Full text of Survey of Current Business : July 1940

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

JULY 1940

SURVEY
OF

CURRENT

SINESS

UNITED STATES
DEPARTMENT OF COMMERCE
BUREAU OF FOREIGN AND DOMESTIC COMMERCE




VOLUME

20

NUMBER

7




UNITED STATES DEPARTMENT OF COMMERCE
HARRY L. HOPKINS,

Secretary

BUREAU OF FOREIGN AND DOMESTIC COMMERCE
JAMES W. YOUNG, Director

SURVEY OF
CURRENT BUSINESS
A publication of the

DIVISION OF BUSINESS REVIEW
M. JOSEPH MEEHAN, Chief
MILTON GILBERT, Editor

Volume 20

Number 7

JULY 1940

CONTENTS
Page
3
3
4
6
6

The business situation
New orders generally rising
Industrial production up sharply
Another inventory boom
The situation in textiles
SPECIAL ARTICLE
Bad-Debt Loss Survey, 1939, Wholesalers and Manufacturers

8

CHARTS
Figure 1.—Monthlyjbusiness indicators, 1936-40
Figure 2.—Indexes of Steel Ingot Production (With Adjustment for
Seasonal Variation) 1936-40
Figure 3.—Indexes of the Value of Construction Contracts Awarded
in 37 States (With Adjustment for Seasonal Variation) 1936-40
Figure 4.—Indexes of Cotton and Wool Consumption (Without
Adjustment for Seasonal Variation) 1936-40
Figure 5.—-Indexes of Rayon and Silk Consumption (Without Adjustment for Seasonal Variation) 1936-40

2
4
5
7
7

CHARTS—Continued
Page
Figure 6.—Bad-Debt Loss Percentages of Wholesalers by Sales Size
Groups
Figure 7.—Bad-Debt Loss Percentages of Manufacturers by Sales Size
Groups
Figure 8.—Bad-Debt Loss Percentages of Wholesalers by Average
Credit Sales per Account
Figure 9.—Bad-Debt Loss Percentages of Manufacturers by Average
Credit Sales per Account
Figure 10.-—Age Analysis of Accounts Written Off by Wholesalers
and Manufacturers, 1939 and 1938
Figure 11.—Range of 1939 Bad-Debt Losses of Wholesalers, Grouped
According to Credit Terms
Figure 12.™Range of 1939 Bad-Debt Losses of Manufacturers
Grouped According to Credit Terms
Figure 13.—Bad-Debt Loss Percentages of Wholesalers, Classified
According to Credit-Term Factors
Figure 14.—Bad-Debt Loss Percentages of Manufacturers, Classified
According to Credit-Term Factors
Monthly Business Statistics
General Index

Superintendent of Documents, Washington, D. C.
1




12
13
13
15
16
16
17
17

27
Inside back cover

Subscription price o the monthly and weekly issues of the SURVEY OF CURRENT BUSINESS $2 a year. Single-copy price: Monthly, 15 cents; weekly, 5 cents.
f
Foreign subscriptions, 33.50. Price of the 1938 Supplement is 40 cents. Make remittances only to
241617—40

12

1

SURVEY OF CURRENT BUSINESS

JULY 1940

Monthly Business Indicators, 1936-40
INCOME P A Y M E N T S *

INDUSTRIAL

100

140
120
100

Ai

y

i

\

80

70

PRODUCTION*

(VOLUME, 1923 - 25 = 1
DO)

J

60
1936

1937

1938

1939 1940

1936

CASH INCOME FROM FARM MARKETINGS *
100

1937
FREIGHT

120

(1924-29 = 100)

90

\
i
, .. , , ! , , , , , j , ,,,. j ,,,, ,

( 1 9 2 3 - 25 =

1938

1939 1940

CAR LOADINGS

too)

100
A

80

V

A
l\

70

\

60

L
A
VV

M
M i l l 1 1 M 1 11 1 1 1 1 1 1 ILL 1 1 III 1 M i
1

1936

1937

1938

11

80

/v

V

60

\j

v/

1 II M 1 ] 1 1 ] 1

40
1936

1939 1940
111 Li i-i-i

1938

1939

DEPARTMENT STORE

FACTORY EMPLOYMENT AND PAYROLLS
140

1937

! 10

(1923- 25 = 100)

120

1940

SALES

( 1 9 2 3 - 25 = 100)

100
[FACTORY
EMPLOYMENT
(ADJUSTED)

V

90

100

80

80
FACTORY PAYROLLS
(UNADJUSTED)

70

60
1936

1937

1938

1939

160

( 1 9 2 6 = 100)

•

^

^

^

V

120

^-^1

1939

194-0

(1926 = 100)

fV
\

100

70
60

1938

140

90
80

1937

PRICES OF 350 INDUSTRIAL STOCKS

WHOLESALE PRICES
100

1
1 I I I 1 1 1 M 1 1 I I ! ! ! I I I I 1 ! 1 1 1 1 I ! ! !! ' 1 1 I I I I 1 11 I I 1 i M I I
M
1

1936

1940

11 1 1
1M
1
1 , 1pIn m 11)11 1 1 I I 1 1 1 1 II 1 11 1II 1 1 1 1 1 M 1 1 1 II II

80

_

1936



1937

1938

1939

i

1936

1940

ADJUSTED FOR SEASONAL VARIATIONS

Figure 1

V

1

1 1 ! 1 1 I II 1 1 1

1 1 M I i

1937

1 ! ! ! ! 1 1 I 1 1 1

1 1 II 1 M I ! 1

I I ! ! !

1938

1939

1940
DO. 40-

SURVEY OF CURRENT BUSINESS

JULY 1940

The Business Situation
JUNE the
business recovery
INmonth earlier hesitantover a broader areainitiated a
spread
and gave
signs of growing strength. Unfavorable aspects of the
May business situation, which arose with the implications of the fateful events in Europe, were to a large
degree dispersed. Business purchasing appeared on a
wider front and consumer buying improved. The stock
market regained part of the heavy losses recorded in
May and showed some strength to withstand the continued shocks that came from abroad. Commodity
prices, too, took on a firmer tone, although the uncertainties of the international situation have prevented
any marked or consistent rise. With many farm prices
still low, however, and with the export area available
to our goods considerably shrunk by recent events, it
cannot be said that domestic business was as yet wholly
secure against European developments over the near
term. But it was evident that the eventual repercussions of the vast national defense program upon industrial production and investment were being reflected in
the revised expectations of business men.
New Orders Generally Rising.

The increase in business purchasing which underlies
the current increase in activity actually got under way
in May. Following a rise of new orders in April which
brought shipments and new business of manufacturers
into an approximate balance, there was an increase in
the business received in May of about 10 percent. The
Department of Commerce monthly industry survey
showrs that the buying movement in that month was
restricted largely to the durable-goods industries, and
that even within this segment the large gains were confined to steel and nonferrous metals. In the lighter
industries, the buying trend wras mixed and nowhere
showed a vigorous rise; new orders in nondurables rose
only about 2l/2 percent, in contrast with the rise in
durables of 19 percent.
Preliminary reports indicate that the buying movement was considerably broadened in June. Steel
ordering continued in expanded volume; in both May
and June there w^as apparently a rise in export orders,
though not of such magnitude as to dominate the current situation. New steel business ran well ahead of
production in May, even though output was up sharply,
and this gain in backlogs continued into June. After the
large rise in May, new orders in the nonferrous-metals
industries expanded further in June. Total orders
received by railroad-equipment firms, which had fallen
off in Ma}r despite the increase in orders for freight cars,
were again on the upgrade, as all indications pointed to
a continued rise in freight traffic. New commitments
on most types of machinery were also reported to be in
good volume, and sufficient to sustain the favorable




trend of production in these industries. In May, orders
for most types of industrial machinery and equipment
rose above the already high volumes, though the
increases were moderate in amount. Lumber was one
of the few durable-goods industries in which a decline
in orders was indicated for June.
In contrast with the May pattern, purchasing spread
to the nondurable-goods industries in June. In the
previous month the only major placement of orders in
this segment of industry was in the paper field. Orders
in June did not hold at the exceptionally high May level,
but they were still running about equal with production and affording a bright outlook for the industry.
Pulp orders, since the virtual stoppage of Scandinavian
exports to this country, have been unusually large. In
the textile field generally, buying became more active
last month. Textile orders had fallen off somewhat in
May. Interest in apparel goods for the fall season
was considerably more active in June following the
marked drop, partly seasonal in character, in new business placed a month earlier.
As a result of this rather general revival in purchasing,
unfilled orders of manufacturers have been increased.
Backlogs in those industries where such data are significant, largely durable goods, rose by about 3 percent
in May—a significant percentage rise for this series,
as orders on hand are always so much larger than the
new orders received in any one month. The decline
in unfilled order totals experienced from November to
March had ended in April, when shipments and new
business came into balance. Preliminary indications
are that the June rise in backlogs was also of substantial
proportions.
Commodity Prices Firmer.

The current revival does not have the feverish
character of the buying wave let loose last September
by the outbreak of war in Europe. For that reason
alone the expansion gives promise of developing more
soundly than the situation of last fall. In marked contrast with the previous business rise, when commodity
prices made record jumps for a 2- or 3- week period,
sensitive prices in June were relatively stable. Commodity markets had developed resistance by the beginning of June to halt the drastic price reductions of a
month earlier, but on the average prices did not move
into higher ground during the month. The Bureau of
Labor Statistics index of 28 sensitive commodities stood
at 110.0 (August 1939=100) on May 31, after a decline
of 7.5 points from May 10, and at 110.1 on June 28.
Prices of many raw industrial commodities moved
up during the first 3 weeks of June, though all the gain
was not held during the final days of the month. The
composite steel-scrap price was above $19 on June 29,

SURVEY OF CURRENT BUSINESS
as against the quotation of $18.38 on June 1 and $16
a month earlier, though down from $19.75 on June 22.
Non-ferrous metal prices were firm for the month as a
whole, though copper and tin receded at the month-end.
Other raw industrial commodities, such as rubber, cotZOO

1923-

1

2 5 = 100

JULY 1940

ward from 116 on June 11—the prevailing level for
3 weeks—to above 121 on June 12. For the remainder
of the month the average fluctuated within a narrow
range, closing at slightly under 122.
Industrial Production Up Sharply.

I

Under the stimulus of increased purchasing, industrial production has made substantial gains in the past
1
/
2 months. Following the decline in the Reserve Board's
index from 128 in December to 102 in April, output
J
\\ i
A
100
V
of industry averaged 105 in May and by the end of that
j
month the index was running at about 109. Produc50
tion was pushed further ahead in Jane to carry the
index close to 115 for the month.
1
0 l 1 I i l Lj I 1 1 1
The prime mover in the earlier month was the steel
S938
1939
1936
1940
1937
industry. Ingot production, which had fallen almost
Figure 2.—Indexes of Steel-Ingot Production (With Adjustment for
week by week from 92 percent of capacity in December,
Seasonal Variation), 1936-40.
rose from 61.8 percent during the week of May 4 to
ton, wool, and silk, moved upward until late in June. 76.9 percent by the month end. During June there was
While grains declined throughout the month, spot a further rise to 87.7 percent for the week ending the
market prices of steers, hogs, lard, and butter advanced 22d. The 8-week advance in the ingot rate was halted
in the final week of June, when output declined a little
consistently.
Stock prices firmed after the drastic liquidation in more than a point. This temporary break was asMay. The Dow-Jones industrial average moved up- cribed to suspension of work on French orders.
150

n
# 1

r w\\
\\ r
r~J—

I I 1 1 1 i 1 i 1 111 ! I 1 I ! I i 1 ! 1 • 1 ! 1 1 1 ] JJ,

y j

MONTHLY BUSINESS INDEXES
Monthly income
payments, adjusted i

«8

.£
"*
*

%
m

jrici lltl

s

1

Year and month

03

Sal

a

88

©

Monthly average,
1929 = 100

1929: M a y
1932: M a y
1933: M a y
1937: M a y
1938: M a y
1939:
May
June
July
August
September
October
November
December
1940:
January
Februarj^
March
April
May
Monthly average,
through May:
1929
1932
1933
1937
1938
1939
1940

Factory em-j
ployment
Cash farm
and
i income 2
pay rolls j

Freight-car Retail sales, Foreign
trade,
loadings, value, advalue,
adjusted
justed i
adjusted ]

Industrial
production,
adjusted l

1
>
»

II

_©

ft"*

tens

is

' © |

«* G

S3

1

o

3

j Monthly average, 1923|
25 = 100

Monthly average, 192429 = 100

109 146.0
37.0
72
42.5
93 104.0
57.0

108
37
32
81
72

121
34
32
86
45

121
26
16
56
51

134. 3
63.4
58.3
97.8
81.2

94.7
64.4
62.7
87.4
78.1

98
104
106
91
114
121
124
120

62
67
69
70

61
61
62
62
63
62
63
62

79.0
79.0
SO. 5
76.5
83.5
93.7
102.8
108.5

70
70
69
72
72
72

61
58
57
57
59
65
73
77

63
63
67
73
73
76
83
86

90.0
94.7
89.6
88.7
93.9
96.5
94.5
113.5

76.2
75.6
75.4
75.0
79.1
79.4
79.2
79.2

125
120
121
123

78
73 |
69
70 I

62
61
60
59
60

122.5
136.0
110. 5
111.0
103.5

95
100
92

74
62
60
61
64

75
63
62
64
65

101.3
87.9
99.0
97.6
99.7

79.4
78.7
78.4
78.6
78.4

161.7
42.8
38.8
121. 6
67.3
92.4
121.4

117
39
29
67
72
62
90

120
40
29
86
51
57
67

121
27
17
58
50
71
66

99.4
64.3
56.0
89.7
80.7

106.6
65.3
67.1
111.8
86.4

114. 3
46.
44.4
110.1
73.2

65.0
58.0

76.0
67.5

79
118 I 118 117
!
92
73
76

83.4
84.1
83.
85.4
86. 8
88.0
88.5
89.5

81.4
82.8
82.8
84.0
84.5
86.6
87.3
87.7

84.3
85.4
85. 5
86.7
87.0
88.8
89.5
89.9

93.3
94.3
95.3
95.9
97.5
101.2
103.4
104. 5

85.0
86.5
84.4
89.7
93.8
101.6
101.6
103.7

59.0
59.5
67.5
75. 5
93.0
107.0
90.0
79.0

70.5
63.5
63.0
66.5
73.5
76.5
76.5
79.0

92
98
101
103
111
121
124
128

91
97
100
105
111
121
124
130

89.5
88.4
87.1
86.7
87.0

87.2 89.8
86.0 j 88.8
88.4
85.6
87.7
85.1
88.5
85.7

103.9
102.1
100.4
99.2
99.2

69.0
60.5
60.0
62.5
68.5

79.0
84.0
76.0
81.5

119
109
104
102
105

118
108
101
98
103

123
59

80 I
82

I

January
98.9

65.2 I
54.
88.6
81.5
83.4
87.7

98.8
98.9
64.3
68. 0
52.6 ! 56.7

85.9 j 88.
78. 1 ' 82. 1
81.8 84.3
88. 6
85.9

104.9
68. 9
64.
109. 0
89.4
93.4
100.4

111.
51. 9
41.0
104. 1 j
75. 7 ;
85. 6
97,4

63.9
58.9

122
67
67
119
79
98
109

110
| 66
|
66
| 120
! 76
i
| 98
!
| 108

112
96
99
116

102
55
50
78
57
62
i 69

103
75
65
68
60
61
59

i Adjusted for seasonal variations; monthly averages, except income payments, are based on unadjusted indexes.
3 Average for 4 months, January, February, April, and May.




Monthly
average,
1926 = 100

105
73
67
69
60

99.1
60.0
51.9
87.8
77.2

122

Monthly average,
1923-25 = 100

107
52
55
80
58

99.0
61.5
55.0
89.3
79.9

98.3 .
97.8 I
98.2
96.3
08.4

192931 = 100 j

Monthly average, 1923-25 = 100

100
68
57
84
77
79
81
2

From farm marketings.

135.8
70.3
56.5
100.4
83.4
87.0
97.1

3

!
|
i

l

;
;

95.5
65.9
60.8
87.1
79.4
76.6

JULY 1940

SURVEY OF CURRENT BUSINESS

For most industries other than steel, however, more
appreciable gains were made in June than in the previous month, and some areas that were still showing
declines in May moved into the plus column in the following month. Preliminary information indicates that
pig iron and coke were instances of the former situation,
while tin consumption illustrated the latter. Production of pig iron was probably double that of a year ago.
In the mineral field, bituminous coal and crude petroleum output continued to ease off from the high production rate of the winter months which had been maintained into the late spring, but generally production
was on a rising trend.
The automotive industr}^ has reduced assemblies as
the model-year approaches its close. Output declined
more than seasonally in both May and June, though
this decline is not particularly significant after the high
production rate that prevailed during the spring
months. After falling from 102,000 cars a week in
April to 94,000 a month later, assemblies tapered off to
87,500 in the last week of June. Production in other
durable-goods lines, such as the machinery and equipment field, had in many cases experienced no decline
during the first quarter. Gain^ through May had been
negligible, but, with an added volume of orders flowing
in, a renewed rise was likely for June and subsequent
months. In the armament-producing industries an expansion was already under way, although the full impact
of the defense program was, of course, yet to come.
Activity at textile mills generally was moved up
during the month, in some instances ending the period
of declining production. The textile situation is discussed more fully below. Output of electric power,
which had come to the end of a 4-month decline in
May, recovered contraseasonally in June to about February levels.
The May rise in freight-car loadings was extended in
June to carry the weekly total above the year's previous
high. The seasonally adjusted index of loadings rose to
about 75 for June from 70 for April, and compared with
the December-January figure of 78. Virtually all categories of traffic have risen, cattle and grains being the
only significant exceptions, with ore shipments particularly high.

goods. During the first half of June this tendency
was still in evidence, as awards declined a little more
than seasonally though there was a further gain in
comparison with a year ago. F. H. A. new-construction mortgages selected for appraisal, which had been
at record levels, also fell off moderately after the third
week in May, with the decline continuing in the following month.
Commercial and industrial building has been on a
rising trend since late in 1939. For every month of
this year, contracts awarded have been above the yearago volume, and the gain has widened with the advance
of the building season. The volume of awards in May,
totaling 49 million dollars, were over 50 percent higher
than in May 1939, though even that volume was relatively small. More important is the fact that a check
upon the work now in progress at industrial designing
firms indicated that prospectsforexpansion in the industrial building field are very good. Interest in plant
(VALUE, 1923-25= IOO
3-MONTH MOVING AVERAGE)

1936

1937

1938

1939

(940

Figure 3.—Indexes of the Value of Construction Contracts Awarded in 37
States (With Adjustment for Seasonal Variation), 1936-40.

expansion has been active and the volume of work now
on drawing boards, but not yet under contract, is the
largest in many years.
Consumption Gained in June.

One of the major uncertainties which arose in the
prospects for business after the intensification of the
war in Europe on May 10, that concerning consumption
trends, was quickly dispersed in the following month.
As stock prices declined in May and the threat of deflation appeared with military developments abroad, consumer buying slackened in several key areas. AutoConstruction Activity Well Maintained.
mobile sales fell sharply during the middle period of
The construction industry continues to provide basic May, with the result that the month as a whole showed
support to the business structure. The pattern in the smallest gain over 1939 for the year to date. Sales
recent months has been the one made familiar during at department stores also fell off in the latter half of
the first quarter—public contracts awarded sharply the month, pulling the adjusted index down from 89
down from a year ago, offset to some extent by rising in April to 87.
private work. Private contracts in May and the early
Car sales during the first 10 days of June continued
part, of June, however, were up enough to raise total relatively unfavorable—about 12 percent under sales
awards above the volume of the comparable 1939 period. for the comparable period of May, and less than 20
Residential awards in May were the highest of any percent above those of a year earlier. In the middle
month since 1929, despite some slackening' toward June period, however, there was a decided pick-up of
the end of the month. Building was affected by the 13 percent over the early June results, i t appeared
hesitancy that was noticeable in other consumers' that the month's total sales would rim ahead of May




6

SURVEY OF CURRENT BUSINESS

sales and would cut into the very high stocks of cars in
the hands of dealers.
Department-store sales recovered with the first week
in June and for the month as a whole recorded the best
volumes for the year. The adjusted index rose to 93
in June, close to the 1939 peak of 96 made in December,
for an unusual 1-month gain. The recovery in June
was at first spotty, but later extended to all parts of
the country except the Dallas district.
Another Inventory Boom?

The current upswing in business, following so quickly
upon the spectacular rise of last fall, naturally raises the
question of whether another expansionary movement of
inventories is under way. June data are, of course, not
available as this is written, but May results are indicative of the situation. So far as manufacturers' holdings
are concerned, the spread of the war in May put an
abrupt end to the liquidation that was in progress.
April had seen a substantial reduction in stocks, but in
May, total holdings, excluding those of the automobile
industry (which were down sharply as the end of the
model-year approaches), increased slightly. Deflationary influences were not then at an end, however, as is
evidenced by the May decline in inventories of both
wholesale houses and department stores.
With a sizable increase in production, it is therefore
likely that total inventories will show some accumulation to be taking place. The substantial increase in
steel production, for example, is no doubt resulting in
some accumulation of stocks. Domestic consumption
plus exports has hardly risen as high as the recent rate
of steel production. Thus for June, as well as for the
months ahead, some increase in total inventory holdings
is entirely possible and even probable.
What should be recognized, however, is that the present situation differs in its essentials from that set off
by the September-October buying wave. Last fall,
expectations were changed by the possibility of increased exports which the outbreak of war created.
While the increase in exports was only a possibility,
production expanded to an extent that could not be
validated over the near term by any probable increase
in demand from abroad—or, in fact, by the increase
which later occurred.
In the present situation, apart from the fact that the
volume of new orders has increased much more moderately, the basic demand arising from the national
defense program is likely to require an expansion in the
volume of production even beyond present expectations.
Should there be moderate inventory accumulation
during the intermediate term, therefore, to meet requirements that will arise wiien full demands for defense
requirements reach the market, it should not be a
serious factor. Intermediate interruptions to the risingtrend of production should, therefore, be of less importance than was formerly the case, when a basic
demand factor comparable with that arising from the




JULY 1940

defense program was not in the picture. Such interruptions could come from a quick termination of the
European war or from readjustments of a technical
character. They are not likely to affect materially the
longer term trend.
Foreign Trade Volume Steady in May.

Uncertainty concerning intermediate business prospects is, of course, tied up with the catastrophic happenings abroad. All business forecasts will no doubt
contain a note of caution so long as the area open to
American exporters continues to shrink or the threat of
such shrinkage persists. One country after another
has been eliminated from our foreign trade area, and
still the end is not in sight. Losses of export areas
reflected in the statistics since March were offset to a
significant extent, leaving total trade still well above
the pre-war level. But finding offsets for the loss of
France (our fourth largest market) and for the Mediterranean area is another matter.
Exports of United States merchandise in May totaled
318 million dollars, compared with 317 million in April;
imports for consumption increased fractionally to 204
million. The Netherlands and Belgium were added to
the list of countries closed to American trade. Increased shipments to Italy, Finland, China, the Philippine Islands, Latin America, and the British Dominions
offset losses to the combat area as well as the marked
decline in exports to Russia, which fell from 6 million
dollars in April to 0.5 million in May.
The Situation in Textiles
Cotton.—At the end of 1939 the inventory and backlog positions of cotton textile mills were relatively
favorable; large stocks built up between mid-1937 and
mid-1938 had been worked off, and the total of unfilled
orders was greater than it had been for more than 2
years. But with the low level of new business through
April of this year, backlogs were reduced and mill stocks
once again began to accumulate. Paralleling the receding trend in general business activity prior to May the
Reserve Board's adjusted index of cotton consumption
was reduced month by month until in April it reached a
level 22 percent below that of last December. A spurt
in grey-goods buying early in April quickly petered out
and was insufficient to prevent a contraseasonal decline
in mill activity for the month as a whole. However,
productive activity held up so well throughout most of
May that the decline in daily average cotton consumption was less than the usual amount, resulting in a rise
in the adjusted index from 113 to 116.
In the first half of June, extensive buying reappeared,
though the high volume of new orders was not maintained in the second half of the month. On the strength
of these orders, mill operations were increased contraseasonally. There were some indications in the latter
part of the month, however, that output of print cloth,
sheetings, and other items might be curtailed in July,

JULY

1940

SURVEY OF CURRENT BUSINESS

from a total of 19.0 million pounds in March, imports of
apparel wool finer than 40's fell to 10.3 million pounds
in April and 8.2 million pounds in May. Despite this
decline, imports of 78.1 million pounds in the first 5
months of the year exceeded those for the corresponding
period of any recent year except 1937. A comparatively large volume of raw-wool imports is explained
chiefly by the smallness of the April 1 carry-over relative
to the level of domestic consumption, and also by a
feeling of uncertainty in the trade as to the outlook for
200
future supplies.
One effect of the war in Europe has been a marked,
though possibly temporary, shift in the source of the
bulk of the raw wool imported into this country.
United States buying of South American and South
African wool was unusually heavy in the period of
September 1939 through March 1940. Apparel-wool
imports from Argentina were almost three times as
large relative to total apparel-wool imports as they
had averaged in corresponding periods since 1935, and
1937
1938
1939
1940
1936
imports from South Africa were about six times as
Figure 4.—Indexes of Cotton and Wool Consumption (Without Adjustment
for Seasonal Variation), 1936-40.
large.
Silk and rayon.—Raw-silk consumption continued
time recently has there been demand sufficient to cause through May at an unusually low volume, despite the
a rapid or extended advance in mill operations.
fact that price declines have more than wiped out the
Wool.—A large group of mills report unfilled orders phenomenal advance of last fall. Silk consumption of
for certain types of cloth on April 1 to be 6.5 percent 114,413 bales in the first 5 months of the year was
less than on April 1, 1939, and about 39 percent below 31 percent less than in the same period last year. In
the high level attained at the beginning of last June, however, preliminary indications were that activOctober. During the 9-week period ending June 1, ity was once more on the upgrade. Nylon hose is still
new orders in excess of shipments were received by a relatively small factor in the market, but has undoubtthe same mills; hence, by June 1, backlogs had
increased considerably from April 1 levels, to the
200
equivalent of about 10 weeks' production at the
rate averaged so far this year. During June a substantial amount of new business was placed, including
Government orders for 14 million yards of uniform
cloths for delivery over the next 5 months. Trade
estimates as of about June 20 placed the volume of
unfilled orders for men's wear alone (inclusive of Army
orders) at 35 million yards. Finished and unfinished
stocks of men's wear were apparently somewhat higher
1936
1937
1938
1939
1940
on June 1 than on April 1, when they were greater
Figure 5.—Indexes of Rayon and Silk Consumption (Without Adjustment
than on October 1 last. Although buying of wool
for Seasonal Variation), 1936-40.
goods has not reached the proportions of the peak
period last fall, it has made measurable advances edly contributed to uncertainty and caution in the silkduring the past month and may be expected to continue hosiery field. Hosiery accounts for more than fouractive as commercial buyers place orders for fall fabrics. fifths of United States consumption of raw silk.
Rayon-mill activity is proceeding at a good rate;
The Reserve Board's adjusted index of wool consumption increased to 104 in May, after declining from 140 in rayon-yarn consumption of 153 million pounds in the
November to 80 in April. The rise continued in June, first 5 months of the year was 18 percent greater than
and for the next few months this trend is likely to prevail. in the same period a year earlier. Domestic stapleImports of apparel wool declined in April and May fiber production set a new record in the first quarter of
as the new domestic clip began to appear on the market; this year.

Cotton-mill activity since March has been substantially below that of the period from October through
February, but, in spite of this decline, sharper curtailments have frequently seemed imminent and were
postponed only when new buying* or inquiry encouraged
continued operations—and even, to some extent,
restocking. The statistical position of the industry as
a whole has been distinctly unsettled, a result, in part,
of war developments during April and May. At no




8

SURVEY OF CURRENT BUSINESS

JULY 1940

Bad-Debt Loss Survey, 1939
Wholesalers and Manufacturers
Prepared in the Credit Analysis Unit, Marketing Research Division *

SUMMARY
1. Compared with sales in 1938, net credit sales of
reporting wholesalers gained 9 percent in 1939, with
an 8.6 percent increase in total net sales. Reporting
manufacturers' net credit sales advanced 12.4 percent
in 1939, with total net sales moving up 11.4 percent
from 1938. Credit sales were about 90 percent of total
dollar volume in the samples of both wholesalers and
manufacturers.
2. Net losses of reporting wholesalers averaged 0.31
percent of net credit sales in 1939, a decrease from 0.33
percent in 1938. Manufacturers' average net losses
remained unchanged at 0.17 percent of net credit sales
in both years.
3. In dollar volume, gross losses of wholesalers advanced one-half of 1 percent in 1939, recoveries decreased 5.9 percent, with resulting dollar volume of
net losses 2 percent above those of 1938. Manufacturers' gross losses were up 7.2 percent in dollar volume
in 1939, recoveries were down 10.2 percent, and net loss
volume gained 10.8 percent from the 1938 volume.
4. The average wholesaler wrote off 2.79 percent of

SCOPE OF THE 1939 SURVEY

The 1939 annual Bad-Debt Loss Survey is based on
voluntary reports submitted by 2,283 wholesalers,
representing 26 major kind-of-business groups, and
1,493 manufacturing firms, covering 14 classified industrial groups. Compared with the first annual BadDebt Loss Survey made a year ago, the number of reporting wholesalers decreased 5 percent and of manufacturers 6 percent. In this study covering operations
in 1938 and 1939, total net sales of the wholesale firms
for 1938 were 10 percent lower than the dollar volume
reported in the previous study for that year, at which
point the two studies overlap with reference to basic
figures. The reported volume of manufacturers' total
sales was virtually the same for 1938 in both the first
survey and the present report. The 1939 survey differs
from the first of this series of studies, which presented
comparative results for 1937-38, primarily in refinements
of basic data for computation of bad-debt losses and in
the extent of supplementary materials provided for additional analysis.
A fundamental change in the schedule forms mailed
to wholesalers and manufacturers for the 1939 study
was the request for separate figures on gross losses for
1938 and 1939, as well as the dollar amounts of recov1
The collection, computation, and assembly of data for the J93& Bad-Debt Loss
Survey were carried through by Arnold L. Skinner, William N. Lawrence and
Guerry R. Smith, under the supervision of Malcolm I . Merriam, Chief of the Credit
Analysis Unit. The National Association of Credit Men, at whose request this
annual report was initiated in 1938, aided in outlining the project and in securing the
cooperation of its members.




the total number of accounts receivable on his books
in 1939, a decrease from 2.89 percent in 1938. The proportion for manufacturers decreased from 2.13 percent
to 2.04 percent during the same period.
5. An age analysis of accounts written off indicates
that in both 1938 and in 1939 less than 50 percent of
wholesalers' accounts written off arose from sales of
the current year. For manufacturers, not more than
35 percent of the write-off was allocated to sales of the
respective years. These facts provide the basis for a
fundamental criticism of present methods of loss-ratio
computation.
6. Analysis of wholesalers' and manufacturers'
credit terms in relation to magnitude of bad-debt
losses gives evidence that the liberality of credit terms
is a factor in higher losses. Credit management,
however, is an important element in controlling losses,
which need not rise in proportion to terms liberality
if such terms are properly adapted to the appraisal of
risk.

eries during both years on accounts written off in prior
years. These recoveries, or amounts debited to the
bad-debt loss reserve or allowance, were desired for deduction from the reported gross amount of charge-off
to assure the proper determination of net losses for the
respective years. Recognizing the fact that samples for
the 1938 and the 1939 studies may vary in composition,
although not radically different in total number of firms
reporting, it is nevertheless, believed that a general lowering of loss ratios where both studies overlap on the
year 1938 is due in some measure to this further refinement of the data,2
Although it was intended in both the 1938 and 1939
studies to secure the identical types of information
on net credit sales, number of accounts written off
as bad, and total number of accounts receivable of
reporting firms, it is probable that with reference to the
last factor an additional refinement of phraseology on
the schedule for the 1939 survey provides the main
reason for a further alteration of returns between the
two studies for the overlapping year 1938. Specifically,
-; Schedules for the 1938 annual Bad-Debt Loss Survey requested only "bad-debt
losses written off" for that year and in 1937, on the apparent assumption that the
terminology would automatically produce net-loss figures. Some doubt that this was
entirely the case is indicated by the fact that the 1938 average loss of wholesalers for
the first study was 0.37 percent of credit sales, compared with 0.33 percent for the same
year as shown by comparative data in the 1939 study. For manufacturers, the comparable 1938 ratios for the first and second annual studies were 0.20 percent and 0.17
percent of credit sales respectively. It should not be overlooked, however, that
although the samples of wholesalers and manufacturers showed respective decreases
of only 5 and 6 percent from the first to the second study, there may have been wider
changes in the samples according to the major factors which determine the magnitude
oflosses.

JULY

1940

SURVEY OF CURRENT BUSINESS

because of different wording, it is believed that firms
reported closer approximates of the total number of
their accounts receivable for the 1939 study. For
1938, the present study shows a larger average number
of accounts per firm, with the result that the amount of
the average sales per account for that year is somewhat
reduced in this analysis from the average for the same
year given in the first annual Bad-Debt Loss Survey.3
Knowledge that the sale of time-payment accounts
receivable on nonrecourse arrangements may distort
bad-debt loss ratios of retailers, notably automobile
dealers, prompted an inquiry in this study to determine whether such sales were of measurable importance
in the credit operations of wholesalers and manufacturers. In other words, if receivables are sold to
a specialized financing agency which assumes responsibility for loss through failure of the creditor, the baddebt loss ratio of the seller of such receivables will be
fictitious, if computed by the usual method of dividing
dollar losses only on receivables retained, by the dollar
amount of all credit sales, including sales representing
the accounts sold. Schedules for wholesalers and
manufacturers requested the amounts of receivables
sold in 1938 or 1939 on arrangements relieving the seller
of any liability in case of default by the creditor.4
These amounts were intended for deduction from net
credit sales of the respective years when calculating the
loss ratios.
Results of this part of the analysis were largely negative, however. Only isolated firms in scattered business
groups reported any sale of receivables, and the aggregate amount of receivables sold approximated only
about one-tenth of 1 percent of the total credit sales
reported by wholesalers and manufacturers for either
year. What is probable is that the firms selling a large
proportion of their receivables with full protection
against loss did not contribute reports in representative
numbers to this voluntary project. Presumably, they
would secure little direct benefit by comparisons of their
individual results with averages based upon operations
of self-financing establishments.
Entirely new supplementary features of the 1939
Bad-Debt Loss Survey are (a) an age analysis of the
accounts written off by reporting firms during both
of the years covered and (6) an analysis of credit terms
characteristically employed by wholesalers and manu3 The 1938 Bad-Debt Loss Survey requested "approximate number of accounts
receivable," whereas in the current study the question was worded "approximate
number of firms (and/or individuals) to whom you sold on credit at any time * * *
in [year]." The 1938 figure shown in the survey for that year disclosed manufacturers
as averaging 2,221 accounts per firm, or an average credit sale per account of $1,024.
Comparable figures for 1938 given in this study are 2,560 accounts per firm, with an
average credit sale proportionately reduced to $949. For wholesalers, the 1938 averages from the first and second annual surveys on number of accounts are 1,111 and
1,223, with average size of account showing a corresponding decrease from $775 to $666.
4
In answering this question, firms were requested to report "none" if no accounts
were sold on this basis. It was also indicated that figures given should not include
insured accounts pledged for loans or held by the reporting firm. Eecoveries from
bad-debt insurance were to be included, however, with all other recoveries from
accounts written off in prior years, for the ultimate purpose of deduction from gross
bad-debt losses during the year in which such recoveries were made.
241617-40
2




9

facturers. The broad purpose of the age analysis was
to determine what proportions of accounts debited to
the bad-debt reserve in a particular year actually represent the charge-off of sales made in that same year, or
relate to sales of the previous year and other prior
years. As discussed in another section of the report,
this distribution of the write-off of accounts has direct
bearing upon present standard methods for computing
loss ratios against credit sales of the current year only.
Facts on credit terms to show cash discounts, time
allowed to take the discount, and net period, although
of interest in revealing typical trade practice, were collected primarily for the purpose of bringing out possible
relationships between the range of such terms and baddebt loss experience.
The contents of the present bad-debt loss study in
several instances repeat the basic types of analysis
which were found to produce significant relationships
and were adequately reviewed in the study made a year
ago. As these relationships, such as analysis of baddebt losses by size of firm, would not change fundamentally in a short period, repetition is avoided wherever possible by confining the text to discussion of
changes reflecting altered conditions in 1939 as compared with the previous year.
Owing to the large number of trades and industries
covered in the report, discussion of each in close detail
cannot be undertaken here. It is presumed that individual establishments obtaining the statistical data
can readily segregate and apply the facts presented in
the business or industry averages where they provide
guides to credit policy.
CREDIT SALES

As a basic element in the computation of bad-debtloss ratios, it is of interest to note the general trend as
well as the magnitude of credit sales reported by the
samples of wholesalers and manufacturers. The dollar
volume of total net sales of reporting wholesalers
increased 8.6 percent from 1938 to 1939. As net
credit sales increased 9 percent between the 2 years, the
proportion of net credit to total sales for the identical
group of firms rose slightly from 91.9 to 92.2 percent
(table 1).
Manufacturers' total net sales in 1939 revealed a
larger increase in dollar volume of 11.4 percent above
1938, while their net credit sales showed a gain of 12.4
percent in the 2-year period. The relative advance of
reporting manufacturers' credit sales carried the proportion of such sales to total sales from 89.6 to 90.4
percent (table 2).
Average Number of Accounts Per Firm and Average Credit
Sales Per Account.

For all reporting wholesalers, the average number
of accounts per firm increased from 1,223 in 1938 to
1,256 in 1939. Because of the larger growth of whole-

SURVEY OF CURRENT BUSINESS

10

JULY

1940

debt losses of reporting wholesalers advanced from
$7,872,000 in 1938 to $7,907,000 in 1939, an increase of
less than one-half of 1 percent. On the other hand, recoveries during the respective years on old accounts
charged off in prior years were $1,735,000 in 1938 and
$1,634,000 in 1939, a decrease of 5.8 percent.
Subtraction of recoveries from gross losses for each
year gives a resulting net bad-debt loss for reporting
wholesalers of $6,137,000 in 1939, an increase in the
dollar volume of such net losses of 2 percent from 1938
to 1939. However, as net credit sales of wholesalers
increased 9 percent between the two years, the loss
ratios computed from these sales declined, as previously
indicated.
Obviously the rate of loss for the year would have
BAD-DEBT LOSSES
declined more substantially had the volume of recoveries not decreased from 1938. Several explanations are
Gross and Net Losses.
possible, but the larger volume of recoveries in 1938,
Wholesalers.—Computed from net-loss figures, the when conditions were relatively adverse, may reflect a
average bad-debt loss of the 2,283 reporting whole- vigorous effort to clean up accounts which perhaps had
salers declined from 0.33 percent of net credit sales in been written off too hastily in more prosperous years.
1938, to 0.31 percent in 1939. These ratios, however,
Although showing an absolute decrease of almost 6
conceal somewhat different changes in the various percent, wholesalers' recoveries in 1939 amounted to
elements entering into their calculation. Gross bad- about 21 percent of gross bad-debt losses, only slightly

salers' credit sales over the same period, their average
credit sales per account increased from $666 to $707
for the respective years.
The average number of accounts per firm for manufacturers revealed a much more substantial advance—
from 2,560 in 1938 to 2,686 last year. Despite the
relatively large increase in average number of accounts
per manufacturing firm, average credit sales on such
accounts also gained to $1,016 in 1939 from $949 in
1938.
Although these averages indicate the predominant
trend in each case, wide variations in size and direction
of change between kinds of business and industries
are shown in detail in tables 1 and 2.

Table 1.—Proportion of Bald-Debt Losses to Credit Sales of Wholesalers, by Kinds of Business, With Summary of Related
Information on Sales, Recoveries, and Number of Accounts, 1939 and 1938

Kind of business

Number of
reports

Percent
bad debts
to credit
sales

1939
Automotive supplies
Chemicals (industrial)
Paints and varnishes
Clothing and furnishings (except
shoes)
Shoes and other footwear
_ ..
Coal
Drugs and drug sundries.
Without liquor department
With liquor department _
Dry goods
Electrical goods
Farm products (consumer goods) _
Dairy and poultry products
Fresh fruits and vegetables
Furniture and home furnishings..
Confectionery
Meats and meat products
Groceries and foods (except farm
products) _ __
. . . .
Full-line wholesale grocers
V o l u n t a r y - g r o u p wholesale
grocers _ _
Retailer-cooperative wholesale
grocers .
Specialty-line wholesale grocers
Beer
Wines and spirituous liquors
Hardware group _
General hardware
Heavy hardware
Industrial supplies.
...
Plumbing and heating supplies.
Jewelry
..
Lumber and building materials.__
Machinery, equipment, and sup-.
plies, except electrical
. .
Surgical equipment and supplies..
Metals
Paper and its products
Petroleum. _
Tobacco and its products
.
Leather and shoe
findings
..
Miscellaneous




Total

1938

N e t credit sales
(000's)

1939

1938

Total net sales
(000's)

1939

1938

Proportion
of credit
sales to
total sales

Average
gross loss
per account
written off

Proportion
of recoveries to
gross baddebt losses

Average
credit sales
per account

1939

1939

1939

1939

1938

1938

1938

1938

Average
n u m b e r of
accounts
per firm

Percent of
total accounts written off

1939

1939

1938

156
17
28

0.53
.18
.34

0.68
.20
.27

$29,360
12, 771
19, 791

$26, 513
10,909
18,464

$35, 885
13, 216
21, 587

$32,842
11, 295
20,323

81.8
96.6
91.7

80.7
96.6
90.9

$42
56
67

$46
60
68

18.3
36.8
50.8

18.8
40.5
62.9

$274
430
367

40
34
9
66
51
15
108
217
89
14
75
52
20
56

.32
.33
.18
.33
.28
.44
.27
.24
.27
.17
.34
.33
.39
.25

.32
.41
.11
.35
.31
.46
.31
.24
.25
.14
.32
.33
.40
.25

23, 409
54, 524
14, 212
92, 727
65,689
27,038
113,340
283, 251
36, 659
14,191
22, 468
39, 336
4,088
47, 216

22, 390
50,956
12,065
89, 527
63,442
26,085
101, 757
231,027
38, 333
15, 903
22,430
32, 571
3,771
45, 430

24, 066
54,614
14,452
96, 875
68, 423
28, 452
116,438
288, 238
43,672
15, 237
28, 435
40, 234
5,843
53, 723

22, 980
51,065
12,243
93,640
66, 058
27, 582
104, 651
234, 897
45,076
16, 983
28, 393
33,408
5,443
51, 876

97.3
99.8
98.3
95.7
96.0
95.0
97.3
98.3
83.9
93.1
79.0
97.8
70.0
87.9

97.4
99.8
98.5
95.6
96.0
94.6
97.2
98.4
85.0
93.6
79.0
97.5
69.3
87.6

102
193
320
217
192
277
127
160
63
38
80
135
30
107

101
217
259
?n
199
238
127
152
55
31
73
119
30
110

13.1
23.6
10.3
22.5
24.5
19.2
18.6
8.4
6.9
8.8
15.8
13 7
11.8

11.7
23.4
22.9
23.8
27.7
16.5
27.4
23.4
9.9
7.0
10.7
20.1
8.7
11.3

625
802
2.358
1,157
1,133
1,222
566
1,212
791
894
738
688
305
1,708

480
245

.30
.32

.33
.30

493,772
206, 614

485, 989
197, 394

545,960
230, 238

536, 853
220, 524

90.4
89.7

90.5
89.5

124
122

130
119

20.0
22. 1

997 1,000 1,031 1,013
19.4
820
23.6 1, 029 1,013
796

119

.33

.39

186, 781

188,793

204,633

205, 071

91.3

92.1

174

185

20.2

13
103
14
19
402
132
29
153
88
36
40

.05
.29
.50
.47
.39
.35
.16
.40
.59
.50
.35

.05
.35
.56
.34
.39
.41
.26
.29
.54
.71
.44

23. 994
76,383
1,224
20,766
327,811
176, 383
19,437
82, 854
49,137
18,461
28,485

23, 214
76, 588
1,176
26, 767
286,088
162,626
14,560
69,037
39,865
16, 341
24, 297

24, 657
86,432
2,013
22, 346
341, 386
183,899
19, 869
86, 380
51, 238
19, 671
29, 093

23, 893
87,365
1,935
28, 555
301,8C6
170, 367
15,010
72, 621
43, 808
17, 485
24, 858

97.3
88.4
60.8
92.9
96.0
95.9
97 8
95.9
95.9
93.8
97.9

97.2
87.7
60.8
93.7
94.8
95.5
97 0
95.1
91.0
93.5
97.7

113
70
32
58
130
130
84
102
207
185
109

111
79
31
50
121
131 |
87
73
205|
2401
109

72
13.4
2.6
11.6
24.7
28.6
36 6
17.4
21.7
20.6
18.7

65
32
20
84
11
120
11
57

.69
.18
.22
.40
.18
.19
.54
.33

.85
.08
.30
.39
.17
.23
.37
.39

24,099
6,990
24,357
59, 540
95, 440
91, 660
1,864
60, 482

22, 596
6,274
17, 925
53, 620
90, 510
86,195!
1,929
55, 751

25, 245
7,801
24, 456
61.011
125,913
116, 753
1,911
64, 643

23,592
6,992
18,023
54, 982
116,674
110, 840
1,988
59, 277

95. 5
89.6
99.6
97.6
75.8
78.5
97.5
93.6

95.8
89.7
99.5
97.5
77.6
77.8
97.0
94.1

124
33
138
98
98
30
58
26

143
27
145
88 i
97
32
48
26

2,283

.31

.33 2,025, 635 1,859,17112,197,045 2,023, 899

92.2

91.9

99

98

$262
686
648
418 1.747 1.534
351 1,927 1, 879
612
750
2,264
1,192
1,125
1,393
518
1,026
818
1,014
719
602
287
1,687

937
2,000
670
1,214
1,137
1,475
1,853
1,077
521
1,134
406
1,099
670
494

915
1,998
592
1,138
1,106
1,249
1,819
1,037
527
1,120
416
1,041
658
481

1938

4.24 4.84
9 14 2.30
3.71 3.82
2.23
1.82
1.51
2.27
2.21
2.42
1.61
2.23
3.70
4.21
3.43
2.01
4 63
4.60

2.19
1.86
1.26
2.62
2.41
3.25
1.77
2.14
4.05
5.10
3.52
2.06
4 22
4.39

3.06
3.47

3.13
3.28

18.4 1,016 1,021 1,545 1,554

2.39

2.63

414
7.2 4,305 4,310
429
12.4
729
979
759 1,017
547
160
156
2.8
538
5.0
957
873 1,142 1,614
560
514 1,456 1,383
27.3
26.0
569
542 2,350 2,271
22 5
401 1 269 1 251
528
27.1
473
428 1,146 1,053
32.1
779
677
717
669
243
217 2,111 2,091
18.8
645
570 1,103 1,066
16.6

2.08
3.49
8 71
8.87
2.21
2 14
1 54
2.25
2.83
.83
2.52

2.23
3.82
9.98
6.23
2.30
2.30
1 58
2.33
2.61
.80
2.76

15.6
56.2
13.2
11.5
19.9
14.7
18.1
14.1

492
754
21.4
461
754
223
209
979
937
78.9
576 1,636 1,555
14.8
745
12.4
388
348 1,826 1,834
23.6 1,477 1,484 5,873 5,544
549
12.4
542 1,392 1,324
304
314
27.1
558
558
341
307 3,108 3,188
10.9

3.26
2.80
1.39
1.79
3.34
4.11
3.45
5.02

3.45
2.95
1.39
1. 75
3.32
4.34
3.36
5.06

20.7

22.0

2.79

2.89

707

666 1,256 1,223

JULY

11

SURVEY OF CURRENT BUSINESS

1940

less than the proportion for 1938. As shown in table 1,
recoveries for the various kinds of business indicate
that the highest average proportions of recoveries to
gross losses were recorded by wholesalers selling more
durable goods, such as surgical equipment and supplies,
and paints and varnishes. The lowest proportions of
recoveries were averaged by wholesalers selling less
durable goods, such as beer and farm products.
The bad-debt-loss ratios by kind of business in table
1 indicate that represented in the slight decrease in the
general average for all reporting wholesalers are scattered trades revealing no change in their loss ratios, as
well as a number with an increased percentage of loss
between the 2 years. The table also reveals a fairly
wide range from highs of 0.69 percent for wholesalers
of machinery, equipment, and supplies, and 0.59

percent for plumbing and heating supplies, to lows of
0.16 percent for heavy hardware wholesalers and 0.05
percent for retailer-cooperative wholesale grocers.
Although neither the average number of accounts per
firm, nor the percent of total accounts written off had
any direct relationship to the bad-debt percentages,
these figures should be useful to the individual credit
man for comparative purposes.
Manufacturers.—Net bad-debt losses of reporting
manufacturers averaged 0.17 percent of their net credit
sales in 1939, representing no change from the loss ratio
of the previous year. Thus the average manufacturers7
loss per dollar of credit sales was roughly half the loss
averaged by reporting wholesalers. Gross losses for
the sample of 1,493 manufacturers advanced from
$7,660,000 in 1938 to $8,214,000 in 1939. This in-

Table 2.—Proportion of Bad-Debt Losses to Credit Sales of Manufacturers, by Industries, With Summary of Related Information on Sales, Recoveries, and Number of Accounts, 1939 and 1938

Industry

Number of
reports

Percent
bad-debts
to credit
sales

1939

Food and kindred products, total.
Confectionery
Flour, cereals, and other grainmill products
Meat packing
Distilled liquors
Malt liquors
Wine
Other food products
Textiles and their products, total.
Clothing, men's, except hats
Clothing, women's, except millinery
Knit goods
Other textile products
Forest products, total
Furniture
Lumber, timber, and other miscellaneous forest products
Paper and allied products, total. _
Paper: Writing, book, etc
Wax paper
Paper boxes and other paper
products
Printing, publishing, and allied
industries
Chemicals and allied products,
total
Pharmaceuticals and proprietary medicines
Paints and varnishes
Other chemical products
Petroleum products
Kubber products
Leather and its products, total. _.
Boots and shoes
Leather: Tanned, curried, and
finished
Other leather products
Stone, clay, and glass products,
total
Illuminating glassware (globes,
shades, etc.)
Other stone and glass products
Iron and steel and their products,
total
Hardware
Stoves, ranges, steam heating
appliances
Other iron and steel products...
Nonferrous metals and their products, total
Jewelry and jewelers' supplies^.
Other nonferrous metals
Machinery, not including transportation equipment, total...
Electrical machinery, apparatus, and supplies
Other machinery, apparatus,
and supplies
Motor-vehicle parts
Miscellaneous industries
Total..




1938

Net credit sales
(000's)

1939

1938

Total net sales
(000's)

1938

1939

373
168

0.14
.19

22
24
10
20
19
110
118
29

.20
.13
.05
.27
.72
.12
.1
.30

.13
.01
.1
.93
.08
.23
.29

24, 381
106,066
115, 641
79, 681
12, 349
644, 533
269, 895
50,618

24, 556
101, 683
109, 402
74, 842
12, 552
607, 484
232,193
44, 730

20
12
5'
61
33

.26
.17
.12
.27
.27

.32
.22
.20
.32
.36

20,124
28, 006
171,147
49, 857
27,045

18, 314
24,911
144, 238
41,843
22, 955

28
82
17
12

.28 .26 22,812
18, 888 23,106
.12 .15 229,004 206,793 229,187
. 10 .11 38, 767 35,173 38,779
.16 .15 42, 790
37, 873 42, 790

0.12 $1,210,888 $1,149,91' $1,344,873 $1,274,216
.21 228, 237 219, 398 240, 696 232, 377

Proportion
Average
Average
Proportion
Average
of recovgross loss
of credit
credit sales number of
eries to
sales to per account gross bad- per account accounts
per firm
total sales written off debt losses

Percent of
total accounts written off

1939 1938

1939

1939

1938

1938

1939

1938

15.9 $1,152 $1,130 2,818 2,729
15.8 487 487 2,788 2,683

123
85
188
97
173
55
160
151

12.3
12.8
2.3
15.4
7.2
8.5
12.5
12.2

12.1 1,216 1,231
11.7 2,175 2,199
24. 2 31, 20430,155
27.5 1,667 1,790
—
5.7 1,071 1,043
15.
1,430 1,370
12.3 1,023
943
20.0
762
776

911
2,032
371
2,390
607
4,098
2,237
2,250

92
103
142
148
139

113
104
209
149
149

11.
17.6
11.6
11.1
11.0

403
414
13.5
738
801
13.
1,487 1,333
7.
825
921
19.7
614
679
14.5

2,430
2,915
2,019
888
1,207

160
121
117
70

149
133
123
68

$7;
55

27,941
109, 326
115,641
87, 268
13.112
750,889
272, 648
51, 333

27, 839 87.3 88.2
105, 284 97.0 96.6
109,402 100.0 100.0
80, 001 91.3 93.6
13, 488 94.2 93.1
705, 825 85.8 86.1
234, 753 99.0 98.9
45, 212 98.6 98.9

114
94
731
113
144
78
127
136

20,139
28, 322
172, 854
50, 219
27.113

18, 337
25,190
146,014
42,
23,011

99.9
98.9
98.8
99.5
99.8

19,057 98.7 99.1
208,170 99.9 99.3
35,185 100.0 100.0
37,873 100.0 100.0

99.9
98.9
99.0
99.3
99.7

1939

11.3
15.3

90.2
94.4

90.0

1938

1938

2.35
1.94

2.46
2.00

906
1,926
363
2,090
6341
4,030
2,086
2,025

2.39
3.32
2.16
4.78
5.79
2.33
1.58
1.95

2.63
3.83
3.11
4.39
5.91
2.48
1.54
1.83

2,275
2,813
1,898
831
1,133

1.34
1.62
1.46
1.91
1.47

1.32
1.83
1.39
2.17
1.74

11.2
19.8
11.1
25.3

512
475
27.2 1,593 1,420
1,504 1, 463 1,857 1,724
1
19.3 1,450 1,360 1,573 1,521
1,017 3,571 3,102
32.0

3.13
1.85
1.46
2.95

3.37
2.05
1.50
3.31

999

1,560

1,477! 1.41

1.63

145 3,513

3,433| 2.90

3.39

314 4,421

4, 284 j 1.92

1.98

147, 447 133, 74

147,618

135,112

99.9

99.0

178

200

19.3

12.

26,470

.17

53

28,789

27,087

97.2

97.

25

20

13.8

19.2

171, 085 202,040

172, 580

19.3

23.4

25.5
15.9
21.1
18.
12.8
9.1
5.4

181
20.3
190 422
28.2
372
458
19.2
450 607
17.8
588
12.6
9.1 1,111 1,778
3.5 1,936 1,803

22.

424
438
10.8 5,400 4,618
312 1,433 1,316
27.4
369

1.98
1.06

16.0 1,938 1,751

1.96 2.01

53

200,465

127

38, 655 35,120 38, 850
55,127 48, 245 56,486
106, 683 87, 720 106, 704
433, 527 425, 902 693, 746
19, 321
19, 519
153, 566 133^ 353 156, 085
64, 364 60,171
66, 662

13
78
24

!l4
.161
.17

33
21

.15
.17

63

.25

10
53

.21
.25

147
14

.09
.15

22
111

.25
.07

374, 672 288, 269 377,
27,
27, 952 24,061
26, 502 23, 936 26,
320, 218 240, 272 323,

58
28
30

.15
.16
.15

200
90

35, 263
49, 581 97.6 97.3
87, 736 100.0 100.0
689,633 62.5 61.8
16, 028 99.0 99.1
135, 389 98.4 98.5
62,096 96.6 96.9

4,
127
52
66
109
238
213

44
106
49
60
155
291
350

461

435

1,7
150
357

1,7

1,850

38,785 36,925 j
1, 337 1, 266
9611
1,017
1, 450 1, 391

64, 553
8,629

78, 204
11, 219

64, 565
8,728

113, £

96,091

115, 065

96,945

11,053
102, 945

8,835
11,128
87, 256 103, 93(

8,908
88,03^

99.3
99.0

79
352

111
242

6.4
12.8

63'
984

289, 631
24, 088

99.2
99.9

199
163

152
151

19.6
10.4

631
019

24,070
241,473

157
229

152
152

29.9
17.6

159,117 120, 333 171,402
54, 762 44, 941 65, 951
104,355 75, 392 105,451

133, 626
57,855
75, 771

259
269
253

.19

660, 204 567, 745 671, 901

576, 794

319

.09

453,383

390, 003 462, 709

397, 428

276

110
37
64

.39
.13
.18

206, 821 177, 742 209,192
56, 810 43,069 56, 928
116,498 106, 724 117,393

179, 366
43,149
107,446

98.9
99.8
99.2

1,493

.17

4,075, 805 3, 625, 666 4, 507,429 4,047, 515

90.4

40.4 1,421 1,185 1, 930
1,226
73.1 1,596 1,354 1 2 2 6
8.8 1,344 1,103
2, 588
349 11.4 13.0 2,012 1,855
1,641
301 17.9 21.1 2,551 2,372
1,974
384
7.7
8.4 1,374 1,256
94
9.3 12.3 1,7361 1,439 1, 368
79 14.8 16.6 831 ™ «
885
2,189
94! 14.4 17.21 1,016] 949 2,686

78, 090
11,112

99.9
99.0

99.9
99.1

92.8
83.0
99.0

90.1
99^

99.

350
127
101
100

176
192
162

17.3
27.7
9.9

1.55
2.49
2.10
2. 6f 2.60
1.65 1.81
1.43 1.23
.94
1.52

7,283 6, 929| 1.33
1,940 1,843; 2.46
6,411 6,373| 2.1

871!

2.15
674 1, 445
765
1.90
83"
17. f 2,320 2,089
30.2 1,58' 1,315 1,606
.90
820
749 2, 435 2, 294) .86
13.9
784
29.1
737 1,536 1,477 1.78
.73
33.3 1,903 1,555 1,516 1,392
6.0

1.02
1,186i 1.34
2, 278| .88
1, 530| 1.33

2.24
1.06

2.06
2.00
.99
.67
1.91
.86
1.16
1.59
.95
1.48

1.16
1,827! 1.04
1.67 1.84
1,28
1.94 2.25
809 1.74 1.78
2,121 2.04 2.13
2,560!

SURVEY OF CURRENT BUSINESS

12

crease of 7.2 percent was far in excess of the one-half
of 1 percent rise in the gross charge-off reported by
wholesalers.
PERCENT
IAO

120
/939
LOO

0.80

0.60

0.40
0.20
0.00
- UNDER '50,000 'I0Q000 '200.000 '300,000 ^500,000^1,000.000 , OVER
5 010 0 0 , T 0
„ T0
* T0
* T0
* T0
* T0
^ 5 000 000
' 100,000 ^200,000 *300,000 ^500,000^1,000,000^5,000,000
' '
a a 40-343

Figure 6.—Bad-Debt Loss Percentages of Wholesalers by Sales Size Groups.

PERCENT
0.80 \
0.70
\/939
\I938

m.

0.60
O.50
040
030
0.20

O./O

0.00
UNDER '50,000 '100,000'200,000'300.000'500,0001,000.000, OVER
TO
. TO
. TO
TO
T
O
*5 000 000
*50,000 «, TO
?
l00,000'200,000*300,000'500,0001,000.000'5,000,000'
'
D. D. 40-344

JULY

1940

cent from $1,318,000 in 1938 to $1,183,000 in 1939, a
percentage decline which also exceeded the 5.8 percent
drop in wholesalers' recoveries over the same period. As
shown in table 2, manufacturers' recoveries in proportion to gross losses averaged 17.2 percent in 1938 and
14.4 percent in 1939, or between 5 and 6 percentage
points below the proportion of wholesalers' recoveries
to gross losses in the same years.
Deducting recoveries from gross losses gives net baddebt losses of reporting manufacturers totaling $6,343,000 in 1938 and $7,030,000 in 1939, a rise of almost
11 percent. The 12 percent increase in manufacturers'
net credit sales, however, served to hold the loss ratio
for 1939 to the previous year's figure.
It may be seen from table 2 that, while the average
bad-debt-loss ratio for all reporting manufacturers
remained unchanged in the past 2 years, loss percentages in many of the individual industries showed considerable change, with increases in some lines balancing
decreases in others. The arrangement of broad industry groups according to losses sustained brings out
no definite pattern wdth respect to durable and nondurable goods or other classifications of industry. The
iron and steel industry was lowest, with losses of less
than one-tenth of 1 percent, followed by the nonferrous
metals, food, paper, and motor-vehicle parts industries.
Highest losses were found in the printing and publishing,
chemicals, and forest-products industries, which averaged losses of three-tenths of 1 percent, or more.
Including the subgroups, liquor manufacturers experienced the lowest relative loss in both 1939 and 1938.
This may be due to the fact that many of their customers—distributors in those States governed by laws
compelling wholesale sales for cash only—readily convert goods into cash which can be passed on to the producer, or it may result solely from the large size of their
average account. Wineries, on the other hand, had the
highest bad-debt-loss ratios in both years.
Credit managers may find helpful, for purposes of
individual comparison, the figures in table 2 showing,
by industries, the proportion of credit sales, average
number of accounts per firm and proportion written
off, average gross loss per account written off, and
proportion of recoveries to gross losses.
Recoveries made by manufacturing jewelers are
noted as extremely high, averaging over the 2-year
period about 50 percent of the amounts written off as
bad, while the average manufacturer of boots and shoes
recovered only 4K percent of the gross charge-off over
the 2-year period. As previously noted, the average
recovery for all manufacturers was 14.4 percent of the
gross charge-off in 1939 and 17.2 percent in 1938.

Figure 7.—Bad-Debt Loss Percentages of Manufacturers by Sales Size
Groups.

Analysis of Losses by Size Factors.

In addition to the relatively large percentage increase
in manufacturers' gross losses, their recoveries on
accounts previous!}7 charged off were down 10.2 per-

Wholesalers.—Figure 6 and table 3 reveal a characteristic inverse relationship between bad debts and size of
business, with the largest losses being incurred by




JULY

1940

wholesalers with the smallest sales volume, and the
ratios declining progressively with each lower salesvolume group. A probable governing factor is that
the larger companies have more complete credit departments and are in the most advantageous position to
select as well as supervise their credit risks.
Figure 6 indicates that wholesalers in the lowest
annual sales-volume classification, sales under $50,000,
almost doubled their average loss per dollar of credit
sales last year, with the ratio for the group advancing
from 0.72 percent in 1938 to 1.38 percent in 1939, the
highest ratios recorded. Ratios for only a few kinds of
business in this lower sales classification could be shown
in table 3, but in the majority of them a sharp advance
in the loss percentage is noted.
Two more of the eight size classifications, representing wholesale firms with annual sales of $100,000$200,000 and $300,000-$500,000, averaged slightly
higher losses in 1939. Elsewhere, moderate decreases
are shown, except in the $50,000-$100,000 sales group,
where the ratio dropped sharply from 0.86 percent in
1938 to 0.69 percent in 1939, in contrast with the much
higher losses averaged by firms with sales under
$50,000. For both groups of firms with sales under
$100,000, results may be conditioned by the comparatively small size and limited distribution of the samples.
When bad-debt losses of wholesalers are grouped
according to size of credit sales per account (fig. 8
and table 5) the resultant pattern is similar to that for
the sales-size groups, as demonstrated in figure 6.
Firms averaging $250 or less per account reported the
greatest loss, with the loss ratios declining for each
successive increase in average size of account. All
except the highest account classification, where the
ratio remained unchanged at a point considerably
below the general average for all wholesalers, showed
reduced average losses from 1938 to 1939.
The diminution of bad-debt losses with increasing
size of business and size of sales per account was
further borne out by the cross classification of these two
factors (see table 7). When analyzing each salesvolume size classification according to size-of-account
groups, losses were generally reduced as the size factors
increased in magnitude.
Manufacturers.—Bad-debt losses of manufacturers
classified by sales-size groups in figure 7 and table 4
reveal the same inverse relationship between percentage of loss and sales volume as wholesale establishments. Decreasing loss ratios with each successive
increase in sales volume is found to hold true in the
principal industrial groups and subgroups in table 4,
although in all cases deviations from the general trend
are found.
Manufacturing firms in three groups representing
annual sales up to $200,000 averaged higher losses in
1939, with the relatively small group of firms having
sales under $50,000 showing the largest loss ratios and



13

SURVEY OF CURRENT BUSINESS

the greatest increase in the ratio from 0.51 percent of
credit sales in 1938 to 0.72 percent last year. A similar
sharp advance was noted for the same sales-size group
PERCENT
O.7O

0.60

O.5O

0.40

O.3O

0.20

O./O
0.00

UNDER
*250

*25O TO ^500 TO ^750 TO ^1000 AND
^500
*750
^1000
OVER

Figure 8.—Bad-Debt Loss Percentages of Wholesalers by Average Credit
Sales per Account.

PERCENT
0.50

O.4O

O.3O

O.2O

O./O

0.00
UNDER
^250

^250 TO
^500

*500 TO ^750 TO ^1000 AND
'750
^1000
OVER
DP. 40-346

Figure 9.—Bad-Debt Loss Percentages of Manufacturers by Average Credit
Sales per Account.

of wholesalers. One other group, including manufacturing firms with annual sales of $500,000 to $1,000,000,
also increased their average loss slightly in 1939, leav-

14

SURVEY OF CURRENT BUSINESS

ing three groups with moderately lower average-loss ratios for the year, and the largest firms, those having sales
over $5,000,000, with no change in their average-loss ratio.
Although the general-average loss percentage for
manufacturers was much lower than that for wholesalers in 1939, it is noted, in comparing the 1939 ratios
in figures 6 and 7, that manufacturers in the salesvolume groups from $500,000 to $1,000,000 and from
$100,000 to $200,000 averaged a loss 2 cents higher per
$100 of credit sales in 1939 than that for the same size
groups of wholesalers. Furthermore, comparison of the
$200,000-$300,000 sales-volume groups discloses that
the manufacturers lost 8 cents more than the wholesalers per $100 of credit sales last year.
Analyzed according to average credit sales per account, as shown in figure 9 and table 6, loss ratios
averaged by manufacturers range from high to low,
following increased size of account. As in the comparison for wholesalers, shown in figure 8, firms in the
highest account-size classification, which had the
lowest average loss, disclosed no change in their ratio
from 1938 to 1939. In other groups, however, manufacturers did not reveal the uniformly lower loss ratios
shown by the account-size groups of wholesalers, with
two of the remaining four groups of manufacturers
averaging slightly higher losses in 1939.
In connection with the previous observation that,
despite lower general-average losses for all reporting
firms, some groups of manufacturers classified by annual sales volume averaged higher losses than corresponding groups of wholesalers, comparisons of identical groups of wholesalers and manufacturers in tables
5 and 6 show that all wholesalers in the size-of-account
groups averaged higher losses than manufacturers in
corresponding groups.
The arrangement of manufacturers' bad-debt losses
in table 7 by size of credit sales per account under
size-of-business classifications is a further illustration of
the inverse relation of losses to size of account also
noted in a similar analysis for wholesalers in that table.
In each size-of-account classification it is also observed
that there was a progressive tendency for losses to decrease from the small to the large firms. No doubt the
underlying cause would be found in the more rigid
credit supervision which can be established by firms
of larger size.

JULY

1940

number of accounts per firm last year, while manufacturers, who have double the average number of
accounts reported by wholesalers, disclosed an increase
of almost 5 percent from 1938 to 1939 in average
number of accounts per firm. Increased credit sales in
1939, however, raised average credit sales on wholesalers' accounts from $666 in 1938 to $707 in 1939, with
average sales on manufacturers' accounts advancing
from $949 to $1,016 for the respective years.
Wholesalers.—As shown in table 1, all reporting
wholesalers charged off an average of 2.79 percent of
their total number of accounts in 1939, representing a
decrease from 2.89 percent of total accounts in 1938.
Perhaps conforming to slightly larger credit sales per
account in 1939, the average gross loss on wholesalers'
accounts written off last year was $99, compared with
$98 for 1938.
Manufacturers.—Manufacturers similarly averaged a
decrease in proportion of accounts written off from
2.13 percent of total accounts in 1938 to 2.04 percent
in 1939. However, with about the same average increase in credit sales per account as was shown by
wholesalers, manufacturers' average gross loss per account advanced to $100 in 1939 from $94 in the preceding year. The higher average gross loss per account
reported by manufacturers reflects, of course, the fact
that, despite a smaller proportion of accounts written
off in 1939, manufacturers' aggregate gross losses
gained more than 7 percent last year, whereas wholesalers' gross losses were up less than one-half of 1
percent.
Further data on percent of accounts written off and
average gross loss per account by individual trades and
industries will be found in tables 1 and 2. While
aveiage credit sales per account has been noted as an
important controlling factor in bad-debt-loss measurement, percent of accounts written off and average gross
loss per account may be regarded as significant elements
for further study and comparison.
AGE ANALYSIS OF ACCOUNTS WRITTEN OFF

In previous sections of this report it has been noted
that the changes in bad-debt-loss ratios from year to
year may reflect many types of relative movement in
the several factors which enter into their computation.
As an example of what may occur with no change
Comparisons by Geographic Regions.
Owing to the general nation-wide scope of operations, whatever in the absolute dollar amount of the gross
as well as frequent inability to provide data classified by charge-off from one year to the next, variation in the
geographic area, reports of manufacturers are not magnitude of recoveries, or a normally anticipated
analyzed by region in this study. A regional com- change in credit-sales volume, will produce entirely
r
parison of the loss experience of wholesalers is shown, different loss ratios between the two } ears. Without
citing further illustrations, it may also be said that
however, in table 8.
there are a great many combinations arising from
Proportion of Accounts Written Off and Gross Loss per
relative changes in the magnitude of sales, gross
Account.
In an earlier section of this analysis, it was noted that losses, and recoveries, which can produce identical loss
wholesalers reported a fractional increase in average ratios.




JULY 1940

This points to the fact that comparisons of bad-debtloss ratios, while representing generally accepted-rule-of
thumb guides for loss comparisons, are apt to be misleading unless each ratio carries with it a full explanation of its basic components. Individual business firms
cannot safely compare their own bad-debt-loss results,
expressed in standard ratio form, unless they have all
of the supplemental facts expressing percentage change
in credit sales, gross losses, and proportion of recoveries.
An additional element which is even more disturbing
than those noted above with reference to standard
bad-debt-loss measurement, is the factor of the composition of the total annual charge-off which, minus
recoveries, is computed as a percent of the credit sales
of the same year for determination of the loss ratio.
The question is, What relation do accounts written off
in a given year bear to the actual sales of that identical
year? The assumption seems to have been that the
relationship is precise, but the facts presented in this
analysis do not contribute to that view. Rather, they
disclose a fundamental weakness of loss-ratio computation, and indicate that such ratios are more an expression of practical convenience than a sound analytical
method.
Briefly, the analysis for 1,890 wholesalers in figure 10
reveals that only 45.2 percent of their gross charge-off
in 1939 can be attributed to the credit sales of that year,
against which the loss ratio is computed. For 1938,
49.7 percent of wholesalers' gross losses arose from sales
in the same year. Average figures for 1,319 manufacturers, also shown in figure 10, disclosed an even
lower proportion of the charge-off, between 33 and 35
percent, which could be allocated in 1938 or 1939 to
current credit sales.
The indication that wholesalers take more rapid
action than manufacturers in the write-off of accounts
probably may be attributed to conditions of greater
relative mortality among their retail creditors. It
should also be noted that the data for both wholesalers
and manufacturers show that a larger proportion of the
1938 charge-off is attributed to sales of that same year
than is found to be the case with the analysis of currentand prior-year distribution of the gross loss for 1939,
despite the fact that there was some increase in the
absolute amount of the gross write-off of both wholesalers and manufacturers in 1939. This may indicate
that there was delayed action until 1939 in the chargeoff of bad accounts acquired under the rising business
conditions of 1937 and prior years, thus raising the
proportion of the charge-off representing accounts
more than 2 years old (i. e., accounts representing
sales of 1937 and prior years) and lowering the proportion of the current-year (1939) charge-off.
Considering the factor of age of accounts charged
off, as well as the other variables which form the basis
of bad-debt-loss ratios, there is abundant evidence
that these convenient loss indices are extremely



15

SURVEY OF CURRENT BUSINESS

deceptive. To secure an accurate bad-debt-loss percentage of sales for a given year would require delay
in computation until all accounts arising from sales of
that year had either been collected or proved definitely
to be uncollectible. This might mean that corrected
loss ratios could not be computed for a matter of years,
or until the last accounts were charged off and final
1939 BAD DEBT LOSSES
I PERCENTAGE DISTRIBUTION OF

•

PERCENTAGE DISTRIBUTION OF
1938 BAD DEBT LOSSFS

60.0
WHOLESALERS

50.0
40.0
30.0
^ ^ H S LS
AE
• •
MD
AE
•JWSJINI938

20.0
E3E9 SLS
AE

l i i MD
AE
^ ^ 3 IN 1937

10.0

BfllBI
B M f f l SALES ;
IBMBJMADE IN
•2V336AH0
wBGGm P I R
RO

00.0
ACCOUNTS WRITTEN OFF
ARISING FROM SALES
MADE IN
THE SAME YEAR

ACCOUNTS WRITTEN OFF
ARISING FROM SALES
OF THE
PRECEDING YEAR

ACCOUNTS WRITTEN OFF
ARISING FROM SALES
OF ALL OTHER
PRIOR YEARS

ACCOUNTS WRITTEN OFF
ARISING FROM SALES
MADE IN
THE SAME YEAR

ACCOUNTS WRITTEN OFF
ARISING FROM SALES
OF THE
PRECEDING YEAR

ACCOUNTS WRITTEN OFF
ARISING FROM SALES
OF ALL OTHER
PRIOR YEARS

50.0

40.0
30.0
20.0
10.0
00.0

/)./>. 4O-358

Figure 10.—Age Analysis of Accounts Written off by Wholesalers and
Manufacturers, 1939 and 1938.

recoveries made on accounts which gradually worked
out after a write-off.
While perhaps a practical device from the accounting
standpoint, the present standard method of carrying
forward recoveries and delayed account write-off
for computation with unrelated current-sales and
current-loss figures leads to the utmost confusion as to
exactly what comparative values the consequent loss
ratios may have. Granting that the availability of
figures on the various elements which compose the loss

16

SURVEY OF CURRENT BUSINESS

ratios will be determined largely by expedient accounting methods, perhaps a practical solution for the future
is to base comparisons of bad-debt-loss experience on
changes in the absolute magnitude of separate items
now entering into the ratio computations, but leaving
the ratios as merely incidental elaborations.
CREDIT TERMS AND BAD-DEBT LOSSES

It is almost axiomatic that progressive liberality in
credit granting is productive of higher losses. If it
3 OR 4% /O DAYS, NET 30 DAYS
NET 7 DAYS
/% 7DAYS, NET30 DAYS
/% /O DAYS, E.O.M.
2% 7 DAYS, NET30 DAYS
/% 7 DAYS, NET /5 DAYS
6 TO 9% /5 DAYS, NET30 DAYS
3O/?4-% /O DAYS,
E.O.M.
2%/O DAYS, NET/5 DAYS
A/ET, /S DAYS
2% 6O DAYS, NET 9O DAYS
/% /£ DAYS, NET 30 DAYS
2% /O DAYS, A/ET 3O DAYS
/% /SDAYS, NET 2O DAYS
/% /O DAYS, NET SO DAYS
/%/ODAYS, E.O.M., NET 30 DAYS
A/ET, 3O DAYS
A/ET, /O DAYS
2% /O DAYS, £. O. M., NET SO DA YS
2% /5DAYS, /VET3O DAYS
3 0/? 4% /O DA YS, NET 6O DA YS
2% /O DAYS, £. O. M.
2% 30 DAYS, NET 6O DAYS
2% 30 DAYS, NET3/ DAYS
2% /O DAYS, E. O. M., NET /5 DAYS
2% 7O DAYS, NET 90 DAYS
2% 60 DAYS, NET 6/ DAYS
3 0/? 4% 70 DAYS, NET90 DAYS
2% /O DAYS, E.O.M., NET 30 DAYS
2% ,'O DAYS, NET 6O DAYS
2% 3O DAYS, NET 9O DAYS
2% /£ DAYS, NET 6O DAYS
NET, 60 DA YS
3 OR 4% /O DAYS, A/ET 9O DAYS
/% 3O DAYS, NET 6O DAYS
£% 3O DAYS, NET CO DAYS
O.OO

O.IO

O.2O 0.30
0.40
O.5O
0.6O
Q7O
0.80
O.9O 1.00
BAD DEBT LOSSES (PERCENTAGE OF CREDIT SALES)
D.O.4O-3S6

JULY 1940

Almost 1,500 manufacturers reported a total of 109
separate arrangements of credit terms, of which 31 were
reported by a sufficient number of firms to be used
in the tables. The remaining 78 arrangements were
represented by less than four firms, or could not be
classified. As with wholesalers, despite the multitude
of terms, the three arrangements used most frequently
were employed by more than one-half the industrial
companies submitting such information.
Range of Losses by Classifications of Credit Terms.

Considering the composition of credit terms as an
abstract matter, the most evident measure of conservatism or liberality is the maximum period permitted
for payment of the net invoice, after which date pressure or penalties may be applied to force payment.
The cash discount, and the period in winch such discount can be taken, may be viewed as in the nature
of secondary inducements; although they, too, may express either conservative or liberal tendencies. As an
illustration, 90 days net in a particular industry may
be relatively liberal, but from one point of view the
net period appears progressively more conservative if a
cash discount is added for the sole purpose of inducing
more rapid payment. Likewise, in the same case,
shortening of the period in wiiich cash discount can be
taken is a further evidence of conservatism where such
action is applied to hasten payment. But where these

Figure 11.—Range of 1939 Bad-Debt Losses of Wholesalers, Grouped According to Credit Terms.
NET, /O DAYS
2% '3O DAYS, NET 31 DAYS
2% /£ DAYS, NET 60 DAYS
5% 30 DAYS, NET 60 DAYS
3OR 4% 30 DAYS, NET 31 DAYS
2%/O DAYS, NET 30 DAYS
NET/£DAYS
£% /O OA YS, NET 30 DAYS
2% /S DAYS, /VET 30 DAYS
MET 7 DAYS
2% 30 DAYS, NET 90 DAYS
2% /O DAYS, E.O.M., NET3O DAYS
/% /O DAYS, NET30 DAYS
/% /O DAYS, E. O. M.
/% 30 DAYS, NET6O DAYS
30R4X300AYS,
NET6ODAYS
A/ET, 30 DAYS
/% /£ DAYS, NET 30 DAYS
2% /O DAYS, NET IS DAYS
2'/, /O OAYS, E.O.M., NET 60DAYS
2% /O DAYS, E. 0.M., NET 15 DAYS
2% /£ DAYS, NET 2O DAYS
2%/ODAYS, E.O.M.
S%/ODAYS, E.O.M.
/% /O OAYS, NET 60 DAYS
2% 30 OAYS, NET 60 DAYS

were not for the factor of credit management, this
would probably be so self-evident as to require no
elaborate statistical preparation for measurement.
However, accepting credit management as an element
in the problem, the present study sets forth data relating bad-debt losses of wholesalers and manufacturers
to the credit terms which they usually offer to their
customers.
Basically, credit terms are made up of three factors,
which, for the purposes of this study, are designated
as (1) cash discount extended, (2) time in which cash
discount may be taken, and (3) time at which net
amount of invoice is due. In the tremendous maze of
arrangements of credit terms reported by more than
2,200 wholesalers, it was possible to classify within
reasonable limits a total of 128 separate arrangements
Losses of Manufacturers, Grouped
of credit terms, only 36 of which were reported by a Figure 12.—Range of 1939 Bad-DebtCredit Terms.
According to
sufficient number of firms to be of use in this study.
The remaining 92 wholesalers' arrangements of credit secondary features do not actually contribute to more
terms were reported by only one to three firms, or could rapid collections, the extended net periods, plus high
not be classified. Classifications do not take into con- cash discounts and protracted periods in which dissideration extra dating granted by some concerns, nor do count can be taken, run to the opposite liberal extreme.
they provide for any other than the terms most freIt must be granted, however, that the complex of
quently granted by a firm (i. e., " usual credit terms'' arrangements of credit terms cannot be examined in a
were reported). Despite this great diversity, the six vacuum. Terms in real use may not only reflect
terms most frequently used were employed by more evaluation of credit risk, but they may also reflect
than one-half the reporting wholesale concerns.
the desire to promote sales under conditions of severe



/% /O OAYS, E.O.M., NET30 DAYS
3 Off 4% /O OAYS, NET SODA YS
2% /O DAYS, NET 60 DAYS
2% 60 DAYS, NET 61 DAYS
£% /£ DAYS, NET 30 DAYS

0.00

O.IO

0.20
0.30
0.40
O.SO O.6O
O.7O OJO
O.9O
BAD DEBT LOSSES (PERCENTAGE OF CREDIT SALES)

/.00

JULY

SURVEY OF CURRENT BUSINESS

1940

PERCENT
O.SO

mm/939

m&I931

ACCORDING TO CASH DISCOUNT
EXTENDED TO CUSTOMERS

O.4O

17

PERCENT
O.4O

• H 1939 &mi938

1—

ACCORDING TO CASH DISCOUNT
EXTENDED TO CUSTOMERS

1 t 11 1i
iJi
0.30

O.SO

i

0.20

O.2O
O.IO
O.OO

O.IO

NET

0.50
O4O

1%

2%

3-4%

0.00

5% AND
MORE

NET

1%

^m//y

2%

3 - 4 % 5%AND
MORE

0.40

ACCORDING TO T/ME IN WHICH
CASH DISCOUNT MA/ BE TA/ff/V

ACCORDING TO TIME IN WHICH
CASH DISCOUNT MAY BE TAKEN
O.3O

1

O.SO
O.2O
O./O
O.OO

1
J

-

7 DAYS IODAYS 10 DAYS 15 DAYS 3 0 - 3 1 MORE THAN
E.O.M.
DAYS 31 DAYS

ACCORDING TO 77A/f AT WHICH

0.20

a/o

O.OO
7<>RlO
DAYS

1

IODAYS 15 DAYS 3 0 O R 3 I MORE THAN
E.O.M.
DAYS
31 DAYS

O.4O
ACCORDING TO TIME AT WHICH
NET AMOUNT OF INVOICE IS DUE

NET AMOUNT OF INVOICE IS DUE
O.3O

O.2O

O./O

O./O
O.OO
7 DAYS I 0 M Y S I5DAYS 3 0 DAYS 6 0 DAYS MORE THAN
60 DAYS
Figure 13.—Bad-Debt Loss Percentages of Wholesalers, Classified According
to Credit-Term Factors.
241617—40

3




O.OO
7°R|0
DAYS

15 DAYS 3 0 DAYS 60 DAYS 90 DAYS MORE THAN
9 0 DAYS

Figure 14.—Bad-Debt Loss Percentages of Manufacturers, Classified
According to Credit-Term Factors.

18

SURVEY OF CURRENT BUSINESS

JULY 1940

Table 3.—-Proportion of Bad-Debt Losses to Credit Sales of Wholesalers, by Kinds of Business, Classified by Size of Establishments, 1939 and 1938
Size groups (based on total sales for 1939)
$300,000 to $500,000

Kind of business

Automotive supplies - Chemicals (industrial)
Paints and varnishes
Clothing and furnishings (except shoes)..
Shoes and other footwear
oaL
Drugs and drug sundries
Without liquor department
With liquor department
Dry goods
Electrical goods
Farm products Cconsumer goods)
Dairy and poultry products
Fresh fruits and vegetables
Furniture and house furnishings
Confectionery
Meats and meat products
Groceries and foods (except farm products)
Full-line wholesale grocers
Voluntary-group wholesale grocers
Retailer-cooperative wholesale grocers
Specialty-line wholesale grocers _•__.
Beer
Wines and spirituous liquors
Hardware group
General hardware
Heavy hardware
Industrial supplies
Plumbing and heating supplies
Jewelry
Lumber and building materials
Machinery, equipment, and supplies, except electrical
Surgical equipment and supplies
Metals
Paper and its products
Petroleum
Tobacco and its products
Leather and shoe findings
M iscell aneous

0.53 !
0) i.21

0.73
29
73

'
•

.64

0)
0)

:

. 19
. 19
0) i
.65 i
.64
.47

(0*
0)
0)'

22
29

64
34
.54

.46

Total.
Size groups (based on total sales for 1939)
$100,000 to $200,000

$200,000 to $300,000

Kind of business

Number
of reports

Automotive supplies. _
_
.
_
Chemicals (industrial)
Paints and varnishes
..
- .
Clothing and furnishings (except shoes)
Shoes and other footwear
/-i „„]
Drugs and drug sundries
Without liquor department
With liquor department
Dry goods
Electrical goods
Farm products (consumer goods)
Dairv and Doultrv products
Fresh fruits and vegetables
Furniture and house furnishings
Confectionery
Meats and meat products_
.
_ _
Groceries and foods (except farm products)-.
Full-line wholesale grocers
Voluntary-group wholesale grocers
Retailer-cooperative wholesale grocers...
Specialty-line wholesale grocers
Beer
Whines and snirifuous liouors
Hardware group
General hardware
Heavv hardware
Industrial supplies
Plumbing and heating supplies
Jewelry
Lumber and building materials
Machinery, equipment, and supplies, except electrical
Surgical equipment and supplies.
_ _
Paper and its products
Petroleum
Tobacco and its products
Leather and shoe findings
Miscellaneous

Total _
1

17
6
3
5
5

1939
0.54
.30

0)

1.42
.59

Number
of reports

1938
0.74
. 17

1939

$50,000 to $100,000

1938

Number
of reports

1939

0.51
1.29
.49
.40

. 82
.71

38
1
8
8

0)

1.15
.95

6
12
6

0)

5
5

.10
.10

.43
.43

1
1

9
14
19
3
16
6

.41
.45
.53

.48
.60
.41

16
27
16
1
15
9
8
6
42
16

.56
.56
.37

.63
.50
.34

0.56
1.34
.90

9
13

62
9
6
29
18
3
8

.39
.37
.36

0)
(0
.44

0)
.68
.63
.05
.56
1.13

0)

6
3
2
12
11
2
10

.66

(0
.44
.44

(0
0)

.76
.47
.37
72

0)'
.68
1.04
.32
.66
.60

0)

1.11
.16

.09
(1)

.31

.33

.16

0)

.40

.50

0)

.31

26
6
1
55
3
5
28
19
10
6
17
17
3
9
1
11
3
8
343

0)

.31
.62
.70
1.25
.43
.34

0)

.32
.94
.78
1.22
.55
.34

13
4
4
3
23
8

'.52

.18
.38
.63
.90
.40

3
2
31
3
2
16
10
2
1

.68

0)

.43
.33
1.12
1.11
.33

.31
.19

8
6

.16

8
2
2
4
6

0)

.55

0)

.38
.27

2.44
.62

19

.25

0)

.13
.23
.53

0)

.10

0)

.33

0.91

0)
0)

0)

.65
.57
.61

2
3
2

(0
0)
0)

0)
0)

.76
.38
.81

.61
.30
.37

2
3
1
2
12
5

0)
0)
0)

0)
(0
0)
(0 .74

0)

.97
1.02

0)

0)

.46

(0

0)

.45
.46

(0
0)

(0

1.40
.95
1.65

0)
(0

.81

0)
0)

.69
1.21

0)
0)

7
2
11
1
2
7
1
2

.63
.97

1.62
1.48

1.04

1.70

.51

0)

0)

.30

.60

0)
0)

.56

0)
0)

0)
(0

8
1
4

.35

4
1
6

.65

0)
0)

.60
1.29
.86

2.14

0

0)

0)

0)

.11

0)
0)

1.68

1.41

0)
0)

(1)

.27
.24

.40
.59

(l)

0)

0.81

3
1

.47
.88
.76

.94

.51
75

0)

•j

0.74

0)

Bad-debt-loss percentages not shown for samples of fewer than four firms.
2 Multiple-unit firms which could not give break-downs by houses are included in grand totals but not in size-group classifications.




1938

0)
0)

.63
.63

5
48
30
1
1
16
2

1939

0)

(0
0)

0.60

.33
.33

.59
.19

1938

43

0)

4
4

(0

Under $50,000
Number
of reports

4.80
1.38

.99
.68

0)

1.87

19

SURVEY OF CURRENT BUSINESS

JULY 1940

competition. From the latter angle, higher cash discounts with the objective of promoting sales represent
increasing liberality, and not conservatism in the
interest of promoting collections. Consequently, with
terms of pa}^ment in some measure expressing an
appraisal of credit risk in the interest of collections on
the one hand and a sales-promotion device on the other,
it would be virtually impossible to array all combinations of credit terms, from conservative to liberal, to
indicate the precise importance of each of the three
components within each combination of terms.
Recognizing these complications and the fact that
this study seeks only to determine any possible connection between losses and credit terms, the obvious
alternative is to array average losses from high to low
by groups of firms having uniform terms to see if there
is any consistent tendency in the terms as the losses
progressively increase. This arrangement for wholesalers is shown in figure 11 and for manufacturers

in figure 12, based upon data presented in tables 13
and 14.
Neither of these presentations provides sweepingly
conclusive evidence of a direct and progressive relationship between liberality in one or more of the terms
components and the range of losses from low to high
brackets. To a noticeable extent, however, and particularly in the data for wholesalers, the highest loss
groups suggest a long net period as a basic factor, and
possibly liberal time permitted to discount. Conservative terms are also noted at the low loss range for
wholesalers, but fairly liberal terms are found in the
corresponding loss range of the data for manufacturers,
for whom the relation between terms and losses is by
no means so well defined. Possibly a clearer case for
high losses resulting from liberal terms, and vice versa,
could be shown in this type of analysis by securing
larger samples than are given at present for many of
the groups of both wholesalers and manufacturers.

Table 4.—Proportion of Bad-Debt Losses to Credit Sales of Manufacturers, by Industries, Classified by Size of Establishment,
1939 and 1938
Total of all groups
I
Industry

| Number of
reports

Food and kindred products, total
Confectionery
-Flour, cereals other grain-mill products
Meat packing
Distilled liquors
M alt liquors
Wine
Other food products_
Textiles and their products, total
Clothing, men's, except hats
Clothing, women's, except millinery. _
Knit goods
Other textile products
Forest products, total
Furniture
Lumber, timber, and other miscellaneous forest products
Paper and allied products, total
Paper: Writing, book, etc
Wax paper
Paper boxes, and other paper products.
Printing, publishing, and allied industries.
Chemicals and allied products, total
Pharmaceuticals and proprietary medicines
Paints and varnishes
Other chemical products
Petroleum products
Rubber products
Leather and its products, total
Boots and shoes,
Leather: Tanned, curried, and finished.
Other leather products
Stone, clay, and glass products, total
Illuminating
glassware
(globes,
shades, reflectors, etc.)
Other stone, clay, and glass products..
Iron and steel and their products, total
Hardware
Stoves, ranges, steam heating apparatus
Other iron and steel products
Nonferrous metals and their products,
total
Jewelry and jewelers' supplies
Other nonferrous metals
Machinery, not including transportation
equipment, total
Electrical machinery, apparatus and
supplies.
Other machinery, apparatus, and supplies
Motor-vehicle parts
Miscellaneous industries
Total.

Size groups (based on total sales for 1939)
$5,000,000 and over

1939

1938

373
168
22
24
10
20
19
110
118
29
20
12
57
61
33

0.14
.19

0.12
.21

.20
.13
.05
.27
.72
.12
.17
.30
.26
.17
.12
.27
.27

.23
.13
.01
.17
.93
.08
.23
.29
.32
.22
.20
.32
.36

28
82
17
12
53
53
127

.28
.12
.10
.16
.11
.42
.31

28
62
37
19
13
78
24
33
21
63

Num- I
ber of
reports

Number of

1939

reports

0.11
.13
7
4
3
15
17
2

$1,000,000 to $5,000,000

.11
.03

.12
.01

(0
.10
. 11

.14
.15

0)

.58
.28
.20
.22
.33
.22
.20
.10
.13
. 14

0)
.06
.20

0)
(0

0)
0)

0)

0)

.26
.15
.11
.15
.17
.38
.30

0)

0)

.24
.57
.20
.24
.14
.16
.17
.15
.17
.25

.30
.45
.22
21
.25
.18
.18
.19
.18
.20

0)
0)

10
53
147
14

.21
.25
.09
.15

.32
.19
.08
.12

22
111

.25
.07

.28
.06

0)

58
28
30

.15
.16
.15

.10
.06
.13

2
13
2

.24

200

. 11

0)
0)
.11
.13

.10
.24

.39
.13
.18

1,493

1
Bad-debt-loss percentages not shown for samples of fewer than four firms.



.21

0)
.12
0)

. 12

0)
0)

.17
.09
.43
.36

.12

.19

0)
0)

.20
.51
.29
.15
.14
.22
.33
.13

.16
.22
.09

0)
.13

0)
.16

0)

0.21
.17

0)

.21
.11

0)
0)
.29
.35
.30
.11
.36

.25
.07

.06

.19
.17
.20

.25
.13
.35

.20

.22

.10
.53

.05
.12

0)
.16
.06
.51

(0
.13
.13

.03

.34

0)
.38
.16

(0
0)

.12

0.59
.35

0)
0)
0)
0)
0)

.40
.57
.72
.40

.33
.60
.43
.21

1.06
.22

0)
0)

0)

.47
.36
.52

.23
.34
.51

.47
.65
.29

(0

.64

0)
(0

.74
.15
.54

(0

.59
.47

.50
.55

(0
0)

0)

.25
.30
.17
.27
.29

.42

0)
0)

0)
1.03

0)
(0

.53

.50

0)

0)

0)
0)

0)
0)

.31
.39

.54
. 19

0)

.52
.13

0)
0)

0)
431

.15

.22
.27
.19

.33
.31
.33

.39
.44

.33

.26

.24

.35

.17

.38

.19

.18

.23

.25
.12
.17

0)

.33

.18

.03

.05
.13

.10
.29
.10

.32
.44
.68
.50
.82
.58

0)

.41
. 52

.14
.37
.57
.36
.17
.41
.52

0)

.27
.36
.30
.04
.12
.28
.39
.20

0)
0)

.03

(0
(0
0)
0)
0)

.28

0)
0)
(0

.17
.24
.05

.17
.18
.38
.32

0)

0)

. 14
.27
.27
.35
.18
.29
.34

.29
.35
.12
.23

.05

0.49
.45

(0
0)
0)

0)
.20
0)

0)

1938

0.33
.40

.31

.35
.64
.19
.23
.30
.26
.29
.10
.20
.24

.19
.39
.14
.22

Number of

reports

0)

.21
.13

.36

1938

$300,000 to $500,000

0.40
.39

0)

0)

0)

.13

90
110
37
64

.10

Number of j 1939
reports

1939

0.20
.16

0.08
.15

$500,000 to $1,000,000

.53
.15
.16

.18
.49
.61

.27
.13
.54

.56
.16
.35

.56
.26
.45

.21

.23

.35

.34

287

0)

189

.12

.12
.13

0)

.39

.45

20

SURVEY OF CURRENT BUSINESS

JULY

1940

Table 4.—Proportion of Bad-Debt Losses to Credit Sales of Manufacturers, by Industries, Classified by Size of Establishment,
1939 and 1938—Continued
Size groups (based on total sales of 1939)
$200,000 to $300,000

Industry

Number
of reports
Food and kindred products, total
Confectionery
Flour, cereals, other grain-mill products.
Meatpacking.
Distilled liquors
Malt liquors
__
_ ..
Wine
Other food products
Textiles and their products, total
Clothing, men's, except hats
_
Clothing, women's, except millinery
Knit goods
Other textile products
Forest products, total
Furniture
Lumber, timber, and other miscellaneous forest products
Paper and allied products, total
Paper: Writing, book, etc
Wax paper
Paper boxes, and other paper products..
Printing, publishing, and allied industries. _
Chemicals and allied products, total __ ._
Pharmaceuticals and proprietary medicines
_-_
Paints and varnishes
Other chemical products
Petroleum products
_. ________
Rubber products
Leather and its products, total_ _ _
Boots and shoes
Leather: Tanned, curried, and finished..
Other leather products
_
Stone, clay, and glass products, total
Illuminating glassware (globes, shades,
reflectors, etc.)
Other stone, clay, and glass products
Iron and steel and their products, total
Hardware
__ __.
-_
Stoves, ranges, steam heating apparatus.
Other iron and steel products
Nonferrous metals and their products, total..
Jewelry and jewelers' supplies
Other nonferrous metals
_
. __
Machinery, not including transportation
equipment, total
Electrical machinery, apparatus and
supplies
Other machinery, apparatus, and supplies
Motor-vehicle parts _ _ Miscellaneous industries
_ ..
Total
1

38
18
3
1
4
4
8
11
1
4
6
7
4
3
5
1
4
5
10
3
6
1
1
7
4
3
7
1
6
12
4
8
4
2
2

1939

0.71
.33

8
5
3
126

Number
of reports

0.51
.39

49
26
1

1939

0.42
.39

$50,000 to $100,000

1938

0.54
.38

G)

G)

G)
G)

0)
G)

Number
of reports
26
17
1

1939

0.59
.57

Under $50,000

1938

0.70
.76

G)

G)
G)
G)

1939

19
15

0.43
.48

G)

G)
G)
G)

Number
of reports

1938

0.29
.24

(i\

1.66
2.58
.47
.60

.37
1.00
.55
.54

G)

.32

2
2
18
9
4

.39
.89
.82

.49
.35
.47

.70

.69
.64
.39

G)

.15
.32
.95

G)

. 11

.07
.45
.65

G)

.73

G)
G)

.38

G)
G)

.19

.24

.16
G)
G)
.43
.69
.82

G)
G)
.76

G)
.53
.45

0)

.58

.71
.41
.64

G)
G)
.62

G)

1.79
.07

1.63
0

G)
.11
.65
.63

4
10
5
1
2
7

. 75
.58
.49

.75
.73
.31

G)
G)

G)
G)

2
5
9

G)

G)

2
7
13
1
2
10
9
6
3

G)

.49
.34
.52

.35
1.45

.10
.30
.60

G)

G)

.01
.60

G)

.25
1.92

4
12
19

.17

.05

G)

6
5
1

G)

.13

.52
.42
.50

2
3
3
5

1.96

1
3

G)
G)

G)
G)

1

G)

G)

.12

1
2
2

G)

G)
G)
G)

.53

4
6

1.24

2
5
8
2

G)

G)

11
3

1938

G)

G)
(i)

(1)

$100,000 to $200,000

.31

.29
.93

G)

11

.54
1.18
G)

15
2
6

.62

177

.28
.51

G)

1.14
.40

G)
G)
.29
. 75
.74

G)
26

.25

.53
.49
.55

G)
.68
.55

.50
.20

G)
G)
. 17
.57
.80

G)

G)

G)

3
4
1

G)

G)

(')
l.n
G)

3
8
2
1
5
8
2

G)

G)

G)

G)

2

G)

G)

6
1

G)

5
2

G)

G)

G)

G)

G)

G)

2
9
1
8
4
1
3

.33

6

.19

2

.43

4
2
5

G)
.53
.51

87

1.23

.61

G)
G)

.84
.66

.70

G)
G)
0

.65

.16
2.26

3
2
1
1

G)
G)
G)
G)

G)
G)
G)
G)

1

G)

G)

1
2

G)
G)

G)
G)

G)

G)
2.39
G)
G)
G)
(^
G)
G)

G)

.77

.28
.22
.42

G)
G)
.86

.89

.23
.26
.34

G)
G)

1.03
.94

2
5
1
2
2
2
1
1

1.99

)

.20

G)
G)
G)
(0
G)
G)

.35

1.39

G)

4

2.93
G)

3

.44

.36

5

.16

.45

.69

.66

55

.72

.51

G)
.92

G)

.31

2.49

G)

G)

Bad-debt-loss percentages not shown for samples of fewer than four firms.

Analysis of Losses by Individual Terms Factors.

An analysis of bad-debt losses by groups of wholesalers and manufacturers classified according to each
of the three elements composing terms is presented in
figures 13 and 14, which are based on the data in
table 15. The two sections of both charts which
classify losses according to cash discount and according
to period for payment of net amount of invoice reveal,
with some imperfections, a tendency for larger losses
to follow higher cash discounts and longer terms.
As terms arrangements quote both discount and net
period, it is evident that both factors cannot be dominant. Presumably, therefore, because of similarity in
the scaling of losses in the classifications for each factor,
the charts disclose that when one of these two factors is
liberal, the other is also inclined to be. However, in
the center sections of the charts, presenting losses classified according to time in which discount may be taken,
the groups do not follow the loss trend visible in the
upper and lower sections. Consequently, it may rea


sonably be assumed that this particular element can
be more readily eliminated as a factor controlling
losses than either of the two remaining components of
terms.
In the wholesale data, there is indication that up to
a certain point increased losses reflect progressive
liberality in all three factors, but this is scarcely evident
in the data for manufacturers. Beyond a 15-day period
allowed for discount, it would appear that the more
liberal limits of this element are associated with relatively conservative cash discounts and are probably
fairly close to the final net periods of individual terms
arrangements. Supplementary information on this
problem is presented in tables 16 and 17, where terms
are listed under each industry and trade according to
prevalence of use.
Importance of Credit Management.

In the main, the relation of credit terms to bad-debt
losses indicates that, although liberality in terms is a

21

SURVEY OF CURRENT BUSINESS

JULY 1940

definite factor contributing to losses, it is not an uncontrollable factor. If credit terms were dictated wholly
by the desire of the customer or in the expedient interest
of sales promotion, much more clear-cut evidence of
progressively higher losses with each successive move
away from conservatism would undoubtedly be shown.
In contrast to this, the less precise relationship found
in actual business is unquestionably the result of credit

management and the constant supervision of accounts
to make credit terms conform to appraisal of risk. The
possibilities inherent in credit management are such
that the wide scale of terms arrangements need not
produce any more than the irreducible minimum of
losses at one extreme or the other, for each of the multitude of terms arrangements could be adapted to its
appropriate use.

Table 5.—Proportion of Bad-Debt Losses to Credit Sales of Wholesalers, by Kinds of Business, Classified According to Average
Credit Sales Per Account, 1939 and 1938
Average credit sales per account (based on 1939 figures)
Total of all groups
Kind of business

Firms averaging
$1,000 or more
per account

1938

Number of 1939
reports

1938

Number of 1939
reports

0.39

0.27

0.18

0.44

0.55

0)

0)

Total

1938

51
15
108
217
89
14
75
52
20
56
480
245
119
13
103
14
19
402
132
29
153
88
36
40

0.53
.18
.34
.32
.33
.18
.33
.28
.44
.27
.24
.27
.17
.34
.33
.39
.25
.30
.32
.33
.05
.29
.50
.47
.39
.35
.16
.40
.59
.50
.35

0.68
.20
.27
.32
.41
.11
.35
.31
.46
.31
.24
.25
.14
.32
.33
.40
.25
.33
.30
.39
.05
.35
.56
.34
.39
.41
.26
.29
.54
.71
.44

4
3
1
5
9
8
40
30
10
21
60
35
6
29
13
1
36
240
118
83
12
27
1
7
73
13
3
24
33
9
18

65
32
20
84
11
120
11
57

.69
.18
.22
.40
.18
.19
.54
.33

.85
.08
.30
.39
.17
.23
.37

17
2
8
18
4
34
1
11

.31 |

.33

156
17

2,283 |

8
.11
.28
.18
.34
.29
.44
.18
.20
.16
.09
.22
.24

0)
.22
.26
.30
.26
.06
.20

0)

.45
.41
.21

0)
.51
.62
.34
.38

0)
0)

.13
.28
.12
.40
.34
.51
.29
.20
.13
.09
.18
.26

.28
.24

0)

0)
0)

0)

.20
.47
.38

.30
.52
.65
.34
.07

0)
.56
.46
.14
.17

0)
.40
.26

0)
.48
.18

.32

0)
.51
.64
.29
.16
.60
1.20
.07

.38
.35

0)

.30
.65
.11
.46
.52

0.77
.20
1.10
.69
.64

.36
.41

.39
.52

.33
.33

.40
.40

.67
.70
.93

.57
.51
.70

1.08
.64

0)
0)
0)

0)

.28
.52
.41
.66

0)

.40
.73

0)

.49
.56
.35
.34
.51
1.00
.25

.33

.61

0)

.21
.19

.29

0)

.18
.12

.16

343

0)

.27

.27

.22
.51
.70
.49
.44
.37
.53

.48
.31

0)

0)

.36

0.54
.36
1.21
.86
.32

0)

.30
.31

0)
283

0.60
.30
.47
.39
.81

0)
0)

(0

0)

.37

.26
.21

0)

.26
.26

.39

0)
0)

0.57
.26
.26
.29
.53

0.83

.31
.50
.24

.48
.45
.51
.52

.33
.29
.26

Number of
reports

1938

.22
.46
.39

.43
.49

Firms averaging
under $250
per account

Number of 1939
reports

0)

0)

.52

Firms averaging
from $250 to $500
per account

.19
.38
.35

.41
.43
.62

.62
.58

.40
.28
.26
.31

.35
.26
.23

0)

0)

0)

0)

0)
0)
0)

.20
.20

.37
.56
.61
.61
.29

.23
.26
.27
.28
.05
.25

.34
.26
.15
.19

0)
0)

.99
.46

0)

0)

i Bad-debt-loss percentages not shown for samples of fewer t h a n four firms.




Firms averaging
from $500 to $750
per account

Number of 1939
reports

Number of 1939
reports
Automotive supplies
Chemicals (industrial)
Paints and varnishes
Clothing and furnishings, except shoes
Shoes and other footwear
Coal
Drugs and drug sundries
Without liquor department
With liquor department
Dry goods
Electrical goods
Farm products (consumer goods)
Dairy and poultry products
Fresh fruits and vegetables
Furniture and housefurnishings
Confectionery
Meats and meat products
Groceries and foods (except farm products)....
Full-line wholesale grocers
Voluntary-group wholesale grocers
Retailer-cooperative wholesale grocers
Specialty-line wholesale grocers
Beer
Wines and spirituous liquors
Hardware group
General hardware
Heavy hardware
Industrial supplies
Plumbing and heating supplies
Jewelry
Lumber and building materials
Machinery, equipment, and supplies, except
electrical
Surgical equipment and supplies
Metals
Paper and its products
Petroleum
Tobacco and its products
Leather and shoe findings
M iscellaneous

Firms averaging
from $750 to $1,000
per account

.22
.39

21
5
4
105
45
6
42
12
5
5
20
9
3
17
2
23
4
12

0)
.29
.44
.23

1938

0)

0)

.69
.49
.46

.26

.39
.62
.71
.53
.40
.85

0)
.51
.57

.22
.36
.37
.37
.18
.44
.46
.47
.36

0)
0)

.10

.87
.01

.73
.45

0)

0)

0)

0)

0)

22
L18
.40
.42

.41
.58
.50

0)

.73
.82

(0

0)

.51
.40
.58
.33
.33
.22
.36
.50
.23
.31

.70

0)

.70

.50
.59
.23
.46
.64
.33
.66

.39

.44

0)

.22
.58
.46

.28
.39
.36
440

.50

0)
0)
.71
1.15
.77
.40
.35
.64
.53
.49
.12

0)
.37
0)

.26
.91
.41
.57

22

SURVEY OF CURRENT BUSINESS

JULY 1940

Table 6.—Proportion of Bad-Debt Losses to Credit Sales of Manufacturers, by Industries, Classified According to Average
Credit Sales per Account, 1939 and 1938
Average credit sales per account (based on 1939 figures)
Total of all groups

Firms averaging
from $750 to $1,000
per account

Firms averaging
$1,000 or more
per account

Industry

Num- i
| NumI Num-!
i berof; ] Q 3 9 ; 1 9 o 8 | h f j i g 3 9 j ] 9 3 8 : h^-)f
hereof
j ports |

0 ! 1 1

'•7
r "*

1

;

' ports !

i

, ports

0.12

0
2!

i Xum-i
I Num- :
Num; her of ,1 9 3 Q | ] Q 3 8 ^ ^
1939 ' 1938 her of, iq
1939
reI ports ;
!
\ ports
ports

] 9 3 9 \ ig3g

:

j
0 K>
i7

. II

Firms averaging i Firms averaging I Firms averaging
from $500 to $750 j from $2"0 to $500 | under $250 per
$
per account
per account

21
!5

) -M
1')

0.21 |
. 14 I

OS i 0. 23 0.22
41 ' . 2 1 .22

112

1938

0. 49
.50

7G

Jour, c vt :li
2<)

0)

li
.
ii'i i.
ii-1-joi.

:o ,
.'0

.0".
. 27

19 |

V, i . i c

17

(0 !
(0 !
• 18 !
. 22
0) i

. 97

'.' >
. 12

Tevtii'-> *ri I i ' I P T i>! • l-i '>. ! ! 1
C! t-ii.i >, ':« L' . e \ ^ , ' ! . • ;
C!ot l lLl ', \, I,'1K ^ . ( \ " -M i'l
Kiiit iiuol-'
_
.
(ither IQ .*iu> im>.l ;eis Forest or > In • ,, lot 'I
<
Va: • i'Mro _ _
Linn >or, limb. *\ :>TI 1 •••' :'
foio.t p>-o l.n-l^
_ _ _. -

17
. \)

ll\ .
(
2> '
'J) '

'/. t
3 >

ii

.44
.49

P a p e r a n I «1111 • 1 \no ; - t , . 1M- d .
l ' . - i o . : V\ »:«ifi'_, b loic, e t c - u'-<\ p . p . "Paper b ) \ p s a n d of U . . p ' p c
P r i n t n ^ , i r j b ' i / . i i n L ' , r\- d ; d i i 1 1
C h e m i c v . l s ' . i 1 lUol T)r.)«iu:s
i-*h i r n i c c u t i c ils a n . ; . >p>

. 09
. l"i

3i
H
2S

19
13 i

( )
i
. 3f

I e i t h e r : T a n n e d , curried, a n d f mished
Other leather p r o d u c t s . . . . . . _ . _
f^torip, clay, and \U iss products, toi'-l
Illuminating g!awvaro 0 lobes, sh ides,
reflectors, etc )._
_
O* her ston°, clay, and ulass products
Iruii and steal and their products, total
Hardware
Stoves, ranges, steam heating a p p a r a t u s ._
Other iron a n d steel products
Nonferrous metals a n d their products, t o t a l . . .
Jewelry and jewelers' supplies
Other nonferrous metals
Machinery, n o t including transportation
e q u i p m e n t , total
.
Electrical machinery, a p p a r a t u s , a n d ]
supplies
!
Other machinery, a p p a r a t u s , a n d sup- |
plies
Motor-vehicle parts
i
Miscellaneous industries
Total

.
.
.
.
.

. is
•]u i

0) i

200

.13

.19
.06
.13
.12
.14

1

0)
0)
.06
.17
0)
.18

104 I .18 | .23

.24

.39
.13
.18

.51
.13

1

I

18 j .36 !
l

. 51 I
.09 I

0)
. 15
.78
(0
0)
.22

.43

8 ' .31

i 0) i

.29
.19 |
.44

.25

45 I .08 | .10

.19

.39

0)

.31
.10
0) !
I
0)
.01
.20
0)

0)
0)
0)

.30
.57
.07

i

.43
(0
(0

.36

59 ! .43
17 | .04 1
19 .08

10 ! .38 j .47
4 ; .43 ! .36
8 i .46 ; . 1 3

.06 i
.09

.57
.17
C.1)
({)
.21

(
(0

I)
(0
0)
0)

6

(
.is
.07
.11
.19
.05
.09
.03
.11

.211

90
110
37
64

3 I 0)
(0
3
2
(0
1
0)

'. H
. 15
12
. 19
.02
. 19

. 1 \

. 15
.25
.07
.15
.16
.15

0)

] >,

(0

. 16
.48
.31

•21 |
(0
.07

0)
7
9
3
6
19
3

0)

.70
.40
. 49
. 48

. 51
2 ' '>o
0)

1.01
0)

4
11

3. 54
26

1.31
. JO
. 74
. 46
.20

20 j
47 I
I

0) , 21
. 56 | 17
. 24
9
4
0)
C1)
97
(0
1
.20
10
.21

. 53
. 29

.37
. 69
0)

0) i
0) i

.27

0)
.19
.30
0)
.56
.33
.12
.14
0)
.15

.68

.19

.05

I

.23 !

14

8 I

.18

.44

13
8
14

.38
.56
.37

.30
.39
.46

13 j

.28 i

.84

11
8
5
3

I
.28 !
.84 |

(0
.74
.66
.48
.63

0)

27

.23
.44
.43 j

.36
.43

. 32
0-'.'
. 69
.18
.35
0)
.53

.21
0) i
.49 !
. 12 I

of!
.49 j
21 I

J

2 1 0 ) I
17 I .34
307

.32

.23 I

1.493

, 1.22
1 .41
! !49
' . <5

13
6
2

0)
.24
.41
. 53
.31
3
0)
0)
8
.31
. 16
15 |
8
.39
10 j .23 .39
5 ! 1.00 .42
15 | .33 .38
. 26 .33
2
0)
.32
7
.31
10
.19
! .30
.36

.02
. 12
.19

J 1)

1
3 1

'

.21

IS '
30
16
i\
11

. l ,

. 19
.08
. 12
28
.06
.10
.06
.13

i !

(; •

3

4
27
27
5

2 1 0)
f;3
.31
24 ; . 59
s . 97

(0
.

. 13
10
53
117
14
22
111
58
28
30

(0
. 16
0)
. 16
.29
.44

( )
'0

. "0
21
. 1!

J t O O i S . l ' l 1 Sh'-Os

1

. '0

3

. 0 >
.0'i
. 15

127

P WnU a id v a n i s h e s _ _ .
O i h e r c h i i>i' il p i o d u c ' s . .
'Pctro 1 >uim products ___ . ___
Rubber nroduels..
_ _._ __.
Le ither a'i 1 if s ;»ro 1 net •;, tot i l .

(i)

(0

h)

.31
.48

.45

Bad-debt-loss percentages not shown for samples of fewer than four firms.
Table 7.—Proportion of Bad-Debt Losses to Credit Sales, 1939 and 1938
Av srage credit sales )er account
$1,000 and over

$750 to $1,000

$500 to $750

$250 to $500

U nder $250
Sales size groups
Number of
reports
WHOLESALERS
U n d e r $50,000
$50,000 to $100,000
$100,000 to $200,000
$200,000 to $300,000
$300 000 to $500,000
$500 000 to $1,000,000
$1,000,000 to $5,000,000
$5,000,000 a n d over

-- - --

1939

1938

Number of
reports

1939

1938

Number of
reports
.

59
99
107
51
63
42
16
3

1.49
.84
.57
.52
.62
.42
.37
(0

0.75
.99
.62
.55
.74
.45
.51
0)

16
59
114
63
73
79
58
2

1.54
.58
.53
.46
.42
.34
.36
0)

0.70
.82
.43
.66
.34
.34
.46
0)

19
53
67
62
64
66
5

32
44
65
36
52
47
26

.83
.74
.54
.59
.41
.53
.42
.36

.79
.78
.53
.65
.39
.48
.51
.34

11
23
47
25
32
57
55
6

.91
.67
.55
.76
.36
.37
.26
.31

.11
.39
.34
.62
.29
.39
.22
.30

6
4
27
21
26
40
40
10

1939

0.87
.31
.56
.62
.42
.31
.38
.36

1938

Number of
reports

1939

1938

Number of
reports

1938

1939

1.06
.48
.62
.54
.47
.42
.37
.43

3
7
31
32
70
69
64
7

(l)
0.38
.46
.38
.41
.31
.34
.20

(0
0.59
.65
.48
.34
.32
.40
.28

2
12
38
49
112
180
248
38

0)
1.05
.43
.39
.56
.31
.27
. 19

(0
1. 00
.32
.45
.44
.30

.25
.17
.38
.82
.36
.29
.22
.20

2
4
13
6
26
24
40
7

C1)
.70
.42
1.03
.52
.33
.20
.13

O
.16
.32
1.29
.52
.29
.20
.19

4
12
25
38
53
119
270
113

.24
.69
.67
.53
.40
.31
. 18

.21
1.10
.96
.38
.64
.28
.22
. 10

.22

MANUFACTURERS
Under $50,000
$50,000 to $100,000 _ .
$1,00 000 to $200,000
$200,000 to $300,000
$300,000 to $500,000
$500,000 to $1,000,000
$1,000,000 to $5,000,000
$5,000,000 and over

- _-

I

5

 Bad-debt-loss percentages not shown for samples of fewer than 4 firms.

1

.23
. 17
.55
.29
.51
.28
.26
. 19

•U

!

;

JULY

23

SURVEY OF CURRENT BUSINESS

1940

Table 10.—Age Analysis of Accounts Written Off by Manufacturers, *by Industries, 1939 and 1938

Table 8.—-Bad-Debt-Loss Percentages of Wholesalers, by Geographic Regions, 1939 and 1938

listri-

i'ueen bid debts
io cnnl , ' IU ^

Total regions

,[
l'.Ki.S
I " - o i l MC-

in.

\ C \ \ 1 IlAiIKl ._
All .die U l a r M c
L -I \ o i t h ( "iitril
V , M \ < r»li Coriii il
S o ' i ' h \ 11 n h o
3- i,l Swinli ( \ nil il
\ \ M > M'h CY'ie .'
Mw'mt in
P.u.ihc

0 --. .
52
5i '

(il

0 1'
i
h

936 a n d
]>rior
ve;irs
l) h Ct ) \ \ x \
I I ) il . C 1 ..
" i
1
ll,,10i..(U
'

*'.

aSle 9.—-A«,° Ana1\ p ,is of ,
saler«, Lj Ki/ids of Ba > /

\

' i n ).. 1 i .
t

\i

'> i

" ' I

24. 3
11. 9
\). 7
24. 6

17 ~
/)

'

r i
,, "

'i

3
B~

H'!l

\

\1<« J I d 193.

' 1 , I"l

I

9.

J2 "

,

6.1

Kind of business

bor

1

1
i

1

5

s

1 0 >J
>

i

1 )><

>i

> >

if 1 '

P ! i>

U •
<

uiM'iie^ _

120

P a i n t s a n d \ iini*- n "!

o

^ h ; S UKl >,lh' 1 I'-Ot

'35
2^

(

n>
5"

S
-

U) 1
>v

*o 0
~o 7
21 I

)

• j -

>

' ) i 'i N j id iru J; s ' i , i d " i e s A tf1o u t h ' i ' i ' ) i d< D I. t m o i i t
O n i ' s m l 'hai
siiniii"s with
L q u )L dt i) u u i i ' n t _
D l \ 'OO Is
.

J' 1 > u u a l iio') Is _.
(
J) ur \ i'\ 1 DO lltr^v mo lut ts
Ft '«,'i fiuils r i d \ ^'\ t ibU»>
F u t n i t ' i t e Hid houselui:ushm_ ) s
Con'tv Ho.1 T* _
M e a o a n d m o il p i o l u c ' s
f1 u ! l - l i n J w h >'( • i' > ur > ors
>
r
V o l u it n \ - a i o u p
w nolosal *
i><<)

ers

Rol ult r-t ooper iti\ e w holovile
grocis
__
_ _
rfpecialtv lint v\holosalo grocers _
Bc»r
Wi les and spmtuous liquors Goneril hardware lle.iv \ hardware _.. .
En lustn il supphos
Plumbing an 1 heating supplies Jewelry/Lumber and building materials..
Machinery, equipment, and
supplies
Surgical equipment and suppliesMetals.
_..
_Paper and its products
Petroleum
Tobacco and its products
Leather and shoe findings
Miscellaneous.-. __ _. __.
Total




1

I 9

j^

i \

47

1 7

~ i 0

is

15

15 5
"2 8

27 s

20 7
J7 0

7

37 J
5s1 (
>
50 1
x ) 1
47 ")

t»() 0
47 2
"i 1

25 )

19 7 57

101

4s 6

2i 2

2s 2

13
16
111
21
137
83
29
37

05 7
52. 1
23.7
43.2
42.5
36.6
32.1
37.9
12.0
36.4

13 2
30.0
22.3
45. 1
31.1
51.5
34.3
34.3
50.8
40.5

23 1
17.6
54.0
11.7
26.4
11.9
33.6
27.8
37.2
17.1

63 1
2
35. 2
67. 2
37. 8
30. 5
43. 8

58
25
18
70
8
102
9
35

19.6
30.6
64.0
23.7
71.7
64. 3
53. 0
21.6

20.7
13.9
17.4
49.2
17.9
21. 1
17. 1
29.2

1, 890

45.2

30.2

9
98

A) 2

11 8
to o

1 3 S
2*s s
1
) s

4 5
]u 9

)
-

5

29 2
20 7

)

1

2f>

7

ss

2i )

5 9
3 0

0
62 -}
- > >

•j'

2J 5

, > -

5 i 1
29 1

lh
12
1'*
•1

j(t

j

2^ 5
3! ',

0
3
5
S

_ 4 (1

is 0

! 1 4
1 j "
'*s 7

21 S

25 0

8
3o! 9

,1 5
39.4
25.1
27.3
34.5
50.5
34.5
29.5
46.8
43.8

27 7
19! 0
27.7
24.6
45.4
20.3

59.7
55.5
18.6
27.1
10.4
14. 6
29.9
49.2

27.
65. 9
34. 4
34. 2
73. 2
66. j
42. 3
73. 5

14.8
15.7
40.5
45. 2
16.0
21. 8
19 4
14.3

57.5
18.4
25.1
20.6
10. 8
11. 5
38.3
12.2

24.6

49. 7

29.5

20.8

46.

45. 9

l

-I';

!jl

•l

i 1 fi

1

i 1 ,'

u l l '
h< r
!

:,( i t
linjil

d

1 1

»th

^
> 1 , < 11 \

-, j .

14. 4
39.7
5.5

1 he

irir

0 1 h<
! »

7

,)

1

!

)i 1 -

hi
(

)'o U
lL( |S

'

2
57

I
,(

5

20 4

i'

,

• * ,

27

1 pi >l u
ci 1 i

t<*
1 SS 1)

11011^
11 ] " ) (It ts

1

M

'il

int t i i s

duds
M < )' v t hiJ( pi tb
1
\1 ^ , ji ij] ( u-^
r

l >t \\

> > '
5s 9
>() s

">
40

1
4> 4
<
^2

12 9

"2 ]

_' 5
27 0

7

26. 0
27. 3
10.2
40. 4
02. 8
.5

21
Jl

2 5

i4

17
11 0

2'
2S

27

lh

1()

76

2S
IS
J-s
9
1 I
20
11)2

,

s

27 0

54

2
9

2

97
>()
57
—
1 319

i

iW

2 <

70

5
5

2 )

1 >

3

" >

3

6-

2 ( 0
> -2 0
1
0
5 1 > 5
0 s
J5 5

T\

)•">

^7 0

>

24 5

2> 1

47 1

! 5

s 2

17 9
'5 0
U 0

75 9

0

2(>

(

-

33 0

'0

l.C
4.4
o2. 7

1

s

19. 1
49. 3
39. 8
48. 8
40. 8

^ )

52
)

21

7

12

2

32. 2
1

40. 7

7
7

79. 7
22. r>
24.5

'2
s
»(»

58

—

—

7

0

1'^ 1
's 7

5 9

0
51

I '

1 ,

_7
_^

!

1

)

(>
\

\
10 1

)

j

aii'i

IK ll U It \Ui i ) \\> p 11 I t l l s ,
1 sllpp u s
1 t) undi \
r 111 u 1'IK I

12.9
21. 1

>i

s 0
"() 0
3

>

\2
JS

unit d , t ' l ' 1 (d, an I

17
5] -

>

1 r

-}s

1

>

1! M S

21 5

1

r

•> 5

j Hi 1

4

3'V

)

s

7

h \
i
t PH

)

d

Ilii' 1 n ilin
^ IK
>*1 U
1 ' ' ( V 1 ' s, ( 1'
1 1 1 \ In
" t ' > 1ml 1 l I M l ^
orp( j ' i ) I m 1 s.i ' 1 pit ilK K
()t

10

27

1< , 111

11

kuh

(Mn

]'

1

25 7
2

I'

Mil
1 M

15 >ot "

^ '

•;

0

92
105
12
61
5)
17
55
205

SL ~
~ [ >}

17 5

>"F

>h 1

ou

60 i)
9

[

IS s

,2 *

'9 )
10 0
" i)
,i) i

9

\'UI

i~

1

'it d , It

i

" I 11 O1hi 1

Yui ) i jf • * '

1,

M

1 < i'l

j ,j 1 a
\i

s

P
1 1 >'i
>' i n

•i.

21 l

56

5

>1

• —

33. 4

24

SURVEY OF CURRENT BUSINESS

Table 11.—Age Analysis of Accounts Written Off by Wholesalers and Manufacturers, by Size of Establishment, 1939
and 1938

Sales size group

Percentage distribution of 1939
gross write-off according to years
in which sales
Numwere made
ber of
reports
1937
and
1939 1938 prior
years

Percentage distribution of 1938
gross write-off according to years
in which sales
were made

1938

1937

1936
and
prior
years

WHOLESALERS
74
166
291
234
336
385
369
35

36.4
32.8
37.3
35.7
37.6
44.5
45.9
54.6

18.4
31.4
29.2
36.7
30.5
30.0
29.8
29.9

45.2
35.8
33.5
27.6
31.9
25.5
24.3
15.5

47.7
36.0
45.7
43.4
42.0
47.5
46.3
68.0

27.4
32.6
25.5
34.5
27.1
29.8
31.1
25.9

24.9
31.4
28.8
22.1
30.9
22.7
22.6
6.1

49
76
162
113
164
260
382
113

U n d e r $50,000
$50,000 to $100,000
$100,000 to $200,000
$200,000 to $300,000
$300,000 to $500,000
$500,000 to $1,000,000
$1,000,000 to $5,000,000—.
$5,000,000 a n d over

35.0
27.2
42.6
38.5
34.6
34.0
37.0
29.1

36.5
30.3
34.5
41.2
35.2
35.6
33.8
25.8

28.5
42.5
22.9
20.3
30.2
30.4
29.2
45.1

35.8
31.9
46.0
34.2
37.7
37.2
39.5
31.6

30.9
28.9
33.2
28.5
36.2
36.3
32.4
28.9

33.3
39.2
20.8
37.3
26.1
26.7
28.1
39.5

MANUFACTURERS
U n d e r $50,000
$50,000 to $100,000
$100,000 to $200,000
$200,000 to $300,000
$300,000 to $500,000
$500,000 t o $1,000,000
$1,000,000 to $5,000,000-...
$5,000,000 a n d over

Table 12.—Age Analysis of Accounts Written Off by Wholesalers and Manufacturers, by Average Credit Sales per
Account, 1939 and 1938

Average credit sales per
account

Percentage distribution of 1939
gross write-off according to years
in which sales
Numwere made
ber of
reports
1937
and
1939 1938 prior
years

Percentage distribution of 1938
gross write-off according to years
in which sales
were made

1938

1937

1936
and
prior
years

WHOLESALERS

379
392
301
243
575

44.8
36.3
50.3
44.5
46.6

30.8
37.7
28.3
27.4
29.2

24.4
26.0
21.4
28.1
24.2

46.3
41.0
52.1
45.6
54.0

30.1
34.1
26.7
27.6
29.4

23 6
24.9

276
230
159
109
546

U n d e r $250
$250 to $500
$500 to $750
$750 to $1,000
$1,000 a n d over

42.6
36.0
28.3
39.0
30.8

34.8
38.1
33 4
32 6
26 9

22.6
25.9
38.3
28.4
42.3

41.2
39 1
27 9
55 6
32 6

33.4
39.4
42.5
28.9
26.6

25.4
21.5
29.6
15.5
40.8

21.2
26.8
16.6

MANUFACTURERS
U n d e r $250
$250 to $500
$500 to $750
$750 to $1,000
$1,000 a n d over

Table 13.—Wholesalers' Bad-Debt Losses Analyzed According
to Credit Terms, 1939 and 1938

Credit terms

Percent bad
to credit
Num- debtssales
ber of
reports
1939

2 percent 10 days, net 30 days
2 percent 10 days e. o. m., net 30 days
Net, 30 days
Net, 7 days




477
151
149
147

0.29
.46
.31
.17

1938
0.35
.44
.24
.18

JULY

1940

Table 13.—Wholesalers' Bad-Debt Losses Analyzed According
to Credit Terms, 1939 and 1938—Continued

Credit terms

Percent bad
to credit
Num- debtssales
ber of
reports
1939

1 percent 10 days, net 30 days
2 percent 30 days, net 60 days
Net, 15 days
2 percent 10 days e. o. m
2 percent 10 days, net 60 days
2 percent 30 days, net 31 days
2 percent 10 days e. o. m., net 60 days
Net, 10 days
2 percent 15 days, net 30 days
2 percent 10 days e. o. m., net 15 days.
2 percent 60 days, net 90 days
1 percent 15 days, net 30 days
2 percent 15 days, net 60 days
1 percent 10 days e. o. m., net 30 days
2 percent 70 days, net 90 days
2 percent 10 days, net 15 days
2 percent 30 days, net 90 days
Net, 60 days
3 or 4 percent 70 days, net 90 days
2 percent 60 days, net 61 days
3 or 4 percent 10 days, net 60 days
3 or 4 percent 10 days e. o. m
2 percent 7 days, net 30 days
1 percent 10 days e. o. m
3 or 4 percent 10 days, net 30 days
5 percent 30 days, net 60 days
1 percent 15 days, net 20 days
1 percent 30 days, net 60 days
3 or 4 percent 10 days, net 90 days
6 to 9 percent 15 days, net 30 days
1 percent 7 days, net 15 days
1 percent 7 days, net 30 days

114
104
90
84
82
57
53
47
34
26
19
15
12
12
11
11
10

.30
.36
.28
.35
.48
.36
.33
.31
.34
.37
.28
.28
.68
.30
.40
.27
.66
.70
.44
.42
.34
.25
.19
.18
.03
.97
.29
.88
.88
.20
.19
.17

1938

.35
.31
.54
.45
.32
.31
.24
.39
.38
.29
.27
.70
.38
.28
.32
.50
.58
.33
.44
.33
.29
.18
.24
.30
1.74
.27
1.05
.95
.25
.20
.21

Table 14.—Manufacturers' Bad-Debt Losses Analyzed According to Credit Terms, 1939 and 1938

Credit terms

Percent bad
to credit
Num- debtssales
ber of
reports
1939

2 percent 10 days, net 30 days
1 percent 10 days, net 30 days
Net, 30 days
2 percent 10 days e. o. m., net 30 days.
2 percent 15 days, net 30 days
2 percent 10 days, net 60 days
2 percent 30 days, net 60 days
2 percent 10 days e. o. m., net 60 days.
2 percent 10 days e. o. m
Net, 7 days
1 percent 15 days, net 30 days
2 percent 30 days, net 31 days
1 percent 10 days e. o. m., net 30 days.
Net, 10 days..-*
2 percent 15 days, net 60 days
2 percent 10 days, net 15 days
Net, 15 days
1 percent 10 days, net 60 days
5 percent 10 days e. o. m
2 percent 30 days, net 90 days
5 percent 30 days, net 60 days
3 or 4 percent 10 days, net 30 days
3 or 4 percent 30 days, net 31 days
5 percent 15 days, net 30 days
2 percent 60 days, net 61 days
2 percent 15 days, net 20 days
2 percent 10 days e. o. m., net 15 days
3 or 4 percent 30 days, net 60 days
1 percent 10 days e. o. m
1 percent 30 days, net 60 days
5 percent 10 days, net 30 days

228
133
72
58
47
44
35
29
21
20
18
11
9
S

0.13
.17
.19
.15
.14
.38
.25
.20
.23
.14
.19
.07
.29
.06
. 10
. 19
.13
.23
.23
.14
.11
.30
.11
.82
.70
22
!20
.18
.18
.18
.13

1938
0.14
.16
.13
.17
.22
.39
.26
.15
.24
.15
.25
.10
.24
.05
.23
.17
.24
.59
.35
.11
.25
.21
.13
.04
.56
.54
.45
.25
.25
.17
1.81

25

SURVEY OF CURRENT BUSINESS

JULY 1940

Table 15.—Bad-Debt-Loss Percentages of Wholesalers and Manufacturers, Classified According to Credit-Term Factors, 1939
and 1938
Number of
reports

Factors in credit terms

Percent bad
debts to credit
sales
1939

Factors in credit terms

Number of
reports

Percent bad
debts to credit
sales
1939

1938

1938

MANUFACTURERS

WHOLESALERS

Cash discount extended:
Net, none
1 percent
2 percent
3 or 4 percent
5 percent and more
Time in which cash discount may be taken:
7 days
10 days
10 days e. o. m
15 days
30 or 31 days
More than 31 days
Time at which net amount of invoice is due:
7 days
10 days
15 days
30 days
60 days
,
More than 60 days

479
184
1,235
46
51

0.25
.31
.34
.36
.26

0.26
.31
.37
.40
.48

29
742
369
85
250
64

.15
.31
.37
.41
.36
.30

.12
.34
.39
.40
.38
.30

158
57
151
1,111
307
74

.18
.31
.28
.31
.39
.33

.18
.24
.31
.33
.41
.37

Cash discount extended:
Net, none
1 percent
2 percent
3 or 4 percent
5 percent and more
Time in which cash discount may be taken:
7 or 10 days
10 days e. o. m
15 days
30 or 31 days
More than 31 days
Time at which net amount of invoice is due:
7or 10 days
15 days
30 days
60 days
90 days
More than 90 days

193
289
785
32
54

0.17
.18
.15
.17
.25

0.14
.18
. 17
.21
.37

739
174
108
114
27

.16
.19
.17
.18
.07

.17
. 19
.23
.20

34
27
1,032
180
25
10

.10
.17
.16
.26
.20
.21

.09
.27
.16
.28
.20
.20

Table 16.—Wholesalers' Bad-Debt Losses Analyzed According to Credit Terms, by Kinds of Business, 1939 and 1938
Percent bad
Num- debts to
credit sales
ber
Kind of business and credit terms of reports
1939
Automotive supplies
2 percent 10 days e. o. m., net 30
days
2 percent 10 days e. o. m
2 percent 10 days, net 30 days
2 percent 30 days, net 60 days
2 percent 30 days, net 31 days
Net, 30 days
2 percent 10 days e. o. m., "net 15
days
_'
C hemicals (industrial):
1 percent 10 days, net 30 days
2 percent 10 days, net 30 days
Net, 30 days
P a i n t s and varnishes
2 percent 10 days, net 60 days
2 percent 10 days, net 30 days
Shoes and other footwear
2 percent 10 days, net 30 days
D r u g s and drug sundries without
liquor department
2 percent 10 days, net 30 days
D r y goods
2 percent 60 days, net 90 days
2 percent 10 days, net 30 days
2 percent 70 days, net 90 days
2 percent 30 days, net 60 days
3 or 4 percent 10 days, net 60 d a y s .
' 2 percent 10 days, net 60 days
' 2 percent 60 days, net 61 days
Electrical goods
2 percent 10 days, net 30 days
2 percent 10 days e. o. m., net 30
days
2 percent 30 days, net 60 days
2 percent 10 days e. o. m., net 15
days
Net, 30 days
D a i r y and poultry products
Net, 7 days
Fresh fruits and vegetables
Net, 7 days
Net, 10 days
Net, 15 days
Net, 30 days
F u r n i t u r e and house furnishings. _.
2 percent 30 days, net 60 days
2 percent 10 days, net 30 days
3 or 4 percent 70 days, net 90 d a y s .
Confectionery
2 percent 15 days, net 30 days
2 percent 10 days, net 30 days
M e a t s and meat products
Net, 7 days
Net, 15 days

241617—40

4




1938

0.53

36
28
27

.73
.57
.33
.72
.61
.51

.98
.85
.48
.72
.62
.27

.41
.18
.18
.31
.04
.34
.59
.73
.33

.68
.20
.14
.21
.10
.27
.46
.70
.41
.85

4
4
217
73

1939

Full-line wholesale grocers
Net, 7 days

156

51
4
108
15
12
11

Percent bad
Numdebts to
ber
Kind of business and credit terms of re- credit sales
ports

1.27
.27
.26
.25
.40
.14
.33
.54
.33
.24
.23

.31
1.56
.31
.27
.34
.28
.23
.32
.72
.39
.24
.20

.59
.36

.83
.65

.47
.39
.17
.19
.34
.19
.81
.41
.64
.33
.34
.46
.44
.39
.41
.33
.25
.14
.53

.40
.44
.14
.15
.32
.23
.54
.14
.44
.33
.36
.31
.33
.40
.44
.48
.25
.18
.66

2 percent 10 days, net 30 days
Net, 30 days
Net, 15 days

1 percent 10 days, net 30 days
Net, 10 days
2 percent 15 days, net 30 days
1 percent 15 days, net 30 days
2 percent 7 days, net 30 days
Voluntary-group wholesale grocers.
Net, 15 days
Net, 7 days
1 percent 10 days, net 30 days
Net, 30 days
2 percent 10 days, net 30 days
Net, 10 days
Retailer-cooperative w h o l e s a l e
grocers
Net, 7 days
Specialty-line wholesale grocers
2 percent 10 days, net 30 days
Net, 30 days
Net, 7 days
1 percent 10 days, net 30 days
Net, 10 days
Wines and spirituous liquors
Net, 30 days
Net, 15 days
General hardware
2 percent 10 days, net 60 days
2 percent 10 days, net 30 days
2 percent 10 days e. o. m., net 60
days
2 percent 30 days, net 60 days
2 percent 10 days e. o. m., net 30
days
Heavy hardware
1 percent 10 days, net 30 days
2 percent 10 days, net 30 days
2 percent 10 days e. o. m., net 30
days
Industrial supplies
2 percent 10 days, net 30 days
2 percent 10 days e. o. m., net 30
days
2 percent 10 days e. o. m
2 percent 10 days e. o. m., net 60
days
1 percent 10 days, net 30 days
2 percent 30 days, net 60 days
2 percent 10 days, net 60 days
1 percent 10 days e. o. m., net 30
days

1938

32
.32
.40
.49
.23
.28
.34
.19
.25
.19
.33
.30
.24
.47
.35
.26
.21

.30
.20
.47
.34
.22
.19
1.28
.16
.26
.22
.39
.36
.27
.57
.33
.29
.30

4
132
38
37

.05
.05
.29
.13
.39
.10
.56
2.30
.47
.46
.47
.35
.45
.39

.05
.07
.35
.36
.07
.12
.59
.53
.34
.27
.20
.41
.43

16
12

.26
.37

.39

11
29
9
7

.32
.16
.07
.18

4
153
80

.26
.40
.29

22
10

.78
.21

6
6
5
5

.61
.11
.54
.16

245
32
29
28
26
22
15
10
9
4
119
21
20
12
12

103
22
14
13
12

Percent bad
Num- fdebts to
ber credit sales
Kind of business and credit terms
of reports
1939

Plumbing and heating supplies
88
2 percent 10 days, net 30 days
30
2 percent 10 days e. o. m., net 30
21
days
2 percent 10 days e. o. m., net 60
11
days
8
2 percent 10 days e. o. m
5
2 percent 30 days, net 60 days
4
1 percent 10 days, net 30 days
Jewelry
36
2 percent 30 days, net 60 days
10
Lumber and building materials
40
2 percent 10 days, net 30 days
7
2 percent 10 days e. o. m., net 30
days
7
1 percent 10 days, net 30 days
5
2 percent 10 days e. o. m., net 60
days
__.
4
Machinery, equipment, and supplies, except electrical
65
2 percent 10 days, net 30 days
18
1 percent lOdays, net 30 days
9
Net, 30 days
8
2 percent 10 days e. o. m., net 30
8
days
Surgical equipment and supplies. _ 32
13
2 percent 10 days, net 30 days
20
Metals
9
1 percent 10 days, net 30 days
4
2 percent 10 days, net 30 days
84
Paper and its products
26
2 percent 10 days, net 30 days
21
2 percent 30 days, net 31 days
9
2 percent 30 days, net 60 days
7
2 percent 10 days e. o. m
2 percent 10 days e. o. m., net 30
7
days
11
Petroleum
6
1 percent 10 days, net 30 days
Tobacco and its products
120
2 percent 10 days, net 30 days
17
9
2 percent 30 days, net 31 days
Net, 15 days
8
7
Net, 30 days
2 percent 15 days, net 30 days
6
2 percent 10 days e. o. m., net 30
4
days
4
6 to 9 percent 15 days, net 30 days.
11
Leather and shoe findings
6
2 percent 10 days, net 30 days
Miscellaneous
57
10
2 percent 10 days, net 30 days
7
Net, 30 days

.59
.44

1938
.54
.50

.56

.47

.52
.77
.54
.36
.50
.86
.35
.50

.59
.45
.64
.14
.71
1.08
.44
.65

.22
.37

.19
.58

.30

.23

.69
.35
.46
.43

.85
.36
.17
.40

.14
.18
.01
.22
.24
.16
.40
.25
.52
.48
.40

.21
.08
.04
.30
.30
.30
.39
.77
.29
.23
.37

.29
.18
.10
.19
.21
.19
.18
.21
.32

.19
.17
.09
.23
.26
.25
.28
.17
22

.21
.20
.54
.92
.33
.38
.16

.28
.25
.37
.68
.39
.11
.12

26

SURVEY OF CURRENT BUSINESS

JULY

1940

Table 17.—Manufacturers' Bad-Debt Losses Analyzed According to Credit Terms, by Industries, 1939 and 1938

Industry and credit terms

Number of
reports

Percent bad
debts to credit
sales
1939

C onfectionery
2 percent 10 days, net 30 days
2 percent 15 days, net 30 days
2 percent 10 days, net 15 days
2 percent 10 days e. o. m., net 30 days
2 percent 10 days, net 30 days
Flour, cereals, and other grain-mill products
Net, 30 days
Meat packing
Net, 7 days
Distilled liquor
Net, 30 days
Malt liquor
Net, 30 days
Wine
Net, 30 days
2 percent 10 days, net 30 days
Other food products
2 percent 10 days, net 30 days
1 percent 10 days, net 30 days
Net, 30 days
Clothing, men's, except hats
Net, 30 days
Clothing, women's, except millinery
6 to 9 percent 10 days, c. o. m
Other textile products
2 percent 10 days, net 30 days
2 percent 10 days, net 60 days
Furniture
2 percent 30 days, net 60 days
2 percent 10 days, net 30 days
L u m b e r , timber and other miscellaneous forest products-_
2 percent 10 days, net 30 days
1 percent 10 days, net 30 days
Paper: Writing, book, etc
Net, 30 days
Wax paper
2 percent 10 days, net 30 days
Paper boxes and other paper products
1 percent 10 days, net 30 days
|
2 percent 10 days, net 30 days
J
2 percent 30 days, net 31 days
Printing, publishing, a n d allied industries
Net, 30 days
2 percent 10 days, n e t 30 days
Pharmaceuticals, etc.—drugs
2 percent 10 days, net 30 days
Paints and varnishes
2 percent 10 days, net 60 days
1 percent 10 days, net 30 days
2 percent 10 days, net 30 days
2 percent 10 days e. o. m., net 60 days




168
92
43
5
4
4
22
6
24
17
10
4
20
10
19
4
4
110
40
34

0.19
.26
.17
.19
.23
.08
.20
.11
.13
.13
.05
.06
.27
.66
72
.79
.63
.12
.04
.09
.34
.30
.13
.26
.27
.12
.03
.18
.27
.55
.28
.31
. 18
.10
.27
.16
.18
.11
.10
.22
.10
.42
.*48
.24
.21 |
.57 !
.71 |
.23 |
.44 !

Industry and credit terms

Number of
reports

1938
0.21
.25
.20
.13
.43
.13
.23
.12
.13
.14
.01
.01
.17
.69
.93
.45
3. 59
.08
.05
.08
.10
.29
.19
.32
.41
.20
.14
.11
.36
.48
.46
.41
. 11
.26
. 15
.20
.17
.16
.31
.18
.38
.38
.41
.30
.27
.45
.59
.37
.38
.01

Percent bad
debts to credit
sales
1939

Other chemical products_
2 percent 10 days, net 30 days
1 percent 10 days, net 30 days
Petroleum products
1 percent 10 days, net 30 days
Rubber products
^
_
2 percent 10 days, net 30 days
Boots and shoes
5 percent 30 days, net 60 days
Leather: Tanned, curried, and finished
2 percent 30 days, net 60 days
Other leather products
2 percent 10 days, net 30 days
Illuminating glassware (globes, shades, reflectors, etc.)_
1 percent 15 days, net 30 days
Other stone, clay, and glass products
1 percent 10 days, net 30 days
2 percent 10 days, net 30 days
H ar d w ar e
2 percent 10 days, net 30 days
Stoves and ranges
2 percent 10 days, net 30 days
Other iron and steel products
1 percent 10 days, net 30 days
2 percent 10 days, net 30 days
Net, 30 days
."'
2 percent 10 days e. o. m., net 30 days
1 percent 10 days e. o. m., net 30 days
2 percent 10 days e. o. m., net 60 days
2 percent 10 days, net 60 days
Other nonferrous metals and their products
1 percent 10 days, net 30 days
2 percent 10 days, net 30 days
Electrical machinery, apparatus, and supplies
Net, 30 days
1 percent 10 days, not 30 days
2 percent 10 days, net 30 days
2 percent 10 days e. o. m., net 30 days
Other machinery: Foundry products
2 percent days, net 30 days
Net, 30 (1 ays....
1 percent 10 days, net 30 days
Motor-vehicle parts
2 percent 10 days e. o. m., net 30 days
2 percent 10 days e. o. m
2 percent 10 days, net 30 days
Miscellaneous
2 percent 10 days, net 30 days
1 percent 10 days, net 30 days
2 percent 10 days e. o. m., net 30 days
2 percent 10 days e. o. m., net 60 days.. -__
Xet, 30 d a y s . . '
'.
'.

37
17
10
19
9
13
6
24
4
33
13
21
8
10
9
53
9
5
14
9
22
6
111
45

90
15
13
13
9
110
27
23
37
13
6
4
64
29
8
5
4
4

1938

.20
.16
.24
.24
.32
.14
.12
.17
.06
.15

.15
.17
.25
.21
.21
.25
.59
.15
.15
.17
.25
.10
.07 ;
.05 i
.06
.15 i
. 11
.63 !
.06 ;
.03
.15 i
.24 i
.08
.09 :
.08 !
.32 ;

.06
.19
.39
.33
.10
.49
.13

!
!

!

:
|

!

.18 •

.51
.38 I
.18 ;
.20
.13
59
.33 :
.02

.22
.13
.19
.21
.23
.25
.50
.18
.21
.19
.16
.18
.10
.32
.38
.19
.50
.16
.12
.12
.28
. 17
.06
.06
.04
.05
.03
.64
.09
.05
.13
.28
. 15
.12
.07
.09
.06
.13
.51
.53
.06
.83
.13
.14
.39
.08
. 15
.14
.14
.30
.47
. O'.l

27

SURVEY OF CURRENT BUSINESS

JULY 1940

Monthly Business Statistics
The data here are a continuation of the statistical series published in the 1938 Supplement to the SURVEY OF
That volume contains monthly data for the years 1934 to 1937, inclusive, and monthly averages for earlier years back to 1913 insofar as available; it also provides a description of each series and references
to sources of monthly figures prior to 1934. The 1938 Supplement may be secured from the Superintendent of
Documents, Government Printing Office, Washington, D. C , for 40 cents per copy.
A few series have been added or revised since the 1938 Supplement went to press. These are indicated by
an asterisk (*) for the new series and by a dagger (t) for the revised series. A brief footnote accompanying each
of these series provides a reference to the source where the descriptive note may be found.
The terms "unadjusted" and "adjusted" used to designate index numbers refer to the adjustment for seasonal
variations. Data subsequent to May will be found in the Weekly Supplement to the SURVEY.

CURRENT BUSINESS.

Monthly statistics through December 1937, to- 1940
gether with explanatory notes and references
to the sources of the data, may be found in the
May
1938 Supplement to the Survey

1940

1939
May

June

July

August

September

October Novem- Decem- January
ber
ber

February

March

April

BUSINESS INDEXES
INCOME PAYMElVTSt
Adjusted index
1929 = 100..
Total
mil. of dol_Salaries and wages:
Adjusted index
.1929 = 100..
Total
mil. of dol..
Commodity-producing industries _ .do
Distributive industries
do
Service industries
do
Government
do
Work-relief wages
do
Direct and other relief
do
Social-security benefits and other labor income
..mil. of doL.
Dividends and interest
do...
Entrepreneurial income and net rents and
royalties
mil. of doL.
Total nonagricultural income
do..
Adjusted index of nonagricultural income
1929 = 100.-

88.0
6,195

88.5
5,804

89.5
6,888

89.5
6,067

88.4
5,567

87.1
5,938

' 86. 7
'5,913

84.5
3,692
1,357
892
821
507
115
87

86.6
3,858
1,434
922
835
539
128
88

87.3
3,834
1,421
911
839
531
132
87

87.7
3,878
1,413
942
851
534
138
87

87.2
3,723
1,337
892
837
519
138
94

86.0
3,691
1,324
873
831
520
143
95

85.6
3, 733
1,334
896
829
523
151
94

'85.1
r 3, 728
1, 336
'888
827
' 530
147
192

145
451

135
805

128
783

129
496

132
1,514

143
855

148
455

150
827

1,109
5,222

1,157
4,887

1,291
5,364

1,338
5,510

1,258
5,217

1,277
6,306

1,252
5,518

1,178
5,081

1,134
5, 486

85.5

86.7

87.0

88.8

89.5

89.9

88.8

88.4

^87.0
p 5, 647

83.4
5,432

84.1
5,918

83.7
5,695

85.4
5,400

6,010

p 85. 7
v 3, 789
v 1,3G9

81.4
3,598
1,235
862
806
520
175
87

82.8
3,665
1,281
874
815
530
165
85

82.8
3,516
1,271
868
810
422
145
85

84.0
3,560
1,318
871
813
423
135
87

139
471

145
920

136
849

v 1,125
p 5,186

1,137
4,943

1,103
5,453

^88.5

84.3

85.4

P905
P835
P 538

v 142

INDUSTRIAL PRODUCTION
(Federal Reserve)
Combined index, unadjusted
1923-25 = 100.
109
94
98
97
117
120
112
110
124
124
Manufactures, unadjusted
do
107
99
95
121
94
97
116
123
110
123
r 110
Durable goods*
do
107
78
86
129
85
84
117
126
123
100
104
Automobiles
do
115
142
28
88
91
128
66
108
93
127
100
Cement
do
88
98
98
100
49
99
90
75
43
136
Glass, plate..
do
121
78
93
112
200
232
165
222
191
165
119
Iron and steel
do
79
89
104
94
138
153
121
153
155
M17
10S
Nondurable goods*
do
111
114
107
108
119
116
106
122
122
114
Leather and products
do
105
131
103
106
121
114
111
120
110
118
Petroleum refiningt
do
221
222
217
211
215
214
211
233
229
217
110
125
Rubber tires and tubesf
--do
122
114
125
103
-•114
113
125
118
' 117
91
118
Slaughtering and meat packing
do
80
97
92
86
119
84
111
102
97
117
121
Textiles
do
112
119
99
104
105
103
114
131
129
181
151
Tobacco manufactures
do
180
186
158
178
172
155
171
175
179
113
123
Minerals, unadjusted
do
98
v 120
105
115
120
97
107
127
132
72
Anthracite
do
53
p 57
73
51
44
81
54
62
58
74
90
Bituminous coal
do
63
76
40
r 79
68
101
92
88
102
104
187
Iron-ore shipments
do
159
166
82
132
150
0
0
0
130
218
67
Lead
do
80
71
65
68
70
79
81
88
86
72
179
173
Petroleum, crude
...do
v 189
177
178
129
184
186
181
185
183
98
Silver
do
106
69
105
59
111
78
90
98
90
93
87
84
123
90
124
Zinc
do
87
121
117
106
111
98
128
p 106
92
109
101
Combined index, adjusted
do
103
119
124
121
111
130
108
p 103
91
97
100
Manufactures, adjusted
do
105
US
124
121
103
141
82
' 104
p 93
71
89
Durable goods*
do
93
'123
130
123
85
81
127
127
73
87
Automobiles
do
89
128
90
78
78
75
79
82
85
96
C emeu t
do
76
71
80
91
87
165
89
124
130
87
232
Glass, plate
do
121
165
200
191
222
122
109
174
73
89
101
Iron and steel
do
'112
106
'144
168
158
118
108
108
110
110
120
111
Nondurable goods*
do
115
114
118
119
105
102
121
115
110
115
116
Leather and products
do
118
120
115
109
221
221
215
211
212
217
Petroleum refiningt
do
218
214
228
232
125
110
114
125
113
Rubber tires and tubest
do
r 117
122
' 114
118
125
100
87
89
100
94
99
Slaughtering and meat packing
do
92
100 i
100
100
99
121
111
111
98
104
123
Textiles
do
120
114
126
108
125
164
186
170
158
170
170
Tobacco manufactures
do
168
167
172
170
166
114
120
104
98
P 121
106
Minerals, adjusted
do
91
125
124
120
121
71
59
73
53
Anthracite
do
53
59
75
60
51
58
84
Bituminous coal.
do
75
46
71
77
S3
91
91
87
94
97
67
Iron-ore shipments
do
74
110
55
78
0
0
155
0
128
71
Lead
do
72
82
70
68
71
78
87
83
78
70
174
170
Petroleum, crude
do
187
175
127
189
174
189
187
190
181
104
Silver
do
107
105
79
71
70
89
91
103
91
121
Zinc
do
91
111
89
90
114
117
116
110
« Revised.
•
p Preliminary.
*New series. Forindexes of durable and nondurable goods production beginning 1919, see table 8, p. 14, of the March 1939 Survey.
fRevised series. Petroleum refining, revised beginning 1934, and rubber tires and tubes, beginning 1936; see table 36, p. 17, of the August 1939 Survey.
„._,_.
^
income payments beginning 1929, see table 41, pp. 15 and 16 of the October 1939 issue.




106
105
102
128
63
172
109
108
109
217
118
94
101
152
112
55
79
0
83
192
100
104
101
94
110
87
164
97
107
106
217
118
99
98
121
66
79
0
82
194
98
115

146
'"SOS
1,139
' 5, 444

104
103
99
128
82
149
102
106
99
219
118
92
98
166
r HI
56
77
0
60
r
'192
'117
120
102
'98
90
105
84
136
92
106
101
219
118
103
95
181
' 123
54
92
0
60
T
192
116
115

For revised

28

SURVEY OF CURRENT BUSINESS

Monthly statistics through December 1937, to- 1940
gether with explanatory notes and references
to the sources of the data may be found in the
May
1938 Supplement to the Survey

JULY 1940
1940

1939
June

May

July

August

September

October Novem- December
ber

January

February

March

April

BUSINESS :[NDEXES- Continued
AGRICULTURAL MARKETINGS
Quantities marketed:
Combined index.
_
1923-25=100..
Animal products „
do
Dairy products._ _
_ do....
_ .
do . .
Livestock
do _ .
Poultry and eggs,
- _ _
do
Wool
Crops
_ _ - _ - . do . . .
do
Cotton
do
Fruits
Grains
_ _ _ _ _ _ _ do....
Vegetables
_ - do Cash income from farm marketings:!
Crops and livestock, combined index:
Unadjusted
Adiusted

1924-29=100 do
do .
do

Crops
Livestock and products
Dairy products
Meat animals
Poultry and eggs

do . .

d o do

78
98
118
72
150
190
58
29
53
76
101

81
99
135
72
145
193
63
23
92
80
109

82
93
145
62
114
387
71
26
81
101
112

94
88
133
66
91
386
101
46
78
184
49

85
84
122
70
79
266
87
75
80
116
41

120
82
100
78
75
144
159
251
79
120
72

125
87
90
90
75
90
163
278
95
94
82

104
90
80
81
126
42
119
200
75
68
66

88
87
80
75
132
35
90
133
74
59
61

78
85
95
85
87
31
71
94
78
42
79

66
71
90
67
77
25
60
67
62
48
72

p 66.5
p 80. 5
p 74.0
P86.5
P87. 0
p 91.5
p 70.5

59.0
70.5
59.5
80.5
75.0
89.5
66.0

59.5
63.5
50.5
75.5
75.5
78.5
65.0

67.5
63.0
51.5
74.0
77.0
75.0
66.5

75.5
66.5
58.5
74.0
82.0
71.0
64.5

93.0
73.5
64.5
82.0
84.0
84.5
67.0

107.0
76.5
68.5
83.5
89.0
87.0
66.5

90.0
76.5
66.0
86.5
91.0
87.0
73.5

79.0
79.0
74.0
84.0
91.5
82.0
70.5

69.0
79.0
72.5
85.0
95 0
84.5
65.5

182
211
236
84
184
106
119
166

189
223
222
88
185
105
115
186

0)

0)

0)

0)

0)

0)

74
80
96
66
113
40
68
66
64
63
94

74
89
108
71
136
61
59
39
63
73
76

60.5
84.0
81.0
86.5
94.0
82.0
80.0

60.0
76.0
72.5
79.0
89 5
75.0
70.0

62.5
81.5
77.0
' 85. 5
r
89 5
88.0
'70.5

0)

0)

0)

r

WORLD STOCKS
Combined index (quantity) f

1923-25 = 100.-

Cotton adiiistGd

Rubber adjustedf
Silk, adjusted
Sugar adiusted
Tea adjusted
Tin, unadjusted .
Wheat adjusted

_

do .
do....
do . do....
do—.

0)
126
127

do . . .

245
223
98
194
108
115

241
211
101

210
107

2-8
105

212
105

200
120

234
101

231
102

241
111

256
112

102

110

153

139

123

123

117

114

115

COMMODITY PRICES
COST OF LIVING
(National Industrial Conference Board)
Combined index
1923=100..
Clothing
do
Food
_ _ _ do..
Fuel and light
. . _
.-.do
Housing
do
Sundries
- - _ do
PRICES RECEIVED BT FARMERS.
(17. S. Department of Agriculture)
Combined index
Chickens and ©ggs

1909-14= 100
do

Cotton and cottonseed

Dairv Droducts
Fruits
Grains
Meat animals

. - - do

.-

-

_

do
do—
do
do

Truck crops .
„
-_.do
Miscellaneous
_
_
do
RETAIL PRICES
U . S . Department of Labor indexes:
Coal:
Anthracite

Bituminous

Foodt
Fairchild's index:
Combined index
Apparel:

.

_.

86.0
73.1
80.6
84.1
86.7
97.0

84.8
72.1
78.1
84.0
86.2
96.6

84.7
72.0
77.9
83.4
86.0
96.6

84.9
71.9
78.1
83.8
86.3
96.9

84.5
71.9
76.7
84.0
86.3
96.9

85.9
72.2
80.7
84.4
86.5
97.0

85.8
72.6
80.1
85.2
86.6
96.8

85.7
72.9
79.6
85.6
86.7
96.8

85.3
72.9
78.5
85.6
86.6
06.8

85.4
73.0
78 8
85.8
86.6
96.9

85.8
73.2
79.8
86.0
86.6
96.9

85.5
73.2
78.8
85.8
86.6
96.9

85.9
73.2
79.9
85.4
86.7
97.0

98
84
83
106
88
92
108
133
101

90
85
72
92
85
72
112
88
83

89
83
73
94
93
73
107
105
81

89
89
73
96
80
66
107
99
89

88
90
71
100
70
64
101
99
100

98
102
76
107
73
83
117
117
98

97
108
74
112
73
77
112
128
94

97
117
75
117
66
79
107
123
98

96
97
82
118
65
87
101
96
104

99
91
85
119
66
90
103
117
113

101
98
85
118
76
91
101
168
107

97
83
85
114
73
92
102
128
101

98
82
85
110
81
96
104
145
1C0

97.0

94.0

75.1
85.2
93.6

94.3

93.5

75.7
86.9
98.4

97.6

96.7

77.1
89.2
94.9

94.8

96.6

81.0
89.0
95.6

96 2

92.8

89.1

89.1

89.3

89.5

90.2

91.2

91.9

92.0

92.3

92.6

92.8

92.8

96.9
88.9
91.8
94.6
86.0

95.9
88.4
88.8
90.5
84.1

95.9
88.4
88.9
90.6
84.0

95.9
88.4
88.9
90.6
84.1

96.0
88.4
89.0
90.7
84.1

96.1
88.6
89.5
91.7
84.3

96.3
88.7
90.4
92.7
84.7

96.4
88.7
90.9
93.5
85.0

96.4
88.7
91.0
93.5
85.3

96 6
88 8
91 4
93.7
85.5

96.6
88.8
91.8
94.1
85.9

96 9
88.9
91.9
94.4
86.0

96 9
88 9
91 7
94.3
86.0

78.4

76.2

75.6

75.4

75.0

79.1

79.4

79.2

79.2

79.4

78.7

78.4

78.6

81.3
72.0
78.3
67.9
77.2
69.6
71.4
72.8
69.2
73.8

79.9
68.9
74.3
63.7
59.6
73.2
68.2
58.6
63.8
78.6

79.6
67.7
74.1
62.4
58.2
69.4
67.6
60.0
62.5
75.7

79.2
67.8
74.4
62.6
52.3
69.7
67.5
64.6
62.0
75.3

79.1
66.5
74.5
61.0
51.5
66.0
67.2
67.9
58.5
73.7

81.9
72.6
81.8
68.7
65.1
76.3
75.1
74.5
62.8
81.0

82.3
72.3
83.1
67.1
61.6
70.5
73.3
78.9
60.2
74.9

82.0
72.4
82.1
67.3
64.1
66.1
72.3
80.1
61.2
71.2

81.7
73 3
82.0
67.6
71.6
63.8
71.9
81.3
63.0
69 1

81.7
73 8
81.7
69.1
73.5
67.2
71.7
81.9
60.3
69 9

81.4
72 7
79.9
68.7
72.8
65.6
71.1
80.0
58.7
68 4

81.1
72 0
79.7
67.9
73.4
67.1
70.2
78.6
58.7
69 2

81.2
73 0
78.2
69.4
77.2
68.4
71.6
77.4
65.7
71 1

1923-25=100..-

..do

1935-39=100 D e c 31,1930=100

Infants'
do
Men's
do
Women's
__
_
do
Home furnishings
_ do
Piece goods
_
do
WHOLESALE PRICES
U. S. Department of Labor indexes:
Combined index (813 quotations) _ _1926= 100..
Economic classes:
Finished products
_ - . . do ___
Raw materials. _
do
Semimanufactures
do
Farm products
_ _ . . . do _.
Grains
-do
Livestock and poultry
do >
Foods
. _ . . do _
Dairy products. __
do
Fruits and vegetables
- «. do
Meats
.
_ _ do _ .
Commodities other than farm products and

80.2
80.2
80.1
82.1
82.5
80.6
84.0
82 9
83.8
83 9
83 2
82 5
83 9
92.5
89.5
90.9
89.5
89.7
89.6
93.0
92.8
93.0
93 3
92 5
93 2
93 4
90.2
91.1
91.0
91.7
90.6
90.5
91.5
91.6
90.4
91.6
90.2
91.2
91.6
90.5
91.5
91.3
91.3
91.5
91.5
91.3
91.3
91.3
91 2
91 4
90 3
91 4
91.2
90.7
96.6
93.7
91.8
91.8
98.0
98.3
97.8
96.1
97.6
97.8
97.6
p Revised.
r Preliminary.
i Temporarily discontinued; for several of the series, European stocks have not been available since the outbreak of war.
fRevised series. Cash income from farm marketings revised; data not shown on page 20 of the March 1940 Survey will appear in a subsequent issue. Combined index
of world stocks revised beginning J a n u a r y 1920; see table 5, p . 17, of t h e J a n u a r y 1939 Survey. For subsequent 1938 revisions in t h e combined world stocks index and in t h e
rubber component, see p . 20 of t h e J u n e 1939 issue. Cement price index revised beginning 1926, see table 23, p . 18, of the April 1940 issue; the building-materials group and
the combined index of all commodities have not been revised, as the effect of the change in cement prices on these indexes is small. T h e food index represents a revision of
the index formerly compiled on a 1923-25 base and is computed with the use of new weights derived from the 1934-36 study of family expenditures of wage earners and lowersalaried workers made b y t h e Bureau of Labor Statistics. Earlier data will appear in a subsequent issue of the Survey.
§ D a t a for June 15,1940: Total 95, chickens and eggs 81, cotton and cottonseed 81, dairy products 104, fruits 104, grains 83, meat animals 102, truck crops 134, miscellaneous 100.
foods

Building materials -Brick and tile
Cementf
Lumber




_

1926=100

do
do
do __
do

29

SURVEY OF CURRENT BUSINESS

JULY 1940

Monthly statistics through December 1937, to- 1940
gether with explanatory notes and references
to the sources of the data, maybe found in the M a y
1938 Supplement to the Survey

1940

1939
May

June

July

SepAugust tember October Novem- December
ber

January

February

March

April

COMMODITY PRICES—Continued
WHOLESALE PRICES—Continued
U. S. Department of Labor indexes—Contd.
Commodities other than farm products and
foods—Continued.
Chemicals and allied p r o d u c t s ^ 1926=100..
Chemicals §
do
Drugs and Pharmaceuticals §
do
Fertilizer materials§
do
Fuel and lighting materials.
do
Electricity
do
Gas
do
Petroleum products
do
Hides and leather products
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
World prices, foodstuffs and raw materials:
Combined indexf
.1923-25=100..
Cotton .
do

Rubber .
do
Silk
do
Sugart
-do
Tea
_
do
Tin
do
Wheat . .
..
do
Wholesale prices, actual. (See under respective
commodities.)

76.7
85.1
82.0
70.8
71.7
50.7
101.3
107.9
92.2
93.6
88.5
81.9
94.8
94.5
94.2
80.3
80.6
72.9
85.0
69.4
61.3
83.4
77.7
58.0
90.7

0)

37.5
49.7
39.0
40.1

102.4

75.6
84.4
77.4
68.4
73.9
79.3
86.0
52.5
91.6
101.3
72.1
83.1
85.5
81.0
89.8
93.5
95.7
73.1

75.2
84 2
77.4
66.5
73.0
77.8
88 9
52.5
92.3
101.3
75.3
83.8
85.6
81 0
90.0
93.2
95.2
72,9

74.5
83.9
77.2
65.3
72.8
78.1
89.0
52.2
92.5
100.8
76.9
84.1
85.6
81 0
90.0
93.2
95.1
78.3

74.2
83.8
77.1
65.5
72.6
75.8
86.7
51.7
92.7
100.8
77.2
84.0
85.6
81.1
90.0
93.2
95.1
74.6

76.6
84.5
78.4
67.2
72.8
77.5
87.2
53.3
98.5
101.8
97.4
92.0
86.6
81.3
91.7
94.8
95.5
84.7

77.6
85.2
79.7
68.6
73.9
75.4
84.4
54.0
104.6
105.7
112.4
97.8
87.8
81 7
93.7
95.8
96.0
85.3

77.4
85.2
79.7
69.8
74.1
76.5
82.2
53.9
104.0
107.2
104.3
97.8
88.4
82 3
94.2
96.0
96.0
85.1

77.7
85.3
80.3
70.9
72.8
77.7
80 4
52.5
103.7
107.5
105.2
95.2
88.5
82 4
94.4
96.0
96.1
84.6

77.7
85.3
81.3
71.3
72.7
77.6
78.6
51.7
103.6
107.8
102.6
96 0
87.9
81 4
94.0
95.8
96.3
82.6

77.5
85.3
81.3
71.0
72.4
78.2
81.6
50.9
102.4
108.2
97.0
94.2
88.0
81.5
94.2
95.3
96.3
79.2

77.0
85.1
81.4
70.6
72.2
77.1
80.4
50.4
101.8
108.4
94.3
93.5
88.0
81.5
94.2
95.5
96.4
79.7

82.0
50.4
101.8
108.2
94.8
93.2
88.4
81.9
94.5
94.5
94.3
79.2

79.3
67.5
81.7
63.3
60.2
40.7
75.4
74.2
60.5
80.4

79.3
67.3
81 7
64.1
60.1
39.1
75.6
73.8
60.5
79.9

79.3
67.6
81.2
65.1
60.2
40.2
75.4
73 4
60.5
79.9

79.3
67.8
81.5
65.5
61.5
39.5
75.5
73.3
60.5
80.0

79.3
71.7
81.7
70.4
62.8
43.4
84.0
76.6
60.5
81.8

79.3
75.5
83.2
74.3
63.5
46.2
91.3
77.6
60.5
86.3

79.3
76.4
83.8
74.8
64.8
47.7
90.5
77.0
55.6
88,0

79.3
78.0
84.2
75.2
66.0
55.0
90.3
77.4
65.6
89.0

79.3
77.9
84 5
75.4
68.4

79.1
75.4
84.9
73.6
64.5

81.0
74.0
85 1
71.8
62.2

80.9
72.9
84 7
70.2
61.7

90.4
77 7
55.6
89 8

87.2
77.3
55.6
89.5

84.5
76 9
55.6
89 0

83.8
77 7
58.0
89 5

41.3
35.3
37.6
37.6
40.5
68.9
97.5
40.4

41.0
36.4
38.3
35.4
37.4
68.8
97.2
40-8

39.6
35.7
38.7
37.0
37.7
67.5
96.5
34.3

38.0
34.6
39.0
36.9
32.7
74.3
97.0
32.4

0)

0)

0)

(0

0)

(0

0)

40.1
43.5
41.2
43.7

40.1
44.9
37.5
r
42. 6

126.3

109.9

103.9

100.7

92.9

91.4

93.7

93.1

132.1
130.7
163.4
119.9

133.2
131.1
165.3
120.0

133.5
130,7
165.3
119.8

134.2
133.2
166.9
120.3

127.3
126.6
149.9
118.3

126.8
127.6
151.5
118.5

127.2
128.4
151.5
118.6

127.2
130.0
153.1
119.2

126.8
129.7
148.6
119.0

128.0
128.0
145.6
118.5

128.5
129.7
151. 5
118.9

128.1
127.9
149.9
118.3

34.2
49.7
41.8
59.7

36.0
47.3
47.4
40.8

34.2
46.6
45.7
49.4

40.4
46.9
54.8
43.4

40.8
44.6
51.5
42.4

40.8
44.1
42.8
43.6

76.8
85.0
81.8
70.7
71.8

0)

PURCHASING POWER OF THE
DOLLAR
Wholesale prices .
Retail food prices
Prices received by farmers__.
Cost of living..

1923-25=100
do
do
do . .

128.5
149.9
118.2

CONSTRUCTION AND REAL ESTATE
CONTRACT AWARDS, PERMITS, AND
DWELLING UNITS PROVIDED
Value of contracts awarded ( F . R. indexes):
Total, unadjusted
1923-25=100..
* 78
75
73
73
76
73
72
74
69
61
54
63
73
Residential, unadjusted
do
v 76
65
64
63
66
68
66
59
51
44
50
60
'73
Total, adjusted
do
v 65
63
63
67
73
73
76
83
86
75
63
62
r 64
Residential, adjusted
do....
v 64
55
58
62
67
68
68
61
60
53
56
57
'62
F . W . Dodge Corporation (37 States) :f
Total projects.
...number..
29,201
23,244
21,701
21,806
23,270
22,984
22,402
22,323
18,831
13,517
15,595
23,920
26,101
T o t a l valuation
thous. of dol__ 328,914 308,487 288,316 299,883 312,328 323,227 261,796 299,847 354,098 196,191 200,574 272,178 300,504
Public ownership
do
111,578 134,757 127,595 136,543 158,459 144,216
91,604 143,647 225,095
92,532
81,666
94,971 103,450
P r i v a t e ownership
do
217,336 173,730 160,721 163,340 153,869 179,011 170,192 156,200 129,003 103,659 118,908 177,207 197,054
Nonresidential buildings:
Projects
number..
4,346
3,457
4,052
3,823
3,453
3,650
3,749
3,242
2,711
2,453
2,852
3,645
3,815
Floor area
thous. of sq. f t . . 16,971
12,700
15,418
17,691
12,268
16,490
15,494
15,418
11,675
9,109
12,356
14,444
16,610
Valuation
thous. of d o l 90,164
76,749
92,845
88,501
69,882
82,466
72,684
77,769
57,757
52,532
70,565
73,735
88,821
Residential buildings, all types:
Projects
number..
22,939
18,262
15,942
16,287
18,003
17,589
17,136
17,756
14,899
10,132
11,807
19,053
20,594
Floor area
tbous. of sq. f t . . 36,312
32,602
27,502
27,181
31,165
32,977
29,371
31,009
22,584
19,082
19,107
31,078
33,459
Valuation
thous. of dol_. 145,912 133,818 111,896 109,330 127,163 129,680 118,303 116,588
88,681
77,400
74,858 121,708 135,420
Public utilities:
Projects.
number..
183
251
234
254
328
356
294
350
330
202
174
214
180
Valuation...
thous. of d o l . .
11,577
21,779
9,968
23,092
20,113
39,663
20,450
23,906
26,977
18,398
12,222
17,830
13,382
Public works:
Projects
number..
1,733
1,274
1,473
1,442
1,486
1,389
1,223
975
891
730
762
1,008
1,512
Valuation
thous. of d o l . . 81,261
76,141
73,607
78,960
95,170
71,418
50,359
81,584 180,683
47,861
42,929
58,905
62,881
Building permits issued in 1,790 cities:t
Total buildings
number..
83,562
77,913
71,040
64,537
73,318
67,618
73,921
60,353
44,016
35,538
37,664
60,409
81,488
Total estimated cost
thous. of d o l . . 199,972 204,437 202,429 185,019 197,937 179,605 173,649 169,488 152,727 114,211 130,844 165,558 197,641
New residential:
Buildings.
number..
24,789
20,961
19,224
17,884
19,697
16,818
19,571
17,539
15,083
10,850
11,419
20,787
25,079
Estimated cost
thous. of d o l . . 119,364 119,600
99,775
96,114 116,260
87,308
91,921 100,387
95,677
60,515
66,991
96,209 117,212
N e w nonresidential:
Buildings.—
number..
14,265
13,711
12,085
11,214
13,037
13,053
14,521
11,915
7,960
5,267
5,690
9,433
14,365
E s t i m a t e d cost.
.thous. of d o l . .
50,230
51,162
70,974
59,794
49,096
63,702
52,745
46,123
38,004
33,925
37,730
43,888
49,113
Additions, alterations, a n d repairs:
Buildings.
.'
...number..
44,508
43,241
39,731
35,439
40,584
37,747
39,829
30,899
20,973
19,421
20,555
30,189
42,044
Estimated cost.
thous. of d o l . . 30,378
33,674
31,680
29,111
32,580
28.595
28,983
22,978
19,045
19,771
26,123
25,460
31,315
r
Revised.
v Preliminary.
i Temporarily discontinued; for several of t h e series, data have n o t been available since t h e outbreak of war.
a Separate data through March 1940 for " s i l k " a n d for " r a y o n " appear in table 29, p . 18, of M a y 1940 issue; these will be substituted in this table in a near future issue.
April indexes—silk, 45.4; rayon, 29.5: May—silk, 47.0; rayon, 29.5.
fRevised series. D a t a on world prices revised beginning 1920; see table 4, p . 17, of t h e J a n u a r y 1939 issue. F o r construction contract awards, see note marked with a
" t " on p . 21 of t h e July 1939 issue. T h e data on building permits are based on reports from 1,790 identical cities having populations of 2,500 or more, a n d supersede those shown
in t h e Survey through the issue of M a y 1939 which were for 1,728 cities in the same size group. T h e present series include data for 62 additional cities b u t t h e total estimated
cost of permits issued was increased b y only 0.2 percent in 1937.
§ D a t a revised, and t h e group title changed from "chemicals and d r u g s . " Revisions beginning 1926 will be shown in a subsequent issue. T h e new series were incorporated
for FRASER
in t h e combined index beginning J a n u a r y 1940, as shown on p . 20 of the M a y 1940 issue.

Digitized


SURVEY OF CURRENT BUSINESS
Monthly statistics through December 1937, together with explanatory notes and references
to the sources of the data may be found in the
1938 Supplement to the Survey

1940
May

JULY

1940

1939

May

1 June

July

August

I

1940

SeptemOctober
ber

Decemher™"
ber

January

February

March

April

CONSTRUCTION AND REAL ESTATE—Continued
CONTRACT AWARDS, PERMITS, AND
DWELLING UNITS PROVIDED—Con.
Estimated number of new dwelling units provided in all urban areas :f
Total
number..
1-family dwellings
do
2-family dwellings
do
Multifamily dwellings..
do
Engineering construction:
Contract awards (E. N . R.)H_.-thous. of dol._ 282T 296

24,190
15,988
1,732
6,470

30,313
22, 657
2,177
5,479

191,977 270,928

179, 836

211,816

2,597
1,730
866

3,122
2,297
825

2,486
1,827
659

4,058
3, 170
888

3,528
40,132

3,880
45,616

4,264
46, 677

4,782
47, 619

4,633
46, 922

6,746
101,855
205,183

5,984
91, 429
184, 441

5,837
90, 220
180,686

5,966
92, 864
185,954

6,347
98, 452
196, 974

7,306
106, 063
211,630

10, 283
10,909

10,180
11,060

11,428
11,986

12, 447
13, 075

12, 617
13,193

12,133
12, 908

9,810
10, 420

35, 435
37,190

35,112
36, 577

30, 528
32, 258

30, 410
32, 077

31,167
32, 775

31, 787
33, 272

34, 525
35, 819

36,583
25,960
1,931
8,692

30,278
21, 878
1,472
6,928

28,495
21, 804
1,248
5,443

34,198
23, 543
1,472
9,183

26,852
18, 808
1,616
6,428

27,159
21,362
1,591
4,206

30,890
21, 623
1,247
8,020

29,696
20,052
2,111
7,533

252,992

268, 395

181,469

311,222

209,337

245,062

302,215

190,327

7,537
5,496
2,041

4,458
2,179
2,280

6,855
4,232
2,623

5,713
3,820
1,893

6,161
3,907
2,254

4,465
3,058
1,407

2,655
1,067
1,588

3,718
2,491
1,228

4,951
3,260
1,691

4,645
50, 515

3,615
40, 769

3,867
41,024

3,701
37,802

3,130
34, 254

2,723
30,821

2,824
30,750

3,100
35, 315

8,388
115, 864
230,819

8,463
122, 758
238,636

8,570
123, 554
240,218

8,522
124,975
244,860

8,554
123,044
242,924

119,472
237,214

7,473
110, 543
222,062

10, 328
11, 394

10,224
10,583

11,312
12,191

11, 504
12,414

10,654
11,437

10,581

36, 458
37, 751

43,771
45, 723

42,299
44,094

40,336
42,052

38, 579
40,505

37,919
39, 756

18,520
11, 401
1,088
6,031

HIGHWAY CONSTRUCTION
Concrete pavement contract awards:
Total
thous. sq. yd.
Roads
do—
Streets and alleys <?
do
Status of highway and grade crossing projects
administered by the Federal Works Agency,
of Public Roads Administration:
Highways:
Approved for construction:
Mileage
no. of miles.
Federal funds
thous. of dol.
Under construction:
Mileage
no. of miles.
Federal funds...
thous. of doL
Estimated cost
do...
Grade crossings:
Approved for construction:
Federal funds
do...
Estimated cost
.do...
Under construction:
Federal funds
do.._
Estimated cost
do...
CONSTRUCTION COST I N D E X E S
Aberthaw (industrial building)
1914=100..
American Appraisal Co.:$
Average, 30 cities
1913=100..
Atlanta
.do...
New York
...do...
San Francisco
_
do....
St. Louis..
do._.
Associated General Contractors (all types)
1913=100.
E. H . Boeckh and Associates, Inc.:
Apartments, hotels, and office buildings:
Brick and concrete:
Atlanta
U . S. av., 1926-29 = 100.
New York..
...do...
San Francisco...
do...
St. Louis
do...
Commercial and factory buildings:
Brick and concrete:
Atlanta
do...
N e w York
do...
San Francisco
do...
St. Louis
do...
Brick and steel:
Atlanta
do...
New York
do...
San Francisco
_do.._
St. Louis
do...
Residences:
Brick:
Atlanta
do...
New York...
do...
San Francisco...
...do...
St. Louis.
do...
Frame:
Atlanta
do...
New York
do...
San Francisco
do...
St. Louis..
_
do...
Engineering News Record (all types) §
1913=100.
Federal Home Loan Bank Board:*
Standard 6-room frame house:
Combined index
1936 = 100.
Materials
do...
Labor
do._.

187

191

191

191

182
168
193
169
185

182
168
193
169
185

182
168
193
169
185

183
168
195
169
184

184
171
195
171
185

185
173
196
173
188

185
173
196
173
188

185
174
196
172
188

185

188

187

187

187

188

188

188

188

188

187

187

187

96.6
131.9
117. 1
118.9

95.3
130.6
117.0
118.6

95.4
130.6
116.9
118.5

94.8
130.9
116.8
118.3

94.8
130.8
116.8
118.4

94.6
130.8
116.8
118. 4

94.8
130.8
117.8
118.6

94.9
130.9
117.9
118.7

95.3
131.4
118.2
119.0

96.0
131.1
118.0
118.9

96.0
131.1
118.0
118.9

96.0
131.0
118.0
118.8

96.5
131.3
118.0
119.0

98.2
134. 6
121.9
119.9

97.6
133.4
121.4
119.7

97.6
133.4
121.3
119.7

97.2
133. 8
121.2
119.6

97.2
133.7
121.2
119

97.1
133.7
121.2
119.6

97.2
133.7
122.0
119.7

97.2
133.7
122.5
119.8

97.5
134.0
122.8
120.0

98.2
133.7
122.7
119.9

98.2
133.7
122.7
119.9

98.1
133.7
122.7
119.9

98.1
134.0
122.7
120.0

97.0
131.
115.2
118.7

95.6
129.9
115.3
118.5

95.7
129.9
114.7
118.5

93.3
130.2
114.4
118.2

93.2
130.2
114.4
118.3

93.0
130.2
114.4
118.3

93.2
130.5
117.5
118.5

93.3
130.6
118.0
118.7

93.8
131.0
118.4
118.9

96.8
130.4
118.1
118.7

96.9
130.4
118.1
118.7

96.8
130.3
118. 1
118.6

96.8
130.6
118. 1
118.8

89.4
125. 9
105.8
110.4

86.1
123.1
104.7
110.3

86.8
123.1
104. 7
110.0

86.5
123.6
104.7
108.9

86.1
123.5
104.7
109.3

85.4
123.5
104.7
109.3

86.0
123.9
105.4
110.3

86.8
124.3
106.1
110.9

88.1
125.5
107.0
111.1

88.3
125.1
105.8
110.4

88.4
125.1
105.8
110.5

88.1
124.4
105.8
109.8

88.5
124.8
105.8
110.9

86.8
124.4
100.2

82.8
121.9
98.7
107.2

83.7
121.9
9s. 7
106.8

83.3
122.1
98.7
105.4

82.8
122.0
98.7
105.9

81.9
122.0
98.7
105.

82.8
122.8
99.8
107.2

83.7
123.3
100.5
107.9

85.3
124.8
101.6
108.1

85.5
124.5
100.2
107.2

85.7
124.5
100.2
107.4

85.3
123.6
100.2
106.5

85.7
123.9
100.2
107.9

238.9

234.7

235.0

234.9

234.9

235.0

236.9

238.2

238.2

238.3

238.3

238. 3

238.3

106.2
104.4
109.9

105.6
102.7
111.5

105.4
102.5
111. 3

105.3
102.4
111.3

105.
102.3
111.2

105.7
102.9
111.2

106.1
103.6
111.1

106.5
104. 4
110.8

106.6
104.5
110.6

106.4
104.4
110.2

106. 5
104.5
110.3

106.4
104.4
110.3

106.2
104.3
110.0

53,200

48,831

44, 980

63, 602

76, 874

REAL ESTATE
Federal Housing Administration, home mortgage insurance:
Gross mortgages accepted for insurance
82, 322
62,008
74, 216
73, 701
62, 269
thous. of dol.
65,013
79, 930
Premium-paying mortgages (cumulative)
thous. of dol. 2,233,99: 1,546,237 1,607,147 11,658,306 1,723,35' 1,776,784 1,837,923 1,905,071

1,969,86 2,034,920

2,086,51 2,132,701 2,180,413

•• Revised.
§Index as of June 1,1940, is 241.6.
• N e w series. For data beginning 1936, see table 30, p. 17, of the June 1939 Survey.
fReviscd series. Data on number of dwelling units provided revised beginning January 1937; the more significant revisions, covering the period October 1937 to J u n e
1939, were shown in t h e footnote on p . 22 of the September 1939 Survey.
cf Data for streets and alleys, formerly shown separately, are available in total only subsequent to December 1938.
•[Data for June, August, and November, 1939, and February and May 1940, are for 5 weeks; other months, 4 weeks.
{Beginning January 1940 the American Appraisal Co. has revised the basis on which the indexes are prepared to include in addition to material and labor prices formerly
used, provisions for overhead a n d profit allowances. T h e composite 30-city indexes on t h e new basis for 1940 are: J a n . 208; F e b . 203; M a r c h 202; April 203; M a y 202. Indexes
for individual cities beginning J a n u a r y 1940, a n d annual indexes for the composite beginning 1913, on the new basis, will be shown in a subsequent issue.




31

SURVEY OF CURRENT BUSINESS

JULY 1940

Monthly statistics through December 1937, to- 1940
gether with explanatory notes and references
to the sources of the data may be found in the
May
1938 Supplement to the Survey

1940

1939
May

June

July

August

September

October Novem- December
ber

January

February

March

April

CONSTRUCTION AND REAL ESTATE—Continued
REAL ESTATE—Continued
Estimated new mortgage loans by all savings
and loan associations:!
Total loans
thous. of doL
Loans classified according to purpose;
Mortgage loans on homes:
Construction
thous. of dol.
Home purchase
do
Refinancing
do-._
Reconditioning
do
Loans for all other purposes..
do
Loans classified according to type of association:
Federal
thous. of dol.
State members
do.
Nonmerabers
do
Loans outstanding of agencies under the Federal
Home Loan Bank Board:
Federal Savings and Loan Associations, estimated total mortgages outstanding
thous. of doL.
Federal Home Loan Banks, outstanding advances to member institutions
thous. of doL_
Home Owners' Loan Corporation, balance of
loans outstanding
thous. of dol.
Foreclosures:
Nonfarm real estate
1926=100,.
Metropolitan communities
do
Fire losses
thous. of doL..

111,542

89,123

94,154

85,172

95,038

89, 732

93,297

86,076

83,112

66,944

71, 522

90, 368

108, 001

36, 956
42, 049
18, 034
6,896
10, 607

26, 646
31, 289
15, 687
6,069
9,432

29,919
32, 228
17,123
5,802
9,082

26,865
29,638
15, 353
5,133
8,183

29,863
32,282
17,005
5,909
9,979

27,854
31,367
16, 021
5,544
8,946

29, 255
33,383
15,835
5,784
9,040

26,607
30,434
15,445
4,720
8,870

26,923
27, 779
15, 001
4, 335
9,074

19, 488
22,039
13,999
3,455
7,963

20,152
25, 389
14, 590
3,437
7,954

26, 711
32,168
16, 769
4, 657
10, 063

33, 764
37, 821
20, 859
6, 097
9,460

49, 287
45, 803
19, 452

36, 358
35, 426
17, 339

39, 094
36, 465
18, 595

34,055
34,146
16,971

40,645
37,340
17, 053

37, 090
36,989
15, 653

37, 854
37,847
17, 596

34, 785
34,671
16, 620

34, 053
33, 209
15,850

28, 008
25, 737
13,199

29, 786
28, 941
12, 795

38, 241
36, 484
15, 643

46, 577
43, 015
18, 409

1,376,700 1,117,228 1,136,289 1,157,536 1,186,784 1,206,887 1,231,685 1,252,559 1,271,161 1,280,200 1,296,464 1,317,975

,348,072

137, 509

157,911

168,962

161,537

159,470

163,687

168,654

168,822

181, 313

156, 788

144, 515

137, 642

133,811

2,017,395 2,091,324 2,080,512 2,067,844 2,059,792 2,054,865 2,049,421 2,043,288 2,038,186 2,031,341 2,026,614 2,021,951 2,020.572
126
119
23, 447

185
165
27,032

167
161
24,191

157
152
22, 468

150
146
' 22, 801

147
136
22, 837

131
120
24,301

136
129
27, 248

126
121
27, 959

114
108
36, 261

103
99
34, 410

112
104
27, 78-9

113
108
26, 657
i

•£}••
--*J

DOMESTIC TRADE
ADVERTISING
Printers' Ink indexes (with adjustment for seasonal variations):
84.4
Combined index.
1928-32=100—
85.5
69.1
69.0
Farm papers
do.—
65.0
85.1
80.3
82.0
Magazines
_
_
.do...
83.2
78.0
Newspapers
do.—
79.8
90.5
Outdoor
do.-76.6
290.8
Radio
do.-329.7
Radio advertising:
7,928
7,034
Cost of facilities, total
thous. of dol.
6,471
728
745
Automobiles and accessories
do~.
640
56
Clothing
__do.~
66
37
0
0
0
Electric household equipment
—do.—
92
Financial
do.—
74
129
2, 383
2,101
2,277
Foods, food beverages, confections d o . . .
90
65
18
House furnishings, etc
do...
963
792
Soap, cleansers, etc
do...
857
0
0
0
Office furnishings, supplies...
.do___.
1,283
Smoking materials
do
921
887
2,109
1,844
1,718
Toilet goods, medical supplies
do
224
All other
do
148
186
Magazine advertising:
Cost, total
d o - . . 16, 463 15,717
13,279
2,735
2,854
2,216
Automobiles and accessories.
..do
923
921
Clothing
do....
710
842
757
603
Electric household equipment.
_.do
441
435
Financial
do
486
2,222
1,893
2,015
Foods, food beverages, confections
do
1, 134
760
House furnishings, etc
do
1,036
514
454
Soap, cleansers, etc
do
471
235
100
Office furnishings, supplies.„
.do
233
702
636
Smoking materials
do
692
2,328
Toilet goods, medical supplies
do....
2,249
2,187
4,387
3,235
All other
do
4,054
2,430
Linatre. total
thous. of lines..
1,796
2,356
Newspaper advertising
119,883 112,377 105,086
Linage total (52 cities)
do
23, 936
21,785
22, 692
Classified
do
95, 948
Display, total
do
89,685
83,301
7,812
Automotive.
do
6,075
5,345
1,477
Financial
do
1,615
1,663
General
do _. 19, 427 18,538
17, 408
Retail
d o — 67, 231 63,456
58, 886

81.7
61.8
80.0
74.0
89.8
337.7

84.8
70.1
78.5
79.1
76.6
355. 6

82.6
66.1
72.8
77.4
83.5
333.7

82.8
65.8
78.1
77.7
75.8
298.4

84.0
69.3
82.0
79.9
60.6
312.6

89.4
70.9
80.4
84.3
88.3
318.5

79.4
57.8
74.8
73.4
78.9
325.6

82.7
60.7
80.0
77.1
77.2
306.2

85.3
59.0
81.8
79.9
83.6
289.4

84.7
66.4
83.0
78.1
87.2
290.8

5,813
496
32
0
97
1,669
23
771
0
1,000
1,583
141

5,859
520
58
0
109
1,657
23
818
0
1,048
1,498
128

6,089
558
75
0
102
1,860
48
812
0
969
1,538
126

8,014
648
72
0
107
2,608
62
923
0
1,170
2,150
273

8,036
641
34
0
98
2,729
45
925
0
1,153
2,163
247

8,127
636
41
0
92
2,769
49
915
0
1,134
2, 225
265

683
30
0
85
2,740
50
942
0
1,219
2,328
221

7,800
634
32
0
59
2,663
87
902
0
1,119
2,084
220

8,208
670
45
0
62
2,737
89
931
0
1, 190
2,210
274

7,728
722
33
0
74
2,389
80
912
0
1, 190
2, 126
201

10,131
1, 635
246
170
337
2,072
266
311
64
622
1,902
2,507
1, 625

8,387
1,033
405
58
245
1,695
215
370
123
431
1,558
2, 253
1,784

11,814
1,322
989
213
352
1,744
628
411
327
593
2,029
3,207
2,182

14,925
2,312
1,136
392
414
2,206
1,086
403
204
665
2,422
3,685
2,378

13,821
2,159
755
337
400
2,103
874
382
203
704
2,474
3,429
2,255

12, 262
1,300
555
406
318
1,771
681
269
303
647
2,219
3,794
1,711

8,274
1,318
271
88
376
1,271
255
217
119
620
1,422
2,317
1,973

12,314
1,616
596
239
365
2,129
475
478
166
598
2,396
3, 256
2,343

16, 261
2,482
1,095
585
458
2,477
730
497
263
824
2,723
4, 124
2,779

17,313
2, 986
1,022
747
481
2, 285
1,130
468
192
663
2, 579
4, 760
2,725

85,407
20, 570
64,838
3,496
2,120
13,999
45, 222

90, 526
21,115
69,410
3, 512
1,349
12, 527
52,022

101,937
20,884
81,053
3,067
1,278
15,045
61, 663

119,612
22,393
97,220
6,436
1,767
19,824
69,192

113,457
20,194
93,264
4,537
1,376
18,470

118,103
20, 246
97, 857
3,482
1,637
14,183
78, 555

88,033
19,075
3,854
2,278
12,433
50, 393

93, 240
19, 295
73, 945
4,224
1,494
15, 740
52, 487

114, 255
22, 945
91, 309
5,620
1,799
17, 645
66, 246

111,989
23, 083
88, 906
7,007
1, 838
17, 824
62, 237

71.7

73.0

72.3

1,998

2, 250

GOODS IN WAREHOUSES
Space occupied, merchandise in public warehouses
percent of total..

70.4

70.7

70.2

69.9

9.4

70.4

72.3

73.9

72.3

2,190

1,712

1,724

1,718

1,471

1,787

1,850

1,901

2,361

NEW INCORPORATIONS
Business incorporations (4 States)

number..

2,087

POSTAL BUSINESS
Air mail:
1,435
1,421
Pound miles performed
_
.millions..
1,427
1,386
1,771
1,509
1,500
1.535
1,473
Money orders:
Domestic, issued (50 cities) :
3,907
3,906
4, 309
4,248
4,170
4,554
4,702
3,907
4,288
4,150
Number
thousands..
4,246
4, 664
37,262
39,229
38,165
36,858
37,098
41,190
41,876
39, 723
38,553
Value
.thous. of dol.. 1 40,028
39,065
42, 937
r Revised.
fRevised series. For revised data on estimated new mortgage loans by all savings and loan associations, 1936-37, see table 12, p. 16, of the March 1939 Survey.




4, 503
41, 548

32

SURVEY OF CUEEENT BUSINESS

Monthly statistics through December 1937, together with explanatory notes and references
to the sources of the data may be found in the
1938 Supplement to the Survey

1940
May

JULY 1940

1939
May-

June

August

July

1940

September

October Novem- December
ber

January

February

March

April

DOMESTIC TRADE—Continued
POSTAL BUSINESS—Continued
Money orders—Continued.
Domestic, paid (50 cities):
Number
Value
Foreign, issued—value
Receipts, postal:
50 selected cities

thousands

13,724
99,757
2,066

13,918
101,345
2,210

12,142
91,709
2,069

13,130
99, 498
2,205

12, 624
97,376
1,895

14,152
109,016
1,833

14, 385
108,449
1,773

15, 285
111,851
3,926

13, 608
100, 455
1,604

12, 945
95,124
1,467

14, 373
106,197
1,775

13,624
100, 793
1,450

' 30,923
' 3, 688

29, 791
3,687

25, 464
3,271

28, 233
3,540

30,038
3,413

31,960
3,788

32, 446
3,658

42,938
5,117

30, 380
3,791

29, 737
3,665

32, 657
3,993

31,615
3,923

p 103. 5

107.1
79.0

101.2
79.0

87.5
80.5

63.7
76.5

96.5
93.7

107.9
102.8

110.8
108.5

95.6
' 122. 5

100.7
136.0

' 133. 9
'110.5

' 145. 2
'111.0

Chain-store sales:
Chain-Store Age Index:
Combined index (20 chains)
117.0
av. same month 1929-31=100..
123.0
.
. do....
Apparel chains
. _
Grocery chain-store sales:
p 113.9
Unadjusted
. . 1929-31=100
d o . . . . p 112.2
Adjusted

56.5
83.5

110.0
119.0

111.0
118.0

113.0
126.0

113.0
124.0

114.5
127.0

113.3
125.0

117.0
132.0

120.0
142.0

113.5
120.0

114.0
119.0

115.0
128.0

115.0
122.0

102.9
101.4

100.8
99.3

97.6
99.6

99.0
103.1

107.2
109.4

106.9
106.4

109.0
109.0

112.1
108.8

105.4
108.7

112.1
111.5

111.7
110.6

'113.2
' 109. 9

96.3
96.3

95.8
100.8

91.3
102.6

89.5
101.1

96.1
100.6

102.9
101.4

108.4
106.8

206.6
112.0

75.1
100.7

82.4
'98.7

97.9
102.0

'90.8
' 100. 3

2,712
132

2,502
132

2,446
133

2,785
133

2,855
133

3,066
133

6,228
133

2,125
132

2,093
132

2,905
132

2,497
132

11,293
683

10, 369
685

10, 578
683

11,513
683

11, 938
682

12, 356
685

24,406
686

9,042
675

9,543
675

12,206
675

10,498
675

6,406
239

6,225
240

6,490
240

6,596
240

7,286
240

7,295
240

15, 232
240

5,300
240

5,603
239

6,897
239

6,401
239

3,420
202

3,158
201

3,136
200

3,354
200

3,431
200

3,622
201

7,655
200

2,767
201

2,998
201

3,888
202

3,245
203

3,758
201

3,564
201

3,470
201

3,789
201

4,090
202

4,219
202

8,163
202

3,083
202

3,134
202

4.069
202

3,585
203

24, 662
2,013

24, 340
2,015

24,123
2,014

25,810
2,015

26, 530
2,018

26,948
2,019

52,333
2,020

20, 512
2,017

22,117
2,015

27, 545
2,016

23, 774
2,014

0)
0)

0)
0)

0)
0)

0)
(0

(i)

0)
0)

0)
0)

0)
0)

0)
0)

0)
0)

8,385
493

7,298
493

7,210
494

8,235
495

8,733
495

9,316
494

18,868
491

5,931
492

6,109
492

8,101
492

7,620
492

22, 237
1,543

19, 504
1,544

20, 679
1,548

26,143
1,552

28, 722
1,553

28 215
1,554

43,216
1,554

18 292
1,554

16, 032
1,557

21,469
1,560

21,181
1,562

16.7
46.8
83
108
76
89
82
90
74
95
87
65
105
75
88
86
119
91
84
101
95
90
66
82
97

16.0
45.3
60
88
49
61
63
72
61
69
63
46
73
62
81
86
126
85
86
103
97
89
67
90
99

16.8
43.6
69
114
55
77
73
83
79
89
67
50
86
70
94
89
146
95
88
107
102
90
67
94
100

17.2
44.0
97
133
83
102
96
115
90
116
97
74
118
98
98
91
142
98
92
104
104
93
74
92
95

17.7
47.0
99
138
85
98
98
116
94
116
104
80
132
96
103
90
116
89
94
103
97
91
69
85
99

17.7
48.7
106
142
88
99
107
117
88
97
115
95
131
102
105
95
125
90
100
104
94
97
78
87
100

18.0
44.5
168
230
140
164
171
195
154
160
172
139
217
156
179
96
135
98
100
113
105
95
76
94
104

17.0
48 2
71
93
69
75
70
86
67
81
74
52
84
69
80
92
118
94
93
113
102
94
72
87
98

17.2
44.6
71
111
53
74
73
91
70
70
69
53
83
73
83
89
126
92
93
107
97
86
70
85
99

17.9
45.4
86
136
69
92
86
110
87
93
82
69
110
91
95
89
139
94
91
112
90
89
71
92
102

17.8
46.5
86
118
'71
91
90
99
85
100
83
65
'105
90
90
'89
119
92
88
103
101
90
' 69
92
96

7.7

9.5

15.5

11.1

12.4

10.4

6.6

11.1

11.9

10.1

9.5

64
67

60
67

65
67

71
68

77
69

82
71

64
68

61
68

68
71

71
70

71
69

98,070
41,302
56,768

77,393
33, 452
43, 941

87, 257
38,998
48, 259

107,493
44,743
62, 751

122,191
54,945
67, 246

108, 095
47,764
60, 330

148,447
66,020
82,427

70, 532
29,984
40, 548

71, 366
30, 530
40,836

89, 741
38,842
50,899

102. 228
45, 856
56, 372

.thous. of dol._

50 industrial cities

do .
.

do .
do

32, 265
3,786

RETAIL TRADE*
Automobiles:
Value of new passenger automobile sales:
Unadjusted
1929-31=100,. p 131. 5
Adjusted

Variety-store sales:
Combined sales of 7 chains:
Unadjusted
Adjusted

do

.

do.. . p 101.0
d o . . . . p 101.0

H. L. Green Co., Inc.:
2,846
2,733
thous. of dol
Sales
132
number
133
Stores operated
S. S. Kresge Co.:
.thous. of dol.. 11,815
11,401
Sales
__
675
Stores operated
_ . . . number .
682
S. H. Kress & Co.:
6,838
thous. of dol .
6,818
Sales
. . . .
239
number
239
Stores operated
McCrory Stores Corp.:
3,507
3,300
thous. of dol
Sales
203
number _
202
Stores operated
G. C. Murphy Co.:
4,300
3,741
thous. of dol
Sales
203
number..
201
Stores operated F. W. Woolworth Co.:
26, 067
24, 725
.thous. of dol..
Sales
2,015
2,005
number
Stores operated
Restaurant chains (3 chains):
(0
Sales
- -thous. of dol..
0)
number. .
Stores operated
-0)
0)
Other chains:
W. T. Grant Co.:
8,787
8,497
Sales
_-- . -thous. of dol..
492
491
.
number,.
Stores operated
J. C. Penney Co.:
22,232
Sales
- - thous. of dol.. 23, 599
1,562
number..
1,545
Stores operated
Department stores:
Collections:
Installment accounts
17.3
percent of accou cits receivable
do....
46.9
Open accounts
87
Sales, total U. S., unadjusted ....1923-25= 100..
129
Atlanta
do
118
75
....do....
75
Boston
.
93
do....
89
Chicago
94
do....
89
Cleveland
105
do....
105
Dallas
86
, .1925=100..
86
Kansas City
100
1929-31=100..
94
Minneapolis
___
.1923-25=100.85
New York
do.._' 71
Philadelphia!
121
do....
115
Richmond
do....
86
St. Louis
95
d o 93
San Francisco!
85
do . .
Sales total U S adjusted
127
do...
116
Atlanta
- 92
do
88
Chicago
87
do....
83
Cleveland!
105
.do . . .
105
Dallas
100
94
Minneapolis!
_ - 1929-31=100.
..1923-25=100..
88
New York..
:
74
do..
71
Philadelphia!
do....
86
St. Louis
99
do
97
San Francisco!
Installment sales, New Engla nd dept. stores
percen tof total sales9.0
Stocks, total U. S., end of moiith:
1923-25=100.
68
Unadjusted _
. . .
p 68
do
66
Adjusted
Mail-order and store sales:
..thous. of dol. 111,883 101, 936
Total sales, 2 companies
42,323
45,905
Montgomery Ward & Co. . do
59,613
do
65, 978
Sears, Roebuck & Co

0)

' Revised.
» Preliminary.
1
Discontinued pending receipt of revised data from one cooperator.
•Reports showing percentage changes in sales of chain drug stores and chain men's wear stores are available from the Washington, D. C. office of the Bureau of Foreign
and Domestic Commerce. The Bureau of the Census has available percentage changes for (1) Independent stores in 34 States and 4 cities, by kinds of business, (2) Wholesalers' sales, by kinds of business, (3) Manufacturers' sales by kinds of business.
!Revised series. Indexes of department store sales in San Francisco area revised beginning 1919; see table 3, p. 18, of the January 1940 issue. Seasonally adjusted indexes
of department store sales revised beginning 1929 for the Cleveland district and beginning 1934 for the Minneapolis district; see tables 4 and 5, p. 18, of the January 1940 issue.
Indexes of department store sales in Philadelphia revised 1923-39; see table 7, p. 10, of the March 1940 issue.




33

SURVEY OF CURRENT BUSINESS

JULY 1940

Monthly statistics through December 1937, to- 1940
gether with explanatory notes and references
to the sources of the data, may be found in the
May
1938 Supplement to the Survey

1940

1939
May

June

July

SepAugust tember October Novem- December
ber

January

February

March

107.0
96.8
106.0
136.9
114.8
132.3
121.8
129.6
150.1
155.1

119.9
110.9
120.0
151.6
120.2
136.6
125.1
133.6
167.9
146.0

April

DOMESTIC TRADE—Continued
RETAIL TRADE—Continued
Rural sales of general merchandise:
Total U. S., unadjusted
1929-31=100Middle West
do—
East
do
South
___do
Far West
—_
do
Total U. S., adjusted!
do
Middle Westf
..do—Eastf
.
do
South f
do
Far Westt
----do

122.8
114.0
126.3
135. 8
138.4
133.8
120.4
137.3
160.1
153.9

120.5
113.3
118.8
137.6
131.8
131.2
119.6
129.1
162.2
146.6

120.0
109.9
122.8
133.3
137.3
131.7
116.4
133.8
165.8
144.1

91.1
81.8
88.3
103.8
115.2
124.8
110.9
124.1
152.8
140.5

107.2
99.1
105.8
111.7
134.6
131.1
120.1
132.7
155.0
146.1

132.6
116.3
126.4
165.6
162.3
125.4
113.5
128.6
150.0
138.7

160.3
143.9
155.4
215.4
166.5
123.4
113.3
120.7
145.4
138.7

159.7
142.8
167.0
208.2
164.7
122.7
108.9
129.5
151.6
135.8

211.7
190.1
229.2
236.4
242.8
132.4
121.9
137.7
157.4
14S. 8

102.3
96.6
99 2
12017
108.4
134.5
126.3
130.6
152.6
147.5

115.3
105.1
115.2
134.4
127.0
125.4
112.5
120.8
152.5
142.2

EMPLOYMENT CONDITIONS AND WAGES
EMPLOYMENT
Factory, unadjusted (U. S. Department of
Labor)f
— .1923-25 = 100.99.0
93.0
93.4
93.5
96.3
100.2
103.6
103.8
104.1
101.4
101.4
100.8
'99.6
Durable goods
do..-_
96.4
84.0
84.6
83.0
83.9
89.8
96.1
98.2
100.0
97.4
'96.6
96.4
96.0
Iron and steel and their products, not
including machinery
1923-25=100..
101.8
90.2
90.4
89.7
92.3
97.2
106.8
111.1
111.4
108.3
106.7 '103.5
101.7
Blast furnaces, steel works, and rolling
mills
1923-25 = 100..
108.9
94.6
95.7
95.3
97.0
101.1
115.1
121.8
123.3
120.9
117.4
111.5
108.4
Hardware
do
96.0
80.1
72.1
69.0
75.6
94.2
99.7
106.4
105.6
103.5
101.3
98.8
' 98.1
Structural and ornamental metal work
1923-25 = 100-.
71.2
66.5
67.1
68.8
71.5
73.8
76.3
76.0
75.4
73.4
71.6
70.3
'70.0
Tin cans and other tinware
.do...95.7
93.6
97.7
100.2
107.4
107.0
105.7
100.6
95.4
93.6
92.7
'93.7 '94.8
Lumber and allied products
..do
68.0
65.0
66.3
66.7
68.7
70.0
72.4
73.0
71.1
67.3
66.7
66.8 ' 6 6 . 9
Furniture
_
do....
87.0
81.4
83.2
84.3
87.5
90.7
94.6
96.8
94.8
90.3
89.0
88.7
'86.4
Lumber, sawmills
..do
61.9
60.2
60.9
61.1
62.7
63.4
65.5
65.5
63.3
59.5
59.1
59.5
'60.3
Machinery, not including transportation
equipment
1923-25=100-114.0
94.9
95.6
95.7
96.8
100.3
106.6
111.0
113.1
112.4
113.1
113.1
113.6
Agricultural implements (including tractors)
.-..1923-25 = 100-.
139.6
122.8
118.7
113.0
114.4
116.1
117.8
124.6
130.9
135.2
141.1
143.6
141.4
Electrical machinery, apparatus, and
supplies
1923-25 = 100..
101.9
86.6
86.5
86.8
87.8
92.2
97.3
100.4
102.6
101.7
101.6
101.7 '101.5
Engines, turbines, water wheels, and
windmills
1923-25 = 100..
149.4
97.4
99.0
96.2
96.8
99.2
105.2
109.8
119.8
125.3
133.0
134.5 '140.2
Foundry and machine-shop products
1923-25 = 100.96.6
82.1
82.6
82.6
84.1
85.8
91.2
95.4
97.2
97.2
97.6
97.2
97.2
Radios and phonographs
do
136.8
106.5
119.9
129.6
135.9
150.1
176.5
179.7
162.3
136.4
126.3
121.7 '128.3
Metals, nonferrous, and products
do
105.2
92.0
91.3
91.3
94.7
100.3
110.4
113.5
112.9
109.8 r 107.2
107.1 '105.6
Brass, bronze, and copper products-do
125.3
104.7
104.2
104.0
107.7
115.2
131.1
137.4
137.7
135.7
128.3
128.7 '125.8
Stone, clay, and glass products
do....
81.7
78.5
80.5
79.7
80.8
81.7
84.8
85.5
83.6
77.7
75.5
77.7 ' 8 0 . 5
Brick, tile, and terra cotta
do
61.2
57.6
61.3
61.5
61.8
63.2
64.8
64.7
62.6
57.0
52.9
54.4 ' 5 8 . 0
Glass
do-.103.9
97.4
99.0
96.3
98.5
100.9
106.9
109.3
108.5
105.6
102.5
106.2 '105.3
Transportation equipment.
do
115.0
91.2
90.8
79.9
75.2
97.0
105.3
102.9
116.5
115.5
114.8
117.0 '115.4
Automobiles
do....
109.9
93.3
91.6
76.4
70.4
98.7
107.8
102.3
118.1
115.8
113.1
114.4 '112.0
Nondurable goods
do
101.5
101.6
101.8
103.5
108.1
110.2
110.8
109.2
108.0
105.3 r 106.1
105.0 '103.0
Chemical, petroleum, and coal products
1923-25 = 100-.
121.1
112.9
109.8
110.4
109.2
118.0
122.3
122.6
122.3
121.0 r 121.0
'122.7
'123.4
Chemicals
-_...do-_.
136.2
116.5
116.5
117.1
119.1
123.6
133.6
137.7
137.6
135.8
136.1
135.6 '135.2
Paints and varnishes
do
125.9
123.4
124.3
122.2
122.1
122.1
125.1
125.1
124.2
123.5
123.2
123.5 '124.4
Petroleum refining.
do-..
121.9
118.1
120.5
121.8
122.7
123.1
122.7
123.7
122.3
121.6
120.9
121.3
121.1
Rayon and allied products
do.—
304.3
295.7
286.2
297.0
255.1
300.2
310.2
313.4
312.2
313.5
313.3
309.0
'305.8
Food and kindred products
do
121.3
120.5
127.2
135.0
147.0
150.7
137.7
129.8
126.0
119.5 ' 118.8
'118.8
'119.7
Baking
.do.—
144.6
146.1
147.4
147.8
146.9
148.0
148.0
146.5
144.8
141.4
142.3
143.1 '142.5
Slaughtering and meat packing
do
105.8
96.9
99.4
100.7
100.2
101.3
102.7
107.9
112.1
111.8
108.6
107.4 '103.6
Leather and its manufactures
do
87.1
92.5
94.1
99.7
100.7
97.8
96.2
91.9
93.2
97.4
99.3
98.2 ' 9 4 . 2
Boots and shoes
do
85.0
91.0
92.5
99.1
100.3
96.5
94.1
89.0
90.8
95.8
98.3
97.7
'93.1
Paper and printing.
_
do.—
114.9
111.2
109.8
110.1
110.9
113.2
116.5
117.5
118.5
115.1
114.6
114.4 '113.8
Paper and pulp
_do
115.2
106.7
106.1
105.8
107.0
108.8
113.6
115.2
115.1
114.1
113.0
112.6
112.0
Rubber products
do..84.1
81.2
80.1
78.7
82.6
86.0
92.4
93.9
93.0
90.0
88.0
87.3 ' 8 4 . 7
Rubber tires and inner tubes.
do
69.0
66.7
66.2
66.6
68.3
70.0
73.6
74.5
74.7
73.6
73.0
72.3
'69.7
Textiles and their products
do
95.9
99.2
97.8
97.9
103.2
104.3
108.0
107.7
105.6
103.5
105.5
102.9
'98.8
Fabrics
do
87.1
90.1
89.5
90.9
93.0
93.3
98.6
100.7
98.5
95.9
95.5
90.6 ' 8 8 . 3
Wearing apparel
do....
111.8
115.6
112.6
109.5
122.1
124.8
124.7
118.7
116.9
116.1
123.7 '126.6
'118.6
Tobacco manufactures
do
64.3
64.2
65.2
65.4
66.6
66.4
66.7
66.4
65.8
59.0
61.7
63.6
63.8
Factory, adjusted (Federal R e s e r v e ) !
do
99.2
93.3
94.3
95.3
95.9
97.5
101.2
103.4
104.5
103.9
102.1
100.4 ' 9 9 . 2
Durable goods
do
95.1
82.9
83.9
84.7
85.3
88.9
94.6
97.3
100.0
99.7
97.4
95.9
95.0
Iron a n d steel a n d their products, n o t
including machinery
1923-25 = 100-.
101.1
89.6
90.3
90.6
92.5
96.4
105.9
110.8
112.1
110.4
107.0
102.7 100.8
Blast furnaces, steel works, a n d rolling
mills
1923-25 = 100.108
94
96
96
97
101
115
122
124
122
117
110
107
Hardwaredo
96
80
72
70
78
95
99
106
106
103
101
98
97
Structural and ornamental metal work
1923-25 = 100..
72
67
66
67
69
71
75
76
76
75
75
72
71
T i n cans and other tinware
...do
97
95
95
95
98
97
103
103
100
101
100
98
98
L u m b e r a n d allied products
do
67.9
64.8
65.3
66.0
66.4
67.4
69.4
72.2
72.4
72.0
70.0
68.1 ' 6 7 . 2
Furniture
do
90
84
85
86
86
87
89
93
93
94
91
90
90
Lumber, sawmills
...do
61
59
59
60
60
61
63
66
66
65
63
61
'60
Machinery, n o t including transportation
equipment
1923-25 = 100-.
113.4
94.4
95.4
96.1
97.3
99.8
105.7
110.6
112.9
113.4
113.6
113.3 113.4
Agricultural implements (including tractors)
1923-25 = 100-.
136
119
118
115
121
123
125
128
131
133
137
136
133
Electrical machinery, apparatus, a n d
supplies
1923-25=100-.
101
86
87
87
88
92
97
100
103
103
102
102
102
Engines, turbines, water wheels, a n d
windmills
..1923-25 = 100-.
142
93
95
95
97
99
108
116
124
133
134
132
'134
F o u n d r y and machine-shop products
1923-25 = 1 0 0 96
81
83
83
85
86
91
95
97
98
98
97
97
Radios and phonographs
do
155
121
122
131
126
129
145
160
153
143
143
145
153
Metals, nonferrous, and products
do
105.9
92.8
92.8
94.6
96.2
99.2
107.0
110.1
111.3
111.6
107.5
106.6 105.9
Brass, bronze, a n d copper products,do
124
104
105
106
109
115
130
137
138
137
128
127
'125
Stone, clay, and glass products
-do
78.6
75.4
77.5
78.4
78.1
79.0
81.9
85.0
85.4
85.8
80.8
80.0 ' 7 9 . 8
Brick, tile, and terra cotta
do
58
55
57
58
57
59
61
64
65
66
61
59
59
Glass
do
102
96
98
98
99
100
106
109
109
111
103
105
104
Transportation equipment
do
110.0
87.2
88.9
90.0
88.3
99.5
105.6
101.3
112.6
113.1
110.7
111.1 109.7
Automobiles
do
105
89
89
90
88
102
108
100
112
111
107
107
106
r
Revised.
fRevised series. Rural sales of general merchandise adjusted for seasonal variations revised beginning J a n u a r y 1934; see table 37, p . 17, of the August 1939 issue. D a t a
for employment and pay rolls without adjustment for seasonal variations and for employment adjusted for seasonal variations have been corrected to the trends indicated
b y t h e Census of Manufactures for 1935 a n d 1937. For total, durable, a n d nondurable ^goods indexes, beginning 1934, see table 42, p . 17, of the October 1939 issue and, for
1919-1933, tables 1 and 2, p p . 15-16, of the December 1938 Survey. For individual industries and industrial groups, data from 1935 to date are available upon request. Earlier
figures are correct as shown in tables 76 and 77, p p . 13-18, of the November 1938 issue, except those for "textiles and p r o d u c t s " and "fabrics" which have been revised beginning 1933; these are also available upon request.




34

SURVEY OF CURRENT BUSINESS

Monthly statistics through December 1937, to- 1940
gether with explanatory notes and references
to the sources of the data, may be found in the
May
1938 Supplement to the Survey

JULY 1940
1940

1939
May

June

July

August

September

October Novem- December
ber

January

February

March

April

EMPLOYMENT CONDITIONS AND WAGES—Continued
EMPLOYMENT—Continued
Factory, adj. (Federal Reserve)!—Continued
Nondurable goods
1923-25=100.
Chemical, petroleum, and coal products
1923-5 = 100.Chemicals
do....
Paints and varnishes
do
Petroleum refining
do...
Rayon and allied products
do
Food and kindred products
do...
Baking
do._.
Slaughtering and meat packing do__.
Leather and its manufactures
do...
Boots and shoes
do__.
Paper and printing
do.-.
Paper and pulp
do...
Rubber products
do._Rubber tires and inner tubes
do...
Textiles and their products
do...
Fabrics
do._Wearing apparel
do. _.
Tobacco manufactures
do...
TTactory, unadjusted, by cities and States:
City or industrial area:
Baltimore
1929-31 = 100.
Chicago
1925-27=100.
Cleveland
1923-25=100Detroit
do
Milwaukee
1925-27=100.
New York
_
do...
Philadelphia!
1923-25=100Pittsburghf
do...
Wilmingtonf
do...
State:
Delaware!
do
Illinois
1925-27=100.
Iowa!
1923-25 = 100.
Maryland
1929-31 = 100..
Massachusetts
1925-27=100,
New Jersey!
1923-25=100..
New York
1925-27=100Ohio
1926 = 100Pennsylvania!
1923-25 = 100-.
Wisconsin!
1925-27=100.
Nonmanufacturing, unadjusted (U. S. Department of Labor):
Mining:
Anthracite
1929=100Bituminous coal
do
Metalliferous
do
Petroleum, crude, producing
do
Quarrying and nonmetallic
do._
Public utilities:
Electric light and power!
do
Street railways and busses!
do
Telephone and telegraph!
do
Services:
Dyeing and cleaning
do
Laundries
do
Year-round hotels
do..-.
Trade:
Retail, total!
do___
General merchandising!
do
Lumber and building materials* do
Wholesale
do
Miscellaneous employment data:
Construction employment, Ohio.-1926=100-.
Federal and State highway employment:
Total
number..
Construction (Federal and State)..do
Maintenance (State)
do
Federal civilian employees:
United States
do....
District of Columbia
do
Railway employees (class I steam railways):
Total
thousands..
Index:
Unadjusted
1923-25=100..
Adjusted
do
Trades-union members employed:
All trades
percent of total..
Building
do....
Metal
do
Printing
do
Allother
-do....
On full time (all trades)
.do

103.1

103.3

104.2

105.3

105.9

105. 7

107.6

109.2

108.9

107.8

106.6

104.8

'103.3

122.4
137
121
123
311
128.6
145
107
88.3
86
115.2
115
83.8
69
96.2
87.7
111.3
65.2

114.4
117
119
119
302
128.4
146
98
93.7
92
111.5
107
81.1
67
99.6
90.9
115.2
65.1

113.1
117
120
120
295
129.4
147
100
97. 1
96
111.1
106
80.8
66
101.0
91.9
117.5
65.5

113.7
115
122
121
298
127.9
147
101
111.8
106
79.7
67
103.9
94.3
121.1
65.7

111.9
119
125
122
254
129. 7
146
101
97.4
96
112.0
107
83.6
68
104.6
95.2
121.4
65.2

116.4
122
123
122
297
128.1
146
102
96.8
95
112.8
109
86.1
70
103.4
93.9
120.4
64.4

119.9
132
125
122
309
126.9
146
103
97.4
96
115.0
114
91.2
74
106.0
97.7
120.4
63.5

121.3
137
126
123
310
129.6
145
106
99.1
98
115.7
115
93.1
75
107.5
99.7
120.4
63.1

121.9
138
126
122
311
131.4
145
108
96.9
96
116.4
115
92.4
75
105.8
96.9
121.6
64.7

121.4
138
127
122
310
130.7
144
108
97.3
96
115.4
114
90.2
74
104.4
95.0
121.2
64.2

120.4
137
124
122
309
130.7
144
109
95.4
94
114.7
113
87.9
73
102.6
93.1
119. 9
62.7

119.9
137
124
123
304
130.2
145
110
93.8
93
114.8
113
86.7
72
99.1
88.6
118.8
64.3

'121.1
136
' 123
122
312
' 128. 8
144
107
'91.9
'90
114.3
112
'83.9
70
'96.6
'87.8
'112.4
65.0

102.5
77.0
97.0
102.6
99.4
91.1
81.6
86.1
90.0

91.7
70.0
81.8
62.4
92.9
85.5
80.1
71.7
83.9

91.7
70.5
81.4
86.7
94.3
83.6
81.1
73.6
81.0

92.6
70.9
80.3
59.5
92.2
83.1
81.9
73.4
78.1

93.8
72.2
82.8
89.4
94.3
91.1
83.1
76.4
75.6

98.7
74.3
90.0
107.1
98.0
95.3
83.7
79.2
79.9

101.0
78.5
93.3
102.4
96.2
97.8
88.1
87.9
86.9

101.8
80.3
95.7
105.9
102.7
95.9
87.7
92.1

102.6
80.4
94.9
112.1
104.0
95.1
86.9
93.4
90.0

101.3
78.4
94.6
104.9
101.6
92.1
85.5
92.0
89.0

100.8
78.1
94.6
110.7
97.2
95.9
86.6
90.0
88.0

102.7
77.6
95.3
110.3
99.9
98.4
84.7
88.4
88.6

103.5
76.5
96.2
108.8
99.1
93.7
'83.7
86.1
90.1

99.0
84.7
136.5
105.9
74.9
103.8
88.4
92.7
84.2
90.4

92.8
77.6
131.9
95.8
73.7
94.3
80.4
85.2
'79.1
84.5

90.0
78.1
133.2
95.8
73.2
95.4
80.9
85.5
79.7
86.9

89.0
78.3
129.2
96.7
75.3
94.4
80.6
84.7
81.0
89.2

93.7
80.7
129.3
90.5
77.6
97.7
84.0
87.2
82.5
90.0

82.3
129.4
101.5
79.0
100.1
87.5
91.1
83.7
90.9

86.0
132.4
104.8
82.5
105.0
90.6
95.7
90.0
89.4

98.2
87.7
137.0
105.5
82.8
107.4
91.3
97.0
91.7
92.1

98.4
87.8
140.4
105. 8
81.9
106.2
91.4
97.8
91.4
92.9

97.1
86.0
136.2
104.4
80.8
103.4
89.7
95.6
88.9
91.0

96.1
85.9
135.7
104.0
80.7
103.5
90.9
95.3
88.3
89.5

96.9
85.4
134.6
105.2
78.0
103.7
91.5
94.3
'86.8
90.9

98.5
84.4
134.9
105.4
76.3
103.1
89.3
'93.1
'85.3
90.0

52.2
84.9
69.2
63.1
47.1

52.6
47.9
61.9
66.1
45.6

51.2
78.3
61.6
67.0
47.3

44.7
79.4
60.4
67.3
47.5

48.5
81.4
60.4
66.7
48.1

49.4
85.4
62.9
65.0
47.9

51.9
93.0
65.3
64.3
48.0

51.3
94.9
66.5
63.8
47.1

51.0
92.6
67.3
63.8
44.0

51.5
91.8
66.4
63.2
37.8

52.0
91.7
66.3
63.0
38.3

' 52. 6
'89.7
66.2
63.0
'41.0

51.6
86.0
67.6
63.2
44.8

90.6
68.4
77.3

88.2
68.9
75.8

89.2
69.3
76.4

90.0
69.1
76.5

90.6
69.2
76.6

90.6
69.2
76.4

90.4
69.5
76.5

90.3
69.3
76.1

89.1
68.8
76.1

89.2
68.7
75.9

'89.3
' 68.2
' 76.0

90.3
68.5
76.5

108.7
99.1
93.4

107.0
95.5

110.1
98.7
92.8

106.5
100.0
90.3

102.7
99.1
89.8

105.2
97.8
91.3

105.1
96.0
92.9

97.8
95.6
91.8

90.1
69.0
75.8
97.4
95.6
90.8

94.0
96.0
91.3

93.7
95.8
92.1

'99.5
96.2
'92.0

104.8
97.3
92.6

89.4
93.3
73.4
88.1

87.2
88.2
72.2
87.9

86.3
86.3
74.3
89.0

90.5
95.8
75.2
90.5

91.7
98.9
76.3
92.4

93.3
105.9
75.1
92.1

104.2
146. 4
73.4
92. 2

87.7
89.3
70.0
90.6

87.0
87.9
'69.4
90.2

'91.1
' 96.4
' 70.4
'90.5

48.0

47.9

44.2

41.3

31.6

91.2
95.5
74. 5
88.7

92.8
72.1
87.2

90.0
93.0
72. 4
89.0

31.1

31.2

'35.7

220, 923
104,804
116,119

252, 316
130, 743
121, 573

264, 502
138, 345
126,157

274, 949
142, 788
132,161

277, 703 262, 760
142,868 133, 904
134,835 128,856

227, 233 185, 661 145, 707 163, 592
112,816 81, 845 42, 960 43, 267
114,417 103, 816 102, 747 120, 325

164, 726
60,417
104,309

205, 164
93, 726
111,438

903,112
122,792

42.3

925, 785
123, 643

927, 778
124,125

935, 582
124, 739

940, 040 936, 409
125,906 126, 518

945, 836
128, 643

959,146
129, 677

1,010

1,019

1,022

1,039

56.3
54.9

57.1
56.0

934,998 987, 857 938,403
126, 380 127, 502
127,418
1,058
1,029
1,008
58.2
56.5
55.4
57.8
57.9
57.7

43.0

974
56.7
56.0

0)
0)
0)
(0

53.6
53.0

43.6

55.6
54.4

50.0

56.1
54.7

48.0

1,075
59.1
57.5

0)
0)
(0
0)
0)
0)

939,015
127,771
1,014

1,006

1,004

55.7
57.9

'55.2
'56.8

55.1
55.6

0)
0)
0)
0)
0)
0)

0)
0)
0)
0)
0)
0)

(0
0)
0)
0)
0)
0)

LABOR CONDITIONS
Average weekly hours per worker in factories:
National Industrial Conference Board (25 in37.6
37.7
37.5
38.0
36.5
37.1
37.1
37.9
39.1
39.1
38.7
dustries)!
hours..
39.0
U. S. Department of Labor (87 industries)!
37.2
37.5 I
36.9
39.1
37.4
38.5
38.6
37.3
37.3 I 36.7
38.0
hours..
x
' Revised.
Discontinued by reporting source.
*New series. Data for employment by lumber and building material dealers not shown on p. 26 of the March 1940 Survey will appear in a subsequent issue.
!Revised series. Iowa employment revised beginning July 1937; revisions are shown on p. 26 of the March 1939 Survey. Wisconsin employment and pay rolls have been
adjusted, beginning 1929, to trends indicated by Census data; indexes not shown on p. 26 of the November 1938 Survey will appear in a subsequent issue. Other State
and city employment indexes revised beginning with the year specified: Philadelphia, 1932; Pittsburgh, 1932; Wilmington, 1931; Delaware, 1931; New Jersey, 1931; and Pennsylvania, 1932; data appear in table 12, p. 14, of the March 1940 issue. For data on factory employment, adjusted (Federal Reserve) revised, see footnote marked with a "f" on
p. 33. For U. S. Department of Labor average weekly hours per worker in factories, see note marked with a " ! " on p. 37. For revised data on indicated nonmanufacturing
employment series, see footnote marked with a " t " on p. 36. National Industrial Conference Board data relating to factory weekly and hourly earnings and to weekly hours
per worker have been revised beginning 1934; see table 2, p. 18, of the January 1940 issue-




35

SURVEY OF CURRENT BUSINESS

JULY 1940
Monthly statistics through December 1937, together with explanatory notes and references
to the sources of the data, may be found in the
1938 Supplement to the Survey

1940
May

September

1940

1939
May

June

July

August

DecemOctober November
ber

January

February

March

April

EMPLOYMENT CONDITIONS AND WAGES—Continued
LABOR CONDITIONS—Continued
Industrial disputes (strikes and lockouts):
Beginning in month
number..
In progress during month
do
Workers involved in strikes:
Beginning in month
thousands..
In progress during month
do
Man-days idle during month
do
Employment
operations
(Social
Security
Board):
Applications:
Active
file
thousands..
New
do
Placements, total
do
Private
do
Ratio of private placements to active file
percent..
Labor turn-over in mfg. establishments:
Accession rate..mo. rate per 100 employees.._
Separation rate:
Total
do....
Discharge
do
Lay-off
do
Quit
do—.

v 230
v 345

258
434

245
407

251
389

275
448

197
373

205
356

178
317

106
222

- 104
- 198

50
p 75
?650

95
457
3,548

63
127
958

176
212
1,168

80
119
1,101

37
104
892

107
140
1,508

43
130
1,665

12
37
384

-25
- 39
-237

5,724

6,382
516
333
242

6,283
570
344
251

6,101
494
28G
213

5,790
558
336
254

5,682

5,466

5,629

5,746

6,079

0)
352

0)
366

0)

0)

287

308

P

0)
350
304

0)

289
249

265
235

221
196

r

r 134
218
28
36
'276

131
-223

-365

42
*>55
p 450

5,025

5,682

0)

0)

v

-40

5,920

(0

203
184

4.5

3.8

4.0

3.5

4.4

5.1

5.6

4.4

4.1

3.2

3.29

3.92

4.16

5.06

6.17

5.89

4.10

2.84

3.74

3.48
.13
2.67
.68

3.31
.12
2.46
.73

3.36
.12
2.54
.70

3.01
.14
2.05
.82

2.79
.14
1.58
1.07

2.91
.17
1.81
.93

2.95
.15
1.97
.83

3.46
.12
2.65
.69

3.43
.14
2.55
.74

3.56
.16
2.67
.73

96.4
97.8

85.0
78.8

86.5
80.7

84.4
76.0

89.7
81.5

93.8
87.8

101.6
99.6

101.6
100.9

103.7
104.6

98.3
98.2

218

2.98

3.78
.13
2.78
.87

243

3.1

3.36

p 290

97.8
96.7

4.3

295
259

4.6
3.05

2.94
3.46
. 15
2.53
.78

3.66
.13
2.69
.84

98.2
97. 6

- 96. 3
97.2

PAY ROLLS
Factory, unadjusted (U. S. Department of
Labor)!..
1923-25=100..
Durable goods
do
Iron and steel and their products, not ineluding machinery
1923-35=100..
Blast furnaces, steel works, and rolling
mills
1923-25=100..
Hardware
do
Structural and ornamental metal work
1923-25=100_.
Tin cans and other tinware
do
Lumber and allied products
do
Furniture
do
Lumber, sawmills
do
Machinery, not including transportation
equipment
1923-25=100..
Agricultural implements (including tractors)
1923-25=100..
Electrical machinery, apparatus, and
supplies
1923-25 = 100_.
Engines, turbines, water wheels, and
windmills
1923-25 = 100-.
Foundrv and macbine-shop products
1923-25=100..
Radios and phonographs
do
Metals, nonferrous, and products
do._.
Brass, bronze, and copper products, do
Stone, clay, and glass products
do
Brick, tile, and terra cotta
do...
Glass
do
Transportation equipment
do
Automobiles
do
Nondurable goods
do
Chemical, petroleum, and coal products
1923-25=100..
Chemicals
do.
Paints and varnishes
do.
Petroleum refining
do.
Rayon and allied products
do.
Food and kindred products
do.
Baking
do.
Slaughtering and meat packing
do
Leather and its manufactures
do
Boots and shoes
do.
Paper and printing
do.
Paper and pulp
do.
Rubber products
do.
Rubber tires and inner tubes
do.
Textiles and their products
do.
Fabrips
do
Wearing apparel
do
Tobacco manufactures
do
Factory, unadjusted, by cities and States:
City or industrial area:
Baltimore
1929-31 = 100
Chicago
1925-27=100
Milwaukee
do._
New York
. do _
Philadelphia!
1923-25=100
Pittsburgh!
do...
Wilmington!
do...
State:
Delaware!
do _
Illinois
192.5-27=J00_
Maryland
1929-31 = 100
Massachusetts
..1925-27=100
New Jersey!
1923-25=100
New York
1925-27=100.
Pennsylvania!
..1923-25=100
Wisconsin!
1925-27=100.

r
r

97.1

80.2

82.6

78.6

88.0

92.8

112.1

114.7

115.3

106.2

100.9

96. 5

94.9

102.9
102.1

82.3
77.6

85.9
73.8

82.0
65.4

92.7
80.1

95.3
113.9

123.6
109.6

127.3
118.6

129.2
117.0

119.3
108.9

110.2
100.9

101.8
104.7

-98.6
- 104. 0

61.8
101.2
63.5
74.5
58.7

57.3
98.2
58.0
66.6
54.2

58.8
103.2
60.1
68.5
55.9

58.7
102.8
56.4
68.0
50.5

63.9
114.9
62.9
75.5
56.8

63.3
117.4
63.5
78.1
56.5

68.3
111.3
68.7
84.9
61.6

67.1
105.4
68.8
86.2
60.8

67.2
100.4
65.2
85.5
55.4

02.6
96.9
58.8
74.6
51.1

60.3
93.0
60.0
76.8
52.0

59.5
- 99. 6
61.0
53^3

61.2
- 101. 0
-61.4
-74.2
-55.4

122.3

94.0

95.4

94.0

96.9

100.9

111.0

117.1

122.1

119.1

119.3

121. 5

-121.6

163.6

134.9

127.3

122.7

124.0

125.0

131.3

140.5

151.5

155. 8

163.8

114.5

90.6

91.6

91.0

93.4

98.4

105.7

109.6

114.2

112.4

194.2

114.0

114.3

110.2

113.5

116.2

129.2

139.1

156.6

161. 8

94.6
127.7
103.7
134.4
74.1
48.9
110.9
118.4
114.0
94.9

75.0
92.3
84.0
103. 5
67.7
43.8
96.3
87.3
88.0
91.9

76.9
104.5
84.0
103.1
70.6
50.1
100.8
88.9
88.6
93.0

74.8
113.6
82.4
103.9
65.9
46.4
91.5
76.6
72.9
93.7

78.4
122.8
88.7
110.5
71.6
50.1
102.5
78.3
75.0
99.0

80.2
139.0
96.5
122.8
71.7
50.4
105.0
99.5
102.9
100.5

89.5
169.6
113.6
154.1
80.3
£6.6
121.2
109.9
113. 3
103.9

94.3
170.3
115.4
157.0
78.9
54.3
121.0
105.6
106.0
102.4

98.6
148.8
116.5
158.9
76.4
51.6
118.9
124.1
127.9
102.8

95.2
121.7
108.7
150.3
66.9
43.4
113.1
118.3
119.9
98.4

133.7
162.0
136.0
136.6
311.4
121.3
137. 7
110.3
63.8
58.3
113. 1
124.3
87.1
79.8
77.9
74.0
80.7
62.1

119.6
131.3
129. S
132.2
273.0
118.8
136. 5
104.7
68. C
63.8
105.1
105.6
80.0
71.6
79.7
75.3
83.5
57.7

118.7
131.5
128.9
134.4
271.8
123.8
138.1
106.7
74.6
70.4
103.5
104.5
82.1
74.8
79.5
75.6
82.3
61.5

117.9
130.8
124.0
131.5
283.2
128.6
139.1
109.2
83.6
81.9
102.0
101.2
81.5
77.1
79.2
76.6
79.7
61.8

119.0
136.3
125.6
135.9
246.6
135.1
135. 3
105.8
84.6
82.9
103.7
107.7
86.3
78.9
88.1
80.2
98.3
62.7

124.6
139.7
127.5
134.8
286.4
139.7
138.8
107.9
76.6
72.4
109.3
113.4
91.0
82.7
86.5
81.0
92.1
62.9

133.3
157.9
134.6
140.0
303.0
130,0
136.6
107.7
76.5
71.1
113.8
125.6
101.9
• 90.6
93.5
88.0
98.7
63.4

133.1
101.5
131.5
137.9
310.4
125.3
136.9
112.7
71.1
64.6
114.2
124.6
99.8
85.9
92.7
91.6
89.2
62.9

133.4
162.3
130.5
137.6
314.0
124.4
134.1
121.5
75.4
70.2
116.8
122.5
100.5
89.9
91.6
89.5
90.2
62.3

131.0
159.8
128. 5
133.5
320.4
117.0
131.1
118.9
82.3
79.1
110.0
117.6
94.1
85.6
87.5
84.8
87.5
52.9

131.4
159.7
128.3

127.4
65.6
105. 9
84.5
80.4
85.1
87.1

107.2
57.8
92.8
77.7
73.6
62.4
76.4

110.5
58.7
96.5
76.9
76.5
66.5
75.8

110.6
59.1
92.4
76.3
77.6
62.4
71.4

114.0
61.3
98.1
85.5
79.1
72.0
67.7

118.3
62.8
96.4
86.4
79.7
72.6
73.7

126.2
67.4
103.4
90.1
85.6
92.7
81.7

128.2
67.5
109.4
87.4
85.6
96.1
83.7

128.1
69.4
110.6
88.7
86.0
98.7
85.7

97.0
74.8
126.2
70.3
103.9
85.0
78.9
97.9

85.3
66.4
107.0
66.2
87.3
74.4
'87. 9
86.3

85.0
67.3
110.4
66.7
89.2
75.9
70.4
89.2

81.1
66.6
110.4
69.3
87.7
75.8
69.2
86.6

79.7
70.3
110.2
71.3
91.8
80.2
74.2
91.6

86.7
71.7
117.5
73.3
94.2
82.4
74.9
90.1

92.1
77.9
126.9
76.5
104.3
87.4
88.7
96.2

92.9
77.8
127.8
78.0
106.4
87.8
89.7
99.4

94.9
79.1
127.7
78.7
105.7
89.3
90.1
100.1

r

167.9

166.1

113.8

- 112.7

171.6

- 175. 7

- 183. 1

94.2
113.0
103.4
136.4
65.3

-95.7
109. 5
104.8
137.2
68.3
41.5
112.8
-124. 3
- 122. 9
-98.9

-95.4
- 116. 0
-103. 9
- 133.0
-72.2
- 45. 2
-114.2
- 122. 6
-121.2
-95.3
- 133. 4

321.3
115.5
132.4
110.9
82.6
80.2
108.6
116.9
88.3
80.6
91.3
84.2
'99.8
54.0

132. 5
159. 3
130. 5
135. 8
316.0
- 117.1
134.4
111.5
80.3
78.2
110.0
115. 1
-88.2
-79.0
89.4
78.4
- 105. 7
-58.1

124.2
66.9
104.3
84.5
83.8
92.3
82.4

122.8
66.1
100.1
87.8
83.1
87.3
82.6

126.6
65.6
104.2
94.9
83.1
85.3
84.7

- 127. 0
64.6
104.1
86.5
-81.8
-83.7
88.6

91.1
75.7
123.8
76.8
100.6
86.2
84.4
94.7

91.6
75.8
122.1
74.4
100.0
86.7
81.8
94.7

93.9
75.2
124.7
73.9
102.2
89.2
-80.7
96.8

98.1
74.2
124.1
70.9
101.8
85.0
-79.2
96.1

39.6
108.3
118.6
119.1
99.1

134.

4

- 159. 6
-131.9
-136. 9
-311.1
117.7
- 134. 3
- 109. 5
-70.7
-66.6
109.7
115. 4
-86.5
-78.1
-81.4
-75.2
-88.7
58.7

r
1
Revised.
Preliminary.
Discontinued by original source.
!Revised series. For data on factory pay rolls (U. S. Depfr. of Labor), see footnote marked with a "f" on p . 33. For Wisconsin p a y rolls, see footnote marked with a
" ! " on p . 34. Other State and city pay-roll indexes revised beginning with the year specified: Philadelphia, 1932; Pittsburgh, 1928; Wilmington 1930; Delaware, 1932; N e w
Jersey, 1932; and Pennsylvania, 1932; data appear in table 12, p . 14, of the March 1940 issue.




36

SURVEY OF CURRENT BUSINESS

Monthly statistics through December 1937 together with explanatory notes and references
to the sources of the data may be found in the
1938 Supplement to the Survey

1939

1940
May

JULY 1940

May

June

July

1940

SepAugust tember October Novem- December
ber

January

February

March

'38.4
'78.3
'63.2
'58.4
'34.1

36.3
71.4
63.1
58.6
38.5

April

EMPLOYMENT CONDITIONS AND WAGES—Continued
PAY EOLLS—Continued
Nonmanufacturing, unadjusted (U. S. Department of Labor):
Mining:
Anthracite _ . .
1929=100__
Bituminous coal...
do
Metalliferous
do _
Petroleum, crude, producing _ _ . do . . .
Quarrying and nonmetallic
do
Public utilities:
Electric light and powerf
do
Street railways and bussesf
do .
Telephone and telegraph f
do
Services:
Dyeing and cleaning
do
Laundries _ _ ._
do
Year-round hotels
do
Trade:
Retail totalf
do
General merchandising! _
do _.
Lumber and building materials*....do
Wholesale
do

40.0
75.8
65.9
59.0
42.9

57.0
20.4
54.1
81.2
39.7

36.1
66.5
53.8
62.5
41.7

25.2
64.5
48.5
61.9
40.9

33.8
74.6
53.0
62.0
42.9

40.1
80.2
55.1
60.8
42.7

52.2
97.6
63.4
58.8
45.6

42.0
96.3
63.9
59.6
42.9

26.6
84.3
65.0
59.2
39.2

52.5
87.0
63.6
58.4
29.6

32.9
87.0
64.2
59.0
30. S

104.5
69.3
98.5

99.9
68.9
95.7

101.2
70.0
95.7

101.1
69.4
96.6

102.2
69.8
96.3

102.2
69.2
96.9

102.0
71.2
97.2

102.5
69.4
96.4

102.4
69.8
97.4

101.6
69.0
97.4

102.2
71.5
96.9

' 102. 3
'69.5
'98.1

103.7
69.3
99.3

85.5
88.5
83.1

83.0
83.9
82.4

84.2
86.9
82.0

77.1
88.0
79.1

73.0
85.9
79.2

78.3
84.5
80.4

77.3
83.9
82.2

70.8
82.9
81.8

69.9
83.7
81.1

65.5
83.4
81.1

64.4
83.1
82.7

' 72.7
' 84.1
' 81.8

80.1
85.7
83 0

83.4
86.8
71.0
77.2

79.9
83.6
67.1
74.9

81.1
85.1
69.0
75.8

79.5
81.3
67.6
75.8

78.0
78.6
69.6
76.2

80.9
85.3
70.5
78.0

83.2
88.5
72.6
80.3

83.6
92.4
70.7
79.0

91.8
125.8
69.2
79.1

80.8
82.7
64.7
77.2

79.1
'80.8
'64.5
r
77 1

'82.0
'85.9
'65.7
' 77.8

82 3
84.9
68.0
77 2

WAGES
Factory average weekly earnings:
National Industrial Conference Board (25
26.64
27.29
28.24
26.19
26.67
27.58
28.49
28.09
27.61
industries) t
dollars.. 27.67
27.61
27.66
28.49
24.17
23.64
24.52
24.72
25.81
23.84
25.73
25.51
25.46
IT S DeDartment of Labort
do
25. 20
25.33
26.26
27.26
28.18
26.31
27.92
29.71
26.82
29.41
28.96
28.90
28 60
28 92
30 04
Durable goods
do
Iron and steel and their products, not in26.89
28.17
28.25
25.81
31.09
26.17
30.55
29.07
27.47
cluding machinery
dollars..
27.50
27.95
30.71
Blast furnaces, steel works, and rolling
29.77
28.30
27.12
30.13
27.40
33.91
33.08
31.25
29.69
28.88
mills
dollars..
28.73
33.19
25.21
29.85
23.87
23.38
26.10
27.13
27.58
26.01
24.65
26.15
Hardware
do
26 13
27 44
Structural and ornamental metal work
27.62
27.42
28.74
27.71
28.13
28.87
28.52
27.65
27.27
27.39
28 42
28 74
dollars
23.12
23.66
23.82
24.20
24.86
23.86
23.46
23.70
22.82
' 24.15
24.24
23 82
Tin cans and other tinware
do
20.14
19.95
19.72
19.95
18.61
20.80
20.63
19.10
19.91
19.69
20.00
Lumber and allied products
do
20.18
19.91
20.95
21.72
19.86
19.47
20.90
19.95
21.63
21.15
20.91
20 70
21 87
Furniture
do
18.39
19.21
17.73
18.95
17.08
18.76
19.45
19.20
18.19
18.49
18.93
18.11
Lumber, sawmills
do
Machinery, not including transportation
28.23
27.86
27.55
29.74
27.97
28.07
29.20
29.67
29.51
30.15
30 25
29.97
equipment
dollars
Agricultural implements (including
29.11
28.91
29.92
30.91
31.14
29.56
28.85
29.20
30.27
31.37
31.43
tractors)
_. . . ..__ . dollars
31.07
Electrical machinery, apparatus, and
28.71
28.42
28.05
29.24
29.67
29.53
28.11
29.34
29.98
28.50
29.70
supplies
dollars..
29.89
Engines, turbines, water wheels, and
34.10
30.95
30.57
30.36
31.01
30.97
32.48
33.46
' 34. 43
34.09
34.49
34.35
windmills
dollars
Foundry and machine-shop products
27.23
27.86
27.71
26.95
27.78
29.27
29.27
r 29. 39
29.43
28.89
30.35
29.27
dollars. .
21.73
22.92
22.12
22.30
21.63
21.71
22.38
23.79
23.47
22.19
22.71
22.46
Radios and phonographs...
_do
27.37
26.96
25.38
26.69
25.52
25.11
25.98
28.58
28.26
26.65
26.76
28.67
Metals, nonferrous, and products...do
Brass, bronze, and copper products
29.15
27.32
32.21
30.28
27.18
27.53
28.00
31.39
29.01
28.96
31.63
28.58
dollars..
23.58
24.03
23.71
23.47
23.94
24.03
22.58
24.26
25.98
25.24
24.49
25.01
Stone, clay, and glass products _ do .
_
20.52
19.52
19.91
21.17
22.51
19. 55
21. 25
19.58
21.58
21.18
19.30
19.97
Brick, tile, and terra cotta
do
26.20
26.02
24.15
23.26
25.45
25.43
27.71
27.06
26.78
26.49
Glass
do
24.86
25.89
33.23
' 34. 39
31.04
33.25
33.82
31.73
31.06
33.71
33.26
33.47
34.51
34.40
Transportation equipment
do .
34.41
34.28
34.80
« 35. 53
"
31.94
35.15
34.75
34.25
31.18
31.50
35.81
35.78
Automobiles
do
21.87
21.54
21.73
21.86
22.02
21.09
21.31
21.25
21.58
22.03
22.30
21.49
Nondurable goods
do .
Chemical, petroleum, and coal products
29.22
29.31
29.14
28.74
28.60
29.49
29.54
29.49
29.23
28.85
29.61
28.99
dollars. .
31.82
31.82
32.51
31.86
31.07
30.74
31.08
31.00
31.48
31.79
32.07
31.97
Chemicals
do
28.44
28.43
28.93
28.65
28.72
29.12
28. 62
28.14
28.47
29.46
28.75
29.02
Paints and varnishes
do
34.42
34. 78
34.96
34.94
34.99
33.91
34.76
34.38
35.77
35.10
35.34
35.27
Petroleum refining
do
26.24
26.26
24.49
26.33
25.42
23.70
24.38
25.03
25.82
24.47
24.81
26.12
Rayon and allied products
do
25.32
25.25
24.19
24.34
25.13
24.61
24.80
25.00
23.95
25.48
25.17
Food and kindred products
do
25.48
25.84
26.12
25.84
25.96
26.05
25.49
26.00
25.65
25.97
25.83
25.91
26.22
Baking .
do
27.94
27.26
26.88
28.25
28.54
27.99
27.45
28.39
28.51
27.77
27.60
27.76
Slaughtering and meat packing..do
19.89
19.23
19.61
19.72
18.45
18.20
19.09
17.43
18.65
19.78
18.74
17.68
Leather and its manufactures
do
18.20
18.59
18.78
17.62
18.74
18.74
17.04
17.20
16.46
16.30
15.93
17.28
Boots and shoes
do
28.66
28.37
28.67
28.89
29.26
29.51
28.22
28.04
28.70
27.57
29.40
28.10
Paper and printing.._
do
25.35
25. 42
25.17
26.19
25.64
26.61
25.35
27.19
24.25
24.13
23.40
24.65
Paper and pulp
do
27.40
28.54
27. 66
29.50
28.95
28.22
28.52
28.93
30.11
27.98
26.78
27.88
Rubber products
do
32.29
33.96
35.11
' 31.98
33.64
32.77
33.06
33.84
33.77
34.55
35.91
31.46
Rubber tires and inner tubes
do
17.48
17.45
17.26
17.72
17.68
16.74
16.36
16. 51
16.46
16.91
17.58
17.20
Textiles and their products
do
16. S8
16.62
17.07
17.54
16 40
16.02
16 63
16 73
17 21
17 64
16 20
16 23
Fabrics
do
18.86
19.54
17.85
18.26
17.63
17.81
17.46
17.40
18.63
17.43
17.14
18.77
Wearing apparel
do
16.25
16.88
16.52
17.47
17.44
17.07
17.55
17.50
16.60
17.19
17.48
17.43
Tobacco manufactures
do
Factory average hourly earnings:
National Industrial Conference Board (25
.728
.737
.727
.731
.729
.721
.722
.724
.727
.734
.720
.721
.720
industries) f
dollars..
.663
.665
.663
.662
.665
.638
.653
.642
.637
.646
.643
.634
U. S. Department of Laborf
do
.728
.726
.727
.729
.727
.702
.709
.715
.707
.708
.699
.713
Durable goods
do
Iron and steel and their products, not in.764
.763
.766
.772
.764
.752
.767
.759
.764
.757
.761
.756
cluding machinery
dollars..
Blast furnaces, steel works, and rolling
.838
.841
.838
.851
.838
.835
.849
.845
.847
.842
.843
.848
mills.._
dollars. .
".671
'. 685
.670
.722
.685
.680
.690
.651
.625
.669
.676
.655
Hardware
do
Structural and ornamental metal work
.732
.730
.735
.731
.727
.721
.722
.726
.725
.737
.721
.725
dollars
.619
'.626
.620
.621
.619
.609
.605
.615
.614
.604
.608
.610
Tin cans and other tinware
do
.512
.513
.515
.513
.514
.518
.502
.504
.498
.502
.501
.502
Lumber and allied products
do
.539
.538
.547
.544
.536
.527
.529
. 546
.530
.528
.530
.527
Furniture
do
.491
.492
.491
.489
.497
.484
.479
.483
.497
.473
.481
.481
Lumber, sawmills
do
' Revised.
•New series. Data not shown on p. 28 of the March 1940 issue for pay rolls of lumber and building material dealers will appear in a subsequent issue.
fRevised series. For
U. S. Department of Laborrevisionsthe same subject, see note marked with a "t" on p. weekly and hourly nonmanufacturing marked with and pay-roll 34; for have been in the
data on in National Industrial Conference Board factory 37. The indicated earnings, see note employment a " f on p. series revisions revised
beginning with 1929 except for the telephone and telegraph series for which revisions begin in 1932; see table 19, p. 17, April 1940 Survey. Subsequent revisions in employment on street railways and busses beginning 1932, superseding those shown in table 19, p. 17, of the April 1940 Survey, appear in table 27, p. 17, of the May 1940 issue.




37

SURVEY OF CURRENT BUSINESS

JULY 1940

Monthly statistics through December 1937, to- 1940
gether with explanatory notes and references
to the sources of the data, may be found in the
May
1938 Supplement to the Survey

1940

1939
June

May

July

August

September

October Novem- December
ber

January

February

March

April

EMPLOYMENT CONDITIONS AND WAGES—Continued
WAGES—Continued
Factory average hourly earnings—Continued.
U. S. Dept. of Laborf—Continued.
Durable goods—Continued:
Machinery, not including transportation
equipment-.
._ _
_
.dollars..
Agricultural implements (including
tractors)..dollars-.
Electrical machinery, apparatus, and
supplies.
dollars
Engines, turbines, water wheels, and
windmills
dollars
Foundry and machine-shop products
dollars
Radios and phonographs _. do
Metals, nonferrous, and products. _do
Brass, bronze, and copper products
dollars
Stone, clay, and glass products
do
Brick, tile, and terra cotta
do
Glass
do
Transportation equipment
do
Automobiles
do
Nondurable goods
do
Chemical, petroleum, and coal products
dollars
Chemicals
do
Paints and varnishes
do
Petroleum refining
do
Rayon and allied products
_._do
Food and kindred products
do
Baking
do
Slaughtering and meat packing, .do
Leather and its manufactures
do
Boots and shoes
do
Paper and printing.
do
Paper and pulp
do
Rubber products
do
Rubber tires and inner tubes
do
Textiles and their products
do
Fabrics
do
Wearing apparel
do
Tobacco manufactures
do
Factory average weekly earnings, by States:
Delaware
1923-25=100
Illinois
1926-27-100
Massachusetts
do
New Jersey
1923-25-100
New York...
1925-27=100..
Pennsylvania
1923-25=100..
Wisconsint
_
1925-27=100..
Miscellaneous wage data:
Construction wage rates (E. N. R.):§
Common labor
dol. per hour
Skilled labor
do
Farm wages without board (quarterly)t
dol per month
Railway wages (average, class I)
dol. per hour..
Road-building wages, common labor:
United States, average
dol. per hour..
East North Central . _
do
East South Central
_ .do
Middle Atlantic. _.
do
Mountain
do
New England
do
Pacific
do
South A t l a n t i c
do
West North Central
do
West South Central
do

0.725

0.725

0.724

0.721

0.722

0.721

0.723

0.732

0.735

0.737

0.739

0.739

.787

.780

.785

.781

.778

.782

.787

.793

.796

.797

.797

.801

.744

.744

.743

.737

.740

.733

.731

.742

.749

.753

.755

.756

.787

.782

.779

.778

.787

.794

.799

.805

.804

.813

'.807

.803

.710
.589
.673

.716
.583
.671

.715
.576
.672

.714
.576
.668

.715
.577
.674

.718
.573
.691

.720
.583
.690

.727
.590
.703

.726
.595
.701

.723
.606
.696

'. 725
.614
.697

.726
.611
.700

.708
.644
.534
.706
.894
.931
.592

.707
.647
.538
.711
.895
.933
.590

.715
.646
.531
.716
.886
.928
.587

.710
.646
.539
.714
.888
.935
.585

.714
.647
.540
.718
.895
.934
.583

.757
.654
.551
.730
.891
.922
.590

.753
.657
.556
.734
.886
.922
.599

758
.660
558
.737
.901
.940
.605

749
.664
558
.746
.894
.934
.607

.743
.662
.554
.738
.8%
.938
.608

748
.664
553
.741
.900
» 944
•
.610

.748
.664
551
.738
.902
.945
.609

.740
.776
.701
.970
.647
.631
.617
.689
.528
.504
.774
.616
.760
.944
.478
.460
.511
.472

.757
.777
.697
.972
.643
.622
.618
.691
.529
.505
.776
.618
.765
.947
.473
.459
.499
.474

.766
.783
.704
.985
.639
.613
.624
.687
.522
.498
.772
.616
.772
.956
.472
.460
.496
.476

.766
.785
.707
.975
.643
.596
.624
.688
.526
.602
.768
.618
.770
.956
.483
.460
.523
.472

.741
.781
.704
.969
.646
.585
.620
.686
.532
.508
.774
.620
.768
.959
.482
.461
.519
.476

.738
.789
.712
.974
.646
.608
.623
.685
.532
.508
.773
.629
.769
.961
.486
.464
.527
.474

.751
.792
.715
.972
.659
.625
.627
.684
.539
.514
.774
.627
.768
.961
.493
.477
.525
.479

.751
.796
.714
.972
.665
.633
.633
.678
.537
.511
.783
.631
.776
.974
.497
.479
.533
.489

.756
.800
.718
.974
.676
.641
.635
.677
.534
.508
.783
.635
.776
.965
.499
.481
.534
.496

756
.803
.719
.975
.674
.639
.631
•\680
.537
.514
.783
.638
.777
.964
.505
.484
.544
.491

.746
.800
.718
.971
.672
.641
•".630
'•.681
.541
519
.789
.637
r
. 777
'•.963
.505
.482
.543
.490

.742
.801
.717
.974
.672
.643
.636
.689
.543
.521
.796
.637
.779
.966
.495
.482
.519
.493

94.8
95.7
97.6
120.4
96.2
106.9
108.4

88.9
92.8
93.5
111.8
92.6
97.5
102.2

91.4
93.4
94.9
113.0
93.8
101.0
102.7

88.2
92.3
95.8
112.1
94.0
97.3
97.2

82.4
94.6
95.6
113.3
95.4
103.0
101.7

83.9
94.5
96.7
113.5
94.1
101.5
99.1

90.3
98.2
96.6
119.7
96.4
111.1
107.6

91.5
96.3
98.0
119.5
96.1
110.8
107.9

93.3
97.9
100.0
120.0
97.7
111.9
107.6

90.7
95.7
98.9
117.2
96.1
107.8
104.0

92.1
95.8
95.9
116.4
95.4
105.2
105.7

93.7
95.6
98.6
118.6
97.4
106.3
106.5

96.3
95.2
96.7
118.7
95.1
105.9
106.8

.690
1.47

.682
1.44

.684
1.44

.684
1.44

.685
1.44

.685
1.44

.685
1.44

.685
1.46

.685
1.46

.685
1.47

.685
1.47

.685
1.47

.720

.719

.724

.714

.731

.729

.739

.743

.742

.751

.735

.731

.40
.60
.28
.51
.55
.52
.63
.28
.45
.37

.41
.63
.29
.51
.56
.49
.65
.28
.45
.37

.43
.60
.29
.52
.56
.49
.65
.29
.47
.35

.43
.61
.30
.51
.57
.47
.64
.30
.46
.37

.43
.60
.30
.53
.58
.45
.64
.30
.46
.37

.43
.59
.31
.51
.57
.48
.64
.30
.47
.38

.44
.59
.32
.53
.56
.49
.66
.32
.46
.38

.42
.63
.35
.56
.56
.48
.66
.32
.44
.38

.41
.59
.31
.57
.55
.50
.71
.32
.52
.39

.43
.62
.33
.62
.59
.50
.72
.32
50
.39

.41
.69
.33
.59
.55
.53
.70
.32
.45
.39

.42
.66
.33
.57
.55
.58
.74
.33
.45
.38

308

305

279

277

258

269

272

'274

271

274

280

278

46
39

47
37

48
36

48
38

48
39

48
39

48
38

49
39

51
43

51
41

51
40

52
38

2

1

1

1

1

1

1

2

2

2

3

2

36.13

36.26

.45
.64
.33
.52
.56
.53
.67
.33
.45
.38

r

.685
1.47
36.41

35 27

ALL PUBLIC RELIEF
Total, exclusive of cost of administration, material, etc.f
mil. of doL.
Obligations incurred for: •
Special types of public assistance
do
General relief. . . .
do
Subsistence payments certified by the Farm
Security Administration
mil. of dol..
Earnings of persons employed on Federal
work programs:
Civilian Conservation Corps--.mil. of dol_.
Work Projects Administration:
Operated by W. P. A.f
do
Operated by other Federal agenciest
mil. of dol
National Youth Administration:
Student aid
do
WorkProjectsf
do
Other Federal work and construction
projects!
mil of dol

20

19

19

19

17

19

19

18

19

20

17

18

141

133

120

108

89

98

102

108

106

111

124

120

7

3

4

4

4

4

4

4

2
4

3
5

3
5

3
6

3
6

3
6

3
6

53

51

47

37

35

'35

39

2
4

2
4

46

54

W

3
51

3
(a)

C)
54

56

0)

0)

r Revised.
• Less than $500,000.
§ Construction wage rates as of June 1, 1940; common labor $0,703, skilled labor $1.47.
• Beginning with January 1940, these series include cost of hospitalization and burial; the inclusion of these data has only a minor effect on the comparability of the series,
t Revised series. For revisions in U. S. Department of Labor factory weekly and hourly earnings, and hours worked per week, see table 1, p. 17, of the January 1940 issue.
Farm wages revised beginning 1913; see table 53, p. 18, of the November 1939 issue. Data on all public relief revised beginning with January 1933; the historical record can
be obtained from the most recent Social Security Bulletin together with the issue for February 1940. The revised series differ from those previously published in that they
include, in addition to earnings of persons certified as in need of relief, the earnings of all other persons employed on work or construction projects financed in whole or in part
from Federal funds. Wisconsin weekly earnings revised beginning January 1929; data not shown in the December 1939 Survey will appear in a subsequent issue,
i Beginning March 1940, this item is included with projects "operated by the W. P. A."




38

SURVEY OF CURRENT BUSINESS

Monthly statistics through December 1937, together with explanatory notes and references
to the sources of the data may be found in the
1938 Supplement to the Survey

1940
May

JULY

1939
May

June

July

August

September

1940

1940
October Novem- December
ber

January

February

March

233

230

223

0
0

0
0

0
0

50
219

188
123
65
45
226

184
121
63
46
233

178
118
61
45
239

3,045
2, 588
1,900
687
95

3,046
2,580
1,897
684
94

April

FINANCE
BANKING
Acceptances and com'l paper outstanding:
221
214
245
235
247
236
216
233
223
Bankers' acceptances, total
mil. of doL.
Held by Federal Reserve banks:
0
0
0
0
0
0
0
0
For own account
do
0
0
0
0
0
For foreign correspondents
do
C)
Held by group of accepting banks:
191
171
192
191
188
177
179
175
172
Total
do
128
124
122
119
115
111
105
103
113
Own bills
do
63
69
62
67
70
58
Purchased bills
do
44
48
39
42
57
43
55
53
51
Held by others
do
201
194
209
205
210
234
189
181
214
Commercial paper outstanding
do
Agricultural loans outstanding of agencies supervised by the Farm Credit Adm.:
3,057
3, 134
3,109
3, 085
3,158
3, 148
3, 057
3,166
3,067
Grand total
mil. of doL.
2, 553
2,637
2,647
2,626
2, 596
2,616
2,605
2,671
2,658
Farm mortgage loans, total
do
1,883
1,941
1,934
1,928
1,905
1,948
1,910
1,923
1,916
Federal land banks
do
671
713
691
708
723
718
704
699
695
Land Bank Commissioner
do
83
84
85
84
83
88
93
99
Loans to cooperatives, total*
do
95
Banks for cooperatives incl. Central
64
62
65
60
60
61
70
76
Bank
mil. of doL
73
Agricultural Marketing Act revolving
18
21
22
22
22
23
23
22
fund
mil. of doL..
21
421
414
395
411
417
417
376
363
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 co191
170
165
189
188
180
187
190
165
operativesd"
mil. of dol__
38
33
41
42
34
38
38
40
33
Other financing institutions
do
195
154
185
183
174
163
188
188
157
Production credit ass'ns
do.
8
10
8
9
10
10
10
8
8
Regional agr. credit corps
do.
128
124
115
121
125
125
118
125
116
Emergency crop loans
do.
52
54
53
54
54
54
53
53
54
Drought relief loans
__do_
56
76
66
75
79
77
73
70
Joint Stock Land Banks in liquidation__do
34,195
40,019
30, 477
30,613
33,664
32,711
31,928
33, 988
31,676
Bank debits, total (141 cities)
do
14,536
17, 633
13,118
15,138
13, 683
14,165
15,312
12, 794
13, 041
New York City .
do
19, 659
22. 386
17,496
18, 526
19, 029
17, 763
18, 676
17, 683
18, 636
Outside New York City
do
Federal Reserve banks, condition, end of mo.:
20, 585
17, 823
18,602 | 18,779 I 18,740 j 19,027
17,172
17, 348
16, 922
Assets (resources) total
mil. of doL
Reserve bank credit outstanding, total
2, 519
2,593
2,573
2,579
2,486
2,446
2,879
2,801
2,650
mil. of doL.
0
0
1
1
1
1
1
0I
0
Bills bought
do
3
7
4
5
5
5
6
6 I
8
Bills discounted
do
2,477
2,484
2,488
2,804
2,564
2,426
2,736
2, 551
2, 552
United States securities
do
17, 346
15, 524
14, 230
15,013
13, 673
14, 661
15,178 | 15, 295
13, 874
Reserves, total
do
16. 904
15, 209
14, 679
13, 326
13, 878
14, 321
14,838 ! 14, 976
13, 524
Gold certificates
do
20! 585
19,027
18, 602
16, 922
17, 348
17, 823
18,779 ! 18, 740
17,172
Liabilities, total
do
14, 575
12, 941
12,953
11,535
11,952
12, 247
12,988 | 12,865
11,701
Deposits, total
do
Member bank reserve balances, total
11, 653
10, 918
11, 655
11,973 ! 11,628
10, 018
10, 507
10, 029
mil. of dol._ 13, 237
5, 209
4,758
5, 352
5,553 j 5,160
4,140
4, 553
4,218
Excess reserves (estimated)
do
4,959
5, 057
4,720
4, 773 ' 4,862
4,511
4, 530
4,631
4,477
Federal Reserve notes in circulation _do
85.0
85.5 !
85.6
86.3
86.9
86.3
85.4
Reserve ratio
percent.
Federal Reserve reporting member banks,
condition, Wednesday nearest end of month:
Deposits:
18,566 !
18, 972
16,965
17,462
18,096 I 18,333 I 18, 556
17,220
Demand, adjusted
mil. of dol..
5,276
5,243
5,247 I
5,231 | 5, 249
5,232
5, 235
5,237
Time
do
8, 4 3 j
7,012
7,167 !
7,894 | 8,190
6,747
7,667 I 7, 954
6, 675
Domestic interbank
do
15,019
1 4 , 5 0 3 i 14.413
13, 862
14,233
14,069 I 14, 207
13, 554
14,078
Investments, totals
do
8 , 7 1 3 | 8,703 i
9, 0 8 !
8,423
8,437 | 8,684
8,515
8,565 !
8,237
U. S. Government direct obligations .do
j
Obligations fully guaranteed by U. S. j
2.415 j
2,232
2,241
2,232
2, 148
2,408 i
2, 055
2,286 !
Government
mil. of dol__! 2 , 3 9 9
3,298 !
3,400
3,291
3,322
3,382 |
3,262
3, 291
3,382
Other securities^
do
| 3, 569
8, 350
8,209 !
8,521
8,126
8, 089
8,166
8,656 j 8,674 i
Loans, totali
do
| 8, 475
j
Commercial, industrial, and agricultural |
4,381
4,229
4,310
3, 822
3,833 | 3,887
3,996
4,353 I
loans^f mil. of dol._i
317
312
303 !
316
313
308
317 !
315 I
Open market paper
do
j
603
648 !
660 !
533
655
608 ;
478
700 |
To brokers and dealers in securities._ do
j
Other loans for purchasing or carrying secu- |
501 !
481
512 !
499
519
510
539
543
526
rities.
mil. of doL.i
1,184 ! 1,189 j 1,188
1,174 i 1,180
1, 156
1,161 ; 1, 168
Real estate loans
do
! 1,1 S9
50
46
74
49 !
35
36 I
36
59
51 !
Loans to banks
do
1, 564
1, 502
1,521
1,546 l
1, 547
1,559 | 1,579
1,550 | 1,543
Other loansf .. ...
do
Money and interest rates:
i
Bank rates to customers:!
1.96
2.04 !.
2.15
In New York City
percent ...
I
In seven other northern and eastern cities
2.59
3.05
2.78 1.
percent..
In eleven southern and western cities
3.32
3.62
3.31
percent-..
Bond yields (Moody's):
2.94
3.15
3.00
2.89
2.93 i
2.97
2.92
3.25 I
Aaa
do
4.92
4.85
4.84
4.88
4.85 j
4.9-1
5.00 I
5.07
4.91
Baa
do
1.00
1.00
1. 0 0
1.00
1.00
1.00 i
1.00 !
1.00
1.00
Discount rate (N. Y. F. R. Bank)
do
4.00
4.00
4.00
4.00
4.00
4.00 '
4.00
4.00
4.00
Federal land bank loans
do
1. 5 0
1.50
1.50
1.50
1.50
1.50 j
1.50 !
1.50
1.50
Federal intermediate credit bank loans.do
Open market rates, N. Y. C :
7
lie
lie
He
Mr. ,
. ,
A<s
A !
Acceptances, prime, bankers
do
1.00
1.00
1.00 ]
1.00 |
1.00
1.00
1.00
1.00
Call loans, renewal (N. Y. S. E.)_.__ do
Commercial paper, prime (4-6 months)
tt-%
tt-H H-H
percent._
1M
VA
134
m i
Time loans. 90 days (N. Y. S. E.)__._do____
mi
.04
.05
.05 :
. 00
.04
.05
.03
.03
Treasury bills, 91 days (yield)
do
.14
.51
.39
.45
.42
.48
.77
Treasury notes, 3-5 years (yield)
do
1.07
° Less than $500,000. cf To avoid duplication, these loans are excluded from the totals.
tRevised series. For data beginning 1928 see table 16, page 17, of the March 1940 issue.
^See note marked with a " V on p. 30 of the July 1939 issue.
•Includes a small amount of Federal intermediate credit bank




229

179
111

3,052
2,568
1.890 i
678 I
91 I

3, 058
2. %0
1.886
674
SS

69 j

73
20
362

20
372

20 !
393 |

19
411

162
34
154
8
115
52
63
34, 717
14, 739
19,978

165
35
160

176
36
174

8
117
52
62
29, 482
12,138
17, 344

8
123
52
61
34, 73*15. 201
19. 5::7

185
38
186
8
127

15, 519
19,250

19,223 i 19,497 i 19,677

20, 042

2, 547
0
7
2,477
16,181
15,813
19, 497
13, 630

2. 518

2,503
0
2,477
15,975
15,561
19. 223
13,422

0
4
2, 475
10.451
I f\, 076

19, 677
13,815

12,150 ! 12,328 ! 12,423
5, 559
5, 692 j 5,82S
4,832
4,872 ! 4,931
87.5
87.5 j 87.8

19,199
5,257
8.029
14,675
8,877

3
2 467
1 (][ 809
16,428
20. 042
14.3 52
12.919
4. 941
b8. 0

| 19,414 i
i 5,290 j
! 8,085 !
| 14,740 i
i 8,851 ;

2,414 I
3, 384
8, 499
4,295 |
321 I
614 [

2. 127

2,421 I
3, 468
8, 528
4,324 |
332 !
609 I

485
1,183
54
1,547

I
478 I
';
1,185
|
52
j 1,548

4.86
1.00
4.00
1.50

2.86
4.83
1.00
4.00
1.50

4M
1 d

1 0'
1 0s

1.00

.01
.47 I

1M
.02
.46

loans (direct) not shown separately.

39

SURVEY OF CURRENT BUSINESS

JULY 1940
Monthly statistics through December 1937, together with explanatory notes and references
to the sources of the data may be found in the
1938 Supplement to the Survey

May

1940

1939

1940
May

June

July

August

September

October Novem- December
ber

January

Febru- March
ary

April

FINANCE—Continued
BANKING—Continued
Savings deposits:
Savings banks in New York State:
Amount due depositors
mil. of dol
TJ. S. Postal Savings:
do .
Balance to credit of depositors
do _.
Balance on deposit in banks

5,644

5,471

5,514

5,519

5, 529

5, 557

5, 552

5, 547

5, 599

5,616

5,632

5,676

5,660

1,298
44

1,262
73

1,262
68

1,268
58

1,271
56

1, 267
55

1,271
54

1,275
54

1,279
53

1,290
50

1.297
'48

1,301
48

1,303
45

1,238
46
70
263
16
51
31
5
10
13
14
27
5
52
3
36
739
120
13, 068
570
1, 201
4,588
122
832
739
194
432
194
214
278
76
820
87
600
5, 063
1,646

1, 334
48
71
263
7
68
25
1
14
7
10
14
9
79
6
23
800
152
15,897
895
1,194
5,207
113
1,909
547
100
339
49
286
436
218
916
53
241
6,553
2,048

1,119
66
52
209
9
45
13
5
14
12
11
15
6
45
4
30
687
105
12, 581
541
1,159
4,789
112
1,079
222
341
315
204
372
236
85
1, 203
45
575
4,397
1, 695

1,153
28
40
242
3
58
16
6
8
7
16
24
8
57
1
38
729
114
14, 999
343
382
6, 907
32
2,398
217
1,017
62
224
787
291
277
1,196
58
348
5, 219
2,148

1,126
51
52
210
7
50
20
1
9
13
8
17
3
52
2
28
696
117
12, 637
530
790
4, 453
60
1,709
538
40
345
323
71
296
20
684
21
346
5,175
1,689

1,043
48
51
187
9
44
20
4
4
7
11
16
7
37
4
24
652
105
10, 545
522
945
3,466
138
611
442
816
28
46
216
99
105
435
95
435
4,443
1,169

1,234
43
55
235
14
46
18
3
10
12
12
28
9
44
4
35
772
129
17,464
790
1, 129
6, 959
135
1,500
1,411
111
274
327
1, 455
484
172
579
134
377
5, 378
3, 208

1,184
49
50
263
11
64
16
4
9
13
p
29
10
53
4
41
697
125
13, 201
587
765
4, 606
132
1,286
168
72
321
96
220
185
227
565
129
1,205
5, 156
2,087

1,153
57
59
239
9
37
16
6
16
4
14
24
7
63
3
40
690
108
13, 243
760
1,094
5,129
78
1, 481
167
304
162
26
859
310
279
969
168
326
4.940
1,320

1,237
44
69
223
8
52
17
1
11
11
8
14
5
56
4
36
789
112
15,279
614
1,509
4.942
76
2,142
208
5
105
204
40
335
75
595
157
1,000
5,617
2,597

1,042
48
66
204
7
56
17
4
6
13
11
19
6
38
1
26
622
102
13, 472
675
1, 655
4,939
290
1.167
427
249
30
247
548
856
112
453
214
346
4,440
1, 863

1, 197
55
63
216
12
49
28
4
11
8
8
19

668
4, 336
342
911
659
107
477
242
54
267
93
620
190
374
4, 585
1,340

1,291
72
78
261
6
70
22
10
14
6
7
31
12
52
4
27
766
114
16,247
911
1, 547
6, 925
33
1.718
535
426
307
175
92
1,318
639
5S7
251
844
5, 198
1,666

24,420
4 573
661
3,911
1,716
2,467

23,199
4,424
666
3, 758
1,746
2, 598

23. 275
4, 435
664
3,771
1, 745
2.585

23, 398
4,442
659
3, 783
1, 747
2, 573

23, 489
4,460
663
3,797
1,750
2,564

23, 608
4,472
662
3,810
1, 751
2,557

23,711
4,486
662
3,824
1, 753
2,547

23,815
4,499
662
3.837
1,754
2, 534

23,917
4,528
660
3, 868
1, 720
2,520

24,042
4,533
658
3,875
1,722
2,507

24 130
4, 543
659
3,884
1, 720
2, 496

24, 240
4. 552
661
3,891
1. 711
2, 484

24, 339
4. 555
661
3, 894
1,718
2.472

14, 325
6,517
3, 509
2,717
1 582
875
464

13, 127
5.977
3,007
2,684
1,459
858
446

13, 358
6, 057
3,139
2.699
1, 463
727
425

13, 428
6,079
3,163
2 702
1, 484
780
428

13, 485
6,123
3,202
2, 705
1,455
809
421

13, 553
6,110
3,259
2,697
1, 487
837
438

13, 687
6,097
3,401
2,697
1,492
800
438

13, 714
6,181
3,382
2,684
1,467
823
491

13,906
6,353
3,428
2,642
1,483
763
480

13,928
6,370
3,449
2,644
1,465
890
462

13, 986
6, 373
3. 464
2, 655
1,494
921
464

14, 035
6. 396
3,481
2, 659
1, 499
983
475

14.218
6. 529
3, 504
2, 668
1,517
906
470

793
42
494

812
33
496
283
604, 445
43, 278
137, 073
424, 094
257, 965
22, 809
11,302
59, 846
164, 008

841
134
461
245
729, 749
194, 223
128, 568
406, 958
268, 472
25, 496
11,528
61, 255
170,193

687
26
427
234
506, 380
23, 862
118,218
364, 300
248, 077
27,712
10, 497
55, 554
154, 314

942
261
431
250
584. 595
83,901
119,068
381,626
244, 706
23, 472
11, 292
54, 271
155, 671

642
24
417
200
509, 897
59, 401
115, 935
334, 561
234, 418
18, 248
11, 320
59, 970
144, 880

790
51
484
255
637, 675
75, 929
135, 769
425, 977
238, 492
20, 879
10, 781
57, 055
149, 777

724
41
455
228
587, 498
44, 027
128. 121
415, 350
247, 397
23, 412
10, 854
52, 800
160, 331

728
59
443
225
646 550
105 030
124, 662
416,858
355, 983
50, 082
13 270
106, 662
185, 969

659
32
400
226
653,156
134, 507
113,111
405, 538
286, 934
42,185
15,848
63,512
165,389

697
25
439
232
561,638
38, 120

770

766
30
472
263
624, 770
39, 800
135.852
419, 118
268, 866
24, 971
12.239
6'), 543
162, 113

COMMERCIAL FAILURESf
G r a n d total

.__

number

Commercial service, total
do....
Construction, total
do....
Manufacturing, total
. . . do _.
do
Chemicals and drugs
Foods
do
Forest products
do
Fuels
. . do ...
do
Tron and steel
Leather and leather products
do
Machinery
do
Paper, printing, and publishing
do—
Stone, clay, glass, and products . do . .
Textiles . . .
do
Transportation equipment . . .._ do
Miscellaneous
do
Retail trade, total__.
. . do
Wholesale trade, total
Liabilities, grand total
thous. of doLCommercial 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...
Machinerydo
Paper, printing, and publishing
do....
Stone, clay, glass, and products
do .
Textiles
do
Transportation equipment
do . . .
M iscellaneous
do
Retail trade, total..
do
do
Wholesale trade, total

36
6
28
740
123
11,681

LIFE INSURANCE
(Association of Life Insurance Presidents)
Assets, admitted, totalrj
mil. of dol
Mortgage loans, total
do
Farm
. _
rfo
Other
.
do
Real estate holdings
do
Policy loans nnd premium notes
do_
Bonds and stocks held (book value) total
mi], of dol._
Government (domestic and foreicn) do
Public utility
.
'
fin
Railroad
do
Other
do
Cash . . . do
Other admitted assets
do
Insurance written:£F}
Policies and certificates, total number
thousands
Group
do
Industrial _
_
...
do
rln
Ordinary, _. . .
Value, total
thous. of dol..
Group.. _.
do
Industrial
do
Ordinary
do
Premium collections, total
do.
Annuities . _
do
Group...
Industrial _._
"do
do
Ordinarv
...

626, 357
44. 869
141,921
439 567
266, 430
24, 750
12, 583
57, 252
171,845

?A< 292
263,077
25 562
12, 451
56, 154
168.910

4 S3
262
616,085
37. 556
138,545
439.98?
~27,' 2 !S
12. 9f.')
62. 'I? 7
174,894

(Life Insurance Sales Research Bureau) t
Insurance written, ordinary, total, thous. of dol.. 571,625 532, 089 524, 925 462, 423 479, 794 442, 597 543, 991 537, 951 567, 212 517,622 506,212 567, 872 574, 453
43, 976
New England .
"
do
34, 364
39, 378
39, 633
41,314
36, 030
43,136
41,323
43, 140
33, 493
41,938
42 416
40, 608
Middle Atlantic
d o . . . . 157,222 148, 804 142, 293 124,598 123,012 118, 743 152, 548 150. 742 148,888 151,309 144,717 159. 172 158,874
95, 351 122, 888 122, 522 126, 840 121, 339 120,473 132 72S 132,454
131 230 117,143 116, 689 102, 981 107, 019
do
Fast North Central
54, 293
59,043
46. 66!
West North Central.. . . .
48, 575
54, 339
54, 246
53, 372
53, 078
51, 080
45, 611
47, 560
53.070
58. 864
do
r\n
56, 672
47, 164
53, 054
57, 784
42, 233
43, 595
48, 480
52, 598
South Atlantic
51,134
51, 003
48, 294
55 897
50,104
17.657
24, 223
20. 752
21,811
19, 729
19,413
Fast South Central
...
do
18, 277
19,741
20,133
17,829
21,909
21,857
21. 059
36. Ml
42, 825
38. 831
40, 088
45. 996
West South Central
. d o . " " 41, 550 42, 221
40, 791
37, 658
36, 567
38, 470
40, 588
42, r,r>5
12,761
15,754
14, 842
14, 743
Mountain __.
do
13, 659
12, 756
17, 347
12,496
14, 406
14.935
14, 043
1-1, ,30
15, 154
41,005
47,741
48, 825
47,335
38, 412
44, 372
42, 880
42, 437
42, 736
44, 238
39, 002
Pacific
47, 435
36, 740
. . . do
91
93 |
Lapse rates..
_
_
19 25-26 = 100..
r
Revised.
fRevised series. Data for insurance written, ordinary (Life Insurance Sales Research Bureau) revised for the period 1936-38 to include a small amount of intermediate
insurance omitted from the original compilation; revised data not shown on p. 31 of the November 1939 Survey will appear in a subsequent issue. Data beginning 1939 for
commercial failures are now presented on a new basis and include voluntary discontinuances with loss to creditors and small concerns forced out of business with insufficient
assets to cover all claims, in addition to failures included in the former series. For the year 1939 the number of failures was 14,768 with liabilities of $182,520,000, on the new
basis; on the old basis, the number was 11,408 and the amount $168,204,000. Practically all the additions were small concerns with liabilities under $25,000 and a majority of
these had liabilities of less than $5,000. Distribution of the increase among the five main industry groups was fairly uniform. Data for the full year 1939 appear on p. 31 of
the March 1940 Survey.
137 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.




40

SURVEY OF CURRENT BUSINESS

Monthly statistics through December 1937, to- 1940
1. gether with explanatory notes and references
i to the sources of the data may be found in the
May
F 1938 Supplement to the Survey

JULY 1940

1939
May

June

July

August S e p t e t October Novem- December
ber

1940
January

February

March

April

FIN AN CE—Continued
MONETARY STATISTICS
Foreign exchange rates:
0.298
0.312
0.312
0.298
0.312
0.298
Argentina
dol. per paper peso0.311
0. 298
0.298
0.298
0.298
()
0.298
.167
.170
.170
.165
.170
.166
Belgium
dol. per belga..
.170
.167
.169
.168
.170
0.170
.169
.060
.061
.061
.061
.061
.061
Brazil, official
dol. per milreis__
.061
.061
.061
.061
.061
.061
.061
.301
.349
.349
.301
.349
.300
British India
dol. per rupee..
.344
.303
.302
.301
.299
.302
.302
.810
.996
.998
.878
.998
.876
.995
.893
.867
.913
.880
Canada
dol. per Canadian dol_.
.829
.842
.052
.052
.052
.052
.052
.052
.052
.052
.052
.052
.052
Chile
dol. per peso__
.052
.052
.019
.026
.026
.022
.026
.023
.022
.026
.023
.022
.022
France
dol. per franc.
.021
.020
.400
.401
.401
.399
.401
.401
.401
.399
.401
.401
.401
Germany
dol. per reichsmark..
.401
.401
.050
.051
.053
.053
.050
.053
.050
.053
.050
.050
Italy...
._
dol. per lira..
.050
.050
r.050
.234
.235
.273
.273
.234
.273
.234
.269
.235
.234
Japan
dol. per yen..
.234
.234
.234
.532
& .531
.536
.532
.531
.533
.531
.535
.531
.532
Netherlands
dol. per guilder. _
.531
.531
.531
.105
.091
.110
.110
.100
.110
.100
.110
.101
.100
Spain
dol. per peseta..
.098
.091
.100
.238
.238
.241
.241
.238
.241
.238
.240
.238
.238
Sweden
dol. per krona..
.238
.237
.238
3.274
3.995
4.681
4.682
4.681
3.925
4.611
4.011
United Kingdom
dol. per £ . .
3.759
3.964
3.930
3.526
3.963
.658
.616
.616
.616
.658
.607
.658
.658
Uruguay
dol. per peso..
.658
.658
(
.658
Gold:
15,878
16,028
16,182
17,002 17,217 17, 518 17,804
16,390 16,823
18,061
18,310
Monetary stock, U. S
mil. of dol.. 18, 974
18, 608
Movement, foreign:
2,836 79, 516 90,873 •200,811 40,034
36, 954 •213, 447 67,162
Net release from earmark^
thous. of dol_. 36,652 -251, 579 -102, 596 •166, 212 152,125
3,563
36
19
9
13
15
15
10
53
18
Exports
do
22
11
33
438, 695 429,440 240,450 278, 645 259,934
69, 740 167,991 451,183 236.413 201,475 459, 845 249,885
Imports
do
Production:
1,084,859 1,058,989 1,084,334 1,099,816 1,080,474 1,098,842 1,102,862 1,100,958 1,136,497 1,102,132
Union of South Africa, total ...fine ounces..
L,000,181 977,752
1,015,643 997,012 1,014,593 1,013,649 1,010,690 1,041,775 1,010,002
Witwatersrand (Rand)
do
233, 901 2J9,161 201, 111 281, 317 282,130 362,866 421,796 274,843 241,879 257,116 179, 559 259, 423 240, 003
Receipts at mint, domestic (unrefined).do
7,617
6,919
7,051
7,413
Currency in circulation, total
mil. of dol..
7,098
7,249
7,328
7,426
7,443
7,609
7,532
Silver:
177
1,773
611
937
487
303
1,292
640
657
Exports§
thous. of dol..
452
298
887
594
7,268
4,589
6,152
4,365
4,183
14, 770
4,639
5,531
5,724
Imports
do
4,070
5,799
3,795
5,170
.357
.349
.428
.360
.348
.420
.370
.349
Price at New York
...dol. perfineoz__
.348
.348
.350
.348
18,197
26,122
21,878 22, 522 23, 634 24,426 22,193 22,494 '23,477 r
Production, world.
thous. offineoz..
2,913
1,559
2,703
1,898
2,679
1,766
2,099
Canada
do
1,690
1,920 r 1,653
7,931
4,586
6,971
6,539
6,857
10, 274
8,004
Mexico.
do
8,128
6,785
6,210
4,874
3,701
4,226
5,113
5,145
3,200
5,493
United States
do....
5,611
5, 744
4,852
5,716
6,120
Stocks, refinery, end of month:
4,935
9,903
4,638
3,589
6,348
4,180
5,461
United States
.__
do
2,295
2,469
2,447
3,533
1,385
715
167
316
250
530
756
Canada
do
575
736
513
CORPORATION PROFITS
(Quarterly)
Federal Reserve Bank of New York:
Industrial corporations, total (168 cos.)t
296.2
158.0
142.0
mil. of doL.
91.7
14.4
64.0
Autos, parts, and accessories (28 cos.).do
45.7
32.5
26.4
Chemicals (13 cos.)t
do
23.2
22.2
20.3
Food and beverages (19 cos.)
do
Machinery and machine manufacturing
10.7
5.4
(17 cos.)
mil. of doL.
7.0
6.2
2.7
3.3
Metals and mining (13 cos.)
do
16.3
7.
11.9
Petroleum (13 cos.)
do....
57.7
22.1
7.4
Steel (11 cos.)
do....
44.7
24.2
Miscellaneous (55 cos.)
do
28.6
61.8
60.4
Telephones (net op. income) (91 cos.)__do
62.5
60.1
Other public utilities (net income) (52 cos.)
51.4
46.8
54.4
mil. of doL.
Interstate Commerce Commission:
d
126.1
M8.2
57.7
12.8
Railways, class I (net income).do
Standard Statistics Co., Inc. (earnings):
114.5
62.0
Combined index, unadjusted•t---1926=100_.
118.8
» 102. 5
63.5
Industrials (119 cos.)
do
69.8
74.2
34.2
Railroads (class 1) • t
do
H7.4
'28.5
135.9
114.9
Utilities (13 cos.)....
do....
116. 7
v 147. 2
57.0
Combined index, adjusted « t
do
(*)
()
62.1
Industrials (119 cos.)
do....
0)
(*)
Railroads (class l ) « t
do
()
()
(4)
118.1
Utilities (13cos.)
do....
(*)
(*)
PUBLIC FINANCE (FEDERAL)
Debt, gross, end of mo
mil. of doL. 42, 808
40,445
40,286
40,666 40,896 40, 861 41,040 41,310 41,961
42,128 42, 375 42, 559 42, 658
Public issues:
37, 668
36,089
Interest bearing*
do
36,122
36,200 36, 261 36, 282 36,421 36, 517 37, 234 37, 364 37,493 37, 531 37, 620
555
541
496
531
510
499
Noninterest bearing*
do
516
526
540
509
554
557
548
Special issues to gov't agencies and trust
4,585
4,471
3,918
4,094
4,295
4,063
4,109
4,496
3,770
4,231
3,666
4,356
funds*
mil. of dol..
4,256
Obligations fully guaranteed by the U. S. Government: cf
Amount outstanding by agencies, total
5,535
5,663
5,455
5,409
5,657
5,583
5,703
5,450
5,707
5,673
mil. of dol.
5,480
5,448
5,699
1,269
1,269
1,269
1,379
1,279
1,379
1,379
1,379
1,269
Federal Farm Mortgage Corporation, do
1,269
1,269
1,279
1,269
2,641
2,770
2,763
2,958
2,928
Home Owners' Loan Corporation
do
2,888
2,858
2,830
2,813
2,823
2,817
2,809
2,783
1,096
1,096
1,096
Reconstruction Finance Corporation, do
820
820
820
1,096
1,096
1,096
1,096
Expenditures, total, including recovery and
relieff
thous. of doL 648,814 744, 899 972,569 807,325 822,049 793,302 764,458 691,006 889,329 712,994 668, 376 1,006,372 792, 288
General (including recovery and relief) *Jdo—_ 642, 330 686, 824 886,856 639, 232 745, 269 728,837 701,893 632, 573 822,858 713, 225 654,170 815, 963 756,975
975
5,633
5,988
856
7,451
8,474
5,264
8,785
5,066
-543
3,812
Revolving funds, net*
do
10, 679
3,979
3,500
56,004 167,103 66,100 50,150 53,000 53,000 58,000 -5,000
Transfers to trust accounts*
do
50,094
10,000 134,817 20,000
2,010
9,325
21, 235
134
Debt retirements*
do._.
530
367
9,013
779
0
9,051
790
394 49, 958
Receipts, totalf
-d o . . . 399, 598 396, 781 612, 522 307, 846 419,980 718,790 321, 511 406,967 569,136 314, 549 443,830 934,208 304,203
26, 251
25,318
24, 517 25,528 27,213 35, 595 32, 418 29,049 27,814
35,788
25, 651 28,702 26,479
Customs
do__.
Internal revenue
d o . . . 343, 603 315,037 568, 646 300,091 397, 421 624, 254 292, 241 339, 615 498,993 306, 304 385, 012 861,168 294, 652
30, 330
43, 533 351,958
43, 230 31, 777 329,093 35, 482 33, 721 316, 280 45, 634 70, 309 650,127 45, 730
Income taxes
_do___
Social security taxes*
do__. 112, 731 93,044
16, 252 72,754 97,447 12,308 68, 578 113,177 11,110 89, 645 147, 282 15,076 77,320
b
d
'Revised.
Average for May 1-9.
Deficit.
* Preliminary.
J Or increase in earmarked gold (—).
• Number of companies included varies slightly.
1
Quotations not available August 26-October 16, 1939. 3 Previously published figures based on incorrect quotations; quotations not available September 1 through
November 28, 1939. * Indexes are in the process of revision.
•New series. New items for Federal gross debt beginning June 1916 appear in table 21, p. 16, and for Federal expenditures beginning July 1931 in table 22, p. 17, of the
April 1939 Survey. Data on receipts from social security taxes beginning June 1936 will appear in a subsequent issue.
fRevised series. The Standard Statistics Co. index of railroad earnings and the combined index have been revised beginning 1932; see table 25, p. 18, of the April 1939
Survey. Total Federal expenditures and receipts revised beginning July 1931; see tables 22 and 23, p. 17, of the April 1939 Survey. For revised data beginning 1928 for the
Federal Reserve Bank of New York corporation profits, industrial total and chemicals, see table 9, p. 12, of the March 1940 issue.
§Revised series. Data revised for 1937; see table 19, p. 14, of the April 1939 Survey.
cflncluded in the total but not shown separately are guaranteed debentures of certain other Federal agencies.
fGeneral" and "recovery and relief" not reported separately in Daily Treasury Statement since June 1939.




JULY 1940

41

SURVEY OF CUREENT BUSINESS

Monthly statistics through December 1937, to- 1940
gether with explanatory notes and references
to the sources of the data, may be found in the
May
1938 Supplement to the Survey

1940

1939
May

June

July

August Septem- October Novem- December
ber
ber

January

February

March

April

FINANCE—Continued
PUBLIC FINANCE (FEDERAL)—Con.
Receipts, total—Continued.
Internal revenue—Continued.
Taxes from:
Admissions to theaters, etcthous. of dol_.
1,853
2,391
1,975
1,487
2,001
1,791
1,491
1,534
1,852
2,118
1,606
1,513
1,728
Capital stock transfers, etc
do
1,043
1,012
1,087
784
948
813
1,275
1,273
735
1,124
2,806
1,593
1,210
Sales of radio sets, etc
do
633
678
300
292
744
446
402
578
333
279
258
467
Government corporations and credit agencies:f
Assets, other than interagency, total
mil. of doL.
12,078
12,062
12, 064
12,116 12,176
11,823
12,063
11, 703
11,706
12,017
11, 967
12,105
Loans and preferred stock, total
do
8,951
8,914
8,920
8,930
8,956
8,511
8,465
8,861
8,900
8,923
8,936
8,888
Loans to financial institutions (inch preferred stock)
mil. of doL_
1,260
1,232
1,196
1,180
1,272
1,272
1,247
1,198
1,311
1,273
1,297
V
Loans to railroads
do
500
504
509
517
521
492
492
489
497
501
493
493
Home and housing mortgage loans.do
2,365
2,376
2,365
2,377
2,347
2,325
2,331
2,363
2,358
2,337
2,347
2,332
Farm mortgage and other agricultural
loans
mil. of doL.
3,700
3,721
3,726
3,709
3,699
3, 705
3,731
3,738
3,438
3,765
3,744
3,447
All other
do
1,112
1,100
1,118
1,100
1,140
1,160
941
1,007
1,093
1,033
1,068
U. S. obligations direct and fully guaranteed
mil. of doL.
895
900
874
895
891
879
871
876
879
850
853
552
Business property
do
549
553
555
542
543
558
483
535
476
481
531
644
652
Property held for sale
do
661
629
709
695
689
678
610
713
708
704
1,100
1,038
All other assets
...do
1,123
900
934
1,039
1,033
1,013
1,187
1,151
1,199
1,008
8,053
8,059
Liabilities, other than interagency, total.do
8,052
7,507
7,768
8,064
7,845
8,048
8,053
7,651
7,581
7,r~~
Bonds, notes, and debentures:
Guaranteed by the U. S
do
5,675
5,704
5,700
5, 664
5, 657
5,708
5,471
5,291
5,489
5,449
5,410
5,356
Other
do
1,321
1,348
1,340
1,323
1,352
1,349
1,357
1,327
1,382
1,389
1,345
1,357
Other liabilities including reserves do
1,057
1,019
1,065
1,004
995
867
1,039
1.069
1,052
1,054
790
791
Privately owned interests
do
400
398
401
395
397
403
397
389
390
391
393
387
Proprietary interests of the U. S. Government
mil. of doL.
3,602
4,025
3,732
3,617
3, 719
3,607
3,663
3,739
3,806
Reconstruction Finance Corporation, loans outstanding, end of month :f
Grand total
thous. of dol._ 1,614, 836 1, 723,167 1,747,482 1, 766,222 1,768,904 1,783,404 1,787,434 1, 762,094 1, 756,354 1,742.729 1,767,262 1,771,698 ,767,143
Section 5 as amended, total
do
712, r " 676,434 677,933 677,463 677,408 677,916 679,064 689,603 697,205 703,038 706,458 715, 979 718,030
Banks and trust companies, including
receivers
thous. of doL.
94,872
96,477
93,128 90,613
108, 220 104,387 103,405 102,121 101,187 102,126 100,773 100,007
Building and loan associations
do
3,647
4,138
3,342
3,506
3,480
3,637
3,321
3,433
3,262
3,405
3,375
3,027
3,487
Insurance companies
do
2,457
2,354
2,506
2,478
2, 433
2,389
2,615
2,817
2,787
2,571
2,836
2,662
2,652
Mortgage loan companies
..do
146, 846 120, 745 124, 550 125, 573 126,842 127, 647 130,167 134,432 138,595 142,464 142,876 145, 436 146, 243
Railroads, including receivers.
do
466,093 436, 612 439,199 438,863 438,837 438,835 436, 650 444,314 448, 792 454,194 458,841 467, 887 471, 747
All other under Section 5
do
3,919
3,615
3,765
4,138
3,963
3,401
4,'"
3,889
3,658
3,573
3,541
4,109
4,073
Emergency Relief and Construction Act,
39,024
total, as amended
thous. of dol..
38, 664 39, 262
39,030
134,495
43, 478 r 39,113
40,682
63, 682
62,152
61, 577
62, 209
62,801
Self-liquidating projects (including financing repairs)
thous. of doL.
38,232
38,230
42,664
38, 258
37, 870 38, 540
108,995
39,441
40,108
40, 010
40,835
41, 586
42,679
Financing of exports of agricultural surpluses
thous. of doL.
47
47
63
47
105
47
24,737
23,480
21, 290
19,989
19,871
19, 371
Financing of agricultural commodities
and livestock
thous. of doL.
751
625
747
747
675
751
751
764
760
754
752
752
751
Direct loans to business (including participations)
thous. of dol._ 130, 566 114,141
130,026 130,625 130,377 131,919 130, 704 130,466
116, 639 121,364 122,859 125, 753 126,862
Total Bank Conservation Act, as amended
thous. of dol__ 548,'
577,723 577,498 570, 654 566,919 566, 534 564,556 541,423 539,936 535,376 554,240 550, 091 552,134
Drainage, levee, irrigation, etc.*
do
83,874
83, 740
83, 966 83, 723
83,998
83,814
83,042
83,333
83,750
83,048
83,433
83, 502
83,482
Other loans
do
98, 851 137, 326
251, 256 256, 708 267,490 270,669 273,814 265,476 251,094 251,747 252, 294 243, 528
CAPITAL FLOTATIONS
New Security Registrations
(Securities and Exchange Commission)
New securities effectively registered under the
Securities Act of 1933, totaL_.thous. of dol..
99, 739
64, 479 216,614
30, 636 114, 924 158,470 145,182 247,002
57,062 275,410 232.712 298, 571
35,181
Registered for account of others
do
1,088
2,469
1,300
1,999
855
3,640
5,752 25, 382
3,578
3,777
13,549
11,870
1,448
Registered for account of issuers,total f.-do
97, 270
58, 727 182,479
27,059 114,069 154,830 143,882 245,914
53, 285 261,861 230.713 286,701
33, 733
14, 601
41, 507
0
5,288
Not proposed for salef
do
1,916
11, 798 58,167
8,950
42,631
13,550
22,057
9,214
8,917
Proposed for sale:
Issuing and distributing expense:
Compensation to underwriters, etc.
5,547
thous. of doL.
3,126
2,091
3,414
4,027
4,632
1,247
4,09!
2,128
6,678
5,006
6,031
2,053
1,454
Other
do....
511
701
1,621
202
654
457
1,042
1,190
235
942
1,249
128
Net proceeds to be used for:
Total
.do
93, 632
97, 646 224,312
44, 381 127, 391
12,060 107,407 144,938
28, 865 244,611 182,134 270,206
22,635
Newmoneyjf
do
17,125
6,492
17,133
11,291 43, 363
4,922
8,480
3,881
31,085
21,846
16,039
3,570
8,25!
Purchase of:
Securities for investment
do
2,370
10,832
2,556
10, 232
2,632
0
3,943
11,914
15, 278
11, 756
2,495
37, 518
19,058
Securities for affiliation
do
0
0
0
0
200
0
46
194
123
379
148
898
Other assets
do
0
0
1,384
92
32
110
0
190
0
235
0
1,586
Repayment of bonds and notes, do
73, 531 180,630
76, 621
8,454 53, 613
8,641 187, 648 122,061 217,818
1,428
53,970 126, 208
4,789
Repayment of other debt
do
5,420
4,558
6,105
640
1,807
1,223
7,384
6,461
7,818
561
5,047
13, 697
609
10, 249
Retirement of preferred stock.-do
0
99
3,214
12, 248 18, 425
239
43
3,391
100
4,562
2,417
0
Organization expensef
do
2
15
0
0
4
0
9
0
1
()
28
0
Miscellaneous!
do
8,741
2
6
27 i
132!
0.
126
29, 396
201
13
19
' Revised.
* Less than $500.
*New series. Data for drainage, levee, irrigation, and similar districts beginning December 1933 will appear in a subsequent issue of the Survey; this series was formerly
included with "Other loans."
fRevised series. Details for assets of Government corporations and credit agencies have been revised beginning June 1937 due to changes in the underlying U. S. Treasury
Department compilations and are not comparable with the series shown in the 1938 Supplement. Several new series on loans and other assets have been brought out. No
changes have been made in the series on liabilities. Data not shown on p. 33 of the November 1938 Survey will appear in a subsequent issue. For Reconstruction Finance
Corporation loans outstanding, minor revisions beginning August 1934 not shown on p. 33 of the January 1940 Survey will appear in a subsequent issue. For indicated items
on new securities effectively registered, revised data not shown in the March 1940 Survey will appear in a subsequent issue.
^Includes plant and equipment, working capital, reimbursement of corporate treasuries for capital expenditures and "other" new money purposes.




42

SURVEY OF CURRENT BUSINESS

Monthly statistics through December 1937, to- 1940
gether with explanatory notes and references
to the sources of the data, may be found in the M a y
1933 Supplement to the Survey

JULY 1940
1940

1939

June

May

July

August

September

October Novem- December
ber

January

February

April

March

FIN AN CE—Continued
CAPITAL FLOTATIONS—Con.
New Security Registrations—Con,
(Securities and Exchange Commission,)

Estimated gross proceeds (total r e g i s t r a tions, less securities r e s e r v e d for
conversion), total
tbous. of doLType of security:
Common stock
do
Preferred stock
do
Certificates of participation, etc
do
Secured bonds
do
Debentures and short-term notes
do
Type of registrant:
Extractive industries
do
Manufacturing industries
do ,
Financial and investment
do j
Transportation and communications, do
Electric light and power, gas and water
thons. of doL.
Other
do
Securities Issued

473
260
406
449
0

29, 307
12,675
10, 680
144. 872
74, 279

,$64
,112

234
3,779
17, 024
2.50

12, 290
93. 097
21.941
3, 921

31, 605
2, 696

124.971
15, 500

,313,005
116,874
316.874
21. 740

5S5, 583
273, 350

153,367 ! 143,542 j 210, 277

113, 994

271,720 ; 227,545 j 293,650 1 26,5

20,
22,
3,
9.

16, 385 j 18, 749
1,936 i
48,305 j 11,628
10,759
0 !
8W0
39.675 ! 163, 101 ! 10.380 |
112,421 ! 1C0, 172 I 1,600 |
2, 747
33, 410
3, 894
4, 548

1,582 !
3,485 I
19,444 i
380 j

0
9, 929
40, 776
7, 823

82,914 ' 217. 149
1, 992
311 870

1, 997 !

8,076 !
8.710 j
125,681 i
10,900 !

33, 443
3, 391
12,645
46,815
17, 700

88,942 j
24, 102 j
28,834 |

o!

21,303
40,079
0
47 2^9
31.270

6, 160
23,517
224
1,401

"4! U<9
2, 184

o!

i

11,194
2,250 !

54, 955
511

|
i
i
;

!
|
'
'
j
!
323 ,

*J3, H09
17, 209
536
153,522
45, 700
1:5:*
12, 2S2
is, :>o4

IA,

119.176 ! 107. 300 I
2,891
2,414

S5, 113

60, 474 j 2M5, I V
424

19, 41)9

l

k I* i ]}

13,

41'3
'JIT

1 i

01' -!h7 I

I'1-, I. »')

|

(Commercial and Financial Chronicle) t

55, 5S8
, 119
, 039
, 381
, 200
,000

i

Securities issued, by type of security, total (new j
capital and refunding)
thous. of doi.. 190, 179
62 111
New capital, total
do
62, in
Domestic, total
do
29, 287
Corporate, total
.
do
Bonds and notes:
19
Long term
do
0
Short term
do
0
Preferred stocks
.
do...9 607
Common stocks
do
Farm loan and other Government agencies
thous. of dol. - 3, 000
29, 824
Municipal, States, etc
do
0
Foreign, total
do
0
Corporate
do
0
G o vernment
do
0
United States possessions
do
128, 068
Refunding, total
do
128, C68
Domestic, total
do
82, G95
Corporate, total
do
Bonds and notes:
82, 695
Long term
_do
0
Short term
do
0
Preferred stocks
do
0
Common stocks
I do
Farm loan and other Government
agencies
thous. of dol.._ 25, 150
20, 223
Municipal, States, etc
do
0
Foreign, total
do
0
Corporate
do
0
Government
do
0
United States possessions
do
Securities issued by type of corporate borrower, j
total
thous. of dol.. 111,982
29, 287
New capital, total
do
Industrial
~do.".| 6,094
Investment trusts, trading, and holding
0
companies, etc
thous. of dol 280
Land, buildings, etc
do
0
Public utilities
do
Railroads
do . . . 19, 400
3,513
Shipping and miscellaneous
do
82,695
Refunding, total
do
78, 200
Industrial
"do
Investment trusts, trading, and holding
0
companies, etc
thous. of dol. 2,995
Land, buildings, etc
_ do
1,500
Public utilities
do
0
Railroads
do
0
Shipping and miscellaneous
do

18,428
0
2.220
1,092

I

590,429
264, 100
318,016
30.241 318,016
50,139
I 21 128 40,340
0
I
450
4 908
I 5.579
I 3,084
1891

I
I
i
!

460.667
112,031
82,031
25, 895
21,403
1,460
2 010
! 3,' 021 i

179,919
41, 609
41,669
16. 019
14,320
0
500
1,199

740.453 ! 218, 14-5 329, 968
94,864
336,243 | 88,687
94, 864
336,243 j S8,C87
26, 971
18,200
21,408

279, 459
90,901
90.901
32, 055

450. S01
103, VJ59
103, 959
45, 404

21,191
0
3, 545
2,236

18, 483
0
2 284
l i ; 288

32, 746
10, 000
1, r 90
1, 069

15,186
13,786
0
0
816
3.107 ,
5, 406
1.307 I
j
0
275,866
67, 280
42, 177
0
0
0
0
0
0
0
0
404, 210 129,458
402, 710 129, 458
90, 792
157,314

2 >', 12«

I

53! \)2Z

1!,!'
l." 2:.;

11,550 I

0I
•], 7(it; I
l

10, -70
5, t/10
31, 33 <
7,-0
750
171,377
171, 377
105, 756

97, 898
0
35, 562
0

196,370
0
14, 472
0

89. 006
3, 000
13,750
0

Io4, 191
0
37, 546
617

18, 600
22, 223
0
0
0
0

28, 800
26, 299
0
0
0
0

21,695
114, 305
0
0
0
0

16, 942
48. 678
0
0
0
0

17,350
17, 584
()
0
0
0

112,200
21.408
7,658

221, 252
26, 971
14,088

165, 515
32, 055
12, 213

256, 246
45, 404
5, 249

134, 877
29, 120
1,201

246, 279
53, 925
22, 598

0
81
1,505
9.200
1,457
157, 314
3,443

0
728
1,975
9,525
1, 523
90, 792
12, 000

0
0
5,360
5,998
1,525
194, 281
15, 215

0
0
17, 534
31
2,277
133, 460
0

1,000
450
7.015
960
30. 730
210, 842
115,000

0
0
7,000
7,750
13, 169
105, 756
24, 250

350
0
16, 767
8, 114
6,096
192, 353
50, 943

0
230
23, 866
700
53, 700

6, 250
569
147,052
0
0

0
1,952
76, 840
0
0

0
0
118, 050
60,000
1,016

0
0
101, 368
20, 494
11, 598

0
575
89, 897
0
5,370

0
780
34, 226
35, 000
11,500

0
1,000
41, 236
82, 252
16, 923

80, 673
154, 809

30, 554
64, 931

55,065
22, 018

88, 854
207, 413

103,871
64,025

' 61, 595 '174, 922
160,277 118,588

183

637
151

716
187

504
104

417
102

1,054
170

731
94

649
50

743
35

901
112

839
183
589
238

792
202
556
235

856
217
520
305

894
200
577
289

914
195
623
272

906
207
637
266

198
602
262

893
195
616
253

886
186
615
247

910
192
626
252

.196.131
,180,381
151, 002

202, 553
65, 323
0
0
0
0
272,413
272, 413
18o! 438

0
56.137
30, 000
0
30, 000
0
348. 636
332, 136
300, 963

9. 950
15,700
0
0
0
0
138,249
138. 249
79, 096

126,102
4, 500
20, 400
0

249,463
0
2, 336
0

133,586
9,000
37, 852
0

291,677
500
8,730
56

25, 796
53, 300
0
0

157, 271
0
43
0

88, 235
0
2.558
0

187, 771
0
4,900
1,610

,021,414
7, 965
15. 750
10, 500
5, 250
0

20. 950
39, 485
0
0
0
0

74, 050
17, 925
0
0
0
0

250
923
500
500
0
0

50. 850
0
0
0
0

235, 093
10, 303
1,500
0
0
1,500

25. 850
12,816
0
0
0
0

183. 242
21, 740
3,987

282. 039
30. 241
12. 198

230. 577
50.139
10. 339

343, 357
25, 895
17, 045

95,115
16,019
1,099

175, 514
18.200
5.957

500
100
403
1, 500
15, 250
161, 502
2,000

0
0
12. 666
2.700
2,677
251, 798
79, 810

0
1,186
25, 892
12, 435
288
180, 438
96,124

500
250
1,930
400
5, 770
317,463
20,123

0
130
125
13, 065
1,600
79,096
600

0
202
154, 400
4,900
0

0
830
160,185
9,438
1,536

0
51
80. 788
0
3,475

0
2,505
250, 835
7,000
37,000

107,174
110,110

206, 422
65, 820

133, 324
62,150

921
134

721
137

556
133

702
239
459
251

183
561
230

834
178
570
230

o

')9,S0t- ! 117/i0 ( <

0
sfi0
0
57, 755
67, 893
58, 846
0
0
0
0
0
0
0
0
0
0
0
0
235,104 188,559 346, 842
235, 104 ' 188,559 •346,842
194, 281 133, 460 210, 842

0
233, 859
9, 250
0
9, 250
0
312,234
312,234
251, 798

1.550

93. 584
0
0
0

241, 1^3 i A 1 ! , * - b

18,
12,
16,
16,

r

227, 287
227, 287
192. 353

(Bond Buyer)
State and municipal issues:
Permanent (long term)
Temporary (short term)

thous. of dol.. 49, 832
224, 660
do

67, 013
r 87, 371
134, 808 ' 122, 245

COMMODITY MARKETS
Volume of trading in grain futures:
Wheat
mil. of bu._
Corn
do

SECURITY MARKETS
Brokers' Balances (N. Y. S. E. members
carrying margin accounts)
Customers' debit balances (net)
Cash on hand and in banks
Money borrowed
Customers' free credit balances

mil. of dol..do
do.
do

r

Revised.
tRevised series.




Data revised for 1937: see table 26 on pp. 15 and 16 of the M a y 1939 Survey.

43

SURVEY OF CURRENT BUSINESS

JULY 1940

Monthly statistics through December 1937, together with explanatory notes and references
to the sources of the data, may be found in the
1938 Supplement to the Survey

1940
May

1940

1939
May

June

July

August

ber

October

ber

ber

January

February

April

March

FINANCE—Continued
SECURITY MARKETS—Continued
Roods
Prices:
Average price of all listed bonds ( N . Y . S. E.)
87.87
dollars. .
92. 47
Domestic
-do
38.38
Foreign
..
do
Standard Statistics Co., I n c . (60 bonds)
79.4
dol. per $100 b o n d . .
85.3
Industrial (20 bonds)
.do
99. 3
Public utilities (20 bonds)
do
Rails (20 bonds)
do
Domestic municipals (15 bonds)
do
11.5.3
U. S. Treasury bondsf
do
105. 6
Sales (Securities and Exchange Commission):
Total on all registered exchanges:
M a r k e t value
thous. of dol__ 149,103
219, 740
Face value^
do
On N e w York Stock Exchange:
115,226
M a r k e t value
do
179,930
Face value
do
Sales on N . Y. S. E., exclusive of stopped
sales ( N . Y . S. E.) par value:
Total
thous. of d o l . . 176.105
U. S. Government
do
8, 250
Other t h a n U . S. G o v e r n m e n t :
167, 855
Total
do
144, 924
Domestic
do
Foreign
do
22, 931
Value, issues listed on N . Y . S. E . :
Face value, all issues
mil. of d o L - 53,414
48 879
Domestic issues
do
4,535
Foreign issues
do
46, 937
M a r k e t value, all issues
do
Domestic issues
do
45, 197
Foreign issues..
do . . . 1, 740
Yields:
Bond Buyer:
Domestic municipals (20 bonds)..percent__
3.00
Moody's:
Domestic (120 bonds)
do
3. 65
B y ratings:
Aaa (30 bonds)
do
2.93
Aa (30 bonds)
do . .
3.08
A (30 bonds)
do....
3. 65
Baa (30 b o n d s ) .
do
4.94
B y groups:
Industrials (40 bonds).
.do
3.20
Public utilities (40 bonds)
do
3. 30
Kails (40 bonds)
do
4. 46
Standard Statistics Co., Inc.:
Domestic municipals (15 bonds)
do
2.81
U. S. Treasury bondsf
do
2.38

\

92.92
96.09
59.73

92.08
95. 34
57.79

93.15
96.46
58.46

90.59
94.05
54.50

88.50
92.41
47.29

90.79
94.59
50.55

91.24
95.05
51.23

92.33
96. 02
52.23

92.02
95. 70
52. 00

°1 97
95 b*
f.l fS

(

80.2
84.8
101.0
M. 8
118.1
108. 3

81.4
86.2
101. 6
56.2

81.6
86.3
102,1
56. 4
118.3
108.9

81.0
85.8
101. 7
55. 5
116.5
108. 2

80.9
85. 0
98.6
59. 0
107.1
101.9

82.9
86. 4
100. 5
61.6
110. 7
102. 6

83.0
87.0
101. 8
60.2
117.5
104. 6

82.1
86.8
101,6
58.0
119. 9
106.1

82.4
87.3
101. 8
58.2
3 20. 2
106. 8

82 2
S7 3
1<U 6
r
78
119 1
106 6

^2 1
S< 3
101 8

in \'.7

119 7
107 5

v9 S
7.G

125,737
167, 691

127, 703
169,041

121,420 122,908
162, 425 159,770

417,429
498,100

162.275
229,653

135,515
193,891

125, 631
206, 047

134,462
208, 518

10}, ,,51
153.r c 9

v\2, sr.s
h)\222

i *>,.-., 7M
2 1 0 , 816

93, 000
130,243

91, 785
129, 260

87, 837
123,949

89,189
121,165

384,237
459,821

131,901
194, 212

105,994
159,374

98, 662
173,971

101,179
106, 112

81,807
117, 3H

M, ^77
ir>, v .«2

123,104
7,390

126. 570
6,821

119,431
5,137

111,394
8, 730

480, 789
227,101

170,089
14, 203

151, 685
5, 628

176,100
4, 322

144,917
3, 760

120 381

1 J " , 1J>9

16r), 11 .
4, ,'j.i

115,714
98, 423
17,291

119,749
102,189
17, 560

114,294
100,622
13, 672

102, 664
85,001
17, 663

253, 688
227.997
25, 691

155,886
134, 816
21,070

146,057
123,230
22, 827

171, 77*?
146,192
25, 586

141, 157
120, 903
20, 254

118.019
99,17(>
13,813

l.il,9it
1JO,M«)
21,105

F 0 , 793
1.-59,547
21, 246

209
642
567
297
808
489

52,466
47,917
4, 549
46,431
44,279
2,151

52, 452
47,922
4, 531
47,621
45, 331
2,290

52,435
47,869
4,566
47, 839
45, 500
2, 339

54,067
49, 512
4, 554
49, 920
47, 541
2, 379

53,988
49, 440
4,548
49, 679
47,314
2, 365

53,937
49,400
4,537
49 <>05
47,265
2. 340

3.21

3.30

2.93

2.72

2.59

2.63
3.63

52, 647
4S, 056
4, 591
48.921
46,179
2, 732
2.66

us. 6

109.1

52, 751
48,166 .
4, 585
48, 571
45,921
2, 649
2.66

52, 610
48,032
4,578
49,007
46, 331
2,676
2.67

52,
47,
4,
47,
44,
2,

2 U\
91 5"i
52 77

'H '.
96 i.

4<5
51

. 8f*

'2 5
•S w

">3, S ,,
49, 3 H
4, ,'10
50,00b
47, •> 1
° •/) >

, I 646
1 ( , 10S
1, ."i.38
4<),()12
47,39f

2.70

2.62

2.59

3. 60

3.58

3. 54

3. 78

3.71

3.66

3.67

3.95

3.83

3.70

3.69

2.97
3.16
3.92
5.07

2.92
3.13
3.86
4.91

2.89
3.07
3.83
4.84

2.93
3.11
3.80
4.85

3.25
3.49
4.05
5.00

3.15
3.35
3.94

3.00
3.16
3.78
4.85

2.94
3.14
3.74
4.92

2.88
3.08
3.60
4.86

2.86
3.05
3. 68
4.83

2.84
3.04
3. 65
4.80

2.82
2. 99
3.59
4.74

3.30
3.45
4.60

3.23
3.42
4.47

3.17
3.39
4.42

3.21
3.40
4.41

3.57
3.70
4.58

3.43
3.57
4.51

3.25
3.41
4.44

3.21
3.38
4.47

3.14
3.35
4.39

3.12
3.33
4.37

3 09
3.29
4.37

3.05
3.24
4.33

2.66
2.17

2.63
2.13

2.65
2.16

2.75
2.21

3.29
2.65

3.08
2.60

2.69
2.46

2.56
2.35

2.54
2.30

2. 60
2.32

2.58
2. 25

2. 56
2. 25

Stocks
Cash dividend payments and rates (Moody's):
Annual payments at current rates (600 companies)
mil. of doL. 1, 680. 36 1,339. 27 1, 382. 43
Number of shares, adjusted.
millions.. 936. 43
935. 03
935.03
Dividend rate per share (weighted average)
(600 cos.)
dollars.1.79
1.43
1.48
Banks (21)
do....
3.01
3.01
3.01
Industrials (492 cos.)
do
1.75
1.31
1.37
Insurance (21 cos.)
do
2.44
2.33
2.39
Public utilities (30 cos.)
do
1.96
1.92
1.94
Rails (36 cos.)
do
1.27
.90
.90
Dividend declarations (N. Y. Times):
Total
thous. of doL. 449, 981 377,394 220,175
Industrials and misc
do
420, 278 358,417 200, 698
Railroads
do
18,976
29, 703
19,477
Prices:
Average price of all listed stocks (N. Y. S. E.)
Dec. 31, 1924=10050.2
60.2
57.0
Dow-Jones & Co., Inc. (65 stocks)
dol. per share..
44.43
43.48
45.66
Industrials (30 stocks)
..do
132. 56
136. 52
130.76
Public utilities (15 stocks).
._
do
23.05
21.45
23.66
Rails (20 stocks)
do
27.02
27.59
26.52
New York Times (50 stocks)
do
94 19
95. 20
96.95
Industrials (25 stocks)
do
167. 73
173.12
170. 95
Railroads (25 stocks)
do
20.67
19.46
20.79
Standard Statistics Co., Inc.;
Combined index (420 stocks)
1926=100..
83.1
86.0
83.0
Industrials (350 stocks)..
do . . .
97.0
100.5
97.3
Capital goods (107 stocks)*
do
115.5
120.0
118.1
Consumer's goods (194 stocks)*, do
91.5
95.4
92.7
Public utilities (40 stocks)
do
82.4
84.7
80.6
Rails (30 stocks)
_
do
25.0
25.9
25.4
Other issues:
Banks, N. Y. C. (19 stocks)
do
55.2
53.7
52.0
Fire and marine insurance (18 stocks)
1926=100..
84.3
89.3
83.8
Sales (Securities and Exchange Commission):
Total on all registered exchanges:
Market value
.
mil. of dol..
556
603
1,438
Shares sold
thousands. 69, 493
21,916
23,131

391. 46 1, 422.99 1, 423. 82 1, 442. 45 1, 573.05 1, 589.37 1, 597. 25 1,618.60 1,631.30 1, 643. 66
936.43
936.43
935.03
935.03
935. 03
935.03
935.03
936.43
936. 43
936. 43
1.49
3.01
1.38
2.39
1.94
.87

1.52
3.01
1.42
2.39
1.94
.90

1.52
3.01
1.42
2.39
1.95
.90

1.54
3.01
1.45
2.39
1.95
.90

1.68
3.01
1.61
2.39
1.95
1.25

1.70
3.01
1.63
2.53
1.95
1.25

1.71
3.01
1.63
2.64
1.95
1.26

1.73
3.01
1.67
"2. 64
1.95
1.26

1.74
3.01
1.68
2.64
1.95
1.26

1. 76
3. 01
1..70
2. 64
1. 96
1.. 27

181,033
167,167
13,866

310, 284
296,168
14,116

191, 364
2,334

199,969
192,915
7,053

659, 512
608,149
51, 362

330, 592
311,996
18, 596

231, 651
215, 588
16,064

338,366
323, 201
15,165

216, 350
213,822
2,528

180,: HI
176, 637
3 'ro4

62.2

57.9

65.9

65.8

63.2

64.4

63.0

63.6

64.3

64.3

46.82
139. 26
24.96
28.29
99.74
178.03
21.45

46.47
137.89
25.68
27.67
99.44
178. 21
20.68

50.47
150.72
24.36
31.97
110. 38
195.86
24.91

51.80
152.15
25.84
34.27
110. 33
194.82
25.84

51.01
149.98
25. 68
33.38
108. 59
192. 28
24.90

50.01
148. 54
25.00
31.63
109.01
194. 21
23.82

49.72
147. 60
25.44
31.09
107.4€
191. 78
23.03

49.44
147.29
24.87
30.83
107. 83
192. 67
22.98

49.15
147.13
24.26
30.45
107. 66
192. 71
22.61

49.92
148.91
25.09
31.00
109.17
195.13
23.22

86.1
100.6
120.9
96.2
84.9
25.7

86.3
100.5
121.5
96.9
87.0
25.4

92.4
109.4
138.1
98.3
84.3
29.7

95.3
112.7
141.9
101.6
86.0
32.9

94.2
110.9
137.2
102.0
87.3
31.6

91.8
107.9
133.8
100.6
86.7
29.6

92.7
108.8
132.7
102.5
88.4
29.6

91.5
107.3
130.1
102.2
87.6
28.7

91.5
107.5
130.9
102.7
87.1
28.9

92.9
109. 2
132.8
104.4
87.8
29.1

55.0

54.0

58.7

58.7

58.3

59.3

89.8

88.2

87.6

90.7

91.9

94.0

95.3

774
31,454

769
31,391

2,205
92,464

1,185
43,440

844
35,426

767
31,446

774
31, 710

59.3
96.4
584
26,093

59.2

58.9

94.5

94.3

632
28, 718

1,134
51,103

•New series. For data beginning 1926 see table 24, p. 18, of the April 1939 Survey.
«* 'Revised series. Revised data for U. S. Treasury bond prices beginning 1931, and V. S. Treasury bend yields beginning 1919, appear in tables 17 and 16, p. 18, of the
Maijch 1939 Survey.




44

SURVEY OF CURRENT BUSINESS

Monthly statistics through December 1937, together with explanatory notes and references
to the sources of the data, may be found in the
1938 Supplement to the Survey

1940
May

JULY

1940

1939
May

June

July

August

1940

September

Novem- DecemOctober
ber
ber

January

February

March

653
24,141

19. 367

528
20, 568

13, 465

16, 269

26, 696

April

FINANCE—Continued
SECURITY MARKETS—Continued
Stocks—Continued
Sales (S. E. C.)—Continued
Total, on all registered exchanges—Con.
On New York Stock Exchange:
Market value
mil. of dol._
Shares sold
thousands..
Exclusive of odd lot and stopped sales
(N. Y. Times)
thousands..
Shares listed, N. Y. S. E.:
Market value, all listed shares
mil. of dol__
Number of shares listed
millions..
Yields:
Moody's, common stocks (200)
percent._
Banks (15 stocks)
do
Industrials (125 stocks)
do
Insurance (10 stocks)
do
Public utilities (25 stocks)
do....
Rails (25 stocks)
do
Standard Statistics Co., Inc., preferred stocks:
Industrials, high-grade (20 stocks).percent..

473
16,435

1,243
54, 517

523
17,897
12,933

11,967

36, 547
1,447

43, 230
1,427

41,005
1,429

6.1
5.2
6.1
4.9
6.3
6.3

4.0
4.4
3.7
4.1
5.4
3.7

4.4
4.5
4.1
4.2
5.7
4.1

4.1
4.4
3.8
4.0
5.2
3.5

5.07

4.94

4.87

965
37, 599

1,045
35,029

723
27, 516

649
23,175

57,081

23,734

19,220

17,769

15,991

47,440
1,431

47,374
1,431

45, 505
1,432

46,468
1,435

45,637
1,441

46, 058
1,441

46, 695
1,444

46, 769
1,446

4.5
4.6
4.2
4.3
5.5
4.1

3.9
3.9
3.6
4.1
5.4
2.8

4.0
4.0
3.7
4.0
5.3
3.0

4.5
4.2
4.4
3.9
5.3
4.6

4.5
4.2
4.3
4.1
5.3
4.5

4.6
4.1
4.4
4.3
5.3
4.8

4.6
4.0
4.5
4.3
5.3
4.7

4.6
4.1
4.5
4.3
5.2
4.7

4.6
4. 1
4.5
4.3
5.3
4.8

4.92

677
25,016

5.14

5.09

4.95

4.90

4.90

24,554

1,970
75,192

18,066

17,372

44,762
1,430

41,653
1,430

4.92

Stockholders (Common Stock)
642, 293
7,104
212,358
2,832
169,079
3,288
25.54

American Tel & Tel. Co., total
number..
Foreign
do
Pennsylvania Railroad Co., total
do
Foreign
do
U. S. Steel Corporation, total
do
Foreign
do
Shares held by brokers
percent of total..

636,884
6,787
209,346
2,752
164,822
3,191
28.03

639,019
7,003
211,014
2,807
168,176
3,286
26.00

635, 286
6,674
208, 705
2,712
163. 972
3, 020
28.31

FOREIGN TRADE
INDEXES
Exports:
Total value, unadjusted
1923-25=100..
Total value, adjusted
.__
do
17. S. merchandise, unadjusted:
Quantity..
_
..do
Value
_.
do
Unit value...
do
Imports:
Total value, unadjusted
do
Total value, adjusted
__
.do
Imports for consumption, unadjusted:
Quantity
1923-25=100Value
_
do
Unit value
do
Exports of agricultural products, quantity:
Total:
Unadjusted
1910-14=100..
Adjusted-..
do
Total, excluding cotton:
Unadjusted
do
Adjusted
do

62
70

107
66
62

60

77
67

97
91

97
95

91
100

93
92

85
90

116
77
67

140
QA
yo
69

138

130
91
70

132
93
70

123
85
69

67
65

73
73

76
77

75
74

62

67
60

112
63
56

116
65
56

119
67
57

127
73
58

124
73
59

81

70

111
82

95
75

118
105

63
58

71
70

72

76
72

101
63
62

108
67
62

117
76
65

131
87

63
61

55

54
57

56

111
61
55

102
56
55

102
56
55

7
0

Qfi
WO

70

106
65
61
96
104

105
64
61

67

52
61
51
55

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 (U. S. mdse. only):
Total
thous. of doL.
Crude materials
do
Cotton, unmanufactured
do
Foodstuffs, total
do
Foodstuffs, crude.
do
Foodstuffs and beverages, mfrs._.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
« Less than $500.
§ Revised series.




325, 306

249, 259

236,058

229, 628

250,839

288,573

332,079

292, 582

367,819

368, 584

346,779

352, 272

324, 008

12, 545
57, 898
13, 721
124,527
39, 350
70
13, 234
49, 822
62, 738
61, 877
27, 265
7,472
40, 332
10, 770
10, 384
3,694

8,530
54,165
21, 394
97,955
12, 944
6,294
4,460
37,410
43,583
42, 637
22,356
6,296
22,669
4,918
5,417
1,621

9,996
49,971
14, 769
85, 711
10,807
5,299
4,263
36, 604
40,452
39,874
23, 358
7,922
26,571
6,113
5,193
2,651

10, 270
43,866
12, 551
87,787
14,894
5,406
3,721
33,452
41,008
40,074
21, 850
5,565
24,847
6,268
6,242
1,596

8,376
43,360
12,126
113,954

8,959
50, 632
19, 347
121,301
12,132
607
4,834
60,339
53,165
52,156
29,116
5,781
25,401
4,942
5,997
2,020

10,385
62, 780
23, 367
127, 690
12, 555
39
6,301
52,924
62,847
61, 715
33,102
8,579
32,960
6,989
8,609
2,667

8,997
58,577
25,243
104, 399
13, 239
3
6,029
31,485
52,113
51, 262
29, 510
8,700
38,986
9,887
10,608
3,625

11,342
78,120
27, 556
157, 340
36,645

11, 276
76,061
28, 247
172,640
38,508
\ )
8,300
67,143
42,282
41, 647
27, 758

11, 727
59, 299
17, 800
160,050
42, 034
44
10, 083
51, 890
49, 700
48, 855
29,167
8,394
42, 328
10, 821
10, 368
4,354

13,
53,
15,
140,
45,

38,566
10,157
9,216
3,259

10, 789
61,520
15,193
165, 741
39,277
4
9,598
58,534
43,671
43,131
28,065
7,522
36,993
9,147
10,116
3,418

318, 051 245, 913 233,359 226, 737 248,148 284,041 323,168
30,243
40, 277
25, 713
78,449
29,667
36,499
6,157
47, 254
13, 526
7,458
5,970
11,869
35, 661
37,760
14, 965
19, 521
24,329
26,927
19, 719
28,786
10, 213
4,005
6,026
10,808
4,671
8,384
7,477
27, 547
21, 309
16,119
13,495
15,048
15,945
10, 960
9,014
5,844
3,523
4,423
7,199
1,608
13, 777
4,434
4,851
4,997
5,221
2,056
4,036
4,876
4,270
4,079
3,837
1,993
7,601
5,465
3,604
74, 490
45,994
48, 247 48,462
53, 504
58,993
64, 537
188, 319 140,495 139, 664 131,357 133,817 129,415 142,422
23, 753
18, 520
14,893
12, 457
18,900
21, 337
20, 387
7,628
8,746
9,728
9,256
6,110
10,119
9,453
58. 422
44,401
42,191
43, 611
40,143
42, 316
43,654
211, 382 202, 502 178,953 168,925 175,756 181,461 215,281

286,891
58,318
30, 563
22, 656
5,386
17, 270
5,738
4,057
3,078
63, 200
142, 716
19,870
7,524
235,402

357,450
64,264
43, 741
24,342
7,784
16, 558
4,099
5,133
1,978
75,661
193,183
24, 826
9,638
48,100
246,903

359,098
82,193
59,884
27, 705
7,257
20, 448
4,316
7,154
2,259
75, 362
173,838
23,736
6,412
44,173
241,897

338,639
61,113
44, 283
31, 222
8,752
22,470
5,554
6,889
3,340
71,355
174,950
23,835
5,534
45, 235
199,775

344, 559
46, 752
26, 583
25, 881
8,026
17, 855
4,087
3,240
5,752
73, 508
198,418
29, 326
5,387
59, 726
216, 732

316, 520
40, 886
21,086
22, 058
6,314
15, 744
3,927
2,762
3,381
65, 810
187, 766
19,493
5,364
62, 864
212, 240

5,229
64,197
20,438

9,033
77, 695
18,985

9,955
91,005
18,915

8,030
100,107
22,196

10,481
65,789
7,998

11,322
76, 041
9,335

7,958
77, 883
8,760

8, 052
70, 057

8,640
59, 454
10, 747

4,469
57,080
11,237

4,497
53,040
8,716

6,868
3,027
47,434
43,162
42, 332
20,120
4,606
21,867
4,675
5,135
1,818

5,702
54, 339
13,171

3,341
60, 511
19,520

Data revised for 1937; see tables 19 and 20, pp. 14 and 15 of the April 1939 Survey.

•t

8,623
50,395
44,477
43,878
32,311
Q Q9fi
y, y/o
44,227
10, 791
10,483
3,908

o, U'iO

944
220
271
240
990
35
9,240
53, 339
55,136
54, 373
25, 249
6,624
36, 219
8,326
10, 360
3,066

45

SURVEY OF CURRENT BUSINESS

JULY 1940
Monthly statistics through December 1937, together with explanatory notes and references
to the sources of the data, may be found in the
1938 Supplement to the Survey

1940
May

1940

1939
May

June

July

August

September

October Novem- December
ber

January

February

March

41,160
5,170
392
3,968
14,973
26, 401
26,089
26,957
6,402
34, 850
10, 466
8,122
4,134

April

FOREIGN TRADE—Continued
VALUE § —Continued
General imports—Continued.
By grand divisions and countries—Continued.
Europe
thous. of dol..
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, mfrs
do...
Manufactures, semi-._
do...
Manufactures,
finished
do

38,215
5,351
231
4,210
12,115
36, 917
36,180
25, 797
6,889
32, 344
5,067
9,282
6,143

58,946
7,122
2,885
3,289
15,192
28,850
28, 323
22,178
3,995
24,434
4,355
7,420
2,750

46,009
4,903
3,349
2,711
11,664
26,964
26,533
19, 299
4,365
25,132
3,952
9,160
2,468

44,496
5,146
3,975
2,264
11,081
26,993
25,557
18, 530
3,627
21,370
3,207
6,657
1,822

48,150
5,708
3,797
2,080
10,990
26, 681
25,970
18,490
3,534
22,394
4,787
8,281
1,691

41, 516
3,851
1,815
2,401
10,967
34,233
33,125
19,655
3,460
22, 206
3,803
8,351
1,813

53,853
2,994
1,557
5,123
14,605
40,426
39,827
22,029
4,379
29, 548
5,055
11,390
3,728

60,344
6,313
2,656
4,965
13, 577
36,109
34,833
15,166
5,352
37,053
6,689
12,395
6,629

57,333
5,303
3,383
3,895
15,719
33,215
32,012
17, 111
5,912
38,285
8,363
10,215
7,879

52,024
7,313
1,591
2,563
14,191
30,164
28,877
20,002
5,958
31, 570
9,663
7,871
2,480

38,039
4, 786
924
2,613
8,945
26,963
26, 279
23,270
6,733
35,234
10,819
8,067
4, 593

203, 702
70, 866
26, 095
27, 215
43, 337
36,189

194,193
62,277
25,886
26,062
39,857
40,411

178,405
54,725
22,518
27,725
38,633
34,804

170,451
50,041
21,759
27,799
36,912
33,939

180,379
60,962
20,778
27,605
35,651
35,383

199,483
67,606
19,465
38,412
38,275
35, 725

207,140
70, 500
24,898
27,722
45,416
38,604

214,454
75,386
27,881
21,777
48,614
40, 795

232,738
86,770
25,665
29,786
55, 619
34,898

234,634
95,714
24,793
23,316
53, 732
37,079

189,824
70,420
23,838
23,138
42,860
29,567

206,
77,
25,
22,
46,
33,

40, 883
4,220
357
4,953
12, 748
30, 475
29, 778
25,993
6,652
29,048
5,084
7,079
7,012

719
880
636
812
596
794

202, 974
78,125
25,052
24, 539
42, 447
32, 810

TRANSPORTATION AND COMMUNICATIONS
TRANSPORTATION
Express Operations
Operating revenue
Operating income

9,105
63

9,696
62

9,560
74

9,525
76

11,007
74

9,167
80

9,281
76

cents,. 7. 8253 r 7.8585 r 7.8585 r 7.8585 ' 7.8585
thousands. 813,615 807,157 760,636 705, 587 718,852
58,222
55,383
52,699
51,907
thous. of dol

« 7.8585
•

740,887
54, 561

r 7.8585
810,731
59,309

' 7.8585
784,590
57,174

r 7. 8336
825,903
60,649

r 7.8336
811,787
58,950

r 7.8336
767,688
56,545

r 7.8253
823,167
59, 974

r 7.8253
798, 945
57,872

thous. of dol_.
do _.

- -.

9,454
59

9,374
69

8,899
68

Local Transit Lines
Fares, average, cash ratet
Passengers carriedt
Operating revenues

-

Class I Steam Railways
Freight-carloadings (Federal Reserve):
71
62
Combined index, unadjusted...1923-25=100..
67
44
Coal
do
70
40
Coke
do
47
41
Forest products
do
66
73
Grains and grain products
do _
34
36
Livestock
do
60
61
Merchandise, 1. c. 1
.
do
134
81
Ore
.
do
80
73
Miscellaneous
do
72
62
Combined index, adjusted.
do
51
Coal
.
do...
78
73
42
Coke
do
45
40
Forest products
- do...
74
81
Grains and grain products
do
38
40
Livestock
. _.
do _.
60
61
Merchandise, 1 c. 1
do
96
58
Ore
. . -.
do .
77
70
Miscellaneous
do
Freight-carloadings (A. A. R.):1
2,363
2,713
Total cars
_
thousands..
470
Coal
.
do
288
33
19
Coke
do
134
121
Forest products
do
126
136
Grains and grain products
do...
47
49
Livestock
_
_ do.
597
612
Merchandise, 1. c. 1
do
195
121
Ore
do
1,112
1,016
Miscellaneous
- _
do _
154
211
Freight-car surplus, total
_ do.. _
69
90
Box cars
.
. do .
56
87
Coal cars
do
Financial operations:
Operating revenues, total
thous. of dol.. 343, 342 302,618
284, 634 243, 641
Freight
•
do
29, 742
31, 758
Passenger
. . do
252,803 237,411
Operating expenses
do
•
47, 077 > 25,173
Net railway operating Income _
_.do...
< 18, 594
*
Net income
- do
Operating results:
25,737
Freight carried 1 mile
mil. of tons
1.045
Revenue per ton-mile
cents
1,725
Passengers carried 1 mile
millions

67
58
47
42
89
30
61
108
74
67
68
51
40
90
36
61
64
71

70
64
52
43
111
34
61
112
74
69
76
62
43
80
39
62
59
72

71
69
57
44
90
37
62
125
75
70
78
69
42
75
37
62
67
74

85
89
78
49
99
57
65
149
92
77
85
82
45
88
45
63
85
82

89
96
95
52
87
62
65
160
97
80
87
95
50
87
44
62
108
86

83
87
100
50
83
50
64
105
91
82
80
100
51
88
41
63
191
89

73
79
101
44
75
39
60
29
81
78
71
92
51
87
40
62
116
89

72
95
106
41
66
38
58
25
74
78
83
90
47
73
39
62
114
86

68
80
88
43
69
33
59
26
71
73
68
65
44
75
40
61
107
83

67
70
73
44
69
31
60
26
74
69
66
70
43
75
39
60
105
77

67
63
62
44
70
34
60
42
76
70
75
73
43
79
37
59
102
74

3,149
503
28
151
202
50
744
209
1,261
175
79
65

2,549
429
24
118
200
44
583
167
983
166
79
53

2,689
476
27
126
170
48
615
192
1,034
131
70
34

3,844
740
45
171
219
90
780
277
1,523
70
33
16

3,375
676
46
152
165
84
640
253
1,358
68
34
15

3,040
601
47
142
148
67
616
182
1,236
108
47
35

3,262
671
59
155
171
63
716
55
1,371
160
58
69

2,555
643
50
115
117
50
554
38
989
126
59
36

2,487
571
43
121
123
43
571
39
974
178
69
75

3,123
624
45
160
163
53
741
51
1,284
188
70
85

2,494
444
30
129
131
45
595
59
1,062
163
67
66

321, 617
255, 763
38,436
241,786
39,095
' 1,685

332, 436
265,086
41, 269
241,962
49, 012
6,578

344,400
276, 707
39,821
247,622
54, 586
10,053

381,118
314, 400
37,146
251,167
86,435
41,078

419, 717
355,104
33, 367
271, 538
101, 616
56, 521

368,027
310,434
29, 289
256,170
70, 346
33,004

345, 247
276, 272
37,816
249,013
60,953
36, 622

345,498
283,107
36,079
257,341
45, 567
2,927

313.475
257,630
31, 945
210, 519
32,618
d
10, 761

28,465
.987
2,075

29,824
.971
2,355

31,389
.962
2,283

36,115
.941
2,097

40,066
.951
1,866

35,131
.953
1,591

31,460
.961
2,020

32, 502
.952
1,932

29,655
.947
1,709

327,
266,
33,
248,
36,
d
4,

009
721
262
594
734
955

321, 439
265, 246
29, 956
245,818
33, 822
d
9, 261

31,116
.944
1,803

29, 903

Waterway Traffic
Canals:
434
363
485
661
566
572
396
369
414
513
434
631
Cape Cod _
. thous. of short tons..
0)
665
0
0
0
735
717
709
0
538
687
615
0
New York State
..do
586
2,124
2,461
2,338
2,081
2,539
2,437
2,386
2,279
2,319
2,318
2,385
2,473
Panama, total
thous. of long tons
2,446
1.022
1,047
1,066
921
905
1,037
1,031
1,073
1,358
806
1,034
1,042
971
In U. S. Vessels
.do
•• Revised.
* Deficit.
* Temporarily discontinued by reporting source.
fRevised series. Data revised beginning August 1936; revisions not shown above are as follows: 1936—Aug. Sept. and Oct. 8.0718; Nov. 8.0358; Dec. 7.9942; 1937—Jan.
7.9804 ; Feb. Mar. Apr. and May, 7.9527; June and July, 7.9361; Aug. 7.9167; Sept. 7.8862; Oct. 7.9056; Nov. and Dec. 7.8917; 1938—Jan. and Feb., 7. 8779; Mar. and Apr., 7.8723;
May and June, 7.9028, July, Aug., Sept. and Oct. 7.8834; Nov. and Dec. 7.8779; 1939—Jan. 7.8779; Feb. and Mar. 7.8668; and Apr. 7.8585.
KData for June, September, December, 1939, and March 1940 are for 5 weeks; other months, 4 weeks.
X For comparable monthly figures, January 1929-December 1936, see table 10, p. 15, of the March 1939 Survey; 1937 revisions are shown on p. 37 of the April 1939 Survey,
and revised data for subsequent periods appear on p. 37 of the April 1940 issue.
§ Revised series. Data revised for 1937; see tables 19 and 20, pp. 14 and 15 of the April 1939 Survey.




46

SUKVEY OF CURRENT BUSINESS

Monthly statistics through December 1937, together with explanatory notes and references
to the sources of the data, may be found in the
1938 Supplement to the Survey

1940

JILY

1940

1939

May I May

June

July

August

1940

September

October Novem- December
ber

January

February

March

April

TRANSPORTATION AND COMMUNICATIONS—Continued
TRANSPORTATION—Continued
Waterway Traffic—Continued
Canals—Continued
St. Lawrence
thous. of short tons.
Sault St. Marie
do_-.
Suez
thous. of metric tonsi l elland
thous. of short tons.
Rivers:
Allegheny
do...
Mississippi (Government barges only) _.do...
Monongahela
I
do...
Ohio (Pittsburgh district)
do...
Clearances, vessels in foreign trade:
Total, U. S. ports
thous. of net tons.
Foreign
do
United States
do...

1.057
12, 250

1,161
8,622
2,220
1,580

1,119
9,598
2,406
1, 659

1,284
10, 552
2,329
1,713

1,216
11,493
986
1,564

1,215
12, 353
1,373
1,748

1,073
10,438

0)

0)

2,051

1,189
5,799
2,476
1,324

1, 535

404

475
247
2, 603
1,560

136
67
661
655

230
145
1,688
1,265

242
191
1,704
1,400

234
228
1,949
1,411

279
150
2,077
1,355

320
181
2,457
1,443

303
192
2,494
1,427

214
128
2,658
1,443

60
83
1,281
315

125
79
1,615

0
207
158
2,288
1,135

6,241
4,766
1,475

6,667
4,971
1,696

7,082
5,280
1,802

7,280
5, 551
1,729

6,306
4,537
1,769

5,974
4,285
1,689

6, 071
4,196
1,875

4,536
3,215
1,321

4,356
3,034
1,322

4,250
3,014
1,237

4,597
3, 198
1,399

67,031
71, 530 61,355
171, 557 175, 263 150,102
844,413 1,038,278 817, 633
7,408
7,716
7,271

58,937
139,816
697,385
6,673

0)

0
0

33
953

0)

0

0)

o

0)

268
1,278
0)
449
302
r
164
1,984
1,208
4,759
3,078
1,680

Travel
Operations on scheduled airlines:
Passenger-miles flown.
thous. of miles.
Passengers carried
number.
Express
pounds.
Miles
flown
thous. of miles.
Hotels:
Average sale per occupied room
dollars.
Rooms occupied
percent of total.
Restaurant sales index
.1929=100.
Foreign travel:
Arrivals, U. S. citizens
number.
Departures, U. S. citizens
do__.
Emigrants
do.__
Immigrants
do...
Passports issued
do._.
National Parks:
Visitors
do...
Automobiles
do...
Pullman Co.:*
Revenue passenger-miles
thousands.
Passenger revenues
thous. of dol.

63, 361
70,199
162, 682 179, 055
725,061 824, 630
7,122
7,183

75,145
75,800
77, 468
72,918
185, 643 194,418 192, 544 194, 216
725,922 933, 965 981,462 948, 501
7,541
7,639
7,442
7,626

80, 686
88,062
195, 062 224, 852
894, 581 871,317
7,930
8,332

3.10
66
108

3.20
63
90

3.34
62
95

3.29
57
84

3.39
61
93

3.35
64

3.39
67
93

3.44
61

3.29
54
90

3.21
66
92

3.25
66
91

3. 18
65
89

2,604

19,800
19,011
2,077
6,049
16,080

20, 889
24, 788
3.168
4,512
21,013

29, 872
42, 246
3,163
4,694
10, 393

44,501
38, 573
2,950
7,006
7,444

40, 295
26, 656
2, 301
5,518
1,843

19, 700
10,033
1,996
5,492
1,759

10,129
7,984
1,607
5,861
1,641

11, 565
7,069
1,714
7,673
1,633

13,367
15, 785
1,530
3,876
2,527

21,049
14,125
1,248
7,025
1,870

22, 822
25, 113
1, 459
6, 373
2,070

16,067
16, 410
1, 192
6,923
2,109

259, 368
77, 869

248, 075
73,402

471, 624 916.175
136, £76 249, 905

875, 682
238, 296

433,014
131, 631

247,149
74, 366

83,966
27,081

63, 486
19, 740

68, 774
19, 470

77,122
21,189

117, 430
32, 967

124,864
38, 580

631, 529
4,147

769, 819 801, 514
4,842
4,990

764, 706
4,855

736, 325 696,186
4,467
4,679

562,047
3,704

675, 284 795, 095 671,769
4,367
5,254
4,558

735, 316 635, 802
4,871
4,170

102,646
66, 875
27,101
19,832
18,055

102,119
66, 521
26, 923
68,184
20,027
18,072

99, 824
64,690
26, 383
67, 738
18,398
18,102

101, 793
65,060
27,942
68, 650
19, 268
18,160

103,843
65,696
29,361
67, 210
22,386
18, 203

105, 520
68,453
28,318
69,157
22,240
18, 357

103, 403
68, 394
26, 265
70,052
19, 406
18,447

105,125
69, 026
27,188
70, 568
20,119
18, 537

106,144
70,023
27,322
70, 329
20, 973
18, 710

102,999
68, 674
25, 512
67,868
20,365
18,802

106, 094
69, 716
27, 573
69, 675
21,172
18, 896

107,155
70, 469
27,859
69, 842
22,135
18, 992

11, 735
10,065

11,721
10,113

10, 676
9,189

11,583
9,887

14,117
11,079

12, 350
9,995

11, 465
9,324

13,183
10, 822

11,554
9,451

11, 048
9,094

11,940
9,932

11, 776
9,687

514
790
880
10,289
699
'229

501
774
834
10,142
886
43

451
707
780
10,028
d77
-951

542
802
893
10,146
695
'222

900
1,417
1,622
10, 548
2,683
1,877

684
1,092
1,263
10,147
1,413
503

610
989
1,152
10,027
667

658
1,103
1,258
10. 847
1,533
604

599
994
1,109
(2)

566
926
1,028

591
936
1,072

594
973

11, 434
11,158
1,173

10,147
10, 398
1,417

3.40
66
104

COMMUNICATIONS
Telephone:
Operating revenues
thous. of dol_.
Station revenues
do
Tolls, message
do
Operating expenses
do
Net operating income
do
Phones in service, end of month, thousands...
Telegraph, cable, and radiotelegraph carriers:
Operating revenue, total
thous. of dol__.
Telegraph carriers, total
do
Western Union Telegraph Co., revenues
from cable operations
thous. of dol_.
Cable carriers
do
Radiotelegraph carriers.
do
Operating expenses
do
Operating income
do
Net income
do

!

()

i

CHEMICALS AND ALLIED PRODUCTS
CHEMICALS
Alcohol, denatured:
9,202
7,395
13,068
15,453
8,203
12,848
7,944
Consumption
__thous. of wine gal.. 10, 037
13,060
9,190
7,437
15,181
8,490
8,166
12,625
Production
do
10, 037
1,479
1,496
2,007
1,982
2,015
1,766
1,776
1,586
Stocks, end of month
..do
Alcohol, ethyl:
21, 787
18, 539 18,104
20,965
17, 643
18,655
16,838
Production
thous. of proof gal.. 20, 953
25,913
32, 232 32,919
17, 974 14,168
30, 860
31,078
21, 921
Stocks, warehoused, end of month
do
22, 315 26,033
15,029
16,050
22,944
15,031
13,823
17, 752
Withdrawn for denaturing
do
1,765
1,780
2,187
2,248
2,282
2,009
1,858
1,782
Withdrawn, tax paid
do
Methanol:
28,337
263,588 123,995
28,373
18,441 108,084 195,034
Exports, refined §
gallons.. 21, 932
.36
.36
.36
.36
.36
.34
Price, refined, wholesale (N. Y.)-dol per gal..
Production:
4G3
480
360
405
378
354
344
437
Crude (wood distilled)
thous. of gal_.
2,679
2,640
4,158
4,612
1,779
2,295
2,495
Synthetic
do . . .
3,409
40,612
35,477
30, 210 27,652
32, 700 35,933
29,315
Explosives, shipments
thous. of lb_. 34, 475
Sulphur production (quarterly):
106, 795
105,895
Louisiana
long tons..
372,655
357,819
Texas
do
Sulphuric acid (fertilizer manufactures):
Consumed in production of fertilizer
short tons.. 143,742 108,889 106,137 104, 378 115,119 134, 287 175,338 176, 860
Price, wholesale, 66°, at works
16.50
16.50
16.50
16.50
16.50
16.50
16.50
dol. per short ton..
16.50
Production
short tons.. 191,643 155,902 140, 580 139,248 161,791 153,897 205,024 208,461
Purchases:
19,252
37,562
18,635
30,040
31,774
8,853
10, 535
From fertilizer manufacturers
do
15, 692
32, 784
15,568
40,049
25,614
17,067
33,590
20, 771
27, 330
From others
.do
Shipments:
44,979
37, 574 42,835
25, 804 45,396
38,123
36,966
37,371
To fertilizer manufacturers
_
do
45,376
43,346
44,089
57,410
58,318
43,369
59,090
Toothers
38,835
' Revised.
i Discontinued by reporting source since the outbreak of war.
2 Owing to changes in the accounting system, data for 1940 are not available on a comparable basis with those for earlier
*New series. Data for Pullman Co. revenue passenger miles beginning 1915 and passenger revenues beginning 1913 appear
§Revised series. Data revised for 1937, see table 19. D. 14, of the April 1939 Survey.




9,793
9,994
1,591

22, 080
14,614
19, 524
1,729

20, 218
20, 957
17,611
2,035

368, 246
.36

35, 725
.34

434
4,184
30, 580
126, 650
530, 047
172, 332
16.50
219, 838
32, 885
36,889
47,623
59,870

39, 636
58, 335

32, 533
58,061

< Deficit.
*
years.
in table 7, p. 18, of the January 1939 Survey.

47

SURVEY OF CURRENT BUSINESS

JULY 1940

Monthly statistics through December 1937, to- 1940
gether with explanatory notes and references
to the sources of the Jata, may be found in the
May
1938 Supplement to the Survey

1940

1939
May

June

July

August

September

October Novem- December
ber

January

February

March

April

CHEMICALS AND ALLIED PRODUCTS—Continued
FERTILIZERS
Consumption, Southern States
329
thous. of short tons..
Exports, total§.._
long tons.. 108, 207
20, 485
Nitrogenous§
do
80, 484
Phosphate materials!
do
544
Prepared fertilizers§
do
146, 797
Imports, total§
.
do
97, 020
Nitrogenous, total§
do
Nitrate of soda§
do _. 79, 299
1,228
Phosphates§
do
Potash§
do_ - . 30, 197
Price, wholesale, nitrate of soda, 95 percent
1.450
(N. Y.)
dol. per cwt_.
4,711
Potash deliveries*
short tons..
Superphosphate (bulk):
Production
do
Shipments to consumers
-do
Stocks, end of month
do
NAVAL STORES
Rosin, gum:
Price, wholesale " H " (Savannah)
4.56
dol. per bbl. (280 lbs.)__
Receipts, net, 3 ports
bbl. (500 lbs.) .. 37, 792
516, 741
Stocks, 3 ports, end of month
do
Turpentine, gum, spirits of:
.34
Price, wholesale (Savannah)
dol. per gal..
9,429
Receipts, net, 3 ports
bbl. (50 pal.)-50, 704
Stocks, 3 ports, end of month
do

312
148,095
12,142
112, 773
302
145, 432
99,074
62,010
7,033
10,415

136,016
12, 655
105,934
268
109, 737
90, 541
59, 332
594
16,425

1.450
8,674

1.450
17, 337

277, 437
139, 648
778, 758

148
1, 536
1, 125
48
43
379
190
108
187
675
154,800 141,171 123, 792 112, 699 79,270 70,905 56, 602 53, 398 60, 332 65, 798
8.067 26,618 27,157 18, 974
7, 538 18,629 27,164 28, 902 14, 847 20, 053
137, 446 106,607 76,904 78,418 55,009 43, 474 27,099 19, 717 43,311 43, 167
722
748
697
447
349
1,921
278
486
489
800
90,102 76, 002 88,276 110,046 109,670 126,952 146,012 140, 544 178, 782 144, 702
45, 632 45, 795 71,447 91,431 101,335 106, 510 103, 281 73, 792 135,839 118,515
89, 679
18, 479
9,481
10, 445 42, 204 66,407 59,518 56, 627 26, 506 86, 039
476
600
2,321
408
693
392
705
2,549
406
2,799
19. 553
41,234 29,087 15,877 14,571
41, 798 65, 486 40, 094
4,214 18,161
1.450
38,956

1.450
54, 762

1.450
54, 944

1. 450
5,412

1.450
3,511

243,402
34, 263
871,109

243,356 279,107 305, 538 406, 809 417,410 405,199 430, 820 358, 758 351, 009
30, 335 52, 741 158, 717
13,496 28, 277 109, 223 67,143 19,225 24,368
924,045 963, 431 1,012,067 1,122,492 1,228,028 1,233,297 1,256,690 1,250,521 1,115,331

338, 482
221, 376
834,900

4.94
57, 079
625,138

4.96
61, 744
639,914

5.48
5.05
5.44
5.19
5.34
61,096 57, 640 60, 289 54, 574 43,736
659, 878 672, 880 679,127 630,926 643,443

4.94
26, 679
522, 133

.24
14,638
104, 759

.24
15,884
102,941

.24
14,692
102,126

1.450
26, 632

.24
.26
13, 754 16, 369
102,285 101,111

1.450
72,622

.27
14, 605
93, 317

1.450
70,952

.26
10,945

1.450
62,635

1.450
10,106

5.54
5.24
5.37
5.46
',710
51,032 11, 630
6,764
642, 234 605,046 570, 403 544,281

.27
10, 202
94,677

.30
1,487
76, 664

.33
611
66, 532

.37
202
369

.35
6,584
51,215

OILS, FATS, AND BYPRODUCTS
Animal Fats and Byproducts and Fish
Oils (Quarterly)
Animal fats:
Consumption, factory
thous. of Reproduction
do
Stocks, end of quarter
do
Greases:
Consumption, factory
do
Production
do
Stocks, end of quarter
do
Shortenings and compounds:
Production
do
Stocks, end of quarter...
do
Fish oils:
Consumption, factory
do
Production
do
Stocks, end of quarter
..-do. . .

217,899
503,947
403,809

254,196
480,143
318,481

255,751
628, 700
417,333

229, 509
688, 427
560, 537

47,438
92, 964
54,943

54,120
93, 578
52, 799

61,010
107,355
60,316

85, 454
112, 203
110,851

300,076
55, 350

405,331
36, 539

330,816
56,621

273,119
57, 250

66,138
8,983
180, 364

68,022
68,402
221,405

'9,894
111,628
245,155

65,129
34, 015
203, 521

Vegetable Oils and Products
Vegetable oils, total:
Consumption, crude, factory (quarterly)
816
712
mil.oflb.
1,019
3,673
Exports
thous. oflb—
4,314
3,865
7,908 24, 745 16,022 17,436 10, 499
2,559
71,149
Imports, total§
do.
91,633
97,275
79,467 86,413 51,620 64, 593 81,674 80, 975 80, 711
11,944
Paintoils§
do10, 755
9,382
9,841
10, 292 11,277 12, 402
6,943 16,733 20, 527
59, 205 87,894
All other vegetable oils§
do
80,878
69,625 76,121 40, 343 52,191 74,731 64,242 60,183
Production (quarterly)
mil. of lb._
593
583
1,062
Stocks, end of quarter:
Crude
do- .
732
661
783
Refined..
do...
759
523
653
Copra:
Consumption, factory (quarterly).short tons.
52,114
40,469
55,482
27, 606
Imports
do...
12.514 19,928
7,533 17, 222 31, 780 28,658 48,863
20,880
3,773
Stocks, end of quarter
do. .
36,081
13,881
35,160
Coconut or copra oil:
Consumption, factory:
Crude (quarterly)-.
thous. of lb_.
137,891
143, 265
150,528
Refined (quarterly)
do
53, 074
52, 359
58,660
2,527
In oleomargarine.
do
2,129
2,964
3,113
1,559
1,763
2,167
2,051
2,154
1,972
18,150
Imports§
do.
37,556 21, 215 32,898 10,988 17, 774 34, 744 26,686 34,899
38,450
Production (quarterly) :
Crude.
do.
66,388
61, 949
69,478
Refined
do.
68,213
73,725
70,338
Stocks, end of quarter:
Crude-._
do.
226, 894
197,485
178,382
Refined
do.
12,315
12,100
11,883
Cottonseed:
102
Consumption (crush)... thous. of short tons..
100
203
524
521
70
151
712
643
509
28
Receipts at mills
.do
46
60
51
1,141
227
1,165
155
664
384
97
Stocks at mills, end of month
.do
194
139
121
196
813
1,266
1,162
796
1,287
Cottonseed cake and meal:
52
Exports
short tons__
124
81
675
46
1,318
2,335
216
1,403
343
48,196
Production..
do.
45,329 33,119 68, 229 232, 352 320,927 288,050 228,458 235, 367
94,441
129, 637 172, 968 150,846 119,718
Stocks at mills, end of month
do_
124,374 197, 618 206,931 219,794 216, 565
97,085
Cottonseed oil, crude:
Production
thous of lb_. 37,343
68,522
34, 328 22,622 45, 355 162,480 220,362 201,656 159,870 166,038
Stocks, end of month
do.
98,605
137,822
72,067 62,000 110, 701 156,874 184,062 181, 235 200,881
Cottonseed oil, refined:
Consumption, factory (quarterly).
do.
354,226
272,970
334,392
8,468
In oleomargarine
do
6,781
5,522
9,034
8,779 10,077
9,701
6,708
Price, summer, yellow, prime (N. Y.)
.064
dol. per lb_.
.066
.065
.061
.055
.071
.065
Production
thous. oflb.
81, 079
82, 476
78, 548 41,107 54,666 93,924 163,315 163,052 157, 221 140, 379
Stocks, end of month
do . 600,111 641,031 616,859 560,035 494, 718 411,791 433,637 490,215 553,176 586, 632
*New series. Data are on basis of potassium oxide content; figures beginning 1928 not shown on p. 39 of the August 1939 Survey will appear
§Revised series. Data for 1937 revised, see tables 19 and 20, pp. 14 and 15, of the April 1939 Survey.




12,091
66, 579
7,580
58, 999

914
15, 057
67, 011
9, 107
57,904
910

9, 178
66, 051
1,388
64,663

861
754

22, 449

1,841
26, 240

78, 834
35, 633
45, 756
149,761
55,986
2,464
34, 266

18,932

3,084
34,977

98, 519
70, 920
196, 940
13,407

425
150
522

292
87
316

175
30
172

112
141
194, 046 137,666
175, 769
200,173

116
83, 024
157, 768

139, 443 97,704
201, 233 186,124

61, 482
147,607

278, 034
9,021

8,188

10, 200

.067
.068
.069
126,190 113, 700 95, 737
627,482 643, 947 636, 515
in a subsequent issue.

48

SURVEY OF CURRENT BUSINESS

Monthly statistics through December 1937, together with explanatory notes and references
to the sources of the data, may be found in the
1938 Supplement to the Survey

1940

1939

1940
May

JULY 1940

May

June

July

August

September

October Novem- December
ber

January

February

March

April

CHEMICALS AND ALLIED PRODUCTS—Continued
OILS, FATS, AND BYPRODUCTS-Con.
Vegetable Oils and Products—Continued
Flaxseed:
Imports§
thous. of bu
Minneapolis:
Receipts
.
_
do .
Shipments
do
Stocks
-do
Duluth:
Receipts
- ...
_
do
Shipments
do
Stocks
do
Oil mills (quarterly):
Consumption
do
Stocks, end of quarter . .
_ _„ do
_
Price, wholesale No. 1 (Mpls.)
dol. per bu__
Production (crop est.)
thous. of bu
Linseed cake and meal:
Exports§
-do
Shipments from Minneapolis
do
Linseed oil:
Consumption factory (quarterly)
do
Price, wholesale (N. Y.)
dol. perlb..
Production (quarterly)
thous of 1b
Shipments from Minneapolis
do
Storks at factory ©nd of Quarter

1,434

1,155

1,802

1,123

1,511

452

875

682

623

1,058

1,763

1,972

1,199

701

61
38
280

73
20
225

67
28
231

8,100
389
2,659

2,709
648
5,456

679
367
5,154

318
428
4,059

269
104
3,616

153
130
2,720

139
119
2,151

127
88
1,751

176
132
1,237

58
2

801
144
659

2,032
1,170
1,521

948
1,360
1,109

541
566
1,084

145
1,178
51

26
35
42

2
12
31

2
1
32

r 0
••88

1.57

1.54

6,814
6,383
1.75

1.86

1.84

8,736
4 866
2.07
6
20 330

2.18

2.14

7,892
3,356
2.08

2.11

44, 589.
6,360

50,163
16,400

40,600
23,280

14, 529
19,720

30,914
21,480

52 765
21,320

18,453
21,440

50 068
14, 200

35, 688
14,960

66,237
15, 280

.090

.086

.102

.098

.107

.102

5,880

8,100

15,000

10,680

10, 380

10,800

170
180
78

(i)
;

o
2

99
41
59

1.97

1.83

6,207
1,958
1.81

21, 538

40,849
7,280

48,733
7,000

.105

.089
6,480

do

Oleomargarine:
Consumption (tax-paid withdrawals)... do
Price, wholesale, standard, uncolored (Chicago)
__-dol. perlb..
Production
.
thous. of lb.
Vegetable shortenings:
Price, wholesale, tierces (Chi.)...dol. perlb..

91,360
.093
124, 823
6,360
130,310

(l)

88,397
.099
134,326
14, 700
112,475

88, 768
.102
166 150
8,820
142,643

85, 526
.106
150,197
12, 960
172,800

56

.108
13, 020

24,123

22,827

20,745

20,114

21,206

27,918

23,676

27,719

25, 737

29,409

28,474

26,828

27, 580

.120
24,676

.135
22,699

.135
21,111

.135
19, 262

.135
21,608

.124
28,105

.123
23,785

.128
27,886

.120
25 587

.120
29,354

.120
29,477

.120
26,641

.120
27, 408

.098

.093

.090

.090

.089

.104

.104

.099

.100

.100

.099

.096

.099

PAINT SALES
Plastic paints, cold-water paints, and calcimines:
Plastic paints.
thous. of dol..
Cold-water paints:
In dry form
do _
Tn oast© form

do

Calcimines
- ..._
Paints, varnish, lacquer, and fillers:
Total
Classified total
Industrial
Trade
Unclassified

do

do
do ._
do
do __
do

56

45

43

44

46

49

40

34

32

34

42

54

54

242
413
302

230
338
305

206
309
281

156
227
206

154
287
255

171
289
279

179
270
233

153
206
213

159
277
203

140
252
205

133
264
186

186
320
215

234
382
272

41, 722
29, 744
11, 051
18, 693
11, 978

40,138
28,546
9,611
18,935
11,592

36,886
26,197
9,781
16,416
10,690

29,472
20,769
8,199
12,569
8,703

33,087
23,413
9,309
14,104
9,674

36,960
25, 515
10, 420
15,095
11,445

34,540
24,995
10,976
14,020
9,544

29, 396
21, 772
10, 234
11,538
7,624

25,934
19,333
9,409
9,924
6,602

27, 665
20, 456
9,991
10,465
7,210

25, 536
18, 806
8,920
9,887
6,729

30, 370
22, 610
10, 080
12, 531
7,759

36, 206
26, 552
10, 972
15, 580
9,654

171
800
926

249
1,036
940

297
957
1,000

221
979
847

326
1,069
1,065

328
1,164
1,156

311
1,315
1,232

346
1,361
1,244

271
1,089
1,199

271
1,239
1,081

186
1,016
918

212
1,090
925

174
852
848

10
702
649

10
491
509

9
446
378

6
561
537

7
1,041
815

7
706
677

14
713
684

10
725
793

14
987
1,030

9
857
751

7
637
655

12
550
589

18
558
490

893
837

782
704

795
703

645
604

1,034
967

1,312
1,153

1,410
1,333

1,199
1,119

1,183
1,135

1,177
1,024

972
878

1,104
1,022

951
904

2,887
831
1,058
998

2,633
737
926
970

3,923
1,115
1,176
1,632

3,867
1,125
1,289
1,453

4,611
1,291
1,520
1,800

2,486
632
810
1,044

1,546
408
447
691

1,137
314
285
538

2,105
488
625
992

2,068
490
670
908

2,286
588
921
776

CELLULOSE PLASTIC PRODUCTS
Nitro-cellulose, sheets, rods, and tubes:
Consumption*
thous. of lb
Production
do _
_
Shipmentso*
do
Cellulose-acetate sheets, rods, and tubes:
Consumption*
thous. of lb
Production
._ ._ ..do
Shipmentsc?
do
Moulding composition:*
"Production
do _
Shipments^
do

1

ROOFING
Asphalt prepared roofing, shipments:
Total
thous. of squares..
Grit roll
Shingles (all types)
Smooth roll

.

_.
-

do
do
do

2,924
761
1,184
980

' 2, 719
'721
' 1, 060
'937

ELECTRIC POWER AND GAS
ELECTRIC POWER
11, 193
11, 514
11,116
11,864
12, 252
11,104
Production, totalj
mil. of kw.-hr.. 11,615
10,341
10,529
10, 651
11, 228
11, 659
12,077
By source:
7,583
7,179
7,997
8,891
7,914
7,012
7,701
8,727
6,176
6,743
8,455
9,065
« 6, 645
•
Fuel
do
r
3,391
4,602
3,204
3,186
3,527
3,138
4,165
3,786
3,472
3,118
3,187
3,190
4, 548
Water power.
do
By type of producer:
Privately and municipally owned public
11,262
10, 557
10, 277
10,329
10,974
10,260
11,151
9,820
9,846
10, 736
utilities
mil. of kw.-hr.. 10, 616
10, 258
957
916
804
900
856
922
709
890
Other producers
do—
655
926
Sales to ultimate consumers, totalf (Edison
9,274
8,577
9,640
8,953
9,760
8,282
8,583
9,678
Electric Institute)...
.mil. of kw.-hr..
1,620
1,755
1,782
1, 604
1,627
1,620
1,890
2,000
Residential or domestic
do
6,526
6,669
5,867
6,169
6,187
6,951
6,876
6,786
Commercial and industrial,
do
149
121
169
111
115
128
203
188
Public street and highway Itg
do
224
229
194
197
202
193
201
205
Other public authorities
do
441
479
461
443
446
492
532
433
Sales to railroads and railways
do
32
32
36
35
32
35
33
Interdepartmental
do
f
Revised.
» Less than 500 bushels.
* December 1 estimate.
•New series. For data on nitro-cellulose consumption, cellulose-acetate consumption and molding compositions beginning 1935, see table 15, p. 18, of the March 1939 Survey.
fRevised series. See note marked with a "f" on p. 41 of the July 1939 Survey. Comparable data not available for 1940 owing to further revisions in classifications.
§Revised series. Data for 1937 revised; see tables 19 and 20, pp. 14 and 15 of the April 1939 Survey.
cf Includes consumption in reporting company plants.
^Excludes consumption in reporting company plants.
JFor electric power production, see note marked with a " 1 " on p. 41 of the July 1939 Survey. Revised data on production "by type of producer," referred to therein, are
shown beginning June 1938 on p. 40 of the August 1939 Survey; data beginning 1920 will be published when available.




49

SURVEY OF CURRENT BUSINESS

JULY 1940

Monthly statistics through December 1937, to- 1940
gether with explanatory notes and references
to the sources of the data may be found in the
May
1938 Supplement to the Survey

1940

1939
May

June

July

August

September

October Novem- December
ber

January

February

March

April

ELECTRIC POWER AND GAS—Continued
ELECTRIC POWER—Continued
Revenues from sales to ultimate consumers
(Edison Electric Institute)
tbous. of doL.

183,112

186,166

186, 600

19, 225 198,947 I 201,709 | 204,974 | 208,514

9,279
224
465
29, 891
15, 790
4,422
9,521

9,973
9,284
215
464
27, 518
16, 638
1,588
9,167

9,311
202
466
25, 298
15, 588
949
8,604

10, 010
9,330
206
463
24, 520
14, 760
754
8,891

10,075
9,383
222
463
26,470
16,435
874
9,037

10,084
9,377
245
452
29,466
17,152
2,389
9,764

10, 072
9, 358
257
449
32, 525
15, 341
6,951
10, 050

10,110
9,384
266
450
35, 028
15, 713
8,821
10, 269

10,040
9,328
247
456
38, 521
17,693
10,444
10,156

10,071
9,351
257
454
37, 307
17,446
10,071
9,568

10,052
9,334
246
460
35, 873
17,167
8,522
9,971

10, 025
9,296
256
461
34,182
16, 091
7,255
10, 646

30,527
21, 765
2,517
6,133

29,401
22,190
1,231
5,895

27, 502
21,032
789
5,594

26,447
20,055
664
5,638

28,458
21, 720
837
5,818

30,638
22, 467
1,849
6,215

32, 056
21,498
3,863
6,574

33, 598
21.625
5,136
6,703

35,968
22, 491
6,565
6,772

35, 236
21, 675
6,718
6,708

33, 728
21,182
5,795
6,615

32,159
20, 906
4,518
6, 598

7,200
6,664
534
102,603
27, 705
73,457

7,174
6,661
511
88,389
19,055
68,161

7,163
6,661
499
87,257
16,189
69, 915

7,202
6,699
501
89,674
15,192
72, 990

7,243
7,309
6,738
6,777
503
530
93, 712 103,626
15, 649 19,623
76, 688 82, 593

7,436
6,861
573
118, 250
30, 997
85,655

7,479
6,892
584
129,923
41,519
87,106

7,435
6,861
572
149,148
57,402
90,392

34,400
19,730
14,449

28, 361
15,091
13,100

26,049
12,920
12,940

26,092
12,369
13, 508

26,664
12,359
14,105

38, 771
21,072
17,457

45.626
26,748
18,659

56,879
36,003
20,638

59,677
38,437
20,938

50,136
31, 239
18, 609

43,311
26, 299
16,890

3,588
3,916
7,191

3,788
2,930
7,926

3,478
3,238
8,000

4,382
3,809
8,391

5,109
4,177
9,105

GAS§

Manufactured gas:
Customers, total
_
...thousands..
Domestic
do
. House heating
.do
Industrial and commercial
do
Sales to consumers...
mil. of cu. ft..
Domestic
do
House heating
do
Industrial and commercial
do
Revenue from sales to consumers
thous. of doL.
Domestic
..do
House heating
do—
Industrial and commercial
do
Natural gas:
Customers, total
..thousands..
Domestic
do
Industrial and commercial
do
Sales to consumers
mil. of cu. ft..
Domestic.
do
IndL, com!., and elec. generation
do
Revenues from sales to consumers
thous. of doL.
Domestic
do—
Indl., coml., and elec. generation
do

30,855
14,867
15, 784

7,442
7,480
7,459
6,873
6,902
6,886
567
575
571
158,466 136, 886 121, 805
63, 519 49, 721 40,069
93,189 85, 604 81, 049

FOODSTUFFS AND TOBACCO
ALCOHOLIC BEVERAGES
Fermented malt liquors:
5,483
Production
..thous. of bbl.
4,883
Tax-paid withdrawals
...do—
9,508
Stocks
do...
Distilled spirits:
Production
thous. of tax gal. 13, 929
7, 543
Tax-paid withdrawals....
do...
866
Imports*
thous. of proof gal.
Stocks.
thous. of tax gal- 527, 362
Whisky:
Production
d o — 11, 504
5,848
Tax-paid withdrawals.
do—
752
Imports*
..thous. of proof gal.
Stocks
thous. of tax gal- 482, 555
Rectified spirits and wines, production, total
thous. of proof gal.
Whisky*
.do...
Indicated consumption for beverage purposes:
All spirits*!
thous. of proof gal_
Whisky*!
-do__.
Still wines:
Production*
thous. of wine gal.
Tax-paid withdrawals*
...do—
306
Imports*
do
Stocks*
do...
Sparkling wines:
Production*
do—
Tax-paid withdrawals*
...do
39
Imports*
do—
Stocks*
..do

5,651
5,079
9,086

6,271
5,656
9,447

5,637
5,538
9,330

5,450
5,715

4,392
4,921
8,112

4,237
4,169
7,994

3,685
3,826
7,696

10, 756
845
521, 251

8,304
6,456
772
522,058

5,381
5,605
632
520,429

6,390
6,663
710
518,487

10,244
8,772
1,843
514,433

17,946
11,066
1,113
510, 606

14,921
13,485
1,058
506,894

11, 553 12,506
6, 517
9,400
716
1,501
508, 205 512,394

11,816
7,928
623
514, 505

13,181
13, 938
8,406
7,818
775
748
517, 583 522, 503

7,972
4,866
730
478, 741

5,774
4,885
666
478,900

3,711
4,343
534
477,149

4,392
612
475,371

4,985
6,793
1,599
472, 499

7,074
8,550
959
469,173

8,946
10,385
912
465,934

8,033 10,021
5,500
7,704
582
1,298
465, 018 469,004

9,599
6,616
534
470, 519

10,304
11,223
5,793
6,469
645
674
473, 278 477, 865

3,425
2,496

2,960
1,977

2,930
2,014

3,189
2,332

4,005
3,258

5,202
4,329

6,341
5,532

4,002
3,249

2,679
2,078

3,402
2,839

9,137
7,142

6,767

7,570
6,131

8,709
7,104

11,959
10, 309

13, 703
12,007

16,266
14,508

12,390
10,870

8,378
7,243

9,889
8,903

1,103
4,994
229
100,941

677
4,684
207
94,842

914
4,247
154
91,048

5,211
5,053
152
87,127

44,293
6,195
420
99,817

105, 599
8,011
370
139, 099

35,895
8,624
379
142, 721

8,134
2,773
9,109
5,912
424
304
133, 916 127,936

2,064
6, 393
233
121,877

70
17
37

39
25
36
647

19
20
20
646

16
21
26
639

21
34
84
625

27
50
59
597

36
56
80
576

31
25
34
512

18
14
24
506

46
17
20
532

152,387
.24
199,660
84, 566

146,572
.24
180,235
77,460

158,055
.24
165,780
69,674

152, 571
.28
134, 515
55,208

147,955
.29
121, 595
49,357

150, 337 152, 706 152,150
.32
.30
.30
112, 285 118,430 126,040
45,197 45, 775 53,743

136,005
.30
125, 265
51, 276

146,000
.29
136,625
54,690

131,609

165,183

172,825

154, 594

128, 111

89, 783

55, 462

29,189

18,366

8,875

62,669
3,435

71, 592
5,762

67,744
11, 637

51,037
6,344

47,990
3,478

58,376
3,339

57, 421
2,959

63,909

.15
.15
.15
87,100 74,000 66,800
69, 515 59,345 53,405
14, 322 13, 786 14, 579
98,850 117, 598 125,019
81, 262 97,448 103, 594

.17
57,500
45,195
16,527
116, 561
97, 530

.18
54,400
41, 310
15,145
114, 736
93,987

.18
.18
42,300 40,660
30,145 28,600
10, 614
9,981
112, 217 108, 241
90, 219 86, 805

.18
41, 200
30,440
13, 261
94, 295
75,181

.18
43.000
32, 780
10,866
82,664
66,584

.16
.15
53, 000 61, 600
39, 585 47, 620
11, 527 11,737
74, 937 r 78, 706
61,510 T 65,175
361
3,878

DAIRY PRODUCTS
Butter:
Consumption, apparent!
thous. of lb_. 172, 746 178, 859
.28
.24
Price, wholesale 92-score (N. Y.)_.dol. per lb_.
Production, creamery (factory)t-thous. of lb_. 188, 645 '192,410
77,966
Receipts, 5 markets}:
d o — 68, 405
Stocks, cold storage, creamery, end of month
thous. of lb_. 25, 359 84,437
Cheese:
82, 020
78,395
Consumption, apparent!
--do
4,072
4,353
Imports
do—
Price, wholesale, No. 1 Amer. (N. Y.)
.15
.14
dol. per lb_.
78,100
Production, total (factory)!
thous. of lb_.
67, 780 r 61, 620
American whole milk!
do
12, 507
14,402
Receipts, 5 markets
do
87, 393
79, 272
Stocks, cold storage, end of month
do
72, 904
64, 750
American whole milk
do
Condensed and evaporated milk:
Exports:
442
148
Condensed (sweetened)
thous. of lb>.
3,636
2,508
Evaporated (unsweetened)
_do
Prices, wholesale (N. Y.):
5.00
5.00
Condensed (sweetened)
dol. per case..
3.00
2.90
Evaporated (unsweetened)
do

71,179
3,781

58,271
3,134

101
130
511

195
1,799

215
2,338

194
1,976

276
3,414

364
3,715

145
1,876

121
2,615

154
2,809

5.00
2.90

5.00
2.90

5.00
2.90

5.00
3.10

5.00
3.10

5.00
3.10

5.00
3.10

5.00
3.10

3,721
2,764

10, 520 10, 210
8,156
8,671
1,885
1,828
6,236
6,069
252
247
116, 323 110, 695

353
2,501

5.00
2.90

3,480
2,669

5.00
3.10

45
18
26
556

r

l 47,068.28
147, 745
62,187
r

9, 504

'61,752
4,073

5.00
3.06

' Revised.
§ Revised series. D a t a on manufactured gas revised beginning J a n u a r y 1938 and natural gas beginning January 1937; see tables 24 and 25, p p . 16 and 17 of the M a y 1940
issue. See also the footnote marked with a "dagger" on p . 41 of the J u n e 1939 Survey.
*New series. Earlier data for the new series on alcoholic beverages appear in tables 2-8, p p . 15-18 of the July 1939 Survey.
!Revised series. For 1937 revisions in consumption and production of butter, consumption of cheese and production of American cheese, see p. 41 of the December 1938
issue; 1938 revisions and revisions for 1939 not shown on p . 41 of the M a y 1940 issue will appear in the 1940 Supplement. For total production of cheese see table 50, p . 17, of
November 1939 issue; revisions beginning 1938 will appear in a subsequent issue, Total indicated consumption for beverage purposes of all spirits and whisky revised in their
entirety; revisions not shown on p . 41 of the October 1939 Survey will appear in a subsequent issue.
JFor comparable monthly figures beginning 1919, see table 14, p . 17, of the March 1939 Survey.




50

SURVEY OF CURRENT BUSINESS
1940

Monthly statistics through December 1937, together with explanatory notes and references
to the sources of the data, may be found in the
1938 Supplement to the Survey

JULY 1940

1939

May

May

June

July

August

1940

Novem- DecemSeptember October
ber
ber

January

February

0)
2,817
158, 656

3,370
170, 397

March

April

FOODSTUFFS AND TOBACCO—Continued
DAIRY PRODUCTS—Continued
Condensed and evaporated milk—Continued.
Production:!
Condensed (sweetened):
Bulk goods
thous. of lb._
Case goods
do
Evaporated (unsweetened)
do
Stocks, manufacturers' end of month:
Condensed (sweetened):
Bulk goods
thous. of lb-_
Case goods
do
Evaporated (unsweetened), case goods
thous. of lb-_
Fluid milk:
Consumption in oleomargarine
do
Price, dealers'.standard grade* dol. per 100 lb._
Production (Minneapolis and St. Paul)
thous. of lb_.
Receipts:
Boston (incl. cream)..
--.thous. of qt._
Greater New York (milk only)
do
Powdered milk:
Exports§
.thous. oflb-.
Production}
do
Stocks, mfrs., end of mo.t-do

0)

22, 007
2,903
268, 533

21, 059
2,786
267, 457

16, 615
2,891
226,715

16,817
2,455
191, 382

15,170
4,368
164, 723

0)
3,479
143, 988

6,815

7,910
6,437

11,416
7,764

12, 504
8,570

10, 986
8,001

7,741
6,039

6,312

5,990

5,627

4,702

4,579

3,938

287, 778

209, 044

292, 393

341, 686

355, 071

135,135

175, 646

188, 290

186,081

156, 253

150, 458

173, 378

207, 740

4,691
2.18

4,498
2.11

4,112
2.10

3,870
2.10

4,315
2.12

5,297
2.15

4,538
2.19

5,337
2.22

4,988
2.25

5,696
2.25

5,761
2.25

5,074
2.25

5,244
2.23

44,144

41, 873

34, 051

28, 599

25, 226

26, 043

28, 215

33, 548

37, 624

38, 441

4,2, 638

14, 648
132, 670

13,897
134, 712

14,947
129,851

15, 375
127,178

13, 258
122, 715

13,883
128,697

13,858
121, 848

12,889
123,192

12,999
121, 550

12, 068
116, 518

13, 258
122,685

12, 430
120, 993

1,069
39, 945
31, 982

739
38, 572
25, 861

637
29, 079
27, 613

798
23, 566
18, 298

823
22, 432
11,963

796
20, 782
8,449

544
20, 225
7,548

573
24, 544
11,044

492
27, 870
17, 946

458
27, 406
24, 086

640
34, 052
29, 284

815
' 37, 507
33,314

1, 614

' 2, 058

'984

'•1,011

-942

' 4,948

•10,505

8,103

'100,284
' 5, 079

4,933

4,912

4,639

3,562

378
13, 346
2,432

555
17, 690
3,383

0
• 10,841
r
1,117

0
r
9,178
' 1, 674

3, 366
r
7, 289
' 3, 388

10, 329
13, 806
r
2, 016

8,733
17, 540
' 1 , 631

6,769
18, 850
2,453

4,831
14, 334
1,814

1.850
360,992
12,141

1.925

1.875

1.981

2.095

18, 615

17, 979

24, 792

18, 798

0)
4,906
281,960

0)

128, 218
1,003
42, 771
35,569

r

()

2,354
125, 629

0)

2,228
135, 536

0)

0)

0)

0)

0)

0)
3,504
203, 619

0)

0)
3,169
225, 077

0)

4,014

FRUITS AND VEGETABLES
Apples:
Production (crop estimate)
thous. of bu
Shipments, carlotf
no. of carloads .
Stocks, cold storage, end of month
thous. of bbl .
Citrus fruits, carlot shipmentsf-no. of carloads.
Onions, carlot shipments!
do
Potatoes, white:
Price, wholesale (N. Y.)
dol. per 100 1b
Production (crop estimate)
thous. of b u .
Shipments, carlott
no. of carloads.-

2.131

1.680

21,879

22, 843~

0
16,426
r 2, 161
1.575
• 23, 938

10, 102
11,910
' 3, 320

r

1.813

1.295

1.588

1.700

1.806

11,559

r 7, 734

• 12, 308

• 15, 263

12, 566

r

b

1,202
15,511
1,611

GRAINS AND GRAIN PRODUCTS
Exports, principal grains, incl. flour and meal§
8,374
9, 324
8,389
8,372
11,281
5,709
6,600
10,830
10, 204
thous. of bu_. 3,825 16, 372
8,332
5, 636
Barley:
130
709
153
399
265
909
229
614
713
206
Exports, including malt
do
358
185
248
Prices, wholesale, No. 2 (Mpls.):
.55
.55
.52
.54
.55
.45
.53
.55
.53
.46
.55
Straight
_
dol. per bu..
.58
.57
.54
.55
.56
.56
.60
.57
.60
Malting
do
.58
.47
.58
.48
.58
Production (crop estimate)
thous. of bu._
'276, 298
5,997
4,831
'20," 062" 13,546
4,474 ~ 3 ~ 793"
~~8,~744" ~~6,~ 732"
Receipts, principal markets
do
7,307 "7,"i6i" " 5 , " 645" ~~5~059" ""57910
8,809
13, 943
5,745
6,210
16,904
19,421
20,106
17, 333
16, 079
10, 883
Stocks, commercial, end of mo
do
8,253
18, 614
Corn:
1,261
1,855
5,580
1,266
5,324
1,867
1,207
267
608
1,121
5,274
5,796
1,467
Exports, including meal
do
6,874
6,510
4,929
8,094
6,925
« 6, 524
5,945
6,693
6,S86
7,076
9 5,941
7,248
Grindings
..do
8, 588
Prices, wholesale:
.69
.58
.54
.50
.56
.51
.51
.48
.45
.48
.58
.63
.59
No. 3, yellow (Chicago)*
dol. per bu_.
.60
.62
.66
.55
.50
.57
.59
.74
.66
.67
No. 3, white (Chicago)
do
(<0
Weighted average, 5 markets, all grades*
.58
.52
.56
.51
.46
.47
.50
.51
.57
.64
.58
.59
dol. per bu..
2,619,137
Production (crop estimate)
thous. of bu_.
13,116
22," 655 "3i~609~ ~26,~ 723" 21,923
11, 996
~23,333
"9,~880~
17, 3§I "Il,"864
12, 611
13,126
11,690
Receipts, principal markets
do
17,316
11, 584
9,469
20,170
12, 759
12, 077
13,135
15,893
9,633
17, 042
8,125
7,777
Shipments, principal markets
do
5,955
24, 016
14, 947
45, 851
34, 568
23,145
14,192
38, 202
34,142
30,880
27, 541
42,307
40, 575
Stocks, commercial, end of mo
do
39, 704
Oats:
83
117
101
133
162
154
93
61
81
72
61
Exports, including oatmeal
do
228
Price, wholesale, No. 3, white (Chicago)
.29
.35
.34
.34
.30
.36
.42
dol. perbu..
.43
937, 215
Production (crop estimate)
thous. of bu_.
3,026
4,751
5,632
6,673
12, 528
4,178
6,303
4,540
18, 625
6,261
4,756
4,926
4,327
Receipts, principal markets
..do
4,619
7,539
6,784
5,551
16,104
13,199
12, 054
6,204
5,695
14, 681
14, 552
8,979
7,867
Stocks, commercial, end of mo
do
Rice:
Exports§
pockets (1001b.)... 289,562 283,341 241, 755 220,315 216, 072 381, 765 304, 543 89,926 107,179 247,142 316, 774 292, 278 287, 517
59. 860
40,905
83, 257
58, 365
32,127
27, 572
70, 691
37, 528
19,072
23, 636
75, 647
8,568
84,857
Imports!
do
Price, wholesale, head, clean (New Orleans)
.039
.038
.033
.037
.033
.040
.038
.039
.038
.033
.038
.033
.039
dol. per lb._
6
52, 306
Production (crop estimate)
thous. of bu._
Southern States (La., Tex., Ark., and Tenn.):
Receipts, rough, at mills
844
967
1,805
1,375
982
919
180
390
2,360
679
681
thous. of bbl. (1621b.)..
Shipments from mills, milled rice
1,135
1,041
1,122
972
1,146
1,083
1,108
1,080
1,024
758
857
1,129
912
thous. of pockets (1001b.)..
Stocks, domestic, rough and cleaned (in
terms of cleaned rice) end of month
2,632
2,994
3,029
2,092
1,552
3,410
3,282
3,017
2,890
2,595
1,706
3,079
thous. of pockets (100 lb.)~
California:
Receipts, domestic rough
bags (1001b.)-- 387,539 203, 447 197,332 270,965 486, 207 497, 338 354, 776 167, 793 89. 892 97, 273 154, 940 293, 569 328,769
97, 009 141, 744
167, 697 144, 414
224, 541 123, 603
65, 521
91,480
97, 767 130,025 174,422
68, 417 140,976
Shipments from mills, milled rice
do
Stocks, rough and cleaned
(in terms of
389,027 466,045 544, 057 574, 503 545, 331 458, 505 437,830 445, 605 455,143
cleaned rice), end of mo...bags (100 lb.).. 455, 525 264, 633 258, 494
Rye:
1
112
272
0
79
0
85
Exports, including
flour
thous. of bu__
()
()
C)
.50
.43
.52
.67
.42
.67
.51
.70
Price, wholesale, No. 2 (Mpls.)--dol. per bu... d .59
.67
.53
» 39, 249
Production (crop estimate)
thous. of bu-_ 38, 640
'1*955'
1,324
1,045
T 470" "~3~455~ '~~3~166' "% 053 " 1 , 2 9 5 "
~~i,~455" "~1,~478"
1,448
2,070 "I,"768
Receipts, principal markets..
do
9,912
7,384
7,708
10, 577
10, 540
10,138
6,813
9,246
10,120
10, 048
Stocks, commercial, end of mo
do
9,857
9,954
10, 212
r
h
e
d
Revised.
° Less than 500 bushels.
December 1 estimate.
No quotation.
June 1 estimate.
3 For domestic consumption only, excluding grindings for export.
1
Discontinued by reporting source.
* Represents commercial production only; total production is not available.
tFor comparable monthly figures beginning 1918, see table 13, p. 17, of the March 1939 issue.
*New series. Data for price of milk beginning 1922 and average price of corn beginning 1918 appear in tables 38 and 39, p. 18, of the August 1939 Survey. Data on price
of No. 3, yellow corn, Chicago, are shown in table 20, p. 18, of the April 1940 issue.
tRevised series. For revisions in condensed and evaporated milk production in 1937, see p. 41 of the December 1938 Survey; 1938 revisions and revisions for 1939 not shown
on p. 42 of the May 1940 Survey will appear in the 1940 Supplement. Revisions for 1938 for carlot shipments not shown in the December 1939 Survey will appear in the 1940

Supplement. Revisions for the months of 1939 not shown above are comparatively slight.
§Revised series. Data revised for 1937; see tables 19 and 20, pp. 14 and 15 of the April 1939 issue.
http://fraser.stlouisfed.org/

Federal Reserve Bank of St. Louis

51

SURVEY OF CURRENT BUSINESS

JULY 1940

Monthly statistics through December 1937, to- 1940
gether with explanatory notes and references
to the sources of the data may be found in the
May
1933 Supplement to the Survey

1939
May

June

July

August

1940

September

October Novem- December
ber

January

February

March

April

FOODSTUFFS AND TOBACCO—Continued
GRAINS AND GRAIN PRODUCTS—
Continued
Wheat:
Exports:
8,935
4,629
2,239
14,489
5,675
4,173
2,485
Wheat, including flour§ thous. of bu._
6,033
7,414
3,816
2,650
6,728
1,701
1,452
Wheat only§__
.do
227
2,530
10,672
3,929
2,977
5,903
597
608
1,430
3,704
Prices, wholesale:
No. 1, Dark Northern Spring
1.03
1.04
(Minneapolis)
dol. per bu._
1.01
.84
1.05
1.04
.93
.92
1.04
No. 2, Red Winter (St. Louis)
.do....
1.04
.83
.73
1.05
1.06
1.06
No. 2, Hard Winter (K. C.)
do....
.95
.76
.71
.83
.98
1.01
1.02
.80
.75
Weighted av., 6 markets, all grades._do
.97
.90
1.00
1.02
1.01
1.01
Production (cropest.), total
thous. of bu__
754,971
191,540
Spring wheat
do
<*488, 858
'563, 431
Winter wheat...
.do
29, 437 25, 525 44,016 99,006 43,924 38,995
19, 799
12,190
Receipts, principal markets.
do
11, 510
11,423
21, 920
18, 525 16,851
Shipments, principal markets
do
14,423 30,840 22,791 24,495
16,856
14,936
13,086
8,834
8, 659
7,403
Stocks, end of mo. world est._
.do
319,890 318,340
0)
0)
0)
0)
0)
0)
0)
0)
0)
0)
258, 939 112,987 97, 835 89, 281 135, 793 274,841 335, 367 316, 296 310,855 301, 434
Canada (Candian wheat)
do
288, 391
292,090 437,968
United States, total*
do
295,026
614,904
800, 519
Commercial
do
97, 670 64,178 81, 334 149, 372 166,289 161, 987 151,015 141, 986 132,842 119, 001 110, 761 105, 401
128, 846
Country mills and elevators*
_ do
38, 291
80, 817
162, 542
114, 231
Merchant mills*
do
85,029
94, 266
137, 332
On farms*
do
90, 372
238,985
338,658
157, 484
1 7 48
Wheat flour:
Disappearance (Russell-Pearsall)
9, 552 11, 279
9,946
7,944
thous. of bbl_.
8,549
8,783
8,003
6,074
9,284
8,233
8,338
428
645
669
623
Exports§
do
812
448
944
579
402
434
508
643
Orindings of wheat
.thous. of bu._ 38, 694 39,066 38, 927
43, 746 51,101 43,025
38,833
37, 770
36, 848
39,323
36,400
37, 812
Prices, wholesale:
5.32
4.90
4.74
5.76
5.58
5.70
Standard patents (Mpls.)
dol. per bbl__
5.23
5.16
6.17
6.02
5.66
5.70
Winter, straight (Kansas City)
do
3.41
3.36
4.36
4.20
4.28
3.58
3.60
5.01
4.80
4.73
4.79
4.55
Production:
8,514
9,522 11,191
Flour, actual (Census)
thous. of bbL.
8,440
8,432
9,428
8,516
8,119
8,025
8,320
55.2
Operations, percent of capacity
60.3
75.9
61.5
55.0
57.4
56.3
55.4
55.0
56.3
56.4
54.1
9,603
Flour (Russell-Pearsall)
.thous. of bbl._
9,293
9,063 10, 347 12,148 10, 779
8,929
9,311
8,523
9,243
8, 581
'8,441
Offal (Census)
thous. of lb_. 673,073 693, 372 699, 737 689, 557 772, 787 890, 697 752,851 655,454 635,415 682,637 630,066 657,156
Stocks, total, end of month (Russell-Pearsall)
5,300
5,500
5,710
thous. of bbl_.
5,000
5,625
5,100
5,150
6,475
6,000
5,700
5,300
Held by mills (Census)
do
3,641
4,058
5,165
3,998

3,837
1,833
1.08
1.11
1.06
1.06

28,438
9,459

0)

280, 625
105, 595

8,227
427
37, 632
5.77
4.86
8,269
53.7
8, 454
656, 277
5,100

LIVESTOCK
Cattle and calves:
Receipts, principal markets, thous. of animals.
Disposition:
Local slaughter
.do...
Shipments, total
do...
Stocker and feeder
_do_-.
Prices, wholesale (Chicago):
Beef steers*
dol. per 1001b..
Steers, corn fed
_do.
Calves, vealers
do.
Hogs:
Receipts, principal markets, thous. of animals..
Disposition:
Local slaughter
..do.
Shipments, total
do.
Stocker and feeder
___do
Prices:
Wholesale, heavy (Chi.)
dol. per 100 lb_
Hog-corn ratio*
bu. of corn per cwt. of live hogs_
Sheep and lambs:
Receipts, principal markets, thous. of animals.
Disposition:
Local slaughter
.do
Shipments, total
do..
Stocker and feeder
do..
Prices, wholesale (Chicago):
Ewes
dol. per 1001b
Lambs
_
do..

1,576

1,737

1,476

1,667

1,764

2,117

2,438

1,912

1,404

1,565

1,247

1,359

1,554

936
631
263

1,068
647
240

934
546
187

971
664
242

972
795
375

1,019
1,074
546

1,124
1,270
743

963
973
549

833
572
273

997
548
200

810
433
163

825
516
215

974
568
244

9.83
10.89
11.31

9.68
10.59

9.22
9.66
9.13

9.30
9.53
9.68

9.09
9.26
10.03

10.23
10.68
11.09

9.87
10.07
10.78

9.63
9.86
9.75

9.59
10.00
9.66

9.46
10.44
11.50

9.08
10.53
10.47

9.31
11.34
10. 69

9.46
11.22
9.93

2,674

2,410

2,105

2,007

1,995

2,458

2,847

3,331

3,772

2,922

2,710

2,595

2,005
666
48

1,822
575
48

1,535
560
43

1,394
546
35

1,451
550

1,458
534
39

1,825
617
37

2,177
665
40

2,482
849
46

2,753
1,007
47

2,074
841
43

1,964
749
49

1,868
713
143

4.94

5.46

5.66

6.39

6.03

5.75

7.54

6.97

5.95

5.15

5.25

4.93

13.2

11.9

13.1

12.0

12.6

13.7

12.5

10.0

9.7

9.1

2,002

1,951

1,711

2,042

2,392

2,625

2,607

1,907

1,514

1,728

1,424

1, 440

1,876

1,077
917
169

1,070
884
235

968
1,419
504
3.38
7.93

1,075
1,520
693

944
984
429

671
141

1,071
653
119

863
559
84

824
620
89

1,046
828
156

4.60
9.38

983
1,040
261
3.17
8.85

1,064
1,564
613

4.16
9.63

913
804
167
2.97
9.25

3.59
9.07

3.85
9.00

4.39
8.84

4.33
8.38

4.60
8.60

5.09
8.60

5.53
9.64

5.10
9.67

8.4

MEATS
Total meats:
r
1,200
Consumption, apparent
mil. of lb
1,132
1,053
1,073
1,138
1,169
1,157
1,105
1,156
1,054
1,132
1,273
1,167
21
Exports*
do..
39
42
48
43
40
31
37
42
61
30
28
64
1,200
Production (inspected slaughter)
do
1,037
1,033
1,083
1,065
1,162
1,285
1,127
1,410
1,214
1,165
1,133
1,482
T
1,010
Stocks, cold storage, end of month
do
573
761
699
749
478
452
562
808
1,093
1,100
1,031
977
Miscellaneous meats
..do
65
66
69
68
58
69
95
107
101
87
104
Beef and veal:
Consumption, apparent
thous. of lb._ 484, 225 479,116 452, 721 452, 940 476, 716 503,357 494, 208 457,231 438,167 481,410 424,174 425, 409 467,486
Exports!
do
1,366
1,401
1,114
1,525
2,042
1,546
1,036
1,269
1,531
1,325
1,767
1,325
1,491
Price, wholesale, beef, fresh, native steers
.170
(Chicago)
dol. per lb_.
.151
.159
.156
.152
.150
.166
.166
.166
.162
.159
.150
Production (inspected slaughter) .thous. of lb.. 467,179 466,306 444,337 445,800 469, 534 495,867 499,306 472,202 445,234 475,578 415, 207 419, 498 453, 508
53,110
Stocks, beef, cold storage, end of mo do.
34, 650 33, 591 33,456 33.027 36, 917 49, 242
67,672
76,974
78, 573
74, 708
72, 560 ' 62, 020
Lamb and mutton:
56, 647
Consumption, apparent
do.
55, 539 53,193
53,010 56.028 62, 517
61, 608
58,391
56, 791
67,388
56,124
54, 871 ' 57, 305
56, 567
Production (inspected slaughter)
do.
55, 398 53,238 53,073
56, 599 63,030
62,147
59,088
57, 555
67,132
56, 281
4,677
56, 657
r
3,463
Stocks, cold storage, end of month
do.
1,791
1,837
2,459
3,499
1,893
2,965
4,187
4,412
4,803
4,488
4,257
3, 580
Pork (including lard):
Consumption, apparent
do
659, 594 570,476 566, 926 547, 518 605, 525 566, 582 613, 248 641,838 660,957 723,992 573,246 651, 336 642, 696
18, 664
Exports, total
do_
36,990 37,403 42,223
33,028 33,848
25, 700
33,008
36,308
52,815
25,356
56,576
23, 806
Lardf
do_
14, 889
25, 303 22,682 25, 339 22,848 24,693
19, 091
25, 706
18,917
20, 654
25,133
27, 988
18,849
Prices, wholesale:
Hams, smoked (Chicago)
.dol. per l b . .
.171
.203
.207
.206
.203
.209
.206
.185
.176
.171
.173
.168
.168
Lard, in tierces:
Prime, contract (N. Y.)
.do.
.060
.069
.065
.060
.061
.071
.067
.070
.067
.063
.066
Refined (Chicago)
do.
.070
.079
.075
.071
.075
.104
.083
.078
.077
.072
.073
.070
.072
h
d
'Revised.
December 1 estimate.
i Temporarily discontinued; data not available since the outbreak of war.
June 1 estimate.
*New series. For data on United States wheat stocks beginning 1923, see table 29, p. 17, of the June 1939 Survey. For data on hog-corn ratio beginning 1913, see table 33,
p. 18, of the June 1939 Survey. Data on exports of meats beginning 1913 appear in table 46. p. 16, of the November 1939 issue. For price of beef steers beginning 1913, see table
40, page 18, of the August 1939 issue.
fRevised series. Data on exports of lard revised for period 1913-37 to include neutral lard; revisions are shown in table 47, p. 16, of the November 1939 issue.
 series. Data revised for 1937; see table 19, p. 14, of the April 1939 Survey.
§Revised



52
Monthly statistics through December 1937, together with explanatory notes and references
to the sources of the data may be found in the
1938 Supplement to the Survey.

SURVEY OF CURRENT BUSINESS
1940
May

JULY 1940

1939
May

June

July

1940

August Septem- October Novem- December
ber
ber

January

February

March

939,102
182, 039
790, 776
588, 601
202,175

742, 054
141, 687
907,293
650, 653
256, 640

690, 346 622, 544
129, 467 116,671
921,510 878,008
652, 733 611,956
• 266,052

April

FOODSTUFFS AND TOBACCO—Continued
MEATS—Continued
Pork (including lard)—Continued.
Production (inspected slaughter) total
thous. oflb_
Lard
do...
Stocks, cold storage, end of month
do:..
Fresh and cured
do__.
Lard
do...
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:
Shell
thous. of cases.
Frozen
thous. of lb.

675,942
126, 550
876, 377
592, 533
283, 844

605* 478
106, 945
659, 587
520, 251
139, 336

585,804
106, 218
645,173
496, 796
148, 377

534, 284
94, 453
594,581
454, 766
139,8d5

26, 042
76, 935

24, 945
66, 796

28, 494
67, 470

27, 844
64, 918

25, 759
62, 870

2,369

2,311

1,589

1,161

967

5,971
5,880
123, 720 117,900

TROPICAL PRODUCTS
Cocoa:
Imports
long tons... 20,119
Price, spot, Accra (N. Y.)-~
_dol. perlb..
Coffee:
1,342
Clearances from Brazil, total.-thous. of bags..
944
To United States
do
1,339
Imports into United States
do
Price, wholesale, Rio No. 7 (N. Y.)
.053
dol. per lb_.
760
Receipts at ports, Brazil
thous. of bags..
Visible supply, total, excl. interior of Brazil
thous. of bags..
1,018
United States
do....
Sugar:
Raw sugar:
Cuban stocks, end of month
2,260
thous. of Spanish tons..
United States:
Meltings, 8 ports
long tons.. 351, 629
Price, wholesale, 96° centrifugal (N. Y.)
.028
dol. per lb_.
Receipts: From Hawaii and Puerto Rico
long tons.. 148,904
Importsf
d o — 222, 536
557,928
Stocks at refineries, end of month..do
Refined sugar (United States):
Exports
do _.. 18, 392
.050
Price, retail, gran. (N. Y.)
dol. perlb
.044
Price, wholesale, gran. (N. Y.)
do
Receipts:
From Hawaii & Puerto Rico..long tons.. 29,115
Imports*
d o — 45, 794
do
38, 516
From Cubat
7, 261
From Philippine Islands!
do—
4,921
Imports
thous. oflb_
Price, wholesale, Formosa, fine (N. Y.)
dol. perlb..
0)
Stocks in the United Kingdom.-thous. of lb_.
0)
MISCELLANEOUS FOOD PRODUCTS
Candy, sales by manufacturersj. thous. of dol - 15,953
Fish:
Landings, fresh fish, prin. ports..thous. of lb.. 26,603
Salmon, canned, shipments
cases.
(0
Stocks, cold storage, total, 15th of month
thous. of lb.. 33, 627
Gelatin, edible:
Monthly report for 7 companies:
1,688
Production
-do—
1,711
Shipments
_
do
Stocks
do
Quarterly report for 11 companies:
Production
do
Stocks
do

510, 693 506, 341 600, 505
91, 676 88,611 102,914
471, 310 379, 020 341, 393
360, 932 300, 226 272, 655
110,378 78, 794 68, 738

30.101
63, 164

753, 588
137, 724
421, 227
332, 272
88, 955

906, 801
174,546
631, 564
469, 459
162,105

37,224 81,135 77, 806 32,937 22, 671 22, 054
79, 228 127, 649 167, 643 166, 962 144,759 115, 442
619
1,017
608
803

6,977
7,024
3,519
5, 430
141, 456 144, 359 135, 928 121, 471 104, 282

r

19, 889
86, 226
2,238

1,580
87, 802

532
72, 279

57
56, 249

81
38, 070

854
44,199

' 3, 341
r
79, 454

30, 917
. 0538

14.865
.0556

11,886
.0600

1,384
668
1,228

1,162
717
1,443

.926
.539
1, 274

.056
1,319

.056
963

.055
777
6,740
'895

.0446

14,130
.0436

16, 093
.0433

23,311
.0438

13, 707
.0610

27, 215
.0537

28, 366
.0517

17, 032
.0588

1,638
767
1,187

1,563
774
1,302

1,217
724
1,055

1,357
731
1,056

1,632
917
1,095

2,088
1, 317
1,469

1,596
862
1,560

990
485
1,511

.052

.053
1,290

.051
1,616

.051
1,267

.052
1,523

.054
1,712

.052
1,265

8,249
860

7,960
857

8,079
781

8,017
846

7,918
643

.053
2,058
8,334

22,951
.0561
1,15ft
573
1,225
.055
949

8,163
930

8,059
1,213

7,662
994

7,644
944

7,251
1,053

r 2, 260

2,038

1,846

1,570

1,294

804

624

526

1,183

2,226

2, 501

276, 474 289, 291 333,186

339, 755

324, 172 308, 672 362,129
.029

.029

.029

1,082

349, 987 376, 814 337, 292 247, 328 244,604
.029

.037

.034

.030

.030

.029

.029

.028

.028

137,011 127, 764 115, 750 84,140 163, 801 137, 264 122, 525 91,612
29, 892 117,576 129, 878
152, 564 217, 426 281, 731 250, 265 306, 639 171, 338 65,188 232, 668 111,620 208,979 211,027
357, 250 382, 443 351, 005 293, 908 280, 086 305,164 365, 491 378, 089 413,074 445, 039 501, 547

156,155
207, 784
500,912

14, 529
.050
.044

6,557
.050
.044

8,723
.050
.043

3,778
.050
.043

8,997
.064
.056

18, 995
.060
.052

13, 469
.056
.048

17, 627
.054
.046

14, 213
.052
.045

13, 631
.051
.044

15,132
.051
.044

19, 001
'.051
.044

23, 352
31, 799
19, 384
11,015

9,799
38, 839
25, 303
11,192

3,846
34,511
32, 855
1,557

2,527
41, 251
36, 430
4,482

10, 726
63, 979
59,120
4,710

3,550
16, 045
12, 696
3,288

1,284
18, 588
13,948
4,153

8,499
63, 229
62,175
915

15,418
13,968
13,072

25, 790
24,452
22, 275
2,176

28, 710
35, 073
31, 278
3,794

26, 245
53,878
45, 689
8,178

8,785

6,724

6,798

7,307

7,653

9,953

11,954

11,927

8,863

8,056

8,630

0)
0)

0)
0)

0)
0)

0)
0)

0)
0)

0)
0)

)
0)

0)
0)

168,308

.280
.280
161, 255 158, 739

0)
(0

11,185

15, 256

24, 242

23, 442

24, 966

20, 297

18, 612

19, 338

18, 216

16,212

43, 546 38, 291 41, 622
257, 564 221, 785 211, 672

39, 208

38,411

28, 380
0)

25, 298
0)

20, 344

83, 296

32, 050
0)
92, 431

26,166
0)

79, 383

35, 848
0)
84, 571

78, 563

62, 622

45, 592

1,387
5,080

1.400
1,509
4,970

1,558
1,194
5,335

1,811
1,531
5,616

1,976
1,559

1,924
1,571
6,385

1,949
1,618
6,716

15, 169

35,295
1,641
1,418
6, 520

12, 696

46, 965

59,940

45, 737
0)
72, 765

1,444
1,468
6,496

953
1,353
6,096

832
1,441
5,488

6,323
9,478

(0

4,114
7,974

6, 356
8,844

r

34, S35
2,029
1,737
7,009

7, 515
10, 287

TOBACCO
Exports§
thous. of lb_. 32, 616 24, 502 17,146 15, 940 33, 773 45, 576 28, 532 30, 457 31, 260 36,687 18, 408 32,550 | 15,912
7,541
7,765
6,865
6,491
5,285
5, 790
Imports, incl. scrap§
do ... 6,770
6,463
6,724
8, 425 6 9,478
5,159 !
6,174
Production (crop estimate)
mil. of lb..
1, 770
Stocks, total, incl. imported types, end of
quarter^
mil. of lb..
2,137
2,217
2,899
2,719
1,705
2,411
Flue-cured,fire-cured,and air-cured..do....
1,819
2,319
351
Cigar types
do...
319
290
266
Manufactured products:
Consumption (tax paid withdrawals):
Small cigarettes
millions. 16, 275 15, 445 16, 595 14, 260 16, 571 14, 790 15, 384 14,461 12, 803 14, 568 13,163 13,021 14, 820
Large cigars
thousands.. 469, 313 470, 580 486, 721 427, 533 500, 807 486, 865 551, 230 505, 098 331,204 388, 085 375, 824 397, 490 425,140
Manufactured tobacco and snufl
29, 924 30, 499 30,107 26, 246 33, 291 30, 361 30, 239 28, 436 24,057
28, 481
thous. of lb.
26, 742 26, 857 27, 550
Exports, cigarettes §
thousands. . 803, 312 592, 851 593, 218 691, 696 641, 931 714, 576 433, 967
607, 719 616, 661 576, 914 537,206 | 509,420
Production, manufactured tobacco:
27,150 27, 493 23, 450 29, 823 26, 326 28, 749 25, 614 22,152
Total
thous. of lb.
24,045 I 25, 554
22,970 24,049
395
461
408
348
Fine cut chewing
do
400
373
366
335 !
362
323
330
300
4,974
4,652
4,471
4,294
5,153
4,370
Plug
.do..
3,851
3,484
3,806 ;
4,278
3,763
4,035
3,521
3, 917
3,501
3,089
4,346
3,827
3,415
Scrap chewing
do...
3,363 !
3,507
3,196
3,591
3,397
17, 747 17, 979 15, 261 19, 357 17, 503 19, 660 17, 467 14, 421 15,165
Smoking
.do...
15, 835 16,087 ! 16, 949
484
534
405
482
518
560
515
Twist
..do....
454 I
458
449
399
481
r
i Temporarily discontinued.
Revised.
^December 1 estimate.
t Revised series. Imports of raw and refined sugar revised beginning 1913; data not shown on p. 44 of the November 1939 Survey will appear in a subsequent issue.
JFor monthly data beginning 1928 corresponding with monthly averages for 1928-33 shown in the 1938 Supplement, see table 7, p. 17, of the January 1939 issue.
§Revised series. Data revised for 1937: see tables 19 and 20. pp. 14 and 15 of the April 1939 issue.
*New series. Data on total imports of refined sugar beginning 1913 will appear in a subsecment issue.
] Tobacco stocks on a new basis are shown in table 13, p. 15, of the March 1940 Survey. In an early issue, this series will be substituted for the series currently shown.

Leaf:

53

SURVEY OF CURRENT BUSINESS

JULY 1940

Monthly statistics through December 1937, to- 1940
gether with explanatory notes and references
to the sources of the data, may be found in the
May
1938 Supplement to the Survey

1940

1939

June

May

July

August

September

October Novem- December
ber

January

February

March

5. 513
46. 056

5.513
46.056

April

FOODSTUFFS AND TOBACCO—Continued
TOBACCO—Continued
Manufactured products—Continued.
Prices, wholesale:
Cigarettes
dol. per 1,000..
Cigars
do

5.513
46. 056

5.513
46.056

5.513
46.056

5. 513
46.056

5.513
46.056

5. 513
46.056

5.513
46. 056

5.513
46. 056

5.513
46.056

5.513
46.056

126

104

149

121

9.501
5,622
4,762

9.576
3,546
3,163

11.30
9.584
3,773
3,208

0)

0)

5. 513
46.056

FUELS AND BYPRODUCTS
COAL
Anthracite:
Exports§
thous. of long tons.
Prices, composite, chestnut:
Retail
dol. per short ton
Wholesale
do...
Production..
thous. of short tons.
Shipments
.
...do
Stocks, end of month:
In producers' storage yards
do
In selected retail dealers' yards
number of days' supply.
Bituminous:
Exports§.
thous. of long tons.
Industrial consumption, total
thous. of short tons..
Beehive coke ovens
do
Byproduct coke ovens
do
Cement mills
do
Coal-gas retorts
do
Electric power utilities
..do
Railways (class I)
..do....
Steel and rolling mills
do
Other industrial.
do
Other consumption:
Vessels (bunker)
thous. of long tons.
Coal mine fuel
thous. of short tons.
Prices:
Retail, composite, 38 cities
dol. per short ton.
Wholesale:
Mine run, composite
do
Prepared sizes, composite
do
Production
thous. of short tons..
Stocks, industrial and retail dealers, end of
month, total
thous. of short tons..
Industrial, total
do
Byproduct coke ovens
do
Cement mills
do
Coal-gas retorts
do
Electric power utilities
do....
Railways (class I)
do
Steel and rolling mills
_
do
Other industrial
do
Retail dealers, total
do
COKE
Exports.
thous. of long tons
Price, beehive, Connellsville (furnace)
dol. per short ton.
Production:
Beehivef
thous. of short tons.
Byproductf
do
Petroleum coke
do
Stocks, end of month:
Byproduct plants, total
do
At furnace plants
do
At merchant plants
do
Petroleum coke
do

282

194

160

130

400

8.667
2,912
2,611

8.601
3,832
3,147

10.64
8.649
4,776
4,287

9.031
4,919
4,333

9.160
3,936
3,329

10.83
9.156
3,862
3,435

559

716

1,129

1,172

1,219

1,365

994

71

336

0)

61

47

47

58

37

2,081
25,787
166
6,000
513
131
3,746
6,530
751
7,950
128
243

9.154
5,073
4,206

238

9.278
3,955

10.55
9.148
3,530
2,959

39, 249
32,449
5,956
486
249
9,838
4,607
533
10,780
6,800

25

0)

9.388
' 3, 746
3,144

0)

23

984

1,192

1,209

1,525

1,746

1,715

614

512

510

20,518
39
3,383
416
125
3,032
5,915
678
6,930

21, 521
81
4,361
530
123
3,317
5,748
671
6,690

21, 772
72
4,748
559
124
3,541
5,903
665
6,160

23,437
69
5,177
547
128
3,842
6,075
719
6,880

24,980
117
5,517
503
130
4,025
6,492
766
7,430

29, 519
399
6,400
531
138
4,501
7,450
980
9,120

30,243
540
6,457
493
140
4,406
7,322
1,055
9,830

31,031
425
146
4,683
7,461
1,029
10,130

33,183
372
6,654
308
155
4,902
8,436
1,106
11, 250

28, 780
242
5,676
246
141
4,217
7,328
900
10, 030

79
122

99
191

97
200

92
238

140
261

158
315

178
293

111
255

129
308

110
268

105
241

8.45

8.68
4.320
4.425
44,940

4.318
4.457
39,105

4.296
4.395
35, 210

4.275
4.307
32, 962

40, 222
33, 592

39, 077
32, 577
5,875
444
2,184
9,128
5,272
650
10,990
6,500

35, 108
30, 208
5,305
408
200
9,257
4,660
578
9,800
4,900

' 35, 721
'30,521
5,150
463
••243
9,514
r
4, 526
565
10, 060
5,200

250

8.29
4.265
4.240
35, 468

261

4.464
4.246
4.300
4.238
• 17, 927 27,900
25, 413
22, 613
2,598
275
129
6,740
5,196
545
7,130
2,800

26, 991
22, 761
3,548
286
170
6,695
4,484
518
7,060
4,230

4.243
4.275
29,135

4.246
4.306
34, 688

4.271
4.362
38,150

4.332
4.436
45,950

4.333
4.428
42, 835

4.322
4.404
37,283

29,725
24, 665
4,535
342
192
7,002
4,242
512
7,840
5,060

33, 624
27, 424
5,632
357
229
7,500
4,224
542
8,940
6,200

36,943
30, 243
6,220
399
250
7,923
4,338
573
10, 540
6,700

41, 919
34, 270
7,250
442
278
8,370
5,050
640
12, 240
7,750

45, 542
37, 402
8,115
472
271
8,858
5,341
665
13, 680
8,140

44, 571
37,121
7,993
444
264
9,119
5,529
692
13,080
7,450

602

1,231

28, 538 • 26, 072
211
160
5,830
5, 632
337
418
143
'205
4,029 r 3,561
7,288
6, 721
870
725
9,830
8,650
93
226

9.37

425
239
9,069
4,992
651
11, 720
6,630

52

37

43

39

66

95

71

52

37

28

46

42

4.475

3.750

3.750

3.750

3.750

3.750

5.125

5.250

5.000

4.813

4.550

4.475

4.475

106
4,244

25
2,396
132
2,751
951
1,800
716

52
3,090
142

46
3,365
145
2,772
945
1,827
733

44
3,666
143
2,921
916
2,005
682

75
3,904
111
2,812
868
1,945

256
4,527
165
2,600
806
1,794
652

346
4, 567
159
2,607
836
1,771
647

314
4,718
155
2,561
896
1,665

238
4,707
116
2,008
842
1,166
628

155
4,017
131

135
4, 125
130

'•102
3,984
139

1,706
784
922
628

800
838
624

2,016
931
1,085
663

2, 056
955
1, 101

2,657
931
1,726
710

PETROLEUM AND PRODUCTS!
Crude petroleum:
Consumption (runs to stills)...thous. of bbL.
Importsf
do
Price (Kansas-Okla.) at wells.._dol. per b b L .
Production
thous. of b b L .
Refinery operations
pet. of capacity
Stocks, end of month:
California:
Heavy crude and fuel
thous. of b b L .
Light crude
do
East of California, total
do
Refineries
do
T a n k farms and pipe lines
..do
Wells completed
number..
Refined petroleum products:
l a s and fuel oils:
Consumption:
Electric power plantsf
thous. of bbl
Railways (class I)
do
Vessels (bunker)
do
Price, fuel oil (Pennsylvania)*
dol. per g a l . .
Production:
Residual fuel oil
thous. of b b L . Gas oil and distillate fuels, total
do
r

.960

105, 755 104,687 108,899 107,632 105, 505 110,980
3,061
2,942
3,093
4,186
3,279
3,235
.960
.960
.960
.960
.885
.960
110, 541 104, 607 110, 937 80, 865 108,168 114,198
84
84
85
83
85
86

104, 916 105,835 106, 530 101, 766 110,079
2,244
1,948
2, 651
2,866
2,848
.960
.960
.960
.960
.960
111,887 114, 810 113,140 108, 668 120, 075
81
81
81
81
83

85, 580 85, 049 85, 655 84, 039 82,927 82, 718 81,112 80,223
39, 878 38,902 38, 427 38, 072 37, 372 35, 533 35,129 35,478
230, 279 226, 462 223, 558 192, 985 189,341 187, 579 191,164 195,836
35,781
36, 922 39,427 40,033
40, 445 41,463 41,817 37,441
189,834 184,999 181, 741 155, 544 153, 560 150, 657 151, 737 155,803
1,652
1,641
1,608
1,561
1,786
1,656
1,820 1,892

950

.039

1,346
3,870
3,520

1, 354
3,999
3,343

1,557
4,050
3,207

.043

.043

.042

.041

.041

.039

.039

24, 836
13, 530

25, 644
12, 688

25, 299
13, 246

26, 302
12, 975

27, 594
15,017

26, 088
13, 757

26, 944
14,433

28, 082
16, 548

.043
27,022
12, 353

1,668
4,014
3,026

1,650
4,205
3,061

79, 380 79, 047 78, 440
35, 567 36,110 35, 943
196,407 200, 704 207, 407
39,162 40,212 40, 871
157, 245 160, 492 166, 536
1,655
1,677
1,578

1,720
4,650
2,254

1,598
4,240
3,083

1,727
4,328
3,406

1,950
4,502
3,497

1,446
4,100
3,082

r 1, 261
4,281
3, 350

106, 979
3,368
.960
116,045

36, 000
214, 321
42,119
172, 202
1,853

979
4,164
2,930

.039

.039

.039

24, 680
16,262

26, 870
16, 346

25, 372
15, 260

Revised.
1
Temporarily discontinued by reporting source.
*New series. Data beginning Jan. 1918, will appear in a subsequent issue.
tRevised series. Petroleum and products revised for 1937; see table 9, p . 15, of the March 1939 Survey, Revisions for 1938, which are minor, will appear in the 1940 Supplement. Beehive and by-product coke production revised for 1937; see p . 45 of the December 1938 Survey. Gas and fuel oil consumption in electric power plants, revised for
1938; see p . 45 of the June 1939 Survey.
§Revised
for FRASERseries. D a t a for 1937 revised; see tables 19 and 20, p p . 14 and 15, of the April 1939 Survey.

Digitized


54

SURVEY OF CURRENT BUSINESS

Monthly statistics through December 1937, together with explanatory notes and references
to the sources of the data, maybe found in the
1938 Supplement to the Survey

1939

1940
May

May

JULY 1940

June

July

August

1940

September

October Novem- December
ber

January

February

March

April

FUELS AND BYPRODUCTS—Continued
PETROLEUM AND PRODUCTS!—Con.
Refined petroleum products—Continued.
Gas and fuel oils—Continued.
Stocks, end of month:
Residual fuel oil, east of California
thous. of bbl..
Gas oil and distillate fuels, total
do
Motor fuel:1
Demand, domestic
thous. of bbl_.
Production, total
_..
do
Benzol
do
Straight run gasoline
do
Cracked gasoline
do
Natural gasoline
do
Natural gasoline blended
do
Exportsf
do.
Gasoline :T
Price, wholesale, tank wagon (N. YO
dol. per gal__
Price, wholesale, refining (Okla.)
do.
Price, retail, service stations, 50 cities,do.
Retail distribution!-...mil. of gal._
Stocks, end of month:
Finished gasoline, total
thous. of bbL.
At refineries..
do
Natural gasoline
do
Kerosene:
Consumption, domestic
do
Exports§
do
Price, wholesale, water white 47°, refinery
(Pennsylvania).
dol. per gal..
Production...
thous. of bbl_.
Stocks, refinery, end of month
do...
Lubricants:
Consumption, domestic
-do._.
Price, wholesale, cylinder, refinery Pennsylvania
dol. per gal.
Production
thous. of bbl..
Stocks, refinery, end of month
do.
Asphalt:
Imports?
short tons..
Production
do
Stocks, refinery, end of month
.do
Wax:
Production
thous. of lb_.
Stocks, refinery, end of month
do.

21,397
22,088

377
.051

.150

230

26, 111
29,282

26, 249
30,018

26,109
30,951

24,018
30,179

20,881
26, 374

18, 764
21,057

19,130
19,615

49, 547
51, 384
130
22, 767
24, 207
4,280
2,646
4,254

49,812
50,861
174
21, 782
24,810
4,095
2,682
4.240

50, 508
51,896
191
22, 502
25,028
4,175
2,909
3,454

53,828
52,161
210
22, 371
26,180
3,400
3,092
3,871

49,347
51,890
225
21,833
25, 700
4,132
3,237
4,055

49,687
54,974
259
23,611
26,623
4,481
4,358
3,272

47, 275
52, 691
267
22, 415
25, 621
4,388
4,286
2,439

43, 694
52, 351
275
22,017
25, 589
4,470
4,018
2,985

40, 370
50, 243
272
21, 709
23,991
4,271
3,285
1,928

.118
.049
.133
2,041

.111
.050
.135
2,054

.107
.050
.134
2,114

.107
.051
.135
2,186

.114
.053
.134
2,037

.124
.053
.136
1,981

.125
.052
.134
1,896

.127
.050
.134
1, 850

.127
.047

74,395
47,972
6,749

71,824
44,196
7,123

66,448
41,046
6,624

65, 498
41,423
5,891

68,116
43, 516
5,140

71. 619
46,898
4,579

77,301
51,920
4,421

4,368
631

3,570
460

3,710
753

4,436
802

4,638
560

5,019
1,089

6,023
563

6,613
631

.053
5,909
6,551

.053
5,439
7,949

.051
5,390
8,855

.050
5,783
9,361

.050
5,806
9,952

.050
6,141

.050
5,642
9,019

2,132

.118
.048

25,025
27, 581

78, 342
52,076
6,212

1,736

22, 480
25,659

1,902

1,982

1,963

2,207

2,656

.105
2, 856
7,630

.105
2,800
7,427

.105
2,755
7,179

.105
3,056
7,069

.134
2,854
6,704

.166
3,575
6,639

3,024
2,505
477, 800 485,800
672,000 642,000

1,726
509,400
596,000

34,440
113,925

39, 480 28,840
111,604 109,322

18, 475
20,310

37, 557
47, 596
231
20,409
22, 777
4,179
3,067
1,788

19,160
18, 541
44, 607
51,230
237
21, 774
24, 730
4,489
2,986
1,818

.127
.044

.124
.044

.123
.046

1,646

1,543

1, 812

1, 9;?6

84, 863
60,420
4,476

92, 721
68,227
4,757

70, 274
5,393

96, 615
69, 407
6, 112

7,642
356

6, 263
279

6,273
463

5,621
375

.048
5,822
7,576

.048
5,375
4,918

.050
5,945
4,302

.050
6, 570
4, 114

.050
6. 257
4, 351

1,927

1,825

2,054

1,522

1,883

2,138

.168
3,277
6,799

.184
3,478
7,142

.208
3,308
7,328

.193
3,108
7,825

.170
3,335
8,084

.161
3.280
8, 065

47, 683
50, 625
228
23, 082
22, 901
4,414
2.783
1,729

1,742
1,670
4,150
3,455
577, 300 550,400 541,800 391,400
529, 500 475, 000 472, 000 497,000
31,080
108,173

40,320
89, 584

81,147

8,622
896
1,876
417
4,619
303, 700 207, 200 219, 600 324, 200 400, 000
550, 000 593,000 647, 000 699, 000 768, 000
48, 440 48,440
48, 440 49. 560 47, 320 42, 560
81, 369 75,648
74,575 82, 631 90, 373 96, 910

LEATHER AND PRODUCTS
HIDES AND SKINS
Imports, total hides and skins§
thous. of lb.
Calf and kip skins§
do...
Cattlehides§
do...
Goatskins§
do__.
Sheep and lamb skins§
do._.
Livestock (federally inspected slaughter):
Calves.
thous. of animals.
Cattle
do...
Hogs
do...
Sheep and lambs
do...
Prices, wholesale (Chicago):
Hides,packers',heavy,native steers.dol.per lb.
Calfskins, packers', 8 to 15 lb
do.._
LEATHER
Exports:
Sole leather.
thous. of lb_
Upper leather§_.
_thous. of sq. ft.
Production:
Calf and kip
thous. of skins.
Cattle hides
thous. of hides
Goat and kidf
thous. of skins.
Sheep and lamb
do__.
Prices, wholesale:
Sole, oak, scoured backs (Boston)
dol. per lb.
Chrome, calf, B grade, composite!
doL per sq. ft.
Stocks of cattle hides and leather, end of month:
Totalf
thous. of equiv. hidesIn process and
finished
do...Rawf
do....

5,214
4,385

22,682
2,685
7,128
5,236
4,619

25,093
1,867
9,308
5,362
5,370

24, 578
1,585
10, 611
4,013
4,807

509
814
3,416
1,392

448
778
3,185
1,401

417
782
2,778
1,399

414
823
2,792
1,457

427
880
2,885
1,635

.123
.214

.105
.156

.110
.164

.115
.161

.116
.160

.146
.211

456
2,902

82
3,816

47
3,640

53
3,428

65
2,905

54
4,839

1,187
1,739
3,445
3,015

1,227
1,717
3,668
3,066

1,064
1,619
3,311

3,096

1,155
1,949
3,362
4,201

.344

.290

.294

.305

.469

• .391

.392

.392

13, 077
9,270
3,807

13,151
9,347
3,804

13,050
9,233
3,817

23, 716
1,118
7,756
5,729
7,293

27, 026
1,939
10,388
6,332
5,189

22,563
2,302

501
796
3,890
1, 420

21, 348
1,503
8,873
5,025
4,517

31, 360
1,980
13,062
4,576
8,586

33,197
1,461
16,828
5,821
5,114

30,383
1, b48
14,178
6,094
5,153

32,421
1,055
16, 221
9,017
4,071

23, 855
1,005
9, 669
6, 836
3,997

22, 767
623
9,068
5, 906
4. 933

450
837
4,437
1,469

381
773
5,236
1,389

416
827
5,356
1,598

378
715
4,277
1,313

440
721
3,981
1,266

480
774
3.610
1, 355

.146
.214

.144
.222

.140
.223

.129
.214

446
4,623

274
4,109

259
3,685

773
3,214

1,078
1,814
3,075
3,768

226
5,757
1,162
1, 928
3,707
3,939

1,057
1,957
3,361
3,429

955
1,858
3,167
2,950

1,094
1,972
3,660
2,977

954
1,892
3,244
3,003

.305

.348

.374

.368

.355

.358

.392

.419

.463

.453

.452

456

12, 758
9,052
3,706

12, 653
8,867
3,786

12. 556
8,846
3,710

12, 727
9,042
3,685

12, 997
9,276
3,721

209,026 202,008
133, 362 125, 360
75, 664 76,648

144,489
81,484
63,005

3,545
1,585
.165
.240

. 126
.216

.127
.212

643
4,456

354
3,842

'868
1,700
3,224
3,012

SS8
1,560
3,389
3,142

.348

.345

.345

.455

.457

.466

r

12,887
9,203

• 12, 581 12.496
^ 8, 914 8,696
T
3, 667
3,800

125,954 154,325
70, 321 88,956
55, 633 65,369

155,402 ! 143,863
88,333 81,355
67,069 i 62,508

13, 029
9, 357
3,672

LEATHER MANUFACTURES
Gloves and mittens:
Production (cut), total
dozen pairs.
149, 591 184,099
Dress and semi-dress
do
88,480 111,927
Work
do_._
72,172
61,111
' Revised.
fFor petroleum and petroleum products, see note marked with a " | "
on p. 46 of th J
1939 S
ill
i
bt
S
E

161,643
104,988
56,655

206,134 201,356
130, 500 130,109
75,634
71,247

will appear in s u s e q e t issue. Wholesale price of chrome, calf, B grade l e t e r evise b e g g J n u y 1938; d t not shown on p . 46 of t h e
will appear in a subsequent issue. D a t a for leather production and stocks of cattle hides a n d leather revised for 1939; see p . 46 of the M a y 1940 Survey.
IThe gasoline statistics in the above table have been rearranged and data on the production of benzol have been added. W i t h this series included, it is possible to derive
figures of total production of motor fuels, as shown here. D a t a for benzol production beginning 1925 appear in table 52, p . 18, of the November 1939 issue.
§Revised series. D a t a revised for 1937; see tables 19 and 20, p p . 14 and 15 of the April 1939 Survey.




55

SURVEY OF CURRENT BUSINESS

JULY 1940

Monthly statistics through December 1987, to- 1940
gether with explanatory notes and references
to the sources of the data, may be found in the
May
1938 Supplement to the Survey

1940

1939
May

June

July

August

September

October Novem- December
ber

January

February

March

April

LEATHER AND PRODUCTS—Continued
LEATHER MANUFACTURES—Continued
Shoes:
Exports
thous. of pairs..
Prices, wholesale, factory:
Men's black calf blucher
dol. per pair..
Men's black calf oxfordt
do
Women's colored, elk blucher
do—
Production, boots, shoes, and slippers: t
Total—
thous. of pairs..
Athletic
do
All fabric (satin, canvas, etc.)
do
Part fabric and part leather
do
High and low cut, total
do
Boys' and youths'
do
Infants'
-do
Misses' and children's
do—
Men's.
do
Women's
.-do
Slippers and moccasins for housewear
thous. of pairs..
All other footwear
_.
do

142

304

6.00
5.05
3.30

5.75
4.70
3.00

29, 262
345
936
424
23, 629
1,161
1,563
2,590
7,412
10,904
3,108
819

184

234

205

169

426

161

196

316

220

177

4.70
3.00

5.75
4.70
3.00

5.75
4.70
3.00

5.75
4.70
3.00

5.75
4.85
3.10

6.00
5.05
3.13

6.00
5.05
3.15

6.00
5.05
3.21

6.00
5.05
3.30

6.00
5.05
3.30

6.00
5.05
3.30

32, 708
314
530
358
27, 553
1,404
1,900
3,485
7,753
13,011

32,313
303
456
293
26, 751
1,355
2,038
3,623
7,929
11,807

34,212
276
255
385
29,288
1,404
1,890
3,421
7,677
14,896

43,946
365
239
576
37,119
1,848
2,167
4,221
10,106
18, 776

36,807
361
279
529
29 993
l!fi05
1,981
3,681
8,592
14, 233

37, 273
442
336
678
29, 250
1,477
2,170
3,783
9,568
12, 252

32,129
385
243
566
24, 696
1,172
1,923
3,228
9,036
9,336

28,690
323
277
873
23,694
1,106
1,628
3,357
7,939
9,663

33,885
274
414
1,291
30, 298
1,169
1,838
3,903
8,985
14,403

35,651
285
529
1,299
31, 324
1,178
1,894
3,816
9,094
15, 343

34, 551
311
824
1,048
29, 538
1, 067
1,821
3,614
8, 337
14, 700

3,064
889

3.776
733

3,679
329

5,316
330

5,396
251

6,283
283

5,898
341

3,285
239

1,253
355

1,870
345

2,288
542

84,326
5,928
73,918
102,606

73,669
6,563

77,513
18, 278
49,416
53, 650

59, 734
13, 217
41,197
45, 373

176

5.75

' 31, (^56
349
r
915
692
• 25, 556
r
1,017
1,703
2,825
7, 588
• 12,424
r

2, 880
663

LUMBER AND MANUFACTURES
LUMBER-ALL TYPES
Exports, total sawmill products*
M bd. ft.
Sawed timber*
.do..Boards, planks, scantlings, etc.f
do-_.
Imports, total sawmill products*
do...
National Lumber Mfrs. Assn.:f
Production, total
mil. bd. ft.
Hardwoods
do.-.
Softwoods
do...
Shipments, total
..do...
Hardwoods
do.-_
Softwoods..
do—
Stocks, gross, end of month, total
.do...
Hardwoods
do...
Softwoods...
do...

65, 731
71, 006

98,932
18,819
73,430
48,941

112,130
17,984
89,254
54,692

115, 264
19,698
92,051
53,021

73,935

84,832
17,063
62,104
53, 253

2,342
344
1,998
2,395
354
2,040
7,513
1,812
5,700

2,235
302
1,933
2,205
325
1,880
8,098
2,033
6,065

2,252
301
1,951
2,262
348
1,914
8,095
1,985
6,110

2,143
303
1,841
2,157
354
1,803
8,082
1,940
6,142

2,401
352
2,049
2,534
392
2,143
7,956
1,904
6,052

2,303
359
1,944
2,552
431
2,121
7,705
1,842
5,863

2,363
377
1,986
2,616
470
2,146
7,440
1,759
5,681

2,250
382
1,869
2,208
414
1,793
7,474
1,729
5,745

2,002
359
1,642
1,848
306
1,542
7,665
1,807
5,858

1,817
338
1,480
1,846
329
1,516
7,610
1,817
5,793

M bd. ft..
do
_-.do.
do.
...do-

6,550
9,360
6,420
7,270
9,060

7,550
14,200
5,650
7,600
18,850

6,850
12, 400
7,400
8,200
18,400

8,100
11,900
6,200
8,300
16,600

8,250
10,950
8,150
9,150
15,900

11,900
14,400
8,600
8,700
16,000

8,650
14,150
9,000
8,800
16, 600

6,200
13,000
8,150
7,050
18,050

4,800
11,575
7,000
6,000
19,125

do.
do
do.
do.
do.

45, 935
61,461
43, 865
45, 716
75,139

32,937
41,137
35,447
37,999
83,635

36,058
39,793
34,268
37,401
79,503

36,713
39,523
34,126
36,985
76,165

47,117
46,191
41,180
44,666
72,679

58,230
64,773
39,835
44,816
65,647

38,729
59,699
44, 750
43,739
66,397

21,890
47,191
42,497
35,626
71, 603

25,692
42,285
36,046
30,599
77,066

124,021 100,834
20, 256 14,491
99,156 82,164
54,222 59,406

409
909
500
088

72, 403
19, 934
52, 469
45, 357

1,845
354
1,491
1,864
348
1,516
7,621
1,823
5,798

' 2, 051
339
1, 712
' 2, 099
339
r
1, 760
7, 565
1,824
5,741

2,199
341
1,858
2,211
338
1,874
7,553
1,825
5,728

5,800
11,125
7,150
6,050
20,125

6,200
11, 250
6,600
6,100
20, 700

6,350
10, 625
6,350
7, 025
20, 035

6,350
9, 900
6, 850
6,950
19, 700

44,
56,
35,
29,
81,

42, 338
66, 205
33,435
33, 312
81,012

39,
68,
35,
37,
78,

34, 438
61, 242
41,190
41, 264
79, 397

58,
14.
43,
44,

r

FLOORING
Maple, beech, and birch:
Orders, new
Orders, unfilled, end of month
Production
Shipments
Stocks, end of month
Oak:
Orders, new
Orders, unfilled, end of month
Production
Shipments
Stocks, end of month

622
980
252
850
295

658
068
266
696
471

SOFTWOODS
Douglas Fir:
Exports, total sawmill products*...M bd. ft.. 45, 288 36,570
48,105 55, 755 34,280 23,416 23, 298 38,971
45,028
34, 959
25, 704
31,103
33, 243
Sawed timber
do
12,193
10,992
11,507 14, 546
21, 375
8,972
4,114 12,619
8,424
14, 556
11,849
13, 603
1,982
41,209 25,288
24,377
34,036
Boards, planks, scantlings, etc
do
23, 913
19,184 26,352 20, 403
17, 280
19, 254
19,640
Prices, wholesale:
21,434
No. 1, common boards._dol. per M bd. ft.. 19. 600
18.620 19.110 19.845
18.620
18. 620
21.070 21.070 20. 482
20.090
20. 090
19. 698
Flooring, 1x4, " B " and better, V. G.
20.874
37.240 37.828 39.445
36.505
42.140 42.140 40.964
dol. perM bd. ft.- 37. 485 35. 280
39.690
38. 220
39. 200
Southern Pine:
41.552
23, 476
30,028
23,332 19,063
Exports, total sawmill products*.._M bd. ft.. 25, 928 24, 740
18,821
28,664
15,144
14, 747
12, 838
18, 348
Sawed timber
_.do
3,489
4,518
2,697
6,168
6,668
7,916
2,258
4,866
5,529
5,287 24, 221
4,017
5, 838
Boards, planks, scantlings, etc
do
11,655
10, 229
10,141
18, 572
16,808
22,112 13, 292 23,377
21, 062
12,510
3,659 21,074 15,046
Orders, newt—
mil. bd. ft..
513
503
572
675
673
624
545
672
760
894 20,562
480
662
Orders, unfilled, end of month
do
357
334
331
346
347
341
343
324
378
536
306
348
661
Price, wholesale, flooring..dol. per M bd. ft.. 41. 783
41.798
41.873
40. 298
38.998
39.383 40. 568 40.560
41.662
431 42. 393 41.875 41. 500
Productionf
mil. bd. ft..
515
545
621
681
637
626
647
659
689
625 42.998
611
636
689
672
630
633
485
480
598
696
723
736
517
Shipmentsf
--do
645
670
1,949
2,014
2,091
2,056
2,052
1,825
1,991
2,018
1,907
2,037
1,919
2, 028
Stocks, end of month
-do
766
Western Pine:
1,811
509
454
457
402
443
600
302
300
325
354
329
400
Orders, newt
do
470
304
272
222
238
415
254
279
282
285
262
Orders, unfilled, end of montht
-do
377
287
Price, wholesale, Ponderosa Pine, 1 x 8, no. 2,
25.42
24.90
25.08
25.65
26.81
28.61
29.02
29.64
28.86
28.77
28.99
29. 30
29.09
common (f. o. b. mills)..dol. per M bd. ft._
484
520
498
551
492
501
430
522
212
215
291
279
389
Productionf
-mil. bd. ft_.
423
432
514
409
489
431
489
441
321
309
297
351
397
Shipments.
do
1,965
1,795
1,883
1,744
1,930
1,745
1,829
1,954
1,672
1,953
1,977
1,923
Stocks, end of month
do
West Coast Woods:
772
572
547
674
667
514
513
522
463
656
546
556
Orders, new
do
437
487
483
570
425
402
521
444
513
452
507
520
517
Orders, unfilled, end of month
do
r
566
519
580
577
595
528
600
579
516
535
529
601
612
Productiont
do
580
537
632
662
673
609
519
549
r 594
538
521
487
606
Shipmentst
do
950
946
838
926
839
955
961
981
953
976
Stocks, end of month
do
'Revised.
*New series. For the new series on exports of sawed timber and imports of sawmill products data beginning 1913 appear in tables 44 and 45, p. 18, of the October 1939
Survey. The new series on exports of total sawmill Droducts, 1913-39, are shown in table 17, p. 18, of the March 1940 Survey. For Douglasfirand southern pine, the new
Beries on total exports represent a total of the items regularly shown. Note that the more definitive title "boards, planks, scantlings, etc." has been substituted for "lumber."
t Revised series. Wholesale prices of men's black calf oxfords revised beginning January 1938 because of style change with price of slightly different type substituted at
that time. Revised data for 1938 are shown on p. 47 of the September 1939 Survey. For revisions in lumber, all types, southern pine, western pine, and west coast woods
see the note marked with a " t " on p. 47 of the March 1940 Survey. Revised data for total exports of boards, planks, scantlings, etc.; 1913-39, are shown in table 17, p. 18, of
the March 1940 Survey. Production of boots, shoes, and slippers revised for 1939; data not shown on p. 47 of the May 1940 issue will, appear in the 1940 Supplement.




56

SURVEY OF CURRENT BUSINESS

Monthly statistics through December 1937, together with explanatory notes and references
to the sources of the data, may be found in the
1938 Supplement to the Survey

1940

1940

1939

June

May

May

JULY 1940

July

August Septem- October Novem- December
ber
ber

January

February

March

29, 704 31,450
31,371
32,472
28, 727 31, 207
27, 237 31,562
289, 227 298,317

April

LUMBER AND MANUFACTURES—Continued
SOFTWOODS—Continued
Redwood, California:
Orders, new
Orders, unfilled, end of month
Production. _
_
Shipments
._
Stocks, end of month

M bd. ft.
.do
do
do
do

29, 263 26, 846
26, 555 28,181
31,310
31, 614
33, 391 27, 806
294, 231 299,887

24,498
24, 563
28, 262
27,469
295, 551

23,168
28,377
25,421
23,497
296, 426

32,085
28,404
32,989
32, 405
298, 707

39, 727 30,782
41,027
39,092
30,295
33, 358
26, 772 32, 603
299, 358 296, 462

22,005
31,445
31,204
28,019
298, 397

17,749
28,678
27,883
20,802
297,976

25,331
26, 517
27,239
23, 793
296,026

21, 544
26,416
29,105
21,957
301,176

FURNITURE

All districts:
Plant operations
percent of normalGrand Rapids district:
Orders:
Canceled
percent of new orders..
New
no. of days' production..
Unfilled, end of month
do
Plant operations
percent of normalShipments
no. of days' production..
Prices, wholesale:
Beds, wooden
1926=100.
Dining-room chairs, set of 6
do
Kitchen cabinets
do
Living-room davenports
do.. Steel furniture (see Iron and Steel Section).

62.0

53.0

50.0

51.0

59.0

63.0

66.0

67.0

65.0

60.0

63.0

63.0

62.0

7,0
14
22

7.0
11
13

2.0
25
28

4.0
16
30

3.0
20
30

3.0
23
31

5.0
26
35

7.0
23
35

8.0
13
26

5.0
23
33

8.0
16
30

6.0
15
25

62,0

47.0

47.0

50.0

56.0

56.0

63.0

65.0

67.0

63.0

14

77.9
102.3
88.1
87.2

11

77.6
102.3
88.1
87.2

13

77.6
102.3
88.1
87.2

13

77.6
102.3
88.1
87.2

18

78.1
102.3
88.1
87.2

16

10.0
15
23
61.0
14

77.9
102.3
88.1
87.2

77.9
102.3
88.1
87.2

77.9
102.3
88.1
87.2

77.9
102.3
88.1
87.2

77.9
102.3
88.1
87.2

77.9
102.3
88.1
87.2

575,613 591, 856
330, 680 336, 775
19,189
29,874
2,305
3,216

605, 555
272, 656
15, 216
837

600,437
206,402
14,709
1,267

583, 521
187,457
8,274
442

671,301
234,716
6,740
273

663, 980
206,928
5,096

19

78.1
102.3
88.1
87.2

21

77.9
102.3
88.1
87.2

20

16

65.0
16

58.0

16

METALS AND MANUFACTURES
IRON AND STEEL
Foreign trade:
Exports (domestic) total §
long tons.. 783, 964 532, 641 588,856
312,483 384, 881 398,888
Scrap
do
8,582
32,587
28,142
Imports, total §..
do
2,537
33
3,971
Scrap
.do
Price, wholesale, iron and steel, composite
37. 33
35.69
35.80
dol. per long ton..
Ore
Iron ore:
Lake Superior district:
Consumption by furnaces
2,246
4,566
2,830
thous. of long tons-3,601
7,245
5,573
Shipments from upper lake ports
do
19, 603 23,071
25, 861
Stocks, end of month, total
do
16, 717 18, 835 21, 610
At furnaces
do
4,236
4,251
2,886
Lake Erie docks
do
217
189
175
Imports, total §
do
Manganese ore, imports (manganese content) §
15
63
17
thous. of long tons.-

513, 664
350,066
30,851
3,335

477,078
291,896
28, 328

29

612,906
221,152
6,674
482

35.82

35.95

36.67

37.62

37.50

37.18

37.09

36.97

36.83

36.69

3,143
6,310
28,507
24,196
4,311
222

3,775
6,955
32,714

5,271
9,201
39,005
33, 944
5,121
203

5,478
5,440
40, 732
35, 516
5,216
304

5,538
0
35,440
30,805
4,635
163

5,289
0
30,189
25,901
4,288
209

4,242
0
25, 967

213

4,185
7,865
35,853
31,203
4,650
179

22,087
3,880
237

4,088
0
21, 862
18,412
3,450
167

3,935
465
18,106
15,155
2,951
257

24

18

43

57

27

54

43

42

36

40,438
53,372
64.2
52,088

34, 901
42,163
51.7
43, 935

35, 730
39,881
48.7
42, 975

35, 290
40, 529
'50.1
41,975

123,990
177

106,040
157

104, 675
152

106,395
157

22.50
23.15

22.50
23.15

22.50
23.15

22.50
23.15

24.89
4,032

24.89
3,311

24.89
3,270

24.89
3,137

1,456
2,117
11,487

1, 648
1,207
11,935

1,602
1,079
12, 454

2,292
1,177
13, 565

16, 525
15,443
79,128

20,616
11,214
88, 593

18, 790
9, 253
98,121

105,043

3,729

28, 365
4,349

Pig Iron and Iron Manufactures
Castings, malleable:
29, 892 40,005
35, 563 27,702
29,041
64, 732 63, 835 51, 778 45,978
Orders, new
short tons.
28, 836 40,212
37, 511 30,840
30,781
53, 663
41, 427 54,263
59,143
Production
do
37.0
35.3
65.2
45.2
37.8
47.9
50.5
66.3
69.6
Percent of capacity.
32,566
26,169
32,657
33, 289 39, 215 49, 807 54, 038 53, 753
Shipments
short tons.. 40,919
Pig iron:
Furnaces in blast, end of month:
67, 777 81,194
89,337
98, 241 118,188 135,033 138,975 136, 702
Capacityf
short tons per day. 119,905
118
191
172
107
130
188
138
169
191
Number
Prices, wholesale:
20.50
22. 50
20.50
20.50
20.50
22.50
22.50
21.50
22.50
Basic (valley furnace)
dol. per long ton 21.15
21.15
21.15
23.15
23.15
23.15
21.15
22.35
23.15
Composite
do
Foundry, No. 2, northern (Pitts.)
22.89
22.89
24.89
22.89
24.89
24.89
23.89
22.89
24.89
dol. per long ton_.
2,373
1,924
3, 514
2,639
4,063
2,979
3,224
Productionf
thous. of short tons..
4,167
4,221
Cast-iron boilers and radiators:
Boilers, round:
1,950
2, 754
1, 930
1, 387
1,418
1,946
2,688
2,181
2,233
Production
thous. of lb_..
1,427
1,740
1, 334
1,051
1,749
5,445
2,537
4,634
2,882
Shipments
-do
12, 002
14, 923
19,084
19, 421 19,056
13, 264
18, 463 16,010
11,905
Stocks, end of month
do
Boilers, square:
15,284
20, 922 16, 429 16,194
21, 442 20, 696 20, 925 17, 273 14,816
Production
do
16,227
12,024
11, 744
14, 577 16,807
25, 360 35, 593 39, 869 23, 751
Shipments
do
114,032 124, 462 126,130 124, 581 120, 651 105, 757 86, 890 80, 391 77,878
Stocks, end of month
do
Radiators:
Convection type:
Sales, incl. heating elements, cabinets,
556
729
660
811
792
1,106
915
691
701
and grilles-.thous. sq. ft. heating surface^.
Ordinary type:
4,474
4,276
4,655
4,187
6,579
6,754
5, 647
5,299
5,299
Production
do
4,207
4,730
5,166
5,280
7,824
4, 539
10, 387
7,234
9,209
Shipments
do
34, 963 34, 975 33, 902 32, 007 28,133
21, 653
30,971
24, 543 21,424
Stocks, end of month
do
Boilers, range, galvanized:
Orders:
59, 277 53, 914 66,082 133, 384 98, 692 80, 265 72,380
New
number of boilers.. 72 725 68,191
23,048
20, 638
16, 245 19,671
51, 226 48, 999 44, 213
16, 694 61, 494
Unfilled, end of month, total
do
67,610
68,816
62,996
47,894
69, 656 86, 069 110,988 84,181 81, 252
Production
do
66, 995 63, 670 50,488
68,184
69,059
88, 584 108, 960 82, 492 77,166
Shipments
do
34, 790 32,057
31, 472 28, 878 29, 475 26, 960 28, 988 30, 677 34,763
Stocks, end of month
do

17,900
10,933

566

390

505

431

4,735
4,173
21, 767

5,530
3,135
24, 222

5,701
3,195
26, 829

5,670
3,626
28, 896

69,407

55,026
24, 532

79,565
77, 534
36, 794

66, 580
36, 253

55, 339
19,161
59,319
60,710
34.862

51,062
18, 507
51,012
51,716
34,158

43,121
36.8
8,302
80,146
68.5
34, 019

40,913
35.0
10,472
67,454
57.6
28, 506

36,612
31.3
7,182
58,404
49.9
22,847

41,353
35.3
8,849
52,078
44.5
17,017

Steelf Crude and Semimanufactured
Castings, steel:
41, 660
37,774
34, 804 39, 698 96, 687 119. 687
Orders, new, total
short tons.
35.6
29.7
32.3
102.3
33.9
82.6
Percent of capacity
12, 621 11, 872
7,721
6,912
42, 213 58, 530
Railway specialties
short tons.
41, 359 40, 272 34,168
42, 428 43, 590 72, 096
Production, total
do.-.
29.2
35.3
61.6
37.2
34.4
36.3
Percent of capacity
8,498
12, 506 11, 060
10, 229 12, 449 26, 391
Railway specialties
short tons.
' Revised.
^Revised series. Data revised for 1937; see tables 19 and 20, pp. 14-15, of the April 1939 issue.
t Revised series. Data on pig iron have been converted from a long to short tonnage basis; earlier data on the new



85.4
52,146
85,755
73.3
36, 615

64,143
54.8
28, 262
79,732
68.1
33,146

basis will "appear in a subsequent issue.

SURVEY OF CURRENT BUSINESS

JULY 1940
Monthly statistics through December 1937, together with explanatory notes and references
to the sources of the data, may be found in the
1938 Supplement to the Survey

1940
May

57
1940

1939
May

June

July

August

September

October Novem- December
ber

January

February

March

April

METALS AND MANUFACTURES—Continued
IRON AND STEEL—Continued
Steel, Crude and SemimanufacturedIngots, steel:
Continued
Production t
thous. of short tons..
Percent of capacity
Bars, steel, cold-finished, carbon, shipments
short tons..
Prices, wholesale:
Composite, finished steel
dol. per lb._
Steel billets, rerolling (Pittsburgh)
dol. per long ton_.
Structural steel (Pittsburgh)
dol. per lb..
Steel scrap (Chicago)
dol. per gross ton_.
U. S. Steel Corporation:
Shipments, of rolled andfinishedsteel productsf
thous. of short tons..
Steel, Manufactured Products
Barrels and drums, steel, heavy type:
Orders, unfilled, end of month
number
Production
do..
Percent of capacity
Shipments
number..
Stocks, end of month
do.
Boilers, steel, new orders:
Area
.
thous. of sq. ft..
Quantity
number..
Furniture, steel:
Office furniture:
Orders:
New
thous. of doL_
Unfilled, end of month
do
Shipments
do.
Shelving:
Orders:
New
do.
Unfilled, end of month
do
Shipments
do.
Plate, fabricated steel, new orders:
Total
short tons..
Oil storage tanks.
do
Plumbing and heating equipment, wholesale
price (8 items)
dollars..
Porcelain enameled products, shipments!
thous. of dol. .
Spring washers, shipments •
do
Steel products, production for sale (quarterly 1)t:
Merchant bars
thous. of short tons..
Pipo and tube
_.
do
Plates
do
Bails
do
Sheets, total
do
Percent of capacity
Strip:
Cold rolled
do
Hot rolled
do
Structural shapes, heavy
_ do_.
Tin plate
do
Wire and wire products
do
Track work, shipments
short tons..
NONFERROUS METALS AND
PRODUCTS
Metals

4,841
70

3,524
53

3, 565
56

4,242
61

4,769
72

6,080
91

6,148
92

5,822
91

5,655
82

4,409
69

4,265
64

3, 975
60

35,615

32,809

42,895

55, 495

67, 599

67,977

61,591

57, 232

46, 277

45, 405

44, 621

.0262

3,295

.0261

.0261

.0261

.0263

.0263

.0265

.0265

.0265

.0265

.0262

34.00
.0210
13.56

34.00
.0210
13.56

34.00
.0210
13.88

34.00
.0210
16.22

34.00
.0210
19.05

34.00
.0210
17.66

34.00
.0210
16.56

34.00
.0210
16.38

34.00
,0210
15.75

34.00
.0210
15.69

34.00
.0210
15.33

1,087

1,346

1,406

1,444

1,146

1,009

932

48
43, 654

34, 287
.0265
34.00
.0210
16.88

.0264
34.00
.0210
12.80

1,084

796

291, 764
930, 319
52.3
916, 285
50,841
1,066

745

257, 961 208,000 235,772 247, 729 771, 714 1,147,918 966,519 767, 591 450,032 335,183 243,081
846. 322 861,102 750, 276 851,087 1,203,820 1,612,384 1,636,273 1,468963 1,137,543 802, 960 851,912
45.1
47.9
92.4
92.3
52.2
52.8
46.0
73.8
'52.0
82.9
64.0
845,517 850, 513 756,890 849, 697 1,207,335 1,576,690 1,653,078 1,457,472 1,158,345 808,635 853, 564
30,892 66, 586 49,781 61, 251 41, 708 36, 033 34, 381
29,050 39, 639 33,025 34,407
558
761
802
1,089
554
1,032
890
1,752
772
877
534
411
526
659
477
1,175
1,098
1,033
1,380

2,119
1,186
2,102

1,769
989
1,712

1,932
1,179
1,745

1,774
1,361
1,596

1,855
1,285
1,932

2,097
1,334
2,048

2,181
1,365
2,150

594
447
510

501
323
433

425
293
460

407
291
366

411
263
440

421
266
418

526
335
456

40, 408
15, 590

34,036
10,976

33, 959
13, 481

31,364

21,828
8,229

39, 751
11,498

236. 78

234. 77

234. 77

234. 71

234.87

235.19

2,438
171

2,420
183

2,462
149

3,047
184

2,778
233

2,120
1,299
2,187

2,367
1,350
2,264

2,200
1,286
2,264

2,097
958
2,424

2,219
1,169
2,008

540
494
534

504
443
556

481
444
479

475
3G8
552

494
363
499

37, 766
10,991

511
493
26,020
9,107

23,627
6,665

33,804
9,781

25,824
5, 254

35,435

36, 213
6,643

235.33

236. 33

236.40

236. 26

234.38

2,731
241

2,746
173

3,153
262

2,752
234

266
295
281
146
716
65.9

602
694
560
433
1,632
52.7

770
912
628
210
2, 035
65.6

45
99
210
248
274
7,276

123
204
531
623
675
6,832

170
276
628
658
770
4,916

248
451
869
809
1,013
6,768

6,658

5,330

5,402

878
630

2,095
1,247
2,160

2,632
221
1,187
1,184
1, 045
316
2,945
95.5

173

235, 485
951,480
53.5
949, 054
36, 807

5,658

6,640

6,762

6,898

12, 282
236. 57
2,776
188
959
846
870
527
2,324
71.8
177
309
537
699
793
8,446

236. 86
2,947
170
236
256
245
165
580
54.3
52
77
174
235
236
7, 654

Aluminum:
Imports, bauxite!
long t o n s . . 43,110
33,449
53, 024
45, 660 5 4 - 8 0 1
51,027 43, 629 44, 805
40,644
33,133
50, 456 54,651
58,826
Price, wholesale, scrap, castings (N. Y.)
dol. p e r l b . _
.0950
. 0925 .0913
. 0863
.0865
.0713
.0688
.0688
.0702
.0948
.0713
Bearing metal (white-base antifriction):
Consumption and shipments, total
2,635
1,664
1,923
2, 456
1,749
1, 955
1,749
thous. of lb._
1,613
1,999
2,322
1,602
3,133
2,034
363
789
794
429
475
514
Consumed in own plants
do
611
629
517
672
741
425
634
1,846
1,321
1,561
1,661
1,442
1,188
Shipments
do
1,137
1,096
1,370
2,392
1,650
1,177
1,400
Copper:
Exports, refined and manufactures §
35,422 36, 303 39,350
35,168
45, 840 35,696 26, 806 41,049
short tons.
62,505 63, 775 40,745 39, 273 25, 494
28. 532 19,040 23, 248 21,123
15, 360 19, 937
16,176
Imports, total §
do
17,015
29,545 31, 558 30, 53S 22, 554 30, 550
28,698 22, 485
27,953
28, 134
13,012
17, 451
15, 582 16, 664
For smelting, refining and export § __do
18,128 21, 992
18, 646
27,672 29,869
Product of Cuba and Philippine Islands
10
1.464
1,364
1, 026
2,101
66
136
184
135
1,688
128
short t o n s . .
1,395
814
314
885
1,122
1
1,072
2,342
224
903
All other§
do
569
459
478
Price, wholesale, electrolytic (N. Y.)
.1109
.1108
.1222
.1228 I
.1116
.1026
.0978
. 0998
.1164
.1228 I .1195
.0983
dol. per lb-_
Production:
Mine or smelter (incl. custom intake)
1
59, 672
54,850
58,600
0)
408, 775 89, 598 76,145 85, 796 '"84, 366
0)
(0
0)
short t o n s . . 82, 607
l
86, 529 68, 536 61,719
57, 339
»379,841 80, 501 82,761 86, 295 80, 964
0)
0)
0)
Refinery
do
0)
71, 639
76,485
63,894 63, 862 75,808
*536,899 104, 545 72, 809 71,893
0)
0)
0)
Deliveries, refined, total,
do
0)
68,665
69, 467 51, 225 53, 573
59, 681
*457,3]5 91, 428 63, 215 64,376
0)
0)
0)
0)
Domestic
do
2,974
7,018
9. 594
7,517
16,127
12, 669 10, 289
* 79,584 13,117
0)
0)
0)
0)
Export
".""do
3
178, 664 337,155 335,012 316, 543
159,485 135, 441 145, 393 159, 795 109,120
0)
0)
0)
0)
S tocks, refined, end of month
do
Lead:
Imports, total, except manufactures (lead con2, 958 I 4, 7S7 ! 2, SG6
7, 404 10, 961
4,063
5,179
3,864
4,164 I 4,496
4,391
3,019
2,762
tent) §
short tons.Ore:
40,196
35,937
33,589
32, 300
37, 949
37, 963
31, 288
37, 649
35, 063 35,612 35, 936 37, 057 38,835
Receipts, lead content of domestic ore.do
4,474
3,110
4,692
4.104
3,491
6,355 | 4,234 3,710
3,705
4, 380
3,415
3.892
Shipments, Joplin district!
do-.._
4,484
2
'Revised.
i M o n t h l y data not available.
.
Total for August-December.
»End of December.
#
+Data for May, August, November 1939, January and M a y 1940 are for 5 weeks; other months, 4 weeks.
D a t a are for 6 manufacturers beginning January 1940.
§ Revised series. Data revised for 1937; see tables 19 and 20, p p . 14 and 15, of the April 1939 Survey, f Monthly data reported beginning with April 1940.
tStecl ingot production, steel shipments of the U. S. Steel Corporation, and steel products, production for sale, have been changed from a long to short tonnage basis, and
the latter series revised to exclude shipments to members of the industry for further conversion; monthly data beginning 1929 for steel shipments appear in table 21, p. 18, of
thoApril 1940 Survey; data beginning: 1913 for steel ingot production are shown in table 26, p. 17, of the M a y 1940 issue; revised data beginning 1933 for steel products will appear
 issue. Date for porcelain enamel products beginning 1937 are for 55 identical manufacturers and replace the series for 19 manufacturers formerly shown; data
in a subsequent
not shown on p. 49 of the March 1940 Survey will appear in the 1940 Supplement. Beginning January 1939 the Census reports also contain a series for 99 establishments.
http://fraser.stlouisfed.org/

Federal Reserve Bank of St. Louis

58

SURVEY OF CURRENT BUSINESS

Monthly statistics through December 1937, to- 1940
gether with explanatory notes and references
to the sources of the data, may be found in the
May
1938 Supplement to the Survey.

JULY 1940

1939
May

June

July

August

1940

September

October Novem- December
ber

January

February

March

April

METALS AND MANUFACTURES—Continued
NONFERROUS METALS AND
PRODUCTS—Continued
Metals—Continued
Lead—Continued.
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 of primary tin in manufactures
-long tons..
Deliveries
do
Imports, bars, block, etc
do
Price, wholesale, Straits (N. Y.)-dol. per lb..
Visible supply, world, end of mo.t.long tons.United States (excluding afloat)
do
Zinc:
Ore, Joplin district:U
Shipments
short tons..
Stocks, end of month
do
Price, wholesale, prime, western (St. L.)
dol. per lb._
Production, slab, at primary smelters
short tons..
Retorts in operation, endof mo
number..
Shipments, total
short tons..
Stocks, refinery, end of mo
...do

0.0502
37,918
46,919
62,955

0. 0475
43,026
40,124
129,270

0. 0480
37,237
38,710
129,636

0.0485
34,926
42,636
124,017

0. 0504
36, 556
45,025
117,985

0. 0545
35,086
59,889
97,473

0. 0550
38,903
66,060
73, 963

0. 0550
44, 748
64,365
58,061

0. 0550
42,547
44,881
58,777

0. 0547
47,149
39, 875
68,539

0. 0508
40,564
39,176
72,658

0.0519 0.0571
44, 783 31,192
46 353 • 46,496
74, 692 • 63, 610

6, 360
7, 905
7,982
. 5148
28,873
3, 677

5,920
5,905
5,118
.4902
33, 815
3,387

5,780
4,925
6,020
.4885
30, 039
4,388

5,240
5,275
6,179
.4852
29,615
5,339

5,900
6,295
4,735
.4876
26,338
3,613

6,570
5,050
4,427
.6350
31,168
3,413

7,630
7,540
6,040
7,870
5,247
7,629
. 5525 .5224
38,206 38, 035
3,536
3,283

6,940
11,366
12,518
.5064
38,280
3,302

6,680
9,780
8,851
.4672
35,573
1,749

5* 610
6,600
6,499
.4594
33,148
2,078

5 540
9,244
10,334
.4709
32, 339
2, 635

r 5, 960
7,855
7,886
.4682
32, 239
2,964

41,183
5, 851

39, 733
7,851

31,212
6,749

26,248
7,601

35, 748
9,503

30,285
9,958

36, 734
7,204

28,163
13, 548

35, 611
4,097

28, 026
3,551

31,424
5,454

.0452

.0472

54, 601
49, 805
46,978
81, 234

. 0580

.0450

.0450

52, 979 42,302
48, 989 36,331
59,177 39, 607
75,036 133,075

39,450
36, 291
37, 284
135,241

39, 669 40,960
35, 491 34,443
43,128 49, 928
131,782 122, 814

.0610

.0650

.0650

.0598

.0564

.0553

29, 393
4,798
.0575

42,225
37, 729
69,424
95, 615

50,117
43,109
73,327
72,405

53,524
46,867
64,407
61,522

57,941
48,159
53,468
65,995

57,158
47,287
57,551
65,602

54,532
47,188
53,048
67,086

57,620
48 080
51,095
73,611

41,663
9,701

.0575

Miscellaneous Products
Brass and bronze (ingots and billets):
5,026
6,006
5,521
7, 056
7,539
6 134
6,735
4,543
5,851
5,799
5,035
8,497
Deliveries
..short tons..
8,993
8,214
22, 499
14,034
11,065
21, 475 12,688
14,625 15,542
17, 878 13,459
17,500 14,018
Orders, unfilled, end of month
do
11,436
Plumbing fixtures, brass, shipments
1,532
1,554
1,721
1,668
1,577
2,109
1,992
1,514
1,582
1,820
1,735
thous. of pieces..
Radiators, convection type, sales:
Heating elements only, without cabinets or
138
94
101
68
105
45
75
grilles
thous. ofsq. ft. heating surface..
103
125
80
30
43
Including heating elements, cabinets, and
814
787
591
986
450
392
520
487
717
657
891
297
870
grilles
thous. ofsq. ft. heating surface..
.168
.191
.165
.191
.183
.183
.167
.183
.190
.183
.165
.193
.183
Sheets, brass, wholesale price, mill..dol. per lb._
Wire cloth (brass, bronze, and alloy):
366
391
382
541
1,270
481
413
350
1,178
329
343
363
Orders, new
thous. ofsq. ft__
750
1,343
793
1,513
1,073
1,005
1,041
830
1,829
1,593
1,216
823
2,125
Orders, unfilled, end of month
do.
444
439
637
392
547
616
567
476
489
445
496
413
564
Shipments
do.
624
582
637
621
612
616
593
585
695
716
560
638
627
Stocks, end of month..
do.
MACHINERY AND APPARATUS
Air-conditioning systems and equipment:!
Orders, new:
5,931
6,121
4,691
4,657
5,743
4,954
4,493
4,979
Total...
thous. of dol
0)
0)
0)
0)
0)
3,901
2,631
3,322
3,328
2,498
2,702
3,193
2,818
Air-conditioning group
do. .
0)
0)
0)
0)
0)
1,509
1,336
1,387
1,422
1,310
980
1,327
1,318
Fan-group
do -..
(2)
()
(2)
(2)
(2)
521
690
1,412
993
1,146
811
546
468
Unit-heater group
do_.
(2)
Eleetric overhead cranes:
Orders:
400
250
434
414
534
383
274
844
569
467
445
520
438
New
do - _
2,172
1,743
1,813
2,414
2,474
2,368
1, 683
1,640
1,917
2,390
1,755
2,665
1, 769
Unfilled, end of month
do...
215
347
596
594
515
280
375
719
435
174
391
378
Shipments
do...
Exports, machinery. (See Foreign trade.)
Foundry equipment:
Orders:
197.9
243.4
193.2
114.0
134.9
179.4
108.9
131.6
184.4
203.6
165.3
220.6
New
1922-24 = 100
231.2
226.5
331.4
135.6
159.2
291.0
123.1
222.4
173.1
174.9
257.8
224.7
Unfilled, end of month
do-_
193.2
184.2
154.1
135.5
200.1
148.5
143.8
179.0
170.1
144.3
132.6
170.7
S hipments
do. .
Fuel equipment:
Oil burners:
Orders:
11, 239 12, 883 15, 889
13,108
12, 566
15, 284
17,901
17, 838 22, 748 36, 279
33, 657 18, 758
New
number.. 18,154
3,050
2,880
2,767
5,040
4,375
6,952
5,456
6,451
5,967
2,905
4,966
3,639
4, 700
Unfilled, end of month
do.
12,963
11, 522 12, 770 14,394
15, 009
16, 906
35, 352
13, 300
17,337 24, 660
17,829
34, 658 20, 085
Shipments
do.
17,144
20, 214
19, 947
16. 460
15, 672 16, 755 16,656
16, 764
19,239
18, 854 19, 642
16, 675 18,165
Stocks, end of month._
do.
11
25
14
23
17
53
45
20
33
36
11
6
38
Pulverizers, orders, new
do.
Mechanical stokers, sales:
3,931
3,307
4,099
6,205
4,762
7,676
9, 335 14,833
8,225
5,078
20,161
8, 254
18, 040
Classes 1, 2, and 3
do.
Classes 4 and 5:
149
111
125
128
267
279
439
207
215
376
266
376
161
Number
25, 515
29, 677
56, 419
51, 673 63, 899
86, 714
39, 038
63, 264 51,735
42, 332 49, 255
Horsepower
28, 591 30,177
Machine tools orders, newt
206.5
230.9
219.8
211.6
0)
0)
0)
0)
0)
av. mo. shipments 1926= 100-.
0)
0)
0)
0)
Pumps and water systems, domestic, shipments:
I
Pitcher, other hand, and windmill pumps
40, 292
29, 441
38, 540 37, 977 33, 236
55, 048 52, 336 52, 897 47, 439 | 43, 908 35, 961
units.. 35, 245 44, 216
1,396
976
662
1,214
829
731
953 964
1.138
792
860
949
804
Power pumps, horizontal type
do...
17,469
13,389
14,718 16, 060 20,971
19, 890 18,452
17, 444 16,993
22. 099 20,773 ! 23,067 19,029
Water systems, incl. pumps
do,..
Pumps, measuring and dispensing, shipments:
Gasoline:
776
612
1,685
1,070
2,201
962
741
1,129
736
1,601
875
768
Hand-operated
units.
2, 330
6,304
5,775
7,613
7,624
8,693
11, 578
9, 275
12,017 | 11,430
9,419
8,611
8,751
Power
do...
12,577
Oil, grease, and other:
9,659
10,578
12, 554
14, 417
14,466 I 18, 579
17,085
15, 612
14, 053 12, 468
14, 785 16,086
20,081
Hand-operated
do__.
3,244
3,106
3,462
1,914
1,349
2,591
2,384
3, 332
3,186 2, 011 2,449
2,703
2,676
Power
do...
r
l
2
Revised.
Discontinued by reporting source.
Data are available only on a quarterly basis.
tRevised series. Air-conditioning data have been further revised beginning January 1940, to exclude chiefly data on air-conditioning systems primarily for winter use.
Data on the fan and unit-heater groups will be available on a quarterly basis in the future. Data for summer and year-round air-conditioning will be shown in a subsequent
issue. World visible supply of tin revised beginning January 1935 to include stocks of refined tin at all European smelters; data not shown on p. 50 of the November 1939
Survey will appear in a subsequent issue.
IData for May, August, November 1939, January and May 1940 are for 5 weeks; other months, 4 weeks.
tA new series based on the operations of manufacturers accounting for about 60 percent of the total dollar sales of machine tools has been compiled beginning January 1939.
Available data are as follows (percent of capacity): 1939—Jan., 52.5; Feb., 56.1; Mar., 58.7; Apr., 61.2; May, 63.6; June, 65.5; July, 65.8; Aug., 72.6; Sept., 74.6; Oct., 84.9; Nov.,
91.2: Dec, 93.3; 1940—Jan., 93.3; Feb., 92.9; Mar., 93.4; Apr., 93.4; May, 92.5.




JULY

59

SURVEY OF CURRENT BUSINESS

1940

Monthly statistics through December 1937, together with explanatory notes and references
to the sources of the data may be found in the
1938 Supplement to the Survey

1940
May

1940

1939
June

May

July

August

September

Novem- DecemOctober
ber
ber

January

February

March

April

METALS AND MANUFACTURES—Continued
MACHINERY A N D APPARATUS—Con.
P u m p s , steam, power, centrifugal, and rotary:
Orders, new
thous. of dol.Water-softening apparatus:
Shipments, domestic
units,.
Woodworking machinery:
Orders:
Canceled
thous. of doL.
New
do
Unfilled, end of m o n t h .
do
Shipments:
Quantity..
n u m b e r of machines,.
Value
thous. of doL.

1,809

1,236

1,673

1,090

1,585

1,469

1,809

1,339

1,049

1,011

1,147

1, 457

1,178

1,623

1,217

1,282

1,306

1,236

1,512

1,450

1,481

1,201

1,154

1,159

1,556

1,364

484

)
417
905

5
438
980

432
948

5
620
1,145

1
571
1,206

652
1,346

518
1,364

()
488
1,449

4
534
1,460

216
510

224
411

157
357

269
435

218
418

288
509

232
505

261
492

188
402

232
520

84
151

111
163

133
139

176
132

239
154

219
129

165
118

87

180
227

101
159

84.1
77.5

87.8

78.2
76.0

91.6
94.3

98.5
116.4

123.0
136.5

132.0
125.1

121.9
161.7

124.8
97.3

110.4
97.9

ELECTRICAL EQUIPMENT
B a t t e r y s h i p m e n t s (automotive replacement
only):*
Unadjusted
_. 1934-36 =100..
Adjusted_
do
Electrical products:*
Industrial materials, sales billed
1936= 100_.
Motors and generators, orders received, .do
Transmission and distribution equipment,
orders received
1936=100..
Furnaces, electric, industrial, sales:
Unit.
..kilowatts..
4,905
Value
thous. of d o L .
407
Electrical goods, n e w orders (quarterly)
thous. of d o l . .
Ironers, household, shipments*
u n i t s . . 10 590
Laminated products, s h i p m e n t s . . t h o u s . of d o l . .
1,308
Motors (1-200 hp.):
Billings (shipments), A. C
..do
3,126
830
Billings (shipments), D . O.
do....
New orders, A. C . . _
.
do
3,039
New orders, D . C
do
946
Power cable, paper insulated, shipments:
Unit
thous. of f t . .
728
Value
thous. of d o l . .
902
Power switching equipment, new orders:
Indoor
dollars..
0)
Outdoor
do.__.
(0
Ranges, billed sales
thous. of d o l . .
2,932
Refrigerators, household, sales
n u m b e r . . •385, 616
Vacuum cleaners, shipments:
Floor
do
143,836
Hand-type
do
30,660
Vulcanized fiber:
Consumption of fiber paper
thous. of lb
2,205
554
Shipments!
thous. of d o L .
Washers, household, shipments *
u n i t s . . 118, 987

67
123
113.7
115. 9

112.8
104. 6

111.2

97.8

115.3

103.2

146.5

151.6

137.3

123.6

121.3

132.8

133. 8

129.9

2,789
194

3,228
213

1,332
97

1,921
182

3,279
291

6,103
438

4,153

9,587
480

2,084
167

5,634
324

7,802
557

4, 697
314

' 9, 710
849

205, 567
7,216
901

7,741
805

11, 386
906

212,001
10, 565
1,019

11,161
1,296

9,990
1,348

254, 302
11, 854
1,306

10, 373
1, 257

10,183
1,173

238,846
12,048
1,306

11,984
1,320

2,053
519
2,319
428

2,410
574
2,504
549

2,053
538
2,128
406

2,398
524
2,595
569

2,361
474
2,725
1,102

2,535
555
3,151
1,403

2,730
677
3,276
1,047

3,103
797
3,472
1,867

2, 733
582
2,417
813

2,686
775
2,679
622

2, 693
860

2,857
815
3,013
632

566
674

652
718

716
773

783

676
781

1,074
824

752
656

655
731

554
721

561
641

564
720

628
813

89,809
346, 530
2,395
273,966

92, 347
217,846
2,025
268, 848

90, 302
283,614
1,428
164,211

67,963
259,436
1,799
94, 734

71, 449
240, 535
1,891
73,149

88, 485
321,761
1,714
62,055

126, 480
355,056
1,442
55,113

64,153
272,658
1,019
92, 479

2,832
234, 662

0)
0)
2,510
280, 980

2, 790
298, 238

2,943
339, 693

91, 055
23, 322

80, 660
19,014

61, 492
15,197

74, 333
22, 268

93,851
26, 857

106, 539
31, 362

108,338
32, 728

118, 730
36, 471

92, 806
27, 362

116, 049
28, 324

147,120
31, 009

139, 768
30, 441

1,749
458
105, 266

1,735
441
120,076

1,725
437
104, 817

1,971
528
132, 297

2,284
548
138,992

2,722
660
142, 830

2,594
748
102,990

2,492
854
77, 270

2,808
660
119, 228

2,356
589
142, 318

2,368
539
149, 730

2,556
537
135,179

645, 400 664, 400

0)
0)

0)
0)

(0
0)

PAPER AND PRINTING
WOOD PULP
Consumption and shipments: # t
Total, all grades
short tons_.
Chemical:
Sulphate
.
do
Sulphite, total
do.
Bleached...
_._do.
Unbleached
..do.
Soda
do.
Groundwood.
do.
Imports:
Chemical
do.
Groundwood
do_
Production: f
Total, all grades
do
Chemical:
Sulphate
..do
Sulphite, total..
do..
Bleached...
do.
Unbleached
do.
Soda
...lido
Groundwood
_ do
Stocks, end of month: f
Total, all grades
do
Chemical:
Sulphate
...
do
Sulphite, total
do .
Bleached
do
Unbleached
do
Soda
do
Groundwood
do
Price, sulphite, unbleached
dol. per 100 lb\.
PAPER
Total paper:f
Paper incl. newsprint and paperboard: t
Production
short tons..
Paper, excl. newsprint and paperboard:f
Orders, new
short tons..
Production
do
Shipments
do"""
r

541, 000

519, 500

513,000

572, 300

615, 300

683, 900

680, 300

677, 300

698, 400

334,400 223, 400
235, 200 152, 000
93, 800
146,000
89, 200 58,100
53, 200 37,100
142, 700 128, 500

221, 300
146, 800
90, 600
56, 200
33, 200
118, 200

228, 200
143, 300
91,100
52, 200
31,200
110, 300

256, 800
154,100
96,300
57, 800
36, 300
125, 200

262, 900
187, 500
119, 000
68, 500
39, 900
125,000

296, 700
207, 200
130, 700
76, 500
47,100
133, 000

292,100
207,800
130, 200
77,600
47, 300
133,000

301, 500
198,900
124,300
74,600
48,600
128,300

311, 000 279,100
202, 700 200,300
126, 600 126,300
76,100
74,000
46, 900
40, 700
125,300
137, 800

285, 500
206, 300
125, 400
80, 900
43,100
129, 600

299, 400
224, 600
143, 400
81, 200
44,000
135, 600

62,899
18,446

140,131
18, 562

152, 719
17,403

137, 431
19, 694

130, 920
19, 649

136,843
23, 574

194, 615
21, 527

22,163

204, 993
30, 465

242. 972
19,199

144,104
14, 723

65,951
7,964

96, 583
13,403

774, 700

765,400

703, 600

551, 778

524, 521

490, 111

554,811

576, 225

673, 634

672,813

678, 521

713, 600

647, 500

677, 700

708,GOO

335, 700 220, 440
231,600 161,362
144, 800 102, 828
58, 534
8G, 800
38,316
50,600
131, 660
156, 700

220,435
153, 288
96, 678
56, 610
34,363
116,435

226,482
132, 410
82,164
50, 246
29, 574
101, 645

254, 379
158,172
61, 494
36,410
105, 850

256, 731
171,090
108, 486
62, 604
39,944
108, 460

294, 912
205, 394
129, 396
75, 998
46,453
126, 875

290, 920
207, 339
130, 749
76, 590
47, 244
127, 310

297,182
198, 575
124, 353
74, 222
48, 639
134,125

310, 000
213, 700
134, 000
79, 700
48, 300
141, 600

280, 400
198,100
124, 200
73, 900
41, 900
127,100

284,500
214,000
133,500
80,500
43,100
136 100

299, 500
212, 300
133, 900
78, 400
43,900
152, 900

168,500

214, 700

219, 700

196,800

179,300

140, 200

129,900

122,400

123, 600

138, 700

140, 800

154, 200

159, 200

18,400
78, 200
50,300
27, 900
4,200
67, 800
3.18

36,000
96,900
61, 200
35, 800
5,200
76, 600
1.95

35,100
103,400
67,300
36,100
6,400
74, 800
1.95

33, 400
92,500
58,400
34,100
4,800
66,100
1.95

31,000
96,600
58,800
37,800
4,900
46, 800
1.95

24, 800
80, 200
48, 300
31,800
4,900
30, 300
2.13

23,000
78,400
47,000
31,400
4,300
24, 200
2.28

21, 800
77,900
47,500
30, 400
4,200
18,500
2.28

17,500
77,600
47,600
29, 900
4,200
24,300
2.51

16, 500
88, 500
55, 000
33, 500
5, 600
28,100
2.83

17, 800
86, 300
52, 900
33, 400
6,800
29, 900
2.85

16, 900
94,000
61,000
33, 000
6,900
36, 400
2.85

17, 000
81, 800
51, 500
30, 300
6,700
53, 700
2.96

867,193

828, 727

791, 703 935, 382

957, 628 1,073, 9611, 046, 687 971, 482 974, 568

895,059

385, 927
405. 549
388, 287

378,077
371,656
376, 096

356, 741
350,166
368, 370

633,809 506, 885
434,932 488, 904
456, 360 494,882

426, 342
484, 993
487, 467

369,670
413,634
393,352

419,177
412,156
408, 591

416,102
464, 540
463, 241

395, 874
459, 547
139, 603

927, 465
398,896
405,824
397,553

478,827
423, 622
412, 249

b
Revised.
Less than $500.
• P u l p used in the producing mills and shipments to t h e market.
« Estimated.
(0 Data discontinued b y reporting source.
(2) No comparable data.
• N e w series. D a t a on b a t t e r y s h i p m e n t s beginning 1934 appear in table 35, p . 17, of t h e August 1939 issue. Shipments cf household washers and ironeis beginning 1929
appear i n table 43, p. 17, of t h e October 1939 issue. For d a t a on electrical products beginning 1934, see table 32, p . 18, of the J u n e 1939 Survey; data are furnished b y both
m e m b e r and nonmember companies rather t h a n member companies alone as therein stated.
t Revised series. D a t a on vulcanized fibre shipments revised beginning 1934; data not shown on p . 51 of t h e J a n u a r y 1939 Survey will appear in a subsequent issue.
D a t a on total paper, and paper, excluding newsprint and paperboard revised beginning 1934. Previously reported data were distributed into months of 4 and 5 weeks, b u t in
the new series, weeks overlapping in two months have been prorated. " P a p e r , excluding newsprint and paperboard," has also been revised to exclude data for kraft board, which
is
revision
in "paper,
and
Wood pulp data
forin part included in figures for paperboard; this pulp andis reflected shown on pincluding newsprint M a ypaperboard," which is obtained b y addition.subsequent issue. have
FRASER
been revised beginning 1937. Revisions for wood
paper not
. 51 of the April and
1940 Surveys, respectively, will appear in a

Digitized


60

SURVEY OF CURRENT BUSINESS

Monthly statistics through December 1937, together with explanatory notes and references
to the sources of the data, may be found in the
1938 Supplement to the Survey.

1940
May

JULY

1940

1939
May

June

July

August

1940

September

DecemOctober November
ber

January

February

March

April

PAPER AND PRINTING—Continued
PAPER—Continued
Book paper :f
Coated paper:
Orders, new
short tons..
Orders, unfilled, end of month
..do
Production
do
Percent of potential capacity.
Shipments
sbort tons..
Stocks, end of month
do
Uncoated paper:
Orders, new
do
Orders, unfilled, end of month
do
Price, wholesale, " B " grade, English finish, white, f. o. b. mills__dol. per 100 lb_.
Production
short tons.
Percent of potential capacity
Shipments
short tons.
Stocks, end of month J
do.__
Fine paper:f
Orders, new
do
Orders, unfilled, end of month
do._.
Production
.
do
Shipments
do
Stocks, end of month
do...
Wrapping paper:f
Orders, new
do...
Orders, unfilled, end of month
do
Production
do...
Shipments
do...
Stocks, end of month
do..Newsprint:
Canada:
Exports
do.. _
Production
do...
Shipments from mills
do...
Stocks, at mills, end of month
do . .
United States:
Consumption by publishers!
do...
Imports!
do...
Price.rolJs (N. Y.)
dol. per short ton.
Production
short tons.
Shipments from mills
do...
Stocks, end of month:
At mills
do...
At publishers!
do...
In transit to publishers!
do...
Paperboard:
Consnmption, waste paper
do...
Orders, new
do....
Orders, unfilled, end of month
do...
Production
do
Percent of capacity
Waste paper stocks, at mills
short tons.

21,195
7,807
20, 928
72.1
20,107
16,110

17,126
2 ,861
18,579
66.5
17,409
13 ,762

15, 920
3, 205
17, 425
64.8
15, 946
15, 213

16,098
3, 866
14, 471
55.5
15, 282
14, 265

17, 281
3,846
19,663
70.4
18, 226
15,661

33, 887
12, 862
19, 401
75.0
20,440
13,807

24,108
12,971
24,573
91.3
24, 516
13, 897

15,754
8,853
24,464
90.9
22,864
16,134

14, 532
4,154
20,938
80.9
20, 898
16,151

14, 998
3,757
16, 227
56.4
16,136
16, 665

15,105
4,084
14,925
55.5
15,667
15,966

14,594
3.975
14,101
55.3
15, 479
13, 949

19, 231
6,624
17, 560
64.6
16,693
15, 076

123, 379
61, 758

85,786
28,184

92, 637
33, 393

81, 359
29,978

110,930
41,211

154,604
79, 436

125, 564
84,515

101,097
68, 694

102, 430
61, 368

91, 400
47, 479

85,546 i 98, 783
41,760
41,804

100,471
48, 031

5.95
115, 351
88.5
109, 723
62, 972

5.45
G8, 364
76.9
91,523
59, 431

5.45
90, 662
73.4
87, 680
61,913

5. 45
81,972
68.0
84, 655
58,976

5.45
102,037
78.4
100,339
60,729

5.45
104,068
86.4
111,469
50,827

5.65
122,283
97.6
122,901
50,797

5.70
117.290
93.6
117,079
51,010

5.89
110, 731
91.9
110,950
51, 783

5.95
109,936
84.4
103, 999
55, 249

5. 95
98. 186
79.6
99,065
58, 483

5.95
101,422
82.8
100, 687
58, 375

34,358
9, 523
39, 073
37.236
61, 505

33,143
8,796
35, 989
34.613
62, 670

33,616
10, 867
32, 202
32,636
60, 539

36,759
10,470
38,932
37, 983
61,110

76,807
41,103
43, 753
45, 435
59, 739

47, 567
40, 802
48,000
50, 035
57, 752

37,131
28, 444
48, 824
47, 534
58, 878

35.057

38, 245
16,292
45, 429
43,308
67, 765

47, 648
2f>,611
42,007
41, 059
65, 053

149, 067
53, 513
148,857
144,193

137,412
53, 988
134,997
136, 331
105, 986

136,047
53, 252
134,402
135, 433
97, 934

156,797
59, 025
151,608
153, 028

%, 296

252,879
140, 355
160, 380
169,511
95, 979

178,743
142, 261
174,809
180, 657
91,261

155,156
108, 704
176, 037
183,087
SO, 603

150,
93,
165,
168,
78,

064
528
575
365
219

147, 50"
77, 850
173,923
163, 769
86, 656

'35,977 r 38,150
15,620 ' 15,697
' 39,959 r 39, 756
' 37,807 -39. 095
' 64,188 r 64,730
I
131,901 140, 035
65,994
62, 586
149,600 148, 805
142,975 145, 044
90,903
91, 935

259
656
620
502

225,752 I 187,990 j 205,655 I 263,884
251,032 j 231,823 251,279 I 268,947
244,273 211.322 235,304 ! 267,134
176,261 196,762 212,737 I 214,550

22, 011
44. 856
42, 757
61,110

5.95
100,090
83.1
95, 403
59,876

205, 323
111,026
159.001
155,651
92, 309

301, 209
323, 563
334, 441
203, 672

244, 400
250,015
274, 635
187,880

244,655
240, 545
232, 261
196.164

200,174
227, 630
221,743
202,051

235,487
236,975
224,367
214,659

228,163
253,230
267,005
200,884

270,493
280,985
289,260
192,609

253,997
288, 726
287,869
193,466

255,
240,
264,
169,

257, 565
262, 983
50.00
90, 207
88, 912

231, 788
250, 668
50.00
85,872
84, 443

224, 240
216,580
50.00
80,562
84, 628

198, 438
201,991
50.00
74,932
75,354

206,108
195,644
50.00
80,000
79,060

238,667
250,005
50.00
77, 309
78,559

257, 578
282, 581
50.00
78, 591
79,364

240,571
261,667
50.00
78,886
81,410

254, 781
230, 094
50.00
77, 836
78, 283

218, 488
198,760
50.00
84,126
80,959

216,095
181,344
50.00
81, 455
79,972

251,269
176. 887
50.00
85,143
86,930

244,181
224, 401
50.00
86, 277
85, 412

17, 975
247.206
43.312

21, 494
229, 142
39, 251

17, 428
231.165
47, 737

17,006
252, 625
43,459

17. 946
277,624
41,484

16, 696
283,315
47,815

15, 923
285, 333
50,073

13, 399
295, 675
50,704

12, 952
284, 283
43, 948

16,119
285, 776
42, 760

17. 602
278,306
38,061

15,815
246,228
38. 727

16, 6S0
238, 670
42, 329

338, 241
517, 221
204, 249
470, 244
77.1
235, 706

264,348
372, 893
93,643
375,772
64. 2
259, 423

259,996
383, 371
95,058
376, 509
66.6
255,677

255, 830
382, 682
108,427
366, 605
63.9
257, 889

314,316 320,073
454,817 628,272
119,502 I 290, 467
443,226 445,387
75.5
72.4 i
246,219 ' 214,352

365, 396
497, 834
285, 935
506, 466
85.6
218,649

339,335
414, 224
204, 800
482, 808
81.8
215,850

283, 228
393,123
173, 212
429,106
72.6
247, 393

280,033
398,125
140, 269
430, 895
72.1
237, 490

265,066
367,897
115,266
399.970
70.8
241, 242

279, 402
392, 794
110,039 1
406,922
69.1
241. 674

291, 285
4S0,950
166, 830
417, 566
70.9
225. 577

95, 478

80,246

80,115

76,903

86,401

94, 993

102,186

87, 504

74, 389

90, 003

86,712

2, 627
2,430
197

2.624
2; 388
236

2,444
2,242
202

2,635
2,911
276

2,815
3,059
244

3,414
3,171
243

2,997
2,820
177

2,552
2,370
183

2,615
2,444
171

2,403
2.266
137

835
708
127

636
537
99

798
669
129

746
619
127

1,204
966
238

882
772
110

885
786
99

116,935
84
16, 498

128, 583
81
16,466

112,194
76
16, 549

126, 552
78
17,414

137, 299
78
18,947

162, 230
77
20, 284

PAPER PRODUCTS
Coated abrasive paper a n d cloth:
Shipments
reams.
Paperboard shipping boxes:
Shipments, t o t a l .
_
_.mil. of sq. i t Corrugated
do.__
Solid
fiber
do...
PRINTING
Book publications, total
no. of editions.
N e w books
do ._
N e w editions
do__.
Continuous form stationery, new orders
thotis. of sets.
Operations (productive activity)
1923=100.
Sales books, new orders
thous. of books.

746
655
91
142, 780
""18." 537

CRUDE AND SCRAP RUBBEE
Crude rubber:
51, 619
Consumption, totalf
long tons..
For tires and tubes (quarterly)
do
51. 431
Imports, total, including latexf
do
212
Price, smoked sheets (N. Y.)
dol. per 1b...
Shipments, worldf
long tons.. 125, 000
Stocks, world, end of monthf
do
Afloat, total
do...
109, 364
For United States
do
London and Liverpool
do
21,000
British Malaya
_
do
78,485
United States!
do
161, 496
Reclaimed rubberif
15,719
C onsumption
do
Production
do
17,552
Stocks, end of month
do
28, 397
Scrap rubber consumption
do




952 I 681
819 I 569
133 I
112
I 25,530
144,291 134,664 ! 140,463
82 I
86 i
84
19,387 I 15,596 I 18,361

95,362 I 91,707
2,524 !
2,380 i
144

1,023 I
1. 379
805 I 1.126
218 i
2o3
!
27,019
129,162 128.245
86 :
80
15.910
17.399

2,618
2,467
151
953
807
146
137.820
78
17.387

RUBBER AND PRODUCTS
44, 975
45, 886
.166
70, 750
424, 000
96,000
54,046
66,020
74,308
187, 980

34,363
.164
64, 298
401, 000
88,000
51,274
63,878
75,419
173, 493

51,740

37,372
.165
84, 378
411,000
105,000
52,990
57, 234
83,010
1C5, 450

38, 586
.167
92,000
388,000
120,000
66.717
44,917
71,195
152,029

51, 402
102, 646
37, 669
.213
88,000
386, 000
134,0CO
68,310
39, 359
76, 228
136, 824

57,155

55,677

45, 622
.199
115,000
401,000
173,000
100. 500
37,361
71, 662
119,404

42, 586
.202
86.000
382, 000
171,000
114,044
36,671
69,139
105,205

49, 636
115, 695
71, 395
.200
88, 000
379, 000
152, 000
91, 095
31, 000
70,214
125, 800

54, 97!

49,832

43,088
72,496
.188
.196
108, 000 112,000
434,000 430, 000
175,000 193,000
90, 285 112,257
20,000
16,000
96, 478
86,223
142, 363 "•134,328

50,102
92. 937
59, 257
.185
112,000
447,000
211,000
113,619
18,000

50.103

70, 700
.192
93,000
465.000
188'. 000
102, 557
22,000
92, 895
142,462 ! '162, 494

K l 298
j r
• 12,425 I « i3,6C9 r 12,448 r 15.485 r 15. 583 r 17. 423 r 16. 551 ! ' 317 ' 16. 070 r 15,l370 -•15.931
•
< 14,
•
r
IB. 568
• 13,817 r 14,848 r 11. 777 ' 16,401 r 16, 830 ' 19, 549 r 19,417 j '
18,009 r 19.297 ; ' 17.992; r17,234
1
r
!
r 27, 418 ; ' 28. 602 28, 488 I 27, 55S
22, 006 S 22, 976 r 21, 269 '21,402 '21,384 r 21, 694 r 23, 239 '25. 250
43,037 I
34, 204
47, 649
38, 321

61

SURVEY OF CURRENT BUSINESS

JUI.T 1940
Monthly statistics through D e c e m b e r 1937, together with explanatory notes and references
to t h e sources of the data may be found in the
11938 Supplement to the Survey

May

1940

1939

1940

June

May

July

August

SepNovem- December
tember October
ber

January

February

March

April

RUBBER AND PRODUCTS—Continued
TIRES AND TUBES
Pneumatic casings:!
5.415
Production
thousands..
Shipments, total
do
5,720
Original equipment*
do
1,999
Keplacement equipment*
do....
3,626
96
Exports*
do
Stocks, end of month
. . . d o — 10, 576
Inner tubes:|
4,739
Production
do
Shipments, total
do —
4,739
78
Exports*
do ...
Stocks, end of month
do—
8, 243
Raw material consumed:
Crude rubber. (See Crude rubber.)
Fabrics (quarterly)..
.thous. of lb.

4,473
4,800
1,366
3,335

4,976
5,849
1,369
4,367

4,595
5,143
4,264

9,540

8,632

8,103

3,746
4,034

4,249
5,036

3,905
4,150

100

67

8,373

113

66

7,549

794

85

62

7,323

4,289

5,076
5,658
1,219
4,294

5,392
5,161
1,788
3,226

4,865
4,278
1,854
2,276

4,469
4,727
2,613
1,979

4,954
4,270
1,805
2,360

4,888
4,112
1,974
2,037

5,007
4, 346
2,050
2,203

8,691

8,080

8,382

8,918

8,665

9,348

10,124

10, 747

4, 757
4,309

4,457
4,991

5,008
4,948

4,508
3,967

3,784
4,394

4,287
3,827

4,211
3,810

4,400
4,114

5,511
4,990
599

103

65

7,799

62, 737

146

98

7,206

146

108

7,279

148

127

7,710

67, 877

135

92

7,036

105

76

7,634 .

101

71

7,897

75, 799

93

60

8,183

5,106
5,010
2,095
2,827
87
10, 881
4,618
4,543
57
8,258

60, 666

RUBBER AND CANVAS FOOTWEAR
Production, total
Shipments, total
Stocks, total, end of month

thous. of pairs.
do...
do...

5,075
3,862
18, 095

5,033
4,017
19,055

4,866
4,192
19, 729

3, 280
4,894
18,115

5,090
6,213
16,956

4,713
6,452
15, 218

5,332
5,916
14, 619

6,049
5,473
15,195

5,376
4,185
16,388

5,044
6,389
15, 018

0)

0)

5,062
4,761
15,319

4,869
4,532
15, 656

5,128
3,902
16, 881

STONE, CLAY, AND GLASS PRODUCTS
PORTLAND

CEMENT

Price, wholesale, composite
Production
P e r c e n t of capacity
Shipments
Stocks, finished, end of m o n t h .
Stocks, clinker, end of m o n t h

dol. per b b l . .
t h o u s . of bbl__
t h o u s . of b b L .
do
..do

0)

0)

0)

(0

0)

0)

0)

(0

0)

6,205
9,488
28.6
42.9
3,889
6,785
23,449 • 25,760
5,617
5,165

5,040
24.8
4,905
25, 896
6,304

7,917
36.3
7,715
26,120
6, 487

1,043
877

833
788
281

749
710
271

783
781
285

12. 043
183, 201
466,150

12. 083 12.080
167,329 129,252
468, 357 483,173

12.112
58,914
503,967

62, 527
241, 785

64,278
236, 784

15,399
282,992

6,172
1,635

5,439
1,473

5,511
1,478

54,127 37,645
243, 491 257,469
4,271
4,868
1,173
1,337

4,028
1,092

3,658
945

' 4, 781
r
1,165

5,388
1,328

6,386
44, 214

9,038
44,169

8,149
43, 719

8,947
42,192

5,885
42, 261

2,654
43,384

1,089
42, 374

2,096
42,159

2, 525
42, 953

2,897
43, 914

306,435

95,180
305, 242

107, 771
319,464

90,184
316, 376

89, 700
324, 886

88,422
339,038

67,659
362,492

38,882
366,680

49, 606
355, 041 ' 60, 993
351,726

79,128
361,830

4,662
72.0
4,618
8,209

4,593
73.8
4,158
8,572

4,802
71.4
4,766
8,548

4,250
68.3
4,979
7,739

4,891
75.5
4,471
8,061

4,300
69.1
3,884
8,374

4,046
65.0
3,114
9,237

4,263
61.6
3,726
9,601

4,606
69.1
4,231
10, 078

4,584
68.8
4,339
10, 234

()

()
(*)

()

0)

0)

14

'302

12, 367

13, 663
914
56.2

18, 369
1,121
69.1

15, 812
1,143
70.5

1,107
68.2

1,023
63.1

()
12, 369
56.6
13.401
21, 326
5,727

11, 937
56.3
13,104
20,160
5,254

12, 539
57.3
12,829
19,870
4,854

11, 053
52.2
10,147
20,779
4,824

1,027
908

1,168
1,213
376

1,148
1,160
397

1,282
1,215
369

1,022
958
375

12.118
199,945
361, 264

12.059
177,165
393, 393

12.038
189,287
416, 302

12.036
167,348
451, 390

79, 349
256, 825

252, 395

62,658
248, 673

66,906
245,967

4,692
1,274

5,103
1,413

4,899
1,337

6,647
43, 002

6,844
44,079

105,173
307,810

4,516
69.7
4,485
8,293

12, 668
58.0
13, 24,1
24, 775
6,082

11,185
50.9
12, 748
22, 251
5,728

11,953
56.5
12, 715
21, 477
5,797

12,644
57.9
11, 757
22, 361
5,928

790
788
284

762
792
377

814
819
382

12.164

12. 077
209,716
351,155

0)

10, 043
47.4
10, 829
" 25, 348
r
6, 606

CLAY PRODUCTS

Bathroom accessories:
Production
..thous. of pieces..
Shipments._
do
Stocks, end of month
do
Common brick:
Price, wholesale, composite, f. o. b. plant
dol. per thous..
Shipments
thous. of brick..
Stocks, end of month..
do
Face brick:
Shipments
do
Stocks, end of month
do
Floor and wall tile shipments:*
Quantity
thous. of sq. ft_.
Value
thous. of dol..
Vitrified paving brick:
Shipments
thous. of brick..
Stocks, end of month
do
Hollow building tile:
Shipments
short tons
Stocks, end of month
do

726
743
282

12.126
12.124
12.132
84,238 • 120,174
482, 690 ' 449, 425 176, 669
408,110
23,373 r 36, 592
51, 624
281,311 • 279, 900
272, 245

GLASS PRODUCTS
Glass containers:!
Production
thous. of gross.. 4,701
Percent of capacity
70.5
Shipments
thous. of gross..
4,763
Stocks, end of month.
do
10,078
Illuminating glassware:
Shipments, total
thous. of dol..
Residential
do
Commercial
do
Miscellaneous
do
Plate glass, polished, production.thous. of sq. ft. 11, 721
Window glass:
Production
...thous. of boxes.. 1,068
Percent of capacity
65. 8
GYPSUM AND PRODUCTS
Crude:
Imports
short tons.. | Production
do I.
Calcined production
do |.
Gypsum products sold or used:
i
Uncalcined
do. '
Calcined:
Lath
..thous. of sq. f
Wallboard
do
I
Keene's cement
...short tons !
All building plasters
do
j
For manufacturing uses
do
j
Tile
thous. of sq. ft.J
r

4,123
64.3
3, 831
9,807

0)
(2)
()

()

6,212

8,036
729
44.8

720

291,810
845, 524
773, 634

690
42.6

10,450
867
53.4

445, 756
995, 760
840, 245

()
()
18,477
1,189
73.2

530,089
813,129

()

17, 257

13,175

1,413
87.1

1,099
67.7

()

172,869
584, 627
577, 799

244,163

286, 391

230, 207

131, 547

297, 267
113, 721
7,781
486,494
2,5,515
8,581

342,060
102, 400
7,949
533, 790
28, 219
9,026

290,358

235, 890
93,344
5,819
344, 553
29,951
6, 296

98,887
5,955
394, 592
30,898
7,335

l
Revised.
Discontinued b y compilers; data on an index basis appear on p . 20.
« Discontinued b y reporting source.
•New series. F o r d a t a on floor and wall tile beginning 1935, see table 31, p . 18, of the J u n e 1939 S u r v e y . F o r the new series on p n e u m a t i c casings and inner tubes see
tables 27 and 28, p p . 16-18, of the M a y 1939 Survey.
tRevised series. D a t a for p n e u m a t i c casings a n d inner tubes revised for 1936, 1937, a n d 1938; see tables 27 a n d 28, p p . 16-18, of the M a y 1939 Survey. D a t a for glass
containers revised beginning 1936; revisions not shown on p . 53 of the J a n u a r y a n d p . 92 of the F e b r u a r y 1940 issues will appear in t h e 1940 Supplement. T h e changes are
generally minor.




62

SURVEY OF CURRENT BUSINESS

Monthly statistics through December 1937, together with explanatory notes and references
to the sources of the data, may be found in the
1938 Supplement to the Survey.

1939

1940
May

JULY 1940

May

June

July

August

1940

September

October

ber

ber

January

10, 411
10,259
24, 658

11,702
11,149
25, 212

February

March

April

TEXTILE PRODUCTS
CLOTHING
Hosiery:
Production
thous. of dozen pairs..
Shipments
do
Stocks, end of month
do

10, 660
10,108
25,854

11, 796
10,891
23, 789

11,218
10,294
24,773

9,819
9,483
25,133

12,448
12,924
24,681

11,977
12,820
23,861

13,194
13,156
23,923

12,987
12,451
24,482

636,467
Consumption
226
Exports (excluding linters)§
thous. of bales..
14
Imports (excluding linters) §
do
.098
Prices received by farmers
dol. per lb__
.102
Price, wholesale, middling (New York)...do
Production:
Ginnings (running bales)•
thous. of bales..
Crop estimate, equivalent 500-lb. bales.do
352
Movement into sight
do
Stocks, world, end of month*
do
American cotton
do
In the United States
do
On farm and in transit
do
Warehouses
do
Mills
do....
In foreign countries
do
Foreign cotton
_
do

606,090
143
14
.085
.096

578,436
114
12
.087
.099

521,353
107
16
.088
.097

628,448
219
13
.087
.094

624,902
649
10
.091
.093

686,936
886
14
.087
.093

718,721
584
11
.088
.098

137

1,402

6,687

10,085

296
26,155
15, 772
14,171
646
12,393
1,132
1,601
10, 383

328
23, 723
14, 826
13,487
595
11,920
972
1,339
8,897

565
870
21,462
0)
14,030
24, 431
12, 956 23,411
550 •11,031
11, 591 11,774
815
606
1,074
1,020
7,432
0)

2,761
0)
23,475
22, 260
' 7, 286
14,151
823
1,215
0)

28, 470
6, 608

23, 980
5,581

26, 982
7,151

28, 674
6,750

23,878
6,776

30,023
11,189

40,494
11, 774

35, 564
11,859

37, 899
16, 322

33,311
10, 332

33, 346
9,415

34,865
4, 80S

11.37
.047
. 058

9.33
.042
.049

9.84
.045
.052

10.52
.047
.053

11.41
.047
.053

14.56
.054
.063

15.83
.055
.069

14.93
.053
.068

13.61
.053
.066

13.36
.054
.065

12.25
.051
.062

11. 59
.049
.058

11,334
11,422
25,124

11,097 10.679
11,465 ! 10.133
24, 75(3

25. 302

662, 659 626, 331
747
434
37
10
.100
100
109
.111

623 893

COTTON
652, 695 730,143
807
1,027
10
9
.097
.101
.110
.111

11, 276 11, 405
11,112
» 11, 812
2,288
3,093
1,140
798
1,548
0)
0)
0)
0)
0)
22, 413 21, 261 20,144
18,923
15,018
20, 782 19,463
16,369
18,112
r 3, 924 ' 2, 272 r J, 747 ' 1,460 ' 1, 229
12,130
15,457
15,441
14, 554 13, 179 r 1.659
1,734
1,417
1,730
1.811
1,798
1,631
2,554
2, 032
0)
0)
(0
0)

345
11
100
109

11. 477
802

0)
13,928
1. 008
11,373
1,547

0)
12. 943
815
10. 709
1,419

0)

COTTON MANUFACTURES
Cotton cloth:
Exports!
thous. of sq. yd__
Imports!
.do
Prices, wholesale:
Mill margins*
cents per lb__
Print cloth, 64x60
dol. per yd..
Sheeting, unbleached, 4 x 4
do
Finished cotton cloth:t
Production:
Bleached, plain
thous. of yd..
Dyed colors
do
Dyed, black
do
Printed
.
do
Spindle activity:
Active spindles
thousands _.
Active spindle hrs., total
mil. of hrs_.
Average per spindle in place
hours__
Operations!
pet. of capacity..
Cotton yarn, wholesale prices:
22/1, cones (factory)
dol. perlb..
40/s, southern spinning, Boston*
do

131,715 127,104
98, 292 89,020
5,782
5,843
108, 736 90, 265

127,634 137, 722 153,025
90, 267 102, 281 106,678
6,543
7,305
8,056
87, 281 99, 242 113,380

173, 256 165, 624 152,215
120,460 123,154 109,419
8,322
6,516
5,524
124, 201 117,393 113,100

139, 289 129,174 127, 278
101,511 100, 707 103, 328
5,060
4,581
4,597
111, 666 106, 916 110, 882

22, 217
8, 040
324
89.4

21,970
7,573
297
81.9

21, 771
7,399
290
82.5

21,939
6,621
262
81.9

22,012
7,908
313
85.1

22,232
7,695
306
92.5

22,659
8,581
342
97.9

22, 774
8,803
353
101.3

22, 778
8,040
322
100.7

22, 872
9,223
369
102.6

22, 804
8,266
331
99.6

. 338

.228
.303

.235
.303

.238
.313

.240
.315

.266
.351

.277
.365

.279
.378

.274
.378

.272
.375

.255
.350

22, 555
7.921
317
94.4
.248
.344

34, 948
5,813
11.04

. 050
.059
127,614
97, 199
4.776
103,563
22, 301
8,012
321
92.1
228

EAYON AND SILK
Rayon:
828
924
825
679
870
827
963
925
811
791
897
925
827
Deliveries, yarn, unadjustedf.—1923-25=100..
571
4,159
3,503
4,062
1,962
3,322
3,423
3,108
6,750
5,677
1, 279
5,104
2,607
Imports!
thous. of lb_.
Price, wholesale, 150 denier, first quality
.53
.51
.51
.52
.53
.51
.53
.53
.53
.53
.53
.53
.53
(N. Y.)
dol. perlb .
12.2
33.3
26.4
6.4
19.3
9.4
10.4
41.7
13.1
8.3
7.0
Stocks, yarn, end of mo.*
mil. of l b . . .
' 11.7
7.7
Silk:
26, 256 26,134
33,095 36,869 41, 858 32, 241 21,128 29,506
22. 485 21,685
21, 740
Deliveries (consumption)
bales .. 18, 997 26,150
2,614
4,495
7,262
5,322
2,494
2,925
4,050
6,936
3,592
2.213
4,972
2,175
5,423
Imports, raw
thous. of lb..
Price, wholesale, raw, Japanese, 13-15 (N. Y.)
2. 791
2.534
2.641
3.921
2. 681
3.271
3.061
3.394
3.683
dol. perlb..
Stocks, end of month:
73, 348 81,060 89,160 89,135
92, 527 109,110 87,025
85. 798
83, 306 87, 087
Total visible supply
bales.. 92, 485 61, 601 60,709
43, 285 24, 201 19, 209 25, 748 25,060
42. 698
27, 760 35,935 41,927
55, 610 59, 225 50, 306 45, 887
United States (warehouses)
do
WOOL
22, 065
16, 709 29,625
19,832 22, 909 26, 035 45,082 37, 212 38, 529
14, 771 14,054
Imports (unmanufactured)!
thous. of lb._ 18, 466 20,542
Consumption (scoured basis) :^
17,471
17, 065 20, 244 23, 772 27,489
24, 707 25,006 33,984 26,436
22, 378 28,189
21, 302 17, 709
Apparel class
do
6,291
7,984
7,665
6, 524
5,852
9,604
8,847
11, 274
9,238
9,703
Carpet class
do
8, 544
7, 340
8,658
Operations, machinery activity (weekly average):! t
Looms:
Woolen and worsted:
1, 761
1,792
2,046
1,129
1,209
1,577
1,551
2,041
1,587
1. 0S8
1,790
1,853
Broad
thous. of active hours..
82
78
52
58
69
84
96
58
80
69
72
103
69
Narrow
do
183
197
152
196
221
195
179
147
185
200
186
176
213
Carpet and rug
do
Spinning spindles:
60,724 63, 346 72,136
73, 650 77, 201 74,172 81, 686 80, 428 74, 381 73,328
70, 764 • 55, 888 54, 658
Woolen.
_
_
do
51,173
61, 167 79,174 82, 889 71, 432 77, 654 81, 961 106,185 103,487 84,179 71, 344 67, 472 51, 750
Worsted
do
132
136
168
144
133
100
94
117
157
137
127
Worsted combs
do
87
144
Prices, wholesale:
.72
1.02
1.06
.89
1.09
.69
.71
1.02
1.06
Raw, territory, fine, scoured
dol. perlb..
.32
.32
.45
.49
.47
.46
.36
.30
.43
.37
.33
.39
Raw, Ohio and Penn.
fleeces
do
.35
Suiting, unfinished worsted, 13 oz. (at fac1.683
2.178
1.931
2.178
1.683
1.683
1.906
2.178
2.178
2.116
tory)
dol. per yd..
1.931
1.683
1. 931
Women's dress goods, French serge, 54" (at
1.163
1.163
1.015
1.015
1.101
1.188
1.015
1.163
1.188
1.188
1.114
1.015
mill)
dol. per yd_.
1.158
Worsted yarn, 32's, crossbred stock (Boston)
1.53
1.45
1.13
1.38
1.13
1.46
1.42
1.30
1.13
1.34
1.29
1.15
dol. per lb__
1.30
h
'1 Revised.
As of December 1.
•Total ginnings to end of month indicated.
Data not available since the outbreak of the war.
JSee note marked with a "%" on p. 54 of the July 1939 Survey.
IData for July and October 1939, January and April 1940 are for 5 weeks: other months, 4 weeks.
fRevised series. Cotton spindle activity revised beginning August 1933; see table 18, p. 18, of the March 1939 issue. Data on rayon deliveries revised beginning January
1936; revisions not given on p. 94 of the February 1939 Survey will appear in a subsequent issue. Data on cotton cloth exports revised beginning 1913; see table 48, p. 17, of
the November 1939 issue. Wool machinery activity revised for 1939, revisions not shown on p. 54 of the May 1940 Survey will appear in a subsequent issue.
*New series. The data on cotton stocks shown here are compiled by the New York Cotton Exchange and replace the data compiled by the Commercial and Financial

for the series formerly shown, which was on basis of number of months' supply. Figures beginning January 1930 appear in table 22, p. 18, of the April 1940 Survey. The series
on cotton yarn, southern, single, carded, 40/s cones, at Boston has been substituted for the New Bedford series formerly shown, which has not been available since August 1934.
The
to
1939 was computed from the Boston price on basis of the relationship expressed between the two series in
 New Bedford price for the period September 1934 be Octoberin a subsequent issue.
1933. Monthly data 1933-38 for the Boston series will
shown
§Revised series. Data revised for 1937; see tables 19 and 20, pp. 14 and 15, of the April 1939 Survey.
http://fraser.stlouisfed.org/

Federal Reserve Bank of St. Louis

63

SUEVEY OF CURRENT BUSINESS

JULY 1940

Monthly statistics through December 1937, together with explanatory notes and references
to the sources of the data, may be found in the
1938 Supplement to the Survey.

1939

1940
May

May

June

July

August

1940

SepNovem- December
tember October
ber

January

February

March

0)
3,247

0)
5.342
(0

April

TEXTILE PRODUCTS—Continued
WOOL—Continued
Receipts at Boston, total.
thous. of lb..
Domestic
.
do
Foreign
. _.
do___.
Stocks, scoured basis, end of quarter, total
t.hnns of lb
do
Woolen wools, total
Domestic
do .
do
Foreign
do
Worsted wools, total
do
Domestic
do
Foreign

31,759
25, 214
6,544

31, 461
25, 641
5,820

55, 614
51, 401
4,213

65,355
51,247
4,109

39, 228
35,287
3,941

123,096
39,602
31,357
8,245
83, 494
63,128
20, 366

24,410
19, 046
5,363

11,991

(0

0)

5,601
0)

118, 514
40,997
32,201
8,796
77, 517
57, 260
20, 257

0)
4,678
0)

0)
4,040
0)

0)

13, 553
8,104
5,449

96,149
41, 534
27,980
13, 554
54, 015
22, 250
32, 365

109, 533
44, 286
31,102
13,184
65,247
29 776
35,471

MISCELLANEOUS PRODUCTS
Buttons, fresh-water pearl:
Production
pet. of capacity
Stocks, end of month
thous. of gross._
Fur, sales by dealers..<
. . . thous. of doL
Pyroxylin-coated textiles (cotton fabrics) :t
Orders, unfilled, end of mo..thous. linear yd..
Pyroxylin spread
thons. of lb
Shipments, billed .
thous. linear yd.

40.5
6,541
3,684

25.6
6,280
2,695

28.6
6,232
2,686

26.3
5,873
2,405

32.1
5,681
3,155

40.4
5,697
3,155

46.5
5,784
2,660

44.0
5,927
2,250

30.4
6,014
1,285

35.7
6,403
3,273

34.9
6,431
4,402

38.8
6,498
4.137

41.0
0,539
3,525

2,040
4,102
4,515

1,887
4,727
4,759

2,087
4,710
4,387

2,243
4,351
3,971

2, 415
5,581
5,143

4,562
6,243
5,807

3,578
6,371
6,482

3,132
5,413
5,556

2,797
5,038
5,148

2,886
5,131
5,061

2,398
4,930
4,862

4, 709
4,978

2. 118
4,772
5, 006

TRANSPORTATION EQUIPMENT
AIRPLANES
Production, totali
Commercial (licensed)
For export.

number.
..do...
do...

474
318
156

523
374
149

482
360
122

579
441
138

453
391
62

482
439
43

406
344
62

565
271
294

447
241
206

420
250
170

4,265
1, 521

5,480
4,075

6,027
4,630

4,821
3,040

6,154
4,804

1,913
934

1,202
586

4,874
2,386

4,901
1,947

4,980
2,258

4,776
2,611

4,782
2,797

730
443

17, 183
9,307
7,876

25,220
14,430
10,790

27,087
16,213
10,874

19,183
8,375
10,808

11, 592
3,985
7,607

7,834
4,493
3,341

18,140
9,461
8,679

19, 676
10,678

22, 688
11,885
10, 803

23, 032
13. 476
9,556

20,145
9,837
10,308

2f>, 497
10, 863
15, 634

15, 793
8. 184
7,609

141, 790
78, 587
62,449
754
145. 457

138, 572
76, 249
61, 701
621
122, 684

121, 737
67, 000
54,192
545
100, 490

116,748
62, 074
54,103
571
47,058

94, 316
46, 586
47, 313
417
65, 310

109, 793
59, 525
49. 734
534
130, 332

113,941
64, 000
49, 463
478
134,922

119, 637
69, 705
49,408
524
179, 930

105,277 110,371 143, 483
59,160 60, 395 83, 054
45, 617 49, 487 59, 879
489
500
550
189,184 187,466 212. 331

165, 304
96, 272
68. 386
646
216, 818

79
37, 619

76
35, 501

90
37,606

75
35, 527

76
38,821

77
35,804

77
38,471

67
33, 737

76
37, 869

21, 277
12, 677
391, 215
325,676
65,539
1,744

15, 706
11, 585
297,542
237,870
59, 672
1,244

14,515
10,585
309, 738
246, 704
63,034
1,020

'9,241
5,112
209, 359
150, 738
58,621
681

3,475
1,068
99,868
61, 407
38,461
971

' 3,922
3,494
188, 757
161,625
27,132
1,585

11,297
7,791
313, 392
251,819
61, 573
1,882

16, 756
9,882
351, 785
285,252
66, 533
1,783

' 16, 976
••11,054
452,142
373, 804
78,338
2,071

2 341,791
2 50, 630

280,834
45,381

243, 741
40, 482

229, 308
44, 747

182, 633
43, 523

141, 633
32, 983

212, 586
37, 923

231, 571
41, 286

246, 544
37, 460

165,820
185, 548
171, 024

129,053
128,453
112,868

124, 618
139,694
124,048

102,031
84,327
71,803

76,120
12,113
7,436

56, 789
53,072
47,606

110, 471
144,350
129,821

162,881
200, 071
180,133

156,008 120, 809 123,874 174, 625
207, 637 181, 088 174,572 193, 522
188, 839 164,925 160, 458 181, 066

489 I
298 !
191 !

233

AUTOMOBILES

Exports:
Canada:
Assembled, total
number..
Passenger cars
do
United States:
Assembled, total§
do
Passenger cars§.
do
Trucks§
do...
Financing: f
Retail purchasers, total
thous. of dol_.
New cars
_
do
Used cars
do
Unclassified
do
Wholesale (mfrs. to dealers)
do
Fire-extinguishing equipment, shipments:
Motor-vehicle apparatus
number..
Hand-type
do
Production:
Automobiles:
Canada, total
do
Passenger cars
do
United States (factory sales), total...do....
Passenger cars
.
do
Trucks
do....
Automobile rims
.thous. of rims..
Registrations:
New passenger cars
number..
New commercial cars
do
Sales (General Motors Corporation):
To consumers in U. S
.do
To dealers, total*
do....
To U. S. dealers
do....
Accessories and parts, shipments:
Combined index
Jan. 1925=100.
Original equipment to vehicle manufacturers
Jan. 1925=100..
Accessories to wholesalers
do
Service parts to wholesalers
do
Service equipment to wholesalers
do
RAILWAY EQUIPMENT
(Association of American Railroads)
Freight cars, end of mo.:
Number owned
thousands..
Undergoing or awaiting classified repairs
thousands. .
Percent of total online
Orders, unfilled
cars..
Locomotives, end of mo.:
Undergoing or awaiting classified repairs
number.Percent of total on line
_
Orders, unfilled
number..

59
31,824

74
30,600

68
35, 358

65
34,135

19, 687
17, 213 IS, 193 16, 612
13. 487
12, 579 12, 779 12,025
432, 279 404, 032 423, 620 432. 746
362,897 337,756 352,922 362.139
69,382 66, 276 70, 698 70.607
2,164
1. 823
1,918
1,850
260, 216 224, 625 312, 371 2 348,632
45,650 41, 336 53, 093 2 54. 831
183, 481
196, 747
183, 900

128

125

110

117

128

146

135

143

178

156

104

162
89
172
131

120
115
154
108

115
113
166
108

94
113
154
97

96
104
166
106

133
94
173
106

159
106
183
101

154
107
167
91

177
101
127
87

201
91
141
104

167
86
145
118

158
139

178
91
174
140

1,649

1,657

1,654

1,653

1,650

1,644

1,642

1,641

1,638

1,640

1,643

1,645

1, 048

164
10.2
15,0?9

231
14.2
9,261

223
13.7
10, 062

229
14.0
8,448

225
13.8
8,754

195
12.1
23,028

168
10.4
28,906

159

154
9.6
37,049

155
9.6
34, 509

155
9.6
28,112

155
9.6
21, 112

160
9. 9
17,400

6,781
16.8

8,640
20.6
63

8,382
20.1
60

8,059
20.3
72

8,337
20.0
63

8,125
19.6
68

7,558
18.3
64

6,985
17.0
44

6,507
15.9
51

6,324
15.5
77

6,496
16.0
70

6, 604
16.2
59

0. 075
10. 4
54

(17. S. Bureau of the Census)
Locomotives:!
r
r
152
158
150
146
' 139
151
184
' 155
Orders, unfilled, end of mo., total..number._
122
136
165
' 170
r
126
Domestic, total
do
160
143
146
113
' 144
140
' 108
118
132
140
112
'79
Electric
do
56
80
92
100
86
113
72
90
110
r 80
Steam...
_
.do
63
21
70
60
27
35
46
42
30
40
28
f
Revised.
i Not available.
2 Exclusive of Oklahoma.
*New series. Data represent sales of United States and Canadian factories only; disrontinued series included sales of overseas subsidiaries, which are no longer available.
Data on the new basis appear in table 10, p. 12, of the March 1940 issue.
t Revised series. Data on pyroxylin-coated textiles revised beginning January 1938; see note marked with a "f" on p. 55 of the November 1939 Survey. Data on shipments
and unfilled orders, locomotives, revised beginning January 1939 on the basis of a more definite segregation between railroad locomotives shown above and mining and industrial electric locomotives shown on p. 64. Quarterly data beginning 1939 are available from the Bureau of the Census for Diesel-electric, Diesel-mechanical, and gasolinemechanical or
 steam locomotives, in addition to the data for industrial electric locomotives shown on p. 64 which are for trolley or third-rail and storage-battery locomotives.
Data on automobile
1940 Issue.
http://fraser.stlouisfed.org/ financing revised beginning 1933, see table 11, p. 13, of Marchrevised for 1937; see table 19, p. 14, of the April 1939 Survey.
f Excludes military planes for domestic use.
§Revised series. Data
Federal Reserve Bank of St. Louis

64

SURVEY OF CURRENT BUSINESS

Monthly statistics through December 1937, to- 1940
gether with explanatory notes and references
to the sources of the data, may be found in the
May
1938 Supplement to the Survey

JULY 1940

1939
May

June

July

August

1940

September

October Novem- December
ber

January

February

March

April

TRANSPORTATION EQUIPMENT—Continued
RAILWAY EQUIPMENT-Continued
(U. S. Bureau of the Census)
Locomotives—Continued.1
Shipments, domestic, total...
.number..
Electric
do
Steam
do
Industrial electric (quarterly):
Shipments, total
..do
For mining use
do
(American Railway Car Institute)^
Shipments:
Freight cars, total
number..
Domestic
do
Passenger cars, total
do
Domestic
do
(U. S. Bureau of Foreign and Domestic Commerce)
Exports of locomotives, total §
number..
Electric§
do
Steam .._ . .
.
do

INDUSTRIAL ELECTRIC TRUCKS
AND TRACTORS

Shipments, total.
number.
Domestic
do
Exports
...do
WORLD SHIPBUILDING
j
(Quarterly)
\
Launched:
|
Number
ships..;
Tonnage
thous. gross tons..|
Under construction:
|
Number
_
ships. _|
Tonnage
thous. gross tons__!_--

47 I

35 j

24

28
19

32 j
3

1

44
38

87
3,260
3,060
6
8

279
279
15
15

2,149
2,148
9

20
18
2

21
7
14

882

10

799
740
22
22

1,160
1,110
12
12

2,616
2, 616
54
54

4,366
4,136
36
36

5,160
5,083
0
0

5,242
5,142
14
14

6, 588
6.488
4
4

1
1
0

9
8
1

13
12
1

11
10
1

4
3
1

13

16
10
6

129
93
36

813
804

140
99
41

152
118
34 I

131
112
19

125
119
6

132
119
13

147
137
10

249
549

0)
0)

719
2, 859

8

0)
(*)
0)
0)

5,900
5,400
1
1

109
98
11

0)
0)
0)
0)

CANADIAN STATISTICS
Physical volume of business:
121.4
121.4
120.5
133.3
138.6
125.8
133. 1
Combined index c?—
.1926=100
125.2
131.2
123.0 ! 151.0
Industrial production:
145.2
139.7
124.4
123. 9
128.3
139.0
136.2
127.5
127 0 j 159.8
123.3
138.2
Combined indexcf.
do...
59.6
53.6
40.3
61.6
59.7
48.6
43.2
61.2 I
48.9
97.4
Construction
do...
61.7
52.1
235.6
239.8
241.1
245.6
248.1
239.0 j
235.5
247.1
246.0
238.8
Electric power.
do...
239.2
243.4
112.3
134.2
116.5
143.7
136.9
123.3
113.3
142.4
121. 3
112.9
Manufacturing $
do. _
136.9
146.8
114.2
125.4
126.4
128.7
119.0
112.6
152. 0
139.3
120.6
130.7
Forestry
do..
127.6
142.4
238. 5
194.2
200.9
233.2
223.2
236.7
185.7
232.7
318.7
228.9
Miningcf
do...
202.4
215.6
Distribution:
118.4
114.3
115.8
115.9
118.3
116.8
111.5
112.9
110.6
119.1 ! 119.7
125. 7
Combined index
do j
84.0
73.4
84.6
95.6
80.0
83.1
71.3
76.8
82.0
82.6
86.7
81.1
Carloadings
do j
96.8
169.5
114.3
106.3
120.3
122.1
123.7
130.5
112.8
106.9
122.8
118.1
Exports (volume) tc?do !
136. 6
102.1
83. 5
107.4
87.7
86.1
10S.1
109.7
102.0
99.7
91.2
93.2
Imports (volume) cf
do j
140.4
137.3
139.6
141. 7
137.5
137.1
141.8
139. 3
138.0
138.3
138.0
135.9
Trade employment
do i
Agricultural marketings:
|
101.3
60.4
36. 7
96.5
112.4
174.4
134.8
40.5
76.8
101.3
151.1
102.6
Combined index
do I
29. 2
53. 4
105.7
96.0
148.0
33.8
107.1
196.5
105.9
76.5
117.7
166.2
Grain
do
70.1
91.7
83.2
70.5
75.2
99.6
81.9
75.7
87.5
78.3
Livestock
do
75.6
Commodity prices:
r 85. 7
86.0
85.1
82.9
84.7
83.1
83.0
85.3
85.0
83.1
82.9
Cost of living
do
85.1
85.7
82.1
83.1
72.6 |
72.4
82.8
83.2
79.3
80.3
81.7
73.7
Wholesale prices
do
73.3
82.6
78.2
Employment (first of month):
116.2
114.4
111.9
113.5
119.6
123.6
114.3
115.8 j 117.5
121.7
106.2
113.1
122.7
Combined index..
do
68.8
152.2
117.6
68.4
58.1
55.4
59.6
131.5
94. 2
115.3
133.1
146.3
93.8
Construction and maintenance
do
118.2
115.3
122.1
125.7
123. 4
119.7
108.4
111.4
112.8
122.2
122.6
111.3
120.5
Manufacturing
do
168.0
171.0
\ 64. 5
164.7
164. 4
155. 8
160.5
165.6
170.3
171.3
168.4
167.1
164.1
Mining.
do
138. 2
151.7
135.2
136.1
133.4
133.2
141.8
149.8
132.9
133. 7
147.6
131.8
132. 6
Service
do
134.9
140.2
138. 3
137.6
135.1
136. 6
135.5
138.6
144.7
149.9
134.9
137.4
136.4
Trade
do
90.0
90.6
94.8
81.4
86.5
87.5
89.7
84.5
82.8
88. 8
87.6
83.3
83.0
Transportation
do
Finance:
2,832
2,899
2,839
Bank debits
mil. of dol..
100
132
154
89
Commercial failures*
number...
Life insurance sales, new paid for ordinary!
37,117
34, 677
thous. of dol.. 31, 779
Security issues and prices:
50, 590 268,083
New bond issues, total
do
78.3
76.5
Bondyieldsf
1926=100__
100.1
106.0
Common stock prices
do
Foreign trade:©"
82, 457 91,419
Exports, totalt
thous. of dol..
15, 641
16, 849
Wheat
thous. of bu._
417
444
Wheat flour
thous. of bbl..
73, 564
79, 053
Imports
thous. of dol..
Railways:
295
270
Carloadings
thous. of cars
Financial results:
42, 960
39, 681
Operating revenues
thous. of dol
29, 571
26, 985
Operating expenses
do_..
11,222
12, 049
Operating income
do
Operating results:
3,753
4,800
Revenue freight carried 1 mile-mil, of tons
115
153
Passengers carried 1 mile
mil. of pass
Production:
Electrical energy, central stations
mil. of kw.-hr
Pig iron
thous. of long tons
Steel ingots and castings
do
Wheat flour
thous of bbl
Data not available since the outbreak of the war
tbreak
war.
_ ^See footnote marked with a "f" on p. 63
f
Revised.
vised
S
d f 1937
bl 19 14, A i l
1
*New series. Data beginning January 1934 appear in table 54, . 18, November 1939 issue. §Revised series. Data revised for 1937; see table 19, p. 14, April 1939 S
18,
b
t
evisions not shown on p. 56 of the September 1939 Survey will app
appear i a subsequen i u e R
in
tData on life insurance sales re vis beginning January




U. S . G O V E R N M E N T P R I N T I N G O F F I C E : 1 9 4 0

ENDEX TO MONTHLY BUSINESS STATISTICS
CLASSIFICATION, BY SECTIONS
Monthly business statistics:
Page
Business indexes
27
28
Commodity prices
29
Construction and real estate
31
Domestic trade
_ __
Employment conditions and wages „
33
38
Finance _
44
Foreign trade _ _
Transportation and communications.
45
Statistics on individual industries:
46
Chemicals and allied products
48
Electric power and gas
49
Foodstuffs and tobacco
53
Fuels and byproducts. _
54
Leather and products __
55
Lumber and manufactures
Metalg and manufactures:
56
Iron and steel
Nonferrous metals and prod57
ucts
Machinery and apparatus
58
59
Paper and printing
60
Rubber and products
61
Stone, clay, and glass products
62
Textile products
63
Transportation equipment
64
Canadian statistics

CLASSIFICATION, BY INDIVIDUAL
SERIES
Page
Abrasive paper and cloth (coated)
60
Acceptances
38
Accessories—Automobile
63
Advertising
31
Agricultural products, cash income received
from marketings of
28
Agricultural wages, loans
37,38
Atr-conditionirlg equipment
58
. Airmail
31
Airplanes
46, 63
Alcohol, denatured, ethyl, methanol
46
Aluminum
57
Animal fats, greases
47
Anthracite mining
. . . . 27,34,36,53
Apparel, wearing
28,32,33,34,35,36,37,62
Asphalt
54
Automobiles. _
. . . 27,31,32,33,35,36,37,63
Babbitt metal
57
Barley
50
Bathroom accessories
61
Beef and veal
51
Beverages, fermented malt liquors and distilled spirits
49
Bituminous coal
27, 28,34,36, 53
Boilers
_
56,57
Bonds, prices, sales, value, yields
38,43
Book publication
60
Boxes, paper__
.
60
Brass
58
Brick
.
61
Brokers' loans38
Bronze
58
Building contracts awarded
29,30
Building costs..
30
Building materials
28, 55, 61
Building permits issued
29, 30
Butter
.
49
Canadian statistics
64
Canal traffic...
45,46
Caady
_
52
Capital
flotations
41,42
Carloadings
45
Cattle and calves
__
51
Cellulose plastic products
48
Cement
27,61
Chftin-store sales
32
Cheese
49
Cigars and cigarettes
52,53
Civil-service employees
34
Clay products
33,35,36,37,61
Clothing
28,32,33,34,35,36,37,62
Coal
27,28,34,36,53
Cocoa
_
52
Coffee
52
Coke
53
Collections, department stores
32
Commercial failures
39
Commercial paper
38
Construction:
Contracts awarded, indexes
29,30
Costs
30
Highways
30
Wage rates
37
Copper
57
Copra and coconut oil
47
Cost-of-living index
28
Cotton, raw and manufactures
28,29,62
Cottonseed,
47
 cake and meal, oil



Page
Crops
_„_
27,28,50,51, 52,62
40
Currency in circulation
,
Dairy products.28, 49,50
38
Debits, bank
40
Debt, United States Government
Delaware, employment, pay rolls
___ 34, 35,37
32
Department-store sales and stocks
_„
39
Deposits, bank
. .
35
Disputes, industrial
43
Dividend payments..
Earnings, factory, average weekly and
36,37
hourly
28,52
Eggs
_
59
Electrical equipment
Electric power, production, sales, revenues. „ 48,49
Employment:
34
Cities and States
.__
34
Nonmanufacturing
46
Emigration
57
Enameled ware
30
Engineering construction
40
Exchange rates, foreign
40
Expenditures, United States Government
46
Explosives
44.45
Exports
.
35.36
Factory employment, pay rolls
33,34,
28
Fairchild's retail price index
45
Fares, street railways
28
Farm prices, index
,__
40,41
Federal Government, finances
30.37
Federal-aid highways
38
Federal Reserve banks, condition of
Federal Reserve reporting member bank
38
statistics
.__.._
47
Fertilizers
.
,_
63
Fire-extinguishing equipment
31
Fire losses
47,52
Fish oils and fish
48
Fl axseed
55
Flooring, oak, maple, beech, and birch
51
Flour, wheat
. .
Food products
_ 28,33,34,36, 37.49
Footwear
.„
54, 55,61
31
Foreclosures, real estate
58
Foundry equipment
45
Freight carloadings, cars, indexes
63
Freight cars (equipment).
45
Freight-car surplus
„
28.50
Fruits
58
Fuel equipment
, _ _.
53,54
Fuels
56
Furniture
49
Gas, customers, sales, revenues
53,54
Gas and oil fuels
54
Gasoline
.
52
Gelatin, edible
63
General Motors sales
Glass and glassware
27, 33, 35,36 ,37,61
54
Gloves and mittens
40
Gold
31
Goods in warehouses
Grains
28,42: 50.51
61
Gypsum
29,54
Hides and skins
51
Hogs
_
31
Home loan banks, loans outstanding
31
Home mortgage insurance
62
Hosiery
Hotels.I_IIIII.II
l-l
I 34,36.46
Housing
28;,30,31
Illinois, employees, factory earnings
34, 35,37
44,45
Imports
27
Income payments
40
Income-tax receipts
31
Incorporations, business
27
Industrial production, indexes
,__
32
Installment sales, New England
39
Insurance, life
38
Interest and money rates
27,56
Iron ore, crude, manufactures
54
Kerosene
35
Labor turn-over, disputes
51
Lamb and mutton
.
51
Lard
Lead
„
27. 57,58
Leather
27,29,33,34,35,36, 37,54
48
Linseed oil, cake, and meal
28,51
Livestock
Loans, agricultural, brokers', real estate. 31, 38,41
45
Local transit lines
63,64
Locomotives .
62
Looms, woolen, activity
54
Lubricants
Lumber
28,33,35 : 36, 55
62
Machine activity, cotton, wool
58
Machine tools, orders
Machinery
33,35, 36,58
31
Magazine advertising
27
Manufacturing indexes
28
Marketings, agricultural
34,35
Maryland, employment, pay rolls
34,35
Massachusetts, employment, pay rolls
Meats
37 ,28,51
Metals
27,29,33,35,36 37,56 ,57,58
46
Methanol
40
Mexico, silver production
49,50
Milk
Minerals
.
27,34,36 ,53,57
Naval stores
47
Netherlands, exchange rates
40
New Jersey, employment, pay rolls
, 34,35

Page
Newsprint..
_
60
New York, employment, pay rolls, canal
traffic
34,35,45
New York Stock Exchange
43,44
Oats
50
Ohio, employment
34
Ohio River traffic
46
Oleomargarine
48
Oils and fats
47,48
Paint sales
48
Paper and pulp
29,33,34,35,36,37,59,60
Passenger-car sales index
32
Passengers carried, street railways
45
Passports issued
46
Payrolls:
Factory
35,36
Factory, by cities and States
35
Nonmanufacturing industries
36
Pennsylvania, employment, pay rolls
34,35
Petroleum and products
27,
29,33,34,35,36,37,53,54
Pig iron
56
Porcelain enameled products
57
Pork
51
Postal business
31,32
Postal savings
39
Poultry
28,52
Prices:
Retail indexes
28
World, foodstuffs and raw material
29
Printing
33,34,35,36,37,60
Profits, corporation
40
Public relief
37
Public utilities
40,42,43,-44
Pullman Co__
46
Pumps
58,59
Purchasing power of the dollar
29
Pyroxylin coated textiles
63
Radiators
, _ - 56,58
Radio, advertising
_
.
__
31
Railways: operations, equipment, financial
statistics
45,46,63,64
Ranges, electric
59
Rayon...
62
Reconstruction Finance Corporation, loans
outstanding
41
Refrigerators, electric, household
59
Registrations, automobiles.
63
Rents (housing), index
28
Retail trade:
Automobiles, new, passenger
32
Chain stores:
5-and-10 (variety)
32
Grocery
32
Department stores
32
Mailorder
32
Rural general merchandise
33
Rice
50
Roofing
48
Rubber, crude, scrap, footwear, tires
27,
28,33,34,35,36,37,60,61
Savings deposits
39
Sheep and lambs
51
Shipbuilding
64
Shoes
29,33,34,35,36,37,54,55
Silk
- - 28,29,62
Silver
27,40
Skins
54
Slaughtering and meat packing
27,
33,34,35,36,37
Spindle activity, cotton
62
Steel, crude, manufactures. 27,29,33,35,36,56,57
Steel, scrap, exports and imports
56
Stockholders
44
Stock indexes, world
28
Stocks, department stores
32
Stocks, issues, prices, sales
43,44
Stone, clay, and glass products
33,35,36,37,61
Sugar
28,29,52
Sulphur,
.
46
Sulphuric acid
46
Superphosphate
47
Tea
28,29,52
Telephone, telegraph, cable, and radiotelegraph carriers
.
46
Textile products
62,63
Tile, hollow building.
61
Tin
28,29,58
Tobacco
27,34,35,36,37,52,53
Tools, machine
58
Trade unions, employment
34
Travel
46
Transit lines
45
Trucks and tractors, industrial, electric
64
United States Government bonds
43
United States Steel Corporation
44,57
Utilities
40,42,43,44
Vacuum cleaners
59
Variety-store sales index
32
Vegetable oils
47,48
Vegetables
28,50
Wages
36,37
Warehouses, space occupied
31
Waterway traffic
„
45,46
Wholesale prices
28,29
Wire cloth
58
Wisconsin, employment, pay rolls, and
wages..
34,35,37
Woodpulp__
59
Wool
62,63
Zinc
27,58