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JANUARY 1943
SURVEY OF
CURRENT
BUSINESS
UNITED STATES DEPARTMENT OF COMMERCE
BUREAU OF FOREIGN AND DOMESTIC COMMERCE
SURVEY OF
CURRENT BUSINESS
JANUARY 1943
ECONOMIC HIGHLIGHTS
2
THE AMERICAN ECONOMY IN 1942
3
Manpower
Raw Materials
Plant and Equipment
Industrial Production
Construction
Manufacturers' Inventories.
Transportation
Electric Power
Foreign Trade
National Income
Consumer Expenditures
Consumer Income and Savings.
Commodity Prices and the Cost of Living
Finance
1943 Prospects
,
,.
,
..
S H I F T S IN INSTALLED H O R S E P O W E R IN MANUFACTURING..
4
7
7
8
11
12
13
14
14
15
16
17
18
20
23
24
STATISTICAL DATA:
Monthly Business Statistics
General Index
S-l
Inside back cover
Published by the Department of Commerce, JESSE H. JONES, Secretary, and issued through
the Bureau of Foreign and Domestic Commerce, GROSVENOR M. JONES, Acting Director
Number 1
Volume 23
Subscription price of the monthly and weekly issues of the SURVEY OF CURRENT BUSINESS, 32 a year. Single-copy price: Monthly, 15 cents; weekly, 5 cents.
Foreign subscriptions, 33.50. Price of the 1942 Supplement is 50 centsi Make remittances only to
Superintendent of Documents, Washington, D. C.
502977—43
—1
.
1
2
SURVEY OF CURRENT BUSINESS
January 1943
Economic Highlights
Farm Income Continues to Gain
Scrap Situation Improving
Under the pressure of record civilian demand, heavy lendlease requirements, and increased food consumption by the
armed forces, cash income from farm marketings has, despite
seasonal declines, continued to advance steadily. For 1942
cash farm income is estimated at 15 billion dollars, approxi-
Domestic stocks of iron and steel scrap at consumers', producers', and suppliers' plants have been steadily increasing
during recent months and on September 30, 1942, were in excess
of a month's supply for the first time since early in 1941. The
decline in scrap stocks throughout 1941 continued during the
MILLIONS OF SHORT TONS
7
INDEX, 1935-39'
250
5 TOCKS
200
(END OF MONTH)K
s
V
100
\
^CONSUtv
J
V
150
/
MONTHLY THEREAFTER CONSUL1 FT ION DEC. 19391940
LAST YONTH OF QUARTER, JAN -JUNE 19 A! MONT HLY AVERAGE
1939
..lull
1939
1942
1940
DO 42-503
i
! i i
1 . 1 1 .
r
. ! , > ! . > ! ,
1940
, j
1 1 ! ! I
1 1 1 i i
1941
Cash Income from Farm Marketings, Adjusted for Seasonal Variations
Consumption and Stocks of Iron and Steel Scrap
mately % higher than the 11.2 billions realized in 1941. Gross
farm income, including in addition to cash income, government
payments, the value of food produced and consumed on farms,
value added to agricultural inventories, and imputed rentals of
farm dwellings, is estimated for 1942 at 18.9 billions, 30 percent
above the previous year. Despite somewhat higher production
costs, the increase in volume of farm output plus the rise in farm
prices raised net farm income last year an estimated 48 percent
above 1941, the highest rate of increase enjoyed by any industry.
Under the agricultural production goals for 1943 net farm income should rise even higher, but ceiling prices coupled with
rising expenses and labor difficulties may dampen the increase
somewhat.
first quarter of 1942 and at the end of that period had reached a
dangerously low level, below 3 weeks' supply. Throughout
1942 changes in the proportions of pig iron and scrap used to
charge furnaces have kept consumption from rising although
steel production has been advancing steadily. The various
scrap drives appear to have contributed but little to the improved scrap position as much of the material collected was
bulky and not economical to prepare or transport. Meanwhile
collection of desirable grades of scrap was retarded somewhat
by the price ceiling on scrap processing. Among the factors
contributing to the recent improvement in the scrap situation
are lower exports of steel, and increased supplies of factory
scrap.
Regional Pattern of Electric Power Output Changing
The Nation's electric power
production for sale or own use
by both public and private
plants, but excluding production by small industrial producers for their own consumption, totalled approximately
190 billion kilowatt-hours in
1942, 13 percent more than
the 168 billion kilowatt-hours
produced during 1941. More
important than the national
increase in electric output,
however, is the changing regional pattern of poAver supply.
Measured by production figures for geographical areas, the
Pacific coast area and the
GEOGRAPHIC DIVISION
°
5
PERCENTAGE INCREASE
10
15
20
25
EAST SOUTH CENTRAL
PACIFIC
MOUNTAIN
SOUTH ATLANTIC
WEST SOUTH CENTRAL
EAST NORTH CENTRAL
MIDDLE ATLANTIC
Note- Width of
bars represent
percent each
division is of
total for oil
divisions in first
i I months cf 1941
WEST NORTH CENTRAL
NEW ENGLAND
DO 42-508
Production of Electric Energy for Public Use: Percentage Increase First
Eleven Months of 1942 From Same Period in 1941
Tennessee valley area had the
largest increases in output
during the year, the gains
amounting to more than 20
percent in both cases. The
geographical distribution of
increases in electric power
production clearly reflects the
importance of power to the
war program, for the expansion is greatest in areas where
war output has increased most.
Less severe power shortages
were encountered last year
than in 1941, but estimates of
1943 requirements indicate
that the capacity of the industry will be heavily taxed
this vear.
SURVEY OF CURRENT BUSINESS
Jill nmrv 1943
The American Economy in 1942
By Charles A. R. Ward well and Robert B. Bangs s
The first year of this war is now history. Few
Americans perhaps will give its economic aspects more
than a hasty, backward look as they lend attention to
the more absorbing- news being flashed from the fighting
fronts. Yet if we are to benefit during 1943 from the
lessons of the year just closed, it is essential that we
analyze the years significant economic trends.
In some ways, 1942 was one of the most momentous
years in our economic annals. Since some features of
our pre-war economy may be deemed to have gone with
the bombs on Pearl Harbor, 1942 will stand forth to
the historian as the first year of decisive transition from
the pre-war economy to that of the war period and
subsequently to that of the post-war era.
The year was replete with superlative achievements.
New high records were the rule rather than the exception. Main" customary and traditional ways of doing
things were modified or abandoned. Altogether there
were so many new developments that, by year-end, the
economy was perhaps hi a more fluid state than at any
time since the Civil War or the period of westward
expansion that followed.
Outstanding Features of the Year
The year opened with our armed forces on the defensive. By year-end, they were on the offensive. This
transition was economically possible because of the
accelerated program for raising and equipping our
fighting forces and those of our Allies. The financial
measure of this effort is the total of the Nation's
outlay during the year for all war purposes—approxiChart 1.—Federal Expenditures for War Activities
BILLIONS OF DOLLARS
6
j
F —
j
1
—f
1940
1941
1942
Source: Daily Statement of the U, S. Treasury.
1
The writers gratefully acknowledge the contributions of the many individuals in
the Division of Research and Statistics of the Bureau of Foreign and Domestic Commerce who have furnished statistical data for this review.
inately 54 billion dollars. This sum was almost equal
to the entire gross national product of 1933.2
This outpouring of funds was accompanied by progressive Government controls aimed at channeling manpower, materials, and industrial facilities into our rapidly
growing armament industries, The prime economic
development of 1942 was the manner and extent of this
mobilization of the Nation's resources for war.
The response of the American economy to this war
pressure was to lift its gross national product, measured
in constant prices, by nearly 20 percent. The most
significant single fact to be noted in reviewing the year
is that this unprecedentedly large national output was
achieved by bringing to bear a larger work force and a
larger quantity of productive plant and equipment on a
larger volume of raw materials— each factor being larger
than ever before in the Nation's history. Industrial
production rose 15 percent, manufacturing production
17 percent, while the physical volume of transportation
was more than 25 percent above the preceding year.
Thirteen percent more electric power was produced.
All these impressive advances in physical output plus
a slowly rising level of prices during the year were
reflected in an expansion of approximately 25 percent
in the national income.
The significance of the course of economic events in
1942 is to be found largely in the ways these output
gains were achieved and in the policies, controls, and
procedures required to attain this unprecedented mobilization of the Nation's economic potential.
The guidance of economic activity passed largely
into Government hands. As the buyer of one-third
of all goods and services produced, the Federal Government decided within broad limits what should be produced. As controller of the flow of basic materials
and new productive equipment, it also determined what
should not be produced. By its partial controls over
prices, its power to allocate and ration commodities
and basic public services such as transportation and
communication, it also dominated distribution. By
the year-end the basic policy-making powers over
nearly all types of economic activity were being exercised by the Government. Actual conduct of economic
operations remained, however, almost entirely in
private hands.
Notwithstanding the extensive and intensive growth
of Governmental controls, private enterprise continued
to function in the usual manner for a year of prosperity.
Aggregate corporate profits before taxes broke all
existing records. After taxes they were only about 6
2
Prices were, of course, very much lower in 3933 than in I(J42.
SURVEY OF CURRENT BUSINESS
percent below the 1941 all-time peak. Industrial disputes, although at low levels for a prosperous year,
were by no means negligible. Not even vital war
industries were free from their disrupting effects.
Business failures declined to low levels. Although free
open-market prices ceased to be the prime factor
governing the distribution of main7 commodities,
especially of those vital to the war effort, open-market
wages continued very largely to govern the flow of
available manpower into alternative industries.
The chief economic problems requiring solution
were: (1) providing industry with the requisite manpower, materials, plant and equipment for producing
the necessary munitions of war, (2) diverting goods and
services from nonessential civilian uses into war uses,
(3) providing for essential civilian needs, (4) distributing equitably among consumers certain increasingly
scarce commodities, (5) financing war expenditures, and
(6) the prevention of inflation.
The basic tasks of channeling manpower, materials,
and productive facilities into war industries, of providing for essential civilian needs and of diverting goods
and services from n on essential civilian consumption to
war purposes, were achieved largely by priorities,
limitation orders, and direct allocation. Apart from
inductions by the Selective Service System, the flow
of manpower into competing employments remained
perhaps freest from control. Rationing was instituted
on a limited bat increasing scale as scarcities of some
important consumer goods developed. As a result
of this economic mobilization, approximately one-third
of all goods and services produced during the year were
diverted to war uses. Thus there remained for private business and consumer uses, only about six-tenths
of all goods and services produced in 1942 compared
with eight-tenths in 1941.
Federal Government expenditures in 1942 totaled
about 60 billion dollars inclusive of Government
corporations, of which 54 billions were for war purposes.
The difficult fiscal problems confronting Congress and
the Treasury were without precedent. The first tax
legislation of this war, enacted October 20, 1942, provided only about 7 billion dollars of additional tax
revenue in a full year of operation. It was generally
recognized that this represented an insufficient addition to government revenue and that the new Congress
would have to consider additional tax measures.
Federal expenditures for the year were covered by
taxes only up to 30 percent. The remaining 70 percent
was met by borrowing. This lifted the Federal funded
debt 50 billion dollars to a new peak of 108 billions.
War expenditures generated a national income and a
volume of income payments to individuals that exceeded all previous levels. At the same time consumer
expenditures soared to new highs. Since these developments were accompanied by a decline in the
volume of output of consumer goods, the stage was
Januarv 1943
thus set for inflation. During the opening months of
the year, in fact, a strong rise was under way in both
wholesale commodity prices and in the cost of living.
The imposition of the General Maximum Price
Regulation in May effectively curtailed the upward
movement of wholesale prices and slowed down the
advance of living costs. Anti-inflation forces were
still further strengthened by the Act of October 2, 1942.
directing the President to stabilize "prices, wages and
salaries affecting the cost of living" at around September 15 levels and by the Executive Order of October
3 establishing the Economic Stabilization Director
as the supreme economic authority, subject only to the
President himself. Although these moves definitely
checked inflation, the struggle to hold prices down was
| unfortunately not permanently won. Administrative
j price controls were under attack and existing fiscal
restraints were far from powerful enough to hold back
prices by themselves.
After paying taxes, consumers had large sums of
purchasing power left which they could not spend.
for current consumption both because of growing
scarcities of goods and because ceiling prices and rationing restricted competitive bidding for the supplies
which were available. Under these circumstances,
individual savings rose to extremely high levels.
Finally, the year's economic developments were of
necessity deeply affected by events on the fighting
fronts and by military decisions geared to the evolution
of Allied war strategy. Japanese territorial gains in
the Far East and the German submarine campaign
against the Atlantic sea lanes caused, directly or
indirectly, some profound changes in the quantities
and types of materials available to our economy.
The scarcity of cargo space for carrying civilian goods
wrought marked changes in our foreign trade. The
large-scale development of Lend-Lease began to affect
almost every consumer. The raising and equipping
of our armed forces had direct repercussions on civilian
employment and on the types of goods that could be
produced and distributed. Matters affecting both our
civilian and our war economies, relating to Lend-Lease
and economic warfare and hence to the economies of our
Allies as well as ours, were increasingly worked out by
joint boards and committees representing the United
States and various other of the United Nations.
Under these circumstances, it was almost inevitable
that economic developments of the year were characterized by trial-and-error procedures which involved doing
entirely new things under pressure. The nature of
these developments is reflected in greater detail in the
discussion which follows.
Manpower
Men and women are the prime resource of any Nation.
Their number and their capabilities both are vital. This
was forcefully recalled to our attention during the past
SURVEY OF CURRENT BUSINESS
.htminrv 1943
Chart 2.—Changes in Estimated Civilian Labor Force l
force and to a lesser extent by population growth
(amounting to nearly 1,000,000 persons in the age
groups of 14 years and above).
Most of the new additions to the civilian labor force
were women. When the monthly average labor force
in 1942 is compared with that of 1941, it is seen that the
number of men dropped approximately 1,200,000 while
the number of women rose 1,400,000. As would be
expected, the decline in male workers was largely in the
military ages between 20 and 34, inclusive, while most
of the new women recruits in the labor force were apparently in the age groups from 35 to 54, inclusive.
MILLIONS OF PERSONS
+6
•1
HRSf
+2
wmm
0
MM
.
mm
-2
-6
DEC. 1941
DEC. 1941
DEC. 1942
DEC. IS4!
DEC. 1942
EMPLOYMENT
LABOR FORCE
DEC. IS42
UNEMPLOYMENT
Table 2.—Civilian Employment by Major Industrial Groups
P.P. 42-5SI
Data do not include institutional population and persons in the armed forces.
Source: U. S. Department of Commerce.
[Millions of persons]
year as the manpower scarcity developed more and more
as the one problem that underlay all others. For—in a
country of still untapped resources— shortages of materials, productive facilities, and other resources eventually
resolve themselves into labor scarcity.
The manpower story of the year can be told simply.
The civilian labor force remained approximately stationary if seasonal changes are ignored, as may be seen
in table 1. The number of employed workers increased
about 3,000,000 on a monthly average basis, while the
the unemployed, similarly measured, decreased 3,000,000. The armed forces increased several millions.
Their growth caused a constant drain on the civilian
labor force which was made good largely by the recruiting of several millions of nonworkers into the labor
Table 1.—Estimated Civilian Labor Force
[Millions of persons]
' Tota;
;
1
! Male
Tota
-
-
\L»lii U l l U l f . l
1 Tota
\ o I w l L i 1( l i l ' l l l ,11
Male
I rnemploy! meut
Employment •
lorn i
. Male
I Civilian labor
!
1940
>: I,
53. 4 40. 9: 12 - »<.
December
J7
1
10. 2 :
8. 7 8. 3 0. 4 7. 1 5. *
.(
1941
Dree, inner
\verage
year._.
for
54. 0 40. 2 13
!
54.4 41. 1 13
")0
2 41 9 29
1S
s
1
194 2
'amiary
Februarv
March. ' . . .
\pril
May.
lune_
Inly
\uimsl
^epiember.
October.. 2- . . .
November 2_.
I >ecember ._
A verage for
year
53.2
53. 4
54. 5
53.7
54.2
56.1
56.8
56.2
54.1
54.0
54.5
53.4
40.
40.
40.
39.
40.
41.
41.
41.
39.
39.
38.
0| 13 2 IS 9
Oi 13 4
14
o!
8! 13
0i 14
1 15
15
cl
1 1 lo
2| 14
01 15
5| If)
37. 9 15
19 ,
Vi 9
9 ,)0 7
2 I ] (,
o
5 i }
2 51 0
r
1 [ 0
9 5) 4
0 ",2 4
0 ~)2 V,
1 -)] 9
54. 5 39. 9j 14 6 51
10
_
ii 4
11. 7j
J2.5J
12.0
11 8
11.8!
2 12. 11
ii) 2 12 (
' !l
>() (}
29 2 l l 7 |
8. 2
8.4
8.9
9.3
10.2
11.5
11.7
11.2
10.2
10.5
9.8
8.9
_
n
4.3
4.0!
3.6!
3.0!
2.6;
2. 8!
2.8!
2. 2'
L7:
1.6!
19 i n.9|
1.7!
2'i 0 14.0
1. Si
;
i
0
0 12. 4| 9.9 8. 6 1. 3 2. 6
1! 0
12 0
11 i
11 ]
41
42 •{
12 8
12 2
1! 9
1 >0
\\ i
V
12.1
8.3 7# 8 0.5 3.8! 2. (); 1. 2
I
10. 7| 9.4 8. 5
9 5.6 3. 9 1.
29
^9 ]
29
29 4
29 t)
50 0
9
8.1
8. 4
8. 8
9. 4
9. 7
9. 5
8.6
8. 9
8. 4
8. 0
0. 5
0. 5
0.8
0. 9
1 4
2 1
2. 0
1. 7
1. 6
1.6
1. 4
9
3. 0 1. 3
2
2. 8;
2
2. 4:
2.0!
0
1. 6'
0
1
1. 7
1. 7> 1
1. 4: 0. 8
1. 0 0. 7
0.9 0. 7
1. 0^ 0. 7
9 0. 6
1. 7 0. 9
* Data do notinclude institutional population and persons in the armed forces.
- Preliminary
Source: U. S. Department of Commerce
Monthly
averatv
Group
'hilian emiuoyment, total
X OH agricultural
Employees in nonauricnltural eManlishmeiits
ManufacMirinji and mining
Const met ion
'i'ransportation and public utilities
'\ rade, finance, service, and miscellaneous
(Jovernment (excluding armed forces)
^ell-employed, propiietors, domestics, etc
V.'rieiillural . .
Sources: Hmplo\ees in noiujjisicultural establLshments, I"
Labor; all oilnrdam, I . ^. Di^par'ineni of Connni rce.
:
48. S
39.3 ;
34.4 !
i
13.7 i
;
2. o :
51.9
42. 0
36. 9
15.6
1.9
3.4
3.3 ;
n. i ,:
10.9
9.4 I
5. 0
9. 9
4.3 ;
4.9
O.I
Department, of
At tJie year-end, the number of unemployed had
been reduced to about 1,500,000. It is generally expected that even at the peak of the war effort, roughly
1,000,000 will remain unemployed. Some of these will
be unemployable but many of them will be in process
of changing* jobs. During a period of high labor turnover, such as the present, a sizable "float" of temporarily unemployed workers is virtually inevitable.
Mobilization of the economy for Avar naturally produced pronounced shifts in employment during the
year both among the several industry groups and also
within industries. Manufacturing and Government
registered the most notable increases while trade and
self-employed, proprietor and domestic service groups
showed the largest declines.
Within industry groups, the major* employment
shifts were chiefly from nonessential to war and essential civilian goods lines. This is evident from the employment trends, shown in chart 3, of the durablegoods manufacturing industries. In some cases, comparisons of employment in 1941 and 1942 will be either
difficult or meaningless because the conversion of industrial plants to war-goods manufacture may be
concealed by retaining such plants in the former civilian-industrial classification.
The year's record high total of man-hours of labor
was achieved by an employed group larger than ever
before, working longer hours. In 90 manufacturing
industries for which we have data, the average 1942
0
SURVEY OF CURRENT BUSINESS
Chart 3.—Wage Earners in Selected Durable-Goods Industry
Groups, without Adjustment for Seasonal Variations
RATIO SCALE
INDEX, 1939= 100
1400
1200
RATIO SCALE
INDEX, 1939 = 100
700
600
1000
Table 4.—Average Hours Worked Per Week and Employees
in Manufacturing Industries, October 1942i
AverIndustry group -
500
800
400
TRANSPORTATION EQUIPMENT,
EXCEPT AUTOMOBILES^.
(Left Sole)
600
300
January 1943
All manufacturing
Durable goods
Nondurable goods -
i
I
400
200
MACHINERY, EXCEPT
ELECTRICAL „
(Ri 9 m Scale)
IRON AND STEEL
AND THEIR PRODUCTS
(Right Sec
100
90
30
70
60
200
180
160
140
120
100
80
60
"NONFERROUS METALS
- AND THEIR PRODUCTS
(L9M Scale)
* LUMBER AND TIMBER _
BASIC PRODUCTS
(Left Scale)
50
40
ml
1940
1941
1942
DO 42-507
Source: U. S. Department of Labor,
workweek was approximately 42.5 hours (see table 3) —
an increase of 5 percent over 1941. The Government
has informally determined that 48 hours should be
the standard length of the workweek for the duration
of the war. In view of the fact that, apart from seasonal changes, our civilian labor force is now about
as large as it will be even at the peak of the war effort,
it is quite clear that the Nation's labor reserve, available to expand out put substantially from present high
levels, consists very largely of our ability to work
longer hours per week, at least up to 48 on the average.
Some of the war industries, especially various metalworking trades, were averaging close to or above 48
hours a week in October. A number of the nondurable
goods and mining industries, in contrast, were recently
still working considerably less than 40 hours. In
Table 3.—Average Hours Worked Per Week in Manufacturing
Industries
(Hours]
1942
(estimated)
Industry and industry group
All m a n u f a c t u r i n g
D u r a b l e goods
.
_
Nondurable Rood-:
.
Selected industry groups or nidu^ui*^
Machinery, not meludina transportation equipment
Machine tools
.
Electrical machinery . apparatus, and j»upphe^.
'
Xonferrous metal» and their productAutomobiles
.
Iron and steel and their product^, not iiiclutiinu inacliinerx
Food and kindred products
Chemicals, petroleum, and vu d products
Rubber products
Textiles and their products
.
.
Leather and its nunulaeuirv* . .
10 5
42. I
37 0 3s 9
42. 5
44.9
39.9
U. -i '
4S 2
10 7 '
40 0
37 9 \
38 I j
10 o '
3s 7 '
W 9
>~> n
U9
47.9
54.3
45.9
44.4
43.2
42,4
41.4
41.0
40.5
38.8
38.0
•>*> 1
M) 2
1"> u
5! 7
43 8
42.4
.59 7
U.O
40.5
39. s
il) ,1
.57.0 ,
38 3
1
Data aie based upon clarification prior to .September 1942 js data tor the revised
industry classification shown m current reports are a\ailable onh lor recent months.
Sources: U. S. Department of Labor, except 1942 data which were estimated by the
U. S. Department of Commerce.
Machinery, except electrical
!
Transportation equipment except automobiles
i
Electrical machinery
Nonferrous metals and their products
Automobiles
;
Iron and steel and their products
!
Paper and allied products
j
Furniture and finished lumber products
;
Rubber products
;
Chemicals and allied products
Lumber and timber basic products
_
Food and kindred products
\
Products of petroleum and coal
j
Textile mill products and other fiber manufactures....
Tobacco manufactures
I
Stone, clay, and glass products
I
Leat her and leather products
|
:
Printing, publishing, and allied industries
Apparel and other finished textile products
•
M iscellaneous industries
.
.
•
'
! Per! ™n} ? f
• total
43.6 ; 12,721 I 100.0
45.7 i 7. 153 ! 56.2
43. S
40. 6 ; 5, 5(39
'••
48. 0 ;;
47.1
46.4
45. 3 \
44.9
43. 4
43. 3
43.1
42. 7
42. 5
42. 5
41.9
40. 5
40. 4
40.4
39.8
38.8
38.5
36.8
44. 9
1,119
1. 768
594
371
478 !
1.636
295 i
350 !
162 ;
655 i
484 I
1.125 !
125 I
1,255 i
99 I
354 ! i
350
324 i
843 i
335
8. 8
13.9
4.7
29
3.7
12.9
2.3
2.8
1.3
5. 1
3.8
8.8
1.0
9.9
.8
2.8
2. 8
2. 5
6.6
2. 6
i The industrial groups, except, miscellaneous, are arranged in decreasing order of
magnitude of average hours worked per week.
^ - Revised industry classification which differs from the classification in use prior to
September 1942, shown in table 3, because of shifts between groups or subdivisions of
groups.
Source: U. S, Department of Commerce.
30
1939
Employees
hours
worked Thoui l)ei; ' sands
. week '
order to bring* the national average workweek up to 48
hours, obviously some major adjustments lie ahead.
Perhaps the largest unknown in the entire manpower
problem is that of productivity per man-hour. There
is scattered evidence to show that in 1941 productivity
in manufacturing was the highest on record. The trend
in 1942, however, has been much in doubt because
sweeping changes in the character of goods produced
have made it difficult if not virtually impossible to
obtain measures of productivity comparable with those
for former years. Factors tending to decrease productivity per man-hour during the year have included high
labor turn-over and loss of experienced personnel, the
increasing proportion of green and unskilled help employed, fatigue from longer hours, and the necessity of
using new substitute materials, new methods, and older,
less efficient machinery. Among the factors tending to
increase productivity were larger-scale operations, simplification of output, and the application of newer processes of production—-many of them involving increased
amounts of machinery, equipment, and power per man.
In order to achieve the peak war production constituting
the principal objective on the home front, it will
undoubtedly be necessary to lift productivity per man
wherever possible in the war industries.
The centralization of control over manpower in the
War Manpower Commission was effected by Executive
Order on December 5, 1942. By the transfer of the
Selective Service System to the Manpower Commission,
the latter is vested with the vital task of providing manpower for both our armed forces and our essential industries. This centralization of authority presages the
development of more unified and forceful policies
designed to solve such problems as procuring workers for
SURVEY OF CURRENT BUSINESS
January 1943
essential jobs in ways that will end labor pirating,
reducing the present high rates of labor turn-over,
reconciling the conflicting claims of war and essential
industries and of the armed forces for men, and shifting
workers from nonessential to essential industries and
occupations where they will be most effective.
Raw Materials
The aggregate volume of raw materials processed in
the American economy during 1942 seems on balance to
have been larger than in 1941 or any previous year.
How much larger cannot be known precisely because
of difficulties of assigning appropriate weights. Precisely what, for example, was the net gain or loss to the
1942 war program because our industries had more
steel and less rubber than in 1941, or more mercury and
sisal with less burlap and cork?
Table 5.—Summary of Raw Material Supplies
IU m
1940
Total afiiicultuial ptodiu •tion (billion^of 19
Crops
Li\estock product^
I'toduction indexes <193o 3 9 = 1001 '
Lumber
Cement
Fuels }
-Mippl> index of 6 basic metal s ,1935 39 UN
-> 3 9 < l o l l a i s ) '
1941
1942
9 7
9 9
h 0
6 2
11 1
4 :6 8
11"^
129
H4
127
171
122
12t
?> 7
1
i
122
111
ISO
due tion, as indicated by cement, was sharply higher.
Minerals output, represented by fuels and metallic
minerals, was also higher. Supplies of six basic metals,
including imported quantities along with domestic
output, were about 5 percent above 1941. Chief
among these metals was steel.
Chief losses were naturally in imported materials.
As shown in a later section, imports in the first 11
months of 1942 were 20 percent below the corresponding period of 1941. More than 100 commodities have
been listed as strategic and critical by the War Production Board. Of these, our entire supplies of at least 25
have to be imported. In the case of many others, imports constitute half or more of our entire supply and
form the margin of difference between adequate supplies and serious shortages. Our imports of many of
these strategic and critical materials rose during 1942,
but in the majority of cases they fell.
Smaller portions of 1942 material supplies went into
business stockpiles, however, and larger portions than
in 1941 flowed into consumption. Moreover, there is
evidence that in 1942, as compared to 1941 and earlier
years, the materials available were more highly processed and for this reason supported a larger1 volume of
industrial production.
1
Plant and Equipment
!
U. S. Department of Agriculture.
-f Board of Governors of Federal Reserve System.
Includes coal and crude petroleum.
4
U. S. Department of Commerce; based on production and imports.
steel, copper, lead, tin, zinc, and aluminum.
Includes
The supplies of materials available during the year
came from new production, imports, and stocks in the
hands of the Government and private business. Reasons of security prevent the giving of detailed information on specific critical materials, but the data in table
f> give a general summary of the 1942 materials situation. The Nation's farms produced the largest volume
of agricultural materials in their history. Some of the
details concerning this record volume of agricultural
output are shown in table 6. The output of our forests, as measured by lumber, fell slightly. Quarry pro-
Large additions made to the Nation's industrial
plant and equipment during 1941 and 1942 gave industry more facilities with which to work during some
part or all of 1942. Because of extra wear and tear
due to the current high rate of operations, deterioration of capital facilities was undoubtedly high. But
certainly capital consumption was far less than the
new capital goods added and also very probably less
than the financial depreciation allowances charged off
as costs.
Industrial construction on an unparalleled scale
during the last 2 years, as shown in table 7, increased
the. Nation's industrial plant to the highest level ever
Table 6.—Volume of Agricultural Production for Sale and
Farm Consumption
Table 7.—Industrial New Construction, 1929-42
[Millions of dollars]
[1935-39 = 100]
Year
Tot il
Ci ops
Food mam-,
Feed grains and hay
_.
Cotton and cottonseed
Oil bearing ciops
Tobacco
Truck crops
Fnnts and t ice nut»
Vegetables
Susrat (tops
estock and li\estock pioduct^
Meat animals
Poult!> andpouln\ piodueK
Dau\ pioducts
KM)
107
101
124
VI
145
12M
lOh
99
10b '
10')
109
10S
102
107
110
111
9."> '
171
101
111
110
101
101
112
us
109
110
Ml
126
11.") '
114
102
97
11.")
IIS
830
519
214
83
188
178
160
284
.503
'HO
in
HI
147
100
320
• >S
127
114
10.")
11 \
129
1 $M
12S
Private
HI
l'Wi
Public
Total
(0
CO
CO
(0
j
i
l\
4 ;
14 I
14 1
1940
41
M2 (prelimm ir> >
Toral. 1911-12
l o t a l . 1929 12
lit.
KM
423
678
•'U4
992
4.792
144 I
1. 400 I
3,696 |
5,096
!
214
83
188
187
164
287
507
20.1
241
a*V7
2. 078
4,010
6, 088
10,080
1
Preliminary.
Tentative estimate.
Source: V. S. Department of Agriculture
2
1
A small but indeterminate amount of public construction is included with private.
Source: U. S. Department of Commerce.
8
SURVEY OF CURRENT BUSINESS
attained. Most of the new and expanded plants belonged to our rapidily growing armaments industries
but many others were in basic materials industries,
such as steel, aluminum, and other metals, which expanded our ability to produce civilian goods under
peacetime conditions. While the convertibility to
civilian uses of some of these new plants is problematical, there is no doubt of the magnitude of the addition they made to our wartime industrial capacity
in the year just ended.
Naturally, new tools, machinery, and other equipment were also put into operation over the last year
or two, not only in the new plants but in old ones as
w^ell. Industry began the year 1942 with approximately 26 percent more machine tools, for instance,
than it had on January 1, 1940, according to the
following estimates:
Additions
Dyte
January 1,1940:. ..
.
Total machine tools
between
dates shown
...
.
— 11)4, 000 •
...
200, 000
270, 000
770, 000
970, 000
1. 240. 000
-28
959
2, 900
Only Government financed machinery and equipment.
Industry began the year 1942, as may be seen from
the above data, with nearly a billion dollars worth more
publicly financed equipment than it had at the time of
Dunkerque. During 1942 nearly 3 billion dollars more
machinery and equipment was installed in publicly
financed war plants. Despite these large deliveries,
the need for all available machinery was such that many
machine tools and other equipment, which industry had
long ago written off as worthless and put aside for junking, were resurrected and put back into effectiveoperation.
Altogether it is clear that never before in the Nation's
history was so much physical industrial capital brought
The year 1942 was marked not only by record increases in industrial production, but also by sharp
changes in the composition of output as war requirements dominated the industrial scene. Total industrial
production, as measured by the Federal Reserve index,
registered approximately a 15-percent advance during
the year, but the preponderance of this gain was recorded in the durable-goods manufacturing industries,
INDEX, 1935-39= 100
Deliveries of Xlachinenj
and equipment 1
{million dollars)
1
Industrial Production
4-26
It will be noted that during 1942, some 270,000 new
machine tools were delivered, constituting an addition
of about one-fourth to those in place at the beginning
of the year. Furthermore, these new tools are known
to be much more effective than the old ones in cutting
and working materials. Their increased effectiveness,
in fact, has been roughly estimated as high as one-fifth.
Deliveries of all types of machinery and equipment,
including machine tools, to war industries have been
on a tremendous scale during the past 2K years:
July 1, 1940, to Dec. 31, 1941.
1942 estimated total._
to bear on the processing of materials as in the year just
ended.
Moreover, this unprecedentedly large volume of industrial capital was more continuously operated during
1942 than in previous years. Statistics are neither very
complete on this point nor available for publication but
they do show a rising trend in hours of machinery operation per week during the year. This trend is due to the
addition of second and third shifts or where more shifts
have not been added, to longer hours per week on the
single shift, especially in those industries turning out
war goods.
Chart 4.—Production of Manufactures, Adjusted for Seasonal
Variations
934.000
Less obsolete (over 17}^ years)
N e t m a c h i n e tools in p l a c e . . .
J a n u a r y 1, 1942..
...
..
J a n u a r y 1, 1943
Percent
Number of ;\ change
from
tools in
place
| previous
period
January 1943
1937
1938
1939
1940
1941
1942
Source: Board of Governors of the Federal Reserve System,
where war orders were concentrated. Production of
nondurable goods increased only 4 percent in contrast
to the rise of nearly 30 percent among the durables.
Production of minerals was also 4 percent above 1941,
but the bulk of this increase was accounted for by fuels.
The metals index was held down hj declining production
of gold and silver. If these are excluded, the metallic
minerals index advanced 13 percent.
The growth of munitions production throughout the
year was steady, although the record was not equally
good with respect to all parts of the munitions program.
According to the War Production Board's index of
munitions output, shown in chart 5, aggregate munitions
production during November was at a rate approximately 4 times that of a year earlier. Adjustments to
bring about better balance in the entire munitions program and to take account of the growing scarcity of
materials were associated with the decline in the rate of
9
SURVEY OF CURRENT BUSINESS
January 1943
Chart 5.—Production of Munitions, without Adjustment for
Seasonal Variations l
INDEX, NOVEMBER 194!* 100
500
400 |
300 —
2 00
!940
1941
1942
oa^-sia
1
Includes ship>, planes, tanks, guns, ammunition, and all field equipment.
Source: War Production Board.
growth of munitions output during September and October, but in November production once more shot ahead
to register the largest monthly increase yet recorded.
Among the durable-goods manufacturing* industries
the transportation-equipment group, including the vital
shipbuilding and aircraft industries, recorded the largest
gain, amounting to nearly 80 percent over 1941. Large
scale production of the standard model Liberty ship
made possible numerous technological improvements in
the methods of ship construction which shortened the
production period in this industry to a fraction of the
time formerly required. Many new ship ways on both
coasts also came into production during the year. Reports on the progress of the shipbuilding program indicated that output during the year was slightly in excess
of the Presidential announced objective of 8,000,000
deadweight tons.
Aircraft production also made remarkable strides
during 1942, despite some difficulties in securing a balanced flow of all parts and subassemblies. On January
7, the President, in his message to Congress, announced
that 1942 aircraft output had been 48,000 planes of all
types. Improvements in the design of combat aircraft resulted from actual battle experience and the
quality of various models was steadily improved
throughout the year.
Chart
6.—Production of Selected Durable Manufactures,
Adjusted for Seasonal Variations
INDEX, 1935-39 : 100
600
50 0
Table 8.—Indexes of Industrial Production
[1935-39=100]
1
Item
Percent
chance,
1942
j 1940 1941
1942
from
1941
lOTalllHh'v
Alanuf ictures . _
Durable Roods
Nondurable good*
Minerals
Mirable manufactures
Open-hearth and Bessemer -steel
Electnc steel
._ _
_
.
Machmer\
__
. _
1 ransportation equipment.
Automobile bodies, parts, md .^scmblv
\orilerrous metals and productsLumber ind products
Lumber
Fuimtuie
. _
"-"tone, (lay, and glass product <=
(Vi'U'iu
__
. ..
\<>ndurabh manulactures
lVvtiks and products
Cotton consumption .
Woolen and worsted cl<>rh
_ ...
Leather and products . .
ShoesManufactured food products .
-Manufactured dain products
Meat packum
Other manufaclund foods
Alcoholic beverages .
1 obacco products
. . ._
Paper and paper products
.. _
Pap-r
Printing and publishing
New sprint consumption
Pnntuur paper
P'itroleum and co ll products
(lasuhn'*
Gok>
ChemicalsMinerals.
Bituminous coal
Vnthracite
Crude petroleum
Metals, excluding gold and siher
123
121
138
113
117
113
212
135
11")
110
]5t)
101
193
1A3
12"
175
ISO
3">7
495
289
415
11")
12()
14"'
152
in
120
105
97
100
114
114
12")
113
101
109
123
' 119
, 111
103
IIS
. Ut»
—1
—3
+3
+ 12
+3
+8
+8
15")
171
175
120
118
HI
1 i0
110
Hi
12")
130
1 i(»
13<"
115
\,>>2
129
129
110
120
142
112
121
107
129
110
120
168
-2
1 10
150
172
151
15S
102
121
123
12S
116
101
116
145
+2
\2fs
ni
13")
11 1
112
-14
188
132
m
141
12S
120
151
13(<
+3
+39
+38
+77
ll(t
no
IS',
117
121
122
140
130
210
1 57
J In
+ 15
+ 17
+30
+4
+4
180
189
250
A
+ 10
+11
+ 13
+ 12
+8
+8
—4
i
103
127 ;
122
110
101
170 ;
;
147
121 I
119 I
190
— "
—4
- 9
—5
-13
+9
+22
+ 17
+14
-
1
+13
Source: Board of Governors of the Federal Re serve System , excel )t data for 1942
which were estimated by the U. S. Department ()f Commerce.
502977—-43
2
100
i940
1941
Source: Board of Governors of the Federal Reserve System.
Production of steel increased moderately (luring the
year, but supplies of a number of partially fabricated
steel products such as plates and shapes ran far short of
requirements. Approximately 86,000,000 tons of ingot
steel were produced, roughly 4 percent more than last
year. Electric steel, required for armor plate and
munitions, increased sharply in volume in response to
pyramiding demand.
Production in the other durable-goods industries
reflected difficulties attendant upon conversion, shortages of materials, and the increasing importance of
military requirements. Production in the automobile
industry was slowed considerably during the first half
of the year by the change-over to war orders, but
picked up rapidly thereafter. Smelting and refining of
10
SURVEY OF CURRENT BUSINESS
January 1948
noiiferrous metals, and manufacture of the finished
products, registered only a modest gain, according to
the Federal Reserve index, but the index probably does
not reflect accurately the full increase in output in these
industries. Shortages of the raw nonferrous metals continued to hamper production throughout the year and
to necessitate the strictest controls over supplies and
inventories in order to meet the largest possible part
of the military requirements.
Illustrative of the increasing importance of the output of the durable goods manufacturing industries are
the data contained in table 9, which show the relative
contributions by different industrial groups, as measured by the Federal Reserve index, to total industrial
production. In this table both the weights of industrial components in the index for the base period, and
the increases since that period have been taken into
account. Since the weights in the Federal Reserve
index are derived from value added by manufacture in
1937, the resultant distribution for 1942 indicates approximately the value added by different types of production last year.
Chart 7.—Production of Selected Nondurable Manufactures,
Adjusted for Seasonal Variations
Among the nondurable goods manufacturing industries, production trends during the year were divergent, as may be seen from chart 7. The trend for a
given industry was governed both by its adaptability to
military orders and by its relative dependence upon
scarce materials. Gains were1 recorded in textiles,
foods, and chemicals as increased military and LendLease requirements were added to expanded civilian
demand. Losses in comparison with the previous
year's output occurred in leather products, paper
products, printing and publishing, and petroleum and
coal products.
Perhaps more important than the comprehensive
increases in industrial production during 1942 was the
enlarged portion of the output of most industries diverted to war purposes, leaving in these cases a dwindling residual for civilian uses. While an exact classification of output into war and nonwar segments cannot,
of course, be made because of the varying degrees of
essentiality to the war program of nearly all new production, rough estimates of this sort are possible.
They are of interest for the light they throw upon the
Table 10.—Estimated Portions of Federal Reserve Industrial
Production Index Represented by War and Civilian Output
INDEX, 1935-39 = 100
200 r
COTTON CONSUMPTION
150
RAYON DELIVERIES,
/ K
100
!940
1941
1942
CD
42-IS9
1
Data for November 1942 were not available in time to include them in this chart.
Source: Board of Governors of the Federal Reserve System.
extent to which economic mobilization has already
occurred. Whereas in 1941, apparently less than 20
percent of industrial production was destined for direct
military use, during 1942 the estimated military proTable 9.—Relative Importance of Industry Groups in Aggre- portion averaged well above 50 percent and by the
gate Industrial Production
final quarter of the year constituted roughly two-thirds
of
the total.3
1929 1937 1939 1940 1941 1942
Item
Naturally the approximate proportion of industrial
Index of total industrial production,
production
representing war goods was much higher
1935-39 = 100
113
123
180
110
108
156
Durable manufactured goods:
among
the
durable
than among the nondurable manuPoints in total index
40
52
50
41
73
94
Percent of total industrial production .
42
45
41
38
47
52
factures,
since
new
production of durable goods for
Nondurable manufactured goods:
51
Points in total index
50
44
53
64
OC
civilian
uses
had
been
sharply curtailed by the year-end.
Percent of total industrial production...
43
40
44
41
37
47
Minerals:
Reflecting
the
heavy
requirements
for fuels and metals
18
16
Points in total index
17
10
19
20
15
15
Percent, of total industrial production
15
15
12
11
in the munitions and supply programs, the war portion
of minerals output rose steadily throughout the year
Source: Board of Governors of the Federal Reserve System.
M 98,- -39 =100]
Indu-ti i<il pioduction.
Total index
Wai portion
Ci\ ilian portion
Percent war
Manulactim tTot il index
AVar poll ion
Ci ilian poition
P cent wai
Durable n tin ufact ure:-,
Total i(le\
\Y .] poition
Ci ilan poition
IV
Nondurable manulactuie
Total index
War poition
Ci\ ilian poitioii
Percent war
Minerals:
Total index
War portion
Civilian portion.
Percent war. -.
156
28
128
180
99
81
18
101
29
132
18
189
104
85
55
193
51
112
27
250
183
f»7
73
135
12
123
9
140
40
10C
29
125
21
104
17
13C
7]
59
. S, Department of Commerce.
s Estimates of the war and civilian composition of the industrial production index
have been made both by the Board of Governors of the Federal Reserve System and
by the Department of Commerce with very similar results.
SURVEY OF CUKRENT BUSINESS
Januarv 1043
and by the fourth quarter was estimated to be in excess
of 80 percent,
Thus it appears that in aggregate terms industrial
production for civilian use was more than a third
lower than it had boon in 1941. New civilian durable
manufactures declined to less than half their level of
the previous year. Only large inventories of consumer
durable goods in the hands of manufacturers, wholesalers, and retailers prevented the curtailment in the
(low of durable goods to consumers from being even
more drastic than it was during the year. As these
inventories of now irreplaceable consumer durables are
exhausted, the flow to consumers will of necessity
shrink to small proportions.
Production for civilians among the nondurable goods
industries during the year just closed apparently
declined less than one-fifth, although in some products
the curtailment was much greater. In many of these
cases, however, inventories were also relativcl}^ large
and the real effects of the production cuts will not be
felt on a broad scale until some time during 1943.
The classification of industrial production into war
and civilian portions, presented in table 10, should be
regarded as giving only very approximate results and
as show ing only in a rough way the relative impacts of
the war program. Significance should not be attached
to exact percentage points, which are necessarily estimated from incomplete and, in certain cases, fragmentary
data. In making the estimates, only direct military
and Lend-Lease supplies have been allocated to the war
portion of the index, but the boundary line between
military and civilian output is becoming increasingly
difficult to draw and will have less and less meaning as
we approach a maximum war effort.
Chart 8.—Value of New Construction l
BILLIONS OF DOLLARS
!929 1930 1931 1932 1933 1934 1935 1936 !937 1938 1939 !940 !94I 1942
1
Data do not include work-relief construction.
Source: U, S. Department of Commerce.
new workers migrated. This housing shortage was
reflected in a decline in vacancy rates to new low levels.
Total construction activity during 1942 was valued
at more than 13 billion dollars, with publicly financed
construction accounting for more than 10 billions.
While the increase in dollar volume over the preceding
year was mainly attributable to increased volume of
building, there occurred during the year a moderate
increase in building costs. Late in the year, construction
costs for buildings of all types were running on the
average 6 or 7 percent above the levels of a year earlier.
Rising materials and labor costs both contributed to
the advance.
Table 11.—New Construction Activity in the United States
by Function and Ownership
HMillionsoi dollars]
Construction
Construction activity was another one of the many
economic magnitudes establishing new records during
1942. The gain was concentrated entirely in the first
o quarters of the year. The final quarter saw a decided
drop because of curtailments necessitated by materials
shortages. Private building was in lower volume but the
decrease was far more than offset by the great expansion
of public construction. Of the latter, the largest singleshare was for military and naval purposes but another
large part was for publicly financed industrial facilities.
Residential construction was cut in half, but the building
of new plants, both on public and private account, was
approximately 90 percent above the previous year.
Most of this plant construction naturally represented
new capacity available to the war program. Indeed the
degree to which munitions output has been provided
for by the construction of new plants rather than by
the conversion of already existing facilities, is striking.
Despite the continuance of residential building at a
fairly high level, housing difficulties became increasingly
great in many war-plant areas to which thousands of
11
Item
New construction, t o t a l ' . . _
Private, total..
,
Residential building (nonfarm)Nonresidential building
Industrial . . . „
All other 3
.
Farm construction
Dwelling _
......
Service..
Public utility • » _ . . . .
Public, total
Residential
.
Military and naval s__ .
Nonresidential building
Industrial
Otherc
Hisrhwa\
Sew ape disposal and w ater supply
Ml other Fed( ml :
Miscellaneous public ^"r\ ice enterprises
1940
v
0.951
4. 196
i 2.323
_ :
982
423
559
245
145
100
i
646
2, 755
!
205
:
5io
!
497
1
144
353
910 '
I 43
353
I01
1941
11, 145
5, 261
2,881
1, 306
678
628
300
176
124
774
5, 884
479
2 059
1,671
1,400
271
1,013
115
125
122
1
1942
13, 558
2, 904
1,461
314
20s.
245
131.
113
730
10,594
600
5,013
3, 38f
3, 696
139
67!
!07
31 (
58
Does not include d a t a for work-relief construction.
' Dal a for 1940 and 1941 prepared by the Bureau of Labor Statistics, I ' . S. Department of Labor, those for 1942 are preliminary estimates of the Department o( Commerce.
> Includes reiicious. educational, social and recreational, hospital and institutional,
commercial, and miscellaneous nonresidential building.
* Includes railroads, street railways, pipe lines, (lectric light and power, gas, telephone and telegraph utilities.
5
Includes cantonments, aeronautical facilities, na\ \ \ards- and docks, army and
na\y hospitals, etc.
<• Includes public, commercial, educational, social and recreational, hospital and
institutional, and miscellaneous public building.
" Includes work done by Bureau of Reclamation, Indian Service, Forest Service,
\ n n y Engineers, National Park Service. Tennessee Valley Authority, Soil Conser\atiou Service, and other Federal agencies not included elsewhere.
* Includes such municipal enterprises as street railways and other transit M stems,
nas systems, ports, dock*:, harbors, airport tunnels, etc.
Source. T\ S. Department of Commerce; data for f ' l i i . n
pn-limimrj.
SURVEY OF CURRENT BUSINESS
12
Manufacturers' Inventories
military and civilian needs. Excessive inventory
accumulation at the finished-goods stage usually signifies, apart from transportation difficulties, some lack of
balance in production programs and planning.
During 1942 progress was made toward correlating
inventory holdings with production and end-product
requirements, but this progress was largely the indirect
result of controls over materials flow and of balancing
the production program. Further progress toward a
solution of the inventory problem may be expected
from the direct inventory controls which take effectin 1943.
Total inventories of manufacturers have risen steadily in dollar value since the outbreak of the war.
The increase in manufacturing production during
1942 was accompanied by continued accumulation of
inventories. By the end of the third quarter, however,
evidences of a substantial slackening off in the rate of
inventory growth had become apparent.4 To a large
extent this growth of stocks was an inevitable concomitant of expanding production. Nevertheless, there
was evidence that in many individual cases, inventories
had become excessive and were causing a maldistribution
of critical materials that was hindering war production.
These cases demonstrated the need for giving increased
attention to inventories in the plans for controlling
scarce materials as the war program approaches its peak.
Chart 9.—Value of Inventories by Type of Business
BILLIONS OF DOLLARS
January 1943
I Chart 10.—Manufacturers' Inventories by Stage of Fabrica|
tion l
I
!
[
RATIO SCALE
INDEX, AVERAGE MONTH 1939 = 100
300
!
GOODS IN PROCESS
100
|
!
^
^^.....••—«
S
90
^
FINISHED GOODS
RAW MATERIALS
80
70
1936
1937
1938
Ssl 1939
1940
1939
Source: U. S. Department of Commerce.
!
When dollar figures on manufacturers' inventories
are broken down by stages of fabrication, it is seen that
more than 40 percent of the total represents raw materials while the remainder represents work in process
and finished products.5 One fact of significance about
the inventory picture during 1942 is the decline in inventories of finished products which occurred during
the third quarter, indicating that the flow of goods was
being speeded to other industries or into distributive
channels.
The problem of manufacturers' inventories is one
aspect of the broader problem of scheduling the production requirements of the war program. Scarce raw
materials must be distributed among all producers requiring them, yet no firm can be allowed to accumulate
more than the minimum stocks necessary to continued
production at the scheduled rate. Production-time
must be cut wherever technically possible, thus lowering the ratio of work in process to the flow of finished
products. Furthermore, the finished goods must be
speeded to final users in a balanced relationship to
« This is not so apparent from the dollar figures except in the case of nondurable
goods industries where an actual decline occurred. But when allowance is made for
the rising prices of goods in inventory the decreased rate of growth is clear.
6
It should be emphasized that total figure for inventories of "raw materials" of
manufacturing firms does not necessarily refer to raw materials in a technical sense.
Rather it includes all products classified as "raw materials" by individual firms
reporting. Since the classification may vary from firm to firm, the resulting aggregates can only approximate a technical classification of goods in inventory.
1
60
1942
1940
Index is based upon the value of inventories at end of month.
Source: T . S. Department of Commerce.
and at the end of the fourth quarter amounted to
about 17.5 billion dollars. A portion of the increase
during the past year is attributable to the influence
of rising prices and does not signify actual accumulation of stocks. While the true increase in physical
quantities of goods carried in stock cannot be reliably
estimated, owing to lack of information concerning the
composition of inventories, it is probable that not more
than half the dollar increase in inventories over the
past year represented actual physical quantities.
Table 12.—Value of Manufacturers'
Quarter
Inventories, End of
[Millio ns of dollars]
!
Total
| manufacturing
Year and quarter
1940:
I
II
III
IV . . .
1941:
I. . .
II
III
TV
l)
i 9l '
I
\l
.. .
Ill
IV (estimated)..
;
I
. :••
:
.
.. . ..
Source: V. S. Department of Commerce
] 0, 988
10,993
11,337
Durable
goods
Nondurable goods
11, 920
5,
5,
5,
6,
229
236
532
021
5 757
."», S05
5.899
12, 337
13,121
14,252
15, 747
6, 364
0, 803
7,442
8, 140
5. 97.S
»\ 31*
H. 810
7. WT
16,4(54
17,183
17,439
17, 500
8, 505
8,961
9, 319
9,400
7, 059
8, 22.
S, 120
8. 100
5. Ty'J
SURVEY OF CURRENT BUSINESS
January 1943
Transportation
13
The high level of industrial production attained in
1942 was attended by a record volume of commodity
transportation. Raw materials and finished goods had
to be moved in ever larger quantities to support the
expanded war program. Passenger travel also expanded, reflecting the increase in military and business
activity as well as the decline of travel in private automobiles. Total transportation volume, including both
commodity shipments and passenger movements, increased more than 25 percent during the year, according
to the Department of Commerce index.6
passenger travel except by air showed substantial gains.
Commercial air travel declined only because of the
diversion of planes to the armed services and to air
transport of commodities.
Much of the increase in passenger travel during the
year represented troop movements and travel by the
armed forces in line of duty. Indeed by September
1942 an estimated 25 percent of total railway passenger
revenue was accounted for by the War Department.
Most of the other added passengers were traveling in
furtherance of the war program and the heightened
industrial activity and also because of the curtailed use
of private automobiles.
Chart 11.—Volume of Transportation
Table 13.—Volume of Transportation 1
INDEX, 1935-39 = 100
250
2 00
[Index, daily average 1935-39 = 100]
Item
Commodity and passenger, total
Total excluding local transit
Commodity, total
Railroad
Air
Intercity motortruck
Oil and gas pipe lines
Domestic water-borne
Passenger, total
Total, excluding local transitRailroad _ _ _
Air
__...
Intercity motorbus
Local transit . _
L940
1941
1942
115
117
118
115
156
136
113
123
107
112
108
226
108
102
141
145
145
146
205
168
123
126
126
142
133
294
143
112
181
188
181
195
337
180
132
92
180
234
242
290
216
139
Percent
change
1942
from
1941
+28
+30
+25
+34
+64
+7
+7
-27
+43
+65
+82
__ ]
+51
+24
i Indexes for commodity and passenger traffic (except local transit) are based upon
ton-miles and passenger-miles, respectively; index for local transit is based upon
number of passengers. All 1942 data are partially estimated.
Source; U. S. Department of Commerce.
Sources: Compiled by the V. S. Department of Commerce; for sources of basic
lata and r,let hod of constructing indexes see pp. 25-27 of the September J942 Su rvey.
Increases in railroad, air, and pipe-line transport contributed to the advance of 22 percent in commodity
movements. Transportation by motortruck increased
slightly in spite of the parts and rubber shortages
and the consequent restrictions made necessary by
these shortages, while domestic water-borne traffic declined because of the diversion of shipping facilities to
foreign trade and to supplying the overseas forces.
Among the bright spots in the 1942 commodity-transportation picture was the record movement of iron ore
on the Great Lakes. At the close of the shipping season,
the ore moved was nearly 15 percent above the .1941
volume, the previous record haul.
Passenger travel during the year registered phenomena! increases, the aggregate volume being more than
40 percent in excess of the previous year. All forms of
6
This index which is based on ton-miles in the ea.se of commodity transport and
i>assengcr-miles in the ease of passenger travel, more accurately reflects the increase in
transportation during 1942 than carloadings or other commonly used indexes. This
is because the Commerce index takes account of both tlie increased length of hauls
unnnp. the year and the larger loads per freight car.
The bulk of this increased transportation burden fell
on the railroads. They accomplished a remarkable
record in handling the volume with only small increases
in equipment. Because of the expansion in their traffic,
railroad earnings gained one-third to record the best
year in recent history. Thus by the end of the year, the
Office of Price Administration was moving to set aside
rate increases granted earlier in the year while railway
labor was preparing to petition for higher wages.
Despite the immense progress made in ship construction during 1942, war requirements for shipping space
also multiplied, and the end of the year found shipping
still the major deficiency in the program to conduct
offensive military operations. For a substantial part
of the year sinkings continued to exceed new construction. After a favorable balance had been restored by
the increase in launchings and the success of the antisubmarine campaign, the growing output of vessels
continued to be matched by expanding military requirements. The great geographical dispersion of our military operations plus the increased amounts of equipment required per soldier kept the shipping situation
critical throughout the year. Further curtailment of
| civilian use of merchant shipping was necessary to meet
| the growth in military requirements.
u
SURVEY ,OF CURRENT BUSINESS
January 1948
Electric Power
Table 14.—Sales of Electric Power to Ultimate Consumers
Supplies of electric power, after falling well below
requirements in certain areas (luring 1941, were generally higher during the year just closed. Such shortages
as occurred were localized and temporary. Power production, for the country as a whole, increased about
13 percent over the previous year, but the geographical
pattern of the increases varied in accordance with the
uneven incidence of demand, which came increasingly
from war plants. Industrial consumption accounted
for the bulk of the advance in power requirements,
although residential and commercial use also increased
moderately, as may be seen from table 14. The close
relationship of electric power output to the general
level of industrial production, which is apparent from
chart 12, indicates the importance of this source of
motive power to the war program.
[Billions of kilowatt-hours]
Item
Total ' .
Commercial and industrial
Lariie light and power
Small light and power.
Residential or domestic .
Railways and railroads
Other public authorities
Rural
Municipal
Interdepartmental
150
ELECTRIC POWER PRODUCTION^
75
1939
19 40
1941
1942
• Data include electric energy produced by electric railways, electrified ste•am railroads, and publicly-owned noneentral stations, and that sold by industrial (mining
and manufacturing) plants; industrial plants selling less than 10,000 kilowa-tt -hours
tt month are not included. Data in chart on page 2 do not include the fir:;t three
items mentioned in this note.
Sources: Index of electric power production computed from data of the Federal
1'mver Commission; index of industrial product ion, Board of Governors of the Federal
Reserve System,
j 15. 4
-S.S. 0
27. 4
industrial plants produced a more even distribution of
load requirements, thus permitting more4 effective utilization of available generating capacity, in addition
water-supply conditions in predominately hydroelectric
areas were relatively more favorable.
Foreign Trade
The flow of foreign trade during 1942 changed markedly both in structure and in geographical distribution
under the world-wide impact of war conditions. Specific details concerning this changing pattern of our
international trade cannot be published but the over-all
picture may be described briefly.
Exports registered a sharp expansion during the year
I just closed but the increase was entirely accounted for
by larger Lend-Lease shipments. Exports other than
Lend-Lease declined. In aggregate terms the increase
j in value of total exports approached GO percent but
I rising prices as well as increased physical volume con1 tributed to this advance.
| Imports declined sharply during the year, primarily
| because of the loss of many of our normal sources of
supply for products such as rubber, silk, tin, and others
which had previously been imported in large volume.
Shortages of shipping space also cut the volume of
imports greatly.
The ability of the electrie-power industry to cope
more effectively with the larger demand during 1942
was dependent upon a number of factors. Net additions to capacity, amounting to roughly 2,700,000 kilowatts, or 6 percent, were made during the year, in spite
of the fact that plans for capacity additions had to be
curtailed somewhat because of metal shortages. This
constituted the largest capacity expansion since 192").
likewise some new transmission lines were brought
into use, thus permitting a better distribution of available power, but this program also suffered curtailment
under War Production Board limitations. In spite of
the increased demands for electric power during 1942,
peak loads were only 5 percent above the previous year
so that the addition of new capacity raised utility
reserves by 1,000,000 kilowatts or more than 10 percent.
The chief factor in the improvement in the power
situation was the fact that multiple-shift operations in I
HO, 1
100.7 i
70. I i
24,0 !
25.I ;
0, 1
3. 1
2. 4 j
2. 1 !
i Individual items will not necessarily add to totals because of rounding.
Source: Edison Electric Institute.
Chart 12.—Electric Power and Industrial Production, without
Adjustment for Seasonal Variations
INDEX, 1935-39 = 100
200
\s t,
M.(>
50. h
22 4
23 3
5 9
1 7
2 0
2 0
Lend-Lease an Increasing Share of Foreign Trade.
Lend-Lease assistance to the Allied nations
rapidly during 1942 and became an increasingly
share of total exports. Total Lend-Lease transfers
the start of the program through November o(),
rose
large
from
1942,
Table 15.—Dollar Volume of United States Foreign Trade
[Million, of dollars]
Item
T o t i! export^, mcludinii u-exports ....
K\poit< ut T i n t e d States m e r chandi^e
.
(leneial imports
lii!poit>!ui consumption
. .
-M»'1!<V
liWU
••
3,177 \
!
3,123 ;
2,3!S
2,270
1942 ' 11
months1
HMO
4.023
5,140
3.934 , 5,019
2.025
3,345
2.541.
3,222
iiipe iu '»t' the ('ensus. D e p a r t m e n t of C o m m e r c e .
[
Percent
chaiuc
11
months
1912 over
11
months
1941
7.019
4-50.2
0.954
2,3v">
2.370
-f-58. 0
—20.5
—17.0
15
SURVEY OF CURRENT BUSINESS
January 1943
Chart 13.—National Income by Major Industrial Groups
amounted to nearly 7.5 billion dollars. Of this, nearly
BILLIONS OF DOLLARS
2.4 billions were transferred during" the final quarter of
125
the period, and more than 6.5 billion during our first
-—GOVERNMENT
year of war-.7 By October 1942 Lend-Lease shipments
100
accounted for 70 percent of total United States exports.
^-SERVICE INDUSTRIES
Exports of military items under Lend-Lease grew
DISTRIBUTIVE
steadily during 1942 both. in. dollar volume and as a
INDUSTRIES
proportion of total Lend-Lease exports. They amounted
to 56 percent of that total during October 1942. At
this rate an estimated 15 percent of our total munitions
COMMODITY - PRODUCING
INDUSTRIES
production was being exported, if account is taken of
both Lend-Lease arid the much smaller direct purchases
by foreign governments. Exports of foodstuffs and of
!929
1932
1940
1941 1942
oo 42-522
industrial materials, chiefly metals, have been increasing
Source: V. S. Department of Commerce.
in dollar volume but decreasing as a proportion of total
were perhaps the freest from control among all eleLend-Lease exports during the past year.
By country of destination, approximately 40 percent ments of the price structure.
In Government the increased generation of income
of Lend-Lease exports during October- were sent to the
United Kingdom, as against 21 percent to the Soviet resulted chiefly from the addition of personnel to
Union and 39 percent to all other areas, including the military agencies, as their functions expanded to meet
the wartime, emergency. In manufacturing, transMiddle- and Far East.
As the size of our* armed forces abroad increased, portation, and construction the income4 advances
reverse Lend-Lease, in the form of subsistence and other flowed chiefly from the record increases in the volume
products for military use, became4 increasingly im- of activity previously discussed.
portant during 1942. Altogether, Lend-Lease must
Table 16.—National Income by Distributive Shares
be regarded as a unique evidence of United Nations'
[Billions of Dollars]
cooperation and unity.
Item
National Income
The extensive changes in output and in economic
activity which are reported, in the preceding pages
may all be summarized conveniently in terms of national
income statistics. These statistics furnish comprehensive measurements of the economic expansion which
occurred during 1942 under the stimulus of the war
program. For example*, the whole national income,
measuring the net value of goods and services produced,
increased sharply to a record total of more than 117
billion dollars for the year. Virtually all major industrial groups contributed more or less substantially" to
the income expansion during 1942. Income originating
in agriculture expanded more than 40 percent over the
previous year- as did income originating in Government.
Manufacturing registered a 30 percent gain while both
construction and transportation accounted for more
than 20-percent increases each. Other major industrial
groups made somewhat smaller gains.
The contribution of these industry groups to the
national income rise reflected the changes in their
volume of output as well as changes in prices.
In the case of agriculture, expanded Lend-Lease,
military, and civilian demands prompted a record
volume of production. This was accompanied by a
a steady upward trend of agricultural prices since these
otal nanoiru income
Toial compensation of employees
Salaries and wanes
Other labor income
••entrepreneurial income and ns• t reniInterest ami di\ iden !s
< 'orporate sa\ irm>
70.
4s.
M.
•i.
V.I
x
>.
:\
4 :
"s
A •
s •
7 7 , 'A\n. 7
.")2. S #>.">. 0
IU. [
f i i. :*;
-i. 7 . ;i. i;
13. s
17. [
s l • !). '.»
' v.n*
,
' All f i a u r o for IOfJ. w h i c h a n - p r e l i m i n a r y , h a \ e b e e n r o u n d e d t o t h e n e a r e - n
billion.
-' C o m p o n e n t s will not n e c e s s a r i l y a d d t o t o t a l > b e c a u s e of r o u n d u m
Source" \
S , D e p a r t m e n t of C o m m e r c e .
When analyzed by distributive shares rather than by
industrial origin, virtually all of the 1942 income expansion is seen to be the result of increases in wages
and salaries, with entrepreneurial income also contributing slightly to the expanded income (low.8 Property
income, measured after taxes, made virtually no gain
during the year. This concentration of the 1942 income rise among wage and salary earners suggests that
important changes may have occurred in the size distribution of consumer income. Reliable data for
answering this question unequivocally, however, are
lacking.
The gross national product, for certain purposes a
comprehensive measure of the total value of output
more useful than the national income, increased approximately 12S percent during 1942 to total more than 1 ">0
ion dollars for tin* vear. Of this o2-billion dollar
s
7 Transfers under Lend-Lease arc made before goods are loaded aboard ship,
Consequently an estimated 10percent of goods transferred have not actually been
shipped. See the President's Seventh Report ro Congress on Lend-Lease Operations,
O , mti
K n u v p i v n e i i r i a l i n c o m e , o r t h e n e ! i n c o m e of u n i n c o r p o r a t e d b u s i n e s s e s j a b h - h -
n i e n t s . c o n t a i n s e l e m . - n i s b o t h of w a ^ e s a n d of p r o f i t .
S i n c e t h i s t.w>e of i n c o m e :?
G e n e r a t e d c h i e f l y i n I he t r a d e a n d s e n ice i n d u s t r i e s w h e r e s m a l l firms a r e n u m e r o i i •md w h e r e m u c h l a b o r is- p e r f o r m e d b y p r o p r i e t o r s , a N l i k e i \ t h a t t h e w a n e e l e m e n t
b u l k - lar-.M' in l o t a 1
16
SURVEY OF CURRENT BUSINESS
Chart 14.—Gross National Expenditures by Use of Product
BILLIONS OF DOLLARS
200
150
1940
|94|
Source: U. S. Department of Commerce.
1942
gainf in gross national product, it is roughly estimated that at least a third and possibly more was
accounted for by rising prices, with the remainder
representing higher physical volume. Determination
of the true increase in physical volume of all finished
output during 1942 is difficult because of the marked
changes in the composition of commodity flow which
occurred under the impact of the war program, and also
because of the lack of satisfactory price series covering
munitions.
Table 17.—Gross National Product or Expenditure
[Billions of dollars]
Item
Gross national product or expenditure
Government expenditures for goods and services
Federal Government
.
_.
War
Percent war to total national product. _..
Other Federal Government
State and local government
Output available for private use
Private gross capital formation
Construction _.
Producers' durable equipment and other,. _
Consumers' goods and services
Durable goods_ _
_
. _.
Nondurable goods and services
.
1940
1941
97.1
16.3
8.0
119.4
24.6
16.4
11.2
8.3
80.8
14. 6
4.5
8. 2
94. 9
19. 1
1942 1
152
62
54
50
33
4
8
90
10. ]
66. 2
8.3
57.9
10. 3
65.'-
1
Estimates for the year, which are preliminary, have been rounded to the nearest
billion and will not necessarily add to the total.
Source: U. S. Department of Commerce.
January 1943
Consumer Expenditures
Despite the scale on which new production of certain
consumption commodities was reduced during 1942,
inventories were so large that the flow of consumer
goods to individuals declined only slightly in real terms
from the peak level of the previous year. Whereas in
1941 the total flow of consumption commodities and
services had been nearly 76 billion dollars, in 1942 the
total, valued in 1941 prices, declined only to 74 billions.
Significant changes occurred in the composition of this
commodity flow, as durable goods generally declined,
whereas food, apparel, and services registered slight
advances.
Maintenance of the flow of consumer goods almost at
peak levels, did not, however, prevent the occurrance
of an increasing number of shortages, as consumer
demand, fed by the rising tide of income payments
flowing from war production, advanced steadily. In
dollar terms, consumer expenditures, including the
consumption of institutional residents, reached a level
of about 82 billion dollars, as against the figure of less
than 76 billion for 1941. Had it not been for the
effectiveness of price control, the 1942 figure would
undoubtedly have been much higher, since the 82-billion
dollar expenditure is considerably below the proportion
of their incomes that consumers have spent in previous
years.
Food purchases appear to have increased more than
20 percent in dollar terms, while expenditures for
clothing, apparel, and for services related to apparel
also increased appreciably. The drop in consumer expenditures for durable goods was fairly well spread over
most commodity groups. Large inventories of some
products such as jewelry, sports equipment, and household utensils, however, prevented any decrease in
consumer expenditures for these products as compared
with 1941.
In real terms the pattern of consumer expenditures,
shown in table 18, changed appreciably during the year
as a result of the relative scarcity of certain products,
the uneven increases in consumer incomes, and the
changes in living habits brought about by the war.
The changing pattern of consumer expenditures during
The growth of war expenditures, amounting to nearly
40 billion dollars during the year, was more than
of Finished Commodities and Services to
responsible for the entire dollar increase in gross Table 18.—Flow
Consumers, by Selected Groups
9
national product. Private capital formation was cut
[Billions of 1941 dollars]
to less than half its 1941 volume, Much of thi*
shrinkage represented, of course, merely a shift from |
1939 ' 1940 1941 ; 1942 •
Item
private to public firia?ic;mr, ->o that total capital foimation both on private* aiw{ public account die! pot ^cro- (
sarilv decline.
!
>'
'
( '
1
"
)
l I
\ul
)H
.. j t 1 1 1 ! i I ' l '
i l ' I P ii
H
Pii
\ M p u . l ,M ' u
8
I t should be borne in miiJU m a t f 1 '• v «i o\\ ( u in 'ies wl " n ac ^ >i , < v j*
gross national p r o d u c t repre a i t all t l i o ^ . dn I < i J \ 11 ( Fed( i a l G o \ ' ' U P ( n1 w
outlays, w h e t h e r w i t h i n or outside t h e b.i itio*, which c i ^ r i i U i O a drafi u p o n winp
produced in c o n t i n e n t a l U m / o d M<*ro
I hu> while e x p e n d i t u r e b \ ^ i ^ ' d i , I K S
t h e R e c o n s t r u c t i o n F i n a n c ("(.inmnv ire included, olishore < M ' d i d i t u n - ( a t <
eluded. F o r a m o r e c o m p l e t e ' > \ p l mat "or of I'ns u inn irison M ( M ' H \< u> V
a n d A u g u s t 1942 issues of OH S n \ ( \ .
11 M i p i ' ( i l l
I I(11
>
)() l
I. b W
(NtlK i ( )"ini<
I i< h M - f u r
<i w i l l
n o
IllclllillIlL
^
' i r e
\
194 '
n
"
1
n
IP
in .
,
> t
v 'u
1 ) ( M \]'
)
('
Ji
1\(
t)
(! b
\.
i" t
!_
M • % H ( ^
iT(
j) , ' I M ' P I
i I I in
H M 11 I t I ' 1 1 1
^
.11(1 M I \ h <
-
l'
i -^ , . i l '
-
ill'i
Hi
ji <
n< i , r
< f C o
l
t\
V
H i}
rout
(V 0
to 1 1 K m
l o t ii
b l ' T ( \ ( llKl'TlL
1
m
( i n
- O v ' 1 I il ' I i H l
p T d l .M s
i n
17
SURVEY OF CURRENT BUSINESS
January 1943
1942, as may be seen from chart 15, was also reflected in Table 19.—Sales of Retail Stores, by Kinds of Business,
1939-42
sales of retail stores. Sales of food stores and of eating
[!Wl! , ; . - ,! ' ,li:u-:
and drinking places ran well above their 1941 levels,
reflecting chiefly the advance in consumer buying power
19 ID
19
!'):i')
lUm
1042
over the previous year. At apparel stores the increase
45. s
51.
12. o
5f>. 2
stons
in sales was less marked though clear. Sales at house- \J1 retailDuraMe
12. ~ 11.
9. 9
L'oo'is >?ore^
33
39 3 '
-'! 1
furnishing stores ran above preceding year levels for the
liv kinds of business:
10.
12.
10.
15. 2
Foo<l stums
first quarter but slumped during the remainder of the
1.
5. 8
E a t i n g aii 1 ' ' r i n k u i j j phuv-:
i 3.
1
• 10.
i
:
. ,
;
;>
_>'
i ;'
1
3.
2.
2.
1.
5.
1
Apiiarel stores
Killing stations
Huiidinti inateiial> a i r i h a r l w a i v - iculvrs
ilous»'h«)l'l furnishiiur stores
A u t o m o t h e stoi ii. _
Drugstores
.
General inerchan'lise »tore<
Other retail si ores
Chart 15.—Sales of Retail Stores
3
;
8
•
s7 ;
7
,",
H
5
-
3.
3.
3.
1.
(i.
1.
»;.
1.
fi
•
}
1)
0
9
>>
li
s
:
1. 1 i
3. ,") i
.). 7
2. 1
3. 3
3. s
•j
3.0
1 <)
7.
2. 3
8. S
'i -
• » •
N O T E . - - - D u r a b l e - o o ^ s t o r e s i n c l w l e h u i M i n i i i n n i . ' i u N nn-1 h a n l w a n i . h o u s e l i >! 1
f u r n i s h i n . e s , a u 1 o m o t i \ e , - n i ' l j e w e l r \ v i n c l u d i ' ! i n o i ! u r r«-inil • s t o r e s .
Noir!ur;i.r>l"
i r o o ' l s s t o n \ s i n e h i ' l c ;\11 o t h e r s t o r e s .
D u e t o ro'in i m, uroiip Jiuures d o n o t r i c c o s a r i l \ a d d t o t o t a l s for a l l r e t a i l s t o r e s .
D a t a for U J 4 2 - u v pn-iiiuiiuirv f s t i m u t e s .
Source.
I . S. D e p a r t m e n t
nt r o m n ' t - n v
in retail and wholesale trade held up remarkably well
in dollar volume throughout the year, as may be seen
from table 20. At the close of the third quarter, total
inventories in retail and wholesale trade amounted to
11.6 billion dollars, valued however in prices somewhat
higher than the prices of goods carried in inventory a
year earlier. The decline in wholesale inventories
began in the second quarter, while the turning point in
retail inventories came a quarter later, reflecting of
course the transfer at wholesale of many irreplaceable
goods. Both retail and wholesale inventories decreased
sharply during the final quarter of the year as a result
of the record volume of Christmas trade.
Table 20.—Value of Inventories in Wholesale and Retail Trade
[Millions of dollars]
Year and quarter
Source: U. S. Department of Commerce.
year as goods shortages began to appear. Automotive
sales were well below those of 1941 because of stoppage
of automobile production and rationing of tires and
gasoline. Filling-station sales also reflected the gasoline
rationing. Drug stores appear to have benefited as
much as any retail trade group from the income expansion, and sales ran far above the corresponding months
of 1941. Trends in general merchandise sales were
mixed although a small gain for the year is apparent.
In general the supply of consumption commodities
during 1942 exceeded all expectations. The smallness
of the cut which occurred in spite of the extensive
diversion of resources from the consumer-goods industries is a tribute to the economic potential of the American economy, as well as a significant commentary upon
the gradualness of our war mobilization.
Despite the heavy volume of consumer purchases
during 1942 and the stoppage of production of many
types of consumer goods, inventories of merchandise
502977—43—3
938
$( 9 7 7 :
9, 131 ;
9, 279
I
II
III
IV
I:
I
II
III
IV
y?
Ml'
ID.
11,
"i
II
in.
11, 98f>
12, 128
11. (>41
Source:
Whole sale
>ta.1
80fi
333
S07
334
738
;*! 581 :
3, 745 j
3. 730
4.
4.
4,
4.
:
078 i
220
384 i
H97 :
4. •<99 '4,
4., 2 1 5
Retail
200
5. 396
5, 38ti
5. 549
~h 728
I), 113
423
•>, 037
087
49;i
7 39»
U. >. Department of Commerce.
Late in the year, inventory controls for large wholesalers and retailers were announced, to take effect in
the second quarter of 1943. These controls, being
based on inventory-sale ratios during past periods,
will probably not be the chief factor forcing contraction
of inventories in the aggregate, although they undoubtedly will prompt a better distribution of available
stocks among outlets.
Consumer Income and Savings
The steady growth of consumer income during 1942
stemmed from at least three chief factors. One was
18
SURVEY OF CURRENT BUSINESS
the general increase in employment in war-stimulated
industries coupled with the steady upgrading of workers
as man-power became increasingly scarce. A second
was the record growth of farm earnings. The third
was the upward surge of wage rates and earnings which
remained largely uncontrolled throughout the greater
part of the year. As a result principally of these factors,
income payments to individuals advanced to record
levels, totaling approximately 114 billion dollars for
the year. Higher tax payments absorbed only a small
Chart 16.—Income Payments to Individuals by Use: Quarterly
Data, Seasonally Adjusted, Raised to Annual Rate
!|
BILLIONS OF DOLLARS
'10
i
Commodity Prices and the Cost of Living
The brisk rise of prices in 1942 brought the average
of wholesale commodity prices above the 1929 level,
Similarly the cost of living by December had veiy
nearly risen to the 1929 average level.
The price situation has been so exhaustively discussed in the course of the 3Tear that bare mention of
the governing basic factors will suffice here. In simplest
terms it was a case of effective demand outrunning
supply at previous lower price levels and forcing prices
to move progressively higher throughout the year.
Chart 17.—Wholesale Prices and Cost of Living
INDEX, 1935-39 = 100
150
j
1
I
80
January 1043
!
i
INCOME PAYMENTS.
>^>r N
i y\\v-^
130
60 ^
40
0
^
§§
m
•m
1935
&&%&
1936
!937
mm
•I
EXPENDITURES FOR GOODS Wm
i938
1939
1940
MR
1941
COST OF LIVING ~
WAGE EARNERS AND
LOWER-SALARIED WORKERS
IN LARGE CITIES
!942
90
Source: U. S. Department of Commerce.
80
fraction of the increase, and consumer dollar expenditures were prevented from rising higher by goods
shortages7 price control, and rationing. Hence much
of the income rise was naturally diverted into savings,
which are estimated at approximately 26 billion dollars
for the year or roughly double their 1941 volume.
The outstanding fact about these savings is their
predominately liquid character. This is evident from
the details presented in table 21. The liquidity is,
of course, partly a result of the abnormal or semiautomatic character of a large part of the current savings during the year.
Table 21.—Net Savings of Individuals by Use of Funds
[Billions of dollars]
Fund
Total net savings of individuals
I
Current savings held as currency or as bank deposits j
Current savings invested in Government War bonds,
series D and E
Current savings invested in private insurance. _ _
Current savings applied to reduce consumer shortterm indebtedness
Current savings held in other forms
3.6
1.0
1. 7
12.9
5.6
1.8
2. 1
-1.2 !
2.3 i
1
Estimates for 1942, which are preliminary, have been rounded to the nearest
billion and will not necessarily add to totals.
Sources: Securities and Exchange Commission, U. S. Treasury Department, and
V. S. Department of Commerce.
The magnitude of their savings during 1942 is also
indicative of the extent to which consumers as a whole
have benefited from the price-control program.
1939
1940
Sources: V. >>, Department of Labor.
were recomputed to the 193.V39 base.
Indexes of "Wholesale Prices on a 1920 base-
The prime factors on the demand side were the
record-breaking volume of government and industrial
buying and the resultant heavy flow of purchasing
power into consumer hands. The large national output during the year made it inevitable that income
payments to individuals would be very large. It was,
of course, not inevitable that consumers be permitted
to retain most of their incomes, as conceivably, it would
have been possible to relieve them of bigger income
fiactions through taxes and bond sales. Inasmuch as
this course was not adopted, however, consumer purchasing power flowed freely into retail markets.
The prime factor on the supply side was, obviously,
the growing relative scarcity of goods and services
available to consumers. Although supplies of some
goods were at or near peak levels, they were nonetheless unable to keep pace with purchasing power.
Under these circumstances, the prices of many goods
and services would undoubtedly have risen much
higher than they actually did except for the restrictive
influence of price controls and goods allocations.
Had consumers been free to clip into their recordbreaking savings and bid prices up and had sellers
been free to hold goods for sale to the highest bidders,
the cost of living might well have risen more nearly
twice as much as it actually did during the year.
19
SURVEY OF CURRENT BUSINESS
January 1943
Table 22.—Indexes of Wholesale Prices, by Economic Classes
and by Groups of Commodities
Chart 18.—Cost of Living of Wage Earners and Lower-Salaried
Workers in Large Cities
INDEX, 1335- 39 = 100
INDEX, 1935 - 3 9 » 100
I'm cm
men aso
No- • N o ein- \ ( m - vemh< »r
ber
ber N <>\
Nov
91(1
i(*l2
1911
1910 1911Nov. X o v
l*Hl
1912
No-
Class or group
Ml commodities
f'cononiK' classes'
Kaw materials
Semimanufactured urtie
Manufactured products
Farm products
(irains -_
Livestock and poultr\
i'ommodities other than r i r m
products
Foods . .
Cereal products.
Dair\ product-i
Fruits and \e2i lable>
Mints
_
. .
\11 coinmodites other 1 urn
farm products and foo<
luiildinu material^
Lumber
<'hemieals and allied pi u d Urts
ChemicaN
Oils and fats
Fuels and light ina maiei lai
I'elrolcum products
IFdesand leather prodiu Is
Hides and skins
1 Io>]s<»runiishin<i goods f
Metals and melal produ • s
l i o n u\u\ si eel
MeiaK, nonierrows
I'e\t ile p r o d u c t s
C o t t ' i n s:ood- .
Haum .
Woolen a n d woi"s|ed <uo d s
Mis«,l!an.'ou.
78
S7 >
71 <i
79 1
") iOo
oj
9s
1
s 2 1 10")
(
7b
>2
91 (, 117
M i,
1)7 7
<)S 0
t>)
j
so s
71 .i
,"S $
77 (,
t>3 1
73 A
9S
s >
Mi
9
SO
ss
sj
7
so 7
s",
79
1
I,
;,
72
°i,
2
<s0 7
v,J t,1
(,S 2
2
2
(>7 7
tVJ 9
9
1
s'i
)
(
'S s
95. 0
9h
MM
si
90 2 10? 'i
x9 7
92 (
<jO 4
9-> s
r
90 i, 110 , ,
s j -5 92 81
90 h ' 2 ! A
0 2 ',
SM
S') 9
q
72
71 s
100 i
07 9
103
so
111 2
102. ()
112 0'
!
03.
9"). S'
107 *,> 110 1
128 7 133. 1
io
21
s
1
42 s
r, 22
(, 0
22 0
2^
10 1
1 1 2
H I,
29 h
2
2-5 2
11 s
J ,
o
h
I") 9
i >
1',
30 *i
23 3
1
111. 7
s2 }
()0
7() 2
s9 0
8o (i
9 } 8 1 10.5 2
102 9 i 2 2 .
<),') i
110 2
132
b\ 1
9s. 0
117
97. 0
JH; A
10.". I
7s ."i
7
117. i,
11s 0
11)2. i ,
103 s
97. 2
S.' 7
9t> s
112
30.
109 7
>9.
99
15 y
10. s
<s9 8
1
s <)
85. 1
3 S
ss ;* 90. 2
9. A
12. 3
9 2 o 101 :-> 3 It* (i
<l c,
79. i
I
71 9, 78 s
(id 4
19 ,•;
OO. 7
,"»
22 ,".
11
3 2
102. ,\ 11 1. 1 117 s
12 c.
10). 2 i n 0 1 1 C > . 0
1. 8
1 *i
ss. C 1 0 0 . U 102 ,*) 13.
,")
s
97. 0 103.
103. s
}
;',
1
97 i
97. 2
v
st» o
>'-i u
i 1
1 I
si s
i. {')
91 1
22 3
97 ]
71.
f> ij
7:?.
105 ? 112 l'
13 2
2 7 — 1. 0
39 :»
30. it
29
Ss s 102. (i ] 1 ;_7
!5 ,",
s. ()
9(!
12 ii
3
s7
h7.
;>()
0()
77
90 s
i
77 0
S."i
Ii
71
.">»)
100
9!
1
A
7
0
s
<)
ss
,s
95 1
s i . /,
73 s
71 1
29
S."> ~
3
'<•"
<S1.
t'.
s7
77 (1
7*'. 2
"7. 0
Ids'
His. 1
91 \
!)9. S
9ti
^1.
si
!
M
29.
\
1
?»
2
.">
fi
S2. 0
17 0
29 0
19 2
11 2
s 7
9
2. ",
2.
3
1 . <. 1 )epai t m ein of 1.ah
r,
c
r
2
)j .
'The historic cvonl oi" the year in thr field of prices
was, of course, the development of controls. The
Nation for the first time undertook to control virtually
the entire price level. The tit tempt was fairly successful. Without it, the price level would unquestionably now be considerably higher than il actually is.
The first step was the approval of the Emergency
Price Control Act of 1942 on January :>(). Under the
power conferred upon him by this law. Price Administrator Henderson on April 28 promulgated the General
Maximum Price Regulation, effective for most prices
in May, which imposed ceilings on the prices of most
goods and many services. The ceilings were generally
the highest comparable prices charged during March
1942,
The two biggest loopholes in these measures were
the exemption of prices of farm products and foods from
ceilings below certain high levels, and the omission of
any control over wages and salaries.
The next steps were the enactment of the antiinflation act of October 2, 1942, and the Executive,
order of October 3 establishing the Office of Economic
Stabilization. This law and Executive order empowered the Government to bring the large majority
of farm-product prices under ceilings and to control the
rise of wages and salaries. Under these laws and Executive orders, the Economic Stabilization Director, the
:oo
90
1941
1940
1942
77,
\ \ iTriue lor J a n u a r v N •)\ e n d »( s r
-•ouice
100
> l!.fiu<U - <«)tj,( m m - not - l i u ^ n s e p a r a t e l y in Uiis c h a r t .
• I)ata ar< ;<:r tl-e hit-1 m o n t h of each q u a r t e r t t i p m u h Septeinbf r 1040uml m o n t h l y
i hereafter.
Scum1- r
•- i >cp;.rnn» in of L j b o r .
Price Administrator, the* War Labor Board and, in the
case of fjiF'jn-product prices, the Secretary of Agriculture,
now h a \ e probably all the powers of a nonlegislutive
son necessary to prevent severe inflation. They can
both set ceiling prices and control, or give relief from,
the rising costs that might threaten to upset the ceilings.
Thus (he Government is in a position to fix celling prices,
to control basic costs, and to forbid buyers from paying
prices higher than the established ceilings.
It is clear that the Government, represented during
most of the year chiefly by Price Administrator Henderson, was reasonably successful in keeping prices down
especially in view of the sharp advances that occurred
in the prices of farm products and foods exempted
from control.
Table 23.—Indexes of Cost of Living
[193.5-39=100]
| Percent increase
1929
totalCloth i i i } i
-
Food
Fuel. electricity, ami ice
ilous< •furni>him>^
Kent
M i^c< Uancou1*
1940
100 2
101. 7
96 (>
5 j
99. 7
7
100. 5
4 ! 104. t>
C\ ' 101. 1
122. o f
115. 3 !
132 5
112
111.
141
104
1942
105. 2
106. 5
105. 5
102. 5
108. 2
105.9
101 0
116. .5
124. 3
123.8
105. 4
122. 1
108. 5
ill 0
1941
from
1940
5.0
4. 7
9.2
2.8
7. 7
L2
2.9
1942
from
1941
10.7
Hi. 7
17. 3
2.812.8
2.5
6. 7
Source \ \ S. Department of Labor, except 1912. which was estimated, on the basis
of 11 month*" <hitn b> the I' S. Department of Commerce
But difficult price problems still remain despite the
progress toward economic stabilization made in the past
year. The basic problem is to win, as nearly as possible,
complete public cooperation and acceptance of controls. If price controls are to be fully effective, some-
20
SURVEY OF CURRENT BUSINESS
body—nearly everybody in f i i c t i s going to be affected. The typical reaction is that their impact should
always fall on the other fellow. Nearly everyone wants
the prices of the tilings he buys frozen while hoping the
prices that determine his income remain free to rise.
Stabilization can be had only when all accept the
principle that in order to have their cost of living frozen, they must accept income stabilization as well.
Reversal of this principle and acceptance of rising
living costs in order to maintain incomes free to rise
results, of course, in the familiar spiral of inflation
which is just the reverse of stabilization. Without
public recognition and acceptance of this basic principle,
stabilization can be had only at the cost of an intensive,
continuing, Nation-wide enforcement aimed at policing
all price transactions. Hence, in the months ahead, the
chief effort must be made in the direction of achieving
either public acceptance or enforcement.
Another basic problem of price control arises from
the fact that, while granting the power of the Government to fix and enforce prices, they must be set just
right to avoid undesirable repercussions and to encourage desirable types of production and consumption.
Whenever ceiling prices are set at low levels as they
frequently must be in order to check inflation—the
stabilization authorities will have to choose among the
following alternatives: (a) Maintaining the ceilings
and cutting the supply of the goods in question by
forcing some producers out of business; (b) raising the
ceilings and therefore the price level in order to encourage supply; (c) maintaining the ceilings but granting subsidies or some other relief to producers; (d)
maintaining the nominal price ceilings but permitting
hidden price advances by such means as quality deterioration, upgrading or trading up; (e) maintaining
the ceilings but forcing cost reductions which curtail
the income of some group; or (f) any combination of
these. Since any one of the alternatives will evoke
protests from some interested group, and will influence
the production and consumption of goods and services,
difficult decisions lie ahead.
There will be other price-control problems, of course,
such as the pressure brought by strong blocs to obtain
price treatment specially favoring themselves. But
whereas the big achievement relating to price control in
1942 was getting the necessary legislation and setting
up the mechanism, the big job in 1943 will be to make
it work and win public acceptance, even though nearly
everyone will be more severely pinched than before.
January 1943
arranged a 1-billion dollar bank credit. Congress
passed a 7-billion dollar tax bill, the largest in the
Nation's history—yet still not large enough. Federal
Government total expenditures amounted to nearly
60 billion dollars. Other fiscal and banking developments were in keeping with these.
Table 24.—Budget Expenditures, Calendar Years 1939-42'
[Millions of dollars]
Major t y p e
1940
War activities
Agricultural adjustment p r o g r a m .
U n e m p l o y m e n t relief
Transfers to t r u s t accounts.Interest on the public d e b t . .
D e b t retirements
Allother
Total
Total, excluding debt retirement-
1941
1942
1 358
967
2 181
202
971
53
3, 210
2, 778 12,705
1,014
728
1, 813 1,513
249
385
1, 076 1,145
144
100
2,734 2 577
49, 860
740
817
479
1, 452
28
2,671
H 941
888
9, 803 19,153
9, 659 19,053
56, 048
56, 020
1
General and special accounts, basis of the Daily Treasury Statement. Classifications are those currently published in the Survey of Current Business. For detailed explanation, see footnotes for page 75 of the 1942 Supplement.
Source: Daily Statement of the U. S. Treasury.
To pick any one of the interrelated and highly
dynamic magnitudes concerned as being "given" or
predetermined would not be entirely accurate, but the
54 billion dollars of war expenditures come closest
to warranting that designation. This is because the
Government, on the outbreak of war, mapped out a
program to purchase during the year the largest
physical volume of war goods and services that could
possibly be wrung from the economy. The resulting
war outlay became the dominant monetary flow of the
year.
Total Federal budget expenditures for 1942 aggregated 56 billion dollars. Government corporations
spent in addition nearly 4 billions more, to bring the
aggregate Federal outlay to 60 billion dollars. Nonwar outlays declined.
Chart 19.—-Cash Income and Outgo of the United
Treasury l
States
BILLIONS OF DOLLARS
CASH OUTGO*,
CASH INCOME,
~' '
I
\
Finance
1939
The key financial development of the year was the
putting into effect of price-level controls. But for that,
virtually all financial magnitudes would have been quite
different—and higher. Even so, the financial history of
the year is packed full of records that are especially
noteworthy. For example, a private corporation
1940
1942
1
Data are a 3-months moving average centered at second month.
Source: U. S. Treasury Department.
Treasury receipts were practically double those of
1941. The increase was due in part to the higher
rates enacted in the two Revenue Acts of 1940 and the
21
SURVEY O F C U R R E N T BUSINESS
January 1943
Revenue Acts of 1941 and 1942. The shi:rp rise4 in the
1942 national income, however, was a!<o a major contributing factor as il expanded Hie tax base very
considerably.
Table 25.—Budget Receipts, Calendar Years 1939-42 l
[Millions of dollars]
Him
Income taxes '
E m p l o y m e n t taxes
Miscellaneous intern il re\er.u<
Customs
. ._
Other reoeipis
4. '.U)
333
2111
32.S
Total receipts . . . . . _ .
old
Less: Xet appropriation to Fe
a ire and survivors insurance t u w fund j
,">00 ,
Net leceipts...
.
i 4.919 '
S,MH
;
1
General and special accounts, basis of ihe Daily Trea^m> S t a t e m e n t .
2
i n c l u d e s i n d h i d u a ! income taxe^, corporate ineome a n d e\ce-> prc»fii-; t a v s i> iseellaneous profits laxes, unjust-enrichment Tax, declared \ a i u e execs? IMOI1I> :a\e^.
and taxes u n d e r the limitim.' pro\ nions of the Vinson Act.
Source- Daily Statement of t h e I r . S. Treasury,
The classification of receipts in table 24 shows the
growing importance of income taxes as a source of
Federal revenue. Each of the last three regular revenue acts has reduced exemptions under the individual
income tax and increased the rate of tax. The second
Revenue Act of 1940 introduced the excess profits tax
on corporate income. As a result of this trend, it is
expected that three-fourths of the Treasury's net
budget receipts in the fiscal year 1943 will consist of
revenue from income taxes. The long-debated Revenue Act of 1942 (October) continued this trend by
increasing corporate income taxes (mainly the excess
profits tax) by 1.3 billion dollars (net), and individual
income taxes by 5 billion (net). All other taxes were
increased only some 0,6 billion.
Table 26—Public Debt of the United States Government and
Guaranteed Obligations Outstanding, as of December 31,
1941 and 1942
[Millions of dollars]
Item
Public debt:
Public issues:
Bonds:
United States savings bonds l
All other bonds...._...
Notes:
Regular series
National defense series
Tax series..
Certificates of indebtedness
Bills .
.._..
Special issues
Non-intcrest-bearing debt
Dec. 31.
Dec. 31,
1942
1941
Increase1
!
0, 141! |
33, 8(>0
if), 050
49,818
4, 831
8, 697
1,166
6, 384
.10, 534
6, 627
9, 032
2. (Mi
Total public debt 2
Guaranteed obligations not owned by the Treasury
57,938 J 108, 170
6,321
4,301
;u 232
—2.02:;
Total public debt and guaranteed obligations
04,202 I 112,471
1
2, 471
2, 002
6, 981
487
profits lax pak! is refundable to
cent of the
corporations after the war. as is a portion of 1he Victory
Tax on individual income, 1 n i-ither ease the refund
cjui betaken at l lie end of the yesw if suflicient savings in
certain prescribed forms have been made.
Notwithstanding the doubling of Treasury receipts ?
outlays outran them to a degree sufficient to result in
a deficit of 4o billion dollars, of which nearly 4 billion
was for the account of (lovernmeni corporations.
This unparalleled deficit, along with the increase in
th<i Treasury's general-fund balance of approximately
f> billion, forced the gross public debt up by 50 billion
dollars io a total of 108 billion, an increase of 87 percent during the year. This deficit and debt increase
were, of course, due to the lag of revenue legislation and
collections behind the swift pace of expenditures
dictated by the war effort. The technical factors
governing the movements of the Federal debt during
the year are summarized in table 27.
Table 27.—Factors of Increase in the Public Debt, Calendar
Years 1941 and 1942
[Millions of dollars]
1941
Hem
Budget expenditures, excluding debt retirement
Net receipts
19,053
8, 848
5t>, 020
lt>, 403
Excess of budget expenditures- _
Trust accounts, etc., excess of expenditures 1 ......
Increase in general-fund balance
_.. . _
10,204
1,077
1,632
39, fil8
3, 631
6, 983
Increase in the public debt,....... ___
Public debt, beginning of year
Public debt, end of yenr.
. _ _ ..
12,913
45,025
57,938
50, 232
57,938
108.170
» Reflects oftVcts of financing Government corporations through the Treasury
Department.
Source: Daily Statement of ilic V. S. Treasury.
Another key financial datum of 1942 was the 20
billion dollars in round figures of Government securities
purchased by the commercial banks. Hie absorption
of this block of bonds represented the outstanding impact of the Treasury's fiscal operations on the commercial banking system. Principally as a result, the
deposits of these banks rose about 15 billion dollars'—
the largest yearly increase in American banking
annals.
All banks, except mutual savings banks
Currency in circulation
Government seDeposits, excluding (billious
of dollars)
interbank
curity holdings
(billions (>f dollars) (billions of dollars)
37:
At current redemption values except series G which is stated at par,
2 Includes $1,278,000,000 as of Dec. 31, 1941, and $5,201,000,000 as of Dec. 31, 1942,
advanced to Government agencies for which their obligations are owned by the
Treasury.
Source: Daily Statement of tin I . S. Treasury.
Amount
Dec, 31, 1940
Dee, 31, 1941
Dec. 31, 1942
18
22
* 42
Change
during
year
4
v 2(5
Amount
Change
during
year
M
00
P 7,1
P
0
15
Amount
9
11
15
Change
during
year
4
v Preliminary rsiimai<\
Source: Board of Governors of the Federal Reserve System.
A figure closely allied to the deposit increase was the
An interesting feature of the 1942 Revenue Act is
the introduction of the principle of compulsory saving record-breaking jump in currency in circulation. Not
both for corporations and for individuals. Ten per- j always is there such a close correspondence between
22
SURVEY OF CURRENT BUSINESS
Government borrowing from banks and the increase in
total deposits and money in circulation. In the year
just ended, however, there can be no doubt of the close
connection between the two. Neither can there be
much doubt that this record-breaking inflation of the
circulating medium would not have occurred had the
$20-hillion block of bonds been purchased by individuals
out of their savings. So much currency and bank credit
in circulation clearly represents dangerous inflationary
ammunition. With more and perhaps even larger inChart 20.—Demand Deposits and Turnover of Demand De- j
posits in Reporting Member Banks in 101 Leading Cities, j
and Money in Circulation
.
j
BILLIONS 0 ^ DOLLARS
130
INDEX, 1935-39 = 100
140
Januarv 1943
Table 28.—Factors Affecting Total and Excess Reserves of
Member Banks, 1942
' M l ! 1 O n - <M .' 1 ! » .
;
<
I/. ) \
1 •\ 1
Factors of incrc^c:
M o n . ' i i i r v «!<,l<iM->,-k
T i v : : M i r \ I'lirri'iK'v o u K t u n d i i m _
F c d e i a l Kr<«»r\o b-ink e n dii o u M a n d t n - j
N o i n m - i r i b r r dot.o->;i-> . s l i d o t h e r F e d e r a l iir-
1 \\,\
r\
t , >, «»
t
Total
Factors of decrease:
Treasury cash
.
Treasury deposits with Federal Keser ve bankMoney in circulat ion .
21'
7<t<f
J!
lf.ll
r> n j
r»o
M 11,
! 1 1 >()
Ms"
i M^s
Total
Re serve balances . . .
He quired r e s e r v e s . . . . . . . . . . . .
. ... .
K\ cess reserves .
TURNOVER OF DEMAND DEPOSITS,1
<\
111!
ADJUSTED FOR SEASONAL VARIATIONS
100
DEMAND
P/
DEPOSITS, ADJUSTED &
(RIGHT SCSLt)\
60
V
A
I I0
MONEY IN CIRCULATION -y
1935
1936
h i d e s . 1-. h . - " d \\\,'i\\
1937
1938
1940
194!
1942
r e l a t i o n - h i p \n ! u <» ri d» l> 1^ ' o i n l i \ : d - i <! <i< < u n
. t d r a i s e d t o a n a ' l n i , \i M i e )a n d m o i o h U
- Data ati' depo-,i
1939
other than
interbank
f
a \ i ra'J* o i V. n h i . < ; a \ d t n i a n ' i
* lii'i' ; i , l ^
account lor the entire expansion of currency in circulation, however, and it is clear that the sharp increase
in income payments to individuals would in any case
have necessitated some currency expansion.
These operations naturally influenced the reserve
position of the Reserve banks. By year-end, the reserve ratio of the combined Federal Reserve banks
had declined about 15 points over that of the previous
year to around 76 percent. Their reserve holdings are
tremendous, of course, and their position very stronir
indeed.
depo-iK
d e p o s i t s a n d ' mu>\ - i i(< - T T ' A I n m n n '
Table 29.—Stock Prices and Sales and Corporate Earnings
^<Ja\ iM'ir."*1 e n d "f m o i i t h .
i i r ^ i>t i mi cf moj/ih
(•( s P e r n a n d <L j/O^iU. Hoard ol
o r o l ( l c i n a n d Ui i - o M t ^ F c d t t a ! l i e ^ c i \ c H < i n k " ' ^ i v
^ . '1 M'liMH \ 1 >l ]) U tIM( l i t .
ci'rasos of the same kind in prospect, it is to be hoped
that price controls will function effectively enough to
limit inflationary t end en cies.
Another significant banking development was the
continued decline in excess bank reserves. This took
the commercial banks closer to the point where1, when
their excess reserves are exhausted, they will have to
rely much more heavily on the Federal Reserve banks
to support their outstanding deposits. The factor
chiefly responsible for the decline in excess reserves was,
as can be seen in table 28, the deposit increase that
forced up required reserves.
The Federal Reserve banks themselves made centralbank history by expanding their outstanding credit in
the later months of the year to a new peak—-higher
even than that reached in 1920 at the crest of World
War I inflation. The expansion was accomplished by
Federal Reserve purchases of Government securities
amounting to about $3.7 billion which were, in effect.
paid for with Federal Reserve notes to satisfy the
urgent public demand for currency. Tins does not
lie,!:
oi It1.
o i tl - !(-. ; - t o ( k*\
' O - J t ' - 1O'>
Indii'JM.'K
r>l ^
I'ublu utilith- (2s stvukR u i i o a d s '_'(! M ' K k s
l i n e s s , [ ( [ i n a l l h » i s iK>ij
(uhaii'j
( i n o n J h l \ <i\i ' a " i M I I l h i l L o n - ^
O I P O I i'< t u t ' l U v i n u l»v l«)ie ; r
^(billn
<I')l!>!v)
i > d i a ' i i u t i ^ i . i n M t \ ( • - p i o f i l ! !\<
( ' i n (i it ) I I n ' i r u M'tit i l i >t » <\
;
l'M7
117
IK1
MW.S ! ' » W
^
Ml
!!>J(i
^s
l:i\\
-M)
\\>iJ
v)
Sh
1 J
! J
1 1 - i n o n t i i s ' avi'ra.ii(\
- Fsiiniaied by Department of Commerce.
Sources: Standard and Poor's Corporation. Securities and Kxchance Com
and \hv 1'. S. IVpariment of t'ommerce.
The policy of expanding the currency and credit
circulation, in place of heavier taxation and larger
bond sales to others than commercial banks, resulted
in leaving1 individuals and business firms in a strong1
cash position. Mention has already been made of the
unprecedented amounts saved by individuals during
1942. Some of the savings were in the form of debt
reduction but much of it in the form of cash and bank
credit. There is some evidence that business firms
also saved large sums, including much cash. Many
firms had set aside larger reserves against accrued
taxes than they needed after their tax liabilities were
clarified bv the enactment of the 1942 Revenue Act.
January 1943
SURVEY OF CURRENT BUSINESS
Corporate Earnings at High Levels.
23
ment which will become increasingly scarce relative to
the ruling needs of the year.
The crucial problem will be manpower. This will be
the case for the reasons already indicated—namely, that
the civilian labor force of the Nation almost reached its
peak in 1942 and will expand little if any more in 1943.10
The additional output envisaged in 1948 programs must
therefore come largely from longer working periods and
larger productivity per person as these will consitute
Chart 21.—Market Values of Stocks Listed on the New York
the Nation's major labor reserves.
Stock Exchange Related to Estimated Total Corporate
Profits After Taxes
The manpower problem is complicated by the fact
that it is essentially not a national problem subject to a
single comprehensive solution, but is instead a large
number of local problems. Whatever national policy is
adopted, it will have to be executed in hundreds of
localities and largely by the local authorities on the spot.
Perhaps the most difficult aspect of it, therefore, will be
to persuade1 the local authorities in each ease to adhere
to the general policies determined by the War Manpower
Commission, As the armed forces continue to absorb
more millions of men, the need for workers in war and
essential civilian industries will soon become intense,
it seems unavoidable that workers will have to move
from surplus areas to scarcity areas, from nonessential
lo essential industries and occupations, and nonworkers will have to join the work force. To bring
about these various types of labor flow without any or
with as little compulsion as possible, and lo do it all
promptly, equitably and with a minimum of individual
-4
-2
0
+2
+4
+6
hardships
in all the various localities concerned -that is
ESTIMATED CORPORATE PROFITS AFTER TAXES
{BILLIONS OF DOLLARS)
cc «< «. *
the crux of the problem.
^'Uirc"-: \ c v \ York Slock I'Achaiiirr and I*. S. Departnicr.t ot C o m m e r c e
The economy will have at its disposal in 194.') more
materials and more capital plant, and equipment, to
Despite near-record earnings alter taxes, however,
process them than in 1942, Materials stockpiles and
investors were fearful of t h e dangers hovering over
inventories that can be drawn upon are in the case of
a world aflame. C o n s e q u e n t l y they capitalized these
most materials also larger. Moreover, available maearnings at very high rates to allow for t h e risks. T h u s
terials supplies will very likely be used more effectively
with total corporate earnings 74 percent higher than in
in
the national interest, with less leakage into idle in1(.K>7, for instance, stock prices, as measured by t h e
ventories and with a more smoothly scheduled flow
S t a n d a r d - P o o r index, averaged 41 percent lower. E v e r
through the productive process. Such, at least, is the
in 19.')!), this discrepancy
since Hitler invaded P
aim of the Controlled Materials Plan which will become
between corporate earnings and stock prices (see chart effective early in the year. There is reason to believe
21) has grown increasingly pronounced from year to that much of this promise will be fulfilled and that a
year. The upward trend of (he stock market since* ii'iven quantity of raw materials will result' in a. larger
May. howe\ er. indicated renewed confidence, and output of finished products than in 1942. It is to be
prices closed the year higher than in December 1941, hoped that I he feature of the plan which places responsibility for the distribution of materials among
1943 Prospects
subcontractors in the hands of the prime contractors
Notwithstanding all the uncertainties that encompass will result in an increase, rather than shrinkage, in the
a wartime, economy, a real national product in I94:> number of subcontractors and in a broader spreading
larger than the record high volume of 1942 is a strong of war work among qualified business firms.
probability. It is, in fact, underwritten as much as a
With regard to plant and equipment, the large
future event can be, by the magnitude of the 194;> arma- number of new plants built and equipped in 1942 will
ment program. The chief problem of management
Tlii-; (loos not m e m , of course, that more newly recruited w o r k e r s will not enter
facing the Government as it maps out the policies to
;:inu>tr>
It means r a i h e r t h a t new accessions to t h e labor force will lirtle more l h a n
govern our 1943 war economy, is to make the most of <>!oef w nh<lrav>.'I> of men into t h e armed forces
our resources of manpower, mateiials. and capital equip(Coyitinucfl
o n p a ye 3>>
Despite war taxes, business enterprise during 1942
was on the whole exceedingly prosperous. Corporations, as shown in table 29, made larger profits before
taxes than ever before. After taxes, they realized only
6 percent less profit than in 1941. Corporate earnings
after taxes in 1941 were slightly higher than those of
1929 and were the largest on record.
10
24
SURVEY OF CURRENT BUSINESS
January 1943
Shifts in Installed Horsepower in
Manufacturing
By K. C. Stokes
AMERICAN industry has been built in part upon
^HL the principle of mass production. This principle
involves the output of standardized products by continuous processes; furthermore, it is dependent upon the
existence of mass markets. From the technological
point of view, the successful performance of massproduction industry hinges, to a large degree, upon the
efficient application of motive power to productive
processes. In this article, "power" refers to the horsepower equipment available to turn the wheels of factories. The purpose of the article is to provide an account
of the growth of these horsepower facilities, to give their
locational pattern, and to point out some major shifts
that have occurred over the long run and particularly
during the past decade.
The strategic importance of power equipment to a
country at war cannot be overestimated. War material in the enormous quantities needed at present must
be fabricated through the application of mass-production methods. Moreover, drafting of manpower into
the armed forces necessitates greater reliance upon
mechanized equipment. Conversion of existing plants
from civilian to war industries has involved changes in
productive machinery and in tooling. But in the case
of power equipment it has been possible to utilize almost
completely, and in most instances with no loss of efficiency, the facilities already installed.
The latest period for which detailed data on factorypower facilities are available is 1939.1 At that time
American factories reported an aggregate of 50,452,000
horsepower, of which 21,239,000 horsepower was in
prime movers and 29,213,000 horsepower was in electric
n otors driven by purchased energy.2 Under the impetus of war, the installed horsepower capacity of manufacturing plants today is considerably in excess of thatreported in 1939. Although there is no comprehensive
measure of the change in installed horsepower since
1939, the volume of industrial plant building since that
date may be used as a guide for estimating the probable
increase. On this basis it is estimated that installed
capacity in the United States factories at the end of
1942 was approximately 59,000,000 horsepower.3
From the beginning: of the defense effort in June 1940
1
Horsepower statistics for this article are drawn from the survey of factory-power
facilities conducted as part of the Sixteenth Census of the United States; the survey
provides the first official information on factory horsepower equipment since 1929.
2
A prime mover is the initial source of motive power within a factory which sets
other machines in motion and which derives its force from some natural source (such
as coal, oil, water, gas, or wood); steam engines and turbines, internal-combustion
engines, hydroturbines, and water wheels come within this category.
'° This projection is based on the relationship between installed horsepower capacity
and expenditures for capital equipment thrcugh 1939, modified in accordance with factors which tend to alter the shape of the calculated curve. Since widely varying forces
operating in a wartime economy must be weighted heavily, the estimate may be taken
http://fraser.stlouisfed.org/
as only a rough approximation.
Federal Reserve Bank of St. Louis
to the end of October 1942 a total of approximately
$18 billion was allotted for the building of productive
facilities to meet war needs alone.4 xlbout four-fifths
of this amount represented Government commitments
and one-fifth private commitments. Thus, in less
than two and a half years these commitments exceeded, by a considerable margin, the $13 billion
expended for new manufacturing facilities in the
ten-year period, 1930-39, when net additions to
installed factory capacity amounted to 9.3 million
horsepower,5
Price changes as well as other limiting factors must,
of course, be taken into account when making use of
these dollar figures for the two periods as measures
of the volume of plant and equipment additions.
Furthermore, the current commitments for new industrial facilities should be scaled down as additional
restrictions and controls are placed upon new construction in order to make all possible materials
available for immediate war production. Under regulations now in force to control wartime construction,
the building of new plants is prohibited unless certain
conditions can be met. This curb applies not only to
direct war plants but to other construction as well.
The General Pattern of Factory-Power Facilities.
An over-all picture of the horsepower capacity of
American factories and the changes that have taken
place in this aggregate capacity since the turn of the
Chart 1.—Installed Horsepower Capacity of Equipment in
Manufacturing Establishments
MILLION HORSEPOWER
60
20
!899
-
—
1904 1909 1914 1919
1925 1929
I93S
oo c - < «
1
Steam turbines are included with steam engines for 1914 and prior census years.
Source: U. S. Bureau of the Census.
4
This figure includes commitments for some projects not yet begun as well as for
uncompleted projects, but does not include data for plant expansions unless directly
or indirectly related to the defense and war program.
8
According to estimates of Lowell J. Chawner; see articles on Capital Expenditures
for Manufacturing Plant and Equipment, Survey of Current Business, March 1941,
December 1941, and May 1942.
SURVEY OF CURRENT BUSINESS
January 1943
century are shown in chart I.6 The data given in the
chart relate only to the installed capacity of factories
and arc- not indicative of the amount of machinery in
use at any given time. Some of this machinery is
normally idle, held as stand-by equipment in case of
emergency; furthermore, the actual use of the machinery varies in accordance with demand for the end
products.7
While substantial increases in factory-power facilities
took place in the 1929-39 decade, the gain was less
than that recorded for either of the preceding two
decades. Among the shifts in types of factory-power
equipment that have occurred over the period since
1899 the transition from the steam engine to the steam
turbine and the rapid substitution of electric power for
the belt and gear method of driving machinery are
outstanding.
For over a quarter of a century the steam turbine has
gradually been supplanting the steam engine. This
shift may be accounted for by the facts that the turbine
operates at practically uniform speed, occupies very
much less space than the reciprocating steam engine,
can be built in very large sizes at comparatively low
cost, and is very economical in fuel consumption. The
steam turbine is now the most important single type
of prime mover for the generation of electricity.
Hence growth in the electrification of factory equipment is usually reflected in a concomitant rise in steamturbine capacity.
The rapid strides made toward electrification of
factory equipment since the electric motor first became
an important source of industrial power may be seen
« Certain cautions should be kept in mind in appraising the significance of stated
changes in total installed-horsepower capacity from one period to another. While
it is not intended here to give a complete record of these cautions, some of the important limitations are noted below.
The horsepower unit in itself fails to indicate improvements in power transmission
and in the efficiency of the machines themselves. Furthermore, in measuring changes
in total installed-horsepower capacity, such changes must be based on the sum of
prime-mover capacity and electric-motor capacity driven by purchased energy, and
any shift from the use of energy generated within a plant to energy purchased from
outside sources, or vice versa, will tend to exaggerate or to minimize the importance
of the change in the aggregate horsepower capacity.
When electric motors are driven by current generated in the factory, the rated
capacity of the prime movers is used as a component of the aggregate capacity, even
though, for manufacturing as a whole, the rated capacity of the installed motors
greatly exceeds that of the prime movers driving the generators (see footnote 8).
On the other hand, when motors are driven by purchased energy the rated capacity
must necessarily be given as the capacity of the motors themselves.
It has frequently been pointed out by the Bureau of the Census that the marked
tendency toward the installation of electric motors means that the importance of
changes in horsepower capacity is exaggerated, since all motors are not run at the
same time or at full capacity arid the difference between installed capacity and
capacity in use is usually greater in a motorized plant than in a similar plant where
the power of prime movers is applied directly to production machinery through
belts and shafting. On the side of under-statement, however, may be mentioned
the possibility of running electric motors with an overload; this, together with
Improvements in transmission, tends to lower the capacity required to accomplish
a given amount of work. In the case of prime movers, the rated capacity is usually
the maximum load which they can carry.
To what extent any factors which tend to inflate the measure of changes in installed
horsepower are offset by others is a matter of conjecture.
11n 1939, 9.4 percent of the prime-mover capacity was reported as ordinarily idle;
corresponding data for earlier periods are not available. Just how much of this idle
equipment can be drafted into service in an emergency is uncertain.
502977—43
4
25
from the data given in table 1. By 1939 the total
capacity of electric motors had reached 45,291,000
horsepower, motors driven by purchased energy having
a capacity of 29,213,000 horsepower and those driven
by plant energy a capacity of 16,078,000 horsepower.
In that year the rated prime-mover capacity reported
as the initial source of energy for the latter class of
motors was about 66 percent of the total rated primemover capacity, leaving only a little over 7,000,000
horsepower of prime movers to operate machinery by
the belt and gear method.8
The gain in installed capacity of factory motors over
the 1929-39 period (34 percent) was considerably less
than the 117 percent rise from 1919 to 1929, but a
diminution in the rate of increase is to he expected as
the degree of electrification approaches the saturation
point. A significant difference between the 1929-39
period and the previous two decades is the fact that,
during this period, the rate of increase in horsepower
of electric motors driven by plant energy about equaled
that of motors driven by purchased energy. Previously, the relative importance of electric generating
plants in factories had been steadily declining as
technical developments in the public-utility industry
made it possible to supply energy over a widening
area at lower rates.
One effect of the application of power to manufacturing processes has been to remove the burden of production from the shoulders of men and to place it upon
machines. Statistical evidence of this change is
brought out in column 2 of table 1. Continued expansion in the horsepower capacity of installed equipment
has made it possible for a given labor supply to turn out
more and more goods. Thus in 1939 the installed
capacity of machinery per 100 wage earners was 642
horsepower, as against 491 in 1929 and 337 horsepower in 1919.9 The increase over the 20-year period
in total power equipment per worker was accounted
for largely by the installation of electric motors.
8
For technical reasons, the capacity of motors driven by plant energy does not
coincide with that of the prime movers energizing these motors. Thus in 1939 die
total factory prime-mover capacity reported as driving generators was 13,900,000
horsepower, against 16,100,000 horsepower of electric motors using plant energy. All
of these motors, of course, cannot be run simultaneously or at full capacity. In
other words, the combined rated capacity of the motors greatly exceed? the amount
of power delivered by them at any given time.
Although for manufacturing as a whole the horsepower of electric motors as given
above exceeds the horsepower of prime movers driving generators, this is not true
of many industries. Some basic reasons for this situation (quoted from Census of
Manufactures; 1929, vol. I, p. Ill) are given below. "In theory there should be 1.31
horsepower of prime movers to each kilowatt of generators but in practice the ratio is
somewhat higher, largely because of (a) the common practice of running a generator
by a shaft served by two or more prime movers, one of which may be a reserve ma
chine; (b) the necessity of installing more power in hydraulic turbines than in the
generators they drive, on account of the inability of the hydraulic turbine to take
care of temporary overloads; and (c) the fact that the efficiency of even the best
generators is somewhat less than 100 percent."
Since in 1939, prime movers having a capacity of 13,900,000 horsepower were reported
as driving generators having a rating of 9,700,000 kilowatts, the ratio was 1.44 to I, or
somewhat higher than the theoretical ratio given above.
6
See footnote 7 to table 1.
26
SURVEY OF CURRENT BUSINESS
January 1943
Table 1.—The Structure of Factory-Power Equipment and Amount of Horsepower per 100 Workers, 1899 to 1939
Hated capacity
Near
1899
1904.....
1909
1914
1919
1925
1929
1939
2
I( IX p n \ U l
])(1 100
f
i Sl i
11,0^2 j
51,122
,0 4">2
....
21s
252
6 3s^
H7
491
M>42
'
\
Prime movers (thousand horsepower)
!
\o\ .1
' i* • -si
i ) 2 hO"
I ' M !2
l(» 24)
l't i 2 ^
?l 2i ( <
t neiik-
t i n \
7 «w
* 10 Vi(<
!»-)}•)
if) Mi7
'» l ' s
i. oii
Itituiiilcoml,u-4ion
> n u r n ->
H3 i
2si ,
740
•urn
i Jjt
! 1(>7
1 20^
1 s()(,
(»
\a'
i OMM
") i i s
7 410
U,2Mh
1
D a t a t h r o u g h 1 U 9 I O M I I - t I M I I - ' I P " n t s w n l . f l n u n i i n u m \ d u e t,\ P M H I I K i - o ' V ) 0 0 , ( I n u a l n t ! h n s t w i t h
m a t e r i a l l y a f f e c t t h e c o i n p u a b i l i n o i i l u 1 I ( / I S . S K A \ ( I f m u n s ^ h o w n 1M U
2
C a p a c i t y o f p n m e m o \ o i « . p l u ^ t h . i t <,{ ^ h u n u i n o t o i ^ d u \ e n b\ p u n h I M d e m » j . \
3
I n c l u d e s dat i for" O t h e r " owin t powei
4
D a t a f o r s t C a i n o n u i i c - i n c l u d e t l i o ^ < <«»i s t e a m a n i m u s
5
I n c l u d e s d a t a loi \\atci m o t o i ^
6
D a t a c o n i ] ) a i a b l e \ w * h t h o s * i o t - I K I K I ' I I " v i . i h d i i i - M O O O n n n , p « u i n \A\u o t p u x i u M - b . i s i s a u i i 7 h t u - i
7
D a t a f o r 1 9 3 0 a i e p o ^ s i b l v s o m e u l i n t O M ' s t a t i d n l n n c o m p i i I M U I I > m u i e \\ i t h c o m b p o n d i n a d i t a f o i t a i h t
t i o n n a i r e w h i c h e a l l e d l o i m o i i ' 1't U I M I uiJciincViiDi ( m " i n p l o M (
» M t h i ! , i M - u ! * t i n t a u n i m b i i o l w i u e a i n< »
have been repotted o n t h e old b i^»
I n c u p p u t i p j t i n U K 1 I \ o l \ \ a n < ) i ' h m d o 1 I I C I M I U M M I pt I w i^t < u r n
b a s i c d a t a t o a c c o u n t f'>i t h i s i h m u e .
Jlvdioriirhim s ami
watd
whuK
1 4"il
' l.t)4h
* 1 sj()
: 1 S2i
1 7M
1 Si)0
' ")is
1 Mi1
]
Electric motors (thousand horsepower)
I )I I \ ( n 1
pinch ix
i ot<il
47."^
] . =»17
4.5v!
S. -592
15.(512
2G.0*).?
^.vSll ,
45,291 |
I ) n \ t r>
i n< i ~ \
17^
42s
1.0h(>
i, 707
S.Oho
In, l i b
21,7U4
29,213 :
2(C
l (iv)
2 «.'b
1 »>s-,
«• t,17
( (
-. )7(>
12. •)"(.
l«-». . i >
3 n u n u n i i n \ iluc oJ p i o d u c t s o f $ 5 , 0 0 0 ; t h i s c h a n g e d o c s n u t
p A.OI
t M a h 'I l n ^ •> I n c I U ^ C o f a c h a n g e i n t h e 1 9 3 9 c e n s u s q u e s , . p o t t t <1 i o i t i n * M » ' w a s l e s s t h a n t h e n u m b e r t h a i w o u l d
I \n I ' M ' ) h » i \ i i I I M A< r t 2 . a n a d j u s t m e n t w a s m a d e i n i l h '
Source: U. S. Department of Commerce, Bureau of the Census,
Mechanization
in
Its
Associated Factors.
Relation
to
Production
and
Other
Chart
2.—Installed
Employment
RATIO SCALE
Horsepower
in
Capacity,
Manufacturing
Production,
and
Establishments
INDEX, 1399 = 100
The long-term trend in industrial mechanization
800
may be compared with production and with other
closely related factors. In order to facilitate comparisons, trends in horsepower capacity, physical output,
and number of workers employed have been reduced
to an index basis and arc plotted on a ratio scale in
chart 2. The fact that the data are given only for
convenient periods when all indexes could be computed has the effect of obscuring many diverse tendencies that occurred during intervening years.
The sixfold increase in horsepower capacity from
1899 to 1942 came about through a series of almost
continuous increments over the period, whereas the
upward trends both in volume of output and in factory
workers have been interrupted by a number of de1904
1909 1914
i9!9
i925 1929
S939 1942
clines.10 Thus, while it is true that changes in power
D.Q. 42-486
Sources: V. >S. Bureau of the Census, National Bureau of Economic Keseaieh. and
equipment, physical output, and employment are U. S. Bureau ot Foreign and Domestic Commerce.
interdependent to some extent, a change in any one of
these factors should not be taken as a measure of changeover from civilian to war production was
change in either of the others.
not so marked.
Since 1939, the production of goods lias grown at a
Production per wage earner has also moved sharply
very rapid rate. This rise has been accompanied by upward since 1939, notwithstanding the fact that
substa,ntial, though proportionately smaller, increases horsepower capacity per wage earner has declined. In
in horsepower capacity and employment. In compar- the period from 1914 to 1919, horsepower per worker
ing physical output at the present time with that of changed but little while output per worker declined.
earlier periods one must take into account the facts The superiority of newer machine equipment, more
that goods are produced under different circumstances continuous operation, and developments in production
and are vastly different in composition. The nature of techniques have made it possible to turn out a greater
production in wartime changes considerably from that volume of goods with a given capacity than formerly.
in peacetime. Even comparisons of production during
Productivity of wage earners is conditioned by vardifferent war periods are of limited usefulness because ious factors. Among the factors making for declines
of changed methods of combat. Furthermore, during in output per worker during wartime are the bringing
the present war, emphasis has been placed upon conver- into service of less efficient workers, machines, and
sion of industries, whereas in the first World War the plants. Some loss of efficiency is a natural result of
the speeding up of production and of the changed charSee footnote 6 to p. 25 for limitations on changes.
10
SURVEY OF CURRENT BUSINESS
Jauiiurv 1943
acter of output. Labor grows scarce; the longer work
periods that are imposed may be more than offset by
a slowing up in the average output of workers per unit
of time; delays occur in getting materials and in mak- |
ing shipments. All of these characteristics of a war
economy may have4 the effect of reducing productivity
per worker'. On the other hand, among the factors opcrating to increase productivity would he greater installed-horsepower equipment per worker and other
improvements in technology, the shift from customproduction to mass-production techniques made possible through the standardization of output during
wartime, and the increase in working hours.
The Location of Horsepower Resources.
The geographic concentration of factory-power facilities is indicated graphically in chart 3. In 1939, 10
States accounted for nearly two-thirds of the installed-horsepower capacity in the country. PennsylChart 3.—Total Installed Capacity of Equipment in Manufacturing Establishments by Selected States
2
STATE
PENNSYLVANIA
MILLION HORSEPOWER
4
6
1939
1929
OHIO
MASSACHUSETTS
NEW JERSEY
CALIFORNIA
WISCONSIN
PRIME MOVERS
ELECTRIC MOTORS
DRIVEN BY PURCHASED ENERGY
NORTH CAROLINA
CONNECTICUT
WASHINGTON
VIRGINIA
WEST
VIRGINIA
1939
1929
vania, Ohio, New York, Michigan, and Illinois
outranked all other States, followed l>y Indiana,
Massachusetts, New Jersey. California, and Texas.
The rated horsepower capacity of manufacturing (Establishments in these States ranged from (>,(>00.000 horse
27
power for Pennsylvania to 1,300,000 horsepower for
Texas.
Concentration of horsepower equipment and concentration of manufacturing activity are to be found, for
the most part, in the same geographic areas. The locational pattern of horsepower, however, depends not
only upon the volume of industrial activity but upon
the nature and diversity of industry as well. For example, certain industries, such as those handling heavy
or bulky materials, require more power per unit of output than others. Furthermore, when minute4 specialization makes it possible to break up complex tasks
into simple, uniform operations, more extensive use of
power-driven machinery is practicable.
The enormous horsepower capacity located in
Pennsylvania and Ohio is due largely to the concent ration in these States of such heavy industries as blast
furnaces, steel works, and rolling mills. In 1989 these
industries together accounted for nearly one-fifth of the
entire horsepower equipment reported by factories.
Other industries accounting for a large proportion of the
total horsepower capacity, and handling heavy or bulky
materials, are paper and pulp mills, motor-vehicle
plants, sawmills and related enterprises, petroleum
refineries, and certain chemical industries.
In the paper, chemical, iron and steel, and petroleumrefining industries, horsepower capacity in relation to
employment is relatively high, ranging in 1939 from
28.0 horsepower per wage earner for paper to 23.3 horsepower for petroleum refining. Tn motor-vehicle plants
and sawmills, corresponding data for flu* year 1939
were 5.0 and 7.2 horsepower, respectively, or very close
to the average of (3.4 horsepower per wage1 earner for
manufacturing industries as a whole. Thus it is
apparent that for some industries, such as the two
mentioned above, high power installations do not
necessarily indicate a small labor force. Rather, a
large labor force of either skilled or unskilled workmen,
depending upon the type of process involved, may be an
essential adjunct to power facilities.
A distribution of total horsepower capacity in 1939
by States follows very closely the contours of similar
distributions of factory workers and value added by
manufacture.
With the exception of Texas, the 10
Staters noted above as ranking highest in power capacity
were likewise the highest in terms of wage earners and
value added. The rankings, of course, were not identical by all three standards of measurement. Pennsylvania was first in installed horsepower but second in
wage earners employed and in value added by manufacture. Xew York came first in employment and in
value added but ranked third in factory-horsepower
capacity.
In these rankings the* nature of industrial processes
and the <l(igre(» of industrial diversification are controlling factors. In Texas, for example, the petroleum-
28
SURVEY OF CURRENT BUSINESS
refining industry was largely responsible for the divergence in ranking. This State was tenth highest in
horsepower capacity but WD.S eighteenth in workers
employed in manufacturing. As noted above, power
is high in relation to employment in the oil-refining
industry.
Since the bulk of factory machinery is driven by
means of electric energy, it is to be expected that the
geographic distribution of electric-motor capacity, as
illustrated in chart 4, would follow closely that of the
aggregate capacity of prime movers and motors run by
purchased energy, as given in chart 3. The main purpose of chart 4, then, is to show for individual States
the extent to which factories depend upon central
stations as a source of energy for electric motors and
the extent to which they supply their own energy.
The data serve as a basis for determining the location
of potential industrial markets for central-station
January 1043
siderably among different areas. Virginia, West Virginia, Florida, New Hampshire, Colorado, and Nevada
were the only States in 1939 for which a higher capacity
of motors driven by energy generated by factory prime
movers was recorded. A plant is usually in a position
to generate its own power cheaply if it has a large supply of waste heat at high temperature or if industrial
wastes can be used for fuel. Energy generated within
a plant may also be more economical than purchased
energy in industries having high power requirements
and good load factors.
The Effect of the War on the Locational Pattern of Horsepower Resources.
What change has the war-building program made
upon the locational pattern of power equipment? Since
the war effort has become the dominating influence
governing the establishment of new plants, the shares
of States in the dollar commitments for war-factory
Chart 4.—Total Installed Electric-Motor Capacity in Manu- facilities will afford an index of whether or not the prefacturing Establishments by Selected States
war geographical pattern of industry has been altered
MILLION HORSEPOWER
STATE
markedly.
2
4
6
Table 2 gives the percentage distribution by States
PENNSYLVANIA
of commitments for new industrial plant facilities from
OHIO
the beginning of the defense program in June 1940
through
October 1942. Except in one instance, the 10
NEW YORK
States which received the highest dollar awards for new
MICHIGAN
facilities, and which accounted for somewhat over
three-fifths of the total amount, were likewise the rankINDIANA
ing States in terms of irstalled-horsepower capacity in
1939. The exception was Missouri which ranked ninth
ILLINOIS
on the basis of plant contracts, but was twentieth from
NEW JERSEY
the standpoint of horsepower capacity in 1939. Thus,
in
general, the areas of concentration of power facilities
MASSACHUSETTS
after the present plant expansion program is over will
CALIFORNIA
be substantially the same as those indicated in
chart 5.
WISCONSIN
In a peacetime economy over a long period of time
it is possible to spread new facilities in "thin" industrial
areas and thus to achieve a more balanced distribution
TEXAS
of economic and social benefits. In gearing our
economy to war production, however, it has been necesCONNECTICUT
sary to place emphasis upon speed in the completion of
WASHINGTON
new capacity; hence this factor has been conspicuous in
shaping the locational pattern. It was to be expected,
then, that new plants would be located in areas where
NORTH CAROLINA
experienced management and ample labor supply are
1929
already available and where raw materials are easily
i939
WEST VIRGINIA
1929
obtainable. The concentration of new plants in old
1939
areas is also due to the necessity of maintaining good
MISSOURI
1929
communications among plants fabricating related
Source: U. S. Bureau of the Census
products. The principal examples of industrial decenelectricity; they likewise afford an indirect measure of tralization resulting from the present war are the
ammunition and explosives plants which have been
potential markets for industrial supplies.
In the great majority of States the capacity of located in more or less isolated spots in conformity both
motors run by purchased energy exceeds that of motors with plans of military strategy and with considerations
run by plant energy, though the proportions vary con- of safety.
29
SURVEY OF CURRENT BUSINESS
Jamuirv 1943
Table 2.—-Percentage Distribution by States of Dollar Commitments for New Industrial Plant Facilities, June 1940-October
1942, and of Installed-Horsepower Capacity of Factories in 1939 l
r
I
c
-
? it Os
tre i in v.'d toco h.u i • *o,i i r or
i
ConimMi
loi new indiK
t a J ph n i t
i u'llitu"-.
I'M') O e t
ori
Juno
,b<
Install* d-h01SCpower L t i p i c i t y
of f«u t o t u ^ .
t ji
( uih aj 1ali\ 0
1
1 frw nt
'[;
1
Ponnsj.l\ ania
Ohio
*•>
Illinois
Michigan
New Yoi k
Indiana
Texas
California
^\ issouri
New Jotsov
Alabama
Wisconsin
Louisiana
Massachusetts
West Virginia
Connectici f
i
1 H I1
I'
( .
7 ">
- -,
'
h 7
h 4
(» 0 i
.i 1 '
j 1
2 S
> -)
23
i
s
17
'•
S,
Cimiu-
ptrcuit
l.U)
9 9
n4
•\
0
i
.">! 4
."id .7)
(>2 ')
S, J_
c>
) ()
2 <»
7
US >
2 '!
> t;
<>">
no
M"U 0^ >T1
?2 9
29 3
Kansas
if) fi
H -.
')() 1
"i 0
i 7
;
•-,
f»2
7(1
•
74 7') <;
"s 1
> 9
1 t
1 «•
2 0
-\
I
«»1 1
h'i 7
hS ()
71 9
\\ a^hmaton
Mai\l md
Viicnia
I t \h
Vlkm-ls
kO! t U c k \
Oklahoma
Iova
ColorT no
i
i
i
i
i
i
7
(,
s{7
3
S( s
\
ss
Vrvona
\ obi as} %
\ v Hi
X.i th C uoh i t
c mil
I'Ol-
1
1
1
I
1
I
I
2
J
o
s
<)*>
9 >
0
s
"
1
I,
( i "
c -
V )
1
^1 i
si (>
S.i 1
S"i ()
Si1. 1
s7. 1
s7 ('»
<)f
9<i
<J7
0
7
>
1
G
!
•>
9D
92 .
7s 1
s
7
7s
7
ti
I
{
4
I
1. 0
-
s9 I
SO ',
SO
0
<)] 0
Cumulative
percent
Percent
u
S|)
s<)
i
i
i
a !
cent
SO
^2 0
•»
Commitments
for new industrial plant
facilities, June
1940-October
1942
»i
(
s
(xC< H Ut
7 1 'i
7t. 9
nil f u ihdesj
\\
\\,\
D1
'all
!:\: t
i
now v >
( nn 'J-
Luno
.•59
i
2 1
1 <)
1 S
ParCeil t
) j^t
HI ii
p
A
U( s, ! i j > u.
() <1( 1)
1" 12
< v
ti
M iti
11
i
>i
| ( < . miti" m
i
M.Uc
i
i
II. j ' i r < h
Rhode Islmd
Mississippi
I ^"law arc
1 londa
.^oiith Carolina
Maine
New Hampshire
District of Columbia
Mon f ma
Id Iho
\uriot\t
\\
> OIJIUM
\ ( W \ b \'CO
NoHh 1) ikoia
^(uiih Dikoti
0. i
.4
4
4
H
2
2
2
1
(2)
(2)
..._
(2)
1
1
1
97. 5
97. 9
98. 3
98. 7
99. 0
99. 2
99. 4
99. 0
99. 7
99. 8
99, 9
100.0
100. 0
100.0
100. 0
Installed-horsepower capacity
of factories,
1939
Percent
0.7
,0
.3
0
1 3
1 4
5
1
3
4
'6
1
1
(~)
.1
Cumulative
percent
94,0
94.5
94. £
95,4
96. 7
98.1
98. €
98.7
99.0
99.4
99. 7
99.8
99.9
99.
<J
100. 0
93
'1") .t i repiesont i m l u s m i " o\p.Mi.-ion f->* w a r pu»i OM S a n i i i u l u d c major facilities financed w i t h public f liuK p l u s those tin an e e l w i t h p r i v a t e f u n d s as reflected b y
n< eoioH} coitifcatcvs r p p i o v o d . D a t a also include 32 p u n ( t s c s u n i u t o d u> cost $273,^71.000 w h i c h h a \ c Iv on do I'M^I b> W . P. B ,
^ L e - s t h a n f n e - h u n h o I t h s of one p e i c e n t .
Sources: W a r P r o d u c t i o n B o a r d a n d U . S. D e p a r t m e n t of C o m m e r c e , B u r e a u of t h e C e n s u s .
Changes in Installed-Horsepower Capacity by States and by
Industry Groups, 1929-39
i. e., in the combined capacity of prime movers and
motors driven by purchased energy.
The greatest proportionate increases in installed"
The substitution of the steam turbine for the steam
horsepower capacity between 1929 and 1939 occurred
engine is apparent throughout all industry groups,
in New Mexico, Idaho, Nevada, Florida, Texas, MichFood, apparel, lumber, furniture, printing and publishigan, and Indiana. The increases ranged in order of
ing, and leather were the only groups in 1939 to show
the States named from 194.1 percent to 56.5 percent.
horsepower of steam engines in excess of that of turbines.
Despite the high rate of change observable in the first
Although internal-combustion engines still make up a
three States, they still accounted for only a small
relatively small share of total factory prime-mover
percentage of the nation's factory horsepower in 1939,
capacity, they registered a gain of 50 percent in horseeach State having less than 250,000 horsepower.
power during the 1929-39 period an increase percentDecreases in installed-power equipment were noted for
agewise about equal to that for steam turbines. This
New Hampshire, Arizona, Rhode Island, Montana, and
gain was chiefly in the food, lumber, chemical, and
Massacl i use 11 s.
petroleum and coal products industries,
Changes in the capacity of various types of power
The rated capacity of electric motors driven by purequipment during the 1929-39 decade, as reported by
chased energy was considerably greater in 1939 than in
major industrial groups, may be seen in table 3. In
1929 in all industry groups except nonelectrical materms of prime-mover capacity, the largest percentage
chinery, and here the statistics given in table 3 do not
increases are to be found in the automobile, chemical,
accurately reflect the changes that took place. In
and petroleum and coal products groups 133.3, 98.6,
most of the industry groups a sharp advance occurred
and 77.3 percent, respectively. Likewise, the capacity
in the horsepower of motors using plant energy, and in
of electric motors driven by purchased energy was
those instances where a decline was recorded it was
increased considerably in these groups. Decreases in
more than offset by an increase in horsepower of motors,
prime-mover capacity occurred in 8 of the 20 industrial
run by purchased energy. A marked shift toward1
divisions.11 Listed in order of their percentage declines,
greater use of electricity generated within the plant is
these groups were apparel, transportation equipment
observable in the automobile and chemical industries..
(except automobiles), textiles, leather, lumber, stone,
The capacity of electric motors driven by plant energy
clay, and glass, furniture, and iron and steel. However,
was nearly tripled in the case of the former industrial
in all these industries, increases were recorded in the
group and was more than doubled in the latter.
horsepower capacity of motors using purchased energy,
For manufacturing as a whole, the relative gain from,
so that only three (textiles, lumber, and transportation
1929 to 1939 in horsepower of motors using plant energy
equipment) showed declines in the aggregate capacity,
was about the same as in horsepower of motors using
11
fctaiisLicsgiven in the table also indicate a decrease in the nonelectrical machinery
purchased energy. Despite the equal proportionate
industries. This group, however, is omitted from the discussion for the reason that
data for the 2 years shown are not comparable. See explanation in headnote, table 3.
gains in capacity of the two classes of motors, the paper
30
SURVEY OF CURRENT BUSINESS
group alone in 1939 had a higher motor capacity driven
by plant energy. A higher motor capacity driven by
plant energy was likewise true for the paper industries
in 1929, as well as for the lumber, petroleum and coal,
and iron and steel industries, but for the paper industries this situation was much more pronounced in 1939
than formerly.
January 1943
Only the broad shifts in horsepower equipment for
groups of related industries are shown in table 3.
Changes of varying degrees and kinds would be noted
within each of the 20 industrial groups outlined if the
data were analyzed in detail. The petroleum-refining
industry, for example, was chiefly responsible for the
increase in the petroleum and coal products group and
Table 3.—Changes in Types of Horsepower Equipment by Industrial Groups, 1929 to 1939
[ N o l i - I n d u s l r v - ^ r o u p d u a ioi 1929 n a \ i b» i n « a i i a i i , i ( (1 io (oiM.ii[< u ii h t ho 1 (| 39 c la^-ifu it i o n - mM>f n a-, w a s p o - M b l e l i o m i<« o l d
<i\ a i J a h ' t I n u • t tu
TitodM 1 c o m p a r a b i l i t y oi t h e i M o u p ^ ( o u l d Tio I)' a< n i < i \ o d . s i n c e MHIK ot t h o m d u - t i u s
,utlit.od m 1 9 2 < » M i n M i b - o q u o n t h
| 11T U P n <' <1 < c c P i p o i H
t o diflk l e n l i n d u M i \ m o w p s , in s u c h ( ( w s t i n r i d u - t i \ w a s .i
d >n Ms i n u n i \ t o t h e u i o u p \v n i c h in i
) (OlllpP
1 th<
, ) i n t i n r c u r a ( \ o! 1929 3(i ( o m n a i w > n s m 'KM | ) ( i ' V t T d U 1, e \ ' O J ) J ' •
the most pait, tho (ases v hoie 1 3 procodm \\ ) s i ( < e s s a i \ a n n o t of M I ! 1 K l e n t m i p o i l U K C IC
t, loi t h e n o n m d s t e e l j i i o u p
1 h' t r a n s i e r o ' m a \ - i r o n m d m lilt ibl( - i r o n cast \ tz- a n d ( o l d - i )lh d >i , 1
t h o n i ' i c h m o o a c c e p t elc
Hi:
1
pjoduots m d i ^ t i \ m iho m icnm"i \ m o u p to HM>aiatol\ diMim'i'od m d u s t i i< - m 1m n o n
, l i o m tho loutidi ^ a n d m a ' \
d s i c o l < n o n p is L u i ' i i<
-hi
v ) ! i ] r \ i I a t >\n lru »< j s p
fiom l l '2 (
opt
1ho lppnrent
.k
( p o v oi ( i p a u l > of i IK m a c t u i K M
j
pp
p olo( t r u a l J gg i o u p and 1<
: - \ o h i ( 1< " i i - i i i ^ o ' K '
m o i i j i m a j bo f u r t h o i o x p l a m e t l b \ I!K
f
t
l
l
^
>du(
in tho non andd stooll group
T h . ' d u h io m
gp
shift ot c<>rt vn c stal l
>
J ( pov\,»i p . t MO \ i_*
i<mk(
a u ttbl
o m o b i l e j n o u p u i dd oii o t hh t i s m o ddi u i n t : a n r l a f t e n m n < s \o
e a r n e r s ' n 1 ( M° ]
r n r n o nn)W'h md
e l e i t r i o in .) t or <
dri\o:i
b\
pinoha>ed o n o r a > .
Klootric motors, hor>>>p<
I'rim-- mo-, ITS. horsepower
Industry group
Toi-iJ
All industry groups....
_
Percentage change
. .
19 39
1929
Products of petroleum and coal
193'i
1929
Percentage change
-. _
Paper and allied products
Percentage change
Chemical and allied products
Percentage change -... _
Iron and steel and their products, except machinery. 2
Percentage change.._
Stone, clay, and glass products
1939
1929
Percentage change..
.
.
Electrical machinery
_
_
Percentage change
Furniture and finished lumber products
Percentage change^...
.,Textile-mill products and other fiber manufactures.
Percentage change
_.
.
Printing, publishing, and allied industries.
1939
1929
1939
1931*
l'WJ
1. :{s!». 121
7^3. S.I 1
- f 77 3
2, 7! *2. [ICO
2. 2 i 3 . 20.1
199,3il
2NS.
27.1. 2'i0
210. 13N
-t-11 .1
429, Ml
,1'iii. 13,1
i
M7.
M9
—\K 5
1 s!)3. SOS
2.614. 100
-2s. 1
1''H. U0
1 17. 3SC,
19-S. 092
-M0 s
.is] 519
— 12. 2
2.604. 131
."S. O i l . 121
4. oo:-?. M ) S
-rS). 4
:i, i\70. 491 i
\\ \)~rt. 090
-7, i
771,(57;-!
»»41.or>f>
-+-20.4
47.1. 09S
4(i0. 032
4',ih. 424
-Ki i
100, ,111
04. 9X I
+.14. 7
244, 4C1
197,979
-1-23. 0
II\<'i<>tuibii^s
m d w ill i
< IliMIll s
\V h i ( I s
1. sOl) 22'
1.2l l i 30;
199
3.19
-- 19. (i
397
— HI. 0
3,1,)
30,1
- Wi. 1
339
3.13
- 4 !'
23S
1M
--31..1
199
! ,12
1.390. 1M
-112
1,9^1.39.1
i. 799.033
•fid 1
^•13, (172
3H.1, S<i(i
+ 133 3
9.13. 1 }M
ls7, l l s
+9.1 0
1. ,i!K. ,i.ir;
712, (ilfl
+ 112. 1
1.3H.1 ,133
.102. 2()0
+ 171 9
2. .MM), 934 '
2. 147, 39.1
4-30. 4
.174. 11(1
,".13,901
-»-S0. 4
741, TsO
2(13. 191
- r l S l . ."
177. 197
131.921
193. 3s3
.If'.. .720
103.711
-31. s
3.11. 149
312, 2b0
-I-13. ,1
29,711
3S. 459
19.991
7(J. 411
- 24 -1
3 ! 2 , tY.il
2'Hi. 71.1 ,
372, OK)
91,010 ,
01,Sf)3
M 'ill
19 1 '»,
59 2
611
9(2
•+ 5 1
' " i 01s
1, HI..113
1,949. S02
-2f> 1
.13, (179
42, 0S7
+ 27. f>
12(1, .100
W(i,
llh
137
MO, IMS
200, VA*
3.1. 447
+ «». 1
21. 194
39, 79-1
-39. 2
< in
1
1
•JIM
29
] ;
i
i«-
21 > 0 s ,
i ,
] il
1 770
- s i (»
713 219
s72 (Ms
20 \2<i
+ 11-5 *»
li. I V
1" 9 1 ,
- ti 9
21
->no
1 ) 292
7 6 30
+47. 1
317.(17(1
— 11 3
37, 002
,3.1. 923
-3 0
,17, 749
72.410
-20 2
9.1, ()2G
141.791
-32. 0
17.(171
IS, 118
o ^
IS, 300
29, 75(i
-38. o
7(19. ,105
7-1K Till fl.4
11.971
3, 007
+29v 1
fiO. 134
2.1, t(i7
+ 13(1. 1
41.27.1
47, 1S2
-(I. 2
31..139
1«. r> 13
-t-S9. 5
3. I'll
'1. S3s
-53 7
1 0 37 9Ji
r-70 ()
> 19s 419
2 219 M l
-4-17 (•
2 «'<2 O H
1
7- 1 S 32
-^-6') 4
12 3fs 399
7 ( l91 1S7
1 ()S1
1 21s
-
2 9M1 0 41)
2 h i 3 210
r ' 3 2
1 "13 990
Mi"
I s_u (,M
-11 s
1 212 772
>
s i { 2s 1
-4-20 9
7!^
,f,j
1 70M
1 >>
1 100 9s,
i-22 n
' 612, 116
Ms 300
- M l •>
3s7 09 3
21 3 H 1
'-Sl ».
3 Sl«s
1, (.17
6 2 UiS
102 120
- Vi 1
32 21s
2° 0!(<
— 131 9
7s 079
MM
12 Ids
15 02 3
16 7 30
2 2 31 36 3
1 4()(. 07S
1 12 2
2 716 iH,
2 s'l
]21
4 026
2 HO
-H>7 ^
10 112
M 094
-4-4 I)
^2(> 26 1
7J1 (H)s
-4-' 1 I,
J OK) s77
8S7 2 i 5
4-14 6
940, 2Sb
761,610
4-23 0
4, 950
17,2"3
7, 440
29S 079
17, 121
-. 49 S
1. 299
i, 110
-r3f> 1
1.4 40
2 9i2
-4-12 S
1 44 4
1 170
-2 3
s 1
316 I
-73.1 i
1.181
1,253 ;
4 16S
1 ]29
- 21 S
4 S21
6 10"
-21 0
370
370
""I." 548"
1,948
-20. 5
IT
»- ) *
.11
2 ^
*fi-s (MM
3 .2
1 ' '
701
"72
-Hi
1
1 70 3
is
;\
s^<
i 070 M >
{
{
M03 2
160 607
K 31s
I,).
3s i
r14 1
r\
4-17.2 ;
-10.0
+ 19.2
33
5
K;(!. 36.1
309, 071
4 30.9
4-105. 1
33
}
-: >2
999. »;0s
1. !SC. ISO
— 1.1 7
75, 7»iP.
2S7. ! 13
-19 2
2.11, 193
l.Nfl. K2
-31 7
170, 170
4 s l . 702
-l.V !
.13h. 320
131. 1'xj
;">fi-i, 9(1.1
lOfi, 3C>0
M l . 313
1 )1 1\( II b\,
p u r e h is( d
-T- 1 0 1
170
4-20 5
1,010, 79(i
1.018. 7fN
I n n i n »1comiiiN
ti m
1 1 «•
1.467. 3 U
J-2S. 1
9s9,927
70(5. r.f.:i
721. »>S()
— 2. 1
1,019. -V2'A
W2. 002
19M
1929
+ !JS. f,
5. 3 ! ! . 51 i
5, 123. !!-'>
-1.5
917. 'H:$
L
5 0
1..HS1. If 1
2. ( i l l . 5)97
2, SOJ. <IOU
1939
1929
2, 1 0 0 , 0 2 S
Steam
turbines
11.29.1, >s72
7. 109. 7 is
2, N92. 2 1 0
3H
ll)2t»
i
-si 0
1. 306 ,
1 Oil)
-*~2') 3 ,
1. ('"••»
10 3
.
Percentage change
Apparel and other finished products made from
fabrics and similar materials,
Percentage change
.
„.—
1. U s
-^99 0
1..1/.0
1.312
•123
— 17 1
.
Percentage change
Leather and leather products, .
Percentage change - _.
Tobacco manufactures .
1!», 32'^, 30l*
•'-{}. 9
2. -j;9. tl \
12, fi22. 4.') I
9, 2'>9. 00'i
102!)
,.
_
2. 10s, 312
l, 262. 137
1-WO. s
1.129.1-03
3, ISO, 99!
-t 29. s
Steam
engines
49]
:>o >
I. MM
liJ'JW
M»2'.»
Percentage change
-Nonferrous metals and their products
Percentage change_ _-.
Rubber products
..-...- .-....._.
Percentage change. _ - Lumber and timber basic products .
Percentage change
-.
Food and kindred products
Percentage change
Automobiles and automobile equipment
Percentage change
Machinery, except electrical '-.
Percentage change *_.
Transportation equipment, except automobili -
Percentage change
Miscellaneous industries _
10. 152. 2-0
M. 122.07!
.
IVr liin
wage
3 ls4, 229
3 0 3' 9 39
+5 0
763, % 3
h2H 236
4-21 4
112, 117
329 M l
+ 21 1
US 122
311 770
+ 17 1
SO, 661
52,149
+54.7
231, 806
174,496
+32, 8
7 >7
3(»3
-+22 it
(
>\h J 7 0
(»9() 13 3
— 31 (
3 0V> 02l*
I,
1
2
2
,~
-
701
t+s
99() 1 2 "
I "3 2
2 i
J- M) 4
39 5 2l»4
172 711
IS s
177 s s s
23() 114
"71 7>>9
ISh
-j-s
s
t-
61 o'722
2)7
-r 7 3
631 4 3(.
567 421
] '/
2 22s 077
2,00 3 2ss
Mil
31
H
t'»>
.1)1 s
i
_'
IH)
'" > .
-
I)2H
7J7, M
3 Is, 1 is
240 110
Ml 0
309 S6(>
2 31 776
+31 4
50 846
29, 537
+72.1 .
220, 271
158.184
«) 2 . 7
-11
6 3 Oi »
SW
' 1
-2s
lOS
119
2(),
>)
t,4
s
i t
-ML -
+39. 2
1
Data for 1939 may be somewhat overstated because of a chanee in the 1939 census (jostionnairo which probably resulted in a downward bias in the number o; w
earners
for that year when compared with earlier periods. See also footnote 7 to table 1.
2
See headnote regarding 1929-39 comparisons of data for the iron and steel and machinery (except electrical) groups. The percent-age changes for the machinery siT«>u:>
omitted because of. lack of comparability of basic data.
Source: U, S. Department of Commerce, Bureau of tho'Census.
'
(1
January 1943
SURVEY OF CURRENT BUSINESS
the change here took the form of a substantial expansion
in the capacity of steam turbines and of electric motors
driven by purchased current—more than double in each
case. Again, primary smelting and refining of nonferrous metals showed an increase in hydroturbine capacity from 1,840 to 193,020 horsepower - a gain somewhnt in excess of the net gain in this type of prime*
mover for the entire nonferrous metals group,
The general direction of the shifts in power capacity
is perhaps the same today as it was in the 1929-39
decade, but conversion to a wartime economy has, of
course, altered the pattern of the groups comprising
war industries to a far greater extent than others. The
airplane, shipbuilding, chemical, ordnance, iron and
steel, and nonferrous metals industries have experienced
the major changes.
Changes in Horsepower Equipment Available to Factory
Workers.
As previously mentioned, manufacturing enterprises
as a whole had a much higher horsepower capacity \)(ki
wage earner in 1989 than in 1929. The differences in
the relative changes in various industry groups are
brought out by column 3 of table 3.1L> During the
10-year period, horsepower per worker in the tobacco
manufactures, the petroleum and coal, and the chemical
groups was approximately doubled. Conversely, a
<mall decline may be noted in textile-mill products and
a decline of 20 percent in transportation equipment
(except automobiles). In (lie former group, both the
aggregate horsepower and the actual number of workers
were smaller; in the hit tCM*, however, power capacity
was slightly less, but employment actually rose by
one-fifth, primarily because of tin* greater number of
workers in the aircraft and shipbuilding industries.
Power capacity in the aircraft industry was increased
appreciably, but a decrease was apparent in shipbuilding.
Five of the seven industries making up the transportation equipment group (i. e., all except the aircraft
and motorcycle and bicycle industries) reported declines in horsepower capacity between 1929 and 1939;
the major decline, however, occurred in the locomotive
industry. Horsepower capacity in this industry was
reduced by 50 percent, wage earners by 40 percent, and
capacity per 100 wage earners from S92 to 729 horsepower. This does not necessarily mean that there has
been a significant shift away from the use of powerdriven machinery in the locomotive industry. Rather,
it reflects the diminished activity in locomotive building; the output of locomotives in 1939 was down approximately 50 percent from production in 1929.
Although both installed horsepower and employment
in the tobacco manufacturing industries are small in
relation to most other industrial groups, the effects of
mechanization stand out rather strikingly in this group,
particularly in the manufacture of cigars. Horsepower
installations per 100 wage earners in the tobacco group
12
See footnote 1 to table 3 for limitation on changes.
31
increased from 56 in 1929 to 115 in 1939; employment,
however, decreased from 116,119 wage earners to 87,525,
or about one-fourth. The introduction of ingenious
power-driven machines which semiautomatically perform the cigar-making operation has brought about
unique changes in the organization of the industry.
Before cigar machines were, used, small factories produced a large share of the total cigar output. Such
shops did not entail a large investment and were able
to compete fairly successfully with larger plants.
Mechanization, however, required a greater investment
and outlets to wider markets and. in general, only the
larger uniis could meet these conditions.
To illustrate the above point, in 1929 there were
1 JVM\ establishments manufacturing cigars and cigarettes, whereas in 1939 (he number had fallen to (133.l3
iMuthcrmorc, according to reports of the Bureau
of Internal Revenue, about 47 percent of the total
production of cigars in 1929 was produced in factories having an annual output of over 40,000,000
cigars, whereas in 1939 the proportion had risen to
<»7 percent and in 1940 to t>S percent. The radical
change in the number and type of cigar manufacturing
establishments had, of course, been under way for a
number of years before 1939,
Part of the reduction in the number of cigar-manufacturing establishments and the concent ration of
output in larger plants may be attributed to competition of the cigarette industry. However, to
the extent- that mechanized methods of cigar manufacture have effected labor-cost savings which have
permitted price reductions, the aggregate volume
of cigar production has probably been maintained at.
higher levels than otherwise would have been possible.
The situation prevailing in the cigar industry has
been cited to illustrate1 a particular phase of change
in tin* structure and organization of industry brought,
about by mechanization. It- cannot, however, be said
to apply to manufacturing generally. Rather, the
mechanization process in its countless manifestations
reacts upon industry in diverse ways.
That the varying changes from 1929 to 1939 in
horsepower available1 to workers (table 3) resulted
from varying directional and proportionate 1 changes
in installed capacity and employment is further
exemplified by the following specific cases. In
contrast to the developments in the tobacco industries
where the doubling of horsepower capacity per 100
workers reflected an increase of 55 percent in installed capacity and a decrease of 25 percent in wage
earners, the in (Tease of 10 percent in horsepower
per 100 workers in the food group resulted from increases both in total installed horsepower and iv.
wage earners—23 percent and 11 [percent, respectively.
^ The drop has been in the number of cigar plants; cigarette plants are necessarily
included, since in census data prior to 1933 the two types of establishments were
reported together, The number in 1939 is composed of 598 cigar factories and 35
cigarette factories.
32
SURVEY OF CURRENT BUSINESS
The apparel group showed no change in horsepower
per 100 workers, equal proprotionate gains having
occurred in installed capacity and in employment.
In the iron and steel industries there was a gain of
29 percent in horsepower per 100 workers, resulting
from an increase of 36 jiercent in total horsepower
capacity, and of 5 percent in employment.
Summary.
Power-driven machinery is essential to the massproduction methods of our industrial system. The
curve of production has risen sharply over the long
run, and at the same time there has been a reduction
in the relative amount of time and human energy
required to produce a given unit of output. Any
attempt to chart the course of mechanization among
various manufacturing industries and among different
types of power equipment would result in a maze of
intersecting lines. Expansion in some industries has
been cut across by a counter tendency in others. The
capacity of steam engines in the petroleum-refining
industry, for example, showed an increase from 123,000
to 178,000 horsepower between 1929 and 1939, in con-
January 3913
trast with a decrease from 13.1,000 to 76,000 horsepower in the nonferrous metals smelting and refining
industry. In the tanning and finishing of leather,
electric motors driven by plant energy declined in
capacity from 91,000 to 84,000 horsepower, whereas in
the rayon and allied products industry they increased
from 88,000 to 309,000 horsepower.
Expansion of productive facilities under the stress
of war has surpassed all previous records. The plant
capacity will remain, but the extent to which it can or
will be used to offset post-war shortages in certain
lines cannot be foretold. Productive machinery for
war goods is, in many cases, highly specialized, and is
not technically convertible to commercial purposes;
for example, plants designed for the making of ordnance and ammunition. On the other hand, out of
the war-production experience are bound to come substantial advances in industrial techniques and in the
range of useful products. Though new uses must inevitably be found for numerous plants, America will
have in its expanded industrial capacity much of the
horsepower equipment needed to meet the challenge of
demand for civilian goods in the post-war period.
The American Economy in 1942
(Continued from p. 23)
become fully effective for the first time during the
present 3^ear. Moreover, many more new plants and
very large amounts of machinery and equipment will
be delivered and put into operation in 1943. Hence
the total quantity of industrial capital in use will be
larger than ever before.
Should these basic resources problems be worked out
as effectively as now seems probable, the national physical product in 1943 should be distinctly higher. The
supply of metallic minerals, for instance, should be in
the neighborhood of 10 percent higher than in 1942.
Industrial production as measured by the Federal Heserve index should move up between 10 and 15 percent.
Agricultural output goals aggregate about the same as
the peak 1942 volume.
.More uncertainty, perhaps, attaches to the prices at
which products will be valued and hence to the size of
the 1943 national income and gross national product
valued in 1943 dollars. This will be the chief financial
problem of the year and many factors conspire to make
it extremely difficult. One of these is the Treasury's
task of raising between 95 and 100 billion dollars to
finance the year's Federal expenditures. Others are
the certainty that various kinds of production costs will
tend upward ;md press against price ceilings, and the
pressure of special interest groups for favored price
treatment. But the Government has the power it
needs to control prices, despite these difficulties. The
principal question is whether price control can be effectuated by public cooperation or by Government enforcement involving large use of police powers.
S-l
SURVEY OF CURRENT BUSINESS
January 1943
Monthly Business Statistics
The data here are a continuation of the statistics published in the 1942 Supplement to the SURVEY OF CURRENT BUSINESS
That volume contains monthly data for the years 1938 to 1941, 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 1938. Series added or
revised since publication of the 1942 Supplement are indicated by an asterisk (*) and a dagger (f), respectively, the accompanying
footnote indicating where historical data and a descriptive note may be found. The terms "unadjusted" and "adjusted" used to
designate index numbers refer to adjustment of monthly figures for seasonal variation.
Data subsequent to November for selected series will be found in the Weekly Supplement to the Survey.
Monthly statistics through December 1941, to- 1942
1941.
gether with explanatory notes and references
to the sources of the data. may be found in the Novem- Novem- Decem1942 Supplement to the Survey
ber
ber
ber
1942
January
February
March
April
M'ay
June
July
August
September
October
BUSINESS INDEXES
INCOME PAYMENTS!
Indexes, adjusted:
Total income payments..
_ 1935-39*--100... 186.0
Salaries and wages
do
206. 4
Total nonagricultural income... . . . do. _. 180.4
Total...
...
...mil.of dol— 10, 394
Salaries and wages:
Total §
do....
7, 407
Commodity-producing industries..do....
3, 4 ('9
Work-relief wages
. . . . . . do
Dirrct and other relief . .
do
84
Social security benefits and other 1-abor income
mil. of dol__
171
Dividends and interest
do. .
530
Entrepreneurial income and net rents and
royalties
mil of dol
O 9(12
Total nonagrieultural income
__. do
8, 995
146.3
] 55. 3
145,o
8. I l l
151.9
161. 7
150.0
9, 376
153.8
103. 2
151. 1
8, 411
155. 6
1(16.0
153. 1
S, (120
157. 4
169. 5
155.6
8,714
161.1
173.6
158.4
8,811
163. 1
177.3
160. S
8, 670
167. 9
184.4
165. 7
9, 647
171.0
189. 0
168. 6
9, 508
171.3
192.7
170. 8
9, 357
176.0
194. 5
172. 1
10,243
180. 5
200. 3
176. 1
10, 576
5,612
2,521
79
90
5, 843
2, 532
87
92
5, 694
5, 780
2,611
5, 959
2, 678
6, 125
2,788
68
92
6, 320
2, 923
58
89
6, 591
3, 054
53
87
6. 622
3, 153
45
86
6, 775
3,272
35
86
6, 984
3, 336
30
85
7, 263
3,416
28
85
94
95
94
538
159
1 576
174
788
173
435
177
904
171
785
166
481
167
1, 133
172
857
167
443
180
905
174
763
1 719
7,' 176
1 706
8, 4S2
1 661
7, 578
1 543
7, 307
1 58()
7, 961
1 638
7, 992
1 614
7, 863
1,669
8,767
1.771
8, 507
1, 886
8, 243
2, 089
8, 918
2, 291
9, 055
182.0
153 0
155.0
151.0
145. 0
154. 5
155.0
170.0
167 5
163.0
170.5
141.5
190.0
174.5
151. 5
ISO. 5
184. 0
178.5
148.0
192, 5
199. 0
125. 5
179.5
179. 5
179. 5
156. 0
194. 5
184.0
135.5
175. 0
166. 5
181. 0
153.0
196.0
194.0
148.0
191.0
189.0
192.0
163. 0
219.0
175. 0
149.5
188. 5
193. 0
185.0
165. 5
203.0
174, 5
161.0
191.5
166.5
208.0
163.0
251.5
177.0
183.5
192 5
187.5
196. 0
161.0
226. 0
180. 5
212.5
204.5
209. 5
201, 5
164, 0
234. 0
187. 0
260.0
207.5
222.5
197. 5
166. 0
227.0
181.0
' 295. 5
'211.0
225.0
201, 5
' 167. 5
' 230.0
194.0
•
AGRICULTURAL INCOME
Cash income from farm marketings:f
Crops and livestock, combined index:
Unadjusted..... . . . . 1935-39*100
p 265. 5
Adjusted
do
p 225 0
v 248 5
Crops
do
Livestock and products
do
* 209. 5
Dairy prod nets _ _. _ _
do. „ P 168.5
p 242. 0
Meat animals
do
Poultry and eggs . . . . . .
do
P 204, ()
INDUSTRIAL PRODUCTION
{Federal Reserve)
Unadjusted:
' 192
v 194
187
180
175
177
172
167
168
167
164
166
Combined index
1935-39=100
" J92
p 204
' 202
189
196
183
185
175
Manufactures .., . . . . .
do
177
181
173
173
P 203
171
r
266
p 275
251
260
246
240
221
234
216
228
Durable manufactures
do
209
211
p 277
216
218
219
229
219
216
219
209
218
211
207
205
Steel*
do
224
135
P 134
138
140
135
138
132
128
129
122
134
Lumber and products
..
do
128
p 127
139
137
136
' 137
v 138
143
147
142
142
147
P 140
155
Furniture
do
154
134
' 131
141
139
131
138
127
v 120
112
118
120
Lumber
do
124
113
p 314
' 306
299
289
279
287
273
v 320
250
259
268
230
243
Machineryt- ....do
v
191
189
'
189
187
191
180
188
P 197
Nonferrous metals
do
182
190
192
177
187
160
163
163
158
151
163
132
138
140
151
Stone, clay, and glass products d o . . .
169
147
157
183
186
195
200
202
161
178
132
141
137
186
153
171
Cement
.
.
do
151
167
166
167
171
190
164
176
176
165
3 71
Glass containers
. . do
153
170
35
37
32
30
38
37
68
43
43
47
Polished plate glass
do
80
39
120
P501
'481
425
372
396
'458
305
314
330
350
Transportation equipment
do
P 514
278
278
Automobile bodies, parts and asP 137
124
v 131
116
112
107
118
105
105
104
120
142
sembly
1935-39=100
136
139
144
150
v 147
137
137
138
137
138
144
P 143
Nondurable manufactures
do...
138
113
120
116
133
140
v 140
124
Mfi
112
117
113
118
Alcoholic beverages
. do
166
166
167
170
' 175
p 181
166
161
168
155
P 181
151
153
Chemicals .
do
114
115
112
r 117
124
124
128
115
131
131
Leather and products
.do...
123
p J07
116
129
122
114
114
117
111
r 114
126
120
131
p 111
118
110
Shoes
.
. do .
181
v 158
156
139
131
105
121
121
123
124
P 142
130
Manufactured food products
do
139
p 143
P 109
207
210
193
Dftirv products*
do
' 192
100
124
109
152
99
98
132
147
146
149
13S
140
131
134
135
173
P 164
152
165
Meatpacking
....
. do
155
144
133
122
130
134
139
146
153
151
153
152
Paper and products _
do
134
121
130
132
139
149
160
161
157
154
If 9
Paper and pulp
do
159
122
123
117
121
115
117
122
129
118
Petroleum and coal products
do
132
138
138
164
163
165
166
166
164
161
161
160
162
160
Coke .
do
153
110
114
116
117
108
124
128
111
Petroleum refining
do .
116
110
134
134
126
103
96
102
109
' 120
126
115
123
p 122
125
138
131
Printing and publishingdo
154
156
156
'154
156
v 1,56
157
'152
153
154
158
156
156
Textiles and products.....
do _
166
169
172
172
169
175
174
169
177
169
Cotton consumption
do
155
171
167
170
' 174
169
1(58
' 169
169
174
175
Rayon deliveries
do
170
180
179
177
179
155
157
'154
151
160
150
148
153
153
Wool textile production
...do. _
178
166
161
131
135
144
149
132
123
117
119
121
141
Tobacco products
do
134
126
no
137
135
136
13.1
v 133
132
125
Minerals!
do
118
130
125
135
125
126
129
127
126
121
122
FuelsJ
do
130
121
121
v 130
121
131
131
131
129
117
122
118
117
122
115
121
116
p 124
104
Anthracitet
do
98
103
140
150
145
141
144
141
140
150
147
Bituminous coalj
do
P 152
144
145
144
120
121
121
112
113
109
115
111
Crude petroleum
do....
129
129
127
128
p 123
194
"
193
'
1
8
6
'
180
194
i
189
92
96
153
v
151
161
91
98
Metals
do
' Revised.
' Preliminary.
§Thc total includes data for distributive and service industries and government which have been discontinued as separate series to avoid disclosure of military pay rolls.
Scattered revisions in figures
S
g e beginning
begnning Januaryy 1940 for dairy products, minerals, and fuels, beginning February 1939 for bituminous coal, and in figures for the first
f machinery
hi
d anthracite,
t h i an- available
ilbl on request.
t
half off 1941 for
and
*New series,
see
note
marked
with
an "*" on p. S
S-2.
e , ee
arked
2.
f R i d series.
i
D t on income
i
t revised
id beginning January 1941; revisions not. shown above will be published later. Earlier data for the revised indexes on a
fRcvised
Data
payments
035-39 base for cash income from farm marketings will be published in a subsequent issue,
http://fraser.stlouisfed.org/
50-J077--4HFederal Reserve Bank
of St. Louis
8-2
sri{VF\ or CTKREXT
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BUSINESS
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S-4
SURVEY OF CURRENT BUSINESS
Monthly statistics through December 1941, to1942
1941
gether with explanatory notes and. references
to the sources of the data, may be found in the Novem- Novem- j Decem1942 Supplement to the Survey
ber I ber
ber
January 1943
1942
January
February
March | April | May
June
Julv
August
COMMODITY PRICES—Continued
WHOLESALE PRICES—Continued
U. S. Department, of Labor indexes—Con.
Commodities other than farm products and
foods—Continued
Miscellaneous
.1926=100..
Automobile tires and tubes
...do
Paper and pulp
do
Wholesale prices, actual. (See under respective
commodities.)
?(). 1
73.0
98. 8
87.3
67.4
102.2
87.6
67.4
102.5
89.3
71.0
102.8
89.3
71.0
102. 9
89.7
71.0
102.9
90.3
72 5
102! 9
90.5
73.0
102. 8
90.2
73.0
101.6
89.8
73.0
100. 5
88.9
73.0
98.9
88. 8
73. 0
98.8
88. 6
73. 0
98. 8
87.0
88.3
77.9
85.9
90.5
88.3
73 5
83.8
89.3
86. 0
70.5
83.2
88.6
85.5
72.5
82.4
83. 5
70. 2
62. 2
81.5
86.9
S3. 5
70.1
81.4
86.2
82. 1
69. 1
81. 0
85.9
81.1
69.6
81.5
85.5
80.2
68.2
81.1
85.1
79.2
64.4
80 8
818
78.9
64.4
80.4
84.0
77. 1
62. 2
PURCHASING POWER OF THE
DOLLAR
As measured b y Wholesale prices..
Cost of living:
Retail food pric s
Prices received by farmers
,.1935-39=100..
....do.-..
do
...do....
84.2
72.0
CONSTRUCTION AND REAL ESTATE
CONSTRUCTION ACTIVITY*
(Quarterly estimates)
New construction, total..--.
mil. of dol
Private, total
-—
do j
Residenrial (nonfarm)
..do !
Nonresidentia! building, except farm and
public utility, total
.. ..mil. of doL.
Industrial..do
All o t h e r . . . . - . , . - do....
Farm construction, t o t a l . . .
do....
Residential.
do
Non residential
.
._.... do
Public utility
do....
Public construction, total
.
_...do_-_.
Residential
.....do
Military and naval
.
,
do
Nonresidential building, total
do.--.
Industrial
.
do
Al! other
do
Highways
.
do....
Sewago disposal and water supply
do
All other Federal
..do
Miscellaneous public-service enterprises
mil. of dol.
CONTRACT AWARDS, PERMITS, AND
DWELLING UNITS PROVIDED
Value of contracts awarded (F. R, indexes):
Total, unadjusted
..1923-25 = 100..
Residential, unadjusted
....do.—
Total, adjusted
.
do. — .
Residential adjusted
.
do
Contract awards, 37 States ( F . W. Dodge
Corporation):
Total projects......
number.
Total v a l u a t i o n . . . . . . . .
thous. of doL.
Public ownership.
_.
-..do
Private ownership
._.
do
Nonresidential buildings:
Projects
_.
number..
Floor area.
thous. of so, ft..
Valuation
..
thous. of dol..
Residential buildings:
Projects
number..
Floor area..
thous. of sq. ft..
Valuation..
thous. of dol..
Public works:
Projects.
---_.
number..
Valuation
.thous. of dol..
Utilities:
Projects
number..
Valuation
.._.,
thous. of dol..
Indexes of building construction (based on
bldg. permits issued, U. S. Dept. of
Labor) :f
Number of new dwelling units provided
1935-39 = 100..
Permit valuation:
Total building construction
.do
New residential buildings
do
New nonresidenti-ii buildings.
do
Additions, alteration*, and repairs, do
Estimated number of new dwelling units in
nonfarm areas (U. S. Dept. of Labor):
Total nonfarm (quarterly)*..
number....
Urban, total
....
....do...1-family dwellings
_.do
2-family dwellings
do...;,
Multifamily dwellings
do I
Engineering construction:
j
Contract awards (E. N. R.)§_.thous. of dol..!
M , 168 !
2, 635
867
46S
1,353
731
841
473
190
95
334
188
146
45
26
121
63
58
81
45
36
166
2,518 i
130 !
1, 1&3
880
831
49
184
30
85
15
12
182
1, 768
105
19 I
243
,779
128
670
542
476
66
732
676
56
203
28
103
97 I".
v 4'
v 21
163
p 29
p 13
180
v 83
122
71
138
74
59
123
35, 872
654.184
591,940
02,24-1
29,150
458. 620
297, 865
160,755
22, 941
431,626
287, 722
143,904
23,862
316,846
198,251
118,595
12,281
52.615
25(5,513
4,978
31.023
192, 936
3,619
24,908
171,016
21.8C0
37, 707
150,(354
22,633
30,170
116,468
1,080
94, 157
085
146, SCO
(a)
38,2
13,roi
i 6, 745
1 1,425
607, 622
96
68
118
82
111
89
128
100
125
125
95
145
96
128
192
90
158
S2
76
228
83
193
76
232
75
206
74
194
64
182
65
181
70
179
70
175
r 80
185
33,100
943, 796
875. 951
67. 845
30,055
721,028
633,183
87, 845
30. .".:>»
7L3. 216
0CO. O."3
f>2, -63
35.934
780, ?S 6
709. 871)
70, 517
33,167
498, 742
354,
144,167
3,245
21,113
123,231
40,000 ! 55,843
433,557 I 610,799
310,249 ! 472. 817
123,308 ' 137,982
j
5, 982
4,600
31,570 I 42,456
231,834
169.606 i
5, 208 I 8,332
67, 961
51.281
234,939
297,885
14,372
134,085
568, 385
11,093
113,134
489, 0C6
10, 952
90,774
407, 324
10. !0."
0,9*5
'X', {'<>2 77, i-M 5
41.0, SOO 372,991
18,344
25,591
104, 276
19,838
26, 864
102, 758
34,492
41, 836
168,014
47,731
50, 770
219,276
26, 683
28,024
38,341 I 38,14
162, G97 I 147,964
33. 002
50, 673
185, 471
18,924
33, 634
127, 382
17,110
26,177
100, 551
29, 7:«.)
126,708
2:\ 218
37, 444
161,206
1,086
88, 436
715
105, 989
567
64.428
681
58,535
1,725
92,148
045
58, 477
3, 480
127,107
2,739
203, 341
1, 960
129, 611
1,384
111, 960
1,111
65,811
3, 035
154.795
453
60,780
263
50, 345
212
26.429
227
37,402
405
67, 541
331
43, 229
721
100,561
1, 750
233, 067
1, 123
197, 737
609
101,193
486
03, 837
165. 4
114.2
119.7
214.1
182. 9
209. 3
164. 7
102.1
90.3
100.4
95.5
107.7
128.2
154.2
117.4
87.3
132.7
116.1
16.1.7
83.9
120.0
112.8
132.1
93.0
183.0
184.2
216.0
79.6
148.8
164. 8
145. 7
102.7
128,8
175.7
93.5
100.3
116. 7
131.1
111.2
78.3
85.3
85.3
81.4
78.2
90. 6
08..
34,422 !
26, 356
23, 432
1, 183
1, 741
167, 500
22. 505
14, 096
1, 104
7.305
27, 868
20, 833
1, 550
5,485
135,600
19,338
15.433
1, 353
348,800 1 269,689
! 138.300
21,353
36,292 ! 32,316
16, 100
23,302 I 25,640 S
1,533 j 2, 645 ! 2,311 j
3, 720 I 10,345 I
4,365 !
2,970 !
6, 106 I
40, 557
51, 863
673,517 11,190,264
568,988 11,105,414
104, 529
84, 850
75" 4
70^3
17,581
10. 281
1.314
5, 986
63.9
79.4
46.4
70.8
17,605
11,981
1,315
4,309 I
(a)
63. 5
87, 900
16,265 I 18,452
14.548
11.384
1,133
1, 326
628,780 1 634,823 i 729,485 i 898,696 11,044,572! 968,938 jl,201,520 | 813,077 ! 712,709 I 691,979
a
f Revised.
p Preliminary.
Data not yet, available.
1 Represents construction from private funds only; data for construction from public funds are included in the total b u t are not yet available by classes,
5 D a t a for January, April, July, a n d October 1942 are for 5 weeks; other months, 4 weeks.
t D a t a revised beginning January 1940; revisions not shown in the October 1942 issue are available on request.
* New series. The new estimates of construction activity are compiled by t h e U. S. Department of Crmmerce with t h e exception of the series on residential (nonfarm)
construction which is from the U. S. D e p a r t m e n t of Labor. For a description of the data, see pp. 24-26 of the M a y 1942 Survey and for January-June 1941 figures, p . 8 of'the
August 1942 issue; comparable earlier data will be published later; for 1940-42 annual totals, including revised 1940 data and 1942 revisions not incorporated in figures shown
above, see p . 11, table 11, of this issue. For earlier data for the estimates of total nonfarm dwelling units, see note marked " * " on p . S-4 of the November 1942 Survey; this
series includes data for urban dwelling units shown above by months and data for rural nonfarm dwelling units which are compiled only quarterly.
http://fraser.stlouisfed.org/
Federal Reserve Bank of St. Louis
S-5
SURVEY OF CURRENT BUSINESS
January 1943
Monthly statistics through December 1941, to1942
gether with explanatory notes and references
to the sources of the data, may be found in the Novem1942 Supplement to the Survey
ber
1941
ber
1942
Deeem- ! Januarv
her
February
March | April ! May
June
July
CONSTRUCTION AND REAL ESTATE—Continued
HIGHWAY CONSTRUCTION
Concrete pavement contract awards:
Total....
thous. sq. y d . .
Airports
._
do
Roads
. _._.__do_...
Streets and alleys
___..____.___do_...
Status of highway and grade crossing projects
administered by Public Roads Admn.:
Highways:
Approved for construction:
M ileage
_.__„
. . . n o . of miles-.
Federal funds
-...thous. of doL.
Under construction:
M ileage
_
_.
no. of miles..
Federal funds
. . . - . t h o u s . of doL.
Est imated cost.,
_.do_.«Orade crossings:
Approved for construction:
Iederal funds
.
._..__do__».
Fstimated cost...„.__»
_do_-..
Under construction:
Federal funds
_____do_-_~
Estimated cost
.
..do....
8, 671
5, 821
1,406
1,444
4,344
535
2,570
1,239
8,176
2,964
3,197
2,015
4,726
2, 490
1,139
1,098
3.464
1,451
1,110
903
7, 091
3, 972
1,727
1,392
8,914
5,416
2,061
1,437
14,462
9, SCO
3, 267
1, 394
15,266
11,038
2, OGO
2,167
14, 947
11,366
1,927
1, 655
13,947
10,091
2,653
1,202
20, 090
16, 935
1,518
1,637
2, 635
39, 259
2, 259
34,014
1, 967
30,789
1,796
28,344
1,562
24,612
1,431
24, 055
1,455
27,968
1,654
32,808
1,718
36,170
1,606
37,059
1,534
35, 534
7,809
128,351
253,703
7,417
121,384
239,336
7,044
117,669
228,023
6,802
119, 233
225,527
6,778
123,405
226, 543
6,817
127,195
231,620
6,672
127,511
228, 535
6,071
122,402
217,290
5, 483
114,997
200, 868
4,954
109, 549
189,077
4, 262
102, 419
174, 898
10, 208
11,588
10,005
11,810
8,542
9,314
8,047
8,761
7,490
8,210
7, 806
8, 503
8,201
8,893
7,108
7,843
6, 696
7, 358
6, 665
7, 327
6, 797
7, 4£8
40, 464
41,932
37, 742
39, 323
35,928
38, 300
34,754
37,140
34,576
36,913
34,467
36.814
33,658
35, 838
33,413
35, 409
31, 299
33, 279
29,412
31,296
20, 417
28, 231
12,453
7, 600
2, 806
2, 047
CONSTRUCTION COST INDEXES
Aberthaw (industrial building) ..,-.1914=100..
American Appraisal Co.:
Average, 30 cities...1913=100..
Atlanta
do
New York..
do
San Francisco
__„
...
do.._.
St. Louis
____
do....
Associated General Contractors (all types)
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
Ft. Louis
do
Commercial and factory buildings:
Brick nnd concrete:
Atlanta
._
do.___
New York
do.—
San Francisco..
...do
St. Louis.. .
..
_.
do
Brick and steel:
Atlanta...
_-_._.._do_ —
New York
do.___
San Francisco
.._-_
_.do..».
St. Louis
______
do_.._
Residences:
Brick:
Atlanta
_._._. _._.__do____
New York
.
..do
San Francisco.-.
..___
_do
St. Louis..
____do_.._
Frame*
Atlanta
,.
do_._.
New York
do
San Francisco.._
___.,
do
St. Louis
____do.-_Engineering News Record (all types)
1913=100..
Federal Home Loan Bank Administration:
Standard 6-room frame bouse:
Combired index
1935-39-OOCL.
Materials.
do....
Labor.___
_._
do_._.
218
215
223
247
250
251
229
242
223
219
235
210
224
225
222
238
212
226
229
224
240
215
230
231
225
241
215
230
237
232
247
221
236
238
232
248
221
237
241
233
250
224
238
242
242
250
228
238
244
245
250
229
240
245
248
250
229
241
246
249
251
229
242
246
249
251
229
242
213.5
203.3
203,3
203.3
204.0
206.5
207.3
207.3
207. 8
209 9
213.3
213.3
213.5
100.7
136.3
123.5
122.6
100.2
136.0
123. 2
122.5
101.4
137.0
124.2
123.8
101.4
137.0
124.2
123.9
101.9
137.5
125.6
124.4
105.4
137.7
125.7
124.4
105. 6
138. 2
126.6
124.8
105.6
138.2
126. 6
129.6
106.1
138.2
130. 0
129.6
106.1
138.2
130.0
129.6
106.1
138. 2
130.0
129. 6
100. )
13S. 5
131.3
129. 6
102.4
137.9
126. 2
123.4
102.1
137.7
126.0
123.4
102.9
138.4
125.3
124.4
102.9
138.4
125. 3
124.5
103. 2
138.8
126.6
124.9
105.7
139. 0
126.7
124.9
106.0
139. 6
127.2
125.3
106.0
139.6
127.2
132.6
106.0
139. 6
132.3
132. 6
106.0
139.6
132.3
132.6
106.0
139.6
132.3
132.6
106.0
140.0
134. 6
132. 6
102.1
135.8
128.8
123. 2
101. 3
135.3
128.3
323.1
102.5
136.2
127.1
124.1
102.5
136.2
127.1
124.3
102.8
136.8
128.5
124.7
106. 4
137.1
128.6
124. 8
106. 5
137.4
130.4
125. 3
106.5
137.4
130. 4
129.4
106. 5
137.4
133. 1
129.4
106.5
137.4
133.1
129.4
106. 5
137. 4
133.1
129. 4
106.5
137.5
134.5
129.4
97.1
KM. 1
139.7
12". 8
J2r,9
104.
139.
126.
126.
100.0
13S.0
119.5
120.8
136. 1
137.6
120.4
99.9
137.9
120.0
121.4
99,9
137. 9
120.0
122.1
100. 3
138.3
121.9
122.5
103.7
139.3
122.3
122.8
103. 8
139.7
124.8
123. 5
103.8
139.7
124.8
126. 9
104. 1
139.7
126.9
104.1
139.7
125.8
126.9
9S.8
139. 7
117.4
120.3
95. 1
137.2
114.9
119.8
98. 5
139.4
117. 7
120.8
98.5
13k 4
117.7
121.7
,8.8
139. 8
118,9
122. 1
103. 2
141.1
119.5
122,5
103.3
141.4
120.2
122.9
103.3
141.4
120.2
124.8
103. 6
141.4
122. 0
124.8
103.6
141.4
122.0
124.8
103. 6
141.4
122. 0
12-1.8
103. 6
141. 5
122. 5
124.8
283. <
200.2
267. 6
269. 4
2C9. 7
271.8
272. 3
274.2
277. 7
281.6
281.6
282. 4
283. (i
124.4
119.2
116.9
123.9
119.9
117.7
124.2
120.6
118.6
124.5
121.2
119.3
125.0
122. 0
] 20. 0
120.0
122.3
120.5
123. 5
121.3
127. 8
123. 7
121. 2
128.5
124.0
121.2
129.4
124.4
121.5
130. 2
124.5
121.6
3 25. 9
122.8
121.0
126.4
66, 952
104,566
69, 225
53,488
98, 800
109, 350
109,660
100, 456
98, 833
121. 5
130.2
12~j. 8
1
9
8
9
130. 2
KEAL E S T A T E
Fed. Hous. Admn. borne mortgage insurance:
Gross mortgages accepted for insurance
tbous. of doL. 73, 768
'0, 799
Premium-paying mortgages (cumulative)
tbous. of dol.._ 4,473,021 3,503,681
Estimated total nonfarm mortgages recorded
($20,000 and under)*
___.._. thous. of dol. 278, 321 377. 683
Estimated new mortgage loans by all savings
and loan associations, total... thous. of dol._ 73, 979 104,749
Classified according to purpose:
Mortgage loans on homes:
9, 275 30.103
Construction.
_
._._.do____
Home purchase.
__._.___do.... 43, 984 48,816
Refinancing
_.
. . , . _ . d o . . _ . 12, 472 13,340
4, 267
3,007
Repairs and reconditioning.
do
8,223
Loans for all other purposes
do
5, 241
Classified according to type of association:
41,910
Federal
...thous. of dol..- 28,163
46,890
State members
do
35, 441
15,949
Nonmembers
do.
.10, 375
'5, 435
3,596,491
,690,214 3,769,496
141,443
3,849,549 3,916,421 3,990,152 4,071,838 4,155,187 4,232,030 4,311,126 4,393,862
392, 355
321, 396
296,041
335, 636
359, 968
350,187
342, 250
353. 511
336,850
345,864
357,083
100,208
79,533
76, 756
87, 367
99,047
95,009
94,095
95, 797
92,563
94, 055
01,672
30, 290
43,145
14,424
4,K0
8,179
22,791
34,127
12,854
20, 799
33, 769
12,325
3,138
6, 725
21,775
40,930
13.225
3,547
7,8<:0
20,488
52, J 96
14,508
4, 083
7,772
17,610
53,095
13,607
3,866
6,831
15.930
52,112
15,184
3, 566
7,303
17, 709
52, 190
16, 097
3,671
6, 130
12,568
55, 301
14,019
4,126
6,549
12,449
58, 060
14, 063
3, 804
5, 679
10,572
56, 528
14,694
3, 498
6,380
41,182
43,960
15,066
31,142
35,312
13.079
31,919
33. 939
10,898
36,325
3S. 030
13,012
38,484
43,937
16,626
36,866
43,005
15,038
35, 279
44, 265
14, 551
37, 007
43, 665
15,125
36,620
41,549
14,394
37, 987
42, 249
13,890
35, 555
41,937
14,180
3, no
6, 571
SURVEY OF CURRENT BUSINESS
S-6
1941
Monthly statistics through December 1941, to- 1942
gether with explanatory notes and references
NovemDecem"Novemto the sources of the data, may be found in the
ber
ber
ber
1942 Supplement to the Survey
January 1943
1942
January
February
March
April
May
June
July
Septeinber
August
October
CONSTRUCTION AND REAL ESTATE—Continued
1
EEAL ESTATE-Continued
Loans outstanding of agencies tinder the Federal Home Loan Bank Administration:
Federal Savings and Loan Ass'ns, estimated
mortgages outstanding J__.__ .thous. of dol..
1,815,666 1324,646 1,824,37 1,829,218 1,832,341 1,842,422 1,846,790 1,849,400 1,852,972 1,856,269 1,861,065 11,862,593
Fed. Home Loan Bks., outstanding advances
to member institutions
..thous. of dol.. 121,886 187,084 219,446
206,068 197,432 191, 505 185, 298 181,165 192,645 173,593 160,201 144, 752 | 131,377
Home Owners' Loan Corporation, balance of
loans outstanding.
.thous. of dol... 1,586,709 1,794,111 1,777,110 1,758,213 1,742,116 1,724,229 1,709,064 1,692,197 1,675,888 1,657,256 1,640,119 1,622,087 1,003,106
Foreclosures, n on farm:
30.9
32.4
29.5
31.9
32.1
27.2
29.1
27.4
24.1"
25.3
' 24,4
Index, adjusted......
....1935-39=100.-.
23.6
28.0
30,819
23, 822
31,261
35, 565
30, 505
23,233
20,443 | 22, 621
27, 960
22S 410
Fire losses
thous. of dol.
21,000
19,680.
24,144
DOMESTIC TRADE
ADVERTISING
Advertising indexes, adjusted:
Printers' Ink, combined index.,. 1928-32= 100..
Farm papers
-do
Magazines
.
....do
Newspapers
.
-.„
do
Outdoor..
_.._—
do
Tide, combined index*
.
1935-39=100..
Magazines*
.
do
Newspapers*
.
_..__... do
Radio advertising:
Cost of facilities, total
. _._„ .thous. of dol._
Automobiles and accessories---..-..-.do
Clothing
do
j
Electrical household equipment.
do_._.i
Financial
.
.
--do
j
Foods, food beverages, confections....do
j
Gasoline and oil
.._._._.-do....i
House furnishings, etc
.do.-.-j
Soap, cleansers, e t c . .
do....'
Smoking 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
do _._
Gasoline and oil
.
.....do
House furnishings, etc
.....do
Soap, cleansers, etc...._ —
-do
Office furnishings and supplies
do
Smoking materials
_-...
do
Toilet goods, medical supplies.
..do
All other
._._._..do
Linage, t o t a l . . .
.thoua. of lines ~
Newspaper advertising:
Linage, total (52 cities)...._._..
...-do
Classified. . , . . . = ....do . . .
Display, total._.
-._._...
do
Automotive..
do....
Financial.-.
_..._.-do —
General
..„._........do
Retail..
-do.-._
117.1
134. 4
100. 1
89.5
63.2
92.0
83.2
70.3
121.1
125.3
101.4
99.4
67.4
92.8
91.3
112.3
120. 5
131.2
101. 2
SO. 5
51.5
72.3
74.5
80.6
117.5
134.5
97.3
81.0
49.3
72.7
75.3
83.1
132.0
120.1
95. 0
SO. 4
47.5
69.4
74.8
94.2
108. 5
110.9
91. 9
79.1
52.6
67.9
74.7
77.7
109. 2
100. 9
92. 8
78.0
53.8
67.9
72.8
78.0
107. 9
98.9
88.2
80.9
51.7
77.6
74.2
69.2
112.2
104. 6
91.2
88.0
61.9
90.3
79.0
75.9
123. 4
126. 5
100. 5
88.2
63.2
84.2
81.3
72.5 ;
122.6 '
134.9 I
101.2
9,723
279
73
55
51
2,752
550
74
991
1, 250
3,078
566
10,412
283
61
44
41
2,936
660
58
1,157
1, 351
3,218
597
10, 285
251
87
45
41
3.102
507
66
1,118
1,356
3,094
728 |
9,382
210
84
45
41
2.845
502
59
998
1,215
2,846
537
10, 282
176
83
56
54
3, 112
470
67
1,125
1,298
3,122
551
9, 372
152
115
45
44
2,785
380
52
1,058
1,293
2,843
605
9,199
138
108
56
52
2,543
431
52
1.005
1,316
2, 856
643
8,989
265
62
45
41
2,473
367
42
1,050
1,299
2,792
553
8,500
367
55
45 |
8,186 ;
448
45
57
53
2,051
342
51
928
1,252
2.337
623
18, 235
1,753
1,029
430
482
3,010
392
996
503
374
870
3.053
5,343
2, 682
15,928
898
880
476
355
2, 555
219
756
331
329
705
2,679
5,744
1,937
10,486 I
13,044
473
660
227
357
2,648
168
417
515
237
673
2,675
3,992
2,130
15,811
481
1,242
237
390
2,941
277
798
763
'242
790
2. 922
r
4, 728
2,331
* 14, 848
710
905
244
402 !
2,466 I
385
15, 421
772
968
161
403
2,352
542
815 I
851
593
640
^205
^257
736
809
2.771
2,883
4,615
' 4, 783
2,168
2,064
13,932
796
735
213
304
2,043
392
536
477
r
171
732
2, 928
4,604
1,769
' 11, 109
631
250
213
257
1,738
306
208
320
170
609
2,406
4,001
1,700
120,624
21,008
99,615
4,841
1,515
20,002
73, 258
125, 484
20, 534
104,950
3,291
1,702
17,047
82,910
89, 341
19,064
70, 277
1,320
2,204
13,076
53,677
87,944
18,192
69, 752
1,560
1,339
14, 662
52,191
106, 908
21,975
84,932
1S938
1,849
16, 268
64, 878
97,663
20,608
77,055
2,541
1,370
14,841
58,303
89,411
20,085
69, 326
2,316
1,616
13, 987
51,407
94,963
21,931
73,032
2,146
1,022
13,195
56,669
82.8
83.4
83.9
84.1
83.2
2,231
2,675
2,594
2,553
3,019
2, 996
4,931
50, 334
5,826
57, 537
5,743
58,379
5,317
59,823
6,997
87, 793
5,673
59,746
15,464
134, 759
17, 557
149, 204
15,707
135, 685
14. 525
1SS, 264
19,134
210, 702
17,093
164, 302
580
383
103 I
318
1,937
80
318
242
177
733
1, 853
3,763
1,940
107,055
21,649
85, 406
2,416
1,704
17,821
63, 464
107,044
22, 326
84,718
2,334
1,248
16,529
64, 608
41 I
2,162 |
349 |
42
1,013
1, 329
2,571
527
87,6 |
69.4 i
81.5 i
79.4 |
86.9 |
122.5 !
140.0 !
96.5 i
!
8,878 i'
429 i
70 !
47 i
49 \
2,336!
346 1
43 !
84.2
69.8
82.0
77.9
65, 6
113.3
127.9
95. 8
10, 332
339
94
53
49
3,027
480
0
929 •
853
1,347 lI 1.485
2, 659 • 3,081
622 | ' 815
12,415
IS, 188
765 I
1.143
724
1. 208 j 1, 381
232 I
126 I
443
<*25
280 i
441
1,785 : 2, 307
2, 947
405
422
415
266 :
275 !
882
378
350 I
445
193 ,
298
741 j
671 ::
831
2,463
I
2,864
2,268
r
4, 554 •' 5.593 ) 6, 099
2,072 ; 2.341 | a)
I 104,506 117,442
I 22, 658 24, 071
| 81,847
93,371
| 2,481
2,404
I 1, 099
1. 233
! 15. 572 19, 781
' 62. 695 69. 953
GOODS IN WAREHOUSES
Space occupied in public-merchandise warehouses
. percent of total..
81.7
85.2
i
84.5
'81.0
82.0
5,952
78,701
6,022
14,582 ! 16,308
142,851 | 174,772
17, 386
180,, 535
POSTAL BUSINESS
Air mail: Pound-mile performance...millions..
Money orders:
Domestic, issued (50 cities):
Number
thousands..
Value
.
.
.thous. of dol..
Domestie, paid (50 cities):
Number
thousands. _
Value
..._..thous. of doL.
3,130
3,443
5,411 t 6,312
59, 542 | 73, 783
5,573
65, 221
3,156
15,256
137, 629
;
16,865
162, 616
16,071
152,047
5,495 ;
68,098 i
CONSUMER EXPENDITURES
Expenditures for goods and services:*
6, 385
7,484
' 6, 335
Total...__..-_...
..__
.mil. of doL .
' 6, 446
" 5, 856
' 6, 560
6,544
«• 6, 509 ' 6, 458
6,945
6, 678
7,413
r
r 4, 097
Goods
..
. . . do
4, 233
5,274
3, 649
' 4, 207
' 4, 290
4,823
4, 267
' 4, 229
' 4,178
4,392
4,646
5,120
Services.,
__,._
do
" 2, 238
2,152
2,210
' 2, 207
' 2, 239
' 2. 270
2, 277
' 2, 279
' 2, 281
2,286
2,300
2,293
Indexes:
Unadjusted, total....
1935-39=100
138.3
155.6
131.1
130.4
134.3
' 138. 4
- 138. 4
' 134.0
' 137.4
139.2
' 148.2
151.5
r
146.9
172. 8
Goods
...do
133.2
' 139. 0
' 131. 5
•' 1 4 3 . 1
168,5
' 143. 4
141.2
' 136.4
144.3
' 157.6
163. 7
r
r
Services
........
_..do
123. 5
126.0
127.6
' 128. 6
127.6
' 130. 3
r 129. 9
' 130.8
' 130.0
130.4
' 132.0
130, 7
135.7
141.9
Adjusted, total.—-__-..__
.__
do
133.7
138.6
138.9
r 138. 9
' 139.1
138.1
' 142.0
146.1
' 144. 5
' 147,4
r
r
151.1
Goods.__-..
_do__..
142,6
138.3
' 143.9
146.0
145.3
162.8
142.1
' 143.9
' 148. 3
154.0
151. 6
'
157.3
r
Services
.
..do
124.0
125.9 1
126.3
' 129. 5
r 126. 6
' 128. 0
' 131.3
'131.0
' 131.3
132.2 I 130.5
132,5
' Revised, i Not available.
t Minor revisions have been made in the data beginning January 1939; data are available on request.
* New series. The new indexes of advertising are compiled by J. K. Lasser & Co. for "Tide" magazine; the combined index includes radio (network only prior to July
1941 and network and spot advertising beginning with that month) farm papers, and outdoor advertising, for which separate indexes are computed by the compiling agency
in addition to magazine and newspaper advertising shown above; data beginning 1935 will be published in a subsequent issue. For data beginning 1929 for the series on consumer expenditures and a description of the data, see pp. 8-14 of the October 1942 Survey. Minor revisions in data for January through September 1941 are available on
request.
January 1943
S-7
SURVEY OF CURRENT BUSINESS
1942
Monthly statistics through December 1941, together with explanatory notes and references
to the sources of the data, may be found in the
1942 Supplement to the Survey
April
May
July
June
Sep- I OctoAugust !• tember
I her
DOMESTIC TRADE—Continued
RETAIL TRADE
All retail stores, total salest. — _---..niih of doL..
D u r a b l e poods stores
_.__
do
N o n d u r a b l e goods stores!
do_...B y kinds of business:
Apparel
__ . . . _
— — — ____—do...Automotive
____
..do.. —
Building materials a n d h a r d w a r e
do.....
Drug-.-..--..
— — — — _._
do..—
E a t i n g a n d drinkingf_
..
do.,..
Food stores
_._.-_
___.do...
Filling stations
._-_ ____ — ,.___—do
GeneraJ merchandise,_..
_ do __ _.
Household f u r n i s h i n g s . . .
_
do
O t h e r retail storesf
.
_.._do___.
All retail stores, indexes of sales:
U n a d j u s t e d , combined i n d e x j . -1935-39=100D u r a b l e poods s t o r e s . _ . . - . - - - — - . . . . . d o . —.
N o n d u r a b l e poods storesf..__ — _. . . . . d o
.
Adjusted, combined i n d e x ! - - - - do
D u r a b l e poods s t o r e s . _ . . . . _ _ . _ . _ . . . _ _ d o
N o n d u r a b l e goods storesf
--_._.do.
B y k i n d s of business, adjusted:
Apparel
— — — — _.— ___
...do.
Automotive §
.._____
..do.
Building materials a n d h a r d w a r e . . . . d o — _ .
Drug.
.
..._...
......do.
Eating and drinkingf.
_._.do.
Food stores
____
_..do.
Fillinp s t a t i o n s . . . - .
_.-....
do.
General m e r c h a n d i s e . _ _ . . _ _ _ _ _ . . . _ _ . . d o . . . .
llousehold furnishings
.._
.do.
Other retail storcsf. ___—_____._____-do
Chain-store sales, indexes:
Chain-store Age, combined index (20 chains)
average same m o n t h 1929-31 = 100. .
Apparel chains
_....-_
do...
D r u g chain-store sales:
Unadjusted
......1935-39=100.
Adjusted
_ ______
.....do...
Grocery chain-store sales:
Unadjusted..
____..___.1935-39=100..
Adjusted.......
......do...
Variety-store sales, combined sales, 7 chains:
Unadjusted
....1935-39=100.
Adjusted
.-__...do.. . .
Chain-store sales a n d stores operated:
Variety chains:
S. S. Kresge Co.:
Sales
.._._
_____thous. of d o l . .
Stores operated
number._
S. I I . Kress & C o . :
Sales.
....
. . t h o u s . of d o L .
4,927
767
4,159
4,569
1,067
3,503
5, 585
1,237
4, 348
477
206
291
200
529
1,321
292
845
2C0
£66
388
518
312
159
96
1, 090
289
735
194
489
160.0
102. 3
178. 8
155.0
100.0
172. 9
147.2
139.6
149. 7
142.0
134.1
144,6
153.9
174. 9
138. 3
135.4
139,, 3
r
4, 355
' 793
3, 562
3, 843
'694
3. 149
557
522
331
211
428
1,218
290
1,106
261
662
376
r 321
266
163
399
1,216
268 i
170 "
563
290
-240
249
152
381
1, 090
240
541
171
489
im. 8
331 4
97 9
142.3 ;
149.7 j
128 5
'94.3
J39, 6
144.3
f
613 i
119. G !
lf/J. 5 j
ns t;
154.3
• 4, 474
804 I
r 4f 592
'^00
3,670 I
'3,733
440
406
'240
373
170
r
446
1,220
273
700
206
558
•' 2 4 S
316
167
431
1,172
270
680
203
548
137. 2
' 100,1
149.3
142. 8
' 111.6
152.9
!
' 4. 503
'837
| r 3, 666
'• 4, 5 6 9 i
'• 8 5 6 ;
r 3, 7 1 2
363 I
I
'247
370 !
182 !
r
473 i
1,237 I
288 I
659
192 !
557 |
j
I
!
j
!
'
' 4,615
4.433
' 846
'sis ;
' 3, 620 j "• 3, 769
352
' 260
354
181
-468
1,248
286
648
174
532
' 4,840
'"838
r
4,003
' 5, 282
r
870
•4,413
r
302 1
269
336
190
'495
1, 285
317
••583
162
493
1.274
280
662
187
522
'280
705
193
558
528
236
' 351
' 207
r
576
' 1,377
<- 282
r
880
' 219
628
134. 5 I
101.2 I
M45.3 I
' 146. 2 I
' 103.9
' 160. 0
- 140.7
' 104.4
r
152.5
T
149.6
' 105. 1
' 164.1
' 152.5
r
108.3
' 166. 9
' 146. 1
r
303. 2
'• 160.0
" 156.5
" 104.5
'173.4
r
150.0
r
100.3
r
166.2
153.4
155. 6
- 181.0
156.3
124.6
127. 2
123! 4
'• 200. 6
163,1
61.4
157.0
162. 2
r
188. 3
159.3
141.4
139.0
136.7 I
188.8 j
180. 7
61.5
156.9
168. 7
* 190.3
166.5
115.3
147.1
138.2
189.9
163.5
58. 3
153.1
163. 9
'201.0
160.4
" 166.0
r f(,3 _ 9
r
147. 0
r
174.0
r
220.9
' 166.7
' 128.1
' 144. 3
' 145. 7
• 189.3
' 142.0
- 142. 8 ! r 139.4
' 108.1 i '• 109.7 ;• 105.4
r 153.0 I ' 153,5 | " 150.5
T
r
141,9 \ 140.4
'• 141. 9 |
r
99. 5
107.3 | • 100.6
r
' 153.7
152. 6 ;
I
r
365
r
r
r
456
r 247
342
194
r
529
•' 2 6 9
336
195
r
182.2
48.7
148,1
174.6
220.4
173.
144. 0
154,9
156.6
183.3
145.9
116.4
156.6
139.2
165 9
143.4
142.5
132.9
149.7
155.5
132.1
119.2
164.0
135.8
164. 0
140.
141.0 1
123.5
138.6
.150.0
176.9 •
73.2 j
178.1
141.7 !
17:\ S i
155.3 !
155.4 i
145.5 !
168.2
172.5
187.0
228.0
151.0
162.0
157.0
178.0
164.0
188. 0
165.0
178.0
169.0
208.0
164.0
174.0
170.0
181.0
171.0
172.0
177 0
200 0
182.0
212. 0
140,7
140.1
116.9
116.4
164.9
121.3
120.7
126.0
110.8
118.5
124.4
125. 0
124.6
128.9
129.3
133.4
129. 5
137.0
132. 3
138. 8
135.2
142. 3
v 170.0
v 170.0
155.8
155.6
164.7
159.9
170.4
175.7
170.0
169,1
170. 0
168.3
175. 2
170.1
170.7 !
168.2 I
173.4
170.8
169. 0
172. 4
167.3
174.3
168.9 i
172.4 I
170. 9
170. 0
161.6
157.0
130.7
127.0
249.6
113.9
97.0
132. 3
108.1
136.1
116.1
133. 6
123,1
127.1
130.2 I
135.1 |
129.1
136. 2
132.2
143. 4
124. 8
142.3
137.9 !
143.4
140. 9
143. 2
10,610
14, 832
674
27,515
675
11,854
673
11,750
671
13,174
671
14,437
672
13,565
14,219 i 14,536
672
674 |
'673 I
i
i
8,573 |
8,733
9,105
244 !
246
246
14, 781
671
14,997 I 17,237
671 j
071
9, 607
9,599 I 10.278
671
11,046
8S 458
17,376
7,274
157.9 |
179!h
138. 7
150! 4
152 9
139.8
167.0
173.0
7, 203
171.4
56. 5
174.7
141.7
175.0
150.9
r
138. 9
138.4
176. 0
167. 1
I. 503
152.5 !
' 56. 0 I
175.4 |
146.5 i
T
179, 0 j
153.1 i
134.3
136.2
149.8
175.8
!
8,640 !
r
146. 8
r
56. -1
162.0
151.7
181.0
155. S
129.
130.
132.
202.
6
7
5
G
142. 3
•' 61. 2
r
r
r
r
124.8
142.0
142.3
183. 6
183.0
220.0 I
r
r
132.7
138. 2
181.0
218.0
r
147.4
' 145.2
242
242
Stores operated...
_—.....number..
246
242
245 I
' 245
245
243
242
244 j
McCrory Stores Corp.:
5, 648
4,655
9,398
Sales
. . . . . t h o u s . of dol.4,788 |
4,749 |
5,023 | 5, 656
3,739
4,833
4,504 I
5,017
4,373
3,819
203
201
202 |
Stores operated
.._..-___
number..
203 ;
203
203 ;
203
203 ;
203
203 j
203
203
202
G. C. Murphy Co.:
5, 608
10,898
0,719
5,934 !
6, 094
Sales
.
. . . . . . t h o u s . of doL.
4, 469
0,156
7, 335
5, 091
6,136 !
5,775 !
6, 205
4,804
Stores operated___.._.___.......number..
•' 2 0 1
" 207 !
207 |
207
207
• 206
206
207 I
207
207
207
207
F. W. Woolworth Co.:
33,776
62, 498
Sales
._.
.__-_...thous. of dol_. 36, 376
33,136 i 32,660 { 33,025
33, 847
38, 475
33,675
27. 466
31,705
30, 266
28,345
2,024
2,024
Stores operated
___._
number..
2,013 |
2,015
2, 012
2, 018
2,019
2,017
2,011 I 2,011
2, 021
2,011
Other chains:
W. T. Grant Co.:
Sales
.
....thous. of doL. 3 4,382 12, 174 23,518
12, 363
12,648
12,222 I 10,441
8,417
10, 470
12,200
11,442
15,111
8,683 |
493
494
495
494
Stores operated
.....
number..
494
494
493
496
495
494 |
494
493
496 |
J. C, Penney Co.:
40,417
59, 520
36, 531
Sales...
. . . . . . . . . . t h o u s . of do!.. 49. 426
54, 294
32, 348
40,523
30, 589
25. 407
37,170
38,457 1 34,683
1,605
1,605
1,609
1.011
Stores operated_.___.-......_...number..
1.611
1,611
1,608
1,609
1,606
1,607
1,609 ! 1,610
Department stores:
Accounts receivable:
110
Ho
104 I
102
99
74
65
108
Instalment accounts?
Dec. 31,1939= 100. .
92
89
116
87 |
53
69
99
Open accounts?....
....
.,..do._..
Collections:
Instalment accounts!
19
20 i
22
25
22
20
24
29
23 i
19
22
percent of accounts receivable..
49
46 i
45
46
60 !
50
56
65
50
60
59
Open accounts!
. do. _.
157
133
115
99
108
118
133 I
100
137
108
83 I
103 !
Sales, total U. S., unadjusted... 1923-25=100206
177
149
127
127
151
171
124
183
144116
144 j
AtJantaf.......
...1935-39=100116
93
103
165
74
99
94
105
85
' 117
89
75
Boston
1923-25 = 100r
168
133
154
147
213
121
136
155
121
154
124
117
Chicapo
1935-39=100187
153
130
120
11.3
232
147
105
161
128
165
137
134
Cleveland f_
do. . .
191
127
122
108
150
222
129
100
171 I
109
170
126
127 !
Dallas
..1923-25=100..
111
147
100
85
106
183
110
88
133
98
146
101
114
Kansas City
.
...1925=100130
144
122
95
123
198
94
14F,
117
125
156
111
115
Minneapolis...
_._. 1935-39= 100—
106
144
104
94
130
194
106
81
120
92
130
99
94
New York..
1923-25=100132
181
115
<• 1 6 7
238
117
140
143
116
92 i
160
128
112
Philadelphia...
...1935-39 = 100..
r
155
128
168
265
161
114
' 174
137
120 I
211
147
147
Richmond....
_. . . . do. . .
120
110
133
190
101
125
131 j
99
87 i
145
108
114
St. Louisl_.._
1923-25=100..
r
149
129
158
235
132
148
184 )
137
138 !
191
142
158
San Francisco..-.-.1935-39=100' Revised.
v Preliminary.
§Beginning December 1941, seasonal adjustment factors of 100 are being used for this group.
<|The index on a 1935-39 base shown in the 1942 Supplement is in process of revision; pending completion of the revision, the index on a 1923-25 base is being continued.
f Revised series. Data for sales of "eating and drinking places," "other retail stores," and the totals for nondurable goods stores and all retail stores, have been revised
beginning 1935; revised data beginning August 1941 are shown in the October 1942 Survey; earlier data will be published, in a subsequent issue. For revised data beginning
1935 for the index of department si ore sales for the Atlanta district see p. 22. table 19, of the December 1942 Survey. The index for the Cleveland district has been completely
revised; data beginning 1919 will be published in a subsequent issue.
tData revised slightly and rounded to nearest percent; earlier revisions are available on request.
i
S-8
SURVEY OF CURRENT BUSINESS
Monthly statistics through December 1941, to- 1042
1941
gether with explanatory notes and references
to the sources of the data, may be found in the Novem- Novem- j Decem1842 Supplement to the Survey
ber
ber
ber
January 1943
1942
January
February
March I April
October
May I June
DOMESTIC TRADE—Continued
RETAIL TRADE-Continued
Department stores—Continued,
bales, total U. S., adjusted.....1923-25 = 100..
Atlantat-.—.1935-39=100..
Chicago._
—
do.,..
Cleveland fdo
Dallas
..1923-25 = 100-.
Minneapolis
.1935-39=100..
New York*
...1923-25*=100..
Philadelphia...
1935-39 = 100..
Richmond
_
do
St. l.ouisi
..—.1923-25=100..
Snn Francisco....
1935-39=100..
Instalment sales, New England dept. stores
percent of total sales..
Stocks, total XJ. S., end of month:
Unadjusted.
1923-25 -100..
Adjusted........
-do
Other stores, instalment accounts and collections: *
Instalment accounts outstanding, end of mo:
Furniture stores
.Dec. 31, 1939*100Household appliance stores
do
Jewelry stores
do
Ratio or collections to accounts at beginning
of month:
Furniture stores.-.
percent-.
Household appliance stores..
do
Jewelry stores
.do
Mail-order and store sales:
Total sales, 2 companies
thous. of dol..
Montgomery Ward & Co
do.___
Scars, Roebuck & Co
.
do
Rural sales of general merchandise:
Total U. S.f unadjusted.
1929-31-100East
do—
South
.
do
Middle West—...
do....
Far West
_.._
do
Total U. S., adjusted..
do....
East
do
South
_
„
do
Middle West-.
-do
Far West
..
do....
116
124
150
141
161
133
124
120
149
165
130
161
117
153
134
151
131
129
110
147
156
120
157
108
147
123
134
126
112
105
130
147
108
147
104
143
125
134
123
117
97
122
144
108
149
121
130
123
162
139
143
169
148
157
161
141
146
143
133
114
139
170
126
166
165
131
123
152
194
152
172
154
126
9.2
8.4
6.9
5,4
6.2
9.1
7.0
97
102
111
108
122
117
129
126
128
134
126
140
130
135
128
12S
104.9
103.3
110.9
101.8
100.3
102,4
100. 8
95.8
97.6
99.7
90.8
93.4
96.5
84.7
87.4
91.1
77.0
80.5
84.6
70.9
72.3
79.9
64.4
68.6
12.0
11.4
11.4
11.4
17.5
12.5
12.7
18.8
12.6
12.5
19.1
13.2
12.7
20.0
14.0
12.8
21.9
14.3
13. 1
22. 4
16.0
13.2
'25.2
111,481
41,854
69, 627
99, 640
37,909
61,671
131,894
55, 856
76, 038
133, 905
57, 604
76, 301
119, 117
50, 762
68, 356
117,597
48, 476
69, 121
104, 118
42. 521
61, 597
113,447
48. 741
64, 706
151.5
162.8
173.5
136. 6
166.6
199.0
214.2
219.3
178.5
226. 7
151.1
161.0
199.3
129. 6
135.9
18G. 8
196. 9
218.5
163.0
183.6
185. 6
204.9
224.0
165. 2
194.5
211.4
228.2
248. 1
186. 4
236. 3
175. 6
183.3
202. 0
155.9
200. 1
191.1
192.4
229. 3
167. 0
224.0
164- 8
171.7
188.0
140. G
188.8
179.5
186. 6
221. 7
154. 8
210.0
160. 3
162. 9
179.4
144.0
203. 6
176.0
177.4
223.1
152. 5
213.7
137. 3
128. 1
158. 6
118.9
193 8
188.1
179. 9
233.5
161.2
236. 3
160.8
153. 3
178.0
135. 5
207.8
196.6
192.4
246.9
164. 3
225.6
111
140
126
13;'
128
127
107
127
342
115
138
138
164
154
177
161
152
132
161
182
138
167
6.3
10.5
110
95
86
92
83
93
108. 9
112.5
98.4
110.0
110.1
122.9
11.5
10.8
18.3
11.4
11.7
23.2
152.308
63. 345
88,963
204,339
85, 269
119,069
287.9
320.3
341.1
254.9
319.9
180.1
192.4
227.1
163.4
196.0
11)0
133
148
134
123
109
132
160
114
151
243.2 |
330. 3
209. 6
235. 7
186.9
208.8
240,6
159.9
194.3
126
144
135
150
127
134
116
157
165
117
166
12S
173
147
158.
150
131
115
139
'170
129
182
11.2
133
r
170
122
176
76.1
59, 4
64. 6
72,654. 6
63.0
15. 6
14.4
* 25. 8
18.0
15.5
29.9
142, 022
61,495
80, 527
174,045
76, 068
97, 977
r
r
r
214.2
r 201. 2
262.8
18.57
272.2
202. 6
204, 6
238.0
181.1
232. 6
250. 5
245. 4
362. 2
210.8
276. 2
192.8
190. 7
244.4
166.0
230, 0
EMPLOYMENT CONDITIONS AND WAGES
EMPLOYMENT
j
Estimated civilian labor force, employment, j
and unemployment:
I
Labor force (Bureau of the Census)* millions..
54.1
' 54.5
54. 5 i
53. 7
56.2
54.0 i
04. (J
54, 2
56.8 j
53. 4
53. 2
54. 1
56.1
Employment*
do
50. 2
52. 4
50.9 : 50.7
' 52. 8
54.0
18.9
50.2 i
51.6
52.4
54.0 !
49.4
53.3
Agricult ural*
. . . .do
10.2
9.0
11.2
S.3
p 9.8
10.5
8.9 i
9.3
10. 2
11. 7 ;
8.4
11.5
Nonagricultural*
•__ .do
41.2
42.2
41.9 :
v 43. 0
42.0 ] 41.4
41.4
42.3
41.9
41.0
42.8
40. 7
41.8
Unemployment*
. ___. ..do
3.9
3.8 i
3.6
3.0
4.3
2.8 I
P ] 7
2.6
1.7
.1.6
4.0
2.2
2.8
Employees in nouagrieultural establish- i
mcnts:f
1
Unadjusted (U. S. Department of Labor): j
Total
..-thousands..! 38. 437 35, 926 36. 088 34. ^
.. P(''J
36, 346
36,665
;j7. zu
37,802
38, 348 '38, 478
Manufacturing
do I 15, 436 13,563
: J. r.ti
14. urn
13, 066
14, 133
14,980
l.\ 233
14.302
.313
Mining
do j
923
976
980
902
918
910
921
893
Construction . _
....do
; 1,810
1, 909
2. 10S'
1. S80
2, 01? 1
r 2,028
2, 185
1. »"• 2
2, 181
1,991
Transportation and pub. utilities.do. . ..j
3, ')1<J
3, L"7(i
?,. 244 3, 2SS
3, 382
3.442
3, 533
3, 542
3,484
3,539
Trade
do I 6', 773
• i. C79
il. ."01
C7:i
7.511
7, 140
6. 496
6, 561
' 6. 697
6, (\()7
6,606
r
Financial, service, and misc .... do i 4, 29.5
4. 2(in
t. 3.".".
4. .i'J
4, 227
1, 179
4, 229
4,371
4. 397
4,309
4.324
4, 327
Government-.....
do i 5, 713
4,791
4, 584
4. .535
5. 323
".. 1 M
5, ,520
0, 672
4, "f8
4, 958
5, 037
Adjusted (Federal Reserve):
I
Total.-.-.
do....I 38, 232 35, 739 35, 868
36, 200
36,440
37, 618
.964
Manufacturing
do
13.S3 2
13, 535
13,621
15,354
13, 7 U
13.72-'
14, 146
14.911
14,361 i 14, 758
14.979
'15,164
036 !
Mining
do j
969
970
973
929
884
933 I
929 !
918
901
888
Const ruction
.. . d o . . . j 1. 803
2, 054
2.044
1,851
2, 067
1,768
1,701 !
, 902
1, 916
1,959
Transportation and pub. utilities.do....J 3, 502
3, 369
3. 365
3,471
3, 351
3, Sr.«i
3,377
3,446
3,435 !
3, -190
3, 482
-3 466
r
7, 043
Trade
do i 6, 676
6,907 i
6,609 i
6,610
6,862 j 6,812 ,
7,017
6,695 ;
6,607
6, 523
' 6619
Estimated wage earners in manufacturing in- I
J
;
dustries, total (U. S. Dept. of Labor)*
r
11,341
thousands... 12,828
12, 630
12,721
11,327
11,185
11,363
11,515
12,153
12,442
11,645 11,751 11,884
r
Durable goods
do
j 7, 277
6, 993
7 153
6,034 I 6,154 ;
5,028
5,929 i 5, 940
6,712 ! 6,885
6,546 :
6,274 ! 6.395
Iron and steel and their products
do
! 1, 644
i, 502 I 1,506
' 1 636
1,616
1,516
1,537 |
1,554 !
1,596 i 1,609 I 1,617
1.568 i 1.578
Blast furnaces, steel works, and rolling j
52,'
542 !
mills
- . thousands..;
519
542
546
532
543
543 j
544 !
546 I
548 I
540
549
482 1
594
Electrical machinery
..._.-.._.do....j
614
506 I
527 I
509 I
480 I
489 I
498 '
569
485
514 I
548
Machinery, except electrical
..._do
i 1. 136
921 j
' 1,119
1,020 j 1,030 I 1,050 \ 1,065 j
1,096
978 j
1,001 ;
937
953 !
1,084
Machinery and machine shop products i
i
362 I
thousands..;
456
374!
367 I
449
383 !
391 i
400 !
440
425 I
435
418 ;'
409 I
Automobiles
do__._|
491
3S3
517 ;
395 I
373 j
478
443
574 j
407 !
445 I
462
389 )
428 I
Transportation equipment, except automo- :
r
biles
thousands..
1, 814
933 i 1,030 i 1,110
786
845 I
l ,768
1, 604
1,388 ] 1,500 |
1,677
1,208 ! 1,296 I
355 !
357 j
Nonferrous metals and products
do
;
375
357 I
358 !
362
359
363 !
361
368
358 !
371
369
494 I
514 !
Lumber and timber basic products- - .do
', 475
509 I
495 '
495
499
506 i
502
508
498 I
484
494
304 I
317 '
311 I
309
Sawmills
—
do
,
290
305 i
306
313 I
3 1 2 •;
308 !
313
295
303
r
p
Revised.
Preliminary.
] See note marked "V on p. S-7.
% A few revisions in data for 1938-41, resulting from changes in the seasonal adjustment factors, are shown on p. S-8 of the November 1942 Survey.
f Revised series. Indexes of department store sales for Atlanta district revised beginning 1935, see p. 22, table 19, of the December 1942 Survey. Revised data beginning
1919 for the Cleveland district will be published in a subsequent issue. The estimates of employees in nonagricultural establishments and in each of the component groups,
with the exception of the trade group and the financial, service, and miscellaneous group, have been revised beginning 1939 and revisions of the earlier data are in progress;
the revised data will be published when revisions are completed (data beginning August* 1941 are in the October 1942 Survey).
* New series. Indexes of instalment accounts and collection ratios for furniture, jewelry, and household appliance stores beginning January 1940 will be shown in a subsequent issue (a new series on amount of instalment accounts outstanding is included on p. S-15). The estimates of civilian labor force, employment, and unemployment
relate to persons 14 years of age and over, excluding institutional population and the estimated number of persons in the armed forces; persons on public emergency projects
are included with the unemployed; data beginning April 1940 wuTbe shown in a subsequent issue. Data beginning 1939 for the new series on wage earners in manufacturing
industries will also be shown in a later issue.
r
I
S-9
SURVEY OF CURRENT BUSINESS
January 1943
Monthly statistics through December 1941, to- 194 2
nut
gether with explanatory notes and references
to the sources of the data, may be found in the Novem- Novem- December
1942 Supplement to the Survey
ber
ber
1912
January
April j May
March
EMPLOYMENT CONDITIONS AND WAGES—Continued
EMPLOYMENT-Continued
Wage earners, manufacturing industries*—Con.
Durable goods—Continued.
Furniture and finished lumber products
thousands..
344
Furniture
. _ . . _do
168
Stone, clay, and glass products
.do
354
Nondurable goods
.
..do
5,551
Textile-mill products and other fiber manufactures
.
thousands. „
1,258
Cotton manufactures, except small wares
thousands..
506
Silk and rayon goods
do
99
Woolen and worsted manufactures (except dyeing and finishing)... thousands.
176
Apparel and other finished textile products
thousands. _
826
Men's clothing
do
235
Women's clothing
.
__do
!
250
Leather and leather products.._.._..do....
357
Boots and shoes
...
..do
204
Food and kindred products.
do
1,074
Baking.....
___do~~
263
Canning and preserving......
do....
151
Slaughtering and meat packing
do
176
Tobacco manufactures
...
do
99
Paper and allied products
...
do....
3)0
Paper and pulp
....do
151
Printing, publishing, and allied industries
thousands.331
Chemicals and allied products
do
674
111
Chemicals
....do....
Products of petroleum and coal
_.do._..
124
Petroleum refining
.
do
78
Rubber products
do....
166
Rubber tires and inner tubes
do..—
75
Wage earners, all manufacturing industries,
unadjusted (U. S. Dept. of Labor)!-1939= 100..
156.6
Durable goods
do
201.5
Iron and steel and their products
do
165.9
Blast furnaces, steel works, and rolling
mills
..1939=100..
133. 6
Electrical machinery
do
236.9
Machinery, except electrical
do...
214.9
Machinery and machine shop products
225.4
1939=100122.1
Automobiles...
...........
do
Transportation equipment, except automobiles
_ _ _ _1939 =100-_ 1,161.7
Nonferrous metals and products
do
163.6
113.1
L u m b e r and timber basic products, . d o
100.8
Sawmills
....
do
Furniture and finished lumber products
104.7
1939= 100..
105. 7
Furniture
.
.
do
120.7
Stone, clay, and glass products.
..do.....
121.2
Nondurable goods
do
Textile-mill products and other fiber
110.0
manufactures
1939 = 100. .
Cotton manufactures, except small wares
127.8
1939=100Silk and rayon goods
do
82.7
Woolen and worsted manufactures (ex118.2
cept dyeing and finishing) - . . 1939= 100— j
Apparel and other finished textile products !
104. 6
1939= 100. J
107.6
M e n ' s clothing
.
do
j
91.9
Women's clothing
do
i
102.7
Leather and leather products
do
S
93.5
Boots and shoes
I
do
!
125. 7
Food and kindred products . . . . . do
j
113.9
Baking
do
112.4
Canning and preserving
do
146.0
Slaughtering and meat packing
do
106.5
Tobacco manufactures
do
113.0
Paper and allied products
do
109.8
** Paper and pulp
do
Printing, publishing and allied industries
100.8
1939=100.
233.8
Chemicals and allied products
do
159.7
Chemicals
do
116.8
Products of petroleum a n d coal
do
107.1
Petroleum refining
.do
137.2
R u b b e r products
do
138.6
R u b b e r tires and inner tubes
do
Manufacturing, adjusted (Fed. Res.)§ 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 = 1 0 0 Hardware
...do
Structural and ornamental metal work
1923-25=100Tin cans and other tinware
...do
L u m b e r and allied p r o d u c t s . . .
do
Furniture
.
do
Lumber, sawmills
...do
I
405
200
389
5,412
401
197
382
5,387
386
187
367
5, 257
390
189
363
5, 330
388
186
363
5,361
377 I
179 I
367
5,371 I
372
177
364
5,356
1,296
lf299
1,283
1,283
1,284 i
1,287 I 1,280
502
102
503 !
103 |
497
102 !
497
101
499 |
100
!
362
5,338
361
172
355
5,441
356
170
357
5, 557
1,278
1,273
1,263
509
105
507
103
368 I
174 i
354
170
356
5,638
1, 252
507 i
105 !
508
105
509 j
106 I
'350
'173
'354
' 5, 569
' 1, 255
505
100
505
I
192
188
180 |
179 '
181 |
183
183
183
181
180
177
877
253
266
378 I
217 |
966 ;
240
111
165
97
330
164
850
247
256
373
217
926
237
100
171
92
323
165
897
256
275
380
220
914
238
99
164
95
321
165
906
259
277
387
225
899
239
87
160
95
321
165
896
259
272
381
222
906
237
92
160
93
320
165
874
256
263
375
218
924
239
95
165
91
314
163
813
248
229
370
214
970
245
120
174
92
307
160
807
241
231
368
213
1,077
254
191
180
94
296
155
852
247
253
361
209
1,152
258
248
179
97
293
152
846
246
252
350
200
1,239
263
322
178
98
292
151
'843
'242
253
350
'199
' 1,125
265
'197
'174
99
'295
151
347 !
467 !
105 i
123 j
78 !
162 ;
68 |
354
476
105 j
123 I
161 i
67 '
342
494
106
122
78
145
59
335
520
107
122
78
144
58
I
i
I
|
i
322
582
110
124
79
137
59
318
593
112
126
80
141
62
319
606
112
127
80
148
66
319
616
111
127
81
153
316
631
111
127
81
158
70
'324
'655
' 111
'125
'79
162
'73
138.4 |
164.2 I
151.5 I
138.3 i
164.5 '
151.9 !
136. 5
164 2
152 9
142.1
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r 152. 1
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186. 2
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!
!
140. 6 j
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141.0
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' 205.2
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' 135. 2
229.1
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128.5
139. 6 I 139.8 ; 140. 0
185.1
188.8 ! 192.0
180. 3
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!
185.0
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110. 6
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I
j
197.9 i
92.8 i
202.2 1 206.6 ! 209. 9
96.7 | 101.1
106.3
214. 9
110.1
' 217. 5
111.8
-222.0
' 188. 8
944.8
158. 3
120. 3
108. 7
1,015.0
r 161.1
120. 8
108,6
1, 062.9
r 161. 5
117.5
105.0
1,113.8
' 162.0
115.1
' 102. 5
109.9
107.9
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118.8
108. 4
107.0
121.5
121.3
< 107. 9
' 107. 2
121. 2
123.1
' 106.6
' 108.4
' 120.7
121. 5
190 ;
886
254
269
370
210
1,001
244
145
155
99
329
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|
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t
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532.6 |
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108,1
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648.8 I
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j
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82.3 ! 142.3
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108.0 i 104.1
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116. 3 i 114.8
106.5 ; 106.3
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134.9 ' 135.7
145.7
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I 136* 4
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; 119.9
j
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495.5
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i
114.8 !
118.0 !
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103.0 I
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};
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146. 9
761.1
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ni.3
123.8
116.9
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134.2
134.1
135.5
136.3
149
94
148
94
149
91
151
90
153
153
96
112
141
77.9
104
68
113
122
116
115
116
110
75.4
73.8
73.2
103
66
101
64
100
64
117
105
72.4
97
63
119
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72.7
95
64
139.0 | 136.5
i
148
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149 i
104
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138
76.9
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67
107
141 i
78.1 !
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108
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73.2
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70
|
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; 109.6
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165.7
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|
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i
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99
71.2
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107. 2 ;
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145.0 i
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r 239. 7
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'109.7
'96.6
' 220. 3
' 159. 2
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145. 0
167.2
133.
127.6
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<• 110.8
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r 100. 9
r 91. 3
r
131.6
114.7
' 146. 4
' 144. 5
' 106. 5
111.3
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r 227.1
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r 108.4
' 134.0
' 134. 0
7
149
98
122 ! . .
96
69.4
88
61
r
Revised.
§Adjusted indexes of manufacturing e m p l o y m e n t h a v e n o t as y e t been c o m p u t e d o n a revised basis corresponding to t h e unadjusted indexes o n a 1939 base which have
been s u b s t i t u t e d for t h e indexes on a 1923-25 base formerly s h o w n . T h e adjusted indexes on t h e old base shown above will be replaced b y revised series when available.
*New series. D a t a beginning 1939 for t h e estimates of n u m b e r of wage earners in manufacturing industries will b e published in a subsequent issue.
fRevised series. T h e D e p a r t m e n t of Labor's indexes of wage earner e m p l o y m e n t in manufacturing industries h a v e been completely revised; for d a t a beginning J a n u a r y
for1939,
FRASER
see p p . 23 a n d 24 of t h e December 1942 Survey.
Digitized
S-10
SURVEY OF CURRENT BUSINESS
Monthly statistics through December 1941, to1942
gether with explanatory notes and references
to the sources of the data, may be found in the November
1942 Supplement to the Survey
1941
January 1943
1942
Novem- December
ber
February-
January
March
April
Oeto
May
EMPLOYMENT CONDITIONS AND WAGES—Continued
EMPLOYMENT—Continued
Manufacturing, adjusted (Fed. Res.)§—Con.
Durable goods—Continued.
Machinery, excl. transp.
equipment
1923-25 = 100..'
Agricultural implements (including tractors)
.__.
.1923-25=100..
Foundry and machine-shop p r o d , . . d o . . . .
Radios and phonographs.
..do
Metals, nonferrous, and products
do....
Stone, clay, and glass products.
do
Brick, tile, and terra cotta..
....do
Glass
do
Transportation equipment
_..._.. .do
Automobiles
.
do_._.
Nondurable goods..
...do
Chemical, petroleum, and coal prod,.do
Chemicals...
...do....
Paints and varnishes.____do___.
Petroleum
refining....
do
Ra3Ton and allied products
.do....Food and kindred products---.
do
Baking
do....
Slaughtering and meat packing
do
Leather and its manufactures..
... do
Boots and shoes.
do
Paper and printing
.do...
Paper and pulp
. . ..do....
R u bber products
. _ . . . . . . do
Rubber tires and inner tubes... do._.
Textiles and their products,....
do....
Fabrics
_._._..__._._
do...
Wearing apparel
..do...
Tobacco manufactures...
do. .
Manufacturing, unadjusted, by States and cities:
State:
Delaware
.
1923-25*= 100..
Illinois
.
.
„ 1935-39*100..
Iowa
...1923-25=100..
Maryland
...1929-31 = 100..
Massachusetts
.
.1925-27—100..
New Jersey
......1923-25=100...
New Yorki
......1935-39-100.,
Ohio
„
.
....
...do
Pennsylvania...
...
..1923-25=100..
Wisconsin
.
. . . . . . . 1925-27= 100..
City or industrial area:
Baltimore
1929-31 = 100..
Chicago
.
...1935-39=100-.
Cleveland
.
do
Detroit
..........1923-25 = 100...
Milwaukee.
1925-27=100..
New Yorkf
. . . . 1935-39= 100..
Philadelphia
.._...1923-25= 100..
Pittsburgh
.
...
...do..
St. Louis
........1937= 100..
Wilmington
.
....1923-25 = 100...
Nomnanufacturing, unadjusted (U. S. Department of Labor):
Mining:
Anthracite
.1929=100_.
Bituminous coal
.
do
Metalliferous
.........do
Crude petroleum producing
do.....
Quarrying and nonmetallic
.do..
Public utilities:
Electric light and power
.
do
Street railways and busses..
....do....
Telephone and telegraph.
__do
Services:
Dyeing and cleaning
do_...
Laundries
.___._. . . . . d o
Year-round hotels...
......
do... _
Trade:
Retail, total.
do....
General merchandising
.
do. .
W holesale
.
do...
Miscellaneous employment data:
Construction. Ohio
1935-39=100..
Federal and State highways:
Total t
number.
Construction (Federal and State)..do...
Maintenance (State)
.do...
Federal civilian employees:
United States
........do...
District of Columbia
. ._do.._
Railway employees (class I steam railways):
Total
thousands.
Indexes: Unadjusted....
1923-25-100.
Adjusted
do
174. 1
M2.8
1(57.0
175.9
KM). 4
102. 1
153.0
115.9
143.5
172.3
.14f>. 5
141*. 5
103.0
13 4 . 2
i 30.3
12;$. l
172. 0
182. 3
185. 2
189.4 ;
202.7
206. 9
212.3
218.6
172
149
194
142.2 I
100.9 :
76
133 !
209.6 '
127 ;
125.6 !
148.2 |
184 ;
144
128 I
320 i
147.0
152
127
104.2
101
124.8
129
110.1
86
113.3
105.1
126.9
65.0
167 i
150 •
206 I
143.4 i
101.6 !
77 j
132 '
205.8 ;
111 ;
126.0 i
149.2 !
187 I
144 ;
129 ;
320
147.5 I
152 |
133 !
103.1
100 j
125.9
129
109.4
85
113.2
104.4
128.2
66.5
161 j
161 '
153 !
155
220 !
235 !
147.1 ; 14G. 7 |
105.0 i 100.1 i
81 i
78 •
135 |
126 i
2 U . o : 216.2 i
84 !
96 I
125.2 j 123.8 i
151.8 i 154.7 i
192 i
190 !
142 !
145 |
131 :
ISO 1
308 :
313
148.4 i 147.6 >
152 I
153 i
138 i
139 i
96.3;
08.8 i
95 I
92 |
125.2 ! 123.4 i
130 j
130 !
99.6 !
98.3
75 i
73
112.0 ! H O - 0 i
104.1 I 102-2 |
125.1 i 122-8 !
66-7 i
69.2 !
157
160
157
2 no
250
249
.46.8
145.
8
96.9 !
94.7
75 ;
;
71
124
124
220. 7
230. 9
81
79
123,1 ;
123.3
155 9
157. 4
195
194
141
137
132
132
309
317
144.4 :
142.3
152
151
137
138
97.4
98.1
93
95
122.0
121.3
130
130
97.5
93.7
73
73
109.4
110.9
102.6
104.8
120. 0
119.7
66.1
65. &
162
161
223
146.5 !
90.9 ;
67 :
122 ,
246.2 :
83 ,
124,3
159.1
195
131
133
318
143.7 ;
151
141
100.0
97 :
119.5 j
128
94.5
75 ;
112.3
105. 5
122.7
63.6
166 ,
165 •
195
H7.S :
90.8 :
65
119
268.4
89
124.7
161.7
197 :
127
133
324
143.8 i
153 ;
146
100.1
98
118.5
126 :
98.1
78
112.2
107.2
118.5
64.1
169
168
199
150. 3
91.0
05
118
295. 2
96
126.6
162.4
193
126
133
311
149.2
159
151
95.3
92
117.3
122
103.4
83
114. G
108.1
123.8
64.8
I
173
172
196
151.3
89.9
63 !
118
314.4
99
125. 2
163.0
193
128
134
306
150.4
162
152
91.2
88
116.1
120
106. 4
86
111.4
106. 2
118. 2
64. 7
136.1
139.0
161.7
146.4
100. 1
145.3
141.1
137.2
"• 111.3
126.5
137.1
139.1
162.8
147.0
100.4
145.7
141.2
136.9
111.5
126. 6
137.8
137.2
158.2
149.5
99.2
138.9
135.3 i
110.3
124.9 ;
138.1
137.7
153. 3 i
153.4 j
100.5 j
148.3 i
143.4 i
135.4 :
111.8 :
125.7
138.7
136.9
154.5
157.4
101.5
150.1
145. 4
140.9
112.5
127.4
139.9
136.4
153.4 !
160.7
102.0
151.6
145.2
142.8
113.0 !
129.6 :
145.2
136.3
156.0
164.0
101. 8
153.3
144.0
143.7
112.2
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136.0
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165. 3
101.5
153.1
139.4
146.2
113.6
133. 2
153.5
137.5
159.8
171.6
101.8
153.3
142.3
148.4
114.1.
135.5
' 146, 1
140. 2
151.0
119.0
134.9
126.3
118.1
118.4 ,
ii9.7 ;
125.5 !
146.9
140.6
151.8
97.4
135.8
126.7
118.7 !
119.3
120.9 I
125.7 i
149.8 {
139.1 :
151.5 i
102.7 i
134.3 !
121.9 !
117.6 i
118.5 !
121.2 j
127.7 !
154.1 ;
139.0
152.8
104.6 i
135. 1
129.8
120.3
118.8 !
124.3
127.5 ,
157.7
137.9
155. 6
111.0
137. 0
132.4
122.8
118.5
126.6
127.8
161.2
137.6
157.3
115.7
141.8
131.9
123.8
119.4
128.7
128.1
164.2
136. 6
159.3
118.6
144.9
128. 3
125.4
119.3
132.0
130.8
165.5
136.1
162. 7
127.1
147.8
116.5
127.1
119.8
135. 4
137.0
170.4
138.7
165.0
133.5
152.2
119.5
12S.7
119.9
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138.1
•
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!
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j
145.8 I
198.1
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200. 4
j
I
i
i
*9. 4
77.4
55. 0
AX. 5
50.2
95. 1
79.5
60.9
52.6 ;
49.1
95.5
80,2
61.1
50.9
49.0
95.1
80.7
61.3
46.8
i
i
|
j
48.8
94.5
81.0
60.6
46.7
48.4
93.8
81.9
59. 7
47.7
47. 8
93.5
81.9
58. 8
50.3
48.2
92.9
82.2
58. 1
51.7
SI.3
70. 1
V2. 9
93.4 !
70.2 !
90.1
93.1
70. 6
90.0
92.0 i
70.4 ]
90.4 !
90.5
70.7
90.3
S9.6
71.2
90.5
88.9
72.1
91. 2
88.0
72.9 i
91.7
117.2
108.9
96.1
113. 3
108. 4
95.3
109.8 i
108.8 !
94.2 !
109.5
107.6
94.1
113.8
107.9
93. 5
121,3
110. 3
95.2
103.0
125. 9
96.3
113,0
161.5
96.3
95.4 !
105.1 i
94.9 \
94.0
103. 2
94.3
94.4
105.9
93.9
94.3
108.6
92.7
125.6
125.1
131.9
137.7
4»;.4
114.0
95. 3
157.2
270,202
111,755
118, 559
146. 4
224, 762
75,131
110,311
194.092 I 183,559 191,444 218, 037
49,113 \ 44,852 i 52,975 • 72, 420
105,920 | 101,087: 102,023 105, 441
166. 7
141.5
162.0
175.9
102,7
158.4 :
:
i
;
i
I
|
!
!
146.4 !
151.5 I
114.7
136.9
108
171
193
149.0
89. 5
02
119
329. 1
103
123. S
101.2
190
127
132
30S
152.2 •
103
151
90. 5
S7
114.4
no
107.4
Sb
10S. 2
103. 5
114. 1
it'S. 7
141.2
103.0
103. 3
]*>!. 7
149. 7
r
155.4
114. 7
13s. s
174. S
174.5
142.9
142.3
167.0 : ' 10S. 7
137.9 : • 143. 1
157. 0
155.4
130.0 ; 133.2
i3i.4 ; 132. 5
I
!
i
i
!
I
|
i
i
'
120.4 !
138.9
150.2 I
120. 4
138.0
155. 0
4H. 7
91, M
78. 0
45. 5
92.7
81.8 :
57.6
51.9
46. 8
93.0
81.5
57.2
51.6
46.7
92.3 ;
80.3
56. 7
51.5
S7.o :
74.0 ;
92.5 ;
S6.S
74.8
93.5
85.9 :
75.0 :
93.8 :
127.6
113.7
96.1
130.1 .
114.8
95.5
126.9
119.1
94.4
123.7 i
117.4
93.4 ;
123.0
110. 4
93. 9
94.0
109.5
91.2
92 8
108.4
90.4
90.3
103. 6
89.7
89.4 !
103.9
90.3 !
91. 7
112. 0
89.4
142.8 \
137. 5
:
236,929 236.102
89,999
90,103
107,804 ! 112,000
240,633
94,191
114,361
142. 9
! 07. "..'
170. ,"'
105. 1
161. 9
152. 1
157. 1
115. 4
173. 4
145. s
r
134. 5
ill. 3
'" 55. 4
50. (.)
S4. 2
93. H
' 93, 3
' 124. ^
1
94, «>
121. 1
90. (f
r
238,722 i 219.047 211. 751
90, 022 • ,S0. 830 ' 7s. (131
117,972 ! 109,070 105. 701
1,545,131 1,670,922 ; 1,703,099 11,805,186 1,926,074 1,970,969 12,066,873 (2,206,970 2,327.932 I'2,450,759 i?,54<),474 2.087,09:$
199,283 ; 207,214 i 223,483 ! 233,403 i 238,801
248,100 j 256,457 ! 268,383 ; 274,001 j 275,362 i 281.423
1,227
67.3
66.8
1,211 :
66.3
68.0
41.5
40.3
41. 8
41. 6
41. 2
42.
3S. 0
'¥)
1.192
65.4
68.2
1,193
65.4
68.0
1,215
66.6
42.4
42.2
44.4
42.7
42. 5
44 7
1,266
69.4
70.0
1,296
71.1
70.3
1, 319
72.4
70.8
1,343
73.7
71.8
1,349 i r ^ 3 4 9
74.0 : 74.0
72.2 ; 72.5
LABOR CONDITIONS
Average weekly hours per worker in factories:
Natl. I n d . Con. B d . (25 industries), hours
I 7 . S. D e p t . of Labor, all m a n u f a c t u r i n g . d o
D u r a b l e goods*..
_..
. do....
N o n d a r a b l e goods*
. . .. do..
r
42. 4 i
41. 5 !
13. !
39. ]
39 7 •
42.8
42.4
44, 7
39. 7 :
42.7
42, fi
45. 0
39. 7 -
42.7
42.6
45. 1
39.0 •
42.6 i
42.4 ]
44.7 :
39. G 1
43. 2 ;
42. 8 i
45.
39. 9 i
r
43. 4
42. 3
44. 0
39.5 .
43
43
45
III
Revised. § See note marked " § " on p . S~9,
% Total includes Siate'eDgmeerinpr, supervisory, and administrative employees not shown separately.
% D a t a for years prior to 1940, comparable with data beginning with t h a t year published in t h e 1942 Supplement a n d currently, will be shown in a subsequent issue.
f Revised series. Earlier d a t a for the revised employment index for N e w York City not shown in the J u l y 194.2 Survey and subsequent issues will be published later.
* N e w series. Earlier d a t a will be published in a subsequent issue.
S-ll
SURVEY OF CURRENT BUSINESS
January 1948
Monthly statistics through December 1941, to- 1942
1941
gether with explanatory notes pnd references
to the sources of the data, may be found in the Novem- Novem- Decem- i Januber
1942 Supplement to the Survey
ber
ber i ary
1942
February
April
March
May
July
June
August;'I tember
EMPLOYMENT CONDITIONS AND WAGES—Continued
LABOR CONDITIONS—-Continued
Industrial disputes (strikes and lockouts):
Beginning in month
number.
In progress during m o n t h . . . . . . . . .
do...
Workers involved in strikes:
Beginning in month
..
. thousands- -1
In progress during m o n t h . . . . . . .
do....|
Man-days idle during month.._..
..do_.-_i
Employment security operations (Soc. Sec. Bd.):
Placement activities:
Applications:
Active file . . . .
. . . . . . thousands., i
New and renewed...™.
do
|
Placements, total
..
do
j
Unemployment compensation activities:
I
Continued claims
thousands..!
Benefit payments:
j
Individuals receiving payments § .-do
j
Amount of payments
thous. of dol__!
Labor turn-over in manufacturing establishments: j
Accession rate..mo. rate per 100 employees..!
Separation rate, total.
....do.....;.
Discharges
.
..
. . . . .do
'
Lay-offs..._
...._._„_.__.
do
;
Quits
-——_—.no
!
M iseell aneous
.
do
j
190
275
240
320
310 !
405 |
275
375
350
440
400
520
350
475
57
80
425
65
80
450
55 !
85 ;
375 l
58
72
325
100
117
550
88
100
450
80
100
450
4,398
1,576
606
4, 254
1,565
784
1,841
925
1,656 i
1,006 l
3,512 |
2,970
3,159
3, 207
271
464
143
287
155 i
255 I
228
339
1,397
30
59
476
33 |
49
390 i
4,234
1,327
583
4,413
1,603
493
4,899 i
1,956 I
439 I
4,888 i
1,532 i
427 !
4,559
1,567
511
2,597 i
3,618 •
4,584 I
4,103 j
3,977 j
471
21,066
3.91
3.51
.24
1.44
1.57
. 26
523 \
27,847 j
4.76 |
4.71
.29
2.15
1.75
.52
838 !
803 i
668 !
610 !
39,884 ! 43,035 , 36,311
31,704 !
797
41,056
6.00
4.78
.29
1.35
2.41
6.87
5.10
.30
1.61 |
2.36 i
.83 !
5.36
.33
1.19
3.02
,82
:
;
290
UK)
1
553 j
30,226 I
j
!
j
j
!
1,403
982
320
2, 400
1,213
1,398
1.2*17
2,576 !
575
32,625
I
7.12
6.12
.35
1.31
3,59
.87
7.29
6.54
,38
1.43
3.77
.96
8.25
6.46
.38
1.21
3.85
1,02
214 r
277 1
221 1
2SS 0
2 50 1
2-u
3
2((> 9
241 2
-i4 1
309 9
2T r '
191 7
,C
192 ( '
i"S l)
2s *
19" 2
5 ' 7
52" •
•5*17
10" 1
, ()Si S
8.28
0.73 |
.43
1.05
4.02 j
1. 23
543 !
28, 252
7.90
7.06
.42
. 87
4. 31
1. 46
423
22, 395
is. 10
.44
. (iS
PAY ROLLS
Weekly wages, all manufacturing unhistru s,
unidjnM«cl(l .f5 Dcpt.of Labor)* I'M 1 )-100
burablo ^oo(K
do
In>n AP<1 st( (1 Hid the ir products
do
HI isl furnau s, ^Ud works, and rolling
milS
193'J-IOO
b 1»' |rn >1 in u II'JM i \
do
M i- h i m r \ , excel*' e k c t n e i i
do
\ L K him rj and machine bhc p piodu' 1 •>
10>J-K0
v itmi ohiii«s
do
11 iii^poilrUioii equipment exup< au'n
n o i Me
19 59 i(H.'
\onferrous 11< I i's and pioducfi
do
I m n U i md timlxr basic pn> 3mts <i»
"VlWIPllls
({()
i u r n i f i i n \vd 'ii-i-hod lnmb< r prodin •>
runiUim
do
pre»<
do
Mono, d a \ , <md g s i p
\ < i n d u r lhie <_oods
do
l e u i u mill products and other f»tu»r ni'n ufactunc
l'JJQ-100
( otion manufactures, e\c» pi small warc>
I<H9--i00
^ilk and r i\cm goods
io
H oolcri md worsted mai ufaeture1- i e v
(< [it d\eing and finishing)
1 lJ3" —100
Appiicl and other tinislu d t< \{lie products
V*O(J-
100
\i< n S f'lothiiif
do
\ \ omen s clothing
do
I i <>tner and 1< other products
do
Hoofs and shoes
do
1 ood iii<i Kindic d products
do
BlklML'
(i.
C J i n m e and preserving
do
Slaughtering and meat pack
J obacco manufaclures
V ip<*r and allied pn duelPaper and pulp
do
Pruning, publishing, aiid allied Industrie
19 59- 100
("beiiiu ils and allied products
do
Chemicals
do
Prodi'f ts of petroleum and coal
do
Pe frol< urn re f ininy
do
lluhl ( r i>roducts
do
Rubber tin s and inner Tub ^
do
ALiMiiai Hiring, unadj b j btates md e±t'cs
270 x,
t»7
2ts 7
IS", (j
22S 0
200 4
191 0
230 0
200 1
I'M 9
24s1 .1
211 1
202 U
220 11
209 1
207 '
220 1.
1S2 2
2 0 i
24' 7
1S5 4
2( 4 1
219 3
Isl N
2 ,
271 '
is7 ,
2su 1
2SS 1
1S9 s
~ss <
2«»<» 1
2(|
3!;
247 J.
194 1
2h> 1
104 s
2' 1 9
JHW
I
7
3ii 1
11 t
321 1
J1"
300 tl
' it) ;
0
i* 2
J »s 3
7'55
20)
H 7
1 >2
'»
s
I
1
MO <*
21 5 9
1 01 , 1
;
!s 1
\ \ >
!
1 i **» •*
I r\2" ' i
-'12 4
1, 12s 3
1,.121 0
12S 0
12»-
1
'2% -{
-01 1
117 9
241 7
172 1
11s i,
! )O
10'
S.9
1 13
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1
9
(
loO. 1
101 3
11} i 1
1 V* J 10 S
i"o ;
119 9
1r 1
n 0
1 1 7 »,
111 4
it" 1
1"2
i7_ 7
1 It. >
1-2 0
1,2 1
1 i i
212
173 0
J,s s
isl 2
110 (i
I ) - ,<
in ;
] s 1 (,
J l s <»
1S7 2
122 3
17o 9
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is() 0
,.,'1 ]
17! 2
129
140
10h
130
117
1 i2
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1 52 4
143 1
1 12 _
1 1 ! i»
I 51 7
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117 (»
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1'.7 0
3 iO 0
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127 4
117 5
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1 M t.
'. 19 ti
112
1 ».
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ils
120
il't
S.I
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7
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ri , _* 7
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110 \
1 u>
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'
i 15
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,'
0
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o
n.i 4
1
7
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1 50
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1
in o
5 <> s
-Mb f>
102 ">
1 19 j
Jll I
I'M ~
20'» I
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HO >
1O<>
t)l
1
i !
»
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i)
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<
1
i
121 2
iu2 »>
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2 1 7 *>
ro -,
}
Us, ,
r t •»
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21,s <f
194 s
111 1
1 2S 7
1)9 i!
1 is 2
i" 2
117 s
iO7 1
1 Hi 9
M2 ..
150
117
91
'70
127 0
> is 0
10 1!
] )1 (.
1
1
(*
0
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ili 2
j 12 s
111 s
157 9
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12h t>
7
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j ,{
lot)
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~
\
2
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r ^
r
2SS.
21,).
5.'5S.
1(12
2'"..").
2.V2
187.9
188.4
241.0
129.3
205.3
197.8
203.6
139.4
175.2
220. s
179. 9
229 5
173! 8
150.9
151.8
149.0
153.8
240.4
186.9
239. 7
180.2
158.7
159.0
153.1
163.2
189.1
243.7
182.0
156.7
160.6
153.3
169,2
171.9
181.7
• 221.3
7
7
1 72.
:;::o
f
r
22 3 0
27 i. 'A
'200. 7
2'it>. 1
l.vj. 1
/SS
119. 5
190.0
186.7
194. 9
135.0
170 5
182.4
188.4
234.0
125. 7
198.5
194.2
202.8
139.6
172.9
s
7
(I
r
!
j
!
;
!
!
:
247.5 •
:
!
i
|
:
;
0
tj
s
!
_
>
,
1
170
s;<
2
1'9 7
rs 9
5 < ' ()
'00 7
>72
,"i s
IM
571
' '- t
1 97'
17J
4
1.17 1
111 1
iii 1
ri 0
lol 4
1t,<, 1
i'i
iii
-
'4
5
1
140 u
1
"
I
2
1 \r 1
1>
3
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1 1 " ,1
1
l'C> 'i
2^2 2
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>
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'-'
1-7 i
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MIS \
!'.
117 "
ill 2
J "h f>
1 Is 2
J49 4
123 7
i-1 M
1 5s 0
1 11 0
140 4
120 1
14 5 9
1 w
1 ' '
IK)
1 15
1 M
1-7
1 Ml
<~ 5
175
Ml
1 U
*
7
I
5
0
s
HI 4
124 T
m 0
111 2
],-! J 1
123 0
91 7
1.1s 3
124 !)
119 (,
iu«»
1
in ;
u, >
188.7
192.4
251.5
132. 6
210.2
210.0
210.9
144.7
182.2
193.8
194,3
259. 7
136. 4
219.2
216.4
223.3
146.8
188.1
256. 0
189.1
254. 7
187.0
176. 6
168.6
157.5
169.4
263.8
191.0
256. 5
195.0
183.1
174.6
158.4
173. 9
1 \ •> t
I ji S
lit. t
0
292
217
in
0
152 7
r5p
115
<2
'45
1%
0
5
S
S
,i)]
143 1
129 M
12 5 1
1/1 S
132 0
HO ,
112 S
10s 0
502 0
221 0
14s i
13 4 7
143 5
no 0
m 1
199.4
195.9
276.7
137. 6
224. 2
217.9
227.4
148.9
191.3
214. 2
198. 6
279. 5
141. 4
230. 0
219. 4
233. 5
151. 1
197. 8
220.0
200.0
285,3
142.1
230.2
212.0
239.6
154.6
206.4
281. 3
192.5
203. 6
204. 4
181.4
179.2
159. 5
178.1
282. 2
193.
273. 6
216. 2
175. 7
184. 6
161. 8
190. 3
288.1 1
196.4 i
286.2 I
222.7 |
156.8 !
190.3 |
165.4 !
196.0 !
!
!
I
!
!
|
!
i
|
2
lit 2
loh 9
J-7 4
131 2
21 5 7
171 1
1i5 s
-Ml 2
17 5 4
114 3
111 .1
147 1
1U 4
1W 7
107
Mi
221
112
137
170
JOs 1
5 2_ 1
27} ()
s
o
0
2
0
4
154 '»
it ' 1
1 is .1
)
j
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1 , _>
•>
170
1
l(
1
1
1
•>(»
I ",
! 1'
1 ts
127 7
1 it t
1 ,1
It s 1
1 15
2 ;s 7
1
1
" 1 li
1 11 0
1 >^
2
7
1
(
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r
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1 ,2 1
1 ,
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7
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127
s
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279 1,
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s
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105 !l
12«. 2
1M(.
State:
Delaware
.
1923-25=100..
Illinois
.
1935-39=100..
Maryland
,.1929-31 = 100. _•
Massachusetts.— .
1925-27 = 100 '
New Jersey..
.1923-25=100..
New YorkV—.1935-39=100..
Ohio
do ..
Pennsylvania.
...1923-25 =-100 .
Wisconsin.
....1925-27=100..
City or industrial area:
Baltimore
1929-31 = lu0.
Chicago
.1935-39 = 100..
Cleveland
.
do
Milwaukee
1925-27=100
New Yorkf--.1935-39-J00
Philadelphia
.1923-25== 100._'
!
Pittsburgh...
._
do
Wilmington
„
do
117
l<
lOi 2
110 s
2»il >
2'In 7
111 1
VU «J
1 3 .1
12'
2
5
Ml 1
]ol
in s
U7 7
li'
1 "7 s
1 0 ;
317 2
11' U
111
214
200
14 5
151
li I 1
2 50 7
110 1 5/ J
Iss 2
2
1 O « ) (I
,
512 1
2 >O t
l's
I 11 7
l'< ^ s,
1S7 1
ll 1
1<<> S
17s '
1-2 •.
7
222 1
r
1 s t,
1 (i
I s " »t
' 177 i
233.2 !
201.2 I
307,0 |
146.9 I
234.3 I
220.3 1
251.5 S
155.2 i
206.0 i
251. 2
210. 3
310. 1
150. 5
243. 0
229. 8
255. 3
100.3
216.0
2(i4. 8
210. 3
'•Y22. 3
154. s
2,1,1. 4
239. 9
201. 9
101. s
212. 3
271.
220. 4
' 330.
10)0. 4
r
261.
24S. 4
275. 0
r
lt)S. 0
22S. 7
305.1 j
200.1 *
295. 1
229.2
166,1
198.2
101.9
206. 6
310.2
206. 7
300. 9
244.1
185. 5
205. 2
108. 4
244. 6
320. 0
'• 329. 4
'2 IS. 4
330. A
201. !
200.
r
217.
'• 177. 0
' 271. 3
in 0
1 ',<» <»
J <1
r
r
r
r
209.
:i()t).
247.
194.
212.
171.
2.15
0
0
(I
4
1
,r)
1
r
r
Revised.
§ Weekly average of number receiving benefits, based on an average of the weeks of unemployment compensated during weeks ended within the month.
1
Not comparable with data prior to Jul\ 1942, owing io change in. active file definition (sec note 1 on p. S-ll of the December 1942 Survey). The July 1942 figure is also
not comparable with figures for later months, as data for July were not completely revised to the new basis.
^ Data for years prior to 1940, comparable with data beginning with that year published in the 1942 Supplement and currently, will be shown in a subsequent issue.
t Revised series. Indexes of weekly wages (formerly designated pay rolls) in manufacturing industries have been completely revised; for data beginning 1939 see pp. 23-24
of the December 1942 Survey. Earlier data for the re\ i>ed pay-roll index for New York City not shown in the July 1942 Survey and subsequent, issues will be published later.
S-12
SURVEY OF CURRENT BUSINESS
Monthly statistics through December 1941, together with explanatory notes and references
to the sources of the data, may be found in the Novem1942 Supplement to the Survey
ber
1941
January 1943
1942
N"ovem-1 Decemher ! ber
January
February
March j April
May
June
July
JAugust ! "•pteiiibor
October
EMPLOYMENT CONDITIONS AND WAGES—Continued
PAY ROLLS—Continued
I
Nonmfg., unadj. (U. S. Dept. of Labor):
|
Mining:
I
Anthracite
1929=100.. |
Bituminous coal
...do....|
Metalliferous.
do...
Crude petroleum producing....
..do
Quarrying and nonmetallic.
....do
Public utilities:
Electric light and power
.
do
Street railways and busses
do
Telephone and telegraph...
do
Services:
Dyeing and cleaning...
do....
Laundries
do
Year-round hotels...
....
do
Trade:
Retail, total
_.do..._
General merchandising
..
do
Wholesale....
.do....
49.5
124.1
106.9
62. 6
66.7
41.8
'116.4
89.8
64.2
57.5
35.9
119.9
93.7
64.6
55.8
39.4
117.1
94.3
64.8
48.9
49.6
118. 2
98.4
64.8
52.0
50. 9
116.9
99.1
62.6
54.4
44. 7
118.3
99. 1
03. 2
58. 1
51. 5
122. 1
100.8
62.0
63.0
56.0
140. 3
102.0
63.1
65.1
45.9
112.7
101.6
62.4
65.9
118.0
106. 5
62.4
67.4
50. 3
122. 2
103. 0
64. 5
67,5
' 48. 4
'124.8
' 104. 5
'63.7
'68.9
108.6
97.8
129.0
115.2
'78.5
118.3
115.2
80.0
122.9
114.6
80.5
120.9
113.7
83.7
120.9
113.5 |
84.7 i
121.8 •
113.5
84.4
122.2
113.6
86.8 1
125.0
113.6
89.4
125.3
113.4
91.0
126.0
112.8
93.8
127A
112.5
93.6
130. 5
' 111. 1
' 95. 3
' 128. 4
107.5
118. 3
104.3
93.0
101.9
93.2
102.6
93.3
86.5
103.8
91.5
85.6
102.5
92.6
92.7
104.3
91.6
105.7
108. 6
93. 5
113.1
113.8
95.4
117.7
115.2
96.6
109.2
117.8
96.5
106.4
116. 8
96. 6
107.9
117.3
' 112. 5
'118.9
99.1
130.0
96.0
98.5
117.8
91.6
107.8
151.1
92.8
94.6
105.7
91.8
93.9
104.1
93.7
93.7
105. 2
93.9
93.fi
108.0
92.2
94 0
108. 5
91.7
93.4
109.0
91.0
91.8
105.1
913
91.4
104.9
91.8
93.1
112.4
92.4
98.5
•• 1 0 3 . 2
96.4
'121.6
' 94. 6
WAGES
Factory average weekly earnings: §
37.47
39.52
36.08
38.14
38. 68
35.74
39.00
39. 80
37.53
Natl. Ind. Con. Bd. (25 industries), dollars..
40.87 r 41. 79
42.10
35.11
33.70
37.99 i 36. 43 1 37.38 ' i 37. 79 i 38. 86
36.11
36.63
32.79
37.46
35. 71
U. S.Dept. of Labor (90 industries)
do j
40.91
38. 62
41.94
42. 57
44.02 i 42. 51 1 43. 84 ' i 44. 45 i 45. 27
37.63
43.41
41.53
Durable goods
do
Iron and steel and their products, not in37.31
36.99
38.99
36.41
38.89
39.84
39.68
38.32
cluding machinery
dollars..
41.29
Blast furnaces, steel works, and rolling
39.13
40. 22
39.26
40,67
40.85
40.91
41.77
39.06
40.23
42.22
mills
dollars..
32.94
31.90
35. 84
37.77
38.40
34.66
37.22
33.67
39.61
Hardware
do
32.07
Structural and ornamental metal work
38.00
40.65
40. 85
41.63
34.89
36.89
41.14
41.51 ' 44.37
39.95
dollars..
47.03
44.81
29.64
29. 21
29.77
28.97
27.39
28.89
29. 26
30. 52
28.16
31.41
Tin cans and other tinware
do
32.36
31. 48
23. 80
25. 71
27. 34
24.12
24.30
25. 33
26.66
27.26
24.94
28.54
Lumber and allied products
__._do
25.47
27. 26
27.91
26.61
25. 95
26. 75
28.05
27.84 ' 28.95 ' 28. 97
26.46
Furniture
_
do....
30.76
21.77
23. 97
26.26
21.48
21.79
25.05
26.14
23.47
23.20
Lumber, sawmills
do
' 27. 33 •• 27. 22 28. 69
43.00
44.56
46.16
40.67
45.41
46. 04
43.49
44.34
Machinery, excl. transp. equip
do
46.38
Agricultural implements (Including
38.28
40.93
43.07
35.96
40.61
42.36
42. 55
36.72
39.82
43.72
tractors)
dollars..
Electrical machinery, apparatus, and
40.68
41.80
42.62
42.57
38.90
41.52
42. 21
37.16
41.10
supplies
...dollars..
43.31 j
Engines, turbines, water wheels, and
57. 75
56.15
56,48
56. 91
52.71
57.49
56.48
51.68
55.59
54. 00
windmills
...dollars..
Foundry and rcachine-shop products
41.09
43.49
44.71
44.46
39.86
42.90
43.91
38.00
41.98
45.74
dollars..
50. 81
50.79
52.47
51.41
48.82
51.43
52.24
45.17
50.87
Machine tools
do
52.12 ' 50. 72
52.32
32.17
34, 31
'36.32 ' 36.59 r 36.38 ' 37. 28
32.01
33.88
35.33
30.03
32.84
Radios and phonographs...
do
37.88
38.19
40.01
41.23
36.72
39.16
40.39
34.74
42.03
38.47
Metals, n on ferrous, and products...do
43.00
43.54
44.56
45.81
40.81
43.77
44.73
37.79
46.79
43.62
Brass, bronze, and copper prod...do.._.
48.02
28.04
30.00
30.31
29.21
30.02
30.59
28.49
29.90
29.77
Stone, clay, and glass products
do
31.10
24.62
26.71
27.56
25.72
26.52
27.07
25.13
27.38
26.10
Brick, tile, and terra cotta..
do
27.99
30.80
32.08
31.49
31.75
32.10
32,99
30.97
30.83
32.15
Glass
do
32.55
35. 61
31. 28
49.29
49.71
50.10
43.74
48.95
50.06
43.00
50. 93
49.31
Transportation equipment
...do
52.16
46.78
45.90
46. 67
42. 50
45.24
46. 22
39.84
46.01
44.97
Aircraft
do
46.24 ' 46. 55
45.77
49.36
50.29
50.20
40.97
49. 34
50. 08
43.84
49.79
48.92
Automobiles
„
do
51.76
r
52.42
53.28
52.73
49.19
52. 28
53. 27
45.90
55.11
53.38
Shipbuilding
do.__.
56. 82 r 58. 60
57. 57
26.95
27.78
28.32 i 28. 94
26.91
27.68
28.26
26.11
27.35
Nondurable goods.._
...do
i 29. 36 ' i 29. 53 i 30.64
Chemical, petroleum, and coal products
36.17
37. 04
37.93
35.21
36.14
36.64
38.03
38.80
36.45
dollars..
39. 35
39.18
39,97
41.06
37.89
38.74
41.21
' 42. 01 41.73 ' 41. 70
39.02
39.52
Chemicals
do.,_.
43.38
33. 88
35. 96
33.30
34.13
35.34
35.78
35. 47
34.66
35. 25
Paints and varnishes..
do....
35.92 '36.11
36. 83
41.09
42.07
40. 33
41.74
41.97
42.18
43. 00
42.64
42. 57
Petroleum refining
do
43. 58 ' 45. 19
46.56
31.71
32.13
30. 50
31.13
32. 05
32.07
32.20
31.95
32.15
Rayon and allied products
..do
32.85
32.96
33. 38
29.06
29.90
27.40
28.28
30. 30
30. 21
28.56
29.18
28.94
29. 61
Food and kindred products....
do
29.30
28.81
28.84
31.34
31.43
29.41
29.52
30. 45
29. 48
31. 69 -31.72
Baking...
do
31.90
33.02
30.77
31.82
32.86
30.70
31.49
31.87
31.04
32. 61
32. 40
33.92
Slaughtering and meat packing..do
j
...
32.62
25.08
23.16
24.87
26.09
26.16
26.57
26.35
26. 55
26. 46
26. 37
Leather and its manufactures.D_._.do
23.64
21.45
23.36
24.48
24 86
24.84
25.32 | 25.21
24.71
24.89
Boots and shoes
,.
do
|
.
"25." 93 """26." 03
33.34
32.98
34.02
33.76
33. 45
33.59
33.45
33.68
33. 75
34. 50
Paper and printing....
.do
32.82
31.98
32.40
33.14
33.28
32.94
32.84
33.50
33. 09
34.18 ' 34. 10
Paper and pulp
.do
36. 59
34.37
33. 50
38.24
34.88
37.80
34. 55
35.91
36.32
38. 88
39.46
Rubber products
.do....
39.71
37. 35
44.42
40.62
44.05
40.05
42. 55
46.08
42.27
46.10 ' 45. 88
46.86
Rubber tires and inner tubes
do
21.56
22.29
23.45
22.94
23.70
22.14
23.37
23. 73
23. 25
24. 65
Textiles and their products
do
21.66
22.46
23.79
22.73
22.32
23.20 | 23.70
24.01
22 90
24.79
Fabrics
.
.
...do
21.28
21.79
22.47
23.52
21.59
22.88 | 24. 20
24. 23
23.85 | 23.72
Wearing apparel
do
20.45
20.65 i 20.76
22.16
20.05
21.25
22. 10
19.72
20.82
23.09
Tobacco manufactures
do
I
Factory average hourly earnings: §
.896
.906
.878
.917
.928
.868
.940
Natl. Ind. Con. Bd. (25 industries)
do....
.957
. 958
.819
.831
.781
.801
.840
.850
.787
,864
.803
.809
U. S. Dept. of Labor (90 industries) d o . . .
. 885
.886
.910
.889
.933
.923
.865
.946
871
.966
Durable goods
.
do...
'.995
.988
Iron and steel and their products, not
.904
.926
.894
.933
.943
.937
.916
.967 |
.909
including machinery
dollars..
.990
.997 |
Blast furnaces, steel works, and rolling
.996
.983
.986
.990
1.004
.988
1.000
.977
1.030 I
mills
....dollars..
1.065 i 1.058
.754
.741
.764
.790
.812
.852
.750
.746
.871 |
Hardware
...do
.827
(a)
Structural and ornamental metal workt
.891
,875
.905
.840
.856
.900
.944 j
.908
dollars. .
892
.899
967
.988
.738
.713
.742 '
.707
.703
.736
709
.720
.749
. 757 !
Tin cans and other tinware..
do
775
.788
.632
.602
.602
.607
.659
.644
.660
613
.620
. 677 I
Lumber and allied products
..do
680
.697
.667
.672
.637
.638
.677
.641
.673
649
.655
'.682 i
Furniture
.do
700
.706
. 646
.606
.573
.572
.620
.576
.646
584
.594
'.663
Lumber, sawmills
do
671
.684
.961
.932
.871
.884
.945
.906
910
.918
.964
Machinery, excl. transp. equip...do
998
.996
.955
Agricultural implements (including
.917
.922
.955
.926
1.000
(a)
1.014
tractors)
dollars..
.950
1.002
Electrical machinery, apparatus, and
.864
.913
.878
.898
.932
supplies
-.
dollars.938
.918
.968 '
.951
.926
' Revised.
« Comparable data not available.
i Weekly earnings for July-October are weighted averages and are not comparable with earlier data; percentage increases October 1941 to October 1942 are as follows:
All manufacturing, 25.0; durable goods, 26.1; nondurable goods, 17.5.
t Hourly earnings for structural and ornamental metal work revised beginning April 1942 on the basis of more complete reports.
§ The Department of Labor has published average weekly and hourly earnings for July-October 1942 for the revised industry classifications shown for wage earners
and weekly wages on pp. S-9 and S—11; pending revisions of earlier figures, hourly earnings are shown here on the old basis in order to have comparable figures for the entire
period covered; October weekly earnings, comparable with earlier data, are available only as shown.
S-13
SURVEY OF CURRENT BUSINESS
January 1943
Monthly statistics through December 1941, to- 1942
1941
gether with explanatory notes and references
to the sources of the data, may be found in the Novem- Novem- Decem1942 Supplement to the Survey
ber
ber
ber
1942
January
February
March
April
May
October
Julv
June
EMPLOYMENT CONDITIONS AND WAGES—Continued
WAGES—Continued
Factory average hourly earnings!—Continued.
U. S. Department of Labor—Continued.
Durable goods—Continued.
Machinery, etc.—Continued.
Engines, turbines, etc..
dollars..
Foundry and machine-shop products
dollars.
Machine tools
.
do...
Radios and phonographs!
..do...
Metals, nonferrous, and products. ..do...
Brass, bronze, and copper p r o d . - d o . . .
Stone, clay, and glass product..
do.._
Brick, tile, and terra c o t t a . . . . . . . . d o . . .
Glass
........do...
Transportation equipment.....
do...
Aircraft
.........do....
Automobiles
..__.._...._...... do....
Shipbuildinpt——.
......do.._.
Nondurable goods
do._Chemical, petroleum, and coal products
dollarsChemicals
do...
Paints and varnishes
.
do.. _
Petroleum refining
...
do...
Rayon and allied products
do...
Food and kindred products
do_._
Baking
do...
Slaughtering and meat packing..do...
Leather and its manufactures
..do...
Boots and shoes
.
,._
do...
Paper and printing-.,
do...
Paper and pulp
_.
do...
Rubber products^.
do...
Rubber tires and Inner tubest
do....
Textiles and their products..
do...
Fabrics
.
do
Wearing apparel
do
Tobacco manufactures
.
do....
Factory average weekly earnings, by States:
Delaware
1923-25=100..
Illinois
-__. 1935-39=100.Massachusetts.
.......1925-27=100..
New Jersey.
. . . .1923-25=100-.
New York..
. . . . 1935-39=100.Pennsylvania
.
1923-25=100..
Wisconsin..
1925-27=100..
Miscellaneous wage data:
Construction wage rates (E. N. R.):1
Common labor
. . . . . . d o l . per hour..
Skilled labor.-..
....
do
Farm wages without board (quarterly)
dol. per month.
Railway wages (avg.t class I)..dol. per hour..
Road-building wages, common labor:
United States, average
do....!
East North Central.
do....!
East South Central
.do
!
Middle Atlantic
...do.,.,.;
Mountain.....
._..do....j
New England.
Pacific
South Atlantic
._
West North Central
West South Central
1.091 !
_do_—_|
do._._l
...do....!
do
do....I
1. 152
1. 094
1. 126
1. 153
.879
928
.754 ;
.872
.957 :
. 759
675
830
1.061
951
I!158
I.091
.881
.943
.757
.884
.970
. 762
685
826
I!052
956
i.'136
l.078
1.155
1. 158 I
i.i37;
1.088 i
.727 !
.942
.987
^.811
. 954
1.047
.798
.727
.842
1. 114
. 993
1.145
' 1.193
.738
-. 854
1.148
r
1.011
1.167
' 1,247
'. 749
.930
.990
.862
1.102
.808
.743
.731
.806
.685
.652
. 886
.797
.926
1.103
.603
.595
.616
.575
.941
1.003
.864
1. 114
.824
. 735
. 738
. 801
.687
. 054
. 893
. 809
. 933
1. 107
.611
.604
.628
.575
.944
1.001
. 870
1.130
.827
.732
.732
.807
.687
057
. 896
r
.814
. 936
' 1.105
. 027
.019
.642
.587
. 950
1. 014
r
. 879
r 1.165
.845 |
'. 728
'.733
.813 I
.705
.077
. 908
r
. 825
\ 948
r
1. 116
r
. 041
r. 636
r
. 052
r
. 591
139.9
148.9
140.0
180.9
152.1
155. 4
154.9
146. 3
148.4
144.3
184.0
154.8
155.4
152. 1
145.0
150.9
146.5
184.7
157. 0
159.8
157.8
150.9
151. 3
150. 5
190.1
160.3
101.9
153.1
» 157. 4
150.7
152.6
r
194.5
163. 3
r
166.9
102.0
.796
1.55
.803
1.56
.823
1.59
.823
1,59
,826
1. 59
.835 | .826
56.97
.825
. 839
53. 25
.832
.83
.48
.72
.82
.70
1.04
.52
.72
.47
707
.910
. 965
.785
.908
.993
.771
.700
.835
1. 069
. 983
1.142
1.091
.722
.881
.950
.831
1.104
.812
.718
.696
.786
. 658
.629
.854
.764
.882
1.074
592
!574
.629
.544
.886
.962
.839
104
.812 i
.723 !
.698 i
.793 I
.663 |
.633 :
.862 :
.769 !
.901
1.093
.596
.576
.635
.537
.900
.973
.847
1.103
.812
.732
.706
.800
.678
.649
.868
.769
.902
1.084
.599
.583
.632
.554
.917
.990
. 856
1.098
.80S
.741
.717
. 800
.682
. 650
.876
.777
.916
1.096
.604
.592
.627
.565
131.5
137.3
130.3
169.3
142.4
144.6
140.3
131.6
140.3
131.9
170.3
146.4
148.9
145.0
134.6
141.8
134.4
175.4
148.8
150.2
147.7
137.2
144.0
134.9
177.7
150.1
151.3
147.7
142.0
147.9
138.9
180. 5
152.4
153.6
150.8
.769
1.52
. 776
1.53
.780
1.54
.780
1.54
.788
1.54
.836
47.77
.841
.860
.840
50.54
.834
.49
.65
.37
.64
.63
.62
.89
.40
.52
.44
.858
.90S j
.726 i
.848 '
.918 !
.753 i
.666
.836
1. 035
.918
1.107
1.063
. 695
.874
.926
.739
. 865
.948
.751
669
825
l'069
9fi3
1 168
1 085
b75i
932
818 i
1. 109 !
. 775 |
.095 |
.688 I
.794
.644 !
.614 i
.841 J
.739 |
870
1.060
.579
.567
.604
.532
.881
.943
.822
1.100
.797
.703
. 695
.782
.649
.618
. 855
.747
.875
1.058
.583
.571
.609
.530
.949 i
.824 I
1.107
.800 !
.718 |
.697 !
.791 i
.649 j
.616 I
.852 !
.760 I
.887 i
1.085
.589
.574
.620
.549
121.7
130.3
119.4
157.4
132.3
138.6
134 8
128.3
135.5
125.2
163.9
137.5
143.0
136.6
.768
1.52
.745
701
702
.49
.66
.38
.57
.60
.55
.79
.37
.53
.41
.49 j
.67
.37 I
.59 i
.61 i
.59
.81
.35
.50
.41
.45
.65
.36
.63
.63
.57
.85
.35
.55
.40
.43
.69
.37
.59
.62
.52
.82
.36
.51
.43
.47
.68
.37
.57
.62
.52
.82
.37
.52
.42
160 j
170
162
157
159
64
49
19
64
48
19
0)
.924
. 975
' 810
. 935
1.027
.787
.714
. 842
1.091
.991
1. 144
1.138
.732
.900
.944
.770
.897
.981
.767
.689
.834
1.057
.971
1.133
1.083
.714
.849 i
886 !
705 I
*3i I
894 !
740 5
057 !
839 |
1 042
<>03
1 U6 !
1 070 i
••88 i
1.154 1. 175
.921
.974
.799
.920
1.000
.780
.708
.834
1.071
!
!
|
i
!
I
i
.989 I
|
.788 I
1.54
.53 !
.67
.41 i
.60 !
.68 j
.65 !
.90
.43
. 55
.42
.56
.71
.42
.81
.68
.64
.92
.46
.57
.43
T
. 907
. 990
. 830
'. 979
r
(•)
. 810
'.41
.09
. 71
. 09
.95
.48
.00
.41
.61
.76
.43
. 66
.77
. 65
.97
.50
.60
.46
.03
.77
.46
.64
.74
.06
1. 08
.50
.00
.44
120 j
110
105
65
50
13
65
50
13
.59
. 972
. 998
,822
. 992
^823
0)
.888
1.122
. 991
1.151
1,209
. 934
1.019
.880
1.100
.834
. 757
.741
. 822
.. 7S1
.083
.915
.828
. 948
1.120
.047
.042
. 058
.596
PUBLIC ASSISTANCE
Total public assistance and earnings of persons
employed under Federal work programs
j
mil. of dol_.
Assistance to recipients:
I
Special types of public assistance
do i
Old-age assistance..
do !
General relief
do
Earnings of persons employed under Federal
work programs:
Civilian Conservation Corps...mil. of dol..
National Youth Administrationd" d o . . .
Work Projects Administration..
do_._
Earnings on regular Federal construction
projects
...
. . . . . . m i l . of doL.
62
47 i
18 !
48 i
19
63
48
20
10 1
10 |
60
8;
9i
69
8I
8I
62 ;
7 •:
7
58
7
62
135 ;
64 I
64 i
64 I
48
17 !
49 |
15 I
49 |
14 !
5 ;
7 i
56 !
4
f)5 '
50
14
4
6
6
51
47
287
314
)
26
66
51
13
(2)
()
25
i
194
166
p 430
37 |
368
420
'439
FINANCE
BANKING
Acceptances a n d com'l paper outstanding:
B a n k e r s ' acceptances, total
mil. of dol..
Held b y accepting b a n k s , total
do....
Own bills
do
!
Bills b o u g h t .
. do
j
Held b y o t h e r s *
. . . . . . . . do
Commercial paper o u t s t a n d i n g . . - .
do.-..I
119
123
139
156
163
174
177
94
97
119
108
122
133
139
146
03
64
71
78
86
82
92
89
co
31
33
37
42
44
54
51
63
57
2f
31
41
26
38
49
43
38
50
46
37
4.1 I
271
297
282
315
305
373
375
381
388
354 i
387
384
r
3
Revised.
* Preliminary.
• None held by Federal Reserve banks.
• Less than $500,000.
Comparable data not available.
2 No data available for small amounts expended after June 1942 lor the CCC now in process of liquidation as directed by Congress.
t Data for shipbuilding revised beginning December 1941, for radios and phonographs beginning February 1942, and for rubber products and rubber tires and inner tubes
beginning March 1942, on the basis of more complete reports.
cf Beginning with July 1942 only amounts expended for the student work program are included; need is no longer a criterion for enrollment in the out-of-school work
program, which is focused on training inexperienced youths for war industries, and the program is therefore dropped from this series.
^Construction wage rates as of Dec. 1, 1942: common labor, $0,832; skilled labor, $1.60.
§ See note marked " § " on p. S-12.
116
90
61
29
26
261
194
144
93
51
194
146
197
154
103
190
144
92
53
183
3-14
SURVEY OF CURRENT BUSINESS
Monthly statistics through December 1941, to- 1942
1941
gether with explanatory notes and references
to the sources of the data, may be found in the Novem- Novem- December
1942 Supplement to the Survey
ber
ber
January 1943
1942
January
February
March
April
May
July
June
! August
Sep- j Octotemberj ber
FINANCE—Continued
BANKING—ContiDUtd
Agricultural loans outstanding of agencies supervised b y t h e F a r m Credit Adrn.:
Total, excl. joint-stock land bks._ mil. of dol..
2,906
2,891
2. 696
2, 873
2,878
2,876
2,869
2,887
2,380
2,361
2, 332
F a r m mortgage loans, t o t a l . — . . . . . . . d o
2, .348
2,311
2,343
2,296
2,288
1,776
Federal land banks
do
1, 625
1,731
1,721
1,715
1,764
1, 753
1,746
604
523
597
586
L a n d B a n k Commissioner.
do....
590
580
575
572
128
Loans to cooperatives, total
_.._
do....
133
129
125
121
130
114
155
Banks for cooperatives, including central
109
111
bank
.
mil. of d o L .
113
106
102
110
140
17
17
16
Agr. M k t g . Act revolving f u n d . . . . . d o . . . .
16
17
16
13
398
397
440
470
Short term credit, t o t a l . . . . . _ . _ _
do
400
417
468
892
Federal intermediate credit b a n k s , loans
to and discounts for:
Regional agricultural credit corps.,
prod, credit ass'ns, a n d banks for
226
253
220
225
235
247
258
257
cooperatives^
,
mil. of d o L .
38
39
38
40
41
43
44
45
Other financing institutions
do
187
190
203
219
188
191
245
241
Production credit associations
_do._._
4
6
5
4
4
4
Regional agr. credit corporations...do
114
118
117
118
122
127
130
131
Emergency crop l o a n s . . . ____do.__.
48
45
48
48
47
47
47
47
Drought relief loans
__do
35
33
32
32
30
29
23
28
Joint-stock land banks, m liquidation._do.__.
41,164
44, 275
37, 785
42,474
46. 056
44.820
51,731
44, 226
B a n k debits, total (141 c e n t e r s ) . . .
_._do
16,077
17,247
14. 242
16,023
17,016
17, 056
20, 598
16,985
New York City
.
.
.do
25,087
27, 028
23', 543
26, 451
29. 040
27, 764
31,133
27, 241
Outside New York City
.
do
Federal Reserve banks, condition, end of mo.:
24,192
24,353
24,322
24, 288
24,359
24,187
24,468
Assets, total
.
.
._
mil. of d o l . . 27, 748
2, 312
2,412
2, 36!
2,369
2,355
2,634
Res. b a n k credit outstanding, total._.do
2, 468
5, 714
6
3
4
9
7
Bills discounted
......___
do
5
2,184
2,357
5, 399
2,254
2,243
2,244
2,489
United States securities
_..
do.....
2,262
20, 822
20,824
20, 764
20, 902
20.821
20, 799
Reserves, total
_.
. . . . . d o . . . . 20, 799
20, 846
20, 569
20,510
20. 573
20, 504
20, 533
20, 495
20, 522
Gold certificates.-. . . .
do
20,515
24,192
24, 359
27, 748
24, 353
24, 288
24,187
24, 468
Liabilities, t o t a l . . . . . .
.
do
24, 322
15,213
14,204
14,678
14,715
14, 268
14, 094
Deposits, total
d o . . . . 14.534
14,441
13,140
12, 658
13. 208
12.450
12.927
12, 575
12, 405
M e m b e r b a n k reserve balances
do
12,619
3,828
2,791
2. UOU
3, 085
3. 347
2,486 j
Excess reserves (estimated)
do
2, 969
3. 073
7.669
8,821
31. 75ti
8. 192
8. 303
9,071 I
Federal Reserve notes in circulation,.do
8. 559
8, 635
91.0
90.4
90.8
90.8
89.8 j
90.6
Reserve ratio
.
...
percent..
90.9
Federal Reserve reporting m e m b e r b a n k s , condition, Wednesday nearest end of m o n t h :
Deposits:
24, 324
23,650 i 24,747 i 24,712
24,197 j 25,358 ! 25,483
D e m a n d , adjusted
. . . m i l . of d o l . . 28, *
D e m a n d , except interbank:
Individuals, partnerships, and corpora23,814
24, 206
24,595
23,993
23, 673
24, 636
24, 922
tions
..
. . . m i l . of d o l . . 28. 733
1,780
1,721
1,916
2,096
1. 807
States and political subdivisions
do....
1,820
1,804
1,971
1,475
1.869 I 1,506
3. U92
United States Government
do....
826
1,451
1,671
1,301
5,368
5. 22s
5259 | 5,205
5,259
520
5,137
5,128
T i m e , except interbank, total
do....
5,410
5,109
Individuals, partnerships, and corpora4,929
5,232
5,005 i
5,172
5, 05S
5. 102
4, 953
tions
mil. of d o L .
4,914
155
180 I
189
181
States and political s u b d i v i s i o n s . . . d o . . . 173
164
175
9, 405
8,687
9,033 I
9,040
9,088
8,885
I n t e r b a n k , domestic
.
do....
9, 175
18, 432
19,551 I 19,100
18,715
19, 087
I n v e s t m e n t s , total
.____do
20,111
20, 774
11, 860
13,132 I 12, 705
12,085
12, 689
13, 730
14. 559
U . S. Govt, direct obligations, t o t a l . . d o
990 |
883
1,240
1,206 1
680
1, 669
1, 953
Bills t
........
do,...
8,342 !
8, 667
9, 087
9,589 !
9. 671
9, 705
10, 309
Bonds
„
do....
2, 535
2,362
2,337 |
2,528 i
2,354
2,356 '
2, 297
Notes..
do
I
Obligations guaranteed b y U . S. Govern2 709
2,675
2,922 !
2,964
2,723 !
2,684
2,667 I
ment
.
m i l . of d o l . .
3,696
3, 706
3,650 !
3,666
3 689
3,711
3,548 !
Other securities
.
do
11,392 i 11,394
11,094
11,259
11,370
10,905 I
Loans, total
do
11, 255
6,902 !
6,726
6,722
6,593 !
7,003
6,542 I
6, 778
Commerc'l, indust'l, a n d a g r i c u l t ' l . . . d o
409
422 i
423
428 I
424
382
424
Open market paper
do.....
441
471 |
535
548 i
448
408
T o brokers a n d dealers in securities..do
Other loans for purchasing or carrying
422
409
410
427
403
407 |
395
securities
.....
. . . . . m i l . of d o l . .
1,259
1 248
1,250
1,256
1 246
1 243
1, 245
Real estate l o a n s . _ . . .
.....
do
38
35
37
37
29 1
30
28
Loans to banks
.........
do_._.
i
1,969
1,974
1,900
1 847
1,911
779
1, 878 i
Other loans
do
'Money and interest rates:§
B a n k rates to customers:
1.
1,85 |
N e w York City
percent..
2.45
!.48 I
7 other northern a n d eastern cities
do
2.99
3.20 I.
11 southern and western c i t i e s . , . - . . . . . d o
1.00
1.00
1.00
LOO
1.00
1.00
1.00 I
LOO
Discount rate ( N . Y . F . R . Bank)
do
4.00
4.00
4.00
4.00
4.00
4.00
4.00 |
4.00
Federal land b a n k l o a n s . . . .
........do
1.
50
1.50
1.50
1.50 |
1.50
1.50
1.50
!
1.50|
Federal intermediate credit bank l o a n s . d o . . . .
Open market rates, N e w York C i t y :
Prevailing rate:
Acceptances, prime, bankers, 90 days
Me
Me
M«
Ms
Me
M« i
percent..
H
H
Com'l paper, prime, 4-6 months
do....
IU
iM
M
T i m e loans, 90 days ( N , Y . S. E . ) . . d o
Average rate:
1.00
LOO
1.00
1.00
1.00
1.00
1.00
Call loans, renewal ( N . Y. S. E.)-—do
.242
.298
.250
.212 j
.364
.214
.299
U . S . Treasury bills, 3-mo..
...do....
Average yield, U. S. Treasury notes, 3-5 yrs.:
.57
.64
.44
s .44 I
Tax-exempt
percent..
.90
1.02
.98
,93
1.03
.93 i
Taxable*
.
..„.....do....
Savings deposits:
Savings banks in N e w York State:
5,541 | 5,555
5,433
5,401
5,392 | 5,373
5. 492
5,374
A m o u n t due depositors
. . . m i l . of doL.
U . S. Postal Savings:
1,324
1,314 !
1,310
3,307
1,305 ! 1,306
!. 397
1,307
Balance to credit of depositors.
_do_._.
25
25
25 j
25
24
26;
Balance on deposit in b a n k s . . . . .
..do....
27 I
T
Revised.
§For bond yields see p. S-19.
1
No tax-exempt notes outstanding within m a t u r i t y range after M a r . 15,1942. Average shown for March 1942 covers only
2
Amount estimated for one bank.
efTo avoid duplication these loans are excluded from the totals.
t Bills and certificates of indebtedness beginning April 1942.
*New series. Earlier data for the series on taxable Treasury notes appear on p . S-14 of the April 1942 Survey.
m
ik
m
2,864
2,274
1,706
568
115
2,868
2, 274
568
117
2,818
2,232
1,679
553
117
101
13
475
104
12
477
104
12
469
260
47
248
4
129
47
27
' 45, 686
17,394
28, 292
261
47
249
5
130
46
26
45, 615
17,110
28, 505
255
47
243
5
128
46
26
44,888
17,051 !
27,837 j
24, 672
2, 775
3
2,645
20,830 |
20,566
24,672
13,957
12, 305
2, 362
9,376
89.3
25,139
3, 245
4
3,153
20, 802
20, 546
25, 139
14.159
12, 492
2.130
9,721
87. .1
25,298
3,565 I
25, 502
26, 670
25,343
1,803
1,442
5,112
i 26,236
! 1,811
| 1,782
! 5,115
1,706
3,426 !
20,803
20,575
25, 2')8
13,952
12,338
2,143
10,157
26,818 1
1,806 I
1,511 |
'5,158 |
2 776
2, 207
1, 663
544
126
2, 733
2, 179
1, 645
534
145
130
13
409
112
12
443
24M
2 it
43
225
3M
202
'24
46
IIS
- 25
- 24
49. 94."
I!* 3_VJ
' 1 . 022
4s. 123
is, 593
5.,0
754
774
X 5h7
20, SOS
2')! 57»i
2~>, 751
13 Nil)
11 "02
1, 090
ID. h.'S
27 iU
1 M>u
4f
953
4_ 9"/'
2h
' 11
6t>7
1.
2'',
'-''',
26,
14.
12.
M3
')>)[)
95.1
3 1 >>
735
j t t.H
11.' 220
2 s 15
1 Uf7
'. 2 1 "
4,955
137
9,090
21. 642
16, 200
2,918
10,383
2,899
4,975 j
120 |
8,444
22,816 •
] 7, 352
3, 376
11,118
2,858
5,019
115
8,681
24,075
18,493
4,512
11,228
2, 753
2,032
3,410
10, 740
6,469
341
519
2, 035
3, 429
10, 096
6, 132
330
569
2, 095
3,487
10,382
6,282
313
493
407
1,230
29
1,693
381
1,230
26
1,657
4.00 i
1.50 !
LOO
4. 00
1.50
1.00
4. 00
1.50
VA !
IH
LOO ]
.363 i
1.00
.368
1.00
, 370
1 (Ml
1 Of
"I."l5~|
l."20'
1.25
I
1 2^
i
393
1,236
36
1,746
' 102
"». IPs
11 2 " 7
V. 7 .1 1 72',
i. ~J,"
!. 44 !
2^2
2'i">
1 221 ;
1 bit, '
1
217
1
",7v
2.07 i
2.56
3.34 |
L
i.oo!
l 00
4 ((o
! "0
1 O(i
\ »v»
1 V.
Me
H-'H
i'
5,422 |
5,413
5,427
1,316 I
24 j
1,329
21
1,344
20
first half of month
27
5 . 4 19
• i . J."N ;
r
i() i
r
->. 4 '\>
1 37s
1<(
S-15
SURVEY OF CURRENT BUSINESS
January 1943
Monthly statistics through December 1941, to- 1942
1941
gether with explanatory notes and references
to the sources of the data, may be found in the Novem- Novem- Decem1942 Supplement to the Survey
ber
ber
ber
1942
January
February
May
April
March
June
I July i August
September
October
FINANCE—Continued
CONSUMER SHORT-TERM CREDIT
Totaiconsumer short-term dent, nud of month*
mil ofdol '
Instalment debt
Sale debt, total* .
. . .
do .
Automobile dealers*
. . _«io
Department stores and mai? ordor ;
houses*
mil ofdol
Furniture stores*. _. .
...do . .,
Household appliance ston J ..
dr. . I
do
!
Jewelry stores*
.
doAll other*.-.
do Cash loan debt, total*. _ .
Commercial banks, debt* . . . do
Credit unions
Debts - . .
- -Loans made .
do
Repayment . . _.
. . do .
Industrial baukmc coii'pan'
Debt
. . .
..do
. do .
Loans made
. Jo .
Repayments . __ . Personal finance companies
Debt
..._..._
do
Loans made
..___..
do
Repayments
......
do j
Repair and modernization debt* do \
M iscellaneous debt*
_ _.
do..... j
Charge account sale debt*
do I
Open credit cash debt*
do j
Service debt* _ _
do j
Indexes of total consumer short-term debt, end
of month:*
\
Unadjusted
.._.. 1935-39-100 i
Adjusted
..do — I
3 797 ;
2,045 417
613
9b f
27b .
100 ''
ti;
44 '
420
Mil
Liabilities, grand total...
.....thous. of dol.. I
Commercial service, total
........do
[
Construction, total
_.__
...do j
Manufacturing and mining, total
. .do.... |
Mining (coal, oil, miscellaneous)-....do
;
Chemicals and allied products.......do
j
Food and kindred products............do
j
Iron and steel and products.--.-.-...do .._.!
Leather and leather products......-..do .__'
Lumber and products
........
do . . . j
Machinery
.........do
\
Paper, printing, and publishing
do . . . j
Stone, clay, and glass products
. . do I
Textile-mill products and apparel
do j
Transportation equipment._..
.._do i
Miscellaneous..
.......
do I
Retail trade, total
.........
do... |
Wholesale trade, total
...do....!
' 8, 757
3. 503
1,806
3,301
1,670
3,105
1, 514
459
619
313
120
438
590
294
108
267
"• 2,100
652
416
573
285
100
257
2, 036
' 618
406
567
272
95
251
2, 005
r
601
* 205
18
30
•' 198
19
26
' 290
38
46
285
35
40
527
66
^74
325
101
1,709
1,197
521
64
70
313
101
1,624
1,187
609
298
45
' 17
. i
535
103
'95 ,
335 I
102
1,783
1, 200
605 '
r
r
r
196
25
8, 335 i
39(5
561
258
91 j
244 !
* 1,967 I
r
586 |
<• 1 9 0 i
39 i
25
282 |
42
45 I
521 |
85 I
1, 680 |
1,180 j
610 j
297
100
1,660
1,166
613
r
7, 954
' 184 !
18 !
j
!
i
i
!
r
2,481
1,126
2, 254 |
1,010 |
2, 032
874
332
512
219
79
213
1.858
546
300 i
475
202
71
196
1, 789
* 521
277
449
183
67
182
1,716
491
I
268 I
!
i
i
j
:
i
i
j
|
I
r
' 179 |
20 I
25 !
• 24 !
34
43
504
58
r
71
289
99
1,575
1,145
616
6,325
'7.092 |
2,710 |
1, 243 |
j
367 1
543
241
85
231
1, 908 I
r
564 !
i
277 |
37
42 I
r ^5 |
304 I
101 !
J
2,929
1,379
' 173
18
24
253
34
42
261
36
43
r
r
493
68
79
281 I
98
1, 466
1,119
617
r
481
63
75
264
97
1, 322
• 1,108
619
r
r
r
1,871
777
1,702
660
262
428
169
* 63
172
1, 642
460
254
407
155
62
164
1.551
421
" 166
16
23
* 160
16
' 152
' 14
22
246
33
40
236
224
30
r
460
60
95
' 1, 285
• 1.098
619
;n
41
452
00
74
240
94
' 1, 336
• 1,091
r
620
<• 4 3 7
'74
227
92
1, 3(58
1,084
620
!
' 158
153
INDUSTRIAL AND COMMERCIAL
FAILURES
Grand total. _.
..number.
Commercial service, total
.
..do...
Construction, total..
..._do_. .
Manufacturing and mining, total
do.... ,
Mining (coal, oil, miscellaneous)
do j
Chemicals and allied products...,
.do j
Food and kindred products.......... do..
Iron and steel products
_._._......do..
Leather and leather products..... do.
Lum ber and products
._.....
do.
Machinery
.
do \
Paper, printing, and publishing
..do !
Stone, clay, and glass products.......do
!
Textile-mill products and apparel
do !
Transportation equipment..
___...do.._J
Miscellaneous
__._.._..do..-.. I
Retail trade, total
..do j
Wholesale trade, total.,...
.
do I
527
81
81
340
101
1, 662
1,198
800
r
'9,117
3 747
1 942
So 2
45
0. 245
207
717
1, 823
198
04
170
"•49
104
"2, U09
429
I
842 |
38
51
187
4
15
39
1
5
19
7
15
3
33
2
24
529
57
9,197
448
618
3,827
328
226
763
84
63
306
203
562
83
528
56
565
3,472
832
898
62
63
146
4
11
25
4
6
12
5
14
3
42
1
19
540
87
13,469
863
1,161
5,651
577
254
547
553
159
238
780
206
81
877
2
1,377
4,323
1,471
' 151
r
151
962
53
65
159
4
6
39
5
5
11
3
13
1
44
3
25
604
81
9,916
589
851
3, 550
184
200
1,378
173
99
176
51
70
4
615
100
500
3,641
1,285
145 !
• 147 j
916
59
57
141
5
8
31
5
5
13
8
i
15 !
2 I
1
23 !
589 !
70
1
9,631
927
920
2,525
182
73
470
116
119
456
66
214
33
319
22
455
4,232
1.027
' 112
" 144
1,048
48
77
188
6
4
43
7
8
10
24 j
4
36
3
18 i
650
85 I
12,011 i
1,194
896
3, 739
299
22
1, 102
166
204
390
191
493
124
427
296
4.813
1,369 |
• 138
139 I
938
38
65
146
4
8
36
4
5
15
2
18
3
29
3
19
624
65
9. 282
'335
1,033
2,953
48
156
936
64
53
263
58
429
98
316
204
328
3, 829
1,132
r
132 i
'• 132 i
' 125
' 125
955
42
63
134
7
804
48
67
135
1
23 I
4!
20 ;
SI
18 I
11 |
!
20
5
25
647
69
!
!
i
:
i
I
9,839 I
471
1,175 !
2.924 i
234 i
49 (
622 j
95 i
69 I
246 i
63 i
562 !
39 i
623 I
48 j
274 !
4,392 |
877 '
23 I
2
17
486
68
I
i
i
!
• 119 |
63
120
5
5
19
8
3
11
698
47
66 i
119 |
5 !
4 i
i\
1 !
14 j
405 ;
8, 548
915
584
2, 078
85
177
265
161
18
191
156
224
129
486
9
177
3. 950
1,021
073
40
61
102
0
10 !
11 i
20 |
64 I
9,906 !
673 I
945 1
3, 327 !
222 i
118 |
632 !
99 i
63 i
829 |
300 !
403 |
124 i
180 I
78 !
279
3, 752
1,209 !
105
105
' 11s i
20
405
61
6.781
538
520
2, 249
237
33
421
76
50
207
163
341
53
262
22
384
2, 475
999
•si
13
355
43
4 -o
|
|
|
I
''268
640)
.001
519
28
90
17
J
I
I
I
i
29 |
217 |
131 i
no j
100 j
280 I
140
27(i
13
3
20
4
18
405
", 381
525
756
!, 374
0
146
352
21
81
09
580
125
028
170
195
J. 000
866
LIFE INSURANCE
Association of Life Insurance Presidents:
26, 508
26, 662
26,817
26,928
27,080 ! 27,209 i 27,341
Assets, admitted, total!
.....mil. of dol.
4, 959
5,012
5,023
5,105 i 5,134 !
Mortgage loans, total
....
....do
5,047
5,071
671
675
675
681 !
672
684 I
Farm
._
do
673
4, 352
4,424 S 4,450 i
4,284
4,337
4,375
Other.do .
4,398
1.483
1,474
1,436 !
1, 541
1,488
1 3 (>
1,452
Real-estate holdings—..
........do .
1,423 !
2,241
2,2:
2,202 !
2,271
2,255
Policy loans and premium notes
do .
2 it >_
2,216
2, 388 ;
Bonds and stocks held (book value), total
16,944 l
16,368
16, 641
16, 528
16, 754
mil. of dol
16,706
17,391 i
8,014 !
7, 439
7.743
7,613
Gov't. (domestic and foreign), total-do.
7,830
8.453 i
7,816
5,603 | 5,908
6,156 :
5,779
5,983
6,595 l
U. S. Government
do
5,981
4,309
i 4.378 i
4,238
4,255
4,
309
4, 351
4,304
Public utility
do
2,755 ! 2,682
2,659 1
2, 687
2, 671
Railroad
do
2,650 i
2,680
1,936 I
1,902 ' 1,910 i
1,961
1, 919
1,902
Other....
(h
1,906
828 j
921 »
597 i
681
955
884
986
Cash......
....do
541 i
601 1
608 i
Other admitted assets
do
585
587
589
601
r
Rcvis<
+ 3 6 c o m p a n i * s ' i a v i n n ^ J I>» v e n t o f t h e t o t a l a s s e t s o f a l l U n i t e d S t a t e . i i e f . a l r e s e r v e f . i n u s a n H > .
v
5,164
27. 598
5, 194
685
688
4,479
1,410
2,176
4, 506
1,400
2, 158
17,431
8,453
6, 592
4, 390
2, 630
1,952
17,415
8,443
6, 587
4,405
2, 623
1,944
712
569
876
555
<>- 725
5, 212
687
4, 525
1,392
2 144
17,843
8,888
7 093
4,409
2,616
1,930
874
5G0
27. 909
5, 220
28,083
5, 225
085
080
4, 535
1,382
2, 129
4, 545
1,370
2,110
17, 905
8, 908
7,132
4, 444
2. 597
1,956
17, 904
8, 938
7, 204
4, 434
2, 581
1,951
090
583
808
604
m 1941 d a ' - i for < n - d i t u»ii ( , , . , ' s h o \ v "
>- *•. a r e , s f o l l o w s n n i l i i o i i < . o f d o l h r - i D , > h i . J a n . , J s s » . I e b . 1 9 2 . M a r , 1 9 % \ m \ , 2 0 7 ; M a j , 2 1 5 ; J u n e , 2 2 i , J u l > .
\ i i " , 2 2 s S r p t , 2 2 7 , ( > c l . 2 2 1 . !*.•;> P . ( i t s ! « i 2 > l \ ' U . , 2 3 , \ ; > r . . 2 5 ; A i a > . 2 " . J u l \ , '2n. V i u . * > , . - V p t , 2 5 ,
' N e w -<•! . < V i r h V r f i ( > i i M ^ i v u [ | i , , M M >n o i i f . » <• > • i n p < i a r - > r p p . 9 - ! ' - > o l f h e N o v c n i b " ! - ' ' , t l 2 . • M i r \ « i :
M i l ' M - q i i e n * n \ b i o ' b i n 1911 d a t a n o t " h o w n : i b o \ e a r c a ^ folj o w ^ , m i l l i ' i , i s ( i () i h u s • T . > i : d « N i i < w i - t e i m l ' J r . S > 7 F e h , S . " 2 r , M i r . , V ; 3 ! > , \ n r . s . 9 ! 9 . M A \ , 9 . 2 r > 5 . J U M « \ <»J9.">. I U ! \ , ' . » , " > ! . \ M J . , 9 . 7 0 1 ' : S e p t . , 9 , 7 1 7 ; O r ! . , ' ' , 5 9 5 .
Total
c i s h !•>; n d " l > t . I . n . . . l . W J ; F " h 2.<M t . M ' 2 < > ^ \ » H 2 . i i " . " M \ 2 , 1 5 7 ; J u n e , 2 . 2 0 3 , . ) i d * /, . ' 3 5 . V . m , 2 , 2 " ' . . < c p l . 2 . ^ . ' . 3 . ( X ! . 2 . 2 1 0 , ( ' o n i i n e a - h l b , u i k * . d e b t
)id\,743,
\ U J . 7 i s . ^ « ! > ( . . 7 2 7 , O c t . 7 1 2 . I i i d o c s . , • < J n , i , 1 } i\ . . ' 2 V - h , ' 1 2 . M a r . 1 1 3 . V ; « r . ! > " M ; « \ . l " ) l . . J u n e . 1 5 s 7 i i l \ . l M V I I L . . . 1 6 1 ; s o p l . 1 » ; I . <>i-t I " M I n d e x e s , a d Mid
.1 H I , 1 H . K r b , 1 1"» , M . J 17
\ r
" J - i i j !, . 5 ! s5 s Auv.*
A , :«>:
: : SSIi'''
!'!'
II' , : i >
7. A;«» i
forj i FRASER
220.
Digitized
S-16
SURVEY OF CURRENT BUSINESS
January 1943
1942
Monthly statistics through December 1941, to- 1942
1941
gether with explanatory notes and references
to the sources of the data, may be found in the Novem-|!Novem-| Decem
i
I•
i
i
ber
1942 Supplement to the Survey
! ber
January
February
March
April
May
June
July
August
September
FINANCE—Continued
LIFE INSURANCE—Continued
Association of Life Insurance Presidents—Con.
Insurance written:®
I
Policies and certificates, total number
628
770
677
759
1,193
thousand's .
33
32
38
246
Group
...do
404 !
418
3oS
470
598
Industrial
do
334
227
197
251
349
Ordinary
_
do
Value, total
.thous. of dol_. 577.536 681,479 ,141,316 955,414 652,434
114,180
89, 360 298.817
49,076
50, 231
Group
do
111,801
141,349 186,190 119,820 126,492
Industrial
.-do
351,555 450,770 656, 309 786. 518 475,711
Ordinary
..do
260,427 247.966 414,137 295, 827 272, 778
Premium collections, total®
do
23, 670
38, 921
22,128
25, 378
90,148
Annuities..
do
11,949
17, 842
16,857
24, 757
15, 040
Group
do
53,168
61,281
58. 539
57. 578
84, 397
Industrial
_
.do
177, 783 174. 7S2
162. 903 159,179 214.835
Ordinary
.do
Institute of Life Insurance:*
Payments to policyholders and beneficiaries,
total
thous. of dol_. 176,247 174, 440 239, 681 215. 949 186, 505
80,109
72, 920
87, 464
74, 057
91. 949
Death claim payments
. . . do
09 j32
19, 749
24, 427
21, 061
20, 470
Matured endowments
do
~7\
218
6.
579
8,878
7, 581
10,
604
Disability payments
....
do... _ _
12,609
16,367
12, 664
12, 365
Annuity payments
do. . _ 12, 763
26,
440
40,
419
34,
286
25.
880
56,
601
Dividends
do
28. 145
36.137
38, 394
36, 856
47, 692
Surrender values, premium notes, etc do
Life Insurance Sales Research Bureau
Insurance written, ordinary, total..
. do.... 447, 749 581,692 879, 492 1,001,653 634, 538
34,767
66, 292
46,258
83, 056
51, 310
New England.. .
do
Middle Atlantic
do._ .. 119.590 158,819 251,633 309, 292 175, 355
196.
569
100.774
135,360
220,739
141,
939
East North Central
do...
79, 864
52,792
87, 332
60, 218
West North Central
. d o . . . 44,357
90,
218
45,
188
57,874
91,272
60,
754
South Atlantic
do
34,154
17.410
23,383
24, 742
38, 273
East South Central
do
64,
976
30,
565
40,553
44,
577
67,
602
West Sonth Central....
..do....
20,480
12, 703
15,345
21, 694
13, 910
Mountain
do
75,
306
42.
395
60,
298
82,
393
52.
743
Pacific
. do
87
Lapse rates
1925-26-100..
MONETARY STATISTICS
Foreign exchange rates?
Argentina..
dol. per paper peso ..
Brazil, official
...„„
dol. per milreis...
British India
dol. per rupee..
Canada, free rate
dol. per Canadian dol..
Colombia
dol. per peso..
Mexico . . .
do
United Kingdom, free rate..
dol. p e r £ .
Gold:
Monetary stock, U. S.
mil. of dol
Movement, foreign:
Net release from earmark^...thous. of dol..
Production, estimated world total, outside
U. S. S. R
thous. of dol.
Reported monthly, total £
do
Africa
._„..___.
...
do
Canada
„
._
do
United States....
do....
Currency in circulation, total
mil. of dol..
Silver:
Price at New York
do), per fine oz
Production:
Canada
thous. of fine oz.
United States
do...
Stocks, refinery, end of month:
United States
.
do...
BUSINESS INCORPORATIONS
New incorporations (4 States)
number,
721
68
454
200
632,347
124,823
139,021
368,503
276, 007
23.113
14, 968
66,272
171,654
705
48
461
196
589,564
87, 773
141,378
300, 413
270, 516
25, 363
14, 496
59, 133
171,524
710
87
425
198
657,597
161,061
129,863
366, 673
277,578
25, 654
15, 783
64, 014
172.127
630
66
366
199
631,391
151,343
112,917
367,131
278,011
30,999
16,297
56,368
174,347
42
364
186
529, 525
83, 304
112,240
333, 981
247, 852
18,935
14,291
58, 855
155,771
504
55
350
184
527,168
84,799
111,795
330, 574
253,735
20, 092
15, 382
58,805
159,456
679
46
428
204
o82, 688
78, 094
135, 727
368,867
262, 368
21,753
16, 073
56, 836
167, 706
23, 931
8, 489
13, 759
38, 891
45. 299
227, ,'12
92, 409
23. 404
7, 943
13, 694
46. 647
43,415
188, 894
75, 533
21, 644
7. 600
12. 727
31, 187
40, 203
203, 882
80, 702
22, 478
8, 823
14, 173
37, 221
40. 485
204, 396
89, 707
20, 444
8, 360
14,549
32. 252
39, 084
165. 866
71,785
17, 449
7,930
10,607
24,851
33, 244
176.104
76,726
20, 283
7,021
12.978
27, 510
31,586
189,326
84,114
22, 464
8, 053
13,968
27, 258
33,469
552, 044
42, 030
138, 708
126,330
53,182
52,173
24,960
46, 534
14, 533
53, 594
462, 761
37,131
118,591
106,487
44,931
45,968
18,950
32,604
11,998
46,101
457, 926
36, 248
114, 230
106, 445
48, 833
44, 679
17,758
31, 825
12,188
45, 720
463, 325
37, 029
117.577
106, 796
47, 660
44, 407
19,182
32, 247
12, 288
46,139
80
459,499
37,051
115,844
105, 599
46, 746
44, 696
18,549
32,199
13,165
45,650
430.297
34,983
100,695
97, 929
44. 693
44, 285
17,515
32, 785
12,123
45, 289
432. 679
33,590
101.125
96.148
45, 203
46, 420
18,413
35, 445
12,390
43,939
467,814
37. 408
118,351
106,057
47, 518
47,720
18,867
32, 234
13,059
46, 600
724 !
J!
213
657,327
97, 826
140. 735
418,766
291, 538
24. 130
IS, 789
64, 257
184. 362
299 997
"52 558
I
.298
. 061
.301
.881
.570
.206
4. 035
.298
.061
.302
.886
.570
.205
4.034
.298
.061
.301
.874
. 570
.206
4.035
.298
.061
.301
.878
.570
.206
4. 035
.298
.061
.301
.884
.570
.206
4. 035
.298
.061
.301
.877
.570
.206
4. 035
22, 743
22. 785
22, 737
22, 747
2.705
22, 687
-60,913
-99,705
-38, 506
\. 805
,448
107,940
91,657
46, 637
15, 499
19, 801
10, 640
105,035
88, 884
47, 328
14, 746
16. 761
11, 160
104, 370
88, 598
47, 533
14, 198
14. 982
11, 175 j
no 077
90,335
75,653
44, 462
13,147
10. 034
11.485
— fif. .R.9.c,
100, 485
85,031
47,518
15, 372
10. 959
11. 566
.061
.301
.872
.570
.206
4. 035
.298 !
.061
.301
.886
570
.206
4.035
.298
.061
.301
.900
.570
.206
4. 035
22,737 j 22,744
22. 754
-20,068 I-38,196 -14.792 1-24,383
-27.759
22,691 I 22,714
0)
79, 926 ' 80, 603 ' 78, 454 '82,190
"47,461
P 46, 366 "47, 347 '46,666
14, 852
14,881
14,864
14, 728
10,147
10,807
12,396
11,058
12,383
11,767
12,074
12, 739
.348
.351
.351
.351
.351
.351
.351
.351
.351
1,681
4, 631
1,722
5. 661
1,538
4,844
1.478
4, 470
1,606
5,285
1,613
5, 606
1, 624
4.948
1,537
4, 528
1,966
5.048
4,382
3. 224
3, 1.512
2. 930
3,270
2, 685
2,739
1, 229
1.414 j
1.353 1, 172
. 298
. 061
. 301
,878
. 571
.206
4.035
.298
.061
.301
.899
.571
. J)6
4. 035
1, 094
.298
. 061
.301
. 876
570
.206
4. 035
22, 740
-56,440
• 76,888 76, 255 p 77,168
• 46, 053 > 45, 044 p'45, 508
13, 092
13,365
14,100
11.479
11,656
9,806
13,703
14.210
13.200
.351
.448
.448
1,505
4,412
1,758
4, 561
3. 819
4, 510
9 922
3, 505
832
PROFITS AND DIVIDENDS
Industrial corporations (Federal Reserve):
460
369
550
Net profits, total (629 cos.)...
mil. of dol
50
52
72
Iron and steel (47 cos.)
.
do
38
35
55
Machinery (69 cos.)
do
46
61
25
Automobiles (15 cos.)
do
2
61
62
2 53
Other transportation equip. (68 cos.). .do ...
34
40
Nonferrous metals and prod. (77 cos.).do
21
32
Other durable goods (75 cos.)
do
41
37
Foods, beverages, and tobacco (49 cos.) .do
41
46
Oil producing and refining (45 cos.)..do
43
52
Industrial chemicals (30 cos.)
do
32
46
Other nondurable goods (80 cos.).
do
48
Miscellaneous services (74 cos.)
do
Profits and dividends (152 cos.):*
276
215
Net profi ts
.
.
do
Dividends:
21
21
Preferred
.
.. _. do
21
23
134
127
Common
do
136
Electric power companies, net income (28 cos.)
(Federal Reserve)*
mil. of dol..
33
25 !
Railways, class I, net income (Interstate Commerce Commission)
mil. of doL.
284. 1 I.
96, 7
199.2
34 j.
Telephones, net operating income (Federal
Communications Commission).-.mil. of dol..
64. 1
66.8 |.
60.0
138.4 I.
I
2
1
' Revised.
P Preliminary.
Discontinued by compiling source.
Partly estimated.
Or increase in earmarked gold (—).
<g> 39 companies having 81 percent of the total life insurance outstanding in all United States legal reserve companies.
JMexico not included beginning April 1942 as data are not available. Figures for Mexico included for earlier months are as follows (thousands of dollars): 1941-November,
1,688; December, 1,832; 1942-January, 3,790; February, 563; March, 3,457.
*New series. The series on payments to policyholders and beneficiaries, compiled by the Institute of Life Insurance, represents total payments in the United States including payments by Canadian companies; data are based on reports covering 90 to 95 percent of the total and are adjusted to allow for companies not reporting; earlier data
will be shown in a subsequent issue. For data beginning 1929 for profits and dividends for 152 companies, see p. 21, table 10, of the April 1942 Survey. Earlier data for net
income of electric power companies will be published in a subsequent issue.
http://fraser.stlouisfed.org/
Federal Reserve Bank of St. Louis
221
1
January 1943
b-1/
SURVEY OF CURRENT BUSINESS
Monthly statistics through December 1941, together with explanatory notes and references
to the sources of the data, may be found in the |N'
1942 Supplement to the Survey
1942
May
July
June
FIN AN CE—Continued
PROFITS AND DIVIDENDS—Con.
Corporate earnings (Standard and Poor's):
Combined index, unadjusted*..... 1926=100.
lndustrials (119 cos.)
do._.
Railroads (class I)*
_._.._-do...
Utilities (13 cos.)-...do...
p 116. 2 i
124.8 I
84 4 !
p 127 6 :
p 85.4 i
80.0 I
p 58.2 !
p 143. 2 I
PUBLIC FINANCE (FEDERAL)
War program In the United States, cumulative
totals from June 1940; *
Program
mil. of dol. *-241,678
Commitments
„.__
-do
Cash expenditures
-do
' 65, 6('iO
War savings bonds, sales*.do
735
Debt, gross, end of month.
_
do
96, 116
Public issues:
!
Interest bearing
....
do
| SO, 671
Noninterest bearing....
.._
.do...
Special issues to government agencies and
trust funds
...mil. of dol.
. 7S7
Obligations fully guaranteed by U. S. Gov't:
Total amount outstanding (unmatured) a"
!
mil. of dol . !
I, 244
By agencies:d*
I
740
Commodity Credit Corp
do..... S
Federal Farm Mortgage Corp
do.... 1
930
Home Owners' Loan Corporation. _do_...j 1, 533
896
Reconstruction Finance Corp
do.__.j
Expenditures, total
do j 6. 363
War activities}
.....
do i 6. 042
Agricultural adjustment program
do j
66
Unemployment relief
.
do !
31
Transfers to trust accounts t-------do ]
3
Interest on debt
...
do....!
28
Debt retirements
_do.._J
(«)
All othert.
.
do !
194
Receipts, total
.
do j
830
Receipts, net
do •
601
Customs-.
.
.
do..
23
Internal revenue, total
.
do...
784
Income taxes
.do..
199
Social security taxes
.
do :
248
Government corporations and credit agencies: I
Assets, except interagency, totaL.mil. of dol_. j 20,992
Loans and preferred stock, total
__do__._i 8,779
Loans to financial institutions (incl. pre- |
ferred stock)
mil. of dol.. \
953
Loans to railroads.
_
do j
496
Home and housing mortgage loans..do
j 2, 265
Farm mortgage and other agricultural j
loans.
..._
mil. of doL.j 2,916
All other.
do
j 2,149
U. S. obligations, direct and fully guaran- !
1.222
teed..
.mil. of dol.
1, 00!
Business property
do
Property held for sale
do
4, 701
All other assets
.
.do I 5. 288
Liabilities, other than interagency, total
mil. of dol.. j 10,208
Bonds, notes, and debentures:
\
Guaranteed by the U. S
do i 4, 264
1, 404
Other...
.
do
Other liabilities, including reserves ..do I 4,601
443
Privately owned interests...
. . . .do..... i
U. S. Government interests.
do . i 10, 281
Reconstruction Finance Corporation, loans outstanding, end of month: %
\
Grand total
thous. of dol. 14,916,226
Section 5, as amended, total
do ._ ! 735,209
Banks and trust companies, includinir
receivers
-thous. of dol.. 65,711
5, 060
Building and loan associations.....do
529
Insurance companies
.
do....
202, 044
Mortgaee loan companies
.
do
460, 968
Railroads, including receivers
do
898
All other under Section 5
do ...
Emerg. Rel. and Constr. Act, as amended:
Self-liquidating projects (including financ17,056
ing repairs)
thous. of dol
Financing of agricultural commodities
349
thous. of dol
Loans to business enterprises (including
participations)
..thous. of dol-.i 126,516
National defense§
do ...13,136,522
Total, Bank Conservation Act, as amended j
thous. of dol..-j 688,208
Drainage, levee, irrigation, etc
do
i 66,832
Other loans and authorizations
do
145,533
18,258 1
529 j
58,020 j
20, 586
1,061
23,121
703 i
62,434 j
26,278 |
558 i
62, 464 !
29, 864
531
65,018
33, 808
634
68, 617
179,621
138,044
'38,135
634
72,495
P224, 861
P149, 364
16, 135 I
234 !
55,066 |
47,755
504 !
50, 551
487
52,555 i
481 !
54,759 !
486 [
54,652 I
479 i
57,196
464
60,637
462
64,156
454
68, 569
442
72, 982
441
7, 338
637
83, 680
639
8,509
8, 585
i
v 225,496 "225, 505 P-M 1,868
157,021 P164, 143 p 172, 306
* 42, 943 -•48,192 r 53, 716 P 59, 492
901
1734
838
814
81,685
77,136
86,483
92, 904
6,806 :
6,982 i
7,063 |
7,190 i
7,333
7,358 I 7,518
7,885 ! 8,125
8,262
6,316
6,317 j
5,673 I
5,673
5,666
5.666 !
5,667 I
4,548 j 4.551
4,567 !
4,552
4, 243
701
1,269
2,409 !
1,802 !
1,860 !
1,448
72
95
10
15
3
701 |
1,269 i
2,409
701
930
2,409
1,492
3, 755
3. 238
66 i
91 !
701
930
1,563
1,219
4, 531
3,829
31
72
1
390
1
206
2,494
2,492
28
2,424
2,086
42
738
930
1,533
1,216
5,162
4,495
47
70
249
35
2
263
794
747
24
742
273
53
754
930
1, 533
1,216
5,215
4,883
30
52
19
I
224
797
587
22
748
155
232
j
I
|
!
738
930
1. 533
1,216
5, 931
5, 384
35
40
5
224
(")
242
2, 528
749
930
1,533
896
5, 937
5,481
48
234
732
695
32
684
335
43
701
930
2,409
1,492
3.955
3,560
62
82
(•)
19
2
230
764
563
30
708
216
222
15, 750 | 16, 656
9,065 | 9,218
17, 343
9,005
17,962 i 18, 482
9,026 | 8,948
1,802 I
701 I
937
2,409
1,492 i
2,631
2.104
106
94
42
32
3
251
614
578
35
555
133
53
j
701 I
930
2,409
1,492
3, 436
2, 809
81
96
22
205
15 I
208 I
3,548 ;
3,547 j
33 |
3,493 !
3,083 i
701
937
2,409
1, 492
2, 630
2,208
97
92
9
12
1
210
937
758
97
879
283
257
730
564
30
683
66
181
2, 557
1,850
113
115
9
°32
"l6
223
1, 214
1,212
33
1,159
767
41
14, 470
9,001
14,660
9,167
14,908
9,063
1,072
483
2,401
1,114
498
2,424
1,079
497
2,430
1,060 !
498 I
2,380 |
3,112
1,933
3,134
1,996
3,123
1,934
3,117 i 3,100 |
2,004 j 2,026 |
1,021
698
1,879
1,980
714
1,891
1,889
1,027
751
1,964
2, 104
1,058 !
782 !
2,017 !
2,308
1, 060 j 1,076
792
815
O
1O
2,262 ! 2,71
2,571 | 2, 830
9,690
9,765
9,219 ;
9,418 i
9,620 i
9,776 j 10,078 |
6,324
1,393
1,974
430
4, 349
6,324
1,392
2,049
431
4. 464
5,705
1, 402
2,111
432
5. 256
5,697 |
1,396
2,325 !
434 i
5,372 !
5,690
1,433
2,497
435
5, 694
5,688
1,431
2, 656
436
6,444
49 I
15, 224
9,059
1.046
500
2,392
n\
2I
I
i
!
I
i
56
70
(*)
20
2, 476
2, 126
43
247
648
607
24
603
206
48
19, 401
8,859
19, 974
8, 813
20, 534
8, 781
1,020
498
2,352
1,029 !
498 '
2,357
1,002
497
2,344
974
497
2,297
901
498
2, 286
949
497
2, 286
3, 272 j 3,092
2,041 | 2,042
3,076 I
2,067 !
3,038
2,067
2,994 I
2,096 |
2,949
2, 117
2, 925
2, 124
1,097 i
859 I
3,512 |
3,468 !
1,113
879
3,808
3,735
1,143
924
4,177
4,295
1, 197
952
4, 287
4, 725
1,219
976
4,710
4, 848
9,275
9,482 ;
9,72S ; 10, 161
9, 863
j 4,568
I 1,442
i 3,265
438
j
8. 249
4,581 !
1,443 |
3,457 !
438 j
8,562 1
4, 592
1,445
3, 691
439
9, 234
1,030
502
2,372
1,088
833
3,067
3,349
j
j
i
!
!
5,687
1,440
2,950
437
6,828
1,574
1,434
4,154
439
9, 373
4, 265
1,413
4,185
442
10,230
',880,470 J2,93S,413 12,988,673 ,3,166,909 13,361,947 i3,556,094 3,819,280 [4,085,264 |4 f 273,373:4,545,609 4,628,50? 4,848,279
723, 604 j 734,171 j 725, 943 j 729, 730 734, 696 I 738, 384 | 733, 596 ! 734, 070 I 733, 316 735, 862 735, 093 735, 685
82, 986
3,161
1, 365
187,185
447, 510
1, 398
17, P.71
434
79, 887
3,161
830
186.483
462, 496
1,315
17,578 :
434
69, 463
2,897
795
189,837
461, 792
1,158
17,527 !
431
69,117
5,817
752
190, 490
462, 426
1,128
68, 265
5, 792
725
193, 993
464,842
1,079
67,514
6,434
714
196,512
466, 182
1.028
17,515
17, 452
17,415
431
403
66, 420
5,817
702
197, 401
462, 316
939
17,382 !
368
65,803
5, 630
686
198, 926
462,088
937
17,310
352
65,575
5,037
669
199,280
461,826
928
17, 195 |
349
66, 793
4, 574
600
199,737
462, 470
920
66, 434
5, 170
597
200, 522
462, 050
912
17,194
17, 153
17,133
349
349
349
i 67, 449
4,705
|
659
!
! 200,562
461, 563
924
'
145.654 152,385 | 148,591 I 146,360 142,915 140.290 ! 139.465 j 135,961 j 134.278 132.942 131,349 129,187
785,226 ! 784.396 I 853,203 ! 993,473 1,191,436 11,395,212 |l,670,157 j 1,940,499 12,129,933 |2,409,243 j 2,484,112 3,082,347
728, 639 i 725, 482 j 719,873 I 715,121 i 710,029
1% 814
72,068 ; 72,051 i 71,859
'4,044
405,199 451,155 451.036 492,226 i 493,156
702,408 ! 700.693
71,168 \ 70,464
490.849 487,154
699,708 « 698,494 I 693,213
70,359
68. 794
69, 357
87,004 491, 014 487, 450
690, 851 689, 429
67,115
69, 076
500,519 • 127,034
*•
Revised.
P Preliminary.
1
Revised to include reports received first few days of September on account of August sales.
« Less than $500,000.
§ Covers all loans for national defense beginning October 1942; prior to October some defense loans are included in "other loans and authorizations."
•Number of companies varies slightly.
cf The total includes guaranteed debentures of certain agencies not shown separately.
^Includes repayments unallocated, pending advices, at end of month.
JFor revisions beginning July 1941, see p. S-17 of the November 1942 issue.
•New series. For explanation of the new series on the war program see the footnotes to table 9, p. 21 of the April 1942 Survey. Figures have been revised since publication of data in the April Survey. Revised monthly data for program and commitments prior to June 1942 are not yet available. The series on war savings bonds is from
the Treasury Department and represents funds received during the months from sales of series A, F, and G; for earlier data see p. S-16 of the October 1942 Survey.
S-18
SURVEY OF CURRENT BUSINESS
Monthly statistics through December 1941, together with explanatory notes and references
to the sources of the data, may be found in the
1942 Supplement to the Survey
Januarv 1943
1942
March
April
May
| Oc
August Septemher ! h<
July
June
FINANCE—Continued
SECURITIES ISSUED
(Securities and Exchange Commission) X
Estimated gross proceeds, total.....mil. of doL -1
By types of security:
Bonds, notes, and debentures, total..do
Corporate
___
_
do
Preferred stock
_________
do
Common stock
do...
By types of issuers:
Corporate, t o t a l . . . . . . . . .
do . . .
Industrial.—.
- . . . . d o —.
Public utility
.do
Rail--..,-do.__.
Other
_._.
do... .
Non-corporate, total
do
U. 8. Government and agencies
do
State and municipal...
..do
Foreign Government
.do
Non-profit agencies
.do
New corporate security issues:
Estimated net proceeds, total.
____.do....
Proposed uses of proceeds:
New money, total
do
Plant and equipment..—
do
Working capital
do
Repayment of debt and retirement of
stock, total.._.__..._.....mil. of dol—
Funded debt
...._ — . . — ..do
Other debt—.—--______-..do
Preferred stock...
.___.__
do
Other p u r p o s e s — . . . do i
Proposed uses of proceeds by major groups: |
Industrial, total net proceeds-.mil. of dol..|
New money
.
..do I
Repayment of debt and retirement of |
stock,...„
__...__.._mil. of doL.
Public utility, total net proceeds..-do
New money.
do
Repayment of debt and retirement of
stock.______
__..mil. of dol_.
Railroad, total net proceeds
do
New money
.
do
Repayment of debt and retirement of
stock,...
mil. of dol..
Other corporate, total net proceeds.do....
New money,
__.___.do_.._
Repayment of debt and retirement of
stock.._„____„
...
.mil. of dol..
* 465
2, 336
1,345
2,335
709 i
708
2, 965
809 |
3,099
2,068
i 444
135
12
2, 302
110
20
13
1,290
110
37
17
2,315
58
19
0
693
86
16
701
115
4
2
2,952
113
792 I
126
9 !
7 i
3,099
52
0
(«)
2,066
87
155
87
60
]
7
1309
»233
74
0
1
144
48
62
28
6
2,192
2,131
60
0
164
44
109
10
1
1,181
1,061
118
0
2
78
39
35
4
0
2,257
2,216
41
0
102
47
49
6
0
607
558
49
0
1
121
110
11
0
0
687
531
56
0
0
126
104
21
0
1
2,839
2,809
30
0
142
63
70
9
\
666
634
32
0
0
53
47
3
2
0
3,046
2,998
47
0
1
89
19
68
2
0
1,979
1,932
47
0
0
152
161
76
100
118
124
139
52
92
61
31
71
38
33
34
5
39
35
4
70
15
55
59
27
33
72
57
15 |
14
11
3
39
33
89
80
9
0
26
12
2
11
61
41
15
5
48
12
36
0
64
11
53 i
0
1
66
55
5
5
2
37
29
8
Si
SI
59
37
22
1
79
52
17
10
6
C)
C)
10
3
C)
) !
46
25
107
59
102
49
46
25
43
43
11
38
11
16
62
3
(•)
107
18
16
34
25
21
48
8
48
11
11
53
21
10
58
28
28
89
10
10
10
4
4
40
6
6
0
0
0
11
0
0
6
0
1
1
0
0
0
0
0
0
0
0
0
5
0
0
0
<•>
0 I
oI
1 '
6
(a)
2,531
4, 975
15
3
18
6
3
0
69
44
24
0
1
0
4. 958
1,019
38
0
(
23
1
15
29
26
12 i
61
51
15
14
69 I
17
51
9
3
2 !
6
1
1
0
0
0
(Commercial and Financial Chronicle)
I
Securities issued, by type of security, total (new
capita] and refunding) __._.__thous. of dol..
New capital, total..
...do...
Domestic, total
___..__
__.._.do....
Corporate, total
.
do... .
Federal agencies
....
do
Municipal^ State, etc
___-do
Foreign
.
.
.
do
Refunding, total
do
Domestic, total
do
Corporate
do
Federal agencies
do
Municipal, State, etc
do
Foreign
.
.
do
Domestic issues for productive uses (Moody's):
Total
.
_
__..__mil.ofdol_.
Corporate-...
_ . . . do
Municipal, State, etc
do___.
(Bond Buyer)
State and municipal issues:
Permanent (long term)
.thous. of dol-_
Temporary (short t e r m ) . . . .
do.—
233, 304
108, 600
108, 600
89, 427
0
19, 173
0
124, 703
124, 703
42, 384
31, 675
50, 644
0
241, 732
139,136
139,136
76,793
19,520
42, 823
0
102, 596
102,596
59,062
25,100
18, 435
0
61
43
18
71
34
37
60, 72 2
113,655
333, 238 179,606 196, 648
181,760 123,099 109, 051
181, 760 123,099 109, 051
56, 287 78. 585
87,186
8.860
36,890
11,175
29, 922 21, 606
83,399
0
0
0
87, 597
56,508
151,478
87, 597
56,508
151.478
18, 901 39, 209
82,846
33, 775 26, 580 21, 315
34,857
27 073
11,027
0
0
0
137
67
70
47
33
14
90, 578 118,470
99, 988 119,070
46,564
38,277
262,148
157,820
157,820
97,114
9,720
50, 986
0
104, 328
104, 328
18, 527
80, 540
5,261
0
180, 031
127, 570
127, 570
103, 092
2,715
21, 764
0
52, 461
52, 461
5,807
38, 800
7, 855
0
50
10
40
35
20
15
51, 235 61,308
183, 744 113,745
28, 759
59, 916
36, 723
75,400
48,096
133, 530
78
58
20
201,306
96,482
96,482
76,827
2.060
17,594
0
104, 824
104, 824
61,686
28,455
14,684
0
142,151
40, 679
40,679
27, 510
2,515
10,654
0
101,472
101,472
32, 719
32. 260
36,493
0
28
18
10
161,645
103,072
103,072
58,600
0
44, 472
0
58,573
58,573
6,018
49,925
2,630
0
|
26 I
17 !
9|
i
i
!
|
|
|
121
265
265
434
893 I
393 i
437 '
400
556
500 :
_ !
856
Soft
846
645
365
977
085
085
446
0
639
l\
60,862
28,811
53,672 ! 203,704
' 36. 03G
'79 815
COMMODITY MAEKETS
Volume of trading in grain futures:
Wheat
...
. . . . . . . m i l . of bu_.
Corn
.
______do.___
282
74
294
89
253
154
140
77
178
111
249
148
226
126
267
145
390
104
257
141
261
85
320
270
625
195
409
264
600
211
368
289
547
219
308
274
534
203
307
262
531
195
306
249
515
195
300
247
502
177
300
238
496
180
309
240
491
172
307
238
300
240
310
240
96.11
97. 59
65. 24
94.80
98,30
49.83
94.50
96,69
56.27
95.24
97.31
58.45
95.13
97.18
57.40
95.97
97.98
58.95
95.63
97.54
60.29
95, 50
97. 28
61. 72
95. 76
97. 49
61. 68
SECURITY MAEKETS
Brokers* Balances (N. Y. S. E. members
carrying margin accounts) 1
Customers' debit balances (net) —_.mil. of dol..
Cash on hand and in b a n k s . . . . . . ________ do
Money borrowed
......._._do
Customers' free credit balances
do
310
260
Bonds
Prices:
Average price of all listed bonds (N. Y. S. E.)
dollars.Domestic.
.
do
Foreign
_._
___..do__._
95.64
97.46 !
61.16 !
96.08
97. 75
62. 51
06.18 |
97.83 !
62,97 I
96. 48
98.08
63.lt;
' Revised.
« Less t h a n $500,000.
J F c r revised d a t a for A u g u s t - D e c e m b e r 1941 see p . S—17 of t h e October 1942 S u r v e y . Revisions for J a n nary-,July 1941 are available u p o n r e q u e s t .
^ C o m p l e t e reports are n o w collected^semiannual!y; d a t a s h o w n for A u g u s t - N o v e m b e r 1942 are estimated on basis of reports for a small n u m b e r of large firms.
i E x c l u d e s offering of $502,983,000 1% T
N o t'e s of Series A-1946"
which
were allotted
to
1
~ reasury "
'
"'
"
' ) holders
of R e c o n s t r u c t i o n F i n a n c e Corporation notes of Series P , m a t u r i n g
N o v . 1, 194.1, a n d of C o m m o d i t y C r e d i t C o r p o r a t i o n notes of Series E , m a t u r i n g N o v . 15, 1941.
S-19
SURVEY OF CURRENT BUSINESS
January 1943
Monthly statistics through December 1941, to- 1942
1941
gether with explanatory notes and references
to the sources of the data, may be found in the Novem- Novein- j Decem1942 Supplement to the Survey
ber I ber
ber
1942
January
February
March
Julv
FINANCE—-Continued
SECURITY MARKETS—Continued.
Bonds—Continued
Prices—C on tinned.
Standard and Poor's Corporation:
Industrial, utilities, and rails:
High grade (15 bonds)..do!. per $100 bond.
Medium and lower grade:
Composite (50 bonds).-_ — . . _ d o
Industrials (10 bonds)
—do—
Public utilities (20 bonds) .do.—
Rails (20 bonds) — — . . .
do.—
Defaulted (15 bonds).. —
..do....
Domestic municipals (15 bonds)
do
U. S. Treasury bonds.._„___
.
..do
109. 4
Bales (Securities and Exchange Commission):
Total on all registered exchanges:
Market value
___thous. of dol.. 98, 513
Face value
.....
__do—
207,713
On New York Stock Exchange:
Market value....
— „ d o — 87, 421
Face value
.
...do
192, 439
Exclusive of stopped sales (N. Y. S. E.),
face value, total
thous. of dol.. 169,301
U. S. Government.
.
do_._229
Other than U. S. Govt., total, —do— 169,072
Domestic
.__
. . . . . . d o . . . . 157, 269
Foreign
.
do
11,803
Value, issues listed on N . Y . S. E . :
Face value, all issues...
__mil. of dol.. 67,156
Domestic.— .
. — d o — . 64,088
3,067
Foreign....
.
.do
Market value, all issues..
.
d o . . . . 64, 544
Domestic.._.-....-.-_.____...do.__. 62, 543
Foreign
......
....
do....1 2, 001
Yields:
!
Bond Buyer:
j
Domestic municipals (20 cities)__.percent. J
Moody's:
j
Domestic corporate...
__do.__- j
3. 31
By ratings:
j
2. 79
Aaa...
.
do |
2.94
Aa._ —
_—._..do....1
3.24
A
........do.—J
Baa.—
do !
4. 25
By groups:
|
Industrials
....
. _.. do ;
2.93
Public utilities.....
._
_do |
3,06
3,93
Rails
_—do—.[
Standard and Poor's Corporation:
Domestic municipals (15 bonds)
..do i.
U.S. Treasury bonds:
Partially tax-exempt..
_.___.do—_j
2.06
Taxable*
, ,.
. . . .do I
2.34
Stocks
119.2 :
117.5 :
117.5
99.4 i
105.9 !
107.4
84.9
24.8
133.4
112.4
97.4 i
105.0 !
104.7
82.4
21.9
125.9
110,7
99.2 !
106.7
104.1
86.9
24.1
124,4
110.1
117.1
116.7
117.8
117.7
99.3 i
107.1 i
102.3 i
98.9 !
106.9
104.4
87.7
25.6
120.1
108.9
98.8
106.1
101.8
88.6
27.6
119.7
110.2
107.4 i
102.2
88.4 !I
87.1
26.7
26.4
122.1
122.1 !
110.5 ! 110.7
161,048
277,038 I
134,712 I 125,744 | 89,449 | 137,003 I 99,075
256,089 | 178,409 j 306,812 ; 202,862
91,838
179,690
76,382
145,446
116,561 | 111,586 i 78,643 j 121,066 \ 86,629
251,650
237,263 | 165,002 j 286,211 i186,165
80, 772
165,276
140,746
1,470
139,276
125,694
13,582
224, 737
1,781
222,956
205,251
17,705
57,821
53,646
4,175
54, 813
52, 732
2,080
58,237
55,080
3,157
55,034
53, 257
1,777
219,955 ! 158,357
1,138 I
944
218.817 ! 157,413
206,145 : 148,551
12,672 :
8,862
59,076
55,924 !
3,152 I
56,261 !
54,419 i
1,842 '
60,532 j
57,411 |
3,121 f
57,584. !
55,793 !
1,791 >
60, 579
57,471
3,108 |
58,140
56,308
1,832
118.7
119.0
119. 3
98.9
108.4
104.5
83.9
25.5
124.4
110.2
99. 3
108. 7
104 1
85. 2
27 1
125 4
109 9
100.7
109.8
105.8
S6. 4
29. 4
125.9
!0't 8
102. !
111.2
107. 1
61,956 j 61,899
58,852 i 58,804
3,105 I 3,096
59,258 | 59,112
57,359 I 57, 201
1,899 I 1,911
60, 572
57,466
3,105
57,924
56,051
1,872
1.93
2.24
2.36 j
2.51 I
2.38 :
2.33
2.33 ;
3.26
3.35
3.35
3.35 i
3.37 I
3.34
3.36 j
2.72
2.86
3.19
4.28
2.80
2.95
3.27
4.38
2.83 '
2.96 !
3.30 !
4.29 \
2.85 j
3.29 |
4.29 j
2.86 !
3.00 j
3,32 !
4.30 !
2.83
2.98
3.30
2.85
3.00
3.31
4.27
2.85
3.04
3.91
2.94
3.12
3.99
2.97
3.13
3.93
2.98 ! 3.00
3.15 ; 3.17
3.94
3.94
2.33
2.55 j
2.58
2.01
2.37
2.09
2.39 '
2.00 j
2.35 ;
2.98 I
118.9 !
98.1
107. 7
103.5
83.0
24.0
123.3
110.7
4.26 ;
I
!
!
;
!
81,804
80,306 I
151,865 155, 111 j
72,623 | 71,249 1
139,586 ! 142,932 i
133,776 125.605
407
299
133,369 125,306
124, 676 119,068
8,694
6,238
156,658
953
155, 705
138,597
17,109
! 263,055
174,011
j
879
545
262,176 j 173,467
I 249,192 ! 162,311
I 12,984 ! 11,156
118.0
63f 992
60,903
3,089
61, 278
59,372
1,905
126..',
J09
S3, M'2 124,075 1 3 1 , 7 T 1
173.629 3!*;, 526
75,610 112,301 122, Us
162,734 MO.auC.
159,938 27(>. 812 200,93)
218
149
215
159,490 27*\, 567 ,206, 684
152, 41S 26s, 643 25S. 301
8, 323
7, U72
7. 921
05,277
(52, 198
3.079
ti2, 720
CO.790
1,924
65,256
t»2. 182
V>74
t>2, 7iH)
'»<). S3U
1.931)
67, 20"/
62.'.)()(»
1. IMS
2, 15
3.37
3.35
•i : \ i
2.83 ]I
2.99
3.28
2 81
2. 99
!
i
\
I
2.85
3.01
3.31
4.33
2.97 |
3.13 I
3.97 !
2.97
3.12
4,03
2.94
3.09
4.02
2.45 j
2.38
2,32
1.97 !
2.35 i
1.97
2.33
2.00
2.34
\ 26
4 26
2 M'
2 '•"
3. 2)
1.21
2 94
3 09
3. 98
2.95
3. OS
;; 07
2. 02
2. .".4
2 03
2.31
4.30 :
i
1,90
1.85
2.22
1.97
2. 37
2.96 I
3.13
3.95
2.98 i
2.34
2 91
,i. 92
|
Cash dividend payments and rates (Moody's): !
Total annual payments at current rates (600 |
companies)...
..mil. of dol.. J ,647.30 1,889.13 |1,&27.69 1,926.59 1,857.45 1,850.15 |l,805.62 I 1,701.40 11,675.01 11,675.81 1,646,14 j i. 643. 75 , 6 J.">. (J7
- - - • - • | 938.08
— 938.08
--- -- 938.
--- -- 93808
93808 | 938,08 ! 938.08 | 938.08 \ 938. OS ( 938.08 93S 0>
Number of shares, adjusted
_._.millions.. 938.08
8.08 II 938.08
938.08
Dividend rate per share (weighted average)
1.79 I
1.75
1.92
1.75
2.05
1.97
1.79
(600 cos.)--—
— ——.dollars1.76
2.01
2.05 i
1.81
1.98
2.81 i 2.81
2.81
2.81
2. 81
2.88
2.81
Banks (21 cos.)
._._...
....do
2.81
3.00
2.88 '
2.88 !
2.81
2.81
1.75
|
1.71
1.70
.
1.93
1.70
2.09
3.69
2.05
1.98
Industrials (492 cos.)....
—do.__.
1.99 !
2,09 !
1.79
1.76
2.69
2.69
2.69 ,
2.69
2. t»i*
2.69
2,69
2.62
2.69 !
2.69
Insurance (21 cos.). — —
—
do.....
2.69 ;
2.69
2.69
1.74
1.74
1.73
,
1 73
1.81
1.77
1.74
1.82
1.81 j
Public utilities (30 c o s . ) . . . . . . — . . . . . d o . . . .
1.80
1.81 !
1.75
1.74
1.75
1.75
J.79
1. s.",
1.77
1.77
1.96
1.58
1.77 [
1.77
1.77
Rails (36 cos.)...
—_—do____
1.66
1.66
Dividend payments, by industry groups:*
j
r
r
335.0
] 53. 0
'313.9
I
'123.4
)
'404.5
|
'335.8
148.4 : -317.U
Total dividend payments. __..__.mil. of dol.-i 159.0
""160. 6 ! "852.3 I '291.0
199. y ' 1 2 S 2
224.1 ! 139.7
66.6
134.4
86.4 |! 550.0
95.3
71.8
61.7 ;
M anufacturing
do.... j 101.3
2f>. (i
3.4
1.9
1.8
30. 2 j
4.9
4. 6
3. 1 '
2.0 •
3. 5
3.5
00. 3
Mining.....
do j
r
14.6
14..{
3.8
30.6
31.2
8.7
:
4.3
15.1
3.9
4.4
50.0
15.8
Trade...,.
.
„.........do
I
54.9
' 43. 2
30.3
26.3 !
20.0
18.8
60.5
29.3
54.3
42.6
11.9
11.7
18.3
Finance
........__.__.__„___ do_-_-|
30.0
7.7
' 17.8
10.8
32.3 I
7.0
28.0
8.9
53.6
20.6
1.9
3.2
Railroads...
._._..._____. do....I
r
r
r
31.2 i
29. 9
'39.1
30. 9
'42. 3
'37.7 ! '39.8
3l.y
'32.1
'33.2
31,0
' 43, 6
Heat, light, and power
.____...do
j
r
r
47.8
10.9
47.1
'16.9
1.4
17. -i
1.4
1.4
•"47.7
'15.0
I
1.4
'16.5
Communications.
__...._..._.
do
6.2
24.9
3.9
3.9
3.3
4.6
4.6
8.3
3.'6
M iscellaneous- _ ___..__..._
._.-do....l
Prices:
|
Average price of all listed shares (N. Y. S. E.) |
45.3
46.6
47.2
48.7
44.6
47.8
50.6
49.2
44.5
51.6
42.6
48.2
51.1
Dec. 31,1924=100--I
Dow-Jones & Co., Inc. (65 stocks)
I
36.00
32.92
34.20
35.54
35.46
36.92
38.
37
33.12
34.54
39.53
36.79
,
37.86
38.
81
dol. per share.. I
107.41 | 113.5)
97.79
103.75
106.94
106.08
110.67
98.42
116.91
107.28 : 101.62
111.11
Industrials (30 stocks)....
...do..__| 115.31
11.06
11.93
11.75
i
11.51
11.76
i
14.38
13.35
11.68
12.15
15.93
13.83
14.41
14.16
Public utilities (15stocks)
.......do....!
24.56 ! 24.29
23.59
25.63 i 26.19
26.76 j
25.33
28. 65
26.09
27.92
27.85
28.01
Rails (20 stocks).... — . — — . d o . . . . | 28.13
67.52 i 68.30
71.07
73.26 ! 73.10
74.40 |
79.17
79.0t>
69.17
87.92
74.46
77.09
80.13
New York Times (50 stocks)_...._._...do....
!
117.45 | 119.25
125.05
129.42 | 126. 93 128.65 j 136.56
119.65
Industrials (25 stocks)
...._..._do.._.i 139 23 145. 66 139. 86 133. 77 128.67
17.59
\
17.10
18.71
|
19.26
20.16
|
18.47
21.
55
17.35
18.69
20.19
20.26
;
20.41
21.03
Railroads (25 stocks)
— _ d o . —,|
Standard and Poor's Corporation:
!
68.2
I
69.4
!
68.3
74.2
63.3
I
63.2
66.1
69.9
:
66.0
72.6
Combined index (402 stocks). 1935-39=100...!
71.8
77.4
70.6 I
70.5
71.6 |
76. 5
64.8 j
68.2
64.7
71.0
67.2
74.3
78.6
73.8
Industrials (354 stocks)
.._.do___.i
71.0
71.5 |
69.0
71.3 |
77. (>
67.8 j
66.3
70.8
74.8 I
78.6
78.7
76.3
Capital goods (116 stocks)...._...do....!
67.6
69.2 !
68.9
72 7
62.9
69.6
63.9
61.8 i
66.2
68.8
67.6
74.2
Consumer's goods (191 stocks).....do..._I
58.8
58.8
6:17
57.2
58.4
!
60.5
59.5
j
56.5
I
64.5
'
66.1
74.5
66.2
Public utilities (28 stocks).—.
do....;
59.0
65.4
72. 7
60.3
65.0
62.9 |
66.7 I
69.0
61.1 |
68.4 ;
61.0
68.4
Rails (20 stocks)..
—
do !
Other issues:
|
74.1 |
60.4 j 62.5
67.9 |
70.5
66.3
70.9
62.6
78.5
72.1
73.8
Banks, N. Y. C. (19 s t o c k s ) . — . . d o . — .
Fire and marine insurance (18 stocks)
|
98.5 j
98.5
90.6
97.2 |
100.6 j
95.9
89.5 ;
104,7
106 1
107.6
101.7
111.5
1835-39-=100.-!
' Revised.
* New series. T h e new bond series represents the average yield of taxable Treasury bonds (interest subject to both the normal and surtax rates of the Federal income
tax) neither due nor callable for 12 years; this average started Oct. 20,1941, following the issuance of the second series of such bonds. For available earlier data for the new series
on dividend payments and a description of the data, see p p . 26-28 of the November 1942 issue, except for revisions in 1941 data as follows (mil. of dol.): Total—Jan, 292.4;
Digitized for Feb.
FRASER
146.3; Mar. 382.9; Apr. 315.6; May, 129.1; June, 448.8; July, 361.4; Aug. 162.3; Sept. 387.9; Oct. 400.9. Heat, light and power—Jan. 50.2; Feb. 35.9; Mar. 42.2; Apr. 46.7;
May 37.0; June 34.7; Jul y 48.3; Aug. 32.9; Sept. 32.2; Oct. 41.5. Communications—Mar. 14.6; June 15,8; Sept. 14.6.
http://fraser.stlouisfed.org/
Federal Reserve Bank of St. Louis
SURVEY OF CURRENT BUSINESS
S-20
Monthly statistics through December 1941, to- 1943
1941
gether with explanatory notes and references
to the sources of the data, may be found in the Novem- Novem- Decernber ! ber
ber
1942 Supplement to the Survey
January 1943
1942
January
February
March j April
Sep-
July
June
FINANCE—Continued
SECURITY MARKETS—Continued
Stocks—Continued
Sales (Securities and Exchange Commission):
Total on all registered exchanges:
Market value
_
.thous. of dol . 411,312 509,040 1,085,599
62, 676
26, 636
Shares sold
thousands.. 22,053
On New York Stock Exchange:
Market value
thous. of d o h . 352, 283 422, 423 929,046
46, 891
Shares sold
_. _
thousands. _ 17, 310 19,099
Exclusive of odd lot and stopped sales
36, 387
(NT. Y. Times)
thousands- 13, 437 15,052
Shares listed, N. Y. S. E.:
35, 786
Market value, all listed shares
mil. of dol._ 37, 374 37,882
1,464
1,463
1,471
Number of shares listed
millions..
Yields:
7.3
5.9
Common stocks (200), Moody's
percent..
5.2
5.4
5.2
Banks (15 stocks)....do
7.3
5.5
6.9
Industrials (125 stocks).
do
4.5
4.5
4.1
Insurance HO stocks)
do
7.6
7.1
Public utilities (25 stocks)..
do
8.2
8.0
Rails (25 stocks)
do
Preferred stocks, high-grade (15 stocks),
4.15
Standard and Poor's Corp
percent..
512,503
28,359
296,408
14,018
341, 230
16, 391
272,889
13,613
466, 932
22,236
251,187
10,610
287, 785
12,175
226,187 226,102
10, 079
9,685
265, 455
12, 625
273, 279 302,181
14, 033
12,838
232, 947 258,535
9,932
10,964
253,211
12, 553
284, 995
15, 381
465, 937
214, 217
9,489
241, 517
11,903
400, 475
19, 610
24, 753
12,994
7,926
8,580
7,589
7,229
7,466
8,374
7,387
9,450
15,933
36,228
1,467
35,234
1,467
32,844
1,469
31,449
1,469
32,914
1,469
33, 419
1,470
34, 444
1,471
34, 872
1,471
35, 605
1, 471
37, 738
1,471
7.2
5.3
7.4
4.5
7.6
7.2
7.7
6.0
7.7
5.0
8.5
8.2
7.8
6.1
7.2
4.6
7.7
7.4
6.6
5.6
6.4
4.8
8.4
7.8
6.4
5. 5
6.1
5^3
8.9
8.3
6.9
5.7
6.7
4.9
8.2
7.8
6.3
5.1
6.0
4.7
8.0
7.5
6.1
4.9
5.8
4.5
7.9
7.3
5.8
5.0
5.5
4.4
7.2
7.0
4.24
4.38
4.52
4.48
4.40
4.27
4.27
4.23
8^2
7.7
4. 32
Stockholders (Common Stock)
American Tel. & Tel. Co., total
number..
Foreign
._.__..do
Pennsylvania R. R. Co., total
.
do
Foreign
..do
U. S. Steel Corporation, total
.do...
Foreign
do
Shares held by brokers
percent of total..
637,020
5, 230
205,304
1,409
164,013
2,596
24.90
633, 588
281
205,012
1,447
163,732
2,584
25.40
639,152
5,214
205. 259
1,374
164,039
2,580
24.90
041, 301
5,184
205, 405
1,367
163, 754
2 577
24.88
r
FOREIGN TRADE
INDEXES
Exports of U. S. merchandise:
Quantity
.
1923-25 = 100..
Value
do...
Unit value
do...
Imports for consumption:
Quantity
._
...do...
Value
_._
__do._.
Unit value
do...
VALUE
Exports, total incl. reexports
Exports of U. S. merchaEdise
General imports
Imports for consumption
thous. of d«L_
....do
__do
___do._-_
785, 092
779, 275
167,543
183, 227
163
129
79
»214
»171
80
148
127
145
128
129
87
67
156
106
68
117
80
69
107
75
70
491,818
481, 630
280, 538
276, 237
'651,555
i635. 179
343, 794
338, 272
479,464
473.521
253.522
255,996
»• 478, 355
' 474, 720
'2S3.546
j»-239, 529
190 ;
162 |
85 ;
i
110 I
79 I
72 I
205 !
185
90
153
139
91
95
70
73
610,973
695,355 I 525,116
604,945
687,658 | 519,168
272,111 ' 234,085 j'190,609
252,050 |r 222,819
186,159
195
167
86
183
165
89
86
63
73
618,965
613. 572
219,911
205,024
r
628,681
'623,801
214, 384
'210,257
702,340 718,187
696,005 712,135
184,432 ••195,689
••191.759 '199,221
770, 036
768, 912
199, 392
-•230,013
TRANSPORTATION AND COMMUNICATIONS
TRANSPORTATION
Commodity and Passenger*
Unadjusted indexes:
158
182
201
176
146
149
152
169
149
189
196
Combined index, all typesj
1935-39 = 100.
174
210
162
183
189
197
205
149
152
156
155
Excluding local transit lines+
do.._
161
172
179
182
198
194
188
147
151
155
157
Commodity %
do
193
148
363
169
203
208
143
141
143
181
126
Passenger t
do...
169
264
163
161
197
284
289
139
166
210
233
Excluding local transit linest
do...
By types of transportation:
349
326
302
337
287
326
254
260
261
270
311
Air, combined index...
do...
258
303
311
349
390
273
324
217
261
292
372 i
Commodity
....
do...
263
380
270
268
337
263
278
301
258
324
Passenger.
do.. .
296 |
Intercity motor bus and truck, combined
164
171
165
169
209
172
215 i
170
163
184
index t
1935-39 = 100.-j
180
165
166
174
154
177
178
178
160
191 !
Commodity, motor truck J
do !
280
159
199
206
228
144
159
149
127
273 1
Passenger, motor bust
do
134
136
135
142
131
137
116
123
124
128
136 !
Local transit linos, passenger
do
131
130
126
123
123
133
136
140
142
129 |
Oil and gas pipe lines, commodity
do
224
185
209
173
197
202
155
151
157
164
218 j
Railroads, combined index
.."
do
185
196
214
203
174
198
159
149
156
163
209
Commodity
do
165
184
205
128
256
304
164
164
173
289
234
Passenger
.
do
59
133
87
114
64
53
110
92
113
108
1.13 I
Waterborne (domestic), commodityj.do
Adjusted indexes:
194
172
178
181
192
'
149
153
158
163
146
188
Combined index, all typest
do
201
154
199
158
163
169
151
194
179
185
188
Excluding local transit linest
do
190
153
156
160
166
150
187
189
176
181
182
Commodity i . . . . . . .
do
200
137
146
149
154
134
191
203
161
170
179
Passenger!
do
279
161
175
180
189
159
265
199
215
227
Excluding local transit lines!
do
By type of transportation:
321
316
300
286
332
261
292
298
336
270
353
Air, combined index
.
do . . .
276
363
372
391
250
282
223
279
298
308
316
Commodity
.
do
350
245
372
236
302
320
251
367
388
321
225
Passenger
.
do
Intercity motor bus and truck, combined
202
182
201
176
161
172
169
184
195
166
183
index!
1935-39 = 100..
190
193
173
184
170
162
171
175
172
167
172
Commodity, motor truck}
do
233
220
184
221
156
158
173
156
206
222
215
Passenger, motor bust
...
do
151
125
148
147
116
130
114
122
124
134
139
Local transit lines, passenger
do
132
125
12S
135
135
123
128
134
137
133
123
Oil and gas pipe lines, commodity
do
r
Revised.
1
Figures overstated owing to inclusion in October and December export statistics of an unusually large volume of shipments actually exported in earlier months.
• New series. For a description of the transportation indexes and earlier data, except as noted, see pp. 20-28 of the September 1942 Survey.
t Revised or added since publication of data in the SeDtember Survey; earlier indexes will be published in a subsequent issue.
206
214
203
212
285
335
392
298
210
200
234
151
135
230
221
311
105
198
205
193
212
288
308
383
258
205
187
248
149
140
S-21
SURVEY OF CURRENT BUSINESS
January 1943
Monthly statistics through December 1941, to*
gether with explanatory notes and references
to the sources of the data, may be found in the
1942 Supplement to the Survey
1942
1941
Novem- Novem- December
ber
ber
1942
January
February
March
April
May
July
June
August
September
October
TRANSPORTATION AND COMMUNICATIONS—Continued
I
TRANSPORTATION
Commodity and Passenger*—Con.
Adjusted indexes—Continued.
By type of transportation—Continued.
153
155
Railroads
.1935-39=100.
160
177
168
155
153
Commodity
--..
_..,.__do--159
176
167
Passenger
_._-_._. do...
151
154
165
181
182
120
Waterborne (domestic), commodityj-do-.116
112
101
99
Ex press Operations
11,904
Operating revenue
thous. of dol.
14,051
11,809
11, 582 11,976
95
131
79
90
77
Operating income
__
do._.
Local Transit Lines
7. 8060
7.8005
7.8005
7.8005
7.8033 7.8033
Fares, average, cash rate
centsPassengers carried
_.
thousands.. ,086,388 856, 773 941,924 946,315 885,128 1,003,196
61,671
68,133
68,637
65,004
72, 561
Operating revenues
-thous. of dol..
Class I Steam Railways
Freight carloadings (Federal Reserve indexes):
140
141
128
129
129
129
Combined index, unadjusted
1935-39=100 -.
139
135
125
136
125
132
Coal
._.
.do
186
168
182
184
184
175
Coke
.....do
138
143
129
140
153
149
Forest products
do
123
115
113
125
110
102
Grains and grain products...
do
144
117
97
95
76
77
Livestock
.do
59
101
96
93
96
92
Merchandise, 1. c. 1.
.do
206
199
69
46
47
73
Ore
_
do
150
150
138
134
135
139
Miscellaneous
..do
134
135
140
137
139
136
Combined index, adjusted.
_
do
125
121
119
111
116
122
CoaL.
do
176
159
153
167
150
168
Coke
do. .
140
146
156
145
159
149
Forest products
_..do
126
118
142
124
131
119
Grains and grain products
do
114
93
99
101
95
97
Livestock
do
58
97
99
100
100
92
Merchandise, 1. c. 1
.do
221
204
186
246
187
282
Ore
-.-...
do
144
144
152
149
151
143
Miscellaneous
do
Freight-car loadings (A. A. R.):1
3,236 ' 3,423
3,046
3,858
3,171
3,123
Total cars
.thousands
649
'627
575
797
629
610
Coal
do
57
'
5
1
54
71
57
55
Coke
do
164
^170
153
208
185
184
Forest products
...
___...do.. .
168
"
158
155
212
154
146
Grains and grain products
.do
78
'62
53
65
42
43
Livestock
do
356
' 609
582
711
597
584
Merchandise, 1. c. 1
do
230
^217
77
65
52
72
Ore
do....
1, 534 ' 1. 528
1,396
1,729
1,407
1,477
Miscellaneous
_
..do
53
61
75
60
59
58
Freight-car surplus, total...
__
do
28
28
27
22
22
23
Box cars
do
14
18
32
22
20
17
Coal cars
do
Financial operations:
457,012 479, 560 480,691 462,486 540,118
Operating revenues, total
thous. of dol. 690,108
534, 762 385, 241 389,223 392, 571 377, 593 445,490
Freight
...do.
108, 060 40,519
53, 868
55,697 54, 746 59,106
Passenger._
do.
406, 389 335,614 352,532 348,781 327, 653 360,
011
Operating expenses
.
do
134,
770 52, 633 46, 480
62,944 68, 347 87, 749
Taxes, joint facility and equip, rents...do... _ 148, 949
68,765
80,
549
92,359
68,966
66,
486
Net railway operating income
do
29, 226
55, 492
26,130 23, 716 46,888
Net income
do...
Operating results:
46,032
44, 545
46, 666 44,109 51,853
Freight carried 1 mile
mil. of tons
.904
.943
.926
.914
.924
Revenue per ton-mile
.
cents..
2,299
3,055
2,895
3,078
3,070
Passengers carried 1 mile
millions.
Financial operations, adjusted:
476.0
486.2
518.9
495. 3
541.7
Operating revenues, total
mil. of doL
398.7
403.2
423.9
443.0
406.6
Freight
.....
.do...
45.1
49.4
60.1
53. 6
63.0
Passenger
.
____do___
403.1
409.8
420.3
445.7
413.1
Railway expenses
....do...
72.9
76.4
98.6
82.3
96.1
Net railway operating income.
do...
33.1
36.6
57.7
40.0
52.4
Net income
,.
do...
Waterway Traffic
Canals, New York State_.thous. of short tons..
534
0
0
Rivers, Mississippi (Gov. barges only)...do.-..
240
119
100
Travel
Operations on scheduled air lines:
Miles
flown
. ...thous. of miles..
11,501
10,855
9,979 11,352
11,127
Express carried
thous. of lb_.
1,689
2,386
2,170
2,560
2, 531
Passengers carried
number..
324,546 298,680 300, 900 286, 435 371, 398
Passenger-miles
flown.
thous. of miles
115,825 111,077 113,135 104,220 139, 061
Hotels:
8.79
3.61
Average sale per occupied room
dollars
3.39
3.39
3.30
3.40
79
Rooms occupied
percent of total..
69
61
70
71
70
137
Restaurant sales index
1929=100.
114
103
101
100
107
Foreign travel:
CJ. S. citizens, arrivals
number..
9,305
10, 799
8,745
6,723
9,456
U. S. citizens, departures
do
8,748
11,316
5,754
10, 222
7,871
Emigrants
do
945
686
448
532
408
Immigrants
do
2,256
2,581
1,924
1,560
1,954
Passports issued©"
........do.
5,177
4,549
6,020
6,881
5,145
"
I"
National parks:
Visitors
.
do
129, 890
59,812
60, 767 59, 338 60,«08
Automobiles
...do...39, 383
18,152
17, 477 16, 821 17, 760
Pullman Co.:
Revenue passenger-miles....
thousands..
763, 624 1,017,616 1,273,822 1,208,162 1,288.858
Passenger revenues
thous. of del..
4,776
5.608
6, 421
6, 929
6,935
r
Revised.
JSee note marked " $ " on p. S-20.
IData for January, May, August, and October 1942 are for 5 weeks; other months, 4 weeks.
cf Beginning February 1942 data include passports issued to American seamen.
*£ee note marked with an "*" on p. S-20.
190
191
184
89
199
199
205
84
203
199
234
84
210
204
256
214
205
289
217
206
304
84
221
210
311
83
12,134
79
12.312
61
12,168
72
12,170
76
12,106
12, 922
88
13,319
7. 8060 7.8060 7. 8060 7. 8060 7. 8060
7. 8060
7.8060
1,004,698 1,034,361 1,015,722 1,023,167 1,038,784 1,048,977 1,157,621
75, 512 76,494 77, 400 78,399 78, 782
85, 257
72,668
139
135
179
165
111
81
60
318
145
141
160
199
159
113
103
60
183
144
142
132
177
173
138
76
57
325
148
142
155
205
172
95
90
57
180
149
144
136
175
173
129
100
57
308
152
143
154
208
165
106
106
57
176
152
152
142
184
167
139
135
57
304
162
136
135
188
154
126
102
55
174
146
150
138
180
158
139
169
58
260
163
133
121
180
149
130
110
56
' 221
144
4,171
830
70
245
174
62
492
420
1,878
70
42
10
3,386
661
57
204
154
45
378
359
1,528
82
55
3,322
605
54
203
194
40
346
363
1, 517
67
43
4,351
825
69
270
228
68
449
440
2,001
59
40
5
3,504
661
56
199
188
71
347
336
1,647
39
25
5
4, 512
837
71
244
247
118
460
373
2,162
30
17
5
572,531
468,007
66,116
366,756
103,741
102,034
57,890
601,002
487,982
74,345
375,440
115,933
109,628
63, 668
623,687
501,343
82,268
378, 472
126,484
118,731
77,691
665,182
533, 086
91, 939
390, 477
141,703
133,001
89, 632
683,807
537, 412
103,463
399,292
149,250
135,264
89,243
53,631
.937
3,427
58,517
.900
3,822
57, 304
.931
4,238
60, 713
.936
4,765
62,405
.917
5, 395
61, 934
. 941
5, 500
66, 019
584.2
474.8
71.3
471.5
112.7
70.3
617.8
499.4
81.0
486.5
131.2
87.9
627.4
508.6
79.4
499.5
127.9
84.2
642.8
519.4
82.0
518.7
124.0
79.2
668.9
534.2
92.3
539.3
129. 5
84.6
662. 6
517.9
100. 4
534.7
127. 9
81.8
660.8
501.9
113.0
533. 3
127. 5
201
206
401
251
462
225
584
257
461
247
544
196
436
r 222
11,340
2,884
428,153
158, 218
10,847
3,076
369,776
144,947
7,353
3,097
240,916
109,253
8,079
8,451
3,534
3,927
262, 715 283,145
116,104 127,393
8, 099
4, 375
273, 022
125, 327
3.64
71
121
3.26
72
121
3.43
71
12S
7,298
6,807
462
1, 699
7,923
7, 569
11, 145
389
1, 673
7 880
7, 459
5,147
585
2, 593
16, 244
138
139
181
161
136
135
176
159
100
90
81
218
142
143
160
200
159
117
101
80
267
141
62
303
144
143
164
197
155
115
98
62
289
142
3,351
645
56
196
141
50
525
235
1,503
56
28
12
94,192
28, 203
3.45
69
125
697, 792 745, 584
546, 791 587,612
104, 971 108, 322
399, 706 416, 430
143, 455 r 144,439
154. 632 «• 1S4,715
105,190 134,900
S,
4,
273,
128,
408
341
162
329
3.74
75
143
3. 70
78
134
3. 73
80
135
7, 031
5,005
344
1,932
11,635
10, 393
4, 400
423
2, 336
19,128
7. 902
5, 190
463
2, 147
14,667
137,187 221,697 342, 043 330, 540 210, 02(1
41, 196 67, 454 98,147 94,102 62, 910
76, 659
24, 178
9, 203
4, 935
419
2,195
15, 042
1,380,255 1.445,506 1,496,048 1,471,500 1,843,326 ,925,459 1,061,986
7,784
8,509
8, 092
H» A A A
8, 903
9, 038 in IRQ
S-22
SURVEY OF CURRENT BUSINESS
Monthly statistics through December 1941, together with explanatory notes and references
to the sources of the data, may be found in the
1942 Supplement to the Survey
January 1943
1941
1942
Novem- December
ber
January
February
March
April
May
June
j July
September
August
TRANSPORTATION AND COMMUNICATIONS—Continued
COMMUNICATIONS
I
Telephone carriers:
|
119,818
Operating revenues
tfaous. of do!.. \
Station revenues
...do
1......... 77, 292
32, 526
Tolls, message.....
.do
!
79, 651
Operating expenses......
do
19,645
Net operating income
..._ do
21,067
Phones in service, end of month.thousands..
Telegraph and cable carriers:
j
11,583
Operating revenues, total.
thous. of doL.I
10,436
Telegraph carriers, total
do
Western Union Telegraph Co., revenues
533
from cable operations
thous, of dol..
1,147
Cable carriers..
do....
10,276
Operating expenses
._.-_...„._-do_._.
390
Operating income
..do....
Net income _.
-- -do
Radiotelegraph carriers, operating revenues
1,197
thous. of dol
128,993
80,229
37, 782
87,307
32, 532
21,206
128,257
79,974
37,441
82,935
21,166
21,362
123, 860
77,771
34,961
79,414
21,307
21,481
130, 347
79,698
39,471
131, 727
80,264
40,207
84,365
21,647
21,595
84 372
21,596
21 702
15,448
14,089
12, 732
11,563
11,697
10, 724
13 074
11,940
13,587
734
1,359
12,003
2,215
1,488
620
1,169
11,054
585
61
565
972
663
1 134
10, 246
465
'65
10,889
918
1,442
1,163
1,092
133,076
80,070
41, 616
85,655
22, 264
21,815
134,216
80,078
42, 379
85,542
22,167
21,888
135,652
79,415
44, 579
89,370
21, 339
21, 941
135,328
78,897
44, 666
86,439
22, 632
22,048
138,015
80,413
45, 680
87. 832
22. 846
22, 140
13,877
12,824
14, 398
13,151
14,375
13, 296
14, 282
13,254
14,617
13, WO
658
1,053
11,639
905
480
661
1 035
11 188
I 088
572
678
1,248
11,718
1,216
787
709
1,080
11,967
958
454
712
1,028
11,932
1,031
501
1,018
11.912
1,384
94t3
915
1 032
1,108
1,204
993
0.58
.28
42,101
0.58
.28
40, 409
12 553
142,864
82, 507
48. 161
89. 260
20 337
961
CHEMICALS AND ALLIED PRODUCTS
CHEMICALS
Methanol:
Prices, wholesale:
Wood, refined (N. Y.)
dol. per gallon..
Snythetic, pure, f. o. b. works...
do
Explosives, shipments
. . . . . . . . t h o u s . of lb_.
Sulphur production (quarterly):
Louisiana
>..__
ion? tons..
Texas
.do....
Su Ifuric acid:
Price, wholesale, 66*, at works
dol. per short ton..
FERTILIZERS
Consumption, Southern States
thous. of short tons..
Price, wholesale, nitrate of soda, crude
f. o. b. cars, port warehousesV.dol. per cwt..
Potash deliveries...-.
short tons..
Superphosphate (bulk):
Production.
..do
Shipments to consumers.
do
Stocks, end of month
...do
NAVAL STORES
Rosin, gum:
Price, wholesale " H " (Savannah), bulk
dol. per cwt.
Receipts, net, 3 ports
bbl. (500 lb.).
Stocks, 3 ports, end of month....
do...
Turpentine, gum, spirits of:
Price, wholesale (Savannah)
dol. per gal.
Receipts, net, 3 ports
.
bbl. (50 gal.).
Stocks, 3 ports, end of mouth
...do...
0. 58
.28
0.58
.28
38,879
41, 477
0.58 ! 0 . 5 8
.28
.28
36, 720
37,681
135, 285
802, 576
16.50
16.50
0.58
.28
36,453
0.58
.28
41,045
0.58
.28
40. 545
163, 810
774, 706
110,115
725,579
16.50
16.50
0.58
.28
41, 709
18.50
16.50 !
0. oS
42, 571 : 41. 4')7
| 148.570 ' ..
.! 739, 665 '•....
16.50 16. 50
16. 50
16. 50
I
267
1,030
1,003
1,060
678
287
148
1.650
59,897
1.650
57,113
1. 650
51, 402
1.650
56,386
1.650
44,994
1,650
29, 714
1.650
62,959
419.946 487,558 487,164 457, 302
87,581
80,113
77,725 146,846
1,050(633 1.049,268 1,082,860 1,017.847
480,018 431,634
204,855 ! 254,239
911,507 730,135
440, 685
147,473
760, 761
3.06 i 2.89
3, 733
16,353
250,110 239,817
2.82
18,449
45.086
2.95
21, 686
237,420
3.10
26,872
229,436
2.91
35,415
245, 937
.65
4,550
17,010
.61
6, 554
17,758
.63
8,021
22, 817
.64
11,466
32,164
.61
10,421
39, 821
9. 290
45. 705
297
1, 650
3. 46
19,432
267,
144
. 70
6. 047
51.913
OILS, FATS, AND BYPRODUCTS
Animal, including fish oils:
Animal fats:
Consumption, factory..
..thous. of lb. 108, 682
Production
.
do... _ 255. 989
Stocks, end of month
. . d o . . . 286, 358
Greases:
41,333
Consumption, factory....
.
do...
Production
do.. . 45. 693
Stocks, end of month
.
d o . . . 104,916
Fish oils:
Consumption, factory
.
do...
23. 845
Production
.
do...
Stocks, end of month....
d o . . . 208, 237
Vegetable oils, total:
355
Consumption, crude, factory.
mil, of lb.
419
Production...._._.
.. do...
Stocks, end of month:
Crude
.
...
...do...
Refined
.
.
do...
Coconut or copra oil:
Consumption, factory:
', 639
Crude
.
.
. . . thous. of lb.
!. 151
Refined
do...
Production:
>. 20S
Crude
.
.
do...
!, 684
Refined...
do.. .
Stocks, end of month:
Crude
. . . . . . . . d o . . . 138. 142
Refined
.....
.
. do...
Cottonseed:
714
Consumption (crush)... thous. of short tons.
S33
Receipts at mills....
do...
1.714
Stocks at mills, end of month.
.
do...
1.650
53,646
2.64
34,516
297,168
34, 637
270,383
3.16
30,214
269,496
3.22
19,862
257, 926
.76
5,999
18,955
.73
12, 231
15, 676
.76
6,357
26,594
1,127
20, 496
.73
784
16, 675
66
1.650
59, 224
1.650
59, 371
1. 651.)
56. 439
1.
59, S
453,095 445, 603 501,592 •520, 558 j 504, 852
72, 332
78,577
98,287 2 150. 599 I 179. 25J
915,172 1,067,747 1,070.785 '1,175.835 11,158,092
3.30 I 3 . 5 M
24, 713 i 18, 922
250, 079 263, 434
M350,722
...
1761,446
. . . . . . '461,497
1395,967
1776, 542
1445,114
1379. 256
'699,673
1365,870
104,890
247.889
393,452
120,265
213, 963
368, 527
137. 997
220 217
311,526
136, 624
223, 747
289, 743
U18, 673
U40,991
1105, 815
»125,047
U40, 105
1100, 330
1135,020
1141,187
1102,044
39,945
46, 259
106,004
46, 245
41,313
107, 787
42, 549
42, 0S6
104. 02*
51, 239
45. OS4
96. 432
i 54, 513
81,685
»189,916
i 50,176
1
7,128 I
1171,398
16, 067
• 42.798
i 11, 713 10,342
1160, 540 162,869
14,570
27,575
178,219
15. 319
27. 291
178, 247
14. 496
20,S95
207. 131
i 1,048 I
i 1,018
i 1.106
i 1, 205
210
214
212
212
i 902
i 450
i 895 !
i 513 !
i 761
i 521
729
458
726
373
1184,737
i 79, 028
113,643
49. 437 :
i 35.085
i 12,995
9,316
3,294
10, 026
5,218
i 80,366
i 97, 464
45, 392 {.
65,072 |.
i 17,740
i 13,512
()
3,715
(*)
4,289
1178,483
135.790 !.
15, 131 i.
U26, 087
i 10, 017
129,703
9,325
128, 602
6,988
27
116
62
27
81
93
157
145
i 16, 248
' 583
r
675
• 1,439
l 744
i 710
505
361
1,293
474 !
218 !
1,037 !
413
144
317 !
52 i
503 !
301
144
21
177
764
:-; 12
7. 352
2. 742
121.262
8, 141
529
1.085
701
d
r
• Not available.
Deficit.
Revised.
1
Q.uarterly data. Data compiled monthly beginning July 1942.
2
Data beginning September 1942 include a certain amount of superphosphate formerly reported in dry and mixed base goods not previously included with bulk superphosphate. The stock figure as of August 31, comparable with September data is 1,129,790 tons; no other data are available for comparison. Data are currently reported on
an 18% A. P. A. basis and are here converted to a 16% basis so that they are comparable with prior figures.
•This price has been substituted beginning 1935 for the one shown in the 1942 Supplement. Revisions for January 1935-July 1937 will be shown in a subsequent issue.
There has been no change in data beginning with August 1937. Prices are quoted per ton, in 100-lb. bags, and have been converted to price per bag.
S-23
SURVEY OF CURRENT BUSINESS
.huiuurv 194:5
Monthly statistics through December 1841, to1942
1941
gether with explanatory notes and references
to the sources of the data, may be found in the Novem- Novem- December
ber
1942 Supplement to the Survey
ber
1942
January
February
March
April
May
June
July
Au
*ust
tember
October
CHEMICALS AND ALLIED PRODUCTS—Continued
OILS, FATS, AND BYPEODUCTS-Con.
Cottonseed cake and meal:
Production..,.
_
short tons..
Stocks at mills, end of month...
..do
Cottonseed oil, crude:
Production
.....tfaous. of lb..
Stocks, end of month..
do
Cottonseed oil, refined:
Consumption, factory
. . ~.
do
In oleomargarine
.....do
Price, wholesale, summer, yellow, prime
(N. Y.)_.
....-dol. perlb..
Production
. . . . . . . . . . t h o u s . of lb_.
Stocks, end of month
..—do—
Flaxseed:
Duluth:
Receipts.
thous. of bu..
Shipments
do
Stocks..
.
.......do...
Minneapolis:
Receipts..
do...
Shipments
do
Stocks
---.
do
Oil mills:
Consumption
do
Stocks, end of month
do
Price, wholesale, No. 1 (Mpls.)--dol. per bu.Production (crop estimate)
thous. of bu -.
Linseed cake and meal:
Shipments from Minneapolis
thous. of lb_.
Linseed oil:
Consumption, factory..
do
Price, wholesale (N. Y.)
dol. perlb..
Production..
.thous. of lb_.
Shipments from Minneapolis.
do
Stocks at factory, end of month
....do
Soybeans:
Consumption..
.
.
...thous. of bu..
Price, wholesale, No. 2, yellow (Chicago)
dol. perbu..
Production (crop estimate)
thous. of bu..
Stocks, end of month
do....
Soybean oil:
Consumption, refined-.
-thous. oflb..
Price, wholesale, refined, domestic (N. Y.)
dol. perlb.
Production:
Crude......
thous. oflb..
Refined
do
Stocks, end of month:
Crude...
....do
Refined.
do...
Oleomargarine:
Consumption (tax-paid withdrawals)...do...
Price, wholesale, standard, uncolored (Chicago)
.
..dol. per lb.
Production..
thous. of lb.
Shortenings and compounds:
Production
-thous. of lb_
Stocks, end of month..
do...
Vegetable price, wholesale, tierces (Chicago)
dol. perlb.
317,338
117,778
255, 768
356, 870
222,533 | 206,817
380,366 ! 370,564
176,833
372,208
139,742
338, 711
97,180
311,403
62, 361
286,844
38,269
250,715
31, 384
192,910
40, 845
133, 495
224,921
146, 533
330, (Y2?>
134, 136
217, 103
157, 849
177,833
158,692
154,450 I 146,676
169,998 | 181,533
128,843
170,913
101, 526
137,975
72, 671
105, 714
47, 058
27,534
51,291
20, 996
34,167
28, 233
27, 907
161, 748
90,001
232, 88S
133, 726
14,427
14,738
292,882
13,837
11, 883
10, 235
232,482
10,352
90, 054
10, 400
99, 522
11,312
129.952
13.487
135.377
15,612
.131 i .137
136,112 j 119,457
314,330 I 322,972
.139
130,622
351,683
.140
127, 442
389,010
.140
100, 548
402, 540
.141
71, 502
394, 580
.138
52,807
369,745
.140
36, 661
310,433
.139
32, 942
230,569
287,061
14, 650
14,129 |
. 140
181,960
254, 713
140, 602
276, 583
828
1,695
1,437
192
438
1,691
180 i
467 i
1,404 |
17
36
1.386
3
249
1,067
5
46
1,026
4
105
925
56
455
527
129
233
423
241 |
1. 320
252
2, 535
742
67
4,443
662 !
101
3,897 ,
1,292
311
3.430
704
141
3,105
708
154
2,634
490
144
2,120
585
90
1,078
633
130
826
2.33
> 13,425
»8, 477
2.60
2.62
2.58
34, 400
28,880
25,840
.124
3,993
11.254
2.43
40, 660
1.84
56, 820
34,360
40, 198
.132
04;
25. 560
291,212
."161
" 15," 750
»13,065 I
t12, 557 !"
2.00 i
2 32,285 .
53,760 i
146,147
.108
251,723
17,950
198,579
|
!
'
i
;
2.23
51,840
37,640
.113
.119
22,666
"22*250
119, 232
1.60
209, 559
35, 356
1.67
2
105, 587
431
1.83
1.95
.121
.126
.132
.135
1.86
2. 646
2, 398
2,304
447
164
468
5,438
483
835
5,678
465
2, 734
5, 564
554
2, 780
12,526
13,965
2.54
3,981
4,197
2.46
3,899
5, 467
2.40
3, 778
10,347
2. 43
4, 445
11.938
2.4i>
23,440
31,440
34, 200
54, 640
47, 240
151,183
.139
241,015
22,100
225,615
46, 826
.137
76, 782
27,900
211,087
44, 407
46, 726
.134
. 136
72,023
76, 308
21, 850
22,750
230, 252 242, 879
.141
.141
44, 383
. 134
84, 785
24, 850
273,101
~3O~666
1
18,497
1.83
1.80
1.72
6, 595
1.72
6,218
" 5,931
118,285
123,400
42, 629
58,478
63,940
.135
.137
. 138
59,843
48,061
57,413
62, 407
55,389
60, 879
64. 451
55, 435
78,719
76,098
78, 350
73,099
68,896
67, 761
52. 456
55, 134
51,364
51, 234
24, 379
. 150
39, 604
. 150
46, 283
.135
62, 268
51, 476
168,450 I
'41,846 j
* 86,231
»56,639
.135
.135
.135
«167,945
" 147, 269
1
1
. 135
32,147
33,754 |
35, 848
31,767
29,721
26,759
23,079
23,081
22, 535
.140
32,503
.145
34,638
.154
35,071
.153
32, 541
.150
30, 768
,150
28,641
.150
27, 600
,150
27,130
.150 I
. 150
29, 383 I 38,495
1315,707
»53,351
1
»329, 867
1
60, 790
158,107
43, 583
.165
. 165
. 165
147
33
100
45
196
410
190
481
.165
162
43
161
51
193
49
173
32
103
29
196
323
183
412
261
466
260
594
268
517
235
406
45,176
39y 745
17,619
22,126
5,431
48, 070
42, 617
18, 898
23, 719
5,453
50, 530
44,849
19,009
25,840
5,681
49,204
44,141
18,140
26,000
5,064
161
40
217 ;
47 j
190
46
172
36
210
278
175 |
496 )
185
428
41,368
37, 531
18,727
18,804
3,837
41,708 !
37,861 i
19,200 I
18,661
3,848
47,044
42,032
19,190
22,842
5,012
60.393
125,918
50,953
.165
.165
25,213
95,477
56, 823
.170
.156 j
1, 120
246,304
163.208
.170
.153
6, 893
15,244"
»188,805
1
151, 998
96. 229
37, 853
6,081
1.71
111,624
1177,217 !
108,850 ;
.165
2. 438
750
2, 066
98 !
'»19," 907"
75, 393
58, 061
.150
517
236
379
1
* 20, 500
'98,205 I
49,691
153, 620
.133
258, 720
22,400
235,897
. 137
. 136
SO. 512 169,490
199. 390 201, 427
130, 336
41, 142
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, for interior use
do...
Paint, varnish, lacquer, and fillers:
Total
do...
Classified, total
...do...
Industrial
.
,.do.__
Trade
do...
Unclassified
.
do...
42,221
37,987
17,173
20,813
4, 234
219
385
41,106
36, 935
16, 748
20,187
4,170
43, 028
37, 782
17, 243
20. 540
5. 246
44, 122
39, 186
17,906
21,280
4, 935
ELECTRIC POWER AND GAS
ELECTRIC POWER
Production, total
...mil. of kw.-hr
16, 454
15, 651
14, 491
15,646
H,102 15, 053 14,588 14,991 15,182 16 005 16,262
By source:
723
Fuel..
. . . d o . . . . 10,
10.723
10,
10,402
402
11,156
11, 156
11,050
9,664
9,438
9, 438
8,979
9,632
9,831
10,877
10,946
10 877
8, 979
9,831
9, 664
10 946 1 10,895 Ml,244
5 609
4, 438
Water power....
....do..—
5,730
4,089
4,495
4,595
4,438
5,615
5,615
5,609
5,360
5,352
5,128
5 128
5,315!
5.219 '5.509
5, 352
5,730
5 315
By type of producer:
Privately and municipally owned electric
12. 612
12, 949
14, 224
utilities
.
mil. of kw.-hr.. 14,086
13,056
14,224
14,110
12.612
13,322
13, 322
12,949
13,326
13,394
14,047
14 047 I 14,047
13,804
14,282
34,086
13, 056
14,047
Other producers
do....
2 , 3368
68
11,435
,435!
11,427
, 4 2 7 11.536
. 5 3 6 I 11.,491
491 1
1,731
,731 1
639 1
, 6 6 5 11,, 7788
8 8 I 1I,
, 95$
9 5 8 I 20 ,214
214 2,310 '2,470
1,665
1, ,639
' Revised.
» Quarterly data. Data compiled monthly beginning July 1942.
i Revised estimate.
( December 1 estimate.
< Superseded effective October 1942, bv regulated price paid by crushers under Government program, operated by Commercial Credit Corporation. The October price
was $l.t>0.
S-24
SURVEY OF CURRENT BUSINESS
1941
Monthly statistics through December 1941, to- 1942
gether with explanatory notes and references
NovemNovem- Decemto the sources of the data, may be found in the
ber
ber
ber
1942 Supplement to the Survey
January 1943
1942
January
February
March
April
May
June
July
August
September
October
ELECTRIC POWER AND GAS—Continued
ELECTRIC POWER—Continued
Sales to ultimate customers, total (Edison
Electric Institute)
.mil. of kw.-hr..
Residential or domestic
.....do
Rural (distinct rural rates) _.
do
Commercial and industrial:
Small light and power
_do
Large light and power
_
do
Street and highway lighting.
do
Other public authorities
do
Railways and railroads..
do
Interdepartmental
do
Revenue from sales to ultimate customers
(Edison Electric Institute)
thous. of doL.
12,308
2,266
170
12,768
2,393
148
13, 242
2,673
145
12, 572
2,405
156
12, 558
2,244
168
12, 536
2.139
206
12,487
2,047
216
12, 670
2,025
270
13,166
2,053
335
13, 650
2,104
386
2,163
6,672
206
281
503
47
2,189
6, 882
224
301
569
63
2,450
6,777
217
307
597
76
2,303
6,590
187
306
550
74
2,199
6,828
181
306
560
72
2,156
6,988
158
294
525
69
2,124
7,074
143
294
520
69
2,160
7,205
132
302
509
66
2,247
7,482
137
322
522
69
2,328
7,727
151
365
522
66
234,153
239, 611
250, 526
237,957
230, 766
227,610
225,602
227, 057
232,460
238, 059
10,428
9,618
351
450
35, 724
15,879
7,491
12,086
10,474
9,646
367
451
39,892
16, 200
10, 752
12,618
10,434
9,616
344
465
43, 705
18,268
12,294
12,796
10,482
9,651
359
463
42, 357
17,672
11,917
12, 425
10,454
9,626
343
471
41, 296
17. 629
10,224
13,129
10,463
9,621
359
470
38,161
16,875
7,722
13, 280
10, 544
9,694
372
466
34,873
16, 534
5,296
12,794
10,542
9,706
359
466
31,983
17,125
2,604
12,035
10, 608
9,785
344
467
30,383
16,475
1,719
11,919
10, 656
9,830
348
466
29,608
15,954
1,344
12,105
10, 688
9,850
366
464
31,100
17,191
1,418
12, 267
33,692
21,908
4,248
7,373
36,107
22,042
6,191
7,693
38,680
23,016
7,728
7,739
37, 759
21,924
7,960
7,684
36, 526
21, 663
6,937
7,734
34, 286
21,574
4,881
7,649
33,143
22,407
3,083
7, 506
31, 245
22, 210
1,918
6,996
30, 202
21, 740
1,332
7,007
29,656
21, 375
1,119
7,023
31,196
22, 574
L316
7,178
8,174
7,554
617
143,343
36,976
103,639
8,215
7,585
628
160,937
50,694
107,125
8,171
7,554
614
178,028
67, 790
107, 521
8,183
7, 572
609
174,389
62, 485
108, 679
8,230
7,610
618
171,979
61,451
107, 491
8,272
7, 656
613
152,971
46, 305
105, 232
7,676
607
133,665
33,400
97, 756
8.192
7, 615
575
120.783
23,868
94,151
8,242
7,664
574
119,940
20,180
97, 251
8, 231
7,667
562
118,136
18, 485
96, 742
8. 268
7,702
564
123.041
19, 558
100,828
46, 461
24,655
21,433
56,124
32, 242
23,448
67,665
42,000
25,241
63,760
38,433
24,816
61, 848
37, 312
21.801
52, 552
30,084
22, 253
43,738
23,243
20,135
36, 893
18, 018
18, 525
34,909
15, 708
18, 760
33, 754
14, 683
18, 695
13,712
13,970
2,157 ! 2, 224
355 i 269
2,322
7,735
157
373
523
92
2, 212
7,957
185
385
560
118
240,253 ! 243,094
GAS
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
Ind'l., com']., and elec. generation...do
Revenue from sales to consumers, total
thous. of doL.
Domestic
do
Ind'l., com'l., and elec. generation._ .do
34,766
14,993 !
19,424
FOODSTUFFS AND TOBACCO
ALCOHOLIC BEVERAGES
Fermented malt liquors:
1
Production..
_
thous. of bbl..
4, 705
3, 881
4,421
Tax-paid withdrawals
do
4,717
4,521
• 4,123
Stocks, end of month
do ..
8, 253
7,446
• 7, 759
Distilled spirits:
Apparent consumption for beverage purposes
thous. of wine gal._
13,931
16,940
Production^....
thous. of tax gal_.
4, 071
20,768
18, 778
Tax-paid withdrawals
do
8, 583 ' 11,115
8,586
Stocks, end of month.
do
499, 350 558, 967 567, 403
Whisky:
Production
do
0 ' 11,829
13,632
Tax-paid withdrawals.
do
5. 650
' 8,149
6,832
Stocks, end of month
...do
480,325 505, 537 511.211
Rectified spirits and wines, production, total
4,583
thous. of proof gal..
5,943
3.772
Whisky
....
.do .
5,040
Still wines:
Production
thous. of wine gal..
64.135
11,851
10,633
Tax-paid withdrawals
do....
8,832
Stocks, end of month
do
193. 275 183,560
Sparkling wines:
114
Production
_
_
. _ do
111
150
137
Tax-paid withdrawals....
do
664
Stocks, end of month
do.__.
719
DAIRY P R O D U C T S
Butter, creamery:
Price,, wholesale, 92-score (N. Y.).dol. per lb._
.47
Production (factory) t
.
thous. of 1b..
'.480
Stocks, cold storage, end of month._. ..do
Cheese:
I
Price, wholesale, American Cheddars (Wis- |
consin)
dol. per l b i
Production, total (faetory)f
thous. of lb__|
American whole milkf
do
Stocks, cold storage, end of month
do
American whole milk
do....
Condensed and evaporated milk:
Prices, wholesale, U. S. average:
Condensed (sweetened)
dol. per case.
Evaporated (unsweetened)_ _ _ _
do
Production, case goods:t
Condensed (sweetened).
..thous. of lb_.
E vaporated (unsweetened)
do
16&
4, 432
3,970
7,672
4,438
3,763
8,148
5.154
4,577
8.491
5,728
5,030
8,950
6.142
5,978
8,835
6,145
5,786
8,953
6,803
6,814
8,651
15,593
18, 535
9,233
574, 937
13, 861
12, 903
9,413
577, 140
13,749
10, 571
11,312
542, 884
12,984
9,716
9,641
543, 512
12,762
8,137
9,283
543, 094
12, 891
7,378
9,215
541,188
15, 829
7,968
12,801
537, 737
16,611
6, 893
15,380
529, 089
15,129
521,243
7, 528
16, 596
507, 226
13,088
6.519
516, 456
11,486
6,417
519, 790
10,020
7, 501
520. 765
9,058
6,631
521, 503
6,970
5,968
521, 033
6, 586
6,326
519, 197
7, 039
8,585
515,847
5,744 I 4.945
10,144 | 10,068
507, 493 i 500.147
1.797
11,439
487,550
6,006
4,627
6,249
4,881
6,481
5,627
4,625
3,902
4, 621
3, 907
4.420
3, 756
6,199
5,499
7, 756
6, 753
7,952
6, 926
2,510
8,079
176. 627
1,846
8,860
167, 079
1,843
1,308
9, 446
8,123
158,041 | 150, 023
1,063
7. 026
142r 528
551
7,532
133, 213
3, 542
7,916
124, 765
3,940
8,416
116,168
19.225
10. 747
113.962
85, 753
11,473
142, 851
44
690
93
36
742
155
32
895
119
33
978
114
44
1. 050
44
54
1,037
55
69
1,019
58
93
979
64
121
916
74
29
780 ]
7,548
6, 652
6, 587
6, 208
8.593
.36
112, 461
152, 484
.35
116,659
114,436
.35
119, 825
83, 106
.35
118, 020
63, 701
.35
135, 920
45. 045
.38
149, 585
37, 228
.38
203, 360
64, 720
37 |
.38
203,800 i 188,665
117,111
148,504
.41
169,620
152,198
232
71,426
56, 334
189,002
158,238
.232
74, 422
58, 744
201. 613
171, 869
.232
69,8.50
62, 350
165,018
137, 276
.222
72, 105
62, 505
160, 073
133,140
. 208
88, 770
77,215
188,333
163, 939
.202
103,030
8^, 810
203,901
178,473
.202
136, 280
117,085
222, 637
195.537
. 202
131,100
110.430
261,935
228,478
.210
. 217
104, 008 i 86, 100
87,225
70,675
279,905
259,078
243,596
224.861
5.64
3.67
5. 64
3.67
5. 64
3. 67
5.64
3. 64
8. 720
259, 758
6,922
286, 684
3, 187
313,517
5.C4 I
3.02 |
5. 65
3.55
5. 65
3.52
4,270 ! 6,105 |
5. 518
300,003 I 339,522 358, 443
5, 051
449, 330
5.65 j
3.49 i
. 205
115,385
97, 005
296, 763
261, 535
5. 65
3.49
6.782 I 8,970
402, 584 I 326, 332
' Revised.
J N o t including high-proof spirits p r o d u c e d a t registered distilleries beginning M a r c h 1942.
I F o r revised 1941 d a t a on p r o d u c t i o n for indicated series on d a i r y p r o d u c t s see n o t e m a r k e d "f" on ];. £ -23 of t h e N o v e m b e r 1942 S u r v e y .
6,984
6,864
8,487 |
5, 770
5, 626
8,483
. 4 4 •.
.47
140,130 j 120.205
r
123,599 ! 86,981
.271
75, 300
58. 800
• 195,378
• 109,913
5.65
3.50
9.832 . <\ 589
277, 969 L'20, <><>;,
7. 301
u \ 4 1',
S-25
SURVEY OF CUERENT BUSINESS
January 1943
1942
Monthly statistics through December 1941, to1941
gether with explanatory notes and references
to the sources of the data, may be found in the Novem- Novem- December
ber
1942 Supplement to the Survey
ber
1942
January
February
March
April
May
July
June
Soptern her
August
October
FOODSTUFFS AND TOBACCO—Continued
DAIRY PRODUCTS—Continued.
;
Condensed and evaporated milk—Continued.
Stocks, manufacturers', case goods, end of mo:
Condensed (sweetened)
thous. of lb...: 2, 586
Evaporated (unsweetened)-.-.
do
i 90.078
Fluid milk:
Price, dealers', standard grade.dol. per 100 lb.. •
2. 93
Production
mil. of lb. -.
8, 220
Utilization in manufactured dairy productsf
mil. oflb.J
3,240
Dry skim milk:
Price, wholesale, for human consumption, •
U. S. average
dol. perlb.V
. 132
Production, total f
thous. of l b . . ] 29, 000
For human consumption f
do
27, 300
Stocks, manufacturers', end of month, total I
thous. of l b . . | 17,567
For human consumption
do
i 10,066
FRUITS AND VEGETABLES
I
Apples:
Production (crop estimate)
thous. of bu..j-' 127, 055
Shipments, carlot
no. of carloads...! 7, 294
Stocks, cold storage, end of mo.-thous. of bu. J 35, 662
Citrus fruits, carlot shipments. _.no. of carloads ! 12, 227
Frozen fruits, stocks, cold storage, end of month ;
thous. of lb..i 204.551
Frozen vegetables, stocks, cold storage, end of ;
month.."!
'
thous. of lb_.j 115,341
Potatoes, white:
i
Price, wholesale (N. Y.)
dol. per 100 l b , . i 2. 206
Production (crop estimate)
thous. of bu._|2371, 150
Shipments, carlot
no. of carloads, j 15, 606
GRAINS AND GRAIN PRODUCTS \
Barley:
j
Prices, wholesale- (Minneapolis):
j
No. 3, straight
dol. per bu, J
. 65
No. 2, malting
do I
.90
Production (crop estimate)
thous. of bu ! -' 426, 150
Receipts, principal markets.
do
9,436
Stock's, commercial, end of month
do
12, 154
Corn:
j
Orindings, wet process
do__..; 10. 469
Prices, wholesale:
j
No. 3, yellow (Chicago)...
dol. perbu__j
.81
No. 3, white (Chicago)
do
j 1.07
Weighted avg., 5 markets, all grades .do
I
. 79
Production (crop estimate)
thous of bu |-3,175,154
Receipts, principal markets
do. | 30, 999
Stocks, domestic, end of month:
i
Commercinl
do..! 40, 834
On farms
..do._J
Oats:
!
Price, wholesale. No. 3, white (Chicago)
j
dol. per bu._j
.50
Production (crop estimate)
thous. of bu.. in,358,730
Receipts, principal markets
do..; 6, 209
Stocks, domestic, end of month:
\
Commercial
do.. j 10, 451
On farms
do I
'Rice:
!
Price, wholesale, head, clean (New Orleans) j
dol. por lb... 2 . 067
Production (crop estimate)
thous. of bu__ 66,363
California:
!
Receipts, domestic, rough. ..bags (100 lb.) I 531. 917
Shipments from mills, millcd.rice. .. do ... 111. 630
Stocks, rough and cleaned (in terms of
cleaned rice), end of mo bags (100 lb.) | 457,564
Southern States (La., Tex., Ark., and Term ): j
Receipts, rough, at mills
!
thous. of bbl. (162 lb.).
2.717
Shipments from mills, milled rice
thous. of pockets (100 lb )_
1,947
Stocks, domestic, rough and cleaned (in
terms of cleaned rice), end of month
thous. of pockets (KM) lb.).
fiye:
Price, wholesale, No. 2 (Mpls.)-.dol. per bu.
.59
Production (crop estimate)
thous. of bu. -' 57, 341
Receipts, principal markets
do....
Stocks, commercial, end of month
d o . . . 19, 761
Wheat:
I
Disappearance, domestic
do
|
Prices, wholesale:
i
No. 1, Dark Northern Spring (Minneapolis) I
dol. per bu ji
i. 20
No. 2, Red Winter (St. Louis)
do..
1.32
No. 2, Hard Winter (K. C.)
do ...i
l. 23
Weighted av.? 6 markets, all grades, .do .[ 1.17
Production (crop est.), total
thous. of bu ^981, 327
Spring wheat
do.... 22 278, 074
Winter wheat
do.._. 703, 253
r
Revised.
1
Revised estimate.
11,906 i 12,024 | 9,000
417,643 j 328,475 j 252,532
2.66 |
8,200 i
i
2.70 i 2.73
8,466 | 8,726
'
3,094 i
8, 292
222, 485
6,223
6,469
218,410 | 213,550
8,288 ;
9,626
3,934 i
4,589
8.178
294,579
2.75
10, 290
7,445
330, 810
2.75 |
12,136 i
4,007
5,036 ;
6,694 ;
20,156
18,565
22, 931
21,068
H 122,256
6,322 |
4,974
31.181 j 25,732
14,313 | 17,051
|
j 3,704
! 20,162
| 20,329
186, 714
28,789 ! 38,482
26,102 I 34,988
47,459
42,378 J
6,546
.126 i
79,600
74,200
60,595 ! 61,604
54,305 I 54,855
3,951 I
4,001
3,315
3.521
14,238
8, 207
18,052 I 20,831 ; 19,592 |
l
i
61,781 I 53,416
.68 ,
.82 ;
362,082 I
12,190 !
10,002 !
13,239
8,739
8,653 !
.71 ;
.78 I
.66 I
.73
8,827 j
9,681 !
8,579 I 10,118 I
.76 i
.83 i
.82 !
.90 !
.78 i
.72 I
2,677,517
28,107
24,354
5,894
5,280 ;
.70
.86 :
2.581 j
.76
.92
41,160 1 32.017 |
36,331 ! 28,084
724 ;
0 '
9,701
5,267
11,105
8,758
2.883 j
2.919
r
.68 I
.89 :
.65 !
.80 !
.64
. 82
.64
. S5
15. .,66
9,717
.85 i
.96 I
• 84
.86
1.00 i
.8,
1. 950
9,909 ! 14,928 |
9,768 |
.85
.98 •
.84
.88
" 14," 963
11.887
9. 632
10.528
10,039 '
.84
1. 02
.48 j
.53 I
j'1,180,663!
7,052 ! 7,947 i
.58 i
11,030 i 9,473 i
i 749,417 :
.56 I
.54 ;
I _"57670"!' 5,253
87519 I" 7,483 I 5, 893
430,565
8,625 I
.068 I
.049 I .064
___|i 51,323
.55
j"~57614~;
.070 i
4,642 :
64, 4
57,012 I 51,774
760,052 !
•55 i
3,776
3
.080
.49 j
5,813 I""37671"I
.M
1.D0
L01
77
.073
27. 835
43, 697
38. 641
• 423. ">97 !
.49
67642I
16,918
.49
.070 I
10,112
.47
17, 414 , 13, 125
2,109 i 2,191 i 5,132 j 10. 123 !
191, 688 ; . - i--..
i 1.141,411
.070
22,564
.til
29,494 j 30,357 \ 24, 098 ! 30, 570 I 25,755 !" 227 448*1" * 23," 578" ~20J20
39,835 ! 47,946 ! 50,311 I 59,884 ! 60,973 i 63,363
i2,012,138|
;
... 11,286,7 20 :
11.034
32, 706
11,476
115.810
2.150 \ 1,615
9,732 \ 11.072 j 10,948 : 1°.205
.82
.97
.81 !
19,063
16,847
186,003 | 207,767 J 225,104 | 221, 727
4,118 I 18,872
3,015
5.514
5,770 '. 4,813
8,324 '• 6,344 ,
.82 :
.97
.80 :
3, 932
48, 597
42,822
6.916
3,600 |
.82
.96
.78 •
4,367
. 129
.131 !
. 133
55,100 ! 44,000 i 36,000
51,400 | 40,600 i 34,000
6.064
4. 541
7,220 :
9,656 ;
2.85
8,944
.127
61, 000
56,300
21*016"i247473|117294
. 71 !
.88 i
2,445
97,706
2. 82 i
9.525 j
49,548 I 65,358 | 88,248 \ 102,186 \ 117,796
I
2. 163 ! 2. 330 ! 2. 131 I 2.044 !
1.920 | 1.894
j 1 355,602 :
i
14,162 ! 14,016 ! 21,738 ; 167556*1 ~2i,"989T~i9,~827~
.68 i
2. 76 ;
10,788 i
696 !
1,840
783 |
o!
1,259 i
0 !
12,140
I
19,312 i 15,894
177,948 j 157,973 j 142,192 ; 119,982 : 101,810 j 106,538 I 129,334
100,440 i 92,929 i 82,638 ! 73,245 i
5,412 i 4,124
211,001 ! 136,985
2.75
11,780
I
3,876 |
.124 ;
.128 !
.131 |
.131 !
.128 ;
. 127 i
.126 |
26,305 ; 31,253 ! 40,000
41,800 ! 54,000 | 61,400 | 78,100
' 3 5 , 8 0 0 ! 3 7 , 1 6 4 ! 48,470 ! 55.780 ! 70,500 j
18,732
16,795
2.75 |
12,570
6,733
292, 911
12,106
.062
. 069
316,495 i 378,554 ! 465,182 i 229,404 j 278.245 | 499,885 ! 422,998 ; 469,837 ! 194,148 I 40,293
493 , ^ 394 062
290,089 I 260,941 j 137,749 I 97,631 j 162,316 420,205 195,996 i 392,090 | 166,373 j 69,944 ; 36,666 j '60,150
247,542 ; 210,534
- December 1 e s t i m a t e .
2,321
343,001 \ 374,565
2,113
1,231 !
1,342 I
364,795
664 \
242,690
198
290,831 ! 187,381 i 152,048
70
298
1. 295
2, 902
253
781
1,764
439
282 I
109
158
677
.69
.60 I
.61
.59 ;
.tj5
1,133 i
861 I h 269
17,240 j 17,034 i 17,212
2,508 i
17, 288 !
.68
• 75 j
.78
1
45, 364
2,150 j 2,475 !
2,115 1,913 i 1,091 ;
568
17,645 ! 17,474 j 16.785
17,029 j 17,551 I 17,333
1,766 I
1.323 !
2,627 j
3,007
2,508 i
!
.80 i
2,598
.64
;
1.14
1.17
1.13
1.06
3
179,227 ' ; . . . .
;
1.23
!
1.27
I
I. 20
;
1.15
i'943,127
1*272,418
; ] 670,709
i
i
i
i
I.
L
'_
1,397 1,256
185,815 | .
1.28
1.34
1.26
1.20
1.25'
1.31 I
1.23!
1.21 I
1.24
1.30
1.21
1.19
.;
1.19
1.21
1.15
1.14 '
14 I
247,02'
253 j
844
1, 785
70,919
187
471 .
1,425 i
107,281
105
169,181
1.20
1.20 i
1.15 I
1.16 i
1.14
1.19
1.11
1.11
:
2,393
18, 477
1,908
.59
37846
19, 295
-! 237,305
1
1
I
I
1. 14 |
1.22 I
1.08
1.10
1.13
1.26 1
1.11 I
1.11 ;
1. 19 !
1.33 !
1.20
1 18
1.19
1.38
1.21
1 15
I n c l u d e s old crop only.
f D a t a f o r t h e u t i l i z a t i o n of f l u i d m i l k i n m a n u f a c t u r e d d a i r y p r o d u c t s h a v e b e e n r e v i s e d b e g i n n i n g 1920 t o i n c l u d e t h e m i l k e q u i v a l e n t of d r y w h o l e m i l k ; r e v i s i o n s a r e
ninor throughout.
F o r r e v i s e d 1941 d a t a for p r o d u c t i o n of d r y s k i m m i l k s e e n o t e m a r k e d " f " o n p . S --25
2 5 of
i " t' h
"e No
- v-e m
• b-e r- 1942
• - Survey.
S-26
SURVEY OF CURRENT BUSINESS
Monthly statistics through December 1941, to- 1942
gether with explanatory notes and references
to the sources of the data, may be found in the Noven:
1942 Supplement to the Survey
her
January 1943
1942
1941
Novem- December
ber
January
February
March | April
May
June
July
23,416
61,645
August
September
October
FOODSTUFFS AND TOBACCO—Continued
GRAINS, ETC.—Continued
W he at—C ontinue d.
Receipts, principal markets
tbous. of bu._ 32, 261
18, 507
Stocks, end of month:
435. 180 473,995
Canada (Canadian wheat)
.do
United States, total 1
do.__.
Commercial.-.
d o . . . . 259, 487" 276,260"
Country mills and elevators
do
Merch ant mills
do....
On farms
...do
Wheat flour:
Grindings of wheat
.
do
37, 560
Prices, wholesale:
6. 09
5.88
Standard patents (Mpls.)
dol. per bbl__
5. 60
5.44
Winter, straights (Kansas City)
do
Production (Census):
8,216
Flour, actual
thous. of bbl..
59.6
Operations, percent of capacity.
650,110
Offal.-.
...-thous. of lb_.
Stocks held by mills, end of month
thous. of bbl..
22, 530
19, 665
17,803
17,457
12,669
17,354
390, 572
378, 091
261, 422
266," 149
37, 842
41, 465
40, 920
5. 60
5.01
5. 73
5. 13
5. 95
5. 45
9. 075
60.4
718.093
S, 968
59.6
705, 516
9. 793
67. 9
.497
67. 4
14.84
11. 64
14.00
15.21
11. S3
J3. '()
465,608
458,692
258, 570
249,891
42, 403
43,611
38, 621
38,194
36,878
36,141
6.30
5.74
6.48
5.86
6.33
6.74
6.17
5.63
5.95
5.40
5.84
5.26
5.51
5.09
9,283
61.8
732, 746
9,532
63.5
756,199
8,479
63.8
663, 743
8,378
55. 7
657,985
8,058
53.6
641,182
7,903
54.6
628,939
8,279
55.0
656,814
4,002
3.961
53. 691
386. 956
,321,665
269. 290
384, 746
632,611
224,441
141,789
96,837
159,544
471,492
987,607
270,835
207,351
135,601
373,820
446,983 420,880 398,177
801,792
237,777 '229,167" 221, 896
171,432
122, 461
270,122
38, 951
TK1 * 927
644, 503
14.563
3,619
LIVESTOCK
Cattle and calves:
Receipts, principal markets
thous. of animals..
Shipments, feeder, to 7 corn belt States
thous. of animals..
Prices, wholesale:
Beef steers (Chicago)
dol. per 1001b..
Steers, stocker and feeder (Kan. City) do.._.
Calves, vealers (Chicago)
do
Hogs:
Receipts principal markets.thous. of animals..
Prices:
Wholesale, average, all grades (Chicago)
dol. per 1001b..
Hog-corn ratio
bu. of corn per cwt. of live hogs..
Sheep and lambs:
Receipts, principal markets
thous. of animals. .
Shipments, feeder, to 7 corn belt States-do
Prices, wholesale:
Lambs, average (Chicago)..dol. per 1001b..
Lambs, feeder, good and choice (Omaha)
dol. per 1001b..
2,022
1,964
274
189
15.30
12. 62
13. 50
11.40
9.34
12.00
12.57
10. 46
12.60
3,310
2,832
1,789
1,467
1,741
2, 398
1,815
1,953
1,831
61
84
126
SO
74
173
12.60
10.57
14.09
12.39
10.69
13.50
12.59
11.47
13.80
13.26
1L93
13.13
13.22
12.00
13. 50
13.11
11.83
13.00
13.63
11.09
13.13
14.87
12.05
13.70
3,639
3,704
2,463
2,694
2,638
2,630
2,896
2,452
2,187
10.16
10.65
11.36
12.58
13.37
14.18
14.07
14.19
14.25
14.37
14. 15
15.2
15.3
14.5
15.2
15.7
16.9
16.3
16.3
16.6
16.9
16. 4
2. 7S0
452
1,818
219
1,719
122
1,791
116
1,535
82
1,866
87
1,866
118
1,855
163
1,832
105
2,138
135
387
3, 657
720
14.53
11.27
12.06
12.34
12.03
12.00
12.78
14.64
14.75
14.18
14.60
12. 35
10. 34
11.25
11.35
10.92
10.92
11.24
11.76
C)
12.52
12. 94
1. 553
568
1,245
1,394
720
73
1,477
1,684
903
105
1,503
1,728
1,097
123
1,213
1,271
1,097
116
1,282
1,345
1,046
118
1,338
1,376
941
108
1,328
1,374
893
110
1,447
1,531
823
112
1,403
1,447
729
109
1, 325
1,329
607
94
MEATS
Total meats (including lard):
Consumption, apparent..
mil. of lb
Production (inspected slaughter).
do
Stocks, cold storage, end of month.
do
Miscellaneous meats._.
do
Beef and veal:
Consumption, apparent
thous. of lb..
Price, wholesale, beef, fresh, native steers
(Chicago)
.
.dol. per lb..
Production (inspected slaughter).thous. of lb..
Stocks, beef, cold storage, end of mo
do
Lamb and mutton:
Consumption, apparent.
do
Production (Inspected slaughter).
do
Stocks, cold storage, end of m o n t h . . . . . d o
Pork (including lard):
Consumption, apparent
do....
Production (inspected slaughter) . . . do .
Pork:
Prices, wholesale (Chicago):
Hams, smoked
dol. per l b . .
Fresh loins, 8-10 lb. average-..
do
Production (inspected slaughter)thous. of lb._
Stocks, cold storage, end of month--.-.do
Lard:
Consumption, apparent
.......
do
Prices, wholesale:
Prime, contract, in tierces (N. Y.)
dol. per l b . .
Refined (Chicago)
do
Production (inspected slaughter) thous. oflb..
Stocks, cold storage, end of month
do
1.413
1. 532
521
524,974
574,166
617,671
518,851
560,617
598,990
562, 214
632, 756
606, 544
614, 900
.210
548.612
132,975
.173
535,884
114,330
.191
575, 794
135,478
.198
605,041
142, 599
.196
513,157
150,410
.200
545,801
147, 514
.214
566, 213
126,884
.213
530, 200
99,076
.210
609,840
81, 556
.209
606. 516
82, 647
.210
613,620
83, 288
'.210
641. 531
95, 146
82, 547
26. 096
55,572
57,244
6.432
64,239
65,816
7,836
68,451
68, 781
8,228
61,813
61,701
8,122
73,311
73,422
8,180
69.433
68,331
7,108
62,497
61,1583
5,711
58,964
58,899
6,313
66, 734
66.916
5,487
70,790
72, 821
7,602
83.407
86, 982
11.260
664,354 838,113 816, 538
800, 819 1,042,675 1,053,759
632,393
696,100
648,483
725, 295
669,803
741,802
702,864
782,338
755,213
861,804
729, 544
773, 247
640,169
642, 827
720.437
. 325
. 303
. 325
,310
.311
.298
496,360 557. 953 590.541
336, 634 270, 287
. 210
686. 02S
116, S«»2
r
84. 004
90. 733
17, 8<M>
653. 932
.293
.265
. 284
.214
721.781 606,814
282.100 350, 270
.271
.199
782,070
468, 538
.299
.206
775,656
613,659
.303
.240
520,156
616,604
.315
.262
544, 368
590,416
.321
.288
567,754
572,799
.300
.291
597,129
559,849
.295
.293
654, 697
522,173
.295
.294
582,774
433, 547
99,961
138,011
144,963
92, 053
72,194
103, 281
86,333
85,093
86, 366
82, 097
. 139
.104
. 146
.120
145.578 141, 579
54, 614 176,465
.106
.127
190,337
186,511
.112
.130
203,306
209, 470
.121
.136
128,465
206,565
.125
.138
132,114
182.004
.126
.144
126,877
126, 284
.126
.143
135,081
117,995
.127
(•)
151,017
102,260
.128
.139
139,042
98,349
.129
.139
106,660
85, 274
. 129
. 139
. 142
118.236 119.978
62, 143 r 57, 547
.230
23,123
96, 716
.218
29,762
80,242
.206
32,493
79,200
.209
34, 435
79,346
.224
37,307
86, 645
. 230
. 210
46, 666
58.910
115,505 161.011
.293
5,992
.301
5,769
.304
4,731
.321
4,092
.342
3, 534
7,754
7,935
278,499 ! 290, 529
6. 751
272, 042
POULTRY AND E G G S
Poultry:
Price, wholesale, live fowls (Chicago)
.224
.191
. 209
.167
dol. per l b . .
.235
.233
27,302
Receipts, 5 markets
. . . thous. of l b . . 78.661
77, 720 84. 224
20, 509
18,624
192,958 172,913 218.392 206,120 179,083 139,677
Stocks, cold storage, end of month
do
Eggs:
Price, wholesale, fresh firsts (Chicago)
.361
.341
.333
.286
dol. per doz..
. 400
.282
2,156
2,612
Production
millions..
3,371
3,836
2.515
5,489
Stocks, cold storage, end of month:
331
049
529
Shell._.
thom. of cases
1. 115
1,670
1,798
Frozen
thous. of lb_. 126, 094 129,533 05,538
76, 293
73, 766 107,397
f
Revised.
0
No quotation.
IJune figures include only old wheat; new wheat not reported in stock figures until crop year begins in
1. 106
1.449
519
6,945
4,638
159, 585 223,831
July.
87, 170
. 355
3,013
5,421
234,876
66. 63 5
. 397
2.712
r
3. 117
180.329
S-27
SURVEY OF CURRENT BUSINESS
.laiuiiirv 1 0 4 3
Monthly statistics through December 1941, to- 1942
1941
gether with explanatory notes and references
to the sources of the data, may be found in the Novem- Novem- DecemJanuary
1942 Supplement to the Survey
ber
ber
ber
1942
»- j March
April j May
j August September
June
July
0. 0890
0. 0890
October
FOODSTUFFS AND TOBACCO—Continued
TROPICAL PRODUCTS
Cocoa, price, spot, Accra (N. Y.).dol. per lb
Coffee:
Clearances from Brazil, total-.thous. of bags..
To United States
do
Price, wholesale, Santos, No. 4 (N. Y.)
dol. per l b . .
Visible supply. United States-thous. of bags..
Sugar, United States:
Raw sugar:
Price, wholesale, 96° centrifugal (N. Y.)
dol. per l b . .
Refined sugar, granulated:
Price, retail (N. Y.)
...
do....
Price, wholesale (N. Y.)......
...do..._
0. 087;
r.io
882
768
384
0. 0935
0. 0950
0. 0892
1, 008 1 1, 073
970 I 1,001
0. 0890
0.0890 ! 0.0890
269
136
1, 006
842
773
635
453
348
560
418
.134
1, 102
.134
850
.134
852
.134
825
.134
1,079
.134
973
. 134
795 I
.037
.037
.037
.037
.037
.037 I .037
.066
.053
.066
.055
.065
.055
.066
.055
.066
.055
.066 I .008
.055 I .055
23,962 | 29,234
35, 005
.131
1,393
.037
.035
.035
.037
.008
.059
.052
.060 |
.052 !
.064
.053
.066
.053
.134
1,471
0. 0890
680
609
. 134
301
.133
1,327
0. 0890
766
665
. 134
539
MISCELLANEOUS FOOD PRODUCTS
Candy sales by manufacturers
thous. of dol..I 32,
Fish:
I
Landings,fresh fish, prin. ports.-thous. of lb_
Stocks, cold storage, 15th of month.. do
114,
Gelatin, edible:
Monthly report for 7 companies:
.217
Production
...do
. 339
Shipments
.do...
, 544
Stocks
do...
Quarterly report for 11 companies:
Production...,
._._
do...
Stocks.
.
....do...
TOBACCO
Leaf:
Production (crop estimate)
mil. of lb..
Stocks, dealers and manufacturers, total, end
of quarter
mil. of lb..
Domestic:
Cigar leaf
.
do
Fire-cured and dark air-cured
do
Flue-cured and light air-cured.
do....
M iscellaneous domestic......
...do
Foreign grown:
Cigar leaf
. .. ......
.-..do
Cigarette tobacco..
_...do___.
Manufactured products:
Consumption (tax-paid withdrawals):
Small cigarettes
.millions.
Large cigars
-_.
thousands.
Mfd. tobacco and snuff
thous. of lb..
Prices, wholesale (list price, composite):
Cigarettes, f.o.b. destination..dol. per 1,000..
Cigars, delivered,.____.
.„
do
Production, manufactured tobacco:
Total
— . . . . _ . . . . t h o u s . of l b . .
Fine-cut chewing.
do
Plug
......
do....
Scrap chewing
do
Smoking
_
do
Snuff
do
Twist
.......do
32, 003
33,043
27, 007
27, 277
28, 914
27,179
22, 830
19, 177
20, 136
' 41. 523
115,432
29,522
117,805
16,355
99,979
13,853
82,677
39,153
62,160
42,493
49,079
48,879
55,036
49,195
63,411
48,887
81,496
49, 307
100,088
40,021
109, 428
38. 0">0
115. J 2s
2,271
2,060
3,431
2,081
2,121
3,392
2,245
2,094
3,542
2,102
2,126
3,518
2,269
2,147
3,640
2,164
2,162
3,642
2,116
1,940
3,819
1,962
2,292
3, 108
1,715
2,130
2,783
1,712
1,907
2, 588
2, 129
1. doO
2. 000
1,860
2,151
3,528 ;
8,549
5,139
8,035
4,782 ;
3,492
3,510
3,177
340
251
2,784
4
437
303
2,663
4
426
280
2,366
4
8,314
6,026
6. 801
3, 301
» 1,263
22 ...
78
21
91
», 447
, 34K
>. 882
380
240
17,141
542,906
27,376
16,201
474,913
24,265
19,503
458,277
27,938
16,628
441,805
24,426
17,016
489, 727
27,919
17, 380
503, 536
27, 825
18,455
457, 767
25,181
20,004
532,390
27,807
20. 875
510. 823
27, 013
20.941 ; 21,978
23. 075
498,872 ! 519,970 033. 350
25,329 I 27,329
30. i'50
5.760
46. 056
5.760
46. 056
5.760
46.056
5. 760
46.190
5.760
46. 592
5.760
46.592
5.760
46.592
5.760
46.592
5. 760
46. 592
5.760
46. 592
5. 700
27,570
396
3,810
3,279
16, 631
3,023
430
25,521
415
3,769
3,410
14,070
3,392
465
27,365
415
4,045
3,673
14,990
3,763
479
25,072
358
3,697
3,411
13, 854
3,265
486
28,656
411
4,445
4.117
15, 240
3,916
528
27, 745
398
4,347
3,913
14,782
3,827
478
25,950
420
4,297
3,768
13, 705
3,302
459
28, 207
481
4,878
4,047
14,912
3,366
522
29, 443
446
4. 933
5. 243
15, 025
3; 264
26,475
534
506
27, 535
437
5.128
4. 200
14,035
3, 109
507
437
4, 749
4.724
13,259
2.799
I
LEATHER AND PRODUCTS
HIDES AND SKINS
Livestock, slaughter (Federally inspected):
Calves
thous. of animals..
Cattle
do....
Hogs
.
do
Sheep and lamb
..-do
Prices, wholesale (Chicago):
Hides, packers', heavy, native steers
dol. per l b . .
Calfskins, packers', 8 to 151b..
.do....
LEATHER
Production:
Calf and kip
.
.thous. of skins..
, 01J
Cattle hides.
. . . . _ _ . . . . . . t h o u s . of hides..
Goat and kid
. . . . . . _ t h o u s . of skins..
», 0 5 5
Sbeep and lamb.
....
...do
Prices, wholesale:
Sole, oak, bends (Boston)f
dol. per lb..
Chrome, calf, B grade, black composite
dol. persq. ft..
Stocks of cattle hides and leather, end of month:
Total
thous. of equiv. hides..
Leather, in process and finished......do
Hides, raw
do
'1 Revised.
Revised estimate.
1
December 1 estimate.
* No quotation.
tRevised series; revised data beginning July 1933 will be
476
941
4,561
1,424
457
1,004
5,767
1,571
440
1,057
6,831
1,611
392
891
3,892
1,407
491
929
4,134
1,669
602
956
4,196
1,570
471
885
4,320
1,475
475
1,039
4,554
1,481
461
1. 048
3. 886
1,705
460
1,103
3,223
1,840
513
J, 159
3, 843
2, 223
.155
.218
.155
.218
.156
.218
.155
.218
.155
.218
.155
.218
.155
.218
.155
.218
. 155
.218
.155
.218
. 155
.218
1,014
2,445
3,837
4,408
1,048
2,572
4,441
4,803
922
2,666
4,226
4,163
974
2,502
4,005
4,555
1,040
2,629
4,414
4,462
1,006
2,684
4,320
4,552
989
2,577
3,631
4,998
1,031
2,534
3,490
4,514
1.053
2,601
3, 037
4. 147
1,093
2,364
2,423
T
4, 287
.440
.440
.440
'.440
.440
.440
.440
.440
.440
.625
.629
.631
.531
.531
.529
.529
.529
.529
14,020
8,569
5,451
14,021
8,691
5,330
14,052
8,923
5,129
13,413
8,900
4,513
12, 747
8,879
3,868
12,389
8,898
3,461
12,139
8,925
3,214
14,223
S.968
5,265 I
shown in a subsequent issue.
11,622
8,762
2, »60
J, LW.»
4. 21 s
2. 344
r1,029
2,384
2,728
4,150
1.073
2, 642
2. 929
4, 402
.440
.440
. 440
.529
. 529
11,706
8,679
3,027
11,809
8, 691
3,118
11.797
8. 75.'
3. 042
S-28
SURVEY OF CURRENT BUSINESS
Monthly statistics through December 1841, together with explanatory notes and references
to the sources of the data, may be found in the
1942 Supplement to the Survey
January 1943
1941
1942
Novem- December
ber
Febru-
March
April
May
July
!Au§ust
tember
October
268,191
150,656
117,535
295, 664
166, 780
128,884
LEATHER AND PRODUCTS—Continued
LEATHER MANUFACTURES
Gloves and mittens:
Production (cut), total..
dozen pairs.
Dress and semidress..
...do......
Work
„
do
Boots, shoes, and slippers:
Prices, wholesale, factory:
Men's black calf blucher
dol. per pair
Men's black calf oxford, corded tip-..do
Women's colored, elk blucher
do...
Production, boots, shoes, and slippers:
Total
thous. of pairs.
Athletic
_.do--_
All fabric (satin, canvas, etc.)
do...
Part fabric and part leather..
__do--.
High and low cut, leather, total d o . . .
Government shoes
-do...
Civilian shoes:
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...
271,215
163, 066
108,149
216. 623
120,228
96, 395
207,169
122,262
84,907
252,904
158, 253
94,651
6.75
4.60
3.60
6.40
4.39
3.55
6.40
4.40
3.55
8.40
4.55
3.56
6.40
4.60
3.60
35,100
415
305
916
28.850
3,425
34, 795
478
223
852
27, 644
1,170
38, 451
442
337
1,052
32,654
1,737
39, 82S
358
436
1,352
34, 899
2.223
40, 006
377
572
454
1,356
34,110
2,336
1,188
1,990
2,743
7,084
12, 420
1,399
2,163
3,491
9,600
9,821
1, 535
2,296
3,888
10,410
12, 789
1,393
2,146
3,805
9,871
15,461
3,943
671
5,164
434
3, 509
459
1,056
827
295,243 272 256
177, 707 '159,056
117, 536 113, 200
283,112 296, 359
180, 237 183,210
102,875 113,149
313,805
198,458
115,347
289,850
178,452
111,398
6.40
4.60
3.60
6.75
4.65
3.60
6.75
4.61
3.60
6.75
4.60
3.60
6.75
4.60
3.60
6.75
4.60
3.60
6.75
4.60
3.60
6.75
4.60
3,60
45,106
45, 590
620
535
1,056
38,362
3,858
40, 771
39, 643
41, 689
481
643
1,247
38,220
2,954
459
147
671
37,094
452
237
716
31,089
3,333
• 39,842
460
'361
••992
32, 929
3,920
1,410
2,029
3,659
9,368
15, 308
1,513
2.340
3,760
9,640
18,013
2,674
1,036
3,297
1,127
883
34,046
3,614
395
555
33, 416
3,675
35. 912
3,678
38,796
424
175
611
33, 046
3,879
1,526
2,372
3, 751
9,730
17.127
1,412
2,187
3,344
8, 557
14, 932
1, 459
2,124
3,603
8,311
14, 245
1, 562
2,151
3,602
8, 578
16, 341
1,392
2,125
3,224
7,446
14, 980
1,419
2,074
3,055
7,560
13, 648
1, 580
2,042
' 3, 239
8,282
r
13, 865
3,607
1,410
3,577
1,283
3,777
1,018
3,850
650
4, 080
460
4,219
381
' 4, 430
'671
504
478
LUMBER AND MANUFACTURES
LUMBER—ALL TYPES
National Lumber Manufacturers ASSD.:|
o 740
2. 322
2. 717
2,899
Production, total
mil. bd.rt..
2,898
2,607
2. 445 |
2. 373
3, 010
2, 478
2.805 i 2, 764
450
473
431
Hardwoods
do
471
451 |
452
464 !
454
423
465
442
440
2 309
1.872
2. 244
Softwoods
.
.do
2,475
2.545
2, 428
2,354 ! 2,322
1, 155
1.9S1 J 1.919
2. 038
3.
141
020
2.957
i
3,273
3.041
Shipments, total
do
2, 550 I 2, 433
2. 545
3,
100
3.
2,
935
2. 787
443
450
-158
470
496
510
523
Hardwoods
do.
501
462
538
541
458
2, 080
2.671
524
2.434
!
Softwoods
.do.
2,087
2,
2,599
2,
531
2. < '88
2,735
2,
394
2.329
H, 599
5. 958
5,717
Stocks, gross, end of month, total
_do_
5, 534
5, 148
6. 977
6, 970
6. S02
5, 280
5.046 ;
4, 898
6, 308
2. 004
l
1.991
Hard woods
do_
1.
734
925
1,
846
1,
773
, 002
1, 998
1.662
t
1. 986
1. 563
4. n\)~>
Soft woods...
do3. 414
X 967
3,792
3,507
3, 688
4, 974
3,384
3. 335
4. 322
4. 804
FLOORING
Maple, beech, and birch:
7, 150
7,300
7,225
7 775
7, 825
6,950
5, 900
7,200
7,875
6,000
Orders, new.
M b d . ft5,050
8,575
10, 125 ! 8,750
9,600
9,050
8,100
8,950
7,200
8,900
8, 650
9 375
5,700
10, 550
Orders, unfilled, end of month
do
7,500 I 7,150
7,550
8.075
6,850
7,500
7,625
8,000
7,500
6,500
7,275
7 175
Production
do
7,100
7,700 ! 8,850
7,150
7,350
7,675
6,950 i 7,500
975
7,500
7, 675 7,500
S hipments
do
14,250
13,850 , 12,000
13,100
13, 625
11,500
12,100
14.000
12,500
11,500
14,'075
12,000
Stocks, end of month
.
do
Oak:
39, 369
32, 560
34, 286
17,911
28,102
40, 749
27,732
18,626
22,720 I 22,609 : 23, 249
17,616
34,972
Orders, new
do
42, 673
48, 097
42. 035
30, 479
42, 549
37, 488
19.476
46, 235
27,771 I 22,631 ; 19,101
45,481
24, 957
Orders, unfilled, end of month
.do
40,656
42, 697
30,562
40, 910
36, 719
36, 283
18,400
19,288 ! 18,633
38,691
20,174
Production
do
25, 491
41,847
37,027
37, 788
35,100
24, 920
38, 014
32, 917
18,251
18,906 I 21,214 ! 26, 779
36, 549
37,588
Shipments
.
do
21, 071
63, 333
55,875
58. 601
72, 341
48, 278
66, 699
63, 563
76,422 ! 73,841
60, B73
59, 704
65, 236
Stocks, end of month
.do
76, 763
R
SOFTWOODS
Prices, wholesale:
Dimension, No. 1, common, 2 x 4—16.
32. 340
29.498 I 32.095 | 32.340
32. 340
32.340 | 32.340
32.340
32. 340
dol. per M bd. ft.. 32. 340 28.910
32.340
32.340
Flooring, B and better, F. G., 1 x 4, R. L.
44.100
42.
336
44.
100
|
44.
100
44.100
44.100 | 44.100
44.100
44.100
44.100
44.100
dol. per M bd. ft.. 44. 100 41.160
Southern pine:
'826
'732
' 761 r 1.01(1 I 'X32 i
' 794
Orders, newf
mil. bd. ft..
' 936
' 731 ! ' 740 I
755
840
621
603
871
794 !
796 !
943
Orders,un filled, end of month.
do
793 i
940
818
887
858 I
Prices, wholesale:
Boards, No. 2 common, 1 x 8
30.000
30.653
30. 804
30.000 ! 30.000
30. 620
30.000
30.000 I 30.000 ! 30.000
dol. per M bd. ft.. 30. 000 30.813
3C. 770
54. 708
55. 000
53. 596
54.330
55.000
55.000 I £5.000 j 55. 000
Flooring, B and better, F. G., 1 x 4...do . . . 55. 000 52.393
55.000 j 55.000
53.798
• 702
'807
' 770
' 785
' 785
'745
'
753
706 !
'738 I
705
Production!
mil. bd. ft..
-759 i
'749
r
r
r
770
' 857
762
'743
' 835
'810
739 !
'778 I
731
Shipments!
do
954 j ' 814
'854
1,307
831
1,398
1,425
1, 375
'
938
758
!
791
|
732
Stocks, end of month
do
1,202
1,007 i
Western pine:
r
T
r
491
' 352
684
' 597
387
519
' 664
- 482
564 ;
' 586
640
Orders, new
do
r
r
r
345
421
' 465
'626
' 614
520
' 671
473
' 635
562
Orders, unfilled, end of month
do
578
W
Price, wholesale, Ponderosa. boards, No. 3
30.71
31.46
30. 42
31. 04
31.36
30. 73
31. 51
31. 52
31. 35
31.53 ' 32.01
31. 53
common, 1 x 8
-dol. per M bd. ft..
r
T
r
' 450
' 368
292
'695
' 266
' 374
' 691
' 522
641
484
666
' 6 3 7 '••
Production!
mil. bd. ft..
r
r
' 426
'457
421
'474
543
407
'642
' 553
' 628
f>24
Shipments!
do
'612
602 !
r
r
;
1.411
1,779
1,681 r 1, 526
" 1.311 r 1,252
• 1. 2 2 1
' 1,284 ' 1, 337 r 1,391
Stocks, end of month!
do
1,443
' 1, 426
West coast woods:
' 650
' 868
' 694
' 748
' 742 ' 1.007
' 898 ' 1, 037
746
Orders, new!__
do
^ 819
'833 :
587
827
'897
r 929
1,029
1,171
891
1,067
1,097
1,145
1.095
Orders, unfilled, end of month
do
1, 150
r
738
677
642
656
701
'781
783
802
'
775
739
Production!
do
768
r 783
675
635
705
626
757
'925
'881
'816
880
762
Shipments!
do
894
'842
929
991
929
971
968
622
835
Stocks, end of month..
do
756
578 :
875
578
572
Redwood, California:
26, 781
41, 252
40, 942
29, 688
39, 407
39, 445
Orders, new.. _
M bd. ft.. 44,868
55, 566
44, 631
50, 047
44,983 i 58, 278
58,135
;
91,542
34,860
49. 873
41,696
66,073
64,152
Orders, unfilled, end of month.
do
61,104
75, 009
65, 359
73,137
88,086
90, 997
87,154
35, 399
38, 671
35. 642
33,128
30, 698
37, 397
Production
do
38, 808
37, 960
41, 666
42, 008
38,462 ! 41,163
38,790
40,979
29,910
32, 292
22,877
30, 208
41,205
43, 560
43, 307
46, 673
46, 562
48,738 i 51. 567
48, 647
Shipments
--- - -do
163, 457 248,440 253, 061 249,176 249,377 240. 342 228, 068 220,602 213,124 207, 588 195, 721 182,697 :170, 197
Stocks, end of month
~ do
' Revised.
f Lumber statistics for 1941 and 1942 have been revised to data from the 1941 Census of Forest Products. Revisions have been made also in earlier figures beginning 1937
for hardwood stocks and total lumber stocks, and beginning 1939 for softwood stocks and new orders, production, and shipments of west coast woods, on the basis of additional
Information now available. Revisions for all months of 1941 and earlier figures affected by the revision? will be published later.
i
S-29
SURVEY OF CURRENT BUSINESS
January 1943
Monthly statistics through December 1941, together with explanatory notes and references
to the sources of the data, may be found in the
1942 Supplement to the Survey
1942
March
April
May
June
July
September
August
October
LUMBER AND MANUFACTURES—Continued
FURNITURE
All districts:
Plant operations
percent of normal..
Grand Rapids district:
Orders.
Canceled
percent of new orders..
New
no. of days' production . _
Unfilled, end of month
do
Plant operations
percent of normal.
Shipments.
.no. of days' production__
Prices, wholesale:
Beds, wooden
.
1926=100-.
Dining-room chairs, set of 6 . .
.-do
Kitchen cabinets
do_..
Living-room davenports
.
do
Steel furniture (see Iron and Steel Section).
87.5
82.0
79.0
83.0
79.0
78.0
5.0
29
58
79.0
21
10.0 i
23
53
78.0
22
78.0
72.0
!
5.0
33
75
88.0
27
15.0
15
59
86.0
8.0
22
59
81.0
24
98.0
113.6
102.0
104.2
101. 2
115.0
102.0
104.2
101.2
118.9
102. 6
104.2
7.0
20
58
82.0 j
22 !
8.0
18
50
75.0
25
101.0
118.9
102.6
104.2
101.0
118.9
102.6
104.2
101.0
118.9
102.6
104.2
75.0
20
73. 0
19
4.0
25
55
GO. 0
18
5.0
30
03
51.0
20
2.0
26
58
5&. 0
26
101.0
118.9
102.6
104.2
101.0
118.9
102.6
104.2
101.0
118.9
102.6
104.2
101.0
118.9
102. 6
104.2
101.0
118.9
102. 6
104.2
10L.0
118.9
102. G
104.2
5,225
2,932
2,293
3,972
1,077
2,895
5,000
2,763
2,237
4,297
1,185
3,112
5,006
2,792
2, 214
4, 579
1, 286
3,293
5,015
2,812
2,203
4,780
1,337
3, 443
4, 955
2, 846
2,109
4, 993
1, 388
3. 605
5, 342
3; 034
2. 308
5, 530
1,460
4,070
7, 230
12,677
25,199
22, 310
2,889
7,034
12,625
30,931
27,664
3,267
METALS AND MANUFACTURES
IRON AND STEEL
j
Iron and Steel Scrap
j
I
Consumption, total*
thous. of short tons..;
Home scrap*.
.
.
do...-i
Purchased scrap*
do
|
Stock, consumers', end of mo., total*...do
\
Home scrap*
do
j
Purchased scrap*
__do
i
....
Iron OreLake Superior district:
|
Consumption by furnaces
!
thous. of long tons. _'
7,456
Shipments from upper lake ports
do
_ i 7,582
Stocks, end of month, total
. . . . . d o . . . . i 53, 703
At furnaces
-do
\ 46,552
On Lake Erie docks
...do
j 7,151
5,078 •
2,873 !
2,205
3,802 !
1,167 i
2,635
5, 010
2,824
2,186
3,829
1,232
2,597
6,501
7,661
45, 535
40, 245
5,290
7,062
835
40,457
35,563
4,894
4,956
2,822
2,134
3,503
1,145
2,358
i
!
I
!
!
7,158
0
33,919
29, 627
4,292
4,708
2,643
2,065
3,455
1,170
2,285
5,221
2,956
2,265
3,460
1,114
2,346
6, 403
0
27, 526
23,835
3, 691
7,109
793
20,190
17.561
2,629
!
j
j
5,156
2, 919
2,237
3,682
1,105
2,577
i
;
!
i
I
i
7,007
7,857
20,065
17,536
2,529
!
|
j
j
!
!
7,176 !
7,155
! 13,405 | 13,236
! 37,327 j 43,236
! 33,289 ! 38,124
4,038 1
5,112
j
7 140 !
7, 599
848 \ l j ' 417
48, 422 i 52, 667
42, 548 ! • 45*. 883
5, 874 :
''• 784
i
Pig Iron a n d Iron M a n u f a c t u r e s
i
Castings, malleable:
j
Orders, new, net
short tons..j 73,152
Production..
do__._i 59,432
Shipments
d o . . . . ! 58,734
Pig iron:
j
Consumption*
thous. of short tons.!
Prices, wholesale*
i
Basic (valley furnace)....dol. per long ton.. | 23.50
Composite..
d o . . . . ! 24.20
Foundry, No. 2, northern (Pitts)
do
; 25. 89
Stocks, consumers', ena oi montn*.. thous. of j
short tons
.
__j....
Boilers and radiators, cast-iron:
|
Boilers, round:
|
Production.
thous. of lb__ j
Shipments
do....!
Stocks, end of month
.......
do
j____
Boilers, square:
!
Production..
do
Shipments
.
do
:
Stocks, end of month
_do
i
Radiators and con vectors:
|
Production.thous. of sq. ft. heating surface..!
.
Shipments
do... !
Stocks, end of m o n t h . .
do
j
..
Boilers, range, galvanized:
j
Orders, new, net
number of boilers..; 40,130
Orders, unfilled, end of month
do
j 45,737
Production
do
j 37,353
Shipments
do
| 36,990
Stocks, end of month.
......._do
j 6,765
Steel, Crude and S e m i m a n u f a c t u r e d
60,745
66,738
68,983
56,587
71,311
70, 744
105,556
66,292 :
68,741 1 65,140 !
65,217 1 62,724 '\
62, 979
69. 737
65. 866
60,398
71,256 j
68,459 |
63, 651
61. 434
59,120
54,219 ! 55,032
60,696 | 59, 990
61,783 I 59,144
85,1S1
oS, (5S7
«")(», 6 6 4
63,978
56, 304
56,651
' 70. W
r
r>\2">]
1
<)5. -1.77
4, 766
5,020
4,997
4,554
5,100
4,944
5,030
4,959 !
4,935 !
4,836
.". 145
23 50
24 15
25 89
23.50
24.15
25.89
23.50 I
24.15 1
25.89 1
23.50
24.15 ;
25.89 !
23.50
24.17
25.89
23. 50
24.20
25.89
23.50 ! 23. 50
24.20 I 24.20
25.89 ! 25.89
23.50 I
24. 20
25.89 I
23.50 I
24.20 I
25.89 I
23. 50
21.20
23. ;»0
24. 20
2.-> ,xy
1,570 |
1,681
1,473 i
1,221 j
1, 296 I
1,272 i
I
690 j
976
1,479
2,094
8, 546 ! 7,428
1,400 <
754
1,408
9,493
1,286 j 1,232
4,869
1,257 I
504
905 !
842
539 !
9,673 j 9,325
I
1,133
1,922
11,168
1,115
1,448
11,182
732
1,484
10.146
21,104
24, 502
93,669
19,642
17, 380
92,998
[
9,924 | 11,312 !
18,756 i 17,773 i 16,214
15.026
11,494 I 10,532
18,702 j
17,044 ; 19,081
15,789 ! 16,301 I 8,546 ; 12,474 ! 16.644
91,807 I 85,090 I 77,700 |
94,832 ! 93,525
93,950 | 92,675 i 93,749
1,012 ! 1,071
1,083 !
938
9,421 ! 9,554
5,787
6,763
7,695
7,390
18,271 : 17,567
6,199 I 6,445 ! 5 399
6,717 !
6,781 I 5,656 j 6 384
6,175
18,106 I 17,524 | 18,313 | 17 328
52,605 |
93,966 i
58,810 !
60,248 j
16,411 !
42,781
72,366
50,557
51,259
17,212
53,809
77,190
49, 217
48,985
17, 444
62,010
76,750
64,847
62,450
19,841
113,034 i 150, 551
26,839 | 35,723
131,518 !134,778
45,640 ! 46, 357
179,880
54, 409
133, 726
45,013
211,081
43,997
146,507
48,335
191,195
26,558
149,625
45,158
7,125
95
6,521
96
7,393
7,122
41, 343
80,844
55,856 |
54,465
17,785
I
I
j
!
!
j
!
I
i
j
38,014
68, 884
42, 427
45, 880
16, 388
4, 317
4, 131
17, 062
4, 333
4, 457
4,384
5,168 ! 6,284
6,291
16,149 | 14,322 \ 12,414
30,481 I
31,458
52,652 I
62,709
39,171 '
33,627
37,633 ! 40,538 I
11,015 j
12,382
22, 955
34, 672
40, 181
40,935
10,561
46,025
39, 324
40,454
41,373
9,646
41
3;.
43
45
77U
S79
410 ,
224
832
12. 597
•j7l i n
(i, 402
]
Castings, steel, commercial:
Orders, new, total, net
short tons '..
Railway specialties..
.___._do__.. j.
:
Production, total...
__.__..do
.
Railway specialties
...do
.
t-teel ingots and steel for castings:
Production
thous. of short tons.
Percent of capacity
Prices, wholesale:
Composite, finished steel
dol. per lb.
Steel billets, rerolling (Pittsburgh)
;
dol. per long ton i
Structural steel (Pittsburgh)
dol. per lb !
Steel scrap (Chicago).
dol. per long ton.-!
U. S. Steel Corporation, shipments of fin- j
ished steel products
thous. of short tons I
.
84, 534
16,549
104,605
33,383
| 199,619
j 11,025
I 131,492
I 25,644
208, 243
11,218
131,458
21,658
.0265
.0265 ; .0265
.0265
.0265
.0265 j .0265 |
34.00
. 0210
18.75
34.00
.0210 i
18.75 i
34.00
.0210
18.75
34.00
.0210
18.75
34.00
.0210
18.75
34.00 j 34.00 ! 34.00
.0210 ! .0210 i .0210
18.75 i 18.75 ' 18. 75
:
!
. 0265
.0265
. 0265
34.00
.0210
18.75
34.00
.0210
18.75
34.00
.0210 ;
34.00
. 0210
18. 75
.0265
.0265
34.00
. 0210
18.75
7,387 i
117! 020
13,732
7, 067
97
7,149
95
7,150
131,836
7,233 I
95 |
i
.0265 |
7,022
96
6,961
7,) 85
to
I
202,334 140,673 171,265
3,610 —13,480 i 13, 546
134, 461 139,059 135, 823
12 988
12,051
16,251
7, 5*5
100
18.75
1, 7SK
1,704 !
Revised.
1 Cancelations exceeded orders booked d u r i n g t h e m o n t h b y 13,480 short t o n s .
2
F i g u r e s previously s h o w n for S e p t e m b e r were found to be incomplete a n d are o m i t t e d in this issue.
* N e w series. T h e d a t a o n scrap iron a n d steel a n d pig iron c o n s u m p t i o n a n d stocks are e s t i m a t e d i n d u s t r y totals compiled b y t h e 17. 5 . Department of Interior,
Bureau
of Mines, based o n r e p o r t s from consumers accounting for 96 t o 99 p e r c e n t of t h e i n d u s t r y total beginning in t h e latter half of 1941 a n d 93 t o 95 percent i n t h e earlier period.
D a t a for J a n u a r y - O c t o b e r 1941 are s h o w n on p . S-30 of t h e April 1942 S u r v e y . Prior to 1941 d a t a were collected only for t h e last m o n t h of each q u a r t e r . For available
1939 a n d 1940 d a t a , see n o t e m a r k e d " * " on p . S-29 of t h e N o v e m b e r 1942 issue. C o n s u m e r s ' stocks of pig iron include suppliers' a n d p r o d u c e r s ' stocks.
r
1,666
1,624 ;
1,846 i
1,739 \
1,617
1,781
1,759
1,834
1,774 ;
1,766 1,789
S-30
SURVEY OF CURRENT BUSINESS
Monthly statistics through December 1941, to- 1943
1941
gether with explanatory notes and references
to the sources of the data, may be found in the Novem- Novem- Decent
ber
1942 Supplement to the Survey
ber
ber
January 1943
1942
January
February
April
March
May
June
July
Augusi
September
October
METALS AND MANUFACTURES—Continued
IRON AND STEEL-Continued
Steel, Manufactured Products
i
Barrels and drums, steel, heavy types:
Orders, unfilled, end of month....thousands..
Production
....do
Percent of capacity
Shipments
thousands..
Stocks, end of monthdo.._Boilers, steel, new orders:
Area..
thous. of sq. ft..
Quantity
number. Furniture, and shelving, steel:
Office furniture:
Orders, new, net...
thous. of dol..
Orders, unfilled, end of month
do
Shipments
_
do
Shelving:
Orders, new, net....
...do
Orders, unfilled, end of month
do
Shipments
...do
Porcelain enameled products, shipments t
thous. of doL.
Spring washers, shipments
do
1,671
1,388
76.0
1,386
49
1,762
1,586
86.9
1,604
25
2,047
1,859
101.9
1.851
34
2,149
1,952
107.0
1,054
36
2,230
1,845
101.1
1,848
34
1/893
2,416
132.4
2,420
1.797
2,067
113.3
2,046
50
1,551
1,780
97.6
1,796
34
1,652
1,749
95.9
1,741
42
1,402
1,760
96.5
1,760
42
1,506
1,536
84.2
1,538
40
1, 704
1.838
100.7
1, 823
1. 215
1, 49$
82.1
1. 504
1,912
874
• 3, 706
•1,305
1,929
997
2,813
1,010
2,230
995
9,695
2,822
3,715
1,593
3,250
1,340
2,217
1,204
2,316
1,091
1,832
906
3,960
2, 346
2.792
1,103
443
1, 223
499
3,422
6,840
3,912
4,612
7,105
4,338
4,490
7,335
4,236
3,194
6,340
4,188
3,751
5,530
4,560
2,551
3, 951
4,130
2,817
3,119
4,204
1,203
1,820
2,256
1,707
1,744
1,784
1, 278
1,898
1,124
537
1,456 i
' 979 j
1,27V*
554
1
74
323
144
858
1,678
1,016
1,365
1,058
1,082
1,405
1,042
1,094
1,490
994
1,510
1,870
1,130
1,418
2, 273
1,015
1,606
2,763
1,115
1,459
2,788
1,434
638
2,385
1,040
i -225
1,565
596
i -512
935
118
2,652
336
5,371
276
5,598
292
5,143
290
5,289
295
5,841 !
341 I
5,560
334
4,521
317
4,239
302
4,023
324
3,357
317
3,104
321
3,195
382
.0813
. 1178
. 0650
. 5200
. 0825
.0931
.1178
. 0585
.5200
.0825
.0937
.1178
.0585
.5200
. 0825
. 0873
.1178
.0628
. 5200
.0825
.1178
. 0650
.5200
. 0825
. 0875
.1178
.0650
. 5200
. 0825
.0875
.1178
. 0650
. 5200
.0825
.0875
.1178
. 0650
.5200
.0825
.0875
.1178
.0650
.5200
.0825
.0875
.1178
.0650
.5200
.0825
.0875
.1178
.0650
. 5200
.0825
. 0875
.1178
.0650
. 5200
. 0825
. 0S57
.1178
. 0650
. 520!)
. 0S25
3,176
4,754
4,753
5,506
3,745
4,599
3,573
3,541
3,163
3,605
2,907
3.296 |
723
2,548
. 195
813
2,399
.195
697
2,795
.195
562
1,885
.195
594
2,198
.195
667
1,484
. 195
528
1,711
.195
463
1,646
.195
657
1,826
.195
649
1,310
.195
699
1. 453
. 195
-37y
393
15$
NONFERROUS METALS
Metals
Prices, wholesale:
Aluminum, scrap, castings (X. Y.).dol. per 1b.
Copper, electrolytic (N. Y.)
.'......do
Lead, refined, pig, desilverized (N, Y.)_ do
Tin, Straits (N. Y.)
.....do....
Zinc, prime, western (St. Louis)
do
!
!
Miscellaneous Products
Bearing metal (white-base antifriction), consumption and shipments, total (59 manufacturers)!
.
thous. of l b _ .
Consumption a n d shipments, 37 mfrs.§
Consumed in own plants
.
do
Shipments
.
.....
do
Sheets, brass, wholesale price, mill.-dol. per lb._
744
1.760
. 105
MACHINERY AND APPARATUS
Blowers a n d fans, new o r d e r s . . . . t h o u s . of d o l . .
Electric overhead cranes:
Orders, n e w .
..do
Orders, unfilled, end of m o n t h
. . . . .do
Shipments
.do
F o u n d r y equipment:
New orders, net t o t a l . . . .
1937-39=100..
N e w equipment
do....
Repairs
........do....
Fuel e q u i p m e n t and heating apparatus:
Oil burners:
Orders, new, n e t . . . . .
number..
Orders, unfilled, end of m o n t h
... do....
Shipments
...do....
Stocks, end of m o n t h
........do
Pulverizers, orders, new
do
Mechanical stokers, sales:
Classes 1, 2, and 3
.do
Classes 4 and 5:
Number..-. --.......-.........
Horsepo wer
. . _.
......-..Unit heaters, new orders
_thous. of d o l . .
Warm-air furnaces, winter air-conditioning
systems, and equipment, new orders
thous. of d o l . .
Machine tools, shipments .
do
P u m p s and water systems, domestic, shipments:
Pitcher, other hand, and windmill p u m p s
units. .
Power p u m p s , horizontal t y p e
.do
I
Water systems, including p u m p s —
do
P u m p s , steam, power, centrifugal, and rotary:
Orders, new
thous. of dol..1
10,205
8,067
7, 981
21,138
7, 642
36.957
28
22,500
12. 658 j
2,239
13,731
1,955
3,163
14,654
2,216
5,927
18,415
2,079
5,577
21,622
2,197
i
9,624 I 6,378
28,563
32,265
2,577
2, 561
6,236
34,471
2,511
2,835
34,190
2,768
4,058
34, 958
2,722
3,355
35, 072
2,701
1, 160
32,883
3, 002
2,170
31.43*.
3, 030
408.5
417.4
381.7
481.2
505.3
408.7
532.7
570.6
418.5
567.9
636.6
361.4
1,122.3 1,033.8
1,352. 7 1,233. 7
428.8
432.1
653.6
730.2
423.3
774.0
884.4
441.5
800.8
909.1
474.0
510.8
536.7
433.0
446.4
452. 4
428. 4
540.6
23,225
20,202
16, 747 18,057
21,813 | 21,915
27,304
28,900
46
43
19,674
18, 418
19,159
27,601
109
16,006
16,428
17,996
28,124
22
10, 680
17,843
9,171
41, 277
37
18, 763
8,441
40,170
31
8,484
19, 000
8,660
39, 122
37
8,100
19, 066
8,034
39, 323
21
8,589
18. 430
9, 225
36, 858
38
10.761
20.799
S, 392
37.41?)
<• 5S
7,961
8, 723
5, 54$
389
90, 344
373
81,991
6. 094
43$
76.20$
14,844
17.051
14,412
29,947
43
10, 883
16, 334
11,600
34,509
62
1,994
10, 613
8,303
4,722
11,365
7,040
454
110, 009
264
53,020
289
72,229
7,062
246
67,011
415 i
331
88,938
77, 635
......
419
98,027
4,507
428
105, 278
120. 853
15,001
81,435
7,423 !..
83,547 I r 84, 432 - 38, 358 I 103,364 107,297
5,463
111,090
7.041
67
3, 393
31,663
37, 668
984
1,498 j
28,221 ! 28,198
6,350 ! 7,808
316
81,890
I
10,972 \
294
77,334
5,754
9,573 j
i!
113,596
5.956
117,342 '119.883 I 130. 00 S
29,958
86
22,662
42, 932
131
22, 459
5,703
5. 797
66
161
90
155
151
148
325. 9
'281.9 ! '285.3 312.3
'689.5 ! • 696. 6
779.0 627,0
I
••238.8 i '219.1 r 206. 0 ' 213.1
279.9 ' 289.4
223. 4
'236.9 ! 215.3
Cancellations exceeded new orders b y the amounts shown above as negative items.
330. 6
805. 4
371.7
366.7
198. 5
212. S
8, 229
2,368 j
2,459
41,534 I 40,528 j 43,117
26,721 j!
1,150 !
359 i
167 |
23,788
I
24,437
4,138
5, 784
8,668 i
42,179
27, £
219
4,334
161 !
169 i
91
169
33,234
97
24, 204
4,634 I
. I V ) ••>
32.163
126
18, 610
6,417 i
24, 148
68
20. 052
26. 192
104
V.K 792
5,494
5. 243
ELECTRICAL EQUIPMENT
Battery shipments (automotive replacement
only):
Unadjusted
1934-36 = 100.
Twelve-month moving total...
...do...
Electrical products: f
]
Insulating materials, sales billed...1936=100..
Motors and generators, new orders..... do - ~,.. j
Transmission and distribution equipment, !
new orders
..
-1936=100. J
182
151
185
153
' 240. 4 r 254.I
' 305. 7 ' 380.5
111
154
r
254.8
' 396.1
180
162
' 245. 9
'311.7
'
279.1
r
768.6
65
167
205 !
145 i
391.
366.
l
' Bevised.
§ One manufacturer previously reporting went out of business in 1941.
1 Of t h e 101 firms on the reporting list in 1941, 8 have discontinued the manufacture of stokers; some manufacture stokers only occasionally; since April 1942, 56-3)
firms have reported sales.
*New series. T h e series for machine tools covers total shipments as reported to t h e W a r Production Board beginning December 1941; earlier data, available beginning
J a n u a r y 1940, are estimated industry totals, compiled b y the National Machine Tool Builders' Association from reports covering around 95 percent of the industry, Presses
and other metal-forming machines are not included. For 1940 data and 1941 through August, see note marked " • " on p . S-30 of the November 1942 issue.
t Revised series. A new method has been employed in the construction of the indexes for electrical products to overcome a strong upward bias in the two series on orderreceived, and, in addition, the n u m b e r of products composing the individual indexes has been increased. Earlier data will be published in a subsequent issue,
% Of the 99 manufacturers on the reporting list J a n u a r y 1, 3942, 16 have discontinued shipments of these products for the duration of the war.
S-31
SURVEY OF CURRENT BUSINESS
January 1943
Monthly statistics through December 1941, to- 1942
1941
gether with explanatory notes and references
to the sources of the data, may be found in the Novem- Novem- Decem1942 Supplement to the Survey
ber
ber
ber
1942
January
February
March
April
May
September
June
July
70, 507
5,100
24, 796
2,133
31.310
2. 378
26, 528
2,237
August
October
METALS AND MANUFACTURES—Continued
ELECTRICAL
EQUIPMENT—Con.
Furnaces, electric, industrial, sales:
Unit
kilowatts.
Value..
--.thous. of dol.
Electrical goods, new orders (quarterly)
thous. of dol.
Laminated fiber products, shipments
do...
Motors (1-200 hp.):
Polyphase induction, billings
do...
Polyphase induction, new orders
do...
Direct current, billings
„
do...
Direct current, new orders
do...
Power cable, paper insulated, shipments:
Unit...
_..
.thous. of ft.
Value..
....thous. of dol.
Rigid steel conduit and fittings, shipments
short tons.
Vulcanited fiber:
Consumption of fiber paper.._.-thous. of lb.
Shipments
thous. of dol.
5,163
4, 314
1,465
8. 617
646
12,298
1,149
21, 520
1,882
23,961
2,491
45,674
4,551
148, 556
10, 367
2,997
583,214
3,151
3,370
3,151
759,063
3,641
3,699
~~3~722"
1,057,954
4,116
4, 557
4. 475
965,120
5,028
5,279
5,388
5,410
2,074
2,860
6,957
8,176
2,552
4,602
6,061
7,086
2,140
3,974
6,417
7,489
2,294
3,056
6,743
13,189
3,097
8,313
7,604
12, 697
4,418
10,196
7,471
11,174
3,395
12, 761
7,855
11,932
3,225
13, 494
8 T 052
10, 949
3, 413
8,407
7,710
9,272
3. 857
10, 377
8,088
8, 257
4, 584
4, 341
8,287
7,291
4,433
3,614
1,067
1,536
1,054
1,694
958
1,475
928
1,119
605
1,062
578
934
576
978
1, 375
1,716
899
1,123
1,074
1, 435
942
1, 269
24,817
28,840
22, 834
22,838
25,572
26,499
22, 987
22,656
21,449 j 21.420
17, 452
14,509
3,738
1,107
3,454
1,024
3,681
956
3,987
1,107
3,900
1,145
4,228
1,215
4,303
1,378
4.364
1,581
4, 832
1,614
3,525 !
1,031 j
34,210
3,177
1, 549 [
2, 050 i
4.067 i
1.204 !
4.219
1,351
20,297
1, 534
PAPER AND PRINTING
WOOD
PULP
Production:
Total, all grades
. ...short tons.
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...
Qroundwood
do...
Prices, wholesale:
Sulphate, Kraft No. 1, unbleached
dol. per 100 1b.
Sulphite, unbleached
.
do...
759, 478
883,813
867, 738
939, 719
848,380
967,031
933,764
925, 230
854,880
769,364
813, 237
771, 499
834, 604
340,038
282, 374
216, 704
134, 514
45, 925
136,023
378, 087
324, 352
259, 685
143, 458
53,594
172,420
373, 737
324,942
253,004
145,138
53,413
167, 578
405,729
350,651
274,355
156,252
66,505
181,127
371,572
318,629
246,792
141,544
52,124
157,185
425,643
370, 357
277,408
158,440
57,120
184,039
412,155
358,804
265, 639
150, 657
54,368
179, 643
428,479
374,412
259,072
147,791
52,461
166,037
394, 702
342,983
253,057
148,767
45,484
147,325
361, 272
310, 525
225. 818
132, 651
41.584
124, 955
385, 750
328, 767
241, 701
145,693
44, 651
123, 968
363,177
303,155
227,033
133,135
44,562
119, 270
383,037
321,417
241, 687
148,231
51,025
137, 761
157, 200
06,400
06,600
111,300
112,600
136, 400
132,400
163,600
170,000
175, 400
192. 500
182, 400
166, 400
67, 600
58, 900
37, 600
20,300
4,800
44,500
15,100
10, 300
41, 300
24,300
3,200
35,800
13,900
9,600
36,100
21,600
3,400
42, 200
16,700
11,100
39,700
23,900
3,400
50,300
14,900
10,600
37,800
24,600
3,600
55,100
19,700
14,600
42,800
28,200
3,600
69,100
16, 200
12,100
29,400
16,100
3,300
82,100
23,500
17,700
41,800
25,700
4,400
92,300
29,700
23,300
40,100
23,700
14,600
94,200
41,300
37, 400
42,300
27,300
4,300
85, 800
64, 900
60, 300
48, 600
32, 400
5, 000
72, 200
76,100
69,400
42, 000
26, 400
5,100
57, 200
75, 900
70,000
36, 400
' 21, 700
5,000
' 45, 400
3. 625
3. 713
3. 625
3.713
3. 625
3. 713
3. 625
3. 713
3. 625
3, 713
PAPER
Total paper, inch newsprint and paperboard:
1,301,067 1,323,019 1,407,718
Production.
.short tons..
Paper. excl. newsprint and paperboard:
494.691
523,096
Orders, n e w . .
short tons..
570,366
541,855
550,696
Production.
do
584,728
541,125
557,951
Shipments
do
579,162
Fine paper:
Orders, new
do
51,948
66,766
52,773
Orders, unfilled, end of month
do
119,847
115,708
127,734
Production..
„
do
58,242
60,176
61, 766
Shipments
...do
60,053
60,881
62, 792
Stocks, end of month
..do
42,430
41,318
39, 674
Printing paper:
Orders, new
do
177,083
202, 304
178,717
150,710
Orders, unfilled, end of month
do....
145,159
169,674
188, 532
205,556
Production
do
201,088
195,251
203,954
197,424
Shipments
do....
72,664
72, 359
79, 330
Stocks, end of month
do
Wrapping paper:
205, 436
195,773
171,950
Orders, new
.
do
167, 838
172,528
Orders, unfilled, end of month
.do
176,775
186,799
211, 630
Production
do
197,408
188,076
211,880
Shipments
...
do
196,880
68,960
Stocks, end of month.
do
;
70, 689
70,422
Book paper:
Coated paper:
J
62. 7
Orders, new ...percent of standard capacity!
69.0
73.5
id. o
50.3
Production
.
do
87.6
91.3
96.2
54.0
87.4
91.0
Shipments
do
95.3
Uncoated paper:
97.5
Orders, new
.do
92.9
104.4
Price, wholesale,"B" grade, English finish,
7.30
7.30
7.30
7.30
white, f. o. b. m i l l . . . . . . . . d o l . per 100 R e 90.7
production, .percent of standard capacity..
108.8
109.2
102.0
92. 9
107.5
103.0
Shipments
.
do....
106.6
Newsprint:
Canada:
Production _ . . . _ .
short tons.. 251,147 300,308 300,823 311,904
Shipments from mills
d o . . . . 255,087 320,860 319,282 201,998
Stocks, at mills, end of month
do
91,325 142,030 | 123,571 143, 477
» No comparable data.
' Revised.
1,267,666 1,372,288 1,321,529 t,223,478 1,088,755
992,225 '1,074,670
424, 740 404,474
485, 561 436, 465
473, 482 431,633
490,358
525,743
524,645
535,913
565,900
549,851
480,905
561,402
544,116
435,152
533, 859
515, 417
53,211
112,775
55,699
57,926
37,024
55,029
104,915
62,468
61,052
38,120
46,505
79, 757
62,167
40, 529
40,339
64,360
58,953
56, 505
43,205
35,479
49,485
52,850
50,403
46,064
39, 486
40, 782
46, 763
45, 071
47,002
166,106
133,418
182,115
180, 555
72,891
176,103
124,637
190,265
183, 473
79, 897
151,901
101,239
184,042
173,373
90, 258
130, 506
85,432
165,640
157,244
99,299
137,689
87,107
141,414
139,881
100,832
181,150
161,842
187,990
185,348
70,039
203,361
160,881
208,188
203,323
74,091
199, 272
151,056
210,318
209,120
75, 598
187,460
131,933
207, 863
204,402
79,244
57.2
76.2
77.3
49.0
61.5
60.9
47.9
55.3
55.1
93.5
94.0
84.1
7.30
109.3
108.7
7.30
105.0
102.6
7.30
278,101
264,621
156,957
295,835
308,166
144,626
277,741
238, 346
184, 021
1,072,787 1,210,509
426, 672
465, 571
••438,299
452, 923
458,975
452, 597
555, 607
518,867
514,384
40, 805
36, 354
45,917
44, 285
48, 775
M3,612
' 35, 657
r
45, 360
' 44, 448
r
49,553
64, 588
44, 983
52, 787
53,935
48,768
135, 468
78, 511
133,608
141,166
92, 740
143, 837
152,709
81,449
' 80, 572
148, 520
143,658
141,889 •151,884
' 94. 690 ' 91, 502
192, 509
99, 025
177,924
175, 121
90,829
167,470
111,161
191,899
187, 537
81,080
160,105
100, 290
17a 864
167, 497
88, 239
158,618
93, 863
184,113
164, 092
105,018
165,768
99, 334
170, 920.
161,266
115, 182
195,215
116,100
184,815
180, 037
121, 382
31.8
40.1
39.9
30.2
37.0
35.1
32.3
30.7
32.7
36.4
34.0
35.8
47,4
45. 2
48,8
' 59. 7
' 51.3
'51.8
71.1
74.9
78. 6
88. 1
' 105. 3
7.30
89.4
87.0
7.30
73.9
74.7
7.30 j
72.7 !
76.7 |
7.30
79.2
79.5
7. 30
85.3
86.6
251,831
266,443
169,409
242,762
253,283
158,888
!
241,178
243, 620
156, 446
253,239 j 257, 618
255,563 j 292, 405
154,122 ! 119,335
7. 30
' 96. 3
95. 0
r
271,555
295, 625
95, 265
S-32
SURVEY OF CURRENT BUSINESS
Monthly statistics through December 1941, together with explanatory notes and references
to the sources of the data, may be found in the
1942 Supplement to the Survey
1942
January 1943
1941
1942
Novem- Novem- December
ber
ber
January
February
April
March
May
June
July
September
| August
Octo-
PAPER AND PRINTING—Continued
PAPER—Continued
Newsprint—Continued
United States:
;
Consumption by publishers....,short tons.. 260,542
Price, rolls (N. Y.)
dol. per short ton..!; 50. 00
Production
short tons.. 75,065
Shipments from mills
do
76, 207
Stocks, end of month:
At mills
..do
10,168
At publishers
do
447.396
In transit to publishers.
do
60,108
Paperboard:
Orders, new...
-.do
613,746
Orders, unfilled, end of month
do
321,885
Production
do
555, 290
Percent of capacity
•
82
Waste paper, consumption and stocks:
;
Consumption
short tons _. j 316, 454
Stocks at mills, end of month
do
408, 753
263, 889
50.00
82, 621
84,331
274, 471
50.00
81,680
83. 998
231,961
50.00
84, 628
80. 787
251,042
50.00
80,923
82,176
238, 493
50. 00
82. 669
81,182
242, 372
50. 00
80, 040
76,612
222, 244
50.00
79, 386
78, 413
210, 549
50. 00
70, 952
76,181
223,189 231.691
50.00 i 50.00
79,885 I 77, 962
83, 560
79,556
254, 349
50. 00
84, 21 7
So, 458
9,904
333,120
53,459
7,586
330, 259
55,037
11,427 | 12,414
11,161
366,236 ! 370,101 368, 520
46.3C2 ; 55,336
47, 376
12,648
383, 384
44, S43
16, 076
384,758
39. 025
17,049
402, 401
36, 442
17,820
12,551
18,149
418, 98:" 430,409 ;455. 263
35, 4;">4 40,270 ! 52, 538
11,310
470,852
58, 655
668, 621
554, 417
676, 591
669, 927
530,459
690, 643
93
746,832 ; 640,269 673,880
528,698 493,947 436.029
738,362 665,689 725, 465
101
102 ; 101
611,967
371,365
677, 458
93
528, 026
288, 516
€09, 579
82
466,173
223, 809
523, 808
69
464, 293
213,443
473, 808
68
523,648
212,953
529,214
75
555, 071
236, 208
535,850
76
660,890
272, 006
607, 425
81
419, 770
167, 424
437, 902
186, 522
425,878 i 390,276 438,591
181,456 ! 198,659 241,178
411,110
308, 963
352, 972
371,086
296, 938
414, 775
283,040
428,067
304,215
422,958
312,279 ' 343, 460
420, 465 ' 424,451
1,190
982
208
833
716
117
782
657
125
1,036
818
218
637
709
537
172
809
642
167
223,492
24, 859
261,913
23. 307
216,109
50.00
76, 234
75, 247
PRINTING
Book publication, total
no. of editions . • 842
New books
do
693
New editions
.__
do
149
Continuous form stationery, new orders
thous. of sets.. 236,362
Bales books, new orders
thous. of books.. 23. 229
753
645
108
804 ;
674
130 |
262,613 257, 791
24, 979 22, 800
743
586
157
300,717
22,878
537
100
206,078 ! 169,904 188,437
19,672
18,101
20,051
150, 392
16, 450
739
582
157
969
821
14S
227, 722 : 238, 529
17,235 ! 16.047
283,108
21.002
PETROLEUM AND COAL PRODUCTS
COAL
Anthracite:
Prices, composite, chestnut:
Retail
dol. per short ton..
Wholesale
do
Production
thous. of short tons._
Stocks, end of month:
In producers' storage yards
do
In selected retail dealers' yards
Dumber of days' supply..
Bituminous:
Industrial consumption and retail deliveries,
total
thous. of short tons..
Industrial consumption, total
do
Beehive coke ovens
..do
Byproduct coke ovens
do
Cement mills
do
Coal-gas retorts
._
...do
Electric power utilities
do....
Railways (class I)
do
Steel and rolling mills
do
Other industrial
do...
Retail deliveries
do
Other consumption, coal mine fuel
do
Prices, composite:
Retail (35 cities)
dol. per short ton..
Wholesale:
Mine run
.
do
Prepared sizes...
.__
......do
Production
thous. of short tons..
Stocks, industrial and retail dealers, end of
month, total
thous. of short tons.
Industflial, total
do
Byproduct coke ovens
do
Cement mills
do
Coal-gas retorts
do
Electric power utilities
do
Railways (class I)
do
Steel and rolling mills
do
Other industrial
do
Retail dealers, total
do
12.49
10. 340
4.791
12.42
10. 301
3,832
792
1,393
1,237 !
64
108
58 i
45.410
37, 710
1,043
7,333
685
146
5, 572
10,273
858
11,800
7,700
227
43,055
34, 555
835
6,848
628
143
5.532
8, 747
912
10, 910
8,500
313
12.43 ! 12.48 i 12.48 ;
12.48 12.29
10.114
10.288 I 10.288 I 10.288 : 10.280
4,118 ! 4,532 | 4.772 • 5,085
5,153
42 1
755 \
34
656
466
292 i
9.47
9.50
4.815
5. 131
46, 800
4.704
4.925
48, 694
90,608
78, 978
11,190
1,041
436
20, 361
13,293
1,157
31,500
11,630
61, 763
52,013
8, 326
714
372
12, 427
9,726
908
19, 540
9,750
9.52 |
9.51
4.732 ; 4.737 i
4.926 i 4.924 !
48,540 j 43,840 |
|
62,737
58,681 ! 56,885 j
53,397
50,951 i 50,635 !
8,901
7,888 '
8,179
705 !
652
647 !
367 |
333
343 !
12,821 | 12,660 | 13,455
10, 235
9,788 | 9,662
90S
995
964 |
19, 400
18,370 I 17,650
9,340
7,730 I 6,250
12.48 ! 12.48
10.342 I 10.340
5.341 | 5,180
140
54
9.51 j
9.43
9.46
4.753
4.897
47,400
4. 774
4.819
49,000
57,221
51,761
7,881
743
293
13,891
9,910
1,013
18,030
5, 460
67,418
61,836
60,618
55,746
9, 179
8,409
876
813
331
301 :
14,767 ; 15,854
11,479
10,816
1,099
1,050
21, 800
19,590
6, 800
6,090
181
289
35
39
12.48 ' • 1'.49
10.340 ' 10. 340
5,426
5, 101
472 i
45
40,269 ! 39,856 j 40, 296
33,289 ! 34,306
34, 686
1,059 ! 1,080
1.087
7,504 I 7,508
7,229
660 I
640
663
139
125
139
5,175
5,712
5, 672
8,921
9,077
9, 368
766
758
769
9. 390
9,360
9,480
6,980
5, 550
5, 610
253
250
257
46,533 i 43,306
47,832 i 52,416 ! 47,081
42, 591
37,192 I 38,476 j 35,091 ; 36,443 - 34,526 ! 34, 501
957 s 1,024 ! 1,029 ! 1,099
1.021 i 1,016 I
7,372 ' 7,173 ; 7, 451
7,352 ! 7,404 ; 6,685
497 I
543
588 ;
571
647
564 \
142 !
153 !
149
144 :
144
148 !
6,892 j 5,913 j 5,154 ; 5,011 I
4,717 ! 5,103
9,226 | 9,685 ! 8,879 | 9,723 i 9, 189 ; 9,398
937 !
957 i
984 i 1,046 1
863 !
819
11,660 ! 10,840
11,9*0
9,840
12,700 ! 11,840
10,090
10,640
8,780
8,090
13,940 i 11,990
313
251
334
260
256
347 |
4.713
4.930
44,426
9.55
915 |
12.49
12.48
10.311 ; 10. 342
4,843 | 5,122
9. 52
9.49
4.773
4.775
4.858
4.939
48,, 250 : 48,410
42, 228
45. 500
35,038
37 800
1,088 ; \\120
7. 294
7_ 542
078
714
137
149
5. 601
787
9, 405 ' 10,'279
843
9,940j 11, 300
7 700
7,190
258
9.52
9. 54
4.782 i
! 73,271
j 65, 691
: 9,866
I
972
369
16,876
12,223
1,145
24,240
7, 580
008
• 00
4.787
4.989 I 5. 021
47,700 ! 47,160
4.797
5.050
48,700
77,583
69,003
9, 922
1,040
386
17,339
12,898
1,178
26, 240
S, 580
87,311 ; 89. 937
77,201 : 79. 057
10, 500
10,998
1.081 ; 1,092
409 !
413
19,872 i 20. 452
13,542
13.063
1. 239
1,251
30,540
31. 200
10,050
10. 880
! 82,686
i 73,186
! 10, 238
I 1, 074
I
402
18,165
13,462
1,235
28, 610
9, 500
4. 805
5. 097
51,005
COKE
Price, beehive, Connellsville (furnace)
dol. per short ton
Production:
Beehive
thous. of short tons
Byproduct
do
Petroleum coke.
do
Stocks, end of month:
By product plants, total
do
At furnace plants.do
At merchant plants....
do
Petroleum coke
do
r
Revised.
0.000
664
5,191
], 646
917
728
6. 125 ;
6.125 I
561 i
686
r 1,839
'5 193
151
149
668 I
817 i
851 ;
390 !
h 708
832
876
228
6 125
6.000 i
6.000 I
6.000
6.000
647 ;
5,224 i
140 '
610 i
4,716 !
652 i
5, 200 '
655 ;
5,059 :
91
700 ;
675 i
5,276 ! 5 118 !
83 ;
88 i
1,4 4 8 ;
963 !
1,432 '
121 1
108
1,510 ! 1,386 i
817 ;•
869 !
513 !
692 '
259
240 !
1,430
920
509
252
;
485
975
457
201
191
>. 000 !
1 405
j
969 i
435
182
6.000 i
6.000
6. 000
0. 000
OSS
5, 278
101
692 i
5,315 !
Ill i
693 !
5,163 1
108 !
71S
5. 339
123
1,469
999
470
175
1,564
1,026
539
179
1,014 '
1.021
593 1
173 :
i.006
955
051
184
!
I
!
1
S-33
SURVEY OF CURRENT BUSINESS
January 1943
1942
Monthly statistics through December 1941, to1941
gether with explanatory notes and references
to the sources of the data, may he found in the Novem- Novem- December
ber
1942 Supplement to the Survey
ber
1942
January
February
March
June
May
April
July
AUSUSt
September
October
PETROLEUM AND COAL. PRODUCTS—Continued
PETROLEUM AND PRODUCTS
Crude petroleum:
Consumption (runs to stills). _-thous. of bbl._
Price (Kansas-Okla.) at wells-..dol. perbbL.)
Production
thous. of bbl.. Refinery operations
pet. of capacity..L
Stocks, end of month:
j
Refinable in TJ. 8
thous. of b b l . J .
At refineries
do j .
At tank farms and in pipe lines
do j_
On leases
do j .
Heavy in California
do J .
Wells completed.._
number.. j .
Refined petroleum products:
\
Gas and fuel oils:
{
Consumption:
j
Electric power plants
thous. of bbl..j 1,120
Railways (class I)
do_. __L
Price, fuel oil (Pennsylvania) ...dol. per gaL.i
Production:
Gas, oil and distillate fuel oil
thous. of bbl.J..
Residual fuel oil
do ! Stocks, end of month:
j
Gas, oil and distillate fuel oil
__clo i Residual fuel oil
do j
Motor fuel:
j
Prices, pssoline:
'
. 059
Wholesale, refinery (Okia.).dol per gaL.j
. 101
Wholesale, tank wagon (N. Y.)
do j
. 144
Retail, service stations, 50 cities. do
Production, totaltthous. of bb1..|
Benzol
do
Straight run gasoline
do
Cracked gasoline
do
Natural gasoline!
do
Natural gasoline blended
do
Retail distribution
mil. of gal..
Stocks, gasoline, end of month:
Finished gasoline, total
thous. of bbl.._
At refineries
do !
Unfinished gasoline
do j
Natural gasoline
..do !
Kerosene:
j
Price, wholesale, water white, 47°, refinery j
(Pennsylvania)
dol. per gai.J,
Production
thous. of bbl.j
Stocks, refinery, end of month
..do j
Lubricants*
\
Price, wholesale, cylinder, refinery (Fennj
sylvania)
dol. per traL.j
Production
thous. of bbl .j
Stocks, refinery, end of month
. . do j
Asphalt:
j
Production
do I
Stocks, refinery, end of month
__do
Wax:
!
Production
thous. of lb. J
Stocks, refinery, end of month..
do j
Asphalt prepared roofing, shipments:
j
Total
.
thous. of squares.-1
Grit surfaced
.do j
'Ready roofing
Shingles, all types
do i
do I
121, 539
1.110
123, 355
124. 985
1.110
128, 293
119, 032
1.110
128, 262
82
105,776
1.110
113,961
81
110,565
1. 110
114,473
76
104, 882
1.110
105, 053
75
106, 883
1.110
110,192
74
105, 376
1.110
108, 595
77
111,555
1.110
111,782
78
114,135
1.110
120, 429
113, 474
1.110
115.801
83
116,381
1.110
120,311
82
243, 679
51, 631
180, 051
11,997
10, 203
1,723
246, 884
51,319
183, 992
11, 573
10,179
1,458
253, 531
53, 208
188, 437
11, 886
10, 543
1,373
260.
51,
196,
12,
11,
261,
50,
199,
12,
11,
832
050
240
542
737
778
257, 761
49, 525
195, 937
12, 299
11,434
825
254,
48,
193,
12,
11,
251,
47,
191,
12,
10,
421
551
353
517
892
726
245, 026
46, 919
185, 797
12,310
10, 950
833
244,125
46, 435
184, 757
12,933
10. 706
745
240,043
44,569
182, 825
12,649
10.167
'836
237,361
43, 552
181,203
12,606
10,868
817
1,740
5, 723
.054
1, 960
6,328
.051
1, 867
6,495
. 050
1,532
5,949
. 052
1,304
6, 595
. 055
1.012
6,399
.057
946
6, 624
.058
923
6,427
.059
1.211
6, 747
.059
1,349
6,985
.059
1,431
7,131
. 059
' 1,33.1
16, 230
29, 666
17. 142
31, 127
16, 902
29, 405
15,194
27, 254
16, 214
28, 095
14, 002
29, 440
13, 436
30, 971
15, 210
28, 352
16,149
30, 096
17,052
30,446
18,062
30,402
18,858
31,239
55, 073
S3, 730
49, 926
83,195
40, 801
78, 386
33, 711
75, 386
30, 205
70, 098
28, 792
67, 65,8
30, 2S1
68, 388
32, 501
66, 341
37, 729
66. 935
42,918
67, 613
45,817
69, 264
49, 823
69.420
.060
.149
.141
61, 243
287
24, 244
30, 718
5,994
4,717
2,197
.060
.149
. 139
63,573
323
24, 913
32, 255
6,082
4,622
2.246
. 060
.150
.141
60, 035
208
22, 725
30, 324
7,488
5, 351
1,982
.060
. 152
.141
51,612
189
19, 226
26, 006
6,768
4,456
1,739
.055 !
. 054
. 153 ' . 157
. 144
. 143
47. 528
52, 902
0
200
18, 339
20, 609
23, 504
25, 629
7, 020
4, 046
4,414
1,979
2,015
.055
.161
.144
48,938
0
19,573
23,130
6,718
4,272
2,092
.056
.166
.154
45, 887
0
17, 404
22, 423
6, 558
4, 423
2,079
.058
.186
.153
49, 302
0
19,088
23,946
6, 804
4,577
2,202
. 059
. 166
.144
51,105
0
19,192
25, 387
7,028
4,909
' 1, 998
.059
. 161
. 144
49. ?89
0
19 088
23, S82
6, 998
5.108
2,015
. 059
. 161
. 144
51,495
0
19,977
24, 905
7, 256
5, 455
93.489
64; 996
7,724
4, 802
100,186
72, 990
8,111
5,209
99,184
73, 556
7, 549
5, 620
94, 127
67, 182
7, 695
6, 043
87, 461
62, 597
7,220
6,568
80,080
55,213
7,437
6,571
71,657
48, 585
7,789
6,588
71, 403
47, 924
8.123
6, 405
69.293
46, 736
8, 853
6.056
67, 669
46, 158
8,953
5, 424
79, 378
86, 413
49, 351
56. 325
7, 685
7, 900
4.557 | 4.275
844
821
728
295
229
953
577
454
334
789
168
847
.059
.064
6,443
10,843
.064
6, 6S2
9, 599
. 064
6, 634
6, 987
.063
6,133
6,193
. 063
6, 035
5,400
063
5. 529
5*. 630
.064
5, 302
6, 419
.064
4.929
6,940
.063
5,134
7,480
. 063
5, 340
8. 261
.063
5, 421
8,203
. 063
5, 907
8,599
.160
3,607
7,752
,160
3, 554
8, 127
.160
3,497
8,266
.160
3,174
8,429
. 160
3.533
8,470
160
3^ 438
8.470
.160
3.439
8,768
.160
3, 231
8,756
.160
3,133
8,945
.160
3,141
9, 301
. 160
2, 951
9, 278
. 160
3,057
9,421
580, 700
512,000
466, 5C0
604,000
382, 000
695. 000
382,700
765, 400
428, 200
710, 700
452, 900
719, 400
500. 500
617,300
517,800
513,800
629, 300
436,000
fiO, 2C055, 160
72, 800
74. 814
52, 920
75. 600
61, 600
75, 040
52 080
69 720
51,800
69,160
57. 960
69,720
50, 680
68,040
2,743
3, 085
1. 307
761
1,441
4, 397
1,286
1, 528
1, 582
4,908
1,726
1, 751
1,431
68,8S0
76, 413
3,033
PI 3
1, 265
3,825
1, 070
1.44!
1,315
4
1
1
1
3, 692
969
1, 592
1, 132
•-ft 0
sr.2
108
178
500
511
4,391
1,227
1,467
1, 697
619,500 631,800
396, 500 366, 900
656, 900
343, 100
57, 120
77,840
75, 320
86, 240
61,040
77.000
5,152
1, 823
1,918
1.411
5, 440
1, 802
2,091
1,547
STONE, CLAY, AND GLASS PRODUCTS
ABRASIVE PRODUCTS
Coated abrasive paper and cloth
Shipments
PORTLAND CEMENT
reams.. 12(1. S74 138,327 | HW.373 j 111,700 ! 130,525 J 109,508
Production.
-thous. of bbl...j Ki, 241
SO
Percent of capacity
Shipments
. thous. of bbl ! 14, M27
Stocks, finished, end of month....
... do
| 12. -J.'U
Stocks, clinker, end of month
.. do.... j
CLAY PRODUCTS
105,8
-il, 10/
L60
14,
\
i
i
j
'.
i
\
14.U33 I 13,810 | 12,360
10.797 1 12,733 | 14,067
16.119
73 i
65 I
59
57
61
69
77
13, 724
11, 511
9,115 j
14,774
!6, 349
12,563
25, 112
17, 638
19*. H25
24, 886
23, 16R
25. G(-g
25, 832
4. 250
4, 575
5,020 i 5,84 0 | «[ 571
6,'65f> i 6,241 j
16,022
79
18, 250
22,609
5,809
16, 833
80
20, 501
18, 979
5, 528
17, 605
85
21 282
15 208
4 493
r |7
527
87
20 145
•' 12 697
3 595
r
18, 258
87
20, 345
? 10,617
r 2. 723
r
i
I
Common brick, price, wholesale, composite I
13. 100
13. 165
12. 921
13 215
13 209
13.216 ! 13.254
13. 226
13.221
12.935
f. o. b. plant
.
...dol. per thous.. i
Floor and wall tile, shipments:
\
5. 289 I 5,029
3. GS9
3, £05
R. 584
944
2, 792
2,589
3.200 i
2,558 !
0)
Quantity
.
thous. of sq. ft-.L
1,047
1,501 j 1,432
1, 119
I, 347
773
667
675 I
1,077
939 i
0)
Value
.
thous. of do!. J
Vitrified paving brick:
j
1.735
1,046
785
1, 983
3,711
S. 113 j
3,682
2, 075
3 G82
Shipments...
thous, of brick... j..
18.823
18, 992
39, 615
17,948
19, G47 ! 19,461
19,215
18, 760
17,211 I 17, 122
Stocks, end of month
..do i
i Discontinued by compiling agency.
r
Revised.
tBeginning January 1942 figures for the production of natural gasoline include total sales of liquefied petroleum gas as follows (thous. of barrels): Jan., 710; Feb., 577; Mar.,
556; Apr., 572; May, 483; June, 498; July, 536; Aug., 502; Sept. 579; Oct. 663; data for such sales have not been included in the total for motor fuel. Prior to 1942 an indeterminable amount of liquefied petroleum pas lias been me!ude<! in ;otal motor fuel and natural gasoline production.
S-34
SURVEY OF CURRENT BUSINESS
Monthly statistics through December 1941, to- 1942
1941
gether with explanatory notes and references
to the sources of the data, may be found in the Novem- Novem- December
ber
1942 Supplement to the Survey
ber
January 1943
1942
January
February
March
April
May
July
June
October
I August
STONE, CLAY, AND GLASS PRODUCTS—Contiimed
GLASS PRODUCTS
Glass containers:
Production...
_ -thous. of gross..
Percent of capacity
Shipments, total
thous. of gross- Narrow neck, food
do
Wide mouth, food..
do
Pressed food ware
.do
Pressure and non-pressure.
...do
Beer bottles
do
Liquor ware
do
Medicine and toilet
do....
General purpose..
do
Milk bottles
do___.
Fruit jars and Jelly glasses.—...
do....
Stocks, end of month
.....do
Other glassware, machine-made:
Tumblers:
Production
_____ .thous. of doz._
Shipments
....do
Stocks
do
Table, kitchen, and householdware, shipments
thous. of doz..
Plate glass, polished, production
thous. of sq. ft..
Window glass, production._._.thous. of boxes..
Percent of capacity...
„
i
6, 206
99.9
6, 252
449
1,645
39
331
672
816
J. 508
520
236
843
45
352
524
905
1,640
1,884
374
245
4
399
257
29
9,610
10,228
5,965
96.1
6,141
352
1,319
37
408
601
917
1,741
429
224
97
9,950
4,658
' 3,774
7,903
4,346
3,236
8,936
5,350
4,143
8,797
3,279
2,553
2,587
13
8,119
6,187
100.3
5,295
240
974
42
316
260
1,056
1,766
381
242
3
8,711
3 778
3. 535
8. 076
3, 909
4,612
3 984
60. 6
14,277
1,300
80.1
6,043
90.4
4,965
6,755
96.5
5,877
214
271
862
39
332
395
1,191
10,311
1,696
104.5
9,143
1,639
100, ft
6,935
103.1
7,073
6,921
102.9
6,830
588
454
1,517
1,554
51
49
503
737
983
479
868
838
7,192
111.2
6,997
419
1,489
49
508
1,158
814
1,733
441
259
104
6,723
99.9
6,356
331
1,405
43
451
1,065
759
1,482
433
272
90
10,008
6,585
5,946
97.9
88.4
6,902
6,333
546
383
1,577
1,828
40
33
416 j
320
837 j
723
853 I 1,164
1,379
1,253
328
329
295
270
195
401
9, 528
9,139
6. 297
97. 3
6, 879
815
1,629
31
315
636
1, 095
J, 2W
361
286
395
8, 490
505
. 830
49
:>50
tils
171
1,806
1,757
514
243
106
448
234
125
9,450
9,417
4, 595
3,921
9,376
4,804
4,482
9,260
4,558
4,610
9,156
4,134
4,315
8,879
3,779
3,845
9,140
3,183
3, 915
8,411
4,498
4,532
8,196
3. 880
3, 829
8, 239
4. 500
4. 88S
7. 837
3,112
3,278
2,876
2,927
2,494
2,397
3,048
j
3, 606 j
4. COS
4,194
1,274
78.5
3,863
1,075
66.2
4.741 | 4.924
1 097 | :i 960
67. 6 !
59. 2
5,600
1,457
5,565
1,583
97.5
5,570
1,644
101.3
4,310
1,557
95.9
!
4,726 I
1,223 !
75.3 I
GYPSUM AND PRODUCTS
Gypsum, production:
Crude
..
short tons.
Calcined
do...
Gypsum products sold or used:
Uncalcined
. . . . do...
Calcined:
For building uses:
Base-coat plasters
do...
Keene's cement
.
do
All other building plasters
do. _ _
Lath
thous. of sq. ft.
Tile
.
do...
Wallboard
do...
Industrial plasters
.
short tons.
1,361,034
1,088,745
1,066,362
817,856
1,234,293
829,206
1,213,817 !.
754.911 j
317, 781
285,755
399,192
384, 730 !
345,697
6,841
90, 558
567,393
7,398
269,129
36,130
275,886
5,904
76,430
348,061
6,490
256,755
34,114
252,860
3,781
320
254,690
7,523
365,166
35, 736
199.061 j
2,905 j
77. 483 I
197,845 '
11,577
404. 896
36. 399
TEXTILE PRODUCTS
CLOTHING
Hosiery:
Production..
thous. of dozen pairs..
Shipments
do
Stocks, end of month
.do
11,711
12. 059
21, 438
12,501
12,585
21, 367
12,555
11,938
22,026
13,147
12,869
22,292
12,204
12,759
21,726
12, 951
13,506
21,160
12,729
13,533
20,346
11,913
11,500
20,748
12,033
10, 990
21,781
12,067
11.251
22, 598
11,982
12,118
22,462
12, 335
12. 649
22, 148
12. 6,"(i
13 012
21, 786
888,379
.162
947,539
.169
892,288
.178
967, 406
.181
999,749
.190
957,864
.192
967,523
.183
994, 552
.186
925,089
.180
966, 149
. 186
972. 490
. ISO
.202
.200
.189
.194
.186
. 187
49
738
5, 009
COTTON
Cotton (exclusive of linters):
Consumption
_. bales.. 913. 038 849,143
.158
. 192
Prices received by farmers
dol. per lb_.
Prices, wholesale, middling, 15/W, average,
.164
. 193
10 markets
.del. per lb_.
Production:
9,592
Ginnings (running bales)§_thous. of bales. - 11.539
Crop estimate, equivalent 500-lb. bales
thous. of bales.. 2 12. 982
Stocks, domestic cotton in the United States,
end of month:%
13,960
Warehouses
thous. of bales, _ 13. 637
2,441
2,248
Mills
do....
Cotton linters:
117
114
Consumption
._
do
170
Production
.
do
215
729
Stocks, end of monthj
do
698
.173
.190
.196
9, 915
10, 225
110,495
i 10, 742
13,710
2,395
12,857
2,498
12,212
2,582
11,349
2, 654
10,491
2,631
9,403
2,585
8,457
2, 443
7,633
2.. 252
7,502
1,848
9,676
1,711
12. 674
2, 118
110
149
807
116
143
108
124
886
132
97
854
131
67
132
41
732
127
26
653
122
22
122
27
490
115
154
505
116
221
20.18
.175
.081
.095
20.31
.180
.083
20.26
.190
.086
.103
20.27
.190
.087
.104
20. 25
.193
.088
.105
20.28
.196
.089
.107
20.95
.196
.090
.108
21.82
.196
.090
.108
21.27
.196
.090
.108
22.17
.193
,090
22. 03
. 192
. 090
. 108
21. S5
. 192
. 090
. 108
170,132
131, 727
6,042
78,572
180,792
126, 677
6,750
91, 674
192,229
133,624
8,547
82,267
176,227
126,465
6,553
83,791
191, 654
145,169
6,010
88,674
194,328
148,023
5,338
75,962
192,142
145,423
5,573
72,813
192, 091
147,654
5,196
61, 287
189, 214
150,832
5,730
55, 732
178,185
149,159
5,121
60,073
COTTON MANUFACTURES
Cotton cloth:
Prices, wholesale:
Mill margins
cents per lb__
Denims, 28-inch.
dol. per yd._
P r i n t cloth, 64 x 60
..do
Sheeting, unbleached, 4 x 4
...do
Finished cotton cloth, production:
Bleached, plain
thous. of y d . .
D y e d , colors
.do
Dyed, black._
_
do
Printed.
do
21.47
, 192
.090
. 108
179,
157,
5,
65,
363
074
472
606
182. I7t>
167! 390
5. 503
70. 935
r
Revised.
1941 crop.
December 1 estimate of 1942 crop.
3
Partially estimated.
.Total ginnings to end of m o n t h indicated.
JFor revised figures for all m o n t h s of the cotton year 1941-42, see p . S-34 of the November 1942 Survey.
July 31, 1942, including stocks on farms and in transit, was 10,455,000 bales.
1
2
T h e total stocks of American cotton in the United States on
S-35
SURVEY OF CURRENT BUSINESS
January 1943
Monthly statistics through December 1941, to1942
1941
gether with explanatory notes and references
to the sources of the data, may be found in the Novern- Novem- Decem1942 Supplement to the Survey
I ber
ber
ber
1942
January
February
March
April
May
June
July
August
September
22.956
11,191
468
134. 9
October
TEXTILE PRODUCTS—Continued
COTTON MANUFACTURES-Continued
Spindle activity:!
Active spindles
._...._...thousands..
Active spindle hours, total
mil. of hrs._
Average per spindle in place
hours-.
Operations
percent of capacity..
Cotton yarn, wholesale prices:
Southern, 22/1, cones, carded, white, for knitting (mill)f
dol. per lb...
Southern, 40s, single, carded (mill)__...do--..
RAYON
Consumption:
Yarn
____ .
______ __mil. oflb..
Staple
fiber..-______„____do__-Prices, wholesale:
Yarn, viscose, 150 denier, first quality, minimum
filament---.
-dol. per lb_.
Staple fiber, viscose, 1 ^ denier
..do
Stocks, producers', end of month:
Yarn
mil. of lb_.
Staple fiber_ _ _ _
.
do
22, 948
10, 558
443
133. 4
23,079
9,914
410
129.8
23,062
10, 665
441
125.4
23,087
11, 367
471
137.0
23,088
10,478
436
136.3
23,109
11,379
473
134.3
23,102
11, 459
476
135. 2
23,117
11,197
465
138.5
23,095
11, 295
471
133. 7
23,110
11, 484
479
130.2
22,974
10,981
458
136.4
.380
.471
.390
.481
. 409
.500
.408
.504
.414
.506
.420
.516
.421
.515
.421
.515
.421
.515
.421
.515
. 420
. 515
.414
. 515
39. (i
.12.5
38.5
11.5
39 3
12.4
41.2
12.5
36.0
11.3
40.0
12.6
37.6
13.0
37.6
12.7
39.0
13.7
39.8
12.6
38.2
12.8
38.4
12.4
41.1
12. t;
. 550
.250
.550
.250
.550
.250
,550
.250
.550
.250
.550
.250
.550
.250
.550
.250
.550
.250
.550
.250
. 550
.250
. 550
. 250
. 550
. 250
7. 8
4. 3
4.5
1.8
3.8
1.8
4.8
L9
4.4
2.1
4.1
2.3
5.4
1.7
6.9
2.1
7.0
2.3
6.5
3.1
7.4
3.9
8.0
4.3
40,660
10, 700
43, 696
11,708
44,480
5,828
40,972
5,784
63,880
6,555
44,740
2,544
44,320
388
53, 510
4,280
45, 896
45, 372
2,000
52, 305
3, 045
45, 052
3, 240
2,521
89
2,706
78
2,850
89
2,602
95
2,754
86
2,789
81
2,668
78
2. 853
70
2,744
70
' 2.657
65
708
74
125
104
122
105
122
105
2,616
86
115
96
79
77
59
80
64
76
53
71
59
72
45
66
40
108,127
122,409
220
110,157
129,890
233
118,654
120,806
243
117,130
101,015
231
116,996
99,935
231
125, 659
114,464
241
125,175
116,750
239
119,375
115,368
233
127, 143
122, 324
243
125,473
120,250
237
121,812
112,150
217
1.110
1.129
.490
1.135
.490
1.161
.515
1.175
.515
1.195
.515
1.195
.515
1.195
.503
1.195
.496
1.195
.499
.790
.790
23,012
11,429
136. 9
WOOL
Consumption (scoured basis):*
Apparel class
--thous. of lb_.
Carpet class
_.__
do
Machinery activity (weekly average):J
Looms:
Woolen and worsted:
Broad...
thous. of active hours..
Narrow
____.__do___.
Carpet and rug:
Broad
.
do
Narrow
____„___ do....
Spinning spindles:
Woolen
....do....
Worsted
do
Worsted combs
__..__......
.do
Prices, wholesale:
Raw, territory, fine, scoured
dol. per l b .
Raw, Ohio and Penn.,
fleeces..__
do
Australian (Sydney), 64-70s, scoured, in bond
(Boston)
dol. per lb..
Suiting, unfinished worsted, 13 oz. (at mill)
dol. per yd..
Women's dress goods, French serge, 54" (at
mill)
dol. per yd..
Worsted yarn, ?_a's, crossbred stock (Boston)
dol. perlb..
Stocks, scoured basis, end of quarter:!
Total
thous. of lb_.
Wool finer than 40s, total. __________ .do
Domestic
._
__.____do.__.
Foreign
. _.
. _ _. do.
Wool 40s and below and carpet-__._._do___.
1,205
.535
. 790
0)
.490
.705
2.228
]. 559
). 800
1.411
1.800
.743
.755
.755
.755
.790
.790
.790
2.228
2.228
2.320
2.599
2.599
V)
0)
1.411
1.411
1.411
1.559
1. 599
1.559
1.556
1.800
1.800
1.800
1.800
1.800
1.800
1.800
190, 571
142,378
77,253
65,125
48,193
247, 083
172,438
66,182
106,256
74,645
_________
:;;;;;;;
I1)
1.199
. 527
i, 798
., 675
217
. 205
.535
. 790
0)
0)
1.552
1.552
1.558
. 559
1.800
1.800
1.800
. 800
335,796
254.817
120. 612
12S, 205
80, 479
351,485
276, 296
141,409
134,887
75,189
MISCELLANEOUS PRODUCTS
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, 178
790
626
3,192
6,980
' 65 947
9,959
3, 570
4, 248
8,206
6,698
7,097
7,825
6,637
7,398
6,606
6,210
7,033
6,097
5,651
6,699
6,617
5,387
6,667
r
4, 980
'1,460
' 1 , 313
6,496
5,554
6,384
5,798
5,371
5,877
5,563
4,605
5,279
4,937
4,430
4,530
53
54
54
42
45
42
32
26
34
67
586
59
633
51
110
119
173
112
135
180
97
144
-1, 518 I '3,197
i
4,686
4,275
4,734
' 2, 630
5, 752
4, 766
4,617
8,913
4, 565
4.887
TRANSPORTATION EQUIPMENT
AUTOMOBILES
I ndexes of retail financing:
Passenger car financing, volume :t
Total
Jan. 1942=100..
New cars
do____
Used cars
do
Retail automobile receivables outstanding,
end of month
Dec. 31, 1939=100-Automobilerims, production., thous. of rims...
Accessories and parts, shipments:
Accessories to wholesalers-.. ...Jan. 1935=100..
Service parts to wholesalers,,
_._-do.__.
Service equpiment to wholesalers . . . . . . d o
179
429
118
196
463
132
100
100
100
63
22
73
73
46
81
58
42
62
56
60
55
157
1,864
149
1,677
139
1,271
128
823
116
669
105
665
95
617
664
59
57
60
77
573
173
267
288
174
297
255
144
229
217
139
231
201
141
234
202
130
205
198
128
174
183
126
111
187
118
117
176
6,378
6.073
42
42
7,183
7,181
35
29
6,240
6,240
42
42
7,752
7,652
24
20
7, 781
7,781
28
28
7,957
7,273
10
10
7,573
5,700
41
41
5,253
2,851
23
23
2,860
1, 370
RAILWAY EQUIPMENT
American Railway Car Institute:
Shipments:
Freight cars, total
.number..
Domestic
—do____
Passenger cars, total
_.._
_.do..__
Domestic
...____.____..do....
16
16
955
574
10
10 ,
' Revised.
i No quotation.
t For revised figures for all months of the cotton year 1941-42, see p . S-35 of the N o v e m b e r 1942 Survey.
1 D a t a for March, J u n e , and September 1942 are for 5 weeks; other months, 4 weeks.
t Revised series. T h e yarn price series for Southern, 22/1, cones, has been s u b s t i t u t e d beginning J a n u a r y 1941 (or t h e Northern, mulespun, series formerly shown; for
data for all months of 1941, see p . S-35 of the November 1942 issue. Figures for wool stocks are compiled on a revised basis beginning 1942 and data are not available comparable with figures shown in the 1942 Supplement a n d in m o n t h l y issues through J u n e 1942. 1942 d a t a shown above coyer all k n o w n stocks of wool in commercial channels,
including stocks in the hands of country dealers and in country warehouses; stocks in the hands of country dealers and in country warehouses are not included in the earlie'
S-36
SURVEY OF CURRENT BUSINESS
1941
Monthly statistics through December 1941, to- 1943
gether with explanatory notes and references
to the sources of the data, may be found in the Novem- Novem- December
ber
ber
1942 Supplement to the Survey
January 1943
1943
January
February
March
April
May
June
July
August
September
October
TRANSPORTATION EQUIPMENT—Continued
RAILWAY EQUIPMENT—Continued
* Association of American Railroads:
Freight cars, end of month:
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 month:
Undergoing or awaiting classified repairs
number..
Percent of total online
.__
Orders, unfilled.
number..
Equipment manufacturers
do
Railroad shops—.
do
U.S. Bureau of the Census:
Locomotives, railroad:
Orders, unfilled, end of mo., total
do
Steam
..do
Other
do
Shipments, total
do....
Steam
do
Other
..do
Locomotives, mining and industrial:
Shipments (quarterly), total
number.Electric, total.
.-do
For mining use
..do
Other
do....
1,694
1,701
1,709
1,718
1,726
1,731
1,736
1,737
1, 737
1, 737
1,737
4.1
75, 559
52,563
22,996
62
3.7
73,697
50, 661
23,036
61
3.6
66, 870
45,798
21, 072
61
3.6
69, 402
49,939
19,463
60
3.5
68, 316
47,985
20,331
62
3.6
58,129
39, 804
18, 325
63
3.7
48,351
31,440
16,911
57
3.3
37,891
25,062
12,829
55
3.2
35, 442
24, 974
10, 468
53
3.1
34,195
24, 626
9,569
46
2.7
35,637
28, 352
7,285
42
2.4
29, 204
22, 419
6,785
3,634
9.2
281
256
25
3,370
8.6
258
237
21
3,378
8.6
249
229
20
3,231
8.2
300
282
18
3,228
8.2
426
372
54
3,114
7.9
408
357
51
2,930
7.5
395
348
47
2,477
7.0
350
304
2,669
6.8
334
284
50
2,593
6.6
323
256
67
>, 381
6.1
314
238
76
2, 143
5.5
289
216
73
1,022
364
658
89
15
74
1,210
526
684
96
22
74
1,197
522
675
89
19
70
1,273
551
722
100
28
72
1,332
589
743
125
57
68
1,425
669
756
132
62
70
1,586
716
870
111
50
61
1,554
658
896
142
59
83
1,720
854
866
132
56
76
1,649
783
866
147
61
86
1.932
1.065
867
177
83
94
1,839
979
860
177
96
81
1, 739
>, 098
5.4
369
350
13
207
102
99
105
205
104
102
101
177
84
71
93
266
116 I...
112 !
150
INDUSTRIAL ELECTRIC TRUCKS
AND TRACTORS
Shipments, total.
Domestic
Exports
.number.
do.._
do
280
18
271
261
10
330
327
3
303
371
336
35
400
383
17
384
373
11
400
360
343
17
382
344
38
438
415
23 |
420
418
CANADIAN STATISTICS
Physical volume of business, adjusted:
Combined index!.. --.1935-39=100..
Industrial production:
Combined index!
do....
Construction!- do
Electric power
do
Manufacturing!
...do
Forestry!
do....
Mining!.,
_
do
Distribution:
Combined index!
do
Tons carried *
.do
Agricultural marketings, adjusted:!
Combined index
_
-do
Grain--.
do
Livestock
do
Commodity prices:
118. 6
Cost of living.
___do
Wholesale prices
1926=100-97.1
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..
56
Life-insurance sales, new paid for ordinary
thous, of dol_- 52, 042
Security issues and prices:
New bond issues, total
...
do
jl,062,488
99. 6
B o n d yields
1935-39=100-.
67. 6
Common stock prices-.
do
Railways:
Carloadings
thous. of cars..
Financial results:
Operating revenues
thous. of doL.
Operating expenses
do
Operating income--.
do..-.
Operating results:
Revenue freight carried i 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..
152
Steel ingots and castings....
do
242
Wheat
flour
thous. of bbl.-
183. 7
193.9
192. 3
202.3
127. 9
137.5
199.6
132. 5
291.0
208. 0
185. 0
138.9
206. 7
141.4
261.4
216. 5
r 127. 7
142.9
222, 7
138! 1
258.5
145. 3
139. 6
164. 7
170.8
81.3
75.6
106.1
198.1
195.5
200.0
203.7
r 205. 7
' 206. 1
207.2
220.8
144,4
144.3
231.0
137.8
226.9
217.3
97.3
146.1
232.5
132.7
211.3
222.1
159. 9
146. 6
235.7
131.2
196. 3
229.4
118.4
145.8
246.2
128.5
213.3
' 232. 5
115. 8
142.8
' 248. 8
120.7
216.6
' 235.1
128.4
140.0
' 253. 3
116.2
225.8
238.6
99.2
138.5
262.6
126.7
195.7
142.0
169.3
144.4
169.3
151.2
177.4
151.3
389. 3
150.2
182.3
153.9
188.1
150.5
177.0
150.4
163.0
145.8
132.3
142.1
134.5
129.4
129.3
129.8
136.3
110.4
112.3
93.9
70.6
100.9
81.6
74.9
110.8
84.8
84.2
87.0
83.7
88.6
82.8
113.8
237. 7
270.9
93.4
99.6
98.8
102.9
43. 6
33.9
85.7
106.6
112.9
78.9
116.3
94.0
115.8
93.6
115,7
94.6
115.9 !
95.1 |
115.9
95.0
136.1
95.2
116.7
95.8
117.9
'96.0
117.7
'95.5
117.4
96.0
117.8
96.8
167.6
147.7
187.5
185.0
173.7
163.4
102.8
168.8
143.4
188.4
183. 5
170.4
167.1
104.1
115.4
94.3 |
165.8 !
124.7 |
187.1 i
177.8
168.0
172.4
101.1
165.4
118. 1
191.2
176.8
167.0
156.8
98.2
165.1
103.7
195.7
176.4
169.1
151.7
97.5
165.2
98.0
199.4
175.0
172.8
153.0
99.0
167.4
109.3
202.3
173.5
176.3
153.5
104.1
171.7
123.3
205.9
173.1
180.6
153.7
106.4
175. 7
137.7
209.5
174.1
184. 8
152. 8
108.1
177.8
146.8
212.4
172.3
189.4
152.5
110.4
179. 3
146. 5
215. 6
166. 8
188.2
152. 3
110.0
181.3
149. 6
218,3
164.3
185.1
153. 5
111.7
3,427
80
3,231
77
43,081
2,8
4,177
56
3,733
46
3,791
53
3,767
46
3,704
47
3,480
42
3, 516
39
4,073
47
44,984
3,687
78
47,172
43, 898
44, 868
39,963
55, 798
57,795
94,851
99.1
68.8
91,985
99.3
67.2
298, 653 '226,454 ' 339,840
98.7
98.8
99.0
62.4
62.8
61.6
254, 313
99.4
62.6
270,493
99.6
65.0
286
294
323
48, 219
35,496
9,927
50,050
36,134
10,818
90,326 100, 232 1,044,077 !
99.4 !
99.3
99.6 !
66.8
64.7
62.3 j
!
272
|
249 |
45, 422 44,044 ! 50,858
35, 111 35,281
37,338
7,789
6,046
10,036
4,711
227
4,356
387
3,184
134
221
1,665
3,221
148
219
1, 577
4,246
283
3,226
146
231
1,556
192.9 I
189. 3
216.3 ! 207.7
98.8 | 152. 6
137. 6
141. 7
226.3
212.6
147. 6
148.0 •
248. 2
234, 2
64
:9,357 |
35,876 j 36,232 |
396,203
99.6
61.1
40,336
92, 329
99.5
62.0
!
283 |
287
294
282
290
50, 597
36, 526
10, 303
53,036
37,606
11,510
55, 247
39,419
11,696
57, 529
42, 004
10,582
58, 881
43,371
10, 753
58, 590
42, 670
11, 803
273 |
4,031
271
4,580
325
4,439
361
4,891
375
4,807
412
4,705
511
4,593
532
4, 550
452
2,864
129
217
1,585
i
3,221 | 3,083
149 i
143
237 '
237
1,807
1,961
3,175
153
243
1,481
3,043
150
227
1,335
2,966
154
229
1,590
2, 990
145
222
1,820
2,947
139
219
1,737
3,166
157
242
1,851
r
Revised.
! Revised series. The revision of the index of physical volume of business is due mainly to a change in the weighting and in the list of components, so as to present a
picture of the expansion in industries engaged on war production. Revised data were first shown on p. S-36 of the December 1942 Survey. Revised indexes beginning January
1940 will be published in a subsequent Survey. The index of grain marketings is based on receipts at country elevators instead of receipts at head of Lake and Pacific ports,
as formerly. For data beginning February 1941, see p. S-38 of the April 1942 Survey. Revisions for January 1941 are as follows: Total, 168.8; grain, 185.4. Earlier data will
be shown in a subsequent issue.
* New series. The index of tons carried has been substituted for the index of carloadings; data beginning 1923 will appear in a subsequent issue. Components included
in the distribution index other than tons carried are retail sales, wholesale sales, exports, and imports.
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 3
INDEX T© MONTHLY BUSINESS STATISTICS, Pages S1-S36
Fs&ea n arked S
i
CLASSIFICATION BY SECTIONS
;
i
Btis.ni's mdexe*
d n r u i o o i t / p i o< s
t1-
S 1
S 1
S 4
. . .
|
Construe tion and rtal e s t a t e . -
i
E^iploi merit eoudit'or.s and v^n^es
P.npint
I»it-i«.n trade . .
Ti jnspoi t i t ,on a;id lommuni' a1- ill?
Statistics on mu'vic'ual .niu«*tnes
Chemicals jmc' al^c 1 products.
Eleitr^c power and yas
. _
F< odstufis an 1 tobact o
Leather and products
Lumber and m^nufac tares _ __
Metals and manufacturer
Iron and s*ev-l
Nonferrous metals arid products
Machinery and apparatus
Paper and j>rinting
Peiro'cum ,rnd coil pioducts»_
Stone, clav, <n 5 ^!as& products .
' r t x t i'e products
Tr *n«por*at'on equipment
Canadian stat sties
S 8
s
s
s
o
s
s
s
s
s
s
s
s
s
s
s
s
s
1 J
20
20
22
U
2A
11
28
20
30
?0
31
31
\ \
36
CLASSIFICATION, BY INDIVIDUAL
SEPIES
P«*,t«. marked S
Ahi.'^'vt paper and <'oth (coaled).
.
33
A c q ^ ' n u i , bu«nki rs"
1 J
A Vinwi'
A< i.( >JM j a l ccssh in. orne
/*_rc «i!t MPI •* 2 c - l o a m
-" T m il T . 1 lr ! ne opT*">1ions
> I ( i .ft
.
A1.. o», .« u . e v l r 1
.
A U u h >'« b e v t r , *e>__
.
_
..
-.
.
._
6
I
13 U
_
n 21
12 n
.'2
. 1 . 2 24
_
.
A i • m <! fpts p leH- es
21
1 2 , 5 10. 12 5?
A * hi ^
3. 6, 7, 9 10 11 12, 13 31
A
vvearii n g
X^ph 1*
3*
Ant *-m bile*
1 2 , 6 7 8,0 10 11 12 13 16.35
/ :t rnobilf- accessories and parts.
i^
P. n ..HI,
13 14
B ubv
__
._. _
25
f earing nirtal - . M
Bf(f and veil
.- .. ?r>
Be v ^ r a c e s , f>U oholic
. - 1,2,2 1
Pil.nmnousioa!
_
1,2,3,10,12 32
Boiler
_
._
29 10
Bonds i«sius puces, sales, yields _ _.
_ 18 19
Rook publication .
M
Biass, bronze, and c^ppri products
.
12, 13, 30
Brick
.
3,9,10,12,13, 33
Brokers' loans
14,18
Building contracts awarded._..___.
___ .
4
Building costs
. . . - - - ..__..
, .
5
Building expenditures (indexes)
_
_
4
Building-material prices, retail trade...»„___
3, 7
Butter."
.. _ . . .
..
_-.
24
Canadian statistics_
..
16,36
Canal traffic . .
....
-----21
Candy
.....
.
....
27
Capita! notRtions- _.
18
For productive uses
_-_»_«____
18
Carloadings.
.
21
Cattle and calves
„__„_
26
Cement...
1.2,3,33
Chain-store sales
..._..
7
Cheese.
_
24
Chemicals . .
1,2,3,9,10.11,12,13,15,16,22
Cigars and cigarettes.
27
Civil-service employees
-10
Clay products.
^
1,2,9,10,11,12,13,15,33
Clothing (see also hosiery)
... . 3,
" 6,7, Q, 10.11,12. 13,34.35
Coal.
-.... 1 , 2 , 3 , 1 0 , 1 2 , 32
Cocoa.. _
_..
27
CofTV*.
.
27
Cf.k-1,2,32
r
m rm icial failures
.
15
C( .T'iritnial p a p e r
..
13
Cor.» i ,u I'on
Copsti j(tn n estimatcj
4
C m t r ii t* a w a r d e d
_
4
Co ' s
5
H.t h ' v n t ind g r a d e cros«in,j[s
5
V vf r . i s
.
13
C .1
» " <r-4 t
15
C '••-tnu-'r t r\ en I n u r e 3
6
C o'»-r
.
30
C M 1 ' " <>i c o c o n u t oil
22
C vn
25
( r st ot 'iv n,; -nder
3, 4
C *• .n u w rtnd maiiufsn ti-res 1,2 1 9 10,11.34
C v i n - e i, ' ale and mt a! oil
22.23
Cu r,s
1 21 ' 5 . 2 7 , 3 4
C a ens >. -n cuculat'on
16
Ii r i i )I n»s
? f 1,24. 25
Debits bank
.
.
14
Debt. United States Government
17
Delaware, employment pay roils, wages 10, 11, 13
Denartment stores" Sales, stocks, collections
„..___.
7, 8
r»(TCMts b m k
_
_
14
D . s p u t e s m ,i»«tnal
_
11
l>'»i H a d i ^ rnents a n a rates
_ _
1,19
E; »-nin ' , , f o 4 or V ' -week!" i n d ho«irlv
12. 13
E ' es. irul lr<k^ns
1,3,26
L^ft t n 'i1 " q u i ^ r i u n t
2 6 12 3 0 , 3 1
EWK fi , P J A C Tjrolartion s <le«i, revenues
23,24
Haipi T iciit e s " n ' ift i
8
Hin'i 1 -^ rucnt in '<- \ - s
~7c\'\f'.T , by i n , i s and S t J t ^ s _.
.
10
P'arfort- h 'iilufcU'fH
. 8,9,10
N« >n -n ,xn uf'sc t u ' in ^
_
10
F
21
En ipf
4
onstr'i t^ofi
Ex< *) >n
a s
r.v
16
R\;*tii ' " u i f s , United Stat^i Government _
17
ExjMi^Afs
22
Expert ts
20
Fct torv t mplovi*icnt, \>*y rolls, hours, v age<%
8,
9 10 11,12, 13
F Jin.l.i'd s ret J'1 price inches. _ .
_
3
Fnrrn v.a^s
_
13
Fa.m pru es. index - .
. _
3,4
Fit-, T : i otU
.
.
_.
3
Fe : "fil Goy/trnn.Tit, fin'snt e
17
F^tl'": .1 Keservt b-nks. tondition of
.
14
Fcd-ril Resfj vc report .n-^ .netnber banks .
14
Fpitili^eis
3,22
P U 1 )S'-"!h
.
.
.
6
Pages marked S
New York, employment, pay rolls, wages
10,11, 13
New York canal traffic
.
21
New York Stock Exchange
" 18, 19, 20
Oats.
.
__
_
25
Ohio, employment, pay rolls
._ __
10. 11
Oils and fats
*
„. 3,22,23
Oleomargarine...
. .. . .
23
Orders, new, manufacturers*
,
2
Paint and paint materials....
_ 3. 10, 12, 13, 23
Paper and pulp.. 1,2 4,9,10,11,12,13,15,31.32
Passports issued
.
.
21
Pay rolls:
Factory, by cities and States
11
Factory, by industries ..._.,.„
. __
11
Nonmanufacturing industries
. . . _. 12, 13
Pennsylvania, employment, pay rolls, wsges10,
11,13
Petroleum and products
1,
2 3 1,10, 11,12,13,16,33
Piu. iron
29
Pcrtel. n e" nf led proda tb _
30
Pork
..
26
Postal business
.
__ _ .
6
Postal Scivingb .
_
_„.._
14
Poultry and ei;gs
. . _ - . 1,3,26
Pnces (see also mdivdual 4 ornmodities):
R<*ml inc'exc ,
3
Vv hr U s ue nd^xes
3,4
Pri^nat
1,2,9 10,11,12,13,15.32
Frnf'*s c rporat'on
. 16,17
Pub'ir r , >f
13
Po l K iril,-ip<
4 10,12,16,18,19,20
PiJ -.an Co
_
...
21
P .t, j
30
P^i. h s n ' p o v t . o f t K - J o l h r
..
4
R Ivor29
P \
s f vert m<,
6
R u
i •, c x r / ' n n s v,quiDment, financial
1 -sh o'Js nnd fsh
_.
. . _
22,27
F'p-stfJ .
. .
23
Fioci rj4
_
28
Floui v.1 eil
_
26
Fo'-d i rv 5'Kts
1,
M
1 6 7 9 10.11 1 2 , 1 3 I S . 1ft 2 4 . 2 5 , 2 6 . 2 7
Fo.Jt" far
1,2 M ) 1 o, 11 1 2 , 1 3 , 28
F /re*1 ' ir< s rtc 1 ! e s t a t e _
6
F J ' J " ii . ^ u p i r t n t
.
_
30
b* €.-*!«« t s T . I J l a m e n t w n«'e <• . _ . .
.
10,
TH-O-OJ t r t i r s (t(i - r n l u n ( )
35,36
1 •> 16 17 18, 1 9 , 2 0 , 2 1 , 3 5 , 3 5
F
' *a
>?rc\t (^ c i>T c r t j a i l v s a v s , e t c . ) .
I r« 1< 1 + < .»rlo i. i ,s - irs, T levos
21
Ra
«
' 2
0. 10 1 1 , 1 2 , 1 3 , 3 5
F T ^I't - , - S il Ins
21
Rcc u < 4 - l r S G o \ r r n r n t n t
_.
17
F r i i r - .:» ? > t 'etf-t.Us
3,25
Re >i r i
^n F u u r i c <• r o r p o i c i 4 i o n , l o a n s .
17
h r ' f-j tipiKtnt a:vt h itjnt r -ppr-r^tu^
30
Rp^v a-,
i*u> n U
3
F'> e '9
I 2 1,32.33
R r t t 1 * r« c
F» . nit U r t
1 2 3, v, 11 1 2 , 2 9 , 30
Ai 1 - » il ,* r «
JKS.
__._
7
G s i:
fn is s \les. i s v u i j i s
24
G ,s - \ i ,' 1 o J s .
_
33
Cti
. S'T<
7
Dc;
ii Ptt.i ^ ( " S
.
7,8
C'ci' ( Im*
__
_
33
Culdf.n ( 1 T / V
27
M ,1 j r V
8
K r 1, o,e i r a l n i r i t l a r d i s e
8
G1 i'^ • n U U ^ < r c
1 2 <* 10,11 12 1 3 , 1 5 , 3 4
F f
25
Ci'"v . 'ii I n ^ t ' e n j
_
28
R»(rt. N
.
21
G*,' 1
_
16
R i >'\v > HSPII it
_______
33
Gooi -i m w«j:e'iouses . .
6
R ihbtr ui > hi ts
J 4, 9, 10,11,12, 13
Gi-irs
_
1,17. IP, 25. 26
S iv n^ d e p o t ' s _
14
G« p'niii
.
. . .
34
Sheep md 1'irnbs
. _ __.
26
H u i ^ md <»kins
_
3,27
.
12,13
Hitfhu i. s, and VJH< C cross-tn^s, Fedc-i u\ aid
5 SLipbuiklir.p
Shioin nts m »nuf *< tares _
_.
2
Hn-s
.
26
Shoes
' 2 3,9,10,11,12,13,28
Home U>'n\ b< nks. loons outstanding
_
6
St ortemngs .
_
.
23
Hv)ine rnc rtpapes .
.
5
Hosiers
.
_
. .
3,34
SiHi-r
16
Hotels
.
.
10.12,21
SkL.s
27
Sldu^htt
rn
»
and
meit
packing
1,
Housefurnishings.. _
.
3,6.7
t
2 9,10,11,12,13,26
Housing. __ .
3,4
Soybeans
ana
soybean
oil
23
Illinois, employment, pay rolls, wages-.-.. 10,11, 13
Spu'JIr as tivitv cotton, wool
__..
34,35
Immigration and emigration..
21
Steel and iron ("ee Iron and steel).
Imports
„...__
_
20
Stetl vra,i
29
Income payments..
. __.
1
Stoctcholders
20
I ncome-tax receipts
17
Stocks department s*"ore* (see also manufacIncorporations, business, new
._„.....,_„__
16
turf
is'
inventories)
.
.
8
Industrial production, indexes.„_
___„___
1.2
Stoi ks, issues prices sales, yields. . . . .
18,19,20
Instalment loans _ .
_ -...
»_..
.
15
Stone
^lay,
sad
glass
products
.
1,
Instalment sales, department stores.._.
8
2,9, 10 11,12,13,15,33,34
Insurance, life.....
..
- 15,16
Street railways and busses
10, 12
Interest arid money rates.
._
_.
._
14
Sugar
.___
27
Inventories, manufacturers*
2
Sulphur
22
Iron and steel, crude, manufactures
2,
Sjlphunc acid .
- _.
.
22
J 8,9 11 12,IS, 16,29,30
S iperphosphate
__
_
22
Keiosene
33
Telephone, *elegraph, cable, and radiolabor, turn over, disputes
_
11
telegraph carriers _
10 12,16,22
Lr'mb rina mutton
_ _
26
Text-les
1, 2, 3. 9. 10.11, 1 2, 13. 15, 34, 35
Lard
.
__
26
Ttle
_
33
Lc i 1
_
30
Tm
..
__
_.
.
30
I either
1,2 3 9.10,11,12 M, Is, 11 28
Tobatco
.
1.2,0.10,11.12,13,27
Lins<f*d »>il, take, and mr^!
23
Tools machine
1 2, 13, 30
Livestock
1,3,26
Tra''c, retail and wholesale
7 8 10,12,15
I o »ns r* »1 e«*tr*-e, agi«c ul*un! bank brokers'
21
(*.*>*. ilm Consumer cre'hr;
> 6 14,17.18 Transit lines lo? al
TraiiSi jr*-ntion. commoditv and passenger
20,21
l*ot o'not'v^s
^6
Tirin«prta'itin equipment
1
l o o m >\o)kn, irtn tv
J5
2.Q. 10,11,12,13,15,35,36
I «bn . r.ts
H
Jjavi-1
21
I UU^PT
1 2 i 8 9 11 12 15 23
Ttuik'? ,'pd *Ta«.toi«* industrial, electric
36
M < !> i • „ ' v i t \ lotttiii woo!
55
t'n r-d St 3te*s G'^venuTicnt bonds
19
M J '.i i' * nils
1 2 , 1 3 30
lTmt«.d S t i t t s Go\eminent
fit'an.e
17, 18
M ' \t' r
1 £ 8 Q 10 II \7 13, I s , In 30
I ' u ' l e i Vates Sttel Corporation
20.29
M ij.' I / U K v h c r ' i - i i n *
6
I H tif s
1 10 12 !•>. 16 18, 19. 20
fcf ~i~^ i. i ' ' u i e ' S
or r ' s
sti t)fiHfJ*"S, I U V U I
Va f
niore lal^s inJex
7
*or ( s
°
V e ^ t J t , oi's
.
22
M jtnif J ' u nt, f . r o d u c t ' •'ii m t ' x c s
1 2
U >t A -cs sv 1 •rui^s
.
3,25
Mir
' >T d < m p l o v n v rtt p >\ i JMS
10 11
V u t s f< 1OJ\ aid misi ei*aneous
12,13
M >s^ i h ^ d ' s ,
c n . p l ' j ^ ui«. r i
p y
ui1!",
Wai [ r( ^') \AI in cxptnditures
17
* » fs
l ' l 11 H
5
W r c i\m«,i, bo'.t's
17
i
t- '«1 iiir'rt j j j i k n..'
1 M
f) ] i ! 11 ! 2 ! 1
^
V i,^i I M , ' o a i e H capi^d
__
6
^T
i ,
I 2 t 8,«> 1 0 , I I ! . ' 1 J 1< 20
V- ,fP.U Vllr> I
_
21
vt*:.» i
22
H l,t t c i . d u ' l e ' i t flout .
25,26
M 1'.
24 ^
V }»o1t <i\r i>ri f <n i^ •ifs
3,4
Mri'n«
1,2 10 12
^A !v t,ii, K\ v r n p l o ' m e n t , p a y r o l ' s , Wc&e*
N» ^ ) f->
m*pl > m e n t , p ' i ils. ^m'-w
Ne\««|<iptT i U e i t i s n^,
N e \ ^ j I'I.T
10,
11 3 i
6
; l 32
10,
11. 13
Wj';U puij'
W i <1 u n l w o »1 n n n u f Y t u r e i
Zuic
_
. . .
1 2
_
4,31
^9,10,11,35
30
@FedFRASER