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JULY IMS
SURVEY OF
CURRENT
BUSINESS
UNITED STATES DEPARTMENT OF COMMERCE
BUREAU OF FOREIGN AND DOMESTIC COMMERCE
SURVEY OF
CURRENT BUSINESS
JULY 1943
ECONOMIC HIGHLIGHTS...
2
THE BUSINESS SITUATION.
3
3
5
8
9
11
Production and Manpower
Steel.
Paper Situation
;
Federal Finance
Wholesale Prices and the Cost of Living
WARTIME SAVINGS AND POST-WAR INFLATION
13
IMPACT OF THE WAR UPON SMALLER MANUFACTURING
PLANTS
19
INCOME IN SELECTED PROFESSIONS.
25
STATISTICAL DATA:
Monthly Business Statistics.
General Index
S-l
Inside back cover
Published by the Department of Commerce, JESSE H. JONES, Secretary, and issued through
the Bureau of Foreign and Domestic Commerce, 0. P. HOPKINS, Acting Director
Volume 23
Number 7
Subscription price of the monthly SURVEY OF CURRENT BUSINESS, 31.75 a year. Single-copy price: Monthly, IS cents;
Foreign subscriptions, 32.50, Price of the 1942 Supplement is 50 cents. Make remittances only to
Superintendent of Documents, U. S. Government Printing Office, Washington, D« C.
533856—43
1
SUEVEY OF CURRENT BUSINESS
July 1943
Economic Highlights
Independent Grocers Have Taken Business From
Chains
Inventories Cannot Cushion Consumption Much
Longer
Since early 1942, independent grocery stores have been rapidly
taking business from chains. Independent grocers' dollar sales
increased 31 percent from January-May 1942 to the same period
this year while sales of chains declined 3 percent. Chains in
Sales and inventories of apparel (including shoe) stores have
diverged widely in 1943. Inventories followed sales with some
lag during the years 1939 through 1942. In the first quarter
1943, however, sales shot upward and topped those of the first
INDEX, 1935-39=100 (RATIO SCALE)
K.
n
200
175
150
INDEX, 1ST QUARTER 1939=100
225
200
CHAIN
INDEPENDENT
100
I.I lUlLJ
1942
75
1943
1939
D.O. 43 -279
1940
Sales of Chain^'and Independent Grocery Stores, Adjusted for Seasonal
Variation.
Sales and Inventories of Retail Apparel Stores, Adjusted for Seasonal
Variation.
May accounted for 33 percent of grocery store sales, compared
with a peak of more than 40 percent in early 1942.
This trend is in sharp contrast to that in 1940-41 when chains
gradually increased their share of grocery business from 37 to 39
percent. In early 1942 the buying rush on canned goods (strongly
felt at chains) pushed the percentage still higher.
Main reasons for the shift to independents are: (1) gas rationing forces shopping nearer home where independents are more
numerous, (2) with higher incomes consumers are willing and
able to pay higher prices charged by independents for extra
services, (3) the different composition of the sales of the two
types of stores as to meats and canned or fresh fruits and vegetables and (4) the independents were more flexible in adjusting
buying and selling policies to the rapidly changing conditions.
quarter 1942 by 22 percent. Inventories at the same time turned
sharply downward and are actually below the level in the same
period of 1942.
Obviously, retailers were unable to replace the large volume
of apparel sold in the buying wave following the shoe rationing
order in February. When a similar buying, wave occurred in the
first quarter 1942, retailers not only maintained but actually
increased inventories.
The discrepancy between apparel sales and inventories undoubtedly increased further in second quarter 1943. Sales after
seasonal adjustment apparently declined slightly from first
quarter peak. Indications are that seasonally adjusted inventories dropped even more precipitously during the second quarter,
than during the first quarter.
Business Failures at Record Low Despite War
Liabilities of failed concerns
have shown a downward trend
since October 1940. In May 1943
they amounted to only 2.6 million
dollars representing the debts of
281 concerns. These legal failures do not take account of voluntary retirements from business.
Liabilities of all concerns failing
in 1942 were 26 percent below the
previous year and 40 percent
lower than in 1940, the earliest
year for which strictly comparable
data are available. The decline
that has occurred over the last
several years in total liabilities has
been due chiefly to a sharp decline
in the number of concerns failing.
The average liabilities per failing
MILLIONS OF DOLLARS
20
15
10
1940
1941
1942
1943
a. O. 43-760
Industrial and Commercial Failures: Current Liabilities by Industry
Groups.
concern have also generally de
clined since 1940, but reached
their peak for recent years, curiously enough, in March 1943.
This was largely owing to both a
larger number and sharply heavier
liabilities of failed machinery concerns which reflected the passing of
the peak of the tooling-up phase of
the war effort.
Both the number and liabilities
of concerns failing in May were
. at lowest level for any recent year.
This reflects the extreme profitability of most businesses during
the war period so far, with 1942
corporate profits after taxes at an
all-time high and with first quarter
1943 reported earnings still higher.
SURVEY OF CURRENT BUSINESS
July 1943
The Business Situation
HE flow of funds through tlie economy mainT
tained a lively pace in May and also, according to
preliminary estimates, in June. Federal war expenditures, including those of the Reconstruction Finance
Corporation, totaled somewhat more than 22 billion
dollars in the second quarter, an increase of 2.5 billions
compared to the first quarter of the year. This was a
larger gain in war expenditures than occurred during the
first quarter. Stimulated by these war outlays, national
income payments (seasonally adjusted) rose to an
annual rate of about 140 billion dollars in May from
the April rate of 139 billions. In June, they were running
at an annual rate several billions higher. Farm cash
income continues to rise faster than the national total,
the May amount surpassing May 1942 farm cash
income by 39 percent. This compares with the gain
made in May 1943 over last May of total (national)
income payments to individuals of 27 percent. If the
total for the first 5 months of this year is compared to
that for the corresponding period of 1942, farm cash
income is up 33 percent while total income payments
are up 27 percent.
Table 1.—Income Payments, Farm Cash Income and Retail
Sales
evidence of growing accumulations of idle purchasing
power in consumer hands.
Evidence is accumulating that the war effort on the
home front has reached its most critical stage. Total
industrial production, for instance, spurted up in high
gear to the plateau it attained last February and there
it has been virtually stalled for 5 months. As measured
by the Federal Reserve seasonally adjusted index, it
was stationary in May. Evidence available in early
July indicates that it barely held its own in June. The
Chart 1.—Production of Manufactures, Adjusted for Seasonal
Variation
INDEX, 1935- 39= 100
350
300
250
200
150
100
Item
Income payments (millions
of dollars), seasonally adjusted, total
Salaries and wages _ _ _
Farm cash income, including
Government payments (millions of dollars) _ _
Cash farm income from marketings, seasonally adjusted
indexes (1935-39=100), totaL
Crops
Livestock and products.-.
Total retail sales, seasonally
adjusted (millions of dollars)
-_
.
Retail sales as percent of
salaries and wages
Perc ent increas e 1943 .
ove f 1942
1943
1942
Jan.May
May (monthly
average)
May
9,257
6,376
8,966 pll, 754
6,107 * 8, 214
1,030
1,021
188.5
193.0
185.0
Jan.May
(monthly May
average)
Jan.May
average
11, 426
7,992
27
29
27
31
1,433
1,358
39
33
182.9
182.4
183.2
257.0
264.5
252.5
248.4
258.4
241.9
36
37
36
36
42
32
4,568
4,637
' 5, 099
5,176
12
12
71.6
75.9
62.2
64.8
p Preliminary.
Sources: U. S. Department of Commerce and U. S. Department of Agriculture.
Retail ^ales have not for some months fully reflected
the rise in consumer purchasing power. Thus May total
retail sales (seasonally adjusted) of 5.1 billion dollars
were only 62 percent of total salaries and wages of 8.2
billions whereas in May 1942, the comparable fraction
was 72 percent. Furthermore, most of the 12 percent
rise in retail sales this May over last, was accounted
for by a rise of about 9 percent in retail store prices.
The fact that retail purchases of goods are becoming
smaller relative to salaries and wages confirms other
1939
1940
1941
1942
1943
D.D. 43-249
Source: Board of Governors of the Federal Reserve System.
plateau on which industrial production has moved
virtually sidewise for 5 months beginning with February
is well below the peak level representing the full capacity
output of our wartime economy and below the level
required for the peak of the war effor.t. The supreme
test of the domestic economy in the months immediately
ahead will be to achieve the wartime-peak-output
objective with resources progressively more scarce
relative to needs. This signifies that the rise of industrial production from here on up to the wartime
peak will very likely be a gruelling low-gear grind.
The growing disparity between the flow of goods and
services on the one hand and the flow of income on the
other, is the outstanding feature of the current economic
situation. This is, of course, typical of all great wars.
The disparity is destined to grow still greater until the
peak of the war effort is reached. It is therefore the
key to economic trends to come.
Production and Manpower
For the first time since Pearl Harbor, the output of
durable manufactures has stalled. For 3 months^
SURVEY OF CURRENT BUSINESS
March through May, it remained at the 298-300 level.
Early indications are that it gained little if any in June.
This is in striking contrast with its swift rise, averaging
6 points a month, over the year ending in March. It
Chart 2.—Production of Munitions
1
INDEX, NOVEMBER 1941 = 100
600
200
100
1940
1941..
1942
1943
DO 43-247
i Includes ships, planes, tanks, guns, ammunition, and all field equipment.
Source: War Production Board,
July 1943
armed forces over that period. Further, nonagricultural employment has followed, contrary to the usual
rise, a downward trend since January of this year.
Again this was because the recruitment of 500,000 new
women workers could not offset the loss of 1,300,000
men.
The usual seasonal expansion during the summer
months by the entry of students into the labor force
has already begun. This summer, however, the expansion cannot be as large as usual because there were
about 2 million fewer students in school from whom new
recruits can be drawn—7,400,000 in April 1943 as
against 9,300,000 in April 1942. The number of
women engaged in own home housework, 29,400,000 in
April—only 200,000 fewer than a year ago, remains the
Nation's chief reserve of potential industrial workers.
When the point is reached where no additional workers
can be recruited, the only remaining recourse will be to
adopt methods of obtaining, where possible, greater
output per worker, longer hours, and the transfer of
workers from less to more essential jobs.
is worth while pausing to note the unprecedented industrial achievements which, as can be seen in chart 1, Table 2.—Estimated Labor Force, Employment, and Unemployment in Continental United States
have lifted the output of durable manufactures to a
[Millions of persons 14 years of age and over]
level three times as high as that prevailing in May
1939 shortly before Hitler invaded Poland.
Employment 1
UnemOutput of some durable goods, of course, has conployCivilment
Agricultural
Nonagricultural
ian
tinued to gain. Thus transportation equipment, which
Month
labor
force i Total
includes aircraft and shipbuilding, has scored very apFe- Total Male Fe- Total
Total Male male
male
preciable gains right up through May. But steel,
machinery, and other durable goods composing the 1940—June_
8.6
11.0 9.5 1.5
56.2 47.6 36.6 26.9 9.7
—June
6.0
56.2 50.2 39.3 28.9 10.4 10.9 9.4 1.5
durable manufactures index pictured in the chart have 1941
1942:
8.2 7.7 0.5
4.3
53.2
48.9 40.7 29.3 11.4
January
either remained virtually stationary or declined in
8.4 7.9 0.5
'4.0
49.4 41.0 29.3 11.7
53.4
February
3.6
8.9 8.1 0.8
50.9 42.0 29.5 12.5
54.5
March
recent months. Even total munitions production, as
9.3 8.4 0.9
3.0
April _-.
50.7 41.4 29.4 12.0
53.7
2.6
51.6 41.4 29.6 11.8 10.2 8.8 1.4
54.2
May
shown by the index in chart 2, flattened out decidedly
56.1
June .__
53.3 41.8 30.0 11.8 11.5 9.4 2.1
2.8
July
2.8
54.0 42.3 30.2 12.1 11.7 9.7 2.0
56.8
in May. However, the slight gains made recently by
2.2
54.0 42.8 30.2 12.6 11.2 9.5
56.2
1.7
August
10.2 8.6 1.6
52.4 42.2 29.6 12.6
54.1
September
1.7
the durable-goods index were offset by declines in the
52.4 41.9, 29.2 12.7 10.5 8.9
1.6
October1.6
54.0
1.7
1.4
9.8 8.4
52.8 43.0 29.1 13.9
54.5
November
nondurable-manufactures index (see chart 1) with the
53.4
1.5
December
8.9 8.0 0.9
51.9 43.0 29.0 14.0
1943:
result that total industrial production has been almost
1.4
8.7 7.9 0.8
January
52.4
51.0 42.3 28.4 13.9
1.4
8.8 7.9 0.9
50.9 42.1 28.0 14.1
February
52.3
on a dead level since February.
1.0
9.0 8.1 0.9
March, __
51.0 42.0 27.7 14.3
52.0
9.6
51.2
14.1
-1.1
52.1
8.5
0.9
41.6
27.5
April
__
This lag in industrial output is largely due to the
52.1 41.3 27.2 14.1 10.8 9.0
1.8
0.9
May
53.0
1.2
53.4
11.9 ,6 2.3
41.5 27.1 14.4
June
54.6
growing scarcity of manpower and raw materials.
Other factors affecting output in recent months were
Change from corresponding month of 1942
the series of coal strikes, the race riots in Detroit and 1943:
January
-0.8 +2.1 +1.6 -0.9 +2.5 +0.5 +0.2 +0.3 -2.9
the Mississippi Valley floods. Manpower and materials
-2.6
+2.4 +.4 0
+.4
-1.3
February
-1.1 +
-1.8
+1.8
March
-2.5
0
+.1 0
+.1 -2.6
tf +1.1+.2
shortages are, however, the chief cause. This will be
-1.9
+2.1
-1.6
+.3 +.1 +.2 -2.1
April -.
-.1 -2.4 +2.3
+.6 +.2 +.4
-1.7
May
-1.2 tl
evident from the detailed examination of the situation
+.4 +.2 +.2 -1.6
June
-1.5 +.1 -.3 -2.9 +2.6
in the steel and paper industries on the following pages.
i Excludes institutional population and estimated number of persons in armed
The manpower problem has now reached a critical forces.
phase. This will be evident to anyone who ponders
Source: U. S. Department of Commerce.
the data presented hi table 2 and chart 3. The outA general idea of the close relation between producstanding feature of the current situation is that during
May and June the total number of employees in non- tion and employment can be had by inspecting table 3.
agricultural industries, excluding the armed forces, was Exact comparison is not possible between the output
smaller than in the same months of last year. This and employment of many of the industries shown there
resulted from the fact that the recruitment of 2,600,000 because some establishments included in the production
women could not offset the loss of 2,900,000 men to the data are not included in the employment data and vice
SURVEY OF CURRENT BUSINESS
July 1943
versa. It is clear, however, that the industries which
expanded output the most were, as a rule, those which
also expanded employment the most, and that the
industries contracting production the most, generally
Chart 3.—Estimated Civilian Labor Force, 14 Years of Age and
Over 1
MILLIONS OF PERSONS
Moreover, any further employment declines under the
pressure of inductions into the armed forces will
obviously have to fall^ directly or indirectly, chiefly
upon workers in less essential lines. The War Manpower Commission estimates that 2,600,000 persons
will have to be transferred from nonwar to war activities
in the next 12 months, and in addition, 1,300>000 new
workers recruited for the labor force. The outlook as
described by the War Manpower Commission is as
follows:
Additional War Manpower Requirements, July 1943 to July 1944
Sources of additional manpower:
Transfers out of the following industries:
Construction and building materials
Trade and service
Other activities
40
30
20
Total transfers
New recruits
10
1941
1942
1943
DO. 43-353
1
Data do not include institutional population and persons in the armed forces.
Source: U. S. Department of Commerce.
also curtailed employment the most. The fact that
output changes were quite uniformly larger than the
employment changes is largely attributable to the
longer workweek. From April 1942 to April 1943,
estimated average hours of work in nonagricultural
pursuits lengthened about 5.5 percent from 43.5 to
45.9 hours.
Table 3.—Changes in Production and Employment in
Selected Industries, May 1942 to May 1943
Production x
Industry
May
1943
May
1942
Employment 2
Percent
change
1935-39=100
All manufacturing
Durable goods
Nondurable goods
Transportation equipment
Chemicals.
_. __
Machinery
Manufactured foods
.Nonferrous metals and products.
Anthracite mining
Petroleum and coal products
Iron and steel _
Textiles and products
Printing and publishing
Furniture
Bituminous mining
Paper and products
Leather and products. _ _ . __
Lumber
Stone, clay and glass products. _
216
302
147
598
219
363
143
194
124
3123
208
157
114
141
143
3134
3115
120
3141
^
May
1943
May
1942
Percent
change
Thousands
183
240
137
+18
+26
+7
13, 687
8,150
5,537
12, 127
6,649
5,478
+13
+23
+1
372
166
279
130
180
115
117
200
156
115
143
147
144
124
131
163
+61
+32
+30
+10
+8
+8
+5
+4
+1
-1
-1
-3
-7
-7
-8
-13
2,906
740
1,938
914
410
72
124
522
1,239
329
167
388
312
337
262
357
1,805
588
1,581
906
373
79
126
548
1,298
328
177
438
320
381
309
376
+61
+26
+23
+1
+10
-9
-2
-5
-4
0
-5
-11
-2
-11
-15
-5
1 Federal Reserve unadjusted indexes of industrial production.
Bureau of Labor Statistics estimates of wage-earner employment.
3 Estimated by U. S. Department of Commerce.
2
It is clear that if industrial production is to resume
its upward path to the peak required by the war
program, the curve of employment in nonagricultural
pursuits cannot be permitted to drop much further.
600
700
1, 300
2, 600
1, 300
Total additional war manpower
1940
Thousands
of persons
Uses of additional manpower:
Increase of armed forces
Munitions industries
Government war agencies
Food-processing industry
Total additional war manpower
3, 900
2, 000
1, 600
200
:_
100
3, 900
In the months ahead, effective measures will undoubtedly be taken to bring about the necessary transfers of workers from less essential to more essential
lines and to recruit the additional new persons for the
labor force. The civilian economy can hardly help
being deeply affected by these impending changes.
There is no doubt that the current leveling off of
industrial production is only temporary. It is known
that the lag has been due in part to changes in the types
of war materials needed by the armed forces which
have necessitated shifts in manufacturing processes and
schedules. Once these shifts have been completed and
the necessary manpower measures effectuated, industrial production will resume its rise even though at a
slower pace until the wartime peak is reached.
Steel
As the armed forces of the United Nations increase
the scope and intensity of their operations, the need
for additional steel to meet the increased demands of
the war economy becomes more urgent. This has
prompted the Government to push for, additional steel
in the third quarter of this year and for a further
increase in the fourth quarter. Although no specific
goal has been set, the drive is aimed at getting an
extra million tons in each quarter.
Three sources are being relied upon to get the
additional sted in the second half of this year: (1)
putting excess inventories to work, (2) increasing production from present facilities, and (3) speeding up the
6
SURVEY OF CURRENT BUSINESS
completion of new facilities. At the outset of the
drive, however, fear was expressed that not only would
this expanded program fail, but that even the expected
steel output might fall short as a result of the coal
strikes. Lack of coal for coking resulted in a substantial loss of steel production, and more setbacks in
the future from any cause would deal a serious blow
to our war effort.
Table 4. —Steel and Pig Iron Production and Capacity,
1942
and 1943, by Half- Year Totals at Annual Rates1
Steel ingots and 2steel
for castings
Period
1942— Total.
1st half
2d half
1943— Total _
1st half p_
2d half •
Chart 4.—Production of Steel and Pig Iron
MILLIONS OF NET TONS
100
July 1943
Pig iron
Produc- CapacProduc- Capact/ion
ity Percent tion
ity Percent
of ca- 3
of ca- 3
Millions of short pacity Millions of short pacity
tons
tons
86.0
85.8
86.3
91.0
88.5
93.5
89.5
89.6
89.1
93.2
91.5
94.8
96.1
95.7
96.9
97.6
96.7
98.6
60.0
59.5
60.5
63.0
61.3
64.7
61.3
60.9
61.7
66.7
64.9
68.5
97.9
97.6
98.1
94.4
94.4
94.4
75
STEEL
(INGOTS AND STEEL FOR CASTINGS)
50
25
©ESTIMATED
I9I3'|4'I5 '16'17 '18 '19 '20'2I '22 '23 '24'25 '26 '37 '28 '29 '30 '31 '32 '33 '34 '35 '36 '37 '38 '39 '40 '41 '42'43
D. D. 43-159
v Preliminary. «Estimated.
1 The half-year totals at annual rates are based on daily average figures which
take into account the difference in the number of days in each half-year (the number
of days in the first half of each year was 181 and in the second half 184); therefore,
total production or capacity for the year does not equal the sum of the half-year annual
rate totals divided by 2. .
2 Includes only steel for castings produced by steel companies reporting to the
American Iron and Steel Institute; it is estimated that production of other castings
will amount to over 2.5 million tons in 1943.
3 This represents the ratio of the annual rate of production during the period to
the average capacity in the same period. This dift'ers from the method used by the
American Iron and Steel Institute which relates production to the capacity at the
beginning or middle of the year.
Sources: American Iron and Steel Institute, and War Production Board, except
data for the second half of 1943, which are estimates by the Department of Commerce.
Sources: American Iron and Steel Institute, Iron Age, and estimates by U. S.
Department of Commerce.
output in the next six months, the War Production
Board has given the steel industry the green light on
Part of the explanation for the current drive lies priorities and it is expected that many partly comin the fact that steel-plant construction has not moved pleted open-hearth furnaces will soon come into proalong according to plan. Ever since the 10,800,000 duction. Thus, based largely on this new plant expanton expansion (including necessary blast furnaces and sion, present expectations are that the industry will
coke ovens) was authorized in September 1941, many turn out about 3 million additional tons of steel in the
difficulties have hindered the program. Low priority second half of this year compared to the first half.
ratings for most steel projects made it impossible to Since the industry operated at an average rate of 96.7
compete for materials, components, and equipment percent of capacity in the first half, however, it will
against higher-rated construction projects such as also be necessary to raise the level of average operadirect munitions and aluminum plants. Now that the tions to 98.6 percent throughout the last 6 months to
War Production Board has advanced priority ratings, produce the estimated 91 million tons for the year.2
the steel facilities program may well proceed at an
The outlook for the raw materials required to produce
accelerated pace.
the 91 million tons of steel is still considered favorable.
Steel output in 1943 is expected to total 91 million This is notwithstanding the fact that setbacks have
short tons of ingots and castings.1 This figure takes already occurred in the late opening of the Great Lakes
into account further increases in production which iron ore shipping season and temporary banking of
may be obtained as a result of the drive for additional furnaces for lack of coal due to strikes.
supplies of steel in each of the third and fourth quarters.
Pig iron production in 1943 is now estimated at 63.0
Preliminary data for the first half ol the year indicate million net tons, although earlier in the year this figure
that 43.9 million tons were produced. Hence 47.1 was expected to be exceeded by a substantial amount.
million tons must be produced in the second half to Delays in the scheduled completion of new furnaces
achieve the estimated 91 millions.
account for the downward revision. Blast furnace
At the beginning of 1943 furnace capacity amounted capacity on January 1, 1943, was 63.3 million tons.
to 90.3 million tons. By June 30 it was increased by Approximately 2.9 million tons of new capacity have
slightly over 2 million tons. By the end of the year, been added during the first 6 months of 1943, with 4.7
when present expansion plans are expected to be vir- million tons of additional capacity scheduled to be
tually completed, capacity will be at 97.3 million tons," completed by the end of December making total
thus resulting in an expansion of 7 million tons during capacity at the year end 70.9 million tons. During the
the year. Spurred by the drive to attain additional
i Includes only that portion of castings produced in foundries operated by companies
producing steel ingots.
2 Capacity measured as the ratio of production to average capacity during the
period. This differs from the method used by the Iron and Steel Institute which
relates production to capacity at the beginning or middle of the year.
July 1943
SURVEY OF CURRENT BUSINESS
first 6 months of this year, approximately 30.4 million ratio of 1.8 tons. This amount of iron ore, however,
tons of pig iron were produced which would represent will be more than the anticipated new supply of 111.6
an operating rate of 94.4 percent of the average furnace million long tons by 1.8 million long tons. Moreover,
capacity in this period. As production was somewhat consumption of Lake Superior iron ore for the first 5
curtailed by the necessity for relining furnaces in certain months of 1943 totalled 37.2 million long tons, an
areas, a continuation of this procedure in the second increase of 2.2 million long tons over the same period ol
half would seem to indicate that the operating rate is 1942.3 Furthermore, total stocks of Lake Superior iron
not likely to differ much from the first half. However, ore on June 1 were 21.3 million long tons a reduction of
due to the new capacity coming in, production is 3.9 million long.tons from the same date last year, and
expected to total 32.6 million tons, making a total for lower than on any June 1 since 1940.4 It seems fairly
the year of 63.0 million tons. While ample furnace certain that total supplies of iron ore will be adequate to
capacity will be available to meet the demands of the keep the blast furnaces fully charged this year. The
steel furnaces, final output of pig iron will ultimately stock position in the spring of next year, however, will
be determined by the availability of the raw material be less favorable than in the spring of this year parsupplies.
ticularly if there should be an early closing this year and
a late opening next year in the shipping season.
Chart 5.—Consumption and Stocks of Iron and Steel Scrap1
Table 5. — Coal, Coke, and Pig Iron Requirements,
by Half
Years at Annual Rates 1
MILLIONS OF SHORT TONS
Period
Coal conCoke production
sumed in
Pig
beehive
iron
and byByproCoalproduct Total Beehive prod- duction coke
ovens
uct
ratio
Cokepig
iron
ratio
Millions of short tons
1942—Total
1st half
2nd half
1943—Total
1st half v
2nd half •
100.8
99.8
101.7
105.8
103.7
108.0
70.4
70.0
71.0
73.7
72.0
75.4
8.2
8.2
8.3
8.3
8.3
8.3
62.2
61.8
62.7
65.4
63.7
67.1
60.0
59.5
60.5
63.0
61.3
64.7
1.43
1.43
1.43
1.44
21.44
1.44
1.17
1.18
1.17
1.17
21.17
1.17
1943
0 O 43 -362
1
Data for stocks through June 1941 and for consumption through December 1940
are for the last month of each quarter; data for consumption, January through June
1941, are monthly averages for the quarter. Data beginning July 1941 are monthly.
Source: U. S. Bureau of Mines.
The total new supply of iron ore is expected to approximate 111.6 million long tons, an increase of 3.2 million
long tons over 1942. Of the new supply, 91.0 million
long tons will be shipped from the Lake Superior Region
and the balance of 20.6 from all other sources.. The
movement of iron ore from the Lake Superior Region,
which normally supplies about 85 percent of the total,
did not begin until the latter part of April, a full month
later than last year. The effect of this late start, as
shown in chart 6, has resulted through May of this year
in a decline of 8.4 million long tons of ore shipments
from the corresponding period of last year. This deficiency .can be made up, it is believed, if no delay is
encountered in the scheduled completion of the new
vessels now under construction for the Maritime Commission. Moreover, the Office of Defense Transportation, recognizing the importance of building up supplies, issued an order under which it can conscript into
service any vessel, with certain limited exceptions, not
now engaged in the transportation of iron ore.
It is estimated that it will require about 113.4 million
long tons of iron ore to produce 63 million tons of pig
iron this year. This is based on the iron ore—pig iron
• Estimated. » Preliminary.
1 See note 1 to table 4.
Based on 4 months' actual data. Estimates for second half of 1943 derived by
applying ratios prevailing in first half.
Source: Bureau of Mines and American Iron and Steel Institute except figures
for the second half of 1943 which are estimates by the Department of Commerce.
2
The supply of coke is dependent upon an adequate
and even flow of coal to coke ovens. The intermittent
coal strikes since May 1 have already resulted in the
loss of many thousand tons of pig iron output. Coal
stocks at by-product coke oven plants on May 1
totalled 9.7 million short tons but have declined sharply
since then as many coke ovens, particularly those in
certain areas which were unable to rebuild their stocks
of coal, have been forced to shut down. This situation
was intensified by the renewed coal strike of June.
Stocks of coke at by-product plants as of the end of
May totalled 949 thousand short tons, an extremely
low level, and the indications are that stocks on June 30
showed a further decline.
Although part of the deficiency in pig iron can be
made up in certain plants by the increased use of scrap,
continued interruptions of coal deliveries will undoubtedly cause a further decline in the supply of coke for
the production of pig iron which in turn will be reflected
in a reduced output of steel.
3 Reflecting additions to new blast furnace capacity.
4 With only a moderate increase in new supply and a substantial increase in consumption over last year, stocks at the year end are likely to fall considerably below the
level of 47.4 reported at the beginning of the year.
SURVEY OF CURRENT BUSINESS
8
In order to meet the indicated steel production of
91 million short tons for 1943, the steel industry will
require over 2.0 million tons more scrap than in 1942.
The scrap supply at the present time appears to be
Chart 6.—Cumulative Shipments of Lake Superior Iron Ore
from Upper Lake Ports
MILLIONS OF LONG TONS
100
JAN.
FEB.
MAR.
APR.
MAY
JUNE
JULY
AUG.
SEPT.
OCT.
NOV.
DEC.
Source: Lake Superior Iron Ore Association and estimates by the U. S. Department of Commerce.
adequate to support the high level of steel operations.
This is supported by the stock positions of home and
purchase scrap which are now higher than in any
month of last year.
July 1943
months of this year was 19 percent under the similar
period of a year ago. Stocks of wood pulp at pulp
and paper mills have dropped one-sixth under the
January 1 position. Stocks of pulp at most paper
mills are down to a bare working minimum—in the
case of certain grades of pulp down to a 20-days'
supply.
For about 2 years the major problem confronting
pulp and paper producers has been in procuring adequate pulpwood supplies for the manufacture of pulp.
Many lumberjacks have been drafted to the armed
services or have left the woods for work in shipyards,
airports or other high paying war industries. Normally
up to 40 percent of United States pulpwood is produced
from farm woodlands. This year finds many farmers
hard pressed by loss of farm hands and heavier demands
for agricultural foodstuffs.
The woods labor situation, coupled with difficulties
in maintaining logging trucks, has caused a serious
drop in the cutting and delivery of wood to pulp mills.
In the northern areas pulpwood cutting is largely seasonal and sufficient supplies must be cut in the winter
Chart 7.—Newsprint: New Supply and Publishers' Estimated
Consumption and Stocks
THOUSANDS OF SHORT TONS
800
Paper Situation
A decline in the aggregate output of paper and paperboard is expected during the latter part of this year.
Unless some positive and immediate action is taken
with respect to procurement of fibrous materials,
especially pulpwood, the 1944 outlook is for a substantially smaller production than that of 1942 or 1941.
Domestic production of paper and paperboard in the
first 6 months of 1943, according to the American Paper
and Pulp Association indexes, was at an annual rate
of about 16% million tons, which was approximately
the output in 1942. (In 1941 the Bureau of the
Census reported total production at 17.3 million tons,
the largest domestic output ever recorded.) Notwithstanding this comparatively high level of current production, demand for most classes of paper has exceeded
output with the result that unfilled order files at mills
have increased substantially. Inventories of most
important grades of paper in the hands of consumers
are reported to have declined.
This situation, in itself, would not appear to be too serious, were it not known that the production rate of the
past several months has been maintained at the expense
of dwindling inventories of pulpwood and wood pulp,
the basic raw materials for paper-making. Receipts
of pulpwood at United States mills during the first 4
months of 1943 were 22 percent less than in the same
period of 1942 and inventories have been reduced
accordingly. Wood pulp production in the first 4
600
PUBLISHERS' STOCKS ON HAND
AND IN TRANSIT
(END OF MONTH)
400
Sources: Newsprint Service Bureau, American Newspaper Publishers Association, and U. S. Department of Commerce.
months for the next year's operations. The industry
reports that contracts for next season's pulpwood are
falling below the 1941-42 season by as much as 40
percent.
The industry has now reached a hand-to-mouth
stage of pulp and paper production. Generally speaking, paper output can be no higher than the current
level of wood pulp production (plus imports from Canada). Pulp mills can operate to the extent that
pulpwood supplies are available. Since labor and
other conditions in Canada are similar to those in the
United States, it is not expected that any larger supplies
of wood or pulp will be available from that source.
SURVEY OF CURRENT BUSINESS
July 1943
Besides pulpwood and wood pulp, mills utilizing
certain grades of waste paper are having difficulties
getting adequate supplies. Labor even in the mills is
becoming a more serious obstacle. Topping all these,
however, is the matter of pulpwood.
Lack of space prevents a discussion of the situation
with respect to all different classes of paper and paperboard. Newsprint probably offers a good example of
how the various operating problems have affected the
production and consumption of paper in general.
Chart 7 shows that the supply of newsprint has dropped
considerably in the past several months. About 72
percent of the newsprint currently consumed in the
United States is produced in Canada and about 4
percent is from Newfoundland. Production in Canada
and United States in the first 5 months of this year
has declined 16 percent under the same period of 1942
and 14 percent under the identical period of 1941.
Various operating difficulties have confronted Canadian
mills as well as mills in the United States. The result
has been that consumption of newsprint in the United
States has been maintained at a comparatively high
level in the first 5 months of 1943 at the expense of
sharply falling inventories of newsprint in the hands of
publishers and at newsprint mills and also of pulpwood
at the mills. United States publishers' stocks have
dropped about 150,000 tons from January 1 to June 1.
Mill stocks in Canada and the United States on June 1,
totaling 103,000 tons, were down about 50 percent
below what they were a year ago.
Newspaper publishers, realizing the acuteness of the
general paper situation, have recommended to the War
Production Board a further curtailment in consumption
of approximately 5 percent effective July 1. During
the first 5 months consumption by publishers was
down 1.4 percent under the same period of 1942 and
5.0 under the 1941 period. The proposal is for a
sliding scale in cuts so that the smaller papers would
not be forced to make as large a curtailment as the
bigger publishers. It is also recommended to establish an inventory limitation of a 50-day supply except
west of the Rocky Mountains and south of the northern
border of North Carolina.
Many other classes of paper consumers are now
feeling the first pinches of a tighter paper supply
similar to that plaguing the newspaper publishers.
The future will depend largely upon .the atitude of the
War Production Board and other war agency officials
as to the relative essentiality of pulp and various
classes of paper for the war program and the essential
civilian economy. For the calendar year 1943, the
War Production Board has estimated essential requirements of paper and paperboard at slightly over 15
million tons. It now appears that approximately this
quantity will be produced in this calendar year. Since
production and consumption in the first 6 months
exceeded the average monthly essential requirements
533856—43-
2
9
fdr the year as a whole, supplies for the last 6 months
may be short.
If it is assumed that essential requirements for 1944
would also be about 15 million tons, the outlook, based
on present supplies of labor, pulpwood, and other
resources, is that this quantity of paper can not be
produced next y£ar unless there is immediate and positive
action to put a large number of additional loggers into
the woods. The industry estimates that 20,000 additional men would solve the problem. Unless these men
are at work by autumn, the prospects are for a scarcity
of paper in 1944. If this develops there will very
probably be much more rigid restrictions on the less
essential uses of paper next year.
The effects of a paper scarcity would be keenly felt
by the civilian economy. During peacetime there is a
very close correlation between paper consumption and
the index of industrial production, the national income
and the gross national product. Under wartime conditions, this relationship is partially disrupted because
proportionately not as much paper nrgeneral is required
in the manufacture of a value unit of battleships, tanks,
and airplanes as in the production and packaging of a
similar value unit of civilian commodities. Nevertheless, the maintenance of even a minimum civilian economy during the war, together with the war industries,
requires a tremendous quantity of paper for wrapping,
packaging, office work, and other utility or personal
uses.
If paper supplies become short it can safely be assumed the war industries will be given priorities. If
the remainder were insufficient for civilian industry,
business, and personal needs, the ensuing paper shortage would be felt in many ways. For example, we need
a minimum of glassware for homes, hotels, and restaurants to balance the loss through constant breakage.
Glassware plants cannot operate without suitable containers for shipping. Hotels and restaurants cannot
operate fully with shortages in glassware. Wholesalers and retailers in glassware would find their business
sharply curtailed. Many other products necessary to
the civilian economy would likewise be similarly
affected and the direct and indirect influences would be
felt all the way from manufacture through distribution
to consumption. A careful analysis of paper uses discloses only a relatively few which can be substantially
curtailed without seriously disrupting the civilian
economy. There are very few uses so unessential that
they could be eliminated entirely.
Federal Finance
The close of the third fiscal year since the start of the
defense program is an opportune time to review briefly
the fiscal and financial developments during the 18month defense period and the subsequent 18-month war
period.
10
SURVEY OF CURRENT BUSINESS
The basic development during these 3 years has, of
course, been the large and growing volume of Government expenditures, and particularly the large and growing excess of Treasury expenditures over receipts. War
expenditures increased elevenfold from fiscal year 1941
to fiscal year 1943, so that despite the decrease in
Chart 8.—Budget Expenditures of the Federal Government
July 1943
for taxed commodities. During these years the major
burden of increased tax payments has fallen upon
individual and corporate incomes, although there has
been a slight increase in miscellaneous internal revenue
and in other receipts. Both corporate and individual
Chart 9.—Budget Receipts and Expenditures of the Federal
Government by Fiscal Years
BILLIONS OF DOLLARS
20
BILLIONS OF DOLLARS
40
60
80
:'j INDIVIDUAL INCOME TAX
1940
\ OTHER RECEIPTS, NET ll
1941
TOTAL
\ OTHER BORROWING REQUIRED1
EXPENDITURES^
(INCLUDING DEBT RETIREMENT) ^
EXCESS OF EXPENDITURES OVER RECEIPTS BUDGET EXPENDITURES INCLUDING DEBT RETIREMENT
1940
1941
1943
1942
D.D. 43-355
Source: U. S. Treasury Department (Daily Statement).
nonwar expenditures, total budget expenditures have
risen tremendously—being over 2% times as great in
fiscal year 1942 as in the prior year, and rising nearly
another 2K times in the next year. These developments
are shown both in chart 8 and in table 6.
Table 6.—Budget Expenditures, Fiscal Years
1 Data include Victory tax for 1943 less post-war credits.
2
Post-war credits for excess profits tax for 1943 have been deducted.
3 Data exclude net transfers to Federal old-age and survivors' insurance trust fund.
4 Data include Series A through G.
5 See note 3, table 8, p. 11.
Sources: U. S. Treasury Department except the division of income taxes into
individual and corporate for June of the fiscal year 1943 which was estimated by the
U. S. Department of Commerce.
income tax revenue doubled in fiscal year 1942 and
the corporate doubled again in fiscal year 1943, while
that of individuals increased 85 percent.
Growing Budget Deficits Necessitate Larger Borrowing.
[Millions of dollars]
Growing budget deficits have made necessary a
spectacular increase in Federal borrowing during each of
the last 3 years. In fiscal year 1941 tax and other
6,301
97, 000
War
1,657
26, Oil
72, 109
7,129
Nonwar
6,474
6,480
7,470
6,073
nonloan
receipts covered 60 percent of budget expendi1,041
1, 111
3,000
Interest on the public debt1,260
1,808
tures,
but
in the next year the coverage fell to 39 percent
9,127
104, 129
Total
12, 775
32, 491
78, 182
and in fiscal year 1943 to only 28 percent. Borrowi Estimated, Bureau of the Budget.
ing was nearly 11 times greater in fiscal year 1943 than
Sources: U. S. Treasury Department and the Bureau of the Budget.
in 1941.
Borrowing of this magnitude has extensive inflationTable 7.—Budget Receipts, Fiscal Years
[Millions of dollars]
ary effects unless the funds so raised come ultimately
from individuals and reduce their spending to the extent
Item
1941
1940
1942
1943
1944 i
of the borrowing.5 The Treasury has, therefore, pushed
Individual income tax 2 w
982
1,418
3,263 6,048
16, 093
the sale of War Savings bonds to individuals during the
Corporate income and excess profits taxes. 1,148
14, 915
2,053 4,744
9,546
Other receipts
3,258 4,136 4,792 6,208
5,079
last 3 years, at first suggesting that each person subTotal .
36, 087
5,387
7,607 12, 799 21, 782
scribe 10 percent of his gross income to war bond
purchases,
and now proposing 25 percent. In con1 Estimated, Bureau of the Budget. Includes effect of Current Tax Payment Act
of 21943, but anticipates no future tax legislation.
sequence
of
this campaign, the sale of War Savings
Including net victory tax for 1943 and 1944.
bonds has risen, during the past fiscal year, to over 11
Sources: U. S. Treasury Department and the Bureau of the Budget.
billion dollars. Other borrowing, however, has inBudget receipts, while falling far short of expendi- creased even more rapidly, to a total of 45.3 billion
tures, have risen steadily. This has been due in part dollars in fiscal year 1943.
to new and higher taxes, and in part to larger incomes
s
Even then the inflationary effect is only postponed until such time as the bonds
of taxpayers and to greater expenditures of consumers are redeemed. See article on page 13 of this issue.
Item
1940
1941
1942
1943
19441
SURVEY OF CURRENT BUSINESS
July 1943
11
Table 8.— Federal Borrowing Necessitated by Budget Deficits,
Fiscal Years
Victory Tax and the first bracket of the regular income
tax into a withholding rate of 20 percent after personal
[Millions of dollars]
exemptions. Persons falling into higher income brackItem
1942
19441
1941
1943
ets must pay currently by means of quarterly returns.
1940
The effect of the new collection procedure on TreasBudget expenditures .
.
.
9,127 12, 775 32, 491 78, 182 104, 129
ury revenues is to increase tax revenues by an estimated
5,387 7,607 12, 799 21, 782 36, 087
Budget receipts, net
Excess of expenses over receipts
3,740 5,168 19,692 56, 400 68, 042
3 billion dollars in fiscal year 1944. Eoughly 2 billion
Net borrowing
through savings
994
5,787 11, 068
1,344
bonds 2
_
3
dollars of these increased payments arise from the fact
Other borrowing
2,746
3,824 13, 905 45,332
that current 1943 incomes are averaging higher than
1 Estimated, Bureau of the Budget.
those of 1942. Hence payments in settlement of 1943
2 Includes series A, B, C, D, E, F, and G bonds.
3 This is a residual figure rather than the precise amount of other borrowing which
tax liabilities will be greater than payments made on
took place during the year.
1942 tax liabilities. The other billion dollars of addiThe impact of this other borrowing on various tional revenue comes from the fact that only 75 percent
financial series has been most striking. Insofar as the of 1942 tax liabilities were canceled, the remaining 25
funds come from credit-creating institutions—instead of percent being paid in two installments, one falling due
from such organizations as insurance companies, savings in March 1944 and the other in March 1945. Each
banks, and business concerns—the effect is to increase installment is estimated to amount to 1.1 billion dollars.
the stock of money in the country. Whether this stock
The second innovation—the introduction of an eleof money is held in the form of currency or in the form ment of compulsory saving by refunding a portion of
of bank deposits is immaterial, since each is an alternative tax payments at a later date—was also introduced by
to the other. But by reference to both series, as shown in the Victory Tax of 1942. This technique of reducing
table 10, it can be seen that currency and bank deposits current purchasing power is not now an important part
together have increased 64 percent in the last 3 years. of the total fiscal picture, partly because the amount
Currency, which is needed in increasing amounts for pay involved is not much over 1 billion dollars a year, and
rolls, pocket money of individuals, and till money of partly because refunds can—-if certain other savings are
businesses, has more than doubled since 1940 to reach made—be taken the following year instead of after the
the unprecedented total of over 17 billion dollars. Bank war.
deposits have increased some 57 percent over the same
With the budget for fiscal year 1944 set at 104 billion
period. Hence the total supply of the two forms of dollars and with net receipts estimated at only 36 billions,
money is now more than 112 billion dollars—an impres- further tax legislation appears imminent. This is indisive sum when it is realized that most of it is available cated partly by the growing realization that effective
as liquid purchasing power. With an additional 21 price controls must be adequately supported by fiscal
billion dollars of redeemable War Savings bonds out- policy if they are to be successful, and partly by the
standing, the difficulties of price control in the face of recent announcement by Secretary Morgenthau that
this potential demand are obvious.
his goal in fiscal year 1944 is to meet half the budget
Table 9.—Currency in Circulation, Bank Deposits, and U. S. expenditures by taxation. It is not anticipated, howSavings Bonds Outstanding, End of Fiscal Years
ever, that new income tax legislation will become effec[Millions of dollars]
tive before January 1, 1944.
Item
1940
1941
1942
1943
Currency in circulation
Bank deposits, total _
7,848
60, 582
9 612
67, 172
12, 383
72, 382
17, 420
i 95, 000
Total
U. S. Savings bonds outstanding _
68 430
2,905
76 784
4,314
84 765
10, 188
i 112 420
i 21, 300
i Estimated by U. S. Department of Commerce.
Sources: Board of Governors of the Federal Reserve System and the U. S.
Treasury Department.
Two Innovations in Federal Tax Structure.
The Federal tax structure has been modified during
the past year by the introduction of two innovations,
each applying to the taxation of individual incomes.
The first, the practice of collecting income taxes currently, was foreshadowed by the Victory Tax provision
of the 1942 Kevenue Act—this tax being collected currently by withholding, although it was entirely separate
from the regular income tax. This collection procedure
has now been extended to the regular income tax by the
Current Tax Payment Act of 1943, which combines the
Wholesale Prices and the Cost of Living
Prices, as measured by the wholesale price index and
the cost-of-living index of the Bureau of Labor Statistics, have continued in recent months to rise at about
the same rate they have maintained during the last 12
months.
In the case of wholesale prices, the main components
contributing to the rise of approximately one-half of
1 percent a month have been farm prices and foods.
As shown in chart 10, industrial products (labeled "all
other commodities other than farm products") have
not risen significantly since 1941. On the other hand,
foods, and more particularly farm products, have continued to exert strong upward pressure on the entire
index. Of the foods, fruits and vegetables have been
most active, and of the farm products, grains have registered the greatest increases. The index of dairy
product and meat prices has not changed during 1943.
12
SUEVEY OF CURRENT BUSINESS
From May 1941 to May 1942 all wholesale prices
rose 16 percent, while from May 1942 to May 1943
they rose 5 percent. Hence it is obvious that price
controls have been rather effective as a brake on the
rising price level although they have not stopped it
dead.
The cost of living from May 1942 to May 1943, rose
8 percent compared to 13 percent over the year ending
May 1942. In early 1943 the rate of advance was
greater than in the latter half of 1942, but part of this
difference is due to revisions recently made in the index.
Chart 11 shows the combined index, and also three of
its main components. As is evident from the chart,
food prices have been the main contributing factor in
the increased cost of living not only in the last several
months, but in most of the period since the issuance of
the General Maximum Price Regulation. Food prices
have been rising at approximately 2 percent per month
since February, and the relative stability of the other
July 1943
It is true, of course, that inflationary pressure has
been much greater since than before the inauguration
of price controls. Therefore, the fact that the cost of
living has continued to rise notwithstanding controls
does not mean that controls have been ineffectual.
Chart 11.—Cost of Living of Wage Earners and Lower-Salaried
Workers in Large Cities
INDEX, 1935-39 * 100
150
I
ALL ITEMS */
140
FOOD
140
130
130
120
!20
I 10
110
100
100
90
140
Chart 10.—Wholesale Prices
90
1
i
i ~
HOUSE FURNISHINGS^/
INDEX, 1926 = 100
INDEX, 1935-39 « »00
150
T
I
CLOTHING^/
140
130
130
120
120
110
110
100
100
140
90
1940
1941
1942
1943
90
1940
1941
100
1942
1943
0 0. 43-354
* Includes some items not shown separately in this chart.
2 Data are for the last month of each quarter through September 1940 and monthly
thereafter.
Source: U. S. Department of Labor.
1939
1940
1941
1942
1943
D.D 43-35S
Source: U. S. Department of Labor.
items that enter the cost of living has not been able to
counterbalance this heavily weighted factor. While far
outdistanced by the rise in food prices, the indexes for
clothing, housefurnishings, and miscellaneous items
have gone up slightly. Eents, fuel, electricity, and ice
have not changed during 1943.
There is, however, an important gap in our knowledge
of actual living costs in that we do not know how many
transactions occur at other than the prices that enter
into the index numbers. Nor do we have good information as the changes in the character, quality, and importance of the goods and services actually bought by
consumers relative to those whose prices are used in constructing the indexes. It is probable, however, that the
cost of living index still provides a fair approximation
to changes in the actual cost of living of most wage
earners.
SURVEY OF CURRENT BUSINESS
July 1943
13
Wartime Savings and Postwar Inflation
By E. T. Weiler, National Economics Unit, Bureau of Foreign and Domestic Commerce
is the purpose of this article to consider the relation
ITbetween
the large additions currently being made to
individual and corporate holdings of cash and Government bonds and the problem of preventing a post-war
inflation. As a means of guiding the discussion, attention is directed to a source-and-application-of-funds
statement summarizing the fiscal policies adopted by
the Federal Government for the years 1941 and 1942.
Table 1.—Source and Use of Federal Government Funds,
1941 and 1942
[Billions of dollars]
Item
Source of Federal Government funds:
A. Tax and nontax revenue:
1. From individuals 1
2. From corporations 1
1941
2.9
7.9
Total tax and nontax revenue
B. Net receipts from
borrowing:
1. From banks 2 . 3
2. From individuals
3. From nonbanking corporations 1
1942
5.9
13.3
10.8 </
45.6 '
11.6 .
C. Other sources:
1. Net receipts from loan transactions
of Federal governmental corporations .1
2. Net reduction in the general-fund of
the Treasury 1
.4
Net from other sources
.4
Total sources of funds
Use of Federal Government funds:
A. Purchases of goods and
services:
1. War expenditures 4
2. Nonwar expenditures 4
__ _
Total expenditures for goods and
services _>
19. 2 v
24.4
10.2
11.0
4.6 *
3.2
3.8
Net receipts from borrowing
'
""•"" 65. 2 '
22. 4
49. 1
5.1
12.5
5.3
17.8 j
54.2 ^
1.4
1.7
B.- Social4 security and other transfer payments
C. Net prepayments, purchases of existing
assets, off-shore expenditures, and special
adjustments 4
D. Other uses:
1. Net disbursements for loan transactions of Federal governmental cor.5
porations *
2. Net additions
to the general fund of
the Treasury 1
_ _ _ __ __
1.7
+.2 ,
3. Not accounted for
Total other uses . .
Total uses of funds
7.0
-.4
2. 4
" 22.4
6.6
65. 2
1
Source: Warburton, Clark, "Relation of Government Financing to Gross Income
Flow," Survey of Current Business, April 1943, pp. 17 ff.
2 Source: Annual Report of the Comptroller of the Currency; Federal Reserve Bulletin.
See
footnote to table 2.
3
Source: Securities and Exchange Commission, EeleaseNo. 731, May 20,1943.
4
Source: Gilbert, M., and Jaszi, G., "National Income and National Product in
1942," Survey of Current Business, March 1943, p. 25.
It is evident from an examination of this statement
that in each of the 2 years the Federal Government
made greater payments for goods and services than it
received from taxes and other nonborrowing revenue.
In other words, gross-income receipts of other economic
units (i. e., individuals, corporations, and other governmental units) from the sale of goods and services were
greater than their total disbursements for the purchase
of goods and services (including disbursements for
governmental services) during these 2 years.1
The result was a net increase in the total amount of
currency, bank deposits; and Government bonds held
by individuals, nonbanking corporations, and State and
local governments. This increase would have occurred
whether the Federal Government had sold bonds to the
banking system or had sold bonds to individuals and
corporations.
Wartime Increases in Cash and Government Bonds
Held by Individuals and Corporations
When the Government sells bonds to individuals and
corporations, these economic units transfer existing
cash balances to the Federal Government.2 When, in
turn, the Federal Government spends the proceeds
from these bond sales for goods and services, the
balances are again transferred to individuals and corporations. At the end of the process, then, individuals
and corporations (as a group) hold as much cash as
they did before and, in addition, hold the newly created
Government securities.
When the Government sells bonds to commercial
banks, additional deposits are created. When these
deposits are spent by the Federal Government, there
is a net increase in the amount of "money7' (either bank
deposits or currency) held by individuals and corporations.
The effect of the Government sale of bonds to banks
may be illustrated by reference to table 2 giving a
statement of the factors supplying the bank deposits
and currency held by individuals (including partnerships) and corporations for the years 1940, 1941, and
1942.3 During 1940, it may be noted, the chief factor
increasing the cash holdings of individuals and corporations was the increase of 4.4 billion dollars in the
monetary gold stock. An increase of 1.5 billions of
bank loans and an increase of 1.3 billions of bank
holdings of Government bonds were also important.
During 1941 and 1942 the chief factor supplying
bank deposits and currency Was the increase in bank
holdings of Government bonds. During these 2 years
banks added 29 billion dollars to their holdings of
Government bonds. Bank loans and discounts increased by 2.9 billions in 1941 but decreased by 2.5
billions in 1942, leaving a net increase of approximately
1
The term "corporations" will be used in this discussion to refer to nonbanking
corporations.
2
The term "cash" will in this discussion refer to the total of currency and bank
deposits (including time deposits).
3
See, in this connection: Langum, John K., "A Statement of Supply and Use of
Member Bank Reserve Funds," Review of Economic Statistics, August 1939, pp.
110-115. Dr. Langum explains the derivation of a source-and-use statement as applied
to Federal Reserve statistics.
14
SURVEY OF CURRENT BUSINESS
July 1943
Table 2.—Net Changes in the Factors Which Affect the Amount of Currency and Bank Deposits Held by Individuals and
Corporations, 1940, 1941, and 1942 *
(Millions of dollars)
Factors which supply currency and bank deposits:
Gold stock
Treasury currency outstanding
Bank holdings of Federal Government securities
Bank holdings of other securities
Loans, discounts, and other bank credit
Other bank assets
1940
1941
1942
Total 1941 and 1942
+4 351
+124
+1, 282
+152
+1, 547
— 161
+742
+160
+4, 595
—464
+2, 867
—264
— 11
+401
+24, 440
—724
-2, 492
—165
+731
+561
+29, 035
— 1,188
+375
—429
Total changes in factors which supply currency and
bank deposits.. _ . . _
Deduct: Factors which decrease currency and bank deposits held by individuals and corporations:
Government:
Treasury cash holdings
Treasury deposits with Federal Reserve Banks and
all reporting banks
Deposits of States and political subdivisions
+2
—24
-22
-371
+427
+1, 642
+364
+6, 491
+220
+8, 133
+584
+6, 687
—I, 002
+94
+85
-823
+421
Changes in cash holdings of individuals and corporations
Total changes in cash holdings of individuals and
corporations
+2, 008
-140
Total changes in factors which decrease currency
and bank deposits held by individuals and
corporations
Changes in cash holdings of individuals and corporations,
by type of holdings:
Demand deposits
Time deposits
__
Currency 3
+29, 085
+21,449
— 196
Total Government
_
_
Banks:
Net deposits of2 "other" banks, not eliminated by
consolidation .
/ +739
Other accounts (including cashiers' and officers'
checks). _
-433
Capital accounts
+115
Total bank
+7, 636
+7, 295
+8, 695
-536
-1, 538
+54
+110
+148
+195
-372
—1, 195
+281
+1,185
+6,315
+7, 500
+7, 014
+6, 451
+15,134
+21, 585
+5, 424
+666
+924
+7, 014
+14, 332
+632
+6, 621
+10, 162
+641
+4, 331
+4, 170
-9
+2, 290
+6, 451
+15, 134
+21, 585
1
Source: Report of the Comptroller of the Currency; Federal Reserve Bulletin. Derived as follows: The year-to-year changes in assets and liabilities of all banks were consolidated with the year-to-year changes in Federal Reserve Board statement of factors affecting member bank reserve balances. Comparable items from both statements were
combined. Since both statements were balanced statements, the statement given above is a balanced statement.
2 The increase in "Balances with other banks" not explained by increases in (a) "Member bank reserve balances" (b) "Nonmember deposits in Federal Reserve Banks"
and (c) "Deposits of banks" is included in this item. The item includes "Cash items in process of collection" not segregated from "Balances with other banks" in the preliminary
statement of assets and liabilities of all active banks issued by the Comptroller of the Currency.
3
The increase in this item does not reconcile with increases in "money in circulation" because increases in currency held by banks have been deducted. A small portion
of this increase may be held by states and political subdivisions.
0.4 billion dollars. There is no doubt, <then, that the
most important single factor increasing the total stock
of currency and bank deposits was the sale of Government bonds to banks.
Governmental units, as a group, failed to spend all
their receipts from taxes and borrowing. As a result,
there was an increase of 8.7 billion dollars in governmental balances. "Other accounts and interbank deposits-not-eliminated-by-consolidation," decreased 1.2
billion dollars, leaving an increase of 21.6 billions in
the total cash holdings of individuals (including partnerships) and corporations.
This increase in cash holdings is clearly due to the
large increase in the bank purchases of Government
bonds. In fact, when the Federal Government completes the process and spends its total 1941 and 1942
receipts, the cash holdings of individuals and corporations will have increased by 30 billion dollars or by 45
percent over the 1940 total.
In addition, individuals and corporations, taken
together, purchased approximately 28 billion dollars
of Government bonds during the same period of time.
Altogether, therefore, there was an increase of approximately 50 billion dollars in the holding of cash
and Government bonds by individuals and corporations
during the years 1941 and 1942. This increase, it
may be noted, was due to the failure on the part of the
Federal Government to withdraw as much via taxes
as it paid into the gross incomes of other economic
units. Other economic units, because they have received larger payments from the Federal Government
for goods and services than they have made to the
Federal Government, have necessarily added to their
holdings of cash and Government bonds.4
As is evident from an examination of table 3, the
size of these net additions to cash and government bond
holdings (of individuals and corporations) during the
first 2 years of the war economy was almost twice as
large as the net additions to cash and Government bond
holdings of individuals and corporations during the
period June 30, 1917, to June 30, 1919. In view of the
size of current war expenditures by the Federal Government, it is quite probable that the total amount of cash
and war bonds held by individuals and corporations
will have increased by another 50 billion dollars during
1943.
Altogether, therefore, the additional cash and war
* The exact size of this addition to total cash and bond holdings would depend, of
course, upon the extent to which the net receipts from the Federal Government were
used to repay bank loans. See table 2 above.
Table 3.—Changes in Estimated Holdings of Currency, Bank
Deposits, and United States Government Securities by
Individuals and Corporations, for the Periods June 30,
1917, to June 30, 1919, and Dec. 31, 1940, to Dec. 31, 1942
[Billions of Dollars]
Item
Currency and bank deposits
U. S. Government securities (exclusive of those purchased out of bank borrowing) _
Total
June 30, 1917 Dec. 31, 1940
to
to
June 30, 1919 Dec. 31, 1942
2
i +8.1
i +21. 6
+17. 3
3 +28. 2
+25.4
+49.8
1
Source: Annual Report of the Comptroller of the Currency and Statistical Abstract.
2 Source: Hitch, T. K., "Alternatives of War Finance," Survey of Current Business,
October 1942, p. 16. The estimates for purchases of Government securities during
World War I cover the period Apr. 5,1917 to June 30,1919,
s Source: World War II figures, Warburton, Clark, op. cit. See table 1.
bonds (in comparison to December 31, 1940, figures)
held by individuals and corporations, as a result of
Federal Government fiscal policy, will probably be in
excess of 100 billion dollars by the end of 1943—or four
times the increase during World War I. To put it
another way, the increase in individual and corporate
holdings of cash and Government bonds will be larger
than the gross national product for any pre-war year.
The longer the war lasts, given no change in fiscal
policy, the greater will be the total amount of individual
and corporate holdings of cash and Government bonds.
Increases in Cash and Government Bonds Are
Included in Current Savings
From the point of view of the holders, these increases
in cash and Government bonds, for the most part,
represent current income not spent on goods and
services or, in other words, current gross savings.5_ The
typical corporation has not been able, because of wartime shortages, to use its increased income (after outlay
expenses) for replacements of equipment and inventory.
The typical individual, similarly, has not been able to
use his increased income to purchase durable consumers'
goods and in many cases nondurable consumers' goods
because of wartime shortages. As a result, individuals
and corporations have held their unspent income in
cash or have used it for the purchase of Government
bonds.
Attention is directed, in this connection, to table 4 in
which estimated changes in cash and Gov eminent bonds
held by individuals (including unincorporated business
enterprises) and corporations are given for the years
1941 and 1942. It may be noted on the basis of
Securities and Exchange Commission estimates given
5 It is true, of course, that a portion of the increase in cash and Government bonds
represents a "return of capital." When, for example, an individual uses the funds
received from the retirement of a corporate bond to purchase a Government bond, the
resulting increase in his Government bond holdings may not be said to represent
"income-not-spent-on-goods-and-services," or, in other words, current savings. The
Government bond, in this case, merely replaces the corporate bond. However, in
relation to the total increase in private holdings of cash and Government bonds, these
offsets (in the form of reductions in holdings of private debt) are small. In 1942,
private debt, together with State and local government debt, declined by an estimated 3.6 billion dollars, while the Federal Government debt increased by approximately 46 billion dollars. (Bangs, K. B., "Public and Private Debt in the United
States," Survey of Current Business, May 1943.) It is clear, therefore, that of the total
amount of Government bonds and cash created by Federal fiscal policy, the major
portion maybe said to represent current gross savings of individuals and corporations.
15
SURVEY OF CURRENT BUSINESS
July 1943
in table 4 that, of the 30.5 billion dollars of cash and
Government bonds added to the holdings of individuals
during these 2 years, 17.4 billions was cash.6 In contrast, of the 19.4 billion dollars added to the holdings of
corporations only 4.2 billions was cash. Even when the
4 billion dollars of Government bonds purchased by
insurance companies during the period are eliminated,
the percentage of the corporate total, represented by
increases in bond holdings, is much larger than in the
case of the total for individuals.
Table 4.—Changes in Estimated Holdings of Currency, Bank
Deposits, and United States Government Securities by
Individuals and Corporations, 1941 and 1942
.[Billions of dollars]
1941
Item
1942
!I
S3
d
o
0 rjj
0
Individuals (including
unincorporated business enterprises) J
Corporations 2
Total
02*
1 I
"S^-
1 lm
c.-§
d'w
u^
Total, 1941 and 1942
4-3
•a
0
o3
1^ • 02.8
Q
t>-
^
0
K*> Q,
|
|
1"°
. w
02
0
•a
o
t>
+5.6 +3.2 +8.8 +11.8 +10.2 +22.0 +17.4 +13.4 +30.8
+.9 +3.8 +4.7 +3.3 +11.0 +14.3 +4.2 +14.8 +19.0
+6.5 +7.0 +13.5 +15.1 +21.2 +36.3 +21.6 +28.2 +49.8
1
Source: Securities and Exchange Commission. Op. cit.
2 Source: (a) The estimate of increase in currency and bank deposits held by corporations is a residual obtained by subtracting the increase in cash holdings of individuals from total increase in cash balances (see table 2); (b) U. S. Government
Securities, Warburton, Clark, op. cit., p. 18.
But whatever the distribution of the total between
cash and Government bonds, it is nevertheless true
that the inadequacy of wartime taxes as a means of
financing Federal Government expenditures has led to
increased holdings of cash and Government bonds by
individuals and corporations. It is with the significance
of these increases that this discussion will be concerned.
The Relation of Increased Cash and Bond Holdings
to the Problem of a Post-war Inflation
As was noted above, these increases in cash and
Government bonds, for the most part, represent income
received during the war but not spent on goods and
services during the war period. Whether the holders
consider these liquid assets to be past income, the
expenditure of which is to be delayed until after the
war, or to be permanent additions to their holdings of
assets, is difficult to determine in advance.
Nevertheless, it is possible, by dividing the economy
into three groups of economic units (individuals, corporations, and governmental units) to consider the
6
The term "individuals" refers to all noncorporate and nongovernmental economic
units. It does not refer exclusively to consumers. On July 7,1943 the Federal Reserve
Board released figures dealing with the ownership of demand deposits. Although
the Federal Reserve Board study was concerned with 'demand deposits only (as opposed to all cash items) and although the classification procedure used by the Federal
Reserve Board differs from that used by the Securities and Exchange Commission,
there appears to be an unresolved discrepancy between the two sets of estimates.
It is entirely possible that a resolution of these differences may serve to increase the
estimates of cash holdings of corporations and to decrease the estimates of cash holdings of individuals.
16
SURVEY OF CURRENT BUSINESS
significance of these large increases in cash and Government bonds for the problem of avoiding a post-war
inflation.
In the immediate post-war period corporations will
face the problem of financing a reconversion from war
activities to peacetime production and distribution.
Those corporations now engaged in the production or
distribution of civilian goods will face such problems
as: (1) restoring inventories depleted by wartime
shortages, (2) replacing worn-out and obsolete
equipment, (3) developing new products and new
markets, and (4) reestablishing or strengthening distribution systems. Those corporations now engaged in
the production of war materials will face such problems
as: (1) replacing of an inventory of war materials with
an inventory of peacetime materials, (2) replacing
equipment designed for wartime production with
equipment suited to peacetime needs, (3) purchasing
and converting war-constructed plants, (4) building a
new sales organization, and (5) extending credit in
many cases to the newly established distributors.
During this immediate post-war period, corporations,
considered as a group, may be expected to use a substantial portion of their increased holdings of cash and
Government bonds to finance their return to normal
peacetime operations. In fact, taken as a group, corporations may have to resort to bank borrowing to
finance their transition from war to peace time operations. It is very probable, as a result, that corporate
disbursements for goods and services will exceed corporate receipts from the sale of goods and services during
the reconversion period. During this period corporations may be expected, as a consequence, to draw
down their cash balances and/or to sell Government
bonds.
If, on the one hand, corporations sell bonds to the
banking system, new money will be created. If, on the
other hand, corporations sell bonds to nonbanking units,
existing bank balances will be transferred to the corporate enterprises. In either case, when the process is
completed and corporate enterprises spend the proceeds
of bond sales, noncorporate economic units would receive funds, on balance, from corporate enterprises.
This net receipt of funds would be represented by increases in. noncorporate cash holdings or by increases
in security holdings, or both—depending upon which of
these two procedures is used by corporations to finance
their net disbursements for goods and services.
When corporations shift from the absorption to the
release of cash and Government bonds, their expenditure policies may be expected to have the same effect
on the economy as that of the Federal Government
during the war (although of course, the net expenditures
of the corporations would not be as large as net expenditures of the Federal Government). In other words,
corporations may be expected, during the reconversion
period, to pay greater amounts into the gross income
July 1943
and revenues of other economic units (taken together)
than the other economic units will pay into the gross
incomes of corporations.
The effect of this corporate "deficit financing" on
the economy will depend upon income-administration
decisions of other groups in the economy. If the noncorporate groups in the economy are unwilling to restrict their expenditures on goods and services to something less than their gross income receipts during the
reconversion period, inflationary pressures might
easily develop. It does not necessarily follow that
prices will rise, but it does indicate that special measures
may have to be taken if an inflation is to be avoided.
The receipt-expenditure policies adopted by the other
groups in the economy will depend to a very large extent upon the specific situation with regard to which
these other groups must make decisions. Consider,
then, the probable situation facing (1) governmental
units and (2) individuals in the immediate post-war
period.
State and local governments will not only be faced
with the necessity of making badly needed repairs
and additions to public facilities but in many cases will
have accumulated reserves of cash and Government
bonds to take care of these expenditures. The Federal
Government will be faced with the necessity of aiding
in post-war reconstruction both in this country and
abroad. At the same time pressure is likely to be
applied from many sources for a reduction of taxes..
This does not eliminate the possibility that tax policy
may be used as a means of combating a post-war
inflation. Yet, it might be argued that if it has been
found difficult to use tax measures during the war as
a means of combating inflation, it will be even more
difficult to do so once peace has been achieved. Hence,,
desirable as it may be, it seems doubtful that governmental units, taken in the aggregate, will spend less,
for goods and services than they will receive in gross
revenues during the immediate post-warperiod.
The effect of corporate reconversion expenditures
(in the absence of a substantial overbalancing of
governmental budgets) will depend, therefore, upon the
income-administration decisions of the third group in
the economy, namely, individuals. The decisions of
individuals regarding the use of their incomes depends
upon many factors such as: (1) their sense of security,
(2) their holdings of goods (3) their holdings of highly
liquid assets; and it is impossible to state in advance <
which of these various factors will be quantitatively of
most importance.
With regard to the sense of security entertained by
individuals, little can be said. To a large extent this
will depend upon the governmental policies adopted
during the reconversion period and upon the courage
and foresight of businessmen in converting their
plants and preparing products for peacetime markets.
Nevertheless, whatever the sense of security on the
SURVEY OF CURRENT BUSINESS
July 1943
part of individuals, there are certain basic changes
occurring during the war which may greatly affect
individual decisions regarding the administration of
their post-war incomes.
Because of wartime scarcities of goods, the "real"
position of individuals (i.e. their holdings of goods)
will be substantially changed by the end of the war.
In many ways the position of individuals, considered
as a group, will be not unlike that of corporations at
the end of the war. Their effective inventories of
goods are likely to be depleted and/or obsolete.
But, more important than their changed holdings of
goods will be the increase in individual holdings of cash
and Government bonds. These same individuals whose
"real" position is likely to be impaired at the end of the
war will have added substantial amounts to their prewar holdings of cash and Government bonds. By 1943,
for example, individuals will have added an estimated 60
billion dollars to their 1940 holdings of cash and
Government bonds. (See discussion above.)
Given a continuation of the war and given no substantial change in tax rates, the additions in subsequent
years would be even larger. The actual amounts will
depend upon such factors as: The length of the wa,r,
the level of taxes, and the redeemability of future issues.
It is the magnitude of these increases in individual
holdings of cash and Government bonds which marks a
basic change from pre-war conditions. If it were not
for these large increases in individual holdings of cash
and Government bonds, the post-war situation would
not, in fact, be far different from the 1933—34 situation.
By 1933-34 the "real" position of individuals had similarly been impaired by the sharp reduction in their
purchases and goods and services during the 1931-32
period.
In the post-war period, however, individuals will hold
large increases in cash and Government bonds. The
result which might be expected to follow from a given
amount of post-war " deficit" financing by corporations
is likely, therefore, to differ from that which actually
followed from a comparable amount the "deficit"
financing by Government during the 1933-34 period.
It would seem reasonable to think that the result will
depend in large part on the effect of these large holdings
of cash and Government bonds on the income-administration decisions of individuals.
A moderate addition to individual holdings of liquid
assets could serve merely to increase individual expenditures on goods and services during the reconversion
period (relative to individual income) without at the
same time affecting the willingness of individuals to
absorb,the cash and Government bonds released by
corporations during that period. But the problem is
entirely one of degree.
The amount of liquid assets which an individual is
willing to absorb (and hold as liquid assets) is not unlimited. It may be taken as axiomatic that the larger
533856—43
3
17
an individual's holdings of liquid assets, the smaller the
advantage to be gained by the retention of the last
increment of cash and Government bonds. Hence, the
larger the wartime increases in individual holdings of
cash and Government bonds the greater the danger that
individuals, considered as a group, will be unwilling to
continue adding to their holdings in the immediate postwar period.
Or, to put it another way, the greater the holdings
of cash and Government bonds by individuals, the
greater the danger that individuals (taken as a group)
will be unwilling to restrict their expenditures (on goods
and services) relative to their incomes during the reconversion period. It follows that the greater the increase
in individual holdings of cash and Government bonds
the greater the danger that an inflation will result from
the initiation on the part of corporations of a "deficitfinancing policy" in the immediate post-war period.
This is not to say that a post-war inflation will inevitably follow from an increase in individual and corporate
holdings of cash and Government bonds. Other
factors may intervene. If, for example, the individuals
and corporations become convinced of inevitability of
a post-war depression, they may attempt to restrict
their expenditures and to conserve their holdings of
liquid assets. Yet, if the conditions are generally
favorable for a return to peacetime production under
free enterprise conditions, these large increases in
individual and corporate holdings of cash and Government bonds may do much to intensify the danger of a
post-war inflation.7
Sale of Bonds to Nonbanking Units Is Not a Substitute for Taxation
In this connection it may be noted that, given the
already large holdings of cash by individuals and corporations, the financing of the entire deficit for the
duration of the war by the sale of bonds to nonbanking
economic units is no guarantee that a post-war inflation could be avoided. As was noted above, cash holdings of individuals and corporations increased by 21.6
billion dollars in 1941 and 1942 or by 32.2 percent over
the December 31, 1940, figure of 67 billion dollars.
According to Securities and Exchange Commission
estimates, the major part of this increase in total cash
balances is held by individuals (including unincorporated
business enterprises).8
As was noted above, any factor which causes individuals as a group to use their cash balances as a supple* Parenthetically it may be noted that an inflationary situation could develop
during the reconversion period despite a decrease in total employment and income.
The demand for civilian goods could increase during a period in which the demand
for all goods (including military goods) was decreasing. The resources released by
the decrease in governmental purchases of military goods in many cases are specialized and time is required before they may be reemployed in producing civilian
goods. Moreover, in the immediate post-war period it is not unlikely that the Federal Government purchases of civilian goods (including goods required for reconstruction activity abroad) may increase at a time when total Federal Government
purchases of military as well as civilian goods is decreasing.
s See footnote to table 3.
18
SURVEY OF CURRENT BUSINESS
ment to their current incomes during the reconversion
period in the purchase of goods and services can lead to
an inflation. A Government bond, particularly if it
has a fixed redemption value or if there is reason to
think that monetary authorities will support its market
price, has many of the qualities of money. Its liquidity
is guaranteed. To be sure, a Government bond is not a
perfect substitute for money. It has to be converted
into money, for example, before it can be used as a medium
of exchange. Yet, and this is the important point, the
size of an individual's holdings of Government bonds
may be expected to affect his willingness to hold these
large balances unspent in the post-war period.9
To put it another way, an individual with large
holding of Government bonds (relative to his income)
will be more likely to use his cash balance as a means of
supplementing his post-war income than an individual
with small holdings of Government bonds (relative to
his income). It follows as a consequence that the sale
of Government bonds to nonbanking units, even-if
the bonds are purchased out of current income, is not
a solution to the problem of preventing post-war inflation.
It is true, of course, that at the time the bonds are
purchased by individuals and corporations the danger
of an inflation is thereby diminished. Yet, in the long
run the resulting increase in individual and corporate
holdings of Government bonds is likely to affect the
way in which these economic units treat their cash
balances. That is, the sale of bonds to nonbanking
economic units, instead of increasing the total amount
of their cash balances, is likely to affect their decisions
regarding the size of their cash balances relative to outlays (i.e., transaction velocity).
There is, then, a very real difference between financing
war expenditures by taxing and financing war expendi9
For a complete statement of the factors affecting the decisions of individuals
regarding the size of cash balances relative to outlays see: Marget, Arthur W., The
Theory of Prices, Vol. I, Prentice-Hall, Inc., 1938, pp. 482f.
July 1943
tures by borrowing—even if in both cases the funds are
taken out of current income. When, on the one hand,
individuals and corporations use their current income
to pay taxes, they are left with nothing but tax receipts,
the dollar volume of which is not likely to affect their
future spendings-savings decisions. When, on the other
hand, individuals and corporations use their current
income to buy Government bonds, they are left with
highly liquid assets the dollar volume of which is likely
to affect their future spendings-savings decisions.
This is not to say that it is a matter of indifference
whether the Federal Government finances the deficit
by the sale of bonds to the banking system or by the
sale of bonds to individuals and corporations. In the
former case the result is to increase the cash holdings of
individuals and corporations whereas in the latter case
the result is to increase their bond holdings. In view
of the fact that the newly created cash balances do not
have to be redeemed before they may be used to buy
goods and services, and in view of the" fact that the
newly created cash balances, unlike Government bonds,
do not yield an income, there is reason to think that
a given increase in the cash holdings of individuals and
corporations would carry a greater threat of a post-war
inflation than would the same increase in bond holdings.
Yet, because of the liquidity of Government bonds,
the difference between these two types of liquid assets
is not as large as is sometimes thought, and increases in
individual holdings of Government bonds may be expected to affect the income-administration (i. e. expenditure) decisions of individuals in much the same way
as increases in individual holdings of cash balances.
It is because of the possible effects on the incomeadministration decisions of individuals, as well as of
corporations, of increased holdings of liquid assets that
the sale of Government bonds to nonbanking units
differs so markedly from taxation as a means of financing war expenditures.
July 1943
SURVEY OF CURRENT BUSINESS
19
Impact of the War Upon Smaller
Manufacturing Plants
Howard R. Bowen, Chief, Business Structure Unit, Bureau of Foreign and Domestic Commerce
manufacturing plants in the United
SMALLER
States are making a substantial contribution to the
war effort. Three-fifths of all smaller plants are
producing at least some war goods, and 40 percent of
their combined output may be classed as war production. In adjusting their operations to the requirements of war, however, smaller manufacturers have
been faced with serious problems. Their total physical
output is still at about the 1941 level, and plants of
the smallest size (0-7 wage earners), taken together,
have suffered an actual decline in output during the
war period.
These are some of the conclusions reached from
personal interviews with the responsible officials of
3,446 smaller manufacturing firms representing most
industries and all sections of the country. The purposes of the survey were to determine: (1) the effects
of the war upon the operations and prospects of smaller
manufacturing enterprises, (2) the extent to which
smaller manufacturing firms are being utilized for
war production, (3) the possibility of increasing the
participation of smaller plants in the war effort.
The interviews were conducted between February
22 and March 6, 1943, with single-plant concerns
employing from 1 to 125 wage earners in October 1942.
All types of manufacturing firms were included except
poultry and dairy processors, feed mills, bakeries,
bottling works, artificial ice plants, logging camps and
sawmills, printing establishments, and newspapers.
The sample was selected and weighted in such a way
as to be representative of approximately 62,000 singleplant manufacturing firms operating within the included industries and employing from 1 to 125 wage
earners. These are the firms which are here referred
to as "smaller manufacturing firms.'71
Changes in the Operations of Smaller Manufacturers Since 1941
The changes experienced by smaller firms during the
war were measured by comparing operations in January
1943 and January 1941.2
The value of product for all smaller plants in January
1943 was 16 percent greater than in January 1941
(table 1). Since wholesale prices of manufactured
products increased by about 20 percent during the same
period, it may be inferred that the physical output of
smaller manufacturers has changed only slightly. This
is borne out by the fact that the number of wage earners
employed in January of 1943 was about the same as in
January of 1941 (table 2). The relative constancy of
output for the group as a whole conceals, however, a
wide variation among firms. As shown in table 3, for
21 percent of the firms, the value of product in January
1943 was at least double that in January 1941. On the
other hand, for 12 percent of the firms, the value of
product in January 1943 was less than half that in
January 1941.
In tables 1 and 2, the several broad industry groups 3
are compared with respect to changes since 1941 in
value of product and number of wage earners. As
would be expected, the metals group showed a relatively
large gain both in value of product and number of wage
earners.
The data in tables 1 and 2 indicate a direct relation
between size of firm and change in output since 1941.
The group of firms with 0-7 wage earners 4 were producing less in January 1943 than in January 1941. For
this group, the value of product in January 1943 was
85 percent and number of wage earners only 65 percent
of that in the corresponding period of 1941. The group
of firms with 8-20 wage earners were able to maintain
the value of product but evidently suffered a reduction
in physical output as indicated by a decline in number
of wage earners to 82 percent of the January 1941 level.
On the other hand, the group of firms having 21-125
wage earners enjoyed a significant increase both in
value of product and in number of wage earners.
The relationship between size of firm and change in
output is also indicated by the fact that the percentage
of firms suffering a decrease in value of product varied
inversely with size of firm. Thus, 39 percent of firms
with 0-7 wage earners experienced a decline as compared with 31 percent of firms with 8-20 wage earners,
and 25 percent of firms with 21-125 wage earners. On
1 The industries represented include all manufacturing industries within the
standard industrial classification except the following: Poultry dressing and packing,
creamery butter, cheese, ice creams and ices, special dairy products, feed mills, nonalcoholic beverages, malt liquors, malt, manufactured ice, logging camps and logging
contractors, sawmills, and the entire printing and publishing group. The sample
was drawn from the 1942 records of the National Refiling Project of the Bureau of
Old Age and Survivors Insurance of the Social Security Board. Firms which had
gone out of business-prior to autumn 1942 were not represented. The survey was
conducted, under the sponsorship of the Army, Navy, Maritime Commission, and
War Production Board, by the Office of War Information in collaboration with the
Bureau of the Census and the Bureau of Foreign and Domestic Commerce.
2 Each firm was asked to indicate the value of each product produced and the
number of factory wage earners employed during each of the 2 months. Whenever,
for some special reason, the activity of a firm during one of the selected months was
unrepresentative of operations during the pieriod, the option was given to substitute
another month which would reflect more accurately the general condition of the
business..
s The metals group includes: Iron and steel, ordnance and accessories, transportation equipment, automobiles, nonferrous metals, electrical machinery and other
machinery. The "other industries" includes: Tobacco, lumber 'and timber basic
products, furniture and finished lumber products, paper, chemicals, petroleum andl
coal, rubber, stone-clay-glass, and miscellaneous.
* Firms are classifiedjby size on the basis of number of wage earners in 1943.
20
SURVEY OF CURRENT BUSINESS
Table 1. — Value of Products in January 1943 Expressed as
Percentage of Value of Products in January 1941, by Size
of Firm and Industry Group
Firms employing—
Industry group
All
smaller
firms
All included industries
Metals group
Textiles-apparel-leather
Food group
Other industries
___
__
. _ __
July 1943
number of wage earners 1 percent (table 2). For
manufacturing as a whole, including firms from the
smallest to the largest size, the increase in value of
shipments during the same period was 72 percent and
in number of wage earners 44 percent.5 Thus, it is
strongly suggested that firms having more than 125
wage earners have experienced a relatively greater gain
in output than smaller firms.
0-7
wage
earners
8-20
wage
earners
21-125
wage
earners
Percent
116
Percent
85
Percent
102
Percent
126
125
117
114
105
83
108
70
77
98
99
137
93
137
123
117
118
Unused Capacity in Smaller Manufacturing Plants
100
100
100
100
12
22
7
22
12
21
4
16
23
10
21
10
15
5
10
21
6
20
13
27
3
6
19
4
23
17
26
5
Chart 1.—Percentage of Smaller Firms Reporting Possible
Increases in Production of 50 Percent or More Over January
1943 Output
Productive capacity of a firm is difficult, to assess
because ability to produce depends upon the interplay
Table 2.—Number of Wage Earners in January 1943 Expressed of many factors, among them machinery, materials,
as Percentage of Number in January 1941, by Size of Firm
labor, supervision, and orders. And without a clear
and Industry Group
measure of potential output, the amount of unused
Firms employing—
capacity is difficult to estimate. Nevertheless, in the
All
smaller
Industry group
present study an attempt was made, by means of
firms
0-7
8-20
21-125
wage
wage
wage
indirect indices, to gain some knowledge of the amount
earners earners earners
of unused capacity existing within the smaller manuPercent Percent Percent Percent
facturing plants of the country.
65
113
101
82
All included industries—
One approach to the problem was to obtain each
109
125
58
85
Metals group
. _
105
100
84
82
Textiles, apparel, leather
_
manufacturer's
judgment as to the possibility of increas85
46
78
101
Food group
99
111
60
80
Other industries
_
ing production within his plant. Accordingly, each
was asked: "Can you increase your production as you
Table 3.—Percentage Distribution of Smaller Firms Accord- are now set up (that is, without new machinery or
ing to Ratio of Value of Products in January 1943 to Value in
construction) ?" Opportunity was given for the anJanuary 1941, by Size of Firm
swers "Yes" or "No/7 and with an affirmative answer,
Firms employing—
for an estimate of the possible percentage increase.
All
Ratio of January 1943 production to smaller
Nearly one-third of the firms (31 percent) reported
0-7
21-125
firms
8-20
January 1941 production, percent
wage
wage
wage
that they could at least double their present production;
earners
earners earners
Total
Less than 50
50-99
100
101-149
150-199
200 or more
Not reported
_
SIZE OF FIRM
0
10
20
PERCENT
30
40
50
60
ALL FIRMS
(0 TO 125 WAGE EARNERS)
the other hand, the percentage of firms enjoying an
increase in value of product varied directly with size—
0 TO 7 WAGE EARNERS
46 percent for the 0-7 group, 60 percent for the 8-20
group, and 66 percent for the 21-125 group (table 3).
8 TO 20 WAGE EARNERS
In all these comparisons between size groups, size is
measured by number of wage earners in January 1943.
Thus, the conclusion to be drawn is that the group of
21 TO 125 WAGE EARNERS
firms with 0-7 wage earners in 1943 experienced a
decline in dollar output and in employment since 1941;
Source: TJ. S. Department of Commerce.
firms with 8-20 wage earners in 1943 held their own in
dollar output but experienced a reduction in number of
15 percent said that they could arrange increases from
wage earners since 1941, and that firms with 21-125
50 to 100 percent of current output; and 25 percent said
wage earners in 1943 enjoyed a gain l^oth in dollar outthey could increase by amounts varying from 1 to 49
put aricl employment since 1941.
percent.
Altogether, 71 percent of the firms reported
A comparison of the trend in value of product and
that
they
could
increase output by some amount.
number of wage earners for all smaller firms and for
The
three
size
groups did not differ significantly in
manufacturing industry as a whole confirms the direct
the
percentage
of
firms indicating that production
relation between size of firm and changes in output
'
Department
of
Commerce
estimates of manufacturers' shipments and Depart.since January 1941. The increase in value of product ment of Labor estimates of number
of wage earners both adjusted to include only the
jfor all smaller firms was 16 percent (table 1) and in industries covered by this study.
July 1943
SURVEY OF CURRENT BUSINESS
could Be ijftcreised; /However, the percentage of firms
indicating the possibility of large increases varied inversely with size. Apparently the amount of idle
capacity is relatively greater in plants with 0-7 wage
earners than in plant swith 8-20 and 21—125 wage earners, even though the proportion of firms with unused
capacity is about the same. This is illustrated in chart 1.
The estimates of idle capacity obtained from the
manufacturers' statements on the possibility of increasing production are interesting and highly significant. They relate, however, only to idle plant
capacity. They do not necessarily represent increases
in output that would be practicable under existing
shortages in the markets for labor and materials.
This is illustrated by the fact that, although 71 percent
say they could increase production, 63 percent commented that they were having difficulty getting enough
labor and 62 percent (many of them the same firms)
said that they were faced with materials shortages.
Additional studies were made, therefore, to determine
how much of the idle capacity reported represented
possible increases in output within the limitations of
the existing labor and materials markets.6
On the basis of all available evidence, it was concluded (1) that about one-third of the firms would
actually be able to increase production under prevailing conditions; (2) that one-half would be able to
increase only if given sufficient personnel and materials
which they are now unable to obtain; and (3) that 13
percent are now operating at absolute capacity and
could not increase output with existing facilities under
any conditions.
From this analysis, it may be concluded that there
is much unused productive power within smaller
manufacturing firms. A great majority of smaller
firms have idle plant capacity and perhaps as many
as one-third of them would be able to produce more
goods even under the existing labor and materials
situation.
6
A group of 236 of the firms interviewed in the original survey were reinterviewed
by Regional Business Consultants and District Managers of the Department of
Commerce Field Service. Each firm was requested not x>nly to indicate whether it
could increase production but also to explain fully the conditions under which production could or could not be increased.
In the follow-up, 76 percent of the firms stated that they could increase production
(compared with 71 percent in the original survey). Analysis of the returns showed,
however, that hi a very large proportion of the cases the stated possible increases in
production were more or less unrealistic in that they were contingent upon extremely
difficult conditions. Moreover, the differences between affirmative and negative
answers were in most cases not significant. For example, many manufacturers
answered "Yes, if I could get the labor"; whereas, others answered "No, because I
can't get the labor." And frequently those answering "No," indicated in the discussion that they meant no, under the existing labor and material situation, but yes,
if certain fairly easy conditions were met.
In view of this ambiguity, the reports were examined in detail to ascertain for each
firm (including those indicating that they could not increase production) the particular conditions under which an increase would be possible. On the basis of this examination, the analyst formed an over-all judgment as to whether each firm could
actually and realistically increase production (1) with existing equipment (allowing
minor changes) under the present labor and materials situation and given ample
orders at prices sufficient to cover costs; and (2) with existing equipment and given
sufficient personnel, materials, and orders at satisfactory prices. On the whole,
these judgments were formed on the basis of inadequate information and without
intimate knowledge of the particular circumstances of each firm. Nevertheless,
they are perhaps more accurate than the ambiguous and unqualified "Yes" or "No"
.answers.
21
These conclusions on idle capacity in smaller plants
are supported by data on hours of plant operation
(table 4). Very few of the firms are operating extra
shifts. In fact, only 11 percent are operating at more
than 60 hours per week. On the other hand, nearly
half of the firms (44 percent) are operating at 40 hours
per week or less. In such firms, increases in production
may well be possible.
Table 4.—Percentage Distribution of Firms According to
Hours of Plant Operation Per Week, by Size of Firm
Firms employing—
Hours of operation per week
Total _
Less than 40.
40
41-47__ .
48
49-60
61 or more
Not reported
__ _ .
. .'
All
smaller
firms
0-7
wage
earners
8-20
waige
earners
100
100
100
100
9
35
13
16
15
11
1
12
41
15
16
10
4
2
7
37
14
14
16
10
2
4
25
12
15
19
24
1
21-125
wage
earners
The figures on hours of operation by size of firm show
that the larger firms are working longer hours, on the
whole, than the smaller. In the 0-7 group, 30 percent
of the firms are working 48 hours or more; in the 8-20
group, 40 percent; and in the 21-125 group, 58 percent..
These figures are consistent with those shown in
chart 1 on possible increases in production and reinforce
the general conclusion that amount of idle capacity
varies indirectly with size of firm.
The Condition and Prospects of Smaller Manufacturing Plants in 1943
A rough measure of the condition of smaller manufacturing plants, as based on volume of output, was
developed from data obtained in the survey. The firms
were classified into two groups: (1) those whose current
output is "more satisfactory" and (2) those whose
current output is "less satisfactory/' The output of a
firm was regarded as more satisfactory if any two or
more of the following were applicable:
(1) Value of product greater in January 1943 than
in January 1941.
(2) Number of wage earners greater in January 1943
than in January 1941.
(3) Plant in operation more than 40 hours per week
in January 1943.
(4) Responsible managers report that no increase in
production is possible over January 1943.
On the other hand, the output of a firm was regarded
as less satisfactory, if none or only one of these items
was applicable. On the basis of these criteria, the output of two-thirds of all the smaller firms was classed as
more satisfactory and the output of one-third as less
satisfactory. The proportion of firms whose output is
classed as more satisfactory varied directly with size.
(See chart 2.)
22
SURVEY OF CURRENT BUSINESS
July 1943
5. — Percentage of Firms Expressing Satisfaction or
An indication of the immediate prospects of the Table
Dissatisfaction With Present Backlog of Orders, by Amount
smaller manufacturing plants was obtained from quesof Backlog
tions on unfilled orders and on expectations for 1943.
backlog in months' Total Satisfied, Qualified Dissatis- Not reFor most of the firms the backlog of unfilled orders was Amount ofproduction
fied
ported
found to be«very small: 70 percent of the firms had a
1
7
24
100
68
All smaller firms
backlog of less than 2 months' production and only 7
Less than 1_
31
3
100
56
10
percent were committed for 6 months or more. Never- 1-2
69
5
•
100
26
4
100
80
16
theless, more than two-thirds of the firms reported that 3-4
85
5
5-6
_
10
100
2
8
100
90
they were satisfied with their backlog and only 24 per- More than 6
cent reported definite dissatisfaction.
firms, current output is "less satisfactory," (2) 31 perChart 2.—Percentage of Smaller Firms With Output in
January 1943 Classified as "More Satisfactory" and "Less cent of the firms report that the 7backlog of orders is
either unsatisfactory or "qualified/ and (3) 32 percent
Satisfactory"
of the firms expect either that their business will not
PERCENT
100
be as good in 1943 as in 1942 or that they will have to
"LESS
I SATISFACTORY"
close.
80
War Production in Smaller Plants
For purposes of this survey, war production was
defined as output sold directly to the Army, Navy,
Maritime Commission, Lend-Lease Administration, or
other agencies contracting directly for the Government, and output going indirectly to war service but
by way of one or more intermediate private firms. For
example, not only is the manufacture of uniforms for
sale to the army regarded as war production, but also
the manufacture of the cloth (or of the dyes used in
coloring the cloth) for the uniforms. In an attempt to
"MORE
I SATISFACTORY"
S
j)
0
TO
7
8
TO
20
SIZE OF FIRM
~BY NUMBER OF WAGE EARNERS
21 TO
125
J
Source: U. S. Department of Commerce.
Though the firms with a large backlog of orders were
of Smaller Firms With and Without
relatively more satisfied than those with few orders on Chart 3.—Percentage
War Production, January 1943
hand, yet even among the firms having a backlog of
less than 1 month's production a majority were satist
1 NO EFFORT, MADE
NOT
TO OBTAIN
ENGAGED
fied. Apparently, most smaller manufacturers are
WAR BUSINESS
IN WAR
EFFORT MADE TO
PRODUCTION
accustomed to operating on a "hand-to-mouth" basis.
OBTAIN WAR_BUS_INESS
_
__|__
(See table 5.)
In reply to a question on prospects for 1943 as compared with 1942, the manufacturers reported as follows:
BetterSame __
Not as good
Will have to close
Can't tell
Percent
— 27
___ 24
27
5
17
ENGAGED
IN WAR
I PRODUCTION
20
ALL FIRMS
Total
100
Thus more than half expected their 1943 business to
be at least as good as in 1942, but one-third expected
to suffer reverses—either by way of a decline or actual
termination of the business. The remaining 17 percent
felt that the uncertainties were too great to justify
predictions.
It may be concluded from the several criteria for
measuring present condition and prospects that perhaps two-thirds of the smaller manufacturing firms
are reasonably well-off, and that one-third are experiencing or facing curtailment. This conclusion is based on
three findings presented above: (1) for 34 percent of the
(0 TO 125)
^
"*
0
TO
7
8
TO
21 TO
20
125
SIZE OF FIRM
BY NUMBER OF WAGE EARNERS
DO 43-3O9
Source: U. S. Department of Commerce.
apply this definition, it is inevitable that the amount of
war production in certain industries will be understated
since many producers—especially those engaged in the
earlier stages of production—do not know precisely
how their product is ultimately used. Nevertheless,
experience in the survey indicates that a very large
majority of manufacturers are able to identify the
portion of their product used for war purposes.
As shown in table 6, 58 percent of all smaller manufacturing plants report some war production, either
direct or indirect, and 44 percent of the firms report
that war output represents more than half their total
volume of business. Comparison of the three size
groups, namely, firms with 0-7, 8-20, and 21-125 wage
earners, indicates a direct relationship between size of
firm and amount of war business. Three-fourths of
the larger firms have war production whereas less than
half of the smaller firms are engaged in the war effort
(chart 3). The differences between the various size
groups in extent of participation may be explained in
part, however, by the fact that relatively fewer of the
very small firms are suited to war production. This
is suggested by two facts revealed in the survey,
namely: (1) a relatively large proportion of the smallest
firms have made no recent efforts to get war business,
and (2) a relatively large number report that their line
is unsuited to war production or that they cannot
handle additional war production. In fact, only about
10 percent of the smaller manufacturers have tried to
get war orders and have failed. Moreover, this percentage does not differ significantly for the three size
groups: In the 0-7 group, 11 percent of the firms have
tried unsuccessfully for war business; in the 8-20 group,
13 percent; and in the 21-125 group, 9 percent (chart 3)
Table 6.—War Production: Percentage Distribution of Firms
According to Proportion of Total Output Going Directly or
Indirectly to War Procurement Agencies, by Industry Group
and Size of Firm
degree of participation in war production is also much
greater in the metals group than in other industries.
Half the metals firms are engaged exclusively in war
production, and another fourth of them are producing
war goods to the extent of 50 to 99 percent of their
total output.
Table 7 indicates the degree to which smaller firms
are engaged in direct war production and the extent to
which they are participating indirectly through subcontracting. Only 19 percent have direct contracts
with Government procurement agencies. The war production of the remaining 39 percent consists of goods
sold to other firms for eventual use by the Government,
much of it on subcontract.
Table 7 also shows that the percentage of firms having
direct war production varies directly with size of firm.
Nearly one-half of the larger firms with war business
report sales directly to procurement agencies, whereas
less than one-fourth of the firms in the srriallest size
group having war business report direct sales.
Table 7.—Percentage of Firms with Production Going to War
Agencies Directly, Indirectly, or Both, in January 1943, by
Size of Firm
Firms employing—
Disposal of output to war agencies
Total
Firms employing—
All
smaller
firms
Industry group and percentage of
output going to war agencies
0-7
wage,
earners
8-20
wage
earners
100
100
100
100
.„ .
42
8
6
8
16
20
55
7
4
8
12
14
37
11
5
7
17
23
25
6
8
8
24
29
Metals group _ .
100
100
100
100
17
7
27
49
33
7
23
37
12
9
28
51
3
5
30
62
All included industries
0
1-24
25-49
50-74
75-99
100
„
0
1-49
50-99
100
21-125
wage
earners
100
100
100
100
0 .
1-49
50-99 .
100
66
12
18
4
75
11
13
1
70
12
15
3
53
12
27
8
Food group
100
100
100
100
62
25
12
1
74
16
10
39
44
14
3
49
30
18
3
100
100
100
100
44
17
29
10
56
14
22
8
36
19
30
15
20
25
43
12
Textiles-apparel-leather
0 - . _
1-49
50-99
_
100
Other industries . . _
0 _
l-49._
50-99
100-._
23
SURVEY OF CURRENT BUSINESS
July 1943
_
.
_
. _ _ . _ -
'
Participation also varies among the several industry
groups: 83 percent of the firms in the metals group
have war production as compared with 34 percent in
the textile-apparel-leather group, 38 percent in the food
group and 56 percent in "other industries." The
Directly or both directly and indirectly..
Indirectly only (chiefly subcontractors) _ _
No war business
All
smaller
firms
0-7 wage 8-20 wage 21-125
wage
earners
earners
earners
100
100
100
100
19
39
42
10
35
55
17
46
37
34
41
25
A frequent complaint has been made that smaller
manufacturing plants have not obtained their full share
of war business. An attempt was made, therefore, to
discover the number of those smaller firms which are
suited to war production and which apparently need
additional business. The firms selected were those (1)
who report that they can handle additional war production, (2) who want more war business (as indicated by
the fact that they have made recent efforts to get it),
and (3) whose present output is "less satisfactory."
Using these criteria, 15 percent of the firms were found
to be in need of additional war business. The remaining 86 percent were apparently either unsuited to war
production or were enjoying a level of output that was,
classed as "more satisfactory."
Changes in Products Since 1941
The survey revealed that relatively few of the smaller
manufacturing plants have made significant changes
during the war in the types of goods they are producing.
In 85 percent of the plants, the same products were
being produced in January 1943 as in January 1941. In
8 percent, new products had been added but some or all
of the old products had been retained. In only 7 percent of the cases had complete conversion to new prod-
24
SURVEY OF CURRENT BUSINESS
ucts been accomplished. Altogether, only 15 percent
had added new products since 1941.
In view of the fact that 58 percent of the smaller
plants reported war production, it may be concluded
that the participation of smaller plants in the war effort
has usually involved a change in ultimate market for
products normally produced rather than a conversion
to new products.
Table 8.—Percentage Distribution of Firms According to
Changes in Products Between January 1941 and January
1943
Item
All firms operating in both years 1
Firms classified by industry groups:
Metals group
Textiles -apparel -leather _
Food group.
Other industries
Firms classified by type of production:
Civilian production only
Both war production and civilian production
War production only
_
__
Firms classified by size:
0-7 wage earners
8-20 wage earners _
21-125 wage earners
.
. _
Total
All
products
the same
Some
products
the same
and some
different
All
products 1
different
100
85
8
7
100
100
100
100
74
87
99
91
12
8
1
5
14
5
100
94
3
3
100
100
84
71
11
9
5
19
100
100
100
90
83
82
5
9
10
5
8
8
4
i Omitted are 4 percent of the total sample not operating in 1941 and 3 percent
of the total sample interviewed but not operating in 1943.
As shown in table 8, the extent of conversion to new
products varies with different classes of firms. Conversion has been relatively common in the metals group
and almost nonexistent in the food group. Conversion
has been relatively more frequent in the 8-20 and 21125 groups than in the 0-7 group, and more common
among firms with war production than among those
with only civilian production. Yet, in each class of
July 1943
firms, the great majority report that the same products
are being produced in 1943 as in 1941.
Conclusions
A number of general conclusions iemerge from the
survey. With respect to the trend of production,
it was found that the physical output of all smaller
firms has remained about constant during the period
from January 1941 to January 1943, whereas industry
as a whole has experienced a marked expansion; that
idle capacity is widespread among smaller firms; and
that perhaps one-third of all smaller manufacturers
are experiencing or facing curtailment in output.
With respect to war production, it was found that 58
percent of the firms were producing at least some war
goods; that war products comprised about 40 percent
of the combined output of all smaller plants; and that
the extent o f , participation hi war production was
greater among larger firms than among smaller.
On the question of whether smaller firms have been
utilized for war production as fully as possible or'
desirable, these findings do not provide a definitive
answer. They present the facts regarding the impact
of "the war upon smaller manufacturers as reported by
the responsible executives of 3,446 firms. In judging
the effectiveness with which smaller plants have been
utilized, it must be recognized (1) that the requirement
of speed in turning out materials of war undoubtedly
militates against the use of smaller plants—at least
during the earlier stages of the conflict, and (2) that relatively few of the smaller firms are technically equipped
for war production. On this last point, the survey
revealed that 85 percent of the smaller firms reported
either that they were unsuited to war production or
that they were enjoying an output greater than in
1941 and hence did not need war orders.
July 1943
SURVEY OF CURRENT BUSINESS
25
Income in Selected Professions
By Edward F. Denison, National Income Unit, Bureau of Foreign and Domestic Commerce
Professional and Eelated Services industry
THE
employed 3,318,000 persons in March 1940—
more than 7 percent of the total number of employed
persons in the United States. As no agency regularly
collects financial information covering this major area
of the economy, the Bureau of Foreign and Domestic
Commerce since 1933 has undertaken occasional
questionnaire surveys of portions of the industry to
collect information required for its national income
studies. The widespread interest shown in the results
of these surveys has led to the publication of findings
in National Income Bulletins, the Survey of Current
BusinesSj a series of special bulletins issued in 1939,
and in privately published works.1
In accordance with this policy, the Bureau in the
spring and summer of 1942 conducted surveys of
economic conditions in five professions—dentistry,
law, medicine, private duty nursing, and veterinary
medicine. Questionnaires were mailed to all dentists
and veterinarians, and to representative samples consisting of 20,000 physicians, 20,000 lawyers, and 25,000
nurses. Eesponse to each survey was voluntary and
the respondents were not required to identify themselves. Returns averaged better than 15 percent.
The sample for each profession is the largest ever
obtained by the Bureau. The results of these surveys
will be presented in a series of articles, the first of which
appears below.
income for 1941 was reported were returned by 1,604
veterinarians representing every State. As there
were1 10,717 employed veterinarians in March 1940,
according to the Bureau of the Census, the sample
for 1941 represents about 15 percent of all active
veterinarians.
According to a survey conducted by the American
Veterinary Medical Association, approximately 57
percent of the veterinarians were primarily engaged in
Chart 1.—Veterinarians' Average Net Income by
Sources, 1941
Major
THOUSANDS OF DOLLARS
MAJOR SOURCE
1
2
3
4
RESEARCH AND EDUCATION
COMMERCIAL AND MISCELLANEOUS
UNITED STATES ARMED FORCES
SALARIED PRACTICE
BUREAU OF ANIMAL INDUSTRY
MEAT AND MILK INSPECTION
INDEPENDENT PRACTICE
NOTE.- WIDTH OF
EACH BAR REPRESENTS THE
PERCENT THAT
VETERINARIANS
IN EACH SOURCE
GROUP ARE OF
TOTAL NUMBER
FOR 1941.
Part I—Veterinary Medicine, 1938-41
D.O 43-365
The drain placed upon the limited supply of veteriSource: U. S. Department of Commerce and American Veterinary Medical
nary surgeons by the armed forces, their inclusion with Association.
physicians and dentists in the recruitment program of
the Procurement and Assignment Service, and the independent practice in 1940. Salaried practice (empotential shortage of veterinary services available for ployment by other veterinarians) accounted for 8 percivilian requirements has awakened public interest in cent, the Federal Bureau of Animal Industry for 16
veterinary medicine. As no reliable information per- percent, meat and milk inspection (for State and
taining to the earnings of veterinarians was previously local governments) for 8 percent, research and eduavailable, the Bureau of Foreign and Domestic Com- cation for 6 percent, the armed forces for 1 percent,
merce, cooperating with the American Veterinary and commercial and miscellaneous activities for 3
Medical Association, included veterinarians among percent.2
The average 1941 net income of all veterinarians and
the professional groups covered in the present series of
of veterinarians in each of these categories is presented
surveys.
In the late spring of 1942 approximately 12,300 in table 1, together with a distribution of the returns
questionnaires were mailed to all known veterinarians by income classes.3 Net income is defined as salaried
in the United States, including those who were retired
2 Largely derived from the Journal of the American Veterinary Medical Association,
1940, p. 374.
or not in practice. Usable schedules on which net October
3
i Tabulations from certain of these suryeys are more detailed in Milton Friedman,!
Incomes of Independent Professional Practitioners, National Bureau of Economic
Research, New York, 1943, and in Harold F. Clark, Life Earnings in Selected Occupations in the United States, Harper and Brothers, New York and London, 1937, than in
the original official releases. The Department of Commerce, of course, assumes no
responsibility for interpretations of the data made by such private investigators.
533856—42
In this and all other tables in this article the returns were weighted in two ways.
(1) Since members of the American Veterinary Medical Association were overrepresented in the sample relative to nonmembers, the returns from the two groups
were separately tabulated and combined in accordance with their true number.
(2) In combining averages or distributions for veterinarians engaged in different types
of activity, each was weighted by the number of veterinarians actually engaged
the activity, not by the number in the sample.
26
SURVEY OF CURRENT BUSINESS
income plus net income from independent professional
practice.4
Table 1.—Average Net Income and Percentage Distribution
of Veterinarians by Net Income Classes, 1941
Veterinarians classified according to major source of net income
ComBu- Meat ReInde- Sal- reau
of and search United mercial,
All
pend- aried
States
miscelAniand armed laneous,
veteri- ent
mal milk educanarians •prac- pracforces and not
tice Indus- inspection
tion
tice
stated
try
58
127
89
743
337
U50
Number reporting. __ 1,604
100
Average net income- $2,787 $2,708 $2, 831 $2,717 $2, 716 $3, 556 $3, 211 i$3,331
Percent age distribution by net income classes
Net income class:
Loss of $1- $500
$0-$499
$500-$999
$1,000-$1,499 .
$1,500-$1,999
$2,000-$2,499 .
$2,500-$2,999
$3,000-$3,499 .
$3,500- $3,999
$4,000-$4,499
$4,500-$4,999
0.3
3.0
5.7
9.5
10.2
19.7
14.7
14.7
6.6
4.1
4.2
0.6
4.9
9.1
14.9
12.8
11.7
10.8
11.2
5.9
5.2
3.9
$5,000-$7,499
$7,500-$9,999 „
$10,000-$12,499
$12,500-$14,999 2
$27,500- $29,999 2
5.2
1.3
0.5
0.2
0.1
100.0
Total
1.0
3.0
4.0
22.0
23.0
11.0
14.0
5.0
4.0
6.0
0.6
0.9
1.5
43.6
18.4
23.1
8.0
1.2
1.8
0.8
0.0
3.1
3.1
28.4
36.2
19.7
5.5
1.6
0.0
1.1
3.4
5.6
7.9
16.9
19.1
11.2
4.5
18.0
5.5
2.1
0.9
0.4
01
7.0
0.9
1.6
11.2
1.1
13.8
11.4
1.3
0.7
100.0
100.0
100.0
100.0
100.0
100.0
100.0
48.3
10.3
13.8
8.6
0.0
5.2
0.7
2.0
1.3
4.7
19.5
18.8
16.8
11.4
6.0
5.4,
1 Includes 137 veterinarians in the commercial and miscellaneous group, with an
average net income of $3,432, and 13 veterinarians not reporting the major source of
income, with an average net income of $2,269.
2 None of the veterinarians in the sample reported net income between $15,000 and
$27,499.
The highest net incomes were earned in research and
education, commercial and miscellaneous activities,
and the armed forces—all relatively unimportant fields
in 1941.5 Average earnings in independent practice,
salaried practice, the Bureau of Animal Industry, and
meat and milk inspection varied but little from the
average net income of $2,787 earned by all veterinarians combined.
The range of incomes, which indicates the possibility
of exceptionally large or small earnings, is greater ior
independent practitioners than for the other groups.
In all of the salaried groups net incomes below $1,500
or above $7,500 are extremely rare. The small percentage outside this range represents in part men whose
salaried income is augmented by profits, or partially
offset by losses, from a part-time independent practice.
The national average of $2,708 shown for independent
practitioners may be misleadingly low if used to compare
the economic position of the independent veterinarian
either with salaried veterinarians or, especially, with
independent practitioners in other professions. An incomparability between national averages arises from
the nature of veterinary practice, which has brought a
July 1943
great concentration of independent practitioners in the
very small villages and towns where both money incomes and the cost of living tend to be low.
This can be seen clearly in table 2. For this table
veterinarians whose only source of professional income
is independent practice have been classified as nonsalaried, those receiving only salaried income as allsalaried, and those receiving both types of income (not
shown separately in the table) as part-salaried. Well
over one-half of the non-salaried veterinarians reporting, but less than one-fifth of the all-salaried, were
located in towns with a population of less than 5,000.
Although nationally the salaried men reported a substantially higher average income than the non-salaried^
the reverse situation held in all but four of the individual population groups.
An equally striking illustration of the deceptiveness
of the national average for non-salaried practitioners,
as a measure of welfare, is furnished by a comparison
with the 1937 net incomes of non-salaried dentists.
Although the average 1937 income of the dentists was
$226 higher than the average 1941 income of the
veterinarians, the average income in 7 of the 10 popuation groups, embracing a majority of the men in both
professions, was higher for the veterinarians.6
Table 2.—Average Net Income of Veterinarians by Size of
City, 1941
Veterinarians classified by type of income
All veterinarians *
Non-salaried
Population of city
(thousands)
All-salaried
Average Number Average
Number Average
in- Number
in- reporting net inreporting net
reporting net
come
come
come
Under 1
1, under 2.5
2,5, under 5
5, under 10
10, under 25
25, under .50
50, under 100
100, under 250. _
250, under 500
500 and over
Unknown
Total
_.
-
177
192
167
159
211
111
119
115
99
181
73
$2, 152
2,375
2,260
2,757
2,887
3,044
3,120
3,084
3, 496
3,354
2,623
135
128
92
77
87
39
23
25
23
44
4
$2, 126
2,209
2,024
2,787
2,726
3,468
3,892
3.795
4,130
3,750
2,835
28
50
54
60
105
61
88
82
73
127
67
$2,188
2,677
2, 672
2,666
2.943
2,790
2,966
2,902
3,304
3,268
2,49$
1,604
2,787
677
2,657
795
2,894
1
Includes part-salaried veterinarians not shown separately because of the small
number in the sample.
Table 2 indicates that the average income of all
veterinarians, and of non-salaried and all-salaried veterinarians separately, increases generally as population
increases to a peak in the 250,000 to 500,000 population
group, but declines in the largest cities. Slight variations from this pattern in the table are probably due
to sampling fluctuations. Size-of-city differences in
income are much more pronounced for the non-salaried
than for the all-salaried group. The higher proportion,
of salaried men in the larger cities reduces size-of-city
variations in income for all veterinarians combined.
4 Net income from independent practice represents gross income from independent
practice (usually reported on a cash receipts basis) minus costs 'of independent practice. Respondents were instructed to consider as costs "such items as office rent,
cost of materials other than long-time equipment, salaries and wages of all employees
6
connected with practice, and depreciation on long-time equipment, but not personal
This comparison is intended to be illustrative only. Incomes of both dentists
'salary* or withdrawals for own use, personal or family expenses, purchases of capital
and veterinarians apparently rose markedly from 1937 to 1941. Source of data for
equipment, or income taxes."
dental incomes: Herman Lasken, Economic Conditions in the Dental Profession,
fi At the present time more than 15 percent of all veterinarians are reported by the 1929-37, Bureau of Foreign and Domestic Commerce, U. S. Department of ComProcurement and Assignment Service to be serving with the armed forces.
merce, September 1939.
27
SURVEY OF CURRENT BUSINESS
July 1943
Importance of Pet Practice.
The rather sharp increase in average earnings of nonsalaried veterinarians which occurs at the 25,000-population level occompanies a marked shift in the importance of pet work in the business of the practitioner.7
Although about three-fourths of the independent
practitioners engage in a mixed practice, nearly all
non-salaried veterinarians in cities of 25,000 or more
derive a majority of their gross income from pet work,
while the reverse is true in places of less than 25,000
population. The close correlation between pet practice
and income may be clearly seen in the following table:
Percent of Average
all non-salnet
dried vet- income,
Non-salaried veterinarians receiving a major- erinarians 1941
ity of gross income from pet work
25
$3, 695
Non-salaried veterinarians not receiving a
majority of gross income from pet work
75
2, 318
The size of the city in which practice is carried on is
so closely associated with the proportion of gross income received from pets that it is impractical to segregate the influence of the two factors on income.
Revenue from the care of pets accounted for 35.2
percent of the total gross income from independent
practice reported by all non-salaried and part-salaried
veterinarians.
for all veterinarians reflect in part the varying importance of independent practice relative to salaried practice as a source of veterinary income.
The important influence which age exerts upon earning power is clearly shown in table 4. For all veterinarians, earnings in 1941 increased steadily to a peak
at the age group 40 to 44, then began to decrease.
For non-salaried veterinarians alone the peak was
reached earlier, at 35 to 39, while the earnings of allsalaried veterinarians reached a plateau at age 40
from which no significant decrease occurred before 65
was reached. In all age groups below 50 years the
earnings of the non-salaried practitioners exceeded
those of the salaried men, while the opposite was true in
the older age groups. This probably reflects in part the
stability of earnings in .governmental employment
and the greater possibility for a man, who has lost his
full vigor, to continue in independent practice, regulating his activity to his strength, than to continue to
meet the full requirements of a salaried position. The
sample reveals a much higher proportion of independent
practitioners in the oldest age group than in all age
groups combined.
Table 4.—Average Net Income of Veterinarians by Age Groups,
1941
Veterinarians classified by type of
income
Incomes by Region and Age.
Regional variations in net income are shown in
table 3. The most important single factors affecting
the figures for non-salaried veterinarians are the greater
concentration of cities in some regions than in others
and the closely associated variations in the importance
of pet work. Differences between the regional averages
* Riding horses kept by equestrians for their own pleasure are included as pets for
purposes of this survey.
Table 3.—Average Net Income of Veterinarians by Geographic
Regions, 1941
All veterinarians
2
Veterinarians classified by type of
income
Non-salaried
Geographic region l
All-salaried
Number Average Number Average Number Average
reportnet
reportnet
reportnet
income
ing
ing
ing
income
income
New England
Middle East .
Southeast
Southwest
Central States
Northwest .„ _
Far West
Unknown
United States.. __
58
304
194
92
632
138
184
2
$2,991
3,127
2,643
2,699
2,690
2,398
2,987
2,431
17
118
69
34
350
52
37
0
$3, 192
3,185
2,792
2,331
2,524
1,815
3,213
33
154
112
51
247
69
127
2
$2, 950
3,045
2,585
2,855
2,996
2,704
2,895
2,431
1,604
2,787
677
2,657
795
2,894
1 The geographic regions used in this table are those described in the June 1943
Survey of Current Business, p. 10. The States in each region are as follows: New
England—Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island,
Vermont. Middle East—Delaware, District of Columbia, Maryland, New Jersey,
New York, Pennsylvania, West Virginia. Southeast—Alabama, Arkansas, Florida,
Georgia, Kentucky, Louisiana, Mississippi, North Carolina, South Carolina, Tennessee, Virginia. Southwest—Arizona, New Mexico, Oklahoma, Texas. Central
States—Illinois, Indiana, Iowa, Michigan, Minnesota, Missouri, Ohio, Wisconsin.
Northwest—Colorado, Idaho, Kansas, Montana, Nebraska, North Dakota, South
Dakota, Utah, Wyoming. Far West—California, Nevada, Oregon, Washington.
2 Includes part-salaried veterinarians not, shown separately because of the small
number in the sample.
All veterinarians *
Non-salaried
Age group
Number
reporting
24 and under
25-29
30-34
35-39
40-44
45-49
50-54
55-59 _
60-64
65 and over
Unknown
Total
Average Number
net
reportincome
ing
All-salaried
Average Number
net
reportincome
ing
Average
net
income
38
244
184
97
107
193
245
211
132
117
36
' $1,788
2,291
2,760
3,254
3,534
3,289
3,074
2,731
2,708
1,902
2,723
7
67
71
34
49
84
96
119
72
70
8
$1,899
2.490
3,195
4,300
3,566
3,396
2,643
2,379
2,127
1,192
1,524
27
154
98
55
53
95
125
78
50
32
28
$1, 787
2,195
2,488
2,679
3,403
3,185
3,325
3,369
3,688
3,001
3,087
1,604
2,787
677
2,657
795
2,894
i Includes part-salaried veterinarians not shown separately because of the small
number in the sample.
Changes in Income and Costs, 1938-41.
The average net income of veterinarians for the years
1938 to 1941 is shown in table 5. In every year the
part-salaried group reported the highest incomes,
followed by the all-salaried and non-salaried men in
that order. However, the differential was markedly
reduced during the period. From 1938 to 1941 nonsalaried veterinarians enjoyed an increase of 22.4
percent, compared to only 10.0 percent for the allsalaried and 6.5 percent for the part-salaried. Most of
the rise in the earnings of the non-salaried group
occurred between 1940 and 1941.
The four-year increase for the non-salaried group
took place despite a decline in the ratio of net income to
28
SURVEY OF CURRENT BUSINESS
gross income from .463 to .449 (table 6). Labor cost
appears to have merely kept pace with gross income,
while other costs of practice outstripped it.
Table 5.—Average Net Income of Veterinarians, 1938-41 *
All veterinarians
Year
Non-salaried
All-salaried
Part-salaried
Table 7. —Average Gross Income, Costs, and Net Income of
Part- Salaried Veterinarians, 1938-41
Item
Gross income from independent practice
Pay roll
Other costs
Net income from independent practice
Salaried in COT) p
Total net income from professional service
Veterinarians classified by type of
income
July 1943
1938
1939
1940
$3, 173
1,872
0)
0)
1.301
1,573
2,874
$3, 541
2,255
311
1,944
1,286
1,600
2,886
$3, 613
2,292
0)
0)
1,321
1,677
2,998
1941
$3, 907
2,437
331
2,106
1,470
1, 592
3,062
i Data not collected.
1938
1939
1940
1941
$2,416
2,486
2,562
2,787
_
.
$2, 170
2,240
2,308
2,657
$2, 630
2,709
2,788
2,894
$2, 874
2,886
2,998
3,062
i1941 averages based on 1,604 schedules. Other years based on extrapolation by
identical two-year samples of 1,371 schedules for 1940-41, 1,223 schedules for 1939-40,
and 1,122 schedules for 1938-39.,
Table 6.—Disposition of the Average Gross Income of NonSalaried Veterinarians, 1938-41
Item
Amount:
Average gross income
Total costs
Payroll _
Other costs
Net income
Percentage of gross income:
Average gross income
Total costs
Payroll
Other costs
Net income
_
1938
1939
1940
$4, 687
2,517
$4, 916
2,676
$5, 085
2,777
(i)
0)
2,170
369
2,307
2,240
100.0
53 7
100.0
54 4
(i)
(i)
46.3
7.5
46 9
45.6
(i)
(i)
2,308
100 0
54 6
0)
(i)
45 4
1941
$5, 921
3,264
443
2 821
2,657
100
55
7
47
44
0
1
5
6
9
i Data not collected.
Table 7 shows in detail the income and expense
account for the "average" part-salaried veterinarian.
The part-salaried group consists about equally of men
deriving the majority of their total net income from
independent practice and from salaried work, but for
the group as a whole salaried income was larger than net
income from independent practice. The smallness of
the sample and the heterogeneity of the composition
of this group introduce a degree of sampling fluctuation
into the data presented in table 7.
Earnings of Veterinarians* Employees.
Data for earnings of employees of veterinarians were
equivalent employment represents the sum of the number of full-time employees and of the number of parttime employees reduced to a full-time basis. For
example, a person employed half-time is counted as
one-half a full-time-equivalent employee. Full-timeequivalent earnings are obtained by dividing total pay
roll by the number of full-time-equivalent employees.
Average full-time-equivalent earnings of the employees of veterinarians were $905 in 1939 and $973 in 1941.
Employees other than veterinarians earned $781 in
1939 and $808 in 1941. Veterinarians employed by
other veterinarians correspond to the salaried practitioners whose earnings are reported in table 1.
Collectible Bills from Pet Practice.
In order to furnish information required in studies of
consumer credit, veterinarians with any pet practice
were requested to estimate the value of collectible bills
outstanding on December 31, 1939, and December 31,
1941, which arose from the care of pets.
The ratio of the value of collectible bills from pet
work outstanding at the year's end to gross receipts
from pet work during the year was .120 in 1939 and .114
in 1941, roughly equivalent to six weeks' gross income
from pet practice.
S-l
SURVEY OF CURRENT BUSINESS
July 1943
Monthly Business Statistics
The data here are a continuation of the statistics published in the 1942 Supplement to the SURVEY OF CURRENT BUSINESS.
That volume contains monthly data for the years 1938 to 1941, and monthly averages for earlier years back to 1913 insofar as
available; it also provides a description of each series and references to sources of monthly figures prior to 1938. Series added or
revised since publication of the 1942 Supplement are indicated by an asterisk (*) and a dagger (f), respectively, the accompanying
footnote indicating where historical data and a descriptive note may be found. The terms "unadjusted" and "adjusted" used to
designate index numbers refer to adjustment of monthly figures for seasonal variation.
Data subsequent to May for selected series will be found in the Weekly Supplement to the Survey.
Monthly statistics through December 1941, together with explanatory notes and references
to the sources of the data, may be found in the
1942 Supplement to the Survey
May
1943
1943
1943
May
June
July
August
September
October
Novem- December
ber
January
February
March
April
BUSINESS INDEXES
IN-COME PAYMENTS!
Indexes, adjusted:
Total income payments
_ 1935-39 =100. . p 210. 0
Salaries and wages
do
9 230.' 8'
Total nonagricultural income
do
v 201. 2
Total _ _ _ _ _ _
. .mil. of dol v 11, 132
Salaries and wages:
Total §___
do
f 8, 169
Commodity-producing industries. _ .do
*> 3, 787
v4
Work-relief wages. __
__ do_ _.
Direct and other relief
do
*>76
Social-security benefits and other labor income
mil. of dol_.
*>227
Dividends and interest..
do
»486
Entrepreneurial income and net rents and
royalties
mil of dol
*>2 174
Total nonagricultural income
...do
» 9, 913
165.4
179.1
163.3
8, 799
169.5
185.2
167.5
9,782
172.6
189.6
170.3
9,685
176.0
193.3
172.6
9,571
177.9
195.3
174.0
10, 453
182.8
201,4
178.3
10, 782
189.4
208.4
183.6
10, 593
6,390
2,976
58
89
6,666
3,112
53
87
6, 723
3,234
45
86
6,894
3,365
35
86
7, 082
3,413
30
85
7,327
3,459
26
85
7,463
3,493
24
84
163
475
164
1,119
169
846
164
437
176
894
175
752
174522
193.7 XL96.7
213.1
217.8
190.6
186.8
11, 524 10/748
201. Os
221 IS
193.6
10 443
204.9
224.3
195.7
11, 222
7, 635
3,514
23
84
7,620
3,497
19
83
7 754
3,567
15
81
7,918
3,650
11
78
180
1,419
195
781
199
442
210
907
r••
T
208*0
228. 0
'• 198. 9
11, 215
*• 8, 047
' 3, 720
7
r 77
215
753
r
2 109
2 123
10, 077 «-10,059
1,682
8,004
1,746
8,906
1 861
8,677
1 990
8,440
2 216
9,088
2 443
9,198
2 350
9,141
2 206
10, 244
2 069
9,637
1 967
9l 438
Pl21
*>75
fl55
106
64
138
110
64
145
126
118
132
138
154
126
165
211
130
178
221
145
157
178
141
144
153
138
117
112
121
102
84
116
115
85
137
'114
71
••147
*139
9 130
122
114
129
124
102
140
129
121
134
127
117
134
132
130
134
130
128
132
141
152
133
141
144
139
127
127
127
129
121
134
140
137
141
128
'141
TO 1 433
f 1, 393
1 030
993
1,112
1,070
1 249
1,219
1 435
1,412
1 753
1,726
2 015
1,962
1 825
1,764
1 571
1,499
1 361
1,261
1 205
1,126
1 402
1,310
r 1 3g7
r 1, 322
»209 5
9 257. 0
»264 5
9 252. 5
*204 5
v 279. 0
»275.5
149.5
188.5
193.0
185.0
165.5
203.0
174.5
161.0
191.5
166.5
208.0
163.0
251.5
177.0
183 5
192 5
187 5
196.0
161 0
226.0
180.5
212 5
204 5
209 5
201.5
164 0
234.0
187.0
260 0
207.5
222 5
197 5
166 0
227.0
181.0
295 5
211.0
225 0
201 5
167 5
230.0
194.0
265 5
224 0
248 5
208 0
168 0
239 0
204.0
225 5
226 5
237 5
219 0
177 0
249 5
233.5
190 0
224 0
237 0
215 0
170 0
222 5
286.0
169 5
239 5
245 5
235 5
183 0
260 0
271.5
197 0
260 5
273 0
252 5
189 0
274 0
319.5
r 199 o
FARM MARKETINGS AND INCOME
Farm marketings, volume:*
Indexes, unadjusted:
Total farm marketings.
1935-39=100..
Crops
do
Livestock and products
do
Indexes, adjusted:
Total farm marketings
do
Crops .
do
Livestock and products
do
Cash farm income, total, including Government payments*
mil of dol
Income from marketings
do
Indexes of cash income from marketings: t
Crops and livestock, combined index:
Unadjusted
1935-39=100
Adjusted
_
_
do
Crops
do
Livestock and products
. do
Dairy products
do
Meat animals
do ...
Poultry and eggs
do
9146
r 136
r 261 0
272 0
r 254 0
r 202 0
r 284 0
276.5
INDUSTRIAL PRODUCTION
(Federal Reserve)
Unadjusted:
*203
177
Combined index ....
1935-39=100
175
187
193
195
194
195
197
194
ISO1'
199
201
Manufactures
do
p 216
183
185
196
189
208
r 214
205
206
212
211
203
207
Durable manufactures ._
_ do
*302
246
240
267
276
260
251
283
292
287
279
296
300
Iron and steel
.... do
198
208
200
197
199
196
210
207
203
200
208
204
209
138
Lumber and products
do
135
138
J»127
135
135
140
116
125
119
114
125
107
v
141
Furniture
do
139
143
136
137
136
144
141
139
144
144
139
143
i
Lumber
do
9 120
131
138
139
141
134
131
118
r 115
91
101
106
99
Machinery J
_
do
287
279
"363
299
289
310
320
329
352
359
348
340
362
Nonferrous metals
.do
3*194
186
180
193
192
191
188
202
197
192
199
200
194
Stone, clay, and glass products do ..
163
158
151
163
163
160
132
139
157
138
133
141
Cement
do
183
178
195
186
200
202
156
186
139
126
126
128
Glass containers
do
214
171
151
190
166
167
167
159
171
187
185
184
194
Polished plate glass.
do
35
37
47
38
37
32
30
39
39
39
38
42
40
Transportation equipment
do
372
396
458
*598
479
425
547
507
525
572
559
592
583
Automobile bodies, parts and as107
112
sembly ..
1935-39=100
*> 160
124
129
135
116
146
141
155
151
159
158
r 145
137
136
Nondurable manufactures
. do
9 147
144
139
151
148
146
147
144
143
146
116
Alcoholic beverages
do
133
120
94
140
123
140
103
105
90
107
110
Chemicals
_
. do
166
?219
167
166
181
192
170
213
206
199
209
220
216
124
116
Leather and products
_ do
114
112
117
115
P113
123
114
115
120
115
114
r 115
v 114
114
Shoes .
do
115
123
112
117
115
111
119
118
110
116
P142
9151
139
Manufactured food products
do .
156
130
*156
165
9 134
*181
*135
*150
*140
9 135
Dairy products t
do
207
193
210
P143
*109
192
J>188
*88
J>102
"89
*01
*141
P119
" Meat packing
do.-...
162
149
132
138
140
147
146
186
171
166
140
147
136
9 Preliminary.
' Revised.
§The total includes data for distributive and service industries and government which have been discontinued as separate series to avoid disclosure of military pay rolls.
^Scattered revisions in the 1940-41 figures for dairy products, and in the 1941 figures for iron and steel and machinery are available on request
*New series. For a description of the indexes of the volume of farm marketings and figures beginning 1929, see pp. 23-32 of the April 1943 Survey. Data beginning 1913
for the dollar figures on cash farm income are shown on p. 28 of the May 1943 Survey.
t Revised series. Data on income payments revised beginning January 1939, see p. 27, table 1, of the March 1943 Survey. The indexes of cash income from farm marketings have been completely revised; data beginning 1913 are shown on p. 28 of the May 1943 Survey.
S-2
SURVEY OF CURRENT BUSINESS
Monthly statistics through December 1941, together with explanatory notes and references
to the sources of the data, may be found in the
1942 Supplement to the Survey
1943
July 1943
1942
May
May
June
July
August
1943
October
September
Novem- December
ber
January
February
March
April
BUSINESS INDEXES—Continued
INDUSTRIAL PRODUCTION— Con.
Unadjusted— C ontinued .
Manufactures— Continued.
Nondurable manufactures— Continued.
Paper and products
1935-39=100Petroleum and coal products
do
Coke
.
-- do . _ "p"l66
Petroleum refining
do
~"p~UA
Printing and publishing
do
fl57
Textiles and products
do
169
Cotton consumption
do
f
185
Rayon deliveries
-do
Wool textile production
do
~"~I23~
Tobacco products
do
P132
Minerals^
do
f 128
Fuels!
do_._.
*>124
Anthracitet
- - do
*143
Bituminous coalj
- do
P122
Crude petroleum
^
do
J>156
Metals
do
Adjusted :5
P203
Combined index §
do
?216
Manufactures §
--do
*>300
Durable manufactures?
do
P122
Lumber and products§—
___do
P113
Lumber
do
*194
Nonferrous metals
do
Stone, clay, and glass products§..do —
Glass containers
do
Nondurable manufactures^do
Alcoholic beverages §
do
Chemicals
do
Leather and products§
do
Shoes§
do
Manufactured food products§
do
Dairy products!
do
Meatpacking
'. do
Pfl/npr and DiilnS
200
pU7
P220
»114
pl!4
»148,
P138
162
do
Petroleum refining §
do
Printing and publishing
do
Textiles and products
do
Tobacco products^
do
Minerals!
do
Metals
.
do
BUSINESS INVENTORIES, ORDERS,
AND SHIPMENTS
Estimated value of business inventories:*
Total
mil. ofdol..
pill
pl57
120
P129
P137
144
149
117
163
110
115
156
175
,169
150
123
131
121
115
147
111
190
133
134
115
164
108
103
152
169
169
151
132
132
121
117
144
113
195
122
121
117
163
110
96
154
166
168
160
131
131
121
122
141
112
192
130
130
121
165
114
103
154
169
169
154
135
136
126
118
140
121
194
134
132
122
166
116
109
156
172
170
155
144
137
129
129
150
120
184
174
183
239
130
124
180
155
172
178
138
111
167
126
124
134
142
140
143
147
116
109
112
156
120
126
157
176
184
244
131
127
186
147
171
163
136
104
172
121
120
138
138
153
134
135
115
108
104
152
122
127
159
178
188
249
133
130
188
140
169
145
138
122
174
116
115
143
143
146
125
125
118
111
106
154
126
126
155
183
193
258
129
125
191
145
177
153
140
135
173
113
110
143
143
153
131
132
121
114
111
154
130
130
152
187
197
265
125
119
193
152
182
163
142
139
179
111
108
*148
P140
159
132
133
122
116
109
156
133
131
145
29, 034
17, 439
7, 350
4,245
-
p
]38
138
123
166
117
120
156
172
174
156
149
134
127
117
145
121
176
134
137
123
166
117
121
158
171
177
161
141
132
130
124
154
121
143
129
131
119
166
112
114
156
163
178
163
137
119
126
105
143
121
79
132
135
116
166
109
111
157
171
180
154
132
116
124
102
145
118
68
137
140
120
169
113
115
160
171
181
166
122
122
131
129
157
121
69
191
203
275
129
123
192
152
184
162
144
126
187
117
115
146
139
145
135
137
195
207
279
128
122
197
153
180
169
148
122
197
117
116
152
136
147
135
137
197
210
285
127
119
202
148
165
171
149
111
205
117
116
158
r> 140
158
132
133
117
116
156
141
12(>
139
117
118
158
136
130
133
112
114
156
160
127
132
199
212
291
124
116
200
163
169
208
149
105
210
122
122
P157
P141
145
133
135
117
109
113
157
140
125
132
202
215
295
129
121
199
155
156
199
151
123
213
118
118
J>155
*>142
153
135
137
120
113
114
160
131
131
133
1 1Q
r
137
139
118
169
110
114
157
166
181
'163
123
124
133
128
161
122
'68
136
138
121
169
114
'146
'155
166
'181
156
125
'125
131
129
151
'124
85
202
215
298
124
114
192
149
146
197
147
' 112
211
' 112
' 111
P152
P141
P154
135
137
118
110
110
157
131
133
133
203
'215
300
'124
115
194
144
134
194
'147
103
217
115
116
P150
P140
143
134
136
120
113
'110
' 155
133
131
133
28, 728 '28,028 '27,753 r 27 548 r 27 644 j>27 400
17, 676
17 682
17 652
17 386 Pl7 433
17 440
r
'6,086
Retailers
do
7, 090
r g 207 P 5 989
'6 384
r g 082
3,991
Wholesalers
do _3,956
3 992
4 051 P 3 994
4* 026
Indexes of manufacturers' orders, shipments,
and inventories:
264
256
247
New orders, total
Jan. 1939«100._
266
314
279
233
270
255
284
'280
275
390
364
Durable goods
do
399
387
432
415
361
545
334
' 409
433
405
250
Iron and steel and their products. .do
254
258
216
223
264
222
295
'301
233
383
315
411
346
r 406
699
Electrical machinery
do
413
586
648
570
491
353
319
437
358
315
411
Other machinery
do
r 362
387
381
578
361
669
421
363
315
636
Other durable goods
do
504
643
619
587
913
490
574
'629
377
622
617
183
172
Nondurable goods
do
163
188
192
167
166
187
167
197
188
191
224
Shipments, total average month 1939*=100.207
228
226
232
202
212
203
240
253
249
255
264
283
298
289
Durable goods
do
254
256
300
270
320
330
338
337
172
Automobiles and equipment
do
194
231
161
207
129
223
184
240
'262
238
250
216
Iron and steel and their products do ._
210
212
214
205
216
211
r 224
215
239
227
22*5
Nonferrous metals and products*... do
228
230
220
236
246
217
212
262
217
'269
255
262
r 450
286
Electrical machinery
do
267
369
317
351
249
270
268
408
415
446
r 354
322
322
Other machinery
do _
311
297
306
333
337
312
351
354
364
Transportation equipment (except
1,362
automobiles)
. . do
1 579
1 578
1 692
1 271
1 266
1 797
1 466
1 775
2 042 ' 2 063
2 100
191
Other durable goods
._
._ do.
200
'l99
197
187
187
191
179
r 204
'l81
201
' 197
Nondurable goods
do
164
163
177
160
181
167
179
169
178
186
192
185
Chemicals and allied products
do
169
182
168
187
170
193
r 211
171
183
185
210
210
r 179
Food and kindred products
do
171
164
164
187
178
190
185
184
178
200
185
Paper and allied products _- . - do _
126
136
139
146
154
131
143
144
138
159
155
152
Petroleum refining
__do
142
136
139
140
138
135
154
135
139
' 161
139
148
207
183
Rubber products
do
171
171
205
179
214
241
222
277
271
280
Textile-mill products.
do
189
186
187
191
197
203
391
202
204
'202
213
216
146
O ther nondurable goods . _
do ._.
156
147
165
173
154
171
166
140
177
170
165
174.2
172.9
Inventories total
. _
do
170 4
175 4
176 5
175 0
177 9
177 6
177 8
175 5
174 9 ' 175 4
193.2
Durable goods
_ .
do
195.8
190 2
200.9
198.0
204 1
211 3
207 7
210 1
210 7 r 213 5
209 6
222.7
226. 1
237 3
Automobiles and equipment
do
217.9
243.3
229.9
241.4
244 1
232 9
233 8
247 3 r 251 2
Iron and steel and their products .. do
133.9
130.1
134.1
132.3
134.3
135.7
137.4
135 2
139 2
129 0 r 130 3
131 9
157 3
Nonferrous metals and products* do
152.4
152. 1
153.3
156.5
156.5
152.6
152 3
151 9
149 6 ' J49 2
I'lO 1
324 i
277 8
Electrical machinery
do
270. 0
290.3
299 9
307 1
320 6
326 1
327 0
331 6
341 9 r 350 4
213 0
219 6
202.9
204.8
Other machinery
- ._
do
203.1
223 4
207.2
210 4
204 6
221 9
225 5 ' 227 4
Transportation equipment (except auto756.2
824.8
802.3
mobiles)
average month 1939 =100. .
890.3
852.8
924.2
975.0 1, 020.8 1,062 7 1 051 0 1 053 1 1 087 9
131.4
128.6
Other durable goods...
-.-do
133. 7
126.5
lift fi r 1 1 R 1
124.0
123. 3
117 0
123. 6
119.7
122.2
'Revised.
»Preliminary.
{Scattered revisions in the 1940-41 figures for minerals and fuels, the 1939-41 figures for bituminous coal, and the 1941 figures for anthracite, are available on request.
§Revisions have been made in seasonal adjustment allowances for recent periods; for total industrial production, total manufactures, durable, and nondurable manuaetures, the resulting changes in the indexes do not exceed 1 point for any month before December 1941 (shown in March Survey). Revisions are available on request.
f Seasonal adjustment factors for a number of industries for which indexes are included regularly in the Survey have been fixed at 100 beginning various months from
January 1939 to February 1942, as stated in the descriptive note for the industrial production indexes included in the 1942 Supplement and in the note marked "t" on p. S-2
of the April 1943 Survey. Beginning with the May 1943 issue of the Survey, data for these industries are not shown in the adjusted series above as the "adjusted" indexes
are the same as the unadjusted series.
*New series. For data beginning December 1938 for the estimates of business inventories, see p. 7, table 2, of the June 1942 Survey. Data for shipments and inventories of nonferrous metals and their products were formerly included in "other durable goods."
29, 178
16 939
7, 565
4 674
29, 311
17, 183
7,496
4,632
29. 231
17. 317
7,439
4,475
29, 094
17, 392
7,357
4.345
28. 851
17, 547
7, 275
4,029
SURVEY OF CUREENT BUSINESS
July 1943
Monthly statistics through December 1941, together with explanatory notes and references
to the sources of the data, may be found in the
1942 Supplement to the Survey
1942
1943
May
S-3
May
June
July
August
1943
September
October
January
Novem- December
ber
February
March
148.6
155.4
152.5
141. 4
107. 0
172.3
147.0
161.8
145.6
154.7
147.3
140.7
106.7
175.9
142.2
158.2
143.6
152. 4
145.2
139.3
106.0
181.0
140.0
154. 8
April
BUSINESS INDEXES—Continued
BUSINESS INVENTORIES, ETC.— Con.
Indexes of manufacturers' orders, shipments,
and inventories— Continued.
Inventories— Continued.
Nondurable goods avg month 1939=100
Chemicals and allied products _ do
Food and kindred products
do...Paper and allied products
do
Petroleum refining
do
Rubber products
do
Tfixtilfi-Tnill products
do
Other nondurable good's
153.1
159.9
160.0
145.9
113.0
161.2
162 0
157.3
__ do
155.1
162.7
160.3
149.7
111 5
165.4
165. 1
160.7
155.3
163.3
159.8
152.7
110 3
170.2
165 0
161.3
154.8
164.4
159.2
154.6
111.2
174.8
159.5
161.3
153.1
161.0
158. 0
154.6
109. 6
173.5
156.2
160.8
152.4
156.5
161.2
149.8
109.3
172.7
155.1
159.1
151.8
155.1
160.1
146.5
107.2
174.4
153.1
161.8
149.2
158.7
1-56. 2
144.0
106.8
174.6
147.2
157.4
x
142.1
149.1
r 146. 0
f 138. 6
104. 3
185.2
r
r 140. 2
»• 149. 6
COMMODITY PRICES
COST OF LIVING
National Industrial Conference Board: H
Combined index
1923= 100..
Clothing
do
Food _ .
do •_
Fuel and light
do
Housing __
do
Sundries
do
0. S. Department of Labor:J
Combined index
1935-39=100..
Clothing
_do ..
Food
do
Fuel, electricity, and ice -- do _
Housefurnishings__
do
Rent
_
.._
__ do .
Miscellaneous
do
104.2
88.5
115.8
92.6
90.8
106. 7
97.3
88.6
99.0
90.0
91.1
104.3
97.4
88.1
99.5
90.2
91.0
104 3
97.8
88 0
100.1
90 5
90.8
104 7
98.1
88.2
101.1
89.5
90.8
104.8
98.8
88.4
102.8
90.5
90.8
104.6
99.8
88.5
105.3
90.5
90.8
105.3
100.5
88.6
106.4
90.6
90.8
106.2
101.1
88.6
108.2
90.6
90.8
106.2
101.5
88.6
108.8
92.1
90.8
106.4
101.9
88.6
110.0
92.3
90.8
106.5
103.0
88.6
112.8
92.4
90.8
106.5
104.0
88.6
115.4
••92.5
90.8
106.5
125.1
127.8
143 0
107.6
124.7
116.0
126.2
121.6
104.9
122.2
109.9
110 9
116.4
125.3
123 2
105.0
122.3
108 5
110 9
117.0
125. 3
124 6
106.3
122.8
108.0
111 1
117.5
125.2
126 1
106.2
123.0
108.0
111.1
117.8
125.8
126 6
106.2
123. 6
108.0
111 4
119.0
125.9
129.6
106.2
123.6
108.0
111.8
119.8
125.9
131.1
106.2
123.7
108.0
112.7
120.4
125.9
132.7
106 3
123.7
108.0
112 8
120.7
126.0
133. 0
107.3
123. 8
108.0
113.2
121.0
126.2
133 6
107.2
124.1
108. 0
113 6
122.8
127.6
137 4
107.4
124.5
108.0
114 5
124.1
127.8
140 6
107.5
124.6
152
151
182
185
115.1
114 8
PRICES RECEIVED BT FARMERS§
CT. S. Department of Agriculture:
Combined index
_. 1909-14=100
Chickens and eggs
do
Cotton and cottonseed_j. do _
Dairy products
do
Fruits
_
_..do _
Grains
do
Meat animals
do
Truck crops
. do
Miscellaneous
do
RETAIL PRICES
U. S. Department of Labor indexes:
Anthracite
1923-25=100.
Bituminous coal
do
Food (see under cost of living above).
Fairchild's index:
Combined index -.
Dec. 31, 1930=100..
Apparel:
Infants'
<.
_
. do .
Men's
do
Woman's
do
Home furnishings
do
Piece goods.. .- do
WHOLESALE PRICES
U. S. Department of Labor indexes:
Combined index (889 quotations) -1926 =100..
Economic classes:
Manufactured products
do .
Raw materials
do
Semimanufactured articles.
-do
Farm products
do ..
Grains
.
.
do
Livestock and poultry
do
Commodities other than farm products
1926=100..
Foods
do
Cereal products
do
Dairy products
..
_
do
"Fruits and vegfttablfis ,
, do
187
175
167
179
212
148
214
253
196
134
159
137
153
154
145
155
163
156
151
163
166
156
169
173
158
169
178
160
178
183
162
182
185
164
178
170
163
171
166
173
167
143
131
120
189
152
138
141
148
116
191
169
134
144
131
115
193
200
139
151
126
115
200
256
173
156
129
119
195
191
172
165
134
117
200
226
185
171
127
117
197
238
181
175
151
124
196
293
211
177
139
134
205
277
217
179
156
138
214
301
158
180
172
143
218
302
163
180
189
146
218
291
176
88.9
96 1
88.8
96 6
88.8
96 8
88.8
96 9
88.8
97 0
88.9
97 0
88.9
97 1
88.9
97 2
93.4
97 9
93.5
98 4
93.4
99 8
93.5
100 1
113.0
113.2
113 1
113 1
113. 1
113 1
113.1
113.1
113.1
113.1
113. 1
113.2
113 2
108.1
105.3
112.6
115 5
112.2
108.3
105 2
113.0
115 7
112.2
108 0
105 1
112 9
115 6
112 2
108 0
105 1
112 8
115 6
112.3
108.0
105 2
112.7
115 5
112.3
HK 0
105 2
112 7
115 5
112.2
108.0
105. 3
112 6
115 5
112.2
108.0
105 3
112.5
115 5
112.2
108.1
105 3
112.6
115 5
112.2
108. 1
105.3
112.6
115.5
112.2
108.1
105 3
112.6
115 5
112.2
108.1
105 3
112.7
115 5
112.2
108 1
105 3
112 7
115 5
112.2
* 104.1
98.8
98.6
98.7
99.2
99.6
100.0
100.3
101.0
101.9
102.5
103.4
^ 103. 7
plOO.7
p 114.0
93.0
*>125. 7
113.1
130. 5
99.0
99.7
92.9
104.4
92.2
117.6
P8 6
99.8
92.8
104.4
88 8
116.9
£'8.6
100.1
92.8
105.3
89.1
117.8
98.9
101.2
92.7
106.1
89.8
122.6
P9. 2
102.2
92.9
107.8
93 6
122.1
99.4
103.0
92.7
109.0
91.5
123.4
99.4
103.9
92.6
110.5
92.8
121.3
99.6
106.1
92.5
113.8
100.7
123.9
100.1
108.2
92.8
117.0
107.3
129.2
100.3
109.6
92.9
119.0
108.6
132.8
100. 5
112.0
93.0
122.8
112.2
135.7
P 100 6
p 112. 8
93.1
v 123. 9
112 5
134.0
P 99.2
110.5
93.6
113.1
137.7
115.9
97.4
98 9
89.0
93.5
96.7
114 8
97.1
99 3
87.2
92 0
105.4
113 9
97.0
99 2
87.2
96 0
98.5
113 4
97.5
100 8
87.8
100.2
98.0
115 2
97.7
102 4
89.1
105.5
97.5
116 0
97.9
103 4
89.3
109.2
98.2
115 5
97.9
103 5
89.5
111.2
102.0
112 0
98.1
104 3
89.3
111.8
104.3
113 6
98.5
105 2
90.6
113 4
102.6
115 5
98.7
105.8
92.2
113.3
108.5
115. 5
99.0
107 4
93.5
113.2
115.6
115 5
P99.1
108 4
93.7
113 3
123., 2
115 8
Meats
"
do
Commodities other than farm products and
*96.7
96.0
95.7
95.6
95.5
95.5
95.9
96.2
foods
1926=100..
95.6
95.7
95.8
96.5
?96.6
110.5
110.1
110.3
110.4
110.4
110.1
110.1
110.3
109.8
110.2
Building materials
do ..
110.0
110.4
110.3
98.9
98.7
98.0
98.1
98.0
98.7
98.7
98.7
98.6
98.7
98.6
Brick and tile...
do
98.7
98.7
Cfim@nt
do
93.9
94 2
94 2
94 2
94 2
94 2
94 2
94 2
94 2
94 2
94 2
94 2
94 2
131.5
133 3
133.1
133.3
135.6
131 7
132 9
133 0
133.2
133.3
Lumber
do
134.6
134 6
134 7
102.2
100.6
100.3
100.4
101.2
Paint and paint materials .
...do
100.7
100.1
101.0
100.7
100.6
100.3
102.5
102.2
100.2
97.3
100.2
97.2
96.2
96.2
96.2
99.5
100.3
C hemicals and allied products
do
96.7
99.5
1,00.0
100.1
96.4
96.5
96.9
96.5
96.3
96.3
96.2
96.2
96.9
Chemicals
_. __ do
96.5
96.1
96.4
96 4
165.1
129.1
129.1
165.4
165. 5
129.1
128.9
165.4
Drugs and Pharmaceuticals
do
129.0
128.8
165.4
165.1
165.0
79.0
Fertilizer materials.—
do
80.0
78.4
78.3
78.2
78.3
79.0
78.5
78.6
79.0
79.0
79.0
80.0
108.6
Oils and fats
do
108.5
104.2
101.6
101.5
101.5
101.5
101.5
101.5
101.5
102.0
101.5
101.5
78.4
80.8
78.0
79.1
79.2
79.3
Fuel and lighting materials
do
79.0
79.0
76.0
79.0
79.8
80.3
80.6
63.3
61.9
Electricity
do
63.8
62.7
62.2
62.3
62.6
62.6
62.0
63.0
60 2
79.9
81.2
79 2
81.4
81. 1
78 4
76 1
73 2
75 8
Gas
do
80 4
75 6
76 4
59.1
62.5
59.8
60.6
60.7
60.7
60.8
61.2
Petroleum products
do
60.7
60.6
60.6
61.5
62.0
* Preliminary.
'Revised.
§Data for June 15 ,1943: Tota ],190; chickens and eggs, 179; cotton and cottonseed, 166; dairy products, 178; fruits, 234; grains, 151; meat animals, 211; truqk crops, 308;
miscellaneous, 194.
tData beginning March incorporate revisions to take into account rationing and other war-time changes in the supply of foods and effects of shifts in the population to
war production centers. Seven additional foods were included and adjustments made in the quantity weights of the various food items. Also data for 5 additional cities
were incorporated in the food index. The revisions do not affect figures for earlier months. Rents, which are subject to control in all cities covered by monthly reports, vary
little in most areas and data are now collected only at quarterly pricing periods.
^
IData were recently revised beginning January 1942 to take into account changes in consumer purchasing resulting from rationing and war shortages; for revised figures
for all months of 1942, see p. S-3 of the June 1943 Survey.
SUKVEY OF CURRENT BUSINESS
S-4
Monthly statistics through December 1941, together with explanatory notes and references
to the sources of the data, may be found in the
1942 Supplement to the Survey
1942
1943
May
July 1943
May
July
June
1943
Sep.
tember
August
Novem- December
ber
October
January
February
March
April
COMMODITY PRICES—Continued
WHOLESALE PEICES— Continued
U. S. Department of Labor indexes— Con.
Commodities other than farm products and
f bods— C ontinued
Hides and leather products.
1926=100..
117.8
116.0
Hides and skins
. .
do
Leather
do
101.3
126.4
Shoes
do
102.7
House-furnishing goods
do
107.3
Furnishings
do
98.0
Furniture
_ _
_ do
v 103. 8
Metals and metal products
do
97.2
Iron and steel
do
86.0
Metals, nonferrous__
do
90.4
Plumbing and heating equipment—do
97.4
Textile products
-do
107.0
Clothing
_..
. do
112.6
Cotton goods
do
70.5
Hosiery and underwear
do^.._
30.3
Rayon
^_
.
_ do
112.5
Woolen and worsted goods.
do_--_
91.9
Miscellaneous
do
73.0
Automobile tires and tubes
-do
104.3
Paper and pulp
do
Wholesale prices, actual. (See under respective
commodities.)
118.8
121.4
101.3
126.6
102.9
108.1
97.5
103.9
97.2
85.6
98.5
98.0
109.6
112.9
71.9
30.3
111.0
90.5
73.0
102.8
118.2
118.5
101.3
126.4
102.9
108. 1
97.4
103.9
97.2
85.6
98.5
97.6
109.1
112.7
70.0
30.3
111.0
90.2
73.0
101.6
118.2
118.5
101.3
126.4
102.8
108.0
97.5
103.8
97.2
85.6
94.1
97.1
107.2
112.7
69.7
30.3
111.0
89.8
73.0
100.5
118.2
118.8
101.3
126.4
102.7
107.9
97.4
103.8
97.2
85.6
94.1
97.3
107.2
112.9
69.7
30.3
111.7
88.9
73.0
98.9
118.1
118.0
101.3
126.4
102.5
107.4
97.4
103.8
97.2
86.0
94.1
97.1
107.0
112.7
69.7
30.3
111.7
88.8
73.0
98.8
117.8
116.0
101.3
126.4
102.5
107.3
97.4
103.8
97.2
86.0
94.1
97.1
107.0
112.4
70.5
30.3
111.7
88.6
73.0
98.8
117.8
116.0
101.3
126.4
102.5
107.3
97.4
103.8
97.2
86.0
93.2
97.1
107.0
112.4
70.5
30.3
111.7
90.1
73.0
98.8
81.4
86.2
82.1
69.1
81.6
85.9
81.1
69.6
81.5
85.5
80.2
68.2
81.1
85.1
79.2
64.4
80.8
84.8
78.9
64.4
80.4
84.0
77.1
62.2
80.2
83.5
76.2
62.2
117.8
116.0
101.3
126.4
102.5
107.3
97.4
103.8
97.2
86.0
90.4
97.2
107.0
112.4
70.5
30.3
112.1
90.5
73.0
99.0
117.8
116.0
101.3
126.4
102.5
107.3
97.4
103.8
97.2
86.0
80.4
97.3
107.0
112.5
70.5
30.3
112.4
90.7
73.0
100.1
117.8
116 0
101 3
126.4
102.6
107.3
97.7
103.8
97.2
86.0
90.4
97.3
107.0
112.6
70.5
30.3
112.4
90.9
73.0
101.1
117.8
116 0
101 3
126 4
102.6
107 3
97.7
103.8
97.2
86.0
90.4
97.3
107.0
112.6
70.5
30.3
112.4
91.4
73.0
102.7
117.8
116.0
101 3
126 4
102. &
107 3
97.7
» 103. 8
97.2
86.0
90.4
97.4
107.0
112.6
70.5
30. a
112. 5
91. a
73.0
102. 9*
79.6
83.1
75.3
59.1
78.9
82.9
75.1
57.7
78.5
82.6
74.8
59.1
77.8
81.4
72.7
57.7
77.5
80.6
71.0
56. 9;
PURCHASING POWER OF THE
DOLLAR
As measured byWholesale prices
_.. 1935-39= 100...
Cost of living__ _
_ _ __do
Retail food prices
do
Prices received by farmers
> _ do_ -
77.3
79.9
69.8
56.2
N
CONSTRUCTION AND REAL ESTATE
CONSTRUCTION ACTIVITY*
New construction, total
mil. of dol..
Private, total _ _ .
_.do__
Residential (nonfarm)
_
do
Nonresidential building, except farm and
public utility, total
mil. of dol._
Industrial
do
Allother
. ...
..do. .
Farm construction, total
-do
Residential ..
.
.
_. do
Nonresidential
do
Public utility
___do.
Public construction, total
do
Residential
do
Military and naval
do
Nonresidential building, total
do
Industrial
.
do
All other .
do
Highway , _
do
Sewage disposal and water supply
do
All other Federal
do
Miscellaneous public-service enterprises
mil. of doL.
*688
*>129
?65
1,143
290
162
1,211
236
100
1,403
221
92
1,486
221
98
1,415
215
95
1,274
200
92
1,123
168
80
889
128
65
••829
115
54
'771
104
45
'751
108
44
'732
116
52
*11
P6
P5
Pll
*>5
*6
*>42
?559
"75
P247
*>180
P177
*3
"39
*>5
Pll
40
20
20
25
15
10
63
853
43
393
304
290
14
71
10
27
41
24
17
33
19
14
62
975
46
491
325
312
13
71
10
27
41
28
13
27
15
12
61
1,182
48
649
370
359
11
75
10
25
41
30
11
22
13
9
60
1,265
56
681
417
408
9
72
10
25
41
31
10
19
12
7
60
1,200
71
626
403
395
8
65
9
22
37
29
8
15
9
6
, 56
1,074
66
523
389
382
7
62
9
22
31
23
8
10
6
4
47
955
61
497
330
324
6
47
7
11
22
16
6
5
2
3
36
761
63
358
286
282
4
30
5
17
18
12
6
3
1
2
40
59
'333
'283
'280
3
24
5
8
14
9
5
5
2
3
40
'667
59
r
3()2
••266
'264
2
23
4
11
12
7
5
7
3
4
45
••643
'77
••284
'240
'238
2
24
4
12
10
64
£
4
5
45'616
'77
'276
'216
'21S
S
31
5
12
P2
5
5
5
4
4
3
2
2
2
2
2.
2
r714
CONTRACT AWARDS, PERMITS, AND
DWELLING UNITS PROVIDED
Value of contracts awarded (F. R. indexes):
84
174
*61
139 J 118
'71
192
232
194
181
175
88
228
Total, unadjusted
,_.__ 1923-25= 100. _
64
86
54
44
P36
80
66
'39«
83
75
70
77
90
Residential, unadjusted
do
*51
102
85
182
198
193
206
179
185
175
145
'63
158
Total, adjusted
..
do__
90
91
42
*>30
83
79
56
'33
76
74
65
70
76
Residential, adjusted
do
Contract awards, 37 States (F. W. Dodge
Corporation):
35,872 38, 797 25, 338
18, 503
16, 117
15, 435
40, 557 51,863 33,100 30,055 30,558 35,934
Total projects
number.. 14,024
234, 426 673, 517 1,190,264 943, 796 721,028 723,216 780, 396 654, 184 708, 716 350, 661 393, 517 339, 698 303, 371
Total valuation
. thous.ofdol
192, 000 568,988 1,105,414 875,951 633, 183 660,953 709,879 591,940 663,817 315, 575 363, 852 304, 032 ' 253,334
Public ownership.
do
62,244
62,263 70,517
44,899 35, 086 29, 665 35, 666 ' 50, 037
Private ownership
do — 42, 426 104, 529 84,850 67,845 '.87,846
Nonresidential buildings:
6,842
3,635
3,839*
3,455
8,332
9,945 12,281 15, 093
5,090
14, 372 11, 093 10,952 10,405
Projects
number
90, 774 97,962 77, 245 52, 615 67, 327 27, 913 37, 810 28, 310 18, 835
Floor area
-thous. of sq. ft.. 15, 126 67,961 134, 085 113, 134
Valuation.
. thous. of dol_. 75, 301 297, 885 568, 385 489,066 407,324 466,860 372, 991 256,513 278, 091 154,064 187, 242 144, 935 96, 214
Residential buildings:
9,197 28,024 33,002 18, 924 17, 110 18, 556 22,218 21,826 21, 302 17,428 12, 155 10,295 10, 440
Projects
number..
26, 177 29,759 37,444 37, 707 38, 112 24,920 22, 188 16, 990 18, 767
Floor area
thous. of sq. ft.. 15, 207 38, 147 50,673 33,634
93, 294
71, 786
79, 434
Valuation
thous. of dol__ 63, 291 147,964 185,471 127,382 100, 551 126,708 161, 206 156, 654 159, 652 110,813
Public works:
787
1,080
1,635
1,386
682
1,960
1,384
3,035
761
2,739
3, 480
1,010
1,111
Projects
number
65,811 154,795 94,157 142, 157 38,254 52, 856 62,037 41,882
Valuation
.. thous. of dol_. 47, 704 127,107 203,341 129,611 111,960
Utilities:
36&
721
1,123
685
1,016
386
497
552
1,750
736
609
486
362
Projects
number..
48, 130 100, 561 233,067 197,737 101, 193 63,837 91, 404 146,860 128,816 47,530 60, 125 60,940 85,841
Valuation..
thous. of dol.
' Revised.
* Preliminary.
*New series. The series on new construction are estimated by the U. S. Department of Commerce, Bureau of Foreign and Domestic Commerce, with the exception
of the series on residential (nonfarm) construction which is from the U. S. Department of Labor and the data for military and naval and public industrial construction since
January 1941, which are from the War Production Board. For annual data beginning 1929, see p. 32, table 11, of the June 1943 Survey, and for quarterly estimates for 1939
to 1942, see p. 10, table 7, of the May 1943 issue. Additional data relating to the derivation of the estimates are shown on pp. 24-26 of the May 1942 issue.
S-5
SURVEY OF CURRENT BUSINESS
July 1943
Monthly statistics through December 1941, together with explanatory notes and references
to the sources of the data, may be found in the
1942 Supplement to the Survey
1942
1943
May
May
June
July
August
1943
September
October
Novem- December
ber
January
February
March
April
CONSTRUCTION AND HEAL, ESTATE—Continued
CONTRACT AWARDS, PERMITS, AND
DWELLING UNITS PROVIDED— Con.
Indexes of building construction (based on
bldg. permits issued, U. S. Dept. of
Labor) :f
Number of new dwelling units provided
1935-39=100..
109.1
Permit valuation:
Total building construction
do
53 4
73.6
New residential buildings
do
New nonresidential buildings
do _
33.9
58.6
Additions, alterations and repairs do
Estimated number of new dwelling units in
nonfarm areas (U. S. Dept. of Labor):
Total nonfarm (quarterly)*
number
Urban, total
_ do
18, 920
15,400
1-family dwellings
do
1,646
2-f amily dwellings
do
2,374
Multifamily dwellings..
..do
Engineering construction:
Contract awards (E. N. R.)§_. .thous. of dol__ 273, 650
150.0
142.4
102.9
90.8
' 89. 5-
186 5
128.6
277.3
82.4
70 8
83 6
72.2
38 9
53 5
64 5
48.7
41 3
53 1
66.4
44.1
46.5
r
54.7
' 63. 9'
^ 45. 5>
r
57. 8-
24,692
16, 492
877
7,323
17, 679
13, 582
588
3, .509
114, 700
15, 538
11, 881
1,104
2,553
15, 686
12, 052'
1,353
2,281
;>
r
r
26, 356
23, 372
1,183
1,801
' 166, 300
22, 069
17, 027
13,961
10, 281
1,104
1, 314
5,432
7,004
17, 048
12, 253
771
4,024
99, 500
22, 067
11, 694
1,150
9,223
21, 772
16, 448
1,133
4,191
14, 522
10,671
926
2,925
1,044,572
968, 938 1,201,526
813,077
712, 709
691, 979
607,622
373, 622
226, 826
306, 242
305, 973
379, 068.
3, 848'
2 240'
7688401
89, 200
13, 157
9,761
1,058
2,338
HIGHWAY CONSTRUCTION
Concrete pavement contract awards:
Total
..thous. sq. yd..
Airports
do _
Roads _
_
do
Streets and alleys
do Status of highway and grade crossing projects
administered by Public Roads Admn.:*|
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
7,842
5 711
1,346
785
14,462
9,800
3,267
1,394
15, 266
11, 038
2,060
2,167
14, 947
11, 366
1,927
1,655
13, 947
10 091
2,653
1,202
20, 090
16 935
1,518
1,637
12, 453
7,600
2,806
2,047
8,671
5,821
1,406
1,444
7,734
5 074
1,488
1,171
6,237
5 065
6,872
5 644
-7,242
5 466
1, 455
27, 968
1,654
32, 808
1,718
36, 170
1,606
37, 059
1,534
35, 534
1,524
34, 968
1, 531
33, 435
1,404
29, 634
1,369
29, 042
1,352
27 808*
1,401
26 655
6, 672
127,511
228, 535
6,071
122, 402
217, 290
5, 483 . "4,954
114, 997 109, 549
200, 868 189, 077
4, 262
102, 419
174, 898
3,714
98, 230
165, 052
3,329
91, 839
153, 221
2,955
88, 028
143, 983
2,807
85, 097
139, 497
2 359
73, 657
120 810
2 176
67, 716
109, 824
8,201
8,893
7,108
7,843
6,696
7,358
6,665
7,327
6,797
7,458
5,852
6,512
5,904
6,564
6, 821
7 484
6,776
7,439
6,854
7 516
6,300
6 963
33, 658
35, 838
33, 413
35, 409
31, 299
33, 279
29, 412
31, 296
26, 417
28, 231
24, 608
26, 387
23, 190
24, 835
22 242
23, 853
21, 201
22, 797
17 905
18 800
15 307
15, 947
541
631
649
579
927
850
CONSTRUCTION COST INDEXES
225
Aberthaw (industrial building) „. 1914= 100
223
225
227
American Appraisal Co.:
241
242
246
250
244
245
246
247
248
Average, 30 cities
. . .. 1913= 100
249
249
249
250'
233
249
254
242
249
250
245
248
254
Atlanta
do
253
254
250
253
252
251
250
251 >
251
New York
do
250
251
250
251
251
251
250
251
224
232
229
228
229
229
232
San Francisco.
_
__dO--_
229
229
230
232'
230
230
238
242
243
238
242
242
242
241
242
242
St. Louis
do
240
242
242"
Associated General Contractors (all types)
207. 3
213.5
213.5
207.8
213.3
213.5
215.0'
1913=100..
216.0
209.9
213.3
214.1
214.1
213. 7
E. H. Boeckh and Associates, Inc.:
Apartments, hotels, and office buildings:
Brick and concrete:
105r6
105.6
106.1
106.1
107.0
107.2
Atlanta
_ U . S. avM 1926-29=100..
107.3
106.1
106.1
107.3
107. &
107.3
107.3
138.2
New York
.do
138.1
138.2
138.2
138.2
138.5
139.8
138.2
139.8
140 0
140.0
140 0
140. 0
126.6
132.3
131 3
132.0
San Francisco
do
126.6
130 0
130.0
132.0
130 0
132 3
132 3
132 3
132 3
St. Louis
do
131.2
124.8
129.6
130.6
129.6
129.6
129.6
130.6
129.6
130.7
130 7
130.7
130.7
Commercial and factory buildings:
Brick and concrete:
Atlanta
do._ _
106.0
106.9
107.0
106.0
106 0
106 7
106 0
106.0
106.0
107 0
107 0
107 0
107 0°
139.5
New York
__
... .do _ 139.6
139.6
139.6
139.6
139.6
141.0
141 0
140. 0
141 2
141 2
141 2
141 2'
127.2
132 3
132.3
134 4
San Francisco
do
135.6
127 2
132 3
134 6
134 4
135 6
135 6
135 6
135 6
125.3
132.6
132.6
133.4
133.4
St. Louis
do
133. 0
132.6
132.6
132.6
133 5
133.5
133 5
133 5
Brick and steel:
106.5
107.9
106.5
106 5
106.5
106 5
106 5
107 2
Atlanta
do
107 6
107 8
107 8
107 8
107 9'
137.4
New York
do
137.4
137.4
136.9
137.4
137.4
137.5
138.5
138.5
138.9
138.9
138 9
138 9130.4
130.4
133.1
133.1
133.1
134.5
135.3
135.3
San Francisco
__do ...
135.7
135 7
135.7
135 7
135 7
125.3
129.4
129.4
130.2
129.7
129.4
130 2
129.4
129 4
St. Louis
do
130 4
130 4
130 4
130 4
Residences:
Brick:
103.-8
104 1
104.1
104.1
104 1
103.8
105.3
107. 7
106.7
Atlanta
do
107 4
107 4
107 4
107 7
139.4
139.7
139 7
139 7
139 7
New York
do
139 9
140 9
140 9
142 3
139.7
142 3
142 3
142 3.
124.8
125.8
125.8
127.6
San Francisco
_
do
129.6
124.8
125.8
126.8
127.6
129.6
129 6
129 6
129 6
123.5
126 9
126 9
127.2
126 9
126.9
126.7
127 4
St. Louis
do
126.9
126.7
127 4
127 4
127 4
Frame:
103.3
103.6
103.6
103.6
103.6
103.3
105
0
106.8
107 7
108.0
A tlanta
do
107 7
108 O
107 7
141.4
141.4
141.4
141.4
141.5
141.4
142.5
142.5
New York
_ _ > do
144.3
141.1
144 3
144 3
144 3
120.2
122. 5
122.0
123.3
122.0
122.0
Pan Francisco
do
125.6
120 2
125.6
123.3
125 6
125 6
125 6
122.9
124.8
124.8
124.8
124.8
124.8
125.6
125.6
124.9
126 5
St. Louis
do
126 5
126 5
126 5
Engineering News Record (all types)
274.2
281.6
282.4
277.7
281.6
283.6
283.7
283.5
289.9
283.5
1913=100..
289. 9'
285.2
288.8
Federal Home Loan Bank Administration:
Standard 6-room frame house:
122.8
123.5
123.7
124.0
124.4
124.4
124.5
124.7
124.5
Combined index
_ —1935-39= 100- 126. 2
125.5
126. 1
125.
121.2
121.2
121.0
121.5
121.5
121.3
121.6
121.4
121.5
Materials.
do
121.8
121 9
122 0
121 8128.5
127.8
129.4
130.2
130.2
130.2
126.4
130.9
Labor
do
130.7
132.5
133.0
134.3
13s! 4
' Revised.
§Data for July, October, and December 1942 and for April 1943 are for 5 weeks; other months, 4 weeks.
Wany projects approved for construction and technically under construction are inactive because of suspensions.
*New series. For quarterly estimates of total nonfarm dwelling units for 1940 and January-June 1941. see note marked "*" on p. S-4 of the November 1942 Survey; this
series includes data for urban dwelling units shown above by months and data for rural nonfarm dwelling units which are compiled only quarterly.
fData have been revised beginning January 1940 and further revisions of the indexes for 1942 are in progress. Revisions for the latter year are at present available only
for January-May; January to April 1942 data are available on p. S-5 of the May and June 1943 Surveys.
S-6
SURVEY OF CURRENT BUSINESS
Monthly statistics through December 1941, together with explanatory notes and references
to the sources of the data, may be found in the
1942 Supplement to the Survey
1943
1942
1943
May
July 1943
May
June
July
SepAugust tember
October
Novem- December
ber
January
February
March
45, 562
53, 725
70, 941
April
CONSTRUCTION AND REAL ESTATE— Continued
REAL ESTATE
Fed. Hous. Admn. home mortgage insurance:
Gross mortgages accepted for insurance
thous. of dol.. 60, 702
Premium-paying mortgages (cumulative)
thous. of dol. .4,856,452
Estimated total nonfarm mortgages recorded
($20,000 and under)*
thous. of doL. 327,092
Estimated new mortgage loans by all savings
and loan associations, total.. thous. of dol._ fOO,490
Classified according to purpose:
Mortgage loans on homes:
9,039
Construction
do
TTome purchase
_
_ do
67, 826
Refinancing
.
do __ 14, 843
Repairs and reconditioning
do
2,606
Loans for all other purposes
de6, 176
Classified according to type of association:
41,
835
Federal
thous. of dol .
State members
do
47, 818
10,
837
Nonm embers
-- -- -- do __
Loans outstanding of agencies under the Federal Home Loan Bank Administration:
Federal Savings and Loan Ass'ns., estimated
mortgages outstandingj
thous. of del- 1,849,999
Fed. Home Loan Bks., outstanding advances
to member institutions
-thous. of dol._ 79, 221
Home Owners' Loan Corporation, balance of
loans outstanding.thous. of dol_. 1,460,221
Foreclosures, nonfarm :f
16.9
Index, adjusted
1935-39=100 .
Fire losses
.
thous. of doL. 29, 297
53, 488
98,800
109,350
109,660
100,456
99,833
73, 768
54,086
74, 226
3,990,152 4,071,838 4,155,187 4,232.030 4,311,126 4,393,862 4,473,021 4,554,952 4,626,857 4,684,367 4,746,755 4,798,799
350,187
342,250
353,511
336,850
345,964
357, 083
278, 321
265,406
228,283
219, 882
269, 419
308, 957
95,009
94, 095
95,797
92, 563
94,055
91,672
73,979
70, 628
57,856
63, 324
87, 185
98, 735
17,610
53, 095
13, 607
3,866
6,831
15,930
52, 112
15, 184
3,566
7,303
17,709
52, 190
16,097
3,671
6,130
12, 568
55, 301
14,019
4,126
6,549
12,449
58,060
14, 063
3,804
6,679
10,572
56,528
14, 694
3,498
6,380
9,275
43,984
12, 472
3,007
5,241
8.472
41, 440
12,768
2,199
5,749
7,173
32,820
11, 408
1,667
4,788
4,594
39, 084
12, 510
1,953
5.183
8,572
55, 235
14, 874
2,377
6,127
9,853
65, 088
15, 040
2,484
6,270
36,966
43,005
15, 038
35,279
44, 265
14, 551
37,007
43, 665
15, 125
36, 620
41,549
14, 394
37,987
42,249
13, 819
35,555
41,937
14, 180
28,163
35,441
10, 375
27,381
32,751
10, 496
23,390
26,910
7,556
26, 566
28, 175
8,583
37, 850
38, 595
10, 740
42, 717
44,461
11, 557
1,846,790 1,849,400 1,852,972 1,856,269 1,861,062 1,862,593 1,862,796 1,853,868 1,843,714 1,839,245 1,839,302 1,846,536
181, 165
192, 645
173, 593
160, 201
144, 752
131, 377
121,886
113, 399
129, 213
95, 624
78, 607
87, 369
1,692,197 1,675,888 1,657,256 1,640,119 1,622,087 1,603,106 1,586,709 1.567,367 1,547,994 1,528,815 1,504,368 '1,482,225
27.3
23, 233
28.0
22,410
27.9
21,000
24.3
19, 680
25.2
20,443
24.4
22, 621
23.4
24, 144
21.9
36, 469
21,0
27, 733
18.8
33, 175
17.6
39, 214
18.3
34, 241
96.8
82.7
101.3
87 6
77 5
118.6
146 1
97.1
84.7
64.8
79 8
77 3
77 1
123.1
159 6
103.0
88.8
64.9
83.1
81 9
77.0
120.0
144 9
103. 4
87.0
60.5
78.7
80 8
85 0
112. 4
125 1
97 3
92.1
75.5
82.9
87 4
69 9
123.1
126 6
108.5
DOMESTIC TRADE
ADVERTISING
Advertising indexes, adjusted:
89.9
Printers' Ink, combined index.. 1928-32 =100..
77.4
Farm papers
do
88.9
Magazines
do
82 3
Newspapers
do
69.2
Outdoor
do
123.2
Tide, combined index*
1935-39= 100
131.1
Magazines*
.
do
99.7
Newspapers*
.. .....
...do _.
Radio advertising:
12,
346
C ostof facilities, total
.. thous. of dol
596
Automobiles and accessories
do
101
Clothing
_
do
96
Electrical household equipment
do
96
Financial
. ... -do
3,277
Foods, food beverages, confections do
504
Gasoline and oil —
.. .do .
62
House furnishings, etc
do
977
Soap, cleansers, etc
do
Prnoking mftt-firiajs
do
1,603
Toilet goods, medical supplies
do . . 3,502
1,531
All other
do
Magazine advertisings
21, 351
Cost total
do
Automobiles and accessories
do
1,452
1,142
Clothing
_ ..do
571
Electric household equipment
do
457
Financial .
do
3,140
Foods, food beverages, confections do
492
Gasoline and oil
do
House furnishings, etc
.
do
926
Soap, cleansers, etc
... . d o
666
Office furnishings and supplies
do
353
Smoking materials
do
918
Toilet goods, medical supplies
do
3,650
7,585
All other
~
.do
Linage, total
thous. of lines
2,788
Newspaper advertising:
Linage, total (52 cities)
_
do
120, 985
31, 220
Classified
- do
89, 765
Display, total
.
do
3 220
Automotive
do
1,247
Financial
.
-do
21 179
General
do
Retail
.
. . do
64, 120
78.0
53.8
67.9
72 8
78.0
107.9
98.9
88.2
80.9
51.7
77.6
74 2
69.2
112.2
104.6
91.2
88.0
61.9
90 3
79 0
75 9
123.4
126 5
100.5
88.2
63.2
84 2
81 3
72 5
122 6
134 9
101 2
87.6
69.4
81.5
79 4
86 9
122.5
140 0
96.5
84.2
69.8
82 0
77 9
65 6
113.3
127 9
95.8
88.4
73.9
91 7
82 1
55 6
117.1
134 4
100 1
9,199
138
108
56
52
2,543
431
52
1,005
1,316
2,856
643
8,989
265
62
45
41
2,473
367
42
1,050
1,299
2,792
553
8,500
367
55
45
41
2,162
349
42
1,013
1,329
2,571
527
8 186
448
45
57
53
2,051
342
51
928
1,252
2,337
623
8 878
429
70
47
49
2,336
346
43
929
1,347
2,659
622
10, 332
339
94
53
49
3,027
480
56
853
1,485
3,081
815
10 716
362
115
67
57
3,027
532
54
799
1,497
3,136
1,069
11 284 f 11 169 «• 10, 345 ' 11 949r 11 971
348
479
361
513
347
60
92
97
61
125
77
55
54
67
57
62
82
72
60
76
2.785 r 3, 128 r 3, 288
2,919
3,180
572
639
638
609
646
49
50
48
48
60
1,022
904
836
1,040
810
1 607
1,606 r 1,604 T 1,475
1 655
3,275
3, 078 *• 3, 491 ' 3, 319
3, 410
1,284
1,024
1,246
1,061
1,169
15, 421
772
968
161
403
2,352
542
851
640
257
809
2,883
4,783
2,064
13, 932
796
735
213
304
2,043
392
536
477
171
732
2,928
4,604
1,769
11,109
631
25C
213
257
1,738
306
208
320
170
609
2,406
4,001
1,700
12 415
765
724
126
280
1,785
405
266
378
193
671
2,268
4, 554
2 072
15, 394
754
1,208
232
425
2,307
422
624
350
275
741
2,463
5,593
2,344
18, 189
1,143
1,381
443
441
2,947
415
882
445
298
831
2,865
6,099
2 528
19 450
979
1,144
522
466
3,377
367
757
479
322
983
3,075
6,979
2 650
16, 940
607
870
401
336
2,608
187
735
270
328
781
2,682
7, 134
2 033
107,044
22, 326
84, 718
2,334
1,248
16, 529
64, 608
97,663
20, 608
77, 055
2,541
1,370
14, 841
58, 303
89,411
20, 085
69, 326
2,316
1,616
13, 987
51,407
94,963
21, 931
73, 032
2 146
1,022
13 195
56, 669
104, 506
22, 658
81, 847
2 481
1,099
15, 572
62, 695
117, 442
24 071
93, 371
2 404
1,233
19 781
69, 953
119,063
22 996
96, 067
2 787
1,470
21 775
70 035
120,332
21 756
98, 575
2 581
1 467
19 147
75 381
x
f
12 631
651
381
199
340
2,083
146
r 312
319
166
743
2,166
5 125
2 179
15 798 r 17 459 * 18 672
721
1,033
956
725
r 1 258
'I 186
452
382
351
350
337
392
2.772 •• 2, 722
2,906
271
437
336
342
'802
597
r
592
569
661
293
207
238
796
733
866
2,940 '3 122 3 242
5 785 r 6 031 r Q 523
2 671
2 432
2 608
94,488
22 285
72 204
1 513
l'887
14 674
54 130
95, 607 113, 190 125, 282
22 235 26 925 29 183
73 372 86 265 96 099
1 423
2 864
2 500
1 232
1 595
1 817
17 836 20 262 20 goi
52 881 61 908 70 617
GOODS IN WAREHOUSES
Space occupied in public-merchandise ware-84.1
85.4
84.5
houses §
.- percent of total
83.2
82.1
81.0
82.5
83.6
r
Revised.
tMinor revisions in the data beginning January 1939; revisions not shown in the September 1942 Survey are available on request.
§See note marked "§" on p. S-6 of the April 1943 Survey with regard to enlargement of the reporting sample in August 1942.
83.4
83.3
83.7
and outdoor advertising, for which separate indexes are computed by the compiling agency, in addition to magazine and newspaper advertising shown above; data beginning
1935 will be published in a subsequent issue.
fThe index of nonfarm foreclosures has been revised for 1940 and 1941. Revisions are shown on p. S-6 of the May 1943 Survey.
S-7
SURVEY OF CURRENT BUSINESS
July 1943
Monthly statistics through December 1941, toto the sources of the data, may be found in the
1942 Supplement to the Survey
1943
May
19413
1943
May
June
July
August.
September
October
Novem- December
ber
January
February
March
April
DOM] ESTICJ TBA DE— <Contiia.ued
POSTAL BUSINESS
Air mail, pound-mile performance
millions
Money orders:
Domestic, issued (50 cities):
6,923
Number
^. _ _ . . _ thousands.
Value
__ _
thous. of dol__ 99, 878
Domestic, paid (50 cities):
15, Oil
Number
thousands
Value thous. of dol- 174, 880
3,156
3,130
3,443
3,661
3,870
4,335
4,338
5, 4.11
59.542
6,312
73. 783
5, 573
65, 221
5,495
68. 098
5,952
78. 701
6, 022
78, 748
7,748
75,475
8,201
90, 554
7,632
86,624
5,983
92,987
9,527
178, 211
7,281
101, 268
15, 256
137, 629
16. 865
162, 616
16, 071
152, 047
14 582
142, 851
16, 308
174, 772
17, 386
180, 535
15, 649
162, 162
18, 376
196, 067
16, 681
176, 866
15,209
171, 967
21, 350
338, 616
18 269
243, 825
6,526
4,224
2,301
6,753
4,442
2,312
7,028
4,698
2,330
7, 520
5,179
2,340
' 131. 3 ' 136. 4 r 145. 2
r
' 132. 6 r 140. 3
153. 1
129 5 r 131 3
128 9
' 139. 0 ' 143. 1
141. 7
' 144. 1 r 149. 6
' 147. 4
130.1
131.6
131 6
' 148. 9
'159. 1131 1
r
145. 0
r
153. 0
130.9
CONSUMEB EXPENDITURES
Expenditures for goods and services:*
' 6, 606
Total
.mil. of dol_.
~p~4,~947~
4,315
Goods
.
do
2.291
Services (including gifts)
do
Indexes:
' 135. 3
Unadjusted, total
1935-39=100..
~J>~158.~8~ ' 139. 3
Qoods
do
128.3
Services (including gifts)
do
' 136. 0
Adjusted, total
do
'
139. 8
P
159.
4
Goods
. -do .
129.4
Services (including gifts)
do
' 6, 572
4,277
' 2 295
' 134. 4
' 137. 2
129 4
* 135. 1
' 138. 0
129.9
1
7,195
4, 820
2,375
' 8. 352 ' 6, 790 ' 6, 836 ' 7, 325 7,427
r
5, 976 ' 4, 383 ' 4, 454 rT 4, 910 r 4, 987
2, 382
2, 416
' 2, 376 r 2, 407
2 440
' 151. 7 r 168. 1
' 188. 1
161. 8
132 9
133 9
T
' 142. 6
148.
2
r
'
148. 5
156. 2
132 2
134.2
r
' 138. 5
* 140. 7
134.7
r
149. 5
r
158. 8
T
133. 1
r
r
r
r
147. 7
154. 2
136. 3
158. 2
' 172. 0
' 134. 1
r 145. 8
' 151. 8
' 135 3
r
152. 3
r 161. 8
r
135 7
151.7
159 8
137 6
150
3
r
158 0
136 8
T
BET AIL TRADE
5.110
4,569
4,433
4,503
5.257
4,615
' 5, 067 ' 5, 182
All retail stores, total salesf
mil. of dol..
4, 843
5,926
r 4, 426 r 4, 504
4,840
894
••815
856
'656
813
Durable goods stores
do
837
874
772
' 644
846
838
937
'884
r
4,216
3,712
3,666
3, 620
3,769
4,384
4,989
4, 003
Nondurable goods storestdo
4,071
3, 782 ••3,848 ' 4, 252 ' 4, 298
By kinds of business:
462
363
352
479
302
365
470
Apparel
_
do ..702
528
477
406
456
'543
282
247
269
260
269
'273
Automotive
do
247
240
211
T 205
r 199
'284
208
331
370
354
351
244
336
300
336
'332
298
Building materials and hardware . do
289
235
342
227
182
193
190
Drug
. do
181
195
209
207
203
194
200
280
215
637
"Eating and drinking^
_,_ . do „.
473
495
589
501
524
525
468
540
523
529
'602
546
1,319
1,237
1.274
Food stores
do
1 248
1,257
1 285
1,407
1 377
1 277
1 421
1 301
1 275
1 293
r
r
234
288
Filling stations ~
. do
286
317
280
283
277
280
218
199
r 192
193
'225
751
659
583
662
General merchandise
,...do
648
1,214
684
741
880
621
765
846
802
213
192
162
174
219
163
187
193
191
Household furnishings,
-do
261
201
157
'209
654
557
Other retail storest
do _ _ .
532
565
493
522
670
628
565
583
558
801
'678
All retail stores, indexes of sales:
158.4
142.8
139.4
134.5
Unadjusted, combined in dexf.. 1935-39=100-.
156.6
140.7
152.5
158.5
181.2 ' 137. 5 ' 150. 5 r 151. 2
'160. 2
112.0
109.7
101.2
Durable goods stores
_.do
105.4
104.4
104.7
103.4
108.3
117.7
'82.6
'89.1 r ' 99, 0, '111.3
T
173.4
153.5
Nondurable goods storest _
do
150.5
145.3
152.5
176.4
166.9
173.5
201 8 r 155 6
168 1 ' 176 1
170. 4
157.9
141.9
Adjusted, combined indexf.
do
140.4
146.2
146.1
150.2
153.5
149.6
144.4
156. 7
' 170. 2 ' 159. 9 ' 156. 8
r
104.8
100.6
103.9
Durable goods stores
do ..
99.5
105.1
103 2
100.5
101.2
95 4
102 6 T 108 8 ' 110 4 r HI 4
175.1
155.3
164.1
Nondurable goods storesf
....do
160.0
153.7
166.3
160.3 ' 174. 3 ' 190. 1 ' 176. 0 ' 171. 5
170.5
160.0
By kinds of business, adjusted:
184.2
146.8
Apparel
.
do
142.3
163.1
182.1
180.7
166 0
166 3
163.5
198 1
197 8 r Ig4 g
260 8
64.3
61.2
Automotive §..^
do
56.4
61.4
61.5
58. 3
54.7
49.8
47.5
'62 3
' 67 1
T 50 4
'46.8
142.9
162.0
153.4
157.0
156.9
1^3. 1
Building materials and hardware
do
147.0
147.5
149.0
158.6 ' 155. 8
163.8
176. 6
189.6
162 2
Drug
do
151.7
155 6
168 7
174 0
163 9
174 9
180 5
176 5
177 5 ' 185 0
176 2
243.9
181.0
188.3
190.3
181.0
209.3
207.2
201.0
Eating and drinkingf
-do
208.8
230.4
239.3 ' 242. 7
252.8
166.1
155.8
Food stores
do
156.3
159.3
160 4
166 7
166 5
167 8
164 2
172 6
174 5
173 4
162 1
105.7
129.6
Filling stations
do
124.6
141.4
136 3
115.3
124 8
128.9
96 8 r in 5 r 123 8 r HI 9 ' 109 7
146.9
127.2
130.7
139.0
General merchandise
do ...
147.1
144.3
155.0
135.6
142.0
156 4
154 8 r 147 7
176 8
144.5
132.5
Household furnishings
do
123.4
136.7
138. 2
142.3
145.7
157.6
138.6
161.8
159.3 '151.8
159.2
230. 9
202.6
Other retail storesf
do
188.8
200.6
189.9
189.3
183.6
182.8
179.9
190 9
197 1 r 213 7
203 6
Chain-store sales, indexes:
Chain-store Age, combined index (20 chains)
170. 0
171.0
177.0
average same month 1929-31= 100. . 171.0
182.0
183.0
181.0
187.0'
175.0
177. 0
.180.0
194. 0
175. 0
208.0
Apparel chains
do
181.0
200.0
212 0
172.0
239 0
218 0
216 0
228 0
220 0
243 0
295 0
228 0
Drug chain-store sales:
129.3
135.2
Unadjusted
1935-39=100..
129.5
132.3
149.3
141.6
210.3
132.7
140.2
148.4
136.0
' 151. 7
Adjusted
do
133.4
137.0
138.8
142.3
138.2
147.1
154.6
141.0
146 3
149 1 ' 156 9
145 5
Grocery chain-store sales:
Unadjusted
1935-39=100.. P 154. 9
173.4
170.7
169.0
169.5
167.3
168.9
170.9
167.0
158 0
165 5
166 4
153 3
J> 152. 6
Adjusted
do
168.2
172.4
174.3
172.4
170.8
162 1
169.5
170.0
162 8
163 9
165 6
148 9
Variety-store sales, combined sales, 7 chains:
130.2
132.2
Unadjusted
1935-39=100.. P 133. 9
129.1
124.8
123 6
137.8
140.9
263. 0
161.6
106 1
125 1
139 9
Adjusted
..
do
f 138. 9
135.1
136.2
143.4
142.3
143.2
139.2
143.4
157.0
144 6
147 4
157 6
140 0
Chain-store sales and stores operated:
Variety chains:
S. S. Kresge Co.:
14, 631
Sales _
thous. of dol
14, 219
13, 565
14, 536
17 237
28 667
14, 781
14 997
12 277
16 610
14 069
13 097
16? 060
Stores operated
number. .
672
661
673
673
671
671
671
671
671
665
662
663
661
S. H. Kress & Co.:
8,573
9,610
9,105
8,733
Sales
thous. of dol
9,607
10 278
18 397
9,599
11 046
8 063
8 750
10 013
9 634
244
Stores operated
_ .number. .
244
246
'246
246
245
245
245
244
244
244
244
244
McCrory Stores Corp.:
4,749
5,192
4,833
4,504
Sales
thous. of dol
5,017
5, 023
5 656
5 648
10 464
4 323
4 671
5 163
5 631
Stores operated
.number..
202
203
203
203
203
203
203
203
203
202
202
'202
202
G. C. Murphy Co.:
a f)K-t
7 335
6,136
5 775
6 845
Sales
thous. of dol
6 205
6 156
6 094
6 719
12 269
5 481
5 598
7 01 ft
Stores operated
number
207
208
207
207
'207
90S
207
207
207
*207
'207
207
208
F. W. Woolworth Co.:
Sales
-thous. of dol.. 34, 859 32,660 33, 025 31, 705 33, 675 33, 847 38, 475 36,376
64,240
29, 639
30, 965
32, 901 37, 317
Stores operated
number..
2,011
2.012
2,008
2,011
2.011
2.015
9. OOQ
2 mn
2.012
2.017
2.018
2.015
2.012
'Revised.
* Preliminary.
§Beginning December 1941, seasonal adjustment factors of 100 are being used for this group.
tRevised series. Data for sales of "eating and drinking places," "other retail stores,'* and the totals for nondurable goods stores and all retail stores, have been revised
beginning 1935; revised monthly data beginning August 1941 are shown in the October 1942 Survey and revised 1941 monthly averages are in note marked "t" on p S-7 of the
April 1943 issue; all revisions will be published in a subsequent issue.
*
* New series. The data on consumer expenditures have been revised beginning 1935. A detailed description of the series, as originally compiled, appears on pp. 8-14 of
the October 1942 Survey and a subsequent change in the concepts is outlined in the descriptive notes for table 10, lines 16 to 19, included on p. 24 of the March 1943 issue.
Revised dollar figures are available as follows: 1939-41, p. 7 of the April 1943 Survey; January and March 1942, p. S-7 of the May 1943 Survey; February 1942, p. S-7 of the
April 1943 issue. The indexes are shown on a revised basis in this issue. All revisions will be published later.
S-8
SURVEY OF CURRENT BUSINESS
Monthly statistics through December 1941, together with explanatory notes and references
to the sources of the data, may be found in the
1942 Supplement to the Survey
1943
1943
May
July 1943
May
June
July
1943
SepAugust tember
October
Novem- December
ber
January
February
March
April
DOMESTIC TRADE—Continued
RETAIL TRADE— Continued
Chain-store sales and stores operated— Con.
Other chains:
W. T. Grant Co.:
Sales
thous. of doL. 13, 559 ' 12, 206
Stores operated
.
... number
'494
493
J. C. Penney Co.:
Sales
thous. of dol
38, 576 * 37, 182
Stores operated. _
number
1,610
1 609
Department stores:
Accounts receivable:
Instalment accounts§._ Dec. 31, 1939=100
91
83
Open accounts§
do_.
Collections:
Instalment accounts §
22
percent of accounts receivable
50
Open accounts §
do
125
108
Sales, total U. S.f unadjusted.. 1923-25=100..
193
144
Atlantaf '—
1935-39=100
B oston
1923-25 = 100
101
89
124
Chicago
. 1935-39=100
154
Clevelandf
do
137
191
126
Dallas
..
. . 1923-25=100
137
101
Kansas City
1925—100
135
111
Minneapolis
_
1935-39=100
109
New York
1923-25—100
99
139
128
Philadelphia
1935-39=100
Richmond
do
181
147
129
108
St. Louisf
_ 1923-25=100
142
*>185
San Francisco
1935-39=100
125
108
Sales, total U. S., adjusted
1923-25=100.
196
147
Atlantat
-—
1935-39=100
123
Chicago
do
152
Clevelandf
_.
do
134
191
126
Dallas
1923-25 — 100
136
112
Minneapolis
1935-39=100
116
New York J
1923-25 = 100
' 106
141
130
Philadelphia
1935-39=100
Richmond
_ do
181
147
129
108
St. Louisf
.
1923-25=100
*>191
San Francisco.
1935-39=100
147
Instalment sales, New England dept. stores
5.1
6.9
percent of total sales. .
Stocks, total U. S., end of month:
*>91
Unadjusted.
_
_ . 1923-25=100
130
P89
127
Adjusted
do
Other stores, instalment accounts and collections:*
Instalment accounts outstanding, end of mo.:
97
Furniture stores
Dec. 31, 1939=100..
Household appliance stores
do
85
87
Jewelry stores ,
do
Ratio of collections to accounts at beginning
of month:
13
Furniture stores
.percent. _
13
Household appliance stores. _
do
20
Jewelry stores
do
Mail-order and store sales:
Total sales, 2 companies
thous. of dol. 120, ,845 119, 117
Montgomery Ward & Co
do_^__ 54, 099 50, 762
Sears, Roebuck & Co
. do . 66, 746 68, 356
Rural sales of general merchandise:
164.8
Total U. S., unadjusted
...1929-31 =100. . 160.5
157.1
171.7
East
.
do
197.5
South
do
188.0
141.5
146.6
Middle Westdo .
186.1
188.8
Far West . . .
..
do
174.9
Total U.S., adjusted
do
179.5
170.7
186.6
East
do
232.8
South
_.
do
221.7
149.4
154.8
Middle West
do
207.0
210.0
Far West
do...
12, 222
494
10, 441
494
11, 442
494
12, 648
494
15, 111
493
14, 382
493
25, 138
493
9,382
496
10. 433
492
11, 956
493
13, 82<
49
38, 457
1,609
34, 683
1, 610
40, 523
1 611
47, 467
1,611
54, 294
1 611
49, 426
1,611
63, 320
1 611
29, 729
1,611
32 890
1 611
35, 517
1 610
40,62
,1,61
81
69
74
53
71
53
67
63
65
69
65
70
68
91
62
69
58
65
54
65
5
6
22
56
100
124
85
121
128
109
98
117
92
116
137
99
137
104
143
125
134
123
117
97
122
144
108
149
23
60
83
116
67
97
105
100
88
94
81
92
120
87
138
121
162
139
143
143
133
114
139
170
126
166
24
59
103
144
75
117
134
127
114
115
94
112
147
114
158
130
169
148
157
165
131
123
152
194
152
172
25
60
133
171
105
155
161
171
133
145
120
143
174
131
184
123
161
141
146
154
126
112
133
170
122
176-
29
65
137
183
117
154
165
170
146
156
130
160
211
145
191
128
173
K7
158
150
131
115
139
170
129
182
29
63
153
170
171
144
121
142
193
135
210
31
65
222
286
181
246
252
280
231
219
215
262
304
212
296
125
166
146
146
162
141
119
140
164
129
173
28
61
111
151
89
123
132
155
126
114
97
112
134
117
150
143
195
155
179
204
143
123
157
197
146
195
28
61
132
190
90
155
155
205
140
132
112
137
161
143
184
168
216
185
194
241
187
138
185
234
166
238
31
62
121
171
101
136
144
160
144
134
104
135
171
124
'171
136
182
149
169
172
137
127
154
180
138
••196
3
6
13
19
10
15
16
19
15
15
11
14
19
13
18
12
18
14
15
19
14
11
15
18
12
19
5.4
6.2
9.1
7.0
7.8
7.8
5.0
7.8
7.6
6.3
G.
129
136
126
140
131
137
129
124
127
114
121
105
94
100
91
102
89
93
92
91
>9
91
77
SI
85
71
73
80
64
69
76
59
65
73
54
63
70
50
63
69
46
81
64
41
67
60
36
59
57
32
54
5
2
14
13
22
14
13
22
16
13
25
16
14
26
18
15
30
17
15
31
18
15
45
17
15
30
17
16
29
19
18
29
2
1
3
117, 597
48, 476
69, 121
104, 118
42, 521
61, 597
113, 447
48, 741
64, 706
142, 022
61, 495
80, 527
174,045
76, 068
'97, 977
153, 406
68, 396
85, 010
193, 412
86, 472
106, 941
96, 682
39,983
56, 699
99, 300
41, 443
57, 857
118, 532
52, 192
66, 340
133,98
60,65
73,32
160.3
162.9
179.4
144.0
203.6
176.0
177.4
223.1
152.5
213.7
137.3
128.1
158.6
118.9
193.8
188.1
179.9
233.5
161.2
236.3
160.8
153.3
178.0
135.5
207.8
196.6
192.4
246.9
164.3
225.6
214.2
201. 2
262.8
185.7
272.2
202.6
204.6
238.0
181.1
232.6
250.5
245.4
362.2
210.8
276.2
192.8
190.7
244.4
166.0
230.0
253.6
266.2
334.6
216.5
298.6
194.9
206.5
243.7
165.2
246.2
272.7
273.2
325.8
243.0
324.5
170.5
164.1
216. 9
155.8
298.8
152.2
149.7
193.1
136.0
171.8
200.0
197.0
244.1
177,8
233.7
174,3
164.0
245.8
151.9
192.3
215.5
200.5
224.1
191.0
259.9
185.6
173.5
239.7
158.9
193.3
211.3
193.2
265.4
179.3
234.9
194.
198.
227.
175.
215.
211.
207.
258.
187.
240.
1-57
206
116
168
187
191
147
144
144
182
203
158
219
138
186
8
5
EMPLOYMENT CONDITIONS AND WAGES
EMPLOYMENT
Estimated civilian labor force (Bureau of the
Census):*
56.2
54.1
54.5
53.4
52.4
52.3
54.2
56.1
56.8
52.1
54.0
52.0
53.0
Labor force, total
_. millions. _
39.2
41.1
38.5
37.9
36.7
36.4
36. 5>
41.1
41.6
39.0
37.1
36.7
40.0
Male
. do ..
15.3
15.2
15.6
14.2
14.9
16.0
15.5
15.6
15.6
15.1
15.0
16.3
15.0
Female
do
52.4
52.8
50.9
51. 2,
53.3
52.4
51.9
51.0
54.0
51.0
52.1
51.6
54.0
Employment .
do
38.2
35.9
38.1
37.5
37.0
36. 3
35.8
38.4
39.4
39.9
36.0
36.2
39.7
Male
do
14.2
14.1
14.3
15.3
14.9
15.0
15.2
15. 2,.
13.2
13.9
14.7
15.9
14.3
Female
do
11.2
10.2
9.8
8.9
10.2
10.5
8.7
8.8
9.6
11.5
11.7
9.0
10.8
Agricultural _ _
_
do ...
42.2
42.1
43.0
43.0
42.3
41.6.
41.4
41.8
42.3
41.9
42.0
41.3
42.8
Nonagricultural
do
1.4
1.6
1.4
.92.8
2.2
1.7
1.7
1.5
2.6
1.0
.9
2.8
Unenrolovment
do
' Revised.
» Preliminary.
§Data for 1940-41 revised slightly and rounded to nearest percent; revisions prior to November 1941, which have not been published, are available on request.
trhe index on a 1935-39 base shown in the 1942 Supplement is in process of revision; pending completion of the revision, the index on a 1923-25 base is being continued.
tA few revisions in data for 1938-41, resulting from changes in the seasonal adjustment factors, are shown on p. S-8 of the November 1942 Survey.
fRevised series. Indexes of department store sales for Atlanta district revised beginning 1935, see p. 22, table 19, of the December 1942 Survey. Revised data beginning
1919 for the Cleveland district are shown on p. 32 of the April 1943 issue.
*New series. Indexes of instalment accounts and collection ratios for furniture, jewelry, and household appliance stores are available beginning February 1941 on p, S-;8*
of the April 1942 Survey and subsequent issues; earlier data back to January 1940 are available on request (a new series on amount of instalment accounts outstanding is*
included on p. S-16). For estimates of civilian labor force, employment, and unemployment beginning April 1940, see p. 30, table 9, of the June 1943 Survey.
S-9
SURVEY OF CURRENT BUSINESS
July 1943
Monthly statistics through December 1941, together with explanatory notes and references
to the sources of the data , may be found in the
1942 Supplement to the Survey
May
1943
1943
1943
May
June
July
August
September
October
Novem- December
ber
January
February
March
April
EMPLOYMENT CONDITIONS AND WAGES — Continued
EMPLOYMENT— Continued
Employees in nonagricultural establishments:!
Unadjusted (U. S. Department of Labor):
Total
_ _ thousands,.. 38, 234 36, 346
15, 913
14, 133
Manufacturing
do
842
Mining.. _ _ _ _ _
_
_
do _
928
1,266
1,909
Construction
do
3,586
3,442
Transportation and public utilities -do
6,320
Trade.
___
do
6,667
4,344
4,309
Financial, service, and miscl—
do
5,963
4,958
Government- _
-do
Adjusted (Federal Reserve):
Total_,
do . _ 38, 194
36, 274
15, 999
Manufacturing
do
14, 220
847
Mining . _ _ _do _ _
933
1,182
1,791
Construction
do
3,576
3,435
Transportation and public utilities, do
6,347
6,695
Trade
do
Estimated wage earners in manufacturing industries, total (U. S. Dept. of Labor)*
12, 127
thousands ,_ 13, 687
6,649
Durable goods
do
8,150
1,579
Iron and steel and their productsdo
1,708
Blast furnaces, steel works, and rolling
548
mills
thousands
523
Electrical machinery. _ _
do _ _
698
Machinery, except electrical
do
1,240 , 1,058
Machinery and machine-shop products
409
thousands ..
460
Automobiles
do
657
Transportation equipment, except automo1,345
biles
thousands
2 249
373
Nonferrous metals and products
do
410
551
Lumber and timber basic products _ do _ _ _
474
Sawmills-.
do
309
Furniture and finished lumber products
384
thousands. _
357
Furniture
do _._
177
376
Stone, clay, and glass products
do
357
5,478
Nondurable goods
do _ _
5 537
Textile-mill products and other fiber manu1,298
factures
_ .thousands ._
1 239
Cotton manufactures, except small wares
508
thousands..
105
Silk and rayon goods
do
Woolen and worsted manufactures (ex183
cept dyeing and finishing) ..thousands _ _
Apparel and other finished textile products
934
860
thousands—
256
Men's clothing
do
263
Women's clothing _ _
do
381
Leather and leather products . _ ...do
337
218
Boots and shoes
do
906
914
Food and kindred products
do —
239
Baking
do
95
Canning and preserving
do
165
Slaughtering and meat packing
do
9l"
91
Tobacco manufactures
do
320
312
Paper and allied products _
do._
163
Paper and pulp _
do
Printing, publishing, and allied industries
328
329
thousands. .
588
740
Chemicals and allied products
do
110
Chemicals
do
124
126
Products of petroleum and coal
do
79
Petroleum refining
do
187
141
Rubber products
_
do
Rubber tires and inner tubes
do
59
Wage earners, all manufacturing industries, un167.1
148.0
adjusted (U. S. Dept. of Labor) f_1939= 100225.7
184.1
Durable goods
-do
172.2
159.3
Iron and steel and their products— ___do
Blast furnaces, steel works, and rolling
141.0
mills
1939=100-.
~~~269.~§~
201.7
Electrical machinery
_ _ __ do
234. 6
200.2
Machinery, except electrical
do
Machinery and machine-shop products
202.2
1939=100
163.3
114.3
Automobiles..
_
do
Transportation equipment, except auto847.1
mobiles
.
1939=100- 1, 416. 8
162.9
178.8
Nonferrous metals and products
do
131.0
112.7
Lumber and timber basic products.. do
107.4
Sawmills
do
Furniture and finished lumber products
117.2
1939= 100. _ 108.7
111.3
Furniture
_
_ _
do
128.2
121.5
Stone, clay, and glass products
do
1
36, 665
14, 302
921
1,991
3,484
6,606
4,324
5,037
37, 234
14, 641
923
2,108
3,519
6,504
4,355
5,184
37, 802
14, 980
918
2,181
3,533
6,496
4,371
5,323
38, 348
15, 233
910
2,185
3,542
6,561
4,397
5,520
38, 478
15, 313
902
2,028
3,539
6,697
4,327
5,672
38, 533
15, 434
894
1,896
3,520
6,771
4,295
5,723
38, 942
15, 684
885
1,674
3,502
7,107
4,279
5, 811
37, 862
15, 743
867
1,470
3,463
6,371
4,259
5,689
37, 958
15, 851
867
1,386
3,456
6,291
4,270
5,837
38, 184 ' 38, 382
15, 958 ' 15, 956
861
'850
1,357 ' 1, 328
3,475 ' 3, 552
6,328 ' 6, 423
4,281 ' 4, 337
5,924 ' 5, 936
36, 461
14, 382
929
1,768
3,446
6,610
37, 051
14, 640
929
1,851
3,471
6,609
37, 433
14, 819
918
1,916
3,490
6,607
37, 645
15, 006
900
1,959
3,482
6,523
37, 962
15, 162
888
1,902
3,466
6,619
38, 325
15, 349
883
1,889
3,508
6,673
38, 842
15, 687
884
2,004
3,535
6,635
38, 791 ' 38,821
15, 975
15, 932
873
870
1,748
1,843
3,545
3,549
6,458
6,513
38, 725 ' 38, 523
16, 043 ' 16, 024
864
'858
1,564 ' 1, 363
3,551 ' 3, 572
6,424 ' 6, 433
12,282
6,823
1,599
12, 564
12, 869
7,003
7,192
1,612 , 1, 620
13, 079
7,313
1, 621
13, 166
7,464
1,635
13, 267
7,597
1,643
13, 474
7,780
1,676
13, 503 '13,633 ' 13, 726 ' 13, 724
" 7,875 ' 7, 998 ' 8, 099 ' 8, 137
1,693 ' 1, 715 ' 1, 726 ' 1, 722
524
676
1,220
523
693
1,233
523
'695
' 1, 237
476
642
483
649
487
'653
2,067
408
489
266
2,132
412
478
260
2,187
410
479
262
' 2, 221
'411
t 480
262
365
170
368
5,694
362
'168
362
5,628
364
170
^359
' 5, 635
364
171
358
' 5, 627
360
168
'358
' 5, 587
1,277
1,287
1,273
' 1, 275
' 1, 270
' 1, 254
506
99
510
99
504
98
'505
98
'502
98
497
97
549
528
1,078
546
542
1,094
540
564
1,114
532
586
1,126
525
610
1,148
518
630
1,168
523
649
1,190
418
485
425
513
435
534
440
556
449
572
457
592
465
613
1,443
378
555
312
1,559
381
559
313
1,673
387
561
313
1,752
390
546
303
1,836
392
535
295
1,909
398
526
290
1,999
405
515
282
381
174
376
5,459
374
172
369
5,561
369
170
370
5,677
367
170
369
5,766
368
173
368
5,702
363
168
368
5,670
1,298
1,293
1,283
1,272
1,275
509
106
509
105
507
103
505
98
505
100
522
661
1,202
. 469'
631
183
183
181
180
177
176
177
176
175
174
171
873
248
229
377
214
947
245
120
174
92
312
160
866
241
231
374
213
1,052
254
191
180
94
302
155
915
247
252
367
209
1,125
258
248
179
97
298
152
907
246
252
357
200
1,210
263
322
178
98
297
151
904
242
253
357
199
1,099
265
191
174
99
300
151
887
235
248
363
204
1,038
263
136
176
100
304
150
886
236
247
364
204
1,018
264
114
187
99
309
151
884
'237
248
361
'202
965
258
95
185
96
309
151
897
240
252
359
201
936
252
90
177
94
313
150
903
242
253
354
197
921
254
80
167
93
313
150
'889
240
249
346
193
'910
247
90
156
'92
'312
149
325
600
112
128
80
146
62
325
613
111
129
80
153
66
325
623
111
129
81
158
68
323
649
111
128
81
164
70
331
673
111
126
79
169
73
338
693
111
125
78
174
77
342
702
112
124
78
180
80
335
715
111
123
77
183
81
338
'726
112
122
'77
185
82
334
••734
113
122
78
186
83
330
'744
113
'123
79
'186
83
149.9
188.9
161.3
153.4
193.9
162.5
157.1
199.2
163.4
159.6
202.5
163.5
160.7
206.7
164.9
161.9
210.4
165.7
164.5
215.5
169.1
164.8
218.1
170.7
' 166. 4
' 221. 5
' 173. 0
141.3
203.6
204.0
140.4
209.1
207.0
138.9
217.8
210.7
137.0
226.3
213.0
135.5
235.3
217. 3
133.4
243.0
221.0
134.5
250.3
225.1
134. 3
255.1
227.5
134.9
260.8
230.8
134.7
267.4
233.3
134.6
' 268. 4
' 234. 1
206.6
120.6
209.9
127.4
214.9
132.6
217.5
138.2
222.0
142.3
226.0
147.1
230.0
152.5
231.7
156.7
235.5
159.5
238.7
161.4
240.9
' 162. 3
909.1
164.9
132.0
108.2
982.5
166.3
133.0
108.7
1, 054. 3
169.0
133.5
108.5
1, 104. 0
170.3
129. 9
105.0
1, 156. 5
171. 2
127.2
102.5
1, 202. 8
173.5
125.1
100.6
1, 259. 2
176.7
122.5
97.9
1, 302. 2
178.1
116.3
92.4
116.2
109. 6
128.1
114.0
107.9
125.7
112.4
107.0
126.1
112.0
107.2
125.8
112.3
108.3
125.2
110.5
105.8
125.3
111.4
106.7
125.4
110.2
105.5
123.2
' 167. 6 ' 167. 5
' 224, 3 ' 225. 3
'174.1 ' 173. 6
1, 343. 1 1, 378. 1 1, 399. 3
179.6
178.8 ' 179. 2
113.8
114.0 ' 114. 1
91.1
90.4
90.8
111.0
106.6
122.4
111.0
107.1
122.0
109.8
105.6
' 122. 0
tRevised series. The estimates of employees in nonagricultural establishments and in each of the component groups, with the exception of the trade group and the
financial, service, and miscellaneous group, have been revised beginning 1939 and revisions of the earlier data are in progress; the revised data will be published when revisions
are completed (data beginning August 1941 are in the October 1942 Survey). The indexes of wage-earner employment and of wage-earner pay rolls (pp. S-ll and 8-12) in
manufacturing industries have been completely revised; for 1939-41 data for the individual industries and 1939-40 data for all manufacturing, durable goods, nondurable
goods, and the industry groups, see pp. 23-24 of the December 1942 Survey. Indexes for the totals and the industry groups have been further revised beginning January
1941; data for 1941 are shown on p. 28, table 3, of the March 1943 issue.
. , , . . , ,.",, * • u •
*New series. Data beginning 1939 for the new series on wage earners in manufacturing industries will be shown in a later issue; data for the individual industries beginning October 1941 are available on pp. S-8 and S-9 of the December 1942 Survey; the figures for all manufacturing, durable goods, nondurable goods, and the industry groups
are shown on a revised basis beginning with the March 1943 Survey and figures previously published for these series are not comparable with the current data.
S-10
SURVEY OF CURRENT BUSINESS
Monthly statistics through December 1941, together with explanatory notes and references
to the sources of the data , may be found in the
1942 Supplement to the Survey
1943
May
July 1943
1943
1943
May
June
July
August
September
October
Novem- December
ber
January
February
March
April
EMPLOYMENT CONDITIONS AND WAGES—Continued
EMPLOYMENT— Continued
Wage earners, all mfg., unadj.f— Con.
120.9
119.6
119.2
121.4
Nondurable goods
1939=100.
125.9
123.9
124.5
123.8
124.3
122.9 ' 123. 0 •• 122. 8 r 122. 0
Textile-mill products and other fiber manu113.4
108.3
113.5
113.0
facturers
1939=100 .
112.2
111.5
112 5
111.2
111.7
111.3 , '111. 5 *• 111.1 ' 109. 6
Cotton manufactures, except small wares
125.5
128.3
128.5
128.5
1939=100
127.7
128 9
128.0
127.7
127.2 ••127.5 r 126. 9
127.7
go o
80. S
87.9
88.4
81.8
87.8
Silk and rayon goods
do
81 7
86 0
81 9
82 7
82 7
81 6
Woolen and worsted manufacturers (ex114.6117.4
116.9
122.6
122.7
122.5
cept dyeing and finishing)... 1939 =100..
118.7
121.3
120.3
118.1
118.5
117. 9
Apparel and other finished textile products
118.3
110.6
108.9
109.7
114.4 * 112. 6
114.5
113.7
1939=100..
115.9
115.0
112.3
, 112. 2
112.0
109.7
113.4
117.2
110.1
Men's clothing _ .
_ -do
112.5
109.7
110.6
113.1
107.6
107. 8
108.2
111.0
91.696.9
84.3
92 8
93.2
Women's clothing
do
85.0
91.4
92.9
92.1
92 5
91 1
91 2
r
99. 8
109.8
108.6
107.7
101.9
Leather and leather products
.-do
97.2
104.7
104.9
103.3
105.8
102.8
103.0
104.1
r
r
88; 5'
99.9
98.2
90. 5
97.6
95 6
91.7
93 4
Boots and shoes
do
91.3
93 5
92 1
92 8
106.0
110.8
123.1
121.5
109.5
107.7 r 106. 5
131.7
119.1
Food and kindred products
...do
141.6
112.9
107.0
128.6
107.1
103.8
Baking
do
106.0
110.0
111 8
114.1
114 4
113.6
114 7
111 6
109 2
110 1
r
66.970.6
89.1
142.3
••59.5
Canning and preserving
_do
184.5
239.7
101.3
84.5
67 0
142.4
70. 5
129. 3136.9
144.0
149.1
138.4
Slaughtering and meat packing
do. ._
147.3
145. 8
155. 0
148.6
153. 7
146.8
144.6
97.2
99.9
97.2
100.2
100.2
••98.6
Tobacco manufacturers.
..do
99.0
103.5
106.8
102.4
105.2
106.4
106.3
117.7
120.5
113.7
116.4
117.4
114.7
118.0 r 117. 7
Paper and allied products.
do
112.3
111.9
116.6
117.8
113.1
108.4
118.9
116.6
112.5
108.9
Paper and pulp
. -do
109.6
109 3
109.3
110.6
109.7
109.5
-110 0
Printing, publishing, and allied industries
r
100. 6
100.0
99.3
100.3
99.0
103.1
1939=100-.
99.1
98.5
104.3
103.0 r 101.8
100.9
102.2
204.1
208.3
212.8
C hemicals and allied products
do _.
225.1
254.8 r 258. a
256.8
216.3
240. 3" 243.7
233.4
'251. 9
248.0
162.4
158.8
160.7
161.7
Chemicals
do
160.2
159.7
161 3
158 9
159 2
158 9
160.4
159 8
120.7
118.7
117.4
115.6 r 116.0
120.8
117.8
Products of petroleum and coal
do
121. 5
121.6
117.2
119.3
116.0 r 115.2
108.7
107.1
Petroleum refining
_ do
108.7
110.1
110.3
107.5
110.8
110.3
108.4
107.0
106.3
!06 1
120.7
116.9
126.3
153.8 r 153. 8Rubber products..
do
154.5
130.7
135.3
143.8
151.6
149.0
139.9
152.8
108.9
147.4
113.8
141.9
121.2
153.0 T 153. a
Rubber tires and inner tubes
do
125.5
136.7
130.5
150 0
150 7
168. 4
149.1
150.9
153.4
164.4
168.1
156.9
160.9
Manufacturing, adjusted (Fed. Res.) t
do
155.1
158.9
167.1 r' 167. 9 rT 168. 6
184.2
188.9
215.4
193.9
198.5
201.6
209.6
224. 5 ' 225. 7
Durable goods
...
..do
205.6
225.8
222 5
219 3
121.4
122 7
121.4
Nondurable goods
do
121.0
122.5
124.3 r 126 0 r 124 9 r 124 I r 123. 2:
121.6
122 0
120 9
Manufacturing, unadjusted, by States and
cities:
State:
270.1
188.9
197.5
217.5
244.7
245.8
244.4
266.4
California*
1940=100
269 6
253.0
237.9
254 3 r 261 9
147.7
Delaware
1923-25=100 .
154.3
177.8
180.8
172.1
194.2
158.0
170.6
169.3
179.2
!83 7 r 185. 9 ••189. 6150.1
136.3
145.4
Illinois
. 1935-39=100
136.0
137.5
142.8
141.2
142.9
151 2
141.5
149.5
146.3
148 9
192.4
165.3
178.4
171.6
180.3
Maryland
1929-31=100 .
177.2
175.9
176.5
192.2
190. 1 «• 165. 0
186. 2
189 7
134.6
145.4
134.2
134.6
140.6
14311
135.8
136.6
145 6
Massachusetts!
- 1935-39=100
146 1
138.9
144.8
145 0
153.3
153.1
153.3
164.7
New Jersey
1923-25=100
161 7
163.2
158 4
161 9
165 9
168 2
139.4
New York
1935-39=100
144.0
160. 4
142.3
149.7
153.6
155. 8
146 4
159.2
152.1
160 7
156.0
158 4
143.7
146.2
148.4
Ohio
do
159.3
163. 1
151 5
155 4
163 5
157 5
165 9 r 167 4
114.1
113.6
116.8
114.7
Pennsylvania . . ' .
1923-25=100
114.7
115.5
116.0
117.5 '112.9
117 0
118 3 r 118. 1
118 4
Wisconsin
1925-27=100
131.2
133.2
146. 9'
135.5
145.1
138 8
141 1
143 5
136 9
145 1
147 0
146 3
City or industrial area:
185.2
Baltimore
1929-31=100..
170.4
165.5
182.4
'164.3
174.5
174.8
173.4
172.3
174.2
180.1
184.9
183.3
136.6
136.1
138.7
151.9
Chicago..
...1935-39= 100..
142.9
146.5
149.0
145.8
149.7
152.8
142.3
152.7
152.5
Cleveland _.
_.
..do...
159.3
162.7
165.0
174.5
178.7
167.0
168.7
171.6
178. 1
187 2
183 8
Detroit.
.... 1923-25 =100.. 169.9
127.1
133.5
162. 8.
118.6
149.5
137.9
143.1
150.3
146.9
160. 8
165.0
164. 1
218.4
201.1
208.9
286. 8
Los Angeles*
1940=100
233.9
243.3
251.7
229.8
266.7
283.3
287.1
271.3
278 2
147.8
163.6
170.. a
144.9
152.2
157.6
Milwaukee!-1925-27=100..
155.4
160.0
164.3
165.5
170.1
168.4
NewYorkf
1935-39=100
128.1
116.4
119.0
132.0
134.7
~137. 7
129.3
134. 1
134.2
139.9
139.8
134.0
136 7
127.1
128.7
Philadelphia.
1923-25=100..
137.4
131.4
132.5
136.8
143.6 r 126. 1
134.5
139.6
142.0 rr 143. 2 r 143. 9'
Pittsburgh
_. do .
129. a
119.8
119.9
120.4
119.3
122.7
124.0
128.4
129.6
120.4
125 4
122.5
127 7
321. 5
San Francisco*
_
.1940=100. . 320.6
212.7
291.8
292.8
199.2
247.2
274.6
299.3
292.2
303.8
317 9 r 321.5
135.4
143.1
St. Louis
. . . 1937=100
132.0
139.0
138.6
141.4
151.9
138.9
147.2
147. 8
146 9
147 2
Wilmington
.1923-25= 100 . . 194.8 «• 133. 3
137.0
138.1
155.0
172.0
174.8
184.9 r 190. 8162.6
150.2
177.8
181 0
Nonmanufacturing, unadjusted (U. S. Department of Labor):
Mining:!
90.4
' 88. &
Anthracite
1939=100 .
95.7
93.0
91.8
87.2
92.5
91.8
90.9
92.8
83.4
89.4
89 5
118.0
118.4
113.7
Bituminous coal
- do
118.3
104.6
117.5
116.6
115. 3
112.7
111 8
110 4 f 109 1 r 106. 21
124 6
123 5
112 6
Metalliferous
do
111 8
125 7
118.5
116 3
115 8
121 4
116 5
113 4
114 8
114 4
Quarrying and nonmetallic
. do
116.7
117.2
114.5
109.5
98.2:
98.6
116.5
105.9
96.3
116.3
112.9
98 6
Q6 7
Crude petroleum and natural gasf
do
87.4
'80.2"
80.2
86.8
85.0
83.6
83.0
84.4
80.4
88.3
86.2
81.2
80.3
Public utilities:!
86.&
Electric light and power
-do
85.7
98.8
98.5
97.6
90.4
87.4
96.5
94.6
92.9
91.3
89.0
88 1
108.4
107.2
Street railways and busses
do
110.0
117.3
105. 6
108.7
109.7
110.0
111.6
113.2
114.8 r 115.5 rr 117. 1
123.4
Telephone and telegraph
do
122.1
122.
123.2
121.1
123.6
122.4
123.8
122.9
122. 0
123.2
122. 3 '122 2
Services:!
129.2
125.9
Dyeing and cleaning
do
126.6
122.8
122.1
118.8
123.9
114.8
126.0
116.1 'r 125. 1
111.8
113.2
119.8
Power laundries „
..do ..
118.4
118.7
124.3
121.5
118. 4
122.5
121.0
119.2
118.3
117.4
119.2
118 5
Year-round hotels
do
103.8
102.6
101.5
104.5
102.1
103.9
105.0
103.7
103 3
101 8 '104 4 r 104 8 105 0*
Trade:
Retail, total! .
do
102.3
99.5
108 6
98.3
103.7
101 1
104 3
98.5
117 0
99 0
98 3 rr 100 8.
97 3
Food*
do .
112.1
112.0
105.1
112.3
110.0
109.7
112.0
111.4
111 2
107 0
105 8 r 106 a
106 4
General merchandising!
do...
109.0
104.2
110.0
112.5
104.5
112.6
132.5
121.8
116. 4
166.3
112.3
111.0
108.8
Wholesale!
do
101.4
100.6
102.3
94.8
101.1
100.2
100.1
100 9
99 6
97 7
97 3 r r 96 5
97 6
Water transportation*
do .
90.4
90.1
85.7
131. 2
84.5
86.9
90.8
124. 9'
98.3
98 4
100 8
117 0
110 2
Miscellaneous employment data:
Construction, Ohio
1935-39=100
137.5
124.8
142.8
122.5
116. 5
112.8
108.1
96 5
84 9
86 3
84 8
Federal and State highways:
236, 929 236, 102 240, 633 238, 722 219, 047 211 751 186 942 161 010 147 915 144 706 146 550 154 164
Totalt
.number
Construction (Federal and State), .do..
90, 103 89, 999 94, 191 90, 022 80, 836 78, 031 58,947 40, 588 33 655 33 328 35 623 42 841
Maintenance (State)
do •
107, 804 112, 000 114, 361 117 972 109 076 105 701 100 898 94 108 88 831 86 527 87 052 87 429*
Federal civilian employees:
United States
_
thousands
2 750 i 2 891
2,207
2,328
2,067
2 687
2 451
2 549
2 864
2? 991
2 945 r 2 979
District of Columbia
do
274
256
268
275
r 285
281
284
284
284
284
*285
287
Railway employees (class I steam railways):
1,343
Total
. . .
.
thousands
1,319
1,296
1,349
1,349
1 348
1 343
1 351
1 346
1 340
1 352
1 374
Indexes: Unadjusted!. .
1935-39=100-132. 2
126.7
124.5
129.0
129.6
129.6
129.5
129.0
129.6
129.3
128.7 r 129. 9
131. 8Adjusted!
do
125.0
132.7
125.0
126.3
126.9
126.5
127.9
125.3
131, 6
134.4
132.0 ' 133. 2
133.9r
Revised. 1 Includes about 80,000 excess temporary Post Office substitutes employed only at Christmas; such employees have been included in data for earlier years.
{Total includes State engineering, supervisory, and administrative employees not shown separately.
!Revised,series. The Department of Labor's indexes of wage-earner employment in manufacturing industries have been completely revised; see note marked "t" on p.
S-9. Revised seasonally adjusted employment indexes are as yet available only for all manufacturing, durable goods, and nondurable goods; the indexes for all manufacturing
and for nondurable goods are preliminary. Earlier data for the employment index for New York City not shown in the July 1942 and subsequent issues of the Survey and
for the Massachusetts index, shown on a revised basis, beginning in the May 1943 Survey, will be published later. The Department of Labor's indexes of employment in
nonmanufacturing industries have been revised to a 1939 base, and, in some instances, adjusted to 1939 Census data; revised data beginning 1939 are shown on p. 31 of the
June 1943 Survey. The index of railway employees has been shifted to a 1935-39 base and the method of seasonal adjustment revised; earlier data will be published later.
*New series. See note marked "*" on p. S-12.
SURVEY OF CURRENT BUSINESS
July 1943
Monthly statistics through December 1941, together with explanatory notes and references
to the sources of the data, may be found in the
1942 Supplement to the Survey
1943
1943
May
S-ll
May
June
July
1943
September
August
October
Novem- December
ber
January
February
March
April
EMPLOYMENT CONDITIONS AND WAGES—Continued
LABOR CONDITIONS
Average weekly hours per worker in factories:
Natl. Ind. Con. Bd. (25 industries) .. .hours.
U. S. Dept. of Labor, all manufacturing t
hoursDurable goods*
_
do...
Iron and steel and their products. —do...
Blast furnaces, steel works, and rolling
mills ..
.
hours
Electrical machinery
do
Machinery, except electrical
do
Machinery and machine-shop products
hoursMachine tools
do..
Automobiles.
_.
do
Transportation equipment, except automobiles
...
hours
Aircraft and parts (excluding engines)
hours. .
Shipbuilding and boat building, .do
Nonferrous metals and products ..do
Lumber and timber basic products, do
Furniture and finished lumber products
hours _.
Stone, clay, and glass products
do
Nondurable goods*..
..
do
Textile-mill products and otherfibermanufactures
_.
hours
Apparel and other finished textile products.. _
_.
hours
Leather and leather products
.do
Food and kindred products
do
Tobacco manufactures,
do
Paper and allied products
do
Printing and publishing and allied industries .
hours
Chemicals and allied products
do
Products of petroleum and coal. . .do
Rubber products.
do
Average weekly hours per worker in nonmanufacturing industries (U. S. Dept. of Labor):*
Building construction
.hours..
Mining:
Anthracite
do
Bituminous coal
_.._
do
Metalliferous
do
Quarrying and nonmetallic
do
Crude petroleum and natural gas
do....
Public utilities:
Electric light and power
do
Street railways and busses. ..
do
Telephone and telegraph
do
Services:
Dyeing and cleaning
do
Power laundries
do
Trade:
Retail, total
do
Wholesale
do
Industrial disputes (strikes and lockouts) :
Beginning in month
number
395
450
In progress during month
.do..Workers involved in strikes:
620
Beginning in month
thousands
625
In progress during month
do
1,275
Man-days idle during month
do
Employment security operations (Soc. Sec. Bd.) :
Placement activities:
Applications:
i 1, 198
Active
file
thousands
1,222
New and renewed
do...
1,500
Placements, total
do
Unemployment compensation activities:
610
Continued claims
i
thousands
Benefit payments:
119
Individuals receiving paymentsj.-.do...
6,383
Amount of payments
thous. of dol
Labor turn-over in manufacturing establishments :J
Accession rate mo. rate per 100 employees
Separation rate, total
do
Discharges
do
Lay-offs
do
Quits
-__
do
Miscellaneous
do
PAT BOLLS
Wage-earner pay rolls, all manufacturing,
unadjusted (U. S. Dept. of Labor)t 1939=100
Durable goods
do
Iron and steel and their products
do
Blast furnaces, steel works, and rolling
mills
1939=100
42.7
42.7
42.6
43.2
43.4
43.6
43.7
44.2
44.3
44.5
44.7
44. &
42.9
45.2
43.5
42.9
45.2
43.6
42.6
44.8
43.0
43.0
45.3
43.7
42.4
44.6
43.0
43.6
45.8
44.3
44.0
46.1
44.8
44.4
46.1
45.3
44.2
45.9
4,5.0
44.5
46.2
'45.8
'44. 7
46.4
'46.1
45. G
46.7
46.2
40.0
46.2
49.5
40.0
46,4
49.7
39.2
46.0
48.8
40.2
46.4
49.4
39.9
46.0
48.0
40.9
46.7
49.5
42.0
47.0
49.5
41.7
47.0
49.6
41.9
47.0
49.6
42.8
46.9
49.6
43.2
47.1
49.6
43.1
46.7
49.6
49.0
54.1
44.3
49.2
53.8
44.4
48.3
52.7
43.8
48.8
52.8
45.1
47.8
51.2
44.1
49.0
52.5
45.2
49.0
52.8
45.5
49.4
53.0
45.5
49.6
52.5
45.7
49.3
' 51, 8
46.0
49.3
'52.0
45.7
49.3
52. a
45.9
1
48.0
47.7
47.4
47.3
46.7
47.1
47.7
47.5
46.9
46.7
47.7
48.6
44.2
40.8
47.2
48.4
44.6
41.1
46.6
48.2
44.5
41.0
46.7
47.6
44.8
41.8
46.3
47.0
44.1
41.0
46.3
47.6
45.4
42.5
46.6
48.0
46.0
41.7
46.9
47.7
46.1
41.3
46.5
47.1
46.0
39.8
'46.2
46.7
45.9
41.9
•'46.0
46.9
'46.5
42.4
47.2
48.0
47.0
43.1
41.5
40.5
40.1
41.5
40.1
39.9
41.4
:39.;2
39.8
41.4
40,1
40.2
41.0
39.3
39.7
42.8
41.3
40.8
42.8
41.4
41.3
43.7
41.8
42.1
'42.8
41.7
41.8
43.6
'41.8
42.0
43.9
'42.3
'42.3
44.4
42.8
42.4
40.3
40.2
39.9
40.3
39.4
40.4
40.8
41.5
41.3
41.5
'41.6
41.7
36.8
38.6
40.9
37.7
41.6
35.4
38.1
41.5
38.5
40.6
35.1
38.1
41.9
38.6
40.2
36.2
38.4
41.3
39.5
41.2
34.9
36.7
41.8
38.6
40.8
37.1
38.9
41.6
40.4
43.4
37.0
39.0
42.4
40.6
44.0
37.4
40.3
43.9
41.2
44. 9
37.4
40.3
43.2
39.6
44.2
'38.2
40.2
'42.9
'38.5
44.5
'38.7
'40.4
43.4
'39.2
44.9
38.&
40.1
43.2
40.3
45.3
38.1
42.7
39.1
41.4
38.0
42.8
39.0
41.5
38.0
42.8
39.2
41.9
38.0
43.1
39.5
42.3
38.2
42.7
39.5
• 41.6
38.5
43.6
40.5
42.7
39.5
43.9
41.8
43.4
40.2
44.7
41.8
44.5
39.8
44.5
41.1
44.4
'39.5
'44.6
'42.4
44.6
'39.8
'45.0
'42.6
45.1
39.6
45.3
43.1
45.1
' 46. 7
47.6
36.7
37.2
37.5
37.3
37.8
37.9
38.0
37.8
37.1
36.3
37.4
38.1
35.2
33.1
43.7
43.7
38.4
35.4
33.5
43.8
44.6
39.1
32.3
30.5
42.1
44.7
39.4
34.0
32.1
43.4
44.7
38.8
35.8
33.5
43.2
44.7
39.9
35.1
34.2
43.8
45.7 ,
39.8
35.7
34.4
44.2
45.6
38.7
35.9
35.7
44.0
43.8
40.5
31.0
34.7
43.3
44.3
39.9
41.5
37.0
43.6
'44.4
40.6
'41.3
'38.6
43.7
44.0
41.0
41.2
37.1
43.9
46.0
41.3
40.2
47.8
40.5
40.5
48.0
40.3
40.4
47.8
40.5
40.0
48.5
40.7
40.1
47.4
41.4
40.5
47.9
40.6
39.8
49.0
40.7
40.8
49.9
40.7
40.5
49.3
41.2
40.5
'49.7
'41.2
40.8
49.5
41.1
40.8
48.9
41.4
44.5
43.6
45.4
43.7
43.2
43.3
42.8
43.2
43.1
43.1
43.5
43.3
43.1
43.3
43.3
44.0
43.6
44.1
43.1
43.7
43.7
43.8
45.7
44.3
41.6
41.4
'41.8
41.4
42.0
41.3
42.1
40.9
41.1
41.2
40.9
41.7
40.8
41.7
41.0
41.8
41.3
41.4
41.1
41.6
41.1
41.7
40.7
41.9
285
373
345
421
388
471
330
430
274
349
207
269
144
172
147
169
195
210
260
240
300
395
225
69
79
322
110
126
586
100
114
417
92
108
449
88
101
387
62
67
244
52
55
128
59
62
193
90
100
450
42
48
170
72
75
230
200
205
675
4,254
1,565
784
4,280
1,841
925
i 3, 254
1,656
1,006
1,403
982
12,400
1,213
1,398
1,267
1,531
i 1, 895
1,139
931
1,154
713
f, 678
1,384
727
1, 315
725
i 1, 602
1,280
800
1,154
904
2,970
3,159
3,207
2,576
2,026
1,517
1,128
1,130
1,228
1,059
945
209
10, 882
182
10, 750
9
1
445
695
610
31, 704
553
30, 226
575
32, 625
543
28, 252
423
22, 395
310
16, 895
222
11, 574
193
11, 558
227
12, 183
7.29
6.54
.38
1.43
3.77
.96
8.25
6.46
.38
1.21
3.85
1.02
8.28
6.73
.43
1.05
4.02
1.23
7.90
7.06
.42
.87
4.31
1.46
9.15
8.10
.44
.68
5.19
1.79
8.69
7.91
.45
.78
4.65
2.03
8.14
7.09
.43
.65
4.21
1.80
6.92
6.37
.46
.70
3.71
1.50
8.28
7.11
7.87
7.04
8.32
7.69
7.43
7.54
4.45
1.40
4.65
1.35
.52,
5.36
1.24
5.41
228.7
300.0
236.3
234.5
312.1
241.6
242.7
323.9
245.7
254.8
342.0
251.5
261.8
352.4
255.4
270.9
366.2
264.1
280.4
382.8
270.1
287.9
391.6
278.7
290.9
399.8
283.5
r 297. 5 ' 304. 5
' 410. 6 ' 421. 0
' 291. 2 ' 297. 6
309.4
430.2
300.8
191. 7
192. 9
197.2
196.6
199.7
200.7
204.1
203.8
208.8
.52
.74
.50
.54
211.8
.57
215.3
r
131
7, 356
.53
.64
.96
217. 4
' Revised. § Weekly average of number receiving benefits, based on an average of the weeks of unemployment compensated during weeks ended within the month.
i Not comparable with data prior to July 1942, owing to change in active file definition (see note 1 on p. S-ll of the December 1942 Survey). The July 1942 figure is also
not comparable with figures for later months, as data for July were not completely revised to the new basis.
^Rates beginning January 1943 refer to all employees rather than to wage earners only and are therefore not strictly comparable with earlier data.
fRevised series. For revision in the Department of Labor's series on average weekly hours in all manufacturing industries see note marked "t" on p. S-13. Indexes of
wage-earner pay rolls (or total weekly wages) in manufacturing industries have been completely revised, see note marked "t" on p. S-9; indexes for May 1943 are not
as yet available; May data will be published in an issue of the Weekly Supplement to the Survey.
* New series. Data beginning January 1942 for average hours in durable goods and nondurable goods manufacturing industries are on p. S-10 of the March 1943 Survey;
data beginning 1939 for all series on average hours for the manufacturing and nonmanufacturing industries shown above will be published in a later issue.
S-12
SURVEY OF CURRENT BUSINESS
Monthly statistics through December 1941, together with explanatory notes and references
to the sources of the data , may be found in the
1942 Supplement to the Survey
1942
1943
May
July 1943
May
June
July
August
1943
September
October
Novem- December
ber
January
February
March
April
EMPLOYMENT CONDITIONS AND WAGES—Continued
PAY ROLLS— Continued
Wage-earner pay rolls, all manufacturing,
unadjusted (U. S. Dept. of Labor)t— Con.
Durable goods— Continued.
Electrical machinery
1939=100
Machinery, except electrical
do
Machinery and machine-shop products
1939=100
Arjtmnobilfis
do
Transportation equipment, except automobiles
1939=100
Nonferrous metals and products
do
Lumber and timber basic products... do
Sawmills
do
Furniture and finished lumber products
1939—100
Furniture
do
Stone, clay, and glass products
do
Nondurable goods
do
Textile-mill products and other fiber manufactures
1939-100
Cotton manufactures, except small wares
1939= 100. _
Silk and rayon goods
do
Woolen and worsted manufactures (except dyeing and finishing) __ .1939 =100. _
Apparel and other finished textile products
1939=100..
Men's clothing
do
Women's clothing
...do.._.
Leather and leather products
do
Boots and shoes
do
Food and kindred products
do
Baking
do
Canning and preserving
do
Slaughtering and meat packing
do
Tobacco manufactures
do
Paper and allied products
do
Paper and pulp
do
Printing, publishing, and allied industries
1939=100-.
Chemicals and allied products
do
C hemicals
do
Products of petroleum and coal
do
Petroleum refining
do
Rubber products
do
Rubber tires and inner tubes
do
Manufacturing, unadjusted, by States and cities:
State:
California*...
1940=100..
Delaware.
_
1923-25=100
Illinois
1935-39=100
Maryland
1929-31=100..
Massachusetts!
1935-39=100.New Jersey....
1923-25=100-.
New York
1935-39=100..
Ohio
do
Pennsylvania
1923-25 = 100
Wisconsin
1925 27—100
City or industrial area:
Baltimore
1929-31=100
Chicago
1935-39=100__
Cleveland
do
Los Angeles*
1940=100
Milwaukee
1925-27-100
New Yorkf
1935-39=100 .
Philadelphia
1923-25=100-.
Pittsburgh
.do
San Francisco*
1940=100 .
Wilmington
.
1923-25=100..
Nonmanufacturing, unadjusted (U. S. Dept. of
Labor):
Mining: t
Anthracite
1939=100
Bituminous coal
do
Metalliferous
do
Quarrying and nonmetallic...
do
Crude petroleum and natural gas
do
Public utilities:!
Electric light and power
do
Street railways and busses
do
Telephone and telegraph
_ do
Services:!
D yeing and cleaning
do
Power laundries
do
Year-round hotels
do
Trade:
Retail, total t do
Food*
do
General merchandising!- . -'.
do
Wholesale!
do
Water transportation*
do
495.1
348.4
259. 8
376.5
278.0
284.9
188.1
370.1
258.2
520.6
226.7
252.7
210.0
582.9
354.7
310.0
325.8
317.2
337.9
325.7
339.1
343.9
352.6
368.6
352.3
382.7
371.5
402.8
381.5
415.5
392.9
427.4
400.2
441.6
410.0
453.7
417.7
454.7
422.3
321.4
183.2
335. 2
193.4
337.1
202.5
352.1
218.0
354.8
225.2
371.5
235.1
381.9
261.4
394.6
255.1
402.1
277.9
413.4
282.2
421.5
283.9
429.3
286.7
1, 481. 3
245.9
177.8
147.9
1, 585. 5
253. 0
190.2
158.9
1, 753. 2
260.0
189.4
157.4
1,920.8
268.5
199.1
164.1
2, 053. 3
273.3
192.2
158.4
2, 116. 3
282.7
198.2
163.0
2, 275. 9
292.2
188.7
152.8
2, 486. 5 2, 583. 3
312.1
308.6
179.4
173.7
143.5
138.7
2P692. 9
318.5
386.2
151.4
162.7
156.6
168. 9
159.0
161.3
153.1
167.6
158.7
157.1
149.8
163.2
163.3
159.8
154.3
169.6
169.5
158.1
154.1
168.4
173.3
168.2
164.5
178.9
177.7
165.0
158.2
179.2
180.3 ,
170.6
163.9
181.2
186. 4
165.9
159.6
178.5
' 184. 5
171.8
165.6
179.2
r 186. 9
175. 2
169.5
181.9
'190.6
177.8
171.5
185.3
191.4
160.6
161.1
162.0
166.3
166.8
173.0
175.4
180.8
179.6
* 181. 1
r
182. 4
181.2
196.1
127.8
195.9
128.2
193.0
126.2
202.2
126.9
208.2
126.5
210.6
130.8
212.8
131.3
217.7
133.7
215.8
134.4
r 217. 2
' 217. 4
132.2
133.5
217.1
133.9
184.0
186.9
200.6
198.1
196.3
198.2
201.0
207.9
207.5
207.2
208.3
205.4
150.9
156.6
118.2
151.7
141.2
131.5
123.6
94.7
158.3
124.6
152.7
154. 8
132.9
143.6
92.3
148.3
136.8
139.7
129.9
123.5
171.8
132.0
149.4
152.8
135.2
138.6
101.2
148.7
136.9
153.7
135.2
213.7
175.4
133.8
144.1
147.1
151.4
146.4
119.6
146.3
134.9
161.6
138.5
266.2
173.4
144.3
147.1
149.7
147.4
142.5
115.8
145.6
134.9
173.2
140.7
373.4
173.0
144.1
147.0
148.5
157.0
148.4
127.1
149.2
134.5
164.4
143.5
225.9
176.8
153.7
158.9
158.9
152.7
144.7
123.1
153.4
137.4
160.5
144.0
162.8
181.3
157.4
163.5
161.1
154.0
145.7
124. 0
159.5
144.5
165.4
149.3
138.2
213.6
159.6
168.5
163.6
155.9
149.6
125.0
158.9
142.3
155.6
144.3
115.4
202.9
'177. 5
168. 5
'98.9
180. 4
' 143. 3
173.1
165.6
174.8
169.0
143.8
155.9
141.0
150.3
143.4
114.1
170.4
146.5
175.5
167.2
111.0
295.6
217.5
147.1
132.7
157.6
143.3
110.2
306.1
221.0
150.0
134.7
164.5
151.1
110.0
317.2
224.6
154.0
137.6
176.3
166.8
110.2
326.4
221.6
156.4
139.9
184.4
172.9
111.2
338.5
222.1
160.5
144.3
189.9
178.6
116.3
351.4
230.6
160.8
145.7
201.9
190.0
122.4
365.3
235.8
165.4
150.9
213.3
205.3
126.5
383.4
240.8
165.1
151.5
228.6
219.7
121.8
391.2
247.2
162.8
149.3
234.6
226.6
r 121. 6
r 400. 9
' 122! 4
' 409. 7
255.4
167.7
155.3
246.2
239.7
121.9
422,0
258.6
173.9
162.1
248.1
240.2
294.7
218.9
198.6
310.1
224.4
200.0
285.3
216.6
230.2
212.0
239.6
154.6
206.4
339.5
239.9
201.2
307.0
223.9
234.3
220.3
251.5
155.2
206.0
376.5
256.9
210.3
310.1
229.4
243.0
229.8
255.3
160.3
216.0
397.5
270.8
210.3
322.3
235.9
255.4
239.9
261.2
161.8
212.3
403.7
277.8
220.4
330.5
244.5
261.5
248.4
275.0
168.2
228.7
421.0
294.7
223.7
339.4
248.0
269.3
252.8
285.1
172.4
236. 5
430.3
288.2
233.1
335.0
257.4
276.3
261.1
294.9
175.0
244.1
436.5
292.8
233.6
357. 1
267.3
281.0
264.5
300.0
176.6
244.6
454.5
' 299. 2
244.8
362.0
265.9
285. 8
274.6
308.1
181.3
- 252.6
466.1
316.0
249.5
359.0
271.8
486.2
' 330. 9
255.7
391.4
274.7
285.8
314.8
184.7
256.8
' 186. 9
260.1
307.5
r 194.9
288.1
196.4
286.2
327.2
222.7
156.5
190.3
165.4
329.5
196.0
305.1
200.1
295.1
344.0
229.2
165.2
198.2
161.9
379.7
206.6
310.2
206.7
300.9
367.4
244.1
184.3
205.2
168.4
434.7
244.6
320.6
209.0
306.0
378.4
247.0
192.3
212.1
171.5
481.9
255.1
329.4
218.4
325.8
402.5
261.1
198.4
217.9
177.0
481.9
271.3
336. 2
223.0
339.0
426. 3
271.3
200.7
226.9
181.2
516.3 .
288.9
333.1
231.9
345.2
443.2
277.2
203.6
230.8
186.3
521.5
288.0
350.9
232.8
355.8
454.9
278.9
208.0
236.6
189.0
529.7
295.7
355.6
244.7
373.0
474.4
292.3
220.7
243.7
197.6
549.9
301.4
354.5
249.1
383.5
488.6
297. 6,
234. 9
' 248.0
205.5
560.4
320.1
512.0
299.9
235.5
' 251. 9
'207.1
574.7
' 336. 5
131.6
175.2
168.8
163.8
101.7
142.9
201.3
170.4
169.2
103.2
117.2
161.6
164.5
171.3
102.3
123.0
170.1
168.6
175.2
102.3
128.1
175.3
163.0
175.4
106.4
123.4
179.0
163.8
179.1
105.1
125. 6
177.7
167.5
172. 5
104.3
128.4
183.7
166. 7
160.6
106.8
101.5
178.6
163. 8
151. 0
103.9
154.9
196.2
166.3
150.3
106.9
152.7
' 202. 1
165.5
150.1
107.3
149.5
189.9
167.5
162.8
108.3
113.1
124.9
130.7
113.1
128.6
131.0
112.9
130.9
131.8
112.3
134.9
133.2
112.0
134.7
136.5
110.7
137.1
134.3
108.9
140.7
134.9
109.4
145.7
134.1
,107. 6
147.3
137.0
106.7
r 150. 6
105.8
'150.7
' 136. 7
106.4
152.0
139.3
154.3
137.0
117.5
160.5
138.6
119.0
149.0
141.7
118.9
145.1
140.5
119.0
147.1
141.1
121.3
153.5
143.2
127.1
147.1
142.7
128.0
142.9
144.6
131.8
142.8
147.6
129.8
143.8
145.4
r 130. 6
150.3
145.2
'130.3
176.3
150.7
132.0
114.9
124.7
120.9
119.8
172.5
114.5
126.7
121.4
118.9
180.0
112.5
127.7
117.1
119.3
171.3
111.9
126.8
116.8
119.8
172.0
114.4
126.6
125.2
120.6
189.5
118.4
128.1
135.4
123.6
203.3
121.6
128.5
145.6
125.8
225.0
131.5
127.7
181.7
124.6
225.0
115.3
125.7
129,1
122.3
231.4
114.9
126.4
126.2
124.3
257.8
115.7
125.7
128.0
124.0
271.9
119.0
126.4
133.0
125.1
288.0
r 281. 1
215.5
230.0
219.4
233.5
151.3
197.8
282.2
193.5
273.6
318.0
216.2
175.5
'185. 7
r 162. 6
2,348.0 2,406.0
303.2
305.8
* 181. 9
166.9
144.4
130.9
- ' 167! 5
159.2
' 137. 2
T
157. 6
' 143. 1
150.7
141.5
112.8
185.1
138.5
r 147. 8
171.3
167.6
164.8
162.3
250.0
r 164. 9
' 151. 3
238.3
228.9
' 137. 5
r 148. 0
r 158. 1
' 143. 7
151.3
r 145. 8
r
288.6
384.1
254.6
' Revised.
•[Revised series. Indexes of wage .earner pay rolls (or total weekly wages) in manufacturing industries have been completely revised; see note marked "!" on p. S-9.
Earlier data for the revised pay-roll index for New York City not shown hi the July 1942 Survey and subsequent issues, and for the Massachusetts index, shown on a revised
basis beginning in the May 1943 Survey, will be published later. Indexes of pay rolls in nonmanufacturing industries have been revised to a 1939 base and, in some instances,
adjusted to 1939 Census data; revised data beginning 1939 are shown on p. 31 of the June 1943 Survey.
*New series. Data beginning January 1935 for the indexes of employment and pay rolls for California and the Los Angeles and San Francisco Bay industrial areas will
t>e shown in a later issue; data beginning 1939 for the new series on employment and pay rolls for retail food establishments and beginning 1940 for water transportation are
shown on p. 31 of the June 1943 Survey.
SURVEY OF CURRENT BUSINESS
July 1943
Monthly statistics through December 1941, together with explanatory notes and references
to Ihe sources of the data, may be found in the
1942 Supplement to the Survey
1942
1943
May
S-13
May
June
July
August
September
1943
October
Novem- December
ber
January
February
March
April
EMPLOYMENT CONDITIONS AND WAGES—Continued
WAGES
Factory average weekly earnings:
42.98
43.85 ' 44. 30
44.9943.56
41.79
39.52
40.87
42.50
42.10
39.80
Natl. Ind. Con. Bd. (25 industries), .dollars. _
39.00
42.48
40.62
41.12 '41.75
40.27
38.89
3B.25
37.38
39.78
37.80
36.43
35.82
U.S.Dept. of Labor, all manufacturing! do
44.45
47.12
47.79
48.52
46.68
46.28
42.26
42.51
43.84
46.27
45.31
41. 81
Durable goods
do
44.91
42. 14
41.56
47. 0&
43.45
40.42
. 40.15
45.75 ' 46. 47
44.20
40. 16
44.67
Iron and steel and their products. _do_._.
Blast furnaces, steel works, and rolling
47.24
46.57
47.
53
46.16
45.15
43.93
43.21
.
45.
57
40.34
41.99
41.67
mills
dollars. _
40.30
44.32
44.46 ' 44. 84
44. 79
44.24
43.65
41.72
42.32
44.70
43.73
41.21
41.81
Electrical machinery
do
51.09
51.93
51.48
50.69
49.34
49.
64
50.
15
47.71
47.04
48.
26
46.98
47.71
Machinery, except electrical..-.
do
Machinery and machine-shop products
49.84
51.01
49.28
46.95
46.44
47.04
50.09
50.37
48.65
48.30
46. 09
45. 75
dollars
54.6954.10
53.25 '53.16
53.73
50.72
51.41
52.12
53.18
52.32
52.47
52.24
Machine tools ._
do
55.71
55.62
55.77
55.85
54.51
52.26
52.
72
54.65
52.97
51.
55
51.52
50.
98
Automobiles
do
Transportation equipment, except auto53.65
54. 22
55. 88
54.25
53.80 -' 54. 51
53. 34 . 55. 49
50.80
51. 86
53.17
51. 02
mobiles
dollars-Aircraft and parts (excluding engines)
46.94
46.99
46.55
47.12
49.51
47.08
45.75
46.24
46.
53
46.
67
46.01
46.22
dollars
57.24
58.46
58.09
57.54
59.81
58.60
52.73
51.11
56.82
57.16
53.27
60. 67
Shipbuilding and boat building.. do
45. 26
46.13
46.i91
44.99
45.31
44.15
42.16
40.32
43.43
40. 94
41.80
39.47
Nonferrous metals and products _... do
29.68
28.04
27.96
28.79
28.58
29.52
25.79
30. 82'
27. 10
27.00
26.98
28.30
Lumber and timber basic products do
28.31
27.22
27.44
26.46
26.26
26.14
27.43
29.79
25.38
28.69
27.33
25.05
Sawmills § ..
do
Furniture and finished lumber products
31.39
29.34
27.68
30..56
29.79
30.11
29.33
27.10
26. 95
27.37
27.06
dollars
32.06
32.22
30.74
30.35
27.84
31.66
31.40
30.56
28.90
27.91
28.05
28.95
Furniture
do
32.86
34.15 'r 34. 36 '35.02
30.54
33.52
31.40
30.96
31.52
30.86
33.53 -33. 86
Stone, clay, and glass products.
do
35.65
29.53
32. 47 't33.08
32.10
31.25
32.08
28.65
28.94
28.55
30.66
29.36
Nondurable goods
do
33.50
Textile-mill products and other fiber
27.14 '27.39
24. 98
25.84
24.02
23.74
26.93
26.17
26.73
23.84
24.82
manufactures .:.
dollars. .
27.55
Cotton manufactures, except small
24.22 ' 24. 19
24.38
23. 12
23.62
23.39
21. 32
22. 37
21.67
23.95
21. 63
wares..
dollars. .
24.54
24.69
26.26
26. 30 '
25.88
25.46
25.31
23.24
22.98
23.62
23.28
26.07
26.75
Silk and rayon goods
do
Woolen and worsted manufactures (ex33.15
32.84
32.82
32.62
30.40
31.59
31.53
29.43
31.43
28.97
31.13
cept dyeing andfinishing)__ .dollars ..
33.30
Apparel and other finished textile prod23.97
22.51
24.50 ''25.71 '27.09
24.27
21.56
21.76
22. 82
24.17
22.95
ucts
dollars
27.10
24.18
27.79
25.66
25.56
24.06
26.40
25.70
23. 92
24.70
29.03
25.31
Men's clothing
do
29.58
27.77 ' 29. 97 r 32. 16
25.67
27.48
27.60
21.42
23.28
28.17
26.38
23.87
Women's clothing
do 31. 82
25.76
29.06 '28.94 '29.45
27.79
28.98
25.83
25.91
26.06
27.58
26.23
Leather and leather products
do
4
29.68
25.93
27. 98 ••27.45 ' 28. 07
24. 89
25.97
24.48
24.84
27.37
26.03
24.71
Boots and shoes..
do
28.14
33.22 '33.08 ' 33. 72
29.89
31.84
33.41
29.65
29.65
30. 97
30.17
30. 17
34. 00
Food and kindred products
do
31.72
33.46
31.34
31.43
33.55
33.35
32.32
31.90
31.69
30.45
34.20
Baking
do
34.42
24. 88
26.14
25.94
25.34
22.19
24.13
23.14
21.56
26.79 ' 26. 42
25.53
Canning and preserving
do
27.23
32.62
34.52
38.46
34.02
32.86
36.66 r 34. 91 ' 36. 04
32.61
32.40
31.87
Slaughtering and meat packing. _ do
36.40'
23.04
25.26
24.82
24.32
22.43
23.42
21.53
24. 95
24.27 ' 23. 22 ' 24. 05
22.37
Tobacco manufactures
do
31.29
34.21
34.62
34.75 [35.11
33.46
30. 19
35.74
30.13
31.19
30. 24
34.01
Paper and allied products
do
34.10
33.09
32.94
37.93 - [38. 41
33.14
37.19
37.18
37. 83,
36. 59
34.18
Paper and pulp
do
38.87
Printing and publishing and allied indus36.67
39.40
36.21
36.06
36.04
38.56
37.51
36.06
38.73 ' 38. 35 ' 39. 08
tries
.
dollars
39.20
39.25
37.62
39. 43 r 39. 69 't40. 14
37.74
37.32
36.72
37.76
36.12
. 38. 10
Chemicals and allied products
do
40.77
44.86
41.21
46.15
43.38
41.70
41.73
41.07
44.18
46.23
42.01
Chemicals
_. _ ... do
47.15
47.52
45.65
42.98
45.42 '46.30 '46.65
45.61
40.05
40.73
39.92
43.80
41.63
Products of petroleum and coal
do
48.01
45.19
48.91
46.56
48.38
42.18
43.00
43.58
42.07
49.08 ' 49. 36
48.80
Petroleum refining
_ . do. __
51.37
42.99
39.31
40.39
38.22
39.05
43.11
41.48
39.47
37.76
44.74
45. 05
.43;.57
Rubber products.
do
49.93
50.53
48.45
46.55
45.80
44.42
46.08
44.05
50.95
46.10
52.68
52.54
Rubber tires and inner tubes. _ do. ._
Factory average hourly earnings:
.979
.970
.958
.957
.928
.966
.917
,940
.906
.982
.997
Natl. Ind. Con. Bd. (25 industries)
do
.987
.892
.919
.905
.907
.893
.845
.924
.856
.835
.934
.870
.944
U. S. Dept. of Labor, all manufacturingtdo
1.005 . 1.004
.997
.935
.969
1.017
.949
.925
.990
1.020
Durable goods
do
1.030
1,03£1
.998
.984
.986
.980
.979
.934
.951
.927
.923
'.999
1.008
Iron and steel and their products... do ._
1. 019
Blast furnaces, steel works, and rolling
1.103
1.086
1.073
1.077s
1.008
1.013
1.038
1.081
1.094
1. 007
1.099
mills
_
dollars..
1.110
.951
'. 949
.942
.943
.912
.936
.907
.892
.901
'.948
'.952
.959
Electrical machinery
do
.994
1.038
1.022
1.003
.964
1.011
.997
.977
.949 , .960
1.030
1.047
Machinery, except electrical
do _ _
Machinery and machine-shop products
1.003
.991
.983
.979
.944
.963
1.014
.986
.949
.934
1.021
1.030
dollars _
1.014 ' 1. 026 ' 1. 040
1.013
.998
.990
.974
.975
1.007
.987
.965
1.051
Machine tools
do
1.222
1.198
1.185
1.211
1.202
1.172
1.164
1.169
1.217
1.163
1.215
1.161
Automobiles
do
Transportation equipment, except auto1.144
1.142
1.163
1.132
1.161
1.065
1.094
1.124
1.152 ' 1. 165
1.063
1.174
mobiles
_,
dollars..
Aircraft and parts (excluding engines)
1.002
1.010 ' 1. 019 '1.024
1.011
.993
.991
.993
.997
.991
.983
1.050
dollars
1.220
1.208
1.224
1.246
1.210
1.264
1.247
1.088
1.138
1.193
1.091
1.246
Shipbuilding and boatbuilding— _ do
.976
.956
.986
.959
.956
.904
.920
.933
.893
'.989
.985
.998
Nonferrous metals and products
do
Lumber and timber basic products
.681
.685
.679
.682
.687
.694
.658
.700
.657
.677
.632
.715
dollars
.663
.666
.681
.660
.671
'.646
.657
.670
.684
.647
.620
.699
Sawmills §
do
Furniture and finished lumber products
.685
.689
.685
.675
.706
.715
.696
.653
.651
.722
.661
.652
dollars
.673
.720
.733
.711
.700
.673
.682
.740
.705
.708
.708
.677
Furniture
do
'.828
.819
.810
.812
.799
.772
.822
.810
.779
.786
.762
.83a
Stone, clay, and glass products
do
.768
.762
.743
.725
.782
.751
.718
'.773
.756
.730
.712
.790'
Nondurable goods
do
Textile-mill products and other fiber
.654
.658
.652
.644
.634
.661
.642
.602
.639
.593
.616
.589
manufactures _
dollars. .
Cotton manufactures, except small
'.586
.582
'.584
.58&
.575
.577
.579
.576
.528
.528
.549
.528
wares
dollars..
.630
.639
.627
.635
.619
.615
.611
.619
.572
.590
.577
.575
Silk and rayon goods
do
Woolen and worsted manufactures (ex.799
.795
.789
.801
.789
.789
.783
.779
.774
.729
.769
.715
cept dyeing andfinishing).. -dollars..
Apparel and other finished textile prod.700
'.673
.648
.649
.652
.645
.655
.634
.620
.702
.620
.609
ucts
dollars..
.754
.721
.714
.705
.702
.707
.683
.701
.682
.697
.756
.687
Men's clothing
do
'.684
.715
.650
.651
.651
.663
.647
.631
.715
.581
.617
.608
Women's clothing
do
' Revised.
§ Revisions in 1942 monthly averages shown in the April 1943 Survey: Weekly earnings, $25.58; hourly earnings, $0.635.
fRevised series. The Department of Labor's series on hourly earnings and hours per week (p. S-ll) in manufacturing industries have been revised and, except as indicated,
differ from those published prior to the March 1943 Survey owing to the inclusion of additional data for industries not heretofore covered and extensive corrections, on the
basis of Census and Social Security data, in the employment estimates of the Bureau which are used for weighting purposes. The series of average weekly earnings for all
manufacturing, durable goods, nondurable goods, and the industry group averages are now computed by taking the product of the averages of hourly earnings and hours
worked per week. The industry classifications have been revised for all series to agree with definitions of the 1939 Census of Manufactures and the Standard Industrial Classification Manual; there were no changes, however, in the computations for the following industries and hourly and weekly earnings published currently for these series are
comparable with data in earlier monthly issues and in the 1942 Supplement: Machine tools; aircraft and parts (excluding engines); ship building and boat building; sawmills;
furniture; boots and shoes; baking; slaughtering and meat packing; paper and pulp; chemicals; petroleum refining; rubber tires and inner tubes. Data for years prior to 1942
for the revised series will be published in a subsequent issue; figures for the early months of 1942 are in the March 1943 Survey.
S-14
SURVEY OF OUREENT BUSINESS
Monthly statistics through December 1941, to
gether with explanatory notes and reference
to the sources of the data, may be found in the
1942 Supplement to the Surrey
1943
May
July 1943
1943
1943
May
June
July
August
September
October
Novem- December
ber
January
February
March
April
EMPLOYMENT CONDITIONS AND WAGES—Continued
WAGES— Continued
Factory average hourly earnings— Continued.
17. S. Dept. of Labor, all mfg.f— Continued.
Nondurable goods— Continued.
Leather and leather products
dollars
Boots and shoes
__do _._
Food and kindred products.
do
Baking
.. .
do _ _ _
Canning and preserving
rio
Slaughtering and meat packing, .do
_
Tobacco manufactures
do .
Paper and allied products
do
Paper and pulp .
do _
Printing and publishing and allied industries
. dollars .
Chemicals and allied products
do
Chemicals
- -do__
Products of petroleum and coal
do
Petroleum refining
do
Rubber products _T
do
Rubber tires and inner tubes
-do .
Factory average weekly earnings, by States:
Delaware
.
1923-25=100
Illinois
1936-39=100
Massachusetts!
1935-39=100
New Jersey
_
1923-25=100..
New York
.
1935-39=100
Pennsylvania.
1923-25=100..
Wisconsin
.
. 1925-27=100
Nonmanufacturing industries, average hourly
earnings (U. S. Dept. of Labor):*
Building construction
dollars. .
Mining: ,
Anthracite
do
Bituminous coal
_
do
Metalliferous
__do
Quarrying and nonmetallic— —
do
Crude petroleum and natural gas
do
Public utilities:
Electric light and power
do
Street railways and busses
— -do
Telephone and telegraph
do
Services:
Dyeing and cleaning
do
Power laundries
do
Trade:
Retail..
do
Wholesale
do
Miscellaneous wage data:
Construction wage rates (E. N. R.):1
Common labor
. Idol, per hour _ _
Skilled labor
do
Farm wages without board (quarterly)
dol. per month. _
Railway wages (avg., class I)__dol. per hour
Road-building wages, common labor:
United States, average
do
East North Central
do
East South Central .
do
Middle Atlantic
do
Mountain ..
.._!
do
New England
do
Pacific.
do ...
South Atlantic
do ...
West North Central
do
West South Central
do
172. 7
175 0
190 4
179 0
182.4
863
1 61
.68
88
.58
95
.92
85
1.05
57
79
.54
0.675
.650
.725
.717
.617
.800
.571
.727
.777
0 678
.652
.727
.731
.599
.806
.581
.742
.797
0 680
.654
.720
.738
.601
.801
.581
.751
.809
0.683
.657
.718
.732
.611
.807
.593
.757
.814
0. 702
.677
.715
.733
.612
.813
.597
.767
.825
0.708
.683
.744
.740
.664
.821
.602
.771
.828
0. 713
.683
.751
.749
.674
.823
.611
.772
.831
0.719
.691
.761
.758
.676
.839
.613
.771
.829
0.721
.694
.769
.764
.681
.830
.613
.774
.828
' 0. 720
'.691
.771
.768
'.684
'.828
.603
.781
.836
0.729
'.702
.777
.775
'.681
'.836
.613
.782
.838
0.739
.709
.787
.787
.706
.848
.619
.789
.842
.946
.846
.990
1.021
1.098
.912
1.096
.953
.858
990
1.027
1 102
.921
1 103
.949
.872
1 004
1.039
1.114
.932
1.107
.949
.876
1.001
1.054
1.130
.933
1.105
.960
.881
1.014
1.088
1.165
.945
1.114
.973
.866
1:019
1.081
1.160
.947
1.115
.976
.867
1.027
1.093
1.174
.955
1.125
.980
.878
1. 032
1.092
1.176
.966
1.130
.973
.886
1.040
1.105
1.182
.971
1.139
'. 971
'.890
' 1. 044
1.092
r
1. 162
.977
1. 135
'.982
.892
1. 047
' 1. 095
' 1. 161
.992
1.159
.990
.900*
1.051
1.114
1.183
.999
1. 162
' 142. 9
147.9
160.4
180.5
152.4
153.6
150.8
139. 9
148.9
161.7
180.9
152.1
155.4
154.9
146.3
148.4
166.6
184.0
154.8
155.4
152.1
145.0
150.9
169.1
184.7
157.0
159.8
157.8
150.9
151.3
172.9
190.1
160.3
161.9
153.1
157.4
156.7
176.2
194.5
163.3
166.9
162.0
159.4
159.8
176.7
198.8
164.7
169.7
164.9
153.6
163.3
180.2
202.2
167.6
171.6
168.2
157.6
163.2
184.9
204.2
169.6
172.3
168,6
1.137
1.136
1.157
1.174
1.201
1.198
1.209
1.230
1.240
.991
••1.050
.873
.707
.994
.982
' 1.060
.882
.697
.988
.984
1.053
.891
.709
.995
.992
1.061
.909
.727
1.020
.986
1.065
.906
.738
1.037
.984
1.070
.913
.744
1.039
.993
1.073
.926
.750
1.066
1.003
1.085
.931
.757
1.057
1.007
1.085
.941
.759
1.059
.972
.800
.828
.968
.809
.824
.976
.818
.818
.993
.829
.819
1.005
.836
.829
1.004
.840
.833
1.027
.847
.835
1.023
.856
.835
1.026
.852
.840
.570
.486
.572
.481
.572
.482
.580
.487
.588
.496
.601
.502
.608
.510
,.601
.513
.611
.852
.613
.850
.616
.862
.619
.870
.625
.878
.627
.879
.631
.893
.788
1.54
.796'
1.55
.803
1.56
.823
1.59
.823
1.59
.826
1.59
.835
.826
56.97
.825
.828
.839
59.25
.832
.53
.67
.41
.60
.68
.65
.90
.43
.55
.42
.56
.71
.42
.61
.68
.64
.92
.46
.57
.43
.59
.75
.41
.69
.71
.69
.95
.48
.60
.41
.61
.76
.43
.66
.77
.65
.97
.50
.60
.46
141
136
120
110
105
104
101
101
64
49
64
49
65
50
65
50
65
50
66
51
66
52
67
52
.63
.77
.46
.64
.74
.66
1.08
.50
.66
.44
.66
.83
.48
.72
.82
.70
1.04
.62
.72
.47
157.9
168 0
183. 6
204.8
173 4
175.1
172 6
' 164. 6 ' 168. 0
170 1
173 5
' 186 9 ' 189 1
1.240
' 1. 242
1.235
1. 064
1. 113
.947
'.755
1.074
' 1. 060
r
1. 119
.949
.755
1.073
1.054
1.182
.962
.767
1.076
1.032
.854
.846
1 023
.857
845
1 034
.863
.848
.615
.519
.617
517
629
523
650
534
.614
.884
.645
.903
650
911
650
.909
657
924
.832
1.60
.832
1.60
.832
1.61
832
842
1 61
1 61
1 61
.850
.845
62.43
.850
.864
.842
67 21
.843
.66
.67
.88
.46
.82
.88
.80
.63
89
.47
84
.95
81
61
91
49
79
86
82
62
87
52
84
90
87
64
90
57
88
85
90
. 83
.47
.75
.87
.75
1.06
.54
.77
.46
1.02
.56
.69
.48
1.03
r
r
r
177 9
177. 6
174 7
179 9
' 180. 1
177 1
858
1 03
1 02
96
91
88
83
67
52
66
52
67
52
67
53
.52
66
.49
52
75
49
52
71
50
1 04
54
74
52
PUBLIC ASSISTANCE
Total public assistance and earnings of persons
employed under Federal work programs §
mil. of dol
Old-age assistance, and aid to dependent
children and the blind, total.. mil. of dol. .
Old-age assistance . . . .
do
General relief
...do
67
53
10
15
14
14
13
13
13
12
12
11
10
11
11
FINANCE
BANKING
Acceptances and com'l paper outstanding:
Bankers* acceptances, total
mil. of dol
163
174
156
139
136
123
119
116
118
130
120
127
128
122
119
Held by accepting banks, total
do
133
105
108
97
94
93
90
95
102
101
99
Own bills
do
82
78
77
65
71
64
63
61
60
60
64
62
61
42
44
Bills bought
do ..
40
51
37
33
31
29
34
35
39
38
38
Held by others*
do
41
31
41
38
31
25
26
26
25
24
25
29
29
315
Commercial paper outstanding
do
160
305
354
297
282
271
261
230
220
209
201
179
' Revised.
•None held by Federal Reserve banks.
t Rates as of June 1: Construction—common labor, $0.863; skilled labor, $1.61. Farm wages—$71.84 (data now collected for selected months between quarterly reports).
§Includes earnings of persons employed under Federal emergency work programs shown separately in the April 1943 and earlier issues; for the most part, these programs
have been liquidated or are in liquidation. The series on earnings on regular Federal construction projects formerly shown along with the public assistance data (though
not included in the total) has been dropped from the Survey; this series was originally included because of the interrelation of employment on emergency projects and on regular Federal work and construction projects, which were greatly expanded in depression years, and to provide a complete record of Federal work programs. In recent years,
however, the regular Federal projects nave largely represented war construction; the data were in large part duplicated in employment series shown elsewhere.
t Revised series. For an explanation of the revisions in the U. S. Department of Labor's series on hourly earnings in manufacturing industries, see note marked "f" on
p. S-13. The index of weekly earnings in Massachusetts has been revised to a new base; earlier data will be shown later.
^New series. Data beginning 1939 for the Department of Labor's series of hourly earnings in nonmanufacturing industries will be published later. Data for building construction, the mining industries, dyeing and cleaning plants, and power laundries relate to wage earners only; for crude petroleum and natural gas, the clerical field force is
included; for the public utilities, all employees except corporation officers and executives are included; and for the trade groups, all employees except corporation ofiicers,
executives, and other employees whose duties are mainly supervisory.
SURVEY OP CURRENT BUSINESS
July 1943
Monthly statistics through December 1941, together with explanatory notes and references
to the sources of the data, may be found in the
1942 Supplement to the Survey
1943
1943
May
September
May
June
July
August
S-15
1943
October
Novem- December
ber
January
February
March
April
FINANCE—Continued
BANKING— Continued
Agricultural loans outstanding of agencies
supervised by the Farm Credit Adm.r
Total, excl. joint-stock land bks....mil. of doL
Farm mortgage loans, total
do —
Federal land banks
do
Land Bank Commissioner. _
do
Loans to cooperatives, total
- - -do
Banks for cooperatives, including central
bank , ,
mil, of dol
Agr. Mktg. Act revolving fund
do
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
cooperatives cf
- - mil. of dol
Other financing institutions
do —
Production credit associations
..do —
Regional agr. credit corporations.. -do
Emergency crop loans
do..-.
Drought relief loans
_. .
do
Joint-stock land banks, to liquidation. -do —
Bank debits, total (141 centers)
do
New York City
do
Outside New York City
do
Federal Reserve banks, condition, end of mo.:
Assftts, total
rnff, of dol
Res. bank credit outstanding, total _ _ . do
Bills discounted
do
United States securities.
do.—
Reserves, total
do
Gold certificates _ .
..
do
Liabilities, total
do
Deposits, total
do
Member bank reserve balances
do —
Excess reserves (estimated).
do —
Federal Reserve notes in circulation .do
Reserve ratio
.percent.
Federal Reserve reporting member banks, condition, Wednesday nearest end of month:
Deposits:
Demand, adjusted
mil. of dol—
Demand, except interbank:
Individuals, partnerships, and corporations
mil. Of dol
States and political subdi visions ._. do
United States Government
do
Time, except interbank, total
do
Individuals, partnerships, and corporations
. mil. of dol. _
States and political subdivisions
do
Interbank, domestic ...
.
do ._
Investments, total
do
U. S. Gov't direct obligations, total.-do....
Bills
do
Certificates
do
Bonds . _
do
Notes
do .
Obligations guaranteed by U. S. Government.
mil. of doL.
Other securities
.. .. do __
Loans, total
do
Commerc'l, indust'l, and agricult'lf..do
To brokers and dealers in securities, .do
Other loans for purchasing or carrying
securities
mil of dol
Real estate loans
do ._.
Loans to banks
. .
do
Other loans
do
Money and interest rates :§
Bank rates to customers:
New York City
percent
7 other northern and eastern cities
do
2,582
1,970
1,502
468
114
2,869
2,288
1,715
572
114
2,864
2,274
1,706
568
115
2,846
2,252
1,692
560
117
2,818
2,232
1,679
553
117
2,776
2,207
1,663
544
126
2,733
2,179
1,645
534
145
2,696
2, 148
1,625
523
155
2.659
2,115
1,603
512
159
2,608
2,080
1,579
501
146
2,590
2,057
1,564
494
135
2,582
2,023
1,540
483
124
2,585
1,996
1,520
475
119
102
11
498
99
13
468
101
13
475
104
12
477
104
12
469
112
12
443
130
13
409
140
13
392
145
13
384
132
12
382
121
12
398
111
11
434
106
11
470
279
39
245
47
124
43
16
56,031
23, 916
32,115
257
45
241
4
131
47
28
44, 226
16, 985
27, 241
260
47
248
4
129
47
27
45, 686
17, 394
28, 292
261
47
249
5
130
46
26
45, 615
17, 110
28, 505
246
255
249
39
47
43
202
243
225
5
5
5
118
128
124
45
46
46
124
26
125
44, 898 48, 123 r 49, 951
17, 051 18, 593 18, 323
27,847 , 29, 530 31, 627
253
38
190
5
114
45
23
46, 056
17, 016
29,040
273
39
185
4
113
44
21
59, 483
23, 921
35,562
265
267
38
39
185
197
3
3
113
117
44
43
20
20
50, 140 47,640
19, 877 19, 635
30, 263 ,28,005
275
40
217
14
121
43
18
57,080
22, 373
34, 707
276
39
233
32
124
43
17
64, 707
27,174
37, 533
28,548
6,647
31
6,222
\ 20,614
20, 261
28, 548
13, 459
12, 031
1, 728
13, 539
76.4
24, 468
2,634
25, 139
3,245
4
3,153
20, 802
20, 546
25, 139
14, 159
12, 492
2,130
9,721
87.1
25, 298
3,565
7
3,426
20, 803
20, 575
25,298
13, 952
12, 338
2,143
10, 157
86.3
25, 754
3,774
8
3,567
20,808
20, 576
25, 754
13, 660
11, 592
1,690
10, 658
85.6
26, 953
4,959
11
4,667
20, 813
20,569
26, 953
14, 313
12, 735
2,644
11,220
81.5
27, 748
5,714
2,489
20, 799
20, 522
24,468
14, 094
12, 405
|.2,486
.9,071
89.8
24,672
2,775
3
2,645
20, 830
20, 566
24,672
13,957
12, 305
2,362
9,376
89.3
~5,399
20, 799
20,573
27, 748
14, 534
13, 208
2,909
11, 756
79.1
29, 019 28,556
6, 679
6,339
14
6
6,189
5,969
20,908 20, 931
20, 554 20,520
29,019 28, 556
15, 194 ~ 14, 805
13,117 13, 630
1,988
2,387
12, 193
12, 265
76.3
77.3
28, 515
6,296
16
5,871
20, 859
20,476
28,515
14, 308
13,067
1,925
12, 627
77.4
28,347
6,191
13
5,919
20, 785
20,413
28, 347
13, 981
12, 759
1,518
12, 758
77. ,7
28,982
6, 846
13
6,455
20, 656
20,303
28,982
14, 131
12,204
2,315
13, 128
75.8
31,386
25,483
25,5*02
26, 670
27, 217
27,424
28,639
28,852
28,257
29, 743
31,305
31,848
30,098
31, 395
1,838
7,979
5,635
24,922
1,971
1,301
5,109
25,343
1,803
1,442
5,112
26, 236
1,811
1,782
5,115
26, 818
1,806
1,511
5,158
27, 344
1,909
2,018
5,285
28, 345
1, 947
2,696
5,215
28,733
1,867
3,092
5,228
28,709
1,759
6,757
5,256
29,434
1,888
5,245
5,408
31, 162
1,858
2,964
5,467
31, 815
1,913
2,266
4,579
30,112
1,890
,8,044
5,527
5,483
118
8,879
37, 394
32, 467
5,639
6,883
15, 757
4,188
4,914
175
9,175
20,774
14, 559
1,281
672
10,309
2,297
4,955
137
9,090
21, 642
16,200
1,447
1,471
10,383
2,899
4,975
120
8,444
22, 816
17, 352
1,921
1,455
11, 118
2,858
5,019
115
8,681
24,075
18, 493
2,245
2,267
11,228
2,753
5,038
121
8,527
25,593
19,948
2,337
3,029
11, 257
3,325
5,087
102
8,898
27,229
21,879
2,811
2,945
11, 725
4,398
5,102
100
9,454
28,092
22,874
3,570
3,429
11,634
4,241
5,130
100
9,141
31, 148
25,898
3,786
4,958
12,985
4,169
5,268
112
9,197
31,918
26,740
4,476
5,059
13, 117
4,088
5,333
105
9,509
31,953
26, 738
4,244
5.001
13, 394
4,099
5,361
89
9,195
31, 935
26, 766
3,755
4,993
13, 821
4,197
5,381
115
9,148
35, 135
29,917
4,842
6,530
14, 358
4,187
1,850
3,077
9,788
5,662
1,046
2,667
3,548
10, 905
6,924
528
2,032
3,410
10, 740
6,810
519
2,035
3,429
10, 696
6,768
569
2,095
3,487
10, 382
6,595
493
2,106
3,539
10, 361
6,552
526
1,907
3,443
10, 320
6,581
529
1,934
3,284
10, 295
6,440
700
1,937
3,313
10,321
6,304
850
1,908
3,270
9,790
6, 131
637
1,919
3,296
9,517
5,963
585
1,940
3,229
9,456
5,912
617
1,992
3,226
10,637
5,850
1,652
491
1.150
94
1,345
403
1,243
28
1,779
393
1,236
36
1,746
407
1.230
29
1,693
381
1,230
26
1,657
381
1,221
65
1,616
369
1,217
46
1,578
389
1,207
22
1,537
382
1,199
53
1,533
358
1,184
46
1,434
342
1,176
57
1,394
344
1,162
54
1,367
504
1,161
83
1,387
i:so
2.36
2.76
3 24
1.00
4.00
1.50
1.00
4.00
1.50
.44
.69
1.25
.44
.69
1,25
.44
.69
1.25
1.00
.372
1.00
.373
1.00
.373
1.24
1.33
1.39
2.07
2.56
3.34
1.00
4.00
1.50
2.28
2.66
3.25
1.00
4.00
1.50
2.09
2.63
3.26
1.00
4.00
1.50
1.00
1.00
1.00
1.00
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
Federal land bank loans..
do
1.50
1.50
1.50
1.50
1.50
1.50
1.50
Federal intermediate credit bank loans. do
Open market rates, New York City:
Prevailing rate:
Acceptances, prime, bankers, 90 days
.44
.44
.44
.44
.44
.44
.44
.44
.44
.44
percent. .
.69
.69
.69
.69
.69
.69
.69
.69
.63
.69
Com'l paper, prime, 4-6 months do
1.25
1.25
1.25
1.25
1.25
1.25
1.25
1.25
1.25
1.25
Time loans, 90 days (N. Y. S. E.)-do
Average rate:.
1.00
1.00.
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
Call loans, renewal (N. Y. S. E.).__do
.371
.363
.367
.372
.363
.370
.364
.368
.370
.373
U.S. Treasury bills, 3-mo
. do
Average yield, U. S. Treasury notes, 3-5 yrs.:
1.34
1.29
1.28
1.25
1.27
1.28
1.15
1.20
1.03
1.36
Taxable*
percent-Savings deposits:
Savings banks in New York State:
5, 492
5,570
5,594
5,422
5,449
5,411
5,427
5,459
5,374
5,726
Amount due depositors
mil. of dol. _
U. S. Postal Savings:
1,396
1,417
1,445
1,344
1,377
1,358
1,329
1,316
1,307
1,545
Balance to credit of depositors
do....
14
21
17
16
19
24
20
18
24
13
Balance on deposits in banks
do
••1 Revised
Amount estimated for 1 bank.
cfTo avoid duplication these loans are excluded from the totals.
§For bond yields see p. S-20. t Includes open market paper no longer reported separately.
*New series. Earlier data for the series on taxable Treasury notes appear on p. S-14 of the April 1942 Survey; there were no tax-exempt notes
maturity range after Mar. 15,1942.
1.0«
4.00
5,622
5,663
5,677
1,468
14
' 1, 493
'13
1,517
r!2
outstanding within the
S-16
SURVEY OF CURRENT BUSINESS
Monthly statistics through December 1941, together with explanatory notes and references
to the sources of the data , may be found in the
1942 Supplement to the Survey
1943
May
July 1943
1943
1942
May
June
July
August
September
October
Novem- December
ber
January
, February
March
April
FINANCE—Continued
CONSUMER SHORT-TERM CREDIT
Total consumer short-term debt, end of month*
mil. of dol..
Instalment debt:
Sale debt, total*
.
.. __ do _ _
Antomohilp. d6ftlfirg*
do
Department stores and mail order
houses*
mil. of dol_.
Furniture stores*
-do
Household appliance stores*
do
Jewelry stores*
-do _
Allother*. _
do
Cash loan debt, total*
.do .
Commercial banks, debt*.do
Credit unions:
Debt§
do
Loans made
-do _ _
Repayments§
do
Industrial banking companies:
Debt
do
Loans made
_ -do
Repayments
do
Personal finance companies:
Debt
_
do_-__
Loans made
do
Repayments
do _
Repair and modernization debt*.. -do
Miscellaneous debt*
-.do
Charge account sale debt*
do
Open credit cash debt*
do __
Service debt*. .
.,
do
Indexes of total consumer short-term debt, end
of month:*
Unadjusted
1935-39 = 100
Adjusted
.
do
'7,952
'7,513
'7,007
'6,719
'6,557
'6,403
6,169
6,156
5,703
' 5, 491
'5,352
5, 241
'2,705
1,239
'2,474
1,120
'2,247
1,004
2,032
874
1,862
769
1,704
664
1,571
573
1,495
482
1,315
404
' 1, 191
351
' 1, 072
287
1,020
260
367
543
290
85
231
' 1,906
564
332
512
219
79
213
'1,853
546
300
475
202
71
196
1,789
521
277
449
183
67
182
1,716
491
261
428'
169
63
172
1,642
460
253
408
154
61
164
1,551
421
247
392
141
61
157
1,483
393
254S
391
130
78
160
1,428
370
228
359
116
65
143
1,346
345
210
338
'103
57
132
1,275
319
1,252
312
189
319
81
51
120
1,206
299
119
14
17
184
18
24
179
20
25
173
18
24
166
16
23
160
16
22
152
14
22
14£
14
21
141
18
22
132
11
20
126
13
19
127
22
21
122
15
20
174
29
34
268
34
43
261
36
43
253
34
42
246
33
40
236
31
41
222
30
44
211
25
36
202
31
40
193
25
34
185
26
34
184
38
39
179
31
36
366
58
70
504
58
71
289
99
'1,561
1,151
'629
493
68
79
281
98
'1,430
1,125
'631
481
63
75
264
97
'1,225
1.112
'634
452
60
74
240
94
'1,320
1, 095
'638
437
59
74
227
92
'1,419
1,088
'641
428
59
68
215
91
1,386
1,085
644
424
82
86
200
91
1,513
1,072
648
403
45
66
184
89
1,333
1,058
651
387
50
66
170
88
1,333
1,038
654
387
86
86
155
87
1,343
1,031
654
378
62
71
141
87
1,331
1,029
655
132
132
125
125
'116
'118
112
'113
109
'109
'106
'106
102
102
102
98
95
94
91
93
89
90
87
88
955
42
63
134
7
5
17
3
4
20
5
20
3
20
5
25
647
69
9,839
'471
1,175
2,924
234
49
622
95
69
246
63
562
39
623
48
274
4,392
877
804
48
67
135
1
4
23
5
6
18
11
IS
7
23
2
17
486
68
9,906
673
945
3,327
222
118
632
99
63
829
300
403
124
180
78
279
3,752
1,209
764
52
63
120
5
5
19
8
3
11
5
20
5
24
1
14
465
64
8,548
915
584
2,078
85
177
265
161
18
191
156
224
129
486
9
177
3,950
1,021
698
47
66
119
5
5
23
5
4
10
8
12
5
20
2
20
405
61
6,781
538
520
2,249
237
33
421
76
50
207
163
341
53
262
22
384
2,475
999
556
27
54
77
5
4
5
2
2
10
5
11
5
15
0
13
355
43
5,473
268
646
1,661
519
28
90
17
29
217
131
110
100
280
0
140
2,276
622
673
40
61
102
0
7
17
1
3
9
7
13
3
20
4
18
405
65
7,181
525
756
2,374
0
146
352
7
21
81
69
580
125
628
170
195
2,660
866
585
27
63
98
4
5
10
5
2
18
2
16
3
16
2
15
352
45
5,245
267
717
1,823
198
64
176
297
49
185
12
132
62
467
17
164
2,009
429
r241
466
60
75
252
95
' 1, 232
1,102
'637
196
322
'91
'52
r 124
INDUSTRIAL AND COMMERCIAL
FAILURES
Grand total
number
Commercial service, total
.do
Construction, total
do
Manufacturing and mining, total
„ do _ _
Mining (coal, oil, miscellaneous)
do
Chemicals and allied products. .. do-._
Food and kindred products
do
Iron and steel products
do -.Leather and leather products
do
Lumber and products
do
Machinery..
do
Paper, printing, and publishing
do _Stone, clay, and glass products
do
Textile-mill products and apparel
do
Transportation equipment
___'..- do
Miscellaneous
_
do _.
Retail trade, total
do
Wholesale trade, total
do .
Liabilities, grand total
thous. of dol._
Commercial service, total
do
Construction, total
do
Manufacturing and mining, total
do
Mining (coal, oil, miscellaneous)
do
Chemicals and allied products
do
Food and kindred products
do
Iron and steel and products
do ..
Leather and leather products
do
Lumber and products
do
Machinery
do
Paper, printing, and publishing
do
Stone, clay, and glass products
do.-.Textile-mill products and apparel
do
Transportation equipment
do
Miscellaneous
do
Retail trade, total
do .._
Wholesale trade, total _ _
do
281
19
35
48
2
5
3
3
0
2
1
11
4
8
1
8
156
23
2,550
393
267
826
28
66
90
45
0
106
15
218
95
76
8
79
756
308
506
22
47
86
2
3
11
4
3
11
4
12
4
19
3
10
307
44
6,950
526
1,189
1,997
7
12
195
120
40
272
288
77
49216
525
196
2,392
846
458
28
53
79
2
4
14
2
1
11
5
14
1
16
2
7
267
31
5, 515
396
698
2,249
206
34
469
105
52
139
333
498
4
252
42
115
1,800
372
422
28
38
67.
3
2
9
2
3
9
5
9
4
9
2
10
255
34
4,163
331
379
1,342
69
44
195
132
97
128
269
107
45
79
54
123
1,782
329
410
23
41
79
2
4
8
4
1
12
7
10
4
16
1
10
232
.
35
7,282
305
903
4,144
100
52
169
97
20
368
2,441
165
76
162
244
250
1,540
390
362
28
54
61
2
2
12
0
0
8
9
11
2
10
0
5
195
24
3,523
579
597
1,105
22
20
192
0
0
117
289
169
50
150
0
96
1,031
211
LIFE INSURANCE
Association of Life Insurance Presidents:
27, 725
27,341
27, 598
27, 462
28, 572
28, 757
27, 909
28, 394
28, 083
28, 236
28, 999
29, 188
Assets,- admitted, totalj-...mil. of dol.
5,212
5,194
5,164
5,220
5,134
5,224
5,223
5,213
5,230
5,225
5,203
Mortgage loans, total.
do-__
5,201
685
684
687
685
688
651
675
661
680
667
Farm.
do
646
651
4,525
4,535
4,506
4,479
4,450
4,562
4,562
4,545
4,555
Other
do
4,557
4,557
4,550
1,392
1,382
1,410
1,302
1,400
1,423
1,286
1,370
1,356
1,308
1,262
Real-estate holdings
do
1,238
2,144
2,024
2,129
2,158
2,176
2,045
2,092
2,188
2,110
2,068
2,003
Policy loans and premium notes
do. . .
1,982
Bonds and stocks held (book value), total
17, 843
17, 415
17, 431
17,391
18, 713
17,904
17,882
17, 905
18, 672
18, 641
19, 740
18, 490
mil. ofdbl.
8,443
8,453
8,453
9,832
8,888
8,908
8,929
9,797
8,938
9, 756
Gov't. (domestic and foreign) total do
9,575
10, 833
6,592
6, 587
6,595
7,093
7,132
8,163
7,204
8,089
8,060
9,222
7,196
U. S. Government
do
7,933
4,405
4,409
4,444
4,396
4,466
4,434
4,432
4,378
4,443
4,438
Public utility
do
4,465
4,467
2,623
2,630
2,650
2,616
2,597
2,515
2,508
2,517
2,581
2,566
Railroad
do
2,525
2,528
1,944
1,952
1,910
1,907
1,930
1,956
1,922
1,951
1,955
1,925
Other
.
do
1,912
1,925
712
574
876
1,074
690
597
716
868
537
870
Cash
do
394
1,370
560
555
569
608
614
604
602
583
651
616
Other admitted assets
do...
633671
' Revised.
J36 companies having 82 percent of the total assets of all United States legal reserve companies.
§Revisions in 1941 data for credit unions are shown on p. S-15 of the January 1943 Survey.
*New series. Earlier figures and a description of the data appear on pp. 9-25 of the November 1942 Survey; subsequent revisions in 1941 data for total short-term debt
(dollar figures and indexes), total cash loan debt, and commercial banks are shown on p. S-15 of the February 1943 Survey. There have been additional revisions in the 1941
and early 1942 figures for the series revised above; revisions, which in most cases are minor, are available on request.
July 1943
Monthly statistics through December 1941, together with explanatory notes and references
to the sources of the data, may be found in the
1942 Supplement to the Survey.
S-17
SURVEY OF CURRENT BUSINESS
May
1943
1943
1943
May
June
July
August
September
October
Novem- December
ber
January
Febru- March
ary
April
FINANCE—Continued
LIFE INSURANCE— Continued
Association of Life Insurance Presidents— Con.
Insurance written:®
Policies and certificates, total
594
679
628
679
thousands..
710
585
623
722
705
630
592
754
719
72
54
55
46
165
42
48
87
75
66
42
74
Group
do
61
428
358
315
340
432
409
425
461
366
364
356
Industrial—
._ _. _ do__
380
405
197
204
200
191
199
184
Ordinary
do
239
196
198
201
248
186
253
Value, totalf
thous of dol
743 026 593, 839 662, 506 635, 789 535 016 532, 294 588, 237 584, 743 817, 547 576, 435 593, 733 752 561 747 200
78, 094 114, 180 317, 373
87,773 161, 061 151, 344
93, 818
84, 799
Group
do
83, 304
90, 690 130, 390 124 984
154 406
97, 863 103, 873 117, 563 136, 083 126 662
Industrial -- _ _ _
do _
127, 626 141, 378 129, 863 112, 917 112, 240 111, 795 135, 727 111, 801
358,
762
374,
416
402,
311
364,
688
371,
582
371,
528
378,
744 385, 480 486, 088 495 554
460 994
339, 472 335, 700
Ordinary!
do
Premium collections, total®
._
do.-_ 274, 776 270, 516 277,493 278, Oil 247, 852 253, 735 262 368 260, 427 387, 033 281, 077 279, 445 316, 139 271 638
25, 654
22, 128
25, 363
20, 092
21, 753
60, 577
23, 504
Annuities
do
30, 999
33, 984
27, 602
18, 935
23 405
25 949
16, 857
16, 073
17, 775
19 312
14, 496
15, 698
15 382
19, 334
Group
do
16, 297
18, 918
14 291
15 630
19 410
64,
014
56,
836
58,
539
Industrial
•
do
59,
133
97,
855
57,
639
59, 376
56, 368
58, 805
68, 170
57 341
58, 855
56 736
Ordinary
do
178 400 17J, 524 172, 127 174, 347 155 771 159 456 167, 706 162, 903 210, 826 170 142 177, 231 201, 449 169 543
Institute of Life Insurance:* •
Payments to policyholders
and beneficiaries,
188, 894 203, 882 204, 396 165, 866 176, 104 189, 326 176, 247 244, 909 203, 604 187, 853 229, 883 205 253
total . _ v
-.
thous. of dol
Death claim payments
do
80, 109
85,549 105, 836
75, 533
97, 826
93, 442
80, 702
89, 707
76, 726
84, 114
71, 785
93 508
22, 132
Matured endowments
do _
21, 802
21, 644
22, 478
20, 444
22, 464
25, 777
24, 237
17, 449
20, 283
30, 556
31 709
7 021
7,218
7,414
8,302
Disability payments do
7,600
8,823
8,272
8,360
7 930
8 053
7,135
7 710
12, 763
12, 727
14, 173
13, 192
Annuity payments
do..
14, 549
17, 015
12, 796
14, 135
12, 978
13, 968
10, 607
14 016
31, 187
37, 221
32, 252
25, 880
68, 314
34, 377
40 234
Dividends
do
33, 817
27 510
27 258
24 851
31 680
Surrender values, premium notes, etc do
28, 145
24,691
40, 203
40, 485
36, 361
24, 319
39, 084
30, 850
31, 586
33, 469
33, 244
26 630
Life Insurance Sales Research Bureau:
Insurance written, ordinary, total., .do . _ 605 286 457, 926 463, 325 459, 499 430, 297 432, 679 467, 814 447, 749 521, 524 485, 782 508, 908 631, 863 634 209
34, 767
New England
do
36, 248
37, 029
36, 426
37, 051
33 590
39, 396
36,761
48 103
48 325
37 408
34 983
50 757
Middle Atlantic
do
155 785 114, 230 117, 577 115, 844 100, 695 101, 125 118, 351 119, 590 143, 961 137, 295 136, 677 166, 717 170 949
East North Central
do
97, 929
96, 148 106, 057 100, 774 114,554 108,316 117, 268 146,476 140, 101
133, 426 106, 445 106,796 105, 599
48, 833
44 357
52, 563
West North Central
do
47, 660
46 746
46 684
45 203
49 563
47 518
64 615
44 693
60 335
61 742
44, 679
45, 188
50,307
44, 407
44, 696
43,661
62, 379
South Atlantic
do
46 426
47 720
49 708
44 285
61 797
65 961
19
182
17
410
17,
758
20
220
East South Central
do
18
549
19 722
26 192
18 867
18 131
17 515
18 413
24 316
24 402
West South Central _
do
31, 825
32, 247
30, 565
38, 142
32, 199
35 445
34, 133
32 234
41 843
37, 235
44 098
32 785
42 887
12, 188
12, 288
12, 703
16, 069
Mountain
do
13, 165
12, 798
12, 123
12, 390
17,803
13, 059
13, 752
17 565
17* 501
45, 720
42, 395
Pacific
do
46, 139
49, 282
45, 650
45, 368
43 939
46 600
48 222
59 760
57 614
45 289
59 909
80
Lapse rates...
1925-26= 100. _.
77
MONETARY STATISTICS
Foreign exchange rates:
.298
.298
298
298
Argentina
dol. per paper peso
.298
.298
.298
298
298
298
298
298
298
.061
.061
.061
.061
.061
.061
Brazil, official c? dol. per cruzeiro
.061
.061
.061
.061
.061
061
061
301
.301
.301
.301
British India
dol. per rupee
.301
.301
.301
301
301
301
.301
301
301
.886
.900
.895
Canada, free rate§...^ol. per Canadian dol__
.878
.881
.879
.896
.899
.899
.876
.900
.901
.902
.570
.570
.572
. 571
572
.570
572
Colombia
dol. per peso
570
572
572
571
• 573
573
.206
.206
206
206
.206
.206
Mexico
- do
.206
.206
206
206
206
*206
206
4.035
4.035
4.035
4.035
United Kingdom, official rate§ dol. per £.. 4.035
4.035
4.035
4.035
4.035
4.035
4.035
4.035
4.035
Gold:
Monetary stock, U. S
..mil. of dol._ 22, 426 22, 714 22, 737 22, 744 22,756 22, 754 22,740 22,743 22,726 22,683 22, 644 22, 576 22, 473
Net release from earmark*
thous. of dol_. -45, 122 -38, 196 -14, 792 -24,383 -21, 763 -27, 759 -56,440 -10,752 -30, 974 -76,063 -63,411 —58, 996 -101,005
Production:
80,943
79, 106
70,269
Reported monthly, totalt
do
83, 202
68,261 * 65, 071 v 64, 324 J>62,337 »63 973
77, 255
76, 692
78, 149
47,347
46, 665
Africa
do
43, 473
47, 460
45, 459)
42,897 f 41, 806 * 42, 591 P 39, 084 »41 199
45, 044
46, 052
14, 852
14, 881
14, 864
12, 693
12, 597
Canadat -_
do
11, 708
13 212
14 100
11 459 * 12 169
11 308
11,164
10, 504
12. 754
7,828
6,209
4,654
United States
do
11, 837
12, 013
10, 163
4,121
4,520
4 891
12,074
12,383
14,805
Currency in circulation, total
mil. of dol.. 17, 114
15, 590
12,739
15,410
13, 200
13,703
14,210
16,088
16, 250
16, 660
Silver:
.351
.351
351
448
Price at New York
dol. per fine oz
448
448
351
448
448
448
448
448
448
Production:
1,537
1,624
1,623
Canada
thous. of fine oz._
1,966
1,634
1 758
1,870
1,623
1,505
1,606
1 771
4,528
4,948
3,673
United States
-- do
5,048
3,292
4 561
3 819
3 172
2 910
4 412
3 636
3 538
2,685
Stocks, refinery, U. S., end of month_._do
3,270
3,744
3,128
3,150
2,851
2,922
3,505
2,714
4,510
1,931
1,988
BUSINESS INCORPORATIONS
939
New incorporations (4 States)
number
889
784
1 094
889
1 032
962
832
818
890
1 026
810
988
PROFITS AND DIVIDENDS
Industrial corporations (Federal Reserve):
Net profits, total (629 cos.)
mil. of dol..
364
451
557
437
Iron and steel (47 cos.)
=.
do
52
51
72
51
35
Machinery (69 cos.)
do
39
36
49
Automobiles (15 cos.)
do
25
46
92
45
i 55
Other transportation equip. (68 cos.) .do
148
154
149
Nonferrous metals and prod. (77 cos.) .do
32
36
34
37
Other durable goods (75 cos.)
do_^_.
18
22
30
18
32
Foods, beverages, and tobacco (49 cos.) _do
44
42
41
Oil producing and refining (45 cos.) do
27
42
49
37
Industrial chemicals (30 cos.)
do _.
35
41
48
41
27
Other nondurable goods (80 cos.)
do
35
35
36
Miscellaneous services (74 cos.)
do
34
52
47
37
Profits and dividends (152 cos.):*
Net profits
do
211
174
294
213
Dividends:
23
Preferred
do
21
23
21
Common
do
136
158
126
127
Electric power companies, net income (28 cos.)
25
(Federal Reserve)*.mil. of dol..
28
35
36
199.2
284.1
383.9
Railways, class I, net income (I. C. C.)
do
Telphones, net operating income (Federal
Communications Commission). ..mil. of dol~
66.0
66.8
66l2
» Preliminary.
» Partly estimated.
• Or increase in earmarked gold (—).
®39 companies having 81 percent of the total life insurance outstanding in all United States legal reserve companies.
cfPrior to Nov. 1,1942, the official designation of the currency was the "milreis."
§The free rate for United Kingdom shown in the 1942 Supplement was discontinued after Feb. 1,1943; the official and free rates (rounded to thousandths) were identical
from January 1942 to January 1943. The official rate for Canada has been $0.909 since first quoted in March 1940.
JData for Mexico, included in the total through March 1942, are no longer available for inclusion. Revised monthly averages for 1941 and 1942, excluding Mexico and
including certain other revisions, are as follows: 1941,88,452; 1942, 78,038. Revised 1941 monthly average for Canada, 15,590 (monthly revisions available on request).
tRevised beginning December 1938; revised figures beginning March 1942 are on p. S-17 of the May 1943 Survey; earlier revisions are available on request.
*New series. The series on payments to policyholders and beneficiaries, compiled by the Institute of Life Insurance, represents total payments in the United States,
including payments by Canadian companies; data are based on reports covering 90 to 95 percent of the total and are adjusted to allow for companies not reporting; data beginning September 1941 are available in the November 1942 Survey; earlier data will be shown in a subsequent issue. For data beginning 1929 for profits and dividends for
152 companies, see p. 21, table 10, of the April 1942 Survey. Earlier data for net income of electric power companies will be published in a subsequent Issue.
S-18
Monthly statistics through December 1941, together with explanatory notes and references
to the sources of the data, may be found in the
1942 Supplement to the Survey
SURVEY OF CURRENT BUSINESS
1942
1943
May
July 1943
May
June
July
August
1943
Sep.
tember
October
Novem- December
ber
January
February
238, 398
190, 108
74, 461
1,240
111,069
238, 952
197, 523
80,543
114, 024
246, 147 '246, 119203,832 211, 550
94, 945
87, 655
944
1,470
115, 507 129, 849
March
April
FINANCE—Continued
PUBLIC FINANCE (FEDERAL)
United States war program, cumulative totals
from June 1940: •
Program
__
_ mil. ofdoL 245, 844
Commitments
do
Cash expenditures
do. ._ 102, 318
1,335
WOT savings bonds, sales*
do
135, 913
Debt, gross, end of month®
.
do._
Interest bearing:
124, 477
Public issues
do
Special issues to government agencies and
trust funds
mil. of dol._ 10, 198
Noninterest bearing
. do .
1,238
Obligations fully guaranteed by U. S. Gov't:
Total amount outstanding (unmatured)d"
mil. of dol.. 4,082
By agenciesrcf
485
Commodity Credit Corp
do
930
Federal Farm Mortgage Corp
do
Home Owners' Loan Corporation.. do
1,533
Reconstruction Finance Corp
do
996
7, 435
Expenditures, total . - _ _ . _ _ . _ _ do
7,092
War activitiest
do
Agricultural adjustment program . do.
65
12
Unemployment relief
do
1
Transfers to trust accounts J
... do
Interest on debt
do
42
(a)
Debt retirements
do.. .
223
All otherj
do
Receipts, total
do
1, 742
Receipts, net ...
.
do
1,480
Customs
do
37
Internal revenue, total
do
1,581
Income taxes
do..._
940
Social security taxes
do
282
Government corporations and credit agencies:
Assets, except interagency, totaL.mil of dol_. 24, 805
Loans and preferred stock, total.
do
8,507
Loans to financial institutions find, preferred stock)
mil. of dol
821
Loans to railroads
do
459
Home and housing mortgage loans do
2,141
Farm mortgage and other agricultural
loans.
mil. of dol..
2,891
2 194
All other
do
U. S. obligations, direct and fully guaranteed
__ mil. ofdoL
1,549
1,475
Business property
do
Property held for sale
do
6, 167
All other assets
do
7,108
Liabilities, other than interagency, total
mil. of doL . 11, 177
Bonds, notes, and debentures:
4,092
Guaranteed by the U. S
,__do
Other
do
1,340
Other liabilities, including reserves__.do
5,746
Privately owned interests _. .. __ do
440
U. S. Government interests
do
13, 820
Reconstruction Finance Corporation, loans'outstanding, end of month :J
Grand total
thous of dol 6,678,095
715, 774
Section 5; as amended, total
do
Banks and trust companies, including
receivers
thous. of dol__ 61, 006
2,812
Building and loan associations
do
Insurance companies .
do
485
225, 243
Mortgage loan companies
do
Railroads, including receivers
do .. 424, 338
All other under Section 5
do
1,890
Emerg. Rel. and Constr. Act, as amended:
Self-liquidating projects (including financ16, 724
ing repairs)
thous. of dol.
Financing of agricultural commodities
thous. ofdoL.
57
Loans to business enterprises (including
105, 567
participations)
thous. of dol
National defense§
do_... 4,628,627
Bank Conservation Art, as amended t. do
673, 940
60,830
Drainage, levee, irrigation, etc
do
Other loans and authorizations . do
476, 574
SECURITIES ISSUED
(Securities and Exchange Commission}^
Estimated gross proceeds, total
mil. of dol..
1,455
Bonds, notes, and debentures, total. .do
Corporate
do
Preferred stock
...
_ . _ do
Common stock
...do
1,440
68
1
14
168, 764
121, 225
30, 707
175, 599
133, 853
34, 921
220, 237
144, 735
39, 628
221,968
153, 052
44, 791
221, 918
160, 155
50,250
237, 913
168, 313
55, 972
237, 659
177, 913
62,084
68,617
72, 495
77, 136
81,685
86, 483
92,904
96, 116
237, 949
183, 802
68,208
1,014
108, 170
60,637
64, 156
68 569
72 982
77, 338
83 680
86, 671
98, 276
100, 852
103 286
104 284
118, 848
7,518
462
7,885
454
8,125
442
8,262
441
8,509
637
8,585
639
8,787
657
9,Q32
862
9,172
1,045
9,565
1,773
10,004
1,219
9,795
1,206
5,667
4,648
4,551
4,567
4,552
4,243
4,244
4,283
4,277
4, 275
4, 350
4,363
701
930
2,409
1,492
3,955
3,560
701
930
1,563
1,219
4,531
3,829
738
930
1,533
1,216
5,162
4 498
754
930
1,533
1,216
5,215
4 884
738
930
1,533
1,216
5,931
5,384
749
'930
1,533
896
5,937
5,481
749
930
1,533
896
6,363
6,042
788
930
1,533
896
6,501
5,825
782
930
1,533
896
6,372
5,947
780
930
1,533
896
6,119
5,770
779
930
1,533
971
7,354
6 744
777
930
1,533
986
7,466
6, 974
82
72
1
68
249
52
19
40
5
23
2
21
1
634
62
(«)
19
2
230
764
563
30
708
216
634
31
390
1
206
2,494
2,492
28
901
47
35
2
263
794
747
24
742
273
734
30
7
(a)
224
797
587
22
748
155
838
35
224
(°)
242
2,528
2,527
20
814
48
35
56
70
(°)
247
648
607
24
603
206
735
66
31
3
70
12
25
-353
28
(a)
193
830
601
23
784
199
2,702
2,701
1
215
24
222
2,424
2,086
42
53
232
2,476
2,126
43
48
248
2,649
1,972
50
17,343
9,005
17,962
9,026
18,482
8, 948
19, 401
8,859
19, 974
8,813
20, 534
8,781
20,992
8,779
21,715
8,746
1,020
1,029
1,002
497
974
497
964
498
949
497
498
498
953
496
957
486
86
887
92
29
35
54
(°)
222
824
788
25
724
306
52
22,643
8,691
920
489
(a)
35
r
103
262
(a)
b
81
&35
38
(a)
89
198
223
250
1,190
5,207
5 206
1,555
1,514
380
343
5 154
4,732
50
1,396
1,000
50
23, 437
8,588
24,151
8,565
24, 706
8,652
955
26
1,075
32
32
2,241
2,237
858
474
833
469
2,219
2,197
2, 158
837
462
2,352
2,357
2,344
2,297
2,286
2,286
2,265
3,092
2,042
3,076
2,067
3,038
2 067
2,994
2,096
2,949
2,117
2,925
2,124
2,916
2,149
2,912
2,151
2,878
2,168
2,871
2 167
2,868
2 196
3,003
2,193
1,088
1,097
1,113
1,144
1,197
1,219
879
952
976
3,512
3,468
924
3,067
3,349
. 3, 808
3 735
4,177
4,295
4,287
4,725
4^710
4,848
1,222
1,001
4,701
5,288
1, 272
1, 020
5,187
5,489
1,284
1,041
5,638
5,989
1,375
1,359
5, 883
6,232
1, 424
1 408
6,074
6 681
1, 5101, 428
6,081
7, 035.
10,078
9,275
9,482
9,728
10, 161
9,863
10, 268
10?345i
10, 533
10, 791
10, 850
11, 386-
5,687
1,440
2,950
4,568
1,442
3,265
4,581
1,443
3,457
4,592
1,445
3,691
4,574
1,434
4,154
4,265
1,413
4,185
4,264
1,404
4,601
4,301
1. 414
4,630
4,332
1,383
5,076
4,365
1,375
5,109
4, 372'
1,366
5, 648:
6,828
8,249
8,562
9,234
9,373
10, 230
10, 281
10, 931
4,291
1,413
4,829
F439
11, 671
12, 206
13, 321
13, 485-
833
437
859
438
438
439
439
442
443
439
440
441
440
3,819,280 4,085,264 4,273 373 4,545,609 4,628,502 4,848,279 4,916,226 5,312,352 5,604,641 5,805,976 6,107,850 6,368,364
733,596 734,070 733, 316 735, 862 735,093 735, 685 735, 209 723, 554 723,906 706, 520 706, 147 693, 233'
W63, 362
65,082
62, 128,
66,434
65, 711
62, 576
63,876
66,793
65,803
67, 449
66, 420
65, 675
3,904
3,835
4,218
5, 170
4,315
4,574
4,671
5,060
5,817
5,630
4,705
5,037
522
529
529
488
702
597"
529
519
686
600
669
659
197, 401 198, 926 199, 280 200, 662 199,737 200,522 202,044 201,689 200,686 198, 689 204 ,1 61 199, 402^
462, 316 462, 088 461, 826 461, 563 462, 470 462,050 460, 968 450,499 453,432 438, 668 434, 378 426, 665
1,061
912
646,
1,085
1,069
939
898
678
937
924
920
928
17, 382
17,310
17, 195
17, 194
17, 153
17, 133
17,056
16, 960
16, 954
16, 809
16, 824
16, 757'
368
352
349
349
349
349
349
339
204
157
117
nr
139, 465 135,961 134, 278 132,942 131,349 129, 187 126, 516 123, 775 117, 636 115, 250 111, 206 107, 541
1,670,157 1,940,499 2,129,933 2,409,243 2,484,112 '2,715,892 '2,770,068 '3,188,266 '3,493,874 '3,734,583 '4,045,737 '4,330,50&
700, 693 699, 708 698,494 693,213 690,851 689,429 688, 208 687,421 683,069 679, 830 677, 112 676, 123
64.444
66,832
61. 477
65, 469
69,076
63, 366
70,464
70,359
67, 115
66,665
69, 357
68,794
487, 154 487, 004 491, 014 487, 450 500,519 r 493, 489 ••511,987 '505,373 '503,628 ••488,382 '487,341 '482,608:
2,965
809
3,099
2,068
2,531
4,975
779
6,951
1,389
994
1,092
'10,279'
2,952
112
792
126
3,099
52
2,066
87
2,519
50
4,973
15
778
27
6,951
26
1,389
9
S94
49
1,078
84
' 10, 274
86-
10
3
9
7
0
(•)
2
0
9
3
3
(•)
0
(•)
0
0
0
0
0
(°)
7
S
(»)
4'
••Revised.
« Less than $500,000.
.
k
$20,000,000 added to unemployment relief and deducted from war activities to adjust for erroneous classification of this amount in December 1942.
® Figures beginning July 1942 are on the basis of Daily Treasury Statements (unrevised); earlier figures are on the revised basis as shown in the Public Debt Statement.
which was discontinued after June 1942.
0* The total includes guaranteed debentures of certain agencies not shown separately.
tFor revisions beginning July 1941, see p. S-17 of the November 1942 issue.
^Includes repayments unallocated, pending advices, at end of month.
§Covers all loans for national defense beginning October 1942; prior to October some defense loans are included in "other loans and authorizations;" loans to foreign governments for dollar exchange, formerly included in "national defense" beginning October 1942, are now included in "other loans and authorizations" for all months. '
tSee note marked "t" on p. S-19.
*New series: The series on the war program has been revised to cover the United States program only; for revised data beginning July 1940, see p. 29, table 7, of the
June 1943 issue; cumulative totals (preliminary) through May 1943 for the series on program and cash expenditures published in the Survey through the April 1943 issue,,
including foreign orders placed in the United States and payments by foreign purchasing missions, are as follows (millions of dollars): Program; 250,034; cash expenditures,.,
106,075. The series on war savings bonds is from the Treasury Department and represents funds received during the month from sales of series E, F. and G; for earlier data,
see p. S-16 of the October 1942 Survey; f
- - .~ . .
S-19
SURVEY OF CURRENT BUSINESS
July 1943
Monthly statistics through December 1941 , together with explanatory notes and references
to the sources of the data , may be found in the
1942 Supplement to the Survey
1943
1942
May
September
May
June
July
August
1943
October
Novem- December
ber
January
February
March
April
FINANCE—Continued
SECURITIES ISSUED— Continued
(Securities and Exchange Commission}}
Estimated gross proceeds— Continued.
By types of issuers:
Corporate, total
mil. ofdol.
Industrial
_
do
Public utility
do
Rail
do
Other
'. ... do
Non-corporate total®
-do
U. Government and agencies . . d o
State and municipal
do ..
New corporate security issues:
Estimated net proceeds, total
do
Proposed uses of proceeds:
NV»w money, total
do
Plant and equipment
. . . do
Working capital
do .
Repayment of debt and retirement of
stock, total
.
mil. of dol__
Funded debt
.
do
Other debt
do.
Preferred stock .
do
Other purposes
..... do
Proposed uses of proceeds by major groups: §
Industrial, total net proceeds.mil. of dol..
New money
do.
Repayment of debt and retirement of
stock. . . . .
... mil. ofdol..
Public utility, total net proceeds. _. do
New money
. do
Repayment of debt and retirement of
stock
mil of dol .
Railroad, total net proceeds
do
New money
do
Repayment of debt and retirement of
stock
mil. of dol
(Commercial and Financial Chronicle)
Securities issued, by type of security, total (new
capital and refunding)
thous. of dol..
New capital, total
do
Domestic, total
do
Corporate, total
do
Federal agencies
_do
Municipal, State, etc...
do
Foreign
do
Refunding, total
. . .... do
Domestic, total
do
Corporate
do. __
Federal agencies
_ » do
Municipal, State, etc
do
Foreign
do
Domestic issues for productive uses (Moody 's):
Total
mil. of dol..
Corporate
do
Municipal, State, etc
do
(Bond Buyer)
State and municipal issues:
Permanent (long term)
. thous. of dol
Temporary (short term). ...
do
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) 1
Customers' debit balances (net).
mil. of dol_.
Cash on hand and in banks
do
Money borrowed
_
_ do
Customers' free credit balances—..
do
Bonds
83
18
39
14
12
1,371
1,335
37
81
91
98
2&
61
59
22
15
3
0
(°)
994 •• 10, 188
944 ' 10, 165
23
50
1
2,839
2,809
30
142
63
70
9
1
666
634
32
53
47
3
2
0
3,046
2,998
47
89
19
68
2
0
1,979
1,932
47
62
16
45
1
0
2,469
2,444
24
18
6
3
9
0
4,958
4,919
38
27
12
15
0
0
752
735
17
26
3
20
4
0
6,925
6,906
18
9
9
0
0
0
1,380
1,240
49
49
3
39
8
0
945
887
i 67
124
139
52
88
60
17
27
26
8
49
96
88
2
(«)
l
' 2
8
7
1
1
0
1
12
10
2
39
6
32
9
3
6
24
24
17
13
8
6
2
0
0
37
34
3
0
0
49
42
1
7
8
79
74
3
2
2
2
59
33
27
5
39
2
18
22
1
22
68
U
57
3
3
126
104
21
o
32
14
18
59
27
33
72
57
15
14
11
3
39
33
6
23
8
15
2
2
1
49
49
0
0
(°)
64
11
53
0
1
66
55
5
5
2
37
29
8
37
34
3
0
12
29
26
1
2
8
15
15
0
(«)
(«)
17
11
102
49
61
61
46
9
18
4
7
38
0
53
21
10
8
69
17
37
3
2
3
68
34
38
14
14
11
0
0
51
9
3
1
2
2
34
2
2
28
1
1
0
0
6
0
0
157, 362
43, 727
32, 070
28, 621
3, 449
0
11, 658
113, 635
88,780
44, 744
44, 036
0
24,855
181,961
129, 500
129, 500
103, 842
2,715
22,944
201*422
96, 516
96, 516
76, 827
2,060
17,628
142,322
40, 750
40, 750
27, 510
2,515
10, 725
20
16
4
35
20
15
22, 422
38, 013
(a)
0
a
()
C)
(«)
(*)
4
(«)
(a)
12
2
3
2
8
1
10
15
1
19
3
8
0
0
2
9
0
14
0
0
17
4
4
0
0
0
37
8
8
21
15
5
0
9
0
0
0
0
10
161, 739
103, 133
103, 133
68,600
0
44, 533
100,977
115,001
28,145
28, 145
2,434
0
25,711
104, 906 101, 572
104, 906 101, 572
32, 719
61, 686
28, 455 • 32, 260
36, 593
14, 766
58,606
58,606
55, 893
55, 393
30, 437
18,400
6, 556
500
86, 856
86, 856
43, 846
30, 645
1
12, 365
o
97,871
29, 029
29, 029
4,679
17, 125
7,225
0
68, 842
68,842
13, 531
45, 520
9,792
144,808
36,696
36, 696
10, 621
16, 720
9,355
0
108, 113
108, 113
64,829
34, 245
9,039
176,420
6,670
6,670
2,798
' 0
3,872
0
169, 750
79,760
7,517
26,805
45,428
90, 000
102,306
57,900
57,900
11, 330
0
46,570
0
44,406
44, 406
1,865
31,875
10, 666
66
55
11
28
18
10
26
17
7
4
3
26
1
25
5
2
3
14
7
7
4
2
2
53
10
43
28, 759
59,916
36, 723
75,400
48, 096
133, 530
60, 862
53,672
28, 862
203, 704
36, 036
79,815
24, 188
6,905
34, 486
45,464
61, 172
145, 734
155
18
226
126
267
145
390
104
257
141
261
85
190
81
146
94
224
125
212
103
760
502
177
300
238
496
180
309
240
491
172
307
238
490
500
510
520
550
610
670
310
240
310
250
320
250
643
160
378
270
540
300
290
280
320
310
350
••570
350
550
350
o
52, 461
52, 461
5,807
38, 800
7,855
o
o
o
6,018
49, 925
2,663
9
240
5
2
15
14
(°)
44
7
45, 085
45,085
28,446
0
16,639
o
(«)
3
3
(B)
(°)
ff
0
199,837 159, 700
: 89, 645 37,677
87, 395 37, 677
20, 785
56, 943
0
6,860
32, 702
10, 032
2,250
0
110, 192 122,023
110, 192 122, 023
38, 447
74,902
34,505
54, 830
16,915 12, 616
33
5
28
5
4
1
61, 336 ' 51, 369 ' 24, 539
69, 492 ' 19, 560
59, 482
188
30
236
15
340:
210
'44
Prices:
Average price of all listed bonds (N. Y. S. E.)
98.69*
98.24
97.79
97.47
95.64
95.76
96.08
96.11
96.70
dollars. . 99.47
96.18
96.48
95.50
99.42
99.8899.03
98. 72
97.59
98.04
97.40
97.46
97.28
98.08
97.75
97.83
Domestic
do . 100. 53
70.90
71.21
68.88
70.01
62.97
61.72
62. 51
65.24
66.11
61.16
61.68
71.87
63.16
Foreign
do
Standard and Poor's Corporation:
Industrial, utilities, and rails:
119.9119.8
120.0
118.9
118.9
119.5
119.5
117.7
118.0
119J3
118.7
119.0
High grade(15 bonds). .doh per $100 bond.. 120.1
Medium and lower grade:
!<38rO
105.4
106.4
98.9
98.9
lt)9.2
103.2
103.6
98.1
102.1
99.3
100.7
110.0
Composite (60 bonds)
do
11>6. 7
116.3113,9
113.7
115. 3
116.1
107.4
107.7
108.4
111.2
113.8
108.7
100. 8
Industrials (10 bonds) .. . . do
113. 4
112. 1
ill. 4
109. 1
110.5
104.1
102.2
107.1
108.3
104.5
103.5
105.8
Public utilities (20 bonds)_.._..do.... 113.7
97. &
95.3
89.9
92.0
86.5
83.9
85.2
86.4
87.6
87.1
83.0
88.0
Rails (20 bonds).........
do.... 100.1
39.9
44.7
33.5
29.9
31.7
49.1
26.4
27.1
29.4
29.6
25.5
24.0
30.3
Defaulted (15 bonds)
do..-.
129.1
128.7
128.6
127.8
127.7
125.7
128.1
128.6
126.7
124.5
127.6
129.0
Domestic municipals (15 bonds) f
do.... 130.4
109. £
109.1
109.4
108.9
109.4
109.9
110.2
111.4
110.7
109.4
110. 7
109.5
109.8
U. S. Treasury bonds
do —
'Revised.
• Less than $500,000.
® Includes for January 1943 a Canadian Government issue of $90,000,000 and, for certain months, small amounts for nonprofit agencies not shown separately.
1 Complete reports are now collected semiannually; data for August-November 1942 and beginning 1943 are estimates based on reports for a small number of large firms.
§ Small amounts for "other corporate," not shown separately, are included in the total net proceeds, all corporate issues, above.
t Revised series. For an explanation of changes in the data on security issues compiled by the Securities and Exchange Commission and revised 1941 monthly averagesfor selected series, see p. S-18 of the April 1943 Survey; all revisions for years prior to 1942 are available on request. The price indexes for domestic municipals are converted
from yields to maturity, assuming a 4-percent coupon with 20 years to maturity instead of 3%-percent coupon with 22 years to maturity, as formerly; revised data beginning:
February 1942 are on p. S-19 of the Anril 1943 Survey; earlier data will be shown in a subsequent issue.
S-20
Monthly statistics through December 1941, together with explanatory notes and references
to the sources of the data, may be found in the
1942 Supplement to the Survey
SURVEY OF CURRENT BUSINESS
1943
May
July 1943
1943
May
June
July
August
September
1943
October
Novem- December
ber
January
February
March
April
FINANCE— Continued
SECURITY MARKETS— Continued
Bonds— C ontinued
Sales (Securities and Exchange Commission):
Total on all registered exchanges:
83, 842 124,075 134, 771
98, 513 114, 94a 144, 737 134,433 260, 794 214, 979
Market value.thous. of doL. 216, 442 91, 838 81, 804 80, 306
Face value
.
do . 429, 012 179, 690 151,865 155, 111 173, 629 316, 526 303, 128 207, 713 233, 873 329, 565 276, 381 580, 038 439, 701
On New York Stock Exchange:
80,772 72, 623 71, 249
87,421 101, 549 132,378 122, 202 243, 869 197, 276
75,610 112,301 122,448
Market value.
do-_-_ 199, 696
404, 339 165, 276 139, 586 142, 932 162, 734 300, 306 285, 683 192, 439 214,320 310, 531 259, 290 554, 858 412, 821
Face value
do
Exclusive of stopped sales"(N. Y. S. E.),
face value, total
thous. of dol_. 343, 226 156, 658 133, 776 125, 605 159, 938 276, 812 266, 931 169, 301 207,079 302, 817 252, 254 497, 869 372, 722
316
299
449
253
229
953
245
248
199
407
251
U. S. Government _ _ . _
do
197
257
342, 910 155, 705 133, 369 125, 306 159, 490 276, 567 266, 684 169, 072 206, 880 302, 566 252, 001 497, 672 372, 465
Other than U. S. Govt., total .-.do
331, 153 138,597 124, 676 119, 068 152,418 268,643 258, 361 157, 269 195, 834 290, 890 245, 656 418, 522 360, 470
Domestic
_.
do
6, 345
6,238
7,072
11, 757
17, 109
8,694
7,924
8,323 11,803
11,046
16, 150
Foreign
_
do
11, 676
11,995
Value, issues listed on N. Y. S. E.:
72, 962
63,992 65, 277
61,956 61,899
65, 256
72, 993
67, 207
67, 156
72, 880
72, 856
72, 812
Face value, all issues
_mil. of doL. 81,479
58,852
78, 462
58, 804
62, 182
60, 903 62, 198
64, 139
64,088 69,934 69,831 69, 837
69, 835
Domestic .
._
do
69, 794
3,125
3,017
3,089
3,079
3,096
3,074
3,068
3,105
3,059
3,049
3,021
3,067
Foreign
do
3,018
71, 346
59, 112
59, 258
61, 278 62, 720
62,766 64,844
64, 544
71, 039
70. 584
71, 575
Market value, all issues ._.
_do_. . 81, 049
71,858
69, 159
59, 372
57, 359
78, 880
57, 201
60, 796
62, 906
60,830
62, 543
68, 562
68, 939
Domestic
do
69, 433
69, 709
2,188
1,911
2,169
1,899
1,905
1,924
1,936
1,938
2,001
2,022
2,142
Foreign
do
2,100
2,149
Yields:
Bond Buyer:
2.08
2.21
2.15
1.93
2.15
2.16
2.33
2.13
2.16
2.12
2.17
2.01
Domestic municipals (20 cities) ._ .percent..
2.08
Moody's:
3.23
3.34
3.36
3.35
3.31
3.37
3.33
3.31
3.32
3.16
3.27
Domestic corporate
do
3.20
3.19
By ratings:
2.77
2.83
2.81
2.74
2.85
2.85
2.79
2.79
2.80
2.81
2.80
2.76
2.76
Aaa
do
2.89
2.99
2.99
3.01
2.98
3.00
2.95
2.94
2.87
2.96
2.93
2.88
2.88
Aa
- -do-_
3.17
3.31
3.28
3.31
3.27
3.26
3.24
3.24
3.13
3.23
A
do
3.20
3.14
3.14
4.08
4.28
4.33
4.30
4.26
4.24
4.27
3.91
4.25
4.28
4.16
4.01
Baa
-do
3.96
By groups:
2.88
2.94
2.94
2.94
2.97
2.97
2.95
2.94
2.86
2.93
Industrials
do
2.90
2.87
2.87
3.02
3.09
3.12
3.09
3.13
3.08
3.06
3.07
3.00
3.07
3.05
3.00
Public utilities
do
3.01
3.78
4.02
4.03
3.98
3.92
3.64
3.97
3.95
3.93
3.86
3.96
Rails
__do-.
3.73
3.69
Standard and Poor's Corporation:
2.32
2.28
2.22
2.38
2.45
2.25
2.13
2.26
2.20
Domestic municipals (15 bonds)
do
2.27
2.21
2.22
2.20
U. S. Treasury bonds:
2.02
2 00
1.92
1.97
1.97
2.05
2.06
2.09
2.03
2.06
Partially tax-exempt
do —
2.08
2.02
2.06
2.34
2.34
2.35
2.33
2.34
2.33
2.34
2.30
2.36
2.32
2.33
2.32
2.32
Taxable*
do
Stocks
•Cash dividend payments and rates (Moody's):
Total annual payments at current rates (600
companies)
mil. of dol__ 1, 694. 13 1, 701. 40 1,675.01 1,675.81 1, 646. 14 1, 643. 75 1, 645. 97 1, 647. 36 1, 677. 20 1, 682. 83 1, 686. 26 I, 680. 77 1, 683. 92
942. 70
942. 70
942. 70
938.08 938. 08 938.08 938.08 938.08 938.08 938.08 942. 70 942. 70
Number of shares adjusted
millions
942. 70
Dividend rate per share (weighted average)
1.80
1.75
1.79
1.81
1.79
1.75
1.75
1.78
1.79
1.76
1.78
1.79
(600 companies) _ ._
dollars
1.79
2.82
2.82
2.81
2.81
2.81
2.81
2.81
2.81
2.81
2.82
2.82
2.82
Banks (21 cos )
do
2.82
1.73
1.79
1.71
1.75
1.71
1.69
1.71
1.76
1.70
1.70
1.71
1.71
Industrials (492 cos.)
do
1.72
2.64
2. 6,9
2.69
2.69
2.69
2.64
2.69
2.69
2.69
2.64
2.64
2.64
Insurance (21 cos )
do
2.64
1.74
1.74
1.74
1.75
1.74
1.73
1.73
1.74
1.74
1.75
1.75
1.74
Public utilities (30 cos.)
do
1.75
2.13
1.75
1.75
1.79
1.66
1.66
1.85
2.12
2.12
2.18
1.96
2.18
Kails (36 cos )
do
2.16
Dividend payments, by industry groups:*
115.0
320.4
340.5
143.4
118.3
390.5
296.8
292.0
318.1
155.7
282.2
676.8
Total dividend payments
mil. of dol
142.0
64.7
66.2
142. 9
128.1
219.5
198.7
67.0
124.5
189.5
101.6
91.9.
Manufacturing ...
_
do
370.0
61.6
.9
3.1
23.4
1.4
29.7
3.3
5.0
3.5
3.0
25.3
1.7
55.6
Mining
do
.8
3.6
3.4
25.5
15.7
3.2
25.4
15.4
22.1
14.9
44.5
16.2
3.8
5.9
Trade
do
7.9
74.2
16.3
8.5
26. 2
26.6
47.7
46.0
21.0
8.3
53.9
73.4
28.1
Finance
do __
1.3
1.4
11.7
12.2
29.9
12.2
8.0
9.3
3.4
64.2
17.0
16.7
Railroads
_
do
7.1
35.0
35.4
40.2
36.9
36.7
34.3
32.1
47.2
29.8
34.8
27.8
33.7
Heat, light, and power
do
36.4
.1
.1
46.9
.1
46.5
14.3
12.5
.2
9.6
46.6
13.6
.1
46.0
'Communications
do
1.5
1.9
1.1
8.7
5.6
5.0
8.3
7.3
5.2
2.8
27.8
2.6
Miscellaneous
_
•__
do
2.0
Prices:
Average price of all listed shares (N. Y. S. E.)
65.6
47.2
48.2
51.1
44.6
46.6
45.3
50.6
62.1
62.6
52.6
56.1
Dec. 31, 1924=100..
59.0
Dow-Jones & Co., Inc. (65 stocks)
48.19
33.12
35.46
35.54
38.37
44.64
34.20
38.81
36.00
38.81
46.37
40.73
42.78
dol. per share..
138. 60
98.42
103. 75
107. 41
113.51
106.94
106.08
115. 31
134. 13
117. 16
121.52 127. 40
131. 15
Industrials (30 stocks)
_ do
11.51
11.68
11.93
11.75
13.35
11.76
14.02
14.16
17.58
19.00
15.57
Public utilities (15 stocks)
..do.... 20.13
16.87
36.43
26.19
24.29
23.59
28.65
25.63
26.76
28.13
28.59
32.47
26.83
34.73
Rails (20 stocks)
do ..
29.80
96. 83
68.30
71.07
73.26
73.10
74.40
79.06
80.13
81.51
91.13
84.67
92.79
88.18
New York Times (50 stocks)
do
165. 21
129. 42
119. 25
125. 05
126. 93
128.65
136. 56
139. 23
157. 06
147.75
158.43
142.86
Industrials (25 stocks)—,
do
153. 76
28.46
17.35
19.26
17.10
18,71
21.55
20.16
21.03
21.59
25. 21 >
27. J 6
Railroads (25 stocks)
do ._
20.18
22.61
•Standard and Poor's Corporation:
63.2
68.2
68.3
74.2
66.1
69.4
75.2
88.2
75.9
91.3
Combined index (402 stocks) .1935-39 =100. .
95.2
79.7
84.8
64.7
68.2
-70.5
76.5
77.2
70.6
71.6
Industrials (354 stocks)
._ do
97.2
78.5
82.3
90.8
93.7
87.7
66.3
71.5
69.0
71.0
71.8
77.6
77.3
Capital goods (116 stocks)
do
89.0
92.5
77.7
81.1
90.1
86.1
62.9
69.2
67.6
68.9
69.6
72.7
74.1
Consumer's goods (191 stocks) _ _ . do
79.7
87.4
75.8
84.8
94.9
90.9
57.2
58.4
58.8
59.5
58.8
63.7
66.2
65.2
76.2
Public utilities (28 stocks)
do .
69.3
84.0
79.1
73.3
60.3
62.9
65.4
66.7
72.7
59.0
73.0
Rails (20 stocks).
do ...
69.3
73.7
86.4
97.5
77.5
92.8
Other issues:
67.9
62.5
70.5
66.3
74.1
75.7
73.1
74.2
Bank«, N. Y. C. (19 stocks)
do „
91.5
77.9
89.7
84.7
92.6
Fire and marine insurance (18 stocks)
90.6
97.2
98.5
98.5
100.6
104.7
115.6
104.4
104.9
108.4
1935-39=100112.7
111.0
114.8
•Sales (Securities and Exchange Commission):
Total on all registered exchanges:
Market value
_. .thous. of dol_. 970, 787 265,455 273, 279 302, 181 253, 211 284, 995 465, 937 411, 312 629,403 507, 440 614, 765 996,931 1,012,679
12, 553
12, 625
12, 838
14,033
15,381 24,753 22,053 33,651 28,067 38, 457
62, 040
Shares sold
thousands
63,006 58, 703
On New York Stock Exchange:
Market value
.
... thous. of dol_. 823,352 226, 102 232, 947 258, 535 214, 217 241, 517 400,475 352,283 536, 509 432, 974 527, 643 861, 091 869, 343
9,932
9,685
10,964
9,489
11, 903
19, 610
Shares sold
. . thousands
44,948
17,310
25, 160
21, 682
29,388 48, 026 44, 673
Exclusive of odd lot and stopped sales
7,229
8,374
7,387
35, 052
7,466
9,450 15, 933 13,437
(N. Y. Times) .
thousands
19,313 18,032 ' 24, 434 36, 997 33, 554
Shares listed, N. Y. S. E.:
33,419 34,444 34,872 35, 605 37, 738 37,374
38,812 41,411 43, 539
Market value, all listed shares. mil. of dol.. 48,438 32, 914
45, 846
46,192
1.471
1.469
1.471
1.471
1.471
1.471
Number of shares listed
millions..
1.470
1.470
1.471
1.470
1.470
1.469
1.469
'Revised.
•New series. The new bond series represents the average yield of taxable Treasury bonds (interest subject t9 both the normal and surtax rates of the Federal income
tax) neither due nor callable for 12 years; this average started Oct. 20,1941, following the issuance of the second series of such bonds; the 2^-percent bonds of 1962-67,2^-per•cent bonds of 1963-68, and 2^-percent bonds of 1964-69 are excluded because of restrictions on their purchase and negotiability. The series on dividend payments has been
revised because of certain shifts in the industrial classifications, principally a shift of leased railroad lines from "railroads" to the "finance" group. Revised data prior to
March 1942 (figures beginning March 1942 are in the May 1943 Survey) will be published later. For a description of the data see pp. 26-28 of the November 1942 Survey.
S-21
SURVEY OF CURRENT BUSINESS
July 1943
Monthly statistics through December 1941, together with explanatory notes and references
to the sources of the data, may be found in the
1942 Supplement to the Survey
1943
May
1943
1942
May
June
July
August
September
October
Novem- December
ber
January
February
March
April
FIN AN CE—Continued
SECURITY MAKKETS— Continued
Stocks— Continued
Yields:
Common stocks (200), Moody's
percent..
Banks (15 stocks)
do
Industrials (125 stocks)
_ . do
Insurance (10 stocks)
do
Public utilities (25 stocks)...
do .
Rails (25 stocks) . _
- _.
do
Preferred stocks, high-grade (15 stocks),
Standard and Poor's Corp
percent. _
4.6
40
4.3
3.8
5.5
6.2
6.9
57
6.7
4.9
8.2
7.8
6.6
56
64
4.8
8.4
78
6.4
55
6.1
4.7
8.2
77
6.3
51
6.0
4.7
8.0
75
6.1
49
5.8
4.5
7.9
73
5.8
50
55
4.4
7.2
70
5.9
5 2
5.5
4.5
7.1
80
5.7
50
5.3
4.2
7.2
86
5.4
4.5
5.0
4.1
6.8
7.9
5.1
4.4
4.7
4.1
6.3
7.3
4.8
40
4.5
3.9
6.2
68
4.8;
4.07
4.48
4.40
4.32
4.27
4.27
4.23
4.23
4.19
4.17
4.10
4.08
4.08-
Stockholders (Common Stock)
American Tel. & Tel. Co., total
number .
Foreign
"
_
do
Pennsylvania R. R. Co., total _
do _..
Foreign
_
_
do
U. S. Steel Corporation, total
do .
Foreign
_
do
Shares held by brokers.. ... .percent of total. _
639, 152
5,214
205, 259
1,374
164, 039
2,580
24.90
645, 084
5 150
207, 541
1,354
163, 586
2 573
25.20
642, 631
5 159
205, 965
1,360
163, 296
2 577
25.45
641, 301
5 184
205, 405
1,367
163, 754
2 577
24. 88
4.1
4.5'
3.9
5.8.
6.6-
FOREIGN TRADE
INDEXES
Exports of U. S. merchandise:
Quantity
1923-25=100
Value
_ do
285
Unit value
do
Imports for consumption:
Quantity
_ do
Value
do
89
Unit value . _
.'.
.do
VALUE*
Exports, total incl. reexports
thous, of dol__ 1,069,449
Exports of U. S. merchandise. _
do . 1, 060, 732
General imports
do
280, 883
Imports for consumption
do. . 284, 959
153
139
91
183
165
89
195
168
86
199
185
93
215
191
89
225
206
92
208
200
96
241
226
94
186
180
246
305-
78
58
75
86
63
73
86
66
76
78
57
74
84
62
74
95
70
74
79
59
74
166
127
76
77
77
83
86>
525, 116
519, 168
190, 592
186, 428
618, 092
612, 699
214, 919
205, 024
626, 806
621, 895
214, 384
210, 257
694, 466
688, 124
184 432
191, 759
718, 187
712, 135
195 689
199, 221
776,036
768, 912
199 392
224, 012
749, 623
743, 806
173 745
193, 555
853, 226
844, 994
356 280
405, 345
698, 245
691, 975
228 388
245, 827
678, 850
671, 211
234 293
245, 288
930, 661 1,135,710>
916, 541 1,126,957
248 470 265,856263, 171 275,711
TRANSPORTATION AND COMMUNICATIONS
TRANSPORTATION
Commodity and Passenger*
Unadjusted indexes:
174
Combined index, all types
1935-39=100-.
203
201
185
207
187
191
198
193
180
203
196
192
Excluding local transit lines _
do
180
214
209
207
186
191
196
211
206
201
203
Commodity
do
193
175
195
178
192
179
197
181
202
195
190
184
Passenger
__
do
217
202
168
241
228
226
230
207
189
181
207
209
Excluding local transit lines
_._do
211
334
255
311
304
286
284
233
302
284
286
276
By types of transportation:
r
Air, combined index
do
302
326
378
319
1-323
326
287
376
351
343
417
337
r
Commodity
_ .do _
514
514
372
349
324
311
444
474
564
438
431
406
r
Passenger
do
337
289
224
270
320)
286
236
301
296
263
270
298
Intercity motor bus and truck, combined
175
index
........1935-39=100..
'224
222
201
218
207
191
226
220
217
226.
218
210
For-hire truck
do
211
224
185
180
165
214
218
199
216
200
216
r
252
Motor bus
.do
243
244
232
227
227
235
273
207
240
250
263;
Local transit lines
do
162
162
134
165
142
134
160
134
137
163:
149
147
Oil and gas pipe lines
do
132
155
129
128
r 163
152
160
156
145
141
134
163
r
224
202
197
Railroads, combined index
do
234
229
211
212
221
209
235218
230
196
198
217"
197
221
214
209
203
Commodity.
do
216
215
195
209
Passenger
do
234
205
*"347
317
304
289
256
371J
336
339
314
296
84
Waterborne (domestic), commodity do . _
49
42
86
84
29
35
81
85
^36
65
77
Adjusted indexes:
Combined index, all types
do
209
184
175
177
195
194
190
187
214
210
194
195
Excluding local transit lines
do ...
192
181
202
189
183
218
202
200
222'
200
216
197
178
176
Commodity ..
._ ..
do
185
187
183
187*
201
186
187 v
191
200
204
172
Passenger
do
224
236
237
185
218
194
203
175
245^
218
210
r
221
Excluding local transit lines..
do
219
336
295
303
248
271
229
285
307
351
328
By type of transportation:
r
Air, combined index
do
316
261
405
431
296
287
390
323
356
313
348
421
r
372
451
421
308
519
514
454
316
325
Commodity
..
do
481
407
564
329
225
321
Passenger
do
293
245
251
373
277
236
333
258
327'
Intercity motor bus and truck, combined
r
184
180
211
198
196
index
1935-39=100.
235
226
201
238
233
234
210
r
212
225
189
165
225
208
196
201
For-hire truck
do
178
219
209
219
218
232
211
Motor bus
do
"•282
271
216
245
227
207
289
247
28&
132
149
145
149
Local transit lines _ _ _ _ _ _
do
159
159
147
154
147
139
156
157
142
132
146
135
140
148
Oil and gas pipe lines
do
154
149
151
150
150
161
211
214
221
221
216
202
208
201
214
234
236
Railroads _
__
do
243;
204
201
199
205
206
210
205
199
199
Commodity.
do
220
220
224
264
216
318
294
238
345
••364
340
225
Passenger
do
328
307
387'
T
64
62
66
67
66
57
61
57
73
67
Waterborne (domestic), commodity, do
'70
71
Express Operations
12, 922
12, 106
12, 170
12, 312
12, 168
14, 295 14, 306
13, 319
14, 773
Operating revenue
thous. of dol
18, 071
15 363
15 803
76
72
61
67
77
88
56
Operating income
do ..
68
153
157
78
145
Local Transit Lines
7. 8060
7. 8060
7. 8060
7. 8060
7. 8060
7. 8060
7. 8060
Fares, average, cash rate
_ _ cents.. 7.8060 7. 8060
7. 8060
7. 8060
7.8060
7. 8060
Passengers carried§
thousands 1,247,526 1,031,013 1,023,544 1,033,348 1,037,054 1,059,727 1,152,868 1,100,451 1,25^4,329 1,239,428 1,147,971 1,254,163 1,220,211
78, 399
78, 782
76, 494
77, 400
75, 512
93, 600 87, 326
81, 356
Operating revenues
thous. of doL.
85, 257
94, 248
93. 720
r
Revised.
J For revised 1941 monthly averages, see note 2 on p. S-20 of the April 1943 Survey; revised monthly data available on request. The December 1942 figures are overstated
owing to the inclusion of an unusually large volume of goods actually exported and imported in earlier months. Similarly, the April 1943 export figures include shipments;
valued at $160,000,000 which were actually exported in January-March.
§For 1941 figures revised to cover the same companies as for 1942. see note marked "f" on p. S-21 of the April 1943 Survey.
*New series. For data beginning 1929 for the transportation indexes see pp. 26 and 27, table 5, of the May 1943 issue.
S-22
SURVEY OF CURRENT BUSINESS
Monthly statistics through December 1941, together with explanatory notes and references
to the sources of the data, may be found in the
1942 Supplement to the Survey
1943
1943
May
July 1943
May
June
July
August
1943
September
October
Novem- December
ber
January
February
March
April
TRANSPORTATION AND COMMUNICATIONS—Continued
TRANSPORTATION— Continued
Class I Steam Railways
Freight carloadings (Federal Reserve indexes):
Combined index, unadjusted.. .1935-39=100-.
Coal
- . _j>do
Coke
do
Forest products
_
..do
Grains and grain products
do
Livestock
_ _ _
.do
Merchandise, 1. c. 1
do
Ore
-do
Miscellaneous
do
Combined index, adjusted
_
do
Coal
...
do
Coke
- . -do
Forest products
do
Grains and grain products
_do
Livestock _
_
do
Merchandise, 1. c. 1
do
Ore
....
do
Miscellaneous
_
_ .do
Freight-car loadings (A. A. R.): 1
Total cars
thousands
Coal
..
.
do
Coke
do
Forest products
. .
do.
Grains and grain products
do
Livestock
do . _
Merchandise, 1. c. 1
do
Ore
do
Miscellaneous.
do
Freight car surplus, total
_do_. .
Box cars
.
do
Coal cars
do
Financial operations:
Operating revenues, total
thous. of doL.
Freight
do
Passenger
.
do
Operating expenses
_ _ _ . do.
Taxes, joint facility and equip, rents.. _do
Net railway operating income
do
Net income
do
" Operating results:
Freight carried 1 mile . .
mil. of tons
Revenue per ton-mile
_
cents, .
Passengers carried 1 mile..
millions
Financial operations, adjusted:
Operating revenues, total
mil. of dol. .
Freight
do
Passenger _ _ _ _ _ _ _
._» _. d o _ .
Railway expenses
,... _do
Net railway operating Income
do
Net income
do
Waterway Traffic
Canals, New York State. -thous. of short tons..
Rivers, Mississippi (Gov. barges only). ..do —
Travel
Operations on scheduled ajr lines:
Miles
flown
thous of miles
Express carried _ _ _ _ _ _
thous of Ib
Passengers carried
number
Passenger-miles
flown
thous. of miles
Hotels:
Average sale per occupied room
dollars ..
Rooms occupied
percent of total
Restaurant sales index
1929=100..
Foreign travel:
U S citizens, arrivals
i .
number
U. S. citizens, departures
do
Emigrants -1 do
Immigrants -- - - do
Passports issuedc?
do
National parks, visitors
... do
Pullman Co.:
Revenue passenger-miles
thousands
Passenger revenues
thous. of doL.
COMMUNICATIONS
Telephone carriers :J
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 and cable carriers:
Operating revenues, total
thous. of dol
Telegraph carriers, total
do
Western Union Telegraph Co., revenues
from cable operations
thous. of dol
Cable carriers
do
Operating expenses
do
Net operating revenues
_
do
Net income trans, to earned surplus do
Radiotelegraph carriers, operating revenues
thous. of doL-
137
132
179
143
138
139
123
101
99
'88
62
269
145
141
156
195
138
144
181
161
62
303
144
143
155
115
159
113
4,150
4,171
49
21
5
138
76
57
325
'48
142
155
205
172
95
144
136
175
173
129
100
57
308
152
143
154
208
165
106
68
35
20
71
46
7
4,765
642.8
127.9
84.2
519.4
82.0
518.7
124.0
79.2
462
584
225
257
825
69
270
228
68
449
440
59
40
5
1.647
43
28
4
837
71
244
247
118
460
373
2 162
1,534
30
17
5
53
28
14
683, 807
537, 412
103, 463
399, 292
149, 250
135, 264
89, 243
697, 792
546, 791
104, 971
399, 706
143. 455
154, 632
105, 190
745, 584
587, 612
108 322
416, 430
144, 439
135 538
690, 108
534, 762
108, 060
406, 389
134, 770
148, 949
111, 310
62, 405
.917
61, 934
.941
66 019
.946
60, 464
.939
5,508
5,663
660.8
722.5
553.5
5,395
5,500
668.9
534.2
662.6
92.3
517.9
100.4
129.5
84.6
127.9
81.8
461
544
539.3
247
534.7
196
184,715
501.9
113.0
159.3
120.3
436
451
222
140
1 519
756, 251
585, 252
121, 448
449, 440
177, 163
129, 647
84 651
748, 798
570 136
127 915
442 149
179, 590
127 059
83 400
58, 102
.943
64, 686
.956
6 482
62 947
743.7
739.9
560.4
663, 534
513, 191
107, 224
58, 356
.967
6,314
58, 929
.934
5,914
154.9
109.3
563.2
127.5
80.9
1,452
671, 334
514, 316
111, 725
424, 201
141, 829
105, 304
62, 980
408,459
148, 942
106, 133
61, 819
5,668
710.4
553.8
576.1
117.6
591.0
152.8
111.2
107.5
553.6
576.6
133.8
92.0
0
35
15
7
129 5
615 9
124.0
82.4
o
0
0
103
101
98
8,099
4,375
283 145
127, 393
273, 022
125, 327
8 408
4 341
273 162
128, 329
240 705
112, 488
202, 623
96, 308
208 380
101, 411
3,619
233, 049
110, 983
3.26
72
121
3.43
71
128
3.45
69
125
3.74
75
143
3.70
78
134
3.73
80
135
3.79
79
137
3.56
74
132
3.60
81
131
3.66
82
136
3.56
83
140
7,569
7,459
9,263
4,935
419
7,031
10, 393
7 902
5,190
8,995
463
7,474
5,077
563
460
6,442
4,879
398
6,969
5,527
480
7 285
5 178
14,667
11,173
8,247
11,865
11,628
13,211
11, 145
389
1,673
7,880
137, 187
5,147
585
2,593
16, 244
221, 697
2,195
15,042
342, 043
5,005
344
1,932
11,635
330, 540
4,400
423
2,336
19, 128
210, 020
2,147
76 659
7 777
1,915
51, 976
7,292
3,634
7 508
3,600
5,152
1,837
7,585
1,504
12, 679
14, 638
1,782
8
4
265
124
o
280 914
132' 985
8,451
262 715
116, 104
3,974
766.7
578 4
138 0
623 1
143.6
101.6
127
320
175
256
7,353
3,097
240, 916
109, 253
3,927
35
16
6
125
10 847
8,079
3,534
666
59
169
173
58
397
95
93
369 776
144, 947
3,076
138
145
3 136
702, 995
531, 918
119, 151
431, 873
100, 271
170, 851
137, 101
708.4
63
106
143
141
158
208
3,073
706
60
164
187
52
389
63
41
19
9
551.0
109.2
124
105
118
62
••209
142
1,453
1,698
'133
152
132
133
183
138
117
61
216
141
67
35
20
120. 4,
533.3
790
75
172
237
66
421
71
1,371
62
56
138
136
140
182
135
170
3,056
705
60
160
203
51
370
55
60, 713
.936
251
130
157
3,531
57, 304
.931
401
137
143
131
92
58
48
137
141
127
154
2,834
612
57
148
176
63
340
66
58, 517
.900
499.5
140
126
149
130
189
133
142
90
3,236
649
57
16*
168
78
356
230
77, 691
131.2
87.9
55
50
132
135
119
161
138
98
4 512
118,731
486.5
56
59
135
134
116
177
3,504
661
56
199
188
71
347
336
109, 628
63, 668
79.4
130
113
113
61
193
153
665, 182
533, 086
91, 939
390, 477
141, 703
133, 001
89, 632
627.4
508.6
59
206
150
134
125
176
102
57
202
149
2,001
81.0
123
144
58
260
163
133
121
180
130
144
189
129
193
117
117
59
210
146
1,517
499.4
154
126
193
122
139
169
130
145
124
135
126
132
186
138
114
58
221
144
82
55
9
617.8
57
304
162
136
135
188
140
139
180
158
110
56
221
144
1,528
4,238
139
135
150
138
102
55
174
146
70
42
10
623, 687
501, 343
82, 268
378, 472
126, 484
184
167
106
57
176
152
4,351
1. 878
152
142
90
57
180
149
3,322
605
54
203
194
40
346
363
3,822
10, 334
45 660
177
173
3,386
661
57
204
154
45
378
359
115,933
162
103
60
183
144
142
132
830
70
245
174
62
492
420
601, 002
487, 982
74, 345
375, 440
3.55
85
111
81
197
' 163
98
62
289
142
1,920
179
165
60
318
145
141
160
199
112
62
209
143
792
71
221
222
72
488
364
139
135
1 815
12, 178
17 751
8 288
4*816
3.86
83
156
12, 772
32 270
1 ,445,506 1,496,048 1,471,500 1,843,326 1,925,459 1,961,986 1,906,714 1,869,952 2,036,175 1,849,643 2,091,358 2,126,103
10, 151
8,509
10,080
8,903
10, 169
8,092
9,638
11,018
10, 052
11, 511
10, 444
11, 627
135, 652
79, 415
44, 579
89, 370
21, 339
21, 941
135, 328
78, 897
44, 666
86, 439
22, 632
22, 048
138, 015
80, 413
45, 680
87, 832
22, 846
22, 146
142, 864
82, 507
48, 161
89 260
20, 337
22, 284
140, 447
81, 576
46, 566
87, 940
24, 310
22, 400
146, 483
82, 891
50, 766
85 655
22, 264
21, 815
134, 216
80, 078
42, 379
85, 542
22, 167
21, 888
13, 877
12 824
14, 398
13 151
14,375
14, 282
13 254
14, 617
13, 600
14, 956
13 875
14, 250
13 151
15, 970
14 667
i 14, 253
*13 138
1,104
1,303
13, 182
1,927
1
133, 076
80 070
41,616
658
1,053
13 296
678
709
1,248
1,080
712
755
819
863
1,028
1,018
1 082
1,099
11,639
905
380
11,718
11,967
958
454
11,932
11,912
787
501
946
1,108
1,204
993
999
961
1,216
1,031
1,384
12,179
11,625
1,336
1,237
812
658
998
1,007
97,411
21, 588
22, 544
146, 688
83 610
50, 274
90 310
21,197
22, 835
947
1894
i 1, 115
11, 762
id 535
!99
1,184
1,092
142, 578
82 425
48 286
87 591
21 298
22 947
1
13, 663 1 15 768
i 12 729 i 14 677
1
1
906
11 091
11,111 1 12 165
»618
1 1, 672
d
i 793
» 934
86
742
1,033
1,094
d
«• Revised.
Deficit.
^Includes passports to American seamen.
1 Data for May, August, October 1942, January and May 1943 are for 5 weeks; other months, 4 weeks.
J Data for 3 companies operating outside of United States, included in original reports for 1943, are excluded to have all figures coyer the same companies.
i Owing to changes in accounting system, 1943 figures are not comparable with earlier data above; available 1942 data on new basis are as follows: Operating revenuestotal, Jan., 13,083; Feb., 11,952; Mar., 13,339; telegraph carriers, Jan., 11,914; Feb., 10,980; Mar., 12,191; Western Union cable operations, Jan., 620; Feb., 565; Mar., 663; cable
carriers,-Jan., 1,169; Feb., 972; Mar., 1,148; operating expenses (no comparable data); net operating revenues—Jan., 886; Feb., 667; Mar., 1,393; 1942 data shown above for the
latter item are operating income.
S-23
SUEVEY OF CURRENT BUSINESS
July 1943
^Monthly statistics through December 1941, together with explanatory notes and references
to the sources of the data, may be found in the
1942 Supplement to the Survey
1943
May
1943
1942
May
June
July
August
September
October
Novem- December
ber
January
February
March
April
CHEMICALS AND ALLIED PRODUCTS
CHEMICALS
.Methanol, prices, wholesale:
0.63
0.58
Wood, refined (N. Y.)
. dol. per gallon..
.28
.28
Synthetic, pure, f. o. b. works
do
36, 154
-Explosives, shipments
thous of Ib
40, 545
Sulphur production (quarterly):
Louisiana
_
-long tons Texas
do
-Sulfuric acid, price, wholesale, 66°, at works
dol. per short ton. . 16.50
16.50
FERTILIZERS
•Consumption, Southern States
387
thous. of short tons. _
287
Price, wholesale, nitrate of soda, crude,
1.650
f. o. b. cars, port warehouses* __dol. per cwt__
1.650
32,543 29, 714
Potash deliveries
short tons
"Superphosphate (bulk):f
Production
do
440, 685
Stocks, end of month
do
760,761
0.58
.28
42, 101
0.58
.28
40, 409
0.58
.28
41, 709
0.58
.28
41, 407
0.58
.28
41, 477
148, 570
739, 665
163,810
774, 706
16.50
0.58
.28
42, 571
16.50
16.50
16.50
0.58
.28
30, 626
0.58
.28
33, 392
0.58
.28
35, 282
16.50
0.62
.28
38, 588
139, 505
525, 106
147, 850
645, 380
16.50
0.58
.28
39, 337
16.50
16.50
16.50
16.50
16. 50
148
70
66
169
200
221
340
1,006
1, 325
1,281
800
1.650
62, 959
1.650
59, 224
1.650
59,371
1.650
56,439
1.650
59,846
1.650
54,855
1.650
67,876
1.650
61, 637
1.650
56, 586
1.650
64, 616
1. 650
61,310
453, 095 445, 603 501, 592 574,721 554, 067 ,547, 576 571, 369 577, 842 577, 281
915,172 1,067,747 1,070,785 1,296,529 1,271,890 1,197,472 1,148,688 1,431,446 1,025,992
611, 773
843, 764
560,346,
610, 744
NAVAL STORES
Hosin, gum:
Price, wholesale "H" (Savannah), bulk
3.54
2.82
2.95
dol. per ewt-_
17, 992
Receipts, net, 3 ports
bbl. (500 Ib.)
21,686
18, 449
249, 087 245,086 237,420
Stocks, 3 ports, end of month
do
"Turpentine, gum, spirits of:
.63
Price, wholesale (Savannah) t-.-doL per gal .
.55
.57
8,035
8,021
Receipts, net, 3 ports
bbl. (50 gal.)
6,554
58, 481 17,758
Stocks, 3 ports, end of month .
do
22,817
OILS, FATS, AND BYPRODUCTS
Animal, including fish oils:
Animal fats:J
100, 668
Consumption, factory
thous. of Ib
1379,256
Production
.
do _ . 276, 540
1 699, 673
307, 190
Stocks, end of month
do
1 365, 870
Greases:J
61,158
Consumption, factory
do
1135,020
Production „_
_"
do . _ 47, 807
1141,187
81, 770
Stocks, end of month
do
1 102, 044
Fish oils:*
21,965
Consumption, factory
do
i 42, 798
2,637
Production
do
111,713
177, 148
Stocks, end of month
. do
'160,540
Vegetable oils, total: t
276
Consumption, crude, factory
mil. of Ib
1744
274
Production
do
1710
Stocks, end of month:
880
1761
Crude
do
423
Refined
do
1521
•Coconut or copra oil:
Consumption, factory :J
9,691
i 35, 085
Crude
thous. of Ib
5, 019
Refined
-_
do
i 12, 995
Production:
14, 671
i 17, 740
Crude t
do
3,481
Refined
do
i 13, 512
Stocks, end of month: J
188,423
1 126, 087
Crude
do
4,447
Refined
do
i 10, 017
•Cottonseed:
147
Consumption (crush) ... thous. of short tons, .
143
86
25
Receipts at mills
do
25
26
177
Stocks at mills, end of month _
do
179
118
-Cottonseed cake and meal:
67, 569
Production
.
short tons
60, 675
38, 825
Stocks at mills, end of month
do
36, 258 286, 938 249, 452
^Cottonseed oil, crude:
Production
thous. of lb_. 47, 231 46>, 042
27, 866
Stocks, end of month
_ _
do
65, 880 81, 838
49, 901
'Cottonseed oil, refined:
Consumption, factory J_ _
___
_ do
93, 763
232, 482
In oleomargarine
do
10, 235
10, 352
Price, wholesale, summer, yellow, prime
(N. Y.)
dol. per lb__
.141
.140
.138
Production
thous. of lb__ 65,677
53, 735
72, 844
Stocks, end of month
_.
.do
266, 557 394, 533 369, 205
;Flaxseed:
Duluth:
Receipts
thous. of bu_.
129
252
56
Shipments
- do
233
329
455
Stocks .
do
527
423
827
Minneapolis:
Receipts
do
585
633
813
Shipments
_.
do
130
333
90
Stocks
do
826
412
1,078
3.10
26,872
229,436
2.91
35, 415
245,937
3.30
24, 713
250,079
3.50
18,922
263, 434
3.46
19, 432
267, 144
3.43
20, 108
277, 546
3.50
7,817
276, 791
3.48
7,728
265, 912
3.57
, 7, 572
251, 799
3.50
13,437
253, 134
.58
11,466
32,164
10,421
39, 821
:55
.60
9,290
45,705
.64
6,474
49, 525
.64
6,047
51,913
.64
6,806
55,900
.64
2,102
57,627
.63
1,105
55, 071
.64
1,548
51, 321
.64
5,892
54,095
104,890
247,889
393,452
120, 265
213, 963
368, 527
137,997
220, 217
311, 526
136, 624
223, 747
289, 743
108, 682
255,989
286, 358
114, 466
290, 597
306,055
114, 315
263, 560
295, 350
110, 671
237, 931
298, 988
118, 521
210, 021
290,458
111, 060
223,448
308,448
39,945
46,259
106,004
46,245
41, 313
107, 787
42, 549
42,086
104,028
51, 239
45,084
96, 432
41, 333
45, 698
104,916
44, 716
50,942
108, 570
49, 935
45, 599
107, 104
57, 593
45, 136
96, 683
61, 067
45,023
87,460
59,857
46, 031
81, 186
16,067
10, 342
162,869
14,570
27, 575
178, 219
15, 319
27, 291
178,247
14, 496
20, 895
207, 131
11, 568
23, 845
208,237
16, 549
15, 373
215, 619
13, 164
6,420
204, 804
13, 890
4,304
204, 704
12,483
736
197, 053
15, 326
1,169
195, 551
210
214
212
212
266
333
342
432
355
419
362
416
332
402
339
359
344
352
313
321
729
458
726
373
764
312
834
299
884
354
914
407
922
438
936
438
967
446
923
445
9,316
3, 294
10, 026
5,218
7,352
2,742
8,058
2,259
7,639
2,151
7,442
3,900
6,132
3,922
7,117
3,423 .
7,422
3, 859
7,308
3,690
3,715
4,289
1,822
9,111
2,370
5,208
2,684
7,472
4,293
8,362
2,675
8,924
3,434
17, 712
3,068
14, 951
3, 454
129, 703
9,325
128, 602
6,988
121, 262
8,141
126, 739
7,243
138, 142
7,243
134, 971
6,415
136, 684
5,109
146, 491
4,732
161, 712
4,188
174, 833
4, 149
64
28
82
93
157
145
529
1,085
701
738
1,635
1,598
714
833
1,714
652
340
1,401
528
178
1,049
397
107
759
332
61
483
213
28
298
32, 083
190, 100
,40,845
133,495
224, 921
146, 533
330, 025
134, 136
317, 338
117, 778
291, 922
92, 672
234, 952
75, 866
176, 317
58,800
146, 393
39, 853
93, 988
37,431
21, 532
34, 460
28, 233
27,:907
161, 748
90, 601
232, 888
133, 726
217, 103
157, 849
200, 882
157, 212
165, 824
153, 873
123, 138
140,655
104, 833
116, 640
68, 247
89, 472
90, 054
10, 400
99, 522
11, 312
129, 952
13, 487
135, 377
15, 612
119,374
19, 126
137, 469
21, 035
132, 710
30, 050
145, 702
26, 132
134, 575
25, 187
112, 241
15,624
.140
36, 328
310,191
.139
32, 942
230, 569
.136
80, 512
199, 396
.137
169, 490
201, 427
.140
181,960
254, 713
.140
185, 433
300, 519
.140
151, 406
327, 618
.140
134, 595
318, 380
.140
119, 766
318, 303
.140
89, 836
299, 847
241
566
98
517
236
379
2,438
750
2,066
2,646
2,398
2,304
828
1,695
. 1, 437
366
887
916
24
0
940
24
2
963
10
0
972
104
173
904
447
164
468
5,438
483
835
5,678
465
2,734
5,564
554
2,780
1,320
252
2,535
744
110
2,269
581
186
1,865
627
165
1,288
1,265
305
871
1,311
113
868
i Quarterly data. Data compiled monthly beginning July 1942.
*a Not available.
•Price of crude sodium nitrate in 100-pound bags, f. o. b. cars, Atlantic, Gulf, and Pacific port warehouses. This series has been substituted beginning 1935 for the series
:shown in the 1940 Supplement; figures for August 1937 to December 1941 are the same as published hi the Supplement; for data for 1935-36 and all months of 1937 see note
marked "•" on p. S-23 of the May 1943 Survey. Prices are quoted per ton and have been converted to price per bag.
JData for the indicated series on oils and fats revised for 1941; revisions for fish oils are shown in note marked "f" on p. S-22 of the April 1943 Survey; revisions for all other
series were minor and are available on request.
fRevised series. The turpentine price shown beginning with the April 1943 Survey is the bulk price; data shown in earlier issues represented price for turpentine in
barrels and can be converted to a comparable basis with the current data by deducting 6 cents. Superphosphate is reported on a revised basis beginning September 1942,
•covering all known manufacturers of superphosphate, including Tennessee Valley Authority; the new series include all grades, normal, concentrated, and wet base, converted
to a basis of 18 percent available phosphoric acid. Earlier data include normal and concentrated superphosphate as reported by concerns which for 1939 and earlier years
accounted for about 95 percent of the value of superphosphate produced, exclusive of T. V. A. production, according to Biennial Census data; it is estimated that this earlier
-series represented approximately 94 percent of the total production, including T. V. A., for 1935,94 percent for 1937, and 89 percent for 1939. The coverage declined to around
-83 percent by the latter part of 1942, jm. the basis of comparisons with the new data. Data are shown on an 18 percent, A. P. A. basis; data in the Survey prior to the June
1943 issue are on a 16 percent basis and can be converted to 18 percent by multiplying by 0.8889.
S-24
SURVEY OF CURRENT BUSINESS
Monthly statistics through December 1941, together with explanatory notes and references
to the sources of the data, may be found in the
1942 Supplement to the Survey
1943
May
July 1943
1943
May
June
July
Au
g
ust
tember
1943
October
Novem- December
ber
January
February
March
3 582
6 746
2.97
3-383
4 910
3.17
60, 660
45, 180
44, 100
46, 320
40 879
37 820
.134
.129
73 569
71 780
27, 780' 26, 280
297 244 289 245
41 558
143
69 346
28, 560
278 601
46, 390
.153
63 214
38, 100
228, 551
44, 375
.157
62, 298
39, 360
263, 561
April
CHEMICALS AND ALLIED PRODUCTS—Continued
OILS, FATS, AND BYPROBUCTS-Con.
Elaxseed— Continued.
Oil mills:!
Consumption
thous of bu
Stocks, ^nd of month
do
Price, wholesale, No. 1 (Mpls.)--dol. per bu__
Production (crop estimate)
thous. of bu
Linseed cake and meal:
Shipments from Minneapolis, i. -thous. of lb._
Linseed oil:
Consumption, factory!
do
Price, wholesale (N. Y.)
dol. per lb._
Production!
thous. of Ib
Shipments from Minneapolis
do
Stocks at factory, end of month
do
Soybeans:
Consumption!
thous. of bu
Production (crop estimate)
___do
Stocks, end of month
do
Soybean oil:
Consumption, refinedf
thous. of lb_.
Price, wholesale, refined, domestic (N. Y.)
dol. per Ib
Production:
Crudef
_. thous. of Ib
Refined
do
Stocks, end of month:
Crude
do
Refined!.
do
Oleomargarine:
Consumption (tax-paid withdrawals)! do
Price, wholesale, standard, uncolored
(Chir
cago)
'ol ppr Ib
Production!
thous. of lb__
Shortenings and compounds:
Production
thous of Ib
Stocks, end of month!
do
Vegetable price, wholesale, tierces (Chicago)
dol. per lb_.
2 688
2,993
3.16
41, 520
44, 265
.155
50, 691
40, 380
228, 796
i 112 526
3 965
2.58
2.54
3 778
10 347
2.43
4 445
11 938
2.46
34,200
54, 640
47, 240
56,820
44 407
.136
76 308
21, 850
230 252
46 726
.134
72 023
22 750
242 879
44 383
40 198
.127
77 045
25 560
291 212
3 981
4 197
2.46
3 899
5 467
2.40
23,440
31, 440
U51 183
.141
.139
*241, 015
30, 000 1 22, 100
225, 615
46 826
.137
76 782
27, 900
211 087
25, 840
.m
84 785
24, 850
273 101
3 993
11 254
2/43
3 817
11 682
2.56
2 40 660
64, 740 '
3 713
9*006
2.76
3 2641
3 584
3.21
13, 635
1
18 497
6 595
6 218
6 081
6 893
8 145
12, 215
13, 066
14, 892
i II, 624
10, 244
5,931
1, 120
25, 213
35, 356
10 058
209, 559
34, 938
12, 293
20, 607
31, 353
28, 782
28,325
26, 230
123, 400
42,629
58, 478
63, 940
60, 393
49, 691
53, 608
62, 320
80, 168
95, 622
89, 614
.135
.135
.135
.137
.138
.138
.138
U67 945
1147 269
59 843
48 061
57 413
62 407
55 389
60 879
64, 451
55 435
75 393
58 061
92, 326
65 414
109 704
73 875
107, 739
89 103
115, 321
96 989
131, 833
105, 341
i 78, 719
76, 098
78, 350
73, 099
68,896
67, 761
52,456
55, 134
51, 364
51, 234
62, 268
51, 476
83,416
57, 080
99, 156
63, 545
108, 735
69, 995
126, 507
73, 753
126, 332
84, 221
23, 081
23 099
22, 535
24 379
29 537
35 403
39 371
42 151
53 311
50 984
57 482
32, 363
.150
27, 611
.150
27, 143
.150
29,383
150
38, 495
150
39, 604
150
46, 283
150
47, 635
.150
42,099
150
61,984
.163
62, 982
.170
70, 045
.165
43, 120
^246 304
i 63, 208
95 477
56, 823
125 918
50,953
158 107
43, 583
130 336
41, 142
96 229
37, 853
117 915
42, 648
119 748
43, 230
124 958
41, 285
134 785
38, 272
134, 111
44,603
.170
.165
.165
.165
.165
.165
.165
.165
.165
.165
.165
.165
193
49
173
32
103
29
117
36
147
33
100
45
77
37
104
00
114
45
104
34
123
42
128
45
260
594
268
517
235
406
219
385
196
410
190
481
177
456
153
394
154
360
169
443
234
590
49, 204
44, 141
18, 140
26, 000
5,064
43, 982
39, 513
17, 082
22, 430
4,469
42 221
37, 987
17 173
20, 813
4 234
41, 106
36, 935
16 748
20, 187
4 170
43 028
37, 782
17 243
20, 540
5 246
44 122
39, 186
17 906
21, 280
4 935
38, 122
34, 315
16, 221
18, 094
3,807
37, 141
33, 518
16, 905
16, 612
3,623
37, 843
33, 677
16, 221
17, 456
4,166
38, 392 r 46, 398
34, 530
42, 710
16, 726
19, 897
17, 804 *• 22, 225
4,275
3,862
235
611
I-50, 923
46, 221
20, 907
25, 313
4,702
1
80, 803
.135
122, 746
100, 182
129,161
96, 092
.165
1
122, 568
51, 920
.165
2
(a)
PAINT SALES
Calcimines, plastic and cold-water paints:
Calcimines
thous. of dol__
Plastic paints
do
Cold-water paints:
TTI rfry form
do
In paste form, for interior use
do
Paint, varnish, lacquer, and fillers:
Total
do
Classified, total
._ .
do. _
Industrial
do
Trade
_ __ _ .
do. _
Unclassified
do
ELECTRIC POWER AND GAS
ELECTRIC POWER
17, 859
14, 991
15, 182
16, 114
16, 459
16, 005
16, 262
16, 753
Production, total
mil. of kw.-hr
By source:
10, 662
9,632
10, 726
9,831
10, 877
10, 946
10 895
11, 244
Fuel
do
7,197
5, 128
5,733
5,352
5,219
5,360
5,315
5,509
Water power
_ _
do__ _
By type of producer:
Privately and municipally owned electric
15, 276
14 047
14, 086
utilities
mil. of kw.-hr
13, 326
13 394
14, 047
13 804
14, 282
2,583
2,310
2,373
1,665
1,788
1,958
2,214
2,470
Other producers
do
Sales to ultimate customers, total (Edison
14, 097
12, 487
12, 670
13, 166
13, 650
13, 712 *13, 970
Electric Institute)..
mil. of kw.-hr__
2,342
2,047
2,025
2,104
2,156
2,223
2,053
Residential or domestic . .
do
269
197
270
355
Rural (distinct rural rates)
do
216
335
386
Commercial and industrial:
2,124
2,160
2,322
2,272
2,308
2,247
2,328
Small light and power
do
7,194
7,716
7,062
7,471
7,724
7,946
7,938
Large light and powertdo
--— —
132
151
197
Street and highway lighting _
_do
143
137
185
157
313
402
305
333
376
384 N
396
Other public authoritiesi
do
509
522
522
523
520
560
568
Railways and railroads
do
92
144
Interdepartmental
do
69
69
66
118
66
Revenue from sales to ultimate customers
225, 602 227, 057 232, 460 238, 059 240, 253 243, 094 246, 749
(Edison Electric Institute)
thous. of dol._
17, 651
16, 110
17, 829
' 17, 238
11, 255
6,396
10, 220
5,890
11, 205
6,623
r
15, 237
2,444
15. 170
2,481
13, 936
2,174
15, 377
2,451
14, 824
' 2, 414
14, 747
2,522
187
14, 881
2,678
174
14, 394
2,519
176
14,810
2, 385
171
14, 782
2,318
195
2, 366
8,188
216
439
671
158
2,470
8,021
202
580
671
85
2,381
7,793
182
655
608
79
2,334
8, 369
176
638
653
84
2,349
8, 409
160
671
596
84
255,711
260, 780
253, 645
250, 823
250, 156
10, 711
9,852
404
447
46, 128
17, 517
13, 635
14, 561
10, 538
9,708
369
453
46, 954
' 19, 082
13, 033
14, 437
10, 575
9,735
380
449
45, 396
18, 647
12, 405
13, 969
10, 537
9,707
361
457
45, 037
18, 696
10, 803
15, 178
40, 166
23, 504
7,812
8.622
40, 990
23 938
8,349
8.479
39,816
22 899
8,304
8.401
39, 035
22, 814
7,413
8.592
GAS
Manufactured gas:
10, 544
10, 542
10, 656
10, 641
10, 608
10, 688
10, 667
Customers, total
thousands
9,694
9,706
9,785
9,830
9,793
9,850
9,819
Domestic
_
..do
372
359
344
348
394
House heating
do
366
387
466
467
464
Industrial and commercial
_
do
466
450
445
466
34, 873 31, 983 30, 383 29, 608
31,100 34, 926 38, 572
Sales to consumers, total
mil. of cu. ft
17, 125
16, 475
15, 954
16, 534
17, 191
18, 152
Dnrnestic
do
16, 387
2,604
1,719
1,344
5,296
1,418
3,296
8,133
House heating
_ _
_ __do
12 794
12, 035
11, 919
12, 105
13, 725
12, 267
13, 195
Industrial and commercial
do
Revenue from sales to consumers, total
thous. of dol
33, 143
31, 245 30, 202 29, 656
33, 978
35, 888
31, 196
Domestic
do
22 407 22 210
21 740
21 375
22 574
23 576 22 741
1,332
2,571
House heating
do
3,083
4,767
1,918
1, 119
1,316
Industrial and commercial
do
7. 506
6.996
7.007
7.023
7.178
7.fi67
8.188
0
Data not available.
••1 Revised.
Quarterly data. Data compiled monthly beginning July 1942. 2 Dec. 1 estimate.
! Small revisions have been made in the data for 1941 for the indicated series on oils and oilseeds. {Revisions are available
17, 681
11, 571
6,110
on request.
10, 474
'6,764
S-25
SUKVEY OF CUKRENT BUSINESS
July 1943
Monthly statistics through December 1941, together with explanatory notes and references
to the sources of the data , may be found in the
1942 Supplement to the Survey
1943
1942
May
September
May
June
July
August
1943
October
Ncrv em- December
ber
January
February
March
April
ELECTRIC POWER AND GAS—Continued
GAS— Continued
Natural gas:
Customers, total
.
thousands
Domestic
do
Industrial and commercial
._ _ do
Sales to consumers, total
mil. of cu. ft
Domestic
do ._
Indl., coml., and elec. generation
do
Revenue from sales to consumers, total
thous. of dol
Domestic
do
Indl., coml., and elec. generation.
do
8,286
7,676
607
133, 665
33, 400
97, 756
8,192
7 615
575
120, 783
23, 898
94, 151
8,242
7 664
574
119, 940
20, 180
97, 251
8,231
7 667
562
118 136
18, 485
96, 742
8,268
7,702
564
123, 041
19, 558
100, 828
8,340
7 746
591
137, 071
26, 637
107, 813
8,630
7 991
637
159, 474
39, 721
116, 754
8,467
7,804
661
179, 419
56, 292
119,349
8, 446
7,842
601
193, 526
69, 577
120, 778
8,448
7,850
596
195, 113
68, 206
123, 048
8,498
7,892
604
190, 074
63, 627
122, 497
43,738
23, 243
20, 135
36, 893
18,018
18, 525
34, 909
15, 708
18, 760
33, 754
14 ft83
18, 695
34, 766
14, 993
IP, 424
40, 916
19,122
21, 428
50, 302
26, 017
23, 856
61, 922
34, 887
26, 479
70, 863
42, 659
27, 730
69, 367
41, 204
27, 598
66, 449
38, 783
27, 055
4,705
4,717
8,253
4,813
4,699
8,159
4,421
4,236
8,121
5,218
4,550
8,565
5,891
5,547
8,661
5,984
5,683
8,705
'12,779
1, 179
9,054
470, 259
13, 746
811
10, 056
461, 146
636
8,669
453, 034
FOODSTUFFS AND TOBACCO
ALCOHOLIC BEVERAGES
Fermented malt liquorsrf
Production
_
thous. ofbbl.
Tax-paid withdrawals
do _
Ptf>^k"S, £nd of irnontb
,
do
Distilled spirits:
Apparent consumption for beverage purposes__ _
thous. of wine gal.
423
Production^
_ thous. of tax gal
7,361
Tax-paid withdrawalsf
do
445, 915
Stocks, end of month 11 _ _
do
Whisky:t
0
Production ._
do __
4,725
Tax-paid withdrawals.
do
Stocks, end of month
_._do... 430, 917
Rectifled spirits and wines, production, totalf
4,608
thous. of proof gal.
Whisky .
do
3,917
Still wines :f
Production
.
thous. of wine gal
Tax-paid withdrawals
do
Stocks, end of month--do.. .
Sparkling wines:f
Production
do
Tax-paid withdrawals
_ _ _ _ _ do
Stocks, end of month
do
6,157
5,990
8,837
6,212
5,860
8,935
6,803
6,814
8,651
6,984
6,864
8 487
12, 762
7,881
9,163
543, 095
12, 891
7,331
9,212
538, 910
15, 829
7,968
12, 801
537, 737
16, 611
6,893
15, 380
529, 089
19,284 ' 26, 807 r 13, 442 ' 15, 730 »• 12, 217
876
6,526
1,571
4,071
7,528
16, 596
15, 129
10, 273
8,583
10, 100
521. 243 507, 226 499, 350 489, 418 479, 196
6,970
5, 848
521,017
6,536
6,324
516, 919
7,039
8,585
515,847
5,744
10, 144
507, 493
4,945
10, 068
500, 147
1,797
11 439
487, 550
5,656
480, 325
o
0
6,873
471,026
0
7,114
461, 686
0
6,138
453, 387
0
6,649
444, 878
0
5, 774
437, 398
4,700
3,982
4,478
3,843
6,199
6,499
7,548
6,652
7,756
6,753
7,952
6,926
4,982
4,228
5, 399
4,628
5,177
4,619
4,836
4,238
5,536
4,785
4,780
4,074
1,063
7,027
142, 542
555
7,538
133, 195
3,542
7,916
124, 765
3,940
8,416
116, 168
19, 225
10, 747
113, 962
85, 753
11, 473
142, 851
48,360
9,963
152, 288
12,458
11, 498
141, 403
5,422
9,009
132, 012
5,327 . 3, 595
8,311
8 564
122, 707 114, 214
2,930
8,066
106, 200
120
33
978
115
44
1,050
44
54
1,037
55
69
1,019
58
93
• 979
64
121
916
68
119
854
75
159
761
41
65
730
77
62
736
153
74
812
112
79
845
«.475
190, 535
82, 666
.378
199, 314
64, 720
.369
201, 110
117, 111
OQQ
. OO_y
186, 560
148, 504
.414
167, 330
152, 198
.439
137, 375
123, 599
.465
123, 954
86, 981
.465
106, 023
45, 937
.466
116, 103
24, 979
«.476
122, 880
15, 607
M80
121, 995
12, 327
.233
109, 410
87, 560
97, 344
79, 590
.202
140, 782
120, 521
227, 689
200, 460
.202
131, 370
113,167
261, 935
228, 478
.205
113,054
96, 896
296, 763
261, 535
.210
101, 528
85, 644
279, 905
243, 596
.217
82, 837
67, 931
259, 078
224, 861
.271
71, 580
56, 884
195, 378
169, 913
.233
55, 616
42, 341
153, 806
134, 332
.233
54, 932
41, 020
131, 398
112, 348
.233
60, 155
46 545
113, 797
97, 103
.233
60, 375
46 945
93, 379
76 678
.233
74, 345
58 035
77, 615
64 890
.233
83, 590
66
740
r
79, 464
r
65 843
5.84
4.15
5.65
3.52
5.65
3.49
5.65
3.49
5.65
3.50
5.83
3.66
5.83
3.75
5.83
3.73
5.83
3.85
5.84
4.15
5 84
4 14
5 84
4.15
5 84
4.15
12, 500
376, 015
4,239
445, 605
6,050
397, 567
7,483
314, 349
8,506
270, 024
6,789
221, 679
5,580
203, 114
5,168
165, 956
7,088
178, 333
8,283
204, 698
8,952
210 315
8,510
252 339
8 79
288 923
8,178
7,445
292, 558 »"331, 571
6,733
290, 875
5,412
210, 140
"•4,149
136, 626
2,445
97, 706
2,586
90, 678
4,226
82, 672
5,286
94,071
6,395
89, 499
7,198
77, 807
6,739
114, 682
6,587
6,208
8,593
5,770
5,626
8,483
DAIRY PRODUCTS
Butter, creamery:
Price, wholesale, 92-score (N, Y.).dol. per lb_.
Production (factory) t
thous. of Ib
Stocks, cold storage, end of month
do
Cheese:
Price, wholesale, American Cheddars (Wisconsin)
dol. perlb__
Production, total (factory) t
thous. of lb_American whole milkf
do
Stocks, cold storage, end of month, _ _do
American whole milk
_
do
Condensed and evaporated milk:
Prices, wholesale, U. S. average:
Condensed (sweetened)
dol. per case
Evaporated (unsweetened)
do. __
Production, case goods:f
Condensed (sweetened)..
thous. of lb__
Evaporated (unsweetened)
do
Stocks, manufacturers', case goods, end of mo.:
Condensed (sweetened)
_thous. of lb__
Evaporated (unsweetened)—
do
Fluid milk:
Price, dealers', standard grade.dol. per 100 lb._
Production
mil. of lb._
Utilization in manufactured dairy products t
mil. of Ib—
Dried skim milk:
Price, wholesale, for human consumption,
U. S. average
dol. per lb._
Production, totalfthous. of lb._
For human consumption t
do
Stocks, manufacturers', end of month, total
thous. of lb._
For human consumption.
do
9, 121
252, 422
T
«.485
«.476
140, 075, 150, 185
16, 676 r 30, 190
3.16
11, 904
2.75
12, 124
2.75
12, 555
2.75
11, 765
2.76
10, 766
2.82
9,498
2.85
8,903
2.93
8,172
2.95
8,473
3.00
8,773
3.08
8,380
3.09
9,759
3.14
10, 245
6,099
6,671
6,520
5,846
5,227
4,3UO
3,864
3,222
3, 478
3,740
3,729
4,580
4,769
.138
59, 975
56, 950
.126
79, 578
71, 427
.126
76, 229
68, 673
.127
64, 901
58, 554
.129
58, 273
52, 896
.131
47, 568
43, 957
,133
39, 913
36, 853
.132
31, 186
28, 809
.134
34, 419
32, 134
.137
30,800
29,000
.137
31, 900
29, 200
.138
42, 150
40, 150
.139
47, 500
45, 350
' 61, 651 ' 62, 226 ' 49, 041 «• 41, 826 r 32, 392 r 19, 570 r 17, 833
27,060
' 56, 336 r 55, 405 ' 43, 200 r 36, 703 ' 28, 432 r 17, 332 r 16, 322 ' 26, 329
27,729
26, 673
26, 164
24,995
30, 652
29, 884
33, 065
32, 352
43, 907
42, 984
FRUITS AND VEGETABLES
Apples:
Production (crop estimate)
thous. of bu.
127, 655
707
7,462
5,523
742
790
1,854
1,845
3 893
11, 432
Shipments, carlotj
no. of carloads
4 891
4 746
2 793
32,
706
35,76L
11,
105
0
Stocks, cold storage, end of mo. -thous. of bu. . 1,760
9,403 ' 4, 623
23,663
30, 577
0
0
a,. 253
16, 549
12, 335
16, 084
11, 578
9,947
19, 440
19, 428
12, 407
8,888
Citrus fruits, carlot shipments! no. of carloads. _ 17, 190
19, 173
17, 529
21, 736
18, 247
Frozen fruits, stocks, cold storage, end of month
thous. of lb._ 96, 244 106. 538 129,334 186,003 207, 767 225, 104 221,727 206, 396 188,041 172,103 145, 272 124, 392 r 98, 967
Frozen vegetables, stocks, cold storage, end of
49 548
65, 358 88, 248 102,186 117 796 115, 810 115, 845 103 333
month
thous oflb
56, 403
92 344
74 821
70 478
62 076
Potatoes, white:
2.883
1.615
2. 9192.581
2.275
2.206
1.950
2.150
Price, wholesale (N. Y.)
dol. per 100 lb_. 4.936
2.379
2.800
3.394
3.460
371, 150
Production (crop estimate)!
thous. of bu._
Shipments, carlottno. of carloads. _ ~i8,~490~ "21 "228" ~24"6§r ~lif~472" "l6"026" ~I5~223~ ~22~998~ ~15~924~ 15, 846 "21.~33r ~2l.~514~ ~23.~398~ ~~12~684
1
' Revised.
December 1 estimate.
^Revisions for Jan.-Apr. 1942 are available on request.
« Reflects all types of wholesale trading for cash or short-term credit; base ceiling price comparable with data prior to January 1943 is $0.47.
UNot including data for unfinished and high-proof spirits, which are not available for publication. For revised data for 1941, see p. S-24 of the February 1943 Survey.
fData for the indicated series on alcoholic beverages revised for July-December 1941 (see note marked " V regarding other series); revised 1941 monthly averages are available in note marked "t" on p. S-24 of the April 1943 Survey. Corresponding monthly revisions, which in most cases are minor, are available on request. Data for the utilization of fluid milk in manufactured dairy produ9ts have been revised to include the milk equivalent of dry whole milk and condensed bulk goods; earlier revisions will be
shown later. 1941 revisions for other indicated dairy products series are shown in notes marked "t" on pp. S-24 and -25 of the March 1943 Survey; revisions in the 1942 data
not shown above are given at the bottom of p. S-28. Crop estimates for potatoes have been revised beginning 1929; revised 1941 estimate is 355,602; earlier revisions are available on request.
S-26
July 19431.
SURVEY OF CURRENT BUSINESS
Monthly statistics through December 1941, together with explanatory notes and references
to the sources of the data, may be found in the
1942 Supplement to the Survey
1943
May
1942
May
June
July
August
1943
September
October
Novem- December
ber
January
February
0.80
.96
0.83
97
0.86
98
0.85*
.99--
7,725
9,771
7,456
9,000
8,969
6,987
8,8H
7, 224
10, 922
11,387
10, 581
11, 513
no, 713
.97
1.09
.92
.97
1.15
.93
1.01
1.20
.96
1.03
1.22J
1.03-
March
April
FOODSTUFFS AND TOBACCO—Continued
GRAINS AND GRAIN PRODUCTS
Barley:
Prices, wholesale (Minneapolis) :
No. 3, straight
dol. per bu._
0.84
No. 2, malting
do
99
Production (crop estimate) t - thous. of bu
Receipts, principal markets
do
Stocks, commercial, dom., end of mo. __ do
8,767
Corn:
Qrindings, wet process
do
3 10, 107
Prices, wholesale:
No. 3, yellow (Chicago)
_dol. per bu__
1.06
No. 3, white (Chicago)
do
1.23
Weighted avg., 5 markets, all grades. -do
1.04
Production (crop estimate) f
thous of bu.
Receipts, principal markets
do. _ _ . 22,507
Stocks, domestic, end of month:
Commercial
_
_
do _
24 173
On fqrmsf
do
Oats:
Price, wholesale, No. 3, white (Chicago)
dol. per t bu__
.65
Production (crop estimate) f thous. of bu
Receipts, principal markets.!
do __
10, 002
Stocks, domestic, end of month:
Commercial
do
8 761
On farms!
. _ _
do Rice:
Price, wholesale, head, clean (New Orleans)
dol. perlb._
.067
Production (crop estimate)!
thous. of bu__
California:
Receipts, domestic, rough
bags (1001b.)__ 431, 401
Shipments from mills, milled rice
do . _ 401 271
Stocks, rough and cleaned (in terms of
cleaned rice) , end of mo
bags (100 Ib.) . _ 255, 036
Southern States (La., Tex., Ark., and Tenn.):
Receipts, rough, at mills
thous. of bbl. (162 lb.)__
168
Shipments from mills, milled rice
thous. of pockets (100 lb.)__
642
Stocks, domestic, rough and cleaned (in
terms of cleaned rice), end of month
thous. of pockets (100 lb.)__
974
Rye:
Price, wholesale, No. 2 (Mpls.)--dol. per bu~
.87
Production (crop estimate)! ---thous. of bu_.
Receipts, principal markets
do
Stocks, commercial, dom.. end of mo__.do
22, 656
Wheat:
Disappearance, domestic!
do
Prices, wholesale:
No. 1, Dark Northern Spring (Minneapolis)
dol. perbu..
1.42
No. 2, Red Winter (St. .Louis)
do~~
1.58
No. 2 Hard Winter (K. C.)
....do— .
1.38
Weighted av., 6 markets, all grades. -do
1.40
Production (crop est.), totalf thous. of bu
Spring wheat
do. -_
Winter wheat .
do
Receipts, principal markets
do
37, 271
Stocks, end of month:
Canada (Canadian wheat)
do
390, 802
United States domestic total ^t
do
Commercial
do
173, 113
Country mills a,nd elevators!
do
Mercha"nt mills
'
do
On farms!
do
Wheat flour:
Grin dings of wheat . . .
do
Prices, wholesale:
Standard patents (Mpls.)
_dol. per bbL .
6.45
Winter, straights (Kansas City)
do—
6.07
Production (Census):
Flour, actual
thous. of bbl. .
Operations, percent of capacity
Offal
thous, of lb-_
Stocks held by mills, end of month
thous. of bbl
0.76
.92
0.68
.89
0.65
.80
0.64
.82
0.64
.85
0.61
.88
6,064
4,541
6,916
3,600
4,118
3,015
18, 872
5,691
15, 566
10,551
14, 963
11,887
0.74
.95
1426,150
9,436
9,967
12,154
10, 743
11,067
10, 752
10, 679
10, 749
10, 642
11, 276
11, 175
.85
.98
.84
.85
.96
.84
.86
1.00
.85
.84
1.02
.86
.84
1.06
.85
25,755
22,448
23,578
20, 126
22, 183
64, 408
57, 012
761, 363
49, 747
43, 697
.55
.49
.48
5,813
3,671
3,776
0.65
.90
.77
1.04
.77
.81
.89
;
1.07
1.08
.85
* .79
13, 175, 154
27, 835 30, 999 41, 389
35, 929
37, 303
30,568
26, 433-
38, 641
2423,758
39, 969
40, 734
42, 829
48, 769
42, 326
1,395,112
29, 463
.49
.49
.47
6,642
16, 918
17, 414
13, 125
2,109
2192,398
2,191
5,132
10, 123
1,132,933
12, 106
10, 451
.073
.070
.070
.069
.067
.062
437,981
200, 430
479, 241
398, 201
196, 964
167, 716
40, 293
69, 944
493
36, 666
299,986
197, 938
152,048
107,281
43, 407
2,277,332
.54
*1,358,730
6,209
6,783
.50
.59
.60
.64
.67'
6,353
7,894
8,568
8, 362.
9,534
887, 575
7,649
7 608
6, 182
508, 208
5, 083
.067
.067
1 66, 363
.067
.067
.067
.067-
394, 062
60, 150
531, 917
111, 630
543, 339
383, 414
484, 751
319, 526
541, 602
290 039
528, 399
326, 014
395. 030'
339, 188
70, 919
247, 027
457, 565 428, 358
367, 863
421, 529 •416,408 ' 335.955
70
105
14
298
1,295
2,902
2,717
2,293
1,297
965
530
[214
471
•253
187
253
781
1,764
1,947
2,091
1,730
1,009
1,331
789
439
282
109
158
677
1,908
2,787
3,100
2,769
2,680
1,954
1,429
.69
.60
.61
.59
.65
.59
.59
.75
.79
.83
.81
1,133
17,240
861
17,034
1,269
17, 212
2,508
17,288
2,393
18, 477
3,846
19,295
.70
157,341
1,577
1,061
19, 761 19,889
802
1,345
19,645
2,943
20, 458
21,053
178,628
1.20
1.20
1.15
1.16
1.14
1.19
1.11
1.11
1.14
1.22
1.08
1.10
1.13
1.26
1.11
1.11
1.19
1.33
1.20
1.18
1.19
1.38
1.21
1.15
53,694
45,416
17,354
23,416
61,645
38,951
398, 178
390, 572
378,091
221, 804
384, 746
631,970
224, 441
142, 583
96 837
163,700
36, 141
37, 842
41, 465
40, 920
44, 563
47, 703
5.84
5.26
5.51
5.09
5.60.
5.01
5.73
5.13
5.95
5.45
6.04
5.60
7,903
54.6
628,939
8,279
55.0
656,814
9,075
60.4
718,093
8,968
59.6
705,516
9,793 10,497
67.9
67.4
765, 128 817,014
3,619
261, 422
19,924
218,806
234,957
386,956 425,614
1,378,224
266, 149 269, 290 268, 658
257, 765
151, 927
644, 146
1.32
1.48
1.31
1.28
1981,327
1278,074
1703,253
32,261 31,811
1.20
1.32
1.23
1.17
258, 862
1.39
1.54
1.37
1.36
1.41
1.55
1.37
1.38
1.44
(a)
1.40
1.41
1.40'
1.52
1.3S
1.39
35, 398
36,106
47, 528
36, 334
447,960 447,094
1,159,418
259,487 245, 150 230, 639
235, 221
139, 385
494, 662
438, 615
409, 388
214, 954
420, 863
900 556
212, 131
174, 591
123 455
327, 667
43,307
46,069
49,959
44,286
47, 927
40, 668
6.09
5.60
6.18
5.60
6.33
6.12
6.35
6.16
6.38
6.20
6.44
6.11
9,516
68.8
743,560
10, 152
67.9
787,629
11,037
73.8
847,171
9,780
70.7
752, 936
10, 569
66.8
818, 299
8,972
59.2
693,035
435,180
3,925
3,838
194, 163
4,235
LIVESTOCK
f,
Cattle and calves:
Receipts, principal markets
2,398
2,605
2,535
1,845
1,684
1,831
2,995
1,541
3,811
1,661
1,953
1,613
1,597
thous. of animals. Shipments, feeder, to 7 corn belt States
91
74
173
119
294
314
118
80
180
87
72
486
80
thous. of animalsPrices, wholesale:
13.63
15.54
15.71
13.11
14.87
14.84
14.85
15.14
13.22
15.21
15.44
15.30
14.84
Beef steers (Chicago)
dol. per 100 Ib
14.49
11.09
12.05
13.49
11.83
11.64
12.62
12.00
11.83.
12.24
12.67
14.58
14.60
Steers, stocker and feeder (Kan. City) _do_
15.00
13.13
14.00
14.63
13.70
13.50
14.40
13.50
13.00
13.50
14.25
13.50
Calves, vealers (Chicago)
do
13.88
• No quotation.
r Revised.
1 December 1 estimate.
23 Includes old crop only; new corn not reported in stock figures until crop year begins in October and new oats until the crop year begins in July.
For domestic consumption only, excluding grindings for export.
JThe total beginning June 1942 includes comparatively small amounts of wheat owned by the Commodity Credit Corporation stored off farms in its own steel and wooden
bins, not included in the break-down of stocks. June figures include only old wheat; new wheat not reported in stock figures until crop year begins in July.
{Revised series. The indicated series have been revised as follows: All crop estimates and corn and oat stocks on farms beginning 1929; domestic disappearance of wheat
beginning 1934; wheat stocks beginning 1926. Revised 1941 crop estimates and December 1941 stock figures are on pp. S-25 and S-26 of the February 1943 Survey; revised 1941
quarterly or monthly averages for all series other than crop estimates are given on pp. S-25 and S-26 of the April 1943 issue, in notes marked "!". All revisions are available on request.
S-27
SURVEY OF CURRENT BUSINESS
July 1943
Monthly statistics through December 1941, together with explanatory notes and references
to the sources of the data, may be found in the
1942 Supplement to the Survey
May
1943
1943
1943
May
June
July
August
September
October
Novem- December
ber
January
February
March
April ,
FOODSTUFFS AND TOBACCO—Continued
LIVESTOCK— Continued
Hogs:
Receipts, principal markets .thous. of animals..
Prices:
Wholesale, average, all grades (Chicago)
dol. per lOOlb..
Hog-corn ratiot
bu. of corn per cwt. of live hogs..
Sheep and lambs:
Receipts, principal markets
thous. of animals..
Shipments, feeder, to 7 corn belt States. _do
Prices, wholesale:
Lambs, average (Chicago) __dol. per 1001b._
Lambs/feeder, good and choice (Omaha)
dol. per 100 lb_.
3,321
2.630
2,896
2,452
2,187
2,529
2,687
3,310
4,225
3,431
2,815
3,027
2,844
14.44
14.07
14. 19
14.25
14.37
14.45
14.98
13.96
14.01
14.78
15.35
15.59
15.13
13. £
16.3
16.3
16.6
16.9
1
16.4
18.2
17.7
16.5
16.0
16.2
15.5
14.3
2,074
171
1,855
163
1,832
105
2,138
135
2,772
387
3,657
720
3, 741
976
2,780
452
2,379
175
1,939
159
1,671
173
1,738
174
1,603
130
15.82
14.64
14.75
14.18
14.60
14.16
14.30
14.53
15.39
15.86
15.91
16.24
15.98
14.07
11.76
00
12.52
12.94
12.89
12.20
12. 35
13.12
13.59
14.26
14.91
14.42
1,328
1,374
893
110
1,447
1,531
823
112
1,403
1.447
729
109
1,326
1,329
607
94
1,406
1,449
519
80
1,413
1,532
521
72
1,404
1.553
579
73
1.557
1,887
829
86
1,404
1,632
913
81
\l, 213
1,380
956
84
1,374
1,490
909
79
1,320
1,384
'864
'86
562, 214
632, 756
606,544
614,900
634, 822
675, 290
535, 969
557, 014
546, 821
499,481
534, 497
475, 877
.213
530, 200
99, 075
.210
609, 840
81, 556
.209
.210
606, 516 613, 620
82, 647. 83, 288
.210
641, 531
95, 146
.210
686,028
116, 892
.210
548, 612
130, 454
.216
547, 100
127, 034
.220
522, 960
107, 185
.220
489, 664
102, 246
.220
.220
534, 147 466,858
97, 736 ' 92, 981
62, 497
61, 158
5,711
58, 964
58, 899
5,313
66, 734
66, 916
5,487
70, 790
72, 821
7,602
83, 407
86, 982
11, 260
'84,004
90, 733
17, 896
72, 380
82, 547
26, 462
76, 839
87, 881
34, 819
58, 877
71, 225
24, 885
52, 424
63, 412
19, 748
56, 571
59, 279
64,804
64,101
12,571 'II, 649
702, 864
782, 338
755, 213
861,804
729, 544
773, 247
640, 169
642, 827
687, 628
720, 437
653, 932
755, 565
795, 162 923, 282 797, 985 660 876
922, 019 1,251,573 1,037,942 826^ 672
.300
.291
597, 129
559, 849
.295
.293
654, 697
522, 173
.295
.294
582, 774
433, 547
.303
.298
496, 360
336, 634
.325
.310
557, 953
270,287
.325
.311
590, 541
257,445
.293
.284
721, 781
291, 841
.293
.284
952, 397
490, 476
.293
.284
793, 048
588, 419
.293
.284
638, 132
627, 399
86, 333
85, 093
86, 356
82, 097
87, 170
66, 631
108, 432
153, 448
125, 961
100, 203
.126
.143
135, 081
117, 995
.127
(«)
151,017
102,260
.128
.139
139, 042
98, 349
.129
.139
106, 660
85, 274
.129
.139
118, 236
62, 143
.136
.142
119, 978
57, 547
.139
.146
145,578
57,434
.139
.146
218, 107
91, 333
.139
.146
178,549
111, 867
.139
.146
137, 304
122, 240
.218
29, 762
80, 242
.206
32, 493
79, 200
.209
34, 435
79, 346
.224
37,307
86, 645
.230
46, 666
115, 505
.210
58,910
161,011
.209
78,661
193, 263
.234
64, 495
187,943
.245
28, 484
142,002
.245
19,009
101, 741
.299
5,782
.304
4,745
.316
4,095
.337
3,547
.351
3,019
.390
2,725
.390
2, 558
.390
3,006
.384
3,769
.355
4, 577
6 945
223, 831
7,935
278, 499
7,754
290, 529
6,751
272, 042
5,421
234, 876
3,117
180, 329
1,170
126, 321
273
82, 948
214
59, 781
974
56, 508
144
137
773
635
453
348
560
418
269
136
519
366
716
508
510
384
506
378
414
248
732
682
591
471
615
515
.134
646
.134
825
.134
1,079
.134
973
.134
795
.134
539
.134
381
.134
361
.134
703
.134
247
.134
554
.134
383
.134
530
.037
.037
.037
.037
.037
.037
.037
.037
.037
.037
.037
.037
.037
.067
.055
.065
.055
.066
.055
.066
.Q55
.066
.055
.068
.055
.068
.055
.068
.055
.068
.055
.068
.055
.068
.055
.068
.055
.068
.055
29, 676
33,831
32, 139
MEATS
Total meats (including lard):
Consumption, apparent
mil. of lb_.
Production (inspected slaughter)
do
~~~1~54T
Stocks, cold storage, end of month
do
875
Miscellaneous meats
do
92
Beef and veal:
Consumption, apparent
thous. of lb_.
Price, wholesale, beef, fresh, native steers
(Chicago)..
dol. per lb..
.220
Production (inspected slaughter) -thous. of lb_. 459, 331
Stocks, beef, cold storage, end of mo
do
89, 985
Lamb and mutton:
Consumption, apparent _
do
Production (inspected slaughter). __ _ do
69, 941
Stocks, cold storage, end of month
do
10, 283
Pork (including lard) :
Consumption, apparent
do
Production (inspected slaughter)
do
1,015,157
Pork:
Prices, wholesale (Chicago) :
Hams, smoked
dol. per lb._
.293
Fresh loins, 8-10 Ib. average
do
.284
Production (inspected slaughter) _thous. of lb._ 771, 300
Stocks, cold storage, end of month
do
518, 953
Lard:
Consumption, apparent
,.
do. __
Prices, wholesale:
Prime, contract, in tierces (N. Y.)
dol. per lb. .
.139
Refined (Chicago)
.
do
.146
Production (inspected slaughter). thous. of lb__ 177, 699
Stocks, cold storage, end of month
do
163, 403
783, 126
891, 478
784, 700
853, 259
.293
.293
.284
.284
703, 700 670, 622
591, 597 '1,524,049
84, 976
72, 411
.139
.139
.146
.146
136, 444 132, 836
128, 264 ' 149,141
POULTRY AND EGGS
Poultry:
Price, wholesale, live fowls (Chicago)
dol. per lb._
.250
Receipts, 5 markets
_
thous. of lb._
9,469
Stocks, cold storage, end of month
dp
20, 926
Eggs:
Price, wholesale, fresh firsts (Chicago) t
.379
dol. per doz._
Production
millions
6, 506
Stocks, cold storage, end of month:
Shell
thous of cases
8,260
Frozen ..
.. thous. of lb 249, 894
.245
.246
9,452
14,290
58, 079 ' 32, 513
.374
6, 462
.372
6,727
3,236 r 6, 227
99, 180 ' 172,279
TROPICAL PRODUCTS
Coffee:
Clearances from Brazil, total.. thous. of bags..
To United States
do
Price, wholesale, Santos, No. 4 (N. Y.)
dol. per lb__
Visible supply, United States. thous. of bags..
Sugar, United States:
Raw sugar:
Price, wholesale, 96° centrifugal (N. Y.)
dol. per lb._
Refined sugar, granulated:
Price, retail (N. Y.)
do__._
Price, wholesale (N. Y.)
do
MISCELLANEOUS FOOD PRODUCTS
Candy sales by manufacturers... thous. of dol_. 26, 997
Fish:
Landings, fresh fish, prin. ports, -thous. of lb..
~~34~388~
Stocks, cold storage, end of monthf
do
Gelatin, edible:
Monthly report for 7 companies:
Production
do
2,150
2,071
Shipments
.
do
2,431
Stocks .
do..
22,830
19, 177
20, 136
23,962
29,234
35,665
32,099
32, 741
28, 212
48, 682
55, 036
49, 195
63,411
48,887
81,496
49, 307
100,088
40, 021
109,428
38, 659
115, 128
28.449
114, 198
13, 370
105, 343
15, 733
74,949
2,116
1,940
3,819
1,860
2,151
3,528
1,962
2,292
3,198
1,715
2,130
2,783
1,712
1,907
2,588
2,128
2,050
2,666
2,217
2,339
2,544
2,014
2,054
2,504
1,913
1,927
2.490
30,434
25, 906
17, 526
'52,902 ' 29, 782 '[21, 371
2,078
2,147
2,421
1,961
1,863
2,519
2,046
2,214
2, 3'52
' Revised.
« No quotation.
% Data compiled by the Department of Labor from a trade journal have been substituted, beginning in the May 1943 issue, for the Department of Agriculture's series
formerly shown which has, been discontinued; except for the difference in source, the series is the same as that published in the 1942 Supplement.
Prior to January 1943, data are as of the 15th of the month.
Revised series. Data revised beginning 1913. Revisions beginning February 1942 are in the March and April 1943 issues; earlier revisions are available on request.
?
S-28
SURVEY OF CURRENT BUSINESS
May
1943
1943
1943
Monthly statistics through December 1941, together with explanatory notes and references
to the sources of the data, may be found in the
1942 Supplement to the Survey
July 1943
May
June
July
August
Sep-
tember
Octo-
ber
Novem- Decem-
ber
ber
Janu-
ary
Febru-
ary
March
April
FOODSTUFFS AND TOBACCO—Continued
TOBACCO
Leaf:
Production (rvrop
fistimatfi)
mil nf]h
Stocks, dealers and manufacturers, total, end
of quarter
_
mil. of Ib
Domestic:
Cigar leaf
.
. d o
Fire-cured and dark air-cured
do
Flue-cured and light air-cured—.. _ do
Miscellaneous domestic
do
Foreign grown:
Cigar leaf
do
Cigarette tobacco
do
Manufactured products:
Consumption (tax-paid withdrawals):
Small cigarettes
.
millions
18, 476
441, 372
Large cigars
,
thousands
Mfd. tobacco and snuff
thous. of lb._ 23, 906
Prices, wholesale (list price, composite):
Cigarettes, f. o. b.f destination.-dol. per 1,000..
6.006
(2)
Cigars, delivered
do
Production, manufactured tobacco:
Total
thous oflb
Fine-cut chewing
do
Plug
do
Scrap chewing
do
Smoking
do
Snuff
do
Twist.
'
do
.
l
l 417
3,177
3,260
3,434
3,301
426
280
2,366
4
381
249
2, 519
3
337
242
2, 752
3
2.544
24
85
22
77
22
68
22
78
376
287
3
18, 455
457, 767
25, 181
20,004
532, 390
27,807
20, 875
510, 823
27, 013
20, 941
498, 872
25, 329
21, 978
519, 976
27, 329
23, 075
633, 350
30, 956
20, 447
474, 348
25, 882
19, 716
685, 002
24, 081
20, 370
436, 744
25, 297
17, 678
410, 599
22, 691
20, 612
427, 836
26, 856
5.760
46 592
5.760
46 592
5.760
46. 592
5.760
46. 592
5.760
5.760
6.006
6.006
6.006
6.006
6.006
(2)
25 950
28 207
29 443
26 475
27 535
29 845
26, 273
24 857
29 266
4,878
4,047
14, 912
3,366
4,933
5,243
15, 025
3,264
4,749
4,724
13, 259
2,799
5,128
4,260
14, 035
3,169
5,036
4,624
15, 980
3,252
28,209
425
4,686
4,033
15, 247
3,297
522
25, 636
4,297
3,768
13, 705
3,302
4,061
3,795
13,046
3,783
4,684
3,676
13, 317
3,681
4,608
3,907
11, 663
3,824
5,368
4,150
14, 447
4,344
420
459
481
522
446
534
437
506
(2)
437
507
(2)
426
526
(2)
(2)
429
522
(2)
413
503
(2)
356
500
19, 943
451, 899
25, 135
6.006
(2)
399
559
LEATHER AND PRODUCTS
HIDES AND SKINS
Livestock slaughter (Federally inspected):
Calves
_
thous. of animals
Cattle
do
Hogs
do
Sheep and lamb
do
Prices, wholesale (Chicago):
Hides, packers', heavy, native steers
dol. per Ib...
Calfskins, packers', 8 to 15 Ib ._
do
LEATHER
Production:
Calf and kip
thous. of skins
Cattle hide
thous. of hides
Goat and kid
thous. of skins
Sheep and lamb.
do
Prices, wholesale:
Sole, oak, bends (Boston) f
dol. per Ib
Chrome, calf, B grade, black, composite
dol. per sq.ft..
Stocks of cattle hides and leather, end of
month:
Total
thous. of equiv. hides
Leather,- in process andfinished. . do
Hides, raw
do
328
774
471
885
475
461
460
513
578
501
476
982
340
928
331
854
410
923
365
796
5,357
1 622
4,320
1,475
1,039
4,554
1,481
1,048
3,886
1,705
1,103
3,223
1,840
1,159
3,843
2,223
1,280
4,218
2,344
1,018
5,023
2,126
6,778
2,175
5,431
1,724
4,335
1,499
4,661
1,495
4,463
1,458
.155
.218
.155
.218
.155
,218
.155
.218
.155
.218
.155
.218
.155
.218
.155
.218
.155
.218
.155
.218
.155
.218
.155
.218
.155
.218
923
2,240
2 983
989
2,590
3 637
4,989
1,031
2,549
3 498
4,514
1,053
2,616
3,045
4,147
1,093
2,402
2,433
4,287
1,029
2,401
2 735
4,150
1,073
2,647
2,933
4,462
1,009
2,460
2,660
4,860
1,045
2,647
3,169
4,543
969
2,451
3, 017
4,844
973
2,436
2 984
5,023
1,082
2,516
3,597
5,027
r 2, 401
'986
3,383
4,918
.440
.440
.440
.440
.440
.440
.440
.440
.440
.440
.440
.440
.440
.529
.529
.529
.529
.529
.529
.529
.529
.529
.529
.529
.529
.529
11 070
7,505
3, 565
13 217
8,933
4 284
12, 930
8,951
3 979
12, 485
8,789
3,696
12, 519
8,639
3,880
12, 590
8,623
3,967
12, 597
8,680
3,917
12, 429
8,652
3,777
12, 225
8,591
3,634
11, 964
8,420
3,544
11, 827
8,174
3,653
11, 590
7,986
3,604
' 11, 197
«• 7, 717
r 3, 480
LEATHER MANUFACTURES
Gloves and mittens:
Production (cut), total
dozen pairs
313 765 289 850 295,243 272, 256* 268, 191 295 715 260, 337 274, 695
Dress and semidress
do
198 438 178 452 177 707 159 056 150 656 166 831 146 021 156 680
115 327 111 398 117, 536 113, 200 117, 535 128, 884 114, 316 118, 015
"Work
do
Boots, shoes, and slippers:
Prices, wholesale, factory:
6.75
6.75
6.75
6.75
6.75
6.75
6.75
6.75
6.75
6.75
6.75
6.75
6.75
Men's black calf blucher
dol. per pair__
4.60
4.60
4.60
4.60
4.60
4.60
4.60
4.60
4.60
Men's black calf oxford, corded tip
do
4.60
4.60
4.60
4.61
3.50
3.50
Women's plain, black, kid bluchers f.-do
3.50
3.50
3.50
3.50
3.50
3.50
3.50
3.50
3.50
3.50
3.50
Production, boots, shoes, and slippers:
I
40, 316
37, 504
37, 797 r 41, 945
38, 812
37, 119
39, 694
41, 800
35, 247
38, 501
40, 982
d9,986
Total
thous. of pairs
367
320
492
341
512
460
424
460
475
415
453
327
Athletic
do
1,380
175
395
1,568
147
227
305
899
1,188
478
368
317
All fabric (satin, canvas, etc.) do
904
738
892
727
613
555
671
901
801
700
1,003
Part fabric and part leather
do
1,007
33, 252
32, 351
31, 992
31, 777 f 34, 811
31, 092
36, 022
28, 974
33, 411
33, 054
33, 041
High and low cut, leather, total
do
34, 196
4,002
4,090
4,263
3,424
3,333
3,831
3,913
3,879
Government shoes
do
3 614
3,763
3 675
3 960
Civilian shoes:
1,379
1,323
1,481 ' 1, 486 1,578
1,422
1,571
1,630
1,467
J, 401
1,549
1, 164
Boys' and youths'
do
2,283
2,079
2,124
2,019
2,128
2,136
2,101
2,095
2,187
2,161
2,003
2,048
Infants'
do
2,923
3,602
3,603
3,224
3,080
2, 773
2,797 1 2,966
3,344
3,259
2,743
3,236
Misses' and children's
do
' 7, 775 7,819
8,552
7,235
7,410
8 530
8 263
7,561
7,119
7,814
7,086
Men's
do
8 310
14, 540
12, 521
14, 244 r 16, 211
14, 280
16, 374
15, 003
13, 660
15, 098
14, 047
13 916
Women's
do
14, 496
Slippers and moccasins for housewear
3,621
3,823
4,083
3,850
3,682
3,053 ' 3, 578 3,705
4,219
4 447
3,989
2,749
thous. of pairs
462
751 ' 1, 071
650
567
1,018
722,
395
1,283
647
664
695
All other footwear
do
r
2
-T r Revised.
1 December 1 estimate.
Not available; data are being revised.
•(•Revised series. The price series for sole oak leather is shown on a revised basis beginning with the October 1942 Survey; revisions beginning July 1933 are available on
request. The shoe price series for plain, black, kid blucher has been substituted beginning in the June 1943 issue for the colored, elk blucher series formerly shown; data beginning 1940 are shown in footnote market "t" on p. S-28 of that issue.
NOTE FOB DAIRY PRODUCTS, p. s-25.—Revisions in January-April 1942 figures for the indicated dairy products series are' as follows: Butter—Jan., 119,459; Feb., 116,571;
Mar., 134,455; Apr., 147,144; monthly average, 146,282. Cheese, total—Jan., 77,514; Feb., 78,983; Mar. 96,221; Apr. 110,189; monthly average, 92,884. Cheese, American—Jan.,
62,363; Feb., 64,036; Mar., 78,305; Apr., 92,099; monthly average, 76,767. Condensed milk—Jan., 3,198; Feb., 3,892; Mar., 5,189; Apr., 4,230; monthly average, 5,618. Evaporated
milk—Jan., 314,920; Feb., 304,804; Mar., 340,999; Apr., 361,154; monthly average, 293,209. Dried skim milk, total—Jan., 38,285; Feb., 40,791; Mar., 53,507; Apr., 61,630; monthly
average, 52,190; for human consumption—Jan., 33,826; Feb., 36,114; Mar., 47,314; Apr., 54,699; monthly average, 47,105.
SURVEY OF CURRENT BUSINESS
July 1943
Monthly statistics through December 1941, together with explanatory notes and references
to the sources of the data, may be found in the
1942 Supplement to the Survey
1943
1943
May
S-29
May
June
July
SepAugust tember
1943
October
Novem- December
ber
January
February
March
April
LUMBER AND MANUFACTURES
LUMBER— ALL TYPES
National Lumber Manufacturers Assn.if
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
' 2, 798
431
' 2, 367
' 3, 065
496
' 2, 569
' 5, 729
1,925
' 3, 804
' 2, 966
423
r
2, 543
f 3, 148
501
' 2, 647
' 5, 546
1,846
' 3, 700
••3,091
465
2, 626
' 3, 334
538
' 2, 796
' 5, 295
1,773
' 3, 522
' 2, 980
471
'T 2, 509
3, 100
510
' 2, 590
7,875
8,950
7,625
7 675
12, 100
1,734
' 3, 430
' 2, 896
451
' 2, 445
' 3, 024
523
' 2, 501
'5,062
1,662
' 3, 400
' 2, 847
442
' 2, 405
' 2, 988
541
' 2, 447
'4,914
1,563
' 3, 351
' 2, 410
410
' 2, 000
' 2, 575
490
' 2, 085
' 4, 777
1,485
' 3, 292
' 2, 105
381
' 1, 724
' 2, 386
434
' 1, 952
' 4, 429
1, 432
' 2, 997
'1,919
'387
' 1, 532
' 2, 225
'460
' 1, 765
' 4, 151
' 1, 360
' 2, 791
' 1, 972
'382
' 1, 590
' 2, 207
'425
' 1, 782
' 3, 934
' 1, 317
' 2, 617
2,380
'420
' 1, 960
' 2, 550
'463
2,087
'3,776
1,284
' 2, 492
2,452
390
2,062
2, 641
458
2,183
3,639
1,216
2,423
7,325
8,650
7,500
7,675
12, 000
6,950
8,100
6,850
7,500
11,500
5,900
7,200
8,000
6,950
12, 500
6,000
5,700
6,500
7,500
11, 500
5,850
5,500
7,250
6,300
11, 275
6,600
6,150
5,050
5,750
10, 650
6,900
6,550
5,500
6,300
9,800
5, 850
7,400
4,500
5,050
9,450
5, 850
7,000
4,675
5,900
8,350
6,575
8,000
4,150
5,575
6,750
17, 616
17,911
24, 957
30, 479
30 562 ' 25, 491
21, 071
24, 920
76, 763
72 341
22, 720
27, 771
19, 288
18, 906
76, 422
22, 609
22, 631
18, 633
21, 214
73, 841
23, 249
19, 101
20, 174
26, 779
65, 236
18, 626
19, 476
18, 400
18, 251
63, 563
17, 641
20, 053
18, 007
17, 064
64, 506
15, 797
20, 824
15, 948
15, 026
65, 428
29, 612
27, 626
15, 535
19, 810
51,153
32, 295
33, 637
17, 806
26, 284
42, 675
31, 584
37, 373
17, 104
27, 848
32, 931
r
' 5, 164
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
'
M bd. ft
do
do _
do
do
<
do
do
do
do
do
7,200
8,750
7,150
8,850
• 12,000
24, 572
34, 708
15, 994
25, 437
23, 065
27, 732
37, 488
36, 283
32, 917
66, 699
SOFTWOODS
Douglas fir:
Prices, wholesale:
Dimension, No. 1, common, 2 x 4—16
dol. per M bd. ft.. 32. 340
Flooring, B and better, F. G., 1 x 4, B. L.
dol. perMbd.ft- 44. 100
Southern pine:
Orders, newf. .-mil. bd. ft_.
Orders, unfilled, end of month
do
Prices, wholesale:
Boards, No. 2 common, 1x8
dol. per M bd. ft_. 33.000
55.000
Flooring, B and better, F. G., 1 x 4.. do
Production!
mil. bd. ft_.
Shipmentsf
do
Stocks, end of month
do
Western pine:
Orders, new
do
Orders, unfilled, end of month.
do
Price, wholesale, Ponderosa, boards, No. 3
common, 1x8
dol. per Mbd.ft... 32.08
Production f
mil. bd. ft..
Shipments tdo
Stocks, end of month t
do
West coast woods:
Orders, new t
do
Orders, "nrifilled, end of jriOTith
Production f
Shipments f
Stocks, end of month
Redwood, California:
Orders, new
Orders, unfilled, end of month
Production
Shipments
Stocks, end of month
32.340
32. 340
32 340
32. 340
32. 340
32. 340
32.340
32.340
32. 340
32.340
32.340
32. 340
44. 100
44. 100
44,100
44. 100
44. 100
44. 100
44. 100
44. 100
44. 100
44.100
44. 100
44. 100
••790
887
'836
871
'866
840
'772
793
••791
794
'808
818
r612
r637
736
726
721
771
653
747
746
771
720
748
30. 000
55. 000
'777
••846
938
30. 000
55. 000
'795
r
852
881
30. 000
55.000
'847
'897
831
30. 000
55. 000
'757
'790
758
30. 000
55. 000
'758
'784
732
30. 000
55.000
'687
725
30. 000
55.000
'662
'647
740
30.000
55.000
635
676
699
32. 000
55. 000
657
677
679
32. 000
55.000
706
722
663
32.000
55.000
715
733
645
575
635
664
671
597
626
564
578
586
562
640
578
474
566
439
539
370
512
397
542
460
565
504
587
31.35
522
553
1,221
31.51
691
628
1,284
31.36
695
642
1,337
31. 53
666
612
1,391
31.53
637
602
1,426
32.01
650
615
1,443
31.38
432
486
1,389
31/83
343
466
1,192
31.54
244
374
1,062
31.36
246
'366
941
31.47
'351
438
853
31.59
424
482
795
977
1,097
825
893
835
867
1,067
806
887
756
1,075
1,171
818
945
622
842
1,145
820
858
572
847
1,150
812
830
578
711
1,095
757
768
578
684
1,106
669
673
596
580
1,057
524
624
497
'532
1,063
'476
' 525
474
529
1,045
506
537
463
'659
1,006
'695
'699
463
770
1,048
713
724
504
39,445
64,152
37, 397
41, 205
220, 602
44,631
65, 359
41, 666
43, 307
213, 124
50, 047
73, 137
42,008
46, 673
207, 588
58, 135
87,154
38, 790
48, 647
195, 721
44, 983
88, 086
38, 462
48, 738
182, 697
58, 278
90, 997
41, 163
51, 567
170, 197
44,868
91, 542
35, 399
40, 979
163, 457
38; 864
85, 128
33, 571
38, 830
158, 153
42, 188
88, 984
31, 946
35, 030
155, 145
46, 176
96, 319
31, 198
41, 734
144, 593
67, 666
110, 895
37, 343
51, 659
128, 152
34, 608
93, 040
37, 420
48, 346
115,857
66.0
78.0
78.0
74.0
72.0
72.0
74.0
73.0
67.0
66.0
67.0
69.0
69.0
4.0
20
108
65.0
17
10.0
23
53
78.0
22
8.0
21
50
75.0
20
5.0
23
52
73.0
19
4.0
25
55
60.0
18
5.0
30
63
51.0
20
2.0
26
58
58.0
26
8.0
24
54
69.0
26
7.0
22
46
73.0
25
2.0
56
85
71.0
21
5.0
25
89
72.0
21
6.0
23
91
74.0
22
5.0
23
100
74.0
19
100.9
118.9
102.6
(0
101.0
118.9
102.6
104.2
101.0
118.9
102.6
104.2
101.0
118.9
102.6
104.2
101.0
118.9
102.6
104.2
101.0
118.9
102.6
104.2
101.0
118.9
102.6
104.2
101.0
118.9
102.6
104.2
101.0
118.9
102.6
104.2
100.9
118.9
102.6
104.2
100.9
118.9
102.6
104.2
100.9
118.9
102.6
0)
100.9
118.9
102.6
0)
do
do
do
do
_M bd. ft..
do
do
. _ do
do
FURNITURE
All districts:
Plant operations
percent of normal..
Grand Rapids district:
Orders:
Canceled...
.percent of new order
New
no. of days' production
Unfilled, end of month
do
Plant operations..
percent of normal. _
Shipments
no. of days' production
Prices, wholesale:
Beds, wooden
._
1926=100
Dining-room chairs, set of 6
__.do
Kitchen cabinets
do
Living-room davenports
do
Steel furniture (see Iron and Steel Section) .
30. 000
55.000
'779
' 819
791
r694
METALS AND MANUFACTURES
IRON AND STEEL
Iron and Steel Scrap
5,199
5,361
5,031
4,680
4,955
5,342
4,930
5,037
5,000
5,006
5,015
5,225
Consumption, total *
thous. of short tons__
3,007
2,938
2,856
2,600
2,846
3,034
2,796
2,779
2,932
2,763
2,792
2,812
Home scrap *
do
2,261
2,354
2, 175
2,080
2,134
2,258
2,214
2,109
2,237
2,308
2,293
2,203
Purchased scrap *
do
6,364
6,179
6,209
6,274
6,233
6,078
3,972
4,297
4,579
4,993
Stock, consumers', end of mo., total * do
4,780
5,530
1,682
1,699
1, 688
1,653
1,544
1,286
1,388
1,600
1,185
1,337
1,460
1,077
Home scrap * . .
do
4,682
4,491
4, 534
4, 674
4,580
4,510
3,605
3,112
2.895
3,293
3,443
4,070
Purchased scrap *
-do
1
No quotation.
' Revised.
tFor 1941 and, in some instances, earlier revisions for the indicated lumber series, see pp. 27 and 28 of the March 1943 Survey: figures for the early months of 1942 are on
p. S-28 of that issue, except for series further revised above for which January-April 1942 figures are as follows:—Total lumber: Production—Jan., 2,424; Feb., 2,384; Mar., 2,552;
Apr., 2,837; shipments—Jan., 2,588; Feb., 2,584; Mar., 2,856; Apr., 3,252;stocks—Jan., 6,805; Feb., 6,603; Mar., 6,315; Apr., 5,967. Softwoods: Production—Jan., 1,970; Feb., 1,934;
Mar., 2,112; Apr., 2,364; shipments—Jan., 2,130; Feb., 2,141; Mar., 2,398; Apr., 2,782; stocks—Jan., 4,807; Feb., 4,599; Mar., 4,329; Apr., 3,976. Southern pine: ProductionJan., 821; Feb., 748; Mar., 804; Apr., 825; shipments—Jan., 871; Feb., 816; Mar.» 909; Apr., 1,020; new orders—Jan., 1,046; Feb., 878; Mar., 991; Apr., 1,023.
*New series. For a description of the series on scrap iron and steel and pig-iron consumption and stocks and 1939-40 data, see note marked "*" on p. S-29 of the November
1942 Survey; later data are available on p. S-30 of the April 1942 and subsequent issues.
S-30
SURVEY OF CURRENT BUSINESS
Monthly statistics through December 1941, together with explanatory notes and references
to the sources of the data, may be found in the
1942 Supplement to the Survey
1943
1943
1943
May
July 1943
May
June
July
August
September
October
Novem- December
ber
January
February
March
April
METALS AND MANUFACTURES—Continued
IRON AND STEEL— Continued
Iron Ore
.Lake Superior district:
Consumption by furnaces_ _thous. of long tons. _
Shipments from upper lake ports
do
Stocks, end of month, total
_ do..
At furnaces
do
On Lake Erie docks
do._ _
Pig Iron and Iron Manufactures
'Castings, malleable:
Orders, new, net
_. _ _ short tons _
Production
do
Shipments
_ _ _ _
_do _ _
Pig iron:
Consumption* _ _ _ . thous. of short tons _
Prices, wholesale:
Basic (valley furnace)
dol. per long ton..
Composite
do _
Foundry, No. 2, Neville Island*
do
Production*
thous. of short tons
Stocks (consumers' and suppliers'), end of
month*
thous. of short tons
Boilers, range, galvanized:
Orders, new, net . number of boilers.
Orders, unfilled, end of month
_.do
Production
_
_ _ do __
Shipments
do
Stocks, end of month
do _
7,374
7,230
12,677
10,975
21, 297 ' 25, 165
18 52 f 22, 276
2,889
2,777
7,034
12, 625
30, 931
27, 664
3,267
7,176
13, 405
37 327
33 289
4 038
7,155
13, 236
43, 236
38 124
5,112
7,140
11, 848
48, 422
42 548
5,874
7,599
11,417
52, 667
45, 883
6,784
7,456
7,582
53, 703
46 552
7,151
7,759
636
47, 424
40, 604
6,821
7,765
0
39 743
33 815
5,927
7,104
0
32, 743
27, 642
5,101
7,723
0
25, 088
21, 150
3,938
7,186
1,955
18, 497
15, 682
2,815
54, 219
60 696
61, 783
55, 032
59 990
59, 144
63 651
61 434
59 120
63, 978
56 304
56, 651
87, 697
61 021
58, 977
70, 907
68 251
65, 457
74, 080
59 287
58, 484
93, 824
66, 177
63, 703
73, 524
63 572
59, 557
88, 970
66, 401
67, 895
87,809
78, 143
76, 526
74, 141
72, 559
70, 744
79, 983
69 959
69, 146
5,030
4,869
4 959
4,935
4,836
5,145
4,883
5,001
5,057
4,661
5,219
4,954
23.50
24 20
24.00
5 178
23.50
24 20
24.00
5 074
23.50
24.20
24.00
4,936
23.50
24 20
24.00
5 051
23.50
24 20
24.00
5 009
23.50
24 20
24.00
4,937
23.50
24.20
24.00
5 237
23.50
24.20
24.00
5,084
23.50
24.23
24.00
5,201
23.50
24 23
24.00
5,211
23.50
24.23
24.00
4,766
23.50
24.23
24.00
5,314
23.50
24.23
24.00
5, 035
1,221
1,257
1 296
1,272
1,284
1,266
1,334
1,425
1,458
1,534
1,512
1,486
64 274
92, 137
70 845
66 455
13 222
31, 458
62, 709
33, 627
37 633
12, 382
30, 481
52, 652
39, 171
40 538
11, 015
22 955
34, 672
40 181
40 935
10 561
46, 025
39, 324
40, 454
41 373
9 646
41, 779
35, 879
43, 410
45, 224
7,832
43, 829
42, 597
35, 681
37 111
6,402
40, 130
45, 737
37, 353
36 990
6,765
33,700
36, 474
42, 913
42 963
6,715
55, 239
56,687
41, 266
40 926
7,259
58, 646
66, 704
47, 919
48, 629
6,549
68, 051
75, 763
60, 177
58 992
7,734
76, 198
94, 318
58, 841
57 643
8,832
199 619
11, 025
131. 492
25, 644
208, 885
11, 218
132, 053
21, 658
202 334
3 610
135 700
16 251
141 239 177, 478
— 13,480 13, 546
139 184 139, 774
12, 051
12 988
179, 537
7,708
152, 080
13, 979
173, 285
9,385
140, 399
11, 133
172, 263
15, 446
143, 860
10, 785
210, 230 188, 417
23, 020
17, 658
151, 645 ••148,692
12, 832
11, 440
198, 687
33, 630
172, 858
17, 642
165 094
20, 126
160 826
17, 373
7 545
98
7,383
98
7,015
96
7 145
95
7,228
95
7,058
96
7,580
100
7,180
98
7,305
97
7,424
97
6, 826
99
7,670
100
7,374
99
.0265
.0265
.0265
.0265
.0285
34.00
.0210
18.75
34.00
.0210
18.75
34.00
.0210
18.75
34.00
.0210
18.75
r
Steel, (Crude and Semimanufactured
Castings, steel, commercial:.!
Orders, new, total, net
short tons _
Railway specialties
do
Production, total
do
Railway specialties
do
Steel ingots and steel for castings:
Production
-thous. of short tons. _
Percent o f capacity §
_ _ _ _ _ _ _
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 long ton__
U. S. Steel Corporation, shipments of finished steel products
thous. of short tons..
Steel, Manufactured Products
Barrels and drums, steel, heavy types:
Orders, unfilled, end of month thousands-Production
do
Percent of capacity f _
Shipments
_ thousands
Stocks, end of month
do
Boilers, steel, new orders:
Area
thous. of sq. ft
Quantity
•number
Porcelain enameled products, shipments!
thous. of dol__
Spring washers, shipments
_ do
Steel products, production for sale: •
Total
thous. of short tons
Merchant bars _ _
do. __
Pipe and tube
do
Plates
.
do
Rails.
do
Sheets
_ _
do _
Strip:
CoM rolled
do
Hot rolled _
do
Structural shapes, heavy
do
Tin plate
_ - _
do
Wire and wire products
do
1
.0265
.0265
.0265
.0265
.0265
.0265
.0265
.0265
34.00
.0210
18 75
34.00
.0210
18.75
34.00
.0210
18.75
34.00
.0210
18 75
34.00
.0210
18 75
34.00
.0210
18.75
34.00
.0210
18.75
34.00
.0210
18.75
1,707
1,834
1,774
1,766
1,789
1,704
1,788
1, 666
1,850
1,686
1,692
1,772
1,631
1,551
1 780
97.6
1 796
34
1,652
1 749
95.9
1 741
42
1 402
1 760
96 5
1 760
42
1 506
1 536
84.2
1 538
40
1,704
1 838
100.7
1 823
56
1,215
1 498
82.1
1 504
49
1,671
1,388
76.0
1,386
49
2, 696
1 426
78.2
1 419
56
3,448
1,269
65.6
1 279
48
4,139
1,574
81.3
1,595
45
4,201
2,005
103.6
1,990
60
4 628
2 044
105.6
2 020
86
2 130
1 162
2 298
1 076
1 812
*888
3 956
2 338
2 772
1,086
1 914
874
2 201
819
2 464
917
595
732
1 259
1,043
34.00
.0210
18.75
T
r
5 728
1 329
r 3 igg
«• 1 306
2,472
326
4,521
317
4,239
302
4,023
324
3,357
317
3,104
321
3,195
382
2,652
336
2,489
353
2,460
334
2,324
300
2,603
357
2,605
348
5 156
501
498
1,066
154
666
5,158
463
415
971
202
791
5,107
439
387
990
186
642
5 170
392
396
1,089
188
557
5 048 '
439
404
1,062
182
521
4, 999
449
405
1, 035
178
583
5,141
494
427
1,062
186
711
4,716
481
410
964
175
679
4,917
493
412
1,016
169
735
5,054
525
437
1,095
180
717
4,781
457
449
1,020
165
704
5,516
580
510
1, 127,
172
790
5,132
523
512
1,068,
155
701
97
111
320
203
359
83
112
397
307
339
76
101
469
329
362
65
89
470
216
348
74
89
439
140
346
75
92
41,7
113
348
77
99
396
101
327
83
115
355
127
356
91
111
345
157
345
83
108
303
152
345
100
124
327
185
397
98
114
312
169
357
68
82
439
194
345
557
380
NONFEBROUS METALS
Metals
Prices, wholesale:
.0813
.0813
.0813
.0813
.0875
.0857
Aluminum, scrap, castings (N.Y.) dol. per lb__
.0875
.0813
.0813
.0875
.0813
.0875
.0875
. 1178
.1178
.1178
.1178
.1178
.1178
Copper, electrolytic (N. Y.) "
do
.1178
.1178
.1178
.1178
.1178
. 1178
.1178
.0650
.0650
.0650
.0650
.0650
.0650
Lead, refined, pig, desilverized (N.Y.)__do
.0650
.0650
.0650
.0650
.0650
.0650
.0650
.5200
.5200
Tin, Straits (N. Y.)
do
.5200
.5200
.5200
.5200
.5200
.5200
.5200
.5200
.5200
.5200
.5200
.0825
.0825
.0825
.0825
.0825
.0825
.0825
.0825
Zinc, prime, western (St. Louis)
do
.0825
.0825
.0825
.0825
.0825
Miscellaneous Products
Bearing metal (white-base antifriction), con.sumption and shipments, total (59 manufac3,176
3,296
3,541
3,163
3,605
3,687
4,175
2,907
3, 459
turers)
thous. of lb_.
4,315
3,605
3,453
4,351
Consumption and shipments, 37 mfrs.:
699
596
744
528
641
513
649
Consumed in own plants
do
655
463
657
528
544
632
1,711
1,623
1,453
1,046
1,826
1,970
1,526 ' 2, 013
2,262
1,310
1,760
Shipments
do
2,058
1,961
.195
.195
.195
.195
.195
.195
.195
.195
.195
.195
.195
Sheets, brass, wholesale price, mill. .dol. per lb__ .
.195
.195
' Revised.
* Cancelations exceeded new orders by the amount shown above as a negative item.
§ Beginning January 1943, percent of capacity is calculated on annual capacity as of Jan. 1,1943, of 90,288,860 tons of open-hearth, Bessemer, and electric steel ingots and
steel for castings; earlier data are based on capacity as of Jan. 1 or July 1,1942; see note in October 1942 Survey.
1f For basis of computing percentage of capacity, see note marked "V* on p. S-30 of the June 1943 Survey.
• For data through March 1942, see the October 1942 and earlier issues of the Survey; April 1942figuresare available on request.
t Of the 99 manufacturers on the reporting list for Jan. 1,1942,24 have discontinued shipments of these products for the duration of the war.
'
* New series. For sources of earlier data on pig iron consumption and stocks and a description of the data see note marked "*" on p. S-29. The new series on blast furnace
production of pig iron, including blast furnace ferro-alloys, is from the American Iron and Steel Institute and is approximately comparable with data from the Iron Age in the
1942 Supplement (data in the Supplement are in short tons instead of long tons as indicated), but include charcoal furnaces; ferro-alloys produced in electric furnaces are not
included; for 1941 monthly average from American Iron and Steel Institute and data beginning January 1942, see p. S-30 of the May 1943 Survey. The new pig iron price,
f. o. b. Neville Island, replaces the Pittsburgh price, delivered, shown in the Purvey prior to the April 1943 issue; 1941 average, $24.00; earlier data will be shown later.
SURVEY OF CURRENT BUSINESS
July 1943
Monthly statistics through December 1941, together with explanatory notes and references
to the sources of the data, may be found in the
1942 Supplement to the Survey
1943 I
S-31
1943
1942
May 1 May
June
July
August
September
October
Novem- December
ber
Janu-
ary
Febru-
ary
March
April
METALS AND MANUFACTURES—Continued
MACHINERY AND APPARATUS
Blowers and fans, new orders - thous. or dol
22, 500
13, 658
10, 685
9 672
Electric overhead cranes:
Orders, n e w
_ ~
. d o
2,835
3,355
1,160
2,170
551
1,581
502
6,236
4,058
1,228
1,005
333
1 128
Orders, unfilled, end of month
do..
34, 471
34, 190
31, 436
34, 958
32, 883
29,118 26, 413 25, 358 22, 699 20, 845
35, 072
14, 654
17, 134
2 713
3,131
Shipments
do
3,112
2,768
3,030
2,534
2,511
3,002
2,912
2,722
2,701
3 313
2 612
Foundry equipment:
774.0
399.5
653.6
446.4
540.6
429,8
New orders, net total.—
.1937-39=100..
510.8
338.8
382.5
800.8
348.9
562.7
362.7
552.2
286.1
394.9
348.1
884.4
909.1
730.2
536.7
452.4
319.8
New equipment
-.
..
do .
297 7
274 3
538 6
534 9
554.4
441 5
505.5
Repairs
do
571.3
423 3
433 0
428.4
497 7
474 0
558 7
635 2
573 7
Fuel equipment and heating apparatus:
Oil burners:
9,809
7,285
8,589
7,910
Orders, new, net
.
.number
10, 680
8,484
10, 761
7,945
9,617
8,100
6 347
7 046
Orders, unfilled, end of month
do
19, 176
17, 843
19,000
19,066 18,430 20,799 21, 138 20, 713 22, 827 24, 160
24, 389
23, 146
9,171
8,441
5,952
9,225
8,392
7, 606
8,335
7,503
Shipments
do
8,660
8,034
5,803
7, 361
Stocks, end of month
do
41, 277
40, 170
39, 122
39, 323
37,416 37, 149 36, 513 36, 661 41, 221 35, 429 35, 985
36, 858
Mechanical stokers, sales:H
1,447 «• 1, 808
2,183
Classes 1, 2, and 3 . ...
do . 1 926
4,722
11, 365
8,723
5,548
7,040
7,961
1,994
1 932
1 960
Classes 4 and 5:
682
Number .. .
__.
.
331
419
373
395 r '588
389
453
428
438
532
510
687
81, 991
Horsepower
77, 635
98, 027 105, 278
90, 344
76,208 109, 598 76, 087 78, 571 118, 531 126 318 97 953
97 529
4,507
5,282
Unit heaters, new orders _. . thous. of dol
6,094
4 014
Warm-air furnaces, winter air-conditioning
systems, and equipment, new orders
5,452
5,463
thous. of dol .
5,966
2 630
Machine tools, shipments *
i_.do ._ 113, 710 107, 297 111, 090 113,596 117,342 119,883 130,008 120,871 131,960 ••117,384 114, 593 125,445 '•118,024
Pumps and water systems, domestic, shipments:
Pitcher, other hand, and windmill pumps
25, 381 ' 28, 668 33, 600
26, 192
7,041
14, 305
18, 122
units. _ 32, 739
29,958 42,932
32, 163
24, 148
33, 234
224
190
182
159
104
188
Power pumps, horizontal type
do
97
131
67
163
86
126
68
8,772
9,514
11,
183
7, 311
Water systems, including pumps
do . .
4,965
19,792
3,393
8,106
24, 204
22, 662
20, 052
22, 459
18, 610
Pumps, steam, power, centrifugal, and rotary:
6. 101
6,503
5,913
7,309
9,421
8,229
Orders, new
thous. of dol_.
6,417
5,243
4,634
5,703
5,494
8, 318
5,797
ELECTRICAL EQUIPMENT
Battery shipments (automotive replacement
only):
Unadjusted
1934-36=100
Twelve-month moving total
do
Electrical products:!
Insulating materials sales billed 1936 100
103
152
Transmission and distribution equipment,
new orders
1936 "—100
Furnaces, electric, industrial, sales:
9,205
Unit
kilowatts
662
Value
thous of dol
Electrical goods, new orders (quarterly)
thous of dol
Laminated fiber products, shipments
do
Motors (1-200 hp) . m
Polyphase induction, billings
do
Polyphase induction, new orders
do
———
Direct current, billings
do
Direct current, new orders.
do
Power cable, paper insulated, shipments:
Unit
thous of ft
Value
thous of dol
Rigid steel conduit and fittings, shipments
short tons .
Vulcanized fiber:
4,969
Consumption of fiber paper ....- thous. of lb__
1,479
Shipments.. ,
thous. of dol._
132
114
151
151
144
146
178
145
142
211
148
205
202
161
155
221
167
152
149
147
149
OCR q
312 3
779 0
325 9
627 0
330 6
805 4
371 7
366 7
390 0
322 0
376 0
394 0
388 0
697 0
372 0
653 0
382 0
661 0
433.0
639.0
421.0
215 3
223 4
104 0
••105 0
138.0
115.0
10, 541
928
17, 201
1,287
16, 265
1,197
14, 765
1, 157
5,015
5,191
831, 401
5,813
5,850
6,982
7,854
4,082
8,114
8, 608
4, 794
5,708
6,298
7,965
5,586
6,480
65
696 6
236 9
66
90
198 5
34 210
3 177
70 507
5 100
24, 796
2 133
31, 310
2 378
3,722
1 057 954
4,116
4,557
4,475
5,163
1 095 565
' 5,302
9,214
942
1 123
1 074
1 435
1 269
888
978
879
928
1 256
1,173
21, 420
17, 452
14, 509
12, 389
12, 126
9,102
9,613
9, 463
10, 602
5,056
4,551
1,620
5,026
4,924
1 375
1 716
1 549
2 050
899
22, 987
22, 656
21, 449
1,204
5,279
29, 879
1 845
7,079
6,750
4,336
3,267
576
978
4,067
13, 321
1,357
8,753
9,296
6,892
8,407
1,378
1 534
7,484
6,098
5,300
6,946
13, 494
4,303
5,028
20,297
188 0
4,433
3, 857
10, 377
1,215
965 120
160 0
8,287
7,855
11,932
3,225
4,228
8,052
26, 528
2 237
186 0
8,088
8,257
4,584
7 471
11, 174
3 395
12, 761
10, 949
3,413
212 8
356.0
7,710
9,272
4,219
1,351
4,341
4,364
1,581
7,291
3,614
4,832
1,614
4, 314
1,465
4,707
1,595
1,650
1,852
5,313
1,613
PAPER AND PRINTING
WOOD PULP
Production:!
Total, all grades..
short tons.
934,007 861,066 774,014 819,372 774,144 838,520 763,414 736,670 755,069 719, 634 793,998 771,162
Chemical:
Sulphate, total
do__.
440,900 404,112 370,810 398,460 371,796 392,821 348,313 332,679 349,217 331,060 367,410 355,224
292,973
341,677 309,654 329,413 299,910 317,980 278,360 266,238 278,534 271,264
Unbleached
do__.
210, 685 215,849 212,331
258,406 251,380 224,179 239,660 226,093 241,946 216,902
Sulphite, total
__do...
147.165 147,651 132,224 144,930 132,724 147,973 134,214 127,291 129,033 126, 549 138,335 136,946
Bleached—
do.._
40,084 34,946 31,099 33,284 33,391 38,898 35,533 34,794 36,716 33,810 36, 545 35,000
Soda._
.„
...do...
Groundwood
do...
175.166 155,326 131,706 130,761 126,037 144,933 143,421 141,909 140,500 133,485 151,169 146, 760
.Stocks, end of month:f
Total, all grades
do...
160,515 166,318 170,104 185,828 175,241 159,357 149,299 143,983 129,405 111, 459 97, 595 97,860
Chemical:
16,508 14,990
22,627 28,521 39,215 61,576 72,816 74,274 65,248 59,205 46,464 31, 589
Sulphate, total
do...
50,250 37,776 25, 074 12,432 11,074
16,868 22,190 35,258
66,067 67,118
Unbleached
do...
25,951
41,654 39,610 41,492 47,838 41,345 35,745 36,843 38,963 35,694 30,336
Sulphite, total
.do...
21,434 20,136 21,382 22,089
17,713 16,367
25,631 23,263 26,892 31,948
Bleached
„
do...
3,175
3,529
2,558
4,392
3,398
4,395
2,858
4,064
3,619
4,386
3,717
3,933
Soda
do...
a
90,752 92,694 84,155 70,174 54,754 42,404 40,865 39,624 40,940 43,048 46,435 51,455
Groundwood
do...
' Revised.
1Of the 101 firms on the reporting list in 1941, 20 have discontinued the manufacture of stokers; some manufacture stokers only occasionally.
fRevised series. A new method has been employed in the construction of the indexes for electrical products to overcome a strong upward bias in the two series on orders
received, and, in addition, the number of products composing the individual indexes has been increased. For revised 1941 monthly averages see note marked "t" on p. S-30
of the April 1943 Survey and for revised monthly data beginning November 1941, see p. S-30 of the January 1943 issue; earlier data will be published in a subsequent issue.
Wood pulp production statistics have been revised beginning January 1940 and stocks beginning January 1942; for revisions through March 1942, see p. 30, table 8, of the
June 1943 Survey.
*New series. For 1940 and 1941 data for machine tool shipments and a description of the series, see p. S-30 of the November 1942 issue.
S-32
SURVEY OF CURRENT BUSINESS
Monthly statistics through December 1941, together with explanatory notes and references
to the sources of the data, may be found in the
1942 Supplement to the Survey
1943
1943
1943
May
July 1943
June
May
August
July
September
October
Novem- December
ber
January
February
March
April
PAPER AND PRINTING—Continued
PAPER
Total paper, incl. newsprint and paperboard:
Production
._
.short tons. _
Paper, excl. newsprint and paperboard:
Orders, new
short tons
Production
do
Shipments
do
Fine paper:
Orders, new
do
Orders, unfilled, end of month
do
Production
do
Shipments
do
Stocks, end of month
do
Printing paper:
Orders, new
do
Orders, unfilled, end of month
do
Production
do...
Shipments
do
Stocks, end of month
do
Wrapping paper:
Orders, new
do
Orders unfilled end of month
do
Production
do
Shipments
do
Stocks, end of month
do
Book paper:
Coated paper:
Orders new percent of standard capacity
Production
do
Shipments
do
Uncoated paper:
Orders, new
do
Price, wholesale, "B" grade, English finish,
white f o b mill
dol per 100 Ib
Production ..percent of standard capacity _.
Shipments
do
Newsprint:
Canada:
Production .
short tons
Shipments from mills
do
Stocks, at mills, end of month
do"
United States:
Consumption by publishers
short tons..
Price rolls (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:
Orders, new...
__
^ _ do
Orders, unfilled, end of month
do
Production
...
do
Percent of capacity
Waste paper, consumption and stocks:
Consumption
short tons
Stocks at mills, end of month
do
1,222,421 1,088,223
r
990, 386 1,076,589 1,067,024 1,205,873 1,097,445 1,107,547 '1,131,925 '1,096,530 l,250,512 1,200,206
497, 048 ••513,361 '486,846 ' 548,947 501, 774
473, 162 '485,757 '463,535 ' 508,898 481, 757
490, 217 '482,607 ' 469, 454 ' 518,311 492, 832
434, 419
532^802
514, 568
423, 978
485,029
473,008
402,993
434, 626
431, 207
425, 825
463, 337
437, 946
452, 683
457, 365
452, 323
554, 191
514, 231
511, 460
510, 260
467, 090
471, 924
40,339
64,360
58, 953
56, 505
43, 205
35,479
49, 485
52, 850
50, 403
46,064
39, 486
40, 782
46, 763
45, 071
47, 002
42, 805
36, 354
45, 917
44,285
48, 775
43, 612
35, 657
45, 360
44,448
49, 553
64, 588
44, 983
52, 787
53, 935
48, 614
52, 106
48, 101
48, 274
47,885
49,017
130, 506
85, 432
165, 640
157, 244
99, 299 ,
137, 689
87, 107
141, 595
139, 881
100,832
134, 508
78, 511
133, 798
141, 394
92,881
143,837
80, 572
143, 658
141,885,
94, 650
153, 122
82,249
148, 520
151,884
91, 502
192, 283
99, 025
177, 981
175, 194
90,829
174, 633 . 174, 515 '164,400 '162,272 ' 180,176
111,631 121, 551 119, 959 ' 124, 841 134, 564
160,457 157, 532 '164,468 '158,588 172, 064
164, 263 167,963 '165, 938 '156,641 169,413
75, 524
86, 651
73, 233 ' 76, 533 74, 186
161, 950
132, 096
162, 267
163, 601
72, 200*
187, 460
131, 933
207, 863
204, 402
79,244
167, 470
111, 161
191, 782
187, 537
80,963
160, 105
100, 290
175,557
167,497
86, 815
158, 618
93,863
182, 836
164, 092
102, 317
165, 769
99, 334
169, 643
161, 266
111, 204
195, 215
116,100
183, 488
180, 037
116, 007
187, 773
138, 215
163, 393
164, 521
118, 742
174, 198
140,841
166, 015
172, 137
112, 061
190, 145
156, 074
173, 517
179, 100
107, 581
179, 799
166, 202
165, 274
168, 757
104, 312
200, 667
171, 848
182, 732
193, 247
95, 227
183, 845
174, 557'
173, 524
179, 717
89, 322'
31.8
40.1
39.9
30.2
37.0
35.1
32.3
30.7
32.7
36.4
34.0
35.8
47.4
45.2
48.8
59.7
51.3
51.8
62.7
50.3
54.0
55.3
52.6
53.0
53.7
54.4
55.9
60.8
55.3
59.5
62.6
59.5
59.7
66.5
61.2:
59.3
69.7
71.1
74.9
78.6
88.1
105.3
97.5
97.5
86.1
92.6
94.1
89.0
7.30
89.4
87.0
7.30
73.9
74.7
7.30
72.7
76.7
7.30
79.2
79.5
7.30 •
85.3
86.6
7.30
96.3
95.0
7.30
90.7
92.9
7.30
86.1
91.4
7.30
89.6
89.9
7.30
93.6
90.4
7.30
92.5
92.1
7.30
90.1
90. 9
254, 046
257, 756
90, 374
251, 831
266, 443
169, 409
242,762
253, 283
158, 888
241, 178
243, 620
156, 446
253, 239
255, 563
154, 122
257, 618
292,405
119, 335
271, 555
295, 625
95, 265
251, 147
255,087
91, 325
244, 191
243, 530
91, 986
233, 544
215, 016
110, 514
221, 807
222, 383
109, 938
246, 855
248, 469
107, 324
229, 57?
243, 81394,084
248, 255
242, 372
50.00
80, 040
76, 612
222, 244
50.00
79,386
78, 413
210, 549
50.00
76,952
76, 181
223, 189
50.00
79,885
79,556
231, 691
50.00
77,962
83,560
254, 349
50, 00
84, 217
85, 458
260, 542
50.00
75, 065
76,207
252, 399 .226, 741
50.00
50.00
69, 792
74, 655
75, 222
69, 691
208, 143
50.00
64, 358
60, 147
237, 111
54.00
71, 357
71, 824
243, 281
54. 00'
68, 001
70, 368
12, 648
339, 299
58, 820
1&076
17,049
384, 758 402,'401
39,025 36,442
17,820
418,985
35,454
18, 149
430,409
40,270
12,551
455, 263
52,538
11,310
470, 852
58, 655
10, 168
447, 396
60, 108
9,601
429, 255
50, 094
9,702
391, 102
66, 707
13, 913
381, 466
63, 166
13, 446
377, 790
53, 774
11, 079*
361, 553
57, 680'
690, 364
545, 673
655, 261
96
528,026
288, 516
609, 579
82
466, 173
223,809
523, 808
69
464,293
213,443
478,808
68
523, 648
212,953
529, 214
75
555,071
236, 208
535, 850
76
613, 746 615, 184
321, 885 379, 573
555,290 559, 730
82ft
629,900
413,084
576,376
86
616, 167
454,308
568, 637
88
723, 296
511, 220
670, 257
94
686, 179
525, 287
650,448
94
(22)
()
352,972
371,086
296,938
414, 775
283, 040
428,067
304, 215
422, 958
316,454. 331,895
408, 753 394,527
344,388
374,301
350, 885
355, 044
393, H34
341, 097
(22)
()
1,036
818
218
637
537
100
709
537
172
809
642
167
702
594
108
671
602
69
731
528
203
668
538
130
169,904
18, 101
188, 437
20,051
150, 392
16,450
68, 707
67, 138
660, 89yO
272,006
607,425
81,
312, 279 343, 460
420, 465 424,451
50,495
49,892
48,545
49, 578
45,692
56,066
53, 132
50, 213
51, 553
42, 616
53, 109
58, 960
47, 373
48, 231
41, 851
' 68, 826
'75,418
' 52, 259
' 53, 481
' 40, 661
60, 018-.
80, 261
50, 671
52, 582:
38, 570'
PRINTING
Book publication, total
no. of editions
848
New books
do
701
New editions
. _ do
147
Continuous form stationery, new orders
thous. of sets. .
Sales books, new orders
thous. of books.. i 21, 824
739
582
157
969
821
148
842
693
149
227, 722 1238,529 1283,108 1236,362
17, 235 116,047 i 21, 602 i 23, 229
693565
128-
230, 646 1209,460 1250,410 i 451,613 i 238,720
16, 726 i 19,196 i 25, 707 i 20, 604 i 18, 625
PETROLEUM AND COAL, PRODUCTS
COAL
Anthracite:
Prices, composite, chestnut:
Retail. .
dol. per short ton
12.49
Wholesale
do
10, 812
10. 314
Production... .
__ thous. of short tons
5,240
4,843
Stocks, end of month:
In producers' stdrage yards
do
173
292
In selected retail dealers' yards
number of days' supply..
18
24
Bituminous:
Industrial consumption and retail deliveries,
total
thous. of short tons
45, 387
42, 591
Industrial consumption, total
do
37, 467
34, 501
Beehive coke ovens.
_ ' _ do
1,036
1,099
Byproduct coke ovens
do
7,451
7,666
Cement mills .
. . . do
495
647
Coal-gas retorts
do
135
144
Electric power utilities
do
5,500
5,103
Railways (class I)
do
10, 754
9,398
Steel and rolling mills
do
891
819
Other industrial
do
10, 990
9,840
Retail deliveries
do
7. 920
8,090
Other consumption, coal mine fuel
do
232
256
Prices, composite:
Retail (35 cities)
dol. per short ton
9.46
Wholesale:
Mine run
do
5.045
4.773
Prepared sizes
do
5.319
4.858
r
Revised.
i Beginning September 1942, 3 companies, formerly
2 Discontinued by the reporting source.
12.48
10. 346
5,122
12.48
10.346
5,341
12.48
10. 344
5,180
12.48
10:344
5,426
12.49
10. 344
5, 101
12.49
10. 344
4,795
12.49
10. 383
4,611
13.13
10.661
4,314
13.14
10. 801
5,092
13.13
10. 811
5,824
13. 14
10. 811
5,437
140
181
289
472
608
792
798
542
379
216
173
28
35
39
45
60
64
33
21
19
15
12
40,269
33, 289
1,059
7,229
640
139
5,175
8,921
766
9,360
6,980
257
39,856
34, 306
1,080
7,504
660
125
5,712
9,077
758
9,390
5,550
253
40, 296
34,686
1,087
7,508
663
139
5,672
9,368
769
9,480
5,610
250
42,228
35,038
1,088
7,294
678
137
5,661
9,465
775
9,940
7,190
258
45, 500
37, 800
1,126
7,542
714
149
5,787
10, 279
843
11,360
7,700
247
45,407
37, 707
1,041
7,334
678
146
5,570
10, 271
867
11, 800
7,700
229
52, 272
41, 142
1,071
7,583.
645
155
6,159
11, 155
1,034
13,340
11, 130
234
53,407
41,437
1,044
7, 682
571
157
5,981
11, 443
1,049
13, 510
11,970
228
49, 217
38, 207
1,055
6,969
547
137
5,370
10, 568
1,021
12,540
11,010
237
9.49
9.52
9.52
9.54
9.54
9.55
9.56
4.775
4.782
4.787
4.797
4.805
4.858
4.815
4.939
4.989
5.021
5.050
5.097
5.131
5.177
accounting for about 7 percent of the total, discontinued reporting.
53, 387 ' 48, 152
41, 514 ' 38, 572
1,186 '1,080'
7,647 ' 7, 494
552
468
149
13#
5,965 ' 5, 493
11, 689 ' 10, 761
1,046
937
13, 280
12, 200
11, 873
9, 580
273
242
9.63
9.68
'9.83
9.86
4.866
5.180
4.949
5.208
5.020
5.238
5.031
5.273
SURVEY OF CURRENT BUSINESS
July 1943
Monthly statistics through December 1941, together with explanatory notes and references
to the sources of the data, may be found in the
1942 Supplement to the Survey
1943
1943
May
S-33
May
June
July
August
1943
September
October
Novem- December
ber
January
February
March
April
PETROLEUM AND COAL, PRODU GTS—Continued
COAL— Continued
Bituminous— Continued.
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
Price,, beehive, Connellsville (furnace)
dol. per short ton..
Production:
Beehive . ...
thous. of short tons
Byproduct
do
Petroleum coke...
do
Stocks, end of month:
Byproduct plants, total
do
At furnace plants .
do
At merchant plants
_
do
Petroleum coke
do^_ .
PETROLEUM AND PRODUCTS
Crude petroleum:
Consumption (runs to stills) _ _ _ thous. of bbL.
Price (Kansas-Okla.) at wells... dol. per bbL.
Production!
thous. of bbL.
Refinery operations
pet. of capacity
Stocks, end of month:
Refinablein U. S.f
— ~ thous. of bbL.
At refineries _ _ .
do
At tank farms and in pipe lines
do__'_
On leasesf -do
Heavy in California
do ._
Wells completed!
„_ __ _
number
Befined petroleum products:
Gas and fuel oils:
Consumption:
Electric power plants
thous of bbl
Railways (class I)
do
Price, fuel oil (Pennsylvania)-dol. per gaL.
Production:
Gas oil and distillate fuel oil
thous of bbl
Residual fuel oil
do
Stocks, end of month:
Gas oil and distillate fuel oil
do
Residual fuel oil
do
Motor fuel:
Prices, gasoline:
Wholesale, refinery (Okla.).dol. per gaLWholesale, tank wagon (N. Y.) ..do
Retail, service stations 50 cities
do
Production totalt!
thous of bbl
Straight run gasoline}! do
Cracked gasoline
do
Natural gasoline J! ^ do
Natural gasoline blended
do
Retail distribution
mil. of gal
Stocks, gasoline, end of month:
Finished gasoline, total thous. of bbL.
At refineries
do
Unfinished gasoline
do Natural gasoline
- do
Kerosene:
Price, wholesale, water white, 47°, refinery
(Pennsylvania)
dol. per gal- _
Production
thous of bbl
Stocks, refinery, end of month
do
Lubricants:
Price, wholesale, cylinder, refinery (Pennsylvania)
dol. per gaLProduction
thous. of bbl._
Stocks, refinery, end of month
do
.Asphalt:
Production
__do .
Stocks, refinery, end of month
do
Wax:
Production
thous. of Ib
Stocks, refinery, end of month...
do
.Asphalt prepared roofing, shipments:
Total
thous. of squares..
Grit surfaced
-.
. do
Ready roofing
do
Shingles, all types
do
47, 855
47, 860
48, 220
47,832
47, 851
49. 843
51, 791
47, 474
49, 595
47,029
48, 920
56. 450
79 505
72 465
9,219
755
370
20, 009
13 456
1,106
27 550
7 040
67, 418
60, 618
9,179
876
331
15, 854
11,479
1,099
21,800
6,800
73, 271 77, 583
65, 691 69, 003
9,866
9,922
972
1,040
369
386
16, 876* 17,339
12, 223
12,898
1,145
1,178
26, 240
24, 240
7,580 • 8,580
82, 686
73,186
10, 238
1,074
402
18,165
13, 462
1,235
28,610
9,500
87,311
77. 261
10, 566
1,081
409
19, 872
13, 542
1,251
30, 540
10, 050
89, 937
79, 057
10, 998
1,092
413
20, 452
13, 663
1.239
31, 200
10,880
90, 874
79, 244
11, 151
1,052
435
20, 607
13,293
1,206
31, 500
11, 630
85, 889
75, 699
10, 721
998
439
19, 982
12, 579
1,140
29, 840
10, 190
79, 379
71, 079
9.958
851
414
19, 276
11, 575
1,085
27, 920
8,300
76, 626
69, 366
9,778
818
371
19, 056
11, 364
1,069
26 910
7,260
77,292 rr 78 667
70, 412 71 927
9,851 ' 9, 732
817
782
361
374
19, 204 19, 703
12, 149
13 175
1,120
1,161
26 910 27 000
6 880
6 740
6.500
6.000
6.0CO
6.000
6.000
6.000
6.000
6.000
6. COO
6.000
6.375
660
5 401
'700
5, 266
83
714
5,100
88
688
5,278
101
692
5,315
111
693
5,163
108
-718
5,339
123
663
5,191
122
682
5,368
142
••665
5,395
113
672
4 903
93
755
5 427
98
949
720
229
1,432
975
457
191
1, 405
969
435
182
1,469
999
470
175
1,564
1,026
539
179
1,614
1,021
593
173
1,606
955
651
184
1,646
917
728
198
' 1,511
882
629
234
1,269
816
453
273
1,069
757
312
276
866
636
230
294
953
743
210
310
"Llio
106, 883
1.110
110,192
74
105, 376
1.110
108, 595
77
111, 555
1.110
111, 782
78
114, 135
1.110
120, 429
80
113, 474
1.110
115,801
83
116, 381
1.110
120, 311
82
112, 368
1.110
116, 101
82
113, 342
1.110
120, 519
80
111, 606
1.110
117, 227
79
101, 935
1.110
108, 399
79
112, 013
1.110
121, 560
79
111,945
1.110
119,000
81
254, 577
48, 454
193, 334
12, 789
11, 168
847
251, 421
47, 551
191, 353
12, 517
10, 892
726
245, 026
46, 919
185, 797
12,310
10, 950
833
244, 125
46, 435
184, 757
12, 933
10, 706
745
240, 043
44, 569
182, 825
12, 649
10, 167
836
237, 361
43, 552
181, 203
12, 606
10, 868
817
234, 100
42, 699
178, 405
12, 996
10, 724
765
234, 354
43, 620
177, 904
12, 830
10, 865
804
234, 423
44, 213
176, 956
13, 254
10, 804
688
237, 075
44 874
179, 119
13 082
10, 394
638
242, 181 242, 934
46, 426 47, 639
182, 709 182, 313
13, 046
12, 982
10, 402
9,674
706
767
946
6 624
.058
923
6,427
.059
1,211
6,747
.059
1,349
6,985
.059
1,431
7 131
.059
1,331
7 798
.059
1,112
7,808
.059
1,281
8,341
.059
1,317
8", 145
.059
1 108
7 485
.062
1,194
8,382
.063
' 1, 043
7,861
.063
13 436
30, 971
15 210
28, 352
16, 149
30, 096
17, 052
30, 446
18 062
30, 402
18 858
31, 239
17, 562
31,311
18,073
31, 890
17 306
32, 544
16 240
30 799
17, 288
32, 700
16, 690
34, 095
30, 281
68 388
32, 501
66 341
37, 729
66, 935
42, 918
67, 613
45,817
69 264
49, 701
68 873
50, 709
66, 664
44, 940
61, 783
39, 014
60 808
35 298
59 657
31, 135
57, 280
30, 674
57, 381
.055
.161
.144
48 938
19, 573
23 130
6,718
4,272
2, 092
.056
.166
.154
45 887
17, 404
22, 423
6, 558
4,423
2,079
.058
.186
.153
49, 302
19. 088
23, 946
6,804
4,577
2,202
.059
.166
.144
51, 105
19, 192
25, 387
7,028
4,909
1,998
.059
.161
.144
49 389
19, 088
23 882
6,998
5, 108
2,038
.059
.161
.144
51, 495
19, 997
24 905
7,256
5,455
2,056
.059
.059
.161 .161
144
.145
50, 018 48, 800
19, 116
18, 891
24, 433 23, 225
7,156
7,516
4,989
4,929
2,112
1,481
.059
.161
.145
47, 236
17, 309
23, 391
7,360
4,425
r
1, 389
.059
.059
.161
.161
.145
.145
43 280 46, 653
16, 797
15 426
21 947 23, 297
7, 557
6 840
4,907
4,326
r
1 397 1,641
.059
.161
.145
46, 025
15, 290
24, 264
7,371
4,986
87,461
62, 597
7,220
6,568
80,080
55, 213
7,437
6,571
71, 657
48, 585
7,789
6,588
71, 403
47, 924
8, 123
6,405
69, 293
46, 736
8, 853
6,056
67, 669
46, 158
8,953
5,424
64, 224
44, 623
8,992
4,996
70, 772
49, 054
9,354
4,632
78,475
56, 617
10, 202
4,904
82, 867
61 873
9,981
4,996
84, 077
62, 987
10, 037
5,462
78, 559
58, 312
10, 923
5,425
.069
.064
5,302
6,419
.064
4,929
6,940
.063
5,134
7,480
.063
5,340
8,261
.063
5,421
8,203
.063
5,907
8,599
.063
5,759
8,770
.063
5, 351
7,537
.063
5,602
5, 146
.063
5 852
3,996
.066
6, 326
3,158
.069
6,299
3,513
.160
.160
3,439
8,768
.160
3,231
8,756
.160
3,133
8,945
.160
3,141
9,301
.160
2,951
9,278
.160
3,057
9,421
.160
2,983
9,336
.160
3,049
9,424
.160
2,935
9,725
.160
2, 780
9,771
.160
3,184
9,689
.160
3,107
9,474
500, 500
617, 300
517, 800
513, 800
629, 300
436,000
619, 500
396, 500
631, 800
366, 900
656, 900
343, 100
549, 100
340, 200
545,800
411,000
436, 000
499,800
390, 500
552, 700
483, 100
671, 700
521, 800
704, 000
51, 800
69, 160
57, 960
69, 720
50, 680
68,040
61,040
77,000
57, 120
77,840
75, 320
86, 240
59, 920
86, 520
64, 960
85, 400
57, 680
84,000
54 600
81,480
65, 240
83, 440
66, 920
84, 280
4,391
1,227
, 1,467
1, 697
4,397
1,286
1,528
1,582
4,908
1,726
1,751
1,431
5,152
1,823
1,918
1,411
5,440
1,802
2,091
1,547
5,774
1,847
2,283
1, 644
4,926
1,555
2,060
1,311
5,400
1,547
2,666
1,187
3,767
1,269
1,733
765
3,516
1,182
1,567
767
3,411
1,221
1,429
762
3,673
1,294
1,347
1,032
1,088
.065
.059
.161
.145
r
6.500
r
49,900
6.500
r
688
r 5 276
102
' Revised.
{Figures for the production,of natural gasoline include total sales of liquefied petroleum gas as follows (thous. of barrels): 1942—May, 483; June, 498; July, 536; Aug. 502;
'Sept., 579; Oct., 663; Nov., 687; Dec., 832. 1943—Jan., 824; Feb., 829; Mar., 889; Apr., 755; these data are not included in the total for motor fuel; similarly sales of liquefied
ipetroleum gas are included in the total production of natural gasoline but excluded from total motor fuel production in the revised 1941 figures referred to in the note marked
"t". Production of straight-run gasoline includes transfers of cycle products as follows: 1943, Feb., 104; Mar., 109; Apr., 145; these data are not included in the total for motor
fuel.
!Revised series. Production of bituminous coal revised beginning June 1939; see note marked "!" on p. S-32 of the April 1943 Survey. Data for the indicated series of
ipetroleum products revised for 1941; for revisions see notes marked "t" on p. S-33 of the March and April 1943 issues. See also note marked "J" above.
S-34
SURVEY OF CURRENT BUSINESS
Monthly statistics through December 1941, together with explanatory notes and references
to the sources of the data, may be found in the
1942 Supplement to the Survey
1943
1943
May
July 1943
May
June
July
August
1943
Sep.
tember
Octo-
ber
ber
January
February
March
April
Novem- Decem-
ber
STONE, CLAY, AND GLASS PRODUCTS
ABRASIVE PRODUCTS
Coated abrasive paper and cloth:
Shipments
reams. . 145, 123
110, 645
115,910
121, 187
thous. of bbl__
*»?
thous. of bbl_.
do ._
do
16,349
24, 886
6,241
16, 022
79
18,250
22, 609
5,809
16, 833
80
20, 501
18, 979
5,528
13. 216
13.224
2,680
19,647
3,682
19, 461
7,192
111.2
6,997
'421
r
1, 497
49
508
' 1, 148
814
1,733
441
259
104
9,489
6,723
99.9
6,356
'333
r
1, 409
43
451
r
1, 058
759
1,482
433
272
••92
10, 008
4 134
4, 505
8,879
3 779
3,845
9,140
135, 030
142, 985
120,953
126,874
157,573
125, 258
119, 776
150,497
153, 639
17, 605
85
21, 282
15, 268
4, 493 *
17, 527
87
20, 145
12, 697
3,595
18, 258
87
20,345
10, 617
2,723
16, 241
80
14, 627
12, 234
2 831
14,090
67
8,923
17, 428
3 509
12,560
60
8,641
21, 368
3 771
10, 293
54
8,656
22, 985
4 666
11,392
54
10, 108
24 058
4 926
11, 239
55
12, 757
22 593
5 269
13. 263
13. 265
13 255
13 213
13 215
13 236
13 243
13 219
13 260
13 279
3,711
18, 760
3,682
19, 215
' 5, 949
88.4
6, 336
r
r
r
6, 921
T
r
r
7 361
112.8
7 246
6 672
110 7
7 060
7 561
111 5
8 154
7 622
116 8
8 132
1,577
r
1, 837
1 841
1 808
2 144
2 109
I 708
1 906
1 922
6,631
5 894
PORTLAND CEMENT
Production
___
Shipments.. _
Stocks, finished, end of month
Stocks clinker, end of month
CLAY PRODUCTS
Common brick, price, wholesale, composite,
f o b plant
dol. per thous
Vitrified paving "brick ^
Shipments
thous. of brick
Stocks, end of month
do. .
13. 370
GLASS PRODUCTS
Glass containers:J
Production
thous. of gross
Percent of capacity
Shipments, total
thous. of gross
Narrow neck, food
do _ _
Wide mouth, food
do
Pressed food ware
do
Pressure and nonpressure
do
Beer bottles
do
Liquor ware
- do
Medicine and toilet
do .
General purpose
do
Milk bottles.
do . .
Fruit jars and jelly glasses _
do
Stocks, end of month__
do
Other glassware, machine-made:
Tumblers:
Production
thous of doz
Shipments
do
Stocks .
do
Table; kitchen, and householdware, shipments _ .
....
thous. of doz
Plate glass, polished, production
thous. of sq. ft._
Window glass, production
thous. of boxes..
Percent of capacity.
.
8,104
129.1
8,359
567
2,220
42
584
819
798
1,970
682
194
464
5,583
4 929
4 597
6 544
r
6, 609
r
328
295
195
9,528
9,139
6 328
••97.8
6r 897
818
r
1 632
31
315
r 647
1,095
1,286
361
286
395
8,490
3 183
3,915
8,411
4 498
4,532
8,196
3 880
3 829
8,239
r
383
40
416
••839
853
1,379
r
QQ
0
546
r
33
320
738
1,164
1,253
329
270
401
r
6
869
r
98. 3
7r 005
511
r
1 845
r
49
350
'625
r 1, 172
1,662
455
276
29
8,299
4 500
4,888
7,837
299
6 235 r 6
r
93.6
100. 4
6r 281 r Q 564
418
450
r
1 661 r 1 735
39
331
r 681
••820
1,508
39
362
r 323
r
868
1,491
491
41
366
849
796
1,924
471
499
46
478
952
857
18
386
862
731
499
33
553
852
817
8,119
516
272
16
7,774
551
267
100
7,775
609
217
227
7,288
3 778
3 535
8,076
3 837
3,746
7,177
4 475
3,763
7,877
4 190
4 210
7 803
4 284
5 338
6 870
4 227
4 936
6 181
520
236
13
671
235
334
702
207
404
2,996
2,927
2,494
2,397
3,048
3,606
4,608
3,909
3,744
3,585
3 713
4 760
3 622
5,855
1942
58.1
4,310
1,557
95.9
4,726
1,223
75.3
4,194
1,274
78.5
3,863
1,075
66.2
4,741
1,097
67.6
4,924
i960
59.2
4,612
1984
60.6
5,001
i 1, 297
79.9
4, 910
i 1, 166
71.8
4,775
i 1, 113
68 6
5,237
1 1, 249
76 9
5,488
i 1, 005
61 9
GYPSUM AND PRODUCTS
Gypsum, production:
Crude
..._..
short tons
•Calcined..
do
Gypsum products sold or used:
Uncalcined
do
Calcined:
For building uses:
Base-coat plasters
.. ... do
Keene's cement
do
All other building plasters
do
Lath
thous. of sq. ft
Tile
do
Wallboard
do
Industrial plasters
short tons
1,234,293
829, 206
1,213,817
754, 911
1,119,863
658, 053
855 028
546' 388
399, 192
384, 730
388, 625
275 250
252, 860
3,781
80, 320
254, 690
7,523
365, 166
35, 736
199, 061
2,905
77, 483
197, 845
11, 577
404, 896
36, 399
129, 468
2,258
61, 695
159, 123
32, 328
408, 044
38, 301
104 262
1 959
61, 310
115 407
3 161
320 946
36 252
TEXTILE PRODUCTS
CLOTHING
Hosiery:
Production
thous. of dozen pairs
Shipments
do
Stocks, end of month
do
12, 211
12, 316
17, 697
11,913
11 500
20,748
12, 033
10, 990
21, 781
12, 067
11, 251
22, 585
11, 982
12, 118
22, 435
12, 335
12, 649
22, 110
12, 650
13, 012
21, 736
11,711
12, 059
21, 369
12, 178
12, 441
21,100
12, 186
12, 937
20,350
12, 255
12 975
19, 630
13 442
14 534
18, 538
12, 618
13 355
17,802
957, 864
.192
967, 523
.183
994, 552
.186
925,089
.180
966, 149
.186
972, 490
.189
913, 038
.192
935, 511
.196
915, 479
.197
878, 154
.197
995, 512
.199
938 989
.201
.200
.189
.194
.186
.187
.189
.193
.197
.204
.207
.212
.212
49
738
5,009
9,726
11, 539
11, 743
12, 100
COTTON
Cotton (exclusive of linters):
Consumption
. ..
bales
901, 608
Prices received by farmers
dol. per lb_.
.201
Prices, wholesale, middling *W, average,
.211
10 markets
...dol. perlb..
Production:
Ginnings (running bales)! thous. of bales
Crop estimate, equivalent 500-lb. bales
thous. of bales
Stocks, domestic cotton in the United States,
end of month :t
9,637
Warehouses
thous. of bales
Mills
.
.
do . 2,253
Cotton linters:
99
Consumption
... _ _ do
45
Production
do
792
Stocks, end of month.
...do
9,364
2,477
8,419
2,342
7,610
2,155
7,502
1,848
9,676
1,711
12, 624
2,006
13, 587
2,330
13, 539
2,467
13, 036
2,418
12, 340
2,443
2
12, 445
2
12 826
11, 438
2,406
10 564
2,347
122
122
132
115
127
114
111
105
116
108
98
109
27
22
41
26
154
221
215
200
162
120
99
62
577
490
505
893
873
732
653
588
698
844
810
868
l
2
' Revised.
Partly estimated.
Total ginnings of 1942 crop.
1 Data are being compiled on a revised basis.
§ Total ginnings to end of month indicated
t For revised figures for cotton stocks for August 1941-March 1942, see p. S-34 of the May 1943 Survey. The total stocks of American cotton in the United States on July
31,1942, including stocks on farms and in transit, was 10,505,000 bales; stocks of foreign cotton in the United States on that date totaled 135,000 bales. Revisions for glass containers for 1942 not shown above are as follows: Production—Feb., 5,968; Apr., 6,922; total shipments—Jan., 5,886; narrow neck—Jan., 276; Mar., 589; Apr., 455; wide mouth—
Jan., 1,199; Feb., 1,321; Mar., 1,520; Apr., 1,557; beer bottles—Jan., 522; Feb., 598; Mar., 733; Apr., 863; liquor ware—Jan., 902; general purpose—Jan., 400.
July 1943
S-35
SURVEY OF CURRENT BUSINESS
Monthly statistics through December 1941, together with explanatory notes and references
to the sources of the data, may be found in the
1942 Supplement to the Survey
1943
1943
May
May
J<une
July
August
1943
September
October
Novem- December
ber
January
February
March
20.05
19.60
.192
.090
19.62"
(0
C1)
April
TEXTILE PRODUCTS—Continued
COTTON MANUFACTURES
Cotton cloth:
Prices, wholesale:
Mill margins
cents per Ib
19.69
Denims, 28-inch
dol. per yd__
.192
Print cloth, 64 x 60
do >
.090
Sheeting, unbleached, 4 x 4
do
(<)
Finished cotton cloth, production: §
Bleached, plain
_._thous. of yd._
Dyed, colors
do
Dyed, black
do
Printed
. _ _.
-do
Spindle activity :$
Active spindles _
_
thousands
22, 788
Active spindle hours, total.
_mil. of hr._ 10, 581
Average per spindle in place
hours. _
451
Operations
_ _ -percent of capacity
134.1
Cotton yarn, wholesale prices:
Southern, 22/1, cones, carded, white, for knit.414
ting (mill)t
dol. per lb__
Southern, 40s, single, carded (mill)
do . _
.515
RAYON
Consumption:
Yarn
._ _
.
mil. oflb
Staple
fiber
do
Prices, wholesale:
Yarn, viscose, 150 denier, first quality, minimum
filament
dol. perlb__
Staple fiber, viscose, 1H denier
do
Stocks, producers', end of month:
Yarn
mil. oflb..
Staple f i b e r _ _ _ _ _ _ _ _ _ _ _ __do
20.95
21.82
.196
.090
.108
21.27
.196
.090
.108
22.17
.193
.090
.108
22.03
.192
.090
.108
21.85
.192
.090
.108
21.47
.192
.090
.108
21.08
.192
.090
.108
20.32
192, 142
145, 423
5 573
72, 813
192,091
189, 214
150, 832
178, 185
149, 159
5 121
60, 073
179, 363
157, 074
182, 176
167, 390
168, 349
143, 165
5 860
70, 935
63,144
182, 841
145, 133
5 295
84, 216
175, 919
140, 098
4 608
65, 606
5,503
23,117
23, 110
11, 484
479
130.2
22, 974
11, 197
465
138.5
23, 095
11, 295
471
133.7
23, 012
11, 429
478
136.9
22, 948
10, 558
443
133.4
22, 887
10, 734
450
127.9
22,890
10,820
22,859
458
136.4
22, 956
11, 191
468
134.9
455
138.8
10, 246
435
135.9
22, 925
11, 647
495
134.4
22 894
10, 927
465
133.2
.421
.515
.421
.515
.421
.515
.421
.515
.420
.515
.414
.515
.414
.515
.414
.515
.414
.515
.414
.515
.414
.515
.414
515
41.8
12 9
37.6
12 7
39.0
13.7
39.9
12 6
38.2
12 7
38.4
12 5
41.1
12 6
38.8
12.4
41.0
13 2
37.9
12 7
39 0
12 6
42.8
14 0
'41 5
13 2"
.550
.250
.550
.250
.550
.250
.550
.250
.550
.250
.550
.250
.550
.250
.550
.250
.550
.250
.550
.250
.550
.250
.550
.250
.550.250-
6.7
2.8
6.9
2.1
7.0
2.3
6.5
3.1
7.4
3.9
8.0
4.3
7.7
4.1
8.1
4.4
8.7
3.3
8.9
3.0
7.1
2 5
6.8
2.8
6.6.
2 3-
44, 320
388
53, 510
45, 896
45, 372
52, 305
45, 100
44, 388
45,504
56,160
2,665
49, 320
2,944
'r50, 280
2, 972
58,.980
2,789
81
2,668
78
2,853
70
2, 744
2,657
65
2,703
75
2, 650
2,711
68
2,676
63
2,813
r-2, 809
70
2, 720'
80
64
76
53
71
59
72
45
66
40
69
44
66
42
64
42
63
40
65
41
67
41
125, 175
116 750
119,375
115 368
127, 143
122 324
125, 473
120 250
121, 812
112 150
128, 423
118, 676
217
125, 194
115, 344
126, 337
114 958
124, 120
112, 922
217
205
206
1.195
( .499
1.199
.527
1.205
.535
1.205
.535
1.205
.535
.196
.090
.108
147, 654
5,196
61, 287
5,730
55, 732
10,981
5,472
.192
.090
0)
.192
090
.192
090»
)
(1
71,033
WOOL
Consumption (scoured basis) :f
Apparel class
thous. of lb._
Carpet class
do
Machinery activity (weekly average) :H
Looms:
Woolen and worsted: •
Broad
thous. of active hours
Narrow.
do.__
Carpet and rug: •
Broad
do
Narrow
_
do
Spinning spindles:
Woolen
do
Worsted
do
Worsted combs
do
Prices, wholesale:
Raw, territory, fine, scoured
dol. per lb_.
Raw, Ohio and Penn.,
flee.ces
do
Australian (Sydney), 64-70s, scoured, in bond
(Boston)
dol. perlb..
Suiting, unfinished
worsted, 13 oz. (at mill)
f
dol. per yd. .
Women's dress goods, French serge, 54" (at
mill)
dol. peryd__
Worsted yarn, $62 's, crossbred stock (Boston)
dol. perlb..
Stocks, scoured basis, end of quartenf
Total
thous. of Ib
Wool finer than 40s, total
_ do
Domestic
do
Foreign
_ do
Wool 40s and below and carpet
do
239
1.205
.538
1.195
.515
4,280
OOO
1.195
.503
3,236
243
1.195
.496
2,000
237
3,045
3,240
3,036
71
207
1.205
.535
3, 168
67
r
70
133, 482 '
134, 890
119 015 r 118, 835
217
218
1.205
.535
1. 205
.535
3 610>
63
6039
128 612'
114 018-
219
1. 205.535-
.765
.790
.790
.790
.790
.790
.790
.790
.790
.765
.765
.765
(0
0)
0)
(0
0)
0)
0)
0)
(0
0)
«
(0
(>)
1.559
1.559
1.556
1.552
1.552
1.558
1.559
1.559
1.559
1.559
1.559
1. 559
1. 559'
1.800
1. 800
1.800
1.800
1.800
1.800
1.800
1.800
1.800
1.800
3.800
1.800
1. 800*
351, 485
276, 295
141, 409
134, 886
75, 189
265, 535
194, 167
95, 790
98, 377
71 368
335, 796
254, 817
126 612
128, 205
80 979
.765-
194, 066
136, 752
59 332
77, 420
57 314
MISCELLANEOUS PRODUCTS
Fur, sales by dealers
thous. of doL.
Pyroxylin-coated textiles (cotton fabrics) :
Orders, unfilled, end of mo. _ thous. linear yd..
Pyroxlin spread
thous. of lb_.
Shipments, billed
thous. linear yd
9,761
3,893
4, 618
1,460
1,313
1,518
3,197
2,630
2,626
3,096
'4,484
'6,879
'6,066
' 8, 153
5, 339'
5,798
5,371
5,877
5,563
4,605
5,279
5, 279
4,937
4,430
4,530
4,686
4,275
4,734
5,752
4,855
44,720
720
8,913
8,913
4,621
9,959
3,570
4,248
9,658
3,776
44,510
510
10, 212
10, 036
3,217
44,260
260
9,231
3,731
4 686
4,686
8, 760'
760'-3, 767'
44,632632"
TRANSPORTATION
4,950
3,747
44,283
283
EQUIPMENT
AUTOMOBILES
Indexes of retail financing:
Passenger car financing, volume: t
39
56
53
42
32
58
59
20
17
21
Total
Jan. 1942=100..
26
36
41"
11
60
55
57
54
26
45
11
13
36
16
New cars
do
30
39
34
55
60
60
54
42
23
28
22
19
40
Used cars
do
37
41
Retail automobile receivables outstanding,
86
95
77
67
59
51
44
18
37
31
27
22
end of month
Dec. 31, 1939=100.20
664
573
683
617
586
633
547
527
488
554
567
Automobile rims, production
thous. of rims. _
638
653
i No ^quotation.
JFor revised figures for all months of the cotton year 1941-42 see p. S-35 of the November 1942 Survey..
«• Revised.
IData for June and September 1942 and January and April 1943 are for 5 weeks; other months, 4 weeks.
|Data to bring these series up to date are not available; moreover, recent figures shown may not accurately reflect production in the industry.
•A large portion of carpet and rug looms have been converted to the manufacture of blankets and cotton fabrics, principally the latter; data for these looms have been excluded beginning January 1942; they accounted for less than 2 percent of the total carpet and rug loom activity in that month and 71 percent of the total (broad, 61 percent:
narrow, 79 percent) in April 1943. Similarly, data for woolen and worsted looms operating entirely on cotton yarns have been excluded beginning July 1942; they accountedi
for only 0.4 percent of the woolen and worsted loom activity in that month and 3.7 percent (broad, 3.0 percent; narrow, 25.9 percent,) in April 1943. Revisions for woolen and
worsted looms for February 1942: Broad, 2,623; narrow, 95.
fRevised series. The yarn price series for Southern, 22/1 cones, has been substituted beginning 1941 for the Northern, mulespun, series formerly shown; for monthly 1941
data, see p. S-35 of the November 1942 issue (1941 monthly average, $0.355). Wool stocks are compiled on a revised basis beginning 1942 and cover all known stocks of wool incommercial channels, including stocks in the hands of country dealers and in country warehouses; figures exclude stocks afloat which are no longer available for publication
For reference to approximately comparable 1941 data, except for exclusion of country dealer and warehouse stocks, see note warked "t" on p. S-35 of the May 1943 Survey.
The indexes of retail automobile financing shown above on a January 1942 base may be linked to the indexes on a 1939 base shown in the 1942 Supplement by applying the current series to the January 3942 index on a 1939 base given in footnote 5 to p. 170 of the 1942 Supplement.
S-36
SURVEY OF CURRENT BUSINESS
Monthly statistics through December 1941, together with explanatory notes and references
to the sources of the data, may be found in the
1942 Supplement to the Survey
1942
1943
May
July 1943
May
June
July
August
1943
September
October
Novem- December
ber
January
February
March
5 584
1,469
April
TRANSPORTATION EQUIPMENT—Continued
EAILWAY EQUIPMENT
American Railway Car Institute:
Shipments:
Freight cars, total
number
Domestic
do
Passenger cars, total
do
Domestic
_ _.
.do
Association of American Railroads:
Freight cars, end of month:
Number owned
thousands. _
Undergoing or awaiting classified repairs
thousands ._
Percent of total on line .
Orders, unfilled
cars
Equipment manufacturers
_
do
Railroad shops
do
Locomotives, steam, end of month:
Undergoing or awaiting classified repairs
number..
Percent of total on line . _
Orders, unfilled.
_
number-Equipment manufacturers _,
do _
Railroad shops
do
U. S. Bureau of the Census:
Locomotives, railroad: 5
Orders, unfilled, end of mo., total. _ do
Steam
do
Other
do
Shipments, total
do
Steam _.
do
Other
do
Locomotives, mining and industrial:!
Shipments (quarterly), total
do
Electric, total
do
For mining use
do
Other
do
7,573
5,700
41
41
5,253
2,851
23
23
2,860
1,370
16
16
955
574
10
10
1,575
1,408
0
0
2,142
1,970
o
o
2,202
1,896
8
1
2»244
1,428
0
0
3,061
1,447
o
3,365
1,321
3
0
o
1,740
1,731
1,736
1,737
1,737
1,737
1,737
1,739
1,739
1,740
1,741
48
2.8
33, 537
28, 227
5 310
63
3.7
48, 351
31, 440
16, 911
57
33
37, 891
25, 062
12, 829
55
3.2
35, 442
24, 974
10, 468
53
3.1
34, 195
24, 626
9,569
46
42
2.7
2.4
35, 637
29, 204
28, 352 • 22,419
7,285
6,785
45
2.6
27, 308
22, 167
5, 141
42
2.4
27, 061
20, 065
6,996
46
2.6
19, 281
15, 069
4,212
45
2.6
19,329
15,417
3 912
44
26
20, 712
17 393
3 319
2,052
5.2
418
340
78
2,930
7.5
395
348
47
2,747
7.0
350
304
46
2,669
6.8
334
284
50
2,593
6.6
323
256
67
2,381
6.1
314
238
76
2,143
5.5
289
216
73
2,098
5.4
369
356
13
1,932
4.9
355
263
92
1,957
5.0
»-365
'269
96
1,975
«-5. 0
394
«• 312
82
2,081
5.3
M16
«• 312
104
1,586
716
870
111
50
61
1,554
658
896
142
59
83
1,720
854
866
132
56
76
1,649
783
866
147
61
86
1,932
1,065
867
177
83
94
1,839
979
860
177
96
81
1,822
938
884
124
81
43
1,967
1,139
828
146
63
83
2,043
1,249
794
159
104
55
1 973
1 221
752
219
155
64
2 296
1 544
752
286
202
84
205
104
102
101
266
116
112
150
r
261
136
122
125
8,045
1,641
6
o
o
0
r
1, 741
1,740
,
r
47
28
19, 397
16 162
3 235
2,082
53
r
394
r
305
89
328
136
124
192
INDUSTRIAL ELECTRIC-TRUCKS
AND TRACTORS
Shipments, total.
Domestic ._ _
Exports
»
number..
do
do
384
373
11
400
391
9
360
343
17
382
344
38
438
415
23
420
418
2
367
352
15
411
380
31
285
280
5
342
309
33
435
425
10
410
384
26
CANADIAN STATISTICS
Physical volume of business, adjusted:
Combined indexf
1935-39=100
Industrial production, combined index t
1935-39=100..
Construction!
do
Electric power
do
Manufacturing!
do
Forestryf
do
Mining!
do
Distribution, combined indexf do
Tons carried*
do
Agricultural marketings, adjusted:!
Combined index
do
Grain
. _
do
Livestock
_ .
do
Commodity pricjes:
118 1
Cost of living
do
99. 2
Wholesale prices
1926=100
Employment (first of month, unadjusted):
Combined index
do
Construction and maintenance
do
Manufacturing
do
Mining
_
do
Service
do
Trade - - _ .
do ..
Transportation
do
Finance:
Bank debits
mil. of dol
7
Commercial failures
_
number. .
Life-insurance sales, new paid for ordinary
thous. of dol. - 49,. 726
Railways:
Carloadings
thous of cars
Financial results:
Operating revenues
thous. of dol.
Operating expenses
do
Operating income .
do
Revenue freight carried 1 mile mil of tons
Passengers carried 1 mile
mil. of pass..
Production:
Electric power, central stations
mil. of kw.-hr
Pig iron
-thous. of long tons
Steel ingots and castings
do
Wheat
flour
thous. of bbl
195.5
200.0
203.7
205.7
206.1
207.2
207.8
221.2
225.8
227.3
231 7
236 9
217.3
95.8
146.1
232.5
132.7
211.3
150. 2
182.3
222.1
157.1
146.6
235.7
131.2
196.3
153.9
188.1
229.4
118.7
145.8
246.2
128.5
213.3
150.5
176.2
232.5
114.3
142.8
248.8
120.7
216.6
150.4
163.0
235.1
127.8
140.0
253.3
116.2
225.8
145.8
127.1
238.6
97.8
138.5
262.6
126.7
195.7
142.1
127.9
239.3
106.9
137.3
263.4
116.7
192.0
142.7
142.0
250.8
101.5
140. 1
276.2
124.7
209.6
100.fi
r
175. 9
254.6
95.0
142 5
279.0
105 6
225.3
166.3
T
158 6
267.8
140.7
141,8
290.8
120 7
r
236 1
143.3
r
!83 2
269 1
90 8
146 5
294 1
121 4
250 6
154 3
194 1
274 4
83 7
153 0
296 7
116 0
2Ri 2
159 2
201 6
83.7
84.3
80.9
88.6
82.8
113. 8
237.7
270.9
93.4
99.6
98.8
102.9
43.6
33.9
85.7
106.6
112.9
78.9
95.4
90.4
117.0
141.7
146.4
121.2
133 5
149 8
62.8
110 3
113.3
97.2
108 8
108.4
110 7
224 9
256 7
86 6
116.1
95.2
116.7
95.8
117.9
96.1
117.7
95.5
117.4
95.8
117.8
96.6
118.6
97.0
118.8
97.0
117 1
97.1
116 9
97.5
117 2
98 5
117 6
98 9
167.4
109.3
202.3
173.5
176.3
153.5
104.1
171.7
123.3
205.9
173.1
180.6
153.7
106.4
175.7
137.7
209.5
174.1
184.8
152.8
108.1
177.8
146.8
212.4
172.3
189.4
152.5
110.4
179.3
146.5
215.6
166.8
188.2
152.3
110.0
181.3
149.6
218.3
164.3
185.1
153.5
111.7
183.3
154.9
218.6
163.0
182.6
156.5
110.6
186.5
151.3
221.7
162.0
182.0
164.5
109.4
183.7
132. 1
219.6
162.4
180.5
169.9
107.8
181.2
125. 7
222.1
161. 4
179.7
149.3
105.5
181.5
122 6
223 4
162.2
179 9
147. 1
107 1
3,791
53
3,767
46
3,704
47
3,480
42
3,516
39
4,073
47
4,967
56
4, 195
36
3 900
25
3 712
29
4 012
35
4 071
25
40, 336
43, 898
44, 868
39, 963
55, 798
57, 795
52, 042
45, 576
40, 420
40, 420
46, 730
51, 104
283
287
294
282
290
323
291
273
237
247
286
280
53, 036
37, 606
11, 510
4,891
375
55, 247
39, 419
11, 696
4 807
412
57, 529
42, 004
10, 582
4,705
511
58, 881
43, 371
10, 753
4,593
532
58, 590
42, 670
11, 803
4,550
452
61, 281
43, 742
15, 424
5, 171
404
56, 926
41, 885
11,509
5 077
385
63, 593
45, 750
13, 284
4 750
652
50, 679
41 146
6,190
4 063
411
53, 025
41 721
7 239
4 456
388
62 811
46 658
11 098
5 083
481
3,175
153
243
1,481
3,043
150
227
1,335
2,966
154
229
1,590
2,990
145
222
1,820
2,947
139
219
1,737
3,166
157
242
1,851
3,181
152
242
1,973
*
3,249
147
241
2,063
3 218
104
185
1,963
2,951
123
219
1,991
3 329
143
242
2 193
v
3 268
134
236
2 057
••Revised.
§Data discontinued by compiling source for the duration of the war.
!Revised series. The revision of the index of physical volume of business is due mainly to a change in the weighting and in the list of components, so as to present a picture.
of the expansion in industries engaged in war production. Revised data were first shown on p. S-36 of the December 1942 Survey; subsequently the construction index was
further revised in the March 1943 Survey. The index of grain marketings is based on receipts at country elevators instead of receipts at head of Lake and Pacific ports, as
formerly. For revised monthly averages for 1941 see note marked "t" on p. S-36 of the April 1943 Survey. Revisions for agricultural marketings beginning 1919 and for other
series beginning January 1940 are available on request.
*New series. The'index of tons carried has been substituted for the index of carloadings, beginning in the January 1943 Survey; data beginning 1928 are available on request.
Components included in the distribution index other than tons carried are retail sales, wholesale sales, exports, and imports.
INDEX TO MONTHLY BUSINESS STATISTICS, Pages S1-S36
CLASSIFICATION, BY SECTIONS
Monthly business statistics:
Page
Business indexes
.
S-I
Commodity prices..
....—... S-3
Construction and real estate
S-4
Domestic trade
S-6
Employment conditions and wages. S-8
Finance
S-14
Foreign trade
S-21
Transportation and communications
S-21
Statistics on individual industries:
Chemicals and allied products.. 8-23
Electric power and gas
S-24
Foodstuffs and tobacco
S-25
Leather and products
S-28
Lumber and manufactures ... S-29
Metals and manufactures:
Iron and steel
S-29
Nonferrous metals and products...
S-30
Machinery and apparatus
S-31
Paper and printing
S-31
Petroleum and coal products- S-3 2
Stone, clay, and glass products.. S-34
Textile products
S-34
Transportation equipment
S-3 5
Canadian statistics
S-36
CLASSIFICATION, BY INDIVIDUAL
SERIES
Pages marked S
Abrasive paper and cloth (coated)
34
Acceptances, bankers'
14
Advertising
6
Agricultural income, marketings
.....—
1
Agricultural wages, loans
.
.
14,15
Air mail and air-line operations..—..—.. 7,22
Aircraft
11,13
Alcohol, methyl
23
Alcoholic beverages
1,2, 25
Aluminum
......
...
.. 30
Animal fats, greases
23
Anthracite
2,3,10,11,12,14,32
Apparel, wearing
3,6, 7,9,10,11,12,13,34,35
Asphalt
33
Automobiles
1,2,6, 7, 9,11,12.13.17.35
Banking
1.1.1.1.1
14,15
Barley
26
Bearing metal......
...... ......... 30
Beef and veal..
.
..—........—
27
Beverages, alcoholic
1,2,25
Bituminous coal
2,3,10,11.12,14,32,33
Boilers
30
Bonds, issues, prices, sales, yields
19, 20
Book publication
32
Brass, bronze, and copper products........
30
Brick
3,34
Brokers' loans
... 15,19
Building contracts awarded .
..... 4,5
Building costs
.
5
Building expenditures (indexes)
.....
4,5
Building-materials, prices, retail trade
3, 7
Butter
25
California, employment and pay rolls
10,12
Canadian statistics
17,36
Canal traffic
22
Candy
27
Capital
flotations
18,19
For productive uses
.....—
19
Carloadings
22
Cattle and calves
26
Cement
1,2,3,34
Chain-store sales
7, 8
Cheese
25
Chemicals
1, 2,3,9,10,11,12,13,14,16,17, 23
Cigars and cigarettes
...
28
Civil-service employees
10
Clay products
1, 2, 9, II, 12,13,16.34
Clothing
3.6, 7,9,10,11,12,13,34,35
Coal
2,3,10,11,12.14,32,33
Coffee
27
Coke
2,33
Commercial failures...
...—...
16
Commercial paper ............... ....
14
Construction:
Construction estimates
4,5
Contracts awarded
.
4,5
Costs
5
Highways and grade crossings.......—
5
Wage rates
14
Consumer ciedit
.—.
16
Consumer expenditures
..
7
Copper
30
Copra or coconut oil
.......
23
Corn
26
Cost-oMiving index
3,4
Cotton, raw, and manufactures
1*
2,3,9,10,13,34,35
Cottonseed, cake and meal, oil
23
Crops
1, 23. 24. 25,26. 27
Currency in circulation
.......—
17
Dairy products
1, 2,3. 25
Debits, bank
15
Debt, United States Government
18
Delaware, employment, pay rolls, wages. 10,12,14
Department stores, sales, stocks, collections.
8
Deposits, bank
..
.
..
15
Disputes, industrial
11
Pages marked S
Dividend payments and rates......
... 1, 20
Earnings, weekly and hourly .
...
. 13,14
Eggs and chickens
1,3, 27
Electrical equipment
2.6.31
Electric power production, sales, revenues.. 24, 25
Employment, estimated
8
Employment indexes:
Factory, by cities and States
10
Factory, by industries
9,10
Nonmanufacturing
...........
10
Employment, security operations
..
11
Emigration and immigration
22
Engineering construction
...
5
Exchange rates, foreign
17
Expenditures, United States Government —
18
Explosives
.
23
Exports
21
Factory, employment, pay rolls, hours, wages.
8,
9.10,11.12.13,14
Fairchild's retail price index
3, 23, 24
Farm wages
14
Farm prices, index
3,4
Fats and oils
.
3
Federal Government,
finance
18
Federal Reserve banks, condition of
..
15
Federal Reserve reporting member banks
15
Fertilizers
3, 23
Fire losses
6
Fish oils, and
fish_
23, 27
Flaxseed
23. 24
Flooring
29
Flour, wheat
26
Food products...
1,2,3,4,
6, 7,9,10,11,12,13,14,16,17, 24, 25, 26, 27
Footwear
1, 2,4,9.10,12,13.14, 28
Foreclosures, real estate
6
Foundry equipment
....
31
Freight cars (equipment)
...... ..
36
Freight car loadings, cars, indexes
.
22
Freight-car surplus...
.
22
Fruits and vegetables
.
3, 25
Fuel equipment and heating apparatus
31
Fuels
2,3,32,33
Furniture
1,4,9,11,12,13, 29, 30
Gas, customers, sales, revenues
.
24, 25
Gas ano fuel oils
33
Gasoline
33
Gelatin, edible
27
Glass and glassware
1,2,9,11,12,13,16,34
Gloves and mittens
....
.
28
Gold
17
Goods in warehouses
.. ..
.
6
Grains
3,19,26
Gypsum
.
.
34
Hides and skins
4, 28
Highways, and grade crossings, Federal aid.
5
Hogs
:.
27
Home-loan banks, loans outstanding...
6
Home mortgages—.
.
6
Hosiery
4,34
Hotels
10,12, 22
Hours per week
...
11
Housefurnishings
.
... 3,4,6, 7
Housing
.
3, 4
Illinois, employment, pay rolls, wages— 10,12.14
Immigration and emigration
....
22
Imports
.
.... 21
Income payments.......................
1
Income-tax receipts
18
Incorporations, business, new.........
17
Industrial production, indexes
1, 2
Installment loans
..............
16
Installment sales, department stores
8
Insurance, life..
.
.
. 16,17
Interest and money rates
15
Inventories, manufacturers' and trade
2,3
Iron and steel, crude, manufactures
2,4,
9.11,13,16,17,29,30
Kerosene
..
.
33
Labor force
8
Labor, turn-over, disputes
-. . . ...
11
Lamb and mutton
.
.
27
Lard
27
Lead
30
Leather
1, 2,4, 9,10,11,12,13,14,16, 28
Linseed oil, cake, and meal
24
Livestock
1,3,26,27
Loans, real-estate, agricultural, bank, brokers'
(see also Consumer credit)
5, 6,15,18,19
Locomotives
.
36
Looms, woolen, activity
35
Lubricants
.
.
33
Lumber
1, 2,3,9,11,12,13,16, 29
Machine activity, cotton, wool
35
Machine tools
11,13, 31
Machinery
1, 2, 9,11,12,13,16,17,31
Magazine advertising
.
6
Manufacturers' orders, shipments, inventories
2,3
Manufacturing production indexes
1, 2
Maryland, employment, pay rolls
10,12
Massachusetts, employment, pay rolls, wages.
10,
12,14
Meats and meat packing
1, 2,
3,9,10,12,13,14,27
Metals
1, 2,4,9, II, 12,13,17, 29
Methanol
23
Milk
25
Minerals
2,10,12.14
Naval stores
23
New Jersey, employment, pay rolls, wages.
10,
12,14
Newspaper advertising
.—
6
Newsprint
32
Pages marked S
New York, employment, pay rolls* wages..! 0.12/14
New York canal traffic
22
New York Stock Exchange
19, 20
Oats
26
Ohio, employment, pay rolls
..— 10.12
Oils and fats
3, 23, 24
Oleomargarine
24
Orders, new, manufacturers'
2
Paint and paint materials
3, 24
Paper and pulp. ..2,4,9,10,11,12,13,14,16,31; 32
Passports issued
22
Pay rolls:
Factory, by cities and States
12
Factory, by industries
II, 12
Nonmanufacturing industries
12
Pennsylvania, employment, pay rolls, wages.
10,
12,14
Petroleum and products
2>
3,9,10,11,12,13,14,17,33
Pig iron
..
30
Porcelain enameled products
.
30
Pork
27
Postal business
7
Postal savings
15
Poultry and eggs
.
1,3,27
Prices (see also individual commodities):
Retail indexes
3
Wholesale indexes
.
3,4
Printing
2,9,10,11,12,13,14,16,32
Profits, corporation..
17
Public relief
14
Public utilities
4,10,11,12,14,17,19, 20
Pullman Co...
.
22
Pumps.. _..............-----.------..-31
Purchasing power of the dollar
4
Radio-advertising
6
Railways, operations, equipment, financial
statistics, employment, wages
10,
11,12,14,16,17,18,19, 20, 21,22,36
Railways, street (see Street railways, etc.)*
Rayon
2,4,9,10.12,13.35
Receipts, U. S. Government
18
Reconstruction Finance Corporation, loans.
18
Rents (housing), index
.—.
.
3
Retail trade:
Ail retail stores, sales
7
Chain stores
7,8
Department stores
8
Mail order
8
Rural, general merchandise
8
Rice
26
River traffic
22
Roofing, asphalt.......
33
Rubber products
2,4,9,10,11,12,13,14
Savings deposits
...
15
Sheep and Iambs
27
Shipbuilding
11,13
Shipments, manufactures.
.
2
Shoes
1, 2,4,9,10,12,13,14, 28
Shortenings
.
24
Silver
17
Skins
28
Slaughtering and meat packing..
1,
2,9,10,12,13,14,27
Soybeans and soybean oil
24
Spindle activity, cotton, wool
.—...
35
Steel and iron (see Iron and steel).
Steel, scrap
29
Stockholders
21
Stock, department store (see also manufacturers' inventories)
8
Stocks, issues, prices, sales, yields... 18,19,20.21
Stone, clay, and glass prod ucts
1,
2,9,11,12.13.16,34
Street railways and busses
10,11,12,14
Sugar
27
Sulphur
23
Sulphuric acid
23
Superphosphate
23
Telephone, telegraph, cable, and radio-telegraph carriers
10,11,12.14,17, 22
Textiles
2,4,9,10,11,12,13,16,34,35
Tile
34
Tin
.1
30
Tobacco
2,9,10,11,12,13,14, 28
Tools, machine
11,13.31
Trade, retail and wholesale..3. 7,8,10,11,12,14,16
Transit lines, local
21
Transportation, commodity and passenger. . 21,22
Transportation equipment
1*
2.9.11,12,13,16,35,36
Travel
22
Trucks and tractors, industrial, electric
36
Unemployment.,
...—-.
....—
8
United States Government bonds
.. 19, 20
United States Government,
finance
18
United States Steel Corporation
21,30
Utilities
4,10,11,12,14,16,17,19, 20
Variety-store sales index .
7,8
Vegetable oils
23
Vegetables and fruits
- 3, 25
Wages, factory, and miscellaneous
13,14
War program and expenditures
.—.
18
War Savings bonds
18
Warehouses, space occupied
.—
6
Water transportation, employment, pay
rolls
10.12
Waterway traffic
22
Wheat and wheat
flour
26
Wholesale price indexes
3,4
Wisconsin, employment, pay rolls, wages. 10,12,14
Wood pulp
4,31
Wool and wool manufactures.. 2,4,9,10,12,13,35
Zinc
30
GOVERNMENT PRINTING OFFI
iTON. D.C. 2O4O2
@FedFRASER