Full text of Survey of Current Business : January 1951
The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
JANUARY
ism
U. S. DEPARTMENT OF COMMERCE
BUREAU OF FOREIGN AND DOMESTIC COMMERCE
OFFICE OF BUSINESS ECONOMICS
1951
SURVEY
OF C U R R E N T
BUSIMESS
No. 1
J A N U A R Y 1951
THE BUSINESS SITUATION
.
Agricultural Prices and Income
Business Capital Expenditures Programs in 1951 . .
National Income and Corporate Profits in the Third
Quarter of 1950
.
*
*
*
5
*
SPECIAL ARTICLES
Estimates of Gross National Product in Constant
Dollars, 1929-49
Current Financial Position of Corporations
Private United States Direct Investments Abroad . ,
*
I
3
4
DEPARTMENT OF C O M M E R C E
FIELD SERVICE
Albuquerque, N. Mex.
203 W. Gold Are.
Memphis 3, Tenn.
229 Federal Bid*.
Atlanta 3, Ga.
50 Whitehall St. SW.
Miami 32, Fla.
36 NE. First St.
Baltimore 2, Md.
103 S. Gay St.
Milwaukee 1, Wis.
517 E. Wisconson Ave,
Boston 9. Mass.
2 India St,
Minneapolis 1, Minn.
2d Ave. S. at 4th St.
Buffalo 3, N. Y.
117 Ellicott St*
Mobile, Ala.
109-13 St. Joseph St.
Butte, Mont.
14 W. Granite St*
New Orleans 12, La.
333 St. Charles Ave.
Charleston 3, S. C.
18 Broad St,
New York 4, N. Y.
42 Broadway
Cheyenne, Wyo.
206 Federal Office Bldg;
Oklahoma City 2, Okla.
102 NW. Third St.
Chicago 4, III.
332 S. Michigan Ave,
Omaha 2, Nebr.
1319 Farnam St,
Cincinnati 2, Ohio
105 W. Fourth St,
Philadelphia 6, Pa.
1015 Chestnut St.
Cleveland 14, Ohio
925 Euclid Av6i
Dallas 2, Tex.
1114 Commerce Sti
0
12
20
*
MONTHLY BUSINESS STATISTICS . . . . S 1 to S 10
New or Revised Statistical Series
, , . . . . . . . . . . . . . 21
Statistical Index
Inside Back Cover
Published by the U. S. Department of Commerce. C H A R L E S S A W Y E R ,
Secretary. Office of Business Economics, M. JOSEPH ME EH AN,
Director. Subscription price, including weekly statistical supplement, $3 a
year; Foreign $4. Single copy, 25 cents. Send remittances to any Department of Commerce Field Office or to the Superintendent of Documents,
United States Government Printing Office, Washington 25, D. C. Special
subscription arrangements, including changes of address, should be made
directly with the Superintendent of Documents. Make checks payable to
Treasurer of the United States.
Denver 2, Colo.
142 New Custom House
Detroit 26, Mich.
230 W. Fort St.
Phoenix 8, Ariz.
234 N. Cectral Ava*
Pittsburgh 19, Pa.
700 Grant St*
Portland 4, Oreg.
520 SW. Morrison Sti
Providence 3, R. I.
24 Weyboesett St;
El Paso 7, Tex.
206 U. S. Court House
Bldg.
Reno, Nev.
118 W. Second St,
Hartford 1, Conn.
135 High Sti
Richmond 19, Va.
801 E. Broad St*
Houston 14, Tex.
602 Federal Office Bldg.
St. Louis 1, Mo.
1114 Market St;
Jacksonville 1, Fla.
311 W. Monroe St4
Salt Lake City 1, Utah
350 S. Main St,
Kansas City 6, Mo.
911 Walnut St.
San Francisco 11, Calif.
555 Battery St*
Los Angeles 12, Calif.
312 North Spring St.
Savannah, Ga.
125-29 Bull St.
Louisville 2, Ky.
631 Federal BJdg,
Seattle 4, Wash.
909 First Ave.
For local telephone liuting, consult section
Contents are not copyrighted and may be freely reprinted.
devoted to U. S. Government
JANUARY 1951
THE
Output of finished goods in the closing
months of 1950 was substantially above
a year earlier with large advances
in durables
-20
PERCENTAGE CHANGE FROM A YEAR AGO
0
+20
+40
+60
+80
+100
TELEVISION SETS
MACHINE TOOLS
SITUATION
By the Office of Business Economics
RADIOS
ELECTRIC RANGES
MOTOR VEHICLES
WASHING MACHINES
ELECTRIC REFRIGERATORS
FREIGHT CARS
VACUUM CLEANERS
TRACTORS, WHEEL-TYPE
I
and smaller changes, generally,
in nondurables.
SUITS, MEN'S
RUBBER T I R E S
DISTILLATE FUEL OIL
ALCOHOLIC BEVERAGES
MOTOR FUEL
HOSIERY, ALL TYPES
SHOES
FOODS, MANUFACTURED
TOBACCO PRODUCTS
DRESSES
NOTE- PERCENTAGE CHANGE IS BASED UPON LATEST AVAILABLE MONTHLY DATA.
U. S. DEPARTMENT OF COMMERCE, OFFICE OF BUSINESS ECONOMICS
' 5O-353
921277—51
1
the defense program gained momentum, assuming a
more dominant role in economic affairs, business activity
pushed upward in December to a peak rate for the year.
The rising trend of prices continues. Imbalance between
demand and supply in the market focused increasing attention upon economic stabilization, a central problem treated
in the President's economic message, and further highlighted by the large increase in Government expenditures for
military programs set forth in the Budget Message to
Congress.
With the declaration of a national emergency, governmental action was directed along two main lines. The first
of these—concerned with stepping up defense mobilization—
included $20 billion in new defense appropriations, an
increase in the rate of expansion of the Armed Forces for the
early months of 1951, and further actions to channel scarce
materials into munitions production.
The second line of action was aimed at stabilization of the
civilian economy. An interim increase in taxes to meet
rising expenditures was enacted, and work on a more extensive tax program was initiated. A voluntary price order
was announced requesting that increases after December 1
be made only in accordance with pricing standards related
to profits or markups in the period 1946-49. In addition,
a mandatory price and wage stabilization order was issued
for the automobile industry. On the monetary front, higher
bank reserve requirements were announced to become effective in January and February.
The intensified defense effort is affecting business programs
to a greater extent, with the placing of large defense orders
with the mass-production industries and the extension of
cutbacks in the use of critical materials. As indicated in
the chart on this page, actual operating schedules of industry
were generally maintained at high rates in the closing months
of the past year, but the increased restrictions will become
gradually effective.
Price rise broadened as demand expands
The control measures so far have been limited in scope
and, with expanding demand and rising costs, commodity
prices have continued to rise. The advance during December was the broadest since the invasion of South Korea in
June. All major wholesale price groups joined in the rise,
which was substantial from the raw material to the finished
product stage. The average increase for all groups during
the 4 weeks ending January 2 was 2.3 percent. In the case
of foods—the only area for which December retail quotations
are available—the advances were substantial at the retail
level as well.
The most dynamic demand sectors in the final quarter of
1950 were Government defense spending and business investment. Although defense expenditures are still far below the
1
SURVEY OF CURRENT BUSINESS
rate projected for 1951, the closing quarter of 1950 witnessed
a substantial rise in Government expenditures. On the basis
of preliminary estimates, the fourth quarter defense spending
was about $5 billion higher, at an annual rate, than in the
third quarter. Thus, to the previous indirect impetus of the
Government's defense programs to private spending was
added the initial direct effect of significantly rising Government purchasing.
Both fixed capital and inventory investment by business
expanded in the fourth quarter. Although final estimates
are not yet available, reports from nonagricultural business
in the joint quarterly survey of the Office of Business Economics and the Securities and Exchange Commission
indicated planned investment in plant and equipment at a
seasonally adjusted annual rate of $20 billion in the fourth
quarter—about 10 percent higher than in the preceding
quarter. In addition, a large expansion in capital expenditures has been programmed for 1951, as discussed on page 4.
The book value of business inventories rose $3.6 billion,
on a seasonally adjusted basis, in the first 2 months of the
fourth quarter, reaching $60 billion at the end of November.
Over half of this increase represented larger physical stocks
with price advances accounting for the remainder. Inventory expansion has been substantial since September,
following a period of decline in stocks during the summer of
1950.
Consumer demand continues strong
Consumer purchasing continued at a high rate in the
fourth quarter, although somewhat below the abnormal
buying surge which occurred soon after the Korean invasion.
To some extent this change is attributable to governmental
regulation of consumer credit terms, but a similar shift is
also apparent in lines unaffected by Regulation W. Nevertheless, retail trade has held well above a year earlier, with
the physical volume exceeding a year ago and dollar totals
reflecting price advances as well. Department store sales in
December were about 10 percent above a year earlier and
correspondingly higher than in November on a seasonally
adjusted basis. During the month there was a considerable
pickup in sales of durable goods.
The strength of demand reflects the continuation of the
basic income and production trends of recent months. Employment has been maintained at peak rates, while all the
principal types of income have been increasing. Rising prices
at all levels of production and distribution and rising wages
have had interacting influences. Manufacturers' shipments
have been running about one-third higher than a year ago,
but have failed to keep pace with new orders, and backlogs
have risen further.
Personal incomes in the aggregate have moved above $230
billion in the final quarter of the year, or 12 percent higher
than a year ago. The total income for 1950 topped $220
billion, compared with $206 billion in 1949.
Output generally maintained at high volume
Industrial output held generally steady through the fourth
quarter at the high rate attained in the autumn months.
Flexibility in the use of materials and generally adequate
stocks have limited the impact of growing restrictions on the
use of scarce materials in civilian production. More severe
limitations, however, are applicable in the first quarter of
1951. The longer-term prospects for total industrial output
are enhanced by the stepped-up rate of expansion in capacity
of basic industries.
For 1950 as a whole, total industrial production was the
highest for any peacetime year, rising close to 15 percent
over 1949, according to the Federal Reserve index. For
January 1951
most industries, production averaged substantially higher
than in 1949 and in many cases new peak rates of output
were established. Especially significant in this rise in industrial output were the performances of the steel and automobile industries—about 97,000,000 tons of steel ingots and
castings were turned out by the Nation's steel mills and
8 million passenger cars and trucks rolled off United States
assembly lines in 1950.
Finished goods output at high rate
While markets have been favorable for all types of goods,
the differential impact upon production of finished goods of
rising incomes and anticipatory buying has been large, a
fact made clear by the chart on page 1. Consumer buying
has favored the durable goods, and indicative of the great
expansion in industrial facilities is the 60 percent increase in
machine tool shipments, an increase which has not kept
pace with the rush of new business.
For the most part, the volume of output in OctoberNovember 1950 was substantially above the monthly
average for either 1948 or 1949. In the hard goods lines,
volume increases of well over one-fourth were achieved for
8 of the 10 products included in the chart, with the television industry, with its market gradually being extended,
showing the largest gain.
Automobile output registered a gain of nearly one-third,
and this represented a very pervasive influence because of
the importance of this industry. Producers of vacuum
cleaners and tractors scored only moderate increases; in
the latter instance, volume in November was somewhat
curtailed because of a work stoppage in an important producing plant.
In the soft goods lines lesser increases were the rule, the
expansion generally being below 10 percent. Rubber tire
output was up a fourth, reflecting a higher rate of replacement
demand and of new car s&les.
Controls broadened and strengthened
The impact of the rearmament program will now begin
to be felt in the metal-working industries as many of the
NPA allocation and limitation orders which were issued in the
two previous months went into effect for the first time on
January 1, 1951. Furthermore, the declaration of a national
emergency by the President on December 16, 1950, was
followed by new and more drastic Government action bearing
on defense programs. In addition to extending controls to
new products, the NPA issued supplements to previous
directives designed to broaden and strengthen the controls
over many essential materials.
Under the more important supplemental orders, the
General Services Administration was directed to assume
immediately complete control over the buying and selling of
natural rubber imported into the United States, thus making
this commodity, natural and synthetic, the first material to
come under virtual Government control; cobalt, an important industrial metal, was placed under complete allocation
effective February 1, 1951; the use of copper was banned or
sharply restricted in more than 300 products after March 1?
1951; and hoarding of all the principal strategic metals and
minerals was prohibited.
Governmental planning for the purpose of expediting the
military program is proceeding with extensive consultations
involving affected groups. This is providing a workab/|.;,
approach to the ways and means of meeting the requirements of the defense program, and also a better understanding of the business problems which are developing.
Such cooperative effort is essential to the attainment of a
quick and smooth transition to a defense economy.
January
1951
SURVEY OF CURRENT BUSINESS
Agricultural Prices and Income
JrRICES received by farmers advanced an average of
2 percent per month during 1950 following the decline which
began in 1948 and persisted throughout 1949. This reversal
in prices has been accompanied by a similar shift in farm
income. The rise in income has not quite kept pace with
prices, however, because of some reduction in crop marketings. Cash receipts from farm marketings in 1950 were
about equal to the $30.5 billion in 1949. They were lower
during the first half of 1950 than in the corresponding period
of 1949, but advanced above the year ago rate in the latter
part of the year as the rise in farm prices was extended.
As attention is focused upon price changes and consideration is being given to appropriate measures to halt the
general inflationary advance, farm prices are of special7
interest because of their direct influence on consumers
prices of food and apparel. The Defense Production Act
provides that ceiling prices on agricultural commodities may
not be established at less than either the parity price for
such products or the highest price received by producers
during the period May 24 to June 24, 1950, with appropriate
adjustment for grade, location, or seasonal movement in each
case. With only an occasional exception, however, farm
prices are now higher than in June.
During the year 1950 farm prices advanced appreciably
more than industrial prices as a group—rising about 20 percent as compared to a 13 percent increase in the nonfarm
sector, according to the BLS wholesale indexes. In the 1949
recession farm prices dropped more than other prices.
The principal difference in price movements occurred in the
first half of the year when industrial prices were nearly stable
whereas farm prices rose 7 percent. In the latter half of the
year, the average increase in each of the groups was about the
same—around 12 percent.
Prices paid by farmers rose less rapidly than prices received
during 1950, bringing the ratio of prices received to prices
paid to the highest point in more than 2 years. Nevertheless,
it is significant that the index of prices paid by farmers rose
8 percent during 1950. This advance is larger than the
increase in the Consumers7 Price Index in the same period,
reflecting the more sensitive character of the prices paid index.
Furthermore, of the more important agricultural commodities fewer were above parity than were below in December of
1950. Of those above parity, several were substantially above,
as shown in chart 2. In addition to the nonfood crops, cotton
and wool, the above-parity group includes such important
foods as beef, veal, and lamb. These foods together with some
minor products accounted for only about one-fifth of the food
component of the Consumers' Price Index.
In contrast, foods derived from farm commodities representing about 60 percent of the food component of consumers7
prices were below parity in December, and in most cases
they were substantially below.
Hogs, from which nearly 10 percent of the food weight in
the C. P. I. is derived, are about at parity on a seasonally
adjusted basis. At the seasonal low point in mid-December
hog prices were 11 percent below parity, but they advanced
moderately during the latter part of December and the first
week in January.
In addition to the two major restrictions mentioned above,
A there are a number of other provisions affecting ceilings
which may be set on farm commodities, or products derived
from the farm. These affect particularly fluid milk where
ceilings computations involve various demand and supply
considerations. Prices of fluid milk in areas where marketing agreements are already in effect will continue to be regulated by the Marketing Act of 1937 as amended.
About
10 percent of the food component of the C. P. I.
represents products not derived from United States farms—
fish, coffee, and bananas—for which no parities are computed.
Important parity revisions
The parity provision in the price ceiling legislation appears
to be similar to that prevailing during most of World War II.
There are important differences, however, stemming from
changes in parity calculations. Among these changes, farm
Chart 2.—Prices Received by Farmers: Percentage Deviation from Parity, December 1950
-75
-50
PERCENTAGE DEVIATION
-25
0
+ 25
+ 50
I
WOOL
COTTONSEED
VEAL CALVES
BEEF CATTLE
LAMBS
COTTON
SOYBEANS
RICE
EGGS-I/
TOBACCO, BURLEY
TURKEYS, LIVE
HOGS
MILK, WHOLESALE I/
WHEAT
PEANUTS
BEANS, DRY EDIBLE
CORN
OATS
BUTTERFATJ^
FLAXSEED
BARLEY
RYE
APPLES
CHICKENS, LIVE
SWEETPOTATOES
SORGHUM GRAIN
POTATOES
GRAPEFRUIT
ORANGES
J_
I
I
U, S. DEPARTMENT OF COMMERCE, OFFICE OF BUSINESS ECONOMICS
5O-352
i Based upon seasonally adjusted prices received by farmers.
Source of data: U. S. Department of Agriculture, Bureau of Agricultural Economics.
wage rates were included, as provided by law. This raised
the general parity index. In addition, there are changes in
the relationships among parity prices of the various commodities. Parity prices were increased for a few important
commodities whose prices are now below parity. These
include hogs, milk, and butter. At the same time, limited
reductions were made in effective parity prices for otherproducts—eggs, citrus fruits, and some of the grains.
If the assumption is made that all farm prices above parity
were to remain unchanged, and those below were to rise to
parity, the effect of this would be an increase of from 5 to
10 percent in the index of prices received. Such an increase
would in turn bring some further advance in the parity index.
SURVEY OF CURRENT BUSINESS
January 1951
Business Capital Expenditures Programs in 1951
BUSINESSMEN anticipate spending $21.9 billion for new
plant and equipment during 1951, according to reports
received in early December in the joint survey of the Office
of Business 1Economics and the Securities and Exchange
Commission. This is about 2.1 percent above actual outlays
in 1950 and one-seventh more than in the peak year 1948.
This planned expansion in fixed investment is evident in
each size category of companies and in every major industry
group.
Although the extent to which allowance was made in the
1951 anticipations for possible shortages on the supply side
cannot be determined from the survey, it appears likely
that many businessmen made inadequate allowance relative
to the probable supply situation. It may be noted that in
recent months there have been sharp increases in the ratio
of unfilled orders to sales among capital-goods producers.
Thus, there is some question as to the ability of businessmen
to realize their scheduled capital investment programs for
1951—at least in physical volume terms.
44 percent higher in manufacturing and nonrail transport,
up 19 percent each in rails and mining, and 7 and 8 percent
in the utilities and miscellaneous group.
Chart 3.—Business Expenditures for New Plant and
Equipment1
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
25.0
1.5
ALL
INDUSTRIES
RAILROADS
20.0
15.0
.5
I
I
I
I
1.5
TRANSPORTATION OTHER
THAN RAILROADS
With a tendency for companies to project their capital
goods expenditures in physical volume terms at prevailing
prices and since capital goods costs currently are about 5
percent above those prevailing during 1950, it would appear
that the physical volume of outlays in 1951 is currently anticipated at about one-sixth above the actual rate in 1950—
and more than 5 percent over the rate at the end of 1950.
Judging by the anticipations reported for the last quarter
of 1950 and the first quarter of 1951 (in a survey run 1
month earlier), the current programs indicate a slowly increasing growth in the rate of demand for new plant and
equipment throughout calendar 1951. However, it should
be noted that there is a tendency toward lesser completeness
of future programs as compared to near-term budgets 2—
so that the expansion in demand in the latter part of this
year may even be somewhat greater than indicated.
5.0
0 ANTICIPATED
I
0
I
I
I
1.0
I
.5
15.0
MANUFACTURING
©
10.0
J
I
10.0
ELECTRIC AND GAS
UTILITIES
5.0
5.0
Industrial trends
0
10.0
The 1951 capital outlays of each major industry group are
scheduled at rates higher than those prevailing in any quarter of 1950—and at new highs in manufacturing, mining,
railroads and electric and gas utilities. (See chart 3 and
table 1.) Relative to last year, 1951 programs are 33 and
MINING
COMMERCIAL AND
MISCELLANEOUS!/
5.0
I
Table 1.—Business Expenditures on New Plant and Equipment,
1945-51 *
1946
47
I _L
J_ J
48
49 50 51
j_
_L
1946
47
48
43
U.S. DEPARTMENT OF COMMERCE, OFFICE OF BUSINESS ECONOMICS
[Millions of dollars]
Industry
I
0
10.0
Investment programs
1945
1946
1947
1948
1949
1950 2
19513
6,630
12, 040
16, 180
19, 230
18, 120
18, 130
21, 880
3,210
440
550
320
630
5,910
560
570
660
1,040
7,460
8,340
7,250
7,950
1,480
3,300
4,430
50
51
5O-338
1 Data exclude expenditures of agricultural business and outlays charged to current account.
Data include trade, service, communications, construction, and finance.
Sources of data: U. S. Department of Commerce, Office of Business Economics, and Securities and Exchange Commission.
2
All industries
Manufacturing
Mining
Railroads _
Other transportation
Electric and gas utilities
Commercial
and miscellaneous 4
690
910
800
1,900
2,680
740
1,350
520
3,140
690
1,140
430
3,220
10, 570
820
1,360
620
5,390
5,120
4,700
5,070
800
1,320
700
3,440
1
Data exclude expenditures of agricultural business and outlays charged to current account.
2 Includes actual outlays in the first 3 quarters and anticipated outlays in the fourth quarter.
Anticipated expenditures for 1951 were reported by business in early December.
Data include trade, service, communications, construction, and finance.
Source: U. S. Department of Commerce, Office of Business Economics, and Securities and
Exchange Commission.
3
4
1
This survey is in addition to the information on annual investment intentions and sale
expectations by business collected in the early part of each year. The results of the latter
survey
will be presented in the April SURVEY OF CURRENT BUSINESS.
2
This is more fully discussed in the article "Business Investment Programs and Their
Realization," SURVEY OF CURRENT BUSINESS, December 1950.
Within manufacturing, 1950 expenditures for new plant
and equipment are expected to be about doubled during
1951 in the nonferrous metals, steel, and nonautomotive
transportation equipment industries. Other very strong
areas of demand are chemicals, automobiles, and both electrical and nonelectrical machinery. The only significar//
decline from last year's level was anticipated by the furniturl'
industry. Generally, the largest increases occur in defense
and defense-related industries while smaller changes or decreases are found in those industries where Government
policies will be directed toward curtailing investment.
Although, as noted above, all size groups were contributing
January 1951
SUEVEY OF CURRENT BUSINESS
to the expansion in capital goods investment, there was a
clear tendency for the rate of increase to vary directly with
the size of firm.
Both electric and gas utility companies are scheduling
peak capital goods outlays in 1951 with special emphasis on
generating equipment, transmission lines, and gas pipelines.
The major items of increasing demand by the railroads are
freight cars and locomotives. All types of nonrail transport
anticipated higher capital outlays during 1951—with particularly large .increases expected by the airlines and local
transit companies. Within mining, too, all segments were
planning larger capital outlays while retail trade was the
main area of strength in the commercial and miscellaneous
group.
National Income and Corporate Profits in the Third Quarter of 1950
JNATIONAL income in the third quarter of 1950 was
at the seasonally adjusted annual rate of $244 billion, or
7 percent higher than the $229 billion rate in the second
quarter. The third quarter figure surpassed the previous
record of $231 billion reached in the fourth quarter of 1948.
Most of the income shares rose appreciably from the
second to the third quarter. The corporate profits component of national income—computed by adding to profits
before taxes the "inventory valuation adjustment'' (described
below) in order to secure a measure of earnings from current
production—accounted for about one-fourth of the $15 billion
increase at annual rates in national income. This was a
somewhat larger proportion than the one-sixth share of
national income represented by corporate profits in the
second quarter. The increase in employees' compensation
accounted for about half of the total increase.
The derivation of national income for the third quarter of
1950 is made
possible by the availability of corporate profits
estimates.1
Corporate profits at new high
Corporate profits continued to advance in the third quarter
of 1950. Total profits before taxes amounted to $11%
billion, 25 percent above the $9.3 billion earned in the preceding quarter, according to preliminary estimates of the
Office of Business Economics.
After seasonal adjustment also, the increase was about onefourth. In terms of seasonally adjusted annual rates, corporate profits were $46 billion in the third quarter, as compared with $37 billion in the preceding quarter. Like the
national income total, profits likewise represented a new high
dollar total.
The third quarter advance followed an expansion of similar
proportion in the second quarter. In the first quarter there
had been a moderate increase over the reduced profit level of
1949. In the 1949 business downturn and subsequent upsurge of activity in 1950, the relative changes in corporate
profits—as is usual in business fluctuations—were larger than
those in total national income and total national product.
In the third quarter—as had been true in the second—
the profit rise was associated with a substantially smaller
rate of increase in sales. On a before-tax basis, the estimated profit-sales ratio rose from 9 to 9.8 percent.
Inventory profits higher
A large part of the increases in profits and profit margins
.n the third quarter stemmed from the prevailing methods
jsed by corporations in accounting for inventories as an
Clement of cost of goods sold. The predominant corporate
practice is to charge inventories to cost of sales in terms of
)rior-period prices, rather than current replacement prices.
This practice has the effect of including in the reported
'book" profit figures inventory profits or losses—the differi Data on other components of national income were presented in the November SURVEY
>F CURRENT BUSINESS. Third-quarter estimates of national income by distributive shares,
t seasonally
adjusted annual rates, may be found on page S-l of this issue.
ence between the "book" (prior-period) cost of inventories
used up in production and their current replacement value.
Inventory profits were much smaller in the second quarter
than in the third, reflecting the sharper increase of inventorycost prices in the later period.
When inventory profits are eliminated—by adding to the
reported book profits figures the inventory valuation adjustment—the rise in corporate earnings from the second to
third quarter was much more moderate. Profits on this
basis increased 10 percent—from $35.0 billion in the second
quarter to $38.5 billion in the third, at seasonally adjusted
annual rates.
Profits after taxes
Corporate profits after taxes in the third quarter of last
year were $6.4 billion, as compared with $5.2 billion in the
second quarter and $4.0 billion in the first. These estimates, which reflect a combined Federal and State corporate
profits tax rate of 45 percent, allow for the increase in tax
rates applicable against 1950 corporation incomes under
recent legislation. For lack of adequate data, the estimates
of the increases in 1950 taxes under this legislation are
Table 2.—Corporate Profits Before and After Taxes, First 3 Quarters
of 1950 i
[Millions of dollars]
Profits before taxes
Profits after taxes
Industry group
All industries, total 2
Mining
. _ - ___
Manufacturing
Durable-goods industries 3
Nondurable-goods industries 4 _ _
Transportation
Communication and public
utilities
All other industries 5 __ _
First
quarter
Second
quarter
Third
quarter
First
quarter
Second
quarter
7,334
9,300
11, 449
4,024
5,205
6,374
216
4,029
2,112
1, 917
208
558
310
5,214
2,972
2,242
413
545
411
6,693
3, 576
3,117
655
528
161
2,220
1,090
1, 130
101
307
219
2.958
1, 003
1,355
219
294
297
3,749
1,894
1,855
341
284
2, 323
2, 818
3,162
1,235
1, 515
1, 703
Third
quarter
credits
were carried back.
2
Total profits for all industries include the adjustment for the net flow from abroad of
dividends
and branch
ranch pprofits.
rofits.
rots.
3
Consist of lumber and timber, furniture, stone-clay-glass,, iron and steel, nonferrous
metals,, machinery
m a c n e r y (except
excep electrical),
e e c r c a , electrical
e e c r c machinery,
c n r y , tra
ransportation equipment (except
automobiles), automobiles, and miscellaneous.
4
Consist of food, tobacco, textiles, apparel, paper, printing and publishing, chemicals,
petroleum,
rubber, and leather.
5
Consist of agriculture, forestry, and fisheries; contract construction; wholesale and retail
trade; finance, insurance, and real estate; services; and the international balance adjustment.
Source: U. S. Department of Commerce, Office of Business Economics.
approximations, particularly with respect to the newly
enacted excess profits tax.
The subsequent discussion will be in terms of profits on a
before-tax basis.
(Continued on p. 19)
By George Jaszi and John W. Kendrick-fc-
Estimates of Gross National Product
in Constant Dollars, 1929-49
JLHIS report presents annual estimates of the gross
national product in constant (1939) dollars for the period
1929-49. They are intended to fill a large gap in the
existing body of official national income statistics.
These new estimates are the results of an Office of Business
Economics study in which constant-dollar gross national
product totals are being built up through price deflation of
the detailed components of the published current dollar
series. To obtain the estimates presented here, the completed portions of this study were drawn together and shortcut estimating procedures were adopted for segments on
which work is still in progress.
Need for constant-dollar gross national product
The national income and product estimates hitherto
published by the Office of Business Economics have been
exclusively in terms of current dollars. In times of changing
prices, however, many uses of the statistics require the
separation of the price and volume factors underlying the
current dollar estimates. For some purposes, the current
dollar data cease to be relevant, as in studies of real output
and of productivity. For others, they need to be supplemented by constant dollar data, as in analyses of inflationary
processes. In the current economic situation, in which
questions relating both to the production potential and to
inflation loom large, constant dollar data are of unusual
relevance and value.
This consideration, together with the fact that the basic
deflation study was sufficiently advanced to permit the derivation of reasonably reliable estimates, underlay the decision to publish the summary totals contained in this report.
The final estimates of gross national product in constant
dollars will include additional statistical detail and will be
accompanied by a full explanation of their conceptual and
statistical bases. The present report is limited mainly to a
discussion of the considerations that are most essential to
the use of the interim data.
These data have the same scope as the current-dollar
gross national product. (See National Income Supplement
to July 1947 SURVEY OF CURRENT BUSINESS and July 1950
SURVEY.) This is a measure of the market value of the
Nation's economic output of goods and services. It covers
not only production of the domestic business system but
also includes allowances for economic services performed
in the household sector and by nonprofit institutions, for
the services provided by government, and for production
available to the Nation by virtue of its net ownership of
claims on foreign countries.
National product is termed "gross" in that no deduction
is made for business and institutional consumption of durable
capital goods. All other business products, such as raw
materials, used up by business in the course of production
are, however, excluded; and in this principal respect the
NOTE.—Mr. Jaszi, Associate Chief of the National Income Division, was responsible for
the preparation of these estimates, with Mr. Kendrick of the National Economics Division
as his principal assistant. Major contributions to the deflation project were made by Edward
O Bassett, Carolyn G. Bernhard, Morris Cohen, Joseph B. Epstein, and Millard L. Gallop.
Acknowledgment of their specific contributions and of the work of other staff members will be
made when the final results of the study are published.
measurement of national production is net in that it excludes
intermediate products and covers final output only.
Changes in the Volume of National Output,
1929-50
In the following section, the main statistical results of the
present study are summarized. The remainder of the report
is devoted to a discussion of some of the technical aspects of
the constant dollar measure of national output.
Cyclical and long-run movements in output.
The accompanying chart compares the movements of the
constant-dollar and current-dollar gross national product
series over the 1929-50 period. Both series drop from the
cyclical high of 1929 to 1933, the low of the great depression.
There follows a period of recovery, interrupted in 1938. The
upward movements accelerate in 1940 and 1941, the years of
increasing economic mobilization prior to World War II.
Chart 1.—Gross National Product in Current and
Constant Dollars
BILLIONS OF DOLLARS
300
250
CURRENT DOLLARS
ZOO
150
CONSTANT DOLLARS
100
-
©PRELIMINARY
I
1929
31
33
35
37
39
41
1
43
I
45
I
I
47
I
I
I
49 50
U. 5. DEPARTMENT OF COMMERCE, OFFICE OF BUSINESS ECONOMICS
SO~35l
Source of data: U. S. Department of Commerce, Office of Business Economics.
Both measures register further advances during the war and
a decline in reconversion year 1946. For both, 1950 is the
postwar high.
However, the movement of the constant dollar series
differs in two major respects from that of the current dollar
series. First, the cyclical swing of the constant dollar toU|
is narrower, since over the course of the business cycle priced
and volumes tend to move together. This is seen clearly
for the 1929-33 period, when national production dropped
thirty percent in real volume, as compared with a shrinkage
of almost one-half in its current monetary value.
J a n u a r y 1951
SURVEY OF CURRENT BUSINESS
The second difference is that the constant dollar measure
of gross national product shows a lesser long-term increase
than the current dollar measure—a reflection chiefly of the
price inflation associated with World War II and its aftermath. Over the two decades from 1929 to 1950 national
production increased three-fourths in real terms, but one
and two-thirds in current dollar value.
A simple and meaningful measure of the long-term rate of
growth in national production, utilizing the span of years
covered by the new data, is provided by the average annual
percentage rate of growth based on the change from 1929
to 1950, both peacetime years of close-to-full utilization of
produtive resources. On the basis of this calculation, the
average annual rate of increase in the real volume of national
production is about 2% percent.
Trends in productivity
A few broad comparisons of production and labor input
may also be given. They will be made in terms of privateindustry gross product, since the contribution of Government to national output is the major instance in which output
was taken to move with man-hours or employment, with no
allowance for changes in productivity.
The increase in real gross private product from 1929 to
1950 was over 75 percent. During this period, the number
of persons engaged in production—full-time equivalent
employees plus active proprietors—increased by 24 percent.
An average annual rate of growth in real private product per
person engaged of about IK percent is implied. This is very
similar to the annual rates of increase from 1929 to 1941 and
to 1949, two other peacetime years of high level activity.
On a man-hour basis, the rate of increase is greater,
because average hours worked per week in the private
economy have decreased by about 10 percent since 1929.
Accordingly, the average annual rate of increase in real
private product per man-hour since 1929 has been somewhat
in excess of 2 percent.
It is important to realize that productivity increases computed in this fashion are attributable not only to labor, but
reflect the working of all factors that influence productivity—
for instance, technological progress, increased amounts of
capital equipment, and better organization and management.
In addition, they register not only changes in gross product
(that, is, output less purchases of raw materials and other
intermediate products) per unit of labor input within individual industries, but also shifts of workers among industries
in which the gross product per unit of labor input differs.
A striking example of such a shift is the continual decline
in the proportion of the labor force engaged in farming.
Since real product per man-hour is two-thirds less in farming
than in the private nonfarm sector, this shift would in itself
have caused an appreciable increase—approximately onehalf of a percentage point—in the average annual rate of
growth in real private product per man-hour, even had there
been no improvement in productivity in the two sectors
separately.
In interpreting the foregoing quantitative conclusions relating to cyclical change and long-term growth in real output
arid productivity, two considerations are pertinent. The
constant dollar estimates presented here may somewhat overstate cyclical fluctuations, mainly because the price indexes
which are used in deflating the current-dollar gross national
product cannot take full account of discounts, special sales,
and premiums reflected in actual prices charged in market
transactions. With reference to the long-term rates of
growth, it should be kept in mind that price indexes, and
hence the constant-dollar gross national product, can take
only partial account of quality improvement and the intro
duction of superior products—factors that are important in
a progressive economy.
War and postwar movements
In the period covered by the new estimates, the war and
post-war movements in the volume of real output are the
most difficult to interpret because of the sharp changes that
occurred in the pattern of production and in the level of
prices.
It appears that, owing to limitations of the estimates, the
war-time increase in national output is somewhat overstated,
and that the rate of increase in the immediately following
years of postwar recovery is too low. However, there is no
reason to think that comparisons of recent postwar with prewar years are affected. These conclusions stem from the
consideration of two factors.
In the first place, it is probable that the available price
information used to correct the current dollar estimates for
price change somewhat understates the effective price increase
that occurred during the war, and that it somewhat overstates the increase t h a t occurred immediately after the
abolition of price controls and also in the later stages of the
postwar inflation.
Secondly, it must be remembered that shifts of employment towards lines of production in which gross product per
unit of labor input is higher or lower are reflected as increases
or decreases in constant-dollar gross national product. In
ordinary market conditions this measurement of the volume
of production is satisfactory for most purposes. For the
war, however, the results are subject to some qualification.
Wartime changes in production
Basically, the large increase in national product during
World War II was due to an extraordinary expansion in the
labor forces and employment, longer hours of work, an increased volume of capital equipment, large-scale operations
and technological progress in war production, and to a better
utilization of labor and productive capacity in many civilian
industries. Similarly, the reconversion contraction reflected
a reversal of these forces. However, the two factors noted
above—inadequacies relating to the measurement of prices
and output shifts—also affected the movement of the constant dollar series over this period.
During the war discounts and special sales were eliminated
on a large scale, the quality of commodities tended to deteriorate, and services rendered in connection with their sale
as well as separately were often impaired. In calculating the
effective price increases that occurred during the war, account
was taken of some of these factors. However, to the extent
that complete allowance could not be made, the constant
dollar volume of production is overstated.
Shifts of employment toward lines of production in which
gross product per unit of labor input was relatively high
occurred on a large scale during World War II. Within
the consumer field, there were shifts toward higher price
lines, as distinct from straight price increases. For the
economy as a whole, the shift toward munitions production
probably had a similar effect. What in terms of employment
appeared to be a change-over in production was reflected as
an increase in total output as measured by constant-dollar
gross national product. Opposite shifts occurred after the
war and tended to hold down the increase in the constant
dollar measure, particularly in the initial period of readjustment.
In view of the peculiar circumstances in which some of
these shifts occurred, it may be questioned whether they
should be reflected fully as changes in the volume of output.
For instance, while to some extent shifts toward higher price
lines of consumers goods were the normal response of con-
8
SURVEY OF CURRENT BUSINESS
sumers to a higher level of income, they were also forced
upon them by the disappearance of cheaper price lines.
Moreover, while price differentials usually tend to reflect
corresponding cost differentials, this ceased to be true in
some instances during the war. It can be argued that in
cases such as these, shifts toward higher price lines should
not be shown as increases in output. In any event, the
special conditions under which they occurred should be
kept in mind in interpreting the statistical results. Similarly,
if the shift to war output resulted in an increase in constantdollar gross national product because the rates of remuneration of the factors of production in war output were higher
than in nonwar output, the statistical results may have to
be qualified to the extent that these differentials were the
temporary results of disturbed war conditions.
January 11)51
calculations in terms of the prices of each year to which the
comparisons refer, the vast additional labor involved in
constructing the full array of output series did not seem
warranted. Various tests indicated that choice of market
prices prevailing in other years as the basis of valuation
would not, in general, have greatly affected the relative
movement of the series shown in the accompanying table.
Prices of 1939 were chosen primarily because the use of the
prices of a more recent year, for which statistical information
is still tentative, as the basis of valuation might have necessitated frequent revisions in the entire constant dollar series.
However, the basic data are equally well adapted for calculating national output in terms of the prices of any othei
year of the 1929-49 period. Publication of the full detail
of the product breakdown of deflated gross national product
will, in conjunction with current dollar information, provide
Postwar increase in output
the users of the data with all the information necessary for
undertaking such calculations.
As can be seen from the chart, constant-dollar gross
It should be emphasized that to the extent that the relanational product was virtually unchanged from 1946 to
tive movements of constant-dollar gross national product
1947; 1948 is the first postwar year that shows an increase.
and of its components, and the proportions of these compoThe major explanation of this late timing in the recovery of
nents to each other, are unaffected by the choice of the
postwar production is the continued contraction of governparticular set of constant prices in terms of which they are
ment employment in 1947. Gross private product shows an
expressed, that choice is really a matter of indifference.
increase from 1946 to 1947. (See table 1.) However, there
For it is only percentage relations that matter. The absois some reason to believe that the true increase was somelute level of the dollar magnitudes has no significance.
what larger than the one shown.
The abolition of price controls in the latter half of 1946
General deflation procedure
resulted in increases in published price quotations in many
instances in which only a shift from covert to overt price
The general statistical procedure for obtaining constantincreases occurred. If allowance could be made for this
dollar gross national product is to divide the current dollar
factor, a larger increase in output from 1946 to 1947 would
estimates, in as fine a product detail as possible, by approbe shown. Additional factors, not confined to the 1946-47
priate price indexes based on 1939 as 100, in order to elimichange, which understate the rise in the output measure over
nate from the current dollar estimates all price change as
the early postwar period arise from the fact that it is not
compared with 1939.
possible to account fully for the re-emergence of discounts
In most cases the information on prices is available in
and special sales and of gradual improvement in the quality
greater detail than the current dollar estimates. For inof goods and services.
stance, personal consumption expenditures for shoes and
other footwear cannot be further broken down for all years
Statistical Sources and Methods
in the current dollar estimates; but price indexes are available separately for an extensive list of footwear items. In situaOutput valued at market prices of 1939
tions such as these, the full information on prices is utilized by combining the various indexes into composites and
To derive the measure of real output presented ID this
by dividing the current dollar series by them.
report, output was expressed at constant market prices.
The weights given to the various indexes are usually
The alternative of valuing output at constant factor prices
proportionate to their relative importance in terms of
(i. e., at market prices less indirect business taxes plus
expenditures for the products in 1939 or some other year for
subsidies) was not used. Regarding the practical reasons
which detailed expenditure data are available. The choice
for this choice, it should be noted that the quantitative
of 1939 in many cases is due to the fact that the availability
difference between the two measures of output would be
of industrial censuses facilitates the estimation of detailed
expenditure patterns for that year.
negligible, since indirect business taxes and subsidies are not
From the standpoint of deriving data in terms of constant
important in the United States price structure. The market
price concept was adopted because it afforded a simpler and
prices of 1939, this procedure of assigning fixed weights to
the price series is not strictly appropriate. Ideally, shifting
more accurate basis of statistical measurement, particularly
weights, reflecting the expenditure patterns of the years for
in view of the degree of detail in which the results were
desired. Available information refers to market prices of
which current values are to be expressed in terms of 1939
goods and services, and the detailed allocation of indirect
prices, should be used. However, as has just been noted,
this detail on current dollar expenditure patterns is lacking.
taxes and subsidies that would be necessary to arrive at
The constant dollar estimates for the various components
their factor prices is a complex statistical problem that
will be in error to the extent that price movements are
cannot be solved accurately.
disparate and current quantity expenditure patterns depart
In the estimates presented in this report, market prices of
from the one used for weighting the individual price series.
1939 were used to value output. (A departure from the use
Conclusive tests of the magnitude of the error cannot be
of 1939 prices in the case of munitions purchases will be
noted later.) However, unless the various physical quanmade. They would require exactly the type of information
for lack of which the statistical procedure being judged ib
tities or their relative prices all change in the same proadopted.
However, relevant tests indicate that the error is
portion, the use of prices of different years as the constant
likehr, in general, to be negligible.
price base will result in different percentage movements of
These tests are applied to series for which in all years the
the composite series, and no unique measure of the change
product detail of the current dollar estimates matches that
in real output is possible.
While theoretical considerations indicate that under these
of the prices indexes. Deflated estimates derived by the
correct procedure—in which separately deflated components
circumstances comprehensive output comparisons call for
SURVEY OF CURRENT BUSINESS
January 1951
9
Table 1.—Gross National Product or Expenditure at Constant Dollars, 1929—49 1
[Millions of 1939 dollars]
1929
1930
1931
1932
1933
1934
1936
1935
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
Gross national product
85.9
78.1
72.3
61.9
61.5
67.9
73.9
83.9
87.9
84.0
91.3 100.0 115.5
Personal consumption expenditures
Durable goods
_
Nondurable goods
Services
--
62.2
8.0
29.1
25 1
58.6
6.4
27.7
24.5
56.6
5.3
27. 5
23 9
51.8
3.9
25.2
22 7
51.1
3.8
24.9
22 4
54.0
4.4
27.0
22 6
57.2
5.4
28.6
23 2
62.8
6.6
31.8
24.4
65.0
7.0
32.9
25.1
63.9
5.7
33.4
24 8
67.5
6.7
35.3
25 5
71.3
7. 7
37.1
26 5
76.6
8.9
40.1
27 6
75.8
5.7
41.3
28.8
78.0
5.0
42.6
30 4
81.1
4.6
44.5
32 0
86.3
5.3
47.9
33.2
95.7
10.4
50.2
35.2
98.3 100.0 102.0
12.3 12.6 12.9
49.5 49.7 50.4
36.4 37.7 38.8
14 9
7.4
6.1
1.5
11
10.1
5 9
16
5.4
3.8
2.1
1.5
4.8
3.3
1.9
2.0
-.2 —1.1 —3.0 -1.8
3.5
1.7
2.7
—.8
6 7
2.2
3.6
.9
9.3
3.1
4.8
1.4
11 4
6.3
3.3
3.8
5.5
3.9
2.1 — 1.0
9.9
4.9
4.6
.4
13 7
5.4
6.0
2.3
17.1
6.1
7.2
3.8
9 3
3.3
4.4
1.6
5.4
1.9
3.6
-. 1
6.6
8.3
2.6
2.0
5.1
6.7
-.6 —1.0
20.3
6.0
9.9
4.4
19.3
6.9
11.8
.6
21.1
13.8
7 3
45.0
38.3
6 7
____
Gross private domestic investment
New construction
Producers' durable equipment
Change in business inventories
Net foreign investment
Government purchases of goods and services
Federal
__.
_
__
State and local
Gross private product 2
Gross government product 3 __ _
22.8 17.7
8.0
7.9
12.6 11.9
2.2 -2.1
.8
.6
.3
.2
.1
.3
-.1
-.2
.1
1.0
.9
1.2
7.9
1.3
6 6
8.7
1.5
7 3
9.4
1.6
7 8
8.9
1.7
7 2
8.7
2.3
6 4
10.1
3.1
7 0
10.1
3.0
7 1
11.9
4.9
7. 1
11.4
4.4
6 9
12.7
5.3
7 4
13.1
5.2
7 9
13.8
6.1
7 7
81.5
73.5
67.7
57.4
56.5
62.0
67.6
76.4
80.9
76.4
83.7
92.1 106.2 116.5 125.3 133.0 129.7 125.6 128.8 133.2 132.0
4.4
4.6
4.7
4.6
5.0
5.9
6.3
7.5
6.9
7.6
7.6
1
Detail will not necessarily add to totals because of rounding.
2 Gross national product less compensation of general government employees.
are combined without committing a weighting error—are
compared with estimates obtained by deflating the sum of
the components by composite price indexes based on fixed
weights.
Such comparisons show that differences are small even
when the fixed weighting procedure is applied to fairly broad
segments, and that they tend to become even smaller as the
segment is narrowed. If this tendency carries through to the
still narrower segments for which there is actual resort to
price indexes with fixed weights, the resulting error must be
unimportant.
In the following sections the major statistical sources and
methods used in deriving the constant dollar components of
gross national product are outlined.
Personal consumption
The general procedure for deriving constant-dollar personal
consumption expenditures for goods and services was to
divide the current dollar estimates, in a detail sometimes finer
than that of the published annual estimates, by price series
that are components of the Consumers' Price Index of the
Bureau of Labor Statistics and of the series on Prices Paid by
Farmers of the Bureau of Agricultural Economics.
These two sets of prices were combined to give representation to prices paid by both urban and rural purchasers. It
should be noted, however, that this procedure by no means
secures complete representation of all major purchaser
groups. For instance, the prices reflected in the BLS consumer price index are those paid by moderate income families
in large cities. Prices paid by other urban groups—families
living in small cities and in towns, and families in low and in
high income brackets, for instance—are not included.
Any differences in movement between these prices and
those covered by the indexes lead to error in the deflation of
the current dollar estimates of personal consumption by
means of the indexes. To the extent, however, that differences in the cost of living of various groups are due merely
to different consumption patterns—while the prices of similar
goods and services are the same—no errors, of course, are
introduced.
For the years 1942-47 an adjustment was made to the
published price indexes for their failure to take account of
the full price increase that took place during and immediately after World War II. The basic study in which the
techniques for making these adjustments were first developed
921277—51
2
129.7 145.7 156.9 153.4 138.4 138.6 143.1 142.3
7.8
-.4 -2.1 -2.2
9.3
13.1
64.3
58.2
6 1
20.3
71.3
65.4
6 0
23.9
-1.8
60.6
54.6
6 0
23.7
2.7
4.8
1.4
.5
19.6
12.8
6 8
16.1
8.5
7 6
19.0
10.8
8 2
22.0
12.8
9 2
12.8
9.8
9.8
10.3
3
Compensation of general Government employees.
Source: U. S. Department of Commerce, Office of Business Economics.
is the "Keport of the Technical Committee Appointed by
the Chairman of the President's Committee on the Cost of
Living, June 15, 1944."
For the types of commodities and services for which BLS
and BAE price series are not appropriate, a wide variety of
sources was used. These included special price indexes computed by other agencies; price indexes derived from published price data, such as mail-order catalogues; price indexes
constructed by adjusting information on costs to a price
basis by allowing for changes in profit margins; and physical
volume indexes, in instances in which this direct approach
was superior to the price deflation approach.
Estimates for all components of personal consumption
expenditures have not yet been completed with the degree
of detail which is planned for the final estimates. The present estimates of personal consumption, in which the partial
results of the longer-run study were rounded out by short-cut
procedures, are likely to differ most from the final ones in
the case of expenditures for services. This is the area in
which statistical information is most deficient and in which
most of the improvising was done.
Investment
The deflation of private new construction was based
largely on the constant dollar estimates of construction prepared by the Office of Industry and Commerce of the Department of Commerce. These estimates—a regularly
published series—were obtained by dividing the components
of the current dollar estimates of new construction by a
detailed list of construction cost indexes, prepared by private
and other Government agencies. These indexes are obtained,
in general, by pricing fixed lists of construction materials
and labor.
Since the current dollar estimates of new construction are
in terms of selling prices, their deflation by means of these
indexes is not strictly appropriate. Their movement will
vary from that of selling prices if there are changes in productivity and in profit margins. It was not found possible
to make an adjustment for productivity changes.
However, a rough adjustment for changing profit margins
was introduced. There is strong evidence that in the construction industry changes in profit margins and in productivity are inversely correlated during the business cycle.
Hence the errors due to the neglect of profit margins and of
productivity are additive, and adjustment for only one of
these factors will make the indexes a closer approximation
of changes in selling prices.
10
SUEVEY OF CUEEENT BUSINESS
BLS wholesale price indexes and Interstate Commerce
Commission price indexes were the major data used for
deflating producers' purchases of durable equipment, in a
product detail which went somewhat beyond that in which
the estimates have been published for the years 1929-45.
Further breakdowns were estimated, for deflation purposes,
in instances in which there were indications that the alternative procedure of dividing broader current dollar components by fixed-weighted composite price indexes might yield
significantly erroneous results.
Whenever composite price indexes were used, the weights
for combining their components were as far as possible based
on 1939 product values, derived mainly from the 1939
Census of Manufactures. For price series used for products
for which values were not enumerated separately in the
census and for composite price indexes that could not be
broken down further, the weights underlying the BLS and
ICC composites were accepted. BLS and ICC information
was supplemented by price indexes compiled by other
agencies or constructed from mail-order catalogs and other
published sources of price data.
The deflated estimates of net change in nonfarm business
inventories were derived in the process of estimating the
inventory component of the current-dollar gross national
product series. This process consisted of converting yearend book values of inventories into a series expressed in 1939
dollars; taking the difference of these results; and multiplying the increments by the ratio of current prices to baseyear prices. The required constant dollar series was available directly from the second step.
BLS wholesale price indexes were the major source of
price information used for deflation of the book-value inventory data. In general, the inventories of each industry
listed in the annual industrial breakdown of the national
income were deflated separately. Total inventories for
each industry were deflated by composites of price indexes
appropriate to the industry. The indexes were weighted,
as far as possible, by the relative importance in 1939 of the
principal types of inventory goods represented by the indexes.
The inventory data used for weights were derived mainly
from the 1939 industrial censuses. In instances in which
relative inventory weights could not be ascertained, BLS
weights (based on sales) were employed.
Year-end book values of inventories reflect the prices
prevailing at various points of time. The exact time pattern reflected depends on the methods of inventory accounting used and on the rate of turnover of goods. Accordingly
the price indexes had to be appropriately lagged before being
used to deflate the year-end book value of inventories.
These lags were estimated on the basis of available sample
information on the methods of inventory accounting in the
various industries and of turnover ratios computed from
Census and Bureau of Internal Revenue information for
1939.
In estimating the net change in farm inventories, quantity
data furnished by the Bureau of Agricultural Economics on
year-end stocks of crops and livestock were utilized. The
net changes in these physical stocks were valued at prices
prevailing at the end of 1939.
The net foreign investment component of gross national
product was deflated by separately adjusting for price change
the receipts and payments items in the current balance of
payments, whose difference net foreign investment represents. The alternative procedure of deflating the net
balance directly will be given consideration in the final report.
The constant dollar series of merchandise exports and
imports were based on the indexes of value, quantity, and
unit value prepared by the Office of International Trade of
the Department of Commerce. The weighting procedures
January 1951
used in deriving these indexes are not strictly appropriate for
purposes of expressing merchandise exports and imports in
terms of 1939 dollars, but tests indicated that theoretically
superior weighting procedures would not yield significantly
different over-all results.
Statistical information for deflating the service items in
the current balance of payments is deficient. Moreover,
problems that do not even admit of a clear-cut theoretical
solution are involved. Further work is planned on this
segment, but it is not anticipated that revisions will be large
in absolute terms.
Government purchases
The deflation of Government purchases of goods and
services was particularly difficult because information on the
product breakdown of Government purchases, as well as
on the prices paid by Government, is deficient. During
World War II the task of deflating Government purchases
was further complicated by the fact that munitions of changing types and quality were acquired by the Federal Government in large amounts.
For purposes of deflation the current dollar breakdown of
Federal Government purchases as published on an annual
basis was supplemented by further detail in each of the
categories listed—compensation of employees, net purchases
from business, and net purchases from abroad. Compensation of employees was divided into military, civilian except
work relief, and work-relief wages; and supplements to wages
and salaries were also broken down further, to the extent
necessary for deflation. Construction was subdivided in
the considerable detail in which the estimates published by
the Office of Industry and Commerce are available.
Other purchases from business were divided further by
segregating net purchases of silver; the net change in the
inventories of Government enterprises; munitions expenditures, for years in which their size was significant; and rough
groupings of the remaining purchases into the object classes
used in the Federal budget. Within these object classes a
fixed pattern of expenditures—the one prevailing in 1938—
was assumed for all years for want of better information.
Net purchases from abroad were also broken down further.
In general, the deflated Federal compensation of employees
items are an extrapolation of the base year figures by manhours wherever possible and employment when man-hours
were not available or appropriate, as for military service. Itmay be noted that this series and the corresponding one for
State and local government measure the gross product
originating in government, as shown in the table.
Deflated estimates of Federal construction represent Office
of Industry and Commerce data, with the allowance for
changing profit margins noted in the discussion of private
construction. The volume of silver purchases was based on
direct quantity data. The net change in the inventories of
Federal Government enterprises was estimated for the Commodity Credit Corporation from quantity data, which were
valued at 1939 prices, and for other enterprises by less satisfactory procedures involving the deflation of book values by
lagged price-index composites.
The deflation of munitions purchases, which constituted a
special problem, is described and evaluated below. The remaining types of Federal purchases from business were
deflated by matching them with price series that appeared
most nearly representative—largely selected from BLS wholesale price data. The deflation of net purchases from abroad is
subject to limitations similar to those noted for the services
component of net foreign investment.
Further work is projected on the deflation of Federal Government purchases. Two aspects of this work should be
distinguished. First, there will be refinements of the
SURVEY OF CURRENT BUSINESS
January 1951
methodology just outlined. It is not likely that they will
substantially modify the results. The additional information
on the object breakdown of purchases and on the prices
relevant to this breakdown which can be made available by
further investigation is not likely to be large. Moreover,
even considerable modifications in the object breakdown
and in the price series used probably would not affect materially the over-all results. This judgment is based upon
experimentation with alternative weighting systems and
price series in connection with deflating Government purchases and other components of gross national product.
The second aspect of the projected work relates to the
treatment of munitions expenditures. Here the generalization just made does not apply. In this case experimentation
has indicated that alternative methods of constructing a
volume measure and alternative weights given to this measure will have a significant influence on constant-dollar gross
national product.
In the measures presented in this report, munitions expenditures were deflated for the war years by a special index
of munitions prices based on series compiled by the War and
Navy Departments. For the postwar years this index was
not available, and an extension of it was made on the basis
of price series that seemed most appropriate—selected
largely
from those used for the deflation of producers7 purchases
of durable equipment.
The general procedure of expressing all volumes in 1939
prices was not followed. Relative munition prices in 1939
were high as compared with later years, owing largely to the
small scale and experimental state of munitions production.
It seemed more reasonable to assign to munitions purchases
a weight in proportion to their relative prices in 1944, by
which year the prices of munitions reflected a lower relative
cost pattern.
This method of deflating munitions expenditures appears
to be the most satisfactory. However, the final estimates
will be accompanied by a full discussion of alternatives and
a presentation of their quantitative results. In view of the
conceptual and statistical difficulties involved, such a discussion is essential for intensive use of the data; in the
meantime, the movement shown by the series during the war
period should be interpreted with caution.
The general procedure for deflating State and local government purchases of goods and services was similar to that
adopted for Federal Government purchases. Changes in
the employee compensation component of deflated purchases
reflect the movement of employment. Deflated construction represents Office of Industry and Commerce data,
adjusted for changing profit margins. An estimate available
for 1947 of the distribution of other purchases from business
was applied in all years for lack of further information; and
the current breakdown so obtained was deflated by price
series that seemed most nearly applicable, largely selected
from BLS wholesale price data. Further work is projected
on this component of deflated gross national product also,
but material modifications are not expected.
^reorUsdru
'um&er
a ^rnnual i^eview I lumb
In recent years there has been great demand for separate copies of the February
Annual Review Number of the SURVEY OF
CURRENT BUSINESS from non-subscribers,
and this has resulted in early exhaustion of
the available supply. Although additional copies will be printed this year, subscribers are advised to place their orders
promptly after receiving their regular
copies.
The Annual Review Number is highly
prized by many persons as an historical
record of business progress. However, its
numerous charts and summary statistical
tables, interspersed through brief textual
analyses of important economic developments, also make this 7 2-page publication
an invaluable aid in considering the business outlook. Forty pages of business
statistics compiled from commercial and
governmental sources provide a month-by-
month progress report on more than 2,600
significant series, including general business indicators, commodities, securities,
trade, manufacturing and employment.
Last year's similar issue was subtitled
"The Economy in Adjustment". This
year the dovetailing of that adjustment
into a period of National Emergency will
be recounted and analyzed. The February
1951 Annual Review Number will trace
the course of business before and after
Korea in considerable detail, with brief
incisive sections covering: The Trend of
Prices, National Income and Production,
Industrial Production, Agricultural Production and Income, Construction Activity, Domestic Business Developments,
Retail Sales, Foreign Trade, Financial
Developments, Employment and Labor
Conditions and the Business Population.
Orders should be sent, with payment enclosed, either to the closest Field Office of the Department of Commerce or to the Superintendent of Documents, Government Printing
Office, Washington 25, D. C. Single copies are priced at 30 cents; quantity orders of 100 or
more copies are eligible for a 25 percent discount. Checks should be made payable to the
Treasurer of the United States.
11
By Loughlin F. McHugh
Current Financial Position
of Corporations
LFTER 5 years of high and generally expanding operations, corporations were in a favorable financial condition at
the end of 1950. Since the end of the last war, current assets
have expanded by over $50 billion or about 50 percent, while
current liabilities have risen about $27 billion. Thus net
working capital—current assets less current liabilities—
amounted to $75 billion at the end of 1950 as compared with
$50 billion at the end of World War II and $25 billion before
the start of the war in 1939.
At the end of 1950 corporate holdings of cash and United
States Government securities were the highest on record,
about $3 billion above the previous peak reached at the end of
World War II. Even after allowing for the fact that part of
the most recent gains in liquid asset holdings was associated
with Federal tax increases, it appears that the current liquidity of business compares favorably with that of prosperous
peacetime years in the past, and on an over-all basis was surpassed only during the war years when Government fiscal
policies combined with wartime restrictions on private investment to bring about an abnormally high liquid position.
The currently advantageous financial position of business
has been achieved in a period which witnessed a private
capital expansion program surpassing any previously recorded for a comparable interval of time and involving the
expansion of working as well as fixed capital. On the average, the annual investment or uses of funds by corporations
in the postwar period, both on capital and current account,
amounted to $25 billion, with a new peak of $37 billion being
reached in the year just passed. These figures stand in contrast to the total disposition or uses of funds by corporations
amounting to about $18 billion in 1941, a year of substantial
defense preparations, and an average of around $10 billion
in the prosperous period of the late 1920's. The higher level
of prices currently accounts for only part of the increased
uses of funds as compared to the prewar periods.
The principal factor in the financing of this huge postwar
program has been the maintenance of high profits which,
combined with generally conservative dividend payments by
corporations, resulted in a volume of retained earnings equal
to two-fifths of the total postwar capital requirements. Together with funds allocated to depreciation reserves, these
internal sources made up roughly two-thirds of total uses
of corporate funds.
The postwar capital expansion of business was associated
with a substantial increase in external financing, particularly in corporate indebtedness. The downward trend in
long-term corporate debt which has persisted throughout
the depression and war periods was reversed in 1945, and in
the succeeding 5 years long-term debt rose about $20 billion
or fifty percent about 1945 levels. The increase in shortterm bank indebtedness amounted to about $7 billion in the
same period. Despite the substantial expansion of corporate debt, the present indebtedness position of nonfinancial corporations does not appear to be unduly high in the
light of other economic considerations such as the profits of
corporations as a whole and the low rate of interest.
In relation to the rate of capital expansion, external
NOTE.—Mr. McHugh is a member of the Business Structure Division, Office of Business
Economics.
12
equity financing was moderate throughout the postwar period,
amounting for the years 1946 through 1950 to about $7
billion, or 5 percent of total requirements. However, it
appears that the over-all share of equity financing (including
retained earnings and stock issues) was about in line with or
larger than in previous periods of high peacetime activity.
Viewing the period ahead, it is clear that divergent tendencies will be affecting business financial developments.
As pointed out elsewhere in this issue, businessmen expect
to spend in 1951 about one-fifth more than in 1950 for new
plant and equipment, but there is some question whether as
a result private financial requirements will be increased.
Undoubtedly fixed capital outlays will be higher than in
1950 for defense and related industries. There is reason to
doubt, however, that all of the expected expenditures on
facilities for the nondefense areas will be forthcoming in
view of the shortages of materials and manpower. Moreover, in the case of essential capital outlays, some of the
financing will be undertaken directly or indirectly with the
aid of the Government, and hence will not involve any
problems of private financing.
Working capital will also be affected by the defense program. While increases may be required in defense-related
industries, inventory and credit controls will serve to limit
expansion in less essential areas. Consumer credit controls
are already in effect and will serve to dampen the direct and
indirect extension of credit by corporations to final consumers.
While capital requirements will remain extremely high in
the months immediately ahead while the defense program
is taking shape, it would appear that the full impact of the
defense program may be in the direction of reduced business
demand for private funds. At the same time, consumer
savings and funds seeking investment outlets will probably
tend to increase, thus resulting in a situation similar to the
experience of World War II when downward pressures were
exerted on the cost of private funds and business was accumulating unprecedented sums in liquid assets.
Postwar Capital Requirements
The current and prospective financial position of corporations may be placed, in perspective by examining the
general trends of financing over the last 5 years. The data
presented in table 1 and charts 1 and 2 trace the use and
flow of funds for business
corporations other than banks and
insurance companies.1 Additional detail relating to securities market financing is shown in table 2, which presents a
broad industry breakdown of net new security issues and
net purchases of these securities by banks, insurance companies, foreigners, and domestic individuals.
5-year total uses of $130 billion
As may be seen from table 1, the combined capital expansion program of the postwar period from 1946 to 195(f
aggregated over $130 billion. These postwar requirements
i Uses of funds should, of course, equal sources. That they do not do so in table 1 is due to
a number of factors, one of the most important of which is errors in estimation. For other
factors affecting the discrepancy between sources and uses, as well as for a discussion of the
general sources and uses approach, see "Business Financing in the Postwar Period," this
SURVEY, March 1948.
SURVEY OF CURRENT BUSINESS
January 1951
13
Chart 1.—Uses of Corporate Funds
far surpassed any previous experience in the private sector
of the economy, even if allowance is made for the generally
higher prices which have prevailed in recent years.
Plant and equipment outlays by corporations amounted
to over $75 billion in this postwar period, or about threefifths of the total financial requirements. The addition to
the net property account, that is, after allowing for depreciation, totaled $48 billion in this period or over two-thirds
of the book value of the property account at the end of 1945.
The increase in physical capacity was smaller relatively, not
only because of the higher prices at which these expenditures
were made, but because the book value of 2the property account understated the real value of facilities. It is doubtful
however, that the postwar pace of private facilities expansion —either in dollar terms or in physical volume—has
ever been approached in any previous 5-year period.
Next in amount to plant and equipment requirements in
the postwar period was the expansion of inventories and
customer financing which combined accounted for about
$46 billion, or over one-third of the 1946-50 total. The rise
in these items reflected both the expanded level of operations
and the higher prices which have prevailed in the postwar
period. The increase in liquid assets over the whole period
was, on the other hand, relatively moderate, as substantial
reductions in the early postwar period offset in large part the
additions made in later years.
1
BILLIONS OF DOLLARS
20
PLANT AND EQUIPMENT
15
10
0
15
CHANGE IN INVENTORIES, BOOK VALUE
10
Variability in working capital
A glance at table 1 reveals the sensitivity of business demands for working capital funds to the general business
situation. It is generally recognized that expansionary
forces were dampened following the boom years 1946-48,
and by 1949 recessionary tendencies were in evidence. The
drop in current capital requirements in the latter year was
much sharper than in most of the other indicators of general
business activity. And with the pickup in general business
activity in 1950, particularly in the last 6 months, requirements again expanded rapidly.
-5
10
CHANGE IN LIQUID ASSETS
Table 1.—Sources and Uses of Corporate Funds, 1946—50 l
-5
[Billions of dollars]
10
Item
Uses:
Plant and equipment
Inventories (book values)
Receivables
From business
__ _ _
From consumers
From government
Cash and deposits
U. S. Government securities-. _
Other current assets _
_ _
Total
Sources :
Retained profits 4 _ _ . _ _
Depreciation
Payables (trade) . _ . _ . . _ _ . _ _ _
Federal income tax liability
Other current liabilities
Bank loans (excluding mortgage loans)
Short-term
_
Long-term
Mortgage loans
Net new issues
Stocks
Bonds
Total
Discrepancy
1946
11.6
11.2
4.8
5.1
1.7
—2 0
1 1
— 5.8
19482
19492
15.0
17.4
16 1
—4.6
7 6
2 5
1947
7.1
6.0
1.8
_
2
—1
—
2
2
2
l
1950
2
(3)
10
2 0
— 2
17.0
6.5
6.5
4.5
1.5
5
2 5
4.0
.5
5.0
.9
1.4
2
2
.3
—2.3
1.4
3
22 2
30 6
25 4
13 8
37 5
7.6
4 2
11 6
5 2
12 8
6 0
—1.6
2 1
3.3
1.9
14
2 3
10
2.6
16
10
8 6
6 7
—2 2
—2 4
— i
-1.8
12.5
7 0
3.5
7 0
10
2.5
30
_ 5
10
4 0
16
2 5
-5
1941
4.0
4.4
.9
8
(3)
1.1
5
0
8
6
8
1 3
1.0
4 4
13
31
5 9
1 2
4 7
—1 1
7
54
16
38
22 5
32 3
28 3
14 9
— 3
—1 7
2 9
11
.6
2.3
38 0
5
1
Excluding banks and insurance companies.
2 Preliminary. Estimates for 1950, based on incomplete data, are rounded to the nearest
$.5 billion for the major components. Total sources and uses derived from unrounded figures.
s Less than $50,000,000.
< Including depletion.
Source: U. S. Department of Commerce based on Securities and Exchange Commission
and other financial data.
2
CHANGE IN
RECEIVABLES^
The understatement is a reflection of the usual conservative accounting practices and of
the fact for
thatFRASER
the Government permitted accelerated depreciation on many war-built facilities.
Digitized
1946
1947
1948^ 1949^ 1950^
U. S. DEPARTMENT OF COMMERCE, OFFICE OF BUSINESS ECONOMICS
5O-335
1
Excluding banks and insurance companies.
* Includes changes in cash and deposits, and U. S. Government securities.
3
Includes changes in current assets not shown separately.
* Data are preliminary; estimates for 1950 are based upon incomplete data.
Sources of data: U. S. Department of Commerce, Office of Business Economics, based
upon Securities and Exchange Commission and other financial data.
Fixed capital expenditures in the postwar period were
generally well maintained, expanding steadily through 1948,
dipping only moderately in 1949 and again rising in 1950.
The maintenance of the high level of fixed capital expenditures in the postwar period reflects, of course, not only the
general demand picture but also the substantial backlog of
capital goods demand built up during the war. The contrasting experience in long- and short-term postwar investment developments is explainable in terms of the more
rapid process by which backlog demands for working capital
could be met.
SURVEY OF CURRENT BUSINESS
14
Table 2.—Changes in Corporate Securities Outstanding and in
Their Ownership, 1946-50
[Billions of dollars]
Item
1946
Net issues * by industry group:
Industrial and miscellaneous
Public utility (and telephone)
Railroad
_ __
__
Net. purchases 2 by various groups:
Banks
Life insurance companies
Foreigners
Domestic individuals, etc
1947
1948
1949
1950
2.5
.3
-.5
2.4
2.2
j
2.9
3.0
.2
2.5
2.8
.2
1.7
2.3
.2
.5
2.0
-.2
0
.3
3.2
-.2
1.3
(3)
4.2
.4
2.9
()
2.1
.3
1.8
()
2.1
2^0
3
3
January 1051
ity was in its early stages. In the boom years of the late
twenties, it may be noted, this ratio ranged around 10
percent.
Only for one of these ratios is the current position of corporations lower than prewar. If Federal income tax liabilities are subtracted from liquid assets and the remainder
related to sales, the ratio in 1950 is below 1940 but is greater
than 1941, a year of sharply increased Federal taxes.
In making a comparison of liquid resources to sales for
the prewar and postwar periods, it might be expected thatliquid assets would not need to rise in proportion to the
very substantial increase in activity and prices which occurred over this period.
1
New issues less retirements.
Purchases less sales.
s Less than $50 million.
2
Chart 2.—Sources of Corporate Funds1
Source: U. S. Department of Commerce estimates based on Securities and Exchange
Commission and other financial data.
BILLIONS OF DOLLARS
25
Corporate holding of liquid assets
Despite the huge capital requirements in the postwar
period, corporations generally maintained adequate holdings
of cash and United States Government securities. Business
corporations entered the postwar period with unusually high
liquid resources. With the lifting of wartime restrictions on
capital expansion, corporations made use of a portion of
these resources to help finance their expanded investment
programs. Since 1946, however, sizable additions have
been made to both cash and Federal security holdings.
The most striking increase in liquid resources was made
this past year as over $6 billion was added to cash and United
States Government securities. Most of this increase occurred
in the second half of the year and was attributable in part
to expanding levels of activity, in part to precautionary
measures anticipating future requirements, and in particular
to the stepped-up rate of corporate tax liabilities.
More significant than the trend in actual holdings of liquid
assets are the changes in these resources in relation to other
relevant financial data. A few of the commonly used liquidity
ratios are presented in table 3. The higher the ratios shown
in the table, the more liquid is the financial position of
corporations.
RETAINED PROFITS
AND DEPRECIATION
20
15
10
15
RETAINED PROFITS^
OTHER INTERNAL 57
10
Table 3.—Corporate Liquidity Ratios, Selected Years, 1940—501
Ratio to current liabilities
(units)
Ratio to sales (percent)
Year
1940
1941
1945
19461947
19481949
1950
__.
.
Liquid assets
Liquid assets
less Federal income tax liabilities
11.3
10.0
17.9
14.1
11.2
10.3
11.7
12.2
9 3
5^8
13.5
10.9
8.2
7.2
9.0
8.0
-5
Liquid assets
Total current
assets
0.46
.44
.93
.73
.64
.61
.72
.70
1
Excluding banks and insurance companies. Sales data are total for given period.
data used to derive ratios are for end of period shown.
1.84
1.79
2.13
2.08
2.01
2.04
2.20
2.10
Other
10
INCREASE IN EXTERNAL DEBT
0
10
NET NEW STOCK ISSUES
Source: U. S. Department of Commerce, based on data from Securities and Exchange
Commission and Bureau of Internal Revenue.
As the table indicates, while the liquid position of business
is at present not so favorable generally as at the end of
World War II, business liquidity compares quite satisfactorily with most of the peacetime years shown. Total liquid
assets held at the end of 1950 constituted about one-eighth
of corporate sales for the year, a proportion significantly
higher than any peacetime year with the exception of 1946,
when corporate liquid resources were still influenced by
wartime developments and reconversion to peacetime activ-
1941
1946
1947
1948^
1949 ^
U. S. DEPARTMENT. OF COMMERCE, OFFICE OF BUSINESS ECONOMICS
1950^
5O-334
1 Excluding banks and insurance companies.
2
Includes depletion.
3 Represents net change in current liabilities other than short-term bank loans.
* Represents net new bond issues and increases in bank loans and mortgage loans.
5
Data are preliminary; estimates for 1950 are based upon incomplete data.
Sources of data: U. S. Department of Commerce, Office of Business Economics, based
upon Securities and Exchange Commission and other financial data.
January 1951
SURVEY OF CURRENT BUSINESS
Generally speaking, it appears from these overall measures
of liquidity that the liquid position of business is high currently and sufficient to meet a significant part of the financial
requirements incident to further expansion of activity.
However, many firms obviously will require outside financial
assistance to meet the vastly expanded needs of the new
defense effort.
Financing Postwar Capital Programs
The following figures summarize the sources of corporate
funds for the 5-year period from the end of 1945 through
1950 (in billions of dollars):
Funds retained from operations—total
Retained profits
Depreciation
External
financing—total
Long-term debt
Short-term bank loans
Stock issues
Other
financing
Total sources
53
29
21
7
7
82
35
20
137
Dominance of internal financing
It is clear that internal financing—from funds retained
from current operations—constituted by far the dominant
means of meeting postwar requirements, being about two
and one-half times the total funds obtained from external
sources such as banks, other institutional lenders, and the
securities markets. In itself this feature is not unusual. In
the decade before World War II, the relative use of internal
financing was even greater. However, the thirties represented a period in which total investment programs were
small by comparison with those of the postwar period.
If the more meaningful comparison is made with the late
twenties, it appears that internal financing in those years was
less important than in the period following World War II.
This latter comparison is the more significant since, in both
periods, investment was substantial and was associated with
high levels of business activity.
The huge volume of undistributed profits available for
post-war expansion reflected in part the favorable profits
picture which generally prevailed throughout the postwar
period, and in part the conservative dividend policies pursued by corporate business as a whole. Despite the considerable increase in dividends this last year, the proportion
of disbursements to profits available for distribution was
still below the prewar experience.
It should be noted, however, that a substantial portion of
postwar profits is related to inventory gains resulting from
rising prices. Even if allowance is made for this influence,
it would still be true that retained earnings combined with
the other major internal source—depreciation—dominated
financing in the postwar period and was relatively more
important than in the late twenties when external financing
played a more important role.
In view of the temporary nature of inventory profits—
they are eliminated when prices cease to rise—corporations
may have been inclined to retain a higher proportion of
earnings than would otherwise have been deemed desirable.
Other possible influences which may help explain the higher
postwar share of profits retained in business are increased
difficulties or expense in raising equity funds externally, and
the much higher level of individual income tax rates in
recent years. It may be pointed out that for the larger
companies the proportion of earnings paid out in recent years
is not much lower than in the twenties.
Record volume of net security issues
Despite the relatively high proportion of internal financing, corporations sold a substantial volume of net new
15
security issues in the postwar period, the average annual
total of $4.5 billion being probably the largest in history, if
investment company issues are excluded. It is estimated
that net of retirements and excluding sales by investment
companies, new issues amounted to about $2.5 billion a year
in the late 1920's. This is far short of the total volume of
new issues in that period, since total sales included not only
new money issues but issues for refinancing and retirement
of outstanding securities. For the 1930's as a whole and
throughout the war period, there was a net retirement of
corporate securities.
In making the comparison with the 1920's it should be
noted that a large volume of investment company issues
was sold in that period, whereas those securities have been
relatively minor in the period since the end of 1945.
Of the $22 billion of net new issues sold in the securities
markets in the last 5 years, about one-third represented net
issues of stock. Although a comparable continuous series
extending back to the twenties is not currently available, it
is possible from data compiled by the Commercial and
Financial Chronicle to note the long-term trends of stock
and debt financing in the securities markets. These data
are shown in table 4 and in chart 3. In three of the five
postwar years (1946, 1947, and 1950) stock financing, exclusive of investment company issues, was as important relative
Table 4.—Relation of Stock Issues to Total Amount of New Capital
Issues, by Industry Groups, 1919—50 *
[Totals in millions of dollars]
j
All corporations Year
Total
new
issues
Stocks as
percent
of total
Industrial and
miscellaneous
Total
new
issues
Stocks as
percent
of total
Public utilities 3
Total
new
issues
Stocks as
percent
of total
Railroads
Total
new
issues
| Stocks as
percent
of total
1919...
2,303
63.2
1,907
74.5
278
12.5
117
0
1920...
1921 ...
1922___
1923 .._
1924...
2,710
1,822
2,336
2,702
3,322
38.2
14.7
24.6
24.4
25.0
2,005
978
1,086
1,350
1,217
48.8
15.4
24.9
28.2
22.8
382
492
726
888
1,326
14.4
23.8
38.0
28.2
37.5
322
353
524
465
780
0
0
5.2
5.8
7.2
1925. ._
1926. . .
1927. _.
1928...
1929 ...
4,086
4,286
5,216
5,293
6,417
29.4
26.3
27.2
45.0
62.1
2,224
2,342
2,645
3, 117
3,939
30.3
26.4
21.0
50.5
66.5
1,481
1,598
2,065
1,811
1,932
34.3
29.1
37.4
41.8
63.6
380
346
506
364
547
4.3
11.8
18.0
14.6
24.3
1930...
1931...
1932. ..
1933 ...
1934...
4,712
1,759
324
160
159
30.4
17.5
5.8
74.4
21.4
1,549
465
37
113
37
39.0
11.6
32.4
99.1
91.9
2,365
949
274
34
49
32.2
26.7
2.2
20.6
0
797
346
13
12
73
8.3
0
0
0
0
1935__.
1936 ...
1937. _ _
1938
1939...
402
1,202
1,225
869
381
17.2
29.6
33.3
7.6
25.5
245
811
840
580
235
27.3
43.3
47.7
10.5
38.7
83
124
153
273
61
2.4
3.7
3.9
1.8
8.2
73
267
232
16
85
0
0
0
0
0
1940. ._
1941. _ _
1942. ..
1943...
1944.. _
735
1,062
622
378
663
18.4
16.3
18.6
24.3
32.3
322
411
432
298
527
33.2
35.8
19.2
29.9
36.2
268
399
157
18
48
10.4
6.4
21.7
11.1
47.9
144
252
33
61
88
0
0
0
0
0
1945...
1946 ...
1947...
1948. _.
1949. _ _
1,264
3,546
4,828
6,248
4,901
52.6
41.4
25.5
14.4
19.4
1,029
2,602
2,553
2,784
1,914
61.5
51.3
37.1
18.8
12.7
112
818
2,035
2,886
2,537
23.2
17.5
14.0
13.1
27.8
123
126
240
578
450
4.1
0
0
0
0
1950 <_-
3,660
29.4
1,247
32.1
2,106
32.1
307
0
1
2
3
4
New Capital Issues include issues for the purchase of existing assets.
Excluding investment and holding companies subsequent to 1924.
Including communications.
Figures for 1950 are for the first 10 months.
Source: Commercial and Financial Chronicle.
to the total new capital issues as in the middle 1920's, but
considerably below the ratios for 1928 and 1929. However,
hi the heavy financing of 1948 and 1949, the proportion of
stock issues fell well below the rate in the 1920's. It is
interesting to note that outside equity financing by utilities—
principally gas and electric companies—was increased con-
SURVEY OF CURRENT BUSINESS
16
siderably this past year, reaching on a relative basis a point
comparable with such financing in the middle twenties.
Generally speaking, for the first 10 months of 1950 for
which data are now available, the relative share of equity
to total financing in the securities market compared favorably
with the prosperous years of the 1920's with the exception of
1928 and 1929. In the latter year stocks were issued in
volume not only for new money purposes but also to refund
indebtedness and to acquire existing assets.
Chart 3.—Stock Issues as a Percentage of Total Amount
of New Capital Issues, All Corporations and by Industry Groups1
PERCENT
75
ALL CORPORATIONS
50
25
0
75
INDUSTRIAL AND
MISCELLANEOUS
50
25
0
75
I I I I I I I i I I I I I I I I I I I I I I I I I I I t I I I
PUBLIC UTILITIES 27
50
25
0
50
1919
RAILROADS
I
21 23 25 27 29
I I I I I
31 33 35 37 39 41
43 45 47 4950^
U. S. DEPARTM(
*Katios omitted in 1932,1933, and 1934, because of the extremely low volume of new capital
issues.
1
Includes issues for the purchase of existing assets.
2
Excludes investment and holding companies subsequent to 1924.
3
Includes communications.
4 Ratios are based upon data for 10 months.
Source of data: Commercial and Financial Chronicie.
However, if account is taken of equity financing in the form
of retention of earnings as well as the issuing of new stock,
the situation in recent years compares favorably even with
1929 in view of the relatively high proportion of undistributed profits in the postwar period. For the 30-month
period preceding the outbreak of Korean hostilities, retained
earnings combined with stock issues equaled roughly the
same proportion of total requirements as in 1929.3
While the share of both external and internal equity
financing dropped considerably in the latter part of 1950,
the reduction was for the most part a reflection of such
special influences as the very sharp expansion of total
capital requirements, the increase in Federal taxes and
s These generalizations would not be greatly changed if account were taken of inventory
profits in the periods compared, although the ratio in the last half of 1950 would fall short of the
1929 figure after such an adjustment.
unsettled conditions affected the equity markets in the
period immediately following the outbreak of war in Korea.
External debt increased
As indicated above, increasing long-term debt was an outstanding feature of the external financing of business corporations in the postwar period. This debt rose steadily and
was composed principally of new long-term bond issues sold
through the securities market. Net bond issues, averaging
about $3 billion a year from 1946 to 1950, reached a peak of
almost $5 billion in 1948 and then declined to about $2.5
billion in 1950.
The increase in bank borrowing was also of considerable
importance in corporate postwar financing, rising at a record
pace in both the early upsurge of 1946 and in the latter part
of last year. Each of these periods was characterized by increasing prices and rapidly expanding working capital
requirements.
Despite the substantial postwar increase in corporate external indebtedness, the current level does not appear to be
unduly high when considered in the light of previous experience and compared with other financial data. During the war
period, corporations were able to reduce their outstanding
debt. Moreover the 6 percent or higher interest rates which
prevailed up to the period of the 1930's were steadily reduced
during that decade and throughout the war period. As a
result a large volume of refunding occurred on relatively low
interest terms. With the same general pattern of low interest
rates prevailing during the postwar period, corporate interest
payments continued well below the level of the late twenties
despite an increase in corporate debt since that time.
The indebtedness picture is even more favorable when
viewed in relation to the generally high level of profits which
prevailed in the postwar period. When interest payments are
related to profits before taxes and interest, the postwar ratios
vary between 7 and 9 percent as compared with proportions
of 30 percent in 1929 and 20 percent in 1940.
Manufacturing Sources and Uses
I I I I I I I I I 1 I I I I 1I
25
o
January 1951
Thus far the review of postwar financing has concerned
all nonfinancial corporations. Sources and uses data are
shown in table 5 relating to manufacturing corporations only.
As may be seen in comparing this table with table 1, the
over-all pattern of capital expansion and its financing reflected in large part the course of developments for manufacturing corporations. Requirements for these corporations accounted for over $60 billion or over two-fifths of the
total for all nonfinancial corporations in the postwar period.
Variations among the component uses of funds closely paralleled the over-all changes, with fixed capital requirements
expanding steadily over the period, while the major variations
in demands for funds occurred in working capital needs.
In this latter connection, it is interesting to note that
while the trend of net working capital (current assets less
current liabilities) of manufacturers was steadily upward
through the postwar period, net working capital of railroads
and electric and gas utilities declined moderately but fairly
steadily until 1950, as these latter industries drew on their
liquid resources to finance their fixed capital expansion programs. In contrast, manufacturing corporations, after
drawing down their cash and United States Government
securities in 1946, added steadily to these resources in the
following years, with the result that by the end of4 1950, liquid
assets held surpassed their peak wartime levels.
Manufacturing corporations depended to an even lesser
extent than industry generally on external financing. Bank
* Even in 1946 when manufacturing corporations reduced their liquid asset holdings, net
working capital was increased.
January
SURVEY OF CUKRENT BUSINESS
1951
loans constituted only 1 percent of total requirements compared with 6 percent for all corporations, and net new issues
represented less than 10 percent of total uses in contrast to a
proportion of one-sixth for all groups combined. Of particular
note is the relatively minor extent to which these corporaTable 5.—Sources and Uses of Corporate Funds of Manufacturing
Corporations, 1946—50
[Billions of dollars]
Item
1947
1946
Uses:
Plant and equipment
_
Inventories
Receivables
Cash
U. S. Government Securities
Other current assets
Total
—.2
8.6
15.3
12.9
5.0
20.5
4 2
7 2
7 9
5.0
3.3
-.8
8.5
3.5
3.0
3.5
1.0
.5
Total
Discrepancy
.3
.9
-.1
1.8
2.4
1.8
1.7
.2
.9
(2)
1.5
2.8
.3
.3
.2
.8
(2)
1.5
8.7
15.7
13.8
-t
—.4
—.9
1.9
.9
-1.2
6.7
7.5
4.5
4.0
2.0
2.5
8.1
3.4
.9
.2
.3
(2)
— .2
-3.8
-
1950 l
19491
7.5
4.3
2.7
.9
-.1
(2)
6.4
6.3
.1
Retained earnings ^
Depreciation
Payables (trade)
________
Federal income tax liability
Other current liabilities
Bank loans
Mortgage loans
Net new issues
1948 i
-3.3
-1.0
.7
2.1
9
(2)
-1.5
(2)
-1.7
(2)
(<)
.7
5.0
.7
20.5
1
Preliminary. Estimates for 1950 based on incomplete data and rounded to the nearest
$.52 billion.
Less
than $50 million.
3
Including depletion.
Source: U. S. Department of Commerce based on Securities and Exchange Commission
and other financial data.
tions resorted to the securities market in the most recent
period. Total net new issues amounted to only about $700
million in 1950 or 3 percent of total requirements.
17
Bond Yields Versus Stock Yields
A factor of considerable importance in determining the
form which external financing takes is the relative cost of
debt and equity financing. The general pattern of variations in these costs is shown in chart 4 and table 6 which
present long term series of corporate bond yields and the
earnings-price ratios and dividend yields on common stocks.
All series are based on data for the larger corporations, that
is, those registered on the New York exchanges, and are
different from series relating to all corporations; the latter,
however, are not available. For purposes of comparing the
relative movements of bond and stock yields the data appear
to be fairly adequate.
The striking feature revealed by these statistics is the
currently large spread between bond and stock yields.
During the middle twenties dividend yields on common stocks
and bond yields were of roughly the same order of magnitude,
with dividend yields slightly higher than bond yields.
Earnings-price ratios generally ranged from about 50 to 100
percent above dividend yields.
The steady downward drift of interest rates during the
thirties and7 the war period brought bond yields from the
"6 percent' level which prevailed during the mid-1920's
to about 3 percent during the war, a rate which has been
generally maintained throughout the postwar period. In
contrast, dividend yields and earnings-price ratios have
shown no such persistent trend and since 1947 for the most
part have been about as high as or higher than in the mid1920's. At the present time, dividend yields are about
double and earnings-price ratios about four times the yield
on corporate bonds.
However, in making a comparison of the costs of bond and
stock financing, it is important to note that bond yields have
to be adjusted for comparison with stock yields to take care
Chart 4.—Corporate Bond and Common Stock Yields, and Earnings/Price Ratios
4
-
2 -
1919
21
23
25
27
31
33
YEARLY
35
37
DATA
39
41
43
45
47
49
45
46 47
48
49
50
QUARTERLY DATA
U, S. DEPARTMENT OF COMMERCE, OFFICE OF BUSINESS ECONOMICS
1 Based upon data for common stocks listed on the New York Stock Exchange; total reported earnings for the year expressed as a percentage of the total market value (number of
shares times average prices) of these stocks.
23 Data are averages of daily figures.
Based upon data for common stocks listed on the New York Stock Exchange; total dividends for the year expressed as a perceniage of ihe total market value (number of shares times
average prices) of these stocks.
Digitized for921277—51
FRASER
3
Sources of data: Bond yield, Moody's Investors Service; earnings/price ratio and dividend yield through 1938, Common Stock Indexes, Cowles Commission Monograph No. 3
and for the following years extrapolated on the basis of movements shown by Moody's earnings, stock prices, and dividend series.
SURVEY OF CUEEENT BUSINESS
18
Table 6.—Relation of Bond and Stock Yields by Industry Groups,
1919-50
[Percent per annum]
Total
2J
'3
'£>
-gf
Year
T3
isk.
X3
T3 bfi
m
'd
pj
•&
ffl
PH
0
O>
Common
stock
Industrials
.2
C
S2
£
isP»
•8o>
Utilities 4
f
hC
s'>
3
g
"rt
3
W
1
!>>
G ft
0M
1
o
ao -a
W
S «>
0
is
3?
i°
n
-u
•al
0 I
W O
Rails
S
>>
'd
fl
o
W
sE
g|
la
O
S
is
K^
1
O
W
0 J
"w o
Is
fc-3
§
1919
6.3
6.3
5.8
10.6
6.2
11.3
6.2
8.6
6.4
9.8
1920
1922
19231924
7.1
7.0
6.0
6.0
5.8
6.8
6.8
6.1
6.1
6.1
6.1
6.5
5.8
5.9
5.9
10.1
4.2
8.2
11.4
10.3
6.9
7.0
6.0
6.0
5.9
12.1
(5)
7.3
10.7
9.4
7.2
7.2
5.9
5.8
5.6
10.7
12.2
12.3
11.4
10.8
7.1
6.9
5.9
6.2
5.9
5.8
10.1
8.7
12.8
11.9
1925
1926
19271928
1929
5.5
5.2
5.0
4.9
5.2
5.9
5.8
5.5
5.1
5.1
5.2
5.3
4.8
4.0
3.5
11.2
10.0
7.6
7.3
6.2
5.6
5.4
5.1
5.1
5.3
11.2
9.6
7.2
7.0
6.3
5.3
5.1
5.0
4.9
5.1
9.6
10.0
8.2
7.2
4.4
5.5
5.1
4.8
4.8
5.2
12.0
12.2
8.7
9.0
8.8
19301931
1932
1933
1934
5.1
5.8
6.9
5.9
5.0
5.0
5.0
6.1
5.8
5.3
4.3
5.6
6.7
4.0
3.9
4.7
3.0
.7
3.4
3.9
5.2
6.1
6.7
5.3
4.5
4.5
2.2
(5)
3.2
4.2
5.0
5.3
6.3
6.2
5.4
4.6
5.1
7.2
6.4
5.4
5.0
6.1
7.6
6.1
5.0
(55)
( 5)
1935
19361937
1938
1939
4.5
3.9
3.9
4.2
3.8
4.6
4.3
4.4
4.3
4.2
3.9
4.4
4.9
4.3
4.1
5.2
5.9
6.2
3.9
5.7
4.0
3.5
3.6
3.5
3.3
5.6
6.2
6.6
4.1
5.9
4.4
3.9
3.9
3.9
3.5
5.8
5.2
6.1
6.3
6.7
5.0
4.2
4.3
5.2
4.5
(5)
3.8
1.3
(5)
2.6
1940
1941
1942
1943
1944
3.6
3.3
3.3
3.2
3.0
4.1
4.1
4.3
4.1
4.0
5.4
6.4
6.9
5.2
5.1
7.2
9.5
10.7
8.0
7.6
3.1
3.0
3.0
2.8
2.8
7.6
9.6
8.6
6.6
7.0
3.2
3.1
3.1
3.0
3.0
7.2
7.9
8.9
7.3
6.7
4.3
4.0
4.0
3.6
3.4
5.9
15.1
31.5
20.7
13.4
1945
1946
1947
1948
1949 .
2.9
2.7
2.9
3.1
3.0
3.7
3.5
3.8
4.2
4.0
4.4
4.1
5.3
5.9
6.9
5.9
6.2
9.7
12.6
11.5
2.7
2.6
2.7
2.9
2.7
5.8
6.6
10.8
13.8
13.2
2.9
2.7
2.8
3.0
2.9
5.9
6.2
6.1
7.6
7.4
3.1
2.9
3.1
3.3
3.2
6.6
3.5
8.2
10.9
7.8
1950 (3rd Q.).__
2.9
3.9
6.0
13.7
2.7
14.3
2.8
8.0
3.1
16.6
1921__ .
.
6.2
1.8
()
Still another consideration in the maintenance of low interest rates has been the growing institutionalization of savings which places considerable pressure on the finding of
investment outlets for the funds of insurance companies,
banks and other institutional lenders. These lenders are
primarily interested in fixed-interest bearing securities. Life
insurance companies alone have bought on balance in the last
five years $14 billion of corporate securities, predominantly
debt issues, out of total net bond issues of $15 billion (table 2).
At the same time there have been several influences at work
tending to maintain relatively high costs of equity financing.
There have been indications in recent decades—at least up to
the past few months—of a decreased inclination to take risks
and a tendency to pay a high premium for security. Another
factor has been the increased progressiveness of the personal
income tax structure w^hich may also have tended to deter
potential equity investors from taking the risks associated
with stock investment. Offsetting these influences, in part
at least, has been the tendency in the most recent period to
increased purchases of corporate stocks by institutional investors, including pension and other funds.
Current Picture and Outlook
In appraising the current financial picture of corporations,
attention should be directed to the striking developments in
the last half of 1950 when the demand for business funds was
accelerated to the highest rate on record (chart 5).
Chart 5.—Uses and Sources of Corporate Funds, Second
Half of 1949 and Second Half of 1950 1
-5
5
In more exact terms, the expected cost of stock financing (e.g., the ratio of expected earnings
after taxes to expected stock prices) should be compared with the interest rate times the
complement of the tax rate, rather than with the interest rate alone.
BILLIONS OF DOLLARS
0
+5
+10
1
USES:
PLANT AND
EQUIPMENT
1 Moody's corporate bond yields, averages of daily figures.
2
Total yearly dividends on New York Stock Exchange common stocks as percent of total
market
value of these stocks, based on average price during year.
3
Total
reported earnings on common stock as percent of total current value.
4
Includes Communication.
s Deficit.
Source: Bond yields are from Moody's Investors Service. Preferred stock yields from
Standard & Poor's Corp. Dividend yields and earnings-price ratio through 1938 are from
Common Stock Indexes, Cowles Commission Monograph No. 3; subsequent figures are extrapolated on the basis of movements of Moody's earnings, stock prices, and dividend series.
of movements in corporate income taxes. Businessmen do
not have to pay corporate taxes on income paid out as interest whereas they do have to pay such taxes on all income
earned on equity money. Thus the higher the tax5 rate, the
lower is the relative "cost" of debt financing. Hence,
totally apart from other considerations, the increase in tax
rates from the 1920's to the present time might be expected
to result in a substantial gap between bond and stock financing costs. Even after allowance for this factor, the differential between costs of borrowed and equity funds has been
increased over this period.
A major factor in the maintenance of the relatively low
level of interest rates which presently prevails has been the
vastly increased volume of liquid assets carried over from
the war period. Of equal importance has been the direct
action of the monetary and fiscal authorities in maintaining
the market for United States Government bonds.
This policy, dating back to early World War II, was initiated to facilitate the vast borrowing program required during
that period. It again takes on primary significance in view
of the huge financing program which may be required in
the period ahead.
January 1951
CHANGE IN
INVENTORIES
.
.............
y//////////////^
K%^
INCREASE IN
RECEIVABLES
^^w^SS^S^^^J
,,,,,...
WA
r
INCREASE IN
LIQUID ASSETS 2/
"1
"7
""
J
:::::""!
few:*?! 2nd HALF
mm
1950
ty/A 2nd HALF
Y//4
SOURCES:
1949
i^ll^Pii^S^^^^^^
RETAINED
PROFITS U
_^^^^.
sliiiill^ll
DEPRECIATION
^^^^^1
OTHER
INTERNAL^
EXTERNAL
FINANCING S/
|
{^/j
..:
. , ^-^...-..---...^
^^^•ftfc^^^
^^//^
i
U. S. DEPARTMENT OF COMMERCE, OFFICE OF BUSINESS ECONOMICS
1
50-337
Excluding banks and insurance companies. Estimates for 1950 are based upon incomplete
data.
2
Includes
changes in cash and deposits, and U. S. Government securities.
3
Includes depletion.
*8 Represents net changes in current liabilities other than short-term bank loans.
Represents net new securities issues and increases in bank loans and mortgage loans.
Sources of data: U. S. Department of Commerce, Office of Business Economics, based
upon Securities and Exchange Commission and other financial data..
SUKVEY OF CUEEENT BUSINESS
January 1951
For the 6 months following the outbreak of hostilities in
Korea, corporate capital requirements totaled $24 billion, or
almost three times the uses of funds in the comparable period
of 1949. The tempo of demand was stepped up for all
major components, but, as in previous years, the increase in
working capital requirements was most striking.
The chief sources of funds stemmed from the rapid increase in Federal taxes, higher trade payables and heavy
bank borrowing. Because of stepped-up dividend payments
and substantially increased corporate profits taxation legislated by Congress since the outbreak of the Korean conflict,
retained earnings in the second half of 1950 reflected only
moderately the rapid increase in profits which took place
since the latter part of 1949. Despite increased tax liabilities, however, the rate of retained earnings in the latter
part of 1950 exceeded actual retention of profits in 1948,
the prior peak of the postwar period.
Adequacy of capital supply
In view of the rapid surge of business demand for capital
since the outbreak of the Korean conflict, there may be
some question with respect to the sufficiency of capital supply in the light of the prospective stepped-up requirements.
In analyzing this question a few aspects are of special
importance.
The first is the currently favorable financial position of
business. Even after recent tax increases, profit levels are
relatively high and dividend policies still generally conservative. Further tax increases could, of course, serve to limit
the availability of funds retained from operations.
The long-term debt and the working capital structure of
business do not appear to be deterrents to the raising of
additional funds, with the equity cushion substantial, carrying charges on the debt low in historical perspective, and
current assets high in relation to current liabilities.
Plant and equipment outlook
Undoubtedly plant and equipment outlays will constitute
a major demand for funds in the period ahead. The anticipated expansion of facilities in 1951 has already been pointed
out. It is uncertain, however, to what extent this expansion
will involve added demand for private funds. Increased
outlays in defense and related industries will undoubtedly
require additional funds, but many of these investments
may in large part be directly financed by the Federal Government as was the case in World War II.
In addition, provision has already been made to stimulate
defense-related facilities expansion by permitting business,
19
under the accelerated amortization program, to charge
off a larger than normal amount of new facilities to current
operating revenues, thus in effect reducing the need for
external long-term financing. With respect to nondefense
facilities expansion, it is not certain that all of the anticipated
expansion for 1951 will be forthcoming since growing shortages of materials and manpowei may force reductions in
outlays below anticipated rates.
Working capital outlook
It is likely moreover that the demand for new working
capital will be reduced from recent levels, once the defense
program is well under way. Although additional inventories
may be required to fill the defense production pipelines,
Government limitation orders on inventory accumulation
and shortages in civilian supplies will tend to restrict expansion in nondefense areas.
With respect to customer financing, steps have already
been taken to curtail the extension of credit by business.
Controls on consumer borrowing may be expected not only
to dampen the direct extension of credit to consumers but
also to limit indirect financing. In this latter connection,
the recent action of the Board of Governors of the Federal
Keserve System in raising bank reserve requirements serves
to some extent as a deterrent to general bank lending.
Finally it may be notecLthe current liquid position of business is such that operating rates might be considerably increased before additional financing is required to increase
holdings of liquid resources.
Increased flow of funds
In the period ahead the tendencies will probably be toward
an increased supply of private funds for investment. It
would appear that consumer spending may not keep pace
with the rise of disposable incomes resulting in increased
consumer savings.
At the same time, some of the investment media now
available for individual and institutional savings will not be
available. In particular, the supply of mortgages for institutional investors will be substantially lower.
In view of these considerations—restricted investment
opportunities in the face of increased availability of investment funds—it is quite likely that under the full impact of
the defense program there will be an abundance rather than
a shortage of private capital funds. Thus, as was the case
in the last war, the tendencies may well be toward substantially increased liquidity and downward pressures on the cost
of investment funds.
National Income and Corporate Profits in the Third Quarter of 1950
[Continued from p. 5]
Third-Quarter Profits by Industry
Nearly all of the broad industrial groups for which data
are presented in the accompanying table participated in the
third-quarter rise in profits, with the general pattern of
increase similar to that in the previous quarter. Transportation earnings were up three-fifths from the second to
third quarter, the bulk of the increase occurring in railroads.
With the heavy overhead cost structure that prevails in the
railroad industry, a further appreciable rise in revenues (13
percent) led to an expansion of four-fifths in the earlier low
railroad earnings. Mining—up one-third—registered a better-than-average increase. The rise of 28 percent in manufacturing
was slightly higher than the all-industry total.
The small decline in profits reported for the communications and public utilities division was seasonal; on a seasonally adjusted basis profits in this sector rose moderately.
Profits in wholesale and retail trade, which dominate the
remaining group of industries, were up substantially—although less than average—from the second quarter.
Profits within manufacturing
All manufacturing subdivisions increased their earnings in
the third quarter of 1950. The largest increases occurred
in the nondurable-goods sector, where price increases in
response to heightened demand were relatively large. The
margin of profits on sales increased sharply—from 8.2 to
9.9 percent.
[Continued on p. 24}
By Samuel Pizer and Frederick Cutler
Private United States Direct
Investments Abroad
LMERICAN private direct investments abroad at the
end of 1949 were valued at $12.5 billion, an increase of
$1.3 billion during that year. The increment in value in
1949 was the largest in any single year and represented the
development of many large-scale overseas projects.
Preliminary data for the first 9 months of 1950 indicate
a decline of about 15 percent in capital outflows as compared
with the same period of 1949. For the first time since 1945
Canada displaced Latin America as the area receiving the
largest capital inflow. This change in position, as well as a
somewhat larger capital movement to the ERP countries,
resulted from shifts in petroleum investments which in
1950 were declining in Latin America while increasing
rapidly in the new oil fields of Canada, and from the expansion of refinery facilities in Europe.
The average annual increase in* the 1946-49 period was
about $1 billion, with a larger increase occurring in each
successive year. To some extent the amount invested each
year usually tends to be cumulative, as larger capital investments provide a larger base for earnings, which are the
primary source at present for investment funds. In 1949,
however, the increase in value was only $29 million greater
than the increase in 1948, although capital movements were
$90 million higher—because a diminished portion of the
earnings of foreign subsidiaries was reinvested abroad.
Investments concentrated in Western Hemisphere
The Western Hemisphere continued to be the most
attractive area for direct investments. In the 1920's about 74
percent of the increase in value of investment was in that
area, and in the period 1946-9 it was about 66 percent. The
relative decline was caused by the large investments in the
development of Middle Eastern petroleum in the later period.
Europe has been a relatively small field for direct investments
in recent years, although in the 1920's about 18 percent of
the investment was in that area.
On an industry basis, manufacturing remained an important field for investment, accounting for about 29 percent
of the added investment in 1946-49. The most striking
deviations from the experience of the 1920's were (a) the
practical cessation of investments in public utilities, and (6)
the of ten-mentioned predominance of the petroleum industry
in the last few years.
Importance oj reinvested earnings
Of the total additions to direct investments abroad in 1949,
about 60 percent was recorded as capital movements and the
1
For balance-of-payments purposes total branch earnings (after foreign taxes) are recorded
as income receipts in the United States, and the portion of income not remitted to the United
States is treated as a flow of capital from the United States to foreign countries. On the other
hand, the earnings of foreign subsidiaries, since 1929, are treated as income only to the extent
that they are paid out as dividends to the United States. The undistributed portion of foreign
subsidiary income is not entered in the balance of payments as either income received or capital invested abroad; this is unlike "undistributed" earnings of branches, which are treated as
income receipts and capital outflows. The term branches includes all actual operations
abroad of companies incorporated in the United States including those companies whose total
operations are abroad. Subsidiaries are companies incorporated under the laws of foreign
countries.
NOTE.—Mr. Pizer and Mr. Cutler are members of the Balance of Payments Division,
Office of Business Economics. Data contained in this article are revisions of those published
in the SURVEY OF CURRENT BUSINESS of November 1949 and June 1950. More detailed
statistics on capital movements by country and industry are available on request to the
Balance of Payments Division.
20
remainder as reinvested earnings. This is about the same
proportion for capital movements as is shown in table 2 for
the 1946-49 period as a whole, when capital movements accounted for about 58 percent of the total increase in value.
The reinvested earnings of foreign subsidiaries do not
enter the balance-of-payments statement,1 but they contribute to the development of investments abroad in much
the same way as do capital movements. For this reason,
Direct investments reached a record value in 1949
as large petroleum and manufacturing outlays continued.
BILLIONS OF DOLLARS
YEAR-END VALUE
ALL
10.0
OTHER
PUBLIC UTILITIES
MANUFACTURING
5.0
PETROLEUM
1919
1929
1945
1949
Investments after 1945 were primarily in the
Western Hemisphere and the Middle East
BILLIONS OF DOLLARS
2.0
CUMULATIVE TOTALS, 1946-49
1.5
.5
CANADA
AMERICAN
REPUBLICS
EUROPE
MIDDLE EAST
AND A F R I C A
ALL
OTHER
and were financed by both capital outflows and
the reinvestment of subsidiary earnings.
BILLIONS OF DOLLARS
1.5
REINVESTED
EARNINGS
1.0
CAPITAL
MOVEMENTS
1946
1947
1948
1949
U. S. DEPARTMENT OF COMMERCE, OFFICE OF BUSINESS ECONOMICS
5O-354
January 1951
SUEVEY OF CUREENT BUSINESS
the present discussion is primarily in terms of changes in the
value of direct investments abroad, which are the result of
both reinvested earnings and capital movements, rather than
in terms of capital movements alone.
Since the entire addition to the book value of foreign
branches of United States companies, whether from current
earnings abroad or from capital contributions of the parent,
is included in capital movements, the data on capital movements tend to exaggerate the share in investment activity of
those industries and areas where the branch form of organization is predominant. It will be noted in table 2 that for
Canada and for the manufacturing group, which is very
important in Canada, the major growth since 1945 has come
from the reinvestment of subsidiary earnings.
In the petroleum industry, on the other hand, and in the
areas where petroleum resources are being developed, most
of the increase in investment since 1945 has been recorded as
capital movements, since this industry's operations abroad
are conducted principally through branches. While the
petroleum industry accounted for 80 percent of the net
direct-investment capital outflow in 1949, the share of this
industry in the increase in value of direct investments abroad
in that year was only about 55 percent.
There are several factors, in addition to the difference in
type of organization, which affect the relative importance of
reinvested earnings for certain industries and areas or for
certain years. Probably the most important is that the
expansion of long-established enterprises, such as manufacturing plants in Canada, can be financed out of current
earnings, while new developments, such as pipeline projects
in the Middle East, perforce require financing from the funds
of the parent companies.
Other important factors are: (1) The blocking of earnings
in some countries by exchange restrictions resulting in involuntary investments by parent companies; (2) there is a
greater willingness on the part of parent companies to reinvest earnings in countries which are politically and economically stable, rather than withdraw them; and (3) the desire
of the parent companies to have earnings remitted may be
affected by United States tax legislation.
Income receipts exceeded capital outflows
Not only was the increase in the value of direct investments abroad derived to a considerable extent from the
reinvestment of undistributed subsidiary profits, but the
funds employed in capital outflows may also be said to have
been drawn very largely from income received from abroad.
For example, the data given in table 3 show that in 1948 and
1949 the income received from both foreign branches and
subsidiaries was sufficient, in the aggregate, to finance the
net capital outflow from the United States parent companies.
There was a wide variation in the experience of individual
companies in this respect.2 Some companies financed new
developments in particular areas out of income received from
their established enterprises in other areas. Many companies,
making sizable investments abroad for the first time, had to
finance their outlays entirely from United States funds. For
instance, tabulations made for six petroleum companies
which accounted for about 60 percent of all net capital outflows and about 80 percent of the net capital outflow in the
petroleum industry in 1947-49 show that only two, which had
previously built up large enterprises abroad, had income
2
The flow of funds cannot be traced in any direct manner through the books of the individual companies concerned. In the case of foreign branches the net capital contribution of
the parent in any period can only be inferred from the data available. It is generally assumed
that for foreign branches in the aggregate the net new capital investment for a period may be
taken as the excess of the increase in net book value over branch earnings in the period. Similarly, it might be assumed that in the aggregate, an increase in the net book value of branches
which is equal to or less than branch earnings is financed out of earnings, and a decrease in
book value, while earnings in the aggregate are positive, would be assumed to result from a
net withdrawal of capital from abroad.
21
receipts from abroad in excess of their net capital outlays
abroad. However, for the group of six companies income
received from abroad in 1947-49 was only about $100 million
less than their net capital outflows of about $1.3 billion.
Domestic borrowing a lesser source
A further aspect of the financing of direct investments
abroad since 1945 is the reliance on internal corporate funds
rather than on the United States capital market. The six
petroleum companies mentioned above raised only about $800
million in the United States capital market in the 1947-49
period—of which probably about half was for investment
abroad, accounting for about 30 percent of their net capital
outflows.
There were only a few cases, although they were quite
sizable, in which United States parent companies financed
their investments abroad by borrowing in the United States
capital market rather than by using internal corporate funds.
The prospect for direct investments abroad in the near future,
however, is somewhat different with respect to the means of
financing. A larger proportion of the total will probably be
in resource developments abroad carried out by companies
and groups of companies which have not previously had large
investments abroad; although they will depend primarily on
their own corporate funds, they will not have foreign earnings
on which to draw.
Expansion of petroleum investments at peak
The increase of about $700 million in the value of petroleum investments abroad in 1949 shown in table 4 was probably the peak of the postwar expansion in that industry.
Partial data for 1950 indicate less investment. More than
half of the 1949 increase—about $375 million—was in the
American Republics, reflecting about $80 million in purchases of tankers by foreign subsidiaries, and the final expenditures for major increases in refinery capacity.
Investments in petroleum facilities in the Middle East
also continued at a high rate in 1949 as large postwar projects
were carried forward. The completion of the trans-Arabian
pipeline in 1950 marked the close of the expansion which
had been planned at the war's end, but other projects under
discussion indicate continued, although diminished, investment activity in that part of the world.
An increasing amount of investment has been flowing to
petroleum development in Canada. The exploration of new
oil fields, as well as work on refineries, storage facilities,
pipelines, and natural gas resources, point to rising investments in that country for some time to come.
Although petroleum investments have been relatively
small in the rest of the world, present plans for increased
refinery capacity in Western Europe call for capital outlays
of considerable magnitude in 1950 and thereafter.
The petroleum industry abroad was particularly affected
by the heavy drain on foreign dollar reserves which occurred
during the first 9 months of 1949. The major costs of most
oil produced abroad by American companies were paid in
dollars, and, therefore, the oil was sold almost entirely for
dollars. As dollar reserves fell, the United Kingdom established increasingly rigid restrictions on the marketing of
dollar oil in the sterling area.
In order to meet this problem several companies worked
out arrangements under which they switched as much of
their expenditures as possible to foreign currencies, thus being able to accept an increasing proportion of their receipts
in foreign currencies and maintain their foreign markets.
One of the effects of this change was to shift orders for oil
tankers and equipment from United States to foreign suppliers.
SURVEY OF CURRENT BUSINESS
22
Table 1.—Value of Private United States Direct Investments
Abroad, by Area and Industry, for Selected Years
AH areas
Canada
American Republics
ERP countries
ERP dependencies
Other Europe.
_
All other countries
All industries _ 3 _ _
Manufacturing
Distribution
Agriculture 5
Mining and smelting
Petroleum
Public utilities
._
Miscellaneous
1929
1940
1945
1946
1947
1948
3 9
7 7
8 9
2. 7
3.1
1.8
10.0
11 2
12 5
3.6
1.2
7 3
2. 1
2.5
1.6
8 4
2.0
1
7
2
3.7
1.9
4.2
2.0
4.8
2. 1
()
(')
2
_-- __
[Millions of dollars]
1919
.8
2.0
.2
.2
.5
.4
3.9
8
(4)
6
.9
6
.4
4
.6
.3
.3
.5
7.7
7.3
.4
9
1.2
.5
5
1.0
19
1 1
1.7
.5
2.5
3.0
1.7
.3
.3
.6
8.4
2 0
2 7
13
15
1.4
.6
.7
5
1.1
1.4
.6
2.8
1949
3.1
3.4
.5
.3
1.0
.6
.3
1.3
10.0
3 2
11.2
3 6
12.5
3 9
5
.8
0
1. 1
18
11
2 4
1. 1
3 0
3 7
1.3
.6
1.3
.7
.4
.3
.8
.3
.3
.7
8.9
2 9
1
ERP countries total for 1919 includes other Europe.
2
All other countries total for 1919 includes ERP dependencies.
s4 Includes paper and pulp enterprises.
Miscellaneous industry for 1919 includes distribution industry.
5
Includes fishing enterprises.
NOTE.—Detail will not necessarily add to totals because of rounding,
qualifications affecting this table see note to table 2.
Source: U. S. Department of Commerce, Office of Business Economics.
.9
6
1.0
6
1.2
1.3
.7
1.3
.8
Capital
movement
Reinvested
earnings
1948
___ _
. ...
.
Income receipts totaL-- _ _ _ _ _ _ _
Subsidiaries
Branches
__ __
Reinvested earnings of subsidiaries
Total
1949
684
322
362
773
327
446
1,457
1,111
452
659
1,066
511
555
2,177
569
495
1 064
649
808
963
1 214
Source: U. S. Department of Commerce, Office of Business Economics.
Table 4.—Value of Private American Direct Investments Abroad,
by Area and Industry, 1945—49
For important
Other
factors
All areas
Canada
AmoricanRepublics
ERP countries
ERP dependencies
Other Europe
All other countries
8,369
2 527
2,999
1 689
264
329
561
2,362
234
1,249
147
155
20
557
1,766
647
547
292
133
14
133
—34
All industries
Manufacturing!
Distribution
Agriculture 2
Mining and smelting
Petroleum
Public utilities
M iscellaneous
8,369
2,671
671
518
1,064
1,538
1,357
550
2,362
198
143
48
97
1,762
-75
189
1,766
1,027
174
70
45
388
28
34
—34
-10
-12
-22
(3)
-2
-17
-3
(3)
end of
1949
12,462
3 408
4,783
2 128
552
341
1,261
12,463
3,886
986
636
1,204
3,671
1,307
773
NOTE.—Capital movements represent the net of known new investments less liquidations. Reinvested earnings are the undistributed portion of the United States equity in
the net earnings of foreign-incorporated subsidiaries. Other factors affecting the change in
value include some allowance for losses on liquidation and for nationalized investments in
Yogoslavia for which compensation has been paid. Value is the book value of the American
equity in direct investments abroad and includes expropriated property for which compensation has not yet been received and properties in Germany and Japan. No allowance has
been made for war damage or for fluctuations in foreign exchange rates, except that current
transactions included in columns 2 and 3 above are converted at current exchange rates.
1
Includes paper and pulp enterprises.
2 Includes fishing enterprises.
3 Less than $500,000.
Source: U. S. Department of Commerce, Office of Business Economics.
Although there has been a very large expansion of American petroleum investments abroad since 1945, the output
achieved will not be sufficient to meet the world demand for
long at presently estimated increases in the rate of consumption. In this connection, it is of interest to note that in
1949 La tin-American countries for which data are available
consumed 32 percent of their own oil production, while in
1945 they consumed only 23 percent, with production increased by nearly 40 percent in the period.
Manufacturing investments at a reduced rate
The United States investment in manufacturing enterprises abroad increased by $300 million in 1949 as compared
Net capital outflow, total
Subsidiaries
Branches__
.
Area and year end
1946-49
end of
1945
Item
[Millions of dollars]
Table 2.—Factors Affecting Value of United States Private Direct
Investments Abroad, 1946-49
[Millions of dollars; reduction (—)]
Area and industry
Table 3.—Capital Movements and Income by Subsidiaries and
Branches, and Reinvested Earnings of Subsidiaries, 1948 and
1949
[Billions of dollars at year end]
Area and industry
January 1951
Manu- Distri- Agricul- Mining
and
Petro- Public Miscel- Total
factur- bution ture 2 smeltleum utilities laneous
ing *
ing
All areas:
1945
1946
1947
1948
1949
2,671
2,854
3,171
3,572
3,886
671
740
818
919
986
518
545
585
632
636
1,064
1,062
1,109
1, 135
1,204
1,538
1,769
2,357
2,976
3,671
1, 357
1,277
1,268
1, 280
1,307
550
607
668
691
773
8,369
8,854
9, 976
11 205
12, 463
Canada:
1945
1946
1947
1948
1949
1, 145
1,202
1,328
1,542
1 684
141
153
160
194
212
13
14
14
13
13
451
463
481
488
508
161
178
227
284
357
383
378
344
346
347
233
275
271
258
287
2 527
2, 663
2 825
3. 125
3 408
American Republics:
1945
_ _
1946
1947
1948.-1949
433
488
595
678
765
145
165
209
265
294
420
445
480
522
520
412
398
425
439
487
• 768
1,059
1,327
1, 705
645
898
821
846
854
876
46
61
102
120
136
2,999
3, 146
3, 716
4,205
4,783
ERP countries
1945
1946
1947
1948
1949
832
885
946
1,032
1,092
265
281
293
293
298
4
4
4
4
4
64
64
64
64
64
299
310
338
385
401
20
20
20
20
20
205
204
214
224
249
1,689
1,768
1,879
2,022
2,128
12
13
15
17
19
17
19
18
21
23
56
55
56
56
57
40
39
38
39
38
127
153
250
347
399
5
5
5
5
6
7
7
7
9
10
264
291
389
494
552
Other Europe:
1945
1946
1947 _
1948
1949
105
108
111
106
109
39
39
40
39
40
2
2
2
2
2
85
85
83
81
81
64
64
66
63
76
10
10
10
8
8
24
25
25
25
25
329
333
337
324
341
All other countries:
1915
1946
1947
_
1948
1949
144
158
176
197
217
64
83
98
107
119
23
25
29
35
40
12
13
18
24
26
242
296
417
570
733
41
43
43
47
50
35
35
49
55
66
561
653
830
_
ERP dependencies:
1945
1946
_
1947
1948
1949
1, 035
1,251
NOTE.—For important qualifications affecting this table see note to table 2.
1
Includes paper and pulp enterprises.
2 Includes fishing enterprises.
Source: U. S. Department of Commerce, Office of Business Economics.
with $400 million in 1948. The increase in Canada in 1949
was considerably less than in the previous year, partly because of a drop in the proportion of earnings which was reinvested. There is a renewed interest by United States companies in development of the Canadian paper and pulp industry and other manufactures—with a view to meeting
the rising demand in the United States and elsewhere for
these products.
Most of the investment in manufacturing since 1945 has
been in the form of reinvested earnings, and in some countries
the investment was involuntary since exchange controls
restricted remittances of earnings. It is likely that in such
cases there was a tendency to hold assets in relatively liquid
SURVEY OF CURRENT BUSINESS
January 1951
Table 5.—United States Private Direct-Investment Capital Movements by Selected Countries, 1946-49
[Millions of dollars; inflow (—)]
Country
AH areas
Canada and Newfoundland
American Republics, total .
Argentina
Brazil
1.
Chile
Colombia _
Costa Rica. _ _ _ _ _ _ _ _ _
Cuba, Dominican
Haiti
Ecuador
Guatemala
Honduras
Mexico _
1947
1946
- - ;
i
i
Republic and
182
723
684
38
13
77
10
58
— 85
23
4
18
5
442
44
69
5
3
9
321
19
33
—4
4
4
42
_,
1
3
5
—3
1
14
21
10
2
3
5
20
1
95
Panama.
Paraguay
Peru
U ruguay
Venezuela
9
1
1
(.)
ERP countries, total
United Kingdom
Belgium
Denmark
France
_ _ _ _
Germany
3
1
48
34
1
1
1
3
0
6
1
4
53
6
29
4
4
,1
New Zealand
_
_ _
Republic o f t h e Philippines. _ _ _ _ _
Union of South Africa
Other countries _
_ __
3
3
14
3
(i)
1
All other countries, total
Australia _ . _ . _ _ _ _
China
India, Ceylon, and Pakistan _ _ _
Japan, Korea, Siam
Middle Eastern countries 2
__
124
— 18
1
245
3
Other countries
_
41
-4
1
181
47
20
3
1
4
1
Other Europe, total
Spain
O ther countries
—6
2
3
16
—8
18
2
Italy
Netherlands
Portugal
Sweden
Switzerland
ERP dependencies, total
British West Indies
Netherlands East Indies
Hong Kong, Malaya and Straits
Settlements
Dependencies in Africa
Other dependencies
3
2
1
130
3
1
2
.
121
3
17
77
61
(i)
Other countries
1949
1948
Q
(1)
6
—1
4
i
_
(5
—1
—1
(1)
—1
—1
68
2
—3
28
8
59
—2
22
5
2
3
13
14
—1
165
3
1
124
164
13
—4
3
3
112
1
12
15
2
—1
—6
—5
49
4
4
9
1
61
4
11
4
1
21
167
22
8
—1
3
91
1
15
6
3
23
18
(i)
NOTE.—The above capital movement data include the financing of ship sales to foreign flag
operators controlled in the United States as follows:
1946
1947
1948 1949
Total
15.1
124.6
39.9
126.2
Panama
14. 0
110. 2
35.7
Other Latin America
1.1
7.3
2.5
Liberia
All other countries
7.1
1.7
These vessels perform international shipping operations and are considered to be investments in the countries under whose flag they operate. However, these data are given separately since for some purposes, and particularly for a few countries, they distort the over-all
investment picture.
1 Less than $500,000.
2
Includes Egypt, Iran, Iraq, Israel, Lebanon, Oman, Saudi Arabia, Syria, Jordan, Trucial
Oman, and Yemeni; excludes Bahrein and Kuwait.
Source: U. S. Department of Commerce, Office of Business Economics.
forms rather than in increased investments in plant and
equipment.
In the case of Israel, the amount of investment that took
place in 1949 and is projected for the future does not bulk
large in the total, but it represents the major investment of
this type in the Middle East.
Mining investments more important
A period of striking expansion in mining enterprises abroad
was inaugurated in 1949 with an increase of $70 million,
considerably more than was invested in previous years.
Nearly all of this took place in the Western Hemisphere,
and represented the initiation of a group of projects which,
when completed in the next few years, will nearly double the
current investment of $1 billion in the mining and smelting
industry in this area. In addition, there are many mining
projects already under way or committed for the rest of the
world, largely Africa, which, if carried out as planned, will
equal the amount already invested by this industry outside
of the Western Hemisphere.
The search for new sources of raw materials has been
stimulated by the need to discover and develop new and
reliably accessible sources for materials needed in the United
States. The additional requirements of an accelerated
preparedness program will undoubtedly hasten developments
in this field.
There was little noteworthy activity in direct investments
in the other industries abroad in 1949. Investments in distribution enterprises were somewhat less than in the previous
year, and were derived very largely from reinvested earnings
of foreign subsidiaries. Investments in the "miscellaneous"
group of industries were much larger than in 1948, but the
inclusion of insurance companies in this group results in
somewhat arbitrary capital movements. Neither agricultural enterprises or public utilities exhibited any tendency
to expand foreign facilities substantially in 1949, with the
reinvestment of earnings accounting for most of the small
increase in value which occurred.
—1
—1
(')
(i)
23
Investments follow established pattern
Slightly more than half of the increase in value of direct
investments abroad in the 1946-49 period, excluding petroleum, was in Canada and Western Europe. The increase in
value of industries other than petroleum in the rest of the
world was substantial, amounting to about $950 million in
the period, but it was largely directed to those countries
which were industrialized and offered expansion possibilities.
Various methods have been suggested for encouraging
direct-investment capital outflows to countries where productivity is relatively low—such as the negotiation of treaties
containing specific provisions to protect investors against
discriminatory treatment, easing of the tax burden on foreign
earnings, and guarantees by the United States Government
covering risks peculiar to foreign investment. Guarantees
for investments in areas participating in the EGA program
have been available since early in 1948, but as of August 31,
1950, the total amount of industrial guarantees amounted to
only $23 million, of which 63 percent was in a single petroleum
project in Italy.
Treaties have been negotiated with three countries, Italy,
Eire, and Uruguay, containing specific references, particularly in the case of Uruguay, to the treatment of foreign
investments. Discussions are in progress with a large number of countries on this subject, and some countries, such as
India, Turkey, Iran, and Israel, have taken steps through
public statements or legislation to induce more foreign investment.
On the question of taxation of foreign earnings the Secretary of the Treasury has recommended that the tax on the
income of foreign branches be postponed until the foreign
earnings are brought home, and that the provisions for allowing credit for foreign taxes paid be liberalized in some respects.
However, no legislation has been enacted as yet covering
these recommendations. All these developments are comparatively recent and come at a time when the situation
abroad is changing rapidly, so that, although the immediate
effect on capital outflows has been small, it is too early to
assess the longer run effects.
SURVEY OF CURRENT BUSINESS
24
National Income and Corporate Profits
[Continued from p. 19]
In the durable-goods group of industries the profit advance
of 20 percent was only half as large as in nondurables.
Volume rose at a larger rate in durables than in nondurables,
but price increases were confined to narrower limits.
This pattern of change was quite different from that in
the second quarter. Price movements from the first to
second quarter were, in general, small and not markedly
divergent as between the durable and nondurable areas.
Sales expanded at a substantially larger rate in the durable
goods group, and the profit rise was more than twice as large
as in nondurables—two-fifths as compared with one-sixth.
January 1951
Leading the upward movement of earnings in nondurablegoods manufactures from the second to third quarter were the
textile, apparel, and rubber industries, in all of which profits
were up about four-fifths on a seasonally adjusted basis. In
the leather and printing industries the profit advance was
about 50 percent, whereas in the other nondurable-goods
industries it varied between 20 and 40 percent.
The lumber, furniture, and machinery industries reported
the highest percentage increases in the durable-goods sector,
the increases ranging from one-third to one-half. Profits in
iron and steel, nonferrous metals, and the stone-clay-glass
group rose 20 percent from the second to third quarter. The
earnings increase in automobile manufacturing was limited
to 10 percent, although for the first 3 quarters combined
profits were further above 1949 levels in this industry than in
manufacturing as a whole.
New or Revised Statistical Series
Farm Marketings and Income: Revised Data for Page S—2 1
Cash receipts from farming (millions of dollars)
Indexes (unadjusted)— 1935-39=100
Receipts from marketings and C. C. C. loans
Total,
including Government
payments
Year and month
1948:
January
February _ .
March
April
May
June
July_
...
August
September .
October
December
_
_
....
__..
_.
_
Monthly average .. ._
1949:
January
February
March
April
May
June
July
August
September
October
November
December
_.
_
_ _ _.
.
.
...
Monthly average
Receipts from marketings and
C. C. C. loans
Livestock and products
Total
Crops
Total
Dairy
products
Meat
animals
Poultry
and eggs
Total
Livestock
Crops
and
products
Physical volume of farm marketings
Total
Livestock
Crops
and
products
2,550
1,684
1,856
2,038
2,082
2,441
2,684
2,703
3,113
3,775
3 219
2,656
2,524
1, 655
1,816
1,988
2,044
2,415
2,674
2,697
3.108
3,768
3,209
2,646
1,080
526
568
632
616
855
1,235
1,256
1,599
2,195
1,660
1,248
1,444
1,129
1,248
1,356
1,428
1,560
1,439
1,441
1,509
1,573
1,549
1,398
330
320
360
391
451
477
453
411
357
330
282
279
906
607
650
702
695
799
708
755
865950
927
796
200
194
229
248
254
248
253
258
272
279
328
312
380
249
273
299
308
364
403
406
468
567
483
399
378
184
199
221
215
299
432
440
560
769
581
437
381
298
329
358
377
412
380
380
398
415
409
369
129
96
104
111
116
135
146
149
171
213
177
154
127
74
75
77
77
114
162
173
218
300
213
176
131
114
126
137
145
151
133
131
135
147
149
138
2,567
2,545
1,123
1,423
370
780
256
383
393
376
142
149
136
2,283
1,698
1,954
1,836
1,942
2, 103
2,258
2,565
2,929
3, 366
2, 905
2, 473
2,267
1, 683
1,928
1,809
1,913
2,086
2,249
2,559
2,922
3,354
2,893
2,464
1,005
606
651
555
611
789
1,063
1,235
1,557
1,873
1, 534
1,258
1,262
1,077
1,277
1,254
1,302
1,297
1,186
1,324
1,365
1,481
1, 359
1,206
296
277
315
315
371
376
353
331
305
296
272
274
742
589
709
665
638
645
576
731
778
907
769
646
216
203
244
260
271
248
239
247
266
265
306
273
341
253
290
272
288
314
339
385
440
505
435
371
352
212
228
194
214
276
372
432
545
656
537
441
333
284
337
331
344
342
313
349
360
391
359
318
138
108
119
113
124
136
150
171
188
212
184
165
146
91
93
76
87
117
167
204
241
276
216
187
132
120
139
141
151
150
137
146
148
164
159
149
2,359
2,344
1,061
1,283
315
700
253
353
372
338
151
158
145
i Compiled by the 17. S. Department of Agriculture, Bureau of Agricultural Economics. Data incorporate changes resulting from the receipt of additional and more accurate reports; revision
for August-December 1949 have been published on p. S-2, but are repeated here for convenience.
Wholesale Price of Gasoline, Tank Wagon, New York: Revised Series for Page S-36!
[Dollars per gallon]
Month
January
February.
March
April...
May
June ,
July
August
September
October. __
November
December
_
. . _ .. ._ _ _ _
_._
.
_ .
..
...
__
.
_ _ _ _ _ - -
Monthly average
.
.
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
0.078
0.090
0.085
0.079
0.087
0.070
0.095
.087
.084
.083
.078
.077
.072
.074
.080
.088
.094
.097
.098
.102
.106
.111
0.106
.106
.106
.106
.106
.106
0.106
.106
.106
.106
.106
.106
0. 106
.106
.106
.106
.106
.106
0.094
.097
.092
.092
.088
.087
.089
.090
.090
.088
.095
0.090
.086
.083
.084
.089
.091
.092
.090
.090
.094
.094
0.106
106
112
117
117
117
0. 133
.133
.133
.133
.133
.133
0.136
.136
.136
.141
.141
.141
.092
.096
.096
.096
.097
.096
.087
.082
.082
.082
.082
.083
.090
.087
.090
.090
.090
.090
.090
.079
.078
.074
.078
.079
.095
.095
.095
.095
.091
.090
.086
.084
.084
.084
.084
.079
.080
.080
.082
.084
.085
.087
.075
.073
.069
.067
.065
.068
.094
.094
.094
.094
.094
.094
.131
.111
.106
.106
.106
.106
.106
.106
.106
.106
.106
.106
.106
.106
.106
.106
.106
.106
.106
.106
.100
.094
.094
.094
.096
.103
.104
.104
.104
.106
119
121
121
121
123
128
.133
.133
.133
.133
.133
.133
.141
.141
.141
.141
.140
.137
.092
.087
.080
.076
.087
.106
.106
.106
.102
.098
.118
.133
.139
i Compiled by the U. S. Department of Labor, Bureau of Labor Statistics. Prices for gasoline, tank wagon, New York, have been revised to exclude Federal and State taxes.
1949
BUSINESS STATISTICS
WlontU.
A HE DATA here are a continuation of the statistics published in the 1949 Statistical Supplement to the SURVEY OF CURRENT BUSINESS.
That volume (price $1.25) contains monthly data for the years 1945 to 1948, and monthly averages for earlier years back to 1935 insofar as available; it also provides a description of each series and references to sources of monthly figures prior to 1945. Series added or revised since publication of the 1949 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 and dollar values refer to
adjustment of monthly figures for seasonal variation.
Monthly averages for 1949 are shown in the March 1950 issue of the Survey of Current Business.
for selected series will be found in the Weekly Supplement to the Survey.
Unless otherwise stated, statistics through
1948 and descriptive notes are shown in the
1949 Statistical Supplement to the Survey
1950
1949
November
Data subsequent to November 1950
December
January
February
March
April
May
June
July
August
September
October
November
GENERAL BUSINESS INDICATORS
NATIONAL INCOME AND PRODUCT!
Seasonally adjusted quarterly totals at annual rates:
National income, total
bil of dol
Compensation of employees total
do
Wages and salaries, total
do
Private
do
Military
do
Government civilian
do
Supplements to wages and salaries
do
Proprietors' and rental income,
total
c?
do
Business and professionald*1
do
Farm
do
Rental income of persons
do
Corporate profits and inventory valuation adjustment, total
bil of dol
Corporate profits before tax, total
do
Corporate profits tax liability
do
Corporate profits after tax
do
Inventory valuation adjustment..
do
Net interest
do
216.9
142.3
135.2
114.3
4. 5
16.4
7.1
41.5
21.4
12 8
7.3
214.2
140 2
133.6
112.7
4.6
16.4
6.6
40.7
20.6
12 8
7.3
28 2
29.2
13 2
'16.0
-1.0
50
28.4
27.6
10.6
16.9
.8
4 8
229.1
147 9
140.6
119.5
4.5
16.6
7.3
41.2
22.3
11 7
7. 1
244 1
155 2
147.7
125.2
7.5
45.4
24.7
13 3
7.4
r
r
35 0
37.4
16 5
'20 9
-2.3
50
38 5
46.4
20 6
25.8
-7.9
50
Gross national product, total
do
Personal consumption expenditures, total do
Durable goods
do
Nondurable goods
___ ...
do _
Services.do
Gross private domestic investment. . .do _
New construction
do
Producers' durable equipment
do
Change in business inventories
do
Net foreign investment.. .
__ d o _ _ _
Government purchases of goods and services,
total
bil. of dol
Federal (less Government sales) ..
do
State and local
do
253 8
180. 6
25.3
97.9
57.4
31.2
18.2
18.7
-5.7
263 4
182.4
26 9
97.4
58.1
41.7
19.9
19 9
2.0
-1.7
270 3
185 2
26 7
99.3
59.2
46.9
21.3
22 3
3.4
-2.0
284 3
198.4
33 5
104.9
59.9
48.4
22.8
27 1
— 1.5
-3.3
42.8
24.3
18.5
41 0
22.2
18 7
40 2
21.4
18 8
40.8
21.2
19 6
Personal income, total
__
Less: Personal tax and nontax payments
Equals: Disposable personal income
Personal saving§_ __ . . .
_
205. 4
18.7
186.8
6.2
216.4
19.0
197 5
15.0
215 1
19 5
195 6
10 4
224 8
20.0
204 7
6.4
do
do ..
do
do _
PERSONAL INCOME, BY SOURCEf
Seasonally adjusted, at annual rates:
Total personal income
bil. of dol
Wnge and salary receipts, total
do
Employer disbursements, total
do
Commodity-producing industries
do
Distributive industries
do
Service industries
do
Government _
.
do
Less employee contributions for social insurance
bil of dol
Other labor income. .
. . do
Proprietors' and rental income
do
Personal interest income and dividends ... do
Total transfer payments. _
do
Total nonagricultural income
do
205.7
131 3
133.4
55.5
39 0
17 8
21. 1
208.4
132 9
135.1
57.0
39 3
17 8
21.0
214.6
132 2
135.0
56.7
39 5
17 9
20.9
215 4
131 5
134. 2
55.8
39 3
18 1
21.0
219 3
133 6
136. 4
57.7
39 6
18 1
21 0
213 8
135 3
138. 1
59. 1
39 7
18 2
21 I
214 5
137 7
140. 5
60.9
40 1
18 5
21 0
217 1
140 2
143.2
62.7
40 7
18 6
21 2
220 7
141 7
144. 5
63. 3
40 q
18 7
21 6
225 4
145 5
148. 5
65.6
41 7
18 8
22 4
228 7
147 8
150. 6
66. 5
41 6
18 8
23 7
21
3. 1
41.7
17.2
12.4
2 2
3. 1
40.6
18.9
12.9
28
3.0
43 5
17.5
18.4
2 7
3.0
41 0
17.7
22. 2
28
3 3
40 2
18.0
24 2
28
33
39 8
18.2
17 2
28
3 4
41 5
17.8
14 1
3 0
3 4
42 3
17.8
13 4
2 8
3 4
45 5
17.8
12 3
30
3 4
46 1
18.4
12 0
2 g
3 4
45 0
21.1
11 4
187 6
191 1
195 2
199 0
203 7
198 7
198 4
200 7
202 7
207 3
211 °
r
231 1
r 150 7
r 153. 8
' 68. 6
r 41 9
r 19 2
r
24 1
3 1
3 4
r 45 7
r
19.2
r
12 1
r 212
7
231 9
151 3
154.3
68. 6
41 8
19 2
3 0
3 4
46 1
19. 3
11 s
9
B0
NEW PLANT AND EQUIPMENT
EXPENDITURES
All industries, quarterly total
mil. of dol. .
4,630
3,700
4,690
4,330
i f>, 410
Manufacturing ....
.
. . . . . do
1,830
i 2 r)20
1 860
1 520
2 050
1
Mining . . . .
_. __
._
do
180
160
150
200
180
Railroad- _ _
_ _ _ _ _ _ _ _ _ _ . do
I '5'>Q
300
300
230
280
1
Other transportation
_ do
120
80
90
140
120
i 990
Electric and gas utilities
do
890
650
760
820
1
Commercial and miscellaneous. _
do
1,320
1,060
1,160
1, 240
1. 230
r
Revised.
' Estimates for the last quarter of 1950, based on anticipated capital expenditures of business; those for the first quarter of 1951, are shown on p. 5 of the December 1950 SURVEY.
tRevised series. Quarterly estimates of national income, gross national product, and personal income and monthly estimates of personal income have been revised beginning 1946: see
pp. 28-35 of the July 1950 SURVEY for the revised figures,
cf Includes inventory valuation adjustment.
§ Personal saving is excess of disposable income over personal consumption expenditures shown as a component of gross national product above.
921277°—51
4
S-l
SUEVEY OF CUEEENT BUSINESS
S-2
Unless otherwise stated, statistics through
1948 and descriptive notes are shown in the
1949 Statistical Supplement to the Survey
1950
1949
November
January 1951
December
January
February
March
April
May
June
July
August
September
October
November
GENERAL BUSINESS INDICATORS—Continued
FARM INCOME AND MARKETINGS
Cash receipts from farming, including Government
payments total t
mil. ofdol
Farm marketings and CCC loans, total
do
Crops
do
Livestock and products, total
do
Dairy products
do
M!eat animals
do
Poultry and eggs
do
Indexes of cash receipts from marketings and CCC
loans, unadjusted:!
All commodities
1935-39=100-Crops
_
do.
Livestock and products
do
Indexes of volume of farm marketings, unadjusted:J
All commodities
1935-39=100.Crops
do
Livestock and products
do_-
2. 905
2, 473
2, 464
1, 258
1, 206
1,614
1,596
581
1,015
276
574
156
1,674
1,642
478
1,164
315
639
200
1,594
1,544
436
1,108
313
579
202
1,809
1,768
434
1,334
358
744
208
1,859
1,825
557
1,268
368
667
203
2,356
2.343
1,058
1,285
351
701
214
2,551
2,543
1,182
1,361
323
792
229
2,913
2,906
1,452
1, 454
305
883
248
- 3, 584
- 3, 572
- 2, 038
1, 534
301
950
268
P 3. 277
P 3, 261
P 1. 781
P 1,480
P 276
p£70
p319
272
769
306
274
646
273
2,254
2,238
1,099
1,139
290
676
165
435
537
359
371
441
318
337
385
301
240
203
268
247
167
307
232
153
293
266
152
352
275
195
335
353
371
339
383
414
359
437
509
384
538
715
405
P484
p 608
p 391
184
216
159
165
187
149
154
168
143
109
92
123
112
72
142
104
59
139
117
61
159
120
77
153
143
144
142
154
170
142
167
194
147
201
259
158
P 172
P 192
f 157
174
178
179
177
183
188
195
200
198
212
216
-221
P 216
180
186
189
188
191
197
203
-209
207
221
225
-230
p 226
181
145
144
163
134
217
164
161
170
201
201
145
170
132
227
167
163
175
206
203
130
166
111
229
180
176
191
204
201
138
173
119
236
190
184
202
210
205
147
176
133
243
201
197
208
221
222
158
175
150
251
198
194
207
232
226
162
175
155
258
197
192
208
238
231
166
178
160
262
'206
202
218
237
228
161
174
155
265
202
- 199
207
249
236
177
192
170
279
212
212
212
254
245
- 179
-195
170
285
-216
219
209
-264
-253
' 1S1
198
- 173
- 303
-223
-225
-217
p 260
p-247
do
do._
do
do
do
_ _ do ___
188
206
153
195
206
175
181
187
154
177
211
181
179
168
147
202
242
224
179
160
150
201
210
182
180
157
151
201
214
189
197
207
154
222
226
204
209
221
160
238
262
249
212
229
160
232
• 277
268
214
229
162
234
272
262
221
242
172
223
r
287
-273
224
239
- 175
229
284
-264
-240
249
177
269
- 292
-273
p 233
231
p 179
249
p 284
P 25G
Nondurable manufactures
do
Alcoholic beverages
do
Chemical products
do
Industrial chemicals
do
Leather and products
do
Leather tanning -, ._
._ --do
Shoes
do
Manufactured food products
- ..do_- Dairy products
do
Meat packing
__
do
Processed fruits and vegetables
do
178
171
247
417
98
95
101
162
97
172
123
175
151
249
422
101
99
103
156
96
186
103
175
143
249
419
108
96
116
149
95
183
92
176
143
250
424
118
109
124
146
107
144
86
177
162
250
428
115
97
128
148
128
148
83
178
168
253
434
110
101
115
150
159
145
90
180
177
255
443
101
94
106
157
199
144
98
184
202
258
451
104
100
107
164
226
146
122
182
219
259
453
99
87
107
178
223
141
191
198
237
-265
-458
119
106
-128
191
217
134
-254
201
217
272
-465
123
109
133
r
192
173
152
-277
-202
205
-282
-4S8
115
107
121
- 177
132
158
- 197
p 198
194
P283
P496
Paper and products
do
Paper and pulp _
._ _ do _
Petroleum and coal products. _ _ __. _do
Coke
do
Printing and publishing-, .
do.
Rubber products
do
Textiles and products
do
Cotton consumption
do
Ravon deliveries
do
Wool textiles
do
Tobacco products
.-do
177
168
205
102
167
187
175
138
340
158
172
167
160
219
158
162
193
173
134
350
151
138
178
171
211
154
157
194
178
144
355
154
162
179
172
205
124
166
195
179
144
357
159
154
179
173
207
146
172
197
173
138
350
152
167
182
175
206
174
174
203
174
139
348
154
152
181
173
216
175
169
213
175
140
347
157
168
185
178
222
177
169
221
173
132
348
161
176
172
166
229
176
150
222
165
123
-361
134
160
191
181
238
176
161
-236
189
155
366
172
204
194
184
243
178
-r 172
245
191
152
380
- 171
181
- 202
193
-249
183
- 183
P201
191
P249
178
p 182
162
-374
181
170
141
152
117
133
163
76
128
136
63
103
157
81
125
133
69
96
154
80
113
118
65
38
155
81
139
148
108
149
152
83
138
147
83
143
155
87
147
148
97
131
160
140
155
155
96
136
168
155
149
148
68
109
171
158
163
162
97
142
177
170
168
167
92
144
184
172
169
170
- 102
151
-184
163
do _
173
179
183
180
187
190
195
199
196
209
-211
-217
P215
do_._
179
188
192
192
194
199
204
208
'206
218
220
-226
P225
181
147
139
163
169
183
191
147
193
203
159
153
166
174
187
206
150
190
209
144
132
180
191
190
207
158
206
207
150
138
190
202
192
211
157
207
211
156
145
200
208
188
192
158
201
222
159
150
198
207
200
218
158
222
231
158
149
197
208
203
210
160
223
237
155
144
207
219
210
214
161
234
235
151
140
202
208
T 212
208
161
244
247
165
151
212
212
212
214
- 167
215
-251
- 166
150
216
209
-215
206
-168
225
262
171
157
223
217
230
214
168
262
P260
p 170
P 156
P 226
p 220
p 228
214
P 173
247
2.893
1, 534
1, 359
INDUSTRIAL PRODUCTION
Federal Reserve Index
Unadjusted combined index
1935-39=100
Manufactures
do
Durable manufactures
Iron and steel
Lumber and products-Furniture
Lumber
____
Machinery
Nonferrous metals and products
Fabricating
__
Smelting and refining
Stone clay, and glass products
Cement
Clay products
Glass containers
Transportation eQuipment
Automobiles (incl. parts)
Minerals
Fuels
Anthracite
Bituminous coal
Crude petroleum
Metals.
_ __
__
______
Adjusted, combined index d"
Manufactures
__
do
do
do.
do
_ do
do
.
do ,
_do__
do
do
do
do_.
do _
do
do
Durable manufactures _._
do_.
Lumber and products
do
Lumber
__ _ _ do _.
Nonferrous metals
do
Smelting and refining
do _ _ _
Stone, clay, and glass products, ___ _ do_.
Cement
do
Clay products
__
.. _. do__ Glass containers _ „
__do___
T
r 9^9
- 197
r 168
P
p
p
p
P
P
199
153
307
226
22$
221
p 166
103
p 184
p 136
p 195
158
379
174
P159
P 165
84
138
P 184
P 126
194
184
181
195
^196
181
-196
181
180
179
180
176
177
Non durable manufactures
do
203
206
248
182
169
184
205
159
175
172
169
187
173
Alcoholic beverages
.
_ _ _ _ do __
-271
263
269
256
261
-277
P
278
247
252
245
247
243
248
Chemical products __
do _ .
- 124
101
101
105
- 120
115
116
115
110
97
108
101
Leather and products
do
91
108
111
95
101
102
106
102
98
95
92
99
Leather tanning _ __ _ __do,_
164
164
168
165
164
-167
164
r 163
167
161
161
160
160
Manufactured food products
do
152
153
150
148
143
149
154
153
150
145
147
148
148
Dairy products
_ ._ do . _
151
155
144
147
168
158
p 165
151
157
160
154
154
157
Meat packing
do
134
142
fl48
150
158
147
-153
136
152
148
134
142
132
Processed fruits and vegetables
do
»• Revised.
p Preliminary.
tData for 1947-49 were revised to incorporate changes in reports on production and sales of farm products. Revised figures for 1947 appear on p. 23 of the April 1950 SURVEY; those for
1948-49, on p. 24 of this issue.
d" Seasonal factors for a number of industries were fixed at 100 during 1939-42; data for these industries are shown only in the unadjusted series.
SURVEY OF CURRENT BUSINESS
January 1051
Unless otherwise stated, statistics through
1948 and descriptive notes are shown in the
1949 Statistical Supplement to the Survey
1950
1949
November
December
January
February
March
April
May
June
July
August
September
October
194
' 202
November
GENERAL BUSINESS INDICATORS—Continued
INDUSTRIAL PRODUCTION—Continued
Adjustedd* — Continued
Manufactures— Continued
Nondurable manufactures— Continued
Paper and products
1935-39 — 100
Paper and pulp
do
Printing and publishing __
.
„ do
Tobacco products
do
Minerals
Metals
do
_ do
177
168
160
169
167
160
159
149
179
171
163
162
178
171
168
162
179
172
169
176
181
174
169
161
180
173
166
168
185
177
170
170
173
166
162
154
191
181
169
197
'185
141
76
132
106
130
117
118
118
144
119
140
98
145
125
151
130
144
124
159
136
' 164
'143
34.4
16.2
33.6
15.8
34.2
16.2
35.3
16.9
36.6
17.8
35.6
17.2
38.7
19.3
39 9
19.8
'42.0
'20.3
10.8
' 11. 6
193
201
191
'179
v 174
165
171
166
143
v 160
v 132
'42.1
'21. 2
41.8
'21.2
9.4
9.7
41.7
21.4
* 11.8
'11.6
11.5
12.7
12.1
11.8
4.4
7.7
4.2
7.6
11.4
'54.5
'29.9
' 13. 9
16.0
'56.4
' 30. 7
'14.1
16. 7
3.1
6.8
15.8
58.5
31.8
14.4
17.3
10.1
3.3
6.9
16.5
60.0
32.9
15. 1
17.9
10.4
3.5
7.0
16. 7
10.0
10.2
10.2
172
172
BUSINESS SALES AND INVENTORIES§
Business sales (adjusted) totalf
bil. of dol
Manufacturing, total f
_
_ do _ .
Durable-goods industries!
do
Nondurable-goods industries!
__
do
Wholesale trade, total
do
Durable-goods establishments
do
Nondurable-goods establishments
do
Retail trade, total _ _
_ . _do
Durable-goods stores
do
Nondurable-goods stores..
_ _ ___do
6.6
9.6
7.6
1.8
5.8
6.8
9.4
7.2
1.6
5.6
10.5
3. 1
10.9
7.4
3.6
7.3
52.1
28.7
13.2
15.5
51.6
28.9
13.4
15.5
2.9
6.2
14.3
2.9
6.1
13.7
10.6
3.3
7.3
Business inventories, book value, end of month
(adjusted), total*
bil. of dol
Manufacturing, total f
_._
do
Durable-goods industries t
do. _
Nondurable-goods industries!
do
Wholesale trade, total
.
do
Durable-goods establishments
do
Nondurable-goods establishments _ . do_
Retail trade, total
do
Durable-goods stores
_ _ _ - do
Nondurable-goods stores
do
6.5
9.2
7.3
1.7
5.6
9.1
5.5
8.8
9.0
5.1
8.6
7.1
9.8
7.3
1.7
5.6
11.1
7.8
10.2
7.7
1.9
5.8
11.1
3.7
7.4
3.7
7.4
52.0
29.0
13.4
15.6
51.8
29.0
'13.5
15.5
'52.5
'29.1
13.5
15.6
3.0
6.0
14.0
3.0
6.0
13.8
3.0
6.1
14.3
9.0
5.4
8.6
9.0
5.2
8.6
9.1
5.3
9.0
7.5
9.7
7.4
1.8
5.6
11.1
3.7
7.4
'52.9
'29.4
' 13. 7
15.7
9.4
3.1
6.3
14.1
5.3
8.9
8.6
10.7
8.0
2.1
5.9
11.3
3.9
7.4
'53.6
'29.7
' 13.8
15.9
9.5
3.2
6.3
14.4
5.4
9.0
9.0
8.4
2.3
6.1
8.7
9.0
2.6
6.5
11.7
12.7
4.2
7.5
4.7
8.0
'54.2
'30.0
' 13. 9
16.1
' 53. 2
^29.8
' 13. 9
15.9
9 3
3.2
'6.1
14.1
9.5
3.3
6.2
14.7
5.6
9.1
5.1
9.0
'45 3
' 23. 0
10.1
'12.9
9.6
2 9
6.7
4.7
8.0
9.6
3.0
6.5
15.1
5.5
9.6
8.9
2.6
6.3
9.9
5.8
8.8
2.5
6.3
6.3
9.9
8.9
2 5
6.5
3.7
7.7
6.5
MANUFACTURERS' SALES, INVENTORIES,
AND ORDERSf
Sales:
Value (unadjusted), total
Durable-goods industries
Nondurable-goods industries
16, 394
6, 534
9,860
16, 083
6, 715
9,369
16, 005
6,664
9,341
16, 243
6,790
9,453
18, 531
8,064
10, 467
17, 184
7,644
9,540
18, 649
8,413
10, 236
19, 426
9,007
10, 418
'18,682 ' 22, 802 ' 21, 514 'r 22, 814
7,951
' 9, 536 r 10,339
9,929
12,476
' 10, 731 r 12, 872
'11,979
21, 538
9, 760
11, 778
Value (adjusted) total
do
Durable-goods industries, total, .
do
Iron, steel and products
do
Nonferrous metals and products
do
Electrical machinery and equipment do
Machinery, except electrical _ _.
do ._.
Motor vehicles and equipment
do
Transportation equipment, n e s
do
Lumber and timber basic products
do
Furniture and finished lumber products-do
Stone, clay, and glass products
do
Other durable-goods industries
do
16,221
6,631
1,405
399
736
1,087
1, 130
324
475
348
406
321
15, 756
6,516
1,704
16, 216
6,817
1,718
16, 877
7,103
1,801
17, 797
7,643
1,851
17, 206
7,488
1,884
19, 309
8,605
2,126
19, 838
9, 030
2, 191
' 20, 269 ' 22, 956 ' 21, 154
8,670
9,392
10, 060
2,178
2.345
2,471
21, 396
9,909
2, 439
1,028
1,085
1,220
1,115
1,211
1,254
1, 362
1,223
1, 333
1,352
1,600
1,385
1,710
1, 374
1,459
443
309
358
279
359
290
380
303
408
310
393
308
472
369
405
335
485
360
375
315
570
401
480
356
652
404
481
374
603
409
469
382
' 21, 229
' 9, 671
' 2, 414
'599
'1,131
' 1, 512
' 1, 547
'401
'673
'437
'542
'415
Nondurable-goods industries, total
do
Food and kindred products
do
Beverages
do
Tobacco manufactures
_. __do
Textile-mill products
do
Apparel and related products
do
Leather and products
do
Paper and allied products
do _ _
Printing and publishing
do
Chemicals and allied products
do___
Petroleum and coal products
-do
Rubber products
do
Other nondurable-goods industries.
do __
9,590
2,624
413
272
1,033
721
244
502
517
1,167
1,589
247
262
9,240
2,496
439
248
965
743
228
474
597
1,063
1,518
245
220
9,399
2,637
390
271
926
804
242
485
600
1, 104
1,436
265
240
9,774
2,772
393
263
956
835
273
495
654
1,130
1,479
273
250
10, 154
2,772
9,718
2,753
471
246
896
753
264
468
582
1,189
1,565
288
244
10, 704
3,150
' 11, 599 ' 12, 896 ' 11, 762 '11,558
' 2, 972
3,245
3,038
3, 257
' 434
573
448
649
'271
261
287
299
' 1, 293
1,206
1,354
1,544
'976
962
955
1,256
'324
349
381
335
'656
528
633
620
'581
596
615
633
' 1, 550
1,442
1,583
1,667
' 1, 834
' 1, 738 ' 1, 859
' 1, 853
11, 487
2,906
mil. of dol
do
_ ___do
Inventories, end of month:
Book value (unadjusted), total
Durable-goods industries _
Nondurable-goods industries By stages of fabrication:
Purchased materials
Goods in process
Finished goods
__
406
676
994
319
440
738
284
461
745
350
do
do.
do
1r
do _
do
do
i r 10, 997
' 11, 282 ' r11, 261 r 11, 226
i ' 6, 412 ' 6, 380
6, 549
r 6, 588
11, 206
11, 341
11, 460
11, 365
28, 615
i ' 13, 109
15, 506
464
832
297
473
272
963
851
285
510
649
1,250
1,550
293
287
r
' 29, 002 r 29, 270
' 29, 188
29, 180
r 13, 329
' 13, 396 ' 13, 493 '13,584
15, 674
15, 874
15, 604
15, 687
432
773
307
523
878
319
542
274
1,012
748
290
513
606
1,334
1,624
321
290
566
955
310
10, 809
3,136
582
277
1,062
663
317
538
602
1,383
1,668
350
231
558
924
315
454
221
606
591
1,129
1, 554
1,716
1,116
1,458
1,449
695
485
540
454
656
433
513
451
410
457
280
379
404
280
' 29, 232 ' 29, 507 ' 29, 814 ' 29, 796 ' 29, 742 ' 30, 418
' 13, 704 ' 13, 883 ' 13, 974 ' 13, 928 ' 13, 847 ' 14, 050
15, 528
15, 624
15,868
15, 894
16, 368
15,840
'11,156 ' 11, 049 ' 11, 092 r 11, 201 ' 11, 510 '11,883
' 6, 676 ' 6, 778 ' 6, 851 ' 6, 828 ' 6, 998 ' 7, 163
11, 357
11, 287
11, 405
10, 696
11, 564
11, 785
'12,380
' 7, 380
10, 658
389
'278
597
1, 138
1, 570
1, 596
432
697
452
564
423
397
283
1,355
847
268
671
586
1, 529
1,907
323
' 31, 577
' 14, 386
' 17, 190
32, 860
14, 964
17, 896
' 13, 061
' 7, 682
' 10, 834
13, 741
7, 746
11,373
i r 28, 665
' 29, 073 ' 29, 384 'r 29, 659 ' 30, 028 ' 29, 830 r' 29, 858 ' 30, 732 ' 31, 784 32, 939
' 28, 879 rr 29, 035
r 28, 990
Book value (adjusted), total
.
_. do
i f 13, 204
13, 422
13, 784
' 13, 888 13, 858 * 14, 072 ' 14, 446
' 13, 477 ' 13, 500 r 13, 667
15, 084
Durable-goods industries, total
do
'13,413
'33,946
2,961
' 3, 308
2,874
3,012
3,056
2,958
3,191
3,147
3,228
2,975
3, 406
Iron, steel, and products
do
2,955
3,140
973
960
962
963
965
975
965
'971
959
948
956
988
1,018
Nonferrous metals and products- do
1,521
1,544
1,614
1,489
1.524
1,566
1,633
1,666
1,630
1, 632
1,550
Electrical machinery and equipment-- .do
1,658
1, 737
3,152
3,166
'
3,
368
Machinery, except electrical-.
do
3,157
3,197
3,208
3,228
3,
283
3,124
3,208
3,145
3,225
3,500
1
' 1, 791 ' 1, 832 ' 1, 833 '1,793
' 1, 781
' 1, 670
' 1, 788 T 1, 771
' 1, 803 ' 1, 773 ' 1, 839 ' 1, 935
Motor vehicles and equipment
do
2, 073
742
690
670
659
Transportation equipment, n. e. s
do
663
730
787
705
653
660
672
'687
766
562
550
552
556
'572
569
Lumber and timber basic products
do
585
590
576
550
582
560
588
584
636
582
654
664
Furniture and finished lumber products _ _do
685
628
675
607
671
678
677
727
524
541
522
532
515
542
534
'541
536
Stone, clay, and glass products
do
523
550
538
530
622
622
658
664
661
692
'713
638
675
643
685
671
725
Other durable-goods industries. _
- do __
r
Revised.
P Preliminary.
c?See note marked "a*" on p. S-2.
§Tho term "business" here includes only manufacturing and trade. Business inventories as shown on p. S-l cover data for all types of producers, both farm and nonfarm.
! Revised series. Data on manufacturers' sales, inventories, and new orders have been revised beginning 1946. Revisions for 1946-49 and appropriate explanations appear on pp. 16-23 of
the October
1950 SURVEY.
1
Revisions for October 1949: Inventories, unadjusted—total, 28,807; durable, 13,328; by stages of fabrication—purchased materials, 11,032; goods in process, 6,548; inventories adjusted—total.
28,927; durable, 13,377; motor vehicles and equipment, 1,715.
SURVEY OF CURRENT BUSINESS
S-4
Unless otherwise stated, statistics through
1948 and descriptive notes are shown in the
1949 Statistical Supplement to the Survey
1950
1949
Novem-
ber
January 1951
Decem-
ber
January
Febru-
ary
March
April
May
June
July
August
Septem-
ber
October
Novem-
16, 660
2,928
1,118
1,680
2,372
1,520
589
678
625
2,108
2,108
502
432
' 17, 339
'3,113
r
1,095
r
1, 706
17, 855
3,271
1,141
1,702
2,731
1,625
ber
GENERAL BUSINESS INDICATORS—Continued
MANUFACTURERS' SALES, INVENTORIES,
AND ORDER Sf— Continued
Inventories, end of month — Continued
Book value (adjusted)— Continued
Nondurable-goods industries, total-mil, of dol._
Food and kindred products
do
Beverages
___ do
Tobacco manufactures
do
Textile-mill products
_ do_ Apparel and related products
do
Leather and products
do
Paper and allied products
do
Printing and publishing
do_
Chemicals and allied products
do
Petroleum and coal products
do
Rubber products
do
Other nondurable-goods industries
do
15, 461
2,761
996
1,522
1,953
1,236
517
669
551
2,074
2,247
526
408
15, 466
2,803
986
1,527
1,965
1,241
509
687
553
2,059
2,194
531
410
15, 614
2,861
998
1,514
1,988
1,282
522
704
595
2,032
2,161
524
432
15, 513
2,851
1,013
1,480
2,010
1*282
501
701
581
2,022
2,123
526
424
15, 574
2,917
1,034
1,475
2,042
1,338
509
703
582
1,978
2,049
532
416
15, 716
3,000
1,028
1,484
2,064
1,348
531
714
592
1,993
2,012
536
416
15, 874
3,061
1,012
1,490
2,148
1,328
546
706
587
2,014
2,018
540
422
16, 082
3,042
993
1,482
2,244
1,407
557
704
611
2,034
2,018
544
448
New orders, net (unadjusted), total
do
Durable-goods industries, total
do
Iron, steel, and products
.
do
Nonferrous metals and products
do
Electrical machinery and equipment
do
Machinery, except electrical
do
Transportation
equipment, except motor
vehicles
mil. of dol
Other durable-goods industries
__do_ _
Nondurable-goods industries
do
16, 868
6,941
1,687
418
694
979
16, 009
6,923
1,855
392
706
1,018
17, 032
7,479
1,892
469
793
1,211
16, 861
7,213
1,836
480
726
1,211
18, 810
8,508
2,173
488
946
1,392
17, 182
7,857
1,901
474
772
1,316
19, 097
8,514
2,178
531
884
1,410
20, 666
9,814
2,493
557
1,035
1,527
' 22, 223 ' 27, 323
10, 553
13, 863
2,724
3,277
814
637
934
1,572
1,764
2,197
551
2,613
9,927
167
2,784
9,086
255
2,860
9,553
395
2,566
9,648
266
3,243
10, 302
333
3,060
9,325
232
3,279
10, 582
543
3,660
10, 852
1,102
3,392
* 11,670
Unfilled orders (unadjusted), total*
do
Durable-goods industries, _ _ _ _
do _ _ _
Iron, steel, and products
do_
Non ferrous metals and products do_ _
Electrical machinery and equipment _ do
Machinery, except electrical
_..
do__ _
Transportation
equipment, except motor
vehicles
mil. of dol
Other durable-goods industries
do
Nondurable-goods industries
,
_ _ do.
19, 924
16, 559
4,778
420
2,094
2,750
19, 850
16, 767
4,925
382
2,046
2,666
20, 876
17, 581
5,111
419
2,131
2,852
21, 494
18, 005
5,252
456
2,129
2,995
21, 773
18, 449
5,480
451
2,183
3,076
21, 770
18, 662
5,488
481
2,164
3, 147
22, 218
18, 763
5,566
497
2,215
3,194
23, 458
19, 569
5,866
506
2,308
3,277
26, 998
22, 171
6, 593
679
2,434
3,758
3,264
3,254
3,365
3,086
3,661
3,083
3,068
4,000
3,295
3,140
4,033
3,489
3,081
4,178
3,324
3, 103
4,278
3,109
3,015
4,276
3,455
3,215
4,398
3,888
15, 942
2,831
1,037
1,467
2,274
1,448
568
695
601
2,041
2,046
501
433
16, 000
2,820
1,048
1,562
2,285
1, 455
573
671
593
2,043
2,050
483
416
r 2, 616
r 1, 575
T
596
r
690
^628
r
2, 187
r
2, 162
619
698
652
2, 255
2,172
539
'432
448
' 23, 760 r 24, 686
* 12, 171
11, 500
r
2,989
2, 950
r
7
683
666
r
1,423
1, 439
r
1.948
2, 016
22, 954
11, 056
2,677
664
1,301
1,900
692
3, 765
12, 259
r
800
'• 4, 300
' 12, 516
4,074
11, 898
31, 519
26, 105
7,348
914
2,940
4,433
33, 764
28, 070
7,923
1,006
3,250
4,909
T
35, 636
' 29, 902
r
8, 286
r
1,029
r
3,477
T
5, 363
37, 052
31, 198
8, 588
1,048
3 606
5, 758
4,030
4,678
4,827
5, 255
5, 214
5,414
5, 566
5,414
5,694
1,600
4,404
' 13, 460
r
T
440
5 971
5, 776
' 5, 734
5 993
6 204
5,854
r
BUSINESS POPULATION
OPERATING BUSINESSES AND BUSINESS
TURN-OVER t
Operating businesses, total, end of quarter
Contract construction
Manufacturing
Service industries
Retail trade
Wholesale trade
All other
thous
do
do
do
do
do
do
3, 953. 3
339.5
302.4
852.6
1, 687. 5
202.9
568.3
3, 968. 4
350.4
302.5
854.4
1, 685. 9
203.2
572.0
' 3, 986. 1
' 362. 4
r
303 5
r
854. 4
r
l r 686 2
203. 9
r
575. 8
New businesses, quarterly total
Contract construction
Manufacturing
Service industries
Retail trade
Wholesale trade
All other
do
do
do
do
do
do
do
80.0
12.7
7.0
16.5
29.8
3.8
10.1
107.5
22.1
10.7
20.2
36.2
4.6
13.6
114.0
22.3
12.2
20. 1
40.3
4.6
14.5
Discontinued businesses, quarterly total
Contract construction
Manufacturing
Service industries
Retail trade
Wholesale trade
All other
do
do
do
do
do
do
do
84.0
10.9
10.9
16.1
32.5
4.0
9.6
92.4
11.3
10.6
18.4
37.9
4 3
9.9
'96.4
r
10.4
7
11.2
>• 20.1
' r40. 0
39
r
10.7
Business transfers quarterly total
do
71.0
104.6
86.7
BUSINESS INCORPORATIONS
New incorporations (48 States) *
number. _
6,755
7,857
9,070
7,736
9,180
8, 375
9,216
8,861
7,191
7,201
6,277
6,782
6,256
835
63
83
197
395
97
770
50
80
201
349
90
864
61
65
225
403
110
811
69
73
170
399
100
884
74
86
206
402
116
806
44
76
195
398
93
874
62
80
197
426
109
725
67
61
167
363
67
694
62
65
151
343
73
787
51
91
173
402
70
648
43
75
147
314
69
707
64
91
150
339
63
683
67
87
150
310
69
22, 799
1.281
4,362
8,419
5,929
2,808
19, 251
668
1.814
7. 465
6.284
3,020
26. 436
1.829
1,884
10, 928
7, 355
4,440
22, 156
1.875
1,824
7,905
6.386
4.166
27, 900
1,706
2,777
12, 241
7.859
3,317
21, 250
819
1,465
7.980
7.179
3,807
22. 672
1,474
2,129
7, 470
8,650
2.949
18, 072
1,572
1, 533
7,244
5,154
2.569
19, 538
1,495
1,619
8.533
5,251
2.640
18, 448
2,077
1. 233
7, 225
5,685
2,228
15,254
1,450
1,303
5,855
4,775
1,871
16, 649
2,009
2,410
5.949
4, 683
1,598
18, 864
1,742
2,726
8,412
4,235
1,749
INDUSTRIAL AND COMMERCIAL
FAILURES
Failures, total cf
Commercial service d*
Construction
Manufacturing and mining
Retail trade
Wholesale trade
,
number
.. do __
do
do
__do._ .
do
Liabilities, totaled
thous. of dol
Commercial serviced71
do
Construction
_ _ _ _ _ _ _ do._
Manufacturing and mining
do
Retail trade
_ _ ._.
. _ _ _do
Wholesale trade
do
r
Revised.
» Preliminary.
fRevised series. See corresponding note on p. S-3.
*New series. For data on unfilled orders beginning 1946, see p. 22 of the October 1950 SURVEY. Data on new incorporations are compiled by Dun & Bradstreet, Inc.; they are available for
the 48 States beginning 1946, and for 47 States (excluding Louisiana) beginning July 1945; figures through 1948 are shown on p. 21 of the May 1950 SURVEY.
JThe number of operating businesses has been revised to reflect revisions in the number of new businesses beginning with the fourth quarter of 1947 and in the number of discontinued
businesses beginning with the fourth quarter of 1948. Revisions prior to the third quarter of 1949 will be shown later.
cfData are from Dim & Bradstreet, Inc. Scattered monthly revisions for the indicated series are shown on p. S-4 of the February 1950 SURVEY.
SURVEY OF CURRENT BUSINESS
January 1951
Unless otherwise stated, statistics through
1948 and descriptive notes are shown in the
1949 Statistical Supplement to the Survey
1950
1949
November
S-5
December
January
February
March
April
May
June
July
August
September
October
November
COMMODITY PRICES
PRICES RECEIVED A1\7D PAID BY FARMERS
Prices received, all farm productsf§_-^1910-14 = 100__
Crops
do
Food grain _ .
do
Feed grain and hay
.
do
Tobacco. .
do
Cotton
do
Fruit-do _
Truck crops
do
Oil-bearing crops _.
do
Livestock and products
do
Meat animals . _ .
do
Dairv products
do
Poultry and eggs
do
237
210
215
157
369
233
172
213
220
262
286
261
216
233
210
219
168
394
223
174
196
225
255
280
261
194
235
219
218
170
382
222
185
261
228
249
286
254
158
237
215
219
171
389
231
186
203
228
257
306
250
155
237
215
224
174
389
236
193
168
230
258
308
243
165
241
225
227
181
389
242
206
205
239
256
312
235
161
247
223
230
190
387
246
195
178
248
269
342
230
154
247
225
218
190
388
251
207
182
254
268
342
227
156
263
236
226
195
387
278
211
200
267
287
371
232
173
267
239
224
193
399
311
200
164
293
292
369
240
191
272
243
221
194
428
336
217
126
303
298
372
248
196
268
238
219
188
426
327
207
138
300
296
358
261
201
276
250
224
192
428
346
194
188
351
299
357
267
209
Prices paid:f
All commodities
1910-14=100
Commodities used in living..
do
Commodities used in production
do
All commodities, interest, taxes, and wage rates
19J 0-14 = 100..
236
238
234
237
239
235
238
238
237
237
238
237
239
239
239
240
239
240
244
242
246
245
243
247
247
245
249
248
248
249
252
252
251
253
254
251
255
256
254
245
246
249
248
250
251
254
255
256
258
'260
261
263
97
95
94
96
95
96
97
97
103
103
r
105
103
105
All commodities (U. S. Department of Commerce
index)
1935-39 = 100
185.7
184. 4
183.8
183.3
183 8
184 1
185 7
187 3
190 0
190 8
192 6
193 9
194 8
Coal (U. S. Department of Labor indexes):
Anthracite
Oct. 1922-Sept. 1925 = 100..
Bituminous
do
148.3
160. 5
148.4
162.7
148. 5
104.1
148.5
164.5
149.3
166.2
154.2
165.6
147.2
160.9
147.4
160.2
150. 3
160.5
153.9
162.4
155.8
164.0
' 157. 4
' 166. 6
158.6
167.0
Consumers' price index (U. S. Dept. of Labor):
AllitemsO
1935-39 = 100
Apparel
do
Food
. ____...
.
do
Cereals and bakery products .
do
Dairy orod nets ..
do
Fruits and vegetables
do
Meats, poultry, and
fish
_
do
Fuel, electricitv, and refrigeration
do. .
Gas and electricity
. . .
do
Other fuels
do
Housefurnishings
do
KentO
_.
do
Miscellaneous
do
168.6
186.3
200.8
169. 2
186.4
202.0
229.1
139.1
97.0
190.0
185.4
122.0
154.9
167.5
185.8
197.3
169.2
186.2
198.2
223.2
139.7
97.2
191.6
185.4
122.2
155.5
166.9
185.0
196.0
169.0
184.2
204. 8
219.4
140.0
96.7
193.1
184. 7
122.6
155.1
166.5
184.8
194. 8
169.0
183.6
199.1
221 . 6
140.3
97.1
193.2
185 3
122.8
155.1
167.0
185 0
196.0
169.0
182.4
195 2
227.3
140.9
97 1
194. 4
185 4
122.9
155 0
167.3
185 1
196.6
169.3
179.3
200 5
227.9
141.4
97 2
195.6
185 6
123.1
154 8
168 6
185 1
200 3
169.6
177 8
206 5
239 5
138.8
97 1
189 1
185 4
123 5
155 3
170 2
185 0
204 6
169.6
177 1
217 2
246 7
138.9
97 0
189 4
185 2
123 9
155 3
172.5
184 7
210 0
171.3
179 5
220 8
256 0
139. 5
97 0
190.9
186 4
124 3
156 2
173 0
185 9
209 0
175 5
182 7
194 7
257 5
140 9
97 0
194 4
189 3
124 6
158 1
173 8
190 5
208 5
176 5
185 2
184 6
257*8
141 8
97 0
196 5
195 4
124 8
158 8
174 8
193 4
209 0
177 1
190 6
187 0
250 9
143 1
96 8
199 4
199 8
125 0
159 5
175 6
195 0
209 5
177 3
191 5
193 3
248 8
143 7
96 8
200 4
202 3
125 4
160 5
Parity ratiof
-
do_.
RETAIL PRICES
WHOLESALE PRICEScf
U.S. Department of Labor indexes :J
All commodities-.
1926=100
Economic classes:
Manufactured products.
do
Raw materials
do
Semimanufactured articles
do
Farm products _ _ _
do
Grains.
_
do
Livestock and poultry
do
Commodities other than farm products. _do
151.6
151.2
151.5
152.7
152.7
152.9
155 9
157 3
162 9
166 4
169 5
169 1
171 6
148.2
160.4
145.1
156.8
156.4
169.6
150.3
147.9
159.5
144.7
154.9
160.9
167.0
150.1
148.2
159.8
144.8
154.7
160.2
170 5
150.5
149.1
162 4
144.3
159 1
161.3
179 9
151.1
148.9
162 8
144.1
159 4
165 4
180 3
151.0
149.4
162 5
143 9
159 3
169 6
178 0
151.2
152 2
166 3
145 6
164 7
172 3
194 6
153.7
153 5
167 7
148 4
165 9
169 3
197 5
155.2
158 0
175 8
152 9
176 0
173 5
215 8
159.8
161 2
179 1
159 2
177 6
167 7
217 3
163.7
164 0
181 8
165 7
180 4
166 5
211 3
166.9
163 5
180 2
169 3
177 8
165 3
198 7
166.9
164 9
184 4
173 0
183 7
172 1
197 3
168.6
158.9
144.6
154 7
130.7
198.9
155 7
144. 6
154 4
132 4
193.5
154 8
144.3
148 8
134.3
194.5
156 7
144 8
147 5
138 2
201.6
155 5
145 6
144 8
134 9
200.0
155 3
145 9
141 1
137 6
200 6
159
146
138
139
217
9
0
0
2
1
162 1
145 6
135 9
140 5
223 7
171 4
151 2
141 8
137 0
240 7
m
e
A
172 5
153 8
160 8
129 5
223 7
17K 9
m
177
155
154
131
241
145.0
189 6
161.9
134.5
283.5
140.1
145.4
190 4
161. 9
134.5
285 2
139.6
145.8
191 6
163.5
134.8
287 5
139.0
145.9
192 8
163 2
134 9
292 1
139.0
146.1
194 2
163 3
134 9
295 9
138.2
146.4
194 8
163 4
134 9
299 4
136.7
147.6
198 1
163 9
1^4 9
310 8
136.8
148.8
202 1
164 3
134 9
322 6
137.7
151.5
207 3
167 4
135 3
338 0
138.6
155.5
Chemicals and allied products.
do
Chemicals
do
Drugs and pharmaceutical materials.do
Fertilizer materials.
do
Oils and fats
.
do
115.8
115 0
123.0
118 3
118 3
115 2
114 3
121.6
117 9
118 2
115 7
114 7
121.5
117 4
122 7
115 2
114 7
121.4
116 9
120 9
116 3
115 4
121.9
117 3
125 6
117 1
116 4
122.0
117 4
127 5
116 4
116 5
122.3
116 8
122 2
114 5
117 3
122.7
108 4
111 9
Fuel and lighting materials
Electricity
Gas
_
_ _.
Petroleum and products
130.2
70.3
88.3
108.5
130 4
69.6
87. 2
108 5
131 4
68.9
85.0
109 4
131 3
69.6
87.4
109 4
131 5
67.9
88.3
108 6
131 2
67.8
86.8
109 5
132 1
66.6
87.2
112 6
132 7
67.0
87.3
180.8
199 5
177 0
184 3
179.9
192 8
178 1
184 3
179. 3
189 0
177 6
184 3
179.0
188 2
176 6
184 3
179.6
190 4
177 9
184 3
179.4
187 2
179 1
184 3
181.0
194 4
182.6
202 1
Foods
Cereal products
Dairy products
Fruits and vegetables
Meats, poultry, and
do
do
do
do
do__
fish
Commodities other than farm products and
foods
1926= 100..
Building materials
do
Brick and tile
do
Cement
do
Lumber
_
do
Paint and paint materials
do
Hides and leather products. ._
Hides and skins
Leather
Shoes
_
__ _
_
do
do _
do _ _ _
do
__do
do
do
do
110
Q
A
•to A Q
240 2
2
5
7
0
0
r
159.2
161.5
154 1
1 A4 1
990 A
163.5
O-IO Q
r 219 (j
167 8
1^ ^
357 6
142.4
168 7
136 3
371 5
'145.9
' 145. 7
148.1
118 1
119 3
129.1
110 1
125 7
199 *»
1 99 1
r 128 6
r 1Q9 9
1OK
135.0
mi
153.4
133 4
67.0
88.3
115 5
134 4
187.2
91Q 8
17Q ^
-IOC
154 9
148 n
•tor; Q
65.5
88.1
1 -If*
Q
195.6
900 n
192.3
r
O-l 0 Q
T
jyg ^
140 2
r
QKC 4.
m
e
•3AF. n
e
r 125 4
m
•icq
161.1
A
Q
171. 5
135 1
65.' 6
89.0o
88.9
202.9
•• 208. 5
m
163.8
201. 3
211.6
269. 5
204. 9
203. 8
Housefurnishing goods
do
r
143 4
144 2
14Q *7
14fi ft
144 7
14ft Q
145 2
145 5
145 8
163. 8
166. 8
Furnishings
do
r
149 9
1 ^4 1
151 2
151 5
152 2
151 8
152 6
168. 1
162. 8
173. 7
176.6
Furniture-.___do__
136.8
138 fi
128 8
141 n
1 AA «
138. 4
1SS Q
137.0
137 8
ISO 4
i An n
r
Revised.
fRevised series. Beginni
VEY data have been revised
'
^effective back to 191°) toreflectchanges prescribed in the Agricultural Acts of 1948 and 1949; revisions
for 1910-48 are shown on
§December 1950 indexes: All farm products, 286; crops, 258; food grain, 233; feed grain and hay, 202; tobacco, 436; cotton, 339; fruit, 202; truck crops, 211; oil-bearing crops, 366- livestock
and products, 311; meat-animals, 360; dairy products, 272; poultry and eggs, 249.
* *& wvyo, ow, nv^atm,*
ONot corrected for new-unit bias in rent index, d"For actual wholesale prices of individual commodities, see respective commodities
{Indexes for the latest 2 months are preliminary and are currently revised to incorporate corrections received in the 2 months following. Any additional corrections received are incorporated
f
CcSe'dH^s^^
^
l
0
6
^
^ 1949 ^C°rreCted ^ ^ AUgUSt 195° SURVEY ^ ^ June-December 1948 in the Au*ust 1949 is
SURVEY OF CURRENT BUSINESS
S-6
Unless otherwise stated, statistics through
1948 and descriptive notes are shown in the
1949 Statistical Supplement to the Survey
1950
1949
November
January 1951
December
January
February
March
April
May
June
July
August
September
October
COMMODITY PRICES—Continued
WHOLESALE PRICE ScT— Continued
U. S. Department of Labor indexes:!— Continued
Commodities other than farm prod., etc. — Con.
Metals and metal products
1926=100
Iron and steel _- ___
._
do.
Nonferrous metals
do
Plumbing and heating _
._
_ do.
Textile products _ _
Clothing
Cotton goods..Hosiery and underwear
Rayon and nylon
Silk
__
Woolen and worsted goods
do
do
do
do...
__ do
do..__
_ do
_
„
__
Miscellaneous
Automobile tires and tubes _ ._
Paper and pulp
do
do.__
do
167. 3
163. 4
131. 7
154.6
167.8
165. 4
129.2
154.6
168.4
167.3
128.6
151.7
168.6
168.8
128.1
148.7
168.5
169.0
127.2
151.9
168.7
168. 9
128.9
154.7
169.7
168.5
136.3
156.4
171.9
169.4
148.4
156.3
172.4
169.8
150. 6
156.5
174.3
171.0
156.3
164.6
176.7
172.2
166. 1
166.9
178.6
' 173. 2
173. 3
177.2
180. 3
173.9
181.7
182.5
138.0
144 2
177.9
98.4
39.6
49.5
146.0
138.4
144 0
178.4
98.4
39.6
49.9
146.9
138.5
143.9
178.7
98.5
39.6
50.1
147.0
138.2
143.1
178.4
98.6
39.9
50.1
147.2
137.3
143. 5
176. 5
98.0
39.9
49.1
146.3
136.4
144.2
172.8
97.7
39.9
49.1
146.1
136.1
143.8
172.0
97.7
39.9
49.3
146.2
136.8
143.8
173. 8
97.7
39.9
49.3
148.3
142.6
144. 3
190.7
99.2
40.7
60.3
150.9
149. 5
145.2
206. 8
101.2
41.3
65.6
157.7
158.3
146.7
221.6
105. 3
41.7
64.9
178.7
' 163. 1
147. 7
225.7
42.5
65.3
188.9
166. 0
151 4
231. 1
109.4
42.6
69.0
190.6
109.7
62.5
156.5
110.7
64.3
156.0
110.0
64.3
155.9
110.0
64.3
155.6
110.7
64.3
155.5
112.6
65.0
155. 4
114.7
65.8
155.4
114.7
67.0
155.6
119.0
68.7
159.9
124.3
75.0
163.9
127. 4
77.4
167.1
131.3
78.1
173. 4
137. 6
82.3
178. 6
53.1
59.3
49.8
53.2
59.7
50. 6
53.1
59.9
50.9
52.7
60.1
51.2
52.7
59.9
50.9
52.6
59.8
50.8
51.6
59.3
49.9
51.2
58.8
48.9
49.4
58.0
47.6
48.3
57.8
47.8
47.5
57.5
48.0
47.6
57.2
47.8
46.9
56.9
47.7
2,535
1,883
1,171
1,065
92
'r 2, 676
1, 998
1,253
1,145
93
' 2, 799
2, 074
1,310
1,200
93
' 2, 816
* 2, 072
1,306
1,195
94
2, 750
' 2, 006
' 1, 237
' 1, 135
84
2,554
1,885
1,126
1,035
73
r
r 109. 2
PURCHASING POWER OF THE DOLLAR
As measured by—
Wholesale prices
Consumers' prices
Retail food prices
1935-39=100
do
do
CONSTRUCTION AND REAL ESTATE
CONSTRUCTION ACTIVITYf
r
882
800
70
r 2, 282
' 1, 689
1,035
940
82
75
209
249
69
77
79
235
••248
70
76
88
253
>• 274
73
92
100
267
306
78
110
108
285
••325
'84
' 116
113
296
'332
'90
' 114
116
305
r
352
' 101
121
106
301
'379
111
135
88
295
401
119
147
74
277
356
26
154
9
55
49
63
437
28
170
8
100
62
69
506
28
178
9
145
73
73
593
28
187
8
210
82
78
652
28
191
10
250
92
81
678
24
196
10
275
91
82
-•725
27
'205
' 16
305
85
'87
'744
28
••214
••22
310
82
'88
'744
30
'230
'28
290
76
'90
669
31
221
26
240
67
84
2,044
1,484
837
750
72
1, 852
1,401
806
730
61
1,712
1,298
742
680
51
1,618
1,262
717
655
51
1,750
1,313
741
675
55
270
68
88
87
283
267
68
86
75
246
257
69
79
74
216
252
70
_do__
do_ __
_ _ do_
do__
do
do. __
do
560
36
179
14
184
71
76
451
34
158
12
117
60
70
414
35
155
9
90
56
69
Construction contracts awarded in 37 States (F. W.
Dodge Corp.):
Total projects
number
Total valuation
thous. of dol
Public ownership
do
Private ownership
__do
40, 132
957, 761
315, 683
642, 078
34, 704
929, 030
298, 714
630, 316
30, 989
730, 855
200, 541
530, 314
46, 856
50, 284
49, 604
53, 494
65, 305
35, 715
59, 616
60, 658
60, 942
70, 449
779, 530 1, 300, 201 1, 350, 496 1,347,603 1, 345, 463 1, 420, 181 1, 548, 876 1, 286, 541 1, 135, 815 1,087,062
364, 298
480, 972
308, 118
320, 426
428, 264
284, 925
354, 115
388, 643
459, 921
437, 770
766, 636
922, 243 827, 697
494, 605
819, 229
958, 960
996, 381
917, 199
960, 260 1,111,106
number _ _
thous. of sq. ft
thous. of dol
3, 518
25, 495
266, 103
3,293
28, 345
303, 205
2,882
22, 297
235, 294
3,017
24, 790
265, 567
4,373
37, 539
500, 658
4,998
43, 071
448, 619
5,204
40, 482
408, 543
5,090
45, 254
443, 996
5, 085
46, 580
487, 115
5,987
51, 741
540, 989
5,094
47, 458
498, 725
4,830
42, 583
426, 820
4,868
41,472
434, 894
thous. of sq. ft
thous. of dol _ .
6,291
58, 591
6,632
60, 695
5,934
60, 635
5,847
58, 329
8,840
88, 575
10, 657
106, 792
10, 419
96, 387
10, 673
97, 677
12, 220
117,356
14, 430
137, 850
12, 899
137, 157
10, 550
104, 483
10,009
94, 356
thous. of sq. ft
thous. of dol__
4,542
35, 939
6,807
64, 829
4,729
37, 678
3,832
27, 876
6,686
161, 505
10. 984
119, 199
10, 086
83, 696
9,874
69, 291
9, 373
79, 780
13, 290
128, 821
10, 819
90, 837
12, 932
93, 596
11,067
103, 909
.- number.
thous. of sq. ft
thous. of dol__
35, 224
53, 262
435, 235
29, 918
49, 481
419, 051
27, 229
42, 078
343, 501
31, 650
46, 235
361, 452
47, 547
71, 543
574, 681
52, 568
84. 964
674, 836
57, 843
84, 937
674, 604
52, 989
77, 850
628, 051
53, 268
84, 323
675, 080
62, 025
89, 033
754, 106
42, 906
65, 069
549, 585
42, 960
64, 945
529, 867
40, 368
60, 810
496, 682
number. _
thous. of doL
1,032
125,891
1,185
134, 384
643
86, 300
805
120, 178
1,202
184, 081
1,608
177, 334
1,807
199, 239
2,156
221, 654
2,133
208, 648
2,020
200, 431
1,812
145, 728
1,445
119, 633
1.235
106, 572
number
thous. of dol
358
130, 532
308
72, 390
235
65, 760
243
32, 333
372
40, 781
442
49, 707
451
65, 217
423
51, 762
456
49, 338
417
53, 350
472
92, 503
369
59, 495
385
48, 914
New construction total
mil. of dol
Private total
do
Residential (nonfarm)
. _ _ do. _
New dwelling units
__ .. do_Additions and alterations
do
Nonresidential building, except farm and public
utility, total
__mil. of dol__
Industrial
do
Commercial
__ _ - do
Farm construction
do
Public utility
- ._ do
Public, total
Residential
_Nonresidential building
Military and naval _ _
Highway
Conservation and development
Other types
-
' 1, 988
r 1, 482
r
r
CONTRACT AWARDS
Nonresidential buildings, total:
Projects
Floor area
_
Valuation
Commercial buildings:
Floor area
_
Valuation
Manufacturing buildings:
Floor area
Valuation
Residential buildings:
Projects
_.
__. _
Floor area
Valuation
Public works:
Projects
Valuation
__ - .-_ -.
Utilities:
Projects _
.
_ _
Valuation
Value of contract awards (F. R. indexes):
'285
263
323
279
329
325
334
346
228
198
240
213
351
Total, unadjusted ._ _
1923-25=100
332
261
'285
292
358
232
245
348
358
372
358
217
203
Residential, unadjusted
_ _ . _do
291
321
'299
334
262
242
265
275
274
291
284
263
325
Total, adjusted
do
272
'294
332
325
362
255
245
256
260
278
298
303
369
Residential, adjusted _
._ do_
Engineering construction:
959, 530
950, 526 1,012,046
Contract awards (E. N. R.)§
thous. of dol__ 589, 224 863, 561 915, 475 686, 221 993, 453 885, 044 931, 153 1, 253, 720 1, 175, 138 1, 164, 682
Highway concrete pavement contract awards:©
3,084
4,114
3,605
2,322
5,032
7,094
8,351
5,832
6,589
3,396
5,369
3,329
i 3, 040
Total
thous. of sq. yd__
299
50
477
460
224
155
51
81
425
580
190
310
498
Airports
_
do
1
1,634
1,314
1, 333
1,952
1,369
2,684
4,604
939
3,457
2,901
2,126
2,890
1,
907
Roads
do
1
1,471
2,304
1,920
872
3,509
1,134
2,635
1,891
2,481
3,177
3,167
2,708
1, 078
Streets and alleys
do
r
l
Revised.
Data include some contracts awarded in prior months but not reported.
cf For actual wholesale prices of individual commodities, see respective commodities.
JSee note marked "J" on p. 8-5.
tRevised series. Data cover items not previously included; annual data beginning 1915 and monthly data beginning 1939 are available in the "Statistical Supplement" to the May 1950
Construction and Construction Materials Report.
§Data for December 1949 and March. June, August, and November 1950 are for 5 weeks; other months, 4 weeks.
OData for November 1949 and March, May, August, and November 1950 are for 5 weeks; other months, 4 weeks.
SUEVEY OF CURRENT BUSINESS
January 1951
1950
1949
Unless otherwise stated, statistics through
1948 and descriptive notes are shown in the
1949 Statistical Supplement to the Survey
November
S-7
December
January
February
March
April
May
June
July
September
October
November
' 141, 900 ' 120, 600
August
CONSTRUCTION AND REAL ESTATE—Continued
NEW DWELLING UNITS AND URBAN
BUILDING
New permanent nonfarm dwelling units started
(IT. S. Department of Labor)
number. .
Urban building authorized (U. S. Dept. of Labor):
New urban dwelling units, total J
number- Privately financed total
do
Units in 1-family structures
_
do
Units in 2-family structures
do
Units in multifamily structures
do
Publicly financed, total
do
Indexes of urban building authorized:
Number of new dwelling units
1935-39=100-Valuation of building, total
do
New residential building
do
New nonresidential building
do
Additions, alterations, and repairs
do
95, 500
78, 300
78, 700
82, 900
117, 300
133, 400
149, 100
144, 300
144, 400
103, 000
i 85, 000
54, 394
52, 357
41, 562
2,095
8,700
2,037
44, 736
43, 365
31, 327
1,996
10, 042
1,371
50, 464
49, 596
36, 026
2,306
11, 264
868
53, 318
53, 141
40, 234
2,375
10, 532
177
r 80, 325
r 79, 190
59, 785
4,237
' 15, 168
1,135
83, 056
81, 290
63, 484
3,237
14, 569
1,766
91, 730
88, 458
69, 377
3,859
15, 222
3,272
«• 83, 447
* 82, 934
' 66, 885
* 2, 892
13,r 157
513
84, 063
79, 473
64, 586
3,118
11, 769
4,590
83, 042
79, 001
61,711
3,018
14, 272
4,041
62, 302
58, 266
46, 466
2,243
9,557
4,036
56, 781
55, 392
43, 734
2,287
9,371
1,389
47, 393
44, 563
36. 225
2 050
6, 288
2,830
313.7
' 354. 8
*r 556. 3
234. 4
r
214. 2
257.5
319.7
433.4
273.8
184.2
288.3
319.1
484.9
214.5
217.8
305.6
327,1
529.8
201.4
198.1
464.5
488.9
837.4
265.4
285.6
477.7
526.3
885.2
306.3
290.4
530.0
607.1
1, 044. 2
333.4
334.6
481.7
577.9
928.4
352. 5
374.8
485.4
606.1
950.7
398.2
371.2
477.1
622.2
964.4
419.1
380.6
358.1
478.5
713.6
333.2
327.2
«• 327. 7
' 497. 4
' 664. 3
' 424. 8
r
311.6
273. 3
401. 3
556. 4
319. 1
266. 4
205.5
206.3
307
206.5
208.0
208.6
305
209.6
214.1
216.8
311
220.3
224.1
224.6
330
224.0
224.2
484
503
493
442
471
483
503
493
442
471
486
506
495
444
474
486
506
495
443
474
486
508
495
444
474
488
511
497
447
476
490
511
497
452
476
502
519
514
465
488
345
346
346
346
346
508
526
522
473
495
513
536
531
478
499
515
542
534
479
502
345
345
498
518
504
459
485
514
541
535
475
501
208.3
207.5
213.7
208.6
207.9
213.4
209.1
208.6
213.9
210.1
210.1
215.8
210.7
210.8
217.3
211.3
211.3
218.1
211.4
208.7
210.9
216.3
194.6
211.6
208.9
210.9
215. 6
194.9
212.0
210.0
211.1
215.9
197.7
212.7
210.9
212.6
218.6
198.5
213.3
211.6
213.7
220.7
198.8
214.0
211.6
213.8
211.2
214.2
211.6
216.1
214.0
353.2
480.3
356.2
484.7
356.5
484.9
360.0
488.4
CONSTRUCTION COST INDEXES
Department of Commerce composite*
1939= 100_ _
Aberthaw (industrial building)
1914 — 100
American Appraisal Company:
Average, 30 cities
1913 = 100
Atlanta
_
-_
-do_N"ew York
do
San Francisco
do
St Louis
do
Associated General Contractors (all types) _._do
E. H. Boeckh and Associates, Inc.:
Average, 20 cities:
Apartments, hotels, and office buildings:
Brick and concrete^ _U. S. avg. 1926-29=100__
Brick and steel
do
Brick and wood
__
do
Commercial and factory buildings:
Brick and concrete
_.. _ _
-do Brick and steel
do
Brick and wood
do _
Frame
do
Steel
do
Residences:
Brick
do
Frame
do
Engineering News-Record:^
Building
1913 = 100
Construction
__ _
._
do ___
Bu. of Public Roads— Highway construction:
Composite standard mile
1925-29—100
145.3
349
357
366
369
371
371
214.4
214.5
224.4
215.6
215.8
227.2
218.0
218.6
230.8
219.5
220.7
234.6
220.4
221.4
234.3
220.9
221.9
233.2
222.9
223.9
233.7
214.0
212.1
214.4
221.7
199.2
217.1
215.7
219.8
229.1
201.7
218.3
216.9
222.4
232.5
202.3
220.3
219.0
225.4
236.4
203.8
221.4
220.7
228.4
241. 5
205.1
222.3
221.3
228.4
240.7
205.8
222.9
221.5
227.9
238.9
206. 2
224.8
223 4
229.3
237 9
208 2
217.6
215.8
218.5
216.7
224.9
223.7
227.7
226.7
231.3
230.5
235 1
235.1
234 8
234 5
233 7
233 0
234 2
232 7
362.8
491.9
364.3
496.6
373.0
506.5
376.9
511.9
383.1
521.4
392 8
530.4
396 2
534 4
388 9
527 9
390 1
528 7
140.7
140.0
146 2
CONSTRUCTION MATERIALS
Production of selected construction materials, index:
Unadjusted
1939 = 100
Adjusted
do
142.8
144.1
135.9
153.7
120.8
141.5
117.3
142.2
140.2
148.4
147.5
148.4
166.7
157.6
171.5
160.3
163.7
153.9
192 5
170 1
v 180 2
v 167 6
v 186 0
v 167 9
REAL ESTATE
Home mortgages insured or guaranteed by—
Fed. Hous. Adm.: New premium paying
211, 758
183, 559
232, 950
206, 681
210, 919
172, 453
thous. of doL _ 199, 841
178, 000
182, 568
217, 594
241, 423
235, 742
216, 154
143, 605
183, 395
234, 070
Vet. Adm.: Principal amount*
do
162, 898
218, 000
221, 416
217, 610
218, 315
214 433
268 611
332 201
258 401
356 491
Federal Home Loan Banks, outstanding advances
to member institutions
mil. of dol
371
427
315
331
360
331
360
437
500
626
724
762
694
New mortgage loans of all savings and loan associa325, 224
tions, estimated total
thous. of dol
342, 028
300, 906
414, 783
422, 553
343, 260
517, 163
490, 324
527, 967
556 469
449 963
467 585
393 857
By purpose of loan:
112, 463
94, 916
Home construction _
do
105, 784
107, 335
143, 950
151, 627
188, 938
180, 762
189, 363
183 493
145 422
140 655
123 134
124, 265
141, 059
Home purchase
do
128, 398
150, 877
161, 952
214 412
168, 381
197 761
223 617
248 089
219 001
213 888
182 978
32, 041
Refinancing
do
33, 358
33, 441
32, 573
39, 717
35, 683
39, 517
38, 887
42 093
43 410
34 415
34 827
32 002
Repairs and reconditioning
do
14, 384
15, 735
25 575
11, 584
13, 706
17, 895
20, 014
22 890
22 461
21 853
^3 804
16 951
20 220
All other purposes
do
40,764
37, 423
38, 100
43, 212
51, 269
46, 848
49 394
50 433
53 073
55 902
44 054
48 115
4l' 939
New nonfarm mortgages recorded ($20,000 and
under), estimated total
thous. of dol__ 1, 114, 041 1, 125, 200 1, 024, 000 1,003,090 1, 221, 644 1, 171, 148 1, 377, 918 1, 465, 469 1, 470, 812 1, 624, 913 1, 497, 824 1, 544, 410 1, 457, 073
Nonfarm foreclosures, adjusted index. 1935-39= 100- .
13.8
14.5
14.1
11.8
15.3
14.1
12.9
13.7
14.6
14.1
13.7
Fire losses
thous of dol
67, 279
58, 823
53, 116
58, 340
72 468
61 605
58 765
52 980
57 116
49 878
55 116
49 953
45 922
DOMESTIC TRADE
ADVERTISING
Advertising indexes, adjusted:
Printers' Ink, combined index
1935-39=100. _
Magazines
do
Newspapers
do
Outdoor
do
Radio
do
Tide advertising index
do
Radio advertising:
Cost of facilities, total
.thous. of dol._
Automotive, incl. accessories
do
Drugs and toiletries
do
Electric household equipment
do
Financial
do
Foods, soft drinks, confectionery
do
Gasoline and oil
do
Soap, cleansers, etc
do
Smoking materials
do
Allother§
do
305
308
291
320
287
274.1
256.2
15,855
16,409
463
4,381
198
278
447
720
498
4,400
4,536
4,084
294
291
286
292
287
329
326
330
334
300
288.3
315
330
297
328
288
310.3
319
328
307
318
291
314.3
323
327
317
296
288
309.5
331
324
325
290
294
311.7
17,083
15,383
16,843
407
4,557
180
256
4,849
454
1,862
2,215
2,064
15, 909
614
4,108
145
216
4,348
370
1,811
2,068
2,229
16, 576
411
4,431
167
238
4,756
409
1,947
2,101
2,116
321
320
328
294
309.9
15,146
311
316
306
288
273
280.0
12,293
288
3,349
136
226
3,513
467
1,310
1,577
1,429
318
341
297
327
269
298.8
336
338
310
302
278
317.2
365
342
322
360
282
308.8
377
342
344
359
287
309.1
12,559
' 13, 931 16,154
297
325
339
f
3,648
3, 969
4, 633
218
198
181
148
136
142
296
284
260
239
244
228
4,463
4,741
4,736
4,327
4,366
3,371
3,843
4,341
407
463
452
409
391
475
469
505
1,615
1,583
1,753
1,637
1,791
1,431
1,664
1,877
2,089
2,215
2,165
1,999
1,831
1,562
1,540
1,853
1,994
2,014
2,240
1,988
1,826
1,387
1,742
2,237
••Revised.
»Preliminary.
JData for December 1950,r 92,000.
JMinor revisions in number of dwelling units beginning January 1947 are available upon request.
*New series.
Details regarding the Department of Commerce construction co^t index and data r~~„
.
_
,
prior to November 1949 are available in the "Statistical Supplement" to the May 1950 Construction and ConStruction Materials Report. Data on home mortgages, compiled by the Veterans Administration, represent the amount of home loans closed monthly under the Servicemen's Readjustment
Act; figures
prior to August 1949 are available upon request.
d"Data reported at the beginning of each month are shown here for the previous month.
§Includes data for apparel and house
hold furnishings,
shown separately prior to the October 1950 SURVEY.
357
4,193
142
249
SURVEY OF CURRENT BUSINESS
S-8
Unless otherwise stated, statistics through
1948 and descriptive notes are shown in the
1949 Statistical Supplement to the Survey
1949
Novem-
ber
January 19-31
1950
Decem-
ber
January
Febru-
March
April
May
June
July
August
Septem-
ber
October
DOMESTIC TRADE—Continued
ADVERTISING—Continued
Magazine advertising:!
Cost total
thous. of dol
\pparel and accessories
do
Automotive, incl accessories
__do
Building materials §
do ._
Drugs and toiletries
do
Foods soft drinks confectionery
do
Beer wine liquors §
do
45, 882
3,813
3,438
1,346
6,020
6,693
2,790
36, 921
2,632
2,684
' 29, 167
1,517
2,610
4,690
5,271
3,469
4,470
4,951
1,738
Household equipment and supplies §
do
Household furnishings §
do
Industrial materials §
do
Soaps cleansers etc
-- do
Smoking materials
_
do _ _
All other
do
2,866
2,827
1,829
1,295
1,416
11, 549
2,502
1,360
1,490
1,259
1,456
10, 130
3,645
Linage total
' 47, 024
4,857
3,934
1.958
6,277
6.338
2,381
' 52, 094
4,457
4,054
2,675
6,485
7,149
2,416
1,201
»• 8, 487
1,732
1, 358
1,672
1,081
1,129
•• 10, 529
3.252
2,359
2,184
1,189
1,206
11, 090
4,337
3,361
2,341
1,232
1,336
12, 250
4,515
3,282
2,320
1,238
1,327
' 11, 979
2,838
3,261
3,868
4,270
4,482
3,853
2,974
207, 909
38, 306
169,603
9,891
2,337
33, 689
123,686
207, 865
36, 061
171. 805
7,330
2,139
26, 337
135, 999
168, 921
37, 157
131, 764
10, 014
3,237
23,730
94, 783
170, 738
35, 362
135, 376
7, 668
1,911
29, 473
96, 324
213, 488
41,139
172, 350
9,240
2, 355
35, 691
125, 064
215, 753
43, 326
172, 427
11, 290
2,316
35, 645
123, 176
220, 211
45, 576
174, 636
12, 441
2,469
36, 560
123, 166
thousands. _
thous. of dol
4,409
83, 938
4,844
90, 046
4,531
89, 403
4,961
88, 510
5,237
107, 778
4,932
92, 858
thousands
thous. of doL_
14, 397
205, 209
15, 096
209, 721
14, 463
190, 987
12, 694
181, 523
15, 973
225, 619
13, 354
197, 478
thous. of lines
Newspaper advertising:
Linage total (52 cities)
Classified
Displav total
Automotive
Financial
General
Retail
' 50, 261 r 42, 488
4,237
2,832
4.226
3,882
2,499
1,719
5,693
5,618
6,582
6,846
2,364
2, 024
' 39, 623
2,706
3,347
1,177
5,863
6,891
2,139
---
do _ _
do
do
do
do
do
do
539
698
739
739
782
673
r
r
' 32, 754 «• 33, 577
884
3,273
3,832
3,772
1,081
1,128
4,844
4,338
5,874
5,435
1,738
1,476
«• 49, 603
5,540
4,255
2,537
5,416
6,724
1,965
55, 301
4,648
4, 545
2,397
6, 463
8, 598
2,436
1,116
8, 083
3,648
2.767
2,657
1,091
1 , 497
' 11, 506
4 435
3.650
2 713
1 421
1, 556
12 439
3,175
3,791
4,505
4, 602
3,958
209, 093
44, 776
164, 317
11,410
2,237
33, 876
116, 795
173, 092
42, 684
130, 409
9,338
2,683
26, 048
92, 339
186, 524
45, 005
141,518
8, 969
1, 832
25. 431
105, 287
207, 305
45, 888
161,417
8, 793
2, 091
32, 705
117, 829
230. 28S
47, 67S
182, 610
11,314
2. 531
41. 222
127, 542
226, 880
42 944
183, 936
11 721
2. 267
39 502
130, 447
4,543
90, 363
4,258
84, 983
4,062
83, 459
4,228
88. 172
4, 039
91,350
5,474
100, 802
4. 413
102, 139
14, 055
205, 818
13,960
202, 790
12, 279
183, 502
13, 842
210, 887
12,836
206,145
14, 218
222, 331
14.739
225. 332
3,615
1,715
2,162
1,364
9, 729
1,574
1,713
1,588
697
983
r
2.057
929
865
884
r
1,365
7, 784
r
POSTAL BUSINESS
Money orders:
Domestic, issued (50 cities):
Number
Value
Domestic, paid (50 cities):
Number
Value
PERSONAL CONSUMPTION
EXPENDITUR E S
Seasonally adjusted quarterly totals at annual rates :f
A t
h'lf '
1 arts
Furniture and household equipment
do
do
q
• j ,r Hip h n pfnrni shines
bemio
g
Other nondurable t'oods
Services
TT
T>
do
do
do
P "• tirvn
Kecrea
*.•'*
Othp SPT vires
~
33.5
13. 5
16.2
3 8
97.9
18 1
58.3
97.4
17.7
58.2
99.3
18.4
59.1
5. 1
104.9
19.7
62.5
18
4 3
10. 5
4.3
10.9
do
/]0
do
3.6
3.6
4.9
10.4
10.6
58.1
59.2
59.9
17.9
18. 1
18.4
5. 1
19.2
19.6
9.2
8.9
9.3
3.7
3.9
3.7
3.8
5.1
3 9
5. 1
18 6
5.2
2.3
4.3
1.9
4.3
19
3.7
do
' P
198.4
26.7
11.0
12.0
57.4
8. 5
17 0
do
I P
185.2
26.9
10 8
12.6
4.8
do
do
'
182.4
25 3
10 4
11 3
3.7
do
PI thin? qnd shoes
Food and alcoholic beverages
180.6
18.8
3.7
3.8
5.1
RETAIL TRADE
All types of retail stores :f
Estimated sales (unadjusted), total 9 -mil. of doL_
Durable-goods stores 9
do
Automotive group 9
do
Motor-vehicle dealers 9
do
Parts and accessories cf_
do
Building materials and hardware groupcf
mil. of doL.
Building materialscf
do
Farm implements
--- do- _ _
Hard ware cf
do
Homefurnishings group cf
- - do_
Furniture and housefurnishingscf
do
Household appliances and radios c ? _ _ _ do
Jewelry stores c?
do
Nondurable-goods stores 9
do
Apparel groupo*
do_
Men's clothing and furnishings d*
do
Women's apparel and accessories
do
Family and other appareled
do
Shoes
..do
Drugstores
-- do
Eatine and drinking places 9
do
10, 872
3,348
1,794
1,650
12, 846
3,378
1,588
1,419
835
569
780
475
144
100
167
621
350
170
85
220
776
424
9,281
3,054
1,889
1,783
11,072
3,758
2,250
2,110
11, 654
4,200
2,461
2,294
11, 957
4,515
2,698
2,521
12, 313
4,755
2,881
2,610
12, 737
4,967
2,850
2,632
108
271
224
12, 498
4,462
2,492
2,308
107
11, 062
3, 736
2,316
2,180
r 12, 077
4,243
' 2, 309
2,131
'179
619
414
605
400
779
509
881
569
1,061
715
1,133
769
1,117
745
1,248
874
1,125
787
* 1,r 129
792
957
662
269
102
9,522
3,061
1,907
1,799
78
127
472
259
79
125
496
267
136
140
167
177
159
205
595
344
118
152
574
316
141
171
554
311
258
66
243
72
244
81
251
89
329
72
386
85
367
92
"•712
"•365
347
93
7,558
7,770
8,036
••7,833
140
247
134
304
191
403
89
114
298
986
116
145
302
979
145
201
597
354
271
97
352
233
212
64
229
65
7,524
9,468
1,208
345
507
6,462
6,227
7,326
7,314
7,454
7,442
165
261
131
242
169
361
179
374
173
349
195
317
835
209
390
121
115
286
895
187
168
384
954
606
86
94
286
875
536
75
88
272
798
161
214
778
392
184
762
104
128
298
894
812
110
149
291
893
756
104
130
296
928
747
101
134
299
936
167
205
685
356
583
83
113
293
928
641
133
205
752
385
855
135
203
844
203
400
118
'124
306
991
11.617
3,676
1,997
1,826
171
103
193
620
351
7.941
870
222
402
127
118
297
913
r
Revised.
{Comparable data on magazine advertising cost (Publishers' Information Bureau, Inc.) are available back to January 1948 only. Beginning with the October 1949 SURVEY, five new components are shown (marked with "§"); the total of the two components "household equipment, etc." and "household furnishings" covers all items formerly included in "electric household
equipment" and "housefurnishings, etc." Revised data for January 1948-October 1949 are available upon request.
§See note marked "{" above.
t Revised series. Estimates of personal consumption expenditures have been revised beginning 1946; revised figures for the grand total and for total durable and nondurable goods and
services are shown as a component of gross national product on p. 31 of the July 1950 SURVEY; revised figures for 1946-49 are shown on p. 23 of the December 1950 SURVEY.
Dollar estimates of sales for all types of retail stores and for chain stores and mail-order houses have been revised for various periods back to 1943 and revisions from August 1948 forward
are shown beginning with the October 1949 SURVEY; specific periods for which the series have been revised are as stated in the notes below. Monthly data for 1946-48 for both sales and inventories of all types of retail stores (unadjusted and adjusted series) appear on pp. 21-23 of the October 1949 SURVEY. Data prior to 1946 and unpublished revisions are available upon request.
9 Re vised beginning 1943.
cfRevised beginning 1948.
SURVEY OF CURRENT BUSINESS
January 1951
Unless otherwise stated, statistics through
1948 and descriptive notes are shown in the
1949 Statistical Supplement to the Survey
1950
1949
November
S-9
December
January
February
March
April
May
June
July
August
September
October
November
DOMESTIC TRADE—Continued
RETAIL TRADE—Continued
All types of retail storesf — Continued
Estimated sales (unadjusted), total— Continued
Nondurable-goods stores 9 — Continued
Food group 9
mil. of dol
Grocerv and combination 9 do _ _ _
Other food 9
do
Filling stations-.. _ _
do. .
General-merchandise group§
do
Department, including mail-order§---do
General, including general merchandise
with food
mil. of dol
Dry goods and other general merchandised*
mil. of dol__
Variety
do
Other retail stores©
do __
LiquorO
do
Other§__
do ...
2,484
1,978
506
533
1,504
1,040
2, 823
2,272
551
540
2,264
1,500
2,336
1,855
480
487
986
654
2,300
1,851
449
453
980
647
2 575
2,074
501
512
1,241
844
2 529
2,047
482
523
1,297
857
2 561
2,054
507
573
1,338
893
2 591
2,090
501
581
1,320
874
2,819
2,289
530
655
1,306
855
2 752
2,205
547
629
1,379
924
2,793
2,244
548
582
1,481
1,008
2,620
2,082
538
'586
' 1, 442
••979
2 659
2,125
534
575
1,576
1,083
143
178
112
109
128
141
155
155
166
160
160
149
157
136
184
988
157
832
209
377
1,296
258
1,037
92
128
885
125
760
89
135
888
123
766
113
156
1,044
139
905
124
175
968
135
833
129
162
1,001
134
867
129
162
967
130
837
124
161
974
134
840
125
169
1,083
•
137
946
136
177
1,045
145
900
136
'178
'1,046
"•149
r
897
147
189
1,051
164
888
Estimated sales (adjusted), total.
do
Durable-goods stores
do
Automotive group
_
do _ _
Motor- vehicle dealers
do
Parts and accessories
do
Building materials and hardware group
mil. of dol__
Building materials
do
Hardware
do
Homefurnishings group _ _
.
do .
Furniture and housefurnishings
do
Household appliances and radios.
do
Jewelry stores
do
10, 630
3,334
1,867
1,729
138
10, 503
3,145
1,675
1,534
141
10, 855
3,558
2,077
1,941
136
11, 101
3, 742
2, 206
2,061
144
11, 125
3,734
2,187
2,038
149
11, 080
3,679
2,130
1,982
148
11, 327
3,886
2,262
2 105
157
11, 699
4,179
2,485
2,325
160
12, 700
4,679
2,763
2,512
251
12, 682
4,694
2,690
2,484
206
12, 133
4,417
2,570
2,389
181
11, 759
4, 179
' 2, 399
2,225
'174
11, 390
3,670
2,074
1 910
165
798
532
165
579
318
261
90
798
524
173
589
334
255
83
800
531
167
592
336
255
89
828
553
168
616
337
278
93
851
572
164
608
337
271
89
880
592
166
576
317
259
93
969
666
176
569
323
247
87
1,026
702
189
576
329
248
92
1,084
723
210
739
397
342
93
1,143
778
210
760
384
376
101
1,015
684
198
727
367
360
104
986
670
192
'687
r
348
339
107
920
620
191
581
323
258
95
Nondurable-goods stores
do
Apparel group
do
Men's clothing and furnishings
do _ _
Women's apparel and accessories _ _ do
Family and other apparel
do
Shoes
do
Drugstores
do _ _
Eating and drinking places
_ -do
7,296
762
179
360
104
119
296
900
7,358
747
182
342
104
119
290
937
7,297
756
194
331
107
124
305
917
7,359
735
186
319
104
125
304
930
7,391
740
178
328
105
130
305
912
7,401
753
173
350
107
124
304
915
7 440
765
183
349
108
124
296
906
7,519
770
186
350
109
126
305
929
8,021
778
190
344
113
131
295
911
7,987
788
190
355
110
133
302
929
7,716
768
184
352
108
125
304
938
' 7, 580
'771
189
r
356
106
119
308
933
7 720
789
190
367
109
122
309
929
Foodgroup..
do
Grocery and combination
do
Other food.
do
Filling stations
do
General-merchandise group _
_ do
Department, including mail-order
do
Other retail stores
do
2,539
2,027
512
536
1,297
859
966
2,519
2,024
495
538
1, 356
911
971
2,511
1,994
517
541
1,304
867
965
2,563
2,052
511
548
1,298
862
982
2,599
2 092
506
540
1,282
848
1,012
2,551
2 058
492
534
1,330
892
1,014
2,578
2 071
507
546
1,344
892
1,006
2,604
2,107
496
553
1,376
919
983
2,754
2,226
528
601
1,605
1,122
1,078
2,728
2 192
536
590
1,523
1,037
1,127
2,640
2,127
514
564
1,445
981
1,056
2,624
2, 096
528
'553
T
1, 350
'895
1,042
2 716
2 175
540
579
1 372
909
1 027
Estimated inventories (adjusted), total
do _.
Durable-goods stores
do
Automotive group
do
Building materials and hardware group
mil. of dol._
Homefurnishings group
_do -._
Jewelry storesdo
Nondurable-goods stores
do
Apparel group
do
Drug stores
do
Eating and drinking places _..
_ do
Food group
do
Filling stations
do
General-merchandise group
do
Other retail stores
_
do __
14, 336
5,548
2,116
13, 698
5,112
1,740
13, 998
5,352
1,973
13, 800
5,163
1,776
14, 282
5 259
1,696
14, 138
5,258
1,622
14, 416
5 437
1,763
14, 720
5 634
1,948
14, 125
5, 135
1,574
15, 076
5 484
1,744
15, 793
5,807
1,781
«• 16, 540
'T 6, 333
2, 093
1,865
1,130
437
8,788
1,780
555
411
1,496
287
2,943
1,316
1,798
1,117
457
8,586
1,768
541
416
1,444
277
2,893
1,247
1,849
1,071
459
8,646
1,746
567
392
1,489
270
2 943
1,239
1,808
1,124
455
8 637
1,776
579
399
1 504
285
2 955
1,139
1,889
1,197
477
9 023
1,856
582
420
1 595
315
3 015
1,240
1,939
1,232
465
8 880
1,835
560
396
1 515
310
2 956
1,308
1,993
1,217
464
8 979
1,842
599
393
1 568
332
2 916
1,329
Chain stores and mail-order houses:!
Sales, estimated, total 9
do
2,339
3,068
1,872
1 887
2 267
2 334
2 361
Apparel group
do
236
358
162
159
263
243
238
Men's wear
do ___
43
65
30
25
39
38
34
Women's wear
do
113
168
76
73
124
119
116
Shoes
do
59
96
45
45
65
79
68
Automotive parts and accessories _ _
do
43
64
32
31
42
45
63
Building materials.
do
99
78
70
63
88
75
109
Drug
do
63
94
63
61
66
65
64
Eating and drinking places
do
49
52
60
45
50
50
52
Furniture and housefurnishings
do
29
40
20
21
25
24
28
General-merchandise group ._
__do
669
1,041
415
431
546
698
610
Department, dry goods, and general merchandise
mil of dol
378
228
570
235
360
311
377
Mail-order (catalog sales)
do
126
140
71
73
80
94
86
Variety
do
155
317
108
114
131
147
136
Grocery and combination
do
789
906
737
755
849
845
833
Indexes of sales :|
Unadjusted, combined index 9 _ _ .1935-39 =100__
321.5
389.7
258.9
272.0
295.3
312.0
314.1
Adjusted, combined index 9 .
do
301.0
302 3
299 9
306 0
309 6
308 1
313 1
1
297.8
Apparel group d
_
do
301.0
299 8
293 6
301 4
305 1
303 3
1
250 7
Men's weard 1
do
264 7
282 3
280 8
251 1
252 0
263 6
Women's
weard
do
390.5
383 0
377 4
371 3
389 7
400 9
390 6
1
Shoesd"
do
224.8
231.1
236
5
241
8
244
0
240
2
239
8
Automotive parts and
accessoriesd1
do
223.9
258.8
257.6
266.7
264.0
265.6
264.6
Building materialsd1do
351.8
345 5
340 1
336 0
331 1
330 8
365 2
Drug ._
__
do
215.7
218.1
220 9
220 7
221 3
224 6
215 9
Eating and drinking places d*
do
212 4
210 7
209 0
214 8
209 3
217 5
222 4
Furniture and housefurnishingsd"
do
229.3
244.9
256 5
246 6
236 9
240 6
244 4
General-merchandise group d"
do
286.9
294.6
290.3
297 0
291 8
293 0
300 5
Department,1 dry goods, and general merchandised
1935-39=100
342 2
346 7
350 1
363 8
354 5
361 9
370 4
Mail-order
cfdo
255.8
269 4
245 2
248 4
251 9
237 9
252 5
Varietyd1
do
233 o
223 1
226 4
228 1
222 3
222 4
224 3
Grocery and combination
do
365.6
361.9
356^0
368^3
377^3
378^8
379^1
r
Revised.
|See note marked "f" on p. S-8. Revisions for chain stores 1and mail-order houses for 1943-July 1948 are shown on p. 23 of the
9 Revised beginning 1943.
§Revised beginning 1947.
d Re vised beginning 1948.
©Revised beginning 1945.
r
2,027
1,189
470
9 086
1,859
618
391
1 625
374
2 852
1,367
2,021
1,069
471
8 990
1,835
594
420
1 619
392
2 805
1,325
2,042
1,214
484
9 592
1 989
' gig
435
1 779
377
2 994
1 399
r
2,192
2, 296
1,325
' 1,
441
r
509
503
9,986 'T10, 207
2,r 078
2,038
596
620
T
453
456
1 802 T 1,r 789
385
361
T
3 181
3, 340
1,504
' 1, 590
2 380
234
37
107
70
68
121
65
50
26
621
2,496
186
24
91
56
81
126
66
51
29
662
2 485
'l96
24
98
58
67
142
66
52
32
656
2,588
262
41
125
75
57
136
66
50
33
692
386
87
137
826
420
84
136
902
OQ7
105
142
843
427
105
149
878
319.2
317 7
300 9
265 3
387 9
235 4
291.3
396 6
222 0
221 7
243 9
310 3
328.8
354 6
301 8
274 8
381 8
237 8
407.7
442 1
221 2
216 9
314 9
369 2
325.2
347 3
315 4
286 1
393 5
254 7
339.1
450 7
224 6
220 4
290 2
347 3
341.2
332 3
316 4
281 1
409 9
241 6
308.6
412 7
227 8
214 4
293 4
321 5
'336.0
' 322 9
r 304 i
257 5
T 407 1
' 228 3
'271.0
' 406 3
223 4
r 214 6
' 260 8
' 299 5
385 7
265 9
224 o
378.9
477 7
339 9
227 3
410.9
407 n
400 8
269 2
234 2
391.2
T Qfifl ^
April 1950 SURVEY.
309 7
OOP, Q
402.2
r
2 497
246
40
121
64
'49
' 137
68
52
'30
671
398
112
16 656
6 467
2 089
2,386
1 487
505
10 189
2 059
581
467
1 676
332
3 412
1 662
2 522
245
43
119
CO
46
104
CA
49
33
738
•tAA
r 150
840
QfiA
346.2
324 0
306 6
oc c e
Ar\r. o
231 5
239.2
07 c r\
219 9
oci
rv
014 o
253 2
9Q9 ^
' 394. 8
398.6
r
no r
r
SUEVEY OF CURRENT BUSINESS
S-10
Unless otherwise stated, statistics through
1948 and descriptive notes are shown in the
1949 Statistical Supplement to the Survey
1950
1949
November
January 1951
December
January
February
March
April
May
June
July
August
September
October
November
DOMESTIC TRADE—Continued
RETAIL TRADE— Continued
Department stores:
Accounts receivable, end of month:
Charge accounts
1941 average— 100
Instalment accounts
do
Ratio of collections to accounts receivable:
Charge accounts
percent- Instalment accounts
do
Sales by type of payment:
Cash sales
percent of total sales__
Charge account sales
do
Instalment sales
do
Sales, unadjusted, total U. S
Atlanta
Boston
Chicago
Cleveland
Dallas
Kansas City
Minneapolis
New York
Philadelphia
Richmond
St. Louis
San Francisco J
1935-39=100-.
do __
do
do
do
_ - do
do
do
do
do
do
do
do
285
214
222
209
191
207
185
209
190
212
194
217
194
219
184
230
191
241
210
256
216
'260
233
259
54
20
52
20
49
18
47
17
53
19
50
17
52
18
51
17
49
17
50
18
51
18
51
18
51
17
48
43
9
50
42
8
49
41
10
48
41
11
49
41
10
49
42
9
48
43
9
48
43
9
47
41
12
46
42
12
46
42
12
47
43
10
48
43
9
'340
481
642
418
438
465
662
505
438
401
472
541
504
565
216
285
185
205
215
313
228
188
183
197
218
232
251
224
322
177
204
217
327
244
210
183
207
234
252
273
257
359
207
241
256
362
277
229
208
255
283
285
291
285
389
241
269
290
393
304
278
225
276
313
316
321
286
378
228
280
296
391
306
273
221
275
316
323
319
281
345
230
278
281
353
296
272
230
271
307
293
321
283
386
185
271
284
429
340
276
192
239
285
326
387
281
373
198
278
290
399
326
287
202
239
288
318
352
331
426
261
320
337
454
363
320
267
313
356
363
374
309
388
239
296
317
405
*328
328
259
299
333
326
'345
P 356
485
287
357
313
472
p377
p336
302
363
387
398
p386
282
376
244
274
290
396
300
246
229
267
300
282
316
280
383
229
262
271
409
301
284
220
276
299
300
323
274
374
216
265
270
389
298
250
217
262
288
297
321
292
397
244
269
299
401
307
277
235
281
323
319
333
290
390
231
277
299
403
309
268
226
270
321
330
336
298
392
240
278
299
410
322
283
242
285
333
326
342
362
494
268
330
364
537
414
342
274
331
394
418
454
335
415
268
335
334
449
355
321
277
319
360
370
374
320
409
255
305
333
420
346
289
262
310
332
360
368
' 291
370
216
2R2
' 299
375
."303
292
238
279
312
305
343
TV 291
418
229
288
251
400
P 325
p 289
234
273
313
316
p344
425
292
324
332
442
347
310
'298
••356
'377
378
358
__ do ._
--do
do
do_ __
- do __
do___
-- do
do
_ _ do _ _
do
_ _ do _
do
do
^278
367
234
262
266
371
299
267
267
'304
300
'320
293
382
239
281
283
404
322
293
237
276
311
330
339
do_ _
do. __
305
273
244
271
244
272
267
279
290
285
294
286
289
285
267
276
258
269
285
284
322
309
'362
'329
p372
^332
thous. of dol
do
do
327, 785
115, 727
212, 059
434, 472
150, 420
284, 053
202, 617
61. 458
141,180
206, 104
63, 805
142, 299
268, 483
85, 639
182, 845
291, 580
94, 751
196, 829
311, 492
97, 705
213, 787
317, 043
96, 389
220, 654
356 756
104, 957
251 799
339, 478
112, 568
226, 910
357, 438
113, 430
244, 008
335, 351
113, 037
222, 314
369 150
123, 084
246 066
1935-39=100
--do
do
do
do
do
_
do
do
do
do
369.4
371.7
445. 2
345.5
363.6
285.0
266. 1
325.4
262.9
290.0
442.1
408.2
484.4
417.1
509.9
312.2
282.5
350.3
281.1
325.2
212.7
191.8
241.6
203.0
231.1
281.0
253. 0
302.0
270.7
314.0
229.0
207.9
270.7
208.4
237. 5
273.6
242.3
294.2
260.5
317.9
258.7
246.5
290.2
247.9
269. 2
273.2
246.5
305.5
260.9
299.1
264.8
249.0
287.0
248.4
290.9
276.7
250.5
312. 6
254.5
311.1
257.6
239.8
273. 8
247.5
278.4
287.2
267.0
330.3
279.3
310.7
271.1
259.6
283.4
261.7
315. 9
305.6
299.1
346.0
285.7
349.1
268 0
231 3
286 3
258.6
335 3
363.6
346 3
409 6
346 2
410 9
307.2
271. 2
327.2
293.4
367.5
335.0
309.2
364.4
316.8
376.9
334.6
301.0
374.3
310.1
390 3
302.5
290 3
328 9
288 2
341 2
346 8
319.7
402 0
322 3
388 7
290 0
266 4
314 6
274 3
345 8
5,904
1,762
4, 142
7,019
2,733
4,286
5,685
1,688
3,997
6,888
2,757
4,131
5,165
1,457
3,708
6, 983
2,849
4,134
5,035
1, 583
3, 452
7, 054
2,908
4,146
5,715
1,882
3,833
7,216
3,022
4.194
5,113
1,816
3,297
7,256
3,094
4,162
5,599
2,052
3,547
7,263
3, 153
4,110
5,743
2,149
3,594
7,208
3, 171
4,037
6,355
2,415
3, 940
6,991
2,990
4,001
7,349
2 866
4 483
7 271
2 878
4,393
6,899
2 581
4 318
7 500
2 911
4 589
' 7, 141
2 703
' 4 438
7 $37
3 060
4' 777
Sales, adjusted, total U. S.!
Atlanta!
"Boston
Chicago^
Cleveland!
Dallas!
Kansas City!
Minneapolis!
New York!
Philadelphia!
Richmond!
St Louis
San Francisco!
_
Stocks, total U. S., end of month:!
Unadjusted
Adjusted
Mail-order and store sales:
Total sales 2 companies
Montgomery Ward & Co
Sears Roebuck & Co
Rural sales of general merchandise:
Total U S , unadjusted
East
South
Middle West
Far West
Total U. S., adjusted
East
South
Middle West
Far West
213
189
WHOLESALE TRADE
Service and limited-function wholesalers:!
Sales, estimated (unadj.), total
mil.
Durable-goods establishments
Nondurable-goods establishments
Inventories, estimated (unadj.), total
Durable-goods establishments
Nondurable-goods establishments.
of dol__
do
do
do
do
do. __
r 231
422
414
494
299
438
326
296
361
304
349
9
7
5
9
1
3
9
5
3
4
6,871
2 455
4 416
8 052
3 230
4 822
EMPLOYMENT AND POPULATION
POPULATION
Population, continental United States :§
Total, including armed forces
thousands
Civilian population
do
150, 183
148, 747
150, 397
148, 966
150, 604
149, 196
150, 808
149, 442
150, 998
149, 653
151, 188
149, 859
151, 358
150, 037
151, 553
150, 242
151 772
150 457
152 016
150 679
152 271
150 817
EMPLOYMENT
Employment status of noninstitutional population:
Estimated number 14 years of age and over,
total
thousands
Male
do
Female
do
110, 063
54, 075
55, 988
110, 169
54, 121
56, 048
110, 256
54, 160
56, 096
110, 344
54, 196
56, 148
110, 442
54, 238
56, 204
110, 536
54, 279
56, 257
110, 608
54, 308
56, 300
110, 703
54, 350
56, 353
110 806
54, 395
56 411
110 924
54 427
56 497
111 030
54 473
56 557
111 141
54 522
56 619
111 234
54 558
56 676
Total labor force, including armed forces _ _ _ d o
Civilian labor force, total
do
Male
do
Female
_
do _.
64, 363
62, 927
44, 099
18, 828
63, 475
62, 045
43, 765
18, 280
62, 835
61, 427
43, 715
17, 712
63,003
61, 637
43, 769
17, 868
63, 021
61, 675
43, 879
17, 796
63, 513
62, 183
44, 120
18, 063
64, 108
62, 788
44, 316
18, 472
66, 177
64, 866
45, 429
19, 437
65, 742
64, 427
45 708
18, 719
66, 204
64, 867
45 818
19' 049
65, 020
63, 567
44 726
18 841
65, 438
63, 704
44 968
19 436
65, 453
63, 512
44 019
19 493
59, 518
41, 783
17, 735
7,878
51, 640
3,409
58, 556
41, 293
17, 263
6, 773
51, 783
3,489
56, 947
40, 453
16, 494
6,198
50, 749
4,480
56, 953
40, 343
16, 610
6,223
50, 730
4,684
57, 551
40, 877
16, 674
6,675
50, 877
4,123
58, 668
41, 492
17, 176
7,195
51, 473
3,515
59, 731
42, 186
17, 545
8 062
51, 669
3 057
61, 482
43 229
18, 253
9 046
52 436
3 384
61, 214
43 582
17 632
8 440
52 774
3 213
62 367
44 154
18 213
8 160
54 207
2 500
61
43
17
7
53
2
61 764
43 096
18 668
8 491
53 273
1 940
61 271
42 710
18 561
Employed
Male
Female
_
_
Agricultural employment
Nonagri cultural employment.
Unemployed
do_do
do
do
do
do
226
244
982
811
415
341
7 ^1
co 791
9 94r
46, 694
45, 701
47, 420
AK 7CO
47, 342
47, 024
Not in labor force
do
47, 422
46 500
44 526
45 064
44 718
46 010
45 704
r
Revised.
» Preliminary.
!Revisions in the adjusted indexes of department-store sales for various periods prior to 1949 are shown for the indicated districts (except New York, Richmond, and San Francisco) on
p. 24 of the April 1950 SURVEY; revised data for San Francisco for 1919-48 appear on p. 21 of the May 1950 SURVEY; revisions for New York and Richmond for 1946-January 1949 are available
upon request. Current revisions for Dallas are tentative, pending completion of the revision for earlier periods. Department-store sales and stocks for the U. S. reflect all revisions in data
for the districts and, therefore, are subject to further revision. Figures for wholesale trade have been revised back to 1939; monthly figures for 1946-48 and annual data beginning 1939 are shown
on pp. 18-20 of the October 1949 SURVEY; unpublished revisions are available upon request. §Data for 1947 and 1948 have been revised; revisions prior to August 1948 are available upon request
SURVEY OF CURRENT BUSINESS
January 1951
Unless otherwise stated, statistics through
1948 arid descriptive notes are shown in the
1949 Statistical Supplement to the Survey
1950
1949
November
S-ll
December
January
February
March
April
July
June
May
August
September
October
November
EMPLOYMENT AND POPULATION—Continued
EMPLOYMENT— Continued
Employees in nonagricultural establishments:!
Total, unadjusted (U. S. Dept. of Labor)
thousands..
Manufacturing
do ...
Durable-goods industries
do
Nondurable-goods industries ..
do _ _
Mining, total
do _ ..
Metal cf
do. ._
Anthracite _ _
_
do _.
Bituminous coalcf
do
Crude-petroleum and natural-gas production
thousands ..
Nonmetallic mining and quarrying
do
Contract construction
.
do
Transportation and public utilities
do
Interstate railroads _ _
.
__do
Local railways and bus lines
do
Telephone
_
do
Telegraph
do
Gas and electric utilities
.__
_ _ do.
Trade
do
Wholesale trade
do
Retail trade
.
_ _ do. _
General-merchandise stores _
do
Food and liquor
do
Automotive and accessories dealers do
Finance
do
Service _ .
__
_.
do
Hotels and lodging places
do
Laundries _ _
_
do
Cleaning and dyeing plants..
__do
Government
., _
do
Total, adjusted (Federal Reserve)
do
Manufacturing
do
Mining
._, _
do
Contract construction
do
Transportation and public utilities . _ do.
Trade .
do
Finance
do
Service ..
do
Government
_
do
Production workers in manufacturing industries:!
Total (U. S. Dept. of Labor)
thousands
Durable-goods industries
...
do
Ordnance and accessories
do
Lumber and wood products (except furniture)
thousands
Sawmills and planing mills
do
Furniture and
fixtures
do
Stone, clay, and glass products _ _ _ do .
Glass and glass products
do
Primary metal industries
..
do
Blast furnaces, steel works, and rolling
mills.
_
.
thousands
Primary smelting and refining of nonferrous metals
._
_
_ .thousands _
Fabricated metal prod, (except ordnance, machinery, transportation equipment)
thousands. .
Heating apparatus (except electrical) and
plumbers' supplies
thousands
Machinery (except electrical) _
do
Electrical machinery
do.
Transportation equipment
do
Automobiles
do
Aircraft and parts
do
Ship and boat building and repairs.. .do. _
Railroad equipment
do
Instruments and related products
do.
Miscellaneous mfg. industries..
. do
42, 784
13. 807
7,050
6,757
917
89
77
401
43, 694
14, 031
7, 303
6,728
940
97
76
420
42, 125
13, 980
7,342
6, 638
861
98
76
348
41, 661
13, 997
7,324
6,673
595
98
76
83
42, 295
14, 103
7,418
6,685
938
98
77
423
42, 926
14, 162
7.548
6,614
939
99
75
419
43, 311
14,413
7,809
6,604
940
100
76
413
43, 945
14, 666
7, 964
6,702
946
102
75
410
44, 096
14, 777
7,978
6,799
922
103
74
382
255
96
2,244
3,892
1, 281
155
616
48
514
253
94
2,088
3,930
1, 333
154
612
48
513
251
89
1,919
3. 869
1, 316
153
608
47
512
250
89
1, 861
3,841
1.290
152
607
46
511
249
90
1,907
3,873
1, 315
151
607
46
512
251
95
2,076
3,928
1, 356
150
609
47
513
254
97
2,245
3,885
1,296
149
611
47
516
259
100
2,414
4,023
1,407
147
615
47
522
262
101
2,532
4,062
1,414
148
620
47
530
'261
'103
' 2, 629
' 4, 120
' 1,441
146
623
47
'532
'258
103
' 2, 615
' 4, 138
1,457
146
622
48
529
255
102
' 2. 620
'4,135
1, 462
145
621
48
525
9,607
2,538
7,067
1,588
1,208
704
1,766
4,768
445
348
145
5,783
10, 156
2,542
7, 614
1,987
1,217
717
1,770
4,738
443
347
143
6,041
9,246
2,511
6,735
1,392
1,187
701
1,772
4,701
428
347
141
5,777
9,152
2,495
6,657
1, 360
1,185
700
1,777
4,696
430
345
140
5,742
9,206
2, 484
6,722
1,392
1,192
699
1,791
4,708
431
346
141
5,769
9,346
2,477
6, 869
1,466
1,200
706
1,803
4,757
441
347
146
5,915
9,326
2,479
6,847
1,412
1,204
714
1,812
4,790
451
354
150
5,900
9,411
2,502
6,909
1,411
1, 205
733
1,827
4,826
482
362
156
5,832
9,390
2,528
6,862
1,372
1,203
746
1,831
4,841
515
363
152
5,741
9,474
2, 582
6,892
1,387
1,200
'749
1,837
4,827
'512
'359
147
5,793
9,660
2,613
7,047
1,477
1,210
'744
' 1, 827
' 4, 817
'476
357
150
' 6, 004
9, 766
2,621
7, 145
1, 540
1,219
743
' 1, 822
' 4, 757
441
356
151
6,039
42, 431
13, 684
917
2,200
3,895
9,339
1,784
4,792
5,820
42, 758
13, 946
940
2,131
3,930
9, 426
1,788
4,786
5,811
42, 627
14, 040
867
2,109
3,901
9,371
1,781
4,773
5,784
42, 283
14, 023
604
2,091
3, 874
9,358
1,786
4,768
5,779
42, 752
14, 135
944
2, 096
3,906
9,348
1,791
4,756
5,776
43, 212
14, 302
942
2,163
3,948
9,391
1,794
4,757
5,915
43, 578
14, 629
941
2,223
3,888
9,459
1,803
4,766
5,869
44, 010
14, 802
943
2,299
3,995
9,532
1,809
4,778
5,852
44, 259
14, 977
915
2,366
4,021
9, 556
1,804
4,769
5,851
' 44, 914 ' 45, 201 ' 45, 407 P 45, 385
' 15, 333 ' 15, 441 ' 15, 596 p 15, 578
'942
'941
'939
P 935
' 2, 434 ' 2, 444
2, 495
p 2, 487
' 4, 073 '4,118
4,141
' 9, 651 ' 9, 669
9, 644
p 9,' 604
1,819
' 1, 836
1, 840
p 1, 839
' 4, 779 ' 4, 769 '
4,733
p 4, 748
5,883
5,983
6,019
p 6, 077
11, 289
5,719
17
11, 504
5,961
17
11, 449
6,000
17
11, 460
5,982
17
11, 549
6,070
18
11, 597
6,195
18
11,841
6,456
19
12, 066
6,596
19
12, 151
6,597
19
' 12, 802 ' 13, 016 ' 13, 133
' 6, 900 ' 7, 016 ' 7, 181
20
'22
22
692
413
283
411
108
743
682
404
289
412
107
955
642
381
289
403
106
963
652
386
297
408
108
978
677
399
301
410
109
982
692
410
303
419
113
1,007
723
430
303
432
116
1,026
741
437
303
441
118
1,050
750
444
303
440
114
1,054
325
507
511
512
507
523
529
538
542
38
41
43
45
45
45
46
46
45
666
688
693
69S
709
722
742
769
113
908
546
898
582
184
71
51
174
381
111
929
559
896
585
184
69
50
173
361
107
937
561
978
675
184
66
46
172
345
112
960
573
872
567
184
68
45
171
356
114
981
580
879
576
184
67
44
172
361
118
1,003
595
899
595
185
67
44
174
363
119
1,022
606
1,045
736
185
67
48
176
362
122
1,033
615
1,078
765
187
68
49
180
367
' 45, 080 ' 45, 689 ' 45, 899 v 45, 756
'15.450 ' 15, 682 ' 15, 819 p 15, 707
' 8, 294 ' 8, 425 '8,612
p 8, 647
' 7. 156
' 7, 257 ' 7, 207 P 7, 060
'950
'946
'941
p 936
103
103
'102
P103
76
75
74
'408
'407
'407
P403
'783
'465
319
459
122
' 1, 086
'786
'466
'327
'460
118
' 1, 104
'781
460
'329
'473
128
' 1, 116
550
'552
552
46
46
47
773
'814
'837
'850
120
1, 032
620
1,070
757
188
68
48
178
358
132
' 1, 060
655
'1,118
'761
'199
79
48
'187
399
'137
' 1, 056
'677
' 1, 132
'787
'209
76
49
'198
417
137
' 1, 111
'708
' 1, 151
795
219
74
50
'204
'436
P 2, 537
P 4, 114
9,880
2, 016
7, 264
1, 628
1,239
p 746
1,821
4,724
p 6, 037
p 13. Oil
p 7, 202
P477
P 1, 124
P847
P 1, 130
p 1,135
P206
M39
Nondurable-goods industries
do
5,570
5,543
5,449
5,478
5,402
5,479
5,385
5,470
5,554
' 5, 902 ' 6, 000
' 5, 952 p 5, 809
Food and kindred products _
do.
1,139
1,078
1,185
1,055
1,060
1,065
1,090
1,141
1, 331
1,231
1,351
' 1, 266 p 1, 207
Meat products
.
do
242
244
251
232
228
223
227
233
235
230
'235
'240
Dairy products _
do
96
95
99
97
99
103
114
108
114
116
107
101
9
Canning and preserving
do.
160
136
117
109
110
120
127
151
223
'30
'325
335
Bakery products
do
195
190
186
188
190
191
191
193
192
194
194
197
Beverages
do
141
146
135
134
139
141
146
157
164
169
'160
150
Tobacco manufactures
do
87
89
85
81
78
76
76
82
75
75
'88
'87
1,184
Textile-mill products
do
1,187
1,177
1,183
1,183
1,172
1,162
1,174
' 1, 224 ' 1, 255 ' 1, 263 P 1, 263
1,160
Broad-woven fabric mills
do
572
574
568
571
574
573
573
580
571
595
607
608
Knitting mills
do
230
227
223
223
221
218
213
212
209
227
'233
236
Apparel and other finished textile products
_ _
thousands
1, 028
1,040
1,032
1,065
1,003
1,058
976
976
979
' 1, 089 ' 1, 098
'
1,
101
* 1, 040
Men's and boys' suits and coats
do
127
118
130
135
136
132
129
135
127
138
'137
139
Men's and boys' furnishings and work
clothing
thousands
251
247
241
244
241
245
239
238
232
252
255
256
Women's outerwear
do.
280
296
302
315
305
272
254
248
'307
266
'305
297
Paper and allied products
do
390
393
386
385
389
391
392
399
396
'410
418
'420
"423
Pulp, paper, and paperboard mills. ..do
201
200
199
200
200
201
202
205
204
'207
210
210
Printing, publishing, and allied industries
thousands. .
500
501
493
495
496
497
498
500
499
504
509
'514
P512
Newspapers _ _
do
142
145
145
145
146
148
149
150
150
'150
151
149
Commercial printing
do
165
168
167
165
165
165
164
166
164
165
166
170
' Revised.
v Preliminary.
fRevised series. Beginning with the October 1949 SURVEY, the indicated series on employ ment, pay rolls, and I lours and e arnings ha ve been re vised to in corporate 1 hree majo r changes:
(1) adoption of the current Standard Industrial Classification for manufacturing industries; (2; reclassificE ition of rer>orting est£iblishment s on the b asis of maj or
postwar product o <- activity;
(3) adjustment to 1947 bench-mark levels and a revision in estimating production-worker empl oyment. Published revisions aare
re as follows:
followrs: Employees
Emnlm7PP.S in nonagricultural
nnn acrrinnltnr' establishments by
major groups—unadjusted series on p. 24 of the November 1949 SURVEY (except for data on trade and sejTvice which have been further revised for 1939-46 and are shown on p 22 of the Decemf A1
"—""• ~ ~.e adj. series, p. 22 of the May 1950 SURVEY; production workers in mfg.—
1-24 of the October 1950 issue. Unpublished revisions will be shown later.
-11 of the September 1950 SURVEY.
SURVEY OF CURRENT BUSINESS
S-12
1950
1949
Unless otherwise stated, statistics through
1948 and descriptive notes are shown in the
1949 Statistical Supplement to the Survey
November
January 1951
December
January
February
March
April
May
June
July
August
September
October
November
506
'158
189
145
'215
'92
371
'237
'524
159
191
147
'219
92
'367
231
P520
EMPLOYMENT AND POPULATION—Continued
EMPLOYMENT—Continued
Production workers in mfg. industriesf— Con.
Total (U. S. Dept. of Labor)— Continued
Nondurable-goods industries— Continued
Chemicals and allied products
thousands-Industrial organic chemicals
do
Products of petroleum and coal
- do
Petroleum refining
do Rubber products
do - Tires and inner tubes
do
Leather and leather products
do
Footwear (except rubber)..
do
485
143
188
148
186
81
332
208
484
144
185
146
187
82
343
224
Manufacturing production-worker employment
index, unadjusted (U. S. Dept. of Labor) t
1939= 100. _
Manufacturing production-worker employment
index, adjusted (Federal Reserve)!
1939=100..
137.8
136.3
Miscellaneous employment data:
Federal and State highways, total§___--number__
Construction (Federal and State)
do
Maintenance (State)
do
Federal civilian employees:
United States
..
thousands. _
Washington, D.C., metropolitan area d" -do
Railway employees (class I steam railways) :
Total
.-thousands-Indexes:
Unadjusted
-.1935-39=100-Adjusted
do
PAYROLLS
Manufacturing production-worker payroll index,
unadjusted (U S Dept of Labor) t
1939 ~ 100
LABOR CONDITIONS
Average weekly hours per worker (U. S. Dept. of
Labor) :t
All manufacturing industries
_ .hours
Durable-goods industries...
do
Ordnance and accessories
-- -.do
Lumber and wood products (except furniture)
- ...
hours..
Sawmills and planing mills
do
Furniture and fixtures
do
Stone clay and glass products
do _.
Primary metal industries
-do._
Blast furnaces, steel works, and rolling
mills
hours Primary smelting and refining of nonferrous
metals
hours
Fabricated metal prod, (except ordnance, machinery, transportation equipment) hours - _
Heating apparatus (except electrical) and
plumber's supplies
hours. _
Machinery (except electrical)
do
Electrical machinery
do
Transportation equipment
__
..do _ _
Automobiles
do
Aircraft and parts
do
Ship and boat building and repairs. ... do
Railroad equipment
do
Instruments and related products
do _ _
Miscellaneous mfg industries
do
Nondurable-goods industries
Food and kindred products
M^eat products
Dairy products
Canning and preserving
"Bakery products
Beverages
Tobacco manufactures
Textile-mill products
Broad-woven fabric mills
Knitting mills
do
do
do
do
do
do
do
do
do
do
do
Apparel and other finished textile products
hours. _
Men's and boys' suits and coats
do
Men's and boys' furnishings and work
clothing
hours
\Vomen 's outerwear
do
Paper and allied products.
_._
_.do
Pulp, paper, and pa per board mills do
Printing, publishing, and allied industries
hours__
Newspapers
_
do
Commercial printing
do
Chemicals and allied products
do
Industrial organic chemicals
do
Products of petroleum and coal
do
Petroleum refining
do
Rubber products
do
Tires and inner tubes
do
Leather and leather products _ do
Footwear (except rubber)
do
482
150
181
138
199
88
343
224
479
151
182
138
200
88
351
230
144.5
147.3
148.3
r
156. 3
158.9
' 160. 3
p 158. 8
147. 1
148.9
150. 9
' 155. 0
' 156. 0
' 157. 7
p 157. 3
282, 425
108, 956
121, 802
312, 091
129, 051
128, 470
327, 886
141, 983
130, 168
1,939
214
1,851
213
1,819
214
1,839
215
1,913
218
1,177
1,221
1,163
1,272
1,279
1,302
110.3
113.0
112.5
115.3
116.7
118.6
111.0
111.5
121.6
120.0
122.3
119.7
124.5
121.9
329.2
330.0
333.5
337.2
348.0
362.7
367.5
' 394. 4
' 403. 4
415. 8
39.8
40.1
40.7
39.7
40.0
40.2
39.7
40.1
40.4
39.7
40.2
40.6
39.7
40.7
40.6
39.9
40.8
40.7
40.5
41.3
40.7
40.5
41.1
42.6
41.2
41.8
'42.6
41.0
41.7
'43.5
'41.3
'42.1
43.7
Ml.l
Ml. 8
M4. 8
41.0
41.0
41.2
40.0
39.2
36.4
41.3
40.8
42.2
40.3
39.7
39.4
39.2
38.3
41.1
39.8
39.7
39.5
39.8
39.4
41.7
40.0
40.0
39.6
40.4
40.1
41.7
40.1
40.1
38.9
40.7
40.5
41.3
40.4
40.2
40.4
40.7
40.5
41.2
40.8
40.5
40.5
41.6
41.6
41.8
41.1
40.2
40.8
41.1
40.9
41.0
40.9
39.5
40.7
'42.0
Ml. 9
42.8
41.6
'39.8
'41. 1
'41.2
'40.9
'42.5
41.6
'39.0
'41.2
'41.9
41.9
'42.7
'42.4
41.5
'41.8
Ml.l
34.4
39.3
39.3
39.3
37.5
40.0
39.7
39.8
39.9
r
40. 1
40.0
40.6
39.4
40.5
41.3
40.4
40.7
40.8
40.8
40.9
40.3
40.9
41.2
41.3
42.2
'42.3
480
144
184
145
187
83
348
231
485
144
183
144
188
83
357
235
487
145
182
143
189
83
357
235
490
146
176
136
191
84
341
222
140.4
139.8
139.9
141.0
141.6
139.3
140.5
140.2
141.3
143.2
278, 309
107, 399
120, 798
240, 059
72, 406
117, 596
220, 000
54,603
115, 154
217, 821
52, 854
114, 714
228, 932
63, 347
114, 891
250, 272
82, 362
116, 980
1,835
211
1,829
213
1,801
213
1,801
213
1,940
214
1,141
1,183
1,180
1,154
109.2
108.2
112.7
114.5
112.8
117.3
313.9
329.3
39.1
39.0
40.2
485
148
177
136
194
86
335
218
491
155
193
147
'208
90
370
237
r
' 336, 600 319, 180
' 149, 185 137, 215
130, 714
126, 664
1,945
219
P190
p 221
P350
307, 746
130, 723
123, 493
1,977
222
J> 2, 514
P226
1,315
v I , 324
p 1, 324
' 125. 8
' 122. 8
p 126. 5
p 122. 4
p 126. 6
p 125. 5
M3.0
M2.2
Ml. 7
39.2
40.5
40.3
40.3
40.3
40.7
40.7
41.5
41.1
'42.1
40.0
38.5
40.0
37.3
36.2
41.5
34.8
38.3
40.0
40.9
40.5
39.7
40.6
38.9
38.2
41.2
38.4
38.7
40.0
40.9
39.7
39.8
40.5
40.5
40.9
40.7
37.8
38.0
39.7
40.2
39.7
40.3
40.4
39.7
39.6
40.7
37.5
39.4
39.9
40.2
40.0
40.6
40.5
40.2
40.4
40.5
38.2
39.2
40.0
40.2
39.9
41.0
40.6
41.3
42.2
40-3
37.9
39.2
40.0
40.2
40.3
41.3
40.8
41.0
41.4
40.8
38.4
39.8
40.4
40.3
40.7
41.5
40.4
42.0
42.8
40.7
38.3
39.2
40.7
40.5
41.2
41.6
40.6
41.5
42.1
41.2
38.1
39.1
40.9
40.3
'41.9
42.3
'41.0
'42.0
42.3
'42.4
'39.2
'39. 5
'41.7
41.6
42.4
42.5
41.5
'40.9
'40.5
'43.0
38.4
40.4
'42.6
'42.0
'42.4
'43.0
'42.0
41.2
41.4
41.6
38.8
40.0
'42.9
'42.3
39.3
41.6
42.9
43.9
37.1
41.4
40.1
38.0
39.5
39.8
38.4
39.5
41.4
43.4
44.1
36.6
41.3
39.7
38.0
39.8
40.3
37.6
39.4
41.4
42.9
44.5
38.2
41.1
39.7
38.0
39.4
40.0
36.8
39.3
40.7
40.4
43.8
37.7
41.6
40.0
36.2
39.6
40.1
37.2
39.2
40.7
40.3
43.7
36.8
41.5
40.1
36.7
39.2
39.8
37.0
38.5
40.4
39.8
43.9
36.3
41.2
40.7
35.5
37.8
38.4
35.0
38.9
41.0
40.7
44.3
37.2
41.6
41.1
36.7
37.9
38.5
35.0
39.5
41.8
41.3
45.0
38.9
41.9
42.0
38.3
38.7
39.2
36.2
39.8
42.3
41.8
45.3
41.4
41.7
42.3
38.4
39.0
39.5
37.0
40.5
41.9
'40.7
45.0
'40.6
'41.8
'41.3
39.5
' 40. 5
40.8
39.2
40.2
41.8
41.5
44.8
41.1
41.3
'40.8
'39.1
40.7
41.1
38.9
40.3
41.4
40.7
44.6
40.4
41.4
40.6
'38.1
'40.6
40.9
39.3
p40. 2
Ml. 7
35.7
32.9
35.9
34.7
36.0
35.4
36.7
37.0
36.4
37.5
35.2
35.5
35.7
36.7
35.8
36.7
36.2
36.9
'37.6
'37.7
35.8
'35.4
'37.4
37.9
^37.1
36.8
33.6
43.0
43.6
36.8
34.5
42.9
43.6
36.2
35.0
42.2
43.0
36.4
35.9
42.5
43.4
36.2
35.4
42.6
43.4
35.5
34.5
42.3
43.2
35.9
34.6
42.3
43.2
36.2
33.8
43.0
43.8
36.1
34.7
43.3
44.0
'38.0
'36.2
'44.0
'44.6
37.3
32.2
44.1
44.5
38.2
34.6
'44.0
44.5
P43.9
38.6
37.2
39.3
41.5
40.0
40.0
40.0
38.4
36.9
35.1
33.3
39.3
38.1
40.3
41.6
40.2
39.9
39.7
39.2
37.3
37.1
36.2
38.5
36.5
40.0
41.3
4G. 3
40.7
40.7
39.4
38.4
37.7
37.4
38.2
36.3
39.3
41.1
40.0
39.8
39.6
39.2
38.3
38.1
37.8
38.6
36.8
39.6
41.1
40.0
39.7
39.6
39.3
37.4
37.9
37.4
38.6
37.1
39.4
41.2
40.1
40.8
40.5
40.0
39.0
35.8
34.7
38.7
37.3
39.8
41.2
40.5
40.6
39.9
41. 1
41.1
35.4
34.2
38.7
37.2
39.6
41.4
40.8
41. 1
40.2
41.4
40.6
37.2
36.4
38.5
36.6
39.6
41.2
40.7
41.6
41.0
41.2
40. 4
38. 1
37.7
38.9
'36.5
40.1
'41.6
'40. 7
'40.6
'39.4
'41.8
'41.8
39.2
'40.5
'39.3
'37.3
40.6
41.8
40.8
'42.0
'41.6
'42.0
'41.0
38.1
40.3
'39.1
37.0
39.9
'42.1
40.9
41.6
41.2
'42.3
41.0
'37.9
40.3
Ml. 9
~~~M2.~7~
Ml. 7
MO. 8
M2.3
M2.3
p36. 8
MO. 6
p 39.1
p 41.9
Ml. 6
*37.0
r Revised.
* Preliminary.
fRevised series. See note marked ' *t" on p. S-]1. The acljusted ma nufacturin g employm ent index was furthe r revised in the Nove mber 1950 SURVEY; re visions for January 1J)39-August
cfData Beginning December 1949 cover all of Fair1949 are available upon request.
§Total includes State erigin eering, sur>ervisory, '<.md admin strative eniployees no t shown separately.
fax County, Virginia, and Montgomery and Prince Georges Counties, Maryland.
SURVEY OF CURRENT BUSINESS
January 1951
Unless otherwise stated, statistics through
1948 and descriptive notes are shown in the
1949 Statistical Supplement to the Survey
1950
1949
Novem-
ber
S-13
Decem-
ber
January
Febru-
ary
March
April
May
June
July
August
Septem-
ber
October
Novem-
ber
EMPLOYMENT AND POPULATION—Continued
LABOR CONDITION S—Con tinned
Average weekly hours per worker, etc.f — Continued
Nonmanufacturing industries:
Mining:
Metal
hours__
Anthracite
do
Bituminous coal .. _
do ._
Crude-petroleum and natural-gas production:
Petroleum and natural-gas production
hours. .
Nonmetallic mining and quarrying.
do
Contract construction
do
Non building construction
._ ___ do
Building construction
do
Transportation and public utilities:
Local railways and bus lines
do
Telephone
__
do...
Telegraph
do
Gas and electric utilities
.
-do
Trade:
Wholesale trade
do._
Retail trade:
General-merchandise stores
do
Food and liquor
do
Automotive and accessories dealers do _ _
Service:
Hotels, year-round
_ _ _ do
Laundries
.__ do .
Cleaning and dyeing plants
do
Industrial disputes (strikes and lock-outs) :
Beginning in month:
Work stoppages
number
Workers involved
thousands
In effect during month:
Work stoppages
.._
number _
Workers involved
thousands
Man-davs idle during month
.
do
Percent of available working time
U. S. Employment Service placement activities:
Nona°Ticuitural placements
thousands
Unemployment compensation:
Initial claims
__
_ _ do
Continued claims
do
Benefit payments:
Beneficiaries, weekly average
do
A mount of payments
thous. of dol_ _
Veterans' unemployment allowances:
Initial claims
__ .__
do __
Continued claims
do
Claims filed during last week of month. _ _ d o
Amount of payments
thous. of dol__
Labor turn-over in manufacturing establishments:
Accession rate. _ - monthly rate per 100 employees -Separation rate, total. _
_ do
Discharges
do
Lay-offs
do
Quits
do
Military and miscellaneous
do
35.7
35.7
34.1
41.6
22.0
25.4
42.0
23.9
24.5
41.9
20.6
25.4
41.1
41.5
39.2
41.6
29.0
36.0
41.6
34.7
34.1
41.6
32.6
34.7
41.1
34.8
34.6
'41.9
'33.2
35.5
40.8
'34.5
35.7
42.8
37.2
36.2
40.0
42.7
37.1
39.9
36.1
40.0
42.4
36.4
38.3
35.8
41.8
41.4
35.2
37.4
34.8
40.0
41.4
34.3
37.8
33.7
39.8
41.6
35.1
38.7
34.5
41.2
43.6
36.6
40.9
35.6
40.0
44.4
37.3
40.7
36.5
40.0
44.9
38.0
42.0
37.0
41.6
44.6
37.9
41.5
36.9
'40.3
45.2
'38.6
42.7
'37.6
'40.6
44.7
'37.6
41.3
'36.6
41.3
45. 4
38.4
42.1
37.4
44.1
38.8
43.7
41.5
44.5
38.4
43.7
41.8
44.2
38.5
44.1
41.7
44.4
38.6
44.1
41.4
44.4
38.5
44.1
41.2
44.5
38.7
44.6
41.3
44.8
38.9
45.4
41.3
45. S
39.1
44.9
41.5
45.1
39.4
45.0
41.6
44.8
39.3
45.0
'41.5
44.6
39.6
44.6
'41.8
44.6
35.5
44.7
41.5
40.6
40.9
40.6
40.3
40.3
40.1
40.4
40.6
40.9
40.9
40.8
41.0
36.3
40.1
45.6
38.1
40.3
45.8
36.9
40.0
45.8
36.8
40.1
45.3
36.5
40.0
45.8
36.1
40.1
45.8
36.4
40.1
45.9
37.2
40.8
45.9
37.7
41.5
45.7
37.4
41.5
'45.6
36.3
'40.4
45.7
36.4
40.0
45.8
44.0
40.9
40.9
43.8
41.2
41.0
43.9
41.5
41.2
43.8
40.8
39.9
43.8
41.0
40.6
44.0
41.0
40.4
44.1
41.7
43.0
43.8
42.0
43.0
43.8
41.5
41.4
'44.0
40.6
40.0
'43.6
41.3
41.7
43.9
41.0
41.0
197
57
170
46
225
185
210
75
260
80
400
160
450
325
425
260
425
225
560
350
525
275
525
180
250
160
388
914
6,270
.9
323
417
1,350
.2
340
300
2,600
.4
325
515
7,850
1.3
400
530
3,750
.5
550
300
3,150
.5
650
500
3,000
.4
650
400
2,750
.4
650
400
2,900
.4
800
465
2,900
.4
800
460
3,500
.5
800
300
2, 450
.3
575
275
1.750
2
350
312
305
289
368
406
489
494
486
624
618
612
515
1,545
7,584
1,630
8,259
1,725
9,000
1,240
8,068
1,294
8,261
1, 543
6,656
1,367
6,702
1,104
5,827
971
5,115
641
4,424
558
3,293
720
3,141
907
3,520
1,698
152, 170
1,889
170, 580
2,078
186, 383
2,027
167, 212
2,098
187, 215
1,559
138, 969
1,567
138, 778
1,388
119, 430
1,158
99, 714
983
89, 681
806
64, 458
'652
' 57, 533
733
62, 389
29
268
60
5,291
29
280
61
5,474
29
289
66
5,753
23
258
63
5,069
20
275
58
5,713
14
187
43
3,838
14
160
33
3,185
18
128
27
2,526
13
112
25
2,209
9
92
19
1,988
5
55
10
1,126
4
30
6
629
5
24
5
487
3.3
4.0
.2
2.5
1.2
.1
3.2
3.2
.2
1.9
1.0
.1
3. 6
3.1
.2
1.7
1.1
.1
3.2
3.0
.2
1.7
1.0
.1
3.6
2.9
.2
1.4
1.2
.1
3.5
2.8
.2
1.2
1.3
.1
4.4
3.1
.3
1.1
1.6
.1
4.8
3.0
.3
.9
1.7
.1
4.7
2.9
.3
.6
1.8
.2
6.6
4.2
.4
.6
2.9
.3
5.7
4.9
.4
.7
3.4
.4
'5.2
4.3
.4
'.8
2.7
.4
P4.3
P3.9
p. 3
* 1. 1
"2. 2
p. 3
54.43
56.82
59.82
56.04
59.19
60.85
56.29
59.40
60.70
56.37
59.47
60.88
56.53
59.74
61.31
56.93
61.01
61.43
57.54
61.57
61.66
58.85
62.86
61.90
59.21
63.01
64.92
'r 60. 32
64. 33
' 66. 12
60.68
' 65. 18
' 68. 30
' 61. 99
' 66. 39
' 69. 75
52.48
52.89
50.72
55. 28
57.19
57.48
52. 66
52.31
52.50
55.65
58.16
62.92
48.02
47.38
51.13
55.32
59.31
63.79
50. 55
50. 59
52.29
55. 56
59.36
63.48
52.24
51.85
52.17
55. 70
59.35
62.40
53.36
53.10
51.67
56. 56
59.58
65.00
54.38
54.19
51.50
57.28
59.78
65.57
56.28
56.08
52.50
58.12
59. 74
66.50
56.27
55. 95
52. 03
58. 57
60.24
66.95
' 58. 30
' 57. 95
54.87
r
59. 40
r
59. 10
T
67. 36
'
'
'
'
'
'
' 58. 41 * 56. 76
58. 41
' 56. 49 ~p~57.~79
' 62. 96 v 63. 13
65.32
' 69. 72 » 70. 01
56.48
64.65
65.83
64.81
61.84
66.08
65.86
66.63
67.83
' 67. 37
' 69. 12
68.61
58.43
59.60
62.07
60.24
61.13
61.61
61.98
62.54
62.83
r
63. 15
' 64. 35
65.71
56.88
59.66
59.93
59.68
59.64
60.56
60.89
62.87
62.55
' 64. 79
' 66. 00
66.79
59.32
59.21
57.36
60.39
61.30
58.63
59.23
61.57
58.44
59.59
62. 55
58.26
60.20
63.34
58.44
60.76
64.33
58.71
61.30
65.09
59.28
62.11
65. 69
58.62
63.28
66. 35
59.44
'r 65. 53
67. 98
' 60. 15
T
66.58
67.64
65. 69
61.16
64.89
56.86
51.62
67.46
69.08
65.29
62.53
64.21
57.40
51.82
70.46
73. 77
64.96
62.08
64. 52
57.52
51.94
69.62
71.66
65.61
63.21
64.99
58.34
52.47
72. 53
75. 76
65.32
62. 39
64. 56
58. 93
52.69
71.71
74. 35
66. 54
64.20
64. 40
58. 98
52.47
r
WAGES
Average weekly earnings (U. S. Department of
Labor):f
All manufacturing industries
dollars
Durable-goods industries
_
-do _
Ordnance and accessories
do
Lumber and wood products (except furniture)
dollars _ .
Sawmills and planing mills
_ __do
Furniture and fixtures .
do
Stone, clay, and glass products
do
Glass and glass products
do
Primary metal industries
do
Blast furnaces, steel works, and rolling mills
dollars __
Primary smelting and refining of nonferrous
metals
dollars-.
Fabricated metal prod, (except ordnance, machinery, transportation equipment)
dollars..
Heating apparatus (except electrical) and
plumbers' supplies
... _ .
dollars
Machinery (except electrical)
do
Electrical machinery. _
. do
61.92
65.31
68.12
61.03
65.44
70. 14
66.69
66.41
65.20
56. 97
62.86
61. 46
63. 16
63. 39
61.60
56. 52
56. 84
56.49
52.23
51.70
51.78
fRevised series. See note marked "t ' on p. S-l 1.
Transportation equipment
do
Automobiles
do
Aircraft and parts
_ _ .
do
Ship and boat building and re pairs, ..do
Railroad equipment
do
Instruments and related products
do
Miscellaneous mfg. industries
do
' Revised.
v Preliminary.
57. 56
57. 22
55. 42
60. 94
60. 92
68. 89
67. 16
' 69. 23
' 61. 63
72. 87
' 72. 39
' 75. 21 ' 73. 79
' 68. 94 '71. 17
' 64. 84 ' 63. 05
' 65. 29
68.40
'61.13
' 63. 90
r
54. 87
' 59. 94
»» 62. 06
v 66. 29
p 72. 44
r> 66. 50
68.14
' 71. 21 p 71.~52~
' 63. 92 p 64. 13
' 73. 29
75. 76
69.31
63. 83
67. 32
65. 55
' 56. 98
* 72. 58
P 64. 93
P 57. 36
SURVEY OF CURRENT BUSINESS
S-14
1950
1949
1948 and descriptive notes are shown in the
1949 Statistical Supplement to the Survey
November
January 1951
December
January
February
March
April
May
June
July
August
September
October
November
55.52
r 56. 66
r
56. 43
p 56. 80
p 57. 55
EMPLOYMENT AND POPULATION—Continued
WAGES— Continued
Average weekly earnings, etc.f — Continued
All manufacturing industries— Continued
Nondurable-goods industries
dollars _ _
Food and kindred products
do ,
Meat products
do
Dairy products
do _
Canning and preserving
do
Bakery products
do _
Beverages
_ do_ _
Tobacco manufactures
do
Textile-mill products
do
Broad-woven fabric mills
do
Knitting mills
do Apparel and other finished textile products
dollars..
Men's and boys' suits and coats
do
Men's and boys' furnishings and work
clothing
dollars
Women's outerwear
do
Paper and allied products
_
do ._
Pulp, paper, and paperboard mills do
Printing, publishing, and allied industries
dollars _ _
Newspapers
_
do
Commercial printing
do
Chemicals and allied products
do
Industrial organic chemicals
do
Products of petroleum and coal
do __
Petroleum refining _ _ _ _ . _ _ ... d o _ _
Rubber products
do
Tires and inner tubes ..
do
Leather and leather products
do
Footwear (except rubber)
do _
Non manufacturing industries:
Mining:
Metal
do
Anthracite _ _
do _ .
Bituminous coal
do
Crude-petroleum and natural-gas production:
Petroleum and natural-gas production
dollars _ _
Nonmetalic mining and quarrying
do
Nonbuilding construction
do
Building construction. _
. . _ do _.
Transportation and public utilities:
Local railways and bus lines
.. do__
Telephone
do
Telegraph,.
___do_.
Gas and electric utilities
do
Trade:
Wholesale trade _
do
Retail trade:
General-merchandise stores
do
Food and liquor
_ do
Automotive and accessories dealers___do
Finance:
Banks and trust companies
do
Service:
Hotels, year-round
do
Laundries
do
Cleaning and dyeing plants
do
Average hourly earnings (U. S. Department of
Labor) :f
All manufacturing industries
dollars
Durable-goods industries
do
Ordnance and accessories __ __
do
Lumber and wood products (except furniture)
dollars
Sawmills and planing mills
__
_ do. _
Furniture and
fixtures
do
Stone, clay, and glass products
do
Glass and glass products
_ _ _ do ._
Primary metal industries
_
do
Blast furnaces, steel works, and rolling mills
dollars __
Primary smelting and refining of non ferrous
metals
dollars
Fabricated metal prod, (except ordnance, machinery, transportation equipment)
dollars ._
Heating apparatus (except electrical) and
plumbers ' supplies
dollars _ _
Machinery (except electrical) _ . .
do
Electrical machinery
_
do. ._
Transportation equipment
do
Automobiles
do
Aircraft and parts
_
do
Ship and boat building and repairs__do
Railroad equipment
do
Instruments and related products. _ _ do. .
Miscellaneous mfg. industries
do
Nondurable-goods industries
Food and kindred products
Meat products
_
Dairy products
Canning and preserving
Bakery products
Beverages
'Revised.
T> Preliminary.
do
do .
do
do
do_
do
do
52.07
54.16
60.23
53.95
41.29
52.12
63.60
38.46
47.20
47.76
43.28
52.69
54.57
60.98
54.29
43. 26
52. 10
63.12
38.76
47.64
48.40
42.34
52.91
54.94
60.19
55.67
45.15
52.07
63. 52
39.25
47.36
48.16
41.73
53.06
54.05
55.99
54.88
44.94
52.96
64.52
38.48
47.88
48.16
43.38
53.04
54.42
56.14
54.63
44.79
52. 75
65.16
39.49
47.39
47.72
43.55
52.17
54. 14
55.64
54.79
44.32
52.37
66. 38
38.59
45.51
45.81
40.60
52.83
54.90
57.10
55.02
45.01
53.12
66. 71
39.67
45.63
45.82
40.67
53.92
56.01
58.11
55.85
45.94
53. 21
68.96
41. 59
46.75
46.92
41.85
54.73
56.94
59. 31
57.21
47.73
53.88
70.11
42.12
47.27
47.52
42.77
'p 55. 65
56. 19
'r 57. 92
56. 57
40.38
44.48
41.82
46.64
42.70
47.72
44.48
49.88
43.50
50.81
40.80
47.46
41.27
48.92
41.89
48.99
43.22
49. 22
r 46. 06
r
51. 08
33.82
45.80
58. 31
62.09
33.82
49.13
58.09
62.09
33.63
50. 86
57. 56
61.62
35.64
52.63
57.80
61.71
35.62
49.67
58.06
61.89
35.00
46.06
58.20
62.42
35.29
45.57
58.08
61.82
35.55
45.87
60. 03
64.21
35. 34
49.62
61.36
65.74
' 37. 43
p
54. 01
p
62. 74
r
66. 99
70. 91
79. 05
69.36
59.43
62.44
72.12
75. 44
57. 91
63.91
40.08
36.40
72.27
81. 50
71.17
59.78
62. 75
71. 74
74.83
59. 04
64.79
42. 03
39.20
70.49
76.43
70.80
60. 05
63. 63
73.79
77.41
60.52
67.70
42.90
40.77
70.75
76.38
70.70
59. 96
62.64
71.64
74.84
59. 90
67.22
44.08
42.22
72. 14
78.42
71.56
60.09
62. 56
71.54
74.88
59.70
65.26
44.15
42.15
72.18
79.88
70.88
60. 56
63.12
73. 85
77.11
61.76
69.23
41.96
39.18
72.64
81.05
71.68
61.18
63.91
73.28
75.73
64. 52
74.60
41. 56
38.48
72.72
80.76
71.79
62.39
65. 16
74. 37
76.82
65.08
74.05
43.60
40.84
72.30
79.20
71.95
62.99
66.02
76.09
78.93
66.59
75.22
44.73
42.53
' 73. 17
r
78. 84
r
72. 38
' 63. 48
' 65. 85
r 73. 73
r
75. 29
r
66 25
p
76. 01
52.73
67.94
68.17
62.32
42.22
48.74
64.71
44.60
47.36
62.81
40.23
49.83
61.81
80.01
78.75
62.90
57.25
72.79
63.11
68.81
68.37
63.40
64.94
69.92
63.17
68.59
69.68
71.20
55. 77
70 12
69.90
70.21
71.52
55.08
69 75
68.15
70.26
76.24
53.36
68.01
65. 56
68.76
71.88
54. 36
66.89
66.94
67.00
70.88
55. 37
68.59
68.34
68.83
74.41
58.03
70. 93
71.41
70.70
70.88
59.45
72.74
71.71
72.93
71.08
60.39
73.66
73.75
73.82
75.59
60.92
74. 05
73. 70
74.02
65. 53
52.98
62.93
64.81
65.90
53.44
64.13
65.17
66.56
53. 72
65.38
65.17
67.41
54.19
64.21
65.99
_
r
r
r
r
56. 14
62.37
56.99
47. 14
53. 98
67. 40
42. 19
'49.33
50.02
49. 29
45. 67
50. 06
45. 59
r
r
T
43.25
r 47. 72
r
r
60.93
57.00
48.84
54. 07
67. 19
Ml. 22
r
52. 62
53.33
47.71
«• 45. 85
51.73
46. 72
p
67. 46
r
* 74. 71
r
82. 02
r
73. 61
r
64. 16
r
67. 56
r
77. 28
r
80. 45
r
66. 74
r
75. 52
p
45.68
46.49
44.39
43. 32
r
64. 48
' 65. 77
71. 04
r
r
r
71. 01
61. 74
75. 96
r
76. 48
r
75. 99
r
f
r
r
r
67.47
54.96
64. 13
66.52
p
T
r
r
p 44. 37
38.24
37.08
63.37
p 40. 90
P 52. 90
r
51.14
63. 62
67. 82
P 04. 49
74. 49
81.70
P 74. 41
73.74
64. 58
p 64. 90
67. 89
77. 71
P 78. 58
r
81. 00
' 67. 38
75. 19
r
45. 16 "~p~45.~2i~
r
42.79
63.97
68. 01
75. 59
68. 45
71. 79
72.65
77.31
73. 24
62. 09
75. 61
75. 21
75. 62
63.70
77.72
76.54
77.90
64.17
54.40
62.05
65.03
65.10
52.49
62.23
66.04
65. 11
53. 13
62.84
66.09
65.22
53. 69
62.97
65.08
57.86
58.20
58.14
58.27
58.56
58.79
59.11
59.93
61.10
T
60. 90
34.30
50.37
58.78
36.12
50. 54
58.26
35. 68
50.68
58.72
35.44
50.85
57.76
35.04
50.76
59.22
34.66
50.93
60.36
35.49
50.81
60.50
36.60
51.82
62.29
37.32
53.37
63.71
r
p
37. 06
52. 04
43.96
43.95
45.29
45.52
45.37
45.83
45.54
45.42
46.34
' 46. 36
33.13
34.23
39.96
33.24
34.77
40.47
33.06
35.15
40.75
33.51
34.39
39. 26
33.07
34. 56
40.40
33.26
34.85
40.48
33.34
35.74
43.69
33.33
36.33
44.03
33.51
35.61
42.02
p
1.392
1.457
1.418
1.485
1.510
1.420
1. 483
1.507
1.424
1. 486
1.510
1.434
1.499
1.513
1.442
1.509
1.515
1.453
1. 522
1.521
.462
.533
.524
p
1.488
1.408
1. 470
1.495
1.280
1.290
1.231
1.382
1.459
1.579
1.275
1.282
1.244
1.381
1.465
1.597
1.225
1.237
1.244
1.390
1.494
1.615
1.270
1.284
1.254
1.389
1.484
1.603
1.293
1.293
1.251
1.389
1.480
1.604
1.311
1.311
1.251
1.400
1.482
1.609
1.336
1.338
1.250
1.404
1.476
1.619
1.353
1.348
1.256
1.414
1.486
1.630
.369
.368
.269
.432
.523
.645
r 1. 388
r 1. 583
1.282
' 1. 428
p
1. 485
p
1. 639
r
r
1.642
1.645
1.675
1.649
1.649
1.652
1.659
1.674
1.700
r
1. 680
T
1. 728
1.690
1.483
1.479
1.503
1.491
1.502
1.510
1.519
1.529
1.539
r
1. 544
p
1. 562
1.591
1.451
1.473
1.487
1.481
1.480
1.488
1.496
1.515
1.522
' 1. 539
r
1. 564
r
1. 579
p 1. 587
r
1. 584
1. 629
1. 485
1.607
r
1.656
•• 1. 522
P 1.075
p 1. 536
r
T
66. 84
54. 71
63.99
65. 65
63.66
33. 92
34.83
40.16
1. 464
»• 1. 539
r I. 552
r
r
r
r
r
r
r
r
T
r
r
T
1.483
1.538
1.434
1.491
1.544
1.444
1.492
1.547
1.443
1.501
1. 552
1.442
.505
.560
.443
1. 519
1.569
1.446
1.521
1.576
1.453
1.526
1.583
1.451
1.536
1.595
1.464
r
1.660
1.686
1.607
1.637
1.649
1.413
1.264
1.679
1.713
1.612
1.637
1.638
1.421
1.277
1.682
1.715
1.602
1.626
1.621
1.423
1.288
1.677
1.708
1.614
1.631
1.647
1.425
1.284
.678
.710
.612
.637
.638
.435
.289
1.706
1.748
1.612
1.638
1.646
1.438
1.292
1.698
1.731
1.608
1.646
1.633
1.444
1.302
1.727
1.770
1.605
1.629
1.647
1.448
1.301
1.728
1.766
1.615
1.685
1.647
1.442
1.302
.735
.778
.626
T
.654
p
.653
' .466
r
1. 319
1.325
1.302
1.407
1.229
1.113
1.259
1.586
1.334
1.318
1.406
1.231
1.182
1.263
1.590
1.350
1.328
1.386
1.253
1.192
1.273
1.613
.353
.337
.393
.250
1.217
1.271
1.625
1.355
1.340
1. 398
1.248
1.221
1.271
1.631
1.358
1.339
1.403
1.242
1.210
1.277
1.623
1.365
1.340
1.407
1.241
1.181
1.270
1.642
1.375
1.346
1.419
1.263
1.153
1.292
1.681
'1.374
r
p
1.343
1.327
1.403
1.251
1.182
1.267
1.600
fRevised series. See note marked "f" on p. S-ll.
_
r 47. 91
' 54. 34
68. 39
' 43. 37
T
p
p
r
.564
.607
.467
r
r
1. 341
1. 423
p
1. 257
«• 1. 180
p
1. 3UO
«• 1. 656
r
r
r
67. 17
55. 76
67. 34
67. 44
56. 33
64. 55
67.19
60.30
61.25
36. 19
52.16
63. 89
35.78
64.49
51.84
64.07
46.80
47.67
33. 96
34.72
35.89
35. 79
41.98
42. 58
1.480
1. 563
1. 570
r
1. 397
1. 399
1. 304
1. 465
1. 562
1. 672
p
p
r
r
r
1. 501
1.577
1. 596
p 1.510
P 1.566
p 1.617
1. 394
1.394
1.323
1. 485
1. 574
1. 668
P 1. 301
p 1. 344
P 1. 496
p 1. 679
p
1. 770
' 1. 822
f 1. 655
T
1. 642
1.693
' 1. 500
r
1.332
* 1. 779
P 1. 779
1.830
1. 666
1. 645
1.683
' 1. 528"p"i."535"
p 1. 356
' 1. 347
1.381
1. 343
1.503
1.272
r
1. 147
' 1. 307
p
1.652
' 1. 406
r 1. 363
1.497
1.278
1.209
1. 306
1.655
p 1.413
p 1. 380
SUEVEY OF CURRENT BUSINESS
January 1951
Unless otherwise stated, statistics through
1948 and descriptive notes are shown in the
1949 Statistical Supplement to the Survey
S-15
1949
November
December
January
February
March
April
May
June
July
August
October
November
EMPLOYMENT AND POPULATION—Continued
WAGES—Continued
Average hourly earnings, etc.f — Continued
All manufacturing industries — Continued
Nondurable-goods industries— C ontinued
Tobacco manufactures
dollars
Text ile-mill products
do . .
Broad- woven fabric mills-- _
._ d o _ _
Knitting mills
do
Apparel and other finished textile products
dollars..
Men's and boys' suits and coats
do
Men's and boys' furnishings and work
clothing
_
dollars
Women's outerwear
do
Paper and allied products
_
do
Pulp, paper, and paperboard mills-, do
Printing, publishing, and allied industries
dollars..
Newspapers
do
Commercial printing _ _
do_
Chemicals and allied products
do
Industrial organic chemicals^
___ do
Products of petroleum and coal.
_ _ _ do._
Petroleum refining
_
do
Rubber products
do
Tires and inner tubes
_
do
Leather and leather products
_do
Footwear (except rubber)
do
Nonmanufacturing industries:
Mining:
Metal
do
Anthracite
do
Bituminous coal _
do
Crude-petroleum and natural-gas production:
Petroleum and natural-gas production
dollars
Nonmetallic mining and quarrying _
do
Contract construction
do
Nonbuilding construction
___
do
Building construction
do
Transportation and public utilities:
Local railways and bus lines
do
Telephone
do
Telegraph
do
Gas and electric utilities
do
Trade:
Wholesale trade
..do
Retail trade:
General-merchandise stores. _
__ do
Food and liquor
do
Automotive and accessories dealers___do
Service:
Hotels, year-round.
_ _ _do
Laundries
do
Cleaning and dyeing plants. ._
.do
Miscellaneous wage data:
Construction wage rates (E. N. R.):§
Common labor
dol. per hr
Skilled labor
_ _ do
Farm wage rates, without board or room (quarterly)* _
_ ._ dol. per hr
Railway wages (average, class I) _ _
do
Road-building wages, common labor
do
1.012
1.915
1.200
1.127
1.019
1.197
1.201
1.126
1.033
1.202
1.204
1.134
1.063
1. 209
1.201
1.166
1.076
1.209
1.199
1.177
1.087
1.204
1.193
1.160
1.081
1.204
1.190
1.162
1.086
1.208
1.197
1.156
1.095
,212
.203
.156
r
r
r
1.165
' 1. 079
1.229
1.218
r
1. 172
1.131
1.352
1.165
1.344
1.186
1.348
1. 212
1.348
1.195
1.355
1.159
1.337
1.156
1.333
1.170
1.335
.194
.334
r
r
1. 225
1.355
1.208
1.348
.919
1.363
1. 356
1.424
.919
1.424
1.354
1.424
.929
1.453
1.364
1.433
.979
1.466
1. 360
1.422
.984
1.403
1.363
1.426
.986
1.335
1. 376
1.445
.983
1.317
1.373
1.431
.982
1.357
1. 396
1.466
.979
1.430
1.417
1.494
'. 985
1.492
1.426
1. 502
.994
' 1.451
1.437
r
1. 516
1.837
2.125
1. 765
1. 432
1.561
1.839
2.139
1. 766
1. 437
1.561
1.831
2. 094
1.770
1.454
1.579
1.852
2.104
1.799
1.459
1.566
1.869
2.131
1.807
1. 462
1.564
1.870
2. 153
1.799
1.470
1.574
1.877
2.173
1.801
1.485
1.578
1.879
2. 171
1.813
1.507
1.597
1.878
2. 164
1.817
1.529
1.622
r 1. 881
2. 160
1.805
1 . 526
1.618
1.901
2.199
1.813
1.535
1. 656
p
1. 803
1.886
1 508
1. 732
1.142
1.093
1.798
1.885
1. 506
1.737
1. 133
1.083
1.813
1.902
1. 536
1.763
1. 138
1.090
1.800
1.890
1. 528
1.755
1. 157
1.117
1.802
1.891
1 519
1. 745
1. 165
1.127
1.810
1.904
1 544
1.775
1.172
1 129
.805
.898
. 566
.815
.174
1.125
1.814
1.911
1.572
1.824
1.172
1.122
.829
.925
. 592
.862
.174
.128
' 1. 816
1 585
' 1. 863
1.186
1.144
1.840
1. 934
1 589
1.842
1.199
1. 152
1. 868
1. 966
1 593
1. 834
' 1.218
1. 106
1 477
1.903
1.999
1 498
1.919
1.919
1 517
1.866
1. 933
1 499
1. 953
1.962
1 504
1.928
2.009
1 512
1 974
2.022
1 517
1.983
2.005
1 524
1.992
2.015
1.537
1.971
2.014
1 539
1.981
2. 001
1 568
1.984
2.011
1 589
2.032
2.007
1.780
1.306
1.891
1.754
1.947
1.788
1.299
1.917
1. 777
1.964
1.824
1.289
1.932
1.753
1.976
1.797
1.313
1 . 950
1.771
1.988
1.781
1.331
1.954
1.766
1.995
1.806
1. 331
1 938
1.746
1 986
1. 772
1.339
1.950
1. 762
1.998
1.777
1.345
1.941
1. 756
1.995
1.817
1. 366
1.954
1.776
2.006
1. 762
1.366
1 968
' 1.791
r
2 021
r 1.804
r
r 1. 389
r
1.872
1. 403
2 024
1.818
2.083
1.455
1 402
1.420
1.567
1.463
1 367
1.424
1.580
1.473
1 380
1. 425
1. 585
1.469
1 391
1.428
1.572
1.476
1 376
1.427
1.573
1.481
1 381
1. 438
1.578
1.486
1 381
1.440
1.578
1.488
1 386
1. 430
1.590
1.496
1 395
1 425
1.599
r
l 492
r i 392
1 422
r
1. 603
r
r
1.098
1.218
r 1.208
r
r
r
r
T
r
r
1.911
r
r
r
r
2.011
' 1.821
r
2 066
r
T
r
r
r
1. 082
1. 296
1.304
1.214
p 1.113
v 1.303
1. 226
1. 365
v 1. 196
1.001
1.478
1.446
1.524
1. 905
2. 208
1.848
1. 534
1. 660
1 506
1 408
1 446
1. 629
1 512
1 426
1 444
1.639
1 478
1.494
r
.997
1 291
1. 398
.983
1 296
1.399
779
869
1 021
.791
873
1.024
p 1. 469
p 1. 903
p 1. 549
p 1. 889
P 1. 222
1.425
1.423
1.432
1.446
1.453
1.466
1.463
1.476
1.494
.945
1. 256
1. 289
.948
1.254
1.272
.967
1.267
1.282
.963
1.268
1. 275
.960
1.269
1.293
.960
1 270
1.318
.975
1.267
1.318
.984
1.270
1.357
.990
1 286
1. 354
.753
.837
.977
.759
.844
.987
.753
.847
.989
.765
.843
.984
.755
.756
.995
1.002
.756
.857
1.016
1.024
1.015
1 004
1.478
2.464
1.478
2.462
1.485
2. 462
1.485
2.466
1 486
2.469
1 493
2.478
1 511
2.485
1 528
2.517
1 538
2 524
1 561
2 544
1 561
2 554
1 568
2.565
1.569
1.572
1. 574
1.17
1.601
1.552
1.574
1.13
1.558
1 555
1 579
1.20
1 552
1 586
66
1 566
1 23
237
257
231
250
279
240
335
259
374
286
397
308
383
312
383
325
305
546
331
519
.75
843
850
.761
865
.70
1 489
r
991
1 278
1.396
. 765
r
r
771
858
858
r
.73
1 574
2 571
FINANCE
BANKING
Acceptances and commercial paper outstanding:
Bankers' acceptances
mil. of dol._
Commercial paper
do
Agricultural loans outstanding of agencies supervised by the Farm Credit Administration:
Total
mil. of dol
Farm mortgage loans, total _
_ _ do ._
Federal land banks
do
Land Bank Commissioner
do._
Loans to cooperatives.
do
Short-term credit
do
Bank debits, total (141 centers)
New York City
_
Outside New York City __
_
do
do
do
Federal Reserve banks, condition, end of month:
Assets, total
mil. of dol__
Reserve bank credit outstanding, total. _ -do
Discounts and advances
do
United States Government securities. _ .do
Gold certificate reserves
do
Liabilities, total
_
do
Deposits, total
_
do
Member-bank reserve balances
do
Excess reserves (estimated).
do
Federal Reserve notes in circulation
do
Reserve ratio
percent. _
251
278
272
257
280
258
256
257
1,712
1,744
313
471
956
899
57
306
450
294
453
88, 599
35, 249
53, 350
106, 284
45, 781
60, 503
95, 359
38, 962
56, 397
44, 272
18, 267
322
17, 682
23 232
44, 272
17, 793
16, 038
245
258
1 816
279
476
969
916
53
265
510
255
540
86, 192
35, 727
50, 565
104, 035
43,112
60, 923
91, 682
37 025
54, 657
247
564
246
606
251
606
988
941
47
269
582
100, 301
41 463
58, 838
107, 113
43 781
63 332
98, 509
38 757
59 752
115, 531
50 067
65 464
' 110, 107
44 910
r
65 197
112, 045
43 837
68 208
110, 135
43 740
66 395
43, 804
18, 466
219
17, 969
22 886
43 804
18 139
16 129
44, 049
18, 820
82
18, 356
22 389
44 049
17 912
15 989
45, 604
20, 340
22, 841
55.8
22, 947
54.8
22, 997
52.7
44, 826
19, 798
116
19, 252
29 045
44 826
18 398
16 514
T 5g(j
23, 075
53.2
45, 448
20, 638
161
19, 693
21
798
4 r > 448
18 682
16 763
P ^77
23, 397
61.8
45, 643
44, 194
44, 097
43, 568
43, 895
44, 284
43, 525
18, 326
19, 499
18, 226
18, 070
18, 301
17, 935
18, 703
145
225
130
78
113
306
43
18, 885
17, 827
17, 746
17, 592
17, 796
17, 389
18, 331
23 120
23 176
22 982
23 168
23 020
23 035
22 998
45, 643
44 194
44 097
43, 568
43 525
43 895
44 284
18, 906
17, 796
18 083
18, 348
18, 064
17 655
18 316
16 211
16 568
15 973
15 657
15 878
15 814
15 934
671
1,018
698
583
507
676
'526
436
23, 373
22, 926
22, 974
23, 483
22,911
22, 880
22, 836
22, 921
56.4
56.1
56.3
56.2
56.6
54.7
56.8
55.7
r
Revised.
v Preliminary.
fRevised series. See note marked "t" on p. S-ll.
§Rates as of December 1,1950: Common labor, $1.574; skilled labor, $2.577.
*New series. Comparable data prior to January 1948 are
1 838
980
931
49
246
589
595
219
not available.
19, 572
22 235
45 604
19 197
16 709
888
SURVEY OF CURRENT BUSINESS
S-16
Unless otherwise stated, statistics through
1948 and descriptive notes are shown in the
1949 Statistical Supplement to the Survey
1950
1949
Novem-
ber
January 1951
Decem-
ber
January
Febru-
ary
March
April
May
June
July
August
Septem-
October
ber
Novem-
ber
FINANCE—Continued
BANKING—Continued
Federal Reserve weekly reporting member banks,
condition, Wednesday nearest end of month:
Deposits:
Demand, adjusted
mil. ofdol
Demand, except interbank:
Individuals, partnerships, and corporations
mil. of dol._
States and political subdivisions . _ - _ d o
United States Government
do
Time, except interbank, total
__ do .
Individuals, partnerships, and corporations
mil. of doL.
States and political subdivisions
do
Interbank (demand and time)
do
Investments, total
. _ _ _ _ _
do_ _
U. S. Government obligations, direct and
guaranteed, total
__
mil. ofdol
Bills
do
Certificates
do
Bonds and guaranteed obligations
do
Notes
_ do
Other securities.
_
_
do __
Loans, total
do
Commercial, industrial, and agriculturaLdo
To brokers and dealers in securities
do
Other loans for purchasing or carrying securities
mil. ofdol __
Real-estate loans
__
__ do
Loans of banks
do
Other loans
__
_ do
Money and interest rates :d*
Bank rates on business loans:f
47, 648
48, 253
47, 767
46, 926
46, 162
46, 928
47,533
47, 972
48, 264
48, 995
49, 238
49, 471
50, 546
48, 037
3, 255
2,117
15, 162
48, 857
3, 296
1, 955
15, 288
47, 600
3,456
2,322
15, 333
47, 193
3,454
2,302
15, 377
45, 848
3, 431
2,691
15, 397
46, 672
3,601
1,668
15, 472
47, 856
3, 571
1,982
15, 496
47, 925
3,611
2, 350
15, 552
48, 555
3,443
1,946
15, 387
49, 368
3,321
2,390
15, 331
50, 198
3,245
2,338
15, 329
50, 445
3, 362
1,805
15, 292
51, 305
3,371
1,624
15, 242
14, 431
608
10, 305
42, 226
14, 537
621
10, 729
42, 527
14, 578
627
10, 394
42, 780
14, 647
609
10,415
42, 090
14, 660
617
9,994
41, 677
14, 717
633
10, 356
41, 525
14, 738
636
9,930
42, 070
14, 768
652
10, 098
42, 376
14, 613
638
10, 345
41, 466
14, 535
663
10, 125
41,317
14, 537
662
10, 285
40, 265
14,513
653
11,032
39, 850
14, 475
642
10, 854
39, 337
37, 248
2,345
7,257
26, 470
1,176
4,978
24, 613
13, 775
1,623
37, 469
2,544
6, 856
24. 637
3, 432
5,058
24, 894
13, 904
1,608
37, 595
2,762
6, 152
24, 796
3,885
5,185
24, 486
13, 918
1,364
36, 774
2,212
5,071
24, 862
4,629
5,316
24, 741
13, 834
1,529
36, 118
1, 768
4,638
24, 016
5, 696
5, 559
24, 886
13, 790
1,670
35, 916
1, 753
4,307
24, 080
5,776
5,609
25, 009
13, 420
1,813
36, 456
2,125
4,420
24, 193
5,718
5,614
25, 033
13, 359
1,801
36, 638
2, 641
2, 916
24, 433
6, 648
5,738
25, 584
13, 602
1,717
35, 496
1,831
2,134
24, 513
7,018
5,970
26, 381
14, 022
1,934
35, 082
2,297
1,359
23, 539
7,887
6, 235
27, 253
14, 739
1,427
33, 845
2,391
1,156
22, 426
7,872
6,420
28, 502
15, 725
1,487
33, 535
2,481
1,048
22, 246
7,760
6, 315
29, 387
* 16, 489
1,355
32, 984
2,044
1,124
22, 114
7,702
6, 353
30, 586
17, 097
1,671
626
4,299
214
4,393
599
4,342
319
4,445
573
4,396
154
4,455
570
4,413
302
4,470
588
4,465
212
4,540
624
4,522
368
4,644
627
4,595
235
4,800
652
4,682
405
4, 912
676
4,815
214
5,111
743
4,938
358
5,439
718
5, 035
339
5, 590
728
5, 126
312
5, 733
792
5, 202
377
5, 843
1.50
4.08
2.04
2 38
2 67
3.03
1.50
4.08
2.04
1.50
4.08
2.00
1.50
4.08
2.00
2 29
2 55
3. 12
1.50
4.08
2.00
1.50
4.08
2.00
1.50
4.08
2.00
2 34
2.67
3.22
1.50
4.08
2.00
1.50
4.08
2.00
1.75
4.08
2.00
2 32
2.63
3.13
1.75
4.08
2.00
1.75
4.08
2.00
1.75
4.08
2.00
1.06
1.38
1.63
1.63
1. 06
1.31
1.63
1. 63
1.06
1.31
1.63
1.63
1.06
1.31
1.63
1.63
1.06
1.31
1.63
1.63
1.06
1.31
1.63
1.63
1.06
1.31
1.63
1.63
1.06
1.31
1.63
1.63
1.06
1.31
1.63
1.63
1.16
1.44
1.63
1.63
1.31
1.66
1.63
1.63
1.31
1.73
1.63
1.63
1.31
1.69
1.63
1.63
1.073
1.37
1.097
1.37
1.100
1.39
1.130
1.44
1.140
1.45
1.164
i 1.45
1.167
1.45
1.175
1.47
1.172
1.45
1.211
1.45
1. 315
1. 55
1.329
1. 65
1.364
1.62
10, 926
3,199
11, 087
3,182
11,179
3,183
11, 237
3,177
11,325
3, 168
11, 363
3,151
11,411
3,125
11,512
3,097
11, 476
3, 061
11,448
3,021
11,462
' 2, 991
11, 464
•p 2, 960
11,525
" 2, 941
Total consumer credit, end of monthO.mil. of dol__
Instalment credit, total
_ _
do
Sale credit, total
do
Automobile dealers
_
_ _ do
Department stores and mail-order houses
mil. of dol__
Furniture stores
do
Household-appliance stores _.
do
Jewelry stores
do
All other retail stores
do
15, 884
10, 441
5,880
3,085
16, 809
10, 890
6,240
3,144
16,368
10, 836
6,174
3,179
16, 159
10, 884
6,213
3,256
16, 338
11,077
6,334
3,355
16, 639
11,322
6,511
3,470
17,077
11, 667
6, 733
3,600
17, 651
12, 105
6,995
3,790
18, 295
12, 598
7,343
3,994
18, 842
13, 009
7, 613
4,107
975
902
491
627
958
891
492
616
960
899
502
618
979
913
518
631
1,011
935
537
650
1,032
947
561
665
1,081
976
597
695
1, 123
998
658
727
1, 159
1,028
702
756
" 1, 170
"1,019
"705
Cash loans, total
do
Commercial banks
do
Credit unions
_
_do
Industrial banks
do
Industrial-loan companies
do
Insured repair and modernization loans
mil. of dol__
Small-loan companies
do
Miscellaneous lenders
_ do
4, 561
1,944
394
244
173
4,650
1,951
402
250
175
4,662
1,957
404
251
175
4,671
1,973
408
254
174
4,743
2,026
421
258
176
4,811
2,066
431
262
178
4,934
2,134
450
267
182
5,110
2, 233
474
275
187
5,255
2,316
495
282
192
5,396
2,401
514
290
197
' 5, 486
2,462
524
295
201
9 5, 514
P 2, 460
"524
" 294
"201
t> 5, 511
" 2, 435
P521
"292
"200
794
875
137
801
929
142
801
931
142
792
928
142
783
936
143
785
945
144
797
959
145
816
978
147
826
995
149
835
1,009
150
'844
1,010
'149
"857
" 1, 026
"149
"872
" 1, 038
" 165
do
___do _
do
3,454
996
993
3,909
1,018
992
3,506
1, 027
999
3,233
1,034
1.008
3,211
1,045
1,005
3,241
1,067
1,009
3,290
1,092
1,028
3,392
1,116
1,038
3,527
1,133
1,037
3,636
1,157
' 1, 040
3,741
"1,047
p 3. 703
p 1,249
* 1, 056
P 3, 739
p 1. 294
P 1, 060
Consumer instalment loans made during the month,
by principal lending institutions:
Commercial banks
mil. of dol
Credit unions
_ do
Industrial banks
.
do__
Industrial-loan companies
do
Small-loan companies
__ do
269
64
36
28
161
280
69
41
31
232
269
59
37
27
131
268
61
34
25
126
336
78
43
31
163
307
70
37
28
154
348
83
43
32
168
379
93
46
34
175
381
84
45
32
166
387
88
46
33
166
356
'76
40
32
"149
"298
p 66
"39
"28
"149
"257
"64
"34
p27
" 165
2,727
2,344
37
1,489
356
722
124
3,127
306
547
1,056
1,218
4,255
4,191
35
3,214
139
720
147
3,722
1,008
489
1,095
1,130
3,480
3,366
37
2,545
67
645
186
3, 323
463
516
1,046
1,298
3,607
2,972
35
2,342
544
599
88
2,496
161
502
936
897
5,622
4,820
43
4,429
362
701
88
3,269
636
588
1,051
994
2,092
1,488
34
1,267
93
629
69
2,847
184
509
964
1,190
2,895
2,320
38
1,721
295
704
138
2,962
136
504
1,007
1,315
4,776
4,404
40
3,526
349
714
146
4,296
1,611
465
998
1,222
2,148
1,881
39
1,028
204
737
140
3,013
271
449
1,024
1,269
3,238
2, 860
52
1,768
340
948
129
2,515
134
466
1,149
766
4,842
4,605
47
3,635
312
775
73
3,520
646
402
1,037
1,435
2,300
2,056
57
1,105
186
808
144
3,170
229
460
r
1,338
••1.142
3,184
2, 851
54
1, 910
310
746
133
3,102
142
470
" 1, 456
1,035
Discount rate (N. Y. F. R. Bank)
do
Federal land bank loans__ _ _ _
do _
Federal intermediate credit bank loans
do
Open market rates, New York City:
Acceptances, prime, bankers', 90 days
do____
Commercial paper, prime, 4-6 months
do
Time loans, 90 days (N. Y. S. E.)
do
Call loans, renewal (N. Y. S. E.)
do
Yield on U. S. Govt. securities:
3-rnonth bills
_
do
3-5 vear taxable issues
do
Savings deposits, balance to credit of depositors:
New York State savings banks
mil. of dol__
U. S. postal savings
do
CONSUMER CREDIT
Charge accounts
Single-payment loans O
Service credit
906
858
464
127
440
1,010
935
500
163 1
488
'r 19, 329 v 19, 401 " 19, 412
13, 344 " 13, 393 " 13, 319
7, 858
" 7. 879
" 7, 808
4,213
v 4, 227
P 4, 179
T
1,197
J> 7^8
" 1, 172
" 1, 003
"701
P 753
FEDERAL GOVERNMENT FINANCE
Budget receipts and expenditures:
Receipts, total
mil. ofdol
Receipts, net
__
do
Customs
do
Income and profits taxes
do
Employment taxes
do
Miscellaneous internal revenue
do
All other receipts
do
Expenditures, totalj__
do.
Interest on public debt
do
Veterans Administration
do
National defense and related activities!- -do
All other expenditures!
_ __ do_
SURVEY OF CURRENT BUSINESS
January 1951
Unless otherwise stated, statistics through
1948 and descriptive notes are shown in the
1949 Statistical Supplement to the Survey
S-17
1949
Novem-
December
mary
February
March
April
May
June
256, 350
254, 183
222, 315
31, 808
2,167
257, 357
255, 209
222, 853
32, 356
2,148
July
August
September
October
November
257, 541
255, 403
222, 884
32, 518
2,138
257, 874
255, 764
223, 059
32, 705
2,110
257, 216
254, 968
221, 572
33, 396
2,247
256, 937
254, 731
221. 191
33, 539
2,206
257. 077
254, 887
221,156
33, 732
2,189
FINANCE—Continued
FEDERAL GOVERNMENT FINANCE— Con.
Debt, gross:
Public debt (direct), end of month, total
mil. of dol__
Interest-bearing, total
do
Public issues
do
Special issues
_ __ _ _ d o
Noninterest bearing
do
Obligations guaranteed by U. S. Government,
end of month
mil of dol
U. S. savings bonds:
Amount outstanding, end of month
do
Sales, series E, F, and G
do
Redemptions
.
- do...
256, 982
255, 124
221, 295
33, 829
1,858
257, 130
255, 019
221, 123
33, 896
2,111
256, 865
254, 869
221,357
33, 502
1,997
256, 368
254, 406
221, 535
32, 871
1,962
255, 724
253, 506
221,408
32, 098
2,218
255, 718
253, 516
221,714
31, 802
2,202
29
29
27
27
24
22
20
20
16
18
20
22
24
56, 774
383
415
56, 910
495
466
57, 108
707
618
57, 345
581
418
57, 446
524
510
57, 534
423
413
57, 576
416
454
57, 629
398
456
57, 655
417
505
57, 451
350
537
57, 473
310
475
58. 027
971
T
497
58, 096
436
448
Government corporations and credit agencies:
Assets, except interagencv, total
mil. of dol
Loans receivable, total (less reserves)
do_ .
To aid agriculture
do
To aid home owners
do
To aid railroads
do
To aid other industries
do
To aid banks
do
To aid other financial institutions
do
Foreign loans
do
All other
do
Commodities, supplies, and materials
do
U. S. Government securities
_. . do _
Other securities
do
Land structures and eQiiipment
do
All other assets
do
Liabilities, except interagency, total
do
Bonds, notes, and debentures:
Guaranteed by the United States
do _ _
Other
do
Other liabilities _
- _ -do .
Privately owned interest
U . S Goverment interest
- - _ . do
do
Reconstruction Finance Corporation, loans and
securities (at cost) outstanding, end of month,
total
_ _
___ _ _ - ._
mil. of doL
Industrial and commercial enterprises, including
national defense _ _
_ _ mil. of doL
Financial institutions
do
Railroads
do
States, territories, and political subdivisions_do
United Kingdom and Republic of the Philippines
mil. of dol._
Mortgages purchased
do
Other loans
do _.
23, 733
12,733
4,362
1,251
114
462
4
442
6,090
484
1,549
2, 047
3,492
2, 962
950
24, 360
13, 350
4,851
1 324
113
496
3
328
6,101
492
1, 567
2,221
3,488
2,932
801
24, 118
12, 502
3 773
1,316
113
515
3
451
6,116
485
2, 186
2,101
3,483
2,924
923
24, 102
12, 769
3,684
1 387
113
539
2
708
6,103
498
1 739
2,112
3 478
2,931
1 073
2,520
2,801
2,238
2,097
28
772
1,720
21
708
2,072
18
774
1, 446
19
1,108
970
183
21, 030
190
21, 368
201
21, 679
214
21 791
1,825
1,874
1,951
1,998
2,043
2,070
2,105
2,085
2,113
2,166
i 1,009
1997
'899
472
118
117
29
481
114
112
29
500
114
111
29
507
113
110
27
516
112
110
27
524
112
111
25
542
110
111
25
518
110
110
25
525
109
110
25
535
108
110
25
518
105
111
24
515
105
111
24
426
103
108
24
161
891
37
149
951
37
147
1,012
37
145
1, 060
37
139
1,102
37
137
1,125
37
133
1,147
37
128
1, 156
37
126
1,180
36
125
1,227
36
118
197
36
113
i 94
36
108
193
36
58,699
53, 171
59, 280
53,652
59, 781
53, 911
60, 080
54, 252
60, 382
54, 592
60, 660
54, 839
60, 973
55, 034
61, 307
55,311
61, 679
55, 675
61, 988
55, 909
62, 370
56, 224
62, 706
56, 334
63, 022
56, 652
«• 52, 391
37, 162
15, 797
' 13, 683
' 9, 262
2,859
r
9, 242
'698
10, 388
966
9,422
1,925
1,090
1,127
52, 879
37, 397
15, 921
13, 779
9,314
2,864
9,298
706
10, 569
978
9,591
1,934
1,102
1,171
53, 184
37, 411
15,881
13, 743
9,320
2,866
9,345
852
10. 691
987
9,704
1,943
1, 113
1,173
53, 445
37, 588
15, 853
13, 716
9,473
2,877
9,386
704
10, 831
1,006
9,824
1,952
1,124
1,246
53, 697
37, 687
15, 834
13, 684
9, 503
2,878
9,472
687
11, 016
1,020
9,996
1,963
1,134
1,210
53,936
37, 716
15. 790
13, 640
9,551
2, 906
9,468
689
11, 181
1,036
10, 144
1,972
1,144
1,234
54, 196
37, 674
15, 598
13, 453
9,638
2,914
9,524
719
11,379
1,054
10, 325
1,983
1,159
1,283
54, 476
37, 679
15, 383
13, 256
9,740
2,949
9,607
794
11,611
1,071
10, 540
1,994
1,176
1,222
54, 811
37, 781
15, 366
13, 242
9,806
2,948
9,661
726
11, 821
1,085
10, 736
2,009
1,207
1,267
55, 078
37, 731
15, 170
13, Oil
9,900
2,961
9,699
725
12, 064
1,099
10, 965
2,024
1,216
1,317
55, 381
37, 758
15. 045
12, 839
9,943
2,973
9,797
712
12, 302
1,110
11, 192
2,036
1,228
1,346
55. 669
37. 548
14, 687
12, 502
10. 042
2,988
9,831
848
12, 570
1,125
11, 445
2,047
1,244
1,412
55, 932
37, 522
14, 414
12, 218
10. 092
2, 987
10, 030
799
12, 866
1,136
11,731
2,056
1,259
1,429
1,901
308
395
1,198
83
278
256
113
140
52
102
41
133
2,195
504
360
1,331
86
289
280
133
156
58
117
52
160
1,745
212
402
1,131
85
293
239
104
124
44
95
35
111
2,335
706
433
1,196
82
294
253
111
136
48
105
40
127
2,413
443
490
1,480
96
359
307
138
166
65
135
48
165
2,171
382
445
1,344
88
317
277
121
159
60
120
48
154
2,273
341
47?
1,45?
98
336
293
129
179
61
132
53
172
2,280
431
431
1,418
96
324
292
128
168
60
134
50
165
2,304
515
392
1,397
96
312
284
127
175
62
125
51
165
2,519
349
393
1,777
117
361
346
169
239
84
185
64
212
2,384
553
391
1,440
89
294
302
140
177
64
135
55
183
2,570
700
475
1,395
95
320
299
128
162
65
121
48
158
2, 669
881
432
1, 356
95
333
293
120
147
60
111
47
150
288, 708
358, 738
295, 802
313, 640
330, 149
277, 771
302, 338
304. 642
280, 449
152, 034
124, 549
128, 731
137, 941
133, 973
117, 588
141, 539
131, 433
115, 933
38, 750
48, 070
40, 216
48, 117
41, 298
36, 949
38, 190
35, 834
40, 964
7,800
8,354
7,884
8,583
7,462
8,440
8,542
8,282
8,658
19, 434
19, 888
21, 704
21, 466
21, 568
21, 183
21, 090
19, 077
21, 056
47, 168
65, 460
46, 463
45, 139
57, 664
45, 943
42, 439
44, 147
48, 456
51, 007
63,116
52, 620
57, 024
59, 356
50, 442
50, 362
60, 244
52, 607
this agericy was tra nsferred tc) the Hous ing and He>me Finan 3e Agency on Sept. 7 1950.
305, 847
136, 412
40, 493
8,381
21, 253
43, 378
55, 930
LIFE INSURANCE
Assets, admitted:
All companies (Institute of Life Insurance), estimated total _ .
_ _
mil. of dol
Securities and mortgages
do
49 companies (Life Insurance Association of
America), total
mil. of doL.
Bonds and stocks, book value, total
do
Govt. (domestic and foreign), total ..do
U . S . Government
do
Public utility. .
do
Railroad
_ ___
_ _
do
Other
do
Cash ._
do
Mortgage loans, total . _
do
Farm
do
Other___
_ __ _. .__
do
Policy loans and premium notes
do
Real-estate holdings
do
Other admitted assets
do
Life Insurance Agency Management Association:
Insurance written (new paid-for-insurance) :
Value, estimated total
.mil. of dol
Group
do
Industrial
_
do
Ordinary, total
do
New England
do
Middle Atlantic
do
East North Central
do
West North Central . ._
do
South Atlantic
do
East South Central
do
West South Central
do
Mountain
do
Pacific
-_
. _.do
Institute of Life Insurance:
Payments to policyholders and beneficiaries,
estimated total
thous. of dol
Death claim payments
do
Matured endowments
do
Disability payments
do
Annuity payments
.
do_.
Policy dividends
do
Surrender values.
do
' Revised.
276, 654
120, 828
38, 559
7,867
19, 689
38, 638
51, 073
339, 057
327, 079
132, 673
132, 259
37, 933
46, 643
8,534
8,969
17, 097
25, 323
83, 640
60, 422
59, 180
53, 463
1 Excludes holdings of the FederalNational Mortgage Associatior i;
SURVEY OF CURRENT BUSINESS
3-18
Unless otherwise stated, statistics through
1948 and descriptive notes are shown in the
1949 Statistical Supplement to the Survey
1950
1949
November
January 1951
December
January
February
March
April
May
June
July
August
September
October
November
476, 122
38, 796
48, 948
30, 101
75, 080
283, 197
452, 453
46, 545
53, 741
38, 507
64, 925
248, 735
491, 850
43, 806
64, 141
37, 849
63, 386
282, 668
FINANCE—Continued
LIFE INSURANCE— Continued
Life Insurance Association of America:
Premium income (39 cos.), total
thous. of doL.
Accident and health
do
Annuities
do
Group
_. _
do _ - Industrial
do
Ordinary
_
do
435. 499,
31 627
51, 973
31, 606
61, 410
258, 883
653, 742
42, 178
115, 207
40, 929
108, 014
346, 914
483, 248
32, 284
79, 118
51, 213
72, 425
248, 208
469, 517,
32, 145
64, 435
34, 444
66, 613
271, 880
558, 510
39, 696
67, 701
42, 886
79, 324
328, 903
420, 371
33, 123
51, 566
31, 553
58, 570
245, 559
474, 305
39, 823
52, 132
38, 311
70, 648
273, 391
539, 208
38, 584
72, 477
39, 351
75, 220
313, 576
442, 303
34, 505
67, 160
35, 432
61, 966
243, 240
24, 427
-59, 399
10, 111
8,697
63, 653
38, 492
13, 058
6,609
24, 395
-93, 162
7,223
46, 201
64, 007
38, 780
12, 399
5,869
24, 345
-50,411
4,119
4,350
60, 093
36, 456
12, 247
5,506
24, 246
-95, 432
4,338
2,706
66 407
39, 661
13,417
6,084
24, 247
-59, 175
2,130
55, 419
24, 231
-29,873
1,553
14, 628
24, 231
-17,627
2,246
12, 274
24, 136
23, 627
-89, 969 -431, 378
4,069
46, 368
4,146
2,556
37, 615
12, 941
6,717
39, 930
13, 082
6,819
38, 940
12, 913
6,645
38, 969
12, 893
7,078
680
4, 060
.733
47
8,065
.733
30
4, 355
.733
110
6,317
.731
62
3,412
.718
70
8,253
.726
1,219
6,126
.728
1,718
4,800
3,193
1,196
3,700
2,965
1,385
4,100
2,496
1,768
3,800
3,721
1,454
3,100
4,224
1,751
3,800
3,890
27, 600
26, 941
27, 068
27, 042
27, 048
27, 090
173, 030
25, 415
172, 900
24, 500
172, 400
24. 700
171, 400
24, 600
171, 600
24, 600
172, 400
24, 700
173, 765 v 174, 000 v 174, 800 P 175, 300 p 176, 200 p 177, 100
25, 185 v 24, 400 p 24, 500 P 24, 500 p 24, 600 p 24, 800
147,615
85, 750
58, 616
148, 400
86, 400
58, 700
147, 700
84, 500
59, 000
146, 800
83, 200
59, 300
147, 000
84, 300
59, 500
147, 700
85. 000
59, 500
148, 580 * 149, 600 p 150, 300 v 150, 800 p 151, 600 p 152, 300
85, 040 v 86, 600 P 87, 400 * 88, 100 p 89, 400 p 90, 700
59, 739 p 59, 400 * 59, 100 " 59, 000 P 59, 000 p 58, 600
32.5
20.0
28.6
18.9
29.3
18.9
29.4
19.3
29.7
19.4
29.7
19.2
447, 976
43, 025
54, 865
42, 113
66, Oil
271, 962
MONETARY STATISTICS
Gold and silver:
Gold:
24, 479
Monetary stock U S
mil. ofdol
Net release from earmark!
thous. of doL_ -63, 939
2,998
Gold exports
do
10, 629
Gold imports
do
66, 140
Production reported monthly totalt
do
38, 509
Africa
do
12, 659
Canada
do
7,385
United StatesJ
do
Silver:
184
Exports
do _ _
6,370
Imports
do
.733
Price at New York
dol. per fine oz
Production:
1,504
Canada
thous of fine oz
3,800
M^exico
do
3,101
United States
do
"Money supply:
27, 543
Currency in circulation
__mil. ofdol
Deposits, adjusted, all banks, and currency outside banks, total©
mil. ofdoL- 171, 300
25, 100
Currency outside banks
- do
Deposits, adjusted, total, including U. S. de146, 200
positsO
mil. ofdol
85, 000
Demand deposits, adjusted, excl. U. S_ _ do
58, 000
Time deposits, incl. postal savings
do
Turn -over of demand deposits, except interbank and
U. S. Government, annual rate:
27.2
New York City
ratio of debits to deposits
19.1
Other leading cities
do
23, 483 ' 23, 249 p 23, 037
-65,889 -146, 220 -35,311
146, 748
95, 967
108, 448
11, 998
2, 519
3,117
39, 425
13, 177
7,890
12 771
7,846
10, 43l
375
10, 408
.728
425
8,904
.728
334
17, 371
.728
335
12. 350
.751
1 968
4,400
2 669
2,286
3.300
4, 102
2,278
4,000
3,660
2 278
4,000
4 222
2 747
27, 156
27, 010
27, 120
27, 161
' 27, 228
30.7
20.2
31.0
20.3
r
33.8
19.9
34.2
21.5
947
13, 870
.800
27, 595
30.7
20.9
31.4
21.7
794
651
646
465
0
181
5
143
77
77
63
3
752
598
584
229
0
356
14
154
154
74
65
14
PROFITS AND DIVIDENDS (QUARTERLY)
Manufacturing corporations (Federal Reserve):*
Profits after taxes total (200 cos )
mil of dol
Durable goods total (106 cos )
do
Primary metals and products (39 cos ) do
M^achinerv (27 cos )
do
Automobiles and eQiiipment (15 cos ) do
Nondurable goods total (94 cos )
do
Food and kindred products (28 cos ) do
Chemicals and allied products (26 cos ) do
Petroleum refining (14 cos )
do
Dividends total (200 cos )
do
Durable goods (106 cos )
do
Nondurable goods (94 cos )
do
Electric utilities, profits after taxes (Fed. Res.) 9
mil of dol
Railways and telephone cos. (see p. S-23).
766
424
100
91
200
342
64
115
109
629
380
249
804
496
167
82
215
308
47
117
87
387
220
166
1 048
695
225
94
330
353
57
141
95
393
218
175
v 1 242
p778
v 255
v 109
v 357
p 464
p 86
p 174
p 131
p 546
•P 341
P205
195
230
212
P 171
SECURITIES ISSUED
Commercial and Financial Chronicle:
Securities issued, by type of security, total (new
capital and refunding)
mil of dol
New capital, total
do
Domestic, total
do
Corporate
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
••521
••412
'412
'133
0
229
0
109
109
35
52
22
731
513
513
315
0
198
0
218
218
105
56
57
1,185
817
817
553
30
233
0
369
269
108
159
1
809
711
708
146
13
550
3
98
83
20
57
6
1,060
769
750
365
21
363
19
292
229
168
58
3
700
540
520
327
23
170
20
160
160
89
65
6
1,061
771
770
427
39
304
1
290
282
237
31
14
1,285
954
949
598
18
334
5
330
330
276
35
20
579
505
505
292
8
204
0
75
75
21
53
1
795
555
529
263
0
265
26
240
190
134
48
8
943
707
687
270
145
272
19
236
219
20
193
6
Securities and Exchange Commission^
1,544
1,842
1,228
1,248
2,098
1.293
1,866
1,939
1,368
1,300
1,678
1,631
2,311
Est'mated gross proceeds, totaL_ .
do
By type of security:
1,154
1,684
1,489
1,212
1,984
1,772
1,571
1,
103
1,170
2,055
1,747
1,297
1,530
Bonds and notes, total.- _
_ _ do _.
241
352
416
500
452
251
338
258
200
293
328
520
813
Corporate
do
122
44
44
64
47
18
136
23
48
47
Common stock
_
_ _ d o _ _.
76
88
160
27
38
36
36
70
30
13
61
72
30
104
49
Preferred stock
do
96
By type of issuer:
574
332
614
315
490
407
259
547
669
416
1,069
519
Corporate, total
_
do ._
330
64
32
64
69
36
50
43
36
189
174
71
181
89
Manufacturing* _ _
_ do ._
305
212
118
210
239
48
229
136
317
167
566
216
169
Public utilityf
do
108
94
13
42
10
31
31
69
13
75
17
19
19
Railroad
_ _. _ _do4
18
24
206
17
23
7
8
13
64
23
Communication*
do
0)
85
24
132
92
20
32
31
87
39
129
28
Real estate and
financial
do
43
21
1,268
1,484
1,371
1,320
810
913
961
1,010
1,242
1,137
832
1 419
Noncorporate, total
_
do
1 039
634
1,118
886
707
810
689
882
706
1,011
773
531
U. S. Government
do
1,228
655
255
235
251
366
319
205
546
176
359
299
State and municipal
do
279
189
384
1
'Revised.
P Preliminary.
Less than $500,000.
§Or increase in earmarked gold (—).
^Revisions for January-May 1948 for United States and total gold production are shown in the August 1949 SURVEY, p. S-18. Revisions for 1948April 1949 for securities issued (SEC data) are available upon request.
©U. S. Government deposits at Federal Reserve banks are not included.
*New series. Data on profits and dividends cover large manufacturing corporations (total assets end of 1946, $10,000,000 and over); quarterly averages for 1939-48 and quarterly data for
1946-March 1948 are shown on p. 23 of the June 1950 SURVEY. Data on securities issued for manufacturing and communication for January 1948-May 1949 are available upon request.
9 Revisions for 1946-48 are available upon request.
fRevised series. Data (covering electric, gas, and water companies) are available beginning January 1948.
SUEVEY OF CURRENT BUSINESS
January 1951
Unless otherwise stated, statistics through
1948 and descriptive notes are shown in the
1949 Statistical Supplement to the Survey
1950
1949
November
S-19
December
January
February
March
April
May
June
August
July
September
October
November
FINANCE—Continued
SECURITIES ISSUED—Continued
Securities and Exchange CommissionJ— Continued
New corporate security issues:
Estimated net proceeds, total
mil. of dol__
Proposed uses of proceeds:
New monev, total
do- _
Plant and equipment.
__
_ do ._
Working capital
do
Retirement of debt and stock, total. _do
Funded debt
do
Other debt
..
_
do
Preferred stock
do
Other purposes
do
Proposed uses by major groups:
Manufacturing, total*
do
New money _ _
__ _ _ _ d o _ _
Retirement of debt and stock
do
Public utility, totalf-- do._.
New money
do
Retirement of debt and stock _
_do .._
Railroad, total
do
New monev - _ . . _ . __ do__
Retirement of debt and stock
do
Communication, total*- .
_ __ _do
New monev
do
Retirement of debt and stock
do _
Real estate and financial, total
do
New money ... _ _ __. __. _ d o _ _ Retirement of debt and stock
do
State and municipal issues (Bond Buyer) :
Long-term
thous. of dol..
Short-term. _
do
327
565
605
255
538
480
658
1,055
311
402
408
508
324
270
159
111
41
17
24
0
16
331
223
108
151
111
37
2
83
453
405
48
104
39
53
12
48
190
130
60
46
30
13
3
18
371
242
129
150
138
11
1
17
344
295
49
126
36
76
14
9
306
212
94
341
164
137
40
11
625
451
174
381
311
65
5
49
211
131
71
40
19
20
(i)
60
225
189
36
154
132
17
6
23
306
248
58
64
28
32
5
37
274
224
50
215
61
127
27
19
228
168
60
25
54
18
13
11
36
24
8
133
109
15
10
10
0
16
14
2
92
90
0
63
49
10
299
136
102
31
27
4
4
4
0)
85
70
6
31
27
3
208
148
30
93
27
66
205
202
2
20
6
0)
63
47
14
116
84
32
13
13
0
0)
0)
0
23
11
49
38
11
206
130
67
107
85
22
18
18
0
132
75
50
34
24
7
234
189
44
31
27
4
23
186
80
103
312
111
199
69
39
30
13
13
68
50
16
47
34
13
13
13
177
63
113
212
148
48
19
19
24
21
3
30
25
1
42
20
9
227
115
111
42
38
4
6
6
(i)
39
22
14
70
43
22
165
147
11
17
17
31
27
1
169
109
52
560
370
175
74
15
40
64
3
60
127
92
35
7
5
3
28
21
5
22
14
8
43
17
23
88
59
25
167
119
47
19
19
0
7
4
2
21
15
2
265, 519
119, 155
255, 707
126, 144
248, 176
178, 972
568, 839
167, 048
361, 726
100, 279
184, 192
114, 088
355, 150
119, 129
361, 302
79, 256
206, 855
136 896
322, 795
172 489
290, 006
39 798
* 229, 427
* 123 887
385, 454
202, 691
237
294
198
284
154
237
103
230
140
364
142
342
190
387
154
370
167
518
132
336
143
275
132
253
243
317
813
596
445
306
881
633
523
901
669
493
953
669
522
1, 018
666
579
1,084
678
619
1,175
657
750
314
1,256
673
827
1 208
712
755
1 231
780
752
1 284
738
751
1 351
771
759
1,360
796
774
0)
1
86
22
61
0)
r
o
o
o
COMMODITY MARKETS
Volume of trading in grain futures:
Corn
Wheat
mil. of bu
do
SECURITY MARKETS
Brokers' Balances (N. Y. S. E. Members
Carrying Margin Accounts)
Cash on hand and in banks
Customers' debit balances (net)
Customers' free credit balances _ _
Money borrowed
mil of dol
do
do
do
Bonds
Prices:
Average price of all listed bonds (N. Y. S. E.),
102. 43
102. 11
101. 95
101. 78
102. 00
101. 53
100. 94
101. 43
total§.
dollars-100. 82
101. 25
101. 33
101. 06
100. 83
102. 89
102. 56
102. 38
102. 45
102. 20
101. 94
101. 84
101.37
Domestic
_
do
101. 30
101 72
101 79
101 52
101 27
74.46
73. 70
75.48
72.92
74.80
75.81
Foreign
_ _ _ ._
do
75.89
73.92
71.88
71 71
72 56
74 05
73 37
Standard and Poor's Corporation:
Industrial, utility, and railroad (A1+ issues):
122.2
122. 5
122.7
122.7
122.7
122.5
122.1
Composite (17 bonds'**-- dol. per $100 bond.122.0
121.1
121.5
122.1
121.1
121.7
131.3
131.2
130.3
131.7
131. 5
129.6
131. 5
Domestic municipal (15 bonds)
do
131.0
137.0
131.1
134.8
135.2
136.4
104.
16
103.
24
104.
36
103.
62
1C2.
87
104.
22
102. 73
102. 42
U. S. Treasury bonds, taxable .
do
101. 69
102 24
102 28
101 90
101 64
Sales:
Total, excluding U. S. Government bonds:
All registered exchanges:
88, 494
84, 642
67, 512
107, 958
77, 916
64, 646
84, 941
Market value
thous. of dol..
100, 444
82, 962
76, 914
106, 848
68, 654
77, 833
144, 088
84, 939
116, 471
111, 120
97, 114
84, 467
Face value_. ... .
do
113,114
96, 720
100 627
132 672
94, 709
84 250
93 748
New York Stock Exchange:
84, 757
103, 400
63, 443
75, 161
80, 274
60, 157
82, 036
Market value _ . - - . _
_- .
do
97, 466
80 536
65 795
103 389
74, 646
74 681
105, 909
111, 305
79, 064
138, 310
78, 760
93. 378
Face value
do
92, 926
109, 088
80 272
128 381
97 044
91 786
90 132
New York Stock Exchange, exclusive of stopped
98,
704
74,
692
119,
727
68,
487
85, 117
99,
080
82, 347
sales, face value, total §
thous. of doL.
105, 474
80, 583
113, 040
76, 484
87, 260
83, 982
1
25
72
24
22
0
14
II. S. Government
do
10
12
12
37
13
1 636
119,702
68, 415
98, 703
74, 692
99, 058
85, 093
82, 333
Other than U. S. Government, total §
do
105, 464
80, 571
76, 472
87, 247
113, 003
82, 346
108, 323
59, 215
87, 246
76, 453
67, 065
91, 063
Domestic.
..
do
75, 038
97, 132
74 865
68 717
78 641
105 879
74 340
9, 161
11, 420
8,616
Foreign
do
7,938
11, 280
7,598
7,261
8,262
7 044
7 740
5 688
8 602
7 981
Value, issues listed on N. Y. S. E.:
132, 445
125, 846
125, 497
128, 464
128, 021
127, 777
Market value, total, all issues§
. mil. of dol
125, 353
124, 633
125 257
125 209
118 861
118 507
118 417
126, 755
126, 290
126, 054
124, 116
123, 766
130, 726
Domestic
do
123, 633
122 957
123 607
123 581
117 158
116 870
116 802
1,475
1,452
1,469
1,476
1,463
1,477
Foreign
do
1 466
1 421
1 396
1 451
1 375
1 385
1 362
125, 332
125, 373
123, 645
129, 854
125, 410
123, 610
Face value, total, all issues§.
do
123, 581
123, 471
123 660
123 612
117 544
117 618
117 441
121,411
123, 142
123,119
121, 440
127, 597
123,190
Domestic
do
121, 400
121 298
121 437
121 493
115 409
115 367
115 334
1,955
Foreign
do
2,007
1,970
1,981
1,963
1,949
1 923
1,931
1 917
1 924
1 959
1 927
1 857
Yields:
2.83
2.84
2.84
2.89
2.86
2.83
Domestic corporate (Moody's)
percent- _
2.86
2.87
2.90
2.85
2.86
2.88
2.88
By ratings:
2.57
2.58
2.58
2.58
2 62
Aaa
do
2.60
2.60
2 61
2 65
2 61
2 64
2 67
2 67
2.65
2.65
2.66
2.66
2.68
2.67
2 69
2 72
2.69
Aa
do
2 71
2 67
2 72
2 72
2.89
2.85
2.86
2.86
A
_.
do
2.93
2.86
2.88
2.90
2 92
2 87
2 88
2 9°
2 91
3.24
3.24
3.35
3.31
3.24
3.23
3.25
Baa
do
3 22
3 28
3 23
3 21
3 32
3 22
By groups:
9 7Q
2.63
2.63
2.64
2.64
Industrial
do
2.67
2.65
2 65
2 66
2 69
2 66
2 68
2 70
2.79
2.79
2.81
2.78
Public utility
_
do
2.78
2.79
2.81
2 81
2 84
2 83
2 80
2 86
2 85
Railroad
._
_.
__ do
3.14
3.07
3.08
3.20
3.08
3.08
3.12
3. 15
3 19
3 07
3 08
3 09
3 08
Domestic municipal:
2.02
Bond Buyer (20 cities)
do
2.11
2.08
2.05
2.03
2.01
1.99
2.00
1 83
1 85
1 85
1 75
1 759
2.13
Standard and Poor's Corp. (15 bonds)
do
2.17
2.08
2.06
2.07
2.08
2.09
2.07
2 09
1 90
1 88
1 79
18
U. S. Treasury bonds, taxable
do
2.19
2.24
2.20
2.20
2.27
2.31
2.30
2.33
2.34
2.33
2.36
2.38
2.38
r
Revised.
i Less than $500,000.
{Revisions for 1948-April 1949 are available upon request.
*Ncw series. For S. E. C. data, see corresponding note on p. S-18. Bond prices are averages of weekly data for high-grade corporate issues; monthly data beginning 1900 are available upon
request.
t Re vised series. See corresponding note on p. S-18.
§Sales and value figures include bonds of the International Bank for Reconstruction and Development not shown separately; these bonds are included also in computing average price
of all listed bonds.
SURVEY OF CURRENT BUSINESS
^20
1950
1949
Unless otherwise stated, statistics through
1948 and descriptive notes are shown in the
1949 Statistical Supplement to the Survey
November
January 1951
December
January
March
April
May
June
July
August
September
October
November
FINANCE—Continued
SECURITY MARKETS—Continued
Stocks
Cash dividend payments publicly reported:
Total dividend payments..,
mil. of dol- Finance
do
Manufacturing
__
do
Mining
--do.
Public utilities:
Communications
do
Heat light and power
-do
Railroad
do
Trade
- do
Miscellaneous
--do
Dividend rates, prices, yields, and earnings, 200
common stocks (Moody's) :
Dividends per share, annual rate (200 stocks)
dollars-Industrial (125 stocks)
.-do
Public utility (24 stocks) f
do
Railroad (25 stocks)
do
Bank (15 stocks)
- do
Insurance (10 stocks)
do_-
212.9
42.2
106.5
3. 6
1, 152. 2
73.4
800.7
80.1
489.4
86.0
221.2
6.0
189.6
27.8
103.1
61.1
48.9
9 3
37.1
10.4
6
41.1
7 0
7.5
4.4
30 3
58 6
30 7
54. 1
24.3
59 9
49.3
13 4
44.5
41.9
7.6
3.0
30 5
60.5
42 4
48 4
22.7
9.1
3.6
7.9
3.5
3.29
3.47
1.71
2.11
2.47
2.41
3.32
3.51
1.74
2.04
2.47
2.41
3.34
3.53
1.74
2.04
2.48
2.41
3.39
3.59
1.78
2.04
2.48
2.43
3.63
3.91
1.78
2.05
2.48
2.43
3.66
3.95
1.78
2.15
2.50
2.43
3.84
4.17
1.84
2.24
2.50
2.43
4.04
4.40
1.85
2.45
2.60
2.66
53.07
53. 76
32.08
31.30
55.05
56.17
32.47
31.38
57.32
58.79
33.51
31.64
54.09
55 56
31.07
29.49
54.98
56.43
29.73
34.61
56.80
58.68
30.07
34.25
58.87
61.27
30.58
35.62
59.13
61.65
30.55
35.03
59.37
61.77
30.34
35.70
6.16
6.40
5.30
6.74
4.42
3.30
5.98
6.18
5.27
6.72
4.38
3.44
5.79
5.97
5.19
6.45
4.26
3.29
6.17
6.35
5.60
6.92
4.54
3.41
6.17
6.36
5.99
5.89
4.50
3.74
6.39
6.66
5.92
5.99
4.50
3.51
6.22
6.45
5.82
6.04
4.45
3.27
6.49
6.76
6.02
6.39
4.63
3.22
6.80
7.13
6.10
6.86
4.61
3.43
210.6
31.3
120.1
5.6
3.0
63.0
49.3
19 4
41.8
6
2.2
28.0
52.6
34 3
48.1
21.4
9.7
3.26
3.42
1.69
2.25
2.47
2.40
3.27
3.43
1.70
2.16
2.47
2.40
3.27
3.44
1.70
2.11
2.47
2.40
51.39
52 28
30.57
30.42
51.94
52.58
31.60
31.70
52.38
52.88
31.91
31.52
6.36
6.58
5.50
7.36
4.54
3.18
6.28
6.50
5.35
7.10
4.55
3.37
6.24
6.49
5.33
6.85
4.32
3.28
530.2
103.3
232.1
213.2
37.1
103.2
4.6
1.5
4
60.7
46.3
11 7
58.4
13.1
.5
40.6
11 4
16.7
3.5
29 6
59.1
51 2
62.5
33.5
3.26
'3.43
1.68
2.30
2.39
2.11
3.27
3.44
1.68
2.24
2.47
2.34
Price per share, end of month (200 stocks). .do
Industrial (125 stocks)
do
Public utility (24 stocks) f
do.Railroad (25 stocks)
do
49.27
49 89
29.81
28.37
Yield (200 stocks)
-percent-Industrial (125 stocks)
do
Public utility (24 stocks)"t
do
Railroad (25 stocks)
do
Bank (15 stocks)
do
Insurance (10 stocks)
do
Earnings per share (at annual rate), quarterly:
Industrial (125 stocks)
dollars
Public utility (24 stocks)!
do
Railroad (25 stocks)
do
Dividend yields, preferred 'stocks, 11 high-grade
(Standard and Poor's Corp.)
percent- Prices:
Dow- Jones & Co., Inc. (65 stocks) dol. per share. Industrial (30 stocks)
do
Public utility (15 stocks)
do Railroad (20 stocks)
do
Standard and Poor's Corporation:
Industrial, public utility, and railroad :§
Combined index (416 stocks) -.1935-39 = 100.Industrial total (365 stocks)
do
Capital goods (121 stocks)
do
Consumers' goods (182 stocks)
do
Public utility (31 stocks)
do
Railroad (20 stocks)
--do
Banks N Y C (19 stocks)
do
Fire and marine insurance (18 stocks) _ _ . _ d o
Sales (Securities and Exchange Commission):
Total on all registered exchanges:
Market value..
mil. of dol._
Shares sold
__
- thousands. _
On New York Stock Exchange:
Market value
mil. of doL.
Shares sold
_ thousands. _
Exclusive of odd lot and stopped sales
(N Y Times)
_ - thousands. _
Shares listed, New York Stock Exchange:
Market value, all listed shares
mil. of dol..
Number of shares listed
millions..
6.62
6.86
5.64
8.11
4.61
3.00
41.9
36
79
509.4
113.3
224.1
5.2
483.2
78.4
216.0
1, 482. 1
135.3
1,015.5
95.4
1.4
892.1
73.5
549.5
64.6
818.4
54.6
509.9
69.5
189.6
27.8
103.1
1
7 05
2 36
5 47
42.0
30
1
6.60
2 52
1.37
1
8 50
2 58
5 67
3.89
3.88
3.83
3.84
3.81
3.82
3.82
3.85
3.92
3.85
3.85
3.88
3.88
67.98
191. 61
39.22
48.46
70.35
196 78
40.55
51.21
72.53
199. 79
41.52
54.68
73.64
203.46
42.62
55.16
74.52
206. 30
43.16
55.48
75.86
212. 67
42.86
55.72
77.68
219. 36
43.61
56.36
77.37
221 02
43.04
54.96
73.22
205. 30
38.69
56.46
77.56
216. 60
38.88
62.48
80.21
223. 21
39.44
65.93
82.91
229. 32
40.63
69.09
82.56
229. 38
40.41
68.32
129.1
136.5
123. 8
135. 2
102. 6
96 2
99.3
160.1
132.7
140.3
128.6
140.2
104.1
101.0
99.6
168.1
135.1
142.6
132.1
143.4
105.8
107.8
101.8
168.5
136.7
144.4
134.5
145.3
107.4
107.2
104.2
169.0
138.8
146.5
136.3
146.5
109.6
108.5
107.7
170.6
141.8
150.0
141.4
148.7
111.0
109.5
104.5
166.7
146.9
156.1
148.9
152.4
112.8
109.7
107.9
166.4
147.7
157.6
149.7
154.6
111.5
107.1
108.5
171.0
138.2
147.3
138.6
141.8
103.0
109.7
102.2
157.1
147.2
158.0
149.4
149.1
104.2
120.6
104.6
159.2
151.7
163.3
153.2
155. 4
104.9
125.1
105.8
168.7
157.8
170.7
159.3
164.9
106.2
129.2
105.4
175.1
156.1
168.8
159.9
160.2
105.0
126.5
104.6
180.2
1,222
55, 245
1,480
68,535
1,663
73, 807
1,374
59, 240
1,690
67, 872
1,807
86, 339
1,866
81, 089
1,949
73, 396
1,930
72, 026
1,700
65, 977
1,608
63,712
2,090
84, 451
1.864
66, 685
1,035
40,464
1,252
52, 028
1,409
56, 037
1,164
45, 078
1,422
54, 725
1,532
64,018
1,605
62, 181
1,680
57, 257
1,692
57, 074
1,456
50, 038
1,380
48, 009
1,796
64, 422
1,618
51,231
27, 244
39 293
42, 576
33, 406
40, 411
48. 245
41, 604
45,647
44, 549
34, 473
38, 594
48,390
43, 085
73, 175
2,152
76, 292
2,166
77, 940
2,181
78, 639
2,184
79, 483
2,204
82, 415
2,213
85, 625
2,225
80, 652
2,236
82, 000
2,247
85, 053
2,257
88, 673
2,272
88, 525
2,325
89, 506
2,333
BALANCE OF PAYMENTS (QUARTERLY)
do
3 506
2 664
359
483
3 271
2,448
335
488
3 522
2,604
379
539
3,474
2,513
425
536
do
2 401
2,567
1 961
do
do
1 830
92
479
2,711
1 994
125
592
3,403
2, 516
98
789
Balance on goods and services
do
+ 1 105
+704
+811
+71
Unilateral transfers (net) total
Private
Government
do
do
do
-1,212
138
— 1, 074
-1, 130
-109
-1,021
-1,244
-113
-1,131
-987
-95
-892
U S long- and short-term capital (net) total do
Private
do
Government
do
224
—157
67
—152
-76
76
—152
-113
-39
-687
-644
-43
Foreign long- and short-term capital (net)
+225
+248
+638
+844
+165
+203
+29
+740
do
Other services
Imports of goods and services total
Income on foreign investments in TJ S
Other services
do
Increase (— ) or decrease (+) in U. S. gold stock
mil of dol
529
-82
+127
+19
-59
E rrors and omissions..
do..r
Revised.
v Preliminary.
1 As reported. Approximate data using year's effective tax rate are as follows: First quarter, $6.25; second quarter, $8.00; third quarter, $10.00.
fRevised series. Data for American Telephone and Telegraph stock (included in figures for 200 stocks) are excluded. Monthly data for 1929-48 are available upon request.
§Number of stocks represents number currently used; the change in the number does not affect the continuity of the series.
.4
f 9. 00
2 53
9.75
INTERNATIONAL TRANSACTIONS OF THE UNITED STATES
Merchandise adjusted
1.4
SUEVEY OF CURRENT BUSINESS
January 1951
Unless otherwise stated, statistics through
1948 and descriptive notes are shown in the
1949 Statistical Supplement to the Survey
1949
November
S-21
1950
December
February
January
March
April
May
June
July
August
September
October
November
INTERNATIONAL TRANSACTIONS OF THE UNITED STATES— Continued
FOREIGN TRADE J
Indexes
Exports of U. S. merchandise:!
Quantity
Value
Unit value
Imports for consumption :1
Quantity
Value
Unit value
Agricultural products, quantity:
Exports, domestic, total:
Unadjusted
Adjusted
Total, excluding cotton:
Unadjusted
Adjusted
Imports for consumption:
Unadjusted
Adjusted
192
342
178
214
384
179
168
301
179
176
312
177
199
351
176
187
327
175
194
335
173
203
355
175
178
313
176
174
308
177
201
368
183
196
366
187
134
289
215
133
289
217
138
304
220
129
288
223
143
322
225
123
279
227
141
319
226
143
331
232
143
343
240
161
399
247
156
401
257
170
445
263
99
77
116
93
89
85
98
113
103
116
98
124
89
122
103
157
69
104
78
109
88
73
.80
58
do
do
133
117
136
122
100
104
103
124
110
125
126
150
102
120
102
124
98
125
101
109
120
98
90
116
do
do
114
120
111
108
112
105
109
105
114
101
104
98
103
105
108
118
113
126
134
146
122
128
126
127
3,705
6,298
3,815
6,058
2,628
6,654
2,676
5,289
3,012
7,196
4,430
6,432
5,519
6,962
5,586
7,496
1936-38 = 100
do
do
do
do
do
1924-29=100
do
Shipping Weight
Water-borne trade:
Exports, including reexports. _thous. of long tons__
Oeneral imports
do
' r1 5, 088
8, 883
1
5, 457
7,861
Value
944
743
841
770
Exports, including reexports, total
mil. of dol__
By geographic regions:
24, 253
47, 651
31, 463
40, 203
Africa
thous of dol
144, 529
197, 069
152, 886
148, 683
Asia and Oceania
do
269, 926
277, 667 ' 325, 005 237, 259
Europe
do
128, 348
' 150, 999 144, 997
120, 199
Northern North America
do
99, 885
' 122. 110 118, 933
116,416
Southern North America
do
110,359
92, 440
99, 383
96, 906
South America
do
Total exports by leading countries:
Africa:
2,758
2,338
2,160
3,546
Egypt
do
18, 727
6,847
13, 952
8,566
Union of South Africa
do
Asia and Oceania:
13, 333
10, 157
' 8, 024
8,064
Australia, including New Guinea.
do
2,037
1,839
1,267
1,681
British IVIalaya
do
3, 250
714
3,400
8,199
China
do
17, 431
16, 786
9,977
20, 413
India and Pakistan
do
33, 572
24, 479
38, 811
r 33, 049
Japan
do
r
12, 032
6,382
4,243
9, 608
Indonesia
do
41, 425 ' 19, 569 17, 314
35, 213
Republic of the Philippines
do
Europe:
30, 719
36, 889
32, 173
41, 969
France
do
60, 807
64, 193
34, 028
32, 208
Germany
do
37, 617
23, 904
27, 503
31, 322
Italy
_do_.
122
21
13
130
Union of Soviet Socialist Republics
do
54, 873
42, 496
29, 134
56, 398
United Kingdom
_ __
.do__
North and South America:
'r 150, 959 144, 992
128, 346
120, 192
Canada, incl. Newfoundland and Labrador. .do
208, 352 ' 214, 939 198, 025 ' 188, 899
Latin-American Republics, total _
do
9,516
8,730
10, 676
15, 624
Argentina
do
18, 954
18, 948
19, 468
* 18, 436
Brazil
_ _
do
r
12, 698
9,397
6,823
6, 264
Chile
do
12, 492
16, 403
14, 261
13, 955
Colombia
_
_
do
32, 872
38, 248
32, 622
Cuba -_
_-do._
27, 336
' 35, 888 38, 291
41,314
Mexico
do
34, 690
36, 721
33, 014
32, 125
Venezuela
do._
30, 866
Exports of U. S. merchandise, total
mil. of dol__
By economic classes:
Crude materials
thous of dol
Crude foodstuffs
do
Manufactured foodstuffs and beverages do
Semimanufactures
do
Finished manufactures
do
By principal commodities:
Agricultural products, total .
_
do
Cotton, unmanufactured . _ _
_ do
Fruits, vegetables, and preparationscf-^do
Grains and preparations do
Packing-house productso"
do
Nonagricultural products, total . .
.do
Aircraft, parts, and accessories§
do _
Automobiles, parts, and accessories cT§- ..do. _ _ .
Chemicals and related products cf
do
Copper and manufactures cf
do._
Iron and steel-mill products
do
Machinery, total c?§
do
Agriculturald1
.__
-do
Tractors, parts, and accessories* §
do
Electrical cf§
do
Metal working - _ _ .
do
Other industrial c?
do
Petroleum and products. _ _
_ do
Textiles and manufactures
do
864
806
828
876
1774
1761
1911
1904
28, 177
168, 631
285, 965
148, 312
125, 191
107, 800
29, 582
131, 977
262, 746
164, 647
111, 127
106, 340
29, 625
151, 231
239, 867
191, 369
109, 235
106, 542
36,379
152, 978
278, 195
174, 271
108, 582
125, 648
28, 770
119, 151
175, 053
165, 653
115, 182
100, 712
22, 698
124, 892
184, 146
160, 718
114, 646
109,076
26, 276
134, 846
246, 642
179, 927
140, 996
124, 163
32, 390
120, 197
240, 155
200. 238
122, 355
113, 676
1,703
9, 187
2,764
' 11, 816
r 3, 411
2,513
16, 654
3,315
9,170
1,680
9,803
2,442
9,695
2, 359
8,345
10, 330
1,371
4,323
36. 372
29, 893
6,842
' 23, 968
10, 437
1,424
838
18, 100
28, 030
7,611
23, 842
6,906
12, 151
1,586
1,980
599
4,096
' 31, 473 ' 25, 003
35, 872
' 33, 407
5,522
8,148
' 22, 184
22, 193
5.986
1,703
2,957
17, 485
33, 552
3,518
17, 151
6,646
1,369
8,902
11, 922
32, 988
4,001
16,500
8,880
2,135
1,004
11,491
46, 301
6,468
16, 990
7,392
2,053
971
15, 552
36, 569
5,887
16, 508
33, 370
42, 157
31, 337
38
54, 683
20, 060
36, 809
39, 685
292
* 49, 899
r
148, 307
164, 636
215, 205 ' 206, 069
11, 551
10, 344
22, 753
22, 670
6,712
5,763
17, 303
22, 755
32, 983
33, 837
39, 463
36, 758
36, 112
32, 731
12, 189
r
25, 690
38, 222
34, 357
77
29, 284
«• 37, 664
57, 199
39, 624
26
24, 389
14, 198
20, 135
' 17, 662
9
23,920
14, 119
25, 825
18, 479
25
41, 598
24, 890
42, 256
23,224
3
59,375
30, 006
33, 471
22, 009
16
58,266
191, 302
205, 748
11,818
21, 862
6, 096
23, 612
31, 243
36, 712
30,286
174, 220
223, 550
14, 774
27, 696
5,697
28, 681
36, 695
40, 160
34, 713
165, 623
199, 973
8,963
27, 931
4,333
20, 580
38, 294
39, 645
26, 202
160. 715
213, 742
11, 600
33, 702
r
4, 785
17, 004
41, 116
40, 307
30, 505
179, 909
253, 904
10, 506
39, 524
4,235
18, 621
53, 143
47, 194
34, 923
200, 223
225, 466
11, 440
30, 076
4,527
15, 520
45, 018
45, 227
35, 384
1763
1750
1898
1892
107, 258
54, 151
55. 531
83, 907
462, 282
141, 612
57, 054
43, 406
84, 602
423, 648
175, 627
59, 845
57, 143
102, 954
501, 967
164, 432
66, 010
53, 159
97, 782
510, 286
177, 666 ' 201, 055
65, 954
46, 058
12, 899
13, 756
62, 074
70. 734
13, 120
11, 581
253, 460
75, 704
18, 382
71, 994
12, 880
233, 703
60, 389
17, 484
72, 025
14, 013
935
734
761
855
797
816
865
171, 502
130, 710
91, 834
94, 658
63, 826
59, 210
' 83, 275 101, 159
465, 379
506, 366
121, 553
66, 604
48, 343
77, 866
420, 000
143, 523
68, 450
44, 576
87, 039
417, 039
165, 109
64. 465
47, 155
91, 052
487, 043
145. 814
66, 313
52, 462
87, 206
445, 270
168,175
55, 047
48, 192
90, 254
454, 542
192, 497
58, 312
50, 374
93, 561
470, 115
259, 315
71, 704
16, 129
99, 738
12, 865
' 300, 349
106, 050
14, 893
104, 866
r
14, 322
224, 326
84, 667
10, 107
80, 425
10, 436
246, 395
105. 389
15, 757
70. 153
13, 984
258. 477
111, 492
14, 523
66, 517
15, 368
233, 022
78. 675
13, 909
69, 218
10, 463
233. 966
262, 434
' 90, 277 127, 912
14, 495
16, 377
54, 088
60, 015
12, 732
10, 036
573, 978
8,048
44, 652
62, 076
5,052
26, 094
634, 837
10, 954
42, 147
66, 678
9,390
48, 907
510. 040
11, 386
44. 839
49, 627
4,717
41, 467
170, 761
6,838
19, 546
31, 922
16. 238
75, 460
* 35, 443
43, 887
162, 072
203, 073
7,808
6,527
23, 410
22, 580
27, 472
37, 697
13, 621
17, 008
90, 695
71, 055
' 40, 497 32, 650
49, 652
33, 675
833
r
r
T
514, 613 ' 596, 345 r 564, 043
14, 653
12, 457
7,987
47, 409
49, 646
46, 671
52, 631
61, 572
60, 220
8,130
7,215
6,580
r
40, 434
39, 868
39, 148
582, 265 ' 602, 425 ' 585, 464
9,150
9,854
3,103
55, 049
68, 726
62. 927
60, 928
65, 181
53, 407
5,525
4,623
4,075
40, 500
47, 942
34, 149
549, 267
1,781
62, 482
57, 396
5,293
34, 826
644, 076
3,821
62, 175
65, 713
5,339
38, 021
657, 966
2,480
59, 045
61, 452
5, 497
36, 405
159, 873
7,923
21, 337
30, 818
15, 741
67, 236
37, 329
33, 128
173, 933
176. 116
10, 759
10, 022
22, 773
19. 921
29, 695
33. 461
17, 037
16, 729
'r 75, 382 77, 433
41, 002
39, 058
41, 742
44, 119
160,302
10, 894
18, 227
26, 980
12, 858
59, 552
38, 144
38, 983
197, 002
8,801
16, 370
34, 012
19, 604
75, 882
45, 665
45. 123
203, 048
5,984
15, 272
33, 148
19, 690
74, 544
47,304 |
51.414
194, 659
175, 749
10, 669
10, 933
24, 224
21. 926
36, 905
31, 420
20, 743
17, 374
r
74, 543
81, 407
' 35, 451 40, 131
44, 638
44, 701
197, 939
9,696
20, 411
27, 215
15, 484
73, 031
39,
898
T
32. 052
1978
1967
' Revised, i Total exports and various component items include MDAP shipments as follows (mil. of dol.): July 1950, 47.0; August, 21.4; September, 31.2; October, 52.4; November, 53.9.
Beginning July 1950, certain items classed as "special category" exports, although included in total exports, are excluded from water-borne trade and from area and country data.
{Revisions for various periods in 1947 and 1948 have been made (since publication of the 1945 STATISTICAL SUPPLEMENT) in most of the foreign-trade items and there will be further changes
beginning 1946 as final data are completed by the Bureau of the Census; moreover, the revaluation of tin imports and the transfer of certain "relief and charity" food items from the nonagricultural exports group to the agricultural group have affected the pertinent series back to 1942. Revisions will be shown later.
llndex base changed beginning with the October 1950 SURVEY. Data prior to August 1949 will be shown later.
a" Data beginning 1948 have been adjusted in accordance with the 1949 commodityclassifications.
classificatii
Unpublished revisions (January-July 1948) are available upon request.
§Excludes "special category" exports not shown separately for security reasons.
*New series. Not separately available prior to 1948; included with agricultural machinery.
SURVEY OF CUKRENT BUSINESS
S-22
Unless otherwise stated, statistics through
1948 and descriptive notes are shown in the
1949 Statistical Supplement to the Survey
January 1951
1949
November
1950
December
February
January
March
April
May
June
July
September
August
October
November
INTERNATIONAL TRANSACTIONS OF THE UNITED STATES—Continued
FOREIGN TRADE §—Continued
Value—Continued
p
604, 820
623, 284
General imports, total
thous. of doL. •"592, 940
By geographic regions:
34, 405
26, 438
Africa
__do_ - r 27, 198
118, 383 ' 106, 796 127, 661
Asia and Oceania
do
p
81,092
89, 254
89, 453
Europe
-- do
145,325
157, 533
127, 910
Northern North America _ _ _ _ _ _ _ _ d o 69, 699
89, 029
68, 587
Southern North America
do
162, 990
167, 506
South America
__
do __ 131, 786
By leading countries:
Africa:
404
3,290
295
Egypt
_
.
do___
12, 296
6,540
13, 984
Union of South Africa
do
Asia and Oceania:
18, 006
11, 638
6,587
Australia, including New Guinea
do
19, 122
18, 595 * 12, 671
British Malaya
do
6, 732
8,655
13, 334
China
do
23, 122
22, 693
21,367
India and Pakistan
do
r
r
7,013
9, 557
8, 055
Japan
__ -do
8,704
9,218
10, 628
Indonesia _ _ _ . _
do __
15, 204
10, 175
15, 133
Republic of the Philippines
__do
Europe:
5,466
5,484
6,580
France
- - do
4, 563
4,327
4,048
Germany
_ __
do
_
r
5,121
5, 789
6, 627
Italy
do
2,448
1,791 p 1,700
Union of Soviet Socialist Republics
do
21, 202
18, 204
22, 708
United Kingdom
_
_
do__ _
North and South America:
Canada, incl. Newfoundland and Labrador
144, 973 p 127, 910
thous. of dol
157, 331
235, 623
220, 998
187, 828
Latin-American Republics, total
do
19, 003
6,039
16, 281
Argentina
do
'
55, 322
61,519
80,
747
Brazil
do
8,933
9,928
7,547
Chile
do
21,345
30,
004
22,
729
Colombia
do
19, 025
12, 583
27, 610
Cuba
do
23,478
27,
261
19,
437
Mexico
do
32, 061
22, 231
27, 265
Venezuela
- do
Imports for consumption, total
do
By economic classes:
Crude materials
_
_ do. _
Crude foodstuffs
do
Manufactured foodstuffs and beverages do
Semimanufactures
do
Finished manufactures
_
_
do
By principal commodities:
Agricultural products, total
do
Coffee
do
Hides and skins
__
__
do
Rubber, crude, including guayule __ _-do
Silk, unmanufactured
__
do
Sugar
do_
Wool and mohair unmanufactured
do
Nonagricultural products, total
__ _ _ do
Furs and manufactures
do
Nonferrous ores, metals, and manufactures,
total
thous. of dol
Copper, incl ore and manufactures do
Tin, including ore
do. .
Paper base stocks
do
Newsprint
_ - do
Petroleum and products
do
591, 762
154, 555
139, 809
r
60, 970
130, 114
106,314
r
49, 253
115, 253
79, 389
125, 700
89, 413
141, 046
162, 495
152, 625
41,457
131,302
103, 905
272, 017
105, 315
6,470
22, 631
183, 495
154, 409
46, 860
138, 523
99, 479
p
115
301
23, 761
22, 138
321, 464
4,526
6,827
26, 053
319, 766
7,828
56, 385
14,377
17, 850
24, 306
35, 735
43, 455
53, 637
19,151
8,702
20, 868
38, 921
48, 489
63, 061
19, 305
17, 360
22, 623
34, 567
54, 332
664, 355
r
r
685, 328
708, 840
819, 115
46, 963
28, 657
125, 544 r 139, 713
98, 253
82, 909
149, 940
132,310
111, 774
81, 569
131, 890 ' 118, 131
37, 447
137, 613
94, 594
167, 645
95, 852
125, 612
36, 590
149, 525
99, 372
178, 458
87, 396
133, 993
33, 352
150, 439
103, 287
163, 136
94 616
164, 010
38, 536
160 080
120 645
160, 395
119, 634
219, 824
63 570
167 384
135 462
178 626
98 032
214, 626
39 318
215 993
162' 936
201 005
93 754
207 956
10, 998
11, 727
p
125, 700
219, 566
18, 544
r
41,885
11,887
28, 650
30, 808
22,517
r
21,868
r
p
168, 894
139, 891
58, 090
130, 943
92, 226
7, 574
16, 485
10, 182
26, 380
11,859
7,003
16, 268
p
p
p
149, 940
227, 027
18, 337
43, 049
10, 020
18, 736
r
47, 836
23, 708
28, 471
r
r
p
922, 000
593
262
202
304
11, 000
11, 878
8,773
5,263
12, 225
19, 789
15, 543
16 357
13, 148
21, 771
11, 070
20, 355
17, 152
7,085
21, 589
7,421
25, 516
11, 728
22, 418
15, 580
13, 505
20, 420
8,972
23, 932
12, 159
22. 002
13, 759
10, 285
19, 393
9,885
30, 227
11,746
21, 333
16, 744
15, 479
20, 622
9 593
24, 749
14, 639
29 883
18, 582
13, 875
21, 026
5 546
31, 709
19, 647
33 022
21, 641
21, 596
26, 043
6,002
6,001
7,334
2,827
18, 287
6,542
4,897
5,798
3,558
24,090
7,703
6, 175
7,182
P
3,017
r
27, 174
8,262
6,268
6,590
4,300
28, 668
12, 593
8,528
9,469
2,182
36, 401
13, 888
10, 967
10, 390
6,420
31,473
15,476
15,162
16, 579
2, 130
39,085
132, 100
185, 138
17, 686
p
43, 655
8,713
15, 663
29, 650
21, 277
26, 499
167, 500
206, 875
15, 881
r
45, 072
16, 248
p
13, 301
r
36, 611
26, 598
23, 210
163, 008
178, 177
160, 359
207, 050 ' 244, 536 321, 791
17, 432
13, 840
18, 624
64, 995
83, 662
37, 912
16, 621
7,977
15, 070
26, 091
42, 650
15, 587
34, 241
54, 290
29, 078
22,
251
25, 131
26, 507
25, 722
26, 921
30, 118
178, 451
297, 866
17, 211
85, 320
14, 547
40, 474
42, 976
28, 918
26, 636
200, 804
283, 716
18, 138
82, 152
15, 613
38, 642
38, 238
27, 671
28, 972
11, 008
17, 588
9,055
26, 644
10, 068
10,357
19,362
T
571, 620
p
161, 819
109, 378
T
61,793
130, 474
108, 184
r
659, 653
183, 825
128, 460
80, 124
146, 894
120, 315
r
857, 702
8,252
r
8,092
5, 367
9,554
3,446
20, 997
6,777
4,076
5,552
4,575
17,689
r
658, 771
r
13, 111
19, 854
6,940
19, 233
9,530
5,598
14, 175
r
583, 196
9,701
9,010
' 591, 791 ' 622, 759 589, 925
292, 931
104, 945
7,539
19, 837
1,238
16, 182
37, 061
329, 860
11,368
270, 298
77, 590
5, 627
22, 345
600,046
r
r
r
r
653, 636
167, 599
117, 124
75, 971
169, 049
123, 899
p
T
235
T
702, 688
818, 088
183, 807 ' 183, 212
154, 608
119,916
75, 144
83, 145
162, 627
180, 392
119, 095
119, 559
223, 159
181, 499
103, 819
184, 140
125, 471
224, 270
179, 770
88, 139
195, 576
135, 623
255, 200
172 030
87, 431
239 033
159. 588
678, 812
p
823, 378
851,600
913, 500
840, 900
295, 268
84, 607
7,175
19, 218
1,270
27, 614
35, 072
294, 626
6,599
306,281
73, 089
7,973
22, 947
1,192
43, 344
31,863
353, 363
9,318
262, 592
64, 061
7,653
29, 598
1,588
30, 393
27, 925
309, 094
5,792
278, 788
58, 679
8,506
23, 786
1,215
37, 067
31,055
374, 849
8,030
289, 210
56 374
12, 026
33, 853
1,422
31, 109
31, 044
389, 602
5,293
331, 870
105, 153
11,664
29, 994
1,706
34, 213
39, 340
370. 818
8,308
410, 143
130, 836
12, 481
39, 824
1,249
53, 309
46, 851
407, 945
6, 281
393, 344
128 662
10, 598
41, 109
2,571
40, 156
36, 757
430, 034
13, 696
404, 906
112 567
12, 968
58, 644
3, 159
35, 033
33 394
508, 377
14 279
59, 675
20, 026
15, 340
19, 747
31,708
38, 230
53, 981
14, 825
10, 593
21, 704
35, 606
51, 305
43, 866
11, 789
6,955
15, 898
33, 703
47, 675
71,606
23, 283
17, 456
21, 438
44, 927
45, 295
80, 160
32, 771
14,911
23, 865
40, 544
47 054
63. 987
12, 779
21, 230
20, 830
38,410
44 296
76, 411
14, 598
24, 016
21, 577
34, 066
50,548
67, 511
16, 649
16, 880
22, 848
38, 933
47, 644
88 887
29, 633
19, 78S
26 335
42, 000
54 948
28, 778
21, 776
13, 150
3,775
1,562
749, 845
27, 564
22 452
13, 672
3. 762
1,490
719, 494
28, 552
25 489
15,171
4, 245
1, 563
735 180
17 647
17, 697
17 318
178
176
189
9. 8954
1,099
121, 600
9. 9270
1,094
114, 300
9 9416
1, 177
125 800
10 0146
1.116
3 374
4 220
787
75
239
246
62
409
438
3 531
*657
3 240
617
59
202
215
31
324
352
TRANSPORTATION AND COMMUNICATIONS
TRANSPORTATION
Airlines
Operations on scheduled airlines:
24, 946
26, 014
26, 037
23, 696
28, 868
26, 001
28, 860
27, 206
28, 591
Milesf l o w n ,revenue
_ _ _ _ _ thousands
22, 007
15, 784
18, 709
14, 529
17, 329
18, 121
19, 287
18, 134
Express and freight carried
short tons
20, 717
9,714
9,276
11,166
11,654
11,443
13, 460
11, 425
12, 418
12, 367
Express and freight ton-miles flown thousands^
3,302
3,252
4,952
3,685
3,493
3,310
3,217
3,741
3,498
Mail ton-miles
flown
do
915
941
942
1.459
1,109
1,289
1,419
1,080
1,539
Passengers carried, revenue _ _ _
do
468, 709
552, 098
723. 803
464, 170
466, 757
617, 914
665, 511
490, 167
762, 097
Passenger-miles flown, revenue
do
Express Operations
19, 566
23,190
18, 655
20 077
19, 372
18, 304
18, 501
17, 226
Operating revenues
thous. of dol
18, 174
19
54
*5
223
56
42
18
67
67
Operating income
do
Local Transit Lines
9. 8029
9. 8029
9. 5523
9. 6399
9. 8428
9. 8370
9. 8516
9. 9051
Fares, average cash rate _ _ _ _ _ _ ._
cents
9. 9343
r
1,293
1,214
1,135
1, 236
1,191
1,274
1,227
1,152
1.048
Passengers carried, revenue
__
millions
r
123,800 * 134, 700
121, 100
114,000
123, 700
121,300
113.000
Operating revenues^
thous. of dol
124, 400
117, 400
Class I Steam Railways
Freight carloadings (A. A. R.):d"
3,121
2,393
2,638
2,288
3,446
2,875
2,980
3,905
3,018
Total cars
thousands
435
626
559
259
787
614
469
572
705
Coal
_
__
- _ _ do
59
48
42
26
56
56
56
73
58
Coke
do
126
180
160
191
159
140
171
176
Forest products
-do
227
162
206
214
222
157
206
164
159
229
Grain and grain products
__do_ _ _
52
48
26
37
29
37
34
Livestock
_
do
36
34
46
66
52
46
55
72
239
329
388
Ore
do_
385
298
306
334
320
325
424
341
Merchandise, 1. c. 1
do
400
1,543
1,241
1,297
1,250
1,688
1,434
1.433
Miscellaneous
do
1,424
1.846
r
d
Revised.
Deficit.
§See note marked "J" on p. S-21.
{Revisions for January 1947-May 1948 appear in corresponding note on p. S-22 of the August 1949 SURVEY.
cf Data for December 1949 and March, June, and September 1950 are for 5 weeks; other months, 4 weeks.
1.574
1.963
64
191
225
66
301
354
599
63
182
223
50
223
332
1.673
1.569
S-23
SURVEY OF CURRENT BUSINESS
January 1951
Unless otherwise stated, statistics through
1948 and descriptive notes are shown in the
1949 Statistical Supplement to the Survey
1950
1949
November
December
January
February
March
April
May
June
July
August
September
October
November
TRANSPORTATION AND COMMUNICATIONS—Continued
TR AN SPORTATION— Continued
Class I Steam Railways— Continued
Freight carloadings (Federal Reserve indexes) :
120
107
Total, unadjusted
- 1935-39 =100. _
97
131
Coal
do
155
96
Coke
do_ .
119
135
Forest products _ _ _ _ _ _ _ _
do__
123
149
Grain and grain products
do
69
95
Livestock _ ___ _
- _ _
do
45
51
Ore
do
50
55
Merchandise, 1. c. 1
_ _ _
_ do. __
124
120
Miscellaneous
do
117
115
Total, adjusted
_ _ _ ___
_.do__
131
97
Coal
do
96
148
Coke
do
137
134
Forest products
do
152
131
Grain and grain products _ _
do
72
75
Livestock
_
_
do _
42
146
Ore
do
52
54
Merchandise, 1. c. 1 . _
- do
119
127
Miscellaneous
do
Freight-car surplus and shortage, daily average:
44, 382
10Q, 208
Car surplus, total
number
2,368
8,303
Box cars
___do
92,
938
25, 833
Coal cars
do
5,964
1,021
Car shortage, total
_ ___ _ _ _ d o
3,918
448
Box cars
do
1,909
517
Coal cars- _
_do
Financial operations (unadjusted):
704, 806
710, 830
Operating revenues, total
thous. of dol
587, 060
575, 664
Freight
do
63, 776
74, 379
Passenger
- - do
537, 354
568, 292
Operating expenses
do
Tax accruals, joint facility and equipment rents
r
92, 073
73, 229
thous. of dol_.
' 75, 378
69, 309
Net railway operating income..
_ _ ..do
54, 425
82, 455
Net incomej
do
Financial operations, adjusted:
712.1
708.5
Operating revenues, total
mil. of dol
588.8
584.0
Freight .
do
66.7
73.0
Passenger
do
636.4
631.5
Railway expenses
___ do
72.0
80.6
Net railway operating income.
do
39.3
49. 1
Net income
do
Operating results:
Revenue per ton-mile
cents
107
97
158
106
119
68
42
49
122
117
97
151
118
119
70
169
52
133
96
46
130
115
111
52
39
51
122
104
46
122
119
113
65
156
52
130
120
139
144
123
116
53
39
54
127
127
139
143
123
126
67
134
53
134
122
123
177
129
115
61
63
54
135
126
123
181
129
131
68
121
53
137
125
119
179
139
112
59
217
51
135
122
119
181
134
127
66
121
51
133
131
116
188
150
133
51
277
52
142
127
116
192
144
130
61
179
52
138
130
105
190
149
162
48
298
51
141
126
105
195
148
135
61
186
51
140
140
126
186
163
150
57
285
56
149
135
126
194
155
139
60
190
56
147
145
135
198
160
143
95
298
57
154
134
135
201
148
128
72
198
55
142
110, 945
17, 425
77, 385
224
111
37
165, 541
11, 701
139, 311
569
414
16
76, 055
4,867
58, 377
5,012
2,749
2,121
18, 362
5,103
4,559
4,906
2,795
1,810
12, 178
3,189
1,957
6,663
2,986
3,080
6,625
1,949
513
11,491
5,845
4,748
8,311
234
4,389
21, 154
13, 875
6,103
4,346
16
39
38, 064
21, 846
14, 101
3, 583
8
30
34, 381
19, 444
13, 243
657, 044
537, 338
69, 725
546, 665
584, 928
481, 965
57, 845
501, 118
743, 326
630, 542
59, 555
574, 408
713, 820
601, 801
60, 555
562, 625
745, 406
634, 747
56, 801
580, 567
779, 182
649, 228
71, 660
588, 763
772, 161
639, 729
76, 006
579, 116
889, 796
748,110
78, 220
626, 265
872, 032
725, 014
71, 623
600, 697
925,
784,
66,
635,
68, 574
15, 236
9, 301
93, 211
75, 706
49, 437
88, 978
62, 217
37, 530
97, 808
67, 032
45, 221
100, 372
90, 047
72, 050
109, 134
83, 910
58, 622
141, 467
122, 064
95, 829
148, 712
122 622
98 965
155, 733
134, 629
107, 863
688.6
565.0
72.8
628.9
59.8
29.1
638.4
522.9
64.1
606.3
32.1
1.3
722.5
607.4
60.2
655.1
67.4
35.8
729.8
613.8
62.7
666. 6
63.2
31.6
715. 2
604.6
57.4
660.9
54.3
20.2
791.4
663.4
69.2
691. 5
100.0
69.7
771.9
646.1
69.7
685. 9
86.1
54. 1
832.5
699.2
69.8
744.3
88.2
54 8
857.6
711.1
71 9
749.1
108. 5
r 72 8
884.6
747.2
67.7
776.2
108.4
v 72. 7
77, 622
32, 758
11,016
d
147
135
201
154
159
116
262
56
158
r
136
135
206
146
159
75
' 184
54
145
2,405
9
113
35, 135
19, 620
14, 349
383
544
271
021
139
126
198
154
162
90
188
54
152
136
126
198
157
166
72
184
53
146
4,926
432
386
24, 696
13, 838
10, 245
862,
710,
65,
618,
201
808
885
611
133,590
110,001
46 036
1.356
2 488
45 190
1.343
2 912
41 793
1.370
2 730
36 383
1.407
2 215
50, 937
1.318
2,304
49 687
1.289
2,362
51 155
1.314
2 215
51 865
1.326
2 830
51 982
1. 305
3 042
59 403
1.325
3 125
57 940
1 320
2 818
6,367
3,433
2,934
6, 458
3,479
2,979
5,619
3, 095
2, 523
5,429
2, 933
2,496
6, 465
3,665
2,800
7,091
3,928
3,163
7,638
4,503
3,135
8,130
4,860
3,271
7,613
4, 630
2,983
8,552
5,302
3,249
8,396
5, 134
3,262
8, 220
5, 165
3,055
2,079
1, 079
2,638
1,576
2,508
1.412
2,565
1,588
2,762
1,551
2, 365
1,339
2,606
1,447
2, 562
1, 460
2, 857
1,668
2,452
1,477
2, 356
1,307
2,478
1, 157
2, 236
1,074
5.81
80
218
5.25
67
194
5.41
80
211
5.43
83
215
5.25
81
208
5.73
83
230
5.26
83
239
5.64
84
238
5.43
77
207
6.13
81
231
5.98
84
232
6.17
86
228
6.27
79
225
39, 301
31, 925
1,795
21,918
13, G08
298
40, 723
37, 437
2,395
23, 972
13, 932
188
40. 553
42, 636
1,634
14, 201
22, 069
187
51,656
55, 067
1,524
15,365
30, 156
237
59, 457
65, 836
2,122
16, 142
39, 187
304
53, 434
62, 677
1,985
16, 463
36, 607
560
50, 283
60, 413
2, 083
19, 974
41,453
886
56, 902
88, 305
3,384
18,215
41, 233
1,930
p 17, 877
21, 635
3,271
P 18, 559
18, 037
3,300
v 15 289
13, 827
1 474
12, 734
833
12, 115
326
785
7,260
830
7,750
1,026
9,577
845
7,881
865
8,069
808
7,555
664
6,229
861
8,009
850
7,826
930
8,444
936
8 513
955
8,658
262, 745
156,367
88, 159
196,809
32, 277
35, 408
271, 879
159,895
93, 536
205, 535
32, 729
35, 635
271, 019
161, 650
90,417
200, 786
32, 603
36, 426
262, 131
159,375
84, 093
191, 542
33, 198
36, 605
280, 803
164, 709
97, 096
204, 642
36, 448
36, 813
806
935
636
628
873
999
285, 947
168. 157
98, 504
208, 569
37,310
37, 158
287, 467
169, 767
98, 275
204, 849
33, 929
37, 304
289, 528
169, 124
100, 646
205, 664
41 , 489
37, 441
300, 617
172, 540
108, 189
211, 798
35, 337
37, 620
292, 847
173, 265
99 290
205, 109
39, 584
37, 790
13, 413
12, 673
62
14, 584
13, 363
596
13, 241
12, 756
d
359
12, 636
11,887
*83
14, 565
12, 798
907
13, 755
12,467
474
15, 192
13T 262
1,090
15, 378
13, 086
1,469
14, 738
13, 272
671
16, 022
13,716
1, 525
15, 041
13, 364
940
15, 531
13, 358
1, 461
1,788
1,548
74
1,882
1,660
38
1,762
1, 548
31
1,620
1,584
d
113
1,901
1,703
13
1, 646
1, 568
d
105
1,902
1,612
116
1,943
1,552
207
2,189
1,563
418
2, 295
1,581
510
2 254
1,553
507
2 265
1, 569
494
1,938
1,827
46
2,262
1,973
205
1,883
1,790
d
1, 784
1,700
d
2,017
1,835
83
1,774
1,742
d
1,967
1,803
64
2,055
1,781
175
2,228
1,808
325
2,408
1,795
525
2,244
1,819
335
2,331
1,787
453
Waterway Traffic
Clearances, vessels in foreign trade:
Total U. S. ports
thous. of net tons_.
Foreign
do
United States
do
Panama Canal:
Total
thous. of long tons__
In United States vessels
do
Travel
Hotels:
Average sale per occupied room
dollars
Rooms occupied
percent of total
Restaurant sales index
same month 1929= 100. _
Foreign travel:
U S citizens, arrivals
number
U . S . citizens, departures
do
Emigrants
do
Immigrants
do
Passports issued
do
National parks, visitors
thousands
Pullman Co.:
Revenue passenger-miles __ millions
Passenger revenues
thous of dol
1
78, 034
80, 857
1
96 425
61, 804
1
88 614
44, 776
COMMUNICATIONS
Telephone carriers:!
Operating revenues
..thous. of dol
Station revenues
do
Tolls, message
do
Operating expenses, before taxes _
do
N e t operating income
_ _
' d o
Phones in service, end of month
thousands
Telegraph, cable, and radiotelegraph carriers:
Wire-telegraph:
Operating revenues
thous. of dol__
Operating expenses, incl. depreciation
do
Net operating revenues __ _ _
do
Ocean-cable:
Operating revenues
do
Operating expenses, incl. depreciation. _ _ _ d o
Net operating revenues
do
Radiotelegraph:
Operating revenues
do
Operating expenses, incl. depreciation __ do
Net operating revenues ..
do
%0
13
275,
163.
92,
196,
37,
36,
71
r
d
Revised.
» Preliminary.
Deficit.
JRcvised data for October 1949, $23,352,000.
i Data exclude departures via international land borders; land-border departures during the 12 months ended June 1950 amounted to less than 1 percent of total departures.
tRevised series. The coverage has been reduced from 100-120 to 56 carriers (except for January 1948-December 1949 when data covered 53 carriers); however, the comparability of the series,
based on annual operating revenues, has been affected by less than 3.0 percent. Also, data are now shown after elimination of intercompany duplications for the Bell System; annual data
prior to 1948 and monthly figures for January-July 1948 on the revised basis will be available later. Data relate to continental United States.
SUEVEY OF CURRENT BUSINESS
S-24
Unless otherwise stated, statistics through
1948 and descriptive notes are shown in the
1949 Statistical Supplement to the Survey
1950
1949
November
January 1951
December
January
February
March
April
May
June
July
August
September
October
Novem
ber
CHEMICALS AND ALLIED PRODUCTS
CHEMICALS
Inorganic chemicals, production:
Ammonia, synthetic anhydrous (commercial)
short tons_.
Calcium arsenate (commercial)
thous. of lb_.
Calcium carbide (commercial)
short tons..
Carbon dioxide, liquid, gas, and solid*
thous. of l b _ _
Chlorine, gas.
_
short tons..
Hydrochloric acid (100% H C l ) t _ _
do
Lead arsenate (acid and basic)
thous. of lb__
Nitric acid (100% HNOs)
short tons.
O-xygen (high puritv)t
mil of cu. ft
Phosphoric acid (50% HsPOOt
short tons..
Soda ash, ammonia-soda process (98-100%
Na2Co3)
short tons
Sodium bichromate and chromate _. __
do..
Sodium hydroxide (100% NaOH)
do
Sodium silicate, soluble silicate glass (anhydrous)
__
_. . short tons
Sodium sulfate, Glauber's salt and crude salt
caket
short tons
Sulphuric acid (100% H2S04):
Production^
_. do _ _
Price, wholesale, 66°, tanks, at works
dol. per short ton__
Organic chemicals:
Acetic acid (synthetic and natural), production
thous of Ib
Acetic anhydride production
do
Acetyl salicylic acid (aspirin), production _ _ do
Alcohol, denatured:
Production
thous. of wine gal
Consumption (withdrawals)
do
Stocks
_ .do
Alcohol, ethyl:
Production
thous. of proof gal
Stocks, total
do
In industrial alcohol bonded warehouses - do
In denaturing plants
do
Withdrawn for denaturing
do
Withdrawn tax-paid
. ._
do
Creosote oil, production
thous. of gal
Ethyl acetate (85%), production
thous. of lb_.
Glycerin, refined (100% basis):
High gravity and yellow distilled:
Production
thous. of Ib
Consumption
. . . d o ._
Stocks
do
Chemically pure:
Production
do
Consumption
._
_ _ ..do
Stocks
do
Methanol, production:
Natural (100%)
thous. of gal
Synthetic (100%)
do
Phthalic anhydride, production
thous. of l b _ _
115, 667
1, 151
55, 212
124, 900
1,548
55, 836
124, 079
0)
56, 849
115, 976
0)
51,317
123. 996
1,206
59, 336
134, 452
2,848
54, 837
133, 842
4,898
59, 107
127, 295
9, 334
56, 482
125, 027
10, 274
52, 388
124, 617
8,920
55, 237
128, 596
2,850
55, 323
136, 736
3,390
57, 436
141, 373
3,140
54, 320
69, 157
155,943
45, 420
676
91, 832
1,011
127, 680
69, 671
168, 282
45, 983
890
99, 925
1,329
120, 815
63,180
158, 202
47, 871
3,217
105, 575
1,369
132, 745
59, 120
151,513
43,315
3,756
101,386
1,253
129, 191
77, 086
167, 091
50, 708
5,568
98, 906
1,427
128, 987
92, 408
168, 878
51,319
4, 694
114, 629
1, 432
135, 319
114, 286
177, 269
52, 157
4,406
111,511
1,447
146, 673
131,314
167, 721
50, 635
2, 326
104, 604
1, 404
135, 526
139, 130
173, 788
51, 288
0)
105, 831
1,400
141, 107
133, 728
173, 117
51, 521
0)
105, 206
1,512
136, 187
107, 708
165, 828
52, 785
2,196
107, 210
1, 529
131, 302
94, 156
187, 666
58, 492
2,924
119, 661
1,666
142, 103
82, 902
185, 537
58, 092
3, 598
124, 376
1.647
143, 188
360, 971
5,781
196, 575
354, 412
6,726
201, 012
338, 552
7,350
187, 201
319, 578
6,771
180, 945
368, 746
7, 835
205, 354
361,328
7,452
210, 344
388, 169
7,907
219, 641
291, 681
8,135
200, 836
185, 885
5,492
0)
180, 849
5, 649
0)
170, 142
7,418
0)
334, 296
8,424
0)
370. 649
8, 577
233, 294
46, 073
41, 794
36, 410
31,416
38, 693
41, 300
45, 588
40, 899
29, 929
32, 278
37, 707
47, 317
55, 544
59, 325
56, 158
60, 069
54, 820
60, 773
59, 096
54, 377
49, 567
54, 725
61, 820
70, 333
77, 157
75, 882
985, 589 1, 051, 165 1, 019, 803
T
967, 335 1, 071, 299 1, 057, 073 1,104,335 1, 039, 938 1, 047, 544 1, 051, 694 1, 057, 851 1, 137, 367 1,125,893
17.00
17.00
17.00
17.00
17.00
17.75
17.75
17.75
17.75
17.75
17.75
19.33
39, 923
70, 853
843
39, 824
72, 458
873
36, 765
69, 140
829
31, 147
67, 356
824
37, 441
73, 287
934
37, 506
65, 734
796
41, 012
75, 183
867
37, 633
74, 992
921
39, 520
80, 743
672
41, 593
83,012
1,080
' 38, 300
77, 963
1,116
42, 476
77, 364
1,081
14, 612
15, 541
5,358
13, 618
15, 066
3,899
14, 771
15, 200
3,464
13, 188
13, 205
3,429
16, 539
17, 086
2, 873
15, 402
15, 922
2,346
15, 994
16, 850
1,487
19, 146
18, 517
2,099
18, 719
18, 204
2,611
17, 733
17, 120
3,199
16, 708
18, 474
1,467
19, 273
18, 727
2,012
16, 582
16, 861
1,744
23, 181
37, 199
36, 230
969
26, 838
4,289
6,508
6,469
22, 516
33, 949
33, 204
745
24, 907
2,288
10, 314
6,456
24, 688
31. 273
30, 377
896
27, 41 1
2,750
10, 597
6,449
24, 254
28. 384
27, 700
684
24, 044
2,547
10, 063
6,917
27, 304
24, 049
23, 512
537
30, 321
3,846
11, 424
6,899
31,210
25, 729
24, 829
901
28, 855
3, 552
12, 360
6,159
33, 410
28, 502
27, 614
888
29, 418
3,257
12, 869
9,746
31, 102
23, 248
22, 284
964
35, 468
4,188
12, 769
5,624
31, 727
21, 619
20, 489
1, 130
33, 018
4,986
10, 929
5,646
33, 098
24, 580
23, 886
694
27, 870
6,928
11,510
7, 737
37, 391
29, 432
29, 088
344
26, 611
3,660
Ml, 407
r 7, 922
40, 910
36, 597
35, 979
619
31, 151
3,422
11,777
8,168
35, 256
44. 066
42, 735
1,331
23, 813
3,877
7,879
6,545
13, 103
6,834
6,214
13, 591
6,927
5,971
14, 347
6,159
6,082
13, 564
8,499
7,794
14, 468
6.876
7, 668
13. 717
8,420
8. 633
14, 302
8,079
7,961
15, 132
4,822
7, 239
13, 518
7,419
8.581
12, 297
7, 631
8.007
12, 855
8,222
8. 850
13, 070
8, 821
8,994
14,180
12. 426
7,916
17, 838
12, 335
7,209
20, 071
12, 840
9.1/4
22,411
12, 228
7.224
24, 645
12, 553
8,158
25, 972
10, 880
7, 619
26, 406
10, 865
8,364
23, 678
9,932
8,011
22, 537
7, 430
7, 399
18, 444
12, 262
9,007
17, 787
12, 098
8,450
18, 172
13. 435
8, 363
19, 368
11,827
8. 246
19,115
165
9,789
16, 340
169
10, 628
18, 075
171
11,655
18, 174
145
8,767
17, 090
197
9,371
18, 722
166
9, 357
15,436
175
10, 063
15, 675
173
10, 417
16, 209
167
11,125
17, 615
184
11, 395
18, 367
183
12, 984
19, 031
177
12, 308
19, 902
183
593
1,535
505
1,177
1,480
1,840
Consumption (14 States) f
thous. of short tons..
262,125
311, 746
446. 192
300, 251
368, 792
Exports, total
short tons.. 391, 164
159, 502
61, 925
126, 224
148, 988
91, 136
150, 907
Nitrogenous materials
do
161, 543
182, 652
186, 581
181, 362
311, 684
110, 806
Phosphate materials
do
9,389
11,819
5,631
4,562
11, 540
3,406
Potash materials
do
106, 389
142, 225
167, 593
223, 808
272, 080
87, 735
Imports total
do
139,
175
128,
400
88,
773
107,
773
70, 828
98, 717
Nitrogenous materials, total
do
33, 163
50, 661
68, 259
76, 408
26, 454
55, 563
Nitrate of soda
do
5,
135
7,824
8,389
5.433
13,
606
7,023
Phosphate materials
do
115, 775
4, 738
26, 159
57, 024
33, 548
20
Potash materials
do
Price, wholesale, nitrate of soda, crude, f. o. b. cars,
51.50
51. 50
51.50
51.50
51.50
51.50
port warehouses
dol. per short ton
113, 107
45, 485
91, 803
116, 035
72, 787
27, 896
Potash deliveries
short tons..
Superphosphate (bulk):
854, 292 1, 082, 523 1, 039, 177
802, 943
850, 563 836, 137
Production
....
do
1,311,085 1, 420, 577 1, 495, 731 1, 308, 555 1, 006, 718
778, 270
Stocks, end of month
do
998
495, 432
129, 204
347, 639
10, 325
214, 918
166, 523
103, 322
13, 659
10, 744
408
450. 744
128, 730
289, 520
7, 147
107, 888
83, 783
40, 269
11.255
1,056
325
250, 642
90, 482
141, 469
10, 989
50, 974
37, 835
1,110
3,298
2,518
385
226, 631
83, 193
129, 904
7,095
70, 484
54, 762
7,990
7,153
3,407
551
279, 942
46, 081
213, 503
12, 741
129, 288
104, 447
51, 717
11. 496
3, 365
598
189, 531
34, 229
139, 759
11,984
199, 190
147, 304
70, 666
4,542
33,814
737
51. 50
83, 446
51.50
134, 624
51.50
97, 301
51.50
107, 056
51.50
114, 710
51.50
114, 210
51. 50
113,400
19.85
FERTILIZERS
852, 505
986, 684
832, 868
866,484 r 940, 072 936, 387
718, 165
903, 607 1, 178, 262 1, 295, 803 1, 245, 447 1, 209, 299 1, 142, 102 1, 131, 750
NAVAL STORES
Rosin (gum and wood) :
566, 830
594, 250
552 940
370, 480
Production Quarterly total
drums (520 Ib )
936, 460
873, 340
894, 280
929, 960
Stocks end of Quarter
do
Price, gum, wholesale, " WG" grade (Sav.) , bulk*
6.11
6. 66
6.29
5.29
4.93
6.61
7.26
8.27
6.66
5.71
5.59
6.40
6.58
dol. per 100lb._
Turpentine (gum and wood):
125, 320
194, 050
200, 670
170, 700
Production, quarterly total
bbl. (50gal.)._
191, 200
205, 9fiO
151 430
238 660
Stocks end of quarter
do
.43
.41
.41
.46
.64
.87
.40
.41
.43
.40
.40
.71
.39
Price, gum, wholesale (Savannah).. dol. per gal..
r
Revised.
1 Not available for publication.
^Figures are not strictly comparable with those prior to 1948 because of the inclusion of data for additional plants. For January 1948May 1949 revisions including data for these plants, see note at bottom of p. S-25 of the August 1950 SURVEY.
fRevised series. Beginning in the January 1950 SURVEY, data for fertilizer consumption in 14 States have been substituted for the 13-States series formerly shown; revised figures prior
to November 1948 will be shown later.
*New series. The series for rosin "WG" (window glass) grade, which is compiled by the U. S. Department of Labor beginning November 1948, and prior to that month by the Oil, Paint,
and Drug Reporter, has been substituted for the "H" grade formerly shown. Data beginning 1935 are shown on p. 24 of the September 1950 SURVEY.
SUBVEY OF CURRENT BUSINESS
January 1951
1950
1949
Unless otherwise stated, statistics through
1948 and descriptive notes are shown in the
1949 Statistical Supplement to the Survey
November
S-25
December
January
February
March
April
May
June
July
August
September
October
November
1,912
60, 822
2,057
64, 557
1.626
59, 724
CHEMICALS AND ALLIED PRODUCTS—Continued
MISCELLANEOUS
Explosives (industrial), shipments:
Black blasting powder
His;h explosives
Sulfur:
Production
_.
Stocks
thous. of lb_.
_
do.. _
2,436
47, 608
2,212
47. 585
1,999
40, 468
1,803
37, 389
2,213
53, 418
1,464
55, 794
1,407
59, 843
1,148
59, 805
1,235
55, 128
1,837
68,581
392, 655
401, 232
376, 942
412, 425
440, 262
424, 269
long tons _ 400, 564
389, 305
475, 694
466, 063
436, 612
446, 245
487, 845
3, 114, 865 3, 099, 305 3, 074, 562 3, 040, 190 2, 988, 527 2, 885, 294 2,875 893 2,956 333 2, 975, 927 2, 935, 503 2 853 688 2, 822, 913 2 762 527
do
FATS, OILS, OILSEEDS, AND
BYPRODUCTS
Animal fats, greases, and oils:
Animal fats:
Production
thous. of lb_ _ 338, 009 378, 469 363, 933 288, 055 317, 265 287, 983 298, 594
96, 214
111,714
Consumption, factory
do_. . 106, 627
103, 724
122, 437
104, 256
101, 937
251, 195
316, 248
360, 842
344, 466
Stocks, end of month
do
350, 904
375, 930
394, 479
Greases:
54, 861
55, 935
Production
do
53, 954
48, 962
53, 289
50, 510
52 369
42, 911
43, 794
42, 005
Consumption, factory
__
do
40, 593
42, 437
38, 742
43, 595
112,412
111, 379
113, 753
Stocks, end of month
do
123, 683
111, 321
113, 951
122 910
Fish oils: _
10, 076
493
8,438
4,833
524
Production
do
481
3 649
15, 364
14, 777
Consumption, factory
do. _
15, 236
15, 438
19, 543
15, 280
14, 682
94, 776
Stocks, end of month
do
106, 261
103, 076
87, 502
82, 478
90, 827
69, 944
Vegetable oils, oilseeds, and byproducts:
Vegetable oils, total:
601
553
541
Production, crude
- mil. oflb
478
423
471
388
Consumption, crude, factory
do
496
456
475
450
484
406
398
Stocks, end of month:
1,042
Crude
do
963
1,074
1 058
1 051
1 069
1 020
Refined
do
338
288
386
404
423
398
392
71, 986
' 54, 344
62 747
60 199
Exportsf
thous of Ib
77 755
56 562
68 105
22, 024
36, 906
22, 1 77
Imports, total
do
25, 344
26 146
15 375
43 682
5,535
11, 689
1,803
Paint oils _ _ _
_ _
do .
3,869
6,456
11, 698
8 883
16, 489
All other vegetable oils__
do
25, 217
20, 374
21, 475
19, 690
21, 491
34, 799
Copra:
Consumption, factory
short tons
43, 723
33, 180
36 640
25 515
24 724
28 099
28 757
Stocks, end of month
__
do
21, 998
22, 328
23, 784
17, 725
21 074
18 042
13 194
Imports _ _ _ _ __
_
do_52, 913
32, 798
44, 905
27, 160
27, 903
29, 092
31 976
Coconut or copra oil:
Production:
55, 482
Crude
thous. of lb__
42, 726
46, 743
32, 381
31, 179
36, 169
36, 654
Refined.
_._ d o _ _
25. 363
24, 304
22, 515
21, 358
23, 268
23 393
26 247
Consumption, factory:
Crude
do..
48, 532
45, 222
43, 763
40, 787
46, 571
43 234
47 923
Refined
do
22. 344
23,287
20 617
20 708
22 592
21 394
21 420
Stocks, end of month:
Crude
do
134, 570
141, 073
167 154
167 888
165 462
167 106
170 014
Refined
__
do
8,676
9,016
9,893
8,446
7 899
6' 889
8 997
7 787
Imports
do
12, 409
6,015
11 847
10 729
7 152
12 260
Cottonseed:
Receipts at mills
thous. of short tons
450
1,322
179
262
213
183
95
Consumption (crush) .
do
654
785
677
533
492
365
276
495
Stocks at mills, end of month
do
2,112
1,884
1 409
1 137
858
676
Cottonseed cake and meal:
Production
short tons.- 355, 146 309, 772
289, 039
235, 130
220, 201
162, 095
124, 140
Stocks at mills, end of month
do
142, 801
123, 518
175, 724
196, 406
186, 446
182, 209
179, 112
Cottonseed oil, crude:
Production
thous. oflb.. 252, 640
217, 619
210, 781
173, 826
162, 217
120, 814
90,610
Stocks, end of month.
do
162,355
181, 587
171 922
146 885
99 469
82 539
65 083
Cottonseed oil, refined:
Production
_
do
172, 940
188, 938
175 927
174 054
160 817
116 520
98 983
Consumption, factory
do
144 799
133 830
145 547
158 713
174 461
118 392
130 694
In oleomargarine..
._
do
36, 049
41, 205
47, 649
46 604
52 837
26 754
27 086
Stocks, end of month
do
174, 981
218, 210
255 630
273 525
271 007
285 761
251 672
Price, wholesale, summer, yellow, prime (N. Y.)
dol. per lb_.
.123
.118
.130
.138
.153
.160
.170
Flaxseed:
Production (crop estimate)
thous. of bu_.
» 43, 946
Oil mills:
Consumption. .
do
3,194
3,254
2,937
2 752
2 576
2 360
2 209
Stocks, end of month
..
do
5,412
6,982
5 058
3 928
2 554
1 055
1 384
Imports. . _
do
0
0
0
2
o
o
(*)
Price, wholesale, No. 1 (Minn.)
dol. per bu__
3.92
3.93
3.95
3.88
3.93
4.00
4.05
Linseed oil:
Production
thous. of lb__
62, 856
61, 681
57, 066
53, 469
50, 939
47, 154
43, 697
Consumption, factory
do
36, 376
30, 518
32 292
33 619
39 850
42 119
38 194
Stocks at factory, end of month
do
462 934
485 112
515 697
531 932
548 907
564 035
539 931
Price, wholesale (N. Y.)_._
..dol. perlb..
.186
.185
.184
.185
.180
.182
.180
Soybeans:
Production (crop estimate)
thous. of bu__
* 230, 897
Consumption, factory
do
17 139
17 290
16 909
15 466
18 112
17 198
16 880
47 991
70 914
Stocks, end of month
do
66 508
54 214
59 398
41 674
34 735
Soybean oil:
Production:
Crude
thous. of lb._ 165, 473
166, 855
165, 088
153, 046
177, 518
170, 251
169, 001
Refined
do
133, 442
119, 251
130 317
118 749
146 063
131 913
131 848
Consumption, factory, refined
do
129, 801
104, 727
117, 599
111,398
139, 881
116, 186
125, 688
Stocks, end of month:
Crude .
do
90 H6
69 405
82 877
78 911
87 228
101 386
91 462
Refined
_
do
74' gog
57, 976
59 985
66 650
66 791
64 118
71 651
Price, wholesale, edible (N. Y.)__.dol. perlb..
.142
.148
.150
.153
.168
.171
.177
' Revised, i Data for crude palm, coconut, castor, and sperm oil are excluded from the pertinent items for June-August;
commercial
stocks
basis.
2
Compiled by the U. S.4 Department of Commerce, Bureau of the Census.
3
Revised estimate.
Dec. 1 estimate.
« Less than 500 bushels.
fRevised series. Beginning in the September 1949 SURVEY, data include oleomargarine of vegetable or animal origin.
299, 189
96, 559
388 296
255, 357
74, 577
346, 257
272, 295
130, 289
297, 756
260, 795
127,332
240, 930
300, 360
129, 658
'221,073
354, 641
119,095
246, 609
53 266
40, 163
122 920
45 750
30, 615
118 590
52, 262
46, 388
110, 950
50 521
50, 402
94 200
53, 751
58, 114
86, 676
58 895
47, 615
82 816
17 506
13 990
i 48, 093
23 113
14, 401
» 49, 440
24. 486
18, 145
i 59, 821
22 517
18 152
i 75, 917
22, 961
20, 467
»• i 68, 503
11 247
17, 025
i 69, 024
354
375
368
330
381
456
431
430
'560
r 497
571
523
787
297
32 421
33? 922
9 988
23, 934
i 736
214
17 627
52 839
14, 530
38, 309
i 826
189
40 406
65 112
19 834
45 277
' ! 884
216
47 330
62 848
15 022
47, 827
27 134
10 342
26 064
21 050
16 295
36 449
37 356
14 968
43, 286
40 929
16 417
52 213
45 619
17 740
52, 841
35 393
27 890
34, 211
22 909
26, 668
20 727
48, 420
30, 529
53,167
30 744
60, 334
33, 316
46, 555
26 559
39 642
21 673
35 324
17 639
53, 311
28 798
52 888
27 246
56 479
28 553
47 343
23 262
m
7 756
9 724
(i)
7 968
4 767
(i)
6 286
9 586
i 44 709
6 975
9 390
i 61 989
8 962
24 248
i 64 536
10 276
47
208
334
128
178
285
220
228
276
600
404
472
r 1 123
•• 621
r 974
793
564
1 202
93, 264
163, 360
80, 988
136, 002
104, 675
121, 179
180, 934
153, 478
r 276, 465
r 214, 226
251, 982
207, 924
68, 051
50 748
57, 790
47 667
72, 730
43 033
121, 808
63 370
r 195, 045
r 89 685
182, 355
98 408
1
38
40
10
30
758
363
327
639
389
250
1
792
983
039
034
59 523
118 382
2 41 '698
167 553
.162
.176
80
114
34
225
78
155
2 35
97
244
135
496
930
.196
85
116
2 26
73
825
937
052
621
143
112
2 26
107
07^
573
749
144
.208
.205
1
961
269
160 209
1 1 fi ^QH
2 33 460
155 036
.237
4 39 263
3 270
2 255
o
4 119
2 195
o
2 946
2 505
o
r 3 469
6 177
3 963
5 ju
o
o
4.03
3.84
3.75
3.55
63, 490
44 990
551 263
.189
82, 216
50 031
569 973
.187
57, 809
65 721
561 185
.188
77, 316
13 913
1 K «O7
i c 4.1ft
9 nno
CQ AfV)
3.26
' 68, 708
r ^d G^7
.186
.170
—~~~~~~~
if\~ c'rri"
19 315
141, 705
132 235
120, 525
inn no7
i co A An
157, 026
137, 695
r 190, 723
100, 548
162, 308
149, 258
' 156, 275
00
OOQ
1 fl.4 4.OQ
70 on/1
.171
.174
.172
4 287 010
81, 201
53, 358
.185
3.45
72, 635
eei i no
no 470
159, 261
3 549
9 QAO
.203
r
65, 896
.191
216, 217
170, 013
167, 065
81, 162
51, 045
.215
beginning September 1950, these oils have been restored on a
SURVEY OF CURRENT BUSINESS
S-26
Unless otherwise stated, statistics through
1948 and descriptive notes are shown in the
1949 Statistical Supplement to the Survey
1950
1949
November
January 1951
December
January
February
March
April
May
June
July
August
September
October
November
CHEMICALS AND ALLIED PRODUCTS—Continued
FATS, OILS, ETC.— Continued
Vegetable oils, oilseeds, etc. — Continued
Oleomargarine:
Production
thous o f l b
Stocks (factory and warehouse)*
do
Price, wholesale, vegetable, delivered (Eastern
U S.)
dol. per Ib
Shortenings and compounds:
Production
thous. of Ib
Stocks, end of month
__
do
71,278
14,117
76, 948
13, 027
84, 237
13,219
81,299
12, 474
95.315
17.561
53,817
15,776
56 357
12, 064
69 370
24, 247
1
89, 425
12, 193
i 84, 129
21, 383
i 64, 829
16,811
rl
r
74, 234
14, 807
.224
.224
.224
.224
236
.244
.244
.244
.249
.264
.269
139, 965
61, 889
125, 783
81, 722
135, 591
71, 190
145,489
66, 407
161.722
71,708
126,516
83. 553
144, 761
103, 734
115,440
117.648
101,037
71,189
180, 280
60, 544
156,820
71,852
67, 022
60, 613
25, 226
35, 387
6,409
57, 340
51, 957
23, 481
28, 476
5,383
75, 936
68, 887
27, 684
41,203
7,049
70, 873
64, 640
27,145
37, 495
6, 233
87,169
79, 098
32. 250
46, 847
8.071
87, 605
79, 348
30, 935
48. 413
8, 257
103, 246
93, 434
35, 175
58, 259
9,812
108,910
98, 634
36, 719
61.915
10, 276
99,212
89, 857
33, 008
56, 849
9,354
1,962
5,183
440
950
28, 684
20, 901
13, 568
33, 503
20, 619
9,777
18, 709
1,674
4, 638
485
972
25,811
20,137
13, 389
33, 036
17, 902
8,086
18, 861
1,938
5,387
546
825
27, 499
20, 332
12, 989
33, 111
18, 825
8,486
21,096
1.875
5,399
546
1,168
27, 453
20, 242
12, 522
31, 429
21 , 223
8,479
20. 009
1.883
6, 405
650
1,198
32, 334
27, 032
13, 205
37, 662
25, 624
10,156
20, 759
2,144
6.301
587
926
29, 978
24, 555
11,434
35, 946
21,864
9,138
19, 642
1,980
6,518
650
898
31, 910
25, 441
14, 581
35, 510
24, 625
9.809
22, 331
2,072
6,603
628
817
32, 415
25, 170
15, 059
32, 596
25, 539
9,500
21, 772
2,397
7,240
563
830
25, 901
26, 570
13, 505
34, 376
22, 760
9,348
21, 567
2,585
8,389
798
1.111
38, 128
27, 993
17, 994
36, 142
25, 806
12,832
23, 969
2,719
7,248
2,831
8,643
1,150
36,905
29 377
16, 237
' 35. 138
25, 718
' 10, 738
24, 893
1,329
36, 059
29, 658
16. 658
39, 036
26,614
12,123
26, 807
r
i 93, 852
12, 645
.264
.279
142, 215
r
85, 962
155, 333
81, 121
PAINT SALES
Paint, varnish, lacquer, and filler, total
thous. of dol__
Classified, total
do
Industrial
do
Trade
- do_
Unclassified
do
122, 629 * 103, 323
111, 165 r* 93, 170
42, 161 r 38, 417
69, 004
54, 753
11, 465 r 10, 153
r
99, 384
90. 366
41. 114
' 49, 252
T
9, 018
r
T
87, 266
79, 594
37, 619
41, 975
7, 673
SYNTHETIC PLASTICS AND RESIN
MATERIALS
Production:*
Cellulose acetate and mixed ester plastics:
Sheets rods and tubes
thous. o f l b
M^olding and extrusion materials
do
Nitrocellulose sheets rods and tubes
do
Other cellulose plastics
do
Phenolic and other tar acid resins
do
Polystyrene
do
Urea and melamine resins
do
Vinyl resins
do
Alkyd resins
do
Rosin modifications
__do
Miscellaneous resins
do
638
711
ELECTRIC POWER AND GAS
ELECTRIC POWER \
Production (utility and industrial), total
mil. of kw.-hr_.
Electric utilities total
do
By fuels
- do_ .
By water power
do
Privately and municipally owned utilities
mil. of kw.-hr..
Other producers
__do_ _
Industrial establishments, total
do
By fuels
do
By water power
do
Sales to ultimate customers, total (Edison Electric
Institute)
mil. of kw.-hr
Commercial and industrial:
Small light and power
- do_
Large light and power
do
Railways and railroads
_
do_ _
Residential or domestic
do
Rural (distinct rural rates)
_
__do_ __
Street and highway lighting
__do
Other public authorities
do__ _
Interdepartmental
do
Revenue from sales to ultimate customers (Edison
Electric Institute)
- . thous. of dol. _
28, 616
24, 348
17, 480
6,868
31, 162
26, 348
18, 720
7,628
31, 677
26, 871
18, 537
8,334
28, 789
24, 270
16. 528
7.741
31,864
26, 997
18, 268
8,729
30, 191
25, 437
17, 140
8,297
31, 486
26, 525
18, 048
8,477
31,608
26, 685
18, 701
7,984
31, 626
26, 780
19, 273
7,507
33, 874
28, 869
21,338
7,531
32, 650
27, 774
20, 231
7,543
34, 307
29, 151
21, 763
7,388
34, 072
29, 006
21, 345
7,661
20, 799
3,549
4,268
3,897
371
22, 474
3, 874
4,814
4, 353
461
22, 893
3, 979
4, 805
4,362
443
20, 637
3, 632
4,519
4.082
437
23, 022
3, 975
4.867
4, 383
483
21,838
3, 599
4,754
4,318
436
22, 739
3,786
4,962
4, 503
459
22, 952
3, 734
4,923
4,484
439
22, 914
3,866
4,846
4,459
387
24, 780
4.090
5.005
4,647
358
23, 744
4, 030
4,876
4,511
366
25, 189
3, 962
5, 157
4,781
376
25, 073
3,933
5,066
4,699
367
20, 655
22, 020
22, 943
22, 203
22, 565
22, 397
22, 394
22, 694
22, 637
23, 646
24, 157
24, 431
3,890
9,799
499
5,032
541
272
572
49
4,047
10, 384
555
5, 604
506
291
580
52
4,181
10, 602
536
6, 276
409
287
602
49
4,076
10, 297
507
6,017
405
251
597
52
4.002
10, 830
555
5,782
493
250
596
57
3,986
10, 930
497
5,521
605
221
581
55
3,919
11, 300
468
5, 235
634
206
581
52
4,107
11, 547
450
5.072
694
192
583
49
4,277
11,260
437
5,034
818
200
564
46
4.340
12 172
453
4 964
867
218
587
46
4,434
12, 301
447
5,256
836
249
593
42
4,321
12 584
476
5 482
631
280
613
42
391, 007
409, 942
425. 325
416, 130
414, 263
410, 076
407, 411
414, 734
412, 437
421, 090
430, 680
435, 282
GASf
Manufactured and mixed gas (quarterly):
Customers end of quarter, total
thousands
Residential (incl house-heating)
do
Industrial and commercial
do
Sales to consumers, total
mil. of cu. ft
Residential
do
Industrial and commercial
_
_ __do
Revenue from sales to consumers, total
thous. of dol
Residential (incl house-heating)
do
Industrial and commercial
do
Natural gas (quarterly) :
Customers, end of quarter, total
_ .thousands. _
Residential (incl house-heating)
do
Industrial and commercial
__do
Sales to consumers total
mil. of cu. ft
Residential (incl. house-heating)
_ do
Industrial and commercial
do
Revenue from sales to consumers, total
thous. of dol
Residential (incl. house-heating)
do
Industrial and commercial
do
r
10, 004
9,333
664
141, 005
92, 795
46, 648
9,763
9,092
664
184, 390
128, 143
54, 506
9,617
8,960
649
146, 059
93, 636
51, 194
9,154
8 537
609
97, 507
55 747
41, 040
144, 379
106, 943
36, 405
174, 188
129, 500
43, 505
146,139
107, 005
38, 225
108 008
77, 182
30 238
13,210
12, 072
1,128
829, 468
238, 906
555, 867
13, 733
12, 562
1,161
1,080,316
447, 480
606, 702
13, 941
12, 783
1,143
882, 363
255, 373
601,037
14, 490
13 339
1, 137
740 818
108, 884
597 808
293, 085
160, 525
126, 922
439, 632
278, 828
156, 322
319, 382
175, 734
139, 144
229 031
92 812
130 304
Revised.
* Compiled by the U. S. Department of Commerce, Bureau of the Census.
*New series. Data for stocks of oleomargarine are compiled by the U. S. Department of Commerce, Bureau of the Census; figures prior to August 1949 will be shown later. The data foi
production of synthetic plastics and resin materials, compiled by the U. S. Tariff Commission beginning July 1948, are essentially comparable with the series for shipments and consumption
(reported by the Bureau of the Census) previously shown here, except for inventory changes (which tend to balance out over a short period) and the inclusion of reports from a few additional
companies. Data for alkyd resins and rosin modifications are not available prior to 1949.
^Revisions for January-July 1949 for electric-power production and for the first two quarters of 1949 for the gas series will be shown later.
SURVEY OF CURRENT BUSINESS
January 1951
Unless otherwise stated, statistics through
1948 and descriptive notes are shown in the
1949 Statistical Supplement to the Survey
1950
1949
November
S-27
December
January
February
March
April
May
July
June
August
September
October
Novein
ber
FOODSTUFFS AND TOBACCO
ALCOHOLIC BEVERAGES
Fermented malt liquors:
5,780
Production
thous of bbl
6,103
Tax-paid withdrawals
do _ _
8,680
Stocks end of month
do
Distilled spirits:
19, 771
Production
thous. of tax galConsumption, apparent, for beverage purposes
17, 673
thous of wine gal
12, 073
Tax-paid withdrawals
thous. of tax gaL669, 884
Stocks, end of month
do
1,607
Imports
thous. of proof gal Whisky:
9,705
Production
thous. of tax gal6,968
Tax-paid withdrawals
do
606,
015
Stocks, end of month
do
1,461
Imports
thous. of proof gaL.
Bectified spirits and wines, production, total
12, 764
thous. of proof gaL11,616
Whisky
do
Wines and distilling materials:
Sparkling wines:
54
Production
_
thous. of wine gal
154
Tax-paid withdrawals
do_-_
1,520
Stocks, end of month
do
86
Imports
dO--_
Still wines:
14,579
Production
do. 13, 557
Tax-paid withdrawals
do
' 205, 128
Stocks, end of month
__do
342
Imports
do
34, 705
Distilling materials produced at wineries do
6,314
6,247
8, 486
6,139
5,597
8,763
5,842
5,523
8,849
7, 562
6,693
10, 155
7,352
6,367
10, 603
8,361
7,616
10, 846
9,368
8, 696
10, 982
9,241
8,511
11, 196
9,040
8,621
11,078
6,870
6,845
10, 648
6, 391
6, 913
9,692
6, 166
6,019
9, 451
19, 060
16, 581
14, 137
15, 969
17, 305
20, 490
21, 358
21. 695
33, 042
41, 863
47, 852
38, 254
20, 030
8,351
676, 021
1,410
11,519
r
7, 219
680, 939
890
11,592
6,299
684, 577
857
14, 333
9,219
686, 646
1,076
13, 276
7,319
692, 458
864
13, 783
7,935
700, 420
1,161
13, 615
8,091
708, 562
1,291
18, 757
10, 537
712, 863
1,832
20, 281
16, 142
720, 296
1,692
15,816
11,348
734, 968
1,461
15, 177
10, 128
760, 806
1,706
11,064
780, 654
10, 672
5,201
610, 341
1, 262
11,069
4,694
615, 424
790
10,115
4,047
620, 133
778
11,045
5,562
624, 188
967
11,922
4,358
630, 678
772
12,727
4,610
637, 409
1,076
12, 521
5, 228
643, 280
1,196
10, 339
6,575
645, 268
1,719
15,072
9 869
647, 062
1,534
17, 758
6,455
656, 999
1,322
20, 536
5, 939
670,213
1,543
22 241
6 557
684, 031
7,932
7,107
6,632
5, 870
6,104
5,458
9,532
8,497
7,901
6,775
8,146
6,923
9,109
7,612
10, 233
8,749
16, 230
14 029
11,081
9,741
10, 233
9,037
11,112
10 177
86
159
1,425
86
124
64
1,475
24
38
41
1,456
17
108
60
1,494
29
190
61
1,675
28
1,614
3,534
12, 878
192, 047
335
4,896
1,083
11,984
179, 559
240
1,394
745
10,071
168, 935
243
1,397
1,144
13, 073
157,058
279
1,280
842
12, 365
145,011
286
734
86
78
98
78
1,619
44
53
73
111
77
148
1,627
1, 579
41
44
1,499
117, 335
4, 250
11 367
109, 347
1,509
12 813
41,610
11,271
143, 694
331
98, 229
59,214
12, 657
194, 870
459
124, 020
1,605
38
40
27
790
887
7,588
127,000
347
216
758
8,236
10, 573
134, 871
263
1,300
255
116
87
276
68
DAIRY PRODUCTS
Butter, creamery:
Production (factory)}
thous. of lb_- ' 92, 297
Stocks, cold storage, end of month
do
130, 452
Price, wholesale, 92-score (New York)_dol. per lb-.625
Cheese:
Production (factory), total}
thous. of lb__ r 72, 281
American, whole milk}
do
'51,747
196, 125
Stocks, cold storage, end of month, total
do
American, whole milk
do
175 764
Imports
____
_
___ do _
3,946
Price, wholesale, American, single daisies (Chicago) _
dol. p e r l b _ _
.356
Condensed and evaporated milk:
Production:}
Condensed (sweetened) :
Bulk goods __ _
thous. of Ib _ ' 15, 304
' 4 513
Case goods
do
Evaporated (unsweetened), case goods... -do
' 133, 540
Stocks, manufacturers', case goods, end of month:
Condensed (sweetened)
._ -thous. of Ib
5,795
E vaporated (unsweetened) _.
do
333, 264
Exports:
Condensed (sweetened)
do
1 618
Evaporated (unsweetened)
do
14, 862
Prices, wholesale, U. S. average:
Condensed (sweetened)
dol. per case
9. 10
Evaporated (unsweetened)
.-_ ___ do..
5.09
Fluid milk:
Production
mil of Ib
8 451
Utilization in mfd. dairy products
do
2,943
Price, dealers', standard grade
dol. per 1001b._
4.75
Dry milk:
Production:}
Dry whole milk
thous. of lb__
'7,112
Nonfat dry milk solids (human food)
do
' 50, 148
Stocks, manufacturers', end of month:
Dry whole milk
_. .
do
14, 180
Nonfat dry milk solids (human food)
do
47, 791
Exports:
Dry whole milk _ _ _
do
4,377
Nonfat dry milk solids (human food)
do
2,814
Price wholesale, nonfat dry milk solids (human
food), U. S. average . dol. per Ib
.122
' 96, 665 -101,195
113, 993
103, 657
.631
.624
' 98, 175 r 122, 195 ' 128, 770 ' 156, 495 ' 166, 080 ' 146, 760 ' 124, 960
93, 489
136, 867
92, 886
109, 020
185, lf:7
230, 063
239, 398
.599
.607
.599
.635
.600
.614
.603
' 74, 026
' 51, 852
188, 653
168, 670
5,102
r
.353
r
' 77, 060
' 54, 180
176, 821
159 906
3,085
.349
75, 365
'53,410
163. 922
149 004
6,845
.354
' 13, 103 ' r15, 700 r r14, 300
' 4, 941
3 925
5 250
149, 347 r 169, 800 r 183, 900
103, 035
234, 111
.633
' 95, 825 ' 110, 565 ' 133, 735 ' 142, 960 '124,370 ' 107, 395 89, 560
' 69, 820 r 84, 110 ' 105, 695 ' 114,970 ' 99, 180 ' 84 395 67, 900
254, 246
158, 134
208, 986
326, 907
171, 553
280, 948
316, 661
141, 946
229, 785
186, 062
153 135
292 421
287 977
256 395
2, 806
3,540
4,355
2,518
6,854
3 564
8 937
.351
.346
.343
.347
341
349
.354
' 18, 500 r r22, 100 '31,650 r r30. 750 ' 31 000 ' 28 350 21 200
T 4 ggQ
' 6 010
' 5 430
r Q 200
7 225
5 230
5 900
241,000
258, 000 ' 347, 000 348, 800 ' 302, 100 ' 284, 300 232, 600
' 91, 930 75, 720
' 208, 228 159 297
.642
.647
r
r
'r 80, 035 66, 310
45 550
58, 095
310, 240
260 827
276 930
229 174
5,185
.360
19 575
15 100
' 5 325
4 260
202, 000
159, 000
7, 386
243., 491
5,249
151, 401
5,951
101, 470
6,757
86, 216
7 596
116, 999
7,650
222, 300
9 733
343, 988
7 368
340, 962
7 016
349, 397
9 409
388, 620
9 296
383, 173
2 221
15, 351
2 858
13, 120
2 869
14 306
2 514
8,694
3 918
16 275
2 734
18 965
465
16 905
2 699
6 291
741
11 741
983
18 075
1 378
8 199
9 10
5.09
9 10
5.10
9 10
5. 10
9 10
5.10
9 10
5. 10
9 10
5 10
9 10
5 09
9 10
5 10
9 30
5 29
8 622
3, 144
4.75
9 046
3 321
4.66
8 671
3 263
4.63
9 996
4 116
4.58
10 612
4 431
4.37
11 981
5 416
4.31
12 485
5 749
4.29
11 827
5 078
4.38
10 601
4 392
4.52
r
9, 540
' 8, 990 ' 8, 290 ' 11, 560 ' 10, 050 ' 11, 760 13. 200
' 61, 662 ' 64, 600 ' 66, 150 ' 86, 000 r 98, 000 r 113, 700 '116,750
363
10 494
316, 662
9 50
5 37
9 50
5 38
9 035
9 375
' 3 633 r 3 246
4.62
4.79
8 376
2 667
4.84
11.300
35, 800
9,920
30, 550
11 650
23 491
9 30
' 5 37
'11,550 '11,885
10, 400
' 90, 000 ' 60, 950 ' 42, 900
11, 105
48, 722
9,710
43, 821
9 187
42, 213
9, 719
51, 619
9 799
70, 091
10 307
81, 934
13 219
92, 873
13 908
82 621
13 630
59 407
12 503
42 567
13 284
31 528
5,906
7,326
5,408
8,374
3 654
32, 890
5 974
25, 440
5 088
21, 761
4 300
10, 267
6 118
16, 794
4 643
17,' 704
4 711
21, 759
5 966
17,966
6 047
20, 010
.121
.117
118
117
118
116
117
117
118
119
121
124
FRUITS AND VEGETABLES
Apples:
2
Production (crop estimate) _ _ __ thous. of bu
i 133, 742
120, 499
4,849
Shipments, carlot
no. of carloads
4,061
3 832
4 231
3 326
2 598
5 387
1 521
554
240
333
1 208 r r g 084
Stocks, cold storage, end of month__thous. of b u _ _
33, 405
25, 667
19, 573
12, 502
7,074
3,645
1,289
165
7, 321
34, 451
39, 240
115
102
Citrus fruits, carlot shipments
no. of carloads, _
7,599
11, 369
9,760
8,613
9,911
8,966
6,491
' 4, 932
10, 579
9,434
5,965
5, 658
7,403
Frozen fruits, stocks, cold storage, end of month
thous. of l b _ _ 326, 934
300, 409
279, 255
251, 119
265, 204
243, 861
287, 445
356, 409
414, 557
461, 956
466, 135 ' 497, 878 477, 399
Frozen vegetables, stocks, cold storage, end of
month . _ _ _
_
__
. thous. o f Ib
383, 658
371, 003
339, 316
269, 980
221 119
305, 316
241 992
235 955
283 334
430 576 r 457 573
454 987
361 366
Potatoes, white:
2
Production (crop estimate)
thous. of bu__
1411,565
439, 500
24 117
17 572
Shipments, carlot
no. of carloads
16 598
r 15 248
20 750
27 144
19 900
25 291
24 174
12 650
11 618
13 169
14 900
Price, wholesale, U. S. No. 1 (New York)
dol. per 1001bs__
3.601
4.134
3.719
3.632
4.473
4.789
4.221
3.485
3.242
2. 650
2.636
2.515
2.128
r
l
2
Revised.
Revised estimate.
Dec. 1 estimate.
iRevisions prior to 1949 are shown on p. 24 of the August 1950 SURVEY. Revised data for January-October 1949 are as follows (thous. of Ib.): Butter, creamery—92,488: 93,569; 111,633; 124,618;
161,899; 155,637; 135,257; 129,655; 114,827; 103,556; cheese, toteZ—77,032; 76,939; 95,121; 110,987; 145,366; 140,247; 119,292; 109,624; 96,130; 82,966; cheese, American—57,486; 57,951; 71,154; 86,142; 118,635;
116,138; 97,846; 88,265; 74,973; 62,829; condensed milk, bulk goods—14,915; 13,781; 17,874; 26,193; 41,756; 33,949; 26,388; 24,822; 20,942; 17,267; condensed milk, case goods—9,269; 10,888; 12,999; 11,670;
10,481; 9,749; 8,132; 7,959; 5,721; 4,580; evaporated milk—156,513; 160,861; 215,893; 266,766; 358,577; 350,154; 306,989; 273,573; 214,813; 168,754; dry whole milk—10,900; 8,731; 10,859; 11,592; 14,402; 11,672;
12,328; 10,076; 10,087; 8,242; nonfat dry milk solids—55,602; 59,865; 80,955; 98,420; 123,636; 114,120; 90,527; 79,853; 64,204; 54,670.
SURVEY OF CURRENT BUSINESS
S-28
Unless otherwise stated, statistics through
1948 and descriptive notes are shown in the
1949 Statistical Supplement to the Survey
1950
1949
November
January 1951
December
January
February
March
April
May
June
July
August
September
October
November
FOODSTUFFS AND TOBACCO—Continued
GRAINS AND GRAIN PRODUCTS
Exports, principal grains, including flour and meal
thous. of bu-.
Barley:
Production (crop estimate)
do
Receipts, principal markets
do
Stocks, domestic, end of month:
Commercial
do
On firms
do
Exports including malt
do
Prices, wholesale (Minneapolis):
No. 2, malting
dol. per bu-_
No 3 straight
do -.
Corn:
Production (crop estimate)
mil of bu
Grindings, wet process _
._
thous. of bu
Receipts, principal markets
- do
Stocks, domestic, end of month:
Commercial
do
On farms
mil of bu
Exports including meal
thous. of bu
Prices, wholesale:
No 3 white (Chicago)
dol. per bu
No 3 yellow (Chicago)
do
Weighted average, 5 markets, all grades- -do
49, 503
42, 726
33,835
31,620
31, 684
33, 994
27, 569
29,219
28, 003
28, 186
«• 27, 395
29, 509
9,015
1236,737
6,820
4,349
5,806
6,738
5,627
7,696
7,217
5,894
16, 968
21, 441
13, 503
301, 009
12, 581
34, 541
2
32. 630
107 532
2,263
30, 282
30, 454
26, 228
28, 593
250
736
1,119
1,253
33. 429
178, 484
2,532
34, 026
550
25, 924
31,305
362
25, 984
811
28, 072
70, 692
1,677
27, 657
1, 468
1.560
1.451
1.509
1.418
1.546
1.444
1.547
1.484
1.578
1.&18
1.622
1.538
1.643
1.593
1.687
1.601
1.692
1.649
1.545
1.484
1.529
1.451
1.488
1.394
10, 047
58, 975
' i 3, 379
9. 554
33, 364
9, 454
24, 678
9,446
17, 006
10, 743
23, 470
10, 371
19, 624
10, 723
24, 065
10, 682
26, 726
11,371
26, 697
12, 096
33, 367
11,973
23, 264
11, 932
24, 371
3, 131
11,778
52, 010
52, 137
34. 109
2,516
2
51, 688
2,401.3
13, 470
47, 521
45,319
43, 177
39, 768
5,907
7,393
6,507
10, 938
40, 127
485.4
'5,317
38, 779
8,628
42, 874
1, 058. 5
6,644
39, 434
10, 082
47, 400
1, 634. 2
6,161
43, 910
20, 561
1.308
1.157
1.142
1.450
1. 296
1.248
1.440
1.291
1.249
1.441
1.297
1.261
1.487
1.337
1.305
(3)
1.426
1.419
(3)
1.481
1.480
(3)
1.489
1.462
(3)
1.556
1.530
(3)
1.534
1.511
(3)
1. 541
1.498
1.528
1.521
1.462
46, 400
1.561
1.476
7,176
1.760
1.581
1.500
Oats:
2
5,460
7,163
6,862
4,670
7,660
8,041
8,343
7,313
9,066
17, 102
11,013
8,977
1,465
7,211
21, 218
19, 029
819, 701
578
16, 050
13, 130
11,517
18, 275
18, 226
388
1,055
333
22, 020
1, 180, 466
257
20, 381
450
11, 268
190, 855
579
12, 510
658
12, 099
481, 216
171
11, 295
268
.762
.749
.769
.783
.841
.947
.890
.781
.816
.812
r ! 1, 329
Receipts, principal markets
Stocks, domestic, end of month:
Commercial
thous. of bu_do
Exports including oatmeal
do
Price, wholesale, No. 3, white (Chicago)
dol. per bu_.
Rice:
California:
Receipts, domestic, rough
thous. of lb_.
Shipments from mills, milled rice
do
Stocks, rough and cleaned (cleaned basis), end
of monthjthous. of lb._
Southern States (Ark., La., Tenn., Tex.):
Receipts, rough, at millsO
thous. of Ib
Shipments from mills, milled rice
do
Stocks, domestic, rough and cleaned (cleaned
basis) end of month f
thous. of Ib
Exports!
do
Price, wholesale, head, clean (N. O.)..dol. perlb..
2,460
.759
mil of bu
do
do
thous. of bu._
39, 427
22, 610
65, 207
81, 654
32, 953
31, 183
45, 493
33, 990
83. 503
34; 770
50, 081
29, 175
83,677
37, 907
111,988
110, 244
65, 702
73, C75
109, 357
73, 299
16, 204
11,100
163, 842
24, 661
84, 380
58, 484
37, 295
119, 271
84, 784
73, 728
63, 891
78, 428
75, 125
83, 226
50,908
47, 911
14, 179
14, 274
91, 714
90, 474
587, 780
212, 584
236, 707
243, 272
93, 218
186, 783
63, 919
78, 592
76, 452
94, 348
70, 748
79, 203
72, 536
92, 608
39, 350
142, 501
41, 154
126, 695
289, 728
145, 146
71 5, 391
* 266, 891
999, 638
' 225, 808
402, 280
170, 603
589, 101
200, 905
.082
468, 071
188, 297
.082
430, 249
41, 146
.081
384, 497
24, 694
.080
351, 624
29, 925
.081
305, 208
22, 113
.081
188. 747
82, 592
.081
90, 151
197, 343
.085
132, 419
83, 407
.090
328, 120
162, 644
.085
757, 612
107, 336
'.089
857, 876
300
8,280
1.430
263
7,643
1.343
323
7,321
1.393
303
6,278
1.395
1,121
5,977
1.443
722
5,900
1.418
1,484
5,786
1.483
2,986
7,174
1.382
1,576
7,694
1.388
887
7, 518
1.369
675, 571
109, 077
.077
r
2
2.395
2.202
2.161
2.274
19, 584
244, 422
17, 856
22, 154
38, 820
246, 819
165, 657
152, 065
146, 506
909, 226
219. 038 ~~i99,~6i3~ "l89,~447~
136, 625
665, 030
180, 659
126, 762
108, 447
100, 743
420, 018
168, 497
237, 304
117, 849
327, 230
26. 094
21, 655
21, 996
18, 055
21, 590
19, 229
190, 923
88, 731
199, 169
23, 315
18, 838
26, 768
21, 559
2.375
2.221
2.200
2.269
2.366
2.223
2.218
2.259
2.328
2.224
2.158
2.253
2.358
2.272
2.290
2.300
2.373
2.306
2.329
2.322
18, 492
255, 586
18, 385
17,347
48, 301
I73~136 "i69~293~
197, 072
212, 742
261, 313
253, 69C
61,948
45, 302
238, 722
99, 169
85, 886
219, 702
256, 411
158,197
1,191,865
260, 104
19,114
16, 487
r 2. 366
2. 179
2.127
2.243
82, 214
18, 523
15, 432
126 027
55, 934
64, 660
21, 490
17, 635
19, 178
13, 649
15, 494
12, 446
319, 564
130, 247
471,216
•• 19, 112
15, 799
2.453
2.300
2.333
2.365
2.446
2.170
2.160
2.297
2.530
2.228
2.190
2.300
2.440
2.209
2.163
2.285
2.420
2.210
2.144
2.285
22, 977
665
7,716
1. 46?
1,026.8
2
276. 1
2
750. 7
39, 472
r 1 895 1
24, 296
.099
2
'11,141.2
' i 246. 1
Stocks, end of month:
Canada (Canadian wheat)
_ do __. 165, 267
United States, domestic, totald*
do
"227," 502
Commercial
_.
do
Interior mills, elevators, and warehouses
thous of bu
Merchant mills
do
On farms
do
24, 067
Exports total including
flour
do
20, 482
Wheat only
do
Prices, wholesale:
No. 1, dark northern spring (Minneapolis)
dol. per bu__
No. 2, hard winter (Kansas City)
do
No. 2, red winter (St. Louis).
_ do
Weighted avg., 6 markets, all grades
do
.928
2
«• i 90, 549
Rye:
' 1 18, 739
Production (crop estimate)
thous. of bu__
569
""5,"07i"
Receipts, principal markets .
_ _ _ do
10, 005
9, 338
Stocks, commercial, domestic, end of month-do
1.457
1.418
Price, wholesale, No. 2 (Minn.)
dol. per bu__
Wheat:
Production (crop estimate) total
Spring wheat
Winter wheat
Receipts, principal markets
.912
366
2.385
2.224
2.204
2.268
Wheat flour:
Production :f
21, 079
18, 811
19, 165
17, 705
17, 675
18, 498
18, 584
20, 043
16, 864
18, 869
19, 100
18, 360
18, 970
Flour
thous. of sacks (lOOlb.)..
74.5
68.9
79.6
75.4
78.4
75.9
71.3
76.8
77.5
74.7
72.2
81.6
82.3
Operations, percent of capacity^
374, 874
369, 090
422, 168
353, 333
382, 753
374, 335
377, 024
Offal
short tons.. 388, 849 377, 943 384, 792 355, 951 402, 001 337, 484
41, 065
49, 099
42, 905
43, 719
44, 674
44, 576
41, 172
46, 596
39, 178
42, 690
44, 175
43, 807
43, 369
Grindings of wheat f
_. ... .thous. of bu__
Stocks held by mills, end of month
4,635
4,931
4,911
4,998
thous. of sacks (100 lb.)__
1,655
1,905
1,422
1,442
1,922
2,235
1,327
1,308
1,539
1,692
2,373
1,127
Exports
do
Prices, wholesale:
Standard patents (Minneapolis)
5.912
5.619
5.730
5.669
5.605
5.600
5.656
5.688
5.930
5.975
5.738
5.744
5.690
dol. per sack (100 lb.)__
5.162
5.244
5.165
5.284
5.269
5.002
5.119
5.115
5.283
5.158
5.138
5.188
5.150
Winter, straights (Kansas Citv)
do. __
r
2
3
Revised.
* Revised estimate.
Dec. 1 estimate.
No quotation.
fRevised series. Data for rough rice, included in rice exports and stocks, have been revised using a new conversion factor supplied by the U. S. Department of Agriculture; unpublished
revisions for exports (1933-July 1948) and those for stocks (prior to August 1949) are available upon request. Revised data for January 1947-July 1948 for whaat-nour production and grindings will be published later.
OPrior to the October 1950 SURVEY, data are shown in thousands of barrels of 162 pounds.
cfThe total includes wheat owned by the Commodity Credit Corporation and stored off farms in its own steel and wooden bins; such data are not included in the breakdown of stocks.
§Based on a 5-day week (formerly on a 6-day week); data for January-June 1949 are shown on p. S-28 of the September 1950 SURVEY.
SURVEY OF CURRENT BUSINESS
January 1951
Unless otherwise stated, statistics through
1948 and descriptive notes are shown in the
1949 Statistical Supplement to the Survey
19f>0
1949
November
S-29
December
January
February
March
April
May
June
July
August
September
October
November
FOODSTUFFS AND TOBACCO—Continued
LIVESTOCK
Cattle and calves:
Slaughter (Federally inspected):
Calves
___
- -thous of animals _
Cattle
do _
Receipts principal markets _ _
_
-do
Shipments, feeder, to 8 corn-belt States
do
Prices, wholesale:
Beef steers (Chicago).
dol. per 100 lb-.
Steers, stocker and feeder (Kansas City) -do
Calves vealers (Chicago)
do
Hogs:
Slaughter (Federally inspected)
thous. of animals. .
Receipts principal markets
do
Prices:
Wholesale, average, all grades (Chicago)
dol. per 100 Ib..
Hog-corn ratio
bu. of com equal in value to 100 Ib. of live hog..
Sheep and lambs:
Slaughter (Federally inspected)
thous. of animals. .
Receipts principal markets
do
Shipments, feeder, to 8 corn-belt States
.do
Prices, wholesale:
Lambs, average (Chicago)..
dol. per 100 lb..
Lambs, feeder, good and choice (Omaha) .do
585
1,116
' 2, 297
432
511
1,064
1, 676
198
465
1,103
1,839
133
443
939
1,537
112
586
1,082
1,715
141
494
959
1,590
128
496
1,075
1,871
130
485
1,066
1,704
160
443
1,070
1,759
152
484
1,184
2,046
239
488
1,196
2,311
447
515
1,169
2,795
763
505
1, 151
2,210
483
28.21
21.45
26.75
26.47
21.44
27. 25
25.98
22.94
30.40
25.58
24.13
30.88
25.90
25.32
29.06
26.94
25.79
29.19
29.02
27.19
30.35
30.13
27.44
29.00
30.67
27. 48
29.60
30.09
26.90
32.00
30.57
26.90
32.88
30.49
26.92
31.70
31.41
28.46
32.38
6,003
r 3, 622
6,477
3,813
5,844
3,712
4,191
2,691
5,020
3,058
4,316
2,593
4,338
2,836
4,154
2,586
3,314
2,234
3,626
2,345
4,137
2,431
5,102
2,955
6,144
3,678
15.87
15.05
15.23
16.55
16.13
16.02
18.41
18.18
20. 65
21.55
21.10
19.41
18.04
15.3
13.1
13.1
14.3
13.5
12.4
13.8
13.1
14.9
15.0
14.7
14.0
13.0
1,060
1, 297
212
1,058
1, 139
71
1,077
1,206
115
863
931
112
939
979
101
834
1,013
98
941
1,455
157
1,019
1,206
166
960
1,149
153
1,076
1,466
355
1,063
2,001
576
1,081
1,790
591
969
1,185
238
23.38
23.25
22.38
22.88
24.00
23.64
26.12
25.12
27.62
26.59
26.75
0)
27.12
(0
27.75
0)
27.25
0)
27.12
27.42
27.62
28.50
28.25
28.90
29. 50
29.32
1,356
897
80
1,585
866
85
1,397
857
46
1,488
802
43
1,501
769
50
1,366
649
45
1,449
542
42
1,478
r
469
31
1,621
457
27
1,081
595
554, 425
123, 281
1,078
644, 109
110.022
1,021
575, 795
98, 839
1,433
638, 652
78, 844
1, 558
628, 277
67, 291
1,990
626, 299
66, 051
1,578
696, 567
79, 919
1,831
704, 754
89, 485
1,829
686, 636
103, 894
1,561
669, 181
125, 576
.474
.488
498
.486
.491
.486
493
47, 225
5,998
46, 674
6,486
47, 326
r
7, 994
43, 293
9,726
r
MEATS
Total meats (including lard):
1,864
1,793
Production (inspected slaughter) __
mil. of lb-.
1,763
799
532
943
Stocks, cold storage, end of month. _.
do
69
54
58
Exports
do~
Beef and veal:
640,
589
616,
302
642,
167
Production (inspected slaughter)...- thous. of lb-.
143, 599
136, 903
103, 582
Stocks, cold storage, end of month _ _ _
do
2,569
1,068
1,167
Exports
do
Price, wholesale, beef, fresh, steer carcasses, good
.438
.445
.476
(600-700 Ibs.) (New York)..
dol. per lb.Lamb and mutton:
51,344
48, 992
Production (inspected slaughter). _. -thous. of lb-47, 893
14, 332
13,811
10, 534
Stocks cold storage end of month
do
Pork, including lard, production
(inspected
slaughter).
thous. of lb_. 1, 074, 324 1, 198, 884 1,099,016
Pork, excluding lard:
804, 033
801, 460
880, 945
Production (inspected slaughter)
do.
582, 737
Stocks cold storage end of month
do. .
473, 741
297, 205
6,576
4,C17
2,711
Exports
do
Prices, wholesale:
.489
.469
.468
Hams smoked (Chicago) -dol per Ib .
.368
.351
.386
Fresh loins, 8-10 Ib. average (New York). do
Miscellaneous meats and meat products, stocks,
cold storage, end of month:
63, 173
62, 163
51,174
Edible offal
thous. of l b _ _
Canned meats and sausage and sausage-room
45, 984
38, 186
30, 014
products
-- thous. of Ib
Lard:
232, 483
215, 492
199, 237
Production (inspected slaughter)
do
92, 949
73, 995
39, 808
Stocks cold storage end of month
do
54,311
45, 770
49, 467
Exports
- - do .
.129
.
128
.130
Price, wholesale, refined ( Chicago) ...dol. per lb._
POULTRY AND EGGS
Poultry:
73, 034
82, 866
Receipts, 5 markets
thous. of l b _ .
292, 513
267, 508
Stocks, cold storage, end of month
do
.213
.217
Price, wholesale, live fowls (Chicago). dol. per l b _ .
Eggs:
r
4,499
3, 877
Production, farm
millions. .
8,579
' 1, 519
Dried egg production
thous. of lb._
Stocks, cold storage, end of month:
110
Shell
thous of cases
250
53, 902
72, 556
Frozen
thous. of Ib
Price, wholesale, extras, large (Chicago) t
dol. per doz__
.527
.381
.430
.433
.447
42, 392
13, 062
45, 917
10, 689
39, 949
8,440
43, 184
7, 099
43, 597
6,681
41, 543
6,079
759, 390
894, 965
780, 940
806, 047
829, 338
697, 727
705, 016
726, 906
558, 664
573, 108
4,179
664, 439
548, 640
5,584
573, 780
541, 955
5,145
592, 792
492, 194
4,812
605, 008
469, 361
3,851
514,916
394, 402
4,481
519, 370
303, 588
3,572
547, 272
240, 544
3,284
.495
.430
.485
.409
.478
.412
.528
.485
.548
.480
.611
.579
.586
.587
.551
.557
56, 670
54, 246
48, 699
46, 631
43, 875
41, 288
39, 744
38, 157
r
886, 656 1, 096, 444
r
665, 625
219, 758
3,425
821, 067
319, 440
.482
.467
.498
.408
r
38, 932
49, 484
r
34, 162
37, 290
49, 457
54, 818
51, 381
49, 190
45, 952
34, 893
37, 014
35, 608
146, 905
81, 174
69, 966
.129
170,946
87, 306
74, 145
.132
151. 151
108, 105
34, 873
.132
155,971
128, 467
31, 629
.147
163, 743
136, 258
38, 855
.142
133, 375
106, 613
33, 456
.174
135, 697
75, 496
33, 126
.190
131, 253
58, 241
21, 653
.181
161, 749
' 52, 128
17, 871
.165
200, 922
53, 524
34, 859
295, 736
.204
28, 604
260, 523
.223
27, 462
212, 058
.239
30, 985
167, 000
.226
36, 928
136, 548
.211
36, 707
122, 328
.208
41, 632
103, 367
.229
39, 168
105, 179
.262
53, 859
140, 352
.239
72, 338
217, 801
.220
87, 741
269, 074
.232
5,147
3,239
5,217
6,257
6,429
10, 082
6,386
12, 987
6,142
19, 051
5,168
16, 316
4,637
11, 098
4,221
5,095
3,894
3,739
4,014
1,984
3,902
1,085
380
55, 052
735
73, 159
1, 296
116,546
2,147
155, 108
3,412
179, 732
3,667
188, 476
3, 163
174, 761
2,568
155, 369
1,558
133, 002
r 502
104, 378
58
75, 557
.323
.327
.358
.344
.317
.342
.398
.412
.503
.560
.577
89, 108
r
.178
MISCELLANEOUS FOOD PRODUCTS
Candy, sales by manufacturers
thous. of dol. . 65, 913
Cocoa:
21,019
Imports
lon°" tons
.246
Price, wholesale, Accra (New York). _dol. per lb._
Coffee:
2, 185
Clearances from Brazil, total
thous. of bags._
1,507
To United States _
do
Visible supply, United States
do
850
Imports
do
2,016
Price, wholesale, Santos, No. 4 (New York)
.496
dol. per lb._
Fish:
42, 123
Landings, fresh fish, 5 ports
thous. of lb__
158, 719
Stocks, cold storage, end of month
do
52, 730
51, 675
49, 091
53, 018
42, 945
40, 368
37, 542
33, 788
53, 723
71, 989
75, 588
30, 461
.259
23,512
.272
42, 469
.251
24, 918
.228
20, 053
.240
32, 893
.286
35, 712
.308
26, 475
.356
19, 849
.405
13, 494
.420
12, 830
.372
1,439
874
992
2,247
1,093
699
868
2,070
779
519
928
1,574
1,286
727
949
1 321
728
596
731
r
1, 130
855
506
609
1,050
1,198
803
609
976
1,517
1,170
715
1,804
1,687
1,095
719
2,099
1,721
999
'797
1,987
1,684
974
768
1,729
1,251
713
750
.530
.519
.490
.496
.485
.471
.473
.462
.478
.538
.553
.561
31, 238
146, 813
27, 205
125, 516
32, 953
105, 818
39, 328
87, 133
44, 656
79, 027
58, 100
97, 773
65, 671
116,897
69, 303
137, 307
70, 140
153, 625
52 982
158,473
!
Revised.
No quotation.
t Revised series. U. S. Department of Agricult ure data re place the scries for U. S. standar ds publish 3d prior to the Octobe r 1949 issue of the SUE VEY.
ber 1948 are shown on p. 24 of the June 1950 SURVEY
. 363
166,165 | 165,394
r
Dat a for September 1944 to Decem-
SURVEY OF CURRENT BUSINESS
-30
Unless otherwise stated, statistics through
1948 and descriptive notes are shown in the
1949 Statistical Supplement to the Survey
January 1951
1949
Novem- I December
ber
January
|
February
March
April
May
August
September
October
2,721
2,176
1,825
1,186
641
45, 324
26, 003
550, 711
587, 920
231,972
210, 870
863, 123 1,190.084
860, 136 1, 188, 091
2,987
1,993
90. 775
731, 339
224, 624
948, 443
944, 257
4,186
129, 607
628, 737
237. 608
668, 739
659, 850
8,889
594. 565
450 538
149, 352
514, 287
503, 801
10, 480
866, 935
320,519
131, 587
522, 018
509, 050
12, 968
635
7,925
487
1,897
605
2,006
1. 152
1, 782
1,768
304, 034
275, 323
216, 334
236, 455
55, 647
66, 443
' 24, 783 32, 830
27, 487
22, 998
449, 594
390, 383
52 413
52, 784
52 267
353, 195
323, 203
25, 087
25, 786
21, 132
306, 359
275, 485
25, 876
12, 109
11, 895
June
July
FOODSTUFFS AND TOBACCO—Continued
MISCELLANEOUS FOOD PRODUCTS—Con.
Sugar:
Cuban stocks, raw, end of month
707
thous. of Spanish tons..
United States:
Deliveries and supply (raw basis) :
Production and receipts:
Production
short tons_. 766, 441
252, 307
Entries from off-shore
do
99, 018
Hawaii and Puerto Rico
--do
' 540, 033
Deliveries, total
do
For domestic consumption _ _. _ _. do
* 537,
387
r
2, 646
For export
do
Stocks, raw and refined, end of month
' 1,445
thous. of short tons..
1,133
Exports, refined sugar
short tons
Imports:
197, 959
Raw sugar, total
do
190. 878
From Cuba
... do
7, 076
From Philippine Islands cf
do
24, 521
Refined sugar, total
do
24, 511
From Cuba
do
Price (New York) :
.059
Raw, wholesale
__dol. perlb..
Refined:
.093
Retail
do
.079
Wholesale
- do
Tea imports
thous. of Ib
9,327
TOBACCO
Leaf:
Production (crop estimate)
_ mil. o f l b . _
Stocks, dealers' and manufacturers', end of quarter total
mil of Ib
Domestic:
Cigar leaf
do
Air-cured, fire-cured, flue-cured, and miscellaneous domestic
mil of Ib
Foreign grown:
Cigar leaf
do
Cigarette tobacco
do
Exports, including scrap and stems
thous. of lb._
Imports including scrap and stems
do
Manufactured products:
Production, manufactured tobacco, total do .
Chewing, plug, and twist
do ._
Smoking
_
- do .
Snuff
do
Consumption (withdrawals) :
Cigarettes (small):
Tax-free
- millions
Tax-paid
_
do
Cigars (large) tax-paid
thousands
Manufactured tobacco and snuff, tax-paid
thous. of lb._
Exports, cigarettes
millions..
Price, wholesale (composite), cigarettes, f. o. b.,
destination
... _ dol. per thous..
397
423
1,423
2,878
3,438
3,773
418, 627
306, 744
309, 803
527, 904
525, 835
2,069
72, 870
404, 682
174, 121
511,962
508, 537
3,425
31, 605
379. 389
119, 554
503, 096
501, 508
1,588
24, 382
584, 423
148, 180
620, 674
618, 495
2,179
17. 572
572, 778
243, 296
565, 982
565, 226
28, 821
593, 854
241, 671
738, 858
735, 153
3,705
1,708
977
1.625
1. 695
1,525
693
1,564
5,976
1, 573
64, 433
66, 038
66,011
139, 962
125. 411
fi, 238
18, 555
18. 544
' 218. 847
201,313
32, 480
37, 980
37, 789
387, 307
337, 769
"• 49, 504
49, 421
49,111
269, 725
203. 875
65, 850
37, 933
37, 307
0
50
0
.057
.093
.079
6,289
.058
.056
.055
.462
.079
7,628
i. 461
.077
7,943
i. 456
.076
13, 773
J
756
1,489
' 83, 235
309, 350
235, 773
71, 760
55, 147
54, 244
.055
*. 455
.076
9,550
3,246
1,178
56, 021
.057
.058
.060
1.454
.076
10, 131
J. 454
.076
9,745
1 .452
.078
10, 874
.062
1
491
.080
8 787
r
.062
i .489
.081
8,752
. 002
.062
1
482
081
1
4 SO
. OS]
12 733
2 1, 972
3 2, 05(>
3,880
3,944
3,509
3 672
316
402
384
353
3,404
3,371
2,960
3 160
19
141
19
152
18
148
18
142
37, 675
6,903
50, 179
4, 758
16, 052
8, 355
19, 049
6,368
r
28, 203
7, 934
44. 167
6,530
36, 723
8,121
22, 533
7,571
24, 525
5,720
46, 762
10 407
72, 980
8,078
68. 037
7,996
19, 675
7,072
9, 055
3,547
17,119
6, 643
6.971
3, 505
18. 982
7, 566
8, 483
2,933
17,867
7,023
7,919
2,925
22. 031
8.085
10, 199
3,747
18, 099
6, 354
8,391
3,353
19, 159
6. 568
9,189
3, 402
20, 980
7,881
9,333
3,766
16, 578
6, 839
6,911
2,828
23, 069
8,870
10. 267
3 932
21, 431
7,627
10.601
3,203
23,417
7,877
11,918
3,622
2,215
29, 657
508, 626
2,432
24, 776
386, 169
1,973
29, 290
424, 088
2,178
25, 645
415, 318
2,146
32, 036
453, 631
1,974
25, 829
383, 345
2,395
32, 674
424, 870
2,594
32, 815
471, 152
2,820
27, 374
400 566
4,009
39, 126
587 406
3,048
30, 846
503 738
3, 223
29, 738
553 776
2, 837
29, 825
544 792
19, 324
1,341
16, 556
1,893
19, 286
903
17,354
969
21, 941
1,464
18, 176
1,157
18, 998
1,017
20, 095
1,422
16. 204
1,484
23. 531
1.337
20, 851
1,181
22, 322
1,043
18, 591
6.862
6.862
6. 862
6.862
6.862
6.862
6.862
6.862
6.862
7.056
7.056
7.056
7. Oo6
20, 781
177
160
4,269
2,348
28, 588
190
245
3,998
5, 333
30,811
348
258
3.479
3,846
36, 447
346
532
3.411
3,276
29, 574
411
386
2,816
1,389
33, 641
357
373
3,934
7,103
.484
.245
.485
.278
.560
.309
.575
.331
.575
.322
962
2,192
3,200
2,856
LEATHER AND PRODUCTS
HIDES AND SKINS
Imports, total hides and skins
thous. p f l b _ _
Calf and kip skins
thous. of pieces.Cattle hides
do
Goatskins
do....
Sheep and lamb skins
do
Prices, wholesale (Chicago"):
Calfskins, packers', 8 to 15 Ib
dol. perlb..
Hides, steer, packers', heavy, native
do
LEATHER
Production:
Calf and kip
thous. of skins..
Cattle hide
thous. of hides..
Goat and kid
thous. of skins..
Sheep and lamb
do
Exports:
Sole leather:
Bends, backs, and sides
thous. of Ib...
Offal, including belting offal
do
Upper leather
thous. of sq. ft...
Prices, wholesale:
Sole, bends, steer, f. o. b. tannery
dol. per lb._
Chrome calf, black, B grade, composite!
dol. per sq.ft... I
16,499
116
77
2,688
2,723
.425
. 245
r
18, 503
110
172
3,041
1,811
. 445
.232
23,838
276
356
2,924
2,335
20,421
251
162
3,752
1,381
22,115
170
186
3,743
2, 040
18, 683
154
122
3, 052
3,013
.450
.425
.207
.440
.213
.431
861
1,869
2,743
2,687
1,974
2,794
2,128
925
1,880
3,016
2,193
885
1,949
2,960
2.675
902
2,115
3,514
2,566
814
1,853
2,821
2,625
1,949
3,206
2.720
923
2,070
3,329
2, 653
584
1,698
2.670
1,989
1,052
2. 300
3.260
3,373
' 2,084
2,862
9
fi
3,068
25
31
r 4, 154
5
3,377
57
21
2,840
82
39
3,093
52
27
2,594
13
19
2,471
79
39
2,726
43
10
2,271
22
32
2,944
30
43
2,417
.539
.539
.539
.539
1.080 !
1.134 !
. 549
10
.549
.975
T
Revised.
' Price for 5 pounds; quotations prior to 1950 are for 1-pound packag'
d* See correspond ing note on p. S-30 of the October 1949 SURVEY.
.539
.991
2
1.027
1.034
1.017
1.037 I
3
Revised estimate.
December 1 estimate.
.598
4
Xo quotation.
.625 !
1.154
32 !
2,283
.657
.703
1.166
1.174
SURVEY OF CURRENT BUSINESS
January 1951
Unless otherwise stated, statistics through
1948 and descriptive notes are shown in the
1949 Statistical Supplement to the Survey
S-31
1950
1949
November
December
January
February
March
April
May
June
July
August
September
October
44, 050
November
LEATHER AND PRODUCTS—Continued
LEATHER MANUFACTURES
Shoes and slippers :§
Production, total
thous. of pairs..
Shoes, sandals, and play shoes, except athletic,
total
thous. of pairs..
By types of uppers:cf
All leather
do
Part leather and nonleather
do
By kinds:
Men's
do
Youths' and boys'
.
-do _
Women's
do
Misses' and children's
do
Infants' and babies'. ._ _ _
.do _.
Slippers for housewear
do
Athletic .
.. . .
.-_ -do ..
Other footwear
do
Exports
do
Prices, wholesale, factory, Goodyear welt, leather
sole:
Men's black calf oxford, plain toe. -dol. per pair__
Men's black calf oxford, tip toe
do _
Women's black kid blucher oxford
do_ _
34, 959
35, 593
38, 696
39, 259
27, 872
31, 147
35, 822
36, 209
33, 170
2,651
33, 264
3,023
46, 496
38, 058
38, 485
39, 070
35, 465
48, 770
«• 43, 928
34, 204
34, 215
34, 221
30, 954
41, 824
' 37, 355 36, 703
38, 629
3,940
29. 814
3,477
30, 563
3,493
31, 192
3,127
28, 748
2,141
38, 671
3,011
34, 483
2,706
7,256
1. 147
12.887
3,957
2,625
6 581
279
227
359
8.076
1.289
14, 050
4.538
3.194
3 998
232
216
348
8, 148
1,207
17. 974
5, 134
3,359
2 425
220
229
229
7.982
1,203
18, 709
5. 109
3,206
2 569
247
234
319
9,421
1,378
22, 577
5.762
3, 723
3, 083
111
275
337
7,842
1,105
17,468
4,670
3,119
3.353
277
224
307
8,287
1,281
17, 105
4,538
3,004
3,708
319
243
257
8,554
1,418
16, 756
4,632
2,861
4,242
319
288
233
6,897
1,334
16, 595
3,959
2,169
4,026
263
222
1
193
9,519
1.777
22. 300
5,267
2,961
6,199
355
392
J
256
9.555
6.600
5.150
9. 555
6.600
5.150
9. 555
6.600
5.150
9.555
6.600
5.150
9.555
6. 600
5.150
9.555
6.600
5.150
9.555
6.750
5.150
9.555
6.750
5.150
9.678
6.750
5.150
10. 045
7.150
5.150
10. 131
7.225
5.150
10. 388
r 1. 350
5.150
'9,155
r 1,689
«• r18, 810
4, 807
'
2, 894
r
5, 783
••363
'427
i 275
9.260
1,607
17,692
4,925
3,219
6, 631
329
387
1
333
10.388
7. 7,50
(2)
LUMBER AND MANUFACTURES
LUMBER—ALL TYPES
Exports, total sawmill products^
M bd ft
Imports, total sawmill products
do. .
National Lumber Manufacturers Association :
Production, totalO
mil. bd. ftHardwoods
do
SoftwoodsO
do _
Shipments, total©
._
___ _do
Hardwoods
do
SoftwoodsOdo _
Stocks, gross (mill and concentration yards), end
of month total©
mil bd ft
Hardwoods
do
SoftwoodsO
do._.
SOFT WOODS
Douglas fir:
Orders, newO
- do
Orders, unfilled, end of month O
do
Production©
--- - do
Shipments©-- _ _ . _
_ __ _
do _
Stocks, gross, mill, end of month O
do
Exports, total sawmill products.
M bd, ft
Sawed timber
do
Boards, planks, scantlings, etc
do__
Prices, wholesale:
Dimension, No. 1 common, 1" x 4" x 16'
dol. per M bd. ft._
Flooring, B and better, F. G., 1" x 4", R. L.
dol. per M bd. ft..
Southern pine:
Orders, new _ _
mil. bd. ft
Orders, unfilled, end of month
_ _
.do
Production
do
Shipments. _ _ _ _ _
_ _
do Stocks, gross (mill and concentration yards), end
of month .
_.
mil. bd. ft
Exports, total sawmill products
M bd. ft.Sawed timber _
.__
do
Boards, planks, scantlings, etc . - _ _ _ . do ...
Prices, wholesale, composite:
Boards, No. 2 common, 1" x 6" or 8" x 12'
dol. per M bd. f t _ _
Flooring, B and better, F. G., 1" x 4" x 12-14'
dol. per M bd. ft—
Western pine:
Orders, new
. ._
mil. bd. ft
Orders, unfilled, end of month
do
Production^
do
Shipments! _ _ ...
do
Stocks, gross, mill, end of month __
do
Price, wholesale, Ponderosa, boards, No. 3 common, 1" x 8"
dol. per M bd. ft
62, 817
200, 847
44. 529
173, 518
33, 691
167, 280
34, 326
166, 228
34, 383
255, 642
40. 277
262, 114
38, 178
275, 384
50, 589
357, 413
44, 852
338, 658
37, 772
339, 051
40 658
374, 294
39 397
394, 922
3,097
649
2,448
3,348
732
2,616
2.967
656
2,311
2,972
662
2,310
2,387
633
1.754
2. 633
697
1,936
2, 463
3,226
688
2,538
3,220
683
2,537
3,576
752
2,824
3,683
776
2,907
3,579
754
2,825
3,600
703
2,897
3,338
761
2,577
3,265
703
2,562
3,950
829
3, 121
3, 758
780
2,978
3,717
3,687
829
2,858
2,128
3,090
669
2,421
3,342
739
2,603
7,076
2,187
4,889
7,070
2,181
4,889
6.823
2,117
4.706
6,468
2,029
4.439
6 216
1, 959
4,257
6 223
1 964
4,259
6 117
1,941
4, 176
6 096
1,992
4, 104
6 170
2,050
4,120
6 361
2,099
4,262
6 441
2,168
6 555
2, 203
6 645
2 237
4,273
4,352
4,408
878
571
848
922
866
919
798
575
635
817
12, 093
5, 379
6,714
905
845
886
938
579
889
976
794
757
616
20,200
6,684
832
754
10, 861
4,437
6,424
994
872
921
967
667
14,600
917
878
994
18, 686
3,882
14, 803
796
846
644
748
713
1 044
30, 784
7,884
22, 900
776
515
844
831
878
940
734
909
960
766
62. 720
63. 210
64. 484
105. 448
104. 860
711
627
304
760
781
1,545
9,226
3,298
5,928
601
1,862
2,817
689
989
1 044
1,083
988
927
929
665
1,028
3 977
10, 623
15 520
5 145
10 375
9,331
2 125
7.206
20, 731
4 682
16, 049
66. 640
67. 620
69.090
72. 324
3 75. 430
< 82. 389
102. 900
103. 635
105. 840
105. 840
109. 368
3111.770
« 119. 539
714
802
749
770
982
840
914
844
253
756
678
291
703
676
1,623
7,925
2,791
5,134
1,650
9,104
2,688
6,416
397
667
696
1,621
8,269
2,178
6,091
632
361
766
785
385
758
746
488
798
879
1,602
6,813
1, 584
5.229
1 614
8,602
2 562
6,040
1,533
8,866
1,926
6,940
921
778
17, 461
5, 324
12, 137
848
2,869
3,637
778
2,859
3, 553
791
2,762
848
896
1,009
996
790
17, 087
743
2,542
974
806
6,796
10, 291
12,894
87. 050
88. 953
' 86. 940
' 126.063
128. 922
f
776
2, 580
3, 285
1,007
19, 555
6 661
13, 516
3, 356
79. 301
129. 933
1 29. 933
751
624
760
469
797
859
576
757
807
488
831
932
414
790
834
391
815
774
320
778
695
1,471
11, 999
2,866
9,133
1,421
10, 448
2,683
7,765
1 , 320
8,324
2,445
5,879
1,276
5,501
1,544
1,317
1 400
6,976
3,957
2 270
4, 706
65. 008
65. 467
65. 765
65. 618
65. 986
66. 176
69. 342
72. 182
74. 568
81.773
87. 225
82. 954
79. 027
140. 256
140. 256
141.114
139. 472
139. 410
139. 165
141.892
142. 657
144. 776
' 148.405
154. 295
153. 204
153.204
630
624
461
584
619
721
828
803
759
563
627
767
477
569
757
264
405
467
755
326
439
763
477
582
783
585
597
719
729
697
758
837
789
778
766
733
851
766
823
879
806
804
771
734
617
747
786
735
721
765
61 6
606
1,724
1,632
1,491
1,377
1,272
1 261
1,293
1,341
1,374
1,447
1,484
1 498
1 515
58.00
59.18
60.37
61 26
62 72
64 13
66 22
68 53
70 84
74 69
78 68
81 38
(-}
189, 244
193, 447
55, 304
192, 454
198, 390
49, 189
175, 484
168, 635
55 268
177, 577
177, 905
55 322
235, 291
237 000
53 878
207, 431
206 840
53 638
228, 184
224 383
57 861
223, 051
230 444
50 836
150 764
146 607
55 129
244 051
237 558
60 695
229 340
233 608
56 721
250 782
249 789
57 906
4, 525
7,125
4, 375
4,200
10,000
4,325
5,900
4,450
4,250
10, 025
5, 400
7,225
4 225
4,225
9,925
5 275
8,250
4 125
4,450
9,650
7 150
9 850
4 850
5 450
9,050
5 800
11 050
4 025
4 625
8,275
11 650
19 575
s' 825
7 500
5 950
19 675
5 375
6 100
3, 425
SOFTWOOD PLYWOOD
Production
thous. of sq. ft., %" equivalent-Shipments - _
.do
Stocks, end of month
do
HARDWOOD FLOORING
Maple, beech, and birch:
Orders, new _
Orders, unfilled, end of month. ___
Production
_
Shipments.- -_
Stocks, mill, end of month
M bd ft
...do ..
do
do ..
do
7 525
12' 675
5 225
5 325
8, 150
5 425
8 550
12 475
15 625
5 425
4 500
6 550
5 650
7^000
5^700
3 Estimated; based on index computed by the Bureau of Labor Statistics.
4*, 075
5
19
T
5
3,
475
100
900
750
570
r
>
19
'">
•->'
400
600
650
^)Q
3, 775
T
2
Revised.
1 Excludes "special category" items.
No quotation.
« Data beginning July 1950 represent
a composite of quotations from a larger number of companies.
§Data beginning 1949 have been revised to include reports from additional companies (accounting for about 4 percent of total production in 1949) and, therefore, are not comparable with
earlier figures; revisions for January-May 1949 will be shown later.
d"The figures include a comparatively small number of "other footwear" which is not shown separately from shoes, sandals, etc., in the distribution by types of uppers; there are further
small differences between the sum of the figures and the totals for shoes, sandals, and play shoes, because the latter, and also the distribution by kinds, include small revisions not available
by types of uppers. Data through 1949, shown prior to the August 1950 SURVEY, covered fewer reporting companies (see note "§" above).
fSee note at bottom of p. S-38 of the October 1949 SURVEY regarding revisions for exports of sawmill products for 1948 and Western pine for January 1947-March 1948. O Minor monthly
revisions beginning 1929 for Douglas fir (formerly designated as West Coast woods) and for total lumber production and shipments (beginning 1934) and stocks (1936,1938) are available upon
Digitized
FRASER
request. for
Revisions
for January 1948-July 1949 for total lumber and softwoods are shown on p. S-30 of the October 1950 SURVEY.
SURVEY OF CURRENT BUSINESS
S-32
Unless otherwise stated, statistics through
1948 and descriptive notes are shown in the
1949 Statistical Supplement to the Survey
1949
November
January 1951
1950
December
January
February
March
April
May
June
July
August
September
October
November
62, 778
68, 884
93, 040
86, 031
25, 548
LUMBER AND MANUFACTURES—Continued
HARDWOOD FLOORING—Continued
OakrcT
Orders new
Orders, unfilled, end of month
Production
Shipments
Stocks mill end of month
M bd ft-do
do
- - do
do
74, 615
55, 715
72, 953
74, 818
44, 201
71, 891
61, 488
69, 066
66, 118
47, 149
85, 965
75, 816
71, 038
71, 637
45, 612
91, 090
95. 627
68, 334
71, 297
41, 201
93, 988
102, 330
81,049
87, 285
34, 965
78, 601
102, 115
75, 243
78, 816
31, 392
92, 625
106, 689
86, 791
88, 051
28, 134
84, 121
95, 723
91, 649
95, 087
24, 696
98, 438
108, 142
83, 300
86, 019
21, 977
99, 968
104, 163
99, 237
103, 947
17, 267
82, 785
96, 413
91, 059
90, 535
17, 791
71, 035
83, 098
93, 879
93, 131
18, 539
METALS AND MANUFACTURES
IRON AND STEEL
Foreign trade:
Iron and steel products (excl. advanced mfrs.):
Exports total
- short tons.Scrap
do
Imports total
do
Scrap
do ._
187, 348
17, 557
62, 358
11, 924
373, 765
18, 189
62, 501
18, 930
298, 496
13, 552
69, 136
33,468
282, 076
17, 177
51, 136
3,606
273,017
14, 481
97, 848
15, 832
258, 084
18, 151
102, 857
18, 408
290, 000
18, 575
136, 730
21, 090
346, 024
15, 719
182, 152
45, 220
249, 668
14, 357
182, 520
26, 102
252, 086
12, 537
299, 929
121, 140
286, 746
29, 006
251, 274
94, 601
263, 023
21, 122
451, 097
123, 831
3 401
1 795
1,606
5,497
1,693
3,804
5 320
2 824
2,496
5,718
1,642
4,076
5 495
2 956
2,539
5,400
1,548
3,852
5 084
2 677
2,407
5,154
1,468
3,686
5 714
2 992
2,722
4,740
1,343
3,397
5 733
2 988
2,745
4,511
1,315
3,196
5 973
3,115
2,858
4,646
1,371
3,275
5 737
2 956
2,781
5,151
1,499
3,652
5,273
2,760
2,513
5,553
1,602
3,951
5 826
3,078
2,748
5,816
1,699
4,117
5,790
3,026
2,764
5,767
1,711
4,056
6,320
3,288
3, 032
5, 805
1,667
4,138
2,049
2,079
4,407
2,816
1,649
5,575
2,777
1,524
6,831
2,492
1,245
8,077
2,496
1,150
9,424
2,999
2,087
10, 337
10, 740
10, 770
10, 306
12, 355
13, 274
9,460
13, 477
14, 238
8,685
14, 478
15,012
8,154
13, 887
14, 514
7,527
12, 999
13,419
7,107
1,103
3, 527
44, 786
37, 848
6,939
655
171
6,760
38, 629
32, 544
6,085
348
0
6,740
32, 004
26, 710
5,294
601
0
5,329
26, 745
22, 103
4,642
509
0
5,948
20, 865
16, 829
4,035
579
349
7,109
14, 099
11,033
3,066
334
9,496
7,362
14, 384
11, 544
2,840
678
11, 738
7,249
19, 189
15, 997
3,192
871
12, 704
7,579
24, 108
20, 651
3,456
792
12, 482
7,371
29, 966
26, 084
3,881
852
12, 191
7,175
35, 716
31, 388
4,328
920
11, 380
7,415
39, 711
35, 651
4,059
964
60
80
47
55
61
68
64
107
88
56
72
67
939
719
395
892
862
440
914
913
450
873
864
417
922
996
500
922
981
484
978
1,095
573
1 040
1,136
613
1 287
961
508
1 670
1,202
677
1,794
1,159
649
1,840
1,255
701
26, 723
55, 795
49, 439
25, 250
34, 719
60, 835
57, 379
29, 679
34, 390
62, 307
62, 874
32, 918
35, 991
67, 049
60, 386
31, 249
41, 456
69, 866
66, 259
38, 639
42, 663
76, 250
69, 822
36, 279
43, 256
77, 074
76, 161
42, 432
56, 322
86, 783
82, 345
46, 613
55, 715
105, 300
67, 514
37, 198
77, 093
132, 374
86, 021
50, 019
67, 136
152, 583
82, 479
46, 927
57, 852
160, 278
89, 968
50, 157
68, 491
180,099
85, 163
48, 670
2,722
2,773
5,231
5,215
5,294
5,285
4,173
4,357
4, 601
4,779
5,577
5,548
5,855
5,827
5,633
5,637
5,879
5,620
5,770
5,752
5,697
5,703
5,924
5,845
5,387
Iron and Steel Scrap
Home scrap
Purchased scrap
Stocks consumers' end of month total
Home scrap
Purchased scrap
do
do
do
do
do
Ore
Iron ore:
All districts:
Production
thous of long tons
Shipments
do
Stocks at mines end of month
do
Lake Superior district:
Shipments from upper lake ports
__do
Consumption by furnaces
do
Stocks end of month total
do
At furnaces
- do. __
On Lake Erie docks
do
Imports
do
Manganese ore, imports (manganese content)
r
6,993
6,861
41, 543
36, 919
4,624
Pig Iron and Iron Manufactures
Castings, gray iron:
Shipments, total
do
For sale
do
Castings, malleable iron:
Orders, new, for sale
short tons
Orders, unfilled, for sale
do
Shipments, total
_
_
do
For sale
do
Pig iron:
Production
thous. of short tons
Consumption
do
Stocks (consumers' and suppliers'), end of month
Prices, wholesale:
Composite
__
_ _ dol. per long ton_
Basic (furnace)
do
Foundry, No 2, f o b Neville Island
do
1 446
1 499
1 441
1 299
1 138
1 144
1 168
1 197
1 366
1 427
1,408
1,303
46. 68
46.00
46.50
46. 68
46.00
46.50
46. 68
46. 00
46.50
46.85
46.00
46.50
47.28
46.00
46.50
47.28
46. 00
46.50
47.28
46.00
46.50
47.28
46.00
46.50
47.28
46.00
47.25
47.48
46.00
49.50
47.95
46.75
49.50
49.87
49.00
49.50
50.53
49.00
49.50
85, 033
53, 079
9,258
89, 136
57, 996
9,298
92, 240
62, 045
10, 920
112, 335
77, 588
15, 281
107, 129
75, 133
17, 406
117, 773
83, 845
20, 552
131, 097
94, 637
27, 065
98, 269
68, 874
15, 734
128, 369
94, 413
24, 922
134, 574
96, 738
25, 295
149, 558
109, 660
30, 048
145, 929
108, 263
30, 775
307, 656
263, 816
43, 840
78, 266
61, 765
16, 501
327, 035
280, 023
47, 012
92, 994
73, 458
19, 536
340, 955
294, 251
46, 704
92, 547
73, 440
19, 107
350, 358
287, 874
62, 484
108, 677
87, 745
20, 932
357, 238
297, 032
60, 206
99, 193
80, 950
18, 243
372, 804
311,811
60, 993
113, 657
93, 459
20, 198
408, 345
342, 535
65, 810
117, 333
96, 061
21, 272
445, 567
391, 820
53, 747
94, 929
79, 081
15, 848
547, 552
483, 840
63, 712
123, 608
99, 605
24,003
620, 407
530, 689
89, 718
122, 408
97, 753
24, 655
643, 119
549, 214
93, 905
136, 737
107, 666
29, 071
656, 586
560, 354
96, 232
130, 286
102, 511
27, 775
7,728
95
7,930
94
6,793
89
7,487
89
8,213
100
8,552
101
8,132
99
8,071
95
8,230
96
8,193
99
Steel, Crude and Semimanufactures
Steel castings:
76, 820
Shipments, total
_
short tons
50, 685
For sale, total
do
7,270
Railway specialties.
.
do_ _
Steel forgings, for sale:
286, 897
Orders, unfilled, total
_
.
do
240, 715
Drop and upset
do
46, 182
Press and open hammer
do
72, 859
Shipments, total
.
do
56, 455
Drop a n d upset _ _ _
do
16, 404
Press and open hammer
do
Steel ingots and steel for castings:
4,223
Production
thous. of short tons
53
Percent of capacity $
Prices, wholesale:
.0420
Composite finished steel
dol. per Ib
Steel billets, rerolling (producing point)
58.24
dol. per long ton._
.0350
Structural steel (Pittsburgh)
dol. perlb._
Steel scrap, heavy melting (Pittsburgh)
31.38
dol. per long ton__
r
8, 740
102
8,012
97
.0427
.0438
.0438
.0438
.0438
.0438
.0438
.0438
.0438
.0438
.0438
.0438
58.80
.0363
59. 36
.0375
59.36
.0375
59.36
.0375
59. 36
.0375
59.36
.0375
59.36
.0375
59.36
.0375
59. 36
.0375
59.36
.0375
59.36
.0375
59.36
.0375
31.00
30.00
31.63
31.60
32.88
37.00
43.90
40.50
43.60
44.00
44.00
44.00
4,592
1, 956
49
4 863
1,635
61
4,937
1,758
42
4,745
2,095
31
4,659
1,721
28
4,410
1,967
35
4,856
2,089
36
5,795
2,128
44
7,138
2,704
49
7,182
2,435
36
7.532
2,517
32
Steel, Manufactured Products
Barrels and drums, steel, heavy types:
Orders unfilled end of month
thousands
Shipments
do
Stocks, end of month
___do
r
5,298
1,682
26
Revised.
(^Monthly revisions (1940-46) to incorporate data for prefinished flooring and small quantities of species of hardwood flooring other than oak, included in current data, will be shown
later; scattered monthly revisions (1934-36) are available upon request.
JPercent of capacity is calculated on annual capacity as follows: Data beginning July 1950, on capacity as of July 1 of 100,563,500 tons of steel; January-June 1950, on capacity as of January
1, 1950, of 99,392,800 tons; 1949, on 96,120,930 tons.
SURVEY OF CURRENT BUSINESS
January 1951
Unless otherwise stated, statistics through
1948 and descriptive notes are shown in the
1949 Statistical Supplement to the Survey
1950
1949
November
S-33
December
January
February
March
April
May
June
July
August
September
October
November
301, 350
192, 709
108, 641
265, 628
1,330
29,260
METALS AND MANUFACTURES—Continued
IRON AND STEEL—Continued
Steel, Manufactured Products—Continued
Cans, metal, shipments (in terms of steel consumed),
total
short tons
Food
_
do
Nonfood
_
_ __
_ do _
Shipments for sale
do
Commercial closures, production.
millions
Crowns, production
thousand gross
Steel products, net shipments:
Total
thous. of short tons
Bars, hot rolled— Carbon and alloy
do
Reinforcing
do
Semimanufactures
do
Pipe a n d tubes _ _ _ _ _ _ _
do
Plates
do
Rails _ _do
Sheets
do
Strip— Cold rolled
_ do
Hot rolled
do
Structural shapes, heavy
do
Tin plate and terneplate
do _ _ Wire and wire products.
_
_ do _
227,359
150, 987
76, 372
198, 034
811
19, 554
219, 119
146, 653
72, 466
184, 918
831
16, 767
209, 187
136, 899
72, 288
176, 582
951
21,365
198, 279
121, 128
77, 151
163, 010
908
22, 066
236, 413
138, 019
98, 394
192, 993
1,061
26, 281
224, 203
130, 753
93, 450
187, 986
956
25, 353
282, 923
164, 147
118, 776
241,985
1,088
30, 531
356, 117
228, 767
127, 350
312, 661
1,105
33, 036
396, 681
264, 343
132, 338
364, 504
1, 124
33, 836
551, 451
395, 266
156, 185
498, 369
1,527
36, 613
431, 161
310, 916
120, 245
382, 891
1,451
30,291
349, 858
230, 772
119,08^)
313, 218
1,520
28, 758
3,297
325
125
104
400
290
31
990
78
90
215
246
268
5,411
606
138
220
653
519
141
1,506
137
164
341
326
419
5,483
620
122
228
671
456
151
11,572
141
176
325
348
424
5,135
602
101
220
633
346
125
U,502
141
167
309
329
408
5,723
652
116
230
658
441
125
1 1, 719
151
182
331
363
464
5,780
646
122
225
743
438
164
1 1, 686
146
179
333
366
429
6,253
702
138
241
803
467
189
i 1, 768
154
200
364
432
456
6,192
693
138
229
807
447
186
11,735
157
187
361
438
471
5,669
594
156
250
703
393
152
1 1, 728
115
177
347
420
354
6,326
674
169
282
801
454
158
1 1, 756
170
214
343
467
495
6,145
689
151
269
770
482
154
1 1, 697
159
210
355
424
433
6,504
753
159
307
740
542
147
1 1, 839
172
228
374
388
495
41, 161
259, 203
52, 023
232, 796
50, 668
142, 324
58, 747
253. 181
58, 024
248, 354
61, 929
225, 388
60,400
167,154
63, 518
182, 954
63, 006
207, 852
' 59, 449
213, 408
.0775
.0775
.0775
.0746
.0725
.0757
.0864
.0882
.0985
.1107
.1388
.1541
119.8
26.8
93.1
61.2
.287
129.5
28.8
100.7
68.5
.287
140.2
28.9
111.3
77.0
.287
184.9
35.8
149.0
107.4
.287
162.7
33.4
129.4
89.4
.292
163.6
36.0
127.5
85.7
.312
175.1
37.6
137.5
92.7
.336
163.8
30.2
133.6
90.3
.342
208.9
39.9
169.1
113.0
.342
207.4
42.1
165.3
110.2
.363
210.1
47.3
162.8
106.8
.369
.378
NONFERROUS METALS AND PRODUCTS
Aluminum:
35, 865
Production, primary
short tons
Imports, bauxite
_ _.
_ __ Jong tons. . 243, 748
Price, wholesale, scrap castings (N. Y.)
.0775
dol. p e r l b _ _
Aluminum fabricated products, shipments, total
107.1
mil. of lbs__
26.3
Castings . _ __
do__ _
80.7
Wrought products, total
do
54.1
Plate, sheet, and strip
do
.286
Brass sheets, wholesale price, mill
dol. per lb__
Copper:
Production:
Mine production, recoverable copper
66, 044
short tons __
Crude (mine or smelter, including custom in80, 598
take). _. ..
short tons
92, 602
Refined
do
117, 133
Deliveries, refined, domestic
_ do
139, 199
Stocks, refined, end of month...
do
13, 075
Exports, refined and manufactures
do
41, 786
Imports, total _ __
do_. _
21,811
Unrefined , including scrap _
do
19, 975
Refined
do
.1806
Price, wholesale, electrolytic (N. Y.).dol. perlb..
Lead:
Ore (lead content) :
33, 225
Mine production
._
short tons
36,329
Receipts by smelters, domestic ore.
do
Refined (primary refineries) :
48, 500
Production!
do
36, 799
Shipments (domestic) t
do
65,065
Stocks, end of monthfdo_.
Price, wholesale, pig, desilverized (N. Y.)
.1252
dol. perlb..
Imports, total, except mfrs. (lead content)
25, 951
short tons ..
Tin:
3,313
Production, pig
- long tons
3,925
Consumption, pig. - do._
35, 165
Stocks, pig, end of month, total§
__do
23, 129
Government§
do
12, 036
Industrial
_do._ .
Imports:
4,122
Ore (tin content)
do
4,881
Bars, blocks, pigs, etc.
do .
.8949
Price, wholesale, Straits (N. Y.)cf
dol. per lb__
Zinc:
42, 447
Mine production of recoverable zinc. -short tons..
Slab zinc:
65,055
Production
._
-.
do _
73, 702
Shipments total
do
Domestic
_. _.
do._
63, 859
Stocks, end of month
do
89, 019
Price, wholesale, prime Western (St. Louis)
dol. per Re.0975
28, 454
imports, total (zinc content)
short tons .
For smelting, refining, and export
do._ _
935
For domestic consumption:
Ore (zinc content)
do
9,931
Blocks, pigs, etc ...
_ __ do
17,588
69, 734
71,464
67, 296
76, 083
73, 351
74, 522
74,860
72, 525
80,199
' 76, 744
80, 390
94, 947
107, 662
116,027
25, 049
59, 054
39, 211
19, 843
.1820
85, 650
95, 229
111, 668
101, 070
12, 165
56, 213
25, 746
30, 467
.1820
80, 756
94, 036
112, 773
77, 472
20, 748
61, 378
39, 759
21, 619
.1820
90, 358
113,464
123, 054
60, 276
19, 021
45, 207
26, 408
18, 799
.1820
83, 782
103, 293
101, 729
57, 028
17, 120
34,520
15, 658
18, 862
.1864
83, 286
112,411
113, 837
51, 043
14, 064
66, 117
27, 086
39, 031
.1961
96,754
113, 961
125, 016
50, 350
11, 434
87, 222
39, 903
47, 319
.2200
85, 378
96, 758
96, 006
48, 290
9,785
29, 347
13, 112
16, 235
.2220
93, 138
108, 465
112, 107
50, 952
12, 230
33, 576
8,204
25, 372
.2227
86, 678
111, 842
119, 529
58, 748
12, 035
36, 298
8.625
27, 673
.2290
36, 047
37, 888
36, 007
35, 031
34, 794
36,452
38, 678
38, 457
35, 612
35, 513
37, 837
39, 099
36, 713
35, 811
31, 162
32, 283
36, 015
34, 952
48, 896
22, 738
70, 424
47, 512
25, 683
76, 529
41, 670
21, 855
79, 143
49, 104
22, 358
88, 581
48, 196
33, 751
86, 309
48, 989
45, 702
76, 236
44, 490
35, 774
69, 025
41, 520
41, 188
67, 809
47, 242
47, 031
67, 495
r
r
62, 915
149, 449
77,912
' 90, 542 89, 910
110, 435
101,410
121, 806
113,715
56, 945
51,805
11, 925
62, 526
33, 901
28, 625
.2420
.2420
35. 084
36, 912
35, 356
35, 394
34,069
49, 958
55, 898
61, 042
54, 123
62, 138
50, 854
50, 725
58, 658
40, 910
.1700
.1200
.1200
.1200
.1096
.1063
.1172
.1181
.1166
.1293
.1580
.1604
27, 426
31, 286
33, 924
26, 197
32, 787
54,917
41,523
35, 646
50, 548
41, 831
43,810
3,081
4,605
35, 777
22, 452
13,325
2,987
4,941
2 39, 827
25, 991
13,145
2,652
5,131
2 43, 875
25, 816
17, 104
3,137
5,799
2 43, 890
23, 396
19, 673
2,743
5,488
2 42, 270
23, 488
18,427
3,185
6,120
243,417
23, 482
19,230
2,605
6,478
2 42, 644
20, 623
20, 117
1,793
2,915
.7901
2,549
7,409
.7593
1,383
8,184
.7435
1,755
4,972
.7475
1,392
2,941
.7645
374
10, 434
.7750
473
8,569
.7770
658
11, 621
.8988
4,266
8,254
1. 0205
3,882
4,869
1. 0129
3,130
6,357
1. 1335
46,019
43, 793
46, 187
51, 212
49, 113
51, 785
50, 184
48, 372
56, 114
' 54. 572
54, 728
71,327
66, 125
57, 801
94, 221
69, 948
82, 132
69, 020
82, 037
69, 639
84, 257
72, 843
67, 419
77, 946
85, 589
74, 700
59, 776
75, 877
83, 133
73, 389
52, 520
79, 645
90, 346
71, 101
41, 819
75, 766
90, 920
68, 214
26, 665
77, 868
84, 116
67, 119
20, 417
73, 399
79, 365
69, 073
14, 451
71,057
75. 241
70, 656
10, 267
79, 997
81, 156
71, 596
9,108
79, 226
79, 079
69, 202
9,255
.0975
21, 294
207
.0976
23,157
60
.0975
30, 999
434
.0994
25, 530
983
.1066
20, 593
178
.1197
27, 202
0
.1465
43, 662
136
.1500
38, 824
0
.1505
58, 549
2,147
.1710
32, 266
0
.1750
39, 456
6,169
.1750
7,106
13,981
12,491
10, 606
15, 625
14, 940
13, 382
11, 165
7,044
13,371
13,309
13,893
30, 141
13,385
20, 467
18, 357
43, 785
12, 617
16, 853
15, 413
20, 446
12, 841
15, 025
60, 117
10, 595
70, 978
10, 534
79, 029
11, 144
90, 786
12, 573
96, 634
15,349
99, 986
19, 386
100, 994
25, 747
87, 568
40, 329
72, 295
40, 153
58, 577
38, 488
48, 885
2
2,574
6,571
42, 512
18, 254
22, 780
2
2,717
8,157
43, 717
19, 623
21, 910
2
3, 130
7,092
41,442
17, 804
22, 587
1. 3768
HEATING APPARATUS, EXCEPT
ELECTRIC
Boilers, radiators and convectors, cast iron:
Boilers (round and square):
Shipments.
thous. of lb__
Stocks, end of month
do Radiation:
Shipments
thous. of sq. ft_.
Stocks, end of month
do
25, 185
56, 796
2,813
2,678
4,190
2,966
5,714
3,015
4,020
6,449
2,440
5,798
3,513
2,025
5,806
5,602
6,186
5,688
5,655
7.821
6,531
4,846
7,056
3.200
4,020
7,505
r
]
2
Revised.
Includes data for electrical strip.
Includes small amount not distributed.
tRevised series. Data beginning 1949 have been revised to exclude figures for secondary refineries; revisions prior to 1949 will be published later. The production figures (corresponding
to those formerly designated as primary) include some secondary lead produced by primary refineries.
cf Substituted series. Compiled by the American Metal Market; data represent average of daily closing prices (prior series was based on averages for the day).
^Government stocks represent those available for industrial use
SURVEY OF CURRENT BUSINESS
S-34
Unless otherwise stated, statistics through
1948 and descriptive notes are shown in the
1949 Statistical Supplement to the Survey
1950
1949
December
November
January 1951
January
February
March
April
May
June
July
August
September
October
November
METALS AND MANUFACTURES—Continued
HEATING APPARATUS, ETC.—Continued
54, 523
53, 374
34, 481
33, 563
36, 498
37, 489
43, 552
38, 920
44,748
45, 218
36, 808
42, 152
52, 517
51, 985
43, 744
54, 879
46, 208
51, 698
61, 945
64, 001
57, 818
81, 725
80, 562
59, 401
123, 693
98, 656
50, 446
146. 922
138, 587
38, 747
118, 930
115, 780
37, 468
82, 903
114, 051
38, 411
236, 828
11, 933
209, 156
15, 739
299, 019
14, 527
265, 829
18, 663
263, 738
12, 170
239, 706
11, 862
266, 647
8,663
244, 080
13, 904
246, 283
8,783
220, 936
16, 564
281, 870
11, 113
256, 075
14, 682
376, 637
21, 045
333, 439
22, 153
323, 636
16, 157
288, 809
18, 670
338, 625
14, 827
309, 846
13, 952
95, 908
12, 088
48, 215
35, 605
93, 591
6,366
42, 419
44, 806
108, 071
16, 597
59, 334
32, 140
130, 064
21, 376
69, 721
38, 967
190, 317
34, 975
101, 258
54, 084
294, 372
51, 160
137, 945
105, 267
433, 371
74, 704
228, 936
129, 731
785, 350
172, 497
321, 487
291, 366
658, 807
173, 145
277, 940
207, 722
610, 766
145, 742
290, 932
174, 092
52, 323
39, 887
20, 353
26, 454
' r 17, 511 13, 696
5,838
8, 358
' 160, 404 164, 863
45, 618
24, 582
14, 248
6,788
185, 780
59, 982
36, 304
18, 348
5,330
210, 074
58, 798
38, 896
15, 465
4,437
213, 754
78, 349
50, 162
21, 286
6,901
237, 837
98, 517
58, 476
30, 867
9,174
255, 072
102, 189
54, 203
35, 380
12,606
243, 490
145, 512
76,463
45, 644
23, 405
322, 909
139, 014
74, 241
44, 980
19, 793
280,683
137, 915
67, 036
51, 285
19, 594
286, 907
42, 101
Boilers, range, shipments
number i * 38, 532 * 42, 204
Oil burners:
44, 176
47, 562
41, 206
Orders unfilled, end of month
do _
i »• 60, 484 ' 40, 793 36, 650
Shipments
- do
i r 32, 608 r 39, 068
40, 040
Stocks end of month
do
Stoves and ranges, domestic cooking, exc. electric:
192, 107
Shipments, total
number i r 277,222 r 204, 390
' 9, 304 10, 581
1 r 15, 000
Coal and wood
__
__do
167, 221
i ' 246,398 r 181, 113
Gas (inc bungalow and combination)
do
14, 305
13, 973
15, 824
Kerosene, gasoline, and fuel oil _
__do
Stoves, domestic heating, shipments, total
do
Coal and wood
do
Gas
_
.
do___
Kerosene, gasoline, and fuel oil
do
Warm-air furnaces (forced-air and gravity-air flow),
shipments, total
numberGas
do
Oil
do
Solid fuel
do
Water heaters, nonelectric shipments
do
l ' 513,543 ' 185, 609
i ^ 140,904 f 45, 532
i ' 249,396 ' 98, 553
i ' 123,243 «• 41, 524
i1 rr 79, 280
38, 612
i «• 25, 057
1
r 15 611
i ' 184,056
r
r
MACHINERY AND APPARATUS
Blowers, fans, and unit heaters, quarterly:
Blowers and fans new orders!
thous of dol
Foundry equipment (new), new orders,
net
1937-39=100-Furnaces, industrial, new orders:
Electric
thous of dol
Fuel-fired (except for hot rolling steel)*
do
Machine tools shipments
1945-47=100
Mechanical stokers, sales:
Classes 1 2 and 3
number
Classes 4 and 5:
Number
Horsepower
Pumps, steam, power, centrifugal and rotary, new
orders
thous. of dol ._
T
18, 619
8,006
15, 905
12 341
25, 648
9,592
29 811
16 368
270.4
201.0
159.3
113.1
225.2
160.6
294.9
622.7
401.8
693.6
483.8
293
516
67.6
281
719
75.7
473
1,914
52.8
697
616
56.1
753
1,300
75.3
415
837
61.6
982
1,392
82.5
1,328
1,166
91.9
1,445
2,247
68.3
1,039
3,927
95.7
1,485
1,817
101.6
2,257
1,469
1,327
670
692
846
743
1,450
2,208
4,405
3,521
2,920
209
52, 631
163
46, 854
106
29, 700
95
28, 564
116
38, 845
115
35, 453
134
34, 960
226
62, 952
244
64, 102
352
87, 404
360
66, 267
259
66, 472
2,525
2,560
2,587
2,938
3,313
3,376
3,668
4,153
4,080
6,429
5,191
4, 985
5,961
1,694
1,467
1,174
1.191
915
1,196
1,646
2,060
2, 839
2,925
3,019
2,532
181
265, 513
237, 591
226
249, 150
275, 600
280
263, 515
343, 000
356
361.014
423, 800
330
292, 664
333, 100
328
278, 645
304, 600
332
250, 190
325, 200
304
279, 967
282, 300
293
341, 232
381, 500
302
327, 524
424, 000
236
331, 445
439. 900
265, 310
379, 964
338
345
356
406
381
446
451
370
466
514
547
4,625
4,696
4,788
5,351
5,226
6,069
6,165
5,164
6,288
7,054
7,332
7,266
3,155
3,632
3,439
3,988
3,735
4,319
4,326
3, 831
4,721
4,674
5,048
4,844
2,036
526.8
r
1,603
2, 306
101.9
2 157
2,068
P 110.9
ELECTRICAL EQUIPMENT
Batteries (automotive replacement only) , shipments
2,132
thousands .Domestic electrical appliances, sales billed:
137
Refrigerators, index
1936=100.Vacuum cleaners, standard type
number _ _ 253, 516
298, 700
Washers _
do
Insulating materials and related products:
345
Insulating materials sales billed, index 1936=100
Fiber products:
Laminated fiber products, shipments
4,723
thous. of dol. .
Vulcanized fiber:
3,231
Consumption of fiber paper
thous. of lb. _
Shipments of vulcanized products
1,112
thous. of dol. _
Steel conduit (rigid) and fittings, shipments
12, 662
short tons
Motors and generators, quarterly:
New orders index
1936—100
Polyphase induction motors, 1-200 hp.:d"
Billings
do
Direct current motors and generators, 1-200 hp.:c?
New orders
thous of dol
Billings
do
1,097
1,217
1,269
1,566
1,307
1,534
1,523
1,271
1,717
1,794
2,088
20, 946
15, 674
16, 100
17, 708
16, 515
17, 219
21, 645
24, 723
30, 543
29, 123
25, 875
236
338
337
551
18 521
17, 912
28 236
19, 812
25 436
24, 608
46 582
29, 610
3 747
3,472
4,692
3,525
6 106
4,347
7 428
4,163
PETROLEUM, COAL, AND PRODUCTS
COAL
Anthracite:
4,882
2,875
4,313
2,749
2,914
3,355
4,196
3,862
3,391
2,581
4,258
4,417
4,657
Production - _ thous. of short tons. Stocks in producers' storage yards, end of month
637
1, 298
1,416
975
358
183
289
408
556
878
658
1,035
1,138
thous. of short tons..
364
275
364
461
201
261
480
345
318
421
149
277
Exports
do
Prices, composite, chestnut:
20.62
20.76
«• 21. 74
20.51
20. 51
21.30
20.33
21.52
21.90
20.36
21.26
Retail
__ __
_ _ _ dol. per short ton. _
20.49
20.49
16. 498
16. 692
16.190
16. 577
16. 190
16. 190
16. 207
16. 356
16. 636
16. 739 ' 16. 886 16. 980
16 185
Wholesale
-do
Bituminous:
34, 874
44, 792
53, 104
45, 885
36, 335
11,950
51, 035
44, 950
31, 277
48, 750
46, 828
46, 318
45, 037
Production
thous. of short tons-Industrial consumption and re tail deliveries, total
34,322
33,
819
34,
031
43,
036
40,
033
36,
957
«•
38,
887
40, 015
41,
855
36,
617
33,
248
37,
954
34,
948
thous. of short tons- 28, 581
30, 202 «• 32, 902
31,436
30, 008
30, 041
33, 252
29, 651
26, 343
30, 719
25, 458
28, 763
30, 836
Industrial consumption total
do
392
704
864
795
112
152
666
903
40
'
1,000
52
873
1,006
Beehive coke ovens
do _
8,340
7,696
5,714
7,144
8, 057
7,960
8,072
' 8, 480
8,006
8,091
5, 033
8,367
8,183
Byproduct coke ovens
do
625
565
636
652
725
705
749
579
659
631
649
670
Cement mills.
__ _
-do
675
6,797
6,397
7,206
6,900
8,186
8,451
6,416
7,306
6,538
6,645
7,782
7,456
6,779
Electric-power utilities
do
5,522
4,750
5,341
4,926
5,320
4,972
5,360
5,329
5,
665
4,119
4,988
5,080
4,727
Railways (class I)
do
539
622
712
722
521
611
668
649
745
663
558
583
553
Steel and rolling mills
do
6,735
7,960
9,046
8,874
8,740
8,111
8, 560
9,176
7,738
7,624
7,609
8,566
7,127
Other industrial
_ - do __
5,238
8.864
6.576
5, 985
4,380
11,600
11,136
10,025
7,118
6.755
6.763
4.485
Retail deliveries..
do
8.605
T
Revised.
» Preliminary.
* See note at bottom of p. S-35 of this issue for revisions for January-October 1949.
JSee note marked "t" on p. S-34 of the June 1950 SURVEY regarding revised data.
cf The number of companies reporting is as follows: Polyphase induction—fourth quarter of 1949, 33; (1950) first half, 31; third quarter, 32; direct current—fourth quarter of 1949, 28; first three
quarters of 1950, 29.
•New series. Compiled by the Industrial Furnace Manufacturers Association, representing orders (less cancellations) for metallurgical and other purposes as reported by 24 to 28 companies.
Currently, the combined data for electric and fuel-fired furnaces account for about 80 percent of the industry total. Data prior to 1949 will be shown later.
SURVEY OF CURRENT BUSINESS
January 1951
Unless otherwise stated, statistics through
1948 and descriptive notes are shown in the
1949 Statistical Supplement to the Survey
1949
November
S-35
1950
December
January
February
March
April
May
June
July
August
September
October
November
PETROLEUM, COAL, AND PRODUCTS— Continued
CO A L-—Continued
Bituminous— Continued
Consumption on vessels (bunker fuel)
thous, of short tons._
Stocks, industrial and retail dealers', end of month,
total
__ . thous. of short tons. _
Industrial, total
do
Byproduct coke ovens
. _. _ _do
Cement mills
do
Electric-power utilities.
_ _ _ _ _ -do
Railways (class I)
do
Steel and rolling mills. _ __
do
Other industrial
do
Retail dealers _ _
_ __ _ _do__ _
Exports.do
Prices, composite:
Retail-..
dol. per short ton
Wholesale:
Mine run.
do
Prepared sizes
_do__
COKE
Production:
Beehive
thous. of short tons._
Byproduct.
do
Petroleum coke
do
Stocks, end of month:
Byproduct plants, total
__ _
do
At furnace plants
do
At merchant plants.
do
Petroleum coke
^
do
Exports
do
Price, beehive, Connellsville (furnace)
dol. per short ton__
71
39
14
12
19
45
85
82
88
78
87
45, 804
44, 359
10, 060
1,001
18, 508
4,094
907
9,789
1,445
1,101
45, 111
43, 721
9,893
1,063
17, 794
3,849
912
10, 210
1,390
1,415
37, 119
36, 038
7,087
877
15, 066
3,010
748
9,250
1,081
557
24,583
24, 118
3,449
528
11,055
2,093
453
6,540
465
197
28, 054
26, 893
4,848
553
11, 167
2,755
500
7,070
1,161
776
37, 590
36, 047
7,491
668
13, 820
2,902
695
10, 471
1,543
2,108
44, 795
42, 840
9,572
771
16, 774
3,113
841
11, 769
1,955
3,072
51, 376
49, 198
11, 280
902
19, 505
3,802
951
12, 758
2,178
2,657
51, 979
49, 751
10, 395
944
20, 581
3,238
891
13, 702
2,228
2,715
58, 964
56, 620
12, 353
1,089
22, 925
3,746
928
15, 579
2,344
2,956
64, 293
61, 836
13, 964
1,181
24, 940
3,646
968
17, 137
2.457
2^923
84
r
70, 478
' 67, 714
r
15. 666
1, 283
26. 668
4.172
989
18, 936
2,764
3,085
83
72, 125
69, 383
16, 329
1,361
27. 52S
4,507
1,005
18, 652
2,742
16.10
16.32
16.47
16.51
16.67
16.63
16.16
16.09
16.12
16.31
16.47
16.74
16.77
8.667
9.463
8.711
9.574
8.767
9.732
8.795
9.766
8.861
9.855
i 8. 756
9.456
8.729
9.403
8.707
9.394
8.689
9.380
8.698
9.464
8.699
9.554
8.713
9.574
8.735
9.573
'35
3,495
280
80
5,538
264
104
5,358
291
26
3,956
259
248
4,979
254
424
5,663
246
449
5,868
296
568
5,657
304
505
5,855
318
644
5,756
315
587
5, 671
283
'640
6,006
289
567
5,666
2,017
1,200
817
160
30
1,714
991
723
140
36
1,281
807
474
149
29
655
448
207
155
24
550
448
102
112
22
700
581
119
117
29
718
611
108
133
32
724
612
111
129
22
816
642
174
125
39
825
599
226
101
34
855
584
271
104
37
984
661
323
85
41
1,102
752
351
13. 250
13. 250
13. 250
13. 250
13. 850
14. 250
14. 250
14. 250
14. 250
14. 250
14. 250
14.250
14. 250
1,980
156, 285
84
158, 782
1,877
155, 754
88
169, 723
1,806
152, 590
86
169, 987
1,671
139, 073
84
148, 837
2,009
151, 213
85
165, 418
1, 8%
149, 052
82
155, 797
1,994
159, 441
90
171, 599
2,349
161, 332
88
169, 663
2,135
170, 017
91
182, 330
2,315
175, 594
94
188, 078
2,031
176, 636
94
181, 778
1,999
182, 896
94
188, 393
256, 010
59, 835
180, 086
16, 089
253, 356
60, 405
177, 049
15, 902
246, 610
61,195
169, 217
16, 198
243, 750
59, 965
167, 916
15, 869
241, 230
60, 647
164, 663
15, 920
244, 605
62, 647
165, 373
16, 585
239, 877
62, 944
160, 751
16, 182
242, 287
62, 639
162, 506
16, 142
240, 270
62, 845
160, 254
17, 171
237, 393
61, 247
159, 357
16, 789
242, 311
60. 884
164, 303
17, 124
246, 424
61, 993
167, 490
16, 941
PETROLEUM AND PRODUCTS
Crude petroleum:
Wells completed. __
number
Production.
thous. of bbl
Refinery operations
percent of capacity
Consumption (runs to stills)
thous. of bbl
Stocks, end of month:,?
Gasoline-bearing in U. S., total
do
At refineries
do
At tank farms and in pipelines
do
On leases.
do
2,722
2,654
2, 968
3,010
3,250
3,096
4,033
2,946
2,130
3,226
2,153
2,328
Exports
do
15, 496
11, 891
13, 699
13, 878
16, 434
15, 426
14, 533
13, 731
13, 787
13, 097
14, 208
14, 924
Imports
do
2.570
2.570
2.570
2.570
2. 570
2.570
2.570
2.570
2.57C
2.570
2.570
2.570
2.570
Price (Oklahoma-Kansas) at wellsf-dol. per bbl__
Refined petroleum products:
Fuel oil:
Production:
32, 253
35, 392
32, 489
33,765
37, 723
30, 920
28, 871
32, 000
31,112
29, 301
28, 729
Distillate fuel oil
thous of bbl
29, 070
38, 759
32, 954
37,283
35, 585
35, 343
31, 426
35, 411
37, 491
35,338
32, 058
32, 818
Residual fuel oil
do
35, 768
Domestic demand:
' 24, 864
29, 301
39,484
30, 772
44, 759
22, 864
25, 123
28, 806
43, 406
26, 785
19,705
42, 604
Distillate fuel oil
do
r 42, 668
40, 743
46, 398
41, 955
42, 906
51, 362
44, 762
39, 055
47, 281
45, 535
51, 334
Residual fuel oil. _
___
do
52, 085
Consumption by type of consumer:
6,145
6,194
5,899
7,462
7,938
7,804
5,324
5,673
5, 319
' 7, 318
Electric-power plants
do
6,043
5,275
7,868
3,833
4,377
4,333
4,029
4,284
4,117
3,543
3,791
4,117
4,033
4,035
Railways (class I)
do
r
r
r
4,772
4,980
4,384
4,545
5, 422
5, 064
4,199
4, 477
5,039
' 4, 713
' 4, 289 ' 4, 169
5,088
Vessels (bunker oil)
do
Stocks, end of month:
2 85, 643
2 68, 426
2 63, 932
2 61, 664
2 78, 270
2 53, 679
2 42, 739
252,206
75, 207
2 37, 777
237,530
88, 212
Distillate fuel oil
do
40, 979
44, 586
42, 165
41, 966
39, 482
60, 193
40, 124
39, 979
47, 828
65, 112
55, 808
41, 860
Residual fuel oil
do
Exports:
1,124
809
916
714
430
925
626
863
1,036
666
649
Distillate fuel oil
_
do
1,001
1,221
632
935
802
861
644
852
751
1,193
958
843
Residual fuel oil
do
1,398
Prices, wholesale:
Distillate (New York Harbor, No. 2 fuel)t
.082
.080
.086
.088
.082
dol. per gal._
.078
.091
.081
.082
.081
.078
.077
.078
1.650
.800
.950
Residual (Oklahoma, No. 6 fuel)*
do__
1.590
1.488
1.190
1.650
1.620
1.650
1.650
1.625
1.388
1.438
Kerosene:
Production
thous. of bbl
9,273
9,091
9,828
9,989
10, 264
10, 755
8,477
9, 790
8,848
9,469
11, 140
10, 100
9,448
14, 978
Domestic demand
do
13, 906
6,926
7,035
>• 7, 920
5,700
8,371
11, 413
11, 454
4,570
12, 939
25, 803
28, 292
17, 304
Stocks, end of month
-do._
23,151
21, 117
16, 126
25, 267
20, 888
27, 677
13, 001
13,383
18, 260
Exports
do
61
136
97
43
118
113
26
71
39
89
68
213
Price, wholesale, bulk lots (New York Har.096
.092
.098
.092
.086
.088
.093
.090
.093
.101
.089
.090
.089
bor)t
dol. per gal__
Lubricants:
4,686
Production
thous of bbl
3,984
4,100
3,932
4,151
4,646
4,987
4,002
4,039
3,587
4,086
3,645
Domestic demand
_
do
3, 910
3,346
2,982
2,647
3,339
3,822
2,544
2,846
' 3, 511
3,588
3,271
2,368
6,973
Stocks, refinery, end of month
do
7,145
9,109
9,219
7,427
7,736
8,280
8,787
9,341
9,323
6,950
8,989
3
3
3
3
992
1, 101
754
Exports
do
1, 281
1,160
1,291
1, 075
910
1,250
1,150
940
1,110
Price, wholesale, bright stock (midcontinent,
.268
.172
.199
.181
.255
.170
.220
.270
.170
.170
.170
.170
.170
f. o. b. Tulsa)t
dol. pergal__
r
Revised.
* Comparability of data is slightly affected in April 1950 by substitutions in reporting companies. Price on new basis for March 1950 is $8.916.
2 New basis. Beginning January 1950, coverage was increased to include one East Coast terminal not previously reporting; comparable December 1949 figure, 75,435,000 barrels.
3 Excludes "special category" exports not shown separately for security reasons,
cf Includes stocks of heavy crude in California.
fReyised series. Beginning in the July 1950 SURVEY, the following price series have been substituted for those previously shown: Crude petroleum, 36°-36.9° gravity (former series, 33°33.9°); distillate fuel oil, New York Harbor, No. 2 fuel, bulk lots, f. o. b. refineries or terminals, excl. all fees and taxes (former series, Pennsylvania, 36°-40° gravity); lubricating oil, bright stock,
conventional, 150-160 viscosity D, 0-10 pour point, midcontinent, excl. all fees and taxes (former series, cylinder, Pennsylvania). Beginning in the April 1950 SURVEY, prices for kerosene (N. Y.
Harbor, No. 1 fuel, f. o. b. refineries or terminals, excl. all fees and taxes) replace those for water white, Pennsylvania. Kerosene prices beginning 1935 are shown on p. 24 of the August 1950
SURVEY; data beginning 1935 for all other series will be available later.
*New series. Compiled by the U. S. Department of Labor, Bureau of Labor Statistics. Prices are for bulk lots, excluding all fees and taxes (Oklahoma, group 3).
NOTE FOR INDICATED HEATING APPARATUS SERIES, p. S-34.~Revised data for January-October 1949 are as follows (number): Range boilers—shipments, 34,831; 31,994;
36,736; 27,593; 24,415; 29,136; 27,350; 39,961; 42,482; 45,252; oil burners—shipments, 26,382; 24,092; 25,988; 25,497; 34,918; 46,893; 41,613; 74,898; 95,187; 97,165; stocks, 52,300; 51,890; 55,328; 56,423; 54,670;
48,029; 46,882; 41,681; 35,403; 28,924; cooking stoves and ranges—shipments, total, 137,869; 154,915; 192,915; 182,340; 180,394; 188,094; 149,337; 245,474; 265,088; 297,089; coal and wood, 14,307; 15,890;
17,130; 12,555; 10,693; 10,376; 11,707; 17,186; 19,060; 16,720; gas, 108,829; 119,251; 155,721; 155,170; 155,588; 164,016; 126,630; 210,976; 232,005; 263,563; heating stoves—shipments, total, 122,034; 93,469;
107,174; 84,052; 105,368; 183,240; 285,887; 567,520; 741,694; 673,181; coal and wood, 24,120; 15,119; 11,148; 13,011; 17,756; 42,363; 75,478; 147,728; 215,680; 206,732; gas, 36,541; 27,633; 36,959; 29,257; 40,884;
58,677; 102,493; 223,839; 268,515; 268,588; kerosene, etc., 61,373; 50,717; 59,067; 41,784; 46,728; 82,200; 107,916; 195,953; 257,499; 197,861; warm-air furnaces—shipments, total, 31,734; 33,011; 41,271; 34,471;
42,406; 55,916; 48,575; 85,320; 112,264; 103,401; gas, 8,894; 8,565; 12,177; 12,298; 17,187; 24,652; 20,120; 36,703; 48,396; 44,802; oil, 9,705; 8,823; 10,324; 9,637; 12,657; 16,917; 15,305; 27,073; 31,331; 34,964; solid
fuel, 13,135; 15,623; 18,770; 12,536; 12,562; 14,347; 13,150; 21,544; 32,537; 23,635; water heaters—shipments, 116,072; 108,142; 133,332; 140,266; 149,789; 165,275; 144,414; 180,441; 191,688; 200,858.
S-36
SURVEY OF CTJKEENT BUSINESS
1950
1949
Unless otherwise stated, statistics through
1948 and descriptive notes are shown in the
1949 Statistical Supplement to the Survey
Novem-
ber
January 1951
Decem-
ber
January
Febru-
ary
March
April
May
June
July
August
Septem-
ber
October
Novem-
ber
PETROLEUM, COAL, AND PRODUCTS—Continued
PETROLEUM AND PRODUCTS—Continued
Refined petroleum products— Continued
Motor fuel:
Production, total
thous. of bbl_
Gasoline and naphtha from crude petroleum
thous. of bbl_
Natural gasoline and allied products, do _ _
Sales of 1. p. g. for fuel, etc., and transfers
of cycle products
thous. of bbL
Used at refineries
do
Domestic demand
do _
Stocks, gasoline, end of month:
Finished gasoline, total
do
At refineries
do
Unfinished gasoline
do_ __
Natural gasoline and allied products do
Exports
do
Price, gasoline:
Wholesale, refinery (Oklahoma), group 3
dol. per gal_.
Wholesale, tank wagon (N. Y.)t
do
Retail, service stations, 50 cities.
do
Aviation gasoline:
Production total
thous. of bbl
100-octane and above
do
Stocks total
do
100-octane and above
do_ _ _
Asphalt:
Production
short tons..
Stocks refinery, end of month
do
Wax:
Production
thous. of Ib
Stocks refinery end of month
do
Asphalt products, shipments:
Asphalt roofing, total
thous. of squares. _
Roll roofing and cap sheet:
Smooth-surfaced
do
Mineral-surfaced
- do
Shingles all types
do
Asphalt sidings
do
Saturated felts
short tons _ _
79, 733
83, 515
82, 075
73, 549
80, 786
77, 606
84, 801
85, 181
91, 017
92, 710
87, 539
90,837
70, 369
14, 265
74, 286
14, 711
72, 556
15, 116
64, 685
13, 608
71, 350
14, 586
68, 254
14, 016
74, 958
14, 246
75, 128
14, 254
80, 365
15,002
82, 367
15, 449
76, 939
15, 466
79, 815
16, 389
4, 901
7,449
76, 270
5,482
7,325
75, 553
5.597
7,279
66, 908
4,744
6,773
63, 366
5,150
7,352
78, 739
4,664
6,984
80, 348
4,403
7,113
89, 033
4,201
7,321
90, 170
4,350
7,506
91, 707
5,106
8,510
94, 537
4,866
8,520
86, 766
5,367
9,302
88, 961
97, 173
54, 200
7,534
7,141
1,809
103. 586
62, 116
7,857
6,831
1,611
116, 624
73,880
8,674
7,363
1,201
124, 177
81, 457
8,619
8,098
1,575
124, 924
83, 399
8,842
7,708
1,229
119, 584
76, 591
8,473
7,950
1,921
112, 915
68, 403
8,120
8,163
1,852
106, 026
61, 771
8,048
8,151
1,431
102, 769
58, 891
8,286
8,730
1
1, 452
99, 423
56, 743
7,644
8,667
i 997
97, 904
55, 676
7,844
8,581
1
1, 853
97, 844
55, 560
7,920
8,227
i 1,823
.098
.140
.201
.098
.137
.201
.097
.137
.200
.096
.137
.199
.095
.137
.197
.095
.138
.200
.098
.142
»201
.101
.142
.202
.102
.145
.205
.103
.147
.203
.104
.147
.201
.104
.147
.199
3,848
2.529
6,822
2,902
4,086
2,957
7,444
3,338
3,044
1,806
7,940
3,341
2,670
1,834
8,026
3,316
3, 348
2, 335
7,758
3,075
3,137
2,728
7,446
3,252
3,781
2,944
7,138
3,288
3,954
2,859
6,593
3,023
4,264
3,320
6,656
3,226
4,896
4,152
6,133
3,260
5,107
3,929
6,000
2,970
5,554
4,237
6,579
3,256
r
.104
.147
.202
684, 700
790, 400
535, 100
602, 700
669, 800
929, 300 1, 043, 800 1, 173, 300 1, 246, 000 1, 197, 600 1, 140, 200
530, 200
458, 700
894, 200 1, 027, 800 1, 140, 000 1, 238, 700 1, 326, 500 1, 298, 900 1, 155, 300 1, 051, 500
790, 000
742, 400
670, 200
71, 960
126, 000
92, 400
132, 440
87, 920
133, 840
101,360
144, 760
79, 800
137, 760
102, 200
140, 000
104, 720
151, 760
98, 840
158, 480
96, 320
161, 560
113, 960
151, 760
114, 800
145, 880
107, 240
135, 240
5,206
3,064
3,538
3,255
3,816
4,447
5,820
6,146
5,866
6,934
6,161
6,641
6,208
1,284
1,270
2,652
767
736
936
834
821
779
1,768
979
962
1,562
1,655
883
860
2,072
2,506
1,108
1,188
3,524
1,181
1,242
3,723
1,127
1,212
3,527
1,351
1,471
4,113
1,311
1,339
3,510
1, 528
1, 519
3, 595
1,535
1,455
3 218
55, 413
39, 259
41, 485
35, 168
43, 746
45, 880
58, 543
61, 591
59, 299
63, 200
54, 435
58, 215
57, 613
' 2, 042
1, 982
3, 780
2,075
2,156
3,699
688, 843
687, 173
342, 677
772, 981
754, 296
375, 561
261
175
189
169
158
121
142
137
133
172
204
162
208
PULP, PAPER, AND PRINTING
PULPWOOD AND WASTE PAPER
Pulpwood"
Receipts
thous of cords (128 cu. ft.). Consumption
do
Stocks end of month
do.
Waste paper:
Receipts
short tons.Consumption
do
Stocks end of month
do. .WOOD PULP
Production:
Total, all grades
. thous. of short tons. .
Bleached sulphate
short tons
Unbleached sulphate _
_ . _ do
Bleached sulphite .
_-do
Unbleached sulphite
..
do
Soda
do
Groundwood
-do
Defibrated, exploded, etc
_
. . _ do
Stocks, own pulp at pulp mills, end of month:
Total, all grades
short tons. .
Bleached sulphate
_do_ .
Unbleached sulphate
do.
Bleached sulphite
do
Unbleached sulphite
_ _.
do
Soda
do
Groundwood
do
Exports all grades, total
Imports, all grades, total
Bleached sulphate . . .
Unbleached sulphate
Bleached sulphite
.
Unbleached sulphite
Soda
Groundwood
-
do
. do
do
do
..
do. .
do
....do
do
1,772
1,841
4,875
1,718
1,726
4,879
1,753
1,884
4,753
1,662
1,768
4,675
1,735
1,936
4,473
1,387
1,860
3,999
1,523
1,977
3,542
1,836
1,983
3,392
1,968
1,864
3,491
2,326
2,093
3,724
615, 578
625, 182
368, 121
606, 410
573, 516
397,307
588, 946
589, 046
394, 077
557, 634
572, 188
372, 234
632, 344
651, 142
355, 615
604, 058
598, 526
363,374
638, 275
640, 671
357, 892
639, 504
639, 505
354, 200
568, 893
560, 469
362, 209
711, 910
732, 001
348, 450
1,136
128, 443
436, 025
169, 313
' 58, 933
43, 341
165, 969
76, 907
1,077
117, 099
404, 018
162, 468
56, 889
42, 232
168,344
73, 261
1,181
139, 514
465, 558
173, 759
59, 534
45, 120
165, 152
74, 566
1,089
131, 186
422, 223
160, 266
57, 025
42, 179
154, 439
71, 989
1,199
146, 640
453, 072
183, 146
64, 601
46, 096
174, 005
76, 188
1,162
139,388
450, 022
172, 614
57,232
44, 575
174, 672
76,694
1,246
145,529
489, 143
180, 213
59, 257
48, 300
187, 516
72, 943
1,219
146, 624
468, 571
172, 920
57, 643
47, 249
188, 297
79, 535
1, 164
144, 132
453, 963
160, 826
53, 735
41,723
174, 729
76, 945
1,314
148, 996
512, 519
187, 933
63, 566
47, 382
193, 498
81, 804
1,226
144, 773
468, 025
171, 788
63, 712
43, 949
186, 878
82,153
114, 018
12, 896
8,355
32, 412
19, 436
2,992
27, 634
98, 480
9,240
7,331
25, 621
15, 104
2,099
29, 490
109, 010
9,709
8,770
29, 644
15, 259
1,771
33, 984
108, 503
10, 470
8,206
26, 937
17, 203
1,456
34, 044
107, 733
9,926
8,463
25, 808
18, 615
1,414
33, 885
116, 491
12, 834
8,587
28, 125
17, 740
1,735
37, 697
112, 366
11, 824
7,367
26, 042
18, 555
1, 483
37, 509
106, 942
12, 220
7,784
25, 667
13, 552
1,590
36, 325
103, 364
13, 526
8,782
21, 701
13, 313
1,314
35, 614
105, 487
13, 696
9,512
24, 558
12, 282
1,830
33, 580
93, 120
13, 595
9,415
18 215
14,290
31,077
90, 331
«• 14, 533
9,620
19, 446
13, 787
'500
29, 309
3,937
244, 540
40, 845
54, 014
66, 710
56, 624
2,763
22, 888
5,628
211, 534
32, 464
40, 142
58, 106
52, 834
2,805
24, 572
4,324
235, 996
31, 744
64, 496
50, 423
63, 260
2,566
22, 897
5,629
183, 312
39, 615
28, 325
51, 531
39, 898
2,683
20, 456
5,528
202, 574
42, 620
35, 007
58, 575
38, 904
2,983
23,973
5,926
150, 290
30, 837
22, 365
48, 353
28, 030
2,333
18, 071
7,331
204, 391
48, 556
30, 980
56, 115
41, 189
2, 833
24, 002
7 891
224, 302
40, 444
48, 899
59, 980
43, 849
2,851
25, 974
6, 754
177, 749
29, 479
34, 330
47, 022
43, 018
2,707
20, 149
7,818
186, 225
35, 754
40, 953
46, 193
34, 465
3.205
24, 891
10 223
190 670
29, 312
32, 557
58, 365
44 997
2,868
21, 708
6 479
207, 456
44, 529
36, 736
47, 779
53 955
3,368
20,080
1,807
1,881
1,796
2,032
1,029
1,900
2,047
1,021
2,029
1,033
1,813
2,184
1,062
1 002
'
2, 085
r
1,r 024
946
2,231
1,087
1 023
r
r
r
r
r
750
r 1, 369
177, 000
r
f
529, 945
192, 824
67, 324
38, 063
204, 512
84, 124
1,327
168 086
511, 043
187, 622
68, 734
36, 729
199, 068
86, 249
88, 081
14, 424
9,659
18 547
12, 854
683
29, 842
PAPER AND PAPER PRODUCTS
All paper and paper board mills:
Paper and paperboard production, total
thous. of short tons..
Paper (incl. building paper)
do _.
Paperboard
_ _.
do
Building board..
do
1,920
943
884
92
899
823
85
936
859
86
898
810
87
901
101
959
848
94
921
106
890
106
939
784
90
120
114
121
1
'Revised.
1 Excludes "special category" exports not shown separately for security reasons.
fRevised series. Beginning with the October 1950 SURVEF, prices have been revised to exclude Federal and State taxes; comparable figures for January-July 1949 appear in corresponding
note on p. S-36 of that issue. Data for 1935-49 are shown on p. 24 of this issue.
January
SURVEY OF CURRENT BUSINESS
1951
Unless otherwise stated, statistics through
1948 and descriptive notes are shown in the
1949 Statistical Supplement to the Survey
1950
1949
November
S-37
December
January
February
March
April
May
June
July
August
September
October
November
PULP, PAPER, AND PRINTING—Continued
PAPER AND PAPER PRODUCTS— Con.
Paper, excl. building paper, newsprint, and paperboard (American Paper and Pulp Association):!
Orders, new.
_ __
..
short tons_.
Orders, unfilled, end of month
__ do _.
Production
do
Shipments
_
__
_
do __
Stocks, end of month
do
Fine paper:
Orders, new
__ do _ _
Orders unfilled, end of month
do
Production
__
do
Shipments
do
Stocks, end of month _
__
_do __
Printing paper:
Orders, new
_.
do._ _
Orders, unfilled, end of month .
do
Production-_ __
do___
Shipments
__
do
Stocks, end of month
do
Price, wholesale, book paper, "B" grade, English finish, white, f. o. b. milL.dol. per 100 lb_.
Coarse paper:
Orders, new
short tons__
Orders, unfilled, end of month ...
do
Production
do
Shipments
__
do
Stocks, end of month
do
Newsprint:
Canada (inch Newfoundland) :<?
Production
do
Shipments from mills
do
Stocks, at mills, end of month
do
United States:
Consumption by publishers
do
Production
_ __
do
Shipments from mills
do
Stocks, end of month:
At mills
_
do
At publishers
do
In transit to publishers
__ _ _
do
Imports ,
_. _
do
Price, rolls (New York)
dol. per short ton__
Paperboard (National Paperboard Association) :
Orders, new
.short tons
Orders, unfilled, end of month
do
Production, total
do
Percent of activity
Paper products:
Shipping containers, corrugated and solid fiber,
shipments
__mil. sq. ft. surface area..
Folding paper boxes, value:
New orders
1936=100
Shipments
._
do
754, 993
496, 770
762, 099
755, 367
328, 285
729, 665
486, 860
739, 789
739, 566
328, 508
785, 948
509, 545
775, 846
763, 256
341, 090
747,742
519, 060
736, 448
738, 634
340, 315
858,342
532, 895
840, 837
844, 503
336, 644
779, 468
540, 465
774, 868
772, 558
338, 950
810, 402
538, 304
814, 697
812, 556
341, 091
848, 656
564 355
817, 773
822, 024
338, 255
918, 164
760, 260
716, 545
723, 630
330, 944
973, 952
876, 200
836, 936
845, 246
322, 990
r 852, 625 -•869,360
'r 913, 297 r 911, 147
805, 715 ' 865, 566
' 815, 574 rr 870, 497
309, 060
r 313, 665
831,000
869, 900
872, 000
872, 000
308, 965
91, 985
43, 270
93, 248
92, 987
83, 125
86, 355
39, 300
91, 908
90, 322
84, 710
96, 268
41, 525
93, 734
94, 033
84, 411
100, 628
50, 200
92, 899
92,368
86, 350
113, 260
56 890
104, 613
106 569
84, 395
95, 020
55 640
95, 161
96 270
83, 285
108, 185
56, 225
105, 620
107 599
81, 305
110, 740
61 400
103, 702
106 950
79, 475
135, 210
110, 200
83, 785
86, 350
76, 910
149, 100
143 200
111,513
116 050
74, 115
'r 114, 207 'r 114, 655
145 772
147 800
fr 106, 968 rr 111,959
112, 614
111, 635
' 69, 450 r 68, 795
105,000
137, 800
113, 000
115, 000
66, 795
260, 080
218, 400
265, 313
257, 785
108, 140
252, 560
209, 880
263, 049
261, 078
110, 115
281, 470
232, 255
264, 983
259, 094
116, 004
249, 075
234, 200
244, 781
247, 125
113 660
290, 232
238 735
288, 123
285, 697
116 085
259, 798
241, 750
260, 469
257, 445
119 110
274, 241
238 419
275, 228
277 572
116 766
293,
258
273
273
116
311,075
329, 000
238, 605
239, 675
115, 140
353, 957
387, 500
286, 343
286, 188
116 335
'
307, 738 f 291, 100
r
414, 165 r 406 845
r
280, 260 f 297, 072
r
281, 172 rr 298 420
113 870
115,310
282, 000
390, 800
297, 000
298, 000
112, 870
215
020
049
605
210
11.65
11.78
11.30
11.30
11.30
269, 096
165, 040
268, 903
270, 358
84, 195
260, 710
166, 595
254, 841
259, 153
79, 883
267, 149
163, 950
275, 762
269, 794
85, 850
262, 560
161,845
264 135
264, 665
85 320
304, 000
161, 610
300 675
304, 231
81 764
276, 000
166, 560
271 129
271, 048
81 845
286, 588
167, 945
291 592
285 200
88 235
295,
167
296
296
88
568
350
290
157
365
312, 314
218, 870
258 564
260, 790
86, 139
300, 665 «• 276, 858
227, 570 r 227, 700
273 620
286 377
289, 407 r T276, 705
78, 265
81 352
436 766
460, 977
140, 970
414, 872
434, 652
121, 190
417 Oil
403, 013
135, 188
399 247
376, 834
157, 601
451 635
426 960
182, 276
422 774
425 660
179, 390
459 937
479 560
159, 767
440 967
440 777
159, 957
439 255
463, 339
135, 873
466 443
417 589
184, 727
378, 626
72, 130
72, 417
372, 497
69, 854
72, 255
345, 093
74, 275
76, 080
350, 906
69, 099
70 756
396, 923
80 571
79 027
403, 801
82 564
85 340
401, 922
89 719
86 257
376, 482
88 420
89 928
336, 759
84, 280
83 586
13, 215
378 578
87, 677
386, 639
100. 00
10, 814
371, 131
74, 732
418, 496
100. 00
9,009
355 599
86, 039
376, 819
100. 00
7 352
328 881
88 593
347, 950
100. 00
8 896
318 036
86 765
382 399
100. 00
6 120
284 010
91 075
369 560
100. 00
9 582
288 684
94' 187
487, 435
100. 00
8 074
303 524
78 935
441 239
100.00
8 768
339 424
93 140
415 424
100. 00
887, 000
429, 800
882, 800
801, 200
359, 300
827, 400
860, 300
337, 800
858, 800
802, 800
314, 600
817, 000
952 600
371,800
908 600
847 100
343, 700
858 300
964 000
395, 500
934 600
945 400
394, 100
907 600
983 300 1 204 500
524, 400
729, 100
816 900 1 017 300
93
83
88
11.30
92
11.30
91
11.30
92
11.30
91
11.30
94
82
11.65
12.15
r
r
r
r
12.15
296, 840
231, 190
291 399
293, 350
r
76 315
290, 000
224, 000
300 000
297, 000
79 300
437, 579
485, 165
137, 141
456 443
465, 2:3
128, 331
456 743
477, 708
107, 366
346, 795
90 882
90 955
373, 788
84, 564
83, 962
420, 786
89, 363
90, 837
407, 943
86, 080
83 241
8 695
376 900
81 095
367, 604
100. 00
9,297
372 943
94, 271
418, 664
100. 00
7,823
356 782
88 332
449, 183
100. 00
10 662
334 783
98 499
100
106. 00
977, 800 1, 039, 000 1 019 900
694, 700
714, 900
722, 000
954, 400 1, 023, 400 1 012 700
102
96
101
5,753
5,230
5,260
5,147
6,112
5,685
6,081
6 073
5,840
7,401
7,010
7,384
7,064
452.2
492.8
412.9
449.3
441.7
449.0
435.2
432.7
529 5
521.6
443 0
456.1
502 6
495 5
536 0
526 3
580 3
422 8
873 5
597.8
725 8
614.4
713 0
669.4
688 2
662 4
1,019
1,4G8
1,114
673
524
149
829
619
210
846
671
175
1,107
892
695
197
774
566
208
850
650
200
766
618
148
962
816
146
1,138
1,028
63 333
99 457
77 876
61 402
93 653
62 004
64 297
87 146
72 703
61 281
87 409
61, 153
PRINTING
Book publication, total
New books
_
__
New editions
number of editions _
__
do
do
758
261
384
872
235
877
261
811
217
RUBBER AND RUBBER PRODUCTS
RUBBER
Natural rubber:
Consumption
long tons
Stocks, end of month
do
Imports, including latex and guayule
do
Price, wholesale, smoked sheets (New York)
dol. per lb-_
Chemical (synthetic):
Production
long tons _
Consumption
do
Stocks, end of month
do
Exports
do
Reclaimed rubber:
Production
do
Consumption _
do
Stocks, end of month
__do _
52, 093
99, 208
67, 152
52, 919
106, 619
67, 934
59 992
108, 769
58, 261
56 580
104, 477
54, 175
60 859
101 691
61, 481
57 914
106 124
76, 828
63 813
100 776
60 187
r 69 178
83 215
78 376
r
50 663
80 678
.167
.177
.184
.195
.197
.238
.286
.309
.384
.521
.558
.638
.732
28, 619
31, 684
101, 430
478
27,234
31, 771
98, 042
674
27, 808
33 966
92, 284
580
29, 336
31 860
88, 381
596
33 003
37 647
86, 824
635
34, 821
38 075
83, 440
777
37 320
46 398
74, 524
646
38 569
48 608
65 346
634
43 820
43 687
67 085
724
43 950
50 379
63, 654
631
44 460
49 550
59, 059
645
44 690
r 54 507
r
51 751
678
48 417
46 852
51 220
19, 382
18,512
27, 801
19, 723
18, 210
28, 263
19 447
20, 106
27, 319
20 424
19, 741
27 256
23 037
22, 151
27 602
22 683
21, 318
28 352
24 876
24' 158
27 837
25 869
25 253
28 470
24 374
22 377
30 371
27 312
26 151
31 793
29 648
29 250
33 395
r 32 685
r 32 785
r 33 530
29 886
29 800
33 066
6,037
5,262
1,746
3,417
99
9,542
109
6,272
5 229
2,158
2,940
131
10, 638
120
6, 827
5 913
3,094
2,703
116
11, 366
124
6,691
6 216
3,247
2,870
100
11, 797,
92
7,314
6 794
2 830
3,858
106
12, 355
96
7,583
7 526
2 975
4,438
112
12, 341
89
8 629
8 521
3 119
5,296
106
12, 367
94
8 469
10 194
4 056
6,024
114
10 749
94
8 264
12 040
3 884
8,049
107
7 005
173
8 173
10 610
4 093
6^399
117
4 801
175
7 816
8 226
3' 814
4,300
113
4 423
i 107
8 659
8 709
3 782
4,774
152
4,382
1 108
5,141
4 163
9,645
53
5,325
4 179
10 657
60
5,629
5 312
10 926
49
5 803
5 610
11 059
50
6 223
5 733
11 432
51
6 285
6 094
11 710
57
7 089
6 688
12 110
48
7 537
8 459
11 248
55
6 916
9 629
8 422
33
7 244
9 209
6 619
33
7 074
7 556
6 129
50
7 988
7 418
6 400
68
TIRES AND TUBES
Pneumatic casings:
Production
_
.
_
Shipments, total
Original equipment
Replacement equipment
Export
_
Stocks, end of month.
Exports _.
_
Inner tubes:
Production
Shipments
Stocks, end of month
Exports
r
thousands. _
do
do
do
do
do
_ _
do
._
.
_
do
do
do
do
Revised.
1 Excludes "special category" exports not shown separately for security reasons.
cfData for 1937-48 (incl. Newfoundland) are shown on pp. 22 and 23 of the May 1950 SURVEY. Further revisions for stocks at mills, end of December, are shown at bottom of p. S-37 of
the June 1950 SURVEY.
fRevised data for 1948 are shown on p. 23 of the May 1950 SURVEY.
SURVEY OF CURRENT BUSINESS
S-38
Unless otherwise stated, statistics througH
1948 and descriptive notes are shown in the
1949 Statistical Supplement to the Survey
1950
1949
November
January 1951
December
January
February
March
April
May
June
July
August
September
October
November
STONE, CLAY, AND GLASS PRODUCTS
ABRASIVE PRODUCTS
Coated abrasive paper and cloth, shipments reams. _
126, 936
124,653
145, 157
144, 609
157, 524
154, 385
165, 746
165, 781
151, 278
258, 575
206, 809
197, 500
177, 371
18, 040
86
1 7, 269
9,352
3,387
16, 967
78
11. 628
14, 706
4,587
15, 202
70
9,632
20, 275
6,141
13, 115
67
9,824
23, 583
7,454
14, 301
66
14, 669
23,216
8,821
18, 134
85
18, 424
22, 936
8,626
19, 941
90
22, 834
20,050
8,142
20, 001
93
24. 749
15, 298
7,346
20, 709
94
23,167
12, 848
6,388
21, 884
99
25, 144
9,608
4,900
20, 945
98
22, 910
7,642
4,029
22, 488
102
24, 172
'r 5, 946
2, 852
20,226
95
19, 791
6,381
2,907
501 700
508, 100
464 372
407,417
377, 675
345, 485
345, 731
322, 320
397, 905
433,816
448, 513
51 2. 242
550, 420
592, 472
573, 586
626, 933
560 839
583, 436
622 664
652, 581
585 205
610, 795
PORTLAND CEMENT
Production
Percent of caoacity
Shipments
_
Stonks finished, end of month
Stocks clinker end of month
thous. ofbbl__
- thous. of bbl..
do
do
CLAY PRODUCTS
Brick, unglazcd:
Production
thou^ of standard brick
Shipments
do
Price, wholesale, common, composite, f . o. b . plant
dol. per thous. .
Clay sewer pipe, vitrified:
Production1
short tons
ShiDincnt*
do
Structural tile, unglazed:
Production
do
Shipments
do
635 594
639, 342
r
24. 075
24. 053
24.035
24. 103
24. 152
24. 225
24. 475
24. 721
25. 032
25. 208
25. 616
126, 879
120, 462
119,931
92, 961
108, 580
92, 740
105, 032
85, 668
121, 935
113,060
87, 639
102, 099
126, 921
145, 275
143, 053
156, 376
135 856
150, 109
151 853
159, 106
153, 180
149, 181
152, 525
152, 593
109, 699
103, 402
102, 875
85, 597
97,456
79, 119
91,124
83, 238
100, 988
104, 774
98, 995
111,465
117, 313
126, 632
119, 300
126, 601
118, 089
124, 465
119,119
135, 112
115, 506
120, 173
118, 702
118, 733
7,375
6,963
6,963
6,321
7, 952
7,379
7,290
6,748
8,204
8,129
8, 420
7,649
9, 377
9, 371
9,125
9,045
8,870
9,141
9,133
11, 132
8,673
10, 437
10, 612
8,967
25 866
26.063
GLASS PRODUCTS
Glass containers:
Production
thous. of gross. _
Shipments domestic, total
do
General-use food:
Narrow -neck food
do
Wide-mouth food (inch packers' tumblers)
thous. of gross. _
Beverage (returnable and nonreturnable)
thous. of gross ._
Beer bottles
...
__ _ d o . _ _ L/iquor and wine
do
Medicinal and toilet
___
__do
Chemical, household and industrial
do
Dairy products
do
Fruit jars and jellv glasses _ _ _ _ _ _ __ do.
Stocks, end of month
do
Other glassware, machine-made:
Tumblers:
Production
thous. of dozens
Shipments
__ .__
do
Stocks
do
Table, kitchen, and householdware, shipments
thous. of dozens. _
1
9,441
8,102
632
521
640
680
775
876
1,274
819
844
1,170
1,572
953
669
1, 871
11,694
i 2, 291
i 1, 968
2,111
1,871
2,217
2,375
i 2, 476
3,204
2,672
i 2, 474
i 2, 145
176
304
1, 227
1,887
611
255
(l)
8,735
228
333
975
1, 823
444
304
0)
9,145
231
325
826
2,127
669
256
1
14
9,352
290
263
785
1,809
667
253
133
9,595
479
451
1,140
2,062
771
277
64
9,454
592
475
964
1,856
633
228
154
10, 006
841
632
993
2,158
730
272
253
9,714
1,064
715
908
1,849
724
280
312
9, 382
845
700
1,095
1,909
649
290
*333
8,931
492
669
1,551
2,501
819
385
342
6,743
305
582
1,343
2,576
822
369
197
4,865
340
563
1,275
2,228
779
354
6,123
325
459
1,257
2,234
687
327
0)
7,064
4,940
4,961
7,615
4,853
3,756
8,584
6,125
4,981
9,825
5,578
5,552
9,820
6,061
6,251
9,642
6,515
6,168
9,938
6,591
6, 223
10, 237
5, 635
5,699
8,719
5,209
5,264
8,667
6,548
7,222
8,091
5,925
6,070
8,118
6,994
5,498
8,877
5,876
6,107
9,593
3,647
2,617
2,644
3,179
3,900
3,266
3,394
3,117
2, 530
3,671
3,356
3,846
3,313
0)
GYPSUM AND PRODUCTS
Crude gypsum, quarterly total:
Imports
thous. of short tons
Production
do
Calcined, production , quarterly total
do
Gypsum products sold or used, quarterly total:
Uncalcined
short tons
Calcined:
For building uses:
Base-coat plasters
do
Keene's cement
do
4.11 other building plasters
do
Lath
thous. of sq. ft
Tile
do
Wallboardd"
do
Industrial plasters
short tons
734
1,821
1,552
414
1,642
1,574
702
1,923
1,768
1 112
2 199
2 047
500, 302
424, 291
546, 147
573 262
464, 022
10, 902
122, 092
568, 165
8,134
719, 627
459, 766
13, 066
112, 638
610, 422
8,807
723, 786
584, 766
13,642
136, 521
659, 876
10, 765
725, 128
693 948
15 863
156 429
761, 573
13 449
759 260
57, Oil
55, 154
67, 088
66 674
TEXTILE PRODUCTS
CLOTHING
Hosiery:
Production . _
_ _thous. of dozen pairs. _
S hipments
do
Stocks, end of month
do
13, 987
14, 504
23, 153
12, 731
11, 593
24, 138
12, 868
12, 408
24, 606
13, 042
12, 950
24, 714
13, 976
14, 776
15,636
2 15, 909
729, 738
2 16, 127
900, 126
14, 072
14, 126
24, 578
12, 231
11, 480
25, 364
12, 530
11, 125
26, 794
12, 573
11, 926
28, 613
10, 090
11, 121
27, 582
15, 592
16, 449
26, 725
13, 779
15, 566
24, 937
14, 748
15, 794
23,892
14,954
14, 752
24,093
283
864
2,770
6,459
3 9, 200
COTTON
Cotton (exclusive of linters) :
Production:
Ginnings§
thous. of running bales
Crop estimate, equivalent 500-lb. bales
thous. of bales
Consumption f
bales.
Stocks in the United States, end of month,
totalf
thous. of bales.
Domestic cotton, total _ _ _
do
On farms and in transit
do
Public storage and compresses _
do
Consuming establishments.
do
Foreign cotton, total
do
772, 216
733, 833
739, 482
710, 662
718, 826
841, 868
606, 878
807, 840
968, 484
* 9, 884
835, 155 1,008,872
14, 035
15, 283
12. 713
11,428
16, 657
10, 262
7,417
12, 613
8,996
6,505
12, 697
14, 777
11,366
15, 218
13, 969
12,634
10, 144
16, 592
11, 319
7,310
12, 621
8,893
6,407
14, 691
12, 545
11,311
1,244
4,685
2,310
1,133
720
2,950
1, 658
988
Q,064
350
6,569
2,538
4,748
9,951
9,204
8,271
7,332
6,354
10, 664
10,501
5,231
4,545
6,984
4,819
4,871
6,358
1,604
1,708
1,805
1,679
1,551
1,405
1,771
1,359
1,082
1,238
1,181
1,789
1,439
65
79
66
108
118
103
65
108
98
86
76
68
54
r
Revised.
* Data for wide-mouth food containers include jelly glasses in January, February, and July, and both jelly glasses and fruit jars in November and December 1949 and beginning2 October 1950.
3
Total ginnings of 1949 crop.
Ginnings to Dec. 13.
* Dec. 1 estimate of 1950 crop.
<f Includes laminated board, reported as component board.
§ Total ginnings to end of month indicated.
\ Beginning 1950, data for March, June, September, and November cover a 5-week period and for other months, 4 weeks; prior to 1950, calendar months are represented; stock data are for
end of period covered.
SURVEY OF CURRENT BUSINESS
January 1951
Unless otherwise stated, statistics through
1948 and descriptive notes are shown in the
1949 Statistical Supplement to the Survey
1950
1949
November
S-39
December
January
February
March
April
May
June
July
August
September
October
November
740, 533
1 490
.299
264, 982
2 332
.331
355, 975
4 730
.370
372, 381
22 732
.400
283, 816
11 889
.389
.411
381
.407
.398
.422
124
129
132
^207
337
409
118
189
461
2,395
50, 959
2,570
51, 326
2,796
48.69
49 36
TEXTILE PRODUCTS—Continued
COTTON—Continued
Cotton (exclusive of linters)— Continued
Exports __
bales __
TTTI ports
do
Prices received by farmers
__dol.
per
lb..
Prices, wholesale, middling, 15/i&", average, 10
markets
dol. per Ib
Cotton linters:^
Consumption
thous. of bales
Production
do
Stocks, end of month
_ _ do __
433, 596
12, 419
'.277
656, 897
12, 896
.265
528, 316
10, 982
.265
654, 948
70, 575
.275
685, 775
62 076
.281
470, 653
8 456
.287
539, 105
2 513
.292
.298
.303
.310
.320
.319
.325
.329
.338
371
132
235
••532
131
203
568
132
193
576
128
158
580
156
147
561
131
107
580
134
78
546
138
58
610
112
49
436
149
68
340
52, 811
2,310
2,313
55, 918
2,290
36, 503
2,845
34, 970
4,283
2,449
49, 266
7,481
52, 840
4,952
51, 428
5,042
2,401
52, 318
4,596
35 935
1 905
45, 633
2,918
38.17
.303
.170
.169
38.05
.303
.170
.170
37.90
.303
.166
.172
37.52
.303
.160
.174
r
r
31 66
r 35 96
r
318
.647
.823
.647
.823
.647
.823
21, 557
20, 314
10, 021
466
9,442
124.8
21. 476
20, 241
9,781
466
9, 206
124.7
75 7
24.3
79 7
23.9
r
COTTON MANUFACTURES
Cotton cloth:
Cotton broad-woven goods over 12 inches in width,
production, quarterly
mil. of linear yards
Exports.
thous. of sq. yd__
Imports
do
Prices, wholesale:
Mill marginsj
cents per Ib
Denims 28-irch
dol. per yd
Print cloth, 381/£-inch, 64 x 60 _.
do
Sheeting, unbleached, 36-inch, 56 x 60
do _.
Cotton yarn, Southern, prices, wholesale, mill:
22/1, carded, white, cones__
dol. per lb__
40/1, twisted, carded, skeins
do
Spindle activity (cotton system spindles) :1
Active spindles, last working day, total- _thous__
Consuming 100 percent cotton. _
do
Spindle hours operated, all fibers, total _mil.of hr__
Average per working daycf _
do
Consuming 100 percent cotton,
_do
Operations as percent of capacity __
r
36. 72
r
33. 10
31. 74
43 58
48.39
364
378
.198
.218
.224
.238
.215
.245
.219
.248
840
.776
.925
.833
1.007
.851
1.072
.877
1.147
21, 474
20 221
11, 076
452
10, 435
123.0
21, 794
20 525
7,754
408
7 284
110 9
21, 845
20, 540
10, 333
517
9,711
140.2
21, 945
20 609
12, 638
516
11, 860
139.7
22, 149
20, 758
10, 713
542
10, 041
146.9
22, 153
20 756
12, 979
530
12, 171
143 2
76 8
25 5
78 0
24 5
79 7
25 8
85 1
27.7
79 0
25.5
82 5
25 3
79 ft
25 0
15 6
10 0
303
303
303
.152
.172
.140
.172
.142
.172
.151
.172
326
175
185
.632
.823
.627
.821
.620
.799
.602
.778
.605
.786
.671
21,463
20, 217
9,663
496
9,091
133.0
21, 663
20, 417
9,765
496
9,181
133.4
21, 596
20, 340
11, 808
472
11, 130
127.3
21, 301
20 048
9,299
473
8,764
127.8
21, 458
20 229
9,467
473
8,935
128.1
78 1
24 1
71 5
22.5
81 0
25 4
70 2
23 3
345
360
RAYON AND MANUFACTURES AND SILK
Rayon yarn and staple fiber:
Consumption:
Filament yarn
mil. of Ib
Staple
fiber
do
Stocks, producers', end of month:
Filament yarn
do
Staple
fiber
_
do __
Imports
thous. of Ib
Prices, wholesale:
Yarn, viscose, 150 denier, first quality, minimum
filament
dol. per lb._
Staple fiber, viscose, 1J-3 denier
do
Rayon broad-woven goods, production, quarterly
thous. of linear yards..
Silk, raw:
Imports
thous. of Ib
Price, wholesale, Japan, white, 13/15 (N. Y.)
dol. perlb..
WOOL
Consumption (scoured basis) :§
Apparel class
.thous. of Ib
Carpet class
do
Imports _
_
_
_do
Prices, wholesale, Boston:
Raw, territory, 64s, 70s, 80s, scoured. -dol. per lb._
Raw, bright fleece, 56s, greasy
do
Australian, 64s, 70s, good topmaking, scoured, in
bond
dol. perlb..
18.9
3.5
14.3
13.3
12 3
6,710
5 171
8 076
14 4
59
7 323
13 1
4 6
6 653
2.8
4,016
4,969
5.5
3.9
4,317
3.6
4.4
2, 952
7,463
8,960
10 2
4. 1
12 457
11 0
3 4
.710
.350
.710
.350
.710
.350
.710
.350
.710
350
.710
350
.710
350
.710
.350
.732
355
.740
.370
.755
370
.760
370
.760
370
2.9
14 6
3.3
o o
544, 104
14 2
10.5
570, 600
551, 842
590, 690
133
370
539
617
628
669
705
744
1 033
902
1,307
1 500
2.65
2.68
2.72
2.71
2.65
2.65
2.68
2.68
3.05
3.42
3.40
3,51
28, 732
13 267
46, 158
35, 144
17 355
57,515
31, 352
15 716
77, 891
34, 684
15 724
74, 651
41 730
19 765
66 630
31 108
16 652
56 964
32 468
16 204
54' 879
39 765
18 445
55 249
28 816
9 608
68 773
38, 948
15 768
74, 833
44, 390
18 360
56, 832
38 188
16 704
49 254
1.525
.545
1.562
.552
1.588
.559
1.625
.570
1.625
.570
1.629
.564
1.698
.620
1.760
.678
1.800
.702
2.045
.778
2.481
.892
2.489
.909
1.375
1.375
1.465
1.575
1.575
1.600
1.715
1.775
1.775
1.965
2.725
1 2. 515
84
2,207
69
2,122
77
2,175
86
2,172
83
2,096
86
2.136
87
2,188
86
2,214
'105
' 2, 346
119
2,502
28
29
27
70
1,933
102
2,391
33
27
28
27
25
26
30
139
69
141
71
154
79
166
87
169
83
170
85
159
82
160
76
101
51
172
83
87, 587
98, 564
77, 497
95, 935
77, 597
93, 207
79, 834
104, 027
77 269
103, 917
79 582
100, 746
85 Oil
101 , 863
85 662
102, 418
74 410
85, 975
96, 134
115, 302
166
172
185
209
207
186
191
187
167
233
227
58,518
6 631
37, 901
13 986
67, 365
7,357
42, 795
17 213
56, 780
6 628
34, 796
15 356
60,324
6 664
37, 908
15 752
610
835
495
280
60,516
6 468
36 832
17 216
63, 320
6 784
40 012
16 524
77, 555
8,725
49, 380
19 450
51, 064
5 964
34 860
10 240
69, 848
8,384
44, 796
16, 668
r
T
3.72
2.540
.973
1
2. 560
WOOL MANUFACTURES
Machinery activity (weekly average) :§
Looms:
Woolen and worsted:
Pile and Jacquard
thous. of active hours
Broad
.
__
_ __
.do. _ _
Narrow __
_
do
Carpet and rug:
Broad
do
Narrow
_
do_
Spinning spindles:
Woolen
do
Worsted
_ __
do
Worsted combs
_
do
Wool yarn:
Production, total§
_
__
thous. of Ib
Knitting §
do
Weaving!
-- --do
Carpet and other §
do
Price, wholesale, worsted yarn (Bradford
weaving system) 2/32s
dol. per lb_-
74,
7
46
20
r 18
17
160
81
117
92
87, 513
«• 115, 284
94 129
120, 695
r
r
'r81, 815
9, 585
* 52, 970
r
19 260
233
69, 740
7 836
44, 184
17 720
4.125
4.175
2.912
2.975
2.975
2.975
3.665
2.975
2.975
2.975
2.975
2.975
2.975
Revised.
1 Nominal price.
^Beginning 1950, data for March, June, September, and November cover a 5-week period and for other months, 4 weeks; prior to 1950, calendar months are represented; stock data and number of active spindles are for end of period covered.
^Scattered monthly revisions beginning 1944 (to incorporate new quotations for two constructions previously included at OP A ceiling prices) are available upon request.
cf Substituted series. See note marked "c?" at bottom of p. S-39 of the July 1950 SURVEY.
§ Data for the third month of each quarter cover a 5-week period, and for other months, 4 weeks.
r
SURVEY OF CUREENT BUSINESS
Unless otherwise stated, statistics through
1948 and descriptive notes are shown in the
1949 Statistical Supplement to the Survey
1950
1949
November
January 1951
December
January
February
March
April
May
July
June
August
September
October
November
TEXTILE PRODUCTS—Continued
WOOL MANUFACTURES—Continued
Woolen and worsted woven goods, except woven
felts:
Production, quarterly, total
thous. of lin. yd
Apparel fabrics total
do
Government orders
do
Other than Government orders, total do _
Men's and boys'
do
Women's and children's.. _
do
Unclassified
do
Blanketing
do
Other nonapparel fabrics
do
Prices, wholesale, f. o. b. mill:
Suiting, unfinished worsted, 13 oz__dol. per yd._
Women's dress goods, flannel, 8 oz., 54-inch
dol. per yd_.
108, 149
90, 956
2,508
88, 448
42, 120
40, 737
5, 591
5, 112
12, 081
118, 318
102, 546
4, 123
98, 423
42, 541
49. 621
6, 261
6 082
9,690
3.069
2.475
3.069
2.475
3.069
2. 475
111, 647
92, 890
1, 843
91, 047
45, 709
40. 079
5,259
6,555
12, 202
116, 071
*96 732
2 1. 269
2 92, 838
40, 821
47, 555
4,462
6 321
13, 018
3.069
2.995
2.970
2.970
3.094
3.255
3.440
4.084
4.306
4.306
2.475
2.475
2.475
2.475
2.475
2.524
2.624
2.772
2.846
2.846
••301
84
'204
40
227
722, 812
760,537
423
553
345
502
616,827 651, 169
602, 423 r 635, 544
105, 562
108, 815
93,348
97,087
603, 567
584
507
504, 445
490, 855
98, 538
80, 832
TRANSPORTATION EQUIPMENT
AIRCRAFT
Civil aircraft, shipmentscf
Exports t
number. _
do
r
r
158
97
116
29
167
39
225
52
326
52
329
56
377
68
369
47
••455,731
308
279
381, 874
373, 838
73, 549
66, 090
359, 076
369
353
292, 009
284, 097
66, 698
60, 784
581, 366
219
194
487, 824
475, 495
93,323
84, 378
475, 465
133
128
385, 361
377, 185
89, 971
80,939
580, 660
199
170
469, 618
461, 119
110, 843
99, 809
559, 311
268
234
455, 193
446, 524
103, 850
93, 294
696, 893
412
323
575, 518
563, 119
120, 963
108, 997
856, 618
598
349
720, 688
702, 935
135, 332
120, 236
706, 672
397
291
595, 067
581, 069
111, 208
98,573
818, 092
457
374
682, 782
669, 550
134, 853
121, 272
17, 216
9,251
7,965
13, 083
7,183
5,900
15, 531
8,914
6,617
18, 268
8,644
9,624
17, 639
8,134
9,505
17, 117
6,758
10, 359
20, 187
8,631
11, 556
24, 850
12, 679
12, 171
24, 807
12, 775
12, 032
24, 441
11, 286
13, 155
22, 302
10, 734
11,568
2,951
2.816
1,821
995
135
3,043
2,865
1,696
1,169
178
3,083
2,969
1,842
1,127
114
3,493
3,348
2,123
1,225
145
4,395
4,183
2,523
1,660
212
4,385
4,192
2, 528
1,664
193
4,867
4, 650
2,782
1,868
217
5,532
5,337
3,203
2,134
195
' 3 5, 798
3 5, 605
3 3, 316
32,289
3193
3
6, 593
3 6, 435
3 3, 735
3 2,3 700
158
3
3
3
3
409, 702
79, 699
414, 579
78, 805
381, 562
67, 925
408, 990
71, 698
495, 885
96, 266
471, 215
92, 241
488, 363
90, 786
583, 937
91,512
609, 926
117, 040
683, 995
126, 533
625, 755
113, 750
580, 373
101, 169
444, 193
84, 142
4,466
2,729
2,649
1,727
85
85
76
0
3,432
2,052
1,950
1,380
80
80
75
0
2,395
1,006
1,006
1, 389
61
61
61
0
2,051
922
917
1,129
64
64
64
0
1,712
830
830
882
87
87
87
0
983
235
223
748
82
82
82
0
2,193
1,211
1,211
982
113
113
113
0
4,074
3,365
3,165
709
106
106
106
0
3, 474
'r 2, 148
2, 148
1,326
94
93
93
1
5,203
2,787
2,787
2,416
104
102
102
2
5,131
2,395
2,395
2,736
70
63
63
7
5,501
2,444
2,444
3,057
71
71
71
0
5,791
3,352
3,352
2,439
58
58
58
0
1,763
1,750
1,745
1,742
1,739
1,733
1,728
1,724
1,722
1,719
1,719
1,717
1,717
130
'•7. 4
12, 661
4, 122
8,539
134
r
7. 7
12, 861
2,447
10, 414
141
8.1
17, 766
4, 550
13, 216
139
' 8. 0
25, 647
8, 455
17, 192
128
••47.4
27,011
1C, 715
16, 296
127
30. 170
13, 766
16, 404
128
7.4
40, 405
24, 338
16, 067
118
6.9
39, 360
21, 936
17, 424
123
7.1
62, 124
37, 342
24, 782
108
6.3
76, 582
48, 220
28, 362
102
5.9
94, 557
63, 485
31, 072
98
5.7
107, 994
76, 279
31, 715
93
5.4
110, 781
79, 493
31, 288
3,297
11.3
3,204
11.1
3,454
12.2
3,498
12.5
3,407
12.3
3,308
12.1
3,217
11.9
3,086
11.7
3,166
12.1
3,239
12.4
3,218
12.4
3,135
12.3
3,111
12.2
15
1
14
954
954
0
13
0
13
885
885
0
12
0
12
1,130
1,130
0
12
0
12
1,099
1,099
0
11
0
11
1,088
1,088
0
10
0
10
1,101
1,101
0
9
0
9
1,000
1,000
0
23
0
23
977
977
0
22
0
22
1,110
1,110
0
21
0
21
1,367
1,367
0
20
0
20
1,419
1,419
0
19
0
19
1,504
1,504
0
17
0
17
1,640
1,640
65
5
60
107
31
76
102
48
54
48
2
46
107
55
52
54
0
54
81
3
78
48
5
43
69
10
59
53
8
45
61
8
53
56
0
56
227
197
30
232
186
46
199
180
19
183
146
37
229
196
33
204
172
32
203
183
20
268
238
30
199
177
22
237
216
21
263
234
29
290
255
35
321
94
354
48
MOTOR VEHICLES
Factory sales total
Coaches, total
Domestic
Passenger cars, total
Domestic
_ _
Trucks, total
Domestic
Exports, totalt - Passenger cars
Truckst
_
_
Truck trailers production, total
Complete trailers
Vans
All other
Chassis shipped as such
Registrations:
New passenger cars
_
New commercial cars
number
do _
do
do _
do
do
do
__do
do
do
do
do
do
do
do
_.do __
do
22, 945
12,399
10,546
6, 761
6, 568
3, 944
2,3 624
193
RAILWAY EQUIPMENT
American Railway Car Institute:
Shipments:
Freight cars, total
number
E quipment manufacturers, total _ _ - do
Domestic
do
Railroad shops, domestic
do
Passenger cars, total
_
do
Equipment manufacturers, total
__-do_ ._
Domestic
-- do
Railroad shops, domestic
do
Association of American Railroads:
Freight cars (class I), end of month :§
Number owned
__ _
- thousands
Undergoing or awaiting classified repairs
thousands __
Percent of total ownership O
Orders, unfilled
.
number
Equipment manufacturers
do
Railroad shops..
_ _ __
do
Locomotives (class I), end of month:
Steam, undergoing or awaiting classified repairs
number. .
Percent of total on line
Orders, unfilled: _
Steam locomotives, total _ __ _ _ number
Equipment manufacturers
do - _ _
Railroad shops _ _ „
do
Other locomotives, total
do
Equipment manufacturers _
do
Railroad shops
do
Exports of locomotives, total
Steam
_
Other
do
do
do
114
4
r4y.4
r
o
INDUSTRIAL ELECTRIC TRUCKS AND
TRACTORS
Shipments total
Domestic
Export
number
- do
do
r
Revised.
1
Includes
2
242
218
24
2,625,000 linear yards, containing from 25 to 50 percent wool, not distributed between government and non-government orders.
Not comparable with earlier data; see note 1.
3 Beginning July 1950, the industry coverage has been increased by approximately 7 percent. 4 See note marked O.
of Publication of data for military shipments and the total, formerly shown here, has been discontinued by the Civil Aeronautics Administration.
^Excludes "special category" exports not shown separately for security reasons.
§Not including railroad-owned private refrigerator cars.
©Data represent freight cars awaiting repairs as a percent of total ownership (revised figures on the new basis for May-October 1949 were published beginning in the July 1950 SURVEY);
figures shown through April 1949 represent freight cars awaiting repairs as a percent of total on line.
U. S. G O V E R N M E N T P R I N T I N G OFFICE: 1951
-INDEX TO MONTHLY BUSINESS STATISTICS, Pages S1-S40Pages marked S
Abrasive paper and cloth (coated)
38
Acids
24
Advertising
7, 8
Agricultural income and marketings
2
Agricultural wages, loans
15
Aircraft
11,12,14,40
Airline operations
22
Alcohol, denatured and ethyl
24
Alcoholic beverages
2,27
Aluminum
33
Animal fats, greases
25
Anthracite. _
2,5,11,13,14,15,34
Apparel, wearing
4,5,8,9,11,12,14,15,38
Armed forces
10
Asphalt and asphalt products
36
Automobiles
2, 3, 7, 8, 9, 11, 12, 13,14, 18, 21
Balance of payments
20
Banking
15,16
Barley
28
Barrels and drums
32
Battery shipments
34
Beef and veal
29
Beverages, alcoholic. _
_ >.
2,8,27
Bituminous coal
2, 5, 11, 13, 14, 15, 34, 35
Boilers
33,34
Bonds, issues, prices, sales, yields.
19
Book publication
37
Brass
33
Brick
5,38
Brokers' loans
16,19
Building construction (see Construction).
Building contracts awarded
6
Building costs
7
Building materials, prices, retail trade
5, 7, 8, 9
Business, orders, sales, inventories
3, 4
Businesses operating and business turn-over __
4
Butter
_-_.
27
Candy
29
Cans, metal
33
Capital
flotations
. _ _ 18,19
Carloadings
22, 23
Cattle and calves
29
Cement
2,5,38
Cereal and bakery products, price
5
Chain-store sales
..
9
Cheese
27
Chemicals
2,3,4,5, 12, 14, 15, 18, 21, 24
Cigars and cigarettes
30
Civil-service employees
12
Clay products (see also Stone, clay, etc.)
2.38
Clothing
5,6,8,9,11,12, 14,15,38
Coal
2,5, 11, 13, 14, 15,34,35
Cocoa
29
Coffee
22,29
Coke
2,35
Commercial and industrial failures „
4
Construction:
Contracts awarded
6
Costs
.__
7
Dwelling units started
7
Employment, wage rates, earnings, hours. _
11,
12,13,14,15
Highway
6,12
New construction, dollar value
6
Consumer credit
16
Consumer expenditures
1,8
Consumers' price index
5
Copper
21,33
Copra and coconut oil
25
Corn
_ . _ 19,28
Cost-of-living index (see Consumers' price
index)
5
Cotton, raw, and manufactures
2, 5, 6, 21, 38, 39
Cottonseed, cake and meal, oil
25
Crops
2,5,25,27,28,30,38
Currency in circulation
18
Dairy products
Debits, bank
Debt, short-term, consumer
Debt. United States Government
Department stores
Deposits, bank
Disputes, industrial
Distilled spirits
Dividend payments and rates
Drug-store sales
Dwelling units started
2, 5, 14, 27
15
16
17
9, 10, 16
15,16,18
13
27
1,18,20
8,9
7
Earnings, weekly and hourly
13,14,15
Eggs and poultry
2, 5, 29
Electric power, production, sales, revenues__
26
Electrical equipment
3,4,7,34
Employment estimates
10,11,12
Employment indexes
12
Employment security operations
13
Emigration and immigration
23
Engineering construction
6
Expenditures, United States Government
16
Explosives
25
Exports (see also individual commodities)
21
Express operations
22
Factory employment, payrolls, hours, wages—
11,
12,13,14,15
Failures, industrial and commercial
4
Farm income and marketings
2
Farm products, and farm prices.
2, 5
Farm wages
15
Fats and oils
5,25,26
Federal Government,
finance
16,17
Federal Reserve banks, condition of
15,16
Federal Reserve reporting member banks
15,16
Fertilizers
5, 24
Fiber products
34
Fire losses
7
http://fraser.stlouisfed.org/
Federal Reserve Bank of St. Louis
Pages marked S
25,29
25
31,32
28
2,
3,4, 5, 7, 8, 9, 11, 12, 14, 27, 28, 29,30
Footwear
2, 5, 8,9, 12, 14, 15,31
Foreclosures, real estate
7
Foreign trade, indexes, shipping weight, value
by regions, countries, economic classes, and
commodity groups
21,22
Foundry equipment
34
Freight carloadings, cars, indexes
22, 23
Freight cars (equipment)
40
Freight-car surplus and shortage
23
Fruits and vegetables
2,5,21,27
Fuel equipment and heating apparatus
33,34
Fuel oil..
35
Fuels..
2,5,35
Furs
22
Furnaces
34
Furniture
2,5,8,9,11,12,13,14
Gas, customers, sales, revenues
26
Gasoline
36
Glass and glassware (see also Stone, clay, etc.). 2,38
Generators and motors
34
Glycerin
24
Gold__
18
Grains
5, 19, 21,28
Gross national product
1
Gypsum
38
Heating and ventilating equipment
33,34
Hides and skins
5,22,30
Highways
6, 7
Hogs
29
Home Loan banks, loans outstanding
7
Home mortgages
7
Hosiery
6, 38
Hotels
11, 13, 14, 15, 23
Hours of work per week
12,13
Housefurnishings
5, 8, 9
Housing
5, 6, 7, 8
Immigration and emigration
23
Imports (see also individual commodities)
21, 22
Income, personal
1
Income-tax receipts
16
Incorporations, business, new
4
Industrial production indexes
2,3
Instalment loans
16
Instalment sales, department stores
10
Insulating materials _ _ .
34
Insurance, life
17,18
Interest and money rates16
International transactions of the U. S
20, 21, 22
Inventories, manufacturers' and trade
3,9,10
Iron and steel, crude and manufactures
2,
3, 4, 6, 11,12, 13, 14, 21, 32, 33
Jewelry, sales, inventories, sale credit
8, 9, 16
.__
35
Kerosene
Labor disputes, turn-over
13
Labor force
10
Lamb and mutton
29
Lard
_ _ _ _ _
__
__
29
Lead
33
Leather and products
2,3,4, 5, 12, 14,30,31
Linseed oil,
25
Livestock
2,5,29
Loans, real estate, agricultural, bank, brokers'
(see also Consumer credit)
7, 15, 16, 17, 19
Locomotives
40
Looms, woolen, activity
39
Lubricants
35
Lumber
2, 5, 11, 12, 13, 14,31,32
Machine activity, cotton, wool
39
Machine tools
34
Machinery
2,3,4, 11, 12, 13, 14, 18, 21,34
Magazine advertising
8
Mail-order houses, sales
10
Manufacturers' sales, inventories, orders
3,4
Manufacturing production indexes
2,3
Meats and meat packing
2, 5, 11, 12, 14, 29
Metals
2,3,4, 6, 11, 12, 13, 14, 15, 18,32, 33
Methanol
24
Milk
27
Minerals
2,3, 13, 14, 15
Money s upply
18
Mortgage loans
7, 15, 16
Motor fuel
36
Motor vehicles
3, 8, 9,40
Motors, electrical
34
National income and product
1
Newspaper advertising
8
Newsprint
22,37
New York Stock Exchange
19,20
Oats
28
Oil burners
34
Oils and fats
5,25,26
Oleomargarine
26
Operating businesses and business turn-over. _
4
Orders, new and unfilled, manufacturers'
4
Paint and paint materials
5, 26
Paper and pulp
2,3,6, 11, 12, 14,36,37
Paper products
.
2,3,4,36,37
23
Passports issued.
Payrolls, indexes
12
Personal consumption expenditures
8
1
Personal income
1
Personal saving and disposable income-_
2,
Petroleum and products...
" 3, 4, 5, 11, 12, 13, 14, 15, 21, 22, 35, 36
Pig iron,
32
Fish oils and
Flaxseed
Flooring
Flour, wheat
Food products
fish
Pages marked S
Plant and equipment expenditures
1
Plastics and resin materials, synthetic
26
Plywood
31
Population
__
10
Pork
29
Postal business __
8
Postal savings
16
Poultry and eggs
2, 5, 29
Prices (see also individual commodities):
Consumers' price index
5
Received and paid by farmers
5
Retail price indexes
5
Wholesale price indexes
5,6
Printing
2,3,4, 11, 12, 15,37
Profits, corporation
18
Public utilities
1, 5, 11, 13, 14, 15, 17, 18, 19, 20
Pullman Company
23
Pulpwood
36
Pumps
34
Purchasing power of the dollar
6
Radio advertising
7
Railways, operations, equipment, financial statistics, employment, wages
1,
11,12,13,14,15,17,18,19,20,22,23,40
Railways, street (see Street railways, etc.).
Rayon and rayon manufactures
2,6,39
Real estate
7
Receipts, United States Government
16
Reconstruction Finance Corporation, loans
17
Refri gerators
34
Rents (housing), index
5
Retail trade, all retail stores, chain stores, department stores, mail order, rural sales, general merchandise
3,4,8,9,10
Rice
28
Roofing and siding, asphalt36
Rosin and turpentine
24
Rubber, natural, synthetic, and reclaimed,
tires and tubes
22,37
Rubber industry, production index, sales, inventories, employment, payrolls, hours,
earnings
2,3,4, 12, 14, 15
Rye
28
Saving, personal
.
1
Savings deposits
16
Securities issued
18,19
Service industries
8, 11
Sewer pipe, clay
38
Sheep and lambs
29
Shipbuilding
11, 12, 13, 14
Shoes
2, 5, 8, 9, 12, 14, 15, 31
Shortenings
26
Silk, imports, prices
6, 22,39
Silver
__
18
Skins
5,22,30
Slaughtering and meat packing
2,
11,12,14,29
Soybeans and soybean oil
25
Spindle activity, cotton, wool
39
Steel ingots and steel manufactures (see also
Iron and steel)
32,33
Steel, scrap
32
Stocks, department stores (see also Manufacturers' inventories)
10
Stocks, dividends, issues, prices, sales, yields.20
Stokers, mechanical
34
Stone, clay, and glass products
2,
3, 11,12. 13,14,38
Stoves
34
Street railways and buses
13,14,15,22
Sugar
22,30
Sulfur
25
Sulfuric acid
24
Superphosphate
24
Tea
30
Telephone, telegraph, cable, and radio-telegraph carriers
11, 13, 14, 15, 19, 20, 23
Textiles
2, 3, 4, 6, 11, 12, 14, 15, 21, 38, 39, 40
Tile
38
Tin
22.33
Tires and inner tubes
6, 12, 14, 15, 37
Tobacco
2,3, 4, 5, 7, 8, 11, 12, 14, 15,30
Tools, machine
34
Trade, retail and wholesale. 3, 4, 8. 9.10,11, 13,14,15
Transit lines, local
15,22
Transportation, commodity and passenger
22, 23
Transportation equipment
2,3,4,11,12,13,14,40
Travel
23
Truck trailers
40
Trucks
40
Turpentine and rosin
24
Unemployment and unemployment compensation
10,13
United States Government bonds
17,18,19
United States Government,
finance
16,17
Utilities
1, 5, 11, 13, 14, 15, 17, 18, 19, 20
Vacuum cleaners
34
Variety stores
9
Vegetable oils
25,26
Vegetables and fruits
2,5,21,27
Vessels cleared in foreign trade
23
Veterans' unemployment allowances
13
Wages, factory and miscellaneous
Washers
Water heaters
Wax
Wheat and wheat
flour
Wholesale price indexes
Wholesale trade
Wood pulp
Wool and wool manufactures
Zinc.
13,14,15
34
34
36
19, 28
5, 6
10
36
2, 6, 22, 39, 40
33
U. S. Department of Commerce • Office of Business Economics
Special Articles and Features in Volume 3O
Index—Survey of Current Business—195O
SPECIAL ARTICLES
Number
Income of Dentists, 1929-48
Income Sensitivity of Consumption Expenditures. ,
The Economy in Adjustment—A Review of 1949. ,
Family Formation and the Demand for Residential
* Construction
American Expenditures for Foreign Travel in 1949 .
Capital Investment Programs and Sales Expecta, tions in 1950 .
Capital Requirements of New Manufacturing Firms.
Foreign Transactions of the U. S. Government in
' - 1949
The' Demand for Furniture
•The Size Distribution of the Postwar Business Population
1
1
2
17
1
3
3
16
4
4
6
11
4
5
19
5
12
1
1
2
3
6
1
3
4
4
4
4
4
2
3
4
5
5
6
6
6
4
2
3
4
7
4
The Demand for Consumers' Durable Goods . . .
Balance of International Payments, First Quarter of
1950 and Revision of Balance of Payments Data,
1946-49
Sales and Investment Trends of New Manufacturing
Firms
National Income and Product of the United States,
1949
State Income Payments in 1949
Balance of International Payments, Second Quarter
of 1950.
Public and Private Debt in 1949
Foreign Transactions of the U. S. Government in
Fiscal 1950
Realization of Investment Programs
Number Page
6
5
11
19
5
11
9
10
18
9
11
12
14
11
8
9
9
9
9
9
9
11
4
6
8
11
14
16
10
10
4
7
11
11
12
4
10
4
12
5
FEATURES
Third Quarter 1949 Corporate Profits . . . . . .
Farm Income and Price Support
The, Economy in Adjustment—A Review of 1949. .
Inter national Transactions During the Fourth Quarter 1949
Production Trends
Normal Coal Production Resumed
Price and Wage Developments . . . . . . . . .
Farmers' Planting Intentions
National Income and Product in the First Quartei;ofl950
Capital Expenditure Programs E x p a n d e d . . . . .
The Rise in Business Inventories
Building Material Prices and Production Increase .
Changes in the Incomes of Lawyers and Dentists,
1948-49
National Income and Product in the Second Quarter
of 1950
Manufacturers' Sales, Orders and Inventories . . .
Increased Business Spending for Capital G o o d s . . .
Construction Activity Continues to Expand . . . .
Supplies of Selected Basic Materials . . . . . . .
Retail Buying High
Changes in Social Security
National Income and Corporate Profits in the Second
Quarter of 1950
Trends in Employee Compensation
National Product and Income in the Third Quarter
of 1950
Consumer Buying and Credit Developments . . .
Expanded Demand for Plant and Equipment . . .
Balance of International Payments—Third Quarter of 1950 .
SPECIAL SUPPLEMENTS
1949 Statistical Supplement
National Income Supplement
More than 2,600 series of commercial and governmental statistics for the business world are included in
this supplement. Provides monthly data from January
1945 through December 1948 and annual averages of
monthly data from 1935 through 1948, plus complete
annotations for meaningful use. 306 pages. Price $1.25.
National Income Statistics, as provided in this Supplement, are designed to form an interrelated system of
national-economic accounting. Covering the years from
1929 through 1946, the Supplement contains the data to
which the more recent and current series are keyed and
an explanation of fundamental concepts and procedures.
54 pages. Price 25 cents. Also July 1950 National Income Number of the SURVEY OF CURRENT BUSINESS presents the latest comprehensive figures, 1946-49. Price
30 cents.
Available from the Superintendent of Documents, Government Printing Office,
or the nearest Department of Commerce Field
Office
Washington 25, D. C.
@FedFRASER