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JULY 1938
y
U
OF
c
ENT BUSINESS
UNITED STATES
DEPARTMENT OF COMMERCE
BUREAU OF FOREIGN AND DOMESTIC COMMERCE
WASHINGTON
VOLUME
18
NUMBER 7
during the first 6 months of 1938 were less favorable than in 1937.
The unfavorable trend was reflected in a continued recession in the
national income, but the rate of decline showed definite signs of slackening after January of this year. The decline in primary business activity
since December has been relatively moderate, in contrast to the abrupt
curtailment in the final months of 1937.
A review of business develop-
ments in the first half of 1938 is presented on page 3.
Toward the end of the second quarter some of the more sensitive business indicators turned upward. Stock prices rallied sharply and sensitive
commodity prices were bid up. Government expenditures, which are
expected to have a stimulating effect on numerous lines, were being
pushed toward the end of the period under review. The resumption of
the forward movement in construction activity was one of the brighter
spots in the general business picture.
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Number 7
Volume 18
UNITED STATES DEPARTMENT OF COMMERCE
DANIEL C. ROPER, Secretary
BUREAU OF FOREIGN AND DOMESTIC COMMERCE
ALEXANDER V. DYE, Director
SURVEY OF
CURRENT BUSINESS
JULY 1938
Prepared in the
DIVISION OF ECONOMIC RESEARCH
LOWELL J. GHAWNER, In Charge
M. JOSEPH MEEHAN, Editor
WALTER F. GROWDER, Acting Editor
CONTENTS
SPECIAL ARTICLE
CHARTS AND SUMMARIES
Business indicators
Summary of business trends in June
Commodity prices
Domestic trade
Employment
Finance
Foreign trade
Construction and real estate
Transportation
,
, ,,
Page
2
13
14
15
16
17
18
19
20
Parte
3
Review of business conditions in the first half of 1938
STATISTICAL DATA
Weekly business statistics through June 25
Monthly business statistics
General index
21
22
Inside back cover
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SURVEY OF CURRENT BUSINESS
July 1938
Business Indicators
INDUSTRIAL PRODUCTION *
140
MONTHLY INCOME PAYMENTS'
INDEX NUMBERS, ( l 9 2 > - 2$ = l o o )
120
oo)
INDEX NUMBERS (1929 = 1
110
100
\
90
80
j
\
70
\
60
50
40
30
1929
1930 1931 1932 1933 1934 1935 1936 1937
1938
1929
1930 1931 1932 1933 1934 1935 1936 1937 1938
FACTORY EMPLOYMENT AND PAYROLLS
130
RETAIL SALES *
140
INDEX NUMBERS, ( 1 9 2 } - ZJ* l O O )
120
130
110
120
-RURAL SALES-GENERAL MERCHANDISE/
(I929--JI =100)
100
90
—
110
A
FACTORY EMPLOYMENT;
100
2
(ADJUSTED)
80
70
90
1
f
80
60
- DEPARTMENT STORE SALES
( l 9 £ 5 - 25 = lOO)
FACTORY PAYROLLS
50
\A
40
1929
z
(UNAOJUSTEO)
ii
1930 1931 1932 1933 1934 1935 1936 1937 1938
l 0 0
60
50
0
1929
1930 1931 1932 1933 1934 1935 1936 1937 1938
WHOLESALE PRICES
CONSTRUCTION CONTRACTS AWARDED* •
INDEX NUMBERS, ( I 9 2 J - 2{>=
70
INDEX NUMBERS, ( l 9 2 6 = IOO)
}
100
90
80
70
60
RAW
MATERIALS
50
40
0
1929
>T
1930
1931
1932
1933
ADJUSTED FOR SEASONAL VARIATION
1934
1935
1936
#
1937
1938
1929
THREE- MONTH AVERAGE
1930 1931 1932 1933 1934 1935 1936 1937 1938
D.D. 9402
July 1938
SURVEY OF CURRENT BUSINESS
Review of Business Conditions in the First
Half of 1938
By Walter F. Crowder, Division of Economic Research
URTHER deterioration in general economic condiF
tions occurred in the first half of 1938, deepening
and broadening the recession movement in progress
since the late summer of 1937. The unfavorable trend
was reflected in a continued recession in the national
income, but the rate of decline showed definite signs of
slackening after January of this year. The decline in
primary business activity since December has been
relatively moderate, in contrast to the abrupt curtailment in the final months of 1937. The contraction,
however, has gradually extended to lines that usually
showT a lag during periods of recession. Consumer purchases, which declined only moderately during the
final quarter of 1937, were substantially reduced in the
January-June period. Industrial production, employment, and railroad freight traffic, on the other hand,
declined only moderately, following the precipitous
drop in the late months of 1937. Unemployment,
which had been steadily reduced up to the fall of 1937,
increased materially during the past 9 months. Construction contracts underwent a sharp curtailment
between June 1937 and February 1938, but more recently the gain in both public and private operations has
lifted building activity to approximately the average
level prevailing in 1936 and 1937.
The trend of commodity prices was toward moderately lower levels during the first 6 months of the year.
The downward movement, however, w7as apparently
checked in the final weeks of June. Stock prices
moved irregularly lower throughout most of the period,
and bond prices, especially second-grade issues and
railroads, evidenced further marked weakness. Stock
prices moved upward at a rather rapid rate toward the
end of the second quarter.
National Income Lower.
Monthly income payments have declined uninterruptedly so far during 1938, extending the downward
movement which began late last summer. The seasonally adjusted index of total income payments in May
was off 11 percent from the recovery peak of 88.6
(1929 = 100) in August 1937, according to the monthly
index of income payments compiled by the Bureau of
Foreign and Domestic Commerce. Total income payments for the first 5 months of 1938 were $25,389,000,000, approximately 7 percent less than the $27,279,000,000 estimate for the corresponding period of 1937.
The margin of decline has widened as the year has
progressed; income payments in May were 10 percent
lower than those in May 1937, while the first quarter
of this year they averaged 5.4 percent less than a year
earlier.
Labor income during the first 5 months of 1938 was
8.4 percent lower than in the comparable months of
1937. The decline from a year ago has been pronounced
in the commodity-producing industries—manufacturing,
mining, and construction—in which wages and salaries
were down about one-fifth. Payments in the transportation and public-utility group dropped 7 percent,
reflecting primarily the reduction in railroad pay rolls.
Labor income in the trade and finance and in the
government and service groups was only slightly lowTer
than in the January-May period last year.
Income paid to property holders in the form of dividends and interest during the first 5 months of 1938 was
about 6 percent below that in the comparable period of
1937. This reduction is in marked contrast to the experience in the early months of 1930 when dividend
and interest payments were 9 percent higher than in
the January-May period of 1929. Interest payments
were wrell maintained, but dividends have declined
sharply since the first of the year.
Entrepreneurial withdrawals were 2 percent below
the levels of a year ago. The relatively well-sustained
volume of net rents and royalties has been an important
steadying influence upon this type of income payment,
rental rates having shown only slight declines since
last October. The contraction in farm prices and farm
cash income has been the principal depressing influence
upon total entrepreneurial income in recent months.
Income from Agriculture.
Income from farm marketings in the first 5 months of
1938 totaled $2,568,000,000, a drop of 11 percent from
receipts of $2,895,000,000 in the corresponding period
of 1937, according to estimates of the Bureau of Agricultural Economics. Government payments so far
this year have totaled $212,000,000, as compared with
$302,000,000 in the January-May period last year.
Total cash income (including Government payments)
was 13 percent lower than in the first 5 months of 1937.
Eeceipts from crops in this period were 20 percent below
those in the corresponding months of 1937, while
receipts from livestock and livestock products were only
6 percent lower than last year. Increased sales of
dairy products partially offset smaller receipts from
meat animals, poultry, and poultry products.
It is expected that the total income from farm
marketings for the first half of 1938 will approximate
$3,050,000,000, as compared with $3,503,000,000 in the
SURVEY OF CURRENT BUSINESS
first 6 months of 1937. On the basis of the assumption
that commodity prices remain at or near the present
low levels, the Department of Agriculture estimates that
farm income for the last 6 months of 1938 could not be
expected to exceed $4,500,000,000, making a total of
$7,550,000,000 for this year as compared with $8,521,000,000 last year. The crop outlook for the summer and
fall harvest, however, is very good. According to the
June 1 crop report, growing conditions at that time were
better than on the same date of any year since 1929.
Industrial Production Down.
The total volume of industrial production declined
moderately during the first half of 1938, following the
severe drop in the last 4 months of 1937. By reference
to the chart on page 2, it will be seen that industrial
output dropped from 117 (1923-25 = 100) in August to
80 in January and has moved slowly lower since then to
76 in May, according to the seasonally adjusted index
compiled by the Board of Governors of the Federal
Reserve System. Preliminary estimates for June
indicate no change in the adjusted index.
The decline in the output of manufactured products,
which was quite general and severe in 1937, persisted in
1938. The course of the production of durable and nondurable manufactures, and the principal components of
each group, over the past 3% years is indicated in the
accompanying chart.
Output of nondurable goods, which declined by somewhat more than one-fifth from the spring of last year
to January 1938, has continued at that restricted level.
Operations in this group of industries during the first
6 months of 1938 averaged about one-fifth lower than
in the corresponding period of 1937, and were only 5 and
3 percent, respectively, above the output in these lines
during the first half of 1932 and 1933. The severe curtailment in cotton consumption, woolen-mill activity,
and boot and shoe production during the final months of
1937 indicated a rate of operations in finishing lines
below the more steady rate of consumer purchases of
the products of these industries.
Silk and rayon deliveries to mills (not shown on the
chart) dropped sharply from midsummer to the end of
1937, then recovered about one-third of this decline in
the first quarter of 1938, a recovery which was not fully
sustained. Activity at meat-packing establishments
has proceeded at a relatively even pace at about the
average level of the preceding 2 years. Production of
petroleum products has shown an extension of the downward trend which began last fall. Output of tobacco
products, contrary to the general movement in the
nondurable-goods industries, has moved irregularly
upward.
Output of durable manufactures, although turning
downward later in 1937 than the nondurable-goods
industries, fell more rapidly during the final 4 months of
the year. The usual seasonal rise was not fully experienced in these lines during; the first half of 1938, resulting:
Julv 1938
in a moderate decline in the adjusted index. Operations
in the durable goods industries averaged less than 50
percent of the 1937 rate for the comparable calendar
period, but were 40 and 50 percent, respectively, above
the averages for the first half of 1932 and 1933. The
production of steel and iron manufactures and lumber
items, after allowance for seasonal advances, has shown
an irregular sidewise movement so far in 1938. Assemblies of automobiles did not experience the usual
NDEX NUMBERS (1923-25
i60
140
iZO
100
60
140
20
IOO
60
J60
- Cotton
option I
Jr
_£
\
s
4 0 -WoolenMill'Activity .
20
00
\
80 -
\
V
60 -40
A/
lumber
Producfi
^
:
Tin
DeUverCes
Urerces
»
Jw
Zcnc
1925
1938
193?
y1936
^
\
1937
l i i (
^
'938 1
Figure 1.—Indexes of Durable a n d Nondurable Manufactures, Adjusted
for Seasonal Variation, 1935-38 (Board of Governors of t h e Federal
Reserve System).
NOTE.—Durable manufactures include iron and steel, automobiles, lumber, shipbuilding, locomotives, nonferrous metals, cement, polished plate glass, and coke;
nondurable manufactures include textiles, leather and products, foods, tobacco products, paper and printing, petroleum refining, and automobile tires and tubes.
seasonal rise in the first half of 1938. Cement production, contrary to the movement of other durable manufactures, advanced in the first half of 1938.
In terms of actual quantity of output, steel ingot
production in the first 5 months of 1938 totaled 9,181,000 tons, as compared with 24,574,000 tons in the corresponding period of 1937. The industry operated at
29 percent of ingot capacity in January, moved up by
March to 34 percent, and declined in subsequent
months to 30 percent in May and to less than 29 per-
SUEVEY OF CURRENT BUSINESS
Julv 1938
cent in June. Automobile assemblies in the United
States during the first 5 months just topped 1 million
units as compared with over 2}{ million in the same
months last year. Lumber production has shown
a smaller relative decline from the comparable months
last year. Output in this industry at the high point
last year, however, was low when compared with the
predepression years, as the construction industry,
especially residential building, experienced less of a rise
in the recovery period than other lines.
Employment and Pay Rolls Lower.
Total nonagricultural employment recorded a contraseasonal decline in May, after having failed to record
the usual rise during the first 4 months of the year.
After allowance for seasonal changes, employment has
receded steadily since early last fall and is currently at
MILLIONS OF PERSONS
501
industries. Since the peak last July, employment in
factories producing durable goods dropped 33 percent,
while employment in nondurable-goods lines declined
17 percent, on the basis of the seasonally adjusted
indexes. Among the durable-goods classifications, the
sharpest decline was recorded in railroad car-building
shops (58 percent); in nondurable-goods lines, the
greatest decline was in rubber tires and tubes (32 percent). The best showing has been made for stone,
clay, and glass products in the first group of industries,
and tobacco manufactures in the second group, where
the declines since last summer have amounted to 22
percent and 1 percent, respectively.
Employment in the various trade lines has experienced a relatively small decline as compared with that
in manufacturing industries. In wholesale trade, the
number at work in the middle of May was about 4
percent below May 1937, and in retail trade the decline
amounted to 7 percent. The general-merchandising
NDLX NUMBERS (.1929=100;
40
O
Totof Non-Agricultural Employment
/
O
o
i-Averag 0 Hourly Earnings
o
I
.
A
"""\
\
\\
"' Hours
c
Worked pe r Week
/r-
{
U-Average Weekly
19^6 I I9?7 ! 19)8
O. D. 9705
Figure 2.—Total Nonagricultural Employment in the United States,
1929-38 (U. S. Department of Labor).
1
Includes trade, finance, service, and miscellaneous industries, and Government,
education, and professional services.
2
Includes manufacturing ,mining, construction, transportation, and public utilities
'
'
•
A
-s \
/ ^
Earnings
1 ., ..
1929
1930 1951 I 1992 19?? I9M- I9?5
—
/"'s
0
1929
.
\1
fxj-
\
70
.
1950
1951
1952
1954
i9>5
1937
|QJ}8
Figure 3.—Indexes of Average Hourly and Weekly Earnings and Hours
Worked per Week in 25 Manufacturing Industries, 1929-38.
NOTE.—Computed from the original data of the National Industrial Conference
Board, using 1929 as a base.
classification of retail trade experienced the sharpest
decline (10 percent).
Average hourly earnings (wage rates) in manufacturthe lowest point since February 1936. These data, ing industries have shown little change since last summer
which cover all persons engaged in gainful work outside and are currently at near record highs, as is indicated
of agriculture (excluding employment on W. P. A. and in figure 3. Average hours worked per week have
other emergency projects), indicate that the drop in shown little change so far this year, following a decline
employment since September 1937 has amounted to of more than one-fifth since early 1937. Under the
about 3,300,000 workers.
influence of these forces weekly earnings have also
The decline in factory employment continued moved narrowly this year.
throughout the first 5 months of 1938. On a seasonally
adjusted basis, employment dropped 18 percent during Prices Decline.
the last 6 months of 1937, and 8 percent further during
Wholesale prices, as measured by the index of the
the first 5 months of 1938. Pay rolls have shown a Bureau of Labor Statistics, moved downward rather
more abrupt decline since the fall of 1937.
sharply in the first 4 months of 1938 but leveled off in
Following the production trends, the number at work May and advanced slightly in the late weeks of June,
in durable-goods manufacturing industries recorded a although the average for the month was unchanged.
sharper drop than employment in nondurable-goods The general index stood at 78.2 percent of the 1926 aver
6
SURVEY OF CURRENT BUSINESS
July 1938
Table 1.—Variations in Prices of Selected Commodities
Commodity
Unit
Copper, electrolytic, Connecticut deliveryLead, pig, New York delivery
Tin, straits, New York delivery
Zinc, spot, New York
Steel scrap, Iron Age composite
Finished steel,
Iron Age composite
Beef, steers 2
Hog, slaughter 3
Lard, cash, Chicago
4
Wheat, No. 2 Hard, Kansas City
Corn, No. 3 Yellow, Chicago 4
__.
Cocoa, Accra, New York
Coffee, Santos No. 4, New York
Sugar, raw, duty paid 96°
Cotton, average of%10 spot markets
Wool, territoryfive ,Boston 4
Raw silk, crack double extra, New York 4_Print cloth, 38H inches, 60 x 64
Hides, heavy native steers, Chicago
Rubber, plantation sheets, New York
Cents per pound.
do
.do..
.doDollars per gross ton
Cents per pound
Dollars per 100 pounds,
.do..
Cents per pound...
Dollars per bushel.,
.doCents per pound.
.do
_do
..do..
..do..
.doCents per yard.._
Cents per pounddo
1938 Low
June 25,
1938
17
7.75
65.50
7.85
21.92
2.512
14.50
12.21
14. 15
9
4.00
35.00
4.39
11.00
2.350
7.49
7.63
7.70
9
4. 50
42.90
4.89
i 12. 08
i 2. 350
9.51
8.43
8.72
1.40
13.15
4.35
1937 High
3.95
H.91
1.15
2.18
834
27Ys
5
2.65
7.76
.66
1.56
43<4
9
1096
Percent
decline
from 1937
high to
1938 low
43
48
47
44
50
6
48
38
46
46
61
67
43
33
48
43
28
48
49
62
'57M
5. 20
7%
2.66
8.83
.66
1.73
4%
9
1 June 28.
Average weekly price for sales out of first hands at Chicago.
Average weekly price for purchases by packers in 7 markets.
High of daily quotation range.
June 24.
2
3
4
5
age in the week ended June 25, as compared with 77.7
in the week ended June 4, 81 the week ended January 1,
and 87.5 the week ended September 25, 1937. This
index in early June was the lowest since the final week
of December 1934. (The data used in figure 4 are on a
monthly basis. The latest statistics available are for
May.)
Prices of agricultural products have shown an irregular but persistent downward movement for more than
a year, during which time the farm-products index
dropped 30 percent. The index in June was the lowest
reported since the summer of 1934. Prices of commodities, other than farm products and foods, did not de-
cline on the average until October, and since that time
these prices have fallen only about 6 percent. Lower
prices for textile products, hide and leather products,
building materials, and chemicals and drugs have been
largely responsible for the drop that did occur. The
prices of housefurnishings declined only slightly, while
the index of prices of metals and metal products has
increased fractionally. Although there is considerable
individual variation in timing and extent of the movements, the magnitude of the drop in the prices of some
selected items from the highs of 1937 is shown in the
accomp any in g table.
INDEX NUMBERS (1926=100)
1 20
11 O
\
;-! r) /
1 OO
,w
• " • *
*
f
^
w
A
Foods
~^4\
-
90
s
80
Al f Commod ifies other than
7
Fart77 Product,? and Food5
v
r
Combined Index-S
70
60
*-\
\
/
V
50
J*—Fan 77 ProducA T
V
40
>
>
o
.....1
i i i i i 1iiiii
1926
I9E7
1923
1929
19^0
»93i
1932
1955
1935
1936
1937
OO.9706
Figure 4.—Indexes of Wholesale Prices of Farm Products, Foods, and other Commodities, 1926-38 (U. S. Department of Labor).
1
1938
July 1938
SUEVEY OF CUERENT BUSINESS
Construction Activity.
The total dollar volume of construction contracts
awarded continued to decline through the first 2 months
of 1938, extending the downward trend of awards which
began last July, according to reports by the F. W.
Dodge Corporation for 37 Eastern States. Sharp
advances in contracts awarded during March, April,
and May, however, lifted total awards to approximately the level of 1936 and 1937. For the first 5
months of 1938 the dollar volume of awards averaged
11 percent below that in the comparable months of 1937
and was 58 percent below the value in the same months
of 1929. Residential building in the January-May
period was down 26 percent from 1937 and 66 percent
from 1929.
Building, both private and public, contributed to this
advance in March, April, and May. Although both
residential and nonresidential building advanced substantially, the gain was considerably larger in the latter
classification. Some of the spring rise may have
resulted, however, from the release of construction that
had been deferred pending the inauguration of the new
Federal aid program. High costs of labor and materials still constitute a deterrent to a large-scale
revival of building. The construction industry generally has failed to share in the technological developments which have made high wages and low production
costs possible in the manufacturing field, though it is
forced into price competition with other lines of activity
for the labor and materials which are used.
in May were only about one-fifth those of a year ago,
and for the first 5 months were less than one-third the
movement in the same months in 1937.
Gross revenues of Class I railroads have remained well
above those of 1933, but higher operating costs, despite
the price declines of recent months, have resulted in
month-to-month deficits which are slightly larger than
those recorded in the worst depression year (seefigure5).
The deficit, after all charges, amounted to $140,000,000
in the first 4 months of 1938, the largest loss recorded by
the carriers for any comparable period since these data
first became available in 1931. In the corresponding
months of 1933, the loss was $120,000,000. In April,
the carriers w^ere granted an increase in freight rates,
which on the basis of traffic volume in 1936, was estimated to yield additional annual revenue of approximately $175,000,000. In the first 6 months of the year,
however, freight traffic was about 16 percent below that
of the same months in 1936.
MILLIONS OF DOLLARS
700
500
M
400
\
AA
1—Raifm ry
Open ting Pei/ >nues
< \
Railway Operating
Expense
,A
300
Comper solion
^
of Employ*.
200
Net Rail way Operating Inc
•
\
v—^
om
jA -4 °z,
100
Railroads.
Freight loadings declined steadily through April of
this year in continuation of the tendency which first
became evident last summer, and reached a point only
slightly above the lows of 1933. In May and June a
small upturn in traffic that was slightly larger than
usual occurred. The effects of the decline in traffic
since midsummer of last year on the profits of the railroads have been particularly serious, as they did not
experience so full a recovery from the depression lows
as other major industries.
Loadings in the first 5 months of 1938 were down 25
percent from the corresponding period of last year. At
this level, car loadings were slightly below those in the
January-May period of 1932 and were only 9 percent
above those in 1933.
Miscellaneous loadings, which are comprised in large
part of shipments of manufactured products, were
nearly 30 percent lower in the first 5 months of 1938
than in the corresponding period last year. Loadings
of forest products for the same comparative period
recorded a drop of 28 percent, but the marked rise in
construction contract awards during the past several
months presages some increase in lumber shipments
during the early summer. Reflecting the current low
rate of activity in the steel industry, loadings of ore in
1
600
0
•*-AJ ' \.J
\''J? "
{-Net / ncome or Deficit
-100
1
1927
[
1928
1929
.1930 1 1931
1
!
'
y-
,
i
1933 i 1934
1935
1936
1937
1938
Figure 5.—Financial Operations of Class I Railways, Excluding Switching
and Terminal Companies, 1927-38 (Interstate Commerce Commission).
1
Monthly data are not available prior to 1931.
Equipment buying by the railroads was in relatively
small volume during the first half of the year. Orders
for locomotives in the first 5 months of the year, as
reported in the Railway Age, totaled only 44 as compared with 206 in the corresponding period of 1937.
Freight-car orders for these same comparative periods
were 6,933 and 44,562, respectively. The equipment
manufacturers and railroad car shops have worked off
their backlogs and have geared operations to the
present small volume of incoming orders.
Foreign Trade.
The relatively high volume of export trade during the
first 5 months of this year has been a significant factor
in cushioning the business recession that began last fall.
The shifts in the indexes of quantity, price, and value of
exports and imports, as compiled by the Bureau of
Foreign and Domestic Commerce, are shown in the
accompanying chart. In the decline in economic
activity after 1929, the leading industrial nations
8
SUKVEY OF CURRENT BUSINESS
were also severely hit, and this was reflected in the
rapid drop in foreign trade. Although there has been
some contraction in business activity in leading foreign
countries during the past few months, the current
domestic recession has not had a counterpart in other
nations, and the sustained foreign demand has thus
acted as a support to export trade. The continued
high level of exports and the downward trend of imports
during the first 5 months of this year have resulted in
building up an excess of exports over imports of more
than $544,000,000, the largest export balance for this
period since 1921.
Exports in the January-May period this year were 7
percent above those in the corresponding period last
year. Agricultural exports, reflecting the good harvest
INDEX NUMBERS
TOTAL EXPORTS
1
QUANTITY
/
\
s/
UNIT V A L U E - ^
TOTAL W
J
1 J
r—"*
LULJ
TOTAL IMPORTS
160
140
I 20
r OUANT,T
\
Y
100
s.
80
60
40
A
\
UNIT V A l u £ " - > \
TOTAL VALUE^
20
O
1
1929
1 1
.—
t
1
\
—\J
1 1
I9?O 19^1 1952
1
1 1
1
I9>4
1 1
19^7 1938
D.
O.94-9*
Figure 6.—Changes in Quantity, Unit Value (Prices), and Total Value of
Exports and Imports, by Quarters, 1929-38 (U. S. Department of
Commerce).
in 1937 and the drought shortage in 1936, were up 29
percent. Nonagricultural exports advanced 1 percent,
largely because heavy shipments of machinery (up 16
percent) and petroleum and products (up 18 percent)
offset declines in other lines.
In the first 5 months of 1938, 52 percent of the orders
for machine tools was from foreign sources as compared
with 21 percent of a much larger total volume last year;
14 percent of the total automobile production was exported as compared with 7 percent last year; and 11
percent of total steel products (data for first quarter
only) was exported as compared with 4 percent last
year. Advances in the relative importance of export
trade in these lines were due to the curtailment in domestic demand as compared with a relatively steady
volume of shipments to foreign buyers.
Imports of merchandise, seasonally adjusted, have declined almost without interruption since the spring of
1937. The drop from June 1937 through May 1938 in
July 1938
the adjusted index exceeded 50 percent. Imports in the
first 5 months of 1938 were 42 percent below those in the
corresponding months of 1937, when imports of crude
materials and foodstuffs were at high levels under the
stimuli of rising prices, the high rate of industrial activity, and the drought-shortened supplies of domestic
foodstuffs. The lowered volume of import trade this
year resulted largely from a reverse situation—prices
were lower, industrial demand was slack, and ample
supplies of agricultural products were available. Imports of agricultural products in the January-May
period this year were down 46 percent from the same
months last year; nonagricultural imports were down
33 percent.
Retail Trade.
The effect of the business recession was not felt to a
significant degree in retail trade until late in 1937; then
became pronounced in the first half of 1938. Although
consumer purchasing was somewhat retarded during
the third quarter of 1937, not until November did the
dollar volume of sales fall below that in the comparative
month of the previous year.
The deepening business recession w^as reflected in the
monthly series of decreases in retail sales through May
of 1938 (the latest period for which data are complete),
with the relative decline in comparison with a year ago
increasing as the period advanced. Sales in May were
down 20 percent from May 1937, whereas trade in January of this year was 12 percent below that in the same
month last year. Statistics for June are not yet complete, but available data indicate some improvement in
trade activity.
Preliminary estimates for the first 6 months of 1938
indicate a decline in the total dollar volume of retail
sales of about 18 percent from the same period of 1937.
Sales of durable goods experienced the greatest relative
decline. The decrease was especially marked in new
passenger automobile sales, the dollar volume of which
dropped 45 percent during the first 5 months of the year
as compared with the similar period of 1937; lumber
and building materials, hardware, and furniture and
household appliances also recorded substantial declines,
General merchandise sales decreased about 12 percent,
while grocery store sales, which move narrowly, were
down about 6 percent. The decrease in dollar volume
of general merchandise sold can be accounted for in part
by lowered prices.
Although retail activity was generally depressed
during the first 5 months of the year and consumer
income averaged about 7 percent below the estimated
amount for the first half of 1937, the recession pattern
was not uniform throughout the Nation. The margin
of change varied greatly in the different regions and
among the different States; the largest declines occurred
in those States where purchasing power was more
closely tied in with industrial activity. Sales in the
Central Western and Southern States w^ere less de-
SURVEY OF CURRENT BUSINESS
July 1938
pressed than in other regions, while the East North
Central States showed the largest relative declines.
Wholesale Trade.
The margin by which wholesalers' sales this year
have fallen below sales last year, when activity was
relatively steady, has continued to widen as the year
has progressed. Beginning last October, sales fell
below those of the corresponding month a year earlier.
In January they were dowrn 12 percent from January
1937 and in May 16 percent from May 1937. Preliminary estimates indicate that wholesale sales during
the first 5 months of 1938 averaged about 15 percent
below those in the comparable period last year.
Among the various lines of wholesaling activity, the
largest declines during the first 5 months from the same
months in 1937 were recorded by firms selling electrical
goods, hardware, furniture, and jewelry, while the least
severe contractions were shown by those selling drugs,
tobacco, petroleum products, and meats. Wholesalers'
inventories in May were down 14 percent from May
1937, when stocks were generally high, while sales were
off 16 percent from May last year.
9
Since gold imports and other gold purchases were running currently below this level, the effect of the new
policy was to permit acquisitions after the beginning
of the year to increase bank reserves.
This action by the Treasury was followed on April
14 by the desterilization of approximately $1,400,000,000
of inactive gold, representing the net accumulation
since the beginning of sterilization on December 21,
1936. Desterilization was accomplished through the
deposit of gold certificates with the Federal Reserve
Banks, and the desired effect upon bank reserves was
BILLIONS OF DOLLARS
9
Banking and Credit. l
Major financial developments during the first half
of 1938 included the shifts in the gold and credit
policies of the Federal monetary authorities, and the
change in the fiscal program of the Government. During more than a year, as a means of preventing increases in monetary gold stock from further expanding bank reserves, gold purchases by the Treasury had
been made out of the proceeds of the sale of additional
public-debt obligations; and, in pursuance of this policy,
gold acquisitions had been placed in an inactive account
in the Treasury. On February 14 it was announced
that, retroactive to January 1, 1938, gold acquisitions
would be placed in the inactive account only to the
extent that they exceeded $100,000,000 in any quarter.
1
This review of financial developments during the first half of 1938 was prepared by
Dr. August Maffry of the Finance Division of the Bureau of Foreign and Domestic
Commerce.
Figure 7.—Total Member-Bank Reserve Balances at Federal Reserve Banks,
with Estimates of Acquired and Excess Reserves, 1934-38 (Board of
Governors of the Federal Reserve System).
produced by drawing down the resulting Treasury
deposits through the retirement of Treasury bills with
cash at the rate of $50,000,000 weekly.
The change in the gold policy of the Treasury was
supplemented by a reduction of approximately 13%
percent in the reserve requirements on all classes of
deposits for all member banks announced by the Board
of Governors of the Federal Reserve System on April
15. This action followed the doubling of requirements
during 1936 and 1937. The effect of the order was to
raise the excess reserves of member banks by about
$750,000,000 to $2,492,000,000 on April 20. Largely
as a result of the disbursement by the Treasury of the
BiLL!
BILLIONS OF DOLLARS
16
16 ~
-U.S.Government Obligations
(Direct and Guaranteed)
Commercial Loans •
Other Securities "
i |
1935
; i l l
i
1937
1938
1935
Figure 8.-—Bank Credit of Reporting Member Banks in 101 Cities, 1935-38. Wednesday Figures (Board of Governors of the Federal Reserve System).
16181—38
2
10
SURVEY OF CURRENT BUSINESS
proceeds of gold desterilization, the total reserves of
the banks rose to $7,922,000,000 on June 22, as compared with $6,983,000,000 at the end of 1937. Excess
reserves were estimated at $2,780,000,000 on June 22—
almost four times the amount in early August 1937 and
considerably more than twice the amount at the
beginning of the year.
On June 21 a bill providing for the expenditure of
$3,753,000,000 for relief and public works was signed
by the President. The extension of Government efforts to stimulate business was signalized earlier by
the reopening and enlargement of the credit facilities
of the Reconstruction Finance Corporation for the
benefit of both large and small business enterprises by
amendments which became effective on April 13.
Developments during the first 6 months of 1938 in
the sphere of commercial banking reflected principally
the depressed condition of business. Commercial, industrial, and agricultural loans of the .weekly reporting
member banks fell from $4,601,000,000 at the end of
1937 to $3,916,000,000 on June 22, a decrease of $685,000,000. Other loans declined by $423,000,000, chiefly
as a result of the reduction in loans to brokers and
dealers in securities. The investments of reporting
member banks increased during the same period by
$278,000,000 as the banks increased their holdings of
Government and Government-guaranteed obligations
by approximately $130,000,000 and their holdings of
other securities, on balance, by $148,000,000. Demand deposits in these banks were increased during
the period by $505,000,000. The decline in loans
tended, of course, to reduce deposits, but other factors,
especially the purchase by banks of securities from nonbank holders, had the greater effect of increasing them.
Security Markets and Money Markets.
of the year, recovered sharply with the upturn in prices
after June 20. Bond prices drifted lower during the
first 6 months of 1938 and were carried to the lowest
levels in recent years in mid-June as a result largely of
the further decline in quotations for railroad obligations.
In the last 2 weeks of June bond prices experienced some
INDEX NUMBERS (\926
= \OO)
32 5
300
27?
' J J
jl
250
-40 Public 6 till ties-
225
200
175
/ \
/ i
~*1 '">
i
pii V \
J48ln iustrials-^jl
/\1 A 'v
1 fit"
r
Jo
125
/
\
M
\
100
\
\
"
Railroo
V
\
50
25
\
A , < \A*
V'
V
•-J
v/'V
>^A
0
1926
1927
I92S
1929
1930
1931
1932
J933
1934
1935
1936
1937 1938
Figure 9.—Movement of Stock Prices by Major Groups, 1926-38 (Standard
Statistics Co., Inc.).
recovery. The variations in yields on three grades of
corporation bonds are shown in figure 10.
The dullness in the capital market was unrelieved
during the first half of 1938. Flotations by domestic
corporations for new capital in the 5-month period from
January to May totaled approximately $655,000,000, a
PERCENT YIELD
2
4
^v—-
The trend in stock prices was irregularly downward
during the half-year ended in June. The Standard
Statistics index of 420 stocks fell to 73.9 for May, as
compared with 82.2 in December 1937 and with 120.5
at the beginning of the downturn in prices in the preceding August. The decline, as measured by representative averages, was most pronounced in the case of
railroad shares, which lost well over half of their quoted
value between August 1937 and May 1938. When it
became apparent, in June, that no railroad legislation
would be forthcoming at the closing session of Congress,
railroad obligations showed further weakness. Publicutility stocks dropped from 78.8 at the year-end to
69.5 in May. Industrials, which fell from 95.2 in
December to 87.4 in May, showed the smallest proportionate decline among the major classifications but were
more than a third below the level of August 1937. A
moderate advance in stock prices during the first 3
weeks of June was followed by a brisk rally in the final
week of the month which carried combined averages
close to the year's high. The volume of trading, which
had been exceptionally light during the early months
July 1938
—4—
6
r
\
\ !A
8
v—
\.
-Aaa
i
f\
i
i /I • 1
9
V
X \
V
:
v v/f V
fv\
V
i 1 i
t 1 1
li
10
1/
V
1 2
1928
1929
1950
1931
1932
1933
1934
1935
1936
1937
193s
Figure 10.—Yield of 120 Corporate Bonds by Ratings, 1928-38 (Moody's
Investors Service).
NOTE.—In the rating classification followed by Moody's Investors Service, Aaa
indicates bonds which are and may be expected to remain the most conservative type
of investment. Such bonds will tend to fluctuate in price with fluctuations of the
prevailing long-term interest rates. Bonds rated A have distinct investment qualities, but do not have the elements of strength which would necessarily prevent their
intrinsic worth from being affected by some special development; while those rated
Baa have definitely less of an investment and more of a speculative character.
decrease of 30 percent from the aggregate for the corresponding period of 1937. Dividend declarations by 600
companies fell steadily during the same period and
stood at $1.43 per share in May, as compared with
$2.18 in December 1937 and with $2.09 in May 1937,
July 1938
SURVEY OF CURRENT BUSINESS
according to a compilation by Moody's Investors Service. Treasury quarterly financing in March was confined to the refunding of maturing notes, and in June
to the exchange of bonds and notes for obligations
maturing on June 15 and on September 15. Interest
rates on the securities offered in the recent exchange,
2% percent on 25-year bonds and l)i percent on 5-year
notes, were the lowest which have been quoted for
Government obligations of similar maturities. The
extreme ease in the money market was indicated also
by the fall in the Treasury bill rate to 0.016 for the
offering of June 20.
11
had issued frequent denials, the exchanges moved again
in favor of the dollar.
Gold Movement at Lower Rate.
Gold imports into the United States in the period
from January to the middle of June, which amounted
to $234,000,000, were much reduced in comparison
with the extremely heavy inflow during the same
period of 1937, which aggregated $948,000,000. The
persistence of the inward movement was attributable
to the large excess of merchandise exports from this
country, which was accumulating at the rate of more
than $100,000,000 per month, while the reduction in
the size of the reported inflow reflected the reversal
Foreign Exchange Markets and Gold Movements.
in
the movement of capital funds which appeared in
As in other recent years, the foreign exchanges were
the
last quarter of 1937 and continued into the early
strongly affected during the first half of 1938 by the
months
of 1938. Gold acquisitions in the London
repercussions of political developments at home and
market,
which were $658,000,000 in the period from
abroad. During January and February, the dollar
January
to
mid-June in 1937, fell to only $90,000,000
showed weakness in terms of the principal European
in
the
corresponding
period of 1938, and substantial
currencies, with the usual exception of the French
engagements
for
American
account were confined to
franc; and the liquidation of dollar balances in February
the
period
of
marked
weakness
in the principal Eurogrowing out of the fear of dollar devaluation carried the
pean
currencies
in
March,
April,
and late May. In
pound sterling, the guilder, and the Swiss franc to the
June,
the
movement
of
gold
from
London
to New York
highest levels since the Tripartite Declaration of Sepceased
with
the
liquidation
of
foreign
dollar
balances
tember 1936. In March, at the time of the union of
and
with
the
simultaneous
appearance
of
a
heavy
Austria with Germany, the European currencies were
demand
for
gold
growing
out
of
fears
of
a
further
under severe pressure, although fluctuations in rates
were kept within fairly narrow limits by virtue of devaluation of the dollar.
Gold imports from Belgium during January-June
official supporting operations. Gold engagements at
that time in London and in Brussels for American represented a part of the gold lost by the National
account were the first reported acquisitions in Europe Bank of Belgium in the defense of the belga, which
since September 1937. Both the strength of the dollar was under severe pressure in March and again in May.
and the movement of gold signified at least a brief Those from Sweden, which began in May, were reported
resumption of the flow of capital funds from European to be for safekeeping. Arrivals from producing countries were much smaller than in 1937, especially in the
centers to the United States.
The continued weakness of the French franc, arising case of Canada and British India. Receipts from
from the prolongation of domestic financial difficulties Japan totaled $55,500,000 up to June 17, as compared
and accentuated by the strained international situation, with $43,000,000 in the same period of 1937 and with
culminated in a further depreciation of the franc in early $246,000,000 during the whole of the preceding year.
May. Renewed pressure upon the European curren- Capital Movements During First Quarter.
The statistics of capital movements between the
cies was evident until the reappearance in June of
rumors of a reduction in the gold buying price of the United States and foreign countries during the first
United States Treasury. Under the influence of these quarter of 1938, issued by the Treasury Department
rumors the dollar was generally weak on the foreign on June 30, showed a continuation of the outward
exchanges, and another of the spasmodic flights to gold movement of short-term banking funds which featured
was indicated by a strong demand in the London market the final quarter of 1937. This outflow, consisting
for gold for hoarding purposes. Following the "com- almost entirely of a reduction in foreign dollar balances,
plete and formal" denial by the Secretary of the Treas- was placed at $233,000,000 during January-March, as
ury on June 20 that further devaluation of the dollar compared with $644,000,000 during the preceding
was contemplated and his reminder that the matter period. The outward movement, which became prorested between the President and himself, both of whom gressively heavier on a monthly basis, was unbroken
12
SURVEY OF CURRENT BUSINESS
except for 2 isolated weeks in January and in March.
The net outflow of capital during the quarter amounted
to only $203,000,000 as a result of an inward movement of brokerage balances amounting to approximately
$6,000,000 and a net inflow of funds in security trans-
Julv 1938
actions amounting to $24,000,000. The latter movement was entirely the result of net purchases of foreign
securities in this market by foreigners since domestic
securities were sold, on balance, to the extent of
$12,000,000.
Table 2.—Selected Business Series, Comparative Data for the First 5 Months of 1929, 1932, 1937, and 1938
With Percentage Changes
Percentage change, first 5
months 1938 from like
period of—
First 5 months ofUnit or base period
Item
1929
Income payments, total
Compensation of employees.
Dividends and interest
Entrepreneurial withdrawals and net rents
and royalties.
Industrial production, combined index
Manufacturing
Mining
Production series:
Automobiles
Bituminous coal
Cotton consumption
Electi ic power
Lumber i
Petroleum, crude.
Pig iron
Steel ingots
Wool consumption
Distribution:
Car loadings
:
Retail sales:
Passenger automobiles
Department stores
RuralCash income from farm marketings
Employment and pay rolls:
Employment:
Nonagricultural (estimated total) 2 ..
Factory
Pay rolls:
Factory
Construction:
Contracts awarded, total
Residential
Nonresidential
Public works and utilities
Foreign trade:1
Exports:
Quantity
Value
Imports:
Quantity
Value
Finance:
Corporation earnings 3
Securities issued, total
New capital
Refunding
Bond prices (45 corporate issues)
Stock prices (420 issues)
Prices:
Wholesale prices 2
Cost of living of wage earners 2
1
Millions of dollars
... __do
.....do
do
1932
j
Thousands of units..
1929
1932
—20.2
-17.7
-33.7
-18.5
+18. 1
+24. 8
-12.6
+21. 7
-6.9
-8.5
-5.8
-2.1
-35.2
-38.7
-12.7
+17.9
+ 15.2
+31. 5
-33.6
-36. 7
-14.3
+49.6
+0.7
+6.7
+32.1
+59.4 i
+52.4 I
+50.0
+35.3 |
+0-8 !
-55. 1
-32. 3
-37.0
—7 4
-22^5
-1.1
-59.0
-62.6
-59. 3
27, 279
18,794
3,260
5,225
25, 389
17, 204
3,071
5,114
122
124
110
67
66
73
119
120
112
79
76
96
2, 680
219, 076
3,195
38.725
8, 620
404, 884
17,923
24, 133
159, 700
688
128,515
2,074
34, 693
2, 643
333.751
4, 541
6, 784
7S; 500
2.291
191,141
3,510
49, 490
5,436
514, 354
16, 599
24, 574
194, 503
1,029
129, 440
2.213
45,821
4,212
308,569
6,810
9,181
79; 125
-61.6
-40.9
-30.7
+18. 3
-51.1
+25. 6
-02.0
-62.0
-50.5
21, 325
12, 100
15, 804
11,928
-44.1
161.7
100. 0
110.3
90. 2
42.8
68.0
60.9
44.6
121.6
84.0
107.1
68.5
67.3
77.0
97.4
60.8
36, 254
103. 6
27, 725
68.1
34, 993
100.2
4', 032 i
6,272 !
Thousands of units
Thousands of net tons
Thousands of bales
M illions of kilowatt-hours
Millions of feet, board measure
Thousands of barrels
Thousands of long tons..
do
Thousands of pounds.
1938
21,497
13,781
3,514
4,202
31,807
20.903
1923-25=100do
do
1937
-24. 8
-
I 1929-31 = 100
I 1923-25=100
1929-31 = 100..
1924-29 = 100.
Thousands of workers.
1923-25 = 100
•
•
!
-58.4 !
-23.0
-11.7
+57.2 [
+13.2
+59. 9
+36. 3
-44.7
-8.3
-9.1
-11.2
31,800
80.7
-12.3
-22.1
+14.7
+18. 5
-9.1
-19.5
1923-25=100..
109. 8
99.5
71.7
-34.7
+39. 2
-27.9
Millions of dollars..
..do
do
_do
2, J82
913
985
584
554
140
223
189
1,175
423
441
311
1, 043
313
352
378
-58.0
-65. 7
-64. 3
-35.3
+88. 3
+123. 6
+57. S
+ 100.0
-11.2
-2G. 0
-20.2
+21. 5
1923-25 =100_.
1923-25 = 100.
143
125
76
40
108
73
-41.6
+42. 1
+82. 5
-4-21. 3
63
1923-25=100.
1923-25 = 100..
132
116
89
41
140
82
91
51
-31.1
-56.0
+2.2
+24.4
-35. 0
-37.8
138.5
5,511,630
4,648,132
863,498
95. 3
1S7.0
18.4
753, 351
582, 745
170, 605
76.6
51.5
102.4
2, 151, 528
928, 444
1, 223, 084
103.6
125.2
39.5
1, 134, 554
654, 807
479. 746
76.6
77.0
-71.5
-79.4
—85.9
-44.4
— 19.6
-58.8
+114.7 |
+50. 6
-61. 1
-47.3
-29.5
-60.8
94.7
99.0
64.4
78.3
87.4
78.1
86.5
-17.5
-12. 6
1926 = 100
Thousands of dollars
Dollars.—
1926=100..
-100..
1923 = 100.
Data for first quarter of each year.
-; May of each year,
3
Data for first 2 quarters of each year.
+ 18L2 |
"+49:5" !
+21.3
+ 10. 5
+ 15.9
!
-10. 6
-2.6
13
SURVEY OF CUERENT BUSINESS
July 1938
Summary of Business Trends in June
are available, but a brisk improvement in sales of textiles was reported in the latter part of the month and
commitments in other commodities increased.
A definite strengthening in primary commodity prices
averaged about 10 percent lower than in May, a change
of about seasonal proportions. Output, however, tended was noted after the first week of June when many
upward during the month, being scheduled at 29 percent quotations had reached levels not touched since 1934.
of capacity in the final week of the month as compared In the final weeks of the month a broad price advance
Security
with 26 percent in the first week. The prices of finished embraced most important raw materials.
and semifinished steel products, which had resisted the markets experienced a sharp advance in the latter part
general price decline, experienced moderate reductions of the month, with representative stock "averages" reafter some weeks of uncertainty over the price structure. cording substantial gains. Bond financing during June
Automobile assemblies for June, according to weekly was the largest for any month since July a year ago.
estimates, declined more than seasonally from May. Several large corporate issues were successfully floated.
Department store sales during the first 3 weeks in
Further curtailment of greater-than-seasonal proportions is indicated for automobile production in the sum- June showed a progressive narrowing of the margin by
which sales this year were below those in the corremer months, if announced plans are not altered.
Bituminous coal output in June showed the usual sponding weeks last year.
Construction contracts awarded in the first half of
small expansion, and electric power production made a
slight contraseasonal gain. Freight-car loadings during June made a less favorable showing than in May when
the first 3 weeks of June showed a gain from May of awards on a seasonally adjusted basis were the highest
slightly more-than-seasonal proportions, as a result of since last August. Total awards declined 15 percent
a sharp increase in the movement of ore and a small gain from the daily average in May, the change resulting in
in the shipments of manufactured goods included in the large measure from the reduction in public works
miscellaneous group. No marked changes occurred in projects, which were placed in large volume daring
the other major industrial series for which June data May. Residential awards were relatively favorable.
production during June was mainIanceNDUSTRIAL
tained at approximately the May level after allowfor the usual seasonal decline. Steel ingot production
MONTHLY BUSINESS INDEXES
Factory em- Freight-car
ployment
and pay rolls loadings
Industrial production
Unadjusted 1
Adjusted >
Total
11
i!
Year and month
Merchandise,
I.C.I.
3
3
I
Monthly average, 1923-25=100
1929: May
1933: May
1934: May
1935: May
1936: May
1937:
May
.
June
..
July
August
oeptember
October
November
December
1938:
January
February
March...*
April
May
Monthly average, January
through May:
1929
1933
1934
1935
1930
1937
) 938
_
82 9
91.3
88.5
82.7
90.6
90.8
81.3
96.9
87. 6
87. 8
88.1
88.6
87.2
36. 4
S5. 1
84.0
104.3
99.9
105.8
112.3
110.1
75
76
72
76
89.3
74.2
88.1
84.1
81.2
81.0
74.4
79.3
81.7
80.7
80.6
79.4
79.0
110.3
52. 4
71.8
86.0
95.2
107. 1
97.4
117
29
45
45
51
67
105.4
65.9
85.9
84. 6
89. S
112.9
43.7
68.1
69.4
80.8
107
55
64
61
72
105
67
66
64
65
116.5
64.8
79.7
93. 1
114.3
108
32
45
46
56
122
115
111
115
109
102
90
123
114
110
114
106
99
86
117
115
112
113
115
113
109
115
102.2
101.4
103 0
102.4
100.7
98.4
94.1
89. 0
105. 2
102.9
100.4
103.8
100.1
100.1
89.5
80
75
118
114
114
117
111
102
88
84
US
80
117
118
115
120
125
123
112
108
69
87
68
68
67
66
64
62
127.1
124.4
119.1
115.1
131.7
131.3
118.6
126.4
79
103
98
95
91
92
80
108
102
103
101
94
84.2
83. 0
81.6
79. 2
77.6
71.7
73.2
73. 3
70.7
69.4
65
62
60
78
78
75
76
77
76
75
122
67
85
89
124
66
84
89
110
73
87
88
99
IV.). t"
KJ. 3
100 ;
40. ;
119
79
120
76
112 I.
102
50
61
61
67
78
57
79
80
3
79
79
77 j
.
i_
|.
|.
_
76
75
75
73
f>9. (•
77.0
9',.."
71.7
90 |.
Adjusted for seasonal variations
?
71
67
0/
58
61
62
61
60
60
90
103
65
66
64
63
See note marked "•" on p. 22.
4
SH o
a
97.8
101.5
102.2
93.4
94.6
101. 0
92. 1
105.6
117
79
88
90
102
79
m
81
79
80
79
74
72
72
79
122
123
78
77
86
86
85 I 8 4
101
101
78
l
1
IS
134.3
58.3
71.5
78.9
86.2
116
77
86
88
101
80
79
78
76
fl 3
a?
Monthly averagi
1923-25=100
128
80
89
87
105
114
114
117
110
101
85
u
Monthly
Monthly
average,
average,
1926 = 100
1929=100
94.7
97. 1
62.7
53. 9
73. 7
61.9 64.9
80. 2
66.4
(59. 2
74. 7 77.8
192931 = 100
126
79
89
87
105
' Adjusted for number of working days.
I
I
Income
payments3
II
y
s
1
BE
Foreign
Retail sales,
value,
trade, value,
adjusted'
adjusted'
122
32
47
n
120
29
45
52
60
86
51
135. 8
56. 5
68.4
76. 1
86.8
100. 4
83.4
4
121
17
36
27
50
58
97.(5
54.6
63.2
68.2
87 2
87 9
87. f<
87.4
85. 4
83.3
81.7
80.9
79.8
79. 7
|
!
!
!
7.9 !
i
95. b
60.8
73. 3
79. 6
79.8
cS7. 1
79.4
Average of 4 months January, February, April, and May.
14
SURVEY OF CURRENT BUSINESS
July 1938
Commodity Prices
prices moved upward after the first
COMMODITY
week of June when many sensitive commodity
Prices of farm products firmed after the first week
in June, the wholesale price index compiled by the
quotations and the general index of wholesale prices Bureau of Labor Statistics advancing from 67.2 (1926 =
were the lowest since late 1934. Moody's index of spot 100), the lowest since August 1934, to 68.8 for the week
prices of 15 raw commodities increased from 130 (De- ended June 25. Wheat prices recovered from the lows
cember 31, 1931 = 100) on June 1, to 141 in the fourth early in June as prospects for a record crop were folweek of the month, recovering all of the loss since the lowed by reports of rust damage. Spot cotton quolatter part of April. Advances were recorded in prices tations in 10 Southern markets increased during the
of lead, zinc, tin, rubber, silk, and farm products. Steel month from less than 8 cents per pound to 8% cents.
scrap quotations advanced nearly $2 per ton after de- The average price for beef steers at Chicago was $9.51
clining almost uninterruptedly since last summer. Do- per 100 pounds for the week ended June 25, a gain of
mestic copper, lead, and zinc mines have been shut $1.02 since the first week of May. Over the same
down in recent weeks and international control groups period the average price paid by packers for hogs
have reduced production and export quotas of tin, increased $0.74 to $8.43.
rubber, and copper.
Living costs of wage earners have held steady since
Steel prices were reduced late in June after holding January, following a drop of over 2 percent from the
practically constant at the levels established in March recovery peak last October. Retail food prices were
of last year. Steel ingot quotations were reduced $3 fractionally lower at mid-May than a month earlier,
to $34 per ton at Pittsburgh. Between the summer of but remained above the February-March level. The
1936 and March 1937, steel ingot prices had been ad- Fairchild index for retail prices of department store
vanced from $29 to $37 per ton. Proportionate de- articles continued to decline during May, and on June
creases were made in quotations of a variety of finished 1 was 89.5 (January 1, 1931 = 100), as compared with
steel products.
the recovery high of 96.6 on September 1, 1937.
INDEXES OF COMMODITY PRICES
Wholesale Prices (U. S. Department of Labor)
Retail prices
3
Economic classes
Groups and subgroups
it
II
II
Tear and month
If
p©
II
1
a
Monthly average, 1926=100
1929: M a y
1933: M a y
1934: M a y
1935: M a y
1936: M a y
1937:
May
June
July
—August
September
October
__
November
December
1938:
January
February
March
April
May
M o n t h l y average, J a n u a r y through
May:
1929
1933
1934
1935
1936
1937
1
Dec.
Mo.
Mo. 1 Mo.
1930
average, aveisrage, aiverage,
1923=
1909-14 1923-25 (Jan.
1,1931)
100
= 100
= 100
= 100
99.0
142
102.4
72.3
68
62.5
70.4
79.0
73.0
82
88.6
82.6
81.4
108
86.1
83.
103
88. 1
91.5
98.0 111.
59.4 52.3 66.5
67.1 60.0 78.9
84.1 97.0
78.0 85.1
95.5
71.4
87.3
84.8
85.8
94. 1
94. 0
73.2
71.7
75.4
82.0
81.2 73.1 88.3 80.6
76.0
81.5
101.2
7.7
89.1
86.6
86.3
90.7
55.9
73.6
69.4
69.8
82.0
58.9
69.8
68.7
69.2
87.5
86.8
87.0
86.6
85.3
82.5
79.8
77.7
113.9 84.2 95.9 86.3
88.5 105.7 84.7 98.0 86.1
89.3 105.2 86.2 106.0 86.3
86.4 92.0 86.7 112.1 86.1
85.9 91.9 88.0 113.4 85.9
80.4 77.0 85.5 107.4 85.1
69.2 83.1 98.3 84.3
75.
71.5 79.8 88.8 83.
72.
97.2
96.9
96.7
96.3
96.2
95.4
93.7
92.5
84.5
83.6
83.9
82.2
81.4
81.2
80.2
79.5
77.2
77.5
78.1
78.4
78.7
78.5
78.2
7S.4
106.7
106.4
106.7
108.1
107.6
106.7
101.4
97.7
89.3
89.5
89.7
91.1
91.1
91.0
90.4
89.7
95.8
95.9
96.1
97.0
97.1
96.4
96.8
96.3
78.7
78.2
78.3
77.1
75.3
73.5
71.2
70.1
80.5
79.4
79.0
77.3
77.0
76.2
75.4
75.0
88.9
89.0
89.4
89.5
89.0
88.6
128
124
125
123
118
112
107
104
86.3
85.9
85.5
85.8
84.9
83.
82.6
95.6
96.0
96.3
96.6
96.3
95.7
94.5
93.2
74.9
73.6
73.2
71.3
70.
76.9
76.1
75.6
75.3
75.4
71.6
69. 8 |
70.3
68.4
67.5
76.3
73.5
73.5
72.3
72.1
91.8
91.1
91.5
91.2
90.4
79.6
79.1
78.7
77.5
76.8
78.3
78.5
77.7
76.8
76.2
96.7
94.7
93.6
92.1
91.3
88.3
88.0
87.7
87.3
87.2
96.6
96.0
98.0
96.3
96.7
69.7
68.6
68.2
67.2
66.1
75.2
74.8
74.4
73.4
73.1
87.5
86.7
86.7
86.8
86.5
102
9'
96
94
92
80.3
78.4
78.6
79.4
79.1
92.4
91.2
90.6
90.2
89.5
97.6
5C.3
65.2
77. 1
77.5
88.5
72.7|
94.6
57.7
73.7
72.1
74.5
87.5
75.9
93. 9 101.3
72.1 77.5
81.4 87.3
80.8 86.0
81.5; 86.6
88. 2 94.2
87.7 96.3
91.9
52.4
75. 8
69.7
70.7
78.3
68.0
82.3
59.2
68.9
69.5
66.
78.9
74.2
99.3
72 3
78.5
82.1
83.6
87.8
86.8
145
59
8
109
106
129!
96!
101.9
61. Ol
72.2
79.9
80.3
85.3
79.2'
70.1
89.1
86.4
88.2
94.4
90.8
94.
62.
73.7
80.2
78.6
94.6
67.2
77.8
82.4
80.5
95.3
53.7
65. 1
77.6
75.8
93.0
61.3 50.2
73.7 59.6
73.5 80.6
74.1
87.4
87.2
87.
87.5
87.4
B5.4
83.3
81.7
87.5
87.7
88.8
89.0
89.1
88.1
86.7
8fi. 3
87.1
86.1
86.5
84.8
84.4
80.7
77.2
75.4
80.9
79.8
79.7
78.
78.1
84.3
83.3
83.4
82.7
82.1
95. 5
60.8
73.3
79.6
79.8
87. 1
79.4
94.7
66.2
77.0
81.7
81.6
86.3
83.2
Middle of month.
88.2
52.8
63.9
83.2
70.6
75.0
73.0
69.0
66. 0
62.3
82.6
78.4
81.6
82.2
82.1
83.5
83.0
82.6
82.0
81.6
105.
96.3 98.3 107.9 91.9
44.2 39.8 55.9 50.6 66. 2
60.1 62.4 66.3 55.2 78.6
79.2 86.0 82.6 90.5 77.4
77.3 75.5 81.0 90.6 78.9
91.8 114.2 86.3 92.7 85. 2 |
69. 5 69. 1 73.5 81.4 82. 5 |
2
96.0 95.1 82.7 109.0
70.4 71.7 62.9 70.3
86. 7; 75.3
88.9
80.7 '2! 9 86.4
85." 6| 79." 2| •6.0 95.3
94.9! 86.9 6.7 104.3
91. 2\ 78. 3| 7.5 93.7
Index is as of the 1st of the following month.
15
SURVEY OF CURRENT BUSINESS
July 1938
Domestic Trade
average for these 2 months last year. May sales were 4}{
percent below those in April 1938, with 10 of the 25 States
reporting increases; 1, no change; and 14, decreases.
the last week in May to 10 percent in the week ended
Wholesale sales in May, as reported to the Bureau
June 25. Consumer purchasing during May fell below of Foreign and Domestic Commerce by a sample group
that of the comparative period of the previous year for of more than 1,900 firms, were 16 percent below those in
the seventh consecutive month, the relative decline in May 1937, and were down 1.4 percent from April 1938.
the dollar volume of sales being larger than for any of As compared with trade in May last year, sales by
the preceding months. Sales of heavy consumer goods wholesalers of jewelry were down 33 percent, sales of
showed considerably wider declines than were recorded electrical goods were down 30 percent, and furniture,
for general merchandise and food.
lumber, and hardware sales were down approximately
Rural general merchandise sales in May were down 27 percent. Drug, grocery, petroleum, and tobacco
13 percent from May 1937, while sales of variety and wholesalers reported only minor declines from a year
grocery chain stores decreased 9 percent and 3 percent, ago. An analysis of the inventories of wholesalers
respectively. Department store sales in May declined indicates that stock liquidation has been proceeding
4 points to 79 (1923-25 = 100), according to the season- steadily, if slowly, with the major part of the decline
ally adjusted index of the Board of Governors of the occurring since the beginning of February.
Manufacturers' sales in May 1938 were more than oneFederal Reserve System, and were 15 percent below
sales in May 1937. The margin by which sales this year fourth below those of May last year, according to reports
fell below those of last year varied widely among the from almost 1,100 manufacturers cooperating with the
Federal Reserve districts, ranging from 5 percent for the Bureau—April sales were down by approximately the
Dallas district to 27 percent for the Philadelphia area. same relative amount from April last year. Every
May sales of more than 16,000 independent retail major industry group for which sales data are shown
firms in 25 States reporting sales data to the Bureau, recorded sales lower than those of May 1937. The
and representing all regions excepting New England and smallest contraction was in the printing, publishing, and
the Middle Atlantic States, were about one-fifth less allied industries group where the decline was about 10
than in May 1937. This compares with an average percent. Sales of the iron and steel products group
decrease in March and April of 16 percent from the were less than half as large as a year ago.
EPARTMENT store sales during the first 4 weeks
D
in June showed some improvement, narrowing the
percentage declines from a year ago from 19 percent in
DOMESTIC TRADE STATISTICS
Wholesale
trade
Retail trade
Year and month
Department stores
Chain-store sales
Com- Grocery stores Variety stores
Sales
Stocks 3
bined
Unad- Ad- Unad- Adindex Unad- Ad- Unad- Adjust- just- just- just- (Chain just- just- just- justed*
ed » ed^
ed
ed '
ed*
ed) Store Age) ed i
Monthly average, 1923-25=100
1929:
1933:
1934:
1935:
1936:
1937:
1938:
May
May
May
May
May
May
June
July
A ugust
September
October
November
December
January
February
March
April
May
Monthly average,
through May:
1929
1933
1934
1935
1936
1937
1938
109
67
77
76
109
66
75
74
87
101
56
68
66
67
95
90
65
72
100
103
101
156
93
93
94
92
94
93
91
78
73
69
74
80
85
86
70
70
77
86
80
100
55
66
64
65
Avg. same
mo. 192931 = 100
Rural sales of
general merchandise
Unad- Adjust- justed i
ed'
New passenger-car sales
Unad- Adjust- justed^
ed'
Employment
Pay
rolls
Monthly average, 1929=100
Monthly average, 1929-31=100
Commercial
failures
Fail- Liabllitlei
Num- Thouber ofsands
dolls.
79.9
90.0
92.0
103.0
101.8
79.9
84.5
90.4
92.0
100.2
78.7
83.3
89.1
90.7
108.5
78.1
90.0
86.0
96.8
108.5
78.1
90.0
86.0
96. 8
109.5
60.9
74.9
87.6
107.4
116.5
64.8
79.7
93.1
114.3
205.0
59.9
78. 1
98.4
138. 6
146.0
42.5
55.5
70.0
93.5
99.0
72.2
82.8
82.5
84.6
99.0
53.8
62.6
64. 6
68.2
1,846
942
1,004
832
43, 469
20, 787
14, 339
15,375
112.0
114.0
114.5
113.2
117.0
114.8
109.0
111.5
98.3
95.3
91.1
89.6
94.7
94.9
94.9
97.0
96.9
93.9
93.0
93.3
96.6
94.4
94.9
94.2
98.3
100.7
97.0
90.6
99.8
101.5
102.7
203. 5
98.3
105.9
109.0
102.4
104.5
100.0
101.2
110.3
119.4
117.5
91.7
99.0
130.4
160.2
145.8
179.5
127.1
124.4
119.1
115.1
131.7
131. 3
118. 6
126.4
144.6
134.3
122.9
112.6
73.2
82.6
90.8
70.1
104.0
99.0
104.5
120.5
105. 0
127.0
89.0
78.0
90.8
90.3
90.6
91.8
93.0
94.0
93.5
93.3
76.1
76.3
76. 9
79.0
78.3
79.3
78.3
77.8
670
618
707
564
768
786
932
8,364
8, 191
7,766
11,916
8,393
9, 335
10, 078
13, 291
106. 7
106.4
103. 3
105. 0
103.3
93.3
94.1
95.6
94.4
95.0
96.2
93.6
94.7
91.7
93.6
71.6
78.6
81.7
95.0
89.3
96. 1
94.1
97.2
92.9
86. 6
90.4
98.4
107.9
103.5
104.3
99.9
105. 8
112.3
110.1
50.8
53.6
76.0
80.5
75.8
65.0
74.0
61.0
60.0
57.0
91.0
90.4
89.1
88.5
87.1
75.4
75.3
74.7
74.6
75.1
1,320
1,071
1,088
1.116
1, 053
15, 035
13, 359
15, 567
20, 106
14, 559
79.1
90.6
94.1
100.4
109.4
101.4
77.8
83.3
89.4
93.9
98.2
94.5
97.8
72.2
81.7
83.7
85.3
91.5
89.2
97.7
54.6
61.8
64.6
67.7
74.6
75.0
2, 183
1,073
1,026
908
794
1,130
55,711
22, 693
15, 210
15, 599
9, 325
15, 725
January
100
57
68
69
76
69
http://fraser.stlouisfed.org/ 1 Adjusted for number of working days.
Federal Reserve Bank of St. Louis
2
69. 5
80.6
80.0
82.8
87.2
83.2
110.3
52.4
71.8
86.0
95.
107.1
97.4
Adjusted for seasonal variations.
161. 7
38.8
60.6
87.9
106. 7
121.6
67.3
3
End of month.
16
SURVEY OF CURRENT BUSINESS
July 1938
Employment
declines in employment in
CONTRASEASONAL
May, revealed by the Bureau of Labor Statistics,
textiles, particularly wearing apparel, and in leather
and its products, were in part seasonal; in wearing
were due largely to curtailment of forces in factories, apparel establishments, however, the decline was about
mines, and railroads, and in retail and wholesale trade. twice that usually experienced, so that the adjusted
During the first 4 months of the year employment did employment index dropped more than 5 points to the
not record the usual seasonal increase, and, with the lowest level since 1932. Machinery industries and
May decline, the number at work dropped to the lowest transportation equipment plants also reported marked
point since early in 1936. These data, which cover all reductions in employment. The agricultural-implepersons engaged in gainful work outside of agriculture ment industry continued to make a relatively favorable
(excluding employment on W. P. A. and other emergency showing and although the number at work in these
projects), indicate that since September 1937 the drop in plants has recorded a decline of about 17 percent since
employment has amounted to about 3,300,000 workers. last fall, employment is at a much higher level than in
In factories, the May decline in employment exceeded most other industries, when comparison is made with
that usually experienced, the seasonally adjusted index the 1923-25 base. Increases in employment in May
receding 1.6 points to 77.6 (1923-25 = 100). Factory were largely of a seasonal nature and for the most part
pay rolls also were lower in May, but the relative de- were restricted to manufacturers of stone, clay, and
crease was less than that recorded for employment. glass products, and food and kindred items.
Since last fall, however, the drop in weekly wage payAmong the 16 nonmanufacturing industries reporting
ments has amounted to 31 percent, as compared with a employment data to the Bureau of Labor Statistics, the
decline of 23 percent in employment. The decline in only increases of more than 1 percent in May were
the number of workers and in pay rolls has been much seasonal gains reported for quarrying and nonmetallic
more severe in the durable than in the nondurable goods mining, and building construction. Wholesale and reindustries.
tail trade both showed seasonal declines, the recession
In May, 11 of the 14 major groups into which manu- in retail general merchandising establishments being
facturing industries are classified reported declines in somewhat sharper than usual. The mining industries,
employment; for pay rolls, there were 7 declines in the except quarrying, all recorded declines, with anthracite
major groups and a similar number of increases. The producers reporting the sharpest drop in the number of
most pronounced declines, those which occurred in workers.
STATISTICS OF EMPLOYMENT, PAY ROLLS, AND WAGES
Factory employment
and pay rolls
Pa;
Pay
Employment
oils
Nonmanufacturing employment and pay rolls, unadjusted
(U. S. Department of Labor)
Anthracite
mining 1
Bituminous
coal mining1
Year and month
EmUnad- Ad- Unad- ployjusted justed justed ment
Pay
rolls
Employment
Monthh average,
105.4 ! 112.9
65.9
85. 9
68. 1
84.6
69.4
S9.8
89.8
80.8 !
103. 5
50.7
73.3
65. 0
66.2
98. 9
33.1
67.9
54.2
61.2
96.:
72. 8
91.3
93.5
94.2
91.
34. 3
64.0
60.9
72.5
79.4
83.3
77. 7
86.3
90. 9
100.7
91. 1
95. 1
102. 2
101.4
103.0
102. 4
100. 7
98 4
94. 1
89. 0
105.2
102. 9
iuO. 4
103.8
100.1
100.1
89. 5
80. 9
61.5
61.6
54.3
49.7
58.1
61.5
60.9
(31.4
48.2
55.3
38.2
29.6
34.2
55. 4
49. 0
51.3
96.1
96.2
93.7
97.4
99.4
102.4
101.4
99.4
84.2
83.0
81. 6
71.7
73.2
73. 3
70.7
6514
59.6
60. 0
59.3
57.0
46.5
46.1
47.3
39.0
3S.3
9fi.8
95.4
93. 1
85. 8
S5J.6
109.8
40. 5
63. 5
69.6
77.0
99. 5
102.5
59.3
72.6
68.2
66. 9
62.9
17.G
!
Telephone
and telegraph
Em- I
I
52.8
100.1
46.2
71.2
56.6
56.2
49.9
4-1 4
* See footnote marked " t " on p. 29.
70.2
74.0 j
68.5 I
56 3 !
55.7 !
103. 1 102. 2
77. 4
38. 6
89.8 | 63.0
96. 4
69. 1
97. 3
80.5 |
87.3 !
100. 2
64. 9
98. 4 | 98. 1
76.9 | 69.9
83. 1
83. 3
79. 8
89. 0
87. 0
Percent I
of total
members I
100.4
70. 1
70.2
70.0
71. 6
j 99.4
j 68. 5
j 71.4
73.7
I 78. 5
98. 6
72*. i
82.9
82.2
85.0
98.2
51.3
61.5
62. 0
65. 8
94.6
96. 3
97.5
98.3
98.6
98.5
97.3
96. 1
97.9
100. 4
102. 2
102. 6
104.0
105. 3
103. 8
102.4
78.5
79.7
79.8
79.8
79. 6
78.9
78.0
89.5
88. 6
92.1
92.1
92.3
94.9
91.4
94.7
89.9
90. 5
87. 6
86 2
90". 7
92. i
5)1.7
100. 4
73.5
74.4
72.8
72.3
74.4
75.9
75. 3
80. 6
94.0 .
92.9 |
92.2
91.8
98. 9
98. 5
98.6
97.6
97. 5
74.8
74.8
93. 7
89.5
92.3
91.6
84. 1
82.4
83.0
88.2
83.8
70. 1
68.4
68.6
72 2
94.5
77. 2
82.1
82.6
87.2
92. 9
94.3
71.2
75. 6
78. 9
85.7
94.8
98, ?
91.0
i
I
i
I
96.9
72.8
70. 1
70. 0
70. 5
2
96.8
70.3
69. 5
73 8
76^6
So. 8
91.fi
Wages
Tradeunion
IndusRetail trade mem- (National
Conference
bers em- trial Board)
ployed
EmAverage | Average
Pay
ploy- rolls
weekly I hourly
earnings; earnings
M o n t h l y a v e r a g e , 1926 = 100
1923-2:.= 100
105.2 !
1929: May
65.8 |
1933: May
86. 2 I
1934: May
84.8 I
1935: May
,9.8 '|
1936: May
1937:
102. 3
May
101. 1
June
101.4
July
102. 3
August
102. 1
September
100.5
October
94. 7
November
88.6
December
1938:
82.2
January
82. 3
February
81.7
March
April
79.6
May
77.5
Monthly average, January
through May:
I 103.6
1929
__
63. 3
1933
1934
82.8
84. 9
1935
1936
88. 1
100.2 i
1937
1938
Pay
rolls
Electric light
and power
and manufactured gas
Employ- Pay
ment rolls
97.2
71. 4
81.3
80.9
87.6 !f
84. 3
51.8
60. 1
60.8
63. 7
70. 4
69. 9
Adjusted for seasonal variations.
\
79
83 j
89 !
89 |
89 ;
88 i
88 I
88 i
86 i
83 |
I
80 j
79
79
80
81
87 I
66
80 !
87 !
80 i
Gems
per
huur
Dollars
28. 81
16. 83
20.80
21. 73
24.41
592
453
586
598
28.36
28. 39
27.83
27.76
27. 39
27.12
25 59
24! 36
698
707
711
713
716
716
717
715
22. 98
23.53
23.63
23.53
710
710
714
717
717
n.m \
28.81
15.86
20.17
21.84
23.79
27.34
?3.41 :
Common
labor
rates
(road
building
616 I
43
41
39
41
41
43
43
41
38
33
35
17
SURVEY OF CURRENT BUSINESS
July 1938
Finance
T
HE decline in stock prices was arrested in June by crease in required reserves—the consequence, in turn, of
a moderate advance during the first 3 weeks, the addition of almost $370,000,000 to the demand
followed by a sharp rally during the final week of the liabilities of weekly reporting member banks during
month. The volume of trading was exceptionally small the 5-week period ended June 22. During this same
until the upturn in prices after June 20. In the week period, the total loans and investments of reporting
ended June 25, industrials advanced 17 percent, rail- member banks decreased by $107,000,000. Holdings
of Government and Government-guaranteed obligaroads 29 percent, and utilities 11 percent.
In the capital market the feature of the month was tions declined by $80,000,000, and holdings of other
the offering of $100,000,000 of 10-year debentures by a securities rose by $102,000,000. Loans to commerce,
leading industrial corporation. The June 15 financing industry, and agriculture continued to decline, while
of the Treasury was limited to an exchange of new bonds loans to brokers and dealers in securities increased.
The foreign-exchange markets reacted during June
and notes for maturing obligations. The extreme ease
in the money market was indicated by the fall in the in the usual manner to renewed rumors of a reduction
Treasury bill rate to 0.016 percent for the offering of in the gold buying price of the United States Treasury
and to repeated official denials that a reduction was
June 20.
An expected development during June in the banking contemplated. During the period from late May to
sphere was the further increase in the total and excess mid-June, under the influence of these rumors, the
reserves of member banks as a result of the continued principal European currencies showed generally firm
disbursement by the Treasury of the proceeds of gold tendencies in terms of dollars. At the same time a
desterilization. Total reserves increased $300,000,000 strong hoarding demand for gold appeared in the
to $7,922,000,000 between May 18 and June 22. Excess London market. This demand was reflected in a rise
reserves rose during this period by $227,000,000 to in the sterling price of gold on June 17 to a new high
$2,782,000,000. At the same time Treasury deposits for the year and, together with the high quotation for
with Federal Reserve Banks were drawn down $354,- sterling, in a rise in the dollar price of gold in London
000,000 to $929,000,000; and the total credit base was above the parity price of $35 an ounce. Following the
expanded by $80,000,000 chiefly because of the increase "formal and complete" denial by the Secretary of the
of $65,000,000 in monetary gold stock. Other factors Treasury on June 20 that further devaluation of the
(increases in Treasury cash, and in nonmember bank dollar was contemplated, the exchanges moved in favor
deposits), involving the utilization of $134,000,000, of the dollar.
Imports of gold into the United States during recent
accounted for the difference between the rise in total
reserves and the combined change in Treasury deposits weeks included, besides the regular arrivals from goldproducing countries, additional receipts from Japan and
and in the credit base.
The failure of excess reserves to rise to the extent of substantial receipts from the United Kingdom and from
the increase in total reserves was the result of an in- Sweden.
FINANCIAL STATISTICS
Reporting Member Banks, Wednesday
All Capital flotations,
Federal
corporate
closest to end of month
listed
Dividend Interest
Reserve
Excess
rate,
Stock bonds.
bank
Cur- reserves
rates,
Loans
Deposits
doMonaverage
prices mestic,
credit
rency
comof
Com'l,
etary in cir- member
per
(Standoutmercial
averNew Refund- share
indus- Invest- Deard
stand- gold cula- banks,
paper
trial, ments mand,
age
capital
ing
(600
i n g , stock tion end of Total and
(4-6
Time Statisprice
agcom- months)
adend of
month
tics)
ricul-J
(N. Y.
justed
panies)
month
S. E.)
tural
Year and month
1929:
1933:
1934:
1935:
1930:
1937:
May
May
May
May
May
May
June.
July
August
September
October
November
December
1938:
January
February
March—
April
May
—-I
4,005
1,360
2,218 4,026
2, 463 7,759
2, 469 8,755
2,474 10, 324
4, 397
5, 589
5, 355
5, 507
5, 918
Millions of dollars
16, 202 I
8,952
339
1, 662 8,513 I
2,318 8, 111
2, 866 8, 626
2, 585
2, 562
2,574
2,577
2,579
2,580
2, 606
2,612
11,901
12,1S9
12,404
12, 512
12. 653
12, 782
! 2, 788
12, 765
6,426
6, 435
6. 475
6, 500
6, 558
6, 566
6, 558
6,618
9,571
918
865
9, 760
791
9,784
773 10,027
1,038 10, 004
1, 055 9. 625
1,169
9,441
1,212 9,387
2.593
2,590
2,611
2, 594
2,582
12, 756
12, 768
12, 778
12, 829
12, 891
6,397
6,319
6,338
G, 337
6,415
1,383
1,415
1,546
2, 548
2, 568
8, 981
8,933
8,771
8, 587
8,334
Dollars
Dollars
12, 791
11,257
13, 068
12, 556
14, 580
6, 765
4, 654
4,941
4, 935
5,035
187.8
61.5
71.8
73.1
101.0
97.
84.
92.
92.
97.
21
73
32
81
38
923, 046
3,584
28, 823
45,193
37, 608
390,
12,
2,
81,
267,
848
050
958
567
385
1. 06
1.18
1.29
1.50
4,270
4,331
4, 425
4,638
4,807
4,761
4,637
4, 601
12, 587
12, 530
12, 499
12, 292
12,022
12,029
11,940
12,015
15, 274
15,187
15, 033
14, 924
14, 864
14, 610
14, 612
14,431
5,231
5,235
5, 268
5, 268
5,290
5,278
5,234
5, 205
116.3
113.6
117.8
120. 5
106. 4
91.4
82.9
82.2
96.79
95. 84
96.82
95. 64
94. 54
93.17
92.36
92. 75
81, 011
268, 946
81, 745
50, 673
112,757
66, 647
26, 942
42, 767
92, 220
149, 341
56, 781
56,136
39, 386
69, 653
10.120
14,463
2.09
2.09
2.12
2.13
2.13
2.13
2.19
2.18
4, 394
4,357
4,299
4,187
3,992
12, 253
12, 298
12, 039
12, 257
12, 202
14,464
14,381
14, 268
14, 598
14, 589
5,225
5,260
5,221
5, 230
5,216
81.6
80.7
77.9
70.7
73.9
1 This item was first reported by the Federal Reserve in May 1937; see footnote marked "<g>" on p. 32 of this issue.
76181—38
3
Thous. of dollars
5,798
8,232
9, 825
11,676
13, 522
9164
92. 44
88.71 [
90.84
90.81 |
45,533
40, 802
23,995
12,313
35,935
3.
62,
57,
66,
25,
773
225
643
500
692
1.93
1.63
1.57
1.55
1.43
Percent
H
34-1
18
SURVEY OF CURRENT BUSINESS
Julv 1938
Foreign Trade
T
HE slowing up in the foreign demand for United
States merchandise which has been in evidence for
several months was reflected in the foreign trade figures
for May. Exports, which had held up remarkably well
during the present set-back in business, declined 6 percent in value from April and for the first time in a year
and a half were smaller in value than in the corresponding month of the previous year. General imports,
which have tended downward since early in 1937, were
7 percent smaller in May than in April and only about
one-half as great as in May 1937.
As a consequence of the sharp reduction in the value
of imports as compared with a year ago, the value of
merchandise exports exceeded the value of imports by
over $100,000,000 in May as in other recent months.
The amount by which the value of merchandise exports has
exceeded the value of merchandise imports was increased
to a total of $544,226,000 for the first 5 months of 1938.
The increased agricultural production in the United
States during 1937 as compared with 1936, when the
drought cut output, is responsible in large part for the
marked change in the composition of foreign trade in
May 1938. The value of exports of agricultural products was 33 percent larger in May 1938 than in May
1937, whereas the value of agricultural imports showed
a reduction of 55 percent. Agricultural products
accounted for 25 percent of the total value of exports in
May as against 17 percent in May 1937.
Exports in May of the other three classes of commodities, crude materials, semimanufactures, and finished
manufactures, were lower in value than in May a year
ago. Exports of finished manufactures, however, which
showed a much less marked decline than the crude materials and semimanufactures, contributed slightly more
than 50 percent of total exports, approximately the
same proportion as in May 1937. Exports of some
finished manufactures, cotton cloth, motor fuel, metalworking machinery, and aircraft, increased. However,
shipments of a number of leading manufactures, among
them motor trucks, passenger automobiles, electric
refrigerators, radio apparatus, and steel manufactures,
dropped much lower in May than a year ago.
The depressed state of domestic business, as well as
the recovery of agriculture from the drought condition
of 1936, contributed to the reduction in imports during
May. Unmanufactured wool imports were only 4,029,000 pounds as compared with almost 30,000,000 pounds
in May 1937, and rubber imports were 62,963,000
pounds as compared with 109,531,000 pounds in May
1937. Imports of grains and preparations in May were
only $600,000, as compared with $11,200,000 in the
corresponding month last year. Imports of finished
manufactures, particularly newsprint and burlaps, were
maintained at fairly high levels in May 1938, and the decline in total imports of finished manufactures, although
substantial, was less marked than for total imports.
EXPORTS AND IMPORTS
Indexes
Year and month
1929: M a y
1933- M a y
1934: M a y
1935: M a y
1936: M a y
1937:
May
June
July
August
September .
October
November
December
1938:
January __
._
February
March.
April
May
Cumulative, January through
May:
1929
1933
1934_ .
1935
1936
1937—
1938__._
Value Value
of
of
total total
eximports, ports,
adadjusted i justed i
M o n t h l y average, 1923-25=100
122
108
32
45
47
52
46
56
58
Exports,
including
reexports
Finished
manufactures
Crude
materials
Total
Total
Unmanufactured
cotton
Food- Semistuffs, mantotal ufactures
385. 0
114.2
160. 2
165. 5
200. 8
377. 1 ! 57.4
111.8 i 35.0 !
157. 2 1 38.0
159.8
36. 9
197. 0
42.6
Finished
manufactures
1i
57.1
13 0
16.8
15.4
15.9
59.8
17.6
26.2
26.4
35.0
202.7 I
46.2
76.2 ! ,
81.0
103. 4
47.7
9. 1
17.0
22.1
29.6
43.3
7.4
20.6
18.6
22.5
400.1
106. 9
147.5
166. 8
189.0
141.7
24.9
42.9
44.3
55.1
88.9
40. 0
46.9
55.0
56.3
86.0
18.3
26.8
33.6
38.6
83.5
23.6
30.8
33.9
39.1
71.8
63.3
68.9
67.2
55.4
59.0
57.0
53.5
145.0
135.2
144.0
133.6
130.4
143.7
136.4
151.9
42.3
40.8
46.1
40.8
39.0
44.6
37.7
44.7
33.2
29.7
29.4
23.1
23.3
25.4
29.8
39.7
278.8
278.7
263.4
249.0
234.1
226.5
212.4
203.7
91.8
92.5
77.6
79.6
76.0
71.7
67.5
68.5
84.5
80.1
77.5
66.9
56.9
53.0
51.5
50.4
55.8
58.9
59.6
54.8
52.6
51.9
46.4
43.6
46.7
47.2
48.8
47.7
48.6
50.0
47.0
41.3
44.1
41 7
46.2
46.3
42.0
133.9
130.6
142.1
142.2
128. 0
39.7
41.4
46.1
45.6
42.4
34.4
28.1
28.8
26.4
20.6
163. 5
155.9
173.3
155. 5
147.2
51.8
46.7
51.2
43.8
40.2
44.1
47.1
55.5
49.5
45.7
32.9
29.7
32.1
28.6
27.8
34.6
32.5
34.5
33.6
33.4
289.2 1, 933. 0
34.6
469.9
86.7
696.1
103.4
829.0
959.0
113.7
146. 3 1, 345. 4
138. 2 795.5
707.4
117.9
202.1
228. 6
291.5
440.1
233.8
443.6
167.1
218.9
287.9
301.2
417.5
241.9
380.9
76.4
131.1
158.3
192.6
267.0
151.2
401. 1
108.4
144.0
154.2
173.7
220.9
168.7
289. 9
265. 4
268. 2
277.7
296. 7
333. 1
314. 7
319.3
285. 1
256.5
264.8
274. 2
293. 5
329.8
311.2
315.3
52.0
42.0
34.4
46.0
80.9
88.3
84.9
75.9
24.6
16.8
15.9
39.0
45.0
43.7
39.9
16.3
16.0
17.4
27.4
26.8
38.8
32.9
34.0
75
76
72
76
52
51
48
46
45
289.4
262. 7
275.7
274. 5
257. 2
286.1
260 0
270.8
271.5
253. 6
67.9
48 2
47.0
44.5
34.8
34.6
21.2
23.1
20.1
10.4
40.3
39 4
35.5
38.6
48.2
4°x 0
288.9
111.4
155. 8
122.2
131.5
159. 0
109. 5
316.0
66. 7
97.0
77.0
77.6
85.9
202.0
3 120 9 929 9 2 191.7
549. 5
539. 4
3 29
865. 5
850.3 !
3 45
3 52
853. 9
835.8 1 |
3
954. 1 i
969. 3
60
3 86 1, 269. 5 1, 249. 2 1
3 51 1, 359. 5 1, 342. 0 !
Adjusted for seasonal variations.
Crude Food- Semimanmaterials stufls ufactures
Total
32.6
26 1
17.6
19.4
22.2
86
93
89
79
76
68
69
65
3 117
3 29
3 45
3 45
3 51
3 67
3 72
Total
AutomoMa- biles,
chin- parts,
and
ery
accessories
vlillions of dollar s
81
79
80
79
74
72
72
79
72
Imports
Exports of I Jnited States merchandise
167 1 1
253.6 'l
216.3 ;!
237.4 i
269.5 1
242.4 !
9.4
320. 8 1,127. 0
78.6
226. 9
136. 3 363. 4
136. 0 406. 5
158.3
480.8
252. 9 640.9
220. 9 676.7 I
959 g
45. 1
83.4
105.5
138.2
185.8
215.2
» General imports through December 1933; imports for consumption thereafter.
»Monthly average.
19
SURVEY OF CURRENT BUSINESS
July 1938
Construction and Real Estate
T
HE dollar value of total construction contracts
awarded in the first half of June was 18 percent
lower than daily average awards in May, largely as a
result of a reduction in public works and utilities projects
which were placed in large volume in May. Contracts
let in the first half of June were 19 percent below those
in the comparable period last year. Awards for the
first 6 months of 1938 will fall approximately 12 percent
below total awards during the first half of 1937.
There was a substantial increase in construction contracts awarded in May, following a slight decline in
April, and awards for the month were 16 percent above
the total for May 1937. Contracts let in the 37 States
covered by the Dodge statistics totaled $283,156,000,
the largest dollar volume recorded in any month since
July of last year. The increase in May was primarily
in the heavy engineering classification, which was augmented by a project of $22,000,000 for a water-supply
tunnel. Private construction awards were 8 percent
below the dollar volume for May of last year, while
publicly financed work was 55 percent above last year.
The dollar volume of residential contracts awarded
in May, on a daily average basis, increased 16 percent
over April, and was only 1 percent below May 1937.
For the first 5 months of this year residential contracts
were 26 percent below the corresponding months of last
year. The contract statistics for this year do not include any of the low-rent housing projects approved by
the United States Housing Authority. Although the
Housing Authority has approved local projects estimated to cost more than $100,000,000, the work on these
projects has not yet reached the contract-award stage.
It is expected that these projects will swell the residential total in the late summer and fall months.
A survey by the United States Public Health Service,
dealing with living conditions in 83 cities during the
1935-36 period, revealed the need for new residential
accommodations, particularly for families in the lower
income classes. Based on this survey, involving an
analysis of 703,489 urban households, the Public Health
Service estimated that 3,000,000 urban families in the
United States have fewer rooms in their homes than
there are persons; 1,000,000 live in dwellings with more
than one and a half times as many persons as there are
rooms; 700,000 live in dwellings with at least twice as
many persons as there are rooms. Overcrowding was
prevalent in every section of the country and in cities
of every size.
CONSTRUCTION, BUILDING MATERIALS, AND REAL ESTATE
Year and month
Federal
Reserve All t y p e s ol
index construction 2
adjusted i
Monthly
average,
1923-25=
100
1929: May
1933: M a y
1934: M a y
1935: May
1936: M a y
1937:
May
June
July
August
September
October
November
December
1938:
January
February
March
April
May
Monthly average, Janu- I
ary through May:
1929
1933
1934
1935
1936
1937 _
1938
121
Residential
building 2
MilNum- Milber of lions of lions of
proj- dollars square
feet
ects
Nonres- Public
idential utili- Public2 Common
buildties - works brick
ing*
Thousands
Millions of dollars
I
16
26
27
46
19, 422
9,409
9, 151
10, 501
13, 242
587.8
77.2
134. 4
126.7
216.1
40.3
8.4
6.2
13.1
20.5
192.0
26.5
24.8
44.9
70.3
227.8
31.6
52.7
50.4
82.3
47.5
5.6
5.6
5.4
12.8
120.5
13.4
51.2
26.0
50.8
64, 515
83, 076
171,418
56
61
67
62
56
52
56
61
16,305
16,855
15, 361
15, 454
14, 947
14, 506
12, 512
9,152
243.7
317.7
321.6
281.2
207.1
202.1
198. 4
209.5
23.0
23.8
20.6
18.9
17.0
16.3
15.2
10.9
83.9
93.0
81.0
73.4
65.6
65.5
59.9
43.5
94.0
125.9
139.1
118.1
76.2
75.3
79.3
101.2
9.8
28.7
48.7
26.1
12.2
13.3
14.9
17.7
56.1
70.2
52.8
63.5
53.1
48.0
44.3
47.1
191, 275
184, 625
167, 085
157, 839
154,424
149, 672
128, 118
95, 882
52
51
46
52
51
8,502
9,261
14, 533
15, 058
17, 565
192.2
118.9
226.9
222.0
283.2
9.4
10.4
20.1
18.7
36.2
40.0
79.4
74.6
57.4
48.4
87.8
80.4
77.8
48.5
5.1
10.7
9.4
43.7
50.1
25.3
49.0
57.6
78.5
68, 794
74, 978
114,909
129, 459
121
17
36
27
50
58
50
15, 050
6,130
7, 684
8,518
10, 252
14,935
12, 984
496.4
66.0
145. 4
109.7
200.9
235. 1
208. 6
38.1
5.0
5.3
8.8
15.1
22.6
15.8
182.7
17.1
21.0
31.7
52.2
84.7
62.7
197.0
26.8
47.1
40.0
82.1
88.2
70.4
45.8
4.6
11.2
6.4
16.9
20.3
23.5
70.9
17.4
66.1
31.7
49.7
41.9
52. 1
1 Based on 3-month moving average of values and adjusted for seasonal variations.
See note marked "t" on p. 24.
2
Loans
Construc- 1 outstanding
tion I
costs
(Engr. Home
Home
Oak
NewsCefloor- ment RecLoan Owners'
Loan
ing
Bank
ord)*
Corp.4
Building-material shipments
Construction contracts awarded
50, 374
59, 458
Lumber
Mills,
of ft.
b. m.
MonthMonthThous. Thou- ly avly avof ft. sands of erage, Thousands of dollars erage,
b. m. barrels 1913 =
1926 =
100
100
16, 706
6, 709
1,484
9, 955 8, 784
1,817 18, 306 7.428
2, 038 28, 579 11, 240
2,177 30, 455 11, 890
2, 168 25, 489 12, 645
2,114 28, 208 12, 237
2,076 33, 166 12, 291
2,061 30, 101 12, 773
1,818 24, 608 11,190
1,443 19,310 8,188
1,301 19, 442 4, 793
205.2 I
I
164.4
38,923
199.6
85,333
973. 549
194.0 i 75,832 2,026,561
204.1 110,871 2,961,761
233.5
237. 3
239.9
240. 7
241.6
241.9
241.4
241. 1
153,488
167, 054
169, 568
175,604
179, 508
184, 038
187, 333
200, 092
2,591, 115
2, 556, 401
2, 524, 129
2, 497, 224
2, 472, 421
2, 446, 002
2, 422, 149
2, 397, 647
253
259
232
196
214
195
192
194
1, 385
1,386
1, 745
1,487
1,528
190, 535
187. 498
183, 105
183, 747
186,507
2, 370, 984
2, 348, 025
2, 323, 995
2, 301, 894
2, 281, 884
179
172
195
191
193
22,159
24, 490
35, 655
20, 984
28, 286
4,390
4, 575
7, 259
8, 678
9, 752
239.6
239. 0
238. 8
238. 0
236.8
1,294
9, 367
1, 513 13, 127
10, 260
3,990
5,325
4, 860
6, 940
7,979
6, 931
207.2
160. 2
195.0
195. 3
202. 2
107, 348
1, 910 26, 003
153, 577 I 2, 132 I 35, 075
! 1.506 I 27,515
3
4
Real-
estate
foreclosures
(nonfarm) <
220. 6
238. 4
Index is as of 1st of month; index for June 1, 1938, is 236.9.
See footnote marked " * " on p. 25.
345
378
280
329
363
275
242
186
20
SURVEY OF CURRENT BUSINESS
July 1938
Transportation
REIGHT traffic recorded a slight upturn during
FMay
and the first 3 weeks of June. Although the
gain was small, it was the first since last July, after
adjustment for working days and for seasonal variations.
In May, the adjusted index presented in the table below
advanced 1 point to 58 (1923-25 = 100), with two of the
major classifications—coal and miscellaneous loadings—showing more than seasonal gains. During the
extended period of decline which began in May 1937,
the combined index dropped nearly one-third, and by
May of this year several of the commodity classifications were at or near the low points of 1932-33. During
April and May daily average loadings of miscellaneous
freight, which is comprised largely of manufactured
products, were more than one-third below those of the
early spring of 1937. Loadings of forest products in
the same months were about 40 percent under last
summer's volume, the recent improvement in construction activity not yet being reflected in these statistics
to any important degree. Merchandise 1. c. 1. freight
in April and May was only 60 percent of the 1923-25
average, the lowest figure ever recorded for railroad
movement of this type of freight.
Total loadings have remained above those of 1933,
but higher operating costs, despite recent declines in
prices of materials purchased by the railroads, have
resulted in month-to-month deficits that are slightly
larger than those of the worst depression year. In the
first 4 months of 1938 the loss, after all charges, totaled
nearly $140,000,000, as compared with a loss of $120,-
000,000 in the corresponding period of 1933. In May
gross revenues, tabulated from the returns of a representative group of roads, were 22 percent below those of
the corresponding month last year. This indicates a
slight improvement in the year-to-year comparison, since
total revenues in March and April were, respectively,
25 percent and 24 percent below those of a year ago.
Railway employment (excluding executives, officials,
and staff assistants) in May was reduced to a level
only slightly above that of early 1933, according to
Interstate Commerce Commission statistics. On an
index basis, and after allowance for seasonal variations,
the May figure of 50.1 (1923-25 = 100) was the lowest
reported since the figures first became available in 1920.
Since June 1937, the index has dropped 22 percent, and
is about 46 percent below the 1929 average. The
sharpest decline since June a year ago has been in
maintenance of equipment and stores (31 percent) and
maintenance of way and structures (32 percent). Train
and engine service employment was reduced about 18
percent over this interval.
Railway hourly wage rates are currently near the
record high of February 1938. In April an average
hourly wage of 72.9 cents was paid to employees of
Class I roads, as compared with 66.2 cents in June
1937. This increase has only in part been due to higher
wage rates, an additional important factor being the
relatively sharper decline in employment in the lowpay than in the high-pay brackets, as is indicated in
the preceding paragraph.
RAIL AND WATER TRAFFIC
Year and month
Freight-car loadings
Grain
Merand Live- chanCoal Forest grain
and prodstock
dise Ore
coke ucts prodI.C.I.
ucts
F. R. index
Total
Unad-j Ad- 2
justed i| justed
Monthly average, 1923-25= j
100
1929:
1932:
1933:
1934:
1935:
1936:
1937:
1938:
May
May
May
May
May
May
107
51
54
63
60
71
May
June
July
August
September
October
November
December
January
February
March
April
May
59
M o n t h l y average, January
through M a y :
19291
1
1933
1934
1935
1936
1937
1938
Thousands of cars *
107 1,032.6
52 500.4
00
532.3
64 605.2
61 579.8
72 670.2
Pullman
passengers
carried
Financial statistics,
class I railways
Operating
revenues
Net rail- Net
way op- inerating
income come
Thousands
Thousands of
dollars
166.9
73.4
85.6
111.9
112.4
117.6
68.6
17.9
21.9
25.1
24.3
32.4
37.8
27.9
35. 8
28. 1
25.0
30.7
25.0
16.1
15.8
16.0
12 2
1L6
255.1
174. 5
161. 5
159. 3
153.3
158.0
72.7
2.6
8.7
25.8
28.7
42.3
406. 5
188. 0
202.9
239.0
223.8
277.5
223
751
553
355
305
185
2,590
1,270
951
1,122
1,146
1,295
531, 823 101,332
251, 922 11,666 d29, 791
255, 241 41, 043 dd 2, 969
282, 039 39, 699 d 3, 337
279, 528 39, 599 4, 668
320,926
41, 797 <*2,308
Canal traffic
Sault Pana3
Ste.
Marie ma
Thous. iThous.
of short I of long
tons
tons
13, 930 1,206
1,568
662
3,490
783
5,745
1.008
938
5,985
940
8,710
80
78
80
79
78
76
71
67
774.7
744.1
762.4
778.9
795.7
803.5
656.9
577.3
127.4
120.6
119.8
127.7
149.0
166.5
140.6
139.6
40.1
39.1
40.3
40.5
37.5
35.4
28.0
25.2
26.6
30.7
50.3
43.7
35.6
38.0
38.8
34.1
13.2
11.0
10.5
14.3
17.3
21.2
16.5
13.5
171.3
163.3
161.0
167.8
166.4
171.5
155.9
142.6
73.1
73.2
76.8
74.4
69.7
47.9
15.6
322.9
306.3
303.6
310.5
320.3
322.9
261.6
213.7
147
137
137
127
104
123
219
283
1,364
1,478
1,550
1,636
1, 552
1,494
1,342
1,445
352, 543
351, 704
365,148
359, 612
363.071
372, 926
318,180
300,321
65
62
60
57
58
542.8
538.9
555. 7
530.0
546.5 !
126.3
116.0
100. 2
84.9
90.1
23.8
26.3
27.1
24.5
26.2
35.8
31.6
33.2
31.9
32.6
13.7
11.3
10.9
11.6
12.7
137.3
144. 2
151. 4
150.7
149.2
6.7
7.1
7.8
7.9
13.8
199.1
202. 3
225.0
218.4
221.9
299
321
312
317
328
1,526
1,254
1,262
1,234
279, 259
251, 089
283, 075
268, 269
272,685
; 185.
0
1 100.7
134. 2
! 129.0
! 141.
2
! 153.
1
7
! 103.
64. 3
16.6
22.8
24.0
29. 2
35.5
25.5
41.7
30.6
28.7
25.9
31.1
28.5
33.1
26.4
15.8
15.6
12.7
12.0
12.6
12. 1
251.8
157. 8
1C0. 8
154.5
152.5
165. 3
146.4
27.2
3.6
8.4
10.2
13.5
28.2
8.6
372.9
171.8
217.2
220. 7 I
247.6 I
297.9
212.9 I
244 5 2, 675 500, 755 89, 690 5d
= 989 227, 382 18, 984 29,907
639
378 5 1,219 269, 424 36, 966 ""\508
5
1,
254 270, 843 32,134 552,887
316
194 5 1, 389 308, 408 37, 547
s
1,471
347, 067 48, 026 5d5 4,'804
128
315 5 1,319 270, 871
9,000 34,949 !
5
4 months' average, January through April.
d
Deficit.
909. 3
496 9
587 8
577 0
627 1
721 1
542 n
1
Adjusted for number of working days.
2
Adjusted for seasonal variations.
102
50
61
61
67
Miscellaneous
Freight
car
surplus
s American vessels, both directions.
* Average weekly basis.
44,239
58,940
60, 558
50, 308
59. 305
60, 747
32, 441
25, 972
6,920
2, 122
14, 470
9,237
16,497
d
IS, 560
19,007
6,347
16,210
17,195
d
6, 566
5,947
14,110
14,161
14,137
13, 937
12, 585
9,842
3,939
303
d
33,
d
476
U, 567
28, 212
33,483
0
o !
oI
971
3,365
1,077
1,018
956
1,041
865
980
844
760
752
629
814
747
804
1,197
671
998
849
906
817
749
21
SURVEY OF CURRENT BUSINESS
July 1938
WEEKLY BUSINESS INDICATORS1
[Weekly average, 1923-25=100]
ITEM
Business activity:!©"
New York Times§..
Barrou's
Business Week§
Commodity prices, wholesale:
Dept. of Labor, 1926 = 100:A
Combined index (813)
Farm products (67)
Food (122)
Allother (624)
Fisher's index, 1926=100:
Combined index (120)
Copper, electrolyticJ
Cotton, middling, spot
1937
1936
June June June June! May June June June June
25
18 11 4
28 26 19 27 20
77.4
67.6
61.0
78.2
68.8
73.2
81.5
1938
1937
1936
June! June June Juno May June June Jane June
25
18 11 4 28
26
19 27 20
Finance—Continued.
Banking:
Debits, outside N. Y. C . t - - Federal Reserve reporting
member banks:
Loans, total
Interest rates:
86.5 79.4 78.7
Call loanst
78.1
87.4 80.2 77.4
Time loans!
84.0 81.0 79.7
73.0
Currency in circulation X
81.5
85,9 78.8 78.7 Production:
Automobiles
80.8
0; 91.9 82.6 82.5
Bituminous coalj
63. 8 100. 0 100. 0 67.4 67.4
Cotton consumption!
29.4
7 46.3 45.6 44.9
Electric powerf
Lumber
79.6 64.8 53.9
Petroleum t
58.6 80.3 78.5, 74.4 72.0
Steel ingots*©
1103. 5!
58.5
Receipts, primary markets:
Cattle and calves
60.7! 36.4 40.8! 40.5 47.2
Hogs
79.91 68.3 67.8l 71.4 71.6
Cotton
80. 21127. O|126. 8!l30. 4J129. 7
Wheat
76.5 75.0 75.7 107.5 107.0! 99.6 99.2
66.6 64.4 67.55 106.». 1106. 0 96.1 95.6
59.7
59.6 78.2 76.4 74.3 74.3
78.4
69.7
73.5
81.5
77.8
68.3
72.7
81.2
77.7
67.2
72.3
81.4
81.0 80.7 80.5
63.8 63.8 63.8 63.8
30.9 30.1 29.4
93.7 76.2
69.0 66.7 66.8 78.1 77.9 67.2 68.3
66.2
24.2 24. 2 24.2 24.2 24.2 24.2 24.2 24.2 24.2
28.6 28.' 6 28.6 28.6 28.6 28.6 28.6 28.6 28.6
125.3
132.0 132.4 132.6 133.2 132.1 131.9 132.3
53.6 54.8 52. 71 35.4
50.6 51.0 50.1 53.8
90.5 89.1 87.7 90.9
121.2 119.5 119. 6 112.8
42.7 40.0 38.2
148.1 150. 6 150. 4
47.3 45.7 44.2 44.1
59.L 158. 6
53. 8. 70. 5
75.8 35.5
118.4 134.3
41.8 63. 7
148.8 L69. 5
49.0 124.7
146. 3 130.7 132.0
69.6 67.2 65.5
39.2
.11. 1
132.9
120.3
60.0
52.1
168. 6
125.8 116.0
Construction contracts!
55.1 57.8
58.3 57.9 57.8 52.4
Distribution: Carloadings
54.9
Employment: Detroit, factory.__
61.8 66.5 71.0 68.0 71.3 91.6 79.2 77.5 72.2
Finance:
38.3 35.2 37.8 35.2 41.4 30.5 27.4 41. 40.8
Failures, commercial
57.2 60.7 67.1 55.5
81.1
83.0
80.91
23.1 19.6 13.8 16.5 15.8 26.2 21.2 26.2 24.6
Bond yields**
59.3 35.6 24.9, 27.2 38. 4 84.1 39. 9 68.0 26.7
90^8 81.3, 82.2 79. 71
Stock prices j
• D a t a do not cover calendar weeks in all cases. § Computed normal = 100. J Daily average. fWeekly average, 1928-30=100. ^Seasonally adjusted.
*New series. See pp. 19 and 20 of the November 1937 Survey for bond yields. Steel ingots beginning
Nov. 11, 1937 are based on data compiled by the American Iron and
Steel Institute instead of Dow Jones & Co., Inc., as previously.
0Index for wreek ended July 2 is 48.4.
efFor description of these indexes, see p. 4 of Dec. 16, 1937 issue.
AEffective January 1938, the number of commodities was increased from 784 to 813.
WEEKLY BUSINESS STATISTICS •
1938
June 25
June 18
June 11
May 28
May 21
June 26
dol. perlb..
do
Food index (Bradstreet's)
do
Iron and steel, composite
dol. per ton..
Wheat, No. 2, hard winter (Kansas City)..dol. per bu..
Banking:
FINANCE
Debits, New York City
mills, of dol..
Debits outside of New York City
do
Federal Reserve Banks:
Reserve bank credit, total
do
U. S. Government securities
do
Member bank reserve balance
...do
Excess reserves, estimated
do
Federal Reserve reporting member banks:
Deposits, demand, adjusted..
._
do
Deposits, time
do
Investments, total
do
U. S. Government direct obligations
do
Obligations fully guaranteed by U. S. Government
mills, of dol..
Loans, total._
do
Commercial, industrial, and
agricultural loans 1
do
Interest rates, call loans
.percent..
Interest rates, time loans
do
Exchange rates:
French franc (daily av.)
cents..
Pound sterling (daily av.)
dollars..
Failures, commercial
_
_
number..
Currency in circulation
__mills. of dol..
Security markets:
Bond sales (N. Y. S. E.)
thous. of dol. par value..
Bond yields (Moody's) (120 bonds)*
percent..
Stock sales (N. Y. S. E.)
thous. of shares-.
Stock prices (iV. Y. Times)
dol. per share.Stock prices (Standard Statistics) (420)
1926=100-.
Industrial (348)
do
Public utilities (40)
do
Railroads (32)._
_.do_ —.
PRODUCTION, CONSTRUCTION, AND
DISTRIBUTION
Production:
Automobiles
number..
Bituminous coal (daily av.)
thous. of short tons-.
Electric power
mills, of kw-hr...
Petroleum
thous. of bbL.
Steel ingots*0-_pet. of capacity..
Construction-contract awards (da. av.)
thous. of dol-.
Distribution:
Freight-car loadings, total
cars..
Coal and coke
do
Forest products
do
Grains and grain products
do
Livestock
..do
Merchandise, 1. c. 1
do
Ore
..do
Miscellaneous
..do
Receipts:
Cattle and calves
_
..thousands..
Hogs
do
Cotton into sight
thous. of bales-.
Wheat, at primary markets
thous. of bu_
June 27
1935
June 20
June 29
0.088
.088
2.40
38. 51
.77
0.083
.084
2.37
38. 38
.87
0.088
.082
2.36
38.38
.78
0.088
.080
2.34
38.38
.70
0.088
.080
2.35
38.44
.77
0.098
.085
2.35
38.50
.82
0.138
.127
2.81
39.78
1.20
0.138
.126
2.82
39.80
1.24
0. 093
.124
2.65
32. 79
1.02
0.093
.122
2.62
32.77
0.087
.122
2.56
32.39
.87
3,164
3,952
2, 591
2,564 j
7,922 !
2,780 j
4, 053
3,957
3,918
3,917
2,681
3,619
2,782
3,532
2,937
3,967
3,605
4,619
3,469
3,937
4,840
4,445
3,230
3,427
2,598
2,564
7,904
2,726
2,582
2,564
7,848
2,711
2,593
2,564
7,745
2,640
2,583
2,564
7,716
2,632
2,589
2,564
7,622
2,555
2,562
2, 526
6,854
814
4,042
4,828
2,583
2,526
6,808
752
2,472
2,430
5,308
2,438
2, 480
2,430
4,894
2,043
2,472
2,430
5,029
2,471
14,936 I 15, 065
5,242 i 5,227
12, 505
12, 293
8,032
7,782
15, 034
5,230
12, 319
7,891
14, 589
5,216
12, 202
7,844
14, 697
5,212
12, 252
7,922
14, 569
5,209
12, 271
7,979
15, 289
5,233
12, 648
8,374
15, 242
5,233
12,832
8,556
14, 563
5,059
14,124
9,474
14,431
5,021
14,121
9,499
12, 977
4,880
11, 965
7,970
1,481
8,279
1, 451
8,351
1,434
8,625
1,411
8,334
1,385
8,345
1,364
8,408
1,160
9,766
1,165
9,741
1,302
1,302
8,538
964
8,037
3,916
1.00
1.25
3,958
1.00
1.25
3,962
1.00
1.25
3,992
1.00
1.25
4,031
1.00
1.25
4,074
1.00
1.25
4, 308
1.00
1.25
4,326
1.00
1.25
1.00
1.25
1.00
1.25
.25
.25
2.787
4.96
233
6,408
2.786
4.97
247
6,429
2.778
4.95
273
6,438
2. 774
4.95
226
6,468
2. 770
4.95
247
6, 417
2. 794
4.96
222
6,408
4.457
4.94
148
6,405
4.453
4.94
166
6,423
6.607
5.02
165
6,188
6.585
5.03
192
6,085
6.632
4.94
230
5,524
43,610
4.77
10,113
88.21
78.6
93.5
72.6
22.2
25, 270
4.79
1,793
78.92
71.5
84.6
67.8
19.6
22,740
4.68
2,219
79.84
71.4
84.4
68.3
20.0
20, 350
4.67
2,009
77.42
70.4
82.9
67.9
20.0
24, 520
4.61
3,059
77.91
70.8
83.5
67.9
20.5
26, 480
4.50
2,427
81.24
74.8
88.5
70.2
22.0
35,420
3.94
2,926
123. 35
112.3
132.7
90.4
51.5
42, 640
3.91
5,103
123. 12
110.4
130.2
89.3
52.2
50,170
4.12
5,791
126. 68
108.0
123.4
103. 9
48.6
54,610
4.13
5,147
125. 92
106. 3
121.1
103.7
48.0
61, 570
4.54
4,965
96.24
76.2
88.1
70.9
32. 8
40,918
862
2,019
3,082
28.0
8,847
41,790
868
1,991
3,137
27.1
9,275
40,175
854
1,992
3,132
26.2
26, 980
916
1,879
3,108
26.1
45,120
917
1,973
3,099
29.0
18, 842
46,810
855
1,968
3,176
30.7
8,481
121,032
1,201
2,238
3,530
75.9
111,620
1,186
2,214
3,511
76.6
12, 788
99, 695
1,145
2,030
2, 969
70.2
10, 400
100,733
1,116
2,005
2,963
70.0
8,658
88, 537
1,081
1,772
2,690
37.7
7,353
558,937
90,953
26, 633
41,996
10,584
145, 461
22, 771
220,, 539
555,569
86, 981
26, 592
36,568
10,064
146,308
24,740
224,316
553,854
86, 211
26,035
30,184
11,502
147,995
24,921
227,006
502, 624
90,803
24, 503
26, 332
11,366
130,036
21, 381
198,203
562,061
102, 448
26, 841
33, 344
12, 050
148, 525
20, 431
218, 422
545,808
91,312
25,871
32,160
13, 367
148, 767
14,103
220, 228
769,945
123,107
39,567
40,899
12,403
166,772
74, 370
312,827
752, 787
122, 593
39,272
31,017
10, 395
168, 250
72,109
309,151
713, 588
122, 493
36,030
41,727
12,811
161, 300
49, 462
289,765
690, 667
112, 290
34, 380
34,050
11,6S6
160,890
50, 485
286, 886
616,863
123, 872
28,516
28,234
9,416
155,953
33, 535
237,337
195
248
60
4,718
210
228
51
2,830
224
245
36
1,979
215
229
43
2,166
225
269
41
3, 058
236
254
68
3,543
198
68
6,687
250
178
55
3,172
245
271
68
5,411
228
265
64
2,121
183
191
50
2,516
I
• Data do not cover calendar weeks in all cases.
*New series. See footnote marked ' *" under Weekly Business Indicators.
1 Breakdown of commercial, industrial, and agricultural loans is no longer available.
June 19
I
COMMODITY PRICES, WHOLESALE
Copper, electrolytic, New York
Cotton, middling, spot, New York..
1936
1937
June 4
®Rate for week ended July 2 is 28.7.
22
SURVEY OF CURRENT BUSINESS
July 1938
Monthly Business Statistics
The following table represents a continuation of the statistical series published in the 1936 Supplement to
the Survey of Current Business. That volume contains monthly data for the years 1932 to 1935, inclusive, and
monthly averages for earlier years back to 1913 insofar as available; it also provides a description of each series,
and references to sources of monthly figures prior to 1932. The 1936 supplement may be secured from the
Superintendent of Documents, Government Printing Office, Washington, D. C , for 35 cents per copy.
A few series have been added or revised since the 1936 Supplement went to press. These are indicated by
an asterisk (*) for the added series and by a dagger (f) for the revised series, A brief footnote accompanying
each of these series provides a reference to the source where the descriptive note may be found.
The terms "unadjusted" and "adjusted" used to designate index numbers refer to the adjustment for seasonal
variation. Data subsequent to May will be found in the Weekly Supplement to the SURVEY.
Monthly statistics through December 1935, together with explanatory notes and references
to the sources of the data may be found in the
1936 Supplement to the Survey.
1938
1937
May ! June I July I August I S e P £ m - 1 October
May
No v e m
hpr *
D
?ST
January
1938
FebruMarch
ary
April
BUSINESS INDEXES
INCOME PAYMENTS*
Adjusted index
1929=100
Unadjusted index
do
Total
mills, of dol_Compensation of employees:
Adjusted index
1929=100
Total
mills, of dol_.
Mfg.,mming,and construction
do
Transportation and utilities
do
Trade and
finance
do
Government, service and other
do
Work relief
do
Dividends and interest
do
Entrepreneurial withdrawals and net rents
and royalties
.
mills, of dol_.
INDUSTRIAL PRODUCTION
79.0
75.0
4,891
87.6
82.9
5,407
87.8
91.3
5,951
88.1
88.5
5,766
88.6
82.7
5,391
87.2
90.6
5,909
86.4
90.8
5,917
85.1
81.3
5,299
'84.0
96.9
6,315
81.7
81.0
5,281
'80.7
74.4
' 4, 851
80.2
3,460
1,016
364
642
1,248
190
419
90.1
3,890
1,377
409
665
1,261
178
467
89.9
3,895
1,365
412
669
1,281
167
991
89.7
3,763
1,348
416
664
1,191
144
876
90.1
3,789
1,384
423
666
1,183
133
459
88.8
3,843
1,356
419
672
1,268
128
898
87.8
3,887
1,358
422
680
1,296
131
819
86.2
3,726
1,247
399
676
1,271
133
444
84.6
3,650
1,171
388
695
1,262
134
1,546
82.2
3,429
1,057
372
645
1,214
141
788
'80.2
81.2
81.5
'3,415 r 3, 444 ' 3, 456
1,058 ' 1,028
1,063
372
'362
357
635
' 650
638
' 1, 209 ' 1,212 ' 1, 233
167
'183
148
703
724
437
1,012
1,050
1,065
1,127
1,143
1,168
1,211
1,129
1,119
1,064
80
75
94
56
108
43
73
202
66
101
72
138
108
69
84
79
75
65
36
62
50
87
200
'67
107
78
150
103
72
72
79
76
'61
34
35
53
' 104
194
' 57
85
84
143
98
57
67
171
105
'109
84
79
78
71
108
49
86
201
66
86
77
170
115
70
79
70
170
97
103
80
76
65
59
62
52
94
200
'67
92
75
157
108
66
65
168
104
97
79
75
'61
57
35
50
102
194
'57
86
80
157
102
53
63
87
176
104
107
177
67
171
999
' 80.6
'79.3
r 5,172
1,025
'79.4
'79.7
r 5,194
1,014
(Federal Reserve)
Combined Index, unadjusted
1923-25=100..
Manufactures, unadjusted
do
Automobiles
do
Cement
do
Glass, plate
do
Iron and steel
_.do
Leather and products
do
Petroleum refining
.do
Rubber tires and tubes
do
Slaughtering and meat packing*
do
Textiles
.do
Tobacco manufactures
-do
Minerals, unadjusted
__do
Anthracite
do.
Bituminous coal
_.do.
Iron-ore shipments
do.
Lead
do.
Petroleum, crude
_.do.
Silver
do.
Zinc
do.
Combined index, adjusted
..do.
Manufactures, adjusted
do.
Automobiles
do.
Cement
do.
Glass, plate
do.
Iron and steel
do.
Leather and products
do.
Petroleum refining
do.
Rubber tires and tubes
do
Slaughtering and meat packing*
do
Textiles
do.
Tobacco manufactures
do.
Minerals, adjusted-.
do.
Anthracite
_ do.
Bituminous coal
do.
Iron-ore shipments—_
do.
Lead
do.
Petroleum, crude
do.
Silver..
do
Zinc
do
MARKETINGS
Agricultural products (quantity):
Combined index
1923-25=100,.
Animal products
do
Dairy products
do
Livestock
__do
Poultry and eggs
Wool
Crops
Cotton
_
Fruits.
Grains
Vegetables
__
__
_
_
___
do
_.do
do
do .
.do
.do
do
59
82
47
51
P94
197
68
82
P77
165
P51
28
59
M62
P73
49
69
44
47
P103
197
68
P59
19
60
77
93
134
66
119
303
61
22
88
72
117
122
123
163
92
234
146
122
200
132
74
123
157
117
64
70
238
75
177
98
117
118
118
135
78
223
134
133
200
132
76
123
155
117
64
80
159
76
176
101
116
115
114
147
91
234
119
114
201
123
76
119
164
118
66
72
240
72
175
105
111
114
114
130
74
260
119
119
202
123
77
126
150
115
76
81
122
70
172
107
115
111
110
132
92
185
130
114
206
102
67
103
178
115
39
72
245
79
177
126
104
114
114
129
75
206
140
115
206
102
70
111
164
112
48
79
121
82
174
148
112
115
114
116
94
216
139
121
207
93
70
108
170
120
38
77
257
79
184
138
103
117
117
157
73
216
142
109
207
93
78
115
159
113
38
78
126
82
181
139
110
109
106
53
92
199
123
113
216
106
83
107
179
125
54
92
218
73
182
111
110
111
110
135
73
199
125
98
216
106
87
108
162
115
53
87
113
77
177
116
116
102
99
100
90
179
98
97
218
94
89
93
167
123
72
92
156
84
177
90
112
102
101
142
79
179
100
89
217
94
89
91
155
113
56
84
91
81
176
91
115
90
86
111
76
151
63
78
212
75
95
83
158
112
69
87
34
82
172
128
108
88
85
92
76
151
68
81
211
75
86
80
155
109
67
78
40
79
174
119
108
66
87
113
63
131
176
45
28
79
32
103
72
92
149
65
112
311
51
25
59
50
129
86
77
125
56
84
273
95
15
65
200
69
90
79
102
72
72
194
101
95
74
136
47
123
77
89
78
67
64
169
288
88
96
103
129
79
84
81
73
43
180
317
114
83
110
115
85
78
79
113
52
145
234
73
99
76
78
82
71
102
32
100
142
77
74
71
80
63
46
44
55 j
107
190 |
'62 !
78
83
152
95
56
58
76
66
65
46
55
rlOO
196
63
76
76
146
91
47
52
65
170
106
92
79
75
54
65
42
49
104
191
'62
83
81
160
103
68
58
73
' 170
96
83
77
73
54
67
42
50
' 103
196
63
84
74
159
'101
45
62
172
98
87
' 170
96
74
72
75
101 !
63 i
97 I
46 I
69 !
60 !
88
59
111
72
79
106
59
116
106
64
42
93
63
107
'Preliminary. ' Revised.
• New series. For data on slaughtering and meat packing for period 1919-37, see table 42, p. 20, of the October 1937 issue. Data on income payments for period 1929-36 and a
description of the series appeared on pp. 7-13 of the February 1938 Survey; revisedfiguresfor the full year 1937 appeared on p. 22 of the March 1938 issue. Latest available
data on income payments appear in the Weekly Supplement to the Survey for the fourth Thursday in each month.
23
SURVEY OF CURRENT BUSINESS
July 1938
Monthly statistics through December 1935, together with explanatory notes and references
to the sources of the data may be found in the
1938 Supplement to the Survey.
1938
1938
1937
May
June
May
July
DecemOctober NovemAugust September
ber
ber
January
February
March
April
BUSINESS INDEXES—Continued
MARKETINGS-Continued
Agricultural products, cash income from farm
marketings:
Crops and livestock, combined index:
Unadjusted
1924-29=100Adjusted.
_.do
Crops...
__do—
Livestock and products
do
Dairy products
-do
Meat animals
do
Poultry and eggs
do
60.0
67.5
58.0
77.5
84.5
71.5
75.5
68.0
78.0
74.5
81.5
88.5
75.0
80.0
71.5
84.5
85.5
83.0
85.5
82.0
78.5
87.5
94.5
108.0
80.0
85.5
77.5
78.0
90.5
85.0
86.0
84.5
86.0
86.0
77.5
96.5
81.0
72.0
90.5
88.0
91.0
89.5
107.5
77.5
66.5
89.5
91.0
89.5
91.5
84.5
73.5
58.5
88.5
95.0
84.0
94.0
80.0
72.5
61.5
84.0
100.0
80.0
71.0
71.5
69.5
54.5
85.0
103.0
83.5
66.5
54.0
62.5
49.0
76.5
95.5
75.0
54.0
60.5
67.0
55.0
79.5
92.5
77.5
66.0
58.0
70.5
60.0
81.5
88.5
75.0
68.0
142
124
177
78
132
114
88
154
87
108
103
269
99
107
144
93
112
48
105
93
75
70
83
136
108
141
97
117
57
104
91
74
78
93
121
106
107
141
94
120
50
97
104
73
120
105
108
111
109
143
90
122
68
97
112
81
126
118
117
130
109
149
78
126
82
97
146
108
135
111
191
149
113
153
73
132
106
94
175
124
145
117
260
162
114
159
68
137
92
91
196
129
158
132
305
162
115
164
71
139
58
89
197
124
154
132
315
162
rl21
180
77
132
99
93
192
117
147
118
314
157
122
191
78
131
95
92
182
108
131
115
310
152
122
l'Jl
73
129
101
92
174
99
132
110
292
147
122
'185
'72
169
466
155
225
192
163
94
93
88
166
445
148
239
190
166
94
87
81
170
432
144
242
188
168
88
100
109
172
420
148
249
190
156
93
101
120
190
421
179
254
186
197
92
93
124
'188
441
182
261
179
ISO
99
93
115
192
444
187
274
178
183
111
92
119
109
446
194
294
176
192
116
101
120
205
297
166
197
119
91
114
211
307
168
196
117
218
322
172
200
107
9G
110
COMMODITY STOCKS
Domestic stocks, (quantity):
Combined Index.. _
1923-25=100Manufactured goods
do
Chemicals and allied products
do
Food products...
__do—
Forest products.
..do
Paper, newsprint
do
Rubber products
_
do
Haw materials
do
Chemicals and allied products
do
Foodstuffs
_
_
.-do
Metals
do
Textile materials
do
World stocks of foodstuffs and raw materials:
C ombined index (quantity) f
1923-25=100..
Coffee, adjusted!
do....
Cotton, adjusted t
.
do
Rubber, adjusted}
do
Silk, adjustedf— do—
Sugar, adjusted!
do
Tea, adjusted!-do
Tin, unadjusted!
do
Wheat, adjusted!
do
235
315
185
94
-•130
107
-88
' 165
r91
123
109
282
224
••326
169
197
102
100
105
COMMODITY PRICES
COST OF LIVING
(National Industrial Conference Board)
Combined index
Clothing
Food
Fuel and light
Housing
Sundries
1923=100.
_do_—
do—
__
do—
-do...
do
86.5
74.5
80.8
83.7
87.0
97.6
88.8
76.7
88.4
83.7
86.1
96.8
92
128
76.9
88.2
83.7
86.6
88.9
76.9
87.7
84,1
87.1
96.9
89.0
77.8
87.3
84.4
87.8
97.0
89.4
78.5
87.6
85.0
88.6
97. 1
89.5
78.7
86.7
85.4
89.2
97.9
89.0
78.3
85.4
85.8
89.1
97.8
77.7
84.4
86.1
88.7
97.8
87.5
76.7
82.0
86.3
88.2
97.6
86.7
76.0
80.1
86.3
87.8
97.5
86.7
75.5
80.3
80.2
87.5
97.8
75.1
81.1
85.7
87.2
97.6
124
95
107
113
157
139
137
124
119
125
102
106
116
145
139
144
96
113
123
109
90
119
123
119
151
104
128
118
119
74
123
121
111
144
117
115
112
127
67
128
99
93
136
130
113
107
135
65
132
88
85
120
124
112
104
127
64
136
76
86
111
112
118
102
113
66
128
70
91
110
101
114
97
94
68
121
68
89
110
121
97
96
93
70
117
69
85
117
107
94
93
71
110
68
82
114
117
80.5
91.0
78.6
79.4
PRICES RECEIVED BY FARMERS
(U. S. Department of Agriculture) §
Combined index.
__ 1909-14 =100.
Chickens and eggs....
do—
Cotton and cottonseed
do
Dairy products
.do...
Fruits
_
do__.
Grains
__
do—
Meat animals.
__
do...
Truck crops
do...
Miscellaneous...
_
do—
Qfi
71
103
77
79
111
99
82
112
116
152
149
133
139
133
79.1
86.5
86.3
85.9
85.5
85.8
84.9
83.6
80.3
90.1
82.6
80.3
89.5
95.6
96.0
96.3
96.6
96.3
95.7
94.5
93.2
92.4
91.2
90.6
90.2
97.0
89.6
95.8
90.1
92.7
84.9
96.3
88.9
96.0
90.4
94.1
96.8
89.2
96.4
90.7
94.8
97.4
89.2
91.4
95.1
98.1
89.2
97.1
91.5
95.2
98.1
89.2
97.2
91.4
95.1
97.9
89.2
97.2
91.4
94.4
97.4
88.2
97.2
91.1
93.5
96.3
87.1
97.2
90.9
92.9
95.3
87.0
' 97. 1
90.7
92.2
94.6
86.1
'97.1
90.2
91.4
94.2
85.6
'97.1
89.9
90.8
93.5
85.4
RETAIL PRICES
U. S. Department of Labor indexes:
Coal:
Anthracite!
-—
1923-25=100..
Bituminous*
do...
Food !
do...
Fairchild's index:
Combined index
Dec. 1930=100.
Apparel:
Infants' wear
_
do...
Men's
do...
Women's
do__
Home furnishings
_do—.
Piece goods
do...
75.9
78.2
WHOLESALE PRICES
U. S. Department of Labor indexes: A
Combined index (813)
1926=100..
78.1
87.4
78.7
85.4
83.3
81.7
87.2
87.9
87.5
87.4
80.9
79.8
79.7
Econqmic classes:
82.1
Finished products
do
82.7
87.5
83.4
84.3
89.1
83.3
86.7
87.7
88.8
89.0
88.1
85.3
Raw materials
—do
71.3
73.2
74.9
84.4
73.6
77.2
86.1
86.5
84.8
70.7
87.1
80.7
75.4
Semimanufactures
do
75.3
76.9
75.6
85.3
76.1
79.8
86.8
87.0
86.6
82.5
77.7
75.4
87.5
Farm products
do
68.4
71.6
85.9
69.8
70.3
75.7
88.5
89.3
86.4
80.4
72.8
67.5
89.8
66.0
Grains
-do
75.0
91.9
73.0
69.2
105.7
105.2
92.0
69.0
77.0
71.5
62.3
113.9
79.3
Livestock and poultry
do
78.5
106.7
78.1
86.2
98.3
105.0
108.2
98.5
82.7
78.4
77.9
95.9
' Revised.
* New series. For bituminous coal, retail price index, data beginning 1929 appeared in table 44, p. 20 of the October 1937 Survey.
! Revised Series. Retail prices of anthracite for period 1929-37, see table 44, p. 20, of the October 1937 issue; retail food prices, for period 1923-36, see table 9, p. 20, of
the February 1937 issue. World stocks of foodstuffs and raw materials revised for period 1920-37, see table 19, pp. 17 and 18, of the May 1937 issue- revisions shown on p.
23 of the November 1937 issue were occasioned by recomputation of seasonal adjustment factors for 1936 and 1937. Revisions not shown on p. 23 of the November 1937 issue
will appear in a subsequent Survey.
§ Data for June 15,1938: Total 92, chickens and eggs 99, cotton and cottonseed 68, dairy products 98. f ruits 73, grains 77, meat animals 116, truck crops 99, miscellaneous 84.
A Effective January 1938 the number of quotations was increased from 784 to 813.
24
SURVEY OF CURRENT BUSINESS
Monthly statistics through December 1935, together with explanatory notes and references
to the sources of the data may be found in the
1936 Supplement to the Survey.
1937
1938
May
May
Julv 1938
June
July
1938
DecemOctober NovemAugust September
ber
ber
January
February
March
April
COMMODITY PRICES—Continued
WHOLESALE PRICES—Continued
CJ. S. Department of Labor indexes—Contd.
Foods
1926«100_.
Dairy products
do
Fruits and vegetables
do
Meats
do
Commodities other than farm products and
foods
1926=100-Building materials
do
Brick and tile
do
Cement
do
Lumber
do
Chemicals and drugs
do.....
Chemicals
do
Drugs and Pharmaceuticals
do
Fertilizer materials
do
Fuel and lighting materials
do
Electricity
_
do
Gas
do
Petroleum products
do
Hides and leather products
do
Shoes
do
Hides and skins
do
Leather
-..do
House-furnishing goods
do
Furniture
do
Furnishings
_.do
Metals and metal products
do.,__
Iron and steel..
.__
..do
Metals, nonferrous
do
Plumbing and heating equipment
1926=100..
Textile products
do
Clothing
do
Cotton goods
.
do
Hosiery and underwear
do
Silk and rayon
do
Woolen and worsted goods
do
Miscellaneous
do
Automobile tires and tubes
_do
Paper and pulp
do
Other wholesale price indexes:
Bradstreet's (96)
do._..
Dun's (300)
...do
World prices, foodstuffs and raw materials,
Combined index_
1923-25*100..
Coffee.
do
Cotton
do
Rubber
„
do
Silk__
.do....
Sugar
__do
Tea
_
do._
Tin..
do...
Wheat
do....
Wholesale prices, actual. (See under respective commodities.)
72,1
09.1
58.7
82.1
84.2
73.1
84.1
95.9
84.7
72.0
84.5
98.0
86.2
76.4
71.2
106.0
86.7
79.7
65.3
112.1
88.0
84.8
64.0
113.4
85.5
85.7
62.2
107.4
83.1
89.2
61.5
98.3
79.8
90.2
57.8
88.8
76.3
83.3
56.7
82.6
73.5
78.3
56.8
78.4
73.5
76.7
56.5
81.6
72.3
71.7
56.8
82.2
81.6
90.4
90.5
95.5
89.3
76. 8
81.2
72.8
69.6
76.2
86.1
96.9
95.0
95.5
102.2
83.6
90.1
78.0
70.5
77.5
79.5
84.2
61.5
106.4
107.5
114.6
98.8
89.5
88.6
92.5
95.9
99.7
61.9
86.3
96.7
95.4
95.5
101.3
83.9
89.9
78.2
71.3
78.1
80.0
84.0
61.8
108.7
107.4
116.2
98.7
89.7
86.8
92.6
96.1
99.8
92.7
86.1
96.3
95.5
95.5
99.5
82.2
87.0
78.2
71.7
78.4
79.4
82.6
62.0
108.1
107.4
122.1
100.0
91.1
87.1
95.0
97.0
99.9
93.3
85.9
96.2
95.0
95.5
99.0
81.4
85.7
78.3
71.8
78.7
80.5
84.0
62. 2
107.6
107.5
120.7
98.9
91.1
87.1
94.9
97.1
99.8
92.6
85.1
95.4
93.4
95.5
97.3
81.2
85.3
78.3
72.5
78.5
81.0
83.6
61.7
106.7
107.6
117.1
97.2
91.0
87.1
94.9
96.4
99.7
85.5
84.3
93.7
92.9
95.5
94.8
80.2
84.2
76.8
71.9
78.2
83.1
83.1
60.6
101.4
106.9
94.6
92.7
90.4
86.0
94.8
96.8
99.3
78.5
83.6
92.5
92.0
95.5
93.8
79.5
83.5
75.1
72.0
78.4
83.1
81.3
59.5
97.7
105.6
85.5
86.9
89.7
85.9
93.5
96.3
99.0
75.1
83.5
91.8
91.8
95.5
92.6
79.6
84.1
74.0
72.1
78.3
89.1
81.8
58.8
96.7
104.7
82.3
86.6
88.3
83.7
92.8
96.6
99.6
75.0
83.0
91.1
91.5
95.5
91.0
79.1
83.6
73.9
72.3
78.5
89.6
82.9
58.0
94.7
104.6
74.6
84.4
88.0
83.7
92.2
96.0
99.3
72.1
82.6
91.5
91.1
95.5
91.3
78.7
83.2
73.8
71.8
77.7
86.8
83.4
57.fi
93.0
104. 6
09.5
83.3
87. 7
83.7
91.6
96.0
99.4
71.6
82.0
91.2
90.4
95.5
91.1
77.5
81.9
73.8
70.1
76.8
83.6
90.8
96. 7
101.8
68.8
86.3
97.2
95.0
95.5
103.0
84.5
91.1
79.2
70.6
77.2
78.8
83.0
60.9
106.7
106.1
117.7
100.6
89.3
88.1
92.5
95.8
99.6
91.7
77.2
66.1
82.2
65.0
60.5
28.4
76.0
73.1
57.4
86.9
78.7
78.7
87.2
92.6
65.7
32.5
93.3
80.5
56.4
94.6
78.7
78.2
89.1
89.7
64.6
32.5
93.2
79.4
56.4
95.0
78.7
78.3
90.1
86.8
64.8
33.«
94.4
79.0
56.4
94.2
78.8
77.1
90.0
82.2
65.7
32.9
93.9
77.3
56.4
94.1
80.6
75.3
89.7
76.8
66.5
32.4
92.4
77.0
56.4
93.4
80.6
73.5
89.4
73.1
65.8
30.6
90.1
76.2
56.4
92.4
79.6
71.2
87.3
70.5
64.2
30.1
85.1
75.4
57.4
90.4
79.6
70.1
86.7
68.7
63.4
29.4
83.5
75.0
57.4
89.8
79.6
69.7
86.3
68.2
63.0
28.9
83.8
75.2
57.4
90.0
79.6
68.6
85.8
67.6
60.9
28.5
81.0
74.8
57.4
89.7
78.9
68.2
84.6
67.5
60.3
28.8
80.2
74.4
57.4
0)
(l)
87.7
106.8
87.2
107.3
86.6
102.8
84.8
102.2
84.0
102.7
80.1
97.3
75.6
93.8
0)
0)
(0
0)
0)
0)
42.7
37.6
30.9
27.2
22.4
45.6
75.8
73.3
62.9
62.0
57.8
48.9
49.4
25.8
62.3
81.6
110.7
89.9
59.8
57.8
46.7
45.2
25.5
62.6
76.4
111.1
84.8
61.3
57.3
45.6
44.3
27.1
64.1
77.9
118.0
91.0
58.3
56.4
37.9
43.1
26.2
66.1
83.9
118.2
85.7
66.2
56.4
33.1
43.6
25.9
62.1
86.4
116.6
86.5
53.5
56.9
30.9
38.4
24.0
56.6
84.4
102.4
87.2
51.7
46.5
29.4
34.2
23.0
60.4
79.1
86.1
86.3
51.8
43.5
30.5
35.4
22.0
58.1
73.8
85.2
89.2
0)
0)
49.2
42.5
31.6
34.4
21.9
57.6
75.5
82.6
75.8
50.4
40.0
32.7
34.2
22.2
56.1
77.4
82.1
82.5
46.2
37.1
32.7
31.9
22.8
53.4
75.5
81.9
69.6
0)
C1)
45.0
36.1
32.4
27.9
22.6
48.9
77.1
76.3
68.5
128.9
126.4
159.7
117.5
115.2
115.6
114.8
114.5
115.5
115.9
118. 5
114.4
114.6
116.4
117.6
114.4
115.1
117.0
119.5
114.3
115.2
116.6
124.5
113.8
117.9
117.8
131.2
113 6
120.8
119.6
137.4
114.3
123.3
121.1
141.4
114.8
124.5
124.5
144.1
116. 3
126.2
127.6
151.5
117.2
126.4
127.2
153.1
117.2
128.0
125.9
156.5
117.2
56.4
91.3
102. 5
63.4
82.1
85.2
57.5
92.1
104.5
62. 6
82.2
87.3
83.6
90.9
96.3
100.4
70.7
77.2
67.2
84.6
65.7
60.6
28.9
77.1
73.4
57.4
87.5
PURCHASING POWER OF THE
DOLLAR
Wholesale prices
Retail food prices f
Price received by farmers
Co3t of livingf
__1923-25~100.
_
do
.do
do....
CONSTRUCTION AND REAL ESTATE
CONSTRUCTION CONTRACTS
AWARDED
Value of contracts awarded (F. R. indexes):
'59
Total, unadjusted...
1923-25=100..
'43
Residential, unadjusted..
.do
'52
Total, adjusted
do
'37
Residential, adjusted
do
F. W. Dodge Corporation (37 States):
By ownership:*
99, 219
115,053
94, 597
92, 525 137, 459 130, 776 103,642
92,889
117,601
51, 054
79,623
77,838
Public.._
_
thous. of doL. 143, 700
132, 321 122, 797
94, 398
139, 456 151,213 180, 284 190, 826 177, 575 127,449
124, 243 105, 512
Private
.do
74, 630
67,891
By type of project:
Total, all types:f
9,152
15, 454
12,512
8,502
9,261
16,305
16, 855
15, 361
15, 058
14,533
14,947
14, 506
Projects.
.number.. 17, 565
Valuation
thous. of dol_. 283,156 243, 738 317, 742 321, 603 281,217 207,072 202,081 198, 401 209, 450 192,231 118,945 226,918 222, 016
Nonresidential buildings:
2,536
3,594
3,764
2,876
2,466
2,303
2,965
3,239
3,603
3,344
3, 368
3,309
3,343
Projects
number..
13, 578
21, 802
24, 754
13, 786
16, 643
9,637
13,713
21, 304
14, 591
16, 788
8,436
Floor space
thous. of sq. ft— 13, 787
13, 719
80, 435
87,823
76, 212
79, 279 101, 207
57, 448
Valuation
thous. of dol_. 77, 771
93, 965 125, 903 139,137 118,137
75, 295
48, 440
Public utilities:
252
245
269
226
235
138
197
158
198
222
118
171
Projects
._.
number..
213
10, 694
26, 096
48, 652
12,183
5,149
9,373
Valuation
thous. of dol._ 43, 699
9,760
13, 270
17, 681
28, 688
14, 886
48, 451
Public works:
1,342
779
1,194
863
574
1,079
1,235
1,399
1,325
1,074
598
1,080
Projects
-.number.1,775
49,005
52, 768
44, 298
47,082
57, 631
Valuation
thous. of dol.. 78, 533
56, 076
63, 536
50,125
53,087
25, 333
70,173
48,031
Residential buildings, all types:
5,592
8,538
10, 554
6,266
9,938
11,829
10, 200
5,300
10,136
10,115
Projects
number.. 12, 209
11, 798
9,867
10,855
15,165
18, 732
20, 069
23, 038
18, 920
9, 356
20,579
10, 350
23,824
17, 028
Floor space.thous. of sq. ft.. 20, 550
16, 306
43, 480
59,938
79, 396
83,937
73,448
36,207
74, 577
81,046
92,978
40,023
Valuation
thous. of dol.. 83,153
65, 590
65,485
Engineering construction:
209,481 255,018 1 193,374
Contract awards (E.N.-R.)I
do
183,806 235, 012 274,399 260,001 170,068 210, 511 187,001 165, 581 199,033 190,186
r
Revised.
i Discontinued by the reporting source.
I Data for July, September, December 1937, and March 1938 are for 5 weeks; other months, 4 weeks.
*New series. For data on the value of contracts awarded classified as to ownership for period January 1932-June 1937, see table 29, p. 18 of the August 1937 Survey.
t Revised series. For data on purchasing power of the dollar, cost of living for period 1914-36, and retail food prices for Deriod 1923-36, see tables 5 and 6, p. 19 of the
February 1937 issue. For construction contracts awarded in 1936 by type of project, see table 28, p. 18, of the August 1937 issue; classifications changed beginning January 1937,
but comparability of series is not seriously affected.
25
SURVEY OF CURRENT BUSINESS
July 1938
Monthly statistics through December 1935, together with explanatory notes and references
to the sources of the data may be found in the
1936 Supplement to the Survey.
1938
May
1938
1937
May
June
July
August
Septem- October Novem- December
ber
ber
January
February
March
April
CONSTRUCTION AND REAL. ESTATE—Continued
HIGHWAY
CONSTRUCTION
Concrete pavement contract awards:
5, 306
Total
_thous. of sq. yd_.
4,543
Roads only
do
Highways and grade crossing projects administered b y Bureau of Public Roads: t
Highways:
Approved for construction:
5, 011
Mileage__
_
. n u m b e r of miles—
Allotments: total.____
thous. of dol— 51,158
48, 205
Regular Federal aid
do
1,686
1934-35 Public Works funds
do
1,268
Works Program f u n d s . __do
Under construction:
8,031
Mileage
. n u m b e r of miles__
Allotments: T o t a l . . .
thous. of dol— 129,160
106, 602
Regular Federal aiddo
Public Works Program:
6,491
1934-35 funds..
do....
Federal aid
___do
16,066o
Works Program funds
do
236, 044
Estimated total cost
..do
Grade crossings:
Approved for construction:
132
Eliminated and r e c o n s t r u c t e d t . n u m b e r . .
351
Protected b y signals!
do
Total Federal funds alloted
10, 690
thous. of dol—
11,674
Estimated total cost
do
Under construction:
442
Eliminated and r e c o n s t n i c t e d t . n u m b e r . .
233
Protected b y signals!
do
Total Federal funds allotted
thous. of dol— 45,162
46, 755
Estimated, total cost
do
6,639
5,495
6,575
4,861
5,187
3,562
5,783
4,216
6,059
4,499
3,295
2,403
3,170
2,320
4,023
2,303
2,376
1,836
1,231
741
2, 559
1,630
4, 284
3,039
3,678
48,569
38,930
2,436
7,203
3,582
49, 263
39,418
2,596
7,249
3,142
43, 417
34,885
2,266
6,267
2,986
40,606
32,861
2,754
4,990
2,746
39,849
33,404
2,343
4,102
2,572
39,112
33, 704
2,230
3,179
2,751
39,781
34,947
2,238
2,596
2,952
41, 683
36, 775
2,368
2,540
3,042
42,149
37, 768
2,232
2,150
3,178
41, 407
37,139
1,997
2,271
3,198
40, 636
36, 262
1, 960
2,414
4,031
44,072
40, 799
1,774
1, 499
8,949
150,120
92, 656
9,246
152,318
99, 236
9,001
149,013
101,331
8,614
143,871
102,792
8,167
137,831
100,181
7,502
127,633
95,883
6,749
117,321
89, 535
5,907
103,932
80, 815
5,875
101,626
80, 561
6,276
106,645
85, 755
6,923
113,842
93,157
7, 667
123, 958
101, 751
5,765
8,720
8,171
5,925
5,828
Q
A
Q
Q
A
Q
Q
Q
45,389
241,158
42,172
248,965
37, 724
254,692
31,850
250,949
28,929
239,516
23, 580
225,272
20,352
208,199
16, 882
187,516
15, 300
184,112
14, 964
194,162
o
14, 856
208, 018
6,155
0
16, 052
227, 012
132
393
167
300
164
350
154
356
165
417
146
393
156
518
158
487
154
430
159
400
180
406
162
382
14,129
14,965
15, 730
16,881
12,323
13,374
11,761
12,697
12, 713
13, 291
10,883
11, 430
10, 731
11,453
10, 443
11,186
10, 433
11,177
11, 392
11, 928
13, 577
14, 465
12,419
13, 384
873
346
824
375
704
363
650
368
581
357
502
373
459
408
405
410
395
392
393
388
386
353
416
363
92,302
94,543
87,677
90,671
79,110
82,229
71,167
74,123
63, 600
65, 526
56,801
58, 527
52, 417
54, 111
47, 356
48,973
45,930
47, 475
44, 758
46, 389
43,369
44, 885
45, 275
46, 832
182
182
201
184
185
185
198
185
184
184
196
184
183
183
194
183
182
189
186
192
191
191
191
191
191
191
191
191
189
189
236. 8
233.5
237.3
239.9
240.7
241.6
241.9
241.4
241.1
239.6
239.0
238.8
238.0
95.8
127.0
116.1
118.7
93.2
111.7
109.7
113.0
94.3
121.8
110.7
114.4
93.8
126.2
110.7
114.3
94.1
126.5
117.4
114.5
94.3
127.3
117.6
115.0
94.2
126.7
113.6
114.8
94.2
126.6
113.6
114.7
93.7
126.2
114.2
114.7
93.7
126.3
114.6
116.2
96.0
127.4
114.8
118.8
96.0
126. 5
114. 6
118.8
95.9
126. 5
114.6
118.8
97.9
128.4
121.0
122.8
95.7
113.6
114.0
117.1
96.7
122.2
114.8
118.8
96.4
127.6
114.8
118.7
96.6
127.8
120.4
118.8
96.8
128.5
120. 5
119.3
96.7
128.2
119.4
119.2
96.7
128.1
119.4
119. 1
96.4
127.7
119.0
118.9
96.4
127.9
118.7
120.4
98.2
128.7
118.8
122.8
98.2
127. 6
118.7
122.8
97.9
127.6
118.7
122. 8
97.5
127. 5
116.8
121.5
94.6
115.1
111.6
117.5
95.4
120.5
113.1
118.8
94.7
126.4
113.1
118.6
94.9
126.6
117.5
118.6
95.1
127.6
117.5
119.4
94.8
126.8
114.2
119.2
94.8
126.6
114.2
119.0
94.0
126.1
114.8
118.5
94.0
126.4
115.1
119.5
97.5
127.9
115.4
121.3
97.5
127.2
115.1
121.3
97.5
127.2
115.1
121.3
83.2
121.0
105.3
108.0
88.4
110.0
101.3
105.9
88.3
119.4
184.9
107.8
85.5
121.6
104.9
107.0
85.7
121.8
111.2
106.4
85.9
123.9
110.6
109.0
85.0
120.4
106.8
108.2
85.0
119.6
106.8
107.4
82.9
118.9
103.4
106.6
82.5
117.1
104.9
105.3
84.8
121.8
106.3
108.2
84.8
120.7
104.9
108. 2
83.7
120.7
104.9
108. 2
80.4
118.3
97.4
102.8
82.7
105.0
95.8
97.9
82.3
115.0
96.4
99.2
79.2
116.2
96.4
98.3
79.4
116,4
104.9
97.6
79.6
118.4
104.2
100.6
78.4
114.3
97.3
99.6
78.4
113.5
97.3
98.7
76.4
113.2
93.9
97.6
76.4
113.3
97.7
98.6
81.4
118.7
99.5
103. 1
81.4
118.1
97.7
103.1
81.1
118.1
97.7
103.1
12,075
10,910
9,959
9,229
7,434
6,435
C O N S T R U C T I O N COST I N D E X E S
Aberthaw (industrial building)
1914=100American Appraisal Go. (all types)-_1913=100—
Associated General Contractors (all types)
1913=100Engineering News Record (all types) f §
1913=100E . H . Boeckh a n d Associates, Inc.:
Apartments, hotels, and office buildings:
Brick and concrete:
Atlanta
U . 8. av., 1926-29=100New York
do
San Francisco
do
St. Louis
.
do
Commercial and factory buildings:
Brick and concrete:
Atlanta...
_U. 8. av., 1926-29=100New York
do
San Francisco
do
St. Louis
_
do
Brick and steel:
Atlanta
do
New Y o r k . . .
„__.
do
San Francisco
do
St. Louis
__do._—
Residences:
Brick:
Atlanta
do
New Y o r k . .
___
do
San Francisco
do
St. Louis.
_
_
do
Frame:
Atlanta.—
do
New Y o r k . . .
___
do
San Francisco
_
do
St. Louis
do
REAL ESTATE
19, 350
30,173
27, 676
Fire losses..
___._thous. of dol__
21, 438
19,812
19, 767
23,850
19, 525
21, 098
26, 473
29, 051
25, 616
Foreclosures:
180
182
170
230
214
Metropolitan communities*
1926=100. _
176
243
177
177
176
157
177
181
214
194
179
Nonfarm real estate*
_
do
192
196
172
195
195
191
193
253
232
259
Loans of Federal agencies:
Federal Savings and Loan Associations:
1, 332
1,328
1,307
1,270
Associations, total
number..
1,293
1,296
1,318
1,286
1,311
1,334
1, 338
1,342
1,345
1,211
1,198
Associations reporting
do
1,166
1,168
1,194
1,283
1,181
1,200
1,250
r 1, 264
1,286
1,178
1,286
Total mortgage loans outstanding*
thous. of d o L . 897,180 679,949 703,996 718,927 746,958 769,117 773, 208 776,086 808,546 843, 626 855, 619 '871,468
85, 028
Federal Home Loan Bank:
Outstanding loans to member institutions
thous. of dol_. 186, 507 153,488 167,054 169, 568 175,604 179, 508 184,038 187, 333 200,092 190, 535 187, 498 183,105 183, 747
Home Owners' Loan Corp.:
Loans outstanding*__
do
2,281,887 2,591,115 2,556,401 2,524.129 2,497,224 2,472,421 2,446,002 2,422,149 2,397,647 2,370,984 2,348,025 2,323,995 2,301,894
§Index as of June 1,1938, is 236.9.
- Revised.
*New series. Data on number of grade crossing projects represent a breakdown of the total projects shown in the 1936 Supplement. For foreclosures indexes for metropolitan communities for 1932-30, see table 18, p. 20 of the April 1937 issue. The same reference also gives data on nonfarm real estate foreclosures for 1934-36; these figures, how
ever, were shifted to 1926=100 beginning with the June 1938 issue. The Home Owners' Loan Corporation data are for loans closed through June 12, 1936, when lending
operations ceased, and for loans outstanding thereafter. For loans outstanding, data beginning September 1933 will be shown in a subsequent issue.
jRevised series. Engineering News Record of Construction Costs revised beginning January 1935. Data not shown on p. 25 of tne May 1938 issue will appear in a subsequent
Survey. Data on highway and grade crossing projects administered by the Bureau of Public Roads revised to include certain funds which heretofore have been excluded. Earlier
data not shown on p. 25 of the June 1938 Survey will appear in the 1938 Supplement.
76181—38
4
26
SURVEY OF CURRENT BUSINESS
Monthly statistics through December 1935, together with explanatory notes a n d references
to the sources of the data may b e found in the
1936 Supplement to t h e Survey
1938
May
July 1938
1937
May
June
July
August
1938
» "
NovemOctober
ber
December
January
February
March
April
D O M E S T I C TRADE
ADVERTISING
Printers' Ink indexes (adjusted for seasonal
variation):
Combined indext
1928-32=100._
80.0
Farm papers
do
67.2
Magazines
_
do
75.0
Newspapers,..do
74.7
85.0
Outdoor!
do
250.5
Radio.
do
Radio advertising:*
Cost of facilities, total.
thous. of doL.
6,051
Automotive
do
639
Clothing
_
do
56
Electric home equipment
do
87
Financial
do
22
Foods__
do
2,122
Home furnishings, etc
do
0
Soap, cleansers, etc.—
do
662
Office furnishings, supplies
do
0
Smoking materials._.
do
724
Drugs and toilet goods
do
1,482
Allother___
do
257
Magazine advertising:*
Cost, t o t a l . . .
do
14, 565
Automotive
do
1, 968
Clothing..
do
898
Electric home equipment
do
657
Financial
do
410
Foods...
_
do
2,035
Home furnishings, etc
do
955
Soap, cleansers, etc
-do
396
Office furnishings, supplies.
_do
206
Smoking materials
do
914
Drugs and toilet goods
-do
2,173
Allother
do....
3,953
Lineage, total
thous. of lines..
2,658
Newspaper advertising:
Lineage, total (52 cities)
do
109,906
Classified
do
22, 695
Display, total..
-.do
87,211
Automotive—
do
5,676
Financial
do
1,396
General
-do
18, 310
Retail....
do.—
61, 830
GOODS IN WAEEHOUSES
Space occupied, merchandise in public warehouses.
.percent of total..
NEW INCORPORATIONS
Business incorporations (4 States)
number..
98.3
82.5
101.9
92.5
79.5
289.4
94.8
69.7
103.5
87.7
82.8
283.4
96.2
86.4
101. 9
88.8
84.4
298.3
95.0
79.0
99.1
89.1
79.1
277. 0
92.8
66.9
97.]
87. 6
84.5
229.9
91.3
80.6
102.4
84.3
77.5
244.7
95.6
93.3
98.9
89.0
87.5
262.1
79.8
66.7
78.4
74.1
75.3
272.2
81.2
67.4
82.1
75.7
72.5
260.9
59.8
81.5
77.8
91.5
254.0
82.4
69.6
79.9
76.7
91.3
226.5
' 5, 930
' 1, 036
'27
141
61
' 1, 637
' 10
' 574
0
'624
'1.502
'317
5,555
904
32
101
71
1,508
4
560
0
616
1,492
4,761
683
27
97
68
1,337
0
454
0
558
1,312
224
4,807
735
32
78
52
1,344
0
475
0
551
1,275
265
4,971
692
26
34
36
1,441
0
522
0
567
1,289
365
5,993
981
29
35
69
1,727
0
529
0
594
1, 533
497
6,193
965
19
47
92
1,724
16
557
0
644
1,698
431
6,573
990
9
65
76
1,906
21
582
0
687
1,793
444
6,943
858
15
74
62
2,204
18
634
0
710
1,907
462
6,432
813
23
64
48
2,083
2
600
0
687
1,738
375
7,074
850
23
71
54
2,408
2
682
0
797
1,849
337
5,924
632
19
90
36
2,107
1
626
0
674
1,489
252
17,829
2,824
1,028
868
451
2,199
1,230
580
315
724
3,087
4,523
3,258
14,605
2, 452
850
595
399
1,789
832
461
188
689
2,782
3,568
3,023
10,689
2,134
279
253
290
1,521
325
348
113
693
2,160
2,572
2,235
9, 725
1,578
414
92
276
1,385
257
353
157
608
1, 964
2, 642
2,018
12, 821
1, 35S
979
220
373
1,460
873
383
374
825
2,070
3, 904
2,383
16, 382
2,128
1,153
522
417
1,963
1,318
42n
279
782
2,899
4,496
2, 852
15,972
2,658
886
437
442
2,078
1,034
449
318
793
2,810
4,
12,955
1,511
600
508
366
1,813
670
263
389
735
2,233
3,867
2,893
8,913
1,260
372
101
386
1,431
197
235
136
786
1,413
2,597
1,990
11, 468
1,125
441
239
484
1,937
370
529
182
685
2,475
3,000
2,144
14,137
1,716
739
493
423
2,339
684
433
216
853
2,685
3,557
2,404
15, 733
2,272
978
839
392
2, 254
877
439
211
818
2, 552
4,100
2,628
130,835
27,132
103, 702
7,462
1,807
24,019
70,414
121,784
25, 798
95,986
7, 332
2,065
22, 775
63,814
99,206
22, 614
76,593
5,903
1,992
17.160
51, 538
103,699
23,710
79, 989
5,371
1,279
16, 531
56,808
117, 256
23,715
93, 541
4,052
1, 302
19,829
68, 357
134,97S
24,86S
110,111
7, 75f
l,57f
23,024
77, 75;
119, 746
21, 738
98,008
6,589
1,375
20,151
69,892
122, 295
21, 314
100, 982
3,723
1,519
15,136
80, 604
90, 624
20, 247
70, 378
2,060
2,315
14, 785
51, 218
88,457
19,187
69, 270
2,611
1,493
15,273
49,892
108,919
23, 404
85, 514
5,081
1,918
17, 544
60,971
109,917
22, 646
87, 271
4,347
1,459
17, 505
63,960
67.9
69.1
69.7
71.0
72.1
71.6
72.2
70.9
69.8
69.5
2,122
2,171
1,840
1,671
1,822
1,841
2,017
2,173
2,094
1,910
82.6
97.8
89.0
85.4
247.0
1,943
1,787
POSTAL BUSINESS
Air mail:
Pound-mile performance
thousands.
Amount transported
pounds.
Money orders:
Domestic, issued (50 cities):
Number
thousands.
Value
thous. of doL
Domestic, paid (50 cities):
Number
thousands.
Value
thous. of dol.
Foreign, issued—value
do—
Receipts, postal:
50 selected cities
thous. of dol.
50 industrial cities.
_do__.
RETAIL TRADE •
Automobiles:
N e w passenger automobile sales:
Unadjusted1929-31=100.
Adjusted
do...
Chain-store sales:
Chain Store Age index:
Combined index (20 chains)
ay. same m o n t h 1929-31=100
Apparel chains
do_._
Grocery chain-store sales:*
Unadjusted
1929-31=100.
Adjusted
do...
Variety store sales:
Combined sales of 7 chains:
Unadjusted
do...
Adjusted
do...
H . L . Green Co., Inc.:
Sales..
___thous. of dol.
Stores operated
number.
S. S. Kresge Co.:
Sales
. . t h o u s . of doL
Stores operated
..number.
S. H . Kress & Co.:
Sales
_
_
thous. of dol.
Stores operated
number.
M c C r o r y Stores Corp.:
Sales.
thous. of dol.
Stores o p e r a t e d . . .
number.
1,104,137 1,129,743 1,124,012 1,151,851 1,146,860
1,690,041 1,729,836
C1)
0)
0)
,202,650 1,121,521 1,233, 750 1,107,694 1,057,452 1,278,562
0)
0)
0)
0)
(0
(0
0)
4, 055
39, 735
4, 265
41, 750
4,042
40,847
3, 925
39, 571
3,954
39, 700
4,214
42,147
13, 349
103, 410
2,348
13.918
108, 575
2,601
12, 928
104,192
2,607
12, 426
102, 567
2,717
13, 292
109, 628
2,724
14, 665
118,919
2, 456
14,114
112,737
2,684
15,865
120, 235
5,708
12, 602
93, 941
2,285
11, 932
89, 070
2,167
14,697
111,332
3,163
13,312
100,887
28,247
3,485
29,843
' 3, 359
29, 623
3,453
26, 600
3,292
2Qt 287
3,262
30,042
3,412
31,693
3, 670
30,695
3,519
41, 959
4,994
27,492
3,533
27,046
3,357
31, 792
3,881
29, 564
3,641
75.8
104.0
144.6
104.0
134.3
99.0
122.9
104. 5
112.6
120.5
73.2
105.0
82.6
127. 0
90.8
89.0
70.1
78.0
50.8
65.0
53.6
74.0
76.0
61.0
80.5
60.0
103.3
109.4
112.0
124.0
114.0
117.0
114.5
124.0
113.2
123.0
117.0
128. 0
114.8
128.0
109.0
118.0
111.5
117.0
106. 7
107. 6
106.4
108.8
103.3
116.0
' 105. 0
r
112.8
95.0
93.6
96.9
95.3
93.9
91.1
93.0
89.6
93.3
94.7
96.6
94.9
94.4
94.9
94.9
97.0
94.2
93.3
96.2
94.1
93.6
95.6
94.7
'94.4
'91.7
89.3
89.3
98.3
98.3
100.7
105.9
97.0
109.0
90.6
102. 4
99.8
104.5
101.5
100.0
102.7
101.2
203.5
110.3
71.6
96.1
78.6
94.1
81.7
97.2
'95.0
92.9
2,383
133
2,826
'137
2,805
136
2,702
136
2, 368
135
2, 638
137
2,705
138
5,490
136
1,790
131
1,780
131
2,156
132
2,787
133
10,862
737
13,001
733
12, 650
735
12,349
735
11,013
734
12, 097
738
13,423
740
12, 531
741
24,145
741
9,022
742
9,396
737
10,561
737
12, 596
737
6,507
239
7,007
234
234
6,559
235
6,797
234
6,931
235
7,114
235
7,397
234
14,616
234
5,159
233
5,358
234
6,054
236
6,671
236
2,909
201
3,266
196
3,365
197
3,133
197
2,977
197
3,108
197
3,333
198
3,306
199
6,763
200
2,476
200
2,641
201
3,005
201
3,493
201
4,241
41, 875
4,598
44,373
4,198
40, 864
4,030
37, 555
4, 515
42, 566
4,168
40,039
'Revised.
I Diseontinned b y the reporting source.
* N e w series. F o r radio advertising for period 1932-36, see table 38, p . 20 of t h e September 1937 Survey; for magazine advertising for period 1932-36, see table 40. p . 18 of
the October 1937 issue. Subsequent revisions beginning January 1936 not shown on p . 26 of the April 1938 issue will appear in the 1938 Supplement. T h e grocery chain store
sales index, data beginning 1929, together with a description of the series, appeared on p p . 14-16 of the M a y 1937 issue.
t D a t a revised beginning J a n u a r y 1934; revisions not shown on p . 25 of the J u l y 1937 Survey will appear in a subsequent issue.
• T h e following reports, showing percentage changes in sales, are available at t h e Washington, D , C , office of t h e Bureau of Foreign and Domestic Commerce, or at
any of its District Offices: (1) Chain drug stores and chain men's wear stores, (2) I n d e p e n d e n t stores in 26 States and 4 cities, b y kinds of business, (3) Wholesalers' sales,
FRASER
by kinds of business, (4) Manufacturers' sales, b y kinds of business.
Digitized for
27
SURVEY OF CURRENT BUSINESS
July 1938
Monthly statistics through December 1935, together with explanatory notes and references
to the sources of the data may be found in the
1936 Supplement to the Survey.
1938
May
1937
May
June
July
August
1938
Septem- October Novem- Decem- January
ber
ber
ber
February
March
April
DOMESTIC TRADE—Continued
RETAIL TRADE—Continued
Chain-store sales—Continued.
Variety-store sales—Continued.
Q. C. Murphy Co.:
Sales
thous. of dol_.
Stores operatednumber.
F . W. Woolworth Co.:
Sales
_
thous. of dol..
Stores operatednumber..
Restaurant chains (3 chains):
Sales.
_
thous. of dol_.
Stores operated
..number..
Other chains:
W. T. Grant & Co.:
Sales _
thous. of doL.
Stores operated
number..
J. C. Penney Co.:
Sales
thous. of doL.
Stores operated
—number..
Department stores:
Collections:
Installment accounts
percent of accounts receivable..
Open accounts
do
Sales, total U. S., unadjusted..1923-25=100..
Atlanta
_
.do—
Boston
do
Chicago!
do.._.
Cleveland
.do—
Dallas!
...do....
Kansas City*
..1925=100..
Minneapolis!
1929-31=100..
New York!1923-25=100..
Philadelphia!
do_...
Richmond
do
St. Louis*
.do.—
San Francisco
do....
Sales, total U. 8., adjusted
do....
Atlanta
do
Chicago!
do—..
Cleveland
do
Dallas!
do-...
Minneapolis!
1929-31=100..
New York!
1923-25=100..
Philadelphia!
do....
St. Louis*
_
do
San Francisco
do
Installment sales, New England dept. stores
percent of total sales..
Stocks, total U. S., end of month:
Unadjusted
1923-25=100..
Adjusted!
.do
Mail-order and store sales:
Total sales, 2 companies
thous. of doL.
Montgomery Ward & Co
do
Sears, Roebuck & Co
do
Rural sales of general merchandise:
Total U. S., unadjusted
1929-31=100..
Middle West*
do.-.
East*
.do....
South*...
do....
Far West*
_
do..._
Total U. 8., adjusted
_
do....
Middle West*
do....
East*
_
do
South*—
_
do....
Far West*
_
do....
3,160
201
3,626
195
22, 714
2,011
3,460
195
3,142
197
3,335
197
3,896
199
3,443
199
6,592
200
2,490
200
2,489
201
2,782
200
3, 652
201
24, 562
2,002
' 3, 501
195
24, 237
2,006
24,716
2,008
22, 795
2,008
24, 271
2,008
26, 788
2,012
25,143
2,013
47,182
2,013
19,157
2,005
20, 054
2,007
22,055
2,012
25, 926
2,012
3,246
340
3, 654
348
3, 462
346
3,569
346
3,651
354
3,960
355
3,949
351
3,518
351
3,839
346
3,398
343
3,081
343
3,384
342
3, 324
341
7,214
480
18, 853
1,528
'8,617
477
' 8, 462
479
7,706
479
6,780
479
7,819
480
19, 761
1,511
24, 806
1,516
5,325
480
15, 265
1,524
8,061
481
20, 409
1,508
16,615
482
38, 005
1,523
6, 530
481
22, 2£6
1,508
8,373
482
27,095
1,523
5,523
481
22, 822
1,503
8,957
481
29,990
1,517
13, 437
1,524
17, 043
1,526
20, 371
1,527
103
82
75
61
77
90
17.0
47-0
95
116
77
' 100
105
107
92
94
'87
80
113
90
93
93
115
'99
98
107
91
'87
79
90
97
16-3
46.4
90
100
79
98
95
94
81
98
93
75
110
79
86
93
111
100
98
106
96
97
75
86
97
15.4
45.1
65
80
53
71
71
75
65
72
71
51
76
61
79
94
114
98
93
107
102
99
73
88
97
16.0
41.9
72
103
54
78
80
86
78
79
72
56
81
66
95
92
132
95
95
112
90
95
72
89
98
15.9
42.5
100
120
82
105
103
122
94
109
100
75
115
101
97
94
128
102
99
110
101
96
76
95
94
17.1
47.1
103
130
89
106
105
124
97
116
109
85
134
99
101
93
110
96
98
110
98
95
74
88
98
16.6
47.1
101
120
84
100
96
122
90
95
111
89
120
92
102
91
105
92
91
109
94
93
78
79
96
16.4
45.4
156
193
132
155
151
184
149
142
169
130
206
138
165
89
114
93
92
106
94
95
72
84
97
15.6
46.9
70
86
66
70
67
87
67
72
74
51
79
69
77
90
109
88
88
114
87
94
71
86
93
15.3
42.8
70
99
54
68
70
91
66
64
74
55
76
69
76
88
112
85
85
107
87
91
72
81
90
16.8
45.1
77
101
67
86
76
97
86
93
77
59
97
78
81
86
109
95
88
104
98
90
69
84
89
16.1
44.9
86
110
78
87
89
100
84
97
'85
66
110
85
90
83
105
82
79
99
88
'78
61
82
91
8.5
9.0
6.7
8.5
14.7
11.0
11.4
9.3
6.3
10.2
11.2
9.3
8.6
71
69
78
76
73
76
69
77
73,655
30, 439
43,216
52. 460
21, 840
30, 620
67
70
52, 214
21, 765
30, 449
71
70
71, 868
30, 797
41, 071
71
'69
89,258
37, 060
52,198
68
72
89,813 116,232
51, 360
39,550
50, 262 64, 872
63
71
92, 627
39,140
53,487
85
80
76
77
90. 240 107,451
37; 459 48,825
52, 781 58, 626
86
75
79, 613
36,150
43, 463
74
78
71,254
29,679
41,575
81,920
37, 063
44, 857
103.5
96.1
104.7
113.7
119. 3
110.1
99.1
107. 4
127.8
132.5
119,4
109.9
127.0
132. 0
131.2
127.1
113. 2
130.3
148,3
145. 8
117.5
109.6
132.8
124.6
134.9
124.4
112. 4
136.2
144.9
142. 7
91.7
83.2
89.3
100.1
115.4
119.1
106. 7
113. 7
144.0
139.1
99.0
90.3
97.7
103.1
127.2
115.1
103.2
110.4
135.6
138.3
' 179.5
163.2
184.8
205.0
215. 5
' 126.4
114.9
129.7
148.6
141.3
86.6
78.6
88.5
105.9
94.6
104.3
95. 8
102.9
127.6
126.9
90.4
81.6
91.5
118.3
91.2
99.9
94.3
100.0
118.3
115.4
98.4
89.8
102. 8
120. 4
100. 8
105.8
99.8
109.4
129. 4
115.2
107. 9
99.2
114.6
12J.6
116.2
112.3
100. 8
115.2
131.4
125. 6
15.7
45.2
80
107
67
80
103
79
85
74
61
99
77
87
78
106
79
130.4
115.1
126.1
160.4
157.0
131.7
115.7
134.9
156.5
134.2
160.2
143.7
160.2
214.9
160. 4
131.3
121.2
135.2
156.3
137.1
145.8
132.6
143.9
182.5
158.0
118.6
107.8
125.7
137.2
131.1
EMPLOYMENT CONDITIONS AND WAGES
EMPLOYMENT
82.2
100.5
102.1
82.3
81.7
88.6
101.4
79.6
94.7
102.3
102.3
77.5
101.1
Factory, unadj. (B. L. S.)t
1923-25=100..
70.0
Durable goods group!
do
73.3
72.4
97.6
92.4
84.3
75.1
97.3
98.8
98.9
98.1
68.3
99.9
76.9
Iron and steel and products!
do
80.0
78.9
105.8
98.1
90.0
81.1
108.8
101.4
107.6
108.7
75.5
110.1
Blast furnaces, steel works, and rolling
90.5
117.5
88.7
99.6
108.6
'84.4
87.0
121.4
121.4
119.9
106. 2
122.0
82.0
mills
1923-25=100..
Structural and ornamental metal work
63.8
61.4
59.7
69.5
75.0
' 59.0
79.1
80.6
81.4
82.3
78.7
76.9
57.6
1923-25=100..
'88.1
Tin cans, etc
do
85.5
87.0
96.8
91.3
85.7
114.0
100.8
109. 2
114.8
117.9
89.6
104.9
' 55. 0
Lumber and products
.do
54.2
55.8
63.5
58.1
53.7
71.8
69.5
72.9
72.9
73.0
54.4
71.6
' 65.4
Furniture
do
68.2
68.0
79.5
74.5
68.5
89.1
86.8
89.1
87.9
89.2
63.8
87.4
45.3
Millwork
_
_
do..._
45.9
46.1
51.2
47.6
43.9
55.6
54.3
57. 5
57.3
57.1
44.6
57.3
r
42. 3
Sawmills..
do
40.1
42.3
47.6
42.8
39.7
54.7
52.7
55.7
56.3
56.0
42.2
54.7
'93.2
Machinery!
_do
99.7
96. 8
121.4
113.1
104.0
130.7
128. 9
129.2
129.9
130. 2
89.7
126.1
136. 5
Agricultural implements!
_do
137.6
136. 9
143.0
139.6
138.4
147.2
150. 5
140.6
138.6
141.0
128.9
139, 7
r
81.6
Electrical machinery, etc
-do
89.9
86.4
113. 1
104.7
95.9
121.3
119.3
119.9
121.0
121. 0
78.6
117.8
Foundry and machine-shop products
85.2
90.3
87.1
98.1
'81.7
104.8
112.
5
111.9
110.
4
112.5
79.2
112.
7
1923-25=100..
111.7
'88.0
Radios and phonographs
do
95.4
86.0
156.7
124.0
97.1
208.3
200.5
182.3
196.8
203. 5
86.5
139.9
84.9
Metals, nonferrous
_do
88.1
87.6
87.4
108.4
98.9
111. 1
112.7
113.9
111. 5
112.8
82.8
115.5
97.1
Aluminum manufactures.
...do
100.5
103.9
101.6
104.7
123.5
114.1
131.0
129. 5
131,5
132.8
94.9
125.8
Brass, bronze, and copper products
'85.0
87.3
86.6
89.1
97.0
119.0
105.5
114.8
113.1
116.9
83.5
125.7
1923-25=100..
122.3
108.2
Stamped and enameled ware
do
105.2
105.5
110.0
154. 0
144.0
122.6
153.2
159. 2
151.0
153. 4
105.4
162.8
'42.3
Railroad repair shops.
do
44.4
47.6
44.9
59. 0
57.4
52.7
62.1
60.4
64.0
63.8
41.6
63.6
'61.3
Electric railroad
do
61.8
63.1
62.1
63.4
63.3
63.1
63.5
63.0
83.4
62.7
63.3
60.4
r
40.9
Steam railroad
do
43.1
46.4
43.6
58.7
57.0
51.9
62.0
60.2
64.1
63.8
40.2
63.6
' Revised.
*New series. Department store sales in the St. Louis Federal Reserve district for the period 1921-37 appeared in the July 1937 issue, table 22, p . 16. For rural sales of
general merchandise by geographic districts for period 1929-36 see the September 1936 issue, pp. 14-17. Data for the period 1924-37 on department store sales in the Kansas
City Federal Reserve district appeared in table 47, p. 19 of the December 1937 issue.
!Revised series. For factory employment beginning January 1934, see table 12, p. 19 of the March 1937 issue. Revisions in indexes of department store sales by
Federal Reserve districts are available as follows: Chicago, 1923-36, table 23, p . 16 of the July 1937 issue; Minneapolis, 1919-37, table 52, p. 19 of the January 1938 issue;
New York, 1919-37, table 60, p. 19 of the June 1938 issue; Philadelphia, 1923-37, table 61, p. 19 of the June 193S issue; Dallas, 1919-37, table 63, p. 20 of the June 1938 issue. Total
Digitized forU.FRASER
S. department store stocks, adjusted, revised for period 1919-37, see table 62, p. 19 of the June 1938 issue.
28
SURVEY OF CURRENT BUSINESS
Monthly statistics through December 1935, together with explanatory notes and references
to the sources of the data may be found in the
1936 Supplement to the Survey.
1938
1937
May
May
July 1938
June
July
August
1938
September
DecemOctober November
ber
January
February
March
April
EMPLOYMENT CONDITIONS AND WAGES—Continued
EMPLOYMENT-Continued.
Factory, unadjusted (B. L. S.)—Continued.
Durable goods group—Continued.
Stone, clay, and glass products.l923-25=100.
Brick, tile, and terra cotta
-do
Cement
do
Glass
do
Transportation equipment!
do
Automobiles
do
Cars, electric and steam railroad§-.do
Shipbuilding..
do
Nondurable goods group §
do..
Chemicals, petroleum products
do—
Chemicals
.
do
Druggists' preparations
do
Paints and varnishes
-...do
Petroleum refining
..
do
Rayon and products
do—
Food and products
- do .
Baking
do.--.
Beverages
do
Slaughtering and meat packing
do
Leather and products...
do
Boots and shoes
- do . .
Leather, tanning, finishing, etc - do
Paper and printing—
-do
Paper and pulp
- do
Rubber products
do
Rubber tires and tubes
do
Textiles and products
do
Fabrics
do
Wearing apparel....
do
Tobacco manufactures
do
Factory, adjusted (Federal Reserve)f§
1923-25=100..
Durable goods group!
do
Iron and steel and products §
do
Blast furnaces, steel works, and rolling
mills
1923-25= 100. _
Structural and ornamental metal work
1923-25=100..
Tin cans, etc
.
do.
Lumber and products
do
Furniture.
do
Millwork
-do
Sawmills
do
M^achinervS
do
Agricultural implements!
_. do _
Electrical machinery, etc
do
Foundry and machine-shop products
1923-25=100-Radios and phonographs.
do
Metals, nonferrous
.
__ do
Aluminum mfrs
do
Brass, bronze, and copper products.do
Stamped and enameled ware
do
Railroad repair shops
do
Electric railroads
.
do Steam railroads
do
Stone, clay, and glass products
__ do
Brick, tile, and terra cotta..
do
Cement
.
do _
Glass
.
_.
do
Transportation equipment §
. . do
Automobiles
do
Cars, electric and steam railroad §..do
Shipbuilding
do
Nondurable goods groups §
do
Chemicals, petroleum products
. _ do _
Chemicals
_ do
Druggists' preparations
do
Paints and varnishes
do. _
Petroleum refining
_ do
Rayon and products
do
Food and products
do
Baking
do
Beverages
.
do
Slaughtering and meat packing
do...
Leather and products
do...
Boots and shoes
___do
Leather, tanning, finishing, etc
do...
Paper and printing...do...
Paper and pulp
. do
Rubber products
do. .
Rubber tires and tubes
do
Textiles and products
do...
Fabrics
do
Wearing apparel
_
.do
Tobacco manufactures _
do _
Factory, unadjusted, by cities and States:
City or industrial area:
Baltimore
1929-31=100
Chicago
1925-27=100.
Cleveland
1923-25=100
Detroit
do.
Milwaukee
1925-27=100
New York
_
. . d o
57.3
40.0
62.2
80.7
68.6
69.3
31.8
93.2
87.4
107.5
107.8
104.0
118.9
118.0
304.0
101.8
130.0
204.4
83.3
82.6
86.1
73.6
98.5
105. 4
71.5
62.3
82.3
76. 7
93.2
59.4
74.4
55.0
68.5
112.3
128.3
140.0
77.7
106.7
104.8
124.5
137.5
108.3
140.2
124.1
384.0
107.9
134.6
207.4
89.3
95.1
95.3
99.1
107.7
120.2
103.6
93.7
107.3
102.2
116.5
59.9
74.0
54.5
69.7
112.4
126.4
137.8
76.5
103.3
103.5
123.9
138.5
108,8
138.9
126.0
391.4
112.6
136.6
224.4
88.9
93.8
94.0
98.0
106.9
120.5
101.2
92.7
103.4
99.7
109.3
60.1
71.7
53.8
69.7
107.9
119.9
130.4
71.6
100.2
104.1
124.3
139.5
106.2
136.3
127.5
401.0
124.9
136.7
234.4
89.9
96.3
98.0
94.7
106.0
119.5
96.2
89.7
100.0
98.0
102.0
60.6
71.9
52.0
69.9
109.6
111.8
118.7
72.7
102.4
106.9
124.9
137.2
111.8
132.8
128.2
403.4
132.5
135.3
230.7
86.8
96.6
98.6
93.9
106. 3
119.1
97.9
88.4
102.8
97.3
113.0
61.8
72.7
52.3
69.9
111.1
107.0
112.5
68.5
106.2
107.3
128.6
137.4
114.1
132.4
127.2
407.1
137.8
136.7
223.3
86.8
92.7
94.0
92.5
107.7
119.1
98.0
88.3
101.6
94.9
114.4
62.1
71.4
50.0
69.2
109 9
122.7
133.9
67.9
106.8
103 6
126.5
135.2
114.8
131.6
125 7
387.5
125.0
138.4
202.7
89.4
89.5
90 7
89.6
107.9
117.3
97.7
87.0
98.8
91.9
112.1
62.6
68.2
45,5
66.1
106 7
121.8
133.2
65.8
105.9
97.3
122.7
129.8
112.5
128.0
123.9
374.0
114.6
135.2
194.3
90.5
80.3
80.8
82.9
106.4
113.6
90.9
80.8
92.0
87.2
101.0
62.9
63.2
41.1
60.5
100.0
105.5
112.9
55.8
104.8
93.3
116.3
122.6
110.5
121.1
120.2
336.8
107.3
131.6
187.4
90.9
81.8
83.8
78.6
104.1
109.4
86.0
76.6
88.2
84.0
95.6
60.8
55.1
35.3
50.2
87 8
84.3
86.8
44.5
99.2
89 9
112.7
118.1
105.9
116.3
119 3
315.2
102.9
129.9
186.2
92.8
85.8
89 3
76.6
101.0
108.1
78.4
71.5
84.7
80.7
91.7
51.9
55.0
35.4
49.3
85.6
80.6
82.8
42.2
95.2
92.1
113.1
115.2
106.0
116.0
118 2
329.2
101.7
130.1
189.9
88.0
89.4
93.7
77.6
101.1
108.7
74.4
65.5
89.2
81.7
104.2
58.8
55.5
36.1
53.5
83 7
77.8
79.8
39.1
94.6
91 7
113.1
110. 5
104.7
117. 3
117 7
334.6
100.4
129. 8
194.3
84.3
90.1
94 9
76.4
100.3
108.1
72.8
63.4
89.5
81.0
106. 9
59.3
'56.9
'38.7
' 60. 5
'81 8
'72.0
' 73.1
'37.1
' 90. 5
89 8
' 110.4
' 109. 4
' 104.3
' 118.0
117 5
' 303.1
101.0
' 129 9
198. 4
83.0
' 88.0
' 92 7
' 74. 6
'99.7
' 106. 9
72. 7
'63.0
'86.3
' 78. 1
' 103. 0
' 59.1
77.6
67.4
74.6
102.2
98.4
108.7
101.4
97.8
100.7
103.0
100.1
108.3
102.4
99.3
108.7
100.7
98.6
108.4
98.4
96.7
105.4
94.1
91.4
98.4
89.0
84.4
90.5
84.2
76.8
'82.9
'83.0
'73.8
80.2
81.6
72.3
78. 6
79.2
' 69. 3
76.3
80
120
106
121
122
123
119
110
100
91
88
86
83
58
91
54.4
67
44
41
89.2
125
79
77
107
71.7
91
56
54
125 6
136
118
78
107
72.3
92
56
54
129 4
143
120
79
110
72.9
91
56
56
131 5
147
121
79
109
71.4
88
55
54
131.3
148
121
80
104
69.3
86
55
53
130.2
151
121
78
98
66.4
81
54
51
128.0
158
119
75
99
62.1
75
51
47
120.8
145
113
70
94
58.8
73
48
44
113.2
M0
105
66
92
56.9
71
46
43
104 8
135
96
64
91
'56.1
69
'47
42
99.6
130
90
61
91
57.1
69
47
44
96 4
130
86
61
90
' 55. 7
68
46
42
' 92. 4
78
96
82.9
93
83
104
40. 9
60
39
54.8
38
56
79
65.4
66
29
91
88.6
109.2
108
107
114
119
310
107. 6
130
200
84
83.4
87
110
155
115.4
123
124
160
62.4
63
62
71.3
52
62
110
122.2
133
71
104
106.2
126.0
138
112
134
125
392
114.8
135
203
90
96.0
96
100
108.0
120
101.7
89
107.6
103.2
115.3
61.2
113
190
115.0
132
123
159
63.7
63
64
70.4
50
62
109
122.6
134
70
104
105.3
127.5
137
114
134
125
408
114.7
135
206
89
96.1
97
99
108.2
121
100.0
89
105.4
101 3
112.0
60.2
114
214
115.4
138
121
153
64.4
63
64
70.4
51
61
110
123.5
136
69
102
106.2
127.7
138
112
136
126
413
119.4
136
209
91
95.2
97
95
107.3
120
96.6
87
106.2
102 0
113.1
61.3
114
201
115.9
138
121
156
62.4
63
62
70.3
48
64
112
121.3
132
69
106
105.6
127.2
137
114
136
127
407
116.2
134
210
88
93.0
94
94
107.4
119
99.8
90
105.9
100 9
115.1
60.8
112
180
113.7
131
117
152
60.1
63
60
70.5
49
66
111
123.9
136
67
106
102.9
127.4
137
112
134
125
407
114.8
134
209
88
90.0
90
93
107.8
119
99.5
91
100.9
95.9
109.7
60.2
110
162
109.4
103
112
152
58.7
63
58
69.4
47
67
109
126.3
138
71
106
100.2
123.7
135
110
132
124
380
113.8
136
199
89
88.8
90
89
107.0
117
98.1
90
96.4
90.4
107.4
59.3
105
127
105.1
122
103
143
57.4
63
57
67.2
44
67
105
119.1
128
73
107
97.0
120.9
129
109
129
124
367
114.2
134
209
90
85.7
88
83
105.0
114
90.4
83
91.6
85.8
103.0
59.6
99
115
97.9
114
96
125
53.2
64
52
64.9
43
67
100
102.8
109
61
103
94.0
115.5
123
108
124
121
330
111.5
132
204
87
86.1
89
78
102.1
109
86.3
79
88.4
82 6
99 7
59.6
91
104
'90.3
106
90
111
48.4
63
47
61.2
42
61
92
82.7
83
50
99
92.1
' 113.0
120
104
119
' l?0
312
' 111.9
133
207
90
87.2
91
77
100.7
108
' 79 2
73
'85.6
80 1
95 8
56.2
87
110
'87.8
101
87
106
45.1
62
44
59.5
42
59
87
78.8
80
44
96
'92.7
' 112.8
117
105
117
119
323
'112.0
132
211
88
87.8
92
77
100.9
109
' 74. 5
66
'87.0
79 6
' 101 8
60.1
84
100
86. 4
97
85
107
44.4
62
43
57.4
39
60
83
75.5
77
39
£4
91. 6
110.9
112
104
118
119
331
110.4
132
207
86
87.0
91
80
' 105
84.1
94
84
105
'41.8
61
40
' 56.0
39
'CO
79
' 68. 3
'69
' 34
88
89.9
' 109. 1
' 110
105
116
119
'303
' 107. 6
131
200
85
'86.4
91
100.'6
108
72.3
63
86. 0
78 9
100 4
60.2
' 100. 0
107
72.0
61
'84.4
' 77 9
' 97 1
* 59.9
103.4
86.5
108.4
129.1
113.6
83.8
100.7
93.3
108.8
101.9
86.2
102.8
125.4
116.2
82.1
103.4
93.8
111.3
102.7
86.7
105 3
83.5
115.8
79.4
102.5
93.3
109.6
102 8
87,3
99.7
83.6
111.4
85.4
103.5
93.0
104.6
103.4
88.4
102.0
110.4
114.4
88.7
104.7
92.6
105.2
101.4
86.8
101.3
124.9
113.5
88.9
104.2
91.2
100.5
98 8
83.1
90 8
115 1
109.4
85 4
99 4
85.5
94.9
93 4
79.2
89 1
74 5
101.5
82 4
94 3
78.4
89.9
88 8
75.3
81 9
79 8
95.0
79 1
89 5
72.4
85.2
89 5
74.2
80 2
74 3
93.6
82 4
91 1
69.2
81.7
98.8
105
70.2
59
82.4
77.4
91.8
60.7
87.4
67.5
72.3
58.5
77. 2
82
89 3
88 8
69. 4
71.5
75 5
76 7
70 5
68 4
91.5
93.0
83 0
81 8
90 3 I ' 8 7 2
67.9
' 64. 8
79.7 1 77.3
82.5
Philadelphia f
1923-25=100
63. 0
Pittsburgh
do
Wilmington..
_
do...
76.8
r
Revised.
tRevised series. For seasonally adjusted factory employment beginning 1926, see tables 1 and 3, pp. 14-20, of the January 1937 issue; for Philadelphia factory employment
1935-36, see table 35, p. 20 of the August 1937 issue.
§Revised series. For revisions beginning January 1934 see table 12, p. 19 of the March 1937 issue.
29
SURVEY OF CURRENT BUSINESS
July 1938
Monthly statistics through December 1935, together with explanatory notes and references
to the sources of the data may be found in the
1936 Supplement to the Survey.
1938
1937
May
August September
May
June
July
1938
DecemOctober November
ber
January
February
Mar cli
April
EMPLOYMENT CONDITIONS AND WAGES—Continued
EMPLOYMENT-Continued
Factory, unadjusted, by cities and States—Con.
State:
Delaware
.1923-25=100Illinois...
___
1925-27=100Iowa
_._.
__. 1923-25-100Maryland
1929-31 = 100..
Massachusetts t
1925-27=100New J e r s e y — .
1923-25=100—
New York
,1925-27=100..
Ohio
.1926*= 100Pennsylvania t.1923-25 = 100—
Wisconsin
1925-27=100—
Nonmanufaeturing, unadjusted (B. L. S.):
Mining:
Anthracite t
1929 = 100—
Bituminous coalf
-do
Metalliferous
do
Petroleum, crude, producing...
do
Quarrying and nonmetallie
do
Public utilities:
Electric light and power, and manufactured gas
1929 = 100Electric railroads, etc
do
Telephone and telegraph
„__
-do
Trade:
Retail, total
do
General merchandising
.
do
Other than general merchandising
1929=100..
Wholesale—
__do
Miscellaneous:
Dyeing and cleaningt
do
Laundriesf
do
Year round hotelsf
do
Miscellaneous employment data:
Construction employment, Ohio-.1926=100—
Hired farm employees, average per 100 farms
number. _
Federal and State highway employment:
Total
.
numberConstruction
.
..do
Maintenance
do
Federal civilian employees:!
United States
do
District of Columbia
do
Railway employees:
Class I steam railways:
Total
_
thousands.Index:
Unadjusted..
1923-25=100Adjusted.
do.—Trades-union mombers employed:
All trades
.....percent of t o t a l Building
.
do
Metal—.
_.—
. - d o Printing
».
do
All other
do
On full time (all trades)
..do
83.7
73.1
119.8
90.8
65. 7
72.5
72.8
v 78. 0
70.7
116.5
95.3
133.5
109.8
89.8
87.3
89.6
112.4
92.3
105.3
119.3
95.1
135.4
108.6
86.9
87.5
89.4
102. 3
92.2
104.8
120.7
95.7
138.1
108.9
87.2
87.7
88.3
108. 3
91.9
113.2
128.5
96.8
136.7
109.9
87.7
88.9
89.9
108.1
91.8
110.4
121.9
98.1
133.5
110.0
84.5
87.7
91.4
109.0
'92.1
112.2
112.1
95.2
136.1
105.2
82.2
85.1
89.9
108.2
90.8
108.5
101.0
90.7
131.2
101.0
75.1
83.1
85.1
100.7
86.0
106.2
95.3
85.9
129.9
94.0
71.0
79.3
81.6
94.6
'80.9
101.6
90.4
80.7
125.3
89.4
69.2
75.3
76.9
84.7
75.5
94.8
79.8
124.5
91.8
69.5
75.8
77.5
84.0
75.0
94.6
85.1
77.6
122.9
91.6
68.7
74.5
77.3
83.2
' 74. 5
94.3
82.6
75.7
122. 9
91.6
67.0
73.2
75. 5
80.5
'73.1
93.0
52.8
82.0
58.4
72.8
43.6
61.5
96.1
78.5
76.7
54.9
61.6
96. 2
79.5
78.5
55.4
54.3
93.7
82.0
78.5
55.5
49.7
97.4
83.4
79.3
54.9
58.1
99.4
84.1
78.2
54.7
61.5
102.4
82.9
77.5
63.3
60.9
101.4
75.4
77.2
49.9
61.4
99.4
70.4
76.5
43.9
59.6
96.8
67.4
75.3
38.2
60.0
95.4
63.4
74.2
37.8
59.3
93.1
61. 9
73.6
38.8
57. (/
' 85. 7
'61.3
'73.8
41.7
91.9
70.6
75.0
94.6
73.3
77.7
96.3
73.3
78.5
97.5
73.4
79.7
98.3
73.4
79.8
73.7
79.8
98.5
73.4
79.6
97.3
73.2
94.0
72.2
77.8
'91.8
'71. 1
74.8
89.9
102.1
90.5
102.9
87.6
95.9
86,2
93.8
90.7
103.7
92.1
108.1
91.7
1C9.8
84.1
91.5
92.9
71.1
75.7
82.4
88.8
92.2
70.8
74.8
83.8
92.2
96.1
72.8
78.0
100.4
145. 9
83.0
90.5
'88.2
' 101.0
81.6
87.1
86.7
90. S
87.2
90.3
85.4
90.6
84.2
91.8
87.3
93.0
87.9
94.0
86.9
93.5
88.5
93.3
82.1
91.0
80.7
90.4
81.0
89.1
'84.9
'88.5
1(39. 6
96. 2
93.5
113.9
100. 3
95.3
118.5
103.9
94.4
111.0
105. 8
93.6
110.3
104. 7
94.3
112.8
104.1
95.7
110.5
103.5
97.8
99.2
97.0
94.9
96.7
94.3
95.4
95.7
94.4
98.2
94.8
93.4
111.8
'95.3
P39.0
62.5
65.1
66.8
70.0
71.7
70.2
66.1
45.4
40.2
78.9
36.6
93.5
37.5
86
87
101
107
108
107
110
104
90
272, 316
115,853
156, 463
299,063
139, 896
159,167
313,149
164,757
148,392
334,536
184, 629
149,907
351,853
191,710
160,143
346,444
179,416
167,028
330,942
170,897
160,045
314,067
150,885
163,182
255,530
109,190
146,340
196, 858 177, 675 179,420
70, 293 61, 965 62, 608
126,565 115, 710 116,812
871,142
111, 981
849,571
110,942
843,315
111,301
837,070
111,296
110,809
821,559
112,112
890,700
114,350
812,154
113,387
1,182
1,152
1,134
1,077
1,024
976
955
943
929
65.1
63.5
63.4
62.2
62.5
59.3
58.9
56.3
57.8
53.7
56.0
52.6
54.6
51.9
53.4
51.1
51.5
86
72
89
90
89
66
83
64
85
90
87
63
79
57
79
89
84
58
79
56
81
80
61
75
88
85
59
840, 742
114, 544
50. 7
50.1
81
63
75
88
85
60
1, 167
1,185
64.6
63.8
65,6
64.2
89
79
94
91
91
69
65.7
64.1
88
78
93
90
67
71
74
809,580 816, 472
113,022 112,821
84
85
58
79
213, 802
81,902
131, 900
827, 240
113, 819
LABOR CONDITIONS
Hours of work per week In factories:
32.7
40.6
40.2
39.2
'32.9
Actual, average per wage earner
hours38.9
38.3
33.3
37.8
32.5
33.4
35.6
34.1
Industrial disputes (strikes and lockouts):!
•p 2 6 0
604
449
610
472
361
320
262
131
'145
150
v 225
Beginning in month*..
number—
' 206
MOO
746
In progress during month
.......do
656
333
830
'263
467
»352
'307
S77
940
583
'265
Workers involved in strikes:
v 70, 000 325,499 281,478 143.678 143,033
88. 867
67, 242 68, 929 21,943 r 32, 273 50, 576 ' 52, 839 • 50, 000
Beginning in month*
,
do
'100,000 445,170 474,954 353,682 238,828 160,241 127,109 118,632 60, 518 ' 52, 794 ' 74, 445 100,091 ' 80, 000
In progress during month
do
>1,000,00( 2,982,735 4,998,408 3,007,819 2,270,380 1,449,948 1,181,914 981,697 674,205 •464,268 492,323 750, 747 750, 000
Man days Idle during m o n t h — .
do
Employment Service, United States:
Applications:
',520,459 i,309,545 5,016,023 1,940,578 4, 853,345 4,636,744 4,393,092 4,421,076 4,874,631 6,070,143 6.
Active
file..
_
.do
i,760,771 5,780,957 '7,255,271
New
do_.__ 670, 556 272, 035 337,917 295, 078 283,562 278, 945 291,187 299,101 452,035 942,374 749,762 806, 013 667, 443
238,054 379,972 374, 038 341,158 357,937 346,048 303,293 224. 221 178,667 136,841 131,846 177,163 217,555
Placements
_
„
do
159,234 240, 753 224,629 207,578 227,991 239, 605 210, 226 157, 602 129,477 93, 052 91, 459 128,914 153, 931
Private.
.
.
do
2. 1
5.2
4.5
4.5
1.4
Private placements to active file* percent—
4.7
1.5
4.2
2.7
1.9
2.1
4.8
3.6
Labor turn-over in mfg. establishments:
2.84
3.56
Accession rate..rno. rates per 100 employees—
3.36
3.69
3.36
2.12
3.78
3.13
1.76
3.78
3.13
2.58
2.84
Separation rate:
3.37
4.57
4.02
Total
_
do
3.99
3.52
4.62
8.51
4.39
5.69
6.08
4.46
4.54
6.87
.13
.21
.19
Discharge
do
.19
.21
.14
.19
. 11
.11
.10
.19
.11
.16
3.82
Lay-off
„
do
1.79
1.94
2.57
2.06
2.84
7.77
3.74
3.85
5.45
3.79
4.45
5.99
.62
Quit.
do
1.37
1.23
1.89
1.25
.60
.61
.59
1.59
.52
.49
1.05
.72
PAY ROLLS
Factory, unadjusted (B. L. 8.)t«1923-25=10069. 4
J05. 2
103.8
102.9
100.4
100.1
73.2
80.9
73.3
' 70. 7
100.1
89.5
71.7
60. 9
107. 5
104. 6
104.0
Durable goods groupf
do
100.7
99.4
77.0
63.7
63.8
' 61. 8
63.9
89.9
101.7
124. 7
110.4
Iron and steel and productsf
do
01.0
120.4
113.5
71.9
62.1
'61.2
112.8
59.1
85.7
61.3
106.8
Blast furnaces, steel works, and rolling
64.0
123.4
mills.
1923-25=100145.6
132.4
142.3
129.7
61.7
65. 5
118.9
92.9
'65.3
64.7
Structural and ornamental metal work
52. 6
78.5
82.4
1923-25=100..
84.7
82.3
83.9
68.2
56.2
58. 5
54.6
' 53. 3
81.6
74.5
95.2
Tin cans, etc
_
do
111.7
116.6
122,0
128.5
122.6
107.5
94.4
88.1
92.3
' 90.9
' Revised.
» Preliminary.
•New series. Beginning with the November 1937 issue, data on percent of private placements to active file were substituted for the series previously shown, which was
percent of total placements to active file; data prior to September 1936 not shown on p. 29 of the November 1937 Survey will appear in a subsequent issue. Data for the
period 1927-37 on strikes beginning in month and workers involved in strikes beginning in month appeared in table 25, p. 19 of the July 1937 Survey.
f Re vised series. For factory pay rolls beginning January 1634, see table 13, p. 19 of the March 1937 iame. For industrial disputes beginning 1927, see table 25, p. 19, of
the July 1937 issue. For Pennsylvania factory employment, 1935-36, see table 35, p. 20 of the August 1937 issue. Data on Civil Service employment are in process of revision.
Figures on old basis were last shown through July 1937 in the October 1937 issue. Data on the new basis prior to those shown here will be published when available. For
indicated series on nonmanufaeturing employment, figures revised beginning 1929; data not shown on p. 29 of the April 1938 Survey will be published in a subsequent
Digitized for the
FRASER
issue. Massachusetts employment data revised beginning 1935; revisions not shown on p. 29 of the June 1938 issue will be published in a subsequent Survey.
30
SUKVEY OF CUREENT BUSINESS
Monthly statistics through December 1935, together with explanatory notes and references
to the sources of the data may be found in the
1936 Supplement to the Survey.
1937
1938
May
May
June
July
July 1938
1938
Decem- January FebruAugust SeptemOctober November
ber
ber
ary
March
April
EMPLOYMENT CONDITIONS AND WAGES—Continued
PAY BOLLS—Continued
Factory, unadjusted (B. L. S.)—Continued.
Durable goods group—Continued.
68.2
72.3
67.3
71.4
68.2
65.3
48.4
Lumber and products
_ 1923-25=10055.1
47.4
42.5
45.3
48.7
'47.1
Furniture
do
'49.2
47.8
76.7
78.7
73.9
79.2
78.2
76.8
65.8
60.0
49.3
53.3
53.9
Millwork
do....
40.7
42.2
54.9
57.5
54.8
56.1
53.2
51.7
46.3
42.8
36.5
40.0
41.7
Sawmills
do
'37.3
38.1
52.9
57.4
52.8
56.2
52.6
49.4
40.4
33.9
31.5
33.0
37.4
'84.2
Machinery!
do
81.4
134.9
137.2
133.6
137.1
134.3
134. 2
121.2
110.6
95.9
91.8
88.7
168.6
Agricultural implements!
do
161.6
183.9
182.7
172.5
184.2
189.2
203. 5
184.5
173.5
172.1
175.9
178.3
'72.7
Electric machinery, etc
do
69.7
123.5
126.1
124.1
126.8
124.1
124.8
114.3
102.9
88.1
81.7
78.1
Foundry and machine shop products
119.4
119.5
114.8
70.2
114.2
118.9
113.5
101.8
93.0
79.9
1923-25=100..
77.6
75.2
'71.5
Radios and phonographs
do
'69.0
70.5
108.5
156.2
166.1
175.8
173.9
165. 5
123.0
98.7
76.2
71.6
60.7
Metals, nonferrous
do
'69.3
68.8
113.1
111.5
105.3
109.9
110.1
109.9
99.9
86.5
73.2
73.4
74.2
Aluminum mfrs
do
'92.6
92.3
134.8
135.6
134.5
141.2
135.7
115. 9
127.8
110.7
96.9
97.2
100.5
Brass, bronze, and copper products
126.5
116.7
125.3
71.4
70.2
116.6
80.3
70.5
113.2 * 106. 7
92.1
71.8
1923-25=100..
'69 0
Stamped and enameled ware
_do
'98.3
92.9
166.0
162.4
146.2
157.0
149.2
156.4
141.5
114.7
88.6
92.9
101.1
Railroad repair shops _„__
_do
'43.2
43.4
67.1
68.7
63.5
67.3
63.1
64.9
63.3
55.7
47.3
45.6
45.5
' 67. 7
Electric railroads
.do
67.3
66.4
67.1
67.0
68.7
67.7
68,0
68.2
70.1
68.4
68.5
68.4
'41.5
Steam railroads
.do
41.7
67.4
69.0
63.3
67.4
62.9
64.9
63.0
54.7
45.9
44.0
43.9
'49.4
Stone, clay, and glass products
__do
52.5
72.0
71.4
66.1
70.5
69.9
69.6
63.6
54.5
43. 6
46.6
48.1
29.2
Brick, tile, and terra cotta
do
32.5
49.1
49.1
46.2
46.2
46.4
44.2
36.4
30.8
24.3
25.5
26.0
'58.8
Cement..
_do
66.6
71.4
75.0
72.4
77.1
72.8
72.2
67.3
58.0
44.4
44.7
50.2
'
77.1
Glass
—do
78.3
118.9
119.4
108.6
120.3
118.7
119.2
111.9
95.8
77.1
80.1
80.8
'65.4
Transportation equipment!
do
61.3
134.1
127. 8
117.5
112.8
104.4
129.9
120.0
92.4
68.6
67.0
66.0
'62.5
Automobiles
do
58.0
143.8
135.2
123.6
115.3
105. 6
138.3
125.8
90.8
63.8
62.3
61.9
'39.6
Cars, electric and steam railroad!—_do
33.9
89.9
91.4
83.4
87.4
79.7
82.5
81.1
65.0
48.9
47.9
43.7
Shipbuilding
_do
106.7
118.7
114.5
111.7
118.8
119.0
124.4
121.4
126.5
114,2
109.5
109.3 ' 105. 9
'82.0
Nondurable goods group!
.do
80.3
102.3
100.8
100.0
103.5
100.9
98.2
89.0
85.8
81.6
85.1
85.3
Chemicals, petroleum products
do
117.9
136.7
137.4
136.8
140.7
139.0
137.5
132.1
124.4
117.5
119.2
119.7 '116.3
Chemicals
_do
116.2
152.5
153.5
153.9
156.1
150.9
150.6
141.7
130.4
124.3
122.6
117.6 '116.6
Druggists'preparations
do
114.4
118.0
121.3
112.0
123.0
127.3
128.9
125.8
124.0
118.4
115.9
115.3 '114.8
Paints and varnishes
do
121.2
145.0
142.7
138.3
135.4
131.6
134.1
124.8
116.1
106.4
110.5
113.3 '116.7
Petroleum refining.
.do
139.1
138.3
143.0
143.1
150.5
143.1
142.3
140.4
137.9
134.7
137.1
136.0 ' 133.8
Rayon and products
do
275.0
382.0
391.8
392.9
400.7
393.6
374.9
360.3
313.5
275.5
283.4
301.3 ' 260. 3
104.1
Food and products
_
do
107.0
111.6
115.8
128.3
131.2
133.2
125.0
115.9
110.4
106.5
104.3
103.5
Baking.
_
do
128.2
130.3
333.8
134.9
132.4
136.1
137.3
130.3
127.4
125.2
126.1
126.5 ' 126. 3
223.0
Beverages
_
_do
233.7
236.9
260.5
284.8
273.4
253.0
222.4
212.7
202.0
199.8
209. 3
217.3
'92.0
Slaughtering and meat packing
do
94.6
99.0
99.2
99.9
96.6
98.0
100.1
102.3
104.7
108.3
95.9
92.0
'67.1
Leather and products
do
58.7
81.6
80.6
84.6
83.7
71.6
66.3
53.8
58.4
65.6
73.2
72.7
'65.7
Boots and shoes
do
54.7
74.1
73.3
79.8
78.7
64.5
58.7
46.0
53.2
63.1
71.9
71.9
'74.4
Leather, tanning, finishing, etc
do
74.5
110.0
108.4
104.0
103.8
98.6
95.0
82.7
78.5
76.9
80.2
78.2
'94.6
Paper and printing—
do
93.8
105.9
104.9
101.6
102.6
103.7
105.1
101.5
100.8
95.4
96.4
96.6
'99.9
Paper and p u l p . . .
do
98.7
121.8
124.3
119.2
123.8
117.6
116.7
105.4
98.8
97.7
102.9
103.4
'61.7
Rubber products
_do
63.1
109.2
103.8
96.8
97.0
97.4
94.3
82.0
77.1
66.1
59.2
60.8
'54.6
Rubber tires and tubes
do
57.1
102.7
97.9
93.6
89.8
90.4
84.3
72.9
70.8
61.4
50.6
52.7
'68.5
Textiles and products
do
63.9
96.2
91.3
85.5
92.1
87.1
84.2
71.5
68.7
65.5
74.5
74.6
'63.9
Fabrics
_
_do
62.9
98.0
93.8
89.6
90.0
85.3
81.0
71.5
68.9
65.0
69.5
68.4
'74.6
Wearing apparel
_
do
63.1
88.9
82.5
73.8
92.4
87.0
87.0
68.6
65.2
63.8
81.4
83.8
'49.3
Tobacco manufactures
_
do
52.5
53.6
55.7
55.8
57.2
56.5
57.9
57.2
55.7
44.6
48.8
50.6
Factory, unadjusted, by cities and States:
City or industrial area:
96.2
120.9
94.8
128.1
124.6
121.9
90.9
'92.2
123.4
89.1
98.9
124.4
110.1
Baltimore
.1929-31=10054.4
Chicago
.1925-27=100-.
52.9
75.9
76.4
75.4
76.2
75.4
74.7
67.9
64.3
59.7
58.3
56.5
84.4
Milwaukee
do
120.5
123.7
118.8
118.6
117.7
121.8
1J3.9
100.2
87.8
87.4
87.0
74.3
75.1
73.9
72.3
81.7
70.5
76.3
77.4
81.4
74.7
73.7
68.5
New York
_
..do
80.0
'79.3
Philadelphia!
..1923-25=100..
75.8
100.5
104.4
103.5
105.2
102.0
103.5
95.4
91.1
82.3
85.5
84.3
'68.5
Pittsburgh
do
67.6
137.1
137.4
128.2
138.9
124.6
119.7
99.0
84.3
71.0
72.2
70.8
71.9
Wilmington
_
.do
73.1
113.5
113.6
110.9
106.6
106.6
102.7
95.1
91.2
82.7
77.2
76.8
State:
72.1
71.7
96.2
77.0
103.9
67.5
105.4
104.5
88.3
69.1
101.8
84.7
Delaware.do
105.6
60.9
Illinois
1925-27=100.86.2
86.3
58.4
83.9
86.1
85.2
84.3
76.3
71.2
65.1
64.4
63.0
'93.6
Maryland
_
1929-31 = 100127.8
125.0
91.3
121.7
125.1
123.5
121.0
110.7
99.3
91.6
96.8
96.0
59.1
Massachusetts!
-1925-27=100..
89.8
87.0
57.8
86.9
85.9
81.9
75.4
67.5
64.4
61.3
62.9
62.0
68.2
New Jersey
—1923-25=10088.9
88.0
68.7
85.7
89.0
85.0
84.4
79.8
76.3
71.2
71.9
70.5
67.4
New York
.1925-27=10086.4
86.4
64.2
84.9
87.2
86.5
84.8
76.7
74.2
68.9
70.6
70.6
'66.2
103.8
103.3
65.3
'99.0
103.6
97.5
95.3
82.7
74.7
65.7
'67.7
'68.4
Pennsylvania!___
..1923-25=100. _
86.8
Wisconsin..
1925-27=100108.0
107.4
110.7
113.0
110.3
111.5
105.1
97.5
87.8
89.5
89.3
Nonmanufacturing, unadjusted (B. L. S.):
Mining:
38.2
46.1
34.2
55.4
46.5
39.0
48.2
49.0
51.3
47.3
55.3
29.6
38.3
Anthracite!.-.
1929=100..
'56.0
55.7
79.4
83.3
77.7
86.3
90.9
100.7
91.1
95.1
70.2
74.0
68.5
Bituminous coal!
do
'53.4
50.3
79.8
77.7
77.8
83.0
82.2
81.7
71.6
65.1
58.9
55.9
56.2
Metalliferous
...do
68.0
66.5
68.2
70.4
70.5
70.8
71.2
69.9
70.2
69.8
68.2
69.6
68.0
Petroleum, crude, producing
do
'33.9
38. 2
51.4
52.6
50.8
53.2
50.1
49.3
41.7
33.4
27.7
28.6
30.2
Quarrying and nonmetallic-—do
Public utilities:
Electric light and power and manufactured
98.6
105.3
103.8
102.4
98.9
98.5
'97.5
102.2
100.4
97.5
97.9
102.6
104.0
gas
1929=100'70.0
71.2
70.1
70.8
73.1
71.6
71.4
71.8
71.9
70.6
70.2
69.9
71.1
Electric railroads, etc__
_do
'91.6
91.0
89.5
88.6
92.1
92.1
92.3
94.9
91.4
94.7
93.7
89.5
92.3
Telephone and telegraph
do
Trade:
68.6
'72.2
68.4
75.9
70.1
74.4
80.6
75.3
74.4
72.8
72.3
70.1
73.5
Retail, total
do....
'89.4
91.5
84.3
92.5
87.3
85.7
92.4
96.2
97.1
123.3
84.6
81.5
82.2
General merchandising
do
'68.6
Other than general merchandising.do....
69.8
67.1
70.6
69.8
69.5
70.7
71.7
70.8
71.8
67.1
65.7
65.8
74.6
76.1
75.1
76.3
76.9
79.0
78.3
79.3
78.3
77.8
75.4
75.3
74.7
Wholesale..do
Miscellaneous:
73.7
65.0
67.8
87.2
83.6
65.3
85.7
68.6
92.2
79.5
81.3
80.2
86.1
Dyeing and cleaning!
do
'80.7
Laundries!
_
_
do
83.3
80.9
87.5
89.0
88.0
86.4
83.4
81.1
81.1
80.1
79.1
78.5
'80.5
Year-round hotels!
do
81.1
79.7
80.1
79.4
80.5
82.4
84.1 ,
84.3
82.6
81.5
83.5
81.0
' Revised.
!Revised series. Factory pay rolls beginning January 1934, see table 13, p. 19, of the March 1937 issue. Pay-roll indexes for Philadelphia and Pennsylvania for 1935 and
1936 see table 35, p. 20, of the August 1937 issue. For the indicated series on nonmanufacturing pay rolls, figures revised beginning 1929; data not shown on p. 30 of the
April 1938 Survey will be published in a subsequent issue. Massachusetts data revised beginning 1935; revisions not shown on p. 30 of the June 1938 issue will be published
in a subsequent Survey.
31
SURVEY OF CURRENT BUSINESS
July 1938
Monthly statistics through December 1935, together with explanatory notes and references
to the sources of the data may be found in the
1936 Supplement to the Survey.
1938
May
1938
1937
May
June
July
August
Septem- October Novem- December
ber
ber
January
February
March
April
EMPLOYMENT CONDITIONS AND WAGES—Continued
WAGES-EAENINGS AND BATES
Factory, average weekly earnings (25 industries)
(N.I. 0 . B.):
All wage earners.
__ dollars
23.36
Male:
Skilled and semiskilled—
_ do
26.02
Unskilled
.do__
19.51
Female
do
14.46
All wage earners
1923=100
87.7
Male:
Skilled and semiskilled _
do
84 5
Unskilled
do
87.6
Female.. _ _
do
83 9
Factory average hourly earnings (25 industries)
(N.I. O.B.):
All wage earners. _„
_
dollars
.717
Male:
Skilled and semiskilled
do
799
. 585
Unskilled
do
Female
.
do
.477
Factory, average weekly earnings, by States:
Delaware
1923-25=100
86.3
86.8
Illinois
1925-27=100..
88.0
Massachusetts.. _ __
do
106. 0
New Jersey
_ ..1923-25=100.NewYork
1925-27=100
88.2
Pennsylvania
_
1923-25=100
88.3
Wisconsin
1925-27=100
Miscellaneous wage data:
Construction wage rates (E. N. R.):§
.673
Common labor
dol. per hour~Skilled labor
do .
1.40
Farm wages, without board (quarterly)
dol per month
Railways, wages (average)
dol. per hour.Road-building wages, common labor, on
public works projects:
United States, total__
dol. per hour.. . . . . . . . . .
East North Central _ . _
do
East South Central
_
_do.__
Middle Atlantic
do
Mountain States
__do __
New England
do
Pacific States... _
do
South Atlantic.
...do
West North Central
do
West South Central
do _
Steel industry wages:
U. S. Steel Corporation 1
do
.625
Youngstown district..percent of base scale..
28.36
28.39
27.83
27.76
27.39
27.12
25.59
24.36
22.98
23.53
23.63
' 23. 53
31.96
23.63
17.49
106.6
32.23
23.63
17.63
106.7
31.54
23.32
17.45
104.6
31.42
23.12
17.18
104.3
31. 21
23.07
16.78
102.9
30.37
22.58
16.52
101.9
28.97
21.44
15.65
96.2
27.42
20.34
15.56
91.5
25.63
18.97
14.79
86.4
26.00
' 19. 53
15.35
88.4
26.34
' 19. 59
15.10
88.8
' 26.11
' 19. 54
' 14. 52
88.4
103.7
106.1
101.5
104.6
106.1
102.3
102.4
104.7
101.2
102.0
103.8
99.7
101.3
103.5
97.3
98.6
101.3
95.8
94.0
96.2
90.8
89.0
91.3
90 3
83.2
85.1
85.8
84.4
87.7
89.0
85.6
87.9
87 6
.698
.707
.711
.713
.716
.716
.717
.715
.710
.710
.714
'.717
.780
.574
.471
.793
.582
.475
.796
.584
.475
.799
.587
.477
.800
.590
.481
.801
.590
.484
.802
.589
.486
.803
.586
.484
.794
.578
.480
.791
.577
.480
.794
.579
.483
r
95.2
98.3
100.0
113.7
96.4
109.7
102 1
92.2
98.4
100.1
112.3
96.7
108.9
101 4
90.5
95.2
99.7
109.0
96.1
104.8
97 6
86.2
96.6
98.0
111.5
97.0
109.6
99.6
87.6
94.2
96.9
108.0
94.7
102.5
95.4
90.1
96.2
91.7
110.5
94.4
101.7
100.2
91.8
91.3
91.2
107.0
90.2
93.5
96.0
93.2
90.1
90.7
107.2
91.0
89.5
92.6
89.2
87.7
88.7
105. 4
89.6
84.0
88.3
86.9
87.5
90.6
105.8
91.0
87.6
93.1
88.2
88.3
90.3
105. 6
91.4
88.1
92.8
85.4
87.4
88.3
104.1
89.3
86. 8
91.4
.627
1.30
.644
1.33
.662
1.35
.668
1.37
.673
1.37
.676
1.38
.678
1.38
.678
1.39
.680
1.39
.675
1.39
.675
1.40
.677
1.40
.670
.662
36 14
.662
.696
.708
36.71
.723
.733
.733
33.28
.737
.751
.724
34.81
.729
.39
.61
.27
.48
.52
.46
.59
.26
.42
.29
.41
.53
.27
.46
.53
.45
.54
.26
.45
.31
41
.56
.27
.44
.53
.46
.61
.27
.44
.30
.42
.58
.28
.46
.53
.45
.63
.27
.43
.32
.43
.56
.28
.47
.54
.45
.63
.27
.45
.32
.43
.57
.28
.47
.55
.45
.64
.27
.47
.31
.41
.57
.29
.48
.53
.43
.63
.27
.45
.33
.38
.58
.28
.50
.53
.42
.64
.26
.44
.34
.34
.59
.28
.51
.51
.45
.60
.26
.41
.34
.33
.60
.27
.52
.53
.46
.62
.26
.41
.36
.33
.61
.27
.53
.55
.52
.64
.26
.39
.36
.35
.58
.27
.49
.56
.45
. 65
.27
.41
.36
.625
125.0
.625
125.0
.625
125.0
.625
125.0
.625
125.0
.625
125.0
.625
125.0
.625
125.0
.625
125.0
.625
125.0
.625
125.0
.625
125. 0
344
346
348
343
326
307
293
279
0
1
0
2
0
2
0
2
0
2
0
1
0
0
1
274
148
127
69
331
282
153
129
62
323
279
148
131
67
311
278
147
131
63
279
266
147
119
59
299
246
140
106
61
293
236
143
93
57
297
229
141
89
48
271
3,386
2,869
2,045
823
115
3,362
2,863
2,043
820
120
3,352
2,856
2,039
817
129
3,334
2,848
2,035
813
120
3,321
2,839
2,031
808
119
3,321
2,834
2,030
804
116
3,328
2,824
2,026
799
111
3,337
2, 818
2,023
795
107
'84.7
'87.7
81 2
r
. 796
.580
.483
FINANCE
BANKING
Acceptances and com'l paper outstanding:
268
386
364
352
344
Bankers' acceptances, total
mills, of dol—
Held by Federal Reserve banks:
(a)
0
3
1
0
For own account...do
2
2
4
3
2
For foreign correspondents
. do .
Held by group of accepting banks:
265
295
273
Total.
mills, of dol—
218
263
139
137
130
144
143
Own bills
« do _
159
143
80
121
120
Purchased bills
__do
86
87
83
79
48
Held by others
do
285
325
251
287
329
Com'l paper outstanding
do
Agricultural loans outstanding of agencies supervised by the Farm Credit Administration:
3,394
3,389
3,399
3,393
3, 335
Grand totaldo
2, 811
2,885
2,883
2,879
2.874
Farm mortgage loans, total.-do
2,020
2,054
2,052
2,051
2,048
Federal Land Banks..
do
791
832
831
829
826
Land bank commissioner
do
104
94
93
99
102
Loans to cooperatives, total
do
Federal Intermediate Credit (direct)
1
1
1
1
1
mills, of dol._
Banks for cooperatives incl. Central
45
52
45
56
78
Bank__
..niills.ofdol..
Agricultural Marketing Act revolving
25
48
47
44
46
fund
..mills, of doL.
419
420
410
421
417
Short term credit, total
do
Federal Intermediate Credit Banks, loans
to and discounts for:
Regional Agricultural Credit Corps.',
Prod. Credit Ass'ns and banks for
202
159
165
170
171
cooperativesc?
mills, of dol__
41
45
47
48
48
Other financing institutions
do
152
160
164
180
163
Production Credit Ass'ns..
do
22
23
23
21
Regional Agr. Credit Corp
do
15
128
130
130
128
128
Emergency crop and seed loans
do
59
59
59
59
56
Drought relief loans
do
96
120
118
115
113
Joint Stock Land Banks in liquidation..do
-Less than $500,000.
' Revised.
IBasic rate for common labor.
Construction wage rates as of June 1,1938, common labor, $0,677; skilled labor $1.42.
cf To avoid duplication, these loans are excluded from the totals.
(°)
1
1
2
2
2
2
1
1
67
73
82
88
87
87
82
80
47
402
45
379
45
368
31
366
30
364
28
371
27
393
26
412
167
47
154
19
123
58
111
160
42
143
17
119
58
110
161
41
137
16
116
57
107
165
40
138
16
115
57
104
165
39
139
15
113
57
102
173
39
148
15
113
57
100
186
40
163
15
119
56
98
196
41
173
15
127
56
97
32
SURVEY OF CURRENT BUSINESS
Monthly statistics through December 1935, together with explanatory notes and references
to the sources of the data may be found in the
1936 Supplement to the Survey.
July 1938
1937
1938
May
May
Decem- January
August SeptemOctober November
ber
ber
July
June
1938
February
March
April
FINAN CE—Continued
BANKING-Contlnued
Bank debits, totalf
mills, of dolNew York City
do....
Outside New York Cityf..—
do
Brokers' loans:
To N. Y. S. E. members
do
By reporting member banks. (See Federal
Reserve reporting member banks, below.)
Federal Reserve banks, condition, end of mo.:
Assets (resources) total
mills, of dol..
Reserve bank credit outstanding, total
mills, of dol..
Bills bought
do
Bills discounted
do
United States securities
do
Reserves, total
do
Gold certificates..
...do
Liabilities, totaL.._
do
Deposits, total
do
Member bank reserve balances, total
mills, of dol..
Excess reserves (estimated)
do
Notes in circulation
do
Reserve ratio
percent.Federal Reserve reporting member banks,
condition, end of month:
Deposits:
Demand, adjusted
mills, of doL.
Time
do
Investments, total
do
U. S. Government direct obligations.do
U. 8. Government guaranteed issues.do
Other securities
do
Loans, total®.do
Commercial, industrial, and agricultural
loans f
Open market paper
mills, of dol—
Loans to brokers and dealers in securities
mills of dol-Other loans for purchasing or carrying securities.mills, of dol._
Real estate loans.
do
Loans to banks
do
Other loans
_
do
Interest rates:
Acceptances, bankers' prime.
..percent..
Bank rates to customers:
In New York City
do
In eight other northern and eastern cities
percent._
In twenty-seven southern and western cities
percent-.
Call loans, renewal (N. Y. S. E.)
do
Com'l paper, prime (4-6 mos.)
do
Discount rate, N. Y. F. R. Bank
.do
Federal Land Bank loans
do
Intermediate Credit Bank loans
do
Time loans, 90 days (N. Y. 8. E.)
do
Savings deposits:
Savings Banks in New York State:
Amount due depositors
mills, of dol
U. S. Postal Savings:
Balance to credit of depositors
do
Balance on deposit in banks
.do
r
r
r
r
39,114
18, 277
20, 837
r
28, 841
12,828
16, 013
' 34, 416
15,114
r
19, 302
459
1,152
1,186
1,174
1,186
1, 039
726
688
659
597
577
521.
14,179
12, 448
12, 496
12, 462
12, 394
12,786
12, 727
12, 796
12, 879
12, 697
12, 796
12, 925
14, 322
2, 582
2,585
2,562
2,574
A
Q
9
2, 564
11, 030
10, 648
14,179
9,212
17
2, 526
9,135
8,850
12, 448
7,261
10
2,526
9,159
8,846
12,496
7,278
15
2,526
9,160
8,843
12,462
7,288
2,577
3
22
2,526
9,135
8,840
12, 394
7,228
2,579
3
22
2,526
9,452
9,138
12,786
7,529
2, 580
3
21
2, 526
9,449
9,134
12, 727
7, 513
2, 606
3
17
2,564
9,450
9,132
12, 796
7,548
2,612
1
10
2, 564
9,4S1
9,129
12,879
7, 577
2,593
1
12
2,564
9,556
9,127
12, 697
7,775
2,590
1
10
2,564
9,637
9,183
12, 796
7,850
2,611
1
13
2, 580
9, 690
9, 223
12, 925
7, 917
2, 594
1
9
2, 564
11. 091
10, 650
14, 322
9, 298
7,665
2, 5C8
4,157
82.5
6,915
918
4,223
79.5
6,900
865
4,206
79.7
6,753
791
4,221
79.6
6,751
773
4, 252
79.6
7, 014
1,038
4, 263
80.1
6,928
1,055
4, 279
80.1
6,962
1,169
4, 274
79.9
7,027
1,212
4.284
79.9
7,237
1,383
4,138
80.2
7,248
1, 415
4,139
80.4
7,287
1, 540
4,142
80.3
7,623
2, 548
4, 148
82.5
14,589
5,216
12, 202
7, 844
1,411
2,947
8, 334
15,274
5,231
12,587
8,287
1,156
3,144
9,571
15,187
5,235
12, 530
8,301
1,152
3,077
9,760
15,033
5,268
12, 499
8,283
1,188
3,028
9,784
14, 924
5, 268
12, 292
8,193
1,130
2,969
10, 027
14,864
5,290
12,022
7,903
1,131
2,988
10.004
14,610
5,278
12,029
7,968
1,137
2,924
9, 625
14, 612
5,234
11,940
7, 963
1, 118
2,859
9,441
14, 431
5, 205
12.015
8, 018
1,116
2,881
9,387
14,464
5,225
12, 253
8,165
1,141
2,947
8,981
14, 381
5. 260
\% 298
8,137
1,159
3,002
8,933
14, 268
5,221
12, 039
7,778
1, 156
3,105
8,771
14, 598
5, 230
12, 257
7,987
1,199
3, 071
8,587
3,992
365
4,270
483
4,331
467
4,425
464
4, 638
466
4,807
475
4, 761
4, 637
4.75
4, 601
46 i
4, 394
455
4,357
431
4, 299
418
4,187
393
876
894
762
789
680
652
650
1,167
68
1, 568
635
1, 165
66
1, 565
617
1,161
65
1,527
616
1,158
82
1,520
605
1,150
96
1,523
591
1,149
104
1,511
Via
Via
2.34
2.40
2.36
]_
r
36, 463
16,434
20,030
r
36,914
16,751
20,163
31. 696
13,476
' 18,420
• 33, 371 ' 36, 085
16,151
14,718
• 18,652 • 19,934
31, 603
13, 432
18, 171
r
32,084
14, 477
17,607
477
603
1,333
1,447
1,363
1,392
1,227
583
1,156
114
1,521
720
1,161
123
1,481
714
1,169
98
1,534
701
1,163
150
1,518
703
1,164
135
1,529
682
1,165
97
1,551
901
660
1,169
96
25, 547
10,915
• 14, 633
32,120
14, 746
17, 373
31, 169
14, 572
16, 597
H«-H
He
Ha
1, 561
H6
Vie,
H*
2.44
2.34
2.36
2.41
2.39
He
2.45
2.40
2.36
3.27
3.45
3.32
3.32
3.29
3.33
2.38
3.42
3.36
3.37
3.29
3.25
3.26
4.13
1. 00
3
4-l
1.00
4. 00
2.00
4.17
1.00
1
1.50
4.00
2.00
4.19
1.00
1
1.50
4.00
2.00
4.13
1.00
1
• 1.00
4.00
2.00
4.17
1.00
1
1.00
4. 00
2.00
4.15
1.00
1
1. 00
4.00
2.00
4.16
1.00
1
1. 00
4.00
2.00
4.09
1.00
1
1.00
4.00
2.00
1H
1H
4.15
1.00
%-l
1.00
4. 00
2.00
134
4.13
1.00
H-i
1.00
4.00
2.00
IH
4.18
1,00
1
1.00
4.00
2.00
3.37
4.16
1.00 I
VA
4.18
1.00
1
1.50
4.00
2.00
1%
5, 307
5,245
5,275
5,267
1, 255
109
1,268
134
1,268
136
1.271
133
1,053
44
59
187
8
36
13
2
13
9
6
18
7
45
3
27
661
102
14, 559
1,028
742
4, 449
128
659
231
834
27
50
153
3
37
16
5
6
5
5
14
7
39
3
13
518
86
8,364
493
550
2, 465
14
588
313
670
24
42
134
4
33
10
3
13
6
2
5
3
40
2
13
404
66
8,191
408
499
2,8*3
45
452
405
618
25
31
131
4
33
10
1
5
3
9
12
4
36
4
13
379
52
7,766
401
473
2,988
13
577
152
VlQ
2.40
1 I
IK
LOO
4.00
2.00
5, 270
5,291
5. 255
5, 250
5, 2S2
5,290
5,297
5,329
5,303
1,273
133
1,270
132
1,269
130
1,270
129
1, 270
130
1,272
125
1,271
124
1, 268
r 121
1, 262
115
707
30
49
148
5
31
11
8
5
9
10
21
2
30
6
10
403
77
11,916
437
634
5,603
103
743
146
564
26
36
117
8
30
10
1
3
3
6
9
4
13
8
22
336
49
8,393
822
431
3,006
196
529
98
768
35
37
172
3
45
13
3
9
3
12
12
3
43
5
21
437
87
9,335
571
424
3,793
63
834
427
786
40
60
164
6
37
12
0
9
9
10
13
4
33
4
27
440
82
10, 078
819
994
3,058
79
549
148
932
48
53
2U0
5
42
17
1
10
5
fi
11
7
57
5
34
527
104
13,291
709
852
5,117
57
1,077
462
1,320
56
60
216
10
48
13
3
8
6
19
12
6
56
2
33
872
116
15,035
640
775
4,106
128
1,363
147
1,071
64
51
171
5
31
14
1
1,088
47
52
203
4
41
15
1,116
42
39
184
10
30
27
4
11
1
7
10
8
45
3
28
735
116
20,106
5,449
1,175
4, 383
123
727
927
134
COMMERCIAL FAILURES
Grand total
...number..
Commercial service, total.
do
Construction, total
do
Manufacturing, total
do
Chemicals and drugs
—.do
Foods
_
do
Forest products
do
Fuels
do
Iron and steel
do
Leather and leather products..
do
Machinery
do....
Paper, printing, and publishing
do
Stone, clay and glass products
_do
Textiles
.....do
Transportation equipment
do
Miscellaneous
do
Retail trade, total..
_
.do
Wholesale trade, total
do
Liabilities: Grand total
thous. of dol..
Commercial service, total
do
Construction, total.._
do
Manufacturing, total..
.do
Chemicals and drugs
...do
Foods
do
Forest products.
_
___do
15
2
53
2
28
685
100
13, 359
1,100
612
4, 517
17
300
251
11
7
13
19
7
49
3
32
679
107
15, 567
578
873
4,302
21
1, 070
236
r
° In effect beginning Aug. 27, 1937.
Revised,
® F o r m of reporting member bank loans revised beginning M a y 1937; the n e w items, which are self-explanatory, are not available prior to that date. For a detailed discussion of the significance of the n e w series, see t h e Federal Reserve bulletins for M a y 1937, p . 440, a n d June 1937, p. 530.
t R e v i s e d series. B a n k d e b i t s revised for 1937. Revisions for total b a n k d e b i t s , J a n u a r y , 39,488; F e b r u a r y , 34,536; M a r c h , 42,013; a n d April, 37,144; for b a n k d e b i t s o u t s i d e
N e w Y o r k C i t y , J a n u a r y , 20,391; F e b r u a r y , 17,629; M a r c h , 21,616; a n d A p r i l , 20,062. D a t a for N e w Y o r k C i t y d i d n o t revise.
\ B r e a k - d o w n of c o m m e r c i a l , i n d u s t r i a l , a n d agricultural loans " o n s e c u r i t i e s " a n d " o t h e r w i s e secured a n d u n s e c u r e d " are n o t available s u b s e q u e n t t o M a y 193S.
Julv 1938
Monthly statistics through December 1935, together with explanatory notes and references
to the sources of the data may be found in the
1936 Supplement to the Survey.
33
SURVEY OF CURRENT BUSINESS
1937
1938
May
May
June
July
August
1938
September
DecemOctober November
ber
January
February
March
April
FINANCE—Continued
COMMERCIAL FAILURES-Continued
Liabilities—Continued.
Manufacturing—Continued.
Fuels
thous. of doL.
Iron and steel
do
Leather and leather products
do
Machinery
do
Paper, printing, and publishing
do
8tone, clay and glass products
do
Textiles
.
_.do
Transportation equipment
do
Miscellaneous
do
Retail trade, total
do
Wholesale trade, total
do
149
323
458
323
163
1,004
192
752
6,232
2,108
LIFE INSURANCE
{Association of Life Insurance Presidents)
Assets, admitted, totalj
mills, of doL.
Mortgage loans, total
do
Farm
do
Other.__
do
Real estate *
do
Policy loans and premium notes
do
Bonds and stocks held (book value), totai
mills, of doL.
Government (domestic and foreign)._do
Public utility
do
Railroad
do
Other
do....
Cash*
do....
Other admitted assets*
do
Insurance written:
Policies and certificates, total number
892
thousands _.
24
Group
do
Industrial
do
648
Ordinary.
_
_
__do
220
Value, total
__..thous. of doL. 618,807
43,076
Group
do
191,648
Industrial
_
do
384,083
Ordinary
do
Premium collections, total 0
do
Annuities
do
Group
do
Industrial
_
_
__do
Ordinary
__do
(Life Insurance Sales Research Bureau)
Insurance'written, ordinary, totalt mills, of dol. _
491
New England f
do
35
133
Middle Atlantic!do..-.
102
East North Centralf
do....
52
West North Centralf
do
48
South Atlantic!
_
do
20
East South Centralf.
do
44
West South Centralt
do....
14
Mountainfdo
43
Pacific f_
_
do
Lapse rates
1925-26-100-.
56
56
146
98
157
131
721
81
104
3,568
1,288
203
155
162
30
133
37
1,146
17
98
3,292
1,109
27
31
53
67
184
210
1,163
74
437
2,861
1,043
2,675
54
245
348
257
29
548
237
218
2,896
2,346
105
81
71
55
121
51
1,187
158
354
3,074
1,060
57
354
95
174
128
16
729
212
704
3,116
1,431
20,914
4,116
689
3,427
1,761
2,614
20,992
4,128
688
3,440
1,753
2,614
21,120
4,144
686
3,458
1,763
2,611
21, 221
4,155
683
3,472
1,767
2,609
21,317
4,165
685
3,480
1,767
2,614
11,321
5,191
2,464
2,777
889
611
491
11,447
5,267
2,488
2,777
915
587
463
11,570
5,269
2,526
2,765
1,010
581
451
11, 651
5,300
2,527
2,772
1,052
587
452
1,066
39
789
237
803,121
74, 766
239,733
1,027
51
735
241
824,470
87,861
224,113
512,496
265,179
247,640
25,830
10,319
54,556
156,935
631
47
178
144
61
60
26
49
17
50
11,400
62,120
165, 270
646
48
181
147
64
60
26
50
17
53
92
0
473
197
232
174
148
143
211
14
80
63
211
1,235
182
467
7,140
1, 959
1,764
204
64
115
136
117
914
5
630
5,484
1, 646
504
3,816
1,391
1,336
159
325
216
137
872
100
3G8
4,622
1,991
78
69
116
430
142
106
1,039
85
403
7,014
1, 900
21, 432
4,176
683
3,493
1,770
2,630
21, 536
4,183
678
3,505
1,774
2,633
21,514
4,199
675
3,524
1,768
2,635
21, 623
4,213
674
3 539
1.769
2,640
21, 705
4,217
673
3,544
1,775
2,643
21, 772
4, 236
674
3, 502
1,773
2, 649
21,851
4,240
672
3, 568
1, 780
2, 059
11,709
5,348
2,543
2,773
1,045
628
434
11,781
5,358
2,576
2,775
1,072
644
431
11,908
5,442
2,593
2,778
1,095
609
429
11,941
5,485
2,601
2,710
1,145
600
371
11, 970
5, 490
2,619
2.718
1,143
680
351
11. 999
5,470
2,668
2,720
1,141
712
359
12,053
5, 493
2,685
2,730
1,145
737
324
12,120
5,499
2,713
2,701
1,147
731
321
938
40
687
212
217
743,716 703,123
93,863 62,186
204,121 210,898
445, 732 430,039
253,191 245, 561
27,987 24,167
11,037 10,989
56,097 61,131
158,070 149,274
871
25
646
200
637,595
49,921
197,339
390,335
230,770
22,396
10,616
54,438
143,320
982
28
741
212
701,038
45,437
226, 243
429,358
237, 522
23, 243
10, 066
53,444
150, 769
916
24
689
202
681, 376
42, 238
211,409
427, 729
251,012
25,325
10,751
61,412
153, 524
929
44
674
211
764,803
87,386
213,976
463,441
337,493
46,538
12, 568
92,441
185,946
793
20
597
176
589,165
31,401
179,975
377, 789
261,842
32, 414
12,131
60, 996
156, 271
766
25
577
164
589,407
41,671
174,092
373, 644
246, 708
23, 354
10,643
58,314
154,397
20
650
202
072,142
33, 050
198, 025
441,007
274, 277
24. 894
12, 656
58, 003
178,724
833
16
643
175
617,475
37,815
193,131
386, 529
255,403
21,665
11,603
66, 589
155,546
546
37
143
126
56
53
24
41
17
50
500
34
127
113
52
49
23
42
14
47
580
41
164
132
58
52
23
44
16
49
573
40
159
132
68
52
22
44
17
49
634
40
164
143
69
61
26
56
20
56
494
36
140
113
50
44
19
39
14
39
489
36
137
107
50
45
19
41
13
40
568
43
150
122
58
54
25
48
16
47
500
38
139
105
52
48
21
40
14
43
945
41
163
132
60
55
24
45
17
50
MONETARY STATISTICS
Foreign exchange rates:
.332
.333
.335
.332
.333
.333
.332
.330
.329
.331
.331
.329
Argentina A
dol. per paper peso..
.169
.170
.170
.169
.170
.169
.168
.169
.169
.168
.168
.169
Belgium
dol. per belga__
.059
.057
.058
.059
.054
.056
.065
.064
.058
.066
.059
.066
.064
Brazild* _
dol. per milreis..
.374
.377
.379
.376
.377
.377
.376
.374
.374
.372
.371
.375
.373
British India
dol. per rupee__
.994
1.001
1.000
. 997
.999
1.000
1.000
1.000
1.000
.999
.992
.999
1.001
Canada
dol. per Canadian dol__
.052
.052
.052
.052
.052
.052
.052
.052
.052
.052
.052
.052
.052
Chile.
-._
dol. per peso..
.031
.034
.033
.031
.034
.033
.038
.035
.033
1.044
.028
.038
.045
France.
dol. per franc.
.402
.404
.404
.402
.403
.403
.402
.401
.402
.401
.402
.402
.402
Germany
dol. per reichsmark..
.053
.053
.053
.053
.053
.053
.053
.053
.053
.053
.053
.053
.053
Italy.
_
dol. per lira..
.290
.291
.290
.289
.291
.291
.290
.289
.289
.287
.289
.289
.288
Japan
__dol. per yen..
.556
.555
.560
.550
.556
.557
.552
.551
.553
.550
.554
.551
.549
Netherlands
_dol. per florin..058
.063
.061
.058
.062
.061
.063
.065
.063
.052
.058
.051
.053
Spain§
dol. per peseta..
.257
.258
.259
.257
.258
.258
.257
.255
.255
.254
.256
.256
.255
Sweden
dol. per krona-.
4.98
5.00
5.02
4.98
5.00
5.00
4.98
4.95
4.96
4.94
4.97
4.97
4.94
United Kingdom
dol. per £__
.655
.791
.660
.656
.799
.665
.792
.781
.791
.791
.654
.794
.787
Uruguay.
dol. per peso..
Gold:
12,829
12, 782 12, 788 12, 765 12, 756 12,768
12, 778
12, 404 12, 512 12,653
Monetary stock, U. S
mills, of dol.. 12,891
12,189
11,901
Movement, foreign:
-1,199
-614
9,343 - 8 , 046 - 20,145 -101,580 -1,106 -18,179
Net release from earmark^.—thous. of dol,_ -53,947
21,196 -15,865 -35,544 - 5 , 288
174
145
15,052
5,067
20
232 30,084
Exports
do
129
81
169
212
4
206
8,211
71, 236
7,155
52,947
90, 709 52,194 33,033
Imports
..do
52,987 155,366 262,103 175,624 105, 013 145,623
Net gold imports including net gold re69,892
-10,142
1,965 -83, 599
52, 313
leased from earmark*
thous. of dol.. - 1 , 1 7 2 181, 558 246,157 139,874 99,556 154,837 82, 431
Production:
Union of South Africa*
..fine ounces..
971, 720 975,197 997,013 988,502 976,285 987, 401 979,390 991,310 987, 791 929,264
Witwatersrand (Rand)t.
do
898,634 902,024 919,488 911,310 899,076 907, 681 901, 228 910,442 907,777 857,077
Receipts at mint, domestic
do
227, 621 236, 763 198,174 216, 321 320,992 246,221 262,129 278,883 224,049 208, 407 174,792 204, 278 190.201
6,397
6,319
6,337
6,618
6,566
6,338
6,558
6,435
6,500
6,558
Currency in circulation, total.... .mills, of doL.
6,475
6,426
6,415
#
' Quotation partly nominal.
A Largely nominal.§
Quotations nominal beginning July 31, 1936.
1Or increase in earmarked gold (—).
Or exports (—).
•New series. With the addition of the 3 new series on admitted assets of life insurance companies, a more complete record, as reported by the Association, is here presented;
earlier data for the new series covering the period 1922-36 were shown in table 51, p. 19 of January 1938 issue. Data on the production of gold in the Union of South Africa
for 1913-36 appeared in table 48, p. 20 of the December 1937 issue.
fRevised series. For data on ordinary life insurance written for period 1930-37 see table 36, pp. 18 and 19 of the September 1937 Survey. Revised data on gold production
in the Witwatersrand area for 1913-36 appeared in table 48, p. 20 of December 1937 issue.
% 39 companies having 82 percent of total assets of all United States legal reserve companies.
®40 companies having 82 percent of total life insurance outstanding in all United States legal reserve companies.
e? Free market rate su-bstituted for official rate beginning January 1937.
34
SURVEY OF CURRENT BUSINESS
Monthly statistics through December 1935, together with explanatory notes and references
to the sources of the data may be found in the
1986 Supplement to the Survey.
1938
May
July 1938
1937
May
June
July
1938
Decem- January
August SeptemOctober November
ber
ber
February
March
April
FINANCE—Continued
MONETARY STATISTICS-Continued
Silver:
317
Exports
-thous. of dol-_
17,952
Imports
__
_do
.428
Price at New York
_dol. perfineoz_.
Production, world
_thous. offineoz_.
Canada
do
Mexico
_
do
United States
__do
Stocks refinery, end of month:
United States
_
_do____
Canada
_.do
341
3*165
.450
21,536
1,467
6,543
5,280
244
6,025
.448
24, 845
1,228
10,140
5,487
214
4,476
.448
23,427
2,317
6,274
6*805
278
4 964
.448
26,216
2,367
8,428
7,441
285
8, 427
.448
22, 487
2,271
6,460
5,779
380
5,701
.448
21, 345
2,536
6,112
4, 855
527
10, 633
.448
• 22, 877
2,176
6,272
6,682
236
23,151
.448
21,330
1,635
5,760
5,693
355
28, 708
.448
23, 603
1,622
8, 662
5,222
233
15, 488
.448
21, 465
1,735
7,144
5,083
1,729
1,430
'~5~752~
5,044
1,303
862
735
1,127
537
1,296
439
1,363
817
1,064
852
1,287
617
1,523
2,606
521
4,120
903
6,302
800
5,708
579
191
14. 440
.444
250
15, 757
.428
CORPORATION PROFITS
(Quarterly)
Federal Reserve Bank of New York:
Industrial corporations, total (167 cos.)
mills, of dol..
Autos, parts, and accessories (28 cos.)--do
Chemicals (13 cos.)
-do
Food and food products (19 cos.)
do
Machinery and tools (17 cos.)-niills. of dol_.
Metals and mining (12 cos.)
do
Petroleum (12 cos.)
_
_do
Steel (11 cos.)
_
..do
Miscellaneous (55 cos.)
do
Telephones (net op. income)*
do
Other public utilities (net income) (53 cos.)
mills, of dol_.
Railways, Class I (net income)1
__do
Standard Statistics Co., Inc.:t
Combined index, unadjusted (161 cos.)
1926=100..
Industrials (120 cos.)
do
Railroads (26 cos.)
do
Utilities (15 cos.)
._.do.__.
Combined index, adjusted (161 cos.) do.
Industrials (120 cos.)___
__do.
Railroads (26 cos.)
do.
Utilities (15 cos.)
do.
46.9
21.1
16.2
6.3
17.7
56.7
45.7
'58.6
262.4
60.6
44.2
19.
14.3
5.7
24.4
50.8
42.7
r
52. 5
194.9
55.2
44.7
20.6
8.5
4.6
16.7
7.7
36.9
'55.4
21.2
46.8
41.6
51.9
16.6
109.!
127.1
8.
125.1
100.4
113.5
'9.6
127.7
'97.3
' 111.4
' 17.7
' 109.7
'94.5
' 104. 4
' 13.8
' 127. 7
'77.7
'81.4
2.7
r
135. 9
'84.5
'92.8
'2.5
' 126. 3
309.0
1.4
74.0
4.6
19.1
16.0
7.7
1.9
13.6
d
1.8
12.9
50.0
47.7
106. 2
d
' 36. 6
'36.8
38.6
' 112. 3
'38.1
'38.9
• d 30. 0
' 102. 9
d
PUBLIC FINANCE (FEDERAL)
37,045
37,094
37,633
37, 556
37, 510
37, 279 37, 453
36, 875
36, 956
Debt, gross, end of month
mills, of doL. 37,422
35, 216
36, 425
36, 716
Obligations fully guaranteed
by the U, S.
Government: cf1
Amount outstanding by agencies, total
4,633
4,647
4,646
4,646
4,644
4,646
4,645
4,634
4,665
mills, of doL.
4,853
4,703
4,633
4,660
1,400
1,410
1,410
1,410
1,410
1,410
1,410
1,422
Federal Farm Mortgage Corporation..do
1,410
1, 400
1,400
1,422
1,420
2,937
2,937
2,937
2,937
2,937
2,937
2,937
2,938
2,987
Home Owners' Loan Corporation.-do
2,937
2,937
2,987
2,987
296
299
299
299
297
298
297
299
255
Reconstruction Finance Corporation-do
297
250
295
Expenditures, total (incl. emergency)
thous. of dol_. 564,163 624,015 1,386,931 675,811 617, 578 765, 251 671, 409 649,877 770, 402 620,787 639,519 809, 821 733, 957
526, 049 392, 509 966,905 464,057 547, 570 858. 585 394, 403 439, 548 942, 508 417,833 467,211 1,044,770 324, 298
Revenues, total
.._
do
26, 307
24, 203
24, 430
38, 790
31,513
26,193
30,129
22, 336
36,173
36, 515
41,716
Customs
_„
do
40, 649
46, 252
277, 765 281,058 827,483 376,074 336,125 738. 564 284, 250 325, 736 767, 545 305, 388 280, 601 916,945 302, 476
Internal revenue, total
do
67, 586 706, 735
34,831 494, 405
52,0£6
45, 931
35, 287 482, 697
40,699
41, 671
Income tax
do
42, 464
42,949 556, 946
Taxes from:
1,542
1,660
1,599
1,773
2,243
2, 290
1,353
1,395
1,967
Admissions to theaters, etc
do
1,875
1,722
1,633
1,537
1,413
1,492
1,514
940
1,803
2,898
1,692
2,045
1,155
1,556
1,235
Capital stock transfers, etc
do
1,232
2,169
589
160
192
210
191
325
266
338
174
454
416
571
639
Sales of produce (future delivery). _do
762
249
368
261
231
711
670
395
197
433
633
329
Sales of radio sets, etc
do
Reconstruction Finance Corporation loans outstanding end of month :f
' 1,695,089 1,703,454 1,711,478 '1,732,798 '1,777,499 1,790,777 1,797,033 1,950,915 1,970,266
1,867,946 1,739,797 1,744,671
Grand total
thous. of dol
654,669 654, 995 •661.465 661,120 '658,075 '661,255 '658,972 |'653, 852 657, 348 656, 672 657,170 660,890 662, 3£0
Section 5 as amended, total
do
Banks and trust companies including receivers
thous. of doL. 139, 773 164,189 160,962 164,193 162, Of 5 '159,018 • 156,875 • 152, 309 153, 704 150, 616 146,924 143, 927 145, 592
2,391
2,269
2,061
2,326
2,383
' 2,061 ' 2, 054 ' 1, 950 ' 1, 864 ' 1,805 ' 1, 714 ' 1,641 ' 2,122
Building and loan associations
do
2,592
2, 757
2,562
2,547
' 3, 702 ' 3. 679 ' 3, 575 ' 3, 379 ' 3, 362 ' 2, 955 ' 2, 791
-3,819
3,549
Insurance companies
.
do
107, 057 122. 450 123, 063 122, 229 122. 002 124. 284 •124,898 125,914 128.465 128, 785 131, 002 131, 472 131,417
Mortgage loan companies
do
390, 233 344, 798 354,320 351. 932 351,855 3."6, 276 • 355,923 •355,899 355,894 358,216 361,951 368, 471 '369,379
Railroads, incl. receivers
do
12,310
12,132
11,146
11,674 ' 17, 678 ' 17, 365 ' 17,136 ' 16, 724 ' 16, 493 ' 16, 199 ' 15, 135 ' 14, 372 14, 237
All other under section 5
do
Total Emergency Relief Construction Act,
as amended
thous. of doL. 242, 871 267.401 268, 713 285,425 228, 081 231,206 '241,472 • 264, 356 299,689 '314,414 320,761 331,170 340,820
241,914 216,572 219, 899 223, 331 225, 060 226, 810 230,282 232,035 235,579 233, 223 231, 762 235,170 238,582
Self-liquidating projects
do
Financing of exports of agricultural sur47
47
47
47
47
47
47
47
47
47
47
47
pluses
thous. of doL_
Financing of agricultural commodities
88, 952
95, 953 102,191
910 ' 50, 782 ' 48,767 ' 62, 047 ' 2,975 ' 4, 348 ' 11,143 ' 32, 274 r 64, 064 81,144
and livestock
thcus. of dol__
Direct loans to business (incl. participa73,072
73, 053
72, 688
tions) *
thous. of dol.. 73, 741 ' 69,413 ' 70, 467 '71.076 ' 72, 600 ' 73,015 ' 72, 959 ' 72. 528 ' 74, 794 73,418
Total, Bank Conservation Act, as amended
thous. of doL_ 566, 047 616, 364 609.505 602,924 597,129 594, 055 590,891 • 589, 634 • 585,839 581. 740 567, 459 £64,571 566, 770
330, 618 131,624 134,521 • 137, 580 139, 204 143, 923 147,184 ' 152, 427 • 159, 829 • 164, 533 '178, 590 '321,596 '327,254
Other loans and authorizations
do
' Revised.
* Deficit.
•Number of companies included varies.
TAs reported by the Interstate Commerce Commission. Figures shown on p. 54 of the 1936 Supplement are in thousands of dollars instead of in millions as the box head
indicates.
t Revised series. Standard Statistics index of corporation profits revised beginning 1924; data not given here will appear in a subsequent issue. Reconstruction Finance
Corporation data have been revised to exclude "amounts made available for relief and work relief" which have been canceled by legislative action (Public No. 432, Feb. 24,
1938). Other minor adjustments have been made in the figures, and the item "direct loans to business" has been segregated from "other loans and authorizations." Revisions
prior to those shown here, together with the new series beginning August 1934, will appear in the 1938 SupDlement.
*NewSeries. ~
• •• ~
~
--> c? By an act c
such issue, to the an
guaranteed debentures of the Federal Housing Administration.
July 1938
Monthly statistics through December 1935, together with explanatory notes and references
to the sources of the data may be found in the
1936 Supplement to the Survey.
35
SURVEY OF CURRENT BUSINESS
1937
1938
May
May
June
July
1938
DecemOctober NovemAugust September
ber
ber
January
February
March
April
FINANCE—Continued
CAPITAL FLOTATIONS
New Security Registrations!
(Securities and Exchange Commission)
New securities effectively registered:
Estimated gross proceeds, total
thous. of dol_Common stock
do
Preferred stock
do
Certificates of participation, etc
do
Secured bonds
do
Debentures and short-term notes
do
93, 634
21, 828
23,297
22, 694
18, 215
7, 500
238,068
114,789
34,44?
11,180
2,778
74,879
369,065
67,055
78,592
16,983
136,340
70,095
122,289
85,690
25,390
29,929
3,588
302,343 156, 395
171, 547 82, 621
66,194
10, 263
6,696
1, 624
30, 453 13, 887
27, 453 48,000
127. 621
10, 574
26,013
12,175
78,860
0
38,159
23,092
6,144
7,531
0
1,392
201,374
82, 637
20, 768
50,212
35, 625
12,133
79,909 206, 698
17, 523 84, 749
710
2,028
19,688
53, 284
11,463
56, 488
30, 525 10,150
97, 371
22, 530
2,481
7,595
3,715
61, 050
Industrial classificaton:*
2,985
6,782
2,310
3,547
9, 572
6,063
569
Extractive industries
do
1,125
1,551
1,074
1,268
1,015
1,450
Manufacturing industries
do
29, 449
2,280 55, 562
40,322 155,131 117,685 165,521 214, 658 130, 375
7,270 61, 537
4,975
9,283
8,395
14,985
52, 732 45, 566 30, 541
Financial and investment
do
31,094
16, 788 24, 906 109, 208 36,856
81, 400 49,050
20,754
2,127
Transportation and communication._do
43,375
26,100
0
0
362
6. 443
0
0
0
0
4, 992
2,115
Electric light and power, gas, and water
2,492 142,340 35,167 36, 216 12, 497 79, 610
thous. of doL. 21,145
13, 629 39, 705 67, 308
0
910
64, 514
19,099
14,865
691
10,010
Other
do
20, 637 13,850
500
7,749
0
287
878
685
Securities Issuedf
(Commercial and Financial Chronicle)
Amount, all issues..
thous. of doL. 216, 724 265,441 560,338 341,045 187,312 223,828 203,496 136, 559 164,452 121, 444 199,188 245,178 352,020
265,441 560,338 341,045 187,312 220,578 203,496 136, 559 164,452 121,444 199,188 245,178 352,020
Domestic issues
do
216, 662
0
0
0
3,250
Foreign issues
—_do
0
0
63
' '0
'0
0
0
0
0
169,331 418, 288 138,526 106,809 152,143 136,299
Corporate, total..
_
...do
61.626
78,813
37, 062 57, 230 49,306 103, 027 81,638
.80,096 188,647 103,031 27,665 138,487 27,600
Industrial
.do...
6,180
320 53, 871 12,139
20, 406
28, 333 27, 718
0
0
0
0
Investment trusts
do
0
0
0
0
0
99
0
0
400
600
350
756
3, 445
2,625
725
Land, buildings, etc., total
do
845
4,230
0
385
707
317
250
600
3,445
350
2,625
756
725
4,230
0
385
250
Long-term issues
do
845
707
317
0
0
0
0
0
0
385
0
Apartments and hotels
__do
0
2,300
0
0
0
0
0
0
0
0
0
325
2,000
3,000
0
0
Office and commercial
do
0
0
57,590
30,025
11,
500
20,
900
155, 324
51,126
83, 064
39, 300 102, 000 13,565
62, 750
Public utilities.
_
do
6,480
40,375
25, 220 15, 410
2,950
1,300 21,306
4,880
6,039
0
Railroads
.do
0
0
3,540
0
12, 235
5,825
2,170
3,346
55,462
19,354
100
0
0
2,250
134
0
3,101
1,250
Miscellaneous
do
44,891
30,000 118,000 27,400 20, 000 r 34,300
52,000 r 22, 700 23,350
32,450 53, 500 223, 725
Farm loan and Oov't agencies
do
63,960
51,219
84,
520
84,
522 48, 788 63,711 110,040
112, 051
53,103
48, 435
32, 897 47, 496
91,138
49,482
Municipal, States, etc
do
Purpose of issue:
New capital, total
__
do___ 156, 640 149,136 359,887 247, 636 78, 740 157, 058 r 96, 492 95, 027 122,364 92, 387 82, 072 126, 260 197,448
96, 492 95, 027 122, 364 92, 387 82, 072 126, 260 197,448
156, 578 149,136 359, 887 247, 636 78, 740 153,808
Domestic, total
do
12,313
35, 872 77, 111 268, 946 81, 745 50, 673 112, 757 66, 647 26,942 42,767 45, 533 40,802 23,995
Corporate
do
89,000
28, 500
5, 600
0
25,000
0
0
0
8,700 140,000
33,150
0
Farm loan and Gov't agencies _____ do
0
43,085 r 79, 598 41, 255 41, 270 93,564
45,135
87, 556 43, 526 90, 941 76, 891 28,067
41,051 <• 29,
Municipal, States, etc
do
846
r
0
0
0
0
'0
0
0
0
63
Foreign
do
0
3,250
0
0
29, 056 117, 116 118,918 154, 572
60,084 116, 305 200,451 93, 409 108, 572 66, 770 107, 004 41,531 42,088
Refunding, total
do
14,463
25, 692 92, 220 149, 341 56, 781 56,136
3,773 62, 225 57, 643 66, 500
39, 386 69, 653 10,120
Corporate
do
Type of securities (all issues):
Bonds and notes, total
do___ 200, 818 213, 691 467,910 262, 695 165,193 159, 488 182,797 131,666 147,997 114,163 119, 113 243, 807 350,897
60,175 84, 690 87,803 115,600
32,170 40,775 42,025 102,952 80, 267 77, 690
45, 720 117, 581 325,860
Corporate—
-do
7, 2S1
1,123
51, 750 92, 428 78, 351 22, 119 64, 340 20, 699
4,892 16, 455
75
1,371
15,906
Stocks.
do
(Bond Buyer)
State and municipal issues:
51, 889 • 62, 669 232, 776 48, 048
Permanent (long term)
__.thous. of dol_ 151,182 54,004 110,554 51, 656 56,466
50, 587 95,013
71, 338 37,406
15,980
83,966
Tt»mporary (short term)
do
18, 684 75,555
16, 479 30,776 216, 278 66, 266 184,642 38, 340
14, 047 113, 968 17,845
COMMODITY MARKETS
Volume of trading in grain futures:
928,917 926, 377 635,120 660, 335 400,178 577,018 571,622
Wheat
thous. of bu_ 511,678 923, 787 1,544,605 1,639,153 1,160,679
Corn
d o . . . 115,110 223, 622 324,350 335,946 307,440 174, 055 184,125 177, 229 158,220 106, 235 70, 738 107, 738 110,856
SECURITY MARKETS
Bonds
Prices:
Average price of all listed bonds (N. Y. S. E.)
87.82
93.89
89.70
93.93
91.51
90.11
89.48
87.78
92.98
dollars..
92.76
85.71
90.84
96.79
91.64
92.75
92.44
94.54
93.17
90. 81
95.84
95.64
92.36
Domestic
do
96.82
88.71
59.91
69.30
62.73
62.60
68.44
65.60
63.65
62.07
59.64
69.11
62.23
Foreign
do
69.81
58.27
Domestic (Dow-Jones) (40 bonds)
63. 62
66. 70
96.60
77.73
72.31
95.56
96.71
90.79
84.32
77.65
72.77
95.85
percent of par 4% bond..
97.63
98. 26
97.21
98.81
104. 60 105. 40 106.04
98.09
100.40
106. 70 103.84
100. 25
Industrials (10 bonds)
do
93.24
93.48
94.63
94.94
93.61
95.90
97.32
100. 50
95.60
93.13
94.83
93.39
Public utilities (10 bonds)-.
do.—
73.38
78. 90
92.21
93.52
122. 29 123. 69 124. 53 123. 04 118. 55 113. 90 104. 60 106. 02
Rails, high grade (10 bonds)
.do
35.37
37.85
47.23
42.30
55.72
41.97
75.49
73.41
64.36
47.15
73.62
Rails, second grade (10 bonds)
do
70.03
Domestic (Standard Statistics):
72.1
84.4
74.8
96.6
81.2
80.5
101.7
100.4
91.8
87.2
100.9
74.5
101.1
Corporate (45 bonds)
dollars.112.2
109.5
112.2
111.6
109.6
108.1
110.8
109.0
111.5
110.1
109.1
113.6
111.8
Municipal (15 bonds)t~
do..
TJ. S. Government (Standard Statistics):
109.8
109.8
109.0
108.0
108.1
109.6
109.6
108.3
108.7
108.6
108. 9
110.8
7 bonds
do..
Sales (Securities and Exchange Commission):
Total on all exchanges:
Market value
thous. of dol_. 116,394 206,518 174,732 173,575 158,165 159, 293 181,489 150, 361 148,239 133, 593 112,786 139, 041 128,938
161,697 238,348 210,940 207,044 187,459 212,856 268, 387 223,973 247,098 192,475 157, 513 201,181 180, 796
Par value..
...do.
On New York Stock Exchange:
Market value
thous. of dol._ 89, 587 176,477 146,794 146,991 134, 439 134,842 153,968 124, 761 123,884 113, 449 94, 784 115,972 108, 296
127,972 204,294 178,497 175,800 160, 722 183,850 231, 796 190, 631 213, 888 166,909 134, 016 170, 871 152, 817
Par value
do
Sales onN. Y. S.E., exclusive of stopped
sales (N. Y. S. E.)* Par value:
Total
thous. of dol_. 121,156 179,649 178,898 160,504 147,601 182, 078 227, 502 172, 494 197,999 165, 910 127, 593 169, 432 139,715
10,736
15,125
15, 698 14, 476
19,174
16, 353 11,014
18, 832
11,632
9,819
6,844 20,601
14,020
U. S. Government
.do
Other than U. 8. Government:
114,312 159,048 164,878 148,872 128, 427 166, 380 213,026 162, 675 187,263 149, 557 116,579 154,307 120, 883
Total
do.
96, 654 137,945 139,892 124,028 105, 633 140, 305 184, 201 135, 316 162,209 128, 981 96, 374 126,037 102,133
Domestic
do.
20, 576 20, 205 28, 270 18, 750
24, 844 22, 794 26, 075 28,825 27, 359 25,054
24,986
17, 658 21,103
Foreign
do.
' Revised.
fRevised series. Domestic municipal bond prices beginning 1934 will appear in a subsequent issue. Commercial and Financial Chronicle data reyised beginning 1919;
see table 55, pp. 14-21 of February 1938 issue; table 56, p. 21 of the April 1938 issue; and table 57, pp. 17-20 of the May 1938 issue.
•New series. Data beginning July 1933 on estimated gross proceeds from new securities effectively registered, by industrial groups, are shown in table 30/ p. 19 of August
1937 issue. Data on bond sales on the New York Stock Exchange, exclusive of stopped sales, as compiled by the Exchange, supersede those shown through the October 1937
issue,
which were compiled by Dow-Jones & Co., Inc.; data for period 1913-36 appear in table 46, pp. 18 and 19 of the December 1937 issue.
t Securities Exchange Commission data on new security registrations include registrations of securities reserved for conversion.
36
SURVEY OF CURRENT BUSINESS
Monthly statistics through December 1935, together with explanatory notes and references
to the sources of the data may be found in the
1936 Supplement to the Survey.
1938
May
July 1938
1938
1937
May
June
July
October
August September
ber
Decem-
January
February
March
April
FINANCE—Continued
SECURITY MARKETS—Continued
Bonds—Continued
Value, issues listed on (N. Y. S. E.):
Par, all issues
mills, of dol_.
Domestic issues...
do
Foreign issues
do
Market value, all issues
.do
Domestic issues
do
Foreign issues
do
Yields:
Moody's:*
Domestic (120 bonds).
percent-.
By ratings:
Aaa (30 bonds)
do....
Aa (30 bonds)
do_...
A (30 bonds)do
Baa (30 b o n d s ) . . . ,
do.._.
By groups:
Industrials (40 bonds)
do
Public utilities (40 bonds)
do....
Railroads (40 bonds)
do
Foreign (30 bonds).
_
do....
Standard Statistics:
Domestic Municipals (15 bonds) t
do
Bond Buyer:
Domestic municipals (20 bonds)
do
U. S. Treasury bonds
do
U. S. Treasury 3-5 year notes *._
..do
47, 227
42,226
5,001
43,809
40,386
3,423
47, 284
42, 334
4,950
43, 271
40,024
3,247
47, 264
42,363
4,901
42, 591
39,471
3,120
47,175
42, 321
4,855
42,109
39,088
3,021
47,694
42, 866
3,492
47,159
42,116
5,043
44, 296
40, 776
3,520
4,828
42, 782
39, 760
3,022
47, 910
43,112
4,798
42, 486
39, 508
2,978
3.92
3.92
3.91
3.92
4.04
4.20
4.30
4.27
3.34
3.49
3.99
4.87
3.28
3.45
3.99
4.97
3.26
3.45
3.97
4.97
3.25
3.45
3.98
5.00
3.30
3.51
4.07
5.27
3.29
3.60
4.23
5.67
3.26
3.62
4.32
6.01
3.23
3.59
4.30
5.95
3.51
3.90
6.25
3.55
3.95
4.27
5.32
3.51
3.97
4.29
5.14
3.50
3.92
4.31
5.16
3.47
3.89
4.40
5.20
3.55
3.96
4.60
5.35
3.63
4.08
4.88
5.64
3.65
4.06
5.20
5.70
2.91
3.14
3.11
3.07
3.01
3.18
3.24
3.05
2.30
.77
3.04
2.67
1.48
3.06
2.64
1.54
2.94
2.59
1.44
2.95
2.59
1.45
3.05
2.67
1.50
521,082
494,601
26,482
342,749
312,100
30.648
253,111
244,116
8,995
384,779
368,813
15,965
1,926.8
923. 50
1,933.7
923. 50
1, 959. 7
923.50
2.09
3.07
2.08
2.42
2.08
1.77
2.09
3.07
2.08
2.37
2.10
1.77
173.1
28.3
58.4
129.41
212.92
45.90
116.3
136.7
94.1
57.1
76.8
47,895
43,124
4, 770
42, 855
39. 862
2,992
48, 360
43, 601
4,760
41,450
38, 677
2,773
48, 279
43, 559
4,720
42, 399
39,571
2, 828
4.33
4.39
4.56
4.76
3.20
3.61
4.32
6.19
3.23
3.65
4.38
6.31
3.26
3.73
4.52
6.74
3.35
3.95
4.70
7.02
4.03
5.12
5.66
3.54
4.01
5.44
5.78
3.57
4.07
5.54
5.83
3.53
4.05
6.06
3.64
4. 11
6. 52
0)
3.17
3.15
3.03
2 99
3.17
2.60
1.31
3. 16
2.54
1.27
3.07
2.47
1.13
3.05
2.46
1.09
2.99
3. 19
2.45
1.01
3.03
3.15
2.65
1.42
288,290
280,953
7,337
293, 987
279,136
14,852
710, 359
656,134
54, 225
411,525
389,048
22, 477
253, 782
235, 898
17,885
304, 053
277.143
26, 910
171.979
166,012
5,967
152, 753
147, 052
5,701
1,964.8
923. 50
1,963.9
923. 50
1,970. i
923. 50
2, 020.3
923. 50
2,026. 2
929.10
1, 793. 0
929.10
1, 510. 8
929. 10
1, 457. 6
929. 00
1,443.9
929.10
2.12
3.07
2.12
2.38
2.10
1.77
2.13
3.07
2.13
2.38
2.10
1.77
2.13
3.07
2.14
2.37
2.05
1.77
2.13
3.07
2.15
2.37
2.06
1.77
2.19
3.07
2.22
2.37
2.07
1.69
2.18
3.07
2.22
2.38
2.06
1.69
1.93
3.07
1.90
2.38
2.02
1.54
1.63
3.07
1.49
2.38
2.02
1.54
1.57
3.07
1.42
2.38
1.97
1.54
1.55
3.07
1.41
2.38
1.93
1.54
170.1
26.7
54.3
125.13
208.46
41.81
180.3
28.8
53.9
131.44
221.04
41.84
184.4
28.4
52.2
131.06
221. 68
40.45
138.6
22.1
35.4
99.72
172.92
26.53
125.1
22.1
32.0
91.39
157.93
24.84
125.5
21.6
31.5
90.24
156. 24
24.24
128.4
20.8
30.2
91.35
159. 53
23.18
126.1
19.2
28.8
89.73
157. 18
22. 28
119.1
18.0
24.6
83.14
148.12
18.17
112.9
18.0
21.5
81.92
146. 70
17.13
113.6
134.0
91.3
53.9
73.2
88.7
117.8
139.4
95.9
52.1
76.5
93.6
120.5
143.5
97.0
50.9
74.4
92.1
160.1
24. 0
42.8
114. 24
195. 86
32.64
106.4
126.2
89 2
4L8
68.2
85.6
91.4
107.4
81.3
35.4
57.9
74.6
82.9
96.1
79.5
31.4
53.5
74.2
82.2
95.2
78.8
31.2
50.1
72.7
81.6
95.7
75.7
29.0
53.0
78.2
80.7
95.7
71.2
28.3
51.8
77.8
77.9
92.7
68.5
25.5
49.3
73.2
70.7
84.2
64.0
20.9
48.0
70.8
1,826,874 1,339,429 1,229,046 954,115
, 267,241 992,671 1,242,705 1,119,097 1,
,113,925 869,053 1,096,396 984,955 1,432,863 1,638,413 1,215,556 1,105,620 855,876
681, 289
607, 538
884, 618
788,819
750,572
678,745
28, 555
21, 749
42, 657
32, 524
48, 244
43,551
4,693
42, 347
39, 548
2,799
47,045
42, 086
4,959
44,371
40, 734
3,436
47, 321
42,268
5,054
44,001
40, 509
4.55
3.27
3.78
4.51
6.65
0)
0)
3.08
2.43
.94
Cash Dividend Declarations, Payments,
and Rates
Dividend declarations (N. Y. Times):
Total
...thous. of dol.. 366,435
353,652
Industrials and misc
do
12,783
Railroads
do
Dividend payments and rates (Moody's):
Annual payments at current rates (600 companies)
mills, of dol.. 1, 328. 4
Number of shares, adjusted
millions.. 929.10
Dividend rate per share (weighted average)
(600 cos.)
dollars1.43
Banks (21)
do—..
3.07
Industrials (492 cos.)
do....
1.27
Insurance (21 cos.)___
do
2.37
Public utilities (30 cos.)
do....
1.91
Railroads (36 cos.)
do
1.29
Stocks
Prices:
Dow-Jones:
114.2
Industrials (30 stocks)
dol. per share..
22.0
Public utilities (20 stocks)
-do....
19.1
Railroads (20 stocks).
do
80.47
New York Times (50 stocks)
.do
143. 93
Industrials (25 stocks)
do
17.01
Railroads (25 stocks).
_
do
Standard Statistics:
73.9
Combined index (420 stocks)
1926=100..
87.4
Industrials (348 stocks)
.do....
69.5
Public utilities (40 stocks)
do....
21.8
Railroads (32 stocks)..
do
48.3
Banks N. Y. C. (19 stocks)
do....
74.5
Fire and Marine Insurance (18 stocks).do
Sales:
Market value of shares sold (S. E. C ) :
On all registered exchanges, total
thous. of dol_. 566,385
498.872
On New York Stock Exchange
do
Number of shares sold:
On all registered exchanges, total (S. E. C.)
thous. of shares-- 26, 635
On N. Y. S. E. (S. E. C.)
d o . . . . 20,153
Exclusive of odd lot and stopped sales
(N. Y. Times)
.thous. of shares.. 14,008
Shares listed, N. Y. S. E.:
Market value, all listed shares..mills, of doL. 34,585
1,424
Number of shares listed
millions. Yields:
4.9
Common stocks (Moody's)(200)*:._.percent..
4.3
Industrials (125 stocks)—
do
6.9
Rails (25 stocks)
.do—.
6.8
Utilities (25 stocks)
do
5.4
Banks (15 stocks)
do
4.8
Insurance (10 stocks)
do
Preferred stocks, (Standard Statistics):
5.32
Industrials, high grade (20 stocks)
do
43,445
31,336
37,656
27,554
41,385
30,045
37,737
26, 265
65,227
90,027
69,639
58, 466
46,877
54, 785
42,131
42,601
33,102
51,093
29, 265
28,418
24,145
14, 525
23. 000
35, 759
28,151
17,120
49,034
44, 670
1,406
40, 716
1,408
38,869
1,412
39, 2^3
1,422
41,173
1,423
31,858
1,427
35, 865
1,426
4.4
4.4
4.1
5.4
3.3
3.6
6.1
5.1
4.9
5.7
3.9
4.2
5.7
5.7
5.7
6.0
4.4
4.4
6.4
6.7
5.9
6.2
4.8
4.7
6.7
7.0
6.5
6.6
4.8
4.8
5.9
5.8
6.0
6.7
4.8
4.5
4.6
4.0
5.6
6.5
4.7
4.3
5.9
5.2
8.8
8.1
5.7
5.5
5.1
4.6
7.8
7.0
5.1
4.7
d. 10
5.13
6.25
5.29
5.30
5.25
5.30
18,565
16,443
20,715
17,221
57,324
1,389
54,882
1,400
59,394
1,404
56, 624
1,398
4.3
4.3
3.5
5.4
3.2
3.9
4.5
4.5
3.9
5.5
3.5
3.8
4.2
4.2
3.8
5.1
3.3
5.17
5.18
5.16
49,838
33.860
Stockholders (Common Stock)
American Tel. & Tel. Co., total
numberForeign..
___
__
.do
Pennsylvania Railroad Co., total
do
Foreign
do
U. S. Steel Corporation, total
do....
Foreign
do
Shares held by brokers
percent of total_.
638, 627
7,194
215,498
2,954
161,487
3,205
25.33
637,875
7,111
214,867
2,946
158,952
3,103
25.81
641,308
7,111
215,629
2,947
164,442
3,186
24.60
645, 222
7,137
216, 726
942
168, 509
3,140
23.70
1
Discontinued.
*New series. For earlier data on Moody's yield series, see table 45, pp. 19-20 of the November 1937 issue for bonds, and p. 18 of the September 1936 issue for stocks.
Data on the yield of U. S. Treasury 3-5 year notes beginning August 1932 will appear in a subsequent issue,
t Revised series. Domestic municipal bond yields beginning 1934 will appear in a subsequent issue.
37
SURVEY OF CURRENT BUSINESS
July 1938
Monthly statistics through December 1935, together with explanatory notes and references
to the sources of the data may be found in the
1936 Supplement to the Survey.
May
1938
1937
1938
May
June
July
Novem- Decem- January
October
August September
ber
ber
February
March
April
FOREIGN TRADE
INDEXES
Exports:
Total value, unadjusted
1923-25=100__
Total value, adjusted
do
TJ. 8. merchandise, unadjusted:
Quantity
do
Value
do
Unit value.
do
Imports:
Total value, unadjusted
-do
Total value, adjusted
do
Imports for consumption, unadjusted:
Quantity.
.1923-25=100. .
Value__
do
Unit value.
do
Exports of agricultural products, quantity:
Total:
Unadjusted
1910-14=100..
Adjusted
.do
Total, excluding cotton:
Unadjusted
-do
Adjusted
-do
VALUE
Exports, inch reexports
thous. of dol_.
By grand divisions and countries:
Africa
do—
Asia and Oceania
do
Japan..
_
_
.do—
Europe
_do_...
France
.do—
Germany
do
Italy
do...
United Kingdom
..do
North America, northern
.do
Canada
do
North America, southern..
do...
Mexico
do
South America..
_
do
Argentina
do...
Brazil
_
_.do
Chile
do...
By economic classes (TJ. 8. mdse. only):
Total
.thous. of dol_.
Crude materials
...do
Cotton, unmanufactured
do
Foodstuffs, total..-.
.do...
Foodstuffs, crude...
do
Foodstuffs and beverages, mfgs._do
Fruits and preparations
do
Meats and fats
.do
Wheat and
flour
do
Manufactures, semido__.
Manufactures,
finished
do-_.
Autos and parts
.do
Gasoline
do
Machinery
do
General imports, total
do
By grand divisions and countries:
Africa
do
Asia and Oceania
__
...do
Japan
do
Europe
do
France
do
Germany
„
.do
Italy
do
United Kingdom
...do
North America, northern
do
Canada
_
do
North America, southern
do
Mexico
do
South America—
__do
Argentina
„
do
Brazil
do
Chile
do._-.
By economic classes (imports for consumption) :
Total
thous. of dol..
Crude materials..
_
do
Foodstuffs, crude
do.
Foodstuffs and beverages, mfgs
do
Manufactures, semi-...
do
Manufactures,
finished
do
84
79
76
75
124
84
127
85
67
114
77
67
69
68
69
65
65
121
73
61
117
71
61
111
67
60
111
64
58
53
52
90
51
57
27
37
80
74
111
82
108
83
107
84
102
91
85
33
37
33
37
64
59
98
85
95
108
107
103
113
78
74
88
72
97
71
73
73
79
102
74
72
111
79
71
128
89
69
89
93
82
89
76
79
72
76
141
87
62
140
87
62
134
83
62
127
78
62
44
53
35
46
133
140
37
39
257,177
72
76
81
70
79
71
80
105
68
65
105
77
73
95
69
73
46
45
88
86
84
46
55
319,256
103
70
72
76
73
72
108
73
67
110
73
66
54
50
49
55
108
116
289, 437 262, 733 275, 711 274,482
289,928
265,363
268,185
296, 729
333,136
314,682
7,456
47, 052
18,074
100,418
10,073
7,280
13,467
68,907
36,177
101,905
12, 466
7,097
4, 686
6,325
35, 325 35,501
55, 214 52,008
54,506
51,144
19,999
27,182
4,066
8,870
27.039
26,458
9,121
7,785
5, 207
5,927
1,813
1,839
12,169
55,452
25,194
98,856
11,221
8,973
6,953
34, 037
47,914
47,013
26,038
9,968
24, 934
8,313
4,764
1,903
14,952
63,089
26, 509
86,860
9,918
7,582
4,749
32,103
46,253
45,116
28,196
11,007
18, 835
8,164
5,947
2,439
13, 584
13,328
57, 345 49, 540
24,644
16, 769
104,075 135, 581
10, 713 17, 601
10,204
11, 686
5,498
7,613
42, 395 60, 731
48,406 46,049
47, 553 45,317
26, 871 25, 714
9,094
9.156
27,670 26, 261
9,315
7,422
5,627
5,697
2,174
1,698
11,699
55,159
20,129
148,692
16,939
14, 292
5,970
65,408
52,856
51,676
30,062
8,461
34,669
10, 378
7,747
2,531
12, 638 15, 588 11,630
9,928
12, 232 10, 955
59, 461 61,933
56, 503 54, 788 55, 029 48,965
18,133
16,532 20, 410 19, 466 22, 696 28, 837
144,800 152,986 137,675 123, 500 115,569 105, 725
12, 839 12,312
16, 535 17,668
12, 597 11,308
8,161
9,169
12, 335 12, 722
8,946
7,856
5,225
5,101
5,995
6,525
5,905
4,679
62, 770 63, 605 62,887
49, 352 40, COO 34, 900
44, 379 33,505 31,553
36, 207 46, 591
30,130
43, 545 32,514
31,116
29, 574 35, 510 45, 926
27, 285 28,414 26,050
23, 337 25, 492 21,909
6,132
8,382
9, 583
8,147
3,938
7,089
29,077
33.975
27,502
24.570 28, 027 28, 396
11,027
9, 466
8,097
8,529
8,217
7,633
6,814
4,788
7,879
6,659
5, 428
4,177
2,382
2,842
2,387
2,370
2,266
1,932
253, 615 285, 0S7
34,770
51,996
10, 403 24,643
48,169
16, 342
34,140
3,584
14, 029 12,758
7,195
3,727
4, 431
3,997
13, 241
2,618
42, 649 71, 752
128, 028 144,997
20, 563 33,169
6, 768
8.732
42, 382 42,252
148' 260 285,038
256, 503
42,004
16,835
15,970
4,425
11,545
4,225
3,269
2,646
63,321
135,208
29, 721
6,529
40,814
285,946
264, 615
34,359
9,356
17,412
5,922
11,490
3,776
3,162
4.531
68,865
143,978
29, 414
6,719
46,093
265, 349
274, 224 293, 525
46,045
80,930
15, 903 38,961
27, 362 26, 775
13,124
9,984
14, 238 16, 791
6,979
7,766
2,994
2,993
8,882
5,364
67,227
55, 425
133, 591 130, 394
23,149
23, 296
8,483
10, 340
40, 761 39,017
245, 707 233, 361
329,807
88, 256
44,989
38,827
17,557
21,270
12,680
4,599
10,325
59,034
143,692
25,408
8,632
44,584
224,391
311,198 315,271
84, 884 75,911
43, 679 39,923
32,919
34,005
15,159
16,556
17, 760 17,449
8,871
7,352
4,707
4,771
9,072
9,976
56,970 53,492
136, 427 151,864
29,800 39,710
9,306
5,346
37, 729 44,653
223, 226 208,863
9.228
4,811
42, 868 100, 503
7,020
18,244
40, 682 72,386
3, 584
6,249
4, 829
7,714
3, 172
4,375
8, 693 18,002
20,968
36,889
20, 48'
36, 479
19, 305 29, 284
4,184
5,150
19, 620 36, 748
3, 441 13, 732
7, 004
8,181
2,
5,469
8,470
98,010
18,637
69,073
5,545
7,579
3,593
18,044
39,113
38, 350
27, 521
5,611
43, 759
18,060
10,642
5,349
7,394
85,983
16,467
70,166
6,103
8,202
3,332
15, 234
37,458
36,472
25, 561
4,457
38, 787
16, 532
9,694
2,626
147, 243 278, 777
40, 248 91, 800
19, 555 37, 362
26,1'
47,090
27, 846 55, 847
33, 418 46, 679
278, 742
92,547
41, 618
38, 462
58,871
47, 244
263,438
77, 554
37, 750
39,774
59, 581
48, 778
277,695
6,145
82,935
16, 297
67,894
5,675
8,642
3,477
15, 902
34, 797
33, 438
21, 359
4,793
32, 577
10,962
10, 799
2,976
6,137
79, 634
15, 988
67,043
5,517
7,370
3,183
14, 752
35,075
33, 584
15, 336
3,928
30,137
9,286
10, 478
1,612
4, 680
73,927
15,420
74, 266
7,600
8,194
4,328
16,536
32,494
32,059
13.698
3,675
25,326
5,180
8,670
2,497
249,025 234, 076
79, 606 75,984
34, 018 28, 516
32,925
28,409
54, 807 52, 564
47,669
48, 603
226, 505
71, 695
23,610
29,365
51,866
49,968
4,892
81,059
17,190
6,064
8,155
4,175
15,806
29,490
28, 761
14,049
3,939
26,739
5,585
9,898
2,314
4,321
77,346
11,839
60, 294
6,105
7,141
5,066
12, 265
26, 044
24.876
16,227
3,954
24,631
4,126
9,178
2,684
286,138 259, 958 270, 837 271, 499
44, 487
67, 917 48, 212 47,028
20,137
34, 607 21, 162 23,148
35, 530 38, 557
40, 310 39,441
24, 459 26, 076 20, 833 25, 562
13, 365 14, 697 12, 995
15,851
6,322
6, 267
5, 629
7,200
4, 289
3,776
3,753
3,985
8,405
11, 438 11,337
10,896
41, 720 46,170 46, 284
44,059
133,851 130, 585 142,111 142,171
34,396
28, 088 28, 791 26, 370
7, 666
9, 861
7, 589
7,819
39, 728 41,412 46. 067 45, 635
170,763 163, 085 173.405 159, 907
3,333
54, 923
11,496
48,388
4,283
5,813
2,872
9, 572
21, 778
21,020
20, 068
4,130
22,272
3,863
8,753
2,844
4,200
53, 507
8,926
44, 407
3,981
4,119
2,612
9,024
16, 600
10. 449
20, 238
4,242
24, 134
4,733
9, 064
2,834
6,137
5, 689
53, 246 49, 937
9,893
10, 519
44,342 , 41,014
4,859 I 4,007
4,374 I 4, 614
3,808
4,394
8.679
7, 567
20,266
20, 240
19, 922 19,673
24,405
22,621
5, 045
5,941
25, 011 20. 407
3, 055
3, 743
7,096
8, 645
3,500
4, 129
212, 377 203, 700 163,526 155,941 i 173, 328 155,501
67, 528 68,482 51,844 46, 704 51, 173 43, 805
23, 860 21,819
21, 100 22, 482 25,001
21,059
27, 630 28, 552 23, 046 24, 570 30, 508 28, 436
32, 926 29, 700 32, 141 28, 564
46, 364 43.555
41, 293 34, 610 32, 486 34, 505 33, 637
46,996
TRANSPORTATION AND COMMUNICATIONS
TRANSPORTATION
Express Operations
Operating revenue
_
thous. of dol.
Operating income
do
Electric Street Railways
9,441
137
6,762
122
8,954
123
9,303
126
123
9,733
125
9,328
130
10, 212
166
,745
146
1,725
214
9,169
137
7.942
Fares, average, cash ratef
cents..
7,909
7.942
7.95S
7.922
7.892
7.911
7.884
7.884
7.878
7.898
7. 878
Passengers carried t
thousands. 775,120 825, 474 783, 527 735,073 724, 902 755. 438 815,986 789, 152 846,341 798, 274 729, 897 819, 425 793, 728
56,924
54,224
59, 685
Operating revenues
thous. of dol.
53, 385
55,117
52, 560
58, 755
56, 448
54,088
56, 602
58, 233
56, 557
r
Revised.
t Revised series. Data for passengers carried are for 206 companies accounting for 93 percent of the passengers carried by all transit companies. Data adjusted to a comparable basis prior to that shown on p. 37 of the April 1938 Survey will appear in a subsequent issue. For average cash fares, data beginning 1917 will appear in the 1938
Digitized for Supplement.
FRASER
38
SURVEY OF CURRENT BUSINESS
Monthly statistics through December 1935, together with explanatory notes and references
to the sources of the data may he found in the
1938 Supplement to the Survey.
1938
May
July 1938
1937
May
June
July
August
1938
SepNovem-I DecemFebruM arch
January ary
tember October
ber I ber
April
TRANSPORTATION AND COMMUNICATIONS—Continued
TRANSPORTATION—Continued
Steam Kail ways
Freight-carloadings (Federal Reserve):!
57
87
82
81
84
79
55
Combined index, unadjusted.__ 1923-25=100., _
49
64
89
65
68
84
47
Coal
_
-do
34
88
74
82
80
88
39
33
Coke
-—do
36
57
48
55
37
55
54
34
Forest products
do
69
82
72
111
93
79
71
68
Grains and grain products
do..-37
63
33
32
32
42
56
35
Livestock
__
do
60
69
68
67
68
70
61
61
Merchandise, 1. c. 1
-do
37
117
187
192
203
190
182
19
21
Ore
do
64
92
93
90
90
64
63
Miscellaneous
-do
on
o»
58
76
80
78
78
80
60
57
Combined index, adjusted..
do
79
57
81
77
76
76
77
81
49
55
Coal
_
-do—.
35
74
88
89
104
98
93
38.
39
Coke
do
35
46
53
52
57
36
33
53
49
Forest products
do
77
82
64
74
81
77
71
77
77
Grains and grain products
do
42
45
44
41
37
41
3S
42
44
Livestock
do
60
66
69
67
68
67
61
60
Merchandise, 1. c. 1_
_
do
26
79
133
113
73
76
52
103
104
Ore
do
61
81
90
87
88
86
76
67
60
Miscellaneous
do
Freight-carloadings (A. A. R.):
2.186 r 3,099
2,977
3,812
3,183
4,017
2,628
2,309
2,155
2,223
2, 650
Total carsi
thousands..
3,116
'344
443
548
••469
534
786
535
472
555
442
381
405
Coal
.—
do.
6
16
39
51
46
28
24
23
20
Coke
do.
20
r 41
39
41
32
r
105
156
201
177
112
101
162
150
105
108
Forest products
.do.
122
160
119
130
123
251
190
155
136
127
133
Grains and grain products
do
«• 107
160
175
142
179
51
44
53
106
66
54
'53
57
69
Livestock
.
do.
45
44
58
68
597
653
805
857
623
570
••685
Merchandise, 1. c. 1
do.
577
606
671
665
754
687
55
293
384
240
'293
62
35
298
279
Ore
do.
29
31
40
34
887 r 1,291
1,225
1,518
1, 615
1,047
855
Miscellaneous.
—do.
809
900
1 242
1,281
1,092
996
328
137
137
123
219
283
127
104
Freight-car surplus, total
..do
321
312
317
147
299
152
70
65
63
99
135
144
133
Box cars
do.
63
56
138
80
139
133
31
30
36
101
33
21
79
131
134
Coal cars
do.
137
30
114
Financial operations (Class I Railways):
Operating revenues, total
thous. of doL. 272, 665 352, 543 351,704 365,148 359 612 363, 071 372, 926 318,180 300, 321 279, 259 251,089 283, 075 268, 269
217, 875 287,870 281,878 293,107 289 237 293,811 307,104 258, 669 231, 329 218,404 198,385 227, 084 211,438
Freight
do
30, 869 r 34,041
38, 510 42,061
41 565 38, 734 35, 510 33,318
39.933
37, 474 31, 293 31, 038 31, 845
Passenger
do
217.113 267, 225 265, 579 266, 641 268 190 262. 712 270, 357 249. 295 243,354 232, 710 215,412 229, 065 219. 543
Operating expenses
do.
16.497 ' 44, 239
60,558
58,940
32,441
25,972 d 6,920 * 2,122 d 14,470 d 9, 237
Net railway operating income
do.
50 308 59^ 305 60,747
19,007
18,560
5,947
33, 476 «* 44,567 28, 212 33; 483
Net income
do.
6,347 16, 210 17,195
Operating results:
34,093
31, 866 33, 753 33 703 34,862
29,096
36,760
27, 422 26, 404 23,182
Freight carried 1 mile
mils, of tons..
26, 030 22, 789
.928
.965
.957
.916
.909
.961
.931
Revenue per ton-mile.
cents..
.961
.940
939
.918
1,902
2,164
2,438
1,981
1,977
2,127
1,649
Passengers carried 1 mile
...millions..
2,429 i 2,200
1,817
1,648
^
,
Waterway Traffic
Canals:
282
319
301
276
303
240
292
336
290
293
243
334
Cape Cod
thous. of short tons,.
6C0
577
792
753
611
0
746
0
598
0
0
New York State
do
2,309
2,951
2,670
2,
476
2,385
2,
781
2,185
2,095
2,439
2,046
1,999
2,
269
2
279
Panama, total
thous. of long tons._
804
1,077
1,018
956
865
1,041
844
752
980
760
629
814
747
In U. S. vessels
do
1,512
1,244
1,310
1,304
1, 286
1,333
989
0
1,335
3
0
0
0
St. Lawrence
thous. of short tons..
3.
365
14,161
14,110
12,
585
14,137
13,937
3,939
9,842
303
0
0
0
971
Sault Ste. Marie
do.
2,628
2,780
2,929
2,789
2,543
2,
529
2,452
2,920
2,645
2,225
2,
707
2,
437
Suez
thous. of metric torn
1,660
1,623
1,634
1,613
1,566
1,740
0
1,697
1.229
62
0
0
0
Welland
thous. of short tons..
Rivers:
156
314
288
357
276
257
270
183
105
151
126
110
110
Allegheny
do.
218
179
155
154
181
162
175
141
195
160
155
r 185
Mississippi (Government barges only).do
r 186
1, 083
2,397
2,198
2,298
2,402
2,298
1,954 j 1,483
1,166
1,239
1,040
1,226
Monongahela
do
1,184
'
679
1,237
1,089
1,166
1,120
1,210
1,056
'
886
636
707
686
788
Ohio (Pittsburgh district)
do
735
Clearances, vessels in foreign trade:f
6,218
7,092
6,482
7, 404 7, 516
4,931
6,720
6, 299
5,593
5,203
5,004
5, 620
5,911
Total
thous. of net tons..
4,
526
4,744
5,152
5,373
4,896
3,747
4,445
3,907
5, 517
3,763
3, 646
4,095
4,409
Foreign
do.
1, 692
1,738
1,940
1,825
2,030
1,184
2,000
1,854
1,687
1,440
1,358
1, 525
1,502
United States
do.
Travel
Operations on scheduled airlines:
591,011 650, 709 611,562 618,113 720, 479 681, 241 528,603 547,705 456, 303 421,326 558,113 497, 225
Express carried
pounds..
5,784
5,811
6,239
Miles
flown
thous. of miles..
4,995
6,312
6, 214
6,085
5,312
4,762
4,561
5,549
5. 622
42, 019 47, 290 50, 798 51,942
Passenger-miles
flown
do
54,230
49.186
34, 715 31,216
32, 461 34, 388 43, 549 44,413
98, 035 110,842 120,571 123, 550 130,296 ! 113,539
Passengers carried
number..
69, 435 73, 563 94, 112 104, 661
81, 654 69,029
Hotels:
3.05
3.15
3.19
3.31 I 3.39
3.32
3.24
Average sale per occupied room
dollars..
3.14
3.51
3.21
3.29
3.35
3.30
65
62
65
Rooms occupied
percent of total..
63
66
68
64
64
56
66
63
67
61
93
101
Restaurant sales index
1929=100..
92 j
97
100
95
91
82
96
97
Foreign travel:
23,168
27,387
36, 224 67, 397
21,445
Arrivals, U. S. citizens
number
39,677 I 23, 028 18,877
28.156
30, 778 27, 032
24, 501 34,857
70,185
Departures, V. S. citizens
do
33,676
26,796 j 19,325
73,611
18, 087 24, 864 28, 985 25, 896 21, 277
1,412
2,314
2,707
2, 047
Emigrants
do
2,076
1,986 ! 2,415
2,708
2,312
1,280
1,670
1,427
5,033
5,445
Immigrants
do...
5,311
5,952
6,094
7,543
3, 983
6,452
6,139
4,332
4,845
5, 439
31,491
Passports issued
do...
24, 979 33,202
16,498
6,533
5,532
8,916
6,691
5,983
5,164
5,959
11,168
17, 002
National Parks:f
303, 876 438,952 895, 904 912,284 ! 459,703 ! 226,067
Visitors
do...
54, 559 77, 662 74,785
91,036
82, 298 163, 564
89,004 130,496 245,270 219,922 137,169 j 72,568
Automobiles
do...
22, 548 20, 710 24, 445 47, 334
31,144
16,441
Pullman Co.:
1, 364
1,478
Revenue passengers carried
thousands.
1,550
1,636
1, 552
1,494
1,342
1,445 [ 1,526
1,254
1. 262
1, 234
Revenues, total
thous. of dol.
4, 660
5,085
5,411
5,377
5,669
5,697
5,236
4,536
4,740
4, 999
4, 670
COMMUNICATIONS
Telephones:!
96,415
Operating revenues
..thous. of dol..
96,678
95,370
95, 377 96, 086 98,630
96, 257 92, 297 97, 138
96,674
98,503
62, 557 62, 379 60, 835 60, 525 61, 575 64, 227 63, 740 64, 334 63. 991 62,132
Station revenues
do
63, 961
25,296
Tolls, message
do
25, 728 25,968
26, 289 25, 777 25, 757 24,199
23, 533 21, 589 24, 649
25,376
65,035
Operating expenses
do
65,761
66,675
66. 360 65, 712 66,192
67, 388 69, 721 66, 590 63, 906 66, 614
19,151
Net operating income
do
18,934
17,027
17,016
18. 046 20,371
17,407
17,179
16,825
15,634
17. 557
16. 604 16,641
Phones in service end of month...thousands..
16, 670 16,731
16! 840 16, 922 16,979
17,032
17, 262 17, 302
17,230
Telegraphs and cables: t
Operating revenues.
thous. of dol..
10,518
10,755
10,154
10,276
10,301 I 10,077 I 9.292
8,379 I 9,653 I 9,765
10,735
9,340
Commercial telegraph tolls
do
8,083
8, 273
7,926
7,771
7,885
7,625 | 7,030
6,371 ! 7,419 __ ..
8,320
Operating expenses
do
9,335
9,443
9,323
9,070
8,959
8,932
8,443
7,947 j 8, 441
9,544
8, 539
8, 549
Operating income
do
597 I 727
325
634
778 I
571
312 I
<* 166 ! 634
717
611
173
T
d
Revised.
Deficit.
^Data for July and October 1937, January and April 1933 are for 5 weeks; other months, 4 weeks.
+ Revised series. For freight-carloadings indexes revisions for period 1919-36, see table 24, pp. 17 and 18 of the July 1937 issue. For revisions of National Park data for
period 1919-36 see p. 20 of the December 1936 issue. A subsequent revision was made beginning February 1935 to include travel in the Shenandoah National Park; revisions
not shown on p. 38 of the January 1938 Survey will appear in a subsequent issue. For new series on telegraph operations see table 53, p. 20 of the January 1938 issue. Clearances of vessels in foreign trade revised beginning July 1936; revisions not shown on p. 38 of the February 1933 Survey will appear in a subsequent issue.
§ While the number of telephone carriers reporting has varied somewhat, the coverage has shown very iktl° change, and the series are comparable for all practical purposes.
39
SURVEY OF CURRENT BUSINESS
July 1938
Monthly statistics through December 1935, together with explanatory notes and references
to the sources of the data may be found in the
1936 Supplement to the Survey.
1938
May
1938
1937
May
June
October
August September
July
NoDecemvember
ber
January
February
March
April
CHEMICALS AND ALLIED PRODUCTS
CHEMICALS
Alcohol, denatured:
Consumption. __
thous. of wine gaL.
Production
do
Stocks, end of month
do
Alcohol, ethyl:
Production
thous. of proof gal_
Stocks, warehoused, end of m o . .
do
Withdrawn for denaturing
do
Withdrawn, tax paid
_do
Methanol:
Exports, refined
gallons..
Price, refined, wholesale (N. Y.)-dol. per gal_.
Production:
Crude (wood distilled)
gallons..
Synthetic
do
Explosives, shipments
thous. of lb_.
Sulphur production (quarterly):
Louisiana
long tons.Texas
do
Sulphuric acid (fertilizer manufactures):
Consumed in production of fertilizer
short tons._
Price, wholesale, 66°, at works
dol. per short ton_.
Production
short tons..
Pur chases:
From fertilizer manufacturers..
do
From others
do
Shipments:
To fertilizer manufacturers
do
To others
----do
6,092
6,090
1,137
7,511
7,438
1, 578
8,320
1,657
6,584
6,753
1,822
8,025
7,932
1,724
11,306
11,511
1,915
14, 802
14, 369
1,475
9,960
9,610
1,119
7,012
1,153
5,940
5. 883
1,093
4,997
5.087
1,179
6,170
6,207
1,213
6,364
6,287
1,127
14, 226
33,867
10, 615
2,340
16, 939
27,428
13,002
2,684
18,658
28, 465
15,1S5
2,392
18, 254
30,922
13,010
2,242
17,067
30, 976
14,414
2,375
17, 219
25, 783
19, 552
2,506
18,786
16,876
24,497
2,876
18,179
15,156
16, 627
2,942
17, 262
17,898
11,887
2,515
15, 847
21, 502
9, 765
1,835
16, 708
27, 579
8,874
1,499
18, 300
32, 879
10,125
2,202
12, 739
33, 076
10,481
2,134
24,198
.36
72, 540
51,344
.36
12,113
.36
68,421
.36
10, 230
.36
41,198
.36
19,656
.36
43,970
.36
30, 650
.36
5,117
.36
21, 753
.36
15, 889
.30
330, 875 522, 961 485,943 465, 205 462, 584 404,112 423, 792 423, 315 461,539 458, 347 408,930 432, 800 314, 664
1,860,400 2,353,497 2,263,507 2,564,783 2,735,963 3,018,333 3,532,091 3,562,372 3,887,741 2,896,894 2.290,609 2,343,828 1,975,999
24,904
31, 972
27,291
30,811
29,327
34, 810
31,125
23, 425
27. 754
22,961
24, 607
34, 310
27, 284
63,385
569,967
106, 440
503, 028
106, 845
638,627
113,510
655,007
119, 218
146, 301
121, 716
141, 935
168,015
144, 273
166,031
166, 778
189,960
147, 443
125, 294
129, 233
110, 496
16.50
137, 764
15.50
176, 703
16.00
154,275
16.50
166,927
16.50
179,008
16.50
188, 252
16. 50
16.50
212,258 205, 796
16.50
199,508
16.50
183, 794
16. 50
159,659
16. 50
154, 379
16. 50
143, 469
15, 733
20, 778
15 993
38]569
20,942
39,880
29,438
32,937
40,257
31,865
34,454
26, 484
34,161
25, 489
32, 622
35, 264
44,610
34,140
26, 754
16, 496
20,983
15, 569
19, 474
29, 989
14,261
15, 564
24, 337
37, 004
35,149
50, 692
21, 658
62, 464
29,958
57,853
35,138
56,418
61, 629
39, 587
61, 654
39,015
52, 694
41,263
61, 243
38, 184
39,142
32,152
38,570
38, 128
33, 019
28, 405
34, 218
276
127,496
16, 744
103,930
1,407
128,498
101,416
73, 025
2.547
1,669
••265
166, 234
15, 562
142,037
421
180,101
130,050
85,121
12, 972
13,992
115
120,301
12, 792
84,654
247
122,483
92,311
52, 578
13,687
9,646
40
58
150,583 151,204
16,872
18,001
116,651 125,094
907
303
80,970 115,961
40,978
37, 238
2,766
1,865
8, 784
4,135
29,091
69,094
134
111, 901
24, 755
74,904
127
141, 744
40,902
5,475
8,545
87, 673
126
178,734
28,962
145, 242
320
155,999
40,561
2,871
19,590
93,961
123
185
152, 388 135,173
24, 965
11,065
111,848 117,236
331
102
153,865 198,427
68,463
99,871
21,398
55,932
9, 392
3,329
69,842
93, 328
444
108,701
33,613
73,261
563
170. 007
120, 696
75,109
4,931
42, 931
692
109, 336
4,917
95,012
228
145,233
117,664
61,388
4, 263
20,120
1,520
172,296
19,739
144, 287
144
191,449
159, 462
91,426
3, 986
22, 322
1,039
158, 717
8,981
137, 625
452
162, 357
143,309
96, 688
2,902
6,561
1. 450
1.450
FERTILIZERS
Consumption, Southern States
thous. of short tons.
Exports, total.._
long tons.
Nitrogenous
do
Phosphate materials
,
do
Prepared fertilizers.—
do
Imports, total
do
Nitrogenous
___
do...
Nitrate of soda
do-_Phosphates
do
Potash
_.do
Price, wholesale, nitrate of soda, 95 percent
(N. Y.)
_...dol. per cwt..
Superphosphate (bulk):
Production
short tons..
Shipments to consumers
--do
Stocks, end of month
__do
1.450
283,189
117, 258
949, 442
1.375
340, 532
114,429
649,076
1.375
291, 273
31,248
751, 413
1.430 j 1.450
1.450
1.450
1.450
1.450
1.450
1.450
282,075 j 372,730 354,524 396,976 388, 401 443,981 374,142 314,727 322, 335 278,520
25, 575
25,924 125,872
31,652
42, 539
70, 700
35,842
68, 224 192, 888 239, 942
849, 634 958,397 1,046,123 1,178,314 1,248,631 1,313,327 1,342,186 1,331,912 1,139,794 915,979
iI
NAVAL STORES
Pine oil, production
gallons..
Rosin, gum:
Price, wholesale " H " (Savannah)*
dol. per bbi. (280 lbs.)..
Receipts, net, 3 ports
bbl. (500 lb.)_.
Stocks, 3 ports, end of month
do
Rosin, wood:
Production
do
Stocks, end of month
do
Turpentine, gum, spirits of:
Price, wholesale (Savannah)*—-dol. per gal_.
Receipts, net, 3 ports
bbl. (50 gal.) „
Stocks, 3 ports, end of month
_.do
Turpentine, wood:
Production
do
Stocks, end of month
do
289, 080
463,993
424,182
443,367 ! 475,920
469,093 ! 465,818
454, 717
301,890
293, 849
273,455
321, 217
356,217
4.34
115,113
243, 463
8.28
83, 763
99,931
98, 076
104, 307
7.84
105,477
124,105
7.82
90,391
110,497
7.80
71, 252
134, 649
7.31
60,902
165,489
6.15
60,425
164, 537
5.49
55, 564
163,527
5.87
27, 630
157, 206
5.38
20, 793
148, 111
4.77
44, 394
139, 444
4.73
82, 395
178, 362
62, 399
63,428
65, 561
113, 020 130, 502 139, 542
68,332
145,365
66,295
145, 767
64,976
161, 306
63, 892
180,959
42, 761
175,927
43, 228
1S1, 568
48.161
194, 809
50,102
185, 347
50, 597
183, 823
44; 468
J 84, 735
27, 485
75, 607
.36
23, 377
70,173
.34
27, 579
73, 250
.34
27,066
84,627
- 32 i
.30
24,066 | 22, 855
86,171
91,626
.27
18,021
97, 506
.27
14, 850
82,840
13,314
72,561
.29
4, 605
63, 655
.26
2.557
58, 705
.26
8, 034
56,349
.23
20,156
64, 409
6, 944
12, 889
9,637
IS, 325
9,208
15, 423
10,022
15, 554
10, 410
14,884
10,467
16, 449
10,149
19, 966
7,450
21,627
6, 958
20, 508
7,141
20, 150
7, 586
16,752
8, 007
15, 947
10,320
15, 401
OILS, FATS, AND BYPRODUCTS
Animal Fats and Byproducts and Fish
Oils (Quarterly)
Animal fats:
Consumption, factory
Production
Stocks, end of quarter
Greases:
Consumption, factory..
Production
Stocks, end of quarter
8hortenings and compounds:
Production
Stocks, end of quarter
Fish oils:
Consumption, factory
Production
Stocks, end of quarter
thous. of lb_.
do
do
208, 42$
342, 708
376, 211
162,380
265,832
252,018
__.do
do
do
58,316
78,132
58, 390
do
do
do
do
do
_
._
146,304 !
404, 653
262,696
186, 401
454, 766
361, 006
49, 666
72,109
64, 724
42,064
79,387
74,913
41, 732
80, 484
68, 780
345, 008
45, 585
424, 468
37,324
441,147
45,460
433, 473
50, 760
75, 632
12, 563
149, 489
71,910
124, 158
211,248
60. 738
89, 373
200,614
50, 497
39, 447
185, 277
Vegetable Oils and Products
Vegetable oils, total
Consumption, crude, factory (quarterly)
thous. oflb..
737,509
679, 508
1,097,019
1.147,783
4,619
Exportsf
__do
3, 595
2, 940
4, 355
3,098
3,595
1,761
3,262
5, 219
4,024
3,411
4,320
5, 362
Imports!
_
__do.I__ 71,138 181, 296 • 194,222 153, 828 150,839 117,102 • 80, 971 99.816 ; r 84, 096 80,107 70, 219 101, 782 88, 335
Production (quarterly)
_
.do
504, 491
597, 176
11,178,723
962, 737
Stocks, end of quarter:
Crude
do
587,563 I
745, 069
926,224
949,315 I
Refined
do
617,942 !
644,837 l
388,453
__l 523,347
T
, _. . ,
.
Revised.
*New series. Earlier data for wholesale price of rosin and turpentine will be shown in a subsequent issue,
t
Revised
series.
For
imports
and
exports
of
vegetable
oils
see
tables
58
and
59,
p.
18
of
the
June
1938
Survey.
For
imports,
the
data
shown
here
represent
a combination
f
4 1 : i
1
J1 T
Digitized for of
FRASER
'paint oils" and "all other oils", which are given
- ~ in
- -^
~ ""
- '18
" -of*the
'
ven separately
table
58,- p.
June ~"~"
1938 issue.
40
SURVEY OF CURRENT BUSINESS
Monthly statistics through December 1935, together with explanatory notes and references
to the sources of the data may be found in the
1836 Supplement to the Survey.
July 1938
1938
1938
1937
May
Novem- DecemAugust September
ber October
ber
May
June
July
January
February
March
April
CHEMICALS AND ALLIED PRODUCTS—Continued
OILS, FATS, AND BYPRODUCTS—Con.
Vegetable Oils and Products—Continued
Copra:
Consumption, factory (quarterly)
short tons__
27, c
Imports.
_
do
Stocks, end of quarter..
do
Coconut or copra oil:
Consumption, factory:
Crude (quarterly)
thous. of lb._
Refined (quarterly)
«
do
7,759
In oleomargarine
-do
23, 821
Imports
do
Production (quarterly):
Crude.
-do
Kefined..
do
Stocks, end of quarter:
Crude.
do
Refined
do
Cottonseed:
Consumption (crush)
.short tons.. 201, 932
77, 855
Receipts at mills. ___«
-do
470, 915
Stocks at mills, end of mo
do
Cottonseed cake and meal:
815
Exports...
do
95, 854
Production
do
281,107
Stocks at mills, end of mo
do
Cottonseed oil, crude:
Production
thous. of lb__ 69, 344
Stocks, end of month
do
87, 418
Cottonseed oil, refined:
Consumption, factory (quarterly)
do
9, 958
In oleomargarine
do
Price, summer, yellow, prime (N. Y,)
.081
dol. perlb..
Production
thous. of lb__ 107, 898
598,932
Stocks, end of month
do
Flaxseed:
87G
Imports...
__-thous. of bu__
Minneapolis and Duluth:
184
Receipts.._
do
57
Shipments
do
540
Stocks, end of month
do
Oil mills (quarterly):
Consumption..
-__do
Stocks, end of quarter
do
1.86
Price, wholesale, No. 1 (Mpls.)-.dol. per bu__
Production (crop est.)
thous. of bu__
"~5~512
Stocks, Argentina, end of mo
do
Linseed cake and meal:
Exports
thous. oflb.. 23, 518
Shipments from Minneapolis..
do
4,482
Linseed oil:
Consumption, factory (quarterly)
thous. of lb...
Price, wholesale (N. Y.)_
_.dol. per lb__ ~~~~092
Production (quarterly)
thous. oflb..
~~7,~193
Shipments from Minneapolis._
..do
Stocks at factory, end of quarter
do
Oleomargarine:
Consumption (tax-paid withdrawals)
thous. oflb.. 28, 754
Price, wholesale, standard,uncolored (Chicago)
.123
dol. per lb_.
Production
thous. of lb__ 28, 500
Vegetable shortenings.
.102
Price, wholesale, tierces (Chicago).do!. per lb._
PAINTS
Paint, varnish, lacquer and fillers:
35, 294
Total sales of manufacturers....thous. of dol.
24,115
Classified
_
do...
7,623
Industrial
...do...
16,492
Trade..
do...
11,179
Unclassified
—
do._.
Plastfc (cold-water paints) and calcimines:
Sales of manufacturers:
Calcimines
dollars. 286,317
45,341
Plastic paints
„
do__.
Cold-water paints
•,.do__. 414.812
CELLULOSE PLASTIC PRODUCTS
Nitrocellulose, sheets, rods, and tubes:
Production
thous. of lb.
Shipments.
do...
Cellulose-acetate, sheets, rods, and tubes:
Production.
thous. of lb.
Shipments
do...
ROOFING
Dry roofing felt:
Production
short tons
Stocks, end of month,.
do_.
Prepared roofing, shipments:
Total
__
.thous. of squares
Grit roll
do..
Shingles (all types)
.do..
Smooth roll
_.do_.
17, 899
4r094
24, 282
44, 380
25,822
10,294
112,883
55, 460
5,614
32,677
20,141
6,568
• 26,185
41,955
59, 496
24,991
32, 466
14,987
23,335
107,083
68,008
9,054
7,714
6,963
31, 637 ' 26, 742 •19,011
5,612
'31,415
58,101
29,019
49,430
104,517
60,899
6,594
'34,850
56,353
69, 448
76,103
68,179
72, 019
64, 213
94,831
13, 337
132,134
11, 553
165,994
10, 543
25,431
27,248
4,390
32, 964
6,431
26, 448
59,436
12, 843
41, 601
122,113
63,433
9,555
32, 796
8.981
28, 612
74, 656
70, 288
197,130
12, 392
103,811
32, 393
85,328
75,403
35,916
45,841
38,180
34, 733
42,394
179,272
380, 728
241,239
793, 347
,538,087
964, 280
,456,171
,480,481
880, 320
,120,453
,720,295
792, 294 712,572 634, 399
741, 632 482, 633 354, 653
,669,633 1,439,194 1,159,767
543, 570
228,750
844, 628
339. 695
90,05 9
594,9 92
146
51,567
83, 790
1
35,467
73,190
75
20,766
41,952
155
78,442
33, 700
9,126
344,496
103, 397
24,453
431,350
136, 542
10,043
394, 616
169,107
13,108
355,052
192, 978
12, 808
323, 202
211,995
10, 707
281,127
251, 377
2,492
242, 041
275, 800
766
152,815
2S4, 572
33, 661
49,141
24, 209
23,335
13,389
11,141
51,812
31,112
230, 305
108,070
291, 241
155, 548
271,800
185, 496
246, 669
200, 644
211,910
210, 708
198,137
203, 784
175, 636
163, 847
110,093
133, 010
12, 557
336,375
10,961
9,282
10,027
412,827
13, 282
20,153
20,339
501, 656
20, 920
19, 580
16, 792
455, 021
16, 327
11,422
.105
55,056
567,498
.100
46,156
515,224
.092
26, 521
441,052
.080
28,116
342,350
.074
127, 311
311,862
.067
214, 252
332, 260
.071
214,139
372,245
.071
218,662
447,576
.074
192,175
492,091
.079
195, 361
516,039
.082
192, 077
504, 286
.082
128, 845
600,340
2,661
2,063
1,254
2,009
1,707
1,774
1,672
1,457
1,799
1, 463
1, 024
211
528
1,453
205
642
1,842
72
1,493
1,039
507
1,657
400
500
1,277
246
218
791
186
56
765
116
46
747
2.03
1.97
7, 666
2,856
2.13
2.17
2.07
4,724
3,543
~~2~362
"~M50"
7,754
3,295
2.10
L 974
4,724
6, 693
6,693
6, 693
~6~C93
50,747
14,082
55, 586
19, 787
56,184
20,975
56, 822
19, 624
53, 827
16, 050
25,420
II, 225
54,459
5,355
43,104
3,820
33, 004
4,7S4
.102
.100
2,894
3,642
1,346
827
773
2.10
1,125
516
10, 372
2,484
1.92
"6," 299"
74,209
9,586
""."113'
~~8~343"
70, 715
6,772
118,260
.111
206, 512
8(314
142,411
67,032
14,151
"".iii
8,567
7,652
93, 817
.109
151, 278
7,678
142, 818
.106
5,160
2,450
67,411
.103
150,432
4,159
191,386
6G
66
698
64
651
6,461
2,142
2.06
28, 851
27, 608
26, 834
28, 375
34, 822
39, 727
38, 069
39, 718
40, 802
36, 288
.149
28, 741
.140
27,945
.135
26,215
.135
28,679
.135
34,843
.135
40, 465
.135
37,475
.135
40, 728
.135
40,476
.130
36, 201
.129
.120
.106
.103
.103
.101
1.99
63, 87,
.098
125, 587
4,973
223,109
. 095
7~C02
33.137
.130
40, 961
. 130
32. 641
.105
43, 355
30,346
12,734
17, 612
13,010
39, 838
28, 214
12,253
15,960
11,624
34,495
24,452
11,217
13,234
10,043
33,785
23,674
10,431
13, 243
10, 111
33, 062
22,975
9,931
13,044
10, 087
31,486
22, 227
10, 494
11,733
9,259
25,104
17,843
8,541
9,302
7,261
18. 621
13,323
6,567
6,757
5,298
21,245
15, 002
6,371
8,632
6,242
21,657
15, 326
6,085
9,241
6,331
29, 449
20, 721
7,938
12, 783
8.728
357,143
49,115
324,122
330,144
52, 771
303,474
290,193
47, 560
261, 351
226,010
53, 236
268,693
250, 591
48,611
252. 810
238, 256
41, 362
244,935
214,027
34,369
207,127
160,847
22,283
164,312
250,472
30,846
214,601
229, 271
31,415
238, 742
291.889
43, 388
323, 753
668
755
1,627
1,450
1,536
1,600
1,281
1,396
1,642
1,558
1,506
1,692
1,283
1,470
1,067
978
602
700
646
881
675
716
754
944
691
778
258
253
1,170
1,099
1,113
1,043
831
1,416
1,467
1,224
1,102
919
963
783
624
345
376
338
289
16S
203
249
259
24, 702
6,763
27,160
9,711
21.988
10, 811
22.377
10, 323
25, 595
10,143
26, 390
9,308
26, 574
9, 334
17,503
12,348
9,640
15,158
18,700
8,368
26,155
5, 656
26, 361
5, 857
2,192
604
859
730
2,517
610
984
924
2,280
619
783
878
2,152
588
717
847
2,671
755
833
1,083
3,368
907
978
1,484
3,014
791
866
1,357
2,096
500
580
1,015
1,832
394
427
1,010
r 2, 288
491
' 562
1,235
' 4.526
1, 014
' 1,142
2,370
r 9, 90S
679
r I 009
l". 280
*New series. For oleomargarine consumption see table 64, p. 20 of the June 1938 issue.
260
313
524
«Dec. 1 estimate.
'Revised.
33. 286
23, 143
7,946
15, 197
10,143
r
r
304,579
43.617
473. 425
41
SURVEY OF CURRENT BUSINESS
Julv 1938
Monthly statistics through December 1935, to- 1938
gether with explanatory notes and references
to the sources of the data may be found in the
1936 Supplement to the Survey.
May
1938
1937
June
May
July
DecemOctober NovemAugust September
ber
ber
January
February
March
April
ELECTRIC POWER AND GAS
ELECTRIC POWER
Production, totalf
..mills, of kw.-hr..
By source:
Fuelsf
do
Water powerf.—
do
By type of producer:
Central stationsf
do
Other producers
do
Sales to ultimate consumersf, total (Edison
Electric Institute)-mills, of kw.-hr..
Residential or domestic
do
Commercial and industrial
do
Public street and highway ltg
do
Other public authorities
do
Sales to railroads and railways
do
All other sales
do
Revenues from sales to ultimate consumers
(Edison Electric Institute)
thous. of dol__
345
10, 634
10, 227
10, 410
9,819
10, 051
9,633
8, 709
' 9,468
r 8,923
5, 257
3,832
5,623
4,354
6,337
3,737
7,051
3,176
7,094
3,317
6,167
3,653
6,470
3,581
6,106
3,527
5,179
3,530
' 5, 534
r 3,934
r
3,358
7,372
3,263
8,575
513
9,442
535
9,547
527
9,827
518
10,118
517
9,722
505
9,881
529
9,275
544
9,453
598
9,035
597
8,156
553
<• 8, 929 ' 8, 404
539
520
8,122
8,261
8,357
8,617
8,643
8,467
8,185
8,049
1,822
5,147
200
189
520
51
7,432
1,667
4,905
175
176
464
46
7,469
1,590
5,006
166
180
483
44
9,977
10,
074
10,
4, 907
r 4, 016
7, 355
1,571
4,981
148
164
445
45
173,482
175,797
177,859
181, 448
185,828
185, 981
186,941
189,277
191,881
181,207
176, 919
9,831
9,189
165
465
29,778
16,311
3,446
9,853
9,817
9,184
158
465
28,110
16,882
1,253
9,831
9,840
9,214
150
465
26,079
15,693
701
9,485
9,840
9,214
151
464
24,718
14,686
534
9,365
9,935
9,296
168
462
26, 791
16, 376
744
9,521
9,979
9,327
187
455
29,882
17,696
2,354
9,645
9,952
9,287
195
461
30, 255
15, 623
5,552
8,881
9,971
9,298
203
462
34,368
16,465
8,408
9,261
9,894
9,235
186
464
34,460
17, 226
7,594
9,410
9,919
9,254
194
462
32,085
16, 476
6,976
8,423
9,875
9,211
183
469
32,308
17, 052
6,113
8,992
9,880
9,208
190
471
31,189
16, 595
4,529
9, 884
30,415
22,052
1,885
6,352
29,379
22,172
926
6,178
27, 561
21,017
548
5,897
26, 219
19,930
442
5,737
28, 259
21,606
647
5,901
30, 758
22,850
1,672
6,115
30, 566
21, 328
3,017
6,087
33, 313
22,011
4,730
6,432
33,197
21,819
4,809
6,425
31, 485
20,599
4,674
6,081
31,920
21, 391
4,168
6,201
30,786
21,633
2.887
6,126
6,811
6,309
500
104, 242
26, 249
76, 526
6,765
6,291
472
94, 494
18, 694
74,443
6,769
6,305
462
91, 777
15, 589
75,136
6,813
6,346
465
94, 201
14, 549
78, 207
6,857
6,385
470
94,959
15, 686
78,118
6,924
6,423
499
102, 651
21,145
80,162
7,016
6,481
531
110, 724
30, 780
78, 601
7,038
6,495
540
129,341
45,802
81,939
6,981
6,447
532
123,942
46,979
75,833
6,979
7,002
6,447
6,463
531
537
122, 302 115, 334
45, 967 41,414
72, 420
74,832
G, 978
6, 447
529
105, 608
34, 324
70, 516
34,159
18, 706
15, 208
28. 733
14, 543
14, 006
26,440
12,429
13, 829
26,329
11, 797
14,318
26, 738
12,171
14, 393
31,012
15,475
15, 328
36,911
20, 757
15, 930
46, 673
28, 949
17,462
47, 517
30, 631
16, 685
46, 320
29, 658
16, 406
42, 689
27, 000
15, 420
38,006
23,243
14,034
176,
418
GAS
Manufactured gas:f
Customers, total
thousands..
Domestic
do
House heating
do
Industrial and commercial
do
Sales to consumers
mills, of cu. ft
Domestic
.-.
do
House heating
do
Industrial and commercial
do
Revenue from sales to consumers
thous. of doL.
Domestic
do
House heating
_
do
Industrial and commercial
do
Natural gas: f
Customers, total
thousands^
Domestic
-do
Industrial and commercial
do
Sales to consumers
mills, of cu ft.
Domestic
do
Industrial and commercial
-do
Revenues from sales to consumers
thous. of dol_.
Domestic
_
-do
Industrial and commercial
...do
FOODSTUFFS AND TOBACCO
J
BEVERAGES
Fermented malt liquors*
Consumption (tax-paid withdrawals)
thous. of bbl . 4,556
Production
do.,.
5,191
Stocks, end of month
do
9,588
Distilled spirits:
Consumption, total (tax-paid withdrawals)
thous. of proof gal—
6,407
Whisky
Jo.-.5,088
Production, total
do
9,666
Whisky
do
7,667
Stocks, total, end of month
do
498,062
Whisky
do
472,151
Rectified spirits:
Consumption (tax-paid withdrawals)
thous. of proof gal..! 2,370
5,186
5,703
9. 408
6,015
6,445
9,591
6,460
6,361
9,244
6,175
5,846
8,678
5,123
5,117
8,488
4,186
3,827
7,954
3,917
3,627
7,481
3,724
3,504
7,131
3,072
3,551
7,479
3.232
3, 655
7,741
4, 001
4, 998
8, 554
4, 163
4, 967
9.162
6,168
5,133
20,176
17,977
450,752
434, 262
5,897
4,492
18,485
15.980
462,608
445,286
5,298
4,121
9,285
7,522
465,871
447,983
5,792
4,658
8,908
6,843
468,105
449, 794
7,920
6,342
13,853
8,343
469,732
450,961
10,074
8,095
19,046
7,877
468,735
449,930
11,222
9,102
18,394
9,867
470,150
449,912
8,480
6,783
13.956
10,048
473, 724
452, 403
5,086
4,220
14,621
11,637
482, 650
459, 247
5, 355
4, 383
12, 988
10, 254
489, 436
464, 526
7,238
5, 656
12, 276
9,879
492, 836
467, 419
6, 392
4, 945
9, 916
8,071
496, 001
470. 500
2,727
2,437
1,891
2,193
3,251
4,634
4,984
4,721
2, 110
2,784
2, 394
j
Butter:
|
Consumption, apparent!
thous of ib__j__
Price, wholesale 92-score (N. Y.),
dol per !b_.
Production, creamery (factory)|_-thous of 1b.
Receipts, 5 markets
_.. do
Stocks, cold storage, creamery, end of month
thous of lb_.
Cheese:
Consumption, apparentt
do
Imports
.
do ...
Price, No. 1 Amer. (N. Y.)
dol. per ]b_.
Production, total (factory) f
thous of lb__
American whole milkf
do
Receipts, 6 markets
...do
Stocks, cold storage, end of mo
_do
American whole milk
do
r
Revised.
2, 120 |
I
DAIRY PRODUCTS
752
136, 809
131,
360
135,860
142, 046
137,454 j 135,043
133,998
126, 621
121 475
.26
197, 526
163,
.32
179,918
57,352
.31
196,860
75,063
.32
172, 007
61, 636
.33
146, 752
48, 749
.35
125,742
42, 886
.36
117,141
39,900
.38
102,445
38, 296
.39
110,311
40,835
.34
114, 499
43, 971
.31
111,057
42, 291
54, 408
22,904
83,119
123,863
134,885
118,697
98,624
66,191
42,953
31, 211
21 033
70, 482
3,958
.17
66,503
52,778
11, 433
85,008
71, 603
63,205
4,808
.17
82, 491
62, 342
17,064
105, 318
89,191
67,238
3,677
.19
58,101
46,043
17,863
122,647
105,026
63,748
4,811
.19
54,160
42, 533
15,084
117,610
101,178
63, 309
7,536
.20
50. 619
38, 364
14,975
112,687
97,160
50,336
6,206
.20
40,050
29,918
10,865
108,497
93. 633
47, 316
4,733
.19
38,042
27,645
10,845
103,935
89.258
4,233
.15
12,465
91,131
79, 303
55,
3,
217
490
.18
54,781
51,430
17,220
118,235
100, 418
53,481 I 52,156
3,189
3,666 I
.18
.17
39, 781
40, 751
28,418
29, 295
11,764
12,223
93, 497
85, 656
80,479
73,815 I
141,711
.30
126,489
48, 858
.28
146,791
53,150
14,387
03,9-18
4,370
.16
51,196
36, 002
15,572
77, 042
66,361
99S
2JCA
.15
824
451
918
289
707
t : U \ i - o i i * , ,. Kbet rio power production revised for
not snown
shown on
on p
p.. i41
of m
the
1938 burvey
Survey win
will appear
appear in
iu aa subsequent
subsequent issue.
issue
Data
on
•i period
pei sou j1920-37.
y-'u-o /. Revisions
revisions noi
i oi
e JJune
line iy.«>
Data on
J
sale^ oi I'lccir.t ] \ wcr !i,ivc been revised to conform with ai r, - . .set
. * . .u- p
. i.~
i . . T-.
......•• TPower
. . . . ^Comn
. . . . ission.
..
;.
.. , to reelassify the data
new sy-tcii of' accounts
by ,the
Federal
It ,has not. ,been possible
(
prii r to Janu: y\ l > '->. Total sales and revenues from sales
es, arc H - t n r i c ^ l y con.parable as given hero; rovi. ions not shown on p . 41 of the M a y 193S Survey will Appear in a
suhMHiiu r t K-ue. M ami fact ured and natural gas revised for
or pci iul 1929 -'7; iovNions not show n on i>. 11 of the April 193s Survey w ill appear in a subsequent issue.
Kevisions
in butter and t h e c e con-un ption and production for 1936 i: el ;lu v n (r j>. 41 of t h e Nc ven bcr 19:7 S u r \ e y w ill api»o. r in ;• ^liV
42
SURVEY OF CUREENT BUSINESS
Monthly statistics through December 1935, together with explanatory notes and references
to the sources of the data may be found in the
1936 Supplement to the Survey.
1938
May
July 1938
1937
May
June
July
August
1938
SeptemNov emOctober
ber
ber
December
January
February
March
April
FOODSTUFFS AND TOBACCO—Continued
DAIRY P R O D U C T S - C o n t i n u e d
Condensed and evaporated milk:
Exports:
1,366
457
Condensed (sweetened)
thous. of lb_.
1,414
1,946
Evaporated (unsweetened)
do
Prices, wholesale (N. Y.) (case goods):
5.00
4.85
Condensed (sweetened)
.dol. per case..
3 15
3.00
Evaporated (unsweetened).
do
Production:
Condensed (sweetened):
25,673
Bulk goodst
thous. of lb._ 2 8 , 5 8 7
' 4,901
4,750
Casegoodst
__.do
'233,450
2
7
3
,
0
9
0
Evaporated (unsweetened)t
do
Stocks, manufacturers, end of month:
Condensed (sweetened):
11,399
Bulk goods
-.
thous. of lb_. 15, 222
9,052
8,669
Case goods
do
Evaporated (unsweetened), case goods
242,390
261,272
thous. of Ib__
Fluid milk:
5,244
5, 509
Consumption in oleomargarine
do
Production (Minneapolis and St. Paul)
42, 597
45, 610
thous. of lb_.
17,150
Receipts:
Boston (incl. cream)
-thous. of qt__
Greater New York (milk only)
do
272
820
Powdered milk:
36,145
Exports
---thous. of lb_. 40,093
43,129
53, 239
Productionf
_._
do
Stocks, mfrs., end of mot
do
F R U I T S A N D
V E G E T A B L E S
les
Production (crop estimate)
Shipments, car-lot
Stocks, cold storage, e n d of
t h o u s . of b u _ .
no. of carloads..
m o n t h
t h o u s of b b l . Citrusfruits, car-lot s h i p m e n t s — n o . of carloads..
Onions, car-lot s h i p m e n t s
d o
Potatoes, white:
Price, wholesale ( N . Y.).-..dol. per 100 lb__
Production (crop estimate)
thous. of b u _ .
Shipments, car-lotj
no. of carloads..
G R A I N S
A N D
G R A I N
2,059
1.646
655
18, 586
3,968
460
12, 628
3,941
1.515
1.708
22,940
21,931
701
1,819
741
2,265
1,221
1,539
1,142
1,874
137
1,918
1,458
2,037
224
2,508
472
1,699
312
1,209
932
2,154
4.85
3.15
4.85
3.20
4.85
3.25
4.85
3.25
4.85
3.25
4.97
3.25
5.00
3.25
5.00
3.25
5.00
3.25
5.00
3.21
5.00
3.00
25,107
4,481
242,981
16,308
4,496
202,367
16,170
3,992
155,477
15,914
4,019
135,137
12,658
4,344
121,087
11, 390
3,461
91,671
14,066
4,444
101,304
11,346
3,973
124,099
11,230
3,547
127,627
14, 376
4,238
171,811
19, 467
4,823
198, 203
15, 550
10,920
16,029
11,173
13,373
11,033
8,730
8,252
5,074
7,153
5,019
6,229
4,229
4,935
4,037
4,574
5,319
' 7,118
5,601
302,435
227,696
5,102
4,743
43,134
34,421
17,195
129, 016
18,975
124,455
248
35,488
48,390
793
10,572
263,324
227,
710
244,
766
6,949
505
36,412
16, 272
119,178
14, 484
113,379
14, 566
109,203
322
15, 360
27,181
517
20, 516
22,851
371
23, 224
28,451
1,295
24, 316
32,174
16,737
8,450
•211,060
5,993
6,150
6,180
5,490
3,931
10,485
8,524
3,685
12,018
11,637
2,192
10,668
17, 262
2,005
8,760
16,426
2,766
6,513
17,029
2,062
4,013
19,008
2,052
r 1,926
19, 278
2,797
1.105
1.294
1.475
1.494
"i4~325~
1.181
391,159
14,912
1.225
21,025
~20~647"
"20^245"
16,219
27,070
19,126
123,064
24,442
16,377
120,128
301
29,435
42,902
409
21,030
40, 219
1,657
7,037
7,268
284
31,277
16, 584
125,287
17,052
119, 563
179
18, 757
37, 644
571
16,938
31,166
1,291
6,348
5,268
1,783
2,479
5,590
4,841
5,254
25,
1.163
.930
~I6,~358"
~9~66§"
2,494
4,079
11,172
14,835
14,249
105
265
2,118
2,962
1,737
2,270
1.14
1.28
.81
.91
.79
.78
.63
.72
.68
.83
.71
.79
.71
3,332
2,044
1,151
16, 952
13, 018
9,436
5,873
4,711
5,227
9,967
13,386
13, 368
30
6,701
35
5,882
35
3,618
32
3,964
29
4,465
1.35
1.35
1.22
1.18
1.25
1.23
9,650
3,745
11, 512
4,710
10,682
4,701
7,196
4,697
8,171
3,804
17,298
7,293
4,316
5,380
7,425
6,191
4,512
5,175
621
82
79
101
761
942
2,825
1,031
.48
.39
.30
.32
.32
.32
616"
686
132,663
23,756
2.031
"29,"
181,
894
7,497
6,774
1,557
372
7,350
6,411
8,972
2,463
218,
.925
" 18,"
524"
4,827
156,
36,
123,
801
151,669
6,063
7,605
42, 771
16, 483
121,241
30,
35,
503
508
42,
062
115,020
33, 389
41,046
~23,~870" "2l,~06l
P R O D U C T S
Exports, principal grains, Including
flour
a n d
meal
t h o u s . o f b u _ - 43, 357
Barley:
1,973
Exports, Including malt
d
o
—
Prices, wholesale, N o . 2 (Mpls.)
Straight
dol. per bu_.
Malting
d o
Production (crop estimate)
thous. of b u _ .
4,617
Receipts, principal markets
d o
Stocks, c o m m e r c i a l , d o m e s t i c , e n d of m o .
5,247
t h o u s . of b u _ .
Corn:
25,446
Exports, including m e a l —
d o
5,203
Grindings
d o
Prices, wholesale:
.55
N o . 3, y e l l o w ( K a n s a s C i t y ) _ . _ d o l . p e r b u _ _
.58
N o . 3, w h i t e ( C h i c a g o )
d o
Production (crop estimate)
t h o u s . of b u _ .
Receipts, principal m a r k e t s
_
- d o 31, 867
Shipments, principal markets.
d o
38, 706
Stocks, c o m m e r c i a l , domestic, e n d of m o .
thous. of b u . _
25,916
Oats:
Exports, including oatmeal
d o
2,100
Price, wholesale, N o . 3, w h i t e ( C h i c a g o )
dol. per bu_.
.29
Production (crop estimate)
thous. of b u . .
Receipts, principal markets
d
o
—
'" "57267
S t o c k s , c o m m e r c i a l , d o m e s t i c , e n d of m o .
thous. of b u _ 9,483
Rice:
Exports
p o c k e t s ( 1 0 0 l b . ) - - 278, 979
I m ports
d o
64, 407
Price, wholesale, head, clean ( N e w Orleans)
dol. per R e .033
production (crop estimate)
t h o u s of b u _ .
Southern States (La.,Tex., Ark., a n d Tenn.):
Receipts, rough, at mills
thous. of bbl. (16? lb.)..
770
S h i p m e n t s from mills, milled rice
t h o u s . of p o c k e t s (1001b.)..
771
Stocks, domestic, r o u g h a n d cleaned (in
t e r m s of c l e a n e d rice) e n d of m o n t h
1,424
thous. of p o c k e t s (100 lb.)._
California:
Receipts, domestic rough
bags (100 lb.)..
87, 859
65, 547
S h i p m e n t s from mills, milled rice
d o
Stocks, r o u g h a n d cleaned, e n d of m o .
b a g s ( 1 0 0 1 b ) . . 311, 744
a
1,331
1,595
2,499
.52
"4,~836"
5,648
31, 219
636
1,303
.82
.84
.76
.72
4,263
8,209
6,409
5,814
11,759
11, 524
9,819
188
6,229
1,750
6,667
3,895
5,614
13, 290
16,170
5,510
9,042
5,943
.59
.62
.54
.54
.55
.56
'2,644,995
42, 877
34, 605
17,801
16, 656
.58
.60
.55
.58
.54
.58
33, 726
21,362
17,971
11,760
23,
12,
22,
36,164
41,092
39,000
43,
1,510
548
378
.33
.33
"~9,~446
"~6,~
.32
'1,146,258
765"
5,408
3,359
18,556
401
27,
111
25,
287
247,900
176,431
325, 205
151,841
262,
83,
258
915
277,
80,
547
991
.038
.037
.035
.030
.030
.031
240
149
100
152
1,282
2,244
549
502
576
520
949
1,342
.040
21,331
791
11, 733
160,895
177,972
85,
181,
28,441
111
9,678
13,
343
620
21, 440
192, 394
28,
487"
774
1,238
.73
.78
'219,635
6,364
(a)
(a)
~~2~812" "~~7~6l2~ "~25~i70* " 14,"
25,
25,827
298,
56,
294
558
"6,463" ""§,"933"
25,077
443,
52,
23,822
085
627
86,473
.031
« 53,004
.031
1,782
760
1,199
1,277
1,448
1,101
7,512
20,
698
5,141
558
921
29,948
24, 367
227
40,
704
1,130
480
.32
.31
~4,"730
" 4," 381
21,141
15, 547
858
394
152, 916
60, 756
.033
.033
.033
922
1,007
676
1,190
967
163,
56,
2,092
1,741
1,271
910
1,256
2,233
2,827
2,198
2,337
2,299
2,188
1,940
70,242
52, 737
213, 590
74,202
237,364
118,257
367,221
235,262
263,332
195,138
611,680
226, 284
443,894
204, 300
216,854
109,891
510,712
188,085
385,282
211, 597
217, 229
191,798
57,908
65,445
482,
434,
316,503
159,
316,165
373,
382,331
457,
469,169
372,
463,
584
536
471
654
621
290
783
329,
980
f
No quotation.
« Dec. 1 estimate.
Revised.
fRevised series. Revisions for 1936 for production of condensed and evaporated milk not shown on p. 42 of the November 1937 Survey will appear in a subsequent issue.
Production and stocks of powdered milk represent skimmed milk only; revisions beginning 1918 will be published in a subsequent issue.
43
SUEVEY OF CURRENT BUSINESS
July 1938
May
1938
1937
1938
Monthly statistics through December 1935, together with explanatory notes and references
to the sources of the data may be found in the
1936 Supplement to the Survey.
May
June
July
Decem- January
August SeptemOctober November
ber
ber
February
March
524
.74
395
.61
April
FOODSTUFFS AND TOBACCO—Continued
GRAINS AND GRAIN PRODUCTS—Con.
Rye:
Exports, Including flour
thous. of b u Price, wholesale, No. 2 (Mpls.)--dol. per bu_.
Production (crop estimate)
thous. of bu._
Receipts, principal markets
do
Stocks, commercial, domestic, end of mo.
thous. of bu..
Wheat:
Exports:
Wheat, including
flour
do
Wheat only
do
Prices, wholesale:
No. 1, dark, northern, spring,
Minneapolis
dol. per bu—.
No. 2, red, winter (St. Louis)
do
No. 2, hard, winter (K. C.)
do
Weighted av., 6 markets, all grades.do
Production (crop est.), total..-thous. of b u ~ .
Spring wheat
do
Winter wheat
do
Receipts, principal markets
do
Shipments, principal markets.
..do
Stocks, end of month, world estimated
thous. of bu
Canada (Canadian wheat)
do—
United States (domestic wheat)
do
Held by mills (end of quarter)
do..
W heat flour:
Consumption (computed by Russell's)
thous. of bbl..
Exports
do
Grindings of wheat
.-thous. of bu..
Prices, wholesale:
Standard patents (Mpls.)
dol. per bbL.
Winter, straight (Kansas City)
do
Production:
Flour, actual (Census).
-thous. of bbL.
Operations, percent of capacity
Flour (Computed by Russell's)-thous. of bbl..
Offal (Census)
thous. of lb_.
Stocks, total, end of month (computed by
Russell's)
thous. of bbL.
He!d by mills (end of quarter).
do..
LIVESTOCK
Cattle and calves:
Receipts, principal markets.thous. of animals..
Disposition:
Local slaughter
do
Shipments, total
do.
Stocker and feeder
__do.
Price, wholesale, cattle, corn fed (Chicago)
dol. per 1001b..
Hogs:
Receipts, principal markets.thous. of animals..
Disposition:
Local slaughter
do.
Shipments, total
do
w
Stocker and feeder
.do
Price, wholesale, heavy (Chicago)
dol. per 1001b_.
Sheep and lambs:
Receipts, principal markets.thous. of animals
Disposition:
Local slaughter
_do_.
Shipments, total.
do...
Stocker and feeder
do
Prices, wholesale (Chicago):
Ewes
dol. per 100 lb__
Lambs
do.
1,327
1,124
785
607
.67
706
5,729
4,724
4,593
4,044
3,413
2,627
9,331
7,104
6,388
9,324
7,175
10,448
8,509
10,578
8,754
10, 565
8,510
7,693
5,724
1.27
1.04
1.06
1.04
1.15
.93
.94
.94
1.20
.95
.96
.96
'873,993
'188,891
'685,102
16,076
10, 648
31,460
16, 339
1.27
1.00
1.03
1.02
1.25
.99
1.00
1.19
.92
.91
.93
1.10
.85
.85
.86
22, 638
35,199
23,892
18,964
269,870 308, 770 291,050 297,970
24,970
59,198 62,720 54,552
131, 239 141, 014 130, 260 114,713
163,363
10, 910
13, 553
8,542
10,395
10, 642
10, 458
10, 875
13, 778
1,031
.77
495
721
.78
4,752
2,045
1,442
1,187
4,223
5,676
6,228
2,108
395
2,217
770
3,385
2,145
7,230
5,453
4,712
2.678
1.05
.77
.80
.82
1.46
1.32
1.32
1.32
1.45
1.22
1.21
1.23
1.51
1.22
1.22
1.19
1.33
1.12
1.12
1.08
1.34
1.09
1.10
1.09
760,623
14, 274
17, 090
7,621
10, 629
19,391
11,175
111,913
27,726
62, 241
25,102
31, 690
33, 816
184,150
45,643
17,088
157,780
36,314
11,677
67,874
229,529
26,267
89.334
7,539
488
35, 784
8,236
364
34,892
308
35,548
8,449
264
38,872
8,302
378
39,993
9,161
433
42, 467
9,268
474
43,477
9,099
473
40, 209
8,812
457
37, 538
8,285
413
37, 421
5,962
388
34, 924
8,081
437
39, 589
7,744
419
36, 085
5.21
4.15
6.98
5.95
6.91
5.69
7.44
5.76
6 48
5.28
6.07
5.24
5.97
5.23
5.53
4.66
5.67
4.91
5.89
5.21
5.91
5.51
5.50
4.93
5.35
4.51
7,739
50
8,177
646, 817
7,642
49
8,100
642,595
8,168
57
51
9,272
8,969
722, 674 673,105
8,116
53
8,348
675, 738
7,572
53
6,600
631,061
4,500
4,500
7,637
47
8,369
656,834
3,773
3,773
4,250
4,500
4,150
4,152
4,350
1,681
1,751
1,310
1,626
1,502
1,021
632
218
1,067
663
239
863
443
137
1,013
605
231
920
576
201
9.60
13.00
186
1.09
1,878
1,689
2,034
13, 335
11,041
8,678
9,234
9,446
8,415
54
52
60
59
9,180
9,894
9,942
9,140
701, 642 717, 658 761, 784 781,689
5,000
5,001
5,200
4,900
4,600
4,560
1,902
1,675
2,245
2,360
2,332
2,132
1,629
1,184
703
217
1,013
660
224
1,184
1,020
1,247
1,094
1,193
1,131
595
1,146
978
461
1,015
630
237
13.43
15.08
15.68
437
16.53
1,513
1,157
1,275
1,333
548
31
1,074
444
32
1,075
432
790
366
32
885
380
35
1,533
1,071
454
32
8.17
11.01
2,209
1,274
1,129
187
1,121
1,088
136
3.62
7.76
6.05
11.55
941
813
1,030
83
444,908
1,008
29
1,054
557
188
4<a 5
302, 690 273, 470 239, 440
45, 528 43, 399 41, 029
66,467
54, 426 43,191
85, 241
8,600
7,834
52
49
8,168
8,321
710, 240 650, 595
16.06
14.20
11.11
9.90
9.10
9.57
9.31
1,906
2,323
2,587
2,892
1,962
1,895
1,724
1,362
539
32
1,666
649
29
1,834
753
27
2,066
815
35
1,331
626
39
1,334
557
47
1,206
517
35
12.11
12.19
11.83
10.53
8.58
7.53
7.55
8.25
9.13
8.27
1,908
2,752
2,994
2,697
1,785
1,643
1,954
1,713
1,739
1,938
900
1,012
177
4.38
10.47
1,047
1,677
549
4.75
10.43
1,163
1,806
633
4.03
10.16
1,023
1,668
857
4.11
9.72
922
891
352
1,150
793
95
1,058
663
94
1,079
853
90
4.15
9.20
3.81
8.47
3.91
7.93
4.08
7.38
1,067
670
79
4.84
8.70
927
771
736
58
792
582
49
1,031
891
440
44
1,033
1,000
394
42
983
1,042
447
51
1,054
1,195
583
67
1,039
1,259
797
81
883
944
838
78
961
789
70
491, 360 443,282
828
1,064
472,911
1,179
502,232
1,026
490,994
1,025
437,664
705
452,630
991
456, 087
1,012
403,981
1,046
.228
.248
.251
.246
.180
.144
.126
.146
456, 961 452,185
60,970 59.369
399,062
57,023
453, 600 423, 753
50, 501 r 40, 145
59, 305
59, 573
3,523
60, 659 ' 58, 982
60, 094 58, 253
2, 901 r 2, 121
11.46
1,879
1,022
852
133
4.25
11.47
1,002
.200
412,061
86,168
333,020 320, 240
50, 088
52,136
94, 520 79, 203
131, 284
4,700
1,526
2,409
.68
4,200
1,890
Total meats:
MEATS
Consumption, apparent
...mills, of lb__
996
Production (inspected slaughter)
do
958
Stocks, cold storage, end of month
.do
672
Miscellaneous meats
do
62
Beef and veal:
Consumption, apparent
thous. of lb__ 452, 774
Exports
do
944
Price, wholesale, beef, fresh, native steers
(Chicago)
dol. per lb_.
Production (inspected slaughter)
thous. of lb_. 437, 167
Stocks, cold storage, end of mo
do.
33, 506
Lamb and mutton:
Consumption apparent
._
.do
61, 684
61, 732
Production (inspected slaughter)
do
2,132
Stocks, cold storage, end of month.__do
Pork (including lard):
Consumption, apparent
.do.
481, 515
Exports, total
.
do.
29,711
Lard
...
do.
20, 340
Prices, wholesale:
Hams, smoked (Chicago)
dol. per lb__
. 214
Lard, in tierces:
Prime, contract (N. Y.)
do
.087
Refined (Chicago)
do.
.098
Production (inspected slaughter) total
thous. of lb_. 458, 701
Lard
do.
81, 023
Stocks, cold storage, end of month
do
574, 429
Fresh and cured
_
do
450, 693
Lard
do.
123, 736
* Dec. 1 estimate.
249
.76
627
.70
49,449
644
754
.74
293
.85
1,073
502
.58
/ 55,138
456, 719 421, 267 459, 706 485, 889 489,019 440,814
63, 522 51,466 44,582
38,746
43, 897 53,741
55, 749
54,154
2,950
55, 072
54,324
2,171
439,933
20,055
13, 565
455,779
13,377
52, 913
52, 639
1,840
57, 501
57,634
1,928
64, 075
64,064
1,887
58, 789
59,318
2,376
430,739 407,986
13, 221 11,831
7,746
7,175
464,580
13,016
9,717
483,560
23,598
18,797
52,011
51, 948
2,286
56,856
57, 514
2,895
64, 716
65,140
3,294
••953
908
r 729
64
464, 855 • 442,340
1,279
913
493,174 544,612 517,997 419,431 463, 597 451, 294
26, 260 29, 582 26, 750 23,085
24,911
22, 471
18, 314 22,181
20,453
16, 284 16, 047 15, 508
.215
.229
.242
.252
.254
.253
.121
.130
.123
.133
.117
.136
.114
.132
.105
.123
.114
346,417
50, 732
858,134
663, 657
194,477
368,508
52,410
763,548
578,424
185,124
.126
.138
297,000
41, 701
624,232
467, 273
156, 959
f June
274,501 341,231
35,278
43,510
485,689 355,148
367,595 282,534
118,094
72,614
1 estima te.
451,712
59,009
305,891
266,414
39,477
549, 279
85, 468
340, 596
306,630
33, 966
.237
.216
.209
.212
.214
.216
.101
.091
.103
.093
.104
.094
.103
.098
680, 585 742, 082
111, 706 180,196
452, 258 653,346
398, 565 554,028
53, 693 99, 318
r
Revised.
485,475
82,645
699,633
582,654
116, 979
447, 360 425, 797
77, 715 74, 908
665, 263 622, 454
543, 947 500,564
121,316 121,890
44
SURVEY OF CURRENT BUSINESS
1938
Monthly statistics through December 1935, together with explanatory notes and references
to the sources of the data, may be found in the
1936 Supplement to the Survey.
May
Julv 1938
1938
1937
June
May
July
August
Septem- October November
ber
DecemJanuary
ber
February
18, 606
115,105
14, 369
100, 493
March
April
FOODSTUFFS AND TOBACCO—Continued
POULTRY AND EGGS
Poultry:
Receipts, 5 markets...
thous. of lb._
Stocks, cold storage, end of month
do ....
Eggs:
Receipts, 5 markets
thous. of cases..
Stocks, cold storage, end of month:
Case
thous. of cases..
Frozen
-thous. of lb_.
TROPICAL PRODUCTS
Cocoa:
Imports
long tons..
Priee, spot, Accra (N. Y.)—
dol. per lb_.
Exports from the Gold Coast and Nigeria,
Africa
-Jong tons..
Coffee:
Clearances from Brazil total.thous of bags..
To United States
do
Imports into United States
do
Price, wholesale, Rio No. 7 (N. Y )
dol. per 1b.Receipts at ports, Brazil
thous of bags.
8tocks, world total, Incl. interior of Brazil.
end of nionth__.
thous. of bags
Visible supply, total, excl interior of Brazil
thous. of bags.
United States..
do
Sugar:
Raw sugar:
Cuba:t
Stocks, total, end of month
thous of Spanish tons>1[-_
United States:
Meltings, 8 portst
long tons
Price, wholesale, 96° centrifugal (N.Y )
dol. per lb
Receipts:
From Hawaii and Puerto Rico
long tons.Imports
do.-Stocks at refineries, end of montht.do
Refined sugar (United States):
Exports, including maple—
do
Price, retail, gran. (N. Y . ) - - - .dol. per lb
Price, wholesale, gran. (N. Y.)
do
Receipts:
From Hawaii & Puerto Rico..long tons..
Imports:
From Cuba
do
From Philippine Islands
do—
Tea:
Imports
thous. of lb
Price, wholesale, Formosa, fine (N. Y.)
dol per lb
Stocks in the United Kingdomt thous of lb._
M1SCELLAKEOUS FOOD PRODUCTS |
Candy, sales by manufacturers..thous. of dol__
Fish:
Landings, fresh fish, prin. ports,thous. of lb_.
Salmon, canned, shipments
cases..
Stocks, total, cold storage, 15th of month
thous oflb_.
Gelatin, edible:*
Monthly report for 7 companies:
Production
do
Shipments
do
Stocks
do
Quarterly report for 11 companies:
Production—
_
do
Stocks.
do
TOBACCO
Leaf.
Exports
thous of l b . .
Imports, incl. scrap
do .
Production (crop estimate)
do...
Stocks, total, incl. imported types, end of
quarter
thous. )f lb__
Flue-cured, fire-cured, and air-curod do..^
Cigar types
do._Manufactured products:
Consumption (tax-paid withdrawals):
Small cigarettes
millions
Large cigars
.
thousandsManufactured tobacco and snuff
tbous oflb..
Exports, cigarettes
thousandsProduction, manufactured tobacco:*
Total
thous. of lb_
Fine cut chewing.
do
Plug
do....
Scrap chewing
do...
Smoking.
do.._ Twist
dePrices, wholesale:
Cigarettes
Cigars
..dol. per 1.000
do
19,121
52, 023
1,916
20,286
82,340
2,154
1,677
1,188
941
791
671
5,091
130, 840
7,300
133,132
8,548
164,830
8,718
166,876
8,390
160,258
7,058
148, 216
5,795
22,165
.0782
17, 557
.0740
18,130
.0790
27,633
.0837
34, 397
27, 364
10,203
8,214
18, 961
1,439
690
1,183
935
456
925
937
499
1,032
756
376
865
848
444
733
.048
1,525
093
094
915
094
794
093
7,621
1,107
7,589
1,099
21,902
77,173
(0
7,388
813
20,810
70,040
20,885
63, 733
30,451
7,886
1,133
8,067
1,035
23,237
61, 721
12, 364
78, 819
68,014
108, 746
56, 489
123, 500
701
926
1,639
1, 978
5,158
133, 805
2,672
120, 929
831
109, 210
314
95, 598
281
88,754
1,303
96, 475
r 3, 204
115,874
25, 247
.0786
12, 665
.0627
17, 438
.0581
12, 720
.0560
14,197
.0609
15, 954
.0605
27, 515
.0606
12,936
. 0520
18, 781
13, 278
18, 794
22, 786
20,413
19, 607
17, 604
12, 335
470
842
1,108
609
874
942
517
1,040
1,497
876
1,110
1,570
871
1,233
1,365
676
1,404
1,463
743
1,415
1, 490
709
1, 206
093
949
.091
1,159
.070
1,122
.059
1,337
.054
1,704
.054
1,470
.048
1,619
7,426
784
6, 978
662
6,986
592
7, 340
736
7, 3S8
764
33,238
76,208
1,129
r
32, 477
29,705
7,312
870
13, 997
• 60, 053
7,045
577
7,266
687
1,009
862
503
546
1,341
266,341
293, 347
320, 775
245,130
290,170
300, 583
.034
.032
.033
.032
.032
.032
.031
104, 646
246, 556
159, 529
73, 631
154, 535
168, 014
113,932
132, 584
180, 978
78, 335
136, 471
191,957
74, 502
134, 217
167, 511
31, 303
193, 528
201,118
62, 287
231, 923
169, 882
173, 722
271, 605
299, 360
163, 517
254, 278
353, 230
3,550
.053
.046
4,265
.054
.050
5,757
.057
.048
5,675
.055
.048
4,699
.055
.048
2,808
.053
.047
3, 607
.053
.047
4, 603
. 053
. 046
4,687
.052
.045
2,407
'1,961
1,707
1,454
1,266
343, 0S3
410,039
330, 222
425,457
420,024
.027
. 034
.034
.035
.035
205, 469
236, 888
429, 495
234, 875
326, 885
254,340
153, 554
219,935
305,460
109,937
293,422
320,817
3,844
.051
.046
7,736
.056
.047
4,034
.054
.046
3,907
.052
.046
ISO, 842
2,401
2,545
343, 685
2,485
18, 716
16,130
331
1,563
893
1,339
2, 456
17, 746
16, 446
26, 116
20, 066
32, 712
3, 621
47, 814
13,383
31, 755
7,905
11,516
5,763
28,776
3,248
5,415
1,286
3
580
957
1,988
3,240
135
8,905
2,545
29,454
179
33, 086
6,677
25, 559
2, 975
5,004
6,693
7, 373
7,044
6,487
7,786
9,177
8,980
6,366
7,319
7,138
6. 829
.280
.275
148,669
.275
144,613
.275
131,167
.275
144,839
.275
149, 669
.280
170,131
.280
196,882
.280
218,070
.280
227, 392
.280
217,914
.280
188, 388
18,414
20,830
16,034
13. 524
18,571
32, 257
31, 256
31, 267
27,999
23,157
23., COO
23, 635
46, 543
411,041
40,034
305, 394
41.054
302, 442
40. 728
203, 374
39,071
360,321
37, 474
746,180
42, 997
428, 748
44. 308
238,332
30, 350
323,187
31, 201
358,183
26, 508
427, 917
37, 588
587, 392
45, 810
40, 589
48,178
59, 330
66,204
69, 321
72, 350
78, 102
79,891 I 72,721
62, 184
.280
r
42, 769
259, 361
45, 694
I
1, 698
1, 066
6,925
1,392
1,461
5.690
1.436
1,376
5,759
1,054
1, 254
5, 490
939
1,279
5,150
6,127
8,421
21, 396
4, 373
24,034
7,907
29,146
7,373
1,046
1,170
5,025
1, 232
1,013
5.245
1,419
908
5, 756
4,312
15,990
7. 367
25, 322
7,201
2,026,368
1,580,185
365, 195
53, 226
6,033
1, 488
943
6,301
1,477
1,274
6,503
1, 453
1,325
6,631
1, 534
1, 400
6, 760
5,992
9,367
69, 974
5,545
55, 981
4, 925
2,047,188
1,651,651
60, 464
6, 477
1,505,762
45, 046
5, 353
35, 113
3,703
2,222,019
1,845,322
295, 288
324,440
36, 624
8, 61'0
2,432,207
jl,957,S02
371.156
14, 324
417,144
13. 070
430, 628
14, 259
472.404 ! 476,489
15. 098
452,898
14, 854
498, 835
13, 892
517, 565
12, 78fi
492, 68B
12,611
336,161
13.058
328, 574
11, 492
338, 887
13, 728
431, 691
28, 921
487, 675
27. 557
510,511
28, 730
477,167
29,519
405. 768
28, 361
428, 888
29, 597
510, 590
29.067
520, 371
27,014
354, 754
24, 700
538, 786
26, 280
475,939
25, 077
551, 625
30, 767
604, 307
24,579
414
4,732
3,701
15, 182
548
27,185
598
5, 252
3,904
16,840
591
25.371
557
25,796
4,127
15,249
576
484
5,015
4, 293
15, 396
608
26, 398
447
5,570
3, 832
15,938
611
26.011
385
4,7*8
3,85£
16.413
591
24, 514
482
4,460
3,224
15,856
493
22, 481
372
3, 841
3,350
14, 465
452
22,394
351
3,727
3,153
14,726
437
22,740
335
4,587
3,105
14, 262
451
27, 248
502
4,800
3, 373
18,155
412
5. 5!3
46.056 |
5.513
46.056
5.513
46.056
5. 513
46. 056
5. 513
46. 056
5. 513
46. 056
5. 513
46. 056
5. 513
46. 056
5513
46. 056
5.513
46.056
5.513
46. 056
5.513
46. 056
4, 861
1,407
12, 527
•A84, 018
27
534
0*5
24.'
4,:
lb
c
e
' Revised.
Not available.
Dec. 1 estimate
*The Quarterly report for gelatin is complete for the industry; the monthly data are? for 7 companies, for which figures for the period 1930-36 were shown in table 8, p 20
of the February 1937 issue. For new series on the production of manufactured tobacco for period 1934-37 see table 33, p. 20 of the August 1937 Survey.
fRevised series. Series on stocks of tea in United Kingdom for 1913-36; see table 32, p. 20 of the August 1937 issue. Sugar meltings and stocks in the United States ft.-i
the period 1920-37, see table 39, p. 17 of the October 1937 issue. For stocks of sugar in Cuba, revisions for period 1920-36 will appear in a subsequent issue.
^Spanish ton, equivalent to 1.0141 English long tons; data shown in the 1936 Supplement and in subsequent monthly issues are on the basis of Spanish tons.
Monthly statistics through December 1935, together with explanatory notes and references
to the sources of the data may be found in the
1936 Supplement to the Survey.
45
SURVEY OF CURRENT BUSINESS
Julv 1938
1938
May
1937
May
June
July
August
1938
Septem- October Novem- December
ber
ber
January
F
|T"U"
March
April
FUELS AND BYPRODUCTS
Anthracite:
COAL
Exports
thous. of long tons..
Prices, composite, chestnut:
Retail!
dol. per short ton..
Wholesale
do
Production!
-.-thous. of short tons..
Shipments
do
Stocks, end of month:
In producers' storage yards
do
In selected retail dealers' yards
number of days' supply..
Bituminous:
Exports
__thous. of long tons_.
Industrial consumption, total
thous. of short tons_.
Beehive coke ovens
do
Byproduct coke ovens
do
Cement mills
do
Coal-gas retorts
do
Electric power utilities
do
Railways (class I)
do
Steel and rolling mills
do
Other industrial
do
Other consumption:
Vessels (bunker)
thous. of long tons..
Coal mine fuel
thous. of short tons..
Prices:
Retail, composite, 38 cities
dol. per short ton..
Wholesale:
Mine run, composite
do
Prepared sizes, composite
do
Production!
thous. of short tons..
Stocks, industrial and retail dealers, end of
month, total
thous. of short tons..
Industrial, total
do
Byproduct coke ovens
do
Cement mills
do
Coal-gas retorts
do
Electric power utilities
do
Railways (class I)
do
Steel and rolling mills
do
Other industrial
do
Retail dealers, total
do
COKE
Exports
thous. of long tons.
Price, beehive, Connellsville (furnace)
dol. per short ton.
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
222
172
8,946
4, 255
3,821
8.953
4,281
3,791
1,388
859
58
103
118
10.66
8.973
' 4, 635
4,040
9.199
2,708
2,422
9.233
2,638
2,437
10.98
9.448
3,569
3,229
9. 472
4,766
4,320
1,483
1,895
2,261
2,391
2,436
93
122
71
51
65
1,462
1,350
1,332
1, 252
1,191
360
297
271
27, 795 28,181
450
409
6,281
6, 492
479
513
121
120
3,843 , 4,034
6, 759 i 6,738
1,042 ! 1,085
8,820 | 8,790
28,099
401
6,284
478
136
3,872
6,868
1.000
9,060
29, 229
359
5,723
504
143
3,908
7,649
928
10, 015
26,883
269
4,573
417
144
3,433
7,103
839
10,105
26,424
217
4,014
315
156
3,577
7,352
783
10,010
25,363
185
3,923
214
158
3,377
7,107
789
9,610
22,423
165
3,539
169
138
2,888
6,169
725
8,630
147
147
339
115
302
101
302
82
257
110
22,5
4.440
4.784
27, 440
38, 484
32. 284
5. 823
320
253
8 565
6, 174
919
10, 230
6, 200
136
174
165
152
9.610
4,377
3,694
11. 28
9.643
4,780
4,160
50
169 !
128
121
107
9.675
4.815
4,422
9.631
3, 539
3, 057
11.31
9. 564
4,015
3, 467
9.199
3,138
2,893
2,154
1,652
1,411
1,264
1, 271
36
27
26
279
673
929
1,320
19,993
92
3, 236
434
137
2,908
5, 623
603
6, 960
29, 377
520
6,434
494
140
3,286
7,220
1,153
10, 130
113
162
163
250
162
264
4.303
4.391
21, 266
4.315
4.436
30, 077
4.318
4.422
31, 776
4.316 j 4.306
4.445 I 4.479
31. 990
33, 988
4. 305
4.550
39,177
4.305
4.577
40,833
4. 303
4. 585
36,428
4.375
4.661
37,122
4.441
4.779
30,880
33, 256
27,846
4, 867
309
254
8,253
5,041
722
8,400
5,410
45,169
38, 169
8,188
397
249
8,446
7,391
1,588
11, 910
7,000
43, 936
37,736
7, 770
429
249
8,457
7,701
1,540
11, 590
6,200
43, 371
36,991
7,433
387
238
8.523
7,195
1,485
11, 730
6,380
46,032
38,892
7,761
400
299
8,944
6,926
1,292
13,270
7,140
47, 986
39,926
8,067
430
301
9,241
6,747
1,290
13, 850
8,060
48, 280
40,010
8,115
415
358
8,956
6.820
1,256
14, 090
8,270
47,074
39,174
7,273
396
308
9,075
7,573
1,109
13,440
7,900
41,967
35,167
6, 469
337
272
8, 960
6,519
1, 050
11, 560
6.800
1,388
27, 367
439 |
5,788
476
124
3,505 j
8,653
982 !
9,400
166 I
266
143
283
i
L 39
8.60
43,851
37,051
7, 456
365
230
8,558
7,174
1,388
11, 880
6,800
23, 260 • 20, 853
118
154
3. 457
3, 795
228
327
144 j
136
3,015 r 2. 675
6,427 ; 5. 801
787
049
8,710
7. 090
101 j
223 !
8.72
86
' 164
8.83 !
4.359 ! 4.301
4.544 : 4.378
20,745 I 22,380
r
34,102
r
28, 952
5,231 I 4, 935
347 j
299
227
8,479 ! ' 8. 404
5,800 j 5, 548
779
837 I
9, 270 | 8, 700
5, 100 I 5,150
45
41
38
49
55
45
56
4.250
4.825
4.625
4.500
4. 500
4.438 I 4.405
4.375
4.281
4.250
58
2,283
138
325
4,479
110
1, 741
706
1,035
399
274
4,024
100
1,843
776
1, 067
391
285
4,422
110
2,009
817
1,192
380
259
4, 571
113
2, 236
859
1.377
376
254
4,426
113
227
4,036
127
137
2,829
120
117
2,762
126
105
2, 494
122
97 I
2.075 !
111 I
2,298
889
1,409
360
2,346
915
1,431
329
170
3,226
111
2,507
985
1, 522
366
2,453
1,029
1,425
379
2, 367
1,087
1,280
390
2 474
1 196
1 279
419
2, 777
3,134
1,305
1,348
1.472 J 1, 786
409
522
99, 323 104,783
3,148
2,635
1.160
1.160
105, 812 110,721
87
85
105,251
2,771
1.160
115,090
3,275
1, 376
1, 899
562
29
4.250 ; 1. 250
75
2,436
127
PETBOLEUM AND PRODUCTS!
Crude petroleum:
Consumption (run to stills)
thous. of bbl__
Imports
do
Price (Kansas-Okla.) at wells. __dol. per bbl_.
Production
thous. of bbl__
Refinery operations
pet. of capacity..
Stocks, end of month:
California:
Heavy crude and fuel
thous. of bbl_.
Light crude
__
do
East of California, total
do
Refineries
.do
Tank farms and pipe lines
do
Wells completed
number..
Refined petroleum products:
Gas and fuel oils:
Consumption:
Electric power plants!
thous. of bbL.
Railways (Class 1)____
do
Vessels (bunker)..
do
Price, fuel oil (Oklahoma)
dol. per bbL.
Production:
Residual fuel oil
thous. of bbl
Gas oil and distillate fuels, total__..do
Stocks, end of month:
Residual fuel oil, east of California
thous. of bbL.
Gas oil and distillate fuels, total
do
Gasoline:
Consumption, domestic
-thous. of bbL.
Exports
do...
Price, wholesale:
Tank wagons, delivered (New York)
dol. per gaL.
Refinery (Oklahoma)
do
Price, retail, service station, 50 cities..do
' Revised.
99,238
1,923
1.160
98, 674
81, 822
31, 624
259, 259
45,101
214,158
1, 656
100,452
2,635
1.160
110.911
83
81,685
61, 933 62,376
33,373
32, 730 32,432
266,865 268, 087 268,238
45,885
48, 215 48,049
220,980 219,872 220,189
2,448
r 2,178
2,178
87 I
103, 494 105,023 99, 615 98,363
97, 900
2, 560
2. 180
2,511
1,924
2.624
1.160
1.160
1.160
1.160
1. 160
109,980 110,911 104, 206 106, 579 106,007
85
83
79
78
88,179
2,045
1.160
94, 662
78
0,3, 885 95, 075
2, 405
2, 017
1. 100
1. 160
100,524 102, 702
79
62, 433 63, 197 84, 503 65, 375 68,649
74, 461
71,879
008
31, 442 30, 955 30,181
31,1S8
30, 248 30, 452 29,341
3l! 609
271, 340 270, 601 270,160 267, 538 268,006 268, 978 267, 345 269 038
47, 778 45,607 45,150 43, 267 42, 786 45.104
45, 228 45, 822
223, 562 224,994 225, 010 224, 271 225, 220 223, 874 222.117 223, 816
2,203
2,131
2,110
1, 574
1, 782
1,441
1,907
1 707
79, 905
31, 504
207, 942
45, 975
221, 967
1, 606
I
941
4,335
3,395
.913
1,154
3, 393
.925
820
4,343
3,209
.925
4,403
3,357
1,318
4,261
3,281
. 900
1,321
4,256
3,494
.925
1,297
4,675
3,283
.925
935
4,191
2,991
.905
1, 068
4,306
2,935
.875
1, 068
4,092
2,923
.875
928
3,675
2,813
.875
24. 392
12,160
26, 015
11,158
25, 769
11,088
26,893
12,654
25, 936
12, 558
27,173
12, 681
28,199
13, 585
26, 564
13, 215
26,808
13,563
26, 204
13, 876
29, 284
22, 385
17,473
18, 451
19,291
20, 657
21,778
23, 637
23, 987
25, 952
25,810
26, 210
27, 679
26,101
27, 850
26, 852
27, 363
22, 566
44, 911
3,603
45, 484
2,771
48,580
2, 623
50, 704
2, 542
49, 597
3,077
47, 245
3,668
45, 361
2,966
42, 666
2,958
.130
.061
.146
.134
.061
.144
.135
.060
.145
.135
.060
.145
.135
.060
.145
.135
.059
.145
.130
.053
.141
933
.130
.051
r
1,018
3, 961
3,169
.888
'880
3,708
3.249
^925
23, 866
12,144
25, 328
12, 294
24, 833
11,577
27,049
21, 543
28, 855
19, 885
39,457
1,827
35,176
2,702
31, 861
3,100
25,981 ' 27. 815
18,882 | 19,972
41,259 i 43, 254
3,029
3, 742
.130
.050
.141
.130
.049
.130
.049
.130
.051
.130
.053
46
Monthly statistics through December 1935, together with explanatory notes and references
to the sources of the data may be found in the
1938 Supplement to the Survey.
SURVEY OF CUREENT BUSINESS
1937
1938
May
Julv 1938
May
June
July
DecemAugust SeptemOctober November
ber
ber
1938
January
February
March
April
FUELS AND BYPRODUCTS—Continued
PETROLEUM AND PRODUCTS—Con.
Refined petroleum products—Continued.
Gasoline—Continued.
Production:
3,889
4,196
4,128
4,418
3,869
4,336
4,326
3,088
4,272
4,217
4,171
At natural gas plants
thous. of bbl._
4,237
4,305
At refineries:
51,191
45, 748
49,002
40,469
46, 769
48, 271
49,523
47, 873
46, 755
44, 582
47,064
44,116
Total
_do..__ 46, 645
21,250
22,673
20,804
21,571
22,205
21,898
21,483
20,956
18, 267
20,388
20, 751
19, 769
Straight run*
.do
20, 040
21,927
22, 556
23,085
23,550
24,141
22,829
23, 042
23,547
22,785
19, 474
22, 447
21,114
Cracked*
_
do
21, 686
2,571
2,642
2,981
4,490
4,377
3,891
2,799
3,557
2,728
3,557
4,088
3,233
Natural gasoline blended*
do
2,856
1,883,271 1,957,317 2,080,015 2,049,002 1,962,058 1,852,107 1,756,567 1,615,167 1,464,932 1,366,101 1,688,030 1,732,120
Retail distributionf...
.thous. of galStocks, end of month:
61,141
72, 396
67,839
62,956
85, 018
63. 728
79.114
82, 684
Finished gasoline, total
thous. of bbl_. 80, 987
59,413
58,037
69,892
85, 035
37, 837
54,010
48,307
44,142
39,441
58, 945
35,807
40, 203
53. 219
57, 660
At refineries
do
34, 884
46, 234
60, 043
5,444
6,548
5,989
6,257
6,918
7,041
5,017
5,147
4,951
6,179
Natural gasoline
do
6,278
4,758
5,531
Kerosene:
3,637
4,985
4,150
3,259
3,594
5,017
3,667
5,705
5,360
4,333
Consumption, domestic
thous. of bbl_.
5,150
4,397
6,420
652
608
1,084
681
654
956
810
535
759
679
Exports
do
656
745
788
Price, wholesale, water white 47, refinery
052
.050
.056
.050
.050
.051
.054
.056
.056
.056
.053
.054
.056
(Pennsylvania)
dol. per gal_.
5,649
5,087
5,343
5,482
' 5, 731
5,371
5,445
5,726
5,876
5,638
5,167
5,809
5,798
Production
thous. of bbl_.
6,781
5,576
7,553
7,627
8,839
6,394
8,877
8,637
8,357
7,083
6,523
5,986
Stocks, refinery, end of month
do
6,093
Lubricants:
1,730
1,984
1,972
2,078
2,039
1,924
1,591
1,968
2,037
2,195
Consumption, domestic
do
1,489
1,471
1,311
Price, wholesale, cylinder, refinery (Penn110
.195
.200
.180
.175
.153
.126
.175
.110
.110
.110
sylvania)
dol. per gal_.
.113
.110
2,595
2,988
3,141
2,980
2,900
3,215
2,953
2,920
Production
thous. of bbl_.
2,936
2,785
2,468
2,697
2,530
8, 255
6,447
6,478
6,566
6,426
6,789
6,907
6,542
Stocks, refinery, end of month
do
7,512
8,006
8,210
8,363
8,290
Asphalt:
2
4
3
2
3
1
2
1
2
3
2
Imports
thous. of short tons..
0
0
450
413
462
484
407
334
524
216
Production
do
485
327
192
279
207
522
501
711
547
458
664
Stocks, refinery, end of month
do
529
465
594
510
566
633
620
Wax:
41,160
44, 240
47,320
43, 680
42, 000
49,000
Production
thous. of lb_. 35, 560
34, 720
42,000
41, 720
39, 760
31, 640
43,120
140, 826 103, 614 103,761 107,903 115,266 123, 098 128,995 139. 867 144,992 145, 629 148,823 150, 465 144, 626
Stocks, refinery, end of month
do
LEATHER AND PRODUCTS
HIDES AND SKINS
\
27,895
Imports, total hides and skins
thous. of lb__ 11, 561 28,750 29,833
21, 513 22,047
21,311
18, 857 16,138
9,567
13, 597
9,251
1,196
2,523
1,540
1,337
1,232
1,489
Calf and kip skins
do
1,077
1,363
1,015
1,514
981
916
10,413
6,941
2,737
9,810
9,038
8,662
Cattle hides
_
do
8,173
9,898
6,206
5,952
3,158
3,071
4,733
9,560 11,323
5,502
6,923
5,452
Goatskins...
do
5,026
5,071
3,009
2,634
3,404
4,842
1,902
4,148
3,171
7,208
2,430
Sheep and lamb skins
do
4,159
2,343
1,995
6,443
1,887
1,508
Livestock (inspected slaughter):
579
561
520
525
500
538
468
506
Calves
thous. of animals
537
452
420
745
840
790
958
856
880
809
Cattle
_
__
do
939
859
830
716
772
2,110
3,295
2,099
1,643
1,590
2,711
Hogs
do
2,033
3,958
2,610
4,201
2,833
2,585
1321
1,425
1,371
1,390
1,498
1,530
Sheep
do
1,671
1,428
1,403
1,552
1,424
1,550
Prices, wholesale (Chicago):
.169
.168
.195
.180
.196
.156
.095
.141
.109
.195
Packers, heavy steers
__
dol. per lb_.
.146
124
.216
.172
.221
.208
.210
.130
.123
.193
.132
.123
Calfskins, packers', 8 to 15 lb
do
.136
.118
LEATHER
Exports:
300
212
186
211
176
128
295
330
193
368
235
165
Sole leather
..thous. of lb_.
4,780
4,185
5,176
4,169
5,343
4,103
3,508
4,532
4,567
4,083
4,328
Upper leatherf
thous. of sq. r e 5,148
production:
1,000
1,121
1,081
801
1,018
1,062
837
865
1,127
891
890
935
Calf and kip
_
.thous. of skins..
1,471
1,944
1,728
1,819
1,680
1,531
1,405
1,971
1,617
1,505
1,743
1,398
Cattle hides
_
thous. of hides..
2,638
4,601
4,386
3,295
2,390
4,160
2,904
2,831
4,170
2,949
3.913
Goat and kid
thous. of skins..
2,972
3,076
3,066
2,425
2,010
2,125
3,012
1,969
1,699
3,216
2,610
1,757 ' 2,195
Sheep and lamb
__do_—
Prices, wholesale:
Sole, oak, scoured backs (Boston)
.314
.430
.450
.410
.430
.420
.380
.349
.305
.423
.360
.305
dol. per lb__
Upper, chrome, calf B grade, composite
.381
.434
.431
.429
.429
.408
.381
.395
.387
dol. per sq. ft_.
.366
.426
.378
Stocks of cattle hides and leather, end of month:
14, 680 '14, 663 14,831
15,194
15, 296 15,030
14, 576
15,373
15, 407 15,118
Total
thous. of equiv. hides__ 13, 843 15,443
10,968
10,950
10, 989 10,832
10,633
10, 589
10, 587 10,711
10, 204 10,967
11,068
11,103
In process and
finished
do
4,244
4,307
4,120
3,987
4,476
4,198
4,047
3, 639
4,076
4,305
4,304 ' 4,150
Raw
do
LEATHER MANUFACTURES
Gloves and mittens:
Production (cut), totalf
dozen pairs.. 116,492 220.114 2*3,920 210,049 225,928 205,161 196,674 135, 483 '91,295 '75,666 104, C68 122, 385
79, 651 46,401
63,953 136. 797 142. 269 130,603 133.235 117,362 117,479
39, 226 61, 742 69, 028
Dress and semidress
do
52, 539 '83.317 '81,651 ' 79, 446 ••92,713 '87,799 '79,195 '55,832 r 45, 894 '36,440 '42,926 r 53, 357
Workf
._
do
Shoes:
182
127
119
142
126
203
124
132
118
Exportst
thous. of pairs..
Prices, wholesale, factory:
6.00
6.00
6.00
6.00
6.00
6.00
6.00
6.00
6.00
5.75
6.00
6.00
Men's black calf blucher
dol. per pair..
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
4.75
5.00
5.00
Men's black calf oxford
do
3.35
3.35
3.35
3.35
3.25
3.35
3.35
3.35
3.35
3.35
3.35
3.23
Women's colored calf___
do
Production:
Total boots, shoes, and slippers
060
35, 411 34, 449 34, 842 38, 661 34, 032 29,092 21, 290 21, 047 25, 523 30,015 r 37,
thous. of pairs.. 30,196
r
131
210
179
221
224
172
209
213
124
204
169
221
Athletic
do_._.
1,207
351
274
282
842
1,061
508
271
357
1,031
494
All fabric (satin, canvas, etc.)
do
1,113
2,023 r 1, 446
779
575
845
560
641
684
647
1,135
978
1,467
Part fabric and part leather
do
24, 668 r 31, 313
24, 754 28,007
27, 835 29,071
32, 215 27, 498 22, 340 15, 694 17,061
21,362
High and low cut, total
__do
1,123 ' 1,335
1,092
1,199
956
1,064
1,735
1,537
1,437
1,583
1,416
Boys* and youths'
do
1,045
1,615 ' 2, 033
1,656
1,816
1,310
1,952
1,848
1,206
2,054
1,903
1,710
Infants'.._
_
do
1,209
2,499
3,469
2,453
3,483
3,058
' 3, 675
1,986
3,430
3,202
2,815
2,111
Misses' and children's
do
7,278
7,048 ' 8, 429
6.784
6,627
8,785
8,105
6,199
9,080
8,728
8,118
6,005
Men's
do
9,815
11, 486 12, 052 11, 735 14, 622 16,800
9,907
11, 985 ' 15, 841
5,346
6,692
13, 439
Women's
do
Slippers and moccasins for house wear
1,527 ' 2,303
1,162
5,202
2,686
4,405
2,014
4,122
4,595
5,115
5,160
4,429
thous. of pairs..
458
210
157
901
647
168
171
279
864
322
AH other footwear
do
'680
377
1,289
1,046
2,570
2,056
502
749
2.462
1,425
.099
.113
279
4,563
87U
' 1,381
' 2, 506
' 1,827
.305
.365
14. 052
10,308
' 3, 744
109, 081
55,084
53,997
6.00
5.00
3.35
• 33, 378
180
r
1, 007
T
919
• 27, 953
1,235
T
2, 084
' 3, 406
7, 337
r
13,891
' 2, 389
'929
r
• N e w series. F o r d a t a on refinery p r o d u c t i o n of gasoline for t h e period 1923-37, b y t y p e s , see t a b l e 41, p . 19 of t h e October 1937 S u r v e y .
Revised.
t R e v i s e d series. R e t a i l d i s t r i b u t i o n of gasoline for 1935-37; revisions n o t s h o w n on p . 46 of t h e J u n e 1938 issue will a p p e a r i n t h e 1938 S u p p l e m e n t . Series on exports of
u p p e r leather revised b e g i n n i n g 1922; see t a b l e 54, p . 20 of t h e J a n u a r y 1938 issue. E x p o r t s of boots a n d shoes for period 1913-37; see t a b l e 50, p . 18 of t h e J a n u a r y 1938 issue.
T o t a l glove p r o d u c t i o n a n d p r o d u c t i o n of w o r k gloves a n d m i t t e n s revised b e g i n n i n g J u l y 1934 t o exclude c o m b i n a t i o n leather a n d wool fabric gloves a n d m i t t e n s .
Revisions n o t given here will a p p e a r in t h e 1938 S u p p l e m e n t .
Blonthly statistics through December 1935, together with explanatory notes and references
to the sources of the data, may be found in the
1936 Supplement to the Survey.
47
SURVEY OF CURRENT BUSINESS
July 1938
1938
1938
1937
May
May
June
July
August
Septem- October Novem- Decem- January
ber
ber
ber
February
March
April
LUMBER AND MANUFACTURES
LUMBER-ALL TYPES
Exports (boards, planks, etc.)
M ft. b. m_.
National Lumber Mfrs. Assn.f
Production, total
mill. ft. b. m_.
Hardwoods
do
Softwoods
do
Shipments, total
do
Hardwoods
do
Softwoods
do
Stocks, gross, end of month, total
do
Hardwoods
do
Softwoods
do
Retail movement (yard):
Ninth Federal Reserve district:
Sales
_
M ft. b. m_.
Stocks, end of month
do
Tenth Federal Reserve district:
Sales
--.
do
Stocks, end of month.,.-.
do
FLOORING
Maple, beech, and birch:
Orders:
New
M ft b. m...
Unfilled, end of month.
do
Production
do
Shipments
do
Stocks, end of month
do
Oak:
Orders:
New
do
Unfilled, end of month
do
Production
do
Shipments
do
Stocks, end of month
...do
SOFTWOODS
Fir, Douglas:
Exports:
Lumber
_M ft. b. m_.
Timber
do
Prices, wholesale:*
No. 1, common boards.dol. per M ft. b. m_.
Flooring, 1 x 4, " B " and better, V. G.
dol. per M ft. b. m..
Southern pine:
Exports:
Lumber
M ft. b. m_.
Timber
do._Orders:f
New
mill. ft. b. m_.
Unfilled, end of month
do
Price, wholesale, flooring
dol. per M ft. b. m_.
Production
mill. ft. b. m_.
Shipments!
do
Stocks, end of monthf
do
Western pine.
Orders: t
New
_
do
Unfilled, end of month..
do
Price, wholesale, Ponderosa pine, 1 x 8 no. 2,
common (f. o. b. mills).dol. per M ft. b. m_.
Production
mill. ft. b. m_.
Shipments!
_
do
Stocks, end of monthf
...do
West Coast woods: 1
Orders:
New
mill. ft. b. m_.
Unfilled, end of month
do
Production
__do
Shipments
do
Stocks, end of month
do
Redwood, California:!
Orders:
New
M ft. b. m_.
Unfilled, end of month
_do
Production.
_
_do
Shipments
do
FURNITURE
All districts:
Plant operations...
percent of normal..
Grand Rapids district:
Orders:
Canceled.
_.percent of new orders..
New
no. of days' production..
Unfilled, end of month...
do
Outstanding accounts, end of month
no. of days' sales..
Plant operations
percent of normal..
Shipments
no. of days' production..
Prices, wholesale:
Beds, wooden
_
1926=100Dining-room chairs, set of 6
do
Kitchen cabinets...
do
Living-room davenports
..do
Steel furniture (See Iron and Steel Section).
69, 945 129,315
77,042
73,523
79,183
73,131
68,805
52,902
62,400
61,572
2,500
361
2,138
2,168
302
1,866
7,654
1,882
5,772
2,352
376
1,976
2,114
311
1,802
7,900
1,949
5,951
2.342
395
1,947
2,076
323
1,753
8,171
2,028
6,143
2,297
378
1,919
2,061
330
1,731
8,394
2,062
6,332
1,969
359
1,610
1.818
310
1,508
8,562
2,117
6,444
1.671
329
1,342
1,443
265
1,178
8,804
2,182
6,622
1,452
285
1,168
1,301
217
1,084
8,920
2,242
6,678
1,246
245
1,001
1,385
202
1,184
8,782
2,287
6,495
1,271
249
1,022
1,386
221
1,165
8,667
2,313
6,354
1,695
296
1,398
1,745
238
1,508
8,601
2,354
6,247
1,467
220
1,248
1,487
225
1,262
8, 581
2,348
6,234
9,553 • 10, 466 13, 289
83, 915 • 90, 065 86,035
2,889 ' 3, 336
2,876
30, 705 • 32, 929 32,918
12,354
83,438
12,524
82,018
12, 482
80,020
13,614
73, 762
11,125
67, 605
5,011
69,650
4,237
77, 442
4,695
83, 286
8,058
86, 244
3,369
32,619
2,963
32,137
2,834
32,186
2,871
31,449
2,465
30, 665
1,778
30,126
1,996
30, 350
3,189
84, 258
1,686
31,206
2,445
31,114
2,580
31, 266
5,050
8,700
5,450
5,850
23,100
5,800
17, 200
8,300
8,500
19,800
5,850
13,850
9,200
8,800
20,400
6,200
12,300
7,800
7,850
19,900
7,500
11,450
8,200
8,600
19,750
7,600
11, 400
7,400
7,600
20, 200
4,800
9,800
7,700
5,800
22,000
3,700
8,100
5,950
4,900
23,000
4,100
7,900
7,600
4,300
24,400
5, 000
8,900
4.700
4,400
25,000
5,900
9,900
4,400
4,900
24,250
7,050
9, 650
6,250
6,900
23, 600
6,350
9,800
5,400
6,100
23, 350
29,186
33,364
29,059
28,286
85, 340
24,856
38,713
34,438
30,455
66,746
20,458
33,682
30,637
25,489
71,894
25,633
31,107
28, 244
28,208
71,930
31,150
29,091
32,820
33,166
71,584
32, 302
31, 292
33, 359
30,101
74, 842
20,824
27,508
24, 608
81,122
18, 200
26, 398
23, 391
19,310
85, 203
19,835
21,239
21,938
19,442
86,425
24,114
23,194
21,065
22,159
85, 331
33,651
32, 355
24, 399
24,490
85, 240
38,105
34,805
32, 272
35,655
81, 857
24,643
32, 464
29,694
26,984
84, 567
21,860
20,149
49,339
39, 477
39,959
37, 529
33, 761
42,146
42,354
35, 773
21,636
9,925
21,371
12, 721
19, 605
8,897
20,257
7,564
18, 603
5,903
19, 776
8,480
18,775
6,235
17,820
3,382
1,546
208
1,339
1,528
222
1,306
8,599
2,332
6,267
2,398
351
2,047
2,177
339
1,838
7,328
1,826
5,502
107,661
93, 751 102,527
17. 640
22.050
22.050
21.805
21.364
20.580
19.110
18.620
18.498
17. 763
17. 640
17.640
17. 640
36. 260
45. 080
44.100
43.200
42.140
42.140
40.180
38.416
38.220
37.975
36.995
36. 260
36. 260
21, 777
7,215
26,823
5,629
22,603
3,967
17, 521
6,026
20, 469
5,261
17,170
4,924
20,156
5,570
624
359
555
325
17,095
5,747
510
271
21, 330
2,808
475
334
21,105
7,738
630
351
21, 264
3,043
460
239
32,813
7,038
529
359
455
251
440
291
575
334
460
309
515
264
20,120
4,228
461
264
39.67
516
485
2,315
45.69
665
561
1,882
44.69
644
500
2,026
44.59
625
599
2,052
45.45
625
638
2,039
45.37
601
581
2,059
45.84
556
564
2,051
43.51
550
475
2,126
43.64
540
400
2,266
43.74
500
532
2,234
41.97
492
485
2,241
41.19
575
560
2,256
41.05
489
461
2,284
324
189
23.31
352
312
1,832
403
359
365
302
285
215
306
178
248
155
266
272
311
191
284
184
28.69
570
405
1,651
28.65
585
407
1,969
27.78
536
395
2,110
26.90
441
334
2,217
26.93
305
252
2,270
25.60
156
207
2,181
272
187
24.69
87
238
2,017
266
215
28.91
535
449
1,486
401
287
28.68
570
425
1,796
24.65
104
230
1,891
24.77
218
312
1,797
24.15
268
273
1,792
388
265
371
403
988
531
786
637
629
1,151
607
591
750
471
474
578
588
484
437
521
1,105
525
346
619
615
1,109
353
271
447
453
1,102
302
258
346
320
1,128
418
302
349
374
1,103
347
314
330
334
1,098
411
354
333
372
1,059
524
342
510
536
1,033
350
280
398
412
1,019
34,399
69,183
41, 037
38,281
28,958
56,211
45,612
40,018
27, 005
49,946
43, 337
36,916
25,611
42,552
45,041
33, 275
26,016
36,253
40,039
29, 550
23,015
29, 535
39, 703
30,098
18,207
25,133
31, 734
21,642
17,431
22,351
26,148
19,354
23, 526
26,865
18,487
18,857
22,992
37,991
23, 734
13,949
24, 483
43, 765
20,574
17,825
24,926
33,302
23,944
37,091
80.5
78.5
74.0
85.0
81.0
79.0
63.0
56.0
45.0
42.0
42.0
43.0
12.0
12
16
6.0
24
40
7.0
14
35
4.0
23
41
5.0
19
40
7.0
22
44
14.0
13
11.0
18
33
43.0
9
21
6.0
15
25
6.0
14
23
8.0
13
17
8.0
10
15
20
41.0
10
30
78.0
15
29
75.0
14
29
68.0
15
31
76.0
17
31
72.0
16
31
72.0
16
32
68.0
18
28
61.0
14
24
49.0
11
27
46.0
12
28
49.0
14
23
43.0
11
82.1
102.3
87.6
87.2
78.5
98.4
87.6
95.4
82.4
98.4
87.6
95.4
83.1
99.4
87.6
95.4
83.1
101.5
87.6
95.4
83.1
101.5
87.6
95.4
83.1
101.5
87.6
95.4
83.1
101.5
87.6
95.4
83.1
101.5
87.6
95.4
82.1
102.3
87.6
87.2
82.1
102.3
87.6
87.2
82.1
102.3
87.6
87.2
82.1
102.3
87.6
87.2
r Revised.
*New series. For data on prices of Douglas fir lumber, see table 7, p. 19 of the February 1937 issue.
t Revised series. Data on total lumber production and shipments revised beginning January 1936; data not shown on p. 87 of the March 1938 Survey will be given in a
subsequent issue. For 1935 revisions in total lumber, and 1935-36 revisions in Southern pine and Western pine lumber see tables 16 and 17, p. 20 of the April 1937 issue.
Later revisions in Southern pine lumber for period 1934-36 not shown on p. 47 of the October 1937 Survey will be published in a subsequent issue. For California redwood,
revisions not shown on p. 47 of the May 1938 Survey together with a new series on redwood stocks will appear in a subsequent issue. Revisions in Southern pine timber exports
beginning January 1928 will be shown in a subsequent issue.
Digitized for\ FRASER
Data for June, September, December 1937 and March 1938 are for 5 weeks; other months, 4 weeks.
SURVEY OF CURRENT BUSINESS
48
Monthly statistics through December 1935, together with explanatory notes and references
to the sources of the data may be found in the
1936 Supplement to the Survey.
1937
1938
May
Julv 1938
June
May
July
1938
SeptemNovemOctober
ber
ber
August
December
January
February
March
April
METALS AND MANUFACTURES
IRON AND STEEL
Foreign trade, Iron and steel:
Exports (domestic)
long tons.. 540, G39
20.. 814
Imports
do
Price, iron and steel, composite
38.50
dol. per long ton..
Ore
Iron ore:
Lake Superior district:
Consumption by furnaces
1,711
thous. of long tons.
1,181
Shipments from upper lake ports
do
Receipts:
Lake Erie ports and furnaces
do
Other lower lake ports
do
33. 012
Stocks, end of month, total
do
27, 768
At furnaces
_do.__
5, 244
Lake Erie docks..
do
186
Imports, total
do
Manganese ore, imports (manganese content)
19
thous. of long tons..
969,191
49, 050
826, 538
44, 771
889,451
47, 012
886,353
61, 489
542, 765
37,071
522,617
37,186
556, 608
26,996
626, 427
25, 792
586, 294
29, 631
460,640
19,589
526,883
11,827
489, 202
21. 237
40. 06
39.82
40. as
40.34
40. 16
39.59
38.96
38 .89
38.95
38.90
38.80
38.61
5,340
10, 044
4.640
10,108
5,236
10,704
5,373
10, 811
5,157
9,174
4,204
6, 562
2, 735
1,425
1, 917
0
1 923
0
1,727
0
1,980
0
1. 854
261
3,241
18,8*)0
16, 255
3,544
235
7,562
2,293
24, 395
21,066
3,329
198
7,555
3,117
29,151
25,300
3,851
231
7,196
3,139
35,343
30, 861
4,482
207
6,749
2,834
39, 954
34, 827
5,127
188
4,888
2,130
43, 266
37, 210
6,057
256
1,140
851
42, 626
36, 553
6,073
159
0
0
40, 775
34, 816
5,959
181
0
0
35, 223
29,736
5. 487
' 101 !
24
106
33, 676
28.281
5.396
168
55
33
58
50
25
47
19
33
17
13
16
12
41,353
45, 479
54.7
44, 719
49, 37*
49, 022
60.1
43, 801
41, 652
52, 728
62.9
47, 738
34,810
42,953
52. 7
43, 750
28,170
32, 457
40.0
37,028
19 ,753
27 ,784
33.4
27 ,675
17 ,076
18 ,894
23.1
20 ,910
19 , 557
19 , 252
23.5
20 ,596
20 556
21 902
26. 0
22 962
19, 724
18, 680
22.7
44.470
95
46,035 | 47,045 I 46,480 | 42.310
91 |
79
91 |
90 |
0!
0
0 I
0
38,882
37,167
33, 007
31, 392
5,875
5, 775
169
152
Pig Iron and Iron Manufactures
Castings, malleable:
Orders, new
l.short tons.
Production.
do
Percent of capacity
Shipments
short t o n s . .
Pig iron:
Furnaces in blast, end of m o n t h :
Capacity
long tons per d a y
Number
Prices, wholesale:
Basic (valley furnace)..-dol. per long t o n . .
Composite
do
F o u n d r y , no. 2, northern (Pitts.)
dol. per long t o n . .
Production
t h o u s . of long t o n s . .
Oast-iron boilers a n d radiators:
Boilers, round:
Production.
thous. of !b__
Shipments..
_
do
Stocks, end of m o n t h
do
Boilers, square:
Production
,»
do
Shipments
___
.do
Stocks, end of m o n t h
do...
Radiators:
Convection t y p e :
Sales, Incl. heating elements, cabinets,
and grilles
thous. sq. ft. heating surface..
Ordinary t y p e :
Production
do
Shipments
do
Stocks, end of m o n t h
do
Boilers, range, galvanized:
Orders:
New
n u m b e r of boilers...
Unfilled, end of m o n t h , total
do
Production
do
Shipments
do
Stocks, end of m o n t h
do
Boiler and pipe fittings:
Cast iron:
Production
short t o n s . .
Shipments
do
Malleable:
Production
do
Shipments
do
i
17, 5G4
17, 097
20.8
20, 560
46,018
55,960
57, 327
43,141
54,026
64.8
56 921
37, 225
103, 960
170
105,975
181
115, 445
192
115, 420
191
110, 260
181
83, 850
151
58,965
113
23. 50
24.15
23. 50
24.06
23. 50
24.06
23.50
24.06
23.50
24.06
23. 50
24.06
23.50
24.06
23.50
24.08
23.50 j
24.11 i
23.50 j
24.11 j
25.89
1, 255
25.89
3,537
25.89
3,108
25.89
3,499
25.89
3,606
25.89
3,410
25.89
2,893
25.89
2,007
25.89
1,490
25.89 I 25.89
1,429 ! 1, 298
1,224
1,297
19, 707
2,430
1,622
33, 731
1,893
2,130
34, 278
1, 858
2,325
33, 777
1,259
3,386
31,663
1,272
5,807
27,127
2,143
5,898
23, 334
961
2,916
21, 504
1,390
2,158
20, 970
378
502
1,422 1.215
20, 493
19, 994
13. 560
12, 798
124, 291
23,143
12,710
180, 844
20,177
15,252
186, 531
17, 471
185, 090
18, 362
25.149
176,399
21,088
40,915
156,563
19, 487
39,539
136,844
13, 769
20,459
130, 652
7,843
16,036
121,275
23. 50
24.11
7,879
10,852
118,054
10, 380
8,417
119, 846
439
285
23. 50
24. 13
25.89 |
1,452 '
25. 89
1, 376
1,063
931
1,131 ! 1.181
19.929 I 19.709
12, 931
9. 209
123, 711
10. 219
10, 557
123, 440
619
613
640
855
982
649
541
478
3,752
5. 008
25, 637
5,266
4,416
48, 972
4,699
5,360
48, 371
4,369
5,543
47, 433
4,442
7,178
44, 607
4,972
9,122
40,507
4,191
9, 550
35, 205
2,779
6,671
31, 434
1,943
5,119
28, 364
1,918 | 2,753
3,320 2,571
26,896
27,756 |
56,
15,
60,
00,
29,
976
205
497
872
997
37.099
37,366
56, 247
55, 865
42, 771
39,
24,
49,
52,
39,
210
453
076
123
724
30, 809
19, 707
35, 208
35, 555
39,377
31, 767
17,020
37,886
34, 454
42, 809
39,370
14,233
45,069
42,157
45, 721
49, 501
11,834
51, 370
51,900
45,191
37. 568
9, 253
38,336
40,149
43, 378
31,314
10,608
26, 824
29, 959
40, 243
48, 035
16, 485
35, 358
42,158
33, 443
49,318
17, 724
47, 640
48. 079
33, 004
3. 194
5,069
8,265
5,426
7,472
8,177
5, 978
5,899
6, 346
6, 922
5. 990
6,939
5,979
6,540
4,665
4,560
4,249
3,663
3,519
4, 573
2,963
3,858
3,738
4.47S !
2,968
4, 008
2,759
3, 310
5,907
4,661
5,610
4,350
4,601
3,716
4,602
4,043
4,381
3,616
3,484
3,716
3,253
3,433
2,225
1,989
1,998 j 2,157
2,778 ! 2,692
2.636
2. 977 I
2,229
2.994
228. 71
228.77
229.00
229.33
236.12
236. 22
230.72
230. 72
229. 33
229. 31
226. 71
227, 12
1.039,844 1,102,867
251,121 221,319
238, 394 312,977
759,382
189,881
214,890
790,480
211,803
140, 034
592, 251
135, 474
605, 904
145, 704
C1)
313, 315
212, 456
703, 395
192, 600
28, 096
25.1
6.888
30. 793
27. 5
7,312
1,082 i
32C
3, 071
71, 414
17, 191
- 9 378
7l! 947
33, 435
409
2. 794
3, 092
26, 999
08. 013
19,101
63. 040
66. 103
30. 372
S a n i t a r y Ware
Plumbing and heating equipment, wholessle
price (8 pieces)
.
dollars..
Porcelain enameled productsrA
Shipments, total
_._
do
Signs
do
Table tops
__
do
227. 10
1,238,476 1,069,610 1,196,996 1,178,304
299,389 278, 658 •283,917 289,751
242,862 206, 263 277, 413 309, 801
I
0)
0)
Steel, Crude and Semimanufactured
Castings, steel:
Orders, new, total
short tons..
Percent of capacity
_
Railway specialties
short tons..
Production, total..
_
.do
Percent of capacity
Railway specialties
short tons..
Ingots, steel:
Production
thous. of long tons..
Percent of capacity %
Bars, steel, cold finished, shipments
short tons..
1
20,636
18.4
2,697
22,127
19.8
3,892
57.6
24.458
95,995
80.5
40,998
71,817
60.2
31,460
101,239
84.9
44,462
57,799
48.5
18,928
86, 978
72.9
39,186
54, 753
45.9
16,704
92,089
77.2
43, 313
57, 414
48.1
21,958
83, 047
69.6
36,812
36,837
30.9
8,259
65,957
55.3
26,480
31, 442
26.4
8,125
51, 294
43.0
21, 309
27,024
22.7
6,117
41, 537
34.8
16, 601
29,187
26.1
7,354
30, 967
27.6
9, 505
30, 863
27.6
11,107
27, 436
24. 5
7, 498
1,807
31
5,152
91
4,185
74
4,556
80
4,878
85
4,290
75
3.393
59
2,154
38
1,473
26
1,733
30
1,704
32
18, 262
62,328
53,044
52, 614
51, 493
52,000
43,365
32,568
19,411 I 19,634
17, 590
2,012
33 I
21,869
19.5
2. 498
25, 150
22.5
4, 290
1,925
33
21,185 ! 19, 882
Discontinued.
' Revised.
^Beginning J a n u a r y 1937, t h e American Iron and Steel Institute computes t h e percent of capacity on a weekly average basis, with no allowance for S u n d a y s or holidays;
the figures shown here have been carried forward on t h e old basis (which relates daily average o u t p u t to daily average capacity with allowance for S u n d a y s , J u l y 4, a n d
Christmas) in order to keep t b e series comparable.
A As reported by 21 manufacturers; beginning J a n . 1937 data are available from the reports of the Bureau of the Census for 34 additional establishments.
49
SURVEY OF CURRENT BUSINESS
July 1938
Monthly statistics through December 1935, together with explanatory notes and references
to the sources of the data may be found in the
1936 Supplement to the Survey.
1937
1938
May
May
June
July
DecemAugust SeptemOctober November
ber
ber
1938
January
February
March
April
0. 0290
0. 0290
37.00
.0225
12.15
37.00
.0225
11.38
10,104
518, 322 474, 723 572,199
501,972
METALS AND MANUFACTURES—Continued
IRON AND STEEL-Continued
Steel, Crude and Semimanufactured—
Continued
Prices, wholesale:
0 0290
Composite, finished steel—
dol. per lb_.
0.0290
0.0290
Steel billets, rerolling (Pittsburgh)
37.00
37.00
dol. per long ton_.
37.00
.0225
.0225
Structural steel (Pittsburgh)
dol. per lb..
.0225
17.56
15.95
Steel scrap (Chicago)
dol. per gross ton__
12.38
U. S. Steel Corporation:
46,890
52,394
17,494
Earnings, net
thous. of dol_Shipments, finished products
long tons__ 465,081 1,304,039 1,268,550 1,186,752 1,107,858 1,047,962 792, 310 587, 241 489,070
Steel, Manufactured Products
Barrels, steel:
Orders, unfilled, end of month
number.. 333,361 419,786 836,618 767,021 674,921 640,154 545,957 416,198 385, 734 452,175 424,182 424, 995 405,955
828,300 636,890 596,980 599,157 756,768 606, 697 538,487 422,688 412, 818 587, 552 513, 953
Production
_
--do
526, 254 684,356
43.0
46.0
47.0
34.5
61.6
43.9
57.0
50.9
Percent of capacity
40.9
34.1
39.0
832,076
686,144
Shipments
number- 526,38.9
637,810 594, 858 600,550 753,681 605,949 545,367 414,832 412,035 587,44.6
504 22,795
400 518, 020
18,828
22,663
21,
549
20,221
21,915
19,019
Stocks, end of month
do
18,099
15,074
21>
650 21,844
16, 434
14, 302
Boilers, steel, new orders:
679
610
726
937
636
502
1,015
Area
.thous. of sq. ft.
547
435
734
739
475
1,033
641
1,410
552
Quantity
number..
574
1,223
848
777
585
663
700
Furniture, steel:
Office furniture:
Orders:
1,970
2,325
1,714
1,856
2,008
1,793
1,887
1,916
New
thous. of dol..
1,990
1,582
1,224
1,366
1.721
1,447
1,935
1,562
1,244
1,759
1,871
1,322
1,239
Unfilled, end of month
do
1,237
1,090
'954
972
970
2,084
2,302
2,183
2,023
1,933
2,071
1,918
1,885
Shipments
do
2,031
1,732
1,857
1,348
1,225
8helving:t
Orders:
582
541
511
609
592
382
493
526
400
411
New
...do—
392
303
440
554
538
566
469
538
304
509
448
335
Unfilled, end of month
.do
298
346
321
276
554
594
513
490
571
591
598
413
471
Shipments
do
416
322
462
328
Plate, fabricated steel, new orders;^
31,484
31,942 27,507 27,463 23,422
34,833
28,913
27,480 31,763
Total
short tons.. 25,141
17, 827 38, 052 21,958
4,476
9,558
7,726
4,750
13,002
9,417
11,918
13,628
7,271
Oil storage tanks.
do—
1,673
4,797
14,635
425
234
229
136
249
220
191
135
281
268
Spring washers, shipments.thous. of dol.. 11, 115
114
119
138
8,101
8,252
7,530
3,135
4,289
9,194
6,137
3,804
8,807
Track work, shipments
short tons..
3,014
4,461
3,793
2,633
MACHINERY AND APPARATUS
Air-conditioning equipment:
Orders, new:
1,153
843
901
603
957
1,898
1,621
1,001
Fan group
thous. of dol
1,260
723
1,872
877
484
616
812
1,012
624
413
963
Unit-heater group
do
1,336
1,003
1,008
592
1,187
758
Electric overhead cranes:
Orders:
742
534
1,216
274
611
1,452
175
150
486
751
New
do
215
321
5,325
2,035
1,929
4,106
3,025
1,739
4,507
4,469
5,084
Unfilled, end of month
...do
3,321
4,735
4[,666
,6
2,429
316
256
975
834
692
Shipments
do...
676
917
1,038
'837
972
749
1,076
916
Electrical equipment. (See Nonferrous metals.)
Exports, machinery. (See Foreign trade.)
Foundry equipment:
Orders:
79.3
232.1
114.7
228.2
128.1
77.6
90.6
257.5
New
1922-24=100204.0
242.0
185.3
113.7
90.8
158.2
347.5
172.3
372.8
147.7
360.3
294.0
157. 5
376.8
Unfilled, end of month
do
351.1
309.3
245.5
157.1
93.4
235.4
99.4
232.1
216.5
147.7
226.2
178.8
91.3
Shipments
do
266.6
232.3
159.8
80.9
Fuel equipment:
Oil burners:
Orders:
7;387
6,362
9,025
14,498
16,274 23,479
32,860
8,519
5,413
15,233
23,390
10,100
New
number..
7,683
2,686
2,979
4,118
3,988
4,203
2,617
2,622
2,090
1,965
4,344
3,068
Unfilled, end of month
do__5,054
2,066
7,318
8,732
7,867
5, 538
14, 406 14, 724 16,404 22, 413 33, 711 24,525
10, 546
6,338
Shipments
do
8,239
26, 866 20,866
22. 276 23,730 27,147
23,823
25,370 24, 559 25,029 24,947 23, 770 24, 624 25,100
Stocks, end of month
do
7
19
12
8
26
20
25
30
13
Pulverizers, orders, new
do
34
25
7
I
Mechanical stokers, sales:§
8,482
7,249
6,580
18, 769 16,593
6,279
4,402
2,319
2,390 ' 3, 479 ' 3, 522
4,831
Classes 1, 2, and 3
_
do
13,007
Classes 4 and 5:
235
106
138
202
330
424
221
104
112
106
452
363
Number
•
207
26,172
63, 460 75,094
58,252 57,564
28, 254 23, 756
33,696
47, 770 46,414
34, 743 20,475 24,666
Horsepower
Machine tools, orders, new
191.8
90.3
171.1
210.7
118.4
107.0
208.5
152.0
75.7
127.7
66.7
179.8
142.7
av. mo. shipments 1926=100-.
Pumps:
Domestic, water, shipments:
32, 533
34,711
37, 655 22,996
19,298
16,001 33, 697 26,870
Pitcher, other hand, and windmill..units._ 31, 832 42,006 46,182 37, 747 39,806
1,064
1,144
1,689
1,281
1,721
1,759
1,395
1,231
1,111
827
1,648
Power, horizontal type
do
989
779
Measuring and dispensing, shipments:!
Gasoline:
1,507
734
852
863
476
578
657
1.136
599
450
740
Hand-operated
units..
9,197
8,792
8,305
11,771
14, 493 18, 220 16,446
5,176
5,657
6,275
10,156
Power
do
14, 623 13, 682
Oil, grease, and other.f
11, 834 16, 373 21,377
14,971
13,914
14,127
9,072
9,203
11, 508 14, 564 13,175
13, 686 12,451
Hand-operated
_
do
3,279
6,574
2,008
3,443
3,298
4,850
4,011
3,156
2,273
1,689
3,190
3,518
Power
do
5,252
Steam, power, centrifugal, and rotary:f
1,302
927
999
1,074
1,196
1,110
1,599
1,989
1,236
1,622
1,990
1,518
1,410
Orders, new
.thous. of dol__
1, 064
871
922
1,109
1,050
881
919
1,066
1,165
837
1,098
1,182
987
Water-softening apparatus, shipments..units._
18,054
17, 504 17,462 15, 549 13,854
12,144
10, 248
12,181
10, 770 14, 596 15, 421
17,811
8,178
Water systems, shipments
do
Woodworking machinery:
Orders:
1
3
14
82
3
15
4
10
5
1
Canceled
thous. of dol__
)
395
327
315
578
491
334
602
503
679
637
New
do
283
288
283
1,188
807
580
1,109
997
940
1,353
1,095
1,148
Unfilled, end of month
do
593
900
672
Shipments:
104
198
158
402
332
324
146
146
222
169
361
380
339
Quantity..
number of machines..
359
492
376
313
404
733
590
336
676
Value
.thous of dol..
418
548
579
679
r
Revised.
° Less than $500.
§Classifieations changed starting in January 1937, but for all practical purposes the series shown are comparable with earlier data, Classes 4 and 5 are practically equivalent to former class 4; changes made in classes 1, 2, and 3 do not affect the total for the 3 classes as shown here.
fReyised series. Measuring and dispensing pumps, "oil, grease, and other," revised beginning January 1936; figures not shown on p. 49 of the October 1937 Survey will
appear in a subsequent issue. Steam, power, centrifugal, and rotary pumps for the period 1931-37; revisions not shown on p. 49 of the May 1938 Survey will be given in
a subsequent issue. Data on steel shelving revised beginning January 1936; data not shown on p. 89 of the March 1938 Survey will appear in a subsequent issue. The increase from 20 to 22 in the number of manufacturers reporting steel shelving has affected the comparability of the series to only a slight extent.
^Data are for 46 identical manufactures; beginning January 1938 data are available for 21 additional small concerns.
50
SURVEY OF CURRENT BUSINESS
Monthly statistics through December 1935, together with explanatory notes and references
to the sources of the data may be found in the
1936 Supplement to the Survey.
1938
1937
1938
May
July 1938
May
June
July
SepOctober NovemAugust tember
ber
Decem- January Februber
ary
March
April
METALS AND MANUFACTURES—Continued
NONFERROUS METALS AND
PRODUCTS
Metals
Aluminum:
Imports, bauxite
long tonsPrice, scrap, cast (N. Y.)
dol. per lb._
Babbitt metal, (white-base antifriction bearing
metals):
Total.
tnous. oflb..
Consumed in own plants
do
Shipments
do
Copper:
Exports, refined and manufactured.short tons.
Imports, total
do
For smelting, refining, and export
do
Product of Cuba and the Philippine Islands
short tons..
Allother
_
do
Price, electrolytic (N. Y.)_
dol. per l b . .
Production:*
Mine or smelter (incl. custom intake)
short tons..
Refinery
_
_
do
Deliveries, refined, total*
do
Domestic
_
do
Export
do
Stocks, refined, end of month*
do
Lead:
Imports of ore, concentrates, pigs, bars, etc.
short tons..
Ore:
Receipts, lead content of domestic ore. do
Shipments, Joplin districtdo
Refined:
Price, wholesale, pig, desilverized (N. Y.)
dol. per lb_.
Production from domestic ore..short tons..
Shipments, reported
do
Stocks, end of month
do
Tin:
Consumption in manufacture of tin and
terneplate
long tons..
Deliveries
do
Imports, bars, blocks, etc
do
Price, Straits (N. Y.)
dol. per lb_.
Stocks, end of month:
World, visible supply
long tons..
United States
do
Zinc:
Ore, Joplin district:
Shipments
short tons..
Stocks, end of month
...do
Price, prime, western (St. L.)
dol. per lb..
Production, slab, at primary smelters
short tons..
Retorts in operation, end of mo
number..
Shipments, total...
short tons..
Domestic
do
Stocks, refinery, end of mo.f
do
29, 110
.0584
29, 570
.1275
35,734
.1252
51, 026
.1238
23,857
.1265
46,161
.1283
55,179
.1136
51,141
.0893
57, 523
.0875
51,448
.0875
44, 058
.0870
69, 097
.0784
36, 361
.0634
1,106
329
776
2,206
621
1,585
2,593
586
2,007
2,099
516
1,584
2,387
111
1,610
2,159
560
1,599
1,797
513
1,283
1,538
402
1,136
1,344
358
1,382
269
1,113
1,177
233
944
1,510
390
1,120
1,234
370
863
29, 385
15,241
12, 575
34, 436
13,281
10, 717
25,927
19,657
15,942
32, 241
31, 735
29,161
26,473
22,946
20,867
25,142
15,591
15,341
32, 743
18,866
15, 541
28, 361
20, 547
18,828
30, 343
26, 672
23,175
23,854
19,832
18,560
27,883
16, 004
13,163
29, 503
19,187
16, 631
44,555
18, 578
15, 591
1,976
690
.0938
41
2,523
.1378
2,538
1,177
.1378
1,508
1,067
.1378
1,967
112
.1378
50
200
.1353
1,995
1,331
.1184
109
1,610
.1080
1,951
1,545
.1001
1,184
.1020
1,978
863
.0978
1,995
561
.0978
1,974
1,014
.0978
49, 076 87, 579 89,882
47,300
95, 265 86,016
33,154
86, 256 83, 581
28, 044 81, 336 77,725
5,110
4,920
5,856
369,809 108,585 111, 020
85, 243
79,611
72,890
67, 356
5,534
117,741
90,947
82,835
74,392
68,019
6,373
126,184
83,806 80,437 69,446
90,982 87,030 75,790
72,845 48,440 37,025
66,229 43, 742 33,892
6,616
3,133
4,698
144, 321 182,911 221, 676
61, 756 58, 760 50, 704 56,199 ' 50, 941
70,487
59, 393 61,117 55, 749
60,463
22, 788 30, 705 32, 282 44, 576 42, 871
27, 389 33, 434 31, 684
18, 660 24,881
5,824
4,893
11,142 11,187
4,128
259,351 299,133 326, 244 342, 785 355, 663
848
683
1,710
1,567
1,383
1,473
2,073
4,745
2,915
37,293
8,623
41,629
5,427
38,872
4,602
38,719
4,465
40,993
6,129
42,415
6,472
40,922
4,710
40, 764
8, 265
34,429
3,370
30,645
5,427
.0440
.0600
31,918 40,192
26,011
55,212
163, 723 115,843
.0600
37,321
42,710
113,370
.0600
42,480
47,727
111, 103
.0645
42,460
54,551
103, 518
.0640
.0503
.0574
37,989 45,112 42,892 47,423
53,850
39, 292 33,853 34,020
90, 742 100, 646 113, 573 129,131
.0487
37,651
34,923
133,401
.0463
33,555
30,135
138,134
3,263
30, 726
4,108
1,401
2,727
34,890
5,052
31,908
6,432
.0450
.0450
35,129 37, 997
31, 052 25,952
143,511 156, 715
2,030
4,275
3,628
.3684
3,680
6,425
6,557
.5563
3,260
6,645
6,344
.5584
3,330
4,980
6,558
.5931
3,460
7,580
6,312
.5940
3,560
8,245
6,158
2,290
8,210
8,179
.5146
2,160
5,195
7,338
.4330
1,810
5,020
8,023
.4285
' 1,560
5,550
3,333
.4152
r
1,980
4,420
5,054
.4127
'2,090
4,555
4,266
.4115
'2, 220
3,745
3, 685
.3834
27, 909
3,679
23,721
5,144
23,291
4,810
25,646
6,193
26,016
5,850
23,014
3,538
22,865
3,280
24, 389
5,285
27, 044
6,385
27,101
4,866
25, 261
5, 116
29,125
4,458
30, 606
4,447
22, 923
23, 431
.0404
44, 632
18, 358
.0675
35,044
20,624
.0675
46,524
11,070
.0692
36,839
15,451
.0719
40, 705
15,926
.0719
45,283
18,563
.0609
30,463
21,990
.0563
39,448
15, 382
.0501
30,914
15, 028
.0500
32, 994
13,954
.0481
37, 510
31, 525
24, 628
24, 628
148,120
55,012
43,724
55,201
55,201
13,774
50,526
44,186
50,219
50,219
14,081
49,181
46,199
49,701
49, 701
13,561
48,309
50,163
60,643
50,643
11,227
50,027
51,809
47,737
47,737
13,517
52,645
50,324
40,345
40,345
25,817
49,393
49, 511
32,676
32, 676
42, 534
51,474
48,812
28, 675
28, 675
65, 333
30, 749 34,716
19, 401 21, 949
. 0442 .0414
48, 687 41,146 43, 399 38, 035
42,423
39, 267 36, 466 34, 691
24,931
22, 097 33, 528 20, 806
24,911
22, 097 33, 528 20, 806
108,138 118, 009 135, 238
Electrical Equipment
Furnaces, electric, industrial, sales: t
1,244
1,660
2,147
612
1,738
3,491
1, 507
8,290
4,134
1,118
1,849
3,440
2,320
Unit
kilowatts..
84
102
167
127
30
85
144
131
547
255
154
Value
..thous. of dol..
325
257
Electrical goods, new orders (quarterly)
215,964
260,836
182,306
154,154
thous. of dol..
Laminated phenolic products, shipments
1,112
• 614
1,179
1,226
1,042
579
1,190
1,135
594
626
thous. of dol..
582
849
Motors (1-200 H P.):
Billings (shipments):
3,083
3,320
1,704
1,824
3,222
3,599
3,560
1,864
1,722
3,334
2,802
2,229
A C
thous. of dol..
2,041
743
810
532
438
660
1,038
458
474
793
769
D. O
do....
713
847
483
Orders, new:
3,014
2,836
1,710
2,951
1,557
3,642
1,755
2,216
3,260
3,176
1,811
1,967
A. C
do
2,011
741
560
368
372
377
434
655
344
481
D. C
do
468
984
478
Power cables, paper Insulated, shipments:
861
497
301
501
1,010
884
521
Unit...
thous. of ft..
998
560
1,107
573
1,321
391
1,376
630
629
1,234
1,295
515
Value
_
_
thous. of dol._
1,527
1,370
496
749
Power switching equipment, new orders:
Indoor
dollars.. 93, 838 148,916 123,697 141,314 127,128 114,016 147, 287 93, 792 99, 975 119, 234 139, 523 81, 964 77, 493
261,799 335,937 433,219 497,890 361,758 347,448 215,357 395,411 228,940 154,848 158, 552 141, 620 274,115
Outdoor
_
do
1,436
1,644
3,092
2,019
1,692 « 5, 420 8 1,999
1,825
2,842
1,840
2,271
982
1,025
Ranges, electric, billed sales
thous. of dol..
67,857 89, 739 109, 542 104,984 145, 094 174, 332 212, 884
Refrigerators, household, sales
number.. 179,189 333,061 267,770 192,906 120, 543
Vacuum cleaners, shipments:
74, 238 125,921 102,153
88, 456 110,080 101,376
83,725
Floor cleaners
do
88,974 91,059 96, 615 77,867 102, 954 84, 926
29, 934 29,806 26, 751 21,512
27,786
27, 508
22, 545 32, 589 27,174
20, 428 42,688 34, 386
28,944
Hand-type cleaners
do
Vulcanized fiber:
2,809
1,235
1,282
1,328
2,616
2,509
2,137
2,243
2; 471
1,470
1,462
1,804
Consumption offiberpaper
thous, oflb..
1,486
679
272
235
620
520
503
283
479
304
278
Shipments
thous. of dol__
350
517
258
r
Revised.
*New series. For data on production, deliveries, and stocks of copper for period 1934-37, see table 26, p. 20, of the July 1937 issue. These data differ from the figures
shown on p. 123 of the 1936 Supplement, for which monthly data for 1935 and 1936 were given in table 27, p. 20 of the July 1937 issue.
fRevised series. Data on industrial electric furnaces revised by the Industrial Furnace Manufacturers' Association, Inc.; data formerly collected by the National Electrical
Manufacturers' Association. The present series (available beginning January 1936) is based on the reports of 12 manufacturers which represent 85 to 95 percent of total sales
of electric furnaces for industrial purposes. Data not shown on p. 50 of the November 1937 Survey, will appear in the 1938 Supplement to the Survey.
° For 2 additional companies which started reporting in March 1938, sales for the first 3 months of 1938 and included in the March figure.
51
SURVEY OF CURRENT BUSINESS
July 1938
Monthly statistics through December 1935, to- 1938
gether with explanatory notes and references
to the sources of the data may be found in the
May
1936 Supplement to the Survey.
1937
June
May
July
August
1938
Septem- October Novem- December
ber
ber
January
February
March
April
METALS AND MANUFACTURES—Continued
NONFERROUS METALS AND
PRODUCTS-Continued
Miscellaneous Products
Brass and bronze (ingots and billets):
Deliveries
net tons..
Orders, unfilled, end of mo
do
Plumbing fixtures, brass:
Shipments.
thous. of pieces..
Radiators, convection type:
Sales:
Heating elements only, without cabinets
or grilles...thous. of sq. ft. heating surf..
Including heating elements, cabinets, &
grilles
thous. of sq. ft. heating surf..
Sheets, brass, price, mill
dol. per lb._
Wire cloth (brass, bronze, and alloy):
Orders:
New
_
thous. of sq. ft_.
Unfilled, end of m o . .
do
Production
do
Shipments
do
Stocks, end of month
do
2,782
8,745
8,210
18,037
6,584
15,784
7,087
17,542
7,115
22,311
6,683
18, 641
5,430
15,557
3,805
13, 936
3,946
11,276
2,774
12, 821
2, 756
11,935
3,305
10, 488
2,734
9,703
1,323
1,555
1,650
1,410
1,566
1, 420
1,213
925
660
939
970
1,360
1,297
52
84
41
41
90
90
64
58
35
22
18
25
26
309
.161
367
.196
461
.198
361
.198
424
.198
484
.196
484
.190
411
.178
251
.174
199
.173
173
.166
256
.165
259
.164
308
591
170
1,414
525
510
729
236
1,176
455
467
698
336
1,010
493
512
654
320
876
431
453
633
285
793
426
376
637
277
653
402
407
650
174
548
288
275
667
287
577
264
225
678
300
629
241
249
668
320
642
293
302
647
334
660
344
331
652
509, 495
122, 336
192,825
161,437
101, 781
59,656
32, 897
0)328
642
272
617
0)
307
673
PAPER AND PRINTING
WOOD PULP
Consumption and shipments:! •
Total, all grades
short tons..
Groundwood
do.
Sulphate
do.
Sulphite, total
do.
Bleached
do.
Unbleached
do.
Soda
do_
Imports: f
Chemical
do.
Ground wood
do.
Production :f
Total, all grades
»__do.
Groundwood
do.
Sulphate
do.
Sulphite, total
do.
Bleached
do.
Unbleached
do.
Soda
_
do.
Stocks, end of month :f
Total, all grades
do.
Groundwood
do.
Sulphate
do.
Sulphite, total
do
Bleached
_
do
Unbleached
do
Soda
_
do
Price, sulphite, unbleached
dol. per 1001b..
554, 473
123, 933
206, 582
186, 796
122, 296
64,500
37,162
571, 615
143,171
191,123
195, 683
123, 337
72,346
41,638
439,141
115, 399
148,933
146,135
94, 481
51,654
28, 674
387,110
110,932
122,820
127, 866
82, 375
45, 491
25, 492
412, 487
109, 002
147, 850
126,156
79,765
46, 391
29, 479
416, 683
100, 910
154,086
133, 299
86, 301
46, 998
28, 388
114,881
9,982
191,590 240,309 202,136 201, 019 187, 225 183,139 188,271
21, 484 19, 713 24, 561 15, 504 15, 300 17, 732 19,351
161,576
15,645
131,609
14, 523
118, 641
12, 598
83, 834
10, 614
65, 992
12,656
438,157
110,178
177,140
123,874
78, 677
45,197
26,965
581, 354
156, 341
192, 627
190, 587
120,198
70,389
41, 799
406,114
118, 364
122, 827
138,721
88, 872
49,849
26,202
426,182
116, 392
148,572
132,330
84, 317
48,013
28,888
428,893
107, 363
157, 765
135,475
85, 253
50, 222
28,290
478, 380
119, 710
175, 908
148, 596
93, 352
55, 244
34,166
437, 603
110, 732
167,113
128, 622
80, 283
48,339
31,136
565, 297
137, 699
189, 420
197, 738
125,361
72,377
40, 440
578, 779
147,638
193, 060
197, 347
128, 064
69,283
40, 734
564,125
130, 322
203,152
192. 585
125, 411
67,174
38, 066
580, 771
131, 288
217,376
194, 318
122, 638
71,679
37, 789
425, 821
103,961
173,986
120, 449
75, 252
45,197
27, 425
561,114
124,535
204, 599
193, 698
125, 442
68, 256
38, 282
575,158
116, 782
219,611
199,991
129, 444
70, 547
38, 774
536,156
107,128
208, 587
183, 384
117, 024
66, 360
37, 057
255, 874 151,131 164,619 161, 609 155,996 137,679
95,034
79, 792 89, 731 83, 944 69, 438 52, 633
24, 905
11,348
17, 035
12, 795 15,030
7,708
130, 405 60, 952 60, 567 61, 680 67, 353 63, 941
89, 045 35, 771 38, 480 38, 511 45, 316 40, 044
22, 087 23,169
22, 037 23, 897
41, 360 25,181
2,973
4,175
5, 530
3,190
2,679
4,070
3.65
3.75
2.53
3.75
3.63
3.75
526, 881
112,825
194,717
185,887
119,922
65,965
33, 452
465,038
120,895
151, 299
163,671
107,502
56,169
29,173
464, 306 428, 268
112, 371 99.147
177, 707 169, 264
140, 243 129, 487
88, 074 81.148
52,169
48, 339
33 985
30, 370
155,066 180,858 199, 862 213,557 225, 767 239, 842 249,177
43,122
48, 618 56,050
63, 440 69,893
77, 232 88, 817
18,927
21. 293 21, 300 22, 022 25, 701 23, 902 21, 751
88.391 105, 927 116, 782 122,956 125,132 133, 485 132, 620
58,185
71, 206 77, 703 82, 255 81,207
86, 485 85, 620
30, 206 34, 721 39, 079 40, 701 43, 925 47, 000 47,000
4,626
5,139
5, 401
5, 223
5,989
5, 020
5,730
3.66
2.88
2.88
2.79
3.31
3.50
2.60
Total paper:
PAPER
Paper, incl. newsprint and paperboardif
Productioni
short tons..
999,829 1,035,427 915, 405 936, 051 981, 009 847, 350 713, 065 682, 916 697, 627 728, 269 853,128 768,920
Paper, excl. newsprint and paperboard:t
470, 869 509, 775 410, 353 424,196 489, 152 392, 878 327, 302 352, 908 374, 580 383,488 461,497 398, 337
Orders, new
short tons..
523,849 576, 015 490, 479 490, 453 555,186 434. 379 360,913 358,554 356,992 384, 664 466, 712 407,011
Production
do
507, 862 568, 423 471, 434 458,962 535, 360 421, 349 347, 862 366,177 377,105 386, 775 462,874 400,873
Shipments-_.
_
do
Book paper: t
Coated paper:
12,902
15, 542 15, 239 13,940
Orders, new
do
14,713
14,847
15, 419 13, 840
18, 238 15, 524 13,712
12, 980 14,079
2,194
2,824
Orders, unfilled, end of mo
do
8,337
5,012
4,319
2,716
2,361
2,752
4, 661
1,901
5,555
2,172
2,493
13. 256 21, 586 19, 432 17, 770 17, 500 18, 752 17, 462 15, 242 14, 847 13,872
Production
do
13, 882 15, 890 14,600
49.2
Percent of potential capacity
93.6
77.1
75.9
62.8
54.9
56.0
70.2
50.8
84.3
53.4
52.5
55.0
Shipments
—short tons.. 13, 761 20, 808 18, 514 16, 902 15, 542 19, 404 17, 582 14, 951 14, 522 15,538
15,115
14, 748 15,918
11,118
Stocks, end of month
do
10, 819 11, 747 12, 615 14, 514 14, 581 14, 408 14, 699 14, 707 13, 033 13, 042 12,108
11,623
Uncoated paper:
74,043
Orders, new
do
99, 321 99, 311 80, 065 83, 663 90, 765 81,411
76, 257 74,408
77, 685 79, 686 92, 528 77, 397
30, 065 76, 948 69, 730 54, 231 49, 801 •15, 725 37,910
Orders, unfilled, end of mo
do
34, 512 30, 373
34, 760 34, 020 30, 521 31,828
Price, wholesale, " B " grade, Enelish fin6.00
ish, white, f. o. b. mills..dol. per 1001b..
6.25
6.25
6.25
6.25
6.25
6.13
6.00
6.00
6.00
6.00
6.00
6.00
Production
short tons.. 77,848 113,516 109, 543 101, 410 99, 714 98, 823 88, 570 80, 388 74,616
77,076
77,014 92, 777 86, 557
66.7
Percent of potential capacity
94.5
86.1
74.4
98.0
85.7
67.6
77.0
87.6
62.7
65.7
74.5
73.0
Shipments
short tons.. 75, 399 110, 360 107, 324 95, 958 91,431
79, 284 76, 293
95, 779 90,105
77, 350 92,028 82,493
106, 067 88, 325 90, 528 95,199 104, 376 107, 426 106, 295 107, 436 104, 309
Stocks, end of month
do
98, 645 99, 229 103, 448
Fine paper:
Orders, new
do
25,749
32, 613
34, 697 25,152
23,449
28,877 ' 36,133 29, 530
26,247
30, 647 30,189
8,467
Orders, unfilled, end of mo..
do
15.191
10,687
7,721
10,709
9, 787
28,450
26, 280 20,978
9,996
9,420
9,315
Productioni
do
36, 218 40, 948 31,025
25, 357 29, 9P5 27, 031 29, 341 36,861
40, 666 45, 368 34,220
30, 333
32,008
Shipments
do
40, 417 28,646
24, 619 29, 339 30, 813 31,024 ' 38,147 29, 816
39,080
32,653
44,324
73,504
Stocks, end of month
do
73, 430 76,392
71,005
66 123
69,509
67,279
70, 512
77, 778 72, 672 71, 723 70,119
Wrapping paper:
Orders, new
...do
153,148 185,604 136,379 139,501 160,015 127, 696 91, 817 114,427 114,784 122,169 159, 520 129,967
Orders, unfilled, end of mo.
do
143, 532 123,420 101, 208
69,060 62,286
51, 424 53, 665 50, 637 48, 614 47, 458 57, 468
Production.
do
176,092 211,436 165,597 162,717 185, 049 140, 536 105, 750 116, 330 104,369 125,371 159, 596 131,176
Shipments
do
169, 437 206,864 158,991 153,744 180,394 135,729 102,129 119, 381 113,403 125,569 161, 506 132,176
Stocks, end of month
do
104, 521 108,129 113,393 120,908 123,660 127, 754 131, 389 127, 713 124, 485 123,581 122, 613 122, 098
ISee note marked "V on next page.
i Discontinued by reporting source.
i Comprises pulp used in the producing mills and shipments to the market.
{Revised series. Data on production of wood pulp have been revised beginning 1932, and consumption and shipments and stocks, beginning 1934. Production data
not shown on p. 51 of the April 1938 issue, and shipments and consumption, and stocks, prior to March 1937 not shown on p. 51 of the May 1938 Survey, will appear in a subsequent issue. In the above presentation the data are all raised to estimated industry totals on the basis of an identical sample of 152 mills; heretofore, only the data on
production and consumption and shipments have been raised. For production, the estimated industry totals have been supplied by the compilers, and for consumption
and shipments, and stocks, the sample data have been adjusted to the raised production figures by the Survey of Current Business. Consumption and shipments, and
stocks, as shown here supersede the data shown in the April 1938 Survey. This revision was occasioned by the use of an improved method of adjustment. Data are restricted
to the items specified, with no attempt made to estimate semichemical pulp or screenings. Data on chemical and ground-wood imports have been revised beginning January
1935;FRASER
revisions not shown on p. 51 of the December 1937 Survey will appear in a subsequent issue. Data on total paper, total paper excluding newsprint and paperboard,
Digitized for
and book paper have been revised beginning 1934. Revisions not shown on p. 51 of the May 1938 Survey will appear in a subsequent issue.
52
SURVEY OF CURRENT BUSINESS
Monthly statistics through December 1935, together with explanatory notes and references
to the sources of the data may be found in the
1936 Supplement to the Survey
1937
1938
May
July 1938
May
June
July
AUgUSt
1938
Septem- October Novem- December
ber
ber
January
February
March
April
139, 734
202, G01
172, 906
146,089
203, 729
224, 604
182, 687
188,006
186.727
200, 794
214,182
174,618
169, 922 156, 475 174, 971
184, 761 123, 289 152, 507
173, 638
195, 750
PAPER AND PRINTING—Continued
PAPER- Continued
Newsprint:
Canada:
Exports..
_
short tons.
Production..
__
_.
__do___
Shipments from mills. _
...do
Stocks, at mills, end of mo
._do.-United States:
Consumption by publishers!
do
Imports
do...
Price, rolls, contract, destination (N. Y.
basis)
dol. per short ton.
Production^
short tons.
Shipments from mills
do
Stocks, end of month:
At mills
do__.
At publishers!
...do._In transit to publishers!.
do...
Paper board:
Consumption, waste paper...
-do...
Orders, new
_. do__.
Orders, unfilled, end of mo.
do...
Productioni
do...
Percent of capacity
Stocks of waste paper, end of month:
At mills
short tons.
PAPER PRODUCTS
Abrasive paper and cloth, shipments:
Domestic
reams.
Foreign
.do...
Paperboard shipping boxes;t
Shipments, total
mills, of sq ftCorrugated
do
Solid
fiber
do...
PRINTING
Blank forms, new orders
thous. of sets.
Book publication, total...
no. of editions.
New books
do
New editions
do.._
Operations (productive activity)—1923=100.
Sales books, new orders
thous. of books.
CRUDE AND SCRAP RUBBER
Crude:
Consumption, totalft
long tons.
For tires and tubest
do._.
Imports, total, including latex
do__.
Price, smoked sheets (N. Y.)
dol. per lb.
Shipments, world
long tons.
Stocks, world, end of monthf
do...
Afloat, total
do__.
For United States._
_ do__.
London and Liverpool
do...
British Malaya
do...
United States!
do...
Reclaimed rubber:%t
Consumption
do...
Production
do...
Stocks, end of month
do
Scrap rubber:
Consumption by reclaimers (quar.)-.-do..TIRES AND TUBES}
Pneumatic casings:
Production
thousands.
Shipments, total
do.-_
Domestic
do...
Stocks, end of month
do...
Inner tubes:
Production
do
Shipments, total
__
-do...
Domestic
do__.
Stocks, end of month
do...
Raw material consumed:
Crude rubber. (See Crude rubber.)
Fabrics
.thous. of lbMISCELLANEOUS PRODUCTS
8ingle and double texture proofed fabrics;
Production
thous. of yd.
Rubber and canvas footwear:$
Production, total
thous. of pairs.
Tennis
do...
Waterproof
do._Shipments, total
do-_Tennis.
do...
Waterproof
..do..Shipments, domestic, total
do...
Tennis
do.-.
Waterproof
do...
Stocks, total, end of month
do...
Tennis
do...
Waterproof
do...
1
302, 325
315,477
338, 215
159, 226
315,642 308, 742 169,509
302, 878 293. 395 222, 500
357, 240 355, 257 159.107
104,864
43, 002 106', 394
209,0C9
207, 678
193, 288
189,008
294,
310,
304,
145,
726
650
264
849
306, 646
312.165
303. 632
154, 382
305,163
316,194
293, 671
176,905
283,128
319, 876
326, 222
170,559
308, 655
312, 220
300, 815
181,964
176,600
210, 521
206. 695
279,937
189, 297
288, 291
170, 455
302,982
173, 338
260,158
183,360 208,278 ' 180, 473 187,048
303, 351 298, 560 299, 501 305,802
50.00
68,001
66,197
42. 50
78,907
77, 647
42.50
78. 500
76, 255
42.50
78. 205
79, 759
42.50
80,311
75,724
29, 819
343,149
34,908
12, 699
278,820
49. 612
14, 644
298, 597
50, 550
13, 089
344,147
52,964
210,117
281, 401
76, 701
286,574
57.4
330, 250
346. 525
194.458
397,073
90.8
287, 504
329, 244
146,138
380,882
80.5
318, 698
234, 239
62, 530
42.50
77, 732
73, 931
42.50
78.352
72,127
42.50
80,145
83, 743
42. 50
79, 537
88, 339
50.00
72, 514
62, 829
50. 00
61,357
62, 480
50.00
67, 864
66,138
50. 00
58. 836
57, 348
17, 676
380,070
55, 769
21. 467 27, fi93 23, 907 16, 239 25, 924 24,801
26,527
421,765 450, 761 492, 150 543,861 521,411 464, 691 406, 622
59, 489 57, 357 62,852 69, 545 38, 471 38, 970 32, 282
28, 015
379, 439
29, 285
274, 463
331,375
143,401
346, 721
71.0
287, 443
348,685
129,745
365,287
75.7
287, 858 256,162
324, 216 315,122
108, 467 88.775
348, 091 334, 619
71.5
68.5
218,189
256,081
75, 683
272,007
56.2
196,231 203,424 215, 047 243, 571
243,992 269, 367 273,651 317,472
75, 994 79, 595 72,832
74,137
244,825 268,121 282, 248 318, 552
48.2
59.8
59.8
54.7
224,
302,
75,
303,
257,185
254, 554
258,064
277, 797 293,818
294,122
322,435
103,862
9,104
81,397
8,556
76,209
65,956
7,711
2,041
1,891
150
' 2. 636
' 2. 392
'245
' 2, 559
r 2, 324
••235
104, 537
123, 341
945
800
145
102
15,799
115,141
689
580
109
95
16, 633
16, 220
70,731
6.077
331, 582 325,166
715
921
296
073
58.7
333, 218
319, 816
54,124
6,633
53,389
6,616
67, 764
68,125
' 2, ?63
' 2,140
••223
' 2, 457 r 2, 563
' 2, 221
'536
56,650 40, 095
6,339
8,487
T
% 579 ' 2, 076 '1.753
' 2. 364 ' I, 918 T 1,619
'215
' 133
1,826
1,691
134
1,909
1,768
141
2,272
2,117
156
2,004
1.870
134
91, 805
846
741
105
90
16, 506
106,989 111, 485 109,633 105,656 104,379
1.183
942
985
826
930
1,023
864
831
702
759
121
111
160
124
171
102
100
102
96
100
16, 697 16, 049 16, 741 15, 662 14, 724
91, 207
1,071
887
184
93
14, 434
90,496 103. 696
895
'960
751
841
144
119
93
92
13, 742 14, 972
102. 684
L036
884
152
88
14,221
67, 422
7,724
RUBBER AND RUBBER PRODUCTS
I
28, 947
28,108
.116
68, 000
579, 063
96, 000
32,859
87, 215
86, 036
309, 812
8,009
6,866
22, 275
51, 733 51,798 43,650
37, 951 37,902
48,898 49, 635 43, 414
.193
.189
.213
87,000 95,000 111, 000
413,134 434, 250 445, 782
117, 000 125,000 144,000
58, 542 57, 215 75, 779
46. 628 43, 427 42,175
74, 487 93, 630 88,046
175. 019 172,193 171, 561
14. 612
15, 793
14, 647
14,414
16,052
14, 535
11, 924
16, 241
17,992
43, 893
- 88.472
57,024
.186
.184
102,000 106,000
457,462 470,768
140, 000 141,000
41,456
80, 439
45,211
49, 807
87, 579
92,661
179, 590 192, 382
13, 227
16,543
19, 706
(0
9,855
2,230
2,843
0)
9,010
53,129
.163
98,000
479,39S
135,000
80,653
51,932
85,865
206,601
12,234
15,849
23,572
29, 429
29,160
'100, 800
54, 043 69,810
45, 384
.146
.146
.151
93, 000 92, 000 80,000
493, 266 545,533 551, 632
127, 000 135, 000 113,000
81, 302 63, 099 57, 356
57, 785 62, 108
54,857
84,657 90, 548 98,157
226, 752 262,200 278, 367
33, 984
9,703
12, 406
24, 620
42, 489
45, 495
2,842
3, 372
13,681
16, 410
21, 597
38, 707
7,674
10,815
26, 260
6,673
7,467
27,179
23,868
30, 487
27, 984
41, 064
.146
81,000
569, 242
108,000
47, 459
71,510
94, 250
295, 476
42, 571
.136
81, 000
591, 968
109, 000
41, 882
70,617
99, 287
307, 004
31,932
.118
86, 000
593, 340
114,000
39, 071
T
82. 754
85, 636
310. 950
7, 238
6,012
26,431
8, 471
0,875
25, 432
7,480
6,597
23, 339
32, 213
17, 218
5,352
5,375
5,281
12, 592
5,339
5,389
5.297
12, 529
4,292
5.190
5,112
11, 654
4,049
4,930
4,849
10,813
4,455
3,537
3,473
11,615
3,940
3,859
11,644
3,111
3,771
3,864
10,963
2,952
3,153
3,053
10, 776
4,956
5,028
4,959
12,107
4,716
5,027
4,957
11, 746
4,019
5,046
4,993
10,869
4,129
4.852
4,795
10,144
4,290
3,177
3,134
11, 242
3,719
3, 518
3,462
11, 103
2,822
3,348
3,280
10, 527
2,349 ' 2, 418
2, 875 ' 2, 424
2, 795
0)
10, 056 • 10,164
23.268
23,033
18. 494
54, 518
' 2, 776
r
2, 500
«• 2, 238
' 2, o59
0)
0)
10, 988
10,833
r
r
2,132
2, 127
(0
10, 161
r
r
2, 792
2, 891
0)
• 10, 820
r
r
2, 475
2, 544
0)
• 10,130
2.706
3.199
(0
10.317
2,142
2. 704
(0
9,525
62, 556
2,364
3.991
4,259
3.380
3,802
3,975
3.282
2,285
1,969
1,978
2,088
3,089
2,461
3,811
6,734
3.635
3.098
4,784
3,778
1,006
4, 735
3.736
999
6,455
2,765
3, 690
4.788
2.947
1.840
4,706
2.874
1. 832
22. 814
4,895
17.919
4,679
1,584
3,095
5,764
2.075
6,454
1,789
4.666
7,424
1,190
6,234
7,363
1,142
6,222
20, 746
4.990
15,757
6,598
1,557
5.040
7,316
1,134
6.182
7,254
1,093
6,161
20,046
5,431
14, 615
6,369
1,447
4,922
6,635
769
5.866
6,582
749
5, 833
19.780
6,109
13, 671
5,671
1,456
4,216
5,143
648
4,494
5,111
636
4,474
20, 308
6,916
13, 392
4,517
1,704
2,813
4,343
1,151
3,191
4,305
1,134
3,171
20, 430
7,446
12. 984
3,588
1,915
1,673
3.937
2,363
1,574
3,894
2,338
1,555
20, 031
6,965
13,065
3,639
2,251
1,388
3,212
2,422
789
3,174
2,392
782
20, 290
6,796
13,499
4,453
3, 566
0)
(0
(0
(0
(0
0)
0)
(0
(0
(0
CO
(0
(0
(0
(0
3,648
0)
(0
0)
0)
0)
20, 563
0)
CO
21.116
5,071
16.045
5,738
2.055
3.683
21. 729
4,404
17,326
4,197
20, 558
(0
(0
(0
3.837
20, 400
(0
(0
D a t a are no longer available.
r
Revised.
• Quarterly figures; m o n t h l y data not available subsequent to J u l y 1937.
I F o r d a t a raised to i n d u s t r y totals, see t h e 1936 S u p p l e m e n t . Figures shown here are as reported; these were also given in t h e 1936 S u p p l e m e n t .
f Revised series. D a t a on total r u b b e r c o n s u m p t i o n , world a n d U n i t e d States stocks of rubber, consumption, production a n d stocks of reclaimed r u b b e r revised for 1935a n d 1936. Revisions not s h o w n on p . 52 of the M a y 1937 Survey will appear in a subsequent issue. Newsprint stocks at publishers a n d in transit to publishers revised beginning 1926; revisions not shown on p . 52 of t h e April 1937 Survey will be shown in a s u b s e q u e n t issue. C o n s u m p t i o n of newsprint b y publishers beginning 1926 was revised
to adjust for errors in c o m p u t a t i o n s ; revisions not shown on p . 52 of the N o v e m b e r 1937 issue will appear in a subsequent Survey. S h i p m e n t s of paperboard shipping boxes
revised for year 1937. Revisions not shown above will appear in a subsequent issue.
FRASER t D a t a are raised t o i n d u s t r y totals see the note explaining these series in th6 1936 S u p p l e m e n t .
Digitized for
53
SURVEY OF CURRENT BUSINESS
July 1938
Monthly statistics through December 1935, together with explanatory notes and references
to the sources of the data may be found in the
1938 Supplement to the Survey.
May
1938
1937
1938
June
May
July
August
Septem- October Novem- Decem- January
ber
ber
ber
February
March
April
STONE, CLAY, AND GLASS PRODUCTS
PORTLAND CEMENT
Price, wholesale, composite
Production
Percent of capacity
Shipments
Stocks, finished, end of month
Stocks, clinker, end of month
dol. per bbl_.
thous. of bbl..
thous. of bbl.
do
do...
1. 667
10, 361
47.4
9,752
22,871
6,303
1.667
11,894
54.4
12,291
22,940
6,347
1 667
11, 223
53.1
12, 773
21,388
5,896
1.667
11,374
52.0
11,190
21, 565
5,859
1.667
9,248
43.7
8,188
22,634
6,104
1.667
7,047
32.2
4,793
24,879
6,342
1.667
4,534
20.7
4,390
25,023
6,589
1.667
3,916
19.8
4,575
24, 361
6,732
1.667
5,879
26.9
7,259
22, 979
6,622
1.667
7,983
37.7
8,678
• 22 262
«• 6\ 497
1,161,382 1,071,120 1,195,988 1,268,218
1,117 265 1,005,581 1,153,466 1,181,549
745,035
725, 444
849,321
829,261
959,880
917, 219
692,311
656, 529
510, 700
516,164
266, 526
650, 657
607, 216
289,885
801,974
787,019
268,270
577,258
708, 756
252,142
12.103
181.275
401,852
12.110
184.625
435,318
12.125
167,085
463,531
12.116
157,839
479, 256
12.076
154,424
508,840
12.113
149,672
524,110
12.113
128,118
530, 970
12.044
95,882
528,569
12. 072
68, 794
511,904
12.074
74, 978
486,950
12.047
114,909
445,379
12. 050
129, 459
421, 407
62,086
298,114
61,557
297,703
57,120
297,406
54, 530
300, 796
51,477
296,123
45,971
296,834
36,982
300,462
24, 869
304,731
20, 547
299, 019
23, 327
298, 041
' 38,801
288,644
45, 902
280, 502
1.667
11,634
53.2
11,890
25, 493
7.540
1.667
11,163
52.8
12, 645
24,011
7,360
1.667
11,597
53.1
12, 237
23,370
6,771
CLAY PRODUCTS
Bathroom accessories:
Production
number of pieces. 710,164
668, 252
Shipments
_
.do
249,899
Stocks, end of month f
do
Common brick:
Price, wholesale, composite, f. o. b. plant
dol. per thous-. 12. 007
Shipments
thous. of brick_.
Stocks, end of month
do
Face brick:*
Shipments
do
Stocks, end of month.__
do
Vitrified paving brick:
Shipments..
_
..do
Stocks, end of month.
do—
Terra cotta:
Orders, new:
Quantity
short tons,Value
..thous. of dol-.
Hollow building tile:
Shipments
.short tons..
Stocks, end of month
do—
6,877
60, 271
9,431
61,249
8.580
63,646
7,707
66, 533
8,638
66, 252
12,255
60, 866
6,185
60,974
2,882
59,273
2,537
56, 964
2,087
56, 433
1.077
140
916
128
1,082
122
1,495
177
884
133
848
106
800
99
731
109
96.246
359,881
84,932
367.022
80,317
362,455
80,812
365,788
76,290
361,084
68,954
369,610
54, 557
373, 283
39,937
380,917
4,844
88.4
4,795
7,215
4,989
87.1
5,152
6,981
4,978
86.9
4,645
7,259
5,259
91.8
4,662
7,776
4,548
82.5
4,400
7,843
4,417
77.1
3,932
8,261
3,735
67.8
3,211
2,907
2,848
3.152
2,658
4,965
19.437
2,681
2,870
2,947
2,652
5,260
19,392
2,266
2,692
2,031
2,289
5,038
15,345
2,458
2,720
2,312
2,426
4,923
17,898
2,829
2,824
2,886
2,731
5.043
16,479
2,283
2,516
2,981
2,618
5,267
14,855
1,893
2,333
2,437
2,170
5,585
12, 517
r
3,8ll
55,484
5,243
55, 270
1,136
130
1,317
147
887
100
34,000
355, 544
35, 631
355,270
' 59,035
345,214
61,252
332, 372
3,235
56.5
2,684
9,192
3,125
52.4
3,016
9,279
2,995
54.3
2.893
9,318
3,637
58.6
3,616
9,265
3, 647
61.0
3,645
9,215
1,625
2,394
1,616
1,624
5,362
8,921
5,119
2,664
3,802
3,820
GLASS PRODUCTS
Glass containers:
Production
Percent of capacity
Shipments
Stocks, end of month.Illuminating glassware:®
Orders:
New and contract
Unfllled, end of month
Production
Shipments
Stocks, end of month
Plate glass, production
thous. of gross..
-thous. of gross..
.do
number of turns..
do
...do
do
do
-thous. of sq. ft..
3,837
66.8
3,902
3,866
GYPSUM AND PRODUCTS
Crude:
Imports
short tons..
Production
_
_
do
Shipments.
do
Calcined, production
do
Calcined products, shipments:
Board, plaster, and lath
thous. of sq. ft_.
Board, wall
do
Cement, Keene's
.short tons..
Plasters, neat, wood fiber, sanded gauging
finish, etc
short tons.
For pottery, terra cotta, plate glass, mixing
plants, etc
short tons..
Tile. partition
thou.s. of sq. ft
299,655
897,807
259,007
660, 252
306. 672
897,178
249,143
704,846
264, 583
611,452
176,476
477,182
187,896
107,330
10, 764
198, 259
91,401
10, S
136,451
81,668
3,319
444,777
423,640
281, 610
63,301
4,199
70,354
50, 677
3,063
6,348
452. 620
TEXTILE PRODUCTS
CLOTHING
Hosiery:
Production
thous. of dozen pairs.
Shipments
do...
Stocks, end of month
do__.
COTTON
Consumption
bales.. 425, 684
Exports (excluding linters)
thous. of bales..
193
Ginnings (total crop to end of month indicated)
thous. of bales
imports (excluding linters)
do__.
Priees:
.084
Received by farmers
doi. per lb.
.084
Wholesale, middling (New York)
do__Production (crop estimate)
thous. of bales
Receipts into sight
do...
256
Stocks, end of month:
Domestic, total
do
11, 644
Mills
do—.
1, 586
Warehouses
do
10,0.58
World visible supply, total
do
8, 490
American cotton
do
6, 071
10,920
9,759
22, 277
9, G65
324
.129
133
327
5,398
1,815
3. 584
5. 596
3,361
9,302
9.381
23.659
9,915
10, 718
2i. 856
10, 367
11,418
21, 804
10,319
10, 653
21, 471
9,610
9,822
21,259
8, 625
9,090
20, 794
8,843
8,464
21, 913
9,481
10, 109
21, 285
10, 995
12, 077
20, 253
9,840
10, 593
19,491
680. 521 583,011
124
230
604, 380
220
601, 837
617
526, 464
799
484,819
797
433, 058
751
434, 740
647
427, 528
399
510, 941
426
414,392
377
36
143
19
1,871
8
8,259
5
13, 164
9
16,178
9
16,812
9
17, 646
6
124
127
.126
.124
.107
.103
.090
.090
.081
.084
.077
.080
.079
.0S6
1. 023
742
13, 534
1, 763
11,772
9. 210
7,450
13,481
1,815
11, 066
9, 220
7,271
11, 254
9,936
23,738
295
175
1, 064
3.075
3,477
2, 548
.076
.083
• 18, 945
1,518
4,640
1,549
3,090
4,904
2,837
4,099
1,286
2,813
4,381
2, 549
4,465
961
3,504
4,374
2,763
7,918
991
6.926
6, 421
4,863
11,177
1,419
9,758
8, 029
6,467
13, 206
1,656
11. 549
8, 769
7,225
13, 586
1, "18
11.S67
9, 066
7,441
13,242
.081
. 089
.084
.089
077
12, 728
1,772
10, 050
9, 025
6, 881
.084
.088
500
12, 189
1, 703
10, 486
8, 796
(3, 509
'Revised.
• Total crop.
*New series. D a t a on face brick shipment;, a n d stocks, compiled b y t h e U. S. Department of Commerce, Bureau of the Census, supersede those shown in t h e Survey
prior to the J a n u a r y 1937 issue. D a t a beginning J a n u a r y 1934 were shown in table 34, p 20 of the August 1937 issue.
t Revised series: Stocks of bathroom accessories revised beginning J a n u a r y 1938; earlier data not available.
<8>Data on basis of " n u m b e r of t u r n s , " as shown here, are no longer available; a new series on basis of the n u m b e r of pieces a n d value are available beginning J a n u a r y
19MS. These data will appear in a subsequent issue of the Survey.
54
SURVEY OF CURRENT BUSINESS
Monthly statistics through December 1935, together with explanatory notes and references
to the sources of the data may be found in the
1936 Supplement to the Survey.
1938
July 1938
1937
May
May
June
July
1938
DecemAugust SeptemOctober November
ber
ber
January
February
March
33, 613
4,700
April
TEXTILE PRODUCTS—Continued
COTTON MANUFACTURES
Cotton cloth:
Exports
__thous. of sq. yd_.
Imports
do
Prices, wholesale:
Print cloth, 64 x 60
dol. per yd_.
Sheeting, brown, 4 x 4__
do
Finished cotton cloth:f
Production:
Bleached, plain
thous. of y d . .
Dyed, colors
.do
Dyed, black
.do
Printed
-do
Stocks, end of month:
Bleached, dyed colors and dyed black
thous. of y d . .
Printed
do
Spindle activity:
Active spindles
thousands..
Active spindle hrs., total
mills, of hrs__
Average per spindle in place
hours..
Operations
pet. of capacity..
Cotton yarn:
Prices, wholesale:
22/1, cones (Boston)
_dol. per lb_.
40/1, southern spinning.
._
_do
15,554
10,743
14,418
10, 576
16,418
7,896
17,511
5,560
25,805
5,903
24,116
5,363
21,713
5,130
24, 252
5,108
23,882
4,667
.065
.085
.063
.081
.058
.075
.052
.069
.049
.061
.047
.058
.045
.055
.037
.055
.048
.055
140,065
108,888
7,729
104,410
119,672
92,190
6,555
88,294
118,956
88,355
115, 013 112, 741 119,609 109, 200 111,952 111,876
86, 792 78, 363 79,620 62, 216 59, 924 60, 223
6,674
4,861
7,154
3,300
7,732
4,590
97, 757 83,195
98,993
87,154
91,578
92,811
116,995
75, 223
3,895
91, 892
127, 643
89,182
4,183
104, 594
276, 273
125, 754
280,983
129,359
268,428
118,383
272,709
120,338
262,006
102,843
277,860
136,177
0)
0)
P)
P)
21,342
5,449
205
89.3
24, 656
8,562
316
137.6
24, 558
8,595
318
136.6
24,394
7,665
284
121.9
24,353
8,185
304
130.5
23,887
7,658
285
124.1
23,724
6,928
259
111.1
22, 792
6,483
243
105.2
22, 328
5,726
214
92.0
22,327
5, 682
214
93.5
22, 357
5,589
210
98.9
22, 288
6,485
245
101.1
21, 786
5,266
198
85.7
.22b
. 369
.336
.479
.311
.452
.272
.413
.257
.407
.245
.383
.239
.439
.235
.369
.235
.369
.235
.369
.234
.369
.230
.369
724
2,917
2,389
693
1,954
562
1,573
1,323
240
581
.63
372
492
477 I
697 I
4,
1,088 |
' 445
1,825
.54 |
.54 !
. 54
3.0 |
3.3 |
24,713
4,092
17, 386
15,090
.045
.090
.053
(0
P)
RAYON AND SILK
Rayon:
444
Deliveries!
1923-25=100..
1,435
Imports
thous. of lb._
Price, wholesale, 150 denier, "A" grade
.02
(N. Y.)
dol. per l b . . .
Stocks, producers, end of mo.f
no. of months' supply..
3.8
Silk:
Deliveries (consumption)—
bales.. 28, 687
3,433
Imports, raw
thous. of lb_Price, wholesale, raw, Japanese, 13-15 (N. Y.)
1.600
dol. per lb..
Stocks, end of month:
Total visible supplyt
bales.. 135, 616
37,016
United States (warehouses)
do
697
.63
1,788
.63
0.1
0.1
35, 278
5,148
35, 783
5,521
0.2
31,309
4,015
284, 281 298, 812
135, 751 143, 307
P)
P)
27, 793
3,923
.046
.054
.047
.055
113, 340
46, 273
4,047
92, 795
(0
P)
.63
.63
.63
253
228
.63
0.2
0.5
1.1
1.9
2.5
33, 557
5,174
36, 372
4,958
1.851
36,002
5,054
31, 749
5,865
21,982
3,781
30,715
4,003
1.575
1.565
1.592
156,724 161,435 143, 678
45, 424 49, 535 48, 678
136, 934
43, 834
134, 426
36, 326
130, 955
41,455
12, 623
3. 329
3, 660
.60
i
1.848
1.827
1.940
140,802
41,302
130,256
45, 556
141,094
41, 494
12,944
3,036
4,029
22, 871
10,098
29,990
20,081
9,511
28,518
20, 509
7,903
19, 302
65
113
26
18
40
68
52
'94
42
42
100
82
93
73
79
57
59
72
47
.68
.26
1.04
.42
1.00
42
1.00
.43
1.01
.43
1.873
1.721
152, 083 152, 857 151,834
40,834
44,183
43,957
34. 884
4,182
30,260
3,359
1.634 |
3.5
33, 381
4.833
1.619
WOOL
Consumption of scoured wool:1
Apparel class
....thous. of lb..
Carpet class
do—
Imports, unmanufactured
do
Operations, machinery activity:
Combs:
percent of active hours to total reported..
Looms:
Carpet and rug
.do....
Narrow
do—
Broad
do.__.
Spinning spindles:
Woolen
do—
Worsted
do—
Prices, wholesale:
Raw, territory, fine, scoured
dol. per lb.
Raw, Ohio and Penn.,
fleeces
.do
Suiting, unfinished worsted, 13oz. (at factory)
..dol. per yd..
Women's dress goods, French serge, 54" (at
mill).
--.
dol. per yd..
Worsted yarn, 32's, crossbred stock (Boston)
dol. perlb..
Receipts at Boston, total
.thous. of lb.
Domestic
do
Foreign..
_.
do—
Stocks, scoured basis, end of quarter, total
thous. of lb_
Woolen wools, total
do__.
Domestic
do
Foreign
do
Worsted wools, total
do...
Domestic
-.
---do—
Foreign
...do—
20,034
8,668
21,116
17, 213
7,259
16,896
16, 095
4,926
14,213
10, 604
2,730
10.147
10, 425
2,857
6,045
12,709
3,672
4,781
12,090
3,982
3,675
10,412
4,328
3,621
60
52
53
51
43
42
28
55
30
20
51
28
23
53
34
23
56
36
29
43
34
15
31
47
44
50
41
59
37
44
35
31
.97
.42
63
46
.90
.38
.81
.32
.79
.31
.70 I
.68
.26
.69
.26
50
32
73
.27
2.079
2.079
2.079
2.035
1.999
1.980
1.832
1.832
1.832
1.832 I
1
1. 535
1.040
1.213
1.213
1.213
1.213
1.213
1.213
1.168
1.139
1.139
1.139 j
1.139
1. 114
1.05
40, 900
40,198
702
1.45
37,978
23,340
14,638
1.43
53,149
41,315
11,833
1.41
38,904
36,186
2,718
1.40
29,237
25, 796
3,442
1.38
12,129
8,439
1.34
8,753
5,758
2,995
1.18
8,911
6,925
1,986
1.10
4,919
4,201
719
1.10
6,338
5, 763
575
1.08
6,529
5,504
1,025
1.05
6,798
6,159
639
1.05
14, 821
14. 090
730
142, 554
48,890
33,603
15, 2S7
93, 664
64,853
28,811
I
118,115
47,890
38, 015
135, 353
49,893
37, 711
12,182
85. 460
63, 820
21, 640
109, 330
47, 90;
38, 666
9,241
61,423
46. 825
14, 598
70, 225
54, 56:
15, 658
MISCELLANEOUS PRODUCTS
Buttons, fresh-water pearl:
Production
.pet. of capacityStocks, end of month
thous. of gross..
Fur, sales by dealers t
thous. of dol..
Pyroxylin-coated textiles (artificial leather):
Orders, unfilled, end of mo-.thous. linear yd.
Pyroxylin spread
thous. of lb_.
Shipments, billed
thous. linear yd..
24.7
7,123
p 1, 838
1,554
4,150
4, 072
r
60.4
6, 922
4,925
49.0
7,231
3,304
30.5
7,002
3,297
44.5
7,099
4,003
42.6
7,196
2,330
38.2
7,193
1,750
38.1
7, 385
1,249
26.7
7,297
* 1, 458
2,876
5,555
5,727
4,958
5,018
3,024
4,317
4,121
3,117
5,982
4,804
3,179
5,481
4,962
2,584
4,945
4,617
1,731
3,762
3,609
1,544
3,366
3,171
r
23.9
7. 308
2, 873
1,925
3,532
3,253
r
27. 2
7,287
2, 796
27. 3
7,226
' 2, 575
28.4
7, 216
r 1, 953
1,964
4, 111
4, 016
1,864
4,837
4, 664
1,577
4, 335
4,237
••Revised.
* Preliminary.
* Data no longer available.
tRevised series. Data on finished cotton cloth beginning 1934, see table 31, p. 19 of the August 1937 issue. Due to change in the number of firms reporting, data beginning January 1938 are projected on the basis of identical mill reports. The identical mill report is available for production only, hence the stock figures cannot be carried
p e o d July
J y 1930-December
1930ecebe 1
3,
forward. For rayon deliveries, 1923-37, and stocks, 1930-37, see table 43, p. 20 of the October 1937 issue. For total visible supply of silk for period
1936,
will
see table 11, p. 20, of the February 1937 issue. Data on fur sales revised beginning January 1936; revisions not shown on p. 94 of the March
M h 1938 Survey
S
ill appear iin a.
subsequent issue.
^Data for July, October, 1937, and January and April 1938 are for 5 weeks; other months, 4 weeks.
SUEVEY OF CURRENT BUSINESS
July 1938
Monthly statistics through December 1935, to- 1938
gether with explanatory notes and references
to the sources of the data may be found in the
May
1936 Supplement to the Survey.
55
1937
May
June
July
1938
DecemAugust SeptemOctober November
ber
ber
January
February
March
April
TRANSPORTATION EQUIPMENT
AIRPLANES
Production, total
___
Commercial (licensed)
Military (deliveries)-_
For export
_
numberdo.__
do.__
do__
67
396
271
82
43
327
169
97
61
248
56
116
76
300
95
149
56
213
67
116
30
231
64
99
68
283
94
128
61
8,097
5,478
8,778
5,570
2,376
4,055
2,358
3,551
2,066
4,884
2,733
7,282
4,875
7,609
5,416
4,095
3,014
33, 587
18,408
15,179
34, 433
19,275
15,158
28,969
12,086
16,883
21,404
6,181
15, 223
25, 679
17,348
8,331
3,040
2,878
36,109
24, 644
11, 465
50,340
27, 590
22, 750
39, 417
21,800
17, 617
29,586
17,305
12, 281
30,492
16,809
13, 683
25, 680
15, 757
9,923
181, 021
113,185
67,062
774
188, 371
184,397
114,195
69, 432
770
175,215
165,438
102,919
61,845
674
167, 509
154,578
95,373
58,585
620
157,199
98,001
85, 558
58,864
49,498
38, 652 35, 629
486
431
157,058 135,155
64,320
32,848
31, 02n
447
78.115
65, 214
32,913
31,895
405
70, 384
90,673
45, 251
44,874
548
87,726
88,177
47, 520
40,060
597
92, 661
73
30, 077
72
44,162
80
59,629
79
60,100
62
53,035
53
27, 929
51
30, 208
67
33, 259
76
29, 532
18,115
13,641
192,068
154,958
37,110
706
23,458
17,980
516,919
425, 432
91, 487
2,190
23,841
17,919
497,312
411, 414
85, 898
2,142
17,941
12, 513
360,400
78, 568
1,702
172, 815
32, 206
391, 697
65,857
360, 236
58,626
357,522
59,451
92,593
104,115
71,676
178,521
216,654
180, 085
153, 866
203,139
162,390
163,818
226,681
187,869
300,402
58,681
156,322
188,010
157,000
82
102
108
101
181
202
103
152
157
174
190
99
167
154
148
153
116
154
127
141
140
118
164
131
169,839
1,731
192,286
11.3
44, 397
31,802
12, 595
1,729
184,313
10,9
41,895
29,577
12,318
2,159
43, 700
6,787
15.5
62
126
329
288
41
2,160
43, 673
6,676
15.3
67
94
296
259
37
369
264
51
54
452
341
54
57
402
296
456
306
37
5,253
3,588
5,047
3,636
6,799
4,758
19, 579
12,127
7,452
38,270
23,447
14,823
AUTOMOBILES
Exports:
Canada:
Assembled, total
.number—
Passenger cars
—do
United States:
Assembled, total
__
do
Passenger cars
*
do
Trucks
do
Financing:
Retail purchasers, total
thous. of dol_.
New cars
do
Used cars
do
Unclassified
do
Wholesale (mfrs. to dealers)
do
Fire-extinguishing equipment, shipments:
Motor-vehicle apparatus
__number_.
Haod-type
do
Production:
Automobiles:
Canada, total
do
Passenger cars
do
United States (factory sales), total...do
Passenger cars
_
do.
Trucks
___do_
Automobile rims
thous. of rims_Registrations: 1
New passenger cars
number..
New commercial cars
do
Sales (General Motors Corporation):
To consumers in U. S
.do
To dealers, total
do___
To U. S. dealers
do___
Accessories and parts, shipments:
Combined index
___Jan. 1925=100.
Accessories for original equipment
do
Accessories to wholesalers
do
Replacement parts
do
Service equipment
do
124, 244 103,434
74, 210 62,185
49,474
40,712
559
536
75,140 130,094
79
40, 377
76
36,931
70
31,219
78
28,424
10,742
8,103
16, 802 18, 819
4,417
16,574
20,652 17,624
16,066
5,814
13,793
1,926
7,378
14,384
13,385
11, 753 12, 276 14, 033
394, 330 171, 213 329,876 360,055 326, 234 •209.5C6 186, 523 •221,796
219,314
311,456 118,671 298, 662 295, 328 244, 385 155,505 139, 380 1174,065 176,078
82,874
64,727 81,849 r 54,001 ' 47,143 r 47, 731 43, 236
52, 542 31,214
1,343
1,818
854
1,470
1,890
1,121
528
971
478
225, 442 197, 391 190,185 174,820
53,116 39, 433 26, 924 30,912
82,317
58,181
149
149
128
164
148
142, 324 117,730 174, 918 185,925
31 343
58, 312 36, 291 T 34, 672
107, 216 117, 387 89,682 63,069
62,831 100, 022 103, 534
166,939 195,136 160,444 94, 267 94,449 109, 555 109, 659
76,142 78, 525
136, 370 153,184 108, 232 56, 938 63,771
160
176
147
154
130
156
174
136
121
110
119
114
126
98
81
96
93
96
102
170,102 170,409 170,585 170, 791 171,085 170,809
1,732
1,732
1,735
1,732
1,731
1, 730
186,225 188,207 188,032 186,017 184, 873 184,249
11.0
10.9
10.9
10.8
10.9
11.0
31,123
12, 511
7,904
37,411
24, 225 18,231
19,525
5,463
2,896
14,155
9,725
23,952
11, 598 10,070
5,008
8, 506
7,048
13,459
170,876
1,731
197,455
11.6
6,547
1,929
4,618
170,010
1,720
200,340
11.9
2,158
43, 347
6,672
15.4
46
143
110
91
19
2,155
43, 228
6,911
16.0
28
148
101
83
18
83
107
92
103
97
118
117
108
101
94
116
119
112
RAILWAY EQUIPMENT
(Association of American Railroads)
Freight cars owned and on order, end of mo.:
Owned:
Capacity
_
mills, of lb_.
Number
thousands..
In bad order.
number.. 225, 534
13.4
Percent in bad order.
4,484
Orders, unfilled.
cars..
Equipment manufacturers
do
In railroad shops
do
Locomotives owned and on order, end of mo.:
Owned:
Tractive effort
mills, of l b .
7,719
Number
_
_
17.9
Awaiting classified repairs
number..
Percent of total
Installed
number..
56
Retired
do
Orders, unfilled
do
Equipment manufacturers
do
In railroad shops
do
Passenger cars:
Owned by railroads..
do
Unfilled orders
.do
(U. S. Bureau of the Censr
Locomotives:
Orders, unfilled, end of mo., totalf
do
Domestic.
do
Electric.
do
Steam
_
do
Shipments, domestic, total t
do
Electric
do
Steam
do
Industrial electric (quarterly):
Shipments, total
do
Mining use
do
(American Railway Car Institute)
Shipments:
194
Freight cars, total
__
do._.,
188
Domestic
do
10
Passenger cars, total
do
10
Domestic
do
2,159
43, 602
6,406
14.7
82
143
283
248
35
2,160
43,600
6,326
14.5
77
89
252
220
32
403
362
77
285
49
12
37
373
333
79
254
48
15
33
362
321
89
232
37
15
22
5,720
5,705
73
73
2,160
43,482
6,214
14.3
79
85
156
130
26
320
279
73
206
40
14
26
6,301
6,297
6,396
6,383
75
75
6,530
6,143
46
46
2,163
43,469
6,316
14.5
74
124
131
108
23
37,883
139
255
214
54
160
61
15
46
224
190
63
127
46
13
33
163
153
142
135
6.030
6,030
2,159
43,488
6,291
14.5
68
134
181
157
24
39, 587
256
39, 577
424
397
376
55
321
53
12
41
2,160
43,543
6,226
14.3
76
133
212
183
5,558
1,632
3,926
166
155
47
108
33
13
20
5,638
5,350
19
19
2,849
2,365
36
36
2,156
43, 210
7,162
16.6
43
61
2,156
43,185
7,443
17.2
44
69
61
48
13
37,841
140
156
153
47
106
25
11
14
159
156
56
100
16
5
11
112
105
6,434
6,434
39
39
169, 780 169, 538
1,717
1,714
201, 970 211,121
11.9
12.5
5,825
4,867
2,052
1,746
3,121
3,773
119
109
35
74
48
22
26
95
86
35
51
30
7
23
67
62
901
795
30
30
108
23
23
388
388
11
11
260
10
0
0
(Railway Age)
New orders:
Freight cars.do
,114
3,903
1,490
1,195
528
1,625
1,350
109
Locomotives
do
5
39
14
22
8
13
1
17
Passenger cars
do
55
10
1
0
8
13
0
50
Preliminary.
' Revised.
f Revised series. Unfilled orders and shipments of locomotives (Bureau of the Census) revised beginning 1936; revisions not shown on p. 55 of the December 1937 Survey
will appear in a subsequent issue.
1 Automobile registrations in the state of Wisconsin have not been included since June 1937.
56
SURVEY OF CURRENT BUSINESS
Monthly statistics through December 1935, together with explanatory notes and references
to the sources of the data may be found in the
1936 Supplement to the Survey.
1938
May
July 1938
1937
May
JuDe
July
1938
DecemAugust SeptemOctober November
ber
ber
January
February
March
April
TRANSPO RTATION EQUIPMENT—Continued
I
RAILWAY EQUIPMENT-Continued
(U. S. Bureau of Foreign and Domestic Commerce)
Exports of locomotives, totalf
number.
Electricf
do...
Steam
do__.
INDUSTRIAL ELECTRIC TRUCKS
AND TRACTORS
Shipments, total
numberDomestic
_
do
Exports
do—
SHIPBUILDING
United States:
Vessels under construction, all types
thous. gross tons__.
Steam and motor
do._.
Unrigged
do...
Vessels launched, all types
gross tons..
Powered:
Steam
_
_do.._
Motor
do
Unrigged
__
do...
Steel
do...
Vessels officially numbered, all types
gross tons.
Steel
do
World (quarterly):
Launched:
Number
..ships.
Tonnage
thous. gross tons..
Under construction:
Number^
.ships..
Tonnage. thous. gross tons..
162
158
4
153
149
4
164
158
173
164
423
379
44
22, 232
380
276
103
11, 375
366
266
99
15,124
319
280
39
13,950
313
273
39
12,984
19, 050
700
2,482
22, 232
725
0
10, 650
11,375
0
10,256
4,868
15,014
7,550
114
6,286
13,836
17,308
6,786
54,693
20,798
23,738
14, 306
116
113
3
180
163
17
138
129
161
138
23
110
89
21
316
273
43
' 15, 663
294
250
45
43,546
263
218
45
43,503
216
173
43
41,305
368
319
48
25, 214
368
316
52
11,190
384
320
63
10, 357
0
8,309
4,675
12,875
7,033
312
'8,318
r
15, 351
39,302
350
3,894
43, 546
37, 338
3,900
2,136
43,503
19,348
11,146
10,811
40, 355
23, 235
0
1,979
25, 214
3,000
500
7,690
11,190
7,654
0
2,7G3
10, 357
7,679
3,269
24, 275
18,889
38.120
31, 732
44,081
23,109
29, 725
21,491
36, 632
33, 530
41, 248
31,793
29, 926
24, 798
115
74
41
720
291
676
774
235
626
815
2,883
788
2,902
763
2,900
827
2,895
CANADIAN STATISTICS
Physical volume of business:
Combined index
1926=100..
126.0
126 5
127.4
121.4
127.9
110.7
122.0
123.4
123.8
111.8
106.7
108.8
Industrial production:
Combined index
do
112.5
126.1
130.6
130.9
127.5
127.2
132.6
133.5
125.2
107.4
113.5
110.2
Construction^
do
49.3
' 55. 8
'63.3
'48.4
' 55 6 '53.7
'52.6
'47.9
'63.7
'36 5
'53.4
'48.5
232.3
Electric power
do
210.2
233.7
226.9
239.8
231.1
224.3
230.2
231.8 ' 219. 7
215.9 ' 222. 5
122 3
Manufacturing
do
104.7
127.2
122.9
121.4
133.6
132.4
120.5
101.3
125 1
101.8
108.6
133 6
Forestry
do
91.9
139.2
153. 3
136.7
133.8
127.5
135.1
111.3
103.2
142.5
109.7
191.4
Mining
do
199.4
215.3
203.8
212.3
186.9
207.9
183.8
188.8
195.7
201.3
179.1
Distribution:
Combined index
do
105.5
113.0
113.6
112.3
111.8
104.5
110.4
112.5
112.2
110.5
106.7
104.7
Carloadings
do
85.1
85.8
77.0
79.5
75.0
71.8
78.5
84.4
77.2
78.9
75.0
82.7
Exports (volume)
_
do_...
103.9
96.7
102.7
80.4
8G. 4
108.1
81.9
91.8
80.3
121.3
108.0
115.6
101.6
Imports (volume)..
do
110.8
108.4
79.6
81.7
97.5
90.3
84.8
79.1
99.6
90.8
97.9
132.9
135.1
132.4
Trade employment
do
132.8
134.1
130.6
130.4
133.5
133.8
130.9
132.8
131.8
Agricultural marketings:
57.2
Combined index
do
41.1
55.3
35.5
53.1
86.1
37.6
25.7
29.7
29.3
57.6
45.7
Grain...
do_._.
34.0
49.3
79.3
54.8
26.2
14.0
17.4
43.4
29.8
12.7
26.6
46.7
Livestock
do
116.4
92.6
77.8
121.1
93.0
77.1
84.5
103.6
131.0
72.7
81.5
72.5
Commodity prices:
84.2
84 2
84.2
84.1
83.9
Cost of living
do...
83.1
84.3
82.9
82.9
84.2
83.6
83.7
r
Wholesale prices
do...
80.3
85.0
83.1
84.6
83.6
83.1
85.6
83.8
84.7
82.7
85.2
87.5
Employment (first of month):
107.4
123.2
125.2
121.6
110.4
Combined index
..do...
113.4
114.3
119.1
107. 8
125.7
106.3
120.0
88.2
144.5
131.7
104.2
71.6
81.9
Construction and maintenance
do...
105.2
128.5
71.4
144.3
71 4
139.8
110.6
121.2
119.0
116.3
110.3
108.6
117.9
119.0
110.5
Manufacturing
do...
121.7
113.8
118.1
149.7
159.1
161.1
162.3
154.3
155.2
151.9
153.6
153.9
163.9
Mining
do...
147.4
153.7
131.9
146. 6
131.0
130.6
132.5
128.4
129.0
137.5
127.1
135.4
125. 2
Service
do_.
141.7
131.3
130.9
137.0
139.6
141.7
131 5
133.4
127.9
128.0
133.4
128.4
132.2
Trade
do...
83.9
89.7
87.2
84.1
82.0
86.7
89.4
79.0
90.4
79.6
85.1
89.1
Transportation.
_
do...
Finance:
Banking:
2,926
2, 462
2,734
3,081
2,176
2,892
2,721
2,906
2,445
2, 769
2,613
Bank debits
..mills, of dol.
2,371
712
69.3
73.1
65.3
71.8
72.9
72.7
74 5
73.1
72.2
69.7
Interest rates
1926=100
68.5
Commercial failures
number
Life insurance sales, new paid for ordinary!
38,312
30, 342
36, 908
27, 514 33, 762
30, 606
31, 204 32, 796
31. 858 37, 658 32, 364 28, 274
thous. of dol.
Security issues and prices:
210,457 1.^.571 106,033 109, 763 50,744
84,429 159, 323
73,511
54, 273 51, 861 196, 694
58, 128
New bond issues, total
do_
3.48
3.13
3.44
3.50
3.41
3.32
3 57
3.49
3.34
3.28
3.50
3.46
Bond yields, Ontario Government percent
103.1
118.9
99.7
132.2
129.4
105.8
103.7
107.7
107.1
99. 2
133.0
135.2
Common stock prices
1926=100
Foreign trade:
72, 791 105, 604 115, 298 100,142 103. 339
78,486
72, 234
60, 981 75,112
95, 216 103. 684 107, 818
Exports, total
thous. of dol
67, 123
80, 641
53,125
46, 952 65, 056
49, 720
76, 707 75, 669 71, 996 69, 966
70, 240 82,113
Imports
do...
Exports:
14,542
6,636
2,839
7,194
3, 371
10.055
3, 487
8,027
12,180
8,603 . 6,545 | 5.903
Wheat
thous of bu.
338
?96
302
390
335 I
349
Wheat
flour..
thous of bbl
406
297
336
272
289 | '307
Railways:
204
180
190
235
214
260
187
219
262
200
Carloading
thous. of cars.
209
231
Financial results:
34.781
30, 585
23,316
28, 969
24, 362
25, 925
Operating revenues
thous. of doL.
29, 257 2S. 253 29, 405 29,211 I 32,882
24.059
23,514 d24,211 d23,442
Operating expenses
do
26,381
26,938
26, 546 26.063
25, 165
25. 199 25,649
d
7,577
5, 390
Operating income..
do...
4,007
1,019
1,811
1,092 5,199
1, 305
374
2,901 ! 1,466
Operating results:
r
r
2,544
Freight carried 1 mile.
mills of tons..
1,832 ' 2, 233
2, 360
2, 739 ' 3.149
2,218
2,023
1,976 r 2, 235 |
2.104
142
212
119
187
149
137
Passengers carried 1 mile... mills of pass
144
165
148 ;
205
178
Production:
Electrical energy, central stations:
2,365
2,415
2.301
2,188 | 2,198 J 2, 204
2,458
2,058
mills, of kw hr.
2,255
2,280
2,258 !
2,082
81
80 i
75 i
76
81
81
78
75
61
Pig iron ._.
thous. of long tons.
78
66 :
HI
98
112
123 !
127 i 115
115
99
121
Steel ingots and castings
do
119
119 i
115
1.011
1.449
921
1.087 ! 1.043 1.438
1.489
900
1.001
Wheat
flour
thous. of bbl
999 i
978
d
' Revised.
Deficit
t Revised series. For revised data for period 1930-37 on new paid for ''Ordinary Life Insurance Sales" in Canada, see table 37, p. 19, of the September 1937 Survey. T h e
Canadian construction index for 1937 has been further revised since publication of the June issue. Data for 1937 not shown above are as follows: January, 37.4; February, 45.1;
March, 82.1; April, 84.8. Electric locomotives revised to include mining and industrial. Revisions beginning with January 1921 will be shown in a subsequent issue.
CLASSIFICATION, BY S E C T I O N S
Monthly business statistics:
Page
Eusiness indexes
22
Commodity prices
23
Construction and real estate
24
Domestic trade
26
Employment conditions and wages __ 27
Finance
31
Foreign trade
37
T r a n s p o r t a t i o n a n d communications
37
Statistics on individual industries:
Chemicals and allied products
39
Electric power and gas
41
Foodstuffs and tobacco
41
Fuels and byproducts
45
Leather and products
46
Lumber and manufactures
47
Metals and manufactures:
Iron and steel
48
Machinery and apparatus
49
Nonferrou3 metals and products
_ - 50
Paper and printing
,
51
Rubber and products
52
Stone, clay, and glass products
53
Textile products
53
Transportation equipment
55
Canadian statistics
56
CLASSIFICATION, BY
SERIES
INDIVIDUAL
Page
Abrasive paper and cloth
52
Acceptances
31, 32
Accessories — automobile
55
Advertising
26
Agricultural products, cash income received
from marketings of
23
Agricultural wages, loans
31
Air-conditioning equipment
49
Air mail
26
Airplanes
38, 55
Alcohol, denatured, ethyl, methanol
39
Aluminum
50
Animal fats, greases
39
Anthracite industry
22, 29, 30, 45
Apparel, w e a r i n g - . .
23, 28,30,53
Asphalt
46
Automobiles
22, 26, 28,30,55
Babbitt metal
50
Barley
42
Bathroom accessories
53
Beef and veal
43
Beverages, fermented malt liquors and distilled spirits
_
__ 41
Bituminous coal
_
__
-_ 22, 29,45
Boilers
49
Bonds, prices, sales, value, yields
35, 36
Book publication
52
Boxes, paper
52
Brass
_
----__ 51
Brick
53
Brokers' loans
32
Bronze
51
Building contracts awarded
24
Building costs
._ _.
25
Building materials
24, 47
Business failures
32, 33
Butter
41
Canadian statistics
56
Candy
44
Canal traffic
38
Capital issues
35
Carloadings
38
Cattle and calves
43
Cellulose plastic products
40
Cement
22,28,30,53
Chain-store sales
26
Cheese
41
Cigars and cigarettes
44
Civil-service employees
29
Clay products
28,30, 53
Clothing
23,24, 28,30,53
Coal
22, 29,30,45
Cocoa
44
Coffee
23, 24,44
Coke
.
45
Collections, department stores
27
Commercial paper
31, 32
Construction:
Contracts awarded, indexes
24
Costs
25
Highways
25
Wage rates
31
Copper
.
50
Copra and coconut oil
, _ _.
40
Cost-of-living index
23
Cotton, raw and manufactures
23, 24, 53, 54
Cottonseed, cake and meal, oil
__ _ 40
Crops
23,42,43,53
Page
Dairy products
__.
23, 41, 42
Debits, bank
32
Debt, United States Government
34
Delaware employment, pay rolls
29,30
Department-store saiea and stocks
27
Deposits, bank
_ 32
Disputes, industrial..._„
29
Dividend payments
36
Earnings, factory.
31
Eggs
23,44
Electrical equipment
...
50
Electric power, production, sales, revenues
41
Electric, street railways
37
Employment:
Cities and States
.
28, 29
Nonmanufacturing29
Emigration
38
Enameled ware
. . . 48
Engineering construction
24
Exchange rates, foreign
33
Expenditures, United States Government
34
Explosives
.
39
Exports
37
Factory employment, pay rolls
27, 28, 29, 30
Fan-child's retail price index
23
Fares, street railways
37
F a r m employees
29
Farm prices, index.
_
__
23
Federal Government, finances
.
34
Federal-aid highways
25, 29
Federal Reserve banks, condition of
32
Federal Reserve reporting member bank
statistics
„
32
Fertilizers
._
.
,
39
Fire-extinguishing equipment_ _.
55
Fire losses
.
,
25
Fish oils and fish
.
„___,..,__ 39,44
Flaxseed
40
Flooring, oak, maple, beech, and birch _ . .
47
Flour, wheat
..__.
43
Food products
23, 28,30,41
Footwear
46, 52
Foreclosures, real estate
.
25
Foundry equipment
. 49
Freight cars (equipment)
55
Freight carloadings, cars, indexes.
38
Freight-car surplus
.
38
Fruits
„_„.
_
22,23,42
Fuel equipment
__.
49
Fuels
.
45,46
Furniture
47
Gas, customers, sales, revenues
41
Gas and fuel oils
45
Gasoline
45, 46
Gelatin, edible
..__
_.
_ . 44
General Motors sales
55
Glass and glassware
22, 28, 30, 53
Gloves and mittens
._
46
Gold
„_
33
Goods in warehouses
26
Grains
„
...
23, 24, 35,42,43
Gypsum
53
Hides and skins
24, 46
H g
o
s
4
4g
3
Home loan banks, loans outstanding
25
Home Owners' Loan Corporation
25
Hosiery
53
Hotels.___.
„
29,30,38
Housing
, _ _..
23
Illinois, employees, factory earnings
29, 30, 31
Imports
.
37
Income-tax receipts
.
34
Income payments_„
22
Incorporations, business
26
Industrial production, indexes.
22
Installment sales, Mew England
,_
27
Insurance, life
_.
33
Interest rate3
32
Iron, ore; crude; manufactures
22,48
Kerosene
,_„_
46
Labor turn-over, disputes
.
29
Lamb and mutton
.
43
Lard
43
Lead
.
„
22, 50
Leather
22, 24, 28, 30, 46
Leather, artificial
54
Linseed oil, cake, and meal
40
Livestock
. 22, 23, 43
Loam, agricultural, brokers', real estate
31, 32
Locomotives
,
55, 56
Looms, woolen, activity
,__
54
Lubricants _.
46
Lumber
_ 24, 27, 28, 47
Lumber yard, sales, stocks
47
Machine activity, cotton, wool
.
54
Machine tools, orders
49
Machinery
27, 28,30,49, 50
Magazine advertising
26
Manufacturing indexes
22
Marketings, agricultural
22
Maryland, employment, pay rolls
29, 30
Massachusetts, employment, pay rolls
29, 30
Meats
_
22,43
Metals
24, 27, 30
Methanol
39
Mexico: Silver production
34
Milk
42
Minerals...
22, 29,30,45, 50
Money in circulation
33
Page
Naval stores
39
Netherlands, exchange rates
"
33
New Jersey, employment, pay rolls
29, 30
Newsprint
52
New York, employment, pay " r o l l s " canal
traffic
29,30,38
New York Stock Exchange
_ 35,36
Oats
42
Ohio, employment
29
Ohio River traffic
I__II
38
Oils and fats
39, 40
Oleomargarine
~~~
40
Paints
~
~ 4Q
Paper and pulp
23,~24,~28730,"51, 52
Passenger-car sales index
26
Passengers, s treet railways; Pullman
I _ 11 3S
Passports issued
3s
Payrolls:
Factory
_ 29, 30
Factory, by cities and States
30
Nonmanufacturing industries
30
Pennsylvania, employment, pay rolls
29, 30
Petroleum and products
22, 24, 28, 29, 30, 45, 46
Pig Iron
48
Pork
IIIIIIIIZIIIII 43
Postal business
26
Postal savings
Z-Sil 32
Poultry-„_
111111111*23,44
Prices:
Retail indexes
23
World, foodstuffs and raw material
1^1 24
Printing
28,30, 52
Profits, corporation
34
Public utilities
29, 30, 36
Pullman Co
~2
38
Pumps
"^ 49
Purchasing power of the dollar
„
24
Radiators
48
Radio, advertising
26
Railways; operations, equipment, financial
statistics
38, 55, 56
Railways, street
,__
37
Ranges, electric
50
Rayon
54
Reconstruction Finance Corporation, loans
outstanding
34
Refrigerators, electric, household
50
Registrations, automobiles
,
55
Rents (housing), index
23
Retail trade:
Automobiles, new, passenger
26
Chain stores:
5-and-10 (variety)
26,27
Grocery
„__ 26
Department stores
„
„ 27
Mail order
27
Rural general merchandise
„
27
Roofing
40
Rice
42
Rubber, crude; scrap; clothing; footwear;
tires
22, 23, 24, 28,30, 52
Sanitary ware
48
Savings deposits
32
Sheep and lambs
43
Shipbuilding
28, 30, 5,6
Shoes
24,28,30,46
Silk
23, 24, 54
Silver
22, 34
Skins
46
Slaughtering and meat packing
22
Spindle activity, cotton
54
Steel, crude; manufactures
22,48,49
Stockholders
„
.
36
Stock indexes, domestic and world
23
Stocks, department stores
27
Stocks, issues, prices, sales
36
Stone, clay, and glass products
28, 30, 53
Sugar
23,24,44
Sulphur
__._
_ 39
Sulphuric acid
39
Superphosphate
39
Tea
__ 23, 24,44
Telephones and telegraphs.
38
Terneplate
50
Terra cotta__.___.
53
Textiles, miscellaneous products
54
Tile, hollow building
53
Tin
.
23, 24, 50
Tobacco
22, 25, 28, 30, 44
Tools, machine
49
Trade unions, employment
29
Travel
38
Trucks and tractors, industrial electric
56
United States Government bonds
„__ 35
United States Steel Corporation
31, 36, 49
Utilities
29, 30, 34, 35, 36, 41, 55
Vacuum cleaners
50
Variety-store sales index
26
Vegetable oils
39, 40
Vegetables
.
23, 42
Wages
-._
31
Warehouses, space occupied_
_
26
Waterway traffic
38
Wholesale prices
23, 24
Wire cloth
51
Wisconsin, employment, pay rolls
29, 30, 31
Wood pulp
_
_
51
Wool.____
54
Zinc
_
_
_
22,50
American Direct Investments in
Foreign Countries: 1936
Billions of Do/iars
3
4
Total
i Canada $ Newfoundland
I
South America
Europe
West Indies
I
'.ntraf America $ Mexico
i
Asia
I
1 Austrat/a $ AkaJ Zea/and
i
i Africa
i
Undivided
I
.
E c o n o m i c Series No. 2
. . . .
1 0 C e n t s
CL C O p y
Direct investments of American corporations and businessmen in foreign enterprises and
properties at the end of 1936 totaled $6,691,000,000 as compared with $7,528,000,000 at the
end of 1929, a net decline of approximately 10 percent.
This report, the third of a series recently inaugurated by the Finance Division of the
Bureau of Foreign and Domestic Commerce, is based on an exhaustive survey by the
Division. In view of the intimate bearing which the study has on the international commercial
and financial position of the United States it should be both of timely interest and permanent
value.
The original study in this series was ^Insurance Transactions in the Balance of International Payments of the United States, 1919-35" (Trade Information Bulletin No. 834: Price 5
cents). The second report was "Foreign Investments in the United States." (Price 15 cents.)
Market Research Sources
Domestic Commerce Series No. 55 {1938 Edition)
. . 3 0 C e n t s d COpy
This edition of Market Research Sources brings up to date the record of marketing research
in the United States. Because of the growing appreciation of the importance of accurate
knowledge in the evaluation of markets, great progress has been made by the organizations
and individuals engaged in such research during the 2-year interval since the publication of
the 1936 Edition. This handbook serves the dual purpose of a source book for those interested
in marketing research and a check upon work which has been done or is being currently
conducted, thus obviating duplication of effort.
Copies of the above publications may be obtained, at the prices stated, from the Superintendent of Documents,
Government Printing Office, Washington, D. C, or from any District Office of the Bureau of Foreign and Domestic
Commerce. Remittance should be by check or money order, payable to the Superintendent of Documents,
@FedFRASER