, 251
8,724
4,996
582
472, 934
9,993
6,791
706
475,150
8, 513
5,728
678
477,136
7,972
4,866
730
478,741
5,774
4,885
666
478,900
3,711
4,343
534
477,149
2,973
2,375
2,683
2,192
3,817
3,078
3,670
2,800
3,425
2,496
2,960
1,977
2,930
2,014
3.189
2,332
4,005
3,258
5. 202
4,329
8,192
7,743
6,816
10, 771
9,357
9, 775
8,122
9,137
7,142
8,699
6,767
7.570
6,131
8,709
7,104
11, 959
10, 309
13, 703
12,007
5,008
5,066
247
122,424
1,678
5,022
194
117,060
1,026
5,883
292
111,279
677
4,684
207
94, 842
914
4,247
154
91, 048
5,211
5, 053
152
87,127
15
16
23
548
11
19
546
25
13
22
558
39
25
36
647
19
20
20
646
16
21
26
639
21
34
84
27
50
59
597
4,641
3,985
8,746
1,103
1,003
4,994
5,171
310
229
105, 754 100,941
43
13
26
587
70
17
37
639
r
6,663
710
518,487
4,392
5,098
612
475,
371
3,685
3,826
7,696
t
10, 244 17, 946 14, 921
8,772
11, 066 13,485
1,843
1,058
1, 113
514, 433 510, 606 506, 894
4,985
7,074
8,946
6,793
8, 550 10, 385
1,599
912
959
472, 499 469,173 465, 934
6, 341
5,532
16, 266
14, 508
44, 293 105, 599 35, 895
8,624
6,195
8,011
379
370
420
99, 817 139, 099 142, 721
36
56
80
576
DAIRY PRODUCTS
Butter:
Consumption, apparentf
thous. of lb... 152,701 r154,630 145,796 139,555 153,186 I 152,961 180,150 152,862 145,612 157 235 152 571 147 955 150 368
Price, wholesale 92-score (N. Y.) dol. per lb__
.30
.28
.26
.26
.24 j
.23
.24
24
.24
24
28
29
30
Production, creamery (factory)t-thous. of lb._ 118,430 122,855 128,303 121,065 139,331 145,123 193,701 200,135 179,275 164,960 134,515 121,595 112,285
Receipts, 5 markets}
do
45,775
53,269
55,705
53,955
60,091
59,385
77,966
84,566
77,460
69,674
55 208 49,357
45,197
Stocks, cold storage, creamery, end of month
|
thous. of l b . . | 55,468 128,770 111,354
92,780
78,909
70,909 | 84,437 131,609 165,183 172,825 154 594 128 111 '89,783
Cheese:
|
j
j
i
'
Consumption, apparentf
'...do
| 48,049
51,593 j 56,741
57,241
62,356
64,704 I 77,595
70,249
57,671
61,789
71492
67 744 51043
Imports
do....
3,478
4,083 j 4,001
4,425
4,881
3,927
4,353
3,781
3,134
3,435
5,762
11,637
6,344
Price, wholesale, No. 1 Amer. (N. Y.)
|
dol. per lb...
.18
.15
.14
.14
.14
.14
.14
.15
.15
.15
17
18
18
Production, total (factory)f
thous. of lb_. 40,660
40,376
39,168
37,992
47,775
54,600
77.300
86,170
73,400
65,920
57,400
54 000 42,300
American whole milkf
d o . . . . 28,600
28,258
28,171
27,175
34,281
41,145
60,640
68,320
58 400 52 420 45 075
41*310
30 145
Receipts, 5 markets
do
9,981 10,998
10,753
11,492
11,960
11,157
14,402
14,322
13,786
14,579
16 527 15 145 10 614
Stocks, cold storage, end of month
do
108,183 120,174 106,411 91,485
81,653
75,345
79,272
98,850 117 598 125 019 116 561 114*736
^ 112 217
American whole milk
do
86,785 102,563
90,401
77,270
68,812
62,866
64,750
81,262
97 448 103 594 97'530
93? 987] \r 90 219
Condensed and evaporated milk:
'
'
Exports:
Condensed (sweetened)
thous. of l b . .
121
355
104
91
306
142
148
195
215
194
276
364
145
Evaporated (unsweetened)..
...do....
2,615
2,198
1,522
2,007
1,785
1,710
2,508
1,799
2,338
1,976
3 414
3 715
1,876
Prices, wholesale (N. Y.):
|
Condensed (sweetened)
dol. per case..
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00 !
5.00
5 00
5 00 !
5 00
Evaporated (unsweetened).—
..do
3.10
2.90
2.90
2.90
2.90
2.90
2.90
2.90
2.90 I
2.90
2.90
3.10 ;
3.10
'Revised.
§See note marked with a "f" on p. 41 of the June 1939 Survey.
•New series. Earlier data for the new series on alcoholic beverages appear in tables 2-8, pp. 15-18 of the July 1939 Survey.
fRevised series. For 1937 revisions in consumption and production of butter, consumption of cheese, and production of American cheese, see p. 41 of the December 1938
issue; 1938 revisions not shown in the December 1939 Survey will appear in a subsequent issue. For total production of cheese see table 50, p 17 of November 1939 issue;
figures shown there are correct except for 1938 revisions shown in the footnote indicated by a "f" on p. 41 of the December 1939 Survey. Data for production and consumption
of butter and cheese are preliminary for 1938-39. Total indicated consumption for beverage purposes of all spirits and whisky revised in their entirety; revisions not shown
on p. 41 of the October 1939 Survey will appear in a subsequent issue.
JFor comparable monthly figures beginning 1919, see table 14, p. 17, of the March 1939 Survey.
SURVEY OF CURRENT BUSINESS
February 1940
Monthly statistics through December 1937, to- 1939
1938
gether with explanatory notes and references
to the sources of the data may be found in the Decem- December
1938 Supplement to the Survey
ber
81
1939
January
February
March
April
May
June
July
Novem
temb'er October ber
A st
^
FOODSTUFFS AND TOBACCO—Continued
DAIEY PRODUCTS—Continued
Condensed and evaporated milk—Continued.
Production:!
Condensed (sweetened):
Bulk goods
thous. of lb_
0)
Case goods
do...
2,228
Evaporated (unsweetened)
do-._ 135, 536
Stocks, manufacturers' end of month:
Condensed (sweetened):
Bulk goods
thous. oflb.
0)
Case goods
do...
5,627
Evaporated (unsweetened), case goods
thous. of lb_
186, 081
Fluid milk:
4,988
Consumption in oleomargarine
do...
2.25
Price, dealers', standard gradeVdol. per 100lb..
Production (Minneapolis and St. Paul)
thous. of lb. 33, 548
Receipts:
12, 889
Boston (incl. cream)
thous. of qt.
Greater New York (milk only)
d o . . . 123,192
Powdered milk:
573
Exports^
thous. of lb.
23, 948
Productiont
do...
10,
987
Stocks, mfrs., end of mo.t
do--.
13,157
3,138
114,739
12,847
3,421
129, 452
11,505
3,036
137,882
15,408
3,075
181,094
15,420
3,283
202,090
22,007
2,899
262, 957
21, 059
2,755
265, 586
16. 615
2,894
223, 953
16,817
2,461
194,162
15,170
4,398
159,880
3,479
143, 988
9, 235
7,139
8,536
6,101
7,202
4,985
5,809
4,959
6,135
4,608
7,910
6,437
11,416
7,764
12, 504
8,570
10, 986
8,001
7,741
6,039
205,073
150,311
120, 397
109,882
134,625
209, 044
292, 393
341, 686
355,071
5,830
2.23
5,856
2.23
5,422
2.21
5,861
2.20
4,561
2.15
4,498
2.11
4,112
2.10
3,870
2.10
4.315
2.12
32,002
36,421
34,829
40,237
39,031
44,144
41,873
34,051
14,342
118, 277
13,988
123,868
12, 681
112,501
13,906
125,570
13,322
121, 682
14, 648
132, 670
13, 897
134, 712
14,947
129,851
549
28,038
33, 259
473
25,006
32,860
519
22,890
32,318
28,233
30,972
31,190
32,102
1,069
38, 877
31,982
739
38,572
25,861
5,625
4,785
4,848
3,055
2,053
1.575
()
)
2,354
125, 529
6,312
0)
f1)
5,990
135,135
175, 646
188, 290
5,297
2.15
4,538
2.19
5,337
2.22
28, 599
25, 226
26,043
28,215
15, 375
118, 956
13, 258
122, 715
13, 883
128, 697
131, 848
637
29,079
27, 613
798
23, 566
18, 298
823
22, 432
11, 903
796
20, 782
8,449
544
r 20, 225
7,548
976
1,007
971
4,833
10, 216
0
16,426
2,147
0
10, 853
1,111
0
9,154
1,668
3,366
7,203
3,343
1.813
1.295
1.588
1.806
11,541
7, 658
12,171
12,441
FRUITS AND VEGETABLES
Apples:
b
131,882
Production (crop estimate)
thous. of bu_.
5,057
6,742
Shipments. carlotf
no. of carloads..
Stocks, cold storage, end of month
8,727
8,736
thous. of bbL.
17, 508
18,938
Citrus fruits, carlot shipments! .no. of carloads.
1, 612
2,105
Onions, carlot shipments!
do
Potatoes, white:
1.456
Price, wholesale (N. Y.)
dol. per 100 lb.. 1.850
Production (crop estimate)
thous. of bii.. '360,, 992 374,163
Shipments, carlotf
no. of carloads.- 12, 095 12, 402
6,903
18, 747
2,485
5.079
18,444
2,184
3. 046
22,939
2,380
1,569
20,387
3,094
555
17, 683
3,383
1. 595
1.519
1.375
1.800
1.680
17, 551
17, 343
25, 317
18,983
22, 833
23,930
20, 385
15, 521
15,435
11,368
16, 372
6,600
368
724
436
124
614
206
265
.54
.55
.55
.54
.56
.51
.57
.55
.56
.53
.60
.45
.47
6,670
13, 752
3,846
11, 726
5,967
10,182
4,579
8,874
4,474
5,745
3,791
6,210
7, 050
6,340
2,721
5,256
3,798
5,780
1,663
5,798
1,207
6,510
267
5,945
)
.53
.51
.46
.51
7,794
10, 329
13, 718
1,988
GRAINS AND GRAIN PRODUCTS
Exports, principal grains, incl. flour and meal§
8,374 11,495
thous. of bu_Barley:
399
649
Exports, including malt
do.-.
Prices, wholesale, No. 2 (Mpls.):
.55
.52
Straight
dol. per bu_.
.57
.58
Malting
do
Production (crop estimate)
thous. of bu__ *276, 298 253,005
7,307
5,846
Receipts, principal markets
do
18, 614
15,015
Stocks, commercial, end of mo
do
Corn:
5,324
3,729
Exports, including meal
do.
5,187
6,724
Grindings
do.
Prices, wholesale:
.56
.48
No. 3, yellow (Kansas City)...dol. per bu..
.62
.54
No. 3, white (Chicago)
do.
Weighted average, 5 markets, all grades*
. 57
.50
dol. per bu._ ft
Production (crop estimate)
thous. of bu__ 2,6i9.13; "2,562,197
21, 923
20, 262
Receipts, principal markets
do
9, 469
10,069
Shipments, principal markets
do
45, 851
52, 644
Stocks, commercial, end of mo
do.
Oats:
81
147
Exports, including oatmeal
do_
Price, wholesale, No. 3, white (Chicago)
.41
.29
dol. per bu..
Production (crop estimate)
thous. of bu_. *>937, 215 o 1,068,431
4, 756
5, 658
Receipts, principal markets
do
12, 054
16, 919
Stocks, commercial, end of mo
do.
Rice:
Exports?
pockets (100lb.)_. 107,179 298, 935
32,127
39, 991
Imports?
do .
Price, wholesale, head, clean (New Orleans)
.038
.033
dol. per lb._
Production (crop estimate)
thous. of bu.. & 52, 306 • 52, 506
Southern States (La., Tex., Ark.,andTenn.):
Receipts, rough, at mills
679
912
thous. of bbl. (162 1b.)..
Shipments from mills, milled rice
857
977
thous. of pockets (1001b.)..
Stocks, domestic, rough and cleaned (in
terms of cleaned rice) end of month
3,983
thous. of pockets (1001b.) — 3,282
California:
89,
892
212,
534
Recpipts, domestic rough ...bags (1001b.)_.
68, 417 136,365
Shipments from mills, milled rice
do
Stocks, rough and cleaned
(in terms of
cleaned rice), end of mo...bags (100 lb.)_. 545, 331 366,012
Rye:
85
Exports, including flour
thous. of bu..
.67
Price, wholesale, No. 2 (Mpls.)..dol. per bu_.
*>39, 249
55,564
Production (crop estimate)
thous. of bu
2.070
1,248
Receipts, principal markets.
do..
10,540
8,369
Stocks, commercial, end of mo
do
r
a
10,8
8,372
11,281
709
909
153
.46
.48
.55
.58
.53
.55
.52
.54
r 4,831
8,253
20, 062
16, 904
13, 546
19,421
8,744
20, 398
6, 732
20,106
4,929
1,121
6,693
1,855
8,094
5,580
8,113
1,266
6,333
.47
.52
.57
.50
59
.53
.60
C)
C)
.50
.55
.51
.47
.47
.49
.52
.51
.46
.47
.56
.50
.51
14, 373
8. 827
50, 889
10,216
5,398
13, 085
8,473
43, 741
12, 562
8,656
39, 262
23,333
20,170
34, 568
17, 381
17,042
30,880
11,864
12, 759
23,145
9,880
12, 077
14,192
22,655
11, 584
14,947
31, 609
13,135
27, 541
26, 723
15, 893
38, 202
101
117
353
.31
47,489
130
114
112
61
93
.31
.32
.34
.34
61
133
162
.30
.36
.35
.39
6,221
15, 545
.30
4,304
14, 649
5, 769
12, GDI
4,461
10,312
6,303
6,784
4, 540
5,695
6,673
5, 55t
18, 625
14, 681
12,528
16,104
6, 261
14, 552
5,632
13,199
306, 891
46, 344
302, 302
41, 296
302,102
67, 608
274,893
90,116
283, 341
84,857
241,755
75, 647
220, 315
83, 257
216, 072
70, 691
381, 765
37, 528
304, 543
8,568
89, 926
58, 365
.033
.033
.033
.033
.033
.033
.033
.033
.040
545
428
180
390
1,805
2.360
1,375
1,064
938
1,024
912
758
972
1,146
1,122
1,083
3,695
3,586
3,244
2,595
2,092
1,552
996
1,706
3,029
3,410
262, 200
129,003
169,184
118, 478
229, 760
143,617
160, 345
136, 287
203,447
144,414
197,332
97, 767
270, 965
130,025
486, 207
174, 422
497,338
224, 541
354, 776
123, 603
167, 793
65, 521
393, 811
375, 056
350, 435
301, 497
264,633
258, 494
0
.46
)
.45
(a)
.43
)
.43
942
8,126
'496
7,637
1,241
7,630
795
7,153
891
1,250
2,894
681
389,027
466,045
554, 057
574, 503
.51
)
.50
)
.43
0
.42
(a)
.53
1
.52
0
.51
1,045
6,813
1,955
7,384
1,470
7,708
3,455
9,246
3,160
9,857
2, 053
10, 577
1,295
9,954
C)
Revised.
Less than 500 bushels.
& December 1 estimate.
«No quotation.
9 Final estimate for the crop year.
Discontinued by reporting source.
tFor comparable monthly figures beginning 1918, see table 13, p. 17 of the March 1939 issue.
*\Tew series. Data for price of milk beginning ly22 and average price of corn beginning 1918 appear in tables 38 and 39, p. 18 of the August 1939 Survey.
fRevised series. For revisions in condensed and evaporated milk production in 1937, see p. 41 of the December 1938 Survey; 1938 revisions not shown in the December
1939 Survey will appear in a subsequent issue. Revisions for 1938 for carlot shipments not shown in the December 1939 Survey will appear in a subsequent issue.
§Revised series. Data revised for 1937; see tables 19 and 20, pp. 14 and 15 of the April 1939 issue
1
205737—40
6
82
SURVEY OF CURRENT BUSINESS
1938
Monthly statistics through December 1937, to- 1939
gether with explanatory notes and references
to the sources of the data may be found in the Decem- December
1938 Supplement to the Survey
ber
February 1940
1939
January
February
March
April
May
June
July
SepOctober Novem
August tember
ber
FOODSTUFFS AND TOBACCO—Continued
GRAINS AND GRAIN PRODUCTS—
Continued
Wheat:
Exports:
12,613
14,489
11, 087
9,468
7,414
6,970
11,946
4,629
6,033
Wheat, including flourj thous. of bu.. 2,485
8,935
5,675
4,173
597
8,782
5,874
10,672
4,430
8,487
3,929
10,217
1,701
1,452
Wheat only§-__
_
do
2,977
5,903
2,530
Prices, wholesale:
No. 1, Dark Northern Spring,
1.03
.77
.86
.80
.78
.77
.88
.91
(Minneapolis)
dol. per bu_.
.76
1.04
.73
.69
.70
.73
.92
No. 2, Red Winter
(St. Louis).do
.69
.98
.76
.67
.67
• .86
.71
No. 2, Hard WTinter (K. C.)
do....
.65
1.00
.68
.80
.88
Weighted av., 6 markets, all grades..do
.73
.71
.72
.90
Production (crop est.), total thous. of bu_. 754,971 '931, 702
191,540 '243,569
Spring wheat. _
do
6563, 431 '688,133
Winter wheat
.
do
11, 510
19,799
12,190
9,512
14, 892
11,900
13, 748 16, 000 25, 525 44,016 99,006 43,924 38,995
Receipts, principal markets
do
13,086
16,851
14,936
16, 856
18, 252
9,251
11, 113 11,174
14,423 30,840 22, 791 24,495
12, 758
Shipments, principal markets
do
(0
484,150 467, 360 412, 390 379, 820 359, 730 319,890 318,340
Stocks, end of mo. world est
do
0)
0)
0)
0)
0)
315,
296
335,445
112,987
98,123
161,161
139,
071
89,281
144,817
134,
085
135,
793
Canada (Canadian wheat)
do
150,376
274, 841
310,855
295,492
446,104
United States, total*
do.... 614,904 653.639
794,074
132.842 128, 748 108, 936
82,687 74, 851 64,178 81, 334 149,372 166,289 161,987 151,015 141,986
Commercial
.do
95, 474
128, 846 137,097
38, 291
91, 846
162, 542
Country mills and elevators*..
do
114,231 107. 706
85,029
82, 481
137,332
Merchant mills*
..do
238,985 280, 088
189, 090
332, 213
On farms*
do
Wheat flour:
9,946
7,944
8,549
8,783
8,003
9,552 11, 279
9,226
Consumption (Russell)..
thous. of bbL.
8,350
8,689
8,201
402
623
579
812
944
448
673
645
540
510
553
669
765
Exports§
do
Grmdings of wheat
thous. of bu_. 36, 848 38, 357 38, 755 35, 447 41, 068 37, 698 39,066 38,927 38, 833 43, 746 51,101 43,025 37, 770
Prices, wholesale:
6.17
5.58
5.23
5.70
5.16
4.74
4.95
4.90
5.76
5.06
5.10
4.79
4.87
Standard patents (Mpls.)
dol. per bbl_.
5.01
4,20
4.28
3.60
3.58
3.41
3.84
3.82
4.36
3.66
3.54
3.36
3.47
Winter, straight (Kansas City).
do....
Production:
8,119
9,428
8,298
8,516
8,432
8,440
9,522 11,191
8,416
8,476
7,757
8,951
8,244
Flour, actual (Census)
thous. of bbL.
55.0
61.5
56.3
55.4
55.0
57.4
54.0
57.2
60.3
75.9
57.0
56.0
55.7
Operations, percent of capacity
__.
10,
779
_8,929
9,311
9,293
9,063 10. 347 12,148
9,266
8,711
8,512
0,142
Flour (Russell)
thous. of bbL.
8,916
Offal (Census)
thous. of lb_. 635,415 672, 015 681, 624 625, 888 730, 612 665, 468 693,372 699,737 689, 557 772, 787 890, 697 752,851 655, 454
Stocks, total, end of month (computed by
5,710
5,625
5,100
5,000
5,150
5,500
5,300
5,700
5,300
Russell)
..thous. of bbL.
5,550
5,200
5,150
5,165
3,641
4,058
3,865
Held by mills (Census).
do
4,317
LIVESTOCK
Cattle and calves:
1,404
2,438
1,912
1,737
1,667
1,476
Receipts, principal marketS-thous.of animals..
2,117
1,465
1,294
1,542
1,635
1,467
1,764
Disposition:
833
1,124
963
1,068
971
Local slaughter
_
do
934
1,019
843
807
972
975
952
869
572
1,270
973
647
664
Shipments, total.
..do
1,074
632
496
795
608
579
581
546
273
549
743
242
Stocker and feeder
do
240
213
375
546
259
253
233
187
Prices, wholesale (Chicago):
9.59
9.87
9.30
9.63
9.22
10.23
Beef steers*
dol. per 1001b..
10.13
10.17
10.29
10.35
10.02
9.09
10.00
10.07
9.86
10.59
9.66
9.53
Steers, corn fed
.do
11.60
11.36
11.44
10.68
11.59
9.26
11.22
9.66
10.78
9.75
9.13
9.63
11.19
10.34
Calves, vealers
.do
10.38
10.03
11.09
9.56
Hogs:
3,331
2,458
2,847
2,410
Receipts, principal markets, thous.of animals..
2,105
2,570
1,971
2,205
1,995
2,007
Disposition:
2,482
1,825
2,177
1,822
1,394
Local slaughter..
do
1,535
1,654
1,848
1,398
1,509
1,451
1,458
1,928
617
665
849
Shipments, total.
do
575
560
546
534
726
754
566
547
485
550
37
40
Stocker and feeder.
do
48
43
39
41
35
43
38
45
44
36
46
Prices:
6.97
5.95
Wholesale, heavy (Chi.)....dol. per 100 lb..
6.39
6.03
7.17
7.66
7.30
6.91
7.54
7.18
5.75
5.15
Hog-corn ratio*
12.5
13.7
13.2
11.9
bu. of corn per cwt. of live hogs..
16.4
14.5
13.1
12.6
16.0
16.0
15.4
12.0
10.0
Sheep and lambs:
1,907
1,546
1,951
1,711
Receipts, principal markets thous.of animals..
1,993
2,042
2,625
1,552
1,766
1,746
2,392
1,514
Disposition:
1,075
944
Local slaughter
.do
848
953
1,070
913
890
1,063
1,046
983
900
1,064
968
1,520
Shipments, total
.
do
671
673
677
720
984
595
804
884
1,564
1,040
1,082
1,419
693
Stocker and feeder
do
141
155
113
110
429
82
167
235
613
261
251
504
Prices, wholesale (Chicago):
4.33
4.39
3.85
Ewes
*._
dol. per 100 lb..
3.78
4.60
2.97
3.97
4.38
4.78
5.66
3.38
3.59
3.17
9.00
Lambs
do
8.38
8.59
8.54
9.38
8.63
9.25
9.36
8.84
7.93
9.07
8.85
MEATS
Total meats:
r
r
1,157
899
1,064
1,105
1,053
1,169
1,040
1,057
Consumption, apparent
mil. of lb... 1,157
943
1,073
1,132
1,138
42
31
37
34
39
42
48
42
37
30
Exports*
do
43
39
40
1,410
1,285
1,162
1,227
1,202
927
1,067
1,127
Production (inspected slaughter)..
do
955
1,083
1,033
1,037
1,065
806
'562
671
791
784
761
758
758
452
Stocks, cold storage, end of month
do
749
699
573
478
94
76
65
72
Miscellaneous meats
.do
68
58
66
59
Beef and veal:
Consumption, apparent
-thous. of lb.. 436,153 415,788 434,239 377, 363 450,183 402, 876 479,125 452, 721 452, 940 476, 716 503, 357 494, 208 457, 231
1, 531
1,546
1,795
841
1, 269
1,105
1,047
1,036
Exports§
_
do
710
1,114
1,525
1,401
2,042
Price, wholesale, beef, fresh, native steers
.166
.170
.172
.150
.177
.173
.152
(Chicago)
dol. per lb_.
.168
.166
.159
.156
.151
.166
Production (Inspectedslaughter).thous. of lb._ 445, 234 416,041 425, 605 368,125 439, 576 390, 623 466,306 444, 337 445, 800 469, 534 495,867 499,306 r472, 202
78,9S8
46,404 40,970 36, 866 34, 650 33,591
49,242
Stocks, beef, coid storage, end of mo
do
58,187
53,126
33, 456 33, 027 36, 917
67,672
Lamb and mutton:
56,704
54, 281
Consumption, apparent
.do
61, 709
58, 558 63,777
51,198 55, 539 53,193 53, 010 56, 028 62, 517
61, 608 ' 58, 391
57, 555
Production (inspected slaughter)
do
54,684
59,088
61,123
58,452 63,451
62,147
50,790 55,398 53,238 53,073
56, 599 63, 030
4,890
Stocks, cold storage, end of month
do
r 4,187
3,541
2,925
2,773
2,412
3,499
1,956
1,791
1,837
2,459
1,893
2,965
Pork (includinglard):
663,786 570, 273 561,329 463,239 550, 289 488,486 570,476 566,926 547, 518 605, 525 566, 582 613, 248 641,838
Consumption, apparent
do
36, 308
Exports, totaL
..do
36,966
32, 727 33,022 25, 591 36,990 37,403
33,008
27,258
25, 700
42, 223 33, 028 33,848
18,917
28,520
24,483
25, 706
19,198
22,157
17, 531 25,303
Lardf
do
22, 682 25, 339 22, 848 24, 693
19,091
Prices, wholesale:
.200
.185
Hams, smoked (Chicago)
dol. perlb..
.200
.200
.200
.203
.207
.206
.203
.203
.206
Lard, in tierces:
.070
.074
.073
Prime, contract (N. Y.)
do
.073
.070
.067
.067
.069
.065
.071
.060
.061
.083
.077
.084
Refined (Chicago)
do
.081
.081
.078
.077
.079
.083
.075
.075
.071
.104
r
h
Revised.
December 1 estimate.
• Final estimate for the crop year.
i Temporarily discontinued; data not available since the outbreak of war.
*New series. For data on United States wheat stocks beginning 1923, see table 29, p. 17 of the June 1939 Survey. For data on hog-corn ratio beginning 1913, see table 33,
p. 18 of the June 1939 Survey. Data on exports of meats beginning 1913 appear in table 46, p. 16 of the November 1939 issue. For price of beef steers beginning 1913, see table
40, page 18 of the August 1939 issue.
tRevised series. Data on exports of lard revised for period 1913-37 to include neutral lard; revisions are shown in table 47, p. 16 of the November 1939 issue.
§Revised series. Data revised for 1937; see table 19, p. 14 of the April 1939 Survey.
February 1940
83
SUEVEY OF CURRENT BUSINESS
Monthly statistics through December 1937, to- 1939
1938
gether with explanatory notes and references
to the sources of the data may be found in the Decem- December
1938 Supplement to the Survey
ber
1939
January
February
March
April
May
June
July
August
SepNovemtember October
ber
FOODSTUFFS AND TOBACCO—Continued
MEATS—Continued
Pork (including lard)—-Continued.
Production (inspected slaughter) total
thous. of lb__
Lard
do
Stocks, cold storage, end of month
do
Fresh and cured
__.do
Lard...
do
906,801
174,546
62S, 735
467,416
161,319
756, 532
134,776
537, 525
430,104
107,421
715,179
132, 533
658,489
526,411
132,078
500, 769
90,038 99, 442
667,419 652,456
542,138 523,204
125,281 129,252
513,160
91,858
656,746
527, 213
129,533
605,478
106,945
659,587
520,251
139,336
585,804
106, 218
645,173
496, 796
148, 377
534,284
94, 453
594,581
454, 766
139,815
510,693 506, 341 600,505 753, 588
91,676 88, 611 102,914 137,724
471,310 379,020 341,393 '421,227
360,932 300, 226 272,655 332, 272
110, 378 78, 794 68, 738 ' 88,955
POULTRY AND EGGS
Poultry:
77, 731 65,855
16, 744 17, 825 16, 217 24,427 28,494 27, 712 25,429 29,985 37, 224 r 81,135
23,286
Receipts, 5 markets
_„..thous. of lb
167, 458 139,108 133,531 116,229 90,987
127, 649
70, 568 66,796
67,470 64, 918 62,870 63,164
Stocks, cold storage, end of month
do
79,228
Eggs:
803
1,161
2,311
760
1,649
1,041
2,065
967
608
788
Receipts, 5 markets
thous. of cases..
619
Stocks, cold storage, end of month:
533
7,024
302
5,880
165
1,105
1,580
136
3,357
6,977
5,430
Shell.,
.thous. of cases..
3, 519 • 87, 802
50,345 44.476
60,465
Frozen
thous. of lb.
72, 264 62,903
88, 867 117,900 141, 456 144, 359 135,928 121,471
104,282
Cocoa T I * O p i C A L PRODUCTS
15,887
33. 297 43, 792 32,052 28,889
14,130 16,093 23,311
18,143
13, 707 27, 215 28,366
Imports
.long tons.. 17,032
.0446
.0433
.0462
.0460
.0537
.0437
.0468
.0436
. 0517
.0438
.0610
Price, spot, Accra (N. Y.)_.
dol. per l b . . ,0588
.0448
Coffee:
990
1,222
1,638
1,217
1,305
2,088
1,596
1,451
1,191
1,232
1,563
1,357
1,632
Clearances from Brazil, total..thous. of bags..
767
724
485
697
1,317
694
731
785
662
917
862
610
To United States
...do.
774
1,055
1,187
1,469
1,086
1,056
1,511
1,325
1,423
1,497
1,095
1,017
Imports into United States
do.
1,560
1,302
Price, wholesale, Rio No. 7 (N. Y.)
.052
.051
.054
.052
.052
.051
.053
.053
.051
.053
.053
.052
.051
dol. perlb__
1,285
1,616
1,498
2,058
1,712
1,279
1,290
1,267
1,033
1,700
1,295
1,523
1,341
Receipts at ports, Brazil
thous. of bags..
Visible supply, total, excl. interior of Brazil
8,249
8,079
8,334
8,059
7,960
8,163
7,836
7,740
7,757
8,017
7,816
7,916
7,918
thous. of bags..
1,213
781
860
914
930
867
857
846
855
860
643
United States
do.
846
Sugar:
Raw sugar:
Cuba:
Stocks, total, end of month
2,263
624
1,846
804
1,407
2,580
750
725
2,038
1,570
1,294
1,082
2,621
thous. of Spanish tons..
United States:
Meltings 8 ports
.
long tons.. 266,456 247,226 261,257 247,112 371,979 401,523 328,213 304, 631 362,129 349, 987 376,814 337, 292 247, 328
Price, wholesale, 96° centrifugal (N. Y.)
.029
.029
.030
.029
.030
.028
.029
.029
.028
.029
.034
.037
.029
dol. perlb..
Receipts:
From Hawaii and Puerto Rico
62,317 122,969 183,880 184, 440 137,011 127, 764 115, 750 84,140 163,801 137, 264 122. 525
long tons.. 91,612
232,668
43, 318 60,868 107,931 205,908 180, 469 152, 564 217,426 281, 731 250, 265 306,639 171,338 65,188
Importsf
do
378,089
305,164 365, 491
194, 732 199,056 241,039 236, 666 271, 306 357,250 382, 443 351, 005 293,908
Stocks at refineries, end of month..do
Refined sugar (United States):
8,723
17,
627
14,529
18,995 13, 469
5,532
6,557
3,778
4,472
5,344
4,018
3,641
8,997
Exports
do. __
.050
.054
.050
.060
.050
.050
. 056
.049
.050
.049
.050
.064
.049
Price, retail, gran. (N. Y.)
dol. perlb..
.046
.043
.044
.052
.044
.043
.048
.044
.044
.042
.042
.056
.044
Price, wholesale, gran. (N. Y.)
do.
Receipts:
3,846
8,499
1,284
9,799
3,550
17, 734 16,662 18,076 23,352
2,527 10,726
9,479
4,183
From Hawaii & Puerto Rico..long tons..
63,229
18, 588
16,045
8,083 22, 782 19,615 31,799 38, 839 34,511 41, 251 63,979
2,748
2,613
Imports*
do
62,175
13,948
1,643
5,223
328
18,922 10, 706 19, 384 25, 303 32, 855 36,430 59,120 12, 696
From Onbat
do...
1,557
11,192
915
11,015
4,482
3,288
4,153
1,014
2,786
4,710
551
3,690
8,829
From Philippine Islandsf
do
Tea:
6,798
11,954
6,724
7, 653
9, 953
8,785
7,499
7,931
7,603
8,576
7,698
7,307
Imports
thous. of lb
Price, wholesale, Formosa, fine (N. Y.)
.280
.280
.280
.280
.280
.280
.280
.280
0)
0)
0)
0)
dol. per lb..
(0
243, 223 252,634 234,468 205,084 182,681 168,308 161, 255 158,739
0)
0)
Stocks in the United Kingdom..thous. of lb..
0)
0)
0)
MISCELLANEOUS FOOD PRODUCTS
15,169
24,966
12, 696 11,185
18,886
15, 256 24, 272 23,442
16,223
Candy, sales by manufacturerst-thous. of dol_. 20,297 21, 243 17, 717 18,t95
Fish:
35, 848
38, 323 41, 665 45,789 39,208 38,. 406
27,112
Landings, fresh fish, prin. ports.thous. of lb__ 32,050
23,070 25, 652 30,983 41, 554 43,546
716,458 524, 250 487,357 525,662 524, 393 257,564 221, 785 211, 672
Salmon, canned, shipments
cases
Stocks, cold storage, total, 15th of month
14, 571
46,965 59, 940 72,765 79,383 83, 296
77,088 62,253 40,423
29, 756 35,295
thous. of lb__ 92, 718 90,711
Gelatin, edible:
Monthly report for 7 companies:
953
1,811
1,641
1,444
832
1, 400
1, 558
1,518
1,437
1,538
1,554
1,546
978
Production
do.
1,353
1,531
1,418
1, 509
1,194
1,468
1,441
1,557
1,242
1,335
1,301
1,178
1,387
Shipments.
do.
6,096
5,616
5,335
6,520
4,970
5,929
5,488
5,593
5,948
5,845
Stocks
do.
6,296
5,080
Quarterly report for 11 companies:
6,356
5,234
6,323
6,340
4,114
Production
do
8,004
8,909
7,974
Stocks
do.
8,844
9,478
TOBACCO
Leaf:
28,532
30,457
37, 502 44, 333 21, 777 24,502
Exports§
-.thous. of lb.. 31, 260 54, 217 28,013
17,146 15, 940 33,773 45,576
6,463
9,478
8,425
7,765
0, 724
5,492
4,797
4,783
6,491
Imports, incl. scrap§
.do
5,820
7,541
6,592
6,865
Production (crop estimate).
mil. of lb.. b 1,770 • 1,376
Stocks, total, incl. imported types, end of
2,343
2,137
2, 216
quarter
mil. of lb._
!,367
1,912
1,705
1,819
Flue-cured, fire-cured, and air-cured_.do
334
319
Cigar types
do.
298
Manufactured products:
Consumption (tax paid withdrawals):
14, 461
11, 782 14,244
12, 656 13,863
16, 595 14, 260 16, 571 14, 790 15, 384
12, 269 15,445
Small cigarettes
__millions_- 12,803
Large cigars
^.
-thousands.. 331, 204 333, 982 349,497 361,233 437,584 403,042 470,580 486, 721 427, 533 500, 807 486, 865 551, 230 505, 098
Manufactured tobacco and snuff
30. 239
28,436
25,425 29, 594 25,628 30,499
30,107 26, 246 33, 291 30,361
26,914
thous. of lb._ 24, 057 27,126
Exports, cigarettes§thousands._ 607,719 576, 210 451,194 623,889 562, 225 424,857 592,851 593,218 691, 696 641, 931 714, 576 433, 967 466, 966
Production, manufactured tobacco:
23, 450 29,823
25, 614
24,825
23, 260 22, 571 26,052 22,895 27,150 27,493
Total.
_
..thous. of lb_.
26, 326 28,749
400
373
319
366
382
395
461
408
372
423
325
Fine cut chewing
do.
348
4,294
4,370
4,974
4,652
5,153
3,851
4,290
3,419
4,145
4,322
4,076
4,471
Plug
do.
3,089
4,346
3,827
4,133
3,501
3,917
3, 415
3,419
2,924
3,365
3,023
3,521
Scrap chewing
do.
15,580
17, 747 17,979 15, 261 19, 357 17, 503 19, 660
17,467
15, 650 14, 711
17, 451 15,045
Smoking.
do.
405
560
518
534
471
484
515
440
491
482
400
426
Twist
do.
h
r
December 1 estimate.
« Final estimate for the crop year.
i Temporarily discontinued; data not available since the outbreak of war.
Revised,
tRevised series, Data on imports of raw and refined sugar revised beginning 1913; data not shown on p. 44 of the November 1939 Survey will appear in a subsequent
issue.
|For monthly data beginning 1928, corresponding with monthly averages for 1928-33 shown in the 1938 Supplement, see table 7, p 17, of the January 1939 issue.
§ Revised series. Data revised for 1937; see tables 19 and 20, pp. 14 and 15 of the April 1939 issue.
•New series. Data on total imports of refined sugar beginning 1913 not shown on p. 44 of the December 1939 Survey will appear in a subsequent issue.
84
SURVEY OF CURRENT BUSINESS
Monthly statistics through December 1937, to- 1939
1938
gether with explanatory notes and references
to the sources of the data may be found in the Decem- December
1938 Supplement to the Survey
ber
February 1940
1939
January
February
March J April
May
June
July
August
October
°^eerm
5. 513
46. 056
5.513
46. 056
5.513
46. 056
400
261
126
ber
FOODSTUFFS AND TOBACCO—Continued
TOBACCO—Continued
Manufactured products—Continued.
Prices, wholesale:
Cigarettes
dol. per 1,000..
Cigars
do
5.513
46. 056
5 513
46 056
5.513
46.056
5.513
46.056
5.513
46. 056
5.513
46.056
5 513
46. 056
5 513
46 056
5.513
46.056
5 513
46 056
FUELS AND BYPRODUCTS
COAL
Anthracite:
Exports§
thous. 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, 38 cities
dol. per short ton..
Wholesale:
Mine run, composite
do
Prepared sizes, composite
do—
Production
thous. of short tons..
Stocks, industrial and retail dealers, end of
month, total
thous. of short tons._
Industrial, total
do
Byproduct coke ovens
do
Cement mills
do
Coal-gas retorts
..do
Electric power utilities
do
Railways (class I)
do
Steel and rolling mills
do
Other industrial..
do
Retail dealers, total
do
104
9.156
3,862
3,435
994
614
30, 909
489
6, 668
425
145
4,598
7, 424
1, 030
10,130
165
154
143
9.731
4,953
4,047
4,114
3,382
11.35
9.642
3,604
3,232
1,458
1,046
761
37
29
25
489
277
143
11.49
9.706
4,533
3,849
26, 533
123
4,742
342
144
3, 684
7,161
837
9,500
137
10.64
8.649
4,776
4,287
9. 031
4, 919
4, 333
9.160
' 3, 936
3,329
408
1,172
1, 219
1,365
22
47
57
58
282
348
1,525
' 1, 746
1,715
26,185
121
4,751
212
149
3,595
7,149
858
9,350
24,183
111
4,346
244
137
3,051
6,545
759
8,990
25, 786
107
4,855
368
143
3,168
6,970
805
9,370
24, 980
117
5,517
503
130
4,025
6,492
766
7,430
'29, 519
399
6, 400
r 531
138
r
4 , 501
r
7 , 450
r 980
9, 120
'30,243
540
6,457
'493
140
4,406
' 7, 322
'1,055
9,830
261
92
249
105
259
81
9.078
5,296
4,842
8.68
1.68
158
315
178
293
4.271
4.362
38,150
4 332
4. 436
45, 950
4.333
4.428
42,835
36,943
30, 243
6,220
399
250
7,923
4,338
573
10, 540
6,700
41 919
'34, 270
7,250
r 442
r 278
' 8 . 370
r
5 , 050
T
640
12 240
7,750
45, 542
'37,402
8,115
'472
'271
8,858
'5,341
665
13, 680
8,140
140
261
r
8.45
4.322
4.404
37,283
4.298
4.557
36,541
4.290
4.544
'35,750
4.286
4.520
33, 910
4.283
4.491
35, 290
4.421
4.345
10, 747
44, 402
36, 952
7,993
444
267
8, 959
p r
, 17
692
13,080
7,4 r 0
40, 720
33,670
7,462
349
252
8,491
5,629
687
10,800
7,050
39, 720
33,270
7,374
350
236
8,379
5,819
742
10,370
6,450
39, 887
34,087
7,373
403
220
8,456
6,736
879
10,020
5, 800
40,505
35, 225
7,222
414
217
8,760
7,603
1,029
9,980
5,280
31,746
28, 226
4,434
321
179
7,642
6,387
803
8,460
3,520
25,413
22, 613
2,598
275
129
6,740
5,196
545
7,130
2,800
26,991
22, 761
3,548
286
170
6,695
4,484
518
7,060
4,230
29, 725
24, 665
4,535
342
192
7,002
4,242
512
7,840
5,060
33, 624
27, 424
5,632
357
229
7,500
4,224
542
8,940
6,200
COKE
Exports
thous. of long tons.
Price, beehive, Connellsville (furnace)
dol. per short ton.
Production:
Beehivet
thous. of short tons.
Byproduct!
do...
Petroleum coke
do...
Stocks, end of month:
Byproduct plants, total.
do...
At furnace plants
do...
At merchant plants
do...
Petroleum coke
..do...
37
27
25
23
21
18
37
43
39
66
95
71
52
5.000
3.750
3.750
3.750
3.750
3.750
3.750
3.750
3.750
3.750
3.750
5.125
5.250
314
4,718
155
3,363
142
71
3,078
117
20
2,915
142
25
2, 396
132
52
3, 090
142
3, 365
145
256
4 527
165
346
4,567
159
3,610
1,291
2,319
1,091
1,876
734
2,751
951
1,800
716
2, 657
931
1,726
710
2,772
945
1,827
733
44
3,666
143
2,921
916
2,005
682
75
3,904
111
2, 561
896
1, 665
666
77
3,367
126
3,330
1,241
2,089
717
2,812
868
1,945
668
2, 600
806
1 794
652
2,607
836
1,771
647
3,116
1,242
1,874
705
3,439
128
3,037
1,198
1,839
694
40 I
PETROLEUM AND PRODUCTS t
Crude petroleum:
97, 964 99, 614
98,917
99,303 105, 755 104,687 106, 899 107, 632 105, 505 110 980 104,916
Consumption (runs to stills)_.-thous. of bbl. 105, 835
4,186
2, 651
1,371
1,73$
2,942
1,343
2,788
3,279
3,061
2,678
Imports!
do...
3 093
2,848
3,235
.960
.960
.960
.885
.960
.960
.960
.960
.960
.960
960
.960
Price (Kansas-Okla.) at wells dol. per bbL
.960
80, 865 108,168 114*, 198 111,887
Production
thous. of bbl. 114,810 102, 287 102, 490 93,475 106, 768 105, 510 110, 541 104, 607 110, 937
81
84
83
77
77
78
76
85
84
Refinery operations..
_.pct. of capacity.
86
83
85
Stocks, end of month:
California:
85, 655
82 718
80, 223
84, 039 82, 927
85, 580 85, 049
81,112
87, 222 87, 595 87, 002 86, 294 86,075
Heavy crude and fuel
thous. of bbL
35, 478
38,072 37, 372
37,193
36,927 38, 323 39, 383 39, 699 39, 878 38, 902
38, 427
35 533
35,129
Light crude
do...
East of California, total.._
d o . . . 195, 836 229,140 227,134 227,098 229,079 230,926 230, 279 226, 462 223, 558 192, 985 189, 341 187, 579 191,164
40, 033
37, 441 35, 781
40, 445 41, 463
41,817
36 922
41, 221 42, 540 41, 777 41,154
39, 427
40,180
Refineries
do...
Tank farms and pipe lines
d o . . . 155,803 187,919 184, 594 185, 321 187, 925 190, 746 189, 834 184,999 181, 741 155, 544 153, 560 150 657 151,737
1,892
1,385
1,252
1,641
1,561
1,419
1,656
1,338
1,608
1,419
1 786
1,820
Wells completed
number.
1,652
Refined petroleum products.
Gas and fuel oils:
Consumption:
1, 557
1 720 ; ' 1, 598
1,134
1,242
1, 727
1,668
1,346
1,243
1,236
1,116
1,354
Electric power plants!
thous. of bbL
1,650
4,050
4,033
3,999
4,014
3,870
4,111
3,957
3,640
3,890
4 650 \
4,240
Railways (class I ) . .
do...
4,205
3,026
3,520
3,076
3,343
3,207
2 254
3.083
2,925
2,904
3.341
Vessels (bunker)
do . . .
2,587
3,061
.850
.850
.850
.850
.850
Price, fuel oil (Oklahoma)
dol. per bbl.
.925
.850
.850
.895
(!)
0)
0)
6)
Production:
25,644
26, 944
21, 476 25, 040 24, 750 27,022
25, 299
26, 088
25,197 25,800
24. 836
27, 594
26, 302
Residual fuel oilf
thous. of bbl.
12,688 I 13, 246
14, 433
15,017
13, 873 14,135
12, 797 13, 539 13, 301 12, 353 13, 530
13,757
Gas oil and distillate fuels, total d o . . .
12, 975
x
'Revised.
No quotation.
fRevised series. Petroleum and products revised for 1937; see table 9, p. 15 of the March 1939 Survey. Revisions for 1938, which are minor, will appear in the 1940
Supplement. Beehive and by-product coke production revised for 1937; see p. 45 of the December 1938 Survey. Gas and fuel oils, consumption in electric power plants,
revised for 1938; see p. 45 of the June 1939 Survey.
§Revised series. Data for 1937 revised; see tables 19 and 20, pp. 14 and 15 of the April 1939 Survey.
February 1940
85
SURVEY OF CURRENT BUSINESS
Monthly statistics through December 1937, to- 1S39
1938
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
1939
January
February
March
April
May
June
July
August
September
October November
FUELS AND BYPRODUCTS—Continued
PETROLEUM AND PRODUCTSt—Con.
Refined petroleum products—Continued.
Gaa and fuel oils—Continued.
Stocks, end of month:
Residual fuel oil, east of California
thous. of bbl._ 20,881
Gas oil and distillate fuels, total
do
26, 374
Motor fuel*
Demand, domestic
thous. of bbl._ 43, 694
Production, total..
do
52, 351
Benzol
do
275
22, 017
Straight run gasoline
.do
Cracked gasoline
do
25, 589
4,470
Natural gasoline
do
4, 018
Natural gasoline blended
do
2. 895
Exports
do
Gasoline :^
Price, wholesale, tank wagon (N. Y.)
dol. per gal..
. 127
Price, wholesale, refining (Okla.)
do
.050
Price, retail, service stations, 50 cities .do
Retail distribution!mil. of gal..
Stocks, end of month:
Finished gasoline, total
thous. of bbl._ 77, 301
51, 920
At refineries.
do
4,421
Natural gasoline
do
Kerosene:
6,613
Consumption, domestic ..,
...do
631
Exports§
do
Price, wholesale, water white 47°, refinery
. 048
(Pennsylvania)
dol. per gal__
5,822
Production
thous. of bbl_.
7, 576
Stocks, refinery, end of month
do
Lubricants:
1. 825
Consumption, domestic
.
do . . .
Price, wholesale, cylinder, refinery (Penn.184
sylvania)
dol. per gal._
3, 478
Production
thous. of bbl_.
7. 142
Stocks, refinery, end of month
...do
Asphalt8 62?
Imports?
short tons..
Production
do
j 303' 700
Stocks, refinery, end of m o n t h . . .
do
550, 000
Wax:
|
Prod uction
.. _ thou s. o f 1b.. I ^, 440
Stocks, refinery, end of month
do
26, 991
27, 873
24.309
24, 650
21, 952
21,731
19, 288
20,115
19, 534
21,058
21, 397
22,088
22,480
25,659
25, 025
27, 581
26, 111
29, 282
26, 249
30, 018
26,109
30, 951
24,018
30,179
41, 649
48,026
186
20, 794
22. 701
4,345
4, 285
4,607
37, 767
49,120
185
21,125
23, 546
4,264
3. 637
2, 764
34, 595
43, 409
170
18, 455
21,037
3, 747
3, 229
2, 569
42, 520
48. 367
192
20, 663
23, 280
4,232
3,243
3, 523
43, 977
48, 837
162
20,922
23, 521
4,232
2.983
2,900
49, 547
51, 384
130
22, 767
24, 207
4, 280
2, 646
3,915
49,812
50,861
174
21, 782
24,810
4,095
2,682
3,884
50, 508
51,896
191
22, 502
25,028
4,175
2,909
2,987
53,828
52,161
210
22, 371
26,180
3,400
3,092
3,580
49, 347
51,890
225
21,833
25, 700
4,132
3, 237
3,609
49, 687
54, 974
259
23,611
26, 623
4,481
4, 358
2,967
47, 275
52, 691
267
22,415
25, 621
4, 388
4, 286
2,348
.119
M32
1,745
.119
.041
'.128
1,548
.119
. 042
M30
1, 427
.118
045
M31
1,734
.114
047
. 132
1,796
.118
.049
. 133
' 2.006
.111
.050
'•.135
2,055
.107
. 050
.134
2,112
.107
.051
.135
2,183
.114
. 053
.134
' 2,001
.121
. 053
.136
1,945
.125
.052
' . 134
65,949
41, 805
4,830
73, 847
49,419
4,647
79,691
54, 569
4,708
81.189
55, 464
4,721
81. 623
55,172
5, 484
78, 342
52, 076
6,212
74, 395
47,972
6,749
71, 824
44,196
7,123
66, 448
41.0-16
6, 624
65,498
41,423
5,891
68,116
43,516
5,140
71,619
46, 898
4, 579
6,813
783
5,980
776
5,901
516
5, 201
523
5, 042
691
4, 368
631
3, 570
460
3,710
753
4, 436
802
4, 638
560
5, 019
1, 089
6, 023
563
.049
5.739
7, 709
.049
5, 702
6,711
.052
5. 174
5, 452
.053
5. 900
5, 605
.053
5, 813
5. 663
. 053
5. 909
6, 551
.053
5, 439
7,949
.051
5, 390
8,855
.050
5, 783
9,361
. 050
5, 806
9. 952
.050
6.141
9, 9C7
. 050
5, 642
9,019
1,831
1. 600
1, 653
1,987
1,770
2,132
1,902
1,982
1,963
2, 207
2, 656
1,927
.105
2,3S4
7, 695
.105
2. 527
7, 762
. 105
2, 522
7, 951
.105
2, 664
7, 800
. 105
2, 672
7,886
.105
2, 856
7, 630
.105
2, 800
7,427
.105
2, 755
7,179
. 105
3,056
7,069
.134
2,854
6, 704
. 166
3, 575
6,639
. 168
3,277
6, 799
2.078
242 400
480, 900
2, 869
244.400
532.000
9, 662
189,300
572, 000
3, 232
308, 200
650, 000
1,521
374, 900
688, 000
2,505
477. 800
672,000
3,024
485,800
642,000
1,726
509, 400
596, 000
1,670
577, 300
529, 500
4,150
550,400
475,000
1,742
541,800
472,000
3, 455
391,400
497,000
36,120
129, 340
35, 280
128, 627
33. 320
117,711
44, 800
117, 537
35, 000
119,301
34, 440
113,925
39,480
111, 604
28, 840
109,322
31,080
108,173
40, 320
89,584
45.080
81,147
48,440
81, 369
r
r
r
LEATHER AND PRODUCTS
K I B E S AND SKINS
Imports, total hides and skins§
thous oflb_.
Calf and kip skins§
do
Cattle hides§
do
Goatskins§
do
Sheep and lambskins§
do
Livestock (federally inspected slaughter):
Calves
thous. of animals..
Cattle
do
Hogs
do
Sheep and lambs
,.__
do
Prices, wholesale (Chicago):
Hides,packers', heavy, native steers.dol. per lb_.
Calfskins, packers', 8 to 151b___
do
LEATHER
Exports:
Sole leather
thous. of lb._
Upper leather§
thous. of sq. ft..
Production:
Calf and kip
thous. of skins..
Cattle hides
thous. of hides..
Goat and kid
thous. of skins..
Sheep and lamb
do
Prices, wholesale:
Sole, oak, scoured backs (Boston)
dol. p e r l b . .
Chrome, calf, B grade, compositet
dol. per sq. ft..
Stocks of cattle hides and leather, end of month:
Total
thous. of equiv. hides..
In process and
finished
do
Raw
do
;, 197
,461
i,828
i. 821
•,114
25, 657
3,972
9,588
6.075
4,468
32, 826
3,563
13,528
6.317
7,901
28,189
2,809
13, 200
6,189
3,975
29,196
2,380
11,771
6,769
4,436
25,454
2, 505
11,374
5,260
4,858
27, 026
1,939
10, 388
6, 332
5,189
22,563
2,302
8,034
5,214
4,385
22, 682
2. 685
7, 128
5,236
4,619
25,093
1, 867
9,308
5,362
5,370
24,578
1,585
10,611
4,013
4,807
21.348
1, 503
8,873
5, 025
4,517
31,360
1,980
13,062
4, 576
8,586
381
773
,236
,389
417
758
4, 346
1,347
415
761
4,043
1, 456
385
653
2,890
1,361
478
774
3,229
1,473
457
677
2,931
1,224
509
814
3,416
1,392
448
778
3,185
1,401
417
782
2,778
1,399
414
823
2.792
1,457
427
880
2,885
1, 635
482
893
3, 545
1,585
450
837
4,437
1,469
.144
222
.123
.157
.121
.163
.104
.154
.107
.154
.097
.145
.105
.156
.110
.164
.115
.161
.116
.160
.146
.211
. 165
.240
.146
.214
274
4, 109
26
3,689
6
3,097
14
3,492
92
4,197
46
3,585
82
3,816
47
3,040
53
3,428
65
2,905
54
4,839
226
5, 757
446
4, 623
1,284
1,884
3,245
2,899
1,319
1,936
3,185
2,899
1,326
1,943
3,170
3,236
1,329
1,955
3,623
3,115
1,168
1,672
3,463
2,774
1,187
1,736
3,473
3,015
1,227
1,715
3,666
3,015
1,064
1,619
3,323
3,096
1,155
1,949
3,397
4,205
1,074
1,811
3,065
3, 770
1, 156
' 1,928
3, 697
3,938
1,038
1,954
3, 354
3,402
.355
.318
.315
.303
.291
.290
.290
.294
.305
.305
.348
.374
.368
.452
.392
.395
.392
.390
.390
.391
.392
.392
.392
.419
.463
.453
13,996
10. 301
3,695
13, 602
9,868
3,734
13,375
9,699
3,676
13,009
9,229
3,780
12,813
9,026
3,787
12, 905
9,078
3,827
12,976
9,151
3,825
12, 899
9,059
3,840
12,606
8,876
3,730
' 12,509
' 8,694
3,815
r 12,413
r 8, 673
>• 3, 740
12, 592
8,857
3,735
LEATHER MANUFACTURES
Gloves and mittens:
209, 026 202,008
Production (cut), total
dozen pairs.
135,759 119,257 153,409 174,937 148,
148,420
149,591
591 184,099 161,643 206,134 201,356 209,026
420 149,
Dress and semi-dress.
___ . do
362 125,360
988 130,
500 130,109 133,
74,065
103,739
88,480
104,988
130,500
133,362
93,123 103,
739
81,850
88,
480 111,927 104,
63,177
Work
_._
do....
71,247
75,
664
56,
655
75,
634
72,172
61,694
56,080
60,286
71,198
66,570
56,655
75,634
71,247
75,664
76,648
66,
570
61,111
r
Revised.
fFor petroleum and petroleum products, see note marked with a " t " on p. 84. Retail distribution of gasoline revised for 1937-38; data not shown on p. 46 of the June 1939
Survey will appear in a subsequent issue. Wholesale prico of chrome, calf, B grade leather revised beginning January 1938; data not shown on p. 46 of the January 1940 Survey
will appear in a subsequent issue.
\ The gasoline statistics in the above table have been rearranged and data on the production of benzol have been added. With this series included, it is possible to derive
figures of total production of motor fuels, as shown here Data for benzol production beginning 1925 appear in table 52, p. 18, of the November 1939 issue.
§ Revised series. Data revised for 1937; see tables 19 and 20, pp. 14 and 15 of the April 1939 Survey.
86
SURVEY OF CURRENT BUSINESS
Monthly statistics through December 1937, together with explanatory notes and references
to the sources of the data may be found in the
1938 Supplement to the Survey
1938
1939
Decem- December
ber
February 1940
1939
January
February
March
April
June
May
July
August
September
October Novem
ber
LEATHER AND PRODUCTS—Continued
LEATHER MANUFACTURES—Continued
Shoes:
Exports
thous. of pairs..
Prices, wholesale, factory:
Men's black calf blucher
dol. per pair..
Men's black calf oxfordf
-.do
Women's colored, elk blucher
do
Production, boots, shoes, and slippers:
Total
thous. of pairs..
Athletic
do....
All fabric (satin, canvas, etc.)
do
Part fabric and part leather
do
High and low cut, total
do
Boys' and youths'..
._
do
Infants'
do
Misses' and children's
..do
Men's
do
Women's
do
Slippers and moccasins for housewear
thous. of pairs..
All other footwear...
do
161
113
108
195
310
223
304
176
184
234
205
169
426
6.00
5.05
3.15
5.75
4.70
3.00
5.75
4.70
3.00
5.75
4.70
3.00
5.75
4.70
3.00
5.75
4.70
3.00
5.75
4.70
3.00
5.75
4.70
3.00
5.75
4.70
3.00
5.75
4.70
3.00
5.75
4.70
3.00
5.75
4.85
3.10
6.00
5.05
3.13
28, 412
321
301
849
23, 465
1,085
1,627
3,262
7,928
9,563
29,988
331
355
476
24,359
1,426
1,775
3,399
8,403
9,355
33,561
260
457
652
30,149
1,414
1,987
3,740
8,876
14,132
35, 457
237
530
778
31,400
1,302
1,940
3,711
8,645
15,801
42, 375
281
760
832
37,131
1,545
2,256
4,505
9,930
18,894
32, 578
275
591
641
27,842
1,407
1,951
3,122
7,680
13,683
32, 222
307
526
355
27,161
1,404
1,825
3,435
7,739
12, 757
31,776
295
454
291
26,326
1,390
1,971
3,579
7,888
11, 498
33, 618
268
257
380
28, 802
1,439
1,836
3,401
7,628
14,497
43,581
358
247
567
36,913
1,894
2,131
4,240
10,065
18, 583
36,379
359
277
530
29, 659
1,502
1,967
3,681
8,572
13,936
3,237
239
4,297
170
1,695
348
1,983
530
2,651
721
2,464
765
3,002
871
3,702
708
3,600
310
5,185
311
5,303
251
37, 073 • 32. 056
440
383
334
241
676
' 564
29.247 '24.688
1,476
1,172
2,171
1,923
3,783
3,228
9, 568
9,036
12, 248 ' 9, 328
6, 093
283
5. 839
340
LUMBER AND MANUFACTURES
LUMBER—ALL TYPES
Exports, total saw mill products*
M bd. ft..
Sawed timber*
do
.
Boards, planks, scantlings, e t c . t —.do....
I m p o r t s , total saw mill products*..
do....
National L u m b e r Mfrs. Assn.:f
Production, total
mil. b d ft
Hardwoods
do
Softwoods.
do
Shipments, total
.
do
Hardwoods
do..
Softwoods
do
Stocks, gross, end of m o n t h , total"
do..
Hardwoods
do
Softwoods..
do
84,832
17,063
62,104
53,253
'98,225
13,289
'81,187
46,884
70,652
10,633
57,969
49,521
70,727
10,879
59,228
47,803
92,980
21,766
65,505
62,591
82,956
16,586
61,726
58,292
98,932
18,819
73,430
48,941
112,130
17,984
89,254
54,692
115,264
19,698
92,051
53,021
124,021
20,256
99,156
54,222
100,834
14,491
82,164
59,406
84,326
5,928
73,918
102,606
73,669
6,563
60,088
73,935
2,002
359
1,642
1,848
306
1,542
7,665
1,807
5,858
1,711
279
1,433
1,790
301
1,489
'8,429
'2,098
6,331
1,782
328
1,455
1,866
336
1,530
'8.341
'2,091
6,253
1,637
325
1,312
1,709
308
1,401
'8,273
'2,109
6,164
1,923
336
1,587
2,091
358
1,733
'8,103
'2,086
6,017
1,968
296
1,672
'2,012
'326
1,687
'8,067
'2,057
6,010
2,235
302
1,933
' 2,205
'325
1,880
'8.098
'2,033
6,065
2,252
301
1,951
'2,262
'343
1.914
'8,095
'1,985
6,110
2,143
303
1,841
2,157
354
1,803
'8,082
'1,940
6,142
2,401
352
2,049
2,534
392
2,143
'7,956
'1,904
6,052
' 2,303
359
1,924
2,532
431
'2,121
'7,705
'1,842
5,863
' 2,363
377
'1,946
'2,616
470
r
2,146
'7,440
'1,759
5,681
' 2.250
382
'1,869
'2,208
414
'1,793
'7.474
'1,729
5,745
4,800
11,575
7,000
6,000
19,125
6,500
13,000
6,200
4,900
23,350
7,450
14,700
6,000
5,900
23,800
5,400
15,200
5,580
4,850
24,350
6,550
14,000
5,300
7,400
22,600
8,100
14,000
5,600
7,200
21,000
7,550
14,200
5,650
7,600
18,850
6,850
12,400
7,400
8,200
18,400
8,100
11,900
6,200
8,300
16,600
8,250
10,950
8,150
9,150
15,900
11,900
14,400
8,600
8,700
16,000
8,650
14,150
9,000
8,800
16,600
6,200
13,000
8,150
7,050
18,050
25,692
42,285
36,046
30,599
77,066
26,659
52,697
31,720
27,686
94,181
36,868
60,649
28,463
26,916
95,228
26,910
56,482
27,640
27,308
94,730
28,144
51,675
29,639
31,951
92,445
26,128
47,199
28,565
30,604
87,191
32,937
41,137
35,447
37,999
83,635
36,058
39,793
34,268
37,401
79,503
36,713
39,523
34,126
36,985
76,165
47,117
46,191
41,180
44,666
72,679
58,230
64,773
39,835
44,816
65,647
38,729
59,699
44,750
43,739
66,397
21,890
47,191
42,497
35,626
71,603
38.971
12,619
26,352
30,098
9,015
21,083
24,554
5,929
18,625
25,972
5,696
20,276
34,545
14,950
19,595
29,486
11,485
18,001
36,570
12,193
24,377
45,028
10,992
34,036
48,105
11,507
36,598
55,755
14,546
41,209
34,280
8,972
25,288
23,416
1,982
21,434
23,298
4,114
19,184
FLOORING
M a p l e , beech, and birch:
Orders, new .
.
Orders, unfilled, end of m o n t h
Production
Shipments
Stocks, end" of m o n t h
Oak:
Orders, new
Orders, unfilled, end of m o n t h
Production
."
Shipments
Stocks, end of m o n t h
M bd. ft
do
do .
do
" do
do
do
" " do
do
do
"
SOFTWOODS
Fir, Douglas:
Exports, total saw mill products* M bd. ft
Sawed timber
do
Boards, planks, scantlings, etc.
do....
Prices, wholesale:
No. 1. common b o a r d s , . . d o l . per M b d . ft
Flooring, 1 x 4, " B " and better, V. G.
dol. per M bd. ft.
Southern P i n e :
Exports, total saw mill products*__M. bd. f t . .
Sawed timber
. . . do
Boards, planks, scantlings, etc
do .
Orders, newf
mil. bd. ft
Orders, unfilled, end of m o n t h
do_...
Price, wholesale, flooring._dol. per M bd. ft
Production!
mil. bd. ft
Shipmentsf
do
Stocks, end of m o n t h
do".
Western Pine:
Orders, newf
do
Orders, unfilled, end of m o n t h t
do..-.
Price, wholesale, Ponderosa Pine, 1 x 8 , no. 2,
common (f. o. b . mills) dols. per M bd. ft
Production!mil. bd. ft
Shipments!
do
Stocks, end of m o n t h t
do.
West Coast Woods:
Orders, new
do
Orders, unfilled, end of m o n t h . .
do.Productiont
do
Shipmentst
do
Stocks, end of month."."..."
II___I_IdoIM
21.070
18.008
18.424
18.820
18.620
18.620
18.620
18.620
18.620
19.110
19.845
20.874
21.070
42.140
35.280
35.280
36.000
34.300
35.280
35.280
36.505
37.240
37.828
39.445
41.552
42.140
19,063
4,017
15,046
480
306
41.875
611
517
1,919
26,925
4,012
22,913
562
307
41.013
597
578
2,094
19,609
4,326
15,283
608
330
40.764
591
585
2,100
18,496
4.709
13,787
534
327
39.885
538
537
2,101
25,314
6,706
18,608
670
343
40.303
645
654
2,092
20,857
4,954
15,903
618
360
39.968
608
601
2,099
24,740
6,168
18,572
675
346
40.298
681
689
2,091
23,476
6,668
16,808
673
347
38.998
637
672
2,056
30,028
7,916
22,112
624
341
39.383
626
630
2,052
18,821
5,529
13,292
760
378
40.568
689
723
2,018
28,664
5,287
23,377
894
536
40.560
625
736
1,907
24,221
3,659
20,562
661
431
42.998
670
766
1,811
23,332
2,258
21,074
545
343
42.393
647
633
1,825
329
262
348
259
264
224
239
197
317
198
366
225
402
222
443
238
454
272
509
298
600
415
470
377
302
254
28.99
291
321
1,955
22.92
236
320
2,014
24.30
181
299
1,896
25. 24
153
267
1,782
25.13
233
316
1,699
24.81
349
339
1,709
24.90
498
405
1,802
25.08
520
428
1,888
25.42
484
418
1,943
25. 65
552
484
1,975
26.81
502
483
1,994
28. 61
493
508
1,979
29. 64
431
425
1,985
463
452
516
487
930
451
361
447
448
988
445
388
502
474
1,021
426
383
434
431
1,024
602
373
507
551
982
513
376
519
549
970
660
402
528
549
955
572
437
566
580
950
547
487
519
537
946
772
483
580
673
869
674
570
577
632
838
514
521
600
609
839 1
513
444
'579
519
908
*New series. For t h e new series on exports of sawed timber and imports of sawmill products data beginning 1913 appear in tables 44 and 45, p . 18 of the October 1939
Survey. For Douglas fir and southern pine, the new series on total exports represent a total of the items regularly shown. N o t e t h a t the more definitive title "boards,
planks, and scantlings, e t c . " has been substituted for " l u m b e r . "
,
tRevised series. Wholesale prices of men's black calf oxfords revised beginning J a n u a r y 1938 because of style change w i t n price of slightly different t y p e substituted at
t h a t time. Revised data for 1938 are shown on p . 47 of the September 1939 Survey. D a t a for production, shipments, and new orders of southern pine, and production, shipments, and stocks of western pine for 1937 adjusted to 1937 Census of Manufactures; 1938 and 1939 data adjusted to the 1938 Census for production, shipments, and stocks of total
l u m b e r and production, s h i p m e n t s , and new orders of southern pine; data for 1936-39 for new and unfilled orders and 1938 data for production and shipments of western
pine have been adjusted to the 1938 Census of Manufactures. D a t a for 1934-39 for production and shipments of west coast woods have been revised to shift from a 4- and 5-week
reporting basis to a 4H-week basis adjusted to quarterly totals; these revisions are carried to the figures for production and shipments of total softwoods and total lumber.
D a t a for total exports of boards, planks, scantlings, etc., have been revised to include hardwood flooring, 1923-June 1938. Revisions for these items will appear in a subsequent issue.
87
SURVEY OF CURRENT BUSINESS
February 1940
Monthly statistics through December 1937, to- 1939
1938
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
1939
January
February
March
April
May
June
July
August
September
October
November
LUMBER AND MANUFACTURES—Continued
SOFTWOODS—Continued
Redwood,8 California:
Orders, new...
_...M bd. ft_
Orders, unfilled, end of month
do...
Production
do...
Shipments
..do-..
Stocks, end of month
do_..
17, 749 22,134
28, 678 25,310
27,883
27,284
20,802
19,961
297, 976 313,047
34, 270 20,875
34, 562 30,647
25, 261 26,272
23,811
24,243
309, 310 307,494
32,098 26,387 26,846
32,485
29,676
28,181
28, 585 27.930 31,614
30,822
28,096 27,806
300,378 298, 052 299,887
24, 498 23,168 32,085
24, 563 28,377 28,404
28, 262 25, 421 32,989
27, 469 23, 497 32,405
295, 551 296, 426 298,707
39,727
30, 782 22,005
41, 027 39, 092 31, 445
30, 295 33, 358 31, 204
26,772 32, 603 28, 019
299, 358 296, 462 298, 397
FURNITURE
All districts:
Plant operations
percent of normalGrand Rapids district:
Orders:
Canceled
.percent of new orders_
New
no. of days' production.
Unfilled, end of month.
do-._
Plant operations
.percent of normalShipments
no. of days' productionPrices, wholesale:
Beds, wooden
1926=100.
Dining-room chairs, set of 6
..-.do--Kitchen cabinets
.do...
Living-room davenports
do...
Steel furniture (see Iron and Steel Section).
65.0
58.0
56.0
56.0
57.0
53.0
53.0
50.0
51.0
59.0
63.0
66.0
67.0
8.0
13
26
67.0
16
7.0
12
13
62.0
13
4.0
19
21
58.0
12
5.0
14
19
53.0
13
5.0
14
16
53.0
15
6.0
10
13
42.0
12
7.0
11
13
47.0
11
2.0
25
28
47.0
13
4.0
16
30
50.0
13
3.0
20
30
56.0
18
3.0
23
31
56.0
19
5.0
26
35
63.0
21
7.0
23
35
65.0
20
77.9
102.3
88.1
87.2
77.6
102.3
87.6
87.2
77.6
102.3
88.1
87.2
77.6
102.3
88.1
87.2
77.6
102.3
88.1
87.2
77.6
102.3
88.1
87.2
77.6
102.3
88.1
87.2
77.6
102.3
88.1
87.2
77.6
102.3
88.1
87.2
78.1
102.3
88.1
87.2
78.1
102.3
88.1
87.2
77.9
102.3
88.1
87.2
77.9
102.3
88.1
87.2
METALS AND MANUFACTURES
IRON AND STEEL
Foreign trade:
Exports (domestic) total§
long tons.. 600, 437 490,095 362, 672 359,690
206,402 323,691 227,884 224,913
Serap
_
do
14, 709 28,767
27, 664 19,149
Imports, total§
do
1,267
1,413
3,333
6,519
Scrap
do
Price, wholesale, iron and steel, composite
37.18
36.37
36.37
36.36
dol. per long ton_.
Ore
Iron ore:
Lake Superior district:
Consumption by furnaces
5,538
3,041
2,927
2,853
thous. of long tons-.
0
0
0
Shipments from upper lake ports
do
"35,440 34, 579 31, 689 28,840
Stocks, end of month, total.
do
30, 805 29,456
23,912
At furnaces..
._
do
26,646
4,635
4,928
Lake Erie docks
_
.do
5,123
5,043
163
179
Imports, total§
_
.do
187
180
Manganese ore, imports (manganese content)!
54
26
10
thous. of long tons..
474, 360 394,008
312,262 240,124
25,369
44,083
780
2,769
532,641
384,881
28,142
3,971
513, 664 477,078
398, 888 350,066 291,896
32, 587 30,851 28,328
3,335
3,729
2,537
575, 613 591, 856 605, 555
330, 680 336, 775 272, 656
15, 216
29, 874 19,189
837
3,216
2,305
36.40
36.34
35.80
35.69
35.82
35.95
36.67
37.62
37.50
3,317
0
25,872
21,054
4,818
203
2,800
57
22, 791
18,306
4,485
162
2,246
3,601
23,071
18,835
4,236
217
2,830
5,573
25, 861
21,610
4,251
189
3,143
6,310
28, 507
24,196
4,311
222
3,775
6,955
32, 714
28, 365
4,349
213
4,185
7,865
35, 853
31, 203
4,650
179
5, 271
9, 201
39, 005
33, 944
5,121
203
5,478
5,440
40, 732
35, 516
5,216
304
21
11
17
15
24
18
43
57
64, 732
41,427
50.5
39, 215
63, 835
54, 263
66.3
49, 807
Pig Iron and Iron Manufactures
Castings, malleable:
Orders, new
_
short tons.. 45, 978
53, 663
Production
do
65.2
Percent of capacity
Shipments
short tons.. 53, 753
Pig iron:
Furnaces in blast, end of month:
Capacity....
long tons per day.. 122, 055
191
Number
Prices, wholesale:
22.50
Basic (valley furnace)
dol. per long ton..
23.15
Composite
do
Foundry, No. 2, northern (Pitts.)
dol. per long ton..
24.89
Production
thous. of long tons..
3,768
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,
701
and grilles,thous. sq. ft. heating surfaceOrdinary type:
Production...
...do
Shipments
do
Stocks, end of month.
.do
Boilers, range, galvanized:
Orders:
New.
_..
number of boilers... 72, 380
44, 213
Unfilled, end of month, total
.do
81, 252
Production
do
77,166
Shipments
do
34, 763
Stocks, end of month
...do
51, 778
59,143
69.6
54, 038
35,633
38, 802
46.0
36,434
38,105
35,372
43.5
36, 403
33,234
34, 786
42.9
34,698
35,997
39, 615
47.5
39,807
29,183
31,640
38.8
33,666
27,702
30,840
37.8
32, 657
29, 041
30, 781
37.0
32, 566
29,892
28,836
35.3
26,169
40,005
40, 212
47.9
71,315
117
70,235
118
74,285
121
77,460
123
60,160
102
60,515
107
72, 495
118
79, 765
130
87, 715 105, 525 120, 565 124, 085
191
169
138
20.50
21.15
20.50
21.15
20.50
21.15
20.50
21.15
20.50
21.15
20.50
21.15
20.50
21.15
20.50
21.15
20.50
21.15
21.50
22.35
22.50
23.15
22.50
23.15
22.89
2,211
22.89
2,175
22.89
2,060
22.89
2,395
22.89
2,056
22.89
1,718
22.89
2,118
22.89
2,356
22.89
2,660
23.89
2,879
24. 89
3,628
24.89
3,720
1,338
2,182
16,114
1,573
1,642
15,986
1,807
1,376
16,491
2,198
1,113
17, 579
1,916
1,203
18,301
1,930
1,051
19,084
1,950
1,427
19,421
1,387
1,749
19, 056
1.946
2, 537
18, 463
2,181
4,634
16, 010
2, 688
5, 445
13, 204
10,128
15,081
98,831
13,801
12,881
9,246
12, 276
99,128 104,303
19,960
10,406
114,878
15, 284 21, 442 20, 696
15, 339 16,429
16,194
9,448 11, 744 14, 577 16,807 25, 360 35, 593
119,839 124, 462 126,130 124, 581 120, 651 105, 757
20, 925
39, 869
86, 890
2,233
2,882
11,905
17, 273
23, 751
80, 391
498
442
305
340
556
729
811
1,106
915
792
660
3,955
4,815
25, 624
4,896
3,814
28, 279
4,711
2,950
30,800
5,593
2,887
33,612
4,350
3,103
34, 875
4,276
4,207
34,963
4,655
4,730
34,975
4,187
5,280
33, 902
5,299
7,234
32,007
5,299
9,209
28,133
6,754
10, 387
24, 543
5, 647
7,824
21,424
47,882
20,626
70, 232
64,426
37,625
61,003
15, 026
64, 094
66,603
35,317
50,876
12,604
56, 476
53,298
38, 495
57, 928
10,145
60, 421
60,387
38, 463
69, 772
19, 442
53, 454
60,475
31, 442
68,191
20,638
67, 610
66,995
32,057
59, 277
16, 245
62, 996
63, 670
31, 472
53, 914
19, 671
47,894
50, 488
28,878
66,082 133, 384 98, 692
16, 694 61, 494 51, 226
69, 656 86, 069 ] 10, 980
69,059
88, 584 108, 960
29, 475 26, 960 28, 988
80, 265
48, 999
84,181
82, 492
30, 677
41,660 37,774
' 35. 6 -"32.3
12, 621 11,872
41, 359 40, 272
'35.3
'34.4
12, 506 11, 060
34, 804
'29.7
7,721
34,168
'29.2
8,498
39, 698
' 33. 9
6,912
42, 428
'36.3
10, 229
96, 687 119,687
'82.6 ' 102. 3
42, 213 58, 530
43. 590 72, 096
' 61. 6
'37.2
12, 449 26, 391
99,899
'85.4
52,146
85, 755
'73.3
36. 615
476
Steel, Crude and Semimanufactured
Castings, steel:
Orders, new, total.
_
.short tons.. 64,143
38, 342 ' 42,972 31, 223 ' 42,139 ' 34, 388
54.8
Percent of capacity
34.2
'36.7
' 36. 0 '29.4
'26.7
Railway specialties
short tons.. 28, 262 14, 749 12, 606
9,655
11,125
6,848
79, 732 36,130 • 39, 802 37, 646 ' 41, 067 ' 36. 232
Production, total...
do
68.1
Percent of capacity
'31.0
'35.1
32.3
'34.0
'32.2
Railway specialties
short tons.. 33,146
9,751
11,282
12,804
10, 060 10,173
' Revised.
JRevised series. Data revised for 1937; see tables 19 and 20, pp. 14-15 of the April 1939 issue.
SURVEY OF CURRENT BUSINESS
Monthly statistics through December 1937, to- 1939
1938
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
February 1940
1939
January
February
March
April
May
June
July
SepAugust tember
October Xovem
ber
METALS AND MANUFACTURES—Continued
IRON AND STEEL—Continued
Steel, Crude and Semimanufactured—
Continued
fngots, steel:
5,164
Production-.
thous. of long tons..
3,131
5,394
3,174
3,405
4,231
5,463
2,923
3,163
2,974
3,125
3,763
90
Percent of capacity
53
54
55
92
53
71
47
52
91
53
61
Bars, steel, cold-finished, carbon, shipments
55
short tons.. 61, 591
36, 315
39,648
42,808
55, 495
67, 599
38,571
67, 977
34, 287
42, 895
36,287
35, 615
Prices, wholesale:
32, 809
.0265
Composite, finished steel...
do!, per lb
.0268
.0264
.0268
.0268
.0263
.0263
.0268
.0261
.0262
.0261
Steel billets, rerolling (Pittsburgh)
.0261
34.00
34.00
dol. per long ton..
34.00
34.00
34.00
34.00
34.00
34.00
34.00
34.00
34.00
34.00
34.00
.0210
.0210
Structural steel (Pittsburgh)
dol. per lb__
.0210
.0210
.0210
.0210
. 0210
.0210
.0210
.0210
.0210
.0210
.0210
16.56
13.75
Steel scrap (Chicago)
dol. per gross ton
13.85
14.06
14.25
19.05
17.66
13.88
13.38
16.22
13.56
12.80
13.56
U. S. Steel Corporation:
Earnings, net
thous. of dol._
19, 792
15,881
15, 881
Shipments, finished steel products
1, 304
694
thous. of long tons.
789
768
678
1,219
1,271
701
985
733
723
804
Steel, Manufactured Products
Barrels and drums, steel, heavy type:
Orders, unfilled, end of month I
number.. 707, 59: 519,3751 438.746 421.037 351 °03
257, 961 208,000' 235, 772j 247, 720 771,714 1,138,543 S66,519
Production
do.___ , 4f>8, 9f>: 830. 979] r 785, 591 1 597. 953 •737.155 '837.320 846,322 '861,102 ' 750, 270 r S5i T 087 1,203,820 '1,612,384 '1,636,293
T
Percent of capacity
____•
02. 4
Shipments
.
number.. 457.47: 822, 746 r 781, 031 600,411 r 742, 4!.nj r 437. 32C 845,517 850,513 r 756.^91 ' 849, 697
l,576,G9 1,653.078
r
r
r
Stocks, end of month
do
61.25
32, 696 ' 36
34,COS
33, 021 34, 407 '~30?8
2S. 431 r 29,050 • 39, 639
49,781
66. oh
Boilers, steel, new orders:
554
Area
..thous. of sq. ft..
892
817
617
1,752
1,131
1,089
'802
765
1.032
890
877
Quantity
.
number..
1,012
477
892
650
834
997
1, 033
659
1,175
1,380
983
1,264
1,098
Furniture, steel:
Office furniture:
Orders:
r
r 1 (V»9
New
thous. of dol__
1.S52
r 2, 097
1,769
' 2, 120
' 1, 774
r
r
r
Unfilled, end of month...
do
' 1,334
l' 179 • 1, 361
1,299
989
"pmennts.
Shipn
.do
Shelving:
Orders:
r
New
,
do...
540
315
421
'411
' 668
r
404
Unfilled, end of month
....do...
' 101
205
' 266
'293
263
' 511
'323
r
534
Shipments
do...
357
' 418
•" 311
'456
'440
493
' 378
'433
' 460
Plate, fabricated steel, new orders :•
i
23, 627
Total
short tons.
28, 218
29, 784
20,511
22, 903
33.959
35, 844
' 26, 020
31, 364
21,828
34,036
<
>
<
/
6
6
i
Oil storage tanks
do....
6, 665
5.950
7, 723
4,081
ll',498
13. 481
5, 429
8, 229
9,107
7,401
10,976
8,188
10,991
Plumbing and heating equipment, wholesale
price (8 items)
dollars. 236. 40 233.97
234. 82
235. 33
234. 77
234. 71
234. 64
234.82
234. 87 I 235.19
236. 33
234. 77
Porcelain enameled products, shipments ?
thous. of dol.
645
959
984
610
771
826
1,128
1,062
951
853
851
1,151
221
Spring washers, shipments
do.
177
215
185
233
180
262
183
149
234
184
181
171
Steel products, production for sale (quarterly):
Merchant bars
thous. of long tons..
616
672
595
763
Pipe and tube
do
611
595
814
620
943
Plates
....do.
452
491
505
Rails.
_
do
105
293
188
386
2. 716
Sheets, total
Z_ZZIIZIIII".clo.
1,812
1,654
1, 866
1, 492
Percent of capacity
69.0
95.5
60.1
65.6
52.7
Strip:
Cold rolled
do
160
152
125
110
Hot rolled
do.
384
292
243
210
776
Structural shapes, heavy
.
do.
395
561
459
474
374
Tin plate
.do
587
422
556
617
Wire and wire products...
do..II
745
674
650
2,840
Track work, shipments
.
short tons..
4,916
6,481
6,832
2,909
5, 330
4,250
5,402
6,640
5,658
6,819
6, 658
NONFERROUS METALS AND
PRODUCTS
Metals
Aluminum:
58, 826
Imports. bauxite§
long tons
41,060
40, 309
44,805
33,133
43,629
33,660
45,660
40,644
54,801
35, 397
38,288
51, 027
Price, wholesale, scrap, castings (N. Y.)
. 0950
dol. perlb..
.0800
.0713
.0713
.0688
.0750
.0702
.0713
.0713
.0950
.0703
. 0688
Babbitt metal (white-base antifriction bearing
metal"):
Consumption and shipments, total
2, 034
thous. of lb__
1, 606
1,783
1,749
1,613
1,999
3,133
2, 635
2, 456
1,602
1,380
1 725
1 460
634
Consumed in own plants
do
648
531
611
517
741
644
359
629
789
794
338
425
1, 400
Shipments
__ZZ~doZ
958
2,392
1,096
1. 252
1 080
1,137
1 101
1,370
1,846
1,661
1,042
1,177
Copper:
Exports, refined and manufactures!
short tons.. 62, 505 40. 741
27, 364
39,350
25, 503
35,168
35, 696
23 807
45, 840
26, 806
41,049
28,162
36,303
29, 545
22,132
Imports, total §
do
21,123
19, 365
23, 248
17,015
16,176
18 551
15, 360
19,937
20, 651
19,040
11, 534
27, 672
For smelting, refining, and export§._.do
21,731
18, 646
18 076
16, 664
21,992
18, 450
15, 582
13,012
17, 451
10. 509
19, 728
18,128
Product of Cuba and Philippine Islands
1,395
short tons..
156
135
105
100
128
184
146
136
1,364
1,464
180
Allother§
do
478
244
1,072
374
2,342
810
224
979
1,122
459
903
742
Price, wholesale, electrolytic (N. Y.j
.1228
dol. p e r l b . .
.1103
.1103
.0978
.1026
.1103
.1228
.1027
.1164
Production:
Mine or smelter (Incl. custom intake)
short tons.. 2 409,072
72, 709
61,752
59, 672 ' 54, 850
69,170
60, 707
62, 548
58, 600
0)
0)
0)
0)
379,841
Refinery
_
do
68,071
66, 718
57, 339
61,719
66,316
59, 452
58, 368
68, 536
0)
0)
0)
0)
Deliveries, refined, total..
_.IIIIIIdo_.II 536,899
47, 804
55.025
75, 808
54. 827
63, 862
51,577
46. 667
63,894
0)
0)
0)
0)
Domestic
_
. . . d o . . .2 457,315
38,977
50,803
59, 681
53,573
51,059
42, 484
48. 267
51, 225
0)
0)
0)
0)
Export
do
2 79,584
8,827
4,222
16,127
3,768
4 1R3
10, 289
3 310
12, 669
0)
0)
0)
0)
Stocks, refined, end of month_
do.
159,485 289, 755 301,244 309,119 320,812 332,513 337,155 335,012 316, 543
0)
0)
0)
0)
Lead:
Imports, total, except manufactures (lead content)!
.short t o n s 4,241
13, 257
11,998
3,864
15, 485
10,961
5,179
16, 593
2,762
3,019
4,391
4,063
Ore:
Receipts, lead content of domestic ore. do
38, 835
35, 885
37, 654
31, 593
31,748
30,614
33,589
32,300
31, 268
35,063
35, 612
35,936
37,057
4. 234
Shipments, Joplin districtt -do
9,695
6,314
3.926
3,734
4,544
'4,692
'4,104
3,491
3,415
6,355
4,380
4,484
r
2
3
Revised.
i Monthly data not available.
T o t a l for A u g u s t - D e c e m b e r .
End of December.
• Data are for 46 identical manufacturers; beginning January 1938 data are available from thereportsof the Bureau of the Census for 26 additional small establishments
^As ^Ported by 21 manufacturers through December 1938; subsequently, 2 of these ceased operations. For 1937 and 1938, data are available from the reports of the
Bureau of the Census for 34 additional establishments, and, beginning January 1939, for 80 additional establishments
icyuiu,
JData for March, May, August, and November 1939 are for 5 weeks; other months, 4 weeks.
§Revised series- Data ravised for 1937; see tables 19 and 20, pp. 14 and 15 of the April 1939 Survey.
89
SURVEY OF CURRENT BUSINESS
February 1940
Monthly statistics through December 1937, to- 1939
1938
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
1939
January
February
March
April
May
June
July
August
September
October November
METALS AND MANUFACTURES—Continued
NONFERROUS METALS AND
PRODUCTS—Continued
Metals—Continued
Lead—C an tinned.
Refined:
Price, wholesale, pig, desilverized (N. Y.)
dol. perlb..
Production from domestic ore. .short tQns..
Shipments (reported)
_._do
Stocks, end of month
..do
Tin:
Consumption of primary tin in manufactures
long tons..
Deliveries
do.
Imports. bars, blocks, etc
do
Price, wholesale, Straits (N. Y.)~dol. per lb__
Visible supply, world, end of mo.f- -long tons..
United States
do
Zinc:
Ore, Joplin districts
Shipments
short tons- Stocks, end of month
do
Price, wholesale, prime, western (St. L.)
dol. per lb._
Production, slab, at primary smelters
short tons..
Retorts in operation, end of mo
number..
Shipments, total
short tons..
Stocks, refinery, end of mo
.do_
Miscellaneous Products
Brass and bronze (ingots and billets):
Deliveries
short tons-.
Orders, unfilled, end of month
do
Plumbing fixtures, brass, shipments
thous. of pieces..
Radiators, convection type, sales:
Heating elements only, without cabinets or
grilles
thous. of sq.ft. heating surface .
Including heating elements, cabinets, and
grilles
thous. of sq. ft. heating surfacesSheets, brass, wholesale price, mill dol. per lb..
Wire cloth (brass, bronze, and alloy):
Orders, new
thous. of sq.ft..
Orders, unfilled, end of month
do
Shipments
do
Stocks, end of month
.do
MACHINERY AND APPARATUS
Air-conditioning systems and equipment:
Orders, new:
Totalf
.thous. of dol._
Air-conditioning group
do
Fan-groupf
do
Unit-heater group
...do
Electric overhead cranes:
Orders:
New
do
Unfilled, end of month
__do
Shipments
do
Exports, machinery. (See Foreign trade.)
Foundry equipment:
Orders:
New
1922-24 = 100.Unfllled, end of m o n t h .
do
Shipments
do
Fuel equipment:
Oil burners:
Orders:
New
number..
Unfilled, end of month
do
Shipments
do
Stocks, end of month
.do
Pulverizers, orders, n e w .
do
Mechanical stokers, sales:
Classes l, 2, and 3
do
Classes 4 and 5:
Number
Horsepower.
Machine tools, orders, new X
av. mo. shipments 1926=100..
P u m p s a n d water systems, domestic, shipments:
Pitcher, other hand, and windmill p u m p s
units. .
Power p u m p s , horizontal type
do
Water systems, incl. p u m p s
do
P u m p s , measuring and dispensing, shipments:
Gasoline:
Hand-operated
units.Power
_
..do
Oil. grease, and other:
Hand-operated
do
Power
_
...do
r
Revised.
0. 0550
38,903
66,060
73,963
0. 0550
44, 748
64, 365
58,061
5,900
6,295
4,735
.4876
26, 338
3,613
7, 630
6,570
6,040
5,050
5, 247
4,427
r
. 6350 . 5525
38, 206
31,168
3, 536
3,413
7,540
7,870
7,629
.5224
38,035
3,283
26, 248
7, 601
35, 748
9,503
30,285
9,958
41, 663
9,701
.0452
.0472
.0610
36, 734
7, 204
. 0650
42, 302 39, 450 39, 669 40, 960
45,084 43,036
38, 251 38, 763 36, 331 36, 291 35,491
34, 443
45, 291 40, 641 39, 607 37, 284 43,128 49, 928
127,985 130, 380 133,075 135, 241 131, 782 122,814
42,225
37, 729
69, 424
95,615
50,117
43,109
73, 327
72, 405
53, 524
46,867
64,407
61, 522
8,497
13, 459
0.0481
0.0482 0.0478 0. 0475 0.0480
0.0485 0. 0504
36,391
37, 790 36, 704 43, 026 37, 237 34,926 36, 556
34, 421 40,871
40,124 38,710 42, 636 45, 025
37,903
122,112 122,035 123,394 129, 270 129, 636 124,017 117, 985
0. 0550
42, 547
44,881
58, 777
0.0484
30,988
33,908
115,902
0.0483
38,299
40,189
117,214
6,940
11, 366
12,518
.5064
38.280
3; 302
4,330
3,400
3,555
.4618
37, 712
5,157
4,230
4,330
3,971
.4638
39,100
4,624
4,410
4,105
5,097
.4562
40, 035
5,486
5,270
4,755
5,208
.4621
37,788
5,806
5,190
5,980
3,814
.4720
37,224
3,385
5,920
5,905
5,118
.4902
33,715
3,387
5,780
4,925
6,020
.4885
30, 039
4,388
r
5, 240
5,275
6,179
.4852
29, 615
5,339
28,163
13,548
34, 428
12,251
27, 3S9
12, 602
33, 220
8,652
35,189
10, 503
31,049
9,294
.0450
.0450
.0450
.0450
39, 733
7,851
.0450
31,212
6,749
.0450
.0598
.0450
57,941
48,159
53,468
65,995
45,345
38, 793
39, 354
126, 769
5,521
11,436
4,347
11,463
4,926
9,240
4,662
8,161
5,818
14, 571
1, 514
1,218
1,391
1,419
1,505
44,277 39,613
39, 500 39,459
42, 639 39,828
128,407 128,192
4,657
14,037
0.0545
35,086
59,889
97,473
4, 543
12, 688
5,026
11,065
5,035
14, 625
6,006
15, 542
7,539
22, 499
8, 993
17,878
1,554
1,577
1,532
1,721
2,109
1,992
.0650
109
37
26
62
101
591
.193
491
.174
410
.173
418
.173
497
.173
546
.170
717
.165
343
1,593
567
360
752
392
450
505
352
805
404
504
484
853
427
532
347
768
422
549
481
388
478
413
560
750
444
582
468
823
392
624
413
793
439
637
1,270
1,513
547
593
1,178
2,125
564
638
4,493
2,702
980
811
3,211
1,112
871
1,228
3,335
1,741
812
782
2,674
1,205
821
648
4,803
2,865
1,073
864
4,527
3,014
955
558
4,979
3,193
1,318
468
5,931
3,901
1,509
521
4,691
2,818
1,327
546
4,657
2,631
1,336
5,743
3,328
1,422
6,121
3,322
1,387
1,412
414
2, 368
435
377
1,171
257
168
1,173
166
201
1,131
244
284
993
270
823
1,504
312
438
1,755
174
274
1,813
215
383
1,917
844
2,414
347
434
2,474
375
569
2,665
378
445
2,390
719
165. 3
222.4
200.1
141.9
126.0
102.8
122.5
151.4
96.3
135.5
175.1
112.2
146.6
193.6
128.1
146.2
208.6
131.0
108.9
173.1
144.3
134.9
159.2
148.5
114.0
135.6
135 5
131.6
123.1
143.8
184.4
174.9
132.6
220.6
224.7
170.7
' 203. 6
' 257. 8
170.1
12, 566
2,905
13, 300
16, 764
6
8,435
2,155
8,824
21.326
19
9,616
3,033
8,738
21,885
16
7,981
3,340
7,674
22, 850
10
11, 806
4,475
10, 671
21. 790
33
11,346
5,181
10, 640
21, 619
15,284
5,456
15, 009
20, 214
23
17,901
6,451
16,906
19, 947
17
17,838
6,952
17, 337
18,854
11
22, 748
5, 040
24, 660
19, 642
14
36, 279
5,967
35,352
16,460
33, 657
4,966
34, 658
16, 675
18,758
3,639
20,085
18,165
"•45
4,762
4,752
r 2, 426
r
3,733
'3,473
r 5, 078 ' 7, 676 ' 9, 335 14,833
207
39, 038
219
40,117
189
34,909
186
168
34, 811
164
32,540
215
49, 255
267
56, 419
146.5
150.8
167.1
185.4
155.6
219.8
29,441
976
13, 389
24, 889
865
10, 402
41,191
464
14, 738
31, 485
740
14, 259
42, 693
732
16, 222
38,468
1,463
16,889
612
8,693
649
7,652
740
5,858
1,005
6,158
1,582
8,878
0)
14,417
1,349
r
3,415
138
125
68
105
80
94
814
.165
657
.167
787
.168
986
.183
891
.190
870
.191
1,829
616
612
' 20,161 • 18, 040
439
86, 714
r
r
r
4,954
2,498
1,310
1,146
8,225
211.6
279
51, 673
230.9
206.5
(0
44,216
731
20,773
55,048
953
23,067
52,336
964
19,029
52, 897
1,138
19, 890
47, 439
860
18, 452
43,908
949
17, 444
35,961
792
16,993
1,346
9,637
1,601
12,017
1,129
11,430
875
9,419
736
9,275
962
7,624
768
8,611
741
8,751
11,982
13,078
13,919
10,297
10,708
2,071
2,981
4,305
3,544
1,480
1 Discontinued by reporting source.
17,085
3,332
15, 612
3,186
14,053
2,011
12,468
2,449
12,554
2,703
14, 785
r 2,384
1,914
376
63, 264
0)
51, 735
0)
tRevised series. Data for "driving mechanisms for general fan u s e " have been removed from the fan group beginning J a n u a r y 1936. Revisions not shown on p . 50 of t h e
M a y 1939 issue will appear in a subsequent issue. Beginning January 1939. data on air-conditioning systems and equipment are available for from 252 to 267 manufacturers;
figures shown here are for 125 of these whose orders in J a n u a r y 1939 amounted to more than R5 percent of the total for 252 manufacturers. World visible supply of tin revised beginning January 1935 to include stocks of refined tin at all European smelters; data not shown on p . 50 of the November 1939 survey will appear in a subsequent issue.
I D a t a for March, M a y , August, and November 1939 are for 5 weeks; other months, 4 weeks.
| A new series based on the operations of manufacturers accounting for about 60 percent of the total dollar sales of machine tools has been compiled beginning January 1939.
Available data are as follows (percent of capacity): Jan., 52.5; Feb., 56.1; M a r . 58.7; Apr. 61.2; M a y , 63.6; June, 65.5; July 65.8; Aug. 72.6; Sept., 74.6; Oct. 84.9; Nov., 91.2; and
90
SUEVEY OF CUEKENT BUSINESS
Monthly statistics through December 1937, to- 1939
1938
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
February 1940
1939
January
February
March
April
May
June
July
SepAugust tember
October November
METALS AND MANUFACTURES—Continued
MACHINERY AND APPARATUS—Con.
Pumps, steam, power, centrifugal, and rotary:
Orders, new
thous. of dol..
Water-softening apparatus:
Shipments, domestic
units..
Woodworking machinery:
Orders:
Canceled
thous. of dol_.
New....
do
Unfilled, end of month....
do
Shipments:
Quantity
number of machines..
Value
thous. of dol.
ELECTRICAL EQUIPMENT
Battery sales (replacement only) :•
Unadjusted. __
1934-36=100.
Adjusted
do
Electrical products:*
Industrial materials, sales billed...1936=100.
Motors and generators, orders received-do
Transmission and distribution equipment,
orders received
1936=100.
Furnaces, electric, industrial, sales:
Unit.
kilowatts.
Value
thous. of dol.
Electrical goods, new orders (quarterly)
thous. of dolIroning machines, sales*
units.
Laminated products, shipments..thous. of dol
Motors (1-200 hp.):
Billings (shipments):
A. O...
do.._
D. C
.do....
Orders, new:
A. O
do...
D. C
do._Power cable, paper insulated, shipments:
Unit
thous. of ft.
Value.
thous. of dol.
Power switching equipment, new orders:
Indoor
dollarsOutdoor-.
do._.
Ranges, billed sales
thous. of dol.
Refrigerators, household, sales
number.
Vacuum cleaners, shipments:
Floor
_
do...
Hand-type.
_ do...
Vulcanized fiber:
Consumption offiberpaper
thous. of lb.
Shfpmentsf
..thous. of dol.
Washing machines, sales*
units.
1,049
1,155
1,204
1,282
1,258
1,230
1,236
1,673
1,090
1,585
1,469
1,809
1, 339
1,201
1,077
1,108
1,082
1,698
1,122
1,217
1,282
1,306
1,236
1,512
1,450
1, 481
518
1,364
4
612
910
13
363
863
14
410
1
445
484
)
417
905
5
438
29
432
948
5
620
1,145
1
571
1, 206
261
492
236
418
190
397
216
422
209
384
152
360
216
510
224
411
157
357
269
435
218
418
2S8
599
232
505
149
132
100
127
78
122
73
121
72
132
84
151
111
163
133
139
176
132
239
154
219
129
165
118
79.2
72.1
79.6
69.2
79.2
67.8
90.8
99.3
80.5
77.5
84.1
77.5
78.2
76.0
91.6
94.3
98.5
116.4
123.0
87.8
132. 0
125. 1
5
393
923
C)
136.5
79.4
81.0
108.3
129.1
103.0
117.2
102.0
121.2
108.8
9,587
480
2,356
110
3,147
195
1,235
4,681
215
1,934
161
2,789
194
3,228
213
1,332
97
1,921
182
3,279
291
254, 302
11,854
1,306
160, 374
9,210
876
8,208
838
8,016
812
9,047
830
8,433
205, 567
7,216
901
7,741
805
11, 386
906
212, 001
10, 565
1,019
11,161
1, 298
9 990
1,348
3, 103
797
1,713
446
1,436
330
2,050
557
534
2,053
519
2,410
574
2, 053
538
2,398
524
2, 361
474
2, 535
449
2, 730
677
3,472
1,867
1,733
659
1,574
540
1,762
404
2,356
739
2,062
546
2,319
428
2,504
549
2,128
406
2,595
569
2,725
1,102
3,151
1,403
3,276
1,047
655
731
476
502
271
273
353
312
637
662
700
566
674
652
718
716
773
783
676
781
1, 074
824
752
656
64,153
272, 658
1,019
v 93, 056
91, 720
138,840
1,006
47, 599
51,124
109, 799
2,230
150,108
47,458
223, 286
2,103
198, 528
87, 019
197,175
2,263
251, 644
75,161
279, 093
1,939
260, 204
92, 347
346, 530
2,395
273, 966
217,846
2,025
268, 848
90, 302
283,614
1,428
164, 211
67, 963
259, 436
1,799
94, 734
71, 449
240, 535
1,891
73,149
88, 485
321,761
1,714
62, 055
126, 480
355,056
1, 442
55,113
118, 730
36, 471
95, 521
30, 632
78, 753
23, 846
87,140
25,182
122, 785
29, 470
100, 487
24,539
91, 055
23, 322
80, 660
19,014
61, 492
15,197
74, 333
22, 268
93, 851
26,857
106, 539
31, 362
108.338
32, 728
2, 492
854
77, 270
1,385
383
67, 502
1,410
458
109,909
1,561
470
129, 885
2,070
528
152, 725
1,575
466
116,199
1,749
458
105, 266
1,735
441
120,076
1,725
437
104, 817
1,971
528
132, 297
2,284
548
138,992
2,722
660
142, 830
2,594
748
102, 990
197, 654
11, 607
159. 8
6,103
438
4,153
368
PAPER AND PRINTING
WOOD PULP
Consumption and shipments:*
Total, all grades
..short tons.. 652, 336 539,061 499,076 484, 507 546, 949 527, 307 524, 391 502,887 495,390 553, 653 594, 710 659, 794 •656, 073
Chemical:
275,080 211, 884 196, 419 199, 931 228, 680 221,196 204, 220 202,204 208,187 235, 709 240, 011 270,749 266, 207
Sulphate..
._
do
198,883 174, 546 145, 040 136, 667 156,107 148, 801 152,108 146, 993 143,487 154,174 187, 725 207, 517 "207, 813
Sulphite, total
do
91, 428 96, 894 119,799 131,641 131,003
93, 498 94, 398 91,164
97,156
85,120
125,082 115, 442 89,511
Bleached
do
76,810
57, 280 67, 926 75,876
73, 801 59,104
55, 529 51, 547 58, 951 55, 303 57, 710 55, 829 52,059
Unbleached
do
28, 303 32, 961 36, 216 42, 705 42, 928
32,946
34,
705
44,183
30,031
33, 713
31, 996 32, 643 31, 526
Soda
..do
134,190 120, 635 124,974 116, 383 127, 457 124,364 134, 350 123, 659 115, 413 130,809 130, 758 138, 823 139,125
Groundwood
do
Imports:
Chemical §.
do... 204,993 171. 520 150, 510 103, 504 117, 800 78, 534 140,131 152, 719 137,431 130, 920 136,843 194,615 249,886
9,867
7,312
30, 465 17, 366 20,076
17, 326
Groundwood§._
..do
21, 527 22,163
18, 562 17, 403 19, 694 19, 649 23,574
Production:
'648, 375
648,929
472,095
535,
230
554,607
507,857
484,
605
535,149
653,
790
543,
411
522,
220
533,
442
521,
590
Total, all grades
do
Chemical:
270, 742 212,884 207, 259 200,502 228, 632 212, 559 201,123 201, 364 206,479 233,197 233,789 208, 672 265,018
Sulphate
do
198,539 152, 498 158,913 132, 662 149, 019 142, 401 161, 601 153, 526 132,460 158, 341 171,094 205, 701 '207, 341
Sulphite, total
do
82, 527 97, 283 109, 200 130, 265 131, 581
125,173
88, 250 103, 464 97,308
95, 845 100. 337 79, 698 92,729
Bleached.
do
75, 436 75, 700
58,137
61, 058 61,894
73, 366 56, 653 58, 576 52, 964 56, 290 54,151
56, 218 49,933
Unbleached
do
26,846
44,183
33, 013 36, 234 42,136 42, 841
31,917
Soda
do
32, 255 31, 075 34, 561 32, 768 34, 748 31,164
140, 326 124, 921 135, 015 120, 366 131,199 133,862 137, 677 121, 803 106, 310 110, 679 113, 490 132, 420 133,175
Groundwood
do
Stocks, end of month:
125,168 183,161 217, 526 217, 624 214,085 208, 369 219,127 224, 097 200, 803 182, 379 142,276 131,411 123,714
Total, all grades
do
Chemical:
22,998
21 809
17, 471 36,728
48,091
39, 454 36, 357 35, 517 33, 809 31, 297 25,075
47, 568 48,139
Sulphate
do
79,304 ' 78, 832
93, 584 97, 751 81,120
78, 488 92, 205 106. 078 102,073
94, 985 88, 585 98, 078 104,611
Sulphite, total
_
do
58,990
59, 379 48, 780 47, 404 47, 982
48, 073 56, 952 67, 778 62, 356 57, 929 52, 681 61, 747 67,891
Bleached...
do
Unbleached
do... 30, 415 35, 253 38,300 39, 717 37, 056 35, 904 36, 331 36, 720 34, 594 38, 372 32, 340 31, 900 30, 850
4,445
3, 790
4,376
4,427
3,876
3,664
5,832
3, 790
4,699
4,826
3,842
3,986
4,437
Soda
do
31, 636 25.233
19, 283
69,034
76, 666 79, 993 78,137
48,904
25, 419 49, 402 59. 443 63, 426 67,168
Groundwood
..do._
2.13
2. 28
1.95
1.95
1.95
2.28
1.95
1.95
2.51
1.95
2.00
2.00
2.00
Price, sulphite, unbleached
dol. per 100 lb_.
PAPER
Total paper: t
Paper, incl. newsprint and paperboard:
Production
short tons.. 1,028,975 r 848, 764 843, 523 872, 883 1,035,675 912,204 959,841 898,307 861,310 1,046,459 1,027,542 1,151,014 1,177,111
Paper, excl. newsprint and paperboard: t
Orders, new...
short tons.. 445, 883 437,128 »• 436, 842 467, 624 542, 328 436,418 477,034 454,900 429,745 535, 601 737,095 •570, 453 523, 212
522, 033 r 443, 728 k 442, 805 403,212 534,170 461,887 498,197 441,236 419,773 523,233 504, 846 '566, 060 617, 051
Production
do
523,128 441,194 j r 445, 020 459, 080 541, 722 447, 565 479,108 449,987 437,246 519, 276 532, 220 '576, 854 622, 383
Shipments
do
' Revised.
• Less than $500.
•Pulp used in the producing mills and shipments to the market.
p Preliminary.
*New series. Data on battery sales beginning 1934 appear in table 35, p. 17 of the August 1939 issue. Sales of washing machines and ironers beginning 1929 appear in
table 43, p. 17 of the October 1939 issue. For data on electrical products beginning 1934, see table 32, p. 18, of the June 1939 Survey; data are furnished by both member and
nonmeraber companies rather than member companies alone as therein stated.
^Revised series. Data revised for 1937; see table 20, p. 15 of the April 1939 Survey.
tRevised series. Data on vulcanizedfibreshipments revised beginning 1934; data not shown on p. 51 of the January 1939 Survey will appear in a subsequent issue. Data
on total paper production, and paper, excluding newsprint and paperboard, production, shipments and stocks, revised beginning January 1937; data not shown above will
appear in a subsequent issue.
February 1940
91
SURVEY OF CURRENT BUSINESS
Monthly statistics through December 1937, to- 1939
1938
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
1939
January
February
March
April
May
June
July
August
NovemSeptember October
ber
PAPER AND PRINTING—Continued
PAPER— Continued
Book paper:f
Coated paper:
Orders, new
_
_
short tons..
Orders, unfilled, end of month
do
Production
do
Percent of potential capacity
Shipments
short tons..
Stocks, end of month
do
Uncoated paper:
Orders, new
do
Orders, unfilled, end of month
do
Price, wholesale, " B " grade, English finish, white, f. o. b. mills_dol. per 100 lb..
Production
short tons..
Percent of potential capacity
Shipments
short tons..
Stocks, end of month
...do
Fine paper :J
Orders, new
do
Orders, unfilled, end of month..
do....
Production.
.do
Shipments
_
do
Stocks, end of month...
do
Wrapping paper:!
Orders, new
_.
do
Orders, unfilled, end of m o n t h . .
do
Production
do
Shipments
do....
Stocks, end of month
do
Newsprint:
Canada:
Exports
....do....
Production
...do
Shipments from mills
do
Stocks, at mills, end of month
do
United States:
Consumption by publishers
do
Imports^...
do
Price, wholesale, rolls, contract, destination (N. Y. basis).__dol. per short ton..
Production
short tons..
Shipments from mills
do
Stocks, end of month:
At mills
do....
At publishers!
do
In transit to publishers!
do
Paperboard:
Consumption, waste paper
do
Orders, new
do
Orders, unfilled, end of month
do
Production
do
Percent of capacity
_.
Stocks of waste paper, end of month:
At mills...
short tons..
14,532
4,154
20,938
80.9
20,898
16,151
15, 769
2,714
17,096
62.6
17, 563
12, 776
16,961
3,071
16,845
63.3
17,319
12,070
17,911
3,552
17, 796
71.6
17,642
12,472
19,553
4,060
20,028
71.7
19,919
12,581
16,305
3,238
17,754
68.6
17,902
12,433
17,126
2,861
18, 579
66.5
17, 409
13,762
17, 276
3,090
15, 634
64.9
15, 771
15,139
15, 744
3,647
14,306
55.9
15,097
14, 211
15, 559
3,695
17, 737
69.9
16, 287
14, 971
33,887
12,862
19,401
75.0
20, 328
13,807
23, 872
12,813
24, 343
91.4
24, 291
13, 848
15, 553
8,687
23,853
91.3
22, 279
15, 850
100, 845
61, 368
86,840
34,958
94,160
40,314
88,218
36,931
102,810
38,053
92, 712
39,252
83, 692
28,179
89,681
32, 755
79, 210
30, 324
107,028
41, 701
149,857
77, 330
125, 511
85, 832
98, 727
69,634
5. 89
5.45
108,993
85, 779
92.2
68.7
86,076
109,197
« 50, 706 109,604
5.45
89,642
72.5
91, 667
107,518
5.45
90,589
81.1
89, 377
107,602
5.45
102,788
79.9
104,196
106, 435
5.45
90,289
77.7
5.45
5.45
5.45
98,180 101,148
79,345
85.8
78.7
68.8
9fi, 337 108,744
82, 516
a
a
57,770 • 59, 839 50,209
5.65
118,967
97.9
119,489
"49, 399
5.70
114,507
94.6
114,319
«49, 725
' 48, 207 ' 33,882
12,280
' 14,928
' 44, 541 »" 37,991
' 45, 671 36,935
' 57, 527 ' 59, 443
37,294
9,523
43,043
41,166
61. 504
31, 538
8,796
33,491
32, 216
62, 669
30, 967
10,827
29,342
29,691
60,539
74,053
41,103
40,941
42, 303
59, 739
44, 731
40, 802
44,410
46, 355
57, 752
42, 954
' 28, 444
' 56, 091
' 54, 992
' 58,878
106,381
5.45
5.45
96,088
87,953
77.4
73.9
89,393
84,862
• 58,282 • 60,981
32, 070
22, 011
41,179
38, 949
61,110
32,750
12,692
37,813
35,158
74,378
34,611
11,864
r
35, 833
35,803
' 57, 739
' 34, 896
' 11,748
' 36,427
' 35, 517
' 58, 655
159, 471
100, 428
173, 703
176, 871
91, 219
142, 220
68,956
151,076
149,033
126, 365
148, 562
64, 300
151, 374
149,088
126,551
163, 622
71,599
161, 510
159, 334
129,835
186,433
62, 718
194,280
195, 555
126,936
145, 740
58,629
159,353
152,265
132,148
186, 710
64, 050
184, 727
180, 344
136, 617
146,404
64,100
140,193
147,601
128,990
140,746
59, 354
135,976
142,166
115, 283
195, 375 265,252
67, 038 151,552
187, 921 169,259
191,030 178,678
112, 542 111,603
191, 250
154, 647
185, 944
191,002
106, 970
•199,841
p
117,910
'227, 446
'237, 551
'95,174
255, 259
240,656
264, 620
169, 502
211,452
209, 753
225,472
161,438
193,624
208,382
201,852
167,968
152,437
200,631
178, 236
190,363
217,651
220,648
205,099
205,912
162,352
220,843
214,255
212,500
244,
250,
274,
187,
400
015
635
880
244,655
240, 545
232,261
196,164
200,174 235, 487 228,163
227, 630 236,975 253, 230
221, 743 224, 367 267,005
202, 051 214, 659 200,884
270, 493
280, 985
289,260
192, 609
253, 997
288,726
287, 869
193, 466
193,076
230, 094
177,134
209, 782
160,916
183,050
153,346
144,308
174,096
189,360
179,542
209,597
178, 543
250, 668
170,980
216, 580
172,861
201, 991
159, 647
195, 644
177,078
250,005
195, 510
282, 581
181,259
261, 667
50.00
77, 836
78, 283
50.00
75, 855
77,974
50.00
77,264
72,967
50.00
70,868
71,926
50.00
79,929
81,616
60.00
77,393
77,463
50.00
85, 872
84, 443
50.00
80, 562
84,628
50.00
74,932
75,354
50.00
80,000
79,060
50.00
77,309
78, 559
50. 00
78, 591
79, 364
50. 00
78, 886
81,410
12, 952
21,822
18, 583
22,880
20,135
284, 283 "284, 471 267,155 251,041 223,469
43, 948
30,677 ' 36, 897 r 13, 623 32, 580
20,065
206, 744
37,253
21,494
229,142
39, 251
17, 428
231,165
47, 737
16,696
17,946
17, 006
252,652 •277,624 •283,315
43,459 ' 41,484 r47,815
283, 228
393,123
173, 212
429,106
72.6
221,768
334,711
94,411
329,181
60.1
233,311
342, 408
109,099
323,394
61.2
247,710
338,030
112,801
338,803
67.8
292,474
429, 545
124, 420
421,576
73.4
262,918
347, 575
97, 340
372,984
69.1
264, 348
372,893
93,643
375, 772
64.2
259,996
383, 371
95,058
376, 509
66.6
255,830 314,316
382, 682 454,817
108, 427 119, 502
366, 605 443, 226
72.4
63.9
320,073
628,272
290,467
445,387
75.5
365, 396
497, 834
285, 935
506, 466
85.6
339, 335
414, 224
204, 800
482,808
81.8
247,393
290,648
282,095
262,344
248,595
255,354
259, 423
255, 677
257,889
246,219
214,352
218, 649
215,850
74, 389
62,309
81, 867
77,477
85,778
85,267
80,246
80,115
76,903
86, 401
94,993
102,186
87, 504
2, 552
2,370
183
2,239
2,081
158
2,222
2,075
146
2,304
2,145
159
2,827
2,640
187
2,395
2,218
177
2,627
2,430
197
2,624
2,388
236
2,444
2,242
202
2,635
2,911
276
2,815
3,059
244
3,414
3,171
243
2,997
2,820
177
Book publications, total.
no. of editions..
952
New books
do
819
New editions
_IIIIIIdo—I!
133
Continuous form stationery, new orders
thous. of sets.. 134,664
Operations (productive activity)
1923=100..
Sales books, new orders
-thous. of books.. "157596
1,118
961
157
659
602
57
876
691
185
945
803
142
1,222
1,043
179
835
708
127
636
537
129
746
••619
127
1,204
966
238
882
772
110
885
786
99
125, 811
89
14, 788
111,211
87
15, 998
107, 557
92
16, 286
128, 508
86
16, 889
108, 597
87
16,041
116,935
84
16, 498
128,583
81
16,466
112,194
76
16, 549
126, 552
78
17,414
137,299
78
18,947
162,230
77
20,284
144, 291
82
19,387
40, 831
10, 470
43,122
42,448
61,132
13,399
15,923
285,333 '295, 675
50,073 ' 50, 704
r
PAPER PRODUCTS
Coated abrasive paper and cloth:
Shipments
..reams..
Paperboard shipping boxes:
Shipments, total
mil. of sq. ft..
Corrugated.
._
do
Solid
fiber
„
do
PRINTING
RUBBER AND PRODUCTS
CRUDE AND SCRAP RUBBER
Crude:
Consumption, total
long tons.. 48,428
48,143
46,234
42,365
50,165
44,166
50,150
44, 377
55, 764
50, 481
54, 322
47,259
102. 646
For tires and tubes (quarterly)
do
_.
92,021
99,039
' 96,033
Imports, total, including latexf
do
71, 395 ' 37, 451 ' 37, 082 r 31, 038 ' 45, 725 ' 32, 031 '"45," 886" ' 34, 363 ' 37, 372 "'"38," 586' ' 37, 642 "'"45~622~ '"42," 586
.199
.213
.164
.165
.167
.202
.166
Price, smoked sheets (N. Y.)
dol. per lb_.
. 200
.163
.158
.159
.16?.
. 159
Shipments, worldt
—long tons.. 88,000 '57,643 r 87, 243 '"77,473 ' 76, 932 r 73, 742 «• 70, 750 ' 64, 298 ' 84, 378 92,000 ' 88, 000 a 15, ooo 86, 000
Stock3, world, end of month.
do
391,000 483.000 498,000 480,000 461,000 438,000 430,000 408,000 419.000 397,000 397,000 •413,000 395, 000
96,000
Afloat, total
d o . . . . 152,000
80,000 105,000 106,000 102,000
99,000
88,000 105, 000 120,000 134, 000 173, 000 171, 000
68, 310 100, 500 114, 044
66, 717
54,046
52, 990
For United States
d o . . . . 91,095 45,105
48,210
55,814
55,981 57,918
51, 274
44,917
66,020
39, 359 ' 37, 000
37, 000
57. 234
London and Liverpool
do
31,000
86,853 80,643
75,517
72,235 68,931
63,878
71,195
74,308
76,228
69,139
British Malaya
. . . d o . . . - 70,214
84,499
90,142
87,968
81,274
77,683
83, 010
75, 419
71, 662
United States-....
. d o . . . . 138,020 231,500 221,880 210,093 205,214 192,638 193, 651 180,343 173, 395 161, 233 147,280 '131,251 118, 407
Reclaimed rubber:
16,953
Consumption
d o . . . . 15,575
13,096
13,000
12,626
15,322
13,391
18,955
18,006
16,846
13, 517
14.870
13, 542
Production
do
19,249
15,899
13,763
13,093
14,528
14,527
17,990
20,896
20. 755
17, 214
14, 769
12, 588
15.871
Stocks, end of month
d o . . . . 25,427
23,000
21,960
21,390
19,955 22,628
21,185
21,
829
22,
362
21,339
20,
645
22, 771
23,058
Scrap rubber:
38,321
34,204
Consumption by reclaimers (quar.)
do
36,248
_
36,496
' Revised.
§Data revised for 1937: see table 20, p. 15 of the April 1939 Survey.
•Change in inventory due to physical check-up. Figures prior to May 1939 not comparable with later data.
fRevised series. For book paper, see note marked with a "f" on p. 51 of the July 1939 Survey. Stocks of newsprint at publishers, and in transit to publishers, revised
for 1937 and 1938; revisions not shown on p. 52 of the April 1939 Survey will appear in a subsequent issue. Crude rubber imports revised beginning 1913 to include guayule
rubber. Revisions not shown above will appear in a subsequent issue. World shipments of rubber revisec
'
- - - Revisions
- - .
.
... appear
;ed beginning
January
1938.
not. shown
above
will
Digitized in
fora FRASER
subsequent issue.
t Data on fine paper, 1938, and wrapping paper 1935, have been revised and will be shown in a subsequent issue.
http://fraser.stlouisfed.org/
Federal Reserve Bank of St. Louis
92
SURVEY OF CURRENT BUSINESS
1938
Monthly statistics through December 1937, to- 1939
gether with explanatory notes and references
to the sources of the data may be found in the Decem- December
ber
1938 Supplement to the Survey
February 1940
1939
January
February
March
April
May
June
July
August
September
October November
RUBBER AND PRODUCTS—Continued
TIEES AND TUBES
Pneumatic casingsif
Production
.
. thousands
Shipments, total
do
Original equipment*
.
do
Replacement equipment*
do
Exports*
do
Stocks, end of month
do
Inner tubes:f
Production
do
Shipments, total
do
Exports*
_.
do _.
Stocks, end of month
do
Raw material consumed:
Crude rubber. (See Crude rubber.)
Fabrics (quarterly)
thous of lb
4,479
4,740
2,618
1,987
135
8,688
'4,814
' 4, 282
1,707
' 2, 349
99
8,451
4,581
4,163
1,685
2,397
81
8,932
4,344
3,739
1,472
2,156
111
9,573
5,137
4,583
1,747
2,723
113
10,109
4,211
4,356
1,529
2,719
108
9,998
4,418
4,753
1,415
3,239
100
9,919
4,870
5,750
1,370
4,267
113
8,909
4,510
5,056
809
1,162
85
8,300
5,492
4,919
611
4,205
103
8,891
5,007
5,621
1,249
4,227
146
8,364
5, 431
5,188
1,805
3, 237
146
8,657
4,867
4,244
1,823
2,273
148
9,244
3,824
4,443
92
7,174
4.351
3,859
55
8,166
4,098
3,936
71
8,069
3,681
3, 335
65
8,415
4,470
4,015
74
8,901
3,841
3,927
82
8,837
3,848
4,154
67
8,840
4,320
5,123
66
8,044
4,043
4,285
62
7,819
4,918
4,432
65
8,238
4, 512
5,025
98
7,846
5, 073
5,012
108
7,717
4,513
3,940
127
8,214
5,332
5,916
14,619
6,049
5,473
15,195
' 62,969
58, 376
' 62, 737
67,877
RUBBER AND CANVAS FOOTWEAR
Production, total
thous. of pairs..
Shipments, total
..
_. ._
do...
Stocks, total, end of month
do
5,376
4,185
16, 388
5,523
5.035
16. 183
4,807
4,778
16,157
4,953
4,629
16, 582
5,897
5,214
17, 281
5,216
4,414
18,083
5,033
4,017
19,055
4,866
4,192
19, 729
3,280
4,894
18, 115
5,090
6,213
16, 956
4,713
6,452
15, 218
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
9,488
43.3
6,772
23, 495
5,122
1.667
8, 066
36.9
6.290
23 947
' 5, 286
1.667
5,301
24.3
5,640
23.611
5,563
1.667
5.505
27.9
5,044
24,092
5,986
1,043
877
355
953
891
219
831
795
255
728
673
321
12.080
12. 046
133,184
478, 260
12. 023
101,056
476, 359
12.024
95, 920
455, 859
12. 059
12.032 ! 12.026 I 12.077 | 12.118
166,380 178,903 I 209.716 I 199 945 177,165
397,838 I 374,572 j 351,155 | 361,264 393,393
37. 307
283,017
34, 499
292, 565
28, 785
300, 546
57,624 I 62.982 i 79,349 I 69,489
290,906 ! 277,291 256,825 252,395
3,261
956
3,549
3,562
959
4, 969
1, 285
7, 191
48, 127
4,276
48, 763
2,007
48, 585
3,994
47, 336
46,815
347. 147
50, 024
342, 408
0)
0)
0)
0)
0)
0)
0)
0)
9,674
45.7
9,654
23, 837
6,568
11,185
50.9
12, 748
22, 251
5,728
11,953
56.5
12, 715
21,477
5,797
(0
8,171
37.4
8,467
23, 786
6,447
12, 644
57.9
11, 755
22, 361
5,928
12, 369
56.6
13, 401
21, 327
5,727
11,937
56.3
13,104
20,160
5,254
12, 539
57.2
12, 829
' 19,870
4,854
583
552
374
762
792
377
814
819
382
1,027
908
1,168
1,213
376
1,148
1,160
397
1,282
1,215
369
1,022
958
375
12. 038 ' 12. 036 12. 043
189, 287 167, 348 ' 183, 201
416, 302 451,390 •466,150
12.0S3
167,335
468, 479
62, 527 ' 64, 278
241, 785 •236,784
54,108
243, 484
' 5, 662
1,506
5.021
1, 360
8,149
' 8, 947
43, 719 r 42,192
5,885
42, 261
0)
11,053
52.1
" 10,147
" 20, 779
' 4, 824
CLAY PRODUCTS
Bathroom accessories:
Production
thous. of pieces..
Shipments
_
..do
Stocks, end of month
do
Common brick:
Price, wholesale, composite, f. o. b. plant
dol. per thous..
Shipments
thous. of brick..
Stocks, end of month
do
Face brick:
Shipments
do
Stocks, end of month
do
Floor and wall tile shipments:*
Quantity
thous. of sq. ft..
Value
thous. of dol..
Vitrified paving brick:
Shipments
thous. of brick...
Stocks, end of month
do
Hollow building tile:
Shipments
short tons..
Stocks, end of month
do
806
720
350 I
4, 639
1, 208
62, 658
248, 673
66,906
245, 967
4,737
1,282
5,169
1,423
5,028
1,359
6,331
1,663
3,612
45, 761
6,647
43, 002
6,844
44,079
6,386
44, 214
9,038
44, 169
72, 546
81,994
43, 643
348, 792 340,348 | 327,847
105,173
307,810
96, 288
306, 435
4,516
69.7
4,485
8,293
4,662
72.0
4,618
8,209
()
(02
(8)
()
' 11, 790 I 7,268
(»)
(»)
(•)
(2)
8,036
9,289
6,212
10, 450
13, 663
740
45.6
729
44.8
720
44.3
690
42.6
867
53.4
914
56.2
5,587
1,500
95,180 107, 771
305, 242 319, 464
90,184
316, 376
89, 700
324, 886
87, 280
336, 856
4,802
71. A
4,766
8,548
4,250
68.3
4,979
7,739
4, 891
75.5
4,471
8,061
4,300
69.1
3,884
8,374
18,369 j
15,812
1,121
69.1
1,143
70. 5
GLASS PRODUCTS
Glass containers: f
Production
thous. of gross..
Percent of capacity
Shipments
thous. of gross
Stocks, end of month
do._.
Illuminating glassware:
Shipments, total..
thous. of doL
Residential
do...
Commercial
do...
Miscellaneous
do_.Plate glass, polished, production.thous. of sq. ft.
Window glass:
Production
thous. of boxes..
Percent of capacity
3,519
58.8
3,046
8,130
3,585
r 55.4
3,464
8,179
18, 477
443
227
125
91
12, 691
443
217
130
97
12, 209
357
185
107
65
10,165
1,189
73.2
1,003
61.7
943
58.1
809
49.8
530,089
813,129
247, 673
683. 127
534. 415
4, 04G
65.0
3,114
9,237
()
3.386
56.6
3,320
8,192
r
4.125 I 4,071
-61.3 ; 65.4
3,931
3,978
8, 316
8, 336
396
201 !
116 ;
79
912
56.1
4,593
'73.8
4,158
8,572
()
()
GYPSUM AND PRODUCTS
Crude:
Imports
._
..short tons_
Production
do...
Calcined production
do._.
Gypsum products sold or used:
Uncalcined
do...
Calcined:
Lath
thous. of sq. ft_
Wallboard
„
do...
Keene's cement
short tons
All building plasters..
do
For manufacturing uses
do...
Tile
thous. of sq. ft..
40,423
541,183
533, 440
291,810
845, 524
773, 634
445, 756
995, 760
840, 245
230, 207
192, 931
139, 248
244,163
286, 391
290.358
98, 887
5,955
394, 592
30. 898
7,335
214, 151
89. 678
4,884
333 730
36. 517
4.885
207,418
95,981
5,506
331, 702
26, 233
5,228
297,267
113, 721
7,781
486,494
25, 515
8,581
342,060
102,400
7,949
533,790
28, 219
9,026
' Revised.
Discontinued by compilers; data on an index basis appear on p. 59.
* Discontinued by reporting source.
•New series. For data on floor and wall tile beginning 1935, see table 31, p. 18 of the June 1939 Survey. For the new series on pneumatic casings and inner tubes see
tables 27 and 28, pp. 16-18 of the May 1939 Survey.
tRevised series. Data for pneumatic casings and inner tubes revised for 1936. 1937. and 1938- sep tables 27 and 28. pp. 16-18 of the May 1939 Survey. Data for glass
containers revised beginning 1936; revisions not shown in this issue or on p. 53 of the January 1940 Survey will appear in the 1940 Supplement. The changes are generally
minor.
1
Monthly statistics through December 1937, together with explanatory notes and references
to the sources of the data may be found in the
1938 Supplement to the Survey
93
SURVEY OF CURRENT BUSINESS
February 1940
1939
1938
December
December
1939
January
February
March
April
May
June
July
August
Se
P t e e r m - October
rovernber
TEXTILE PRODUCTS
CLOTHING
Hosiery:
Production
thous. of dozen pairs.
Shipments
_.___do___
Stocks, end of month
do
10,411
10, 259
24, G58
10, 863
iO, 641
20,217
11, 235
10, 211
21, 301
11, 374
10,535
22, 201
13,198
13,142
22,317
11,024
10, 577
22,823
11. 796
10,891
23, 789
11,218
10,294
24,773
9,819
9,483
• 25,133
12, 448
12,924
24, 681
•11,977
12,820
23, 861
13,194
13,156
' 23,923
12, 9^7
12,451
24, 482
652, 695
Consumption
807
Exports (excluding linters)§
thous. of bales..
10
Imports (excluding linters)§.
do
.097
Prices received by farmers
dol. per lb__
.110
Price, wholesale, middling (New York)..do
Production:
11,276
Ginnings (running bales)*
thous. of bales..
* 11, 792
Crop estimate, equivalent 500-lb. bales..do
1,548
Movement into sight
do
0)
Stocks, world, end of month*
do
American cotton
do
18,106
In the United States
_.do
1, 741
On farms and in transit
do
14, 554
Warehouses
do
1,811
Mills
do....
In foreign countries
__.do—
(0
Foreign cotton__
_
do
565,627
368
11
.082
.087
598,132
290
12
.083
562,580
264
8
.082
.090
649,940
330
10
.083
.090
543,187
178
13
606,090
143
14
.085
578,436
114
12
.087
521, 353
107
16
.088
.097
28, 448
219
13
.087
.094
624,902
649
10
.091
.093
686, 936
886
14
.087
.093
718, 721
584
11
.088
.098
11,412
11,944
892
38, 331
20, 605
18, 286
1,319
15, 302
1,665
2,319
17, 726
11, 553
137
1,402
6,687
10,085
11,112
328
23, 723
14,826
13,487
595
11, 920
972
1,339
8,897
565
21,462
14, 030
12, 956
550
11, 591
815
1,074
7,432
870
2,761
3,093
2,288
0)
0)
0)
0)
22,327
' 7, 280
14,176
'871
20,851
' 3, 918
15. 468
'1,465
(^
0)
COTTON
0)
• 11,623
19, 626
17,399
1,085
14,721
1,593
2,227
16, 272
418
33, 567
18, 713
16, 570
949
14,101
1,520
2,143
14, 854
428
31,005
17, 670
15, 626
803
13, 446
1,377
2,044
13, 335
28, 656
16, 766
14, 921
718
12, 948
1,255
1,845
11,890
296
26,155
15, 772
14,171
646
12, 393
1,132
1,601
10, 383
28, 634
6,188
20, 768
8,534
27, 618
9,210
33,135
10,108
29, 726
6,566
23,980
5,581
26, 982
7,151
28, 674
6,750
23,878
6,776
30, 023
11,189
40, 494
11,774
35, 564
11, 859
10.69
.043
.051
10.46
.043
.050
10.05
.042
.050
10.11
.043
.050
10.01
.042
.049
9.33
.042
.049
.045
.052
10.52
.047
.053
11.41
.047
.053
14. 56
.054
.063
15. 83
. 055
. 009
14. 93
.053
.068
141,266
102, 504
6,369
118,926
127,165
91,115
4,780
107, 960
126,641
93,483
5.130
106,396
144,021
109,652
6,633
127,815
127,858
97,270
4,962
109, 250
131,715
98,292
5,782
108,736
127,104
89,020
5,843
90,265
127, 634
90,267
6,543
87, 281
137, 722
102, 281
7,305
99, 242
153,025
106, 678
8.056
113,380
173, 256
120,460
8,322
124,201
165, 624
123,154
6, 516
117,393
22,433
7,185
276
82.3
22, 497
7,642
295
85.7
22, 533
7,164
277
87.8
22, 503
8,243
319
86.7
22,123
6,895
269
84.7
21, 970
7,573
297
81.9
21, 771
7,399
290
82.5
21,939
6,621
262
81.9
22,012
7,908
313
85.1
22,232
7,695
306
92.5
22, 659
8, 581
342
97.9
8, 803
353
101.3
.225
.220
.224
.225
.225
.228
.235
.238
.240
.277
.279
.338
.335
.335
.335
.335
.335
.335
.346
.349
.404
691
1,781
745
2,877
'739
3, 395
'673
3,955
^ 691
3,457
'679
3,322
••870
4,159
'924
3, 503
'827
3,423
'963
3,108
'925
4,062
' 925
5,677
.51
39.5
.51
'39.5
.51
'39.6
.51
'41.4
.51
43.4
.51
'41.7
.51
' 33. 3
.51
'26.4
.52
'19.3
.53
'13.1
.53
9.4
.53
'7.7
35, 204
5,542
40,816
5,039
33, 219
3,040
37,863
3,555
27, 802
3,943
26,150
3,592
26, 256
4,050
26,134
2,614
33, 095
4,495
36,869
7,262
41,858
6,936
32, 241
5,423
2.534
2.648
2.641
2.993
3.271
3.394
61,601
24,201
60,709
19,209
73, 348
25, 748
81,060
25,060
89,160
27, 760
89,135
35, 935
92, 527
41,927
437
(J)
1
23,484
11,025
•11,805
'654
0)
0)
COTTON MANUFACTURES
Cotton cloth:
Exports!
thous. of sq. yd_. 37, 899
16, 322
Imports§
do
Prices, wholesale:
13. 61
Mill margins*
cents perlb._
. 053
Print cloth, 64 x 60
.dol. per yd..
.066
Sheeting, unbleached, 4 x 4
do
Finished cotton cloth :J
Production:
Bleached, plain
thous. of yd.. 152. 215
109,419
Dyed colors
do
5, 524
Dyed, black
do
113,100
Printed
do
Spindle activity:
Active spindles
._
thousands.. 22, 778
8,040
Active spindle hrs., total
mil. of hrs..
322
Average per spindle in place
hours..
100.7
Operations!..
pet. of capacity..
Cotton yarn:
Price, wholesale, 22/1, cones
(factory)
dol. per lb_.
Price, wholesale, 40/s, southern, spinning
dol. per lb._
RAYON AND SILK
Rayon:
897
Deliveries, yarn, unadjustedt— .1923-25=100..
6,750
Imports!
thous. of lb_.
Price, wholesale, 150 denier, first quality
.53
(N. Y.)dol. p e r l b . .
6.4
Stocks, yarn, end of mo.*..
mil. of Ib__
Silk:
Deliveries (consumption)
bales.. 21,128
5,322
Imports, raw
thous. of lb__
Price, wholesale, raw, Japanese, 13-15 (N. Y.)
3.921
dol. per lb_.
Stocks, end of month:
109,110
Total visible supply
55, 610
United States (warehouses)
do
1.809
1.9Q0
2.114
2.218
2.393
149,778
53,278
124,354
48,554
98,078
38,178
86,816
23,116
77,238
20,738
0)
0)
0)
0)
19, 457
2, 266
15, 457
' 1,734
(0
0)
WOOL
19, 832
14,771
29, 625
22,909
18,162
20,542
14,054
16, 709
21,938
Imports (unmanufactured)!
thous. of l b . . 26, 035
17,274
25,441
16,826
Consumption (scoured basis) :1
33, 984
23,772
24, 707
26, 436
20,244
25,006
27,489
Apparel class
do....
22,378
29,688
25,941
22,449
21,110
19,567
11,274
5,852
6,291
9,604
9,238
7,984
8,847
Carpet class.
...do
7,665
9,501
9,784
8,776
9,856
8,159
Operations, machinery activity (weekly average) ^
Looms:
Woolen and worsted:
1,782
1,573
1,791
2,043
Broad....
thous. of active h o u r s . .
2,044
1,777
1,924
1,942
1,580
1,338
1,759
1,698
1,549
95
69
73
101
Narrow
do
78
82
79
78
75
62
69
82
81
221
175
178
155
199
213
196
Carpet and r u g .
do....
197
178
186
209
213
198
Spinning spindles:
72,489
77,201
81, 748
63,248
80,173
73, 739
74,103
Woolen
do____ 74,111
72,928
73,480
73,130
60,041
55,704
79,174
82,819
71,306
77, 698
Worsted
d o . . . . 84,395
97,458
87,770
82,226
77,747
67,613
81,611 105, 604 103, 333
117
136
Worsted combs
do
133
150
129!
137
124
95
132
145
167
144
157
Prices, wholesale:
f
.71
.72
1.06
R a w , territory, fine, scoured
dol. p e r l b . .
1.06
.73
.73 j
.73
.72
.69
.73
1.09
1.02
Raw, Ohio and Penn.
fleeces
do
46
.31
.31)
.32
.30
.32
.32
.30
.33
.49
.45
.47
Suiting, unfinished worsted, 13 oz. (at factory)....
_dol. per y d . .
2.178
1.634
1.634
1.646
1.683
1.683
1.683
1.683
2. 178
1.683
1.683
1.906
2.178
Women's dress goods, French serge, 54" (at
mill)
dol per y d . .
1.163
1.015
1.015
1.015
1.015
1.015
1.015
1.015
1.015
1.163
1.015
1.101
1.163
Worsted yarn, 32's, crossbred stock (Boston)
1.13
1.13
1.13
1.15
1.53
1.38
dol. p e r l b . .
1.45
1.11
1.10
1.13
1.13
1.13
1.46
b
• Total ginnings to end of month indicated.
' Revised.
• Total crop.
As of December 1.
i Data not available since the outbreak of the war.
tRevised series. Cotton spindle activity revised beginning August 1933; see table 18, p . 18, of the March 1939 issue. D a t a on rayon deliveries revised beginning
January 1936; revisions not given on p . 94 of t h e February 1939 Survey will appear in a subsequent issue. D a t a on cotton cloth exports revised beginning 1913; see table
48, p . 16, of the November 1939 issue.
JSee note marked with a " t " on p . 54 of the July 1939 Survey.
•New series. T h e data on cotton stocks shown here are compiled by the New York Cotton Exchange and replace the data compiled by the Commercial and Financial
Chronicle. Data beginning 1920 appear in table 34, p p . 15 and 16 of the August 1939 Survey. Data on total stocks of foreign cottons and total world stocks of all cottons beginning August 1934 and all other series beginning August 1938 have been revised. Revisions not shown on p . 54 of the January 1940 issue will appear in a subsequent issue. For
cotton cloth mill margins data beginning 1925 are shown in table 51. p . 18 of the November 1939 issue. D a t a on rayon yarn stocks, poundage basis, have been substituted for
the scries formerly shown, which was on basis of number of months' supply. Figures beginning January 1930 not shown on p. 94 of the February 1939 Survey will appear in a
subsequent issue.
§ Revised series. D a t a revised for 1937; see tables 19 and 20, p p . 14 and 15 of the April 1939 Survey.
94
SURVEY OF CURRENT BUSINESS
1938
Monthly statistics through December 1937, to- 1939
gether with explanatory notes and references
to the sources of the data may be found in the Decem- December
ber
1938 Supplement to the Survey
February 1940
1939
January
February
March
April
May
June
July
55, 614
51,401
4,213
55, 355
51, 247
4,109
August
t S ; r | October
Novem.
TEXTILE PRODUCTS—Continued
WOOL—Continued
Receipts at Boston, total
thous. of lb..
4, 678
Domestic
. . do
Foreign
.
do..
0)
Stocks, scoured basis, end of quarter, total
111, 289
thous. of lb
44,105
Woolen wools, total
do
30,958
Domestic .
do .
13,147
Foreign
do
67,184
Worsted wools, total
. _ do..
31,713
Domestic
do
35.. 471
Foreign
.
do
MISCELLANEOUS
13, 678
9,009
4,670
15,539
5,374
10,164
11,820
6,660
5,160
115, 655
46,686
37,065
9,621
68,969
52,517
16,452
13, 608
5,939
7,669
17,173
10,241
6,932
31, 461
25,641
5,820
94,506
39,019
29,458
9,561
55,487
33,452
22,035
39,228
35, 287
3,941
123,096
39,602
31,357
8,245
83,494
63,128
20,366
24, 410
19,046
5,363
5,601
11,991
(i)
r118 514
' 40, 997
*• 32 2C1
r 8 796
r
77 517
r 57 260
' 20, 257
PRODUCTS
Buttons, fresh-water pearl.
30.4
Production .
. pet. of capacity..
6,014
Stocks, end of month
thous. of gross..
v 1, 080
Fur, sales by dealers
thous. of dol
Pyroxylin-coated textiles (artificial leather) :f
2,797
Orders, unfilled, end of mo..thous. linear yd..
5, 038
Pyroxylin spread
.
.
. thous. of lb..
5,148
Shipments, billed
thous. linear yd
28.9
6,795
1,524
23.0
6,480
2,479
39.2
6,507
2,900
39.2
6,607
3,552
34.6
6,641
2,293
25.6
6,280
2,695
28.6
6,232
2,686
26.3
5,873
2,405
32.1
5,681
3 155
40.4
5,697
3 155
2,145
4,692
4,551
2,451
5,270
4,785
2,223
5,079
5,119
2,188
5,402
5,505
2,252
4,643
4,576
1,887
4, 7'27
4,759
2,087
4,710
4,387
2,243
4,351
3,971
2,415
5 581
5,143
4,562
6 243
5,807
3,578
6,371
6,482
r
46.5
5,784
2, 660
44.0
r
5,92?
2, 250
3,132
5,413
5, 556
TRANSPORTATION EQUIPMENT
AIRPLANES
Production, totals
Commercial (licensed)
For export
number.
do._.
do...
294
276
174
102
208
136
72
266
152
114
352
220
132
379
270
109
475
319
156
679
530
149
329
207
122
578
440
138
486
424
62
43
4,901
1,947
5,024
3,835
8,499
5,806
6,043
4,222
6,315
4,526
2,274
1,592
5,480
4,075
6,027
4,630
4,821
3,040
6,154
4,804
1, 913
934
1,202
5SG
4,874
2, 386
22, 688
11,885
10,803
34,978
21, 322
13,656
23,958
15,126
8,832
27, 351
16,193
11,158
30,048
17,984
12,064
27,087
16, 213
10, 874
25, 220
14,430
10, 790
27,087
16,213
10, 874
19,183
8,375
10, 808
11, 592
3,985
7,607
7,834
4,493
3,341
18,140
9, 4H1
7, 679
19,676
10,678
8,998
113,188
66, 759
45, 905
524
174,219
93,452
54,933
37,955
564
188, 289
76, 390
40, 694
35, 281
415
134,150
76, 776
40,374
35,975
427
124,021
113,847
64,350
48,915
582
153,007
114, 696
66,064
48, 014
618
150,433
133,707
75, 304
57, 649
754
140, 284
130, 671
73,022
57,028
621
118, 268
114,481
64, 003
49, 932
545
96, 621
109, 739
59, 265
49, 903
571
44, 564
88,176
44, 248
43, 512
417
61, 973
102,743
56, 507
45, 643
534
125,717
107, 261
61,236
45, 548
478
130,932
76
37,869
'83
27,479
44
' 31,199
58
29,878
83
35,331
65
34,790
76
35,501
90
37, 606
75
35, 527
76
38, 821
35, 804
38,471
67
33, 737
16,978
11,491
452, 024
373, 755
78, 269
2,071
18, 614
14,198
388, 346
326,006
62, 340
1,818
14,794
11,404
342,156
281,465
60, 691
1,714
14, 300
10,914
303,217
243,000
60, 217
1,443
17, 549
12,689
371,940
299,703
72, 237
1,730
16,891
12, 791
337,372
273,409
63,963
1,348
15, 706
11, 585
297, 508
237, 870
59, 638
1,244
14,515
10, 585
309,720
246, 704
63,016
1,020
9,135
5,112
209, 343
150, 738
58, 605
681
3,475
1,068
99, 868
61, 384
38, 484
971
3,921
3, 494
188, 751
161, 625
27,126
1,585
' 11,296
7,791
251,819
61. 558
1, 882
• 16. 756
9, 8S2
351, 782
285, 252
66, 530
1,783
246,544
37, 460
226, 973
31,474
203,212
37, 715
164,942
33, 279
248,038
45,083
268, 335
46,063
280, 834
45, 381
243, 741
40, 482
229, 308
44, 747
182, 633
43, 523
141, 633
32, 983
212, 580
37,923
231,571
41, 286
156,008
207, 637
188,839
118,888
172, 669
150,005
88,865
136,489
116,964
83,251
133,511
115,890
142.062
161,057
142, 743
132, 612
142,002
126, 275
129, 053
128,453
112,868
124, 618
139,694
124,048
102,031
84, 327
71,803
76,120
12,113
7,436
56, 789
53, 072
47, 606
110,471
144, 350
129,821
162,881
200,071
180,133
143
138
148
139
147
136
128
125
110
117
128
177
101
127
87
157
129
121
83
160
131
129
91
140
140
129
95
153
142
141
105
129
132
150
105
120
115
154
108
115
113
166
108
94
113
154
97
96
104
166
106
133
94
173
106
1,638
1,682
1,672
1,668
1,664
1,662
1,657
1,654
1,653
1,650
1,644
154
9.6
37,049
231
14.0
5,080
225
13.7
6,637
225
13.7
6,788
214
13.0
6,602
221
13.5
6,391
231
14.2
9,261
223
13.7
10,062
229
14.0
8,448
225
13.8
8,754
195
12.1
23, 028
168
10.4
28,906
159
9.8
19,981
6, 507
15.9
57
' 7, 878
18.6
30
8,084
19.1
25
8,053
19.1
63
8,149
19.3
62
8,175
19.4
61
8,640
20.6
63
8.382
20.1
60
8,059
20.3
72
8, 337
20.0
63
8,125
19.6
68
7,558
18.3
64
6,985
17.0
94
AUTOMOBILES
Exports:
Canada:
Assembled, total.
_
number...
Passenger cars
.
do
United States:
Assembled, total§
do
Passenger cars§
.do
Tracks}
_
do
Financing:
Retail purchasers, total.......-thous. of dol..
New cars.
do
Used cars...
_..
do
Unclassified
do
Wholesale (mfrs. to dealers)
do
Fire-extinguishing equipment, shipments:
Motor-vehicle apparatus
number..
Hand-type
_'
do
Production:
Automobiles:
Canada, total
.
do
Passenger cars
do
United States (factory sales), total
do
Passenger cars__
do
Trucks
.
do
Automobile rims.
thous. of rims..
Registrations:
New passenger cars...
..number..
New commercial cars__
_
do
Sales (General Motors Corporation):
To consumers in U. S
do
To dealers, total*
do
To U. 8. dealers
do
Accessories and parts, shipments:
Combined Index
Jan. 1925=100..
Original equipment to vehicle manufacturers
Jan. 1925«100_.
Accessories to wholesalers
do.._.
Service parts to wholesalers
..do
Service equipment to wholesalers
do
RAILWAY EQUIPMENT
(Association of American Railroads)
Freight cars, end of mo.:
Number owned
thousands..
Undergoing or awaiting classified repairs
thousands _.
Percent of total on line
Orders, unfilled
cars..
Locomotives, end of mo.:
Undergoing or awaiting classified repairs
number..
Percent of total on line
Orders, unfilled
number..
313,
377
135
159
106
183
101
154
107
167
91
1,641
(17. 5f. Bureau of the Census)
Locomotives:!
184
150
136
122
165
151
123
132
169
100
148
156
100
Orders, unfilled, end of mo,, total—number..
140
146
132
140
118
143
113
122
160
88
138
113
92
Domestic, total.do
110
113
86
90
72
80
68
62
100
83
78
92
84
Electric.._
do
30
60
27
46
42
63
45
60
60
5
60
8
Steam
do
21
1
f
Not available since the outbreak of war.
Revised.
Preliminary
•New series. Data represent sales to United States and Canadian dealers only; discontinued series included sales of overseas subsidiaries, which are no longer available.
Data on the new basis not shown on p. 55 of the December 1939 Survey will appear in a subsequent issue.
fRevised series. Data on pyroxylin-coated textiles revised beginning January 1938; see note marked with a " t " on p. 55 of the November 1939 Survey. Data on shipments
and unfilled orders, locomotives, revfsed beginning January 1939 on the basis of a more definite segregation between railroad locomotives shown above and mining and industrial electric locomotives shown on p. 95. Quarterly data beginning 1939 are available from the Bureau of the Census for Diesel-electric, Diesel-mechanical, and gasolinemechanical or steam locomotives, in addition to the data for industrial electric locomotives shown on p. 95 which are for trolley or third-rail and storage-battery locomotives.
^Excludes military planes for domestic use.
§Revised series. Data revised for 1937; see table 19, p. 14 of the April 1939 Survey.
SURVEY OF CURRENT BUSINESS
February 1940
Monthly statistics through December 1937, to- 1939
1938
gether with explanatory notes and references
to the sources of the data may be found in the Decem- December
ber
1938 Supplement to the Survey
95
1939
January
February
March
April
May
June
July
August
September
34
18
35
16
47
9
8
19
19
35
32
3
October Novem
ber
TRANSPORTATION EQUIPMENT—Continued
RAILWAY EQUIPMENT—Continued
(U. S. Bureau of the Census)
Locomotives—Continued.^
Shipments, domestic, totaL
..number..
Electric
do..
Steam
do....
Industrial electric (quarterly):
Shipments, total
do__
For mining use
do
(American Railway Car Institute)
Shipments:
Freight cars, total
.
. number
Domestic ._
.
_..do
Passenger cars, total
do
Domestic
_ __ do
(U. S. Bureau of Foreign and Domestic Commerce)
Exports of locomotives, total§
number..
Electric§
do
Steam
_
do
INDUSTRIAL ELECTRIC TRUCKS
AND TRACTORS
Shipments, total
number. .
Domestic
do
Exports
do
WORLD SHIPBUILDING
(Quarterly)
Launched:
Number
- ships
Tonnage
thous. gross tons.Under construction:
Number
ships
Tonnage
thous. gross tons__
39
33
6
88
87
21
18
3
20
17
3
16
16
0
23
23
24
24
19
19
0
0
0
56
52
102
101
31
31
o
18
15
3
16
97
96
86
86
4 366
4,136
36
36
1,254
1,204
0
0
1,148
1,148
7
7
1,917
1,917
0
0
2,194
2,174
0
0
1,313
1,313
12
12
279
279
15
15
2.149
2,148
9
9
880
813
799
880
18
IS
804
9
9
740
22
22
1 160
1,110
12
12
r 2 616
' 2, 616
54
54
11
10
19
18
1
1
0
11
9
2
21
13
9
9
21
7
10
8
8
6
2
16
0
9
81
13
12
2
21
5
1
1
1
75
62
13
50
47
3
53
53
0
86
86
0
70
65
5
73
63
10
78
71
7
69
61
8
89
86
3
90
70
20
129
93
36
140
99
41
1
152
118
34
8
0
14
249
249
247
705
690
549
704
716
719
2,669
2,704
1
2, 859
CANADIAN STATISTICS
Physical volume of business:
125.2
121.4
121.4
133. 3
120.5
113.2
116.7
125.8
Combined index
1926=100
113.0
133 1
115.6
111.7
133 0
Industrial production:
124.4
127.5
123.9
123.3
128.3
138. 2
114.2
115.2
119.1
114.1
139 7
Combined index
do
118.1
139 0
61.9
59.4
53.2
59.8
48.6
51.3
48.6
40.3
56.2
62.7
47.5
43. 3
Construction
..
do
40 4
239.1
233.2
238.8
235.6
226.4
235.5
241.1
246.0
245. 6 r 248. 1
230.0
232.3
Electric power .
__.do
221.6
Manufacturing
do
136.9
111.1
105.0
107.6
112.9
112.3
109.5
113.3
116.5
121.3
143
7
111.3
136 9
114.2
126.4
120.6
120.2
112.6
130.7
127.6
110.4
120.7
139. 3
111.7
Forestry
do
111.6
128.7
233.2
238.5
223.2
228.9
232.7
196. 7
176.8
190.9
219.6
194. 2
Mining _
do
183.1
236.7
202.4
Distribution:
118.4
110.6
118.3
119.1
115.9
107.4
112.9
109.6
109.3
104.9
Combined index
do
108.6
114.3
115.8
Carloadings
_ do
82.6
73.7
70.7
66.7
71.8
71.3
76.8
69.2
81.1
82.0
95.6
80.0
84 0
122.1
122.8
112.8
120.3
115.1
118.1
123.7
122.9
103.3
98,8
106. 9
Exports (volume)f
__
do
99.6
114.3
r
93.2
86.1
102.0
91.2
77.6
73.9
78.0
108.1
71.7
99 7
75.8
102 1
Imports (volume)
do
87.7
137.5
137.1
135.9
138.0
135.0
137.2
138.0
141.8
133.8
133.4
137.0
138.3
137. 3
Trade employment
do
Agricultural marketings:
112.4
174.4
40.5
48.1
76.8
60.3
102.6
101.3
52.0
85.7
32.3
96.5
151 1
Combined index
do
107 1
88.4
46.3
23.5
40.7
33.8
76.5
58.5
105.9
217.7
196.5
96 0
166 2
Grain
do
78.3
88.7
75.7
70.5
87.5
75.2
81.2
68.1
77.9
71.7
99. 6
Livestock
. do. _
83 2
73.6
Commodity prices:
83.1
83.0
82.9
82.9
83.1
83.1
83.1
So. 5
83.6
83.3
84.7
85 0
83.1
Cost of living
do _
73.2
73.3
72.6
73.4
73.7
72.4
78.2
73.2
73.2
73.3
79.3
80.3
Wholesale prices
.
do
Employment (first of month):
113.1
115.8
104.9
108.1
106.5
117.5
122 7
114.0
106.2
119.6
121 7
123 6
106.5
Combined index
do
133.1
146.3
152.2
96.4
89.4
94.3
115. 3
91.6
94.2
93 8
131 5
117 6
112.8
Construction and maintenance
do
112.8
108.4
111.4
115.3
107.1
122 2
110.1
106.0
107.0
111.3
122.1
104.3
119.7
Manufacturing
do
165.6
168.0
160. 5
157.4
160.4
160.9
155.8
171.3
160.5
163.3
170.3
171.0
Mining
do
164.1
132.9
131.7
131.7
129.5
128.5
141.8
147.6
131.4
133.2
149.8
151.7
136. 1
135 2
Service
do
144.7
144.8
128.9
136.6
137.4
135.1
135.5
134.9
131.0
138. 6
140.2
139.7
131.1
Trade
- -- -do
89.7
85.0
79.9
79.4
80.3
86.5
87.6
79.3
81.4
87.5
90.0
90.6
Transportation
do
94.8
Finance:
Banking:
2,390
2,832
2,377
2,473
2,839
2,831
3,057
2,512
2,428
2,899
2,930
2,905
2,050
Bank debits
mil. of dol
99
132
93
99
83
94
89
120
154
120
71
121
95
Commercial failures*
numberLife insurance sales, new paid for ordinaryf
32,244
28, 558
35, 766
33, 657
37,117
33, 578
28, 229
36,062
30,434
34, 677
36, 475
30,879
thous. of doL. 36, 692
Security issues and prices:
73, 633 113,450
50, 590 268, 083
60, 890
54, 657 128, 304 151,083 210, 421 112,400
76 043 ' 86,143 139, 515
New bond issues, total
do
62.1
60.1
60.1
63.0
62.4
62.9
76.5
69.6
68.8
61.8
71.0
61.9
61.1
Bond yields
- . 1926=100.
101.2
106.8
102.9
104.1
103.7
97.0
97.3
96.2
99.2
94.2
100.1
106.0
103.6
Common stock prices
do
Foreign trade:
76, 641
76,476
82,457
80, 774
70,083
77, 570
50,987
98,490
91,419
101, 973
69, 863
70, 810
58,243
Exports, totalf
- - - thous. of dol
13,781
10, 273
15,641
6,564
14,637
2,832
7,879
13,655
20, 635
5,746
16,849
15,983
Wheat
thous. of bu._ 34,412
403
379
417
361
401
516
573
380
275
444
903
291
Wheat flour
.
thous. of bbl.
365
72,109
44,
286
43,
743
40,
380
58,
381
63,709
58,
580
41,908
72,958
62,
708
73,
564
79,
053
84, 561
Imports..thous. of dol..
Railways:
200
178
171
160
195
196
215
Carloadings
thous. of cars
191
229
179
270
295
248
Financial results:
27,794
29,774
42, 960
25, 700
26,160
25,191
27, 521
22, 652
29, 680
39, 681
23, 798
Operating revenues
thous. of dol
26,038
27,054
24, 296
22, 906
29, 571
24, 333
22, 633
22, 923
22, 921
25,261
26, 985
Operating expenses
do .
529
1,429
601
'382
3,190
1,029
12,049
193
11, 222
'1,490
Operating income
do
3,597
Operating results:
2,394
2,114
2,054
1,819
1,957
4,800
3, 753
2,100
1,871
1,707
2,431
Revenue freight carried 1 mile mil. of tons
186
180
122
127
168
129
134
153
115
166
123
Passengers carried 1 mile
mil. of pass Production:
Electrical energy, central stations
2,333
2,206
2,293
2,367
2,197
2,381
2,607
2,387
2,214
2,246
2, 590
mil. of kw.-hr_.
2,535
2,353
53
66
Pig iron
thous. of long tons
41
60
46
53
41
66
58
88
58
86
95
111
122
96
108
100
124
150
147
79
78
77
121
150
Steel ingots and castings
do
1,098
1,037
1.192
1,188
1,106
1,114
1,382
1,927
1,194
2.090
1,960
1, 052
1,600
Wheat
flour
thous. of bbl..
d
' Revised.
Deficit.
•New series. Data compiled by Dun and Bradstreet, Inc., have been substituted for those compiled by the Dominion Bureau of Statistics; data beginning January 1934
appear in table 54, p. 18 of the November 1939 issue.
§Revised series. Data revised for 1937; see table 19. p. 14 of the April 1939 Survey.
t Data on life insurance sales revised beginning January 1936. Revisions for 1938 appear on p. 56 of the September 1939 Survey. Earlier revisions will be shown in a
subsequent issue. Data on value of exports revised beginning 1926; figures not given on p. 56 of the December 1939 Survey will appear in a subsequent issue. For the index
of volume of exports, revisions are available for 1938-39. Data not given in the January 1940 Survey will appear in a subsequent issue. Indexes for the period 1926-37 are available only on the old basis.
ISee footnote marked with a " t " on p. 94.
u. s. GOVERNMENT PRINTING OFFICE: 1940
iNDEX TO MONTHLY BUSINESS STATISTICS
CLASSIFICATION, B Y S E C T I O N S
Monthly business statistics:
Business indexes
Commodity prices
Construction and real estate
Domestic trade
Employment conditions and wages.
Finance
Foreign trade
Transportation and communications _
Statistics on individual industries:
Chemicals and allied products
Electric power and gas
Foodstuffs and tobacco
.
Fuels and byproducts
.
Leather and products
Lumber and manufactures
Metals and manufactures:
Iron and steel
Nonferrous metals and products
Machinery and apparatus
Paper and printing
Rubber and products
Stone, clay, and glass products
.
Textile products
Transportation equipment
Canadian statistics
Page
58
59
60
62
64
69
75
76
77
79
80
84
85
86
87
SS
89
90
91
92
93
94
95
CLASSIFICATION, B Y I N D I V I D U A L
SERIES
Page
Abrasive paper and cloth (coated)
91
69
Acceptances
94
Accessories—Automobile
Advertising
62
Agricultural products, cash income received
59
from marketings of
Agricultural wages, loans
63,69
Air-conditioning equipment
89
62
Air mail
___„.
77, 94
Airplanes
77
Alcohol, denatured, ethyl, methanol
88
Aluminum
78
Animal fats, greases _.
Anthracite mining
58, 65, 67, 84
Apparel, wearing
59, 63, 64, 65, 66, 67, 68,93
85
Asphalt
Automobiles
58, 62, 63, 64, 66, 67, 68,94
88
Babbitt metal
81
Barley
92
Bathroom accessories
82
Beef and veal
_.
Beverages, fermented malt liquors and dis80
tilled spirits
Bituminous coal
58, 59, 65, 67,84
87,88
Boilers___
69,74
Bonds, prices, sales, value, yields
91
Book publication
91
Boxes, paper
89
Brass
92
Brick
...
69
Brokers' loans
89
Bronze
60,61
Building contracts awarded
61
Building costs
Building materials
59, 86,92
60,61
Building permits issued
80
Butter
95
Canadian statistics
76,77
Canal traffic
83
Candy.
72,73
Capital flotations
_
76
Carloadings
82
Cattle and calves
79
Cellulose plastic products
58,92
Cement
63
Chain-store sales
80
Cheese
83,84
Cigars and cigarettes
65
Civil-service employees
Clay products
64, 66, 67, 68,92
Clothing
59, 63, 64, 65, 66, 67, 68,93
Coal
__-.
58, 59, 65, 67,84
83
Cocoa
.
83
Coffee.
84
Coke
63
Collections, department stores
70
Commercial failures
Commercial paper.
69
Construction:
60,61
Contracts awarded, indexes
61
Costs
61
^Highways.
68
PiWage rates
88
Copper
78
Copra and coconut oil
59
Cost-of-living index
Cotton, raw and manufactures
59, 60,93
78
Cottonseed, cake and meal, oil
Crops
58, 59, 81, 82; 83,93
Page
Currency in circulation
71
Dairy products
58, 59, 80,81
Debits, bank. _ „
69
Debt, United States Government
71
Delaware, employment, pay rolis
65, 66, 68
Department-store sales and stocks.
63
Deposits, bank
70
Disputes, industrial
66
Dividend payments
74
Earnings, factory, average weekly and
hourly. __„
67, 68
Eggs
58, 59, 83
Electrical equipment
90
Electric power, production, sales, revenues _ _ 79, 80
Electric street railways
76
Employment:
Cities and States
_
65
Nonmanufacturing
65
Emigration
77
Enameled ware
88
Engineering construction
61
Exchange rates, foreign
71
Expenditures, United States Government
71
Explosives
..
_ _ _.
77
Exports
75
Factory employment, pay rolls
64, 65, 66, 67, 68
Fairchild's retail price index______
59
Fares, street railways
_
76
Farm prices, index
59
Federal Government,
finances
71, 72
Federal-aid highways
Gl, 68
Federal Reserve banks, condition of
69
Federal Reserve reporting member bank statistics
69
Fertilizers
78
Fire-extinguishing equipment
94
Fire losses
62
Fish oils and
fish
_ 78, 83
Flaxseed_
79
Flooring, oak, maple, beech, and birch
86
Flour, wheat.
82
Food products
. 59,64,65,67,68,80
Footwear
86, 92
Foreclosures, real estate
„__
62
Foundry equipment
89
Freight cars (equipment)
94
Freight carloadings, cars, indexes
76
Freight-car surplus
.__
76
Fruits
59,81
Fuel equipment. __
.
89
Fuels
...84,85
Furniture
87
Gas, customers, sales, revenues
80
Gas ane fuel oils
84, 85
Gasoline
.
85
Gelatin, edible
83
General Motors sales
94
Glass and glassware
58, 64, 66, 67, 68, 92
Gloves and mittens
85
Gold
71
Goods in warehouses
62
Grains
59, 73,81,82
Gypsum
92
Hides and skins.
____
60,85
Hogs
82
Home loan banks, loans outstanding
62
Home mortgage insurance
62
Hosiery, „ _
93
Hotels
65, 67, 77
Housing
59, 61, 62
Illinois, employees, factory earnings
65, 66, 68
Imports
,_
75, 76
Income-tax receipts
71
Income payments
58
Incorporations, business
62
Industrial production, indexes
.
58
Installment sales, New England
63
Insurance, life.
70
Interest and money rates
69
Iron ore, crude, manufactures.
58, 87
Kerosene
85
Labor turn-over, disputes
66
Lamb a n d mutton
.
82
Lard
.
82
Lead...
58,88,89
Leather
58, 60, 64, 65, 66, 67, 68, 85
Leather, artificial
94
Linseed oil, cake, and meal__
79
Livestock
58,59,82
Loans, agricultural, brokers', real estate. 62, 69, 72
Locomotives
94, 95
Looms, woolen, activity
93
Lubricants. _
85
Lumber
59, 64, 66, 67, 86
Machine activity, cotton, wool
93
Machine tools, orders
89
Machinery
_.
_ _ _ 64, 66, 67, 89
Magazine advertising
62
Manufacturing indexes
58
Marketings, agricultural
59
Maryland, employment, pay rolls
65, 66
Massachusetts, employment, pay rolls
65, 66
Meats
58, 59, 82
Metals
_ _ 58, 60, 64, 66, 67, 68, 87, 88, 89
Methanol
77
Mexico, silver production
,__
71
Milk....
80,81
Minerals
58, 65, 67, 84, 88
Naval stores
78
Netherlands, exchange rates
71
Page
New Jersey, employment, pay rolls
65, 66
Newsprint
91
New York, employment, pay rolls, canal
traffic
65,66,76,77
New York Stock Exchange
74, 75
Oats _ _
81
Ohio, employment
65
Ohio River traffic
77
Oils and fats
78, 79
Oleomargarine
79
Paint sales
79
Paper and pulp___.
60, 64, 65, 66, 67, 68, 90, 91
Passenger-car sales index
63
Passengers carried, street railways
76
Passports issued
77
Pay rolls:
Factory
66, 67
Factory, by cities and States
66
Nonmanufacturing industries
67
Pennsylvania, employment, pay rolls
65, 66
Petroleum and products
58,
60, 64, 65, 66, 67, 68, 84, 85
Pig iron
87
Porcelain enameled products
.
88
Pork
.
82
Postal business
.
62, 63
Postal saving3_
70
Poultry
.
_ 58, 59, 83
Prices:
Retail indexes
59
World, foodstuffs and raw material
60
Printing
64, 65, 66, 67, 68, 91
Profits, corporation
71
Public relief
68
Public utilities.
71, 73, 74, 75
Pullman Co
77
Pumps
89,90
Purchasing power of the dollar
60
Radiators
_ - _ _ _ 87, 89
Radio, advertising
62
Railways: operations, equipment, financial
statistics.
____
76, 77,94,95
Railways, street „
.
_._
76
Ranges, electric.
90
Rayon
93
Reconstruction Finance Corporation, loans
outstanding
72
Refrigerators, electric, household
90
Registrations, automobiles
94
Rents (housing), index
.
59
Retail trade:
Automobiles, new, passenger
63
Chain stores:
5-and-10 (variety)
63
Grocery
—.
63
Department stores
63
Mail order.
63
Rural general merchandise
._
64
Rice
81
Roofing
79
Rubber, crude, scrap, footwear, tires
58,
59, 64, 65, 66, 67, 68, 91, 92
Savings deposits
70
Sheep and lambs
„
82
Shipbuilding
95
Shoes
60, 64, 65, 66, 67, 68, 85, 86
Silk
59,60,93
Silver
58, 71
Skins
85
Slaughtering and meat packing
64, 65, 66, 67, 68
Spindle activity, cotton
93
Steel, crude, manufactures. 58, 60, 64, 66, 67, 87, 88
Steel, scrap, exports and imports
87
Stockholders
75
Stock indexes, world
59
Stocks, department stores
63
Stocks, issues, prices, sales
74, 75
Stone, clay, and glass products.__ 64, 66, 67, 68, 92
Sugar...
59,60,83
Sulphur
77
Sulphuric acid
77
Superphosphate
.
78
Tea
59,60,83
Telephone, telegraph, cable, and radiotelegraph carriers.
.
77
Textile products
93, 94
Tile, hollow building
92
Tin__-_
59,60,89
Tobacco
58, 65, 66, 67, 68, 83, 84
Tools, machine
89
Trade unions, employment
.
65
Travel
77
Trucks and tractors, industrial, electric
95
United States Government bonds
74
United States Steel Corporation
75, 88
Utilities
71, 73, 74, 75
Vacuum cleaners
90
Variety-store sales index
.__
63
Vegetable oils—
78, 79
Vegetables
59, 81
Wages
67,68
Warehouses, space occupied
62
Waterway traffic
76, 77
Wholesale prices
59,60
Wire cloth
89
Wisconsin, employment, pay rolls, and
wages
65, 66, 68
Wood pulp
90
Wool
93, 94
Zinc
.
58, 89
A
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