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ANNUAL REVIEW NUMBER
FEBRUARY 1941
SURVEY
OF
CURRENT BUSINESS
UNITED STATES
DEPARTMENT OF COMMERCE
BUREAU OF FOREIGN AND DOMESTIC COMMERCE
WASHINGTON
V O L U M E 21
NUMBER 2
1940 IN REVIEW
Business trends in 1940 were dominated by
factors which grew out of the European
war—the heavy demand for war materials
from abroad and the vast defense program
initiated at home. Under the impetus of
these factors, total output of goods and services for the year as a whole rose to the highest point in our history. By the end of the
year many industries, particularly durable
goods lines, were operating at close to
capacity limits and it was evident that the
necessities of the situation required a further
expansion in 1941.
Income payments to individuals rose sharply
during the second half of the year, reaching
an annual rate of 78 billion dollars in the
final month of 1940. All major types of
payments revealed marked gains.
This issue presents a review of business
for the year 1940, summarizing the changes
which occurred in major fields. Forty-two
charts have been included. A summary
table is presented on page 58 which gives
comparative yearly figures [for a series of
recent years.
UNITED STATES DEPARTMENT OF COMMERCE
JESSE H. JONES, Secretary
BUREAU OF FOREIGN AND DOMESTIC COMMERCE
CARROLL
L. WILSON, Acting Director
SURVEY OF
CURRENT BUSINESS
A publication of the
DIVISION OF BUSINESS REVIEW
MILTON GILBERT, Chief
JOHN D. WILSON, Acting Editor
Volume 21
Number 2
FEBRUARY 1941
CONTENTS
Introduction
Intensification of war brings economic expansion.
Rise in durable goods output
Larger national income in 1940
Production:
Industrial production
Agricultural production and income
Consumption
Retail distribution
Consumer credit
Wholesale distribution
Inventories
Construction
Public utilities
Electric power
Railroads
Motor and air transportation
Shipping
Communications
Page
3
4
5
6
8
13
17
17
18
19
20
20
25
25
26
28
28
30
Employment and unemployment
Commodity price movements
Domestic banking and
finance
Banking and credit
Security markets
Federal financial operations
International trade and
finance
Merchandise trade
Gold and silver movements
Capital movements
Appendixes:
A. Selected business indicators for specified years and percentage changes
B. Legislative summary
1
58
60
STATISTICAL DATA
Monthly business statistics
General Index
65
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30
32
37
37
41
42
51
51
54
55
1
SURVEY OF CURRENT BUSINESS
February 1941
Monthly Business Indicators, 1929-40
160
140
120
100
INCOME PAYMENTS AND CASH FARM INCOME
INDUSTRIAL PRODUCTION
MONTHLY INCOME PAYMENTS (1929=100)
, CASH FARM INCOME (1924-29= 100)
VOLUME (1935-39= 100)
r\V
/
/
\
80
60
r\ A
j
J
MONTHLY INCOME
PAYMENTS
V
CASH INCOME FROM \
i FARM MARKETINGS r
40
{EXCLUSIVE
I
20
140
120
100
80
OF GOVERNMENT PAYMENTS)
I
I
I
I
/REVISED SERIES; -MONTHLY DATA PRIOR TO 1936 ARE NOT YET AVAILABLE
1929 '30 "31 '32 '33 "34 '35 '36 '37 '38 '39 1940
1929'30
j
|
!
'31 "32 '33 '34 "35 '36 '37 '38 '39 1940
CONSTRUCTION CONTRACTS AWARDED
50
40
FOREIGN TRADE
VALUE (1923-25= 100)
VALUE (.1923-25= 100)
TOTAL, ALL TYPES OF
^•EXPORTS,
CONSTRUCTION
INCLUDING
REEXPORTS
60
40
GENERAL IMPORTS
20
0
140
120
100
80
RESIDENTIAL
BUILDINGS
1929 '30 '31
'32 '33 '34 '35 '36 '37 '38 '39 1940
FACTORY EMPLOYMENT AND PAYROLLS
9
f 7ACTORY EMPLOYl
|fcn
150
1 J
(ADJUSTED)
/v f?
/I
FACTORY PAYROLLS
40
175
WHOLESALE PRICES AND COST OF LIVING
(1923-25= 100)
60
20
1929 '30 '31 '32 '33 '34 '35 '36 '37 '38 '39 1940
/
(UNADJUSTED)
1929 '30 '31 '32 '33 '34 '35 '36 '37 '38 '39 1940
1929 '30 '31 '32 '33 '34 '35 '36 '37 '38 '39 1940
RETAIL SALES
STOCK PRICES
300
AUTOMOBILE SALES (1929-31 = 100)
DEPARTMENT STORE SALES (I923JI- 25 = 100)
350
125
INDUSTRIAL
COMPANIES
DEPARTMENT
^STORE
SALES
100
75
50
25
NEW PASSENGER
AUTOMOBILE SALES
30 RAILROAD
1929 *30 '31 '32 '33 '34 '35 '36 '37 '38 '39 1940
COMPANIES
1929 '30 '31 '32 '33 '34 '35 '36 '37 '38 '39 1940
* ADJUSTED FOR SEASONAL VARIATIONS
Figure 1.
THREE-MONTH MOVING AVERAGE
SURVEY OF CURRENT BUSINESS
February 1941
An Economic Review of 1940
Introduction
to defense preparations during this period. While
large in itself this effort must be set against the much
HE economic record of the United States in 1940 larger proportion of national income—about one-half—
was one of exceptional and widespread expansion. being devoted to military establishments by European
After an inauspicious first quarter, during which there belligerents.
was a reaction from the inventory boomlet of the final
By its very size the defense program dwarfed some of
months of 1939, business indicators rose continuously. the problems encountered during the past decade,
For the year as a whole, goods and services in record since it required that the idle men and machines be
volume were produced and distributed. At the year- put at work in raising total productive output. In
end operations in many areas of the economy were at their stead arose the problems associated with a vast
a pace never before achieved, and the defense program armament expansion—the problems of creating suffimade imperative a considerable expansion of output in cient armament-producing facilities, of enlarging ca1941.
pacity to avoid bottlenecks, of providiog additional
Fundamental changes occurred during 1940 in the labor skills, of limiting price dislocations, and of assurcharacter of the propelling factors in the economic ing adequate supplies of raw materials. With the
situation and in the problems they created. For, in exception of a pressing need for expansion of capacity
the course of the year, the wars raging on other conti- in certain areas of the economy, these problems
nents became the dominant influence in the economic had not reached an acute phase by the end of 1940.
sphere; they supplied the impetus for the upswing in
INDEX, AVERAGE MONTHLY
activity and determined the alterations in the structure
SHIPMENTS !939 = 100
240
of production which occurred. From the beginning of
the year the export demand for war materials was a
major dynamic factor. Then, as the invasion of the
Lowlands and France revealed the magnitude of our
defense needs under existing world conditions, President
Roosevelt and the Congress outlined a huge defense
program which thereafter overshadowed all else in the
business situation. It became clear that the program
virtually involved the creation of a new armament industry, or rather a new complex of industries, to provide
the mechanized force required to insure the Nation's
impregnability.
100
As both Government and industrial resources were
80
marshalled for this vital and tremendous effort, the
1939
1940
needs of the day were translated into orders and the
2.—Change in the Value of Manufacturers' Unfilled Orders, Durable
first upswing of the past decade to be truly grounded Figure
Goods Industries, 1939 and 1940 (U. S. Department of Commerce).
in the capital-goods industries was begun. Before the
end of the year unemployment had been considerably But their very existence, with the defense program in
reduced and the operations of many firms were pressing its present stage, suggested the ingenuity, the resourceagainst capacity, though the actual program, while fulness, and the vision required to meet the tasks
accelerating markedly, was still largely in its initial ahead. Larger output and larger income in 1941 were
stages.
virtually certain, but the extent of the rise remained
Some conception of the enormous scope of the arma- dependent upon the dispatch with which these problems
ment program may be gathered from the fact that in were attacked and yielded to solution.
the President's budget message of January 1941 it Inventory Expansion After Outbreak of War.
was estimated that defense expenditures for fiscal years
The business pattern in the early months of 1940
1941 and 1940 would total more than 17 billion dollars.1 was determined by the forces set in motion after the
In other words, it was expected that more than 10 per- outbreak of the European war in September 1939. It
cent of our expanded national income would be devoted will be recalled that war came at a time when the
economic situation in the United States lacked any
i 8ee chapter on Federal finance for description of defense program.
T
j INCREASE IN UNFILLED ORDERS
DECREASE IN UNFILLED ORDERS
SURVEY OF CURRENT BUSINESS
major dynamic expansive force. There had been a
little rise in business activity during the months prior
to September 1939, and a continued moderate rise to
the end of the year might have been expected. However, neither the trend of private business investment
nor the projected program of the Government were
such as to alter substantially the volume of production
and employment.
The coming of the war led to an immediate and drastic alteration in this business picture. For, as figure 2
reveals, it touched off a buying wave of substantial proportions, the Department of Commerce index of new
orders rising from 105 (January 1939=100) in August
to 168 in September. As demand for consumption and
permanent investment had not as yet been altered
fundamentally, this increase in purchasing represented
an attempt to anticipate the price rise and possible
shortages of supply that were expected to result from
the war. A sharp increase in production, based primarily upon this purchasing for inventory, got under
way and continued on an upward trend until the end
of the year. The magnitude of the influence of inventory purchasing in the rise of production can be appreciated from the fact that the Department of Commerce
index of manufacturers' inventories rose from 95.9
(December 31, 1938=100) in August to 107.3 in December—an increase in dollar terms of approximately
1 billion dollars. As the psychological basis of the
rise came to be understood, and the anticipations failed
to materialize, the volume of purchasing fell off very
rapidly.
February 1941
(1935-39=100) in December 1939 the Federal Reserve
index of industrial production fell to 111 in April.
New orders remained below shipments, bringing a continuous decrease in backlogs of unfilled orders. As
a reflection of the quiet prevailing in basic materials
markets, prices of sensitive commodities weakened.
By the end of March 1940 the Bureau of Labor Statistics' index of 28 sensitive commodity prices had lost
half the rise experienced from the outbreak of war to
the peak reached late in September.
Intensification of War Brings Economic Expansion.
With the German invasion of the Lowlands and
France in May, the forces underlying the economic
situation were completely changed. An immediate
expansion of purchasing by the Allied Commission put
an end to the possibility of a general liquidation of
inventories. While the volume of exports did not
increase during the rest of the year, foreign demand
became a much more important factor in the business
situation, since a marked shift from agricultural to
industrial products increased the impact of foreign
demand on industrial production and the flow of
private investment in this country. The urgency of
the Allied needs increased the pressure for a greater
flow of armament goods. This was accomplished not
only by increasing commitments but by more liberal
financing of plant expansion by the Allied Purchasing
Commission. As a result, new orders received by
EXPORTS OF UNITED STATES MERCHANDISE
MILLIONS OF DOLLARS
500
450
Business Declines in Early 1940.
By the beginning of 1940 the volume of production
had already passed its peak. New orders were well
below shipments, and output was being maintained at
the expense of the enlarged volume of unfilled orders
that had been built up in September and October.
Inventory accumulation was still very large, so that
a resumption of purchasing in substantially increased
volume could hardly be expected for some time without
a marked change in the basic situation. The one expansionary force at work was the demand from abroad
—the volume of exports of United States merchandise
rose to 357 million dollars in December 1939 as against
248 million in August. Furthermore, because a large
share of the increased foreign demand came in the
armament industries which had little unused capacity,
the flow of demand for investment goods was increased,
providing support to business activity. Hence, apart
from the likelihood of inventory liquidation during the
first half of 1940, output could be expected to remain
somewhat above that existing before the outbreak of
war.
From January to April 1940 the course of business
was conditioned by these factors. Industrial production declined quite rapidly as the rate of inventory
accumulation tapered off. From its peak of 126
400
JAN.
FEB.
APR.
MAR.
MAY
JUNE
JULY
AUG.
SEPT.
OCT.
NOV.
DEC.
ARMY AND NAVY EXPENDITURES
MILLIONS OF DOLLARS
500
y
450
/
/
400
/
350
/
/
300
/
250
/
200
fl940
^
^
^
*—
150
s/939
100
^
.
•
MAY
JUNE
JULY
.
•
*
*
50
I
0
JAN.
FEB.
MAR.
!
APR.
!
1
AUG. SEPT.
I
1
OCT.
!
NOV.
DEC.
Figure 3.—Value of Exports of United States Merchandise and Army and
Navy Expenditures, 1939 and 1940 (Exports, U. S. Department of Commerce; expenditures, U. S. Treasury Department).
February 1941
SUKVEY OF CURRENT BUSINESS
manufacturers rose appreciably and industrial production once again turned upward.
Shortly after their initial move the German mechanized forces demonstrated great offensive power and
raised a serious question as to the adequacy of military
preparedness in this country. To settle all doubts on
this question an extensive defense program was initiated. Plans for a two-ocean Navy were laid out, and a
series of naval and air bases in the Atlantic Ocean was
leased from Great Britain to increase the effectiveness
of the fleet. The entire program included a tremendous increase in the air strength and mechanized
equipment of the armed forces and an expansion in
capacity for arms production that would insure adequate supplies in case of emergency. The first peacetime conscription bill in our history was passed, and
an increase in the regular Army, excluding National
Guard and Reserves, from 250,000 to 1,418,000 on
June 30, 1942, was projected.
In order to plan for and coordinate the procurement
of the raw materials, the finished armament equipment,
and the productive capacity required for this defense
program, a National Defense Advisory Council was
organized. Soon a large volume of contracts was
cleared by the Council and placed by the Army and
Navy. Figure 3 shows that actual defense expenditures
were increased sharply after the middle of the year.
To facilitate the expansion of plant capacity required
for armament production, the regulations regarding
amortization allowances for tax purposes were liberalized so as to lessen the risk attached to investment in
these facilities. Provision was made by the Reconstruction Finance Corporation to finance defense plant
construction at low interest rates, and Government
letters of intent to purchase were issued in order to
facilitate the financing of production. Various corporations were set up by the Reconstruction Finance
Corporation to secure adequate stock piles of strategic
materials, and a program was initiated to facilitate the
defense of and to improve the economic position of
Latin America. In all these ways and many others,
steps were taken to turn the Nation's energies to the
problem of national defense.
This defense program provided a stimulus of sufficient magnitude to push the volume of economic activity
continuously upward for the remainder of the year.
New orders received by manufacturers rose abruptly,
and unfilled orders piled up month after month despite
a substantial increase in the volume of shipments. It
is calculated that, between May and December, unfilled orders in the durable-goods industries more than
doubled and that new orders in December still exceeded
shipments by almost 40 percent. From its low point of
111 in April the Reserve Board's index of industrial
production rose to an all-time high of 137 in December.
While the defense program and, to a much smaller
extent, the enlarged export demand were the driving
forces in this business upswing, all types of demand were
quickly affected, and they, too, added to the general
expansion of activity. Private investment in equipment was stepped up rapidly as the volume of production began to press upon capacity in many durablegoods trades. Activity in the construction industry
rose sharply; the volume of contracts awarded soon
reaching the highest figure in a decade. The rise in
contracts for factory construction was outstanding,
though the increase in private residential construction
was also substantial. As employment and income
moved upward, a considerable increase in consumer
purchasing occurred, particularly in durable-goods lines
where sales were augmented by an increase in consumer
credit.
Inventory Accumulation in Late 1940.
During much of this period of rapidly expanding
business in 1940, no substantial impetus was derived
from a general accumulation of inventories. However,
the establishment of the Priorities Board in September,
together with a realization that the defense program
would require capacity operations in many lines for
several years, resulted in a substantial increase in the
flow of new orders which partly represented a general
lengthening of commitments. From that time to the
end of the year, manufacturers' inventories moved up
rather rapidly, the total increase representing an accumulation of 700 million dollars. During this period
a fairly continuous strengthening of prices occurred,
although the total movement, apart from a few commodities, was relatively small.
Hence, in this respect the last quarter of 1940 had a
certain similarity to the corresponding period of 1939.
But the significance of inventory accumulation in the
general business situation had entirely changed by the
end of the later year. First, despite a higher level of
production, the rise in stocks during the final months
of 1940 was considerably smaller than a year earlier.
Second, a much larger proportion of the increased stocks
represented goods in process—goods that would definitely be taken off the market upon completion.
Third, the durable-goods industries were responsible
for a much larger part of the inventory rise—the very
industries most affected by the armament and investment demands. And, last, the primary impetus in
the expansion of production had shifted from inventory
accumulation as such to the defense program and
British purchasing. Thus, while the increase of stocks
in the last quarter of 1940 contributed to the rise in
the volume of production, an expansion of output
would have occurred in any case.
Larger Rise in Durable-Goods Output.
Both because of the character of the basic stimulants
and because of their impact on the flow of investment,
the greater share of the expansion during the year was
contributed by the durable-goods industries. By the
6
SURVEY OF CURRENT BUSINESS
end of the year near-capacity operations were characteristic of firms producing heavy goods, and the output
of these industries relative to total production was the
largest since 1929. While total industrial production
as measured by the Federal Reserve index was up from
the 126 of December 1939 to 137 in December 1940,
the durable-goods component had risen from 140 to 163
over the same period. In contrast, activity in the
nondurable-goods industries increased from 117 to only
122. The nature of the expansion may be appreciated
from the fact that in the course of the year activity in
the machinery industries was increased a third, railroad
equipment firms were producing about 50 percent larger
volume, operations at shipyards rose 86 percent, and
aircraft production—measured in terms of man-hours
worked—expanded almost two and a half times.
While the output of iron and steel mills and of nonferrous-metals producers could not be much above the
near-capacity volume of a year earlier, the flow of
these materials into immediate consumption was much
larger.
As may be seen in table 1, expenditures for durable
goods, excluding naval vessels and certain special military equipment, increased 3 billion dollars in 1940 over
the previous-year total for a gain of 16 percent. Total
expenditures passed the 1937 figure by about 10 percent
though remaining substantially under the 1929 volume.
Well over half the total increase was contributed by
producers' plant and equipment outlays. The latter
rose by almost a third, with the total for the year only
slightly under the peak 1929 volume. It may be noted
that the two most important categories of producers7
equipment expenditures, industrial and commercial,
made new highs.
With operations at these levels in the durable-goods
sectors of the economy, all measures of business activity
February 1941
showed 1940 to be a year of substantial recovery, with
the year's results in many cases exceeding previous
high marks. The Reserve Board's production index
averaged 122, a 13 percent rise over the previous year
and well above the former high of 113 recorded for
1937. Electric power output for the year was at a
new high of 144,965 million kilowatt hours as compared with 130,336 million in 1939. There was an
increase of 7 percent in freight carloadings, and,
although they were still 31 percent below the 1929
record, the year's showing was good in view of the
secular diversion of traffic to other types of transportation over the decade. Owing to the sharp drop in
public construction during the first half of the year,
construction activity in 1940 rose only moderately over
1939. However, the value of contracts awarded exceeded the 1939 volume by one-eighth, with a large
volume of work carried over into the new year. In
the retail field, total sales in 1940 are estimated at
45.5 billion dollars, an 8 percent increase over 1939
for the largest physical volume on record. The expansion in all these fields contributed to a substantial
decrease in unemployment. Total nonagricultural
employment in December of 37,168,000 was 4.3 percent or 1,500,000 higher than employment a year
earlier.
Larger National Income in 1940.
The most comprehensive measure of the economic
improvement in 1940 is that afforded by the national
income—the measure of net production of commodities
and services by all private and public enterprises.
This net-output value figure advanced from 69.4 billion dollars in 1939 to 73.9 billion in 1940, a gain of 4.5
billion or more than 6 percent, according to preliminary
estimates. Because price increases from 1939 to 1940
Table 1.—Estimated Expenditures for New Durable Goods*
[Millions of dollars]
Plant
Plant and equipment
Equipment
Item
Public and private 2
_.
...
..
Public construction
Private
Producers':
Total
Railroads
Electric power
._ .
Telephones . .
.... . . - - - . . - , _ _
Transit
Other utilities.
. .
Mining and manufacturing
. .........
Agriculture
Commercial and miscellaneous
Consumers':
Total
Housing,. . . . . . . _ _ _ . _ . . - . . -.
Nonprofit institutions
Passenger cars.
_
-Household goods
__ _.
._ .
._ _
1929
1937
1939
1940
1929
1937
1939
1940
1929
1937
1939
25, 542
20,006
19, 021
22,123
8,307
3,354
4,953
13, 816
18, 769
7,815
3,619
4,196
11,206
15, 402
7,004
2,802
4,202
13,002
17, 204
10, 744
2,411
8,333
14, 798
23,131
14, 798
13,002
11, 206
13,816
10,126
840
774
615
135
369
3, 596
961
2,836
7,570
525
400
348
101
162
3,122
919
1,993
6,107
270
373
333
107
121
2,425
773
1,705
7,884
450
485
400
114
150
3,375
865
2,045
4,531
503
387
328
82
256
1,441
348
1,186
2,294
188
172
100
39
117
1,053
222
403
1,876
130
160
91
54
81
775
230
355
2,318
170
210
117
51
100
975
250
445
5, 595
337
387
287
53
113
2,155
613
1,650
5,276
337
228
248
62
45
2,069
697
1,590
4,231
140
213
242
53
40
1,650
543
1,350
5, 566
280
275
283
63
50
2,300
615
1,700
13,005
9,634
9,295
10, 885
3,802
3,234
568
1,908
1,740
168
2,320
2,095
225
2,635
2,385
250
9,203
7,726
6,975
8,250
3,293
5,910
2, 726
5,000
2,275
4,700
2,950
5,300
1940
1
Data for 1940 are preliminary; certain data for earlier years revised. In view of the defense program, it may be pointed out that the estimates for durable goods exclude
naval vessels and special military equipment generally, while including (under public construction) outlays for military posts, yards, docks, and hangars, for defense housing,
and for publicly owned productive plant. Government expenditures for equipment of ordinary commercial type, such as typewriters, machine tools, and motor trucks, are
included in the estimates for private equipment expenditures. Heretofore, purchases of such equipment by governments have been relatively insignificant. Under the defense
program,
however, they are certain to expand materially, and it is hoped that they can be at least partially segregated in estimates for later years.
2
Includes work-relief construction.
Source: Board of Governors of Federal Reserve System.
SURVEY OF CURRENT BUSINESS
February 1941
were slight, nearly all of this improvement in national
income resulted from an increase in the quantity of
commodities and services produced.
Since the major share of defense activity was concerned with industrial materials and equipment, the
expansion of national income was paced by the commodity producing industries. These industries—agriculture, mining, manufacturing, and contract construction—in the aggregate provided a net product in 1940
valued at 2.8 billion dollars more than the figure for
1939, an increase of more than 10 percent. This was
about three-fifths of the gain in total national income
from 1939 to 1940, although the industries represented
about one-third of aggregate national income in 1939.
Net production values also were higher in other
lines, but by smaller margins. Government net output, exclusive of work-relief production, advanced
from 8.1 billion dollars in 1939 to 8.6 billion in 1940.
It is important to recognize, however, that defense
orders placed with private business firms are included
with the net production of other industries and not in
Government output. The value of net product in
distribution industries was up 700 million dollars, rising
from 15.3 billion in 1939 to 16.0 billion in 1940 for a
gain of nearly 5 percent. Service industries, usually
the laggards during periods of change, improved more
than 4 percent as net output values increased from 18.5
billion dollars in 1939 to 19.3 billion in 1940.
The 73.9-billion-dollar aggregate for national income
in 1940 was the highest value reached in any year since
1929. It was 84 percent above the depression low of
40.1 billion in 1932 and 3.7 percent above the previous
recovery high of 71.2 billion in 1937.
As part of this movement reflects shifts in the general
1929 = 100
GOVERNMENT ^
^*~
TOTAL ^
80
SERVICE
> X ^ ^ V ^
, \ DISTRIBUTION
^^"s''*
'*•
y''^COMMODITY
1929
L...
1930
_J
1931
1932
1
1933
1
1934
1
1935
PRODUCTION
1
1936
1
1937
!
i
1938
1939 1940
Figure 4.—Indexes of National Income by Major Industrial Sources, 192940 (U. S. Department of Commerce).
price level, however, changes in the quantity of net
output have been less marked. In quantity terms, the
national income declined about one-fourth from 1929
to 1932. The quantity of net output by all private and
public enterprises had recovered to a point in both 1937
and 1939 that approximated the 1929 volume. From
1939 to 1940 the gain in real national income—a gain
after allowance for price changes—was enough, roughly,
to offset the increase in population from 1929 to 1940,
so that per capita production was about as high in
1940 as in 1929.
Income Payments Also Rise.
Income payments to individuals during 1940 aggregated 74.3 billion dollars as compared with a total of
70.1 billion for 1939. As in the preceding year, the
flow of income to individuals advanced sharply during
1929 = 100
20
1937
1938
1939
Figure 5.—Indexes of Income Payments by Type of Payment, Adjusted for
Seasonal Variations, 1936-40 (U. S. Department of Commerce).
the second half and closed the year substantially above
the preceding year-end figure. During the second
quarter of 1940, income was disbursed at an annual
rate of 73 billion dollars. By the final quarter it had
advanced to 77 billion, reaching an annual rate of 78
billion in December. The rate for the final quarter of
1939 was 73 billion dollars.
The month-to-month movements in the various
types of income were notably diverse in character.
After correction for normal seasonal fluctuations, salaries and wages declined from the 1939 high of 88.9
(1929 = 100) recorded in December to 86.2 in April.
Employment and pay rolls moved sharply upward in
May, and, under the impetus of the defense program,
the adjusted index of salaries and wages continued its
upward movement through December when it reached
a high of 96.0 for the year. As employees' income
accounts for roughly two-thirds of total income payments, the 1940 expansion in pay rolls contributed
substantially to the movement of income.
Dividend payments for the first quarter were 15
percent above the comparable period in 1939, the large
increase over the preceding year continuing through
the third quarter. There was a noticeable tendency
for dividends to level off at the year-end, and for the
last quarter disbursements were only 3 percent above
the preceding year. These less favorable last-quarter
comparisons were due partly to the high level of dividend disbursements achieved in the final quarter of
8
SURVEY OF CURRENT BUSINESS
February 1941
new Federal Reserve index of industrial production,
which appeared during the course of the year and
which provides better representation than did the old
index for several important industries that have
experienced substantial secular growth, averaged 122
(1935-39=100) for the year as a whole. This was 8
percent higher than the 1937 average and 11 percent
above that for 1929, regarded throughout the past
decade as the high-water mark of business activity in
the United States.
Not only was total output the highest on record but
at no time during the year did it reach a very low point,
judged by the averages of previous good years. In
April, after some curtailment in production schedules
following the inventory upswing in late 1939, the
Reserve Board's index stood at only 111. This figure,
however, exceeded the averages for both 1929 and 1939,
and was but 2 points below the average for 1937.
From its April low the index advanced to 121 by
June and it remained at this level for 3 months. In
October the index exceeded the former peak of 126
recorded in December 1939, and successive new highs
were reached in the last 2 months of the year, the
November and December figures being 132 and 137.
The trend and character of production in 1940 was
formed largely by conditions emanating from the European war. During the first 4 months of the year production slackened as new orders fell below shipments
and backlogs declined with the spread of the feeling
that stocks had been overexpanded. (See figures 2
and 6.) According to Department of Commerce data,
about $150,000,000 of manufacturers' inventories were
liquidated between the end of February and the
middle of the year, when such inventories reached their
low point for 1940. This represented a decline of
slightly more than 1 percent of the value of stocks on
hand at the end of February, but manufacturers'
inventories at the end of June were 13 percent higher
than at the end of the preceding August. Thus, the
decline in rates of inventory accumulation was a more
important factor in the fall of production in the early
months of 1940 than actual inventory liquidation.
Although further liquidation would probably have
occurred if the comparatively inactive phase of the
war had continued, trade comment at the time indicated the likelihood that, as long as a state of war
existed in Europe, stocks would be held somewhere
above mid-1939 levels.
Even in this brief period of generally receding industrial activity, however, production continued to advance
in certain lines. An enumeration of these industries
affords evidence of the special influences which the war
situation
was beginning to exert. Of all component
Production
manufacturing industries included in the Federal Reserve
Industrial Production
Board index showing net production increases between
Total industrial production in 1940 was larger than August and December 1939, the only ones in which
in any previous year of our industrial history. The further significant net increases occurred between
1939 and partly to a large-scale adjustment of earnings
for increased taxes on 1940 corporate incomes. Unemployment compensation benefits, which first became
an important source of income in 1938, rose sharply
during the first half of the year and then declined
markedly as employment increased, though the year as
a whole showed a substantial rise over 1939.
The marked expansion in governmental activities
consequent upon the inauguration of the defense program raised military and regular employment during
the last quarter of 1940 13 percent above a year ago.
This increase in consumer purchasing power occasioned
by the expansion in governmental employment was,
however, largely offset by a sharp reduction in income
disbursements of an emergency nature. Thus, while
regular pay rolls rose 70 million dollars between March
and December, relief and unemployment benefits
declined 50 million over the same period.
Advance in Profits.
On the basis of preliminary data it is estimated that
net income of all corporations in the United States was
about 25 percent higher in 1940 than in the preceding
year. This comparison is based on net incomes adjusted
for intercorporate items and taken after all taxes are
deducted and, of course, it reflects the provisions made
for the increased corporate income-tax rate and the
excess-profits tax applicable to 1940 income.
Profits in the first quarter of 1940 were down substantially from the high last-quarter results in 1939.
The second and third quarters brought successive
moderate gains, and net income in the last quarter
probably accounted for nearly one-third of the profits
for the entire year, partly as a result of the usual seasonal pattern. As income reports are published only
by a small percentage of all corporations, these estimates are preliminary and subject to revision. It is
common for large corporations to publish such reports,
however, and, since they represent a good proportion
of the net income of all corporations, the estimates
should be reasonably accurate.
Net income of manufacturing corporations was up
about 30 percent, led by the metal and metal-products
group with a gain of more than 50 percent. Profits in
transportation advanced by about the same proportion
as in total manufacturing. Gains in net incomes of
mining companies were very substantial, and construction companies also showed some improvement. These
lines are affected directly by the national-defense
program, and the advances reflect substantially higher
business volume in 1940. Gains also were general in
other industries but usually were more moderate.
9
SURVEY OF CURRENT BUSINESS
February 1941
December 1939 and April 1940 were (in order of size of
increase) aircraft, shipbuilding, newsprint, fuel oil, and
cigarettes. In addition, smaller increases of 2 percent
or less were recorded in beef, ground wood pulp, and
glass-container production. The relation between the
war and aircraft, shipbuilding, and newsprint production is well known. As shown in figure 7, the increases
in aircraft and shipbuilding occurred in a period in
which durable-goods output generally dropped 19
percent, with iron and steel production falling 40
percent.
The trend of industrial production after April 1940,
when the major turning point of the year was reached,
was accompanied both by elements common to all
periods of marked business expansion and by elements
that were clearly exceptional and in some aspects
unique. One of the most familiar elements, the wider
movement of durable than of nondurable manufacturing production, is evidenced in figure 8. But even
this picture has notable aspects. Although the index
for nondurable goods has averaged higher than that for
1929 in every year since 1935, at no time until 1940
did the volume of durable-goods production exceed its
1929 peak. The relatively smaller recovery of produc1939=100
160
ing by the British Empire not only provided a substantial direct demand for durable goods; they also induced
a large increase in nearly all types of capital formation.
1935-39 = 100
1000
900
800
700
600
500
•
400
SH/PBU/LD/NG^.
100
90
80
70
60
50
"
i
i
i
i
i
1
i
i
i
i
I
i
i
i
«
«.—«——• *
•
i
1939
i
1
i
i
I
I
i
1940
Figure 7.—Indexes of Industrial Production (Manufacturing and Minerals) and of Selected Manufactures, Adjusted for Seasonal Variations,
1939 and 1940 (Board of Governors of the Federal Reserve System).
Public and private investment in plant and equipment, consumers' investment in durable goods, and
investment by business in larger inventories during the
final quarter of the year—all were expanded under
the propelling influence of defense and export needs.
The end result was the rise of durable-goods production
to record levels.
Record Production in Selected Industries.
80
I
1939
I
I
1 1
1940
Figure 6.—Indexes of the Value of Manufacturers' New Orders, Shipments
and Inventories, 1939 and 1940 (U. S. Department of Commerce).
NOTE.—Thirty-five units on the left scale (new orders and shipments) equal fifteen
units on the right scale (inventories). The two scales were used to take into
account the difference in dollar volume represented by the index numbers.
tion in the durable-goods lines prior to 1940 was, of
course, a reflection of the smaller volume of capital
formation.
But in 1940 the defense program and heavy purchas287880—41
2
Part of the response of industry to the above-mentioned stimuli is revealed by a list of the industries in
which production for the year as a whole established
new records. These are shown in table 2. Largest
increases over previous records were scored in aircraft,
tin, zinc, steel, and pulp and paper, all of which were
strongly influenced by war developments. In order to
give some indication of secular movement, the industries in table 2 are arrayed in order of percentage increase of 1940 over 1929. Although the Reserve Board's
aircraft series does not extend back to 1929, it has been
listed first in the table, for there can be little doubt
that aircraft production in 1940, relative to 1929, was
greater even than that of rayon; indications are that
aircraft production in 1940 was about 8 times that of
1935. Of course the normal secular growth of the
industry has been greatly augmented in the past 2 years
by the very large orders flowing from the war abroad
and our defense program at home. More exclusively
secular forces have been at work in such industries as
rayon, cigarettes, and pulp and paper, although record
production of the latter was unquestionably related to
the curtailment of pulp supplies from the Scandinavian
countries. Production of glass containers has expanded
rapidly since the repeal of the Eighteenth Amendment,
despite increasing competition from tin containers and,
more recently, from use of paper containers for milk.
SURVEY OF CURRENT BUSINESS
10
Table 2.—Industries With Record Annual Production in 1940
[Federal Reserve indexes, 1935-39=100]
Industry
Aircraft
Rayon deliveries
Glass containers
Cigarettes
P u l p and paper
Crude petroleum
Chemicals
Tin deliveries
Petroleum refining
Rubber consumption
Cotton consumption
Manufactured foods
Zinc shipments
Steel ingots
Printing and publishing.
Machinery
1940
(preliminary)
416
139
115
115
122
115
114
169
113
119
120
113
130
143
111
136
Percentage
increase of
1940 over—
Previous
record
high
176
128
114
110
113
109
112
133
111
113
111
108
117
133
109
130
(1939)
(1939)
(1937)
(1939)
(1939)
(1937)
(1937)
(1929)
(1939)
(1939)
(1927)
(1939)
(1929)
(1929)
(1937)
(1929)
1929
1939
Previous
record
high
0)
42
75
76
90
86
89
133
90
96
105
101
117
133
104
130
176
129
110
110
113
108
104
96
111
113
110
108
113
113
106
104
1929
136
9 "231
I
53
5
51
8
36
6
34
2
28
27
27
2
26
5
24
8
14
5
12
11
11
8
8
2
7
5
5
» No data.
Producers' Goods.
Among producers' goods the output of machinery,
which set a record during 1940, is of importance as a
major component of capital formation. Owing to the
wide variety and continual change in sizes and kinds of
machinery and equipment, the task of measuring the
physical volume of machinery production is extremely
difficult, and until recently no generally accepted index
of machinery production was available. The new
industrial-production index of the Federal Reserve
Board, however, includes a machinery component, constructed on the basis of man-hours of employment corrected for changes in output per man-hour. As noted
in table 2, the index of machinery production averaged
136 (1935-39 = 100) last year, compared with 104 in
1939, a rise of 30 percent. The index was also 5
percent higher than that for 1929, the previous peak.
Machinery production experienced a slight decline in
the early months of 1940, concurrently with the decline
in general industrial production, although it did not
fall as much as the latter; by April the adjusted index
had dropped only 3 percent from its temporary high in
January. Between April and December the Board's
index of machinery production advanced from 123 to its
all-time high of 165, a rise of 34 percent. The December 1940 figure was 74 percent above the average for the
first 6 months of 1939.
The special importance of machine-tool production
in 1940 is evidenced in estimates of the production of
some of the more important types of machinery, again
using data on man-hours of employment. Estimates
so derived indicate that although production of all the
major classes of machinery was greater in 1940 than in
the preceding year, 1937 production of electrical
machinery and supplies, and of textile machinery, was
slightly higher than that of 1940, while 1937 production
of agricultural machinery may have been 25 percent
higher. On the other hand, machine-tool production
February 1941
in 1940 appears to have been 50 percent higher than in
1937, and may have been as much as 75 percent higher
than in 1939. These increases would have been even
greater if additional machine-tool capacity had been
available.
Data available currently on special items of machinery and equipment showed large increases in the
final quarter, lifting activity in many cases well above
the 1939 peak. Thus in October and November orders
for foundry equipment were more than 60 percent
higher than in the 2 best months of 1939. Similarly,
orders for such equipment as iron and steel castings,
electric overhead cranes, pumps, freight cars, and electric furnaces all soared in the last quarter of the year.
The sources of domestic demand for machinery and
other durable manufactured producers' goods are to
be seen in table 1, showing estimates of equipment
expenditures by major industries. Private expenditures for durable-producers' equipment rose to $5,566,000,000 in 1940, an increase of $1,335,000,000 over
1939. Almost half of this increase occurred in mining
and manufacturing industries—a more than propor-
1929
1930 1931 1932 1933 1934 1935 1936 1937 1938 1939 1940
Figure 8.—Indexes of Manufacturing Production, Adjusted for Seasonal
Variations, 1929-40 (Board of Governors of the Federal Reserve System).
NOTE.—Durable manufactures include iron and steel, machinery, transportation
equipment, nonferrous metals and products, lumber and products, and stone, clay
and glass products; nondurable manufactures include textiles and products, leather
and products, manufactured food products, alcoholic beverages, tobacco products,
paper and products, printing and publishing, petroleum and coal products, chemicals, and rubber products. The indexes are based upon physical volume.
tional gain, since new investment in mining and manufacturing equipment accounted for only 39 percent of
the total in 1939. More than half of the remaining
increase, though less than proportional, occurred in
the commercial and miscellaneous group. However,
the largest percentage increase was in the buying of
railroad equipment, which doubled in 1940 after being
exceptionally low since 1937. Though total new investment in durable producers' equipment in 1940
was almost identical with that of 1929, its composition was radically different. Investment in equipment by the mining and manufacturing and the commercial and miscellaneous groups was larger in 1940,
while that in each of the utilities was much smaller.
Table 1 clearly indicates that the deficiency of investment in producers' durable goods in 1940, relative to
February 1941
SURVEY OF CURRENT BUSINESS
1929, was in the area of plant rather than equipment
expenditures.
Other Durable Goods.
Production of ingot steel in 1940 amounted to 65,247,000 net tons—7 percent above the previous high figure
of 60,830,000 tons in 1929 and 18 percent above the
total for 1937, the best year of the past decade. To
reach the record 1940 figure, ingot production exceeded
1939 output by 26 percent. Owing to inventory accumulation in the latter months of 1939, steel operations
declined during the first 4 months of 1940. Production in percent of capacity fell persistently until the
last week in April; for April as a whole the rate (on a
daily average basis) was at 60 percent as against 91
percent in the preceding December. Then followed an
almost uninterrupted rise until the end of the year, with
the monthly averages better than 90 percent in each of
the last 4 months and December averaging 99 percent.
Much of the rise in production after April was due
to additional foreign demand, largely British, resulting
from increased needs and from the closing of sources of
supply in Belgium and France. On a rolled basis,
about 9,500,000 more tons of steel were produced in
1940 than in 1939, and the excess of steel exports in
1940 over those of 1939 represented about 55 percent
of this additional production. Exports amounted to
only 7 percent of estimated steel consumption in 1939,
but represented 18 percent in 1940. Categories of
domestic use whose increased takings were responsible
for most of the remainder of the 1940 advance were
automobiles, railroads, construction, and machinery.
It is estimated that automobiles accounted for more
than 15 percent of steel consumed, while construction
accounted for somewhat less than 15 percent and railroads about 10 percent.
Steel capacity at the close of 1940, as announced by
the American Iron and Steel Institute, was 84,152,000
net tons of ingots and castings annually, 3 percent above
the 81,619,000 net tons available a year previously and
15 percent above capacity existing at the end of 1929.
The increase of more than 2,500,000 tons included increases of 987,000 tons of Bessemer capacity, 844,000
tons of open-hearth ingot and castings capacity, and
703,000 tons of electric-furnace capacity. The increase
in electric-furnace facilities was prompted largely by
export and defense demand for high-grade alloy steel
used in producing armaments and armor plate. It is
estimated that electric-furnace capacity will exceed
3,500,000 tons by the end of 1941. The reported increases in open-hearth and Bessemer capacity include
a substantial amount in existence a year ago but in
need of renovation and repair, and hence not available
for use at that time.
Paralleling the large advance in iron and steel production, the production and use of many of the nonferrous metals was at record or near-record levels,
11
owing in part to their special importance in defense
industries. Refined copper production of 1,033,000
tons was the highest since 1929. Although primary
production of zinc in 1940 was 12,000 short tons less
than that of 1929, shipments amounted to 696,497 tons
in 1940, a rise of 16 percent. Similarly, tin deliveries
of 115,497 long tons were at an all-time high. The
excess of zinc shipments over primary production resulted in a sharp drop in refined stocks to 12,884 tons
at the end of December, the lowest year-end figure
since 1925. Reported stocks of refined copper of
142,772 tons at the year-end compared with 159,485
tons at the end of 1939 and 259,351 at the end of 1937.
Tin stocks, on the other hand, were well above average;
further increases were expected from the tin-purchase
operations of the Metals Reserve Company, which also
was importing reserve stocks of manganese ore, chromite, tungsten, and antimony.
The comparatively low stocks of zinc, lead, and
copper are particularly significant in view of the record
levels of demand that will probably be set in 1941.
Production of all these metals was virtually at capacity
before the end of 1940, but additional refining facilities
were under construction for each. Moreover, in order
to ease the copper supply situation further, and also to
aid the copper-exporting countries of Latin America
that have suffered from the British blockade of their
continental markets, the Metals Reserve Company
arranged in December for the purchase of 100,000 tons
of copper, at a price of 10 cents a pound delivered at
New York, from United States firms operating mines
in Latin American countries.
Production of more than 400,000,000 pounds of ingot
aluminum in 1940 was a new record high. With the
expansion of capacity now contemplated, it is estimated
that by the middle of 1941 output will reach an annual
rate of almost 690,000,000 pounds, and a year later a
rate of more than 830,000,000 pounds.
In line with the rise in practically all types of construction activity, production of most building materials
advanced in 1940 to the best volumes of recent years.
Lumber production increased 7 percent over 1939, and
was about 4 percent above that in 1937. Portlandcement production was 7 percent higher than that of
1939 and 12 percent higher than that of 1937. Output
of polished plate glass was above that for 1939 but
less than production in 1937, while for common and
face brick the reverse was true.
As mentioned above, shipbuilding activity was
greatly accelerated by the war during 1940. From
December 1939 to December 1940, the Federal Reserve
adjusted index advanced from 144 to 268, a rise of 86
percent. In the course of the year, 53 merchant oceangoing vessels of more than 2,000 gross tons each, representing a total of 444,700 gross tons, were completed in
United States shipyards. This compared with 28
vessels and 241,000 gross tons in 1939 and an annual
12
SURVEY OF CURRENT BUSINESS
average of 117,000 tons in the period 1930-39. Moreover, at the end of the year, more than 180 oceangoing
vessels, representing about 1,500,000 deadweight tons,
were under construction. The number of vessels contracted for during the year was 94, with an estimated
gross tonnage of 853,230. Of the merchant vessels
completed or under construction, a number have been
earmarked as naval auxiliaries, including almost half
of those begun under the construction program of the
Maritime Commission. In addition to these merchant
vessels, 44 naval vessels having a displacement of 92,600
tons were completed and 513 naval vessels aggregating
2,274,600 tons displacement were under construction
at the end of the year.
Shipbuilding in 1941 was expected to show a further
increase. In December 1940 the British Purchasing
Commission placed a contract for 60 cargo ships of
uniform design, each of about 10,000 tons, while on
January 3, 1941, the President announced an emergency
shipbuilding program that will provide 200 cargo
vessels in addition to the Maritime Commission's longrange program. To handle these programs, a further
expansion of capacity was already under way at the
end of the year.
The manufacture of consumers' durable goods during 1940 reflected the increased demand stemming
from advances in employment and income. Referring
again to table 1, expenditures on these goods are seen
to have been 14 percent above those made last year,
and while they were below expenditures in 1929, the
lower prices prevailing this year indicate that the
physical volume of such goods produced was the highest in history. This was true for most types of household appliances. Electric-refrigerator sales and vacuum-cleaner shipments were at an all-time high, while
shipments of household washing machines fell only
slightly short of the record volume for 1937. However, output of passenger automobiles numbered
3,692,328 cars, more than 825,532 or 29 percent over
1939, but 223,561 less than in 1937, and, of course,
considerably less than the record year of 1929. But
more than half of the difference between 1937 and 1940
output was attributable to decreased exports. Production was exceptionally high in the closing months
of the year. Despite a record volume of retail sales in
these months, dealer stocks of passenger cars and trucks
were in the neighborhood of 425,000 units as the
year ended—50 percent more than the number on hand
at the end of 1939. As noted in the section on inventories, the desire of automobile manufacturers to clear
the decks for defense orders, as well as the earlier
change-over to new models, undoubtedly contributed
to the comparatively high level of stocks at the end of
1940.
Minerals.
Mine production of the domestically produced
metals, ferrous and nonferrous, generally experienced
February 1941
changes of slightly larger magnitudes than those of
refined production, discussed earlier. In the case of
lead, both mine production and shipments of finished
metal rose 9 percent, but for both copper and zinc the
increases in mine output were slightly above the
advances in finished-metal deliveries. In the iron and
steel industry the differences were much greater; an
increase of 41 percent over 1939 iron-ore shipments
compared with an increase of 33 percent in pig-iron
production and one of 26 percent in steel-ingot production. The increased accumulation of ore stocks was
conspicuous in iron because of the industry's need to
provide, before the closing of the Lake ports for the
season, supplies adequate for a winter in which steel
operations were likely to be maintained at near-capacity levels.
Among the fuels, the rise of 15 percent in bituminouscoal production was chiefly the result of the advance in
general business activity, though the fixing of minimum
prices, in effect on October 1, led to a small increase in
coal inventories at the old prices. Owing to this combination of factors, bituminous output in 1940 was
higher than in any year since 1930. Coke production,
advancing with steel activity, recorded a percentage
increase over 1939 practically identical with the increase in steel-ingot production, making output for the
year the largest since 1929. A rise of 8 percent in
crude petroleum production in 1940 established a new
high in this industry.
Nondurable Manufactures.
Among nondurable manufactures, which consist
largely of consumers7 goods whose output fluctuated
much less widely than that of producers' goods, records
were established in many areas during 1940. Of the
major textiles, cotton consumption and rayon deliveries
were higher than ever before, while apparel wool consumption of 309,449,000 pounds (scoured basis) compares with 318,971,000 in 1935, the best year since
1923, and with 371,200,000 in 1918, the highest for
any year on record. Consumption of 8,058,000 bales
of cotton in 1940 exceeded that of the previous peak
in 1937 by 9 percent, and consumption during the
last 2 months of the year was at an annual rate of
well over 9,000,000 bales. Though most of this rise
was the result of consumer and military demand, some
of the output in the final quarter was in response to
increased inventory purchasing.
Deliveries of 389,000,000 pounds of rayon filament
yarn revealed a production excess of 8 percent over
deliveries in 1939, the previous record year. Silk deliveries of 312,867 picul bales reveals a continuation of
the decline of recent years, the 1940 figure being 18
percent below that of 1939 and 50 percent under the
record total in 1929. It is particularly noteworthy
that consumption of silk in hosiery, which has largely
held its own or increased in recent years, declined
substantially from 290,731 bales in 1939 to about
February 1941
SURVEY OF CURRENT BUSINESS
244,000 bales in 1940. At this latter figure, silk consumption in hosiery represented more than 90 percent
of domestic silk consumption. (Domestic consumption equals deliveries minus reexports.) The 1940 decline, as distinct from the secular decline in other
uses, may be largely ascribed to reduced hosiery production and to the competition of substitute materials,
notably nylon. Of total shipments of women's fullfashioned hosiery, nylon accounted for 8.1 percent during the third quarter of 1940, 8.4 percent in October,
9.7 percent in November, and 11.8 percent in December—indicating an upward trend that will probably
cut into the hosiery market for silk even more seriously
in 1941.
Defense requirements for textiles did not affect all
branches of the industry equally, being of largest relative importance in wool. Thus, the Textile Economics Bureau estimates that Army requirements to June
1940 will equal 27 percent of the average annual consumption of apparel-class wool in recent years. On
the other hand, Army buying of cotton textiles to
November 30—assuming that production be spread
over the August-May period—would add but 3 percent to the normal annual demand for raw cotton.
However, the problem of meeting Army requirements
for cotton goods is not accurately reflected in this percentage relation to total cotton consumption, as the
demand for selected heavy cotton goods such as duck,
and combed-yarn cotton goods, has been particularly
heavy. In these cases the pressure of sudden increases
in demand led to price advances and, where feasible, to
the shifting of equipment from other types of constructions.
Like textiles, production of manufactured foods was
generally higher in 1940. Flour output fell off somewhat, but sugar meltings rose slightly as did the output of manufactured dairy products, while the slaughter
of meat animals increased about 12 percent. In the
case of beef and veal, and also lamb and mutton, the
increases were small. But with the hog-corn ratio at
unfavorable levels, Federally inspected slaughter of
8,709,000,000 pounds of pork (including lard) was 19
percent above that of the corresponding period of 1939.
Production of most other manufactured foods also
increased.
Shoe production declined in 1940, in consequence of
reductions in the large manufacturers' stocks accumulated in 1939. Output of tobaccco products and
alcoholic beverages increased somewhat, as did rubber
consumption. Paper production generally rose about
5 percent, while output of pulp was 8,562,000 tons, the
largest on record and 26 percent above 1939. Smaller
imports and larger exports created by the cutting off
of Scandinavian supplies were instrumental in raising
pulp production, though domestic demand advanced
sharply irrespective of this development.
13
Agricultural Output and Income
The position of agriculture improved materially in
1940. Increased acreage over that of 1939 and substantially improved yields during 1940 resulted in the
best harvests since 1937, while livestock production, continuing the expansion of the past several years, attained
a new record volume. With higher farm prices Bind
larger marketings, the aggregate cash returns of agriculture rose more than half a billion dollars, despite
slightly smaller Government payments than in 1939.
The marked improvement in the domestic demand for
farm products was the dominant influence affecting
farm prices and income during the year. Livestockproduct prices responded more readily to the higher
domestic demand than crop prices. Owing to curtailed
exports and production in excess of domestic requirements, the statistical position of a number of major
crops was weaker than in the preceding year. Government's commodity loans and purchases, however,
served to support crop prices and income in the most
serious instances of oversupply, while increasing surplus-removal operations also made an important contribution to agricultural income.
Crop Production and Supplies.
Crop production in 1940 increased nearly 4 percent
over 1939. Although lower than in the peak year 1937,
crop output exceeded that of every other year of the
past two decades. The composite production index of
53 crops (1923-32 pre-drought average=100) rose from
103.9 in 1939 to 107.9 in 1940; the 1937 index was
112.6. Sizable gains occurred in the production of food
grains, potatoes, vegetables, cotton, feed grains other
than corn, and hay, while declines were reported in
corn, fruits, and tobacco. Field-crop production, although up substantially from 1939, was low^er in the
aggregate than in 1920 and 1937, and approximated
the volume of 1928. In contrast with field crops, vegetables and fruits have shown pronounced upward
trends in production and consumption since 1920.
Vegetable production attained a new high in 1940, and
the output of fruits, while suffering a moderate setback, was the third highest on record.
Increased acreage and improved yields both contributed to expanded crop production last year. More
than 4,000,000 additional acres were planted, while the
absence of serious drought conditions decreased acreage
losses in leading crops by nearly the same amount.
The harvested acreage of 46 crops increased 8,000,000
acres or about 2.5 percent over 1939. The 1940 harvested acreage, however, was 30,000,000 acres less than
at the peak attained in 1932, and 20,000,000 acres less
than the 1923-32 average.
Acreage changes since 1932 reflect Federal production-control and soil-conservation programs, as well as
the substitution of drought-resisting crops in drought
14
SURVEY OF CURRENT BUSINESS
areas. Compared with the pre-drought average, reductions of 15,300,000 acres have been made in corn,
4,900,000 acres in food grains, 16,400,000 acres in cotton, and 360,000 acres in tobacco. On the other hand,
increases of 5,500,000 acres have occurred in tame hay,
6,200,000 in sweet sorghums for forage and hay, and
7,000,000 acres in annual legumes. Compared with
1939, the 1940 acreage of tame hay was increased
2,900,000 acres, sweet sorghums 2,100,000 acres, and
annual legumes 950,000 acres as against decreases of
corn acreage by 2,000,000 acres and tobacco by 590,000.
Acreages of cotton and wheat remained virtually unchanged, although these commodities also present
serious surplus problems.
Crop yields in 1940 were substantially better than the
year before and surpassed the previous high attained in
1937. Corn, rice, dry edible beans, sweet potatoes,
soybeans, and certain fruits were exceptions to the general improvement of yields, but the average for 28 crops
advanced from 113.8 to 118.5, compared with 117.7
in 1937 (1923-32 = 100). Especially notable were the
1940 yields obtained in tobacco, cotton, oats, potatoes,
sugar beets, peanuts, and flaxseed. Favorable rainfall
and temperature conditions contributed to this improvement, but over the past few years the increase has
been due primarily to technological advances in plant
types and in farming methods, as well as to abandonment and diversion of less productive acreage to noncrop uses.
February 1941
As the abundant harvests of 1940 followed 3 years
of above-average crop production, crop supplies are
generally at or near the largest volumes of recent
years. Supplies of wheat and oats are the largest
since 1932-33, of barley the largest on record. The
supply of corn, although moderately lower than last
year, is the second largest since 1932-33. The present
cotton supply has been exceeded only in 1939-40. Curtailed exports, moreover, have left a greater proportion
of total supply available for domestic disappearance
in the case of crops normally exported in considerable
volume. The estimated total supplies (carry-over plus
production) of leading crops in 1935-41 are shown in
table 4.
Table 4.—Relative Supplies of Leading Crops, By Crop Years i
[Crop years 1935-36—1939-40 = 100]
Crop
Corn
Oats
Barley
Hay
Wheat
Cotton
Flue-cured tobacco.
1935-36
1936-37
92
106
110
100
87
83
90
65
89
80
89
86
84
89
1937-38
106
105
88
94
103
108
100 i
1938-39
1939-40
114
106
103
110
116
109
100
124
94
119
107
108
116
121
1940-41
122
115
131
112
118
109
118
i Carry-over at beginning of crop year plus production. Based on data compiled
by the U. S. Department of Agriculture.
Livestock and Livestock Products.
The volume of meat animals slaughtered in 1940 was
substantially larger than in 1939, as a result principally
of a 22 percent increase in marketings of hogs. The
Table 3.—Harvested Acreage, Production, and Yield of Selected Crops
production of beef and veal under Federal inspection
advanced about 3 percent, and lamb and mutton 1 perPercent
1923change,
cent. In consequence of the high level of corn prices
32,
1939
1940
1940
Crop
Unit
averover
relative to hogs prevailing during the past year, howage
1923-32
ever, the spring and fall pig crops were reduced to 77.0
Corn:
million
head from 85.9 million in 1939. Slaughter sup102
86 -15.1
88
Mil. acres
Acreage harvested
-5.2
Mil. bushels _ 2,583 2,602 2,449
Production
plies
of
hogs in the first 9 months of 1941 will be curBu. per acre..
+H.4
Yield
25.4 29.4
28.3
Food grains:
tailed
sharply,
possibly by 15 to 20 percent. Reported
63
59
Mil. acres
58
Acreage harvested
Mil. tons
-1.0
Production
27
25
27
intentions
with
regard to the 1941 spring pig crop indiLb. per acre^. 864.5 850.7 928.0
Yield
+7.3
Cotton:
cate
a
further
reduction
which will limit supplies in
24
24 -40.6
Mil. acres
41
Acreage harvested
Mil. bales
Production
14
12
13 -12.0
the
final
quarter
of
the
year.
On the other hand, feedLb. per acre._ 169.9 237.9 252.4
+48.6
Yield
Tobacco:
ing
operations
have
been
increased
11 percent in the
2.0
Mil. acres
1.4 -20.1
Acreage harvested
1.8
-0.1
Mil. pounds.. 1,377 1,858 1,376
Production
case
of
cattle
and
6
percent
in
the
case of lambs.
Lb. per acre.. 770.4 920.1 964.6
+25.2
Yield
Slaughter supplies of cattle may be only moderately
Source: U . S . Department of Agriculture.
larger until the late spring, when materially increased
The increase in yields has been marked in the case of supplies will be marketed. In consequence of reduced
crops subject to acreage reduction, so that the effect has hog marketings, however, total meat supplies in 1941
been to offset considerably such acreage reduction, as probably will be somewhat under those available last
shown in table 3. Cotton acreage, for instance, was 41 year.
percent less in 1940 than in 1923-32, but the yield had
The supply of poultry will also be smaller in the first
increased from 170 to 252 pounds per acre, with the re- half of 1941. Relatively unfavorable price ratios of
sult that the cotton crop declined only 12 percent. chickens and eggs to feed induced a reduction of 12
Similarly in the case of corn, acreage reduction amount- percent in the number of chickens raised during 1940.
ing to 15 percent has resulted in crop curtailment of only The number of layers on hand in December was only
about 5 percent. The over-all effect of improved yields slightly less than at the end of 1939, but the number of
in 1940 over the 1923-32 average has been to increase pullets to be added to laying flocks was down about 8
aggregate crop production about 8 percent despite percent. Despite an anticipated decrease in the culling
of flocks in response to high egg prices, egg production,
nearly 6 percent less acreage harvested.
February 1941
15
SURVEY OF CURRENT BUSINESS
which increased 2 percent during 1940, probably will
be lower in the first half of the current year.
Milk production, on the contrary, will continue the
rising trend in evidence during recent years, as the
number of milk cows is increasing and feed supplies
are abundant. The gain in 1940 over production
of 1939 was 2 percent.
316 million average from 1936 to 1938. By the closing
months of 1940, the monthly rate was less than 18
million dollars. In the case of most other crops and
livestock products, however, export markets are of distinctly secondary importance as compared with domestic
demand.
Agricultural Exports.
Prices received by farmers for agricultural products
rose more than 5 percent from 1939 to 1940. This gain
is attributable, in the main, to improved domestic demand. In the case of several crops, loan rates were also
set moderately higher and surplus-removal operations
of the Surplus Marketing Administration were increased. Sizable advances occurred in average prices
of grains, cotton and cottonseed, truck crops, and dairy
products. Meat-animal prices, on the other hand, averaged moderately lower, principally by reason of large
supplies and reduced prices of hogs. The high point of
farm-product prices subsequent to the outbreak of the
war, recorded in February, was equaled again in December. Between these 2 months, however, crop prices
receded while livestock product prices advanced.
In contrast with the experience during the World
War, wiien agricultural exports more than tripled,
foreign shipments of farm products have been sharply
curtailed in the present conflict. Agricultural exports
in 1940 declined to less than 520 million dollars from
655 million in 1939 and an average of nearly 780 million
in 1936-38. By the late months of 1940, the monthly
volume had dropped to only about 26 million dollars.
Cotton and tobacco, which accounted for 57 percent
of the value of agricultural exports in 1936-39, were
affected most adversely by the closing of export
markets. Cotton exports in the four crop years ending July 1939 accounted for more than 40 percent of
production, and flue-cured tobacco exports for 50 percent of production.
Shipments abroad of United States cotton amounted
to 243 million dollars in 1939 and 214 million in 1940.
In both years exports were stimulated by an export
indemnity program of the Surplus Marketing Administration, available from August 1939 to January 1940.
About 5,900,000 bales of cotton were sold for export
under this plan. Export shipments of indemnity
cotton were largely made in the crop year 1939-40.
Cotton exports in this period amounted to 6,920,000
bales (500 lbs.), valued at 349 million dollars, as compared with the total of 457 million for the two complete
calendar years 1939 and 1940. On a monthly basis,
cotton exports dropped from 60 million dollars in
January 1940 to 8 million in June, and since that time
have continued at extremely low levels. In the current crop year shipments are expected to be the
lowest since the 1860's.
Exports of tobacco declined to 77 million dollars in
1939 and 44 million in 1940 from an average of 143
million in the preceding 3 years. Shipments of fluecured tobacco, the principal export crop, dropped 100
million pounds from 1938-39 to 1939-40 and are
expected to be even lower in the current crop year unless
arrangements can be made for Great Britain to take a
substantial proportion of stocks now being held for
British account by the Commodity Credit Corporation. This credit agency purchased 160 million
pounds of the 1939 crop of flue-cured tobacco and 205
million pounds of the 1940 crop.
In addition to cotton and tobacco, virtually every
other category of agricultural exports has declined
severely as a result of the war. Excluding cotton and
tobacco, agricultural exports approximated 261 million
dollars in 1940, compared with 335 million in 1939 and
Agricultural Prices and Income.
Table 5.—Indexes of Prices Received by Farmers
[August 1909-July 1914=100]
Average
February
1940
Commodity group
1937
All farm products.
Grains
Cotton and cottonseed.
Fruits
Truck crops
Meat animals
Dairy products
Chickens and eggs
Miscellaneous
1939
December 1940
1940
121
93
98
101
101
1?6
95
122
123
132
124
111
130
72
73
77
105
110
104
94
95
85
81
79
114
108
113
96
103
91
85
76
159
101
118
98
107
81
79
75
93
111
128
122
102
Source: U. S. Department of Agriculture.
The behavior of prices in the case of a number of
important crops is influenced by loan operations of the
Commodity Credit Corporation. While season-average farm prices do not show an exact correspondence
with loan rates (because of regional and quality differentials), the latter clearly support farm prices, as
potentially price-depressing surpluses move into loan.
Moreover, supplies are available from loan stocks at
redemption values (loan rates plus costs) to meet
increasing domestic demand, thus moderating price
advances.
In the case of most livestock products, on the other
hand, supplies are relatively inelastic. Futhermore,
livestock-product supplies in 1941, with the exception
of dairy products, are expected to be somewhat reduced,
in contrast with the generally ample, and in several
instances excessive, crop supplies. As a consequence,
livestock-product prices have proven more responsive
than crop prices to improving domestic demand during
the latter half of 1940.
Higher farm prices, larger crop production, and in-
16
SURVEY OF CURRENT BUSINESS
creased livestock-product marketings increased cash
proceeds from the sale of farm products to approximately 8.4 billion dollars in 1940, 493 million more than
in 1939. Farmers received substantially larger cash
income than in 1939 from both crops and livestock
products. With the addition of Government payments, cash farm income for 1940 was the second highest
since 1929 ar d only slightly below the 1937 total. The
cash farm income of 9.1 billion dollars (including
Government payments) realized last year has been
exceeded by sizable amounts in only two periods since
1910—in 1917-20, when income averaged 12.8 billion
dollars, and in 1923-29, when the average was 10.6
billion. In both periods, farmers paid substantially
higher prices for commodities used in farm production
and for family maintenance.
February 1041
owned or sealed may amount to the record total of 600
million bushels on October 1. Wheat loans on the
1940 crop approximated 275 million bushels, of which
possibly no more than 100 million bushels may be
redeemed by July 1, indicating that the Commodity
Credit Corporation probably will carry over a sizable
quantity of wheat for the first time. In the case of
flue-cured tobacco, moreover, the Commodity Credit
Corporation is currently holding about 360 million
pounds (farm weight) of the 1939 and 1940 crops,
earmarked for subsequent sale and shipment to British
buyers.
PRICES RECEIVED BY FARMERS
('AUGUST 1909-JULY
1914 • IOO)
Table 6.—Gash Farm Income, 1937-40
[Millions of dollars]
Source of income
Income from farm marketings.
All crops
Grains
Cotton and cottonseed
Tobacco
All livestock
Meat animals
Dairy products
Poultry and eggs
Government payments
Total cash income
1937
1938
1939
8,788
3,927
1,013
883
321
4,861
2,330
1,532
818
7,652
3,193
813
647
294
4,459
2,175
1,396
761
7,861
3,372
914
629
269
4,490
2, 276
1,355
718
367
482
807
9,155
8,134
8,668
8,354
3,536
1,018
660
240
4,818
2,427
1,501
728
766
9,120
p Preliminary.
Source: U. S. Department of Agriculture.
The index of income from farm marketings, charted
in figure 9, rose from an average of 69.2 (1924-29 = 100)
for the first 8 (pre-war) months of 1939 to a high level
of 84.0 in February 1940, then declined to 70.0 in June.
After remaining at 71.0 in July and August, the index
advanced in the seasonally important closing months of
the year. The rate of cash receipts (excluding Government payments) in December equaled the seasonally
adjusted February level of 84.0, and averaged 81.3 for
the final quarter. Prospects at present are for further
gains in 1941, with materially higher livestock-product
prices and income.
CASH INCOME FROM
FARM MARKETINGS
(1924-29 - IOO)
40
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
Figure 9.—Indexes of Prices Received by Farmers and Gash Income from
Farm Marketings, 1929-40 (U. S. Department of Agriculture).
NOTE.—The index of cash income from farm marketings does not include governmental payments. Data are plotted annually through 1935 and monthly beginning with 1936. The monthly indexes, which are adjusted for seasonal variations,
are not available prior to 1936.
The accumulation of agricultural supplies through
loan operations has served to support farm income,
especially income from crops, and to dampen both
downward and upward fluctuations of income. As a
result, crop income cannot be expected in the present
situation to respond as readily to improving economic
conditions as income from livestock products.
The Commodity Credit Corporation loan and purchase programs implement the operation of the " evernormal granary." Supplies of cotton and certain
tobacco types, however, are apparently excessive, and
Farm Commodity Loans and Surplus Removal.
corn and wheat reserves at the end of the current crop
The Commodity Credit Corporation in connection year may well prove excessive also. Surpluses are
with its commodity loan and purchase programs has indicated in the case of a considerable number of other
accumulated, or is in the process of accumulating, very agricultural products. Agricultural surpluses are dealt
considerable farm "surpluses," as illustrated in the case with, of course, not only through commodity loans,
of cotton, corn, wheat, and tobacco in figure 10. More but also by means of production adjustment and conthan 2.7 million bales of the 1940 cotton crop have been trol and surplus removal.
placed under loan, and a major part of this cotton is
The removal of farm surpluses is carried forward by
expected to remain under loan next August 1. At that the Surplus Marketing Administration through (1)
time it is estimated that Government-owned and loan direct purchase and distribution, (2) domestic divercotton will approach 11 million bales, approximating sion, (3) export indemnities, and (4) food- and cottonthe record Commodity Credit Corporation stocks of stamp plans. As an aftermath of the New England
August 1, 1939. The current corn loan of 61 cents per hurricane, the Surplus Marketing Administration also
bushel will be available until September 1941, and may undertook a lumber-salvage program. The increasing
result in the sealing of 150 to 200 million bushels. Corn magnitude of these programs may be indicated by
17
SURVEY OF CURRENT BUSINESS
February 1941
expenditures (see table 7) of 199 million dollars in the
fiscal year 1939-40 in contrast to 110 million in the
preceding year and 22 million in fiscal 1936-37. Outlays for this purpose may approximate 235 million
dollars in the current fiscal year. Expenditures for
direct purchase and distribution, amounting to 118
million dollars in 1939-40, will be reduced this year,
while the consumer-stamp plans initiated in 1939 are
being steadily expanded. Export indemnities in the
current fiscal period will drop materially below the
53 million dollars paid to stimulate agricultural exports
(largely cotton exports) in 1939-40.
MILLIONS OF BALES
MILLIONS OF BUSHELS
Table 7.—Federal Government Expenditures for the Removal
of Farm
Surpluses, by Fiscal Years Ended June 30 l
[Thousands of dollars]
Surplus-removal programs
1936
1937
1938
1939
Direct purchase and distribution programs:
214,591 215, 664 2 41,926 57, 605
Original purchases
_ _.
Processing,
transportation, handling,
9,853
2,608
etc. 3
6,958 10,087
3,042
6,350
2,897
7,950
Diversion programs
7,354
Lumber salvage program
1,006
1,190 28, 477
1,093
Export programs
Stamp plans:
Food
Cotton
Total expenditures for the removal
of farm surpluses
28,435
22, 321
58,024 109,873
1940
106,145
11, 650
4,362
5,143
52, 584
18,941
121
198,946
1 Statistics subject to adjustment.
2 These figures may include a small amount for transportation expenses.
3
These figures include transportation on commodities purchased during the preceding fiscal year for delivery during the reported year.
Source: Surplus Marketing Administration.
involving the issuance of an estimated 9.5-11.5 million dollars of surplus commodity stamps monthly.
Consumption
Retail Distribution
1937
1938
1939
MILLIONS OF BUSHELS
1940 1941
1937
1938
1939
1940 1941
MILLIONS OF POUNDS
Figure 10.—Commodity Credit Corporation Stocks (Owned or Pledged
Under Direct and Guaranteed Loans) and Other United States Stocks of
American Cotton, Corn, Wheat, and Flue-Cured Tobacco, 1937-41.
NOTE.—Stocks of American cotton on August 1; corn, October 1; wheat and fluecured tobacco, July 1. Data for all items are from the IT. S. Department of Agriculture, except flue-cured tobacco for 1941 which is estimated by the U. S. Department of Commerce.
The direct purchase and distribution program and,
more recently, the consumer-stamp plans are doubtless
of greatest interest from the standpoint of the Nation's
well-being, since the rationale of these programs is
to increase the domestic consumption of agricultural
products among low-income groups with the object of
correcting important dietary and other consumption
deficiencies. By December 1940, the food-stamp plan
had been extended to 231 local areas and 2,822,000
participants, who received about 6,588 thousand
dollars surplus commodity stamps during the month.
The eventual inclusion of 4 to 5 million persons in the
food-stamp plan is projected at the present time,
Net sales of retailers in 1940, as estimated by the
Bureau of Foreign and Domestic Commerce, amounted
to about 45,500 million dollars, according to data now
available. This represents a rise of 8.3 percent over
the 1939 total of 42,024 million reported by the Bureau
of the Census.
In terms of the physical quantity, not only the 1940
total but the per capita volume of goods distributed
exceeded that of 1929—the year in which dollar
volume of goods sold was highest. The 1929 dollar
volume was 48,330 million dollars, 6 percent above the
estimated dollar volume in 1940, for a per capita
average of about $398. Because the population rose
approximately 8.3 percent between 1929 and 1940,
estimated sales in the latter year were only $345 per
person, or 13 percent less than in 1929. Retail prices
of consumers' goods, however, fell considerably during
the intervening years. For example, food prices
averaged 27 percent lower in 1940 than in 1929, clothing prices 12 percent lower, and prices of house furnishings 10 percent lower. The cost-of-living index of the
United States Department of Labor averaged 22 percent higher in 1929 than in 1940, and, while this index
was not designed to measure changes in the level of
retail prices generally, it may be used as a rough
approximation to such a measure. Correcting per
capita sales in dollar terms for changes in the cost-ofliving index would indicate that per capita sales in
1940 were 6 percent higher than in 1929 on a physicalvolume basis. As the cost-of-living index includes
the relatively inflexible items of rent and services, it
probably tends to understate the decline in retail
prices of commodities. Hence, the increase over 1929
in physical volume of goods sold per capita in 1940
18
SURVEY OF CURRENT BUSINESS
February 1941
was probably greater than the indicated figure of 6 tent; the latter group accounted for 79 percent of total
sales by the general-merchandise group as a whole in
percent.
Estimates of the dollar volume of retail trade in 1940 1929 and 74 percent in 1940. Moreover, if sales of the
by lines of business are shown in table 8, together with retail stores belonging to mail-order houses be deducted
preliminary Census totals for 1939. The table reveals from the department-store group (in which they are
that increases were scored in all groups, from less than included) the relative decline in the department-store,
1 percent for general stores to 25 percent for the auto- dry-goods, and general-merchandise group is even more
motive division. It is significant that with the excep- marked.
1929 = 100
tion of beer and liquor stores, which have shown an
130
almost uninterrupted secular rise in sales since repeal
,2o
in 1933, the largest three percentage increases in 1940
CATALOG SALES Of
.••****
MA/L ORDER HOUSES-,
were in the automotive group, jewelry stores, and furni/••'"
""-••'"
* ' '
ture and household-equipment stores, involving durable
too
rather than nondurable goods, and involving also goods
90
tending toward a luxury character. With rising income
80
and employment, permitting higher levels of consump/
/
^
~
^
^
^
^
70
tion, greatest relative sales increases may logically be
/ ^ " " ^ V DEPARTMENT, DR/ GOODS, AND
^f*^
GENERAL MERCHAND/SE STORES
expected in goods of this kind. Dealer sales of new
60
/
passenger automobiles in 1940 amounted to 3,462,000
.*
50
units, a rise of 27 percent over the number sold in 1939.
40
_
The dollar volume of 1940 sales was more than 2,600
1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939 1940
million dollars, or about a third higher than in the Figure 11 —Indexes of Net Retail Sales of General Merchandise, by Type of
Outlet, 1929-40 (U. S. Department of Commerce).
preceding year, indicating a rise in the average price
NOTE.—Indexes of dollar values of sales for the years 1929, 1933, and 1935 are based
paid per car.
upon actual census figures published by the U. S. Bureau of the Census. Indexes
M 0
1
Table 8.—Estimated Net Sales of Retailers, by Kinds of Business, 1939-40
Business group
(Census classification)
United States total,.
Food group
General stores (with food)
Beer and liquor stores
Eating and drinking places
General merchandise group
Department stores
Variety stores
Dry goods and general merchandise
Mail order (catalog sales only)
Apparel group
Autom otive group
Filling stations
Furniture and household
Lumber, building, and hardware
Drug stores
Jewelry stores
Other stores
Sales in millions Percentof dollars
age increase,
1940 i
Percentage distribution
of total
1940
1939 2 from 1939 sales, 1940
45,500
42,024
8.3
100.0
10, 609
814
692
3,715
6,026
3,687
1,035
762
542
3,422
6.930
2,907
1,933
2,953
1,632
416
3,451
10,152
810
586
3,521
5,663
s 3, 446
976
72?
3 519
3,259
5,544
2,822
1, 734
2,734
1,562
362
3,275
4.5
0.5
18.0
5.5
6.4
7.0
6.0
5.5
4.5
5.0
25.0
3.0
11.5
8.0
4.5
15.0
5.4
1.8
1.5
8.2
13.3
8.1
2.3
1.7
1.2
7.5
15.2
6.4
4.2
6.5
3.6
0.9
7.6
1
2
3
Preliminary estimates by the Bureau of Foreign and Domestic Commerce.
Preliminary Census totals.
Mail-order (catalog) sales of general merchandise, estimated at 519 million dollars,
have been deducted from the department-store total for 1939 released by the Bureau
of the Census. It was necessary to estimate this item because the break-down of the
department-store classification was not available at the time the above table went
to press.
Relative increases in general-merchandise sales were
roughly similar for all divisions of this group, ranging
from 4.5 percent for catalog sales of mail-order houses
to 7.0 percent for department stores. Since 1929 the
various classes of general merchandise sales have experienced divergent trends, as figure 11 shows. This
figure portrays graphically the fact that, even without
correction for price declines, catalog sales of mail-order
houses and sales of variety stores were higher in 1940
than in 1929. Larger mail-order (catalog) and variety
sales have cut into the department-store, dry-goods,
and general-merchandise group's market to some ex
:
1
1
for other years are estimated by the U. S. Bureau of Foreign and Domestic Commerce on the basis of trends indicated by related currently published statistics.
The series have not been adjusted to take into account the changes shown by a
comparison of the census figures for 1935 and 1939.
Although retail trends within the year were somewhat mixed, with no clear-cut tendency being manifested in some months, the principal pattern was that
of slight decline in the first half of the year, followed
by marked expansion in the latter half. Thus, department-store sales, after adjustment for seasonal variation, averaged 3.6 percent lower in the first half of 1940
than in the last quarter of 1939, but in December 1940
were 12 percent above the average for the first 6 months.
This general pattern is observable in sales by other general-merchandise stores—variety chains and mail-order
houses—and such other retail divisions as apparel and
furniture. As would be expected, the dollar volume of
grocery and restaurant business did not recede so noticeably at the beginning or rise so much at the end of the
year as did that of general-merchandise stores. On the
adjusted basis, sales by certain retail divisions—conspicuously the automotive group—not only held previous gains in the opening months of the year but also
scored signal advances. The Department of Commerce adjusted index of the value of passenger cars sold
averaged 34 percent higher in the first quarter of 1940
than in the same period of 1939, and was above the
average for any previous first-quarter except 1929 and
1937. Last-quarter sales in 1940, according to the
adjusted index, were exceeded only by those of 1929
and 1936.
Consumer Credit
A contributing feature of the 1940 retail trade advance was the substantial increase in each of the two
February 1941
SURVEY OF CURRENT BUSINESS
broad classes of consumer credit—cash lending and
retail credit. In recent years more than 30 percent of
retail sales have been made on credit, two-thirds of
which were characteristically on open account (regular
charge account), the remainder being installment
transactions. At the end of 1940, outstanding indebtedness on open account is estimated to have been about
2 billion dollars, most of which was to be liquidated
in 60 to 90 days, being replaced, of course, by new obligations. Estimates of the total volume of open-account
credit granted during the year are less accurate than
estimates of installment credit, but it may be roughly
put at 9 billion dollars for 1940, about 10 percent higher
than in 1939.
Although the aggregate value of installment sales is
smaller than that on open account, such sales exercise a
greater effect on the level of business activity, giving
rise to consumer debts of comparatively long duration
which must be liquidated from future income. In 1940,
installment sales continued the upward movement
initiated last year, reaching a volume of approximately
5,000 million dollars—an increase of 20 percent over
1939 and 9 percent above the 1937 figure of 4,600 million
dollars. Though 1940 installment sales had an aggregate value 23 percent below the all-time peak of 6,500
million dollars in 1929, the physical volume of goods
sold in 1940 under installment plans showed a much
smaller change. Actual indebtedness of consumers
arising out of installment purchases was approximately
3,000 million dollars at the end of 1940. About 50 percent of this was due on automobile contracts, the
largest part being with sales finance companies.
Cash Loans.
The bulk of retail sales arising from installment repayment credit is financed either by retailers themselves
or by agencies specializing in sales financing. Perhaps
as much as two-thirds of loans made by personal-finance
companies are for purposes other than the original
purchase of goods. However, small-loan agencies of
various types, including personal-loan departments of
commercial banks, have made steady advances into the
field of retail financing through direct cash loans to
consumers.
At the end of November 1940, installment-loan
outstandings of regulated small-loan companies and of
industrial-banking companies totaled 765 million dollars, indicating that the 1940 volume of these loans will
be 12 to 15 percent above 1939. Consumer loans of
industrial-banking companies and personal-finance companies are believed to represent about 50 percent of the
total made by all consumer-financing agencies. Thus,
consumer indebtedness on cash loans, including those
extended by personal-finance and industrial-banking
companies, credit unions, personal-loan departments of
commercial banks, and unregulated lenders, and also
19
including FHA (title I) loans, was roughly estimated to
be 1,600 million dollars at the close of 1940. This may
be compared with 1,126 millions at the end of 1937 and
634 millions at the end of 1930, the latter being somewhat higher than the figure for 1929. The growth of
consumer loans to record levels in the past decade may
be attributed in some measure to the pressure of
private capital seeking profitable investment in that
channel, the various financial groups interested having
materially aided the popularization of consumer
borrowing.
Wholesale Trade
In the field of wholesale trade, 1940 data were
available only for service and limited-function wholesale firms, which usually account for about two-fifths
of the total business. Sales by these groups in 1940
are estimated at 26,500 million dollars, 12.5 percent
more than those in the preceding year. As in the case
of retailers, all groups within the service and limitedfunction class showed increased business, though advances in individual lines varied widely in magnitude
from 3 percent for groceries and foods to 28 percent for
automotive supplies, 30 percent for metal and metalwork, and 30 percent for waste materials (including
scrap). Following the three last-named groups the
next largest increase was in the composite group for
machinery, equipment and supplies. Moreover, wholesale business in electrical goods and jewelry also rose
substantially. Hence, the general increase was similar to that in retail trade, being paced by sales of durable goods. Among nondurable goods those that
showed the greatest increases were coal and coke, beer,
wines and liquors, and paper and paper products.
The rise in estimated wholesale trade w^as greater
than the advance in retail sales during 1940. This
may be due in part to the difference in statistical coverage of the two fields, the retail estimates representing
practically the entire field of retailing, as opposed to a
coverage of less than half of the wholesale field. A
more likely explanation, however, is that wholesale
business can be expected to fluctuate more widely, as
wholesale trade reflects not only the trend of retail
sales but also increases or decreases in retail inventories
and (to the extent that manufacturers buy from wholesalers) increases or decreases in manufacturers' inventories.
The combined index of wholesale commodity prices
of the United States Bureau of Labor Statistics averaged 2 percent higher in 1940 than in 1939—indicating
that the rise in the dollar volume of wholesale trade
slightly overstates the increase in the physical volume
of goods sold. The estimated increase in retail sales in
1940 was likewise affected in the same direction, owing
to strengthening of retail prices.
20
SURVEY OP CURRENT BUSINESS
Inventories
Although the expansion of business activity during
1940 was dominated less by accumulation of inventories
than had been the case in both the 1939 and 1937 upswings, the net increase over the year was a considerable
one. A general lengthening of commitments in the fall
and winter months, superimposed upon the increased
stocks technically required by the arms program and
the expanded volume of consumption, raised inventories
to an unusually high level. Much of the rise occurred
in manufacturing industries, as shown in figure 12,
where inventories are estimated to have increased by
about 1,200 million dollars. Net accumulation by
retailers and wholesalers was also substantial, stocks
rising by 274 million and 120 million dollars, respectively. The value of total inventories at the end of
1940 is estimated at roughly 20,600 million dollars as
against 19,300 million a year previously, a gain of 7
percent. The physical increase was somewhat smaller
than this as a result of a 1 percent rise in wholesale
prices.
DECEMBER 31, 1935 = 100
150
140
130
100
1935
1936
1937
1938
1938
1939
1939
1940 1940
Figure 12.—Indexes of the Value of Manufacturing, Wholesaling, Retailing,
and Total Inventories for Selected Dates, 1935-40 (U. S. Department of
Commerce and Dun and Bradstreet, Inc.).
NOTE.—Indexes for manufacturing inventories through June 1938 and for wholesaling
and retailing inventories through 1939 are Dun and Bradstreet's series. Values of
the Dun and Bradstreet's index of manufacturing inventories subsequent to June
1938 were spliced with U. S. Department of Commerce "Industry Survey" figures
on the basis of overlapping data for the end of 1938 and the middle and end of 1939.
All index values for 1940 are U. S. Department of Commerce estimates based upon
sample data.
It will be recalled that the industrial advance in the
final quarter of 1939 was chiefly engendered by a wide
inventory movement. Stocks valued at more than
1,100 million dollars were added by manufacturers at
that time. The further delivery of orders placed during the fall buying wave continued this accumulation
into the first quarter of 1940, though at a greatly reduced rate. Despite intensification of the war, the
second quarter proved to be one of modest liquidation
in both manufacturing and trade inventories as business viewed with less optimism the prospects of large
war demand. However, even in June, when liquidation had run its course, stocks were slightly above those
February 1941
at the end of 1939, and of course were much above
pre-war levels.
It was in the second 6 months of 1940 that renewed
accumulation developed, reaching large proportions in
the final quarter when manufacturers invested about
700 million dollars in additional inventory. The basis
for this accumulation in the latter part of 1940, as well
as its form and its relation to the cyclical movement of
business, differed markedly from the inventory upswing
in late 1939. These questions have been discussed in
detail in the "Introduction" to this Review, describing
the cyclical development of business during the year.
The rise in manufacturing inventories during 1940
was largely attributable to the durable-goods industries.
Holdings by manufacturers in nondurable-goods lines
were only 3 percent higher at the end of the year than at
their earlier peak in February, while holdings in the
durable - goods fields — including iron and steel,
machinery, automobiles, and other transportation
equipment—were 13 percent higher. The largest
increase in the final quarter was in the transportationequipment group, which included important and
expanding defense industries, such as shipbuilding, aircraft, and railway equipment. Expanding ordnance
production, reflected initially in accumulation of stocks,
was mainly responsible for the increase in the railwayequipment division.
In the retail field, year-end to year-end inventory
changes ranged from a drop of 2 percent for dry-goods
and general-merchandise stores to an increase of 22
percent for motor-vehicle dealers. The latter group
includes some used cars and equipment, as well as new
cars. New-car and truck inventory alone advanced to
a much greater extent, being 50 percent higher at the
end of 1940 than a year previously. This reflected a
number of factors, including the earlier change-over
to new models and the special situation created by the
defense program, which provided automobile manufacturers with an incentive to build up stocks as quickly
as possible. The net rise for the year in retail inventories, exclusive of those in the hands of motor-vehicle
dealers, is estimated at 3 percent. In dollar terms this
represents an accumulation of slightly more than half
of the increase for all retailing, estimated at 274 million
dollars.
Construction
Construction expenditures in 1940 were moderately
larger than in 1939 and well above any of the annual
totals from 1931 to 1938. At 9,985 million dollars,
according to preliminary estimates of the Department
of Commerce for total public and private operations,
the amounts expended for construction in 1940 contributed significantly to the strength of the general
business situation during the year. Allowing for lower
construction costs now as against predepression levels,
the physical volume of construction in 1940 may have
amounted to as much as seven-eighths of the annua
volume during the peak years of the 1920's. Tota
dollar expenditures, however, were less than threequarters as large. Annual construction estimates are
presented in summary form in table 9 and shown
graphically in figure 13.
Table 9-—Estimated Value of Private and Public Construction, Including
New Construction, Maintenance, and Work-Relief Construction *
[Millions of dollars]
1926-29,
average
1932
1933
1937
1938
1939
1940 2
10, 702
8,363
2,339
2,149
190
3,561
1,767
1,794
1,334
460
2,307
1,091
1,216
707
509
5, 470
3,443
2,027
858
1,169
5,189
3,072
2,117
1,103
1,014
3 6,072
3 3,485
3 2,587
3 1,314
3 1,273
6,580
4,031
2,549
1,143
1,406
114
775
1,202
1,032
805
Maintenance, total.
Private4
Public
Non-Federal
Federal
2,960
2,195
765
717
48
1,752
1,128
624
581
43
1,543
1,016
527
485
42
2,579
1,854
725
666
59
2,502
1,763
739
679
60
2,567
1,820
747
684
63
2,600
1,850
750
685
65
Total construction.
Private4
Public
Non-FederaL..
Federal
13, 662
10, 558
3,104
2,866
238
5,313
2,895
2,418
1,915
503
3,964
2,107
1,857
1,192
665
8,824
5,297
3,527
1,524
2,003
8,893
4,835
4,058
1,782
2,276
3 9,671
3 5,305
3 4,366
3 1,998
3 2,368
Item
New construction, total
Private
Public 4
Non-Federal
Federal.Work-relief
Federal 5
construction,
_
5,881
4,104
1,828
2,276
Significant changes took place in many of the
components of the construction total between 1939 and
1940, although the over-all increase amounted to only
3 percent. New private construction advanced more
than one-half billion dollars—a 16-percent rise featured
by a 12-percent increase in residential building and a 69percent gain in factory construction. In 1940 both
new private residential building and new factory construction were at slightly more than half of their
1926-29 averages, although the former was nearly
eight times its 1934 low and the latter more than four
BILLIONS OF DOLLARS
16
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
Figure 13.—Estimated Value of Total, Private, and Public Construction,
1924-40 (U. S. Department of Commerce).
times its 1932 low. Expenditures for public construction, on the other hand, were reduced by more than
200 million dollars between 1939 and 1940. The decline in the public construction total may be ascribed
to curtailment of work-relief construction, since this
type of activity fell off by 227 million dollars. New
public construction, exclusive of work-relief, showed
little change in total despite a pronounced shift in
composition. The PWA program, after contributing
strongly to public-work expenditures of 1939, was
substantially completed in the first half of 1940, and
expenditures for non-Federal construction consequently
fell sharply as between 1939 and 1940. The offset was
provided by the national-defense construction initiated
in the second half of the year.
Table 10.—Estimated Value of New Construction Activity, by Principal
Uses or Functions of Projects 1
[Millions of dollars]
Item
1 Comparable data beginning with 1915 are available in Construction Activity in
the United States, 1915-37, Domestic Commerce Series No. 99, supplemented by
"Estimates of Construction Activity," Survey of Current Business, September 1940,
both
published by the Bureau of Foreign and Domestic Commerce.
2
Preliminary.
34 Revised.
The distinction between non-Federal and Federal is made on the basis of the ultimate source of funds for the work. See table 11.
s Work-relief construction not elsewhere included. For a complete description,
see table 5, "Estimates of Construction Activity in the United States/' Survey of
Current Business, September 1940.
1924 25
21
SURVEY OF CURRENT BUSINESS
February 1041
New private construction:
Residential (nonfarm)
Nonresidential building:
Commercial
_Factory
All other nonresidential-..
Total
Less nonresidential
building by utilities.
Total private nonresidential building, excluding utility.. _
Farm construction 3___
Public-utility construction4_
Total new private construction
New public construction:
Nonresidential
Residential
Military and naval
Allother
Total new public construction
1926-29,
average
1932
1933
1937
1938
1939
1940 2
4,066
641
314
1,530
1,515
1,860
2,077
1,187
640
659
263
78
220
135
128
105
386
391
185
311
192
233
319
200
266
373
337
246
2,486
561
367
962
736
785
956
73
22
10
29
24
25
31
2,413
539
357
933
712
760
925
468
1,416
125
462
175
245
360
620
345
500
340
5 525
360
669
8,363
1,767
1,091
3,443
3,072 5 3,485
4,031
620
408
191
14
1,705
34
1,352
36
989
440
93
37
1,457
712
518
35
81
62
5 119
1,502 s 1, 675
345
200
475
1,529
2,549
2,339
1,794
1,216
2,027
2,117 5 2,587
Total new construction. 10, 702
3,561
2,307
5,470
5,189
5
6, 072
6,580
1 Comparable data beginning with 1915 are available in Construction Activity in
the United States, 1915-37, Domestic Commerce Series No. 99, supplemented by
"Recent Developments in Construction Activity," Survey of Current Business,
August 1939, and "Estimates of Construction Activity," Survey of Current Business,
September 1940, all published by the Bureau of Foreign and Domestic Commerce.
2 Preliminary.
3 Covers farm construction for all purposes and includes repairs; does not include
labor performed by farm operators (owners or tenants) or regularly employed farm
laborers.
4
Private ownership only. Includes nonresidential building by utilities.
« Revised.
The data presented in table 10 are estimates of the
annual value of construction work performed, as
measured by actual expenditures for labor, materials,
and other items. Construction may also be measured
in terms of work initiated during the year as shown by
available current series on contracts awarded or building permits granted. Monthly indexes of the value of
construction contracts awarded, for total construction
and residential construction and adjusted for seasonal
variation, are presented in figure 14. The index of the
total declined in the early months of 1940 to a low point
in March 1940 which was slightly under the 1939
minimum reached in the middle of the year. Beginning
SURVEY OF CURRENT BUSINESS
22
in June, however, total awards expanded sharply, and
by the end of the year they had attained the highest
level since 1930. The increase in the second half of
1940 corresponded in its general aspects to the rise in
construction awards that occurred in the last half of
1923-25 = 100
140
120
20
1936
1937
1938
1939
1940
Figure 14.—Indexes of the Value of Construction Contracts Awarded in 37
States, Adjusted for Seasonal Variations, 1936-40 (Computed by the
Board of Governors of the Federal Reserve System from Data Compiled
by the F. W. Dodge Corporation).
NOTE.—Indexes are based upon a 3-month moving average centered at the second
month.
1938. It is noteworthy, nevertheless, that the advance
in the latter part of 1938 was due almost entirely to the
larger volume of public construction awards under the
PWA program, whereas the expansion in 1940 is attributable in considerable measure to the greater volume
of public awards under the national-defense program.
Increased awards for private residential, commercial,
and factory building construction also contributed to
the gains made in the last half of 1940.
A substantial volume of construction on which work
had started was carried over into the early months of
1941. Construction placed under contract in January
1941 continued active, according to the data compiled by the F. W. Dodge Corporation, and was running
well ahead of last year. Additional defense construction to be placed under contract in the early months of
the year should be noted, and rising national income
and increased industrial activity may be expected to
stimulate the demand for private construction, both
residential and nonresidential. Consequently, barring
a substantial advance in costs, a considerable increase
in construction volume may be anticipated in 1941,
and total construction activity may well exceed 11
billion dollars.
Residential Construction
Expenditures for new residential construction in
1940 are estimated at 2,277 million dollars, an increase
of nearly 17 percent over the previous year. The
expansion in 1940, as shown in table 10, was made up
February 1941
of a gain of 12 percent in private residential work and
an increase of 147 percent in publicly owned residential
construction. The increase in public residential construction reflected mainly the further expansion of the
United States Housing Authority program and was
largely independent of actual expenditures under the
defense housing program initiated in the latter months
of the year. New private residential building in 1940
continued the upward movement that carried construction expenditures of this kind from a low of 272
million dollars in 1934 to 2,077 million in 1940. The
1940 rise is explainable in part by the expanded national
income total—higher than in any year since 1929—in
part by the absence of a strong upward movement in
residential construction costs, and in part by the continued accessibility of funds for financing home mortgages as indicated by the maintenance of low interest
rates. Moreover, vacancy surveys during 1940 showed
no marked increase in the proportion of vacant residential units.
Monthly residential building awards adjusted for
seasonal variation, shown in figure 14, rose rapidly in
the first 8 months of 1940 to a point well above the peak
reached in the latter part of 1939. The rise in these
awards during 1940 was almost identical with that
during 1938. In both years awards rose rapidly in the
first 8 or 9 months, leveling off to some extent in the
closing months of the year. During 1938, however,
residential aw aids advanced from a relatively low volume, whereas in 1940 the increase in awards began
from a level approximating the highest point reached
in 1938.
Work was started on approximately 545,000 new
dwelling units in nonfarm areas of the United States
during the year, according to estimates of the Bureau
of Labor Statistics—an increase of 17 percent over the
1939 total of 465,000 units. The 1940 figures set a
12-year record and exceeded by almost 10 percent the
1929 total. The increase in the number of units
started occurred mainly in privately financed residential construction. However, the volume of public
residential construction started was moving upward
toward the close of the year as a result of the defense
housing program which was responsible for 23,000
Federally financed units under way by the end of
December 1940.1 The Federal Housing Administration considered 1940 its most active year and indicated
that approximately 173,000 privately financed new
homes were started under FHA inspection last year,
compared with 142,000 in 1939.
The outlook for private residential building in 1941
i Thesefiguresfor 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 1941
SURVEY OF CURRENT BUSINESS
is favorable, and a further rise may be expected if the
factors that affect this type of activity continue their
present trends. Since it is unlikely that the influence
of an increased national income in 1941 will be completely offset by a general price advance sufficient to
reduce the family income that is available for shelter,
it is quite possible that 1941 expenditures on new
private residential construction may exceed the 1930
total of nearly 2,200 million dollars. If, however, the
costs of constructing residential buildings should
increase sharply, perhaps because of the introduction
of priorities or rationing of construction materials, the
outlook for a continued rise would be less favorable.
A decided expansion in public residential construction expenditures seems likely in 1941 in view of the
large appropriations already made for public housing
as part of the defense program. Appropriations totaling 240 million dollars are available to Federal agencies
for the construction of public housing units in this connection. An additional 10 million was advanced by
the President to The RFC Mortgage Company to provide equity capital for investment in housing projects.
Part of the 240 million dollars was provided in a supplemental Army and Navy appropriation bill which
made 100 million available to the President for allocation to the War and Navy Departments for the construction of housing units on or near military and naval
establishments, or near industrial plants engaged in
defense activities. In addition, the Lanham Act
(Public, No. 849, 76th Congress) made available 150
million dollars to the Federal Works Agency to provide
housing for defense workers, 10 million of which was
for reimbursement of funds previously advanced to the
RFC Mortgage Company. The United States Housing
Authority still has a substantial volume of work to be
completed, and it is estimated that expenditures by
local housing authorities for USHA-aided projects will
be about 30 percent greater in 1941 than in the preceding year. Under special powers, this agency has
been able to allocate approximately 41 million dollars
of its funds for defense housing construction.
Private Nonresidential Construction
Private nonresidential construction totaled more than
950 million dollars in 1940, compared with 785 million
in 1939—"the sharp increase in factory construction expenditures and a moderate increase in commercial
building accounting for most of the gain. Other types
of private nonresidential building, such as educational,
religious and memorial, hospital and institutional, and
social and recreational building—the volume of which
has varied little during recent years—showed little
change or declined moderately.
Expenditures for new factory construction, exclusive
of public projects under the national defense program,
are estimated at 337 million dollars for 1940, an increase
of more than 68 percent over the preceding year's total.
23
Despite this striking advance, private factory construction was about 14 percent below the 1937 total of 391
million dollars and was less than one-half of the 1929
peak. Further large gains are expected in 1941, since
only the initial effects of higher industrial activity and
defense preparations were reflected in actual expenditures for new plants during 1940.
Factory construction awards under stimulus of the
national-defense program were of unusually large
volume in the last half of 1940. In both November
and December factory building contracts awarded in 37
States reported by the F. W. Dodge Corporation were
larger than in any month since 1925 when these data
were first reported. In the last 6 months of 1940 total
awards for this type of construction, including public
projects noted below, were three times the volume of
awards in the first half of 1940. In view of the large
volume of work started at the end of the year, a considerable expansion in actual construction operations is
already indicated for the early months of 1941.
Commercial building operations increased 17 percent
from 1939 to 1940—larger construction expenditures for
store buildings, garages, and service stations being
chiefly responsible for the gains in this category. Vacancies in office buildings continued high, the National
Association of Building Owners and Managers reporting
that 16.7 percent of office space in 111 cities was vacant
on October 1, 1940. This relatively high rate affords a
partial explanation of the continued low level of this
type of construction activity in most areas of the
country.
Public Construction
The year 1940 witnessed important developments in
public construction. It marked the virtual completion
of PWA projects during the first half of the year and a
subsequent large-scale expansion in military and naval
construction. The Federal Government for the first
time embarked on extensive construction activities to
provide facilities for the manufacture of essential war
materials and, as already mentioned, further enlarged
its housing program.
Total public construction in 1940 did not attain
its 1939 peak because of declines in PWA construction
expenditures and in work-relief construction. The decline in expenditures on PWA projects is evidenced by
the drop in new construction expenditures for nonFed erally-owned projects shown in table 11 from 2,034
million dollars in 1939 to 1,550 million in 1940. On
the basis of "reported project costs," as compiled by
the Public Works Administration, it is estimated that
expenditures on PWA non-Federal projects were a
little more than 400 million dollars in 1940, compared
with more than 1 billion dollars in 1939. Work-relief
construction fell from 1,032 million dollars in 1939 to
805 million in 1940.
Direct Federal construction, as a result of the growth
24
SURVEY OF CURRENT BUSINESS
Table 11.—Estimated Value of New Public Construction Activity, by
Ultimate Source of Funds and by Ownership *
[Millions of dollars]
Item
I. Ultimate source of funds: 3
Total public funds_
Non-Federal funds
Federal funds
Federal projects
Federal aid to highways.
PWA grants
Work-relief included in
new public construction
II. Ownership:
Total public ownership
Non-Federal ownership
Federal ownership
1926-29,
average
1932
1933
1937
2,339
2,149
190
106
84
1,794
1,334
460
283
177
1,216
707
509
312
195
2
2,027
858
1,169
524
289
236
120
2,339
2,233
106
1,794
1,511
283
1,216
904
312
2,027
1,503
524
1938
1939
2,117 4 2,587
1,103 4 1,314
1,014 * 1, 273
*553
475
4 180
212
430
192
1940»
2,549
1,143
1,406
999
172
160
110
75
2,117 4 2, 587
1,642 4 2,034
553
475
2,549
1,550
999
135
February 1941
ing. Other Government-financed construction activities related to defense will further increase the volume
of construction in 1941. The Reconstruction Finance
Corporation has authorized loans of 175 million to
private industry for the construction and equipment of
manufacturing plants, most of which have been made to
firms producing aircraft and related products.
Costs of Material and Labor
While there was a fairly substantial rise in construction costs during the latter months of 1940, there was
1926 =100
1
Comparable data beginning with 1915 are available in Construction Activity in
the United States, 1915-37, Domestic Commerce Series No. 99, supplemented by "Recent Developments in Construction Activity," Survey of Current Business, August
1939, and "Estimates of Construction Activity," Survey of Current Business, September
1940, all published by the Bureau of Foreign and Domestic Commerce.
2
Preliminary.
3
Federal funds include expenditures for Federal projects and Federal grants (but
not Federal loans) to States and localities for construction purposes. Non-Federal
funds include amounts raised by States and localities from current taxation and from
borrowings (whether from private investors or from the Federal government).
4
Revised.
in defense activities, increased almost 450 million dollars
in 1940, but this gain was not sufficient to offset the
declines in other types of work. As may be seen from
figure 15, most of the increase was in military and naval
construction (including productive facilities), which
totaled 475 million dollars for the year. Defense construction accounted for approximately one-half of all
direct Federal construction work, whereas in the previous 8 years military and naval construction averaged
only 12 percent of all direct Federal work.
In view of the volume of work remaining unfinished
at the end of 1940, the value of construction to be done
on defense projects, including defense housing activities, during 1941 is likely to exceed 1 billion dollars,
even without additional appropriations. The National
Defense Advisory Commission estimated that the enacted program for defense construction, as of November
9, totaled almost 2 billion dollars. This includes 631
MILLIONS OF DOLLARS
800
Figure 15.—Estimated Direct Federal Public Works Expenditures, 1932-40
(U. S. Department of Commerce).
NOTE.—Categories do not include Public Works Administration grants and loans for
non-Federal projects, Federal-aid highway grants, United States Housing Authority projects, or work relief expenditures on local projects.
million for cantonment construction; 520 million for
the construction of "productive facilities"; 337 million
for air bases; 258 million for seacoast defenses and other
military construction; and 240 million for defense hous
40
140
130
CQMAfOM-lABOR WAGE RATES-*.
.4
120
/
/
+—
SK/LLED-UBOR WAGE RATES-.
1 in
_
^
"
—
f
100
fr—\
•
90
••**
BU/LD/NG-AfA* •TER/ALS PR/CSS
/
*******
- - • • " " • • • • "
flO
I ! 1 , I ! , , - , ,
I 1 . 1 , I I , ! .
1
! 1 1 t 1 ! 1 1 1 1
1
1939
O.O. -40-627
Figure 16.—Indexes of Skilled-Labor Wage Rates, Common-Labor Wage
Rates, and Building-Materials Prices, 1936-40 (Wage Rates, Engineering
News Record; Building-Materials Prices, U. S. Department of Labor).
little evidence that this factor was exerting a restraining
influence on construction activity. Available indexes
show that both material and labor costs changed very
little during the first 8 months of 1940. In the remaining months, however, certain of the components rose
sharply. The Bureau of Labor Statistics index of building material prices rose from 92.5 (1926=100) in July
1940 to 99.3 percent in December—the highest point
attained by the index since December 1926. Nearly all
of this increase was occasioned by a 25 percent rise in
the wholesale price of lumber. Construction wage
rates for both skilled and unskilled labor were at new
highs at the end of 1940, according to the indexes of
hourly rates compiled by the Engineering NewsRecord—though not much above the levels prevailing
in recent years. Common-labor wage rates increased
approximately 4 percent from April to September 1940
but leveled off at the close of the year, while skilledlabor wage rates rose slightly throughout most of the
year.
Hence, it is the possible trend of costs, rather than the
level at the year-end, which obscures somewhat the
outlook for the construction industry in 1941. If costs
do not rise so materially as to become an effective deterrent, it appears highly probable that the requirements
of the defense program and the general advance in business activity will result in a volume of construction well
above that of 1940.
SURVEY OF CURRENT BUSINESS
February 1941
Public Utilities
Electric Power
The electric power industry has continued to expand
throughout most of the past decade, but its growth in
1940 was in most respects the greatest since 1929.
Output, capacity, customers, revenue—all were the
highest in the history of the industry. In the week
ended December 21, output had risen to a new record
of 2,911 million kilowatt-hours, 10 percent higher than
the peak week in 1939. Moreover, all indications
point to a similar increase in 1941. In preparation for
this, a volume of new capacity comparable to that of
the late twenties was under construction at the yearend.
Sales of electrical energy were about 118.5 billion
kilowatt-hours, an increase of 13 billion over 1939 and
the largest annual gain on record. All of the consuming groups required more energy during the year.
Industry, however, accounted for about two-thirds of
the increased demand and took almost 50 percent of
the total energy sold. Sales to urban residential consumers advanced about 12 percent, while electricity
generated or purchased by cooperatives under the Rural
Electrification Administration more than doubled.
Though purchases by commercial firms, which use
electricity for lighting and small amounts of power,
showed a 7 percent increase, the relative importance of
this type of consumption declined slightly.
The advance in residential sales continued a trend
in existence over the past decade, the 12 percent gain
being a typical average for the latter half of this period,
though larger than that in 1939. The addition of
900,000 new customers created some of the increased
demand, while more widespread ownership and use of
electrical appliances was responsible for the rest.
This latter factor raised average consumption per
household from 897 kilowatt-hours in 1939 to 952 kilowatt-hours in 1940, an increase larger than that of the
Table 12.—Revenue per Kilowatt-Hour of Electrical Energy Sold, by
Consumer Classes, 1929-40
[Cents]
Commercial
Year
Residential
Farm
Small
Large
light and light and
power
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
6.30
6.00
5.74
5.57
5.49
5.30
4.99
4.65
4.30
4.14
4.00
3.81
2.54
2.61
2.70
2.98
2.85
2.65
2.86
2.77
2.26
2.47
2.42
2.47
4.24
4.13
4.17
4.14
4.07
3.99
3.82
3.60
3.41
3.30
3.19
3.06
Total
power
1.38
1.41
1.47
1.53
1.38
1.35
1.30
1.19
1.14
1.20
1.12
1.04
2.57
2.66
2.75
2.85
2.66
2.58
2.46
2.27
2.17
2.30
2.16
2.04
i Revised figures to conform with Uniform System of Accounts prescribed by
Federal Power Commission.
210 months actual, 2 months estimated.
Source: Edison Electric Institute.
25
previous year. Of major importance in load building
are electric refrigerators, ranges, and water heaters, all
of which are heavy consumers of electricity. Sales of
these and other electric appliances were much above
the previous year and in most cases were the largest in
history. This was the result of the relatively high
level of income and substantial price reductions, both
of which created a wider market for these commodities.
The larger domestic consumption in turn lowered
average kilowatt-hour cost from 4.0 cents to 3.8 cents.
Part of this decline was automatic because of graduated
rate schedules. However, some downward adjustment of rate schedules themselves also occurred, partly
induced by the increased consumption. Nevertheless,
the number of such reductions was smaller than in
other recent years.
BILLIONS OF
KILOWATT-HOURS
150 T
MILLIONS
OF KILOWATTS
60
125
50
KILOWATT-HOURS GENERATED
(LEFT SCALE)
IOO
40
30
75
KILOWATT GENERATING CAPACITY
(R/6HT
SCALE)
50
20
10
1926 11 28 23 30 31 32 33 34 35 36 37 38 39 J O
Figure 17.—Total Kilowatt-Hours Generated and Total Generating
Capacity, 1926-40 (Edison Electric Institute).
NOTE.—Data represent kilowatt-hours generated during the year and the generating
capacity on December 31.
The chief reason for the 17 percent rise in the consumption of electricity by industry lay in the substantial
advance of industrial output. Moreover, the nature of
the demand created by the defense program, with its
emphasis on durable-goods production and more
particularly on metals, was calculated to increase the
demand for power to a greater extent than was usual
in past industrial upswings.
Expansion in Capacity.
The electric power industry was materially aided in
handling the heavier demand in 1940 by the addition
of about 1,350,000 kilowatts to the capacity of private
and municipal plants, which brought total installed
capacity to 38,727,000 kilowatts. (See fig. 17.)
With the exception of 1937, this was the largest installation since 1930 and represented an investment of
about 596 million dollars. However, this figure is expected to be surpassed by a wide margin in both 1941
and 1942. The Electrical World estimates prospective
installations on the part of private industry alone at
26
SURVEY OF CURRENT BUSINESS
2,250,000 kilowatts in 1941. This is to be supplemented by an exceptionally large addition of 1,650,000
kilowatts to municipally and Federally owned generating facilities, a principal part of which is the Bonne ville
project in the Pacific Northwest. Of course, not all of
the equipment will constitute additional capacity,
some of it being needed to replace that ready for retirement. Nevertheless, the increased plant and equipment
should raise capital expenditures in 1941 to around 700
million dollars, which compares favorably with the
volume of such expenditures in the latter twenties.
Table 13.—New Capacity Added, Capital Expenditures, and Security Issues
by the Electric Power Industry, 1936-40
Year
Net addition to
generating capacity
(thousands of
kilowatts)
1936
1937
1938
1939
1940
.
.
371.8
700.3
1, 370.1
1, 046. 4
1,350.0
February 1941
since 1930. In comparison with 1929, as shown in
table 14, however, operating revenues remained nearly
one-third lower, net operating income was down more
than 45 percent, and net income amounted to less than
one-fifth of the 1929 figure. With nearly one-third of
railway mileage in receivership, and net operating
income in 1940 only about 110 percent of fixed charges,
the financial position of American railroads remained
far from satisfactory. The downward trend in available railroad equipment was halted during the year,
new equipment about offsetting retirements. However, only a small reserve of facilities remained to accommodate the industrial expansion expected in 1941
and 1942.
Security issues i
Capital
expenditures
New
capital
Total
Table 14.-—-Operating Revenues and Income, Fixed Charges, and Net
Income, Glass I Steam Railways (Excluding Switching and Terminal
Companies), 1929-40
[Millions of dollars]
Millions of dollars
289.7
455.5
482. 0
430.0
596.6
59.7
82.0
123.1
16.2
92.4
1,331.9
645.7
964.0
996.3
989.5
i Not including common-stock rights and warrants.
Sources: Net addition to generating capacity is based on data published by the
Edison Electric Institute; capital expenditures are from the Electrical World; security
issues are from the Commercial and Financial Chronicle.
Despite the large over-all increase in installed capacity scheduled for 1941, the advance expected in both
defense and civilian requirements caused some concern
over the adequacy of capacity in specific areas. The
industry cooperated with the Federal Power Commission in an effort to review its position in this respect,
the Commission dividing the country into 48 different
areas and surveying the power situation in each.
Though the Commission concluded that capacity is
adequate for handling loads expected this year, it also
revealed the need for further expansion in some areas
if deficiencies were to be avoided at the peak of the
defense program in 1942. Possible deficiencies were
reported for nine important districts, for an aggregate
of 1,500,000 kilowatts. Since 18 months to 3 years are
required for provision of new generating facilities, part
of the deficiency would need to be relieved in some other
fashion. Thus, construction of additional high-voltage
transmission lines was planned in order to interconnect
adjacent areas and pool available reserves for more
general use. In this way, and through construction
of new capacity, it was hoped that repetition of the
power shortage experienced in 1917 and 1918 could be
avoided.
Railroads
Year
1929
1930
1931
1932
1933
1934
1935
1936.
1937
1938
1939
1940
„
-_
_
Net railGross
way
operat- Operating
operating
ing
revenues ratio
income
Fixed
charges
71.76 I 1.251.7
868.9
74.43
525.6
76.97
326.3
76.87
474.3
72.66
462.7
74.64
499.8
75.11
667.3
72.33
590.2
74.87
372.9
76.35
588.8
73.05
677.4
71.91
680.4
671.0
660.2
654.1
665.7
653.1
648.9
653.3
629.0
614.4
607.7
i 603. 7
6, 279. 5
5, 281. 2
4,188. 3
3,126. 8
3, 095.4
3,271.6
3, 451. 9
4, 052. 7
4,166.1
3, 565. 5
3, 995.0
4, 296.4
Net
income
896.8
523.9
134.8
•* 139.2
*16.9
7.5
164.6
98.1
d 123. 5
93.2
i 170. 0
*
1<
Deficit.
Estimated.
Sources: Interstate Commerce Commission and Association of American Railroads.
Traffic and Earnings.
Freight carloadings last year increased 7.2 percent,
surpassing the 1939 volume in every month except
October. The seasonal pattern, which usually gives
rise to a traffic peak in October, was less pronounced
than the year before because coal shipments were not
concentrated so much in the fall months as usually.
Hence, only 837,651 cars were loaded in the highest
week of October 1940, compared with 856,289 carloadings at the October 1939 peak. Freight loadings for
the year amounted to 36,353,609 cars, compared with
the 1937 total of 37,670,464 cars. However, the railroads moved more ton-miles of freight during 1940
than in any other year since 1930, as average load per
car and average length of haul have increased.
Freight revenues in 1940 increased 8.8 percent over
1939. Average freight revenue per ton-mile, however,
declined from 0.973 cent in 1939 to approximately 0.94
cent in 1940, the lowest rate of record with the excepFor the Nation's railroads, industrial expansion in tion of 1937, when the average was 0.935 cent. The
1940 meant heavier traffic, larger revenues, and im- drop since 1929 has been more than 0.13 cent per tonproved income. Although carloadings fell somewhat mile. Freight rates were generally maintained during
short of the 1937 total, the ton-miles of freight carried 1940, the decline in average ton-mile revenue reflecting
was the largest in a decade. Gross revenues, net principally a shift in the composition of freight traffic
operating income, and net income were the highest toward lower revenue tonnage.
Passenger traffic in 1940 was more than 3 percent
larger than the year before. However, passenger
revenues were off slightly from 1939 as coach fares
in the Eastern District were reduced from 2.5 to 2
cents per mile after March 24, 1940. The "grand
circle'7 (coast to coast and return) excursion fares
were continued, and special reductions were granted
uniformed personnel of the armed forces at the Christmas season.
MILLIONS OF CARS
16
1936
1938
1939
Figure 18.—Financial Operations and Carloadings of Class I Railways,
1936-40 (Financial Operations, except for December 1940, Interstate
Commerce Commission; Carloadings and Financial Operations for
December 1940, 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
1940 were not available in time to include them in this chart.
Total operating revenues for the year were at the
highest level since 1930, showing a gain of 7.5 percent
over 1939. Net operating income was up 15.0 percent.
Net income, after a small increase in income from other
sources and slightly reduced fixed charges, advanced
in the first 11 months by somewhat more than the
gain in net operating income. Net income for this
period was 138.5 million dollars, up 80.5 million dollars
from returns in January-November 1939, while for
the full year it probably exceeded 1936 net income of
165 million dollars by 5 to 10 million dollars. Financial
results last year, however, were in sharp contrast with
1929 net income of 897 million dollars.
In 1936, and again in 1940, the railroads demonstrated close control of operating expenses, despite
lower traffic levels than in 1929 and the importance of
such relatively fixed costs as depreciation. The ratio
of total operating expenses to gross operating revenues
in 1940 improved to 71.91 percent, compared with
72.33 in 1936 and 71.76 in 1929. While increasing
railway tax accruals, which approximated those of 1929,
have restricted returns in recent years, the most difficult feature of the railroad situation (other than the
decline in demand) has continued to be the heavy
capitalization of earning power represented by fixed
charges. These charges have been reduced by less
than 80 million dollars since 1929, and in 1940 approximated 90 percent of net operating income. Plans of
reorganization approved by the Interstate Commerce
Commission, or proposed by examiners, for railroads in
reorganization proceedings before the Commission,
would scale down the fixed charges by 91 million dol
27
SURVEY OF CURRENT BUSINESS
February 1941
lars, but this would still leave aggregate fixed charges
only about one-quarter less than in 1929.
Equipment and Operations.
Though the supply of railroad equipment remained
relatively unchanged this past year, the position of the
railroads in this respect must be viewed in the light of
the decline in supply as compared to that available
a decade ago. This is illustrated, in the case of freight
locomotives (steam) and cars, in table 15. The number of locomotives of all types in service in Class I
railways at the end of 1940 was 28 percent less than
in 1929, the number of steam freight locomotives
27 percent less, while aggregate tractive force had
declined about 20 and 18 percent, respectively. The
number of freight cars has dropped 28 percent, with
average capacity per car increased by less than 9 percent
since 1929. ^Reflecting the drastically curtailed rate of
railroad purchases, only about 3,000 new locomotives
and 355,000 new freight cars have been installed on
Class I railways since 1929.
Table 15.—Equipment Expenditures and Freight Equipment, Class I
Steam Railways (Excluding Switching and Terminal Companies).
1929-40
Equipment expenditures
Ordered
from
Maintenance manufac-
Year
turers i
Millions of dollars
1929
1930
1931
1932
1933
1934
1935 . .
1936
1937
1938
1939
1940
_
. - __
1,202.9
1,019.3
817.0
618.9
598.7
637.9
681.9
783.0
826.7
676.5
765.9
819.0
397.1
146.5
28.9
2.6
5.9
66.9
35.7
222.6
173.3
74.0
188.8
233.4
Freight equipment
Steam
locomotives in
service
Dec. 31
Cars in
service
Dec. 31
33, 605
32,900
32,063
31,197
29,935
28, 520
27,462
26, 695
26, 517
25, 956
25,058
2 24,450
2, 306, 804
2,305, 741
2, 229,845
2,172,414
2,061, 331
1, 963, 672
1,859,945
1, 781,217
1, 766, 512
1, 721, 998
1, 671, 712
21, 669,000
New cars
installed
84,894
76,909
12, 662
2,968
1,879
24,103
8,903
43,941
75,058
18, 517
24, 528
65,545
2
i Estimated by Railway Age.
Estimated.
Sources: Interstate Commerce Commission, Association of American Railroads,
and Railway Age.
Although the installation of new equipment has been
restricted, extensive retirements of obsolete equipment
have served to raise average capacity and efficiency.
Another important factor affecting the utilization of
freight equipment favorably during the past decade has
been the substantial increase in the average length of
haul. Moreover, with a heavier load per car, and more
cars per freight train, the net load per train rose to 852
tons in 1940 (first 11 months) compared with 804 tons
in 1929. Freight trains also have been speeded up, and
move more miles per active locomotive-day. Serviceable freight cars carried 647 net ton-miles each day, on
the average, in 1940 (first 11 months) compared with
582 ton-miles in 1929. Thus, as a result of improvements in average capacity and utilization, the railroads
are able to transport more freight in proportion to
their available equipment than they could a decade
ago.
28
SURVEY OF CURRENT BUSINESS
This ability to produce more freight transportation
per unit of equipment than in 1929, though doubtless
capable of further gradual improvement, does not,
however, preclude the possibility of an equipment
shortage if traffic should rise sharply above the peaks
prevailing in late 1939 and in 1940. The advance of
carloadings in the fall of 1939 initiated a program of
car repair and equipment purchases that brought the
proportion of bad-order freight cars down to 8.1 percent
on October 1, 1940, and resulted in the installation by
Class I railways of 65,545 new freight cars and 126 new
steam locomotives during 1940. Orders for new rail1935-39=100
140
130
80
1936
1937
1938
1939
1940
Figure 19.—Indexes of Industrial Production and Freight Carloadings,
Adjusted for Seasonal Variations, 1936-40 (Board of Governors of the
Federal Reserve System).
road equipment of all types last year approximated
233.4 million dollars, as estimated by Railway Age,
compared with 188.8 million dollars in 1939, and at the
end of 1940 Class I railways reported 115 steam locomotives and 35,702 freight cars on order. Retirements
during 1940, however, were about equal to new installations, and will probably continue at a high rate by
reason of the age and obsolescence of much of the
existing equipment. In order to add appreciably to
the inventory of freight equipment, should this be
required to meet the transportation needs of the
defense-stimulated industrial expansion now under
w^ay, it would be necessary for the railroads to increase
their purchases substantially above the 1940 level.
Transportation Act of 1940.
Federal regulation of transportation was expanded
and centralized by the Transportation Act of 1940.
The Interstate Commerce Commission now has extensive powers for regulating railroads, motor carriers, and
water carriers in domestic transportation, while air carriers are subject to a certain degree of regulation by
the Civil Aeronautics Authority.
The outstanding provisions of the 1940 Act are meant
to (1) extend and enlarge existing regulatory powers
over common and contract water carriers that are most
keenly competitive with other transportation agencies;
February 1941
(2) establish a national transportation policy for a fair
and impartial regulation of all modes of transportation
subject to the Act "so administered as to recognize and
preserve the inherent advantages of each7'; (3) provide
for a more flexible policy regarding consolidation of carriers and added protection of employees that may be
adversely affected by such consolidations; and (4) authorize the establishment of a temporary board that
will study the transportation problem and may make
recommendations for further legislation.
Motor and Air Transportation
Motor-truck carriers continued to expand their operations in 1940 as the general rise in business activity
made increasing demands upon this rapidly growing
type of transport. Class I intercity carriers reported
an increase of 17 percent in tonnage of revenue freight
transported in the first 6 months of 1940 over the corresponding months of 1939. This was considerably larger
than the 11 percent increase in railroad carloadings for
the comparable periods. Half-year operating revenues for these intercity carriers were 13 percent higher
in 1940 than in 1939, while local carriers reported a
gain of less than 6 percent.
Class I motor carriers of passengers report a 13 percent increase in the number of passengers carried during the first 10 months of 1940 over the corresponding
period of 1939. Passenger revenue, however, was only
1 percent above 1939—a reflection of the lower rates
induced by the more intense competition of the railroads through the reduction of fares in 1940.
TH0U5AND5 OF POUNDS
1400
MILLIONS OF M LES
140
If
1200
1
1100
800
n
1
1
EXA ffESS CAfifi/ED
XI /
( ieH Sco/e)
1 II \
till
600
100
60
if
400
/ I
P/SS ENGER M/LES
Sco/e)
200
J\
FLOm t
Y
1
V
1 /"**\
i/
Jr
40
\f \
i
ii
20
I
0
0
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
Figure 20.—Passenger Miles Flown and Express Carried by Scheduled
Airlines in the Continental United States, 1930-40 (Civil Aeronautics
Authority).
Air transportation evidenced even more striking
gains in 1940 than motor transport, as both passenger
and express traffic attained record heights. (See fig.
20.) Express carried was 31 percent above the 1939
total and reached a new record volume of 1.2 million
pounds in November, while the number of passengers
29
SURVEY OF CURRENT BUSINESS
February 1941
tonnage on African and Far Eastern routes approximately tripled, and that to South America increased by
one-third. The result was a slight increase in American
Shipping
shipping on all oversea routes over the pre-war total.
In addition to the overseas change, tonnage on nearby
The expansion in American imports and the diversion
of British, other belligerent, and neutral vessels to war- foreign routes also advanced, reflecting the shift of drytime supply and naval auxiliary uses brought a marked cargo vessels into this service from coastwise shipping.
improvement in the revenues and operations of the The latter was moderately reduced, but tankers, which
American shipping industry during 1940. The gain in account for somewhat more than half of coastwise
operations occurred in the face of a substantial rise in tonnage, were little affected. The above shifts yielded
ocean freight rates and the barring of American vessels a net increase of 30,000 gross tons in employment of
from a large section of the world under the Neutrality American seagoing vessels for all purposes, with another
12,000 tons transferred to Government service.
Act of November 1939.
American shipping during 1940 assumed a larger
Table 16.—Employment of American Steam and Motor Merchant Vessels
share in the United States carrying trade. Clearances
of Over 1,000 Gross Tons, June 30, 1939, and September 30, 1940 i
[Thoussmds of gross tons)
of American vessels from United States ports averaged
33 percent of total net register tonnage cleared in 1940,
Employment
June 30, 1939 Sept. 30,1940 Change
as against 26 percent in 1939.
-624
1,111
1,735
Laid-up
The extraordinary wartime transportation require-273
4,298
4,025
Coastwise
- -. .
541
770
+229
Nearby-foreign
ments of the British Empire, in conjunction with heavy
Oversea foreign:
losses and the enforced disappearance of German and
69
-635
704
Europe and Mediterranean
225
+143
Africa
__. . 82
Italian shipping from the high seas, have curtailed
499
+345
154
Orient and Ear East
248
+124
124
Australasia and India
effective world shipping capacity. This, plus increased
435
+116
319
South America
159
-19
178
Around world, etc
operating costs, has produced a substantial advance in
1,635
+74
1,561
Total oversea
ocean freight rates since the outbreak of war, as
2
-582
8,135
7, 553
Total
_
.illustrated for selected commodities in American export
and import trade in table 17.
J Excludes lake and river tonnage.
2
Includes 12,000 tons in Government service.
One other important development in American shipSource: U. S. Maritime Commission.
ping during 1940 was the decline in tonnage brought
The withdrawal of American shipping from belliger- about by the transfer to foreign register and the sale of
ent areas and increased employment elsewhere are American vessels. The Maritime Commission apshown in table 16, which compares the allocation of proved the sale or transfer of 1,152,000 gross tons
American vessels to the principal trade routes on between September 1939 and October 1940. While the
September 30, 1940, with that at the end of June 1939, major part of current merchant-ship construction in the
prior to the war. The effect of the Neutrality Act is United States is for the American Merchant Marine,
shown in the heavy reduction of tonnage in service to the tonnage in American register may be further affected
Europe and the Mediterranean. However, American through disposal of older vessels to the British.
carried increased more than 58 percent during the year.
Passenger miles flown were about 53 percent above 1939.
Table 17.—Ocean Freight Rates in United States Foreign Trade
Rates (dollars)
Export shipments
Commodity
Destination
Basis
Origin
August
1939
December
1940
Percent
increase
Buenos Aires (Argentina
Pacific ports....
Canned goods
20.00
11.1
Atlantic ports..
.do_
Gulf ports
Pacific ports--.
Atlantic ports-
Automobiles (boxed).
Iron and steel (bars) _.
Cotton
Lumber (squares)
Tobacco
/2,000 lb_.
\40 cu. ft.
/2,240 lb._
\40 cu. ft,
2,240 lb-_
1001b.
1,000 ft..
2,000 lb_.
18.00
Rio de Janeiro (Brazil)..
Valparaiso (Chile)
Kobe (Japan)
Do
Shanghai (China)
9.00
7.00
.60
12.00
17.00
12.00
11.20
18.00
25.60
.90
33.3
60.0
50.0
50.0
50.5
Coffee
Petroleum (crude) _
Tin.
Rubber
Tung oil
Silk
Bags (60 kilograms).
Barrel
20 cwt
cu. m
/2,0001b
\40cu. ft
1001b
.60
.13
25.00
10.50
10.00
13.00
4.00
.75
i .43
36.00
15.00
14.00
18.00
6.00
25.0
230.8
44.0
42.8
40.0
38.4
50.0
Import shipments
Origin
Santos (Brazil)
Porto de la Cruz (Venezuela)
Singapore (Straits Settlements)
Soerabaya (Netherlands East Indies) _
Hong Kong (China)..
Kobe (Japan)
* August 1940, 20 cents per barrel.
Destination
Atlantic ports.
do
.....do
—..do
Pacific ports--.
Atlantic ports.
30
SURVEY OF CURRENT BUSINESS
Communications
On the basis of reports filed by large carriers with the
Federal Communications Commission, the estimated
number of telephones in service in the United States
at the end of 1940 will approach 20 million. This
increase of more than a million over the number in use
last year continues the steady advance that has characterized the industry since 1933. Operating revenues
of 94 major carriers for the first 11 months of 1940
amounted to 1,182 million dollars, compared with the
1939 figure of 1,118 million dollars.
The telegraph industry, although continuing to
operate at an over-all deficit, also achieved a considerable improvement in its position during the year.
Operating revenues of the three telegraph carriers
reporting to the Federal Communications Commission
amounted to $109,395,406 for the first 11 months of
1940, compared with $106,015,495 for the corresponding
period of 1939. This increase of 3.2 percent in operating revenues resulted in an 8.4 percent increase in
operating income and reduced the 11-month deficit
from almost 3 million dollars in 1939 to 59 thousand
dollars in 1940.
Year
Operating
revenues
Operating
income
February 1941
about 1% million from the previous year-end. This
figure does not include the addition after June 1940 of
more than 400,000 men to the military and naval
personnel of the United States. Also excluded are
persons employed on WPA or NYA projects, and enrollees in CCC camps. Farm employment followed its
usual seasonal pattern in 1940, while continuing the
downward trend shown during the recent years—an
average annual decline of about 150,000. This secular
movement has lowered farm employment approximately
8 percent below the 1929 average.
All branches of industry and trade participated in
the expansion in employment during 1940. However,
since the defense program affects manufacturing more
than any other industrial segment, it is not surprising
that during the last 6 months of 1940 the gain made in
manufacturing was about equal to that made in all
the other nonagricultural industries combined. In
manufacturing establishments, employment in December 1940 totaled a million more than the 9.5 million
persons employed in June.
MILLIONS OF PERSONS
Net income
Thousands of dollars
1936
1937
1938
1939
19391
19401
122,116
123, 893
112, 858
116,837
106, 015
109, 395
14, 921
8.509
2 915
5J857
4,980
5,400
5,840
dl67
5, 672
d 2, 709
d
2,9U
d
d 59
<
* Deficit.
1
11 months.
Source: Federal Communications Commission.
1929
Operating results were still affected by duplications
of facilities and the increasing competition of other
forms of communication. As a remedy, the Federal
Communications Commission again recommended merger of the domestic telegraph companies and, in addition, urged consolidation of international communication carriers domiciled in the United States, in the
interests of defense and other national needs.
Employment and Unemployment
The total number of persons employed in the United
States in the final quarter of 1940 was larger than at
any other time since 1929. Average employment for
the year is estimated at about 46 million persons, which
was about 4 percent under the 1929 average. Employment in nonagricultural establishments began to rise
in March, and gains were accentuated after the midyear
as industrial production advanced to new highs under
the stimulus afforded by the defense program. By the
end of the year the number at work in nonagricultural
pursuits was more than 37.1 millions, an increase of
1930
1931
1932
1933
1934
1935
1936
1937
1938
I9*»
1940
Figure 21 •—Number of Persons Employed and Unemployed in the United
States, 1929-40.
NOTE.—Figures are estimates originally made for the Committee on Economic Security by Robert R. Nathan and kept up to date by him.
The rising trend in employment shown during the
last quarter of 1940 is expected to continue throughout
1941 as the tempo of the defense program is increased.
Certain skills were already in a tight supply position
by the end of 1940. Since the success of the defense
program depends to a considerable extent on the availability of the necessary skilled labor, a beginning was
made through the cooperation of Government, industry >
and labor, to establish training programs in special
fields where labor shortages are likely to occur.
Meanwhile, many persons undergoing such training
remained at work on Government work projects.
Widest Gains Shown in Durable-Goods Industries.
The monthly average employment in manufacturing
establishments increased by more than 580,000 persons
in 1940—a gain of 6.3 percent over 1939, though still
below the 1937 and 1929 averages. Since the indus-
February 1941
SURVEY OF CURRENT BUSINESS
tries manufacturing durable goods were most directly
affected by the defense activities, they showed the
largest gains in employment. The Bureau of Labor
Statistics index of factory employment for the durablegoods component advanced from an annual average of
90.2 (1923-25 = 100) in 1939 to 104.2 in 1940, an increase of 15.5 percent, while average employment in
nondurable-goods industries rose only from 109.2 in
1939 to 110.6 in 1940. Changes during the course of
the year, however, were much larger. Thus, most of
the gain in the durable-goods employment was made
in the final 6 months, the index of employment increasing from a low of 98.4 in July to 117.5 by the end of
the year, the highest recorded figure. By the year-end
the nondurable-goods index of employment had increased from a low of 105.6 in May to 114.9—somewhat
above the peak reached in 1929, though still below the
high point in 1937.
The defense program stimulated employment to a
greater extent in those durable-goods industries directly concerned with producing war materials. In
a number of war-materials industries, employment
reached new highs by the year-end. The aircraft
companies, for example, employed about 131,200 wage
earners in December 1940, compared with less than
25,000 on the average during 1937. Shipbuilding yards
engaged over one-third as many more workers as a
year earlier. In other major industries stimulated by
war orders, as shown in table 18, substantial increases
were reported.
31
than 2 percent; 89,000 additional employees in transportation and public utilities increased the total in
those industries only 3 percent; and the 53,000 persons
added to financial, service, and miscellaneous establishments raised this total little more than 1 percent.
Civil employees of Federal, State, and local governments increased by 88,000 in 1940 over 1939, or a little
more than 2 percent. Many of the additional civil
employees were force-account workers on construction
projects vital to defense. Nevertheless, considerable
expansion took place in the military and naval branches,
with an average of 200,000 being added in 1940.
These included additions to the regular Army, Navy,
Marine Corps, and Coast Guard, as well as members
of the National Guard inducted into the Federal Service
by act of Congress.
The average number employed on work-relief projects
of WPA in 1940 was 460,000 less than in 1939, the program furnishing employment in December for 1,809,000
persons. The NYA and CCC programs changed only
slightly from 1939.
Unemployment Decreasing.
As a result of the general business expansion and the
increase in Army and Navy personnel, unemployment
at the end of 1940 was about 1,500,000 less than at the
outset of the year. Estimates of the total unemployed
varied widely, chiefly because of differences in the calculation of the available labor force—a question whose
settlement awaited final tabulation of the 1940 census.
There was no doubt, however, that a considerable
Table 18.—Employment in Selected Industries
labor supply was available for the further industrial
expansion expected in 1941 and 1942.
Increase
Estimated
from
Increase
wage
Despite the substantial employment gain in 1940,
December
December
Industry
earners,
1939 to
1940 over
December
most estimates showed a larger number of jobless than
December
1937 average
1940
1940
at the period of peak industrial activity in 1937, a time
when the Federal Reserve Board production index was
Aircraft
72, 400
131, 200
107,200
Shipbuilding
58,100
120, 400
44, 600
13 percent below the December 1940 figure. Moreover,
30,900
Machine tools
78,100
23, 700
34, 200
Engines
67,100
28,900
the average hours worked per week rose to 41 in 1937,
8,200
Aluminum manufactures
5,800
31, 900
Foundries
453, 500
67,100
25, 200
whereas in 1940 they advanced only from 37 to 39.
22,100
Electrical machinery
279, 300
51,100
Steel
24, 800
526, 700
25, 600
Three factors are important in accounting for the un6,500
Chemicals
85, 400
7,000
Brass, bronze, and copper products
26, 300
109, 400
19, 800
employment increase between 1937 and 1940. First,
each year the labor supply had increased by a figure
Source: Bureau of Labor Statistics, XJ. S. Department of Labor.
ranging from 400,000 to 600,000 persons (exact figures
Considerable diversity marked the gains reported in are not known, as their determination must await
the other major industrial fields. The largest percent- analysis of the final tabulation of the 1940 Census);
age increase occurred in the construction and in the secondly, employment in agriculture had continued its
mining fields. The construction industry experienced secular decline, reflecting both a decrease in demand
its best year of the decade, construction contractors and increased mechanization of the industry; and
employing 84,000 more workers on the average than in thirdly, increased productivity per worker in many
1939. Employment in extractive industries had been industries had diminished labor requirements per unit
lower in 1939 than at any time since 1933. During of output. From 1939 to 1940 alone, it is estimated
1940 these industries increased their labor force by that production per man-hour increased approximately
about 7 percent, but this still left a considerable mar- 4 percent in both the durable- and nondurable-goods
gin from the 1937 average of 949,000. Elsewhere the components of the Federal Reserve index. This inpercentage gains reported for 1940 were smaller. The crease, of course, was only partly the result of technoincrease of 120,000 in trade constituted a gain of less logical change. Further utilization of existing plant
SURVEY OF CURRENT BUSINESS
32
increases efficiency in the use of labor. Moreover, the
defense program emphasizes a type of production where
labor uses much capital, and hence labor productivity
is greater.
Rise in Pay Rolls.
Partly as a result of lengthened hours of work, increases in wage rates, and the use of a larger number of
skilled workers, especially in the armament industries,
the index of factory pay rolls advanced more rapidly in
the latter half of 1940 than the employment index.
Average hourly earnings in durable-goods industries
increased from 71 cents during the last 6 months of
1939 to 74 cents in 1940, while in nondurable-goods
industries they advanced from an average of 59 cents
to 61 cents. Only part of this increase represented
higher wage rates, however, the remainder resulting
from the employment of a larger proportion of the total
labor force in skilled work receiving higher pay.
Time lost as a result of industrial disputes was cut to
one-third of the total for 1939. Man-days idle for the
year averaged under 500,000 monthly as compared with
1,484,352 in 1939 and 2,368,738 in 1937. No major
industrial disputes, such as those in the automobile and
bituminous-coal industries in 1939, occurred during the
year.
Commodity Price Movements
February 1941
ment. For each case where the Price Stabilization
Division of the Defense Commission threatened direct
intervention to prevent a price increase, there were
numerous other cases where no action had to be taken.
Even if not used, the power to exercise priorities proved
a restraining influence. Large backlogs were allowed
to accumulate in durable-goods industries without resort
to price increases for cutting off some of the flow of
new business.
I93S-39 = IOO
160
60
4
1929
1930
1931
1932 1933 1934 1935
1936 1937 1938 1939 1940
Figure 22.—Indexes of Industrial Production and Commodity Prices,
1929-40 (Board of Governors of the Federal Reserve System and Moody's
Investors Service).
NOTE.—The Federal Reserve index of industrial production is adjusted for seasonal
variations. The spot price index, covering 15 important commodities, published
by Moody's has been recomputed, with 1935-39 as base.
The broad contours of commodity price movements
in 1940 were shaped mainly by changes in industrial
While events of the last quarter of 1940 mitigated
production and were much less affected by speculative the immediate fears of sharply rising prices, it was
reactions to war developments than was the case in the generally realized that the price problem remained a
autumn of 1939. Hence the price rise that occurred source of danger that might increase the costs of rein the latter part of 1940 was moderate on the whole, armament, induce inventory buying in industries
despite the advance in industrial production to record already faced with large backlogs of unfilled orders, and
volumes. Except in isolated instances, the feverish multiply the immediate problems as well as those of
price movements initiated by forward buying in the post-war adjustment. So long as industrial capacity
preceding September, at the outbreak of the war, were was inadequate to meet the peak demands induced by
not duplicated. At the end of the year spot and whole- the defense program, the danger of rising prices consale commodity prices were generally no higher than at tinued to exist. The quickening pace of defense
the end of 1939.
demand made most urgent the problems of avoiding
The relatively moderate price development was all bottlenecks by creating new facilities (including necesthe more noteworthy in that it accompanied a flow of sary skilled labor) and of using our existing facilities
new orders to manufacturers in a volume exceeding the more effectively. Meanwhile, until new facilities
peak of the 1939 inventory boom. Existence of con- could be brought into activity, priority systems were
siderable unused capacity made possible an orderly to supplant price advances as the means of equilibrating
advance in most lines of production, but that condition demand with supply in the affected areas. The possilikewise prevailed a year earlier. The difference in bility of credit inflation seemed unlikely to become a
the two situations was a diminution of the speculative problem within the year, though the situation was being
motive, attributable to a number of circumstances. watched closely and steps to meet it were planned if it
There was, in the first place, a realization that the threatened to become a factor in the price outlook.
price rises of the previous period were unwarranted
in view of unutilized resources, and that the history Prices and Changes in Industrial Production.
That expanding industrial activity need not in itself
of prices in the first World War would not be repeated
automatically. In the second place, the Administra- lead to large price increases is demonstrated by the
tion's determination to prevent price maladjustments experience in 1938 as well as this year. However, as
no doubt acted as a damper on an upward move- figure 22 shows, both in 1937 and 1939 the substantial
33
SURVEY OF CURRENT BUSINESS
February 1941
advance in production was accompanied by a considerable price rise. But in each of these instances a peculiar combination of factors was instrumental in creating such a result. Thus, in 1937 not only had two previous years of drought pushed agricultural prices upward, but a sudden spurt of consumer demand induced
by payment of the soldiers' bonus and the expansion of
the British rearmament program took place simultaneously with substantial wage advances in important
durable-goods industries. The net result was a wave
of speculative inventory buying which served to increase
prices still further.
to recede though production continued to advance to
the end of 1939.
The movement of prices in 1940 was smaller than the
movement of industrial production—the Bureau of Labor Statistics' wholesale price index falling from 79.4
in January to 77.4 in August, then rising to 80.0 in
December. This general movement, however, cloaked
the divergent course taken by the prices of certain commodities particularly sensitive to supply-and-demand
conditions and most directly affected by military developments abroad.
Thus, the first reaction to the spread of the war to
Table 19.—Wholesale and Other Price Indexes for Selected Periods
Percent change
Item
October
1936
April
1937
August
1939
September 1939
January
1940
August
1940
December 1940
August
1939-January 1940
January
1940-August 1940
August
1940-December 1940
+3.4
+5.4
+4.8
+2.2
+6.3
+13. 0
+1.7
+2.8
+4.9
+13.3
+1.2
+2.6
+6.4
+1.3
+.8
+5.6
+28.8
+3.5
+9.2
0
-1.2
+6.3
+2.8
+.6
+5.4
+.5
+.8
WHOLESALE PRICE INDEXES
(U. S. Department of Labor, 1926=100)
Combined index, all commodities 1
Economic classes:
Raw materials
Semimanufactured articles
Finished products
Farm products
Grains
Livestock and poultry
All commodities other than farm products
Foods
Dairy products
Meats
All commodities other than farm products and food.
Building materials
Chemicals and drugs
Fuel and lighting materials
Hides and leather products
Hides and skins
Textile products
Cotton goods
Rayon
Silk
Woolens and worsteds
Metals and metal products
Iron and steel
Nonferrous metals
House-furnishing goods
Miscellaneous
81.5
82.1
76.2
82.0
84.0
102.1
81.2
80.9
82.6
87.4
84.4
80.1
87.3
80.1
76.8
95.6
97.2
71.6
82.0
32.4
31.1
80.5
86.9
88.8
71.7
82.0
71.5
88.0
75.0
79.1
79.4
80.0
+5.9
-2.5
89.5
87.4
92.2
119.2
93.6
86.9
85.5
78.5
94.9
86.5
96.7
85.0
76.8
106. 3
121.4
79.5
95.1
33.6
34.4
93.5
96.5
99.6
97.0
89.0
81.1
66.5
74.5
79.1
61.0
51.5
66.0
77.9
67.2
67.9
73.7
80.1
89.6
74.2
72.6
92.7
77.2
67.8
65.5
28.5
44.3
75.5
93.2
95.1
74.6
85.6
73.3
72.6
81.8
81.9
68.7
65.1
76.3
81.3
75.1
74.5
81.0
82.1
90.9
76.6
72.8
98.5
97.4
71.7
70.4
29.0
49.7
84.0
94.8
95.5
84.7
86.6
76.6
73.8
81.7
81.7
69.1
73.5
67.2
81.5
71.7
81.9
69.9
83.9
93.4
77.7
72.7
103.6
102.6
77.9
75.4
29.5
61.8
90.4
95.8
96.3
82.6
87.9
73.6
80.7
82.8
69.7
67.0
72.7
82.1
73.5
84.2
77.0
84.1
99.3
77.7
71.7
102.3
99.3
74.8
74.9
29.5
42.5
89.0
97.6
95.4
83.4
88.9
77.3
+11.0
-5.4
-5.8
-.9
-5.1
-19.3
77.0
81.0
65.6
59.3
71.5
79.9
70.1
74.3
76.1
82.0
93.3
76.7
71.1
96.9
77.1
72.3
68.6
29.5
43.0
83.7
94.9
94.8
79.1
88.5
76.7
+9.7
+3.3
+13.3
+42.7
+1.8
+4.6
+6.7
+20.6
-5.2
+4.7
+4.2
+4.7
+.1
+11.8
+32.9
+14.9
+15.1
+3.5
+39.5
+19.7
+2.8
+1.3
+10.7
+2.7
+6.0
+6.4
-2.0
-2.2
-9.3
+8.9
-2.3
-.1
-1.3
-2.2
-6.5
-24.9
-7.2
-9.0
0
-30.4
-7.4
-.9
-1.6
-4.2
+.7
-1.3
OTHER INDEXES
Cost of living (National Industrial Conference Board,
1923=100)
Prices received by farmers (IT. S. Department of Agriculture,
August 1909-July 1914 = 100)
Retail foods (U. S. Department of Labor, 1935-39=100)
Retail prices of department-store articles (Fairchild index,
Dec. 31, 1930=100)
85.2
87.3
84.0
85.4
84.6
85.1
85.8
121
103.0
130
105.1
88
93.5
98
98.4
99
94.8
96
96.3
101
97.2
+.7
+12.5
+1.4
+1.6
90.0
95.2
89.5
90.2
92.3
92.9
93. £
+3.1
+.7
+.6
-3.0
+.8
+5.2
+.9
+1.1
i Based on 784 series in 1936 and 1937, 813 in 1939, 863 in January and August 1940, and 887 in December 1940.
Again in the fall of 1939 the outbreak of war occasioned a radical change in expectations. As conditions
similar to those that existed in the last war were anticipated, speculative inventory buying immediately began. In some instances, spot prices of commodities were
bid up 30 to 40 percent. The Bureau of Labor Statistics' index of sensitive commodity prices rose from 100.4
(August 1939 = 100) on August 31 to 124.9 at the end
of September, and the wholesale price index jumped
from 75.0 (1926 = 100) in August to 79.4 in October.
By the end of 1939, however, the business community
had become aware of the limitations implicit in the recovery and the dangers inherent in an upward price
movement. Indeed, soon after September, prices started
287880—41
3
Scandinavia was an advance in the price of many import staples—particularly rubber, tin, burlap, cocoa,
and sugar—reflecting supply considerations associated
with the events of the war and its possible influence on
shipping facilities. Wood pulp, a major import item
from Scandinavia, also advanced markedly in price.
Wholesale prices, however, generally were unaffected.
Again in May with the start of the large-scale offensive
on the Western Front, sensitive commodity prices
moved up. After May 10 when Germany invaded the
Netherlands and Belgium, practically all sensitive commodity prices dropped precipitously. The Bureau of
Labor Statistics1 index of 28 sensitive commodity prices
declined from 118.1 to 113.9 in the week ended May
34
SURVEY OF CURRENT BUSINESS
17. Pacing this downward movement of the index
was the component representing agricultural prices,
which receded from 123.0 to 116.1 in the same week,
in anticipation of the prospective loss of foreign marAUGUST
140
1939 = 100
fSEPT. X T .
NOV.
1939
DEC. JAN.
FEB. MAR. APR.
MAY
JUNE JULY
1940
AUG. SEPT.
OCT.
NOV. DEC.
AAto-tia
Figure 23.—Indexes of Daily Spot Market Prices of Raw Industrial Commodities and Foodstuffs, August 31, 1939-December 26, 1940 (U. S.
Department of Labor).
NOTE.—Daily figures, August 1939=100. Data shown are for Thursday each week
unless a holiday falls on this day, in which case Wednesday prices are shown. The
index of raw industrial commodity prices is based upon 16 quotations (15 items):
Flaxseed, shellac, rubber, hides, rosin, print cloth, silk, wool, burlap, steel scrap
(Chicago and Philadelphia), tin, copper, lead, zinc, and cotton. The index of
foodstuff prices is based upon 12 items: Wheat, barley, corn, butter, tallow, hogs,
steers, lard, sugar, coffee, cocoa beans, and cottonseed oil.
kets. Spot cotton prices fell $2.50 per bale in the week
ended May 17. Wheat dropped 20 cents per bushel,
and the exchanges subsequently established minimum
prices for several weeks.
These sensitive prices held firm for a few weeks at
the midyear, then declined sharply again as concern
was felt in business centers over war prospects, the
sensitive commodity index reaching a low of 105.5 in
August. In all, the index dropped 15 percent in the
first 7 months of the year. Late in August prices
firmed and turned upward as it became apparent that
a quick knockout of Britain was unlikely and as industrial production expanded rapidly in anticipation
of the defense program.
From the low of 105.5 on August 16, the spot commodity index advanced 12 points to 117.5 on November 15, the major components moving up proportionately. From November 15 to the end of the year,
spot prices held relatively stable. However, during
this period some divergence in price movements again
appeared; while raw industrial commodities tended
to recede in the final 6 weeks of 1940, agricultural
commodities and foodstuffs advanced more than 3
percent. Import prices reached their highest level
early in December and tended to decline thereafter.
At the end of the year the spot commodity index remained 02 percent under the average prevailing at
the beginning of the year. The B. L. S. wholesale
price index which now includes 887 commodities, was
fractionally higher in December than in January, but
February 1941
relatively few components equaled their highs of the
previous fall.
Changes in Price Relationships.
During 1940 the change in price relationships between broad commodity groups was more marked than
in 1938 and early 1939, but it still was not of the same
magnitude as that which occurred in 1936-37 (see figs.
24 and 25). While farm prices and raw industrial
commodities were subject to the widest variation in
the course of the year, there was no shift in their
general relationship as in 1936-37. However, farm
prices improved their position relative to all other
commodities in 1940, though remaining substantially
lower than in 1937 when 2 antecedent years of drought
sharply lifted them above those of other commodities.
(See fig. 24.) The decline in farm-product prices
from March 1937 to August 1939 amounted to 35 percent, but when all prices rebounded in September a
year ago, farm products paced the advance. From
January to August 1940 agricultural commodity prices
as usual showed greater sensitivity to the general recession in prices than other components in the wholesale
commodity index, and in the last 4 months of 1940
they again led the upward swing. Though the loss of
export markets was a depressing influence, the expansion of consumer incomes and the effect of the Government loan program offset it and kept farm prices buoyant.
Prices of meat animals, dairy products, chickens and
eggs, and fruits led the advance. Though grains and
cotton also recovered in the final 4 months, they closed
the year somewhat lower than at the end of 1939.
Not only was farm money income increased by higher
prices, but real income advanced even more as prices
paid by farmers for commodities used in consumption
and production receded from 123 (1910-14 = 100) in
June to 122 in December.
1926=100
100 1
ALL COMMOO/T/ES OTHER THAN
sfXRM PRODUCTS MD FOODS
FARM PRODUCTS
!937
1938
Figure 24.—Indexes of Wholesale Prices of Farm Products and All Commodities Other Than Farm Products and Foods, 1935-40 (U. S. Department of Labor).
Wholesale prices of commodities at the various stages
of production showed less divergence of movement than
is customary in periods of striking economic change.
In the past it has been usual for general shifts to occur
in the price relationships of raw materials, semimanufactured, and finished commodities. Raw-material
SURVEY OF CURRENT BUSINESS
February 1941
35
year. On the other hand, finished-goods prices as a
group showed little change, closing the year at approximately the September 1939 level.
During the year, retail prices of finished goods lagged
behind changes in their prices at wholesale. Thus, the
finished-goods wholesale price index rose from 80.5
(1926 = 100) at mid-year to 82.8 in December, while
wholesale and spot prices of farm products and foods
also registered a net advance. But over the same
period, cost-of-living indexes showed no change, though
retail foodstuff prices declined very slightly.
110
JOO —
Some Developments Among Individual Prices.
90
1936
Figure 25.—Indexes of Wholesale Prices of Industrial Commodities,
1936-40.
NOTE.—Computed by the Board of Governors of the Federal Reserve System from
U. S. Bureau of Labor Statistics' data; all foods and feeds, both raw and processed,
are omitted.
prices usually have had the widest swings, moving above
prices of manufactured goods in the prosperity peaks
and falling below them in recession and depression.
However, this relationship has not held in recent years.
From 1937 to September 1939 raw materials declined,
not rising appreciably during the period of improving
business activity in the second part of 1938, and
advancing no more than other prices in September 1939.
During 1940 raw-material prices roughly moved parallel
to those of semimanufactured products. Prices of the
two groups rose about 9 percent in September 1939;
then declined about 5 percent to August 1940, only to
regain their December 1939 levels by the end of the
Table 20.—Prices of Selected Foodstuffs and Industrial Materials
1939
Item
Aug.
31
1940
Percent
change,
Aug. 16
to Dec.
Dec.
May
10
Aug.
16
104
58
995,^
105
70%
S57A
68
66J4
56
MH
6634
2.95
2.90
2.62
2.90
7U
m
6.30
71/2
5.30
6.50
4.47
11.71
9.86
2.52
1.08
+1-2
+2.0
+24.1
+26.8
26
Dec.
31
31,1940
FOODSTUFFS
Wheat, No. 2, hard, Kansas City 1
67
cents per bu..
45%
Corn, No. 3, yellow, Chicago.do
6834
Rye, No. 2, c. i. f., New York.do
Sugar, 96° delivered, duty-free
cents per lb.. 2.92
Coffee, Santos, No. 4, New York
cents perlb... 7H
Cocoa, Accra, New York
do
2 4.47
Hogs, Chicago l
dol. per cwt-. 5. 62
5.75
Lard, cash, Chicago..cents
per
lb_.
Beef, Chicago 1
dol. per cwt.. 2 8.92
83
6.00
5.32
6.32
9.65
5.50
6.42
9.82
6/i
4.22
6.00
4.57
10.83
10.68
4.60
1.04
9.92
2.66
9.74
2.47
15
121/2
1034
13
2QH
25
19%
20%
IIJ/2
5.00
53 V2
6.14
16. 75
10%
12
+22.1
-3.0
+18.1
+10.7
+13.2
+25 6
+8.3
-2.2
+8.1
INDUSTRIAL MATERIALS
Cotton, 10-market average
cents per lb._ 8.55
Silk, New York
dol. perlb._ 2.65
.72
Wool, territory, fine, Boston .do
Hides, heavy native steers, Chicago
11
cents perlb_.
Rubber, plantation, New York
cents per lb.. WA
Copper, electrolytic, New York
cents per lb.. 10 H
5.05
Lead, New York
. do
Tin, Straits, New York... _.do
5.14
Zinc, New York
do
Steel, scrap 3
dol. per gross ton.. 15.62
VIY2.
5.50
49%
6.39
17.67
.88
.87
4.75
5. 50
6. 89
18^63
5OMo
7. 65
21*. 83
50%
+4.4
+11.6
+15. 8
— 1.3
+11 0
+17^2
1 U. S. Department of Agriculture. Data represent averages of daily prices for
week
ended on nearest Saturday except when otherwise noted.
2
Average price for week ended August 26.
s 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.
While special conditions made for sharp price increases in a limited number of specific commodities as
the defense program developed in the fall months, the
range of price changes for major commodity groups
from the 1940 lows to the end of the year was not
marked. Textile products and metals and metal products, for example, rose 3 to 4 percent in the B. L. S.
wholesale price index, roughly the average for all commodities. Building materials rose, on the average,
about 7 percent under the impact of the heaviest construction in the decade. With the exception of hides
and leather products, a particularly sensitive group,
the commodities to show the largest gains from both
the 1940 lows and the pre-war levels of August 1939
were foods and farm products. The smallest rise was
indicated for house furnishings, fuel, and lighting
materials.
Of course, these moderate increases all relate to
quoted prices. It is probable that more substantial
increases in mill nets were secured during a period of
such active demand as the last 4 months of 1940.
Adequate data on actual realized prices, however, are
not available.
Iron and steel.—Of particular significance for the
defense program were the price developments in metals
and metal products. After declining slightly from the
1937 peak to August 1939, metal prices almost regained
their 1937 peak in the following 3 months. After a
slight decline in the fore part of 1940, the metals group
moved above their 1937 peak. Steel scrap declined
from $16.25 per ton in January at Chicago to $15.25
on April 15. The demand for steel products had fallen
off seriously by that time, resulting in price reductions
for a few weeks in a variety of finished steel products.
Following the improvement in the industrial outlook,
steel-ingot production rose rapidly, and with it the
price of steel scrap advanced in June to $18.75 per ton
at Chicago. As steel output was further expanded in
the second half of the year, the price of heavy melting
scrap rose at all principal markets, reaching $21 by the
end of the year at Chicago. Higher prices in other
markets in November led to action by the Price
Stabilization Division. The Iron Age composite
scrap price advanced weekly from $18.17 on August
6 to $21 on November 26; in December the upward
36
SURVEY OF CURRENT BUSINESS
movement in scrap was slowed until the final week of
the year, when it advanced to $21.83.
Despite the sharp advance in scrap prices, the ironand-steel component in the Bureau of Labor Statistics7
wholesale index, which is based on posted prices, for
December was lower than it had been in January, and
6 percent under the 1938 peak for the decade. Structural steel and many other finished steel prices stayed
the same throughout the year—unchanged, in fact,
from July 1938. Consequently, the boost in metal
prices for the year as a whole is traceable largely to the
other metals.
Copper.—Nonferrous metals fluctuated more widely
in price in the past year than the other components of
the metals index. Rising from 79.1 (1926 = 100) in
August, the index of this group of metals advanced to
83.4 in December, somewhat below the monthly averages in the fall of 1939. For the year as a whole copper
prices averaged somewhat higher than in 1939, though
the year-end price was lower than the 1939 high. Spot
copper prices ranged from 12.3 cents per pound at the
first of the year to a low of 10.4 cents in July. The
prevailing price at New York for electrolytic copper in
the last quarter was 12 cents, as against the 1937 high
of 17 cents per pound. A restraining factor in the price
situation was the purchase of 100,000 tons of foreign
copper by the Metals Reserve Company, which will
become available to industrial consumers by March at
about the current price, if need can be shown for its use.
At the same time stocks of refined copper in the United
States were slowly being depleted as domestic production of refined copper held fairly steady at an average
of 80,000 net tons for the first 10 months, rising to only
96,000 tons for November and December. Less than
6 weeks' supply was estimated on hand at the close of
the year.
Zinc.—The position of zinc proved more stringent
than that of metals which had been placed on the
official strategic materials list. Prices advanced rapidly in spot markets from the early 1939 level of approximately 5 cents per pound to 6.9 cents at the end of
September 1939. Receding 1 cent per pound by the
end of January 1940, zinc prices advanced constantly
throughout the year to reach 7.6 cents per pound. By
December no more than a week's supply was available
in the United States. Scrap-zinc prices began to approach the price of the virgin metal. But the fact that
prices did not get entirely out of hand is to be attributed
to a realization that at the moment higher prices would
not bring forth larger supplies, and that the Government would intervene if prices were not held in check.
As unfilled orders accumulated, refining capacity was in
process of rehabilitation, new retorts were being installed for operation in the late spring, and imports of
refined zinc from Canada appeared likely for reexport
to Britain. The fact that zinc prices held nominally
below the 1937 peak was not significant in the face of a
February 1941
depletion of stocks of slab zinc at refiners from about
67,000 net tons in June to less than 13,000 tons at the
end of the year.
Tin.—Prompt action by the Metals Reserve Company in negotiating an agreement with the International
Tin Cartel and Bolivian producers eased the position
of tin. In August 1939, before the outbreak of the war,
tin averaged about 49 cents, from which level prices
rose sharply to 60 cents in September. Under pressure
of heavy inventory buying, nominal prices for Straits
tin in New York touched 75 cents, but fell rapidly to
49 cents in December. With the change in the European and Asiatic political situation in May, prices
advanced from the April low of 44.8 to 55 in May and
58 cents in June, which compared with the 1937 high
of 63 cents. From this point the price declined to the
year-end when it was stabilized roughly at 50 cents per
pound under the agreement that provides for increased
world production and the sharing with the British of
all surpluses at that price. Aside from this factor, the
present flow of tin from abroad is at record volume.
Lead.—Large imports tended to lighten the pressure
of lead prices. While refined lead production had not
increased sufficiently to prevent a decline in stocks at
the year's end to less than a month's supply, foreign
supplies of the metal were readily available. On the
whole, lead prices fluctuated less violently than those
of the other major nonferrous metals, though the
December price of 5.5 cents per pound equaled the
1939 high.
Building materials.—Building-material prices provided one of the major problems in the defense construction program. The rise in the Bureau of Labor
Statistics' building-materials index from 93.3 in August
to 99.3 in December was, however, largely the result
of a movement in a single item—lumber. While the
cantonment program was reaching its peak, the bunching of defense orders caused the lumber price index to
leap from 94.8 in July to 118.8 in December. This
represented a 28 percent increase over the average for
1927, the peak construction year in the United States—
a level higher than in any period of record except for
1919, 1920, and 1923. At the peak in the spring of
1937 the index did not rise above 107. Other building
materials, such as paint, brick, and cement, while rising
moderately in the late fall months, were no higher than
at the first of the year.
Rubber.—As a major industrial raw material for
which the United States is entirely dependent upon
foreign sources, rubber was subjected to all the shocks
emanating from changes in the world political situation.
Virtually unchanged from August 1938 to August 1939,
rubber prices advanced more than 40 percent to 24
cents a pound in the second week of September 1939.
Most of this increase was lost in the subsequent general
decline. But the occupation of the Netherlands caused
concern over the future flow of crude rubber from the
February 1941
Netherlands Indies, and spot rubber prices advanced
from 19.3 cents on May 1 to 25 cents on May 10,
dropping back to 20.8 cents by the end of the month.
Though it again rose shortly with the defeat of France,
the price settled around the 20-cent mark as it became
apparent that the International Rubber Regulation
Committee would raise quotas upward to 100 percent.
Under the Rubber Reserve Company agreement with
the International Committee, export quotas were to be
raised whenever required to permit the United States
to purchase 180,000 tons on the open market during
1941 at 18 to 20 cents. This tonnage was to supplement the June agreement covering 150,000 tons for
1940 and 87,000 tons under the cotton-rubber exchange
with Great Britain. In the final months of 1940 crude
imports were exceeding 1929 volumes.
Textile prices.—Textile prices generally receded from
January to August, the combined index of wholesale
prices declining from 77.9 to 72.3. However, the movement was reversed in the early fall by heavy Army
purchases and the beginning of inventory buying. By
the end of the year, some of the decline had been
erased, the index rising to 74.8 in December. Both
woolen and cotton goods shared in this advance, though
neither reached the level that had existed at the
beginning of the year.
The domestic wool crop in 1940 exceeded that of
1939 by only 3 percent. Though consumption in the
first 8 months was lower than in the same period of
1939, heavy Government purchase of cloth after August, requiring almost half of the domestic clip, exercised a strong influence on wool prices. The index of
woolen and worsted prices rose from 83.7 in August to
89 at the end of the year. Tight supply conditions in
foreign markets that supply imports, contributed to
the advance. The entire crop of Australia, New Zealand, and South Africa was placed under the control of
the United Kingdom and prices were forced upward.
A substantial part of the United States demand was
diverted to South American wools, with the result that
prices also rose in these markets.
In the cotton-textile industry no question arose
concerning the adequacy of raw-material supplies.
But new orders in the final quarter of the year were of
such magnitude as to tax mill capacity, and the cottongoods price index rose from a low of 68.6 in August to
74.9 in December—slightly under the level at the beginning of the year.
Rayon prices remained unchanged during the year,
though they were fractionally higher than in the
preceding 2 years. Silk prices, on the other hand,
declined widely, the index falling from 61.8 in January
to 42.5 in December. Most of the reduction occurred
in the first half of the year. Excessive stocks in Japan,
the loss of British and Canadian markets, and growing
substitution of rayon in this country, all contributed to
the reduction.
37
SURVEY OF CURRENT BUSINESS
Domestic Banking and Finance
Banking and Credit
The war in Europe overshadowed all other influences
in shaping the course of domestic financial developments
during 1940. Among its effects, either direct or indirect, were to be counted an unprecedented inflow of
gold, with consequent changes in bank deposits, reserves, and interest rates; security prices that fluctuated
BILLIONS OF DOLLARS
22
1934
1935
1936
Figure 26.—Monetary Gold Stock and Member Bank Reserves, 1934-40
(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.
widely with shifts in military fortunes abroad; and the
initiation of the defense program, which increased loans,
investments, and flotation of new capital issues.
The persistent inflow of gold was the result both of
the need to finance mounting commodity purchases
from this country and of a continued movement of
flight capital seeking a safe haven. By the end of the
year, 4,700 million dollars of gold had arrived from
abroad. About 645 million of this was held under
earmark, raising total earmarked gold in this country
to 1,808 million dollars. The remainder, added to the
207 million dollars output from domestic and Philippine
mines, increased the monetary gold stock of the country
to approximately 22 billion dollars, compared with
17,643 million at the close of 1939. An addition in two
years of almost 7.5 billion dollars to our monetary gold
left the United States in possession of all save a small
portion of the world stock.
The gold inflow was, of course, the chief reason for the
substantial increase hi the country's huge pool of bank
credit. Through November the volume of memberbank reserves held in the Federal Reserve banks
increased steadily to new highs, the maximum for the
year being attained on November 27, when total reserve
38
SURVEY OF CURRENT BUSINESS
balances were almost 14.3 billion dollars. In addition
to the new gold, however, certain other factors (as shown
in table 21) operated to increase the volume of funds at
the disposal of the banking system. Of chief importance among these was the net disbursement by the
Treasury of approximately 480 million dollars, from
cash and deposits held in the Federal Reserve banks.
Moreover, the Treasury increased its currency outstanding by some 125 million dollars.
Table 21.—Factors Affecting Total and Excess Reserves of Member Banks,
1940
[Millions of dollars]
Item
Factors of increase:
Monetary gold stock
Treasury cash . . _
__ . .
Treasury deposits with Federal
Reserve banks _ _ _
_. _ _
Treasury currency outstanding
Total
Factors of decrease:
Federal Reserve bank credit outstanding
_
Money in circulation
Nonmember deposits and other
Federal Reserve accounts
Total, .
Member-bank reserve balances
Required reserves
Excess reserves
Net change
Dec. 27, 1939
Dec. 31, 1940
17,620
2.417
21, 995
2,212
4,375
205
646
2,963
1
369
3,087
277
124
4,981
i 2,569
7,663
2,274
8,733
933
2,016
295
1,070
1,083
2,448
11,493
6,447
14,026
7,411
2,533
964
5,046
6,615
1,569
1
Adjusted slightly.
Source: Weekly statements of "Condition of the Federal Reserve Banks," Board of
Governors of the Federal Reserve System.
One of the largest factors to absorb part of the
increased funds available for reserves was the continued
rise in the amount of money in circulation, increasing
during the year by the unusual amount of 1,070 million
dollars. Another important factor was the 725 million
dollar increase in the deposits of foreign funds (most
of it since June) in the Federal Reserve banks. Finally,
part of the increased funds—about 360 million dollars—
represented larger deposits by nonmember banks, and
as reserves of these banks, were not directly available
for member banks.
Excess Reserves.
However, as the addition to reserves greatly exceeded
the increase necessitated by the expansion of deposit
liabilities, a further gain in excess reserves to 6,615
million dollars at the end of the year was recorded—
1,569 million more than at the end of 1939. The increase in deposits, on the other hand, required only 964
million dollars more reserves than a year earlier. Much
of this larger requirement came in the last quarter of the
year; excess reserves actually attained their peak at the
end of October, reaching a maximum of 6,960 million
dollars. In addition to larger loans, member-bank
purchases of the Treasury's first offering of National
Defense Series Notes contributed to the reduction
during the final month.
This further gain in excess reserves during 1940
February 1941
magnified the problem faced by the monetary authorities in attempting to control the volume of credit with
the instruments at their disposal. For the past 2
years, the principal medium of credit control has been
the purchase and sale of securities by the Federal
Reserve open-market committee. With the exception
of relatively minor purchases in the spring and autumn
of 1937, no net changes had occurred in the volume of
Government securities held in the system's portfolio
since the autumn of 1933. The volume again remained
unchanged in 1939, but important shifts occurred
in the components of the portfolio.
In the middle of 1939, the practice of maintaining a
constant amount of Government securities was abandoned. At that time, rates on Treasury bills were
practically on a no-yield basis, and the open-market
committee decided that, whenever market conditions
warranted, holdings of Treasury bills should be allowed
to mature without replacement. By the end of 1939,
477 million dollars of Treasury bills had been liquidated,
and since then none have been held in the System's
open-market account.
This retirement of bills was offset by purchases of
other securities in the fall of 1939. The outbreak of
hostilities in Europe was the occasion for a break in the
price of high-grade fixed-interest obligations. The
Federal Reserve banks entered the market at this time
and bought securities freely with a view to cushioning
the decline and exerting an influence against disorganization in the capital market. This action shifted
the emphasis of open-market operations from influencing the size of member-bank reserves to directly
affecting conditions in the capital market.
During the past year open-market operations were
directed at decreasing member-bank reserves. Holdings of Government obligations declined 305 million
dollars, leaving 2,184 million in the portfolio on December 31, 1940. These holdings were only about onethird of the volume of excess reserves. To eliminate
the remaining excess reserves would necessitate much
higher reserve requirements than the upper limits now
possible under existing law. Inasmuch as excess reserves are not distributed among the member banks in
equal proportion to their deposits with the Federal
Reserve system, the absorption of excess reserves by
raising reserve requirements would present delicate
problems of credit control.
Loans and Investments of Member Banks.
The inflow^ of gold caused an almost constant growth
of demand deposits reported by member banks in 101
leading cities. In the absence of a sizable expansion of
loans, especially during the first 9 months of the year,
the growing volume of funds was partially utilized by
the banks to expand their investment portfolios.
Holdings of direct and fully guaranteed Government
obligations and holdings of other securities were in-
39
SURVEY OF CURRENT BUSINESS
February 1941
creased by 1,300 million and 335 million dollars,
respectively, from the end of 1939 to December 31,
1940 (see table 22). On this latter date the reporting
member banks held 12,462 million dollars of Government securities and 3,675 million dollars of other
securities. These securities comprised 63.2 percent of
total loans and investments, an increase of one percent
from December 27, 1939.
Table 22.—Loans and Investments of Weekly Reporting Member Banks,
1939-40
[Millions of dollars]
Item
Dec. 27, 1939 Dec. 31, 1940
Commercial, industrial and agricultural
loans
Loans for purchasing and carrying
securities
-.
Other loans
_ - ...
Net change
4,400
5,018
+618
1,221
3,137
1,049
3,323
-172
+186
8,758
9,390
+632
11,162
3,340
12,462
3,675
+1,300
+335
Total investments
14, 502
16,137
+1, 635
Total loans and investments
23, 260
25, 527
+2, 267
Total loans
Investments in U. S. Government
obligations
_.
Other investments
Total loans and investments of the reporting member banks at the close of 1940 exceeded the maximum
attained in any previous year. Loans were only about
half of those outstanding in 1929, as may be seen in
figure 27, although the current volume of industrial
production exceeded the best levels attained in 1929.
This decrease in loans reflected both the decline of
advances for purchasing or carrying securities and the
continued growth of liquid surpluses available for
working-capital needs in the hands of corporations—
which has partially freed them from reliance upon the
banking system. On the other hand, the steady growth
in holdings of Government obligations, which had been
characteristic of the expansion in bank portfolios since
1932, was continued during the year. These investments comprised nearly 50 percent of reportingmember-bank loans and investments at the close of
1940, as compared writh 28 percent at the end of 1932
and 11 percent at the end of 1929.
BILLIONS OF DOLLARS
25
Source: Weekly statements of "Condition of Weekly Reporting Member Banks in
101 Leading Cities," Board of Governors of the Federal Reserve System.
During the first 8 months of the year the business
demand for credit evidenced only minor and irregular fluctuations—the industrial decline through April
and the subsequent expansion through August exerting
comparatively little influence upon the volume of bank
loans to commerce, industry, and agriculture. After
the beginning of September, however, the demand for
business loans showed more responsiveness to the rise
in general business activity, expanding approximately
555 million dollars in the last 4 months of the year.
(As pointed out in previous sections of this review, forward buying became active during this period.) Nonetheless, the increase for the entire year totaled only
about 620 million dollars. Reporting-member-bank
loans to brokers and other loans for the purpose of
carrying securities declined by 170 million dollars.
BILLIONS OF DOLLARS
10
12
14
16
1929
1934
*Cbmporabh data are n, '
1935
1936
onaihbk prior to September 1934
Figure 28.—Demand Deposits, Adjusted, and Index of Annual Rate of
Turn-over of Demand Deposits (Adjusted for Seasonal Variations) in
Reporting Member Banks in 101 Leading Cities, and Money in Circulation, 1934-40 (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; Money in Circulation, U. S. Treasury
Department).
NOTE.—Data for "Demand Deposits, Adjusted," represent deposits other than interbank 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 1939 through 1925.
Deposit and Money Supplies.
1937
1939
INVESTMENTS IN U. S.
GOVERNMENT OBUGAT/ONS
(D/RECT S FULLY GUARANTEED)
OTHER
COMMERCIAL,
SECURITY INDUSTRIAL £
INVESTMENTS AGRICULTURAL
LOANS
OTHER
LOANS
Figure 27.—Loans and Investments of Reporting Member Banks in 101
Leading Cities, 1929, 1932, 1937, 1939, and 1940 (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.
Gold imports and the increase in loans and investments added 3,580 million dollars to the already swollen
volume of bank deposits during the year, raising these
to the record level of 22.3 billion dollars. The rate of
deposit turn-over at commercial banks, however, fell
further during the year as a large portion of the deposits that represented the proceeds of gold imports
remained relatively inactive (see fig. 28). The rise
in money in circulation carried the total well above the
peak of any year to date. The increase was partly a
corollary of the rapid improvement in business conditions, though it also represented the continuation of
40
SURVEY OF CURRENT BUSINESS
an upward trend in the use of currency. Exports of
currency to Europe during the year for hoarding and
speculation fell off sharply and consequently were a
negligible factor in the rise in currency in circulation.
Bank Credits and the Defense Program.
February 1941
provides funds to private manufacturers, who construct
the plants themselves; however, the Defense Plant
Corporation takes title in its own name and leases the
facilities to manufacturers at $1 a year for a fixed term,
subject to renewal and option to purchase. If at the
end of the stated period the contractor wishes to exercise his option to purchase, the price is agreed upon by
negotiation or is set at the original cost less depreciation.
In letters on November 18 to the Secretaries of War
and Navy, the Federal Loan Administrator said: "* * *
It is desirable that banks finance as much of the defense
program as they can handle properly, but where credit
is extended upon a definite agreement for reimbursement by the War or Navy Department, the interest
rate should bear some relation to a Government-guaranteed obligation * * *." The Administrator also
stated that ample funds were still available from the
1 billion dollars by which Congress had increased the
borrowing authority of the Reconstruction Finance
Corporation and that that organization, either directly,
or through banks, or the Defense Plant Corporation,
would arrange or adjust defense financing for working
capital, plant expansion, and equipment, at an interest
rate of 1}& percent, where either the War or Navy Department had definitely undertaken to reimburse manufacturers over a 5-year period. In the absence of such
a commitment the rate would not exceed 4 percent.
Several major financial developments during the year
served to focus attention on present and prospective
demands for funds with which to finance the expansion
of plant and working capital required by the defense
program. The developments centered primarily about
reducing the risk of investment in plant and facilities
producing items for which demand would be restricted
after the emergency. To meet this need, the Government is using four principal methods for building and
financing defense facilities:
1. The Army and Navy constructs arsenals, naval
bases, etc., and the extension of existing Government
properties, which are financed with Federal funds and
are owned and operated by the Federal Government.
In some cases actual operation of the plant may be
delegated to private industry under a management-fee
contract.
2. Corporations desiring plant ownership at all times
may finance the expansion of plant necessary to fulfill
Government contracts through their own resources,
private sources, or through the Reconstruction Finance
Corporation. Moreover, such a corporation may avail
Interest Rates
itself of the provision in the new excess-profits tax law
that permits amortization in 5 years under certain cirOne effect of the persistent accumulation of surplus
cumstances where the plant is certified by the Govern- funds available for investment by banks was the conment as necessary for defense.
tinued decline of bond yields. The already low short3. Where the fulfillment of a Government contract term open-market money rates showed no change, while
requires too great a risk for private capital to assume an exception to the general movement was to be found
alone, or where the facilities might have a future com- in firmer rates to customers on commercial loans.
mercial use to the contractor, construction may be Declining bond yields were characteristic of the year,
financed through the Emergency Plant Facilities Con- except in May and June, when the drop in security
tract. This plan provides that the Government reim- values following the invasion of the Lowlands and
burse the contractor for the cost of the plant in 60 equal France temporarily raised yields. The average yield
monthly installments—the corporation retaining title to of Treasury bonds due in 12 or more years fell to 1.88
the plant pending the completion of these payments, at percent at the close of the year. This may be comwhich time title passes to the Government. The manu- pared with an average return of 2.68 percent during
facturer may, however, purchase the plant from the 1937. Another illustration is afforded by the average
Government at original cost, less depreciation, or at a yield on municipal bonds, which fell from 3.10 percent
price to be agreed upon by negotiation. The corpora- in 1937 to slightly above 2 percent at the end of 1940.
tion may finance the construction in any manner it Along with the decline in the yields of corporate bonds
chooses, including any loans it may be able to secure there has occurred since the early part of 1938 a narrowfrom the Reconstruction Finance Corporation. As a ing of the spread between high-grade bond yields and
means of providing security for bank credit used to those of low-grade bonds. This has reflected the
finance this type of contract, a law was passed on decreased risk of the latter—chiefly the result of inOctober 9, permitting the assignment by individuals or creased business activity, though materially aided in
corporations to banks or other financing institutions of some instances by revamped capital structures.
payments due from the Federal Government.
Open-market rates in New York for 4- to 6-month
commercial
paper, 90-day stock-exchange time loans,
4. To provide further capital for facilities which will
and
prime
bankers' acceptances, were unchanged
bear large risks but which may have a future comduring
1940
at 0.56 percent, 1.25 percent, and 0.44
mercial use, the Reconstruction Finance Corporation
percent,
respectively.
These rates have showed little
created the Defense Plant Corporation. The latter
SURVEY OF CURRENT BUSINESS
February 1941
change since the downturn in business activity in the
latter half of 1937 induced additional measures designed
to bring monetary ease. Average commercial loan
rates charged to customers by banks in 19 principal
cities, including New York, increased a shade during
the first 9 months of the year, an average rate of 2.68
percent being charged to customers in September compared with 2.59 percent in December 1939.
Dealers' quotations for 91-day Treasury bills were
at par at the opening of 1940, such investments returning no yield. Subsequently, bills were purchased to
41
During the first 4 months of the year, share prices
fluctuated within a narrow range and evidenced little
net change for the period. The sharp reaction that
followed the invasion of the Lowlands (see table 23)
was accompanied by an increase in the volume of trading from 4 million shares for the week ended May 4 to
1929-31 =100
160
20
1936
1937
1938
1939
1940
Figure 30.—Indexes of Industrial Stock Prices, Domestic Corporation Bond
Prices, and Quarterly Earnings of Industrial Corporations, 1936-40
(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 1940, which
was estimated by the U. S. Department: of Commerce).
Figure 29.—Yield of Corporate Bonds, by Ratings, 1936-40 (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 devleopment; while those
rated Baa have definitely less of an investment and more of a speculative character.
Each group includes a representative number of bonds.
yield 0.02 percent, a rate that prevailed during the
first 4 and the last 3 months of the year. Aside from
hardening to 0.12 percent in June, there was little
variation from this low level. Intermediary Treasury
obligations with a maturity of from 3 to 5 years yielded
0.47 percent at the beginning of the year and 0.37 at
the close.
Security Markets
Common-share prices failed to respond to the
increased tempo of business during the year and closed
the year well below the levels of the preceding year-end.
It was apparent that, in determining the values of
equities, investors were giving consideration to the
possible tax burden, to the uncertainties of war, and to
much longer term business prospects. In general,
bond prices were similarly affected, but to a lesser
degree.
Table 23.—Common-Stock Prices on Selected Dates, 1939-40
[1926 = 100]
Item
420 stocks combined
350 industrials
40 utilities
30 railroads
._- __
Dec. 27,
1939
Mav 8,
1940
June 5,
1940
Nov. 13,
1940
91.3
107.4
86.5
28.8
91.5
107.6
87.1
28.6
69.9
80.9
71.9
21.3
84.7
99.1
80.2
29.0
Source: Standard Statistics Co., Inc.
287880—41
4
Dec. 25,
1940
79.6
93.1
77.0
25.8
more than 17 million shares for the week ended May 18.
In subsequent weeks the volume of trading declined to
less than 2 million shares per week, and, after a brief
period of additional weakness when France was invaded,
average share prices evidenced hesitancy and caution
although displaying a moderate upward drift until the
middle of November. Thereafter they declined to the
end of the year.
Figure 31.—Indexes of Stock Prices, by Major Groups, 1936-40 (Standard
Statistics Company, Inc.).
Although corporate profits for the year exceeded 1939
corporate profits by about one-fourth (see fig. 30),
the Standard Statistics index of 420 share prices declined approximately 13 percent. Average share prices
of industrials fell 13 and of utilities 11 percent, while
the average price of railroad shares fell 10 percent.
(See fig. 31.)
Security issues representing the long-term indebtedness of industry closed the year almost unchanged from
42
SURVEY OF CURRENT BUSINESS
February 1941
their values of the preceding year-end. Within a more
restricted range, bond prices followed the same movement of share prices, weak in May and June, touching
the year's high in November. As indicated in the
above discussion of bond yields, bond prices, in contrast
to stocks, were higher at the end of 1940 than at the
period just prior to the outbreak of the war in September 1939. Though investment demand increased, there
was no stringency in the supply of investible funds.
Among the component corporate groups, public
utilities, experiencing their largest plant and equipment
expansion since 1930, offered new and refunding capital
issues of 267 million and 997 million dollars, respectively. Railroads were also prominent among the borrowers of new money, raising 144 million dollars, or
nearly 20 percent of the total new capital. Public
bodies offered fewer new money issues, though they
took advantage of the strong position of the bond
market and refunded a larger volume of State and
Capital Market.
Despite expanding business activity during 1940, municipal bonds than in previous years. The 1940
domestic corporate issues for new capital purposes aggre- aggregate of 1,235 million dollars of municipal flotations
gated only 724 million dollars—considerably less than was the largest for any year since 1931. Common and
the totals of 1,225 million for 1937 and 1,192 million for preferred stock financing increased to 328 million dol1936. Including refunding securities, however, total lars for the year, exceeding the volume of the two preceding years, though less than half of the 1937 figure.
BILLIONS OF DOLLARS
The value of common and preferred stock flotations
in 1940 was exceedingly small when compared with
the total of 1,527 million dollars sold a decade ago.
However, the large amount of refunding activity
caused bond and note flotations of 2,393 million dollars
to compare more favorably with the total of 3,431
million borrowed in 1930.
Table 24.—-Capital Flotations by Major Industries, 1940
[Millions of dollars]
Industry
1927 28
29
30
31
32
33
34
35
36
37
38
39
40
Figure 32.—Total Corporate Capital Flotations Publicly Announced,
1927-40 (Commercial and Financial Chronicle).
Railroads
Public utilities- . _
Iron, steel, coal, copper, etc
_. ~ Motors and accessories
Other industrial and manufacturing
Oil
Shipping . . .
Allother
Total corporate securities
New capital
Refunding
Total
144.5
266.7
14.7
4.1
102.1
12.7
2.1
177. 4
227.8
996.9
349.6
1.3
146.4
105.5
1.5
167.4
372.2
1,263.6
364. 2
5.4
248.5
118.2
3.6
344.8
724. 3
1, 996. 4
2. 720. 7
corporate issues of 2,721 million dollars during the year
Source: Commercial and Financial Chronicle.
were the largest of any year since 1936 (fig. 32). The
failure of new corporate issues to increase more markedly
Federal Financial Operations
did not, of course, reflect a low rate of capital formation.
Corporations have continually increased their liquid
While the fiscal situation of the Federal Government
cash balances in recent years, and these have been in 1940 was radically changed by military developments
available for expansion of productive facilities. More- abroad, it was still influenced by conditions that preover, as pointed out above, much of the capital forma- vailed in 1939. An upward movement of business in
tion during the second half of 1940 represented new 1939 produced larger tax returns to the Treasury durplant facilities that were financed directly by the Gov- ing 1940, and these were augmented by defense taxes
ernment or through the medium of bank loans.
collected during the latter half of the year. As a
Total capital flotations in the second half of 1940 result, Treasury receipts were nearly a billion dollars
rose substantially, while new issues increased in volume larger than in 1939.
during each quarter of the year. In the final quarter
Expenditures increased almost as much as receipts,
new corporate capital aggregated 277 million dollars, but with respect to these the year divides itself into
50 percent in excess of the third quarter and four times two quite different periods. During the first 9 months
the volume in the last quarter of the previous year. total expenditures were little changed from those of
This large amount was supplemented by an unusual 1939, so the increased revenues resulted in a budget defiquantity of refunding at the same time. Improved cit considerably smaller than that of the same period in
business, favorable market conditions (including low 1939. During the last quarter of 1940, however, nainterest rates), and the low level of new financing of tional-defense outlays were gradually increased, and
preceding months all contributed to increase the size their volume was largely instrumental in raising the
and frequency with which new bond issues were offered 1940 deficit to a total almost as large as that of the
to the public.
year before.
SURVEY OF CURRENT BUSINESS
February 1941
occurred in the beginning of that year. This program
had been timed so as to reach its peak at the beginning
of 1939, and there has been a gradual tapering since
that time. The largest reduction occurred in outlays
made by the Work Projects Administration. This1
agency, which employed approximately 3 million workTreasury Expenditures.
Federal expenditures exceeded 10 billion dollars in ers and spent a little more than 500 million dollars
1940, an increase of nearly 900 million dollars over 1939. during the first quarter of 1939, had reduced its rolls to
Largely responsible for the increase were the expanded about 1.8 million workers by the end of 1940 and had
outlays for national defense of 2,600 million dollars, cut expenditures in the final quarter of that year to 330
compared with 1,300 million dollars in 1939—which million dollars. Inasmuch as there was little change in
more than offset declines centered chiefly in public expenditures of the Civilian Conservation Corps and an
works, work programs, and relief. Although national- increase in those of the National Youth Administration,
defense expenditures have been following an upward the whole decrease of more than 300 million dollars in
trend for several years, the rate was greatly accelerated work programs and relief during 1940 was borne by
after the inauguration of the defense program last June. the Work Projects Administration.
More than a billion dollars was spent for this purpose
Public-works expenditures totaled 839 million dollars
during the final quarter of 1940, the December total in 1940, compared with 1,057 million in 1939. As
rising to 476 million dollars from 134 million in the with work programs and relief, the decline reflected
first month of the year. In the course of the program the tapering off of the 1938 program of the Public
thus far, Army expenditures have risen more sharply Works Administration. Total public-works expendithan outlays by the Navy—chiefly as a result of can- tures averaged 264 million dollars per quarter in 1939,
tonment construction, supply purchases, and other compared with 210 million in 1940, and reached a low
expenses incident to the expansion of personnel under point for the 2-year period in the second quarter of 1940
the various mobilization programs.
when outlays were slightly less than 200 million dollars.
Expenditures for public works, work programs, and During the latter half of 1940 outlays increased somerelief in 1940 were almost 600 million dollars less than what, amounting to 230 million dollars in the final
in the previous year. As indicated by figure 33, out- quarter of the year. This increase was partly seasonal,
lays of this kind have been gradually declining since but it was also affected by the fact that many publicthe beginning of 1939—the rate of decline being smaller works projects related to national defense have been
in 1940, and a small increase marking the final quarter. increased. This latter process has also been taking
It will be recalled that an expanded program of govern- place in the activities of the WPA, partly explaining
ment spending along these lines was projected in 1938 the maintenance of these expenditures at their present
following the contraction in general business that volumes. Other reasons for the slower decline in outOther features of the Government financial program
were the tremendous increase in defense appropriations, the passage of two Revenue Acts, and the utilization of Federal corporations and credit agencies in the
defense effort.
Table 25.—Budget Expenditures by Major Type s, Calendar Years *
[Millions of dollars]
1940
1939
1936,
total 2
Major type
3
National defense
.
Public works i
Work programs and relief-Retirements, pensions, and assistance
Agricultural programs
Departmental i 5
Other
.
Interest
Debt retirement . . _
Transfers to trust accounts
_.
Total-..
Total, excluding debt retirement and
transfers to trust accounts..
1937,
total 2
1938,
total 2
First
quarter
Second
quarter
Third
quarter
Fourth
quarter
Total
First
quarter
Second
quarter
Third
quarter
980
1,185
2,470
685
575
475
215
795
120
6 1,775
985
1,005
1,900
835
735
545
215
895
90
61,180
1,110
915
2,310
890
810
625
200
920
50
570
288
259
616
220
292
208
18
167
10
157
305
249
583
226
366
199
40
349
23
161
335
273
478
254
209
213
61
185
9
283
363
276
441
235
350
209
23
271
10
164
1,290
1 057
2,118
935
1,218
829
142
971
53
765
410
202
464
260
424
208
23
202
51
140
475
196
472
237
272
217
41
384
59
159
602
210
413
276
154
234
55
188
16
7 304
9,275
8,385
8,400
2,235
2,500
2,301
2,343
9,378
2,385
2,511
7 2,455
7,380
7,115
7,780
2,068
2,316
2,009
2,169
8,561
2,195
2,293
2,134
Fourth
quarter
1.146
230
424
272
232
209
21
303
17
7 176
Total
2,634
839
1,773
1,046
1,082
869
140
1,076
144
7 779
7 3,031 710,382
2,838
9,460
1
General and special accounts, basis of the Daily Statement of the U. S. Treasury; excludes budget transactions to account of Reconstruction Finance Corporation and
Commodity
Credit Corporation.
2
Figures for these years rounded to nearest 5 millions.
3
Includes
Panama Canal and items formerly classified under "Public works—National defense" in the daily Treasury statement.
4
Classifications revised beginning with July 1939; certain expenditures classified under "Public works" prior to this period are now classified under "Departmental" in
the daily Treasury statement. Data for 1936,1937, and 1938 are on the old basis; figures for the first two quarters of 1939 have been revised in accordance with the classification
on the new basis.
«Includes general expenses of Rural Electrification Administration.
e Includes adjusted service certificates.
7 Classification revised beginning with July 1940; appropriations equal to "Social Security—Employment taxes" collected and deposited as provided under sec. 201 (a) of
the Social Security Act Amendments of 1939 less reimbursements to the general fund for administrative expenses were, prior to July 1, 1940, included as expenditures under
"Transfers to trust accounts." Figures for the last two quarters of 1940 are adjusted to the old classification in order to make the data comparable for the periods shown in this
table.
44
SURVEY OF CURRENT BUSINESS
lays for public works, work programs, and relief are
that reductions are usually sharpest immediately following the termination of a major program and gradually
approach a minimum of workers wiio can only be
absorbed into other fields with difficulty, either because
WOm PROGRAMS
A/VD REUEF
AGRICULTURAL PROGRAMS
PUBLIC
WORKS"
NATIONAL DEFENSE
m&^M^
RET/REME/VTS, PENS/ONS, r ? ; y L ; , ; ; ; y , 7 ^
A/ID ASSISTANCE
K^&&^
INTEREST
DEPARTMENTAL
0T//ER
Figure 33.—Relative Importance of Major Categories of Budget Expenditures, Excluding Debt Retirement, Transfers to Trust Accounts, and
Certain Governmental Corporations, 1936-40 (On Basis of Daily Statement of the U. S. Treasury).
February 1941
year—an increase of 13 million dollars over 1939.
Increased outlays for Retirements, Pensions, and
Assistance, and for Interest in 1940, continue trends
that have been upward for some years. The first
reflects the gradual expansion that had been taking
place in coverage and payments under the Social Security Program, and the second is the result of the
expanding public debt. Transfers to trust accounts,
including Old-Age and Survivors Insurance funds transferred directly from receipts since July 1, 1940,
amounted to 779 million dollars during the year, compared with 765 million the year before, while departmental outlays increased 40 million over those of 1939
and totaled 869 million for the year as a whole.
The pronounced changes in the volume and direction
of Government expenditures during 1940 are clearly
brought out if one considers the major types of expenditures as percentages of the total. Changes in the
relative percentage importance of the major categories
over the past few years are shown in figure 33. National-defense outlays jumped from 15 percent of the
total in 1939 to 28 percent of the total in 1940, while
work programs and relief comprised less than 20 percent of the total compared with last year's 25 percent.
Save for the year 1938, the relative importance of this
latter type of expenditure has steadily declined since
1936, when it accounted for 30 percent of the total.
Public-works outlays dropped from 12 to 9 percent of
the total from 1939 to 1940, and agricultural payments
declined from 14 to 11 percent over the same period.
Changes in other categories were slight.
LIONS OF DOLLARS
1
Data for 1939 and 1940 are not strictly comparable with those for earlier years.
See. table 25, footnote 4.
their particular skills are not demanded by industries
expanding at the moment or because of geographic
factors affecting the mobility of labor.
Budget expenditures for carrying out the various
agricultural programs of the Government declined from
1,218 million dollars in 1939 to 1,082 million in 1940.
This, however, does not indicate any curtailment of
Government activity in the agricultural field, because
the reduction was largely the result of excess capital
funds returned to the Treasury by various farm-credit
agencies. The major agricultural programs involving
direct Treasury financing continued through 1940 at
substantially the same volumes reached in 1939. Payments under the Soil Conservation and Domestic Allotment Act were just under 600 million dollars in both
years, while payments under the Price Adjustment Act
of 1938 and Parity Payments increased to 212 million
dollars in 1940, compared with 201 million in the preceding year. Expenditures of the Farm Security Administration were reduced 39 million dollars in 1940
and totaled 138 million for the year, while those under
the Farm Tenant Act amounted to 46 million for the
Figure 34.—Cash Income and Outgo of the Treasury, and Excess of Cash
Outgo, 1936-40 (On Basis of Daily Statement of the U. S. Treasury).
NOTE.—Data are plotted on a 3-month moving average, centered at the second
month. Basic figures for January 1941 were not available in time to compute the
moving average figure for December 1940.
National Defense Appropriations.
Any account of Federal financial operations would
be incomplete without some reference to the magnitude
of appropriations for the 1941 fiscal year which were
made in 1940. These had scarcely begun to exert a
major influence on Government outlays by the end of
the year, and even the large increases in defense expenditures during November and December w^ere not
enough to raise the Treasury's net cash outgo for 1940
(see figure 34) to the volume reached in 1939. The
February 1941
drive for defense, however, resulted in tremendous appropriations and contract authorizations, and their ever
increasing impact upon business volumes became the
most striking economic development of the year. Indirectly the very size of the defense program was tantamount to an announcement by the Government that
a fuller utilization of the Nation's economic resources
than had been achieved in many years was a necessity,
while the program directly expressed itself in the placement of orders with business totaling more than 11
billion dollars b}T the year-end. Secondary effects,
apparent in the general business expansion of the
autumn months, stemmed from both the larger buying
power generated as industry set about filling defense
orders and from expansion in other lines of business as
the implications of the defense program became
evident.
The first budget estimates for fiscal year 1941, which
were presented to the Congress in January 1940, called
for expenditures of 8.4 billion dollars. It was recognized at the time that uncertainties surrounding the
effects of the war upon American economic life made
these original estimates highly tentative, and major
revisions were made as events developed throughout
the year. With the presentation of the 1942 budget
in January 1941, expenditures were estimated at 13.3
billion dollars for the 1941 fiscal year, and at 17.6 billion
in the fiscal year 1942. The defense program is, of
course, the reason for these increases, with the Budget
estimate for defense through June 1942 as follows:
Appropriations, authorizations,
and recommendations,
June 1940- June 1942 l
[Millions of dollars]
Army
Navy
Expansion of industrial plant
Other defense activities
Total
1
13, 704
11,587
1, 902
1, 287
many of their activities closely geared to the defense
program, but these are not included here.
Table 26.—Appropriations and Authorizations, Fiscal Year 1941 1
[Millions of dollars]
Item
20,440
Total defense items
War Department
Navy Department
Housing for allocation by the President
Defense housing (Federal Works Agency)
Training for defense workers (Federal Security Agency)
Procurement of strategic materials (Treasury Department)
Airport development (Department of Commerce)
War risk insurance fund (Maritime Commission)
Civilian pilot training (Department of Commerce)
Defense activities (National Youth Administration)
Defense power (Tennessee Valley Authority)
Selective Service System
12, 585
8,726
3,273
100
150
76
60
40
40
37
33
25
25
1
Excludes trust-fund accounts.
Of the 11.2 billion dollars in orders placed under the
defense program by the year-end, 4.5 billion was for
ship construction and equipment, 2.2 billion for airplanes, engines, parts, and equipment, 1.9 billion for
ordnance and ammunition, 1.4 billion for construction
other than shipbuilding, and 1.2 billion for other equipment, supplies, and material.
Table 27 indicates the magnitude of the changes in
current and projected defense appropriations:
Table 27.—Appropriations for War and Navy Departments, by Fiscal Years
[Millions of dollars]
Item
Total War DepartmentSelected items:
Air Corps
Ordnance Department
Construction at military posts..
Expediting production
Subsistence of Army
Clothing and equipage
Total Navy Department.
28, 480
Total appropriations for the 1941 fiscal year amounted to 16.3 billion dollars, excluding trust-fund accounts,
and contracts were authorized to an estimated total of
4.2 billion. Some indication of the relative importance
of defense in comparison with the total is conveyed by
table 26, which presents appropriations and authorizations for the War and Navy Departments, together
with major defense items of other agencies. This is not
a complete tabulation of the defense activities of the
Government, but it does contain the major budgetary
items. The activities of the Government corporations,
particularly of the Reconstruction Finance Corporation, are not included, nor is any attempt made to
allocate arbitrarily the amounts that other Government agencies will spend as they redirect some of their
activities to further the defense program. For example,
the Coast Guard, the Department of Justice, the Department of Commerce, and other agencies will have
Amount
Total appropriations and authorizations
Selected items:
Aviation
Ordnance
Public works, Bureau of Yards and Docks _
Maintenance, Bureau of Ships
Naval vessels, alterations and repairs
Naval vessels, construction
From Budget Message, January 1941.
45
SURVEY OF CURRENT BUSINESS
1
1940
1941
1942 1
926
5,709
6,075
186
67
83
1,191
989
725
401
147
418
1,641
1,213
104
498
222
248
944
2,512
3,359
111
63
64
86
7
282
356
244
268
183
116
846
435
168
260
206
142
1.515
Estimated, Budget Message, January 1941.
The subgroups of selected items are presented to show
the several directions now being taken by Government
spending as our military and naval forces expand.
The items are largely self-explanatory, but some mention should be made of the War Department's funds for
expediting production. The 1941 appropriation for
this purpose amounted to 401 million dollars, with additional contract authorizations of 303 million. The
Secretary of War, upon the recommendation of the
Defense Commission, may devote these funds to a wide
variety of uses in connection with the production of
military equipment and supplies. They are being used
chiefly for the construction of Government-owned
plants or Government-owned facilities at private plants
46
SURVEY OF CURRENT BUSINESS
which are then operated by manufacturers on a fixed-fee
basis.
The largest increases in 1941 appropriations over 1940
were in sums voted for aviation expansion and for
ordnance. Other major increases were for various types
of construction, and for the wide variety of materials
needed for the subsistence, clothing, and equipment
of a larger Army.
Treasury Receipts.
The tax revenues of the Federal Government were
almost a billion dollars larger in 1940 than in the
preceding year, approximately half of the increase
being the result of larger yields from income taxes.
While minor changes in the Revenue Act of 1939 and
the passage of the Public Salary Tax in that year had
a small effect on the yield, the chief reason for the
larger returns from incomes was the rise in the National
Income from 63.6 billion dollars in 1938 to 69.4 billion
dollars in 1939. The increased income tax rates
specified in the two Revenue Acts of 1940 will not be
reflected in Government receipts until taxes on 1940
incomes are paid.
Returns to the Treasury from other internal revenue
taxes were larger by more than 275 million dollars in
1940 than they were in 1939. These levenues are, for
the most part, derived from excises levied upon commodities and services, and, in contrast to income-tax
yields, these have already been affected by the Revenue
Act of 1940. The 5-year defense tax increases applied
to alcoholic beverages, cigarettes, admissions, and most
other commodities and services carried in the excise
schedules, became operative on July 1, 1940, and
their effect is clearly seen in the increased revenues for
the last half of the year. Furthermore, returns from
taxation of this type react immediately to changes in
the volume of business activity and have thus been
considerably augmented by the general business advance which was just getting under way when the new
rates went into effect. This combination of expanding
business and higher rates since July has resulted in an
increase of 240 million dollars in taxes collected, compared with the same period a year ago. In other
words, almost 90 percent of the total 1940 increase in
T a b l e 28. —Budget
February 1941
yields of this type occurred in the final 6 months of the
year.
Social-security taxes, composed mainly of pay-roll
levies for the account of the Old Age and Survivors'
Insurance trust fund together with similar levies for
railroad retirement, amounted to 873 million dollars in
1940, compared with 783 million dollars in 1939.
While this was in some measure the result of the Social
Security Act amendments of 1939 which covered employees on American vessels and the employees of member banks of the Federal Reserve System, the bulk of
the increase reflects the expansion in employment and
pay rolls throughout industry generally. Customs
receipts amounted to 330 million dollars in 1940—only
3 million dollars less than in the preceding year.
MILLIONS OF DOLLARS
Figure 35.—Budget Receipts, by Major Categories, 1938-40 (On Basis of
Daily Statement of the U. S. Treasury).
Revenue Acts of 1940.
Two revenue acts were passed by Congress during
the year—the first prompted by the desire to cover increasing appropriations in part with additional revenue,
and the second (mainly an excess-profits tax) prompted
by a desire to restrict large and fortuitous gains that
may result from the defense program.
Both the income and excise provisions of the internal
revenue code were altered by the first Revenue Act of
1940. Personal exemptions were lowered by 20 percent, and the income-tax structure was further modified
Receipts by Major Types, Calendar Years
[Millions of dollars]
1939
Major type
Income taxes (including unjust-enrichment
tax) .
..
Social security taxes 2
Other internal revenue
Customs . . _
, - -..
Allother
Total
1936,
total
1937,
total
total
First
quarter
Second
quarter
quarter
Fourth
quarter
Total
First
quarter
Second
quarter
quarter
Fourth
quarter
Third
Third
Total
2,168
414
213
2,617
666
2,317
483
230
2,619
673
2,211
309
180
611
228
497
76
50
440
180
535
79
44
409
182
715
88
52
391
193
561
89
64
1,851
783
2,308
333
210
773
252
514
90
63
552
207
555
81
94
519
206
796
71
52
522
208
720
87
54
2,366
873
2,585
330
263
4,372
6,312
5,993
1,463
1,278
1,447
1,298
5,485
1,693
1,488
1,645
1,591
6,416
1,578
* General and special accounts, basis of the Daily Statement of the U. S. Treasury.
1940
1938,
2
Includes taxes on carriers and their employees.
February 1941
SURVEY OF CURRENT BUSINESS
47
by widening surtax classes and increasing surtax rates directly or indirectly, no amortization deduction shall
on surtax net income between $6,000 and $100,000. be allowed after the contract is made, unless the AdviIn addition, new defense tax rates were applied to a sory Commission to the Council of National Defense
wide range of commodities and services in the excise and either the Secretary of War or the Secretary of the
field, the principal exceptions being tobacco other than Navy certify that the contract adequately protects
cigarettes, communication facilities, and regulatory the United States with reference to the future use and
taxes. The rate of increase, generally 10 percent, disposition of such emergency facility.
varied from 8% percent in the case of the cigarette tax
From the passage of the second Revenue Act through
to 50 percent in that of the gasoline tax. These defense January 15, 1941, only 67 corporations had been issued
tax rates are applicable for a period of 5 years, and their tax "certificates of necessity," the total cost of the exproceeds are earmarked for the purpose of retiring the pansion so certified being estimated at about 120 milissues of "National Defense Series" notes that were lion dollars. The majority are expanding their facilities
authorized as a means of financing the defense program. for the manufacture of machine tools and aircraft.
Similar 5-year increases of 10 percent were applied to the Public Debt.
taxes on incomes, capital stock, adjusted declared value
Although the budget deficit in 1940 was slightly
excess-profits, estate, and gift taxes, the proceeds being
smaller
than that of 1939, the gross public debt insimilarly earmarked.
creased
by
a little more than 3 billion dollars, compared
The second Revenue Act of 1940 raised corporation
with
2.5
billion
dollars in the preceding year. This is
taxes to 22Ko percent of the normal tax net income
explained
by
a
reduction
in the net cash receipts of nonover $38,566. This, when added to the 5-year defense
budgetary
accounts,
together
with the fact that the
tax specified in the first Revenue Act, fixes the rate for
Treasury
drew
on
its
general-fund
balance for a smaller
large corporations at 24 percent of their normal tax net
amount
in
the
year
just
closed.
An
expansion of the
income. The main part of the act consists of an excessdebt
was
thus
necessary
in
order
to
provide
for the deprofits tax levied at graduated rates from 25 percent on
ficiency
in
nonbudgetary
receipts
and
to
maintain
the
adjusted excess-profits net income less than $20,000, to
general-fund
balance
at
the
desired
point.
As
the
year
50 percent on that portion of adjusted excess-profits net
income in excess of $500,000. Excess profits taxable closed, the gross debt had just passed the former statuunder the act are measured by the difference between tory limit of 45 billion dollars.
In expanding the debt the Treasury drew upon three
the excess profits normal tax net income in the taxable
main
sources of funds in approximately equal degrees,
year and a credit which may be based on either invested
with
the
largest single amount coming from the sale of
capital or average earnings. If the invested-capital
securities
to the various special series accounts. These
base is used, the credit is an amount equal to 8 percent of
accounts,
which have been taking large blocks of Govthe invested capital of the taxable year, and if the
ernment
securities
in recent years, are comprised, in
average-earnings base is used, the credit is an amount
the
main,
of
the
Old
Age Reserve Account and the
equal to 95 percent of the average base period (1936-39)
Unemployment
Trust
Fund.
Net investments of the
net income plus 8 percent of the net capital addition or
special
series
accounts
totaled
1,138 million dollars in
minus 6 percent of the net capital reduction in the
1940,
an
increase
of
63
million
dollars over 1939. In
taxable year. A flat credit of $5,000 is allowed in all
percentage
terms,
however,
the
relative volume of the
cases.
total
increase
in
the
gross
public
debt absorbed by speOther provisions of the act suspended the profit-limcial
series
accounts
declined
from
43 percent to 37 periting regulations of the Vinson Act and of the Merchant
cent
in
the
2
years.
This
is
an
indication
of the relaMarine Act of 1936 for any taxable year in which the
tive
inflexibility
of
the
volume
of
special
series
funds
excess-profits tax is applicable, and important proviavailable
for
investment
compared
with
movements
in
sions were made for amortizing the costs of emergency
the
total
gross
debt
itself.
When
gross
debt
increases
facilities constructed or acquired in the interests of
national defense. Emergency facilities constructed or are small, a large proportion of the increase can be
acquired after June 10, 1940, may be amortized over a absorbed by special series accounts—a condition not
period of 60 months provided they have been certified without its drawbacks at a time when debt increases
by the Advisory Commission to the Council of National are used in an attempt to stimulate total demand in the
Defense and either the Secretary of War or the Secre- economy. On the other hand, when larger debt intary of the Navy as necessary in the interest of national creases occur, the special series accounts do not keep
defense during the emergency period. Provision is also pace with them and more emphasis is laid upon other
made for payment by the United States of the unamor- sources of funds. This latter condition has now become
tized cost of a facility under such regulations as the the significant one for the American economy, in view
President may prescribe, and a final provision for the of the influence the defense program will have on the
protection of the United States indicates that if the debt structure.
Deducting special-series-account purchases from the
Government contracts to pay for the facility, either
48
SURVEY OF CURRENT BUSINESS
increase in the gross public debt, therefore, it is found
that the publicly offered debt increased 1,944 million
dollars during the year, compared with an increase
of 1,440 million dollars in 1939. Of this increase,
986 million dollars was derived from the sale of
United States Savings Bonds and 958 million dollars
from the sale of securities through regular financial and
banking channels.
Market funds were secured from two major financing
operations by the Treasury during the latter half of
the year. On July 22, 681 million dollars was secured
by the sale of 14-16 year bonds, carrying an interest rate
of 2}{ percent, 50 million dollars of this issue being sold
directly to Government investment accounts. The
second major offering occurred on December 18, when
531 million dollars was secured by the sale of National
Defense series notes maturing in 1945. These were
authorized by legislation which raised the debt limit to
49 billion dollars earlier in the year, and they were the
first issue of this type of obligation. A noteworthy
characteristic of this issue is that income from these
notes is subject to all Federal income taxes, while their
% percent interest rate is no higher than that of a
comparable tax-exempt issue of March 1940. This may
mark the beginning of a more general departure from
the practice of exempting income from Government
securities from taxes now imposed upon income from
other sources.
BILLIONS OF DOLLARS
1931
1932 1933 1934 1935 1936
19371938
1939
1940
aa 4i -30
Figure 36.—Composition of Interest-Bearing Debt Outstanding, 1931-40
(On Basis of Daily Statement of the U. S. Treasury).
Table 29 presents, in summary form, changes in the
gross public debt in 1940 compared with those in 1939.
The most important change in cash returns from market operations came from a net increase of 434 million
dollars in Treasury notes offered during the year,
compared with net retirements of 59 million dollars in
1939. Exchange operations resulted in a net replacement of Treasury notes with Treasury bonds to the
amount of 445 million dollars. The process of exchang-
February 1041
ing Treasury notes for Treasury bonds, which took
place to the extent of almost 5 billion dollars in 1938
and 1939, was thus greatly curtailed during 1940. No
significant change occurred in the rate of interest paid
by the Treasury during the year, the computed rate
of interest on the interest-bearing public debt outstanding being 2.598 in December 1939 and 2.566 in
December 1940.
Table 29.—Changes in Gross Public Debt, 1939-40
[Millions of dollars]
Item
1939
Market operations:
Cash:
Treasury bills
Treasury notes
+149
-59
4 644
+767
-61
Treasury bonds
United States savings bonds.
Other
Total cash
Exchanges:
Treasury notes
Treasury bonds
+ 1 , 440
Special series
Total gross debt
-
- -
-
1940
-81
+434
4-654
+ 986
-49
+ 1,944
- 2 . 232
-f 2, 232
-445
+ 445
+ 1 , 075
+ 1 , 138
+ 2 515
+3, 082
Federal Corporations and Credit Agencies.
A complete picture of F e d e r a l financial operations in any year must consider the transactions of
the various Federal corporations and credit agencies
that have been set up in recent years as a means of
implementing Government activity in a number of economic fields. To a large extent these agencies lead
financial lives of their own which are reflected in the
regular budgetary transactions only as they secure
capital or administrative funds from the Treasury or
return excess capital funds to it. Inasmuch as these
capital transfers do not give a picture of the activities
of the agencies involved, tables showing the changes
that have taken place in their assets and liabilities during the year are presented as an over-all summary of
their loan, investment, and other transactions for the
period.
Assets of Federal corporations and credit agencies
amounted to 13,279 million dollars on November 30,
1940—an increase of 455 million over the preceding
year. Major increases occurred in the assets of the
Commodity Credit Corporation, mainly representing
larger holdings of agricultural commodities plus holdings of rubber acquired under the 1939 barter agreement with Great Britain, and in assets of the Farm
Security Administration and the United States Housing
Authority, mainly representing increases in loans by
these agencies. The largest decrease in assets occurred in those of the Home Owners' Loan Corporation, due in part to a decline in loans outstanding but
in larger measure to the liquidation of property holdings.
SURVEY OF CURRENT BUSINESS
February 1941
Almost half of the 345-million-dollar increase in
assets of the lending agencies consisted of an increase
in net loans, while the balance represents larger amounts
of cash, accounts receivable, business property, and
assets held for sale. In addition to the loans of the
Farm Security Administration and the United States
Housing Authority previously mentioned, marked increases resulted from the expanding rural-electrification
program and from the activities of the Export-Import
Bank, whose wider program in connection with hemisphere defense was just getting under way as the year
came to a close. It should be emphasized that comparative balance sheets present only a summary account
of agency activities and are incomplete as a measure of
the total influence that the agencies exert on economic
life. This is particularly true in the loan field, where
comparative balance sheets present only the net results
of loan operations and give no indication of the total
volume of loans made and repaid. Table 30 shows the
volume of loans granted and repaid during the first 10
months of 1940; these data, reported to the Treasmy by
the several agencies, give some indication of the gross
volume of their loan activities.
Table 32 shows the outstanding loans of Government
49
Table 30.—Loans and Repayments of Federal Credit Agencies, Jan. 1Oct. 31, 1940
[Millions of dollars]
Agency
Loans
Reconstruction Finance Corporation_.
_ ...
Commodity Credit Corporation
Export-Import Bank _
_
. . .
Federal Deposit Insurance Corporation
Rural Electrification Administration
Home Owners' Loan Corporation
.
_ _
Federal home loan banks
United States Housing Authority
Federal Farm Mortgage Corporation
.
Central Bank for Cooperatives.
Disaster Loan Corporation
___
Electric Home and Farm Authority
...
Federal National Mortgage Association
Reconstruction Finance Corporation Mortgage Company
Total (10 months)
Repayments
267.3
200.1
20.8
73.7
56.5
33.0
101.8
281.0
27.3
34.2
3.9
9.7
39.3
311.9
100.7
5.7
30.5
2.1
144.9
101.7
235.3
52.3
25.7
1.9
6.5
10.4
20.2
14.4
1,169. 2
1,043. 9
corporations and credit agencies by type of borrower.
The largest increases during the year ended November
30, 1940, were in agricultural loans to cooperative associations and in loans on crops, livestock, and commodities, while other sizable increases were for low-cost
housing and foreign trade—the latter representing the
expanding activities of the Export-Import Bank.
Farm-mortgage loans declined 98 million dollars and
urban mortgage loans 31 million.
Table 31.—Assets of Governmental Corporations and Credit Agencies, Nov. 30, 1940
[Millions of dollars]
Loans, preferred capital
stock, etc.
Agency
Nov. 30,
1940
Change,
November
1939-November 1940
Investments
Total assets i
United States and United
States-guaranteed
securities
Change,
November
1939-November 1940
Nov. 30,
1940
Other
Nov. 30,
1940
Change,
November
1939-November 1940
Nov. 30,
1940
Change,
November
1939-November 1940
LENDING AGENCIES
Industrial,financial,etc.:
Reconstruction Finance Corporation
Export-Import Bank of Washington
United States Maritime Commission
Rural Electrification Administration
Home mortgage and housing:
Home Owners' Loan Corporation
Federal Home Loan Bank Board
The R F C Mortgage Company
Federal National Mortgage Association
Federal savings and loan associations
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 3
Total, lending agencies
__
1,522
81
37
244
2 2,163
186
65
178
27
176
289
652
208
1,856
77
255
373
89
21
-57
+43
-12
+69
49
+1
8
34
+23
-92
+17
+9
+35
-13
+60
+37
-43
+23
-54
2,707
322
67
183
27
369
50
5
+1
+2
36
-39
1
763
82
29
+2
-58
1,662
107
262
247
2
22
+2
+2
+15
927
1,515
273
2,239
150
277
402
89
23
-46
+58
+63
+70
-259
+71
+8
+37
-13
+100
+233
-26
—41
-71
-36
+4
+117
+19
+2
41
+17
72
-30
325
+39
8,559
+159
293
-74
902
+13
12,174
+345
60
+5
383
125
26
+21
+5
+1
531
128
70
19
+41
+6
+20
+5
60
+5
534
+27
748
+72
61
-10
+146
+19
+2
INSURANCE AGENCIES
Federal Deposit Insurance Corporation
Federal Savings and Loan Insurance Corporation
Federal Housing Administration
Federal Crop Insurance Corporation
Total, insurance agencies..
Tennessee Valley Authority
Grand total
1
.
_
-_
-
8,619
+164
827
-47
902
+13
357
+38
13, 279
+455
Also includes cash, receivables, and property holdings.
2 Including shares in State and Federal savings and loan associations.
3 Regional agricultural credit corporations, production credit corporations, war emergency corporations and agencies (in liquidation), Electric Home and Farm Authority,
Federal Prison Industries, Inc., Indian loans of Interior Department, Inland Waterways Corporation, National defense corporations, Panama Railroad Co., Puerto Rico
Reconstruction Administration, Tennessee Valley Associated Cooperatives, Inc., Treasury Department railroad loans, and securities received from the Reconstruction
Finance
Corporation under act of Feb. 24, 1938.
50
SURVEY OF CURRENT BUSINESS
February 1941
Table 32.—Loans and Capital Stock Holdings of Governmental
Corporations and Credit Agencies, by Type of Borrower, Nov. 30, 1940
Government corporations and credit agencies, having
been set up to deal with emergency situations in former
years, were readily available as instruments for carrying out Government policies in the defense emergency.
The agricultural agencies became active in cushioning
the effects of shrunken export markets, and the Tennessee Valley Authority undertook to expand its powrer
production for use by defense industries. The main
agencies utilized in actively advancing the defense
program to date, however, have been those connected
with the defense housing program and, in particular,
the special corporations established by the Reconstruction Finance Corporation to deal with special phases
of defense activity.
Commitments aggregating approximately 1,100 million dollars had been made by the Reconstruction
Finance Corporation and its special defense corporations by January 16, 1940. These include 190 million
dollars for the acquisition of a reserve supply of raw
rubber by the Rubber Reserve Company, a corporation
created on June 28 with capital provided by the Reconstruction Finance Corporation. This commitment
involves the purchase of 430,000 tons of crude rubber,
of which 52,516 tons have been delivered, 20,139 tons
are in transit, and 16,343 tons await shipment.
Also included are commitments of 377 million dollars
for tin, manganese ore, copper, tungsten, and othei
metals, made by the Metals Reserve Company. This
corporation, created by the Reconstruction Finance
Corporation at the same time and in the same manner
as the Rubber Reserve Company, is charged with the
purchase of a reserve supply of critical and strategic
Nov. 30,
1940
Type of borrower
Banks.—
Railroads
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 loans (n. e. c.)
Crop, livestock, and commodity loans
Low-cost housing loans
Foreign-trade loans
Other loans and stock
658
515
28
384
44
327
204
37
2,211
2,508
Total.
12-month
change
+3
+18
-1
+1
-16
+69
+19
-12
-31
-98
673
176
81
772
+59
+60
+43
+50
8,618
t-164
metals essential to the progress of national defense. As
yet only a small proportion of the material covered 03^
these commitments has been delivered.
Other commitments included in the Reconstruction
Finance Corporation total are those of the Defense Plant
Corporation, aggregating 350 million dollars, and of the
Defense Supplies Corporation, aggregating 55 million.
The Defense Plant Corporation is empowered to build
and expand plants for the manufacture of war materials
or for the production of equipment, supplies, and machinery usable in such manufacture. Plants so acquired are leased to the manufacturer, the corporation
being protected by the rent received or by a contract of
reimbursement from the Army or Navy. Of the total
commitments made by the Corporation, 283 million
dollars is for the construction of plants for the manufacture of airplanes and parts, 36 million for machine tools,
and the remainder for docks, shipyards, and the manufacture of tanks, engines, ordnance, and other items.
Table 33.—Liabilities of Governmental Corporations and Credit Agencies, Nov. 30, 1940
[Millions of dollars]
Liabilities and revenues
Guaranteed by the
United States 1
Agency
Nov. 30,
1940
Proprietary interest
Privately owned
Not guaranteed
Change,
November
1939November
1940
Nov. 30,
1940
Change,
November
1939November
1940
Owned by United States
Change,
November
1939November
1940
Nov. 30,
1940
Nov. 30,
1940
Change,
November
1939November
1940
LENDING AGENCIES
Reconstruction Finance Corporation
Home Owners' Loan Corporation
Home loan banks
__
__ _
United States Housing Authority
Commodity Credit Corporation
Federal Farm Mortgage Corporation
Federal intermediate credit banks
Federal land banks
Banks for cooperatives
Farm Credit Administration
Other2
Total lending agencies
-
1,100
2,636
227
697
1,277
+2
-200
+112
+290
-1
5,937
+203
13
+10
309
51
141
5
130
41
205
1,819
3
193
227
3,124
+ 214
-31
+66
+2
-57
-5
-5
242
3
7
+15
56
1
+5
214
4
+11
+260
274
+16
+42
139
i
—4
+66
253
21
125
138
100
197
69
206
143
84
1,504
2,840
-262
97
-13
-20
-35
-97
-35
—6
+359
-136
INSURANCE AGENCIES
Federal Deposit Insurance Corporation
Federal Housing Administration
Others
Total, insurance agencies
- ._ .
+1
+1
150
54
140
+10
+11
344
252
139
+21
+44
13
+10
.
.
_1
342
+39
15
Tennessee Valley Authority
+212
3.391
+303 1
413
+16
3,526
-76
5,949
Grand total
21 Including accrued interest totaling $29,696,000 on Nov. 30, 1940.
Regional agricultural credit corporations, Export-Import Bank of Washington, Public Works Administration, United States Maritime Commission, Rural Electrification Administration, Federal National Mortgage Association, production credit corporations, war emergency corporations and agencies (in liquidation), Disaster Loan Corporation, Electric Home and Farm Authority, Farm Security Administration, Federal Prison Industries, Inc., Indian loans of Interior Department, Inland Waterways Corporation, National defense corporations, Panama Railroad Company, Puerto Rico Reconstruction Administration, R. F. C. Mortgage Company, Tennessee Valley Association
Cooperatives, Inc., and Treasury Department agencies.
3 Federal Crop Insurance Corporation and Federal Savings and Loan Insurance Corporation.
SURVEY OF CURRENT BUSINESS
February 1941
The Defense Supplies Corporation is empowered to
acquire and carry a reserve supply of materials which
may be necessary in the interest of defense. Of its
direct commitments, 50 million dollars is for the purchase of high-test aviation gasoline and the balance for
Chilean nitrate of soda. In addition it is transporting
to and storing in this country 250 million pounds of
Australian wool with funds to be provided from the
emergency fund for the President. Finally, the Reconstruction Finance Corporation has authorized participations totaling 5 million dollars for defense loans
in cooperation with private banks and has made direct
authorizations aggregating 127 million dollars to 167
private manufacturers in the defense program.
International Trade and Finance
The international trade and financial position of the
United States during 1940 was characterized chiefly
by the following developments:
(1) Merchandise exports showed sharp increases over
recent years, while imports expanded much more
moderately, resulting in the largest export surplus in
almost 20 years.
(2) The net inflow of capital from abroad continued
in large volume, although British dollar assets were
BILLIONS OF DOLLARS
14
/
/
j
1
/
/
NET GOLD /NFLOW-^y
(including Earmar/rings) ^j
f
^*^NET
CAP/TAL
MOVEMENT
J
1935
MERCHAND/SE
_V»
TRADE BALANCE-^ ^ T
1
jr
1936
1937
1938
1939
1940
Figure 37— 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;J Net Capital Movement, U. S. Treasury
Department; and Merchandise Trade Balance, U. S. Department of
Commerce).
NOTE.—Data for "Net capital movement" are plotted weekly; other data are plotted
monthly. Data for "Net capital movement" are plotted through the week ended
October 30, 1940; data for subsequent weeks were not available in time to include
them in this chart.
51
drawn down to meet war needs. A great part of the
increase in foreign assets in the United States represented funds sent here by certain European countries,
notably France, to cover anticipated requirements in
this country, which were subsequently blocked by
executive order after German occupation of the countries in question. This situation helped to explain
the coexistence of a rise in foreign holdings in the
United States and a shortage of dollar exchange in
many foreign markets. Furthermore, a large part of
British holdings had already been set aside to pay for
future commitments, although still nominally under
foreign ownership.
(3) Gold imports, already greatly swollen in 1939,
were on an even larger scale in 1940. In each of these
years net gold imports actually exceeded total merchandise exports—a situation without precedent in the
history of the United States. Part of the inflow was
required to pay for the export surplus, but the major
portion was clearly related to capital movement.
(4) American travel expenditures overseas dropped
sharply because of the war.
Merchandise Trade
The impact of the war on United States foreign trade
is partly indicated by the rise in exports during 1940
to $4,022,000,000, the highest total since 1929. The
increase over 1939 was about 27 percent. Since export
prices are still far below those prevailing in the 1920's,
the physical quantity of exports in 1940 was probably
the greatest since the end of the World War period,
with the possible exception of 1929. Imports, on the
other hand, lagged far behind exports. The import
total was $2,625,000,000, a rise of about 13 percent
over 1939, well under the $3,084,000,000 mark reached
in 1937. As a result, the export balance in 1940 was
$1,400,000,000, the highest since 1921.
These totals, however, furnish an inadequate measure
of the war's influence on our foreign trade. Behind
them lie sweeping changes in the composition and
direction of the trade. Broadly speaking, the export
trade has come to be increasingly concentrated in
supplying the materials and weapons of war to the
British Empire. It is chiefly this factor, along with a
substantial expansion in shipments to Latin America
and the Far East, that explains the rise in the export
total despite the virtual elimination of European markets and restrictions in other areas against "nonessentials" affecting many of our largest export items,
notably agricultural products. Although less sharply
affected than exports, the import trade also shows important shifts to the British Empire, largely reflecting
heavier purchases of strategic commodities, while the
shutting off of sources of supply in continental Europe
is shown chiefly in lower imports of finished goods.
52
SURVEY OF CURRENT BUSINESS
Shift in Destination of Exports.
Some of the changes in the composition of exports go
back beyond the beginning of 1940—not merely to the
outbreak of war but even earlier. Exports of aircraft
and various other war-related items had already risen
to some extent as a result of the Sino-Japanese hostilities and the growing tension in Europe during the late
thirties. And, of course, the decline in agricultural
exports has been of a far more long-term character.
By contrast, the change in the geographic distribution
of exports came abruptly in the second quarter of 1940,
as may be seen in figure 38. Up to that time, exports
to continental Europe had risen materially despite the
virtual elimination of Germany and Poland from our
export markets after the beginning of the conflict.
MILLIONS OF DOLLARS
400
February 1041
Table 34.—Exports (Including Reexports) and General Imports, Showing
Share of British Empire, Continental Europe, and Other Areas
[Value in millions of dollars]
British
Empire l
Continental
Europe 2
All other
areas
Period
Value
Percent of
total
653.9
639.2
Total
value
Value
Percent of
total
Value
Percent of
total
41.1
42.5
236.9
255.2
14.9
17.0
700.0
609.2
44.0
40.5
1,590.8
1, 503. 6
42.3
3, 094. 4
36.4
34.6
1, 416. 0
1, 761. 2
EXPORTS
1938—1st half..
2dhalf
_.
Total
1, 293.1
41.8
492.1
15.9 1, 309. 2
1939—1st half
2d half
564.9
714. 5
39.9
40.6
336.0
436.7
23.7
24.8
Total
1, 279. 4
40 3
772.7
24 3 1 125 1
35 4 3 177 2
1940—1st half
2dhalf
844.6
1, 248.1
40.9
63.8
540.7
83.6
26.2
679.7
624.9
32.9
31.9
2, 065. 0
1,956.6
2, 092. 7
52.0
624.3
15.5 1, 304. 6
32.4
4, 021. 6
1938—1st half
2d half
303.7
333.3
31.6
33.4
206.0
240.0
21.4
24.0
47.0
42.6
961.0
999.4
Total
637.0
32.5
446.0
22.8
877.4
44.8
1, 960. 4
379.3
450.0
34.7
36.8
237.3
226.2
21.7
18.5
477.9
547.4
43.7
44.7
1, 094. 5
1, 223. 6
Total
829.3
35.8
463.5
20.0 1,025. 3
44.2
2, 318.1
1940—1st half
2dhalf
522.8
607.6
40.4
45.6
163.8
63.6
12.7
4.8
607.5
660.2
46.9
49.6
1,294.1
1,331.3
1,130. 4
43.1
227.4
8.7
1, 267. 6
48.3
2, 625.4
Total .
4.3
515.1
610.0
IMPORTS
1939—1st halL _ .
2dhalf
Total .
451.2
426.2
1
Includes all parts of the British Empire throughout the world.
2
Includes U. S. S. R. but excludes Turkey, Gibraltar, United Kingdom, Ireland,
Iceland, Azores and Madeira, and Malta, Gozo, and Cyprus.
The Allied defeats on the continent and the virtual
closing of Europe to United States trade were immediately followed by a rush of American supplies to the
1940
1939
1938
United
Kingdom. Exports to that country rose from
Figure 38.—Value of Exports of United States Merchandise to the British
Empire, Continental Europe, and Other Areas, 1938-40 (U. S. Depart$49,788,000 in May to $77,958,000 in June, $109,867,000
ment of Commerce).
in July, and $126,021,000 in August. Much of this
NOTE.—Export figures cited in the text, with the exception of those covering particular commodities or commodity groups, include reexports of foreign merchandise
increase consisted at first of emergency shipments of
as well as exports of United States merchandise and are therefore slightly larger
than those plotted on the above chart.
firearms, ammunition, and explosives. After August,
exports to the United Kingdom declined slightly but
averaged
over $100,000,000 monthly for the last half
Exports to continental Europe during the first quarter
of
1940,
or
about one-third of total exports.
of 1940 averaged $105,500,000 per month, an increase
Exports
to other parts of the British Empire tended
of about $47,800,000 over the first quarter of 1939.
upward
soon
after the outbreak of war despite the
Exports to the United Kingdom, on the other hand,
prompt
imposition
in most instances of exchange and
showed a monthly average of about $59,300,000 during
import
controls
restricting
purchases of nonessential
the first quarter of 1940, an increase of only about
goods.
For
example,
exports
to Canada rose by more
$18,600,000 over the same period of 1939. This situathan
50
percent
in
the
first
half
of 1940 over the same
tion was drastically changed soon thereafter. In
period
of
1939,
and
the
increase
in exports to other
April the occupation by Germany of Denmark and Norareas
was
even
larger
in
some
instances.
During the
way brought those countries under British blockade
latter
half
of
1940
exports
to
the
British
Empire,
includand created serious obstacles to trade with other
ing
the
United
Kingdom,
averaged
over
$200,000,000
Baltic countries. The following month, the Netherlands and Belgium were shut off from outside trade, monthly, double the pre-war level and about 64 percent
and in June the collapse of France and the entrance of of the export total. Two countries, the United KingItaly into the war eliminated or severely curtailed dom and Canada, accounted for more than half of all
practically all the remaining continental European exports in the latter half of 1940.
Latin American trade, which had risen swiftly after
markets. During the last half of 1940 exports to
continental Europe averaged only about $14,000,000 per the outbreak of war interfered with European sources
month, including about $7,400,000 for the U. S. S. K., of supply, held up remarkably well throughout 1940
which really represents trans-Pacific trade through despite the exchange difficulties created by the loss of
continental European markets that absorbed more than
Vladivostok.
53
SURVEY OF CURRENT BUSINESS
February 1941
half a billion dollars of Latin American goods in 1938.
United States exports to Latin America as a whole rose
by about $144,000,000 over 1939 to $777,000,000, thus
maintaining their usual share of about 20 percent of
total exports. Dollar exchange to cover this trade was
provided to some extent by a rise in shipments to the
United States, by continued sales of silver to the
United States Treasury, and by an inflow of refugee
funds lodged in dollar accounts. However, heavy shipments of gold were also necessary in certain instances.
Several of the Latin American countries, notably Brazil,
Chile, and Colombia, were also aided by ExportImport Bank credits.
Shipments to Japan, totaling $227,000,000 in 1940,
were only slightly below the 1939 level, although in
the latter part of the year American export-control
measures began to affect sharply trade in certain items,
such as machine tools and scrap iron, on which Japan
was more than ever dependent on the United States
after the war in Europe began. Exports to China rose
substantially from $55,600,000 in 1939 to $78,000,000,
but the export statistics do not indicate how much was
for "free" China, aided by Export-Import Bank credits,
and how much for Shanghai and Japanese-occupied
sections.
MILLIONS OF DOLLARS
60
IRON $
MILLIONS OF OOLLARS
30
K
STEEL-
A
50
40
/
30
/
J
20
10
O
40
1 1 1 1 1 1 ! 1 I1 11 11 I 1 ! ! I I
11M
!
iM
\{
M1
AIRCRAFlr
N0NFERR0US METALS
L
30
/
10
0
40
, M M 1 . . . I .
, , , ,
M i ii
i ii
111
FIREARMS, AMMUNITION,
AND EXPL OSIVES
30
k
20
f\
10
0
80
Fall in Agricultural Exports.
The varying effects of the war upon the composition
of exports are indicated by figure 39, which traces the
course of some of the principal export commodities.
Agricultural exports have suffered greatly from the
elimination of the continental European market and
from the imposition of severe restrictions on "non-
300
Table 35.—Exports of United States Merchandise—War-Related Products
and Other Commodities
150
350
TOTAL NONAGRICULTURAL
EXPORTS
A n «.
200
1938
[Value in millions of dollars]
Other
Principal Other
Raw
agriculwarmanu- cotton
tural
related factures
2
products i
products
Period
Other
Total
crude
U.S.
mate- merchanrials
dise
1938
1st half—Value
Percent
2d half—Value_
Percent
Total—Value
Percent.
1939
1st half—Value
Percent _
2d half—Value
Percent
__
...
-
Total—Value
Percent
279.3
17.8
256. 2
17.2
772.4
49.2
711.9
47.9
118.9
7.6
109.8
7.4
293.9
18.7
305.0
20.5
105.6
6.7
104.1
7.0
1, 570.1
100.0
1, 487.0
100.0
535.5
17.5
1, 484. 3
48.6
228.7
7.5
598.9
19.6
209.7
6.9
3,057.1
100.0
293.6
21.0
412.6
23.9
748.9
53.6
813.8
47.2
68.5
4.9
174.5
10.1
199.7
14.3
212.4
12.3
87.0
6.2
112.4
6.5
1, 397. 7
100.0
1, 725. 7
100.0
706.2
22.6
1, 562. 7
50.0
243.0
7.8
412.1
13.2
199.3
6.4
3,123.3
100.0
672.9
S3. 3
819.0
42.7
894.7
44-3
833.8
43.5
172.4
8.5
41.3
2.2
178.6
8.8
124.6
6.5
100.3
5.0
97.2
5.1
2,018.8
100.0
1,915.8
100.0
1,491.9
37.9
1, 728. 4
43.9
213.7
5.4
303.2
7.7
197.5
5.0
3,934. 7
100.0
1940
1st half—Value
Percent
2d half—Value
Percent
Total—Value
Percent
__
__
1 Includes heavy iron and steel, nonferrous metals, metal-working machinery, aircraft and parts, firearms, and chemical products.
2 Includes nonagricultural semimanufactures and finished manufactures, other
than those mentioned in note 1.
LJ
/
250
1939
-ii-ih
1940
1938
1939
1940
Figure 39.—Value of Exports of United States Merchandise, by Selected
Commodity Groups, 1938-40 (U. S. Department of Commerce).
essentials'7 by the United Kingdom, normally the
largest single market for these goods. The total of
$520,000,000 for agricultural exports during 1940, while
the lowest in many years, does not fully show the effects
of these developments, for cotton exports during the
early months of the year were relatively high. Agricultural exports during the latter half of the year failed
almost completely to show the usual seasonal rise and
totaled only $170,000,000. On a quantity basis, indexes compiled by the Department of Agriculture show
that the physical volume of agricultural exports during
the latter part of 1940 was at the lowest point since
1869.
This development is strikingly different from the
course of events during the World War, when the European demand caused an enormous expansion in production and exports of foodstuffs, although cotton exports
suffered at that time also.
By contrast, exports of finished and semifinished
54
SURVEY OF CURRENT BUSINESS
goods have risen sharply from $2,282,000,000 in 1939
to $3,238,000,000 in 1940—six war-related groups having been responsible for most of the increase. These
commodities, which made up 37 percent of total exports in 1940, are metal-working machinery, heavy
iron and steel products, aircraft and parts, nonferrous
metals, firearms and ammunition, and chemical products. Exports of these totaled $294,000,000 in the
first half of 1939, $413,000,000 in the second half of
1939, $673,000,000 in the first half of 1940, and $819,000,000 in the second half. Of the latter total, approximately 70 percent went to the United Kingdom and
Canada as against 25 percent of the total for the first
half of 1939.
On the other hand, exports of many other manufactured goods, such as passenger automobiles and office
appliances, have been adversely affected and show
considerable reductions in value.
Imports of Crude Materials Rise.
The increase in imports during 1940 was heavily concentrated in crude and semimanufactured products.
This increase is reflected in the rise in imports from
Asia and Latin America, where the principal sources of
imported raw materials required by American industry
are located.
Basic raw materials—such as crude rubber from
British Malaya and the Netherlands Indies; tin from
British Malaya and Bolivia; copper from Chile, Mexico,
Peru, and Canada; ferro-alloys from sources in Asia,
Africa, and Latin America; wool and mohair from countries in Asia, Australasia, and South America; and vegetable fibers, chiefly from Asia—were imported in sharply
increased amounts to meet expanded domestic requirements and in certain cases to build up stock piles. A
number of other major import items obtained principally in Asia and Latin America, including jute burlaps
from India, petroleum from Venezuela, and certain
-25=100
TOTAL IMPORTS FOR
CONSUMPTION^
.•••.,
February 1941
vegetable oils and oilseeds from various Asiatic and
South American sources, also increased very substantially.
As indicated by figure 40, the physical volume of
United States imports, which consist in large measure
of industrial raw materials and semimanufactures, tends
to vary with the rise and fall of manufacturing production in this country. However, the quantity of imports
has lagged behind the strong rise that has occurred
in manufacturing output since the outbreak of war in
Europe. This lag has been due to a drop in imports
of finished goods and manufactured foodstuffs and
beverages. Imports in these groups from the United
Kingdom have held up rather well because of that
country's vigorous efforts to promote its export trade,
but sources of supply on the continent of Europe have
been almost entirely cut off since the middle of 1940.
On the other hand, there has been a strong increase
in imports of crude materials and semimanufactures.
In the case of certain important commodities, however,
the increase was influenced by purchases for the purpose
of accumulating reserves of strategic materials.
Table 36.—Imports for Consumption, by Economic Classes
[Value in millions of dollars]
Other crude
Principal materials
strategic 1 and semimaterials manufactures 2
Period
1938
1st half—Value
Percent
2d half—Value
Percent
Total—Value
Percent
1939
1st half—Value
Percent
2d half—Value
Percent
-
Total—Value
Percent
..
1940
1st half—Value
Percent- _. . .
2d half—Value
Percent
Total—Value
Percent
Foodstuffs
Finished
manufactures 3
Total
imports
for consumption
144.0
15.3
151.5
15.0
368.5
S9.1
427.2
4*-4
289.1
30.7
281.6
28.0
140.9
14.9
146.9
14.6
942.5
100.0
1,007.1
100.0
295.5
15.2
795.7
40.8
570.7
29.3
287.8
14.8
1, 949.6
100.0
171. 6
16.0
249.8
20.7
455.5
42.5
498.5
41-4
290.7
27.1
313.4
26.0
153.9
142.7
11.8
1.071.7
100.0
1, 204.4
100.0
421.3
18.5
954.0
41.9
604.2
26.5
296.6
13.0
2, 276.1
100.0
276.5
22.2
379.5
29.3
655.9
25.8
541. 8
43.6
541.5
41.7
301.3
24.2
261.2
20.1
123. 6
9.9
114.9
8.9
1, 243. 2
100.0
1, 297.1
100.0
1. 083. 2
42.6
562. 6
238.6
9 £
2, 540. 3
100.0
1
Crude rubber, raw silk, tin, nickel, antimony, and ferro-alloy ores and metals.
2 Includes burlaps and newsprint.
3 Excludes burlaps and newsprint.
Gold and Silver Movements
80
60
1936
1937
1938
1939
1940
Figure 40.—Indexes of Quantity of Total Imports for Consumption,
Imports of Crude Materials (including semimanufactures), and Manufacturing Production, by Quarters, 1936-40 (U. S. Department of Commerce).
NOTE.—The index of manufacturing production was recomputed, with the 1923-25
average as base, from the revised series (1935-39=100) constructed by the Board of
Governors of the Federal Reserve System.
For many years gold has moved into the United
States with only occasional interruption. Since the
beginning of 1934 there have been only 3 months in
which the net flow has been outward, and the net
inward movement has exceeded a billion dollars a year.
Since the fall of 1938 the flow has been greatly accelerated, with the extraordinary result that during both
1939 and 1940 the net import of gold has actually exceeded the merchandise export total. Net gold imports
amounted to $3,574,151,000 in 1939 and $4,744,472,000
SURVEY OF CURRENT BUSINESS
February 1941
in 1940 as compared with total merchandise exports of
$3,177,176,000 and $4,021,564,000, respectively.
As in other recent years, the major portion of this
gold was shipped from British Empire countries. This
portion in 1940 was $3,627,917,000 or 76 percent of
the total for the year. Despite this high degree of
concentration, however, there were 14 countries outside
the British Empire that sent more than $20,000,000
each and 6 additional countries that sent more than
$10,000,000 each. By contrast, there was only one
country to which gold shipments exceeded gold receipts;
that country was Bolivia, to which there was a net export of $4,714,619.
While predictions in the matter are necessarily
hazardous, it appears reasonable to suppose that the
huge gold movements which have occurred since the fall
of 1938 must decline drastically. Shipments have been
greatly in excess of production for several years. There
is good reason to believe that many of the principal
gold stocks have already been transferred for the most
part to the United States, and in certain other cases it
seems unlikely that circumstances would permit further
shipments of importance. Future imports, therefore,
will probably be limited more and more to current
production. Nor, on the other hand, can circumstances
be readily envisaged that would lead to a gold movement
away from the United States on a scale comparable to
imports during 1940. It is thus probable that 1940
has set a record for international gold shipments that
will last for a very long time.
Table 37.—Gold and Silver Imports Into the United States and Gold
and Silver Production Outside the United States, 1934-40
[Millions of dollars]
Year
1934
1935
1936
1937
1938
1939
1940
Total
Gold
imports
(net)
Gold production outside United
States i
1,134
1,739
1,117
1,586
1,974
3,574
4,745
862
939
1,021
1,085
1,171
1,226
2 1, 296
15,857
7,600
Silver
imports
(net)
Silver production outside United
States i
86
336
171
80
223
71
55
2 gQ
1,022
622
76
113
86
92
90
79
55
the net gold inflow for the year still exceeds the merchandise export surplus by $2,700,000,000. So-called
"service" transactions normally entail net payments
by the United States to foreign countries. The principal change in these items during 1940 was a heavy
decline in American outlays for oversea travel. As
this decline started with the outbreak of war in the fall
of 1939, it had not made its restrictive effects fully felt
until 1940. Other service items, such as freight payments, interest and dividends, personal and charitable
remittances, were variously affected, but the net effect
of such changes was small.
Therefore, there must have been a net capital movement in the neighborhood of $2,500,000,000 to the
United States during 1940. This figure would, in
principle, represent the net result of all kinds of capital
transactions—for example, the rise in bank balances
in this country for the account of foreigners; withdrawals by Americans of their bank balances abroad;
sales of securities, either domestic or foreign, by Americans to foreigners; reductions in commercial credits
granted to foreigners; advance payments for American
goods; and similar transactions.
Actually, however, it is not possible to account for
more than a relatively small part of this movement on
the basis of recorded figures of capital transactions.
Data thus far available, covering the first 9 months,
show a net capital inflow of only $784,000,000. Figures
for the full year may increase this total somewhat, but
it is apparent that a large unexplained balance will
remain. Certain assumptions as to the nature of the
unrecorded capital movement appear plausible. For
one thing, funds actually owned by foreigners may be
held in this country under domestic names and would
thus not be included in the reported capital inflow.
Furthermore, funds previously held for foreign account
may be transferred to domestic addresses with, for
example, the coming of refugee owners to the United
1
Data include estimates for gold and silver produced in the Union of Soviet Socialist
Republics.
2
Preliminary.
Net silver imports during 1940 were $54,760,000,
the lowest since the silver-purchase program of 1934
was started. The figure was, nevertheless, large enough
to bring cumulative net silver imports since the beginning of 1934 to about $1,022,000,000.
Capital Movements
Although the merchandise export balance of $1,400,000,000 in 1940 was the highest since 1921, it appears
small in comparison with net gold imports of $4,744,472,000 during the year. Even after deducting $644,669,000 added to gold under earmark for foreign account
Figure 41.—Cumulative Net Capital Movements Between the United States
and Foreign Countries, by Types, Beginning with January 2, 1935 (U. S.
Department of Commerce).
NOTE.—Data are plotted through the week ended October 30, 1940; data for subsequent weeks were not available in time to include them in this chart.
56
SURVEY OF CURRENT BUSINESS
States; such transfers might be reported as a reduction
in foreign holdings, thereby tending to reduce the net
recorded inward movement. Finally, payments in
advance made by the British Government on war
orders and for plant construction were reported at the
end of 1940 to be $720,000,000 in excess of such payments at the outbreak of war. Most of these payments undoubtedly occurred in 1940.
At this time it is possible only to speculate about the
nature of the unrecorded capital movement. Detailed
observations must be confined for the moment to that
portion for which figures are available. As stated
above, these figures show a net capital inflow of $784,000,000 during the first 9 months of 1940. About
70 percent of the inflow occurred during the months of
June, July, and August.
This net inward movement of foreign funds originated
in many countries, wTith France, Switzerland, and
Canada accounting for the major portion. A large
part of this transfer of foreign capital occurred on
government and central-bank account. Only the
United Kingdom withdrew funds on balance from the
United States, and these withdrawals were primarily
the result of large dollar payments for war supplies.
As in 1938 and 1939, international capital movements in 1940 were dominated by a large net inflow of
short-term funds. From January to September, inclusive, the inward movement of banking and brokerage
balances exceeded $806,000,000. By contrast, the net
movement of long-term funds resulted in a net liquidation by foreigners of $22,000,000 in domestic and foreign
securities previously held abroad.
Foreign Assets in the United States.
February 1941
ties are of particular interest because of their relation
to the war financing. The importance of British
investments in such securities was recognized at the
beginniug of the war, and measures were soon taken to
ascertain the nature and volume of these holdings and
to permit the authorities to requisition them. The
Government of the United Kingdom, alone among the
Empire countries, has exercised these powers and
requisitioned some of the security holdings of its subjects. The first requisition was made on February 17,
1940, and covered 60 United States share issues; the
second was on April 14 and covered 92 share and 25
bond issues; and the third on December 15 covered
59 share and 7 bond issues. In April, Australia
announced that holders of certain United States securities might have 6 months in which to sell them and
turn the proceeds over to the Commonwealth Bank.
MILLIONS OF DOLLARS
1000
i
900
\
\
TOTAL PURi
ft.
fan
800
^
NET PURCHASES
CID NET SALES
<\ r> t
T:
700
600
500
400
TOTAL S
300
200
it
V
100
On October 2, 1940, reported foreign banking and
brokerage balances in the United States amounted to
1939
1940
1938
1935
1936
1937
$3,769,000,000, an increase of $659,000,000 during the
9-month period. Most of this rise occurred in June, Figure 42.—Foreign Purchases and Sales, and Net Purchases or Sales of
United States Domestic Securities, by Quarters, 1935-40 (U. S. Treasury
July, and August and was closely related to the heavy
Department).
gold imports of those months. The principal gain 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
resulted in the rise of French dollar balances by apfigures in chart are totals of weekly transactions through October 2, 1940; data for
subsequent weeks were not available in time to include them in this chart.
proximately $215,000,000, the larger part of which
occurred during the week ended June 19. Important
The reported sales of these and other United States
increases for the accounts of other countries were as
follows: Canada, $136,000,000; Switzerland and Sweden, securities by the United Kingdom up to October 2
$83,000,000 each. Substantial declines occurred in the amounted to $56,900,000, only a fraction of the value of
the stocks and bonds mobilized under the first two
British and Japanese balances.
Foreign long-term investments in the United States vesting orders. However, sales were also made by
were reduced from January through August by the net private negotiation and through specially organized
sale of United States securities in the amount of selling syndicates, particularly during the last quarter
$89,000,000. The largest net sales were $65,600,000 of the year. At the end of the year it was announced
for Japanese account, $56,900,000 for the account of the that the liquidation of 57 stock and 11 bond issues had
United Kingdom, and $18,000,000 for Canadian been completed, but the amount realized was not
account. The principal net purchases were made by stated.
The possibility of changes in the investments of cerItaly and Switzerland in the amounts of $31,100,000
tain countries in the United States has been restricted
and $20,700,000, respectively.
British Empire transactions in United States securi- by the action of the United States Government in
\
1
1
I
February 1941
SURVEY OF CURRENT BUSINESS
blocking the assets of certain countries under foreign
occupation. This step was first taken following Germany's occupation of Denmark and Norway in April
1940, and other countries subsequently affected were
Belgium, Estonia, France, Latvia, Lithuania, Luxemburg, Netherlands, and Rumania. By executive order
it was required that the assets of these countries in the
United States should be registered with the Treasury
Department and that transactions relating to such
assets should be subject to license by that Department.
United States Assets Abroad.
The foreign assets of United States banks and citizens
were reduced considerably during the first 9 months of
1940, as in other recent years. The inflow of banking
57
and brokerage funds from abroad amounted to $147,000,000 and brought total United States short-term
investments in foreign countries down to $412,000,000
on October 2, 1940. The largest withdrawal was from
Japan. Reductions also took place in the United
States banking assets in the United Kingdom, Canada,
Germany, Italy, and other European countries.
Net purchases by foreigners of foreign securities in
the United States during the January-September period
amounted to $68,000,000, the largest reported net purchases being made by Canada and by Latin America.
Canadians apparently substituted some Canadian
securities in their own portfolios for the United States
securities that were sold during the period. Most of
these Canadian and Latin-American net purchases were
probably connected wTith redemptions at maturity.
58
SURVEY OF CURRENT BUSINESS
February 1941
Appendix
A. Summary Table TSelected Business Indicators for Specified Years and Percentage Changes
OTE.—Available data for'years prior to 1929 and data for subsequent years not included in this table, together with explanatory notes and references to the sources of
NOTE.—
the dai,ta, may be found in thefl940 Supplement to the Survey of Current Business unless other reference is given in the appropriate footnotes on pp. 65 to 102 of this issu^.
I
Year
Percentage change, 1940 compared with—
Unit or base
Item
1929
1932
1933
1937
1939
82, 064
52, 299
21,717
13,902
11, 780
4,900
935
49, 319
31, 030
9,549
8, 556
7,943
4,850
132
326
1,248
46, 830
29,124
9,234
7,762
7, 144
4, 328
656
580
1,042
71, 783
45, 297
17,383
10, 867
9, 953
5,558
1, 536
S37
1, 216
70, 096
44, 412
15, 980
10,611
9,897
6,111
1,813
1,067
1, 686
74, 272
-9.5
+50.6
47, 035
-10.1
+51.6
17, 498
-19.4
+83.2
11,115
-20 1
+29.9
10, 346
-12.2
+30.3
6, 545
+34.9
+33.6
1,531
+1,059.8
1,068 + 1,680.0 + 227.6
1, 853
+98.2
+48.5
11,851
16,919
8,393
8,322
7, 351
8,733
9,794
14, 639
8,983
13, 948
9, 623
14, 693
-18.8
-13.2
73,817
104
46, 518
44
43,032
49
64, 609
82
63, 747
73
67, 533
78
1929
1940
1932
1933
1937
1939
INCOME
Total income payments
Salaries and wages: Total
Commodity producing industries
Distributive industries
Service industries
Government
Work-relie^ 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
Cash income from farm marketings, crops
and livestock, combined index.
Mil. of dol
. . . do
do
.
do
-
do
do
do
do
60
do
_. . .
do
. . . do
1924-29 = 100
+6.0
+5.9
+9.5
+4.7
+58.6
+61.5
+89.5
+43. 2
+44.8
+51.2
+133.4
+84.1
+77.8
4-3.5
+3. 8
+.7
+2.3
+ 3.9
+17.8
-.3
+27.6
+52.4
+14.7
+76.6
+30.9
+68.2
-l.S
4
-4
+- 1
+9.9
+7. 1
+5.3
-8.5
-25.0
+45.2
+77.3
+56.9
+59.2
+4.5
-4.9
+6.8
+10.9
+11.8
+1.5
-16.6
+110.3
+115.8
+229. 3
+222. 2
+336. 4
+134.7
+214. 0
+61.4
+15.7
+87.7
+56.9
+84.4
+27.3
+62.0
+60.0
+76.7
+38.0
+77.3
+46.2
+71.6
+76.0
+76.8
+80.9
+150. 0
+132.0
+161.8
+79.7
+ 170.0
+43.0
+5.0
+60.5
+50.7
+53.2
+ 14.0
+30.7
+29.0
+26.2
+36.3
+53.9
+35.7
+49.4
+71.1
+8.0
+8.8
+10.7
-7.2
+17.1
+3.6
+7.1
+6.6
+33.0
+ 14.0
+6.6
+13.5
-3.9
+8.5
+8.1
+2.9
+5.8
+4 5
+1.8
+5.5
+19.0
+2.7
+9.1
-1.9
+2.8
+10.4
+15.2
+6.5
+11.2
4-4. 5
-15.6
4-5.9
PRODUCTION
Industrial production, total
Manufactures, total
Durable goods, total
Automobiles
Iron and steel
Lumber production
Machinery
Nondurable goods, total
Meat packing
Paper and products
Petroleum refining
Rubber products
Shoes
Textiles
Cotton consumption
Wool textiles
Tobacco manufactures
Minerals
Bituminous coal
Petroleum, crude
Electric-power production
...
110
58
69
113
108
122
110
133
139
57
41
36
113
122
125
123
135
116
33
49
43
55
64
50
123
111
126
108
108
93
135
152
130
68
54
50
114
106
104
144
115
135
93
115
85
70
108
65
79
119
76
106
94
107
108
112
114
113
125
122
90
100
72
64
75
77
106
104
111
113
89
94
105
97
96
107
135
86
77
71
75
60
79
66
78
67
86
88
93
84
80
76
84
77
102
106
111
103
103
112
112
109
105
112
110
108
106
106
99
108
113
118
95, 925
82,377
84,736
121,837
130,336
144,965
+3.8
+21.5
+8.7
+43.5
+25.6
+18.0
+10.1
+22.3
+ 14.3
+9.3
+13.5
+9.3
-15.6
+33.7
+51.1
146
95.3
104.9
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
93
77.1
65.3
70.4
81.3
98
78.6
67.7
71.3
83.0
-32.9
-17.5
-35. 5
-28.6
-9.4
+50.8
+21.3
+40.5
+16.9
+18.2
+40.0
+19.3
+31.7
+17.9
+16.6
-19.0
-8.9
-21.7
-16.6
-2.7
+5.4
+1.9
+3.7
+1.3
+2.1
94.5
97 5
93.9
70.3
55.1
59.3
70.5
56 5
65.4
87.2
84 8
85.3
80.4
70 2
77.0
81.6
71 9
79.1
-13.7
—26 3
-15.8
+16.1
+30 5
+33.4
+15.7
+27 3
+20.9
-6.4
— 15 2
-7.3
132.5
86.4
75.8
77.9
84.1
77.5
74.9
105.3
95.1
87.8
95.2
89.9
84.5
96.6
93.0
85.3
-27.1
100.1
+11.8
+22.7
+9.5
+14.9
+20.0
+13.9
-8.3
-2.2
-2.9
+1.5
+2 4
+2.7
+1.5
+3.4
+.9
144.1
35.5
43.3
108.0
90.7
119.5
-17.1
+236. 6
+176. 0
+10.6
102.9
108.6
111
124.9
85.7
81.9
69
63.1
80.3
83.6
67
69.2
95.7
103. f
92
121.7
102.5
103.5
90
127.5
112.5
107.6
94
134.6
+9.3
+31.3
+31.4
+36.2
+113.3
+40.1
+28.7
+40.3
+94.5
+17.6
+3.9
+2.2
+10.6
115
35
37
7':
70
8
+151.4
+137. 8
+20.5
132
11
113
69
3
34
69
37
37
10
7
80
110
70
60
12
8
6
- -2 23 . 3.
-39.8
+87.0
+151.4
+100. 0
+87.0
+137.8
+83.8
+22.9
+18.9
-15.0
2 13
2 113
2 79
23
2 86
2 37
13
7
108
59
11
6
-14..
-41.6
+41.8
+94.1
+30.2
+78.4
-14.5
-16.5
5,750,79 1,351,15 1, 255, 709 2,913,06 3, 550, 543 4,003, 95
-30.4
+196. 3
+218. 9
+37.4
965, 638 1, 294, 64
2, 425, 30 487, 62 417, 462 1,156,16
1,915,72
249, 264 905, 29 1,334, 27 1,596, 94
280,06
262,
94
469,
61
62,38
288, 95
84, 525
281,06
961, 68
940,13
521,08
504, 458 588, 65
831,30
3,950,31 1,219,309 1,068, 369 2,437, 62 3,002, 856 3, 987, 243
-46.6
-16.6
-40.
— 11.
+165. 5
+470. 2
+350. 6
+59 5
+227.0
+210.1
+540. 7
+232. 5
+64.8
+273. 2
+12.0
+76.4
+6.9
+41.2
+63.6
-29.
-31.
-45.
+38.
+37.
+107.
+31. C
+38.8
+42.8
-2.6
+3.1
+14.8
749, 78 1, 147,44
127,03
173, 492 476, 60
+803.
0)
0)
249, 63 1,033, 97 1,510,21. 7,127, 36 9,514,30 12,506, 57 +4,910. +1,109.
+561.4
+728. ]
+140.8
+75. t
1935-39 = 100
do
. . do
do
do
do
do .
. . do
do
do
do
do .
. . . do
do
- - .—
. do
do
do .
do
_ _
do
do, .
Mil. kw.-hr
98
115
120
106
109
117
114
115
+6.7
-24.4
+ 13.0
+13.9
+25.0
+24.7
+26.3
+8.5
+29.8
+4.6
+11.6
+7.0
+1.8
+4.4
-6.7
PRICES
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)
Department-store articles, Fairchild's--.
Cost of living, combined index (N. I. C. B.)_
1909-14 = 100
1926=100
do
do
do
do
do
do
1935-39=100
Dec. 31, 1930=1001923-100
(0
0)
-14.8
TRADE
Sales, retail:
New passenger automobile
Chain store:
Grocery
Variety store (7 chains)
Department store, total
Rural general merchandise
Foreign trade:
Exports (including reexports), total value
U. S. merchandise:
Quantity
Value
Imports (general), total value
Imports for consumption:
Quantity
Value
1929-31 = 100
do — 1935-39 = 100
1923-25 = 100
1929-31 = 100
..
1923-25 = 100
do
.
do
do
..
do
do
-15.3
+7.8
-23.5
+31.8
+9.8
+4.0
+4.4
+5.6
+25.7
+17.3
+25.7
+13.3
+3.7
+11.9
CONSTRUCTION
Construction contracts awarded, total, 37
States (F. W. Dodge Corporation).
Nonresidential buildings
Residential buildings
UtilitiesPublic works
Engineering construction contracts awarded (Engineering News Record).
Thous. of dol
do
do
do-...
do
do
+.9
+12.8
+34.1
+19.7
-2.7
— 13.6
+32.8
TRANSPORTATION
Steam railways (class I):
Freight-car loadings (F. R. index)
Operating revenues, total
Net railway operating income
Operations on scheduled domestic airlines:
Passenger-miles flown .
Express carried.
See footnotes at end of table.
1923-25=100
Thous. of dol_.
doThous. of miles—
Pounds
5
70
10
7
58
6,283,06 3,125,42 3,095,539 4,166,18 3, 995,00 4,296,45
588,82
474, 268 590, 22
1, 252,29
326, 39
677,42
+8.6
+7.5
+15.0
+53.0
+31.5
February 1941
SURVEY OF CURRENT BUSINESS
59
A. Summary Table: Selected Business Indicators for Specified Years and Percentage Changes— Con.
Percentage change, 1940 compared with—
Year
Item
Unit or base
1929
Federal Reserve reporting member banks,
condition, end of year:
Deposits:
Demand, adjusted
Time, excluding interbank
Domestic interbank
Investments, total
Loans, total
Bank debits, total
New York City
Outside New York City
Gold, monetary stock, United States, end
of year.
Currency in circulation, total, end of year...
Federal debt, gross, end of year
Capital notations, total
New capital, total
Domestic, total
Corporate
Farm loan and other Government agencies.
Municipal, States, etc
Foreign, total
Refunding, total
Domestic, total
Corporate
Farm loan and other Government agencies.
Municipal, States, etc
Foreign, total
._
Bond prices, end of year:
Average price of all listed bonds (N. Y.
S. E.).
Standard Statistics Co.:
Composite (60 bonds)
Industrials (20 bonds)
Public utilities (20 bonds)
Rails (20 bonds)
Bond yields, end of year:
Moody's domestic corporate
Stock prices, end of year:
Average price of all listed stocks (N. Y.
S. E.).
Standard Statistics Co.:
Combined index (420 stocks)
Industrials (350 stocks)
Public utilities (40 stocks)
Rails (30 stocks)
Stock yields, end of year:
Moody's, common, 200 stocks
Stocks, dividend rate per share, 600 companies (weighted average), end of year.
Corporation earnings (Fed. Res. Bank of
of N . Y.).
Commercial failures:
Number
Liabilities
Mil. ofdol.
.do
do
.do.
_do_
-do.
.do.
.do.
..do..
.....do
.....do
Thous. of dol..
do
_do_
.do.
.do.
.do.
..do.
..do.
. do.
.do.
..do.
1932
1933
1937
1
1940
1929
1932
z
I
14,431
18, 566
22, 299
0)
0)
0)
5,205
5,288
5, 455
-19.6
-3.6
5.656
6,787
5,090
8,190
9,065
0)
0)
0)
8,507
12,015
14,413
16,137 +192. 7
0)
+89.
8,666
10, 297
9,387
8,674
9,390
5,514
-8.8
-46.8
8,915 433, 042 389, 680 407, 526
17,649 322, 366
+26.4
-56.4
935, 027 167, 964 4 282, 706 197, 836 171, 382 171, 582
+2.2
-71.6
603,089 154, 401 «148,449 235, 206 218, 298 236, 943
+53.5
-28.6
4,226 < 134, 257 12, 760 17,644
21, 995 +450. 3 +420. 5
331, 938
4,036
3,997
5,388
5,519
7,598
8,732
+62.1
6, 550
+90. 7
4,578
45,025 +176.2 +116. 4
16, 301 20, 805 23,815 37, 286 41,961
338 5,853, 078 4,
{, 765,219 - 5 8 . 9 +175. 4
"" 4, 001,338
11, 592. 164 1,.,730,"" 1,053, 712
-80.9
+63.1
10,182,767 1,192, 248 709, 515 2,100, 6912,298, 405 1,944,255
-79.4
882 2,
+66.7
\ 093,641 2,238, 7051 ,942,130
707,—
9,419,""
839 :,164,941
1
- 9 0 . 9 +122.6
., 225,012 383,453 724, 272
8,002,064 325, 362 160, 584 1.
77,100 63, 900 157,000 924,430 460,707
+497. 5
0
0)
-46.6
483,398 711,628 930,822 757,152
2,125
1,633
7,050 59, 700
-99.7
""" 2.!, 820,964 +100. 2
344, 197 1,900,
""' 3,554, 673
), 648
,465, 423 %!, 817, 764 +103.1
282, 597 1,680,
",208,680 1,733,213 1, 996,402
2 1 9 ,266
" " 1;
+45.2
26,250 280, 714 1,537,130 343, 597
1933
1937
1939
0)
+13.5
0)
+86.2
+5.3
+54.5
+4.8
+78.1
+34.3
(3)
-5.9
-13.3
+20.1
+3.2
+10.7
+12.0
+8.3
+4.6
+.1
+8.5
+24.7
+.7
+445. 0 +72.4
+58.2
+33.3
+89.1
+20.8
+352. 2 +19.1
+174.0
-7.4
+174.4
-7.2
+351.0
-40.9
+621.0 +193. 4
-.7
+56.6
-92.2
+30.1
+424.
+719. 6
+465.8 +897.1
+ 526.7 +810. 5
+271. 5+1 ,208.9
+6.4
+14.9
+7.3
-18.6
-15.4
-13.2
+88.9
-50.2
-18.7
-96.4
-20.6
-18.7
+15.2
-77.6
1,417, 775
762, 928
1,409, 398
1,387, 365
1,374, 489
0
762,480
27,307
538,034
498,034
318,534
92,500
..do.
.do.
12,876
22,033
87,000
40, 000
37,080
61,600
Dollars..
95.59
77.27
83.34
89.70
92.33
93.84
-1.8
Dol. per $100 bond
do
do
.....do.
98.6
92.2
98.5
105.2
67.
62.4
81.1
59.6
73.
71.5
77.1
72.2
82.7
81.4
94.2
72.5
82.1
101.
58.0
84.0
90.2
100.7
61.1
-14.
-2.2
+2.2
-41."
5.17
6.31
5.93
4.16
3.
3.36
-35.0
Dec. 31, 1924=100.
111.1
34.5
51.0
54.6
64.4
57.2
-48.5
1926=100.
do.....
do.....
-..do-
153.
146.9
200.
136.3
47.1
44.5
78.
25.4
70.4
78.
67.
40.0
82.2
95.2
78.8
31.2
91.8
107.9
86.7
29.6
80.4
94.0
77.
26.4
-47.7
-36.0
-61.4
-80.6
Percent.
Dollars. .
4.4
3.03
5.
1.21
3.
1.11
6.7
2.18
4.5
1.70
5.7
1.91
+29.5
-37.0
170.7
977.9
742.9
• 916.1
-32.1
13, 619
0)
0)
(0
0)
-7.8
^168,204
182, 520
166, 684
0)
0)
0)
0)
-8.7
Percent
Mil. of dol.
1, 348.8
190, 679 195,079
220, 575 89,250
19, 859
Thous. ofdol-.
*U4(
6 14, 71
457,520
EMPLOYMENT AND P A Y ROLLS
Employment:
Nonagricultural
employment, monthly
average. 7
Factory
Durable-goods group
Nondurable-goods group
Selected nonmanufacturing industries:
Mining:
Bituminous coal__
Metalliferous
Crude petroleum producing.
Public utilities:
Electric light and power
Railways, class I (I. C. C.)__
Telephone and telegraph
Trade:
Retail
Wholesale
Pay rolls:
Factory
Durable-goods group
Nondurable-goods group
Selected nonmanufacturing industries:
Mining:
Bituminous coal
Metalliferous
Crude petroleum producing
Public utilities:
Electric light and power
Telephone and telegraph
Trade:
Retail
Wholesale
1939
477, 765 +3,!, 610.
-85.5
3,200
-69.
+48.4
+67.7
+65.2
+22.4
+449.2 +1,188. 5 +150.
-98.5
-94.8
-92.0
+21.4
+4.6
+12.6
+144. 9
-96.4
+ 1.6
+
+14.1
+26.2
+30.6
-15.4
+1.6
+10.8
+6.9
-15.7
-43.3
-19.2
+12.2
+4.8
+70.7
+111.2
-1.
+3.9
+14.2
+19.3
+14.5
-34.0
-2.2
-1.3
-1.5
-15.4
-12.4
-12.9
-10.5
-10.8
-3.4
+57.9
+50.0
+72.1
-14.9
-12.4
+26.7
+12.4
+436. 7
-6.3
+23.3
+24.1
+44.6
+24.2
+2.5
-46.8
+65.8
+3.9
-.9
+5.3
-9.0
-11.2
36, 448
28, 035
28, 222
35, 560
34, 383
35,450
-2.7
+26.4
+25.1
-.3
+3.1
106.0
106.2
105.9
66.3
52.8
79.2
73.4
57.5
88.5
108.6
104.3
112.7
99.9
90.2
109.2
107.5
104.2
110.6
+1.4
+62.1
+97.3
+39.
+46.5
+81.2
+25.0
-1.0
-.1
-1.9
+7.6
+15.5
+1.3
1929 = 100..
. — .do—..
do
100.0
100.0
100.0
76.3
36.5
55.3
79.9
34.6
62.2
99.3
76.
76.5
62.7
65.8
88.1
69.9
62.9
-11.9
-30.1
+37.1
+15.5
+91.5
+13.7
+10.3
+102.0
+1.1
+12.1
+11.5
-4.4
—do
1923-25 = 100.
1929=100
100.0
93.0
100.0
82.
57.8
79.1
77.3
54.4
70.6
92.4
62.4
89.0
55.3
75.
91.1
57.5
77.9
-38.2
-22.1
+9.
78.9
-.5
-1.5
+17.9
+5.7
+10.3
-11.3
-9.0
-r
-1.4
-7.9
— 1.3
100.0
100.0
75.1
76.8
74.2
76.1
93.1
92.0
89.2
92.3
90.4
+22.9
+17.7
+24.4
+18.8
-.9
—1.7
+2.8
+1.3
1923-25=100.
.. — do
do
110.4
111.2
109.6
46.7
33.4
61.6
50.1
36.8
65.0
102.5
102.4
102.6
92.2
86.2
105.4
107.8
102.7
-4.5
-3.1
—6. 3
+125.7
+222.8
+66.7
+110. 4
+193.0
+58.0
+2.8
+5.3
+.1
+14.3
+25.1
+3.8
1929=100..
do...
_ .do...
100.0
100.0
100.0
41.3
21.6
44.1
45.4
20.6
44.1
88.5
74.0
68.2
69.9
56.0
61.0
81.2
66.
58.2
-18.8
-33.1
-41.8
+78.9
+96.
+209. 7 +224.8
+32.0
+32.0
-8.2
-9.6
-14.7
+16.2
+19.5
-4.6
.do.
_do..
100.0
100.0
80.6
81.1
71.8
68.5
100.6
91.5
100.4
95.6
104.8
100.2
+4.8
+.2
+30.0
+23.6
+46.0
+46.3
.do.
.do-
100.0
100. 0
61.6
64.2
55.2
56.8
82.2
76.6
80.8
76.6
84.2
79.0
-15.8
-21.0
+36.7
+23.1
+52.5
+39.1
+4.2
+9.5
+2.4
+3.1
+4.4
+4.8
+4.2
+3.1
Thous. of employees.
1923-25=100
do
. — .do
.do.
.do.
+2.4
+4.0
+2.8
Not available.
2 Indexes are based on "general" imports for 1929,1932, and 1933.
Less than one-tenth of 1 percent.
*6 Total for 11 months, January, February, and April-December.
Data comparable with figures for later years are not available.
s Figures in italics are comparable with those for earlier years; other figures are revised data comparable with figures for 1940. See note on p. 31 of the March 1940 Survey
regarding change in the compilations.
7 Estimates of U. S. Department of Labor not heretofore shown in the Survey. Includes self-employed persons, casual workers, and domestic servants.
<* Deficit.
• Estimated.
http://fraser.stlouisfed.org/
3
Federal Reserve Bank of St. Louis
60
SURVEY OF CURRENT BUSINESS
February 1941
B. Legislative Summary
[COMPILED IN THE DIVISION OF COMMERCIAL LAWS]
The following digest of legislation enacted by the
third session of the Seventy-sixth Congress presents in
summary form important laws of an economic character
enacted during 1940.
Revenue Act of 1940
PUBLIC, N O . 656, APPROVED JUNE 25,
1940
"An Act to provide for the expenses of national preparedness
by raising revenue and issuing bonds, to provide a method for
paying for such bonds, and for other purposes."
Purpose.—To provide for the expense incidental to national
defense.
Administration.—Bureau of Internal Revenue (Treasury
Department).
Title I contains certain permanent changes in the rates of
income tax. The rates on surtax net incomes range from 4 percent on surtax net income in excess of $4,000 and not in excess of
$6,000, to a flat tax of $3,597,780 upon surtax net incomes of
$5,000,000 plus 75 percent of the surtax net incomes in excess of
$5,000,000. The Act increases the corporate rates by 1 percent,
the general rate being advanced from 18 to 19 percent. (However, these rates were superseded by those in the Second Revenue
Act, 1940.)
The rate on nonresident alien individuals not engaged in trade
or business in the United States and not having an office or place
of business therein is increased from 10 to 15 percent on gross
fixed or determinable annual or periodical incomes up to $24,000;
but in no case will the tax be less than 15 percent of such gross
income.
The rate of 10 percent for withholding at the source on remittances to nonresident alien individuals, under section 143 of the
Internal Revenue Code, is changed to 15 percent.
Personal exemption is reduced from $1,000 to $800 for a single
person and a married person not living with husband or wife, and
from $2,500 to $2,000 for a head of a family or a married person
living with husband or wife. The credit of $400 for each
dependent is unchanged.
A defense tax of 10 percent of the amount of the income tax
for each taxable year is to be levied for a period of 5 years.
During the period of the defense tax the rate for withholding
at the source is 16}£ percent. The defense tax for personal
holding companies is 10 percent greater than the amount of
surtax computed without reference to such defense tax.
The excise tax on capital stock is increased from $1 to $1.10
for each $1,000 of the adjusted declared value of its capital stock.
In case of a decedent dying after the date of the enactment of
the Revenue Act of 1940 and before the expiration of 5 years
after such date, there is an addition of 10 percent to the estate
tax.
An additional tax of 10 percent on gifts is to be paid in each of
the calendar years 1941 to 1945, inclusive. The rate on transfers
of stocks or securities is increased from 25 to 27}£ percent.
Excise taxes expiring in 1941 are extended to 1945. They
include taxes on issue of corporate securities, transfer of bonds,
automobiles and tires, excises on importations of copper, petroleum, etc., telephone and telegraph messages, deeds, etc.
The exemption on admissions is reduced from 40 to 20 cents —
admissions of Jess than 21 cents paying no tax. The rate is 1
cent for each 10 cents or fraction thereof.
The tax on cigarettes weighing not more than 3 pounds per
thousand is increased from $3 to $3.25 per thousand; the tax on
those in excess of this weight is increased from $7.20 to $7.80
per thousand.
For a period of 5 years from July 1, 1940, distilled-spirits
taxes are increased, generally, by one-third. There is a floor
tax as of July 1, 1940, at the rate of 75 cents a proof gallon with
an allowance of 100 wine gallons on which tax is not to apply.
Returns for floor taxes must be made on or before August 1, 1940.
Payment of the tax may be extended to February 1, 1941, upon
the filing of a bond.
The rates on wine and fermented liquors have been increased
by one-fifth. The rate of tax on playing cards during the next
5 years is 11 cents.
Title III increases the statutory debt limit by $4,000,000,000,
for obligations to be designated as " National Defense Series,"
to be issued to provide the Treasury with funds to meet any
expenditures made after June 30, 1940, for the national defense,
or to reimburse the general fund of the Treasury therefor.
Reconstruction Finance Corporation
PUBLIC, N O . 664, APPROVED JUNE 25,
1940
"An Act to authorize the purchase by the Reconstruction
Finance Corporation of stock of Federal home-loan banks; to
amend the Reconstruction Finance Corporation Act, as amended,
and for other purposes."
Purpose.—Authorization of the purchase of Federal homeloan bank stock from and the return of capital funds or profits
to the Government by the Reconstruction Finance Corporation,
the return of capital funds by the Federal Farm Mortgage Corporation to the Government, the extension of certain powers of
the Reconstruction Finance Corporation, and the participation
of the Reconstruction Finance Corporation in the nationaldefense program.
Administration.—The Corporation is authorized to purchase
any part of the stock of Federal home-loan banks owned by the
United States, and to make payments from earnings to the Treasury in retirement of its capital stock or as dividends thereupon.
This act amends the Federal Farm Mortgage Corporation Act
to permit the Corporation to repay part of its capital funds to
the Treasury.
Section 5d of the Reconstruction Finance Corporation Act is
amended to authorize the Corporation to make loans to or, upon
the approval of the Federal Loan Administrator and the President, to purchase the capital stock of, any corporation for the
purposes of producing, acquiring, and carrying strategic and
critical materials; and for plant construction, expansion, equipment, and working capital needed in the manufacture of equipment and supplies necessary to the national defense. The
enactment further empowers the Reconstruction Finance Corporation to establish, upon the approval of the Federal Loan
Administrator and the President, corporations for the purposes
herein noted, and authorizes the Reconstruction Finance Corporation to make loans to such corporations or to purchase their
capital stock. Such corporations are authorized to produce,
acquire, and carry critical and strategic materials; to purchase,
lease, build, and expand plants; to purchase and produce equipment and machinery for the manufacture of arms, ammunitions,
and implements of war; to lease such plants to private corporations for operation; and if the President determines it necessary,
to directly engage in such manufacture.
The functions of the Reconstruction Finance Corporation are
extended to January 22, 1947.
Expedite National Defense
PUBLIC, N O . 671, APPROVED JUNE 28,
1940
"An Act to expedite national defense, and for other purposes."
Purpose.—Provide for National Defense.
Administration.—Navy Department.
Authorizes Secretary of the Navy and Secretary of the Treasury, in the case of Coast Guard contracts, to advance, from
appropriations available therefor, payments to contractors in
amounts not exceeding 30 percent of the contract price.
The Secretary of the Navy is authorized to negotiate contracts
in connection with the construction and repair of vessels and
aircraft with or without advertising or competitive bidding upon
determination that the price is fair and reasonable. In the discretion of the President, deliveries of materials under all Army
and Navy contracts or orders shall take priority over all deliveries
for private account or for export.
The profit limitations on contractors and subcontractors for
naval vessels or Army or Navy aircraft imposed by the VinsonTrammell Act of March 27/1934, as amended (34 U. S. C.
Supp, V, Sec. 496 (b)) are reduced from 12 and 10 percent to 8
percent. Moreover, the limit of contracts to which these provisions apply is changed from $10,000 to $25,000. (The profit
limitations of this Act and of the Vinson-Trammell Act were
suspended by Sec. 401 of the Second Revenue Act of 1940,
approved October 8, 1940 (Public, No. 801).)
The Act requires the Secretary of the Navy or the Secretary
of War to certify to the Commissioner of Internal Revenue as to
the necessity and cost of any special additional equipment and
facilities acquired to facilitate the completion of any naval
vessel or Army or Navy aircraft or portion thereof in private
plants. The percentage of cost of such special additional equipment and facilities to be charged against the contract or subcontract therefor also must be reported.
February 1041
SURVEY OF CURRENT BUSINESS
The limit of the cost of the vessels authorized by the Act of
July 30, 1937 (50 Stat. 544), and any statutory limitations with
respect to the cost of any other individual naval project of construction, are increased as may be necessary to expedite national
defense.
In order to realize the purposes of this Act, the Secretary of the
Navy is authorized to provide out of appropriations available to
the Navy Department the necessary buildings and facilities on
Government-owned land or elsewhere, and to operate them,
either by means of Government personnel or otherwise.
The Secretary of the Navy is further authorized under the
general direction of the President, whenever he deems any existing manufacturing plant or facility necessary for the national
defense, and whenever he is unable to arrive at an agreement
with the owner of any such plant or facility for its use or operation, to take over and operate such plant or facility either by
Government personnel or by contract with private firms, and
to fix the compensation to the owner of such plant or facility.
Existing contracts, including Coast Guard contracts, are
authorized to be modified by the Secretary of the Navy and the
Secretary of the Treasury in order to expedite military and naval
defense.
Aliens employed by a contractor in the performance of secret,
confidential, or restricted Government contracts are not to be
permitted to have access to plans or specifications or the work
under such contracts, or to participate in contract trials, unless
the written consent of the head of the Government department
concerned has first been obtained. Penalties for violation of this
provision are provided.
The foregoing provisions terminate June 30, 1942.
The transfer, exchange, sale, or disposal otherwise of any
military or naval weapon, ship, boat, aircraft, munitions, supplies,
or equipment to which the United States has title, in whole or in
part, is prohibited unless the Chief of Naval Operations in the
case of naval material, and the Chief of Staff of the Army in the
case of military material, shall first certify that such material is
not essential to the defense of the United States.
Reports to Congress are required as to the exchange or other
disposal of obsolescent or surplus naval or military equipment.
Title II authorizes the Navy and War Departments and
the United States Housing Authority to cooperate in providing
necessary housing for military and naval enlisted personnel
with families, as well as employees of the War and Navy Departments at naval or military reservations, posts, or bases, and
workers with families engaged in industries connected with and
essential to the national defense program. In any localities
where the President determines there is an acute shortage of
housing which impedes the national defense program, and necessary housing would not otherwise be provided when needed for
persons engaged in national defense activities, the United
States Housing Authority may undertake the development and
administration of projects to assure the availability of dwellings,
or the Authority may extend financial assistance to public housing
agencies for the development and administration of such projects.
War-Risk Insurance
PUBLIC, N O . 677, APPROVED JUNE 29,
1940
"An Act to amend the Merchant Marine Act, 1936, as
amended, to provide for marine war-risk insurance and reinsurance and for marine risk reinsurance, and for other purposes."
Purpose.—Protecting water-borne commerce of the United
States.
Scope.—Marine insurance and reinsurance to cover loss or
damage by risks of war, and reinsurance against loss or damage
by marine risks.
Administration.—Maritime Commission.
The Commission may insure against loss or damage by the
risks of war (1) American vessels, (2) cargoes shipped therein,
except contraband, (3) disbursements and freight and passage
money, and (4) personal effects of the masters, officers, and
crews of such vessels. This authority extends to commercial
vessels owned or controlled by the Uuited States and to cargoes
in which the Government has an insurable interest.
The Commission is authorized to provide war-risk insurance
for personnel on American vessels against loss of life, personal
injury, or detention.
The Commission may reinsure any company authorized to do
an insurance business in any State of the United States on account
of marine and marine war risks assumed by such company on
any property or interest insurable by the Commission, and on
account of war-risk insurance for personnel on American vessels.
The Commission may reinsure with such companies war risks
assumed by the Commission.
The Commission's authority to insure or reinsure under the
61
Act is conditioned upon the unavailability of insurance on
reasonable terms and conditions from companies authorized to
do business in the United States.
In the event of disagreement as to a claim for losses or the
amount thereof, an action may be brought against the United
States in the Federal district courts under the Suits in Admiralty
Act of March 9, 1920.
The provisions of this Act are to expire by limitation March 10,
1942, or sooner upon a proclamation by the President that the
extraordinary condition upon which it is predicated is passed.
Expedite Strengthening National Defense
PUBLIC, N O . 703, APPROVED JULY 2,
1940
" An Act to expedite the strengthening of the national defense."
Purpose.—Strengthen national defense.
Scope.—Principal provisions of commercial interest.
Administration.—War Department.
In order to expedite the building up of the national defense,
the Secretary of War is authorized out of moneys appropriated
for the War Department for national-defense purposes for the
fiscal year ending June 30, 1941, with or without advertising, to
provide for the necessary construction, rehabilitation, conversion,
and installation of plants, buildings, facilities, utilities, and
appurtenances thereto (including Government-owned facilities
at privately owned plants and the acquisition of such land, and
the purchase or lease of such structures, as may be necessary),
for the development, manufacture, maintenance, and storage of
military equipment, munitions, and supplies, and for shelter,
and to enter into such contracts, including those for educational
orders, as the Secretary of War may deem necessary.
The cost-plus-a-percentage-of-cost system of contracting is
prohibited, but the cost-plus-a-fixed-fee form of contract may be
used when deemed necessary by the Secretary of War.
No contract made pursuant to the Act which otherwise would
be subject to the Walsh-Healey Act (Act of June 30, 1936, 49
Stat. 2036) would be exempt from the provisions of that act
solely because the contract is entered into without advertising.
When the Secretary of War deems it necessary in the interest
of the national defense he may lease, sell, or otherwise dispose of
any plants, buildings, facilities, utilities, appurtenances thereto,
and land, acquired under the provisions of the Act without regard to the provisions of section 321 of the Act of June 30, 1942,
47 Stat. 412, relative to the leasing of Government property.
When deemed necessary, the Secretary of War is authorized
from available appropriations to make advance payments for
supplies or construction in amounts not exceeding 30 percent of
the contract price, upon such terms and conditions and with
such adequate security as he may prescribe.
The President may, by proclamation, prohibit or curtail the
exportation of any military equipment or munitions, or component parts thereof, or machinery, tools, or material or supplies
necessary for the manufacture, servicing, or operation thereof,
except under such rules and regulations as he shall prescribe.
Investment Company Act of 1940—Investment Advisers Act
of 1940
PUBLIC, N O . 768,
APPROVED AUGUST 22,
1940
Purpose.—Eliminate conditions adversely affecting investor.
Scope.—Registration and regulation of investment companies
and advisers.
Administration.—Securities and Exchange Commission.
Title I—Investment Companies.—Act defines investment company to include all companies if engaged or proposing to engage
primarily in the business of investing, reinvesting, or trading in
securities. Companies owning or holding securities are also included if they acquire, to an extent exceeding 40 percent of their
assets, securities other than those of majority-owned subsidiaries.
Banks, insurance companies, small-loan and industrial-banking
businesses, etc., are expressly excepted from the definition.
The use of the mails and instrumentalities of interstate commerce are forbidden to investment companies that are not
registered. Issues of foreign investment companies are excluded
from the mails, but the Commission may allow such companies
to register and make a public offering if it is both legally and
practically feasible effectively to enforce the provisions of the
law against such company.
It shall be unlawful for any person to act in the capacity of
officer, director, member of an advisory board, investment adviser, or depositor of any registered investment company, or
principal underwriter for any registered open-end company,
registered unit investment trust, or registered face-amount
62
SURVEY OF CURRENT BUSINESS
certificate company, if within 10 years such person has been
convicted of a crime or enjoined by a court for misconduct in connection with transactions in securities.
Act makes it unlawful for a registered investment company, in
contravention of such rules and regulations or orders as the commission may promulgate, to purchase securities on margin,
participate in any trading account in securities, effect short sales,
purchase any security issued by a broker, dealer, underwriter,
etc. Notwithstanding the various prohibitions, a registered
company may, under certain conditions, purchase any security
issued by any one corporation engaged in underwriting, furnishing
capital to industry, purchasing securities of issuers for which no
ready market exists, etc.
Before publicly offering securities, a registered company
must have a net worth of at least $100,000 or have had it at the
time of a previous public offering.
Investment advisory and underwriting contracts, unless a
written contract is in effect prior to March 15, 1940, must, after
November 1, 1940, be in writing, and approved by the vote of a
majority of the outstanding voting securities.
An affiliated person, promoter, or principal underwriter of a
registered company shall not enter into transactions with it, such
as purchasing any security or property from it, borrowing from
it, etc. Exemptions may, however, be granted by the Commission
upon written application.
Proxies may only be solicited in accordance with the rules of
the Commission. Voting-trust certificates for securities of a
registered company are forbidden. No registered investment
company shall purchase any voting security in another company
if cross-ownership or circular ownership will result.
Loans of money or property by any registered management
company to any person are prohibited if contrary to the investment policies as stated in the registration statement, or if such
person controls or is under common control with such company.
A securities association registered under Section 15A of the
Securities Exchange Act of 1934 may prescribe the method for
computing minimum and maximum prices at which any of its
members may purchase or sell redeemable securities, etc. No
registered investment company may sell any redeemable security
except either to or through a principal underwriter for distribution, or at a current public offering price described in the
prospectus.
Any person, wTho solicits any proxy, consent, authorization,
power of attorney, ratification, deposit, or dissent, in respect of
any plan of reorganization of any registered investment company
must file with the Commission a copy of such plans and any
deposit agreement relating thereto. There must also be filed
any proxy, consent, authorization, power of attorney, ratification, instrument of deposit, or instrument of dissent thereto.
If 25 percent of the security holders of a registered investment
company, or the company itself request, the Commission will
give an advisory report with respect to the fairness of any proposed plan.
The act makes it unlawful for any registered face-amount
certificate company to issue or sell any face-amount certificate
unless such company if organized before March 15, 1940, has
capital stock of $50,000; or if organized on or after that date,
has a capital stock of $250,000, which has been bona fide subscribed and paid for in cash and maintains at all times certain
minimum certificate reserves.
The act provides that every share of stock issued by a registered management company, except a common-law trust existing on August 22, 1940, shall be a voting stock.
The act prohibits any registered closed-end company from
issuing any class of senior security, unless it will have the required
asset coverage after the sale. This prohibition does not apply to
senior securities issued pursuant to firm contract made before
March 15, 1940, or to the reorganization plan or for purpose of
refunding. Open-end companies are prohibited from issuing any
class of senior security but may borrow from banks provided
required asset and coverage is maintained.
Reconstruction Finance Corporation
PUBLIC, N O . 784,
APPROVED SEPTEMBER 16,
1940
"An Act to authorize the Reconstruction Finance Corporation
to make loans for the development of deposits of strategic and
critical minerals which in the opinion of the Corporation would
be of value to the United States in time of war, and to authorize
the Reconstruction Finance Corporation to make more adequate
loans for mineral purposes."
Purpose.—To broaden the lending powers of the Reconstruction Finance Corporation in respect to mining development
loans.
February 1941
Administration.—The enactment amends Section 14 of the
Act of June 19, 1934, wiiich section authorizes the ReconstrucFinance Corporation to make loans up to $20,000 upon sufficient
security for the development of ore bodies containing gold,
silver, or tin. Public 784 broadens the power of the Reconstruction Finance Corporation with respect to development loans
by (1) authorizing loans for the development of ore bodies containing any strategic or critical mineral which, in the opinion of
Reconstruction Finance Corporation, would be of value to the
United States in time of war; and (2) permitting the advance of
an additional $20,000 to any one borrower when the $20,000 first
advanced has been so expended as to justify additional credit.
Transportation Act of 1940
PUBLIC, N O . 785, APPROVED SEPTEMBER 18,
1940
"An Act to amend the act to regulate commerce, approved
February 4, 1887, as amended, so as to provide for unified regulation of carriers by railroad, motor vehicle, and water, and for
other purposes."
Purpose.—To provide for fair and impartial regulation of all
modes of transportation subject to the Interstate Commerce Act.
Scope.—All water, highway and rail carriers, except bulk
carriers operating on the Great Lakes, exempt from regulation;
and excepting foreign carriers, the regulation of which is left
with the Maritime Commission.
Administration.—Interstate Commerce Commission.
The Act defines "Control" to include actual as well as legal
control and also the power to exercise control.
Gives the Commission power to establish such through routes
where needed in order to provide adequate or more economic
transportation.
The jurisdiction of the Commission to deal with rates which
result in undue preference or advantage as between persons,
localities, ports, and gateways, is broadened to include regions,
districts, and territories.
Declares the policy of Congress that shippers of wheat, cotton,
and all other farm commodities for export shall be granted export
rates on the same principles as are applicable in the case of rates
on industrial products for export. Directs Commission to make
investigations and issue such orders as may be necessary.
Unless specifically approved by order of the Commission it
shall be unlawful for any common carrier to enter into any contract, agreement, or combination with any other such common
carrier or carriers for the pooling or division of traffic, or of service,
or of gross or net earnings or of any portion thereof.
In passing upon proposals of consolidations, mergers, etc., of
rail carriers, the Commission must determine that there is a fair
and equitable arrangement to protect the interests of the railroad employees. The Commission in its order is to include terms
and conditions which will assure that for 4 years from the effective date of its order none of the employees affected will be in a
worse position as regards their employment.
Title II of the Act brings under the jurisdiction of the Interstate Commerce Commission both common and contract carriers
by water. Such common and contract carriers are exempt from
regulation as to certain transportation of commodities in bulk,
including liquid cargoes in tank vessels, the transportation of
which is not competitive with any form of land transportation.
Motor vehicles operating within terminal areas in transfer,
collection, or delivery service, for railroads, express companies,
motor carriers, or water carriers are subject to regulation.
Title III establishes a board of investigation and research
composed of three members to be appointed by the President
and confirmed by the Senate. The board would make investigations concerning the relative economy and fitness of carriers
by railroad, motor vehicle, and water, the extent to which rightof-way or other transportation facilities and special services are
provided from public funds for the use of the different types of
carriers, and the extent to which these carriers are subjected to
taxation by the United States, the States, and their subdivisions.
An amendment to the Reconstruction Finance Corporation
Act increases the amount of outstanding loans and commitments
from $350,000,000 to $500,000,000. The powers of the Corporation are extended to permit the purchase or guaranty of obligations of receivers or trustees of railroads. The title of an
owner of a collateral note evidencing a loan by the Corporation
would not be affected by the Bankruptcy Act. The maturity
of loans of the Corporation to railroads and other industries is
extended from January 31, 1945, to January 31, 1955.
Export-Import Bank
PUBLIC, N O . 792, APPROVED SEPTEMBER 26,
1940
"An Act to provide for increasing the lending authority of the
Export-Import Bank of Washington, and for other purposes."
SURVEY OF CURRENT BUSINESS
February 1941
Purpose.—Development of resources, marketing of products,
etc.
Scope.—Countries of Western Hemisphere.
Administration.—Export-Import Bank of Washington. To
assist in the development of resources, the stabilization of the
economies, and the orderly marketing of the products of the
countries of the Western Hemisphere, the Export-Import Bank
of Washington, upon the written request of the Federal Loan
Administrator with the approval of the President, is authorized
to make loans to governments, and their central banks and,
with the guarantee of the government or the central bank, to
make loans to government agencies and nationals.
The amount of notes, bonds, debentures, and other such
obligations which the Reconstruction Finance Corporation is
authorized to issue and have outstanding at any one time is
increased by $1,500,000,000.
The lending authority of the bank is increased by $500,000,000
and the life of the bank is extended to January 22, 1947.
Second Revenue Act of 1940
PUBLIC, N O . 801,
APPROVED OCTOBER 8,
1940
"An Act to provide revenue, and for other purposes."
Purpose.—Increase the tax rate applying to corporations having normal-tax net incomes in excess of $25,000; and imposes a
tax on excess profits.
Administration.—Bureau of Internal Revenue (Treasury
Department).
The Act provides for increases in the tax rates applying to
corporations having normal-tax net incomes in excess of $25,000,
and imposes an excess profits tax on corporations whose excess
profits net income exceeds the specific excess profits exemption
of $5,000. The amended corporate rates and the excess profits
tax are applicable only with respect to taxable years beginning
after December 31, 1939.
A corporation with a normal-tax net income exceeding $25,000
is subject to a tax of 22.1 percent of the total (19 percent in first
Revenue Act 1940). However, where such income is only
slightly more than $25,000 provision is made for an alternative
tax of $3,775 plus 35 percent (formerly 33 percent) of the normaltax net income in excess of $25,000. (This alternative tax,
therefore, would not apply where the corporate income amounts
to $38,565.89 or more, since less tax would be payable by applying 22.1 percent to the total income.) In the case of foreign
corporations engaged in trade or business within the United
States or having an office or place of business therein, the tax
is 22.1 percent (prior rate 19 percent) of the amount of the
normal-tax net income, regardless of the amount, and in the case
of mutual investment companies is 22.1 percent (prior rate 19
percent) of the Supplement Q net income.
The provisions of the Revenue Act of 1940, imposing for five
years a defense tax of 10 percent of the amount of income tax
otherwise payable by all taxpayers (except where contrary to
certain treaty obligations of the United States), have been
amended to provide that in the case of corporations the 10 percent
additional tax will be computed without regard to the changes
effected in the normal income tax rates by the Second Revenue
Act of 1940. Thus in the case of a corporation subject to the
general rate of 22.1 percent the defense tax would amount to
1.9 percent, making a total tax of 24 percent.
The provisions of the Revenue Act of 1940 which granted
reduced rates to corporations (except foreign corporations,
insurance companies, and mutual investment companies) with
normal-tax net incomes of not more than $25,000 remain unchanged and in effect. Such reduced rates are as follows:
Upon net incomes not in excess of $5,000, 13.5 percent; $675
upon $5,000, and 15 percent on the amount between $5,000 and
$20,000; and $2,925 upon $20,000 and 17 percent on the next
$5,000. The amount of the tax payable under the foregoing
rates is, of course, subject to the additional 10 percent defense
tax.
The excess profits tax applies only to corporations. The first
$5,000 of excess-profits net income are exempt from tax. A
corporation whose excess-profits net income does not exceed that
amount is not required to file a return for excess-profits tax
purposes.
Personal service corporations are accorded special treatment.
In making its income-tax return for any taxable year a personal
service corporation may elect to be exempt from excess-profits
tax, and the shareholders will then be subject to tax under a new
Supplement S added by this Act to the Internal Revenue Code.
The shareholders of such a corporation as at the end of the year
must include in their respective returns their pro rata share of
the undistributed net income of such corporation. A personal
service corporation is defined as one whose income is to be
63
ascribed primarily to the activities of shareholders who are
regularly engaged in the active conduct of the affairs of the
corporation and are the owners at all times during the taxable
year of at least 70 percent in value of each class of stock, and in
which capital is not a material income-producing factor. However, personal corporations do not include any foreign corporation, nor any corporation 50 percent or more of whose gross income consists of gains, profits, or income derived from trading as
a principal. An individual is considered as owning stock held
by a spouse, child, or any guardian or trustee representing them.
Two methods of computing excess-profits credit are provided.
The first, based on income (section 713) known as the average
earnings method, and the second based on "invested capital"
(section 714). Any domestic corporation in existence before
January 1, 1940, may elect to compute its excess-profits credit
under either method, and similar election is granted to an
"acquiring corporation" as defined by section 740 dealing with
mergers, etc., if in existence at the beginning of its base period.
A foreign corporation subject to the tax the first taxable year of
which begins in 1940 and which was in existence on the date 48
months prior to such date may elect between the two methods.
All other corporations, domestic and foreign, must use the
"invested capital" method. In addition all corporations late in
filing their return will lose the right of election and will have to
use the "invested capital" method.
The excess-profits net income is determined on the same basis
as normal-tax net income, subject to certain adjustments that
will generally cause a reduction. The adjustments vary according to the method used in determining the excess-profits credit;
i. e., whether based on average earnings or invested capital
(section 711). All corporate taxes, including generally Federal
income taxes for the taxable year may be deducted under either
method. Among other adjustments made, dividends received
from domestic corporations are excluded under either method,
and in addition under the invested capital method dividends
received from foreign corporations except foreign personal
holding corporations are excluded. Where the average earnings
method is used there are also certain adjustments to be made for
each year in the base period of 1936-39 (subsection (b)).
The average base period net income computed to ascertain the
tax under the "average earnings" method is to be determined as
follows:
(1) By computing the aggregate of the excess profits net income for each of the taxable years beginning after December 31,
1935, and before January 1, 1940, reduced, in the case of each
such taxable year in which the deductions plus the credit for
dividends received exceeded the gross income, by the amount
attributable to such excess under paragraph (4);
(2) By dividing the amount ascertained under paragraph (1)
by the total number of months in all such taxable years; and
(3) By multiplying the amount ascertained under paragraph
(2) by 12.
(4) For the purposes of paragraph (1)—•
(A) In determining whether, for any taxable year, the deductions plus the credit for dividends received exceeded the gross
income, and in determining the amount of such excess, the
adjustments provided in section 711 (b) (1) shall be made; and
(B) The amount attributable to any taxable year in which
there is such an excess shall be the amount of such excess, except
that such amount shall be zero if there is only one such year, or
if more than one, shall be zero for the year in which such excess
is the greatest.
Where a corporation has been in existence only part of the 48
months preceding the beginning of its first taxable year under
the Excess Profits Tax Act of 1940, paragraph (5) of section 713
(b) establishes a method of computing excess profits net income
for the remainder of the base period.
The excess-profits credit under this method for any taxable
year is 95 percent of the average base period net income plus
8 percent of the net capital addition or minus 6 percent of the
net capital reduction.
In the case of a corporation using the "invested capital"
method there will be no recourse to a base period in ascertaining
the excess profits credit, as such credit for any taxable year will
be an amount equal to 8 percent of its invested capital for the
taxable year. The average invested capital for any taxable year
is the aggregate of the dailv invested capital for each dav of the
taxable year divided by the number of days therein. The Commissioner is authorized by section 715 under certain circumstances to permit, by regulations, the determination of invested
capital on a basis other than a daily basis. The daily invested
capital for any day of the taxable year is the sum of the equity
invested capital (defined in section 718) for such day plus 50
percent of the borrowed capital (defined in section 719) for such
day.
64
SURVEY OF CURRENT BUSINESS
The excess-profits tax rates are applied to the adjusted excessprofits net income which is composed of the excess-profits net income minus the sum of (1) a specific exemption of $5,000, (2)
the excess-profits credit computed by either the average earning
method or the invested capital method, and (3) the unused
excess-profits credit. The rates are:
Percent
On the first $20,000
25
On the next $30,000
30
On the next $50,000
35
On the next $150,000
40
On the next $250,000
45
Excess over $500,000
50
Title III of the Act inserts additional sections in the Internal
Revenue Code allowing a corporation, at its election, special
amortization of the adjusted basis of any emergency facility over
a period of 60 months in lieu of the deduction for depreciation
under section 23 (1) of the Internal Revenue Code. The 60month period shall begin at the election of the taxpayer with the
month following the month in which the facility was completed
or acquired, or with the succeeding taxable year. Emergency
facility means any facility, land, building, machinery, or equipment, or part thereof, the construction, reconstruction, erection,
or installation of which was completed after June 10, 1940, or
which was acquired after such date, and in respect to which a
certificate has been made under subsection (f) of section 124 of
the Internal Revenue Code as added by section 302 of the Second
Revenue Act of 1940.
Title IV suspends certain of the provisions of section 3 of the
Act of March 27, 1934 (Vinson Act), as amended, and also the
provisions of section 2 (b) of the Act of June 28, 1940, which
limit the profits which a contractor or subcontractor may make
on contracts or subcontracts for complete naval vessels or for
aircraft for the Navy or Army. It also suspends with respect to
certain subcontracts the provisions of section 505 (b) of the
Merchant Marine Act of 1936, as amended, which limit the
profits on contracts and subcontracts.
Assignment of Claims Act of 1940
PUBLIC, N O . 811, APPROVED OCTOBER 9,
1940
"An Act to assist in the national-defense program by amending
sections 3477 and 3737 of the Revised Statutes to permit the
assignment of claims under public contracts."
Purpose.—Permit assignment of contracts.
Scope.—Contracts with payments aggregating $1,000 or more.
Amends sections 3477 (U. S. C. Title 31, Sec. 203—Assignment
of Claims void) and 3737 (U. S. C. Title 41, Sec. 15—No transfer
of contract) of the Revised Statutes so as to permit the assignment of any moneys due from the government in the amount of
$1,000 or more to a bank, trust company, or other financing
institution, including any Federal lending agency. In case of any
February 1941
contract entered into prior to October 9, 1940, consent of the
head of the department or agency concerned to the assignment
must be obtained. Assignments may be made to only one party
and written notice must be filed with the General Accounting
Office, the contracting officer or head of the department, the
surety on the bond, and the disbursing officer designated in the
contract. War and Navy Department contracts may provide
that payments to an assignee of any claim arising under such
contract shall not be subject to reduction or set-off.
Housing
PUBLIC, N O . 849, APPROVED OCTOBER 14,
1940
"An Act to expedite the provision of housing in connection with
national defense, and for other purposes."
Purpose.—Provide housing in connection with national
defense.
Administration.—Federal Works Administration.
In order to provide housing for persons engaged in nationaldefense activities, in those areas in which the President finds
that an acute shortage of housing exists which would impede
national-defense activities, and that such housing would not be
provided by private capital when needed, the Federal Works
Administrator is authorized to acquire improved or unimproved
lands and to make surveys, plan, design, and construct necessary
buildings and community facilities on lands acquired.
The Act prohibits the use of the cost-plus-a-percentage-of-cost
system of contract but permits the cost-plus-a-fixed-fee form of
contract.
The cost per family dwelling unit may not exceed an average
of $3,000 for units located within the continental United States
nor an average of $4,000 for those located elsewhere, and the
cost of no family dwelling unit shall exceed $3,950 within the
continental United States or $4,750 elsewhere.
An appropriation of $150,000,000 is authorized, of which
$3,300,000 is to be used to reimburse the emergency funds made
available under the Act of June 11, 1940, and the sum of
$6,700,000 to the emergency funds made available under the
Act of June 13, 1940.
When the emergency of September 8, 1939, is declared ended,
the authority to construct further housing facilities would end,
and property acquired would be disposed of as quickly as may
be advantageous under the circumstances.
Any Federal agency having funds for the provision of housing
in connection with national-defense activities may make transfer
of such funds to the Federal Works Agency for expenditure under
the terms of this Act.
The Administrator may enter into agreements to pay annual
sums in lieu of taxes to any State with respect to any real property
acquired and held by him.
Wages of laborers and mechanics are to be computed on a basic
day rate of eight hours per day with one and one-half times the
basic rate of pay for any excess hours employed.
65
SURVEY OF CURRENT BUSINESS
February 1041
Monthly Business Statistics
The data here are a continuation of the statistical series published in the 1940 Supplement to the SURVEY OF
That volume contains monthly data for the years 1936 to 1939, 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 1936. The 1940 Supplement m&y 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 1940 Supplement went to press. These are indicated by
an asterisk (*) for the new series and by a dagger (t) for the revised series. A brief footnote accompanying each
of these series provides a reference to the source where historical data and 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.
1939
Monthly statistics through December 1939, to- 1940
gether with explanatory notes and references
to the sources of the data, may be found in the Decem- Decem1940 Supplement to the Survey
ber
ber
1940
January
February
March
April
May
June
July
A st
^ jtem P ber
October November
BUSINESS INDEXES
INCOME PAYMENTS!
Index, adjusted:
Total income payments_. 1929=100.
P96.0
Salaries and wages
do___
^96. 2
Total nonagricultural income
do_._
Total
mil. of doL p 7, 367
Salaries and wages:
v 4, 268
Total
do
v 1, 618
Commodity-producing industries_.do
v 1, 005
Distributive industries.
do
P900
Service industries.
do
Government
.do
P622
Work-relief wages..
do
»123
Direct and other relief
do
Social-security benefits and other jabor income
mil. of doL.
v 145
Dividends and interest
do
p 1, 573
Entrepreneurial income and net rents and
royalties
mil. of doL. v 1, 294
Total nonagricultural income..
do
v 6, 774
AGRICULTURAL INCOME
Cash income from farm marketings:
Crops and livestock, combined index:
Unadjusted
1924-29=100.. p 85. 5
Adjusted
do
^84.0
Crops
do
P71.5
Livestock and products
do
v9Q.O
Dairy products
do
p 104. 5
v 92. 5
Meat animals
do
p 89. 5
Poultry and eggs
do
90.0
88.9
90.4
6,904
90.3
88.2
90.2
6,093
89.7
87.5
89.6
5,604
88.4
87.0
89.3
5,987
88.2
86.2
88.7
5,965
88.6
87.3
89.8
5,689
88.7
87.9
90.7
6,288
89.3
88.8
91.1
6,103
90.5
90.4
92.3
5,790
91.7
91.5
93.0
6, 467
3,908
1,420
945
862
547
134
3,767
1,349
902
847
535
134
95
3,742
1,339
882
845
536
140
95
3,784
1,352
900
845
539
148
94
3,784
1, 356
900
845
540
143
92
3,838
1,391
908
854
548
133
89
3,871
1,419
915
860
557
120
3,766
1,423
' 3, 841
1, 493
917
859
455
117
87
4,030
1,562
940
867
550
111
84
' 4.178 ' 4,166
1, 604 ' 1, 592
963
960
882
888
'602
'609
' 127
117
86
'86
137
1,517
148
840
151
447
155
820
152
799
166
472
166
1,050
167
901
164
485
'150
897
1,253
6,321
1,243
5,533
1,169
5,108
1,134
5,519
1,138
5,479
1,124
5,211
1,115
5,821
1,182
5,562
1,214
5, 232
1,306
5,818
144
145
494
845
1,427 ' 1, 347
' 5, 909 ' 5, 567
79.0
79.0
74.0
84.0
91.5
82.0
70.5
69.0
79.0
72.5
85.0
95.0
84.5
65.5
60.5
84.0
81.0
86.5
94.0
82.0
80.0
60.0
76.0
72.5
79.0
89.5
75.0
70.0
62.5
81.5
77.0
85.5
89.5
88.0
70.5
66.0
80.0
73.5
85.5
84.5
90.5
70.5
62.5
70.0
61.5
78.0
82.0
79.0
64.0
75.0
71.0
57.5
83.0
84.0
88.0
65.0
79.0
71.0
59.0
81.5
90.0
82.0
65.0
95.0
75.5
64.5
85.5
92.0
88.0
67.0
923
854
452
114
87
r
92.5
92.2
93.4
6, 681
117.0
80.5
69.0
90.5
93.5
94.5
70.5
'93.5
'93.7
'94.6
' 6, 237
96.5
79.5
66.5
91.5
99.5
91.0
74.5
INDUSTRIAL PRODUCTION!
(Federal Reserve)
^Unadjusted:
116
121
112
112
124
Combined index
1935-39=100-.
113
117
v 134
120
118
129
134
135
116
112
112
122
118
114
Manufactures
_.do
P!39
126
120
118
130
136
' 137
125
121
120
134
121
128
140
Durable manufactures
do
v 162
128
155
127
144
' 158
123
106
113
144
121
151
159
Iron and steel
do
164
172
153
161
147
166
114
107
109
101
98
116
111
132
Lumber and products*
..do
111
v 119
123
132
126
108
108
113
109
113
123
110
133
Furniture*
..do
P133
118
107
127
130
117
104
109
96
93
105
132
119
Lumber*.
...do
v 114
134
126
112
'123
126
126
126
123
123
127
149
129
Machinery*
do
v 166
135
129
142
'152
' 129
' 134
129
'139
151
156
167
"•130
Nonferrous metals*
do
v 172
'154
' 172
'141
'131
129
114
101
90
83
115
142
129
Stone, clay, and glass products*..do
P117
133
127
'142
133
140
88
115
60
69
105
154
143
Cement
.do
141
136
123
150
145
131
103
71
70
50
119
153
146
Common and face brick*
do
'161
150
147
146
119
117
116
109
104
107
118
117
Glass containers*.
do
124
121
126
93
108
91
111
129
106
149
127
96
79
Polished plate glass
do
141
93
66
118
129
132
144
139
137
153
167
141
Transportation equipment*
do
131
v 184
63
96
'120
' 184
329
299
282
283
266
306
371
Aircraft*
do
P624
394
455
'501
'544
'000
118
134
130
130
150
130
114
Automobiles
do
152
23
142
70
89
161
102
99
102
103
102
98
106
Locomotives*
.
do
124
116
152
137
'163
137
158
151
133
132
141
Railroad cars*
do
124
140
130
' 141
117
' 153
172
162
144
145
146
162
Shipbuilding*
...do
176
P271
202
229
185
213
'219
109
105
105
Nondurable manufactures
do
108
112
109
114
110
v 120
115
119
121
121
r 106
94
84
107
'81
120
Alcoholic beverages*
do
89
112
93
'87
108
108
104
114
113
111
111
113
Chemicals*
do
110
114
116
P!23
112
110
120
'120
88
99
106
99
Leather and products
do
95
102
p 97
103
91
97
'98
89
107
97
'106
Shoes*
do....
91
110
94
96
113
101
'96
101
99
100
100
107
107
116
132
Manufactured food products* ...do
P112
131
120
125
' 115
112
'84
'72
95
73
143
168
111
164
Dairy products*.._
_..do
P73
144
88
75
111
124
146
116
148
117
123
112
Meat packing.
do
159
102
109
127
151
119
116
120
114
128
127
130
124
Paper and products*...
do
124
123
127
124
120
118
122
114
128
128
131
120
121
123
Paper and pulp*
do
124
124
115
115
116
114
118
115
116
118
113
Petroleum and coal products*
do
114
118
119
118
125
138
120
140
122
131
141
Coke*.
..do
144
138
135
149
147
114
113
112
113
115
113
113
114
Petroleum refining
do
114
115
109
110
114
109
106
111
120
119
119
108
Printing and publishing*
do
113
102
103
112
114
117
122
116
118
117
115
'122
120
Rubber products*
do
129
106
109
'Revised.
p Preliminary.
tRevised series.3. For revised indexes of industrial production beginning 1919 (1923 for industrial groups and industries), including the new series, see table 31, pp. 12-17,
of the August 1940 Survey; indexes for aircraft and rayon subsequently revised for 1939; for the former, see note marked with a "f" on p . 19 of the December 1940 Survey;
revised 1939 data for rayon will be published later. For revised data on income payments beginning 1929, see table 42, pp. 17 and 18 of the October 1940 Survey.
*New series. See note marked with a " t " .
287880—41 5
66
SURVEY OF CURRENT BUSINESS
Monthly statistics through December 1939, to- 1940
1939
gether with explanatory notes and references
to the sources of the data, may be found in the Decem- December
1940 Supplement to the Survey
ber
February 1941
1940
January
February
March | April
June
July | August
September
October |Xovernber
BUSINESS INDEXES—Continued
INDUSTRIAL PRODUCTION!—Con.
(Federal Reserve)
Unadjusted—Continued.
Manufactures—Continued.
Nondurable manufactures—Con.
115
140
97
101
Textiles and products
1935-39 = 100.
126
'120
100
101
105
111
118 ;
126
'136
123
108
142
110
125
125
109
Cotton consumption*_._
do...
115
109
114
120 I
129
139
131
141
155
127
127
Rayon deliveries*
do.. _
132
134
rl49
r 147
137
138 !
144
' 152
51
65
60
55
»81
66
Silk deliveries*
do...
57
65 !
51
84
72
87
102
73
85
144
77
88
Wool textile production*
do...
109 |
120 !
98
118
107
129
140
98
105
112
98
97
124
Tobacco products
do...
118 !
112
110 |
94
08
120
115
112
111
118
110
110
118
Minerals
do...
124 !
121
117 !
112
115
122
' 119
116
113
113
112
114
111
115
Fuels*
do...
111
109 |
115
120
112
' 115
90
111
86
86
89
104
100
Anthracite
do...
101
83 !
93
128
97
96
103
125
121
104
101
100
124
Bituminous coal.
do...
107
112 |
117
132
110
' 128
119
106
117
121
121
116
114 i
Crude petroleum
do _..
114
116
114
114
'
111
in : 171 '
••148
89
161
*97
65
87
179
Metals*
do...
93
'88
1S4 I
' 147
164 ;
141
142
140
146
150
144
136
133
Copper*
do...
144
146 i
'147
•)
135 !
122
116
116
119
115
112
112
Lead
do...
114
117
114
118
114
I
139
'119
' 116
' 127
' 127
' 132
' 130
' 121
Zinc
do...
' 121
' 131 ; ' 135
134
' 118 |
Adjusted:
v 137
122
113
121
126
111
116
115
121 !
Combined index
._do._.
121
125
129
132
v 141
123
112
122
128
110
116
114
122 !
Manufactures
do...
121
127
131
135
p 164
135
131
140
118
113
124
119
135 I
Durable manufactures
do...
132
146
150 !
' 154
181
154
167
99
118
106
118
147
158 ;
Iron and steel
do...
156
164
165 i
166
p 129
111
121
114
111
110 !
112
Lumber and products*
do...
115
107
114
121
123
127
113
128
118
113
112
111 j
115
Furniture*
do...
117
115
115 i
121
122
v 125
110
v 133
122
114
110
109 !
110
Lumber*
___.do___
115
104
113 ;
121
124 I
128
128
v 165
125
123
123
123 I
124
Machinery*
do._127
133
138 !
145
146
152
p 177
159
142
132
124 I '127
Nonferrous metals*__
do...
154
' 130
' 138
'146 |
' 164
' 153
r 169
p 132
128
113
120
115
113
Stone, clay, and glass products*-do...
123
115
119 j
112
'126
127
127
154
131
106
115 I
115
117
Cement
do___
125
110
115 !
113
133 I
125
139
142
96 j
108 !
109
106 I
Common and face brick*
do...
119 |
117
118
126 ;
129 i
'131
133
115
116
112
118 !
124 I
Glass containers*
_ do...
116
117 |
111
114 i
114 I
123
107
117
124
91
112 |
105 !
96 j
Polished plate glass
do...
122 I
100 j
80
111 ;
114 I
118
113
p 169
129
117
138 i
132
117 (
Transportation equipment*
do.. _
111
138
122
107 j
138
' 163
v 624
266
323
283 !
299
306 |
394
Aircratt*
..do...
288
364
455
'544
'517
' 594
134
121
101
129 |
120 !
103
87
Automobiles
do...
129 I
106
76 I
130 :
109 !
133
95
102
101
101
103
Locomotives*
do...
102
102
113 !
123 !
100
140
'168
136
121
158
149
125
Railroad cars*
do
111
156
119 |
127 |
153
;
' 166
144
164
150
156
156
Shipbuilding*
do...
170
149
189 i
213 |
220 j
'226
p 123
Nondurable manufactures
do
110
106 !
107
110
114
113
117
112 I
112 |
112 !
' 119
r
P101
'97
'97
'104
Alcoholic beverages*
do...
100
113
95
98
91 j
108 I
103 ;
96
P122
111
111
114
116
Chemicals*
do...
112
113
109 i
115 |
117 !
114 110
117
p 107
85
96
Leather and products
do...
105
98
87
93 i
96 !
101
94 !
'95 ''
'107
:
:
:
(
p 112
85
100
Shoes'*
do...
108
99
86
94 j
100
101
99
99
J9
'112
v us
111
115
112
Manufactured food products* d o . . .
113
'111
S12 !
114 i
110
111
109
117
' 116
P112
112
111
••114
M15
106
Dairy products*
do__.
112 !
113 i
r 110
109 i
109
111
p 109
134
117
126
126
129
117
Meat packing
do__.
128 i
119 i
121
iifi :
124
133
116
132
135
114
127
Paper and products*
do...
110 '
124 \
120
122
123
130 |
125
117
132
134
114
128
Paper and pulp*
do...
110
I
123
I
118
120
123
130 I
124
115
115
119
116
114
Petroleum and coal products* d o . . .
118 !
113 !
116
116
117
112 i
118
119
132
139
123
123
Coke*
do___
118 !
139 I
142
137
144 ,
139 |
146
114
112
116
115
113
Petroleum refining
do...
117 i
109 !
112
114
108
114
108
120
119
108
115
Printing and publishing*
do ..
106
in& i
110 i
108
109
114
110
115
138
115
123
117
Rubber products*
do...
116 I
120
119 !
109 !
119
119
106
126
100
107
125
p 139
104
100 I
Textiles and products
do . .
123 ;
108 I
116
118
113
113 i
134
107
114
127
145
109
JOS I
Cotton consumption*
do. .
3 26
115
120
120
121
124 !
135
r
144
M51
142
139 |
Rayon deliveries*
do._.
130
' 137
120
' 127 i
-•150
l43 I
J37
' 147
p 77
56
78
58
Silk deliveries*
do...
71 !
64 i
61 I
69
64 !
61
57
65
140
89
115
87
Wool textile production*
do...
132 ''
77 '
106 j
106
93 i
100
79
123
142
114
115
109
110
115 |
Tobacco products
do -. _
103
103
106
103
106 |
108 :
111
113
!
116
v 114
Minerals
do...
119
118
114
118
117
118
114 j
115
120
113 !
' 117
114
p 109
Fuels*
...do...
116
117
112
116
114
115
112 |
113
117
109 i
' 113
105
p 105
Anthracite
do.__
83
111
113
78
84
82
112 ;
88
129
91 I
94
119
v 113
Bituminous coal
do.__
120
119
116
103
109
122
122 j
106
121
98
' 112
114
v 109
Crude petroleum
do...
118
116
116
118
120
116
118
114
108 |
115 '
' 115
127
v 141
Metals*
do...
135
127
134
130
'133
135
124
139
'124 !
135 :
'144
132
141
144
Copper*
do...
147
143
140
141
143
150
144 I
'141
'141 ;
108
118
Lead
.do...
114
117
116
117
124
112
120
117 |
107
119 :
r
r
135
' 123
' 118
Zinc
.do...
' 130
' 119
' 124
' 129
130
r 119
' 125 i
" 134
131 ;
131
MANUFACTURERS' ORDERS, SHIPMENTS, AND INVENTORIES*
p 170
New orders, total
Jan. 1939=100.
132.9
110.2
104.4
100. 5
110.0
105. 5
121.3
129.5
127.2
164 ;
172 ;
'170
P248
Durable goods
do. _.
156.9
162.8
158.5
211 :
235
234
114.0
106,2
103.2
112.3
118.2
141.0
P293
Electrical machinery
do
168.0
207.6
190.2
228 ''
' 258
114.6
122.9
129.3
128.7
130.5
140.9
253
P213
Iron and steel and their products d o . . .
161.3
139.8
151.2
199
214
211
115.2
89.5
81.1
101.1
104.1
144.6
P262
Other machinery
.do...
158.7
166.5
153.6
212
'209
117.3
118.4
118.8
125.2
132.9
141.4
231
T
P260
Other durable goods
do...
143.5
179.0
161.5
225
269
279
109.1
116.0
114.9
113. 0
123.4
134.9
p 122
Nondurable goods
do
117.6
108.1
107.1
133
' 129
131
106.7
103. 2
98.7
101.0
105.0
108.6
p 154
Shipments, total.
_
do
125.9
123.5
117.2
145
148
128.1
118.2
118.9
121.2
119.7
122.9
146
P186
Durable goods
.do
139.6
128.9
126.8
' 172
158
167
146.5
129.2
128.7
131.1
132.9
136.3
v 166
107.4
Automobiles and equipment
...do
41.3
75.0
148
'158
100
135.5
124.7
122.1
124.0
127. 4
117.7
P201
153.0
Electrical machinery
do
143.3
136.9
159
' 178
128.7
119. 2
129.6
132.6
142.1
147.3
161
v 198
152.0
Iron and steel and their products d o . . .
162.7
146.3
175
176
180
165.3
137.1
133.3
125.6
120.8
132.7
Transportation equipment (except autoP305
mobiles)
.Jan. 1939=100.
235.2
186.7
227.6
197.1
184.8
187.6
180.0
' 261
211.4
244
187.6
P 197
Other machinery
do....
156.9
' 170
149.3
162 i
165
147.1
143.3
122.6
131.9
142.1
150. 7
154.8
r
p 168
Other durable goods
___do
137.2
172
147.0 i
173
171
131.8
138.8
126.1
122.3
128.4
129.1
137.6
Nondurable goods
.do
113.8
' 127
118.6
128
134
108.6
112.1
108.9
110.4
112.4
107.9
110.8
Chemicals and allied products
do...
120.6
115.8 !
138
130
110.0
'129
108.9
112.0
108.0
110.6
114.5
120.5
Food and kindred products..
do
p 116
114.3
113.3 I
131
' 120
107.9
122 !
106.0
103.3
105.8
110.6
106.6
111.1
Paper and allied products
do
p 149
142.1
129.2 |
137
' 134
134,6
133 :
119.1
118.8
119.1
118.8
124.4
137.1
Petroleum refining..
do—
P108
111.8
102.9
111
«• 1 1 2
102. 5
107 \
114.9
112.2
101.0
108.2
105. 5
107.8
Rubber products
do
p 166
159.2
129.6
147
' 164
121.7
163 !
113.2
122.4
115.8
123.0
129.6
134.9
Textile-mill products
do
p 145
91.7
112.7
136
' 141
93.4
142
I
121.0
P124
Other nondurable goods
do..-.
102.7
147 1
147
114.9
107.4
108.7
130.2
132. 7
112. 7
132
130
105. 2
r
Revised.
• Data not available.
» Preliminary.
tRevised series. See note marked with a " t " on p. 65.
•Newseries. For industrial production series, see note marked with " f on p. 65. Indexes of manufacturers' orders and shipments beginning January 1639 are available
on p. 13 of the September 1940 Survey, except for textile-mill products and other nondurable goods (revised), for which see p. 20 of the November 1940 issue.
February 1041
67
SURVEY OF CURRENT BUSINESS
Monthly statistics through December 1939, to- 1940
1939
gether with explanatory notes and references
to the sources of the data, may be found in the Decem- December
1940 Supplement to the Survey
ber
1940
January
February
1
March
April
May
June
July
SepAugust tember
October November
BUSINESS INDEXES—Continued
MANUFACTURERS' ORDERS, SHIPMENTS, AND INVENTORIES*—Con.
Inventories, total
Dec. 31, 1938=100.
Durable goods
do..
Automobiles and equipment..
__do-__
Electrical machinery
do...
Iron and steel and their products
do-._
Transportation equipment (except automobiles)
Dec. 31, 1938=100..
Other machinery
do...
Other durable goods
do-._
Nondurable goods
-.do.-Chemicals and allied products
do
Food and kindred products
do...
Paper and allied products
do.-.
Petroleum refining..
_.
.do...
Rubber products
do..
Textile-mill products
do. _.
Other nondurable goods
do...
119.3
128.0
136. 2
133. 8
129. 5
107.3
110.3
117.4
103.9
111.9
109.3
112.2
118.8
108.3
112.0
110.0
112.8
116.3
111.7
111.8
109.8
112.6
112.7
114.5
111.1
108.9
111.5
109.1
114.9
110.8
109. 1
112.1
105.9
116.5
113.6
108.6
111.8
95.9
115.6
116.3
109.2
111.9
86.6
115.6
119.1
110.9
115.4
112.3
115.5
120.1
112.2
118.4
128.7
116.7
121.1
114.4
121.2
130.6
122.1
123.8
270.3
122.4
107.3
110. 0
v 114. 2
v 107.1
v 112. 8
P98. 2
v 128. 7
v 118. 9
p 105. 6
145.1
106.1
106.2
104.1
102.8
'103.7
102.2
92.6
111.8
107.4
102.4
153.1
109.5
108.1
106.2
106.0
103.9
105.7
91.6
113.8
167.0
111.9
107.8
107.0
109.8
102.5
107.1
93.8
118.1
165.6
112.4
108.7
106.8
111.1
100.5
108.0
94.5
119.6
160.4
110.9
107.8
106.2
111.5
98.4
106.6
95.5
120.7
164.9
110.6
107.0
105. 8
111.1
97.5
104.fi
97.1
122.2
108.7
108.8
107. 3
106.0
105.3
174.4
110.0
106.7
105.2
111.3
97.1
104.0
96.3
116.7
118.5
104.6
185.2
110.8
105.7
106.4
111.7
100.6
104.5
98.3
120.5
118.5
104.1
194.7
110.7
104.5
100. 0
112.4
101.7
107.1
98.3
124.0
114.9
100.8
207.8
112.2
104.1
105. 5
110.7
98.8
108.4
99.0
125.5
115.0
100.3
228.8
114.8
104.9
107.1
110.1
101. 0
110.3
98. 7
124. 6
119.9
103. 2
'116. 5
' 124. 1
130.6
' 126. 8
126. 9
' 251. 9
117.6
' 105. 9
' 108. 5
110.5
104. 6
'110.7
' 97. 7
'124.4
' 121.4
' 104. 2
COMMODITY PRICES
COST OF LIVING
{National Industrial Conference Board)
85.5
'85.4
84.6
85.1
85.2
84.6
84.8
85.0
'85.7
'85.7
85.8
85.5
Combined indexf
1923 = 100.
85. 573.1
73. 0
73.1
73.1
73.0
73.1
72.9
73.0
73.2
73.2
73.2
73.1
73.1
Clothing.
„__
do.._
79.1
77.4
78.4
78.2
78.2
76.4
76.3
77.8
76.9
77.4
78.1
77.4
77.2
Foodf
do...
84.2
84.5
84. S
85.3
86.5
85.6
85.8
86.0
85.8
85.4
84.1
85.9
86.3:
Fuel and light.
_..do._86.8
86.8
87.0
86.9
87.5
86.6
86.6
86.6
86.6
86.7
86.7
87.4
87. 5
Housing
do.__
r
97.0
98.2
98.1
'98.1
98.1
98. 1
98.1
96.8
96.9
96.9
96.9
97.0
97.0
Sundries
_._
do
PRICES RECEIVED BY FARMERS§
(U. 8. Department of Agriculture)
101
99
99
95
96
Combined index
,..
1909-14=100.
99
97
98
96
101
98
122
112
120
81
90
104
97
91
98
83
82
84
Chickens and eggs
do
79
78
79
81
77
76
85
85
85
83
82
85
Cotton and cottonseed
.-do
128
117
121
109
104
111
119
118
114
110
106
105
118
Dairy products
do
75
71
79
79
104
73
76
81
65
73
88
89
66
Fruits
do...
81
83
80
76
83
77
91
92
96
92
78
87
90
Grains
do
111
112
112
102
110
110
101
103
101
102
104
108
114
Meat animals
do
93
99
'112
98
'107
'114
Truck crops
_
.do
96
'121
'159
'118
'128
'117
102
100
98
100
107
104
107
101
100
101
Miscellaneous
do
113
95
RETAIL PRICES
U . S . Department of Labor indexes:
Coal:
Anthracite
1923-25=100..
78.6
81.0
77.1
81.2
Bituminous! _„
do
85.5
89.2
89.0
86.9
97.3
96.2
96.3
98.3
96.6
96.2
97.2
Foodf
1935-39 = 100..
95.6
97.0
94.9
94.8
Fairchild's index:
93.9
93.5
93. 7
92.9
92.9
Combined index
Dec. 31, 1930=100
92.6
92.8
92.9
93.2
92.0
92.8
92.8
92.3
Apparel:
T
97.6
97.3
97. 7
97.0
96.9
96.9
97.0
Infants'
do - _.
96.4
96.6
96.9
97.3
96.6
89.3
89.3
89.3
89.1
89.1
89.1
Men's
do
89.1
88.7
88.8
88.8
88.9
88.9
88.9
91.9
92.1
91.6
92.0
92.1
92. 2
Women's
do._.
91.8
91.0
91.4
91.8
91.9
91.7
91.8
95.7
95. 3
95. 6
94.5
94.6
94.6
Home furnishings
do_._
95.0
93.5
93.7
94.1
94.4
94.3
94.6
87.0
86.7
86.8
86.0
86.0
86. 0
Piece goods
do.. _ .
8G. 7
85.3
85.5
85.9
86.0
86.0
86.0
WHOLESALE PRICES
U. S. Department of Labor indexes:
80.0
78.7
79.6
Combined index (813 quotations®)-1926=100_
77.5
78.7
78.4
77.4
78.4
79.2
78.6
79.4
77.7
78.0
Economic classes:
82.8
82.1
82.6
Finished products
do
81.4
81.2
80.5
81.3
81.0
80.9
81.7
81.7
81.5
81.1
73.6
71.4
72.6
Raw materials
do
70.7
69.8
70.7
70.5
73.3
73.8
72.7
72.0
73.0
72.0
80.7
79.4
80.7
Semimanufactures
do
77.9
77.0
77.8
77.6
82.0
81.7
79.9
79.7
78.2
78.3
69.7
66.
4
68.2
Farm products
do...
66.2
65.6
66.5
66.2
67.6
69.1
68.7
67.9
69.4
67. 9
67.0
65. 4
G7.7
Grains
do
64.4
59.3
60.8
61.7
71.6
73.5
72.8
73.4
77.2
71.2
72.7
70.6
69.9
Livestock and poultry
do^ _.
64.7
71.5
69.8
72.4
63.8
67.2
65.6
67.1
68.4
69.6
Commodities other than farm products*
82.1
1926=100,
81.9
81.3
80.5
80.5
80.8
80.5
79.8
79.9
81.6
81.5
80.4
80.0
73.5
Foods
do
72.5
71.1
70.3
70.1
71.5
70.3
71.9
71.7
71.1
70.2
71.6
71.4
84.2
Dairy products
do
82.3
77.3
72.2
74.3
75.1
73.7
81.3
81.9
80.0
78.6
77.4
72.8
61.2
60.4
73.9
58.9
Fruits and vegetables
do
63.2
60.8
69.0
63.0
60.3
58.7
58.7
65.7
69.2
77.0
76.2
75.6
Meats
do
70.7
76.1
79.0
72.9
69.1
69.9
68.4
69.2
71.1
73.8
Commodities other than farm products and
84.1
84.1
foods
1926=100
82.2
83.5
83.9
83.2
82.9
82.5
82. 5
83.9
82.3
82.0
99.3
97.8
98.9
Building materials
do
92.4
92.5
93.3
95! 6
93.0
93.4
93.2
93.3
92.5
92.5
91.1
90.2
90.2
Brick and tile
do
90.2
90.1
90.1
90.2
91.6
91.6
91.2
90.4
90.2
90.2
90.9
90.7
Cementt
do
90.6
90.6
90.8
90.6
90.6
91.3
91.4
91.4
91.2
90.3
90.5
118.8
114.4
94.8
94.8
117.5
Lumber t
do
98.4
107.1
99.5
98.7
97.7
97.4
96.7
96.0
77.7
76.9
77.0
76.1
Chemicals and allied products!
do
76.7
76.8
77.7
77.7
77.5
77.0
76.8
76.7
85.4
85.0
85.1
Chemicalsf
do
85! 1
84.8
84.8
85.3
85.3
85.3
85.1
85.0
85.1
96.2
95.8
Drugs and Pharmaceuticals!
do
82.2
95.9
96.2
80.3
81.3
81.3
81.4
81.8
82.0
96.0
70.0
68.1
Fertilizer materials!
do
69.9
67.4
67.3
68.0
68.1
70.9
71.3
71.0
70.6
70.7
70.8
71.7
Fuel and lighting materials
do
71.6
71.0
71.4
71.1
71.1
72.8
72.7
72.4
72.2
71.8
71.7
71.0
Electricity
__do
71.7
74.2
73.3
77.7
77.6
78.2
77.1
76.0
73.9
72.4
73.5
Gas
do
82.4
87.4
80.5
88.2
84.5
80.4
78.6
81.6
80.4
82.0
84.4
84.8
49.5
49.0
Petroleum products
do
50.0
49.5
49.3
49.2
48.9
52.5
51.7
50.9
50.4
50.4
50.7
102.3
Hides and leather products
do
99.2
99.0
100.4
102.3
96.9
103.7
103.6
102.4
101.8
101.8
101.3
98.3
99.3
81.9
Hides and skins
do
84.6
93.8
101.2
77.1
84.0
105.2
102.6
97.0
94.3
94.8
92.2
94.1
92.4
Leather
do
91.4
90.9
88.3
93.2
88.9
95.2
96.0
94.2
93.5
93 2
93.6
107.2
107.9
Shoes
do
107.0
107.0
107.0
107.1
107.5
107.8
108.2
108.4
108! 2
107.9
107.0
88.9
88.5
88.5
House-furnishing goods
do
88.5
88.6
88.6
88.5
88.5
87.9
88.0
88.0
88.4
88.5
95.1
94.9
94.8
Furnishings
do
94.8
95.0
94.8
95.0
94.4
94.0
94.2
94.2
94.5
94.8
82.2
81.7
81.8
Furniture
do
81.8
81.8
81.8
81.8
82.4
81.4
81.5
81.5
81.9
81.9
r
Revised.
*> Preliminary.
® Number of quotations increased to 887 in recent months. 1 Covers 37 cities beginning June 1940 (June index for 38 cities, 83.4).
§ Data for January 15,1941: Total 104; chickens and eggs 100; cotton and cottonseed 80; dairy products 121; fruits 78; grains 84; meat animals 128; truck crops 117; miscellaneous 104.
tFor monthly data beginning 1933, corresponding to the annual figures shown on p. 13 of the 1940 Supplement, see table 23, p. 18, of the April 1940 Survey.
!Revised series. For revised indexes of retail food prices beginning 1913, see table 51, p. 18 of the November 1940 Survey. Data for chemicals and allied products (title
changed from chemicals and drugs) and the subgroups revised beginning 1926; see table 32, p. 18, of the August 1940 Survey. Index of cost of living and food component and
index of wholesale prices of lumber revised beginning 1935; see tables 5 and 7, respectively, p. 18 of the January 1941 Survey.
*New series. Indexes of prices of commodities other than farm products beginning 1913 appear in table 36, p. 18 of the September 1940 Survey. Indexes of manufacturers'
inventories beginning January 1939 are available in table 3, p. 13 of the September 1940 Survey, except for textile-mill products and other nondurable goods (revised), for which
see
p.
21 of the November 1940 issue.
68
SURVEY OF CURRENT BUSINESS
Monthly statistics through December 1939, to- 1940
1939
gether with explanatory notes and references
to the sources of the data, may be^found in the Decem- Decem1940 Supplement to the Survey
ber
ber
February 1941
1940
January
February
March
April
June
May
July
August
September
October Novem
ber
COMMODITY PRICES—Continued
WHOLESALE PRICES—Continued
U. S. Department of Labor indexes—Con.
Commodities other than farm products and
foods—C ontinued.
Metals and metal products
1926=100..
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
Rayon*
_-do
Silk*
___._do.__.
Woolen and worsted goods
do
Miscellaneous
.do
Automobile tires and tubes
do
Paper and pulp
do
Wholesale prices, actual. (See under respective
commodities.)
97.6
95.4
83.4
96.0
96.1
84.6
95.8
96.3
82.6
95.3
96.3
79.2
95.5
96.4
79.7
94.5
94.3
79.2
94.5
94.2
80.3
94.7
94.3
81.2
95.1
94.6
80.8
94.9
94.8
79.1
95.4
94.9
80.7
97.3
94.9
83.6
97.6
95.3
83.9
80.5
74.8
85.5
74. 9
60. 7
29. 5
42.5
89.0
77.3
58. 3
93.1
79.3
78.0
84.2
75.2
66.0
29.5
66.0
90.3
77.4
55.6
89. 0 I
79.3
77.9
84.5
75.4
68.4
29.5
61.8
90.4
77.7
55.6
89.8
79.1
75.4
84.9
73.6
64.5
29.5
51.6
87.2
77.3
55.6
89.5
81.0
74.0
85.1
71.8
62.2
29.5
49.9
84.5
76.9
55.6
89.0
80.9
72.9
84.7
70.2
61.7
29.5
45.4
83.8
77.7
58.0
89.5
80.6
72.9
85.0
69.4
61.3
29.5
47.0
83.4
77.7
58.0
90.7
80.5
72.6
85.3
68.4
61.6
29.5
46.1
83.7
77.3
58.2
91.7
80.5
72.4
85.3
68.8
61.5
29.5
43.3
83.9
77.7
58.8
93.5
80.5
72.3
85.6
68.8
61.5
29.5
43.0
83.7
76.7
58.8
93.5
80.5
72.5
85.6
69.2
61.4
29.5
42.8
84.2
76.5
58.8
93.2
80.5
73.6
85.7
71.5
61.4
29.5
44.7
86. 3
76. 9
5*.8
93.2
80. 5
74.5
85.7
73.6
61. 5
29. 5
42.8
88.8
77. 5
58. 6
93.1
126.8
133. 5
148.6
120.2
128.0
130.9
145.6
119.5
128.5
132.3
151.5
119.9
128.1
131.6
149.9
119.6
128.5
130.4
149.9
119.3
129.9
128.7
154.8
118.9
129.6
129.9
154.8
119.0
130.1
131.4
153.1
119.5
129.
130.
151.
118.
1
2
5
8
128.0
131.fi
148. 6
118.9
125.6
131.9
148.6
118.9
93
82
PURCHASING POWER OP THE
DOLLAR
Wholesale prices
Retail food pricesf
Prices received by farmers
Cost oflivingt
.
1923-25=100..
.-do
do
do
127.2
133.3
153.1
120.2
CONSTRUCTION AND REAL ESTATE
1
CONTRACT AWARDS, PERMITS, AND
DWELLING UNITS PROVIDED
Value of contracts awarded (F. R. indexes):
p 103
Total, unadjusted
1923-25=100..
P81
Resi dential, unadjusted
do
P 128
Total, adjusted
do
v 95
Residential, adjusted
...do
F. W. Dodge Corporation (37 States):
Total projects
number.. 34,959
Total valuation
.
thous. of doL. 456,189
Public ownership
_._do
257, 693
Private ownership
.
do
198, 496
Nonresidential buildings:
8, 740
Projects
.
number..
Floor area
thous. of sq. ft.. 42, 129
Valuation
thous. of doL. 182,618
Residential buildings, all types:
Projects.
number.. 24, 976
Floor area
thous. of sq. ft.. 48,183
Valuation
thous. of doL. 159, 275
Public works:
761
Projects
___number__
Valuation
thous. of doL. 73, 447
Utilities:
476
Projects
number..
Valuation
thous. of doL. 40, 849
Families provided for and indicated expenditures for building construction (based on
bldg. permits), U. S. Dept. of Labor indexes:
Number of families provided for.--1929=100—
66.2
Indicated expenditures for:
63.4
Total building construction
do
45.6
New residential buildings
do
New nonresidential buildings
do
67.4
40.2
Additions,alterations,and repairs.. .do
Estimated number of new dwelling units provided in all urban areas (U. S. Dept of Labor):
Total
number. .
1-family dwellings
do
2-family dwellings
do
Multifamily dwellings
do
Engineering construction:
Contract awards (E. N. R.)§..-thous. of dol.. 398, 704
!
51 i
86
60
18,831
354,098
225, 095
129, 003
61
44
75
53
54
50
63
56
63
60
62
57
73
73
64
62
78
75
64
64
86
76
74
69
13,517
15, 595 23, 920
196,191 200,574 272,178
92, 532 81, 666 94, 971
103, 659 118,908 177,207
26,101
300,504
103.450
197,054
29,201
328,914
111,578
217, 336
93
78
85
77
r
90
82
95
85
99
'S3
r 111
r
87
26, 679
324, 726
147,316
177,410
90
93
82
82
28, 466 31.512 31,671
398, 673 414, 941 347, 651
204, 568 195, 293 143,996
194,105 219, 648 203,655
34, 084
383, 009
174,500
208, 503
31.52S
380, 347
185, 756
2,711
11,675
57, 757
2,453
9,109
52, 532
2,852
12, 356
70, 565
3, 645
14,444
73, 735
3,815
16,610
88,821
4,346
16, 971
90,164
4,078
18,028
91,995
0, 199
4.130
5, 135
23, 413 23, 654 23, 431
138, 954 119,189 101,295
7.2S4
34, 02S
136, 405
0. 144
33, 890
148, 30 7
14,899
22, 585
88, 681
10,132
19, 082
77, 400
11, S07 19,053
31,078
19,107
74,858 121, 708
20,594
33, 459
135, 420
22,939
36,312
145,912
20, 584
33,537
135, 274
22, 387 24, 277 24, 758
36, 227 38, 987 41,030
140, 430 152, 988 152,372
24, 888
40, 778
148. 409
24, 009
42. 151
152. 83S
891
180, 683
730
47,861
762
42,929
1,008
58, 905
1,512
62, 881
1,733
81, 261
1,789
74,433
1, 685
1, 686
85, 681 119, 35S
1,339
59, 898
1.482
73, 220
921
51, 430
330
26,977
202
18, 398
174
12, 222
214
17,830
180
13, 382
183
11, 577
228
23,024
263
33, 608
351
23, 406
439
34, 086
430
24, 975
454
27, 712
66.3
41.7
54.6
68.2
82.7
79.6
63.0
79.5
80.4
86.2
98.0
67. 4
39.4
45.1
22.9
39.7
29.9
29.4
20.5
41.2
36.1
37.1
23.1
48.1
43.6
47.1
26.4
52.4
52.1
57.4
29.5
64.4
52.8
58.5
30.4
62.1
46.6
45.2
30.9
69.1
56.4
39.5
65.8
55.5
55.5
40.8
60.4
51.4
60.5
28.1
60.5
78.0
09.2
09.8
57.0
00. 8
M7. 4
00. 3
43.5
29. 696
20,052
2,111
7,533
18, 552
11,406
1,094
6,052
24,182
15, 995
1,721
6,466
30, 472
22, 729
2,215
5,528
37,328
27, 420
2.574
7,334
36, 271
27, 421
2,967
5,883
28, 706
23. 417
1,991
3,298
35,432
28, 275
2, 862
4,295
35, 814
28. 769
2,922
4,123
37,221
27, 028
3,720
6,473
190, 327
191,977
270, 928 179, 836
211,816
282, 296
252, 763
347,852
702, 842
382, 724
6,288
4,575
1,713
5,227
3.406
1,821
6,416
4,049
2,368
4,744
3,170
1,574
5, 900
3,073
2,287
3, 855
2, 197
1, 058
4,731
50,724
4,034
43,925
3,902
41, 210
3,578
37,242
3, 030
32, 356
2.892
33, 555
397, 253 368,252
HIGHWAY CONSTRUCTION
Concrete pavement contract awards:
3,122
4,951
2,597
2,486
4,058
7,537
Total
thous. sq. y d . . 3. 852
3,260
1,730
2,297
1,827
2, 262
3,170
5.496
Roads
do
1,691
867
825
659
2,041
Streets and alleys.
do
888
1,590
Status of highway and grade crossing projects
administered by the Public Roads Administration, Federal Works Agency:
Highways:
Approved for construction:
3, 528
4,264
4,782
4,633
2,926
4,645
Mileage
...no. of miles..
40,132 45,616
46,677 47, 619
46,922
50,515
Federal funds...
thous. of doL. 36,154
Under construction:
5,837
5,984
5, 966
6,347
7,306
7, 536
8,388
Mileage
no. of miles..
91, 429 90,220
92, 864 98, 452 106, 063 115,864
Federal funds
thous. of dol 113, 922
Estimated cost
doL. 228, 840 184, 441 180, 686 185, 954 196, 974 211,630 230, 819
r
Revised.
* Preliminary.
§Data for February, May, August, and October 1940 are for 5 weeks; other months, 4 weeks.
•New series. For indexes of rayon and silk price? beginning 1926, see table 29, p. 18, of the May 1940 Survey.
fRevised series. Revised beginning January 1935; see table 4, p. 18, of the January 1941 Survey.
8,915
121, 248
242, 425
9,439
9,612
9,390
126, 761 128, 737 131,614
253, 523 257, 567 264,589
8.900
8, 236
127,250
121,500
256,691 1 244.404
69
SURVEY OF CURRENT BUSINESS
February 1041
Monthly statistics through December 1939, to- 1940
1939
gether with explanatory notes and references
to the sources of the data, may be found in the Decem- December
1940 Supplement to the Survey
ber
1940
January
February
March
April
May
June
July
August
September
October N o v e m "
October | ber
CONSTRUCTION AND REAL ESTATE—Continued
HIGHWAY CONSTRUCTION-Con.
Status of highway and grade crossing proj. administered by the Pub. Rds. Adm.—Con.
Grade crossings:
Approved for construction:
Federal funds
thous. of doL.
Estimated cost
do
Under construction:
Federal funds
-do
Estimated cost
do
10,123
10, 781
32,483
34, 001
11,428
11,986
12, 447
13,075
12, 617
13,193
12,133
12,908
9,810
10,420
10,328
11,394
10,119
11,094
9,652
10, 596
9,496
10,198
9,779
10,214
9,473
9,855
9,081
9,307
30,528
32,258
30,410
32,077
31,167
32, 775
31,787
33,272
34,525
35,819
36,458
37,751
37,013
38, 239
37, 682
39,010
38. 323
39, 674
35, 975
37, 543
35, 831
37, 226
34, 813
36, 352
CONSTRUCTION COST INDEXES
A bertha w (industrial building)
.1914=100.
American Appraisal Co.:f
Average, 30 cities
1913=100.
Atlanta
do...
New Y o r k . . .
do...
San Francisco
_
-do.._
St. Louis
do___
Associated General Contractors (all types)
1913=100.
E. H. Boeckh and Associates, Inc.:§
Apartments, hotels, and office buildings:
Brick and concrete:
Atlanta
U. S. av., 1926-29=100.
New York--do...
San Francisco
do...
St. Louis
do...
Commercial and factory buildings:
Brick and concrete:
Atlanta
do
New York
do...
San Francisco..
do._.
St. Louis
do
Brick and steel:
Atlanta
do
New York-.
do...
San Francisco
do...
St. Louis
do.__
Residences:
Brick:
Atlanta
do...
New York
do-._
San Francisco.
_
_
do...
St. Louis
do...
Frame:
Atlanta
do...
New Y o r k . . .
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...
195
191
212
202
230
194
217
203
191
221
185
210
203
192
221
184
211
203
191
221
184
211
202
189
221
183
210
203
190
221
183
210
202
191
220
184
208
202
191
220
184
208
202
192
220
184
209
202
192
220
184
209
206
195
225
190
212
208
198
227
191
214
208
198
228
191
214
193
188
188
187
187
187
187
188
188
189
189
191
192
98.3
133.5
116.1
120.5
96.0
131.1
118.0
118.9
96.0
131.1
118.0
118.9
96.0
131.0
118.0
118.8
96.5
131.3
118.0
119.0
131.9
117.1
118.9
96.7
131.9
117.2
118.9
96.5
132.1
114.5
118.8
96.6
132.3
114.9
118.8
96.8
132.6
115.1
119.0
97.3
132.8
115. 3
119.4
98.0
132.9
115. 5
120.2
98.0
132.9
115.5
120.2
99.3
136.3
119. 0
121.0
98.2
133.7
122.7
119.9
98.2
133.7
122.7
119.9
98.1
133.7
122.7
119.9
98.1
134.0
122.7
120.0
98.2
134.6
121.9
119.9
98.3
134.6
121.9
120.4
98.2
135.5
117.8
120.3
98.2
135.5
118.2
120.3
98.4
135.7
118.3
120.4
98.7
135. 8
118.4
120.6
99.1
135.8
118. 6
120.7
99.1
135.9
118.6
120.7
99.0
132.9
115.5
120. 9
96.8
130.4
118.1
118.7
96.9
130.4
118.1
118.7
96.8
130.3
118.1
118.6
96.8
130.6
118.1
118.8
97.0
131.3
115.2
118.7
97.1
131.3
115.3
119.1
131.1
113.1
118.9
131.2
114.0
118.9
97.1
131.7
114.3
119.2
131.9
114.6
119.7
98.7
132.2
114.8
120.5
98.7
132.3
114.8
120. 5
96. 7
130.2
109.9
118.4
88.3
125.1
105.8
110.4
88.4
125.1
105.8
110.5
88.1
124.4
105.8
109.8
88.5
124.8
105.8
110.9
89.4
125.9
105.8
110.4
89.5
125.9
106.2
110.8
125.4
104.3
110.1
88.5
124.4
104.4
110.1
89.6
126.1
105.8
111.2
92.3
127.2
107.0
113.3
96.2
127 8
107.8
117.6
96.2
128.2
107.9
117.6
96.2
129.7
105. 8
117.5
85.5
124.5
100.2
107.2
85.7
124.5
100.2
107.4
85.3
123.6
100.2
106.5
85.7
123.9
100.2
107.9
86.8
124.4
100.2
107.2
87.0
124.4
100.5
107.8
86.1
123.6
98.6
106.9
85.7
122.3
98.8
106.9
87.2
124.5
100.8
108.3
90.6
125. 9
102.2
111.0
95.6
126. 7
103.1
116.6
95.6
127.2
103. 3
116.6
249.7
238.3
238.3
238.3
238.3
238.9
241.6
242.2
242.2
244.1
245.0
247.2
249.1
112.5
109.1
119.2
106.6
104.5
110.6
106.4
104.4
110.2
106.5
104.5
110.3
106.4
104.5
110.3
106.2
104.3
110.0
106.2
104.4
109.9
106.2
104.4
109.7
106.0
104.3
109.5
106.2
104.4
109.7
107.0
105.0
111.0
108.7
106.5
113.3
110. 6
107.8
116.3
56, 878
53,200
48, 831
44, 980
76,874
79, 930
84,357
88, 074
9,379
92,083
6, 754
191
194
193
REAL ESTATE
Federal Housing Administration, home mortgage insurance:
Gross mortgages accepted for Insurance
thous. of doL.
Premium-paying mortgages (cumulative)
thous. of doL.
Estimated new mortgage loans by all savings
and loan associations:
Total loans
thous. of dol..
Classified according to purpose:
Mortgage loans on homes:
Construction..
do
Home purchase
do
Refinancing
do
Repairs and reconditioning
do
Loans for all other purposes
do
Classified according to type of association:
Federal
thous. of doL.
State members.
_
do
Nonmembers
do
Loans outstanding of agencies under the Federal
Home Loan Bank Board:
Federal Savings and Loan Associations, estimated total mortgages outstanding
thous. of doL.
Federal Home Loan Banks, outstanding advances to member institutions
thous. of doL.
Home Owners' Loan Corporation, balance of
loans outstanding
thous. of doL.
Foreclosures:
Nonfarm real estate
1926=100..
Metropolitan communities.
do
Fire losses
thous. of doL.
2,706,353 1,969,862 2,034,920 2,086,518 2,132,701 2,180,413 2,233,991 2,288,348 2,348,663 2,411,632 2,479,964 2,559,984 2,628,851
117, 622 111,775
114, 542 106,984
114,301
10, 607
35, 523
38,402
17,147
5,691
10, 221
39,907
40, 658
17, 649
6,115
9,972
42, 488
40, 567
17,762
6,079
10, 726
49,287
45,803
19,452
47,435
42, 214
17,335
45, 414
20, 211
50, 305
46,807
20, 510
88, 553
83,112
66, 944
71, 522
90, 368 108,001
30,032
31, 465
14,575
4,248
8,233
27, 779
15,001
4,335
9,074
19,488
22,039
13,999
3,455
7,963
20,152
25,389
14,590
3,437
7,954
26,711
32,168
16, 769
4,657
10,063
33, 764
37,821
20,859
6,097
9,460
36, 956
42,049
18,034
37,715
36, 729
14,109
34, 053
33,209
15,850
28,008
25, 737
13,199
29, 786
28,941
12, 795
38,241
36,484
15,643
46, 577
43,015
18,409
114, 400
94, 567
39,417
40,947
15,483
6,283
9,645
41, 610
40, 771
16, 840
5,756
9,423
46,480
45,988
19,307
48, 307
46, 224
19, 869
32, 584
33, 875
14,441
4,869
8,798
38,896
40,143
15, 528
1,546,270 1,271,161 1,280,200 1,296,464 1,317,975 1,348,072 1,376,700 1,405,100 1,432,100 1,461,867 1,487,974 1,515,392 1,533,246
201, 492
181, 313
156,788
144, 515
137, 642 133,811
137,509
157,397
162, 222 168, 402 176,047
181, 526 185, 547
1,956,268 2,038,186 2,031,341 2,026,614 2,021,951 2,020,572 2,017,395 2,012,760 2,004,737 1,996,443 1,987,611 1,980,704 1,968,816
111
114
103
108
112
113
126
116
111
126
111
103
94
99
106
108
108
105
104
108
119
108
121
106
94
28, 617 27. 959 36, 261 34, 410
29. 789 26, 657 23, 447 19, 506 20, 323 20, 722 21,198
22,091
23. 449
§Beginning with the September 1940 issue of the Survey indexes computed as of the first of the month are shown as of the end of the preceding month. The Engineering News Record Index is similarly shown in the 1940 Supplement as of the end of the preceding month.
tRevised series. Revised indexes beginning 1913 are available in table 44, p. 13 of the November 1940 Survey.
70
SURVEY OF CURRENT BUSINESS
1939
Monthly statistics through December 1939, to- 1940
gether with explanatory notes and references
to the sources of the data, may be found in the Decem- December
ber
1940 Supplement to the Survey
Februarv 1941
1940
February
January
March
April
May
June
July
August
September
Octo- ! No vein
her
her
DOMESTIC TRADE
ADVERTISING
Printers' Ink indexes (with adjustment for seasonal variations):
Combined index
1928-32=100.
Farm papers.
__
do...
Magazines
do...
Newspapers
do...
Outdoor.
___
__do___
Radio,..
_,_ do.__
Radio advertising:
Oast of facilities, total
thous. of dol.
Automobiles and accessories
do...
Olothing
do._.
Electric household equipment
do...
Financial..
do...
Foods, food beverages, confections d o . . .
House furnishings, etc
do._.
Soap, cleansers, etc
__do-._
Office furciahings and supplies
do...
Stnoking materials
do._.
Toilet goods, medical supplies
do_._
All other.
__
_
do...
Magazine advertising:
Cost, total
do...
Automobiles and accessories..
do...
Clothing
do...
Electric household equipment
do._.
Financial
do...
Foods, food beverages, confections d o . . .
House furnishings, etc
_do._.
Soap, cleansers, etc.—
do...
Office furnishings and supplies
do...
Smoking materials
_do__.
Toilet goods, medical supplies
do...
AH other
_
do...
Linage, total.
thous. of lines.
Newspaper advertising:
Linage, total (52cities)...
..do...
Classified
do...
Display, total.
do...
Automotive
do...
Financial...
do...
General
do__.
Rotail..
-_do-.
i
92.1
73.9
87.6
89.4
70.9
80.4
84.3
88.3
318.5
9,307
857
63
0
97
2,664
105
1,001
17
1,376
2, 626
503
8,127
636
41
0
92
13, 589
1,270
745
646
336
2,003
684
240
345
682
2,081
4, 558
1,691
12, 262
122, 786
21,918
100, 868
4,124
1,742
13, 549
81, 452
118,103
20, 246
2,769
49
915
0
1,134
2,225
265
1,300
555
406
318
1,771
681
269
303
647
2,219
3,794
1,711
97, 857
3,482
1,637
14,183
78, 555
82.7
60.7
80.0
77.1
77.2
306.2
85.3
59.0
81.8
79.9
83.6
289.4
84.7
66.4
83.0
78.1
87.2
290.8
89.3
69.1
85.1
83.2
86.2
325.2
84.6
62.5
85.8
76.9
82.0
358.4
84.1
58.5
88.4
74.6
86.4
416.5
87.4
63.0
79.9
80 4
89.4
416. 3
86.4
58.3
80.9
79.4
87.7
396.8
7,800
8,208
7,728
7,928
7,086
634
32
0
59
670
45
0
62
722
33
0
74
728
56
0
92
680
54
0
81
7,137
498
35
0
2,663
2,737
2.389
2,383
2,039
2,095
87
6,842
489
33
0
90
1,889
79
1,219
2,328
221
1,119
2,084
1,190
2,210
1,283
2.109
1,157
1,926
220
274
1,190
2, 126
1,193
2,002
158
1,224
1,897
235
8.274
1,318
271
88
376
1,271
255
217
119
620
1,422
2,317
1,973
12,314
1,616
16, 261
2.483
1,095
17, 312
2,986
1,024
16, 454
2,744
747
481
925
842
441
15,648
2,415
2,477
2,285
1,130
2,213
1,134
2,391
514
235
702
826
546
150
863
2,396
3, 256
2,343
2,723
4,124
2,779
2, 576
4, 759
2,725
2,325
4.378
2,430
2,420
4,069
2,014
10,797
1,439
231
261
343
2,138
304
413
80
762
1,969
2,857
1, 706
10,005 j
1,215
' 487 I
149 ;
283 I
2,004
235
382
188
698
1,709
r
2, 656
1,888
7,273
9, 832
506
742
55 1
50
0
0
87
92
2,018
2, 530
91
103
874
1,011
0
2
1,169
1,302
2,088
2, W9
385
1, 3^0
13,635 ' 1'). 626
1,611
2.742
1.061
1, 216
281
525
378
452
2,140
2.440
825
1.177
429
441
305
219
790
776
2,147
2. 433
3, 668 T 4. 3G7
2,410
2,432
88, 033
19, 075
68, 958
3, 854
2,278
93. 240
19, 295
73,945
4,224
1,494
15, 740
52, 487
114, 255
22, 945
91, 309
5,620
1,799
17,645
66, 246
111,989
23, 083
88, 906
7,007
1.838
17,824
62, 237
119, 883
23,936
95, 948
7,812
1,477
19, 427
67,231
103, 290
23,216
80,074
5,639
1,485
17,069
55,880
84, 440
21,194
63, 246
3,628
1,827
13,043
44, 748
92,041 I 106,701
21,964
22, 328
70,077
84, 373
3,619
5,035
1,196
1,322
12,046
14, 546
53, 216 63, 469
79.4
57.8
74.8
73.4
78.9
325.6
8,299
683
30
0
85
2, 740
50
942
0
12, 433
50, 393
87
902
0
596
239
365
2,129
475
47S
166
598
89
931
0
585
458
730
497
263
824
80
912
0
201
468
192
663
90
963
0
224
85
846
0
218
807
657
504
94
977
0
907
0
85.4
66.1
83.0
78.8
78.8
355.9
84.9
66. 7
85.3
79.7
62.5
340.1
9,016
724
74
0
91
2,480
93
949
16
1,281
2, 365
943
15, 861
2,427
878
531
432
2, 582
945
471
248
874
2, 295
4,180
2,4G0
69, 409
113,191
21,071
92,119
4,973
1, 359
16, 796
68, 992
118,784
22, 786
95, 997
6,471
1, 606
18.511
GOODS IN WAREHOUSES
Space occupied in public-merchandise warehouses
percent of total..
73.9
72.2
71.7
73.0
72.1
72.2
71.7
71.0
72.5
72.1
1,792
1,901
2,361
1,966
1,998
2, 250
2,087
1,619
1,710
1,627
1,537
1,632
1,479
Air mail: Pound-mile performance.-.millions-.
Money orders:
Domestic, issued (50 cities):
4,914
Number. _
thousands..
Value
thous. of dol.. 45,154
Domestic, paid (50 cities):
Number
...thousands.. 15, 876
f
Value
thous. of dol.. 123, 43 0
Foreign, issued—value
do
Receipts, postal:
45, 390
50 selected cities
do.
5,539
50 industrial cities
do.
1,771
1,535
1,500
1,682
1,628
1, 683
1,597
1, 634
1,719
4,554
41,190
4,246
39, 065
4,664
42, 937
4,503
41, 548
4,309
40, 028
4,151
38,218
4,226
40,144
39, 472
3,901
39,041
4, 527
42, 719
4, 373
41, 646
15, 285
111,851
3,926
4,702
41,876
13, 008
100, 455
1,604
12,945
95,124
1,467
14, 373
106,197
1,775
13,928
103,120
1,430
13,138
97,435
1,362
13,106
100,955
1,519
13,106
102, 390
1,494
12, 469
99,068
1,248
15.096
119, 500
1,478
111,864
1, 843
42, 947
5,118
30, 380
3,791
29, 737
3,665
32, 657
3,993
13, 624
100, 793
1,450
31,615
3,923
32, 265
3,786
28, 668
3,451
27, 626
3,565
28, 974
3,568
30, 325
3, 572
35, 233
4, 194
33, 201
3, 686
NEW INCORPORATIONS
Business incorporations (4 States)
number..
POSTAL BUSINESS
4,134
14, 177
RETAIL TRADE
Automobiles, value of new passenger-car sales: p
Unadjusted
1929-31 = 100
135.8
110 8
95.6 100.7
100.7 133.9
133.9 145.1
145.1 131.1
131.1 143.5
143.5 118.3
70.9
67.7 140.1 '147.9
Adjusted
do..II p 121.2
108.5 125.8 130.8
112.5
112.5
104.1
122.7
119.5 r 120.2 r ng. 7 -133.4
'128.6
112.5
112.5
104.1
130.8
122.7
Chain-store sales, indexes:
Chain-Store Age, combined index (20 chains)
av. same month 1929-31 = 100
128.0 120.0 113.5 114.0
114.0 115.0
115.0 115.0
115.0 117.0
117.0 119.0
119.0 119.0 122.8 121.0 120.0 124.0
Apparel chains
do....
149.0 142.0 120.0 119.0
119.0 128.0
128.0 122.0
123.0
120.0
132.0 134.0 137.0 132.0 136.0
122.0
123.0
120.0
Grocery?chain-store sales:
p
114.0
113.2
112.1
112.0
112.8
Unadjusted
1929-31 = 100
119.
6
112.1
105.4
112.1
112.0
113.2
114.0
112.8
109.9
110.0 110.1 114.5 116.8
Adjusted
. d o . . . . p 116.2
108.8 108.7 lll.fi
110.9
109.9
112.3
111.1
112.2 114.6 112.4 113.9 116.8
110.9
109.9
112.3
111.1
Drug chain-store sales:*
102.2
96.6
98.7
95.5
98.5
Unadjusted
_
1935-39=100
*144.7
136.1
96.1
95.5
102.2
96.6
98.7
98.5
99.4 102.2
98.6 r 104.7 '105.2
Adjusted
d o . . . . p 107.1
101.5 100.3
98.7
102.7
99.9
102.1
104.8
103.8 107.6 102.7 r 103. 2 ' 105.3
102.7
99.9
102.1
98.7
104.8
Variety-store sales, combined sales, 7 chains:} p
92.1
101.7
99.3
99.5
83.5
Unadjusted1935-39=100
224.3
209.4
76.1
83.5
99.3
92.1
101.7
99.5
97.6
95.8 103.9 108.0 '112.9
p
Adjusted
^o
109.8
104.7 104.0 105.3
105.4
103.2
105.2
104.4
106.5 109.2 108.1 109.7 r 109.7
105.4
103.2
105.2
105.3
104.4
Chain-store sales and stores operated:
Variety chains:
H . L. GreeniCo., Inc.:f
3,751
2,774
3,846
3,279
Sales
thous. of d o l . .
7,972
7,821 2,785
3,751 3,784
3,334
3,657
3,536
3,992
4,395
151
151
151
151
151
Stores operated
number
150
151
151
151
151
151
151
151
151
151
149
150
150
S. S. Kresge Co.:
12,206
10,
498
11,815
9,543
11,
643
Sales
thous. of dol
24,683
24,406
9,042
10,498
11,643
10,458
11,757
10,870
12,626
13,290
Stores operated
number..
684
686
675
675
675
675
675
676
677
678
681
682
684
675
675
675
675
676
S. H . Kress & Co.:
6,401
6,310
Sales..
thous. of dol
15,732
15,232
5,300
5,603
6,897
6,401
6,838
6,310
6,514 6,691 6,839
7,514 7,659
Stores operated
number..
242
240
240
239
239
239
239
239
239
239
239
241
242
239
239
239
239
239
McCrory Stores Corp.:
3,888
3,246
3,611
3,507
2,998
Sales
.thous. of d o l . .
8,028
7,655
2,767
3,611 3,334
3,626
3,377
3,768
4,058
Stores operated
.number..
204
200
201
201
202
203
203
203
203
202
202
202
202
203
202
203
201
203
' Revised.
P Preliminary.
fRevised series. Revised indexes of variety store sales beginning 1929 appear in table 30, p . 10, of the August 1940 Survey. H . L . Green Co. data revised beginning
February 1939; for an explanation of the revision and revised data, see notes marked with a "f" on p . 24 of the September 1940 and December 1940 Surveys.
•New series. For data beginning July 1934, see table 1, p . 11 of the November 1940 Survey.
SURVEY OF CURRENT BUSINESS
February 1041
Monthly statistics through December 1939, together with explanatory notes and references
to the sources of the data, may be found in the
1940 Supplement to the Survey
1940
1939
December
December
71
1940
January
February
March
April
May
June
July
August
September
October
November
DOMESTIC TRADE—Continued
R E T A I L TRADE—Continued
Chain store sales and stores operated—Con.
Variety chains—Con.
G. C. M u r p h y Co.:
Sales
thous. of dol..
9,042
Stores operated
number.
204
F. W . Woolworth Co.:
54, 571
Sales
thous. of dol..
Stores operated
number_.
2,025
Other chains:
W. T . Grant Co.:
Sales
thous. of dol_.
20,030
Stores operated
number,.
494
J. C. Penney Co.:
Sales
thous. of dol..
45, 716
Stores operated
number..
1,586
Department stores:
Collections, ratio to accounts receivable:
Instalment accounts
percent..
Open accounts
do.._.
179
Sales, total U. S., unadjusted...1923-25= 100..
223
Atlanta!
1935-39=100..
P145
Boston
1923-25=100..
173
Chicago
do
178
Cleveland
do
201
Dallas
do
148
Kansas City
1925=100..
Minneapolis
1929-31=100..
184
New York
1923-25=100..
148
Philadelphia
do
Richmond
do
p 248
St. Louis
do
167
San Francisco
do
v 188
101
Sales, total U. S., adjusted!
do- —.
129
Atlantaf
1935-39 = 100..
103
Chicago
1923-25=100..
104
Cleveland
do
116
Dallas
do....
Minneapolis
1929-31=100..
102
New York
1923-25=100..
81
Philadelphia
do
101
St. Louis
do
3
109
San Francisco
do
Instalment sales, New England dept. stores
percent of total sales..
7.0
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. 166,723
Montgomery Ward & Co
do
70, 850
95, 873
Sears, Roebuck & Co
do
Rural sales of general merchandise:
233.7
Total U. S., unadjusted
1929-31=100..
256. 2
East
do....
268.3
South
do
210.6
Middle W e s t . .
do....
245.2
Far West
,
do
146.1
Total U. S., adjusted
do....
153.9
East
..do....
178.7
South...
do
135.0
Middle West
do—.
150.2
Far West
do
i, 163
202
3, 083
202
3,134
202
4.069
202
3, 585
203
4,300
203
4,398
202
3, 966
202
4,370
202
3,923
202
4, 612
202
4, 884
202
52, 333
2,020
20. 512
2,017
22,117
2,015
27, 545
2,016
23, 774
2,014
26, 067
2,015
26, 020
2,015
24, 507
2,013
26,828
2,014
25, 197
2,021
28, 634
2, 024
29, 688
2,023
18, 868
'494
5, 931
492
6,109
492
8,101
492
7, 620
492
8,787
492
8,911
492
7,698
492
8,750
493
8, 276
493
10,172
494
10, 569
494
43, 216
1,554
18, 292
1, 554
16, 032
1, 557
21,469
1,560
21,181
1,562
23, 599
1,562
24, 737
1,568
20,882
1,568
24, 492
1, 575
24, 791
1,578
29, 584
1,582
33,765
1, 586
18.1
48.7
114
141
'92
113
116
131
99
108
120
r
100
r 148
112
116
100
129
103
108
117
104
101
82
96
18.0
44.5
168
206
140
164
171
195
r
155
160
172
r 138
217
156
179
95
119
98
100
113
105
95
76
94
104
17.0
48.2
71
83
69
75
70
86
67
81
74
52
84
69
80
92
108
94
93
113
102
94
72
87
98
17.2
44.6
71
100
53
74
73
91
70
70
69
53
83
73
83
90
115
92
93
107
97
86
70
85
99
17.9
45.4
86
123
69
92
86
110
87
93
82
69
110
91
95
89
120
94
91
112
90
89
71
92
102
17.8
46.5
86
104
71
91
90
99
85
100
83
65
105
90
90
89
111
92
88
103
101
90
69
92
96
17.3
46.8
89
114
74
93
94
105
86
100
85
74
120
88
95
89
115
92
87
105
100
88
74
88
99
16.5
45.9
87
98
75
92
93
90
76
97
89
73
112
82
88
91
115
94
95
102
97
92
75
89
97
16.4
45.4
64
81
51
65
67
76
66
73
67
50
83
66
83
92
118
92
92
108
103
94
73
95
101
16.9
44.1
77
107
62
86
84
94
86
101
76
60
104
78
98
98
123
107
101
122
115
101
80
104
104
16. 7
42.4
105
132
80
104
107
127
91
106
108
79
128
106
103
97
122
100
102
115
95
104
79
99
100
17. 7
47.1
101
125
91
101
97
111
95
117
108
87
149
101
103
94
112
92
94
99
97
95
75
89
99
6.6
11.1
11.9
10.1
9.5
9.6
7.5
10.0
15.1
11.2
11.8
64
61
68
68
71
71
70
71
69
70
68
64
67
61
68
69
73
70
79
71
83
148,552
r
66, 025
82, 427
70,532
29, 984
40, 548
71, 366
30. 530
40,836
89, 741
38,842
50,899
102, 228
45,856
56, 372
111,883
45, 905
65, 978
106, 417
43,104
63, 313
88, 565
37. 213
51, 352
101,512
42, 692
58, 820
111,622
45 97^
65' 650
133,857
56, 937
76, 920
127,938
54, 613
73,324
211.7
229.2
236. 4
190. 1
242.8
132.4
137.7
157.4
121. 9
148.8
102.3
99.2
120.7
96.6
108.4
134. 5
130.6
152. 6
126.3
147. 5
107.0
106.0
136.9
96.8
114.8
132. 3
129.6
150.1
121.8
155.1
119.9
120.0
15L6
110.9
120.2
136. 6
133.6
167. 9
125. 1
146.0
115.3
115.2
134.4
105.1
127.0
125.4
120.8
152.5
112.5
142.2
122.8
126. 3
135. 8
114.0
138. 4
133.8
137.3
160.1
120.4
153.9
125.5
133. 1
132.6
116.4
146. 7
137.7
145. 0
164.9
123.3
153.9
96.4
95.7
102. 6
88.1
121.9
132.1
134. 4
151.1
119.4
148. 6
119.4
120.4
121.2
110.2
150. 5
146.0
151.1
168.1
133. 6
163. 4
135.1
136. 7
163. 8
117.7
163.5
127.8
139. 0
148.4
114.9
139. 7
158.4
167.1
207. 9
138.3
165.9
122. 0
129. 8
140. 3
108. 9
138.2
179.4
176.0
233. 9
164. 5
186. 5
137. 9
136. 6
170.3
125. 5
153. 8
114.0
115.5
110
10.5
EMPLOYMENT CONDITIONS AND WAGES
EMPLOYMENT
Factory, unadjusted (IT. S. Department of
Labor)!
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..
Hard ware
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, excl. transp. equip
do
Agricultural implements (including tractors)
1923-25=100.Electrical machinery, apparatus, and
supplies
1923-25=100-Engines, turbines, water wheels, and
windmills
1923-25=100-Foundry and machine-shop products
1923-25=100-Machine tools*
do
Radios and phonographs
do
Metals, nonferrous, and products
do
'
Brass, bronze, and copper products.do
116.2
117.5
107.8
102.8
105.0
100.1
105.0
99.2
104.4
99.1
103.2
98.7
102.5
99.2
103.1
99.8
103.2
98.4
107.4
102.4
111.4
108.2
113.8
112.8
121.6
111.4
108. 3
106.7
103.5
101.7
101.9
103.7
106.2
110.7
113.6
117.1
119.3
129.4
112.5
123.3
105.6
120.9
103.5
117.4
101.3
111.5
98.8
108.4
98.1
109.1
95.9
114.3
81.6
119.0
82.9
122.1
95.8
123.2
101.2
125.3
105.3
' 127. 4
109.0
91.0
98.7
73.4
96.8
64.5
135. 6
75.4
95.4
71.1
94.8
63.3
113.1
73.4
93.6
67.3
90.3
59.5
112.4
71.6
92.7
66.7
89.0
59.1
113.1
70.3
93.7
66.8
88.7
59.5
113.1
70.0
94.8
66.9
86.4
60.3
113.6
71.1
95.6
68.0
87.3
61.9
113.9
73.5
102.8
68.3
88.1
61.9
115.1
76.0
105.9
68.2
87.7
61.5
116.1
79.9
108.1
71.3
91.0
64.9
119.2
83.4
105.2
73.4
94.6
66.3
123.1
85.6
'101.4
74.4
96.8
66.6
127.3
86. 5
100. 2
' 74.4
'97.0
r
66.1
r 131. 1
143.2
130.9
135.2
141.1
143. 6
141.4
139.6
137.3
130.6
131.2
133.5
134.9
136. 6
124.8
102.6
101.7
101.6
101.7
101.5
101.9
103.3
103.8
106.6
111.2
116.1
' 120.6
210.1
119.8
125.3
133.0
134.5
140.2
148.9
158.1
167.5
174.8
182.2
190.4
' 199.7
113.8
275.7
157.8
131.1
168.6
97.2
192.2
162.3
112.9
137.7
97.2
196.8
136.4
109.8
135.7
97.6
204.8
126.3
107.2
128.3
97.2
211.0
121.7
107.1
128.7
97.2
216.3
128.3
105.6
125.8
96.5
221.1
136.5
105.3
125.5
96.9
229.1
141.0
106.6
127.1
98.0
234.8
143.4
107.0
129.6
100.5
237.5
157.1
113.8
138.2
103.4
248.0
159. 5
119.8
146.6
106.7
257.8
163.6
126. 1
154.9
' 110.1
' 265.9
' 159.4
r
129.8
' 162.4
r
r
r
Revised.
v Preliminary.
!Revised series. For revised index of department store sales in Atlanta district beginning 1919, see table 53, p. 16, of the December 1940 Survey. For revisions in adjusted
index of United States department store sales for 1935-39, see note marked with a " t " on p. 25 of the January 1941 Survey. Employment and pay-roll indexes for all manufacturing, durable goods, and nondurable goods revised to adjust data to preliminary 1939 Census figures; revised indexes beginning July 1937 for employment, all industries
and nondurable goods, and January 1938 for other series, comparable with data here shown, will appear in a subsequent issue.
*New series. For data beginning 1923, see table 39, p. 15, of the October 1940 Survey.
72
SUEVEY OF CURRENT BUSINESS
Monthly statistics through December 1939, together with explanatory notes and references
to the sources of the data, may be found in the
1940 Supplement to the Survey
1940
1939
December
December
February 1041
1940
January
February
March
April
May
June
July
August
September
October
Novem
ber
EMPLOYMENT CONDITIONS AND WAGES—Continued
EMPLOYMENT—Continued.
Factory, unadj. (U. S. Dept. of Labor)—Con.
Durable goods—Continued.
j
82.0
82.9
82.4
84.5 !
'"87.5 i ' 88. 9
80.5
85.8
75.5
Stone, clay, and glass prod--.1923-25=10077.7
88.7
83.6
54.4
60.9
63.1
64.4 '
65.0 i '65.5
58.0
64.1
64.7
52.9
57.0
Brick, tile, and terra cotta
do___
65.5
62.6
104.4
104.9
105.3
103.3 j 106.9
109.3
102.5
106. 2
113.2 I 117.0
105. 6
Glass
do._.
116.6
108.5
116.7
114.3
105.1
116.9
126.9
116.1
118.5
'139.
5 j ' 146. 0
99.7
I
116. 7
Transportation equipment!
do_. _
149.6
117.6
3,146.6 | 3, 478. 6 3. 764. 3 4,115.9 ' 4,478.1
Aircraft*
do_ _ _ 4, 849. 7
100. 0 2, 274. 6 2. 302. 6 2, 379. 4 2, 474. 3 2. 676. 4 2,913 5
109.8
104.9
112.0
85.4
113.
1
114.4
-•125.1
I r 129. 5
82.3
I
115.8
' 112. 1
Automobiles
do_ - .
128.5
118.1
158.2
162.8
152.8
181.1
142.7
150. 7
197.4 I ' 204. 2
170. 2
137.5
188.1
Shipbuilding*
do.. 220.8
139.4
105.6
106.2
107.5
112.2
110.5
109.5
107.8
114.4
109. 7
114.8 ; 113.7
114.9
112.6
Nondurable goods!
do___
Chemical, petroleum, and coal products
123.4
120.
8
119.0
119.4
122.8
121.0
118.5
' 123.0
125.3 !I 125.3
121.0
122.3
125. 5
1923-25 = 1 0 0 135.2
138.3
141. 6
' 148.0
135. 6
136.2
136.1
140.4
143.4
145.6
135. 8
137.6
150, 3
Chemicals
do_ —
124.4
126.4
123.5
123.5
123.2
125.9
124.6
126.1
125.1 j 126.0
123.5
124.2
126.2
Paints and varnishes
do-__
123.2
122.7
121.3
120.9
122.9
121. 1
121.8
121. 6
122. 6
121.2 ! ' 120. 7
122.3
119.4
Petroleum refining
do_._
306.0
307.7
309.0
313.3
306.9
305.8
304.3
313.5
311.7
312.2
315.3
311.1 ! 314.5
Rayon and allied products
do.__
129.7
145.8
118.8
118.8
135.4
119.7
119.5
147.4
126. 0
121.7
130. 9
' 141.3 ! ' 132. 5
Food and kindred products
do-..
147.0
146.6
143.1
142.3
147.1
142.5
141.4
146.6
144. 8
144.8 |
144.4
145.9 i ' 145.5
Baking
do. - 108.2
106.8
108. 6
111.1
107. 4
111.8
103.6
112.1
108.0
125.1
105.7
109.6 i r 116.2
Slaughtering and meat packing
do
86.8
92.0
99.3
91.6
98. 2
97.4
94.2
93.2
90.4
86.8
90.8
90.0 j '87.0
Leather and its manufactures
do
84.8
91.1
98.3
90.7
97.7
95.8
90.8
93.1
87.6
84.6
89.7
88.4 ! ' 84.1
Boots and shoes
do
114.5
115.2
114.6
114.7
115.1
114.4
118.5
119.8
113.8
115.0
116.2
Paper and printing
do
117.7 ; '118.2
116.2
116.9
113.0
117.1
114.1
112.6
115. 1
115. 8
115.2
112.0
Paper and pulp
do
116.7
115. 1 | ' 115. 7
83.4
85.9
88.0
83.5
90.0
93.0
97.7
87.2
83.8
Rubber products
do
84.7
89.4
'92.7 ! '94.5
68.5
70.5
73.0
69.3
73. 6
74.7
77.2
72.3
69.7
69.0
72.6
Rubber tires and inner tubes
do
74.0 i r 75. 3
93.7
99.7
105. 5
94.5
103.5
105.6
107.1
102.9
98.8
96.0
102.6
104.5 j ' 105. 5
Textiles and their products!
do
85.7
90.4
95.5
88.0
95. 9
98.5
100.2
90.7
88.3
87.0
92.8
96.1 j '98.7
Fabrics!
do
107.9
116. 7
123. 7
104. 9
116. 1
116.9
117.9
126. 6
118. 6
112.2
120.7
' 118.9 ! ' 116.3
Wearing apparel
do
64.9
64.4
61.7
62.4
59.0
65.8
65. 5
63. 6
63.8
62.2
65.8
66.5 ! ' 66. 8
Tobacco manufactures
do
103.
8
107.4
105. 8
105.1
107.6 j
108. 2
116.6
104. 0
102. 8
102.8
108.9
Factory, adjusted (Federal Reserve)!
do
111.4 ! 114.2
99.0
104.3
100. 2
100.4
102.4 j
102.7
117.4
97.7
98.6
97.9
107.4
Durable goods!
do
111.2 I 114.6
I
j
Iron and steel and their products, not in102. 7
100.8
101.2
103.7
cluding machinery
1923-25 = 100
110.4
107.3
111.1
122.4
'112.9 |
107. 0
116.1 j US. 9
112.1
Blast furnaces, steel works, and rolling
i
107
123
115
110
109
120
mills
1923-25=100,124
122
117
123
125
130
109
82
98
95
84
-•102
Hardware
do
104
105
106
97
98
113
101
Structural and ornamental metal work
72
73
71
78
71
75
84
'86
92
75
81
1923-25 = 100..
99
98
98
97
100
100
99 I
103
101
100
96
T i n cans and other tinware
do
103
100
69.0
68.1
67.2
67.9
' 73. 6
72.0
67.4
67.5
71.3
70.0
Lumber and allied products
do
72.4
74.9
'70.6
90
90
90
90
93
94
!
89
91
90
91
Furniture
do
93
91
95
r
62
61
m
65
60
61
63
60
64
64
Lumber, sawmills
do
60
66
e:
120.0
113.4
:
113.3
Machinery, excl. transp. equip
do
116.6
122.4
'130.9
126.6
112.9
113.4
113.4
113.6
114.9
135. 4
Agricultural implements (including trac140
136
139
133 I
141
tors)
1923-25 = 100. _
133
143
131
133
136
137
136
145
Electrical machinery, apparatus, and sup120
plies
1923-25 = 100..
102
101
102
103
Engines, turbines, water wheels, and wind132
'210
175
124
165
181
mills
1923-25 = 100..
195
218
133
134
142
134
152
I
F o u n d r y and machine-shop products
I
97
103
110
101
114
98
98 |
107
98
1923-25=100-.
96
97
209
215
247
247
274
204
237 I
257
197
191
Machine tools*
do
' 265
220
153
228
138
145
145
144
145 j
134
144
149
153
Radios and phonographs
do
142
155
144
105.9
118.6
106. 6
110.7
122. 3
107. 5
'115.7
111.7 (
129. 4
111.3
Metals, nonferrous, and products
do
' 126. 3
106.0
108.2
125
127
132
147
140
137 I
128
153
169
138
Brass, bronze, and copper products-do
' 162
124
128
79.8
80.0
81.3
81.8
83.0
85.8 I
84.7
Stone, clay, and glass products
do
90. 4
85. 4
SO. 8
'88.4
78.9
79.8
59
59
60
60
61
66
61
Brick, tile, and terra cotta
do
6^
65
61
65
58
58
104
105
107
111
109
112
105
Glass
do
109
11*
103
117
103
103
111.2
110.7
120.9
114.3
129.9
139.9
112.5
Transportation e q u i p m e n t !
do
113.7
145. 4
112.1
' 144.1
111.6
111.8
2,426
3, 115
2.298 i 2. 326
3,479
4,243
2. 356
3,881
Aircraft*
do
2,121
4. 89S
r 4, 523
2,598
2,829
106
97
111
107
125
107
115
Automobiles
do
112
107
122
' 126
105
102
148
175
140 j
186
195
148
187
Shipbuilding*
do
139
146
'204
154
164
107.6
109.6
112.4
110.2
109.3
110. 3
Nondurable goodst
1923--25=100_ _
115. 8
113. 4
111.6
111. 1
113.8
107.4
108.4
Chemical, petroleum, and coal products
123. 9
120.0
122 A
121.7
122.2
121.3
121.1
122.0
122.9
121.4
120.6
1923-25=100..
125. C
121.9
'147
137
138
138
141
136
137
141
143
138
138
Chemicals
do
151
138
127
124 I
122
124
123
121
126
127
125
127
124
Paints and varnishes
do
128
126
120
123
123
122
122
122
122
121
121
122
122
Petroleum refining
do
119
122
311
304
315
308
312
311
306
309
310
310
309
Rayon and allied products
do
314
311
' 132. 4
130.3
131.9
129.0
128.8
129. 1
129.8
127.0
130. 1
130.7
130.8
Food and kindred products
do
136.1
131.4
144
145
146
146
144
145
146
144
144
144
144
Baking
do
144
145
114
110
109
111
107
107
108
109
110
108
109
Slaughtering and meat packing
do
121
108
'93.8
93.8
89.6
90.9
91.9
87.9
89.1
89.9
97.3
95. 4
91.1
Leather a n d its manufactures
do
94. 0
96.9
92
93
88
89
90
86
87
88
96
94
90
Boots and shoes
do
92
96
' 116.4
114.8
115.7
116.4
114.3
115.3
116.4
115.7
115. 5
114.7
116.2
Paper and printing
do
117.6
116. 4
113
116
117
116
112
115
117
117
114
113
115
Paper and pulp
do
116
115
86.7
84.2
84.7
'93.6
83.9
83.5
87.0
89.7
90.2
87.9
91.6
Rubber products
do
97. 0
92.4
72
69
'75
70
69
69
71
73
74
73
74
Rubber tires and inner tubes
do
75
99.1
96. 6
96.3
96.8
100.2
101.1
101.9
' 105. 4
104. 4
102. 7
102.6
Textiles and their p r o d u c t s !
do...
107.3
105. 8
88. 6
87.8
87.7
88.0
91.3
92.6
93.5
'97.7
95.0
93.1
95.2
Fabrics!
do
98.5
96.9
118. 8
112.4
111.6
112.4
116. 1
116. 1
116.4
121.3
120.0
114.8
' 118.1
Wearing apparel
do
122.7
121.6
64.3
65 0
63.2
65.2
62.8
63.0
G3.7
64.2
62.7
63.3
63.4
Tobacco manufactures
do
64. 4
64.7
Factory, unadjusted, by States and cities:
State:
98.5
100.9
r 104.9
97.1
98.9
99.3
107.7
98.4
96.1
96.9
108.9
110.2
Delaware-1923-25=100 .
108.2
104.0
104. 4
105. 4
107.1
108.2
106.0
105. 3
110.0
105. 9
112.2
113.9
116.2
Illinois!
1935-39=100..
118.9
134.9
136. 5
137. 6
140.4
134.6
136.2
136.2
137.3
142.4
135. 7
138.9
147.0
Iowa
1923-25=100^151.
106.0
105.8
105.2
105.4
106. 4
108. 9
104. 4
110. 5
104. 0
' 115. 3
Maryland
1929-31 = 100..
116.
111.6
113. 3
74.9
81.9
78.0
74.6
76.3
80.8
77.7
79.9
82.5
84. 9
80.7
85.3
Massachusetts
1925-27=100- _
87.
103.8
106. 2
103.7
105. 6
103.1
106.0
103.4
111.3
115.4
116. 6
New Jersey
1923-25=100..
120.
103. 5
118.0
88. 7
91.6
91.8
88.9
89.6
89.6
97.2
New York",
1925-27=100..
102.5
89.9
93.3
99. 7
91.1
101.0
92.7
97.8
94.3
94.0
93.1
94.2
95. 6
97.4
100. 6
103. 6
Ohio
1926 = 100-_
107.0
95. 3
105.3
84.3
91.4
86.8
85.5
85.3
87.0
91.3
93. 9
88.9
89. 6
Pennsylvania.1923-25 = 100..
96.
83. 3
' 95. 2
94.3
97.2
95.2
95.6
94.3
95.0
95.1
97.0
100.2
Wisconsin!
1925-27=100,.
107.4
93.6
104. 2
105.2
City or industrial area:
103.5
102.6
102.7
102.6
105.7
101.3
100.8
108.8
'
111.7
102.
6
108.0
110. 3
Baltimore
1929-31 = 100..
113.2
105. 2
103.7
104. 4
104.6
106. 7
115.9
106.3
105. 8
109.0
108.7
110. 9
113. 2
Chicago!
1935-39=100119. 3
109
i
95.3
96.9
97.7
103.7
94.6
916
96.
2
97.0
107.
94.9
101. 3
8
~ *' *
Cleveland
1923-25 = 100-J
' Revised.
fRevised series. Slight revisions were made in data for textiles and products and fabrics beginning 1933; revisions not shown in the May 1940 Survey are available upon
request. For revisions in Illinois and Chicago indexes, see note marked with a " t " on p. 29 of the January 1941 Survey. Indexes for Wisconsin revised beginning 1925; data not
shown above will appear in an early issue. Index for transportation equipment revised beginning January 1939; see table 57, p. 17 of the December 1940 Survey; for revisions
in indexes for all manufacturing, durable goods, and nondurable goods, see note marked with a " ! " on p. 71.
*New series. For indexes beginning 1923 for machine tools and shipbuilding, and index for 1931 through 1938 for aircraft, see tables 39 and 40, pp. 15 and 16 of the October
1940 Survey; for aircraft indexes (revised) for 1939, see table 57, p. 17 of the December 1940 Survey.
February 1041
73
SUKVEY OF CURKENT BUSINESS
Monthly statistics through December 1939, to- 1940
1939
gether with explanatory notes and references
to the sources of the data, may be found in the Decem- Decem1940 Supplement to the Survey
ber
ber
1940
January
February
March
April
May
June
July
August September
October
November
EMPLOYMENT CONDITIONS AND WAGES—Continued
E MPLO YMENT—Continued
Factory, unadjusted, by States and cities—Con.
City or industrial area—Continued.
Detroit
1923-25=100..
122.0
93.4
120.2
121.5
112.1
104.9
110.7
108. 8
64.1
111.6
110.3
96.0
102.6
111.2
Milwaukee
1925-27=100..
101.4
110.5
105.5
113.7
104.0
101.6
97.2
99.1
97.5
99.9
100.0
99.4
102.5
New York
do
97.1
101.6
102.5
103.0
95.1
92.1
95.9
93.7
98.4
88.4
86.2
91.1
91.1
'95.7
Philadelphia
1923-25=100..
87.9
93.7
97.0
86.9
86.6
83.7
85.5
84.7
83.0
84.5
82.0
94.0
'98.4
Pittsburgh
do
93.1
96.6
99.3
93.4
90.0
86.1
92.0
88.4
89.6
91.1
86.2
90.6
'95.6
Wilmington
do
93.4
99.1
90.0
88.0
90.0
89.0
88.6
87.5
Nonmanufacturing, unadjusted (IT. S. Department of Labor):
Mining:
Anthracite
1929=100.49.8
50.4
49.9
50.5
50.8
51.6
52.2
'49.4
51.5
49.7
51.0
51.8
51.2
87.7
90.0
Bitumlnous coal
do
86.6
90.0
91.7
89.7
84.9
' 89 2
91.8
83.8
92.6
85.1
86.2
72.5
72.9
71.5
Metalliferous
do
72.2
66.3
66
2
72^6
66.4
70.3
71.0
67.3
69.2
67.7
63.0
61.4
63.6
Crude petroleuin producing
do
60.9
63.0
63.2
'62.4
63.2
63.8
63.8
63. 3
63.7
63.1
48.9
47.4
48.5
Quarrying and nonmetallic
do
45.5
38.3
41.0
37.8
47.9
44.0
46.9
'48.8
48.1
44.5
Public utilities:
Electric light and powerf
do
91.6
92.7
'92.3
89.2
93.0
89.1
90.3
92.2
91.2
91.3
90.1
89.3
90.6
Street railways and bussesf
do
68.5
68.6
68.7
' 68. 7
68.8
68.3
68.4
68.2
68.4
69.0
68.4
68.5
68.4
78.9
79.1
Telephone and telegraphf
do
75.9
'
7
9
.
1
76.1
76.0
76.7
78.8
75.8
77.3
79.0
77.8
79.6
Services:
Dyeing and cleaning
do
110.0 ' 109. 4
106.2
106.7
99. 5
104.5
112.6
108.2
97.4
93.7
103.2
94.0
108.7
101.9 ' 100.2
99.5
Laundries
do
102.8
102.5
95.8
96.2
95.6
96.0
97.2
102.1
100.2
99.1
91.6
92.5
'93.4
Year-round hotels
do
90.3
90.3
92.1
91.3
92.0
90.8
93.4
92.7
92.7
92.0
Trade:
92.8
96.0
'94.3
89.1
88.7
91.1
91.9
Retail, totalf
do
107. 5
104.2
87.7
87.0
91.2
'99.4 ' 103. 5
109.7
90.3
90.1
General merchandisingf
do
146.4
89.3
87.9
92.9
96.2
151.3
95.1
96.4
91.9
90.9
89.2
90.1
'
91.0
Wholesale
do
92.2
90.6
90.2
89.3
89.6
92.7
90.5
Miscellaneous employment data:
52.1
51.4
51.9
49.4
54.8
Construction, Ohio
1926 = 100..
31.2
47.6
31.6
35.7
Ml. 3
31.1
42.9
Federal and State highways, total.number
185,661 145,707 163,592 164,726 205,164 258,162 286,100 301, 773 310,082 303, 225 301, 578 250,044
121,
545
172,379
172,304
165,528
161,
252
Construction (Federal and State)
do
60,417
152,049
42, 960
93,726 131,970
43, 267
81, 845
Maintenance (State)
.
do
103, 816 102, 747 120,325 104,309 111,438 126,192 134,051 136, 245 137,703 130,921 140, 326 128,499
Federal civilian employees:
United States
do
987,857 '939,066 '938,975 947, 427 959,146 977,990 1,014,053 1,023,552 1,038,876 ,058,639 1,086,171 1,111,530
District of Columbia
____do
127, 502 ' 127, 525 '127,783 128,642 129,677 130, 937 133,856 138,453 142, 821 145, 557 149, 479 152, 605
Railway employees (class I steam railways):
Total
thousands..
1,081
1,094
1,065
1,014
1,006
1,004
1,071
1,029
1,055
1,008
1,032
Indexes:
59.8
58.4
Unadjusted. _.
1923-25= 100..
59.4
'60.1
58.8
55.4
55.7
55.2
55.1
58.0
57.4
56.7
56.5
58.6
57.9
58.4
Adjusted
do
57.4
57.9
58.0
56.8
55.6
57.9
57.7
56.0
56.7
58.8
LABOR CONDITIONS
Average weekly hours per worker in factories:
Natl. Ind. Con. Bd. (25 industries)-.hours..
38.5
'39.6
39.0
39.9
38.0
37.6
38.1
40.1
37.7
39.1
38.7
37.5
38.0
U. S. Dept. of Labor (90 industries)._.do
38.4
37.3
38.6
37.3
39.3
37.5
37.2
37.4
37.5
38.6
37.2
Industrial disputes (strikes and lockouts):
Beginning in month
number..
'211
'201
P200
'162
'206
'218
153
209
'185
106
'119
'220
In progress during month
do
'324
'328
'323
'342
*>340
'246
'273
'292
v 295
••213
'310
'333
222
Workers involved in strikes:
Beginning in month
thousands..
' Q6
61
'60
'68
29
22
39
'27
36
12
52
In progress during month
do
108
79
'103
37
43
'87
'41
52
37
53
76
'771
Man-days idle during month
do
'382
'554
'681
'887
'244
285
'434
MOO
384
'654
'460
Employment security operations (Soc. Sec. Bd.):
Placement activities:
Applications:
4,911
Active
file
thousands._
5,211
4,568
4,619
6,079
5,025
5, 565
5, 682
5,734
5,920
5,724
4,760
5,746
New and renewed
do
1,207
1,274
1,334
1, 391
1,401
1,601
1,304
1,351
1,318
1,495
1,515
1,328
1,290
Placements, total
do
353
331
365
203
308
407
221
243
295
330
378
350
265
Private
do
305
295
339
184
280
260
196
218
259
304
288
235
Unemployment compensation activities:
4,258
Continued claims
thousands. _
5,881
3,622
7,292
6,614
4,006
5,825
5,670
6,525
4,204
6,063
7,253
Benefit payments:
875
Individuals receiving payments§_..do
1,125
698
676
985
1,095
961
1,220
877
1,201
1,269
658
*>666
36,594 32, 231
Amount of payments
thous. of dol.. 30, 886
29,561
44, 328
42,286 54,879
53,618 55, 741 51,695
30,471
40,996
47,130
Labor turnover in mfg. establishments:
6.21
Accession rate._mo. rate per 100 employees..
6.63
4.65
2.94
4.77
5.52
4.11
3.74
2.98
4.76
2.84
3.05
3.36
3.22
3.00
3.06
Separation rate, total
do
3.35
3.23
3.16
3.43
3.56
3.66
3.46
3.46
3.36
3.78
.16
.16
.18
Discharges
do
.19
.16
.14
.16
.14
.12
.15
.13
.13
.14
1.63
1.48
1.60
Lay-offs
do
1.53
1.86
2.55
2.67
2.25
2.69
2.53
2.32
2.78
2.65
1.21
1.58
1.28
Quits and miscellaneous!
do
1.51
1.14
.74
.73
.96
.78
.84
.87
.90
.69
PAY ROLLS
Factory, unadjusted (U. S. Department of
116.2
105. 5
116.5
111.6
98.2
122. 8
105.4
99.3
99.8
97.9
Labor)f
1923-25=100..
97.8
99.5
99.8
115.1
123.4
125.2
106.5
97.4
132.2
98.7
98.4
101.4
Durable goodsf
do
105.8
98.7
99.3
97.8
Iron and steel and their products, not in113.5 ' 118.1 ' 123. 6 ' 125.8
100.9
104.3
cluding machinery
1923-25=100. __
96.5
94.9
97.2
133.3
115.3
102.8
106.2
Blast furnaces, steel works, and rolling
128.2
' 134.9
131.3
124.8
116.2
110.2
101.8
129.2
98.6
103.1
113.9
mills
1923-25 = 100..
142.6
119.3
113.5
106.5
' 122.3
85.7
100.9
104.7
Hardware
do
104.0
101.9
117.0
108.9
118.8
128.6
85.8
Structural and ornamental metal work
74.8
'78.7
72.9
79.6
60.3
59.5
61.2
67.6
86.5
67.2
61.7
64.8
1923-25 = 100..
62.6
116.8 ' 113.1 ' 104.1
121.9
93.0
99.6
113.4
113.1
100.4
101.0
100.9
113.5
Tin cans and other tinware
do
96.9
71.2
'70.9
68.3
73.7
60.0
61.0
60.7
71.9
65.2
61.4
63.3
63.6
Lumber and allied products
do
58.8
87.4
'90.4
81.7
91.3
76.8
77.7
74.3
91.9
85.5
74.2
74.8
75.9
Furniture
do
74.6
63.8
62.2
65.1
'60.9
52.0
53.3
53.9
61.3
55.4
55.4
58.3
58.1
Lumber, sawmills
do
51.1
137.9
131.0
145.3
119.3
121.5
125.7
162.6
122.1
122.3
125.1
Machinery, excl. transp. equip
do
119.1
' 149. 3
121.6
Agricultural implements (including trac156.2
158.8
152.0
148.9
tors)
1923-25=100..
163.8
167.9
171.3
151.5
164.0
157.8
155.8
160.4
166.1
Electrical machinery, apparatus, and
131.4
138.2
123.7
118.1
supplies
1923-25 = 100..
113.8
114.3
157.9
118.3
111.6
114. 2
112.4
' 145. 0
112.7
Engines, turbines, water wheels, and
249.4
263.4
238.5
windmills
1923-25=100..
223.8
193.8
175.7
299.2
156.6
171.6
210.7
161.8
183.1
' 273. 2
Foundry and machine-shop products
105.4
111.7
101.3
114.8
126.4
94.2
95.7
94.6
1923-25=100..
95.2
95.8
96.3
98.6
95.4
332.3
351.7
302.9
' 354. 7
Machine tools*
do
392.4
270.7
281.6
289.7
307.8
256. 2
258.5
302.9
287.1
161.5
164.3
149.8
' 155. 7
Radios and phonographs
do
138.5
163.4
148.8
113.0
109.5
126.9
121.7
134.0
116.0
' Revised. J» Preliminary. % Designation changed from "quit" as separations such as deaths, permanent disabilities, retirements on pensions, etc., are included.
§ Beginning 1940 data are a weekly average of the number receiving benefits, based on an average of the weeks of unemployment compensated during weeks ended within
the month.
t Revised series. Telephone and telegraph employment indexes revised beginning 1932, other indicated employment series beginning 1929; see table 19, p. 17, of the April
1940 Survey; subsequent revisions in indexes for street railways and busses beginning 1932, superseding those shown in the April Survey, appear in table 27, p. 17, of the May
1940 issue. For revisions in pay-roll indexes for all manufacturing and durable goods see note marked with a " t " on p. 71.
*New series. See note marked with an "*" on p. 72.
287880—41
6
74
SUEVEY OF CURKENT BUSINESS
Monthly statistics through December 1939, to- 1940
1939
gether with explanatory notes and references
to the sources of the data, may be found in the Decem- December
ber
1940 Supplement to the Survey
February 1941
1940
January
February
March
April
May
June
July
August September
October
Novem
ber
EMPLOYMENT CONDITIONS AND WAGES—Continued
PAY ROLLS—Continued
Factory, unadj. (U. S. Dept. of Labor)—Con.
Durable goods—Continued.
103.4
104.8
103.1
103.6
105.9
Metals, nonferrous, and prod..1923-25=100..
117.0
116.5
108.7
105.8
128.0
150.7
136. 3
' 141.4
136.4
133.0
Brass, bronze, and copper products.do
137.2
134.2
140.8
146.2
160.7
158.9
150.3
177.6
222.3
190.0
' 201. 7
65.3
72.2
73.4
Stone, clay, and glass products
do
76.7
76.4
68.3
74.6
71.1
66.9
85.4
' 82 2
r 79.7
r 83 0
45.2
51.8
39.6
53.6
41.5
49.2
54.0
51.6
43.4
Brick, tile, and terra cotta
. do .
51.1
57.3
' 54.4
55 1
114.2
105.2
120.7
108.3
112.8
112.0
Glass
do
118.9
113.1
111.0
116.0
136 5
129 8
' 130 8
115. 8
124.3
120.1
125.9
118.5
98.9
141.5
125.4
119.8
121.0
172.0
Transportation equipment t
do
163 3 ' 166.9
Aircraft*
do
5, 381. 2 2, 046. 5 2,197. 0 2,183. 9 2, 344. 3 2,415. 0 2, 601. 5 2, 968. 2 3,124. 6 3, 727.4 4,211.9 '4,639.4 ' 5, 175. 3
r
119.1
121.2
122.9
80.5
96.1
147 4
111. 1
127.9
119.9
125. 2 r 149 3
Automobiles
do
112.0
' 150. 5
193.4
169.4
180.4
211.6
169.3
227 5
Shipbuilding* .
do
149.9
185.8
' 239. 0
294.7
152.0
148.0
244 3
104.4
97.3
112.2
101.0
97.4
' 107. 7
106.8
Nondurable goodsf . .
do
100.4
101.0
99.1
105.0
96.8
108. 1
Chemical, petroleum, and coal products
133.4
138.2
131.4
134.4
133.4
132.5
133.6
133.2
133.0
131.0
' 139. 6
1923-25=100-.
143.7
139. 3
159.6
159.3
167.2
161.9
165.2
169.3
159.8
170.9
Chemicals
do _
162.3
188.1
159.7
176. 2
' 181.7
130.5
132.4
132.1
131.9
135.6
128.3
136.3
128.5
136.2
Paints and varnishes
do
138 4
130.5
135 8 ' 135. 8
137.4
134.4
136.9
136.6
135.8
136.8
133.5
139.3
137.6
137.1
' 133.6
Petroleum refining
do
138.1
136 3
311.1
311.4
320.4
327.7
321.3
316.0
314.7
318.0
314. 3
331.4
335.1
314.0
Rayon and allied products
do
322. 6
115. 5
117.1
117.7
124.4
117.0
121.5
131.3
139.0
132.5
129.0
' 138. 5 ' 134. 2
128.7
Food and kindred products.
do
134.4
132.4
134.3
140.1
137.8
142. 1
140.8
138.4
134.1
131.1
140.8
' 138. 3
Baking
. .
do
139 2
111.5
109.5
110.4
117.6
112.3
137.2
110.9
112.6
118.9
114.7
Slaughtering and meat packing
do
121.5
115. 8 ' 118.9
82.6
70.7
76.4
80.3
77.0
74.6
75.4
82.3
63.6
67.0
Leather and its manufactures..
do
73.4
78.7
'68.5
80.2
78.2
66.6
75.0
70.2
79.1
58.1
74.6
72.0
'62.5
73.7
62.7
Boots and shoes . .
do
69 1
110.0
109.7
113.4
121.1
108.6
113.1
110.9
116.8
110.0
112 3
111.2
115.4
Paper and printing
do
115 2
115.4
115.1
124.2
124.8
124.2
116.9
128.3
117.6
126.2
126.3
122.5
' 123. 8
Paper and pulp
do
123 8
r
86.5
87.7
88.3
86.4
85.2
95.7
94.1
88.3
87.1
Rubber products _
do
100.5
102.7
111.6
99.6
80.6
77.4
84.6
79.0
78.1
76.3
85.6
79.9
97.6
89.9
77.5
'90.7
Rubber tires and inner tubes
do .
86.7
81.4
87.4
91.3
89.5
92.6
97.7
87.5
77.9
75.4
77.7
91.6
' 92.3
93.2
Textiles and their products!
do
75.2
84.2
78.5
95.1
76.4
80.9
84.8
84.8
89.5
73.9
'90.9
72.5
89.5
Fabrics!.._ - - - - - do
99.8
88.7
96.8
105.7
94.9
102.5
90.2
87.5
81.0
75.7
Wearing apparel
. .
do
'89.6
76.6
94.9
58.7
67.6
54.0
58.1
62.3
65.9
60.7
62.3
' 66.4
Tobacco manufactures
do
62.3
52.9
66.9
66 5
Factory, unadjusted, by States and cities:
State:
91.6
98.1
115. 5
93.9
100.6
97.0
104.7
Delaware
.
1923-25=100
91.1
97.0
94.9
98.6
108 7 ' 105. 3
113.4
124.4
114.2
114.3
111.9
116.4
120.8
137.3
112 8
129.4
Illinoisf
1935-39-100
119.3
115 2
128 0
124.1
122.1
131.4
123. 8
124.7
133.7
126.3
138.0
' 145.1
Maryland
1929-31 = 100,. 150.5
127.7
128.7
141.3
74.4
73.9
76.8
70.9
70.3
75.4
77.7
83.9
91.2
78.7
70.7
82.5
84. F>
Massachusetts
_
1925-27 = 100
102.2
100.0
103.9
113.2
124.9
100.6
101.8
106.6
121.2 ! 123.3
134.8
105. 7
107. 5
New Jersey
_. 1923-25=100
98.2
87.0
89.5
85.3
85.4
92.8
101.5
86.5
87.6
100. 5
New York
1925-27=100__
106.7
89.6
86.7
79.2
84.4
81.8
80.7
83.5
79.0
82.5
91.9
'96.9
102.3
Pennsylvania .
1923-25=100
'90.2
'96. 2
88.7
122.1
103. 8
102.0
100.9
102.8
111. 5
127.7
104.7
106.9
101.0
119.4
106.6
106.0
Wisconsin!
1925-27=100-.
City or industrial area:
126.6
127.0
127.4
122.8
139.3
124.2
132.7
135.5
129.6
' 147. 0
Baltimore
..
. . 1929-31 = 100
128.1
152. 0
142.9
110.3
123.5
114.2
112.9
112.0
128. 5
112.0
120.0
118.5
117.0
126. 0
114.9
Chicago!
1935-39=100..
136.9
104.1
112.2
104.2
100.1
108.7
126.6
105.9
101.7
110.6
104.3
122.2
106.0
Milwaukee .
1925-27=100
131. 3
86.5
87.8
101.6
94.9
84.5
80.8
93.9
97.6
84.5
New York
_ ._ . .
do
88.7
82.2
98.8
101.3
83.1
83.1
81.8
85.2
89.7
94.7
80.7
83.8
'100.1
86.0
84.0
98.0
Philadelphia
1923-25=100
106. 0
85.3
83.7
'105.4
87.3
85.2
98.0
92.3
89.7
98.7
89.3
96.0
103. 8
Pittsburgh .
.
.
do
111.9
82.6
88.6
94.9
82.4
84.7
85.8
86.1
89.7
87.1
Wilmington
do
87.5
93 9
85.7
104 6
Nonmanufacturing, unadjusted (U. S. Department of Labor):
Mining:
38.4
36.3
33.1
39.3
37.6
52.5
32.9
40.0
40.6
36.5
Anthracite _.
1929=100
26.6
' 32. 3
42 7
r
72.2
83.2
84.6
78.3
75.2
82.5
87.0
75.3
87.0
73.9
83. 6
Bituminous coal
do
84.3
91 3
63.2
63.5
69.5
70.8
64.2
68.5
63.6
65.7
63.7
65.4
' 71.4
65.0
Metalliferous .
do
73 3
56.5
59.0
58.2
58.4
58.4
59.0
59.2
59.0
58.7
59.1
58.8
' 57.6
Crude petroleum producing..
do
55.8
46.2
42.6
30.8
34.1
38.1
45.2
29.6
43.5
39 2
42.7
43.9
'46.7
Quarrying and nonmetallic...
do..
42.8
Public utilities:
106.0
102.2
103.3
105. 8 ' 107. 0
101.6
104.2
105.8
108.1
102.3
102.4
104.8
Electric light and powerf
. . . . .do...
106.4
69.2
70.2
71.5
71.5
69.2
70.4
69.5
' 70.7
69.0
70.0
69.8
70.5
Street railways and bussesf
do
73 2
101.8
100.4
101.8
98.1
98.7
' 102. 2
97.4
96.9
98.8
97.4
101.3
Telephone and telegraphf._
do
100.0
104.9
Services:
85.6
78.0
79.6
85.4
64.4
80.0
'82.4
72.7
89.6
78.9
65.5
69.9
Dyeing and cleaning
do
75.8
85.6
87.3
83.1
84.1
92.4
90.5
89.9
83.4
88.5
90.0
88.0
83.7
Laundries
_
do
89.0
83.2
83.7
81.8
'84.2
82.7
81.8
83.0
80.5
81.1
80.7
81.1
82.0
84 4
Year-round hotels
do
Trade:
86.9
82.3
83.4
85.1
79.1
82.6
81.5
85.8
Retail, totalf
_
do
91.8
80.8
82.0
84.8
96 4
96 2
90.5
80.8
85.0
86.6
82.3
'92.3
85.9
84.0
125.8
82.7
89.3
General merchandising!
..do
131. 0
80^6
77.4
'80.2
77.2
77.1
81.1
78.3
Wholesale
do
79.1
77.4
78.7
77.8
84.0
78.4
WAGES
Factory average weekly earnings:
National Industrial Conference Board (25
r29.73
27.66
27.61
27.61
28.99
29.84
27.67
28.58
28.09
28.23
industries)
dollars..
28.49
28.16
30.21
26.93
26. 54
27.13
25.46
25.33
25.25
25.51
25.20
25. 43
26.10
25.79
U. S. Dept. of Labor (90 industries)
do
26.26
31.42
31.11
28.92
28.52
30.57
28.96
29.98
30.04
28.60
28.90
28.80
29.48
Durable goods
_ . . _do._
Iron and steel and their products, not in31.01
30.24
30.97
27.50
28.16
28.89
30.60
27.95
cluding machinery. _. ._ _. dollars
30.71
29.07
27.47
29.30
Blast furnaces, steel works, and rolling
33.43
33.04
28.73
30.75
32. 25
32.93
31.25
29.69
28.88
29.87
33.19
31.53
mills.
_
dollars
27.56
26.14
24.65
26.13
27.74
26.01
26.15
25.85
25.45
27.44
27.29
27.53
Hardware
do
Structural and ornamental metal work
29.26
28.42
30. 02
29.51
28.99
27.65
27.27
28.13
28.74
27.39
28.56
28.87
dollars. _
23.47
24.04
25.61
24.20
25.04
24. 38
25.01
23.82
23. 46
24.15
Tin cans and other tinware. . . do
' 25.16
22.82
20. 75
21.49
20.22
21.06
20.00
19.91
19.37
20.81
20.18
19.10
19.69
Lumber and allied products
.do
20.17
22.23
22.49
20.28
20.91
21.15
20.70
22.07
19.95
20.59
21.87
20.67
21.39
Furniture..
do
19.06
20. 23
18.02
19.85
18.19
18.93
18.11
17.73
18.49
19.43
19.32
Lumber, sawmills
do
19.79
31.65
31.71
31.22
29.67
30.15
29.74
29.97
30.11
30.41
30.29
30.67
30.25
Machinery, excl. transp. equip
do..
Agricultural implements (including
31.29
31.41
31.14
31.43
31.42
30.74
30.42
31.17
30.91
31.37
30.87
31.07
tractors)..
..dollars..
Electrical machinery, apparatus, and
31. 61
'
31.
26
29.53
29.70
30.01
30.52
30.14
29.98
'
31.21
29.67
30.92
supplies _
dollars
29.89
Engines, turbines, water wheels, and
36.21
'
36.
74
34.09
34.43
34.35
34.21
35.05
35.05
34.10
35.81
' 36. 24
34.49
windmills
___ dollars
Foundry and machine-shop products
30.99
31.18
29.41
30.35
28.89
29.27
29.29
29.33
30.12
29.27
29.39
30.31
dollars..
23.97
24.74
23.61
24.89
22.30
22.46
22.12
22.19
23.90
23.49
22.71
23.09
Radios and phonographs
do...
T
Revised.
revisions were made in data for textiles and their products and fabrics beginning 1933; revisions not shown in the May 1940 Survey are available
!Revised series, Slight
1
_r request.
^
^visions
in Illinois and Chicago indexes, see note marked with a " ! " on p. 29 of the January 1941 Survey. Index for Wisconsin revised beginning 1925;
upon
For re
data not shown above will appear in an early issue. Index for transportation equipment revised beginning January 1939; see table 57, p. 17, of the December 1940 Survey.
For revision in index for nondurable goods see note marked with a " ! " on p. 71. Telephone and telegraph pay-roll indexes revised beginning 1932, other indicated nonmanufacturing pay-roll indexes revised beginning 1929; see table 19, p. 17 of the April 1940 Survey.
*New series. See note marked with an "*" on p. 72.
February 1941
75
SUKVEY OF CUKKENT BUSINESS
Monthly statistics through December 1939, to- 1940
1939
gether with explanatory notes and references
to the sources of the data, may be found in the Decem- Decem1940 Supplement to the Survey
ber
ber
1940
January
February
March
April
May
June
July
August
Septem- October November
ber
EMPLOYMENT CONDITIONS AND WAGES—Continued
WAGES—Continued
Factory average weekly earnings—Continued.
U. S. Department of Labor—Continued.
Durable goods—Continued.
30.02
Metals, nonferrous, and prod
dollars. 28.67
26.65
27.02
27.37
26.76
27.25
27.12
29.38
28.18
30.00
33.98
Brass, bronze, and copper prod..do
31.63
28.96
28.74
29.00
32.97
30.28
29.01
29.95
30.73
31.55
33.37
25.17
Stone, clay, and glass products
do
24.49
25.27
25.01
23.71
24.79
24.81
23.58
24.03
24.20
23.49
25.75
19.97
21.62
21.47
Brick, tile, and terra cottat
do
21.49
21.18
19.30
20.65
19.52
19.55
20.97
20.95
21.87
26.49
26.90
Glass
do
26.56
27.26
26.78
25.89
26.18
27.90
26.20
26.02
25.89
24.91
34.40
35.60
35.41
36.39
Transportation equipment
do
37.39
34.51
33.47
32.83
33.23
34.39
34.21
31.88
35.78
36.67
37.13
Automobiles
do
39.24
38.11
35.81
34.80
33.47
34.28
35.53
35.28
32.26
21.49
22.20
22.10
22.28
Nondurable goods
do
22.08
22.30
21.73
21.72
21.87
21.86
21.81
21.87
Chemical, petroleum, and coal products
dollars. 29.14
28.99
30.08
29.87
29.61
29.22
30.12
29.31
29.73
30.08
30.16
29.96
Chemicals
_do
31.72
31.83
32.72
32.07
31.82
31.95
31.79
32.09
32.23
32.18 ' 31. 80
32.39
28.93
29.02
29.35
Paints and varnishes
_
do
28.75
28.44
29.13
28.43
29.62
29.55
29.28
29.60
29.40
34.96
35.34
34.28
Petroleum refining..
do
35.27
34.42
34.73
34.78
35.14
34.84
34.94 r 35. 20
34.93
26.26
26.12
26.95
25.82
26.24
26.32
Rayon and allied products
do
26.33
26.27
26.36
26.53
26.53
26.99
25.25
25.17
24.43
25.48
25.32
24.33
25.00
25.64
25.54
24.17
23.82
Food and kindred products
do
23.48
26.12
26.22
26.20
25.83
25.84
26.69
25.84
26.46
26.57
26.40
26.31
Baking
do
26.60
27.26
27.76
26.82
28.51
27.94
27.76
26.88
27.43
27.82
27.57
27.64
Slaughtering and meat packing. _do
27.38
19.23
17.68
18.59
19.09
19.89
19.80
19.61
17.26
18.17
19.86
19.28
Leather and its manufactures
do
19.37
18.20
16.30
17.03
17.62
18.78
18.92
18.59
15.65
17.00
18.94
17.93
Boots and shoes
do
18.32
28.67
28.70
29.35
29.51
29.00
28.37
29.38
29.27
28.73
29.20
Paper and printing
_do
29.18
25.17
25.35
26.35
26.19
26.47
25.42
26.52
26.70
26.14
26.45
Paper and pulp
__
do
25.35
26.12
27.66
27.98
29.45
29.50
27.76
27.40
28.39
28.27
27.81
29.31
Rubber products
do
28.54
29.15
31.98
32.77
35.32
35.11
32.66
32.29
33.88
33.11
31.64
34.37
Rubber tires and inner tubes
do
33.96
34.08
17.45
16.74
17.80
17.72
16.85
17.48
16.52
16.43
17.64
18.10
Textiles and their products
do
17.26
18.09
16.62
16.40
17.71
17.54
16.71
16.98
16. 35
16.24
17.15
17.95
Fabricsdo
17.07
17.57
19.54
17.63
18.05
18.26
17.26
18.86
16.97
16.96
18.95
18.53
Wearing apparel
do
17.85
19.51
16.88
17.07
18.14
17.47
18.36
16.25
18.02
18.98
17.79
18.25
Tobacco manufactures
do
16.52
18.42
Factory average hourly earnings:
National Industrial Conference Board (25
.747
.742
industries)
dollars..
.729
.744
.728
.731
.740
.741
.752
.727
.734
.737
.740
.678
.671
U. S. Dept. of Labor (90 industries)—_do~~
.662
.673
.663
.665
.672
.668
.663
.665
.669
.667
.744
Durable goods
do
.727
.737
.739
.726
.732
.731
.727
.728
.729
.730
.727
Iron and steel and their products, not
.772
including machinery
dollars- .764
.779
.766
.763
.764
.774
.777
.767
.777
Blast furnaces, steel works, and rolling
.859
mills
dollars-.857
.851
.855
.841
.838
.842
.848
.847
.683
.680
.684
Hardware
do
.691
.670
.692
.685
.683
.697
.671
Structural and ornamental metal work
.732
dollars. .
.731
.732
.735
.733
.741
.730
.735
.741
.737
.736
.738
.635
.619
'.632
Tin cans and other tinwaret
do
.620
'.634
.632
.619
.626
.624
.624
.627
'.633
.526
.513
.524
Lumber and allied products
do
.513
.525
.523
.512
.515
.521
.519
.518
.526
.555
.544
.547
Furniture
do
.539
.546
.548
.550
.538
.547
.546
.546
.546
.505
.489
.506
Lumber, sawmills
do
.491
.496
.507
.505
.491
.492
.503
.497
.509
.752
.732
.749
Machinery, excl. trans, equip
do
.744
.737
.746
.743
.735
.739
.741
.739
.745
Agricultural implements (including
tractors)
dollars-.
.793
.802
.797
.799
.797
.796
.801
.801
.798
.799
.795
Electrical machinery, apparatus, and
.742
suppliest
dollars-'.757
.753
.749
.755
.757
.756
.756
.764
.762
.757
Engines, turbines, water wheels, and
.805
.805
windmills
dollars..
.804
.813
.834
.807
.803
.813
.803
.797
.822
Foundry and machine-shop products
.745
.734
.740
.727
.723
dollars..726
.725
.730
.730
.733
.726
.728
.613
.621
.618
Radios and phonographs
do
.590
.595
.606
.614
.611
.606
.614
.621
.611
.712
.727
.710
Metals, nonferrous, and products...do
.703
.697
.701
.702
.703
.700
.701
.701
Brass, bronze, and copper products
.774
.775
.758
.743
dollars..748
.749
.762
.750
.749
.755
.671
.671
.660
.672
Stone, clay, and glass products
do . .
.662
.664
.664
.665
.664
.664
.664
.566
.572
.558
Brick, tile, and terra cottaj.
do
.565
.558
.554
.566
.553
.564
.551
.551
.747
.746
.737
Glass
do
.746
.742
.750
.738
.741
.740
.743
.739
.739
.898
.902
.901
.894
.891
Transportation equipment
do
.900
.896
.905
.900
.897
.902
.902
.949
.955
.940
.934
.949
Automobiles.do
.954
.950
.938
.958
.944
.947
.945
.609
.613
.605
.607
.615
Nondurable goods
do
.617
.613
.611
.610
.615
.609
Chemical, petroleum, and coal products
.765
.773
.757
. , .
dollars. .
.756
.751
.756
.760
.746
.783
.778
.742
.777
o,
.811
'.798
'.799
Chemicals!
do
.803
.796
.800
.803
'.798
.800
.804
.801
.802
.731
.720
.722
Paints and varnishes
do
.719
.720
.714
.718
.716
.718
.721
.717
.717
.976
.972
.977
.983
Petroleum refining
do
.975
.972
.974
.975
.971
.986
.974
.983
.690
.685
.672
.682
Rayon and allied products
do .
.674
.665
.676
.673
.672
.676
.672
.675
.632
.610
.615
.603
Food and kindred products.
__do—.
.639
.633
.641
.647
.641
.625
.643
.641
.640
.635
.643
.641
Baking
do
.631
.633
.635
.637
.630
.640
.636
.639
.686
.684
.691
.691
Slaughtering and meat packing.do
.680
.678
.677
.688
.681
.689
.689
.691
.559
.557
.554
.558
Leather and its manufactures
do
.537
.537
.534
.
555
.541
.553
.543
.553
.534
.533
.533
.537
Boots and shoes
do
.514
.511
.508
.533
.519
.532
.521
.531
.793
.792
.792
Paper and printing
do
.783
.783
.783
.794
.789
.791
.793
.797
.656
.654
.654
Paper and pulp
do
.638
.631
.635
.638
.637
.649
.637
.644
.781
.774
.780
Rubber products
_.
.do
.777
.776
.776
.778
.779
.785
.779
.779
.780
.972
.961
.971
Rubber tires and inner tubes
do
.964
.974
.965
.968
.963
.971
.966
.960
.967
.504
.509
.514
Textiles and their products
do
.505
.497
.499
.496
.505
.502
.495
.512
.496
.487
.487
.487
Fabrics
do
.484
.479
.481
.484
.482
.486
.482
.486
.484
.539
.552
.563
Wearing apparel
_do
.544
.533
.534
.518
.543
.534
.519
.558
.518
.484
.487
.491
Tobacco manufactures
do...489
.496
.497
.490
.502
.493
.492
.505
Factory average weekly earnings, by States:
95.4
97.7
92.1
93.4
Delaware
1923-25=100
90.7
93.3
90.4
93.1
94.6
96.3
94.9
94.6
116.8
113.5
112.4
108.8
108.6
108.7
111.2
109.6
111.0
112.0
Illinois t
1935-39=100-.
108.2
108.7
110.3
103.8
102.7
98.9
101.1
100.0
95.9
101.3
104.2
Massachusetts
1925-27=100. _ 108.8
98.6
96.7
97.6
98.7
127.5
127.6
121.3
117.2
New Jersey
_.1923-25=100-120.0
116.4
122.6
126.6
118.6
118.7
120.4
122.6
100.8
100.4
104.1
New York.
1925-27=100
97.7
96.1
95.4
99.4
101.0
97.4
97.6
95.1
96.2
97.5
115.8
115.3
Pennsylvania
1923-25=100,
111.9
107.8
105.2
107.9
111.8
113.6
106.3
105.9
107.0
108.9
114.6
116.0
107.4
Wisconsinf
1925-27=100-109.8
106.1
107.8
110.3
111.4
109.0
109.1
111.1
111.0
Miscellaneous wage data:
Construction wage rates (E. N. R.):§
.711
.711
.685
.685
.685
.685
.711
Common labor
dol. per hour,.690
.703
.707
.707
.711
.685
1.48
1.47
1.47
1.48
Skilled labor
do
1.46
1.47
1.48
1.47
1.48
1.47
1.47
1.48
1.48
Farm wages without board (quarterly)
35.27
36.41
36.84
dol. per month.37.18
.742
.725
Railway wages (avg., class I)..dol. per hour..743
.731
.725
.723
.737
.751
.735
.728
.741
.719
r
§ Construction wage rates as of January 1, 1941; common labor, $0,711; skilled labor, $1.47.
Revised.
IData for tin cans, etc., electrical machinery, and chemicals revised beginning August 1940 on the basis of more complete reports; this revision, which could not be extended
to earlier months, lowered the August indexes about 1 percent. For similar revisions in data for brick, tile, etc., see note marked "%" p. 29 of the December 1940 Survey.
tRevised series. Indexes for Illinois and Chicago revised to a 1935-39 base; for factors for converting indexes on a 1925-27 base beginning 1935, see p. 29 of the January 1941
Survey.
Revised indexes for Wisconsin beginning 1925 will be shown in an early issue.
76
SURVEY OF CUEEENT BUSINESS
Monthly statistics through December 1939, together with explanatory notes and references
to the sources of the data, may be found in the
1940 Supplement to the Survey
1940
1940
1939
Decem- December
ber
February 1941
January
February
March
April
May-
June
August September
July
Novem
ber
October
EMPLOYMENT CONDITIONS AND WAGES—Continued
WAGES—Continued
Miscellaneous wage data—Continued.
Road-building wages, common labor:
United States, average
dol. per hourEast 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__.
ALL PUBLIC ASSISTANCE
Total, exclusive of cost of administration, material, etc.§
mil. of dolObligations incurred for:§
Special types of public assistance
do
Old-age assistance*
do
General relief
do
Subsistence payments certified by the Farm
Security Administration
mil. of doLEarnings of persons employed under Federal work programs:
Civilian Conservation Corps
mil. of dol..
National Youth Administration:
Studen taid
do
Work projects
do
Work Projects Administration %
do
Other Federal work and construction
projects
mil. of dol-
0.44
.63
.33
.58
.53
.58
.71
.34
.48
.38
0.42
.63
.35
.56
.56
.48
.66
.32
.44
.38
0.41
.59
.31
.57
.55
.50
.71
.32
.52
0.43
.62
.33
.62
.59
.50
72
.'32
.50
.39
0.41
.69
.33
.59
.55
.53
.70
.32
.45
.39
0.42
.66
.33
.57
.55
.58
.74
.33
.45
.38
0.45
.64
.33
.52
.56
.53
.67
.33
.45
.38
0.46
.63
.33
.54
.56
.49
.68
.33
.46
.39
0.47
.61
.35
.53
.56
.49
.68
.32
.47
.38
0.47
.62
.35
.54
.56
.50
.68
.34
.47
.38
0.47
.61
.34
.53
.55
.50
.68
.33
.48
.38
0.48
.63
.35
.54
.54
.51
.70
.34
.49
.38
0.48
.63
.34
.56
.54
.56
.72
.35
.49
.37
274
269
273
279
278
273
255
251
257
250
'272
281
50
38
42
51
39
40
51
38
39
51
38
37
51
39
34
52
39
31
53
40
32
53
40
29
54
41
29
55
41
29
3
2
2
1
1
1
17
18
5
94
2
5
102
52
'60
49
37
39
18
19
20
18
18
16
18
3
5
112
3
6
110
3
6
115
3
6
124
3
6
120
3
6
114
2
6
100
0
3
97
35
35
40
44
46
47
47
a
)
FINANCE
BANKING
Acceptances and com'l paper outstanding:
230
223
188
182
Bankers' acceptances, total
mil. of dol._
209
233
233
206
177
187
229
197
214
Held by Federal Reserve banks
do
0
0
0
0
0
0
0
0
0
0
0
0
0
152
148
Held by accepting banks, total
do
184
166
149
159
167
175
188
178
142
179
171
Own bills
do
96
100
105
123
121
118
112
103
103
100
111
113
49
42
54
44
53
Bills bought
do
67
65
63
61
70
68
58
38
Held by others
do
42
57
45
46
45
40
36
34
35
38
50
43
252
Commercial paper outstanding
do
232
218
210
226
233
239
224
232
245
251
219
234
Agricultural loans outstanding of agencies supervised by the Farm Credit Adin.:
3,050
3, 035
Total, excl. joint-stock land bks.t-.mil. of dol._
3,047
3, 053
3,059
3,056
2,973
3,060
3, 058
3,046
3.008
2,986
3,058
Farm mortgage loans, total
do
2,508
2, 500
2, 596
2,580
2,568
2,560
2, 549
2,540
2, 534
2,526
2,517
2,588
2,553
Federal land banks
do
1,862
1,856
1,851
1,905
1,900
1,897
1,890
1,886
1,880
1,875
1,871
1,867
1,883
Land Bank Commissioner
do
648
684
678
674
669
665
663
659
655
652
691
687
671
82
89
Loans to cooperatives, total
do
93
91
81
83
99
94
88
96
95
83
Banks for cooperatives, inch central
73
72
67
79
75
62
65
bank
mil. of doL.
76
69
67
73
64
15
15
16
17
17
Agri. Mktg. Act revolving fund
do
16
21
20
20
19
18
20
18
394
381
364
373
394
412
429
434
433
420
383
Short term credit, totalt
do
363
422
Federal intermediate credit banks, loans
to and discounts for:
Regional agricultural credit corps.,
prod, credit ass'ns, and banks for
203
197
199
165
191
188
187
165
176
185
196
cooperativescf
mil. of dol_.
162
191
35
34
33
35
36
38
40
42
42
41
34
Other financing institutions
do
34
38
204
203
195
172
180
173
154
160
174
186
200
Production credit associations
do
154
195
6
6
0
8
8
8
8
8
7
7
Regional agr. credit corporations. __ do
8
8
8
122
119
118
124
130
129
128
127
128
129
118
116
Emergency crop loanst
do
116
52
52
52
52
52
51
51
51
53
52
50
52
52
Drought relief loans
do
51
51
48
66
63
62
61
58
55
54
53
52
56
Joint-stock land banks, in liquidation..do
36,317
35, 771
42, 953
40,019
29, 482
34, 738
34, 769
31,960
31,845
29, 918
30, 861
34,717
34,195
Bank debits, total (141 cities)
do
] 1,604
12, 594
14, 952
14, 952
18, 626
12,138
15, 201
13,110
13, 612
17, 633
15,519
14, 739
14, 536
New York City
do
20, 819
21, 365
22, 386
17, 344
19, 537
19, 250
18, 850
19, 233
18,314
18, 267
19, 978
19, 659
Outside New York City
do.-._ 24, 327
Federal Reserve banks, condition, end of mo.:
22, 440
22,176
21, 801
22, 865
21, 408
19,027
19, 497
19, 677
20, 042
23, 017
19, 223
20, 585
Assets, total
mil. of dol__ 23, 262
Reserve bank credit outstanding, total
2, 485
2,516
2,412
2,195
2,484
2,593
2,547
2,529
2,531
2,304
2,503
2,518
2,519
mil. of dol._
0
0
0
0
0
0
0
0
0
0
0
0
0
Bills bought
do
4
7
7
2
4
4
5
4
3
3
3
4
Bills discounted
do
2,333
2, 184
2,484
2,477
2,477
2, 475
2,467
2,477
2,466
2, 448
2, 436
2,434
2,199
United States securities
do
19, 632
15, 524
16,181
16, 451
16, 809
18, 579
18, 959
19,272
20, 036
18, 120
15, 975
17, 346
19, 881
Reserves, total
do
19, 289
19, 751
15, 209
15, 561
15, 813
16, 076
16, 428
16, 994
17, 754
18, 202
18, 618
18, 940
19, 586
Gold certificates
do
22, 865
21, 408
21, 801
22,176
22, 440
23, 262
19,027
19, 497
19, 677
20, 042
23,017
19, 223
20, 585
Liabilities, total
do
16, 218
12,941
14,152
15, 575
15, 867
16,063
16,191
16,127
13, 630
13,815
15, 213
13, 422
14, 575
Deposits, total
do
Member bank reserve balances, total
13, 541
13, 727
11,653
12, 328
12,423
12,919
13,498
14, 208
14, 215
12,150
13, 237
13,781
mil. of dol. . 14, 026
6,960
6,615
5,209
5,692
5,828
6,149
6, 385
6,857
6,514
6,525
6,655
6,849
5, 559
Excess reserves (estimated)
do
5,577
5, 743
5,931
4,959
4,832
4,872
4,931
4,941
5,057
5, 199
5,248
5,370
5,450
Federal Reserve notes in circulation,_do
90.1
89.2
89.3
89.6
86.7
87.5
90.8
87.5
87.8
88.0
88.4
88.8
90.6
Reserve ratio
percent.
Federal Reserve reporting member banks,
condition, Wednesday nearest end of month:
Deposits:
20, 901
21,152
19,414
20, 984
18, 566
19,175
21, 858
20, 287
22,187
19,199
20, 510
19, 696
Demand, adjusted
mil. of doL. 22, 299
Demand, except interbank:
Individuals, partnerships, and corpora20, 741
20, 499
20, 415
18, 474
18, 843
18, 929
18, 743
20,167
19, 696
21, 266
21,771
tions
mil. of dol-- 22, 324
19, 253
1,227
1,332
1, 432
1,351
1,434
1,497
1,440
1,463
1,651
States and political subdivisions. _.do
1,595
1,594
1,495
1,578
506
509
451
574
561
559
562
515
560
560
505
509
508
United States Government
do
r
Revised
v
Preliminary.
0
Less than $500,000.
cf To avoid duplication these loans are excluded from the totals.
§ Figures for special types of public assistance and general relief exclude the cost of hospitalization and burial. The cost of medical care is also excluded beginning September
1940; this item is included in all earlier data on general relief and in figures for July 1937-August 1940 on special types of assistance.
^Combined figures for projects operated by W. P. A. and other Federal agencies; data not reported separately since February 1940.
tRevised series. A constant, $1,052,450, has been added to all data on emergency crop loans published in the Survey through the August 1940 issue to include 1918-1919
farmers' seed loans, and totals adjusted accordingly.
*New series. For data beginning 1933, see table 56, p. 17 of the December 1940 Survey. Other special types of public assistance,'included in the total but not shown
separately, are aid to dependent children and aid to the blind.
February 1941
77
SURVEY OF CURRENT BUSINESS
Monthly statistics through December 1939, to- 1940
1939
gether with explanatory notes and references
to the sources of the data, may be found in the Decem- December
1940 Supplement to the Survey
ber
1940
January
February
March
April
May
June
July
August
Septem- October November
ber
FINANCE—Continued
BANKING-Continued
Fed. Res. reporting member banks, condition,
Wednesday nearest end of month—Con.
Deposits—Continued.
Time, except interbank, total, .mil. of doL5,455
5,288
5,269
5,373
5,302
5,323
5,333
Individuals, partnerships, and corporations
mil. of doL5,234
5,072
5,047
5,165
5,121
5,085
5,120
States and political subdivisions, __do
196
199
205
183
188
191
201
Interbank, domestic
do_
9,065
8,190
8,029
8,085
8,424
8, 460
8,431
Investments, total
do16,137
14, 413
14, 675
14, 740 14, 666 14,881
15, 049
U. S. Govt. direct obligations, totaL do
9,719
8,703
8,877
8,851
8,960
9,081
Bills
do--_.
611
595
648
509
647
593
627
Bonds
do
6,979
6,353
6,482
6,469
6,518
6,496
6,528
Notes
do
2,129
1,755
1,747
1,735
1,821
1,871
1,926
Obligations fully guaranteed by U. S. Gov2,743
ernment
mil. of doL2,412
2,414
2,421
2,380
2,427
2,399
Other securities
do
3, 675
3,298
3,384
3,438
3,569
3,468
3,494
Loans, total
do
9,390
8,674
8,499
8,649
8,475
8,528
8,661
Commercial, industrial, and agricultural
5,018
loans
mil. of doL.
4,353
4,295
4,414
4,367
4,324
4,409
301
Open market paper
do
315
321
337
332
322
326
To brokers and dealers in securities __ do
584
700
614
625
609
626
478
Other loans for purchasing or carrying
465
securities
mil. of doL_
504
485
478
476
474
481
1,230
Real estate loans
do
1,188
1,183
1,185
1,185
1,187
1,189
37
Loans to banks
do
54
50
52
52
46
51
1,755
Other loans
do
1,547
1,564
1,587
1,592
1,548
1,561
Instalment loans to consumers:*
By industrial banking companies:
Loans made
do
47.0
40.9
39.9
46.4
48.2
47.8
Repayments
do
42.5
40.1
38.4
42.6
41.7
43.1
Amount outstanding, end of month- _ do
256.6
257.4
258.9
273.9
268.3
263.6
Money and interest rates:
Bank rates to customers:
In New York City
percent^
1.96
2.03
2.00
In 7 other northern and eastern cities
2.59
percent-2.67
2.53
In 11 southern and western cities
do
3.32
3.35
3.36
Bond yields (Moody's):
2.94
2.88
Aaa
do
2.86
2.84
2.82
2.93
2.71
Baa
do
4.92
4.86
4.83
4.80
4.74
4.94
4.45
Discount rate (N. Y. F. R. Bank)
do
1.00
1.00
1.00
1.00
1.00
1.00
1.00
Federal land bank loans
do
4.00
4.00
4.00
4.00
4.00
4.00
4.00
1.50
1.50
Federal intermediate credit banks loans do
1.50
1.50
1.50
1.50
1.50
Open market rates, N. Y. C :
Prevailing rate:
Acceptances, prime, bankers, 90 days
percent-Me
Me
Me
i Vl6
Com'l paper, prime, 4-6 months _ do
2%
YT-%
Y2-H
V2H
2
Time loans, 90 days (N. Y. S. E.)~do.
1K
IX
IK
IX
IK
IK
IX
Average rate:
Call loans, renewal (N. Y. S. E.) do
1.00
1.00
1.00
1.00
1.00
1.00
1.00
U. S. Treasury bills, 91 days
do
.04
.01
.02
.02
.06
.02
.02
Average yield, U. S. Treasury notes, 3-5
.47
years
percent-.
.51
.46
.42
.65
.45
.35
Savmgs deposits:
Savings banks in New York State:
5,616
Amount due depositors
mil. of dol
5,599
5,632
5,676
5,683
5,660
5,644
U. S. Postal Savings:
1,290
1,279
Balance to credit of depositors
do
1,297
1,299
1,304
1,301
1,303
Balance on deposit in banks
do
53
50
45
44
43
48
COMMERCIAL FAILURES!
Grand total
number
1,237
1,153
1,042
1,197
1,238
1,086
1,291
Commercial service, total
do
44
57
55
48
46
72
Construction, total
do
69
59
63
57
70
78
Manufacturing, total
do
223
239
204
216
263
200
261
Chemicals and drugs
do
9
8
7
12
15
16
6
Foods
do
37
52
42
56
49
51
70
Forest products
do...I
16
17
15
17
28
31
22
Fuels
do
6
1
7
4
4
5
10
Iron and steel
do
16
11
6
7
11
10
14
Leather and leather products
_-_do
13
4
11
13
6
Machinery
do
11
14
8
14
7
Paper, printing, and publishing,-...-do
19
11
24
14
27
31
Stone, clay, glass, and products
do
3
7
5
5
12
Textiles
do
53
63
56
52
52
Transportation equipment
do
1
1
3
4
3
4
Miscellaneous
do
31
40
36
28
26
36
27
Retail trade, total
do
679
690
789
740
622
739
766
Wholesale trade, total
do
102
108
112
123
102
120
114
Liabilities, grand totaL.thous. of dol._ 13, 309
13,243
15, 279 13, 472 11,681
16, 247 13,068
Commercial service, total
do
665
760
614
752
575
570
911
Construction, total
do
1,043
1,094
1,509
668
1,655
1,201
1,547
Manufacturing, total-do
5,995
5,129
4,942
4,336
4,939
4,588
6,925
Chemicals and drugs
do
498
78
76
342
290
122
33
Foods
do
2,142
911
2,414
1,481
1,167
832
1,718
Forest products
do
659
218
167
208
427
739
535
Fuels
do
107
5
156
304
249
426
194
Iron and steel
__..
do
477
162
J05
718
30
307
432
Leather and leather products.
do
242
26
154
204
247
175
194
Machinery
do
859
n
40
548
54
92
214
Paper, printing, and publishing
do
259
310
335
267
856
1,318
278
Stone, clay, glass, and products
do
422
279
75
112
93
639
76
Textiles
do
969
595
797
453
620
587
820
Transportation equipment. _
do
15
168
157
214
190
251
87
Miscellaneous
do
272
326
1,000
346
374
844
600
Retail trade, total
do
4,030
5,617
4,940
4,585
4,440
5,198
5,063
Wholesale trade, total—
._
.do
1,576
2,597
1,320
1,863
1,340
1,666
1,646
r
Revised.
t Revised series. Commercial failures compiled on new basis beginning 1939; for an explanation of the change
1939, see p. 31 of the March 1940 Survey.
•New series. For data beginning 1929, see table 35, p. 18, of the September 1940 Survey.
5,352
5,341
5,380
5,381
5,371
5,397
5,146
183
8,577
15,124
9,202
757
6,382
2,063
5,144
175
8,239
15,461
9,457
791
6,567
2,099
5,174
182
8,505
15, 622
9,361
705
6,573
2,095
5,187
170
8,734
15, 544
9,280
628
6,540
2,112
5,171
175
8,707
15, 693
9,374
736
6,804
1,834
5,180
192
8,843
15, 774
9,543
784
2,405
3,517
8,462
2,418
3,586
8,517
2,584
3,665
8,566
2,582
3,682
8,785
2,627
3,692
8,909
2,707
3,524
9,128
4,438
301
380
4,441
291
419
4,480
294
390
4,630
297
446
4,773
304
410
4,911
299
467
471
1,199
40
1,633
474
1,210
40
1,642
463
1,219
48
1,672
460
1,220
41
1,691
455
1,222
36
1,709
460
1,228
39
1,724
47.0
42.6
278.3
45.3
44.2
279.4
42.6
42.0
280.0
41.0
38.5
282.5
44.4
43.8
283.1
43.7
43.1
283.7
2.79
4.56
1.00
4.00
1.50
2.75
4.48
1.00
4.00
1.50
1,861
2.00
2.49
3.38
2.96
5.11
1.00
4.00
1.50
2.56
3.43
2.88
4.80
1.00
4.00
1.50
2.82
4.66
1.00
4.00
1.50
2.85
4.76
1.00
4.00
1.50
Me
17/i
2
ik
'r%
IX
Me
Ms
m
1.00
.10
1.00
.05
1.00
.04
1.00
.05
1.00
.02
1.00
.02
.76
.57
.58
.48
.43
.34
5,670
5,631
5,629
5,657
5,635
5,639
1,293
43
1,297
42
1,298
41
1, 296
r 40
1,296
40
1,298
40
1,114
48
61
226
1,175
50
65
216
16
40
25
9
15
4
14
12
3
54
5
19
728
116
16, 213
594
847
7,117
253
686
287
2,523
266
64
918
272
161
1,455
72
160
5,897
1,758
1,128
49
976
49
58
187
1,111
44
71
214
8
54
21
1,024
40
53
202
16
35
19
26
6
9
8
13
20
4
57
5
22
666
113
13, 734
1,100
984
5,039
90
1,088
508
434
158
246
312
226
93
1,018
572
294
5,228
1,383
49
209
10
34
24
5
14
23
4
47
4
27
719
102
12, 997
562
1,272
4,459
37
843
774
272
133
197
325
284
101
1,166
40
287
4,983
1,721
r
24
6
7
8
7
20
3
40
7
21
574
108
11, 397
541
893
4,779
195
311
866
1,295
49
72
146
399
162
697
260
327
3,524
1,660
13
21
2
50
3
21
667
115
12,715
574
854
5,329
432
1,156
227
435
92
100
132
894
65
1,388
47
361
4,112
1,846
\7
14
6
12
19
)2
40
5
27
640
89
16, 572
596
838
9,137
453
1, 559
330
3,073
369
67
186250
71
786
1,417
576
4,652
1, 349
in the compilations and revised data for all months of
78
SURVEY OF CURRENT BUSINESS
Monthly statistics tkrough December 1939, to- 1940
1939
gether with explanatory notes and references
to the sources of the data, may be found in the Decem- December
ber
1940 Supplement to the Survey
February 1941
1940
January
February-
March
April
May
June
July
August
SeptemOctober^
ber
FINANCE—Continued
LIFE INSURANCE
(Association of Life Insurance Presidents)
Assets, admitted, total*
mil. of dol._
Mortgage loans, total..
__
do—
Farm
do—
Other
do—
Real estate holdings
do
Policy loans and premium notes
do
Bonds and stocks held (book value), total
mil. of dol—
Government (domestic and foreign):
Total
do
V. S. Government
do
Public utility
._
do—
Railroad
do
Other
do—
Cash
do
Other admitted assets
do
Insurance written:®
Policies and certificates, total number
thousands-.
Group
do
Industrial
do
Ordinary
—do—~
Value, total.
thous. of doL.
Group.
do
Industrial
do—
Ordinary
_
--do
Premium collections, total®
do—
Annuities
do
Group
do
Industrial
do—
Ordinary
do—.
67
494
238
694, 740
108, 003
142, 371
444,366
23,917
4,528
660
3,868
1,720
2,520
24,042
4,533
658
3,875
1,722
2,507
24,130
4,543
659
3,884
1,720
2,496
24,240
4,552
661
3,891
1,711
2,484
24,339
4,555
661
3,894
1,718
2,472
24,420
4,573
662
3,911
1,716
2,467
24, 494
4,591
663
3,928
1,714
2,463
24, 623
4,608
663
3,945
1,714
2,453
24,719
4,621
663
3,958
1,716
2,445
24, 869
4,650
663
3,987
1,710
2,436
24, 963
4,670
666
4,004
1,707
2,425
25, 076
4,694
664
4,030
1,701
2,413
13,906
13,928
13,986
14,035
14,218
14,325
14,347
14, 527
14,624
14,692
14, 769
14,851
6,353
4,611
3,428
2,642
1,483
763
480
6,370
4,623
3,449
2,644
1,465
890
462
6,373
4,597
3,464
2,655
1,494
921
464
6,396
4,624
3,481
2,659
1,499
983
475
6,529
4,756
3,504
2,668
1,517
906
470
6,517
4,735
3, 509
2,717
1,582
875
464
6,520
4,721
3,545
2,708
1,574
952
427
6,651
4,852
3,572
2,699
1,605
897
424
6,738
4,929
3,579
2,694
1,613
888
425
6,811
4,991
3,598
2,717
1,566
922
459
6,819
4,983
3,622
2,731
1,597
933
459
6,866
5,010
3,619
2, 745
1,621
955
462
728
59
443
225
646, 550
105, 030
124,662
416, 858
355, 983
50,082
13, 270
106,662
185, 969
659
32
400
226
653,156
134, 507
113,111
405, 538
286, 934
42,185
15, 848
63. 512
165, 389
697
25
439
232
561, 638
38,120
125, 226
398, 292
263, 077
25, 562
12,451
56,154
168, 910
770
26
483
262
616,085
37, 556
138, 545
439,984
277,439
27, 248
12,960
62, 337
174,894
766
30
472
263
624, 770
39,800
135, 852
449,118
268, 866
24,971
12,239
69, 543
162,113
793
42
494
256
626, 357
44, 869
141,921
439, 567
266,430
24,750
12, 583
57, 252
171,845
714
35
446
233
597, 450
48,946
128.232
420, 272
256,608
25, 473
11, 594
57,112
162,429
697
33
428
235
605, 326
43, 520
124,192
437,614
267,714
35, 043
12,812
55. 547
164,312
683
32
426
225
579, 283
53, 757
123,111
402,415
246, 254
22,854
12, 339
55,451
155, 610
691
28
443
220
549,955
40, 720
127, 974
381,261
248, 824
25,938
12, 303
150,174
798
35
506
256
648, 903
55, 244
146, 465
447,194
246, 403
21, 941
12,368
51, 766
160, 328
721
28
468
226
560, 912
34, 256
134, 859
391, 797
251, 508
28, 454
11,844
56, 278
154, 932
567,212
39, 378
148, 888
126,840
59,043
56,672
24,223
45,996
17, 347
48, 825
91
517, 622
41, 323
151, 309
121, 339
47, 560
48, 294
17,829
38,470
12,496
39,002
506,212
39, 633
144, 717
120,473
46,661
47,164
17, 657
36,141
12, 761
41, 005
567,872
43,149
159,172
132, 728
53,070
53,054
21,969
42, 665
14,730
47, 335
574,453
43,976
158,874
132.454
54,293
57, 784
20, 752
42, 825
15,754
47, 741
571,625
42,416
157,222
131,230
58,864
55, 897
21,857
41, 550
15,154
47, 435
553,086
41,727
146, 613
123, 270
54,290
58, 094
24, 711
44, 595
14,956
44, 830
91
566, 061
40,743
151,409
129, 284
58,097
57,633
22, 218
45,349
14,893
46, 435
528,330
39,632
133, 296
119, 572
54,877
52,751
20,882
42,674
15,994
48, 652
503, 427
38,056
129,066
113,821
50,238
51,668
20,913
42,647
12,758
44,260
573, 504 505, 474
44,112 38, 381
158, 087 139,103
130, 687 115,940
56,173 47, 328
56, 987 50, 654
21, 624 19, 440
41, 778 37, 908
14, 747 12, 924
49, 309 43, 796
60,409
(Life Insurance Sales Research Bureau)
Insurance written, ordinary, total.thous. of doL
New England
do—_
Middle Atlantic
do—
East North Central—
doWest North Central..
do...
South Atlantic
do...
East South Central
do—
West South Central
do—
Mountain
do—
Pacific
do—
Lapse rates
1925-26=100-
596, 534
40, 072
159, 584
137, 459
58,527
61,072
25, 230
46,644
16, 370
51, 576
MONETARY STATISTICS
Foreign exchange rates:
.298
.298
.298
.298
Argentina
dol. per paper peso..
.298
.298
.298
.298
.298
.298
.298
(2)
Belgium
dol. per belga..
J. 167
.169
.166
.169
(2)
.168
.170
()
.061
.061
.061
Brazil, ofticial
dol. per milreis..061
.060
.061
.061
.061
.061
.061
.061
.061
.061
.301
.301
.301
British India
dol. per rupee..
.302
.300
.302
.302
.301
.302
.301
.302
.302
.302
.801
.869
.869
Canada
dol. per Canadian dol—
.855
.810
.867
.842
.876
.880
.829
.869
.863
.866
.052
.052
.052
.052
Chile
-_.dol. per peso..
.052
.052
.052
,052
.052
.052
.052
.052
.052
.572
.571
.570
.570
.570
.572
.573
.570
Colombia
do—
.571
.570
.570
.571
.570
3.020
.022
.019
.022
France
dol. per f r a n c
.021
.022
.020
(2)
(2)
.400
.400
.400
.401
.400
Germany
dol. per reichsmark..
.401
.399
.401
.401
.400
.401
.400
.400
.050
.050
.050
.050
.050
Italy
dol. per lira..
.050
.050
.050
.050
.050
.050
.050
.050
.234
.234
.234
.234
.234
.234
.234
.234
Japan
dol. per yen..
.234
.234
.234
.234
.234
.184
.199
.199
.200
.182
.167
.167
.167
.167
Mexico
dol. per peso..
.204
.167
.204
.203
2
()
(2)
.531
.532
.531
.531
1.531
Netherlands
dol. p
per gguilder..
.531
(2)
.238
.238
.238
.238
Sweden...
—dol.
.238
.238
.238
.238
.237
d l per kkrona..
.238
.238
.238
.238
3.602
3.805
3.979
4.034
4.035
United Kingdom
dol. per £ „
3.964
3.963
3.526
3.274
3.759
3.930
4.036
4.033
ld
Gold:
19,963
20,463
20,913
21,244
19,209
18,177
17, 644
18,770
18,433
21, 506
21,801
17,931
21, 995
Monetary stock, U. S
mil. of dol
Movement, foreign:
-437,234
-55,064
66,
976
3
6
,
652
36,
954
67,162
-200,811
-213,447
-117,
947
3
9 , 495
40,034
7,417
Net release from earmark^
thous. of doL.
1,249
8
10
13
6
17
3
11
22
53
18
33
3,563
Exports
do—
1,164,224
351.
563
519,983
334,113
438,695
201,475
249,885
451,183
236,413
325,
981
330,113
459,845
137,178
Imports
-do—
Production, estimated world total, outside
r
110,107 109, 670 •107,050 •114,655 111,757
97, 605 104,067 106, 589 106, 384 104,326
101, 438 104, 636
U. S. S. R_
-thous. of doL.
v 88, 349 *94, 111 v93,810
p 90,943 v 98, 569 v 95, 775
85,102
81,362
88, 793
88,075 p 91,137 P90,651
Reported monthly, totalef
do
*
48,481 * 48, 704 v 47, 565 p 49, 026 P 48, 284
p
47,
000
44,162
45,
562
44,
311
»
47,
616
»
48,471
46,006
Africa
do
15,982
16, 318
15, 795
15,416 * 16, 360 p 16, 360
15,488
14,188
15,209
14,652
14, 853
15,045
Canada
do
16,052
18, 866
17,082
14,862
19, 710
21, 761
13,317
16,500
15,936
16,972
16,217
16,408
United States
do
Receipts at mint, domestic (unrefined)
368,330
307,780
341,402
231,486
179.
559
233,901
397,
336
447,
526
241,879
257,116
259,423
240,003
338,006
fine ounces..
7,883
8,059
8,151
7,848
8,622
7,455
7,710
7,511
7,559
* 8, 300
7,598
7,376
8,732
Currency in circulation, total
mil. of dol..
Silver:
180
139
15
177
68
887
452
298
657
594
87
123
Exports
..thous. of dol..
4,656
4,673
5,378
4,107
4,721
3,795
5,799
4,070
5,724
5,170
4,589
4,857
4,690
Imports...
--do—
OCA
O4Q
OAQ
OAQ
OAQ
.348
.348
.348
.348
.348
.348
.348
Price at New York
dol. perfineoz._
. o4o
. o^o
. oiv
22,836
23,091
23, 423
22,494
23, 452
22, 501
Production, world
thous. offineoz
22,
088
24,
785
22,
269
2,042
1,795
3,096
1.791
1,673
1,920
1,653
1,690
1,786
1,770
1,997
Canada§
do._
6,861
»; 120
7,990
6,511
7,090
8,128
6,785
5,723
8,140
5,619
6,210
Mexico
do..
5,373
5,049
5,530
6,367
5,609
5,716
4,852
5,611
5,744
6,120
5,840
United States.
do...
4,419
Stocks, refinery, end of month;
3,424
3,997
1,557
2, 107
1,870
1,522
3,533
2,295
2,447
2,469
1,385
United States
do—.
1,605
p
Revised.
» Preliminary.
1 Average for May 1-9.
* No quotation.
» Average for June 1-15.
J37 companies having 82 percent of total assets of all United States legal reserve companies.
<g)40 companies having 82 percent of total life insurance outstanding in all United States legal reserve companies.
^Or increase in earmarked gold (—).
§Data reported by the Canadian government have been substituted beginning 1940 for data previously reported directly by producers to the American Bureau of Metal
Statistics, as the latter data have been temporarily discontinued. Annual totals from the two sources have been in fairly close agreement but the monthly- movement in th«
past has been quite different.
0* Beginning with April 1940, where direct reports from foreign countries were lacking, available reports of the American Bureau of Metal Statistics were used. When no
current reports were available at the time of compilation, the last reported figure was carried forward. The comparability of the data has been affected by these substitutions.
February 1041
79
SURVEY OF CURRENT BUSINESS
Monthly statistics through December 1939, to- 1940
1939
gether with explanatory notes and references
to the sources of the data, may be found in the Decem- December
1940 Supplement to the Survey
ber
1940
January
February
March
April
May
June
July
August
NovemSeptember October
ber
FINANCE—Continued
CORPORATION PROFITS
(Quarterly)
Federal Reserve Bank of New York:
Industrial corporations, total (168 cos.) X
mil. of dol._
Autos, parts, and accessories (28 cos.).do
Chemicals (13 cos.)
do
Food and beverages (19 cos.)
do
Machinery and machine manufacturing
(17 cos.)
mil. of doL.
Metals and mining (12 cos.)
do
Petroleum (13 cos.)
do
Steel (11 cos.)
do
Miscellaneous (55 cos.)t
do
Public utilities, except steam railways and
telephone companies (net income) (52 cos.)
mil. of dol..
Federal Communications Commission:
Telephones (net op. income) (91 cos.)..do
Interstate Commerce Commission:
Railways, class I (net income)
do
Btandard Statistics Co., Inc. (earnings):
Combined index, unadjusted •
1926=100.. v 111.4
* 115.4
Industrials (119 cos.)
.do
»71.2
Railroads (class !)•..
do
9 105.0
Utilities (13 cos.)..
do
296.2
91.7
45.7
23.2
246.6
92.9
37.1
17.1
226.0
72.3
32.9
21.0
184.8
19.4
30.1
17.7
10.7
6.
16.3
57.7
44.7
9.0
4.5
15.9
35.1
35.0
9.0
3.9
12.1
38.1
36.7
8.2
4.7
58.9
37.0
54.4
61.4
52.0
44.2
61.8
62.5
61.9
55.9
126.1
<*12.8
1.6
68.5
114.5
118.8
74.2
135.9
92.6
102.5
<<7.7
147.2
'87.2
95.1
0.9
'136.4
P78.4
P79.9
9 109. 5
PUBLIC FINANCE (FEDERAL)
44, 273
43, 774 43,909 44, 075 44,137
Debt, gross, end of mo
mil. of doL. 45, 025 41, 961 42,128 42, 375 42,559 42,663 42, 810 42,971
Public issues:
38, 498
38, 459
39,089
Interest bearing
do
37,234 37,364
37,531
37,625
37,671 37, 605 38, 337 38, 386 38, 419
37,493
566
584
566
589
593
591
Noninterest bearing...
...do
541
555
526
577
496
557
Special issues to government agencies and
509
5,209
4,853
4,934
5,370
5,063
trust funds
mil. of doL.
4,775
4,585
4,496
4,356
5,102
Obligations fully guaranteed by U. S. Gov't:
4,231
4,256
4,471
5,919
5,526
5,917
5,811 ' 5, 808
5,528
Total amount outstandingcf
mil. of doL.
5,656
5.535
5,673
1
5,810
5,699
5,703
5,663
By agencies:©
1, 269
1,269
1,269
1,269
1,269
1, 269
1,269
1,269
1,269
1,269
Federal Farm Mortgage Corp
.do
1,269
1,269
1,269
2,618
2,631
2,626
2,621
2,615
2,623
2,634
2,763
2,641
Home Owners' Loan Corporation..do
2,809
2,770
2,813
2,783
1,097
1,096
1,096
1,097
1,097
1,097
1,096
Reconstruction Finance Corp
do
1,096
1,096
1,096
1,096
1,096
1,096
Expenditures, total, including recovery and
817,
888
870,
241
relief!
thous. of doL. 1,187,277 841, 329 712,994 668, 376 871, 554 792, 288 648, 814 933, 880 830, 599 708, 382 760, 286
1,172,540 822, 858 713, 225 654,170 815,963 756, 975 642, 330 883,092 699, 794 693, 620 757, 536 873, 936 819, 821
General (including recovery and relief),do
-22,726
5,072 -13,009 - 8 , 954 - 4 , 9 3 9
3,425
-486
5,633
5, 988
975
Revolving funds, net
do
-543
3,979
3,812
20, 000
0
10, 000
0
20, 000
0 113, 520 25,195
0
3,500
Transfers to trust accountsf
do
10, 000 -5,000
10, 000
792
1, 244
1,704
2,576
49, 958
9,325
15, 223
2,010 47, 363 12,212
Debt retirements
do
9,013
790
394
740, 929 569,136 314, 549 443, 830 934, 208 304, 203 399, 598 784, 218 367,064 566, 388 711,124 365, 351 484, 796
Receipts, total
do
740, 226 521,136 314, 549 443,830 799,391 304, 203 399,598 648, 323 331, 221 447,196 710, 584 333, 258 362, 078
Receipts, net*
do
27, 923
25, 225 23, 630
29,371
22 627
29, 783 27,814
Customs
do
35, 788 25, 651 28, 702 26, 479 26, 251 28,101
692, 937 517, 924 257, 969 394,688 886, 370 261, 772 356, 508 694,932 326,141 522,813 672^ 540 318,578 438, 484
Internal revenue, total
do
44, 039
48, 906
428, 722 319,143
45, 338 62, 663 665, 487 47, 621 40,197 463, 786 49, 655 37, 645 431, 669
Income taxesf
do
37, 614 138, 013
29, 437
34,498 29, 225 45, 263 177, 756 30, 481 39,194 137, 299 31, 749 39, 098 139,131
Social security taxes
do
Taxes from:
2,194
1,633
2,021
1,684
1,646
1,734
2,391
2,208
2,001
1,791
1,975
1,853
1,487
Admissions to theaters, etc®
do
669
1,833
486
887
1,593
772
1,306
1, 012
1,043
Capital stock transfers, etc®
do
1,087
784
Governmental corporations and credit agencies:
12, 092 12, 410
12,518
12,021
12, 398
12, 371
12,085
12,176
12, 062 12, 064 12, 078 12,116
Assets, except interagency, totaL.mil. of doL.
8,613
8,513
8,680
8,470
8, 623
8,914
8,930
8,922
8,583
Loans and preferred stock, total
do
8,951
8,920
Loans to financial institutions (incl. pre1,202
1, 198
1,208
1,212
1,194
1,189
1,180
1,198
1,170
1,232
1,196
ferred stock)
_..mil. of doL.
1,260
552
515
512
524
513
553
517
521
515
509
504
Loans to railroads
do
500
2,342
2,323
2,387
2, 336
2,348
2,387
2,347
2,355
2,377
2,365
Home and housing mortgage loans. _do
2,365
2,376
Farm mortgage and other agricultural
3,233
3,302
3,280
3,224
3,328
3,349
3,699
3,705
3,700
3,700
3,709
loans
mil. of dol._
3,726
1,185
1,214
1,291
1,187
1,200
1,197
1,160
1,118
1,140
1,183
1,100
All other
do
1,100
U. S. obligations, direct and fully guaran834
871
827
879
824
846
895
895
891
900
teed
mil. of doL.
567
597
601
562
570
555
569
558
559
552
549
553
Business property
do
1,067
1,094
1,113
1,067
1,081
629
1,061
610
608
652
644
661
Property held for sale
do
1,075
1,260
1,296
1,043
1,313
1,123
1,312
1,187
1,103
1,100
1,013
1,038
AH other assets
do
7,842
8,406
8,579
7,977
8,403
8,052
8,053
8,400
7,912
8,059
8,053
8,048
Liabilities, other than interagency, totaLdo
Bonds, notes, and debentures:
5,526
r>, 808
5,919
5,529
5,809
5, 811
5,664
5,657
5,535
5,675
5,700
5,704
Guaranteed by the U. S
do
1,351
1,354
1,422
1,343
1,354
1,356
1,323
1,327
1,337
1,340
1,321
1,348
Other
do
964
1,105
1, 243
1, 237
1,234
1,238
1,0651
1,069
1,039
1,019
1,057
995
Other liabilities including reserves. ..do
406
405
412
413
410
407
40
403
404
398
400
397
Privately owned interests
do
Proprietary interests of the U. S. Govern3,844
3,639
3,580
3,526
3,558
3,603
3,719
4,025
3,663
3,770
3,607
3,617
ment
mil. of doL_
Reconstruction Finance Corporation, loans outstanding, end of month: f
Grand total§
thous. of doL. 1,712,764 1,609,856 1,596,231 1,620,764 1,625,200 1,620,643 1,614,836 1,635,255 1,651,829 1,651,615 1,621,602 1,648,746 1698 511
763, 653 697, 205 703, 038 706, 458 715,979 718,030 712, 328 720,085 749,921 753, 087 715, 778 720, 324 751, 498
Section 5 as amended, total
do
Banks and trust companies, including
86, 303 85, 226
83,110 109, 214
83, 898
receivers
thous. of dol._ 115,028 100, 007 96, 477 94,872 93,128 90,613 89,008 87,761
4,270
4,347
4,690
4,581
4,597
4,625
3,480
3,637
4,138
3,506
3,647
4,268
3,342
Building and loan associations
do
2,313
2,331
2,105
2,176
2,077
2,188
2,354
2,433
2,478
2,457
1,998
2,506
Insurance companies
.do
165,118 138, 595 142, 464 142.876 145, 436 146, 243 146,846 145,951 146, 637 149, 737 151,456 157,094 159, 534
Mortgage loan companies
do
473, 881 448, 792 454,194 458,841 467,887 471,747 466, 093 475,856 506, 623 507, 627 470,039 469, 769 472, 596
Railroads, including receivers
do
3,775
3,554
3,839
3,612
3,498
3,684
3,401
3,889
3,615
3,919
3,765
3,963
All other under Section 5
do
3,360
Emergency Relief and Construction Act,
as amended:
Self-liquidating projects (including financ21, 262
19, 581
31,785
19, 784 20, 509
ing repairs)
thous. of doL. 19, 511 38, 258 38, 232 38, 230 37,870 38, 540 40,010 19,915
Financing of exports of agricultural sur47
47
47
47
47
47
47
47
47
47
47
47
pluses
thous. of dol._
105
Financing of agricultural commodities
445
445
520
520
747
675
525
521
443
751
747
i
625
751
and livestock
thous. of dol—
d
' Revised.
Deficit.
• Number of companies varies slightly.
§See note marked with a " § " on p. 80 of this issue.
» Preliminary,
cf The total includes guaranteed debentures of certain Federal agencies not shown separately.
^Includes repayments unallocated, pending advices, at end of month.
tRevised series. Data on total expenditures and transfers to trust accounts revised beginning 1937 and on income taxes beginning September 1936; see table 50, p. 18, of
the November 1940 Survey.
*New series. For data beginning January 1937, see table 50, p. 18 of the November 1940 Survey.
t A merger during the second quarter of 1940 reduced the number of corporations in the miscellaneous group to 54 and the total to 167.
^Excludes collections from national defense taxes under Revenue Act of 1940.
SURVEY OF CURRENT BUSINESS
80
Monthly statistics through December 1939, together with explanatory notes and references
to the sources of the data, may be found in the
1940 Supplement to the Survey
1940
1939
Decem- December
ber
February 1941
1940
January
February
March
April
May
June
July
SepAugust tember
October Novem
ber
FINANCE—Continued
PUBLIC FINANCE (FEDERAL)—Con.
R. F. C, loans outstanding, end of month—Con.
Direct loans to business enterprises (including participations)
thous. of dol.. 121,678 130,625 130,377 131,919 130, 704 130,466 130, 566 130, 732 129,945
Loans for National Defense under the Act
of June 25, 1940*
thous. of dol__ 38, 387
10
Total Bank Conservation Act, as amended
thous. of dol._ 556,711 539,936 535,376 554, 240 550,091 552,134 548, 669 574, 558 570,778
83, 460 83,998
83, 740 83, 596 83,299
83,814
83, 966 83,723
83,874
Drainage, levee, irrigation, etc
_do
128, 875 118, 978 104,596 105, 249 105, 796 97,028
98, 851 105, 797 97, 524
Other loans and authorizations!
do
CAPITAL FLOTATIONS
j
126, 008
129,371
128,676
55
4,844
50, 864
563, 561
83, 223
101, 242
564,516
83,360
102,599
559, 420
83, 507
107,141
Security Registrations!
(Securities and Exchange Commission)
Total securities effective under the Securities
Act of 1933.
thous. of doL.
Substitute securities *
do
Registered for account of others
do
Registered for account of issuers, exclusive of
substitute securities
__thous. of doL.
Not proposed for sale..
do
Proposed for sale:
Issuing and distributing expense:
Compensation to underwriters, agents,
etc
.thous. of doL.
Other
do
Net proceeds to be used for:
Total
...do
New money.
do
Purchase of:
Securities for investment
do
Securities for affiliation
do
Other assets
do
Repayment of bonds and notes.do
Repayment of other debt
do
Retirement of preferred stock.. do
Organization expense
do
Miscellaneous..do
Gross amount of securities less securities reserved for conversion or substitution, total
thous. of dol..
Type of security:
Secured bonds.
_
do
Unsecured bonds...
_
do
Preferred stock
do
Common stock.
do
Certificates of participation, etc
do
Type of registrant:
Extractive industries
do
Manufacturing industries
do
Financial and investment
do
Transportation and communications.do
Electric light, power, heat, gas and water
thous. of dol..
Other
do....
245, 723 102, 761
3,022
8,753
25, 382
2,469
322, 618 166, 571
0
8,100
4,859
3,640
146, 482
1,300
1,300
249,933
1,225
1,088
70,996
6,516
5,752
317, 760 154,830
25, 594
5,288
143, 882
41, 507
247, 620
16, 307
58, 727 211,587
11, 798 78, 522
4,027
702
5,547
1,454
4,632
2,091
1,042
457
44, 381 127, 391
11, 291 43, 361
10, 232
3,943
0
0
1,384
0
8,454
53, 532
7,818
640
12, 248 18,316
0
28
132
393
6,882
1,626
3,414
1,190
283, 658 144,938
33, 863
8,480
97, 645 224, 312
17,133
17,125
4,612
0
249
200
173
190
223, 900 126, 208
1,934
6,461
18, 256
3,391
0
C)
672
2,370
25
0
73,002
4,558
0
2
555
10, 832
0
0
180, 555
5,420
10, 249
318, 856 153, 367
143,542
241,143
C)
132
161, 748
2,862
4,758
82,577
5,694
418
200,313
457
4,140
123, 242
422
32, 246
130,581
15,405
5,851
287, 456
5,743
3,369
97, 270
0
76,464
20, 225
195, 715
429
90, 574
16, 717
109,324
14,162
278, 345 154,128
22, 219 46, 931
3,126
511
1,959
4,523
1,182
3,410
374
3,248
657
93, 632
8,252
53,923
4,293
189, 581
22,984
70, 074
31, 996
91,257
45, 432
250, 019 102, 755
9,309
14, 899
2,556
0
0
76, 621
6,105
99
0
0
279
0
38,155
8
2,139
0
18
2,016
0
200
161, 423
997
1,909
1
52
18, 039
537
60
19,181
60
0
5
196
4,363
152
20
37,342
2,694
1,123
(°)
132
0
13
0
233, 624
697
512
4
270
115,167
4,874
1.233
3,747
695
13, 381
82
0
69, 825
681
9, 427
10
40
60, 474 225, 510
99, 739
76,882
199, 591 116, 780
147, 045 125, 681
107, 318 10,900
48,907
8,710
15, 552
8,076
35
0
47, 289 153, 522
31, 270 46, 506
40, 679 17, 209
24,303
23, 369
0
536
13, 477
0
19, 366
19,409
8,223
44, 217
53, 866
84, 509
38,424
4,493
3,200
75, 000
5,039
14,119
2,381
58,144
0
2,254
6,799
9,685
105,148
72,000
11,040
9,209
2,194
6,650
24, 878
16, 465
57,917
10, 870
39,541
22,598
16,016
19,375
17,637
230, 483
11, 429
23, 869
7,397
130
70, 607
1,766
24, 263
26, 578
35, 672
250
115, 944
19, 353
209
6,160
23, 517
224
1,401
323
26,293
4,999
2,184
2,375
122,320
12, 282
18, 504
1,957
21,567
16, 768
9,210
10,819
61,839
14,374
705
4,864
86,112
2,745
3,768
75
5,726
9,835
4,337
3,974
81, 396
2,186
0
28
55, 205
19, 407
500
12,750
38,158
6,815
0
3,177
70,097
1,779
7,722
1,731
18, 243
49, 926
200
171, 360 119,176
11, 740
2,891
107, 300
2,444
85,413
250
824
10,150
84, 018
53, 755
0
2,250
54, 700
2,210
111, 676
359
13, 319
28, 323
50,386
7,058
189, 833
700
78, 052
10, 734
605, 791 335,311
287, 877 '•451,787
273, 307 158, 886
Securities Issued
(Commercial and Financial Chronicle)
Securities issued, by type of security, total (new
capital and refunding)
thous. of dol..
New capital, total.-.
do
Domestic, total.__
do
Corporate, total
do
Bonds and notes:
Long term.
do
Short term
do
Preferred stocks
do
Common stocks
do
Farm loan and other Government agencies
thous. of dol. _
Municipal, State, etc
__do
Foreign, total
_do.
Corporate
do.
Government
_
do.
United States possessions..
do
Refunding, totaldo.
Domestic, total-_
do.
Corporate, total
do.
Bonds and notes:
Long term.
do.
Short term..
do.
Preferred stocks
do
Common stocks
do
Farm loan and other Government
agencies
thous. of dol._
Municipal, State, etc
do
Foreign, total
_
do
Corporate. _
_
do
Government
do
United States possessions
do
189, 899 ' 98, 671 '95,015 104,167
189, 899 ' 98, 671 '•94,140 104,167
61,132
'"35,470 '46,004
43, 783 ' 21, 623
1,000
0
9, 703
3,545
6,645
5,611
0
128, 767
0
0
0
0
0
67, 893
0
0
0
0
r
19, 548
0
2,284
13, 638
32, 746
10,000
'2,190
1,069
242, 239 344, 874 251, 390 227,182
691, 472 282, 476 '229,314
r 71, 388 117, 587 122, 020 '82,728 397,300
r 70, 638 117, 587 122, 020 ' 82, 728 '397,300
89, 287 '9,771 '46,233
30, 527 53,925
15, 957
0
3,700
10, 870
31, 025
100
15,253
7,547
0
800
5,600
' 58, 670 ' 57, 363 '34,511
U
750
0
0
0
0
0
0
0
750
'875
79, 680
0
0
9,607
' 7. 307 '43,787
0
910
1,096
65
1,350
1,489
129, 776 '113,550
129, 276 '113,550
67,938
68,006
710, 551 ' 440, 266
257,391 263. 436
257, 391 263, 436*
47, 278 168, 699
52, 612
0
13, 427
1,899
63, 728
0
2,720
1,558
21, 080 165, 756
0
0
9,877
864
16, 321
2,079
2, 250 289, 458
3,000
0
' 29, 733 ' 70, 707 ' 61, 608 ' 61, 338
0
0
500
0
0
0
0
0
0
0
0
0
0
500
0
0
5,500
' 58,162
0
0
0
0
415, 893 236, 640 192. 862 347, 620 170. 850 227, 287
415, 893 236, 640 192, 862 347, 620 170, 850 227, 287
328, 212 195, 817 137, 995 211,342 103, 799 192, 353
0
' 45, 544
0
0
0
0
112,099
42,000
' 98, 014 ' 52. 737
0
0
0
0
0
0
0
0
129, 370 144, 455 294.173 152, 700 ' 115, 764
129,370 144, 455 294', 173 152, 700 '112,564
' 83, 810 101, 476 225, 623 111,494
62, 465
453,160 • 176, 830
453,160 • 176,830
345, 347 92, 487
285, 649 189, 307 102,433
0
0
0
38, 702
4,900
35, 562
3,861
1,610
0
' 83, 810 '96,147
0
5,000
0
0
0
329
331, 651
0
13, 651
45
14, 300
73, 381
0
0
0
0
196, 870
0
14,472
0
87, 049
3,000
13,750
0
154.191
0
37, 546
617
^S. 600 28, 800 21.695 '17.002
22, 223 ' 26, 067 114'. 583 '49,059 :
0
0
0 i
0
0
0
0:
0
0
0
0
0
0
0
0 >
0
223,116
0
257
2,250
107, 047
0
4,421
26
60, 449
836
1,180
0
28, 870 48, 400 27, 525
'. 350 25,150
', 584 ' 20, 409 ' 14, 108 ' 20,150 ' 13, 681
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
26, 000
' 24, 099
3,200
0
0
3,200
28, 050
' 79, 764
0
0
0
0
64. 475
2,000
25, 595
416
r
59, 465
24, 879
0
0
0
0
•Less than $500. ' Revised.
tRevised series. Data on security registrations revised beginning January 1938, see table 47, p. 15 of the November 1940 Survey.
*New series. For data beginning 1938 for substitute securities, see table 47, p. 15 of the November 1940 issue.
§Data revised beginning January 1937 to exclude a loan to the Rural Electrification Administration advanced in varying amounts during 1937-39, now classified under
allocations. Revisions not shown in the October 1940 Survey were comparatively small with the exception of July 1939 for which revisedfiguresare as follows: Grand total,
$1,619,724,000; other loans and authorizations, $104,758,000.
81
SURVEY OF CURRENT BUSINESS
February 1941
Monthly statistics through December 1939, together with explanatory notes and references
to the sources of the data, may be found in the
1940 Supplement to the Survey
1940
1940
1939
Decem- December
ber
January
February
March
April
May
June
July
August
September
October Novem
ber
FINANCE—Continued
CAPITAL FLOTATIONS—Continued
Securities Issued—Continued
(Commercial and Financial Chronicle)
Securities issued by type of corporate borrower,
total
thous. of doL. 389, 343
61,132
New capital, total
_
..do
18,557
Industrial
..do
Investment trusts, trading, and holding
0
companies, etc...
_
thous. of doL0
Land, buildings, etc
do
4,944
Public utilities
do
12,030
Railroads
do
25,601
Shipping and miscellaneous.._
.do
328, 212
Refunding, total
do
29,575
Industrial
do
Investment trusts, trading, and holding
4,000
companies, etc
thous. of doL.
1,202
Land, buildings, etc
do
220,231
Public utilities
do
0
Railroads
do
73, 204
Shipping and miscellaneous
do
Domestic issues for productive uses (Moody's) :•
139
Total
mil. ofdoL.
28
Corporate
do
111
Municipal, State, etc
do
226, 595 '173, 465 '257,346
'30,778 ' 35, 470 ' 46, 004
14,088
13, 913
5,249
134, 327 246, 279 173, 097 111, 248 271, 856 179,432
30, 527 53, 925 89, 287 '9,771 ' 46, 233 67,938
' 4, 772 23,124
22, 598
2,826
6,094
1,201
130, 471 92, 625 261,186
68, 006 47, 278 168, 699
17, 544 16, 268
2,834
1,000
0
450
0
' 18, 249
' 7, 615
31
960
3,277
30, 730
r
137, 995 '•211,342
0
115, 000
0
0
0
350
0
0
0
90
280
0
0
0
0
8,407 .6, 767
'4,217 T11, 256 30, 232
15, 205 14,292
7,750
19,400
2,000
8,114
200
15,000
13,169
728
6,096 63, 513
225,
623 111, 494
103, 799 192, 353 '83,810 101,
476
24, 250 50.943 ' 79, 350 r 1, 700 93, 628 60, 776
0
0
0
40
148
25
18, 521
5,444 141,091
25, 576 15, 258 23,840
6,325
10,160
909
62.465 345, 347 92, 487
7,275 86, 660 53, 586
0
32
' 5, 760
5,998
4,900
195, 817
15, 215
0
1,000
41, 236
82, 252
16,923
0
2,960
1,500
0
0
0
427
94,020
5,000
329
67
22
45
52
25
27
36
7
29
0
829
117,466
0
13,700
0
77
23,811
25, 300
1,530
0
490
43,300
7,900
3,500
103
63
40
0
367
207, 334
50, 558
428
0
3,592
23, 438
1, 329
10, 541
67
40
27
211
165
0
0
0
386
119,200 ' 101, 903
60, 000
20, 494
1,016
15, 598
0
575
'90,397
0
5,370
37
12
25
28
9
19
0
780
32, 269
35, 000
11, 500
45
26
19
' 61, 589
156, 777
174, 916
118, 588
87,006
134,808
1,054
170
731
94
649
50
743
35
901
112
921
134
432
70
495
92
451
81
360
62
360
406
91
906
207
637
266
886
198
602
262
893
195
616
253
186
615
247
910
192
626
252
702
239
459
251
653
223
376
267
642
213
376
261
631
215
368
256
635
218
370
268
653
203
381
269
666
214
283
280
92.48
96.51
48.86
87.87
92.47
90.14
94.93
39.09
90.96
95.62
40.64
91.33
95.72
43.28
92.08
96.56
43.07
92.84
97.03
44.86
93.58
97.78
45.60
82.5
87.5
101.7
58.2
119.8
106.7
79.4
85.3
99.3
53.5
115.3
104.9
78.5
84.7
98.7
52.0
114.6
104.8
81.2
86.3
100.2
57.1
120.4
106.3
81.5
86.8
100.2
57.5
121.2
106.7
82.7
87.8
100.6
59.7
122.3
107.7
83.6
89.2
100.6
61.0
124.6
108.8
83.9
90.3
100.5
60.9
127.3
110.7
135,784
210,816
149,103
219,740
90,317
134,597
81,388
121,857
114,606
186,432
74, 484 65, 530
108,459 115,226
176, 998 179, 936 114, 651 102, 228
94, 701 114,881
148, 956 185,154
53, 571 78, 398 93, 532
82, 424 129, 205 159, 704
165,116 176,105 102, 663
3,677
4,323
8,250
98, 986
160, 793 167,855
139, 547 144, 924 81,058
21,246
17,928
22,931
98,120
2,131
95,989
82, 680
13,309
79, 705 125,965 150,981 159,006
1,597
2,337
2,496
2,422
77, 368 124,368 148, 485 156, 584
66, 566 109, 915 129, 460 139,191
14,453
19,025
17, 393
10,802
56
20
36
100
53
47
(Bond Buyer)
State and municipal issues:
Permanent (long term)
Temporary (short term)
thous. of doL. 197,592
95,986
do
103, 871
64, 025
r
66, 583 ' 51,033
122, 245 224, 706
75, 979
54, 946
75, 692 -234,366
75,122 74, 662 177,552
77, 354 100, 957 117, 406
r
71, 872
167,225
COMMODITY MARKETS
Volume of trading in grain futures:
Wheat
mil. ofbu..
Corn
do.
SECURITY MARKETS
Brokers' Balances (N. Y. S. E. members
carrying margin accounts)
Customers' debit balances (net)..mil. of doL.
Cash on hand and in banks..
do
Money borrowed
do
Customers' free credit balances...
...do
677
204
427
281
Bonds
Prices:
Average price of all listed bonds (N. Y. S. E.)
93.84
92.02
91.97
92.86
92.33
dollars. .
98.10
95.70
96.55
95.68
Domestic
do.
96.02
45.07
52.77
52.00
Foreign
_ _.do_
51.58
52.23
Standard Statistics Co., Inc.:
84.0
82.4
Composite (60 bonds) _..dol. per$100bond_.
82.2
82.1
82.1
90.2
87.3
87.3
Industrials (20 bonds)
do.
87.3
86.8
100.7
Public utilities (20 bonds)
do.
101.8
101.6
101.8
101.6
61.1
Rails (20 bonds)
do.
57.2
58.0
58.2
57.8
129.3
120.2
119.1
Domestic municipals (15 bonds)
do_
119.9
119.7
111.8
106. 0
U. S. Treasury bondsf
do
105. 3
105.7
106.7
Sales (Securities and Exchange Commission):
Total on all registered exchanges:
125, 383 125,631 134,462 103,351 102, 858
Market value
thous. of dol
Face value
do... 248,906 206,047 208, 518 153, 589 163, 222
On New York Stock Exchange:
81,857
Market value
do._. 103,243
81, 807
98,662 101,179
221, 475 173,971 166,112 127, 344 135,832
Face value
do..
Exclusive of stopped sales (N. Y. S. E.),
face value, total
thous. of dol.. 211, 237 176,100 144, 917 120, 384 135, 239
2,206
3,285
U. S. Government
do
4,322
3,760
2,365
209,031 171, 778 141,157 118,019 131,954
Other than U. S. Govt., total._.do
190,149 146,192 120,903
Domestic
do.
99,176 110,849
18, 882 25, 586
21,105
Foreign
do.
20,254
18,843
Value, issues listed on N. Y. S. E.:
53,988
53, 937
53,853
Face value, all issues
mil. of doL. 54,169
54,067
49, 820 49,512
49,313
Domestic issues
do.
49,440
49, 400
4,349
4,540
Foreign issues
do.
4,554
4,548
4,537
50, 831 49,920
Market value, all issues
do.
50,006
49,679
49, 605
48, 871 47, 541
Domestic issues
do.
47, 314
47, 265
47,611
1,961
Foreign issues..
do.
2,365
2,340
2,379
2,396
Yields:
Bond Buyer:
2.14
2.63
2.70
2.62
Domestic municipals (20 cities)
percent—
2.59
Moody's:
Domestic corporate
do.
3.63
3.60
3.69
3.58
3.36
By ratings:
2.71
2.84
2.88
2.86
2.94
Aaa
do.
2.92
3.04
3.14
3.08
3.05
Aa
do,
3.36
3.68
3.6©
3.65
A__.
.do3.74
4.45
Baa
do.
4.83
4.80
4.92
4.86
By groups:
2.93
3.14
3.12
3.09
Industrials,..
do.
3.21
3.13
3.35
3.33
3.29
3.38
Public utilities
do
4.03
4.39
4.37
4.47
4.37
Rails
do.
Standard Statistics Co., Inc.:
2.07
2.60
2.58
2.54
2.56
Domestic municipals (15 bonds)
do
2.30
2.32
2.25
1.89
2.35
U. S. Treasury bonds
_
do.
'Revised.
*New series. For data on domestic issues for productive uses beginning 1921, see table 34, p. 17,
tRevised series. For data beginning 1931, see table 55, p. 17 of the December 1940 survey.
67,057
99,101
53,646
49,108
4,538
49,612
47,365
2,217
53,414
48,879
4,535
46,937
45,197
1,740
52,879
48, 347
4,532
47, 666
45,894
1,771
53,431
48,903
4,528
48,602
46,762
1,840
53, 914
49, 399
4,515
49, 239
47, 285
1,954
53, 913
49,400
4,514
49,643
47, 699
1,944
2.59
3.00
2.67
2.53
2.52
2.39
2.32
2.18
3.54
3.65
3.72
3.57
3.55
3.50
3.46
3.40
2.82
2.99
3.59
4.74
2.93
3.08
3.65
4.94
3.10
3.70
5.11
2.88
3.01
3.57
4.80
2.85
3.03
3.55
4.76
3.01
3.52
4.66
2.79
3.01
3.48
4.56
2.75
2.96
3.40
4.48
3.05
3.24
4.33
3.20
3.30
4.46
3.25
3.33
4.57
3.15
3.23
4.32
3.12
3.23
4.30
3.10
3.19
4.23
3.06
3.18
4.15
3. 14
4.07
2.56
2.25
2.81
2.38
2.85
2.39
2.54
2.28
2.49
2.25
2.44
2.18
2.32
2.10
2.18
1.97
of the September 1940 Survey.
54, 329
49,966
4,363
50, 438
48,481
1,957
. 95, 500
164,080
54,237
49,877
4,360
50, 756
48, 768
1,988
82
SURVEY OF CURRENT BUSINESS
1939
Monthly statistics through December 1939, to- 1940
gether with explanatory notes and references
to the sources of the data, may be found in the Decem- December
ber
1940 Supplement to the Survey
February 1041
1940
January
February
March
April
May
June
July
August
September
vein
October Nober
FINANCE—Continued
SECURITY MARKETS—Continued
Stocks
Cash dividend payments and rates (Moody's):
Total annual payments at current rates (600
companies).
___
..mil. of dol.. 1,792.84 L, 589. 37 I, 597. 25
936.43
936.43
Number of shares, adjusted
millions,. 936.43
Dividend rate per share (weighted average)
1.91
1.70
1.71
(600 cos.)
dollars-.
3.01
3.01
3.01
Banks (21 cos.)
do
1.89
1.63
1.63
Industrials (492 cos.)
do
2.54
2.53
2.64
Insurance (21 cos.)
do
1.97
1.95
1.95
Public utilities (30 cos.)
do
1.53
1.25
1.26
Rails (36 cos.)..
do
Dividend declarations (N. Y. Times):
331,
721
231,
651
330,
592
Total
_
thous. of doL.
305, 652 311,996 215, 588
Industrials and miscellaneous
do
26,
069
18, 596
16,064
Railroads
--do
Prices:
Average price of all listed shares (N. Y. S. E.)
57.2
64.4
Dec. 31,1924=100..
63.0
Dow-Jones & Co., Inc. (65 stocks)
49.72
43.39
50.01 I
dol. per share.Industrials (30stocks).
..do._.. 130. 45 148.54 I 147. 60
19.91
25.00
25.44
Public utilities (15 stocks)
do
27.61
31.63
31.09
Rails (20stocks)
..
do
93.68
109.01
107.40
New York Times (50 stocks)
..do
167.16
194.21
191.78
Industrials (25 stocks)
do
20.21
23.82
23.03
Railroads (25stocks).
do
Standard Statistics Co., Inc.:
80.4
91.8
92.7
Combined index (420stocks)
1926=100..
94.0
107.9
108.8
Industrials (350 stocks)
do
118.7
133.8
132.7
Capital goods (107 stocks)
do
87.3
100.6
102.5
Consumer's goods (194 stocks).--do
77.6
86.7
88.4
Public utilities (40 stocks)
do
26.4
29.6
29.6
Rails (30 stocks),.
..do
Other issues:
55.8
58.3
59.3
Banks, N. Y. C. (19stocks)_.
do....
Fire and marine insurance (18 stocks)
94.3
94.0
95.3
1926=100..
Sales (Securities and'Exchange Commission):
Total on all registered exchanges:
Market value
thous. of doL_ 706, 231 767,158 774, 470
Shares sold
-thousands., 33, 003 31, 446 31,710
On New York Stock Exchange:
Market value
thous. of doL. 596, 806 648,942 652,915
24,141
23,175
Shares sold
thousands.. 23, 744
Exclusive of odd lot and stopped sales
17, 769
15,991
(N. Y. Times)_.thousands-- 18, 400
Shares listed, N. Y. S. E.:
46, 468 45, 637
Market value, all listed shares
mil. of doL. 41,891
1,441
1,435
Number of shares listed
millions. _ 1,455
Yields:
5.7
4.5
4.6
Common stocks (200), Moody's
percent-.
4.3
4.2
4.1
Banks (15 stocks)
do
5.7
4.3
4.4
Industrials (125 stocks)
do
4.2
4.1
4.3
Insurance (10 stocks)
do
5.9
5.3
5.3
Public utilities (25 stocks)
.do....
6.2
4.5
4.8
Rails (25 stocks)
do....
Preferred stocks, Standard Statistics Co., Inc.:
4.95
4.90
Industrials, high-grade (20 stocks) percent..
1,618.60 I, 631.30 1, 643. 66
936.43
936.43
936.43
936.43
,690.37
936.43
,694, 82 1,713.08 1,711.42 1,738.04 1, 781. 52
936.43
936. 43
936. 43
936. 43
936.43
1.73
3.01
1.67
2.64
1.95
1.26
1.74
3.01
1.68
2.64
1.95
1.26
1.76
3.01
1.70
2.64
1.96
1.27
1.79
3.01
1.75
2.44
1.96
1.27
1.81
3.01
1.77
2.44
1.96
1.29
1.81
3.01
1.77
2.54
1.96
1.29
1.83
3.01
1.79
2.54
1.96
1.36
1.83
3.01
1.79
2.54
1.96
1.36
1.86
3.01
1.83
2.54
1.96
1.36
1.90
3.01
1.88
2.54
1.97
1.47
338, 366
323,201
15,165
216,350
213.822
2,528
180,341
176,637
3,704
449, 981
420,278
29,703
239,426
223, 372
16,055
194,824
182,232
12, 592
365, 553
347,331
18, 222
209,482
207,354
2,128
221, 404
213, 843
7,561
685, 574
635,110
50,463
63.6
64.3
64.3
50.2
53.1
54.6
55.6
56.7
58.4
57.0
49.44
147. 29
24.87
30.83
107.83
192.67
22.98
49.15
147.13
24.26
30.45
107.66
192. 71
22.61
49.92
148.91
25.09
31.00
109.17
195.13
23.22
43.48
130. 76
21.45
26.52
95.20
170.95
19.46
39.99
119.46
20.15
24.66
89.17
159. 61
18.72
41.64
122. 23
22.42
26.43
90.46
161.49
19.43
42.50
125.32
22.22
26.83
92.21
164. 48
19.94
44.40
131.46
22.18
28.43
96.27
171. 50
21.05
44.72
132. 39
22.07
28.83
97.29
173.26
21.34
45.04
133. 90
21.22
29.36
95.86
170. 32
21.40
91.5
107.3
130.1
102.2
87.6
28.7
91.5
107.5
130.9
102.7
87.1
28.9
92.9
109.2
132.8
104.4
87.8
29.1
83.0
97.3
118.1
92.7
80.6
25.4
73.3
84.8
104.1
80.0
75.1
22.7
76.1
87.2
105.9
84.2
80.1
24.4
77.5
89.1
109.5
85.8
80.3
24.9
80.9
93.7
116.5
89.6
81.0
27.0
81.4
94.6
119.5
90.1
80.2
27.4
82.1
95. S
120.2
89.9
79.0
27.8
59.3
59.2
58.9
52.0
48.8
51.4
50.4
51.0
53.6
55.6
96.4
94.5
94.3
83.8
78.7
84.0
84.3
87.4
90.0
93.9
583, 619 632,092 11,134,339 11,438,199
51,103
26, 093 28,718
69,493
560,463
25,451
320,860
15,191
320,913
14, 214
472,741
20,728
591. 703
24, 006
991,382
37,022
487,929 527, 777
19, 367 20,568
487,116
20.107
264, 352
10,828
270, 471
10,420
406,925
16,206
505,193
18, 522
763, 481
29,040
13, 465
46, 058
1,441
4.6
4.0
4.5 i
4.3 I
5.3 !
4.7
4.90
964, 608 1,242,999
37, 599
54, 517
26, 696
38,969
15, 573
7, 307
7,616
11,941
14, 484
20, 893
46, 695
1,444
46, 769
1,446
36, 547
1,447
38, 775
1,450
39, 992
1,454
40, 706
1,454
41,492
1,453
42, 674
1,453
41,848
1,457
4.6
4.1
4.5
4.3
5.2
4.7
4.6
4.1
4.5
4.3
5.3
4.8
6.1
5.2
6.1
4.9
6.3
6.3
5.7
4.8
5.9
4.5
5.7
5.7
5.6
4.7
5.7
4.5
5.7
5.5
5.6
4.7
5.6
4.8
5.7
5.6
5.5
4.7
5.5
4.4
5.8
5.5
5.4
4.3
5.5
4.2
5.7
5.3
5.6
4.3
5.7
4.1
6.0
5.8
4.94
4.92
5.07
5.26
5.11
5.10
5.04
4.99
4.94
Stockholders (Common Stock)
American Tel. & Tel. Co., total
number..
Foreign..
do
Pennsylvania Railroad Co., total.
. d o — 205, 883
2,724
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
632,398
6,544
207,679
2,746
165,193
2,745
27.57
635, 286
6,674
208, 705
i 2,712
I 163,972
3,020
28.31
631,343
6,451
206,907
2,742
164,553
2,706
27.48
FOREIGN TRADE
INBEXE9
Exports:
Total: Value, unadjusted
1923-25=100.
Value, adjusted
..do...
U. S. merchandise, unadjusted:
Quantity
do...
Value
do...
Unit value
..do...
Imports:
Total: Value, unadjusted
do...
Value, adjusted
do...
Imports for consumption, unadjusted:
Quantity
1923-25=100.
Value
do...
Unit value
.do...
Exports of agricultural products, quantity:
Total:
Unadjusted
1910-14=100.
Adjusted
do...
Total, excluding cotton:
Unadjusted
do...
Adjusted
do...
*• Revised.
97
85
80
97
91
'96
91
100
'92
'91
85
90
"85
91
92
104
83
95
92
100
78
74
'91
74
126
85
67
140
96
69
137
97
71
130
91
70
132
92
70
123
85
69
124
85
69
136
92
68
126
84
67
135
92
68
115
77
68
136
90
67
78
79
76
77
75
74
62
'63
67
60
66
61
65
64
65
69
72
78
68
71
60
63
64
63
130
75
57
127
73
58
124
73
59
99
59
60
106
65
61
105
64
61
106
64
60
109
64
59
115
68
59
114
67
59
106
61
58
117
67
57
120
25
20
95
75
118
105
96
104
67
68
52
61
39
47
34
44
34
47
26
32
23
22
37
27
29
36
33
63
58
71
70
71
77
66
66
51
55
43
. 45
48
53
52
57
47
48
37
34
48
42
38
35
75
127
83
SURVEY OF CURRENT BUSINESS
February 1941
Monthly statistics through December 1939, to- 1940
1939
gether with explanatory notes and references
to the sources of the data, may be found in the Decem- December
1940 Supplement to the Survey
ber
1940
January
February
March
April
May
June
July
Sep- October NovemAugust tember
ber
FOREIGN TRADE—Continued
VALUE
Exports, total, incl. reexports
thous. of dol_.
By grand divisions and countries:
Africa
do
Asia and Oceania
do—
Japan._.
.
do
Europe
--.
do
France
do
Germany...
._
do
Italy
—
do....
United Kingdom
..do
North America, northern
do
Canada.
do
North America, southern
do
Mexico
do
South America
_
do
Argentina
do
Brazil
_
do....
Chile
do....
U. S. merchandise, by economic classes:
Total
thous. of dol..
Crude materials
_do
Cotton, unmanufactured..
..do
Foodstuffs, total.__
.-do
Crude foodstuffs
do
Mfd. foodstuffs and beverages do
Fruits and preparations
...do
Meats and fats
do
Wheat and
flour
do
Semimanufactures
do
Finished manufactures
do
Autos and parts
do
Gasoline
.do
Machinery
dO--.
General imports, by grand divisions and countries:
Total
thous. of dol.
Africa
do-__
Asia and Oceania
do...
Japan
do-..
Europe
do._.
France
do._.
Germany
do.-_
Italy
_do-__
United Kingdom
do_-_
North America, northern
do
Canada
___
do
North America, southern
do
Mexico
_do
South America
do___
Argentina
~
.do
Brazil
do...
Chile
...doImports for consumption, by economic classes:
Total
.thous. of dol.
Crude materials
...do...
Crude foodstuffs
do...
Mfd. foodstuffs and beverages..
.do...
Semimanufactures
_do...
Finished manufactures
do...
322,257
367,819
368, 584 346, 779 352, 272 324,008
325, 306 350,458
317,015
16, G24 11,342 11, 276 10, 789 11,727
13, 944 12, 545 12,325
12, 243
60, 405 78,120
76, 061 61,520 59,299 53,220 57, 898 53,755 59,146
19, 343 27, 556 28, 247 15,193
17,800 15, 271 13, 721 15,421
15,364
116, 329 157, 340 172,640 165,741 160,050 140,240 124, 527 144,813 122, 837
36, 645
39,277 42,034 45,990 39,350 47,237
206
W
0
1
4
35
70
44
()
C)
9
8,623
9,598
9,240
13,
234
10,083
1,603
8,300
16
101, 253 50, 395 67,143
58, 534 51,890 53, 339 49,822 77,868
368
63, 266 44,477 42,282 43, 671 49,700 55,136 62, 738 67, 679 108,
64,486
62,439
43,878 41,647 43,131 48,855
54, 373 61, 877 66,796
494
33,807
32,311
29,167 25, 249 27, 265 26,924 63,
27,758 28,065
10, 554
7,522
8,394
6,624
7,472
9,926
6,536 24,163
8,046
7,110
31,824 44,227 38, 566 36,993 42, 328 36, 219 40, 332 44, 961 34,139
4,734
10,821
10, 770 14, 759 10, 650
10, 791 10,157
9,147
8,326
10,046
10,368
10, 384 10,641
10, 483
10,116
10,360
9,216
7,205
4,354
3,360
3,066
3,694
4,244
3,908
3,418
3,259
3,110
315, 323 357, 450 359,098 338,639 344, 559 316,520 318,051 344,444 312, 337
20,453
64,264 82,193 61,113 46,752 40,886 40,277 33,589 31,987
6,417 43, 741 59,884 44,283 26, 583 21,086
13, 526
8,295
7,861
13, 719 24,342 27,705 31, 222 25,881
22,058
14,965
17,758 20,407
7,784
8,752
8,026
7,257
6,314
4,005
3,488
6,480
7,706
17,855
15, 744 10,960 11,278 12, 701
10, 231 16,558 20,448 22,470
4,316
5,554
4,087
3,927
1,608
2,638
4,099
2,209
1,538
7,154
6,889
2,762
2,056
1, 837
5,133
3,240
1,764
3,151
2,259
3,340
3,381
1,686
5,752
1,993
1,978
1,536
2,593
67,154
75, 661 75,362 71, 355 73, 508 65, 810 74,490
76,310 75, 545
213, 997 193,183 173,838 174,950 198, 418 187, 766 188, 319 216,787 184, 398
24, 470 24,826
23, 736 23,835
29, 326 19, 493 21,337
17,661
13, 964
5, 950
5, 534
5,364
5,387
6,332
9,638
6,412
6,110
3,966
63, 327 48,100 44,173
45, 235 59, 726 62, 864 58, 422 54,496 48, 292
349,928
295,245
12,615
59,734
25,188
143,754
89
14,094
15, 613 16, 945
66,957 55, 894
48,405
26,195
17,778
16, 443
113,523 122, 003 118,695
8
72
O)
0
0
12
90
(•)
103,361 107, 597
3
77,886 102, 375
64,626
76, 682 65, 609
63,252
31, 556 64, 262
25,673
10, 061 33, 792
7,697
28, 923 29, 471
9,772
5,151
6,267
749
7,176 36,
6,753
5,920
3,389 10,
2,976
807
4,081
288,270 336,165 321, 275
22,724
29,188 24, 600
5,138
10, 541
7,703
15,331
18, 360 14, 650
4,974
7,528
3,603
10,357
10, 832 11,047
1,813
2,362
1,974
1,729
1,754
1,859
2,153
2,946
2,703
78,575
81, 421 70, 651
171,639 207, 195 211, 373
15, 735 22, 531 26, 828
4,422
5,827
6,897
52,658
61, 046 62, 873
C)
125, 309
71, 800
70, 707
27, 888
7, 198
34, 137
10,170
7, 522
3, 543
341, 924
24, 161
3, 640
19,170
5, 819
13, 351
2, 386
1, 710
2, 237
96, 863
201, 730
15, 645
4, 365
56, 813
253, 099 246, 903 241,897 199,775 216,732 212, 240 211,382 211,390 232, 258 220, 217
13,663
10,481
11,322
8,052
9,955
8,030
7, 958
9,209 14, 849 11, ,901
105,823
91,005 100,107 65, 789 76, 041 77,883 70,057 72,720 86,645 90, ,795
14,033
9,335
18,915 22,196
7,998
8,760
8,972 13, 362 13, ,277
9,283
26,187
57,333
52,024 38,039 41,160 40, 883 38, 215 35,876 32, 303 26, ,566
1.301
5,303
7,313
4,786
5,170
4,220
3,222
1,751
5,351
655
183
3,383
1,591
924
392
357
251
201
231
183
84
3,895
% 563
2,613
3,968
4,953
4,053
802
4,210
158
13,610
8,945
15,719 14,191
14, 973 12, 748 12,115 15,426 20, 299 13, ,280
43, 619 33, 215 30,164 26,963 26,401
30,475 36, 917 37,802 39,852 41.,029
41,913 32,012 28, 877 26, 279 26,089
29,778 36,180 37,164 37, 976 39! ,467
15,782
17, 111 20,002 23,270 26,957 25,993
25,797 28,491 24, 585 19!,571
5, 789
6,402
5,912
5,958
6,733
6,652
10,330
6i,330
48, 024 38, 285 31, 570 35,234 34,850 29, 048 32,344 27, 292 34,024 30,355
11,613
10,466
10,819
9,663
5,084
5,067
8,363
4,743
5,175
5,170
12,711
8,122
7,871
8,067
7,079
10, 215
9,282
7,579
9,004
8,,396
6,709
4,134
7,012
7,879
2,480
4,593
6,143
3,590
8,583
6,,372
238, 275 232,738 234, 634 189,824 206,719 202, 974 203, 702 205,397
77,880 78,125
110, 375 86, 770 95,714 70,420
70,866 70,511
24, 793 23,838
25, 636 25,052 26,095 23,642
25, 931 25,665
23,316
23,138 22,812 24,539
19, 435 29,786
27, 215 31,275
53,732 42,860 46, 596 42,447 43,337 45,146
52, 009 55,619
37,079 29, 567 33,794 32,810 36,189 34,823
30, 524 34,898
217,828 214,106
85, 231 88,495
24, 924 21,515
22, 567 20,588
45,414 50,342
39,691
33,166
194,928
12,581
86,220
11,124
15,762
267
231
116
9,263
40,569
39,197
14,722
3,876
25,075
3,648
7,122
5,164
343, 485 327, 685
207,141 223, 430
13,191
9,714
89, 843 93, 250
18, 361 21, 676
18, 330 24, 600
1,870
415
576
231
23
74
10, 428
9,873
39,163 44,122
38, 050 42, 533
16, 440 14, 884
5,105
4,811
33, 650 33, 383
6,902
5,010
9,904
9,340
6,378
4,435
196,312 213,133 217,175
80,113
88, 904 93, 838
18,098
22, 625 22, 695
19,026
21, 176 22, 444
46,510 46, 045 44, 383
3?, 565 34, 383 33, 816
TRANSPORTATION AND COMMUNICATIONS
TRANSPORTATION
Express Operations
9,632
11,007
9,837
10, 055
9,588
9,167
9,281
9,415
9,528
10, 624
Operating revenue
thous. of dol.
69
76
74
75
77
61
71
87
82
Operating income
do--Local Transit Lines
Fares, average, cash ratef
cents.. 7. 8253 7.8336 7.8336 7.8336 7.8253 7.8253 7.8253 7.8253 7.8253 7.8253 7.8253 7. 8253 7. 8253
Passengers carriedf
thousands.. 863,069 825,903 811,787 767, 688 823,167 798,945 813, 615 755,312 724, 709 726,760 763,114 831, 810 803, 421
Operating revenues
thous. of dol..
59,974
60,649
58,950
56, 545
57,872
59,139
53, 574
58,452
60, 542
54,097
55,935
58,489
Class I Steam Railways
Freight-carloadings (Federal Reserve):
72
84
77
73
67
77
78
86
Combined index, unadjusted... 1923-25 = 100..
71
75
95
83
83
83
79
80
63
70
75
72
67
69
Coal
do
104
108
94
106
101
88
62
89
88
97
70
85
Coke
do
55
50
56
41
44
43
44
46
51
57
47
48
Forest products
do
73
66
89
66
75
69
70
89
81
110
06
73
Grains and grain products
..do
52
39
54
38
39
33
34
38
63
31
34
31
Livestock
_.do
63
61
64
58
60
59
60
61
64
60
60
60
Merchandise, I. c. 1
do
33
25
29
26
42
173
105
134
182
185
170
178
Ore
do
88
74
81
71
76
100
95
80
82
94
85
83
Miscellaneous
do
84
78
78
73
70
77
83
72
75
77
75
76
Combined index, adjusted
do
74
83
71
68
75
65
76
78
83
80
81
85
Coal
do.
90
92
65
73
97
73
99
91
104
105
70
108
Coke
do.
47
51
44
43
55
45
51
45
56
46
43
49
Forest products
do
73
87
75
79
81
74
79
74
78
80
75
74
Grains and grain products
do.
39
40
40
37
45
38
42
38
43
35
39
38
40
Livestock
_ do,
62
62
61
59
62
60
61
60
62
61
63
60
61
Merchandise, 1. c. l._
do,
116
107
102
117
96
134
105
96
192
106
114
Ore
do_
100
74
89
77
77
82
94
84
Miscellaneous—_
do_
82
0
Less than $500.
tRevised series. Data on fares revised beginning August 1936; see p. 45 of the July 1940 Survey, Passengers carried revised beginning 1938; see note "q" (note should have
been marked with a "+") on p. 37 of the April 1940 Survey.
84
SURVEY OF CURRENT BUSINESS
Monthly statistics through December 1939, to- 1940
1939
gether with explanatory notes and references
to the sources of the data, may be found in the Decem- Decem1940 Supplement to the Survey
ber
ber
February 1941
1940
January
February
March
April
May
June
July
October NovemAugust September
ber
TRANSPORTATION AND COMMUNICATIONS—Continued
TRANSPORTATION-Continued
Class 1 Steam Railways—Continued
Freight-carloadings (A. A. R.):1
2, 562
2,720
Total cars
thousands..
525
560
Coal
do
50
48
Coke
do
141
121
Forest products
do
119
133
Grains and grain products
do
50
50
Livestock
do
578
566
Merchandise, 1. c. 1
do
49
43
Ore
..do
1,173
1,076
Miscellaneous
do
129
160
Freight-car surplus, total
do
45
Box cars
_.
do
58
57
Coal cars
do
Financial operations:
Operating revenues, total
-thous. of dol__ 381,792 S45,180
276, 272
Freight
do
37, 816
Passenger
do
266,134 249,007
Operating expenses
do
36, 867 ' 35,192
Taxes, joint facility and equip, rents*..do
78, 791 ••60,981
Net railway operating income
do
Net income
do
36,622
Operating results:
Freight carried 1 mile
mil. of tons..
31, 460
Revenue per ton-mile
cents._
.961
Passengers carried 1 mile
..millions..
2,020
Financial operations, adjusted:*
359.8
Operating revenues, total
mil. of doL.
296.6
Freight.
do
34.7
Passenger
do—
295.4
Railway expenses
--do
64.4
Net railway operating income
do—
21.3
Net income
do
2,555
643
50
115
117
50
554
126
59
36
345, 498
283,107
36, 079
257, 341
42, 591
45, 567
2,927
2,487
571
43
121
123
43
571
39
974
178
69
75
3,123
624
45
160
163
53
741
51
1,284
188
70
85
2,494
444
30
129
131
45
595
59
1,062
163
67
2,713
470
33
134
126
47
597
195
1,112
154
69
56
3,535
600
50
171
164
52
725
326
1,446
126
54
43
2,826
474
41
127
203
41
570
275
1,095
133
57
47
3,718
657
54
186
208
62
755
347
1,449
104
51
30
3, 135
562
44
157
160
69
606
279
1, 260
75
33
24
313,475 327, 009 321, 439 343, 362 344,813 366,078 381, 427 382, 603
257, 630 266, 721 265, 246 284, 634 280, 660 300, 658 310, 645 316, 125
31, 945 33, 262 29, 956 29, 742 35, 936 37, 732 40, 974 36, 094
240, 519 248, 594 245, 818 252, 803 252,462 261,999 267, 505 260, 179
40, 338 41, 681 41, 799 43, 483 44,932
46,974 47, 907 48, 231
32, 618 36, 734 33,822 47,077 47,419
57,104 66, 015 70, 193
<* 10, 761 d 4,955 * 9,261
7,050
3,843
16,042 21, 725 30, 733
32, 502
.952
1,932
29, 655
.947
1,709
31,116
.944
1,803
29, 903
.964
1,691
357.6
294.1
34.8
301.3
56.3
15.3
339.2
278.3
33.9
290.3
48.9
8.4
328.7
265.9
35.6
289.9
38.8
'1.7
Waterway Traffic
Canals:
566
661
434
Cape Cod
thous. of short tons..
0)
0
0
0
New York State
do
0
2,461
2,338
2,124
Panama, total..
thous. of long tons..
2,129
1,066
1,022
1,047
In U. S. vessels
do
1,134
33
0
0
St. Lawrence
thous. of short tons._
13
0
0
953
Sault St. Marie
..do
704
0
404
0
Welland
.do
210
Rivers:
211
214
60
125
Allegheny
do
115
83
128
Mississippi (Government barges only).do
79
1,281
Monongahela
-do
2,658
1,615
1,545
315
Ohio (Pittsburgh district)
do....
1,443
836
Clearances, vessels in foreign trade:
3,840
4,356
4,250
4,536
Total U. S. ports
thous. of net tons..
2, 544
3,034
3,014
3,215
Foreign..
_
do
1,296
1,322
1,237
1,321
United States
...do
Travel
Operations on scheduled airlines:
9,142
7,271
6,673
Miles
flown
thous. of miles..
7,733
Express carried
pounds.. 1,323.615 1,038,278 817,633 697, 385
Passengers carried
number.. 202, 859 175,263 150,102 139,816
Passenger-miles
flown
thous. of miles.. 78, 389
71, 530 61, 355 58,937
Hotels:
3.21
3.25
Average sale per occupied room
dollars..
3.26
3.29
66
54
66
57
Rooms occupied
percent of total..
92
90
95
91
Restaurant sales index
1929=100..
Foreign travel:
21,049
13,367
11,565
U. S. citizens, arrivals
number..
15, 785 14,125
7,099
U. S. citizens, departures.
do
1,530
1,714
1,248
Emigrants
_
do
7,673
3,876
7,025
Immigrants.
_
do
1,663
1,820
2,527
1,870
Passports issued
do
National Parks:
63, 486 68, 774 77, 122
Visitors
.-.
do
19, 740 19, 470 21,189
Automobiles
do
Pullman Co.:
675, 284 795,095 671,769
Revenue passenger-miles
thousands _.
5,254
4,367
4,558
Passenger revenues
thous. of doL.
COMMUNICATIONS
Telephone carriers:
Operating revenues
thous. of doL.
105,125 106,144 102, 999
Station revenues
.do
69, 026 70, 023 68,674
Tolls, message-.
do
25, 512
27,188
27,322
Operating expenses
do
70,568
70, 329 67,868
Net operating income
do
20,365
20,119
20,973
Phones in service, end of month, -thousands..
18, 537 18, 710 18, 802
Telegraph and cable carriers:!
Operating revenues, totalt
thous. of doL.
11,925
10,020
10,445
Telegraph carriers, total
do
9,451
9,094
10,822
Western Union Telegraph Co., revenues
from cable operations
thous. of doL.
599
566
658
994
1,103
926
Cable carriers
do
Operating expenses f...
-do
10,008
8,892
1,212
443
332
Operating income t
do
331
Net income f
do
Radiotelegraph carriers, operating revenues
1,109
1,028
1,258
thous. of doL.
3,269
505
47
167
154
86
636
274
1,400
88
27
45
3, 780
695
61
193
166
86
752
213
1,614
96
33
42
413, 590 375, 364
348,169 315, 204
33.465 31, 244
276, 717 259,455
44, 810
49,885
86, 988 71, 099
42, 654 30, 809
32, 908
.930
2,060
33,713
.963
2,244
36, 398
.926
2,480
37,058
923
2*144
38,614
.965
1,922
35, 949
328.3
269.9
32.4
289.0
39.3
** 1.9
341.8
359. 8
281.4
297.2
34.8
32.5
299.5
290.4
51.3 I 60.2
18.4
9.5
356.3
293.8
33.8
302.7
53.6
11.9
364. 8
298.4
36.7
307.6
57.2
14.9
376. 9
312.9
34.6
309.5
67.4
363.0
298.3
35.0
311.5
51. 5
379.0
314.3
34.9
311.7
67.3
631
0
2,279
1,073
0
0
0
572
0
2,081
1,042
268
1,278
449
0)
(0
302
164
1,984
1,208
204
2,687
1,552
0)
625
2,418
1,202
1,008
13,713
1,820
501
212
2,679
1,412
0)
207
158
2,288
1,135
(0
779
2,285
1,075
1,123
13,842
1,832
399
198
2,681
1,474
4,597
3,198
1,399
4,759 I 5,845
3,078 3,751
1.680
2,094
6,335
4,230
2,105
6,340
4,241
2,099
6,331
4,307
2,024
33, 086
.927
1,699
665
2,319
1,358
1,057
12, 250
2,051
475
246
2,603
1,560
8,332
7,930
9,267
894, 581 871, 317 941,810
195,062 224,852 258,451
80,686
88,062 100,044
0)
647
1,789
898
1,055
13,455
1,913
(0
648
2,304
1,101
992
13,003
1,616
804
2,418
1,133
1,070
12,971
1,491
599
2,062
1,227
893
8,642
1,529
423
192
2,585
1,396
437
183
2,935
1,603
307
181
2,792
1,468
5,415
3,727
1,688
'5,433
'3,679
1,753
5,040
3,376
1,664
10,121
9,549
10,223
10,084
10,635
981,884 1,056,999 1,201,999 1,184,249 1,329,843
296,
539 320,990 310,293 I 334,386
286, 272
110,840 112,377 121,602 118,534 I 125,924
I 9,573
11,205.261
| 239,858
j 60,697
3.18
65
3.40
66
104
3.10
66
108
3.27
62
95
3.19
60
3.39
64
100
3.35
67
96
22,822
25,113
1,459
6,373
2,070
16,067
16, 410
1,192
6,923
2,109
12,905
11,948
1,310
6,186
2,604
16, 603
8,688
993
4,125
2,926
17, 254
12, 354
1,189
4,298
2,848
15, 692
10, 960
1,110
4,812
2,435
11,308
15, 569
1,317
4,861
1,913
117,430
32,967
124,864
38,580
259,368
77,869
735,316
4,871
635, 802 570,836 685, 427 702,186
4, 749
4, 277 4,263
4,170
106, 094 107,155
69, 716 70,469
27,573
27,859
69,675 69,842
21,172 22,135
18,896
18,992
108,603
71,007
28,693
71, 950
21, 391
19,089
3. 39
70
100 i
8,422
9,692
1,641
4,824
1,628
!
I
|
I
539, 769 927, 757 933, 783 497,149 252,788
166,667 257,109 258, 128 149, 214 79,194
718, 140 702,104
4,402
4,381
684, 932
4,235
106, 063 106, 593 107, 350 107,852 113,087 ;
73,025 i
69, 741 68,972 68, 749 70,117
27,424
28,636
29, 722 28, 781 31,034 I
68, 995 71, 850 70, 885 69, 711 72,841 I
18,404
19, 204 20, 560 16,174 23,004
19,211
19,108
19,138
19, 334 19,446 I
10,868
9,932
10,661
9,687
11, 586
10, 565
11,116
10,198
10,773
9,906
10, 969
10, 188
591
936
9,554
626
123
594
973
9,321
641
145
661
1,022
9,816
1,035
397
569
918
9,621
759
543
867
9,873
204
<*293
433
781
9,783
443
1,072
1,116
1,239
1,177
1,149
1,083
10, 648
9,882
415
766
9,409
503
94
1,110
3. 47
64
103
8,546
6,862
1, 648
3,833
1,503
92, 746
28, 997
578, 257
3, 738
110, 544
72,118
29, 343
77,106
17, 933
19, 547
11. 442
10, 622
10. 642
9, 872
441
821
9,695
1,012
536
424
770
9, 4P8
465
1,267
1,179
d
x
»• Revised.
Deficit.
Data temporarily discontinued by reporting source.
IData for March, June, August, and November, 1940 are for 5 weeks; other months, 4 weeks.
*New series. Adjusted data on financial operations of railways beginning 1921 appear in table 33, p. 16, of the September 1940 issue. The new series on taxes and joint
facility and equipment rents is shown to provide figures for obtaining total railway expenses asgivenin the adjusted figures offinancialoperations; earlier data may be obtained
by deducting operating expenses and net railway operating income from operating revenues.
t Revised to exclude data for radiotelegraph carriers; for revised data beginning 1934, see table 48, p. 16 of the November 1940 Survey.
February 1D41
85
SURVEY OF CURRENT BUSINESS
Monthly statistics through December 1939, to- 1940
1939
gether with explanatory notes and references
to the sources of the data, may be found in the Decem- December
1940 Supplement to the Survey
ber
1940
January
February
March
April
May
June
July
August
September
October November
CHEMICALS AND ALLIED PRODUCTS
CHEMICALS
Alcohol, denatured:
Consumption
thous. of wine gal.
Production
do...
Stocks, end of month
do.__
Alcohol, ethyl:
Production
thous. of proof gal.
Stocks, warehoused, end of month
do__.
Withdrawn for denaturing
do...
Withdrawn, tax paid
_
do
Methanol:
Exports, refined
gallons.
Price, refined, wholesale (N. Y.)-dol. per gaL
Production:
Crude (wood distilled)
thous. of galSynthetic
do--.
Explosives, shipments
thous. of lbSulphur production (quarterly):
Louisiana
long tons.
Texas
do...
Sulphuric acid (fertilizer manufacturers):
Consumed in production of fertilizer
short tonsPrice, wholesale, 66°, at works
dol. por short tonProduction
short tonsPurchases:
From fertilizer manufacturers
.-do..From others
do...
Shipments:
To fertilizer manufacturers
do...
To others
do..Stocks, end of month
do-..
11,450
11, 145
1,170
10,146
10, 398
1,417
8,505
8,460
1,366
9,494
9, 524
1,392
9,791
9,994
1,591
10,037
10,037
1,586
9,625
9,707
1,662
9,497
10, 443
2,605
11,195
11,510
2,919
14,157
13, 694
2,445
15, 566
15,098
1,975
13, 544
13,158
1,586
23, 762
9,503
22,056
2,128
22,080
14, 614
19, 525
1,729
20, 652
15, 279
18,386
1,504
20.381
18, 773
14,697
1,640
20,983
20, 677
16, 730
2,012
20, 218
20,957
17,610
2,035
20, 948
21,921
17,752
1,782
21, 423
21, 799
17, 490
3,380
22, 457
22, 393
19, 621
2,020
24,094
23,645
20,918
1,424
21, 559
18,480
24,218
2,045
23, 350
13, 471
25, 552
2,357
23, 354
10,027
23,110
2,959
267,077
.34
368,246
.36
369, 290 228,357
.36
.36
326,149
.36
35, 725
.34
21,932
.34
53, 341
.34
74, 295 228,961
.34
.34
484
3,913
33, 461
434
4,184
30, 580
447
3, 782
31,035
507
3,463
30,189
442
3,486
32, 204
437
3,409
34,475
426
3,426
32, 877
390
3,852
33, 340
12, 441
12,215
1,360
T
457
3, 453
34,690
103, 675 126,650
567, 698 530,047
172,332
408
3,788
35, 036
149,995
525,157
121,820
546, 558
198, 332 162, 302 191, 739
.34
.34
.34
366
3, 549
37,180
463
4, 408
37, 740
468
4,440
34,444
137, 445
573, 421
140,444
169, 878 179, 677
16.50
16.50
16.50
16.50
16.50
191, 643 176, 846 180, 553 194, 664 193,243
182,160
158,592
149, 303 140, 272 143, 742 137, 321 134,050
16. 50
16.50
219,838 235,023
16.50
212,719
16.50
16.50
196, 290 192,846
153,215
32, 885
36,889
26, 826
19,724
23,685
19, 383
23, 416
11,991
27, 618
15,692
27, 330
18,013
36,029
24,133
32, 517
30,782
31, 476
33,813
27,163
16.50
16.50
222, 476 216, 290
33, 220
38,361
25, 518 36,184
47, 623
59,870
83,814
39, 636
58, 335
92, 040
40, 300
55, 650
93,132
34, 685
55,002
93,231
32, 533
58,061
94, 820
37, 371
59,090
89, 282
34, 534
57, 344
90, 971
44, 063
55, 433
94, 628
45, 680
60,923
91,732
42,582
59,393
103,532
48, 635 43,014
65, 817 57, 475
105, 557 110,939
1,125
65,798
20,053
43,167
748
144,702
118,515
89,679
600
19, 553
329
108,207
20,485
80, 484
544
146,797
97,020
79, 299
1,228
30,197
122
61
72
90,061 122, 837 178,474
15, 379 21,021 30,321
66, 619 86, 672 128,907
372
881
630
99,002 117, 250 89,891
83, 707 109, 618 75, 542
62, 598 82,342 52, 703
3,386
9
3,136
10, 349
7,441
8,829
142
144,348
29, 729
100, 713
536
71, 038
61,456
37, 610
364
7,787
105
189
148,135 116,416
15, 773 15, 891
88,409
111,936
428
1,003
68, 208 63, 852
63,090 56,362
34, 822 28,478
637
3,394
5, 625
3
1.450
3, 511
1.450
4,711
338,482
221,376
834, 900
339,736
133, 372
906, 650
327,169 323, 567 361, 387 327,117 404,467 398, 341
98, 210 45, 649
61,120 27, 584 45, 389 130, 823
945, 712 1,010,047 1,091,183 1,135,178 1,201,715 1,244,655
NAVAL STORES
Rosin, gum:
Price, wholesale " H " (Savannah), bulkf
1.72
2.25
2.38
dol. per 1001b.._
2.31
2.35
2.13
7,710
11,630
6,764
26, 679
Receipts, net, 3 ports
bbl. (500 lb.)-- 34, 098 51,032
561, 241 642, 234 605, 046 570, 403 544, 281 522,133
Stocks, 3 ports, end of month
do
Turpentine, gum, spirits of:
.44
.37
.27
.30
.35
.33
Price, wholesale (Savannah)
dol. per gaL.
6, 986 10, 202
1,202
6,584
1,487
611
Receipts, net, 3 ports
bbl. (50 gal.)..
40,016
94, 677 76, 664 66, 532 58, 369 51,215
Stocks, 3 ports, end of month
do
1.96
37, 792
516, 741
1.69
1.76
1.42
43,411 46,132 48,389
529, 416 519, 556 524, 212
16. 50
FERTILIZERS
Consumption, Southern States
182
1,536
thous. of short tons-.
675
187
379
Exports, total
long tons_. 136, 581 70,905
56,602
53,398 60, 332
16,486
Nitrogenous
do
18,629
27,164 28,902 14,847
112, 063 43,474
Phosphate materials
do
27,099
19, 717 43,311
330
Prepared fertilizers
_do
489
722
278
800
62, 706 126,952 146,012 140, 544 178, 782
Imports, total
do
50, 2451 106,510 103, 281 73, 792 135,839
Nitrogenous, total
do
27, 718 59, 518 56,627 26, 506 86,039
Nitrate of sodado
3,179
Phosphates
do
705
693
476
406
7,903
Potash
do—.
18,161
41,793 65,486 40,094
Price, wholesale, nitrate of soda, 95 percent
1.470
1.450
(N. Y.)
dol. per cwt__
1.450
1.450
1.450
5,412
Potash deliveries
short tons_.
62,635
54,944 10,106
Superphosphato (bulk):
405,199 430, 820 358,758 351,009
Production
do
24, 368
Shipments to consumers
do
52,741 158,717
30,335
Stocks, end of month
do
1,233,297 1,256,690 1,250,521 1,115,331
.34
9,429
50, 704
1.450
23, 363
.32
11, 302
53, 345
1.450
35,817
.33
12, 340
54,488
1.450
34,534
.34
11,496
55, 809
1.450
48,018
1.61
40,190
522,181
.37
9,762
51,053
1. 470
42, 752
1.470
48, 282
1.87
1.67
39, 820 35,018
528,065 542,091
.41
8,364
44, 961
.45
7,793
44, 488
13, 383
64, 460
6,027
58, 433
7,290
54, 366
1.300
53,066
OILS, FATS, AND BYPRODUCTS
Animal Fats and Byproducts and Fish
Oils (Quarterly)
Animal fats:
229, 509
Consumption, factory
.thous. of lb_. 269, 361 256,378
672. 886 629,499
688, 427
Production
do
600, 347 417,673
560,537
Stocks, end of quarter
do
Greases:
98,639
85, 454
61,061
Consumption, factory—
do
126, 451 107, 304
112, 203
Production
___
do
134, 002 60, 375
110, 851
Stocks, end of quarter
do
Shortenings and compounds:
332. 320 330, 816
273,119
Production
do
57,250
53, 700 56, 621
Stocks, end of quarter—
...do
Fish oils:
51, 818 80, 026
63,129
Consumption, factory
.do
91, 722 129, 743
34, 015
Production
.do
203, 521
199, 458 245,150
Stocks, end of quarter
do
Vegetable Oils and Products
Vegetable oils, total:
Consumption, crude, factory (quarterly)
1,012
mil. of lb-_
914
1,019
Exports
..thous. oflb._
9,318
17, 436 10, 499 12, 091 15, 057
Imports, total.._
do
68, 389 80, 975 80,711
66, 579 67,011
Paint oils..
_
do
1, 625 16, 733 20, 527
7,580
9,107
All other vegetable oils
do
66, 764 64, 242 60,183
58,999 57,904
1,184
Production (quarterly)
mil. of lb_.
1,069
910
Stocks, end of quarter:
935
784
Crude
_
do
861
57C
Refined.
do
654
754
••Revised.
tBevised series. Data beginning 1919 are shown in table 3, p. 17 of the January 1941 Survey.
9,178
66,051
1,388
64, 663
8,804
71,149
11,944
59, 205
231, 581
610, 030
633, 821
235, 774
!,543
557,921
89,978
109, 979
122, 330
82,409
104, 520
121,217
287, 998
52,880
296,179
48,144
47, 402
5,843
166, 507
43, 958
42,816
174,462
756
8,648
78, 214
15, 791
62, 424
713
684
10, 245
96, 629
19, 533
77, 096
11,695
74,854
10,839
64,015
622
9,680
57, 977
2,745
55,232
540
737
452
86
SURVEY OF CURRENT BUSINESS
1939
Monthly statistics through December 1939, to- 1940
gether with explanatory notes and references
to the sources of the data, may be found in the Decem- December
1940 Supplement to the Survey
ber
February 1941
1940
January
February
March
April
May
June
July
August
September
October
November
CHEMICALS AND ALLIED PRODUCTS—Continued
OILS, FATS, AND BYPRODUCTS-Con.
Vegetable Oils and Products—Con.
Copra:
Consumption, factory (quarterly).short tons..
Imports
-do
Stocks, end of quarter
_
do
Coconut or copra oil:
Consumption, factory:
Crude (quarterly)
thous. of lb..
Refined (quarterly).__
do
In oleomargarine
_.
.do
Imports
do
Production (quarterly):
Crude
.do....
Refined
do
Stocks, end of quarter:
Crude—
do
Refined___
_._
do
Cottonseed:
Consumption (crush)... thous. of short tons-.
Receipts at mills
__-do—
Stocks at mills, end of month
do
Cottonseed cake and meal:
Exports
short tons_.
Production
do
Stocks at mills, end of month
do
Cottonseed oil, crude:
Production
thous. of lb..
Stocks, end of month
do—
Cottonseed oil, refined:
Consumption, factory (quarterly)
_do....
In oleomargarine
do
Price, wholesale, summer, yellow, prime
(N. Y.)._,
-—dol. per lb..
Production
thous. of lb_.
Stocks, end of month.
do—
Flaxseed:
Imports
thous. 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.
69, 664
27, 606
34,797
55, 240
28,658
35,084
1.50, 410
52, 296
1,528
40, 224
150, 528
58, 424
1,972
26, 686
87,883
73, 938
69, 478
73,725
98, 519
70,920
87, 781
69,451
73,038
75,920
242, 973
14,123
178,383
11,881
196, 940
13, 407
202, 239
15,083
209,674
13,772
544
657
1,276
505
378
1,165
525
158
798
424
146
521
293
89
317
173
28
172
101
26
97
57
23
63
42
18
40
77
125
86
353
599
333
185
239, 375
175, 700
343
226, 764
219,412
216
236,596
217,083
141
196,194
200, 275
112
135,993
175,093
116
83, 402
151, 995
52
47, 227
129,173
31
26,165
110, 909
1
19, 566
79, 501
140
36,303
57,539
40
155,320
95,884
174,151
176, 626
159, 229
181,801
167, 475
202, 274
138,692
201,407
98, 075 61, 574
186, 292 142,833
36,438
98,843
19, 396
66,134
14,123
37, 352
23,158
24, 267
328,495
13,107
318,455
8,779
10,077
10, 200
278,034
9,021
8,188
8,468
316,196
7,392
8,526
8,275
110,592 224, 625 205,192
80, 274 148, 288 182, 533
312,007
9,956
11,827 10, 908
.059
168, 517
458, 335
.069
155, 781
553, 702
141,503
588,641
125,824
628,632
.067
114,712
645,875
.068
97, 318
640, 916
.064
79, 498
600, 480
.060
51,091
553,395
.060
45, 862
493, 658
.056
34, 262
412, 564
48, 863
22, 449
2,051
1,841
26, 240
78, 834
35, 633
45, 756
149, 761
55, 986
2,464
34, 266
18,932
27, 606
3,084
34, 977
2,527
18,150
70, 217
17, 454
46,933
146,156
58, 492
1,575
26, 729
19,137
20, 578
1,261
36, 659
1,180
26, 286
57,579
11,980
29,293
148,245
56, 248
1,142
21,684
.056
46,171
348,042
26, 861
30, 584
1,464
36,157
1,664
34, 412
700
1,407
1,040
644
766
1,162
138
140
312,138 286, 890
130,714 153,465
.054
.057
134, 368 158,418
356,104 400, 259
623
1,058
1,763
1,972
1,199
1,434
521
661
628
24
704
1,093
407
251
5,410
269
104
3,616
153
130
2,720
139
119
2,151
127
88
1, 751
176
132
1,237
209
172
701
161
123
519
42
38
248
7,307
1,180
2,816
5,813
347
7,073
1,226
234
7, 363
452
6, 232
61
220
118
145
1,178
51
2
12
31
2
1
32
56
0
170
180
78
53
0
130
63
183
10
1,566
244
1,333
2,293
1,691
1,935
517
674
1,778
537
2,042
277
10, 083
7,077
1.64
i 31,127
8,736
4,866
2.07
2 20,152
2.18
2.14
7,892
3,356
2.08
2.11
1.97
6,637
3,148
1.78
1.58
1.50
6,943
7,038
1.48
2
42,920
52, 765
21, 320
18, 453
21, 440
50, 068
14, 200
35, 688
14,960
66, 237
15,280
21,538
13,760
1,926
10,440
56
18, 560
1,021
22, 760
159
29,440
100,837
.088
192.185
10, 850
153, 820
88,287
.102
166, 150
8,820
142, 457
.107
.102
"I6~380~
"16," 800"
31,118
25, 737
29,409
28, 474
.115
32, 457
.120
25, 587
.120
29, 354
.120
29,477
.088
.099
.100
.100
.099
150
44
203
32
205
34
186
'43
215
54
272
54
138
259
159
277
140
252
133
264
186
320
27, 326
20,472
10, 785
9,686
6,854
25,934
19, 333
9,409
9,924
6,602
27,665
20, 456
9,991
10, 465
7,210
25, 536
18,806
8,920
9,887
6,729
183
1,109
1,068
271
1,089
1,199
271
1,239
1,081
867
733
14
987
1,030
1,435
1,317
1,183
1,135
85, 526
.106
150,197
12, 960
172, 800
.105
98,977
.099
128,383
14,450
132,881
.092
"l4,"350
101,652
.084
135,389
"I4~55O~ 16,600
115,135
.087
13,020
14, 000
26,828
27,580
24,123
19, 495
22, 066
22, 498
.120
26,641
.120
27,408
.120
24,676
.120
19,852
.120
22,021
.118
21,664
.095
.095
302
56
247
43
234
242
413
30, 370
22,610
10,080
12, 531
7,759
36,206
26, 552
10,972
15,580
9,654
186
1,016
918
212
1,090
925
857
751
7
637
655
1,177
1,024
972
878
1.59
629
34, 960
282
32, 440
.083
16,600
13,250
25,719
29, 489
30,854
.115
26,542
.115
30,160
.115
30,002
.093
.090
.086
193
47
202
49
213
50
218
140
40
207
316
199
251
183
295
193
311
181
302
158
273
41, 722
29, 744
11,051
18, 693
11, 978
36, 271
25,828
9,776
16,052
10, 443
34,056
24, 278
9,895
14, 383
9,779
34,991
24,973
10,619
14,354
10,018
33,937
24,101
10,502
13,599
9,836
37, 748
27, 347
12, 594
14, 753
10,401
30, 795
22, 819
11,336
11,483
7,976
174
852
848
171
800
926
212
770
850
168
899
955
168
890
970
1,093
1,113
247
1,096
1,136
207
1,061
1,131
12
550
589
18
558
490
10
702
649
634
562
565
408
7
773
784
826
755
9
983
944
1,104
1,022
951
904
893
837
871
682
897
777
1,423
1,342
1,709
1,501
1,926
1,783
5
934
1,037
1,606
1,410
PAINT SALES
Calcimines, plastic and cold-water paints:
Calcimines
thous. of doL,
Plastic paints
do...
Cold-water paints:
In dry form
do.__
In paste form
do—
Paint, varnish, lacquer, and fillers:
Total
do...
Classified, total
do-..
Industrial
do.-_
Trade
do._.
Unclassifieddo..CELLULOSE PLASTIC PRODUCTS
Nitro-cellulose, sheets, rods, and tubes:
Consumption
thous. of lbProduction__
_
_
do...
Shipmentsd"do...
Cellulose-acetate sheets, rods, and tubes:
Consumption
thous. of lb.
Production
_
do._ShipmentscT
_
__do-_.
Moulding composition:
Production
do__.
Shipments§
_
do...
* December 1 estimate.
^ Revised Estimate.
cf Includes consumption in reporting company
§ Excludes consumption in reporting company
plants.
plants.
87
SURVEY OF CURRENT BUSINESS
February 1941
Monthly statistics through December 1939, to- 1940
1939
gether with explanatory notes and references
to the sources of the data, may be found in the Decem- Decem1940 Supplement to the Survey
ber
ber
1940
January
February
March
April
May
June
July
SepAugust tember
October November
CHEMICALS AND ALLIED PRODUCTS—Continued
ROOFING
Asphalt prepared roofing, shipments:
Total...
thous. of squares.
Grit roll..
....do...
Shingles (all types)
do...
Smoothroll
do...
1,546
408
447
1,137
314
285
538
2,105
488
625
992
2,068
490
670
2,286
588
921
776
2,924
761
1,184
2,707
734
1,076
897
2,982
827
1,166
3,484
1,012
1,293
1,179
3,947
1,138
1,358
1,451
4,254
1,147
1, 370
1,737
ELECTRIC POWER AND GAS
ELECTRIC POWER
Production, total §
_
mil. of kw.-hr...
By source:
Fuel
_do
Water power
do
By type of producer:
Privately and municipally owned electric
utilities
.mil. of kw.-hr...
Other producers
do
Sales to ultimate customers, totalf (Edison
Electric Institute).. _
mil. of kw.-hr..
Residential or domestic
do
Rural (distinct rural rates)
do
Commercial and industrial:
Small light and power
do
Large light and power
do
Street and highway lighting
..do
Other public authorities
_..do
Railways and railroads
_
do
Interdepartmental
do
Revenue from sales to ultimate customersf
(Edison Electric Institute)
thous. of dol..
13,456
12,077
12,252
11,104
11,514
11,193
11, 609
11,485
12,091
12, 450
11,977
13, 063
• 12,771
9,061
4,395
8,891
3,187
9,065
3,186
7,914
3,190
7,583
3,931
6,645
4,548
7,006
4,603
7,270
4,215
7,931
4,159
8,482
3,968
8,124
3,853
9,404
3,659
' 8,737
\4,034
12,115
1,341
11,074
1,003
11, 262
990
10, 258
846
10,557
957
10, 277
916
10, 616
992
10, 402
1,083
10,937
1,154
11, 239
1,211
10,678
1,299
11, 706
1,357
11,431
' 1, 340
10,067
2,186
9,495
2,037
83
9,327
1,921
93
9,270
1,856
124
1,787
153
9,474
1,798
208
9,610
1,769
261
10, 099
1,828
288
10,057
1,890
260
10, 402
1,922
180
1,921
4,767
208
235
584
68
1,833
4,541
183
232
520
1,770
4,537
174
226
1,758
4,611
155
221
482
63
1,742
4,799
143
215
468
62
1,799
4,827
130
215
439
58
1,820
4,908
136
212
444
61
1,915
5,186
149
224
451
58
1,926
5,117
165
222
442
35
1,886
5,447
189
233
488
58
213,096
203, 265
197, 365
194, 415
193. 288
195, 746
195, 556
201,936
204,421
207, 034
10,110
9,384
266
450
35,028
15, 713
8,821
10,269
10,040
9,328
247
456
38, 521
17,693
10,444
10,156
10,071
9,351
257
454
37,307
17,446
10,071
9,568
10,052
9,334
246
460
35,873
17,167
8,522
9,971
10,025
9,296
256
461
34,182
16, 091
7,255
10, 646
10,119
9,383
263
460
32, 075
15, 909
5,584
10,414
10,134
9,412
252
458
29,009
16,995
2,205
9,669
10,154
9,442
242
459
26, 792
16,107
1,246
10,175
9,461
244
458
25,310
14, 780
937
9,463
10,252
9,520
265
458
27, 892
16,791
1,251
9,701
10, 273
9,518
285
459
30, 939
17, 422
2,863
10, 464
10, 245
9,486
297
453
34,114
15, 631
7,355
10, 916
33, 598
21.625
5,136
6,703
35,968
22, 491
6,565
6,772
35, 236
21,675
6,718
6,708
33, 728
21,182
5,795
6,615
32,159
20,906
4,518
31, 650
21,943
3,102
6,493
30, 250
22,422
1,621
6,122
28,387
21, 425
985
5,893
27, 075
20,265
802
5,911
29,609
22, 204
1,119
6,192
31, 689
22, 788
2,183
6,597
33,106
21,859
4,200
6,912
7,479
6,892
584
129,923
41, 519
87,106
7,435
6,861
572
149,148
57, 402
90,392
7,442
6,873
567
158, 466
63, 519
93,189
7,480
6,902
575
136,886
49,721
85,604
7,459
571
121,805
40,069
81,049
7,477
6,920
555
108, 434
30,698
76,522
7,443
6,912
529
95,843
21,403
73,187
7,422
6,896
524
93, 287
17, 775
74,355
7,462
6,941
520
95,559
16,141
77, 741
7,524
6,997
525
100,181
17,363
7,596
7,044
551
109,818
22,192
85, 726
7,714
7,121
590
125, 664
33,874
89, 790
45.626
26,748
18,659
56,879
36,003
20,638
59, 677
38, 437
20,938
50,136
31,239
18,609
43, 311
26,299
16,890
36,722
21, 293
15,226
30,517
16, 372
13,957
28,190
14, 093
13,897
27, 910
13,118
14,582
29,104
13, 656
15,226
33, 296
16, 521
26, 541
41,144
22, 708
18,168
GASt
Manufactured gas:
Customers, total
thousands..
Domestic
do
House heating
do
Industrial and commercial
do
Sales to consumers, total
mil. of cu. ft_.
Domestic
do
House heating.
_.
do
Industrial and commercial
- - do
Revenue from sales to consumers, total
thous. of dol..
Domestic
do
House heating
_
do
Industrial and commercial
do
Natural gas:
Customers, total
thousands. Domestic
_do
Industrial and commercial
do
Sales to consumers, total
mil. of cu. ft..
Domestic
_
do
Indl., coml., and elec. generation
do
Revenues from sales to consumers, total
thous of dol..
Domestic
do
Indl., coml., and elec. generation
do
FOODSTUFFS AND TOBACCO
ALCOHOLIC BEVERAGES
Fermented malt liquors:
3,612
5,124
3,788
3,477
4,385
5,485
5,597
5,074
3,915
4,001
5,851
3,396
Production
thous. of bbl.. 3,606
3,934
3,238
3,811
4,187
2,928
4,884
5,393
5,856
3,777
4,300
4,194
5,320
3,765
Tar-paid withdrawals
do
7,223
8,000
8,393
9,509
9,127
8,776
8,314
7,920
9,019
7,001
7,840
9,324
7,325
Stocks
-_.
_
do
Distilled spirits:
6,742
16,701
7,581
21, 487 17, 567
Production
thous. of tax gal_. 15, 712 11,586 12,955 12,125 13, 232 13,949 13,926 10,658
7,928
6,541
7,793
9,380
7,522 10,862
8,958
8,176
4,850
7,634
11, 494 13,173
Tax-paid withdrawals
do
623
716
748
775
1,501
866
1,824
504
702
1,240
770
1,084
Imports
thous. of proof gal.. 1,386
Stocks
thous. of tax gal.. 522, 699 507, 266 512,398 514,490 517,589 522, 515 525, 441 525,395 523, 596 521, 601 519,017 518, 638 518, 358
Whisky:
9,878
11, 233 11,492
8,060
10,588
6,762 10, 303 11, 761
10, 435
8,187
3,252
5,200
Production.
d o — 12, 265
7,683
6,616
6,461
5,773
5,487
6,354
7,331
5,827
8,331
3,617
5,475
10,529
Tax-paid withdrawals
do
534
1,298
582
645
674
752
1,570
413
589
661
930
1,096
Imports
thous. of proof gal.. 1,270
470,
514
465,025
469,017
473,278
477,873
480, 599 480,938 479,189 477,484 476,980 476, 298 475,611
Stocks..
_
thous. of tax gaL. 479,102
Rectified spirits and wines, production, total
4,002
3,402
3,480
3,721
4,182
2,679
2,389
3,466
5,239
4,392
6,114
6,749
thous. of proof gal_. 4,563
2,839
2,764
2,669
2,078
2,694
1,630
5,356
5,S56
4,218
3,501
3,446
Whisky...
do.... 3, 755 3,249
Indicated consumption for beverage purposes:
8,402
10,514
10,186
6,413
9,720 14, 691 10,142
10,350
14, 525 ' 16,856
All spirits....
thous. of proof gal.. 12,293 12, 369
8,903
8,663
8,136
12, 637
8,221
7,230
5,003
9,060 13,074
15, 232
8,348
Whisky
_...do.._. 10,894 10,849
Still wines:
8,134 r 2, 822 ' 2, 066 ' 1, 932 ' 1, 831
1,712
2,019
3,303 22,108 100,105 105, 647 35,602
Production
thous. of wine gal. .
r
r 9, 118 ' 5,914
6,393 ' 6, 332 ' 6, 071
5, 782 r 10, 429
6,435
4,730
3,385
8,781
Tax-paid withdrawals.
..do
10, 273
424
304
233
247
252
665
136
102
306
196
251
Imports
do
257
216
132,148 170,183 172, 258
133,891 127,975 121, 876 116, 342 • 110, 706 • 105, 340 r 93, 245 91,237
Stocks
do
Sparkling wines:
45
31
18
46
48
90
83
54
73
28
50
Production
do
14
18
25
17
101
24
18
84
125
Tax-paid withdrawals
do
34
52
24
26
34
20
29
130
39
54
36
101
32
45
Imports
do
506
556
532
511
619
643
589
'513
660
678
Stocks
do
»• Revised.
t Revised series. Data on manufactured gas revised beginning January 1938 and natural gas be ginning January 1937; see tables 24 and 25, pp. 16 and 17, of the May 1940
Survey. Electric power sales and revenues from sales will be revised beginning 1937. At present, revised data comparable with the 1940 figures shown above are available
only for January to October 1939.
§For monthly data beginning January 1920 corresponding to averages shown on p. 97 of the 1940 Supplement, see table 58, pp. 17 and 18 of the December 1940 Survey.
88
SURVEY OF CURRENT BUSINESS
Monthly statistics through December 1939, to- 1940
1939
gether with explanatory notes and references
to the sources of the data, may be found in the Decem- December
1940 Supplement to the Survey
ber
February 1941
1940
January
February
March
April
May
June
July
August
September
October No vein
ber
FOODSTUFFS AND TOBACCO—Continued
DAIRY PRODUCTS
Butter:
Consumption, apparentf
thous. of lb._
Price, wholesale,92-score(N. Y.)--dol. per lb_.
Production, creamery (factory) f-thous. of lb_.
Receipts, 5 markets
do
Stocks, cold storage, creamery, end of month
thous. of lb._
Oheese:
Consumption, apparentf
do
Imports
_._do
Price, wholesale, No. 1 Amer. (N. Y.)
dol. per Reproduction, total (factory)f
thous. of l b . .
American whole milkf
do
Receipts, 5 markets
do
Stocks, cold storage, end of month
do
American whole milk
do
Condensed and evaporated milk:
Exports:
Condensed (sweetened)
do
Evaporated (unsweetened)
do
Prices, wholesale (N. Y.):
Condensed (sweetened)
dol. per case..
Evaporated (unsweetened)
do
Production, case goods:f
Condensed (sweetened)
thous. of lb_.
Evaporated (unsweetened)
do
Stocks, manufacturers', case goods, end of
month:
Condensed (sweetened)
thous. of lb._
Evaporated (unsweetened)
do
Fluid milk:
Consumption in oleomargarine
do
Price, dealers', standard grade-dol. per 100 lb._
Production (Minneapolis and St. Paul)
thous. of lb_.
Receipts:
Boston
-thous. of qt._
Greater New York
do
Powdered milk:
Exports
thous. of Reproduction
do
Stocks, mfrs., end of mo
do
152,150 136,005 146,000 147,068
.32
.30
.29
.28
126,040 125,265 136, 625 147,745
53, 743 51, 276 54,690
62,187
150,654
.35
124, 540
49,659
151,291
.30
117,015
45,775
41, 590
55, 462
29,189
18,366
8,875
9,504
25,463
81,005
56, 519
2,073
50, 284
3,478
58, 376
3,339
57, 421
2,959
63,909
61, 752
4,073
82,020
4,072
68, 673
3,363
.18
.19
46, 500 '42,934
30, 559
33,635
9,981
12,913
128, 413 108, 241
86, 805
111,953
.18
41, 200
30, 440
13, 261
94, 295
75,181
.18
43,000
32, 780
10, 866
82, 664
66, 584
.16
53,000
39,585
11, 527
74,937
61,510
.15
61, 600
47,620
11,737
78, 706
65,175
3,294
4, 434
121
2,615
154
2,809
353
2,501
494
2,284
442
3,636
1,194
4,550
4,589
15, 068
3,368
52, 964
3,402
16,017
5,387
4,572
4,347
6,034
5.00
3.20
5.00
3.10
5.00
3.10
5.00
3.10
5.00
3.10
361
3,878
5.00
3.06
5.00
3.00
5.00
3.05
5.00
3.10
5.00
3.10
5.00
3.10
5.00
3.10
5.00
3.10
2,817
3,504
3,370
3,169
2,208
6,160
150, 940 139, 759 158, 656 170, 397 203, 619 225,077
4,906
281,960
6,157
6,088
6,610
6,736
7,841
294, 203 260, 722 231, 572 195, 044 172, 036
6,166
133,590
4,702
4,014
4,579
3,938
156, 253 150, 458 173, 378 207,740
6,815
287,778
4,691
2.18
10, 221 10, 454
9,728
9,580
288, 565 321, 332 349, 433 380,545
172,643 148,049
.28
.27
188, 645 203,800
68,405
77,919
67, 849
2, 093
57, 929
2,261
.15
.17
.16
.17
.17
.17
92, 400 82, 700 72, 400 64,800 60, 300
67,780
74,090 67,485
57, 635 50,975 46,050
12, 507 15,003
15, 276 13, 272 14,786
17, 501
87, 555 114. 362 138,049 148,173 149,309 143,633
73,056
96,143 115, 992 125, 300 127, 202 123, 953
.18
48, 600
35, 520
14, 648
136,574
118,516
6,033
2.24
2.25
2.25
5,761
2.25
5,074
2.25
5,244
2.23
35,951
33, 548
37, 624
38, 441
42, 638
41,113
45,110
3,811
2.18
43,470
19,722
18, 509 20, 309 19,601
121, 550 116,518 122, 685 120,993
20,992
128,218
20,370
126,476
r
573
31,070
11,044
492
27,870
17.946
458
27,406
24,086
640
34,052
29, 284
815
37, 507
33, 572
r
105,106
65,700
1,534
5,627
86,081
1,961
25,037
34.147
152,949
.33
115, 720
45, 580
123, 628 134, 266 128,087
8,047
187,652
20. 255 18,789
127, 792 123,192
140, 735 152, 698 150,335 158,668
.29
.28
.27
.30
183, 545 163, 715 144,205 135, 435
73, 449 58, 512 55, 754 53, 377
1,003
43,852
35, 843
60, 608
1,780
63, 459
1,377
67, 598
9, 115
8,543
358,224 j 226, 266
4,264
2.18
4,179
2.18
5,118
2.18
5,545
2.20
34, 931
29,883
27,188
27,925
28, 784
21, 505 21, 381 20, 344 20,928
126,158 123, 500 126, 576 126, 611
1,048
796
1,461
1,213
1,966
46,646
35, 859 30, 291 25, 535 26, 913
40, 412 42, 805 46, 624 45, 252 41,032
20, 397
125, 242
5,545
2.21
4,390
'22,819
' 36, 037
FRUITS AND VEGETABLES
Apples:
Production (crop estimate)
thous of bu_- 3115,456 i 143,085
5,079
4,639
Shipments, carlot
no. of carloads.4,933
4,912
3,562
1,614
577
721
4,251
573
4, 323
9,862
5,906
Stocks, cold storage, end of month
8,638
20, 306 14, 493
3,606
1,135
0
8,890
0
thous. of bu-_ 28, 816 26,198
0
31, 364 • 34, 086
14, 334 14, 960 15, 511 13, 346 12,320
7,854
10,150
Citrus fruits, carlot shipments.-no. of carloads - 16, 591 17, 540 18,850
10,052
11, 664
13, 419
2,224
2,453
1,611
2,432
1,631
2,307
1,814
1,195
Onions, carlot shipments
do
2,636
1,032
1, 364
2,938
1,753
Potatoes, white:
1.981
1.925
2.095
2.131
1.850
1.875
2.194
1.675
Price, wholesale (N. Y.)
dol. per 100 lb__
1.581
1.770
1.445
1. 350
1. 420
Production (crop estimate)
thous. of bu__ 3 397, 722 363,159
12, 492
18,615
17, 979 24, 792 18, 798 21, 879 22,180
Shipments, carlot
no. of carloads-. 11, 490 12,141
14,417
7,799
17,917
12, 508
GRAINS AND GRAIN PRODUCTS
Exports, principal grains, incl. flour and meal
10,141
5,210
2, 559
8,332
9,324
3,825
5,789
5,636
10, 204
6,630
thous. of bu_,
8,374
10, 673
Barley:
122
104
173
185
74
248
229
130
358
228
Exports, including malt
do
206
218
Prices, wholesale (Minneapolis):
.48
.52
.52
.58
.60
.56
.57
.51
.58
.57
.45
.50
.46
No. 2, malting
dol. per bu_.
.45
.50
.42
.52
.54
.55
.53
.55
.46
.41
.45
No. 3, straight
do
.51
Production (crop estimate)
thous. of bu__ 3 309,235 274,767
7,117
7,877
~6~628~|
7,161
5,059
5,997
3,847
7,307
5, 645
5,910
14,155
8,406
2,870
Receipts, principal markets
_do
9,682
11,371 |
9, 640
18, 614 17, 333 16,079
10,883
8,809
13,943
6,956
10, 254 11,074
5,598
Stocks, commercial, end of mo
do
Corn:
5,
512
103
950
5,274
5,324
1,467
4,139
2,372
5,796
1,261
1,867
3,357
6,701
Exports, including meal
_do
4
4
4
6, 018
5,976
8,874
7,042
7,110
7,248
7,607
6,674
6,386
7,076
6,390
6,324
5,940
Grindings
do
Prices, wholesale:
.62
.64
.59
.58
.58
.63
.69
.56
.66
.65
.66
No. 3, yellow (Chicago)t
dol. per bu__
.69
.67
.62
.67
No. 3, white (Chicago)
do-__
.74
.77
Weighted average, 5 markets, all grades
.63
.63
.58
.64
.57
.59
.58
.66
.66
.64
.65
dol. per bu._
Production (crop estimate)
thous. of bu_. 32,449,200 !2,602,133
20,
710
37.609
21,
608
12,
611
11,996
11,
690
13,116
13,126
23,411
28,892
21,923
19,231
22,464
Receipts, principal markets.—
do
10, 433
12,190
18,660
8,125
5,955
9,633 17, 316 14, 339 15,126
7,777
9,469
12, 385 12, 617
Shipments, principal markets,
do
70,067
65,
489
59,314
24,016 25, 419 25,354 28,119
45, 851 42, 307 40, 575 39, 704 34,142
41,181
Stocks, commercial, end of mo
do
Oats:
74
72
154
83
81
228
57
105
59
69
Exports, including oatmeal
do
Price, wholesale, No. 3, white (Chicago)
.38
.34
.42
.38
.41
.41
.43
.43
.43
.35
.31
.30
dol. per bu__
.32
Production (crop estimate)
thous. of bu-_ 31,235,628 2 935,942
5,337
4,926
4,751
3,026
4,238
""4,"031
4,327
4,178
1,912
7,075
13, 287
Receipts, principal markets
do
4,327
4.756
6,592
7,093
7, 539
6,204
4,619
9,141
7t867
3,130
8,395
Stocks, commercial, end of mo
do
12.054
2,769
8,979
Rice:
Exports
.pockets (100 Ib.)__ 358,185 107,179 247,142 316, 774 292, 278 287, 517 289, 562 294,632 246,135 190, 209 247, 498 245, 881 347, 580
16, 228 32,127
19, 072 23, 636 40,905
23, 675
27, 572
43, 357 22, 711 52, 240 18,406
Imports
do
21, 221
Price, wholesale, head, clean (New Orleans)
.034
.039
.038
.033
dol. per lb._
.035 2 .038
.039
.039
• 03S
.039
.040
.039
Production (crop estimate)
thous. of bu._ 3 52, 754 53,722
»• Revised.
1
Production in "commercial areas"; not comparable with earlier estimates of total crop or "commercial" crop. Some quantities unharvested on account of market conditions
are included.
1
8
4
Revised estimate.
December 1 estimate.
For domestic consumption only, excluding grindings for export.
5 No quotation.
}For monthly data beginning 1913, corresponding to monthly averages shown on p. 105 of the 1940 Supplement, see table 20, p. 18, of the April 1940 Survey,
t Data for 1939 revised. See note marked "t"> p. 42 of the January 1941 survey.
February 1041
89
SURVEY OF CURRENT BUSINESS
Monthly statistics through December 1939, to- 1940
1939
gether with explanatory notes and references
to the sources of the data, may be found in the Decem- December
1940 Supplement to the Survey
ber
1940
January
February
March
April
May
June
July
Au
Sust
,N°vem-
temb'er
i
ber
FOODSTUFFS AND TOBACCO—Continued
GEAINS AND GRAIN PRODUCTS-Con.
Rice—Continued.
Southern States (La., Tex., Ark., and Tenn.):
Receipts, rough, at mills
thous. of bbl. (162 lb.)._
Shipments from mills, milled rice
thous. of pockets (100 lb.)_.
Stocks, domestic, rough and cleaned (in
terms of cleaned rice), end of month
thous. of pockets (100 lb.)_.
California:
Receipts, domestic, rough bags (100 lb.)._
Shipment from mills, milled rice
do
Stocks, rough and cleaned (in terms of
cleaned rice), end of mo_._bags (100 lb.)..
Rye:
Exports, including
flour
thous. of bu..
Price, wholesale, No. 2 (Mpls.)~ dol. per bu._
Production (crop estimate)
thous. of bu-.
Receipts, principal markets
do
Stocks, commercial, end of mo
do
Wheat:
Disappearance
do
Exports:
Wheat, including flour
do
Wheat only
do
Prices, wholesale:
No. 1, Dark Northern Spring
(Minneapolis)
dol. per bu_.
No. 2, Red Winter (St. Louis)
__do
No. 2, Hard Winter (K. C.)
do..Weighted av., 6 markets, all grades.-do
Production (crop est.), total
thous. of bu._
Spring wheat
do
Winter wheat
do
Shipments, principal markets...
..do
Stocks, end of month:
Canada (Canadian wheat)
do
United States, total
do
Commercial
do
Country mills and elevators
do
Merchant mills
do
On farms
.do
Wheat flour:
Disappearance (Russell-Pearsall)
thous. of bbl. .
Exports
do
Grindings of wheat.
thous. of bu._
Prices, wholesale:
Standard patents (Mpls.)
dol. per bbl._
Winter, straight (Kansas City)
.do
Production:
Flour, actual (Census)
thous. of bbl..
Operations, percent of capacity
Flour (Russell-Pearsall)
thous. of bbl._
Offal (Census)
thous. of lb_.
Stocks, total, end of month (Russell-Pearsall)
thous. of bbl. .
Held by mills (Census)
do
1,519
679
1,371
857
4,012
3,282
289, 627
211, 149
89, 892
68, 417
380, 200
545, 331
.50
40, 601
713
6,640
85
.67
» 39, 049
2,070
10, 540
967
919
844
283
970
2, 896
2,379
1,129
1,108
1,041
1,080
1,135
748
1,019
1,558
1, 413
3,079
3,017
2,994
1,183
2,667
3, 746
97, 273 154,940 293, 569 328, 769 387, 539 231, 879 319,168 473, 827 488, 847
140,976 91,480 97,009 141, 744 167, 697 196,394 148, 390 160,879 370, 380
376, 624
126, 523
203, 870
167, 276
473, 481 400, 797
491, 976
429, 129
.41
239
.44
2
.48
1,520
8,520
1,467
8,112
1,078
7, 658
4,431
1,293
4, 069
549
.90
.82
.85
.92
.85
.87
458, 505 437,830
88
.70
79
.67
1,768
10,212
1,455
10,120
2,485
597
2,650
3,816
1,430
.91
.83
.85
816, 698
227, 547
589, 151
9,652
1.03
1.04
1.05
1.05
1.01
1.02
1.04
1.06
440, 293
8,834
7,403
169, 776
165,167
283, 882
.98
1.00
751,435
181,694
569,741
13, 086
445, 605 455,143
1.01
310, 855 301, 434 292, 090
607, 328
132, 842 119, 001 110,761
125, 741
114, 231
234, 514
2,084
1,647
1,170
455, 525 358,843
367,777
112
.59
4
.45
1
.44
1,448
10, 048
1,324
9,912
695
9,506
687
9,037
1,732
9,142
6,728
3,704
3,837
1,833
2,239
227
1,835
632
3,686
1,876
2,976
1.04
1.06
1.02
1.01
1.08
1.11
1.06
1.06
1.01
1.04
.95
.97
.82
.79
.76
.71
.72
8,659
9,459
18, 525
272
.67
1,478
10,138
90
.70
176, 936
178, 935
2,206
301
2,632
0)
208,213
153,880
12, 780
29,319
288, 391 280, 625 258,939 257,131 255,175
437, 968
297, 542
105, 401 105, 595 97, 670 87, 327 160,150
80, 817
33, 730
94, 266
90,964
157, 484
85, 521
.78
17,925
15, 284
16, 210
272, 360 352,982
409, 356
415, 340
176, 390
166, 587
9,117
668
45, 319
9,889
749
39, 707
4.62
4.01
4.66
4.24
21,442
10,052
6,074
402
36,848
9,284
434
39,323
8,233
508
36,400
8,338
643
37,812
8,227
427
37, 632
5,778
428
38, 694
5,756
256
35,079
9,443
385
38, 921
8,902
435
40, 474
4.52
4.16
6.17
5.01
6.02
4.80
5.66
4.73
5.70
4.79
5.77
4.86
5.32
4.55
4.64
4.19
4.48
3.84
4.17
3.71
8,025
8,119
8,649
56.4
55.0
56.3
8,441
8,523
9,243
635, 415 682, 637 630,066
8,320
54.1
8,581
657,156
8,269
8,514
53.7
55.2
8,454
9,603
656, 277 673,073
7,682
51.7
7,872
614,992
8,504
55.1
9,528
681,823
55.6
9,587
705,137
639, 306
3,344
988
.82
.83
405
37, 078
8,166
55.6
(')
.50
868,207
186,524
188,618
133,319
359,746
9,377
437
42, 268
4.34
3.88
9,288
65.5
10, 264
735,441
9,960
62.6
9,535
785, 828
8,737
59.1
10, 713
687, 760
6,475
5,165
6,000
5,700
5,300
3,998
5,100
5,350
5,500
4,193
5,200
5,450
5,900
4,601
5,750
5, 825
1,604
1,404
1,565
1,247
1,359
1,554
1,576
1,462
1,737
1,785
2,175
2,427
1,86S
976
624
290
833
572
273
997
548
200
810
433
163
825
516
215
974
568
244
936
631
263
858
594
216
991
723
307
939
833
401
1,033
1,083
603
1, 110
1,324
808
977
11. 85
12.61
10.58
9.59
10.00
9.66
9.46
10.44
11.50
10.53
10.47
9.31
11.34
10.69
9.46
11.22
9.93
9.83
10.89
11.31
9.69
10.33
9.59
10.44
11.02
9.85
11.00
11.33
10.41
11.50
11.47
11.53
11.87
12.09
10. 97
12. 06
12.21
10. 50
3,787
3,331
3,772
2,922
2,710
2,595
2,674
2,650
2,259
2, 177
2,302
3,113
3,595
2,823
960
2,482
849
46
2,753
1,007
47
2,074
841
43
1,964
749
49
1,868
713
43
2,005
666
48
1,927
718
33
1,598
649
33
1,497
677
37
1,692
601
36
2,371
730
42
2,682
905
47
5.15
5.25
4.93
4.94
5.46
5.66
5.04
5.99
6.23
6.59
6.41
10.0
9.7
9.1
8.7
8.4
8.4
7.6
9.2
9.2
9.9
9.8
1,514
1,728
1,424
1,440
1,876
2,002
1,687
2,068
2,523
2,737
'886
'633
141
4.33
8.38
1,071
653
119
863
559
824
620
1,046
828
156
1,077
917
915
779
132
972
921
214
876
1,188
383
954
1,530
610
1,085
1, 669
890
883
320
4.60
8.60
5.09
8.60
5.53
9.64
5.10
9.67
4.16
9.63
3.84
10.16
3.45
9.14
3.50
8.75
3.83
8.54
4.01
8.88
4.03
8.88
LIVESTOCK
Cattle and calves:
Receipts, principal markets.thous. of animals.
Disposition:
Local slaughter.
do
Shipments, total...
.do
Stocker and feeder
do
Prices, wholesale (Chicago):
Beef steers
-dol. per 100 lb_.
Steers, corn fed
do
Calves, vealers
do
Hogs:
Receipts, principal markets, thous. of animals.
Disposition:
Local slaughter.
do
Shipments, total.do
Stocker and feeder
do
Prices:
Wholesale, heavy (Chi.)
dol. per 100 lb..
Hog-corn ratio
bu. of corn per cwt. of live hogs..
Sheep and lambs:
Receipts, principal markets, thous. of animals
Disposition:
Local slaughter
do
Shipments, total
do_—.
Stocker and feeder
do
Prices, wholesale (Chicago):
Ewes..
dol. per 100 lb..
Lambs
do
«• Revised.
i8 Less than 500 bushels.
Revised estimate.
3 December 1 estimate.
40
6.42
10.3
1, 597
917
688
154
4.10
9.06
90
SURVEY OF CURRENT BUSINESS
Monthly statistics through December 1939, to- 1940
1939
gether with explanatory notes and references
to the sources of the data, may be found in the Decem- Decem1940 Supplement to the Survey
ber
ber
February 1941
1940
January
February
March
April
May
June
July
August
September
October Xovem
ber
FOODSTUFFS AND TOBACCO—Continued
MEATS
Total meats:
1,202
Consumption, apparent
mil. of lb..
18
Exports
.do
Production (inspected slaughter)
do—
1,550
Stocks, cold storage, end of month
do
1,162
Miscellaneous meats_ _
do
101
Beef and veal:
Consumption, apparent
thous. of lb_. 439, 723
Exports
do
1,181
Price, wholesale, beef, fresh, native steers
(Chicago)
dol. perlb..
.193
Production (inspected slaughter) thous. of lb_. 469,265
Stocks, beef, cold storage, end of mo...do
106, 315
Lamb and mutton:
58, 321
Consumption, apparent
do
Production (inspected slaughter)
do
59,026
Stocks, cold storage, end of month
do
5,112
Pork (including lard) :
Consumption, apparent
do
703,916
15,034
Exports, total
do
Lard
do.... 12, 302
Prices, wholesale:
Hams, smoked (Chicago)
dol. per lb_.
.183
Lard, in tierces:
Prime, contract (N. Y.)
do.__.
.050
Refined (Chicago)
_..do
.068
Production (inspected slaughter), total
thous. of lb_. 1,021,219
Lardf
do
162, 927
Stocks, cold storage, end of month
do
949, 294
Fresh and cured
do
655, 517
293, 777
Lard§
do
POULTRY AND EGGS
Poultry:
Receipts, 5 markets
thous. of lb._ 88,005
Stocks, cold storage, end of month
do
208, 234
Eggs:
Receipts, 5 markets
thous. of cases.734
Stocks, cold storage, end of month:
Shell
thous. of cases...
618
Frozen
_
thous. of lb._ 72, 756
TROPICAL PRODUCTS
Cocoa:
Imports
long tons.. 40, 548
Price, spot, Accra (N. Y.)
__.dol. perlb..
.0534
Coffee:
Clearances from Brazil, total..thous. of bags..
1,306
To United States
...do
1,149
Imports into United States
do
1, 605
Price, wholesale, Rio No. 7 (N. Y.)
dol. perlb-.
.053
Receipts at ports, Brazil
thous. of bags..
0)
Visible supply, total, excluding interior of
Brazil
thous. of bags..
0)
United States
do
1,157
Sugar:
Raw sugar:
Cuban stocks, end of month
thous. of Spanish tons-.
1,181
United States:
Meltings, 8 ports
long tons.. 305, 978
Price, wholesale, 96° centrifugal (N. Y.)
dol. perlb..
.029
Receipts: From Hawaii and Puerto Rico
long tons..
113,186
Imports, totalt
do
51, 607
From Cubat
do
45. 955
From Philippine Islands J
do
277, 946
Stocks at refineries, end of month, .do
Refined sugar (United States):
2,996
Exports
do
.050
Price, retail, gran. (N. Y.)
dol. per lb._
.043
Price, wholesale, gran. (N. Y.)
do
Receipts:
From Hawaii and Puerto Rico-long tons..
904
Imports, total}:
do
241
From Cuba!
do
479
From Philippine Islands!
do
9,385
Tea, Imports
thous. of l b . .
1,156
42
1,410
808
95
1,054
1,273
64 !
61
1,482
1,214
977
1,093
104 I
107
1,132
30
1,165
1,100
101
1,167
28
1,133
1,031
87
1,200
21
1,200
1,010
77
1,144
19
1,177
1,034
79
1,152
35
1,122
974
77
1,228
17
1,068
796
67
1,167
16
1,051
662
58
479,493
1,076
480,723
1,403
456,800
1,280
438,167
1,531
481,410
1,325
425,409
1,325
467,486
1,491
484,143
1,366
441,163
1,323
.166
445,234
76,974
.162
.150
.159
475, 578 415, 207 419,498
72,560
78, 573 74,708
.166
453,508
62,020
.170
467,179
53,193
.176
.165
429, 851 471,496
45,972 42,004
57, 305
56, 657
3,580
56,647
56, 567
3.463
424,174
1,767
56, 791
57, 555
4,803
67,388
67,132
4,412
56,124
56, 281
4,488
660,957
36,308
18,917
723,992
56,576
27,988
573,246
52,815
25,133
.176
54,871
54,677
4,257
651,336 642,696
25, 356 23,806
20,654
18,849
52, 427
52, 245
3,254
54, 886
55,019
3,342
r 1, 289
17
1,442
'788
1, 365
17
1,349
632
53
524, 736 463,355
1, 609
1, 508
.183
.192
.190
.186
469, 808 453, 073 532.165 483, 045
35, 663 36, 303 48, 245 r 71, 508
57, 579
57, 457
3,192
r
57. 848
57, 921
3,411
69, 164
69.618
3,817
659, 459 650, 297 617, 900 689, 594 651,872
18, 664 15, 826 31, 472 14,158
13,854
14,889
12, 697 28,239
10,181
9,956
771,486
14,033
10,198
776,548
13, 555
10, 228
58, 705
59, 332
4, 427
r
.171
.173
.168
.168
.171
.173
.175
.178
.183
.183
.183
.070
.077
.073
.067
.072
.063
.070
.066
.072
.060
.070
.060
.065
.064
.069
.055
.066
.055
.071
.052
.008
.053
.069
906,801
172,131
631,564
469,459
162,105
939,102
178, 395
790,776
588, 601
202,175
742,054
140,979
907,293
650, 653
256,640
690, 346
130,199
921, 510
652, 733
268,777
622, 544
113,315
878,008
611,956
266,052
675, 942
121,956
876,512
592,575
283,937
694, 535
121, 511
905, 296
598, 522
306, 774
595,749
103,983
851, 896
548, 688
303, 208
541,180
90, 525
689, 854
417,564
272, 290
540,486
84,310
564, 904
329,214
235, 690
747, 045
114,789
526, 878
303,712
223.166
77,806
167,643
32, 937 22, 671
166,962 144,759
22,054
115,442
19, 889
86,226
26,042
76,904
28, 212
82, 336
26, 892
82, 415
32, 987
82,178
2,238
2,369
1,682
1,274
954
34, 087 44, 248
90, 842 114,257
899, 321
129,549
• 646,492
• 408,900
• 237,592
89, 802
159,110
1,017
1,734
532
72,279
57
56, 249
81
38,070
854
44,199
5,980
3,341
7,784
7,241
6,040
7,513
4,144
79, 454 123, 793 150, 366 154, 947 145, 653 130, 787 111,815
17,032
.0588
22, 951
.0561
30,917
.0538
14, 865
.0556
11,886
.0600
20,119
.0553
22, 288
.0495
41,185
.0466
35, 396
.0426
24,935
.0451
485
1,511
1,156
573
1,225
1,384
668
1,228
1,162
717
1,443
926
539
1,274
1,342
944
1,339
733
606
847
650
1,148
804
708
994
1, 050
912
1,247
1,094
896
1,386
.052
1,265
.055
949
.056
1,319
.056
963
.055
777
.053
760
703
571
1,226
.053
972
.053
860
.051
567
.051
549
.051
1,414
.052
0)
8,059
1,213
7,662
994
7,644
944
7,251
1,053
6,740
895
6,029
1,018
0)
0)
()
0)
997
0)
1,099
624
526
1,183
2,226
2,501
2,260
2,021
1,776
1,473
1,216
803
244, 604 276, 474 289, 291 333,186
.029
997
992
339, 755 351, 629 336, 579 380,198
.028
.029
.028
.028
91,612 29,892 117, 576
232, 646 156, 259 208, 959
204,824 121, 883 121, 604
13, 397 34, 055 71.107
378, 089 413, 074 445, 039
129,878
211,027
157, 045
49, 971
501, 547
156,155
207, 784
143, 329
60, 535
500, 912
17,627
.054
.046
14, 213
.052
.045
13, 631
.051
.044
15,132
.051
.044
19,001
.051
.044
18,392
.050
.044
38, 636
.050
.044
2,034
.050
.044
8,499
63, 229
62,175
915
11,954
15,418
13,968
13, 072
893
11,927
25,790
24,452
22, 275
2,176
8,863
28,710
35,073
31, 278
3,794
8,056
26, 245
53, 878
45,689
8,178
8,630
29,115
45, 750
38, 471
7,261
4,921
13, 755
37, 488
35, 273
2,187
6,510
3,991
40,129
32,048
8,066
7,316
.030
027
.027
148, 904 64,831
222, 532 232,048
129,006 148,833
93,447 79,824
557,928 557, 564
100,932
221,696
155,545
66,14u
487,637
943
682
0
975
1,044
1,650
1,568
318, 357 368,346
.027
.027
123, 983 125,256
198, 490 143.034
90,986
98, 623 52,041
99, 852 412,105
474, 426
7,420
10,977
.050
.050
.043
.043
271
43, 668
37, 562
6,023
7,176
1,109
35,298
29, 711
5,571
7,783
' 1, 969
• 91, 273
30, 053 30, 082
. 0452 .0489
303, 215 350, 401
.028
.029
127, 822 • 136,764
145, 042 175,548
73, 155 91, 442
79, 097
71,884
315,501 295, 661
3, 995
. 050
.043
1, 406
25, 983
24, 994
960
9,030
6,305
.050
.043
1. 654
10, 076
6, 155
1,362
9, 364
MISCELLANEOUS FOOD PRODUCTS
Candy, sales by manufacturers..thous. of dol.. 22, 709
20,297
18, 612 19, 338 18, 216 16, 212 15, 953 12, 268 12, 820 15, 679 23,409
24,111
24,159
Fish:
26,166
Landings, fresh fish, prin. ports..thous. of lb_. 31, 518 r 32,193
28, 380 25, 298 20, 344 26, 603 35, 583 55, 715 51,461 44,624
40, 836 36, 070
Salmon, canned, shipments
cases.
190, 787 346,185 399,199 198, 816 603, 249 86,061 2Q4,827 375,008 880,148 794,289 817, 370 463, 549
Stocks, cold storage, total, 15th of month
33, 756 45, 473 62,062
76, 479 86, 321 94, 006 ' 95, 531
92,431
78, 563 62, 622 45,592 34,835
thous. of lb._
'8, 338
Gelatin, edible:
Monthly report for 7 companies:
1,229
2,029
1,688
1,587
1,160
1,397
1,924
1,949
1,150
1,625
1,976
Productiondo.
1,856
1,811
1,715
1,737
1,711
1,622
1,674
1.595
1,399
1,636
1,571
1,618
1,559
1,775
1,531
Shipments
_
do.
6,464
7,009
6,985
6,950
5,940
5,701
5, 503 5.492
5,616
6,385
6,716
5,574
6,033
Stocks
do.
Quarterly report for 11 companies:
6,356 L
L-.
! 7,515
6,971
4,700
Production.
do,
8,844 I
..J...
i 10,287 I
10,362.
8,600
Stocks
do.
1
' Revised.
Not available.
tRevised series; revisions beginning January 1937 appear in table 8, p. 18, of the January 1941 Survey; see also note marked " § " which applies to both production and stocks.
{Monthly figures beginning 1913, corresponding to the monthly averages shown on p. 113 of the 1940 Supplement, will appear in a subsequent issue.
§In accordance with new definitions effective November 1, 1940, fats rendered from hog carcasses formerly reported as "lard" are now reported as "lard" and "rendered
pork fat." The two are here combined to have figures comparable with the earlier data.
SURVEY OF CURRENT BUSINESS
Februii rv 1941
Monthly statistics through December 1939, to- 1940
1939
gether with explanatory notes and references
to the sources of the data, may be found in the Decem- Decem1940 Supplement to the Survey
ber
ber
91
1940
January
February
March
April
May
June
July
Sep- October NovemAugust tember
ber
FOODSTUFFS AND TOBACCO—Continued
TOBACCO
Leaf:
Exports
tbous. of lb
31,260
18, 947
Imports, including scrap
do
7, 091
9,478
Production (crop estimate)
mil. of lb.. 1 1, 376 2 1 858
Stocks, dealers and manufacturers, total, end
of quarter
mil. of lb._
3,130
Domestic:
Cigar leaf
do
310
Fire-cured and dark air-cured
do
184
2,
501
Flue-cured and light air-cured
do
3
Miscellaneous domestic
do
Foreign grown:
Cigar leaf
do
16
Cigarette tobacco
do
117
Manufactured products:
Consumption (tax-paid withdrawals):
12, 803
Small cigarettes
millions -. 13, 815
Large cigars
thousands_. 349, 780 331,204
Manufactured tobacco and snuff
24,057
thous. of lb._ 24, 758
Exports, cigarettes
thousands. _ 597, 390 607, 719
Prices, wholesale (list price, destination):
Cigarettes, composite price. - do], per 1,000._
5.513
46. 056
Cigars, composite price
do
Production, manufactured tobacco:
22,152
Total
thous. oflb._
Fine cut chewing
Plug
Scrap chewing
Smoking
Twist
do
do
36, 687
6,174
32. 550
5,159
15,912
5,790
32,616
6,770
20, 965
6,425
15, 533
7,780
14, 360
7,329
7,644
6,239
3,329
3,031
3,123
402
268
2,519
3
378
227
2,290
3
357
207
2 431
3
18
119
19
112
11,520
6, 734
11,836
5, 305
18
106
14.568
388, 085
13,163
375, 824
13,021
397,490
14, 820
425,140
16, 275
469,313
17, 565
435,029
15,913
460, 523
15, 840
487, 641
14,890
475, 725
10, 448
583, 508
14,347
507, 349
26, 742
616,661
26, 857
576,914
27, 550
537,206
28,481
509,420
29,924
803,312
27, 660
604, 312
29, 333
406,076
28,849
639,101
28, 729
285,106
34, 718
533, 455
28, 596
472, 923
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. 760
46.056
5.760
46. 056
5. 760
46.056
5. 760
40. 050
5, 700
40, 056
22, 970
330
3,484
3, 591
15,165
399
24, 049
300
4,035
3,397
15,836
481
24,045
335
3,806
3,363
16,087
454
25, 554
362
4,278
3, 507
16,949
458
26, 889
512
4,331
3, 539
18,004
503
24,167
367
4,115
3,187
16,082
416
26.887
432
4,521
3,985
17, 460
489
25,933
456
4,225
3,807
16,949
497
26, 300
398
4,145
3, 525
17,702
470
31, 133
443
4, 195
4, 009
21,950
530
25, 704
421
3, 942
3, 256
17, 042
442
323
3,763
3,196
14,421
449
do
.do
do
18,408
5, 285
FUELS AND BYPRODUCTS
COAL
AnthraciteExports
thou 5. of long tons..Prices, composite, chestnut:
Retail
dol oer short ton
do
Wholesale
Production
thous of short tons..
Stocks, end of month:
do .
In producers' storage yards
In selected retail dealers' yar is
number of days' supply
Bituminous:
Exports
thou s. of long tons_.
Industrial consumption, total
thous of short tons..
__ do
Beehive coke ovens . . . _
do
Byproduct coke ovens
Cement mills .
.. do . .
Coal-gas retorts
do —
Electric power utilities
- do
Railways (class I)
do
Steel and rolling mills
do
do —
Other industrial
. . . .
Other consumption:
Vessels (bunker) ._ _._thous. of loner tons .
Coal mine fuel
thous .of short tons..
Prices:
Retail, composite, 38 cities §
dol. DPT short ton
Wholesale:
do . .
Mine run, composite
do
Prepared sizes, composite
Production t
thous. of short tons .
Stocks, industrial and retail clealers, end of
month, total
thous. of short tons.do — .
Industrial, total
do
Byproduct coke ovens. _.
Cement mills
do
doCoal-gas retorts.- ....
Electric power utilities
do
Railways (class I)
do —
Steel and rolling mills - .
do
Other industrial
do
do
Retail dealers, total
153
9 793
4, 699
518
32.712
'736
6,999
507
207
4,737
8, 069
957
10, 440
104
953
1,164
1,279
1. 112
40
46
56
51
49
57
510
602
1,231
2,081
1,948
1,849
1,806
1,488
1, 091
1,005
28, 780
242
5,676
246
141
4,217
7,328
900
10, 030
28, 538
211
5,830
337
143
4,029
7,288
870
9,830
26,072
160
5,632
418
205
3,561
6,721
725
8,650
25, 741
166
6,000
513
131
3,696
6,534
751
7,950
24,988
240
6,184
542
124
3,839
6,199
690
7,170
25, 877
367
6,603
519
123
4,079
6,391
715
7,080
27,079
442
6,703
534
136
4,341
6,612
791
7,520
26, 783
432
6,624
543
139
4,177
6,606
752
7,510
30, 333
577
6,928
578
139
4,812
7,349
870
9,080
105
241
93
226
11 37
9 584
3,773
110
268
8 68
4.318
4.457
39, 277
39,077
32, 577
5,875
444
218
9,128
5,272
650
10,990
6,500
4 275
4.297
-32,790
35,108
30, 208
5, 305
408
200
9,257
4,660
578
9,800
4,900
35, 721
30, 521
5,150
463
243
9,514
4,526
565
10,060
5,200
r
4.265
4.230
34,896
39, 203
32,403
5,956
486
248
9,798
4,602
533
10, 780
6,800
r
4.264
4.231
32,400
41,563
34,563
6,506
507
284
10,241
4,644
541
11,840
7,000
r
30, 961
020
6, 799
550
139
'4,582
' 7, 594
895
9, 770
107
' 286
112
281
102
276
4.251
4.276
35,890
4.256
4.314
'39,010
4.277
4.354
38, 650
4.403
4.602
38, 700
4. 393
4.619
40,012
45, 438
37, 538
7,448
494
292
10, 559
5,240
605
12, 900
7,900
48,111
39,611
7,832
551
291
11,003
5,693
661
13, 580
8,500
51,122
42, 122
8,861
578
287
11, 337
5,679
690
14, 690
9,000
51, 504
42, 464
9,712
515
285
11,309
5,493
600
14, 490
9,100
r 51,872
' 42, 922
10, 091
476
273
Ml, 413
' 5, 748
091
14, 230
8, 950
102
258
105
277
8.54
8.36
4.296
4.395
35, 244
r
9.462
4,408
100
231
128
243
8 65
40, 222
33, 592
6,496
425
239
9,069
4,992
651
11, 720
6,630
1,112
506
33,183
372
6,654
308
155
4,902
8,436
1,106
11, 250
44, 571
37,121
7,993
444
264
9,119
5,529
692
13,080
7,450
9. 775
3, 809
37
31,031
489
6,668
425
146
4,683
7,461
1,029
10,130
50, 958
42, 938
10,184
430
284
11,336
5,928
780
13,990
8,020
9. 769
4,234
137
512
r
9.558
3,775
24
614
T
141
167
91
23
4.320
4.425
44, 976
221
11 41
9.636
4,056
17
372
25
4.322
4.404
38, 066
222
128
647
37
4.393
4.618
40, 000
329
363
9 278
3, 957
994
129
308
282
9 388
3,746
9 576
3,546
111
255
121
11. 04
9.333
4,367
9 501
5,622
89
290
121
114
149
10 83
9 156
3,914
r
COKE
39
51
37
28
Exports
thous of long tons..
Price, beehive, Connellsville (fur nace)
4.550
5. 000
4.813
5.000
dol. per short ton..
Production:
238
155
463
329
Beehive
thous. of short tons..
4,890
4,017
4,707
4,718
Byproduct
do .
131
do .
116
Petroleum coke
155
Stocks, end of month:
2,008
1,706
1,901
2,561
Byproduct plants, total
do....
784
896
842
736
At furnace plants
do—
922
1,665
1,166
At merchant plants
1,165
do....
628
66t>
Petroleum coke
628
do—.
r
Revised.
' December 1 estimate.
tData for 1938 revised. See p. 45 of the August 1940 Survey.
§Composite price for 37 cities beginning June 1940. The June 1940 price for 38 cities,
46
42
52
77
74
90
79
76
02
4.475
4.475
4.475
4.475
4.475
4.475
4.475
4.475
4. 555
135
4,125
130
102
3,984
139
106
4,244
152
151
4,375
149
231
4,619
121
278
4,682
123
272
4,627
119
303
4,840
131
394
4, 750
88
1,638
800
838
624
2,016
931
1,085
663
2,056
955
1,101
681
1,803
877
926
697
1,915
846
1,069
678
2,027
807
1,219
647
2,058
776
1,281
617
2,029
740
1,290
581
1,997
713
1,284
527
l
Revised estimate.
comparable with earlier data, was $8.15.
92
SURVEY OF CURRENT BUSINESS
Monthly statistics through December 1939, to- 1940
1939
gether with explanatory notes and references
to the sources of the data, may be found in the Decem- Decem1940 Supplement to the Survey
ber
ber
February ]<!41
1940
January
February
March
April
May
June
July
August
NovemSeptember October
ber
107, 902
3, 771
.960
113, 244
80
108, 756
4, 150
960
523
81
no!
107, 756
4,059
.960
109, 337
83
109, 394
3,910
.960
113,418
82
105,364
4,023
.960
106,904
82
77,
36,
219,
47,
171,
1,
550
182
796
959
837
860
76, 373
36,493
220, 234
47, 950
172, 284
1, 788
75, 392
35, 460
220,197
44, 778
175,419
1,555
74,124
35, 422
220, 896
44,774
176,122
1,856
73,011
35. 043
220, 645
4^, 873
175, 772
1,533
1,470
4,805-
FUELS AND BYPRODUCTS—Continued
PETROLEUM AND PRODUCTS
Crude petroleum:
Consumption (runs to stills)-.-thous. of bbL_
Imports
do
Price (Kansas-Okla.) at wells
dol. per bbL,
Production}:
thous. of bbL.
Refinery operations
pet. of eapacity..
Stocks, end of month:
California:
Heavy crude and fuel
thous. of bbL.
Light crude
-do
East of California, totalj.
do
Refineries t
do
Tank farms and pipe linest
do
Wells completedt
number..
Refined petroleum products:
Gas and fuel oils:
Consumption:
Electric power plants
thous. of bbL.
Railways (class I)
do
Vessels (bunker)
___do
Price, fuel oil (Pennsylvania)*.-dol. per gaL.
Production:
Residual fuel oilt
thous. of bbL.
Gas oil and distillate fuels, totaL___do
Stocks, end of month:
Residual fuel oil, east of California
thous. of bbL.
Gas oil and distillate fuels, total
do
Motor fuel:
Demand, domestic^
thous. of bbL.
Exports!
do
Prices, gasoline:
Wholesale, tank wagon (N. Y.) f
dol. per gal._
Wholesale, refining (Okla.)
do
Retail, service stations, 50 cities
do
Production, totalL.thous. of bbL.
Benzol?
do
Straight run gasoline*
do
Cracked gasolineX
do
Natural gasolinet
do
Natural gasoline blended X
do
Retail distribution
mil. of gaL.
Stocks, gasoline, end of month:
Finished gasoline, total
thous. of bbL.
At refineries
do
Natural gasoline
do
Kerosene:
Consumption, domestic
do
Exports
do
Price, wholesale, water white, 47°, refinery
(Pennsylvania)
dol. pergaL.
Production
thous. of bbl
Stocks, refinery, end of month
do
Lubricants:
Consumption, domestic}:
do
Price, wholesale, cylinder, refinery (Pennsylvania)
dol.pergaL.
Production
thous. of bbl
Stocks, refinery, end of month
do..
Asphalt:
Imports
short tons,.
Production
do__.
Stocks, refinery, end of month
do...
Wax:
Production
thous. of lb
Stocks, refinery, end of m o n t h
do..
4,744
.960
.040
1,786
.123
.045
.122
113
.052
105,835
2,651
.960
115,120
81
106, 530 101,766
1,948
2,244
.960
.960
113,140 108,668
81
81
110,079
2,866
.960
120,075
81
80,223
35,478
196,100
40,033
156,067
1,708
79,380 79,047
35, 567 36,110
196,407 200,704
39,162 40,212
157, 245 160,492
1,578
1,655
78, 440 78,866
78,359
78, 443
35,943
36,000 35, 782 35, 368
207, 407 214,321 218,492 218,998
42,119
45,183
40,871
47, 525
166, 536 172, 202 173,309 171,473
1,853
1,677
2,083
2,021
111,817 108, 237
3,658
4,266
.960
.960
118, 283 111,690
83
84
1,755
4,328
3,406
.039
1,950
4,502
3,497
.039
1,446
4,100
3,082
.039
1,261
4,281
3,350
.039
979
4,164
2,930
.039
4,130
3,242
.039
1,016
4,090
2,926
.039
1, 234
4, 166
3, 009
039
1, 503
4, 293
2,661
040
1,425
4,334
2,293
.040
1.678
4,847
2, 724
.040
"""."040
26,944
14, 433
28,082
16, 548
24, 680
16, 262
26,870
16, 346
25, 372
15, 260
26, 548
14,541
25, 469
14,154
25, 248
14, 439
26, 451
14, 957
25, 504
14, 735
27, 944
14,381
26,125
15,073
20, 881
25,374
18, 764
21,057
19,130
19,615
19,160
18, 541
18, 475
20,310
19,116
23,112
20, 339
26, 412
21 909
30 134
24, 042
33,964
25,015
37,166
26, 539
37, 709
43,807
2,987
40, 370
2,001
37, 557
1,848
44,607
2,021
47, 683
1,730
52,946
1,766
55, 459
2,177
53 865
1 460
55, 346
1, 686
52,297
1,699
53, 807
' 1, 662
24, 580
35, 885
49, 074
' 1, 904
.137
.047
.133
.046
51, 230
237
21, 774
24,730
4,489
.127
.048
'.126
51, 325
263
22, 422
24,239
4,401
2,600
2,267
130
048
125
51 879
279
22,420
24 496
4 684
2,744
2,126
22
25
4,
3,
2,
128
046
127
658
271
120
587
680
081
319
.124
.046
.123
52, 313
263
22, 254
25,090
4,706
3,744
2,134
.122
. 045
.120
52, 907
290
21,602
25, 968
5, 047
4, 156
2,190
.120
. 045
. 122
£0, 892
282
21,053
24,716
4,841
4, 026
1,911
86, 276
59, 708
7,000
82 025
54 414
7,584
77, 134
50 056
7 702
75.915
49,040
7,038
73. 338
47,162
6,569
73, 429
46, 695
6.102
.137
.050
'.135
52, 464
281
22,017
25, 589
4,577
4,168
1,850
50,243
272
21, 709
23,991
4,271
3,285
1,646
.137
.044
'.132
47, 596
231
20, 409
22, 777
4,179
3,067
1,543
1,812
M28
50,625
228
23,082
22,901
4,414
2,783
1,936
77,301
51,920
4,421
84,863
60, 420
4,476
92, 721
68, 227
4,757
96,467
70, 274
5,393
69, 407
6,112
.128
.048
'.126
52,183
247
22, 526
24,823
4,587
3,075
2,133
93, 474
65,871
6,514
6,613
631
7,642
356
6,263
279
6,273
463
5,621
375
5,297
377
3,952
299
4 257
213
4 114
196
5,173
173
5, 608
120
6, 768
175
.048
5,822
7,576
.048
5,375
4,918
.050
5,945
4,302
.050
6,570
4,114
.050
6,257
4,351
.051
6,641
5,309
.051
5, 785
6,810
050
5 797
8 191
049
5 629
9 476
.049
6,062
10,254
.049
6, 496
11,000
.050
6, 431
10,473
1,825
2,054
1,522
1,883
2,138
2,063
2,146
1 871
2 024
2,150
2,443
2,449
3,308
7,328
.193
3,108
7,825
.170
3,335
8,084
.161
3,280
8,065
.150
3,341
8,170
.143
3,212
8,161
118
3 024
8,573
103
2^635
8 457
.094
2, 682
8,596
.090
2, 954
8, 464
.090
3,021
8,365
S,622
230
417
4,619
1,876
896
303, 600 207, 200 219,600 324, 200 400,000 487,600
550,000 593,000 647, 000 699, 000 768, 000 759,000
260
527, 300
681,000
9 761
606 600
623,000
21 028
638 000
588,000
1,447
604,700
490,000
39, 993
608. 400
469,000
377
396,900
526, 000
42, 560 44, 240 39,760
96,910 103, 289 110, 346
37 520
113 978
33 320
112, 359
39, 760
110, 028
43, 120
113,827
43,960
120, 212'
.184
3,478
7,142
IS, 504
106,979
3,368
.960
116,045
82
48, 440
75,648
M33
48,440
74, 575
49,560
82,631
.134
.044
M30
47,320
90, 373
96,615
52
LEATHER AND PRODUCTS
HIDES AND SKINS
Imports, total hides and skins
thous. of l b . .
Calf and kip skins
do
Cattle hides.
do
Goatskins
do
Sheep and lamb skins
.
do
Livestock (federally inspected slaughter):
Calves
thous. of ammals..
Cattle
do
Hogs
do
Sheep and lambs
do
Prices, wholesale (Chicago):
Hides, packers', heavy, native steers.dol. per lb. _
Calfskins, packers', 8 to 15 lb.
do
33,197
1,461
16,828
5,821
5,114
30, 383
1,348
14,178
6,094
5,153
32, 421
1,055
16, 221
9,017
4,071
23, 855
1,005
9,669
6,836
3,997
22, 767
623
9,068
5,906
4,933
23, 716
1,118
7,756
5,729
7,293
28, 521
1,085
16, 401
5,576
3,919
28,863
2,108
14,305
5,295
5,199
33,123
1,152
20, 685
6,065
3,786
28,111
1,253
16,170
3,661
5,458
29, 627
1,999
18, 922
4,379
2,904
38. 459
3, 365
22, 004
5,368
5, 882
381
773
5,236
1,389
416
827
5,356
1,598
378
715
4,277
1,313
440
721
3,981
1,266
480
774
3,610
1,355
501
796
3,890
1,420
437
738
3,886
1,378
457
822
3,219
1,448
432
842
3,045
1,489
417
812
3,168
1,469
507
968
4,483
1,734
462
884
5,419
1, 462
.144
.222
.140
.223
.129
.214
.126
.216
.127
.212
.123
.214
.105
.187
.114
.188
.102
.153
.123
.166
.140
.203
.146
. 218
33
2,256
18
1,971
4,000
2, 626'
996
1, 739
3,026
3,250
'844
'1,597
'2,823
3,082
15
2,752
977
1,977
3,089
3,643
LEATHER
Exports:
274
259
354
92
37
Sole leather
..thous. of lb__
773
643
456
2,031
3,214
3,842
2,902
4,109
3,685
2,701
Upper leather
thous. of sq. r e 4,456
production:
955
1,094
954
991
953
Calf and kip
.thous. of skins..
936
1,534
1,858
1,970
1,892
1,590
1,452
1,700
1,566
Cattle hides
thous. of hides..
3,074
3,096
3,167
3,662
3,246
3,411
3,247
3,226
Goat and kid..
thous. of skins..
2,879
3,189
2,950
2,973
2,996
3,328
3,045
Sheep and lamb
do
2,852
r
Revised.
•New series. Data beginning January 1918 appear in table 46, p. 14 of the November 1940 Survey.
fExports of motor fuel revised; for data beginning January 1913, see table 54, p. 16 of the December 1940 Survey. F o r revised series
price of gasoline, see table 6, p. 18 of the January 1941 Survey.
^Revised data for 1939 appear on table 1, p. 17 of the January 1941 Survey.
917
1,944
2,665
3, 390
on wholesale, t a n k w a g o n ( N . Y.)?
93
SURVEY OF CURRENT BUSINESS
February 1941
Monthly statistics through December 1939, together with explanatory notes and references
to the sources of the data, may be found in the
1940 Supplement to the Survey
1940
February
March
April
May
June
July
August
September
October November
0.343
LEATHER AND PRODUCTS—Continued
LEATHER—Continued
Prices, wholesale:
Sole, oak, scoured backs (Boston)
dol. per lb_
Chrome, calf, B grade, black, composite
dol. per sq. ft-.
Stocks of cattle hides and leather, end of month:
Total
thous. of equiv. hides.
In process and
finished
do._Raw
do...
0.345
0.355
0.358
0.348
0.345
0.345
0.344
0.340
0.325
0.305
0.300
.478
.452
.456
.455
.457
.466
.469
.455
.453
.442
.440
12,997
9,276
3,721
13,029
9,357
3,672
12,887
9,203
3,684
12, 578
8,911
3,667
12, 529
8,730
3,799
12, 508
8,812
12, 737
8,891
3,846
12, 621
8,743
3,878
12,566
8,629
3,937
144,489
81,484
63,005
125,954
70,321
55, 633
154,325
88,956
65,369
155, 402
88, 333
67,069
146, 345
81,355
64, 990
169,671
100,717
68,954
179, 972
108, 674
71, 298
0)
0)
0)
(0
(0
0)
r
12, 740
8,708
' 4, 032
13,176
8, 935
4,241
13, 529
8,130
4,399
LEATHER MANUFACTURES
Gloves and mittens:
Production (cut) ; total
dozen pairs.
Dress and semidress
do___
Work
do-.Boots, shoes, and slippers:
Exports
thous. of pairs.
Prices, wholesale, factory:
Men's black calf blucher
dol. per pairMen's black calf oxford, corded tip _ d o - - 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, leather, 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.—
0)
0)
0)
0)
0)
0)
0)
0)
()
0)
0)
0)
108
161
196
316
220
177
142
129
105
202
206
168
170
6.00
4.25
3. 30
6.00
4.25
3.15
6.00
4.25
3.21
6.00
4.25
3.30
6.00
4.25
3.30
6.00
4.25
3.30
6.00
4.25
3.30
6.00
4.25
3.30
6.00
4.25
3.30
6.00
4.25
3.30
6.00
4.25
3.30
6. 00
4. 25
3.30
COO
4.25
3.30
31,193
'485
331
1,003
25,058
1,312
1,873
3,211
8, 606
10,055
28,690
323
277
873
23,694
1,106
1,628
3, 357
7,939
9,663
33,885
274
414
1,291
30, 298
1,169
1,838
3,903
8,985
14,403
35,651
285
529
1,299
31,324
1,178
1.894
3,816
9,094
15, 343
34,551
311
824
1,048
29, 538
1,067
1,821
3,614
8,337
14, 700
31,056
349
915
692
25, 556
1,017
1,703
2,825
7,588
12,424
29, 479
343
965
424
23, 801
1,161
1,575
2,601
7,419
11,045
27, 905
371
691
303
22, 668
1,230
1, 600
2, 950
6,925
9,963
33, 590
323
302
370
28,113
1,391
1,710
3.357
8,018
13, 638
39,315
359
302
519
32, 837
1,624
1,790
3,669
9,622
16,132
34, 992
389
319
474
28, 208
1,366
1,791
3,342
8,079
13, 030
4,071
245
3,285
239
1,253
355
1,870
345
2,288
542
2,880
663
3,127
819
3,184
687
4,005
476
4,946
353
5,413
189
36, 746 '30, 402
508
'517
311
297
842
834
28, 566 • 22, 409
1,533
1,281
2 132
' 1,823
3i 468
' 2, 881
10, 112 r 8, 618
r
11,321
7, 806
6, 283
244
r 6,134
203
940
271
356
374
72, 802
! 0,342
56, 4W
74,975
53. 023
71.548
LUMBER AND MANUFACTURES
LUMBER—ALL TYPES
Exports, total sawmill products
M bd. ft-.
Sawed timber
do.—
Boards, planks, scantlings, etc
do...
Imports, total sawmill products
do--_
National Lumber Mfrs. Assn.:
Production, total
mil. bd. ftHardwoods
do._Soft woods
do.. _
Shipments, total
do--_
Hard woods
do... _
Soft woods
do-.Stocks, gross, end of month, total
do._.
H ardwoods
do_ - Soft woods
do--_
61,960
6. 443
36, 434
71, 202
84, 832
17, 063
62,104
53, 253
77,
18,
49,
53,
513
278
416
650
59, 734
13,217
41,197
45, 373
62, 458
14,909
43, 500
44, 088
79,
19,
52,
45,
880
934
469
357
26, 859
65, 731
71, 006
91,180
14, 892
62, 509
60, 725
108,059
14, 880
81, 099
65, 714
98, 296
11,155
68, 262
64, 704
89,
12,
69,
71,
2,221
346
1,875
2, 394
377
2.017
6. 552
1, 487
5, Of35
2, 002
359
1,642
1, 848
306
1,542
7, 665
1,807
5,858
1,817
338
1,480
1,846
329
1,516
7,610
1,817
5,793
1,845
354
1,491
1,864
348
1, 516
7,621
1, 823
5,798
2.051
339
1,712
2,099
339
1, 760
7,565
1,825
5,741
2,199
341
1, 858
2,211
338
1,874
7,553
1,825
5,728
2,342
344
1,998
2,395
355
2,040
7, 513
1, 812
5,700
2,262
298
1,963
2,224
348
1,875
7,577
1,768
5,810
2,237
281
1,956
2,364
359
2,005
7,483
1,699
5,784
2,540
318
2,222
2,655
390
2, 266
7,377
1, 634
5, 743
2,474
359
2,115
2,737
410
2,327
7,161
1, 588
5, 573
2. 647
421
2. 226
2, 935
463
2, 471
6, 902
1,546
5, 356
2, 333
378
1,955
2, 568
420
2, 148
6 686
1,514
5, 171
M bd. ft.
do_-_
do-_do-_.
._do-._
5, 750
10,100
7,600
6, 600
17, 500
4,800
11. 575
7, 000
6,000
19,125
5,800
11,125
7,150
6,050
20,125
6,200
11, 250
6,600
6,100
20,700
6,350
10, 625
6, 350
7,025
20, 035
6,350
9,900
6,850
6,950
19, 700
6,550
9, 360
6,420
7,270
19, 060
7,000
8,900
6,450
7,400
18,400
9,350
9,375
7,450
8, 750
17,350
10, 725
10,800
8,175
9,350
16, 600
8,700
11,150
7,500
8,400
16,000
9, 900
11,600
9, 200
9, 600
15, 850
6, 450
11, 150
7, 100
7, 000
16, 200
do...
,.do-__
do...do-_do._.
25,942
46, 695
44,254
36. 664
62, 788
25,
42,
36,
30,
77,
44,
56,
35,
29,
81,
622
980
252
850
295
42, 338
66, 205
33, 435
33, 312
81,012
39,
68,
35,
37,
78,
658
068
266
696
471
34, 438
61, 242
41,190
41,264
79, 397
45, 935
61,461
43, 865
45, 716
75,139
33, 357
52, 512
38,015
43, 127
70, 027
49,587
59,380
41, 658
44,412
65,317
65, 836
72, 557
46,148
52, 655
57, 879
51, 344
73,818
46, 916
50, 083
52,712
47, 571
68,765
51,938
52, 624
51, 426
31,588
55, 519
48,413
44, 642
55, 197
14, 285
4, 157
10,128
38, 971
12, 619
26, 352
34, 959
14, 556
20, 403
25, 704
8,424
17, 280
31,103
11, 849
19, 254
33, 243
13, 603
19, 640
45, 288
21,375
23, 913
29, 078
10,180
18,898
38,014
10, 771
27, 243
37, 625
9,595
28, 030
26, 888
9,385
17, 503
32,170
9. 130
23, 040
30, 752
8', 390
22, 362
21. 070
20.482
20.090
20.090
19. 698
19. 600
19.600
19. 600
20. 825
23.030
23. 030
23.765
44.100
42.140
40. 964
39. 690
39. 200
38.220
37.485
36. 260
36. 260
37. 975
42.140
42.140
43.120
11,293
1.868
9, 425
640
498
50. 868
718
692
1,503
19, 063
4,017
15,046
495
306
41. 875
626
532
1,919
15,144
3,489
11, 655
525
334
41. 500
527
497
1,949
14, 747
4,518
10, 229
516
357
41. 798
558
493
2,014
12, 838
2,697
10,141
587
331
41. 873
636
613
2,037
18, 348
5,838
12, 510
677
348
41. 662
651
660
2,028
25, 928
4,866
21, 062
688
324
41. 783
675
712
1,991
28, 209
4,341
23, 868
623
350
40. 865
602
597
1,996
27, 689
3,597
24,092
799
440
41. 536
625
709
1,912
15, 990
948
15, 042
948
570
43. 045
720
818
1,814
22 224
2^368
19, 856
905
603
46. 010
739
872
1,681
10,964
989
9, 975
949
600
48.676
827
952
1, 556
11,581
1,215
10, 366
763
550
50. 585
734
813
1,477
397
380
329
262
325
279
282
354
285
400
287
457
304
421
300
495
326
653
442
629
532
546
486
441
433
33. 58
344
446
1,812
28.99
291
321
1,923
28.77
215
309
1,829
28.86
212
297
1,744
29.30
279
351
1,672
29.09
389
397
1,664
29.02
522
441
1,745
28.49
541
425
1,861
28.01
570
469
1,962
29.71
549
539
2,051
31.73
544
592
1,997
33.04
414
494
1,917
FLOORING
Maple, beech, and birch:
Orders, new
Orders, unfilled, end of month
Production
Shipments
Stocks, end of month
Oak:
Orders, new
Orders, unfilled, end of month
Production
Shipments
Stocks, end of month
692
285
046
599
066
SOFTWOODS
Douglas Fir:
Exports, total sawmill products
M bd, ft-_
Sawed timber
do
Boards, planks, scantlings, etc
do
Prices, wholesale:
No. 1, common boards
dol. per M bd. ft_.
Flooring, 1 x 4 , " B " and better. V. O.
dol. per M bd. ft
Southern Pine:
Exports, total sawmill products
M bd. ft.
Sawed timber
do
Boards, planks, scantlings, etc
do . . .
Orders, new f
mil. bd. ft._
Orders, unfilled, end of month
do
Price, wholesale, flooring..dol. per M. bd. ft..
Production t
mil. bd. ft-Shipments t
do
Stocks, end of month
do
Western Pine:
Orders, new.
do
Orders, unfilled, end of month
do.- Price, wholesale, Ponderosa pine, 1x8, No. 2,
common (f. o. b. mills)
dol. per M bd. ft.
Production
mil. bd. ft..
Shipments
do
Stocks, end of month
...do
r
Revised.
» Discontinued by
jData for 1939 revised on the basis of Census
28.17 I
618 j
537 !
2,043 I
compiling agency.
figures. Revisions not shown on p. 47 of the January 1941 Survey will appear in a subsequent issue.
94
SURVEY OF CURRENT BUSINESS
Monthly statistics through December 1939, to- 1940
1939
gether with explanatory notes and references
to the sources of the data, may be found in the Decem- December
1940 Supplement to the Survey
ber
February 1941
1940
January
February
March
April
May
June
July
August
Sep- 1
tember
Novem; ber
LUMBER AND MANUFACTURES—Continued
SOFTWOODS—Continued
West Coast Woods:
Orders, new
Orders, unfilled, end of month
Production
Shipments
Stocks, end of month
Redwood, California:
Orders, new
Orders, unfilled, end of month
Production
_
Shipments
Stocks, end of month
mil. bd. ft.
do...
do__.
.do...
do...
. M bd. ftdo...
...do...
do...
do....
552
693
586
641
851
463
452
516
487
930
656
507
535
521
953
522
513
529
538
961
546
520
601
594
976
556
517
612
606
981
667
425
596
662
926
40, 469 17, 749 25, 331 21, 544 29, 704 31, 450 29,263
51,877
28,678
26, 517 26,416
32,472
31,371
26, 555
29, 761 27, 883 27, 239 29,105
28, 727 31, 207 31,310
31. 476 20,802 23, 793 21, 957 27, 237 31, 562 33, 391
270,158 297,976 296,026 301,176 299, 227 298, 317 294,231
531
383
610
638
920
29, 500
27, 468
29, 293
28,016
292, 640
811
510
549
593
900
726
623
655
664
892
655
647
607
672
865
788
681
026
653
860
574
726
F582
574
867
27, 586 35, 963 32, 836 47, 674 36,
25,901
32,173
35, 545 42, 855 42,
31, 533 36,059
28, 477 30,156
31,
29, 365 31, 290 29, 024 38, 245 36.
289, 079 283, 907 286, 622 282, 098 275,
581
849
468
318
402
FURNITURE
All districts:
Plant operations.
percent of normalGrand Rapids district:
Orders:
Canceled
percent of new orders.
New
no. of days' production.
Unfilled, end of month
do_._
Plant operations
percent of normal.
Shipments
no. of days' production.
Prices, wholesale:
Beds, wooden
1926 = 100.
Dining-room chairs, set of 6
do...
Kitchen cabinets
do...
Living-room davenports
do_ _.
Steel furniture (see Iron and Steel Section).
74.0
65.0
60.0
63.0
63.0
62.0
62.0
63.0
60.0
65.0
71.0
76.0
8.0
17
33
75.0
20
8.0
13
26
67.0
16
5.0
23
33
63.0
16
8.0
16
30
65.0
16
6.0
15
25
58.0
16
10.0
15
23
61.0
14
7.0
14
22
62.0
14
4.0
14
25
62.0
12
3.0
23
32
57.0
15
3.0
24
38
64.0
18
4.0
28
43
69.0
21
3.0
29
46
75.0
25
5.0
21
40
74.0
23
77.9
102.3
88.1
87.2
77.9
102.3
88.1
87.2
77.9
102.3
88.1
87.2
77.9
102.3
88.1
87.2
77.9
102.3
88.1
87.2
77.9
102.3
88.1
87.2
77.9
102.3
88.1
87.2
77.9
102.3
88.1
87.2
77.9
102.3
88.1
87.2
77.9
102.3
88.1
87.2
77.9
102.3
88. 1
87.2
77.9
102. 3
88. 1
S7. 2
77.9
102.3
88.1
87.2
600,437 583, 521 671, 301 663, 980 612, 906 783, 964 936, 047 1,034,938 1,402,075 1,221,052 11,105,510
206,402 187, 457 234,716 206,928 221,152 312, 483 318, 369 327,129 355, 991 255, 608 258, 926
6,740
5, 096
14, 709
8,274
6,674
7,759
5,505
2,105
3, 542
2,508 I 3,966
273
29
442
1,267
33
482
16
1
152
56 I
242
788,176
74, 349
METALS AND MANUFACTURES
IRON AND STEEL
Foreign trade:
Exports (domestic), total
longtons.. 805,158
Scrap
do
69,980
Imports, total
do
4,064
Scrap
do
48
Price, wholesale, iron and steel, composite
dol. per long ton. 38.30
Ore
Iron ore:
Lake Superior district:
Consumption by furnaces
thous. of long tons,.
6,173
9
Shipments from upper lake ports
do
Stocks, end of month, total
do
36, 073
At furnaces
do
31, 792
On Lake Erie docks
do
4, 281
Imports, total
do. _
174
Manganese ore, imports (manganese content)
thous. of long tons-
37.18
37.09
36.97
36.83
36.69
37.33
5,538
0
35, 440
30, 805
4,635
163
5,289
0
30,189
25, 901
4,288
209
4,242
0
25, 967
22, 087
3,880
237
4,088
0
21, 862
18, 412
3,450
167
3,935
465
18,106
15, 155
2,951
257
4, 566
7,245
19, 603
18, 717
2,886
175
54
39
43
42
36
35,730
39,881
48.7
42, 975
252
38.08
37.63
37.70
5,213
9,487
23, 516
20, 428
3, 088
162
5, 524
10. 383
28, 244
24, 608
3,636
249
5,701
10, 480
32, 935
28, 708
4,227
194
63
51
39
98
49
40
61
35, 290
40, 529
50.1
41,975
35,563
37,511
45.2
40,919
36, 503
34, 700
42.7
33,323
45,025
38, 872
46.7
34,226
52, 994
48, 926
58.8
43, 216
53, 079
49. 804
61.4
45, 943
71,129
62, 293
75.0
61,161
64,612
57, 717
71.2
56, 321
104, 675 106,395
152
157
119,905
172
37.92
5,672 I
9. 935
37,090
32, 432
4, 658
164
38. 07
6. 051
10. 009
41,125
36. 280
4. 846
5,973
5. 341
41, 712
36, 925
4,787
°29
Pig Iron and Iron Manufactures
Castings, malleable:
Orders, new
short tons.. 66, 665
45,978
40, 438 34, 901
Production
do
53, 372 42.163
53,663
60,155
51.7
64.2
Percent of capacity
65.2
74.2
53, 753 52,088 43, 935
Shipments
short tons.. 60,127
Pig iron:
Furnaces in blast, end of month:
Capacity t
...short tons per day.. 142, 480 136,702 123,990 106,040
191
177
157
202
Number
Prices, wholesale:
22.50
22.90
22.50
22.50
Basic (valley furnace)
dol. per long ton._
23.15
23. 15
23.15
23.15
Composite
do
24.89
25.29
24.89
24.89
Foundry, No. 2, northern (Pitts.)
do
4,221
4,415
4,032
3,311
Productiont
...thous. of short tons..
Boilers and radiators, cast-iron:
Boilers, round:
1,934
1,418
1,648
1,456
Production
thous. of lb_.
1, 884
1,740
1,207
2,117
Shipments
do
11,021
12,002
11,935
11,487
Stocks, end of month
do
Boilers, square:
14,816
18, 964
20,616
16,525
Production
do
18, 547
16, 227 15, 443 11,214
Shipments
.
do
80, 564
Stocks, end of month
do
77,878 79,128 88,593
Radiators:
Convection type:
Sales, incl. heating elements, cabinets,
390
and grilles-.thous. sq. ft. heating surface.
566
0)
Ordinary type:
Production
do
6,245
4,474
5,530
4,735
Shipments
do....
6,537
3,135
5,166
4,173
Stocks, end of month
do
21,831
21,653
21,767 24,222
Boilers, range, galvanized:
Orders, new, net
number of boilers.. 70, 989 72, 380 69, 407 55, 026
Orders, unfilled, end of month
do
38, 795 44, 213 36,086
24, 532
66, 039
Production
-do
72, 245 81,252 79,565
77,534 66, 580
Shipments
do
67, 414 77,166
36, 253
Stocks, end of month
do
41, 447 34,763 36,794
i Temporarily discontinued by reporting source.
fRevised series. Data on pig iron have been converted from a long to a short tonnage
1940 issue.
22.50
23.15
24.89
3,270
22.50
23.15
24.89
3,137
22.50
23.15
24.89
3,514
1,602
1,079
12, 454
2,292
1,177
13,565
2,754
1,334
14,923
18,790
9,253
98,121
17,900
10,933
105,043
20,922
12,024
114,032
131, 360 131, 760 137, 500 140,620 |144, 290 148, 000
193 |
201
190
196
182
187
22. 50 ! 22.50
22.50
22.50
22.50
22.50
23.15
23.15
23.15
23.15
23.15
23.15
24.89
24.89
24.89
24.89
24.89
24.89
4,403
4,238
4,054
3,819
4,
446
4,177
1,848
2,732
13, 873
2.371
3,851
12,513
3, 598
5,145
10, 750
2,416
2,451
10, 622
18, 698 17, 352 26,185
14,776
22, 916 31,100
117, 975 112,369 107, 267
26, 340
40, 342
93,029
32, 701
43,767
82, 205
23, 788
26,059
80, 064
1,697
1,613
15, 009
1,449
1,698
13,477
505
431
691
768
(0
<*>
5,701
3,195
26,829
5,670
3,626
28,896
6,579
4, 539
30,971
5,697
4,670
31,913
4,817
6,486
30,108
7,147
8,193
29,168
6,415
9,436
26, 087
8,454
11, 769
22, 805
8,042
8,952
22,103
55,339
19,161
59,319
60,710
34,862
51, 062
18,507
51,012
51,716
34,158
72, 725
23,048
68,816
68,184
34,790
75, 427
31,158
70,452
67,317
37,92 5
85,139
38,194
77,879
78,103
37, 701
64, 831
27, 315
76, 467
75, 710
38, 458
73,821 106, 716
32,119 42, 094
68, 522 97, 266
69 017 96, 741
37, 963 38, 488
75, 369
35, 220
80, 371
82, 243
36, 616
0)
0)
basis; data for production beginning 1913 are shown in table 38, p. 14 of the October
95
SURVEY OF CURRENT BUSINESS
February 1041
Monthly statistics through December 1939, together with explanatory notes and references
to the sources of the data, may be found in the
1940 Supplement to the Survey
1940
1940
1939
Decem- December
ber
January
February
March
April
May
June
July
August
tember 11 O c t o b e r
Novem
bor
METALS AND MANUFACTURES—Continued
IRON AND STEEL—Continued
Steel, Crude and Semimanufactured
Castings, steel:
Orders, new, total
short tons_.
Percent of capacity
Railway specialties
short tons._
Production, total
do
Percent of capacity
Railway specialties
short tons..
Ingots, steel:
Production!
thous. of short tons..
Percent of capacity
Bars, steel, cold-finished, carbon, shipments
short tons..
Prices, wholesale:
Composite, finished steel
dol. per lb__
Steel billets, rerolling (Pittsburgh)
dol. per long ton_._
Structural steel (Pittsburgh)
dol. per l b .
Steel scrap (Chicago)
dol. per gross ton...
U. S. Steel Corporation:
Shipments of rolled and finished steel products §
thous. of short tons..
6,301
64,143
54.8
28, 262
79, 732
68.1
33, 146
43,121
36.8
8,302
80,146
68.5
34, 019
40,913
35.0
10, 472
67,454
57.6
28, 506
36, 612
31.3
7,182
58, 404
49.9
22, 847
41. 353
35.3
8,849
52,078
44.5
17,017
50. 346
43.0
12, 967
50. 034
42.8
15,137
59, 661
51.0
20, 764
50, 651
42.5
14, 483
67,035
57.3
20, 770
57, 763
49.4
17,993
71, 734
61.3
26,873
66,355
56.7
21, 292
5,822
91
5.655
82
4,409
4,265
64
3,975
60
4,841
r 71
5,533
'87
5,595
r
85
6,033
52,999
57, 791
.0265
83, 545 112,327
71.4
96.0
28, 018 49, 349
64,122 83,938
54.8
71.7
21,152
31,811
5,895
94, 929
81.1
27,718
81,192
69.4
32, 066
6, 462
94
6, 283
' 95
61, 591
57,232
46, 277
45, 405
.0265
.0265
.0265
.0265
.0265
44, 621 43,654 44, 474
.0262
. 0265 .0265
.0265
.0265
. 0265
. 0265
34.00
.0210
20.60
34.00
.0210
16.56
34.00
.0210
16.38
34.00
. 0210
15.75
34.00
.0210
15.69
34.00
. 0210
15.33
34. 00
.0210
16. 88
34.00
.0210
18.19
34.00
.0210
17.35
34.00
.0210
18.03
34.00
.0210
19.22
34.00
.0210
19. 75
34.00
.0210
20.06
1,545
1, 444
1,146
1, 009
932
908
1. 084
1,210
1, 297
1, 456
1, 393
1,572
1,425
486
1,452
77.8
1,442
52
768
1,469
82.9
1,457
61
450
1.138
65.4
1,158
42
335
803
46.2
809
36
243
852
49.0
854
34
235
951
54.7
949
37
292
930
53.5
916
51
377
1,098
63.1
1,102
47
350
1,081
62.2
1,075
53
436
958
55.1
964
47
700
1,305
75.1
1,298
54
431
1, 520
87. 4
1, 534
40
402
1.457
78.9
1,455
42
1,563
835
554
477
534
558
411
761
526
878
630
1,066
809
1,761
1,007
1,680
1,214
1,275
1,098
3,726
1, 557
1, 708
1,221
1.722
1,026
4, 357
2, 983
3,583
2,095
1. 247
2,160
2, 367
1,350
2,264
2. 200
1, 286
2,264
2,097
958
2,424
2,219
1,169
2,008
2.M9
1,186
2,102
2,236
1,262
2,160
2,373
1,385
2,249
2,240
1, 2S6
2,339
2,601
1,495
2, 392
3, 323
1, 728
3, 090
3, 336
2,181
2, 884
844
658
790
540
494
534
504
443
556
481
444
479
475
368
552
494
363
499
594
447
510
547
472
522
602
497
577
541
493
545
639
498
634
797
599
696
23, 627
6, 665
33, 804
9,781
25, 824
5, 254
35, 435
12, 282
36, 213
6,643
40, 408
15, 690
48, 639
10,100
(3)
(s)
40
236. 26
234. 38
236. 57
236. 86
236. 78
236. 75
236. 75
237. 28
237.14
2, 731
241
2, 746
173
,776
188
i 9, 886
J 959
i 846
1870
i 527
i 2, 324
i 71.8
2,947
170
2, 895
173
2, 538
158
2,803
174
3,247
195
3, 352
196
3, 958
229
3, 296
233
2,814
236
256
245
165
580
54.3
3,287
206
295
281
146
716
65.9
3, 550
326
325
317
131
749
71.2
3,964
367
357
359
128
812
73.9
4,415
455
347
385
130
915
82.3
4, 213
423
371
368
93
919
86.3
4,670
475
401
430
79
1,069
96. 8
4,480
444
377
430
114
1,047
97.4
i 177
1309
t 537
i 699
1793
8, 446
52
77
174
235
236
7,654
45
99
210
248
274
7,276
56
104
234
244
300
6,075
60
104
286
239
328
6,063
72
110
331
244
353
6, 480
70
121
311
193
339
5, 496
86
147
362
189
382
5,505
83
138
374
200
350
5, 733
Steel, Manufactured Products
Barrels and drums, steel, heavy types:
Orders, unfilled, end of month___thousands..
Production
do
Percent of capacity
Shipments...
thousands. _
Stocks, end of month
do
Boilers, steel, new orders:
Area
thous. of sq. ft__
Quantity
number..
Furniture, steel:
Office furniture:
Orders, new
thous. of dol_.
Orders, unfilled, en • 'J month
do
Shipments
do
Shelving:
Orders, new
do
Orders, unfilled, end of month
do
Sh ipments
do
Plate, fabricated steel, new orders:
Total
short tons..
Oil storage tanks
do
Plumbing and heating equipment (8 items),
wholesale price ..
dollars. _
Porcelain enameled products, shipments
thous. of dol..
Spring washers, shipments*
do ...
Steel products, production for sale:f
Total
thous. of shoi t tons._
Merchant bars
do
Pipe and tube
do
I lates
do
Bails
do
£ beets, total
do
Percent of capacity
Strip:
Cold rolled
thous. of short tons..
Hot rolled
do....
Structural shapes, heavy
do
Tin plate
.
do
Wire and wire products
do
Track work, shipments
.
short tons..
237. 31
3,472
248
236.
2. 632
221
4, 619 i 12,092
437 i 1,187
384 i 1,184
443 i 1,045
131
1316
1,050 i 2,945
95.1
i 95.5
89
139
331
203
374
7,151
1
248
i 1,013
6,768
762
6,898
718
652
665
C3)
237.
31
NONFERROUS METALS AND
PRODUCTS
Metals
Aluminum:
45,117
56, 789 46, 850 53,357
50,158
Imports, bauxite
long tons— 97, 668 58,826
33, 449 43,110 44, 923
50,45f> 54, 651 53,024
Price, wholesale, scrap, castings (N. Y.)
. 0855 .0894
. 0904
.0902
.0860
.0838
.0863
dol. per lb__
.0970
.0950
.0913
.0925
.0948
Bearing metal (white-base antifriction):
Consumption and shipments, total
2,118
2, 373
2,348
2,691
2,296
1,966
1,664
2,238
1,955
2,322
1,749
1,923
2,034
thous. of lb__
560
876
622
614
643
620
475
505
514
429
363
672
634
Consumed in own plants
do
1, 558
1,472
1,682
1,619
2, 048
1, 751
1,188
1,460
1.321
1,442
1,561
1,650
1,400
Shipments
do
Copper:
Exports, refined and manufactures
15,658 38, 829 17,903
62,393
38, 512
63, 775 40, 745 39, 273 25, 494 35, 422 36, 236
short tons.. 13, 395 62, 505
40, 710 43, 044 32,790
35,159
25,945
23,041
22, 635
31, 558 30, 538 22, 554 30, 550 28,532
29, 545
Imports, total
do
27,
498 24, 610 20,507
26,446
28,134
14,
335
17,
969
12, 648 27,672
27, 953
29, 869 28, 698 22, 485
For smelting, refining and export
do
Product of Cuba and Philippine Islands
25
799
214
1,415
2,014
2,101
66
1,197
481
1,026
10
1 688
1,395
short t o n s 11,484
13,187
17,019
314
11,283
4,185
2
569
7,509
1
All other
do
478
814
Price, wholesale, electrolytic (N. Y.)
.1130
.1180
.1183
.1109
.1056
.1071
.1113
.1195
.1108
.1180
.1228
.1115 .1116
dol. per lb._
Production:
Mine or smelter (incl. custom intake)
79, 967 78, 238 86,911
84, 507
79, 327
89, 598 76,145 85, 796 84, 366 82, 682 79, 845
short tons.. 84, 937 2 408.775
80,851
96,283
82, 843 83,076
97, 035 2 379,841
86, 029 86, 077
90,995
80, 501 82, 761 86, 295 80,964
Refinery
do
97, 719 96, 485 103, 771 102,483
112,681 2 536,899 104, 545 72, 809 71,893
71,639
76, 485 65,155
74, 758
Deliveries, refined, total
do
112,671 1 457,315 91, 428 63. 215 64. 376 68, 665 69, 467 61,716
96, 383 96, 485 103, 771 102,483
Domestic
_do
71, 226
10 2 79, 584 13,117
9, 594
3,439
1,336
2,974
Exportdo
7,018
7,517
3,532
142, 772 159,485 135,441 145, 393 159, 795 169,120 178, 664 199, 586 215,823 198,955 185, 313 164, 618 158,418
Stocks, refined, end of month
do
l
2
'Revised.
Quarterly data; monthly reports initiated April 1940.
Total for August-December.
s Temporarily suspended by reporting source.
§Monthly data beginning 1929, corresponding to the monthly averages on p. 132 of the 1940 Supplement, appear on p. 18 of the April 1940 Survey.
• Data are for 6 manufacturers beginning January 1940.
f Revised series. Steel ingot production and steel products, production for sale, have been converted from a long to a short tonnage basis; data beginning 1913 for steel ingot
production are shown in table 26, p 17, of the May 1940 Survey; data beginning 1933 for steel products appear in table 45, p. 14, of the November 1940 issue.
96
SURVEY OF CURRENT BUSINESS
Monthly statistics through December 1939, to- 1940
1939
gether with explanatory notes and references
to the sources of the data, may be found in the Decem- December
1940 Supplement to the Survey
ber
February 1941
1940
January
February
March
April
May
June
July
August September
Octo- November
ber
METALS AND MANUFACTURES—Continued
NONFERROUS METALS AND
PRODUCTS—Continued
Lead*
Metals—Continued
Imports, total, except manufactures (lead con4,164
tent)
short tons.- 19,205
4,496
4,787
2,958
2,866
7,404
4,723
16, 581
10, 230
10, 739
27, 739
19,084
Ore:
35. 937
37,949
38,847
38, 835
37, 649
37,963
40,196
Receipts, lead content of domestic ore .-do
36, 957
36,988
37, 759
35,916
38, 641
36, 400
3,710
3,110
3,892
4,234
4,079
4,474
Shipments, Joplin district^
do
4,393
3,538
3,705
2,878
3,688
3,446
4,485
Refined:
Price, wholesale, pig, desilverized (N. Y.)
. 0550
.0547
.0508
.0519
. 0550
.0571
.0502
dol. perlb..
.0500
.0500
.0493
.0485
.0531
.0573
42,547
47,149
40,564
44,783
31,192
37,918
Production from domestic ore-.short tons.. 47, 208
35,343
34, 041
41, 528
36, 851
39, 228
45, 089
39,176
46, 353
56, 755
44,881
39, 875
46, 496
Shipments (reported)
do
46, 919
49, 904
52, 560
53, 456
51, 643
57, 510
62,496
72, 658
74,692
40, 926
63, 610
68,539
Stocks, end of month
do
58,777
62, 955
55, 343
47,360
41, 292
43, 321
35, 791
35, 386
Tin:
Consumption of primary tin in manufac5,610
6,940
5,540
5,960
6,360
tures
.long tons..
6,370
6,420
6,650
5,800
6,230
6,220
6,600
11,366
9,358
9,780
9,244
7,855
7,905
Deliveries
do
7,325
9,225
12, 470
11,410
11,820
12, 505
6,499
12,
518
14,
504
8,851
10,334
7,886
7,982
Imports, bars, blocks, etc
do
9,185
11,611
12,926
14,604
10.116
10, 237
.4594
.4672
.4682
.5011
.5064
.4709
.5148
.5159
Price, wholesale, Straits (N.Y.)--dol. per lb_.
' . 5454
.5118
.5032
.5149
.5056
33,148
35,573
32,149
38, 280
32, 339
30,562
38, 736
Visible supply, world, end of mo.-long tons.. 44, 678
31, 869
38,040
39, 450
40, 631
40, 046
2,078
1,749
2,964
3,302
3, 677
2,635
6,567
United States (excluding afloat)
do
9,179
5,300
6,583
9,438
6, 623
4,362
Zinc:
Ore, Joplin districti
28,163
35,611
28,026
29,393
31,424
41,183
Shipments
short tons.. 40,975
44,323
33, 530
35,116
34, 250
43, 269
29, 538
3,551
3, 900
4,798
5,454
13, 548
4,097
5,851
Stocks, end of month
do
9,201
10,452
7,098
17, 045
8,842
11,553
Price, wholesale, prime, western (St. L.)
. 0725
.0564
.0553
.0575
.0598
.0575
dol. per lb..
. 0580
.0625
.0624
.0639
.0692
.0725
.0725
Production, slab, at primary smelters
57,941
52, 399
53, 387 • 56,184 • 53, 055 • 51,457 r 48, 213 r 52, 098 '•51,010 * 52, 869
short tons.. 59, 883
56, 372 r 56, 459
48,159
47, 287
49, 744
47,188
Retorts in operation, end of mo
number. _ 55, 288
49, 805
48, 989
46, 577
47, 545
50,715
53,164
53, 979
55, 288
54,862
49,909
53,468
51,050
Shipments, total
short tons.. 65, 385
46.803
57, 224
53, 935
57, 606
64. 065 r 67, 650 r 65, 713 ' 62, 295
63, 532 ' 65, 869 ' 72,144 • 78, 396 ' 72, 629 r 66,907 r 61, 399 ' 48, 344 r 33, 563 r 24, 222 T18, 386
12, 884
Stocks, refinery, end of mo
do
65, 995
Miscellaneous Products
Brass and bronze (ingots and billets):
5,521
5,799
6,134
Deliveries
short tons._ 10, 567
5,851
6, 735
7,056
6,898
7,181
8.076
8,706
10,093
10, 232
29, 452
Orders, unfilled, end of month
do
8,214
11,436
17,500
14,018
14,034
21,475
21,695
22, 287
17, 823
31,365
34, 221
32, 017
Plumbing fixtures, brass, shipments
1,514
1,735
1,799
thous. of pieces..
1,668
1,582
1,647
1,697
(2)
(2)
(2)
(2)
(2)
Radiators, convection type, sales:
Heating elements only, without cabinets or
30
grilles
thous. of sq. ft. heating surface..
75
45
43
67
103
112
(3)
(3)
(3)
(3)
(3)
Including heating elements, cabinets, and
591
392
grilles
thous. of sq. ft. heating surface..
450
297
520
487
531
()
(3)
(3)
(3)
(3)
(3)
.193
Sheets, brass, wholesale price, mill__dol. per lb-_
.193
.191
.183
.183
.183
.185
.183
.183
.192
.192
.186
.187
Wire cloth (brass, bronze, and alloy):
433
Orders, new
thous. of sq. ft._
343
391
363
350
382
541
606
469
521
435
570
456
978
Orders, unfilled, end of month
do
1,593
1,216
1,073
1,343
1,005
1,041
1,099
1,124
1,033
1,039
1,094
1, 066
518
489
567
476
Shipments
do
445
496
637
489
516
536
423
516
482
763
621
616
627
Stocks, end of month
do
695
716
709
693
694
751
585
793
804
MACHINERY AND APPARATUS
Air-conditioning (circulating, cooling, heating,
I
and purifying) equipment, new orders:t
Air-conditioning systems and equipment
for summer and year-round use
thous. of dol._
1,594
1,411
1, 545
1,263
2,425
2,675
Blowers and fans
do
3,979
3,261
4,910
5,836
Unit heaters
do
3,687
2,013
2,346
3,845
Warm-air furnaces, winter air-conditioning
systems, and equipment
thous. of dol__
10, 312
4,265
6,791
14,494
Electric overhead cranes:
4,172
534
Orders, new
.
do
414
250
467
520
400
499
761
798
1, 657
1,497
957
S, 563
1,683
Orders, unfilled, end of month
do
2,368
1,743
2,172
1,640
1,769
2,430
2,196
3,271
2,744
4,109
5,087
825
594
Shipments.-.
do
435
679
596
515
264
391
334
643
282
629
615
Exports, machinery. (See Foreign trade.)
Foundry equipment:!
183.2
124.5
145. 2
135.7
129.1
New orders, total.
1937-39 = 100.. 257.8
149.0
194.4
164.9
165.4
161.2
254.2
264.0
276.1
127.5
New equipment.
do
209.8
174.2
167.2
162.0
284.8
278.8
203. 2
133.9
Repairs
..do
147.8
138. 3
160.0
201.8
158.6
188.7
Fuel equipment:
Oil burners:
12, 883
11, 239
15, 889
18,154
Orders, new, net...
number.. 17, 016 12, 566 13,108
19, 672
23,008
32, 772
41,895
41,029
22, 705
8,043
2,905
3,050
2, 880
2,767
4,375
4,700
6,974
Orders, unfilled, end of month
do
5,985
8,202
8,607
9,056
7,562
16, 535
12, 963
12, 770
13, 300
11, 522
14, 394
17,829
22,019
Shipments
do
18, 387
41,490
31, 544
40, 580
24,199
16,860
17,144
16, 755
16, 764
15, 672
16, 656
19, 239
23,400
Stocks, end of month,
do
19, 367
19,617
22, 870
18, 060
18,415
44
11
25
6
20
36
33
47
54
Pulverizers, orders, new..
do
25
38
30
52
Mechanical stokers, sales:
6,103
3,654
4,762
4,342
3,996
8,254
6,490
9,769
Classes 1, 2, and 3
do
16, 565
30,951 r 25,153 r 10, 596
23,117
Classes 4 and 5:
254
111
207
149
128
125
161
Number
217
275
352
386
249
407
51,671
39,038
30,177
25,515
28, 591
29,677
42, 332
Horsepower
38,408
58,426
58,411
80,837
80,264 r 45,486
96.8
93.3
93.4
93.3
92.9
Machine tool activity*
percent of capacity. _
92.5
92.3
88.3
93.3
94.9
95.4
96.8
Pumps and water systems, domestic, shipments:
Pitcher, other hand, and windmill pumps
units.. 20, 806 29,441 • 40,421 38, 540 37, 977 33,236
35, 245
41,419
38,476
33, 637
38, 409
32, 634
30,134
969
Power pumps, horizontal type
do
976
1,214
1,396
662
829
804
928
853
905
247
874
906
11,511
Water systems, incl. pumps
do
16,060
13, 389 1 17, 594 14,718
22, 099
20,971
20, 415
19,113
21, 503
18, 657
18, 688 r 15, 477
Pumps, measuring and dispensing, shipments:
Gasoline:
612
Hand-operated
..units
776
1,070
1,685
2, 201
2,330
1,574
(2)
(2)
(2)
(2)
Power
do
6,304
8,693
5,775
7,613
12,577
11,578
11,072
(2)
(2)
(2)
(2)
Oil, grease, and other:
14,417
9,659
14, 466
Hand-operated
do
10, 578
18, 579
20,081
17,968
(2)
(2)
(2)
(2)
3,462
Power
do
1,349
3,244
3,106
2,591
2,676
2,454
(2)
(2)
(2)
(2)
^Data for January, May, July, and October, 1940, are for 5 weeks; other months, 4 weeks.
r Revised.
s
Discontinued by reporting source.
3 Reports temporarily suspended.
*New series. For data on machine tool activity beginning January 1939, see last paragraph of footnote 6 to p. 139 of the 1940 Supplement.
fRevised series. Data on air-conditioning equipment compiled on a revised basis beginning January 1939. For description of series and earlier data, see p. 50 of the
September 1940 Survey. Index of total foundry equipment new orders beginning January 1940 is based on average sales to metal-working industries during 1937-39; earlier
data are based on the old new orders index (1922-24 base) converted to the new base by dividing by 1.328; index for new equipment and repairs available only beginning
May 1940.
8
SURVEY OF CURRENT BUSINESS
February 1941
Monthly statistics through December 1939, together with explanatory notes and references
to the sources of the data, may be found in the
1940 Supplement to the Survey
97
1940
January
METALS AND
February
March
May
April
June
July
August
Septem-;
ber
October
November
MANUFACTURES—Continued
MACHINERY AND APPARATUS—Con.
Pumps, steam, power, centrifugal, and rotary:
Orders, new
thous. of doL.
Water-softening apparatus:
Shipments, domestic
units__
0)
1,049
1,011
1,147
1,457
1,178
1,809
1,963
2,437
2,556
2,878
2,952
3,025
1,201
1,154
1,159
1, 556
1,364
1,623
1,237
0)
(0
0)
(0
0)
10!
159
67
123
73
132
91
133
130
135
186
139
207
133
208
123
198
142
121.9
161.7
180
227
124.8
97.3
110. 4
97.9
113.7
115.9
112.8
107. I
112.7
117.2
107. 6
160.1
113. 8
155.0
126.5
146.6
123.9
161.3
147.7
'254.3
148. 2
223.9
ELECTRICAL EQUIPMENT
Battery shipments (automotive replacement
only):
Unadjusted
_...__ .. 1934-36= KM).
Adjusted
do
Electrical products:
Industrial materials, sales billed
1936= 100.
Motors and generators, new orders
do
Transmission and distribution equipment,
new orders
1936 =100..
Furnaces, electric, industrial, sales:
Unit
kilowatts _ _
Value
thous. of dol. _
Electrical goods, new orders (quarterly)
thous. of doL .
Ironers, household, shipments
units __
Laminated products, shipments. _thous. of dol._
Motors (1-200 hp.):
Billings (shipments), A. C
do
Billings (shipments), D.C
do
New orders, A. C
do
New orders, D.C
do
Power cable, paper insulated, shipments:
Unit
thous. of f t. _
Value
thous. of dol_Ranges, billed sales*
number..
Refrigerators, household, sales
do
Vacuum cleaners, shipments:
Floor
do
Hand-type
do
Vulcanized fiber:
Consumption of fiber paper.-thous. of lb
Shipments
thous. of dol.Washers, household, shipments
units._
127. 7
126.0
181.9
170.2
159.6
119.6
230.7
210. 8
31, 866
1,766
9,587
2,084
167
5,634
324
7,802
557
4,697
314
4, 905
407
5,381
476
5,241
421
5,137
372
18, 847
1,049
16, 965
1,341
12, 228
1,043
514,816
23,191
2,023
254,302
11, 854
1,306
10, 373
1,257
10,183
1,173
238, 846
12,048
1,306
11,984
1,320
10, 590
1,308
268,120
8,571
1,325
11, 464
1,313
13, 848
1,408
411, 595
21,007
1,454
23, 282
1,718
18,925
1,812
3,103
797
3,472
1,867
2,733
582
2,417
813
2,686
775
2,679
622
2,693
860
2,958
803
2,857
815
3,013
3,126
830
3,039
946
3,000
866
3,186
1,703
3,083
914
3,345
1,437
3,280
915
3, 536
1,240
3,207
1,008
3,693
1,371
3,703
1,212
4,731
2,674
3,524
1,297
4, 628
2,209
757
1,253
998
1,463
29, 626 29,128
248, 538 206,418
1,154
1,163
32,167
112, 309
132. 8
123.6
1,167
24, 626
115,214
125,037
36,274
2,981
805
92, 474
655
554
561
721
641
731
13,429
36, 395 32,998
92, 479 234, 662 280,980
628
758
728
564
720
902
836
813
39, 643 43, 308 42,983
33, 403
298, 238 339, 693 385, 688 328,950
92, 806 116,049 147,120 139,768 143, 836 120, 200
27, 362 28, 324 31, 009 30, 441 30,060
24,037
2,492
2,808
2,358
1,999
2,
556
2,368
2,205
••654
589
458
660
539
537
554
77, 270 119,228 142,318 149, 730 135,179 118,987 112,134
118,730
36, 471
74, 565
20, 045
2,449
556
116,422
891
586
1,110
739
34, 714 25, 248
88,187 ' 79, 815
87, 820 108, 564 114,699
30, 359 38, 270
23,047
112, 297
39, 376
2, 742
2,443
2,582
2, 373
714
716
681
599
147, 878 149,002 168, 527 100, 787
PAPER AND PRINTING
WOOD PULP
Consumption and shipments:* §
Total, all grades
short tons_.
Chemical:
Sulphate, total
do
Unbleached
do
Sulphite, total
do
Bleached
do
Soda
do
Groundwood
do
Exports, total, all grades*
do
Imports, total, all grades*
do
Chemical:
Sulphate, total*
do
Unbleached*
do
Sulphite, total*
do
Bleached*
do
Unbleached*
do
Groundwood
do
Production :§
Total, all grades
do
Chemical:
Sulphate, total
do
Unbleached
do
Sulphite, total
do
Bleached
do
Soda
do
Groundwood
do
Stocks, end of month:§
Total, all grades
do
Chemical:
Sulphate, total
do
Unbleached
do
Sulphite, total
do
Bleached
do
Soda
do
Groundwood
do
Price, sulphite, unbleached
dol. per 100 lb_.
719, 200 p669,400 '690,800 ' 645,100 '664, 200 ' 700,000 ' 752,900 ' 733,100 '729,200 '734,600 '673, 500 ' 743, 500 723, 200
321,100
271, 300
212, 200
126, 700
44,700
141, 200
36, 627
70, 686
301,700
260,600
198,900
124, 300
' 46,300
128,300
18, 537
235,419
' 302,000 271,800
' 261, 700 234, 200
'199, 300 197,000
' 125,700 126,200
' 44, 600 ' 38,600
144,900 ' 137, 700
15, 713 27, 333
262,171 158,827
89,859
14,438
8,414
78,493
44, 520 113,814
23, 603 46, 204
20,917 • 67, 610
11,030
30, 465
101,363
79,358
140, 279
48, 887
91, 392
19,199
47,197
38,750
96,109
33, 610
62,499
14, 723
278, 600
238,800
203, 200
125, 600
' 40,900
141, 500
30, 694
73, 915
r290,700
248,900
220, 300
142,400
' 41,800
147,200
37, 417
109, 986
318,800
275,100
228, 800
143,000
' 50, 500
154,800
57, 923
81, 345
317,300
267,200
218,300
' 137, 600
' 47,900
149, 600
40,864
93, 358
310,600
264, 200
226,300
140,700
' 45,100
147,200
64, 702
86,426
'318,300
269, 900
220, 200
134,800
' 42, 200
153,900
60, 379
83, 640
21,030
13, 408
44,172
22, 836
21,336
7,964
30,856
24, 889
65, 035
34,068
30, 967
13, 403
11,815
6,669
50, 045
26, 822
23, 223
18, 446
17,817
13, 058
53, 349
30,294
23,055
21,138
11,385
5,546
54,882
27, 662
27, 220
19, 218
17, 920
12,036
55, 318
31,376
23, 942
9,557
727, 400 '670,400 ' 706,300 '649, 200 ' 677, 300 '706,100
324,000 297,182
275,000 258, 560
206,000 198, 575
121,000 124, 353
45,400 ' 46,300
152,000 134,125
176,700 ' 124,100
34, 900
31,000
77, 900
42, 900
8,900
55, 000
3.46
18, 900
14, 800
77, 600
47, 600
' 4,000
24, 300
2.51
300, 375
258,000
209,460
133,353
' 45,900
150, 460
r
273,137
233, 655
195,482
124, 548
' 39,800
140, 870
277,575
238,075
210, 780
133, 590
' 40,900
148,000
290,946
249,800
207,656
132,417
' 41, 700
165,855
r
' 301, 600
252,400
203, 700
123,500
T
36,900
131, 300
32, 256
65, 554
339,300
285, 300
206, 300
125, 300
' 42, 600
155, 300
39,359
68,112
328, 300
277,900
211,700
126, 500
' 37, 900
145,300
28,693
70, 549
11, 253
7,062
40,188
21, 247
18,941
13,187
10,869
6,515
43, 509
25,112
18,397
12,903
12, 521
7,872
46, 423
27,399
19,024
10, 745
762, 700 "•733,000 '703,600 '736, 800 '668, 500 '755,100
735,900
319,980
275,685
224,485
141,097
' 48, 100
170,128
312,782
265,885
218,970
138, 269
' 48, 400
152,841
309,000
263,500
212,859
131, 459
' 45,700
136, 000
329, 400
280,000
227,671
139, 671
' 42, 700
137, 000
309,000
260,000
202,000
122, 500
' 37,100
120,400
341,900
288,200
220,200
133,200
' 44,000
149,000
326,400
275, 400
212, 600
122, 600
' 38,900
158,000
139,600 '• 143 700 T156, 800 r 162, 900 r 172, 700 ' 172, 600 '147,000 r 149, 200 ' 144, 200 ' 155,800 "168, 500
17, 200
11,000
87, 200
54, 800
' 5, 300
29, 900
2.83
18, 500 17, 500 17,700
10, 400
9,700
10, 600
85, 600 93, 200 80, 500
53,100
61,100
51,100
' 6, 500 ' 6, 500 ' 6, 400
33,100
39,600
58, 300
2.85
2.85
2.96
18, 900
11,200
76, 200
49, 200
' 4, 000
73, 600
3.18
12, 800
14,400
9,900
9,200
76,900
63,500
49, 900 40, 700
' 4,500 ' 5, 100
76, 800 65, 600
3.34
3.46
23, 900
19, 300
71, 000
45, 600
' 5, 600
48, 700
3.46
31, 300
26, 900
69, 300
44,600
' 5, 800
37, 800
3.46
33, 900
29, 800
83, 200
52, 500
' 7, 200
31, 500
3.46
32,000
27, 300
84,100
48, 600
' 8, 200
44, 200
3.46
PAPER
Total paper, incl. newsprint and paperboard.f
Production
short tons-.
Paper, excl. newsprint and paperboard:|
Orders, new
short tons^_
Production
do
Shipments
do
r
Revised.
899, 798 971, 482 974, 568 895,059
897,889
937,032 1,039, 708 980, 385 958, 374 979, 631
867, 691 '1,001,690 949, 326
411,422 416,102 395, 874 369, 670 398, 896 489, 923 514,683 471, 457 398,861 390, 325 '379,447 ' 432,683 423, 575
411,332 464, 540 459, 547 413,634 405, 824 433,189 479, 257 454, 898 446, 234 ' 440, 264 387, 255 '440, 329 420, 714
409, 229 463, 241 439, 603 393, 352 397, 553 421, 506 484, 801 472,531 448,043 ' 428, 306 r 386, 431 '430,228 '415,967
1
Discontinued by reporting source.
• Estimated.
# Domestic pulp used in producing mills and shipments to market.
*New series. Data beginning 1913 for wood pulp are shown on p. 13 of the October 1940 issue. For data beginning 1931 on unit sales of electric ranges, see table 52, p. 18
of the November 1940 issue; the note with regard to the coverage of the industry has been revised as follows: The Association believes the coverage for 1936-40 was between
90 and 95 percent. No data are available for coverage prior to 1936.
fRevised series. For revised data on "total paper" and "paper, excludingj inewsprint and paperboard" beginning 1934, see table 43, pp. 12 and 13 of the November 1940
issue.
§For certain revisions in 1939 data see note marked with a " § " on p. 51 of the December 1940 Survey. Other 1939 revisions will be shown in a subsequent issue.
287880—41—~7
98
SURVEY OF CURRENT BUSINESS
Monthly statistics through December 1939, to- 1940
1939
gether with explanatory notes and references
to the sources of the data, may be found in the Decem- Decem1940 Supplement to the Survey
ber
ber
February 1041
1940
January
February
March
July
May
August
September
October
ber
PAPER AND PRINTING—Continued
PAPER— Continued
Book paper: cf
Coated paper:
Orders, new
short tons..
Orders, unfilled, end of month
do...
Production
..do...
Percent of standard 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. railL..dol. per 100 1b.
Production
short tons.
Percent of standard capacity
Shipments
short tons
Stocks, end of month
do...
Fine paper:f
Orders, new
do...
Orders, unfilled, end of month.
...do...
Production.
__
do. _ _
Shipments
__do___
Stocks, end of month
___do__.
Wrapping paper:!
Orders, new
...do...
Orders, unfilled, end of month
do...
Production
do._.
Shipments
___do._Stocks, end of month
do...
Newsprint:
Canada:
Exports
do...
Production.._
do...
Shipments from mills
do._.
Stocks, at mills, end of month
...do...
United States:
Consumption by publishers
do...
Imports.
do...
Price, rolls (N. Y.)
dol. per short tonProduction
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
Waste paper stocks, at mills
short tons.
16, 968
6,174
17, 726
65.9
15,967
15,326
14, 532
4,154
20, 938
80.9
20, 898
16,151
14, 998
3, 757
16,227
56.4
16, 136
16, 665
15, 105
4,084
14, 925
55.5
15, 067
15, 966
14, 594
3, 975
14. 101
55. 3
15,479
13,949
19, 231
6,624
17, 560
64.6
16,693
15,076
21,195
7,807
20, 928
72.1
20,107
16,110
20,359
8,618
19, 717
74.0
20, 695
15,089
15, 321
5,561
19, 487
69.7
19, 615
14,927
14,896
4,852
17, 333
59.7
17, 038
15,331
13, 520
4,845
13, 672
57.5
13, 570
15,024
18, 334
5,108
18,163
62.5
19, 431
14,158
15,990
5,264
16, 045
58.0
16, 424
13,633
98, 679
48, 845
102,430
61,368
91,400
47,479
85, 546
41, 760
98, 783
41,804
106,471
48,031
123,379
61, 758
119,300
66,165
90, 251
54, 432
94,183
40, 206
80,059
43,337
101,660
41,334
97. 667
45, 775
6.30
96, 229
78.8
96, 378
66, 574
5. 95
5.89
110,731 109, 936
91.9
84.4
110, 950 103, 999
55, 249
51, 783
5. 95
100, 090
83.1
95, 403
59, 876
5. 95
98, 186
79.6
99,065
58, 483
5. 95
5.95
101, 422 115,351
82.8
88.5
100,687 109,723
62,972
58, 375
5.95
109, 905
91.7
114,727
59,511
6.23
106,715
84.1
106, 572
60, 424
6.30
106,091
78.8
103, 839
63, 505
6.30
89, 512
77.8
91, 937
59, 686
6.30
106, 482
80.9
103, 493
63,152
6. 30
09, 208
77.3
95, 074
68, 555
52, 921
26, 224
46, 065
47, 504
63, 797
49,831
30,335
43,489
45, 770
61,901
36,180
24, 388
42,899
43, 086
60, 750
40, 309
17, 751
42,004
41, 444
67,178
35, 057
22,011
44, 856
42, 757
61,110
38,
16,
45,
43,
67,
245
292
429
308
765
35,
15,
39,
37,
64,
977
620
959
807
988
38, 150
15, 697
39, 756
39, 095
64.730
48,
20,
42,
41,
64,
209
611
260
455
913
34,687 >• 35,130
18,817
17,893
43,418
37, 399
41,412 r 36, 373
62, 294
63,160
41. 643 r 42. 808
16, 534 r 18', 696
44, 751 r 42, 997
r
43, 433 ' 42, 375
r
64, 936
64, 093
r
156, 576
84, 749
154,819
149, 794
86, 875
150,
93,
165,
168,
78,
064 147, 507
528 77, 850
575 173,923
365 163, 769
219 86, 656
131,901
65, 994
149, 600
142, 975
90, 903
140, 035 205, 323
62, 586 111,026
148, 805 159,001
145,044 155,651
92, 309
91, 935
197,
120,
178,
188,
83,
542
953
472
088
505
163,646
115,997
164,077
168,415
79,929
152, 619
102,149
168, 567
167,708
80, 961
144, 649
81,622
166,125
164,852
81,774
133, 381
73, 354
140,464
141,373
165, 209
76, 590
162, 492
159, 429
81, 508
158,156
77, 967
157, 204
156,992
r
8 1 , 870
263,450
252,897
276, 457
152, 371
255,
240,
264,
169,
259
656
620
502
752
032
273
261
187, 990
231, 823
211, 322
196, 762
205,
251,
235,
212,
655
279
304
737
263, 884
268, 947
267,134
214,550
301,
323,
334,
203,
209
563
441
672
320, 655
315,343
338, 446
180, 569
318,
332,
337,
175,
841
689
508
750
301, 654
316,607
332,234
160,123
301, 293
282, 322
284,133
158, 312
275, 822
309, 957
287, 943
180, 326
276,
282,
286,
175,
256, 036
217, 323
50.00
80, 837
84, 037
254, 781
230, 094
50.00
77, 836
78, 283
218, 488
198, 760
50.00
84,126
80, 959
216,095
181,344
50.00
81, 455
79, 972
251, 269
176, 887
50. 00
85,143
86, 930
244,181
224, 401
50. 00
86, 277
85,412
257, 565
262, 983
50. 00
90, 207
88, 912
241,639
254, 920
50.00
84, 762
85,194
206, 913
261, 727
50.00
82, 579
86,229
213,105
258, 055
50. 00
86,633
81,714
238,176
239, 679
50.00
77, 888
77, 470
261, 028 251, 457
229, 561 257, 020
50. 00
50. 00
85, 338
88, 192
88, 774 87, 331
13, 455
308, 880
47, 592
12, 952
284, 283
43, 948
16,119
285, 776
42, 760
17, 602
278, 306
38, 061
15,815
246, 228
38, 727
16, 680
238, 670
42, 329
17, 975
247, 206
43, 312
17, 543
257, 567
47,435
13, 893
318,609
44,679
18,812
361,179
46, 245
19, 230
364, 207
45, 919
18, 648
339, 211
42, 039
275,353
393,026
115,143
407,629
70.7
269, 755
283, 228
393,123
173, 212
429,106
72.6
247, 393
280, 033
398,125
140, 269
430, 895
72.1
237, 490
265, 066 279, 402
367, 897 392, 794
115, 266 1.10, 039
399, 970 406. 922
69.1
70.8
241, 242 241,674
291, 285
480, 250
166, 830
417, 566
70.9
225, 577
338, 241
517, 221
204, 249
470, 244
77.1
235, 706
324, 448
437, 874
195,037
440, 725
77.8
240,039
299, 781
398,191
160, 541
429, 561
70.3
251,823
317, 909
414,966
131,890
452, 604
73.9
245,378
283, 660
399,133
131, 242
402, 548
71.2
245,685
333, 739 322, 991
486, 181 426, 614
140, 027 128, 222
473,169 443, 274
75.7
77.8
249, 860 260, 320
90, 670
74,389
90, 003
86, 712
95, 362
91,707
95,478
84, 253
82, 324
98, 135
101,125
111, 106
101,925
2, 552
2,370
2,615
2,444
2,403
2,266
2,524
2, 380
183
171
137
144
2,618
2, 467
151
2,999
2,821
178
952
819
133
681
569
112
1,023
1.370
1,126
953
807
146
746
655
949
812
137
717
608
109
021
745
176
722
651
71
822
166
1.027
916
111
134, 664
140, 463
129,162
139,161
79
18, 203
137, 202
162,347
170, 828
157, 474
18, 740"
16,940
225,
251,
244,
176,
586
344
739
931
16, 055
327,913
39, 188
PAPER PRODUCTS
Coated abrasive paper and cloth:
Shipments
reams.
Paperboard shipping boxes:
Shipments, total
mil. of sq. ft_
Corrugated
___do
Solid
fiber
do___
PRINTING
Book publication, total
no. of editions..
1,122
New books
do
889
New editions
do
233
Continuous form stationery, new orders
thous. of s e t s . . 183,392
Operations (productive activity)
1923 = 100__|
Sales books, new orders
thous. of books..! 17, 481
805
218
253
128,245
86
84
86
80
15,596
18,361
15,910
17,399
137,820
78
17,387
142,780 ! 163,493
80
75
18, 537
17, 999
18, 559 "" 17," 405
RUBBER AND PRODUCTS
CRUDE AND SCRAP RUBBER
Crude rubber:
Consumption, total..—Jong tons.
54, 978
49, 636
50, 192
49, 832
.50, 103 51,619
46, 506
50, 234
47, 011
50, 206
5ft, 477 54, 652
For tires and tubes (quarterly)
do...
115,695
110. 2.M
108, 156
103, 744
72, 496
fmports, total, including latext
do___
71,631
43, 088
59, 257
74,696
70, 700
51, 431
53,889
73,028
09, 474
72, 901
78, 972
Price, smoked sheets (N. Y.)
dol. per lb.
.196
.200
.188
.185
.212
.192
.222
.211
. 203
. 100
. 193
.2H
Shipments, world §
long tons_
88,349 108,883 113,863 112,221
KS, H29 123,047 110, 348 127, 215 ••120,719 ••133,715 '126,228
99, 649
Stocks, world, end of month
do
379,000 434,000 430, 000 444,000 465, 000 471,000 501,000 548,000 584, 000 630, 000
Afloat, total
.
do___
152,000 175,000 193,000 211,000 188,000 210,000 235,000 250,000 255,000 265,000 265,000 250~000
For United States
., do___
90, 285 112, 257 113,619 102, 557 109, 364 119,138 139, 629 141, 286 137,033 166, 837 158, 095
91,095
31,000
20,000
London and Liverpool
do
16, 000
18, 000
22,000
21, 000
19, 500
36, 000
26, 500
50, 000
British Malaya
do___
70, 214
96, 478
86, 223
72, 054
92, 895
78, 485
78, 029
80. 375
73, 799
80, 600
United States
do—
125, 800 142, 387 134, 352 142, 462 162, 494 161,485 168, 245 190,608 213, 002 241, 358 259,140 276, 943
Reclaimed rubber:
14, 317
Consumption
do—
16,070
15, 370
15,931
16, 298
15,719
15, 844
14,179
14, 298
16, 528
16, 042
14, 589
19. 297
17, 234
Production
do
18,009
17, 992
17, 552
1.6. 568
16,631
14. 342
17. 213
16, 428
17, 689
19, 358
Stocks, end of month
do___
27, 418
25, 250
28, 602
28,488
27, 558
28, 397
28,327
29,
832
32,118
28,058
30, 287
33, 143
Scrap rubber consumption
do___
47, 649
43, 037
39,844
35, 735
r
Revised.
fRevised series. For revised data for fine and wrapping papers beginning 1934, see table 43, pp. 12 and 13, of the November 1940 Survey.
tFor monthly data beginning 1913 corresponding to the monthly averages on p. 148 of the 1940 Supplement, see table 28, p.18, of the May 1940 Survey,
cfln recent months the number of companies reporting has fluctuated to such an extent that tonnage figures are not comparable from month to month.
§Beginning with the January 1941 Survey, data for world shipments of crude rubber are from the Statistical Bulletin of the International Rubber Regulations Committee;
earlier data from this source have been in close agreement with data compiled by the Bureau of Foreign and Domestic Commerce, shown in previous issues of the Survey.
99
SURVEY OF CURRENT BUSINESS
February 1!M1
Monthly statistics through December 1939, to- 1940
gether with explanatory notes and references
to the sources of the data, may be found in the Decem1940 Supplement to the Survey
ber
1939
December
1940
January
February
March
April
May
June
July
August
September
October November
RUBBER AND PRODUCTS—Continued
TIRES AND TUBES
Pneumatic casings:
Production
thousands.
Shipments, total
do...
Original equipment
do __.
Replacement equipment
do - -.
Exports
do...
Stocks, end of month
do...
Inner tubes:
Production
do-_.
Shipments, total
do-_.
Exports
do...Stocks, end of month
do...
Raw material consumed:
Crude rubber. (See Crude rubber.)
Fabrics (quarterly)
thous. of 1b.
4,
4,
2,
2,
999
972
626
227
118
9, 179
4,469
4,727
2,613
1,979
135
8,665
4,954
4, 270
1,805
2,360
105
9,348
4,888
4,112
1,974
2,037
101
10, 124
5,007
4,346
2,050
2,203
93
10, 747
5.106
5,010
2,095
2,827
87
10,881
5,415
5,720
1,999
3,626
96
10,576
5,148
6,927
1,925
4,905
96
8,881
4, 675
4,284
858
3,316
110
9,299
4,703
4,245
705
3,425
115
9,732
4, 495
4, 572
1,465
3,001
106
9,890
f>, 082
5, 501
2,322
3, 081
158
9,448
4,
5,
2,
2,
4, 665
4, 640
87
7,014
3, 784
4,394
92
7, 036
4,287
3,827
76
7,634
4,211
3,810
71
7,897
4,400
4,114
60
8,183
4,618
4,543
57
8, 258
4,739
4,739
78
8,243
4,359
5,721
74
6,841
4,028
3,797
89
7,094
4,327
3,615
96
4,115
3,991
84
7,950
4,557
4,878
124
7, 047
4,111
4, 692
106
7, 0.r)f>
75, 799
71,957
838
137
438
569
130
9,118
66,849
70,972
RUBBER AND CANVAS FOOTWEAR
Production, total
Shipments, total
Stocks, total, end of month
thous. of pairs do...
do...
5,369
6,118
11,129
5,376
4,185
16,388
5,044
6,389
15, 018
5,062
4,761
15, 319
4,869
4,532
15, 656
5,128
3,902
16, 881
5,075
3,862
18, 095
4,528
3,737
18,886
3,323
4,567
17, 641
4,583
5,808
16, 386
4,046
6,200
14, 232
5,105
5, 971
13, 365
5, 146
6, 633
11,878
12, 290
56.0
13,442
2, 2855
5, 559
12,712
57.8
14,018
21,549
5, 158
13,105
61.8
14,741
19,921
4,829
13, 935
63.7
15, 776
18,008
4, 470
• 12,725
r
60. 1
10, 372
• 20, 350
STONE, CLAY, AND GLASS PRODUCTS
PORTLAND CEMENT
Production
thous. of bbl.
Percent of capacity
Shipments
thous. of bbl_
Stocks, finished, end of month
do_..
Stocks, clinker, end of month
do
CLAY PRODUCTS
Bathroom accessories:
Production
thous. of pieces.
Shipments
do-_.
Stocks, end of month
do._Conimon brick:
Price, wholesale, composite, f. o. b. plant
dol. per thousShipments
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
Hollow building tile:
Shipments
short tonsStocks, end of month
do...
Vitrified paving brick:
Shipments
thous. of brick.
Stocks, end of month
do__.
GLASS PRODUCTS
Glass containers:
Production
thous. of gross.
Percent of capacity
Shipments, total
thous. of gross.
Narrow neck, food*
do.__
Wide m o u t h , food*
do.__
Pressed food ware*
do___
Pressure and non-pressure*
do._.
Beer bottles*
do.__
Liquor ware*
do__.
Medicine and toilet*
do_._
General purpose *
do _ _ _
Milk bottles*
do...
F r u i t jars and jelly glasses*
do___
Stocks, end of m o n t h
do...
Other glassware, machine-made:*
Tumblers:
Production
thous. of doz.
Shipments
.
do.. _
Stocks
do. - _
Table, kitchen and household ware, shipments
thous. of doz
Plate glass, polished, production thous. of sq.ft.
Window glass:
Production
thous. of boxes.
Percent of capacity
GYPSUM AND PRODUCTS
Crude:
Imports
short tons.
Production
do_._
Calcined, production
do_. .
Gypsum products sold or used:
CJncalcined
do__.
Calcined:
Building plasters
do - _ .
For mfg. and industrial uses
do._Keeno's cement
do...
Board and tile, total
thous. of sq. ft.
Lath
do.__
Tile
do___
Wallboard
do___
r
II, 147
5(1. 9
8, 192
23. 305
4, uor,
-0)-12.195
9,488
42.9
6,785
23, 453
5, 165
6,205
28.6
3,893
25, 759
5,617
5, 041
24.8
4,907
25,894
6, 304
7,918
36.3
7,716
26,118
6,487
10, 043
47.5
10, 829
25, 348
(5. 606
12, 633
58.0
13,206
24, 758
6, 071
12, 490
58.0
13,223
24,010
5, 907
1,043
877
268
833
788
281
749
710
271
783
781
285
726
743
282
790
788
284
929
282
12. 080
129, 252
483,173
12.112
58, 914
503, 967
12.126
84,238
482,690
12.124
120,174
449, 425
12. 132
176, 786
408,147
12.164
197, 021
392, 975
37, 645
257, 469
15, 399
282, 992
23, 373
281,311
36, 592
279, 900
52, 495
273, 526
4,271
1,173
4,028
1,092
3,658
945
4,781
1,165
67, 659
362, 492
366, 680
49, 606
355, 041
2, 654
43, 384
1,089
42, 374
4,046
65.0
3,076
104
552
28
119
129
736
995
215
182
2
4,263
61.6
3,726
160
T
4, r,62
0)
0)
0)
0)
0)
0)
0)
12.116
186,472
397, 336
12.101
193,479
402,159
12.094
187,648
422, 005
12. 121
182,785
436,436
12.147
213,800
445, 304
12.148
163, 330
473, 445
66,190
262, 463
61,195
253,326
62, 330
250,730
64, 490
248,531
60,977
250, 617
r
70, 804
242, 100
46, 243
250, 184
5,428
1,341
r
5, 719
' 1, 399
5,003
1,255
5,846
1,452
6,549
1,641
5,674
1,445
5, 804
1, 469
5, 183
1,343
60, 993
351, 726
79, 089
361, 660
86,062
361, 648
84,339
361, 759
89, 810
357,266
94, 442
357, 421
85, 767
382,066
90, 359
382, 092
64, 926
394,175
2, 096
42, 159
2, 525
42, 953
2,897
43, 914
5, 153
43, 627
5, 081
44,049
6,148
43, 383
8,383
37, 425
7,094
34, 738
7, 365
34, 510
5, 769
32, 031
4,123
64.3
3,831
179
791
45
205
143
646
1,368
274
168
2
9, 807
4,606
69.1
4,229
199
872
37
356
206
4,701
70.5
4,763
248
955
41
637
4,780
71.7
4,532
315
953
28
466
358
624
1,129
285
207
149
9,331
5,070
73.3
4,653
657
1,016
34
304
186
456
1,363
304
208
106
9, 655
4,289
69.7
4, 565
820
879
32
145
91
726
1,284
313
208
49
9,292
4, 352
67. 9
4, 078
617
1,269
317
200
59
10, 078
4,429
69.1
5, 230
281
932
31
640
781
842
1,131
273
200
102
9,180
4, 864
70. 3
4.816
423
950
40
1,360
319
170
6
10, 078
4,584
68.8
4,339
211
883
37
510
295
637
1,254
306
171
18
10, 234
14
9, 247
808
31
126
102
1, 137
1,230
258
197
5
9, 432
0)
(1)
(0
0)
0)
r
4, 203
65. G
3, 532
138
680
33
189
154
803
1,041
269
198
3
9, 988
' 9, 234
182
3
9, 601
3,199
2, 876
8, 455
2, 652
2, 627
7, 396
3, 695
2, 985
7,805
3, 429
3, 660
7, 569
3,931
3, 809
7,688
3, 995
3,974
7,708
3,877
4, 048
7, 537
3,648
3, 628
7,560
3,354
3,598
7,572
3,841
3, 813
7, 597
3,450
3,331
7,737
3, 887
3, 642
7,991
3, 056
2, 804
8, 160
2, 456
17,491
2, 6(53
18, 477
2,779
17, 257
3, 047
13, 175
2, 883
14, 302
2,745
12,367
2, 668
11,721
2,185
2,088
8,522
3,325
12, 533
2,647
14,091
3, 763
17,070
3, 006
16, 059
1,458
1,189
73.2
1,413
87.1
1,099
67.7
1,107
68.2
1,023
63.1
1,068
65.8
908
55.9
993
61.1
1,002
61.7
1,349
83.1
1, 264
78.0
89.8
796
38
143
125
560
1,412
293
689
397
172,869
584, 627
577, 799
313,340
917,234
869,174
531,032
1,128,862
969,578
230, 207
131, 547
263,028
250, 080
394, 592
30, 898
5,955
396, 580
290, 358
7,335
98, 887
344,553
29,951
5,819
335, 530
235, 890
6,296
93, 344
509,602
30,444
7,303
519, 767
384,195
8,329
556,560
29,850
393
591,878
453,124
8,475
130, 279
530, 089
813, 129
688, 986
127,243
106
105
1, 028
1,608
323
201
170
l
Revised.
Series discontinued by reporting source.
*New series. Data for glass containers beginning January 1934 are shown in table 49, pp. 16 and 17, of the November 1940 issue; earlier data on glassware other than containers are shown in table 2, p. 17, of the January 1941 Survey
SURVEY OF CURRENT BUSINESS
100
1939
Monthly statistics through December 1939, to- 1940
gether with explanatory notes and references
to the sources of the data, may be found in the Decem- Decem- January
1940 Supplement to the Survey
ber
ber
February 1941
1940
February
March
April
May
June
July
10,660
10,108
25, 854
9,711
8,835
26, 730
9,418
9,244
26, 558
August September
October
November
TEXTILE PRODUCTS
CLOTHING
Hosiery:
Production
thous. of dozen pairs.
Shipments
do _ _ Stocks, end of month
do--_
11,279
11, 536
22, 654
10,411
10, 259
24, 658
11,702
11,149
25, 212
11,334
11,422
25,124
11,097
11,465
24, 756
10,679
10,133
25, 302
11, 174
12, 396
25, 335
11,257
12, 762
23, 830
13,586
14,109
23,307
12, 579
12, 975
22, 912
COTTON
Consumption
bales _ 775,472 650,123 731, 793 661, 771 627,194 623, 098 641, 636 565, 416 622, 723 654, 503 639, 252 770, 702 744, 088
Exports (excluding linters)
do-_. 107,375 806, 720 1,035,416 746, 680 433, 842 344, 609 226,469 133, 530 136, 751 64,743
90,555 194, 251 144,710
36, 613
9,667
8,717
9,504
11, 096 14, 292 12, 374 18, 254 10,153
5,906
3,991
Imports (excluding linters)
do
15, 926 12, 026
.097
.101
.100
.100
.100
.098
.093
.095
.092
.095
.092
.094
Prices received by farmers
dol. per lb_
.094
.102
.111
.109
.109
.102
.110
.111
.107
.104
.097
Price, wholesale, middling (New York)._do--.096
.100
Production:
11, 276 11,412
11,481
32
11,433
3,924
Ginnings (running bales) •._-thous. of bales.
9,084 10, 870
606
11,816
Crop estimate, equivalent 500-lb. bales.-do--- 2 12, 686
Stocks, domestic cotton in the United States,
18,103
16, 356 15, 002 13, 907 12, 940 12, 094 11,400
18, 924
10, 619 22, 316 21, 638 20, 842 19,808
total
thous. of bales1,192
1,739
1,454
982
821
773
2,137
12, 551 10, 203
620
3,488
On farms and in transit
do-_753
5,719
12,150
14, 552 13,173
11,378
10, 699 10,058
15, 014
9,086
9,085
Warehouses
do _. _
9,545
10,703
13, 826 14, 697
1,660
1,812
1,729
1,263
1,773
1,547
1, 420
732
913
680
1,297
1,623
1,102
Mills
do—
COTTON MANUFACTURES
Cotton cloth:
Exports
thous. of sq. yd..
Imports
do
Prices, wholesale:
Mill margins
cents per lb_
Print cloth, 64x60
dol. per yd_.
Sheeting, unbleached, 4 x 4
do
Finished cotton cloth:
Production:
Bleached, plain
thous. of yd..
Dyed, colors
do
Dyed, black
do
Printed
do
Spindle activity:
Active spindles
thousands..
Active spindle hrs., total
mil. of hrs.
Average per spindle in place
hours.
Operations
pet. of capacity.
Cotton yarn, wholesale prices:
22/1, cones (factory)
dol. per lb_
40/s, southern, single, carded, Boston-_.do___
27, 734
7,581
37, 899
16,322
14.50
.054
.066
r 13. 72
.053
.066
152,215
109, 419
5,524
113,100
33,311
10,332
13. 36
.504
. 065
33, 346
9,415
12. 25
.051
.062
34, 865
4,808
11.59
.049
. 058
34, 943
5,813
11.40
.050
. 059
28, 470
24, 627
6,329
26, 288
4,767
24, 409
5,216
24, 413
6, 919
26, 709
5,136
29, 954
11,420
11.37
.047
.058
10.68
.046
.057
11.00
.047
.058
11.23
.048
.058
12.26
.050
. 059
13.31
.052
. 062
14.24
. 054
. 065
139, 289 129,174 127, 278 127,614 126, 968 109, 278 120,709 129, 250 129, 912 154, 479 164,079
89, 204 78, 468 92,116 102,085 108,029 126, 610 129, 878
101,511 100,707 103, 328 97,199
4,581
5,060
4, 776
4,889
4,612
6,491
6, 786
5, 924
4,597
8,238
6, 535
80,744
88, 482 100, 752 104, 345 110, 657 105, 468
111,666 106, 916 110,882 103, 563 98,336
22,818
8, 657
353
105.0
22, 780
8.040
322
100.7
22, 880
9,245
370
102.8
22, 801
8,267
331
99.7
22, 553
7,920
318
94.6
22, 289
7,995
321
92.0
22, 213
8,035
324
89.4
21, 955
6,960
'281
87.9
21, 919
7,548
305
86.6
22,078
7,872
318
90.4
22, 278
7,867
320
96.7
.268
.403
.274
.378
.272
.375
.255
.350
.248
.344
.228
.338
.222
.338
.219
.321
.227
.325
.227
.325
.227
.325
.257
. 355
.267
.377
32.0
6,750
31.8
5,104
29.8
2, 607
29.8
1,279
31.1
1,962
32.2
571
31.4
669
32. 1
391
34.0
441
30.9
224
; 36. 7
386
; 34. 8
1, 576
.53
6.4
.53
7.0
.53
10.4
.53
11.7
.53
12.5
.53
12.8
.53
11.1
.53
9.9
.53
'6.7
29,506
4,972
18, 997
2,925
17, 307
2,356
22, 766
3,827
30,189
4,761
.53
8.3
28, 828
3,739
.53
'6.9
21,128
5,322
.53
8.3
22, 485
2,175
39, 877
6,490
36, 374
7,219
2.529
2.561
RAYON AND SILK
Rayon:
34.5
Deliveries (consumption), yarn*..mil. of lb_.
2,466
Imports
thous. of lb_
Price, wholesale, 150 denier, first quality
.53
(N.Y.)
dol.perlb5.3
Stocks, yarn, end of mo.J
mil. of lb_
Silk:
Deliveries (consumption)
bales.. 23,113
4,429
Imports, raw
thous. of lb.
Price, wholesale, raw, Japanese, 13-15 (N. Y.)
2.562
dol. per lb_
Stocks, end of month:
225,
248
Total visible stocks
bales.
United States (warehouses)
do
72, 248
21, 685
2,213
21, 740
2,494
3.921
3.683
3.061
2.951
2.681
2.794
2.540
1Q9,110
55, 610
87, 025
59, 225
83, 306
50, 306
87, 087
45, 887
85, 798
42, 698
92,485
43, 285
90,122 115,111
41, 822 43,211
22, 457
9,276
378
103.3
22, 686
8,614
352
105.9
2.585
151, 698 172, 254 184, 797 195, 330
46, 898 44, 454 48, 297 60, 330
WOOL
26,035
Imports (unmanufactured)
thous. of lb_
45, 082 37,212 38, 529 22, 065 18, 466 18, 666 17, 502
Consumption (scoured basis) :f
21, 302 17, 709 17,471
17,065
22, 378 28,189
Apparel class
do.. _ 33,440
19, 373 28, 431
6,524
9,703
7,340
6,061
C arpet class
do - - _
9, 058
8, 658
7, 665
5,798
8, 544
Machinery activity (weekly average) :1
Looms:
Woolen and worsted:
1,587
1,088
1,209
2,240
2,046
1,853
1,129
1,407
1, 558
Broad
thous. of active hours_52
58
80
68
78
69
70
67
58
Narro w
do - - 183
152
200
195
200
197
125
149
186
Carpet and rug
do--Spinning spindles:
92, 525
74, 381 73, 328 70,764
55, 888 54, 658 60, 724 68,147
72, 506
Woolen
do -. 67, 472 51,750
51, 173 61, 167 66, 718 72, 934
71,344
84,179
Worsted
do -^ 107,110
94
127
186
137
100
133
137
143
Worsted combs
do-.87
Prices, wholesale:
1.02
.93
.89
1.10
.90
.86
1.06
.87
Raw, territory, fine, scoured
dol. per lb.
.35
.46
.39
. 36
.37
.46
.43
.39
.39
Raw, Ohio and Penn.,
fleeces
do
Suiting, unfinished worsted, 13 oz. (at mill)
2 178
2.116
1.931
2.178
1. 931
1.931
1.931
1. 931
1.931
dol. per yd
Women's dress goods, French serge, 54" (at
1.114
1.188
1.158
1.188
1.114
1.188
1.213
1.163
1.114
mill)
dol. per yd_
Worsted yarn, 2/32's, crossbred stock (Boston)
1.300
1.294
1.338
1.450
1.415
1.300
1.250
1.450
1.290
dol. per lb_.
13, 553 31, 759 44, 896 52, 905
(3)
(3)
Receipts at Boston, total
thous. of lb.. 49, 597
(3)
(3)
8,104
25, 214 41, 790 44, 472
4,040
6,298
4,678
5,342
Domestic
do—
3,247
5,449
6,544
43,299
3,106
8,433
Foreign
do—
(3)
Stocks, scoured basis, end of quarter, total
140,628
109,
533
98,
860
128,
585
thous. of lb47,128
44,286
41,815
47, 508
Woolen wools, total
do. -.
26, 794 31, 102
28,181
35,183
Domestic
do
20, 334 13,184
13, 634
12, 325
Foreign
do—
93,500
57,045
65,247
81,077
Worsted wools, total
do...
28, 890 29, 776
22, 825
59, 436
Domestic
do...
34, 220
21, 641
Foreign
do_ _ ^ 64, 610 35, 471
r
Revised.
©Total ginnings to end3 of month indicated.
' Total ginnings of 1939 crop.
2
December 1 estimate of 1940 crop.
Not available.
1 Data for January, April July, and October, 1940, are for 5 weeks; other months, 4 weeks.
JMonthly data beginning January 1930, corresponding to monthly averages shown on p. 155 of the 1940 Supplement, appear on p.
*New series. For monthly data on rayon yarn deliveries beginning 1923, see table 41, p. 15 of the October 1940 issue.
16, 099
21,831
33, 981
34, 631
24,799
7, 571
28, 609
7,941
39, 240
11,387
33, 821
8, 969
1,694
63
166
1,744
60
177
1,884
78
206
2, 148
72
198
80, 359
85, 527
146
83, 665
88, 005
158
.89
.39
.92
.40
1.05
.44
1.10
.46
1. 931
1.918
1.931
1.931
1.114
1.114
1.153
1.213
1.256
30, 278
22, 540
7,738
1.288
29, 961
22, 912
7,049
1.395
47, 060
30, 393
16, 667
1.488
36,123
16, 328
19,795
90, 421
88,027
104, 332 103, 556
182
179
127, 546
41, 338
• 29, 450
• 11,888
" 86, 208
• 57, 219
28, 989
18 of the April 1940 Survey.
SURVEY OF CURRENT BUSINESS
February 1941
Monthly statistics through December 1939, together with explanatory notes and references
to the sources of the data, may be found in the
1940 Supplement to the Survey
1940
101
1940
1939
Decem- Decem- January
ber
ber
February
March
April
June
May
July
August September
October
November
TEXTILE PRODUCTS—Continued
MISCELLANEOUS PRODUCTS
Buttons, fresh-water pearl:
Production
pet. of capacity._
Stocks, end of month
thous. of gross..
Fur, sales by dealers
thous. of doL.
Pyroxylin-coated textiles (cotton fabrics):
Orders, unfilled, end of mo.-thous. linear yd__
Pyroxylin spread
thous. of lb._
Shipments, billed
thous. linear yd__
2,387
30.4
6,014
1, 334
35.7
6.403
3, 275
34.9
6,431
4,447
38.8
6,498
4,237
41.0
6,539
3,813
40.5
6, 541
4,263
28.8
6,437
2,403
30.4
6,304
3,377
44.6
6,400
4,273
50.7
6,499
3,734
1,831
2,047
3,694
5,329
5,606
2,797
5,038
5,148
2,886
5,131
5,053
2,398
4,930
4,844
2,227
4,769
4,978
2,118
4.772
5,003
2,040
4,102
4, 504
2,244
3,931
4,030
2,807
4,435
4,430
2,499
5,366
5,353
2,860
5,128
5,106
3,012
5,851
5,842
3,801
5,776
5,776
TRANSPORTATION EQUIPMENT
AIRPLANES
Production, domestic civil aircraft §
Exports
number.
do
366
271
294
-•236
206
r228
170
'323
191
430
233
477
295
599
372
662
235
800
383
284
334
287
730
443
4,265
1,521
6,299
1,382
8,774
3,523
9,877
1,558
9,005
1,096
8,859
132
8,449
93
15, 793
8,184
7,609
17,183
9,307
7,876
14,609
6, 463
8,146
11,263
3, 727
7, 536
6,539
2,339
4,200
5,753
2, 591
3,162
16, 857
7,071
9,786
19,943
9, 525
10,418
AUTOMOBILES
Exports:
Canada:
Assembled, total
number,.
Passenger cars
do
United States:
Assembled, total
do
Passenger cars
do
Trucks
do. _..
Financing:
Retail purchasers, total
thous. of dol
New cars
do
Used cars
do
Unclassified
do
Wholesalers (mfrs. to dealers)
do
Fire-extinguishing equipment, shipments:
Motor apparatus
number..
Hand extinguishers
do
Production:
Automobiles:
C anada, 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):
World sales:
By U. S. and Canadian plants
do
United States sales:
To dealers
do. -.
To consumers
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
13,276
611
4,901
1,947
4,980
2,258
4,776
2,611
4,782
2,797
18,017
7,782
10, 235
22,688
11,885
10,803
23,032
13,476
9, 556
20,145
9,837
10, 308
26, 497
10,863
15,634
119,637
69, 705
49, 408
524
179, 930
105, 277
59,160
45,617
500
189,184
110, 371
60, 395
49, 487
489
187, 466
143,483
83,054
59, 879
550
212, 331
59
31, 824
74
30,600
68
35, 358
0)
0)
37,8
165,304 170, 151 166,922 166, 034 137,961 109,962 151,899 152,009
96, 272 96, 518 95, 038 92, 744 71, 574 55, 797 89, 475 88, 575
62,928
68, 386 72,980 71, 241 72, 626 65, 774 53, 711 61,933
613
654
642
664
454
507
646
492
216, 818 201, 068 162,101 141,977 42, 111 114,874 221, 253 220,941
65
34,135
79
37,619
71
37, 762
0)
0)
0)
0)
0)
0)
0)
0)
0)
(0
23, 364
11, 653
483, 567
396, 531
87,036
1, 790
16, 976
11,054
452,142
373, 804
78, 338
2,071
17, 213
12,579
432, 279
362, 897
69,382
2,164
18,193
12, 779
404,032
337, 756
66, 276
1, 850
16,612
12,025
423, 620
352,922
70, 698
1,918
19, 687 21, 277 17, 930 14,468
3,397
13, 487 12, 677
8,739
432, 746 391, 215 344, 636 231, 703
362,139 325, 676 286,040 168,769
70, 607 65, 539 58, 596 62,934
1,266
825
1,823
1, 744
334,073
51,095
246, 544
37,460
260, 216
46, 650
224, 625
41,336
312,371
53,093
353, 239 345, 748 318, 615 315, 246 211,031
55, 982 51, 553 43, 504 50,913 48,980
148,000 290, 495 301,430
39, 224 48, 356 46, 618
223, 611
207, 637
181, 088
174, 572
193, 522
196, 747 185, 548 167, 310 110, 659
124, 692 226,169
204,473
174,610
188, 839
156,008
164, 925
120, 809
160, 458
123, 874
181, 066
174, 625
183, 900 171,024 151, 661 99, 664 21,154 116, 031 207, 934 198,064
183, 481 165, 820 173, 212 145,064 100, 782 97, 527 186,016 181,421
228
122
180
143
13, 993 15, 475 21,151
23, 621
3,410
7,056
1,510
10, 814
75, 873 269,108 493, 223 487, 352
46, 823 224, 470 421, 214 407,091
29,050 44, 638 72,009
80, 261
1,075
1,356
1,759
1,808
24,019
217, 406
143
178
156
164
170
157
140
126
151
178
190
183
177
101
127
201
91
141
104
167
86
145
118
174
82
158
139
178
91
174
140
162
89
172
131
139
86
165
117
101
93
172
120
147
98
196
126
185
132
200
139
235
149
199
142
231
125
180
J56
1,648
1,649
1,645
1,642
1,641
1,642
1,638
1,638
13, 546
7, 566
160
9.9
17,460
11,051
C, 409
164
10.2
15,039
9,772
5, 267
153
9.5
16, 933
9,974
6, 959
144
9.0
19, 765
13, 477
6, 288
138
8.6
18, 456
12, 278
6,178
131
8.1
16,892
9,010
7,882
117
7.3
27, 459
18, 700
8, 759
6, 604
J6.2
59
29
30
6, 675
J6.4
54
32
22
6,781
16.8
6, 653
16.5
97
84
13
6, 506
16.2
115
106
6,226
15.5
114
108
6
6, 276
15.7
130
118
12
6, 155
15.4
131
122
146
124
81
43
35
5
30
232
209
87
122
30
7
23
277
252
109
143
54
8
46
272
251
126
125
40
0
40
268
242
125
117
53
8
45
RAILWAY EQUIPMENT
(Association of American Railroads)
Freight cars, end of mo.:
Number owned
thousands..
Undergoing or awaiting classified repairs
thousands..
Percent of total online
Orders, unfilled
cars.
Equipment manufacturers
do. _ .
Railroad shops
do.._
Locomotives, steam, end of mo.:
Undergoing or awaiting classified repairs
number. .
Percent of total on line
Orders, unfilled
number
Equipment manufacturers
do..
Railroad shops
do..
1,640
1,638
1,640
1,643
1,645
109
6.8
34, 202
25, 866
8, 336
154
9.6
37, 049
27, 412
9, 637
155
9.6
34, 509
24, 652
9, 857
155
9.6
28,112
19,159
8, 953
155
9.6
5, 914
14.9
115
102
13
6, 507
15.9
51
17
34
6, 324
15.5
77
36
41
6, 496
16.0
70
30
40
21,112
r
114
7.1
30,184
22, 738
7,446
6, 076
15.2
116
103
13
(U. S. Bureau of the Census)
Locomotives, railroad:
146
353
155
158
Orders, unfilled, end of mo., total-..number__
314
113
119
112
Domestic, total
do.
115
21
40
35
Steam
do.
199
92
79
77
Other
do68
39
24
32
Shipments, domestic, total
do.
22
6
1
5
Steam
do.
46
33
23
27
Other
do.
' Temporarily discontinued by reporting source.
^Designation changed from ''commercial licensed" or "civil aircraft" (1940 Supplement).
139
108
28
80
39
7
32
170
144
72
72
44
6
38
152
126
70
56
37
2
35
284
243
122
121
73
24
49
SURVEY OF CURRENT BUSINESS
102
Monthly statistics through December 1939, to- 1940 1939
gether with explanatory notes and references
to the sources of the data, may be found in the Decem- I December
ber
1940 Supplement to the Survey
February 1941
1940
January
February
March
April
May
June
July
August
Septem- October Novem
ber
ber
TRANSPORTATION EQUIPMENT—Continued
RAILWAY EQUIPMENT—Continued
(U. £. Bureau of the Census)
Locomotives, electric, mining, and industrial
(quarterly) :§
Shipments, total
number..
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
numberElectric
-—
do....
Steam
...do—
87
4,624
4, 301
54
54
4,366
4,136
36
36
' 5, 161
r 5, 084
0
0
5,242
5, 142
14
14
r 6, 648
r 6, 548
4
4
r 3,262
r 3, 061
6
5,900
5,400
1
1
r 1, 588
1,478
5
5
' 1, 543
r 1, 543
28
0
r
2, 356
r 2, 356
12
12
3,704
3, 586
10
10
4,134
3,981
8
8
11
10
1
INDUSTRIAL ELECTRIC TRUCKS
AND TRACTORS
Shipments, total
Domestic
Exports
number.
do._.
do,_.
152
118
34
()
(0
0)
131
112
19
125
119
6
132
119
13
109
98
11
147
137
10
135
121
14
8
0)
0)
(0
0)
0)
0)
0)
0)
(0
(0
0)
(0
0)
CANADIAN STATISTICS
Physical volume of business, adjusted:
Combined indexcf
1926=100.
Industrial production:
Combined indexcf
do |
Construction
do {
Electric power
do
Manufacturing cf
-do
Forestry cf
do
Miningd"
__
do
Distribution:
Combined index
do
Carloadings
do
Exports (volume) cf
do
Imports (volume) cf
do
Trade employment
do
Agricultural marketings, adjusted:
Combined index
do
Grain
do
Livestock
do____
Commodity prices:
Cost of livingt
1935-39 = 100—
Wholesale prices
1926=100—
Employment (first of month, unadjusted):
Combined index
do
Construction and maintenance
do
Manufacturing
do—
Mining.
do
Service
do—
Trade
do
Transportation
>.._do—
Finance:
Bank debits
mil. of dol_.
Commercial failures
number..
Life-insurance sales, new paid for ordinary t
thous. of doL_
Security issues and prices:
New bond issues, totalf
do
Bond yields
1926 = 100..
Common stock prices
do . . .
Foreign trade:cf
Exports, total
thous. of doL.
Wheat
thous. of bu..
Wheat
flour
thous. of bbl..
Imports
thous. of dol..
Railways:
Carloadings
thous. of cars. _
Financial results:
Operating revenues.
thous. of dol..
Operating expenses
do
Operating income
do
Operating results:
Revenue freight carried 1 mile.mil. of tons..
Passengers carried 1 mile
mil. of pass..
Production:
Electric power, central stations
mil. of kw.-hr_.
Pig iron
thous. of long tons..
Steel ingots and castings
do..
Wheat
flour
thous. of bbl
133.3
138.6
131.2
123.0
151.0
140.6
141.3
144.5
152.5
155.4
156. 7
157. 4
138.2
61.7
239.2
136.9
127.6
202.4
145.2
52.1
243.4
146.8
142.4
215.6
136.2
61.6
239.8
134.2
125.4
200.9
127.0
61.2
239.0
123.3
119.0
185.7
159.8
97.4
247.1
142.4
152.0
318.7
146.9
76.0
269.7
139.8
142.5
229.9
147.6
83.9
274.2
132.9
160.0
269.2
151.1
70.8
279.3
141. 7
163.1
263.7
161.6
90.7
262.9
151.7
159.3
274.3
167.0
127.0
248.0
159.7
156. 6
228.0
168.2
81.0
235.9
174.2
148.2
215.5
168.8
150. 6
240-7
157.2
146.7
231.0
119.1
82.6
123.7
108.1
141.8
119.7
86.7
130.5
109.7
139.3
116.8
83.1
106.3
107.4
139.6
111.5
73.4
96.8
83.5
141.7
125.7
84.6
169.5
136.6
140.4
122.6
89.5
141.0
107.6
142.1
123.2
87.8
152.8
106.6
142.9
125. 5
96.9
138.0
111.8
143.1
126.5
91.7
152.0
121.0
143.9
122.2
81.9
134.3
109.8
146.2
123.6
83.1
118.2
127.3
146.8
124.5
87.7
130.2
116.6
146. 5
101.3
107.1
75.2
101.3
105.7
81.9
134.8
148.0
75.6
36.7
29.2
70.1
60.4
53.4
91.7
114.7
122.7
79.0
91.7
93.9
81.4
131.6
136.6
108.9
101.8
102.2
100.0
60.3
52.0
97.7
52.8
41.8
101.8
82.0
78.7
96.3
103.8
81.7
103.8
82.6
103.8
82.8
104.6
83.2
104.6
83.1
104.9
82.1
104.9
81.6
107.0
83.3
107.8
84.0
116.2
68.8
118.2
164.7
133.7
149.9
84.5
114.4
58.1
120.5
168.4
131.8
136.4
83.3
113.5
55.4
122.6
167.1
132.6
134.9
83.0
111.9
59.6
123.4
164.4
133.4
137.6
82.8
114.3
68.4
125. 7
164.5
138.2
138.3
88.8
120.9
90.5
129.2
166.7
142.5
140.7
90.3
105.9
82.7
127.9
114.3
134.4
168.1
155.4
141.4
94.8
106.4
83.1
122.7
93.8
122.2
171.3
132.9
144.7
89.7
105.6
82.4
124.7
105.0
130. 3
167.2
149.2
142.8
93.7
131.6
121.1
138.4
170.2
157.1
142.9
94.6
136.2
121.1
143.8
172.3
147.3
146.8
94.3
139.2
120.5
144.6
174.0
148.8
148.9
93.5
95
3,057
120
2,674
136
2,955
105
2,413
111
2,938
98
3,340
100
2,682
91
2,623
99
2, 458
86
2,571
66
3,527
79
3,049
92
33, 727
34,759
33,726
28, 530
31,210
32, 899
108.0
84.2
139.1
105. 9
144. 7
172.6
147.8
154. 4
92. 5
330,167
69.8
31,820
30, 265
32, 248
76,043 r322, 941 '116, 577
73.4
74.4
75.1
99.7
99.0
101.2
95, 037
73.4
99.1
89,109
72.4
97.0
72,314
6,598
559
71, 042
83,465
8,628
716
76,734
84,693
5,082
520
85,980
101,973
34,412
903
102, 290 72,109
98,711
11,762
110
185
90,854
10, 358
725
71,104
31,779
28,159
24, 698
26,156
480, 819
71.8
80.4
r 75, 793 r 83,162
73.0
72.8
71.9
72.5
84, 668
72.0
76.0
404, 627
71.3
83.2
108, 976 ••108, 576
71.0
70.5
81.4
81.7
110, 764
23,466
723
100,537
111,622
13,570
509
90,705
111,360
11,401
576
96, 836
102, 778
9,500
551
86, 287
106, 791
9,659
750
108, 645
118, 404
17, 278
683
102, 284
259
r
101,463
11,868
314
89. 496
200
210
199
195
219
237
240
248
256
252
281
33, 232
24,552
8,199
30,495
25, 855
3,373
30,000
25,422
3,335
30,145
25, 643
3,271
29,916
25, 569
3,077
34,630
27, 303
5, 760
36,914
27, 557
7,657
38,398
30,402
6,042
37, 409
30, 240
5,166
37, 319
29,463
6,248
40, 504
28,573
10, 257
2,976
196
2,791
144
2,757
134
2,559
168
2, 785
124
2,930
141
3,504
180
3,260
219
2,987
248
3,385
190
3,547
172
2, 535
95
150
1,600
2, 526
105
166
1, 266
2,367
2,426
92
87
140
157
1,247 ! 1,257
2,399
84
153
1,344
2,672
93
174
1,283
2,579
89
166
1,170
2,615
2,500
89
172
1,291
2,400
105
165
1,636
2,487
109
185
1,873
170
1,223
1
2,525
110
176
1,588
r
Discontinued by reporting source.
Revised.
§Series covers only straight electric types (trolley or third-rail and storage battery); data are available beginning 1939 also for Diesel-electric, Diesel-mechanical, and gasoline-mechanical or steam locomotives. Data for 1940 are not comparable with those for earlier years which include some units of only partial United States manufacture.
cf Prior to 1940, the Canadian foreign trade year ended in March and the period for closing returns for this month was extended beyond the normal period in an attempt
to include wind-up items in the figures, making March figures high and April figures low. This practice was discontinued in 1940, when a foreign trade year coinciding with
the calendar year was adopted; therefore, March 1940 trade figures show a considerable artificial reduction and April figures a considerable artificial increase as compared
with previous years. The business indexes to which this note is appended are similarly affected since exports and imports of certain commodities are component factors.
fData on life insurance sales revised beginning September 1936. For revisions, see p. 56 of the September 1940 Survey. Index of cost of living revised and computed on
a 1935-39 base; revised data beginning 1913 will be shown in a subsequent issue. New bond issues revised beginning January 1939; revisions not shown above will be published
in a subsequent Survey.
U. S . G O V E R N M E N T P R I N T I N G O F F I C E : 1 9 4 1
INDEX TO MONTHLY BUSINESS STATISTICS
f CLASSIFICATION, BY SECTIONS
Monthly business statistics:
Page
65
Business indexes _
Commodity prices
,__
67
68
Construction and real estate
70
Domestic trade
Employment condition and wages.
71
Finance
76
Foreign trade
82
Transportation and communica83
tions
Statistics on individual industries:
85
Chemicals and allied products. _
87
Electric power and gas
87
Foodstuffs and tobacco
91
Fuels and byproducts
92
Leather and products
93
Lumber and manufactures
Metals and manufactures:
94
Iron and steel
Nonferrous metals and products
95
Machinery and apparatus
96
97
Paper and printing
98
Rubber and products
99
Stone, clay, and glass products.
100
Textile products
101
Transportation equipment
102
Canadian statistics
CLASSIFICATION, BY INDIVIDUAL
SERIES
Page
Abrasive paper and cloth (coated)
,
98
Acceptances, bankers'
76
Accessories and parts—Automobile
79,101
Advertising
__
70
:___
Agricultural cash income
65
Agricultural products (export indexes)
82
Agricultural wages, loans
„ :
75, 76
Air-conditioning equipment
96
Air mail and air-line operations.
70,84
Aircraft
65,66,72,74,101
Alcohol, denatured, ethyl, methanol
85
Aluminum
95
Animal fats, greases
85
Anthracite
___ 66,67,73,74,91
Apparel, wearing
67,68,70,72,74,100
Asphalt
92
Automobiles
65,66,67,70,72,74,75,101
Barley
88
Bathroom accessories
99
Bearing metal
95
Beef and veal
90
Beverages, alcoholic
87
Bituminous coal
66,67,73,74,91
Boilers
_
94,95
Bonds, prices, sales, value, yields
80,81
Book publication
98
Boxes, paper
98
Brass and bronze
__
__
96
Brick
_..
99
Brokers' loans
77,81
Building contracts awarded
68
Building costs
69
Building expenditures (indexes)
68
Building-material prices
67
Butter
_
_
__
88
Canadian statistics
102
Canal traffic
.
84
Candy.__
_
90
Capital
flotations80,81
For productive uses
81
Carloadings
83,84
Cattle and calves
89
Cellulose plastic products
86
Cement
.
65,66,67,99
Chain-store sales
70,71
Cheese-.
___
88
Chemicals
65,66,67,72,74,75,77,79,85
Cigars and cigarettes
91
Civil-service employees
73
Clay products.
65,66,72,74,75,99
Clothing
__________ 67,68, 70, 72, 74, 75
Coal
_
. 66,67,73,74,91
Cocoa
_
90
Coffee
_
__
_
90
Coke
__
91
Commercial failures
77
Commercial paper
76, 77
Construction:
Contracts awarded.
68
Costs
69
Highways and grade crossings
68,69
Wage rates
75, 76
Copper
95
Copra and coconut oil
.
86
Corn
88
Cost-of-living index
67
Cotton, raw, and manufactures
66,67,68,100
Cottonseed, cake and meal, oil
86
Crops
_
65,86,88,89,91,100
Currency in circulation
78
Dairy products...
88
Debits, bank
_
76
Debt, United States Government..
___
79
Page
Delaware, employment, pay rolls, wages. 72, 74, 75
Department stores: Sales, stocks, collections.
71
Deposits, bank
76,77
Disputes, industrial
73
Dividend declaration payments and rates.~ 65,82
Earnings, factory, average weekly and
hourly
74,75,76
Eggs and chickens
. 65,67,90
Electrical equipment.
_ __
66,
67,70,71,72,73,74,75,97
Electric power, production, sales, revenues.
87
Employment:
Cities and States
.
72,73
Factory.
.„
71,72,73
Nonmanufacturing
73
Emi gration and immi gration
84
Engineering construction
68
Exchange rates, foreign
78
Expenditures, United States Government.
79
Explosives..
„
._
85
Exports
_
82,83
Factory employment, pay rolls, wages
71,
72,73,74,75,76
Fairchild's retail price index
67
Farm wages
75
Farm prices, index
67
Federal Government,
finances
79,80
Federal-aid highways and grade crossings. _ 68,69
Federal Reserve banks, condition of
76
Federal Reserve reporting member banks. _ 76,77
Fertilizers
...
85
Fire-extinguishing equipment.
101
Fire losses
......
69
Fish oils and
fish
_„
85,90
Flaxseed...
86
Flooring, oak, maple, beech, and birch
93
Flour, wheat
89
Food products
„
65,66,67,
68, 70, 72, 74, 75, 77,79,83,87,88,89,90
Footwear....
. . . 65,66,67,72,74,75,93
Foreclosures, real estate
69
Foundry equipment
„
96
Freight cars (equipment)
.
101
Freight carloadings, cars, indexes
83,84
Freight-car surplus
_ _:
84
Fruits and vegetables
67,88
Fuel e q u i p m e n t
•_"•__
96
Fuels
.
66,67,77,91,92
Furniture
94,95
Gas, customers, sales, revenues
87
Gas and fuel oils
67,92
Gasoline
.
92
Gelatin, edible
90
General Motors sales. _
101
Glass and glassware
65,66,72,74,75,99
Gloves and mittens
93
Gold
.
78
Goods in warehouses
70
Grains
.
.
67,81,88,89
Gypsum
99
Hides and skins
„_
92
Hogs
89
Home-loan banks, loans outstanding
69
Home mortgages
.
69
Hosiery
100
Hotels
„
84
Housing
67,68
Illinois, employment, pay rolls, wages
72, 74,75
Immigration and emigration
84
Imports
.
82,83
Income payments
65
Income-tax receipts
79
Incorporations, business, new
70
Industrial production, indexes
65,66
Installment loans
77
Installment sales, New England
71
Insurance, life.
78
Interest and money rates
77
Inventories, manufacturers'
67
Iron and steel, crude, manufactures
65,
66,67,68, 71, 72, 73,74, 75, 77,94,95
Kerosene
92
Labor turn-over, disputes
73
Lamb and mutton
90
Lard
.
90
Lead
_
66,96
Leather
65,66,67,72,74,75,77,92,93
Linseed oil, cake, and meal
86
Livestock
89
Loans, real-estate, agricultural, brokers*_ 69, 76, 77
Locomotives
_. 101,102
Looms, woolen, activity
100
Lubricants..
„.
92
Lumber.
65,66,67,71,72,73,74,75,93
Machine activity, cotton, wool
100
Machine tools
_
71,72,73,96
Machinery
65,
66,67,71,72,73,74,75,77,79,83,96,97
Magazine advertising
__
70
Manufacturers* orders, shipments, inventories
__
66,67
Manufacturing indexes
65,66
Maryland, employment, pay rolls
72, 74
Massachusetts, employment, pay rolls,
wages
72,74,75
Meats and meat packing._ 65,66,67, 72,74, 75,90
Metals
_. 65,66,68,71,72,73,74,75
Methanol
_
_
_
85
Mexico, silver production
78
Milk
88
Minerals
66,73,74
Naval stores
85
New Jersey, employment, pay rolls, wages . 7 2,74, 7 5
Newsprint
98
New York, employment, pay rolls,)
canal traffic
i
New York Stock Exchange
T
rllZIIIIIIIIIIIIII
Oils and fats..
Oleomargarine
„
Orders and shipments, manufacturers. f
Paint sales.
Paper and pulp
65^66~67^68^72r
Passenger-car sales index
<._
Passports issued. _
„
Pay rolls:
Factory
^.j^uJ
Factory, by cities and States
. _ Jjt'iwli
Nonmanufacturing industries
4 it * * 3!
Pennsylvania, employment, pay rolls* Wflttfes,'
• "
- H jJJJJa
Petroleum and products _
TV
6
'
Pig iron
Porcelain enameled
Pork
Postal business
Postal savings
6
6,67", 72, lit/lil
products"
t-iln
III'IIIII....
. 4HJ^
Poultry and eggs
Wi Lfi
Prices (see also individual commoditir-*^ T |T
Retail indexes
l-m«
Wholesale indexes
...
" Wll $
Printing
Profits, corporation _
Public relief
Public utilities
Pullman Co
Pumps
65,6e,M|
_JBi_.
IZZZZZZZZZZZZIIZlKt
68,73,74,' lift
. lOf
...-iiiiriiiiizirz"!i"jiDi
Purchasing power of the dollar. . . . _ X
Radiators
_
Radio, advertising
.""llili
Railways, operations, equipment, i
statistics, employment, wages _L_|
-, .
66,73,75,83
Railways, street (see street railways]
Ranges, electric
..
Rayon.
_
(
Reconstruction Finance Corporation,
outstanding.electric, household
Refrigerators,
J
Registrations, automobiles
_ . .4
Rents (housing), index.__
4I
Retail trade:
!
Automobiles, new passenger
Chain stores, variety (5-and-10),
and other
Department stores
_
Mail order
(_
Rural general merchandise" _ _ 11.1
Roofing asphalt
IIIIZZZIZZ
Rubber, crude, scrap, footwear, W»T
tubes
_
_ 65,66,67,68;
Savings deposits
Sheep and lambs
Shipbuilding
Silver
Skins..
" ~ "V j
Slaughtering and meat packing
II 1
]_ J
Spindle activity, cotton, wool
^ . 1,
Steel and iron, crude, manufactures!-J,
66,67,68, 71, 72, 73,74, 75 J
Steel, scrap, exports and imports
J,
Stockholders
__
4_
Stocks, department-store (see also"
facturers' inventories)
4„
Stocks, issues, prices, sales...
Stone, day, and glass products
__J
Street railways and buses
l..l|
Sugar
. . . . . . 4.. ^
Sulphur
^_j
Sulphuric acid
...
+_]
Superphosphate
+ .j
Telephone, telegraph, cable, and
telegraph carriers
+ .
Textiles
66,68,72,
Tile
.
Tin
Z.IZ
Tobacco
. . . 66
Tools, machine
.,.
Travel
+ _ ri
Trucks and tractors, industrial, electri
United States Government b o n d s . . . . .
United States Government, finances..
United States Steel Corporation._. + .j.
Utilities
68,73,^
Vacuum cleaners
Variety-store sales index
.
+ _,J
Vegetable oils
I .
Vegetables
I_
Wages, factory and miscellaneous. I . N
Warehouses, space o c c u p i e d . . . . . . 4 .
Waterway traffic
_t
Wheat and wheat
flour
...L
Wholesale price indexes
.....
Wire cloth
_
Wisconsin, factory employment, payj
and wages
Wood pulp..
Wool
Zinc
.
,
m
H
our Washington Contact Office
Businessmen have a new Service Office in Washington
It is in Room 1060 • Department of Commerce Building
JESSE JONES, Secretary of Commerce, has established a Service and
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iif
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